Edgar Filing: Nuveen Preferred Income Opportunities Fund

Nuveen Preferred Income Opportunities Fund

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		811-21293

Nuveen Preferred Income Opportunities 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)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2016

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.



Closed-End Funds


		Nuveen Investments
		Closed-End Funds


						Semi-Annual Report January 31, 2016



JPC
Nuveen Preferred Income Opportunities Fund

JPI
Nuveen Preferred and Income Term Fund

JPW
Nuveen Flexible Investment Income Fund

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LOGO

Table

of Contents


Chairman’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Fund Leverage			15

Common Share Information			16

Risk Considerations			19

Performance Overview and Holding Summaries			20

Portfolios of Investments			26

Statement of Assets and Liabilities			46

Statement of Operations			47

Statement of Changes in Net Assets			48

Statement of Cash Flows			50

Financial Highlights			52

Notes to Financial Statements			56

Additional Fund Information			70

Glossary of Terms Used in this Report			71

Reinvest Automatically, Easily and Conveniently			73


Nuveen Investments			3

Chairman’s Letter

to Shareholders

LOGO

Dear Shareholders,

For better or for worse, the financial markets spent most of the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty was a considerable source of volatility for stock and bond prices for much of 2015, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.

As was widely expected, the long-awaited Fed rate hike materialized in mid-December. While the move was interpreted as a vote of confidence on the U.S. economy’s underlying strength, the Fed emphasized that future rate increases will be gradual and guided by its ongoing assessment of financial conditions. Headwinds including rising borrowing costs, softer commodity prices, low inflation, a strong U.S. dollar and a stagnant global economy could necessitate keeping monetary conditions accommodative for longer. Meanwhile, policy makers in Europe and Japan are deploying their available tools to try to bolster their economies’ fragile growth, while Chinese authorities have stepped up efforts to manage China’s slowdown.

Although the new year began with a more pessimistic tone to investor sentiment and elevated volatility in the markets, we caution investors from making long-term decisions based on short-term news. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance.

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.

Sincerely,

LOGO

William J. Schneider

Chairman of the Board

March 23, 2016


	4			Nuveen Investments

Portfolio Managers’

Comments

Nuveen Preferred Income Opportunities Fund (JPC)

Nuveen Preferred and Income Term Fund (JPI)

Nuveen Flexible Investment Income Fund (JPW)

Nuveen Asset Management, LLC (NAM) and NWQ Investment Management Company, LLC (NWQ), affiliates of Nuveen Investments, Inc., are sub-advisers for the Nuveen Preferred Income Opportunities Fund (JPC). NAM and NWQ each manage approximately half of the Fund’s investment portfolio. Douglas Baker, CFA and Brenda Langenfeld, CFA, are the portfolio managers for the NAM team. The NWQ income-oriented investment team is led by Thomas J. Ray, CFA and Susi Budiman, CFA.

The Nuveen Preferred and Income Term Fund (JPI) features management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception.

Effective subsequent to the release of this semi-annual report, the primary and secondary benchmarks for JPI and the NAM managed sleeve of JPC will change in order to better represent the investible universe of preferred securities. The BofA/Merrill Lynch U.S. All Capital Securities Index is the Proposed Primary Benchmark. The proposed secondary blended benchmark will consist of 60% BofA/Merrill Lynch U.S. All Capital Securities Index and 40% BofA/Merrill Lynch Contingent Capital Index. This proposed secondary blended benchmark better aligns the portfolios with the investible universe of preferreds and hybrids by adding the contingent capital index to the performance benchmark. The proposed secondary blended benchmark would also better reflect the portfolio’s positioning with regard to $25 par securities and $1,000 par securities, as well as from a credit quality and duration perspective. The BofA/Merrill Lynch Contingent Capital Index has a recent inception date of December 31, 2013.

Additionally, the limit to non-U.S. issuers will be removed in order to allow for an increased number of contingent capital securities (CoCos) in each Fund’s portfolio.

The Nuveen Flexible Investment Income Fund (JPW) features portfolio management by NWQ Investment Management Company, LLC (NWQ), an affiliate of Nuveen Investments, Inc. Thomas J. Ray, CFA, and Susi Budiman, CFA, are the portfolio managers.

Here they discuss their management strategies and the performance of the Funds for the six-month reporting period ended January 31, 2016.

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.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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


Nuveen Investments			5

Portfolio Managers’ Comments (continued)

What key strategies were used to manage the Funds during this six-month reporting period ended January 31, 2016 and how did these strategies influence performance?

Nuveen Preferred Income Opportunities Fund (JPC)

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year, five-year and ten-year periods ended January 31, 2016. For the six-month reporting period ended January 31, 2016 the Fund’s common shares at net asset value (NAV) outperformed the JPC Blended Index, but underperformed the BofA/Merrill Lynch Preferred Securities Fixed Rate Index.

JPC invests at least 80% of its managed assets in preferred securities and up to 20% opportunistically over the market cycle in other types of securities, primarily income oriented securities such as corporate and taxable municipal debt and common equity. The Fund is managed by two experienced portfolio teams with distinctive, complementary approaches to the preferred market. NAM employs a debt-oriented approach that combines top down relative value analysis of industry sectors with fundamental credit analysis. NWQ’s investment process identifies undervalued securities within a company’s capital structure that offer the most attractive risk/reward potential. This multi-team approach gives investors access to a broader investment universe with greater diversification potential.

Nuveen Asset Management

For the portion of the Fund managed by NAM, the Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities. The Fund’s portfolio is actively managed seeking to capitalize on strong and continuously improving credit fundamentals across our issuer base, coupled with historically wide credit spreads (the difference between current yields on preferred securities and U.S. Treasury Bonds and other fixed income benchmarks) for the preferred security asset class. The Fund’s strategy focuses opportunistically on highly regulated industries, like utilities, banks, and insurance companies, with a current emphasis broadly on financial services companies.

We employed a credit-based investment approach, using a top-down process to position the portfolio in a manner that reflects the investment team’s overall macro-economic outlook, while also incorporating a bottom-up approach that focuses on fundamental credit research, security structure selection, and option adjusted spread (OAS) analysis. The process begins with identifying the investable universe of $1,000 par and $25 par preferred securities. In an effort to capitalize on the inefficiencies between the different structure of the preferred securities market, we tactically and strategically shift capital between the $25 par exchange listed market and the $1,000 par over-the-counter market. Periods of volatility may drive notably different valuations between these two markets. This dynamic is often related to periodic differences in how retail and institutional markets perceive and price risk. Technical factors such as new issue supply may also influence the relative valuations between $25 par exchange listed structures and $1,000 par over-the-counter structures.

We will continue to monitor developments across the domestic and international financial markets, but we do not anticipate materially changing the Fund’s relative positioning strategy in the near future. We feel that valuations on the $25 par retail side of the market have run rich versus the $1,000 par institutional side of the market. We will likely maintain an overweight to $1,000 par securities as a result of this relative value opportunity, and because of our desire to position defensively against rising interest rates. Indeed, we have been concerned about the potential impact of rising rates on preferred security valuations for several quarters now. Callable securities, like most preferred securities, can be more vulnerable to rising rates compared to similar non-callable fixed rate structures. The duration on callable fixed rate coupon securities tends to extend during periods of rising interest rates. Luckily, there are coupon structures within the preferred securities market, like floating rate coupons and fixed-to-floating rate coupons that do not expose investors to the aforementioned duration extension risk. Given our concern regarding rising interest rates, we have favored fixed-to-floating rate coupon structures which, all else equal, provide a lower duration profile on day one, and almost no duration


	6			Nuveen Investments

extension risk, versus traditional fixed rate coupon structures. Fixed-to-floating rate securities are more common on the $1,000 par side of the market, and thus one reason for our current, and foreseeable, overweight to $1,000 par securities relative to the JPC Blended Index.

As mentioned in previous reports, the population of “new generation” preferred securities, such as contingent capital securities (otherwise known as CoCos), have indeed become a meaningful presence within the preferred/hybrid security marketplace. We estimate the total CoCo universe today to be just under $385 billion in size, with total capacity over the next few years totaling between $500 billion and $600 billion based upon the current size of international banks’ balance sheets. Of today’s $385 billion market, we estimate that roughly $235 billion is Additional Tier 1 (AT1)-qualifying securities, and the remaining $150 billion is Tier 2-qualifying paper. As a reminder, international bank capital standards outlined in Basel III require new AT1-qualifying and Tier 2-qualifying securities to contain explicit loss-absorbing features upon the breach of certain predetermined capital thresholds. These loss-absorbing features come in one of three options, including equity conversion, permanent write-down of principle or temporary write-down of principle with the possibility of future write-up when/if the issuer is able to replenish capital levels back above the threshold trigger level. We have allocated modestly to this new universe of securities. We have focused on those issuers that have, in our opinion, meaningful capital cushions above regulatory minimum capital levels. Limiting exposure to these issuers helps minimize to a great extent the likelihood of a conversion event, or a skipped coupon payment. We also favor those issuers that have, or have nearly, issued their regulatory maximum amount of AT1 securities, to reduce the impact that future new issue supply might have on secondary valuations.

With respect to the Fund’s allocation to lower investment grade and below investment grade securities, we continue to believe that these segments will, over the long term, provide a more compelling risk-adjusted return profile than higher rated preferred/hybrid securities. Lower rated securities are often overlooked by retail and institutional investors, and especially by investors with investment grade-only mandates. Below investment grade securities typically are not index eligible, limiting the potential investor base and frequently creating opportunities for the Fund within this particular segment of the asset class. While lower rated preferred securities may exhibit periods of higher price volatility, we believe the return potential is disproportionately higher due to inefficiencies inherent in the segment. In addition, this lower rated segment of the asset class tends to exhibit lower interest rate sensitivity than higher rated security structures. As a result, this allocation also helps express our defensive interest rate positioning. Again, please note that preferred/hybrid securities are typically rated several notches below an issuer’s senior unsecured debt rating. Consequently, in most instances, a BB rated preferred/hybrid security has been issued by an entity with an investment grade senior unsecured credit rating of BBB or higher.

Over the past few years, the rating agencies have revised their methodologies for preferred securities which have resulted in a broad drift lower in average rating for the asset class. This is primarily driven by the fact that the rating agencies no longer place a high likelihood of government support for the preferred security investor during times of crisis. In our opinion, however, these same rating agencies have yet to recognize the tremendous improvements in bank balance sheets post financial crisis, nor have they seemingly recognized the lower risk profile of the banks under the monumental amount of regulatory oversight. At some point, we do expect rating agencies to take these factors into consideration and eventually rate bank-issued preferred securities higher than what we see today.

As with any fixed income asset class, preferred securities are not immune from the impact of rising interest rates. As mentioned above, we seek to minimize the impact of higher rates on the market value of the Fund’s portfolio by establishing a position in less interest rate sensitive securities, like fixed-to-floating rate coupon structures. We also feel that rising interest rates are frequently the result of an improving macro-economic landscape, and one where the current domestic economic recovery has likely gained meaningful traction. In this type of environment risk premiums should shrink, reflecting the lower risk profile of the overall market. As a result, credit spreads should also narrow. We believe therefore, that credit spread compression in the preferred security asset class could help mitigate the negative impact of rising interest rates.


Nuveen Investments			7

Portfolio Managers’ Comments (continued)

While we held several distinct active overweights and underweights versus the indices during the reporting period, there were three active positions that were responsible for driving a majority of the relative performance. These included an underweight to $25 par vs $1,000 par securities, a relatively shorter duration profile, and an overweight to non-U.S. and CoCo securities.

With the $1,000 par dominated Barclays USD Capital Securities Index posting a 0.7% return during the reporting period and the $25 par dominated BofA/Merrill Lynch Preferred Securities Fixed Rate Index posting a 3.5% return, the Fund’s overweight to $1,000 par structures detracted from its relative performance. In this prolonged low interest rate environment, retail investors’ demand for income producing securities has grown dramatically. Indeed, with a single-minded focus on income, retail investors continued to drive valuations on the $25 par side of the market to increasingly higher levels. Valuations have run so high on the $25 par side of the market that there is now a large population of these securities trading at a negative yield-to-worst. In addition, all roughly $3 billion of domestic bank new issue preferred securities during the month of January 2016 came as $25 par securities, suggesting even issuers find $25 valuations rich versus $1,000 par. We expect valuations to normalize in the near future, and thus should result in relative outperformance of the $1,000 par side of the market.

Our overweight in the $1,000 par side of the market was also heavily concentrated in fixed-to-floating rate coupon structures, which, all else being equal, have lower interest rate sensitivity and lower duration extension risk compared to preferred/hybrid securities with standard fixed rate coupons. Given our outlook for gradually rising interest rates, the fixed-to-floating rate structures were better aligned with our strategy versus traditional fixed rate coupon securities, and helped us to attain a duration profile that was shorter versus the respective indexes. Unexpectedly so, interest rates actually decreased during the reporting period. All else equal, the directional move in interest rates worked against our overweight to fixed-to-floating rate security structures because of their lower duration profile. We also feel that during the reporting period, investors again grew increasing complacent regarding interest rate risk. Couple this complacency with a continued low interest rate environment, demand grew for longer duration traditional fixed rate coupon securities.

Finally, our modest overweight to non-U.S. securities worked against the Fund on a relative basis. Increasing concerns regarding global growth outside the U.S. put relatively more pressure on preferred security valuations of foreign issuers. Despite the release of fourth quarter 2015 earnings from the domestic and international banks confirming that balance sheets remained generally strong, and continued to improve quarter-over-quarter, investor focus on lagging top line metrics overwhelmed what should have been a positive story for preferred securities. In our opinion, lackluster top line results should have affected bank equity valuations more so than preferred securities. During the latter part of the reporting period, this negative sentiment did leak over into valuations of non-U.S. preferred securities. The Fund’s allocation to CoCo securities was part of the non-U.S. exposure, and accordingly the allocation to CoCo securities detracted from relative performance.

NWQ Investment Management Company

For the portion of the Fund managed by NWQ, we seek to achieve high income and a measure of capital appreciation. While the Fund’s investments are primarily preferred securities, a portion of the Fund allows the flexibility to invest across the capital structure in any type of debt, preferred or equity securities offered by a particular company. The portfolio management team then evaluates all available investment choices within a selected company’s capital structure to determine the portfolio investment that may offer the most favorable risk-adjusted return potential. The Fund’s portfolio is constructed with an emphasis on seeking a sustainable level of income and an overall analysis for downside risk management.

This reporting period was difficult for most risk assets. Macroeconomic uncertainty driven by the economic trouble in emerging economies, falling commodity prices, along with uncertainty around the Fed’s hiking cycle all contributed to the significant volatility to the market. Common equity and high yield bonds suffered the most during the reporting


	8			Nuveen Investments

period, generating total return of -8.6% as measured by the Russell 1000 Value^® Index and -7.9% for the BofA/Merrill Lynch U.S. High Yield Index. Investment grade corporate bond did better with a -0.3% return. The best performing asset class was the $25 par preferred market, with a 3.5% return.

Within the common equity and high yield markets, much of the sell-off was attributed to energy, metals & mining, and distressed companies, although negative sentiment did spread across most sectors in both markets. In addition to the decline in commodity prices, uncertainty around the hiking cycle and the immense supply volumes caused by debt-funded strategic mergers and acquisitions and share buybacks also plagued the investment grade corporate bond market, causing credit spreads to widen near the widest levels since late summer of 2012. We think preferreds held in much better than other asset classes possibly because of the technical support with the preferred market (limited supply with strong demand from exchange-traded funds (ETF) and retail investors). Within the preferred market, $1,000 par preferred securities underperformed $25 par, and investment grade rated real estate investment trust (REIT) preferreds performed extraordinarily well. We believe $1,000 par preferreds underperformed $25 par due to greater institutional ownership by high yield and core bond accounts and increased fears that fixed-to-floating rate securities will extend at the first call dates. As these high yield and core bond managers experienced large outflows beginning mid-year, they sold preferreds to raise cash for redemptions, keeping technical pressure on the $1,000 par market. Despite valuations that look historically rich, REIT preferreds rallied on demand from overseas buyers, very little new REIT preferred issuance and multiple calls and redemptions of existing securities.

Throughout the reporting period, we reduced our overall exposure to mortgage REITs. We grew concerned that the expectation of rate hikes combined with lower long-run inflation would lead to a compression in swap spreads that would negatively affect mortgage REITs’ book values. Although our exposure was mainly in preferred stocks and senior debt, we believed the impact may ripple through the entire capital structure, though at a lesser magnitude. During the reporting period, we moved up the capital structure from preferred stock to senior debt in companies we liked while eliminating/reducing our positions in companies we viewed as more levered to downside risks.

Several of our holdings performed well during the reporting period, including National Storage Affiliates Trust (NSA) common stock. NSA is a self-storage REIT that has been underperforming its peers since its IPO in April. Their first earnings release since the IPO was significantly better than expected and they also increased their dividend. Also positively contributing was the preferred stock of General Electric Company. It was among the higher yielding securities in the marketplace. The attractive current yield and modest duration aided its performance. Lastly, the preferred stock of Land O’Lakes Inc. contributed to performance. Land O’Lakes is the second largest U.S. agricultural cooperative with a diversified business mix. We believe, given the capital and leverage profile of the company, the 8% fixed rate preferred was priced at an attractive level and also offers downside risk management should rates rise.

Several positions detracted from performance. Our position in Gilead Sciences, Inc. was the largest detractor from performance. The stock came under pressure because of negative political and media coverage pertaining to drug pricing. Although we wouldn’t completely dismiss the potential for price controls, we feel they are very unlikely. Also, most of the focus has been on off-patent drugs or newly acquired drugs that underwent significant price increases. Gilead certainly has expensive drug therapies, but they are novel in their development and treat diseases that are life threatening. As fundamentals prevail and earnings are reported we believe investors may be rewarded with a stock trading at very attractive multiples of projected earnings and free cash flows, a strong management team and catalysts for future growth.

Our industrial holdings, including energy-related company Teekay Offshore Partners LP detracted from performance. The company ships crude oil, petroleum products and liquefied natural gas (LNG). As oil prices declined during the reporting period, energy sector stocks broadly sold off. The senior note of Teekay was not immune from the downside volatility.


Nuveen Investments			9

Portfolio Managers’ Comments (continued)

Also detracting from performance was Seagate Technology which designs, manufactures and markets hard disk drives for use in enterprise storage, servers, desktops, laptop computers, and other consumer electronic devices. It also has a growing solid state drive and storage systems portfolio. Recent weak demand within PC markets dragged the stock price lower as earnings were expected to be negatively affected by lower volumes. However, we believe negative sentiment has already been priced into the share price and the company has other catalysts, which include growth in the enterprise space, deferring operating expenditure plans, and share buybacks, to offset recent weak stock performance.

We have always been cognizant of the risk of an interest rate rise when making investment decisions, therefore, we think the Fund has been positioned to minimize potential rate impact through investments in shorter duration preferred securities such as those with higher coupon or fix-to-float structure as well as increasing exposure to other asset classes through security selection. Higher interest rates would decrease the call risk of bond holdings and conversely lower rates would increase the call risk of bond holdings, all other factors remaining constant. Effective duration would increase as interest rates rise.

During the period, the Fund wrote covered call options on common stocks to hedge equity exposure. These options had a negligible impact on performance.

Nuveen Preferred and Income Term Fund (JPI)

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year and since inception periods ended January 31, 2016. For the six-month reporting period ended January 31, 2016, the Fund’s shares at net asset value (NAV) underperformed both the JPI Blended Benchmark Index and the BofA/Merrill Lynch Preferred Securities Fixed Rate Index and the BofA/Merrill Lynch U.S. All Capital Securities Index new primary benchmark.

The Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities. The Fund’s portfolio is actively managed seeking to capitalize on strong and continuously improving credit fundamentals across our issuer base, coupled with historically wide credit spreads (the difference between current yields on preferred securities and U.S. Treasury Bonds and other fixed income benchmarks) for the preferred security asset class. The Fund’s strategy focuses opportunistically on highly regulated industries, like utilities, banks, and insurance companies, with a current emphasis broadly on financial services companies.

We employ a credit-based investment approach, using a top-down process to position the portfolio in a manner that reflects the investment team’s overall macro-economic outlook, while also incorporating a bottom-up approach that focuses on fundamental credit research, security structure selection, and option adjusted spread (OAS) analysis. The process begins with identifying the investable universe of $1,000 par and $25 par preferred securities. In an effort to capitalize on the inefficiencies between the different structure of the preferred securities market, we tactically and strategically shift capital between the $25 par exchange listed market and the $1,000 par over-the-counter market. Periods of volatility may drive notably different valuations between these two markets. This dynamic is often related to periodic differences in how retail and institutional markets perceive and price risk. Technical factors such as new issue supply may also influence the relative valuations between $25 par exchange listed structures and $1,000 par over-the-counter structures.


	10			Nuveen Investments

vulnerable to rising rates compared to similar non-callable structures. The duration on callable fixed rate coupon securities tends to extend during periods of rising interest rates. Luckily, there are coupon structures within the preferred securities market, like floating rate coupons and ‘fixed-to-floating’ rate coupons, which do not expose investors to the aforementioned duration extension risk. Given our concern regarding rising interest rates, we have favored fixed-to-floating rate coupon structures which, all else equal, provide a lower duration profile on day one, and almost no duration extension risk, versus traditional fixed rate coupon structures. Fixed-to-floating rate securities are more common on the $1,000 par side of the market, and thus one reason for our current, and foreseeable, overweight to $1,000 par securities relative to the JPI Blended Benchmark Index.

As mentioned in previous reports, the population of “new generation” preferred securities, such as contingent capital securities (otherwise known as CoCos), have indeed become a meaningful presence within the preferred/hybrid security marketplace. We estimate the total CoCo universe today to be just under $385 billion in size, with total capacity over the next few years totaling between $500 billion and $600 billion based upon the current size of international banks’ balance sheets. Of today’s $385 billion market, we estimate that roughly $235 billion is Additional Tier 1 (AT1)-qualifying securities, and the remaining $150 billion is Tier 2-qualifying paper. As a reminder, international bank capital standards outlined in Basel III require new AT1-qualifying and Tier 2-qualifying securities to contain explicit loss-absorbing features upon the breach of certain predetermined capital thresholds. These loss-absorbing features come in one of three options, including equity conversion, permanent write-down of principle, or temporary write-down of principle with the possibility of future write-up when/if the issuer is able to replenish capital levels back above the threshold trigger level. We have allocated modestly to this new universe of securities. We have focused on those issuers that have, in our opinion, meaningful capital cushions above regulatory minimum capital levels. Limiting exposure to these issuers helps minimize to a great extent the likelihood of a conversion event or a skipped coupon payment. We also favor those issuers that have, or have nearly, issued their regulatory maximum amount of AT1 securities, to reduce the impact that future new issue supply might have on secondary valuations.


Nuveen Investments			11

Portfolio Managers’ Comments (continued)

rising interest rates are frequently the result of an improving macro-economic landscape, and one where the current domestic economic recovery has likely gained meaningful traction. In this type of environment risk premiums should shrink, reflecting the lower risk profile of the overall market. As a result, credit spreads should also narrow. We believe therefore, that credit spread compression in the preferred security asset class could help mitigate the negative impact of rising interest rates.

With the $1,000 par dominated Barclays USD Capital Securities Index posting a 0.7% return during the reporting period and the $25 par dominated BofA/Merrill Lynch U.S. Preferred Securities Fixed Rate Index posting a 3.5% return, the Fund’s overweight to $1,000 par structures detracted from its relative performance. In this prolonged low interest rate environment, retail investors’ demand for income producing securities has grown dramatically. Indeed, with a single-minded focus on income, retail investors continued to drive valuations on the $25 par side of the market to increasingly higher levels. Valuations have run so high on the $25 par side of the market that there is now a large population of these securities trading at a negative yield-to-worst. In addition, all roughly $3 billion of domestic bank new issue preferred securities during the month of January 2016 came as $25 par securities, suggesting even issuers find $25 valuations rich versus $1,000 par. We expect valuations to normalize in the near future, and thus should result in relative outperformance of the $1,000 par side of the market.

Our overweight in the $1,000 par side of the market was also heavily concentrated in fixed-to-floating rate coupon structures, which, all else being equal, have lower interest rate sensitivity and lower duration extension risk compared to preferred/hybrid securities with standard fixed rate coupons. Given our outlook for gradually rising interest rates, the fixed-to-floating rate structures were better aligned with our strategy versus traditional fixed rate coupon securities, and helped us to attain a duration profile that was shorter versus the respective indices. Unexpectedly so, interest rates actually decreased during the reporting period. All else equal, the directional move in interest rates worked against our overweight to fixed-to-floating rate security structures because of their lower duration profile. We also feel that during the reporting period, investors again grew increasing complacent regarding interest rate risk. Couple this complacency with a continued low interest rate environment, demand grew for longer duration traditional fixed rate coupon securities.

Nuveen Flexible Investment Income Fund (JPW)

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year and since inception periods ended January 31, 2016. For the six-month reporting period ended January 31, 2016, the Fund’s common shares at net asset value (NAV) underperformed the Barclays U.S. Aggregate Bond Index.

JPW invests at least 80% of its managed assets in income producing preferred, debt and equity securities issued by companies located anywhere in the world. Up to 50% of its managed assets may be in securities issued by non-U.S.


	12			Nuveen Investments

companies, though all (100%) Fund assets will be in U.S. dollar-denominated securities. Up to 40% of its managed assets may consist of equity securities, not including preferred securities. Up to 75% of investments in debt and preferred securities that are of a type customarily rated by a credit rating agency, may be rated below investment grade, or if unrated, will be judged to be of comparable quality by NWQ. The Fund will invest at least 25% in securities issued by financial services companies.

The Fund’s investment objectives are to provide high current income and, secondarily, capital appreciation. The Fund seeks to achieve its investment objectives by investing in undervalued securities with attractive investment characteristics. The Fund’s portfolio is actively managed by NWQ and has the flexibility to invest across the capital structure in any type of debt, preferred or equity securities offered by a particular company. The portfolio management team then evaluates all available investment choices within a selected company’s capital structure to determine the portfolio investment that may offer the most favorable risk-adjusted return potential. The Fund’s portfolio is constructed with an emphasis on seeking a sustainable level of income and an overall analysis for downside risk management.

The six-month reporting period was difficult for most risk assets. Macroeconomic uncertainty driven by the economic trouble in emerging economies, falling commodity prices, along with uncertainty around the Fed’s hiking cycle all contributed to the significant volatility to the market. Common equity and high yield bonds suffered the most during the reporting period, generating total return of -8.6% as measured by the Russell 1000 Value^® Index and -7.9% for the BofA/Merrill Lynch U.S. High Yield Index. Investment grade corporate bond did better with a -0.3% return. Best performing asset class is undoubtedly the $25 par preferred market, with a 3.5% return.

Within the common equity and high yield markets, much of the sell-off was attributed to energy, metals & mining, and distressed companies, although negative sentiment did spread across most sectors in both markets. In addition to the decline in commodity prices, uncertainty around the hiking cycle and the immense supply volumes caused by debt-funded strategic mergers and acquisitions and share buybacks also plagued the investment grade corporate bond market, causing credit spreads to widen near the widest levels since late summer of 2012. We think preferreds held in much better than other asset classes possibly because of the technical support with the preferred market (limited supply with strong demand from ETF and retail investors). Within the preferred market, $1,000 par preferred securities underperformed $25 par, and investment grade rated REIT preferreds performed extraordinarily well. We believe $1,000 par preferreds underperformed $25 par due to greater institutional ownership by high yield and core bond accounts and increased fears that fixed-to-floating rate securities will extend at the first call dates. As these high yield and core bond managers experienced large outflows beginning mid-year, they sold preferreds to raise cash for redemptions, keeping technical pressure on the $1,000 par market. Despite valuations that look historically rich, REIT preferreds rallied on demand from overseas buyers, very little new REIT preferred issuance, and multiple calls and redemptions of existing securities.

Several of our equity holdings performed well during the reporting period, including National Storage Affiliates Trust (NSA) common stock. NSA is a self-storage REIT that has been underperforming its peers since its IPO in April. Their first earnings release since the IPO was significantly better than expected and they also increased their dividend. Also positively contributing was Phillips 66. The company is a Texas-based energy manufacturing and logistics company that owns stakes in 14 refineries in the U.S., U.K, Ireland and Germany, with 2.1 million barrels per day of crude capacity. Earlier in 2014, there were concerns that the company was entering a heavier spending phase, which would reduce its


Nuveen Investments			13

Portfolio Managers’ Comments (continued)

distribution yield during 2015/2016. However, we believe transformational growth will likely unfold as opportunities are capitalized on their other businesses as the company redeploys the cash flow from its refining business to diversify earnings toward these higher multiple businesses. Additionally, Phillips 66 offers exposure to the West Texas Intermediate (WTI) Brent spread but without the same level of volatility that characterizes pure play peers. Lastly, the preferred stock of Land O’Lakes Inc. contributed to performance. Land O’Lakes is the second largest U.S. agricultural cooperative with a diversified business mix. We believe, given the capital and leverage profile of the company, the 8% fixed rate preferred was priced at an attractive level and also offers downside risk management should rates rise.

Our industrial holdings, including energy-related company Teekay Offshore Partners LP detracted from performance. The company ships crude oil, petroleum products and liquefied natural gas (LNG). As oil prices declined during the reporting period, energy sector stocks broadly sold off. The senior notes of Teekay was not immune from the downside volatility.

Also detracting from performance was Seagate Technology which designs, manufactures and markets hard disk drives for use in enterprise storage, servers, desktops, laptop computers and other consumer electronic devices. It also has a growing solid state drive and storage systems portfolio. Recent weak demand within PC markets dragged the stock price lower as earnings were expected to be negatively affected by lower volumes. However, we believe negative sentiment has already been priced into the share price and the company has other catalysts, which include growth in the enterprise space, deferring operating expenditure plans, and share buybacks, to offset recent weak stock performance.

During the period, the Fund wrote covered call options on common stocks to hedge equity exposure. These options had a positive impact on performance.


	14			Nuveen Investments

Fund

Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the return of the Funds relative to their benchmarks was the Funds’ use of leverage through the use of bank borrowings. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share NAV and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. The Funds’ use of leverage had a negative impact on performance for JPC and JPW during this reporting period while it had a positive impact for JPI during this reporting period.

JPC and JPI continued to use swap contracts to partially fix the interest cost of leverage, which as mentioned previously, is through the use of bank borrowings. During this reporting period, these swap contracts detracted from overall Fund performance.

As of January 31, 2016, the Funds’ percentages of leverage are shown in the accompanying table.


	JPC			JPI			JPW
Effective Leverage*		29.46	%		29.22	%		30.34	%
Regulatory Leverage*		29.46	%		29.22	%		30.34	%

Effective leverage is the Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of 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 the Fund. Both of these are part of the Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

THE FUNDS’ REGULATORY LEVERAGE

Bank Borrowings

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


			Current Reporting Period									Subsequent to the Close of the Reporting Period
Fund	Regulatory Leverage		August 1, 2015		Draws		Paydowns			January 31, 2016		Draws		Paydowns			March 29, 2016
JPC		Bank Borrowings	$	404,100,000	$	—	$	—		$	404,100,000	$	—	$	—		$	404,100,000
JPI		Bank Borrowings	$	225,000,000	$	—	$	—		$	225,000,000	$	—	$	—		$	225,000,000
JPW		Bank Borrowings	$	30,000,000	$	—	$	(3,500,000	)	$	26,500,000	$	—	$	(2,000,000	)	$	24,500,000

Refer to Notes to Financial Statements, Note 8 – Borrowing Arrangements for further details.


Nuveen Investments			15

Common Share

Information

JPC AND JPI COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding JPC’s and JPI’s distributions is as of January 31, 2016. Each Fund’s distribution

levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

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


	Per Common Share Amounts
Ex-Dividend Date	JPC			JPI
August 2015	$	0.0670		$	0.1625
September		0.0670			0.1625
October		0.0670			0.1625
November		0.0670			0.1625
December		0.0670			0.1625
January 2016		0.0670			0.1625

Ordinary Income Distribution*	$	—		$	0.0026
Long-Term Capital Gain*		—			0.1824

Current Distribution Rate**		8.61	%		8.25	%

*	Distribution paid in December 2015.

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.

JPC and JPI seek to pay regular monthly dividends out of their net investment income at a rate that reflects their 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. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of January 31, 2016, JPC and JPI had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by JPC and JPI during the current reporting period, were paid from net investment income. If a portion of the Funds’ monthly distributions were sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of the Funds’ dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for the Funds as of their most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.


	16			Nuveen Investments

JPW DISTRIBUTION INFORMATION

The following information regarding JPW’s distributions is as of January 31, 2016.

The Fund has a cash flow-based distribution program. Under this program, the Fund seeks to maintain an attractive and stable regular distribution based on the Fund’s net cash flow received from its portfolio investments. Fund distributions are not intended to include expected portfolio appreciation; however, the Fund invests in securities that make payments which ultimately may be fully or partially treated as gains or return of capital for tax purposes. This tax treatment will generally “flow through” to the Fund’s distributions, but the specific tax treatment is often not known with certainty until after the end of the Fund’s tax year. As a result, regular distributions throughout the year are likely to be re-characterized for tax purposes as either long-term gains (both realized and unrealized), or as a non-taxable return of capital.

The figures in the table below provide an estimate as of January 31, 2016 of the sources (for tax purposes) of the Fund’s distributions. These source estimates include amounts currently estimated to be attributable to realized gains and/or returns of capital. The Fund attributes these non-income sources equally to each regular distribution throughout the fiscal year. The estimated information shown below is for the distributions paid on common shares for all prior months in the current fiscal year. These estimates should not be used for tax reporting purposes, and the distribution sources may differ for financial reporting than for tax reporting. The final determination of the tax characteristics of all distributions paid in 2016 will be made in early 2017 and reported to you on Form 1099-DIV. More details about the tax characteristics of the Fund’s distributions are available on www.nuveen.com/CEFdistributions.

Data as of January 31, 2016


Current Month Estimated Percentage of Distributions						Fiscal YTD Estimated Per Share Amounts
Net Investment Income		Realized Gains		Return of Capital		Total Distributions		Net Investment Income		Realized Gains		Return of Capital
	83.7%		0.0%		16.3%		$0.7160		$0.5995		$0.0000		$0.1165

The following table provides information regarding Fund distributions and total return performance over various time periods. This information is intended to help you better understand whether Fund returns for the specified time periods were sufficient to meet Fund distributions.

Data as of January 31, 2016

Annualized

Cumulative

Inception
Date

Latest
Monthly
Per Share
Distribution

Current
Distribution on
NAV

1-Year
Return on
NAV

Since Inception
Return on
NAV

Calendar YTD
Distributions on
NAV

Calendar
YTD Return
on NAV

6/25/2013

$0.1180

8.61%

(4.12)%

2.86%

0.72%

(3.56)%

COMMON SHARE REPURCHASES

During August 2015, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of January 31, 2016, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.


	JPC		JPI		JPW
Common shares cumulatively repurchased and retired		2,826,100		0		6,500
Common shares authorized for repurchase		9,690,000		2,275,000		370,000


Nuveen Investments			17

Common Share Information (continued)

During the current reporting period, the following Fund repurchased and retired common shares at a weighted average price per share and a weighted average discount per common share as shown in the accompanying table.


	JPW
Common shares repurchased and retired		6,500
Weighted average price per common share repurchased and retired		$14.28
Weighted average discount per common share repurchased and retired		15.28	%

OTHER COMMON SHARE INFORMATION

As of January 31, 2016, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.


	JPC			JPI			JPW
Common share NAV		$9.99			$23.96			$16.45
Common share price		$9.34			$23.64			$14.20
Premium/(Discount) to NAV		(6.51	)%		(1.34	)%		(13.68	)%
6-month average premium/(discount) to NAV		(10.36	)%		(6.87	)%		(13.61	)%


	18			Nuveen Investments

Risk

Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Preferred Income Opportunities Fund (JPC)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as concentration and foreign securities risk are described in more detail on the Fund’s web page at www.nuveen.com/JPC.

Nuveen Preferred and Income Term Fund (JPI)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. For these and other risks, including the Fund’s limited term and concentration risk, see the Fund’s web page at www.nuveen.com/JPI.

Nuveen Flexible Investment Income Fund (JPW)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Prices of equity securities may decline significantly over short or extended periods of time. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. For these and other risks such as concentration and foreign securities risk, please see the Fund’s web page at www.nuveen.com/JPW.


Nuveen Investments			19

JPC

Nuveen Preferred Income Opportunities Fund

Performance Overview and Holding Summaries as of January 31, 2016

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

Average Annual Total Returns as of January 31, 2016


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
JPC at Common Share NAV		(0.57)%		3.00%		8.52%		4.71%
JPC at Common Share Price		6.17%		6.82%		11.27%		6.37%
JPC Blended Index (Comparative Benchmark)		(4.63)%		(1.51)%		5.88%		5.08%
BofA/Merrill Lynch Preferred Securities Fixed Rate Index		3.54%		5.40%		7.00%		3.20%

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

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	20			Nuveen Investments

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.

Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation

(% of net assets)


Common Stocks			5.4%
$25 Par (or similar) Retail Preferred			63.1%
Convertible Preferred Securities			1.1%
Corporate Bonds			9.8%
$1,000 Par (or similar) Institutional Preferred			59.9%
Repurchase Agreements			3.8%
Other Assets Less Liabilities			(1.3)%
Net Assets Plus Borrowings			141.8%
Borrowings			(41.8)%
Net Assets			100%

Top Five Issuers

(% of total long-term investments)


General Electric Company			3.0%
Citigroup Inc.			2.9%
JPMorgan Chase & Company			2.5%
Morgan Stanley			2.5%
CHS Inc.			2.3%

Portfolio Composition

(% of total investments)¹


Banks			28.7%
Insurance			19.8%
Real Estate Investment Trust			11.7%
Capital Markets			8.9%
Diversified Financial Services			5.1%
Food Products			4.3%
Other			18.8%
Repurchases Agreements			2.7%
Total			100%

Credit Quality

(% of total long-term fixed-income investments)


AA			3.1%
A			2.8%
BBB			44.7%
BB or Lower			34.1%
N/R (not rated)			15.3%
Total			100%

1	Excluding investments in derivatives.


Nuveen Investments			21

JPI

Nuveen Preferred and Income Term Fund

Performance Overview and Holding Summaries as of January 31, 2016

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

Average Annual Total Returns as of January 31, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
JPI at Common Share NAV		0.97%		4.35%		9.01%
JPI at Common Share Price		11.59%		10.90%		7.79%
BofA/Merrill Lynch Preferred Securities Fixed Rate Index		3.54%		5.40%		6.01%
JPI Blended Benchmark Index		2.56%		3.19%		5.98%

Since inception returns are from 7/26/12. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

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	22			Nuveen Investments

Fund Allocation

(% of net assets)


$25 Par (or similar) Retail Preferred			44.3%
Corporate Bonds			10.4%
$1,000 Par (or similar) Institutional Preferred			85.5%
Repurchase Agreements			0.4%
Other Assets Less Liabilities			0.7%
Net Assets Plus Borrowings			141.3%
Borrowings			(41.3)%
Net Assets			100%

Top Five Issuers

(% of total long-term investments)


Farm Credit Bank of Texas			3.7%
Citigroup Inc.			3.6%
Wells Fargo & Company			3.6%
Bank of America Corporation			3.4%
Symetra Financial Corporation			3.3%

Portfolio Composition

(% of total investments)¹


Banks			35.9%
Insurance			26.3%
Capital Markets			7.4%
Diversified Financial Services			7.3%
Real Estate Investment Trust			5.8%
Other			17.0%
Repurchase Agreements			0.3%
Total			100%

Credit Quality

(% of total long-term investments)


AA			3.2%
A			4.2%
BBB			50.9%
BB or Lower			37.7%
N/R (not rated)			4.0%
Total			100%

1	Excluding investments in derivatives.


Nuveen Investments			23

JPW

Nuveen Flexible Investment Income Fund

Performance Overview and Holding Summaries as of January 31, 2016

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

Average Annual Total Returns as of January 31, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
JPW at Common Share NAV		(7.81)%		(4.12)%		2.86%
JPW at Common Share Price		(8.65)%		(8.28)%		(3.50)%
Barclays U.S. Aggregate Bond Index		1.33%		(0.16)%		3.48%
BofA/Merrill Lynch Preferred Securities Fixed Rate Index		3.54%		5.40%		7.96%

Since inception returns are from 6/25/13. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

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	24			Nuveen Investments

Fund Allocation

(% of net assets)


Common Stocks			25.6%
$25 Par (or similar) Retail Preferred			39.3%
Convertible Preferred Securities			3.9%
Corporate Bonds			57.3%
$1,000 Par (or similar) Institutional Preferred			10.8%
Repurchase Agreements			7.3%
Other Assets Less Liabilities			(0.6)%
Net Assets Plus Borrowings			143.6%
Borrowings			(43.6)%
Net Assets			100%

Portfolio Composition

(% of total investments)¹


Real Estate Investment Trust			12.0%
Banks			10.4%
Diversified Telecommunication Services			6.7%
Capital Markets			6.6%
Insurance			5.2%
Food Products			3.8%
Media			3.8%
Pharmaceuticals			3.7%
Chemicals			3.3%
Real Estate Management & Development			3.1%
Consumer Finance			2.8%
Biotechnology			2.8%
Machinery			2.6%
Specialty Retail			2.6%
Semiconductors & Semiconductor Equipment			2.5%
Technology Hardware, Storage & Peripherals			2.3%
Beverages			2.1%
Other			18.7%
Repurchase Agreements			5.0%
Total			100%

Credit Quality

(% of total long-term fixed-income investments)


A			2.6%
BBB			17.5%
BB or Lower			56.9%
N/R (not rated)			23.0%
Total			100%

Top Five Issuers

(% of total long-term investments)


Citigroup Inc.			2.3%
Frontier Communications Corporation			2.2%
CHS Inc.			2.1%
Gilead Sciences, Inc.			2.0%
Land O’ Lakes Incorporated			1.9%

1	Excluding investments in derivatives.


Nuveen Investments			25

JPC


Nuveen Preferred Income Opportunities Fund
Portfolio of Investments		January 31, 2016 (Unaudited)


Shares		Description (1)					Value

		LONG-TERM INVESTMENTS – 139.3% (97.3% of Total Investments)

		COMMON STOCKS – 5.4% (3.7% of Total Investments)

		Air Freight & Logistics – 0.4%

	44,200	United Parcel Service, Inc., Class B, (2)					$	4,119,440

		Automobiles – 0.3%

	256,800	Ford Motor Company						3,066,192

		Banks – 0.2%

	55,500	CIT Group Inc.						1,628,925

		Biotechnology – 0.6%

	72,400	Gilead Sciences, Inc.						6,009,200

		Capital Markets – 0.7%

	220,435	Ares Capital Corporation						3,064,047
	151,368	Hercules Technology Growth Capital, Inc.						1,662,021
	98,632	TPG Specialty Lending, Inc.						1,579,098
		Total Capital Markets						6,305,166

		Industrial Conglomerates – 0.4%

	129,100	Philips Electronics						3,444,388

		Insurance – 0.3%

	101,200	Unum Group						2,898,368

		Media – 0.4%

	134,255	National CineMedia, Inc., (3)						2,099,748
	39,035	Viacom Inc., Class B						1,781,557
		Total Media						3,881,305

		Pharmaceuticals – 1.1%

	161,200	AstraZeneca PLC, Sponsored ADR, (2)						5,193,864
	121,800	GlaxoSmithKline PLC, Sponsored ADR, (2)						5,029,122
		Total Pharmaceuticals						10,222,986

		Real Estate Investment Trust – 0.3%

	192,000	National Storage Affiliates Trust						3,338,880

		Software – 0.2%

	47,100	Oracle Corporation						1,710,201

		Technology Hardware, Storage & Peripherals – 0.1%

	46,700	Seagate Technology						1,356,635

		Tobacco – 0.4%

	187,015	Vector Group Ltd., (3)						4,361,190
		Total Common Stocks (cost $57,004,370)						52,342,876

Shares		Description (1)	Coupon		Ratings (4)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 63.1% (44.0% of Total Investments)

		Asset Backed Securities – 0.5%

	102,495	Oxford Lane Capital Corporation		8.125%		N/R	$	2,407,608
	104,103	Oxford Lane Capital Corporation		7.500%		N/R		2,378,754
		Total Asset Backed Securities						4,786,362


	26			Nuveen Investments


Shares		Description (1)	Coupon		Ratings (4)		Value

		Banks – 15.6%

	128,500	AgriBank FCB, (11)		6.875%		BBB+	$	13,829,813
	15,202	Boston Private Financial Holdings Inc.		6.950%		N/R		389,171
	148,007	Citigroup Inc.		8.125%		BB+		4,147,156
	445,498	Citigroup Inc.		7.125%		BB+		12,148,730
	53,769	Citigroup Inc.		6.875%		BB+		1,477,034
	172,975	Cobank Agricultural Credit Bank, 144A, (11)		6.250%		BBB+		17,892,102
	48,055	Cobank Agricultural Credit Bank, (11)		6.200%		BBB+		4,838,538
	38,725	Cobank Agricultural Credit Bank, (11)		6.125%		BBB+		3,632,889
	288,251	Countrywide Capital Trust III		7.000%		BBB–		7,321,575
	131,060	Cowen Group, Inc.		8.250%		N/R		3,023,554
	152,203	Fifth Third Bancorp.		6.625%		Baa3		4,269,294
	117,760	First Naigara Finance Group		8.625%		BB–		3,203,072
	123,900	FNB Corporation		7.250%		Ba2		3,593,100
	138,932	HSBC Holdings PLC		8.000%		Baa1		3,620,568
	46,421	PNC Financial Services		6.125%		Baa2		1,294,217
	260,212	Private Bancorp Incorporated		7.125%		N/R		6,835,769
	390,258	RBS Capital Trust		6.080%		BB–		9,717,424
	79,430	Regions Financial Corporation		6.375%		BB		2,071,534
	444,575	Regions Financial Corporation		6.375%		BB		11,754,563
	200,575	Royal Bank of Canada		6.750%		Baa2		6,027,279
	133,300	TCF Financial Corporation		7.500%		BB–		3,625,760
	78,740	Texas Capital Bancshares Inc.		6.500%		Ba2		1,911,020
	132,000	U.S. Bancorp.		6.500%		A3		3,765,960
	216,373	Webster Financial Corporation		6.400%		Baa3		5,591,078
	170,400	Wells Fargo & Company		6.625%		BBB		4,880,256
	187,983	Zions Bancorporation		7.900%		BB–		5,062,382
	195,141	Zions Bancorporation		6.300%		BB–		5,120,500
		Total Banks						151,044,338

		Capital Markets – 8.3%

	130,200	Apollo Investment Corporation		6.875%		BBB		3,313,590
	112,775	Apollo Investment Corporation		6.625%		BBB		2,850,952
	187,440	Capitala Finance Corporation		7.125%		N/R		4,581,034
	133,500	Charles Schwab Corporation		6.000%		BBB		3,493,695
	149,435	Fifth Street Finance Corporation		6.125%		BBB–		3,617,821
	60,700	Gladstone Capital Corporation		6.750%		N/R		1,369,999
	43,604	Gladstone Investment Corporation		7.125%		N/R		1,110,158
	89,100	Goldman Sachs Group, Inc.		5.500%		Ba1		2,224,827
	65,013	Hercules Technology Growth Capital, Inc.		7.000%		N/R		1,635,727
	56,207	Hercules Technology Growth Capital, Inc.		7.000%		N/R		1,415,854
	163,458	Hercules Technology Growth Capital, Inc.		6.250%		N/R		4,137,122
	37,355	JMP Group Inc.		7.250%		N/R		825,546
	284,951	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		6,790,382
	726,400	Morgan Stanley		7.125%		Ba1		20,651,552
	239,900	Morgan Stanley		6.875%		Ba1		6,726,796
	125,544	MVC Capital Incorporated		7.250%		N/R		3,043,187
	261,622	Solar Capital Limited		6.750%		BBB–		6,365,263
	72,375	THL Credit Inc.		6.750%		N/R		1,790,558
	160,678	Triangle Capital Corporation		6.375%		N/R		3,925,364
		Total Capital Markets						79,869,427

		Consumer Finance – 1.3%

	48,000	Capital One Financial Corporation		6.700%		Baa3		1,306,560
	272,000	Discover Financial Services		6.500%		BB–		7,058,400
	90,659	SLM Corporation, Series A		6.970%		Ba3		3,959,079
		Total Consumer Finance						12,324,039

		Diversified Financial Services – 1.9%

	70,791	KCAP Financial Inc.		7.375%		N/R		1,712,434
	30,291	KKR Financial Holdings LLC		7.500%		A–		789,989
	325,399	KKR Financial Holdings LLC		7.375%		BBB		8,597,042
	157,732	Main Street Capital Corporation		6.125%		N/R		3,943,300


Nuveen Investments			27


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	January 31, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (4)		Value

		Diversified Financial Services (continued)

	125,300	PennantPark Investment Corporation		6.250%		BBB–	$	2,994,670
		Total Diversified Financial Services						18,037,435

		Diversified Telecommunication Services – 1.1%

	135,165	Qwest Corporation		7.000%		BBB–		3,503,477
	163,815	Qwest Corporation		6.875%		BBB–		4,221,513
	70,600	Qwest Corporation		6.625%		Baa3		1,750,174
	57,500	Verizon Communications Inc.		5.900%		A–		1,524,900
		Total Diversified Telecommunication Services						11,000,064

		Electric Utilities – 0.4%

	136,900	Entergy Arkansas Inc., (11)		6.450%		BB+		3,448,169

		Food Products – 3.6%

	249,300	CHS Inc.		7.875%		N/R		7,067,655
	460,600	CHS Inc.		7.100%		N/R		12,279,596
	444,804	CHS Inc.		6.750%		N/R		11,480,391
	23,000	Dairy Farmers of America Inc., 144A, (11)		7.875%		Baa3		2,447,345
	19,500	Dairy Farmers of America Inc., 144A, (11)		7.875%		Baa3		1,987,173
		Total Food Products						35,262,160

		Insurance – 11.8%

	54,045	Aegon N.V.		8.000%		Baa1		1,459,215
	410,933	Arch Capital Group Limited		6.750%		BBB+		10,684,258
	302,283	Argo Group US Inc.		6.500%		BBB–		7,699,148
	55,200	Aspen Insurance Holdings Limited		7.401%		BBB–		1,347,984
	56,486	Aspen Insurance Holdings Limited		7.250%		BBB–		1,487,841
	393,800	Aspen Insurance Holdings Limited		5.950%		BBB–		10,187,606
	412,734	Axis Capital Holdings Limited		6.875%		BBB		10,801,249
	56,900	Delphi Financial Group, Inc., (11)		7.376%		BB+		1,406,500
	223,900	Endurance Specialty Holdings Limited, (3)		7.500%		BBB–		5,749,752
	168,000	Endurance Specialty Holdings Limited		6.350%		BBB–		4,410,000
	42,470	Hanover Insurance Group		6.350%		BB+		1,077,464
	138,124	Hartford Financial Services Group Inc.		7.875%		BBB–		4,240,407
	535,700	Kemper Corporation		7.375%		Ba1		14,426,401
	298,139	Maiden Holdings Limited, (3)		8.250%		BB		7,850,000
	233,932	Maiden Holdings NA Limited		8.000%		BBB–		6,126,679
	291,133	Maiden Holdings NA Limited		7.750%		BBB–		7,802,364
	100,195	National General Holding Company		7.625%		N/R		2,405,682
	76,400	National General Holding Company		7.500%		N/R		1,948,964
	153,954	National General Holding Company		7.500%		N/R		3,930,446
	310,872	Reinsurance Group of America Inc.		6.200%		BBB		8,890,939
		Total Insurance						113,932,899

		Oil, Gas & Consumable Fuels – 0.8%

	206,105	Nustar Logistics Limited Partnership		7.625%		Ba2		4,177,748
	93,775	Scorpio Tankers Inc.		7.500%		N/R		2,208,401
	76,005	Scorpio Tankers Inc.		6.750%		N/R		1,444,855
		Total Oil, Gas & Consumable Fuels						7,831,004

		Real Estate Investment Trust – 11.6%

	152,377	AG Mortgage Investment Trust, (3)		8.000%		N/R		3,306,581
	24,296	Apartment Investment & Management Company		7.000%		BB		616,147
	57,165	Apartment Investment & Management Company		6.875%		BB		1,484,003
	133,250	Apollo Commercial Real Estate Finance		8.625%		N/R		3,293,940
	183,953	Apollo Residential Mortgage Inc.		8.000%		N/R		3,991,780
	141,555	Arbor Realty Trust Incorporated		7.375%		N/R		3,193,481
	133,192	Ashford Hospitality Trust Inc.		9.000%		N/R		3,179,293
	37,399	Ashford Hospitality Trust Inc.		8.450%		N/R		827,640
	98,157	Capstead Mortgage Corporation		7.500%		N/R		2,299,819
	186,579	Cedar Shopping Centers Inc., Series A		7.250%		N/R		4,664,475


	28			Nuveen Investments


Shares		Description (1)	Coupon					Ratings (4)		Value

		Real Estate Investment Trust (continued)

	208,314	Chesapeake Lodging Trust		7.750%					N/R	$	5,307,841
	122,020	Colony Financial Inc.		7.125%					N/R		2,403,794
	23,967	Colony Financial Inc.		8.500%					N/R		578,803
	97,795	Colony Financial Inc.		7.500%					N/R		2,074,232
	50,000	Coresite Realty Corporation		7.250%					N/R		1,302,500
	270,925	DDR Corporation		6.500%					Baa3		6,897,751
	182,479	Digital Realty Trust Inc.		7.375%					Baa3		4,884,963
	59,270	Digital Realty Trust Inc.		7.000%					Baa3		1,520,276
	214,845	Dupont Fabros Technology		7.875%					Ba2		5,472,102
	160,999	First Potomac Realty Trust		7.750%					N/R		4,092,595
	70,136	Hospitality Properties Trust		7.125%					BB		1,820,731
	175,177	Inland Real Estate Corporation		8.125%					N/R		4,398,694
	22,200	Inland Real Estate Corporation		6.950%					N/R		558,330
	10,344	Invesco Mortgage Capital Inc.		7.750%					N/R		222,396
	122,164	Invesco Mortgage Capital Inc.		7.750%					N/R		2,614,310
	177,094	MFA Financial Inc.		8.000%					N/R		4,452,143
	182,859	Northstar Realty Finance Corporation		8.875%					N/R		3,797,981
	51,926	Northstar Realty Finance Corporation		8.750%					N/R		1,038,001
	128,783	Northstar Realty Finance Corporation		8.250%					N/R		2,489,375
	72,400	Penn Real Estate Investment Trust		7.375%					N/R		1,828,100
	200,000	Penn Real Estate Investment Trust		8.250%					N/R		5,152,000
	81,043	Rait Financial Trust		7.625%					N/R		1,503,348
	149,039	Regency Centers Corporation		6.625%					Baa2		3,888,428
	144,521	Senior Housing Properties Trust		5.625%					BBB–		3,602,909
	7,474	Summit Hotel Properties Inc.		7.875%					N/R		193,577
	149,300	Urstadt Biddle Properties		7.125%					N/R		3,829,545
	269,495	VEREIT, Inc.		6.700%					N/R		6,521,779
	107,000	Wells Fargo REIT		6.375%					BBB+		2,844,060
		Total Real Estate Investment Trust									112,147,723

		Real Estate Management & Development – 0.3%

	110,000	Kennedy-Wilson Inc.		7.750%					BB–		2,794,000

		Specialty Retail – 1.0%

	260,674	TravelCenters of America LLC		8.000%					N/R		6,256,176
	125,000	TravelCenters of America LLC		8.000%					N/R		2,960,000
		Total Specialty Retail									9,216,176

		Thrifts & Mortgage Finance – 1.0%

	52,102	Everbank Financial Corporation		6.750%					N/R		1,287,440
	160,700	Federal Agricultural Mortgage Corporation		6.875%					N/R		4,338,900
	143,400	Federal Agricultural Mortgage Corporation		6.000%					N/R		3,686,814
		Total Thrifts & Mortgage Finance									9,313,154

		U.S. Agency – 2.9%

	260,300	Farm Credit Bank of Texas, 144A, (11)		6.750%					Baa1		27,770,754

		Wireless Telecommunication Services – 1.0%

	393,596	United States Cellular Corporation		7.250%					Ba1		9,997,337
		Total $25 Par (or similar) Preferred Securities (cost $593,505,795)									608,775,041

Shares		Description (1)	Coupon		Maturity			Ratings (4)		Value

		CONVERTIBLE PREFERRED SECURITIES – 1.1% (0.9% of Total Investments)

		Banks – 0.6%

	5,525	Wells Fargo & Company		7.500%		N/A	(5)		BBB	$	6,475,300

		Diversified Telecommunication Services – 0.5%

	58,300	Frontier Communications Corporation		11.125%		6/29/18			N/R		5,210,854
		Total Convertible Preferred Securities (cost $12,349,714)									11,686,154


Nuveen Investments			29


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	January 31, 2016 (Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		CORPORATE BONDS – 9.8% (6.7% of Total Investments)

		Banks – 3.9%

$	6,000	Bank of America Corporation		6.250%		3/05/65		BB+	$	6,000,000
	7,165	Citigroup Inc.		5.875%		12/29/49		BB+		6,959,006
	8,570	Citigroup Inc.		5.950%		12/31/49		BB+		8,315,471
	3,950	Credit Agricole, SA, 144A		6.625%		12/23/64		BB+		3,716,610
	5,055	ING Groep N.V.		6.500%		10/16/65		Ba1		4,897,031
	4,460	JPMorgan Chase & Company		5.300%		11/01/65		BBB–		4,420,975
	3,550	Standard Chartered PLC, 144A		6.500%				BBB–		3,348,964
	38,750	Total Banks								37,658,057

		Beverages – 0.5%

	1,100	Cott Beverages Inc.		6.750%		1/01/20		B–		1,133,000
	3,450	Cott Beverages Inc.		5.375%		7/01/22		B–		3,346,500
	4,550	Total Beverages								4,479,500

		Biotechnology – 0.3%

	3,500	AMAG Pharmaceuticals Inc., 144A		7.875%		9/01/23		B+		3,176,250

		Capital Markets – 1.4%

	2,200	BGC Partners Inc.		5.375%		12/09/19		BBB–		2,270,294
	11,100	Goldman Sachs Group Inc.		5.375%		11/10/65		Ba1		10,836,375
	13,300	Total Capital Markets								13,106,669

		Commercial Services & Supplies – 0.5%

	3,295	GFL Environmental Corporation, 144A		7.875%		4/01/20		B		3,278,525
	1,255	R.R. Donnelley & Sons Company, (3)		6.500%		11/15/23		BB–		1,104,400
	4,550	Total Commercial Services & Supplies								4,382,925

		Diversified Consumer Services – 0.1%

	1,885	Gibson Brands Inc., 144A		8.875%		8/01/18		CCC+		1,074,450

		Diversified Telecommunication Services – 0.7%

	6,900	Frontier Communications Corporation, 144A		11.000%		9/15/25		BB		6,649,875

		Food Products – 0.1%

	1,010	Land O’ Lakes Capital Trust I, 144A, (3)		7.450%		3/15/28		BB		1,050,400

		Health Care Providers & Services – 0.3%

	3,040	Kindred Healthcare Inc., (3)		6.375%		4/15/22		B2		2,473,800

		Insurance – 0.2%

	1,835	Security Benefit Life Insurance Company, 144A		7.450%		10/01/33		BBB		2,294,357

		Media – 0.3%

	1,925	Altice SA, 144A		7.625%		2/15/25		B		1,713,250
	1,470	Dish DBS Corporation		5.875%		11/15/24		BB–		1,308,300
	3,395	Total Media								3,021,550

		Real Estate Investment Trust – 0.5%

	3,525	Communications Sales & Leasing Inc., (3)		8.250%		10/15/23		BB		3,110,813
	1,640	Select Income REIT		4.500%		2/01/25		Baa2		1,516,662
	5,165	Total Real Estate Investment Trust								4,627,475

		Real Estate Management & Development – 0.7%

	4,100	Forestar USA Real Estate Group Inc., 144A, (3)		8.500%		6/01/22		B+		3,761,750
	2,140	Greystar Real Estate Partners, LLC, 144A		8.250%		12/01/22		BB–		2,198,850
	850	Kennedy-Wilson Holdings Incorporated		5.875%		4/01/24		BB–		811,750
	7,090	Total Real Estate Management & Development								6,772,350


	30			Nuveen Investments


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Specialty Retail – 0.3%

$	3,250	L Brands, Inc., 144A, (3)		6.875%		11/01/35		BB+	$	3,359,688
$	98,220	Total Corporate Bonds (cost $97,773,523)								94,127,346

Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (4)		Value

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 59.9% (42.0% of Total Investments)

		Banks – 20.9%

	600	Banco Santander SA, Reg S		6.375%		N/A (5)		Ba1	$	553,997
	885	Bank of America Corporation		8.125%		N/A (5)		BB+		897,726
	3,265	Bank of America Corporation		8.000%		N/A (5)		BB+		3,296,605
	18,795	Bank of America Corporation (2)		6.500%		N/A (5)		BB+		19,599,426
	4,200	Bank of America Corporation		6.100%		N/A (5)		BB+		4,270,140
	3,575	Barclays Bank PLC, 144A, (3)		10.180%		6/12/21		A–		4,756,877
	17,935	Barclays PLC		8.250%		N/A (5)		BB+		18,785,137
	5,000	Citigroup Inc.		6.250%		N/A (5)		BB+		5,029,650
	1,000	Citigroup Inc.		8.400%		N/A (5)		BB+		1,096,250
	7,538	Citigroup Inc. (2)		5.800%		N/A (5)		BB+		7,330,705
	7,214	Citizens Financial Group Inc., 144A		5.500%		N/A (5)		BB+		6,970,528
	3,960	Commerzbank AG, 144A		8.125%		9/19/23		BBB–		4,448,347
	1,025	Credit Agricole SA, 144A		8.125%		N/A (5)		BB+		1,024,385
	1,000	HSBC Bank PLC		1.125%		N/A (5)		A3		590,358
	500	HSBC Bank PLC		0.975%		N/A (5)		A3		295,375
	4,204	HSBC Capital Funding LP, 144A		10.176%		N/A (5)		Baa1		6,253,450
	3,745	HSBC Holdings PLC		6.375%		N/A (5)		BBB		3,595,200
	2,250	HSBC Holdings PLC		6.375%		N/A (5)		BBB		2,168,123
	10,175	Intesa Sanpaolo Spa, 144A		7.700%		N/A (5)		Ba3		9,818,875
	8,759	JPMorgan Chase & Company		7.900%		N/A (5)		BBB–		8,841,116
	19,265	JPMorgan Chase & Company		6.750%		N/A (5)		BBB–		20,854,362
	125	JP Morgan Chase & Company		6.100%		N/A (5)		BBB–		125,625
	17,970	Lloyd’s Banking Group PLC		7.500%		N/A (5)		BB+		18,598,950
	1,960	M&T Bank Corporation		6.450%		N/A (5)		Baa2		2,077,600
	4,000	Nordea Bank AB, 144A		6.125%		N/A (5)		BBB		3,801,280
	10,695	PNC Financial Services Inc.		6.750%		N/A (5)		Baa2		11,483,756
	4,050	Royal Bank of Scotland Group PLC		7.500%		N/A (5)		BB–		4,110,750
	4,883	Royal Bank of Scotland Group PLC		7.648%		N/A (5)		BB		6,030,505
	13,906	Societe Generale, 144A		7.875%		N/A (5)		BB+		13,401,908
	4,995	SunTrust Bank Inc.		5.625%		N/A (5)		Baa3		4,963,781
	250	U.S. Bancorp.		5.125%		N/A (5)		A3		251,900
	6,290	Zions Bancorporation		7.200%		N/A (5)		BB–		6,604,500
		Total Banks								201,927,187

		Capital Markets – 2.4%

	3,270	Bank of New York Mellon Corporation		4.950%		N/A (5)		Baa1		3,226,182
	6,705	Credit Suisse Group AG, 144A		7.500%		N/A (5)		BB+		6,883,219
	5,880	Morgan Stanley		5.550%		N/A (5)		Ba1		5,817,525
	1,975	State Street Corporation		5.250%		N/A (5)		Baa1		1,984,875
	5,375	UBS Group AG, Reg S		7.125%		N/A (5)		BB+		5,542,157
		Total Capital Markets								23,453,958

		Consumer Finance – 2.1%

	5,271	American Express Company		5.200%		N/A (5)		Baa2		5,020,628
	1,900	American Express Company		4.900%		N/A (5)		Baa2		1,771,750
	13,730	Capital One Financial Corporation		5.550%		N/A (5)		Baa3		13,652,769
		Total Consumer Finance								20,445,147

		Diversified Financial Services – 5.4%

	16	Agstar Financial Services Inc., 144A		6.750%		N/A (5)		BB		17,896,500
	5,670	BNP Paribas, 144A		7.195%		N/A (5)		BBB		6,378,750
	4,065	BNP Paribas, 144A		7.375%		N/A (5)		BBB–		3,988,781


Nuveen Investments			31


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	January 31, 2016 (Unaudited)


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Diversified Financial Services (continued)

	4,250	Depository Trust & Clearing Corporation, 144A		4.875%		N/A (5)		A+	$	4,230,875
	15,183	Rabobank Nederland, 144A		11.000%		N/A (5)		Baa2		18,450,382
	1,530	Voya Financial Inc., (3)		5.650%		5/15/53		Baa3		1,484,100
		Total Diversified Financial Services								52,429,388

		Food Products – 2.3%

	21,870	Land O’ Lakes Incorporated, 144A		8.000%		N/A (5)		BB		22,717,462

		Industrial Conglomerates – 4.2%

	39,281,000	General Electric Company		5.000%		N/A (5)		AA–		40,361,224

		Insurance – 16.1%

	7,365	Aviva PLC, Reg S		8.250%		N/A (5)		BBB		7,888,512
	905	AXA SA, (3)		8.600%		12/15/30		A3		1,210,754
	4,784	Catlin Insurance Company Limited, 144A		7.249%		N/A (5)		BBB+		3,731,520
	2,460	Cloverie PLC Zurich Insurance, Reg S		8.250%		N/A (5)		A		2,682,192
	2,300	CNP Assurances, Reg S		7.500%		N/A (5)		BBB+		2,474,434
	29,045	Financial Security Assurance Holdings, 144A, (3)		6.400%		12/15/66		BBB+		20,839,787
	1,755	Friends Life Holdings PLC, Reg S		7.875%		N/A (5)		A–		1,929,907
	2,108	La Mondiale SAM, Reg S		7.625%		N/A (5)		BBB		2,223,358
	6,590	Liberty Mutual Group, 144A, (3)		7.800%		3/07/87		Baa3		7,512,600
	9,335	MetLife Capital Trust IV, 144A, (3)		7.875%		12/15/67		BBB		11,202,000
	5,285	MetLife Capital Trust X, 144A, (3)		9.250%		4/08/68		BBB		7,081,900
	3,425	MetLife Inc.		5.250%		N/A (5)		BBB		3,345,797
	13,770	National Financial Services Inc., (3)		6.750%		5/15/67		Baa2		13,770,000
	1,150	Nationwide Financial Services Capital Trust		7.899%		3/01/37		Baa2		1,297,824
	6,855	Provident Financing Trust I, (3)		7.405%		3/15/38		Baa3		7,751,970
	3,315	Prudential Financial Inc., (3)		5.875%		9/15/42		BBB+		3,476,606
	13,335	QBE Capital Funding III Limited, 144A, (3)		7.250%		5/24/41		BBB		14,668,500
	2,340	QBE Insurance Group Limited, Reg S		6.750%		12/2/44		BBB		2,409,662
	17,355	Sirius International Grp Limited, 144A		7.506%		N/A (5)		BBB–		17,379,297
	20,553	Symetra Financial Corporation, 144A, (3)		8.300%		10/15/37		Baa2		20,655,765
	2,600	ZFS Finance USA Trust II 144A		6.450%		12/15/65		A		2,603,250
		Total Insurance								156,135,635

		Machinery – 0.2%

	2,215	Stanley Black & Decker Inc.		5.750%		12/15/53		BBB+		2,308,030

		Metals & Mining – 0.6%

	5,825,000	BHP Billiton Finance USA Limited, 144A		6.250%		10/19/75		A3		5,548,313

		Pharmaceuticals – 0.2%

	1,775	Teva Pharmaceutical Industries Limited, Convertible Preferred		7.000%		12/15/18		N/R		1,732,400

		Real Estate Investment Trust – 4.4%

	12	Sovereign Real Estate Investment Trust, 144A		12.000%		N/A (5)		Ba1		14,631,250
	12,975	Wells Fargo & Company, (2)		5.875%		N/A (5)		BBB		13,647,884
	13,691	Wells Fargo & Company, (2)		7.980%		N/A (5)		BBB		14,307,095
		Total Real Estate Investment Trust								42,586,229

		Specialty Retail – 0.9%

	2,650	Aquarius & Investments PLC fbo SwissRe, Reg S		8.250%		N/A (5)		N/R		2,828,875
	5,644	Swiss Re Capital I, 144A		6.854%		N/A (5)		A		5,686,331
		Total Specialty Retail								8,515,206

		U.S. Agency – 0.2%

	1,700	Farm Credit Bank of Texas, 144A		10.000%		N/A (5)		Baa1		2,123,939
		Total $1,000 Par (or similar) Institutional Preferred (cost $563,878,215)								580,284,118
		Total Long-Term Investments (cost $1,324,511,617)								1,347,215,535


	32			Nuveen Investments

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 3.8% (2.7% of Total Investments)

REPURCHASE AGREEMENTS – 3.8% (2.7% of Total Investments)

9,760

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 1/29/16, repurchase price $9,760,104,
collateralized by $7,135,000 U.S. Treasury Bonds,
4.750%, due 2/15/37, value $9,962,030

0.030%

2/01/16

9,760,080

27,328

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 1/29/16, repurchase price $27,328,619,
collateralized by $20,350,000 U.S. Treasury Bonds,
5.250%, due 2/15/29, value $27,880,431

0.030%

2/01/16

27,328,551

37,088

Total Short-Term Investments (cost $37,088,631)

37,088,631

Total Investments (cost $1,361,600,248) – 143.1%

1,384,304,166

Borrowings – (41.8)% (6), (7)

(404,100,000

)

Other Assets Less Liabilities – (1.3)% (8)

(12,573,852

)

Net Assets Applicable to Common Shares – 100%

967,630,314

Investments in Derivatives as of January 31, 2016

Call Options Written outstanding:


Number of Contracts			Description	Notional Amount (9)			Expiration Date		Strike Price		Value
	(2,322	)	Ford Motor Company	$	(3,483,000	)		4/15/16	$	15.0	$	(6,966	)
	(513	)	National CineMedia Inc.		(897,750	)		3/18/16		17.5		(5,130	)
	(390	)	Viacom Inc., Class B		(1,755,000	)		2/19/16		45.0		(110,175	)
	(3,225	)	Total Call Options Written (premium received $128,238)	$	(6,135,750	)					$	(122,271	)

Interest Rate Swaps outstanding:


Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (10)		Optional Termination Date		Termination Date		Value			Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	114,296,000		Receive		1-Month USD-LIBOR-ICE		1.462	%		Monthly		6/01/16		12/01/18		12/01/20	$	(2,799,122	)	$	(3,385,631	)
JPMorgan Chase Bank, N.A.		114,296,000		Receive		1-Month USD-LIBOR-ICE		1.842			Monthly		6/01/16		12/01/20		12/01/22		(4,833,888	)		(5,687,290	)
	$	228,592,000																$	(7,633,010	)	$	(9,072,921	)


Nuveen Investments			33


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	January 31, 2016 (Unaudited)

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

(3)	Investment, or a portion of investment, is hypothecated as described in the Notes to Financial Statements, Note 8 – Borrowing Arrangements, Rehypothecation. The total value of investments hypothecated as of the end of the reporting period was $631,656,387.

(4)

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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.

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

(6)

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) as collateral for borrowings. As of the end of the reporting period, investments with a value of $897,141,032 have been pledged as collateral for borrowings.

(7)	Borrowings as a percentage of Total Investments is 29.2%.

(8)

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-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. Other assets less liabilities also includes the value of options as presented on the Statement of Assets and Liabilities.

(9)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

(10)	Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.

(11)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

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.

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.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

USD-LIBOR-ICE

United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange

See accompanying notes to financial statements.


	34			Nuveen Investments

JPI


Nuveen Preferred and Income Term Fund
Portfolio of Investments		January 31, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (2)		Value

		LONG-TERM INVESTMENTS – 140.2% (99.7% of Total Investments)

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 44.3% (31.6% of Total Investments)

		Banks – 15.0%

	143,400	AgriBank FCB, (9)		6.875%		BBB+	$	15,433,425
	355,166	Citigroup Inc.		7.125%		BB+		9,685,377
	44,969	Citigroup Inc.		6.875%		BB+		1,235,298
	163,800	Cobank Agricultural Credit Bank, 144A, (9)		6.250%		BBB+		16,943,063
	37,800	Cobank Agricultural Credit Bank, (9)		6.200%		BBB+		3,805,988
	15,100	Countrywide Capital Trust III		7.000%		BBB–		383,540
	121,300	Fifth Third Bancorp.		6.625%		Baa3		3,402,465
	38,600	PNC Financial Services		6.125%		Baa2		1,076,168
	124,753	Private Bancorp Incorporated		7.125%		N/R		3,277,261
	87,100	Regions Financial Corporation		6.375%		BB		2,271,568
	331,800	Regions Financial Corporation		6.375%		BB		8,772,792
	80,500	Royal Bank of Canada		6.750%		Baa2		2,419,025
	84,273	Texas Capital Bancshares Inc.		6.500%		Ba2		2,045,306
	19,600	U.S. Bancorp.		6.500%		A3		559,188
	182,100	Wells Fargo & Company		6.625%		BBB		5,215,344
	209,179	Zions Bancorporation		6.300%		BB–		5,488,857
		Total Banks						82,014,665

		Capital Markets – 4.3%

	94,900	Goldman Sachs Group, Inc.		5.500%		Ba1		2,369,653
	511,800	Morgan Stanley		7.125%		Ba1		14,550,474
	235,300	Morgan Stanley		6.875%		Ba1		6,597,812
		Total Capital Markets						23,517,939

		Consumer Finance – 1.0%

	51,300	Capital One Financial Corporation		6.700%		Baa3		1,396,386
	149,800	Discover Financial Services		6.500%		BB–		3,887,310
		Total Consumer Finance						5,283,696

		Diversified Financial Services – 0.4%

	76,800	KKR Financial Holdings LLC		7.375%		BBB		2,029,056

		Diversified Telecommunication Services – 0.3%

	62,000	Verizon Communications Inc.		5.900%		A–		1,644,240

		Electric Utilities – 0.4%

	81,000	Entergy Arkansas Inc., (9)		6.450%		BB+		2,040,188

		Food Products – 3.7%

	267,600	CHS Inc.		7.875%		N/R		7,586,460
	161,100	CHS Inc.		7.100%		N/R		4,294,926
	141,800	CHS Inc.		6.750%		N/R		3,659,858
	24,000	Dairy Farmers of America Inc., 144A, (9)		7.875%		Baa3		2,553,751
	20,500	Dairy Farmers of America Inc., 144A, (9)		7.875%		Baa3		2,089,079
		Total Food Products						20,184,074

		Insurance – 11.3%

	15,000	Aegon N.V		8.000%		Baa1		405,000
	168,500	Arch Capital Group Limited		6.750%		BBB+		4,381,000
	59,200	Aspen Insurance Holdings Limited		7.250%		BBB–		1,559,328
	432,500	Aspen Insurance Holdings Limited		5.950%		BBB–		11,188,775
	177,623	Axis Capital Holdings Limited		6.875%		BBB		4,648,394
	61,100	Delphi Financial Group, Inc., (9)		7.376%		BB+		1,510,319


Nuveen Investments			35


JPI	Nuveen Preferred and Income Term Fund
	Portfolio of Investments (continued)	January 31, 2016 (Unaudited)


Shares		Description (1)	Coupon				Ratings (2)		Value

		Insurance (continued)

	174,000	Endurance Specialty Holdings Limited		7.500%				BBB–	$	4,468,320
	147,600	Hartford Financial Services Group Inc.		7.875%				BBB–		4,531,320
	372,300	Kemper Corporation		7.375%				Ba1		10,026,039
	323,546	Maiden Holdings Limited		8.250%				BB		8,518,966
	163,333	Maiden Holdings Limited		7.750%				BBB–		4,377,324
	205,000	Reinsurance Group of America Inc.		6.200%				BBB		5,863,000
		Total Insurance								61,477,785

		Oil, Gas & Consumable Fuels – 0.8%

	219,800	Nustar Logistics Limited Partnership		7.625%				Ba2		4,455,346

		Real Estate Investment Trust – 0.6%

	114,600	Wells Fargo REIT		6.375%				BBB+		3,046,068

		Thrifts & Mortgage Finance – 1.5%

	172,400	Federal Agricultural Mortgage Corporation		6.875%				N/R		4,654,800
	146,600	Federal Agricultural Mortgage Corporation		6.000%				N/R		3,769,086
		Total Thrifts & Mortgage Finance								8,423,886

		U.S. Agency – 5.0%

	255,100	Farm Credit Bank of Texas, 144A, (9)		6.750%				Baa1		27,215,980
		Total $25 Par (or similar) Retail Preferred (cost $230,744,037)								241,332,923

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		CORPORATE BONDS – 10.4% (7.3% of Total Investments)

		Banks – 6.4%

$	8,975	Bank of America Corporation		6.250%		3/05/65		BB+	$	8,975,000
	5,390	ING Groep N.V.		6.500%		10/16/65		Ba1		5,221,563
	12,505	JPMorgan Chase & Company		6.750%		12/31/49		BBB–		13,536,663
	4,760	JPMorgan Chase & Company		5.300%		11/01/65		BBB–		4,718,350
	2,110	M&T Bank Corporation		6.450%		12/31/49		Baa2		2,236,600
	33,740	Total Banks								34,688,176

		Capital Markets – 2.1%

	11,735	Goldman Sachs Group Inc.		5.375%		11/10/65		Ba1		11,456,294

		Food Products – 0.2%

	1,090	Land O’ Lakes Capital Trust I, 144A		7.450%		3/15/28		BB		1,133,600

		Insurance – 1.7%

	4,430	Nationwide Mutual Insurance Company, 144A, (3)		9.375%		8/15/39		A–		6,556,338
	1,965	Security Benefit Life Insurance Company, 144A		7.450%		10/01/33		BBB		2,456,900
	6,395	Total Insurance								9,013,238
$	52,960	Total Corporate Bonds (cost $55,057,238)								56,291,308

Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 85.5% (60.8% of Total Investments)

		Banks – 29.1%

	600	Banco Santander SA, Reg S		6.375%		N/A (4)		Ba1	$	553,997
	975	Bank of America Corporation		8.125%		N/A (4)		BB+		989,021
	6,980	Bank of America Corporation		8.000%		N/A (4)		BB+		7,047,566
	8,915	Bank of America Corporation		6.500%		N/A (4)		BB+		9,296,562
	4,000	Barclays Bank PLC, 144A		10.180%		6/12/21		A–		5,322,380
	16,330	Barclays PLC		8.250%		N/A (4)		BB+		17,104,058


	36			Nuveen Investments


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Banks (continued)

	7,665	Citigroup Inc.		5.875%		N/A (4)		BB+	$	7,444,631
	4,425	Citigroup Inc.		5.800%		N/A (4)		BB+		4,303,313
	5,100	Citigroup Inc.		6.250%		N/A (4)		BB+		5,130,243
	4,540	Citizens Financial Group Inc., 144A		5.500%		N/A (4)		BB+		4,386,775
	4,265	Commerzbank AG, 144A		8.125%		9/19/23		BBB–		4,790,960
	1,050	Credit Agricole SA, 144A		8.125%		N/A (4)		BB+		1,049,370
	4,250	Credit Agricole, S.A, 144A		6.625%		N/A (4)		BB+		3,998,885
	4,351	HSBC Capital Funding LP, Debt, 144A		10.176%		N/A (4)		Baa1		6,472,113
	4,005	HSBC Holdings PLC		6.375%		N/A (4)		BBB		3,844,800
	2,400	HSBC Holdings PLC		6.375%		N/A (4)		BBB		2,312,664
	5,485	Intesa Sanpaolo Spa, 144A		7.700%		N/A (4)		Ba3		5,293,025
	4,040	JPMorgan Chase & Company		7.900%		N/A (4)		BBB–		4,077,875
	18,920	Lloyd’s Banking Group PLC		7.500%		N/A (4)		BB+		19,582,200
	4,390	Nordea Bank AB, 144A		6.125%		N/A (4)		BBB		4,171,905
	4,855	PNC Financial Services Inc.		6.750%		N/A (4)		Baa2		5,213,056
	4,285	Royal Bank of Scotland Group PLC		7.500%		N/A (4)		BB–		4,349,275
	5,473	Royal Bank of Scotland Group PLC		7.648%		N/A (4)		BB		6,759,155
	14,900	Societe Generale, 144A		7.875%		N/A (4)		BB+		14,359,875
	3,790	Standard Chartered PLC, 144A		6.500%		N/A (4)		BBB–		3,575,372
	2,695	SunTrust Bank Inc.		5.625%		N/A (4)		Baa3		2,678,156
	270	U.S. Bancorp.		5.125%		N/A (4)		A3		272,052
	4,017	Zions Bancorporation		7.200%		N/A (4)		BB–		4,217,850
		Total Banks								158,597,134

		Capital Markets – 4.0%

	3,500	Bank of New York Mellon Corporation		4.950%		N/A (4)		Baa1		3,453,100
	7,227	Credit Suisse Group AG, 144A		7.500%		N/A (4)		BB+		7,419,094
	3,100	Morgan Stanley		5.550%		N/A (4)		Ba1		3,067,063
	2,105	State Street Corporation		5.250%		N/A (4)		Baa1		2,115,525
	5,735	UBS Group AG, Reg S		7.125%		N/A (4)		BB+		5,913,353
		Total Capital Markets								21,968,135

		Consumer Finance – 2.4%

	2,000	American Express Company		4.900%		N/A (4)		Baa2		1,865,000
	3,635	American Express Company		5.200%		N/A (4)		Baa2		3,462,338
	7,600	Capital One Financial Corporation		5.550%		N/A (4)		Baa3		7,557,250
		Total Consumer Finance								12,884,588

		Diversified Financial Services – 9.9%

	15,700	Agstar Financial Services Inc., 144A		6.750%		N/A (4)		BB		17,132,625
	6,040	BNP Paribas, 144A		7.195%		N/A (4)		BBB		6,795,000
	4,330	BNP Paribas, 144A		7.375%		N/A (4)		BBB–		4,248,813
	4,500	Depository Trust & Clearing Corporation, 144A		4.875%		N/A (4)		A+		4,479,750
	16,188	Rabobank Nederland, 144A		11.000%		N/A (4)		Baa2		19,671,049
	1,697	Voya Financial Inc.		5.650%		5/15/53		Baa3		1,646,090
		Total Diversified Financial Services								53,973,327

		Food Products – 1.7%

	8,895	Land O’ Lakes Incorporated, 144A		8.000%		N/A (4)		BB		9,239,681

		Industrial Conglomerates – 4.5%

	24,127	General Electric Company		5.000%		N/A (4)		AA–		24,790,492

		Insurance – 24.1%

	7,215	Aviva PLC, Reg S		8.250%		N/A (4)		BBB		7,727,849
	1,265	AXA SA		8.600%		12/15/30		A3		1,692,380
	5,010	Catlin Insurance Company Limited, 144A		7.249%		N/A (4)		BBB+		3,907,800
	2,640	Cloverie PLC Zurich Insurance, Reg S		8.250%		N/A (4)		A		2,878,450
	2,500	CNP Assurances, Reg S		7.500%		N/A (4)		BBB+		2,689,603
	30,995	Financial Security Assurance Holdings, 144A, (3)		6.400%		12/15/66		BBB+		22,238,912


Nuveen Investments			37


JPI	Nuveen Preferred and Income Term Fund
	Portfolio of Investments (continued)	January 31, 2016 (Unaudited)


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Insurance (continued)

	2,424	Friends Life Holdings PLC, Reg S		7.875%		N/A (4)		A–	$	2,665,581
	2,299	La Mondiale SAM, Reg S		7.625%		N/A (4)		BBB		2,424,810
	5,430	MetLife Capital Trust X, 144A, (3)		9.250%		4/08/68		BBB		7,276,200
	3,655	MetLife Inc.		5.250%		N/A (4)		BBB		3,570,478
	7,703	Provident Financing Trust I, (3)		7.405%		3/15/38		Baa3		8,710,930
	3,325	Prudential Financial Inc., (3)		5.875%		9/15/42		BBB+		3,487,094
	14,600	QBE Capital Funding III Limited, 144A		7.250%		5/24/41		BBB		16,060,000
	1,935	QBE Insurance Group Limited, Reg S		6.750%		12/2/41		BBB		1,992,605
	18,620	Sirius International Group Limited, 144A		7.506%		N/A (4)		BBB–		18,646,068
	25,226	Symetra Financial Corporation, 144A, (3)		8.300%		10/15/37		Baa2		25,352,129
		Total Insurance								131,320,889

		Machinery – 0.4%

	2,345	Stanley Black & Decker Inc.		5.750%		12/15/53		BBB+		2,443,490

		Metals & Mining – 1.1%

	6,170	BHP Billiton Finance USA Limited, 144A		6.250%		10/19/75		A3		5,876,925

		Real Estate Investment Trust – 7.6%

	15,298	Sovereign Real Estate Investment Trust, 144A		12.000%		N/A (4)		Ba1		19,122,500
	6,820	Wells Fargo & Company		5.875%		N/A (4)		BBB		7,173,685
	14,652	Wells Fargo & Company		7.980%		N/A (4)		BBB		15,311,340
		Total Real Estate Investment Trust								41,607,525

		Specialty Retail – 0.5%

	2,850	Aquarius & Investments PLC fbo SwissRe, Reg S		8.250%		N/A (4)		N/R		3,042,375

		U.S. Agency – 0.2%

	752	Farm Credit Bank of Texas, 144A		10.000%		N/A (4)		Baa1		939,530
		Total $1,000 Par (or similar) Institutional Preferred (cost $464,364,588)								466,684,091
		Total Long-Term Investments (cost $750,165,863)								764,308,322

Principal Amount (000)		Description (1)	Coupon		Maturity				Value

		SHORT-TERM INVESTMENTS – 0.4% (0.3% of Total Investments)

		REPURCHASE AGREEMENTS – 0.4% (0.3% of Total Investments)

$	2,370	Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/29/16, repurchase price $2,370,323, collateralized by $2,370,000 U.S. Treasury Notes, 2.125%, due 5/15/25, value $2,420,363		0.030%		2/01/16			$	2,370,317
		Total Short-Term Investments (cost $2,370,317)								2,370,317
		Total Investments (cost $752,536,180) – 140.6%								766,678,639
		Borrowings – (41.3)% (5), (6)								(225,000,000	)
		Other Assets Less Liabilities – 0.7% (7)								3,443,780
		Net Assets Applicable to Common Shares – 100%							$	545,122,419


	38			Nuveen Investments

Investments in Derivatives as of January 31, 2016

Interest Rate Swaps outstanding:


Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (8)		Optional Termination Date		Termination Date		Value			Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	84,375,000		Receive		1-Month USD-LIBOR-ICE		1.735	%		Monthly		6/01/16		12/01/18		12/01/20	$	(2,883,208	)	$	(3,410,906	)
JPMorgan Chase Bank, N.A.		84,375,000		Receive		1-Month USD-LIBOR-ICE		2.188			Monthly		6/01/16		12/01/20		12/01/22		(5,182,182	)		(5,901,529	)
	$	168,750,000																$	(8,065,390	)	$	(9,312,435	)

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

(2)

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(3)	Investment, or a portion of investment, is hypothecated as described in the Notes to Financial Statements, Note 8 – Borrowing Arrangements, Rehypothecation. The value of investments hypothecated as of the end of the reporting period was $61,568,407.

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

(5)

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) as collateral for borrowings. As of the end of the reporting period, investments with a value of $537,634,757 have been pledged as collateral for borrowings.

(6)	Borrowings as a percentage of Total Investments is 29.3%.

(7)

(8)	Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.

(9)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

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.

Reg S

REIT	Real Estate Investment Trust

USD-LIBOR-ICE

United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange

See accompanying notes to financial statements.


Nuveen Investments			39

JPW


Nuveen Flexible Investment Income Fund
Portfolio of Investments		January 31, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 136.9% (95.0% of Total Investments)

		COMMON STOCKS – 25.6% (17.8% of Total Investments)

		Air Freight & Logistics – 1.8%

	12,000	United Parcel Service, Inc., Class B	$	1,118,400

		Automobiles – 1.4%

	70,100	Ford Motor Company		836,994

		Banks – 0.7%

	15,100	CIT Group Inc.		443,185

		Biotechnology – 2.7%

	19,600	Gilead Sciences, Inc.		1,626,800

		Capital Markets – 2.8%

	58,775	Ares Capital Corporation		816,973
	41,038	Hercules Technology Growth Capital, Inc.		450,597
	27,895	TPG Specialty Lending, Inc.		446,599
		Total Capital Markets		1,714,169

		Chemicals – 0.5%

	56,900	CVR Partners LP		309,536

		Diversified Consumer Services – 1.6%

	33,200	Stonemor Partners LP		974,752

		Industrial Conglomerates – 1.6%

	36,300	Philips Electronics		968,484

		Insurance – 1.3%

	27,800	Unum Group		796,192

		Media – 1.6%

	30,132	National CineMedia, Inc., (2)		471,264
	10,900	Viacom Inc., Class B		497,476
		Total Media		968,740

		Pharmaceuticals – 4.6%

	43,900	AstraZeneca PLC, Sponsored ADR		1,414,458
	33,000	GlaxoSmithKline PLC, Sponsored ADR		1,362,570
		Total Pharmaceuticals		2,777,028

		Real Estate Investment Trust – 1.5%

	52,300	National Storage Affiliates Trust		909,497

		Software – 0.8%

	12,900