1
Nuveen
Preferred
&
Income
Securities
Fund
Portfolio
of
Investments
April
30,
2022
(Unaudited)
JPS
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
159.6% (51.0%
of
Total
Investments)
X
1,434,928,534
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
82.1%
(51.0%
of
Total
Investments)
X
1,434,928,534
Banks
-
31.5%
(19.6%
of
Total
Investments)
$
19,300
Bank
of
America
Corp
6.500%
N/A
(3)
BBB+
$
19,674,034
2,861
Bank
of
America
Corp
(4)
8.050%
6/15/27
Baa2
3,266,392
2,800
Bank
of
America
Corp
4.375%
N/A
(3)
BBB+
2,478,000
60,000
Bank
of
America
Corp
(4)
6.125%
N/A
(3)
BBB+
60,000,000
12,300
Bank
of
America
Corp
6.100%
N/A
(3)
BBB+
12,429,827
3,000
Bank
of
Nova
Scotia/The
4.900%
N/A
(3)
BBB-
2,943,480
14,799
Citigroup
Inc
(4)
4.000%
N/A
(3)
BBB-
13,430,093
5,500
Citigroup
Inc
5.950%
N/A
(3)
BBB-
5,376,250
8,500
Citigroup
Inc
(4)
4.150%
N/A
(3)
BBB-
7,519,100
20,700
Citigroup
Inc
3.875%
N/A
(3)
BBB-
18,698,724
3,976
Citizens
Financial
Group
Inc
(4)
5.650%
N/A
(3)
BB+
4,074,403
7,500
Citizens
Financial
Group
Inc
4.000%
N/A
(3)
BB+
6,656,250
3,400
Citizens
Financial
Group
Inc
(4)
6.375%
N/A
(3)
BB+
3,289,500
14,000
CoBank
ACB
(4)
6.250%
N/A
(3)
BBB+
14,000,000
12,130
Comerica
Inc
(4)
5.625%
N/A
(3)
Baa2
12,342,275
6,100
Corestates
Capital
III
(3-Month
LIBOR
reference
rate
+
0.570%
spread),
144A
(4),(5)
1.076%
2/15/27
A1
5,846,056
1,250
DNB
Bank
ASA
(3-Month
LIBOR
reference
rate
+
0.250%
spread)
(5)
0.758%
N/A
(3)
Baa2
931,250
1,250
DNB
Bank
ASA
(6-Month
LIBOR
reference
rate
+
0.150%
spread)
(5)
0.954%
N/A
(3)
Baa2
931,250
1,000
Fifth
Third
Bancorp
4.500%
N/A
(3)
Baa3
969,917
2,500
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(3)
BBB-
2,199,960
30,000
HSBC
Capital
Funding
Dollar
1
LP,
144A
(6)
10.176%
N/A
(3)
BBB
43,800,000
21,000
Huntington
Bancshares
Inc/OH
(4)
4.450%
N/A
(3)
Baa3
20,109,243
11,000
Huntington
Bancshares
Inc/OH
(4)
5.625%
N/A
(3)
Baa3
10,966,670
55,800
JPMorgan
Chase
&
Co
(6)
6.750%
N/A
(3)
BBB+
56,781,243
7,000
JPMorgan
Chase
&
Co
(4)
6.100%
N/A
(3)
BBB+
7,014,700
2,000
JPMorgan
Chase
&
Co
3.650%
N/A
(3)
BBB+
1,795,000
8,000
KeyCorp
Capital
III
(4)
7.750%
7/15/29
Baa2
9,064,734
4,100
PNC
Financial
Services
Group
Inc/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(5)
3.804%
N/A
(3)
Baa2
4,064,468
6,200
PNC
Financial
Services
Group
Inc/The
(4)
3.400%
N/A
(3)
Baa2
5,332,000
3,000
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(3)
Baa2
2,992,500
2,000
Regions
Financial
Corp
5.750%
N/A
(3)
Baa3
2,040,000
24,100
Standard
Chartered
PLC,
144A
(6)
7.014%
N/A
(3)
BBB-
28,006,036
1,000
SVB
Financial
Group
4.100%
N/A
(3)
Baa2
810,000
16,200
SVB
Financial
Group
(4)
4.250%
N/A
(3)
Baa2
14,023,125
36,386
Truist
Financial
Corp
(6)
4.800%
N/A
(3)
Baa2
34,664,942
46,867
Truist
Financial
Corp
(6)
4.950%
N/A
(3)
Baa2
46,808,416
25,580
Wells
Fargo
&
Co
(4)
7.950%
11/15/29
Baa1
31,169,976
38,150
Wells
Fargo
&
Co
(4)
3.900%
N/A
(3)
Baa2
34,809,968
Total
Banks
551,309,782
Capital
Markets
-
10.3%
(6.4%
of
Total
Investments)
21,300
Bank
of
New
York
Mellon
Corp/The
3.750%
N/A
(3)
Baa1
18,957,000
35,150
Bank
of
New
York
Mellon
Corp/The
(6)
4.700%
N/A
(3)
Baa1
35,062,125
10,000
Bank
of
New
York
Mellon
Corp/The
3.700%
N/A
(3)
Baa1
9,250,000
18,700
Charles
Schwab
Corp/The
(3-Month
LIBOR
reference
rate
+
4.820%
spread)
(5)
6.106%
N/A
(3)
BBB
18,606,500
15,500
Charles
Schwab
Corp/The
4.000%
N/A
(3)
BBB
14,054,625
39,505
Charles
Schwab
Corp/The
(6)
5.375%
N/A
(3)
BBB
39,804,053
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
2
JPS
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Capital
Markets
(continued)
$
7,500
Depository
Trust
&
Clearing
Corp/The,
144A
(6)
3.375%
N/A
(3)
A
$
6,656,250
6,000
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(3)
BBB-
6,004,740
7,600
Goldman
Sachs
Group
Inc/The
4.950%
N/A
(3)
BBB-
7,315,000
18,000
Goldman
Sachs
Group
Inc/The
3.650%
N/A
(3)
BBB-
15,615,000
10,000
State
Street
Corp
(3-Month
LIBOR
reference
rate
+
1.000%
spread)
(5)
1.826%
6/15/47
A3
8,610,655
Total
Capital
Markets
179,935,948
Commercial
Banks
-
0.7%
(0.4%
of
Total
Investments)
8,000
HSBC
Capital
Funding
Dollar
1
LP,
Reg
S
10.176%
N/A
(3)
BBB
11,680,000
Total
Commercial
Banks
11,680,000
Consumer
Finance
-
2.3%
(1.5%
of
Total
Investments)
7,400
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
6,369,994
8,500
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
7,339,750
14,500
American
Express
Co
(6)
3.550%
N/A
(3)
Baa2
12,489,575
5,000
Capital
One
Financial
Corp
(4)
3.950%
N/A
(3)
Baa3
4,337,500
10,000
Discover
Financial
Services
(4)
6.125%
N/A
(3)
Ba2
10,175,000
Total
Consumer
Finance
40,711,819
Diversified
Financial
Services
-
2.1%
(1.3%
of
Total
Investments)
7,500
Citigroup
Inc
(6)
5.950%
N/A
(3)
BBB-
7,500,000
4,000
JP
Morgan
Chase
&
Company
6.000%
N/A
(3)
BBB+
4,010,000
12,800
Scentre
Group
Trust
2,
144A
4.750%
9/24/80
BBB+
12,356,480
12,700
Voya
Financial
Inc
6.125%
N/A
(3)
BBB-
12,636,500
Total
Diversified
Financial
Services
36,502,980
Electric
Utilities
-
5.2%
(3.2%
of
Total
Investments)
8,500
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
7,616,360
24,075
Duke
Energy
Corp
4.875%
N/A
(3)
BBB-
23,834,250
19,091
Emera
Inc
(4)
6.750%
6/15/76
BB+
19,353,501
10,000
NextEra
Energy
Capital
Holdings
Inc
2.951%
6/15/67
BBB
8,712,241
1,600
NextEra
Energy
Capital
Holdings
Inc
(6)
4.800%
12/01/77
BBB
1,489,810
21,400
PPL
Capital
Funding
Inc
(4)
3.661%
3/30/67
BBB
18,661,052
5,600
Southern
Co/The
4.000%
1/15/51
BBB-
5,320,896
6,000
Southern
Co/The
4.456%
3/15/57
BBB-
5,896,518
Total
Electric
Utilities
90,884,628
Food
Products
-
0.4%
(0.2%
of
Total
Investments)
6,705
Dairy
Farmers
of
America
Inc,
144A
(4)
7.125%
N/A
(3)
BB+
6,570,901
Total
Food
Products
6,570,901
Insurance
-
20.2%
(12.6%
of
Total
Investments)
3,598
ACE
Capital
Trust
II
9.700%
4/01/30
BBB+
4,857,300
10,500
Allianz
SE,
144A
(4)
3.500%
N/A
(3)
A
9,502,500
8,400
Allianz
SE,
Reg
S
3.500%
N/A
(3)
A
7,602,000
1,100
Allstate
Corp/The
(4)
6.500%
5/15/57
Baa1
1,264,309
4,400
Allstate
Corp/The
5.750%
8/15/53
Baa1
4,268,660
13,300
American
International
Group
Inc
(4)
5.750%
4/01/48
BBB-
12,861,632
2,299
Aon
Corp
(4)
8.205%
1/01/27
BBB
2,603,618
2,100
Argentum
Netherlands
BV
for
Swiss
Re
Ltd,
Reg
S
5.625%
8/15/52
BBB+
2,084,292
6,210
Argentum
Netherlands
BV
for
Swiss
Re
Ltd,
Reg
S
(4)
5.750%
8/15/50
BBB+
6,191,991
17,819
AXA
SA,
144A
(4)
6.379%
N/A
(3)
Baa1
22,083,747
16,550
AXA
SA
(4),(6)
8.600%
12/15/30
A3
20,831,320
14,550
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd,
Reg
S
5.625%
6/24/46
A+
14,815,708
17,300
Legal
&
General
Group
PLC,
Reg
S
5.250%
3/21/47
A3
17,278,375
29,600
MetLife
Capital
Trust
IV,
144A
(4),(6)
7.875%
12/15/37
BBB
33,596,000
11,300
MetLife
Inc
3.850%
N/A
(3)
BBB
10,760,990
3
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Insurance
(continued)
$
36,531
MetLife
Inc,
144A
(4),(6)
9.250%
4/08/38
BBB
$
45,138,522
3,000
MetLife
Inc
10.750%
8/01/39
BBB
4,192,500
41,904
Nationwide
Financial
Services
Inc
(4)
6.750%
5/15/37
Baa2
44,994,420
20,600
Nippon
Life
Insurance
Co,
144A
(4)
2.750%
1/21/51
A-
17,716,000
6,500
Prudential
Financial
Inc
(6)
3.700%
10/01/50
BBB+
5,692,505
3,750
Prudential
Financial
Inc
(4)
5.700%
9/15/48
BBB+
3,749,850
27,180
Prudential
Financial
Inc
(4)
5.625%
6/15/43
BBB+
27,176,467
14,900
Sumitomo
Life
Insurance
Co,
144A
(4)
3.375%
4/15/81
A-
13,708,000
8,700
Willow
No
2
Ireland
PLC
for
Zurich
Insurance
Co
Ltd,
Reg
S
(4)
4.250%
10/01/45
A+
8,473,974
14,394
Zurich
Finance
Ireland
Designated
Activity
Co,
Reg
S
3.000%
4/19/51
A+
12,162,930
Total
Insurance
353,607,610
Machinery
-
0.3%
(0.2%
of
Total
Investments)
5,700
Stanley
Black
&
Decker
Inc
(6)
4.000%
3/15/60
BBB+
5,443,500
Total
Machinery
5,443,500
Multi-Utilities
-
3.5%
(2.2%
of
Total
Investments)
500
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
BB+
457,235
2,000
Dominion
Energy
Inc
4.350%
N/A
(3)
BBB-
1,826,600
38,020
Dominion
Energy
Inc
(6)
4.650%
N/A
(3)
BBB-
36,309,100
20,900
NiSource
Inc
(6)
5.650%
N/A
(3)
BBB-
20,168,500
3,000
WEC
Energy
Group
Inc
2.619%
5/15/67
BBB
2,567,130
Total
Multi-Utilities
61,328,565
Oil,
Gas
&
Consumable
Fuels
-
3.1%
(1.9%
of
Total
Investments)
5,900
BP
Capital
Markets
PLC
4.375%
N/A
(3)
Baa1
5,733,620
16,000
Enbridge
Inc
(4)
5.750%
7/15/80
BBB-
15,880,000
10,934
Enterprise
Products
Operating
LLC
(4)
5.250%
8/16/77
Baa2
9,989,949
3,400
Enterprise
Products
Operating
LLC
5.375%
2/15/78
Baa2
3,047,102
14,885
Transcanada
Trust
(4)
5.500%
9/15/79
BBB
14,326,813
4,560
Transcanada
Trust
(4)
5.600%
3/07/82
BBB
4,411,800
Total
Oil,
Gas
&
Consumable
Fuels
53,389,284
Road
&
Rail
-
1.5%
(0.9%
of
Total
Investments)
25,485
BNSF
Funding
Trust
I
(6)
6.613%
12/15/55
A
26,122,125
Total
Road
&
Rail
26,122,125
Wireless
Telecommunication
Services
-
1.0%
(0.6%
of
Total
Investments)
16,516
Vodafone
Group
PLC
7.000%
4/04/79
BB+
17,441,392
Total
Wireless
Telecommunication
Services
17,441,392
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$1,466,241,389)
1,434,928,534
Principal
Amount
(000)
Description
(1)
,(7)
Coupon
Maturity
Ratings
(2)
Value
X
935,483,562
CONTINGENT
CAPITAL
SECURITIES
-
53.5%
(33.2%
of
Total
Investments)
X
935,483,562
Banks
-
42.2%
(26.0%
of
Total
Investments)
$
2,800
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
(4)
6.750%
N/A
(3)
Baa2
$
2,933,000
17,800
Banco
Bilbao
Vizcaya
Argentaria
SA
(6)
6.500%
N/A
(3)
Ba2
17,243,750
11,800
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(3)
Ba2
10,959,250
6,200
Banco
Santander
SA
(4)
4.750%
N/A
(3)
Ba1
5,476,577
24,200
Banco
Santander
SA,
Reg
S
7.500%
N/A
(3)
Ba1
24,366,980
1,708
Barclays
Bank
PLC
(4)
7.625%
11/21/22
BBB+
1,738,500
63,300
Barclays
PLC
7.750%
N/A
(3)
BBB-
63,853,875
26,000
Barclays
PLC
8.000%
N/A
(3)
BBB-
26,796,250
38,585
BNP
Paribas
SA,
144A
(4)
7.375%
N/A
(3)
BBB
40,163,512
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
4
JPS
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
39,000
BNP
Paribas
SA,
144A
4.625%
N/A
(3)
BBB
$
35,277,060
5,500
BNP
Paribas
SA,
144A
7.000%
N/A
(3)
BBB
5,665,000
10,000
BNP
Paribas
SA,
Reg
S
7.375%
N/A
(3)
BBB
10,409,100
31,550
Credit
Agricole
SA,
144A
8.125%
N/A
(3)
BBB
33,916,250
2,000
Credit
Agricole
SA,
144A
4.750%
N/A
(3)
BBB
1,722,500
19,653
Credit
Agricole
SA,
144A
7.875%
N/A
(3)
BBB
20,144,325
4,466
Credit
Agricole
SA,
Reg
S
8.125%
N/A
(3)
BBB
4,800,950
10,500
Danske
Bank
A/S,
Reg
S
(4)
7.000%
N/A
(3)
BBB-
10,431,876
11,588
Danske
Bank
A/S,
Reg
S
6.125%
N/A
(3)
BBB-
11,443,150
5,000
Danske
Bank
A/S,
Reg
S
4.375%
N/A
(3)
BBB-
4,512,500
38,192
DNB
Bank
ASA,
Reg
S
(4)
4.875%
N/A
(3)
BBB
37,127,971
8,504
HSBC
Holdings
PLC
(4)
6.250%
N/A
(3)
BBB
8,474,236
1,600
HSBC
Holdings
PLC
(4)
6.000%
N/A
(3)
BBB
1,536,000
10,000
ING
Groep
NV
5.750%
N/A
(3)
BBB
9,600,000
26,700
ING
Groep
NV
6.500%
N/A
(3)
BBB
26,633,250
9,600
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(3)
BB-
9,672,000
3,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
3,082,800
4,500
Lloyds
Banking
Group
PLC
6.750%
N/A
(3)
Baa3
4,532,400
48,428
Lloyds
Banking
Group
PLC
(6)
7.500%
N/A
(3)
Baa3
49,396,560
5,075
Macquarie
Bank
Ltd/London,
144A
(4)
6.125%
N/A
(3)
BB+
4,887,225
14,250
NatWest
Group
PLC
8.000%
N/A
(3)
BBB-
14,998,125
17,000
NatWest
Group
PLC
6.000%
N/A
(3)
BBB-
16,754,350
26,400
Nordea
Bank
Abp,
144A
6.625%
N/A
(3)
BBB+
26,730,000
35,090
Nordea
Bank
Abp,
144A
6.125%
N/A
(3)
BBB+
35,309,313
18,988
Nordea
Bank
Abp,
Reg
S
6.125%
N/A
(3)
BBB+
19,106,675
1,000
Skandinaviska
Enskilda
Banken
AB,
Reg
S
5.625%
N/A
(3)
BBB+
1,000,000
10,000
Skandinaviska
Enskilda
Banken
AB,
Reg
S
5.125%
N/A
(3)
BBB+
9,567,800
73,300
Societe
Generale
SA,
144A
8.000%
N/A
(3)
BB
76,400,590
4,550
Societe
Generale
SA,
144A
5.375%
N/A
(3)
BB+
3,994,900
1,700
Societe
Generale
SA,
144A
4.750%
N/A
(3)
BB+
1,507,279
9,000
Societe
Generale
SA,
Reg
S
7.875%
N/A
(3)
BB+
9,210,649
13,000
Standard
Chartered
PLC,
144A
7.750%
N/A
(3)
BBB-
13,328,510
7,200
Svenska
Handelsbanken
AB
4.375%
N/A
(3)
A-
6,678,000
15,000
UniCredit
SpA,
Reg
S
8.000%
N/A
(3)
BB-
15,115,650
733,727
Total
Banks
736,498,688
Capital
Markets
-
11.3%
(7.2%
of
Total
Investments)
11,000
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(3)
BB+
10,893,300
58,000
Credit
Suisse
Group
AG,
144A
(4),(6)
7.500%
N/A
(3)
BB+
58,040,020
17,400
Credit
Suisse
Group
AG,
Reg
S
(4)
7.500%
N/A
(3)
BB+
17,402,714
6,700
Credit
Suisse
Group
AG,
Reg
S
7.125%
N/A
(3)
BB+
6,684,590
7,400
UBS
Group
AG,
144A
(4)
7.000%
N/A
(3)
BBB
7,520,250
24,000
UBS
Group
AG,
144A
(6)
4.875%
N/A
(3)
BBB
21,960,000
25,000
UBS
Group
AG,
144A
(4)
3.875%
N/A
(3)
BBB
21,696,250
35,300
UBS
Group
AG,
Reg
S
(4)
6.875%
N/A
(3)
BBB
35,741,250
10,800
UBS
Group
AG,
Reg
S
5.125%
N/A
(3)
BBB
10,368,000
10,000
UBS
Group
AG,
Reg
S
3.875%
N/A
(3)
BBB
8,678,500
205,600
Total
Capital
Markets
198,984,874
Total
Contingent
Capital
Securities
(cost
$962,928,657)
935,483,562
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
292,250,596
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
16.7%
(10.4%
of
Total
Investments)
X
292,250,596
Banks
-
7.3%
(4.5%
of
Total
Investments)
233,680
Associated
Banc-Corp
(6)
5.625%
Baa3
$
5,659,730
315,542
Bank
of
America
Corp
(6)
5.375%
BBB+
7,093,384
346,088
Citigroup
Inc
6.875%
BBB-
9,178,254
53,000
CoBank
ACB
(6),(8)
6.200%
BBB+
5,512,000
47,500
CoBank
ACB
(6),(8)
6.250%
BBB+
4,773,750
5
Shares
Description
(1)
Coupon
Ratings
(2)
Value
Banks
(continued)
177,750
Farm
Credit
Bank
of
Texas,
144A
(4),(6),(8)
6.750%
Baa1
$
18,352,687
50,000
Fifth
Third
Bancorp
4.950%
Baa3
1,057,500
84,563
Fifth
Third
Bancorp
6.625%
Baa3
2,189,336
40,000
First
Republic
Bank/CA
4.000%
BBB-
700,000
150,000
Fulton
Financial
Corp
5.125%
Baa3
3,160,500
11,474
JPMorgan
Chase
&
Co
5.750%
BBB+
281,687
600
JPMorgan
Chase
&
Co
6.000%
BBB+
15,030
722,103
KeyCorp
(6)
6.125%
Baa3
19,287,371
1,420,590
PNC
Financial
Services
Group
Inc/The
(4)
6.125%
Baa2
35,671,015
189,200
Regions
Financial
Corp
(4)
5.700%
Baa3
4,588,100
21,637
Synovus
Financial
Corp
5.875%
BB-
553,258
212,731
Wells
Fargo
&
Co
(6)
5.850%
Baa2
5,188,509
1,400
Wells
Fargo
&
Co
4.750%
Baa2
27,230
152,000
Western
Alliance
Bancorp
4.250%
Ba1
3,339,440
Total
Banks
126,628,781
Capital
Markets
-
2.0%
(1.3%
of
Total
Investments)
103,000
Affiliated
Managers
Group
Inc
4.200%
Baa1
1,841,640
136,229
Affiliated
Managers
Group
Inc
5.875%
Baa1
3,322,625
160,000
Affiliated
Managers
Group
Inc
4.750%
Baa1
3,152,000
356,501
Goldman
Sachs
Group
Inc/The
5.500%
BB+
9,069,386
622,802
Morgan
Stanley
5.850%
Baa3
15,713,295
15,000
Northern
Trust
Corp
4.700%
BBB+
340,500
74,642
State
Street
Corp
(6)
5.900%
Baa1
1,880,978
Total
Capital
Markets
35,320,424
Consumer
Finance
-
0.2%
(0.1%
of
Total
Investments)
130,000
Capital
One
Financial
Corp
(4)
4.800%
Baa3
2,577,900
50,338
Capital
One
Financial
Corp
(4)
5.000%
Baa3
1,046,024
Total
Consumer
Finance
3,623,924
Diversified
Financial
Services
-
1.1%
(0.7%
of
Total
Investments)
105,300
AgriBank
FCB
(6),(8)
6.875%
BBB+
11,003,850
239,758
Equitable
Holdings
Inc
(4)
5.250%
BBB-
5,217,134
100,000
Equitable
Holdings
Inc
4.300%
BBB-
1,855,000
39,705
Voya
Financial
Inc
(4)
5.350%
BBB-
978,728
Total
Diversified
Financial
Services
19,054,712
Diversified
Telecommunication
Services
-
0.7%
(0.4%
of
Total
Investments)
578,314
AT&T
Inc
4.750%
BBB-
11,225,075
25,000
AT&T
Inc
5.625%
BBB+
625,000
20,680
AT&T
Inc
(4)
5.000%
BBB-
424,353
Total
Diversified
Telecommunication
Services
12,274,428
Electric
Utilities
-
1.3%
(0.8%
of
Total
Investments)
154,334
Alabama
Power
Co
5.000%
A3
3,889,217
5,786
CMS
Energy
Corp
5.875%
BBB-
145,576
82,916
DTE
Energy
Co
(6)
4.375%
BBB-
1,642,566
152,276
Duke
Energy
Corp
(4)
5.750%
BBB-
3,965,267
13,220
Entergy
Arkansas
LLC
4.875%
A
326,137
2,019
Entergy
Louisiana
LLC
4.875%
A
49,667
16,000
Entergy
Texas
Inc
(4)
5.375%
BBB-
395,360
563
Georgia
Power
Co
5.000%
Baa2
13,884
197,288
NextEra
Energy
Capital
Holdings
Inc
(6)
5.650%
BBB
4,959,820
188,947
Southern
Co/The
4.950%
BBB-
3,990,561
86,891
Southern
Co/The
(6)
5.250%
BBB-
1,951,572
53,372
Southern
Co/The
4.200%
BBB-
1,046,625
Total
Electric
Utilities
22,376,252
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
6
JPS
Shares
Description
(1)
Coupon
Ratings
(2)
Value
Equity
Real
Estate
Investment
Trusts
(Reits)
-
1.7%
(1.1%
of
Total
Investments)
135,000
Hudson
Pacific
Properties
Inc
4.750%
Baa3
$
2,560,950
200
(9)
Kimco
Realty
Corp
5.125%
Baa2
4,912
80,301
Prologis
Inc
(8)
8.540%
BBB
5,139,264
105,700
PS
Business
Parks
Inc
5.250%
Baa2
2,084,404
5,583
PS
Business
Parks
Inc
4.875%
Baa2
102,727
300,000
Public
Storage
4.000%
A3
5,673,000
193,083
Public
Storage
(6)
5.600%
A3
4,908,170
131,589
Public
Storage
(6)
4.625%
A3
2,908,117
111,690
Public
Storage
(4)
4.750%
A3
2,597,909
121,528
Public
Storage
(10)
4.000%
A3
2,294,449
4,000
Public
Storage
4.700%
A3
89,640
83,200
Public
Storage
(6)
4.125%
A3
1,647,360
8,331
Public
Storage
(4)
4.875%
A3
193,779
Total
Equity
Real
Estate
Investment
Trusts
(Reits)
30,204,681
Food
Products
-
0.2%
(0.1%
of
Total
Investments)
32,500
Dairy
Farmers
of
America
Inc,
144A
(6),(8),(10)
7.875%
BB+
3,274,375
Total
Food
Products
3,274,375
Insurance
-
1.3%
(0.8%
of
Total
Investments)
601,623
Allstate
Corp/The
(6)
5.100%
Baa1
15,160,900
60,000
American
Financial
Group
Inc/OH
5.625%
Baa2
1,465,800
93,406
American
Financial
Group
Inc/OH
5.875%
Baa2
2,305,260
19,825
American
International
Group
Inc
5.850%
BBB-
490,669
24,814
Arch
Capital
Group
Ltd
5.450%
BBB
562,037
3,839
Hartford
Financial
Services
Group
Inc/The
6.000%
BBB-
99,353
28,129
MetLife
Inc
4.750%
BBB
633,746
50,813
Prudential
Financial
Inc
4.125%
BBB+
1,047,256
40,000
RenaissanceRe
Holdings
Ltd
4.200%
BBB
751,200
38,000
W
R
Berkley
Corp
4.250%
BBB-
715,540
5,646
W
R
Berkley
Corp
5.700%
Baa2
134,996
Total
Insurance
23,366,757
Multi-Utilities
-
0.7%
(0.5%
of
Total
Investments)
179,646
Algonquin
Power
&
Utilities
Corp
6.200%
BB+
4,598,937
280,000
DTE
Energy
Co
5.250%
BBB-
6,504,400
95,000
DTE
Energy
Co
4.375%
BBB-
1,883,850
Total
Multi-Utilities
12,987,187
Oil,
Gas
&
Consumable
Fuels
-
0.2%
(0.1%
of
Total
Investments)
125,563
Enbridge
Inc
6.375%
BBB-
3,139,075
Total
Oil,
Gas
&
Consumable
Fuels
3,139,075
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$306,836,658)
292,250,596
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
79,015,390
CORPORATE
BONDS
-
4.5%
(2.8%
of
Total
Investments)
X
79,015,390
Banks
-
0.6%
(0.4%
of
Total
Investments)
$
7,000
Citizens
Financial
Group
Inc,
Reg
S
6.000%
1/06/71
BB+
$
6,676,600
3,600
JPMorgan
Chase
&
Co
8.750%
9/01/30
Baa1
4,542,397
10,600
Total
Banks
11,218,997
7
Investments
in
Derivatives
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
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Equity
Real
Estate
Investment
Trusts
(Reits)
-
0.9%
(0.5%
of
Total
Investments)
$
16,100
Scentre
Group
Trust
2,
144A
5.125%
9/24/80
BBB+
$
15,372,119
Insurance
-
3.0%
(1.9%
of
Total
Investments)
30,860
Liberty
Mutual
Group
Inc,
144A
(4)
7.800%
3/15/37
Baa3
39,423,650
6,150
Liberty
Mutual
Insurance
Co,
144A
(4),(6)
7.697%
10/15/97
BBB+
7,823,659
5,300
Lincoln
National
Corp
(3-Month
LIBOR
reference
rate
+
2.040%
spread)
(4),(5)
3.103%
4/20/67
BBB
4,317,380
1,000
Nippon
Life
Insurance
Co,
144A
2.900%
9/16/51
A-
859,585
43,310
Total
Insurance
52,424,274
$
70,010
Total
Corporate
Bonds
(cost
$72,012,458)
79,015,390
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
29,338,878
CONVERTIBLE
PREFERRED
SECURITIES
-
1.7%
(1.0%
of
Total
Investments)
X
29,338,878
Banks
-
1.7%
(1.0%
of
Total
Investments)
7,543
Bank
of
America
Corp
7.250%
BBB+
$
9,178,473
16,641
Wells
Fargo
&
Co
(6)
7.500%
Baa2
20,160,405
Total
Banks
29,338,878
Total
Convertible
Preferred
Securities
(cost
$33,848,454)
29,338,878
Shares
Description
(1)
Value
19,395,709
INVESTMENT
COMPANIES
-
1.1%
(0.7%
of
Total
Investments)
X
19,395,709
723,135
BlackRock
Credit
Allocation
Income
Trust
$
8,316,053
646,421
John
Hancock
Preferred
Income
Fund
III
11,079,656
Total
Investment
Companies
(cost
$27,993,530)
19,395,709
Total
Long-Term
Investments
(cost
$2,869,861,146)
2,790,412,669
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.4% (0.9%
of
Total
Investments)
24,569,887
REPURCHASE
AGREEMENTS
-
1.4%
(0.9%
of
Total
Investments)
X
24,569,887
$
24,570
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
4/30/22,
repurchase
price
$24,569,887,
collateralized
by
$25,128,500,
U.S.
Treasury
Bill,
0.000%,
due
8/09/22,
value
$25,061,357
0.000%
5/02/22
$
24,569,887
Total
Short-Term
Investments
(cost
$24,569,887)
24,569,887
Total
Investments
(cost
$
2,894,431,033
)
-
161
.0
%
2,814,982,556
Borrowings
-
(46.6)%
(11),(12)
(
814,300,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(15.7)%(13)
(
274,736,000
)
Other
Assets
Less
Liabilities
-
1.3%
(14)
22,379,602
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,748,326,158
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
FixedRate
Fixed
Rate
Payment
Frequency
Effective
Date
Optional
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
$
9,380,842
$
9,380,842
Morgan
Stanley
Capital
Services,
LLC
90,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
6/01/18
7/01/25
7/01/28
612,969
612,969
Total
unrealized
appreciation
on
interest
rate
swaps
$
9,993,811
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
8
JPS
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
$
–
$
1,434,928,534
$
–
$
1,434,928,534
Contingent
Capital
Securities
–
935,483,562
–
935,483,562
$25
Par
(or
similar)
Retail
Preferred
244,194,670
48,055,926
–
292,250,596
Corporate
Bonds
–
79,015,390
–
79,015,390
Convertible
Preferred
Securities
29,338,878
–
–
29,338,878
Investment
Companies
19,395,709
–
–
19,395,709
Short-Term
Investments:
Repurchase
Agreements
–
24,569,887
–
24,569,887
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
9,993,811
–
9,993,811
Total
$
292,929,257
$
2,532,047,110
$
–
$
2,824,976,367
*
Represents
net
unrealized
appreciation
(depreciation).
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Perpetual
security.
Maturity
date
is
not
applicable.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$653,764,843
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(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
$723,764,201.
(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)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
2.
(9)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(10)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(11)
Borrowings
as
a
percentage
of
Total
investments
is
28.9%.
(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
$1,723,742,950
have
been
pledged
as
collateral
for
borrowings.
(13)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
9.8%.
(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.
9
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.