N-CSR

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   811-23198

Nuveen Preferred and Income 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:    July 31, 2023                   

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 policymaking 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.

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

July

31,

2023

Annual

Report

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

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Fund

Leverage

11

Common

Share

Information

13

About

the

Funds’

Benchmarks

15

Performance

Overview

and

Holdings

Summaries

17

Shareholder

Meeting

Report

27

Report

of

Independent

Registered

Public

Accounting

Firm

29

Portfolios

of

Investments

31

Statement

of

Assets

and

Liabilities

67

Statement

of

Operations

68

Statement

of

Changes

in

Net

Assets

69

Statement

of

Cash

Flows

72

Financial

Highlights

74

Notes

to

Financial

Statements

81

Shareholder

Update

99

Important

Tax

Information

138

Additional

Fund

Information

140

Glossary

of

Terms

Used

in

this

Report

141

Annual

Investment

Management

Agreement

Approval

Process

142

Board

Members

&

Officers

150

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

While

inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

From

March

2022

to

July

2023

(with

only

a

brief

pause

in

June

2023),

the

Fed

increased

the

target

fed

funds

rate

from

near

zero

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages

while

the

impact

of

the

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

in

March

2023

adds

to

uncertainty.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

The

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

Additionally,

market

concerns

surrounding

the

U.S.

debt

ceiling

faded

after

the

government

agreed

in

June

2023

to

suspend

the

nation’s

borrowing

limit

until

January

2025,

averting

a

near-term

default

scenario.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 22,

2023

4

Important

Notices

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC),

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

and

Nuveen

Preferred

and

Income

Fund

(JPT)

Fund

Mergers

On

April

12,

2023,

the

mergers

of

JPS

and

JPT

into

JPC

were

approved

by

each

Fund’s

Board

of

Trustees.

The

merger

of

each

JPS

and

JPT

is

pending

shareholder

approval,

and

the

closing

of

each

merger

is

contingent

upon

obtaining

shareholder

approvals

and

satisfying

other

closing

conditions.

The

mergers

are

not

contingent

on

each

other.

Recent

Market

Factors

Each

of

the

Funds

covered

by

this

Report

have

substantial

allocations

to

preferred

and

contingent

capital

securities

issued

by

U.S.

and

non-U.S.

banks

and

other

financial

institutions.

Given

recent

increases

in

prevailing

interest

rates

and

other

market

factors,

these

securities

are

subject

to

heightened

volatility

and

default

risk

and

may,

ultimately,

detract

from

Fund

performance.

The

Funds’

investments

may

also

be

subject

to

the

risk

that

central

bank

or

other

extraordinary

government

intervention

may

negatively

impact

the

priority

or

likelihood

of

repayment.

In

addition,

recent

bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally,

which

may

also

heighten

volatility

and

reduce

liquidity.

Portfolio

Managers’

Comments

5

Nuveen

Preferred

&

Income

Opportunities

Fund

Nuveen

Preferred

and

Income

Term

Fund

Nuveen

Preferred

&

Income

Securities

Fund

Nuveen

Preferred

and

Income

Fund

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

is

the

sub-adviser

for

the

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC),

Nuveen

Preferred

and

Income

Term

Fund

(JPI),

Nuveen

Preferred

and

Income

Fund

(JPT)

and

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD).

The

Funds’

portfolio

managers

are

Douglas

M.

Baker,

CFA

and

Brenda

A.

Langenfeld,

CFA.

The

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

is

sub-advised

by

a

team

of

specialists

at

Spectrum

Asset

Management,

Inc.

(Spectrum),

a

wholly

owned

subsidiary

of

Principal

Global

Investors

Holding

Company

(U.S.),

LLC.

The

portfolio

managers

for

JPS

are

L.

Phillip

Jacoby

and

Mark

A.

Lieb.

In

April

2023,

the

Board

of

Trustees

for

the

Nuveen

Preferred

and

Income

Fund

(JPT),

Nuveen

Preferred

&

Income

Securities

Fund

(JPS),

and

the

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

approved

a

proposal

to

merge

JPS

and

JPT

into

JPC.

The

merger

is

subject

to

shareholder

approval.

Here

the

Funds’

portfolio

management

teams

review

economic

and

market

conditions,

key

investment

strategies

and

the

Funds’

performance

for

the

twelve-month

reporting

period

July

31,

2023.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

of

the

report.

What

factors

affected

the

economy

and

the

market

conditions

during

the

twelve-month

annual

reporting

period

ended

July

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

July

31,

2023.

In

the

second

quarter

of

2023,

the

economy

grew

at

an

annualized

rate

of

2.1%,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis,

compared

to

2.0%

in

the

first

quarter

and

in

line

with

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

rose

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(eventually

lifted

in

December

2022).

During

the

reporting

period,

U.S.

inflation

reached

its

peak

level

in

August

2022.

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

seven

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

One

of

the

Fed’s

rate

increases

occurred

in

March

2023,

a

decision

that

was

closely

watched

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

during

the

same

month

and

uncertainty

around

the

economic

impact

of

these

failures.

Additionally,

in

March

2023,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

July

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.5%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

The

preferred

securities

market

struggled

through

two

periods

of

volatility

during

the

reporting

period.

The

first

three

months

of

the

reporting

period

were

challenged

by

increasing

market

yields

in

U.S.

Treasuries,

which

caused

preferred

securities’

yields

to

rise

as

well.

The

meaningfully

higher

yields

negatively

impacted

the

U.S.

banking

system,

causing

certain

regional

banks

with

outsized

deposit

concentrations

to

fail.

This

was

largely

the

result

of

these

particular

banks

realizing

significant

losses

in

their

liquidity

Portfolio

Managers’

Comments

(continued)

6

portfolios

to

meet

demands

from

sudden

deposit

outflows.

Concern

spread

to

the

European

banking

system,

which

caused

Credit

Suisse

to

be

absorbed

by

UBS.

The

preferred

and

contingent

capital

(CoCos)

securities

markets

were

volatile

during

a

six-week

period

between

February

and

March

2023.

The

Fed

stepped

in

to

offer

emergency

deposit

liquidity

with

a

new

Bank

Term

Funding

Program,

which

effectively

backstopped

the

U.S.

banking

system

and

helped

prices

in

preferred

and

capital

securities

markets

to

recover

from

the

banking-related

volatility.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

seeks

to

provide

high

current

income

and

secondarily,

total

return,

by

investing

at

least

80%

of

its

managed

assets

in

preferred

and

other

income-producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities

(CoCos).

The

Fund

invests

up

to

20%

opportunistically

in

other

securities,

primarily

income-oriented

securities

such

as

corporate

and

taxable

municipal

debt

and

common

equity.

Additionally,

at

least

50%

is

invested

in

securities

that

are

rated

investment

grade

at

the

time

of

purchase

or,

if

non-rated,

judged

to

be

of

comparable

quality

by

the

Fund’s

portfolio

management

team.

The

Fund

uses

leverage.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

incorporated

several

active

themes

within

the

Fund

relative

to

the

JPC

Blended

Benchmark,

including

an

overweight

to

$1,000

par

preferred

securities

and

securities

that

have

coupons

with

reset

features

(floating

rate,

fixed-to-floating

rate,

fixed-to-fixed

rate),

an

underweight

to

CoCos

and

a

corresponding

overweight

to

U.S.-domiciled

issuers.

The

CoCo

segment

faced

significant

volatility

amid

banking

concerns,

including

the

announcement

of

UBS’s

takeover

of

Credit

Suisse

in

March

2023.

While

the

Fund’s

absolute

exposure

to

the

CoCo

sector

only

modestly

decreased

from

the

prior

annual

reporting

period,

the

composition

of

CoCo

exposure

within

its

portfolio

materially

shifted.

Most

notably,

the

Fund’s

Credit

Suisse

Additional

Tier

1

(AT1)

CoCos

were

written

down

to

zero

by

the

Swiss

government

and

regulators

during

the

March

banking

crisis.

Following

statements

by

the

European

Central

Bank

and

Bank

of

England

confirming

that

AT1

CoCos

from

banks

under

their

purview

have

hierarchy

over

common

equity,

the

portfolio

management

team

increased

the

Fund’s

exposure

to

non-Swiss

AT1

CoCos,

beginning

in

April

2023.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

For

the

twelve-month

reporting

period

ended

July

31,

2023,

JPC

underperformed

the

JPC

Blended

Benchmark.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

JPC

Blended

Benchmark,

which

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index.

The

Fund’s

use

of

leverage

through

bank

borrowings,

reverse

repurchase

agreements

and

the

issuance

of

preferred

shares

significantly

detracted

from

relative

performance

during

the

reporting

period.

However,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

In

addition,

the

Fund’s

overweight

to

the

U.S.

regional

bank

sector

detracted

from

relative

performance.

Although

the

Fund

benefited

from

either

no

exposure

or

an

underweight

to

the

U.S.

banks

that

failed

in

the

first

half

of

2023,

the

Fund’s

overweight

to

the

regional

bank

sector

detracted

because

the

sector

materially

underperformed

U.S.

money

center

banks

and

super-regional

banks.

Negative

security

selection

within

the

CoCo

segment

also

detracted

from

relative

performance

because

the

developed

market

banks

that

the

Fund

favored

generally

underperformed

emerging

market

(EM)

banks

during

the

reporting

period.

Consistent

with

its

mandate,

the

Fund

had

limited

EM

exposure.

In

addition,

the

Fund’s

overweight

exposure

to

SBL

Holdings,

a

mid-sized

U.S.

annuity

provider,

detracted

from

relative

performance

as

its

preferred

securities

experienced

selling

pressure.

The

Fund

continues

to

hold

these

securities

based

on

the

company’s

solid

credit

metrics.

Partially

offsetting

the

Fund’s

underperformance

was

its

overweight

to

$1,000

par

preferred

securities,

which

gave

it

greater

exposure

to

securities

that

have

coupons

with

reset

features.

These

investments

outperformed

securities

with

fixed-rate

coupons

because

they

generally

demonstrated

lower

sensitivity

to

rising

interest

rates

during

the

reporting

period.

The

Fund’s

shorter

effective

duration

versus

the

benchmark

also

contributed

to

relative

performance

because

it

decreased

the

portfolio’s

sensitivity

to

interest

rate

changes

as

rates

moved

materially

higher.

In

addition,

the

Fund

benefited

from

its

lack

of

exposure

to

the

real

estate

investment

trust

(REIT)

preferred

sector,

particularly

office

REITs,

which

underperformed

the

broader

market.

7

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

seeks

to

provide

a

high

level

of

current

income

and

total

return

by

investing

at

least

80%

of

its

managed

assets

in

preferred

and

other

income-producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities

(CoCos),

with

a

focus

on

securities

issued

by

financial

and

insurance

firms.

At

least

50%

of

its

managed

assets

are

rated

investment

grade

at

the

time

of

purchase

or,

if

unrated,

judged

to

be

of

comparable

quality

by

the

Fund’s

portfolio

management

team.

The

Fund

uses

leverage.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

incorporated

several

active

themes

within

the

Fund

relative

to

the

JPI

Blended

Benchmark,

including

an

overweight

to

$1,000

par

preferred

securities

and

securities

that

have

coupons

with

reset

features

(floating

rate,

fixed-to-floating

rate,

fixed-to-fixed

rate),

an

underweight

to

CoCos

and

a

corresponding

overweight

to

U.S.-domiciled

issuers.

The

CoCo

segment

faced

significant

volatility

amid

banking

concerns,

including

the

announcement

of

UBS’s

takeover

of

Credit

Suisse

in

March

2023.

While

the

Fund’s

absolute

exposure

to

the

CoCo

sector

only

modestly

decreased

compared

to

the

prior

reporting

period,

the

composition

of

CoCo

exposure

within

its

portfolio

materially

shifted.

Most

notably,

the

Fund’s

Credit

Suisse

Additional

Tier

1

(AT1)

CoCos

were

written

down

to

zero

by

the

Swiss

government

and

regulators

during

the

March

2023

banking

crisis.

Following

statements

by

the

European

Central

Bank

and

Bank

of

England

confirming

that

AT1

CoCos

from

banks

under

their

purview

have

hierarchy

over

common

equity,

the

portfolio

management

team

increased

the

Fund’s

exposure

to

non-

Swiss

AT1

CoCos,

beginning

in

April

2023.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

For

the

twelve-month

reporting

period

ended

July

31,

2023,

JPI

underperformed

the

JPI

Blended

Benchmark.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

JPI

Blended

Benchmark,

which

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index.

The

Fund’s

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements

significantly

detracted

from

relative

performance

during

the

reporting

period.

However,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

In

addition,

the

Fund’s

overweight

to

the

U.S.

regional

bank

sector

detracted

from

relative

performance.

Although

the

Fund

benefited

from

either

no

exposure

or

an

underweight

to

the

U.S.

banks

that

failed

in

the

first

half

of

2023,

the

Fund’s

overweight

to

the

regional

bank

sector

detracted

because

the

sector

materially

underperformed

U.S.

money

center

banks

and

super-regional

banks.

Negative

security

selection

within

the

CoCo

segment

also

detracted

from

relative

performance

because

the

developed

market

banks

that

the

Fund

favored

generally

underperformed

emerging

market

(EM)

banks

during

the

reporting

period.

Consistent

with

its

mandate,

the

Fund

had

limited

EM

exposure.

In

addition,

the

Fund’s

overweight

exposure

to

SBL

Holdings,

a

mid-sized

U.S.

annuity

provider,

detracted

from

relative

performance

as

its

preferred

securities

experienced

selling

pressure.

The

Fund

continues

to

hold

these

securities

based

on

the

company’s

solid

credit

metrics.

Partially

offsetting

the

Fund’s

underperformance

was

its

overweight

to

$1,000

par

preferred

securities,

which

gave

it

greater

exposure

to

securities

that

have

coupons

with

reset

features.

These

investments

outperformed

securities

with

fixed-rate

coupons

because

they

generally

demonstrated

lower

sensitivity

to

rising

interest

rates

during

the

reporting

period.

The

Fund’s

shorter

effective

duration

versus

the

benchmark

also

contributed

to

relative

performance

because

it

decreased

the

portfolio’s

sensitivity

to

interest

rate

changes

as

rates

moved

materially

higher.

In

addition,

the

Fund

benefited

from

its

lack

of

exposure

to

the

real

estate

investment

trust

(REIT)

preferred

sector,

particularly

office

REITs,

which

underperformed

the

broader

market.

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

primarily

seeks

to

offer

high

current

income

consistent

with

capital

preservation.

The

Fund

invests

at

least

80%

of

its

managed

assets

in

preferred

and

other

income-producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities

(CoCos).

At

least

50%

is

invested

in

securities

that

are

rated

investment

grade.

The

Fund

uses

leverage.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

Portfolio

Managers’

Comments

(continued)

8

During

the

reporting

period,

the

Fund

was

overweight

$1,000

par

preferred

securities,

underweight

$25

par

preferred

securities

and

underweight

CoCos

based

on

the

portfolio

management

team's

relative

value

assessment.

As

interest

rates

are

expected

to

be

elevated

for

some

time,

the

Fund

maintained

an

overall

shorter-duration

profile

relative

to

the

JPS

Blended

Benchmark.

How

did

the

Fund

perform

during

this

twelve-month

reporting

period

ended

July

31,

2023?

For

the

twelve-month

reporting

period

ended

July

31,

2023,

JPS

performed

in

line

with

the

JPS

Blended

Benchmark.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

JPS

Blended

Benchmark,

which

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index,

and

2)

40%

ICE

USD

Contingent

Capital

Index.

Security

selection

within

CoCos

was

the

top

contributor

to

relative

performance

during

the

reporting

period.

The

Fund

sold

out

of

its

positions

in

Credit

Suisse

CoCos

prior

to

UBS

announcing

its

plans

to

take

over

Credit

Suisse,

which

resulted

in

the

securities

being

written

down

to

zero.

Additionally,

an

underweight

to

and

security

selection

within

$25

par

preferred

securities

contributed

to

relative

performance.

An

overweight

to

$1,000

par

preferred

securities

also

contributed

to

relative

performance

as

a

result

of

their

predominantly

variable

rate

coupon

structure

amid

rising

interest

rates.

The

Fund's

shorter-duration

positioning

relative

to

the

benchmark

also

contributed

to

performance

amid

the

rising

interest

rates.

Partially

offsetting

these

relative

contributors

was

the

Fund’s

use

of

leverage

through

bank

borrowings,

reverse

repurchase

agreements

and

the

issuance

of

preferred

shares,

which

significantly

detracted

from

relative

performance

during

the

reporting

period.

However,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

In

addition,

an

overweight

to

U.S.

regional

banks,

which

were

volatile

during

the

reporting

period,

detracted

from

relative

performance

as

they

underperformed

the

broader

preferred

securities

market.

Nuveen

Preferred

and

Income

Fund

(JPT)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

seeks

to

provide

a

high

level

of

current

income

and

total

return.

The

Fund

provides

access

to

both

the

exchange-traded

and

over-the-counter

preferred

securities

markets,

seeking

to

capitalize

on

price

discrepancies

that

may

occur

between

these

two

markets.

The

Fund

also

has

the

flexibility

to

opportunistically

invest

in

preferred

securities

with

various

coupon

structures,

including

fixed-to-floating

structures,

which

may

help

reduce

interest

rate

risk

and

enhance

performance

in

a

rising

rate

environment.

The

Fund

invests

at

least

80%

of

its

managed

assets

in

preferred

and

other

income-producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities

(CoCos).

The

Fund

may

invest

without

limit

in

below

investment

grade

securities

but

no

more

than

10%

in

securities

rated

below

B-/B3

at

the

time

of

investment.

Up

to

40%

of

its

managed

assets

may

be

in

securities

issued

by

companies

located

anywhere

in

the

world,

but

no

more

than

10%

in

securities

of

issuers

in

emerging

markets

countries,

and

100%

in

U.S.

dollar-denominated

securities.

The

Fund

uses

leverage.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

incorporated

several

active

themes

within

the

Fund

relative

to

the

JPT

Blended

Benchmark,

including

an

overweight

to

$1,000

par

preferred

securities

and

securities

that

have

coupons

with

reset

features

(floating

rate,

fixed-to-floating

rate,

fixed-to-fixed

rate),

an

underweight

to

CoCos

and

a

corresponding

overweight

to

U.S.-domiciled

issuers.

The

CoCo

segment

faced

significant

volatility

amid

banking

concerns,

including

the

announcement

of

UBS’s

takeover

of

Credit

Suisse

in

March

2023.

While

the

Fund’s

absolute

exposure

to

the

CoCo

sector

only

modestly

decreased

from

the

prior

fiscal

year

end,

the

composition

of

CoCo

exposure

within

its

portfolio

materially

shifted.

Most

notably,

the

Fund’s

Credit

Suisse

Additional

Tier

1

(AT1)

CoCos

were

written

down

to

zero

by

the

Swiss

government

and

regulators

during

the

March

2023

banking

crisis.

Following

statements

by

the

European

Central

Bank

and

Bank

of

England

confirming

that

AT1

CoCos

from

banks

under

their

purview

have

hierarchy

over

common

equity,

the

portfolio

management

team

increased

the

Fund’s

exposure

to

non-Swiss

AT1

CoCos,

beginning

in

April

2023.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

For

the

twelve-month

reporting

period

ended

July

31,

2023,

JPT

underperformed

the

JPT

Blended

Benchmark.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

JPT

Blended

Benchmark,

which

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index,

and

2)

40%

ICE

USD

Contingent

Capital

Index.

9

The

Fund’s

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements

significantly

detracted

from

relative

performance

during

the

reporting

period.

However,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

In

addition,

the

Fund’s

overweight

to

the

U.S.

regional

bank

sector

detracted

from

relative

performance.

Although

the

Fund

benefited

from

either

no

exposure

or

an

underweight

to

the

U.S.

banks

that

failed

in

the

first

half

of

2023,

the

Fund’s

overweight

to

the

regional

bank

sector

detracted

because

the

sector

materially

underperformed

U.S.

money

center

banks

and

super-regional

banks.

Negative

security

selection

within

the

CoCo

segment

also

detracted

from

relative

performance

because

the

developed

market

banks

that

the

Fund

favored

generally

underperformed

emerging

market

(EM)

banks

during

the

reporting

period.

Consistent

with

its

mandate,

the

Fund

had

limited

EM

exposure.

In

addition,

the

Fund’s

overweight

exposure

to

SBL

Holdings,

a

mid-sized

U.S.

annuity

provider,

detracted

from

relative

performance

as

its

preferred

securities

experienced

selling

pressure.

The

Fund

continues

to

hold

these

securities

based

on

the

company’s

solid

credit

metrics.

Partially

offsetting

the

Fund’s

underperformance

was

its

overweight

to

$1,000

par

preferred

securities,

which

gave

it

greater

exposure

to

securities

that

have

coupons

with

reset

features.

These

investments

outperformed

securities

with

fixed-rate

coupons

because

they

generally

demonstrated

lower

sensitivity

to

rising

interest

rates

during

the

reporting

period.

The

Fund’s

shorter

effective

duration

versus

the

benchmark

also

contributed

to

relative

performance

because

it

decreased

the

portfolio’s

sensitivity

to

interest

rate

changes

as

rates

moved

materially

higher.

In

addition,

the

Fund

benefited

from

its

lack

of

exposure

to

the

real

estate

investment

trust

(REIT)

preferred

sector,

particularly

office

REITs,

which

underperformed

the

broader

market.

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

seeks

to

provide

a

high

level

of

current

income

and

total

return

by

investing

in

primarily

investment

grade,

variable

rate

preferred

securities

and

other

variable

rate

income-producing

securities

from

high

quality,

highly

regulated

companies

such

as

banks,

utilities

and

insurance

companies.

All,

or

almost

all,

of

the

Fund’s

distributions

of

net

investment

income

are

expected

to

be

treated

as

qualified

dividend

income

(QDI),

which

is

generally

taxed

at

a

lower

rate

than

interest

and

ordinary

dividend

income,

assuming

holding

period

and

certain

other

requirements

are

met.

The

Fund

may

invest

up

to

20%

of

managed

assets

in

contingent

convertible

securities

or

contingent

capital

securities

(CoCos)

and

up

to

15%

in

companies

located

in

emerging

market

countries

but

may

only

invest

in

U.S.

dollar

denominated

securities.

More

than

25%

of

managed

assets

are

invested

in

securities

of

companies

in

the

financial

services

sector.

The

Fund

uses

leverage

and

has

a

12-year

term

with

the

potential

to

convert

to

perpetual.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

incorporated

several

active

themes

within

the

Fund

relative

to

the

NPFD

Blended

Benchmark,

including

an

underweight

to

CoCos

and

corresponding

overweights

to

U.S.-domiciled

issuers

and

the

insurance

sector.

The

CoCo

segment

faced

significant

volatility

amid

banking

concerns,

including

the

announcement

of

UBS’s

takeover

of

Credit

Suisse

in

March

2023.

While

the

Fund’s

absolute

exposure

to

the

CoCo

sector

only

modestly

decreased

from

the

prior

annual

reporting

period,

the

composition

of

CoCo

exposure

within

its

portfolio

materially

shifted.

Most

notably,

the

Fund’s

Credit

Suisse

Additional

Tier

1

(AT1)

CoCos

were

written

down

to

zero

by

the

Swiss

government

and

regulators

during

the

March

2023

banking

crisis.

Following

statements

by

the

European

Central

Bank

and

Bank

of

England

confirming

that

AT1

CoCos

from

banks

under

their

purview

have

hierarchy

over

common

equity,

the

portfolio

management

team

increased

the

Fund’s

exposure

to

non-Swiss

AT1

CoCos,

beginning

in

April

2023.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

For

the

twelve-month

reporting

period

ended

July

31,

2023,

NPFD

significantly

underperformed

the

NPFD

Blended

Benchmark.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

NPFD

Blended

Benchmark,

which

consists

of:

1)

80%

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index,

and

2)

20%

ICE

USD

Contingent

Capital

Index.

The

Fund’s

use

of

leverage

through

bank

borrowings,

reverse

repurchase

agreements

and

the

issuance

of

preferred

shares

significantly

detracted

from

relative

performance

during

the

reporting

period.

However,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

Portfolio

Managers’

Comments

(continued)

10

In

addition

to

the

use

of

leverage,

the

Fund’s

overweight

to

the

U.S.

regional

bank

sector

detracted

from

relative

performance.

Although

the

Fund

benefited

from

either

no

exposure

or

an

underweight

to

the

U.S.

banks

that

failed

in

the

first

half

of

2023,

the

Fund’s

overweight

to

the

regional

bank

sector

detracted

because

the

sector

materially

underperformed

U.S.

money

center

banks

and

super-regional

banks.

Negative

security

selection

within

the

CoCo

segment

also

detracted

from

relative

performance

because

the

developed

market

banks

that

the

Fund

favored

generally

underperformed

emerging

market

(EM)

banks

during

the

reporting

period.

Consistent

with

its

mandate,

the

Fund

had

limited

EM

exposure.

In

addition,

the

Fund’s

overweight

exposure

to

SBL

Holdings,

a

mid-sized

U.S.

annuity

provider,

detracted

from

relative

performance

as

its

preferred

securities

experienced

selling

pressure.

The

Fund

continues

to

hold

these

securities

based

on

the

company’s

solid

credit

metrics.

Partially

offsetting

the

Fund’s

underperformance

were

overweights

to

Truist

Financial

Corporation

and

NuStar

Energy

LP.

As

a

super-

regional

bank,

Truist

Financial

materially

outperformed

both

the

regional

bank

and

U.S.

money

center

bank

sectors

of

the

preferred

securities

market.

This

floating-rate

security

experienced

strong

performance

as

interest

rates

rose

during

the

reporting

period,

resulting

in

higher

coupon

rates.

The

pipeline

and

storage

company

NuStar

Energy

also

benefited

from

the

floating-rate

nature

of

its

securities

and

the

positive

growth

backdrop

experienced

during

the

reporting

period.

The

Fund

maintains

overweights

to

both

issuers.

During

the

reporting

period,

the

Fund

used

interest

rate

futures

to

reduce

the

duration

of

the

portfolio.

The

interest

rate

futures

contributed

to

relative

performance

during

the

reporting

period.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Leverage

11

IMPACT

OF

THE

FUND’S

LEVERAGE

STRATEGY

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,

Taxable

Fund

Preferred

Shares

(TFP)

for

JPC,

JPS

and

NPFD

and

reverse

repurchase

agreements.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

securities

that

it

has

bought

with

the

proceeds

of

that

leverage.

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

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

The

Funds’

use

of

leverage

significantly

detracted

to

relative

performance

over

this

reporting

period.

However,

the

Funds’

use

of

leverage

was

accretive

to

overall

common

share

income.

JPC,

JPI

and

JPS

continued

to

use

interest

rate

swap

contracts

to

partially

hedge

the

interest

cost

of

leverage.

The

interest

rate

swaps

in

JPC

and

JPS

contributed

to

relative

performance

during

the

period.

The

interest

rate

swaps

in

JPI

had

a

negligible

impact

on

relative

performance

during

the

reporting

period.

As

of

July

31,

2023,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*

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

a

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.

THE

FUNDS’

LEVERAGE

Bank

Borrowings

As

noted

previously,

the

Funds

employs

leverage

through

the

use

of

bank

borrowings.

The

Funds’

bank

borrowings

activities

are

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements

for

further

details.

Reverse

Repurchase

Agreements

As

noted

previously,

the

Funds

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.

uriti

JPC

JPI

JPS

JPT

NPFD

Effective

Leverage

*

37.59%

36.93%

35.47%

34.29%

36.49%

Regulatory

Leverage

*

32.07%

30.10%

27.07%

30.03%

33.90%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Draws

Paydowns

Outstanding

Balance

as

of

July

31,

2023

Average

Balance

Outstanding

Draws

Paydowns

Outstanding

Balance

as

of

September

22,

2023

JPC

$423,400,000

$

36,700,000

$(240,500,000)

$219,600,000

$243,901,096

$

8,100,000

$                    -

$227,700,000

JPI

$216,000,000

$

   31,400,000

$   (66,500,000)

$180,900,000

$194,243,562

$                   -

$                      -

$180,900,000

JPS

$499,300,000

$

-

$  (198,000,000)

$301,300,000

$408,598,630

$                   -

$                      -

$301,300,000

JPT

$   47,000,000

$

  3,300,000

$     (14,945,000)

$   35,355,000

$42,171,589

$

3,445,000

$                    -

$   38,800,000

NPFD

$188,600,000

$

39,814,000

$   (80,800,000)

$147,614,000

$152,174,055

$

9,700,000

$                    -

$157,314,000

12

Fund

Leverage

(continued)

*

For

the

period

September

26,

2022

(initial

purchase

of

reverse

repurchase

agreements)

through

July

31,

2023.

Taxable

Fund

Preferred

Shares

As

noted

previously,

in

addition

to

bank

borrowings,

JPC,

JPS

and

NPFD

also

issued

TFP.

The

Fund’s

transactions

in

TFP

are

as

shown

in

the

accompanying

table.

*

For

the

period

August

18,

2022

(first

issuance

date

of

shares)

through

July

31,

2023.

**

For

the

period

September

1,

2022

(first

issuance

date

of

shares)

through

July

31,

2023.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

TFP.

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Sales

Purchases

Outstanding

Balance

as

of

July

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

September

22,

2023

JPC

$102,100,000

  $-

$-

$102,100,000

$102,100,000

  $

-

  $

-

$102,100,000

JPI

$65,000,000

   $-

$-

$65,000,000

$65,000,000

  $

-

  $

-

$  65,000,000

JPS

$275,000,000

   $-

$-

$275,000,000

$275,000,000

  $

-

  $

-

$275,000,000

JPT

$-

$32,435,000

$(24,790,000)

$7,645,000

$2,172,071*

$5,853,000

$(7,645,000)

$  

5,853,000

NPFD

$103,402,000

$506,559,000

$(581,978,000)

$27,983,000

$42,189,945

$55,966,000

$(55,966,000)

$

27,983,000

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Issuance

Redemptions

Outstanding

Balance

as

of

July

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

September

22,

2023

JPC

$-

$150,000,000

$-

$150,000,000

$150,000,000*

  $

-

  $

-

  $150,000,000

JPS

$270,000,000

$-

$-

$270,000,000

$270,000,000

  $

-

  $

-

  $270,000,000

NPFD

$-

$85,000,000

$-

$85,000,000

$85,000,000**

  $

-

  $

-

  $85,000,000

Common

Share

Information

13

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

July

31,

2023.  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.

.

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 the

Notes

to

Financial Statements 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 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).

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

JPC

JPI

JPS

JPT

NPFD

August

$0.0530

$0.1305

$0.0435

$0.1255

$0.1380

September

0.0530

0.1305

0.0435

0.1255

0.1380

October

0.0530

0.1240

0.0435

0.1205

0.1195

November

0.0530

0.1240

0.0435

0.1205

0.1195

December

0.0530

0.1240

0.0435

0.1205

0.1195

January

0.0470

0.1150

0.0405

0.1070

0.0960

February

0.0470

0.1150

0.0405

0.1070

0.0960

March

0.0470

0.1150

0.0405

0.1070

0.0960

April

0.0440

0.0980

0.0380

0.0930

0.0865

May

0.0440

0.0980

0.0380

0.0930

0.0865

June

0.0440

0.0980

0.0380

0.0930

0.0865

July

0.0440

0.0980

0.0380

0.0930

0.0865

Total

Distributions

from

Net

Investment

Income

$0.5820

$1.3700

$0.4910

$1.3055

$1.2685

JPC

JPI

JPS

JPT

NPFD

Current

Distribution

Rate*

8.00%

6.67%

6.95%

6.82%

6.33%

*

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.

Common

Share

Information

(continued)

14

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.

During

the

current

reporting

period,

JPS

and

JPC

did

not

sell

any

common

shares

through

their

Shelf

Offerings.

Refer

to

Notes

to

Financial

Statements

for

further

details

of

Shelf

Offerings

and

each

Fund’s

transactions.

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

authorized

an

open-market

common

share

repurchase

program,

allowing

each

fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

 As

of

July

31,

2023,

(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.

OTHER

COMMON

SHARE

INFORMATION

As

of

July

31,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

JPC

JPS

Maximum

aggregate

offering

Unlimited

Unlimited

JPC

JPI

JPS

JPT

NPFD

Common

shares

cumulatively

repurchased

and

retired

2,826,100

0

38,000

0

0

Common

shares

authorized

for

repurchase

10,505,000

2,275,000

20,570,000

435,000

2,415,000

JPC

JPI

JPS

JPT

NPFD

Common

share

NAV

$7.45

$18.44

$7.48

$18.76

$18.77

Common

share

price

$6.60

$17.63

$6.56

$16.36

$16.39

Premium/(Discount)

to

NAV

(11.41)%

(4.39)%

(12.30)%

(12.79)%

(12.68)%

Average

premium/(discount)

to

NAV

(8.40)%

(4.31)%

(10.61)%

(9.19)%

(11.19)%

About

the

Funds’

Benchmarks

15

Bloomberg

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated

preferred

securities,

including

Tier

1

and

Tier

2

securities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees

.

Bloomberg

Capital

Securities

Tier-1

Index:

An

index

designed

to

measure

the

performance

of

hybrid

fixed-income

securities,

including

Tier

1

securities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees

.

ICE

BofA

Fixed

Rate

Preferred

Securities

Index:

An

index

designed

to

measure

the

performance

of

investment

grade

fixed-rate,

USD-denominated

preferred

securities

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees

.

ICE

BofA

U.S.

All

Capital

Securities

Index:

A

n

index

designed

to

measure

the

performance

of

investment

grade

and

below

investment

grade

fixed

rate

and

fixed-to-floating

rate,

USD-denominated

hybrid

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

USD

Contingent

Capital

Index

(CDLR):

An

index

designed

to

measure

the

performance

of

USD

denominated

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

below

investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index:

An

index

designed

to

measure

the

performance

of

floating-

and

variable-rate

investment

grade

and

below

investment

grade

USD-denominated

preferred

stock

and

hybrid

debt

publicly

issued

by

corporations

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPC

Blended

Benchmark

(effective

April

1,

2022):

Consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPC

Blended

Benchmark

(from

December

31,

2013

through

March

31,

2022):

Consists

of:

1)

50%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

(defined

herein),

2)

30%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

3)

20%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPC

Blended

Benchmark

(through

December

30,

2013):

Consists

of:

1)

82.5%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index,

(defined

herein),

and

2)

17.5%

Bloomberg

Capital

Securities

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPI

Blended

Benchmark

(effective

December

31,

2013):

Consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPI

Blended

Benchmark

(through

December

30,

2013

):

Consists

of:

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

(defined

herein),

and

2)

35%

Bloomberg

Capital

Securities

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPS

Blended

Benchmark

(effective

December

31,

2013

):

Consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPS

Blended

Benchmark

(through

December

30,

2013):

Consists

of:

1)

55%

ICE

BofA

Fixed

Rate

Preferred

Securities

About

the

Funds’

Benchmarks

(continued)

16

Index

(defined

herein),

and

2)

45%

Bloomberg

Capital

Securities

Tier-1

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JPT

Blended

Benchmark

(effective

February

28,

2022):

Consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

NPFD

Blended

Benchmark:

Consists

of:

1)

80%

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index

(defined

herein),

and

2)

20%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Nuveen

Preferred

&

Income

Opportunities

Fund

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

17

JPC

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPC

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR).

Refer

to

About

the

Funds'

Benchmarks

for

further

details

on

the

Fund's

Blended

Benchmark

compositions

through

March

31,

2022.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

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

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

July

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JPC

at

Common

Share

NAV

3/26/03

(4.47)%

1.00%

4.21%

JPC

at

Common

Share

Price

3/26/03

(12.60)%

0.37%

4.40%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

(1.85)%

2.38%

4.39%

JPC

Blended

Benchmark

—

(3.47)%

1.77%

4.04%

18

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

81

.0‌

%

Contingent

Capital

Securities

48

.3‌

%

$25

Par

(or

similar)

Retail

Preferred

28

.3‌

%

Corporate

Bonds

0

.4‌

%

Common

Stocks

0

.0‌

%

Repurchase

Agreements

0

.7‌

%

Other

Assets

&

Liabilities,

Net

1.5%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

13

.1‌

)

%

Borrowings

(28.0)%

TFP

Shares,

Net

(

19

.1‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Banks

51.5%

Insurance

14.1%

Capital

Markets

9.3%

Food

Products

4.7%

Financial

Services

4.2%

Trading

Companies

&

Distributors

3.1%

Oil,

Gas

&

Consumable

Fuels

3.1%

Other

9.5%

Repurchase

Agreements

0.5%

Total

100%

Country

Allocation

2

(%

of

total

investments)

United

States

61

.0‌

%

United

Kingdom

13

.0‌

%

France

5

.9‌

%

Switzerland

3

.4‌

%

Spain

2

.7‌

%

Netherlands

2

.4‌

%

Canada

2

.3‌

%

Australia

2

.2‌

%

Germany

1

.7‌

%

Ireland

1

.7‌

%

Bermuda

1

.3‌

%

Other

2

.4‌

%

Total

100‌

%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

4.0%

HSBC

Holdings

PLC

3.8%

Barclays

PLC

3.4%

UBS

Group

AG

3.3%

Wells

Fargo

&

Co

3.0%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

BBB

69.0%

BB

or

Lower

28.8%

N/R

(not

rated)

2.2%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.3%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

Nuveen

Preferred

and

Income

Term

Fund

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

19

JPI

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPI

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR).

Refer

to

About

the

Funds'

Benchmarks

for

further

details

on

the

Fund's

Blended

Benchmark

compositions

through

December

30,

2013.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

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

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

July

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JPI

at

Common

Share

NAV

7/26/12

(6.85)%

1.21%

4.46%

JPI

at

Common

Share

Price

7/26/12

(7.39)%

1.58%

4.95%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

(1.85)%

2.38%

4.39%

JPI

Blended

Benchmark

—

(3.47)%

2.20%

4.16%

20

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

79

.5‌

%

Contingent

Capital

Securities

48

.5‌

%

$25

Par

(or

similar)

Retail

Preferred

27

.7‌

%

Corporate

Bonds

0

.2‌

%

Repurchase

Agreements

0

.7‌

%

Other

Assets

&

Liabilities,

Net

2.1%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

15

.6‌

)

%

Borrowings

(43.1)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Banks

50.6%

Insurance

14.1%

Capital

Markets

9.2%

Financial

Services

5.2%

Food

Products

5.1%

Trading

Companies

&

Distributors

3.2%

Oil,

Gas

&

Consumable

Fuels

3.1%

Other

9.1%

Repurchase

Agreements

0.4%

Total

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

4.1%

HSBC

Holdings

PLC

3.8%

Barclays

PLC

3.4%

UBS

Group

AG

3.2%

Wells

Fargo

&

Co

3.0%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

BBB

70.3%

BB

or

Lower

27.5%

N/R

(not

rated)

2.2%

Total

100‌

%

Country

Allocation

2

(%

of

total

investments)

United

States

60

.3‌

%

United

Kingdom

13

.4‌

%

France

5

.9‌

%

Switzerland

3

.4‌

%

Spain

2

.8‌

%

Netherlands

2

.5‌

%

Australia

2

.4‌

%

Canada

2

.4‌

%

Germany

1

.9‌

%

Ireland

1

.3‌

%

Bermuda

1

.1‌

%

Other

2

.6‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.2%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

Nuveen

Preferred

&

Income

Securities

Fund

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

21

JPS

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPS

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR).

Refer

to

About

the

Funds'

Benchmarks

for

further

details

on

the

Fund's

Blended

Benchmark

compositions

through

December

30,

2013.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

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

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

July

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JPS

at

Common

Share

NAV

9/24/02

(3.29)%

1.40%

4.73%

JPS

at

Common

Share

Price

9/24/02

(9.26)%

0.79%

4.91%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

(1.85)%

2.38%

4.39%

JPS

Blended

Benchmark

—

(3.47)%

2.20%

4.24%

22

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

76

.8‌

%

Contingent

Capital

Securities

52

.5‌

%

$25

Par

(or

similar)

Retail

Preferred

14

.4‌

%

Corporate

Bonds

4

.7‌

%

Convertible

Preferred

Securities

1

.4‌

%

Investment

Companies

1

.1‌

%

Repurchase

Agreements

3

.0‌

%

Other

Assets

&

Liabilities,

Net

1.2%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

18

.0‌

)

%

Borrowings

(19.6)%

TFP

Shares,

Net

(

17

.5‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Banks

56.3%

Insurance

13.1%

Capital

Markets

11.8%

Multi-Utilities

2.5%

Electric

Utilities

2.5%

Consumer

Finance

2.5%

Financial

Services

2.3%

Other

6.4%

Investment

Companies

0.7%

Repurchase

Agreements

1.9%

Total

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

BNP

Paribas

SA

4.3%

UBS

Group

AG

4.2%

Wells

Fargo

&

Co

4.0%

Barclays

PLC

3.8%

Societe

Generale

SA

3.6%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

6.2%

BBB

83.8%

BB

or

Lower

10.0%

N/R

(not

rated)

0.0%

Total

100‌

%

Country

Allocation

2

(%

of

total

investments)

United

States

53

.1‌

%

United

Kingdom

12

.4‌

%

France

10

.1‌

%

Switzerland

6

.0‌

%

Canada

3

.6‌

%

Finland

3

.3‌

%

Spain

2

.5‌

%

Netherlands

1

.5‌

%

Australia

1

.4‌

%

Norway

1

.3‌

%

Japan

1

.2‌

%

Other

3

.6‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

less

than

0.1%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

Nuveen

Preferred

and

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

23

JPT

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPT

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR).

The

Fund’s

performance

was

measured

against

the

ICE

BofA

U.S.

All

Capital

Securities

Index

through

February

27,

2022.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

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

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

July

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

Since

Inception

JPT

at

Common

Share

NAV

1/26/17

(5.15)%

1.42%

1.97%

JPT

at

Common

Share

Price

1/26/17

(13.03)%

(0.49)%

(0.21)%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

(1.85)%

2.38%

3.05%

JPT

Blended

Benchmark

—

(3.47)%

1.85%

2.65%

24

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

79

.1‌

%

Contingent

Capital

Securities

46

.9‌

%

$25

Par

(or

similar)

Retail

Preferred

24

.8‌

%

Corporate

Bonds

1

.6‌

%

Other

Assets

&

Liabilities,

Net

(0.2)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

9

.3‌

)

%

Borrowings

(42.9)%

Net

Assets

100‌

%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

4.0%

HSBC

Holdings

PLC

3.8%

UBS

Group

AG

3.8%

Barclays

PLC

3.3%

Wells

Fargo

&

Co

3.0%

Portfolio

Composition

1

(%

of

total

investments)

Banks

50.0%

Insurance

14.9%

Capital

Markets

9.6%

Food

Products

5.5%

Financial

Services

4.7%

Oil,

Gas

&

Consumable

Fuels

3.0%

Trading

Companies

&

Distributors

3.0%

Other

9.3%

Total

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

BBB

70.3%

BB

or

Lower

28.0%

N/R

(not

rated)

1.7%

Total

100‌

%

Country

Allocation

2

(%

of

total

investments)

United

States

59

.6‌

%

United

Kingdom

13

.0‌

%

France

5

.8‌

%

Switzerland

3

.9‌

%

Spain

2

.6‌

%

Germany

2

.6‌

%

Netherlands

2

.5‌

%

Canada

2

.3‌

%

Ireland

2

.2‌

%

Australia

2

.0‌

%

Bermuda

1

.3‌

%

Other

2

.2‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.2%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

25

NPFD

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NPFD

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

80%

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index

and

2)

20%

ICE

USD

Contingent

Capital

Index

(CDLR).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

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

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

July

31,

2023

Average

Annual

Inception

Date

1-Year

Since

Inception

NPFD

at

Common

Share

NAV

12/15/21

(4.82)%

(10.64)%

NPFD

at

Common

Share

Price

12/15/21

(11.68)%

(17.26)%

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index

—

4.23%

(1.58)%

NPFD

Blended

Benchmark

—

2.15%

(3.20)%

26

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

101

.3‌

%

$25

Par

(or

similar)

Retail

Preferred

30

.2‌

%

Contingent

Capital

Securities

24

.7‌

%

Other

Assets

&

Liabilities,

Net

1.1%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

6

.2‌

)

%

Borrowings

(32.5)%

TFP

Shares,

Net

(

18

.6‌

)

%

Net

Assets

100‌

%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

4.9%

Wells

Fargo

&

Co

4.3%

JPMorgan

Chase

&

Co

4.0%

Bank

of

America

Corp

3.9%

Goldman

Sachs

Group

Inc/The

2.8%

Portfolio

Composition

1

(%

of

total

investments)

Banks

46.0%

Insurance

14.2%

Capital

Markets

9.7%

Oil,

Gas

&

Consumable

Fuels

5.8%

Trading

Companies

&

Distributors

4.4%

Financial

Services

3.5%

Electric

Utilities

3.2%

Other

13.2%

Total

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

BBB

70.8%

BB

or

Lower

27.1%

N/R

(not

rated)

2.1%

Total

100‌

%

Country

Allocation

2

(%

of

total

investments)

United

States

70

.6‌

%

United

Kingdom

8

.6‌

%

Canada

4

.6‌

%

France

3

.5‌

%

Ireland

2

.7‌

%

Australia

2

.1‌

%

Spain

1

.4‌

%

Netherlands

1

.4‌

%

Switzerland

1

.3‌

%

Bermuda

1

.2‌

%

Germany

0

.8‌

%

Other

1

.8‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.1%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

Shareholder

Meeting

Report

27

The

annual

meeting

of

shareholders

was

held

on

May

8,

2023

for

JPC,

JPI,

JPS,

JPT

and

NPFD;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members.

JPC

JPI

JPS

JPT

NPFD

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

Common

shares

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

Common

shares

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

Shares

Approval

of

the

Board

Members

was

reached

as

follows:

Amy

B.

R.

Lancellotta

For

76,531,901

—

16,892,232

146,449,441

—

3,096,859

17,661,781

—

Withhold

3,302,532

—

633,762

3,955,399

—

68,875

762,033

—

Total

79,834,433

—

17,525,994

150,404,840

—

3,165,734

18,423,814

—

John

K.

Nelson

For

76,345,663

—

16,801,019

144,305,552

—

3,092,601

17,566,346

—

Withhold

3,488,770

—

724,975

6,099,288

—

73,133

857,468

—

Total

79,834,433

—

17,525,994

150,404,840

—

3,165,734

18,423,814

—

Terence

J.

Toth

For

76,253,161

—

16,816,329

145,221,971

—

3,098,460

17,714,371

—

Withhold

3,581,272

—

709,665

5,182,869

—

67,274

709,443

—

Total

79,834,433

—

17,525,994

150,404,840

—

3,165,734

18,423,814

—

Robert

L.

Young

For

76,645,637

—

16,810,053

145,430,205

—

3,082,430

17,568,163

—

Withhold

3,188,796

—

715,941

4,974,635

—

83,304

855,651

—

Total

79,834,433

—

17,525,994

150,404,840

—

3,165,734

18,423,814

—

William

C.

Hunter

For

—

140,000

—

—

247,000

—

—

85,000

Withhold

—

—

—

—

—

—

—

Total

—

140,000

—

—

247,000

—

—

85,000

Albin

F.

Moschner

For

—

140,000

—

—

247,000

—

—

85,000

Withhold

—

—

—

—

—

—

—

Total

—

140,000

—

—

247,000

—

—

85,000

Report

of

Independent

Registered

Public

Accounting

Firm

29

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Preferred

&

Income

Opportunities

Fund,

Nuveen

Preferred

and

Income

Term

Fund,

Nuveen

Preferred

&

income

Securities

Fund,

Nuveen

Preferred

and

Income

Fund,

and

Nuveen

Variable

Rate

Preferred

&

Income

Fund:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

July 31, 2023,

the

related

statements

of

operations,

cash

flows,

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

July 31, 2023,

the

results

of

their

operations

and

their

cash

flows,

and

the

changes

in

their

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

July 31, 2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

September

29,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

30

Appendix

A

Funds

and

Periods

For

the

year

ended

July

31,

2023

(statements

of

operations

and

cash

flows);

each

of

the

years

in

the

two-year

period

ended

July

31,

2023

(statements

of

changes

in

net

assets);

each

of

the

years

in

the

five-year

period

ended

July

31,

2023

(financial

highlights):

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)

For

the

year

ended

July

31,

2023

(statements

of

operations

and

cash

flows);

for

the

year

ended

July

31,

2023

and

the

period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022

(statement

of

changes

in

net

assets

and

financial

highlights):

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

31

Nuveen

Preferred

&

Income

Opportunities

Fund

Portfolio

of

Investments

July

31,

2023

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

158.0%  

(99.5%

of

Total

Investments) 

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

81.0%

(51.0%

of

Total

Investments)

X

634,197,767

Automobiles

-

2.2%

$

14,640

General

Motors

Financial

Co

Inc

(3)

5.750%

N/A

(4)

BB+

$

12,360,595

5,400

General

Motors

Financial

Co

Inc

5.700%

N/A

(4)

BB+

4,874,796

Total

Automobiles

17,235,391

Banks

-

33.5%

2,000

Bank

of

America

Corp

(3-Month

LIBOR

reference

rate

+

3.135%

spread)

(5)

8.631%

N/A

(4)

BBB+

2,004,999

1,415

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

1,403,626

3,685

Bank

of

America

Corp

4.375%

N/A

(4)

BBB+

3,229,893

4,830

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

4,785,081

11,835

Bank

of

America

Corp

6.500%

N/A

(4)

BBB+

11,781,743

3,720

Bank

of

America

Corp

(3)

6.300%

N/A

(4)

BBB+

3,706,980

1,820

Citigroup

Inc

4.150%

N/A

(4)

BBB-

1,524,250

9,981

Citigroup

Inc

5.950%

N/A

(4)

BBB-

9,686,712

6,290

Citigroup

Inc

(3)

5.000%

N/A

(4)

BBB-

5,957,243

16,055

Citigroup

Inc

(3)

6.250%

N/A

(4)

BBB-

15,880,487

13,145

Citigroup

Inc

6.300%

N/A

(4)

BBB-

12,865,669

2,415

Citigroup

Inc

(3)

7.375%

N/A

(4)

BBB-

2,457,263

1,685

Citizens

Financial

Group

Inc

6.375%

N/A

(4)

Baa3

1,495,448

2,015

Citizens

Financial

Group

Inc

(3)

4.000%

N/A

(4)

Baa3

1,559,106

8,820

CoBank

ACB

6.450%

N/A

(4)

BBB+

8,344,370

3,150

CoBank

ACB

(3)

6.250%

N/A

(4)

BBB+

3,031,204

500

Fifth

Third

Bancorp

(3-Month

LIBOR

reference

rate

+

3.033%

spread)

(5)

8.571%

N/A

(4)

BB+

471,860

1,025

Fifth

Third

Bancorp

(3)

4.500%

N/A

(4)

Baa3

940,304

14,985

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(5)

9.524%

N/A

(4)

Ba1

14,865,852

925

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(4)

BBB-

764,215

910

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(4)

BB+

786,187

2,314

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(4)

BBB

2,862,411

8,525

Huntington

Bancshares

Inc/OH

5.625%

N/A

(4)

Baa3

7,809,643

23,065

JPMorgan

Chase

&

Co

(3)

6.750%

N/A

(4)

BBB+

23,050,584

1,830

JPMorgan

Chase

&

Co

3.650%

N/A

(4)

BBB+

1,643,157

7,075

JPMorgan

Chase

&

Co

5.000%

N/A

(4)

BBB+

6,917,581

2,355

JPMorgan

Chase

&

Co

(3)

6.100%

N/A

(4)

BBB+

2,342,272

2,485

KeyCorp

5.000%

N/A

(4)

Baa3

1,993,043

6,970

M&T

Bank

Corp

(3)

6.450%

N/A

(4)

Baa2

6,712,347

1,440

M&T

Bank

Corp

(3)

3.500%

N/A

(4)

Baa2

1,075,133

1,880

M&T

Bank

Corp

5.125%

N/A

(4)

Baa2

1,579,952

3,185

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(4)

Baa2

2,940,186

7,960

PNC

Financial

Services

Group

Inc/The

(3)

6.250%

N/A

(4)

Baa2

7,278,800

11,977

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.940%

spread)

(3),(5)

3.804%

N/A

(4)

Baa2

12,042,673

1,315

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.040%

spread)

(5)

8.536%

N/A

(4)

BBB-

1,314,804

2,835

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(4)

Baa2

2,197,125

2,657

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(4)

Baa2

2,357,897

1,740

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(4)

Baa2

1,674,750

3,545

Regions

Financial

Corp

5.750%

N/A

(4)

Baa3

3,400,288

6,082

Truist

Financial

Corp

5.100%

N/A

(4)

Baa2

5,450,688

3,430

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(5)

8.654%

N/A

(4)

Baa2

3,410,209

12,915

Truist

Financial

Corp

(6)

4.800%

N/A

(4)

Baa2

11,494,350

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

32

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

1,385

Wells

Fargo

&

Co

(3)

7.950%

11/15/29

Baa1

$

1,505,246

9,547

Wells

Fargo

&

Co

(3)

3.900%

N/A

(4)

Baa2

8,584,662

12,370

Wells

Fargo

&

Co

(3)

5.875%

N/A

(4)

Baa2

12,091,675

6,615

Wells

Fargo

&

Co

7.625%

N/A

(4)

Baa2

6,801,146

6,478

Wells

Fargo

&

Co

5.900%

N/A

(4)

Baa2

6,411,277

1,105

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

3.800%

spread)

(5)

9.352%

N/A

(4)

BB+

925,437

9,666

Zions

Bancorp

NA

7.200%

N/A

(4)

BB+

8,770,311

Total

Banks

262,180,139

Capital

Markets

-

3.5%

2,040

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(4)

Baa1

1,991,607

5,720

Charles

Schwab

Corp

5.375%

N/A

(4)

Baa2

5,578,211

3,090

Charles

Schwab

Corp/The

(3)

4.000%

N/A

(4)

Baa2

2,758,567

7,411

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(4)

BBB-

7,221,713

8,359

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(4)

BBB-

8,252,331

1,555

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(4)

BBB-

1,321,932

Total

Capital

Markets

27,124,361

Communications

Equipment

-

0.2%

2,315

Vodafone

Group

PLC

(3)

4.125%

6/04/81

BB+

1,840,996

Total

Communications

Equipment

1,840,996

Consumer

Finance

-

2.3%

3,674

Ally

Financial

Inc

(3)

4.700%

N/A

(4)

Ba2

2,787,648

6,365

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

4,454,107

4,560

American

Express

Co

3.550%

N/A

(4)

Baa2

3,825,995

3,215

Capital

One

Financial

Corp

3.950%

N/A

(4)

Baa3

2,558,979

3,175

Discover

Financial

Services

(3)

6.125%

N/A

(4)

Ba1

3,047,222

1,465

Discover

Financial

Services

5.500%

N/A

(4)

Ba1

1,128,568

Total

Consumer

Finance

17,802,519

Electric

Utilities

-

2.7%

2,070

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

1,670,241

4,310

Edison

International

(3)

5.000%

N/A

(4)

BB+

3,723,716

995

Edison

International

(3)

5.375%

N/A

(4)

BB+

883,042

11,680

Emera

Inc

(3)

6.750%

6/15/76

BB+

11,358,420

3,580

Southern

Co/The

(3)

4.000%

1/15/51

BBB-

3,348,189

Total

Electric

Utilities

20,983,608

Financial

Services

-

4.9%

4,570

American

AgCredit

Corp,

144A

(3)

5.250%

N/A

(4)

BB+

4,044,450

2,590

Capital

Farm

Credit

ACA,

144A

(3)

5.000%

N/A

(4)

BB

2,305,100

1,536

Citigroup

Inc

(TSFR3M

reference

rate

+

4.330%

spread)

(5)

9.699%

N/A

(4)

BBB-

1,546,292

12

Compeer

Financial

ACA,

144A

(3)

6.750%

N/A

(4)

BB+

12,600,199

1,100

Compeer

Financial

ACA,

144A

4.875%

N/A

(4)

BB+

987,250

7,470

Equitable

Holdings

Inc

4.950%

N/A

(4)

BBB-

7,245,231

9,696

Voya

Financial

Inc

(3)

6.125%

N/A

(4)

BBB-

9,448,436

Total

Financial

Services

38,176,958

Food

Products

-

4.8%

2,145

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(4)

BB+

1,909,050

3,860

Land

O'

Lakes

Inc,

144A

(3)

7.250%

N/A

(4)

BB

3,047,856

7,435

Land

O'

Lakes

Inc,

144A

(3)

7.000%

N/A

(4)

BB

6,115,287

28,560

Land

O'

Lakes

Inc,

144A

(3)

8.000%

N/A

(4)

BB

26,560,800

Total

Food

Products

37,632,993

33

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Independent

Power

and

Renewable

Electricity

Producers

-

2.1%

$

2,200

AES

Andes

SA,

144A

(3)

7.125%

3/26/79

BB

$

2,104,740

4,775

AES

Andes

SA,

144A

6.350%

10/07/79

BB

4,500,759

1,550

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

1,379,500

8,525

Vistra

Corp,

144A

8.000%

N/A

(4)

Ba3

8,157,999

Total

Independent

Power

and

Renewable

Electricity

Producers

16,142,998

Industrial

Conglomerates

-

0.6%

5,079

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(3),(5)

8.882%

N/A

(4)

BBB-

5,091,558

Total

Industrial

Conglomerates

5,091,558

Insurance

-

13.4%

1,615

Aegon

NV

5.500%

4/11/48

Baa2

1,540,145

1,550

American

International

Group

Inc

(3)

5.750%

4/01/48

BBB-

1,495,699

16,404

Assurant

Inc

(3)

7.000%

3/27/48

Baa3

15,970,257

11,519

Assured

Guaranty

Municipal

Holdings

Inc,

144A

(3)

6.400%

12/15/66

BBB+

10,263,124

3,285

AXIS

Specialty

Finance

LLC

(3)

4.900%

1/15/40

BBB

2,631,787

2,395

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

2,090,108

4,720

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

3,664,045

8,710

Markel

Group

Inc

6.000%

N/A

(4)

BBB-

8,462,411

6,088

MetLife

Inc,

144A

9.250%

4/08/38

BBB

7,031,641

3,860

MetLife

Inc

3.850%

N/A

(4)

BBB

3,606,830

2,010

MetLife

Inc

5.875%

N/A

(4)

BBB

1,959,295

2,485

PartnerRe

Finance

B

LLC

(3)

4.500%

10/01/50

Baa1

2,083,012

7,488

Provident

Financing

Trust

I

(3)

7.405%

3/15/38

BB+

7,425,706

745

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

636,132

2,690

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

2,450,381

9,498

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

9,393,067

2,960

QBE

Insurance

Group

Ltd,

144A

(3)

5.875%

N/A

(4)

Baa2

2,840,881

9,055

QBE

Insurance

Group

Ltd,

144A

(3)

7.500%

11/24/43

Baa1

9,032,410

9,700

SBL

Holdings

Inc,

144A

6.500%

N/A

(4)

BB

5,504,750

10,685

SBL

Holdings

Inc,

144A

(3)

7.000%

N/A

(4)

BB

6,651,412

Total

Insurance

104,733,093

Media

-

0.3%

3,110

Paramount

Global

6.375%

3/30/62

Baa3

2,564,039

Total

Media

2,564,039

Multi-Utilities

-

2.0%

7,999

CenterPoint

Energy

Inc

6.125%

N/A

(4)

BBB-

7,838,206

1,210

CMS

Energy

Corp

(3)

4.750%

6/01/50

BBB-

1,063,390

3,005

Sempra

4.125%

4/01/52

BBB-

2,467,688

4,750

Sempra

4.875%

N/A

(4)

BBB-

4,488,750

Total

Multi-Utilities

15,858,034

Oil,

Gas

&

Consumable

Fuels

-

2.6%

2,578

Enbridge

Inc

5.500%

7/15/77

BBB-

2,329,037

3,460

Enbridge

Inc

(3)

7.625%

1/15/83

BBB-

3,495,988

1,540

Enbridge

Inc

(3)

6.000%

1/15/77

BBB-

1,454,727

5,765

Enbridge

Inc

(3)

5.750%

7/15/80

BBB-

5,269,819

3,320

Energy

Transfer

LP

(3)

6.500%

N/A

(4)

BB

3,007,279

630

Energy

Transfer

LP

7.125%

N/A

(4)

BB

553,330

3,015

Transcanada

Trust

5.600%

3/07/82

BBB-

2,539,798

2,245

Transcanada

Trust

5.500%

9/15/79

BBB-

1,909,384

Total

Oil,

Gas

&

Consumable

Fuels

20,559,362

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

34

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

4.1%

$

15,493

AerCap

Global

Aviation

Trust,

144A

(3)

6.500%

6/15/45

Baa3

$

15,128,775

6,030

AerCap

Holdings

NV

5.875%

10/10/79

BB+

5,829,117

4,180

Air

Lease

Corp

(3)

4.650%

N/A

(4)

BB+

3,706,879

1,960

ILFC

E-Capital

Trust

I,

144A

7.064%

12/21/65

Baa3

1,374,731

8,474

ILFC

E-Capital

Trust

I,

144A

7.314%

12/21/65

Baa3

6,058,014

Total

Trading

Companies

&

Distributors

32,097,516

U.S.

Agency

-

0.9%

2,420

Farm

Credit

Bank

of

Texas,

144A

(3)

5.700%

N/A

(4)

Baa1

2,238,500

5,835

Farm

Credit

Bank

of

Texas,

144A

(3)

6.200%

N/A

(4)

BBB+

5,105,625

Total

U.S.

Agency

7,344,125

Wireless

Telecommunication

Services

-

0.9%

6,644

Vodafone

Group

PLC

7.000%

4/04/79

BB+

6,830,077

Total

Wireless

Telecommunication

Services

6,830,077

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$676,334,777)

634,197,767

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

48.3%

(30.4%

of

Total

Investments)

X

378,089,017

Banks

-

40.0%

$

2,025

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

(3)

6.750%

N/A

(4)

Baa2

$

2,018,155

5,495

Banco

Bilbao

Vizcaya

Argentaria

SA

(3)

6.125%

N/A

(4)

Ba2

4,746,888

11,060

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(4)

Ba2

10,531,332

4,700

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(3)

7.500%

N/A

(4)

Ba2

4,263,793

3,120

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(3)

7.625%

N/A

(4)

Ba2

2,871,232

8,000

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(4)

Ba1

7,742,160

11,705

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

9,304,865

8,845

Barclays

PLC

8.000%

N/A

(4)

BBB-

8,225,850

6,440

Barclays

PLC

6.125%

N/A

(4)

BBB-

5,883,031

10,185

Barclays

PLC

8.000%

N/A

(4)

BBB-

10,028,966

17,495

Barclays

PLC

7.750%

N/A

(4)

BBB-

17,437,267

13,875

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

13,811,175

1,600

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

1,506,400

2,500

BNP

Paribas

SA,

144A

9.250%

N/A

(4)

BBB

2,626,440

5,050

BNP

Paribas

SA,

144A

7.375%

N/A

(4)

BBB

4,987,380

7,560

BNP

Paribas

SA,

144A

6.625%

N/A

(4)

BBB

7,342,650

1,925

Credit

Agricole

SA,

144A

4.750%

N/A

(4)

BBB

1,571,570

12,285

Credit

Agricole

SA,

144A

8.125%

N/A

(4)

BBB

12,321,855

5,854

Credit

Agricole

SA,

144A

(3)

7.875%

N/A

(4)

BBB

5,825,432

1,600

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(4)

BBB-

1,531,520

525

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(4)

BBB-

451,882

22,034

HSBC

Holdings

PLC

(6)

6.375%

N/A

(4)

BBB

21,272,156

13,585

HSBC

Holdings

PLC

8.000%

N/A

(4)

BBB

13,667,413

13,175

HSBC

Holdings

PLC

(3)

6.000%

N/A

(4)

BBB

12,049,315

11,365

ING

Groep

NV

,

Reg

S

6.750%

N/A

(4)

BBB

10,966,998

10,560

ING

Groep

NV

5.750%

N/A

(4)

BBB

9,480,239

7,585

ING

Groep

NV

6.500%

N/A

(4)

BBB

7,148,959

5,575

Intesa

Sanpaolo

SpA,

144A

(3)

7.700%

N/A

(4)

BB-

5,365,938

17,395

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

16,442,624

11,980

Lloyds

Banking

Group

PLC

(3)

7.500%

N/A

(4)

Baa3

11,674,510

5,075

Lloyds

Banking

Group

PLC

8.000%

N/A

(4)

Baa3

4,750,200

3,350

Macquarie

Bank

Ltd/London,

144A

(3)

6.125%

N/A

(4)

Baa3

3,065,830

9,319

NatWest

Group

PLC

(3)

6.000%

N/A

(4)

Baa3

8,721,186

9,190

NatWest

Group

PLC

8.000%

N/A

(4)

BBB-

9,088,450

5,180

Nordea

Bank

Abp,

144A

6.625%

N/A

(4)

BBB+

5,008,387

35

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

2,820

Societe

Generale

SA,

144A

4.750%

N/A

(4)

BB+

$

2,370,548

6,636

Societe

Generale

SA,

144A

7.875%

N/A

(4)

BB+

6,556,379

2,066

Societe

Generale

SA,

144A

(3)

6.750%

N/A

(4)

BB

1,772,062

7,175

Societe

Generale

SA,

144A

9.375%

N/A

(4)

BB+

7,299,486

6,268

Societe

Generale

SA,

144A

8.000%

N/A

(4)

BB

6,139,506

6,880

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

6,847,665

2,681

Standard

Chartered

PLC,

144A

6.000%

N/A

(4)

BBB-

2,582,671

2,390

Standard

Chartered

PLC,

144A

4.300%

N/A

(4)

BBB-

1,866,351

5,500

UniCredit

SpA

,

Reg

S

8.000%

N/A

(4)

BB-

5,427,400

Total

Banks

314,594,116

Capital

Markets

-

8.3%

18,750

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

N/R

937,500

8,090

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(4)

N/R

404,500

10,229

Credit

Suisse

Group

AG,

144A

7.250%

N/A

(4)

N/R

511,450

10,605

Credit

Suisse

Group

AG,

Claim,

144A

7.500%

N/A

(4)

N/R

530,250

7,835

Credit

Suisse

Group

AG,

Claim,

144A

9.750%

N/A

(4)

N/R

391,750

21,475

Deutsche

Bank

AG

(3),(6)

6.000%

N/A

(4)

Ba2

17,871,335

2,400

Deutsche

Bank

AG

7.500%

N/A

(4)

BB+

2,217,504

400

Deutsche

Bank

AG

,

Reg

S

4.789%

N/A

(4)

BB+

340,128

13,675

UBS

Group

AG

,

Reg

S

7.000%

N/A

(4)

BBB-

13,162,188

13,740

UBS

Group

AG,

144A

(3)

7.000%

N/A

(4)

BBB-

13,449,399

14,730

UBS

Group

AG

,

Reg

S

6.875%

N/A

(4)

BBB-

13,678,897

Total

Capital

Markets

63,494,901

Total

Contingent

Capital

Securities

(cost

$445,959,487)

378,089,017

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

28.3%

(17.8%

of

Total

Investments)

X

221,205,221

Banks

-

8.0%

49,824

CoBank

ACB

6.200%

BBB+

$

4,857,840

159,700

Farm

Credit

Bank

of

Texas,

144A

(3)

6.750%

Baa1

15,810,300

221,181

Fifth

Third

Bancorp

(3)

6.625%

Baa3

5,609,150

427,000

KeyCorp

6.200%

Baa3

9,176,230

138,275

KeyCorp

6.125%

Baa3

3,115,336

337,570

New

York

Community

Bancorp

Inc

6.375%

Ba2

7,889,011

219,461

Regions

Financial

Corp

6.375%

Baa3

5,313,151

67,764

Regions

Financial

Corp

5.700%

Baa3

1,473,867

91,115

Synovus

Financial

Corp

5.875%

BB-

1,922,526

68,200

Wells

Fargo

&

Co

4.750%

Baa2

1,302,620

141,500

Western

Alliance

Bancorp

4.250%

Ba3

2,264,000

160,747

Wintrust

Financial

Corp

6.875%

BB

3,809,704

Total

Banks

62,543,735

Capital

Markets

-

3.2%

55,114

Goldman

Sachs

Group

Inc/The

8.977%

BB+

1,400,447

203,611

Morgan

Stanley

5.850%

BBB

4,878,519

444,260

Morgan

Stanley

(3)

7.125%

BBB

11,199,795

100,352

Morgan

Stanley

6.375%

BBB

2,510,807

72,100

Morgan

Stanley

6.500%

BBB

1,878,205

110,293

Morgan

Stanley

6.875%

BBB

2,823,501

Total

Capital

Markets

24,691,274

Consumer

Finance

-

0.5%

84,573

Capital

One

Financial

Corp

(3)

5.000%

Baa3

1,672,008

132,414

Synchrony

Financial

(3)

5.625%

BB-

2,282,817

Total

Consumer

Finance

3,954,825

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

36

JPC

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Diversified

Telecommunication

Services

-

0.2%

99,300

AT&T

Inc

(3)

4.750%

BBB-

$

1,835,064

Total

Diversified

Telecommunication

Services

1,835,064

Financial

Services

-

1.7%

47,800

AgriBank

FCB

6.875%

BBB+

4,813,460

114,400

Equitable

Holdings

Inc

5.250%

BBB-

2,378,376

68,813

Federal

Agricultural

Mortgage

Corp

6.000%

N/R

1,738,492

204,839

Voya

Financial

Inc

5.350%

BBB-

4,635,506

Total

Financial

Services

13,565,834

Food

Products

-

2.7%

295,991

CHS

Inc

7.100%

N/R

7,503,372

279,909

CHS

Inc

6.750%

N/R

7,073,300

156,811

CHS

Inc

(3)

7.875%

N/R

4,128,834

23,900

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

2,198,800

Total

Food

Products

20,904,306

Insurance

-

8.7%

226,000

American

Equity

Investment

Life

Holding

Co

6.625%

BB

5,243,200

460,300

American

Equity

Investment

Life

Holding

Co

5.950%

BB

9,680,109

107,800

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

2,078,384

423,677

Aspen

Insurance

Holdings

Ltd

9.593%

BB+

10,829,184

82,800

Assurant

Inc

5.250%

Baa3

1,584,792

236,052

Athene

Holding

Ltd

6.375%

BBB

5,592,072

348,505

Athene

Holding

Ltd

6.350%

BBB

7,454,522

80,000

Axis

Capital

Holdings

Ltd

5.500%

BBB

1,634,400

63,400

Delphi

Financial

Group

Inc

8.511%

BBB

1,416,990

319,645

Enstar

Group

Ltd

7.000%

BBB-

7,607,551

219,645

Maiden

Holdings

North

America

Ltd

7.750%

N/R

3,876,734

273,630

Reinsurance

Group

of

America

Inc

5.750%

BBB+

6,862,641

116,700

Reinsurance

Group

of

America

Inc

7.125%

BBB+

3,003,858

79,073

Selective

Insurance

Group

Inc

4.600%

BBB-

1,382,196

Total

Insurance

68,246,633

Multi-Utilities

-

0.2%

45,100

NiSource

Inc

6.500%

BBB-

1,138,775

Total

Multi-Utilities

1,138,775

Oil,

Gas

&

Consumable

Fuels

-

2.2%

60,200

Energy

Transfer

LP

7.600%

BB

1,486,940

221,982

NuStar

Energy

LP

12.274%

B2

5,673,860

242,497

NuStar

Energy

LP

11.151%

B2

5,887,827

163,651

NuStar

Logistics

LP

12.304%

B

4,299,112

Total

Oil,

Gas

&

Consumable

Fuels

17,347,739

Trading

Companies

&

Distributors

-

0.9%

207,815

Air

Lease

Corp

6.150%

BB+

4,902,356

76,500

WESCO

International

Inc

10.625%

B+

2,074,680

Total

Trading

Companies

&

Distributors

6,977,036

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$237,518,504)

221,205,221

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

–

CORPORATE

BONDS

-

0.4%

(0.3%

of

Total

Investments)

X

3,434,836

Banks

-

0.1%

$

1,180

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

$

1,178,586

Total

Banks

1,178,586

37

A

Investments

in

Derivatives

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

-

0.3%

$

2,375

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

$

2,256,250

Total

Insurance

2,256,250

Total

Corporate

Bonds

(cost

$3,556,347)

3,434,836

Shares

Description

(1)

Value

X

–

COMMON

STOCKS

-

0.0%

(0.0%

of

Total

Investments)

X

5,932

Chemicals

-

0.0%

60

LyondellBasell

Industries

NV,

Class

A

$

5,932

Total

Chemicals

5,932

Total

Common

Stocks

(cost

$–)

5,932

Total

Long-Term

Investments

(cost

$1,363,369,115)

1,236,932,773

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.7% (0.5%

of

Total

Investments) 

–

REPURCHASE

AGREEMENTS

-

0.7%

(0.5%

of

Total

Investments)

X

5,890,000

$

5,890

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

7/31/2023,repurchase

price

$5,890,861,

collateralized

by

$6,388,700,

U.S.

Treasury

Bond,

3.750%,

due

11/15/2043,

value

$6,007,841

5.260%

8/01/23

$

5,890,000

Total

Repurchase

Agreements

(cost

$5,890,000)

5,890,000

Total

Short-Term

Investments

(cost

$5,890,000)

5,890,000

Total

Investments

(cost

$1,369,259,115

)

-

158.7%

1,242,822,773

Borrowings

-

(28.0)%

(8),(9)

(219,600,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(13.1)%(10)

(102,637,882)

TFP

Shares,

Net

-

(19.1)%(11)

(149,358,643)

Other

Assets

&

Liabilities,

Net

-   1.5%(12)

11,781,092

Net

Assets

Applicable

to

Common

Shares

-

100%

$

783,007,340

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(13)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

277,500,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

14,684,221

$

14,684,221

Morgan

Stanley

Capital

Services,

LLC

48,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

2,621,986

2,621,986

Total

$

17,306,207

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

38

JPC

(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

$230,579,184

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$45,257,059.

(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)

Borrowings

as

a

percentage

of

Total

Investments

is

17.7%.

(9)

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

$727,208,374

have

been

pledged

as

collateral

for

borrowings.

(10)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

8.3%.

(11)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

12.0%.

(12)

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.

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.

(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

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

39

Nuveen

Preferred

and

Income

Term

Fund

Portfolio

of

Investments

July

31,

2023

JPI

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

155.9%  

(99.6%

of

Total

Investments) 

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

79.5%

(50.7%

of

Total

Investments)

X

333,828,800

Automobiles

-

2.2%

$

2,910

General

Motors

Financial

Co

Inc

5.700%

N/A

(3)

BB+

$

2,626,974

7,963

General

Motors

Financial

Co

Inc

5.750%

N/A

(3)

BB+

6,723,184

Total

Automobiles

9,350,158

Banks

-

30.9%

1,960

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

1,944,246

3,620

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

3,603,710

3,290

Bank

of

America

Corp

(4)

6.250%

N/A

(3)

BBB+

3,259,403

1,970

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

1,726,700

3,150

Bank

of

America

Corp

6.300%

N/A

(3)

BBB+

3,138,975

6,465

Citigroup

Inc

5.000%

N/A

(3)

BBB-

6,122,985

1,315

Citigroup

Inc

7.375%

N/A

(3)

BBB-

1,338,013

1,695

Citigroup

Inc

4.150%

N/A

(3)

BBB-

1,419,563

7,565

Citigroup

Inc

6.300%

N/A

(3)

BBB-

7,404,244

7,308

Citigroup

Inc

5.950%

N/A

(3)

BBB-

7,092,525

2,870

Citigroup

Inc

(5)

6.250%

N/A

(3)

BBB-

2,838,804

1,070

Citizens

Financial

Group

Inc

4.000%

N/A

(3)

Baa3

827,912

880

Citizens

Financial

Group

Inc

6.375%

N/A

(3)

Baa3

781,006

4,805

CoBank

ACB

6.450%

N/A

(3)

BBB+

4,545,884

1,065

Fifth

Third

Bancorp

4.500%

N/A

(3)

Baa3

976,999

275

Fifth

Third

Bancorp

(3-Month

LIBOR

reference

rate

+

3.033%

spread)

(6)

8.571%

N/A

(3)

BB+

259,523

2,670

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(6)

9.524%

N/A

(3)

Ba1

2,648,770

860

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(3)

BBB-

710,514

850

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(3)

BB+

734,350

2,121

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(3)

BBB

2,623,670

4,740

Huntington

Bancshares

Inc/OH

5.625%

N/A

(3)

Baa3

4,342,253

9,892

JPMorgan

Chase

&

Co

6.750%

N/A

(3)

BBB+

9,885,817

985

JPMorgan

Chase

&

Co

3.650%

N/A

(3)

BBB+

884,432

5,800

JPMorgan

Chase

&

Co

(5)

5.000%

N/A

(3)

BBB+

5,670,950

1,715

JPMorgan

Chase

&

Co

6.100%

N/A

(3)

BBB+

1,705,731

1,390

KeyCorp

5.000%

N/A

(3)

Baa3

1,114,821

1,340

M&T

Bank

Corp

3.500%

N/A

(3)

Baa2

1,000,471

2,785

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

2,340,514

1,570

M&T

Bank

Corp

6.450%

N/A

(3)

Baa2

1,511,963

715

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.040%

spread)

(6)

8.536%

N/A

(3)

BBB-

714,894

945

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(3)

Baa2

909,562

4,371

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.940%

spread)

(6)

3.804%

N/A

(3)

Baa2

4,394,967

4,315

PNC

Financial

Services

Group

Inc/The

(5)

6.250%

N/A

(3)

Baa2

3,945,731

1,407

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(3)

Baa2

1,248,612

2,130

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(3)

Baa2

1,650,750

1,760

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

1,624,718

1,625

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

1,558,665

7,045

Truist

Financial

Corp

(5)

4.800%

N/A

(3)

Baa2

6,270,050

1,805

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(5),(6)

8.654%

N/A

(3)

Baa2

1,794,585

3,270

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

2,930,574

5,638

Wells

Fargo

&

Co

5.875%

N/A

(3)

Baa2

5,511,145

5,150

Wells

Fargo

&

Co

3.900%

N/A

(3)

Baa2

4,630,880

3,605

Wells

Fargo

&

Co

7.625%

N/A

(3)

Baa2

3,706,445

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

40

JPI

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

3,256

Wells

Fargo

&

Co

5.900%

N/A

(3)

Baa2

$

3,222,463

1,230

Wells

Fargo

&

Co

(5)

7.950%

11/15/29

Baa1

1,336,788

550

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

3.800%

spread)

(6)

9.352%

N/A

(3)

BB+

460,625

1,415

Zions

Bancorp

NA

(5)

7.200%

N/A

(3)

BB+

1,283,881

Total

Banks

129,650,083

Capital

Markets

-

3.4%

1,145

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

1,117,838

3,115

Charles

Schwab

Corp

5.375%

N/A

(3)

Baa2

3,037,785

1,685

Charles

Schwab

Corp/The

4.000%

N/A

(3)

Baa2

1,504,267

4,127

Goldman

Sachs

Group

Inc/The

(5)

5.300%

N/A

(3)

BBB-

4,021,591

3,785

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

3,736,700

950

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(3)

BBB-

807,611

Total

Capital

Markets

14,225,792

Communications

Equipment

-

0.2%

1,290

Vodafone

Group

PLC

4.125%

6/04/81

BB+

1,025,868

Total

Communications

Equipment

1,025,868

Consumer

Finance

-

2.3%

1,980

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

1,502,325

2,570

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

1,798,437

2,350

American

Express

Co

3.550%

N/A

(3)

Baa2

1,971,730

2,705

Capital

One

Financial

Corp

3.950%

N/A

(3)

Baa3

2,153,045

1,820

Discover

Financial

Services

6.125%

N/A

(3)

Ba1

1,746,754

800

Discover

Financial

Services

5.500%

N/A

(3)

Ba1

616,283

Total

Consumer

Finance

9,788,574

Electric

Utilities

-

2.8%

1,920

American

Electric

Power

Co

Inc

(5)

3.875%

2/15/62

BBB

1,549,209

2,110

Edison

International

5.000%

N/A

(3)

BB+

1,822,980

930

Edison

International

5.375%

N/A

(3)

BB+

825,355

6,100

Emera

Inc

(5)

6.750%

6/15/76

BB+

5,932,052

1,935

Southern

Co/The

4.000%

1/15/51

BBB-

1,809,705

Total

Electric

Utilities

11,939,301

Financial

Services

-

5.7%

2,010

American

AgCredit

Corp,

144A

5.250%

N/A

(3)

BB+

1,778,850

2,425

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(3)

BB

2,158,250

840

Citigroup

Inc

(TSFR3M

reference

rate

+

4.330%

spread)

(6)

9.699%

N/A

(3)

BBB-

845,629

12

Compeer

Financial

ACA,

144A

6.750%

N/A

(3)

BB+

11,800,186

1,050

Compeer

Financial

ACA,

144A

4.875%

N/A

(3)

BB+

942,375

3,430

Equitable

Holdings

Inc

4.950%

N/A

(3)

BBB-

3,326,793

3,171

Voya

Financial

Inc

(5)

6.125%

N/A

(3)

BBB-

3,090,036

Total

Financial

Services

23,942,119

Food

Products

-

5.1%

2,250

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(3)

BB+

2,002,500

2,240

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(3)

BB

1,768,704

12,550

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(3)

BB

11,671,500

7,223

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(3)

BB

5,940,918

Total

Food

Products

21,383,622

41

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Independent

Power

and

Renewable

Electricity

Producers

-

1.3%

$

1,240

AES

Andes

SA,

144A

7.125%

3/26/79

BB

$

1,186,308

2,550

AES

Andes

SA,

144A

6.350%

10/07/79

BB

2,403,547

1,095

Vistra

Corp,

144A

7.000%

N/A

(3)

Ba3

974,550

1,135

Vistra

Corp,

144A

8.000%

N/A

(3)

Ba3

1,086,138

Total

Independent

Power

and

Renewable

Electricity

Producers

5,650,543

Industrial

Conglomerates

-

0.7%

2,747

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(5),(6)

8.882%

N/A

(3)

BBB-

2,753,792

Total

Industrial

Conglomerates

2,753,792

Insurance

-

14.2%

1,505

Aegon

NV

5.500%

4/11/48

Baa2

1,435,243

1,447

American

International

Group

Inc

(5)

5.750%

4/01/48

BBB-

1,396,307

8,580

Assurant

Inc

(5)

7.000%

3/27/48

Baa3

8,353,134

10,595

Assured

Guaranty

Municipal

Holdings

Inc,

144A

(5)

6.400%

12/15/66

BBB+

9,439,864

2,320

AXIS

Specialty

Finance

LLC

(5)

4.900%

1/15/40

BBB

1,858,675

1,505

Enstar

Finance

LLC

(5)

5.500%

1/15/42

BBB-

1,168,303

1,540

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

1,343,952

4,755

Markel

Group

Inc

6.000%

N/A

(3)

BBB-

4,619,835

3,440

MetLife

Inc,

144A

(5)

9.250%

4/08/38

BBB

3,973,201

1,095

MetLife

Inc

(5)

5.875%

N/A

(3)

BBB

1,067,377

1,525

MetLife

Inc

3.850%

N/A

(3)

BBB

1,424,978

2,335

PartnerRe

Finance

B

LLC

(5)

4.500%

10/01/50

Baa1

1,957,277

3,544

Provident

Financing

Trust

I

7.405%

3/15/38

BB+

3,514,517

1,405

Prudential

Financial

Inc

(5)

5.125%

3/01/52

BBB+

1,279,846

700

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

597,708

3,960

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

3,916,251

2,770

QBE

Insurance

Group

Ltd,

144A

(5)

5.875%

N/A

(3)

Baa2

2,658,527

5,030

QBE

Insurance

Group

Ltd,

144A

(5)

7.500%

11/24/43

Baa1

5,017,451

6,695

SBL

Holdings

Inc,

144A

(5)

7.000%

N/A

(3)

BB

4,167,637

600

SBL

Holdings

Inc,

144A

6.500%

N/A

(3)

BB

340,500

Total

Insurance

59,530,583

Media

-

0.3%

1,660

Paramount

Global

6.375%

3/30/62

Baa3

1,368,587

Total

Media

1,368,587

Multi-Utilities

-

2.1%

4,505

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

4,414,441

570

CMS

Energy

Corp

(5)

4.750%

6/01/50

BBB-

500,936

1,785

Sempra

(5)

4.125%

4/01/52

BBB-

1,465,831

2,365

Sempra

4.875%

N/A

(3)

BBB-

2,234,925

Total

Multi-Utilities

8,616,133

Oil,

Gas

&

Consumable

Fuels

-

2.6%

1,245

Enbridge

Inc

5.500%

7/15/77

BBB-

1,124,768

3,520

Enbridge

Inc

(5)

5.750%

7/15/80

BBB-

3,217,652

1,905

Enbridge

Inc

7.625%

1/15/83

BBB-

1,924,814

690

Enbridge

Inc

6.000%

1/15/77

BBB-

651,793

1,590

Energy

Transfer

LP

(5)

6.500%

N/A

(3)

BB

1,440,233

345

Energy

Transfer

LP

(5)

7.125%

N/A

(3)

BB

303,014

1,650

Transcanada

Trust

(5)

5.600%

3/07/82

BBB-

1,389,939

1,225

Transcanada

Trust

(5)

5.500%

9/15/79

BBB-

1,041,869

Total

Oil,

Gas

&

Consumable

Fuels

11,094,082

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

42

JPI

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

4.1%

$

7,045

AerCap

Global

Aviation

Trust,

144A

(5)

6.500%

6/15/45

Baa3

$

6,879,379

1,915

AerCap

Holdings

NV

5.875%

10/10/79

BB+

1,851,204

2,045

Air

Lease

Corp

4.650%

N/A

(3)

BB+

1,813,533

1,855

ILFC

E-Capital

Trust

I,

144A

(5)

7.064%

12/21/65

Baa3

1,301,084

7,362

ILFC

E-Capital

Trust

I,

144A

(5)

7.314%

12/21/65

Baa3

5,263,052

Total

Trading

Companies

&

Distributors

17,108,252

U.S.

Agency

-

0.8%

1,180

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(3)

BBB+

1,032,500

2,270

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(3)

Baa1

2,099,750

Total

U.S.

Agency

3,132,250

Wireless

Telecommunication

Services

-

0.8%

3,180

Vodafone

Group

PLC

(5)

7.000%

4/04/79

BB+

3,269,061

Total

Wireless

Telecommunication

Services

3,269,061

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$355,092,442)

333,828,800

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

48.5%

(31.0%

of

Total

Investments)

X

203,882,687

Banks

-

40.5%

$

1,470

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(3)

Baa2

$

1,465,031

3,010

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(3)

Ba2

2,600,206

6,020

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

5,732,244

1,300

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(5)

7.500%

N/A

(3)

Ba2

1,179,347

2,930

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(5)

7.625%

N/A

(3)

Ba2

2,696,381

4,400

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(3)

Ba1

4,258,188

6,260

Banco

Santander

SA

4.750%

N/A

(3)

Ba1

4,976,374

7,610

Barclays

PLC

(5)

7.750%

N/A

(3)

BBB-

7,584,887

5,170

Barclays

PLC

(5)

8.000%

N/A

(3)

BBB-

5,090,796

4,410

Barclays

PLC

(5)

8.000%

N/A

(3)

BBB-

4,101,300

6,295

Barclays

PLC

6.125%

N/A

(3)

BBB-

5,750,572

2,745

BNP

Paribas

SA,

144A

7.375%

N/A

(3)

BBB

2,710,962

1,350

BNP

Paribas

SA,

144A

7.000%

N/A

(3)

BBB

1,271,025

7,385

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

7,351,029

1,360

BNP

Paribas

SA,

144A

9.250%

N/A

(3)

BBB

1,428,783

3,935

BNP

Paribas

SA,

144A

6.625%

N/A

(3)

BBB

3,821,869

6,644

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

6,663,932

3,185

Credit

Agricole

SA,

144A

7.875%

N/A

(3)

BBB

3,169,457

1,050

Credit

Agricole

SA,

144A

4.750%

N/A

(3)

BBB

857,220

870

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(3)

BBB-

832,764

285

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(3)

BBB-

245,307

11,566

HSBC

Holdings

PLC

6.375%

N/A

(3)

BBB

11,166,096

7,365

HSBC

Holdings

PLC

(5)

8.000%

N/A

(3)

BBB

7,409,680

7,165

HSBC

Holdings

PLC

6.000%

N/A

(3)

BBB

6,552,815

5,535

ING

Groep

NV

5.750%

N/A

(3)

BBB

4,969,046

4,270

ING

Groep

NV

6.500%

N/A

(3)

BBB

4,024,530

6,200

ING

Groep

NV

,

Reg

S

6.750%

N/A

(3)

BBB

5,982,876

3,034

Intesa

Sanpaolo

SpA,

144A

(5)

7.700%

N/A

(3)

BB-

2,920,225

8,890

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

8,663,305

2,735

Lloyds

Banking

Group

PLC

(5)

8.000%

N/A

(3)

Baa3

2,559,960

7,035

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

6,649,834

3,050

Macquarie

Bank

Ltd/London,

144A

(4)

6.125%

N/A

(3)

Baa3

2,791,278

5,020

NatWest

Group

PLC

6.000%

N/A

(3)

Baa3

4,697,967

5,195

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

5,137,595

2,810

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

2,716,905

43

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

4,530

Societe

Generale

SA,

144A

9.375%

N/A

(3)

BB+

$

4,608,595

1,113

Societe

Generale

SA,

144A

(5)

6.750%

N/A

(3)

BB

954,649

1,580

Societe

Generale

SA,

144A

(5)

4.750%

N/A

(3)

BB+

1,328,180

1,820

Societe

Generale

SA,

144A

8.000%

N/A

(3)

BB

1,782,690

3,608

Societe

Generale

SA,

144A

7.875%

N/A

(3)

BB+

3,564,710

1,300

Standard

Chartered

PLC,

144A

4.300%

N/A

(3)

BBB-

1,015,170

3,740

Standard

Chartered

PLC,

144A

7.750%

N/A

(3)

BBB-

3,722,423

140

Standard

Chartered

PLC,

144A

6.000%

N/A

(3)

BBB-

134,865

2,990

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

2,950,532

Total

Banks

170,091,600

Capital

Markets

-

8.0%

9,496

Credit

Suisse

Group

AG,

144A

7.250%

N/A

(3)

N/R

474,800

8,520

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

N/R

426,000

1,955

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(3)

N/R

97,750

4,285

Credit

Suisse

Group

AG,

Claim,

144A

9.750%

N/A

(3)

N/R

214,250

5,802

Credit

Suisse

Group

AG,

Claim,

144A

7.500%

N/A

(3)

N/R

290,100

11,685

Deutsche

Bank

AG

6.000%

N/A

(3)

Ba2

9,724,170

1,400

Deutsche

Bank

AG

7.500%

N/A

(3)

BB+

1,293,544

200

Deutsche

Bank

AG

,

Reg

S

4.789%

N/A

(3)

BB+

170,064

8,020

UBS

Group

AG

,

Reg

S

6.875%

N/A

(3)

BBB-

7,447,709

7,442

UBS

Group

AG

,

Reg

S

7.000%

N/A

(3)

BBB-

7,162,925

6,630

UBS

Group

AG,

144A

(5)

7.000%

N/A

(3)

BBB-

6,489,775

Total

Capital

Markets

33,791,087

Total

Contingent

Capital

Securities

(cost

$240,991,931)

203,882,687

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

27.7%

(17.7%

of

Total

Investments)

X

116,174,701

Banks

-

7.8%

27,128

CoBank

ACB

6.200%

BBB+

$

2,644,980

87,000

Farm

Credit

Bank

of

Texas,

144A

(5)

6.750%

Baa1

8,613,000

98,863

Fifth

Third

Bancorp

(5)

6.625%

Baa3

2,507,166

232,000

KeyCorp

6.200%

Baa3

4,985,680

25,900

KeyCorp

6.125%

Baa3

583,527

169,115

New

York

Community

Bancorp

Inc

(5)

6.375%

Ba2

3,952,218

57,838

Regions

Financial

Corp

5.700%

Baa3

1,257,976

120,200

Regions

Financial

Corp

6.375%

Baa3

2,910,042

61,453

Synovus

Financial

Corp

5.875%

BB-

1,296,658

64,600

Wells

Fargo

&

Co

4.750%

Baa2

1,233,860

43,000

Western

Alliance

Bancorp

(5)

4.250%

Ba3

688,000

86,389

Wintrust

Financial

Corp

6.875%

BB

2,047,419

Total

Banks

32,720,526

Capital

Markets

-

3.0%

93,300

Morgan

Stanley

6.375%

BBB

2,334,366

101,372

Morgan

Stanley

7.125%

BBB

2,555,588

38,800

Morgan

Stanley

(5)

6.500%

BBB

1,010,740

70,176

Morgan

Stanley

6.875%

BBB

1,796,506

196,300

Morgan

Stanley

5.850%

BBB

4,703,348

Total

Capital

Markets

12,400,548

Consumer

Finance

-

0.3%

66,500

Synchrony

Financial

5.625%

BB-

1,146,460

Total

Consumer

Finance

1,146,460

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

44

JPI

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Diversified

Telecommunication

Services

-

0.2%

49,500

AT&T

Inc

(5)

4.750%

BBB-

$

914,760

Total

Diversified

Telecommunication

Services

914,760

Financial

Services

-

2.4%

26,000

AgriBank

FCB

6.875%

BBB+

2,618,200

105,500

Equitable

Holdings

Inc

(5)

5.250%

BBB-

2,193,345

45,587

Federal

Agricultural

Mortgage

Corp

6.000%

N/R

1,151,710

190,535

Voya

Financial

Inc

5.350%

BBB-

4,311,807

Total

Financial

Services

10,275,062

Food

Products

-

2.9%

168,229

CHS

Inc

7.100%

N/R

4,264,605

169,110

CHS

Inc

6.750%

N/R

4,273,410

61,800

CHS

Inc

7.875%

N/R

1,627,194

20,500

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

1,886,000

Total

Food

Products

12,051,209

Insurance

-

7.8%

122,300

American

Equity

Investment

Life

Holding

Co

6.625%

BB

2,837,360

241,300

American

Equity

Investment

Life

Holding

Co

5.950%

BB

5,074,539

62,000

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

1,195,360

231,598

Aspen

Insurance

Holdings

Ltd

9.593%

BB+

5,919,645

45,000

Assurant

Inc

(5)

5.250%

Baa3

861,300

159,300

Athene

Holding

Ltd

(5)

6.350%

BBB

3,407,427

120,000

Athene

Holding

Ltd

6.375%

BBB

2,842,800

123,400

Enstar

Group

Ltd

(5)

7.000%

BBB-

2,936,920

100,469

Maiden

Holdings

North

America

Ltd

(5)

7.750%

N/R

1,773,278

64,300

Reinsurance

Group

of

America

Inc

(5)

7.125%

BBB+

1,655,082

146,800

Reinsurance

Group

of

America

Inc

(5)

5.750%

BBB+

3,681,744

43,200

Selective

Insurance

Group

Inc

(5)

4.600%

BBB-

755,136

Total

Insurance

32,940,591

Multi-Utilities

-

0.2%

24,700

NiSource

Inc

(5)

6.500%

BBB-

623,675

Total

Multi-Utilities

623,675

Oil,

Gas

&

Consumable

Fuels

-

2.2%

33,200

Energy

Transfer

LP

7.600%

BB

820,040

125,403

NuStar

Energy

LP

12.274%

B2

3,205,300

139,235

NuStar

Energy

LP

(5)

11.151%

B2

3,380,626

71,018

NuStar

Logistics

LP

(5)

12.304%

B

1,865,643

Total

Oil,

Gas

&

Consumable

Fuels

9,271,609

Trading

Companies

&

Distributors

-

0.9%

114,543

Air

Lease

Corp

(5)

6.150%

BB+

2,702,069

41,600

WESCO

International

Inc

(5)

10.625%

B+

1,128,192

Total

Trading

Companies

&

Distributors

3,830,261

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$124,071,413)

116,174,701

45

Investments

in

Derivatives

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

–

CORPORATE

BONDS

-

0.2%

(0.2%

of

Total

Investments)

X

1,083,700

Banks

-

0.2%

$

1,085

Commerzbank

AG,

144A

(5)

8.125%

9/19/23

Baa3

$

1,083,700

Total

Banks

1,083,700

Total

Corporate

Bonds

(cost

$1,085,000)

1,083,700

Total

Long-Term

Investments

(cost

$721,240,786)

654,969,888

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.7% (0.4%

of

Total

Investments) 

X

–

REPURCHASE

AGREEMENTS

-

0.7%

(0.4%

of

Total

Investments)

X

2,800,000

$

2,800

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

7/31/2023,repurchase

price

$2,800,409,

collateralized

by

$3,037,100,

U.S.

Treasury

Bond,

3.750%,

due

11/15/2043,

value

$2,856,045

5.260%

8/01/23

$

2,800,000

Total

Repurchase

Agreements

(cost

$2,800,000)

2,800,000

Total

Short-Term

Investments

(cost

$2,800,000)

2,800,000

Total

Investments

(cost

$724,040,786

)

-

156.6%

657,769,888

Borrowings

-

(43.1)%

(8),(9)

(180,900,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(15.6)%(10)

(65,601,603)

Other

Assets

&

Liabilities,

Net

-   2.1%(11)

8,734,939

Net

Assets

Applicable

to

Common

Shares

-

100%

$

420,003,224

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

(12)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

45,000,000

Receive

1-Month

LIBOR

2.333%

Monthly

7/01/19

10/01/23

7/01/24

$

361,549

$

361,549

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Perpetual

security.

Maturity

date

is

not

applicable.

(4)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$5,951,420.

(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

$154,760,066

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)

Borrowings

as

a

percentage

of

Total

Investments

is

27.5%.

(9)

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

$449,744,311

have

been

pledged

as

collateral

for

borrowings.

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

46

JPI

(10)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

10.0%.

(11)

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.

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.

(12)

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

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

47

Nuveen

Preferred

&

Income

Securities

Fund

Portfolio

of

Investments

July

31,

2023

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

150.9%  

(98.1%

of

Total

Investments) 

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

76.8%

(49.9%

of

Total

Investments)

X

1,182,434,554

Banks

-

34.7%

$

45,134

Bank

of

America

Corp

(3)

6.125%

N/A

(4)

BBB+

$

44,831,602

2,861

Bank

of

America

Corp

(3)

8.050%

6/15/27

Baa1

3,099,775

6,800

Bank

of

America

Corp

(3)

4.375%

N/A

(4)

BBB+

5,960,183

5,300

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

5,257,399

9,300

Bank

of

America

Corp

6.500%

N/A

(4)

BBB+

9,258,150

10,550

Bank

of

Nova

Scotia/The

8.625%

10/27/82

BBB-

10,971,543

3,000

Bank

of

Nova

Scotia/The

4.900%

N/A

(4)

BBB-

2,841,341

4,520

Citigroup

Inc

(3)

7.375%

N/A

(4)

BBB-

4,599,100

8,500

Citigroup

Inc

(3)

4.150%

N/A

(4)

BBB-

7,118,750

20,700

Citigroup

Inc

3.875%

N/A

(4)

BBB-

18,017,280

19,799

Citigroup

Inc

(3)

4.000%

N/A

(4)

BBB-

17,768,415

7,500

Citizens

Financial

Group

Inc

4.000%

N/A

(4)

Baa3

5,803,125

3,400

Citizens

Financial

Group

Inc

(3)

6.375%

N/A

(4)

Baa3

3,017,522

3,976

Citizens

Financial

Group

Inc

(3)

5.650%

N/A

(4)

Baa3

3,779,188

14,000

CoBank

ACB

(3)

6.250%

N/A

(4)

BBB+

13,472,017

5,000

CoBank

ACB

6.450%

N/A

(4)

BBB+

4,730,369

6,100

Corestates

Capital

III

(3-Month

LIBOR

reference

rate

+

0.570%

spread),

144A

(3),(5)

5.891%

2/15/27

A1

5,675,268

30,000

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(4)

BBB

37,109,903

11,000

Huntington

Bancshares

Inc/OH

(3)

5.625%

N/A

(4)

Baa3

10,076,958

25,000

Huntington

Bancshares

Inc/OH

(3)

4.450%

N/A

(4)

Baa3

21,307,000

2,000

JPMorgan

Chase

&

Co

(3)

3.650%

N/A

(4)

BBB+

1,795,800

4,000

JPMorgan

Chase

&

Co

(3)

6.100%

N/A

(4)

BBB+

3,978,382

33,990

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

33,968,756

8,000

KeyCorp

Capital

III

(3)

7.750%

7/15/29

Baa2

7,388,182

4,300

M&T

Bank

Corp

(3)

3.500%

N/A

(4)

Baa2

3,210,466

16,325

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(4)

Baa2

15,712,812

3,000

PNC

Financial

Services

Group

Inc/The

(3)

6.000%

N/A

(4)

Baa2

2,769,406

6,200

PNC

Financial

Services

Group

Inc/The

(3)

3.400%

N/A

(4)

Baa2

4,805,000

25,500

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(4)

Baa2

23,317,764

4,100

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.940%

spread)

(5)

3.804%

N/A

(4)

Baa2

4,122,481

2,000

Regions

Financial

Corp

(3)

5.750%

N/A

(4)

Baa3

1,918,357

24,100

Standard

Chartered

PLC,

144A

7.014%

N/A

(4)

BBB-

23,107,983

32,700

Toronto-Dominion

Bank/The

(3)

8.125%

10/31/82

Baa1

33,592,710

36,386

Truist

Financial

Corp

(6)

4.800%

N/A

(4)

Baa2

32,383,540

35,900

Truist

Financial

Corp

4.950%

N/A

(4)

Baa2

33,860,690

6,723

Wells

Fargo

&

Co

5.875%

N/A

(4)

Baa2

6,571,732

22,580

Wells

Fargo

&

Co

(3)

7.950%

11/15/29

Baa1

24,540,392

47,650

Wells

Fargo

&

Co

(3)

3.900%

N/A

(4)

Baa2

42,846,880

Total

Banks

534,586,221

Capital

Markets

-

9.3%

17,533

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(4)

Baa1

17,117,080

10,000

Bank

of

New

York

Mellon

Corp/The

3.700%

N/A

(4)

Baa1

9,056,976

35,600

Bank

of

New

York

Mellon

Corp/The

3.750%

N/A

(4)

Baa1

29,455,440

33,705

Charles

Schwab

Corp

5.375%

N/A

(4)

Baa2

32,869,513

15,500

Charles

Schwab

Corp/The

4.000%

N/A

(4)

Baa2

13,837,470

7,500

Depository

Trust

&

Clearing

Corp/The,

144A

3.375%

N/A

(4)

A

5,580,114

20,500

Goldman

Sachs

Group

Inc/The

3.650%

N/A

(4)

BBB-

16,718,304

7,600

Goldman

Sachs

Group

Inc/The

4.950%

N/A

(4)

BBB-

7,167,636

12,000

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(4)

BBB-

11,846,868

Total

Capital

Markets

143,649,401

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

48

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Commercial

Banks

-

0.7%

$

8,000

HSBC

Capital

Funding

Dollar

1

LP,

Reg

S

10.176%

N/A

(4)

BBB

$

9,895,974

Total

Commercial

Banks

9,895,974

Consumer

Finance

-

3.5%

8,500

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

6,449,375

7,400

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

5,178,380

30,500

American

Express

Co

3.550%

N/A

(4)

Baa2

25,590,539

9,400

Capital

One

Financial

Corp

(3)

3.950%

N/A

(4)

Baa3

7,481,930

10,000

Discover

Financial

Services

(3)

6.125%

N/A

(4)

Ba1

9,597,549

Total

Consumer

Finance

54,297,773

Electric

Utilities

-

2.6%

8,500

American

Electric

Power

Co

Inc

(3)

3.875%

2/15/62

BBB

6,858,478

32,399

Duke

Energy

Corp

4.875%

N/A

(4)

BBB-

31,495,068

2,000

Duke

Energy

Corp

3.250%

1/15/82

BBB-

1,478,137

91

Emera

Inc

6.750%

6/15/76

BB+

88,495

Total

Electric

Utilities

39,920,178

Financial

Services

-

2.3%

7,500

Citigroup

Inc

(TSFR3M

reference

rate

+

4.330%

spread)

(5)

9.699%

N/A

(4)

BBB-

7,550,256

3,989

Corebridge

Financial

Inc

(3)

6.875%

12/15/52

BBB-

3,892,710

12,800

Scentre

Group

Trust

2,

144A

(3)

4.750%

9/24/80

BBB+

11,505,906

12,700

Voya

Financial

Inc

6.125%

N/A

(4)

BBB-

12,375,736

Total

Financial

Services

35,324,608

Food

Products

-

0.4%

6,705

Dairy

Farmers

of

America

Inc,

144A

(3)

7.125%

N/A

(4)

BB+

5,967,450

Total

Food

Products

5,967,450

Ground

Transportation

-

0.6%

9,500

BNSF

Funding

Trust

I

6.613%

12/15/55

A

9,215,000

Total

Ground

Transportation

9,215,000

Insurance

-

15.5%

3,598

ACE

Capital

Trust

II

(3)

9.700%

4/01/30

BBB+

4,281,739

10,500

Allianz

SE,

144A

(3)

3.500%

N/A

(4)

A

8,869,560

8,400

Allianz

SE

,

Reg

S

3.500%

N/A

(4)

A

7,095,648

7,200

American

International

Group

Inc

(3)

5.750%

4/01/48

BBB-

6,947,764

2,299

Aon

Corp

(3)

8.205%

1/01/27

BBB

2,484,017

6,210

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

,

Reg

S

5.750%

8/15/50

BBB+

5,990,837

2,100

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

,

Reg

S

5.625%

8/15/52

BBB+

1,982,925

1,550

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

,

Reg

S

5.625%

6/24/46

A+

1,514,877

7,900

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

7,485,250

29,600

MetLife

Capital

Trust

IV,

144A

(3)

7.875%

12/15/37

BBB

30,962,378

3,000

MetLife

Inc

(3)

10.750%

8/01/39

BBB

3,877,879

11,300

MetLife

Inc

3.850%

N/A

(4)

BBB

10,558,853

36,531

MetLife

Inc,

144A

(3)

9.250%

4/08/38

BBB

42,193,312

41,904

Nationwide

Financial

Services

Inc

(3)

6.750%

5/15/37

Baa2

39,952,539

20,600

Nippon

Life

Insurance

Co,

144A

(3)

2.750%

1/21/51

A-

16,908,690

3,000

Prudential

Financial

Inc

6.000%

9/01/52

BBB+

2,878,948

6,500

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

5,550,148

14,900

Sumitomo

Life

Insurance

Co,

144A

(3)

3.375%

4/15/81

A3

12,748,070

8,700

Willow

No

2

Ireland

PLC

for

Zurich

Insurance

Co

Ltd

,

Reg

S

4.250%

10/01/45

A+

8,069,250

23,794

Zurich

Finance

Ireland

Designated

Activity

Co

,

Reg

S

3.000%

4/19/51

A+

18,691,139

Total

Insurance

239,043,823

49

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Machinery

-

0.3%

$

5,700

Stanley

Black

&

Decker

Inc

(3)

4.000%

3/15/60

BBB+

$

4,360,979

Total

Machinery

4,360,979

Multi-Utilities

-

2.7%

500

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

403,475

3,233

Dominion

Energy

Inc

(3)

4.350%

N/A

(4)

BBB-

2,775,207

42,533

Dominion

Energy

Inc

(3)

4.650%

N/A

(4)

BBB-

38,726,441

Total

Multi-Utilities

41,905,123

Oil,

Gas

&

Consumable

Fuels

-

3.1%

5,900

BP

Capital

Markets

PLC

(3)

4.375%

N/A

(4)

Baa1

5,681,110

13,300

Enbridge

Inc

(3)

7.625%

1/15/83

BBB-

13,438,333

16,000

Enbridge

Inc

(3)

5.750%

7/15/80

BBB-

14,625,690

10,934

Enterprise

Products

Operating

LLC

(3)

5.250%

8/16/77

BBB

9,703,045

4,560

Transcanada

Trust

(3)

5.600%

3/07/82

BBB-

3,841,287

Total

Oil,

Gas

&

Consumable

Fuels

47,289,465

Wireless

Telecommunication

Services

-

1.1%

16,516

Vodafone

Group

PLC

7.000%

4/04/79

BB+

16,978,559

Total

Wireless

Telecommunication

Services

16,978,559

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$1,294,420,765)

1,182,434,554

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

52.5%

(34.1%

of

Total

Investments)

X

807,358,577

Banks

-

46.2%

$

2,800

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(4)

Baa2

$

2,790,536

17,800

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(4)

Ba2

16,949,160

11,800

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(4)

Ba2

10,193,500

28,200

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(4)

Ba1

27,291,114

6,200

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

4,928,677

63,300

Barclays

PLC

7.750%

N/A

(4)

BBB-

63,091,110

26,000

Barclays

PLC

8.000%

N/A

(4)

BBB-

25,601,680

5,500

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

5,178,250

39,000

BNP

Paribas

SA,

144A

(3)

4.625%

N/A

(4)

BBB

32,811,836

2,500

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

2,488,500

10,000

BNP

Paribas

SA

,

Reg

S

7.375%

N/A

(4)

BBB

9,876,000

9,900

BNP

Paribas

SA,

144A

9.250%

N/A

(4)

BBB

10,400,701

38,585

BNP

Paribas

SA,

144A

(3)

7.375%

N/A

(4)

BBB

38,106,546

4,466

Credit

Agricole

SA

,

Reg

S

8.125%

N/A

(4)

BBB

4,479,398

31,550

Credit

Agricole

SA,

144A

8.125%

N/A

(4)

BBB

31,644,650

2,000

Credit

Agricole

SA,

144A

4.750%

N/A

(4)

BBB

1,632,800

19,653

Credit

Agricole

SA,

144A

7.875%

N/A

(4)

BBB

19,557,093

10,500

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(4)

BBB-

10,050,600

5,000

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(4)

BBB-

4,303,640

11,588

Danske

Bank

A/S

,

Reg

S

6.125%

N/A

(4)

BBB-

11,211,390

33,192

DNB

Bank

ASA

,

Reg

S

4.875%

N/A

(4)

BBB

31,490,910

4,900

HSBC

Holdings

PLC

(3)

8.000%

N/A

(4)

BBB

4,929,726

1,600

HSBC

Holdings

PLC

(3)

6.000%

N/A

(4)

BBB

1,463,294

3,000

HSBC

Holdings

PLC

(3)

4.600%

N/A

(4)

BBB

2,393,840

26,700

ING

Groep

NV

6.500%

N/A

(4)

BBB

25,165,091

10,000

ING

Groep

NV

5.750%

N/A

(4)

BBB

8,977,499

9,600

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(4)

BB-

9,240,000

4,500

Lloyds

Banking

Group

PLC

(3)

6.750%

N/A

(4)

Baa3

4,186,504

48,428

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

47,193,086

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

50

JPS

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

8,500

Lloyds

Banking

Group

PLC

8.000%

N/A

(4)

Baa3

$

7,956,000

3,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

2,835,750

5,075

Macquarie

Bank

Ltd/London,

144A

(3)

6.125%

N/A

(4)

Baa3

4,644,503

17,000

NatWest

Group

PLC

6.000%

N/A

(4)

Baa3

15,909,450

14,250

NatWest

Group

PLC

8.000%

N/A

(4)

BBB-

14,092,537

5,000

NatWest

Group

PLC

(3)

4.600%

N/A

(4)

Baa3

3,551,926

35,090

Nordea

Bank

Abp,

144A

(3)

6.125%

N/A

(4)

BBB

33,580,888

18,988

Nordea

Bank

Abp

,

Reg

S

6.125%

N/A

(4)

BBB+

18,171,385

26,400

Nordea

Bank

Abp,

144A

6.625%

N/A

(4)

BBB+

25,525,368

10,000

Skandinaviska

Enskilda

Banken

AB

,

Reg

S

5.125%

N/A

(4)

BBB+

9,424,500

9,000

Societe

Generale

SA

,

Reg

S

7.875%

N/A

(4)

BB+

8,892,015

73,300

Societe

Generale

SA,

144A

8.000%

N/A

(4)

BB

71,797,350

4,550

Societe

Generale

SA,

144A

5.375%

N/A

(4)

BB+

3,629,080

7,200

Svenska

Handelsbanken

AB

,

Reg

S

4.375%

N/A

(4)

A-

6,188,141

15,000

UniCredit

SpA

,

Reg

S

8.000%

N/A

(4)

BB-

14,802,000

Total

Banks

708,628,024

Capital

Markets

-

6.3%

2,000

Credit

Suisse

Group

AG

,

Reg

S

7.500%

N/A

(4)

N/R

100,000

35,300

UBS

Group

AG

,

Reg

S

6.875%

N/A

(4)

BBB-

32,781,063

10,800

UBS

Group

AG

,

Reg

S

5.125%

N/A

(4)

BBB-

9,679,500

24,000

UBS

Group

AG,

144A

(6)

4.875%

N/A

(4)

BBB-

19,950,000

25,000

UBS

Group

AG,

144A

(3)

3.875%

N/A

(4)

BBB-

20,697,500

10,000

UBS

Group

AG

,

Reg

S

(3)

3.875%

N/A

(4)

BBB-

8,279,000

7,400

UBS

Group

AG,

144A

7.000%

N/A

(4)

BBB-

7,243,490

Total

Capital

Markets

98,730,553

Total

Contingent

Capital

Securities

(cost

$856,215,866)

807,358,577

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

14.4%

(9.4%

of

Total

Investments)

X

222,372,548

Banks

-

3.8%

100,981

Associated

Banc-Corp

5.625%

Ba1

$

1,787,364

301,095

Bank

of

America

Corp

5.375%

BBB+

6,861,955

1,327

Bank

of

America

Corp

5.000%

BBB+

28,610

325,947

Citigroup

Inc

6.875%

BBB-

8,279,054

53,000

CoBank

ACB

6.200%

BBB+

5,167,500

50,000

Fifth

Third

Bancorp

4.950%

Baa3

1,049,000

64,366

Fifth

Third

Bancorp

6.625%

Baa3

1,632,322

124,411

Fulton

Financial

Corp

5.125%

Baa3

2,065,845

11,474

JPMorgan

Chase

&

Co

5.750%

BBB+

288,800

189,461

KeyCorp

(3)

6.200%

Baa3

4,071,517

679,293

KeyCorp

6.125%

Baa3

15,304,471

188,700

Regions

Financial

Corp

(3)

5.700%

Baa3

4,104,225

16,839

Regions

Financial

Corp

4.450%

Baa3

288,789

72,519

Truist

Financial

Corp

4.750%

Baa2

1,450,380

209,175

Wells

Fargo

&

Co

5.850%

Baa2

5,267,026

30,000

Wells

Fargo

&

Co

4.700%

Baa2

558,900

Total

Banks

58,205,758

Capital

Markets

-

2.3%

112,294

Affiliated

Managers

Group

Inc

4.200%

Baa1

1,903,383

173,947

Affiliated

Managers

Group

Inc

(3)

4.750%

Baa1

3,218,020

142,027

Affiliated

Managers

Group

Inc

5.875%

Baa1

3,303,548

332,050

Goldman

Sachs

Group

Inc/The

8.977%

BB+

8,437,391

604,790

Morgan

Stanley

5.850%

BBB

14,490,768

74,599

Northern

Trust

Corp

4.700%

BBB+

1,667,288

66,696

State

Street

Corp

5.900%

Baa1

1,672,069

51

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Capital

Markets

(continued)

24,793

State

Street

Corp

5.350%

Baa1

$

573,958

47,561

Stifel

Financial

Corp

4.500%

BB

773,817

3,993

Stifel

Financial

Corp

5.200%

BBB+

86,009

Total

Capital

Markets

36,126,251

Consumer

Finance

-

0.3%

62,097

Capital

One

Financial

Corp

(3)

5.000%

Baa3

1,227,657

131,816

Capital

One

Financial

Corp

(3)

4.800%

Baa3

2,461,005

35,878

Capital

One

Financial

Corp

4.250%

Baa3

597,369

Total

Consumer

Finance

4,286,031

Diversified

Telecommunication

Services

-

0.8%

19,067

AT&T

Inc

5.350%

BBB+

423,097

578,314

AT&T

Inc

4.750%

BBB-

10,687,243

20,680

AT&T

Inc

(3)

5.000%

BBB-

404,914

5,341

AT&T

Inc

5.625%

BBB+

122,629

Total

Diversified

Telecommunication

Services

11,637,883

Electric

Utilities

-

1.2%

153,939

Duke

Energy

Corp

(3)

5.750%

BBB-

3,885,420

3,028

Duke

Energy

Corp

5.625%

BBB-

76,215

57,794

Entergy

Arkansas

LLC

4.875%

A

1,313,658

11,221

Entergy

Louisiana

LLC

4.875%

A

251,238

5,793

Entergy

Mississippi

LLC

4.900%

A

129,937

16,000

Entergy

Texas

Inc

(3)

5.375%

BBB-

378,400

204,489

NextEra

Energy

Capital

Holdings

Inc

5.650%

BBB

5,191,976

196,322

Southern

Co/The

4.950%

BBB-

4,348,532

86,891

Southern

Co/The

5.250%

BBB-

2,128,829

56,928

Southern

Co/The

4.200%

BBB-

1,168,163

Total

Electric

Utilities

18,872,368

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.9%

9,405

Digital

Realty

Trust

Inc

5.200%

Baa3

204,841

1,030

Digital

Realty

Trust

Inc

5.250%

Baa3

22,763

5,424

Kimco

Realty

Corp

5.125%

Baa2

124,915

30,310

Kimco

Realty

Corp

5.250%

Baa2

724,106

85,281

Prologis

Inc

8.540%

BBB+

4,924,978

127,960

Public

Storage

4.000%

A3

2,373,658

124,995

Public

Storage

(3)

4.750%

A3

2,754,890

304,180

Public

Storage

4.000%

A3

5,773,336

12,319

Public

Storage

3.950%

A3

226,916

189,213

Public

Storage

5.600%

A3

4,794,657

11,902

Public

Storage

4.700%

A3

265,772

2,293

Public

Storage

5.050%

A-

56,339

7,802

Public

Storage

3.875%

A3

140,904

196,121

Public

Storage

4.625%

A3

4,322,507

7,735

Public

Storage

3.900%

A3

143,097

24,683

Public

Storage

4.100%

A3

475,148

112,196

Public

Storage

4.125%

A3

2,204,651

6,101

Public

Storage

5.150%

A3

150,329

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

29,683,807

Financial

Services

-

1.2%

105,300

AgriBank

FCB

6.875%

BBB+

10,603,710

248,158

Equitable

Holdings

Inc

(3)

5.250%

BBB-

5,159,205

134,721

Equitable

Holdings

Inc

(3)

4.300%

BBB-

2,228,285

54,092

Voya

Financial

Inc

(3)

5.350%

BBB-

1,224,102

Total

Financial

Services

19,215,302

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

52

JPS

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Food

Products

-

0.2%

32,500

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

$

2,990,000

Total

Food

Products

2,990,000

Insurance

-

1.6%

339,360

Allstate

Corp/The

8.735%

Baa1

8,636,712

83,695

American

Financial

Group

Inc/OH

5.875%

Baa2

2,065,593

68,848

American

Financial

Group

Inc/OH

5.625%

Baa2

1,593,473

4,824

American

Financial

Group

Inc/OH

5.125%

Baa2

101,111

18,319

American

Financial

Group

Inc/OH

4.500%

Baa2

334,139

21,825

American

International

Group

Inc

5.850%

BBB-

539,951

34,439

Arch

Capital

Group

Ltd

5.450%

BBB

786,931

13,179

Arch

Capital

Group

Ltd

4.550%

BBB

256,595

1,986

Assurant

Inc

5.250%

Baa3

38,012

985

Globe

Life

Inc

4.250%

BBB+

19,355

3,839

Hartford

Financial

Services

Group

Inc/The

6.000%

BBB-

94,977

56,568

MetLife

Inc

4.750%

BBB

1,192,453

152,845

Prudential

Financial

Inc

(3)

5.950%

BBB+

3,912,832

2,847

Prudential

Financial

Inc

4.125%

BBB+

57,225

79,019

Reinsurance

Group

of

America

Inc

7.125%

BBB+

2,033,949

9,763

RenaissanceRe

Holdings

Ltd

5.750%

BBB+

225,818

40,000

RenaissanceRe

Holdings

Ltd

4.200%

BBB

722,000

17,555

W

R

Berkley

Corp

5.700%

Baa2

412,718

8,091

W

R

Berkley

Corp

5.100%

BBB

174,280

41,233

W

R

Berkley

Corp

4.250%

Baa2

823,835

20,000

W

R

Berkley

Corp

4.125%

Baa2

361,600

Total

Insurance

24,383,559

Multi-Utilities

-

1.1%

174,646

Algonquin

Power

&

Utilities

Corp

6.200%

BB+

4,051,787

69,380

CMS

Energy

Corp

5.875%

BBB-

1,675,527

8,518

CMS

Energy

Corp

4.200%

BBB-

159,201

17,738

CMS

Energy

Corp

5.875%

BBB-

434,226

2,126

CMS

Energy

Corp

5.625%

BBB-

52,406

73,535

DTE

Energy

Co

4.375%

BBB-

1,572,914

101,578

DTE

Energy

Co

4.375%

BBB-

2,139,233

281,710

DTE

Energy

Co

5.250%

BBB-

6,744,137

5,630

NiSource

Inc

6.500%

BBB-

142,158

Total

Multi-Utilities

16,971,589

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$242,080,512)

222,372,548

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

–

CORPORATE

BONDS

-

4.7%

(3.1%

of

Total

Investments)

X

72,061,869

Banks

-

0.7%

$

7,000

Citizens

Financial

Group

Inc

(TSFR3M

reference

rate

+

3.265%

spread)

(5)

8.533%

1/07/72

Baa3

$

6,282,502

3,600

JPMorgan

Chase

&

Co

(3)

8.750%

9/01/30

Baa1

4,340,550

Total

Banks

10,623,052

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.9%

16,100

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

BBB+

13,568,357

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

13,568,357

Insurance

-

3.1%

30,860

Liberty

Mutual

Group

Inc,

144A

(3)

7.800%

3/15/37

Baa3

31,958,030

6,150

Liberty

Mutual

Insurance

Co,

144A

(3)

7.697%

10/15/97

BBB+

6,727,736

2,000

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Reg

S

5.875%

5/23/42

A

1,997,500

53

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

(continued)

$

1,000

Nippon

Life

Insurance

Co,

144A

2.900%

9/16/51

A-

$

819,370

8,000

Zurich

Finance

Ireland

Designated

Activity

Co

,

Reg

S

3.500%

5/02/52

A+

6,367,824

Total

Insurance

47,870,460

Total

Corporate

Bonds

(cost

$45,365,531)

72,061,869

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

1.4%

(0.9%

of

Total

Investments)

X

21,824,240

Banks

-

1.4%

6,255

Bank

of

America

Corp

7.250%

BBB+

$

7,618,590

12,049

Wells

Fargo

&

Co

7.500%

Baa2

14,205,650

Total

Banks

21,824,240

Total

Convertible

Preferred

Securities

(cost

$25,622,655)

21,824,240

Shares

Description

(1)

Value

–

INVESTMENT

COMPANIES

-

1.1%

(0.7%

of

Total

Investments)

X

16,701,971

723,135

BlackRock

Credit

Allocation

Income

Trust

$

7,419,365

646,421

John

Hancock

Preferred

Income

Fund

III

9,282,606

Total

Investment

Companies

(cost

$27,765,312)

16,701,971

Total

Long-Term

Investments

(cost

$2,491,470,641)

2,322,753,759

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 3.0% (1.9%

of

Total

Investments) 

–

REPURCHASE

AGREEMENTS

-

3.0%

(1.9%

of

Total

Investments)

X

45,860,000

$

45,860

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

7/31/2023,repurchase

price

$45,866,701,

collateralized

by

$49,742,600,

U.S.

Treasury

Bond,

3.750%,

due

11/15/2043,

value

$46,777,221

5.260%

8/01/23

$

45,860,000

Total

Repurchase

Agreements

(cost

$45,860,000)

45,860,000

Total

Short-Term

Investments

(cost

$45,860,000)

45,860,000

Total

Investments

(cost

$2,537,330,641

)

-

153.9%

2,368,613,759

Borrowings

-

(19.6)%

(8),(9)

(301,300,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(18.0)%(10)

(276,448,752)

TFP

Shares,

Net

-

(17.5)%(11)

(268,932,187)

Other

Assets

&

Liabilities,

Net

-   1.2%(12)

17,391,874

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,539,324,694

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

54

JPS

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

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

521,000,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

27,569,294

$

27,569,294

Morgan

Stanley

Capital

Services,

LLC

90,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

4,916,224

4,916,224

Total

$

32,485,518

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(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

$646,048,462

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$51,950,668.

(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)

Borrowings

as

a

percentage

of

Total

Investments

is

12.7%.

(9)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$1,080,762,520

have

been

pledged

as

collateral

for

borrowings.

(10)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

11.7%.

(11)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

11.4%.

(12)

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.

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.

(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

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

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

55

Nuveen

Preferred

and

Income

Fund

Portfolio

of

Investments

July

31,

2023

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

152.4%  

(100.0%

of

Total

Investments) 

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

79.1%

(51.9%

of

Total

Investments)

X

65,155,755

Automobiles

-

2.3%

$

699

General

Motors

Financial

Co

Inc

5.700%

N/A

(3)

BB+

$

631,015

1,479

General

Motors

Financial

Co

Inc

5.750%

N/A

(3)

BB+

1,248,724

Total

Automobiles

1,879,739

Banks

-

29.3%

240

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

238,071

365

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

319,922

550

Bank

of

America

Corp

6.250%

N/A

(3)

BBB+

544,885

730

Bank

of

America

Corp

6.300%

N/A

(3)

BBB+

727,445

685

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

681,918

1,337

Citigroup

Inc

5.950%

N/A

(3)

BBB-

1,297,579

1,455

Citigroup

Inc

6.300%

N/A

(3)

BBB-

1,424,081

420

Citigroup

Inc

4.150%

N/A

(3)

BBB-

351,750

240

Citigroup

Inc

7.375%

N/A

(3)

BBB-

244,200

630

Citigroup

Inc

5.000%

N/A

(3)

BBB-

596,671

900

Citigroup

Inc

6.250%

N/A

(3)

BBB-

890,217

444

Citizens

Financial

Group

Inc

6.375%

N/A

(3)

Baa3

394,053

833

CoBank

ACB

6.250%

N/A

(3)

BBB+

801,585

880

CoBank

ACB

6.450%

N/A

(3)

BBB+

832,545

50

Fifth

Third

Bancorp

(3-Month

LIBOR

reference

rate

+

3.033%

spread)

(4)

8.571%

N/A

(3)

BB+

47,186

200

Fifth

Third

Bancorp

4.500%

N/A

(3)

Baa3

183,474

475

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(4)

9.524%

N/A

(3)

Ba1

471,223

775

Huntington

Bancshares

Inc/OH

5.625%

N/A

(3)

Baa3

709,968

1,910

JPMorgan

Chase

&

Co

6.750%

N/A

(3)

BBB+

1,908,806

345

JPMorgan

Chase

&

Co

6.100%

N/A

(3)

BBB+

343,135

1,290

JPMorgan

Chase

&

Co

5.000%

N/A

(3)

BBB+

1,261,298

315

KeyCorp

5.000%

N/A

(3)

Baa3

252,639

220

M&T

Bank

Corp

3.500%

N/A

(3)

Baa2

164,256

515

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

432,806

345

M&T

Bank

Corp

6.450%

N/A

(3)

Baa2

332,247

135

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.040%

spread)

(4)

8.536%

N/A

(3)

BBB-

134,980

266

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(3)

Baa2

236,056

485

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(3)

Baa2

375,875

170

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(3)

Baa2

163,625

420

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

387,717

875

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(3)

Baa2

800,119

310

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

297,345

605

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

542,201

525

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(4)

8.654%

N/A

(3)

Baa2

521,971

1,265

Truist

Financial

Corp

4.800%

N/A

(3)

Baa2

1,125,850

680

Wells

Fargo

&

Co

7.625%

N/A

(3)

Baa2

699,135

805

Wells

Fargo

&

Co

(5)

7.950%

11/15/29

Baa1

874,890

885

Wells

Fargo

&

Co

5.900%

N/A

(3)

Baa2

875,884

1,040

Wells

Fargo

&

Co

5.875%

N/A

(3)

Baa2

1,016,600

355

Zions

Bancorp

NA

7.200%

N/A

(3)

BB+

322,104

355

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

3.800%

spread)

(4)

9.352%

N/A

(3)

BB+

297,313

Total

Banks

24,123,625

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

56

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Capital

Markets

-

3.2%

$

205

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

$

200,137

595

Charles

Schwab

Corp

5.375%

N/A

(3)

Baa2

580,251

360

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(3)

BBB-

306,042

878

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

866,796

709

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(3)

BBB-

690,891

Total

Capital

Markets

2,644,117

Consumer

Finance

-

2.3%

470

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

356,613

475

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

332,396

435

American

Express

Co

3.550%

N/A

(3)

Baa2

364,980

500

Capital

One

Financial

Corp

3.950%

N/A

(3)

Baa3

397,975

335

Discover

Financial

Services

6.125%

N/A

(3)

Ba1

321,518

145

Discover

Financial

Services

5.500%

N/A

(3)

Ba1

111,701

Total

Consumer

Finance

1,885,183

Electric

Utilities

-

2.6%

345

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

278,374

370

Edison

International

5.000%

N/A

(3)

BB+

319,669

160

Edison

International

5.375%

N/A

(3)

BB+

141,997

1,125

Emera

Inc

(5)

6.750%

6/15/76

BB+

1,094,026

360

Southern

Co/The

4.000%

1/15/51

BBB-

336,689

Total

Electric

Utilities

2,170,755

Financial

Services

-

5.1%

305

American

AgCredit

Corp,

144A

5.250%

N/A

(3)

BB+

269,925

425

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(3)

BB

378,250

160

Citigroup

Inc

(TSFR3M

reference

rate

+

4.330%

spread)

(4)

9.699%

N/A

(3)

BBB-

161,072

250

Compeer

Financial

ACA,

144A

4.875%

N/A

(3)

BB+

224,375

2

Compeer

Financial

ACA,

144A

6.750%

N/A

(3)

BB+

2,000,032

630

Equitable

Holdings

Inc

4.950%

N/A

(3)

BBB-

611,043

560

Voya

Financial

Inc

6.125%

N/A

(3)

BBB-

545,702

Total

Financial

Services

4,190,399

Food

Products

-

6.1%

2,005

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(3)

BB+

1,784,450

1,275

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(3)

BB

1,048,687

980

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(3)

BB

773,808

1,550

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(3)

BB

1,441,500

Total

Food

Products

5,048,445

Independent

Power

and

Renewable

Electricity

Producers

-

1.1%

355

AES

Andes

SA,

144A

7.125%

3/26/79

BB

339,629

245

AES

Andes

SA,

144A

6.350%

10/07/79

BB

230,929

195

Vistra

Corp,

144A

7.000%

N/A

(3)

Ba3

173,550

200

Vistra

Corp,

144A

8.000%

N/A

(3)

Ba3

191,390

Total

Independent

Power

and

Renewable

Electricity

Producers

935,498

Industrial

Conglomerates

-

0.6%

465

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(4)

8.882%

N/A

(3)

BBB-

466,150

Total

Industrial

Conglomerates

466,150

Insurance

-

15.2%

280

Aegon

NV

5.500%

4/11/48

Baa2

267,022

260

American

International

Group

Inc

5.750%

4/01/48

BBB-

250,892

1,490

Assurant

Inc

(5)

7.000%

3/27/48

Baa3

1,450,603

57

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

(continued)

$

3,390

Assured

Guaranty

Municipal

Holdings

Inc,

144A

(5)

6.400%

12/15/66

BBB+

$

3,020,400

440

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

352,507

375

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

291,105

220

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

191,993

845

Markel

Group

Inc

6.000%

N/A

(3)

BBB-

820,980

205

MetLife

Inc

5.875%

N/A

(3)

BBB

199,829

900

MetLife

Inc,

144A

(5)

9.250%

4/08/38

BBB

1,039,500

450

PartnerRe

Finance

B

LLC

4.500%

10/01/50

Baa1

377,205

750

Provident

Financing

Trust

I

7.405%

3/15/38

BB+

743,761

200

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

182,184

125

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

106,734

268

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

265,039

940

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(3)

Baa2

902,172

840

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

Baa1

837,904

1,290

SBL

Holdings

Inc,

144A

7.000%

N/A

(3)

BB

803,025

740

SBL

Holdings

Inc,

144A

6.500%

N/A

(3)

BB

419,950

Total

Insurance

12,522,805

Media

-

0.3%

295

Paramount

Global

6.375%

3/30/62

Baa3

243,213

Total

Media

243,213

Multi-Utilities

-

2.0%

840

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

823,114

75

CMS

Energy

Corp

4.750%

6/01/50

BBB-

65,913

475

Sempra

4.125%

4/01/52

BBB-

390,067

440

Sempra

4.875%

N/A

(3)

BBB-

415,800

Total

Multi-Utilities

1,694,894

Oil,

Gas

&

Consumable

Fuels

-

2.5%

350

Enbridge

Inc

7.625%

1/15/83

BBB-

353,640

630

Enbridge

Inc

5.750%

7/15/80

BBB-

575,887

220

Enbridge

Inc

5.500%

7/15/77

BBB-

198,754

155

Enbridge

Inc

6.000%

1/15/77

BBB-

146,417

295

Energy

Transfer

LP

6.500%

N/A

(3)

BB

267,213

60

Energy

Transfer

LP

7.125%

N/A

(3)

BB

52,698

300

Transcanada

Trust

5.600%

3/07/82

BBB-

252,716

223

Transcanada

Trust

5.500%

9/15/79

BBB-

189,663

Total

Oil,

Gas

&

Consumable

Fuels

2,036,988

Trading

Companies

&

Distributors

-

4.0%

2,600

AerCap

Global

Aviation

Trust,

144A

(5)

6.500%

6/15/45

Baa3

2,538,876

255

AerCap

Holdings

NV

5.875%

10/10/79

BB+

246,505

580

Air

Lease

Corp

4.650%

N/A

(3)

BB+

514,352

Total

Trading

Companies

&

Distributors

3,299,733

U.S.

Agency

-

1.4%

615

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(3)

BBB+

538,125

640

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(3)

Baa1

592,000

Total

U.S.

Agency

1,130,125

Wireless

Telecommunication

Services

-

1.1%

860

Vodafone

Group

PLC

(5)

7.000%

4/04/79

BB+

884,086

Total

Wireless

Telecommunication

Services

884,086

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$71,131,331)

65,155,755

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

58

JPT

Principal

Amount

(000)

Description

(1),(6)

Coupon

Maturity

Ratings

(2)

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

46.9%

(30.8%

of

Total

Investments)

X

38,670,008

Banks

-

38.2%

$

225

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(3)

Ba2

$

194,368

1,355

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

1,290,231

740

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(3)

Ba2

671,321

1,200

Banco

Santander

SA

4.750%

N/A

(3)

Ba1

953,937

800

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(3)

Ba1

774,216

745

Barclays

PLC

8.000%

N/A

(3)

BBB-

733,587

1,600

Barclays

PLC

7.750%

N/A

(3)

BBB-

1,594,720

1,000

Barclays

PLC

6.125%

N/A

(3)

BBB-

913,514

960

Barclays

PLC

8.000%

N/A

(3)

BBB-

892,800

995

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

990,423

1,670

BNP

Paribas

SA,

144A

6.625%

N/A

(3)

BBB

1,621,987

250

BNP

Paribas

SA,

144A

9.250%

N/A

(3)

BBB

262,644

2,035

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

2,041,105

1,345

HSBC

Holdings

PLC

6.000%

N/A

(3)

BBB

1,230,082

2,730

HSBC

Holdings

PLC

6.375%

N/A

(3)

BBB

2,635,608

920

HSBC

Holdings

PLC

8.000%

N/A

(3)

BBB

925,581

2,545

ING

Groep

NV

6.500%

N/A

(3)

BBB

2,398,695

285

ING

Groep

NV

,

Reg

S

6.750%

N/A

(3)

BBB

275,019

200

ING

Groep

NV

5.750%

N/A

(3)

BBB

179,550

570

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(3)

BB-

548,625

300

Lloyds

Banking

Group

PLC

8.000%

N/A

(3)

Baa3

280,800

3,200

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

3,024,800

580

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(3)

Baa3

530,800

1,880

NatWest

Group

PLC

6.000%

N/A

(3)

Baa3

1,759,398

365

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

360,967

480

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

464,098

1,115

Societe

Generale

SA,

144A

9.375%

N/A

(3)

BB+

1,134,345

1,230

Societe

Generale

SA,

144A

7.875%

N/A

(3)

BB+

1,215,242

705

Standard

Chartered

PLC,

144A

7.750%

N/A

(3)

BBB-

701,687

365

Standard

Chartered

PLC,

144A

6.000%

N/A

(3)

BBB-

351,613

550

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

542,740

Total

Banks

31,494,503

Capital

Markets

-

8.7%

1,000

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(3)

N/R

50,000

2,900

Credit

Suisse

Group

AG,

Claim,

144A

7.500%

N/A

(3)

N/R

145,000

620

Credit

Suisse

Group

AG,

Claim,

144A

9.750%

N/A

(3)

N/R

31,000

2,200

Deutsche

Bank

AG

6.000%

N/A

(3)

Ba2

1,830,824

200

Deutsche

Bank

AG

,

Reg

S

4.789%

N/A

(3)

BB+

170,064

200

Deutsche

Bank

AG

7.500%

N/A

(3)

BB+

184,792

3,475

UBS

Group

AG

,

Reg

S

6.875%

N/A

(3)

BBB-

3,227,031

1,570

UBS

Group

AG,

144A

7.000%

N/A

(3)

BBB-

1,536,794

Total

Capital

Markets

7,175,505

Total

Contingent

Capital

Securities

(cost

$45,145,106)

38,670,008

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

24.8%

(16.3%

of

Total

Investments)

X

20,433,389

Banks

-

7.4%

4,740

CoBank

ACB

6.200%

BBB+

$

462,150

15,000

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

1,485,000

19,366

Fifth

Third

Bancorp

6.625%

Baa3

491,122

43,000

KeyCorp

6.200%

Baa3

924,070

8,100

KeyCorp

6.125%

Baa3

182,493

31,600

New

York

Community

Bancorp

Inc

6.375%

Ba2

738,492

10,600

Regions

Financial

Corp

5.700%

Baa3

230,550

21,268

Regions

Financial

Corp

6.375%

Baa3

514,898

59

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Banks

(continued)

11,558

Synovus

Financial

Corp

5.875%

BB-

$

243,874

16,400

Wells

Fargo

&

Co

4.750%

Baa2

313,240

7,900

Western

Alliance

Bancorp

4.250%

Ba3

126,400

15,308

Wintrust

Financial

Corp

6.875%

BB

362,799

Total

Banks

6,075,088

Capital

Markets

-

2.7%

5,207

Goldman

Sachs

Group

Inc/The

8.977%

BB+

132,310

33,800

Morgan

Stanley

5.850%

BBB

809,848

12,974

Morgan

Stanley

7.125%

BBB

327,074

13,351

Morgan

Stanley

6.875%

BBB

341,786

7,300

Morgan

Stanley

6.500%

BBB

190,165

16,433

Morgan

Stanley

6.375%

BBB

411,154

Total

Capital

Markets

2,212,337

Consumer

Finance

-

0.2%

11,900

Synchrony

Financial

5.625%

BB-

205,156

Total

Consumer

Finance

205,156

Diversified

Telecommunication

Services

-

0.2%

8,700

AT&T

Inc

4.750%

BBB-

160,776

Total

Diversified

Telecommunication

Services

160,776

Financial

Services

-

2.0%

4,913

AgriBank

FCB

6.875%

BBB+

494,739

18,500

Equitable

Holdings

Inc

5.250%

BBB-

384,615

35,623

Voya

Financial

Inc

5.350%

BBB-

806,149

Total

Financial

Services

1,685,503

Food

Products

-

2.3%

31,207

CHS

Inc

7.100%

N/R

791,097

31,132

CHS

Inc

6.750%

N/R

786,706

10,959

CHS

Inc

7.875%

N/R

288,550

Total

Food

Products

1,866,353

Insurance

-

7.1%

23,700

American

Equity

Investment

Life

Holding

Co

6.625%

BB

549,840

43,600

American

Equity

Investment

Life

Holding

Co

5.950%

BB

916,908

16,280

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

313,879

38,688

Aspen

Insurance

Holdings

Ltd

9.593%

BB+

988,865

12,000

Assurant

Inc

5.250%

Baa3

229,680

27,700

Athene

Holding

Ltd

6.350%

BBB

592,503

24,100

Athene

Holding

Ltd

6.375%

BBB

570,929

23,000

Enstar

Group

Ltd

7.000%

BBB-

547,400

11,600

Reinsurance

Group

of

America

Inc

7.125%

BBB+

298,584

26,902

Reinsurance

Group

of

America

Inc

5.750%

BBB+

674,702

9,463

Selective

Insurance

Group

Inc

4.600%

BBB-

165,413

Total

Insurance

5,848,703

Multi-Utilities

-

0.1%

4,700

NiSource

Inc

6.500%

BBB-

118,675

Total

Multi-Utilities

118,675

Oil,

Gas

&

Consumable

Fuels

-

2.2%

5,100

Energy

Transfer

LP

7.600%

BB

125,970

31,634

NuStar

Energy

LP

12.274%

B2

808,565

24,163

NuStar

Energy

LP

11.151%

B2

586,678

10,020

NuStar

Logistics

LP

12.304%

B

263,225

Total

Oil,

Gas

&

Consumable

Fuels

1,784,438

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

60

JPT

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

0.6%

11,571

Air

Lease

Corp

6.150%

BB+

$

272,960

7,500

WESCO

International

Inc

10.625%

B+

203,400

Total

Trading

Companies

&

Distributors

476,360

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$22,443,199)

20,433,389

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

–

CORPORATE

BONDS

-

1.6%

(1.0%

of

Total

Investments)

X

1,279,052

Banks

-

1.2%

$

1,000

Commerzbank

AG,

144A

(5)

8.125%

9/19/23

Baa3

$

998,802

Total

Banks

998,802

Insurance

-

0.4%

295

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

280,250

Total

Insurance

280,250

Total

Corporate

Bonds

(cost

$314,535)

1,279,052

Total

Long-Term

Investments

(cost

$139,034,171)

125,538,204

Borrowings

-

(42.9)%

(7),(8)

(35,355,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(9.3)%(9)

(7,662,992)

Other

Assets

&

Liabilities,

Net

-   (0.2)%

(129,573)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

82,390,639

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Perpetual

security.

Maturity

date

is

not

applicable.

(4)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

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

$11,295,520

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(6)

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.

(7)

Borrowings

as

a

percentage

of

Total

Investments

is

28.2%.

(8)

The

Fund

segregates

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

(9)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

6.1%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

61

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Portfolio

of

Investments

July

31,

2023

NPFD

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

156.2%  

(100.0%

of

Total

Investments) 

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

101.3%

(64.9%

of

Total

Investments)

X

459,539,946

Automobiles

-

4.0%

$

8,535

General

Motors

Financial

Co

Inc

5.700%

N/A

(3)

BB+

$

7,704,886

12,331

General

Motors

Financial

Co

Inc

5.750%

N/A

(3)

BB+

10,411,099

Total

Automobiles

18,115,985

Banks

-

43.8%

8,200

Bank

of

America

Corp

6.250%

N/A

(3)

BBB+

8,123,740

10,610

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

10,562,255

1,775

Bank

of

America

Corp

6.300%

N/A

(3)

BBB+

1,768,788

5,000

Bank

of

America

Corp

(3-Month

LIBOR

reference

rate

+

3.135%

spread)

(4)

8.631%

N/A

(3)

BBB+

5,012,498

2,219

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

2,201,164

8,000

Citigroup

Inc

5.000%

N/A

(3)

BBB-

7,576,779

1,650

Citigroup

Inc

7.375%

N/A

(3)

BBB-

1,678,875

16,995

Citigroup

Inc

6.300%

N/A

(3)

BBB-

16,633,856

2,875

Citigroup

Inc

6.250%

N/A

(3)

BBB-

2,843,750

3,000

Citigroup

Inc

(3-Month

LIBOR

reference

rate

+

4.230%

spread)

(4)

9.094%

N/A

(3)

BBB-

3,002,389

3,375

Citigroup

Inc

5.950%

N/A

(3)

BBB-

3,275,489

3,680

Citizens

Financial

Group

Inc

4.000%

N/A

(3)

Baa3

2,847,400

2,500

Citizens

Financial

Group

Inc

6.375%

N/A

(3)

Baa3

2,218,766

6,050

CoBank

ACB

6.450%

N/A

(3)

BBB+

5,723,746

300

Fifth

Third

Bancorp

(3-Month

LIBOR

reference

rate

+

3.033%

spread)

(4)

8.571%

N/A

(3)

BB+

283,116

3,271

Fifth

Third

Bancorp

4.500%

N/A

(3)

Baa3

3,000,717

5,600

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(4)

9.524%

N/A

(3)

Ba1

5,555,474

5,190

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(3)

BBB

6,420,013

8,400

Huntington

Bancshares

Inc/OH

5.625%

N/A

(3)

Baa3

7,695,132

16,945

JPMorgan

Chase

&

Co

6.750%

N/A

(3)

BBB+

16,934,409

2,933

JPMorgan

Chase

&

Co

5.000%

N/A

(3)

BBB+

2,867,741

3,195

JPMorgan

Chase

&

Co

6.100%

N/A

(3)

BBB+

3,177,732

1,755

KeyCorp

5.000%

N/A

(3)

Baa3

1,407,561

8,000

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

6,723,200

1,130

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.040%

spread)

(4)

8.536%

N/A

(3)

BBB-

1,129,832

3,534

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(3)

Baa2

3,136,172

2,000

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.940%

spread)

(4)

3.804%

N/A

(3)

Baa2

2,010,966

2,445

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

2,257,066

5,735

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(3)

Baa2

5,244,211

3,990

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(3)

Baa2

3,840,375

2,470

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

2,369,171

8,195

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

7,344,359

7,873

Truist

Financial

Corp

4.800%

N/A

(3)

Baa2

7,006,970

4,970

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(4)

8.654%

N/A

(3)

Baa2

4,941,323

4,608

Wells

Fargo

&

Co

3.900%

N/A

(3)

Baa2

4,143,514

7,000

Wells

Fargo

&

Co

5.900%

N/A

(3)

Baa2

6,927,900

5,345

Wells

Fargo

&

Co

7.625%

N/A

(3)

Baa2

5,495,408

14,429

Wells

Fargo

&

Co

5.875%

N/A

(3)

Baa2

14,104,347

1,200

Zions

Bancorp

NA

7.200%

N/A

(3)

BB+

1,088,803

Total

Banks

198,575,007

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

62

NPFD

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Capital

Markets

-

6.9%

$

2,405

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

$

2,347,948

13,128

Charles

Schwab

Corp

5.375%

N/A

(3)

Baa2

12,802,580

5,880

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

5,804,966

5,700

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(3)

BBB-

4,845,669

5,890

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(3)

BBB-

5,739,561

Total

Capital

Markets

31,540,724

Consumer

Finance

-

3.7%

4,200

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

2,939,081

3,320

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

2,519,050

3,785

American

Express

Co

3.550%

N/A

(3)

Baa2

3,175,744

4,705

Capital

One

Financial

Corp

3.950%

N/A

(3)

Baa3

3,744,945

3,690

Discover

Financial

Services

5.500%

N/A

(3)

Ba1

2,842,605

1,745

Discover

Financial

Services

6.125%

N/A

(3)

Ba1

1,674,772

Total

Consumer

Finance

16,896,197

Diversified

Financial

Services

-

1.1%

5,000

JP

Morgan

Chase

&

Company

(TSFR3M

reference

rate

+

3.562%

spread)

(4)

8.934%

N/A

(3)

BBB+

5,012,000

Total

Diversified

Financial

Services

5,012,000

Electric

Utilities

-

4.9%

2,600

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

2,097,888

3,910

Edison

International

5.000%

N/A

(3)

BB+

3,378,128

1,445

Edison

International

5.375%

N/A

(3)

BB+

1,282,407

14,093

Emera

Inc

(5)

6.750%

6/15/76

BB+

13,704,985

2,000

Southern

Co/The

4.000%

1/15/51

BBB-

1,870,496

Total

Electric

Utilities

22,333,904

Financial

Services

-

3.0%

3,250

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(3)

BB

2,892,500

350

Compeer

Financial

ACA,

144A

4.875%

N/A

(3)

BB+

314,125

6,310

Equitable

Holdings

Inc

4.950%

N/A

(3)

BBB-

6,120,135

4,352

Voya

Financial

Inc

6.125%

N/A

(3)

BBB-

4,240,882

Total

Financial

Services

13,567,642

Independent

Power

and

Renewable

Electricity

Producers

-

1.7%

2,685

AES

Andes

SA,

144A

7.125%

3/26/79

BB

2,568,739

1,700

AES

Andes

SA,

144A

6.350%

10/07/79

BB

1,602,365

2,215

Vistra

Corp,

144A

7.000%

N/A

(3)

Ba3

1,971,350

1,560

Vistra

Corp,

144A

8.000%

N/A

(3)

Ba3

1,492,842

Total

Independent

Power

and

Renewable

Electricity

Producers

7,635,296

Industrial

Conglomerates

-

0.8%

3,573

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(4)

8.882%

N/A

(3)

BBB-

3,581,834

Total

Industrial

Conglomerates

3,581,834

Insurance

-

13.9%

2,595

Aegon

NV

5.500%

4/11/48

Baa2

2,474,722

2,250

American

International

Group

Inc

5.750%

4/01/48

BBB-

2,171,176

4,516

Assurant

Inc

7.000%

3/27/48

Baa3

4,396,591

3,000

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

BBB+

2,672,921

3,050

AXIS

Specialty

Finance

LLC

(5)

4.900%

1/15/40

BBB

2,443,516

6,115

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

4,746,957

1,000

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

872,696

10,345

Markel

Group

Inc

6.000%

N/A

(3)

BBB-

10,050,935

6,495

MetLife

Inc

(5)

5.875%

N/A

(3)

BBB

6,331,156

63

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

(continued)

$

3,395

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

$

3,092,581

5,670

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

Baa1

5,655,854

6,050

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

5,983,161

1,600

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(3)

Baa2

1,535,611

3,915

SBL

Holdings

Inc,

144A

6.500%

N/A

(3)

BB

2,221,763

13,500

SBL

Holdings

Inc,

144A

7.000%

N/A

(3)

BB

8,403,750

Total

Insurance

63,053,390

Media

-

0.4%

2,235

Paramount

Global

6.375%

3/30/62

Baa3

1,842,646

Total

Media

1,842,646

Multi-Utilities

-

3.5%

8,050

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

7,888,181

2,500

CMS

Energy

Corp

(5)

4.750%

6/01/50

BBB-

2,197,087

3,400

Sempra

4.125%

4/01/52

BBB-

2,792,059

3,210

Sempra

4.875%

N/A

(3)

BBB-

3,033,450

Total

Multi-Utilities

15,910,777

Oil,

Gas

&

Consumable

Fuels

-

5.5%

8,546

Enbridge

Inc

(5)

5.500%

7/15/77

BBB-

7,720,695

2,350

Enbridge

Inc

6.000%

1/15/77

BBB-

2,219,876

6,360

Enbridge

Inc

7.625%

1/15/83

BBB-

6,426,150

5,345

Energy

Transfer

LP

(5)

6.500%

N/A

(3)

BB

4,841,539

545

Energy

Transfer

LP

7.125%

N/A

(3)

BB

478,674

2,155

Transcanada

Trust

5.600%

3/07/82

BBB-

1,815,345

1,460

Transcanada

Trust

5.500%

9/15/79

BBB-

1,241,738

Total

Oil,

Gas

&

Consumable

Fuels

24,744,017

Trading

Companies

&

Distributors

-

5.8%

6,200

AerCap

Global

Aviation

Trust,

144A

(5)

6.500%

6/15/45

Baa3

6,054,244

13,900

AerCap

Holdings

NV

5.875%

10/10/79

BB+

13,436,936

4,841

Air

Lease

Corp

4.650%

N/A

(3)

BB+

4,293,062

3,673

ILFC

E-Capital

Trust

I,

144A

7.064%

12/21/65

Baa3

2,576,218

Total

Trading

Companies

&

Distributors

26,360,460

U.S.

Agency

-

0.0%

50

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(3)

Baa1

46,250

50

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(3)

BBB+

43,750

Total

U.S.

Agency

90,000

Wireless

Telecommunication

Services

-

2.3%

10,000

Vodafone

Group

PLC

7.000%

4/04/79

BB+

10,280,067

Total

Wireless

Telecommunication

Services

10,280,067

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$510,727,087)

459,539,946

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

30.2%

(19.3%

of

Total

Investments)

X

136,998,964

Banks

-

6.9%

21,500

CoBank

ACB

6.200%

BBB+

$

2,096,250

1,000

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

99,000

121,601

Fifth

Third

Bancorp

6.625%

Baa3

3,083,802

297,600

KeyCorp

6.200%

Baa3

6,395,424

62,700

KeyCorp

6.125%

Baa3

1,412,631

230,765

New

York

Community

Bancorp

Inc

6.375%

Ba2

5,392,978

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

64

NPFD

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Banks

(continued)

168,058

Regions

Financial

Corp

6.375%

Baa3

$

4,068,684

163,723

Regions

Financial

Corp

5.700%

Baa3

3,560,975

121,800

Synovus

Financial

Corp

5.875%

BB-

2,569,980

99,600

Wintrust

Financial

Corp

6.875%

BB

2,360,520

Total

Banks

31,040,244

Capital

Markets

-

4.8%

144,300

Goldman

Sachs

Group

Inc/The

8.977%

BB+

3,666,663

81,500

Morgan

Stanley

7.125%

BBB

2,054,615

422,405

Morgan

Stanley

5.850%

BBB

10,120,824

54,600

Morgan

Stanley

6.500%

BBB

1,422,330

114,777

Morgan

Stanley

6.875%

BBB

2,938,291

65,898

Morgan

Stanley

6.375%

BBB

1,648,768

Total

Capital

Markets

21,851,491

Financial

Services

-

2.5%

31,750

AgriBank

FCB

6.875%

BBB+

3,197,225

79,765

Federal

Agricultural

Mortgage

Corp

6.000%

N/R

2,015,183

261,000

Voya

Financial

Inc

5.350%

BBB-

5,906,430

Total

Financial

Services

11,118,838

Food

Products

-

2.7%

157,200

CHS

Inc

6.750%

N/R

3,972,444

315,300

CHS

Inc

7.100%

N/R

7,992,855

4,400

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

404,800

Total

Food

Products

12,370,099

Insurance

-

8.3%

180,150

American

Equity

Investment

Life

Holding

Co

6.625%

BB

4,179,480

310,550

American

Equity

Investment

Life

Holding

Co

5.950%

BB

6,530,866

340,200

Aspen

Insurance

Holdings

Ltd

9.593%

BB+

8,695,512

194,775

Athene

Holding

Ltd

6.350%

BBB

4,166,237

166,250

Athene

Holding

Ltd

6.375%

BBB

3,938,463

131,900

Enstar

Group

Ltd

7.000%

BBB-

3,139,220

93,300

Reinsurance

Group

of

America

Inc

7.125%

BBB+

2,401,542

188,600

Reinsurance

Group

of

America

Inc

5.750%

BBB+

4,730,088

Total

Insurance

37,781,408

Multi-Utilities

-

0.3%

53,400

NiSource

Inc

6.500%

BBB-

1,348,350

Total

Multi-Utilities

1,348,350

Oil,

Gas

&

Consumable

Fuels

-

3.6%

51,100

Energy

Transfer

LP

7.600%

BB

1,262,170

271,200

NuStar

Energy

LP

11.151%

B2

6,584,736

176,668

NuStar

Energy

LP

12.274%

B2

4,515,634

154,289

NuStar

Logistics

LP

12.304%

B

4,053,172

Total

Oil,

Gas

&

Consumable

Fuels

16,415,712

Trading

Companies

&

Distributors

-

1.1%

164,687

Air

Lease

Corp

6.150%

BB+

3,884,966

43,800

WESCO

International

Inc

10.625%

B+

1,187,856

Total

Trading

Companies

&

Distributors

5,072,822

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$155,485,632)

136,998,964

65

Principal

Amount

(000)

Description

(1),(6)

Coupon

Maturity

Ratings

(2)

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

24.7%

(15.8%

of

Total

Investments)

X

111,895,239

Banks

-

21.4%

$

1,000

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(3)

Baa2

$

996,620

2,495

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(3)

Ba2

2,155,321

2,380

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

2,266,236

715

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(3)

Ba2

648,641

1,595

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(3)

Ba2

1,467,825

3,800

Banco

Santander

SA

4.750%

N/A

(3)

Ba1

3,020,802

3,000

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(3)

Ba1

2,903,310

7,258

Barclays

PLC

7.750%

N/A

(3)

BBB-

7,234,049

3,800

Barclays

PLC

6.125%

N/A

(3)

BBB-

3,471,354

2,340

Barclays

PLC

8.000%

N/A

(3)

BBB-

2,176,200

1,085

BNP

Paribas

SA,

144A

9.250%

N/A

(3)

BBB

1,139,875

3,300

BNP

Paribas

SA,

144A

6.625%

N/A

(3)

BBB

3,205,125

2,805

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

2,792,097

2,089

BNP

Paribas

SA,

144A

7.000%

N/A

(3)

BBB

1,966,793

2,465

Credit

Agricole

SA,

144A

7.875%

N/A

(3)

BBB

2,452,971

5,240

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

5,255,720

910

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(3)

BBB-

871,052

925

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(3)

BBB-

796,173

7,000

HSBC

Holdings

PLC

6.375%

N/A

(3)

BBB

6,757,969

7,560

HSBC

Holdings

PLC

8.000%

N/A

(3)

BBB

7,605,863

7,641

ING

Groep

NV

,

Reg

S

6.750%

N/A

(3)

BBB

7,373,412

335

ING

Groep

NV

5.750%

N/A

(3)

BBB

300,746

1,653

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(3)

BB-

1,591,012

2,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

1,949,000

1,105

Lloyds

Banking

Group

PLC

8.000%

N/A

(3)

Baa3

1,034,280

7,185

Lloyds

Banking

Group

PLC

6.750%

N/A

(3)

Baa3

6,684,452

1,500

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(3)

Baa3

1,372,759

4,625

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

4,573,894

1,860

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

1,798,378

1,500

Societe

Generale

SA,

144A

4.750%

N/A

(3)

BB+

1,260,930

3,345

Societe

Generale

SA,

144A

8.000%

N/A

(3)

BB

3,276,428

2,265

Societe

Generale

SA,

144A

9.375%

N/A

(3)

BB+

2,304,298

1,700

Standard

Chartered

PLC,

144A

7.750%

N/A

(3)

BBB-

1,692,010

755

Standard

Chartered

PLC,

144A

6.000%

N/A

(3)

BBB-

727,310

1,660

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

1,638,088

Total

Banks

96,760,993

Capital

Markets

-

3.3%

5,850

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(3)

N/R

292,500

9,004

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

N/R

450,200

2,460

Credit

Suisse

Group

AG,

Claim,

144A

7.500%

N/A

(3)

N/R

123,000

3,325

Credit

Suisse

Group

AG,

Claim,

144A

9.750%

N/A

(3)

N/R

166,250

800

Deutsche

Bank

AG

7.500%

N/A

(3)

BB+

739,168

6,000

Deutsche

Bank

AG

6.000%

N/A

(3)

Ba2

4,993,155

200

Deutsche

Bank

AG

,

Reg

S

4.789%

N/A

(3)

BB+

170,064

8,830

UBS

Group

AG

,

Reg

S

6.875%

N/A

(3)

BBB-

8,199,909

Total

Capital

Markets

15,134,246

Total

Contingent

Capital

Securities

(cost

$141,683,749)

111,895,239

Total

Long-Term

Investments

(cost

$807,896,468)

708,434,149

Borrowings

-

(32.5)%

(7),(8)

(147,614,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(6.2)%(9)

(28,148,787)

TFP

Shares,

Net

-

(18.6)%(10)

(84,434,878)

Other

Assets

&

Liabilities,

Net

-   1.1%

5,400,571

Net

Assets

Applicable

to

Common

Shares

-

100%

$

453,637,055

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

66

NPFD

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Perpetual

security.

Maturity

date

is

not

applicable.

(4)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

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

$40,822,357

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(6)

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.

(7)

Borrowings

as

a

percentage

of

Total

Investments

is

20.8%.

(8)

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

$368,377,497

have

been

pledged

as

collateral

for

borrowings.

(9)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

4.0%.

(10)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

11.8%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

67

.

July

31,

2023

JPC

JPI

JPS

JPT

NPFD

ASSETS

Long-term

investments,

at

value

†

$

1,236,932,773‌

$

654,969,888‌

$

2,322,753,759‌

$

125,538,204‌

$

708,434,149‌

Short-term

investments,

at

value

◊

5,890,000‌

2,800,000‌

45,860,000‌

–‌

–‌

Cash

1,981,689‌

–‌

297,537‌

–‌

–‌

Cash

denominated

in

foreign

currencies

^

–‌

7‌

176‌

–‌

–‌

Unrealized

appreciation

on

interest

rate

swaps

17,306,207‌

361,549‌

32,485,518‌

–‌

–‌

Receivables:

Dividends

160,451‌

74,449‌

445,504‌

15,951‌

165,358‌

Interest

17,108,523‌

8,705,181‌

31,468,621‌

1,766,166‌

9,348,510‌

Investments

sold

–‌

3,656,166‌

4,295,645‌

–‌

2,467,825‌

Reclaims

49,905‌

–‌

–‌

6,091‌

17,881‌

Deferred

offering

costs

187,362‌

–‌

198,422‌

–‌

–‌

Other

548,882‌

93,995‌

999,189‌

24,833‌

113,755‌

Total

assets

1,280,165,792‌

670,661,235‌

2,438,804,371‌

127,351,245‌

720,547,478‌

LIABILITIES

Cash

overdraft

–‌

91,191‌

–‌

1,405,649‌

3,300,533‌

Cash

collateral

due

to

broker

17,090,513‌

379,656‌

32,049,201‌

–‌

–‌

Borrowings

219,600,000‌

180,900,000‌

301,300,000‌

35,355,000‌

147,614,000‌

Reverse

repurchase

agreements,

including

accrued

interest

102,637,882‌

65,601,603‌

276,448,752‌

7,662,992‌

28,148,787‌

TFP

Shares,

Net

**

149,358,643‌

–‌

268,932,187‌

–‌

84,434,878‌

Payables:

Dividends

4,542,519‌

2,207,661‌

7,675,043‌

402,285‌

2,089,852‌

Interest

1,069,714‌

803,415‌

1,394,906‌

–‌

623,761‌

Investments

purchased

-

regular

settlement

1,250,000‌

–‌

8,930,961‌

–‌

–‌

Offering

costs

115,365‌

–‌

–‌

–‌

–‌

Accrued

expenses:

Custodian

fees

129,791‌

80,958‌

215,957‌

26,351‌

85,542‌

Investor

relations

18,059‌

10,223‌

34,361‌

1,254‌

11,273‌

Management

fees

856,803‌

476,495‌

1,624,964‌

90,337‌

550,367‌

Trustees

fees

376,685‌

75,558‌

725,046‌

2,520‌

14,456‌

Professional

fees

9,506‌

7,304‌

26,137‌

2,779‌

7,473‌

Shareholder

reporting

expenses

45,072‌

21,990‌

92,278‌

6,087‌

12,259‌

Shareholder

servicing

agent

fees

155‌

11‌

350‌

11‌

36‌

Shelf

offering

costs

38,065‌

–‌

19,673‌

–‌

–‌

Other

19,680‌

1,946‌

9,861‌

5,341‌

17,206‌

Total

liabilities

497,158,452‌

250,658,011‌

899,479,677‌

44,960,606‌

266,910,423‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

783,007,340‌

$

420,003,224‌

$

1,539,324,694‌

$

82,390,639‌

$

453,637,055‌

Common

shares

outstanding

105,069,232‌

22,772,419‌

205,710,932‌

4,391,624‌

24,164,141‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

7

.45‌

$

18

.44‌

$

7

.48‌

$

18

.76‌

$

18

.77‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

1,050,692‌

$

227,724‌

$

2,057,109‌

$

43,916‌

$

241,641‌

Paid-in

capital

1,049,210,251‌

537,772,021‌

1,877,735,003‌

111,065,215‌

603,186,826‌

Total

distributable

earnings

(loss)

(

267,253,603‌

)

(

117,996,521‌

)

(

340,467,418‌

)

(

28,718,492‌

)

(

149,791,412‌

)

Net

assets

applicable

to

common

shares

$

783,007,340‌

$

420,003,224‌

$

1,539,324,694‌

$

82,390,639‌

$

453,637,055‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

1,363,369,115‌

$

721,240,786‌

$

2,491,470,641‌

$

139,034,171‌

$

807,896,468‌

◊

Short-term

investments,

cost

$

5,890,000‌

$

2,800,000‌

$

45,860,000‌

$

—‌

$

—‌

^

Cash

denominated

in

foreign

currencies,

cost

$

—‌

$

6‌

$

164‌

$

—‌

$

—‌

**

TFP  Shares,

liquidation

preference

150,000,000‌

—‌

270,000,000‌

—‌

85,000,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

68

Year

Ended

July

31,

2023

JPC

JPI

JPS

JPT

NPFD

INVESTMENT

INCOME

Dividends

$

17,273,311‌

$

9,970,220‌

$

17,767,581‌

$

1,640,126‌

$

9,942,423‌

Interest

66,842,093‌

35,456,169‌

132,126,094‌

6,385,457‌

27,740,166‌

Rehypothecation

income

90,131‌

68,142‌

143,157‌

—‌

—‌

Tax

withheld

—‌

—‌

—‌

—‌

(

15,849‌

)

Total

investment

income

84,205,535‌

45,494,531‌

150,036,832‌

8,025,583‌

37,666,740‌

EXPENSES

–

–

–

–

–

Management

fees

10,613,928‌

5,932,998‌

20,464,784‌

1,108,424‌

6,647,259‌

Shareholder

servicing

agent

fees

1,813‌

126‌

4,185‌

126‌

52‌

Interest

expense

and

amortization

of

offering

costs

23,395,829‌

12,975,414‌

45,313,545‌

2,170,486‌

12,902,157‌

Trustees

fees

37,886‌

20,300‌

74,127‌

3,833‌

20,926‌

Custodian

expenses

189,589‌

120,001‌

317,661‌

39,340‌

84,382‌

Investor

relations

expenses

58,038‌

30,660‌

112,812‌

7,817‌

34,916‌

Liquidity

fees

1,329,143‌

—‌

2,648,737‌

—‌

722,880‌

Professional

fees

226,999‌

80,123‌

249,471‌

70,612‌

123,378‌

Remarketing

fees

145,000‌

—‌

273,750‌

—‌

79,333‌

Shareholder

reporting

expenses

121,770‌

67,028‌

241,065‌

17,916‌

45,899‌

Stock

exchange

listing

fees

31,356‌

7,301‌

61,435‌

9,784‌

4,272‌

Other

20,599‌

15,895‌

26,408‌

11,553‌

12,095‌

Total

expenses

before

expense

reimbursement

36,171,950‌

19,249,846‌

69,787,980‌

3,439,891‌

20,677,549‌

Expense

reimbursement

—‌

—‌

—‌

(

332,244‌

)

—‌

Net

expenses

36,171,950‌

19,249,846‌

69,787,980‌

3,107,647‌

20,677,549‌

Net

investment

income

(loss)

48,033,585‌

26,244,685‌

80,248,852‌

4,917,936‌

16,989,191‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

and

foreign

currency

(

25,246,129‌

)

(

18,333,503‌

)

(

89,818,265‌

)

(

1,982,335‌

)

(

30,106,044‌

)

Futures

contracts

—‌

—‌

—‌

—‌

2,757,060‌

Swaps

5,452,308‌

1,644,098‌

10,637,039‌

—‌

—‌

Net

realized

gain

(loss)

(

19,793,821‌

)

(

16,689,405‌

)

(

79,181,226‌

)

(

1,982,335‌

)

(

27,348,984‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

and

foreign

currency

(

83,175,312‌

)

(

42,016,091‌

)

(

86,251,132‌

)

(

7,723,044‌

)

(

14,356,549‌

)

Futures

contracts

—‌

—‌

—‌

—‌

176,597‌

Swaps

15,034,813‌

(

579,869‌

)

27,815,530‌

—‌

—‌

Change

in

net

unrealized

appreciation

(depreciation)

(

68,140,499‌

)

(

42,595,960‌

)

(

58,435,602‌

)

(

7,723,044‌

)

(

14,179,952‌

)

Net

realized

and

unrealized

gain

(loss)

(

87,934,320‌

)

(

59,285,365‌

)

(

137,616,828‌

)

(

9,705,379‌

)

(

41,528,936‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

(

39,900,735‌

)

$

(

33,040,680‌

)

$

(

57,367,976‌

)

$

(

4,787,443‌

)

$

(

24,539,745‌

)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

69

JPC

JPI

Year

Ended

7/31/23

Year

Ended

7/31/22

Year

Ended

7/31/23

Year

Ended

7/31/22

OPERATIONS

Net

investment

income

(loss)

$

48,033,585‌

$

68,799,874‌

$

26,244,685‌

$

36,046,491‌

Net

realized

gain

(loss)

(19,793,821‌)

(18,003,286‌)

(16,689,405‌)

(3,730,826‌)

Change

in

net

unrealized

appreciation

(depreciation)

(68,140,499‌)

(140,874,946‌)

(42,595,960‌)

(90,451,707‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(39,900,735‌)

(90,078,358‌)

(33,040,680‌)

(58,136,042‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(61,153,963‌)

(66,660,132‌)

(31,198,214‌)

(35,659,439‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(61,153,963‌)

(66,660,132‌)

(31,198,214‌)

(35,659,439‌)

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

—‌

11,703,948‌

—‌

—‌

Net

proceeds

from

common

shares

issued

to

common

shareholders

due

to

reinvestment

of

distributions

—‌

382,390‌

—‌

154,363‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

—‌

12,086,338‌

—‌

154,363‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(101,054,698‌)

(144,652,152‌)

(64,238,894‌)

(93,641,118‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

884,062,038‌

1,028,714,190‌

484,242,118‌

577,883,236‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

783,007,340‌

$

884,062,038‌

$

420,003,224‌

$

484,242,118‌

See

Notes

to

Financial

Statements

70

JPS

JPT

Year

Ended

7/31/23

Year

Ended

7/31/22

Year

Ended

7/31/23

Year

Ended

7/31/22

OPERATIONS

Net

investment

income

(loss)

$

80,248,852‌

$

118,936,222‌

$

4,917,936‌

$

7,516,570‌

Net

realized

gain

(loss)

(79,181,226‌)

545,509‌

(1,982,335‌)

(809,709‌)

Change

in

net

unrealized

appreciation

(depreciation)

(58,435,602‌)

(338,880,802‌)

(7,723,044‌)

(19,819,462‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(57,367,976‌)

(219,399,071‌)

(4,787,443‌)

(13,112,601‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(101,004,127‌)

(121,278,321‌)

(5,733,265‌)

(8,310,452‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(101,004,127‌)

(121,278,321‌)

(5,733,265‌)

(8,310,452‌)

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

—‌

9,114,000‌

—‌

—‌

Net

proceeds

from

common

shares

issued

to

common

shareholders

due

to

reinvestment

of

distributions

—‌

287,954‌

—‌

54,398‌

Cost

of

shares

repurchased

and

retired

–‌

–‌

–‌

(57,097,582‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

—‌

9,401,954‌

—‌

(57,043,184‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(158,372,103‌)

(331,275,438‌)

(10,520,708‌)

(78,466,237‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

1,697,696,797‌

2,028,972,235‌

92,911,347‌

171,377,584‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,539,324,694‌

$

1,697,696,797‌

$

82,390,639‌

$

92,911,347‌

See

Notes

to

Financial

Statements

71

NPFD

Year

Ended

7/31/23

For

the

Period

12/15/21

(commencement

of

operations)

through

7/31/22

OPERATIONS

Net

investment

income

(loss)

$

16,989,191‌

$

14,428,732‌

Net

realized

gain

(loss)

(27,348,984‌)

(4,412,968‌)

Change

in

net

unrealized

appreciation

(depreciation)

(14,179,952‌)

(85,282,367‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(24,539,745‌)

(75,266,603‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(30,050,968‌)

(20,007,909‌)

Return

of

Capital

(601,245‌)

–‌

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(30,652,213‌)

(20,007,909‌)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Proceeds

from

sale

of

common

shares

—‌

604,003,525‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

—‌

604,003,525‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(55,191,958‌)

508,729,013‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

508,829,013‌

100,000‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

453,637,055‌

$

508,829,013‌

Statement

of

Cash

Flows

July

31,

2023

See

Notes

to

financial

statements

72

July

31,

2023

JPC

JPI

JPS

JPT

NPFD

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

(

39,900,735‌

)

$

(

33,040,680‌

)

$

(

57,367,976‌

)

$

(

4,787,443‌

)

$

(

24,539,745‌

)

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(

190,304,526‌

)

(

95,837,257‌

)

(

295,577,086‌

)

(

16,862,175‌

)

(

127,444,480‌

)

Proceeds

from

sale

and

maturities

of

investments

236,416,660‌

135,183,581‌

473,892,422‌

19,554,003‌

155,215,924‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

1,076,502‌

)

1,822,286‌

(

14,499,603‌

)

194,673‌

4,814,971‌

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

(

542,981‌

)

(

44,432‌

)

(

1,019,631‌

)

—‌

19‌

Proceeds

from

litigation

settlement

953‌

5‌

250,920‌

—‌

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

5,334,715‌

2,286,395‌

9,605,085‌

825,732‌

10,956,306‌

Amortization

of

deferred

offering

costs

43,643‌

—‌

1,871‌

—‌

41,640‌

(Increase)

Decrease

in:

Receivable

for

dividends

(

27,642‌

)

10,845‌

601,740‌

1,208‌

6,314‌

Receivable

for

interest

1,352,529‌

999,609‌

3,787,969‌

151,080‌

671,649‌

Receivable

for

reclaims

—‌

—‌

—‌

(

4,248‌

)

10,996‌

Receivable

for

investments

sold

391,121‌

(

3,656,166‌

)

(

4,295,645‌

)

—‌

(

2,467,825‌

)

Other

assets

(

188,214‌

)

(

11,261‌

)

(

69,588‌

)

(

18,463‌

)

(

108,388‌

)

Increase

(Decrease)

in:

Payable

for

interest

502,241‌

761,786‌

977,693‌

8,431‌

(

20,953‌

)

Payable

for

investments

purchased

-

regular

settlement

(

5,719,222‌

)

(

1,575,000‌

)

8,930,961‌

(

290,000‌

)

(

1,650,000‌

)

Payable

for

variation

margin

on

futures

contracts

—‌

—‌

—‌

—‌

(

3,852‌

)

Payable

for

offering

cost

115,365‌

—‌

(

576,102‌

)

—‌

—‌

Accrued

custodian

fees

(

26,509‌

)

(

12,873‌

)

(

28,353‌

)

(

4,608‌

)

13,525‌

Accrued

investor

relations

fees

(

5,875‌

)

(

3,477‌

)

(

12,966‌

)

420‌

(

35‌

)

Accrued

management

fees

(

96,830‌

)

(

61,043‌

)

(

105,393‌

)

22,121‌

(

60,972‌

)

Accrued

Trustees

fees

33,874‌

8,201‌

66,799‌

(

3,808‌

)

6,174‌

Accrued

professional

fees

(

23,119‌

)

(

25,526‌

)

(

8,888‌

)

(

25,949‌

)

(

3,567‌

)

Accrued

shareholder

reporting

expenses

(

5,617‌

)

242‌

(

12,678‌

)

1,667‌

1,336‌

Accrued

shareholder

servicing

agent

fees

(

135‌

)

(

10‌

)

(

327‌

)

(

10‌

)

(

72‌

)

Accrued

shelf

offering

costs

(

2,707‌

)

—‌

(

22,088‌

)

—‌

—‌

Accrued

other

expenses

7,730‌

(

5,763‌

)

(

1,797‌

)

1,023‌

16,233‌

Net

realized

(gain)

loss

from

investments

25,246,129‌

18,333,503‌

89,818,265‌

1,982,335‌

30,106,044‌

Change

in

net

unrealized

(appreciation)

depreciation

of

investments

83,175,312‌

42,016,091‌

86,251,132‌

7,723,044‌

14,356,549‌

Change

in

net

unrealized

(appreciation)

depreciation

of

swaps

(

15,034,813‌

)

579,869‌

(

27,815,530‌

)

—‌

—‌

Net

cash

provided

by

(used

in)

operating

activities

99,664,845‌

67,728,925‌

272,771,206‌

8,469,033‌

59,917,791‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

36,700,000‌

31,400,000‌

—‌

3,300,000‌

39,814,000‌

(Repayments)

of

borrowings

(

240,500,000‌

)

(

66,500,000‌

)

(

198,000,000‌

)

(

14,945,000‌

)

(

80,800,000‌

)

Proceeds

from

reverse

repurchase

agreements

—‌

—‌

—‌

32,435,000‌

506,559,000‌

(Repayments

of)

reverse

repurchase

agreements

—‌

—‌

—‌

(

24,790,000‌

)

(

581,978,000‌

)

Proceeds

from

TFP

Shares

issued,

at

liquidation

preference

150,000,000‌

—‌

—‌

—‌

85,000,000‌

(Payments

for)

deferred

offering

costs

(

685,000‌

)

—‌

—‌

—‌

(

606,762‌

)

Increase

(Decrease)

in:

Cash

overdraft

—‌

(

24,905‌

)

—‌

1,405,649‌

3,300,533‌

Cash

collateral

due

to

broker

14,264,840‌

(

675,525‌

)

26,743,563‌

—‌

—‌

Cash

distributions

paid

to

common

shareholders

(

62,078,533‌

)

(

31,928,488‌

)

(

102,186,848‌

)

(

5,874,707‌

)

(

31,896,460‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

102,298,693‌

)

(

67,728,918‌

)

(

273,443,285‌

)

(

8,469,058‌

)

(

60,607,689‌

)

Net

increase

(decrease)

in

cash

and

cash

denominated

in

foreign

currencies

(

2,633,848‌

)

7‌

(

672,079‌

)

(

25‌

)

(

689,898‌

)

Cash,

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

at

the

beginning

of

period

4,615,537‌

—‌

969,792‌

25‌

689,898‌

Cash

and

cash

denominated

in

foreign

currencies

at

the

end

of

period

$

1,981,689‌

$

7‌

$

297,713‌

$

—‌

$

—‌

See

Notes

to

financial

statements

73

The

following

table

provides

a

reconciliation

of

cash

and

cash

denominated

in

foreign

currencies

to

the

Statement

of

Assets

and

Liabilities:

JPC

JPI

JPS

JPT

NPFD

Cash

$

1,981,689‌

$

—‌

$

297,537‌

$

—‌

$

—‌

Cash

denominated

in

foreign

currencies

—‌

7‌

176‌

—‌

—‌

Total

cash

and

cash

denominated

in

foreign

currencies

$

1,981,689‌

$

7‌

$

297,713‌

$

—‌

$

—‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

JPC

JPI

JPS

JPT

NPFD

Cash

paid

for

interest

(excluding

borrowing

and

amortization

of

offering

costs)

$

22,851,923‌

$

12,205,135‌

$

44,231,981‌

$

2,156,095‌

$

12,864,736‌

Financial

Highlights

74

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JPC

7/31/23

$

8.41

$

0.46

$

(0.84)

$

(0.38)

$

(0.58)

$

—

$

—

$

(0.58)

$

—

$

—

$

7.45

$

6.60

7/31/22

9.91

0.66

(1.52)

(0.86)

(0.64)

—

—

(0.64)

—(d)

—(d)

8.41

8.20

7/31/21

8.83

0.67

1.05

1.72

(0.64)

—

—

(0.64)

—(d)

—(d)

9.91

10.00

7/31/20

10.14

0.65

(1.26)

(0.61)

(0.68)

—

(0.02)

(0.70)

—

—

8.83

8.81

7/31/19

10.16

0.70

0.01

0.71

(0.70)

—

(0.03)

(0.73)

—

—

10.14

9.91

JPI

7/31/23

21.26

1.15

(2.60)

(1.45)

(

1.37)

—

—

(1.37)

—

—

18.44

17.63

7/31/22

25.38

1.58

(4.13)

(2.55)

(1.57)

—

—

(1.57)

—

—

21.26

20.51

7/31/21

22.45

1.65

2.85

4.50

(1.57)

—

—

(1.57)

—

—

25.38

26.26

7/31/20

24.67

1.59

(2.20)

(0.61)

(1.57)

—

(0.04)

(1.61)

—

—

22.45

22.20

7/31/19

24.39

1.64

0.27

1.91

(1.61)

—

(0.02)

(1.63)

—

—

24.67

24.27

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

See

Notes

to

Financial

Statements

75

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JPC

JPI

7/31/23

3.07

%

2.96

%

7/31/22

0.72

0.69

7/31/21

0.49

0.44

7/31/20

1.17

1.01

7/31/19

1.73

1.43

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

(4.47‌)

%

(12.60‌)

%

$

783,007

4.46‌

%

5.92‌

%

15‌

%

(9.05‌)

(11.91‌)

884,062

2.06‌

7.10‌

71‌

19.93‌

21.55‌

1,028,714

1.81‌

7.02‌

23‌

(6.16‌)

(4.12‌)

912,193

2.50‌

6.87‌

32‌

7.48‌

13.52‌

1,047,925

3.04‌

7.10‌

23‌

(6.85‌)

(7.39‌)

420,003

4.40‌

6.00‌

14‌

(10.41‌)

(16.35‌)

484,242

2.06‌

6.75‌

9‌

20.54‌

26.22‌

577,883

1.76‌

6.79‌

23‌

(2.50‌)

(1.93‌)

511,060

2.34‌

6.75‌

34‌

8.29‌

12.79‌

561,523

2.72‌

6.90‌

27‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

Value

rounded

to

zero.

Financial

Highlights

76

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JPS

JPT

7/31/23

3.08

%

2.55

%

7/31/22

0.73

0.41

7/31/21

0.49

0.22

7/31/20

1.14

0.55

7/31/19

1.73

0.83

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Shelf

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JPS

7/31/23

$

8.25

$

0.39

$

(0.67)

$

(0.28)

$

(0.49)

$

—

$

—

$

(0.49)

$

—

$

—

$

—

$

7.48

$

6.56

7/31/22

9.91

0.58

(1.65)

(1.07)

(0.59)

—

—

(0.59)

—

—(e)

—(e)

8.25

7.77

7/31/21

9.06

0.63

0.83

1.46

(0.61)

—

—

(0.61)

—

—(e)

—(e)

9.91

10.02

7/31/20

9.84

0.63

(0.76)

(0.13)

(0.60)

—

(0.05)

(0.65)

—

—

—

9.06

9.07

7/31/19

9.73

0.66

0.12

0.78

(0.66)

—

(0.01)

(0.67)

—(e)

—

—

9.84

9.79

JPT

7/31/23

21.16

1.12

(2.21)

(1.09)

(1.31)

—

—

(1.31)

—

—

—

18.76

16.36

7/31/22

25.04

1.30

(3.68)

(2.38)

(1.50)

—

—

(1.50)

—

—

—

21.16

20.26

7/31/21

22.84

1.31

2.31

3.62

(1.42)

—

—

(1.42)

—

—

—

25.04

25.45

7/31/20

24.24

1.29

(1.27)

0.02

(1.42)

—

—

(1.42)

—

—

—

22.84

23.20

7/31/19

23.89

1.36

0.41

1.77

(1.42)

—

—

(1.42)

—

—

—

24.24

23.90

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

See

Notes

to

Financial

Statements

77

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Expenses

After

Reimbursement(d)

Net

Investment

Income

(Loss)(c),(d)

Portfolio

Turnover

Rate

(3.29‌)

%

(9.26‌)

%

$

1,539,325

4.45‌

%

N/A‌

%

5.12‌

%

12‌

%

(11.16‌)

(17.04‌)

1,697,697

2.06‌

N/A‌

6.33‌

12‌

16.45‌

17.75‌

2,028,972

1.78‌

N/A‌

6.51‌

14‌

(1.29‌)

(0.59‌)

1,847,233

2.44‌

N/A‌

6.73‌

24‌

8.53‌

18.01‌

2,004,447

3.02‌

N/A‌

6.91‌

16‌

(5.15‌)

(13.03‌)

82,391

4.05‌

3.66‌

5.79‌

13‌

(9.81‌)

(14.88‌)

92,911

1.72‌

1.53‌

5.33‌

34‌

16.25‌

16.33‌

171,378

1.37‌

N/A‌

5.42‌

28‌

0.15‌

3.18‌

156,199

1.71‌

N/A‌

5.52‌

22‌

7.76‌

9.78‌

165,623

2.00‌

N/A‌

5.83‌

26‌

(d)

During

the

year

ended

July

31,

2023

and

July

31,

2022,

the

Adviser

voluntarily

reimbursed

JPT

for

certain

expenses

incurred

in

connection

with

its

restructuring.

See

Notes

to

Financial

Statements

for

more

information.

(e)

Value

rounded

to

zero.

Financial

Highlights

78

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NPFD

7/31/23

$

21.06

$

0.70

$

(1.72)

$

(1.02)

$

(1.24)

$

—

$

(0.03)

$

(1.27)

$

18.77

$

16.39

7/31/22(d)

25.00

0.61

(3.72)

(3.11)

(0.83)

—

—

(0.83)

21.06

19.98

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

See

Notes

to

Financial

Statements

79

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NPFD

7/31/23

2.93

%

7/31/22

0.74

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

(4.82‌)

%

(11.68‌)

%

$

453,637

4.43‌

%

3.64‌

%

17‌

%

(12.48‌)

(16.77‌)

508,829

2.13‌

(e)

4.33‌

(e)

14‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

For

the

period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022.

(e)

Annualized.

80

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

TFP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Asset

Coverage

Per

$1

Liquidation

Preference(c)

JPC

7/31/23

$

219,600

$

5,249

$

150,000

$

3,119

$

3.12

7/31/22

423,400

3,088

—

—

—

7/31/21

462,700

3,223

—

—

—

7/31/20

400,000

3,280

—

—

—

7/31/19

455,000

3,303

—

—

—

JPI

7/31/23

180,900

3,322

—

—

—

7/31/22

216,000

3,242

—

—

—

7/31/21

234,800

3,461

—

—

—

7/31/20

200,000

3,555

—

—

—

7/31/19

210,000

3,674

—

—

—

JPS

7/31/23

301,300

7,005

270,000

3,694

3.69

7/31/22

499,300

4,402

270,000

3,208

3.21

7/31/21

873,300

3,323

—

—

—

7/31/20

740,300

3,495

—

—

—

7/31/19

853,300

3,349

—

—

—

JPT

7/31/23

35,355

3,330

—

—

—

7/31/22

47,000

2,977

—

—

—

7/31/21

47,000

4,646

—

—

—

7/31/20

37,300

5,188

—

—

—

7/31/19

42,500

4,897

—

—

—

NPFD

7/31/23

147,614

4,649

85,000

2,950

2.95

7/31/22(d)

188,600

3,698

—

—

—

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

of

debt

is

calculated

by

subtracting

the

Fund's

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund's

total

assets,

dividing

the

results

by

the

aggregate

amount

of

the

Fund's

senior

securities

representing

indebtedness

then

outstanding

(if

applicable),

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(c)

Includes

all

preferred

shares

presented

for

the

Fund.

(d)

For

the

period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022.

Notes

to

Financial

Statements

81

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Nuveen

Preferred

and

Income

Fund

(JPT)

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

JPC,

JPI,

JPS,

JPT

and

NPFD

were

each

organized

as

Massachusetts

business

trusts

on

January

27,

2003,

April

18,

2012,

June

24,

2002,

July

6,

2016

and

June

1,

2021,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

July

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

July

31,

2023

(the

“current

fiscal

period”).

Fund

Reorganization:

On

April

12,

2023,

the

mergers

of

JPS

and

JPT

into

JPC

were

approved

by

each

Fund's

Board

of

Trustees

(the

"Board").

The

merger

of

each

JPS

and

JPT

is

pending

shareholder

approval,

and

the

closing

of

each

merger

is

contingent

upon

obtaining

shareholder

approvals

and

satisfying

other

closing

conditions.

The

mergers

are

not

contingent

on

each

other

.

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

For

JPC,

JPI,

JPT

and

NPFD,

the

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management

LLC

(“NAM”),

a

subsidiary

of

the

Adviser.

For

JPS,

the

Adviser

has

entered

into

a

sub-advisory

agreement

with

Spectrum

Asset

Management,

Inc.

(“Spectrum”).

Spectrum

and

NAM

are

each

a

“Sub-Adviser”

and

collectively,

the

“Sub-Advisers”

for

their

respective

Funds.

The

Sub-Advisers

manage

the

investment

portfolio

of

each

Fund.

The

Adviser

is

responsible

for

managing

JPC’s,

JPI’s

and

JPS’s

investments

in

swap

contracts.

Developments

Regarding

the

Funds’

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

2.

Significant

Accounting

Policies 

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

82

Notes

to

Financial

Statements

(continued)

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation:

To

the

extent

that

the

Funds

invest

in

securities

and/or

contracts

that

are

denominated

in

a

currency

other

than

U.S.

dollars,

the

Funds

will

be

subject

to

currency

risk,

which

is

the

risk

that

an

increase

in

the

U.S.

dollar

relative

to

the

foreign

currency

will

reduce

returns

or

portfolio

value.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

Funds’

investments

denominated

in

that

currency

will

lose

value

because

their

currency

is

worth

fewer

U.S.

dollars;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Investments

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

converted

into

U.S.

dollars

on

a

spot

(i.e.

cash)

basis

at

the

spot

rate

prevailing

in

the

foreign

currency

exchange

market

at

the

time

of

valuation.

Purchases

and

sales

of

investments

and

income

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

on

the

respective

dates

of

such

transactions.

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

Funds’

investments

in

non-U.S.

securities

were

as

follows:

JPC

Value

%

of

Total

Investments

Country:

United

Kingdom

$

162,071,139

13.0

%

France

74,130,883

5.9

Switzerland

43,065,934

3.4

Spain

32,325,245

2.7

Netherlands

29,136,341

2.4

Canada

28,357,173

2.3

Australia

26,350,343

2.2

Germany

21,607,553

1.7

Ireland

20,957,892

1.7

Bermuda

15,163,818

1.3

Other

31,525,651

2.4

Total

non-U.S.

Securities

$484,691,972

39.0%

JPI

Value

%

of

Total

Investments

Country:

United

Kingdom

$

87,155,864

13.4

%

France

39,513,101

5.9

Switzerland

22,603,309

3.4

Spain

17,567,012

2.8

Netherlands

16,411,695

2.5

Australia

15,848,538

2.4

Canada

15,282,887

2.4

Germany

12,271,478

1.9

Ireland

8,730,583

1.3

Bermuda

7,115,005

1.1

Other

17,131,316

2.6

Total

non-U.S.

Securities

$259,630,788

39.7%

83

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-

dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recorded

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

JPS

Value

%

of

Total

Investments

Country:

United

Kingdom

$

293,463,682

12.4

%

France

240,494,219

10.1

Switzerland

141,347,405

6.0

Canada

83,854,661

3.6

Finland

77,277,641

3.3

Spain

59,362,451

2.5

Netherlands

34,142,590

1.5

Australia

32,509,302

1.4

Norway

31,490,910

1.3

Japan

30,476,130

1.2

Other

84,130,797

3.6

Total

non-U.S.

Securities

$1,108,549,788

46.9%

JPT

Value

%

of

Total

Investments

Country:

United

Kingdom

$

16,289,243

13.0

%

France

7,265,746

5.8

Switzerland

4,989,825

3.9

Spain

3,212,752

2.6

Germany

3,184,482

2.6

Netherlands

3,120,286

2.5

Canada

2,811,103

2.3

Ireland

2,785,381

2.2

Australia

2,535,915

2.0

Bermuda

1,582,994

1.3

Other

2,797,342

2.2

Total

non-U.S.

Securities

$50,575,069

40.4%

NPFD

Value

%

of

Total

Investments

Country:

United

Kingdom

$

60,606,461

8.6

%

Canada

33,128,789

4.6

France

23,654,237

3.5

Ireland

19,491,180

2.7

Australia

15,544,005

2.1

Spain

10,345,669

1.4

Netherlands

10,148,880

1.4

Switzerland

9,231,859

1.3

Bermuda

8,695,512

1.2

Germany

5,902,387

0.8

Other

12,982,273

1.8

Total

non-U.S.

Securities

$209,731,252

29.4%

84

Notes

to

Financial

Statements

(continued)

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Rehypothecation

income

is

comprised

of

fees

earned

in

connection

with

the

rehypothecation

of

pledged

collateral

as

further

described

in

Note

10

–

Borrowing

Arrangements

and

Reverse

Repurchase

Agreements.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

New

Accounting

Pronouncement: 

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rule

Issuance:

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

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).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

85

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

JPC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

12,600,199

$

621,597,568

$

–

$

634,197,767

Contingent

Capital

Securities

–

378,089,017

–

378,089,017

$25

Par

(or

similar)

Retail

Preferred

207,918,131

13,287,090

–

221,205,221

Corporate

Bonds

–

3,434,836

–

3,434,836

Common

Stocks

5,932

–

–

5,932

Short-Term

Investments:

Repurchase

Agreements

–

5,890,000

–

5,890,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

17,306,207

–

17,306,207

Total

$

220,524,262

$

1,039,604,718

$

–

$

1,260,128,980

JPI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

11,800,186

$

322,028,614

$

–

$

333,828,800

Contingent

Capital

Securities

–

203,882,687

–

203,882,687

$25

Par

(or

similar)

Retail

Preferred

109,025,521

7,149,180

–

116,174,701

Corporate

Bonds

–

1,083,700

–

1,083,700

Short-Term

Investments:

Repurchase

Agreements

–

2,800,000

–

2,800,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

361,549

–

361,549

Total

$

120,825,707

$

537,305,730

$

–

$

658,131,437

86

Notes

to

Financial

Statements

(continued)

The

Funds

hold

liabilities

in 

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above. 

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

Note

5

-

Fund

Shares.

4.

Portfolio

Securities

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

as

follows:

JPS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

1,182,434,554

$

–

$

1,182,434,554

Contingent

Capital

Securities

–

807,358,577

–

807,358,577

$25

Par

(or

similar)

Retail

Preferred

198,686,360

23,686,188

–

222,372,548

Corporate

Bonds

–

72,061,869

–

72,061,869

Convertible

Preferred

Securities

21,824,240

–

–

21,824,240

Investment

Companies

16,701,971

–

–

16,701,971

Short-Term

Investments:

Repurchase

Agreements

–

45,860,000

–

45,860,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

32,485,518

–

32,485,518

Total

$

237,212,571

$

2,163,886,706

$

–

$

2,401,099,277

JPT

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

2,000,032

$

63,155,723

$

–

$

65,155,755

Contingent

Capital

Securities

–

38,670,008

–

38,670,008

$25

Par

(or

similar)

Retail

Preferred

19,476,500

956,889

–

20,433,389

Corporate

Bonds

–

1,279,052

–

1,279,052

Total

$

21,476,532

$

104,061,672

$

–

$

125,538,204

NPFD

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

459,539,946

$

–

$

459,539,946

$25

Par

(or

similar)

Retail

Preferred

131,300,689

5,698,275

–

136,998,964

Contingent

Capital

Securities

–

111,895,239

–

111,895,239

Total

$

131,300,689

$

577,133,460

$

–

$

708,434,149

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

portfolio

of

investments.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

JPC

Fixed

Income

Clearing

Corporation

$

5,890,000

$

(6,007,841)

JPI

Fixed

Income

Clearing

Corporation

2,800,000

(2,856,045)

JPS

Fixed

Income

Clearing

Corporation

45,860,000

(46,777,221)

87

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

the

Fund

used

interest

rate

futures

to

reduce

the

duration

of

the

portfolio.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Interest

Rate

Swap

Contracts:

During

the

current

fiscal

period,

the

Funds

used

interest

rate

swap

contracts

to

partially

hedge

its

interest

cost

of

leverage.

Interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

the

counterparty

to

pay

or

receive

a

fixed

rate

payment

in

exchange

for

the

counterparty

receiving

or

paying

a

variable

rate

payment.

Forward

interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

a

counterparty

to

pay,

in

the

future,

a

fixed

or

variable

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

or

fixed

rate

payment,

the

accruals

for

which

would

begin

at

a

specified

date

in

the

future

(the

“effective

date”).

Upon

entering

into

an

interest

rate

swap

contract

(and

beginning

on

the

effective

date

for

a

forward

interest

rate

swap

contract),

the

Fund

accrues

the

fixed

rate

payment

expected

to

be

paid

or

received

and

the

variable

rate

payment

expected

to

be

received

or

paid

on

the

interest

rate

swap

contracts

on

a

daily

basis,

and

recognizes

the

daily

change

in

the

fair

value

of

the

Fund’s

contractual

rights

and

obligations

under

the

contracts.

The

amount

of

the

payment

obligation

for

an

interest

rate

swap

is

based

on

the

notional

amount

and

the

termination

date

of

the

contract.

Interest

rate

swap

contracts

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

on

such

transactions

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

to

receive

from

the

counterparty.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Interest

rate

Fund

Purchases

Sales

and

Maturities

JPC

$

190,304,526

$

236,416,660

JPI

95,837,257

135,183,581

JPS

295,577,086

473,892,422

JPT

16,862,175

19,554,003

NPFD

127,444,480

155,215,924

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

NPFD

$

31,343,891

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

88

Notes

to

Financial

Statements

(continued)

swaps

can

be

settled

either

directly

with

the

counterparty

(“OTC”)

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

interest

rate

swaps

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

interest

rate

swaps.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

net

unrealized

appreciation

(depreciation)

of

swaps

on

the

Statement

of

Operations.

The

net

amount

of

periodic

payments

settled

in

cash

are

recognized

as

net

realized

gain

(loss)

from

swaps

on

the

Statement

of

Operations,

in

addition

to

the

net

realized

gain

or

loss

recorded

upon

the

termination

of

the

swap

contract.

The

average

notional

amount

of

interest

rate

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

As

of

the

end

of

the

reporting

period,

the

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JPC

$

325,500,000

JPI

112,200,000

JPS

611,000,000

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Counterparty

Gross

Unrealized

Appreciation

Interest

Rate

Swaps***

Gross

Unrealized

(Depreciation)

Interest

Rate

Swaps***

Net

Unrealized

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

JPC

Morgan

Stanley

Capital

Services

LLC

$

17,306,207

$

-  

$

17,306,207

$

(17,093,969)

$

(212,238)

JPI

Morgan

Stanley

Capital

Services

LLC

  361,549

-  

   361,549

(380,574)

(19,025)

JPS

Morgan

Stanley

Capital

Services

LLC

32,485,518

-  

32,485,518

(32,070,764)

414,754

***  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

JPC

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swap

contracts

$

17,306,207

-

$

–

1

1

1

1

1

1

1

1

JPI

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swap

contracts

361,549

-

–

1

1

1

1

1

1

1

1

JPS

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swap

contracts

32,485,518

-

–

1

1

1

1

1

1

1

1

89

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds’

Statements

of

Operations

was

as

follows:

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Tender

Offer

The

Board

had

authorized

JPT

to

conduct

a

tender

offer

pursuant

to

which

the

Fund

would

offer

to

purchase

up

to

100%

of

its

then

outstanding

shares

for

cash

on

a

pro

rata

basis

at

a

price

per

share

equal

100%

of

the

NAV

per

share

as

determined

as

of

the

close

of

regular

trading

on

the

NYSE

on

the

expiration

date

of

the

tender

offer.

On

January

19,

2022,

Nuveen

announced

the

Fund’s

tender

offer,

which

commenced

on

January

20,

2022

and

expired

on

February

17,

2022.

In

the

tender

offer

2,454,617

shares

were

tendered,

representing

approximately

36%

of

the

Fund’s

common

shares

outstanding

from

participating

shareholders.

The

final

results

of

the

tender

offer

are

as

shown

in

the

accompanying

table.

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs:

The

following

Funds

have

filed

a

registration

statement

with

the

SEC

authorizing each

Fund

to

issue

additional

common

shares

through

one

or

more

equity

shelf

programs

(“Shelf

Offering”),

which

became

effective

with

the

SEC

during

prior

fiscal

periods.

Under

this

Shelf

Offering,

the

Funds,

subject

to

market

conditions,

may

raise

additional

equity

capital

by

issuing

additional

common

shares

from

time

to

time

in

varying

amounts

and

by

different

offering

methods

at

a

net

price

at

or

above each

Fund’s

NAV

per

common

share.

In

the

event

the

Fund’s

Shelf

Offering

registration

statement

is

no

longer

current,

the

Fund

may

not

issue

additional

common

shares

until

a

post-effective

amendment

to

the

registration

statement

has

been

filed

with

the

SEC.

Maximum

aggregate

offering,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

each

Fund’s

Shelf

Offering

during

the

Funds’

current

and

prior

fiscal

period

were

as

follows:

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

JPC

Swap

contracts

Interest

rate

$

5,452,308

$

15,034,813

JPI

Swap

contracts

Interest

rate

1,644,098

(579,869)

JPS

Swap

contracts

Interest

rate

10,637,039

27,815,530

NPFD

Futures

contracts

Interest

rate

2,757,060

176,597

JPT

Number

of

common

shares

outstanding

before

tender

offer

6,846,241

Number

of

common

shares

authorized

for

tender

offer

2,454,617

Purchase

price

(100%

of

share

NAV

on

expiration

date)

$  

23.2613

Number

of

common

shares

outstanding

after

tender

offer

4,391,624

90

Notes

to

Financial

Statements

(continued)

Costs

incurred

by

the

Funds

in

connection

with their

initial

shelf

registrations

are

recorded

as

a

prepaid

expense

and

recognized

as

“Deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

These

costs

are

amortized

pro

rata

as

common

shares

are

sold

and

are

recognized

as

a

component

of

“Proceeds

from

shelf

offering,

net

of

offering

costs”

on

the

Statement

of

Changes

in

Net

Assets.

Any

deferred

offering

costs

remaining

after

the

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Fund

to

keep

the

shelf

registration

current

are

expensed

as

incurred

and

recognized

as

a

component

of

“Other

expenses”

on

the

Statement

of

Operations.

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

JPC

Year

Ended

7/31/23

Year

Ended

7/31/22

Maximum

aggregate

offering

Unlimited

Unlimited

Common

shares

sold

–

1,185,860

Offering

proceeds,

net

of

offering

costs

$–

$11,703,948

JPS

Year

Ended

7/31/23

Year

Ended

7/31/22

Maximum

aggregate

offering

Unlimited

Unlimited

Common

shares

sold

–

921,252

Offering

proceeds,

net

of

offering

costs

$–

$9,114,000

JPC

Year

Ended

7/31/23

Year

Ended

7/31/22

Common

Shares:

Sold

through

shelf

offering

—

1,185,860

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

38,614

Total

—

1,224,474

Weighted

average

common

share:

Premium

to

NAV

per

shelf

offering

common

share

sold

–%

1.18%

JPI

Year

Ended

7/31/23

Year

Ended

7/31/22

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

6,156

Total

—

6,156

JPS

Year

Ended

7/31/23

Year

Ended

7/31/22

Common

Shares:

Sold

through

shelf

offering

—

921,252

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

29,125

Total

—

950,377

Weighted

average

common

share:

Premium

to

NAV

per

shelf

offering

common

share

sold

–%

1.16%

JPT

Year

Ended

7/31/23

Year

Ended

7/31/22

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

2,174

Repurchased

and

retired

through

tender

offer

—

(2,454,617)

Total

—

(2,452,443)

Tender

offer:

Price

per

common

share

$—

$23.26

Discount

per

common

share

0.00%

0.00%

91

*

Prior

to

the

commencement

of

operations,

the

Adviser

purchased

4,000

shares,

which

are

still

held

as

of

the

end

of

the

reporting

period.

Preferred

Shares

Taxable

Fund

Preferred

Shares:

JPC,

JPS

and

NPFD

have

issued

and

have

outstanding

Taxable

Fund

Preferred

(“TFP”)

Shares,

with

a

$1,000

liquidation

preference

per

share.

These

TFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

Each

Fund

is

obligated

to

redeem

its

TFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

TFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

TFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Funds.

The

modes

within

TFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Funds

may

establish

additional

mode

structures

with

the

TFP

Share.

•

Variable

Rate

Mode

(“VRM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread"

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

TFP

Shares.

The

fair

value

of

TFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

TFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which

each

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares.

Each

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The

Funds

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

TFP

Shares

while

within

VRDM.

Payments

made

by

the

Funds

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

TFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“TFP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

TFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

TFP

shares

are

recognized

as

a

component

on

“Interest

payable”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

TFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Subject

to

certain

conditions,

TFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Funds.

Each

Fund

may

also

be

required

to

redeem

certain

TFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

JPC

and

NPFD

both

incurred

offering

costs

of

$685,000

and

$607,387

respectively,

in

connection

with

their

offering

of

TFP

Shares,

which

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“Taxable

Fund

Preferred

(“TFP”)

Shares,

net

of

deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Details

of

the

Fund’s

TFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

NPFD*

Year

Ended

7/31/23

Year

Ended

For

the

Period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022

Common

Shares:

Sold

—

24,160,141

Total

—

24,160,141

92

Notes

to

Financial

Statements

(continued)

The

average

liquidation

preference

of

TFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

*

For

the

period

August

18,

2022

(first

issuance

date

of

shares)

through

July

31,

2023.

**

For

the

period

September

1,

2022

(first

issuance

date

of

shares)

through

July

31,

2023.

Preferred

Share

Transactions: 

Transactions

in

preferred

shares

during

the

Funds'

current

and

prior

fiscal

period,

where

applicable,

are

noted

in

the

following

table.

Transactions

in

TFP

Shares

for

the

Funds,

where

applicable,

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

complex

securities

character

adjustments,

foreign

currency

transactions,

nondeductible

expenses,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

taxable

overdistribution,

taxes

paid,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

unamortized

deferred

offering

costs

Term

Redemption

Date

Mode

JPC

A

150,000

$

150,000,000

$

149,358,643

August

1,

2037

VRDM

JPS

A

270,000

270,000,000

268,932,187

July

1,

2032

VRDM

NPFD

A

85,000

85,000,000

84,434,878

February

1,

2034

VRDM

JPC*

JPS

NPFD**

Average

liquidation

preference

of

TFP

Shares

outstanding

$150,000,000

$270,000,000

$85,000,000

Average

dividend

rate

4.44%

4.34%

4.52%

Year

Ended

January

31,

2023

JPC

Series

Shares

Amount

TFP

Shares

Issued

A

150,000

$150,000,000

NPFD

Series

Shares

Amount

TFP

Shares

Issued

A

85,000

$85,000,000

Year

Ended

July

31,

2022

JPS

Series

Shares

Amount

TFP

Shares

Issued

A

270,000

$270,000,000

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JPC

$

1,383,354,010

$

23,553,352

$

(146,778,382)

$

(123,225,030)

JPI

729,470,439

5,032,109

(76,371,111)

(71,339,002)

JPS

2,550,238,819

41,800,408

(190,939,950)

(149,139,542)

JPT

140,156,035

489,384

(15,107,215)

(14,617,831)

NPFD

821,949,306

1,562,179

(115,077,336)

(113,515,157)

93

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

The

management

fee

compensates

the

Adviser

for

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

Security

Capital

and

NAM

are

compensated

for

their

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

Fund

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

JPC

$

2,497,837

$

—

$

(123,225,374)

$

(141,537,187)

$

—

$

(4,988,879)

$

(267,253,603)

JPI

—

—

(71,339,001)

(44,312,590)

—

(2,344,930)

(117,996,521)

JPS

3,739,805

—

(149,139,530)

(185,568,340)

—

(9,499,353)

(340,467,418)

JPT

119,404

—

(14,617,831)

(13,811,644)

—

(408,421)

(28,718,492)

NPFD

—

—

(113,515,157)

(34,186,057)

—

(2,090,198)

(149,791,412)

7/31/23

7/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

JPC

$

61,153,963

$

—

$

—

$

66,660,132

$

—

$

—

JPI

31,198,214

—

—

35,659,439

—

—

JPS

101,004,127

—

—

121,278,321

—

—

JPT

5,733,265

—

—

8,310,452

—

—

NPFD

1

30,050,968

—

601,245

20,007,909

—

—

1

For

the

Period

12/15/2021

(commencement

of

operations)

through

7/31/22.

Fund

Short-Term

Long-Term

Total

JPC

$

47,916,528

$

93,620,659

$

141,537,187

JPI

12,053,965

32,258,625

44,312,590

JPS

18,011,401

167,556,939

185,568,340

JPT

3,410,266

10,401,378

13,811,644

NPFD

10,936,810

23,249,247

34,186,057

Average

Daily

Managed

Assets

JPC

JPI

JPS

JPT

NPFD

For

the

first

$500

million

0.6800

%

0.7000

%

0.7000

%

0.7000

%

0.7500

%

For

the

next

$500

million

0.6550

0.6750

0.6750

0.6750

0.7250

For

the

next

$500

million

0.6300

0.6500

0.6500

0.6500

0.7000

For

the

next

$500

million

0.6050

0.6250

0.6250

0.6250

0.6750

For

managed

assets

over

$2

billion

0.5800

0.6000

0.6000

0.6000

0.6500

94

Notes

to

Financial

Statements

(continued)

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

As

of

July

31,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

Beginning

February

8,

2022,

and

for

a

one-year

period,

the

Adviser

is

waiving

50%

of

JPT's

net

management

fees.

9.

Commitments

and

Contingencies

In

the

normal

course

of

business, each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments

other

than

those

disclosed

in

the

Notes

to

Financial

Statements.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds' rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

10.

Borrowings

Arrangements

and

Reverse

Repurchase

Agreements

Borrowings:

Each

Fund

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

these

Borrowings

is

as

follows:

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

JPC

0.1594%

JPI

0.1594%

JPS

0.1594%

JPT

0.1594%

NPFD

0.1594%

Fund

Maximum

Outstanding

Balance

JPC

$

320,000,000

JPI

255,000,000

JPS

560,000,000

JPT

47,000,000

NPFD

190,000,000

95

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

For

JPC,

JPI

and

JPS

interest

is

charged

on

these

Borrowings

at

OBFR

(“Overnight

Bank

Funding

Rate”)

plus

0.85%

per

annum

on

the

amounts

borrowed.

JPT’s

interest

is

charged

on

the

Borrowings

at

a

rate

equal

to

the

1-Month

Term

SOFR

(“Secured

Overnight

Financing

Rate”)

plus

0.825%

(this

is

comprised

of

a

0.05%

credit

adjustment

spread

to

account

for

SOFR

basis

plus

0.775%

prior

to

drawn

rate)

per

annum

on

the

amount

borrowed

and

a

0.125%

per

annum

commitment

fee

on

the

undrawn

portion

of

the

Borrowings.

For

NPFD,

interest

is

charged

on

these

Borrowings

at

OBFR

plus

0.75%

per

annum

on

the

amounts

borrowed

and

0.25%

per

annum

on

the

undrawn

balance

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

25%

of

the

maximum

commitment

amount.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

each

Fund’s

Borrowings

were

as

follows:

Other

Borrowings

Information

for

the

Funds:

In

order

to

maintain

these

Borrowings,

the

Funds

must

meet

certain

collateral,

asset

coverage

and

other

requirements.

The

Funds’

borrowings

outstanding

are

fully

secured

by

eligible

securities

held

in

each

Fund’s

portfolio

of

investments.

(“Pledged

Collateral”)

Borrowings

outstanding

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

incurred

on

the

borrowed

amount

and

undrawn

balance

and

amendment

fees

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Rehypothecation:

JPC,

JPI

and

JPS

have

each

entered

into

a

Rehypothecation

Side

Letter

(“Side

Letter”)

with

its

prime

brokerage

lender,

allowing

it

to

re-register

the

Pledged

Collateral

in

its

own

name

or

in

a

name

other

than

the

Funds’

to

pledge,

repledge,

hypothecate,

rehypothecate,

sell,

lend

or

otherwise

transfer

or

use

the

Pledged

Collateral

(the

“Hypothecated

Securities”)

with

all

rights

of

ownership

as

described

in

the

Side

Letter.

Subject

to

certain

conditions,

the

total

value

of

the

outstanding

Hypothecated

Securities

shall

not

exceed

the

lesser

of

(i)

98%

of

the

outstanding

balance

on

the

Borrowings

to

which

the

Pledged

Collateral

relates

and

(ii)

33

1⁄3

%

of

the

Funds’

total

assets.

The

Funds

may

designate

any

Pledged

Collateral

as

ineligible

for

rehypothecation.

The

Funds

may

also

recall

Hypothecated

Securities

on

demand.

The

Funds

also

have

the

right

to

apply

and

set-off

an

amount

equal

to

one-hundred

percent

(100%)

of

the

then-current

fair

market

value

of

such

Pledged

Collateral

against

the

current

Borrowings

under

the

Side

Letter

in

the

event

that

the

prime

brokerage

lender

fails

to

timely

return

the

Pledged

Collateral

and

in

certain

other

circumstances.

In

such

circumstances,

however,

the

Funds

may

not

be

able

to

obtain

replacement

financing

required

to

purchase

replacement

securities

and,

consequently,

the

Funds’

income

generating

potential

may

decrease.

Even

if

a

Fund

is

able

to

obtain

replacement

financing,

it

might

not

be

able

to

purchase

replacement

securities

at

favorable

prices.

The

Funds

will

receive

a

fee

in

connection

with

the

Hypothecated

Securities

(“Rehypothecation

Fees”)

in

addition

to

any

principal,

interest,

dividends

and

other

distributions

paid

on

the

Hypothecated

Securities.

As

of

the

end

of

the

reporting

period,

JPC,

JPI

and

JPS

each

had

Hypothecated

Securities

as

follows:

JPC,

JPI

and

JPS

earn

Rehypothecation

Fees,

which

are

recognized

as

“Rehypothecation

income”

on

the

Statement

of

Operations.

During

the

current

fiscal

period,

the

Rehypothecation

Fees

earned

by

each

Fund

were

as

follows

Fund

Outstanding

balance

on

Borrowings

JPC

$

219,600,000

JPI

180,900,000

JPS

301,300,000

JPT

35,355,000

NPFD

147,614,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JPC

365

$

243,901,096

4.88

%

JPI

365

194,243,562

4.90

JPS

365

408,598,630

4.84

JPT

365

42,171,589

4.90

NPFD

365

152,174,055

4.87

JPC

JPI

JPS

Hypothecated

Securities

$45,257,059

$5,951,420

$51,950,668

96

Notes

to

Financial

Statements

(continued)

Reverse

Repurchase

Agreements:

During

the

current

fiscal

period,

the

Fund

utilized

reverse

repurchase

agreements

as

a

means

of

leverage.

The

Fund

may

enter

into

a

reverse

repurchase

agreement

with

brokers,

dealers,

banks

or

other

financial

institutions

that

have

been

determined

by

the

Adviser

to

be

creditworthy.

In

a

reverse

repurchase

agreement,

the

Fund

sells

to

the

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date,

reflecting

the

interest

rate

effective

for

the

term

of

the

agreement.

It

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense" on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Fund’s

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows:

*

The

Fund

may

repurchase

the

reverse

repurchase

agreement

prior

to

the

maturity

date

and/or

counterparty

may

accelerate

maturity

upon

pre-

specified

advance

notice.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Funds’

reverse

repurchase

agreements

were

as

follows:

**

For

the

period

September

26,

2022

(initial

purchase

of

reverse

repurchase

agreements)

through

July

31,

2023.

The

following

table

presents

the

reverse

repurchase

agreements

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

reverse

repurchase

agreements.

JPC

JPI

JPS

Rehypothecation

Fees

$90,131

$68,142

$143,157

Fund

Counterparty

Rate

Principal

Amount

Maturity*

Value

Value

and

Accrued

Interest

JPC

BNP

Paribas

6.13%

$

(102,100,000)

T+29

Days

$

(102,100,000)

$

(102,637,882)

JPI

BNP

Paribas

6.13%

(65,000,000)

T+29

Days

(65,000,000)

(65,601,603)

JPS

BNP

Paribas

6.13%

(275,000,000)

T+29

Days

(275,000,000)

(276,448,752)

JPT

Royal

Bank

of

Canada

6.06%

(7,645,000)

10/26/23

(7,645,000)

(7,662,992)

NPFD

Royal

Bank

of

Canada

5.99%

(27,983,000)

10/4/23

(27,983,000)

(28,148,787)

Fund

Utilization

period

(days

outstanding)

Average

daily

balance

outstanding

Average

annual

interest

rate

JPC

365

$

(102,100,000)

4.99%

JPI

365

(65,000,000)

5.31

JPS

365

(275,000,000)

4.99

JPT**

309

(2,172,071)

5.26

NPFD

365

(42,189,945)

4.55

Fund

Counterparty

Reverse

Repurchase

Agreements***

Collateral

Pledged

to

Counterparty

JPC

BNP

Paribas

$

(102,637,882)

$

230,579,184

JPI

BNP

Paribas

(65,601,603)

154,760,066

JPS

BNP

Paribas

(276,448,752)

646,048,462

JPT

Royal

Bank

of

Canada

(7,662,992)

11,295,520

NPFD

Royal

Bank

of

Canada

(28,148,787)

40,822,357

***

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

97

11.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

12.

Subsequent

Event

Borrowings

:

Subsequent

to

the

current

fiscal

period,

JPT

entered

into

a

committed

financing

agreement

with

a

maximum

commitment

amount

of

$45,000,000.

Interest

will

be

charged

on

these

Borrowings

at

a

rate

per

annum

equal

to

OBFR

plus

0.85%.

The

Fund

is

charged

a

0.50%

per

annum

commitment

fee

on

the

undrawn

portion

of

the

Borrowings

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

20%

of

the

maximum

commitment

amount.

Shareholder

Update

(Unaudited)

99

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUNDS

NUVEEN

PREFERRED

&

INCOME

OPPORTUNITIES

FUND

(JPC)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

high

current

income.

The

Fund’s

secondary

investment

objective

is

total

return.

Investment

Policies

The

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

preferred

securities

and

other

income

producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities

and

up

to

20%

in

other

securities,

primarily

income-oriented

securities

such

as

corporate

and

taxable

municipal

debt

and

common

equity.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

50%

of

its

Managed

Assets

in

securities

rated

investment

grade

(BBB/Baa

and

above)

at

the

time

of

investment.

Investment

grade

quality

securities

are

those

securities

that,

at

the

time

of

investment,

are

(i) rated

by

at

least

one

nationally

recognized

statistical

rating

organization

(“NRSRO”)

within

the

four

highest

grades

(Baa

or

BBB

or

better

by

Moody’s

Investors

Service,

Inc.

(“Moody’s”),

Standard &

Poor’s

Corporation

(“S&P”),

or

Fitch

Ratings

(“Fitch”)),

or

are

unrated

but

judged

to

be

of

comparable

quality.

The

Fund

will

invest

more

than

25%

of

its

Managed

Assets

in

the

securities

of

companies

principally

engaged

in

financial

services.

The

Fund

is

not

limited

in

the

amount

of

its

investments

in non-U.S. issuers.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in  non-

U.S. dollar-denominated

securities.

The

Fund

may

invest

up

to

5%

of

its

Managed

Assets

in

preferred

securities

issued

by

companies

located

in

emerging

market

countries.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice.

Portfolio

Contents

The

Fund

invests

in

preferred

securities.

The

Fund

may

invest

in

all

types

of

preferred

securities,

including

both

traditional

preferred

securities

and non-traditional preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

shares

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

pay

a

dividend,

typically

contingent

both

upon

declaration

by

the

issuer’s

board

and

at

times

approval

by

regulators,

and

on

the

existence

of

current

earnings

(or

retained

earnings)

in

sufficient

amount

to

source

the

payment.

Dividend

payments

can

be

either

cumulative or non-cumulative and can

be

passed

or

deferred

without

limitation

at

the

option

of

the

issuer.

Traditional

preferred

securities

typically

have

no

ordinary

right

to

vote

for

the

board

of

directors,

except

in

some

cases

voting

rights

may

arise

if

the

issuer

fails

to

pay

the

preferred

share

dividends.

Traditional

preferred

securities

may

be

perpetual,

or

have

a

term

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

While

some

preferred

securities

are

issued

with

a

final

maturity

date,

others

are

perpetual

in

nature.

In

certain

instances,

a

final

maturity

date

may

be

extended

and/or

the

final

payment

of

principal

may

be

deferred

at

the

issuer’s

option

for

a

specified

time

without

triggering

an

event

of

default

for

the

issuer.

No

redemption

can

typically

take

place

unless

all

cumulative

payment

obligations

to

preferred

security

investors

have

been

met,

although

issuers

may

be

able

to

engage

in

open-market

repurchases

without

regard

to

any

cumulative

dividends

or

interest

payable.

A

portion

of

the

portfolio

may

include

investments in non-cumulative  preferred securities,

whereby

the

issuer

does

not

have

an

obligation

to

make

up

any

arrearages

to

holders

of

such

securities.

Should

an

issuer

default

on

its

obligations

under

such

a

security,

the

amount

of

income

earned

by

the

Fund

may

be

adversely

affected. Non-traditional preferred

securities

include

hybrid

preferred

securities,

contingent

convertible

capital

securities

and

other

types

of

preferred

securities

that

do

not

have

the

traditional

features

described

above.

Hybrid-preferred

securities

often

behave

similarly

as

investments

in

traditional

preferred

securities

and

are

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Hybrid-preferred

securities

possess

varying

combinations

of

features

of

both

debt

and

preferred

shares

and

as

such

they

may

constitute

senior

debt,

junior

debt

or

preferred

shares

in

an

issuer’s

capital

structure.

As

such,

hybrid-preferred

securities

may

not

be

subordinate

to

a

company’s

debt

securities

(as

are

traditional

100

Shareholder

Update

(Unaudited)

(continued)

preferred

shares).

Given

the

various

debt

and

equity

characteristics

of

hybrid-preferred

securities,

whether

a

hybrid-preferred

security

is

classified

as

debt

or

equity

for

purposes

of

reporting

the

Fund’s

portfolio

holdings

may

be

based

on

the

portfolio

managers’

determination

as

to

whether

its

debt

or

preferred

features

are

preponderant,

or

based

on

the

assessment

of

an

independent

data

provider.

Such

determinations

may

be

subjective.

Hybrid-preferred

securities

include

trust

preferred

securities.

Trust

preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

trust

preferred

securities

market

consists

of

both

fixed

and

adjustable

coupon

rate

securities

that

are

either

perpetual

in

nature

or

have

stated

maturity

dates.

Trust

preferred

securities

may

defer

payment

of

income

without

triggering

an

event

of

default.

These

securities

may

have

many

characteristics

of

equity

due

to

their

subordinated

position

in

an

issuer’s

capital

structure.

Trust

preferred

securities

may

be

issued

by

trusts

or

other

special

purpose

entities.

Preferred

securities

may

also

include

certain

forms

of

debt

that

have

many

characteristics

of

preferred

shares,

and

that

are

regarded

by

the

investment

marketplace

to

be

part

of

the

broader

preferred

securities

market.

Among

these

“preferred

securities”

are

certain

exchange-listed

debt

issues

that

historically

have

several

attributes,

including

trading

and

investment

performance

characteristics,

in

common

with

exchange-listed

traditional

preferred

stock

and

hybrid-preferred

securities.

Generally,

these

types

of

“preferred

securities”

are

senior

debt

or

junior

debt

in

the

capital

structure

of

an

issuer.

Preferred

securities

generally

pay

fixed

or

adjustable

rate

dividends

or

interest

to

investors

and

have

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

generally

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

securities

before

paying

any

dividends

on

its

common

stock.

As

a

general

matter,

dividend

or

interest

payments

on

preferred

securities

may

be

cumulative or non-cumulative. The

dividend

or

interest

rates

on

preferred

securities

may

be

fixed

or

floating,

or

convert

from

fixed

to

floating

at

a

specified

future

time;

the

Fund

may

invest

without

limit

in

such

floating-rate

and fixed-to-floating rate

preferred

securities.

Floating-

rate and fixed-to-floating rate preferred

securities

may

be

traditional

preferred

or

hybrid-preferred

securities.

Floating-rate

preferred

securities

pay

a

rate

of

income

that

resets

periodically

based

on

short-

and/or

longer-term

interest

rate

benchmarks.

If

the

associated

interest

rate

benchmark

rises,

the

income

received

from

the

security

may

increase

and

therefore

the

return

offered

by

the

floating-rate

security

may

rise

as

well,

making

such

securities

less

price

sensitive

to

rising

interest

rates

(or

yields).

Similarly, a  fixed-to-floating rate security

may

be

less

price

sensitive

to

rising

interest

rates

(or

yields),

because

the

period

over

which

the

rate

of

payment

is

fixed

is

shorter

than

the

maturity

term

of

the

bond,

after

which

period

a

floating

rate

of

payment

applies.

On

the

other

hand,

preferred

securities

are

junior

to

most

other

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

their

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

triggering

an

event

of

default

for

the

issuer,

and

certain

other

features,

preferred

securities

may

have,

at

times,

risks

similar

to

equity

instruments.

The

Fund’s

portfolio

of

preferred

securities

may

consist

of

fixed

rate

preferred

and

adjustable

rate

preferred

securities.

The

preferred

securities

market

continues

to

evolve.

New

securities

may

be

developed

that

may

be

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Where

such

securities

will

fall

in

the

capital

structure

of

the

issuer

will

depend

on

the

structure

and

characteristics

of

the

new

security.

For

purposes

of

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

the

Fund

considers

all

of

the

foregoing

types

of

securities

that

are

commonly

viewed

in

the

marketplace

as

preferred

securities

to

be

preferred

securities,

regardless

of

their

classification

in

the

capital

structure

of

the

issuer.

Preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest

or

dividend

bearing

instruments,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

Preferred

securities

may

either trade over-the-counter, or trade

on

an

exchange.

The

preferred

securities

market

is

generally

divided

into

the

$25

par

“retail”

and

the

$1,000

par

“institutional”

segments.

The

$25

par

segment

is

typified

by

securities

that

are

listed

on

the

New

York

Stock

Exchange

(“NYSE”),

which

trade

and

are

quoted

with

accrued

dividend

or

interest

income,

and

which

are

often

callable.

The

institutional

segment

is

typified

by

$1,000

par

value

securities

that

are

not

exchange-listed.

The

Fund

may

invest

in

preferred

securities

of

either

segment.

The

Fund

may

invest

in

contingent

capital

securities.

Contingent

capital

securities

(sometimes

referred

to

as

“CoCos”)

are

securities

issued

primarily

by non-U.S. financial

institutions.

Specific

CoCo

structures

vary

by

country

of

domicile

and

by

each

issue.

All

CoCos

have

mechanisms

that

absorb

losses

or

reduces

the

value

of

the

CoCo

due

to

deterioration

of

the

issuer’s

financial

condition

and

status

as

a

going

concern.

Loss

absorption

mechanisms,

which

may

include

conversion

into

common

equity

and

principal

write-down,

are

intended

for

the

benefit

of

the

issuer

and

when

triggered

will

likely

negatively

impact

the

value

of

the

CoCo

to

the

detriment

of

the

CoCo

investor.

Loss

absorption

mechanisms

can

be

triggered

by

capital

levels

or

market

value

metrics

of

the

issuers

dropping

below

a

certain

predetermined

level

or

at

the

discretion

of

the

issuer

regulator/

supervisory

entity.

Unlike

traditional

convertible

securities,

the

conversion

is

not

voluntary

and

the

equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements.

Due

to

increased

regulatory

requirements

for

higher

capital

levels

for

financial

institutions,

the

issuance

of

CoCo

instruments

has

increased

in

the

last

several

years

and

is

expected

to

continue.

The

Fund

may

invest

in

common

stock.

Common

stock

generally

represents

an

equity

ownership

interest

in

an

issuer.

Although

common

stocks

have

historically

generated

higher

average

total

returns

than

fixed-income

securities

over

the

long

term,

common

stocks

also

have

experienced

significantly

more

volatility

in

those

returns

and

may

underperform

relative

to

fixed-income

securities

during

certain

periods.

An

adverse

event,

such

as

an

unfavorable

earnings

report,

may

depress

the

value

of

a

particular

common

stock

held

by

the

Fund.

Also,

prices

of

common

stocks

are

sensitive

to

general

movements

in

the

stock

market

and

a

drop

in

the

stock

market

may

depress

the

price

of

common

stocks

to

which

the

Fund

has

exposure.

Common

stock

prices

fluctuate

for

several

reasons

including

changes

in

investors’

perceptions

of

the

financial

condition

of

an

issuer

or

the

general

condition

of

the

relevant

stock

market,

or

the

occurrence

of

political

or

economic

events

which

affect

the

issuer.

In

addition,

common

stock

prices

may

be

particularly

sensitive

to

rising

interest

rates,

which

increases

borrowing

costs

and

the

costs

of

capital.

101

Additional

types

of

equity

securities

(other

than

preferred

securities)

in

which

the

Fund

may

invest

include

convertible

securities,

real

estate

investment

trusts

(“REITs”),

warrants,

rights,

depositary

receipts

(which

reference

ownership

of underlying non-U.S. securities) and

other

types

of

securities

with

equity

characteristics.

The

Fund’s

equity

investments

also

may

include

securities

of

other

investment

companies (including  open-

end funds, closed-end funds and

exchange-traded

funds

(“ETFs”)).

The

Fund

will

invest

in

securities

of

companies

primarily

engaged

in

the

financial

services

industry.

A

financial

services

company

is

one

that

is

primarily

involved

in

banking,

mortgage

finance,

consumer

finance,

specialized

finance,

investment

banking

and

brokerage,

asset

management

and

custody,

corporate

lending,

insurance,

financial

instruments

or

real

estate,

including

business

development

companies

(“BDCs”)

and

REITs.

The

Fund

may

invest

in

debt

securities.

The

debt

securities

in

which

the

Fund

may

invest

include

corporate

debt

securities

and

U.S.

government

and

agency

debt

securities.

Generally,

debt

securities

typically,

but

not

always,

possess

the

following

characteristics:

a

specified

maturity

or

term,

at

which

time

the

issuer

is

contractually

obligated

to

pay

the

associated

principal

amount

of

debt

to

the

debtholders;

interest

payments

that

are

a

contractual

and

enforceable

obligation

as

of

the

stated

payment

date,

and

not

contingent

either

on payment-by-payment declaration by

the

issuer’s

board

or

on

the

demonstrated

existence

of

company

earnings

as

a

source

for

the

payment;

and

do

not

entitle

the

holder

to

exercise

governance

of

or

control

over

the

issuer.

In

the

capital

structure

of

an

issuer,

debt

securities

can

be

senior

debt

or

junior

debt.

A

senior

debt

security

has

priority

over

any

other

type

of

security

in

a

company’s

capital

structure

as

to

the

payment

of

any

promised

income

(typically

denoted

as

interest)

from

the

issuer,

and

as

to

payout

of

the

proceeds

of

the

bankruptcy

or

other

liquidation

of

the

company.

At

times,

the

issuer

will

have

pledged

specific

assets

or

revenues

to

secure

the

rights

of

the

holder

of

the

debt

security

to

payments

of

interest

and

principal

such

that

the

proceeds

of

the

specific

assets

or

revenues

must

be

used

to

satisfy

these

debt

obligations

prior

to

being

applied

to

any

of

the

issuer’s

other

obligations

in

a

bankruptcy

or

other

liquidation.

In

the

event

that

the

assets

securing

the

debt

security

are

not

sufficient

to

fully

satisfy

such

obligations

in

a

bankruptcy

or

other

liquidation,

the

remainder

of

such

obligations

will

generally

have

the

same

priority

as

an

issuer’s

trade

creditors

and

other

general

obligations,

but

still

have

priority

of

payment

relative

to

the

issuer’s

preferred

shares

and

common

shares.

Sometimes

referred

to

as

subordinated

or

mezzanine

debt,

junior

debt

stands

behind

the

senior

debt

as

to

its

rights

to

receive

promised

income

payments

(again,

typically

denoted

as

interest)

from

the

issuer,

and

payouts

of

the

proceeds

of

bankruptcy

or

other

liquidation,

but

will

have

priority

of

payment

relative

to

the

issuer’s

preferred

shares

and

common

shares.

The

Fund

may

invest

in

convertible

securities.

Convertible

securities

are

hybrid

securities

that

combine

the

investment

characteristics

of

bonds

and

common

stocks.

Convertible

securities

typically

consist

of

debt

securities

or

preferred

securities

that

may

be

converted

within

a

specified

period

of

time

(typically

for

the

entire

life

of

the

security)

into

a

certain

amount

of

common

stock

or

other

equity

security

of

the

same

or

a

different

issuer

at

a

predetermined

price.

They

also

include

debt

securities

with

warrants

or

common

stock

attached

and

derivatives

combining

features

of

debt

securities

and

equity

securities.

Convertible

securities

entitle

the

holder

to

receive

interest

paid

or

accrued

on

debt

securities,

or

dividends

paid

or

accrued

on

preferred

securities,

until

the

securities

mature

or

are

redeemed,

converted

or

exchanged.

Before

conversion,

convertible

securities

have

characteristics

similar

to

nonconvertible

income

securities

in

that

they

ordinarily

provide

a

stable

stream

of

income

with

generally

higher

yields

than

those

of

common

stocks

of

the

same

or

similar

issuers,

but

lower

yields

than

comparable

nonconvertible

securities.

The

value

of

a

convertible

security

is

influenced

by

changes

in

interest

rates,

with

investment

value

generally

declining

as

interest

rates

increase

and

increasing

as

interest

rates

decline.

The

credit

standing

of

the

issuer

and

other

factors

also

may

have

an

effect

on

the

convertible

security’s

investment

value.

Convertible

securities

are

subordinate

in

rank

to

any

senior

debt

obligations

of

the

same

issuer

and,

therefore,

an

issuer’s

convertible

securities

entail

more

risk

than

its

debt

obligations.

The

Fund

may

invest

in

REITs.

REITs

are

typically

publicly

traded

corporations

or

trusts

that

invest

in

residential

or

commercial

real

estate.

REITs

generally

can

be

divided

into

the

following

three

types:

(i) equity

REITs

which

invest

the

majority

of

their

assets

directly

in

real

property

and

derive

their

income

primarily

from

rents

and

capital

gains

or

real

estate

appreciation;

(ii) mortgage

REITs

which

invest

the

majority

of

their

assets

in

real

estate

mortgage

loans

and

derive

their

income

primarily

from

interest

payments;

and

(iii) hybrid

REITs

which

combine

the

characteristics

of

equity

REITs

and

mortgage

REITs.

The

Fund

can

invest

in

common

stock,

preferred

securities,

debt

securities

and

convertible

securities

issued

by

REITs.

The

Fund

may

invest

in

securities

of

foreign

issuers

through

the

direct

investment

in

securities

of

such

companies

and

through

depositary

receipts.

For

purposes

of

identifying

foreign

issuers,

the

Fund

will

use

Bloomberg

classifications,

which

employ

the

following

factors

listed

in

order

of

importance:

(i) the

country

in

which

the

company’s

management

is

located,

(ii) the

country

in

which

the

company’s

securities

are

primarily

listed,

(iii) the

country

from

which

the

company

primarily

receives

revenue

and

(iv) the

company’s

reporting

currency.

The

Fund

may

purchase

depositary

receipts

such

as

American

Depositary

Receipts

(“ADRs”),

European

Depositary

Receipts

(“EDRs”)

and

Global

Depositary

Receipts

(“GDRs”).

ADRs,

EDRs

and

GDRs

are

certificates

evidencing

ownership

of

shares

of

foreign

issuers

and

are

alternatives

to

purchasing

directly

the

underlying

foreign

securities

in

their

national

markets

and

currencies.

The

Fund

may

invest

in

securities

of

emerging

markets

issuers.

Emerging

markets

issuers

are

those

(i) whose

securities

are

traded

principally

on

a

stock

exchange or over-the-counter in an

emerging

market

country,

(ii) organized

under

the

laws

of

an

emerging

market

country

or

(iii) whose

principal

place

of

business

or

principal

office(s)

is

in

an

emerging

market

country.

Emerging

market

countries

include

any

country

other

than

Canada,

the

United

States

and

the

countries

comprising

the

MSCI

EAFE® Index

(currently,

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland

and

the

United

Kingdom).

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

102

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

use

derivative

instruments

to

seek

to

hedge

some

of

the

risk

of

the

Fund’s

investments

or

its

leverage,

to

enhance

return,

to

serve

as

a

substitute

for

a

position

in

an

underlying

asset,

to

reduce

transaction

costs,

to

manage

the

Fund’s

effective

interest

rate

exposure,

to

maintain

full

market

exposure,

to

manage

cash

flows

or

to

preserve

capital.

Such

instruments

may

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

and

credit

default

swaps),

options

on

equity

securities,

options

on

financial

futures

or

other

derivative

instruments.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”)

and

the

rules

and

regulations

issued

thereunder.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act,

including

the

following

forms

of

leverage:

(a) borrowings,

including

loans

from

certain

financial

institutions,

and/or

the

issuance

of

debt

securities;

(b) the

issuance

of

preferred

shares

of

beneficial

interest

(“Preferred

Shares”);

and

(c) engaging

in

reverse

repurchase

agreements

and

economically

similar

transactions.

The

Fund

also

may

borrow

money

for

repurchase

of

its

shares

or

as

a

temporary

measure

for

extraordinary

or

emergency

purposes,

including

the

payment

of

dividends

and

the

settlement

of

securities

transactions

which

otherwise

might

require

untimely

dispositions

of

Fund

securities.

Temporary

Defensive

Periods

During

temporary

defensive

periods,

the

Fund

may

invest

up

to

100%

of

its

assets

in

high

quality,

short-term

securities,

and

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

securities.

There

can

be

no

assurance

that

such

techniques

will

be

successful.

Accordingly,

during

such

periods,

the

Fund

may

not

achieve

its

investment

objectives.

103

NUVEEN

PREFERRED

&

INCOME

TERM

FUND

(JPI)

Investment

Objectives

The

Fund’s

investment

objective

is

to

provide

a

high

level

of

current

income

and

total

return.

Investment

Policies

The

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

preferred

securities

and

other

income

producing

securities

issued

by

U.S.

and

non-U.S.

companies, including

debt

securities,

hybrid

securities

and

convertible

securities.

On

or

before

August 31,

2024

(the

“Termination

Date”),

the

Fund

intends

to

cease

its

investment

operations,

liquidate

its

portfolio,

retire

or

redeem

leverage

facilities

and

distribute

substantially

all

of

its

net

assets

to

shareholders

of

record

as

of

the

date

of

termination.

The

Fund’s

Termination

Date

may

be

extended

for

one

period

of

up

to

12

months

by

a

vote

of

the

Board

of

Trustees,

if

the

Fund’s

Board

of

Trustees

determines

it

is

in

the

best

interest

of

the

shareholders

to

do

so.

The

Fund’s

term

may

not

be

extended

further

than

one

period

without

a

shareholder

vote.

The

amount

distributed

to

common

shareholders

at

the

termination

of

the

Fund

will

be

based

on

the

Fund’s

net

asset

value

(“NAV”)

at

that

time.

Depending

upon

a

variety

of

factors,

including

the

performance

of

the

Fund’s

portfolio

over

the

life

of

the

Fund,

the

amount

distributed

to

common

shareholders

at

the

termination

of

the

Fund

may

be

less,

and

potentially

significantly

less,

than

their

original

investment.

As

the

Fund

approaches

the

Termination

Date,

its

monthly

distributions

are

likely

to

decline.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

securities

issued

by

federal,

state

and

local

governments

and

U.S.

government

agencies.

The

Fund

invests

at

least

50%

of

its

Managed

Assets

in

securities

rated

investment

grade (BBB-/Baa3 or

higher)

at

the

time

of

purchase.

A

security

is

considered

to

have

the

highest

rating

assigned

to

it

by

a

rating

agency

or,

in

the

case

of

an

unrated

security,

to

have

the

same

rating

as

rated

securities

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

rated

below B-/B3 at

the

time

of

purchase.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

of

issuers

in

emerging

market

countries.

The

Fund

will

invest

100%

of

its

Managed

Assets

in

U.S.

dollar

denominated

securities.

The

Fund

may

invest

up

to

10%

of

its

total

assets

in

securities

of

other

open-

or

closed-end

investment

companies

(including

ETFs)

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice.

Portfolio

Contents

The

Fund

invests

in

preferred

securities.

The

Fund

may

invest

in

all

types

of

preferred

securities,

including

both

traditional

preferred

securities

and non-traditional preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

shares

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

pay

a

dividend,

typically

contingent

both

upon

declaration

by

the

issuer’s

board

and

at

times

approval

by

regulators,

and

on

the

existence

of

current

earnings

(or

retained

earnings)

in

sufficient

amount

to

source

the

payment.

Dividend

payments

can

be

either

cumulative or non-cumulative and can

be

passed

or

deferred

without

limitation

at

the

option

of

the

issuer.

Traditional

preferred

securities

typically

have

no

ordinary

right

to

vote

for

the

board

of

directors,

except

in

some

cases

voting

rights

may

arise

if

the

issuer

fails

to

pay

the

preferred

share

dividends.

Traditional

preferred

securities

may

be

perpetual,

or

have

a

term

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

While

some

preferred

securities

are

issued

with

a

final

maturity

date,

others

are

perpetual

in

nature.

In

certain

instances,

a

final

maturity

date

may

be

extended

and/or

the

final

payment

of

principal

may

be

deferred

at

the

issuer’s

option

for

a

specified

time

without

triggering

an

event

of

default

for

the

issuer.

No

redemption

can

typically

take

place

unless

all

cumulative

payment

obligations

to

preferred

security

investors

have

been

met,

104

Shareholder

Update

(Unaudited)

(continued)

although

issuers

may

be

able

to

engage

in

open-market

repurchases

without

regard

to

any

cumulative

dividends

or

interest

payable.

A

portion

of

the

portfolio

may

include

investments in non-cumulative preferred  securities,

whereby

the

issuer

does

not

have

an

obligation

to

make

up

any

arrearages

to

holders

of

such

securities.

Should

an

issuer

default

on

its

obligations

under

such

a

security,

the

amount

of

income

earned

by

the

Fund

may

be

adversely

affected. Non-traditional preferred

securities

include

hybrid

preferred

securities,

contingent

convertible

capital

securities

and

other

types

of

preferred

securities

that

do

not

have

the

traditional

features

described

above.

Hybrid-preferred

securities

often

behave

similarly

as

investments

in

traditional

preferred

securities

and

are

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Hybrid-preferred

securities

possess

varying

combinations

of

features

of

both

debt

and

preferred

shares

and

as

such

they

may

constitute

senior

debt,

junior

debt

or

preferred

shares

in

an

issuer’s

capital

structure.

As

such,

hybrid-preferred

securities

may

not

be

subordinate

to

a

company’s

debt

securities

(as

are

traditional

preferred

shares).

Given

the

various

debt

and

equity

characteristics

of

hybrid-preferred

securities,

whether

a

hybrid-preferred

security

is

classified

as

debt

or

equity

for

purposes

of

reporting

the

Fund’s

portfolio

holdings

may

be

based

on

the

portfolio

managers’

determination

as

to

whether

its

debt

or

preferred

features

are

preponderant,

or

based

on

the

assessment

of

an

independent

data

provider.

Such

determinations

may

be

subjective.

Hybrid-preferred

securities

include

trust

preferred

securities.

Trust

preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

trust

preferred

securities

market

consists

of

both

fixed

and

adjustable

coupon

rate

securities

that

are

either

perpetual

in

nature

or

have

stated

maturity

dates.

Trust

preferred

securities

may

defer

payment

of

income

without

triggering

an

event

of

default.

These

securities

may

have

many

characteristics

of

equity

due

to

their

subordinated

position

in

an

issuer’s

capital

structure.

Trust

preferred

securities

may

be

issued

by

trusts

or

other

special

purpose

entities.

Preferred

securities

may

also

include

certain

forms

of

debt

that

have

many

characteristics

of

preferred

shares,

and

that

are

regarded

by

the

investment

marketplace

to

be

part

of

the

broader

preferred

securities

market.

Among

these

“preferred

securities”

are

certain

exchange-listed

debt

issues

that

historically

have

several

attributes,

including

trading

and

investment

performance

characteristics,

in

common

with

exchange-listed

traditional

preferred

stock

and

hybrid-preferred

securities.

Generally,

these

types

of

“preferred

securities”

are

senior

debt

or

junior

debt

in

the

capital

structure

of

an

issuer.

Preferred

securities

generally

pay

fixed

or

adjustable

rate

dividends

or

interest

to

investors

and

have

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

generally

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

securities

before

paying

any

dividends

on

its

common

stock.

As

a

general

matter,

dividend

or

interest

payments

on

preferred

securities

may

be

cumulative or non-cumulative. The

dividend

or

interest

rates

on

preferred

securities

may

be

fixed

or

floating,

or

convert

from

fixed

to

floating

at

a

specified

future

time;

the

Fund

may

invest

without

limit

in

such

floating-rate

and fixed-to-floating rate

preferred

securities.

Floating-

rate and fixed-to-floating rate preferred

securities

may

be

traditional

preferred

or

hybrid-preferred

securities.

Floating-rate

preferred

securities

pay

a

rate

of

income

that

resets

periodically

based

on

short-

and/or

longer-term

interest

rate

benchmarks.

If

the

associated

interest

rate

benchmark

rises,

the

income

received

from

the

security

may

increase

and

therefore

the

return

offered

by

the

floating-rate

security

may

rise

as

well,

making

such

securities

less

price

sensitive

to

rising

interest

rates

(or

yields).

Similarly, a  fixed-to-floating rate security

may

be

less

price

sensitive

to

rising

interest

rates

(or

yields),

because

the

period

over

which

the

rate

of

payment

is

fixed

is

shorter

than

the

maturity

term

of

the

bond,

after

which

period

a

floating

rate

of

payment

applies.

On

the

other

hand,

preferred

securities

are

junior

to

most

other

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

their

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

triggering

an

event

of

default

for

the

issuer,

and

certain

other

features,

preferred

securities

may

have,

at

times,

risks

similar

to

equity

instruments.

The

Fund’s

portfolio

of

preferred

securities

may

consist

of

fixed

rate

preferred

and

adjustable

rate

preferred

securities.

The

preferred

securities

market

continues

to

evolve.

New

securities

may

be

developed

that

may

be

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Where

such

securities

will

fall

in

the

capital

structure

of

the

issuer

will

depend

on

the

structure

and

characteristics

of

the

new

security.

For

purposes

of

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

the

Fund

considers

all

of

the

foregoing

types

of

securities

that

are

commonly

viewed

in

the

marketplace

as

preferred

securities

to

be

preferred

securities,

regardless

of

their

classification

in

the

capital

structure

of

the

issuer.

Preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest

or

dividend

bearing

instruments,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

Preferred

securities

may

either trade over-the-counter, or trade

on

an

exchange.

The

preferred

securities

market

is

generally

divided

into

the

$25

par

“retail”

and

the

$1,000

par

“institutional”

segments.

The

$25

par

segment

is

typified

by

securities

that

are

listed

on

the

NYSE,

which

trade

and

are

quoted

with

accrued

dividend

or

interest

income,

and

which

are

often

callable.

The

institutional

segment

is

typified

by

$1,000

par

value

securities

that

are

not

exchange-listed.

The

Fund

may

invest

in

preferred

securities

of

either

segment.

The

Fund

may

invest

in

contingent

capital

securities.

Contingent

capital

securities

(sometimes

referred

to

as

“CoCos”)

are

securities

issued

primarily

by non-U.S. financial

institutions.

Specific

CoCo

structures

vary

by

country

of

domicile

and

by

each

issue.

All

CoCos

have

mechanisms

that

absorb

losses

or

reduces

the

value

of

the

CoCo

due

to

deterioration

of

the

issuer’s

financial

condition

and

status

as

a

going

concern.

Loss

absorption

mechanisms,

which

may

include

conversion

into

common

equity

and

principal

write-down,

are

intended

for

the

benefit

of

the

issuer

and

when

triggered

will

likely

negatively

impact

the

value

of

the

CoCo

to

the

detriment

of

the

CoCo

investor.

Loss

absorption

mechanisms

can

be

triggered

by

capital

levels

or

market

value

metrics

of

the

issuers

dropping

below

a

certain

predetermined

level

or

at

the

discretion

of

the

issuer

regulator/

supervisory

entity.

Unlike

traditional

convertible

securities,

the

conversion

is

not

voluntary

and

the

equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements.

Due

to

increased

regulatory

requirements

for

higher

capital

levels

for

financial

institutions,

the

issuance

of

CoCo

instruments

has

increased

in

the

last

several

years

and

is

expected

to

continue.

The

Fund

may

invest

in

taxable

municipal

bonds.

States,

local

governments

and

municipalities

issue

municipal

bonds

to

raise

money

for

certain

purposes.

Municipal

bonds

issued

to

finance

activities

with

a

broad

public

purpose

are

generally

exempt

from

federal

income

tax.

Taxable

municipal

bonds,

however,

are

issued

to

finance

activities

with

less

significant

benefits

to

the

public,

such

as

the

construction

of

sports

facilities,

and

as

such

the

105

interest

paid

to

holders

of

such

bonds

is

taxable

as

ordinary

income.

Many

taxable

municipal

bonds

offer

yields

comparable

to

those

of

other

taxable

bonds,

such

as

corporate

and

agency

bonds.

Taxable

municipal

bonds

may

be

rated

investment-grade

or

below

investment-grade

and

pay

interest

based

on

fixed

or

floating

rate

coupons.

Maturities

may

range

from

long-term

to

short-term.

The

Fund

may

invest

in

high

yield

bonds.

Bonds

that

are

rated

lower

than

investment

grade

are

commonly

referred

to

as

high

yield

bonds

or

junk

bonds.

These

bonds

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

High

yield

bond

issuers

include

small

or

relatively

new

companies

lacking

the

history

or

capital

to

merit

investment-grade

status,

former

blue

chip

companies

downgraded

because

of

financial

problems,

companies

electing

to

borrow

heavily

to

finance

or

avoid

a

takeover

or

buyout,

and

firms

with

heavy

debt

loads.

The

Fund

may

invest

in

U.S.

Government

securities.

U.S.

Government

securities

include

(1) U.S.

Treasury

obligations,

which

differ

in

their

interest

rates,

maturities

and

times

of

issuance:

U.S.

Treasury

bills

(maturities

of

one

year

or

less),

U.S.

Treasury

notes

(maturities

of

one

year

to

ten

years)

and

U.S.

Treasury

bonds

(generally

maturities

of

greater

than

ten

years)

and

(2) obligations

issued

or

guaranteed

by

U.S.

Government

agencies

and

instrumentalities

that

are

supported

by

any

of

the

following:

(i) the

full

faith

and

credit

of

the

U.S.

Treasury,

(ii) the

right

of

the

issuer

to

borrow

an

amount

limited

to

a

specific

line

of

credit

from

the

U.S.

Treasury,

(iii) discretionary

authority

of

the

U.S.

Government

to

purchase

certain

obligations

of

the

U.S.

Government

agency

or

instrumentality

or

(iv) the

credit

of

the

agency

or

instrumentality.

The

Fund

will

invest

in

securities

of

companies

primarily

engaged

in

the

financial

services

industry.

A

financial

services

company

is

one

that

is

primarily

involved

in

banking,

mortgage

finance,

consumer

finance,

specialized

finance,

investment

banking

and

brokerage,

asset

management

and

custody,

corporate

lending,

insurance,

financial

instruments

or

real

estate,

including

business

development

companies

BDCs

and

REITs.

The

Fund

may

invest

in

other

equity

securities,

including

common

stock,

convertible

securities,

hybrid

securities

(which

have

characteristics

of

both

equity

and

fixed-income

instruments),

warrants,

rights

and

depositary

receipts

(which

reference

ownership

of

underlying

non-U.S.

securities).

The

Fund

may

invest

in

corporate

debt

securities.

Corporate

debt

securities

are

fully

taxable

debt

obligations

issued

by

corporations.

These

securities

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

Corporate

debt

securities

are

subject

to

the

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payments

on

the

obligations

and

may

also

be

subject

to

price

volatility

due

to

such

factors

as

market

interest

rates,

market

perception

of

the

creditworthiness

of

the

issuer

and

general

market

liquidity.

In

addition,

corporate

restructurings,

such

as

mergers,

leveraged

buyouts,

takeovers

or

similar

corporate

transactions

are

often

financed

by

an

increase

in

a

corporate

issuer’s

indebtedness.

As

a

result

of

the

added

debt

burden,

the

credit

quality

and

market

value

of

an

issuer’s

existing

debt

securities

may

decline

significantly.

The

Fund

may

invest

in

convertible

securities.

Convertible

securities

are

hybrid

securities

that

combine

the

investment

characteristics

of

bonds

and

common

stocks.

Convertible

securities

typically

consist

of

debt

securities

or

preferred

securities

that

may

be

converted

within

a

specified

period

of

time

(typically

for

the

entire

life

of

the

security)

into

a

certain

amount

of

common

stock

or

other

equity

security

of

the

same

or

a

different

issuer

at

a

predetermined

price.

They

also

include

debt

securities

with

warrants

or

common

stock

attached

and

derivatives

combining

features

of

debt

securities

and

equity

securities.

Convertible

securities

entitle

the

holder

to

receive

interest

paid

or

accrued

on

debt

securities,

or

dividends

paid

or

accrued

on

preferred

securities,

until

the

securities

mature

or

are

redeemed,

converted

or

exchanged.

Before

conversion,

convertible

securities

have

characteristics

similar

to

nonconvertible

income

securities

in

that

they

ordinarily

provide

a

stable

stream

of

income

with

generally

higher

yields

than

those

of

common

stocks

of

the

same

or

similar

issuers,

but

lower

yields

than

comparable

nonconvertible

securities.

The

value

of

a

convertible

security

is

influenced

by

changes

in

interest

rates,

with

investment

value

generally

declining

as

interest

rates

increase

and

increasing

as

interest

rates

decline.

The

credit

standing

of

the

issuer

and

other

factors

also

may

have

an

effect

on

the

convertible

security’s

investment

value.

Convertible

securities

are

subordinate

in

rank

to

any

senior

debt

obligations

of

the

same

issuer

and,

therefore,

an

issuer’s

convertible

securities

entail

more

risk

than

its

debt

obligations.

The

Fund

may

invest

in

REITs.

REITs

are

typically

publicly

traded

corporations

or

trusts

that

invest

in

residential

or

commercial

real

estate.

REITs

generally

can

be

divided

into

the

following

three

types:

(i) equity

REITs

which

invest

the

majority

of

their

assets

directly

in

real

property

and

derive

their

income

primarily

from

rents

and

capital

gains

or

real

estate

appreciation;

(ii) mortgage

REITs

which

invest

the

majority

of

their

assets

in

real

estate

mortgage

loans

and

derive

their

income

primarily

from

interest

payments;

and

(iii) hybrid

REITs

which

combine

the

characteristics

of

equity

REITs

and

mortgage

REITs.

The

Fund

can

invest

in

common

stock,

preferred

securities,

debt

securities

and

convertible

securities

issued

by

REITs.

The

Fund

may

invest

in

securities

of

foreign

issuers

through

the

direct

investment

in

securities

of

such

companies

and

through

depositary

receipts.

For

purposes

of

identifying

foreign

issuers,

the

Fund

will

use

Bloomberg

classifications,

which

employ

the

following

factors

listed

in

order

of

importance:

(i) the

country

in

which

the

company’s

management

is

located,

(ii) the

country

in

which

the

company’s

securities

are

primarily

listed,

(iii) the

country

from

which

the

company

primarily

receives

revenue

and

(iv) the

company’s

reporting

currency.

The

Fund

may

purchase

depositary

receipts

such

as

ADRs,

EDRs

and

GDRs.

ADRs,

EDRs

and

GDRs

are

certificates

evidencing

ownership

of

shares

of

foreign

issuers

and

are

alternatives

to

purchasing

directly

the

underlying

foreign

securities

in

their

national

markets

and

currencies.

The

Fund

may

invest

in

securities

of

emerging

markets

issuers.

Emerging

markets

issuers

are

those

(i) whose

securities

are

traded

principally

on

a

stock

exchange or over-the-counter in an

emerging

market

country,

(ii) organized

under

the

laws

of

an

emerging

market

country

or

(iii) whose

principal

place

of

business

or

principal

office(s)

is

in

an

emerging

market

country.

Emerging

market

countries

include

any

country

other

than

Canada,

the

United

States

and

the

countries

comprising

the

MSCI

EAFE® Index

(currently,

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland

and

the

United

Kingdom).

106

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

also

may

invest

in

certain

derivative

instruments

in

pursuit

of

its

investment

objective.

Such

instruments

may

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

and

credit

default

swaps),

options

on

financial

futures,

options

on

swap

contracts,

or

other

derivative

instruments.

The

Fund

may

use

derivative

instruments

to,

among

other

things,

seek

to

enhance

return,

to

hedge

some

of

the

risk

of

the

Fund’s

investments

or

as

a

substitute

for

a

position

in

the

underlying

asset.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act

and

the

rules

and

regulations

issued

thereunder.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund’s

use

of

leverage

will

not

exceed

38%

of

Managed

Assets.

The

Fund

may

source

leverage

through

a

number

of

methods

including

through

borrowings,

issuing

Preferred

Shares

and

the

issuance

of

debt

securities.

In

addition,

the

Fund

may

use

derivatives

that

may

have

the

economic

effect

of

leverage.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods,

the

Fund

may

invest

up

to

100%

of

its

assets

in

high

quality,

short-term

securities,

and

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

securities.

There

can

be

no

assurance

that

such

techniques

will

be

successful.

Accordingly,

during

such

periods,

the

Fund

may

not

achieve

its

investment

objective.

107

NUVEEN

PREFERRED

&

INCOME

SECURITIES

FUND

(JPS)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

high

current

income

consistent

with

capital

preservation.

The

Fund’s

secondary

investment

objective

is

to

enhance

portfolio

value

relative

to

the

market

for

preferred

securities

by

investing

in

(i) securities

that

the

Fund’s sub-adviser

believes

are

underrated

or

undervalued

or

(ii) sectors

that

the Fund’s

Sub-Adviser believes

are

undervalued.

Investment

Policies

The

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

preferred

securities

and

other

income

producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

50%

of

its

Managed

Assets

in

securities

rated

investment

grade

(BBB/Baa

and

above)

at

the

time

of

investment.

Investment

grade

quality

securities

are

those

securities

that,

at

the

time

of

investment,

are

rated

by

at

least

one

NRSRO

within

the

four

highest

grades

(Baa

or

BBB

or

better

by

Moody’s,

S&P,

or

Fitch),

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

or

sub-adviser.

The

Fund

may

invest

in

securities

of

below

investment

grade

quality,

commonly

referred

to

as

“high

yield”

or

“junk”

bonds,

which

are

regarded

as

having

predominantly

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

interest

and

repay

principal

when

due,

and

they

are

more

susceptible

to

default

or

decline

in

market

value

due

to

adverse

economic

and

business

developments

than

investment

grade

securities.

The

Fund

will

invest

more

than

25%

of

its

Managed

Assets

in

the

securities

of

companies

principally

engaged

in

financial

services.

The

Fund

may

invest

without

limit

in

U.S.

dollar

denominated

securities

of

foreign

issuers.

The

Fund,

in

implementing

its

hedging

strategies,

may

enter

into

futures

transactions

with

a

notional

principal

amount

that

will

not

exceed

35%

of

its

Managed

Assets,

and

may

invest

in

options

on

futures

the

purchase

of

which

will

not

exceed

0.5%

of

its

Managed

Assets

in

any

calendar

quarter.  

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice.

Portfolio

Contents

The

Fund

invests

in

preferred

securities.

The

Fund

may

invest

in

all

types

of

preferred

securities,

including

both

traditional

preferred

securities

and non-traditional preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

shares

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

pay

a

dividend,

typically

contingent

both

upon

declaration

by

the

issuer’s

board

and

at

times

approval

by

regulators,

and

on

the

existence

of

current

earnings

(or

retained

earnings)

in

sufficient

amount

to

source

the

payment.

Dividend

payments

can

be

either

cumulative or non-cumulative and can

be

passed

or

deferred

without

limitation

at

the

option

of

the

issuer.

Traditional

preferred

securities

typically

have

no

ordinary

right

to

vote

for

the

board

of

directors,

except

in

some

cases

voting

rights

may

arise

if

the

issuer

fails

to

pay

the

preferred

share

dividends.

Traditional

preferred

securities

may

be

perpetual,

or

have

a

term

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

While

some

preferred

securities

are

issued

with

a

final

maturity

date,

others

are

perpetual

in

nature.

In

certain

instances,

a

final

maturity

date

may

be

extended

and/or

the

final

payment

of

principal

may

be

deferred

at

the

issuer’s

option

for

a

specified

time

without

triggering

an

event

of

default

for

the

issuer.

No

redemption

can

typically

take

place

unless

all

cumulative

payment

obligations

to

preferred

security

investors

have

been

met,

although

issuers

may

be

able

to

engage

in

open-market

repurchases

without

regard

to

any

cumulative

dividends

or

interest

payable.

A

portion

of

the

portfolio

may

include

investments in non-cumulative  preferred securities,

whereby

the

issuer

does

not

have

an

obligation

to

make

up

any

arrearages

to

holders

of

such

securities.

Should

an

issuer

default

on

its

obligations

under

such

a

security,

the

amount

of

income

earned

by

the

Fund

may

be

adversely

affected. Non-traditional preferred

securities

include

hybrid

preferred

securities,

contingent

convertible

capital

securities

and

other

types

of

preferred

securities

that

do

not

have

the

traditional

features

described

above.

Hybrid-preferred

securities

often

behave

similarly

as

investments

in

traditional

preferred

securities

and

are

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Hybrid-preferred

securities

108

Shareholder

Update

(Unaudited)

(continued)

possess

varying

combinations

of

features

of

both

debt

and

preferred

shares

and

as

such

they

may

constitute

senior

debt,

junior

debt

or

preferred

Shares

in

an

issuer’s

capital

structure.

As

such,

hybrid-preferred

securities

may

not

be

subordinate

to

a

company’s

debt

securities

(as

are

traditional

preferred

shares).

Given

the

various

debt

and

equity

characteristics

of

hybrid-preferred

securities,

whether

a

hybrid-preferred

security

is

classified

as

debt

or

equity

for

purposes

of

reporting

the

Fund’s

portfolio

holdings

may

be

based

on

the

portfolio

managers’

determination

as

to

whether

its

debt

or

preferred

features

are

preponderant,

or

based

on

the

assessment

of

an

independent

data

provider.

Such

determinations

may

be

subjective.

Hybrid-preferred

securities

include

trust

preferred

securities.

Trust

preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

trust

preferred

securities

market

consists

of

both

fixed

and

adjustable

coupon

rate

securities

that

are

either

perpetual

in

nature

or

have

stated

maturity

dates.

Trust

preferred

securities

may

defer

payment

of

income

without

triggering

an

event

of

default.

These

securities

may

have

many

characteristics

of

equity

due

to

their

subordinated

position

in

an

issuer’s

capital

structure.

Trust

preferred

securities

may

be

issued

by

trusts

or

other

special

purpose

entities.

Preferred

securities

may

also

include

certain

forms

of

debt

that

have

many

characteristics

of

preferred

shares,

and

that

are

regarded

by

the

investment

marketplace

to

be

part

of

the

broader

preferred

securities

market.

Among

these

“preferred

securities”

are

certain

exchange-listed

debt

issues

that

historically

have

several

attributes,

including

trading

and

investment

performance

characteristics,

in

common

with

exchange-listed

traditional

preferred

stock

and

hybrid-preferred

securities.

Generally,

these

types

of

“preferred

securities”

are

senior

debt

or

junior

debt

in

the

capital

structure

of

an

issuer.

Preferred

securities

generally

pay

fixed

or

adjustable

rate

dividends

or

interest

to

investors

and

have

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

generally

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

securities

before

paying

any

dividends

on

its

common

stock.

As

a

general

matter,

dividend

or

interest

payments

on

preferred

securities

may

be

cumulative or non-cumulative. The

dividend

or

interest

rates

on

preferred

securities

may

be

fixed

or

floating,

or

convert

from

fixed

to

floating

at

a

specified

future

time;

the

Fund

may

invest

without

limit

in

such

floating-rate

and fixed-to-floating rate

preferred

securities.

Floating-

rate and fixed-to-floating rate preferred

securities

may

be

traditional

preferred

or

hybrid-preferred

securities.

Floating-rate

preferred

securities

pay

a

rate

of

income

that

resets

periodically

based

on

short-

and/or

longer-term

interest

rate

benchmarks.

If

the

associated

interest

rate

benchmark

rises,

the

income

received

from

the

security

may

increase

and

therefore

the

return

offered

by

the

floating-rate

security

may

rise

as

well,

making

such

securities

less

price

sensitive

to

rising

interest

rates

(or

yields).

Similarly, a  fixed-to-floating rate security

may

be

less

price

sensitive

to

rising

interest

rates

(or

yields),

because

the

period

over

which

the

rate

of

payment

is

fixed

is

shorter

than

the

maturity

term

of

the

bond,

after

which

period

a

floating

rate

of

payment

applies.

On

the

other

hand,

preferred

securities

are

junior

to

most

other

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

their

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

triggering

an

event

of

default

for

the

issuer,

and

certain

other

features,

preferred

securities

may

have,

at

times,

risks

similar

to

equity

instruments.

The

Fund’s

portfolio

of

preferred

securities

may

consist

of

fixed

rate

preferred

and

adjustable

rate

preferred

securities.

The

preferred

securities

market

continues

to

evolve.

New

securities

may

be

developed

that

may

be

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Where

such

securities

will

fall

in

the

capital

structure

of

the

issuer

will

depend

on

the

structure

and

characteristics

of

the

new

security.

For

purposes

of

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

the

Fund

considers

all

of

the

foregoing

types

of

securities

that

are

commonly

viewed

in

the

marketplace

as

preferred

securities

to

be

preferred

securities,

regardless

of

their

classification

in

the

capital

structure

of

the

issuer.

Preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest

or

dividend

bearing

instruments,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

Preferred

securities

may

either trade over-the-counter, or trade

on

an

exchange.

The

preferred

securities

market

is

generally

divided

into

the

$25

par

“retail”

and

the

$1,000

par

“institutional”

segments.

The

$25

par

segment

is

typified

by

securities

that

are

listed

on

the

NYSE,

which

trade

and

are

quoted

with

accrued

dividend

or

interest

income,

and

which

are

often

callable.

The

institutional

segment

is

typified

by

$1,000

par

value

securities

that

are

not

exchange-listed.

The

Fund

may

invest

in

preferred

securities

of

either

segment.

The

Fund

may

invest

in

contingent

capital

securities.

Contingent

capital

securities

(sometimes

referred

to

as

“CoCos”)

are

securities

issued

primarily

by

non-U.S.

financial

institutions.

Specific

CoCo

structures

vary

by

country

of

domicile

and

by

each

issue.

All

CoCos

have

mechanisms

that

absorb

losses

or

reduces

the

value

of

the

CoCo

due

to

deterioration

of

the

issuer’s

financial

condition

and

status

as

a

going

concern.

Loss

absorption

mechanisms,

which

may

include

conversion

into

common

equity

and

principal

write-down,

are

intended

for

the

benefit

of

the

issuer

and

when

triggered

will

likely

negatively

impact

the

value

of

the

CoCo

to

the

detriment

of

the

CoCo

investor.

Loss

absorption

mechanisms

can

be

triggered

by

capital

levels

or

market

value

metrics

of

the

issuers

dropping

below

a

certain

predetermined

level

or

at

the

discretion

of

the

issuer

regulator/

supervisory

entity.

Unlike

traditional

convertible

securities,

the

conversion

is

not

voluntary

and

the

equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements.

Due

to

increased

regulatory

requirements

for

higher

capital

levels

for

financial

institutions,

the

issuance

of

CoCo

instruments

has

increased

in

the

last

several

years

and

is

expected

to

continue.

The

Fund

may

invest

in

common

stock.

Common

stock

generally

represents

an

equity

ownership

interest

in

an

issuer.

Although

common

stocks

have

historically

generated

higher

average

total

returns

than

fixed-income

securities

over

the

long

term,

common

stocks

also

have

experienced

significantly

more

volatility

in

those

returns

and

may

underperform

relative

to

fixed-income

securities

during

certain

periods.

An

adverse

event,

such

as

an

unfavorable

earnings

report,

may

depress

the

value

of

a

particular

common

stock

held

by

the

Fund.

Also,

prices

of

common

stocks

are

sensitive

to

general

movements

in

the

stock

market

and

a

drop

in

the

stock

market

may

depress

the

price

of

common

stocks

to

which

the

Fund

has

exposure.

Common

stock

prices

fluctuate

for

several

reasons

including

changes

in

investors’

perceptions

of

the

financial

condition

of

an

issuer

or

the

general

condition

of

the

relevant

stock

market,

or

the

occurrence

of

political

or

economic

events

which

affect

the

issuer.

In

addition,

common

stock

prices

may

be

particularly

sensitive

to

rising

interest

rates,

which

increases

borrowing

costs

and

the

costs

of

capital.

109

Additional

types

of

equity

securities

(other

than

preferred

securities)

in

which

the

Fund

may

invest

include

convertible

securities

(discussed

below),

REITs,

warrants,

rights,

depositary

receipts

(which

reference

ownership

of underlying non-U.S. securities) and

other

types

of

securities

with

equity

characteristics.

The

Fund’s

equity

investments

also

may

include

securities

of

other

investment

companies (including open-end funds,  closed-

end funds and

ETFs).

The

Fund

may

invest

in

debt

securities.

Debt

securities

in

which

the

Fund

may

invest

include

corporate

debt

securities

and

U.S.

government

and

agency

debt

securities.

Generally,

debt

securities

typically,

but

not

always,

possess

the

following

characteristics:

a

specified

maturity

or

term,

at

which

time

the

issuer

is

contractually

obligated

to

pay

the

associated

principal

amount

of

debt

to

the

debtholders;

interest

payments

that

are

a

contractual

and

enforceable

obligation

as

of

the

stated

payment

date,

and

not

contingent

either on payment-by-payment declaration by

the

issuer’s

board

or

on

the

demonstrated

existence

of

company

earnings

as

a

source

for

the

payment;

and

do

not

entitle

the

holder

to

exercise

governance

of

or

control

over

the

issuer.

In

the

capital

structure

of

an

issuer,

debt

securities

can

be

senior

debt

or

junior

debt.

A

senior

debt

security

has

priority

over

any

other

type

of

security

in

a

company’s

capital

structure

as

to

the

payment

of

any

promised

income

(typically

denoted

as

interest)

from

the

issuer,

and

as

to

payout

of

the

proceeds

of

the

bankruptcy

or

other

liquidation

of

the

company.

At

times,

the

issuer

will

have

pledged

specific

assets

or

revenues

to

secure

the

rights

of

the

holder

of

the

debt

security

to

payments

of

interest

and

principal

such

that

the

proceeds

of

the

specific

assets

or

revenues

must

be

used

to

satisfy

these

debt

obligations

prior

to

being

applied

to

any

of

the

issuer’s

other

obligations

in

a

bankruptcy

or

other

liquidation.

In

the

event

that

the

assets

securing

the

debt

security

are

not

sufficient

to

fully

satisfy

such

obligations

in

a

bankruptcy

or

other

liquidation,

the

remainder

of

such

obligations

will

generally

have

the

same

priority

as

an

issuer’s

trade

creditors

and

other

general

obligations,

but

still

have

priority

of

payment

relative

to

the

issuer’s

preferred

shares

and

common

shares.

Sometimes

referred

to

as

subordinated

or

mezzanine

debt,

junior

debt

stands

behind

the

senior

debt

as

to

its

rights

to

receive

promised

income

payments

(again,

typically

denoted

as

interest)

from

the

issuer,

and

payouts

of

the

proceeds

of

bankruptcy

or

other

liquidation,

but

will

have

priority

of

payment

relative

to

the

issuer’s

preferred

shares

and

common

shares.

The

Fund

will

invest

in

securities

of

companies

primarily

engaged

in

the

financial

services

industry.

A

financial

services

company

is

one

that

is

primarily

involved

in

banking,

mortgage

finance,

consumer

finance,

specialized

finance,

investment

banking

and

brokerage,

asset

management

and

custody,

corporate

lending,

insurance,

financial

instruments

or

real

estate,

including

business

development

companies

BDCs

and

REITs.

The

Fund

may

invest

in

convertible

securities.

Convertible

securities

are

hybrid

securities

that

combine

the

investment

characteristics

of

bonds

and

common

stocks.

Convertible

securities

typically

consist

of

debt

securities

or

preferred

securities

that

may

be

converted

within

a

specified

period

of

time

(typically

for

the

entire

life

of

the

security)

into

a

certain

amount

of

common

stock

or

other

equity

security

of

the

same

or

a

different

issuer

at

a

predetermined

price.

They

also

include

debt

securities

with

warrants

or

common

stock

attached

and

derivatives

combining

features

of

debt

securities

and

equity

securities.

Convertible

securities

entitle

the

holder

to

receive

interest

paid

or

accrued

on

debt

securities,

or

dividends

paid

or

accrued

on

preferred

securities,

until

the

securities

mature

or

are

redeemed,

converted

or

exchanged.

Before

conversion,

convertible

securities

have

characteristics

similar

to

nonconvertible

income

securities

in

that

they

ordinarily

provide

a

stable

stream

of

income

with

generally

higher

yields

than

those

of

common

stocks

of

the

same

or

similar

issuers,

but

lower

yields

than

comparable

nonconvertible

securities.

The

value

of

a

convertible

security

is

influenced

by

changes

in

interest

rates,

with

investment

value

generally

declining

as

interest

rates

increase

and

increasing

as

interest

rates

decline.

The

credit

standing

of

the

issuer

and

other

factors

also

may

have

an

effect

on

the

convertible

security’s

investment

value.

Convertible

securities

are

subordinate

in

rank

to

any

senior

debt

obligations

of

the

same

issuer

and,

therefore,

an

issuer’s

convertible

securities

entail

more

risk

than

its

debt

obligations.

The

Fund

may

invest

in

REITs.

REITs

are

typically

publicly

traded

corporations

or

trusts

that

invest

in

residential

or

commercial

real

estate.

REITs

generally

can

be

divided

into

the

following

three

types:

(i) equity

REITs

which

invest

the

majority

of

their

assets

directly

in

real

property

and

derive

their

income

primarily

from

rents

and

capital

gains

or

real

estate

appreciation;

(ii) mortgage

REITs

which

invest

the

majority

of

their

assets

in

real

estate

mortgage

loans

and

derive

their

income

primarily

from

interest

payments;

and

(iii) hybrid

REITs

which

combine

the

characteristics

of

equity

REITs

and

mortgage

REITs.

The

Fund

can

invest

in

common

stock,

preferred

securities,

debt

securities

and

convertible

securities

issued

by

REITs.

The

Fund

may

invest

in

securities

of

foreign

issuers

through

the

direct

investment

in

securities

of

such

companies

and

through

depositary

receipts.

For

purposes

of

identifying

foreign

issuers,

the

Fund

will

use

Bloomberg

classifications,

which

employ

the

following

factors

listed

in

order

of

importance:

(i) the

country

in

which

the

company’s

management

is

located,

(ii) the

country

in

which

the

company’s

securities

are

primarily

listed,

(iii) the

country

from

which

the

company

primarily

receives

revenue

and

(iv) the

company’s

reporting

currency.

The

Fund

may

purchase

depositary

receipts

such

as

ADRs,

EDRs

and

GDRs.

ADRs,

EDRs

and

GDRs

are

certificates

evidencing

ownership

of

shares

of

foreign

issuers

and

are

alternatives

to

purchasing

directly

the

underlying

foreign

securities

in

their

national

markets

and

currencies.

The

Fund

may

invest

in

securities

of

emerging

markets

issuers.

Emerging

markets

issuers

are

those

(i) whose

securities

are

traded

principally

on

a

stock

exchange or over-the-counter in an

emerging

market

country,

(ii) organized

under

the

laws

of

an

emerging

market

country

or

(iii) whose

principal

place

of

business

or

principal

office(s)

is

in

an

emerging

market

country.

Emerging

market

countries

include

any

country

other

than

Canada,

the

United

States

and

the

countries

comprising

the

MSCI

EAFE® Index

(currently,

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland

and

the

United

Kingdom).

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

110

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

engage

in

hedging

transactions

from

time

to

time.

The

use

of

derivatives

for

purposes

of

hedging

the

portfolio

will

be

restricted

to

reducing

the

portfolio’s

exposure

to

interest

rates.

The

Fund

also

may

enter

into

interest

rate

swap

transactions,

including

forward

starting

swaps,

in

which

the

entire

swap

is

scheduled

to

start

at

a

later

date,

and

deferred

swaps

in

which

the

parties

do

not

exchange

payments

until

a

future

date.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act

and

the

rules

and

regulations

issued

thereunder.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act,

including

the

following

forms

of

leverage:

(a)

borrowings,

including

loans

from

certain

financial

institutions,

and/or

the

issuance

of

debt

securities;

(b)

the

issuance

of

Preferred

Shares;

and

(c)

engaging

in

reverse

repurchase

agreements

and

economically

similar

transactions.

The

Fund

also

may

borrow

money

for

repurchase

of

its

shares

or

as

a

temporary

measure

for

extraordinary

or

emergency

purposes,

including

the

payment

of

dividends

and

the

settlement

of

securities

transactions

which

otherwise

might

require

untimely

dispositions

of

Fund

securities. 

Temporary

Defensive

Periods

During

temporary

defensive

periods,

the

Fund

may

invest

up

to

100%

of

its

assets

in

high

quality,

short-term

securities,

and

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

securities.

There

can

be

no

assurance

that

such

techniques

will

be

successful.

Accordingly,

during

such

periods,

the

Fund

may

not

achieve

its

investment

objectives.

111

NUVEEN

PREFERRED

AND

INCOME

FUND

(JPT)

Investment

Objectives

The

Fund’s

investment

objective

is

to

provide

a

high

level

of

current

income

and

total

return.

Investment

Policies

The

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

preferred

securities

and

other

income

producing

securities,

including

hybrid

securities

such

as

contingent

capital

securities

(sometimes

referred

to

as

“CoCos”).

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund’s

levered

effective

duration

may

vary

over

time

based

on

market

conditions,

but

as

a

matter

of

policy

the

Fund’s

levered

effective

duration

will

not

exceed

six

years.

Levered

effective

duration”

takes

into

account

the

effects

of

leverage

and

optional

call

provisions

of

the

securities

in

the

Fund’s

portfolio.

The

Fund

may

invest

without

limit

in

below

investment

grade

securities

(BB+/Ba1

or

lower);

however,

the

Fund

may

invest

no

more

than

10%

of

its

Managed

Assets

in

securities

rated

below

B-/B3

at

the

time

of

purchase,

which

may

include

distressed

securities.

A

security

is

considered

to

have

the

highest

rating

assigned

to

it

by

a

rating

agency

or,

in

the

case

of

an

unrated

security,

to

have

the

same

rating

as

rated

securities

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality.

The

Fund

will

not

invest

in

defaulted

securities

or

in

the

securities

of

an

issuer

that

is

in

bankruptcy

or

insolvency

proceedings,

however

the

Fund

may

hold

investments

that

at

the

time

of

purchase

are

not

in

default

or

involved

in

bankruptcy

or

insolvency

proceedings,

but

may

later

become

so,

and

the

Fund

is

under

no

obligation

to

sell

or

dispose

of

such

securities

should

their

solvency

change.

The

Fund

may

invest

up

to

40%

of

its

Managed

Assets

in

securities

issued

by

companies

located

anywhere

in

the

world

outside

of

the

U.S.;

however,

the

Fund

may

invest

no

more

than

10%

of

its

Managed

Assets

in

securities

of

issuers

in

emerging

market

countries.

The

Fund

will

only

invest

in

U.S.

dollar

denominated

securities.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice.

Portfolio

Contents

The

Fund

invests

in

preferred

securities.

The

Fund

may

invest

in

all

types

of

preferred

securities,

including

both

traditional

preferred

securities

and non-traditional preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

shares

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

pay

a

dividend,

typically

contingent

both

upon

declaration

by

the

issuer’s

board

and

at

times

approval

by

regulators,

and

on

the

existence

of

current

earnings

(or

retained

earnings)

in

sufficient

amount

to

source

the

payment.

Dividend

payments

can

be

either

cumulative or non-cumulative and can

be

passed

or

deferred

without

limitation

at

the

option

of

the

issuer.

Traditional

preferred

securities

typically

have

no

ordinary

right

to

vote

for

the

board

of

directors,

except

in

some

cases

voting

rights

may

arise

if

the

issuer

fails

to

pay

the

preferred

share

dividends.

Traditional

preferred

securities

may

be

perpetual,

or

have

a

term

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

While

some

preferred

securities

are

issued

with

a

final

maturity

date,

others

are

perpetual

in

nature.

In

certain

instances,

a

final

maturity

date

may

be

extended

and/or

the

final

payment

of

principal

may

be

deferred

at

the

issuer’s

option

for

a

specified

time

without

triggering

an

event

of

default

for

the

issuer.

No

redemption

can

typically

take

place

unless

all

cumulative

payment

obligations

to

preferred

security

investors

have

been

met,

although

issuers

may

be

able

to

engage

in

open-market

repurchases

without

regard

to

any

cumulative

dividends

or

interest

payable.

A

portion

of

the

portfolio

may

include

investments in non-cumulative  preferred securities,

whereby

the

issuer

does

not

have

an

obligation

to

make

up

any

arrearages

to

holders

of

such

securities.

Should

an

issuer

default

on

its

obligations

under

such

a

security,

the

amount

of

income

earned

by

the

Fund

may

be

adversely

affected. Non-traditional preferred

securities

include

hybrid

preferred

securities,

contingent

convertible

capital

securities

and

other

types

of

preferred

securities

that

do

not

have

the

traditional

features

described

above.

Hybrid-preferred

securities

often

behave

similarly

as

investments

in

traditional

preferred

securities

and

are

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Hybrid-preferred

securities

possess

varying

combinations

of

features

of

both

debt

and

preferred

shares

and

as

such

they

may

constitute

senior

debt,

junior

debt

or

preferred

112

Shareholder

Update

(Unaudited)

(continued)

shares

in

an

issuer’s

capital

structure.

As

such,

hybrid-preferred

securities

may

not

be

subordinate

to

a

company’s

debt

securities

(as

are

traditional

preferred

shares).

Given

the

various

debt

and

equity

characteristics

of

hybrid-preferred

securities,

whether

a

hybrid-preferred

security

is

classified

as

debt

or

equity

for

purposes

of

reporting

the

Fund’s

portfolio

holdings

may

be

based

on

the

portfolio

managers’

determination

as

to

whether

its

debt

or

preferred

features

are

preponderant,

or

based

on

the

assessment

of

an

independent

data

provider.

Such

determinations

may

be

subjective.

Hybrid-preferred

securities

include

trust

preferred

securities.

Trust

preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

trust

preferred

securities

market

consists

of

both

fixed

and

adjustable

coupon

rate

securities

that

are

either

perpetual

in

nature

or

have

stated

maturity

dates.

Trust

preferred

securities

may

defer

payment

of

income

without

triggering

an

event

of

default.

These

securities

may

have

many

characteristics

of

equity

due

to

their

subordinated

position

in

an

issuer’s

capital

structure.

Trust

preferred

securities

may

be

issued

by

trusts

or

other

special

purpose

entities.

Preferred

securities

may

also

include

certain

forms

of

debt

that

have

many

characteristics

of

preferred

shares,

and

that

are

regarded

by

the

investment

marketplace

to

be

part

of

the

broader

preferred

securities

market.

Among

these

“preferred

securities”

are

certain

exchange-listed

debt

issues

that

historically

have

several

attributes,

including

trading

and

investment

performance

characteristics,

in

common

with

exchange-listed

traditional

preferred

stock

and

hybrid-preferred

securities.

Generally,

these

types

of

“preferred

securities”

are

senior

debt

or

junior

debt

in

the

capital

structure

of

an

issuer.

Preferred

securities

generally

pay

fixed

or

adjustable

rate

dividends

or

interest

to

investors

and

have

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

generally

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

securities

before

paying

any

dividends

on

its

common

stock.

As

a

general

matter,

dividend

or

interest

payments

on

preferred

securities

may

be

cumulative or non-cumulative. The

dividend

or

interest

rates

on

preferred

securities

may

be

fixed

or

floating,

or

convert

from

fixed

to

floating

at

a

specified

future

time;

the

Fund

may

invest

without

limit

in

such

floating-rate

and fixed-to-floating rate

preferred

securities.

Floating-

rate and fixed-to-floating rate preferred

securities

may

be

traditional

preferred

or

hybrid-preferred

securities.

Floating-rate

preferred

securities

pay

a

rate

of

income

that

resets

periodically

based

on

short-

and/or

longer-term

interest

rate

benchmarks.

If

the

associated

interest

rate

benchmark

rises,

the

income

received

from

the

security

may

increase

and

therefore

the

return

offered

by

the

floating-rate

security

may

rise

as

well,

making

such

securities

less

price

sensitive

to

rising

interest

rates

(or

yields).

Similarly, a  fixed-to-floating rate security

may

be

less

price

sensitive

to

rising

interest

rates

(or

yields),

because

the

period

over

which

the

rate

of

payment

is

fixed

is

shorter

than

the

maturity

term

of

the

bond,

after

which

period

a

floating

rate

of

payment

applies.

On

the

other

hand,

preferred

securities

are

junior

to

most

other

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

their

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

triggering

an

event

of

default

for

the

issuer,

and

certain

other

features,

preferred

securities

may

have,

at

times,

risks

similar

to

equity

instruments.

The

Fund’s

portfolio

of

preferred

securities

may

consist

of

fixed

rate

preferred

and

adjustable

rate

preferred

securities.

The

preferred

securities

market

continues

to

evolve.

New

securities

may

be

developed

that

may

be

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Where

such

securities

will

fall

in

the

capital

structure

of

the

issuer

will

depend

on

the

structure

and

characteristics

of

the

new

security.

For

purposes

of

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

preferred

securities

and

other

income

producing

securities,

the

Fund

considers

all

of

the

foregoing

types

of

securities

that

are

commonly

viewed

in

the

marketplace

as

preferred

securities

to

be

preferred

securities,

regardless

of

their

classification

in

the

capital

structure

of

the

issuer.

Preferred

securities

are

typically

issued

by

corporations,

generally

in

the

form

of

interest

or

dividend

bearing

instruments,

or

by

an

affiliated

business

trust

of

a

corporation,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

Preferred

securities

may

either trade over-the-counter, or trade

on

an

exchange.

The

preferred

securities

market

is

generally

divided

into

the

$25

par

“retail”

and

the

$1,000

par

“institutional”

segments.

The

$25

par

segment

is

typified

by

securities

that

are

listed

on

the

NYSE,

which

trade

and

are

quoted

with

accrued

dividend

or

interest

income,

and

which

are

often

callable.

The

institutional

segment

is

typified

by

$1,000

par

value

securities

that

are

not

exchange-listed.

The

Fund

may

invest

in

preferred

securities

of

either

segment.

The

Fund

may

also

invest

in

contingent

capital

securities

or

contingent

convertible

securities

(sometimes

referred

to

as

“CoCos”).

CoCos

are

hybrid

securities

created

by

regulators

after

the

2007-08

global

financial

crisis

as

a

way

to

reduce

the

likelihood

of

government-orchestrated

bailouts.

CoCos

are

designed

to

automatically

absorb

losses,

thereby

helping

the

issuing

bank

satisfy

regulatory

capital

requirements.

CoCos

are

not

preferred

securities.

CoCos

are

primarily

issued

by

European

financial

institutions

to

help

fulfill

their

capital

requirements,

while

U.S.

banks

issue

preferred

stock.

Because

CoCos

and

preferred

stock

play

nearly

identical

roles

and

rank

similarly

within

an

issuer’s

capital

structure,

CoCos

are

commonly

held

in

strategies

that

invest

in

preferred

securities.

The

“contingent”

nature

of

the

security

is

due

to

a

feature

that

automatically

imposes

a

loss

on

the

investor

should

an

issuer’s

capital

fall

below

a

predetermined

threshold.

When

this

occurs,

depending

on

the

structure,

there

are

three

possible

outcomes:

The

security

is

converted

to

common

equity;

The

investor

is

forced

to

assume

a

temporary

writedown

of

the

security’s

value;

and

The

investor

is

forced

to

assume

a

permanent

writedown

of

the

security’s

value.

Equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements

and,

unlike

traditional

convertible

securities,

conversions

are

not

voluntary

and

are

not

intended

to

benefit

the

investor.

The

Fund

may

invest

in

taxable

municipal

bonds.

States,

local

governments

and

municipalities

issue

municipal

bonds

to

raise

money

for

certain

purposes.

Municipal

bonds

issued

to

finance

activities

with

a

broad

public

purpose

are

generally

exempt

from

federal

income

tax.

Taxable

municipal

bonds,

however,

are

issued

to

finance

activities

with

less

significant

benefits

to

the

public,

such

as

the

construction

of

sports

facilities,

and

as

such

the

113

interest

paid

to

holders

of

such

bonds

is

taxable

as

ordinary

income.

Many

taxable

municipal

bonds

offer

yields

comparable

to

those

of

other

taxable

bonds,

such

as

corporate

and

agency

bonds.

Taxable

municipal

bonds

may

be

rated

investment-grade

or

below

investment-grade

and

pay

interest

based

on

fixed

or

floating

rate

coupons.

Maturities

may

range

from

long-term

to

short-term.

The

Fund

may

invest

in

high

yield

bonds.

Bonds

that

are

rated

lower

than

investment

grade

are

commonly

referred

to

as

high

yield

bonds

or

junk

bonds.

These

bonds

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

High

yield

bond

issuers

include

small

or

relatively

new

companies

lacking

the

history

or

capital

to

merit

investment-grade

status,

former

blue

chip

companies

downgraded

because

of

financial

problems,

companies

electing

to

borrow

heavily

to

finance

or

avoid

a

takeover

or

buyout,

and

firms

with

heavy

debt

loads.

The

Fund

may

invest

in

U.S.

Government

securities.

U.S.

Government

securities

include

(1) U.S.

Treasury

obligations,

which

differ

in

their

interest

rates,

maturities

and

times

of

issuance:

U.S.

Treasury

bills

(maturities

of

one

year

or

less),

U.S.

Treasury

notes

(maturities

of

one

year

to

ten

years)

and

U.S.

Treasury

bonds

(generally

maturities

of

greater

than

ten

years)

and

(2) obligations

issued

or

guaranteed

by

U.S.

Government

agencies

and

instrumentalities

that

are

supported

by

any

of

the

following:

(i) the

full

faith

and

credit

of

the

U.S.

Treasury,

(ii) the

right

of

the

issuer

to

borrow

an

amount

limited

to

a

specific

line

of

credit

from

the

U.S.

Treasury,

(iii) discretionary

authority

of

the

U.S.

Government

to

purchase

certain

obligations

of

the

U.S.

Government

agency

or

instrumentality

or

(iv) the

credit

of

the

agency

or

instrumentality.

The

Fund

may

invest

in

other

equity

securities,

including

common

stock,

convertible

securities,

hybrid

securities

(which

have

characteristics

of

both

equity

and

fixed-income

instruments),

warrants,

rights

and

depositary

receipts

(which

reference

ownership

of

underlying

non-U.S.

securities).

The

Fund

may

invest

in

corporate

debt

securities.

Corporate

debt

securities

are

fully

taxable

debt

obligations

issued

by

corporations.

These

securities

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

Corporate

debt

securities

are

subject

to

the

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payments

on

the

obligations

and

may

also

be

subject

to

price

volatility

due

to

such

factors

as

market

interest

rates,

market

perception

of

the

creditworthiness

of

the

issuer

and

general

market

liquidity.

In

addition,

corporate

restructurings,

such

as

mergers,

leveraged

buyouts,

takeovers

or

similar

corporate

transactions

are

often

financed

by

an

increase

in

a

corporate

issuer’s

indebtedness.

As

a

result

of

the

added

debt

burden,

the

credit

quality

and

market

value

of

an

issuer’s

existing

debt

securities

may

decline

significantly.

The

Fund

may

invest

in

convertible

securities.

Convertible

securities

are

hybrid

securities

that

combine

the

investment

characteristics

of

bonds

and

common

stocks.

Convertible

securities

typically

consist

of

debt

securities

or

preferred

securities

that

may

be

converted

within

a

specified

period

of

time

(typically

for

the

entire

life

of

the

security)

into

a

certain

amount

of

common

stock

or

other

equity

security

of

the

same

or

a

different

issuer

at

a

predetermined

price.

They

also

include

debt

securities

with

warrants

or

common

stock

attached

and

derivatives

combining

features

of

debt

securities

and

equity

securities.

Convertible

securities

entitle

the

holder

to

receive

interest

paid

or

accrued

on

debt

securities,

or

dividends

paid

or

accrued

on

preferred

securities,

until

the

securities

mature

or

are

redeemed,

converted

or

exchanged.

Before

conversion,

convertible

securities

have

characteristics

similar

to

nonconvertible

income

securities

in

that

they

ordinarily

provide

a

stable

stream

of

income

with

generally

higher

yields

than

those

of

common

stocks

of

the

same

or

similar

issuers,

but

lower

yields

than

comparable

nonconvertible

securities.

The

value

of

a

convertible

security

is

influenced

by

changes

in

interest

rates,

with

investment

value

generally

declining

as

interest

rates

increase

and

increasing

as

interest

rates

decline.

The

credit

standing

of

the

issuer

and

other

factors

also

may

have

an

effect

on

the

convertible

security’s

investment

value.

Convertible

securities

are

subordinate

in

rank

to

any

senior

debt

obligations

of

the

same

issuer

and,

therefore,

an

issuer’s

convertible

securities

entail

more

risk

than

its

debt

obligations.

The

Fund

may

invest

in

REITs.

REITs

are

typically

publicly

traded

corporations

or

trusts

that

invest

in

residential

or

commercial

real

estate.

REITs

generally

can

be

divided

into

the

following

three

types:

(i) equity

REITs

which

invest

the

majority

of

their

assets

directly

in

real

property

and

derive

their

income

primarily

from

rents

and

capital

gains

or

real

estate

appreciation;

(ii) mortgage

REITs

which

invest

the

majority

of

their

assets

in

real

estate

mortgage

loans

and

derive

their

income

primarily

from

interest

payments;

and

(iii) hybrid

REITs

which

combine

the

characteristics

of

equity

REITs

and

mortgage

REITs.

The

Fund

can

invest

in

common

stock,

preferred

securities,

debt

securities

and

convertible

securities

issued

by

REITs.

The

Fund

may

invest

in

securities

of

foreign

issuers

through

the

direct

investment

in

securities

of

such

companies

and

through

depositary

receipts.

For

purposes

of

identifying

foreign

issuers,

the

Fund

will

use

Bloomberg

classifications,

which

employ

the

following

factors

listed

in

order

of

importance:

(i) the

country

in

which

the

company’s

management

is

located,

(ii) the

country

in

which

the

company’s

securities

are

primarily

listed,

(iii) the

country

from

which

the

company

primarily

receives

revenue

and

(iv) the

company’s

reporting

currency.

The

Fund

may

purchase

depositary

receipts

such

as

ADRs,

EDRs

and

GDRs.

ADRs,

EDRs

and

GDRs

are

certificates

evidencing

ownership

of

shares

of

foreign

issuers

and

are

alternatives

to

purchasing

directly

the

underlying

foreign

securities

in

their

national

markets

and

currencies.

The

Fund

may

invest

in

securities

of

emerging

markets

issuers.

Emerging

markets

issuers

are

those

(i) whose

securities

are

traded

principally

on

a

stock

exchange or over-the-counter in an

emerging

market

country,

(ii) organized

under

the

laws

of

an

emerging

market

country

or

(iii) whose

principal

place

of

business

or

principal

office(s)

is

in

an

emerging

market

country.

Emerging

market

countries

include

any

country

other

than

Canada,

the

United

States

and

the

countries

comprising

the

MSCI

EAFE® Index

(currently,

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland

and

the

United

Kingdom).

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

114

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

also

may

invest

in

certain

derivative

instruments

in

pursuit

of

its

investment

objective.

Such

instruments

may

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

and

credit

default

swaps),

options

on

financial

futures,

options

on

swap

contracts,

or

other

derivative

instruments.

The

Fund

may

use

derivative

instruments

to

hedge

some

of

the

risk

of

the

Fund’s

investments

or

as

a

temporary

substitute

for

a

position

in

the

underlying

asset.

For

example,

the

Fund

may

use

derivatives

to

help

manage

the

portfolio’s

levered

effective

duration

over

time.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act

and

the

rules

and

regulations

issued

thereunder.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

through

borrowings,

issuing

Preferred

Shares

and

the

issuance

of

debt

securities.

In

addition,

the

Fund

may

use

derivatives

that

may

have

the

economic

effect

of

leverage.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods,

the

Fund

may

invest

up

to

100%

of

its

assets

in

high

quality,

short-term

securities,

and

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

securities.

There

can

be

no

assurance

that

such

techniques

will

be

successful.

Accordingly,

during

such

periods,

the

Fund

may

not

achieve

its

investment

objectives.

115

Nuveen

Variable

Rate

Preferred

and

Income

Fund

(NPFD)

Investment

Objectives

The

Fund’s

investment

objective

is

to

provide

a

high

level

of

current

income

and

total

return.

Investment

Policies

The

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

variable

rate

preferred

securities

and

other

variable

rate

income

producing

securities.

“Assets”

means

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

means

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

50%

of

its

Managed

Assets

(as

defined

below)

in

securities

that

are

rated

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

contingent

capital

securities

or

contingent

convertible

securities

(sometimes

referred

to

as

“CoCos”).

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

companies

located

in

emerging

market

countries.

The

Fund

will

only

invest

in

U.S.

dollar

denominated

securities.

The

Fund

will

invest

more

than

25%

of

its

Managed

Assets

in

the

securities

of

companies

principally

engaged

in

the

financial

services

sector.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Fund

cannot

change

its

fundamental

policies

without

the

approval

of

the

holders

of

a

“majority

of

the

outstanding”

Common

Shares.

When

used

with

respect

to

particular

shares

of

the

Fund,

a

“majority

of

the

outstanding”

shares

means

(i) 67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii) more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

variable

rate

preferred

securities

and

other

variable

rate

income

producing

securities.

The

Fund

may

also

invest

to

a

lesser

extent

in

fixed

income

securities,

of

any

type,

Including

contingent

capital

securities

or

contingent

convertible

securities

(sometimes

referred

to

as

“CoCos”),

convertible

securities,

corporate

debt

securities,

U.S.

government

securities

(securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

or

instrumentalities),

residential

and

commercial

mortgage-backed

securities,

fixed-rate

preferred

securities,

senior

loans

and

loan

participations

and

assignments,

sovereign

debt

instruments,

debt

securities

issued

by

supranational

agencies,

and

taxable

and

tax-exempt

municipal

bonds.

The

Fund

invests

in

preferred

securities.

The

Fund

may

invest

in

all

types

of

preferred

securities,

including

both

perpetual

preferred

securities

and

hybrid

securities.

Perpetual

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

a

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

perpetual

preferred

securities

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Perpetual

preferred

securities

typically

have

a

fixed

liquidation

(or

“par”)

value.

The

term

“preferred

securities”

also

includes

hybrid

securities

and

other

types

of

preferred

securities

that

do

not

have

the

features

described

above.

Preferred

securities

that

are

hybrid

securities

often

behave

similarly

to

investments

in

perpetual

preferred

securities

and

are

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Such

hybrid

securities

possess

varying

combinations

of

features

of

both

debt

and

perpetual

preferred

securities

and

as

such

they

may

constitute

senior

debt,

junior

debt

or

preferred

shares

in

an

issuer’s

capital

structure.

The

term

“preferred

securities”

also

includes

certain

forms

of

debt

that

are

regarded

by

the

investment

marketplace

to

be

part

of

the

broader

preferred

securities

market.

Among

these

preferred

securities

are

certain

exchange-listed

debt

issues

that

historically

have

several

attributes,

including

trading

and

investment

performance

characteristics,

in

common

with

exchange-listed

perpetual

preferred

securities

and

hybrid

securities.

Generally,

these

types

of

preferred

securities

are

senior

debt

in

the

capital

structure

of

an

issuer.

As

a

general

matter,

dividend

or

interest

payments

on

preferred

securities

may

be

cumulative

or

non-cumulative

and

may

be

deferred

(in

the

case

of

cumulative

payments)

or

skipped

(in

the

case

of

non-cumulative

payments)

at

the

option

of

the

issuer.

Generally,

preferred

security

holders

have

no

voting

rights

with

respect

to

the

issuing

company,

except

in

some

cases

voting

rights

may

arise

if

the

issuer

fails

to

pay

the

preferred

share

dividends

or

if

a

declaration

of

default

occurs

and

is

continuing.

116

Shareholder

Update

(Unaudited)

(continued)

Preferred

securities

may

either

trade

over-the-counter

(“OTC”)

or

trade

on

an

exchange.

Preferred

securities

can

be

structured

differently

for

retail

and

institutional

investors,

and

the

Fund

may

invest

in

preferred

securities

of

either

structure.

The

retail

segment

is

typified

by

$25

par

value

exchange-traded

securities,

which

trade

on

exchanges

such

as

the

NYSE

and

the

institutional

segment

is

typified

by

$1,000

par

value

OTC

securities.

Typically,

most

$25

par

value

exchange-traded

securities

have

fixed-rate

coupon

structures,

while

the

institutional

segment

of

$1,000

par

securities

are

variable-rate

securities.

Both

$25

and

$1,000

par

value

securities

are

often

callable

at

par

value,

typically

at

least

five

years

after

their

original

issuance

date

(i.e.,

the

issuer

has

the

right

to

call

in

or

redeem

the

preferred

security

at

a

pre-set

price

after

a

specified

date).

The

Fund’s

investments

in

preferred

securities

may

include

convertible

preferred

securities,

which

are

hybrid

securities

that

combine

the

investment

characteristics

of

bonds

and

common

stocks.

Convertible

preferred

securities

typically

consist

of

preferred

securities

that

may

be

converted

within

a

specified

period

of

time

(typically

for

the

entire

life

of

the

security)

into

a

certain

amount

of

common

stock

or

other

equity

security

of

the

same

or

a

different

issuer.

Convertible

preferred

securities

entitle

the

holder

to

receive

interest

or

dividends

paid

or

accrued

on

preferred

securities

until

the

securities

mature

or

are

redeemed,

converted

or

exchanged.

The

Fund

may

also

invest

in

contingent

capital

securities

or

contingent

convertible

securities

(sometimes

referred

to

as

“CoCos”).

CoCos

are

hybrid

securities

created

by

regulators

after

the

2007-08

global

financial

crisis

as

a

way

to

reduce

the

likelihood

of

government-orchestrated

bailouts.

CoCos

are

designed

to

automatically

absorb

losses,

thereby

helping

the

issuing

bank

satisfy

regulatory

capital

requirements.

CoCos

are

not

preferred

securities.

CoCos

are

primarily

issued

by

European

financial

institutions

to

help

fulfill

their

capital

requirements,

while

U.S.

banks

issue

preferred

stock.

Because

CoCos

and

preferred

stock

play

nearly

identical

roles

and

rank

similarly

within

an

issuer’s

capital

structure,

CoCos

are

commonly

held

in

strategies

that

invest

in

preferred

securities.

The

“contingent”

nature

of

the

security

is

due

to

a

feature

that

automatically

imposes

a

loss

on

the

investor

should

an

issuer’s

capital

fall

below

a

predetermined

threshold.

When

this

occurs,

depending

on

the

structure,

there

are

three

possible

outcomes:

The

security

is

converted

to

common

equity;

The

investor

is

forced

to

assume

a

temporary

writedown

of

the

security’s

value;

and

The

investor

is

forced

to

assume

a

permanent

writedown

of

the

security’s

value.

Equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements

and,

unlike

traditional

convertible

securities,

conversions

are

not

voluntary

and

are

not

intended

to

benefit

the

investor.

The

Fund

may

invest

in

corporate

debt

securities

issued

by

companies

of

all

kinds,

including

those

with

small-,

mid-

and

large

capitalizations.

Corporate

debt

securities

are

fixed

income

securities

issued

by

businesses

to

finance

their

operations.

Notes,

bonds,

debentures

and

commercial

paper

are

the

most

common

types

of

corporate

debt

securities,

with

the

primary

difference

being

their

maturities

and

secured

or

unsecured

status.

Commercial

paper

has

the

shortest

term

and

is

usually

unsecured.

Corporate

debt

securities

may

be

rated

investment-grade

or

below

investment-

grade

and

may

carry

fixed

or

floating

rates

of

interest.

The

Fund

may

invest

in

U.S.

dollar-denominated

securities

of

non-U.S.

issuers

traded

over

the

counter

or

listed

on

an

exchange.

The

Fund

will

classify

an

issuer

of

a

security

as

being

a

U.S.

or

non-U.S.

issuer

based

on

the

determination

of

an

unaffiliated,

recognized

financial

data

provider.

Such

determinations

are

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile,

the

primary

exchange

on

which

the

security

trades,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

The

Fund

may

invest

in

common

stocks

which

generally

represents

an

equity

ownership

interest

in

an

issuer.

Additional

types

of

equity

securities

(other

than

preferred

securities)

in

which

the

Fund

may

invest

include

convertible

securities

(discussed

below),

REITs,

warrants,

rights

and

depositary

receipts

(which

reference

ownership

of

underlying

non-U.S.

securities).

The

Fund’s

equity

investments

also

may

include

securities

of

other

investment

companies

(including

open-end

funds,

closed-end

funds

and

ETFs).

The

Fund

may

invest

in

U.S.

government

securities,

including

U.S.

Treasury

obligations

and

securities

issued

or

guaranteed

by

various

agencies

of

the

U.S.

government,

or

by

various

instrumentalities

which

have

been

established

or

sponsored

by

the

U.S.

government.

U.S.

Treasury

obligations

are

backed

by

the

“full

faith

and

credit”

of

the

U.S.

government.

Securities

issued

or

guaranteed

by

federal

agencies

and

U.S.

government

sponsored

instrumentalities

may

or

may

not

be

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

Fund

may

invest

in

mortgage-backed

securities

(“MBS”).

A

MBS

(“MBS”)

is

a

type

of

pass-through

security,

which

is

a

security

representing

pooled

debt

obligations

repackaged

as

interests

that

pass

income

through

an

intermediary

to

investors.

In

the

case

of

mortgage-backed

securities,

the

ownership

interest

is

in

a

pool

of

mortgage

loans.

Commercial

mortgage-backed

securities

(“CMBS”)

are

backed

by

a

pool

of

mortgages

on

commercial

property.

The

Fund

may

invest

in

asset-backed

securities

(“ABS”).

ABS

are

securities

that

are

primarily

serviced

by

the

cash

flows

of

a

discrete

pool

of

receivables

or

other

financial

assets,

either

fixed

or

revolving,

that

by

their

terms

convert

into

cash

within

a

finite

time

period.

Asset-backed

securitization

is

a

financing

technique

in

which

financial

assets,

in

many

cases

themselves

less

liquid,

are

pooled

and

converted

into

instruments

that

may

be

offered

and

sold

in

the

capital

markets.

In

a

basic

securitization

structure,

an

entity,

often

a

financial

institution,

originates

or

otherwise

acquires

a

pool

of

financial

assets,

either

directly

or

through

an

affiliate.

It

then

sells

the

financial

assets,

again

either

directly

or

through

an

affiliate,

to

a

specially

created

investment

vehicle

that

issues

securities

“backed”

or

supported

by

those

financial

assets,

which

securities

are

ABS.

Payment

on

the

ABS

depends

primarily

on

the

cash

flows

generated

by

the

assets

in

the

underlying

pool

and

other

rights

designed

to

assure

timely

payment,

such

as

liquidity

facilities,

guarantees

or

other

features

generally

known

as

credit

enhancements.

117

The

Fund

may

invest

in

loans,

including

senior

secured

loans,

unsecured

and/or

subordinated

loans,

loan

participations,

unfunded

contracts

and

assignments.

These

loans

are

typically

made

by

or

issued

to

corporations

primarily

to

finance

acquisitions,

refinance

existing

debt,

support

organic

growth,

or

pay

out

dividends,

and

are

typically

originated

by

large

banks

and

are

then

syndicated

out

to

institutional

investors

as

well

as

to

other

banks.

The

loans

that

the

Fund

invests

typically

bear

interest

at

a

floating

rate,

although

some

loans

may

pay

a

fixed

rate.

Floating

rate

loans

have

interest

rates

that

reset

periodically,

typically

monthly

or

quarterly.

The

interest

rates

on

floating

rate

loans

are

generally

based

on

a

percentage

above

the

London

Inter-Office

Bank

Rate

(“LIBOR”),

the

Secured

Oversight

Financing

Rate

(“SOFR”),

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

The

publication

of

U.S.

dollar

LIBOR

as

a

representative

reference

rate

ceased

as

of

June

30,

2023,

although

the

publication

of

synthetic

1-month,

3-month

and

6-month

U.S.

dollar

LIBOR

will

continue

for

a

limited

time

for

use

in

connection

with

a

small

number

of

legacy

financial

contracts

that

have

not

yet

transitioned

to

SOFR

or

another

replacement

reference

rate. 

SOFR

and

other

replacement

reference

rates

are

relatively

new,

which

may

result

in,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

rely

on

such

reference

rates.

Loan

participations

are

loans

that

are

shared

by

a

group

of

lenders.

Unfunded

commitments

are

contractual

obligations

by

lenders

(such

as

the

Fund)

to

loan

an

amount

in

the

future

or

that

is

due

to

be

contractually

funded

in

the

future.

Assignments

may

be

arranged

through

private

negotiations

between

potential

assignees

and

potential

assignors,

and

the

rights

and

obligations

acquired

by

the

purchaser

of

an

assignment

may

differ

from,

and

be

more

limited

than,

those

held

by

the

assigning

lender.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

The

types

of

covenants

included

in

loan

agreements

generally

vary

depending

on

market

conditions,

the

creditworthiness

of

the

borrower,

the

nature

of

the

collateral

securing

the

loan

and

other

factors.

Such

restrictive

covenants

normally

allow

for

early

intervention

and

proactive

mitigation

of

credit

risk

by

providing

lenders

with

the

ability

to

(1)

intervene

and

either

prevent

or

restrict

actions

that

may

potentially

compromise

the

borrower’s

ability

to

repay

the

loan

and/or

(2)

obtain

concessions

from

the

borrower

in

exchange

for

waiving

or

amending

a

particular

covenant.

Loans

with

fewer

or

weaker

restrictive

covenants

may

limit

the

Fund’s

ability

to

intervene

or

obtain

additional

concessions

from

borrowers.

The

Fund

may

invest

in

sovereign

securities.

Sovereign

securities

are

issued

or

guaranteed

by

foreign

sovereign

governments

or

their

agencies,

authorities,

political

subdivisions

or

instrumentalities,

and

supranational

agencies.

A

supranational

agency

is

a

multinational

union

or

association

in

which

member

countries

cede

authority

and

sovereignty

on

a

limited

number

of

matters

to

the

group,

whose

decisions

are

binding

upon

its

members.

Quasi-sovereign

securities

typically

are

issued

by

companies

or

agencies

that

may

receive

financial

support

or

backing

from

a

local

government

or

in

which

the

government

owns

a

majority

of

the

issuer’s

voting

shares.

The

ability

of

a

foreign

sovereign

issuer,

especially

in

an

emerging

market

country,

to

make

timely

and

ultimate

payments

on

its

debt

obligations

will

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credits

and

investments,

fluctuations

of

interest

rate

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

To

the

extent

that

a

country

receives

payment

for

its

export

in

currencies

other

than

dollars,

its

ability

to

make

debt

payments

denominated

in

dollars

could

be

adversely

affected.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks

and

multinational

organizations.

There

may

be

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

interest

may

be

collected.

The

Fund

may

invest

in

taxable

and

tax-exempt

municipal

securities,

including

municipal

bonds,

and

notes

and

other

securities

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

Municipal

bonds

may

also

be

issued

to

finance

and

refinance

privately

owned

facilities

or

projects

deemed

to

serve

a

public

purpose.

Municipal

bonds

may

be

issued

on

a

long-term

basis

to

provide

long-term

financing.

The

repayment

of

such

debt

may

be

secured

generally

by

a

pledge

of

the

full

faith

and

credit

taxing

power

of

the

issuer,

a

limited

or

special

tax,

or

any

other

revenue

source,

including

project

revenue.

Municipal

bonds

may

also

be

issued

to

finance

projects

on

a

short-term

interim

basis,

anticipating

repayment

with

the

proceeds

of

long-term

debt.

While

the

Fund

does

not

currently

anticipate

investing

to

a

material

extent

in

restricted

and

illiquid

investments

(i.e.,

investments

that

are

not

readily

marketable),

the

Fund’s

portfolio

may

contain

restricted

and

illiquid

investments,

including,

but

not

limited

to,

restricted

investments

(investments

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

investments

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act

that

are

deemed

to

be

illiquid,

and

certain

repurchase

agreements.

Restricted

investments

may

be

sold

only

in

privately

negotiated

transactions

or

in

a

public

offering

with

respect

to

which

a

registration

statement

is

in

effect

under

the

1933

Act.

The

Fund

may

invest

in

securities

of

other

open-end

or

closed-end

investment

companies,

including

ETFs,

that

invest

primarily

in

the

types

of

investments

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act

and

the

rules

and

regulations

issued

thereunder.

The

Fund

may

invest

without

limitation

in

credit

default

swaps,

and

may

enter

into

credit

default

swaps

as

either

a

buyer

or

a

seller.

In

addition

to

credit

default

swaps,

the

Fund

also

may

invest

in

certain

derivative

instruments

in

pursuit

of

its

investment

objective.

Such

instruments

include

financial

futures

contracts

and

options

thereon,

forward

contracts,

swaps

(with

varying

terms,

including

interest

rate

swaps),

options

on

swaps

and

other

derivative

instruments.

The

Fund’s

sub-adviser

may

use

derivative

instruments

to

attempt

to

hedge

some

of

the

risk

of

the

Fund’s

investments

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Use

of

Leverage

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

through

borrowings,

issuing

Preferred

Shares,

the

issuance

of

debt

securities,

entering

into

reverse

repurchase

agreements

(effectively

a

borrowing),

and

investing

in

residual

interest

certificates

of

tender

option

bond

trusts,

also

called

inverse

floating

rate

securities,

that

have

the

economic

effect

of

leverage

because

the

Fund’s

investment

exposure

to

the

underlying

securities

held

by

the

trust

have

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

certificates.

118

Shareholder

Update

(Unaudited)

(continued)

Temporary

Defensive

Periods

During

temporary

defensive

periods,

the

period

in

which

the

net

proceeds

of

this

offering

of

Common

Shares

are

first

being

invested

(the

“invest-up

period”),

the

“wind-up”

period

(the

approximately

six

month

period

during

which

the

Fund

is

transitioning

its

portfolio

as

the

Fund’s

Termination

Date

approaches)

or

the

period

in

which

the

Fund’s

assets

are

being

liquidated

in

anticipation

of

the

Fund’s

termination,

the

Fund

may

deviate

from

its

investment

policies

and

objective.

During

such

periods,

the

Fund

may

invest

up

to

100%

of

its

Managed

Assets

in

cash,

short-term

investments,

including

high

quality,

short-term

securities

or

may

invest

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

securities.

During

the

invest-up

period,

the

Fund

may

also

purchase

securities

issued

by

ETFs

that

invest

primarily

in

investments

of

the

types

in

which

the

Fund

may

invest

directly.

Any

such

investments

in

ETFs

will

be

in

compliance

with

the

limitations

imposed

by

the

1940

Act,

the

rules

promulgated

thereunder,

or

pursuant

to

any

exemptive

relief

obtained

thereunder.

There

can

be

no

assurance

that

such

techniques

will

be

successful.

Accordingly,

during

such

periods,

the

Fund

may

not

achieve

its

investment

objective.

119

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Term

Fund

(JPI)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Nuveen

Preferred

&

Income

Fund

(JPT)

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

Portfolio

Level

Risks

Asset-Backed

Securities

("ABS")

Risk

-

-

-

-

X

Below

Investment

Grade

Risk

X

X

X

X

X

Call

Risk

X

X

X

X

X

Collateralized

Mortgage-Backed

Securities

("CMBS")

and

Mortgage-Backed

Securities

("MBS")

Risk

-

-

-

-

X

Common

Stock

Risk

X

X

X

X

-

Concentration

and

Financial

Services

Sector

Risk

X

X

X

X

X

Contingent

Capital

Securities

("

CoCos

")

Risk

X

X

X

X

X

Convertible

Securities

Risk

X

X

X

X

X

Credit

Risk

X

X

X

X

X

Credit

Spread

Risk

X

X

X

X

X

Debt

Securities

Risk

X

X

X

X

X

Defaulted

and

Distressed

Investments

Risk

-

-

-

X

-

Deflation

Risk

X

X

X

X

X

Derivatives

Risk

X

X

X

X

X

Duration

Risk

X

X

X

X

X

Emerging

Markets

Risk

X

X

X

X

X

Equity

Securities

Risk

-

-

-

-

X

Financial

Futures

and

Options

Transactions

Risk

X

X

X

X

X

Floating-Rate

and

Fixed-to-Floating

Rate

Securities

Risk

X

X

X

X

-

Foreign

Currency

Risk

X

-

X

-

-

Hedging

Risk

X

X

X

X

X

Illiquid

Investments

Risk

X

X

X

X

X

Income

Risk

X

X

X

X

X

Inflation

Risk

X

X

X

X

X

Inflation

Correlation

Risk

X

X

X

X

X

Interest

Rate

Risk

X

X

X

X

X

Inverse

Floating

Rate

Securities

Risk

-

-

-

-

X

Loan

Risk

-

-

-

-

X

Municipal

Securities

Market

Liquidity

Risk

-

X

-

X

X

Municipal

Securities

Market

Risk

-

X

-

X

X

Non-U.S.

Securities

Risk

X

X

X

X

X

Other

Investment

Companies

Risk

X

X

X

X

X

Preferred

and

Hybrid

Preferred

Securities

Risk

X

X

X

X

X

120

Shareholder

Update

(Unaudited)

(continued)

Risk

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Term

Fund

(JPI)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Nuveen

Preferred

&

Income

Fund

(JPT)

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

Portfolio

Level

Risks

Reinvestment

Risk

X

X

X

X

X

Senior

Loan

Risk

-

-

-

-

X

Sovereign

Government

and

Supranational

Debt

Risk

-

-

-

-

X

Swap

Transactions

Risk

X

X

X

X

X

Unrated

Securities

Risk

X

X

X

X

X

U.S.

Government

Securities

Risk

X

X

X

X

X

Valuation

Risk

X

X

X

X

X

Warrants

and

Equity

Securities

Risk

X

X

X

X

-

When-Issued

and

Delayed-Delivery

Transactions

X

X

X

X

X

Zero

Coupon

Bonds

Risk

X

X

X

X

-

Risk

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

X

X

X

Borrowing

Risk

X

X

X

X

X

Counterparty

Risk

X

X

X

X

X

Cybersecurity

Risk

X

X

X

X

X

Fund

Tax

Risk

X

X

X

X

X

Global

Economic

Risk

X

X

X

X

X

Investment

and

Market

Risk

X

X

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

X

X

Leverage

Risk

X

X

X

X

X

Limited

Term

Risk

-

X

-

-

-

Market

Discount

from

Net

Asset

Value

X

X

X

X

X

Recent

Market

Conditions

X

X

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

X

X

Tax

Risk

X

X

X

X

X

121

Portfolio

Level

Risks:

Asset-Backed

Securities

Risk.

Asset-backed

securities

represent

participations

in,

or

are

secured

by

and

payable

from,

pools

of

assets

including

company

receivables,

truck

and

auto

loans,

leases

and

credit

card

receivables.

These

securities

may

be

in

the

form

of

pass-through

instruments

or

asset-backed

bonds.

Asset-backed

securities

are

issued

by

non-governmental

entities

and

carry

no

direct

or

indirect

government

guarantee;

the

asset

pools

that

back

asset-backed

securities

are

securitized

through

the

use

of

privately-formed

trusts

or

special

purpose

corporations.

Payments

on

asset-backed

securities

depend

upon

assets

held

by

the

issuer

and

collections

of

the

underlying

loans.

The

value

of

these

securities

depends

on

many

factors,

including

changing

interest

rates,

the

availability

of

information

about

the

pool

and

its

structure,

the

credit

quality

of

the

underlying

assets,

the

market’s

perception

of

the

servicer

of

the

pool,

and

any

credit

enhancement

provided.

In

certain

market

conditions,

asset-backed

securities

may

experience

volatile

fluctuations

in

value

and

periods

of

illiquidity.

Below

Investment

Grade

Risk.

Investments

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

investments

of

comparable

terms

and

duration.

Issuers

of

lower

grade

investments

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

investments

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

investments

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

investments,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

investment.

If

a

below

investment

grade

security

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

If

a

below

investment

grade

investment

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

investment

in

a

timely

manner

at

a

reasonable

price.

Call

Risk.

The

Fund

may

invest

in

securities

that

are

subject

to

call

risk.

Such

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Collateralized

Mortgage-Backed

Securities

(“CMBS”)

and

Mortgage-Backed

Securities

(“MBS”)

Risk.

 CMBS

and

MBS,

including

collateralized

debt

obligations

and

collateralized

mortgage

obligations,

differ

from

conventional

debt

securities

because

principal

is

paid

back

over

the

life

of

the

security

rather

than

at

maturity.

CMBS

and

MBS

are

subject

to

prepayment

or

call

risk,

which

is

the

risk

that

a

borrower’s

payments

may

be

received

earlier

than

expected

due

to

changes

in

prepayment

rates

on

underlying

loans.

Faster

prepayments

often

happen

when

interest

rates

are

falling.

As

a

result,

the

Fund

may

reinvest

these

early

payments

at

lower

interest

rates,

thereby

reducing

the

Fund’s

income.

CMBS

and

MBS

also

are

subject

to

extension

risk.

An

unexpected

rise

in

interest

rates

could

reduce

the

rate

of

prepayments

and

extend

the

life

of

the

CMBS

and

MBS,

causing

the

price

of

the

CMBS

and

MBS

and

the

Fund’s

share

price

to

fall

and

would

make

the

CMBS

and

MBS

more

sensitive

to

interest

rate

changes.

An

unexpectedly

high

rate

of

defaults

on

the

mortgages

held

by

a

mortgage

pool

will

adversely

affect

the

value

of

CMBS

and

MBS

and

will

result

in

losses

to

the

Fund.

Privately

issued

mortgage-related

securities

are

not

subject

to

the

same

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

mortgage-related

securities

that

have

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

privately

issued

mortgage-related

securities

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

mortgage-related

securities

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Common

Stock

Risk.

Common

stocks

have

experienced

significantly

more

volatility

in

returns

and

may

significantly

underperform

relative

to

fixed-

income

securities

during

certain

periods.

An

adverse

event,

such

as

an

unfavorable

earnings

report,

may

depress

the

value

of

a

particular

common

stock

held

by

the

Fund.

Also,

the

prices

of

common

stocks

are

sensitive

to

general

movements

in

the

stock

market,

and

a

drop

in

the

stock

market

may

depress

the

price

of

common

stocks

to

which

the

Fund

has

exposure.

Common

stock

prices

fluctuate

for

several

reasons,

including

changes

in

investors’

perceptions

of

the

financial

condition

of

an

issuer,

the

general

condition

of

the

relevant

stock

market

or

the

current

and

expected

future

conditions

of

the

broader

economy,

or

when

political

or

economic

events

affecting

the

issuer

in

particular

or

the

stock

market

in

general

occur.

In

addition,

common

stock

prices

may

be

particularly

sensitive

to

rising

interest

rates,

as

the

cost

of

capital

rises

and

borrowing

costs

increase.

Concentration

and

Financial

Services

Sector

Risk.

The

preferred

securities

market

is

comprised

predominantly

of

securities

issued

by

companies

in

the

financial

services

sector.

Therefore,

preferred

securities

present

substantially

increased

risks

at

times

of

financial

turmoil,

which

could

affect

financial

services

companies

more

than

companies

in

other

sectors

and

industries.

The

Fund’s

investment

in

securities

issued

by

financial

services

companies

makes

the

Fund

more

susceptible

to

adverse

economic

or

regulatory

occurrences

affecting

those

companies.

Concentration

of

investments

in

financial

services

companies

includes

the

following

risks:

financial

services

companies

may

suffer

a

setback

if

regulators

change

the

rules

under

which

they

operate,

which

may

increase

costs

for

or

limit

the

ability

to

offer

new

services

or

products

and

make

it

difficult

to

pass

increased

costs

on

to

consumers;

unstable

interest

rates

can

have

a

disproportionate

effect

on

the

financial

services

sector;

financial

services

companies

whose

securities

the

Fund

may

purchase

may

themselves

have

concentrated

portfolios,

such

as

a

high

level

of

loans

to

real

estate

developers,

which

makes

them

vulnerable

to

economic

conditions

that

affect

that

sector;

and

financial

services

companies

have

been

affected

by

increased

competition,

which

could

adversely

affect

the

profitability

or

viability

of

such

companies.

122

Shareholder

Update

(Unaudited)

(continued)

The

profitability

of

many

types

of

financial

services

companies

may

be

adversely

affected

in

certain

market

cycles,

including

periods

of

rising

interest

rates,

which

may

restrict

the

availability

and

increase

the

cost

of

capital,

and

declining

economic

conditions,

which

may

cause

credit

losses

due

to

financial

difficulties

of

borrowers.

Because

many

types

of

financial

services

companies

are

especially

vulnerable

to

these

economic

cycles,

the

Fund’s

investments

in

these

companies

may

lose

significant

value

during

such

periods.

Contingent

Capital

Securities

(“

CoCos

”)

Risk.

A

loss

absorption

mechanism

trigger

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

(e.g.,

a

decrease

in

the

issuer’s

capital

ratio)

and

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

trigger

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline,

which

may

adversely

affect

the

Fund’s

NAV.

Further,

the

issuer’s

common

stock

would

be

subordinate

to

the

issuer’s

other

classes

of

securities

and

therefore

would

worsen

the

Fund’s

standing

in

a

bankruptcy

proceeding.

In

addition,

because

the

common

stock

of

the

issuer

may

not

pay

a

dividend,

investors

in

these

instruments

could

experience

a

reduced

income

rate,

potentially

to

zero.

In

view

of

the

foregoing,

CoCos

are

often

rated

below

investment

grade

and

are

subject

to

the

risks

of

below

investment

grade

securities.

CoCos

may

be

subject

to

an

automatic

write-down

(i.e.,

the

automatic

write-down

of

the

principal

amount

or

value

of

the

securities,

potentially

to

zero,

and

the

cancellation

of

the

securities)

under

certain

circumstances,

which

could

result

in

the

Fund

losing

a

portion

or

all

of

its

investment

in

such

securities.

In

addition,

the

Fund

may

not

have

any

rights

with

respect

to

repayment

of

the

principal

amount

of

the

securities

that

has

not

become

due

or

the

payment

of

interest

or

dividends

on

such

securities

for

any

period

from

(and

including)

the

interest

or

dividend

payment

date

falling

immediately

prior

to

the

occurrence

of

such

automatic

write-down.

An

automatic

write-down

could

also

result

in

a

reduced

income

rate

if

the

dividend

or

interest

payment

is

based

on

the

security’s

par

value.

Coupon

payments

on

CoCos

may

be

discretionary

and

may

be

cancelled

by

the

issuer

for

any

reason

or

may

be

subject

to

approval

by

the

issuer’s

regulator

and

may

be

suspended

in

the

event

there

are

insufficient

distributable

reserves.

In

certain

scenarios,

investors

in

CoCos

may

suffer

a

loss

of

capital

ahead

of

equity

holders

or

when

equity

holders

do

not.

There

is

no

guarantee

that

the

Fund

will

receive

a

return

of

principal

on

CoCos.

Any

indication

that

an

automatic

write-down

or

conversion

event

may

occur

can

be

expected

to

have

a

material

adverse

effect

on

the

market

price

of

CoCos.

The

prices

of

CoCos

may

be

volatile.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

a

fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

similarly

structured

securities.

CoCos

are

issued

primarily

by

financial

institutions.

Therefore,

CoCos

present

substantially

increased

risks

at

times

of

financial

turmoil,

which

could

affect

financial

institutions

more

than

companies

in

other

sectors

and

industries.

Convertible

Securities

Risk.

Convertible

securities

have

characteristics

of

both

equity

and

debt

securities

and,

as

a

result,

are

exposed

to

certain

additional

risks

that

are

typically

associated

with

debt,

including

but

not

limited

to

Interest

Rate

Risk,

Credit

Risk,

Below

Investment

Grade

Risk

and

Unrated

Securities

Risk.

The

value

of

a

convertible

security

is

influenced

by

both

the

yield

of

non-convertible

securities

of

comparable

issuers

and

by

the

value

of

the

underlying

common

stock.

Convertible

securities

generally

offer

lower

interest

or

dividend

yields

than

non-convertible

securities

of

similar

credit

quality.

The

market

values

of

convertible

securities

tend

to

decline

as

interest

rates

increase

and,

conversely,

to

increase

as

interest

rates

decline.

However,

the

convertible

security’s

market

value

tends

to

reflect

the

market

price

of

the

common

stock

of

the

issuing

company

when

that

stock

price

is

greater

than

the

convertible

security’s

“conversion

price.”

The

conversion

price

is

defined

as

the

predetermined

price

at

which

the

convertible

security

could

be

exchanged

for

the

associated

common

stock.

As

the

market

price

of

the

underlying

common

stock

declines,

the

price

of

the

convertible

security

tends

to

be

influenced

more

by

the

yield

of

the

convertible

security.

Thus,

the

convertible

security

may

not

decline

in

price

to

the

same

extent

as

the

underlying

common

stock.

Convertible

securities

fall

below

debt

obligations

of

the

same

issuer

in

order

of

preference

or

priority

in

the

event

of

a

liquidation

and

are

typically

unrated

or

rated

lower

than

such

debt

obligations.

Credit

Risk.

Issuers

of

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-

payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

security

experiencing

non-payment

and

potentially

a

decrease

in

the

NAV

of

the

Fund.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Debt

Securities

Risk.

Issuers

of

debt

instruments

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

debt

instrument

experiencing

non-payment

and,

potentially,

a

decrease

in

the

NAV

of

the

Fund.

There

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

security.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Defaulted

and

Distressed

Investments

Risk.

The

Fund

may

invest

in

investments

of

an

issuer

that

is

in

default

or

that

is

in

bankruptcy

or

insolvency

proceedings

at

the

time

of

purchase.

In

addition,

the

Fund

may

hold

investments

that

at

the

time

of

purchase

are

not

in

default

or

involved

in

bankruptcy

or

insolvency

proceedings,

but

may

later

become

so.

Moreover,

the

Fund

may

invest

in

investments

or

unrated

but

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality.

Some

or

many

of

these

low-rated

investments,

although

not

in

default,

may

be

“distressed,”

meaning

that

the

issuer

is

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition.

Such

investments

would

present

a

substantial

risk

of

future

default

which

may

cause

the

Fund

to

incur

losses,

including

additional

123

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

security

or

other

asset

without

buying

or

selling

the

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Emerging

Markets

Risk.

Risks

of

investing

in

securities

of

emerging

markets

issuers

include:

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity;

significant

price

volatility;

restrictions

on

foreign

investment;

and

possible

restrictions

on

repatriation

of

investment

income

and

capital.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales;

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

Certain

emerging

markets

also

may

face

other

significant

internal

or

external

risks,

including

a

heightened

risk

of

war,

and

ethnic,

religious

and

racial

conflicts.

In

addition,

governments

in

many

emerging

market

countries

participate

to

a

significant

degree

in

their

economies

and

securities

markets,

which

may

impair

investment

and

economic

growth,

and

which

may

in

turn

diminish

the

value

of

the

securities

in

those

markets.

The

considerations

noted

below

in

“Non-U.S.

Securities

Risk”

are

generally

intensified

for

investments

in

emerging

market

countries.

Equity

Securities

Risk.

Equity

securities in

the

Fund’s portfolio may

decline

significantly

in

price

over

short

or

extended

periods

of

time,

and

such

declines

may

occur

because

of

declines

in

the

equity

market

as

a

whole,

or

because

of

declines

in

only

a

particular

country,

company,

industry,

or

sector

of

the

market. Given

the

Fund’s

focus

on

dividend-paying

securities,

the

Fund

may,

from

time

to

time,

have

a

greater

exposure

to

higher

dividend-yield

sectors

and

industries

than

the

broad

equity

market

which

would

make

the

Fund

more

vulnerable

to

adverse

developments

affecting

such

sectors

or

industries.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Floating-Rate

and

Fixed-to-Floating-Rate

Securities

Risk.

The

market

value

of

floating-rate

securities

is

a

reflection

of

discounted

expected

cash

flows

based

on

expectations

for

future

interest

rate

resets.

The

market

value

of

such

securities

may

fall

in

a

declining

interest

rate

environment

and

may

also

fall

in

a

rising

interest

rate

environment

if

there

is

a

lag

between

the

rise

in

interest

rates

and

the

reset.

This

risk

may

also

be

present

with

respect

to

fixed-to-floating-rate

securities

in

which

the

Fund

may

invest.

A

secondary

risk

associated

with

declining

interest

rates

is

the

risk

that

income

earned

by

the

Fund

on

floating-rate

and

fixed-to-floating-rate

securities

will

decline

due

to

lower

coupon

payments

on

floating

rate

securities.

Foreign

Currency

Risk.

Because

the

Fund

may

invest

in

securities

denominated

or

quoted

in

currencies

other

than

the

U.S.

dollar,

changes

in

foreign

currency

exchange

rates

may

affect

the

value

of

securities

held

by

the

Fund

and

the

unrealized

appreciation

or

depreciation

of

investments.

Currencies

of

certain

countries

may

be

volatile

and

therefore

may

affect

the

value

of

securities

denominated

in

such

currencies,

which

means

that

the

Fund’s

NAV

could

decline

as

a

result

of

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

certain

countries,

particularly

emerging

market

countries,

may

impose

foreign

currency

exchange

controls

or

other

restrictions

on

the

transferability,

repatriation

or

convertibility

of

currency.

124

Shareholder

Update

(Unaudited)

(continued)

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered,

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Income

Risk

.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

Inflation

Correlation

Risk.

Although

the

values

of

certain

of

the

Fund’s

loan

investments

are

generally

linked

or

correlated

to

the

rate

of

inflation,

there

is

no

guarantee

that

such

investments

will

provide

any

protection

against

the

impact

of

inflation.

In

addition,

while

these

investments

are

expected

to

be

protected

from

long-term

inflationary

trends,

short-term

increases

in

inflation

may

lead

to

a

decline

in

their

value.

Further,

when

inflation

and

expectations

of

inflation

are

low

or

declining,

the

Fund’s

positions

in

such

investments

are

likely

to

underperform

the

overall

stock

markets.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa

.

As

interest

rates

decline,

issuers

of

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-term

securities

generally

fluctuate

more

than

prices

of

shorter-term

securities

as

interest

rates

change.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

Loan

Risk.

The

lack

of

an

active

trading

market

for

certain

loans

may

impair

the

ability

of

the

Fund

to

realize

full

value

in

the

event

of

the

need

to

sell

a

loan

and

may

make

it

difficult

to

value

such

loans.

Portfolio

transactions

in

loans

may

settle

in

as

short

as

seven

days

but

typically

can

take

up

to

two

or

three

weeks,

and

in

some

cases

much

longer.

As

a

result

of

these

extended

settlement

periods,

the

Fund

may

incur

losses

if

it

is

required

to

sell

other

investments

or

temporarily

borrow

to

meet

its

cash

needs.

The

risks

associated

with

unsecured

loans,

which

are

not

backed

by

a

security

interest

in

any

specific

collateral,

are

higher

than

those

for

comparable

loans

that

are

secured

by

specific

collateral.

For

secured

loans,

there

is

a

risk

that

the

value

of

any

collateral

securing

a

loan

in

which

the

Fund

has

an

interest

may

decline

and

that

the

collateral

may

not

be

sufficient

to

cover

the

amount

owed

on

the

loan.

Interests

in

loans

made

to

finance

highly

leveraged

companies

or

transactions

such

as

corporate

acquisitions

may

be

especially

vulnerable

to

adverse

changes

in

economic

or

market

conditions.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

However,

in

periods

of

high

demand

by

lenders

like

the

Fund

for

loan

investments,

borrowers

may

limit

these

covenants

and

weaken

a

lender’s

ability

to

access

collateral

securing

the

loan;

reprice

the

credit

risk

associated

with

the

borrower;

and

mitigate

potential

loss.

The

Fund

may

experience

relatively

greater

realized

or

unrealized

losses

or

delays

and

expenses

in

enforcing

its

rights

with

respect

to

loans

with

fewer

restrictive

covenants.

Additionally,

loans

may

not

be

considered

“securities”

and,

as

a

result,

the

Fund

may

not

be

entitled

to

rely

on

the

anti-

fraud

protections

of

the

securities

laws.

Because

junior

loans

have

a

lower

place

in

an

issuer’s

capital

structure

and

may

be

unsecured,

junior

loans

involve

a

higher

degree

of

overall

risk

than

senior

loans

of

the

issuer.

125

Municipal

Securities

Market

Liquidity

Risk.

Inventories

of

municipal

securities

held

by

brokers

and

dealers

have

decreased

in

recent

years,

lessening

their

ability

to

make

a

market

in

these

securities.

This

reduction

in

market

making

capacity

has

the

potential

to

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities

at

attractive

prices,

and

increase

municipal

security

price

volatility

and

trading

costs,

particularly

during

periods

of

economic

or

market

stress.

In

addition,

recent

federal

banking

regulations

may

cause

certain

dealers

to

reduce

their

inventories

of

municipal

securities,

which

may

further

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities.

As

a

result,

the

Fund

may

be

forced

to

accept

a

lower

price

to

sell

a

security,

to

sell

other

securities

to

raise

cash,

or

to

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

If

the

Fund

needed

to

sell

large

blocks

of

municipal

securities

to

raise

cash

to

meet

its

obligations,

those

sales

could

further

reduce

the

municipal

securities’

prices

and

hurt

performance.

Municipal

Securities

Market

Risk.

The

amount

of

public

information

available

about

the

municipal

securities

in

the

Fund’s

portfolio

is

generally

less

than

that

for

corporate

equities

or

bonds,

and

the

investment

performance

of

the

Fund

may

therefore

be

more

dependent

on

the

analytical

abilities

of

the

sub-adviser

than

if

the

Fund

were

a

stock

fund

or

taxable

bond

fund.

The

secondary

market

for

municipal

securities,

particularly

below

investment

grade

municipal

securities,

also

tends

to

be

less

well-developed

or

liquid

than

many

other

securities

markets,

which

may

adversely

affect

the

Fund’s

ability

to

sell

its

municipal

securities

at

attractive

prices.

Non-U.S.

Securities

Risk.

Investments

in

securities

of

non-U.S.

issuers

involve

special

risks,

including:

less

publicly

available

information

about

non-U.S.

issuers

or

markets

due

to

less

rigorous

disclosure

or

accounting

standards

or

regulatory

practices;

many

non-U.S.

markets

are

smaller,

less

liquid

and

more

volatile;

the

economies

of

non-U.S.

countries

may

grow

at

slower

rates

than

expected

or

may

experience

a

downturn

or

recession;

the

impact

of

economic,

political,

social

or

diplomatic

events;

and

withholding

and

other

non-U.S.

taxes

may

decrease

the

Fund’s

return.

These

risks

are

more

pronounced

to

the

extent

that

the

Fund

invests

a

significant

amount

of

its

assets

in

issuers

located

in

one

region.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Preferred

and

Hybrid

Preferred

Securities

Risk.

Preferred

and

other

subordinated

securities

rank

lower

than

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

and

therefore

will

be

subject

to

greater

credit

risk

than

those

debt

instruments.

There

are

various

special

risks

associated

with

investing

in

preferred

securities,

including:

Limited

Voting

Rights

Risk.

Generally,

preferred

security

holders

(such

as

the

Fund)

have

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

security

holders

may

elect

a

number

of

directors

to

the

issuer’s

board.

Generally,

once

all

the

arrearages

have

been

paid,

the

preferred

security

holders

no

longer

have

voting

rights.

In

the

case

of

certain

preferred

securities

issued

by

trusts

or

special

purpose

entities,

holders

generally

have

no

voting

rights

except

if

a

declaration

of

default

occurs

and

is

continuing.

In

such

an

event,

preferred

security

holders

generally

would

have

the

right

to

appoint

and

authorize

a

trustee

to

enforce

the

trust’s

or

special

purpose

entity’s

rights

as

a

creditor

under

the

agreement

with

its

operating

company.

Special

Redemption

Rights

Risk.

In

certain

circumstances,

an

issuer

of

preferred

securities

may

redeem

the

securities

at

par

prior

to

their

stated

maturity

date.

For

instance,

for

certain

types

of

preferred

securities,

a

redemption

may

be

triggered

by

a

change

in

federal

income

tax

or

securities

laws

or

regulatory

or

major

corporate

action.

A

redemption

by

the

issuer

may

negatively

impact

the

return

of

the

security

held

by

the

Fund.

Payment

Deferral

and

Omission

Risk.

Generally,

preferred

securities

may

be

subject

to

provisions

that

allow

an

issuer,

under

certain

conditions,

to

skip

(“non-cumulative”

preferred

securities)

or

defer

(“cumulative”

preferred

securities)

distributions

for

a

stated

period

without

any

adverse

consequences

to

the

issuer.

Non-cumulative

preferred

securities

can

defer

distributions

indefinitely.

Cumulative

preferred

securities

typically

contain

provisions

that

allow

an

issuer,

at

its

discretion,

to

defer

distribution

payments

for

up

to

10

years.

If

the

Fund

owns

a

preferred

security

that

is

deferring

its

distribution,

the

Fund

may

be

required

to

report

income

for

tax

purposes

although

it

has

not

yet

received

such

income.

In

addition,

recent

changes

in

bank

regulations

may

increase

the

likelihood

for

issuers

to

defer

or

omit

distributions.

Credit

and

Subordination

Risk.

Credit

risk

is

the

risk

that

a

security

in

the

Fund’s

portfolio

will

decline

in

price

or

the

issuer

of

the

security

will

fail

to

make

dividend,

interest

or

principal

payments

when

due

because

the

issuer

experiences

a

decline

in

its

financial

status.

Preferred

securities

are

generally

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

in

terms

of

having

priority

to

corporate

income,

claims

to

corporate

assets

and

liquidation

payments,

and

therefore

will

be

subject

to

greater

credit

risk

than

more

senior

debt

instruments.

126

Shareholder

Update

(Unaudited)

(continued)

Floating

Rate

and

Fixed-to-Floating

Rate

Securities

Risk.

The

market

value

of

floating

rate

securities

is

a

reflection

of

discounted

expected

cash

flows

based

on

expectations

for

future

interest

rate

resets.

The

market

value

of

such

securities

may

fall

in

a

declining

interest

rate

environment

and

may

also

fall

in

a

rising

interest

rate

environment

if

there

is

a

lag

between

the

rise

in

interest

rates

and

the

reset.

This

risk

may

also

be

present

with

respect

to

fixed-to-floating

rate

securities

in

which

the

Fund

may

invest.

A

secondary

risk

associated

with

declining

interest

rates

is

the

risk

that

income

earned

by

the

Fund

on

floating

rate

and

fixed-to-floating

rate

securities

may

decline

due

to

lower

coupon

payments

on

floating-rate

securities.

Liquidity

Risk.

Certain

preferred

securities

may

be

substantially

less

liquid

than

many

other

securities,

such

as

U.S.

Government

securities

or

common

stock.

Illiquid

securities

involve

the

risk

that

the

securities

will

not

be

able

to

be

sold

at

the

time

desired

by

the

Fund

or

at

prices

approximating

the

value

at

which

the

Fund

is

carrying

the

securities

on

its

books.

Regulatory

Risk.

Issuers

of

preferred

securities

may

be

in

industries

that

are

heavily

regulated

and

that

may

receive

government

funding.

The

value

of

preferred

securities

issued

by

these

companies

may

be

affected

by

changes

in

government

policy,

such

as

increased

regulation,

ownership

restrictions,

deregulation

or

reduced

government

funding.

New

Types

of

Securities

Risk.

From

time

to

time,

preferred

securities,

including

hybrid-preferred

securities,

have

been,

and

may

in

the

future

be,

offered

having

features

other

than

those

described

herein.

The

Fund

reserves

the

right

to

invest

in

these

securities

if

the

Sub-Advisers

believe

that

doing

so

would

be

consistent

with

the

Fund’s

investment

objective

and

policies.

Since

the

market

for

these

instruments

would

be

new,

the

Fund

may

have

difficulty

disposing

of

them

at

a

suitable

price

and

time.

In

addition

to

limited

liquidity,

these

instruments

may

present

other

risks,

such

as

high

price

volatility.

Reinvestment

Risk.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Senior

Loan

Risk.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

loans

are

usually

rated

below

investment

grade,

and

share

the

same

risks

of

other

below

investment

grade

debt

instruments.

Although

the

Fund

may

invest

in

senior

loans

that

are

secured

by

specific

collateral,

there

can

be

no

assurance

that

the

liquidation

of

such

collateral

would

satisfy

an

issuer’s

obligation

to

the

Fund

in

the

event

of

issuer

default

or

that

such

collateral

could

be

readily

liquidated

under

such

circumstances.

If

the

terms

of

a

senior

loan

do

not

require

the

issuer

to

pledge

additional

collateral

in

the

event

of

a

decline

in

the

value

of

the

already

pledged

collateral,

the

Fund

will

be

exposed

to

the

risk

that

the

value

of

the

collateral

will

not

at

all

times

equal

or

exceed

the

amount

of

the

issuer’s

obligations

under

the

senior

loan.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

also

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

senior

loan.

Some

senior

loans

are

subject

to

the

risk

that

a

court,

pursuant

to

fraudulent

conveyance

or

other

similar

laws,

could

subordinate

the

senior

loans

to

presently

existing

or

future

indebtedness

of

the

issuer

or

take

other

action

detrimental

to

lenders,

including

the

Fund.

Such

court

action

could

under

certain

circumstances

include

invalidation

of

senior

loans.

Sovereign

Government

and

Supranational

Debt

Risk.

Investments

in

sovereign

debt,

including

supranational

debt,

involve

special

risks.

Foreign

governmental

issuers

of

debt

or

the

governmental

authorities

that

control

the

repayment

of

the

debt

may

be

unable

or

unwilling

to

repay

principal

or

pay

interest

when

due.

In

the

event

of

default,

there

may

be

limited

or

no

legal

recourse

in

that,

generally,

remedies

for

defaults

must

be

pursued

in

the

courts

of

the

defaulting

party.

Political

conditions,

especially

a

sovereign

entity’s

willingness

to

meet

the

terms

of

its

debt

obligations,

are

of

considerable

significance.

The

ability

of

a

foreign

sovereign

issuer,

especially

an

emerging

market

country,

to

make

timely

payments

on

its

debt

obligations

will

also

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credit

facilities

and

investments,

fluctuations

of

interest

rates

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks,

and

multinational

organizations.

The

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates,

as

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

Foreign

investment

in

certain

sovereign

debt

is

restricted

or

controlled

to

varying

degrees,

including

requiring

governmental

approval

for

the

repatriation

of

income,

capital

or

proceeds

of

sales

by

foreign

investors.

There

are

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

sovereign

debt

may

be

collected.

Swap

Transactions

Risk.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts

and

interest

rate

swaps.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

investment

adviser

and/

or

the

sub-adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/or

the

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

127

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

U.S.

Government

Securities

Risk.

U.S.

government

securities

are

guaranteed

only

as

to

the

timely

payment

of

interest

and

the

payment

of

principal

when

held

to

maturity.

Accordingly,

the

current

market

values

for

these

securities

will

fluctuate

with

changes

in

interest

rates.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

are

supported

by

varying

degrees

of

credit

but

generally

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

will

provide

financial

support

to

its

agencies

and

instrumentalities

if

it

is

not

obligated

by

law

to

do

so.

Valuation

Risk.

The

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

Warrants

and

Equity

Securities

Risk.

Investments

in

warrants

and

equity

securities

entail

certain

risks

in

addition

to

those

associated

with

investments

in

adjustable

rate

instruments

or

other

debt

instruments.

The

value

of

warrants

and

equity

securities

may

be

affected

more

rapidly,

and

to

a

greater

extent,

by

company-specific

developments

and

general

market

conditions.

These

risks

may

increase

fluctuations

in

the

Fund’s

NAV.

The

Fund

may

possess

material

non-public

information

about

an

issuer

as

a

result

of

its

ownership

of

an

adjustable

rate

instrument

or

other

debt

instrument

of

such

issuer.

Because

of

prohibitions

on

trading

in

securities

of

issuers

while

in

possession

of

such

information,

the

Fund

might

be

unable

to

enter

into

a

transaction

in

a

security

of

such

an

issuer

when

it

would

otherwise

be

advantageous

to

do

so.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

Zero

Coupon

Bonds

Risk.

Because

interest

on

zero

coupon

bonds

is

not

paid

on

a

current

basis,

the

values

of

zero

coupon

bonds

will

be

more

volatile

in

response

to

interest

rate

changes

than

the

values

of

bonds

that

distribute

income

regularly.

Although

zero

coupon

bonds

generate

income

for

accounting

purposes,

they

do

not

produce

cash

flow,

and

thus

the

Fund

could

be

forced

to

liquidate

securities

at

an

inopportune

time

in

order

to

generate

cash

to

distribute

to

shareholders

as

required

by

tax

laws.

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Fund’s

organizational

documents

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status,

which

include

those

commonly

known

as

“Control

Share

Acquisition”

provisions.

Although

the

application

of

the

"Control

Share

Acquisition"

provisions

has

currently

been

suspended,

these

provisions

could

have

the

effect

of

depriving

the

common

shareholders

of

opportunities

to

sell

their

common

shares

at

a

premium

over

the

then-current

market

price

of

the

common

shares.

Borrowing

Risk.

In

addition

to

borrowing

for

leverage,

the

Fund

may

borrow

for

temporary

or

emergency

purposes,

to

pay

dividends,

repurchase

its

shares,

or

clear

portfolio

transactions.

Borrowing

may

exaggerate

changes

in

the

NAV

of

the

Fund’s

shares

and

may

affect

the

Fund’s

net

income.

When

the

Fund

borrows

money,

it

must

pay

interest

and

other

fees,

which

will

reduce

the

Fund’s

returns

if

such

costs

exceed

the

returns

on

the

portfolio

securities

purchased

or

retained

with

such

borrowings.

Any

such

borrowings

are

intended

to

be

temporary.

However,

under

certain

market

circumstances,

such

borrowings

might

be

outstanding

for

longer

periods

of

time.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

128

Shareholder

Update

(Unaudited)

(continued)

Fund

Tax

Risk.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

investments

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan,

and

Syria,

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies,

possible

terrorist

attacks

in

the

United

States

and

around

the

world,

continued

tensions

between

North

Korea

and

the

United

States

and

the

international

community

generally,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—further

downgrade

of

U.S.

government

securities,

the

change

in

the

U.S.

president

and

the

new

administration

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-range

ballistic

missile

programs.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events

and

the

effects

of

these

and

similar

events

in

the

future

on

the

U.S.

economy

and

securities

markets.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

sub-advisor

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

sub-

advisor

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

129

Limited

Term

Risk.

Because

the

assets

of

the

Fund

will

be

liquidated

in

connection

with

its

termination,

the

Fund

may

be

required

to

sell

portfolio

securities

when

it

otherwise

would

not,

including

at

times

when

market

conditions

are

not

favorable,

which

may

cause

the

Fund

to

lose

money.

The

Fund’s

investment

objectives

and

policies

are

not

designed

to

return

to

investors

who

purchase

common

shares

in

this

offering

their

initial

investment

on

the

termination

date.

When

terminated,

the

Fund’s

distributions

will

be

based

upon

the

Fund’s

NAV

at

the

end

of

the

term

and

such

initial

investors

and

any

investors

that

purchase

common

shares

after

the

completion

of

this

offering

may

receive

more

or

less

than

their

original

investment

upon

termination.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

Recently

the

U.S.

Federal

Reserve

(the

“Fed”)

has

sharply

raised

interest

rates

and

has

signaled

an

intention

to

continue

to

do

so

or

maintain

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

(""FDIC"")

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

130

Shareholder

Update

(Unaudited)

(continued)

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

the

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

July

31,

2023

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Funds

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

July

31,

2023)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

other

forms

of

economic

leverage

achieved

through

the

use

of

certain

derivative

instruments.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Funds.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

the

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

the

Funds

are

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

the

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

the

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

the

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

the

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Term

Fund

(JPI)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Nuveen

Preferred

&

Income

Fund

(JPT)

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

37.59%

36.93%

35.47%

34.29%

36.49%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

5.01%

5.00%

5.06%

4.92%

4.90%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.88%

1.85%

1.80%

1.69%

1.79%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

(19.04)%

(18.78)%

(18.28)%

(17.79)%

(18.56)%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

(11.03)%

(10.86)%

(10.53)%

(10.18)%

(10.69)%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

(3.02)%

(2.93)%

(2.78)%

(2.57)%

(2.82)%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

4.99%

5.00%

4.97%

5.04%

5.06%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

13.00%

12.93%

12.71%

12.65%

12.93%

131

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

quarter

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

advisor

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

132

Shareholder

Update

(Unaudited)

(continued)

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

a

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

required

to

be

reported

in

connection

with:

(i)

the

Funds’

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Funds;

(iv)

a

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders

except

as

follows:

Principal

Risks

The

principal

risk

factor

previously

titled

“Tax

Risk”

has

been

renamed

“Fund

Tax

Risk.”

Additionally,

the

previously

disclosed

principal

risk

factors

of

“LIBOR

Floor

Risk”

and

“LIBOR

Replacement

Risk”

are

no

longer

considered

principal

risks

of

the

Fund.

Developments

Regarding

the

Funds’

Control

Share

By-Law

On

October

5,

2020,

the

Nuveen

Preferred

&

Income

Opportunities

Fund,

Nuveen

Preferred

&

Income

Term

Fund,

Nuveen

Preferred

&

Income

Securities

Fund,

Nuveen

Preferred

&

Income

Fund

and

the

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(each

a

“Fund”

and

collectively

the

“Funds”)

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

bylaws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Fund’s

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

133

UPDATED

DISCLOSURES

FOR

FUNDS

WITH

AN

EFFECTIVE

SHELF

OFFERING

REGISTRATION

STATEMENT

The

following

includes

additional

disclosures

for

the

Funds

in

this

annual

report

with

an

effective

shelf

offering

registration

statement

as

of

the

fiscal

year

ended

July

31,

2023.

NUVEEN

PREFERRED

&

INCOME

OPPORTUNITIES

FUND

(JPC)

NUVEEN

PREFERRED

&

INCOME

SECURITIES

FUND

(JPS)

SUMMARY

OF

FUND

EXPENSES

The

purpose

of

the

tables

and

the

examples

below

are

to

help

you

understand

all

fees

and

expenses

that

you,

as

a

common

shareholder,

would

bear

directly

or

indirectly.

The

tables

show

the

expenses

of

the

Fund

as

a

percentage

of

the

average

net

assets

applicable

to

Common

Shares

and

not

as

a

percentage

of

total

assets

or

managed

assets.

Shareholder

Transaction

Expenses

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Maximum

Sales

Charge

(as

a

percentage

of

offering

price)

4.00%

(1)

4.00%

(1)

Dividend

Reinvestment

Plan

Fees

(2)

$2.50

$2.50

(1)

A

maximum

sales

charge

of

4.00%

applies

only

to

offerings

pursuant

to

a

syndicated

underwriting.

The

maximum

sales

charge

for

offerings

made

at-the-market

is

1.00%.

There

is

no

sales

charge

for

offerings

pursuant

to

a

private

transaction.

(2)

You

will

be

charged

a

$2.50

service

charge

and

pay

brokerage

charges

if

you

direct

Computershare

Inc.

and

Computershare

Trust

Company,

N.A.,

as

agent

for

the

common

shareholders,

to

sell

your

Common

Shares

held

in

a

dividend

reinvestment

account.

As

a

Percentage

of

Net

Assets

Attributable

to

Common

Shares

(1)

Annual

Expenses

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Management

Fees

1.31%

1.31%

Interest

and

Other

Related

Expenses

(2)

3.07%

3.08%

Other

Expenses

(3)

0.08%

0.06%

Total

Annual

Expenses

4.46%

4.45%

(1)

Stated

as

percentages

of

average

net

assets

attributable

to

Common

Shares

for

the

fiscal

year

ended

July

31,

2023.

(2)

Interest

and

Other

Related

Expenses

reflect

actual

expenses

and

fees

for

leverage

incurred

by

a

Fund

for

the

fiscal

year

ended

July

31,

2023.

The

types

of

leverage

used

by

each

Fund

during

the

fiscal

year

ended

July

31,

2023

are

described

in

the

Fund

Leverage

and

the

Notes

to

Financial

Statements

(Note

4

–

Portfolio

Securities,

Note

5

–

Derivative

Investments,

Note

6

–

Fund

Shares,

Note

10

–

Borrowings

Arrangements

and

Reverse

Repurchase

Agreements)

sections

of

this

annual

report.

Actual

Interest

and

Other

Related

Expenses

incurred

in

the

future

may

be

higher

or

lower.

If

short-term

market

interest

rates

rise

in

the

future,

and

if

a

Fund

continues

to

maintain

leverage,

the

cost

of

which

is

tied

to

short-term

interest

rates,

a

Fund’s

interest

expenses

on

its

short-term

borrowings

can

be

expected

to

rise

in

tandem.

A

Fund’s

use

of

leverage

will

increase

the

amount

of

management

fees

paid

to

the

Fund’s

adviser

and

sub-advisor(s).

(3)

Other

Expenses

are

based

on

estimated

amounts

for

the

current

fiscal

year.

Expenses

attributable

to

the

Fund’s

investments,

if

any,

in

other

investment

companies

are

currently

estimated

not

to

exceed

0.01%.

134

Shareholder

Update

(Unaudited)

(continued)

Examples

The

following

examples

illustrate

the

expenses,

including

the

applicable

transaction

fees

(referred

to

as

the

“Maximum

Sales

Charge”

in

the

Shareholder

Transaction

Expenses

table

above),

if

any,

that

a

common

shareholder

would

pay

on

a

$1,000

investment

that

is

held

for

the

time

periods

provided

in

the

table.

Each

example

assumes

that

all

dividends

and

other

distributions

are

reinvested

in

the

Fund

and

that

the

Fund’s

Annual

Expenses,

as

provided

above,

remain

the

same.

The

examples

also

assume

a

5%

annual

return.

Actual

expenses

may

be

greater

or

less

than

those

assumed.

Moreover,

the

Fund’s

actual

rate

of

return

may

be

greater

or

less

than

the

hypothetical

5%

return

shown

in

the

examples.

Example

#

1

(At-the-Market

Transaction)

The

following

example

assumes

a

transaction

fee

of

1.00%,

as

a

percentage

of

the

offering

price.

Example

#

2

(Underwriting

Syndicate

Transaction)

The

following

example

assumes

a

transaction

fee

of

4.00%,

as

a

percentage

of

the

offering

price.

Example

#

3

(Privately

Negotiated

Transaction)

The

following

example

assumes

there

is

no

transaction

fee.

The

examples

should

not

be

considered

a

representation

of

future

expenses.

Actual

expenses

may

be

greater

or

less

than

those

shown

above.

1

Year

3

Years

5

Years

10

Years

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

$54

$144

$234

$464

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

$54

$143

$233

$463

1

Year

3

Years

5

Years

10

Years

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

$83

$169

$257

$480

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

$83

$169

$257

$479

1

Year

3

Years

5

Years

10

Years

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

$45

$135

$226

$458

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

$45

$135

$226

$457

135

TRADING

AND

NET

ASSET

VALUE

INFORMATION

The

following

table

shows

for

the

periods

indicated:

(i)

the

high

and

low

sales

prices

for

the

Common

Shares

reported

as

of

the

end

of

the

day

on

the

NYSE,

(ii)

the

high

and

low

net

asset

value

(NAV)

of

the

Common

Shares,

and

(iii)

the

high

and

low

of

the

premium/(discount)

to

NAV

(expressed

as

a

percentage)

of

shares

of

the

Common

Shares.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

The

following

table

shows,

as

of

July

31,

2023

the

Fund’s:

(i)

NAV

per

Common

Share,

(ii)

market

price,

(iii)

percentage

of

premium/(discount)

to

NAV

per

Common

Share

and,

(iv)

net

assets

attributable

to

Common

Shares.

Shares

of

closed-end

investment

companies,

including

those

of

the

Funds,

may

frequently

trade

at

prices

lower

than

NAV,

the

Fund’s

Board

of

Trustees

(Board)

has

currently

determined

that,

at

least

annually,

it

will

consider

action

that

might

be

taken

to

reduce

or

eliminate

any

material

discount

from

NAV

in

respect

of

Common

Shares,

which

may

include

the

repurchase

of

such

shares

in

the

open

market

or

in

private

transactions,

the

making

of

a

tender

offer

for

such

shares

at

NAV,

or

the

conversion

of

the

Fund

to

an

open-end

investment

company.

The

Funds

cannot

assure

you

that

their

Board

will

decide

to

take

any

of

these

actions,

or

that

share

repurchases

or

tender

offers

will

actually

reduce

market

discount.

Market

Price

NAV

Premium/(Discount)

to

NAV

Fiscal

Quarter

End

High

Low

High

Low

High

Low

July

2023

$6.60

$5.98

$7.45

$6.86

(9.37)%

(13.08)%

April

2023

$8.03

$6.06

$8.47

$6.62

(4.40)%

(12.02)%

January

2023

$7.96

$7.12

$8.38

$7.67

(2.77)%

(9.64)%

October

2022

$8.41

$6.70

$8.52

$7.56

(0.36)%

(11.84)%

July

2022

$8.29

$7.35

$8.70

$7.99

(2.50)%

(9.25)%

April

2022

$9.31

$7.99

$9.53

$8.70

(2.31)%

(8.91)%

January

2022

$9.99

$8.99

$9.90

$9.48

1.33%

(6.05)%

October

2021

$10.06

$9.84

$9.98

$9.81

1.41%

(0.50)%

Market

Price

NAV

Premium/(Discount)

to

NAV

Fiscal

Quarter

End

High

Low

High

Low

High

Low

July

2023

$6.56

$6.05

$7.48

$6.98

(10.53)%

(14.36)%

April

2023

$7.67

$5.88

$8.31

$6.60

(7.17)%

(13.57)%

January

2023

$7.63

$6.73

$8.22

$7.45

(6.61)%

(12.44)%

October

2022

$7.93

$6.41

$8.33

$7.35

(4.23)%

(14.79)%

July

2022

$7.81

$7.00

$8.50

$7.80

(5.82)%

(11.17)%

April

2022

$9.43

$7.75

$9.44

$8.50

(0.11)%

(9.86)%

January

2022

$9.94

$8.97

$9.85

$9.41

1.33%

(5.37)%

October

2021

$10.06

$9.78

$9.97

$9.81

1.33%

(0.81)%

July

31,

2023

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

NAV

per

Common

Share

$

7.45

$

7.48

Market

Price

$

6.60

$

6.56

Percentage

of

Premium/(Discount)

to

NAV

per

Common

Share

(11.41)%

(12.30)%

Net

Assets

Attributable

to

Common

Shares

$

783,007,340

$

1,539,324,694

136

Shareholder

Update

(Unaudited)

(continued)

SENIOR

SECURITIES

The

following

table

sets

forth

information

regarding

each

Fund’s

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund’s

last

ten

fiscal

years,

as

applicable.

Each

Fund’s

senior

securities

during

this

time

period

are

comprised

of

borrowings

that

constitute

“senior

securities”

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

The

information

in

this

table

as

of

and

for

the

fiscal

years

ended

2023

through

2015

has

been

audited

by

KPMG

LLP,

independent

registered

public

accounting

firm.

The

information

with

respect

to

the

fiscal

years

ended

prior

to

2015,

where

applicable,

has

been

audited

by

other

auditors.

The

Funds’

audited

financial

statements,

including

the

report

of

KPMG

LLP

thereon,

and

accompanying

notes

thereto,

are

included

in

this

Annual

Report.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Borrowings

Outstanding

at

the

End

of

Period

Taxable

Fund

Preferred

(TFP)

Shares

at

the

End

of

Period

Year

Ended

7/31:

Aggregate

Amount

Outstanding

(000)

(1)

Asset

Coverage

Per

$1,000

(2)

Aggregate

Amount

Outstanding

(000)

(3)

Asset

Coverage

Per

$1,000

(2)

2023

$

219,600

$

5,249

$

150,000

$

3,119

2022

$

423,400

$

3,088

$

0

$

0

2021

$

462,700

$

3,223

$

0

$

0

2020

$

400,000

$

3,280

$

0

$

0

2019

$

455,000

$

3,303

$

0

$

0

2018

$

437,000

$

3,403

$

0

$

0

2017

$

540,000

$

3,079

$

0

$

0

2016

$

404,100

$

3,526

$

0

$

0

2015

$

404,100

$

3,506

$

0

$

0

2014

$

402,500

$

3,572

$

0

$

0

(1)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year

and

does

not

include

any

preferred

shares

noticed

for

redemption

as

noted

on

the

Statement

of

Assets

and

Liabilities

where

applicable.

(2)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(3)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year.

Borrowings

Outstanding

at

the

End

of

Period

Taxable

Fund

Preferred

(TFP)

Shares

at

the

End

of

Period

Year

Ended

7/31:

Aggregate

Amount

Outstanding

(000)

(1)

Asset

Coverage

Per

$1,000

(2)

Aggregate

Amount

Outstanding

(000)

(3)

Asset

Coverage

Per

$1,000

(2)

2023

$

301,300

$

7,005

$

270,000

$

3,694

2022

$

499,300

$

4,941

$

270,000

$

3,208

2021

$

873,300

$

3,323

$

0

$

0

2020

$

740,300

$

3,495

$

0

$

0

2019

$

853,300

$

3,349

$

0

$

0

2018

$

845,300

$

3,346

$

0

$

0

2017

$

845,300

$

3,506

$

0

$

0

2016

$

945,000

$

3,086

$

0

$

0

2015

$

465,800

$

3,521

$

0

$

0

2014

$

464,000

$

3,581

$

0

$

0

137

UNRESOLVED

STAFF

COMMENTS

Each

Fund

believes

that

there

are

no

material

unresolved

written

comments,

received

180

days

or

more

before

July

31,

2023,

from

the

Staff

of

the

Securities

and

Exchange

Commission

(SEC)

regarding

any

of

its

periodic

or

current

reports

under

the

Securities

Exchange

Act

or

the

Investment

Company

Act

of

1940,

or

its

registration

statement.

(1)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year

and

does

not

include

any

preferred

shares

noticed

for

redemption

as

noted

on

the

Statement

of

Assets

and

Liabilities

where

applicable.

(2)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(3)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year.

138

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified  interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

JPC

$

—

JPI

—

JPS

—

JPT

—

NPFD

—

Fund

Percentage

JPC

67

.8

%

JPI

66

.3

JPS

47

.8

JPT

73

.5

NPFD

66

.4

Fund

Percentage

JPC

100

.0

%

JPI

100

.0

JPS

100

.0

JPT

100

.0

NPFD

97

.8

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

JPC

4

.6

%

13

.6

%

JPI

9

.1

6

.0

JPS

20

.7

12

.7

JPT

14

.6

4

.5

NPFD

6

.7

5

.3

139

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Percentage

JPC

12

.7

%

JPI

11

.5

JPS

23

.0

JPT

16

.7

NPFD

9

.7

140

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Active

Shelf

Offering

Statement

of

Additional

Information

(SAI)

for

JPC

and

JPS

The

SAI

for

the

active

shelf

offerings

for

each

JPC

and

JPS

contains

additional

information

about

the

Fund’s

Board

of

Trustees.

You

may

obtain

a

copy

of

the

fund’s

SAI

without

charge,

upon

request,

by

calling

Nuveen

at

(312)

917-7700,

by

writing

to

the

Fund,

or

on

Nuveen’s

website

at

www.nuveen.com.

You

may

also

obtain

this

information

on

the

SEC’s

website

at

http://www.

sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

JPC

JPI

JPS

JPT

NPFD

Common

shares

repurchased

0

0

0

0

0

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

141

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Contingent

Capital

Securities

(

CoCos

):

CoCos

are

debt

or

capital

securities

of

primarily

non-U.S.

issuers

with

loss

absorption

contingency

mechanisms

built

into

the

terms

of

the

security,

for

example

a

mandatory

conversion

into

common

stock

of

the

issuer,

or

a

principal

write-down,

which

if

triggered

would

likely

cause

the

CoCo

investment

to

lose

value.

Loss

absorption

mechanisms

would

become

effective

upon

the

occurrence

of

a

specified

contingency

event,

or

at

the

discretion

of

a

regulatory

body.

Specified

contingency

events,

as

identified

in

the

CoCo’s

governing

documents,

usually

reference

a

decline

in

the

issuer’s

capital

below

a

specified

threshold

level,

and/or

certain

regulatory

events.

A

loss

absorption

contingency

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

and/or

its

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

contingency

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Acquiring

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline

after

conversion.

CoCos

rated

below

investment

grade

should

be

considered

high

yield

securities,

or

“junk,”

but

often

are

issued

by

entities

whose

more

senior

securities

are

rated

investment

grade.

CoCos

are

a

relatively

new

type

of

security;

and

there

is

a

risk

that

CoCo

security

issuers

may

suffer

the

sort

of

future

financial

distress

that

could

materially

increase

the

likelihood

(or

the

market’s

perception

of

the

likelihood)

that

an

automatic

write-down

or

conversion

event

on

those

issuers’

CoCoswill

occur.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

security

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

the

Fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

types

of

debt

and

preferred

securities.

Despite

these

concerns,

the

prospective

reward

vs.

risk

characteristics

of

at

least

certain

CoCos

may

be

very

attractive

relative

to

other

fixed-income

alternatives.

Duration:

Duration

is

a

measure

of

the

expected

period

over

which

a

bond’s

principal

and

interest

will

be

paid,

and

consequently

is

a

measure

of

the

sensitivity

of

a

bond’s

or

bond

fund’s

value

to

changes

when

market

interest

rates

change.

Generally,

the

longer

a

bond’s

or

fund’s

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

below)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

142

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

are

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

their

respective

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund,

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

(a)

in

the

case

of

Nuveen

Preferred

&

Income

Securities

Fund

(the

“Preferred

&

Income

Securities

Fund”),

Spectrum

Asset

Management,

Inc.

(“Spectrum”),

pursuant

to

which

Spectrum

serves

as

the

investment

sub-adviser

to

such

Fund;

and

(b)

in

the

case

of

Nuveen

Preferred

&

Income

Opportunities

Fund

(the

“Preferred

&

Income

Opportunities

Fund”),

Nuveen

Preferred

and

Income

Term

Fund

(the

“Preferred

and

Income

Term

Fund”),

Nuveen

Preferred

and

Income

Fund

(the

“Preferred

and

Income

Fund”)

and

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(the

“Variable

Rate

Fund”),

Nuveen

Asset

Management,

LLC

(“NAM,”

and

Spectrum

and

NAM

are

each,

a

“Sub-Adviser”),

pursuant

to

which

NAM

serves

as

the

investment

sub-adviser

to

each

such

Fund,

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Advisers

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

(including,

among

other

things,

an

analysis

of

secondary

market

performance

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

of

Nuveen

closed-end

funds);

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Advisers

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

143

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

1

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Advisers

in

providing

services

to

the

applicable

Fund(s).

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

With

respect

to

closed-end

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

1

With

respect

to

the

Preferred

&

Income

Securities

Fund

and

the

Preferred

and

Income

Fund

(each

a

“Target

Fund”),

the

Board

of

each

such

Fund

has

approved

a

proposal

to

merge

such

Funds.

The

proposed

mergers,

if

approved

by

shareholders

and

subject

to

other

closing

conditions,

would

combine

each

of

the

Preferred

&

Income

Securities

Fund

and

the

Preferred

and

Income

Fund

with

the

Preferred

&

Income

Opportunities

Fund.

In

the

event

the

merger

involving

a

Target

Fund

is

not

completed,

the

Board

has

evaluated

and

approved

the

Advisory

Agreements

on

behalf

of

such

Target

Fund.

144

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Advisers

and

recognized

that

each

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

applicable

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

each

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

information

relating

to

the

assets

under

management

of

the

Sub-Adviser

or

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

each

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023

(or

for

such

shorter

periods

available

to

the

extent

a

Fund

was

not

in

existence

during

such

periods).

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

over

specified

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

acknowledged

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

helping

to

provide

income.

145

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

the

Preferred

&

Income

Opportunities

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

outperformed

its

blended

benchmark

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

blended

benchmark

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

the

Preferred

and

Income

Term

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

December

31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December 31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

blended

benchmark

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

the

Preferred

&

Income

Securities

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

three-year

period

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

The

Board,

however,

noted

that

it

had

approved

a

proposal

to

merge

the

Fund

pursuant

to

which

it

would

be

combined

with

the

Preferred

&

Income

Opportunities

Fund,

subject

to

shareholder

approval

and

other

closing

conditions.

For

the

Preferred

and

Income

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

December

31,

2022,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-

and

five-year

periods

ended

March 31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

March 31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

three-year

period

ended

March

31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March 31,

2023.

In

its

review,

the

Board

recognized

that

effective

in

February

2022,

the

Fund,

among

other

things,

eliminated

its

term

structure

and

removed

certain

investment

restrictions.

The

Board

acknowledged

that

the

performance

prior

to

such

time

would

not

reflect

these

changes.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

The

Board,

however,

noted

that

it

had

approved

a

proposal

to

merge

the

Fund

pursuant

to

which

it

would

be

combined

with

the

Preferred

&

Income

Opportunities

Fund,

subject

to

shareholder

approval

and

other

closing

conditions.

146

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

For

the

Variable

Rate

Fund,

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

and

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Board,

however,

recognized

that

the

Fund

was

relatively

new

with

a

performance

history

too

limited

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

closed-end

fund’s

actual

management

fee

rate

(after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

as

well

as

changes

to

the

composition

of

the

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

(excluding

investment-related

costs

of

leverage

for

closed-end

funds)

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

total

net

expenses

both

including

and

excluding

investment-related

expenses

(i.e.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

recognized

that

leverage

expenses

will

vary

across

funds

and

in

comparison

to

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

(excluding

leverage

costs

and

leveraged

assets

for

the

closed-end

funds)

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Universe.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

with

respect

to

closed-end

funds

that

utilize

leverage,

the

Independent

Board

Members

recognized

that

certain

assets

attributable

to

a

fund’s

use

of

leverage

may

be

included

in

the

amount

of

assets

upon

which

the

advisory

fee

or

sub-advisory

fee

is

calculated.

The

Independent

Board

Members

acknowledged

the

fact

that

a

decision

to

employ

leverage

or

increase

a

fund’s

leverage

which

has

the

effect,

all

other

things

being

equal,

of

increasing

the

assets

upon

which

an

advisory

or

sub-

advisory

fee

is

based

(and,

in

turn,

increasing

the

Adviser’s

and

applicable

sub-adviser’s

management

fees),

means

that

the

Adviser

and

applicable

sub-adviser

may

have

a

conflict

of

interest

in

determining

whether

to

use

or

increase

leverage.

The

Independent

Board

Members

recognized,

however,

that

the

Adviser

and

sub-advisers

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

the

Adviser

and/or

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

also

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

With

respect

to

each

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

each

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

applicable

Fund(s).

The

Independent

Board

Members

noted

that

(a)

the

Preferred

&

Income

Opportunities

Fund

had

an

actual

management

fee

that

was

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

below

the

peer

average;

(b)

the

Preferred

and

Income

Term

Fund

and

the

Variable

Rate

Fund

each

had

an

actual

management

fee

that

was

higher

than

the

respective

peer

average,

but

a

net

total

expense

ratio

that

was

in

line

with

the

respective

peer

average;

(c)

the

Preferred

&

Income

Securities

Fund

had

an

actual

management

fee

that

was

slightly

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

below

the

peer

average;

and

(d)

the

Preferred

and

Income

Fund

had

an

actual

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

147

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

NAM

(an

affiliated

sub-adviser),

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

such

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

such

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

such

Sub-Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

such

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

such

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

NAM

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

NAM,

the

hedge

funds

advised

by

NAM

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

NAM’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

The

Board

recognized

that

Spectrum

was

an

unaffiliated

sub-adviser.

With

respect

to

Spectrum,

the

Independent

Board

Members

reviewed

the

pricing

schedule

that

such

Sub-Adviser

charges

for

other

clients.

The

Independent

Board

Members

noted

that

the

Sub-Advisory

Agreement

with

Spectrum,

including

the

fees

thereunder,

was

the

result

of

arm’s

length

negotiations

and

that

such

Sub-Adviser’s

fees

were

reasonable

in

relation

to

the

fees

it

assessed

other

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

148

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

each

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

with

respect

to

NAM,

the

Independent

Board

Members

reviewed,

among

other

things,

NAM’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

NAM

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

With

respect

to

Spectrum,

the

Independent

Board

Members

considered

a

margin

analysis

for

such

Sub-Adviser,

generally

including

revenues,

expenses

and

operating

margins

for

its

advisory

services

to

the

applicable

Nuveen

fund(s)

for

the

calendar

years

2022

and

2021.

With

respect

to

Spectrum,

which

is

unaffiliated

with

Nuveen,

the

Board

recognized

that

the

sub-advisory

fee

would

have

been

established

through

arm’s

length

negotiations

between

the

Adviser

and

such

Sub-Adviser,

and

the

Adviser

pays

such

Sub-Adviser

out

of

its

own

revenues.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

each

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

noted,

however,

that

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

149

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Board

acknowledged

that

an

affiliate

of

the

Adviser

may

receive

compensation

for

serving

as

a

co-manager

in

the

initial

public

offerings

of

new

Nuveen

closed-end

funds

(if

any)

and

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services,

if

any,

in

2021

and

2022.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

However,

although

Spectrum

may

not

engage

in

soft

dollar

transactions,

the

Board

noted

that

Spectrum

may

still

receive

some

indirect

compensation

as

it

utilized

its

own

broker-dealer.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

applicable

Fund(s)

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

applicable

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

150

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Board

Member

2008

Class

II

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

(2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-

2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

135

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

1999

Class

III

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

135

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2003

Class

I

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

135

151

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

135

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

135

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

135

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

135

152

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

135

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-

2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

135

Robert

L.

Young

(2)

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2017

Class

I

or

Class

II

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

135

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2020-2021)

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

of

Nuveen

(2006-2017).

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

153

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023).

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2023);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

(since

2023)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

154

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-

2020);

Executive

Vice

President

(since

2021)

and

Secretary

(since

2023),

formerly,

General

Counsel

and

Assistant

Secretary

(2021-2023)

of

Teachers

Advisors,

LLC;

Executive

Vice

President

(since

2017)

and

Secretary

(since

2023),

formerly,

General

Counsel

and

Assistant

Secretary

(2017-2023)

of

TIAA-CREF

Investment

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-

2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

2022

Senior

Managing

Director

of

Teachers

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

(since

2021)

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-

CREF

Investment

Management,

LLC

(since

2023)

and

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

155

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Robert

L.

Young

has

been

reclassified

as

a

Class

I

Board

Member

for

those

Funds

that

have

held

their

2023

annual

shareholder

meetings

and

will

be

re-designated

as

a

Class

I

Board

Member

at

the

remaining

2023

annual

shareholder

meetings.

(3)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-B-0723P

3065803-INV-Y-09/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Preferred and Income Fund

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
July 31, 2023	$	33,000		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
July 31, 2022	$	28,300		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees     Billed to Adviser and      Affiliated Fund Service Providers			Tax Fees Billed to     Adviser and Affiliated Fund  Service Providers			All Other Fees     Billed to Adviser     and Affiliated  Fund Service Providers
July 31, 2023	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
July 31, 2022	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP ’s independence.

Fiscal Year Ended	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (all other engagements)		Total
July 31, 2023	$	0	$	0	$	0	$	0
July 31, 2022	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, Albin F. Moschner, John K. Nelson, Chair, Margaret L. Wolff, and Robert L. Young.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

ITEM 8(a)(1). PORTFOLIO MANAGER BIOGRAPHIES

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Douglas M. Baker, CFA, is a portfolio manager for Nuveen’s global fixed income team and heads the preferred securities sector team. He is the lead portfolio manager for the Preferred Securities strategies, as well as a co-portfolio manager for the firm’s Multi-Sector strategies. Doug is also a member of the Investment Committee, which establishes investment policy for all global fixed income products. He has managed the Preferred Securities and Income strategy since its inception in 2006 and the Strategic Income strategy since 2016. Doug also manages the firm’s municipal derivatives overlay group, where he is responsible for implementing derivatives-based hedging strategies across the Nuveen municipal bond complex. Doug joined the firm in 2006 as a vice president and derivatives analyst and later his responsibilities expanded to include portfolio management duties. Previously, he spent three years at Lehman Brothers in institutional fixed income and derivatives sales and five years at Bank of America in corporate and commercial banking.

Brenda A. Langenfeld, CFA, is a portfolio manager for Nuveen’s global fixed income team and a member of the preferred securities sector team. She is the lead manager for Nuveen’s preferred and income-focused closed-end funds and portfolio manager of the Preferred Securities and Income strategy. She joined the preferred securities sector team in 2011. Brenda has been a co-manager for the Real Asset Income strategy since 2015, which invests in income generating debt and equity securities from both the real estate and infrastructure segments. In 2020 she became co-manager of the Credit Income strategy. Prior to her portfolio management roles, Brenda was a member of the high-grade credit sector team, responsible for trading corporate bonds. Previously, she was a member of the securitized debt sector team, trading mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities.

ITEM 8(a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of Accounts		Assets*
Douglas Baker	Registered Investment Company		5	$7.83 billion
	Other Pooled Investment Vehicles		0	$0
	Other Accounts		1456	$1.96 billion
Brenda Langenfeld	Registered Investment Company		9	$9.37 billion
	Other Pooled Investment Vehicles		0	$0
	Other Accounts		1460	$2.84 billion

* Assets are as of July 31, 2023. None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based

management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

ITEM 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

ITEM 8(a)(4). OWNERSHIP OF JPT SECURITIES AS OF JULY 31, 2023

Name of Portfolio Manager	None	$1 - $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Douglas Baker	X
Brenda Langenfeld	X

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15 (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section  13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section  1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section  18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Preferred and Income Fund

By (Signature and Title)	/s/ Mark L. Winget
	Mark L. Winget
	Vice President and Secretary
Date: October 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)
Date: October 6, 2023
By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)
Date: October 6, 2023

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Preferred and Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 6, 2023	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

CERTIFICATION

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Preferred and Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 6, 2023	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)

EX-99.906CERT

Exhibit 99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Preferred and Income Fund (the “Fund”) certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Fund for the period ended July 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: October 6, 2023
	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)
	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)

EX-99.PROXYVOTE

 Nuveen Proxy Voting Policy

Policy Purpose and Statement

Applicability

Proxy voting is the primary means by which shareholders may influence a publicly traded company’s governance and operations and thus create the potential for value and positive long-term investment performance. When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients’ interests to its own. In their capacity as fiduciaries and investment advisers, Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC (“TAL”) and TIAA-CREF Investment Management, LLC (“TCIM”), (each an “Adviser” and collectively, the “Advisers”), vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as the Responsible Investing Team (RI Team) to administer the Advisers’ proxy voting. The RI Team adheres to the Advisers’ Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers’ clients.

This Policy applies to Nuveen employees acting on behalf of Nuveen Asset Management, LLC, Teachers Advisors, LLC, and TIAA-CREF Investment Management, LLC

Policy Statement

Proxy voting is a key component of a Portfolio Company’s corporate governance program and is the primary method for exercising shareholder rights and influencing the Portfolio Company’s behavior. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the “Rule”) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act of 1974, “ERISA”).

Confidential (C)

Enforcement

As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen’s business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

Terms and Definitions

Advisory Personnel includes the Adviser’s portfolio managers and/or research analysts.

Proxy Voting Guidelines (the ‘‘Guidelines’’) are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution.

Portfolio Company includes any publicly traded company held in an account that is managed by an Adviser.

Policy Requirements

Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies.

The Nuveen Proxy Voting Committee (the “Committee”), the Advisers, the RI Team and Nuveen Compliance are subject to the respective requirements outlined below under Roles and Responsibilities.

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients. 

Roles and Responsibilities

Nuveen Proxy Voting Committee

The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the RI Team, subject to the Committee’s ultimate oversight and responsibility as outlined in the Committee’s Proxy Voting Charter.

Advisers

1. Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the RI Team if such Advisory Personnel determines it is in the best interest of the Adviser’s clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.

Confidential (C)

2. When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained. 

3. Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

Responsible Investing Team

1. Performs day-to-day administration of the Advisers’ proxy voting processes.

2. Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the best interests of clients. In applying the Guidelines, the RI Team, on behalf of the Advisers, takes into account several factors, including, but not limited to:

· Input from Advisory Personnel

· Third party research

· Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

3. Delivers copies of the Advisers’ Policy to clients and prospective clients upon request in a timely manner, as appropriate.

4. Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable regulations.

5. Prepares reports of proxies voted on behalf of the Advisers’ investment company clients to their Boards or committees thereof, as applicable.

6. Performs an annual vote reconciliation for review by the Committee.

7. Arranges the annual service provider due diligence, including a review of the service provider’s potential conflicts of interests, and presents the results to the Committee.

8. Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

9. Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

10. Creates and retains certain records in accordance with Nuveen’s Record Management program.

11. Oversees the proxy voting service provider in making and retaining certain records as required under applicable regulation.

12. Assesses, in cooperation with Advisory Personnel, whether securities on loan should be recalled in order to vote their proxies.

Nuveen Compliance

1. Ensures proper disclosure of Advisers’ Policy to clients as required by regulation or otherwise.

2. Ensures proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

3. Assists the RI Team with arranging the annual service provider due diligence and presenting the results to the Committee.

4. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen’s Records Management program.

Governance

Review and Approval

This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Leader, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

3

Confidential (C)

Implementation

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the RI Team for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

Exceptions

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

Related Documents

· Nuveen Proxy Voting Committee Charter

· Nuveen Proxy Voting Guidelines

· Nuveen Proxy Voting Conflicts of Interest Policy and Procedures

· Nuveen Policy Statement on Responsible Investing

Policy Adoption Date	February 3, 2020
Current Policy Effective Date	October 1, 2022
Current Policy Approval Date	August 31, 2022
Policy Owner	Nuveen Proxy Voting Committee
Policy Leader	Managing Director, Nuveen Compliance
Policy Portal Administration	Leader: Managing Director, Nuveen Compliance Owner: Managing Director, Head of Affiliate Compliance
Criticality/Tier	Moderate

4

Confidential (C)