1
Nuveen
Preferred
&
Income
Opportunities
Fund
Portfolio
of
Investments
April
30,
2023
(Unaudited)
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
158.0%  
(99.7%
of
Total
Investments) 
X
620,123,572
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
82.2%
(51.9%
of
Total
Investments)
X
620,123,572
Automobiles
-
2.3%
$
5,400
General
Motors
Financial
Co
Inc
5.700%
N/A
(3)
BB+
$
4,718,250
14,640
General
Motors
Financial
Co
Inc
(4)
5.750%
N/A
(3)
BB+
12,425,993
Total
Automobiles
17,144,243
Banks
-
33.4%
1,415
Bank
of
America
Corp
6.100%
N/A
(3)
BBB+
1,388,469
14,835
Bank
of
America
Corp
6.500%
N/A
(3)
BBB+
14,789,308
4,830
Bank
of
America
Corp
6.250%
N/A
(3)
BBB+
4,721,808
3,685
Bank
of
America
Corp
4.375%
N/A
(3)
BBB+
3,141,463
3,720
Bank
of
America
Corp
(4)
6.300%
N/A
(3)
BBB+
3,746,232
1,820
Citigroup
Inc
4.150%
N/A
(3)
BBB-
1,496,950
9,981
Citigroup
Inc
5.950%
N/A
(3)
BBB-
9,357,364
13,145
Citigroup
Inc
6.300%
N/A
(3)
BBB-
12,399,679
6,290
Citigroup
Inc
(4)
5.000%
N/A
(3)
BBB-
5,896,875
16,055
Citigroup
Inc
(4),(5)
6.250%
N/A
(3)
BBB-
15,746,262
2,415
Citigroup
Inc
7.375%
N/A
(3)
BBB-
2,384,813
1,685
Citizens
Financial
Group
Inc
6.375%
N/A
(3)
Baa3
1,457,525
2,015
Citizens
Financial
Group
Inc
(4)
4.000%
N/A
(3)
Baa3
1,566,663
3,150
CoBank
ACB
(4)
6.250%
N/A
(3)
BBB+
2,965,095
8,820
CoBank
ACB
6.450%
N/A
(3)
BBB+
8,312,164
1,025
Fifth
Third
Bancorp
(4)
4.500%
N/A
(3)
Baa3
907,794
14,985
First
Citizens
BancShares
Inc
/NC
(3-Month
LIBOR
reference
rate
+
3.972%
spread)
(6)
8.838%
N/A
(3)
Ba1
13,898,588
925
Goldman
Sachs
Group
Inc
/The
3.800%
N/A
(3)
BBB-
766,594
910
Goldman
Sachs
Group
Inc
/The
4.400%
N/A
(3)
BB+
773,235
2,314
HSBC
Capital
Funding
Dollar
1
LP,
144A
(4)
10.176%
N/A
(3)
BBB
2,822,089
8,525
Huntington
Bancshares
Inc
/OH
5.625%
N/A
(3)
Baa3
7,604,506
5,825
JPMorgan
Chase
&
Co
5.000%
N/A
(3)
BBB+
5,582,482
2,355
JPMorgan
Chase
&
Co
(4)
6.100%
N/A
(3)
BBB+
2,330,202
23,065
JPMorgan
Chase
&
Co
(4)
6.750%
N/A
(3)
BBB+
23,037,322
1,830
JPMorgan
Chase
&
Co
3.650%
N/A
(3)
BBB+
1,604,361
2,485
KeyCorp
5.000%
N/A
(3)
Baa3
1,963,149
6,970
M&T
Bank
Corp
(4)
6.450%
N/A
(3)
Baa2
6,312,206
1,880
M&T
Bank
Corp
5.125%
N/A
(3)
Baa2
1,456,010
1,440
M&T
Bank
Corp
(4)
3.500%
N/A
(3)
Baa2
946,800
1,740
PNC
Financial
Services
Group
Inc
/The
6.200%
N/A
(3)
Baa2
1,638,571
16,977
PNC
Financial
Services
Group
Inc
/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(4),(6)
3.804%
N/A
(3)
Baa2
16,894,948
3,185
PNC
Financial
Services
Group
Inc
/The
6.000%
N/A
(3)
Baa2
2,954,088
2,657
PNC
Financial
Services
Group
Inc
/The
5.000%
N/A
(3)
Baa2
2,417,870
2,835
PNC
Financial
Services
Group
Inc
/The
3.400%
N/A
(3)
Baa2
2,168,986
7,960
PNC
Financial
Services
Group
Inc
/The
(4)
6.250%
N/A
(3)
Baa2
7,295,340
3,545
Regions
Financial
Corp
5.750%
N/A
(3)
Baa3
3,350,895
6,082
Truist
Financial
Corp
5.100%
N/A
(3)
Baa2
5,364,704
3,430
Truist
Financial
Corp
(3-Month
LIBOR
reference
rate
+
3.102%
spread)
(6)
7.968%
N/A
(3)
Baa2
3,292,800
12,915
Truist
Financial
Corp
4.800%
N/A
(3)
Baa2
11,219,906
6,490
Wells
Fargo
&
Co
5.900%
N/A
(3)
Baa2
6,119,421
1,385
Wells
Fargo
&
Co
(4)
7.950%
11/15/29
Baa1
1,543,809
8,047
Wells
Fargo
&
Co
(4)
3.900%
N/A
(3)
Baa2
7,002,439
12,370
Wells
Fargo
&
Co
(4),(5)
5.875%
N/A
(3)
Baa2
12,100,581
9,666
Zions
Bancorp
NA
7.200%
N/A
(3)
BB+
8,298,261
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
2
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
1,105
Zions
Bancorp
NA
5.800%
N/A
(3)
BB+
$
866,415
Total
Banks
251,905,042
Capital
Markets
-
3.5%
2,040
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(3)
Baa1
1,986,450
3,090
Charles
Schwab
Corp/The
(4)
4.000%
N/A
(3)
Baa2
2,591,799
5,720
Charles
Schwab
Corp/The
5.375%
N/A
(3)
Baa2
5,444,725
7,411
Goldman
Sachs
Group
Inc
/The
5.300%
N/A
(3)
BBB-
7,031,446
8,359
Goldman
Sachs
Group
Inc
/The
5.500%
N/A
(3)
BBB-
8,065,344
1,555
Goldman
Sachs
Group
Inc
/The
4.125%
N/A
(3)
BBB-
1,303,428
Total
Capital
Markets
26,423,192
Communications
Equipment
-
0.2%
2,315
Vodafone
Group
PLC
(4)
4.125%
6/04/81
BB+
1,872,835
Total
Communications
Equipment
1,872,835
Consumer
Finance
-
2.3%
3,674
Ally
Financial
Inc
(4)
4.700%
N/A
(3)
Ba2
2,709,575
6,365
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
4,471,412
4,560
American
Express
Co
3.550%
N/A
(3)
Baa2
3,831,217
3,215
Capital
One
Financial
Corp
3.950%
N/A
(3)
Baa3
2,371,507
3,175
Discover
Financial
Services
(4)
6.125%
N/A
(3)
Ba1
3,005,713
1,465
Discover
Financial
Services
5.500%
N/A
(3)
Ba1
1,113,400
Total
Consumer
Finance
17,502,824
Electric
Utilities
-
2.9%
2,070
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
1,656,670
6,070
Edison
International
(4)
5.000%
N/A
(3)
BB+
5,188,729
995
Edison
International
(4)
5.375%
N/A
(3)
BB+
886,072
11,680
Emera
Inc
(4)
6.750%
6/15/76
BB+
11,124,181
3,580
Southern
Co/The
4.000%
1/15/51
BBB-
3,363,768
Total
Electric
Utilities
22,219,420
Financial
Services
-
4.8%
4,570
American
AgCredit
Corp,
144A
(4)
5.250%
N/A
(3)
BB+
3,975,900
2,590
Capital
Farm
Credit
ACA,
144A
(4)
5.000%
N/A
(3)
BB
2,331,000
12
Compeer
Financial
ACA,
144A
(4)
6.750%
N/A
(3)
BB+
12,537,204
1,100
Compeer
Financial
ACA,
144A
4.875%
N/A
(3)
BB+
968,000
7,470
Equitable
Holdings
Inc
4.950%
N/A
(3)
BBB-
6,807,460
9,696
Voya
Financial
Inc
(4)
6.125%
N/A
(3)
BBB-
9,338,993
Total
Financial
Services
35,958,557
Food
Products
-
5.0%
2,145
Dairy
Farmers
of
America
Inc
,
144A
7.125%
N/A
(3)
BB+
1,823,250
3,860
Land
O'
Lakes
Inc
,
144A
(4)
7.250%
N/A
(3)
BB
3,319,600
7,435
Land
O'
Lakes
Inc
,
144A
(4)
7.000%
N/A
(3)
BB
6,319,750
28,560
Land
O'
Lakes
Inc
,
144A
(4)
8.000%
N/A
(3)
BB
26,275,200
Total
Food
Products
37,737,800
Independent
Power
and
Renewable
Electricity
Producers
-
2.1%
2,200
AES
Andes
SA,
144A
(4)
7.125%
3/26/79
BB
2,072,400
4,775
AES
Andes
SA,
144A
6.350%
10/07/79
BB
4,430,666
8,525
Vistra
Corp,
144A
8.000%
N/A
(3)
Ba3
8,034,812
1,550
Vistra
Corp,
144A
7.000%
N/A
(3)
Ba3
1,390,084
Total
Independent
Power
and
Renewable
Electricity
Producers
15,927,962
3
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
Conglomerates
-
0.7%
$
5,079
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(4),(6)
8.196%
N/A
(3)
BBB-
$
5,070,112
Total
Industrial
Conglomerates
5,070,112
Insurance
-
13.6%
1,615
Aegon
NV
5.500%
4/11/48
Baa1
1,566,227
1,550
American
International
Group
Inc
(4)
5.750%
4/01/48
BBB-
1,491,875
16,404
Assurant
Inc
(4)
7.000%
3/27/48
Baa3
15,648,629
11,519
Assured
Guaranty
Municipal
Holdings
Inc
,
144A
(4)
6.400%
12/15/66
BBB+
10,309,505
2,465
AXIS
Specialty
Finance
LLC
(4)
4.900%
1/15/40
BBB
1,981,260
2,395
Enstar
Finance
LLC
5.750%
9/01/40
BBB-
1,999,466
5,720
Enstar
Finance
LLC
(5)
5.500%
1/15/42
BBB-
4,117,809
8,710
Markel
Corp
6.000%
N/A
(3)
BBB-
8,462,876
3,860
MetLife
Inc
3.850%
N/A
(3)
BBB
3,589,800
2,010
MetLife
Inc
5.875%
N/A
(3)
BBB
1,865,174
4,088
MetLife
Inc
,
144A
9.250%
4/08/38
BBB
4,813,620
2,485
PartnerRe
Finance
B
LLC
(4)
4.500%
10/01/50
Baa1
2,087,764
7,488
Provident
Financing
Trust
I
(4)
7.405%
3/15/38
BB+
7,525,440
745
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
638,437
2,690
Prudential
Financial
Inc
5.125%
3/01/52
BBB+
2,433,726
9,055
QBE
Insurance
Group
Ltd,
144A
(4)
7.500%
11/24/43
Baa1
9,054,005
2,960
QBE
Insurance
Group
Ltd,
144A
(4)
5.875%
N/A
(3)
Baa2
2,794,786
9,498
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
BBB
9,407,046
9,700
SBL
Holdings
Inc
,
144A
(5)
6.500%
N/A
(3)
BB
5,647,243
10,685
SBL
Holdings
Inc
,
144A
(4)
7.000%
N/A
(3)
BB
6,891,825
Total
Insurance
102,326,513
Media
-
0.3%
3,110
Paramount
Global
6.375%
3/30/62
Baa3
2,667,634
Total
Media
2,667,634
Multi-Utilities
-
2.5%
2,125
Algonquin
Power
&
Utilities
Corp
(4)
4.750%
1/18/82
BB+
1,718,600
7,999
CenterPoint
Energy
Inc
6.125%
N/A
(3)
BBB-
7,619,047
1,210
CMS
Energy
Corp
(4)
4.750%
6/01/50
BBB-
1,058,750
1,320
NiSource
Inc
5.650%
N/A
(3)
BBB-
1,252,548
3,005
Sempra
Energy
4.125%
4/01/52
BBB-
2,433,574
4,750
Sempra
Energy
4.875%
N/A
(3)
BBB-
4,466,722
Total
Multi-Utilities
18,549,241
Oil,
Gas
&
Consumable
Fuels
-
2.7%
2,578
Enbridge
Inc
5.500%
7/15/77
BBB-
2,281,397
3,460
Enbridge
Inc
(4)
7.625%
1/15/83
BBB-
3,524,292
5,765
Enbridge
Inc
(4)
5.750%
7/15/80
BBB-
5,277,379
1,540
Enbridge
Inc
(4)
6.000%
1/15/77
BBB-
1,439,235
3,320
Energy
Transfer
LP
(4)
6.500%
N/A
(3)
BB
2,938,200
630
Energy
Transfer
LP
7.125%
N/A
(3)
BB
530,775
2,245
Transcanada
Trust
5.500%
9/15/79
BBB-
1,902,184
3,015
Transcanada
Trust
5.600%
3/07/82
BBB-
2,549,302
Total
Oil,
Gas
&
Consumable
Fuels
20,442,764
Trading
Companies
&
Distributors
-
4.0%
15,493
AerCap
Global
Aviation
Trust,
144A
(4)
6.500%
6/15/45
Baa3
14,552,296
6,030
AerCap
Holdings
NV
(4)
5.875%
10/10/79
BB+
5,593,107
4,180
Air
Lease
Corp
(4)
4.650%
N/A
(3)
BB+
3,432,609
8,474
ILFC
E-Capital
Trust
I,
144A
6.798%
12/21/65
Baa3
5,497,508
1,960
ILFC
E-Capital
Trust
I,
144A
6.548%
12/21/65
Baa3
1,264,200
Total
Trading
Companies
&
Distributors
30,339,720
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
4
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
U.S.
Agency
-
1.0%
$
2,420
Farm
Credit
Bank
of
Texas,
144A
(4)
5.700%
N/A
(3)
Baa1
$
2,105,400
5,835
Farm
Credit
Bank
of
Texas,
144A
(4)
6.200%
N/A
(3)
BBB+
5,120,213
Total
U.S.
Agency
7,225,613
Wireless
Telecommunication
Services
-
0.9%
6,644
Vodafone
Group
PLC
7.000%
4/04/79
BB+
6,810,100
Total
Wireless
Telecommunication
Services
6,810,100
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$682,747,830)
620,123,572
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
X
337,506,386
CONTINGENT
CAPITAL
SECURITIES
-
44.7%
(28.2%
of
Total
Investments)
X
337,506,386
Banks
-
37.0%
$
2,025
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
(4)
6.750%
N/A
(3)
Baa2
$
1,953,878
11,060
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(3)
Ba2
10,085,945
5,495
Banco
Bilbao
Vizcaya
Argentaria
SA
(4)
6.125%
N/A
(3)
Ba2
4,379,926
3,120
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(4)
7.625%
N/A
(3)
Ba2
2,839,685
4,700
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(4)
7.500%
N/A
(3)
Ba2
4,147,750
10,600
Banco
Santander
SA
,
Reg
S
(4)
7.500%
N/A
(3)
Ba1
10,176,000
6,505
Banco
Santander
SA
4.750%
N/A
(3)
Ba1
5,062,842
10,185
Barclays
PLC
8.000%
N/A
(3)
BBB-
9,394,644
17,495
Barclays
PLC
7.750%
N/A
(3)
BBB-
16,463,145
6,440
Barclays
PLC
6.125%
N/A
(3)
BBB-
5,531,316
6,985
Barclays
PLC
8.000%
N/A
(3)
BBB-
6,118,161
1,600
BNP
Paribas
SA,
144A
7.000%
N/A
(3)
BBB
1,427,840
2,500
BNP
Paribas
SA,
144A
9.250%
N/A
(3)
BBB
2,571,000
5,050
BNP
Paribas
SA,
144A
7.375%
N/A
(3)
BBB
4,854,921
11,170
BNP
Paribas
SA,
144A
7.750%
N/A
(3)
BBB
10,667,350
8,315
BNP
Paribas
SA,
144A
6.625%
N/A
(3)
BBB
7,923,364
10,445
Credit
Agricole
SA,
144A
8.125%
N/A
(3)
BBB
10,348,927
7,754
Credit
Agricole
SA,
144A
(4)
7.875%
N/A
(3)
BBB
7,608,612
525
Danske
Bank
A/S
,
Reg
S
4.375%
N/A
(3)
BBB-
446,106
1,600
Danske
Bank
A/S
,
Reg
S
(4)
7.000%
N/A
(3)
BBB-
1,488,320
1,980
HSBC
Holdings
PLC
8.000%
N/A
(3)
BBB
1,965,150
23,364
HSBC
Holdings
PLC
6.375%
N/A
(3)
BBB
22,140,310
15,965
HSBC
Holdings
PLC
(4)
6.000%
N/A
(3)
BBB
14,105,078
11,365
ING
Groep
NV
,
Reg
S
6.750%
N/A
(3)
BBB
10,654,688
9,280
ING
Groep
NV
5.750%
N/A
(3)
BBB
8,081,534
7,585
ING
Groep
NV
6.500%
N/A
(3)
BBB
7,010,167
3,805
Intesa
Sanpaolo
SpA
,
144A
(4)
7.700%
N/A
(3)
BB-
3,462,074
11,980
Lloyds
Banking
Group
PLC
(4)
7.500%
N/A
(3)
Baa3
11,522,544
20,395
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
19,336,296
3,350
Macquarie
Bank
Ltd/London,
144A
(4)
6.125%
N/A
(3)
BB+
2,887,846
9,319
NatWest
Group
PLC
(4)
6.000%
N/A
(3)
Baa3
8,735,631
9,390
NatWest
Group
PLC
8.000%
N/A
(3)
BBB-
9,295,443
5,180
Nordea
Bank
Abp
,
144A
6.625%
N/A
(3)
BBB+
4,850,915
2,820
Societe
Generale
SA,
144A
4.750%
N/A
(3)
BB+
2,152,506
2,495
Societe
Generale
SA,
144A
9.375%
N/A
(3)
BB+
2,368,753
2,066
Societe
Generale
SA,
144A
(4)
6.750%
N/A
(3)
BB
1,616,314
7,791
Societe
Generale
SA,
144A
7.875%
N/A
(3)
BB+
7,443,521
6,268
Societe
Generale
SA,
144A
8.000%
N/A
(3)
BB
5,849,580
2,681
Standard
Chartered
PLC,
144A
6.000%
N/A
(3)
BBB-
2,528,311
2,000
Standard
Chartered
PLC,
144A
7.750%
N/A
(3)
BBB-
1,937,180
4,370
Standard
Chartered
PLC,
144A
4.300%
N/A
(3)
BBB-
3,081,287
5,500
UniCredit
SpA
,
Reg
S
8.000%
N/A
(3)
BB-
5,308,875
Total
Banks
279,823,735
5
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Capital
Markets
-
7.7%
$
18,750
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(3)
C
$
703,125
10,229
Credit
Suisse
Group
AG,
144A
7.250%
N/A
(3)
C
383,587
7,835
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(3)
C
293,812
8,090
Credit
Suisse
Group
AG,
144A
6.375%
N/A
(3)
Ba2
303,375
10,605
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(3)
C
397,687
19,820
Deutsche
Bank
AG
(4)
6.000%
N/A
(3)
Ba2
14,763,918
13,740
UBS
Group
AG,
144A
(4)
7.000%
N/A
(3)
BBB
12,881,250
14,730
UBS
Group
AG
,
Reg
S
(4)
6.875%
N/A
(3)
BBB
13,275,413
13,675
UBS
Group
AG
,
Reg
S
(4)
7.000%
N/A
(3)
BBB
12,922,875
2,345
UBS
Group
AG,
144A
3.875%
N/A
(3)
BBB
1,757,609
Total
Capital
Markets
57,682,651
Total
Contingent
Capital
Securities
(cost
$425,964,288)
337,506,386
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
X
231,212,780
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
30.6%
(19.3%
of
Total
Investments)
X
231,212,780
Banks
-
8.8%
93,724
CoBank
ACB
6.200%
BBB+
$
8,950,642
159,700
Farm
Credit
Bank
of
Texas,
144A
(4)
6.750%
Baa1
15,570,750
221,181
Fifth
Third
Bancorp
(4)
6.625%
Baa3
5,418,934
138,275
KeyCorp
6.125%
Baa3
3,109,805
427,000
KeyCorp
6.200%
Baa3
9,479,400
337,570
New
York
Community
Bancorp
Inc
6.375%
Ba2
7,902,514
219,461
Regions
Financial
Corp
6.375%
Baa3
5,258,286
67,764
Regions
Financial
Corp
5.700%
Baa3
1,568,059
91,115
Synovus
Financial
Corp
5.875%
BB-
1,927,993
68,200
Wells
Fargo
&
Co
4.750%
Baa2
1,372,184
141,500
Western
Alliance
Bancorp
4.250%
Ba3
2,235,700
160,747
Wintrust
Financial
Corp
6.875%
BB
3,804,881
Total
Banks
66,599,148
Capital
Markets
-
3.4%
55,114
Goldman
Sachs
Group
Inc
/The
5.500%
BB+
1,383,362
203,611
Morgan
Stanley
5.850%
BBB
5,092,311
100,352
Morgan
Stanley
6.375%
BBB
2,521,846
72,100
Morgan
Stanley
6.500%
BBB
1,884,694
110,293
Morgan
Stanley
6.875%
BBB
2,799,236
484,260
Morgan
Stanley
(4)
7.125%
BBB
12,338,945
Total
Capital
Markets
26,020,394
Consumer
Finance
-
0.5%
84,573
Capital
One
Financial
Corp
(4)
5.000%
Baa3
1,735,438
132,414
Synchrony
Financial
(4)
5.625%
BB-
2,244,417
Total
Consumer
Finance
3,979,855
Diversified
Telecommunication
Services
-
0.3%
99,300
AT&T
Inc
(4)
4.750%
BBB-
2,073,384
Total
Diversified
Telecommunication
Services
2,073,384
Financial
Services
-
2.2%
74,600
AgriBank
FCB
6.875%
BBB+
7,460,000
114,400
Equitable
Holdings
Inc
5.250%
BBB-
2,456,168
69,518
Federal
Agricultural
Mortgage
Corp
6.000%
N/R
1,790,088
204,839
Voya
Financial
Inc
5.350%
BBB-
4,998,072
Total
Financial
Services
16,704,328
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
6
JPC
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Food
Products
-
3.0%
295,991
CHS
Inc
7.100%
N/R
$
7,340,577
279,909
CHS
Inc
6.750%
N/R
7,020,117
229,411
CHS
Inc
(4)
7.875%
N/R
6,001,392
23,900
Dairy
Farmers
of
America
Inc
,
144A
7.875%
BB+
2,198,800
Total
Food
Products
22,560,886
Insurance
-
9.3%
226,000
American
Equity
Investment
Life
Holding
Co
6.625%
BB
5,396,880
460,300
American
Equity
Investment
Life
Holding
Co
5.950%
BB
10,614,518
107,800
Aspen
Insurance
Holdings
Ltd
5.625%
BB+
2,209,900
423,677
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
10,219,089
82,800
Assurant
Inc
5.250%
Baa3
1,761,156
236,052
Athene
Holding
Ltd
6.375%
BBB
5,322,973
411,533
Athene
Holding
Ltd
6.350%
BBB
8,926,151
80,000
Axis
Capital
Holdings
Ltd
5.500%
BBB
1,816,800
63,400
Delphi
Financial
Group
Inc
8.054%
BBB
1,402,725
319,645
Enstar
Group
Ltd
7.000%
BBB-
7,319,870
219,645
Maiden
Holdings
North
America
Ltd
7.750%
N/R
3,624,142
273,630
Reinsurance
Group
of
America
Inc
5.750%
BBB+
6,931,048
116,700
Reinsurance
Group
of
America
Inc
7.125%
BBB+
3,063,375
79,073
Selective
Insurance
Group
Inc
4.600%
BBB-
1,371,917
Total
Insurance
69,980,544
Oil,
Gas
&
Consumable
Fuels
-
2.2%
60,200
Energy
Transfer
LP
7.600%
BB
1,391,824
242,497
NuStar
Energy
LP
10.942%
B2
5,594,406
221,982
NuStar
Energy
LP
12.065%
B2
5,498,494
163,651
NuStar
Logistics
LP
11.994%
B
4,179,647
Total
Oil,
Gas
&
Consumable
Fuels
16,664,371
Trading
Companies
&
Distributors
-
0.9%
207,815
Air
Lease
Corp
6.150%
BB+
4,549,070
76,500
WESCO
International
Inc
10.625%
B+
2,080,800
Total
Trading
Companies
&
Distributors
6,629,870
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$248,582,065)
231,212,780
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
3,411,751
CORPORATE
BONDS
-
0.5%
(0.3%
of
Total
Investments)
X
3,411,751
Banks
-
0.2%
$
1,180
Commerzbank
AG,
144A
8.125%
9/19/23
Baa3
$
1,167,376
Total
Banks
1,167,376
Insurance
-
0.3%
2,375
Fidelis
Insurance
Holdings
Ltd,
144A
6.625%
4/01/41
BB+
2,244,375
Total
Insurance
2,244,375
Total
Corporate
Bonds
(cost
$3,629,000)
3,411,751
7
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Shares
Description
(1)
Value
X
5,677
COMMON
STOCKS
-
0.0%
(0.0%
of
Total
Investments)
X
5,677
Chemicals
-
0.0%
60
LyondellBasell
Industries
NV,
Class
A
$
5,677
Total
Chemicals
5,677
Total
Common
Stocks
(cost
$–)
5,677
Total
Long-Term
Investments
(cost
$1,360,923,183)
1,192,260,166
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 0.5% (0.3%
of
Total
Investments) 
3,245,993
REPURCHASE
AGREEMENTS
-
0.5%
(0.3%
of
Total
Investments)
X
3,245,993
$
3,246
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
4/28/23,
repurchase
price
$3,246,382,
collateralized
by
$3,620,800,
U.S.
Treasury
Note,
0.750%,
due
5/31/26,
value
$3,310,994
1.440%
5/01/23
$
3,245,993
Total
Repurchase
Agreements
(cost
$3,245,993)
3,245,993
Total
Short-Term
Investments
(cost
$3,245,993)
3,245,993
Total
Investments
(cost
$1,364,169,176
)
-
158.5%
1,195,506,159
Borrowings
-
(26.2)%
(8),(9)
(197,600,000)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(13.6)%(10)
(102,571,821)
TFP
Shares,
Net
-
(19.8)%(11)
(149,347,105)
Other
Assets
&
Liabilities,
Net
-  1.1%(12)
8,508,366
Net
Assets
Applicable
to
Common
Shares
-
100%
$
754,495,599
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
$
10,754,163
$
10,754,163
Morgan
Stanley
Capital
Services,
LLC
48,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
1,531,116
1,531,116
Total
unrealized
appreciation
on
interest
rate
swaps
$
12,285,279
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
8
JPC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
12,537,204
$
607,586,368
$
–
$
620,123,572
Contingent
Capital
Securities
–
337,506,386
–
337,506,386
$25
Par
(or
similar)
Retail
Preferred
211,200,613
20,012,167
–
231,212,780
Corporate
Bonds
–
3,411,751
–
3,411,751
Common
Stocks
5,677
–
–
5,677
Short-Term
Investments:
Repurchase
Agreements
–
3,245,993
–
3,245,993
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
12,285,279
–
12,285,279
Total
$
223,743,494
$
984,047,944
$
–
$
1,207,791,438
*
Represents
net
unrealized
appreciation
(depreciation).
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Perpetual
security.
Maturity
date
is
not
applicable.
(4)
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
$102,138,934
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(5)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$33,394,833.
(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
16.5%.
(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
$738,019,802
have
been
pledged
as
collateral
for
borrowings.
(10)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
8.6%.
(11)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
12.5%.
(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.
(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.
Nuveen Preferred and Inc... (NYSE:JPC)
Historical Stock Chart
Von Mär 2024 bis Apr 2024 Click Here for more Nuveen Preferred and Inc... Charts.
Nuveen Preferred and Inc... (NYSE:JPC)
Historical Stock Chart
Von Apr 2023 bis Apr 2024 Click Here for more Nuveen Preferred and Inc... Charts.