1
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Portfolio
of
Investments
April
30,
2023
(Unaudited)
NPFD
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
154.4%  
(99.4%
of
Total
Investments) 
X
439,076,695
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
99.4%
(64.0%
of
Total
Investments)
X
439,076,695
Automobiles
-
4.1%
$
8,535
General
Motors
Financial
Co
Inc
5.700%
N/A
(3)
BB+
$
7,457,456
12,331
General
Motors
Financial
Co
Inc
5.750%
N/A
(3)
BB+
10,466,183
Total
Automobiles
17,923,639
Banks
-
41.6%
8,200
Bank
of
America
Corp
6.250%
N/A
(3)
BBB+
8,016,320
10,610
Bank
of
America
Corp
6.500%
N/A
(3)
BBB+
10,577,321
1,775
Bank
of
America
Corp
6.300%
N/A
(3)
BBB+
1,787,517
2,219
Bank
of
America
Corp
6.100%
N/A
(3)
BBB+
2,177,394
16,995
Citigroup
Inc
6.300%
N/A
(3)
BBB-
16,031,383
8,000
Citigroup
Inc
5.000%
N/A
(3)
BBB-
7,500,000
2,875
Citigroup
Inc
6.250%
N/A
(3)
BBB-
2,819,714
3,000
Citigroup
Inc
(3-Month
LIBOR
reference
rate
+
4.230%
spread)
(4)
9.094%
N/A
(3)
BBB-
3,000,000
3,375
Citigroup
Inc
5.950%
N/A
(3)
BBB-
3,164,122
1,650
Citigroup
Inc
7.375%
N/A
(3)
BBB-
1,629,375
2,500
Citizens
Financial
Group
Inc
6.375%
N/A
(3)
Baa3
2,162,500
3,680
Citizens
Financial
Group
Inc
4.000%
N/A
(3)
Baa3
2,861,200
6,050
CoBank
ACB
6.450%
N/A
(3)
BBB+
5,701,654
3,271
Fifth
Third
Bancorp
4.500%
N/A
(3)
Baa3
2,896,969
5,600
First
Citizens
BancShares
Inc/NC
(3-Month
LIBOR
reference
rate
+
3.972%
spread)
(4)
8.838%
N/A
(3)
Ba1
5,194,000
5,190
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(3)
BBB
6,329,578
8,400
Huntington
Bancshares
Inc/OH
5.625%
N/A
(3)
Baa3
7,493,003
16,945
JPMorgan
Chase
&
Co
6.750%
N/A
(3)
BBB+
16,924,666
2,933
JPMorgan
Chase
&
Co
5.000%
N/A
(3)
BBB+
2,810,888
3,195
JPMorgan
Chase
&
Co
6.100%
N/A
(3)
BBB+
3,161,357
4,789
KeyCorp
5.000%
N/A
(3)
Baa3
3,783,309
8,000
M&T
Bank
Corp
5.125%
N/A
(3)
Baa2
6,195,788
5,735
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(3)
Baa2
5,256,127
2,445
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(3)
Baa2
2,267,737
3,534
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(3)
Baa2
3,215,940
3,990
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(3)
Baa2
3,757,413
2,470
Regions
Financial
Corp
5.750%
N/A
(3)
Baa3
2,334,756
8,195
Truist
Financial
Corp
5.100%
N/A
(3)
Baa2
7,228,502
4,970
Truist
Financial
Corp
(3-Month
LIBOR
reference
rate
+
3.102%
spread)
(4)
7.968%
N/A
(3)
Baa2
4,771,200
7,873
Truist
Financial
Corp
4.800%
N/A
(3)
Baa2
6,839,669
4,608
Wells
Fargo
&
Co
3.900%
N/A
(3)
Baa2
4,009,847
14,429
Wells
Fargo
&
Co
5.875%
N/A
(3)
Baa2
14,114,736
7,000
Wells
Fargo
&
Co
5.900%
N/A
(3)
Baa2
6,600,300
1,200
Zions
Bancorp
NA
7.200%
N/A
(3)
BB+
1,030,200
Total
Banks
183,644,485
Capital
Markets
-
7.0%
2,405
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(3)
Baa1
2,341,869
13,128
Charles
Schwab
Corp/The
5.375%
N/A
(3)
Baa2
12,496,215
5,890
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(3)
BBB-
5,588,344
5,880
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(3)
BBB-
5,673,433
5,700
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(3)
BBB-
4,777,838
Total
Capital
Markets
30,877,699
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
2
NPFD
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Consumer
Finance
-
3.7%
$
4,200
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
$
2,950,500
3,320
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
2,448,500
3,785
American
Express
Co
3.550%
N/A
(3)
Baa2
3,180,078
4,705
Capital
One
Financial
Corp
3.950%
N/A
(3)
Baa3
3,470,588
3,690
Discover
Financial
Services
5.500%
N/A
(3)
Ba1
2,804,400
1,745
Discover
Financial
Services
6.125%
N/A
(3)
Ba1
1,651,959
Total
Consumer
Finance
16,506,025
Electric
Utilities
-
5.1%
2,600
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
2,080,841
4,530
Edison
International
5.000%
N/A
(3)
BB+
3,872,313
1,445
Edison
International
5.375%
N/A
(3)
BB+
1,286,809
14,093
Emera
Inc
(5)
6.750%
6/15/76
BB+
13,422,354
2,000
Southern
Co/The
4.000%
1/15/51
BBB-
1,879,200
Total
Electric
Utilities
22,541,517
Financial
Services
-
3.0%
3,250
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(3)
BB
2,925,000
350
Compeer
Financial
ACA,
144A
4.875%
N/A
(3)
BB+
308,000
6,310
Equitable
Holdings
Inc
4.950%
N/A
(3)
BBB-
5,750,344
4,352
Voya
Financial
Inc
6.125%
N/A
(3)
BBB-
4,191,760
Total
Financial
Services
13,175,104
Independent
Power
and
Renewable
Electricity
Producers
-
1.7%
2,685
AES
Andes
SA,
144A
7.125%
3/26/79
BB
2,529,270
1,700
AES
Andes
SA,
144A
6.350%
10/07/79
BB
1,577,410
2,215
Vistra
Corp,
144A
7.000%
N/A
(3)
Ba3
1,986,475
1,560
Vistra
Corp,
144A
8.000%
N/A
(3)
Ba3
1,470,300
Total
Independent
Power
and
Renewable
Electricity
Producers
7,563,455
Industrial
Conglomerates
-
0.8%
3,573
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(4)
8.196%
N/A
(3)
BBB-
3,566,747
Total
Industrial
Conglomerates
3,566,747
Insurance
-
14.4%
2,595
Aegon
NV
5.500%
4/11/48
Baa1
2,516,631
2,250
American
International
Group
Inc
5.750%
4/01/48
BBB-
2,165,625
4,516
Assurant
Inc
7.000%
3/27/48
Baa3
4,308,047
3,000
Assured
Guaranty
Municipal
Holdings
Inc,
144A
6.400%
12/15/66
BBB+
2,685,000
3,050
AXIS
Specialty
Finance
LLC
(5)
4.900%
1/15/40
BBB
2,451,457
6,115
Enstar
Finance
LLC
5.500%
1/15/42
BBB-
4,402,169
1,000
Enstar
Finance
LLC
5.750%
9/01/40
BBB-
834,850
10,345
Markel
Corp
6.000%
N/A
(3)
BBB-
10,051,486
6,495
MetLife
Inc
(5)
5.875%
N/A
(3)
BBB
6,027,018
3,395
Prudential
Financial
Inc
5.125%
3/01/52
BBB+
3,071,561
3,875
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
BBB
3,837,893
8,205
QBE
Insurance
Group
Ltd,
144A
7.500%
11/24/43
Baa1
8,204,099
1,600
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(3)
Baa2
1,510,695
3,915
SBL
Holdings
Inc,
144A
6.500%
N/A
(3)
BB
2,279,274
14,500
SBL
Holdings
Inc,
144A
7.000%
N/A
(3)
BB
9,352,500
Total
Insurance
63,698,305
Media
-
0.4%
2,235
Paramount
Global
6.375%
3/30/62
Baa3
1,917,093
Total
Media
1,917,093
3
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Multi-Utilities
-
4.0%
$
2,660
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
BB+
$
2,151,283
8,050
CenterPoint
Energy
Inc
6.125%
N/A
(3)
BBB-
7,667,625
2,500
CMS
Energy
Corp
(5)
4.750%
6/01/50
BBB-
2,187,500
3,400
Sempra
Energy
4.125%
4/01/52
BBB-
2,753,462
3,210
Sempra
Energy
4.875%
N/A
(3)
BBB-
3,018,563
Total
Multi-Utilities
17,778,433
Oil,
Gas
&
Consumable
Fuels
-
5.6%
8,546
Enbridge
Inc
(5)
5.500%
7/15/77
BBB-
7,562,770
2,350
Enbridge
Inc
6.000%
1/15/77
BBB-
2,196,236
6,360
Enbridge
Inc
7.625%
1/15/83
BBB-
6,478,178
5,345
Energy
Transfer
LP
(5)
6.500%
N/A
(3)
BB
4,730,325
545
Energy
Transfer
LP
7.125%
N/A
(3)
BB
459,162
2,155
Transcanada
Trust
5.600%
3/07/82
BBB-
1,822,138
1,460
Transcanada
Trust
5.500%
9/15/79
BBB-
1,237,055
Total
Oil,
Gas
&
Consumable
Fuels
24,485,864
Trading
Companies
&
Distributors
-
5.7%
6,200
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
Baa3
5,823,549
13,900
AerCap
Holdings
NV
5.875%
10/10/79
BB+
12,892,899
4,841
Air
Lease
Corp
4.650%
N/A
(3)
BB+
3,975,421
3,673
ILFC
E-Capital
Trust
I,
144A
6.548%
12/21/65
Baa3
2,369,085
Total
Trading
Companies
&
Distributors
25,060,954
U.S.
Agency
-
0.0%
50
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(3)
Baa1
43,500
50
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(3)
BBB+
43,875
Total
U.S.
Agency
87,375
Wireless
Telecommunication
Services
-
2.3%
10,000
Vodafone
Group
PLC
7.000%
4/04/79
BB+
10,250,000
Total
Wireless
Telecommunication
Services
10,250,000
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$510,533,660)
439,076,695
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
140,671,978
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
31.8%
(20.5%
of
Total
Investments)
X
140,671,978
Banks
-
7.2%
38,600
CoBank
ACB
6.200%
BBB+
$
3,686,300
1,000
Farm
Credit
Bank
of
Texas,
144A
6.750%
Baa1
97,500
121,601
Fifth
Third
Bancorp
6.625%
Baa3
2,979,224
245,000
KeyCorp
6.200%
Baa3
5,439,000
62,700
KeyCorp
6.125%
Baa3
1,410,123
230,765
New
York
Community
Bancorp
Inc
6.375%
Ba2
5,402,209
168,058
Regions
Financial
Corp
6.375%
Baa3
4,026,670
163,723
Regions
Financial
Corp
5.700%
Baa3
3,788,550
121,800
Synovus
Financial
Corp
5.875%
BB-
2,577,288
99,600
Wintrust
Financial
Corp
6.875%
BB
2,357,532
Total
Banks
31,764,396
Capital
Markets
-
5.9%
144,300
Goldman
Sachs
Group
Inc/The
5.500%
BB+
3,621,930
166,500
Morgan
Stanley
7.125%
BBB
4,242,420
122,400
Morgan
Stanley
6.875%
BBB
3,106,512
122,800
Morgan
Stanley
6.375%
BBB
3,085,964
431,297
Morgan
Stanley
5.850%
BBB
10,786,738
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
4
NPFD
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Capital
Markets
(continued)
54,600
Morgan
Stanley
6.500%
BBB
$
1,427,244
Total
Capital
Markets
26,270,808
Financial
Services
-
2.6%
31,750
AgriBank
FCB
6.875%
BBB+
3,175,000
80,582
Federal
Agricultural
Mortgage
Corp
6.000%
N/R
2,074,987
261,000
Voya
Financial
Inc
5.350%
BBB-
6,368,400
Total
Financial
Services
11,618,387
Food
Products
-
2.7%
157,200
CHS
Inc
6.750%
N/R
3,942,576
315,300
CHS
Inc
7.100%
N/R
7,819,440
300
Dairy
Farmers
of
America
Inc,
144A
7.875%
BB+
27,600
Total
Food
Products
11,789,616
Insurance
-
8.6%
180,150
American
Equity
Investment
Life
Holding
Co
6.625%
BB
4,301,982
310,550
American
Equity
Investment
Life
Holding
Co
5.950%
BB
7,161,283
340,200
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
8,205,624
194,775
Athene
Holding
Ltd
6.350%
BBB
4,224,670
166,250
Athene
Holding
Ltd
6.375%
BBB
3,748,937
131,900
Enstar
Group
Ltd
7.000%
BBB-
3,020,510
93,300
Reinsurance
Group
of
America
Inc
7.125%
BBB+
2,449,125
188,600
Reinsurance
Group
of
America
Inc
5.750%
BBB+
4,777,238
Total
Insurance
37,889,369
Multi-Utilities
-
0.2%
31,600
NiSource
Inc
6.500%
BBB-
788,420
Total
Multi-Utilities
788,420
Oil,
Gas
&
Consumable
Fuels
-
3.5%
51,100
Energy
Transfer
LP
7.600%
BB
1,181,432
176,668
NuStar
Energy
LP
12.065%
B2
4,376,066
271,200
NuStar
Energy
LP
10.942%
B2
6,256,584
154,289
NuStar
Logistics
LP
11.994%
B
3,940,541
Total
Oil,
Gas
&
Consumable
Fuels
15,754,623
Trading
Companies
&
Distributors
-
1.1%
164,687
Air
Lease
Corp
6.150%
BB+
3,604,999
43,800
WESCO
International
Inc
10.625%
B+
1,191,360
Total
Trading
Companies
&
Distributors
4,796,359
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$159,998,266)
140,671,978
Principal
Amount
(000)
Description
(1)
,(6)
Coupon
Maturity
Ratings
(2)
Value
X
102,699,498
CONTINGENT
CAPITAL
SECURITIES
-
23.2%
(14.9%
of
Total
Investments)
X
102,699,498
Banks
-
20.3%
$
1,000
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(3)
Baa2
$
964,878
2,380
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(3)
Ba2
2,170,393
2,495
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(3)
Ba2
1,988,702
1,595
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.625%
N/A
(3)
Ba2
1,451,698
715
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(3)
Ba2
630,988
4,000
Banco
Santander
SA
,
Reg
S
7.500%
N/A
(3)
Ba1
3,840,000
2,600
Banco
Santander
SA
4.750%
N/A
(3)
Ba1
2,023,580
2,340
Barclays
PLC
8.000%
N/A
(3)
BBB-
2,049,606
7,258
Barclays
PLC
7.750%
N/A
(3)
BBB-
6,829,923
3,800
Barclays
PLC
6.125%
N/A
(3)
BBB-
3,263,820
5
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
Principal
Amount
(000)
Description
(1),(6)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
3,550
BNP
Paribas
SA,
144A
6.625%
N/A
(3)
BBB
$
3,382,795
1,530
BNP
Paribas
SA,
144A
7.750%
N/A
(3)
BBB
1,461,150
2,089
BNP
Paribas
SA,
144A
7.000%
N/A
(3)
BBB
1,864,224
1,085
BNP
Paribas
SA,
144A
9.250%
N/A
(3)
BBB
1,115,814
2,465
Credit
Agricole
SA,
144A
7.875%
N/A
(3)
BBB
2,418,781
5,240
Credit
Agricole
SA,
144A
8.125%
N/A
(3)
BBB
5,191,802
925
Danske
Bank
A/S
,
Reg
S
4.375%
N/A
(3)
BBB-
785,997
910
Danske
Bank
A/S
,
Reg
S
7.000%
N/A
(3)
BBB-
846,482
3,205
HSBC
Holdings
PLC
6.000%
N/A
(3)
BBB
2,831,617
760
HSBC
Holdings
PLC
8.000%
N/A
(3)
BBB
754,300
7,000
HSBC
Holdings
PLC
6.375%
N/A
(3)
BBB
6,633,375
7,641
ING
Groep
NV
,
Reg
S
6.750%
N/A
(3)
BBB
7,163,437
1,098
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(3)
BB-
999,043
2,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
1,923,630
9,185
Lloyds
Banking
Group
PLC
6.750%
N/A
(3)
Baa3
8,459,148
1,500
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(3)
BB+
1,293,066
5,825
NatWest
Group
PLC
8.000%
N/A
(3)
BBB-
5,766,342
1,860
Nordea
Bank
Abp,
144A
6.625%
N/A
(3)
BBB+
1,741,834
3,345
Societe
Generale
SA,
144A
8.000%
N/A
(3)
BB
3,121,705
1,500
Societe
Generale
SA,
144A
9.375%
N/A
(3)
BB+
1,424,100
1,500
Societe
Generale
SA,
144A
4.750%
N/A
(3)
BB+
1,144,950
1,700
Standard
Chartered
PLC,
144A
7.750%
N/A
(3)
BBB-
1,646,603
755
Standard
Chartered
PLC,
144A
6.000%
N/A
(3)
BBB-
712,001
1,660
UniCredit
SpA
,
Reg
S
8.000%
N/A
(3)
BB-
1,602,315
Total
Banks
89,498,099
Capital
Markets
-
2.9%
9,004
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(3)
C
337,650
3,325
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(3)
C
124,687
5,850
Credit
Suisse
Group
AG,
144A
6.375%
N/A
(3)
Ba2
219,375
2,460
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(3)
C
92,250
6,000
Deutsche
Bank
AG
6.000%
N/A
(3)
Ba2
4,469,400
8,830
UBS
Group
AG
,
Reg
S
6.875%
N/A
(3)
BBB
7,958,037
Total
Capital
Markets
13,201,399
Total
Contingent
Capital
Securities
(cost
$142,795,321)
102,699,498
Total
Long-Term
Investments
(cost
$813,327,247)
682,448,171
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 0.9% (0.6%
of
Total
Investments) 
X
3,900,761
REPURCHASE
AGREEMENTS
-
0.9%
(0.6%
of
Total
Investments)
X
3,900,761
$
3,901
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
4/28/23,
repurchase
price
$3,901,229,
collateralized
by
$4,351,100,
U.S.
Treasury
Note,
0.750%,
due
5/31/26,
value
$3,978,808
1.440%
5/01/23
$
3,900,761
Total
Repurchase
Agreements
(cost
$3,900,761)
3,900,761
Total
Short-Term
Investments
(cost
$3,900,761)
3,900,761
Total
Investments
(cost
$
817,228,008
)
-
155
.3
%
686,348,932
Borrowings
-
(31.1)%
(7),(8)
(
137,614,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(6.4)%(9)
(
28,140,070
)
TFP
Shares,
Net
-
(19.1)%(10)
(
84,510,170
)
Other
Assets
&
Liabilities,
Net
-  1.3%
5,818,456
Net
Assets
Applicable
to
Common
Shares
-
100%
$
441,903,148
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
6
NPFD
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
439,076,695
$
–
$
439,076,695
$25
Par
(or
similar)
Retail
Preferred
133,783,078
6,888,900
–
140,671,978
Contingent
Capital
Securities
–
102,699,498
–
102,699,498
Short-Term
Investments:
Repurchase
Agreements
–
3,900,761
–
3,900,761
Total
$
133,783,078
$
552,565,854
$
–
$
686,348,932
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Perpetual
security.
Maturity
date
is
not
applicable.
(4)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$39,838,688
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(6)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(7)
Borrowings
as
a
percentage
of
Total
Investments
is
20.1%.
(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
$369,144,961
have
been
pledged
as
collateral
for
borrowings.
(9)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
4.1%.
(10)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
12.3%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
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