Edgar Filing: Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred & Income Opportunities Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-21293

Nuveen Preferred & Income Opportunities Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

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, 2019

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.

LOGO

Closed-End Funds

31 January 2019

Nuveen Closed-End Funds


JPC		Nuveen Preferred & Income Opportunities Fund
JPI		Nuveen Preferred and Income Term Fund
JPS		Nuveen Preferred & Income Securities Fund
JPT		Nuveen Preferred and Income 2022 Term Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, (i) by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences.” Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.

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Table of Contents


Chairman’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Fund Leverage			15

Common Share Information			17

Risk Considerations			19

Performance Overview and Holding Summaries			22

Portfolios of Investments			30

Statement of Assets and Liabilities			53

Statement of Operations			54

Statement of Changes in Net Assets			55

Statement of Cash Flows			57

Financial Highlights			58

Notes to Financial Statements			62

Additional Fund Information			77

Glossary of Terms Used in this Report			78

Reinvest Automatically, Easily and Conveniently			80

Chairman’s Letter to Shareholders

LOGO

Dear Shareholders,

The global economy seemed to reach a turning point in 2018. Deregulation and tax law changes, which lowered corporate and individual tax rates and encouraged companies to repatriate overseas profits, helped boost U.S. economic growth and amplify corporate earnings during 2018. However, economic growth in Europe, China and Japan slowed, with trade tensions, unpredictable politics and tightening financial conditions weighing on consumer and business spending. Corporate earnings provided more positive than negative surprises, although expectations were lower by the fourth quarter of 2018 and markets were more concerned about weaker profits in the future, leading to elevated market volatility.

Although downside risks appear to be rising, we believe the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.

We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

LOGO

Terence J. Toth

Chairman of the Board

March 25, 2019

Portfolio Managers’ Comments

Nuveen Preferred & Income Opportunities Fund (JPC)

Nuveen Preferred and Income Term Fund (JPI)

Nuveen Preferred & 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 & 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. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception. The Nuveen Preferred & Income Securities Fund (JPS) is sub-advised by a team of specialists at Spectrum Asset Management, Inc. (Spectrum), a wholly owned subsidiary of Principal Global Investors Holding Company (U.S.), LLC. 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.

Here they discusses key investment strategies and performance of the Funds for the six-month reporting period ended January 31, 2019.

What key strategies were used to manage the Funds during this six-month reporting period ended January 31, 2019 and how did these strategies influence performance?

Nuveen Preferred & Income Opportunities Fund (JPC)

The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year, five-year and ten-year periods ended January 31, 2019. For the six-month reporting period ended January 31, 2019, the Fund’s common shares at net asset value (NAV) underperformed the ICE BofAML U.S. All Capital Securities Index and the JPC Blended Benchmark.

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.

Portfolio Managers’ Comments (continued)

JPC has 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.

Nuveen Asset Management (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 the strong credit fundamentals across the largest sectors within the issuer base, the category’s healthy yield level, and inefficiencies that often arise between the $25 par retail and the $1,000 par institutional sides of the market. The Fund’s strategy has a bias toward highly regulated industries, like banks, insurance companies and utilities, 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 market and the $1,000 par market. Periods of volatility may drive notable differences in valuations between these two markets, as will periods where valuations trend in one direction for an extended period of time. Divergence in valuations is often related to differences in how retail and institutional investors measure 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 the $25 par market and $1,000 par market. Technical factors, especially around new issue supply, played a material role in absolute and relative performance during the reporting period ended January 31, 2019.

During the reporting period, investment performance was mixed across various segments within NAM’s market. For example, the bank and insurance sectors on average posted positive returns, while the real estate investment trust (REIT), industrial and utility sectors posted negative returns. $25 par preferred securities, $1,000 par preferred securities and CoCos all posted positive returns on average during the reporting period, while both fixed rate coupon structures and non-fixed rate coupon structures also posted positive returns. Interestingly, both the domestic and the non-U.S. segments within the Blended Benchmark Index posted positive returns on average during the six month reporting period ended January 31, 2019.

non-CoCo, segment of NAM’s universe. This was surprising given that the fundamental story and the technical story during the reporting period seemed to favor the domestic preferred security market. Specifically, the fundamental story for U.S. banks, in NAM’s opinion, continued to improve during the reporting period. For the first time ever, the domestic bank sector generated aggregate profits exceeding $100 billion for a calendar year, or 2018. In addition, the 2018 bank stress tests, arguably the toughest to date, further demonstrated the strength and resiliency of bank balance sheets and their ability to weather economic conditions worse than the Great Financial Crisis itself. Furthermore, the banks’ stress test results were formidable enough that the sector’s toughest critic and regulator, the Federal Reserve, allowed banks to return a substantial amount of capital back to common shareholders via higher dividends and share buybacks. Coupled with this fundamental story, the technical supply within the preferred securities market should have been just as disproportionately supportive of valuations. For the six-month reporting period ended January 31, 2019, net new issue flow within the preferred securities market was slightly negative, while at the same time, net new issue flow within the CoCo market was slightly positive.

That being said, NAM believed that the relative underperformance of the preferred securities segment of the market relative to CoCos was due primarily to a difference in tax-loss harvesting activity during the latter part of 2018. Tax-loss harvesting tends to be more pervasive in markets with a significant retail investor presence, such as the domestic preferred securities market and the domestic municipal bond market. Retail investors and retail advisors tend to be more active with respect to harvesting year-end losses for tax management purposes compared to their institutional counterparts, especially considering almost all retail investors have the same fiscal year-end of December 31. NAM feels tax loss selling disproportionately weighed on the preferred securities segment NAM’s universe compared to CoCos where there is little, if any, direct retail participation. This dynamic seemed to be supported by investor flow data. The fourth quarter of 2018 was the largest quarterly outflow from the Morningstar category encompassing preferred security open-end funds and preferred security exchange-traded funds (ETFs) going back 18 years to 2001, a period of time that includes the Financial Crisis of 2008 and the Taper Tantrum of 2013.

NAM incorporated several active themes relative to the Blended Benchmark Index during the reporting period, including an underweight to CoCos and a corresponding overweight to domestic issuers, 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 underweight to CoCos detracted modestly from performance relative to the Blended Benchmark Index, as CoCos outperformed during the reporting period. As of January 31, 2019, the Fund had an allocation of approximately 31% to CoCos, well below the 40% allocation within the Blended Benchmark Index. While the average OAS for the CoCos segment of the Blended Benchmark did indeed move wider, it increased by roughly 60 basis points during the reporting period, below the roughly 75 basis point move wider in the preferred securities segment of the same index. The relative performance was even more perplexing when one considers the relatively supportive fundamental and technical backdrop of the preferred securities market as discussed earlier, coupled with geopolitical headlines emanating from the United Kingdom and Italy, as well as deteriorating economic data outside the U.S., all of which should have weighed disproportionately on the CoCos segment of the market. However, and as NAM mentioned earlier, it is NAM’s belief that intense tax-loss harvesting related outflows from the domestic preferred securities market is what led to this segment’s underperformance during the reporting period.

Portfolio Managers’ Comments (continued)

lower by retail investors’ disproportionate bias for income-generating investment solutions, exacerbated by a prolonged period of low interest rates. Within the preferred securities universe, the $25 par preferred side of the market aligns best with this retail demand given the small denomination and retail investors’ ease of sourcing these securities as most are exchange-traded. Compounding the situation recently was heavy redemption activity of $25 par preferred securities during 2018, while net new issue supply on the $1,000 par preferred side of the market was slightly positive. In NAM’s opinion, this dearth of $25 par preferred supply created a supply technical that disproportionately supported valuations of $25 par preferred securities versus $1,000 par preferred securities. As of the end of the reporting period and within the Blended Benchmark Index, NAM estimates that the average OAS for $25 par preferred securities stood at +96 basis points, well below the average OAS of +280 basis points for $1,000 par preferred securities.

Second, with respect to managing interest rate risk, NAM’s underweight to the $25 par preferred securities was due to their desire for 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 preferred side of the market and help to mitigate duration and duration extension risk during a rising interest rate environment. Duration extension can be a significant risk for callable securities with fixed-rate coupons. As of January 31, 2019, the Fund had about 88% of its assets invested in securities that have coupons with reset features, compared to approximately 74% within the Blended Benchmark Index.

Fixed rate coupon structures slightly outperformed non-fixed rate coupon securities during the reporting period. In NAM’s opinion, outperformance of the fixed rate coupon structures was due to two factors; the first being an ancillary effect from the outperformance of $25 par preferred securities, as a vast majority of that universe is indeed comprised of fixed rate coupon structures and the second factor being the modest decrease in U.S. interest rates during reporting period.

JPC utilized 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. During the reporting period these interest rate futures had a negligible impact on the Fund’s overall total return performance.

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 and high yield bond holdings contributed to performance, while the Fund’s investment grade corporate bonds slightly detracted from performance. Those sectors that contributed to the Fund’s performance included NWQ’s holdings in the real estate and utilities sectors, while the insurance and banking sectors were the largest detractor.

Several of NWQ’s holdings performed well during the reporting period, including Bank of America Corporation 6.5% fixed to float preferreds. During the reporting period, Bank of America reported impressive results, continuing its ability to deliver strong and improving fundamentals and credit profile. The bank has successfully transformed its operating profile and balance sheet back to health over the past years and thereby drove Bank of America’s credits spreads tighter and more in-line with that of JPMorgan Chase & Company and Wells Fargo & Company. NextEra Energy Inc.’s mandatory convertible preferred was a contributor to performance. In addition to benefitting from sector rotation due

to economic slowdown concerns, NextEra reported solid earnings underpinned by a growing renewable backlog and extending the long-term growth rate out an additional year. Lastly, Qwest Corporation senior notes contributed to performance. During the reporting period, the company redeemed $1.3 billion aggregate principal of notes issued by Qwest Corporation. This redemption effectively reduced interest cost to the company and built on the effort of management to simplify its capital structure following the Level 3 acquisition.

Positions that detracted from performance included, preferred stock of General Electric Corporation (GE). GE preferred underperformed after Moody’s downgraded the company’s ratings from A2 to Baa1 on the senior notes, which triggered a series of forced selling across GE’s capital structure. Fundamental concerns also plagued the market sentiment of the company, including the weak performance of its power segment, its cash flow conversion capabilities, timeline for asset sales, lingering contingent liabilities and lack of clarity in its broader strategic moves. GE has recently rebounded off the lows as investors are beginning to see the new CEO taking action in asset sales and other organizational changes. Also detracting from performance were the preferred shares of General Motors Financial Company Inc. The security declined on the back of a new preferred issuance by General Motors in late third quarter 2018 with decent concession. Additionally, the late cycle characteristics of the auto industry along with the headwinds with the trade war have been pressuring the preferreds, despite management’s efforts to improve its credit quality. Lastly, high yield bonds of Dean Foods Company detracted from performance. Earnings came weaker than expected and the deleveraging effort proved to be much tougher than expected. Driver shortage and higher fuel costs had an outsized negative impact due to the short shelf life of fluid milk. We continue to hold these positions.

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, 2019. For the six-month reporting period ended January 31, 2019, the Fund’s common shares at net asset value (NAV) underperformed 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 the strong credit fundamentals across the largest sectors within the issuer base, the category’s healthy yield level, and inefficiencies that often arise between the $25 par retail and the $1,000 par institutional sides of the market. The Fund’s strategy has a bias toward highly regulated industries, like banks, insurance companies and utilities, 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, we tactically and strategically shift capital between the $25 par market and the $1,000 par market. Periods of volatility may drive notable differences in valuations between these two markets, as will periods where valuations trend in one direction for an extended period of time. Divergence in valuations is often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. Technical factors, especially around new issue supply, played a material role in absolute and relative performance during the reporting period.

Portfolio Managers’ Comments (continued)

CoCos all posted positive returns on average during the reporting period, while both fixed rate coupon structures and non-fixed rate coupon structures also posted positive returns. Interestingly, both the domestic and the non-U.S. segments within the Blended Benchmark Index posted positive returns on average during the reporting period.

Taking a closer look at asset class level performance, the positive absolute return for the Blended Benchmark was due primarily to the yield generated from the combined preferred securities and CoCos markets, as price returns were modestly negative for both broad categories. On average, prices moved lower across the investible universe due to wider credit spreads, defined as option adjusted spreads (OAS). However, wider credit spreads were partly offset by lower U.S. treasury yields during the period. OAS for the Blended Benchmark Index pushed wider during the reporting period by roughly 70 basis points, while the U.S. 10-year Treasury rate decreased by 33 basis points. Within the Blended Benchmark Index, OAS moved disproportionately wider for the preferred securities segment, or the non-CoCo, segment of NAM’s universe. This was surprising given that the fundamental story and the technical story during the reporting period seemed to favor the domestic preferred security market. Specifically, the fundamental story for U.S. banks, in NAM’s opinion, continued to improve during the reporting period. For the first time ever, the domestic bank sector generated aggregate profits exceeding $100 billion for a calendar year, or 2018. In addition, the 2018 bank stress tests, arguably the toughest to date, further demonstrated the strength and resiliency of bank balance sheets and their ability to weather economic conditions worse than the Great Financial Crisis itself. Furthermore, the banks’ stress test results were formidable enough that the sector’s toughest critic and regulator, The Federal Reserve, allowed banks to return a substantial amount of capital back to common shareholders via higher dividends and share buybacks. Coupled with this fundamental story, the supply technical within the preferred securities market should have been just as disproportionately supportive of valuations. During the reporting period, net new issue flow within the preferred securities market was slightly negative, while at the same time, net new issue flow within the CoCo market was slightly positive.

That being said, NAM believes that the relative underperformance of the preferred securities segment of the market relative to CoCos was due primarily to a difference in tax-loss harvesting activity during the latter part of 2018. Tax-loss harvesting tends to be more pervasive in markets with a significant retail investor presence, such as the domestic preferred securities market and the domestic municipal bond market. Retail investors and retail advisors tend to be more active with respect to harvesting year-end losses for tax management purposes compared to their institutional counterparts, especially considering almost all retail investors have the same fiscal year-end of December 31. NAM felt tax loss selling disproportionately weighed on the preferred securities segment of NAM’s universe compared to CoCos where there is little, if any, direct retail participation. This dynamic seemed to be supported by investor flow data. The fourth quarter of 2018 was the largest quarterly outflow from the Morningstar category encompassing preferred security open-end funds and preferred security exchange-trade funds (ETFs) going back 18 years to 2001, a period of time that includes the Financial Crisis of 2008 and the Taper Tantrum of 2013.

NAM incorporated several active themes relative to the Blended Benchmark Index during the reporting period, including an underweight to CoCos and a corresponding overweight to domestic issuers, 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).

geopolitical headlines emanating from the United Kingdom and Italy, as well as deteriorating economic data outside the U.S., all of which should have weighed disproportionately on the CoCos segment of the market. However, and as NAM mentioned earlier, it is NAM’s belief that intense tax-loss harvesting related outflows from the domestic preferred securities market is what led to this segment’s underperformance during the reporting period.

Within the investable universe, $25 par preferred securities on average outperformed $1,000 par preferred securities. Given the outperformance of the $25 par preferred retail side of the market during the reporting period, NAM’s underweight to those structures detracted from the Fund’s relative performance. As has been the case for some time, we maintained an overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. First, with respect to relative value, 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. OAS for $25 par preferred securities has been driven lower by retail investors’ disproportionate bias for income-generating investment solutions, exacerbated by a prolonged period of low interest rates. Within the preferred securities universe, the $25 par preferred side of the market aligns best with this retail demand given the small denomination, and retail investors’ ease of sourcing these securities as most are exchange-traded. Compounding the situation recently was heavy redemption activity of $25 par preferred securities during 2018, while net new issue supply on the $1,000 par preferred side of the market was slightly positive. In NAM’s opinion, this dearth of $25 par preferred supply created a supply technical that disproportionately supported valuations of $25 par preferred securities versus $1,000 par preferred securities. As of the end of the reporting period and within the Blended Benchmark Index, NAM estimates that the average OAS for $25 par preferred securities stood at +96 basis points, well below the average OAS of +280 basis points for $1,000 par preferred securities.

JPI utilized 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. During the reporting period these interest rate futures had a negligible impact on the Fund’s overall total return performance.

Nuveen Preferred & Income Securities Fund (JPS)

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.

Portfolio Managers’ Comments (continued)

In advance of the ninth Federal Reserve (Fed) rate increase by December 2018, the Fed was confident in communicating that they were a long way from stopping their rate increases. These comments in early October 2018 created discourse in the markets as U.S. Treasuries, credit and equity markets declined. The Fed quickly walked back its aggressive talk to become decidedly dovish, which was a major reversal in tone and broadcasted expectations for future policy. When the Fed did not raise rates, this lead to a significant U.S. Treasury bond rally, but a similarly significant sell-off in equity prices that bled into credit. The retail preferred market traded off more significantly than the institutional sector did during the reporting period, but both correlated more closely on the way down. Spreads widened by 336 basis points in the retail sector and 140 basis points in the institutional sectors.

The basic strategy of the Fund calls for investing in junior subordinated, high income securities of companies with investment grade ratings. Spectrum has tactical exposure to both institutional sectors of the junior subordinated capital securities, which includes both preferred and contingent capital securities (CoCos). 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. CoCos payments are non-cumulative, subject to payment limitations and may not be paid in priority to common stock dividends (i.e. they are pari passu 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 59.4% of the Fund (including some cash) and the CoCos segment, represented by the ICE BofAML Contingent Capital Index comprises 40.6% of the Fund at the end of the reporting. In addition, the duration risk of the Fund declined by 0.35 years as the negative convexity risk in the Fund’s portfolio has been mitigated through sector and security selection.

The Fund owns a blend of preferred securities and contingent capital securities that offer the potential for high income. Specifically, Spectrum seeks to maintain a balance of high income and security structure that should perform defensively in a rising rate environment by including term structures such as coupons that would be floating or re-fixed at increased market benchmark rates. During the reporting period, the Fund owned a few high coupon securities which became callable during a time, especially in November and December 2018, when cash liquidity was important to have available. Security selection in the preferred stock sector and corporate hybrid securities sector also benefited performance. Individual holdings that contributed to performance included, CoCo holdings such as Royal Bank of Scotland 7.50%, Credit Suisse 7.50% and Lloyds 7.50%.

Tactics that constrained the Fund’s performance were largely external to the Fund, which was primarily a significant increase in systematic risk during the fourth quarter of 2018. Except for floating rate capital securities, there was not a single sector of junior subordination debt that had positive returns for the fourth quarter. Modest Fund deleveraging later in the fourth quarter also constrained performance in January.

Individual holdings that detracted from performance included Nationwide Financial 6.75%, Penn Power & Light Capital 3mL+267 floaters and Florida Power & Light 3mL+213 floaters, all junior subordinated debt securities.

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, 2019. For the six-month reporting period ended January 31, 2019, 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 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 several 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 of the $25 par preferred side of the market during the reporting period, NAM’s overweight to $1,000 par preferred structures detracted from 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, from a relative value perspective, 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. OAS for $25 par preferred securities has been driven lower by retail investors’ disproportionate bias for income-generating investment solutions, exacerbated by a prolonged period of low interest rates. Within the preferred securities universe, the $25 par preferred side of the market is best positioned to meet this retail demand given the small denomination, and the ease of sourcing these securities as most are exchange-traded. In addition, recent heavy redemption of $25 par preferred securities has created a supply technical that disproportionately supports valuations of $25 par preferred securities versus $1,000 par preferred securities. As of the end of the reporting period, and within the Benchmark Index, NAM estimates that the average OAS for $25 par preferred securities stood at +96 basis points, well below the average OAS of +280 basis points for $1,000 par preferred securities.

Second, with respect to interest rate risk, NAM’s 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 can be a significant risk for callable securities with fixed-rate coupons.

Portfolio Managers’ Comments (continued)

As of January 31, 2019, the Fund had about 82% of its assets invested in securities that have coupons with reset features, compared to approximately 60% within the Index. Contrary to expectations given rising interest rates during the reporting period, fixed rate coupon structures outperformed securities that had coupons with reset features. In NAM’s opinion, this was an ancillary effect from the outperformance of $25 par preferred securities, as a vast majority of that universe is comprised of fixed rate coupon structures, coupled with the modest move lower in U.S. treasury rates during the reporting period.

JPT utilized 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. During the reporting period these interest rate futures had a negligible impact on the Fund’s overall total return performance.

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through bank borrowings 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, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio securities that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.

The Funds’ use of leverage had a negligible impact on total return performance for JPC, JPI and JPT during this reporting period, while it had a positive impact on total return performance for JPS.

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 had a negative impact to overall Fund total return performance.

As of January 31, 2019, the Funds’ percentages of leverage are shown in the accompanying table.


	JPC			JPI			JPS			JPT
Effective Leverage*		34.80	%		29.80	%		35.03	%		21.34	%
Regulatory Leverage*		28.99	%		29.80	%		30.26	%		21.34	%

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.

Fund Leverage (continued)

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, 2018		Draws		Paydowns			January 31, 2019		Average Balance Outstanding		Draws		Paydowns		March 27, 2019
JPC	$	437,000,000	$	—	$	(30,000,000	)	$	407,000,000	$	425,016,304	$	48,000,000	$	—	$	455,000,000
JPI	$	225,000,000	$	—	$	—		$	225,000,000	$	225,000,000	$	—	$	15,000,000	$	210,000,000
JPS	$	845,300,000	$	—	$	(22,000,000	)	$	823,300,000	$	836,691,304	$	30,000,000	$	—	$	853,300,000
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. JPI utilized reverse repurchase agreements subsequent to the reporting period. The Funds’ 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, 2018		Purchases		Sales		January 31, 2019		Average Balance Outstanding		Purchases		Sales		March 27, 2019
JPC	$	125,000,000	$	—	$	—	$	125,000,000	$	125,000,000	$	—	$	—	$	125,000,000
JPI	$	—	$	—	$	—	$	—	$	—	$	60,000,000	$	—	$	60,000,000
JPS	$	200,000,000	$	—	$	—	$	200,000,000	$	200,000,000	$	60,000,000	$	—	$	260,000,000

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of January 31, 2019. 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 2018	$	0.0610		$	0.1355		$	0.0560		$	0.1185
September		0.0610			0.1355			0.0560			0.1185
October		0.0610			0.1355			0.0560			0.1185
November		0.0610			0.1355			0.0560			0.1185
December		0.0610			0.1355			0.0560			0.1185
January 2019		0.0610			0.1355			0.0560			0.1185
Total Distributions	$	0.3660		$	0.8130		$	0.3360		$	0.7110

Current Distribution Rate*		7.96	%		7.35	%		7.35	%		6.29	%

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 seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

COMMON SHARE REPURCHASES

During August 2018, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

Common Share Information (continued)

As of January 31, 2019, 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		38,000		0
Common shares authorized for repurchase		10,335,000		2,275,000		20,380,000		685,000

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


	JPS
Common shares repurchased and retired		38,000
Weighted average price per common share repurchased and retired		$7.38
Weighted average discount per common share repurchased and retired		17.59	%

During the current reporting period, none of the other Funds repurchased any of their outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of January 31, 2019, 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	$	9.65		$	23.29		$	9.31		$	22.93
Common share price	$	9.20		$	22.11		$	9.14		$	22.59
Premium/(Discount) to NAV		(4.66	)%		(5.07	)%		(1.83	)%		(1.48	)%
6-month average premium/(discount) to NAV		(7.73	)%		(6.55	)%		(9.22	)%		(4.27	)%

Risk Considerations

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

Nuveen Preferred & Income Opportunities Fund (JPC)

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

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.

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JPC

Nuveen Preferred & Income Opportunities Fund

Performance Overview and Holding Summaries as of January 31, 2019

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, 2019


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
JPC at Common Share NAV		(1.39)%		(2.46)%		6.86%		14.35%
JPC at Common Share Price		1.47%		1.54%		8.84%		16.79%
ICE BofAML U.S. All Capital Securities Index		0.85%		1.60%		5.94%		10.31%
JPC Blended Benchmark		0.96%		2.00%		6.53%		9.75%

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

LOGO

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			73.2%
$25 Par (or similar) Retail Preferred			42.9%
Contingent Capital Securities			26.2%
Corporate Bonds			5.1%
Convertible Preferred Securities			2.6%
Common Stocks			0.3%
Repurchase Agreements			1.8%
Other Assets Less Liabilities			1.2%
Net Assets Plus Borrowings and Reverse Repurchase Agreements			153.3%
Borrowings			(40.8)%
Reverse Repurchase Agreements			(12.5)%
Net Assets			100%

Portfolio Composition

(% of total investments)


Banks			42.4%
Insurance			13.2%
Capital Markets			9.9%
Food Products			6.3%
Consumer Finance			4.6%
Electric Utilities			2.5%
Industrial Conglomerates			2.4%
Other			17.5%
Repurchase Agreements			1.2%
Total			100%

Country Allocation¹

(% of total investments)


United States			72.4%
United Kingdom			7.9%
France			4.9%
Switzerland			3.6%
Canada			1.9%
Australia			1.8%
Italy			1.8%
Spain			1.7%
Bermuda			1.4%
Netherlands			1.0%
Other			1.6%
Total			100%

Top Five Issuers

(% of total long-term
investments)


JPMorgan Chase & Company			3.6%
Citigroup Inc.			3.5%
Bank of America Corporation			3.3%
Land O’ Lakes Inc.			3.3%
Wells Fargo & Company			3.2%

Portfolio Credit Quality

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


A			0.5%
BBB			54.7%
BB or Lower			42.4%
N/R (not rated)			2.4%
Total			100%

1	Includes 1.7% (as a percentage of total investments) in emerging market countries.

JPI

Nuveen Preferred and Income Term Fund

Performance Overview and Holding Summaries as of January 31, 2019

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, 2019


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
JPI at Common Share NAV		(1.14)%		(3.26)%		6.88%		7.82%
JPI at Common Share Price		(0.79)%		(0.44)%		7.87%		6.67%
ICE BofAML U.S. All Capital Securities Index		0.85%		1.60%		5.94%		6.53%
JPI Blended Benchmark		1.18%		0.97%		6.46%		5.56%

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

LOGO

Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			64.6%
Contingent Capital Securities			43.7%
$25 Par (or similar) Retail Preferred			33.1%
Repurchase Agreements			0.0%
Other Assets Less Liabilities			1.0%
Net Assets Plus Borrowings			142.4%
Borrowings			(42.4)%
Net Assets			100%

Portfolio Composition

(% of total investments)


Banks			47.9%
Insurance			14.3%
Capital Markets			9.7%
Food Products			5.1%
Diversified Financial Services			4.4%
Other			18.6%
Repurchase Agreements			0.0%
Total			100%

Country Allocation¹

(% of total investments)


United States			56.3%
United Kingdom			11.9%
France			8.8%
Switzerland			6.4%
Spain			3.4%
Australia			3.2%
Italy			3.2%
Bermuda			1.7%
Netherlands			1.5%
Canada			1.3%
Other			2.3%
Total			100%

Top Five Issuers

(% of total long-term
investments)


JPMorgan Chase & Company			3.5%
Farm Credit Bank of Texas			3.3%
UBS Group AG			3.3%
Credit Suisse Group AG			3.2%
Barclays Bank PLC			3.1%

Portfolio Credit Quality

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


A			0.6%
BBB			55.6%
BB or Lower			41.7%
N/R (not rated)			2.1%
Total			100%

1	Includes 1.8% (as a percentage of total investments) in emerging market countries.

JPS

Nuveen Preferred & Income Securities Fund

Performance Overview and Holding Summaries as of January 31, 2019

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, 2019


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
JPS at Common Share NAV		(0.82)%		(3.03)%		7.46%		14.70%
JPS at Common Share Price		6.29%		4.61%		9.87%		14.41%
ICE BofAML U.S. All Capital Securities Index		0.85%		1.60%		5.94%		6.62%
JPS Blended Benchmark		1.18%		0.97%		6.46%		9.75%

Common Share Price Performance — Weekly Closing Price

LOGO

Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			69.8%
Contingent Capital Securities			62.5%
$25 Par (or similar) Retail Preferred			14.8%
Investment Companies			1.2%
Convertible Preferred Securities			0.9%
Corporate Bonds			0.8%
Repurchase Agreements			1.9%
Other Assets Less Liabilities			2.0%
Net Assets Plus Borrowings and Reverse Repurchase Agreements			153.9%
Borrowings			(43.4)%
Reverse Repurchase Agreements			(10.5)%
Net Assets			100%

Portfolio Composition

(% of total investments)


Banks			55.9%
Insurance			18.6%
Capital Markets			11.3%
Other			12.1%
Investment Companies			0.8%
Repurchase Agreements			1.3%
Total			100%

Country Allocation¹

(% of total investments)


United States			44.2%
United Kingdom			20.0%
France			11.4%
Switzerland			7.9%
Netherlands			2.4%
Australia			2.3%
Canada			2.2%
Finland			1.7%
Sweden			1.6%
Bermuda			1.5%
Other			4.8%
Total			100%

Top Five Issuers

(% of total long-term
investments)


HSBC Holdings PLC			4.8%
Lloyds Banking Group PLC			4.5%
BNP Paribas			4.1%
Credit Suisse Group AG			4.1%
Societe Generale SA			4.0%

Portfolio Credit Quality

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


A			5.2%
BBB			68.3%
BB or Lower			26.5%
Total			100%

1	Includes 1.5% (as a percentage of total investments) in emerging market countries.

JPT

Nuveen Preferred and Income 2022 Term Fund

Performance Overview and Holding Summaries as of January 31, 2019

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, 2019


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
JPI at Common Share NAV		(1.07)%		(2.02)%		2.29%
JPI at Common Share Price		0.67%		2.05%		0.87%
ICE BofAML U.S. All Capital Securities Index		0.85%		1.60%		4.40%

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

LOGO

Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			95.0%
$25 Par (or similar) Retail Preferred			31.7%
Other Assets Less Liabilities			0.4%
Net Assets Plus Borrowings			127.1%
Borrowings			(27.1)%
Net Assets			100%

Portfolio Composition

(% of total investments)


Banks			34.4%
Insurance			21.9%
Capital Markets			10.4%
Food Products			7.8%
U.S. Agency			3.9%
Diversified Financial Services			3.7%
Other			17.9%
Total			100%

Country Allocation¹

(% of total investments)


United States			75.6%
United Kingdom			5.2%
Australia			4.9%
France			3.7%
Canada			2.3%
Bermuda			2.2%
Ireland			1.7%
Germany			1.6%
Netherlands			1.5%
Japan			1.3%
Total			100%

Top Five Issuers

(% of total long-term investments)


Morgan Stanley			4.5%
JPMorgan Chase & Company			4.2%
Bank of America Corporation			4.2%
Farm Credit Bank of Texas			3.9%
Goldman Sachs Group Inc.			3.9%

Portfolio Credit Quality

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


A			3.2%
BBB			62.6%
BB or Lower			32.7%
N/R (not rated)			1.5%
Total			100%

1	Includes 2.2% (as a percentage of total investments) in emerging market countries.

JPC

Nuveen Preferred & Income
Opportunities Fund

Portfolio of Investments January 31, 2019


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

		LONG-TERM INVESTMENTS – 150.3% (98.8% of Total Investments)

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 73.2% (48.5% of Total Investments)

		Air Freight & Logistics – 0.5%

$	5,153	XPO Logistics Inc., 144A, (3)		6.500%		6/15/22		BB	$	5,262,501

		Automobiles – 2.0%

	21,660	General Motors Financial Company Inc., (4)		5.750%		N/A (5)		BB+		18,573,450
	1,850	General Motors Financial Company Inc.		6.500%		N/A (5)		BB+		1,637,250
		Total Automobiles								20,210,700

		Banks – 33.3%

	3,335	Ally Financial Inc., (3)		8.000%		3/15/20		BB+		3,489,244
	34,195	Bank of America Corporation, (3)		6.500%		N/A (5)		BBB–		36,814,679
	10,510	Bank of America Corporation, (4)		6.300%		N/A (5)		BBB–		11,329,149
	1,740	Bank of America Corporation		6.100%		N/A (5)		BBB–		1,829,175
	3,575	Barclays Bank PLC, 144A		10.179%		6/12/21		A–		4,047,846
	4,170	BNP Paribas SA, 144A		7.195%		N/A (5)		BBB		4,360,235
	10,675	CIT Group Inc.		5.800%		N/A (5)		BB–		10,201,777
	16,975	Citigroup Inc.		6.250%		N/A (5)		BB+		17,569,125
	12,260	Citigroup Inc., (4)		5.875%		N/A (5)		BB+		12,351,950
	7,885	Citigroup Inc.		6.125%		N/A (5)		BB+		8,003,275
	3,475	Citigroup Inc.		5.800%		N/A (5)		BB+		3,492,410
	8,264	Citizens Financial Group Inc.		5.500%		N/A (5)		BB+		8,300,362
	4,690	CoBank ACB, (3)		6.250%		N/A (5)		BBB+		4,836,563
	3,560	Commerzbank AG, 144A, (4)		8.125%		9/19/23		BBB		3,944,454
	1,385	First Union Capital II		7.950%		11/15/29		BBB+		1,717,854
	3,559	HSBC Capital Funding Dollar 1 LP, 144A		10.176%		N/A (5)		BBB+		5,107,165
	3,675	Huntington Bancshares Inc.		5.700%		N/A (5)		BBB–		3,463,687
	33,720	JPMorgan Chase & Company		6.750%		N/A (5)		BBB		36,343,753
	8,910	JPMorgan Chase & Company		5.300%		N/A (5)		BBB		9,043,650
	125	JPMorgan Chase & Company		6.100%		N/A (5)		BBB		127,969
	8,866	JPMorgan Chase & Company, (3-Month LIBOR reference rate + 3.470% spread), (6)		5.990%		N/A (5)		BBB		8,906,340
	2,390	Keycorp Convertible Preferred Stock		5.000%		N/A (5)		BBB–		2,259,888
	19,110	Lloyds Bank PLC, 144A, (3)		12.000%		N/A (5)		BBB–		22,982,087
	6,470	M&T Bank Corporation, (3)		6.450%		N/A (5)		BBB		6,793,500
	4,020	M&T Bank Corporation, (4)		5.125%		N/A (5)		BBB		3,929,550
	22,223	PNC Financial Services Group Inc., (3)		6.750%		N/A (5)		BBB		23,278,592
	5,656	PNC Financial Services Group Inc.		5.000%		N/A (5)		BBB		5,373,200
	3,528	Royal Bank of Scotland Group PLC, (4)		7.648%		N/A (5)		BBB–		4,297,527
	5,325	SunTrust Banks Inc.		5.625%		N/A (5)		BBB–		5,351,625
	3,250	SunTrust Banks Inc.		5.050%		N/A (5)		BBB–		3,071,250
	4,360	Wachovia Capital Trust III		5.570%		N/A (5)		BBB		4,215,706
	2,530	Wells Fargo & Company		5.900%		N/A (5)		BBB		2,555,300
	34,500	Wells Fargo & Company, (3)		5.875%		N/A (5)		BBB		35,793,750
	6,240	Wells Fargo & Company, (3-Month LIBOR reference rate + 3.770% spread), (6)		6.104%		N/A (5)		BBB		6,280,560
	9,666	Zions Bancorporation, (4)		7.200%		N/A (5)		BB+		10,052,640
		Total Banks								331,515,837

		Capital Markets – 2.3%

	2,070	Bank of New York Mellon		4.950%		N/A (5)		BBB+		2,093,453
	9,240	Goldman Sachs Group Inc.		5.375%		N/A (5)		BB+		9,193,800
	6,245	Goldman Sachs Group Inc., (4)		5.300%		N/A (5)		BB+		6,166,938
	3,600	Morgan Stanley		5.550%		N/A (5)		BB+		3,618,000
	1,525	State Street Corporation, (4)		5.250%		N/A (5)		BBB+		1,530,719
		Total Capital Markets								22,602,910


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

		Chemicals – 1.0%

	8,525	Blue Cube Spinco LLC, (3)		9.750%		10/15/23		BB+	$	9,505,375

		Commercial Services & Supplies – 0.6%

	6,290	AerCap Global Aviation Trust, 144A		6.500%		6/15/45		BB+		6,106,458

		Consumer Finance – 2.4%

	3,670	American Express Company, (4)		4.900%		N/A (5)		BBB		3,633,300
	3,356	American Express Company, (4)		5.200%		N/A (5)		BBB		3,377,982
	8,620	Capital One Financial Corporation, (4)		5.550%		N/A (5)		BBB–		8,688,960
	8,570	Discover Financial Services, (4)		5.500%		N/A (5)		BB		7,809,412
		Total Consumer Finance								23,509,654

		Diversified Financial Services – 2.8%

	15	Compeer Financial ACA, 144A		6.750%		N/A (5)		BB+		15,096,000
	3,523	Cooperative Rabobank UA, 144A		11.000%		N/A (5)		BBB		3,622,172
	7,350	Voya Financial Inc., (4)		6.125%		N/A (5)		BB+		7,276,500
	1,750	Voya Financial Inc., (4)		5.650%		5/15/53		BBB–		1,697,500
		Total Diversified Financial Services								27,692,172

		Electric Utilities – 2.7%

	2,620	Electricite de France SA, 144A		5.250%		N/A (5)		BBB		2,593,800
	23,985	Emera Inc., (3)		6.750%		6/15/76		BBB–		24,464,700
		Total Electric Utilities								27,058,500

		Equity Real Estate Investment Trusts – 1.3%

	12	Sovereign Real Estate Investment Trust, 144A		12.000%		N/A (5)		BB+		12,992,550

		Food Products – 5.4%

	2,245	Dairy Farmers of America Inc., 144A, (4)		7.125%		N/A (5)		BB+		2,093,462
	1,785	Dean Foods Company, 144A, (3)		6.500%		3/15/23		B+		1,389,230
	34,865	Land O’ Lakes Inc., 144A, (3)		8.000%		N/A (5)		BB		35,998,113
	7,340	Land O’ Lakes Inc., 144A		7.000%		N/A (5)		BB		7,046,400
	6,965	Land O’ Lakes Inc., 144A		7.250%		N/A (5)		BB		6,843,112
		Total Food Products								53,370,317

		Independent Power and Renewable Electricity Producers – 0.5%

	5,000	Vistra Energy Corporation		7.625%		11/01/24		BB		5,312,500

		Industrial Conglomerates – 3.7%

	41,845	General Electric Corporation		5.000%		N/A (5)		BBB–		36,823,600

		Insurance – 10.9%

	2,740	Aegon NV, (4)		5.500%		4/11/48		BBB+		2,575,600
	4,635	American International Group Inc., (4)		5.750%		4/01/48		BBB		4,333,725
	9,814	Assurant Inc., (4)		7.000%		3/27/48		BB+		9,470,510
	22,575	Assured Guaranty Municipal Holdings Inc., 144A		6.400%		12/15/66		BBB+		21,784,875
	2,108	La Mondiale SAM, Reg S		7.625%		10/23/67		BBB		2,127,280
	7,117	Liberty Mutual Group Inc., 144A, (3)		7.800%		3/15/37		BBB–		8,033,314
	9,335	MetLife Capital Trust IV, 144A, (3)		7.875%		12/15/37		BBB		11,141,836
	4,715	MetLife Inc., 144A, (3)		9.250%		4/08/38		BBB		6,094,138
	2,775	MetLife Inc., (4)		5.875%		N/A (5)		BBB		2,766,814
	655	MetLife Inc.		5.250%		N/A (5)		BBB		656,965
	575	Nationwide Financial Services Capital Trust, (3)		7.899%		3/01/37		BBB		604,512
	9,550	Nationwide Financial Services Inc., (3)		6.750%		5/15/37		BBB		9,741,000
	8,455	Provident Financing Trust I, (4)		7.405%		3/15/38		BBB–		8,708,650
	3,315	Prudential Financial Inc., (4)		5.875%		9/15/42		BBB+		3,447,600
	14,375	QBE Insurance Group Ltd, 144A, (4)		7.500%		11/24/43		BBB+		15,453,125
	1,540	QBE Insurance Group Ltd, Reg S		6.750%		12/02/44		BBB		1,599,675
		Total Insurance								108,539,619



JPC		Nuveen Preferred & Income Opportunities Fund (continued)
JPC		Portfolio of Investments January 31, 2019


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

		Interactive Media & Services – 0.1%

	1,825	Rackspace Hosting Inc., 144A, (3)		8.625%		11/15/24		B+	$	1,528,437

		Media – 1.0%

	10,000	Liberty Interactive LLC, (3)		8.500%		7/15/29		BB		10,150,000

		Metals & Mining – 0.4%

	2,630	BHP Billiton Finance USA Ltd, 144A		6.250%		10/19/75		BBB+		2,720,867
	1,600	BHP Billiton Finance USA Ltd, 144A, (4)		6.750%		10/19/75		BBB+		1,744,000
		Total Metals & Mining								4,464,867

		Multi-Utilities – 0.7%

	4,260	CenterPoint Energy Inc., (4)		6.125%		N/A (5)		BBB–		4,260,000
	3,235	NiSource Inc., 144A		5.650%		N/A (5)		BBB–		3,116,373
		Total Multi-Utilities								7,376,373

		Oil, Gas & Consumable Fuels – 0.5%

	5,015	Transcanada Trust, (3)		5.875%		8/15/76		BBB		4,895,643

		U.S. Agency – 1.1%

	5,835	Farm Credit Bank of Texas, 144A		6.200%		N/A (5)		BBB		5,718,300
	5	Farm Credit Bank of Texas, 144A, (4)		10.000%		N/A (5)		BBB+		5,240,500
		Total U.S. Agency								10,958,800
		Total $1,000 Par (or similar) Institutional Preferred (cost $736,450,026)								729,876,813

Shares		Description (1)	Coupon				Ratings (2)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 42.9% (28.2% of Total Investments)

		Banks – 8.8%

	364,931	Citigroup Inc., (4)		7.125%				BB+	$	10,828,324
	138,450	CoBank Agricultural Credit Bank, 144A, (7)		6.250%				BBB+		17,729,937
	63,111	CoBank Agricultural Credit Bank, (4), (7)		6.200%				BBB+		7,311,100
	38,725	CoBank Agricultural Credit Bank, (7)		6.125%				BBB+		3,903,480
	126,703	Fifth Third Bancorporation, (4)		6.625%				BBB–		5,857,703
	178,757	FNB Corporation, (3)		7.250%				BB		4,983,745
	265,000	Huntington Bancshares Inc., (4)		6.250%				BBB–		11,280,516
	109,175	KeyCorp, (4)		6.125%				BBB–		4,617,536
	82,000	People’s United Financial Inc., (4)		5.625%				BB+		2,189,400
	5,400	PNC Financial Services Group Inc.		6.125%				BBB		142,290
	222,705	Regions Financial Corporation, (3), (4)		6.375%				BB+		10,491,805
	113,600	US Bancorporation, (4)		6.500%				A–		3,087,648
	211,722	Western Alliance Bancorporation, (3)		6.250%				N/R		5,492,069
		Total Banks								87,915,553

		Capital Markets – 8.3%

	173,436	Apollo Investment Corporation, (3)		6.875%				BBB–		4,438,227
	148,657	B. Riley Financial Inc.		7.250%				Baa1		3,575,201
	136,989	B. Riley Financial Inc.		7.500%				BB+		3,367,875
	134,939	Charles Schwab Corporation		6.000%				BBB		3,538,101
	129,169	Charles Schwab Corporation, (3)		5.950%				BBB		3,368,727
	128,425	Cowen Inc.		7.350%				BB		3,204,204
	61,600	Goldman Sachs Group Inc.		5.500%				BB+		1,545,544
	26,401	Hercules Capital Inc., (3)		6.250%				N/R		661,081
	370,280	Ladenburg Thalmann Financial Services Inc.		8.000%				N/R		8,960,776
	659,260	Morgan Stanley, (3), (4)		7.125%				BB+		23,326,897
	214,900	Morgan Stanley, (4)		5.850%				BB+		5,456,311
	158,100	Morgan Stanley, (4)		6.375%				BB+		4,154,868
	272,400	Morgan Stanley, (4)		6.875%				BB+		7,354,800
	41,813	Northern Trust Corporation		5.850%				BBB+		1,111,389
	145,905	Oaktree Specialty Lending Corporation, (3)		6.125%				BB+		3,600,935



Shares		Description (1)	Coupon		Ratings (2)		Value

		Capital Markets (continued)

	51,445	State Street Corporation		5.350%		BBB+	$	1,302,587
	138,364	Stifel Financial Corporation, (4)		6.250%		BB–		3,421,742
		Total Capital Markets						82,389,265

		Consumer Finance – 3.6%

	169,911	Capital One Financial Corporation, (4)		6.700%		BBB–		4,383,704
	984,525	GMAC Capital Trust I, (3)		8.401%		B+		31,239,179
		Total Consumer Finance						35,622,883

		Diversified Telecommunication Services – 1.8%

	126,000	AgriBank FCB, (7)		6.875%		BBB+		13,104,000
	209,738	Qwest Corporation, (3)		6.875%		BBB–		4,960,304
		Total Diversified Telecommunication Services						18,064,304

		Equity Real Estate Investment Trusts – 0.3%

	147,988	Senior Housing Properties Trust, (3)		5.625%		BBB–		3,135,866

		Food Products – 4.2%

	330,790	CHS Inc.		7.100%		N/R		13,421,756
	317,133	CHS Inc., (4)		6.750%		BBB+		12,113,244
	209,600	CHS Inc., (3), (4)		7.875%		BBB		11,393,583
	24,500	Dairy Farmers of America Inc., 144A, (7)		7.875%		BB+		2,431,625
	23,000	Dairy Farmers of America Inc., 144A, (7)		7.875%		BB+		2,282,750
		Total Food Products						41,642,958

		Insurance – 9.1%

	302,283	Argo Group US Inc., (3)		6.500%		BBB–		7,708,216
	379,916	Aspen Insurance Holdings Ltd, (4)		5.950%		BBB–		9,459,908
	73,500	Aspen Insurance Holdings Ltd, (4)		5.625%		BBB–		1,716,225
	125,700	Axis Capital Holdings Ltd, (4)		5.500%		BBB		2,909,955
	65,900	Delphi Financial Group Inc., (7)		5.928%		BBB–		1,507,462
	272,100	Enstar Group Ltd, (3), (4)		7.000%		BB+		10,417,680
	255,780	Hartford Financial Services Group Inc., (3)		7.875%		BBB		7,307,635
	2,093,000	ILFC E-Capital Trust II, 144A, (7)		4.800%		BB+		1,601,145
	339,467	Kemper Corporation, (3)		7.375%		BB+		15,106,280
	179,883	Maiden Holdings North America Ltd		7.750%		N/R		3,291,859
	153,954	National General Holdings Corporation, (4)		7.500%		BB+		3,031,354
	88,895	National General Holdings Corporation		7.625%		BB+		2,164,593
	76,400	National General Holdings Corporation		7.500%		BB+		1,642,600
	132,233	PartnerRe Ltd, (3), (4)		7.250%		BBB		3,592,771
	209,400	Reinsurance Group of America Inc., (3), (4)		5.750%		BBB+		8,848,278
	105,979	Reinsurance Group of America Inc., (3)		6.200%		BBB+		4,635,645
	220,272	Torchmark Corporation, (3)		6.125%		BBB+		5,920,911
		Total Insurance						90,862,517

		Mortgage Real Estate Investment Trusts – 0.5%

	96,986	MFA Financial Inc., (4)		8.000%		BB		2,514,847
	107,000	Wells Fargo REIT, (4)		6.375%		BBB		2,783,070
		Total Mortgage Real Estate Investment Trusts						5,297,917

		Oil, Gas & Consumable Fuels – 0.9%

	80,400	NuStar Energy LP		8.500%		B+		1,821,864
	35,850	NuStar Energy LP		7.625%		B+		719,868
	240,017	NuStar Logistics LP, (4)		9.170%		B+		6,000,425
		Total Oil, Gas & Consumable Fuels						8,542,157

		Thrifts & Mortgage Finance – 1.8%

	216,673	Federal Agricultural Mortgage Corporation, (3), (4)		6.875%		BBB+		5,620,498
	143,124	Federal Agricultural Mortgage Corporation, (4)		6.000%		BBB+		3,685,443
	319,095	New York Community Bancorporation Inc., (4)		6.375%		BB+		8,172,023
		Total Thrifts & Mortgage Finance						17,477,964



JPC		Nuveen Preferred & Income Opportunities Fund (continued)
JPC		Portfolio of Investments January 31, 2019



Shares		Description (1)	Coupon				Ratings (2)		Value

		U.S. Agency – 2.5%

	246,900	Farm Credit Bank of Texas, 144A, (3), (7)		6.750%				BBB+	$	25,677,600

		Wireless Telecommunication Services – 1.1%

	415,473	United States Cellular Corporation, (3)		7.250%				BB+		10,677,656
		Total $25 Par (or similar) Retail Preferred (cost $425,224,490)								427,306,640

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

		CONTINGENT CAPITAL SECURITIES – 26.2% (17.2% of Total Investments) (8)

		Banks – 22.4%

$	3,320	Australia & New Zealand Banking Group Limited of the United Kingdom, 144A		6.750%		N/A (5)		BBB	$	3,427,900
	11,935	Banco Bilbao Vizcaya Argentaria SA		6.125%		N/A (5)		BB		10,517,719
	1,205	Banco Mercantil del Norte, 144A		7.625%		N/A (5)		BB		1,195,360
	2,200	Banco Santander SA, Reg S		6.375%		N/A (5)		BB+		2,155,815
	14,065	Barclays Bank PLC, Reg S		7.875%		N/A (5)		BB+		14,645,181
	7,065	Barclays Bank PLC		7.750%		N/A (5)		BB+		7,044,370
	11,665	BNP Paribas SA, 144A		7.375%		N/A (5)		BBB–		12,117,019
	15,785	Credit Agricole SA, 144A		8.125%		N/A (5)		BBB–		17,106,994
	8,985	Credit Agricole SA, 144A, (4)		7.875%		N/A (5)		BBB–		9,422,336
	4,675	HSBC Holdings PLC		6.375%		N/A (5)		BBB		4,692,531
	2,290	HSBC Holdings PLC		6.375%		N/A (5)		BBB		2,249,925
	5,055	ING Groep NV		6.500%		N/A (5)		BBB–		4,932,669
	1,000	ING Groep NV, Reg S		6.875%		N/A (5)		BBB–		1,022,876
	13,870	Intesa Sanpaolo SpA, 144A		7.700%		N/A (5)		BB–		12,708,387
	21,795	Lloyds Banking Group PLC		7.500%		N/A (5)		BBB–		22,176,412
	5,000	Nordea Bank AB, 144A		6.125%		N/A (5)		BBB		4,775,000
	8,270	Royal Bank of Scotland Group PLC		8.000%		N/A (5)		BB+		8,650,420
	5,855	Royal Bank of Scotland Group PLC		8.625%		N/A (5)		BB+		6,233,819
	2,820	Royal Bank of Scotland Group PLC		7.500%		N/A (5)		BB+		2,883,450
	9,201	Societe Generale SA, 144A		7.875%		N/A (5)		BB+		9,507,393
	8,005	Societe Generale SA, 144A		8.000%		N/A (5)		BB+		8,345,213
	6,400	Societe Generale SA, 144A, (4)		6.750%		N/A (5)		BB+		5,840,000
	2,480	Societe Generale SA, 144A, (4)		7.375%		N/A (5)		BB+		2,561,840
	7,640	Standard Chartered PLC, 144A		7.500%		N/A (5)		BB+		7,945,600
	6,485	Standard Chartered PLC, 144A		7.750%		N/A (5)		BB+		6,760,613
	18,880	UBS Group Funding Switzerland AG, Reg S		7.000%		N/A (5)		BBB–		19,965,600
	15,930	UniCredit SpA, Reg S		8.000%		N/A (5)		B+		14,572,191
	221,876	Total Banks								223,456,633

		Capital Markets – 3.8%

	7,914	Credit Suisse Group AG, 144A, (4)		7.250%		N/A (5)		BB		7,834,860
	11,920	Credit Suisse Group AG, 144A		7.500%		N/A (5)		BB		12,643,568
	6,455	Credit Suisse Group AG, 144A		7.500%		N/A (5)		BB		6,584,100
	2,900	Macquarie Bank Ltd, 144A, (4)		6.125%		N/A (5)		BB+		2,599,125
	5,195	UBS Group Funding Switzerland AG, Reg S		6.875%		N/A (5)		BBB–		5,201,348
	2,585	UBS Group Funding Switzerland AG, 144A		7.000%		N/A (5)		BBB–		2,601,156
	36,969	Total Capital Markets								37,464,157
$	258,845	Total Contingent Capital Securities (cost $272,988,681)								260,920,790

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

		CORPORATE BONDS – 5.1% (3.4% of Total Investments)

		Automobiles – 0.3%

$	2,825	Ford Motor Company, (3)		7.450%		7/16/31		BBB	$	2,874,638

		Capital Markets – 0.4%

	3,960	Donnelley Financial Solutions Inc., (3)		8.250%		10/15/24		B		3,930,300

		Chemicals – 0.5%

	4,675	CVR Partners LP / CVR Nitrogen Finance Corp, 144A, (3)		9.250%		6/15/23		B+		4,885,375

Principal
Amount (000)

Description (1)

Coupon

Maturity

Ratings (2)

Value

Consumer Finance – 1.1%

10,075

Navient Corporation, (3)

8.000%

3/25/20

10,490,594

Media – 1.5%

3,375

Altice Financing SA, 144A, (3)

7.500%

5/15/26

B+

3,197,812

7,850

DISH DBS Corporation, (3)

7.750%

7/01/26

BB–

6,760,813

4,725

Viacom Inc., (3)

6.875%

4/30/36

BBB

5,377,912

Total Media

15,336,537

Oil, Gas & Consumable Fuels – 0.8%

7,600

Enviva Partners LP / Enviva Partners Finance Corp, (3)

8.500%

11/01/21

BB–

7,918,212

Specialty Retail – 0.5%

6,450

L Brands Inc., (3)

6.875%

11/01/35

BB+

5,530,875

Total Corporate Bonds (cost $54,061,124)

50,966,531

Shares

Description (1)

Coupon

Ratings (2)

Value

CONVERTIBLE PREFERRED SECURITIES – 2.6% (1.7% of Total Investments)

Electric Utilities – 1.1%

185,100

NextEra Energy Inc.

6.123%

BBB

10,978,281

Independent Power and Renewable Electricity Producers – 0.4%

45,600

Vistra Energy Corporation

7.000%

N/R

4,471,080

Multi-Utilities – 1.1%

103

Sempra Energy

6.750%

Baa1

10,479,220

Total Convertible Preferred Securities (cost $25,531,857)

25,928,581

Shares

Description (1)

Value

COMMON STOCKS – 0.3% (0.2% of Total Investments)

Capital Markets – 0.3%

184,035

Ares Capital Corporation, (4)

2,999,770

Total Common Stocks (cost $3,036,662)

2,999,770

Total Long-Term Investments (cost $1,517,292,840)

1,497,999,125

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 1.8% (1.2% of Total Investments)

REPURCHASE AGREEMENTS – 1.8% (1.2% of Total Investments)

17,875

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 1/31/19, repurchase price $17,875,358,
collateralized by $17,835,000 U.S. Treasury Notes,
2.875%, due 5/31/25, value $18,237,286

1.200%

2/01/19

17,874,762

Total Short-Term Investments (cost $17,874,762)

17,874,762

Total Investments (cost $1,535,167,602) – 152.1%

1,515,873,887

Borrowings – (40.8)% (9), (10)

(407,000,000

)

Reverse Repurchase Agreements – (12.5)% (11)

(125,000,000

)

Other Assets Less Liabilities – 1.2% (12)

13,049,577

Net Assets Applicable to Common Shares – 100%

996,923,464



JPC		Nuveen Preferred & Income Opportunities Fund (continued)
JPC		Portfolio of Investments January 31, 2019

Investments in Derivatives

Interest Rate Swaps – OTC Uncleared

Counterparty

Notional
Amount

Fund
Pay/Receive
Floating Rate

Floating Rate Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date (13)

Optional
Termination
Date

Maturity
Date

Value

Unrealized
Appreciation
(Depreciation)

Morgan Stanley Capital Services, LLC

277,500,000

Receive

1-Month LIBOR

1.994

Monthly

6/01/18

7/01/25

7/01/27

5,415,075

Total unrealized appreciation on interest rate swaps

5,415,075

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

(2)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(3)	Investment, or portion of investment, 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 $298,786,078 have been pledged as collateral for reverse repurchase agreements.

(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 $317,776,223.

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

(6)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

(7)	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.

(8)

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.

(9)

The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $997,322,869 have been pledged as collateral for borrowings.

(10)	Borrowings as a percentage of Total Investments is 26.8%.

(11)	Reverse Repurchase Agreements as a percentage of Total Investments is 8.2%.

(12)

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.

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

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

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.

JPI

Nuveen Preferred and Income
Term Fund

Portfolio of Investments January 31, 2019


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

		LONG-TERM INVESTMENTS – 141.4% (100.0% Total Investments)

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 64.6% (45.7% of Total Investments)

		Automobiles – 1.5%

$	9,448	General Motors Financial Company Inc., (4)		5.750%		N/A (3)		BB+	$	8,101,660

		Banks – 23.8%

	6,820	Bank of America Corporation		6.500%		N/A (3)		BBB–		7,342,480
	2,380	Bank of America Corporation		6.100%		N/A (3)		BBB–		2,501,975
	6,365	Bank of America Corporation, (4)		6.300%		N/A (3)		BBB–		6,861,088
	4,000	Barclays Bank PLC, 144A		10.179%		6/12/21		A–		4,529,058
	3,775	BNP Paribas SA, 144A		7.195%		N/A (3)		BBB		3,947,216
	11,130	Citigroup Inc., (4)		5.875%		N/A (3)		BB+		11,213,475
	6,815	Citigroup Inc.		6.125%		N/A (3)		BB+		6,917,225
	3,610	Citizens Financial Group Inc.		5.500%		N/A (3)		BB+		3,625,884
	3,065	Commerzbank AG, 144A		8.125%		9/19/23		BBB		3,395,998
	1,230	First Union Capital II		7.950%		11/15/29		BBB+		1,525,603
	3,496	HSBC Capital Funding Dollar 1 LP, 144A		10.176%		N/A (3)		BBB+		5,016,760
	15,639	JPMorgan Chase & Company		6.750%		N/A (3)		BBB		16,855,871
	7,770	JPMorgan Chase & Company		5.300%		N/A (3)		BBB		7,886,550
	1,116	JPMorgan Chase & Company, (3-Month LIBOR reference rate + 3.470% spread), (5)		5.990%		N/A (3)		BBB		1,121,078
	2,020	Keycorp Convertible Preferred Stock		5.000%		N/A (3)		BBB–		1,910,031
	1,905	Lloyds Bank PLC, 144A		12.000%		N/A (3)		BBB–		2,290,993
	3,495	M&T Bank Corporation, (4)		5.125%		N/A (3)		BBB		3,416,362
	1,060	M&T Bank Corporation		6.450%		N/A (3)		BBB		1,113,000
	4,995	PNC Financial Services Group Inc.		5.000%		N/A (3)		BBB		4,745,250
	2,035	PNC Financial Services Group Inc.		6.750%		N/A (3)		BBB		2,131,662
	3,071	Royal Bank of Scotland Group PLC, (4)		7.648%		N/A (3)		BBB–		3,740,847
	2,980	SunTrust Banks Inc.		5.050%		N/A (3)		BBB–		2,816,100
	3,795	Wachovia Capital Trust III		5.570%		N/A (3)		BBB		3,669,404
	9,518	Wells Fargo & Company		5.875%		N/A (3)		BBB		9,874,925
	2,256	Wells Fargo & Company		5.900%		N/A (3)		BBB		2,278,560
	5,541	Wells Fargo & Company, (3-Month LIBOR reference rate + 3.770% spread), (5)		6.104%		N/A (3)		BBB		5,577,016
		Total Banks								126,304,411

		Capital Markets – 3.1%

	1,800	Bank of New York Mellon		4.950%		N/A (3)		BBB+		1,820,394
	8,015	Goldman Sachs Group Inc.		5.375%		N/A (3)		BB+		7,974,925
	5,600	Goldman Sachs Group Inc., (4)		5.300%		N/A (3)		BB+		5,530,000
	1,155	State Street Corporation		5.250%		N/A (3)		BBB+		1,159,331
		Total Capital Markets								16,484,650

		Commercial Services & Supplies – 1.0%

	5,495	AerCap Global Aviation Trust, 144A		6.500%		6/15/45		BB+		5,334,656

		Consumer Finance – 2.8%
	3,190	American Express Company, (4)		4.900%		N/A (3)		BBB		3,158,100
	3,110	American Express Company, (4)		5.200%		N/A (3)		BBB		3,130,371
	4,450	Capital One Financial Corporation, (4)		5.550%		N/A (3)		BBB–		4,485,600
	4,260	Discover Financial Services, (4)		5.500%		N/A (3)		BB		3,881,925
		Total Consumer Finance								14,655,996

		Diversified Financial Services – 4.0%

	14	Compeer Financial ACA, 144A		6.750%		N/A (3)		BB+		13,974,000
	3,093	Cooperative Rabobank UA, 144A		11.000%		N/A (3)		BBB		3,179,554
	2,675	Voya Financial Inc.		6.125%		N/A (3)		BB+		2,648,250
	1,522	Voya Financial Inc., (4)		5.650%		5/15/53		BBB–		1,476,340
		Total Diversified Financial Services								21,278,144



JPI		Nuveen Preferred and Income Term Fund (continued)
JPI		Portfolio of Investments January 31, 2019


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

		Electric Utilities – 2.3%

	2,370	Electricite de France SA, 144A		5.250%		N/A (3)		BBB	$	2,346,300
	9,525	Emera Inc.		6.750%		6/15/76		BBB–		9,715,500
		Total Electric Utilities								12,061,800

		Equity Real Estate Investment Trusts – 2.6%

	12	Sovereign Real Estate Investment Trust, 144A		12.000%		N/A (3)		BB+		13,650,780

		Food Products – 4.0%

	2,360	Dairy Farmers of America Inc., 144A, (4)		7.125%		N/A (3)		BB+		2,200,700
	10,170	Land O’ Lakes Inc., 144A		8.000%		N/A (3)		BB		10,500,525
	4,170	Land O’ Lakes Inc., 144A		7.000%		N/A (3)		BB		4,003,200
	3,120	Land O’ Lakes Inc., 144A		7.250%		N/A (3)		BB		3,065,400
	1,285	Land O’Lakes Capital Trust I, 144A, (4)		7.450%		3/15/28		BB+		1,352,463
		Total Food Products								21,122,288

		Industrial Conglomerates – 3.8%

	23,072	General Electric Corporation		5.000%		N/A (3)		BBB–		20,303,360

		Insurance – 13.2%

	2,420	Aegon NV, (4)		5.500%		4/11/48		BBB+		2,274,800
	4,155	American International Group Inc.		5.750%		4/01/48		BBB		3,884,925
	8,745	Assurant Inc.		7.000%		3/27/48		BB+		8,438,925
	20,060	Assured Guaranty Municipal Holdings Inc., 144A		6.400%		12/15/66		BBB+		19,357,900
	1,824	La Mondiale SAM, Reg S		7.625%		10/23/67		BBB		1,840,682
	3,915	MetLife Inc., 144A		9.250%		4/08/38		BBB		5,060,137
	2,460	MetLife Inc.		5.875%		N/A (3)		BBB		2,452,743
	500	MetLife Inc.		5.250%		N/A (3)		BBB		501,500
	7,514	Provident Financing Trust I, (4)		7.405%		3/15/38		BBB–		7,739,420
	3,325	Prudential Financial Inc., (4)		5.875%		9/15/42		BBB+		3,458,000
	12,260	QBE Insurance Group Ltd, 144A, (4)		7.500%		11/24/43		BBB+		13,179,500
	1,925	QBE Insurance Group Ltd, Reg S		6.750%		12/02/44		BBB		1,999,594
		Total Insurance								70,188,126

		Metals & Mining – 0.8%

	2,290	BHP Billiton Finance USA Ltd, 144A		6.250%		10/19/75		BBB+		2,369,120
	1,395	BHP Billiton Finance USA Ltd, 144A		6.750%		10/19/75		BBB+		1,520,550
		Total Metals & Mining								3,889,670

		Multi-Utilities – 1.3%

	4,320	CenterPoint Energy Inc.		6.125%		N/A (3)		BBB–		4,320,000
	2,815	NiSource Inc., 144A		5.650%		N/A (3)		BBB–		2,711,774
		Total Multi-Utilities								7,031,774

		U.S. Agency – 0.4%

	1,180	Farm Credit Bank of Texas, 144A		6.200%		N/A (3)		BBB		1,156,400
	1	Farm Credit Bank of Texas, 144A, (4)		10.000%		N/A (3)		BBB+		838,480
		Total U.S. Agency								1,994,880
		Total $1,000 Par (or similar) Institutional Preferred (cost $341,305,287)								342,402,195

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

		CONTINGENT CAPITAL SECURITIES – 43.7% (30.9% of Total Investments) (7)

		Banks – 37.5%

$	2,950	Australia & New Zealand Banking Group Limited of the United Kingdom, 144A		6.750%		N/A (3)		BBB	$	3,045,875
	10,690	Banco Bilbao Vizcaya Argentaria SA		6.125%		N/A (3)		BB		9,420,562
	1,110	Banco Mercantil del Norte, 144A		7.625%		N/A (3)		BB		1,101,120
	2,200	Banco Santander SA, Reg S		6.375%		N/A (3)		BB+		2,155,815
	12,480	Barclays Bank PLC, Reg S		7.875%		N/A (3)		BB+		12,994,800
	6,060	Barclays Bank PLC		7.750%		N/A (3)		BB+		6,042,305



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

		Banks (continued)

$	10,640	BNP Paribas SA, 144A		7.375%		N/A (3)		BBB–	$	11,052,300
	13,934	Credit Agricole SA, 144A		8.125%		N/A (3)		BBB–		15,100,973
	7,875	Credit Agricole SA, 144A		7.875%		N/A (3)		BBB–		8,258,308
	4,381	HSBC Holdings PLC		6.375%		N/A (3)		BBB		4,397,429
	1,960	HSBC Holdings PLC		6.375%		N/A (3)		BBB		1,925,700
	1,000	ING Groep NV, Reg S		6.875%		N/A (3)		BBB–		1,022,876
	4,890	ING Groep NV		6.500%		N/A (3)		BBB–		4,771,662
	12,320	Intesa Sanpaolo SpA, 144A		7.700%		N/A (3)		BB–		11,288,200
	19,310	Lloyds Banking Group PLC		7.500%		N/A (3)		BBB–		19,647,925
	4,390	Nordea Bank AB, 144A, (4)		6.125%		N/A (3)		BBB		4,192,450
	7,279	Royal Bank of Scotland Group PLC		8.000%		N/A (3)		BB+		7,613,834
	5,150	Royal Bank of Scotland Group PLC		8.625%		N/A (3)		BB+		5,483,205
	2,476	Royal Bank of Scotland Group PLC		7.500%		N/A (3)		BB+		2,531,710
	8,103	Societe Generale SA, 144A		7.875%		N/A (3)		BB+		8,372,830
	7,100	Societe Generale SA, 144A		8.000%		N/A (3)		BB+		7,401,750
	5,575	Societe Generale SA, 144A, (4)		6.750%		N/A (3)		BB+		5,087,187
	2,295	Societe Generale SA, 144A, (4)		7.375%		N/A (3)		BB+		2,370,735
	6,780	Standard Chartered PLC, 144A		7.500%		N/A (3)		BB+		7,051,200
	5,600	Standard Chartered PLC, 144A		7.750%		N/A (3)		BB+		5,838,000
	16,727	UBS Group AG, Reg S		7.000%		N/A (3)		BBB–		17,688,803
	14,115	UniCredit SpA, Reg S		8.000%		N/A (3)		B+		12,911,894
	197,390	Total Banks								198,769,448

		Capital Markets – 6.2%

	10,537	Credit Suisse Group AG, 144A		7.500%		N/A (3)		BB		11,176,617
	6,921	Credit Suisse Group AG, 144A		7.250%		N/A (3)		BB		6,851,790
	5,615	Credit Suisse Group AG, 144A		7.500%		N/A (3)		BB		5,727,300
	2,500	Macquarie Bank Ltd, 144A, (4)		6.125%		N/A (3)		BB+		2,240,625
	2,360	UBS Group AG, 144A		7.000%		N/A (3)		BBB–		2,374,750
	4,515	UBS Group AG, Reg S		6.875%		N/A (3)		BBB–		4,520,517
	32,448	Total Capital Markets								32,891,599
$	229,838	Total Contingent Capital Securities (cost $238,310,857)								231,661,047

Shares		Description (1)	Coupon				Ratings (2)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 33.1% (23.4% of Total Investments)

		Banks – 6.4%

	38,889	Citigroup Inc., (4)		7.125%				BB+	$	1,030,558
	154,900	CoBank Agricultural Credit Bank, 144A, (6)		6.250%				BBB+		15,877,250
	33,728	CoBank Agricultural Credit Bank, (4), (6)		6.200%				BBB+		3,372,800
	107,726	Fifth Third Bancorporation, (4)		6.625%				BBB–		2,892,443
	154,612	Huntington Bancshares Inc., (4)		6.250%				BBB–		4,016,820
	54,100	KeyCorp		6.125%				BBB–		1,468,815
	4,600	PNC Financial Services Group Inc.		6.125%				BBB		121,210
	192,878	Regions Financial Corporation, (4)		6.375%				BB+		5,095,837
		Total Banks								33,875,733

		Capital Markets – 4.4%

	54,600	Goldman Sachs Group Inc.		5.500%				BB+		1,369,914
	191,400	Morgan Stanley, (4)		5.850%				BB+		4,859,646
	160,656	Morgan Stanley, (4)		7.125%				BB+		4,466,237
	143,200	Morgan Stanley, (4)		6.375%				BB+		3,763,296
	244,100	Morgan Stanley, (4)		6.875%				BB+		6,590,700
	38,800	Northern Trust Corporation, (4)		5.850%				BBB+		1,031,304
	54,750	State Street Corporation, (4)		5.350%				BBB+		1,386,270
		Total Capital Markets								23,467,367

		Consumer Finance – 0.9%

	185,926	GMAC Capital Trust I		8.401%				B+		4,854,528

		Diversified Financial Services – 2.3%

	115,900	AgriBank FCB, (6)		6.875%				BBB+		12,053,600



JPI		Nuveen Preferred and Income Term Fund (continued)
JPI		Portfolio of Investments January 31, 2019



Shares		Description (1)	Coupon				Ratings (2)		Value

		Food Products – 3.3%

	185,400	CHS Inc., (4)		7.875%				N/R	$	5,102,208
	161,100	CHS Inc.		7.100%				N/R		4,224,042
	141,800	CHS Inc., (4)		6.750%				N/R		3,594,630
	24,000	Dairy Farmers of America Inc., 144A, (6)		7.875%				BB+		2,382,000
	20,500	Dairy Farmers of America Inc., 144A, (6)		7.875%				BB+		2,034,625
		Total Food Products								17,337,505

		Insurance – 7.0%

	324,957	Aspen Insurance Holdings Ltd, (4)		5.950%				BBB–		8,091,429
	62,000	Aspen Insurance Holdings Ltd, (4)		5.625%				BBB–		1,447,700
	108,900	Axis Capital Holdings Ltd, (4)		5.500%				BBB		2,521,035
	70,700	Delphi Financial Group Inc., (4), (6)		5.928%				BBB–		1,617,262
	119,500	Enstar Group Ltd		7.000%				BB+		3,040,080
	1,860	ILFC E-Capital Trust II, 144A, (6)		4.800%				BB+		1,422,900
	295,125	Kemper Corporation		7.375%				BB+		7,534,541
	163,333	Maiden Holdings North America Ltd		7.750%				BBB		2,988,994
	181,800	Reinsurance Group of America Inc., (4)		5.750%				BBB+		4,630,446
	62,847	Reinsurance Group of America Inc., (4)		6.200%				BBB+		1,649,734
	74,800	Torchmark Corporation, (4)		6.125%				BBB+		2,010,624
		Total Insurance								36,954,745

		Mortgage Real Estate Investment Trusts – 0.6%

	114,600	Wells Fargo REIT, (4)		6.375%				BBB		2,980,746

		Oil, Gas & Consumable Fuels – 1.3%

	84,700	NuStar Energy LP, (4)		8.500%				B+		1,919,302
	206,369	NuStar Logistics LP, (4)		9.170%				B+		5,159,225
		Total Oil, Gas & Consumable Fuels								7,078,527

		Thrifts & Mortgage Finance – 2.6%

	145,808	Federal Agricultural Mortgage Corporation, (4)		6.000%				BB+		3,754,556
	103,274	Federal Agricultural Mortgage Corporation, (4)		6.875%				N/R		2,678,928
	281,387	New York Community Bancorporation Inc., (4)		6.375%				BB+		7,206,321
		Total Thrifts & Mortgage Finance								13,639,805

		U.S. Agency – 4.3%

	222,100	Farm Credit Bank of Texas, 144A, (6)		6.750%				BBB+		23,098,400
		Total $25 Par (or similar) Retail Preferred (cost $173,799,956)								175,340,956
		Total Long-Term Investments (cost $753,416,100)								749,404,198

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

		SHORT-TERM INVESTMENTS – 0.0% (0.0% of Total Investments)

		REPURCHASE AGREEMENTS – 0.0% (0.0% of Total Investments)

$	147	Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $147,495, collateralized by $150,000 U.S. Treasury Notes, 2.875%, due 4/30/25, value $153,755		1.200%		2/01/19			$	147,490
		Total Short-Term Investments (cost $147,490)								147,490
		Total Investments (cost $753,563,590) – 141.4%								749,551,688
		Borrowings – (42.4)% (8), (9)								(225,000,000	)
		Other Assets Less Liabilities – 1.0% (10)								5,520,335
		Net Assets Applicable to Common Shares – 100%							$	530,072,023

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 (11)

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

1,729,296

Total unrealized appreciation on interest rate swaps

1,729,296

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

(2)

(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 $171,396,461.

(5)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

(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 of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level.

(8)

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 $542,705,450 have been pledged as collateral for borrowings.

(9)	Borrowings as a percentage of Total Investments is 30.0%.

(10)

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.

(11)	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

LIBOR

London Inter-Bank Offered Rate

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

JPS

Nuveen Preferred & Income
Securities Fund

Portfolio of Investments January 31, 2019


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

		LONG-TERM INVESTMENTS – 150.0% (98.7% of Total Investments)

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 69.8% (45.9% of Total Investments)

		Automobiles – 0.0%

$	1,000	General Motors Financial Company Inc., (3)		5.750%		N/A (4)		BB+	$	857,500

		Banks – 25.9%

	16,000	Bank of America Corporation, (3)		6.300%		N/A (4)		BBB–		17,247,040
	14,300	Bank of America Corporation		6.500%		N/A (4)		BBB–		15,395,523
	12,300	Bank of America Corporation, (3)		6.100%		N/A (4)		BBB–		12,930,375
	48,000	Citigroup Inc., (5)		6.125%		N/A (4)		BB+		48,720,000
	7,000	Citigroup Inc.		6.250%		N/A (4)		BB+		7,245,000
	24,389	Citizens Financial Group Inc.		5.500%		N/A (4)		BB+		24,496,312
	1,000	Citizens Financial Group Inc., (5)		6.375%		N/A (4)		BB+		983,000
	18,000	CoBank ACB		6.250%		N/A (4)		BBB+		18,562,500
	10,000	Cooperatieve Rabobank UA, Reg S		11.000%		N/A (4)		BBB		10,281,500
	1,250	DNB Bank ASA		2.713%		N/A (4)		BBB		837,500
	1,250	DNB Bank ASA		2.957%		N/A (4)		BBB		828,750
	25,580	First Union Capital II, (3)		7.950%		11/15/29		BBB+		31,727,579
	30,000	HSBC Capital Funding Dollar 1 LP, 144A, (3)		10.176%		N/A (4)		BBB+		43,050,000
	54,000	JPMorgan Chase & Company		6.750%		N/A (4)		BBB		58,201,740
	18,100	JPMorgan Chase & Company, (3-Month LIBOR reference rate + 3.470% spread), (6)		5.990%		N/A (4)		BBB		18,182,355
	10,000	JPMorgan Chase & Company, (5)		6.100%		N/A (4)		BBB		10,237,500
	4,900	JPMorgan Chase & Company		5.300%		N/A (4)		BBB		4,973,500
	3,600	JPMorgan Chase & Company, (3)		8.750%		9/01/30		BBB+		4,870,381
	8,000	KeyCorp Capital III		7.750%		7/15/29		BBB		9,783,231
	20,900	Lloyds Bank PLC, Reg S		12.000%		N/A (4)		BBB–		25,133,964
	12,000	Lloyds Bank PLC, 144A, (5)		12.000%		N/A (4)		BBB–		14,431,452
	9,850	Lloyds Banking Group PLC, 144A, (3)		6.657%		N/A (4)		BBB–		9,659,107
	4,800	Lloyds Banking Group PLC, 144A		6.413%		N/A (4)		BBB–		4,680,000
	9	M&T Bank Corporation, (5)		6.375%		N/A (4)		BBB+		9,077,250
	28,700	PNC Financial Services Group Inc.		6.750%		N/A (4)