UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

 

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 257-8787

Date of fiscal year end: July 31

Date of reporting period: July 31, 2025

Nuveen

Closed‑End Funds

 

Nuveen Floating Rate Income Fund			JFR
Nuveen Credit Strategies Income Fund			JQC
Nuveen Preferred & Income Opportunities Fund			JPC
Nuveen Preferred Securities & Income Opportunities Fund			JPI
Nuveen Variable Rate Preferred & Income Fund			NPFD

 

 

JFR – Rights offering: On January 8, 2025, the Board of Trustees (the “Board”) approved the terms of the issuance of transferable rights (“Rights”) to the holders of the Fund’s common shares (par value $0.01 per share) (“Common Shares”) as of January 21, 2025 (the “Record Date”). Holders of Common Shares on the Record Date (“Record Date Shareholders”) received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled the holders to purchase one new Common Share for every 5 Rights held (1‑for‑5), for an aggregate of up to an additional 26,911,238 Common Shares.

Holders of Rights were entitled to subscribe for additional Common Shares (the “Offer”) at a discount to the market price of the Common Shares, prior to 5:00 p.m., Eastern time, on February 19, 2025 (the “Expiration Date”). The subscription price per Common Share (the “Subscription Price”) was $8.20 per Common Share, which was equal to 90% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date. The gross proceeds of the Offer were approximately $220.7 million.

The Offer was over-subscribed; however, the Fund did not exercise the secondary oversubscription privilege. The available primary over-subscription shares were allocated pro‑rata among those fully exercising record date shareholders who over-subscribed based on the number of rights originally issued to them by the Fund. The Common Shares subscribed for were issued on February 25, 2025, after completion of the pro‑rata allocation of Common Shares in respect of the primary oversubscription privilege and receipt of all shareholder payments.

More details about the Fund’s rights offering are available on www.nuveen.com/cef.

JQC – Rights offering: On March 19, 2025, the Board approved the terms of the issuance of transferable rights (“Rights”) to the holders of the Fund’s common shares (par value $0.01 per share) (“Common Shares”) as of March 31, 2025 (the “Record Date”). Holders of Common Shares on the Record Date (“Record Date Shareholders”) received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled the holders to purchase one new Common Share for every 5 Rights held (1‑for‑5), for an aggregate of up to an additional 12.2 million Common Shares.

Holders of Rights were entitled to subscribe for additional Common Shares (the “Offer”) at a discount to the market price of the Common Shares, prior to 5:00 p.m., Eastern time, on April 29, 2025 (the “Expiration Date”). The subscription price per Common Share (the “Subscription Price”) was $5.09 per Common Share, which was equal to 90% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date. The gross proceeds of the Offer were approximately $62.1 million.

The Common Shares subscribed for were issued on May 5, 2025, after completion and receipt of all shareholder payments. The final Subscription Price was lower than the original estimated Subscription Price.

More details about the Fund’s rights offering are available on www.nuveen.com/cef.

JFR and JQC - Portfolio manager updates: Effective December 30, 2024, Coale Mechlin was added as a portfolio manager of the Funds. Additionally, effective February 11, 2025, James Kim was added as a portfolio manager of JQC. Effective July 1, 2025, Kevin Lorenz retired from Nuveen and is no longer a portfolio manager of the Funds.

JPI – Fund restructuring and tender offer: On July 17, 2024, shareholders of the Fund approved a proposal to amend the Fund’s declaration of trust to eliminate the Fund’s term structure, subject to the completion of a tender offer. The amendment allows shareholders the opportunity to maintain their investment in the Fund and its leveraged exposure to preferred and other income producing securities in lieu of the Fund’s scheduled termination. Additionally, on July 17, 2024, the Fund conducted a tender offer, which allowed shareholders to offer up to 100% of their common shares for repurchase for cash at a per share equal to 100% of the net asset value (NAV) per share determined on the date the tender offer expired.

The tender offer expired on August 14, 2024. In the tender offer 8,672,542 shares were tendered, representing approximately 38% of the Fund’s common shares outstanding. Properly tendered shares were repurchased at $20.0081 per share, which was the NAV of the Fund as of the close of ordinary trading on the New York Stock Exchange on August 14, 2024. As a result of the successful completion of the tender offer, the restructuring of the Fund was completed and on August 19, 2024, the following changes became effective.

• The Fund’s declaration of trust was amended to eliminate the term of the Fund.

• The Fund’s name changed to Nuveen Preferred Securities & Income Opportunities Fund.

• Nuveen Fund Advisors, LLC, the investment adviser to the Fund, will waive 50% of the Fund’s net management fees beginning August 19, 2024, and continuing over the first year following the elimination of the term.

More details about the Fund’s restructuring is available on www.nuveen.com/cef.

JPC and JPI – Fund merger: Effective prior to market open on September 22, 2025, JPI was merged into JPC. Refer to the Notes to Financial Statements within this report for further details on the merger.

JPC, JPI and NPFD – Recent market factors: JPC, JPI and NPFD have substantial allocations to preferred and contingent capital securities issued by U.S. and non‑U.S. banks and other financial institutions. Given the increases in prevailing interest rates and other market factors, these securities continue to be subject to heightened volatility and may, ultimately, detract from Fund performance.

 

Nuveen Floating Rate Income Fund (JFR)

Nuveen Credit Strategies Income Fund (JQC)

Nuveen Preferred & Income Opportunities Fund (JPC)

Nuveen Preferred Securities & Income Opportunities Fund (JPI)

Nuveen Variable Rate Preferred & Income Fund (NPFD)

Nuveen Floating Rate Income Fund (JFR)

What factors affected markets during the reporting period?

 

 

What key strategies were used to manage the Fund during the reporting period?

 

 

How did the Fund perform and what factors affected relative performance?

For the 12‑month reporting period ended July 31, 2025, JFR returned 6.37%. The Fund underperformed the S&P UBS Leveraged Loan Index, which returned 7.60%.

Top contributors to relative performance

 

 

 

Top detractors from relative performance

 

 

 

Nuveen Credit Strategies Income Fund (JQC)

What factors affected markets during the reporting period?

 

 

 

 

What key strategies were used to manage the Fund during the reporting period?

 

 

How did the Fund perform and what factors affected relative performance?

For the 12‑month reporting period ended July 31, 2025, JQC returned 7.06%. The Fund underperformed the JQC Blended Benchmark, which returned 7.84%.

Top contributors to relative performance

 

 

 

Top detractors from relative performance

 

 

Nuveen Preferred & Income Opportunities Fund (JPC)

What factors affected markets during the reporting period?

 

 

 

 

What key strategies were used to manage the Fund during the reporting period?

 

 

 

How did the Fund perform and what factors affected relative performance?

For the 12‑month reporting period ended July 31, 2025, JPC returned 10.29%. The Fund outperformed the JPC Blended Benchmark, which returned 8.44%.

Top contributors to relative performance

 

 

 

Top detractors from relative performance

 

Nuveen Securities & Income Opportunities Fund (JPI)

What factors affected markets during the reporting period?

 

 

What key strategies were used to manage the Fund during the reporting period?

 

 

 

 

6

How did the Fund perform and what factors affected relative performance?

For the 12‑month reporting period ended July 31, 2025, JPI returned 10.34%. The Fund outperformed the JPI Blended Benchmark, which returned 8.44%.

Top contributors to relative performance

 

 

 

Top detractors from relative performance

 

Nuveen Variable Rate Preferred & Income Fund (NPFD)

What factors affected markets during the reporting period?

 

 

What key strategies were used to manage the Fund during the reporting period?

 

 

 

How did the Fund perform and what factors affected relative performance?

For the 12‑month reporting period ended July 31, 2025, NPFD returned 10.09%. The Fund outperformed the NPFD Blended Benchmark, which returned 8.68%.

Top contributors to relative performance

 

Top detractors from relative performance

 

 

 

 

 

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, 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 Group (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.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

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

 

8

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding each Fund’s distributions is current as of July 31, 2025.

Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. The practice

of maintaining a stable distribution level had no material effect on each Fund’s investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial Statements herein.

The following table provides the estimated sources of distributions and may include amounts attributed to realized gains and/or returns of capital. A return of capital may occur, for example, when some or all of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.” The Fund attributes these estimates equally to each regular distribution throughout the year.

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099‑DIV, which will be sent to shareholders shortly after calendar year‑end. Because distribution source

estimates are updated throughout the current fiscal year based on the Fund’s performance, those estimates may differ from both the tax information reported to you in your Fund’s 1099 statement, as well as the ultimate economic sources of distributions over the

life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. More details about the Fund’s distributions are available on www.nuveen.com/en‑us/ closed- end‑funds.

Data as of July 31, 2025

 

NUVEEN CLOSED‑END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed‑End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed‑end fund resource page, which is at https://www.nuveen.com/resource-center- closed‑end‑funds, along with other Nuveen closed‑end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, JPC was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, JPC, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.

 

 

During the current reporting period, JPC sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share in the accompanying table.

 

Refer to Notes to Financial Statements for further details of Shelf Offerings and the Fund’s transactions.

COMMON SHARE REPURCHASES

The Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of July 31, 2025, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

 

 

10

ICE BofA U.S. All Capital Securities Index: An index designed to measure the performance of investment grade and below investment grade fixed rate and fixed‑to‑floating rate, USD‑denominated hybrid corporate and preferred securities publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

ICE BofA U.S. High Yield Index: An index designed to measure the performance of USD‑denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

ICE USD Contingent Capital Index: An index designed to measure the performance of USD denominated contingent capital debt publicly issued in the major domestic and Eurobond markets, including investment grade and below investment grade issues. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

ICE Variable Rate Preferred & Hybrid Securities Index: An index designed to measure the performance of floating- and variable-rate investment grade and below investment grade USD‑denominated preferred stock and hybrid debt publicly issued by corporations in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P UBS Leveraged Loan Index: An index designed to measure the performance of the USD‑denominated leveraged loan market. The index includes issuers from developed countries; issuers from developing countries are excluded.

Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

 

The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.

Fund Performance

Performance data for each Fund shown below represents past performance and does not predict or guarantee 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.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10‑years of performance. For performance, current to the most recent month‑end visit Nuveen.com or call (800) 257‑8787.

Impact of Leverage

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, Taxable Fund Preferred Shares (TFP) and/or reverse repurchase agreements. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns 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’s 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. All this will make the shares’ 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. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer- term periods.

Leverage Ratios

Each Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “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 or borrowings of a Fund. Regulatory Leverage is a part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day‑to‑day operations, primarily in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund’s Effective Leverage and Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for individual security information.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, 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.

 

 

 

*For purposes of Fund performance, relative results are measured against the S&P UBS Leveraged Loan Index.

Daily Common Share NAV and Share Price

 

 

Growth of an Assumed $10,000 Investment as of July 31, 2025 - Common Share Price

 

 

Leverage and Holdings

 

Leverage
Effective Leverage		36.09%
Regulatory Leverage		36.09%

Fund Allocation (% of net assets)
Variable Rate Senior Loan Interests		139.3%
Corporate Bonds		17.5%
Common Stocks		1.5%
Asset-Backed Securities		0.5%
Preferred Stock		0.0%
Warrants		0.0%
Short-Term Investment Companies		2.0%
Other Assets & Liabilities, Net		(4.4)%
Borrowings		(36.4)%
TFP Shares, Net		(20.0)%
Net Assets		100%

Portfolio Composition1 (% of total investments)
Software & Services		17.2%
Health Care Equipment & Services		10.3%
Consumer Services		10.3%
Telecommunication Services		9.0%
Insurance		6.9%
Capital Goods		6.7%
Media & Entertainment		5.7%
Commercial & Professional Services		5.4%
Materials		4.1%
Technology Hardware & Equipment		3.8%
Consumer Discretionary Distribution & Retail		3.4%
Energy		2.5%
Consumer Durables & Apparel		2.3%
Transportation		1.8%
Utilities		1.7%
Other		8.9%
Total Investments		100%

Portfolio Credit Quality (% of total investments)
A		0.2%
BBB		8.0%
BB or Lower		86.4%
N/R (not rated)		3.2%
N/A (not applicable)		2.2%
Total		100%

 

 

 

 

 

*For purposes of Fund performance, relative results are measured against the JQC Blended Benchmark. As of August 7, 2023, the Fund’s Blended Benchmark consists of: 1) 75% S&P UBS Leveraged Loan Index and 2) 25% ICE BofA U.S. High Yield Index. Prior to August 7, 2023, relative results were measured against the S&P UBS Leveraged Loan Index.

Daily Common Share NAV and Share Price

 

 

Growth of an Assumed $10,000 Investment as of July 31, 2025 - Common Share Price

 

 

Leverage and Holdings

 

Leverage
Effective Leverage		37.09%
Regulatory Leverage		29.57%
Fund Allocation (% of net assets)
Variable Rate Senior Loan Interests		117.1%
Corporate Bonds		31.8%
Asset-Backed Securities		7.9%
Common Stocks		0.9%
Warrants		0.0%
Short-Term Investment Companies		7.0%
Other Assets & Liabilities, Net		(5.8)%
Reverse Repurchase Agreements, including accrued interest		(17.0)%
Borrowings		(25.3)%
TFP Shares, Net		(16.6)%
Net Assets		100%

Portfolio Composition1 (% of total investments)
Software & Services		14.9%
Health Care Equipment & Services		10.4%
Consumer Services		8.9%
Telecommunication Services		7.9%
Insurance		7.5%
Capital Goods		6.8%
Asset-Backed Securities		4.8%
Media & Entertainment		4.6%
Commercial & Professional Services		4.4%
Materials		4.2%
Investment Companies		4.3%
Consumer Discretionary Distribution & Retail		3.4%
Utilities		2.5%
Technology Hardware & Equipment		2.4%
Consumer Durables & Apparel		2.3%
Other		10.7%
Total Investments		100%

Portfolio Credit Quality (% of total investments)
A		0.0%
BBB		9.8%
BB or Lower		82.8%
N/R (not rated)		2.6%
N/A (not applicable)		4.8%
Total		100%

 

 

 

 

 

*For purposes of Fund performance, relative results are measured against the JPC Blended Benchmark. The Fund’s Blended Benchmark consists of:

1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index.

Daily Common Share NAV and Share Price

 

 

Growth of an Assumed $10,000 Investment as of July 31, 2025 - Common Share Price

 

 

 

Leverage and Holdings

 

Leverage
Effective Leverage		37.04%
Regulatory Leverage		29.01%

Fund Allocation (% of net assets)
Corporate Bonds		140.8%
Preferred Stock		13.1%
U.S. Government and Agency Obligations		2.3%
Convertible Preferred Securities		0.8%
Common Stocks		0.0%
Repurchase Agreements		0.8%
Other Assets & Liabilities, Net		1.0%
Reverse Repurchase Agreements, including accrued interest		(18.0)%
Borrowings		(24.8)%
TFP Shares, Net		(16.0)%
Net Assets		100%

Portfolio Composition1 (% of total investments)
Banks		54.3%
Financial Services		16.2%
Insurance		10.1%
Utilities		6.2%
Energy		4.3%
Food, Beverage & Tobacco		2.5%
Other		5.9%
Repurchase Agreements		0.5%
Total		100%

Portfolio Credit Quality (% of total investments)
AA		1.6%
A		0.5%
BBB		77.0%
BB or Lower		18.9%
N/R (not rated)		1.5%
N/A (not applicable)		0.5%
Total		100%

Country Allocation2 (% of total investments)
United States		53.8%
United Kingdom		12.7%
Canada		8.9%
France		8.7%
Spain		4.3%
Switzerland		3.6%
Netherlands		1.7%
Germany		1.2%
Mexico		1.1%
Ireland		1.0%
Australia		0.9%
Other		2.1%
Total		100%

 

 

 

 

 

 

*For purposes of Fund performance, relative results are measured against the JPI Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index.

Daily Common Share NAV and Share Price

 

 

Growth of an Assumed $10,000 Investment as of July 31, 2025 - Common Share Price

 

 

Leverage and Holdings

 

Leverage
Effective Leverage		36.01%
Regulatory Leverage		29.46%

Fund Allocation (% of net assets)
Corporate Bonds		136.8%
Preferred Stock		16.0%
U.S. Government and Agency Obligations		2.3%
Repurchase Agreements		0.8%
Other Assets & Liabilities, Net		0.6%
Reverse Repurchase Agreements, including accrued interest		(14.7)%
Borrowings		(41.8)%
Net Assets		100%

Portfolio Composition1 (% of total investments)
Banks		52.1%
Financial Services		17.2%
Insurance		10.4%
Utilities		6.0%
Energy		4.3%
Food, Beverage & Tobacco		3.1%
Other		6.4%
Repurchase Agreements		0.5%
Total		100%

Portfolio Credit Quality (% of total investments)
AA		1.5%
A		0.5%
BBB		73.9%
BB or Lower		21.3%
N/R (not rated)		2.3%
N/A (not applicable)		0.5%
Total		100%

Country Allocation2 (% of total investments)
United States		53.1%
United Kingdom		12.7%
France		8.7%
Canada		8.6%
Spain		4.5%
Switzerland		4.3%
Netherlands		2.0%
Germany		1.2%
Mexico		1.2%
Ireland		1.0%
Finland		0.7%
Other		2.0%
Total		100%

 

 

 

 

 

 

*For purposes of Fund performance, relative results are measured against the NPFD Blended Benchmark. The Fund’s Blended Benchmark consists of

1) 80% ICE Variable Rate Preferred & Hybrid Securities Index and 2) 20% ICE USD Contingent Capital Index.

Daily Common Share NAV and Share Price

 

 

Growth of an Assumed $10,000 Investment as of July 31, 2025 - Common Share Price

 

 

Leverage and Holdings

 

Leverage
Effective Leverage		36.10%
Regulatory Leverage		33.69%

Fund Allocation (% of net assets)
Corporate Bonds		137.6%
Preferred Stock		13.6%
U.S. Government and Agency Obligations		3.5%
Repurchase Agreements		0.9%
Other Assets & Liabilities, Net		0.8%
Reverse Repurchase Agreements, including accrued interest		(5.7)%
Borrowings		(33.3)%
TFP Shares, Net		(17.4)%
Net Assets		100%

Portfolio Composition1 (% of total investments)
Banks		44.2%
Financial Services		14.2%
Insurance		13.6%
Utilities		9.8%
Energy		7.3%
Telecommunication Services		2.7%
Other		7.6%
Repurchase Agreements		0.6%
Total		100%

Portfolio Credit Quality (% of total investments)
AA		1.9%
A		0.5%
BBB		71.8%
BB or Lower		23.1%
N/R (not rated)		2.1%
N/A (not applicable)		0.6%
Total		100%

Country Allocation2 (% of total investments)
United States		65.8%
Canada		11.9%
United Kingdom		7.5%
France		4.5%
Spain		2.5%
Switzerland		2.3%
Netherlands		1.3%
Germany		1.0%
Mexico		0.9%
Ireland		0.9%
Finland		0.4%
Other		1.0%
Total		100%

 

 

 

 

 

To the Board of Trustees and Shareholders of Nuveen Floating Rate Income Fund, Nuveen Credit Strategies Income Fund, Nuveen Preferred & Income Opportunities Fund, Nuveen Preferred Securities & Income Opportunities Fund and Nuveen Variable Rate Preferred & Income Fund

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Floating Rate Income Fund, Nuveen Credit Strategies Income Fund, Nuveen Preferred & Income Opportunities Fund, Nuveen Preferred Securities & Income Opportunities Fund and Nuveen Variable Rate Preferred & Income Fund (hereafter collectively referred to as the “Funds”) as of July 31, 2025, the related statements of operations, of changes in net assets and of cash flows for the year ended July 31, 2025, including the related notes, and the financial highlights for the year ended July 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, the results of each of their operations, the changes in each of their net assets and each of their cash flows for the year ended July 31, 2025, and each of the financial highlights for the year ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended July 31, 2024 and the financial highlights for each of the periods ended on or prior to July 31, 2024 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2024 expressed an unqualified opinion on those financial statements and financial highlights.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from transfer agent, agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

September 26, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.