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 and 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)
Gifford R. Zimmerman
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, 2018
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.
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Semi-Annual Report January 31, 2018
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| Nuveen Preferred and Income Securities Fund |
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| Nuveen Preferred and Income 2022 Term Fund | ||||||
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to Shareholders
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Comments
Nuveen Preferred and Income Opportunities Fund (JPC)
Nuveen Preferred and Income Term Fund (JPI)
Nuveen Preferred and Income Securities Fund (JPS)
Nuveen Preferred and Income 2022 Term Fund (JPT)
Nuveen Asset Management, LLC (NAM) and NWQ Investment Management Company, LLC (NWQ), both affiliates of Nuveen LLC, are sub-advisers for the Nuveen Preferred and 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 NAM, an affiliate of Nuveen LLC. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception. The Nuveen Preferred and Income Securities Fund (JPS) is sub-advised by a team of specialists at Spectrum Asset Management, a wholly owned subsidiary of Principal Global Investors, LLC. Mark Lieb and Phil Jacoby lead the team. The Nuveen Preferred and Income 2022 Term Fund (JPT) features management by NAM. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception.
Effective September 29, 2017 as approved by the Fund’s Board of Trustees, the Nuveen Preferred Income Opportunities Fund’s name was changed to the Nuveen Preferred and Income Opportunities Fund. Also effective September 29, 2017, the Fund will invest at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in preferred and other income producing securities, including hybrid securities such as contingent capital securities and up to 20% opportunistically in other income-oriented securities such as corporate and taxable municipal debt and dividend paying common equity.
Effective September 29, 2017 as approved by the Fund’s Board of Trustees, the Nuveen Preferred Securities Income Fund’s name was changed to the Nuveen Preferred and Income Securities Fund.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
Also effective September 29, 2017, the Fund will invest at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in preferred and other income producing securities, including hybrid securities such as contingent capital securities.
What key strategies were used to manage the Funds during this six-month reporting period ended January 31, 2018 and how did these strategies influence performance?
Nuveen Preferred and 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, 2018. For the six-month reporting period ended January 31, 2018, the Fund’s common shares at net asset value (NAV) outperformed the ICE BofAML U.S. All Capital Securities Index and the JPC Blended Benchmark.
JPC had a policy requiring it to invest at least 80% of its managed assets in preferred securities and contingent capital securities (sometimes referred to as “CoCos”), and permitting it to invest 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. JPC is managed by two experienced portfolio teams with distinctive, complementary approaches to the preferred market, each managing its own “sleeve” of the portfolio. 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.
NAM
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, including but not limited to contingent capital securities (CoCos). The Fund’s portfolio is actively managed, seeking to capitalize on strong and continuously improving credit fundamentals across the issuer base, the category’s healthy yield level and inefficiencies that often evolve between the $25 par retail and the $1,000 par institutional sides of the market. The Fund’s strategy has a bias toward the highly regulated industries, like utilities, banks and insurance companies, in hopes of benefitting from the added scrutiny of regulatory oversight.
NAM employs 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 includes 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 securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts 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, as will periods where valuations trend in one direction for an extended period of time. This dynamic is often related to differences in how retail and institutional markets perceive and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. 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.
For the six-month reporting period, the Fund’s Blended Benchmark Index, which represents the combined preferred securities and CoCos markets, returned 2.02% which fell between both comparable financial senior debt and financial equities. NAM typically expects the Blended Benchmark Index to perform between these two categories given the hybrid nature of its constituent securities. Investment performance was not dispersed evenly across the various
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sub-categories within the Blended Benchmark Index. For example, during the reporting period, both $25 par securities and securities with fixed rate coupons posted negative returns, while securities with coupons that have reset features, $1,000 par securities, and CoCos all posted positive returns over the same timeframe. Option adjusted spreads (OAS) for the Blended Benchmark Index tightened materially during the measurement period. The move in OAS was due primarily to relatively light new issue supply, historically strong bank balance sheets and continued profitability, a positive trend in global macro-economic data, the resolution by the European Central Bank (ECB) of several nagging headlines within the European bank sector and generally speaking, higher government benchmark bond yields both in the U.S and abroad.
NAM incorporated several active themes within the Fund relative to its benchmark during the reporting period, including an overweight to U.S.-domiciled issuers, an underweight to CoCos, an overweight to the $1,000 par side of the market and an overweight to securities that have coupons with reset features (floating rate, fixed-to-floating rate, fixed-to-fixed rate).
During the reporting period, the overweight to U.S.-domiciled issuers detracted modestly from performance relative to the Blended Benchmark Index, as non-U.S.-domiciled issuers outperformed over the last six months. Taking a closer look at the U.S. versus non-U.S. allocation, the underweight to non-U.S. issuers again was almost entirely due to an underweight to CoCos. As of January 31, 2018, the Fund had an allocation of around 29% to contingent capital securities, still well below the 40% allocation within the Blended Benchmark Index. Admittedly, while still a meaningful underweight versus the index, NAM increased the Fund’s allocation to these securities by approximately 8% during the reporting period. Positive developments within the European bank sector disproportionately benefited European banks and non-U.S. domiciled issuers, and as a result, the CoCos market.
While the non-U.S. segment of the market posted a positive total return during the reporting period, the U.S. segment of the market fared worse, posting a negative total return. Most of the negative return for the U.S. segment was realized during January 2018, when domestic interest rates pushed meaningfully higher. Up until that point, the return for the U.S. segment had been trending in positive territory. Supply out of U.S. banks continued to be very light, supporting valuations in the secondary market, as most U.S. banks already have met their regulatory Additional Tier-1 Capital requirements. From a fundamental standpoint, U.S. banks continued to be incredibly profitable, while maintaining capital levels still well above regulatory requirements. Despite supportive technical and strong fundamentals, the push higher in U.S. rates during January 2018 was more than enough to overwhelm the cumulative returns of the preceding five months combined.
Given the outperformance in the $1,000 par institutional side of the market during the reporting period, our overweight to $1,000 par structures contributed to the Fund’s relative performance. As has been the case for several quarters, NAM maintained an overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. First, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of the market on an option adjusted spread (OAS) basis. Retail investors historically have demonstrated a strong bias for income-generating investment solutions. Couple this natural bias with a prolonged period of low interest rates and retail demand for income has only grown increasingly intense. Within the preferred securities universe, the $25 par side of the market is arguably best positioned to benefit from retail demand. The small size is more manageable for retail investors versus $1,000 par structures and securities that trade on an exchange are easier for retail to source than those traded over-the-counter. Unfortunately, many retail investors lack the wherewithal to calculate relative value metrics such as yield-to-worst and OAS, and instead often focus only on the size of a particular security’s coupon. Therefore, it is no surprise that in this environment, the retail investor has driven $25 par security valuations to such very rich levels versus $1,000 par valuations.
Second, NAM’s overweight to $1,000 par securities allows NAM to gain greater exposure to securities that have coupons with reset features, like floating rate coupons, fixed-to-floating rate coupons and fixed-to-fixed rate coupons.
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Portfolio Managers’ Comments (continued)
These structures are more common on the institutional $1,000 par side of the market and help to mitigate duration and duration extension risk during a rising interest rate environment. Duration extension is a significant risk for callable securities with fixed-rate coupons. As of January 31, 2018, the Fund had about 87% of its assets invested in securities that have coupons with reset features, compared to approximately 70% within the Blended Benchmark Index.
As an aside, NAM believes we may be witnessing the sprouts of a new technical relationship developing between the $25 par and $1,000 par markets. Over the past few months, NAM has witnessed a trend in the preferred exchange-traded fund (ETF) market where $1,000 par strategies have been driving positive net investor flows, while $25 par strategies generally have experienced net outflows. NAM will keep a close eye on this dynamic as ETF flows have played a meaningful role in relative valuations between the $25 and $1,000 par markets. As existing $1,000 par ETFs attract more investor assets, and as more $1,000 par strategies come on-line, this dynamic could be a catalyst for shrinking the gap in valuations between $25 par and $1,000 par securities.
NWQ
For the portion of the Fund managed by NWQ, NWQ seeks 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.
During the reporting period, NWQ’s preferred, equity, investment grade corporate bonds holdings contributed to performance, while high yield holdings slightly detracted from performance. Several sectors contributed to the Fund’s performance, in particular NWQ’s holdings in the financials and utilities sectors, while the insurance sector was the largest detractor.
Several of NWQ’s holdings performed well during the reporting period. A top contributor to performance for the reporting period was a Viacom Inc. corporate bond. In November 2017, Viacom worked on its debt reduction efforts by announcing a $1 billion tender offer. Credit spreads tightened upon this announcement as gross leverage declined to under 3.5x after the tender offer. The long duration of the bond also contributed to performance as long term interest rates declined during the reporting period. Another top contributor to performance was a Kindred Healthcare Inc. high yield bond. The company provides a range of health care services that includes operating hospitals, nursing centers, institutional pharmacies and contract rehabilitation services throughout the United States. The price of the bond jumped after the company announced in mid-December 2017 that it has entered into a definitive agreement to be acquired by a consortium of three companies (TPG, Welsh Carson and Humana). Given that this senior note is not callable nor does it carry a change of control covenant, it is expected that the make whole call provision, a provision that allows the issuer to pay off remaining debt early, will be exercised after the deal closes (expect summer of 2018, subject to shareholder and regulatory approvals). Lastly, a CVR Partners, LP high yield bond contributed to performance. CVR is a Master Limited Partnership (MLP) that formed to own, operate and grow its nitrogen fertilizer business. NWQ expects ammonia, a material used to make nitrogen, pricing to remain near trough levels for the remainder of the year before rebounding in 2018 and beyond.
Individual positions that detracted from performance during the reporting period included Dish DBS Corporation senior notes. The drivers of the underperformance were continued concerns about a pending buildout of a wireless network. These concerns were augmented with potentially fewer buyers of spectrum as merger discussions took place between Sprint and T-Mobile. Additionally, the company’s satellite TV business had results that were worse than expected. While NWQ shares some of these concerns, NWQ believes the bonds offer a very attractive risk/reward particularly since the
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wireless spectrum has a value of up to two times the company’s debt outstanding. The investment in the preferred stock of telecommunication services holding, Frontier Communications Corporation, also detracted from performance. The company acquired assets from Verizon in California, Texas and Florida two years ago and the integration has gone worse than expected. Furthermore, weak earnings at Frontier and Windstream has already dampened the sentiment in the wireline telecom sector.
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, five-year and since inception periods ended January 31, 2018. For the six-month reporting period ended January 31, 2018, the Fund’s common shares at net asset value (NAV) outperformed the ICE BofAML U.S. All Capital Securities Index and the JPI Blended Benchmark Index.
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, including but not limited to contingent capital securities (CoCos). The Fund’s portfolio is actively managed, seeking to capitalize on strong and continuously improving credit fundamentals across the issuer base, the category’s healthy yield level and inefficiencies that often evolve between the $25 par retail and the $1,000 par institutional sides of the market. 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.
NAM employs 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 includes 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 securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts 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, as will periods where valuations trend in one direction for an extended period of time. This dynamic is often related to differences in how retail and institutional markets perceive and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. 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.
For the six-month reporting period, the Fund’s Blended Benchmark Index, which represents the combined preferred securities and contingent capital securities markets, returned 2.02% which fell between both comparable financial senior debt and financial equities. NAM typically expects the Blended Benchmark Index to perform between these two categories given the hybrid nature of its constituent securities. Investment performance was not dispersed evenly across the various sub-categories within the Blended Benchmark Index. For example, during the reporting period, both $25 par securities and securities with fixed rate coupons posted negative returns, while securities with coupons that have reset features, $1,000 par securities, and contingent capital securities all posted positive returns over the same timeframe. Option adjusted spreads (OAS) for the Blended Benchmark Index tightened materially during the measurement period. The move in OAS was due primarily to relatively light new issue supply, historically strong bank balance sheets and continued profitability, a positive trend in global macro-economic data, the resolution by the European Central Bank (ECB) of several nagging headlines within the European bank sector, and generally speaking, higher government benchmark bond yields both here in the U.S. and abroad.
NAM incorporated several active themes within the Fund relative to its benchmark during the reporting period, including an overweight to U.S.-domiciled issuers, an underweight to CoCos, an overweight to the $1,000 par side of the
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Portfolio Managers’ Comments (continued)
market and an overweight to securities that have coupons with reset features (floating rate, fixed-to-floating rate, fixed-to-fixed rate).
During the reporting period, the overweight to U.S.-domiciled issuers detracted modestly from performance relative to the Blended Benchmark Index, as non-U.S.-domiciled issuers outperformed during the reporting period. Taking a closer look at the U.S. versus non-U.S. allocation, the underweight to non-U.S. issuers again was almost entirely due to an underweight to CoCos. As of January 31, 2018, the Fund had an allocation of around 29% to CoCos, still well below the 40% allocation within the Blended Benchmark Index. Admittedly, while still a meaningful underweight versus the index, NAM increased the Fund’s allocation to these securities by approximately 8% during the reporting period. Positive developments within the European bank sector disproportionately benefited European banks and non-U.S. domiciled issuers, and as a result, the CoCos market.
While the non-U.S. segment of the market posted a positive total return during the reporting period, the U.S. segment of the market fared worse, posting a negative total return over the same period. Most of the negative return for the U.S. segment was realized during January 2018, when domestic interest rates pushed meaningfully higher. Up until that point, the return for the U.S. segment had been trending in positive territory. Supply out of U.S. banks continued to be very light, supporting valuations in the secondary market, as most U.S. banks already have met their regulatory Additional Tier-1 Capital requirements. From a fundamental standpoint, U.S. banks continued to be incredibly profitable, while maintaining capital levels still well above regulatory requirements. Despite supportive technical and strong fundamentals, the push higher in U.S. rates during January 2018 was more than enough to overwhelm the cumulative returns of the preceding five months combined.
Given the outperformance in the $1,000 par institutional side of the market during the reporting period, our overweight to $1,000 par structures contributed to the Fund’s relative performance. As has been the case for several quarters, NAM maintained an overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. First, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of the market on an OAS basis. Retail investors historically have demonstrated a strong bias for income-generating investment solutions. Couple this natural bias with a prolonged period of low interest rates, and retail demand for income has only grown increasingly intense. Within the preferred securities universe, the $25 par side of the market is arguably best positioned to benefit from retail demand. The small size is more manageable for retail investors versus $1,000 par structures, and securities that trade on an exchange are easier for retail to source than those traded over-the-counter. Unfortunately, many retail investors lack the wherewithal to calculate relative value metrics such as yield-to-worst and OAS, and instead often focus only on the size of a particular security’s coupon. Therefore, it is no surprise that in this environment, the retail investor has driven $25 par security valuations to such very rich levels versus $1,000 par valuations.
Second, NAM’s overweight to $1,000 par securities allows NAM to gain greater exposure to securities that have coupons with reset features, like floating rate coupons, fixed-to-floating rate coupons and fixed-to-fixed rate coupons. These structures are more common on the institutional $1,000 par side of the market, and help to mitigate duration and duration extension risk during a rising interest rate environment. Duration extension is a significant risk for callable securities with fixed-rate coupons. As of January 31, 2018, the Fund had about 87% of its assets invested in securities that have coupons with reset features, compared to approximately 70% within the Blended Benchmark Index.
NAM believes we may be witnessing the sprouts of a new technical relationship developing between the $25 par and $1,000 par markets. Over the past few months, NAM has witnessed a trend in the preferred exchange traded fund (ETF) market where $1,000 par strategies have been driving positive net investor flows, while $25 par strategies generally have experienced net outflows. NAM will keep a close eye on this dynamic as ETF flows have played a meaningful role in relative valuations between the $25 and $1,000 par markets. As existing $1,000 par ETFs attract more investor assets, and as more $1,000 par strategies come on-line, this dynamic could be a catalyst for shrinking the gap in valuations between $25 par and $1,000 par securities.
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Nuveen Preferred and Income Securities Fund (JPS)
The table in the Performance Overview and Holding Summaries section of this report provide total return performance for the Fund for the six-month, one-year, five-year and ten-year periods ended January 31, 2018. For the six-month reporting period ended January 31, 2018, the Fund’s common shares at net asset value (NAV) outperformed the ICE BofAML U.S. All Capital Securities Index and the JPS Blended Benchmark.
The investment objective of the Fund is to seek high current income consistent with capital preservation with a secondary objective to enhance portfolio value relative to the broad market for preferred securities. Under normal market conditions, the Fund seeks to invest at least 80% of its net assets in preferred securities and up to 20% of its net assets in debt securities, including convertible debt and convertible preferred securities.
The equity markets provided a supportive backdrop to the junior subordinated capital securities markets, which include preferred securities and contingent capital securities (CoCos) issued mostly by financials. The interest rate environment was also supportive being little changed until January 2018. Both bonds and equities benefited from very little concern that inflation would rise and upset either economic growth or the Federal Reserve Bank’s slow pace of rate increases. It was the combination of the 25 basis points increase in the federal funds rate together with stellar equity performance that began to convince more individual investors to take some profits after the New Year January 2018. Underlying asset performance in the Fund outpaced the common share price performance of the Fund as investors took profits come January after a very good overall calendar year in 2017.
Spectrum’s tactical overweight exposure to both institutional sectors of the junior subordinated capital securities, which includes both preferred and CoCos, benefited performance. A preferred security represents a capital security issued either through charter amendment (as a stock) or through indenture (as a bond). For preferred securities, any reorganization would be processed through a bankruptcy court. Preferred security payments are in priority to common stock dividends, yet can be deferred, which means payments are cumulative or they can be eliminated which means payments are non-cumulative without causing an immediate event of default. Any principal loss absorption on a preferred security would be forced through a statutory resolution in a bankruptcy proceeding. A CoCo represents a capital security issued through indenture. For CoCos, a reorganization would be processed through the contracts of its capital before falling into an actual bankruptcy. CoCo payments are non-cumulative and equal to common stock dividends and can be reduced or eliminated without causing an event of default. Principal loss absorption on a CoCo could be forced through a regulatory action in advance of any bankruptcy proceeding.
The Fund owns a blend of junior subordinated capital securities in the two segments, the preferred securities segment, represented by the ICE BofAML All Capital Securities Index, comprises approximately 62% of the Fund (including some cash) and the CoCo segment, represented by the ICE BofAML Contingent Capital Index comprises 38% of the Fund.
During the reporting period, the top three performing sub-sectors of the Fund were corporate hybrids, CoCos and insurance hybrids. The bottom three performing sub-sectors were $25 par baby bonds, $25 par preferred stock and $25 par hybrids.
Top performing holdings for the Fund during the reporting period included Lloyds Banking Group PLC 7.50%, SocGen 8% and Royal Bank of Scotland Group PLC 7.50%, which are all CoCos. Being overweight CoCos and underweight the $25 par sector benefited performance.
During the reporting period several individual securities detracted from performance. Most of the underperforming securities such as Qwest 7%, PNC Financial Services 6.12% and Allstate Corporation 5.12% were primarily concentrated in the retail sector, which detracted from total return during the reporting period.
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Portfolio Managers’ Comments (continued)
Nuveen Preferred and Income 2022 Term Fund (JPT)
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, 2018. For the six-month reporting period ended January 31, 2018, the Fund’s common shares at net asset value (NAV) underperformed the ICE BofAML U.S. All Capital Securities Index.
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 the issuer base, the category’s healthy yield level, and inefficiencies that often evolve between the $25 par retail and the $1,000 par institutional sides of the market. The Fund’s strategy has a bias toward the highly regulated industries, like utilities, banks and insurance companies, with a current emphasis broadly on financial services companies. The Fund does not invest in contingent capital securities (otherwise known as CoCos).
NAM employs 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 includes 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 securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts 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, as will periods where valuations trend in one direction for an extended period of time. This dynamic is often related to differences in how retail and institutional markets perceive and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. 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.
Within JPT, NAM incorporated a couple prominent active themes within the Fund relative to its benchmark during the reporting period, of particular note an overweight to the $1,000 par side of the market, and an overweight to securities that have coupons with reset features (floating rate, fixed-to-floating rate, fixed-to-fixed rate).
Given the outperformance in the $1,000 par institutional side of the market during the reporting period, our overweight to $1,000 par structures contributed to the Fund’s relative results. As has been the case for several quarters, NAM maintained an overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. First, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of the market on an OAS basis. Retail investors historically have demonstrated a strong bias for income-generating investments. Couple this natural bias with a prolonged period of low interest rates, and retail demand for income solutions has only grown more intense. Within the preferred securities and contingent capital securities markets, the $25 par side of the market is arguably best positioned to benefit from retail demand. Unfortunately, many retail investors lack the wherewithal to calculate relative value metrics such as yield-to-worst and OAS, and instead often focus only on the size of a particular security’s coupon. Therefore, it is no surprise that this investor base has driven $25 par security valuations to such very rich levels versus $1,000 par valuations.
Second, our overweight to $1,000 par securities allows us to gain greater exposure to securities that have coupons with reset features, like floating rate coupons, fixed-to-floating rate coupons and fixed-to-fixed rate coupons. These structures are more common on the institutional $1,000 par side of the market, and help to mitigate duration and duration extension risk during a rising interest rate environment. Duration extension is a significant risk for callable securities with fixed-rate coupons. As of January 31, 2018, the Fund had about 83% of its assets invested in securities that have coupons with reset features.
| 12 | NUVEEN |
NAM believes we may be witnessing the sprouts of a new technical relationship developing between the $25 par and $1,000 par markets. During the reporting period, NAM has witnessed a trend in the preferred exchange traded fund (ETF) market where $1,000 par strategies have been driving positive net investor flows, while $25 par strategies generally have experienced net outflows. NAM will keep a close eye on this dynamic as ETF flows have played a meaningful role in relative valuations between the $25 and $1,000 par markets. As existing $1,000 par ETFs attract more investor assets, and as more $1,000 par strategies come on-line, this dynamic could be a catalyst for shrinking the gap in valuations between $25 par and $1,000 par securities.
Slightly detracting from JPT’s relative performance was an overweight to issuers in the industrial sector during the reporting period. JPT was overweight both GE and Viacom for most of the six-month reporting period. Idiosyncratic headlines for both companies weighed on valuations. NAM decided to exit their Viacom position before the end of the reporting period, but NAM maintains conviction that the headlines around GE are temporary in nature. NAM has conviction in GE as a credit and NAM finds the structural features of the specific GE security JPT owns to be compelling. That being said, NAM will remain vigilant with respect to monitoring the credit and NAM stands ready to reduce exposure should our fundamental opinion deteriorate from our current view.
JPT added short interest rate futures during the period to manage the Fund’s exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. These interest rate futures had a positive effect to overall Fund performance during the reporting period.
| NUVEEN | 13 |
Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through the use of bank borrowings as well as the use of reverse repurchase agreements for JPC and JPS. 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, the 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 positive impact on performance during this reporting period.
JPC, JPI and JPS continued to utilize forward starting interest rate swap contracts to partially hedge the interest cost of leverage, which as mentioned previously, is through the use of bank borrowings. During this reporting period, these swap contracts contributed to overall Fund performance.
As of January 31, 2018, the Funds’ percentages of leverage are shown in the accompanying table.
| JPC | JPI | JPS | JPT | |||||||||||||
| Effective Leverage* |
33.79 | % | 27.72 | % | 33.21 | % | 20.00 | % | ||||||||
| Regulatory Leverage* |
28.41 | % | 27.72 | % | 28.68 | % | 20.00 | % | ||||||||
| * | Effective leverage is a 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 a Fund. Both of these are part of the Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
THE FUNDS’ LEVERAGE
Bank Borrowings
As noted above, the Funds employ regulatory 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 | August 1, 2017 | Draws | Paydowns | January 31, 2018 | Average Balance Outstanding |
Draws | Paydowns | March 26, 2018 | ||||||||||||||||||||||||||||
| JPC |
$ | 540,000,000 | $ | — | $ | (103,000,000 | ) | $ | 437,000,000 | $ | 441,478,261 | $ | — | $ | — | $ | 437,000,000 | |||||||||||||||||||
| JPI |
$ | 225,000,000 | $ | — | $ | — | $ | 225,000,000 | $ | 225,000,000 | $ | — | $ | — | $ | 225,000,000 | ||||||||||||||||||||
| JPS |
$ | 845,300,000 | $ | — | $ | — | $ | 845,300,000 | $ | 845,300,000 | $ | — | $ | — | $ | 845,300,000 | ||||||||||||||||||||
| JPT |
$ | 42,500,000 | $ | — | $ | — | $ | 42,500,000 | $ | 42,500,000 | $ | — | $ | — | $ | 42,500,000 | ||||||||||||||||||||
Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.
Reverse Repurchase Agreements
As noted above, JPC and JPS utilized reverse repurchase agreements. The Fund’s transactions in reverse repurchase agreements are as shown in the accompanying table.
|
|
Current Reporting Period | Subsequent to the Close of the Reporting Period |
||||||||||||||||||||||||||||||||||
| Fund | August 1, 2017 | Purchases | Sales | January 31, 2018 | Average Balance Outstanding |
Purchases | Sales | March 26, 2018 | ||||||||||||||||||||||||||||
| JPC | $ | — | $ | 125,000,000 | $ | — | $ | 125,000,000 | $ | 125,000,000 | $ — | $ | — | $ | 125,000,000 | |||||||||||||||||||||
| JPS | $ | 200,000,000 | $ | — | $ | — | $ | 200,000,000 | $ | 200,000,000 | $ — | $ | — | $ | 200,000,000 | |||||||||||||||||||||
| 14 | NUVEEN |
Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of January 31, 2018. 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 | ||||||||||||||||
| Monthly Distributions (Ex-Dividend Date) | JPC | JPI | JPS | JPT | ||||||||||||
| August 2017 |
$ | 0.0650 | $ | 0.1415 | $ | 0.0620 | $ | 0.1275 | ||||||||
| September |
0.0650 | 0.1415 | 0.0620 | 0.1275 | ||||||||||||
| October |
0.0650 | 0.1415 | 0.0620 | 0.1275 | ||||||||||||
| November |
0.0650 | 0.1415 | 0.0620 | 0.1275 | ||||||||||||
| December |
0.0650 | 0.1415 | 0.0620 | 0.1275 | ||||||||||||
| January 2018 |
0.0650 | 0.1415 | 0.0620 | 0.1275 | ||||||||||||
| Total Distributions |
$ | 0.3900 | $ | 0.8490 | $ | 0.3720 | $ | 0.7650 | ||||||||
| Current Distribution Rate* |
7.95 | % | 7.11 | % | 7.88 | % | 6.49 | % | ||||||||
| * | 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. |
Each Fund in this report seeks to pay regular monthly dividends out of their net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. 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, 2018, JPS and JPT had positive UNII balances while JPC and JPI had zero UNII balances, based upon our best estimate, for tax purposes. JPC, JPI and JPS had negative UNII balances while JPT had a positive UNII balance for financial reporting purposes.
All monthly dividends paid by the Funds 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 each Fund’s 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 each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE REPURCHASES
During August 2017, the Funds’ Board of Trustees reauthorized for JPC, JPI and JPS and authorized for JPT an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
| NUVEEN | 15 |
Common Share Information (continued)
As of January 31, 2018, 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 | JPS | JPT | |||||||||||||
| Common shares cumulatively repurchased and retired |
2,826,100 | 0 | 0 | 0 | ||||||||||||
| Common shares authorized for repurchase |
10,335,000 | 2,275,000 | 20,380,000 | 680,000 | ||||||||||||
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of January 31, 2018, 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 | JPS | JPT | |||||||||||||
| Common share NAV |
$ | 10.66 | $ | 25.78 | $ | 10.32 | $ | 24.89 | ||||||||
| Common share price |
$ | 9.81 | $ | 23.88 | $ | 9.44 | $ | 23.58 | ||||||||
| Premium/(Discount) to NAV |
(7.97 | )% | (7.37 | )% | (8.53 | )% | (5.26 | )% | ||||||||
| 6-month average premium/(discount) to NAV |
(3.28 | )% | (3.57 | )% | (1.36 | )% | (0.51 | )% | ||||||||
| 16 | NUVEEN |
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 and 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. Certain types of preferred or debt securities with special loss absorption provisions, such as contingent capital securities (CoCos), may be or become so subordinated that they present risks equivalent to, or in some cases even greater than, the same company’s common stock. These loss absorption features work to the benefit of the security issuer, not the investor. 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. Certain types of preferred or debt securities with special loss absorption provisions, such as contingent capital securities (CoCos), may be or become so subordinated that they present risks equivalent to, or in some cases even greater than, the same company’s common stock. These loss absorption features work to the benefit of the security issuer, not the investor. 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 Preferred and Income Securities Fund (JPS)
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. 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. Certain types of preferred or debt securities with special loss absorption provisions, such as contingent capital securities (CoCos), may be or become so subordinated that they present risks equivalent to, or in some cases even greater than, the same company’s common stock. These loss absorption features work to the benefit of the security issuer, not the investor. These and other risks such as concentration and foreign securities risk are described in more detail on the Fund’s web page at www.nuveen.com/JPS.
| NUVEEN | 17 |
Risk Considerations (continued)
Nuveen Preferred and Income 2022 Term Fund (JPT)
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/JPT.
| 18 | NUVEEN |
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| NUVEEN | 19 |
JPC
Nuveen Preferred and Income Opportunities Fund
Performance Overview and Holding Summaries as of January 31, 2018
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, 2018
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JPC at Common Share NAV | 1.68% | 10.80% | 8.09% | 6.63% | ||||||||||||
| JPC at Common Share Price | (3.82)% | 6.61% | 8.09% | 7.77% | ||||||||||||
| ICE BofAML U.S. All Capital Securities Index | 0.26% | 7.07% | 6.32% | 4.42% | ||||||||||||
| JPC Blended Benchmark | 0.62% | 7.87% | 5.83% | 4.58% | ||||||||||||
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. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.
Common Share Price Performance — Weekly Closing Price
| 20 | NUVEEN |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | Includes 0.8% (as a percentage of total investments) in emerging market countries. |
| NUVEEN | 21 |
JPI
Nuveen Preferred and Income Term Fund
Performance Overview and Holding Summaries as of January 31, 2018
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, 2018
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | Since Inception |
|||||||||||||
| JPI at Common Share NAV | 2.56% | 13.02% | 8.80% | 9.95% | ||||||||||||
| JPI at Common Share Price | (1.75)% | 7.74% | 7.99% | 8.01% | ||||||||||||
| ICE BofAML U.S. All Capital Securities Index | 0.26% | 7.07% | 6.32% | 7.44% | ||||||||||||
| JPI Blended Benchmark | 2.02% | 10.08% | 6.05% | 6.41% | ||||||||||||
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
| 22 | NUVEEN |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | Includes 1.4% (as a percentage of total investments) in emerging market countries. |
| NUVEEN | 23 |
JPS
Nuveen Preferred and Income Securities Fund
Performance Overview and Holding Summaries as of January 31, 2018
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, 2018
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JPS at Common Share NAV | 2.94% | 14.50% | 8.88% | 6.44% | ||||||||||||
| JPS at Common Share Price | (4.93)% | 5.65% | 8.04% | 5.99% | ||||||||||||
| ICE BofAML U.S. All Capital Securities Index | 0.26% | 7.07% | 6.32% | 6.72% | ||||||||||||
| JPS Blended Benchmark | 2.02% | 10.08% | 6.05% | 5.34% | ||||||||||||
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. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.
Common Share Price Performance — Weekly Closing Price
| 24 | NUVEEN |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | Includes 2.4% (as a percentage of total investments) in emerging market countries. |
| NUVEEN | 25 |
JPT
Nuveen Preferred and Income 2022 Term Fund
Performance Overview and Holding Summaries as of January 31, 2018
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, 2018
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | Since Inception |
||||||||||||||
| JPI at Common Share NAV | 0.13% | 7.06% | 6.73% | |||||||||||||
| JPI at Common Share Price | (3.68)% | 0.13% | (0.26)% | |||||||||||||
| ICE BofAML U.S. All Capital Securities Index | 0.26% | 7.07% | 7.24% | |||||||||||||
Since inception returns are from 1/26/17. 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
| 26 | NUVEEN |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | Includes 1.8% (as a percentage of total investments) in emerging market countries. |
| NUVEEN | 27 |
JPC
| Nuveen Preferred and Income Opportunities Fund |
||
| January 31, 2018 (Unaudited) |
| Principal Amount (000)/ Shares |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| LONG-TERM INVESTMENTS – 147.7% (98.7% of Total Investments) |
| |||||||||||||||||||
| $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 68.6% (45.8% of Total Investments) |
| |||||||||||||||||||
| Automobiles – 1.7% | ||||||||||||||||||||
| $ | 17,805 | General Motors Financial Company Inc. |
5.750% | N/A (3) | BB+ | $ | 18,383,662 | |||||||||||||
| Banks – 33.2% | ||||||||||||||||||||
| 33,945 | Bank of America Corporation, (4) |
6.500% | N/A (3) | BBB– | 37,975,968 | |||||||||||||||
| 9,265 | Bank of America Corporation |
6.300% | N/A (3) | BBB– | 10,376,800 | |||||||||||||||
| 3,535 | Bank of America Corporation |
8.000% | N/A (3) | BBB– | 3,582,475 | |||||||||||||||
| 1,895 | Bank of America Corporation, (5) |
8.125% | N/A (3) | BBB– | 1,932,900 | |||||||||||||||
| 3,575 | Barclays Bank PLC, 144A, (5) |
10.180% | 6/12/21 | A– | 4,313,942 | |||||||||||||||
| 10,675 | CIT Group Inc., Series A |
5.800% | N/A (3) | B+ | 10,888,500 | |||||||||||||||
| 16,975 | Citigroup Inc. |
6.250% | N/A (3) | BB+ | 18,460,312 | |||||||||||||||
| 8,885 | Citigroup Inc. |
6.125% | N/A (3) | BB+ | 9,394,999 | |||||||||||||||
| 805 | Citigroup Inc. |
5.950% | N/A (3) | BB+ | 840,219 | |||||||||||||||
| 13,690 | Citigroup Inc. |
5.875% | N/A (3) | BB+ | 14,169,150 | |||||||||||||||
| 2,925 | Citigroup Inc. |
5.800% | N/A (3) | BB+ | 3,031,031 | |||||||||||||||
| 8,414 | Citizens Financial Group Inc. |
5.500% | N/A (3) | BB+ | 8,642,861 | |||||||||||||||
| 4,690 | Cobank Agricultural Credit Bank, (4) |
6.250% | N/A (3) | BBB+ | 5,114,674 | |||||||||||||||
| 4,960 | Commerzbank AG, 144A, (5) |
8.125% | 9/19/23 | BBB | 5,914,540 | |||||||||||||||
| 4,204 | HSBC Capital Funding LP, Debt, 144A |
10.176% | N/A (3) | BBB+ | 6,810,480 | |||||||||||||||
| 32,580 | JP Morgan Chase & Company |
6.750% | N/A (3) | BBB– | 36,408,150 | |||||||||||||||
| 125 | JP Morgan Chase & Company |
6.100% | N/A (3) | BBB– | 133,359 | |||||||||||||||
| 11,290 | JP Morgan Chase & Company |
5.300% | N/A (3) | BBB– | 11,631,523 | |||||||||||||||
| 10,575 | JP Morgan Chase & Company |
7.900% | N/A (3) | BBB– | 10,720,406 | |||||||||||||||
| 4,485 | KeyCorp Convertible Preferred Stock |
5.000% | N/A (3) | Baa3 | 4,563,488 | |||||||||||||||
| 22,925 | Lloyds Bank PLC, 144A, (4) |
12.000% | N/A (3) | BBB– | 30,597,700 | |||||||||||||||
| 6,520 | M&T Bank Corporation, (4) |
6.450% | N/A (3) | Baa2 | 7,359,450 | |||||||||||||||
| 5,715 | M&T Bank Corporation |
5.125% | N/A (3) | Baa2 | 5,999,321 | |||||||||||||||
| 3,655 | PNC Financial Services |
5.000% | N/A (3) | Baa2 | 3,832,268 | |||||||||||||||
| 26,603 | PNC Financial Services Inc., (4) |
6.750% | N/A (3) | Baa2 | 29,030,523 | |||||||||||||||
| 4,633 | Royal Bank of Scotland Group PLC |
7.648% | N/A (3) | Ba2 | 6,092,395 | |||||||||||||||
| 5,325 | SunTrust Bank Inc. |
5.625% | N/A (3) | Baa3 | 5,524,688 | |||||||||||||||
| 8,450 | SunTrust Bank Inc. |
5.050% | N/A (3) | Baa3 | 8,471,125 | |||||||||||||||
| 250 | US Bancorp, Convertible Bonds, Floating Rate |
5.125% | N/A (3) | A3 | 259,375 | |||||||||||||||
| 3,750 | Wachovia Capital Trust III |
5.570% | N/A (3) | Baa2 | 3,767,813 | |||||||||||||||
| 5,465 | Wells Fargo & Company |
7.980% | N/A (3) | Baa2 | 5,516,371 | |||||||||||||||
| 4,605 | Wells Fargo & Company |
5.900% | N/A (3) | Baa2 | 4,876,695 | |||||||||||||||
| 35,380 | Wells Fargo & Company, (4) |
5.875% | N/A (3) | Baa2 | 38,482,826 | |||||||||||||||
| 9,666 | Zions Bancorporation |
7.200% | N/A (3) | BB– | 10,825,920 | |||||||||||||||
| Total Banks |
365,542,247 | |||||||||||||||||||
| Capital Markets – 2.2% | ||||||||||||||||||||
| 2,320 | Bank of New York Mellon |
4.950% | N/A (3) | Baa1 | 2,372,780 | |||||||||||||||
| 11,375 | Goldman Sachs Group Inc. |
5.375% | N/A (3) | Ba1 | 11,744,687 | |||||||||||||||
| 2,945 | Goldman Sachs Group Inc. |
5.300% | N/A (3) | Ba1 | 3,066,481 | |||||||||||||||
| 5,140 | Morgan Stanley |
5.550% | N/A (3) | BB+ | 5,313,475 | |||||||||||||||
| 1,725 | State Street Corporation |
5.250% | N/A (3) | Baa1 | 1,798,313 | |||||||||||||||
| Total Capital Markets |
24,295,736 | |||||||||||||||||||
| Commercial Services & Supplies – 0.6% | ||||||||||||||||||||
| 6,430 | AerCap Global Aviation Trust, 144A, (5) |
6.500% | 6/15/45 | BB | 7,008,700 | |||||||||||||||
| Consumer Finance – 2.5% | ||||||||||||||||||||
| 4,396 | American Express Company |
5.200% | N/A (3) | Baa2 | 4,500,405 | |||||||||||||||
| 2,160 | American Express Company |
4.900% | N/A (3) | Baa2 | 2,192,400 | |||||||||||||||
| 28 | NUVEEN |
| Principal Amount (000)/ Shares |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| Consumer Finance (continued) | ||||||||||||||||||||
| $ | 12,455 | Capital One Financial Corporation |
5.550% | N/A (3) | Baa3 | $ | 12,859,787 | |||||||||||||
| 7,920 | Discover Financial Services |
5.500% | N/A (3) | BB– | 8,043,751 | |||||||||||||||
| Total Consumer Finance |
27,596,343 | |||||||||||||||||||
| Diversified Financial Services – 3.2% | ||||||||||||||||||||
| 5,670 | BNP Paribas, 144A |
7.195% | N/A (3) | BBB | 6,555,938 | |||||||||||||||
| 14,800 | Compeer Financial ACA., 144A, (5) |
6.750% | N/A (3) | BB | 16,176,400 | |||||||||||||||
| 2,300 | Depository Trust & Clearing Corporation, 144A |
4.875% | N/A (3) | A | 2,369,000 | |||||||||||||||
| 7,443 | Rabobank Nederland, 144A |
11.000% | N/A (3) | Baa2 | 8,215,211 | |||||||||||||||
| 1,955 | Voya Financial Inc., (5) |
5.650% | 5/15/53 | Baa3 | 2,077,188 | |||||||||||||||
| Total Diversified Financial Services |
35,393,737 | |||||||||||||||||||
| Electric Utilities – 3.0% | ||||||||||||||||||||
| 3,620 | Electricite de France, 144A |
5.250% | N/A (3) | BBB | 3,719,550 | |||||||||||||||
| 25,485 | Emera, Inc., (4), (5) |
6.750% | 6/15/76 | BBB– | 28,798,050 | |||||||||||||||
| Total Electric Utilities |
32,517,600 | |||||||||||||||||||
| Energy Equipment & Services – 0.7% | ||||||||||||||||||||
| 7,571 | Transcanada Trust, (4), (5) |
5.875% | 8/15/76 | BBB | 8,244,819 | |||||||||||||||
| Equity Real Estate Investment Trusts – 1.3% | ||||||||||||||||||||
| 12 | Sovereign Real Estate Investment Trust, 144A |
12.000% | N/A (3) | Ba1 | 14,660,513 | |||||||||||||||
| Food Products – 4.5% | ||||||||||||||||||||
| 2,245 | Dairy Farmers of America Inc., 144A |
7.125% | N/A (3) | Baa3 | 2,475,113 | |||||||||||||||
| 6,490 | Land O’ Lakes Incorporated, 144A |
7.250% | N/A (3) | BB | 7,220,125 | |||||||||||||||
| 34,865 | Land O’ Lakes Incorporated, 144A |
8.000% | N/A (3) | BB | 39,571,774 | |||||||||||||||
| Total Food Products |
49,267,012 | |||||||||||||||||||
| Industrial Conglomerates – 3.6% | ||||||||||||||||||||
| 39,156 | General Electric Capital Corporation |
5.000% | N/A (3) | A– | 39,547,560 | |||||||||||||||
| Insurance – 10.6% | ||||||||||||||||||||
| 1,205 | AXA SA, (5) |
8.600% | 12/15/30 | A3 | 1,714,354 | |||||||||||||||
| 29,510 | Financial Security Assurance Holdings, 144A, (5) |
6.400% | 12/15/66 | BBB+ | 29,362,450 | |||||||||||||||
| 7,000 | Friends Life Group PLC, Reg S |
7.875% | N/A (3) | A– | 7,255,500 | |||||||||||||||
| 2,108 | La Mondiale SAM, Reg S |
7.625% | N/A (3) | BBB | 2,215,065 | |||||||||||||||
| 7,117 | Liberty Mutual Group, 144A, (4) |
7.800% | 3/15/37 | Baa3 | 9,003,005 | |||||||||||||||
| 9,335 | MetLife Capital Trust IV, 144A, (4) |
7.875% | 12/15/37 | BBB | 12,304,697 | |||||||||||||||
| 4,425 | MetLife Inc. |
5.250% | N/A (3) | BBB | 4,547,130 | |||||||||||||||
| 5,760 | MetLife Inc., 144A, (4), (5) |
9.250% | 4/08/38 | BBB | 8,460,000 | |||||||||||||||
| 1,150 | Nationwide Financial Services Capital Trust, (4), (5) |
7.899% | 3/01/37 | Baa2 | 1,273,794 | |||||||||||||||
| 9,550 | Nationwide Financial Services Inc., (4) |
6.750% | 5/15/37 | Baa2 | 10,696,000 | |||||||||||||||
| 900 | Principal Financial Group |
4.700% | 5/15/55 | Baa2 | 918,000 | |||||||||||||||
| 6,855 | Provident Financing Trust I, (5) |
7.405% | 3/15/38 | Baa3 | 7,832,523 | |||||||||||||||
| 3,315 | Prudential Financial Inc., (5) |
5.875% | 9/15/42 | BBB+ | 3,629,925 | |||||||||||||||
| 1,270 | Prudential Financial Inc., (5) |
5.625% | 6/15/43 | BBB+ | 1,381,379 | |||||||||||||||
| 2,540 | QBE Insurance Group Limited, Reg S |
6.750% | 12/02/44 | BBB | 2,858,770 | |||||||||||||||
| 11,875 | QBE Insurance Group Limited, 144A, (5) |
7.500% | 11/24/43 | Baa2 | 13,671,094 | |||||||||||||||
| Total Insurance |
117,123,686 | |||||||||||||||||||
| Machinery – 0.2% | ||||||||||||||||||||
| 2,215 | Stanley Black & Decker Inc., (5) |
5.750% | 12/15/53 | BBB+ | 2,281,450 | |||||||||||||||
| Media – 0.1% | ||||||||||||||||||||
| 1,285 | Viacom Inc., (5) |
5.875% | 2/28/57 | Ba1 | 1,305,133 | |||||||||||||||
| Metals & Mining – 0.5% | ||||||||||||||||||||
| 4,625 | BHP Billiton Finance USA Limited, 144A |
6.250% | 10/19/75 | A– | 4,966,094 | |||||||||||||||
| NUVEEN | 29 |
| JPC | Nuveen Preferred and Income Opportunities Fund | |||
| Portfolio of Investments (continued) | January 31, 2018 (Unaudited) |
| Principal Amount (000)/ Shares |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| Oil, Gas & Consumable Fuels – 0.2% | ||||||||||||||||||||
| $ | 1,790 | Enterprise Products Operating LLP, (5) |
5.250% | 8/16/77 | Baa2 | $ | 1,785,525 | |||||||||||||
| U.S. Agency – 0.5% | ||||||||||||||||||||
| 4,700 | Farm Credit Bank of Texas, 144A, (5) |
10.000% | N/A (3) | Baa1 | 5,522,500 | |||||||||||||||
| Total $1,000 Par (or similar) Institutional Preferred (cost $709,657,950) |
|
755,442,317 | ||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
| $25 PAR (OR SIMILAR) RETAIL PREFERRED – 43.5% (29.1% of Total Investments) |
| |||||||||||||||||||
| Banks – 11.1% | ||||||||||||||||||||
| 134,000 | Cowen Group, Inc. |
7.350% | N/R | $ | 3,370,100 | |||||||||||||||
| 126,000 | AgriBank FCB, (6) |
6.875% | BBB+ | 13,812,750 | ||||||||||||||||
| 86,444 | Boston Private Financial Holdings Inc. |
6.950% | N/R | 2,220,746 | ||||||||||||||||
| 148,791 | Citigroup Inc. |
8.125% | BB+ | 3,791,195 | ||||||||||||||||
| 538,298 | Citigroup Inc., (5) |
7.125% | BB+ | 15,201,535 | ||||||||||||||||
| 172,975 | Cobank Agricultural Credit Bank, 144A, (6) |
6.250% | BBB+ | 18,378,594 | ||||||||||||||||
| 73,511 | Cobank Agricultural Credit Bank, (6) |
6.200% | BBB+ | 7,865,677 | ||||||||||||||||
| 38,725 | Cobank Agricultural Credit Bank, (6) |
6.125% | BBB+ | 3,882,181 | ||||||||||||||||
| 148,251 | Countrywide Capital Trust III |
7.000% | BBB– | 3,792,261 | ||||||||||||||||
| 218,164 | Fifth Third Bancorp., (5) |
6.625% | Baa3 | 6,169,678 | ||||||||||||||||
| 178,757 | FNB Corporation, (4) |
7.250% | Ba2 | 5,323,383 | ||||||||||||||||
| 138,932 | HSBC Holdings PLC, (5) |
8.000% | BBB+ | 3,698,370 | ||||||||||||||||
| 434,200 | Huntington BancShares Inc. |
6.250% | Baa3 | 11,601,824 | ||||||||||||||||
| 109,175 | KeyCorp Preferred Stock, (5) |
6.125% | Baa3 | 3,084,740 | ||||||||||||||||
| 82,000 | People’s United Financial, Inc., (5) |
5.625% | BB+ | 2,132,000 | ||||||||||||||||
| 363,549 | Regions Financial Corporation, (5) |
6.375% | BB+ | 9,993,962 | ||||||||||||||||
| 113,600 | U.S. Bancorp., (5) |
6.500% | A3 | 3,148,992 | ||||||||||||||||
| 140,652 | Western Alliance Bancorp., (4) |
6.250% | N/R | 3,607,724 | ||||||||||||||||
| 39,465 | Zions Bancorporation, (5) |
6.300% | BB– | 1,059,635 | ||||||||||||||||
| Total Banks |
122,135,347 | |||||||||||||||||||
| Capital Markets – 8.2% | ||||||||||||||||||||
| 159,589 | Apollo Investment Corporation, (4) |
6.875% | BBB– | 4,085,478 | ||||||||||||||||
| 170,450 | B. Riley Financial Inc. |
7.250% | N/R | 4,269,773 | ||||||||||||||||
| 142,980 | B. Riley Financial, Inc. |
7.500% | N/R | 3,610,245 | ||||||||||||||||
| 134,939 | Charles Schwab Corporation |
6.000% | BBB | 3,539,450 | ||||||||||||||||
| 129,169 | Charles Schwab Corporation, (4) |
5.950% | BBB | 3,398,436 | ||||||||||||||||
| 74,600 | Goldman Sachs Group, Inc. |
5.500% | Ba1 | 1,943,330 | ||||||||||||||||
| 116,034 | Hercules Technology Growth Capital Incorporated, (4) |
6.250% | BBB– | 2,941,462 | ||||||||||||||||
| 370,280 | Ladenburg Thalmann Financial Services Inc. |
8.000% | N/R | 9,386,598 | ||||||||||||||||
| 1,054,488 | Morgan Stanley, (4), (5) |
7.125% | BB+ | 30,000,183 | ||||||||||||||||
| 269,900 | Morgan Stanley, (5) |
6.875% | BB+ | 7,573,394 | ||||||||||||||||
| 221,100 | Morgan Stanley, (5) |
5.850% | BB+ | 5,781,765 | ||||||||||||||||
| 74,448 | Northern Trust Corporation, (5) |
5.850% | BBB+ | 1,955,004 | ||||||||||||||||
| 145,905 | Oaktree Specialty Lending Corporation, (4) |
6.125% | BB | 3,611,149 | ||||||||||||||||
| 51,445 | State Street Corporation, (5) |
5.350% | Baa1 | 1,353,004 | ||||||||||||||||
| 138,364 | Stifel Financial Corporation, (5) |
6.250% | BB– | 3,625,137 | ||||||||||||||||
| 111,601 | Triangle Capital Corporation, (4) |
6.375% | N/R | 2,801,185 | ||||||||||||||||
| Total Capital Markets |
89,875,593 | |||||||||||||||||||
| Consumer Finance – 3.3% | ||||||||||||||||||||
| 169,911 | Capital One Financial Corporation, (5) |
6.700% | Baa3 | 4,502,642 | ||||||||||||||||
| 1,219,645 | GMAC Capital Trust I, (4) |
5.785% | B+ | 31,735,163 | ||||||||||||||||
| Total Consumer Finance |
36,237,805 | |||||||||||||||||||
| Diversified Financial Services – 0.3% | ||||||||||||||||||||
| 141,562 | Main Street Capital Corporation, (5) |
6.125% | N/R | 3,738,652 | ||||||||||||||||
| 30 | NUVEEN |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
| Diversified Telecommunication Services – 1.0% | ||||||||||||||||||||
| 334,132 | Qwest Corporation, (4) |
7.000% | BBB– | $ | 7,264,030 | |||||||||||||||
| 197,715 | Qwest Corporation, (4) |
6.875% | BBB– | 4,244,941 | ||||||||||||||||
| Total Diversified Telecommunication Services |
11,508,971 | |||||||||||||||||||
| Equity Real Estate Investment Trusts – 0.4% | ||||||||||||||||||||
| 46,684 | Colony Northstar, Inc., (4) |
8.250% | N/R | 1,175,970 | ||||||||||||||||
| 147,988 | Senior Housing Properties Trust, (4), (5) |
5.625% | BBB– | 3,684,901 | ||||||||||||||||
| Total Equity Real Estate Investment Trusts |
4,860,871 | |||||||||||||||||||
| Food Products – 3.9% | ||||||||||||||||||||
| 365,568 | CHS Inc., (4), (5) |
7.875% | N/R | 10,517,391 | ||||||||||||||||
| 517,590 | CHS Inc., (5) |
7.100% | N/R | 13,995,634 | ||||||||||||||||
| 486,440 | CHS Inc., (5) |
6.750% | N/R | 12,822,559 | ||||||||||||||||
| 23,000 | Dairy Farmers of America Inc., 144A, (6) |
7.875% | Baa3 | 2,367,057 | ||||||||||||||||
| 24,500 | Dairy Farmers of America Inc., 144A, (6) |
7.875% | Baa3 | 2,804,103 | ||||||||||||||||
| Total Food Products |
42,506,744 | |||||||||||||||||||
| Insurance – 8.6% | ||||||||||||||||||||
| 23,337 | Allstate Corporation |
6.750% | BBB– | 600,694 | ||||||||||||||||
| 302,283 | Argo Group US Inc., (4) |
6.500% | BBB– | 7,653,806 | ||||||||||||||||
| 394,916 | Aspen Insurance Holdings Limited, (5) |
5.950% | BBB– | 10,315,206 | ||||||||||||||||
| 73,500 | Aspen Insurance Holdings Limited, (5) |
5.625% | BBB– | 1,814,715 | ||||||||||||||||
| 125,700 | Axis Capital Holdings Limited, (5) |
5.500% | BBB | 3,043,197 | ||||||||||||||||
| 56,900 | Delphi Financial Group, Inc., (5), (6) |
1.872% | BB+ | 1,322,925 | ||||||||||||||||
| 217,135 | Hartford Financial Services Group Inc., (4), (5) |
7.875% | BBB– | 6,305,600 | ||||||||||||||||
| 604,007 | Kemper Corporation, (4) |
7.375% | Ba1 | 15,553,180 | ||||||||||||||||
| 365,333 | Maiden Holdings Limited, (5) |
8.250% | N/R | 8,263,833 | ||||||||||||||||
| 315,441 | Maiden Holdings NA Limited, (4) |
7.750% | N/R | 6,942,857 | ||||||||||||||||
| 106,195 | National General Holding Company |
7.625% | N/R | 2,623,547 | ||||||||||||||||
| 76,400 | National General Holding Company, (5) |
7.500% | N/R | 1,834,364 | ||||||||||||||||
| 153,954 | National General Holding Company, (5) |
7.500% | N/R | 3,659,487 | ||||||||||||||||
| 104,443 | PartnerRe Limited, (4), (5) |
7.250% | Baa2 | 2,876,360 | ||||||||||||||||
| 199,596 | Reinsurance Group of America Inc., (4), (5) |
6.200% | BBB | 5,556,752 | ||||||||||||||||
| 411,700 | Reinsurance Group of America, Inc., (4), (5) |
5.750% | BBB | 11,074,730 | ||||||||||||||||
| 220,272 | Torchmark Corporation, (4), (5) |
6.125% | BBB+ | 5,731,477 | ||||||||||||||||
| Total Insurance |
95,172,730 | |||||||||||||||||||
| Mortgage Real Estate Investment Trusts – 0.9% | ||||||||||||||||||||
| 178,638 | Arbor Realty Trust Incorporated |
7.375% | N/R | 4,560,628 | ||||||||||||||||
| 96,986 | MFA Financial Inc., (5) |
8.000% | N/R | 2,510,968 | ||||||||||||||||
| 107,000 | Wells Fargo REIT, (5) |
6.375% | BBB | 2,755,250 | ||||||||||||||||
| Total Mortgage Real Estate Investment Trusts |
9,826,846 | |||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.9% | ||||||||||||||||||||
| 80,400 | Nustar Energy LP, (5) |
8.500% | B1 | 2,027,688 | ||||||||||||||||
| 50,000 | Nustar Energy LP |
7.625% | B1 | 1,181,500 | ||||||||||||||||
| 256,105 | Nustar Logistics Limited Partnership, (5) |
8.456% | B+ | 6,497,384 | ||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
9,706,572 | |||||||||||||||||||
| Thrifts & Mortgage Finance – 1.5% | ||||||||||||||||||||
| 194,503 | Federal Agricultural Mortgage Corporation, (4), (5) |
6.875% | N/R | 5,280,756 | ||||||||||||||||
| 143,124 | Federal Agricultural Mortgage Corporation, (5) |
6.000% | N/R | 3,828,567 | ||||||||||||||||
| 279,100 | New York Community Bancorp Inc., (5) |
6.375% | Ba1 | 7,812,009 | ||||||||||||||||
| Total Thrifts & Mortgage Finance |
16,921,332 | |||||||||||||||||||
| U.S. Agency – 2.4% | ||||||||||||||||||||
| 246,300 | Farm Credit Bank of Texas, 144A, (6) |
6.750% | Baa1 | 26,785,125 | ||||||||||||||||
| NUVEEN | 31 |
| JPC | Nuveen Preferred and Income Opportunities Fund | |||
| Portfolio of Investments (continued) | January 31, 2018 (Unaudited) |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
| Wireless Telecommunication Services – 1.0% | ||||||||||||||||||||
| 415,473 | United States Cellular Corporation, (4) |
7.250% | Ba1 | $ | 10,424,218 | |||||||||||||||
| Total $25 Par (or similar) Retail Preferred (cost $464,845,098) |
|
479,700,806 | ||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| CONTINGENT CAPITAL SECURITIES – 24.2% (16.2% of Total Investments) (7) |
|
|||||||||||||||||||
| Banks – 19.9% | ||||||||||||||||||||
| $ | 2,820 | Australia and New Zealand Banking Group Limited of the |
6.750% | N/A (3) | Baa2 | $ | 3,176,025 | |||||||||||||
| 7,916 | Banco Bilbao Vizcaya Argentaria S.A |
6.125% | N/A (3) | Ba2 | 8,236,598 | |||||||||||||||
| 3,600 | Banco Bilbao Vizcaya Argentaria S.A, Reg S |
9.000% | N/A (3) | BB | 3,649,853 | |||||||||||||||
| 1,205 | Banco Mercantil del Norte, 144A |
7.625% | N/A (3) | BB | 1,335,441 | |||||||||||||||
| 1,200 | Banco Santander SA, Reg S |
6.375% | N/A (3) | Ba1 | 1,226,472 | |||||||||||||||
| 8,110 | Barclays PLC, Reg S |
7.875% | N/A (3) | BB+ | 8,866,176 | |||||||||||||||
| 14,135 | Barclays PLC |
8.250% | N/A (3) | BB+ | 14,718,633 | |||||||||||||||
| 12,535 | Credit Agricole SA, 144A |
8.125% | N/A (3) | BBB– | 15,007,103 | |||||||||||||||
| 9,585 | Credit Agricole SA, 144A |
7.875% | N/A (3) | BBB– | 10,885,224 | |||||||||||||||
| 1,750 | HSBC Holdings PLC |
6.000% | N/A (3) | BBB | 1,830,938 | |||||||||||||||
| 5,115 | HSBC Holdings PLC |
6.875% | N/A (3) | BBB | 5,492,231 | |||||||||||||||
| 5,055 | ING Groep N.V |
6.500% | N/A (3) | BBB– | 5,446,763 | |||||||||||||||
| 1,000 | ING Groep N.V, Reg S |
6.875% | N/A (3) | BBB– | 1,083,804 | |||||||||||||||
| 22,550 | Intesa Sanpaolo SpA, 144A |
7.700% | N/A (3) | BB– | 25,086,874 | |||||||||||||||
| 24,470 | Lloyds Banking Group PLC |
7.500% | N/A (3) | BB+ | 27,620,513 | |||||||||||||||
| 5,000 | Nordea Bank AB, 144A |
6.125% | N/A (3) | BBB | 5,365,250 | |||||||||||||||
| 8,405 | Royal Bank of Scotland Group PLC |
8.625% | N/A (3) | Ba3 | 9,382,081 | |||||||||||||||
| 1,500 | Royal Bank of Scotland Group PLC |
8.000% | N/A (3) | Ba3 | 1,716,570 | |||||||||||||||
| 11,105 | Royal Bank of Scotland Group PLC |
7.500% | N/A (3) | Ba3 | 11,757,419 | |||||||||||||||
| 9,846 | Societe Generale, 144A |
7.875% | N/A (3) | BB+ | 11,150,595 | |||||||||||||||
| 7,795 | Societe Generale, 144A |
7.375% | N/A (3) | BB+ | 8,408,856 | |||||||||||||||
| 6,485 | Standard Chartered PLC, 144A |
7.750% | N/A (3) | Ba1 | 7,133,500 | |||||||||||||||
| 2,660 | Standard Chartered PLC, 144A |
7.500% | N/A (3) | Ba1 | 2,866,150 | |||||||||||||||
| 2,600 | Standard Chartered PLC, 144A |
6.500% | N/A (3) | Ba1 | 2,678,380 | |||||||||||||||
| 22,575 | UniCredit SpA, Reg S |
8.000% | N/A (3) | B+ | 25,078,613 | |||||||||||||||
| 199,017 | Total Banks |
219,200,062 | ||||||||||||||||||
| Capital Markets – 3.3% | ||||||||||||||||||||
| 1,600 | Credit Suisse Group AG, Reg S |
7.125% | N/A (3) | Ba2 | 1,742,000 | |||||||||||||||
| 12,820 | Credit Suisse Group AG, 144A |
7.500% | N/A (3) | BB | 14,582,750 | |||||||||||||||
| 2,900 | Macquarie Bank Limited, 144A |
6.125% | N/A (3) | Ba1 | 3,008,750 | |||||||||||||||
| 4,355 | UBS Group AG, Reg S |
7.125% | N/A (3) | BBB– | 4,586,991 | |||||||||||||||
| 11,230 | UBS Group AG, Reg S |
7.000% | N/A (3) | BBB– | 12,689,900 | |||||||||||||||
| 32,905 | Total Capital Markets |
36,610,391 | ||||||||||||||||||
| Diversified Financial Services – 1.0% | ||||||||||||||||||||
| 6,065 | BNP Paribas, 144A |
7.375% | N/A (3) | BBB– | 6,967,169 | |||||||||||||||
| 3,170 | BNP Paribas, 144A |
7.625% | N/A (3) | BBB– | 3,459,263 | |||||||||||||||
| 9,235 | Total Diversified Financial Services |
10,426,432 | ||||||||||||||||||
| $ | 241,157 | Total Contingent Capital Securities (cost $253,643,559) |
|
266,236,885 | ||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| CORPORATE BONDS – 10.0% (6.7% of Total Investments) |
| |||||||||||||||||||
| Automobiles – 0.3% | ||||||||||||||||||||
| $ | 2,825 | Ford Motor Company |
7.450% | 7/16/31 | BBB | $ | 3,590,586 | |||||||||||||
| 32 | NUVEEN |
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| Biotechnology – 0.3% | ||||||||||||||||||||
| $ | 3,500 | AMAG Pharmaceuticals Inc., 144A, (4) |
7.875% | 9/01/23 | Ba3 | $ | 3,325,000 | |||||||||||||
| Capital Markets – 0.4% | ||||||||||||||||||||
| 3,960 | Donnelley Financial Solutions, Inc., (4) |
8.250% | 10/15/24 | B | 4,187,700 | |||||||||||||||
| Chemicals – 0.5% | ||||||||||||||||||||
| 4,675 | CVR Partners LP / CVR Nitrogen Finance Corp., 144A, (4) |
9.250% | 6/15/23 | B+ | 4,996,406 | |||||||||||||||
| Commercial Services & Supplies – 0.6% | ||||||||||||||||||||
| 6,040 | GFL Environmental Corporation, 144A, (4) |
9.875% | 2/01/21 | B– | 6,364,650 | |||||||||||||||
| Consumer Finance – 0.7% | ||||||||||||||||||||
| 6,975 | Navient Corporation, (4) |
8.000% | 3/25/20 | BB | 7,539,626 | |||||||||||||||
| Diversified Telecommunication Services – 0.2% | ||||||||||||||||||||
| 2,300 | Frontier Communications Corporation, (4) |
11.000% | 9/15/25 | B+ | 1,799,750 | |||||||||||||||
| Equity Real Estate Investment Trusts – 0.7% | ||||||||||||||||||||
| 8,175 | Communications Sales & Leasing Inc., (4) |
8.250% | 10/15/23 | BB– | 7,745,813 | |||||||||||||||
| Food Products – 0.1% | ||||||||||||||||||||
| 1,310 | Land O Lakes Capital Trust I, 144A, (5) |
7.450% | 3/15/28 | Ba1 | 1,486,850 | |||||||||||||||
| Health Care Providers & Services – 0.7% | ||||||||||||||||||||
| 7,720 | Kindred Healthcare Inc., (4) |
8.000% | 1/15/20 | B– | 8,236,275 | |||||||||||||||
| Insurance – 0.2% | ||||||||||||||||||||
| 2,010 | Security Benefit Life Insurance Company, 144A, (5) |
7.450% | 10/01/33 | BBB | 2,436,737 | |||||||||||||||
| IT Services – 0.2% | ||||||||||||||||||||
| 2,350 | First Data Corporation, 144A |
7.000% | 12/01/23 | B | 2,474,856 | |||||||||||||||
| Media – 1.6% | ||||||||||||||||||||
| 10,425 | Dish DBS Corporation, (4) |
7.750% | 7/01/26 | Ba3 | 10,711,687 | |||||||||||||||
| 5,875 | Viacom Inc., (4) |
6.875% | 4/30/36 | BBB | 6,996,663 | |||||||||||||||
| 16,300 | Total Media |
17,708,350 | ||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.7% | ||||||||||||||||||||
| 7,200 | Enviva Parnters LP / Enviva Partners Finance Corp. |
8.500% | 11/01/21 | BB– | 7,695,000 | |||||||||||||||
| Software – 0.4% | ||||||||||||||||||||
| 4,175 | Conduent Finance Inc. / Xerox Business Services LLC, 144A, (4) |
10.500% | 12/15/24 | BB | 4,875,565 | |||||||||||||||
| Specialty Retail – 0.6% | ||||||||||||||||||||
| 6,450 | L Brands, Inc., (4) |
6.875% | 11/01/35 | BB+ | 6,595,125 | |||||||||||||||
| Technology Hardware, Storage & Peripherals – 1.5% | ||||||||||||||||||||
| 13,885 | Western Digital Corporation, (4) |
10.500% | 4/01/24 | Baa3 | 16,235,036 | |||||||||||||||
| Wireless Telecommunication Services – 0.3% | ||||||||||||||||||||
| 3,375 | Altice Financing SA, 144A, (4) |
7.500% | 5/15/26 | BB– | 3,503,689 | |||||||||||||||
| $ | 103,225 | Total Corporate Bonds (cost $109,831,291) |
110,797,014 | |||||||||||||||||
| NUVEEN | 33 |
| JPC | Nuveen Preferred and Income Opportunities Fund | |||
| Portfolio of Investments (continued) | January 31, 2018 (Unaudited) |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 1.1% (0.7% of Total Investments) |
| |||||||||||||||||||
| Electric Utilities – 1.1% | ||||||||||||||||||||
| 167,100 | NextEra Energy Inc., (4) |
6.371% | BBB | $ | 11,857,416 | |||||||||||||||
| Total Convertible Preferred Securities (cost $10,100,296) |
11,857,416 | |||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||
| COMMON STOCKS – 0.3% (0.2% of Total Investments) |
||||||||||||||||||||
| Capital Markets – 0.3% | ||||||||||||||||||||
| 184,035 | Ares Capital Corporation, (5) |
$ | 2,935,358 | |||||||||||||||||
| Total Common Stocks (cost $3,036,662) |
2,935,358 | |||||||||||||||||||
| Total Long-Term Investments (cost $1,551,114,856) |
1,626,969,796 | |||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||||||
| SHORT-TERM INVESTMENTS – 2.0% (1.3% of Total Investments) |
||||||||||||||||||||
| REPURCHASE AGREEMENTS – 2.0% (1.3% of Total Investments) |
||||||||||||||||||||
| $ | 21,717 | Repurchase Agreement with Fixed Income Clearing
Corporation, |
0.540% | 2/01/18 | $ | 21,717,039 | ||||||||||||||
| Total Short-Term Investments (cost $21,717,039) |
21,717,039 | |||||||||||||||||||
| Total Investments (cost $1,572,831,895) – 149.7% |
1,648,686,835 | |||||||||||||||||||
| Borrowings – (39.7)% (8), (9) |
(437,000,000 | ) | ||||||||||||||||||
| Reverse Repurchase Agreements – (11.4)% (10) |
(125,000,000 | ) | ||||||||||||||||||
| Other Assets Less Liabilities – 1.4% (11) |
14,541,215 | |||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
$ | 1,101,228,050 | ||||||||||||||||||
Investments in Derivatives
Interest Rate Swaps – OTC Uncleared
| Counterparty | Notional Amount |
Fund Pay/Receive Floating Rate |
Floating Rate Index | Fixed Rate (Annualized) |
Fixed Rate Payment Frequency |
Effective Date (12) |
Optional Termination Date |
Maturity Date |
Value | Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||||||
| Morgan Stanley Capital Services, LLC |
$ | 277,500,000 | Receive | 1-Month LIBOR | 1.994 | % | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $ | 9,697,121 | $ | 9,697,121 | ||||||||||||||||||||||||||
| Total unrealized appreciation on interest rate swaps |
|
$ | 9,697,121 | |||||||||||||||||||||||||||||||||||||
| 34 | NUVEEN |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (3) | Perpetual security. Maturity date is not applicable. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $291,700,080 have been pledged as collateral for reverse repurchase agreements. |
| (5) | Investment, or portion of investment, is hypothecated as described in the Notes to Financial Statements, Note 8 – Fund Leverage, Rehypothecation. The total value of investments hypothecated as of the end of the reporting period was $342,175,999. |
| (6) | 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. |
| (7) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms for the benefit of the issuer. For example the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. |
| (8) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $1,076,388,657 have been pledged as collateral for borrowings. |
| (9) | Borrowings as a percentage of Total Investments is 26.5%. |
| (10) | Reverse Repurchase Agreements as a percentage of Total Investments is 7.6%. |
| (11) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
| (12) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| 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. |
| LIBOR | London Inter-Bank Offered Rate |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| NUVEEN | 35 |
JPI
| Nuveen Preferred and Income Term Fund |
||
| Portfolio of Investments |
January 31, 2018 (Unaudited) |
| Principal Amount (000)/ Shares |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| LONG-TERM INVESTMENTS – 136.7% (99.7% of Total Investments) |
| |||||||||||||||||||
| $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 63.8% (46.5% of Total Investments) |
| |||||||||||||||||||
| Automobiles – 1.1% | ||||||||||||||||||||
| $ | 6,120 | General Motors Financial Company Inc. |
5.750% | N/A (3) | BB+ | $ | 6,318,900 | |||||||||||||
| Banks – 24.7% | ||||||||||||||||||||
| 5,720 | Bank of America Corporation |
6.500% | N/A (3) | BBB– | 6,399,250 | |||||||||||||||
| 5,675 | Bank of America Corporation |
6.300% | N/A (3) | BBB– | 6,356,000 | |||||||||||||||
| 3,366 | Bank of America Corporation |
8.000% | N/A (3) | BBB– | 3,411,205 | |||||||||||||||
| 870 | Bank of America Corporation |
8.125% | N/A (3) | BBB– | 887,400 | |||||||||||||||
| 4,000 | Barclays Bank PLC, 144A, (4) |
10.180% | 6/12/21 | A– | 4,826,788 | |||||||||||||||
| 9,315 | Citigroup Inc. |
6.125% | N/A (3) | BB+ | 9,849,681 | |||||||||||||||
| 510 | Citigroup Inc. |
5.950% | N/A (3) | BB+ | 532,313 | |||||||||||||||
| 10,935 | Citigroup Inc. |
5.875% | N/A (3) | BB+ | 11,317,724 | |||||||||||||||
| 4,540 | Citizens Financial Group Inc. |
5.500% | N/A (3) | BB+ | 4,663,488 | |||||||||||||||
| 4,265 | Commerzbank AG, 144A |
8.125% | 9/19/23 | BBB | 5,085,789 | |||||||||||||||
| 4,351 | HSBC Capital Funding LP, Debt, 144A |
10.176% | N/A (3) | BBB+ | 7,048,620 | |||||||||||||||
| 13,479 | JP Morgan Chase & Company |
6.750% | N/A (3) | BBB– | 15,062,782 | |||||||||||||||
| 12,425 | JP Morgan Chase & Company |
5.300% | N/A (3) | BBB– | 12,800,855 | |||||||||||||||
| 3,670 | KeyCorp Convertible Preferred Stock |
5.000% | N/A (3) | Baa3 | 3,734,225 | |||||||||||||||
| 3,000 | Lloyds Bank PLC, 144A |
12.000% | N/A (3) | BBB– | 4,004,061 | |||||||||||||||
| 1,340 | M&T Bank Corporation |
6.450% | N/A (3) | Baa2 | 1,512,525 | |||||||||||||||
| 5,010 | M&T Bank Corporation |
5.125% | N/A (3) | Baa2 | 5,259,248 | |||||||||||||||
| 3,895 | PNC Financial Services |
5.000% | N/A (3) | Baa2 | 4,083,908 | |||||||||||||||
| 4,855 | PNC Financial Services Inc. |
6.750% | N/A (3) | Baa2 | 5,298,019 | |||||||||||||||
| 4,201 | Royal Bank of Scotland Group PLC |
7.648% | N/A (3) | Ba2 | 5,524,315 | |||||||||||||||
| 4,980 | SunTrust Bank Inc. |
5.050% | N/A (3) | Baa3 | 4,992,450 | |||||||||||||||
| 270 | US Bancorp, Convertible Bonds, Floating Rate |
5.125% | N/A (3) | A3 | 280,125 | |||||||||||||||
| 3,010 | Wachovia Capital Trust III |
5.570% | N/A (3) | Baa2 | 3,024,298 | |||||||||||||||
| 4,478 | Wells Fargo & Company |
7.980% | N/A (3) | Baa2 | 4,519,589 | |||||||||||||||
| 4,131 | Wells Fargo & Company |
5.900% | N/A (3) | Baa2 | 4,374,729 | |||||||||||||||
| 9,465 | Wells Fargo & Company |
5.875% | N/A (3) | Baa2 | 10,295,080 | |||||||||||||||
| Total Banks |
145,144,467 | |||||||||||||||||||
| Capital Markets – 3.2% | ||||||||||||||||||||
| 2,100 | Bank of New York Mellon |
4.950% | N/A (3) | Baa1 | 2,147,775 | |||||||||||||||
| 9,440 | Goldman Sachs Group Inc. |
5.375% | N/A (3) | Ba1 | 9,746,800 | |||||||||||||||
| 3,775 | Goldman Sachs Group Inc. |
5.300% | N/A (3) | Ba1 | 3,930,719 | |||||||||||||||
| 1,300 | Morgan Stanley |
5.550% | N/A (3) | BB+ | 1,343,875 | |||||||||||||||
| 1,355 | State Street Corporation |
5.250% | N/A (3) | Baa1 | 1,412,588 | |||||||||||||||
| Total Capital Markets |
18,581,757 | |||||||||||||||||||
| Commercial Services & Supplies – 1.0% | ||||||||||||||||||||
| 5,495 | AerCap Global Aviation Trust, 144A |
6.500% | 6/15/45 | BB | 5,989,550 | |||||||||||||||
| Consumer Finance – 3.1% | ||||||||||||||||||||
| 3,635 | American Express Company |
5.200% | N/A (3) | Baa2 | 3,721,331 | |||||||||||||||
| 2,000 | American Express Company |
4.900% | N/A (3) | Baa2 | 2,030,000 | |||||||||||||||
| 7,600 | Capital One Financial Corporation |
5.550% | N/A (3) | Baa3 | 7,847,000 | |||||||||||||||
| 4,465 | Discover Financial Services |
5.500% | N/A (3) | BB– | 4,534,766 | |||||||||||||||
| Total Consumer Finance |
18,133,097 | |||||||||||||||||||
| Diversified Financial Services – 6.1% | ||||||||||||||||||||
| 5,875 | BNP Paribas, 144A |
7.195% | N/A (3) | BBB | 6,792,969 | |||||||||||||||
| 15,700 | Compeer Financial ACA., 144A |
6.750% | N/A (3) | BB | 17,160,100 | |||||||||||||||
| 2,500 | Depository Trust & Clearing Corporation, 144A |
4.875% | N/A (3) | A | 2,575,000 | |||||||||||||||
| 36 | NUVEEN |
| Principal Amount (000)/ Shares |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| Diversified Financial Services (continued) | ||||||||||||||||||||
| $ | 6,333 | Rabobank Nederland, 144A |
11.000% | N/A (3) | Baa2 | $ | 6,989,496 | |||||||||||||
| 2,052 | Voya Financial Inc., (4) |
5.650% | 5/15/53 | Baa3 | 2,180,250 | |||||||||||||||
| Total Diversified Financial Services |
35,697,815 | |||||||||||||||||||
| Electric Utilities – 2.4% | ||||||||||||||||||||
| 2,370 | Electricite de France, 144A |
5.250% | N/A (3) | BBB | 2,435,175 | |||||||||||||||
| 10,525 | Emera, Inc., (4) |
6.750% | 6/15/76 | BBB– | 11,893,250 | |||||||||||||||
| Total Electric Utilities |
14,328,425 | |||||||||||||||||||
| Equity Real Estate Investment Trusts – 2.6% | ||||||||||||||||||||
| 12,298 | Sovereign Real Estate Investment Trust, 144A |
12.000% | N/A (3) | Ba1 | 15,403,245 | |||||||||||||||
| Food Products – 3.3% | ||||||||||||||||||||
| 2,360 | Dairy Farmers of America Inc., 144A |
7.125% | N/A (3) | Baa3 | 2,601,900 | |||||||||||||||
| 1,410 | Land O Lakes Capital Trust I, 144A, (4) |
7.450% | 3/15/28 | Ba1 | 1,600,350 | |||||||||||||||
| 3,120 | Land O’ Lakes Incorporated, 144A |
7.250% | N/A (3) | BB | 3,471,000 | |||||||||||||||
| 10,170 | Land O’ Lakes Incorporated, 144A |
8.000% | N/A (3) | BB | 11,542,950 | |||||||||||||||
| Total Food Products |
19,216,200 | |||||||||||||||||||
| Industrial Conglomerates – 3.4% | ||||||||||||||||||||
| 19,872 | General Electric Capital Corporation |
5.000% | N/A (3) | A– | 20,070,720 | |||||||||||||||
| Insurance – 11.6% | ||||||||||||||||||||
| 26,750 | Financial Security Assurance Holdings, 144A, (4) |
6.400% | 12/15/66 | BBB+ | 26,616,250 | |||||||||||||||
| 2,299 | La Mondiale SAM, Reg S |
7.625% | N/A (3) | BBB | 2,415,766 | |||||||||||||||
| 3,655 | MetLife Inc. |
5.250% | N/A (3) | BBB | 3,755,878 | |||||||||||||||
| 4,770 | MetLife Inc., 144A, (4) |
9.250% | 4/08/38 | BBB | 7,005,938 | |||||||||||||||
| 7,703 | Provident Financing Trust I, (4) |
7.405% | 3/15/38 | Baa3 | 8,801,448 | |||||||||||||||
| 3,325 | Prudential Financial Inc., (4) |
5.875% | 9/15/42 | BBB+ | 3,640,875 | |||||||||||||||
| 2,335 | QBE Insurance Group Limited, Reg S |
6.750% | 12/02/44 | BBB | 2,628,043 | |||||||||||||||
| 11,260 | QBE Insurance Group Limited, 144A, (4) |
7.500% | 11/24/43 | Baa2 | 12,963,074 | |||||||||||||||
| Total Insurance |
67,827,272 | |||||||||||||||||||
| Media – 0.3% | ||||||||||||||||||||
| 1,935 | Viacom Inc. |
5.875% | 2/28/57 | Ba1 | 1,965,317 | |||||||||||||||
| Metals & Mining – 0.8% | ||||||||||||||||||||
| 4,370 | BHP Billiton Finance USA Limited, 144A |
6.250% | 10/19/75 | A– | 4,692,288 | |||||||||||||||
| U.S. Agency – 0.2% | ||||||||||||||||||||
| 752 | Farm Credit Bank of Texas, 144A |
10.000% | N/A (3) | Baa1 | 883,600 | |||||||||||||||
| Total $1,000 Par (or similar) Institutional Preferred (cost $347,710,850) |
|
374,252,653 | ||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| CONTINGENT CAPITAL SECURITIES – 40.4% (29.5% of Total Investments) (5) |
|
|||||||||||||||||||
| Banks – 32.8% | ||||||||||||||||||||
| $ | 2,450 | Australia and New Zealand Banking Group Limited of the United Kingdom, 144A |
6.750% | N/A (3) | Baa2 | $ | 2,759,313 | |||||||||||||
| 6,959 | Banco Bilbao Vizcaya Argentaria S.A |
6.125% | N/A (3) | Ba2 | 7,240,631 | |||||||||||||||
| 2,600 | Banco Bilbao Vizcaya Argentaria S.A, Reg S |
9.000% | N/A (3) | BB | 2,636,005 | |||||||||||||||
| 1,110 | Banco Mercantil del Norte, 144A |
7.625% | N/A (3) | BB | 1,230,158 | |||||||||||||||
| 1,200 | Banco Santander SA, Reg S |
6.375% | N/A (3) | Ba1 | 1,226,472 | |||||||||||||||
| 6,145 | Barclays PLC, Reg S |
7.875% | N/A (3) | BB+ | 6,717,960 | |||||||||||||||
| 12,580 | Barclays PLC |
8.250% | N/A (3) | BB+ | 13,099,427 | |||||||||||||||
| 10,184 | Credit Agricole SA, 144A |
8.125% | N/A (3) | BBB– | 12,192,448 | |||||||||||||||
| 8,175 | Credit Agricole SA, 144A |
7.875% | N/A (3) | BBB– | 9,283,955 | |||||||||||||||
| NUVEEN | 37 |
| JPI | Nuveen Preferred and Income Term Fund | |||
| Portfolio of Investments (continued) | January 31, 2018 (Unaudited) |
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| Banks (continued) | ||||||||||||||||||||
| $ | 1,500 | HSBC Holdings PLC |
6.000% | N/A (3) | BBB | $ | 1,569,375 | |||||||||||||
| 3,790 | HSBC Holdings PLC |
6.875% | N/A (3) | BBB | 4,069,513 | |||||||||||||||
| 6,890 | ING Groep N.V |
6.500% | N/A (3) | BBB– | 7,423,975 | |||||||||||||||
| 1,000 | ING Groep N.V, Reg S |
6.875% | N/A (3) | BBB– | 1,083,804 | |||||||||||||||
| 20,000 | Intesa Sanpaolo SpA, 144A |
7.700% | N/A (3) | BB– | 22,250,000 | |||||||||||||||
| 22,460 | Lloyds Banking Group PLC |
7.500% | N/A (3) | BB+ | 25,351,725 | |||||||||||||||
| 4,390 | Nordea Bank AB, 144A |
6.125% | N/A (3) | BBB | 4,710,690 | |||||||||||||||
| 5,360 | Royal Bank of Scotland Group PLC |
8.625% | N/A (3) | Ba3 | 5,983,100 | |||||||||||||||
| 6,000 | Royal Bank of Scotland Group PLC |
8.000% | N/A (3) | Ba3 | 6,866,280 | |||||||||||||||
| 5,970 | Royal Bank of Scotland Group PLC |
7.500% | N/A (3) | Ba3 | 6,320,738 | |||||||||||||||
| 8,878 | Societe Generale, 144A |
7.875% | N/A (3) | BB+ | 10,054,334 | |||||||||||||||
| 7,215 | Societe Generale, 144A |
7.375% | N/A (3) | BB+ | 7,783,181 | |||||||||||||||
| 5,600 | Standard Chartered PLC, 144A |
7.750% | N/A (3) | Ba1 | 6,160,000 | |||||||||||||||
| 2,530 | Standard Chartered PLC, 144A |
7.500% | N/A (3) | Ba1 | 2,726,075 | |||||||||||||||
| 2,240 | Standard Chartered PLC, 144A |
6.500% | N/A (3) | Ba1 | 2,307,527 | |||||||||||||||
| 19,515 | UniCredit SpA, Reg S |
8.000% | N/A (3) | B+ | 21,679,253 | |||||||||||||||
| 174,741 | Total Banks |
192,725,939 | ||||||||||||||||||
| Capital Markets – 5.9% | ||||||||||||||||||||
| 1,400 | Credit Suisse Group AG, Reg S |
7.125% | N/A (3) | Ba2 | 1,524,250 | |||||||||||||||
| 11,007 | Credit Suisse Group AG, 144A |
7.500% | N/A (3) | BB | 12,520,462 | |||||||||||||||
| 4,500 | Macquarie Bank Limited, 144A |
6.125% | N/A (3) | Ba1 | 4,668,750 | |||||||||||||||
| 3,762 | UBS Group AG, Reg S |
7.125% | N/A (3) | BBB– | 3,962,402 | |||||||||||||||
| 10,635 | UBS Group AG, Reg S |
7.000% | N/A (3) | BBB– | 12,017,550 | |||||||||||||||
| 31,304 | Total Capital Markets |
34,693,414 | ||||||||||||||||||
| Diversified Financial Services – 1.7% | ||||||||||||||||||||
| 5,330 | BNP Paribas, 144A |
7.375% | N/A (3) | BBB– | 6,122,837 | |||||||||||||||
| 3,360 | BNP Paribas, 144A |
7.625% | N/A (3) | BBB– | 3,666,600 | |||||||||||||||
| 8,690 | Total Diversified Financial Services |
9,789,437 | ||||||||||||||||||
| $ | 214,735 | Total Contingent Capital Securities (cost $224,091,066) |
237,208,790 | |||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
| $25 PAR (OR SIMILAR) RETAIL PREFERRED – 32.1% (23.4% of Total Investments) |
|
|||||||||||||||||||
| Banks – 9.4% | ||||||||||||||||||||
| 115,900 | AgriBank FCB, (6) |
6.875% | BBB+ | $ | 12,705,537 | |||||||||||||||
| 274,167 | Citigroup Inc., (4) |
7.125% | BB+ | 7,742,476 | ||||||||||||||||
| 155,800 | Cobank Agricultural Credit Bank, 144A, (6) |
6.250% | BBB+ | 16,553,750 | ||||||||||||||||
| 40,797 | Cobank Agricultural Credit Bank, (6) |
6.200% | BBB+ | 4,365,279 | ||||||||||||||||
| 107,726 | Fifth Third Bancorp., (4) |
6.625% | Baa3 | 3,046,491 | ||||||||||||||||
| 157,500 | Huntington BancShares Inc. |
6.250% | Baa3 | 4,208,400 | ||||||||||||||||
| 192,878 | Regions Financial Corporation, (4) |
6.375% | BB+ | 5,302,216 | ||||||||||||||||
| 41,069 | Zions Bancorporation, (4) |
6.300% | BB– | 1,102,703 | ||||||||||||||||
| Total Banks |
55,026,852 | |||||||||||||||||||
| Capital Markets – 4.4% | ||||||||||||||||||||
| 54,600 | Goldman Sachs Group, Inc. |
5.500% | Ba1 | 1,422,330 | ||||||||||||||||
| 342,100 | Morgan Stanley, (4) |
7.125% | BB+ | 9,732,745 | ||||||||||||||||
| 235,300 | Morgan Stanley, (4) |
6.875% | BB+ | 6,602,518 | ||||||||||||||||
| 191,400 | Morgan Stanley, (4) |
5.850% | BB+ | 5,005,110 | ||||||||||||||||
| 61,000 | Northern Trust Corporation, (4) |
5.850% | BBB+ | 1,601,860 | ||||||||||||||||
| 54,750 | State Street Corporation, (4) |
5.350% | Baa1 | 1,439,925 | ||||||||||||||||
| Total Capital Markets |
25,804,488 | |||||||||||||||||||
| Consumer Finance – 0.8% | ||||||||||||||||||||
| 185,926 | GMAC Capital Trust I |
5.785% | B+ | 4,837,795 | ||||||||||||||||
| 38 | NUVEEN |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
| Food Products – 3.1% | ||||||||||||||||||||
| 185,400 | CHS Inc., (4) |
7.875% | N/R | $ | 5,333,958 | |||||||||||||||
| 161,100 | CHS Inc., (4) |
7.100% | N/R | 4,356,144 | ||||||||||||||||
| 141,800 | CHS Inc., (4) |
6.750% | N/R | 3,737,848 | ||||||||||||||||
| 24,000 | Dairy Farmers of America Inc., 144A, (6) |
7.875% | Baa3 | 2,469,972 | ||||||||||||||||
| 20,500 | Dairy Farmers of America Inc., 144A, (6) |
7.875% | Baa3 | 2,346,291 | ||||||||||||||||
| Total Food Products |
18,244,213 | |||||||||||||||||||
| Insurance – 6.2% | ||||||||||||||||||||
| 324,957 | Aspen Insurance Holdings Limited, (4) |
5.950% | BBB– | 8,487,877 | ||||||||||||||||
| 62,000 | Aspen Insurance Holdings Limited, (4) |
5.625% | BBB– | 1,530,780 | ||||||||||||||||
| 108,900 | Axis Capital Holdings Limited, (4) |
5.500% | BBB | 2,636,469 | ||||||||||||||||
| 61,100 | Delphi Financial Group, Inc., (4), (6) |
1.872% | BB+ | 1,420,575 | ||||||||||||||||
| 318,825 | Kemper Corporation |
7.375% | Ba1 | 8,209,744 | ||||||||||||||||
| 163,333 | Maiden Holdings NA Limited |
7.750% | N/R | 3,594,959 | ||||||||||||||||
| 62,847 | Reinsurance Group of America Inc., (4) |
6.200% | BBB | 1,749,660 | ||||||||||||||||
| 239,900 | Reinsurance Group of America, Inc., (4) |
5.750% | BBB | 6,453,310 | ||||||||||||||||
| 74,800 | Torchmark Corporation, (4) |
6.125% | BBB+ | 1,946,296 | ||||||||||||||||
| Total Insurance |
36,029,670 | |||||||||||||||||||
| Mortgage Real Estate Investment Trusts – 0.5% | ||||||||||||||||||||
| 114,600 | Wells Fargo REIT, (4) |
6.375% | BBB | 2,950,950 | ||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.3% | ||||||||||||||||||||
| 84,700 | Nustar Energy LP, (4) |
8.500% | B1 | 2,136,134 | ||||||||||||||||
| 219,800 | Nustar Logistics Limited Partnership, (4) |
8.456% | B+ | 5,576,326 | ||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
7,712,460 | |||||||||||||||||||
| Thrifts & Mortgage Finance – 2.3% | ||||||||||||||||||||
| 103,274 | Federal Agricultural Mortgage Corporation, (4) |
6.875% | N/R | 2,803,889 | ||||||||||||||||
| 145,808 | Federal Agricultural Mortgage Corporation, (4) |
6.000% | N/R | 3,900,364 | ||||||||||||||||
| 240,100 | New York Community Bancorp Inc., (4) |
6.375% | Ba1 | 6,720,399 | ||||||||||||||||
| Total Thrifts & Mortgage Finance |
13,424,652 | |||||||||||||||||||
| U.S. Agency – 4.1% | ||||||||||||||||||||
| 222,100 | Farm Credit Bank of Texas, 144A, (6) |
6.750% | Baa1 | 24,153,375 | ||||||||||||||||
| Total $25 Par (or similar) Retail Preferred (cost $177,900,813) |
|
188,184,455 | ||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| CORPORATE BONDS – 0.4% (0.3% of Total Investments) |
| |||||||||||||||||||
| Insurance – 0.4% | ||||||||||||||||||||
| $ | 1,685 | Security Benefit Life Insurance Company, 144A |
7.450% | 10/01/33 | BBB | $ | 2,042,738 | |||||||||||||
| $ | 1,685 | Total Corporate Bonds (cost $1,992,307) |
2,042,738 | |||||||||||||||||
| Total Long-Term Investments (cost $751,695,036) |
801,688,636 | |||||||||||||||||||
| NUVEEN | 39 |
| JPI | Nuveen Preferred and Income Term Fund | |||
| Portfolio of Investments (continued) | January 31, 2018 (Unaudited) |
| 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) |
| |||||||||||||||||||
| $ | 2,595 | Repurchase Agreement with Fixed Income Clearing
Corporation |
0.540% | 2/01/18 | $ | 2,594,925 | ||||||||||||||
| Total Short-Term Investments (cost $2,594,925) |
2,594,925 | |||||||||||||||||||
| Total Investments (cost $754,289,961) – 137.1% |
804,283,561 | |||||||||||||||||||
| Borrowings – (38.4)% (7), (8) |
(225,000,000 | ) | ||||||||||||||||||
| Other Assets Less Liabilities – 1.3% (9) |
7,393,187 | |||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
$ | 586,676,748 | ||||||||||||||||||
Investments in Derivatives
Interest Rate Swaps – OTC Uncleared
| Counterparty | Notional Amount |
Fund Pay/Receive Floating Rate |
Floating Rate Index | Fixed Rate (Annualized) |
Fixed Rate Payment Frequency |
Effective Date (10) |
Optional Termination Date |
Maturity Date |
Value | Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||||||
| Morgan Stanley Capital Services, LLC |
$ | 112,000,000 | Receive | 1-Month LIBOR | 1.928 | % | Monthly | 6/01/18 | 3/01/23 | 3/01/24 | $ | 2,883,388 | $ | 2,883,388 | ||||||||||||||||||||||||||
| Total unrealized appreciation on interest rate swaps |
|
$ | 2,883,388 | |||||||||||||||||||||||||||||||||||||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (3) | Perpetual security. Maturity date is not applicable. |
| (4) | Investment, or portion of investment, is hypothecated as described in the Notes to Financial Statements, Note 8 – Fund Leverage, Rehypothecation. The total value of investments hypothecated as of the end of the reporting period was $180,742,473. |
| (5) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. |
| (6) | 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. |
| (7) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $593,509,964 have been pledged as collateral for borrowings. |
| (8) | Borrowings as a percentage of Total Investments is 28.0%. |
| (9) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
| (10) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| 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. |
| LIBOR | London Inter-Bank Offered Rate |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| 40 | NUVEEN |
JPS
| Nuveen Preferred and Income Securities Fund |
||
| Portfolio of Investments |
January 31, 2018 (Unaudited) |
| Principal Amount (000)/ Shares |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| LONG-TERM INVESTMENTS – 144.0% (97.7% of Total Investments) |
| |||||||||||||||||||
| $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 69.9% (47.4% of Total Investments) |
| |||||||||||||||||||
| Automobiles – 0.0% | ||||||||||||||||||||
| $ | 1,000 | General Motors Financial Company Inc. |
5.750% | N/A (3) | BB+ | $ | 1,032,500 | |||||||||||||
| Banks – 28.5% | ||||||||||||||||||||
| 14,300 | Bank of America Corporation |
6.500% | N/A (3) | BBB– | 15,998,124 | |||||||||||||||
| 12,800 | Bank of America Corporation |
6.300% | N/A (3) | BBB– | 14,336,000 | |||||||||||||||
| 12,300 | Bank of America Corporation |
6.100% | N/A (3) | BBB– | 13,268,625 | |||||||||||||||
| 20,394 |
Bank of America Corporation, (3-Month LIBOR reference rate + 3.630% spread), (6) |
8.000% | N/A (3) | BBB– | 20,667,891 | |||||||||||||||
| 3,600 | Bank One Capital III, (4) |
8.750% | 9/01/30 | Baa2 | 5,148,077 | |||||||||||||||
| 7,000 | Citigroup Inc. |
6.250% | N/A (3) | &nb | ||||||||||||||||