Nuveen Investment Trust V NPORT-P Nuveen Flexible Income Fund (May 2023 report)

1

Nuveen

Preferred

Securities

and

Income

Fund

Portfolio

of

Investments

May

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

97.3%   

X

2,230,695,041

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

49.5%

X

2,230,695,041

Automobiles

-

1.4%

$

28,479

General

Motors

Financial

Co

Inc

(3)

5.700%

N/A

(4)

BB+

$

24,918,227

49,118

General

Motors

Financial

Co

Inc

(3)

5.750%

N/A

(4)

BB+

39,676,538

Total

Automobiles

64,594,765

Banks

-

19.0%

25,649

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

25,174,494

16,626

Bank

of

America

Corp

6.500%

N/A

(4)

BBB+

16,626,000

25,726

Bank

of

America

Corp

(3)

6.300%

N/A

(4)

BBB+

25,854,630

13,651

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

13,309,725

11,780

Bank

of

America

Corp

4.375%

N/A

(4)

BBB+

9,836,300

11,994

Citigroup

Inc

4.150%

N/A

(4)

BBB-

9,717,297

47,169

Citigroup

Inc

6.300%

N/A

(4)

BBB-

44,569,988

49,701

Citigroup

Inc

5.950%

N/A

(4)

BBB-

46,675,323

35,016

Citigroup

Inc

5.000%

N/A

(4)

BBB-

32,323,270

17,988

Citigroup

Inc

(3)

6.250%

N/A

(4)

BBB-

17,403,630

9,885

Citigroup

Inc

(3)

7.375%

N/A

(4)

BBB-

9,810,863

17,365

Citizens

Financial

Group

Inc

4.000%

N/A

(4)

Baa3

12,877,828

3,846

Citizens

Financial

Group

Inc

(3)

6.375%

N/A

(4)

Baa3

3,163,996

23,396

CoBank

ACB

6.250%

N/A

(4)

BBB+

21,875,309

33,000

CoBank

ACB

6.450%

N/A

(4)

BBB+

30,767,032

5,865

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

5,820,641

29,665

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(4)

Baa1

27,291,800

10,336

Fifth

Third

Bancorp

4.500%

N/A

(4)

Baa3

8,911,400

17,141

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(5)

8.838%

N/A

(4)

Ba1

15,849,534

5,510

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(4)

BBB-

4,376,593

965

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(4)

BB+

809,954

9,768

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(4)

BBB

11,916,960

26,515

Huntington

Bancshares

Inc/OH

(3)

5.625%

N/A

(4)

Baa3

23,399,488

66,911

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

66,994,639

17,059

JPMorgan

Chase

&

Co

6.100%

N/A

(4)

BBB+

16,791,369

31,738

JPMorgan

Chase

&

Co

5.000%

N/A

(4)

BBB+

30,369,299

4,657

JPMorgan

Chase

&

Co

3.650%

N/A

(4)

BBB+

4,108,731

9,491

KeyCorp

5.000%

N/A

(4)

Baa3

6,615,227

14,785

M&T

Bank

Corp

3.500%

N/A

(4)

Baa2

9,600,472

8,046

M&T

Bank

Corp

6.450%

N/A

(4)

Baa2

7,257,585

12,323

M&T

Bank

Corp

5.125%

N/A

(4)

Baa2

9,368,543

7,340

PNC

Financial

Services

Group

Inc/The

4.850%

N/A

(4)

BBB-

6,881,208

6,555

PNC

Financial

Services

Group

Inc/The

(3)

6.200%

N/A

(4)

Baa2

6,059,278

30,660

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(4)

Baa2

27,823,950

16,330

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(4)

Baa2

12,206,675

14,835

PNC

Financial

Services

Group

Inc/The

(3)

6.000%

N/A

(4)

Baa2

13,293,521

19,242

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(3),(5)

3.804%

N/A

(4)

Baa2

19,194,455

8,444

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(4)

Baa2

7,206,723

14,102

Regions

Financial

Corp

5.750%

N/A

(4)

Baa3

13,066,894

46,536

Truist

Financial

Corp

4.800%

N/A

(4)

Baa2

38,857,560

12,446

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(5)

7.968%

N/A

(4)

Baa2

11,917,045

17,044

Truist

Financial

Corp

5.100%

N/A

(4)

Baa2

14,998,720

47,503

Wells

Fargo

&

Co

5.875%

N/A

(4)

Baa2

46,921,088

37,830

Wells

Fargo

&

Co

3.900%

N/A

(4)

Baa2

33,139,080

6,580

Wells

Fargo

&

Co

7.950%

11/15/29

Baa1

7,240,375

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

2

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

13,663

Wells

Fargo

&

Co

5.900%

N/A

(4)

Baa2

$

13,475,134

7,490

Zions

Bancorp

NA

5.800%

N/A

(4)

BB+

5,290,167

7,645

Zions

Bancorp

NA

7.200%

N/A

(4)

BB+

6,173,338

Total

Banks

853,213,131

Capital

Markets

-

2.1%

7,300

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(4)

Baa1

7,148,452

11,210

Charles

Schwab

Corp/The

(3)

4.000%

N/A

(4)

Baa2

9,160,812

21,246

Charles

Schwab

Corp/The

5.375%

N/A

(4)

Baa2

20,423,142

31,868

Goldman

Sachs

Group

Inc/The

(3)

5.500%

N/A

(4)

BBB-

30,826,501

25,800

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(4)

BBB-

24,264,581

4,925

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(4)

BBB-

4,003,992

Total

Capital

Markets

95,827,480

Communications

Equipment

-

0.2%

9,350

Vodafone

Group

PLC

4.125%

6/04/81

BB+

7,438,393

Total

Communications

Equipment

7,438,393

Consumer

Finance

-

1.4%

19,925

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

12,987,614

13,540

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

9,580,904

13,930

American

Express

Co

3.550%

N/A

(4)

Baa2

11,414,410

18,295

Capital

One

Financial

Corp

(3)

3.950%

N/A

(4)

Baa3

13,599,963

11,108

Discover

Financial

Services

(3)

6.125%

N/A

(4)

Ba1

10,298,008

8,000

Discover

Financial

Services

5.500%

N/A

(4)

Ba1

5,952,800

Total

Consumer

Finance

63,833,699

Electric

Utilities

-

1.8%

16,285

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

13,109,403

13,579

Edison

International

5.000%

N/A

(4)

BB+

11,621,205

8,247

Edison

International

5.375%

N/A

(4)

BB+

7,219,424

40,009

Emera

Inc

6.750%

6/15/76

BB+

38,308,617

13,626

Southern

Co/The

4.000%

1/15/51

BBB-

12,695,753

Total

Electric

Utilities

82,954,402

Financial

Services

-

2.9%

20,885

American

AgCredit

Corp,

144A

5.250%

N/A

(4)

BB+

18,169,952

13,295

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(4)

BB

12,430,825

3,955

Citigroup

Capital

III

7.625%

12/01/36

Baa3

4,123,256

9,250

Citigroup

Inc

(3-Month

LIBOR

reference

rate

+

4.068%

spread)

(5)

9.341%

N/A

(4)

BBB-

9,203,750

33

Compeer

Financial

ACA,

144A

6.750%

N/A

(4)

BB+

32,682,797

6,700

Compeer

Financial

ACA,

144A

4.875%

N/A

(4)

BB+

5,896,000

25,209

Equitable

Holdings

Inc

4.950%

N/A

(4)

BBB-

22,763,727

26,248

Voya

Financial

Inc

6.125%

N/A

(4)

BBB-

24,673,120

Total

Financial

Services

129,943,427

Food

Products

-

3.0%

13,835

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(4)

BB+

11,759,750

51,917

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(4)

BB

44,129,450

44,310

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(4)

BB

40,322,100

46,321

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(4)

BB

37,404,207

Total

Food

Products

133,615,507

Independent

Power

Producers

&

Energy

Traders

-

0.8%

13,450

AES

Andes

SA,

144A

6.350%

10/07/79

BB

12,378,977

7,705

AES

Andes

SA,

144A

7.125%

3/26/79

BB

7,268,974

10,900

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

9,587,640

3

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Independent

Power

Producers

&

Energy

Traders

(continued)

$

7,395

Vistra

Corp,

144A

8.000%

N/A

(4)

Ba3

$

6,884,754

Total

Independent

Power

Producers

&

Energy

Traders

36,120,345

Industrial

Conglomerates

-

0.4%

19,013

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(3),(5)

8.196%

N/A

(4)

BBB-

18,927,441

Total

Industrial

Conglomerates

18,927,441

Insurance

-

9.5%

7,115

Aegon

NV

5.500%

4/11/48

Baa1

6,784,366

9,025

American

International

Group

Inc

5.750%

4/01/48

BBB-

8,668,513

47,922

Assurant

Inc

(3)

7.000%

3/27/48

Baa3

45,693,401

66,640

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

BBB+

59,309,600

12,610

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

10,009,771

15,804

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

13,102,624

17,288

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

12,468,589

10,830

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

10,234,350

36,087

Markel

Group

Inc

(3)

6.000%

N/A

(4)

BBB-

34,794,337

7,425

MetLife

Inc

3.850%

N/A

(4)

BBB

6,893,673

4,531

MetLife

Inc

5.875%

N/A

(4)

BBB

4,112,879

24,448

MetLife

Inc,

144A

9.250%

4/08/38

BBB

28,665,280

15,099

PartnerRe

Finance

B

LLC

(3)

4.500%

10/01/50

Baa1

12,532,170

24,242

Provident

Financing

Trust

I

7.405%

3/15/38

BB+

24,490,480

3,085

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

2,606,426

13,234

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

11,866,001

15,606

QBE

Insurance

Group

Ltd,

144A

(3)

5.875%

N/A

(4)

Baa2

14,741,176

41,288

QBE

Insurance

Group

Ltd,

144A

(3)

7.500%

11/24/43

Baa1

41,259,482

16,911

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

16,712,067

32,074

SBL

Holdings

Inc,

144A

6.500%

N/A

(4)

BB

18,522,735

66,824

SBL

Holdings

Inc,

144A

7.000%

N/A

(4)

BB

44,270,900

Total

Insurance

427,738,820

Media

-

0.2%

12,628

Paramount

Global

6.375%

3/30/62

Baa3

10,118,059

Total

Media

10,118,059

Multi-Utilities

-

1.7%

11,445

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

9,156,000

32,586

CenterPoint

Energy

Inc

(3)

6.125%

N/A

(4)

BBB-

31,036,430

9,789

CMS

Energy

Corp

4.750%

6/01/50

BBB-

8,592,393

14,740

Sempra

Energy

4.125%

4/01/52

BBB-

11,948,975

17,730

Sempra

Energy

4.875%

N/A

(4)

BBB-

16,749,176

Total

Multi-Utilities

77,482,974

Oil,

Gas

&

Consumable

Fuels

-

1.8%

14,354

Enbridge

Inc

6.000%

1/15/77

BBB-

13,505,586

12,755

Enbridge

Inc

7.625%

1/15/83

BBB-

12,857,346

12,618

Enbridge

Inc

5.750%

7/15/80

BBB-

11,375,440

4,735

Enbridge

Inc

5.500%

7/15/77

BBB-

4,136,142

14,442

Energy

Transfer

LP

6.500%

N/A

(4)

BB

12,636,754

3,895

Energy

Transfer

LP

7.125%

N/A

(4)

BB

3,273,884

17,245

Transcanada

Trust

5.600%

3/07/82

BBB-

14,460,825

7,560

Transcanada

Trust

5.500%

9/15/79

BBB-

6,374,254

Total

Oil,

Gas

&

Consumable

Fuels

78,620,231

Trading

Companies

&

Distributors

-

2.7%

50,650

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

Baa3

49,481,251

22,977

AerCap

Holdings

NV

(3)

5.875%

10/10/79

BB+

21,378,867

16,955

Air

Lease

Corp

4.650%

N/A

(4)

BB+

13,597,910

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

4

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

(continued)

$

44,963

ILFC

E-Capital

Trust

I,

144A

6.798%

12/21/65

Baa3

$

30,237,618

10,564

ILFC

E-Capital

Trust

I,

144A

6.548%

12/21/65

Baa3

6,906,215

Total

Trading

Companies

&

Distributors

121,601,861

U.S.

Agency

-

0.1%

6,770

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(4)

BBB+

5,889,900

Total

U.S.

Agency

5,889,900

Wireless

Telecommunication

Services

-

0.5%

22,509

Vodafone

Group

PLC

7.000%

4/04/79

BB+

22,774,606

Total

Wireless

Telecommunication

Services

22,774,606

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$2,467,986,993)

2,230,695,041

Principal

Amount

(000)

Description

(1)

,(6)

Coupon

Maturity

Ratings

(2)

Value

X

1,322,781,913

CONTINGENT

CAPITAL

SECURITIES

-

29.4%

X

1,322,781,913

Banks

-

24.3%

$

12,702

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(4)

Baa2

$

12,296,216

27,982

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(4)

Ba2

22,785,278

36,385

Banco

Bilbao

Vizcaya

Argentaria

SA

(3)

6.500%

N/A

(4)

Ba2

33,680,446

16,450

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(3)

7.625%

N/A

(4)

Ba2

14,681,625

10,700

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(3)

7.500%

N/A

(4)

Ba2

9,234,299

37,435

Banco

Santander

SA

(3)

4.750%

N/A

(4)

Ba1

28,965,331

26,800

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(4)

Ba1

25,728,000

46,135

Barclays

PLC

8.000%

N/A

(4)

BBB-

43,327,685

42,700

Barclays

PLC

6.125%

N/A

(4)

BBB-

36,937,635

31,805

Barclays

PLC

7.750%

N/A

(4)

BBB-

30,775,154

38,515

Barclays

PLC

8.000%

N/A

(4)

BBB-

33,411,763

43,770

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

41,828,100

12,305

BNP

Paribas

SA,

144A

(3)

9.250%

N/A

(4)

BBB

12,766,438

12,150

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

10,864,066

28,905

BNP

Paribas

SA,

144A

(3)

6.625%

N/A

(4)

BBB

27,784,642

19,606

BNP

Paribas

SA,

144A

(3)

7.375%

N/A

(4)

BBB

19,070,833

42,374

Credit

Agricole

SA,

144A

(3)

8.125%

N/A

(4)

BBB

42,426,968

29,263

Credit

Agricole

SA,

144A

7.875%

N/A

(4)

BBB

28,970,370

8,421

Credit

Suisse

Group

AG,

144A

5.250%

N/A

(4)

C

252,630

6,435

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(4)

BBB-

5,482,684

1,746

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(4)

BBB-

1,644,819

16,805

HSBC

Holdings

PLC

(3)

8.000%

N/A

(4)

BBB

16,661,160

79,297

HSBC

Holdings

PLC

(3)

6.375%

N/A

(4)

BBB

76,241,687

61,994

HSBC

Holdings

PLC

6.000%

N/A

(4)

BBB

54,967,986

49,559

ING

Groep

NV

5.750%

N/A

(4)

BBB

43,920,673

27,860

ING

Groep

NV

,

Reg

S

6.750%

N/A

(4)

BBB

26,479,593

34,400

ING

Groep

NV

(3)

6.500%

N/A

(4)

BBB

31,868,180

15,795

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(4)

BB-

14,621,846

59,795

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

56,356,787

51,161

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

49,229,672

16,740

Lloyds

Banking

Group

PLC

8.000%

N/A

(4)

Baa3

15,386,037

20,370

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(4)

BB+

17,540,150

36,354

NatWest

Group

PLC

(3)

8.000%

N/A

(4)

BBB-

35,763,248

35,410

NatWest

Group

PLC

6.000%

N/A

(4)

Baa3

32,963,383

18,900

Nordea

Bank

Abp,

144A

(3)

6.625%

N/A

(4)

BBB+

17,696,549

22,820

Societe

Generale

SA,

144A

4.750%

N/A

(4)

BB+

17,283,013

12,183

Societe

Generale

SA,

144A

8.000%

N/A

(4)

BB

11,391,105

17,715

Societe

Generale

SA,

144A

7.875%

N/A

(4)

BB+

17,227,838

12,226

Societe

Generale

SA,

144A

(3)

6.750%

N/A

(4)

BB

9,582,128

5

Principal

Amount

(000)

Description

(1),(6)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

5,000

Societe

Generale

SA,

144A

5.375%

N/A

(4)

BB+

$

3,573,737

24,830

Societe

Generale

SA,

144A

(3)

9.375%

N/A

(4)

BB+

23,960,950

15,485

Standard

Chartered

PLC,

144A

(3)

4.300%

N/A

(4)

BBB-

10,881,836

2,305

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

2,243,757

986

Standard

Chartered

PLC,

144A

6.000%

N/A

(4)

BBB-

934,185

21,774

UniCredit

SpA

,

Reg

S

8.000%

N/A

(4)

BB-

21,338,520

Total

Banks

1,091,029,002

Capital

Markets

-

5.1%

61,301

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

C

1,839,030

62,450

Credit

Suisse

Group

AG,

144A

7.250%

N/A

(4)

C

1,873,500

12,260

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(4)

C

367,800

36,075

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(4)

C

1,082,250

49,069

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

C

1,472,070

78,385

Deutsche

Bank

AG

(3)

6.000%

N/A

(4)

Ba2

60,049,103

59,845

UBS

Group

AG,

144A

7.000%

N/A

(4)

BBB

57,151,975

57,535

UBS

Group

AG

,

Reg

S

6.875%

N/A

(4)

BBB

52,005,081

50,277

UBS

Group

AG

,

Reg

S

7.000%

N/A

(4)

BBB

47,758,122

10,950

UBS

Group

AG,

144A

3.875%

N/A

(4)

BBB

8,153,980

Total

Capital

Markets

231,752,911

Total

Contingent

Capital

Securities

(cost

$1,694,361,944)

1,322,781,913

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

826,745,993

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

18.4%

X

826,745,993

Banks

-

4.8%

168,671

CoBank

ACB

6.200%

BBB+

$

15,981,577

572,086

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

56,636,514

563,126

Fifth

Third

Bancorp

(3)

6.625%

Baa3

13,875,425

280,000

Huntington

Bancshares

Inc/OH

8.196%

Baa3

4,620,000

285,287

KeyCorp

6.125%

Baa3

5,768,503

1,981,908

KeyCorp

6.200%

Baa3

38,964,311

1,141,927

New

York

Community

Bancorp

Inc

(3)

6.375%

Ba2

24,882,590

745,483

Regions

Financial

Corp

6.375%

Baa3

16,303,713

302,269

Regions

Financial

Corp

(3)

5.700%

Baa3

5,984,926

541,775

Synovus

Financial

Corp

(3)

5.875%

BB-

10,960,108

342,966

Wells

Fargo

&

Co

4.750%

Baa2

6,495,776

327,000

Western

Alliance

Bancorp

4.250%

Ba3

4,313,130

484,833

Wintrust

Financial

Corp

6.875%

BB

11,306,306

Total

Banks

216,092,879

Capital

Markets

-

1.9%

29,188

Goldman

Sachs

Group

Inc/The

(3)

8.977%

BB+

735,538

742,790

Morgan

Stanley

7.125%

BBB

18,792,587

548,497

Morgan

Stanley

6.375%

BBB

13,547,876

552,788

Morgan

Stanley

6.875%

BBB

13,902,618

1,344,835

Morgan

Stanley

5.850%

BBB

32,128,108

264,500

Morgan

Stanley

(3)

6.500%

BBB

6,908,740

Total

Capital

Markets

86,015,467

Consumer

Finance

-

0.1%

350,835

Synchrony

Financial

5.625%

BB-

5,981,737

Total

Consumer

Finance

5,981,737

Diversified

Telecommunication

Services

-

0.2%

314,900

AT&T

Inc

(3)

4.750%

BBB-

6,656,986

Total

Diversified

Telecommunication

Services

6,656,986

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

6

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Financial

Services

-

1.9%

366,034

AgriBank

FCB

6.875%

BBB+

$

36,603,400

558,300

Equitable

Holdings

Inc

5.250%

BBB-

11,121,336

385,749

Federal

Agricultural

Mortgage

Corp

(3)

6.000%

N/R

9,932,998

1,158,054

Voya

Financial

Inc

5.350%

BBB-

26,936,336

Total

Financial

Services

84,594,070

Food

Products

-

1.5%

528,896

CHS

Inc

6.750%

N/R

13,354,624

463,309

CHS

Inc

7.875%

N/R

12,273,055

1,451,502

CHS

Inc

(3)

7.100%

N/R

36,432,700

44,881

CHS

Inc

7.500%

N/R

1,174,536

66,700

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

6,136,400

Total

Food

Products

69,371,315

Insurance

-

5.6%

60,000

Allstate

Corp/The

8.661%

Baa1

1,532,400

1,516,728

American

Equity

Investment

Life

Holding

Co

(3)

5.950%

BB

34,505,562

1,153,711

American

Equity

Investment

Life

Holding

Co

6.625%

BB

27,562,156

603,290

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

11,450,444

1,320,871

Aspen

Insurance

Holdings

Ltd

(3)

5.950%

BB+

32,480,218

229,700

Assurant

Inc

5.250%

Baa3

4,506,714

722,281

Athene

Holding

Ltd

(3)

7.750%

BBB

17,573,097

856,816

Athene

Holding

Ltd

(3)

6.375%

BBB

19,689,632

1,074,674

Athene

Holding

Ltd

(3)

6.350%

BBB

22,417,699

171,383

Axis

Capital

Holdings

Ltd

5.500%

BBB

3,650,458

236,820

Delphi

Financial

Group

Inc

8.511%

BBB

5,446,860

717,116

Enstar

Group

Ltd

7.000%

BBB-

15,561,417

1,026,075

Maiden

Holdings

North

America

Ltd

7.750%

N/R

18,838,737

763,405

Reinsurance

Group

of

America

Inc

5.750%

BBB+

18,741,593

556,200

Reinsurance

Group

of

America

Inc

7.125%

BBB+

14,244,282

221,929

Selective

Insurance

Group

Inc

4.600%

BBB-

3,635,197

Total

Insurance

251,836,466

Multi-Utilities

-

0.1%

167,800

NiSource

Inc

6.500%

BBB-

4,161,440

Total

Multi-Utilities

4,161,440

Oil,

Gas

&

Consumable

Fuels

-

1.7%

258,400

Energy

Transfer

LP

(3)

7.600%

BB

5,891,520

1,237,707

NuStar

Energy

LP

11.139%

B2

29,296,525

832,558

NuStar

Energy

LP

12.262%

B2

20,947,159

753,936

NuStar

Logistics

LP

11.994%

B

19,579,718

Total

Oil,

Gas

&

Consumable

Fuels

75,714,922

7

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.).

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

0.6%

844,551

Air

Lease

Corp

6.150%

BB+

$

19,044,625

271,800

WESCO

International

Inc

10.625%

B+

7,276,086

Total

Trading

Companies

&

Distributors

26,320,711

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$906,729,176)

826,745,993

Total

Long-Term

Investments

(cost

$5,069,078,113)

4,380,222,947

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  3.0%

X

133,950,189

MONEY

MARKET

FUNDS

-

3.0%

X

133,950,189

133,950,189

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(7)

5.110%(8)

$

133,950,189

Total

Money

Market

Funds

(cost

$133,950,189)

$

133,950,189

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$133,950,189)

133,950,189

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.3%  

14,675,839

REPURCHASE

AGREEMENTS

-

0.3%

X

14,675,839

$

7,154

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

5/31/23,

repurchase

price

$7,154,996,

collateralized

$8,885,000,

U.S.

Treasury

Bonds,

2.875%,

due

5/15/52,

value

$7,297,153

5.010%

6/01/23

$

7,154,000

7,522

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

5/31/23,

repurchase

price

$7,522,157,

collateralized

$8,809,700,

U.S.

Treasury

Notes,

1.000%,

due

7/31/28,

value

$7,672,306

1.520%

6/01/23

7,521,839

Total

Repurchase

Agreements

(cost

$14,675,839)

14,675,839

Total

Short-Term

Investments

(cost

$14,675,839)

14,675,839

Total

Investments

(cost

$

5,217,704,141

)

-

100

.6

%

4,528,848,975

Other

Assets

&

Liabilities,

Net

-  (0.6)%

(

25,177,014

)

Net

Assets

-

100%

$

4,503,671,961

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

8

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

$

32,682,797

$

2,198,012,244

$

–

$

2,230,695,041

Contingent

Capital

Securities

–

1,322,781,913

–

1,322,781,913

$25

Par

(or

similar)

Retail

Preferred

762,577,756

64,168,237

–

826,745,993

Investments

Purchased

with

Collateral

from

Securities

Lending

133,950,189

–

–

133,950,189

Short-Term

Investments:

Repurchase

Agreements

–

14,675,839

–

14,675,839

Total

$

929,210,742

$

3,599,638,233

$

–

$

4,528,848,975

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.

(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

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$129,382,156.

(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)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(7)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(8)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

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.

9

Nuveen

Flexible

Income

Fund

Portfolio

of

Investments

May

31,

2023

(Unaudited)

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

94.2%   

X

613,060,528

CORPORATE

BONDS

-

50.5%

X

613,060,528

Auto

Components

-

0.2%

$

2,675

Dana

Inc

5.625%

6/15/28

BB+

$

2,448,996

Total

Auto

Components

2,448,996

Automobiles

-

2.8%

11,575

Ford

Motor

Co

5.291%

12/08/46

BB+

9,147,710

6,365

Ford

Motor

Credit

Co

LLC

7.350%

11/04/27

BB+

6,421,298

18,280

General

Motors

Co

6.600%

4/01/36

BBB

18,552,414

Total

Automobiles

34,121,422

Beverages

-

1.2%

4,400

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.900%

2/01/46

A-

4,178,657

10,560

Anheuser-Busch

InBev

Finance

Inc

4.900%

2/01/46

A-

10,028,777

Total

Beverages

14,207,434

Biotechnology

-

1.3%

17,075

Amgen

Inc

4.875%

3/01/53

BBB+

15,437,197

Total

Biotechnology

15,437,197

Broadline

Retail

-

0.8%

15,319

Nordstrom

Inc

5.000%

1/15/44

BB+

9,775,896

Total

Broadline

Retail

9,775,896

Capital

Markets

-

0.9%

6,950

Morgan

Stanley

6.138%

10/16/26

A1

7,099,900

3,990

Raymond

James

Financial

Inc

4.950%

7/15/46

A-

3,544,187

Total

Capital

Markets

10,644,087

Chemicals

-

2.2%

9,625

Ashland

LLC

6.875%

5/15/43

BB+

9,630,294

13,475

Celanese

US

Holdings

LLC

6.165%

7/15/27

BBB-

13,567,083

3,974

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

(3)

5.375%

9/01/25

B3

3,129,525

Total

Chemicals

26,326,902

Communications

Equipment

-

1.0%

12,600

Viasat

Inc,

144A

5.625%

4/15/27

BB+

11,799,593

Total

Communications

Equipment

11,799,593

Consumer

Finance

-

1.1%

6,850

Ally

Financial

Inc

8.000%

11/01/31

BBB-

7,142,341

6,789

Ally

Financial

Inc

5.750%

11/20/25

Baa3

6,593,249

Total

Consumer

Finance

13,735,590

Consumer

Staples

Distribution

&

Retail

-

1.7%

13,539

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

7.500%

3/15/26

BB

13,914,234

7,160

SEG

Holding

LLC

/

SEG

Finance

Corp,

144A

5.625%

10/15/28

BB-

6,784,320

Total

Consumer

Staples

Distribution

&

Retail

20,698,554

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

10

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Containers

&

Packaging

-

1.4%

$

15,875

Sealed

Air

Corp,

144A

6.875%

7/15/33

BB+

$

16,192,500

475

Sealed

Air

Corp,

144A

6.125%

2/01/28

BB+

470,643

Total

Containers

&

Packaging

16,663,143

Diversified

Telecommunication

Services

-

0.9%

12,707

GCI

LLC,

144A

4.750%

10/15/28

B+

10,728,310

Total

Diversified

Telecommunication

Services

10,728,310

Electric

Utilities

-

0.6%

3,400

Edison

International

5.750%

6/15/27

Baa2

3,427,560

4,100

Vistra

Operations

Co

LLC,

144A

5.000%

7/31/27

BB

3,853,054

Total

Electric

Utilities

7,280,614

Electrical

Equipment

-

1.3%

13,025

Regal

Rexnord

Corp,

144A

6.400%

4/15/33

Baa3

12,882,704

2,675

Regal

Rexnord

Corp,

144A

6.050%

4/15/28

Baa3

2,643,537

Total

Electrical

Equipment

15,526,241

Entertainment

-

0.9%

5,000

Liberty

Interactive

LLC

8.500%

7/15/29

Caa2

1,837,500

12,325

Warnermedia

Holdings

Inc

5.141%

3/15/52

BBB-

9,618,910

Total

Entertainment

11,456,410

Equity

Real

Estate

Investment

Trusts

-

0.9%

5,396

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.250%

6/01/25

BBB-

5,279,040

6,850

Iron

Mountain

Inc,

144A

4.875%

9/15/29

BB-

6,109,108

Total

Equity

Real

Estate

Investment

Trusts

11,388,148

Ground

Transportation

-

1.5%

8,279

XPO

CNW

Inc

6.700%

5/01/34

BB+

7,849,320

8,060

XPO

Inc,

144A

6.250%

6/01/28

BBB-

7,932,357

2,145

XPO

Inc,

144A

7.125%

6/01/31

BB+

2,125,096

Total

Ground

Transportation

17,906,773

Health

Care

Providers

&

Services

-

3.3%

10,125

Centene

Corp

4.625%

12/15/29

BBB-

9,389,925

15,125

CVS

Health

Corp

4.780%

3/25/38

BBB

13,988,983

13,575

HCA

Inc

5.125%

6/15/39

BBB-

12,422,945

4,400

Tenet

Healthcare

Corp

(3)

6.125%

10/01/28

B+

4,170,340

Total

Health

Care

Providers

&

Services

39,972,193

Hotel

&

Resort

REITs

-

0.9%

3,275

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.375%

4/15/26

BBB-

3,181,069

8,375

VICI

Properties

LP

5.625%

5/15/52

BBB-

7,382,437

Total

Hotel

&

Resort

REITs

10,563,506

Hotels,

Restaurants

&

Leisure

-

1.5%

4,018

Marriott

International

Inc/MD

4.625%

6/15/30

BBB

3,852,448

15,075

McDonald's

Corp

4.875%

12/09/45

BBB+

14,196,839

Total

Hotels,

Restaurants

&

Leisure

18,049,287

Interactive

Media

&

Services

-

1.3%

16,415

TripAdvisor

Inc,

144A

7.000%

7/15/25

BB-

16,454,161

Total

Interactive

Media

&

Services

16,454,161

11

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Life

Sciences

Tools

&

Services

-

0.5%

$

6,900

Avantor

Funding

Inc,

144A

4.625%

7/15/28

BB

$

6,382,285

Total

Life

Sciences

Tools

&

Services

6,382,285

Machinery

-

1.1%

6,715

ATS

Corp,

144A

4.125%

12/15/28

BB-

6,012,477

7,950

Roller

Bearing

Co

of

America

Inc,

144A

4.375%

10/15/29

B+

7,035,750

Total

Machinery

13,048,227

Media

-

5.1%

12,075

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.125%

5/01/27

BB+

11,185,344

14,500

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.484%

10/23/45

BBB-

13,122,852

16,824

Nexstar

Media

Inc,

144A

5.625%

7/15/27

BB+

15,436,020

22,204

Paramount

Global

6.875%

4/30/36

Baa2

21,721,807

Total

Media

61,466,023

Metals

&

Mining

-

1.1%

6,600

ArcelorMittal

SA

7.000%

10/15/39

BBB-

6,777,929

7,100

Southern

Copper

Corp

5.875%

4/23/45

BBB+

7,193,613

Total

Metals

&

Mining

13,971,542

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.7%

8,700

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

(3)

6.000%

4/15/25

Baa3

8,417,035

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

8,417,035

Oil,

Gas

&

Consumable

Fuels

-

2.2%

5,125

Cheniere

Corpus

Christi

Holdings

LLC

5.125%

6/30/27

BBB-

5,082,142

5,875

Diamondback

Energy

Inc

6.250%

3/15/33

Baa2

6,099,047

4,190

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp,

144A

(3)

6.500%

1/15/26

B1

3,318,145

12,904

Phillips

66

4.650%

11/15/34

A3

12,065,761

Total

Oil,

Gas

&

Consumable

Fuels

26,565,095

Semiconductors

&

Semiconductor

Equipment

-

2.1%

13,308

Amkor

Technology

Inc,

144A

6.625%

9/15/27

BB

13,288,708

5,320

Broadcom

Inc,

144A

3.187%

11/15/36

BBB-

3,981,080

8,525

Broadcom

Inc

4.750%

4/15/29

BBB-

8,309,392

Total

Semiconductors

&

Semiconductor

Equipment

25,579,180

Software

-

1.5%

8,734

Oracle

Corp

4.300%

7/08/34

BBB

7,868,038

4,750

Oracle

Corp

5.550%

2/06/53

BBB

4,435,735

6,475

VMware

Inc

4.700%

5/15/30

BBB

6,156,147

Total

Software

18,459,920

Specialty

Retail

-

1.8%

14,309

Bath

&

Body

Works

Inc

6.875%

11/01/35

BB

12,962,598

5,780

Gap

Inc,

144A

3.625%

10/01/29

BB

4,066,032

8,005

Gap

Inc,

144A

3.875%

10/01/31

BB

5,521,743

Total

Specialty

Retail

22,550,373

Technology

Hardware,

Storage

&

Peripherals

-

3.3%

28,844

Hewlett

Packard

Enterprise

Co

6.350%

10/15/45

BBB+

29,464,772

569

NCR

Corp,

144A

5.250%

10/01/30

BB-

485,791

6,129

Seagate

HDD

Cayman

4.875%

6/01/27

BB+

5,883,413

4,720

Seagate

HDD

Cayman

4.091%

6/01/29

BB+

4,078,636

Total

Technology

Hardware,

Storage

&

Peripherals

39,912,612

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

12

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Tobacco

-

0.9%

$

11,250

Altria

Group

Inc

5.800%

2/14/39

A3

$

10,889,129

Total

Tobacco

10,889,129

Trading

Companies

&

Distributors

-

1.9%

8,600

Ashtead

Capital

Inc,

144A

4.000%

5/01/28

BBB

7,953,314

2,775

Ashtead

Capital

Inc,

144A

5.500%

8/11/32

BBB

2,666,886

9,875

United

Rentals

North

America

Inc

5.250%

1/15/30

BB+

9,360,041

3,449

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

BB

3,525,406

Total

Trading

Companies

&

Distributors

23,505,647

Wireless

Telecommunication

Services

-

0.6%

4,204

T-Mobile

USA

Inc

4.750%

2/01/28

BBB+

4,129,017

3,000

T-Mobile

USA

Inc

5.375%

4/15/27

BBB+

2,999,986

Total

Wireless

Telecommunication

Services

7,129,003

Total

Corporate

Bonds

(cost

$687,990,823)

613,060,528

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

314,083,325

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

25.9%

X

314,083,325

Automobile

Components

-

1.3%

$

8,635

Dana

Inc

4.250%

9/01/30

BB+

$

6,918,598

10,630

Goodyear

Tire

&

Rubber

Co

(3)

5.250%

7/15/31

BB-

9,246,825

Total

Automobile

Components

16,165,423

Automobiles

-

0.7%

6,763

General

Motors

Financial

Co

Inc

(3)

6.500%

N/A

(4)

BB+

5,636,082

3,613

General

Motors

Financial

Co

Inc

5.700%

N/A

(4)

BB+

3,161,261

Total

Automobiles

8,797,343

Banks

-

7.8%

10,160

Bank

of

America

Corp

6.500%

N/A

(4)

BBB+

10,160,000

8,965

Bank

of

America

Corp

(3)

6.300%

N/A

(4)

BBB+

9,009,825

4,691

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

4,604,216

23,521

Citigroup

Inc

(3)

6.250%

N/A

(4)

BBB-

22,756,882

5,255

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(5)

8.838%

N/A

(4)

Ba1

4,859,069

21,550

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

21,576,938

3,000

JPMorgan

Chase

&

Co

6.100%

N/A

(4)

BBB+

2,952,934

9,994

PNC

Financial

Services

Group

Inc/The

(3)

6.200%

N/A

(4)

Baa2

9,238,204

9,100

Wells

Fargo

&

Co

5.875%

N/A

(4)

Baa2

8,988,525

Total

Banks

94,146,593

Capital

Markets

-

1.7%

9,600

Ares

Finance

Co

III

LLC,

144A

4.125%

6/30/51

BBB

6,912,000

7,075

Goldman

Sachs

Group

Inc

(3)

5.300%

N/A

(4)

BBB-

6,653,950

350

Goldman

Sachs

Group

Inc

(3)

4.950%

N/A

(4)

BBB-

323,907

7,050

Morgan

Stanley

5.948%

1/19/38

A-

6,963,388

Total

Capital

Markets

20,853,245

Consumer

Finance

-

1.6%

13,802

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

9,766,083

8,075

American

Express

Co

3.550%

N/A

(4)

Baa2

6,616,752

4,035

Capital

One

Financial

Corp

(3)

3.950%

N/A

(4)

Baa3

2,999,500

Total

Consumer

Finance

19,382,335

13

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Electric

Utilities

-

4.2%

$

13,450

Edison

International

5.000%

N/A

(4)

BB+

$

11,510,804

22,945

Emera

Inc

6.750%

6/15/76

BB+

21,969,837

15,390

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

BBB

13,927,950

3,325

NRG

Energy

Inc,

144A

10.250%

N/A

(4)

Ba3

3,150,438

Total

Electric

Utilities

50,559,029

Food

Products

-

0.6%

3,200

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(4)

BB

2,584,000

2,042

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(4)

BB

1,858,220

3,300

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(4)

BB

2,805,000

Total

Food

Products

7,247,220

Independent

Power

Producers

&

Energy

Traders

-

2.1%

7,250

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

6,377,100

20,475

Vistra

Corp,

144A

8.000%

N/A

(4)

Ba3

19,062,250

Total

Independent

Power

Producers

&

Energy

Traders

25,439,350

Insurance

-

1.5%

4,950

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

4,103,897

5,825

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

4,201,153

10,255

Liberty

Mutual

Group

Inc,

144A

7.800%

3/15/37

Baa3

10,364,318

Total

Insurance

18,669,368

Media

-

0.7%

1,575

Paramount

Global

6.375%

3/30/62

Baa3

1,261,953

7,830

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

BB

6,556,469

Total

Media

7,818,422

Multi-Utilities

-

1.0%

7,400

Dominion

Energy

Inc

4.350%

N/A

(4)

BBB-

6,234,500

6,721

Sempra

Energy

4.875%

N/A

(4)

BBB-

6,349,194

Total

Multi-Utilities

12,583,694

Oil,

Gas

&

Consumable

Fuels

-

1.1%

12,781

Transcanada

Trust

5.875%

8/15/76

BBB-

11,960,460

1,150

Transcanada

Trust

5.600%

3/07/82

BBB-

964,334

Total

Oil,

Gas

&

Consumable

Fuels

12,924,794

Technology

Hardware,

Storage

&

Peripherals

-

1.6%

6,720

Dell

International

LLC

/

EMC

Corp

6.020%

6/15/26

BBB

6,878,274

14,425

NCR

Corp,

144A

5.125%

4/15/29

B

12,618,235

Total

Technology

Hardware,

Storage

&

Peripherals

19,496,509

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$361,933,914)

314,083,325

Shares

Description

(1)

Value

X

110,555,559

COMMON

STOCKS

-

9.1%

X

110,555,559

Aerospace

&

Defense

-

1.0%

20,700

General

Dynamics

Corp

$

4,226,526

21,100

Huntington

Ingalls

Industries

Inc

4,249,118

34,600

Raytheon

Technologies

Corp

3,188,044

Total

Aerospace

&

Defense

11,663,688

Building

Products

-

0.3%

103,300

Carrier

Global

Corp

4,224,970

Total

Building

Products

4,224,970

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

14

Shares

Description

(1)

Value

Chemicals

-

0.2%

31,200

DuPont

de

Nemours

Inc

$

2,096,328

Total

Chemicals

2,096,328

Communications

Equipment

-

0.3%

85,000

Cisco

Systems

Inc

4,221,950

Total

Communications

Equipment

4,221,950

Consumer

Staples

Distribution

&

Retail

-

0.5%

43,800

Walmart

Inc

6,432,906

Total

Consumer

Staples

Distribution

&

Retail

6,432,906

Containers

&

Packaging

-

0.3%

82,700

Sealed

Air

Corp

3,130,195

Total

Containers

&

Packaging

3,130,195

Electrical

Equipment

-

0.3%

95,500

nVent

Electric

PLC

4,142,790

Total

Electrical

Equipment

4,142,790

Equity

Real

Estate

Investment

Trusts

-

0.7%

99,796

National

Storage

Affiliates

Trust

2,258,383

22,100

Public

Storage

6,260,930

Total

Equity

Real

Estate

Investment

Trusts

8,519,313

Health

Care

Equipment

&

Supplies

-

0.4%

51,800

Medtronic

PLC

4,286,968

Total

Health

Care

Equipment

&

Supplies

4,286,968

Health

Care

Providers

&

Services

-

0.9%

17,400

Cigna

Group/The

4,304,934

12,800

Humana

Inc

6,423,936

Total

Health

Care

Providers

&

Services

10,728,870

Hotels,

Restaurants

&

Leisure

-

0.4%

14,900

McDonald's

Corp

4,248,139

Total

Hotels,

Restaurants

&

Leisure

4,248,139

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

35,867

NextEra

Energy

Partners

LP

(3)

2,149,151

Total

Independent

Power

and

Renewable

Electricity

Producers

2,149,151

Metals

&

Mining

-

0.2%

63,400

Freeport-McMoRan

Inc

2,177,156

Total

Metals

&

Mining

2,177,156

Multi-Utilities

-

0.3%

29,491

Sempra

Energy

4,232,843

Total

Multi-Utilities

4,232,843

Oil,

Gas

&

Consumable

Fuels

-

1.2%

42,500

ConocoPhillips

4,220,250

94,800

Shell

PLC,

ADR

5,308,800

49,400

Valero

Energy

Corp

5,287,776

Total

Oil,

Gas

&

Consumable

Fuels

14,816,826

15

Shares

Description

(1)

Value

Pharmaceuticals

-

1.2%

59,000

AstraZeneca

PLC,

Sponsored

ADR

$

4,311,720

66,800

Bristol-Myers

Squibb

Co

4,304,592

125,700

Sanofi,

ADR

6,413,214

Total

Pharmaceuticals

15,029,526

Semiconductors

&

Semiconductor

Equipment

-

0.3%

31,400

Applied

Materials

Inc

4,185,620

Total

Semiconductors

&

Semiconductor

Equipment

4,185,620

Technology

Hardware,

Storage

&

Peripherals

-

0.4%

296,000

Hewlett

Packard

Enterprise

Co

4,268,320

Total

Technology

Hardware,

Storage

&

Peripherals

4,268,320

Total

Common

Stocks

(cost

$98,728,043)

110,555,559

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

55,440,520

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

4.6%

X

55,440,520

Banks

-

0.2%

77,954

Citigroup

Inc

7.125%

BBB-

$

1,995,623

Total

Banks

1,995,623

Capital

Markets

-

0.4%

197,807

Morgan

Stanley

7.125%

BBB

5,004,517

Total

Capital

Markets

5,004,517

Consumer

Finance

-

0.4%

94,600

Capital

One

Financial

Corp

(3)

5.000%

Baa3

1,864,566

194,900

Synchrony

Financial

5.625%

BB-

3,323,045

Total

Consumer

Finance

5,187,611

Food

Products

-

1.0%

384,432

CHS

Inc

6.750%

N/R

9,706,908

90,213

CHS

Inc

7.100%

N/R

2,264,346

Total

Food

Products

11,971,254

Insurance

-

2.2%

182,200

Allstate

Corp/The

7.375%

BBB

4,815,546

220,806

Athene

Holding

Ltd

6.375%

BBB

5,074,122

284,806

Athene

Holding

Ltd

6.350%

BBB

5,941,053

169,032

Enstar

Group

Ltd

7.000%

BBB-

3,667,995

291,225

Reinsurance

Group

of

America

Inc

7.125%

BBB+

7,458,272

Total

Insurance

26,956,988

Multi-Utilities

-

0.4%

179,590

Algonquin

Power

&

Utilities

Corp

6.200%

BB+

4,324,527

Total

Multi-Utilities

4,324,527

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$61,198,123)

55,440,520

Shares

Description

(1)

Coupon

Ratings

(2)

Value

27,900,966

CONVERTIBLE

PREFERRED

SECURITIES

-

2.3%

X

27,900,966

Banks

-

1.4%

2,870

Bank

of

America

Corp

7.250%

BBB+

$

3,348,917

12,630

Wells

Fargo

&

Co

7.500%

Baa2

14,227,821

Total

Banks

17,576,738

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

16

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Electric

Utilities

-

0.9%

212,040

NextEra

Energy

Inc

6.219%

BBB

$

10,324,228

Total

Electric

Utilities

10,324,228

Total

Convertible

Preferred

Securities

(cost

$30,569,347)

27,900,966

Shares

Description

(1)

Coupon

Issue

Price

Cap

Price

Maturity

Value

X

15,350,841

STRUCTURED

NOTES

-

1.3%

X

15,350,841

108,100

JPMorgan

Chase

Bank,

Mandatory

Exchangeable

Note,

Linked

to

Common

Stock

of

Alphabet

Inc.

(Cap

115.50%

of

the

Issue

Price),

144A

10.000%

$89.8800

$103.8114

6/21/23

$

11,265,578

126,500

Merrill

Lynch

International

&

Co,

Mandatory

Exchangeable

Note,

Linked

to

Common

Stock

of

Alcoa

Corp.

(Cap

129.60%

of

the

Issue

Price),

144A

16.000%

$46.1600

$59.8234

6/21/23

4,085,263

Total

Structured

Notes

(cost

$15,703,307)

15,350,841

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

6,437,350

CONVERTIBLE

BONDS

-

0.5%

X

6,437,350

Electric

Utilities

-

0.3%

$

4,400

FirstEnergy

Corp,

144A

4.000%

5/01/26

N/R

$

4,384,600

Total

Electric

Utilities

4,384,600

17

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

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Wireless

Telecommunication

Services

-

0.2%

$

8,925

Liberty

Interactive

LLC

3.750%

2/15/30

Caa2

$

2,052,750

Total

Wireless

Telecommunication

Services

2,052,750

Total

Convertible

Bonds

(cost

$11,314,155)

6,437,350

Total

Long-Term

Investments

(cost

$1,267,437,712)

1,142,829,089

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  2.5%

X

29,959,880

MONEY

MARKET

FUNDS

-

2.5%

X

29,959,880

29,959,880

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(6)

5.110%(7)

$

29,959,880

Total

Money

Market

Funds

(cost

$29,959,880)

$

29,959,880

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$29,959,880)

29,959,880

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 3.5%  

42,350,834

REPURCHASE

AGREEMENTS

-

3.5%

X

42,350,834

$

1,193

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

5/31/23,

repurchase

price

$1,192,884,

collateralized

by

$1,397,100,

U.S.

Treasury

Note,

1.000%,

due

7/31/28,

value

$1,216,725

1.520%

6/01/23

$

1,192,834

41,158

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

5/31/23,

repurchase

price

$41,163,728,

collateralized

by

$51,116,200,

U.S.

Treasury

Bond,

2.875%,

due

5/15/52,

value

$41,981,176

5.010%

6/01/23

41,158,000

Total

Repurchase

Agreements

(cost

$42,350,834)

42,350,834

Total

Short-Term

Investments

(cost

$42,350,834)

42,350,834

Total

Investments

(cost

$

1,339,748,426

)

-

100

.2

%

1,215,139,803

Other

Assets

&

Liabilities,

Net

-  (0.2)%

(

2,533,599

)

Net

Assets

-

100%

$

1,212,606,204

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

18

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:

Corporate

Bonds

$

–

$

613,060,528

$

–

$

613,060,528

$1,000

Par

(or

similar)

Institutional

Preferred

–

314,083,325

–

314,083,325

Common

Stocks

110,555,559

–

–

110,555,559

$25

Par

(or

similar)

Retail

Preferred

55,440,520

–

–

55,440,520

Convertible

Preferred

Securities

27,900,966

–

–

27,900,966

Structured

Notes

–

15,350,841

–

15,350,841

Convertible

Bonds

–

6,437,350

–

6,437,350

Investments

Purchased

with

Collateral

from

Securities

Lending

29,959,880

–

–

29,959,880

Short-Term

Investments:

Repurchase

Agreements

–

42,350,834

–

42,350,834

Total

$

223,856,925

$

991,282,878

$

–

$

1,215,139,803

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.

(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

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$28,729,025.

(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)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(7)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

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.

ADR

American

Depositary

Receipt

LIBOR

London

Inter-Bank

Offered

Rate

REIT

Real

Estate

Investment

Trust