JPS
Nuveen Preferred & Income Securities Fund
Portfolio of Investments October 31, 2020
(Unaudited)
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| LONG-TERM INVESTMENTS – 158.9% (99.4% of Total Investments) | ||||||||
| $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 78.7% (49.3% of Total Investments) | ||||||||
| Banks – 27.6% | ||||||||
| $2,861 | Bank of America Corp, (3) | 8.050% | 6/15/27 | Baa2 | $3,769,271 | |||
| 19,300 | Bank of America Corp | 6.500% | N/A (4) | BBB | 21,577,497 | |||
| 12,300 | Bank of America Corp | 6.100% | N/A (4) | BBB | 13,578,093 | |||
| 3,000 | Bank of Nova Scotia/The | 4.900% | N/A (4) | BBB- | 3,131,400 | |||
| 11,500 | Citigroup Inc | 5.950% | N/A (4) | BBB- | 12,052,000 | |||
| 13,940 | Citigroup Inc, (3-Month LIBOR reference rate + 4.095% spread), (5) | 4.375% | N/A (4) | BBB- | 13,698,768 | |||
| 13,000 | Citigroup Inc, (3-Month LIBOR reference rate + 4.478% spread), (5) | 6.125% | N/A (4) | BBB- | 12,844,109 | |||
| 3,400 | Citizens Financial Group Inc, (3) | 6.375% | N/A (4) | BB+ | 3,404,012 | |||
| 24,389 | Citizens Financial Group Inc, (3-Month LIBOR reference rate + 3.960% spread), (5) | 4.194% | N/A (4) | BB+ | 23,616,844 | |||
| 3,976 | Citizens Financial Group Inc | 5.650% | N/A (4) | BB+ | 4,229,470 | |||
| 14,000 | CoBank ACB, 144A, (3) | 6.250% | N/A (4) | BBB+ | 14,840,000 | |||
| 12,130 | Comerica Inc, (3) | 5.625% | N/A (4) | Baa2 | 12,948,775 | |||
| 6,100 | Corestates Capital III, (3-Month LIBOR reference rate + 0.570% spread), 144A, (3), (5) | 0.850% | 2/15/27 | A1 | 5,572,361 | |||
| 1,250 | DNB Bank ASA | 0.506% | N/A (4) | Baa2 | 1,042,500 | |||
| 1,250 | DNB Bank ASA | 0.457% | N/A (4) | Baa2 | 1,043,750 | |||
| 3,800 | Farm Credit Bank of Texas, 144A | 5.700% | N/A (4) | Baa1 | 4,088,800 | |||
| 1,000 | Fifth Third Bancorp | 4.500% | N/A (4) | Baa3 | 1,010,000 | |||
| 4,400 | Hbos Capital Funding NO 1 LP | 6.850% | 6/23/69 | AA | 4,438,500 | |||
| 30,000 | HSBC Capital Funding Dollar 1 LP, 144A | 10.176% | N/A (4) | Baa2 | 50,850,000 | |||
| 8,000 | HSBC Capital Funding Dollar 1 LP | 10.176% | N/A (4) | Baa2 | 13,560,000 | |||
| 21,000 | Huntington Bancshares Inc/OH, (3) | 4.450% | N/A (4) | Baa3 | 20,895,000 | |||
| 11,000 | Huntington Bancshares Inc/OH, (3) | 5.625% | N/A (4) | Baa3 | 12,306,250 | |||
| 7,000 | JPMorgan Chase & Co, (3) | 6.100% | N/A (4) | BBB+ | 7,352,543 | |||
| 55,800 | JPMorgan Chase & Co, (6) | 6.750% | N/A (4) | BBB+ | 61,009,408 | |||
| 10,300 | JPMorgan Chase & Co, (3-Month LIBOR reference rate + 3.800% spread), (5) | 4.014% | N/A (4) | BBB+ | 10,107,802 | |||
| 8,000 | KeyCorp Capital III, (3) | 7.750% | 7/15/29 | Baa2 | 10,332,756 | |||
| 13,300 | Lloyds Bank PLC | 12.000% | N/A (4) | Baa3 | 14,865,942 | |||
| 2,450 | Lloyds Banking Group PLC, 144A | 6.657% | N/A (4) | Baa3 | 2,967,563 | |||
| 5,700 | PNC Financial Services Group Inc, (6) | 6.750% | N/A (4) | Baa2 | 5,819,700 |
1
| JPS | Nuveen Preferred & Income Securities Fund (continued) |
| Portfolio of Investments October 31, 2020 | |
| (Unaudited) |
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Banks (continued) | ||||||||
| $2,000 | Regions Financial Corp | 5.750% | N/A (4) | BB+ | $2,142,500 | |||
| 25,700 | Standard Chartered PLC, 144A | 7.014% | N/A (4) | BBB- | 31,268,419 | |||
| 46,129 | Truist Financial Corp | 4.950% | N/A (4) | Baa2 | 48,896,740 | |||
| 36,386 | Truist Financial Corp, (6) | 4.800% | N/A (4) | Baa2 | 36,682,544 | |||
| 25,580 | Wells Fargo & Co, (3) | 7.950% | 11/15/29 | Baa1 | 33,898,716 | |||
| Total Banks | 519,842,033 | |||||||
| Capital Markets – 8.0% | ||||||||
| 35,150 | Bank of New York Mellon Corp | 4.700% | N/A (4) | Baa1 | 37,610,500 | |||
| 5,400 | Bank of New York Mellon Corp/The, (3-Month LIBOR reference rate + 3.420% spread), (5) | 3.647% | N/A (4) | Baa1 | 5,339,520 | |||
| 10,000 | Bank of New York Mellon Corp/The, (WI/DD, Settling 11/03/20) | 3.700% | N/A (4) | Baa1 | 9,923,284 | |||
| 18,700 | Charles Schwab Corp, (6) | 7.000% | N/A (4) | BBB | 19,494,750 | |||
| 39,505 | Charles Schwab Corp, (6) | 5.375% | N/A (4) | BBB | 43,257,975 | |||
| 5,000 | Goldman Sachs Group Inc, (3-Month LIBOR reference rate + 3.922% spread), (3), (5) | 4.165% | N/A (4) | BBB- | 4,925,000 | |||
| 6,000 | Goldman Sachs Group Inc, (6) | 5.500% | N/A (4) | BBB- | 6,435,000 | |||
| 7,600 | Goldman Sachs Group Inc/The | 4.950% | N/A (4) | BBB- | 7,784,718 | |||
| 3,900 | Morgan Stanley, (3-Month LIBOR reference rate + 3.810% spread), (5) | 4.047% | N/A (4) | Baa3 | 3,807,219 | |||
| 10,000 | State Street Corp, (3-Month LIBOR reference rate + 1.000% spread), (5) | 1.250% | 6/15/47 | A3 | 8,401,868 | |||
| 2,600 | State Street Corp, (3-Month LIBOR reference rate + 3.597% spread), (5) | 3.847% | N/A (4) | Baa1 | 2,590,120 | |||
| Total Capital Markets | 149,569,954 | |||||||
| Consumer Finance – 0.8% | ||||||||
| 16,987 | Capital One Financial Corp, (3-Month LIBOR reference rate + 3.800% spread), (5) | 4.046% | N/A (4) | Baa3 | 15,500,638 | |||
| Diversified Financial Services – 4.2% | ||||||||
| 10,250 | Citigroup Inc | 5.950% | N/A (4) | BBB- | 10,596,963 | |||
| 1,000 | Citigroup Inc | 5.900% | N/A (4) | BBB- | 1,036,010 | |||
| 7,000 | Discover Financial Services, (3) | 6.125% | N/A (4) | Ba2 | 7,546,000 | |||
| 4,000 | JP Morgan Chase & Company, (6) | 6.000% | N/A (4) | BBB+ | 4,090,000 | |||
| 12,800 | Scentre Group Trust 2, 144A | 4.750% | 9/24/80 | BBB+ | 12,530,698 | |||
| 28,484 | Voya Financial Inc, (3), (7) | 5.650% | 5/15/53 | BBB- | 29,374,410 | |||
| 12,700 | Voya Financial Inc | 6.125% | N/A (4) | BBB- | 13,049,250 | |||
| Total Diversified Financial Services | 78,223,331 | |||||||
| Electric Utilities – 4.2% | ||||||||
| 22,075 | Duke Energy Corp | 4.875% | N/A (4) | BBB | 23,365,284 | |||
| 13,088 | Emera Inc, (3) | 6.750% | 6/15/76 | BB+ | 14,494,960 |
2
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Electric Utilities (continued) | ||||||||
| $1,000 | NextEra Energy Capital Holdings Inc, (3-Month LIBOR reference rate + 2.068% spread), (3), (5) | 2.293% | 10/01/66 | BBB | $835,000 | |||
| 11,450 | NextEra Energy Capital Holdings Inc, (3-Month LIBOR reference rate + 2.125% spread), (3), (5) | 2.375% | 6/15/67 | BBB | 9,686,803 | |||
| 1,600 | NextEra Energy Capital Holdings Inc, (6) | 4.800% | 12/01/77 | BBB | 1,738,290 | |||
| 21,482 | PPL Capital Funding Inc, (3-Month LIBOR reference rate + 2.665% spread), (3), (5) | 2.885% | 3/30/67 | BBB | 16,980,215 | |||
| 5,600 | Southern Co | 4.000% | 1/15/51 | BBB | 5,694,744 | |||
| 6,000 | Southern Co/The | 5.500% | 3/15/57 | BBB | 6,168,725 | |||
| Total Electric Utilities | 78,964,021 | |||||||
| Food Products – 0.3% | ||||||||
| 6,705 | Dairy Farmers of America Inc, 144A, (3) | 7.125% | N/A (4) | BB+ | 6,133,173 | |||
| Insurance – 27.0% | ||||||||
| 3,598 | ACE Capital Trust II | 9.700% | 4/01/30 | BBB+ | 5,285,060 | |||
| 9,800 | AIG Life Holdings Inc, (7) | 8.500% | 7/01/30 | Baa2 | 12,812,933 | |||
| 4,400 | Allstate Corp/The, (7) | 5.750% | 8/15/53 | Baa1 | 4,668,181 | |||
| 1,100 | Allstate Corp/The | 6.500% | 5/15/57 | Baa1 | 1,435,500 | |||
| 13,300 | American International Group Inc, (7) | 5.750% | 4/01/48 | Baa2 | 14,903,236 | |||
| 13,605 | American International Group Inc, (3) | 8.175% | 5/15/58 | Baa2 | 19,241,961 | |||
| 2,299 | Aon Corp, (3) | 8.205% | 1/01/27 | BBB | 2,961,105 | |||
| 6,210 | Argentum Netherlands BV for Swiss Re Ltd, (3) | 5.750% | 8/15/50 | BBB+ | 6,906,501 | |||
| 2,100 | Argentum Netherlands BV for Swiss Re Ltd | 5.625% | 8/15/52 | BBB+ | 2,367,630 | |||
| 16,550 | AXA SA, (3), (6) | 8.600% | 12/15/30 | A3 | 25,488,062 | |||
| 17,819 | AXA SA, 144A, (3) | 6.379% | N/A (4) | Baa1 | 24,322,935 | |||
| 900 | AXA SA | 5.500% | N/A (4) | A3 | 909,000 | |||
| 14,550 | Cloverie PLC for Zurich Insurance Co Ltd | 5.625% | 6/24/46 | A | 16,897,351 | |||
| 1,200 | Everest Reinsurance Holdings Inc, (3-Month LIBOR reference rate + 2.385% spread), (3), (5) | 2.665% | 5/15/37 | BBB | 1,038,017 | |||
| 5,521 | Hartford Financial Services Group Inc/The, (3-Month LIBOR reference rate + 2.125% spread), 144A, (3), (5) | 2.405% | 2/12/47 | BBB- | 4,817,358 | |||
| 31,200 | Legal & General Group PLC | 5.250% | 3/21/47 | A3 | 33,697,248 | |||
| 30,860 | Liberty Mutual Group Inc, 144A, (3) | 7.800% | 3/15/37 | Baa3 | 37,779,085 | |||
| 2,400 | Lincoln National Corp, (3-Month LIBOR reference rate + 2.358% spread), (5) | 2.638% | 5/17/66 | BBB | 1,704,000 | |||
| 10,390 | Lincoln National Corp, (3-Month LIBOR reference rate + 2.040% spread), (3), (5) | 2.258% | 4/20/67 | BBB | 7,117,909 | |||
| 19,800 | M&G PLC | 6.500% | 10/20/48 | A3 | 23,755,050 | |||
| 29,600 | MetLife Capital Trust IV, 144A, (3), (6) | 7.875% | 12/15/37 | BBB | 40,848,000 | |||
| 36,531 | MetLife Inc, 144A, (7) | 9.250% | 4/08/38 | BBB | 52,624,609 |
3
| JPS | Nuveen Preferred & Income Securities Fund (continued) |
| Portfolio of Investments October 31, 2020 | |
| (Unaudited) |
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Insurance (continued) | ||||||||
| $3,000 | MetLife Inc, (3) | 10.750% | 8/01/39 | BBB | $4,881,313 | |||
| 1,551 | MetLife Inc, (3-Month LIBOR reference rate + 3.575% spread), (5) | 3.825% | N/A (4) | BBB | 1,535,490 | |||
| 8,200 | MetLife Inc | 3.850% | N/A (4) | BBB | 8,223,452 | |||
| 41,904 | Nationwide Financial Services Inc, (3), (7) | 6.750% | 5/15/37 | Baa2 | 49,189,513 | |||
| 6,225 | Prudential Financial Inc, (7) | 5.875% | 9/15/42 | BBB+ | 6,585,107 | |||
| 27,180 | Prudential Financial Inc, (3), (7) | 5.625% | 6/15/43 | BBB+ | 28,977,579 | |||
| 4,000 | Prudential Financial Inc | 5.700% | 9/15/48 | BBB+ | 4,534,624 | |||
| 4,600 | Prudential Financial Inc | 3.700% | 10/01/50 | BBB+ | 4,703,500 | |||
| 11,600 | QBE Insurance Group Ltd, Reg S | 6.750% | 12/02/44 | BBB | 12,923,908 | |||
| 6,900 | QBE Insurance Group Ltd, 144A, (6) | 5.875% | N/A (4) | Baa2 | 7,365,750 | |||
| 24,400 | Swiss Re Finance Luxembourg SA, 144A, (3) | 5.000% | 4/02/49 | A | 28,002,026 | |||
| 8,700 | Willow No 2 Ireland PLC for Zurich Insurance Co Ltd | 4.250% | 10/01/45 | A | 9,372,406 | |||
| Total Insurance | 507,875,399 | |||||||
| Machinery – 0.3% | ||||||||
| 5,700 | Stanley Black & Decker Inc | 4.000% | 3/15/60 | BBB+ | 5,946,374 | |||
| Multi-Utilities – 3.3% | ||||||||
| 38,020 | Dominion Energy Inc, (6) | 4.650% | N/A (4) | BBB- | 38,907,496 | |||
| 20,900 | NiSource Inc, (6) | 5.650% | N/A (4) | BBB- | 20,900,000 | |||
| 3,000 | WEC Energy Group Inc, (3-Month LIBOR reference rate + 2.113% spread), (3), (5) | 2.393% | 5/15/67 | BBB | 2,439,727 | |||
| Total Multi-Utilities | 62,247,223 | |||||||
| Oil, Gas & Consumable Fuels – 1.5% | ||||||||
| 5,900 | BP Capital Markets PLC | 4.375% | N/A (4) | A3 | 6,091,750 | |||
| 4,800 | Enterprise Products Operating LLC, (3) | 5.250% | 8/16/77 | Baa2 | 4,529,030 | |||
| 3,400 | Enterprise Products Operating LLC, (6) | 5.375% | 2/15/78 | Baa2 | 3,027,718 | |||
| 14,885 | Transcanada Trust, (3) | 5.500% | 9/15/79 | BBB | 15,248,790 | |||
| Total Oil, Gas & Consumable Fuels | 28,897,288 | |||||||
| Road & Rail – 1.5% | ||||||||
| 25,485 | BNSF Funding Trust I, (6) | 6.613% | 12/15/55 | A- | 28,928,433 | |||
| Total $1,000 Par (or similar) Institutional Preferred (cost $1,352,512,530) | 1,482,127,867 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
| CONTINGENT CAPITAL SECURITIES – 53.7% (33.6% of Total Investments) (8) | ||||||
| Banks – 43.6% | ||||||
| $2,800 | Australia & New Zealand Banking Group Ltd/United Kingdom, 144A | 6.750% | N/A (4) | Baa2 | $3,175,928 | |
| 17,800 | Banco Bilbao Vizcaya Argentaria SA | 6.500% | N/A (4) | Ba2 | 17,488,500 | |
| 2,800 | Banco Bilbao Vizcaya Argentaria SA | 6.125% | N/A (4) | Ba2 | 2,653,672 |
4
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
| Banks (continued) | ||||||
| $10,000 | Banco Santander SA, Reg S, (3) | 7.500% | N/A (4) | Ba1 | $10,375,000 | |
| 7,000 | Barclays Bank PLC, (3) | 7.625% | 11/21/22 | BBB+ | 7,710,577 | |
| 63,300 | Barclays PLC | 7.750% | N/A (4) | BBB- | 65,266,731 | |
| 31,100 | Barclays PLC, Reg S | 7.875% | N/A (4) | BBB- | 32,065,344 | |
| 26,000 | Barclays PLC | 8.000% | N/A (4) | BBB- | 27,885,000 | |
| 5,500 | BNP Paribas SA, 144A, (6) | 7.000% | N/A (4) | BBB | 6,321,535 | |
| 38,585 | BNP Paribas SA, 144A, (3), (6) | 7.375% | N/A (4) | BBB | 43,070,506 | |
| 10,000 | BNP Paribas SA | 7.375% | 2/19/69 | BBB | 11,162,500 | |
| 58,750 | BNP Paribas SA, 144A | 7.625% | N/A (4) | BBB | 59,484,375 | |
| 19,653 | Credit Agricole SA, 144A | 7.875% | N/A (4) | BBB | 21,661,537 | |
| 31,550 | Credit Agricole SA, 144A | 8.125% | N/A (4) | BBB | 37,020,770 | |
| 4,466 | Credit Agricole SA, (3) | 8.125% | N/A (4) | BBB | 5,240,404 | |
| 600 | Danske Bank A/S, Reg S | 7.000% | N/A (4) | BBB- | 643,174 | |
| 11,588 | Danske Bank A/S, (3) | 6.125% | N/A (4) | BBB- | 11,906,670 | |
| 13,300 | DNB Bank ASA | 6.500% | N/A (4) | BBB | 13,682,375 | |
| 1,600 | HSBC Holdings PLC, (3) | 6.000% | N/A (4) | BBB | 1,658,664 | |
| 26,300 | HSBC Holdings PLC | 6.875% | N/A (4) | BBB | 26,688,463 | |
| 4,800 | HSBC Holdings PLC, (3) | 6.250% | N/A (4) | BBB | 4,831,248 | |
| 9,700 | ING Groep NV, Reg S, (3) | 6.875% | N/A (4) | BBB | 10,025,532 | |
| 26,700 | ING Groep NV | 6.500% | N/A (4) | BBB | 28,268,625 | |
| 9,600 | Intesa Sanpaolo SpA, 144A | 7.700% | N/A (4) | BB- | 10,128,000 | |
| 48,428 | Lloyds Banking Group PLC | 7.500% | N/A (4) | Baa3 | 51,091,540 | |
| 4,500 | Lloyds Banking Group PLC, (3) | 6.750% | N/A (4) | Baa3 | 4,719,375 | |
| 5,075 | Macquarie Bank Ltd/London, 144A, (3) | 6.125% | N/A (4) | BB+ | 5,222,175 | |
| 14,250 | Natwest Group PLC | 8.000% | N/A (4) | BBB- | 15,951,165 | |
| 5,600 | Natwest Group PLC | 8.625% | N/A (4) | BBB- | 5,779,816 | |
| 17,000 | Natwest Group PLC | 6.000% | N/A (4) | BBB- | 17,589,900 | |
| 35,090 | Nordea Bank Abp, 144A | 6.125% | N/A (4) | BBB+ | 37,480,682 | |
| 18,988 | Nordea Bank Abp | 6.125% | N/A (4) | BBB+ | 20,281,652 | |
| 26,400 | Nordea Bank Abp, 144A | 6.625% | N/A (4) | BBB+ | 29,535,000 | |
| 1,000 | Skandinaviska Enskilda Banken AB | 5.625% | N/A (4) | BBB+ | 1,023,710 | |
| 11,350 | Societe Generale SA, 144A, (3) | 7.375% | N/A (4) | BB | 11,658,720 | |
| 73,300 | Societe Generale SA, 144A | 8.000% | N/A (4) | BB | 82,367,943 | |
| 9,000 | Societe Generale SA | 7.875% | 6/18/69 | BB+ | 9,601,920 | |
| 4,550 | Societe Generale SA, 144A | 6.750% | N/A (4) | BB | 4,783,187 | |
| 16,622 | Standard Chartered PLC, 144A | 7.500% | N/A (4) | BBB- | 17,162,215 | |
| 13,000 | Standard Chartered PLC, 144A | 7.750% | N/A (4) | BBB- | 13,828,750 | |
| 4,700 | Standard Chartered PLC | 7.500% | 4/02/69 | BBB- | 4,852,750 | |
| 786 | Svenska Handelsbanken AB, (3) | 5.250% | N/A (4) | A- | 787,965 | |
| 12,000 | Swedbank AB, (3) | 6.000% | N/A (4) | BBB | 12,246,288 |
5
| JPS | Nuveen Preferred & Income Securities Fund (continued) |
| Portfolio of Investments October 31, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
| Banks (continued) | ||||||
| $15,000 | UniCredit SpA, Reg S | 8.000% | N/A (4) | B+ | $15,750,000 | |
| 770,131 | Total Banks | 820,129,883 | ||||
| Capital Markets – 10.1% | ||||||
| 4,900 | Credit Suisse Group AG, 144A | 6.250% | N/A (4) | BB+ | 5,218,500 | |
| 11,000 | Credit Suisse Group AG, 144A | 7.500% | N/A (4) | BB+ | 11,660,110 | |
| 3,000 | Credit Suisse Group AG, 144A | 6.375% | N/A (4) | BB+ | 3,221,250 | |
| 12,000 | Credit Suisse Group AG, 144A | 7.250% | N/A (4) | BB+ | 13,004,520 | |
| 58,000 | Credit Suisse Group AG, 144A, (3), (6) | 7.500% | N/A (4) | BB+ | 62,930,000 | |
| 17,400 | Credit Suisse Group AG | 7.500% | N/A (4) | BB+ | 18,879,000 | |
| 6,700 | Credit Suisse Group AG | 7.125% | N/A (4) | BB+ | 6,959,625 | |
| 11,700 | UBS Group AG | 6.875% | N/A (4) | BBB | 11,838,996 | |
| 3,000 | UBS Group AG, 144A, (3) | 7.000% | N/A (4) | BBB | 3,228,750 | |
| 35,300 | UBS Group AG, Reg S, (3) | 6.875% | N/A (4) | BBB | 38,918,250 | |
| 14,500 | UBS Group AG | 7.125% | N/A (4) | BBB | 14,826,250 | |
| 177,500 | Total Capital Markets | 190,685,251 | ||||
| $947,631 | Total Contingent Capital Securities (cost $957,819,203) | 1,010,815,134 |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| $25 PAR (OR SIMILAR) RETAIL PREFERRED – 19.1% (11.9% of Total Investments) | ||||||||
| Banks – 7.4% | ||||||||
| 234,365 | Associated Banc-Corp | 5.625% | Baa3 | $6,363,010 | ||||
| 314,716 | Bank of America Corp | 5.375% | BBB | 8,330,532 | ||||
| 146,274 | Bank of America Corp | 6.000% | BBB | 3,747,540 | ||||
| 346,088 | Citigroup Inc | 6.875% | BBB- | 9,600,481 | ||||
| 8,214 | Citigroup Inc | 6.300% | BBB- | 209,046 | ||||
| 47,500 | CoBank ACB, 144A, (9) | 6.250% | BBB+ | 4,963,750 | ||||
| 53,000 | CoBank ACB, (9) | 6.200% | BBB+ | 5,618,000 | ||||
| 177,750 | Farm Credit Bank of Texas, 144A, (3), (9) | 6.750% | Baa1 | 19,019,250 | ||||
| 84,563 | Fifth Third Bancorp | 6.625% | Baa3 | 2,391,442 | ||||
| 50,000 | Fifth Third Bancorp | 4.950% | Baa3 | 1,309,000 | ||||
| 150,000 | Fulton Financial Corp | 5.125% | Baa3 | 3,802,500 | ||||
| 11,474 | JPMorgan Chase & Co | 5.750% | BBB+ | 310,831 | ||||
| 600 | JPMorgan Chase & Co | 6.000% | BBB+ | 16,410 | ||||
| 722,103 | KeyCorp | 6.125% | Baa3 | 20,413,852 | ||||
| 1,592,952 | PNC Financial Services Group Inc/The, (3) | 6.125% | Baa2 | 42,547,748 | ||||
| 189,200 | Regions Financial Corp, (3) | 5.700% | BB+ | 5,193,540 | ||||
| 21,637 | Synovus Financial Corp | 5.875% | BB- | 557,585 | ||||
| 216,231 | Wells Fargo & Co | 5.850% | Baa2 | 5,598,221 |
6
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| Banks (continued) | ||||||||
| 1,400 | Wells Fargo & Co | 4.750% | Baa2 | $34,972 | ||||
| Total Banks | 140,027,710 | |||||||
| �� | Capital Markets – 2.0% | |||||||
| 135,585 | Affiliated Managers Group Inc | 5.875% | Baa1 | 3,635,034 | ||||
| 160,000 | Affiliated Managers Group Inc | 4.750% | Baa1 | 4,156,800 | ||||
| 369,239 | Goldman Sachs Group Inc | 5.500% | Ba1 | 9,677,754 | ||||
| 80 | Morgan Stanley | 4.000% | Baa3 | 1,931 | ||||
| 622,802 | Morgan Stanley | 5.850% | Baa3 | 17,550,561 | ||||
| 12,000 | Northern Trust Corp | 4.700% | BBB+ | 317,760 | ||||
| 74,642 | State Street Corp | 5.900% | Baa1 | 2,052,655 | ||||
| Total Capital Markets | 37,392,495 | |||||||
| Consumer Finance – 0.2% | ||||||||
| 50,338 | Capital One Financial Corp, (3) | 5.000% | Baa3 | 1,266,001 | ||||
| 130,000 | Capital One Financial Corp, (3) | 4.800% | Baa3 | 3,220,100 | ||||
| Total Consumer Finance | 4,486,101 | |||||||
| Diversified Financial Services – 1.7% | ||||||||
| 105,300 | AgriBank FCB, (9) | 6.875% | BBB+ | 11,319,750 | ||||
| 238,203 | Equitable Holdings Inc, (3) | 5.250% | BBB- | 6,024,154 | ||||
| 472,073 | National Rural Utilities Cooperative Finance Corp | 5.500% | A3 | 12,840,385 | ||||
| 39,705 | Voya Financial Inc, (3) | 5.350% | BBB- | 1,127,225 | ||||
| Total Diversified Financial Services | 31,311,514 | |||||||
| Diversified Telecommunication Services – 0.8% | ||||||||
| 578,314 | AT&T Inc | 4.750% | BBB | 14,625,561 | ||||
| 20,680 | AT&T Inc, (3) | 5.000% | BBB | 539,541 | ||||
| 25,000 | AT&T Inc | 5.625% | A- | 675,250 | ||||
| Total Diversified Telecommunication Services | 15,840,352 | |||||||
| Electric Utilities – 1.9% | ||||||||
| 154,334 | Alabama Power Co | 5.000% | A3 | 4,217,948 | ||||
| 5,786 | CMS Energy Corp | 5.875% | Baa2 | 158,941 | ||||
| 83,500 | DTE Energy Co | 4.375% | BBB- | 2,133,425 | ||||
| 152,276 | Duke Energy Corp, (3) | 5.750% | BBB | 4,294,183 | ||||
| 16,000 | Entergy Texas Inc, (3) | 5.375% | BBB- | 434,400 | ||||
| 299,756 | Integrys Holding Inc, (3), (6), (9) | 6.000% | BBB | 8,108,400 | ||||
| 114,962 | Interstate Power and Light Co | 5.100% | BBB | 2,952,224 | ||||
| 197,288 | NextEra Energy Capital Holdings Inc, (6) | 5.650% | BBB | 5,529,983 | ||||
| 86,891 | Southern Co/The | 5.250% | BBB | 2,319,121 | ||||
| 190,878 | Southern Co/The | 4.950% | BBB | 5,035,362 |
7
| JPS | Nuveen Preferred & Income Securities Fund (continued) |
| Portfolio of Investments October 31, 2020 | |
| (Unaudited) |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| Electric Utilities (continued) | ||||||||
| 50,000 | Southern Co/The | 4.200% | BBB | $1,267,500 | ||||
| Total Electric Utilities | 36,451,487 | |||||||
| Equity Real Estate Investment Trust – 1.3% | ||||||||
| 200 | Kimco Realty Corp | 5.125% | Baa2 | 5,196 | ||||
| 3,000 | National Retail Properties Inc | 5.200% | Baa2 | 76,710 | ||||
| 80,301 | Prologis Inc, (9) | 8.540% | BBB | 6,504,381 | ||||
| 105,700 | PS Business Parks Inc | 5.250% | BBB | 2,739,744 | ||||
| 5,583 | PS Business Parks Inc | 4.875% | BBB | 144,991 | ||||
| 193,083 | Public Storage | 5.600% | A3 | 5,464,249 | ||||
| 8,331 | Public Storage, (3) | 4.875% | A3 | 225,020 | ||||
| 111,690 | Public Storage, (3) | 4.750% | A3 | 3,071,475 | ||||
| 131,589 | Public Storage | 4.625% | A3 | 3,475,266 | ||||
| 83,200 | Public Storage | 4.125% | A3 | 2,150,720 | ||||
| 9,385 | Vornado Realty Trust, (3) | 5.400% | Baa3 | 227,492 | ||||
| Total Equity Real Estate Investment Trust | 24,085,244 | |||||||
| Food Products – 0.6% | ||||||||
| 91,900 | Dairy Farmers of America Inc, 144A, (9) | 7.875% | BB+ | 8,179,100 | ||||
| 32,500 | Dairy Farmers of America Inc, 144A, (9) | 7.875% | BB+ | 2,892,500 | ||||
| Total Food Products | 11,071,600 | |||||||
| Insurance – 1.9% | ||||||||
| 608,741 | Allstate Corp/The, (3) | 5.100% | Baa1 | 15,827,266 | ||||
| 93,406 | American Financial Group Inc/OH | 5.875% | Baa2 | 2,567,731 | ||||
| 60,000 | American Financial Group Inc/OH | 5.625% | Baa2 | 1,638,000 | ||||
| 19,825 | American International Group Inc | 5.850% | Baa3 | 537,257 | ||||
| 64,796 | Arch Capital Group Ltd | 5.250% | BBB | 1,651,650 | ||||
| 24,814 | Arch Capital Group Ltd | 5.450% | BBB | 647,645 | ||||
| 287,580 | Hartford Financial Services Group Inc, (3) | 7.875% | Baa2 | 7,896,947 | ||||
| 3,839 | Hartford Financial Services Group Inc/The | 6.000% | BBB- | 105,457 | ||||
| 30,000 | MetLife Inc | 4.750% | BBB | 787,800 | ||||
| 50,673 | Prudential Financial Inc | 4.125% | BBB+ | 1,278,987 | ||||
| 42,769 | Prudential PLC | 6.750% | BBB+ | 1,111,566 | ||||
| 9,145 | Reinsurance Group of America Inc, (3) | 6.200% | BBB+ | 241,245 | ||||
| 4,393 | W R Berkley Corp | 5.750% | Baa2 | 113,076 | ||||
| 6,060 | W R Berkley Corp | 5.700% | Baa2 | 161,984 | ||||
| 40,000 | W R Berkley Corp | 4.250% | BBB- | 1,026,000 | ||||
| Total Insurance | 35,592,611 | |||||||
| Multi-Utilities – 0.7% | ||||||||
| 179,646 | Algonquin Power & Utilities Corp | 6.200% | BB+ | 4,836,070 |
8
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| Multi-Utilities (continued) | ||||||||
| 280,000 | DTE Energy Co | 5.250% | BBB- | $7,439,600 | ||||
| Total Multi-Utilities | 12,275,670 | |||||||
| Oil, Gas & Consumable Fuels – 0.2% | ||||||||
| 125,563 | Enbridge Inc | 6.375% | BBB- | 3,204,368 | ||||
| Wireless Telecommunication Services – 0.4% | ||||||||
| 7,381 | Telephone and Data Systems Inc | 5.875% | BB+ | 184,082 | ||||
| 43,423 | Telephone and Data Systems Inc, (3) | 7.000% | BB+ | 1,095,562 | ||||
| 121,701 | Telephone and Data Systems Inc | 6.875% | BB+ | 3,083,903 | ||||
| 7,230 | United States Cellular Corp, (3) | 7.250% | Ba1 | 183,498 | ||||
| 120,000 | United States Cellular Corp | 6.250% | Ba1 | 3,154,800 | ||||
| Total Wireless Telecommunication Services | 7,701,845 | |||||||
| Total $25 Par (or similar) Retail Preferred (cost $338,559,377) | 359,440,997 |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| CONVERTIBLE PREFERRED SECURITIES – 3.5% (2.2% of Total Investments) | ||||||||
| Banks – 2.9% | ||||||||
| 8,574 | Bank of America Corp | 7.250% | BBB | $12,577,200 | ||||
| 30,843 | Wells Fargo & Co | 7.500% | Baa2 | 41,599,805 | ||||
| Total Banks | 54,177,005 | |||||||
| Machinery – 0.6% | ||||||||
| 9,000 | Stanley Black & Decker Inc, (9) | 5.000% | BBB+ | 10,792,674 | ||||
| Total Convertible Preferred Securities (cost $61,660,354) | 64,969,679 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| CORPORATE BONDS – 2.8% (1.7% of Total Investments) | ||||||||
| Banks – 1.0% | ||||||||
| $7,000 | Citizens Financial Group Inc | 6.000% | 1/06/69 | BB+ | $6,747,275 | |||
| 3,600 | JPMorgan Chase & Co, (6) | 8.750% | 9/01/30 | Baa1 | 5,246,483 | |||
| 4,469 | Lloyds Banking Group PLC | 6.413% | 4/01/69 | Baa3 | 5,279,007 | |||
| 1,000 | Lloyds Banking Group PLC | 6.657% | 5/21/69 | Baa3 | 1,211,250 | |||
| 16,069 | Total Banks | 18,484,015 | ||||||
| Equity Real Estate Investment Trust – 0.8% | ||||||||
| 16,100 | Scentre Group Trust 2, 144A | 5.125% | 9/24/80 | BBB+ | 15,811,358 | |||
| Insurance – 0.9% | ||||||||
| 5,000 | AIG Life Holdings Inc, 144A, (3) | 8.125% | 3/15/46 | Baa2 | 7,083,590 | |||
| 6,150 | Liberty Mutual Insurance Co, 144A, (3) | 7.697% | 10/15/97 | BBB+ | 9,367,594 | |||
| 11,150 | Total Insurance | 16,451,184 |
9
| JPS | Nuveen Preferred & Income Securities Fund (continued) |
| Portfolio of Investments October 31, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Wireless Telecommunication Services – 0.1% | ||||||||
| $1,600 | Koninklijke KPN NV, 144A, (3) | 7.000% | 3/28/73 | BB+ | $1,674,412 | |||
| $44,919 | Total Corporate Bonds (cost $47,775,966) | 52,420,969 |
| Shares | Description (1), (10) | Value | ||||||
| INVESTMENT COMPANIES – 1.1% (0.7% of Total Investments) | ||||||||
| 723,135 | BlackRock Credit Allocation Income Trust | $9,986,495 | ||||||
| 646,421 | John Hancock Preferred Income Fund III | 10,168,202 | ||||||
| Total Investment Companies (cost $28,324,370) | 20,154,697 | |||||||
| Total Long-Term Investments (cost $2,786,651,800) | 2,989,929,343 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||
| SHORT-TERM INVESTMENTS – 0.9% (0.6% of Total Investments) | ||||||||
| REPURCHASE AGREEMENTS – 0.9% (0.6% of Total Investments) | ||||||||
| $17,641 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $17,641,473, collateralized by $15,950,900 U.S. Treasury Notes, 2.375%, due 5/15/27, value $17,994,344 | 0.000% | 11/02/20 | $17,641,473 | ||||
| Total Short-Term Investments (cost $17,641,473) | 17,641,473 | |||||||
| Total Investments (cost $2,804,293,273) – 159.8% | 3,007,570,816 | |||||||
| Borrowings – (42.1)% (11), (12) | (793,300,000) | |||||||
| Reverse Repurchase Agreements – (14.6)% (13) | (275,000,000) | |||||||
| Other Assets Less Liabilities – (3.1)% (14) | (57,156,464) | |||||||
| Net Assets Applicable to Common Shares – 100% | $1,882,114,352 |
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 (15) | Optional Termination Date | Maturity Date | Value | Unrealized Appreciation (Depreciation) |
| Morgan Stanley Capital Services, LLC | $521,000,000 | Receive | 1-Month LIBOR | 1.994% | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $(53,699,669) | $(53,699,669) |
| Morgan Stanley Capital Services, LLC | 90,000,000 | Receive | 1-Month LIBOR | 2.364 | Monthly | 7/01/19 | 7/01/26 | 7/01/28 | (12,543,184) | (12,543,184) |
| Total | $611,000,000 | $(66,242,853) | $(66,242,853) | |||||||
10
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 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 | $ — | $1,482,127,867 | $ — | $1,482,127,867 |
| Contingent Capital Securities | — | 1,010,815,134 | — | 1,010,815,134 |
| $25 Par (or similar) Retail Preferred | 292,835,866 | 66,605,131 | — | 359,440,997 |
| Convertible Preferred Securities | 54,177,005 | 10,792,674 | — | 64,969,679 |
| Corporate Bonds | — | 52,420,969 | — | 52,420,969 |
| Investment Companies | 20,154,697 | — | — | 20,154,697 |
| Short-Term Investments: | ||||
| Repurchase Agreements | — | 17,641,473 | — | 17,641,473 |
| Investments in Derivatives: | ||||
| Interest Rate Swaps* | — | (66,242,853) | — | (66,242,853) |
| Total | $367,167,568 | $2,574,160,395 | $ — | $2,941,327,963 |
| * | Represents net unrealized appreciation (depreciation). |
11
| JPS | Nuveen Preferred & Income Securities Fund (continued) |
| Portfolio of Investments October 31, 2020 | |
| (Unaudited) |
| For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. | |
| (2) | 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 $567,224,506 have been pledged as collateral for reverse repurchase agreements. | |
| (4) | Perpetual security. Maturity date is not applicable. | |
| (5) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. | |
| (6) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $420,235,040. | |
| (7) | Investment, or portion of investment, has been pledged to collateralized the net payment obligations for investments in derivatives. | |
| (8) | 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. | |
| (9) | For fair value measurement disclosure purposes, investment classified as Level 2. | |
| (10) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. | |
| (11) | Borrowings as a percentage of Total Investments is 26.4%. | |
| (12) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $1,791,754,526 have been pledged as collateral for borrowings. | |
| (13) | Reverse Repurchase Agreements as a percentage of Total Investments is 9.1%. | |
| (14) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. | |
| (15) | 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. | |
| LIBOR | London Inter-Bank Offered Rate | |
| N/A | Not Applicable. | |
| 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. | |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
12