1
Nuveen
Preferred
&
Income
Securities
Fund
Portfolio
of
Investments
April
30,
2023
(Unaudited)
JPS
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
154.2%  
(99.5%
of
Total
Investments) 
X
1,181,543,504
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
79.0%
(51.0%
of
Total
Investments)
X
1,181,543,504
Banks
-
35.6%
$
9,300
Bank
of
America
Corp
6.500%
N/A
(3)
BBB+
$
9,271,356
2,861
Bank
of
America
Corp
(4)
8.050%
6/15/27
Baa2
3,109,735
45,134
Bank
of
America
Corp
(4)
6.125%
N/A
(3)
BBB+
43,760,225
5,300
Bank
of
America
Corp
6.100%
N/A
(3)
BBB+
5,200,625
6,800
Bank
of
America
Corp
4.375%
N/A
(3)
BBB+
5,797,000
3,000
Bank
of
Nova
Scotia/The
4.900%
N/A
(3)
BBB-
2,744,827
10,550
Bank
of
Nova
Scotia/The
8.625%
10/27/82
BBB-
10,819,558
19,799
Citigroup
Inc
(4)
4.000%
N/A
(3)
BBB-
17,246,909
8,500
Citigroup
Inc
(4)
4.150%
N/A
(3)
BBB-
6,991,250
20,700
Citigroup
Inc
(5)
3.875%
N/A
(3)
BBB-
17,672,625
4,520
Citigroup
Inc
7.375%
N/A
(3)
BBB-
4,463,500
3,400
Citizens
Financial
Group
Inc
(4)
6.375%
N/A
(3)
Baa3
2,941,000
3,976
Citizens
Financial
Group
Inc
(4)
5.650%
N/A
(3)
Baa3
3,599,080
7,500
Citizens
Financial
Group
Inc
4.000%
N/A
(3)
Baa3
5,831,250
5,000
CoBank
ACB
6.450%
N/A
(3)
BBB+
4,712,111
14,000
CoBank
ACB
(4)
6.250%
N/A
(3)
BBB+
13,178,200
11,030
Comerica
Inc
(4)
5.625%
N/A
(3)
Baa3
9,310,141
6,100
Corestates
Capital
III
(3-Month
LIBOR
reference
rate
+
0.570%
spread),
144A
(4),(6)
5.434%
2/15/27
A1
5,673,539
2,500
Goldman
Sachs
Group
Inc
/The
3.800%
N/A
(3)
BBB-
2,071,875
30,000
HSBC
Capital
Funding
Dollar
1
LP,
144A
(4),(5)
10.176%
N/A
(3)
BBB
36,587,154
11,000
Huntington
Bancshares
Inc
/OH
(4)
5.625%
N/A
(3)
Baa3
9,812,266
24,000
Huntington
Bancshares
Inc
/OH
(4)
4.450%
N/A
(3)
Baa3
19,857,600
4,000
JPMorgan
Chase
&
Co
(4)
6.100%
N/A
(3)
BBB+
3,957,880
33,990
JPMorgan
Chase
&
Co
6.750%
N/A
(3)
BBB+
33,949,212
2,000
JPMorgan
Chase
&
Co
3.650%
N/A
(3)
BBB+
1,753,400
8,000
KeyCorp
Capital
III
(4)
7.750%
7/15/29
Baa2
7,961,495
4,300
M&T
Bank
Corp
3.500%
N/A
(3)
Baa2
2,827,250
6,200
PNC
Financial
Services
Group
Inc
/The
(4)
3.400%
N/A
(3)
Baa2
4,743,463
25,500
PNC
Financial
Services
Group
Inc
/The
6.250%
N/A
(3)
Baa2
23,370,750
3,000
PNC
Financial
Services
Group
Inc
/The
6.000%
N/A
(3)
Baa2
2,782,500
16,325
PNC
Financial
Services
Group
Inc
/The
6.200%
N/A
(3)
Baa2
15,373,376
4,100
PNC
Financial
Services
Group
Inc
/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(6)
3.804%
N/A
(3)
Baa2
4,080,184
2,000
Regions
Financial
Corp
5.750%
N/A
(3)
Baa3
1,890,491
24,100
Standard
Chartered
PLC,
144A
(5)
7.014%
N/A
(3)
BBB-
23,149,641
32,700
Toronto-Dominion
Bank/The
(4)
8.125%
10/31/82
Baa1
33,305,931
35,900
Truist
Financial
Corp
(5)
4.950%
N/A
(3)
Baa2
33,731,640
36,386
Truist
Financial
Corp
(5)
4.800%
N/A
(3)
Baa2
31,610,337
22,580
Wells
Fargo
&
Co
(4)
7.950%
11/15/29
Baa1
25,169,110
47,650
Wells
Fargo
&
Co
(4)
3.900%
N/A
(3)
Baa2
41,464,673
Total
Banks
531,773,159
Capital
Markets
-
9.3%
10,000
Bank
of
New
York
Mellon
Corp/The
3.700%
N/A
(3)
Baa1
8,831,100
35,600
Bank
of
New
York
Mellon
Corp/The
3.750%
N/A
(3)
Baa1
29,748,784
17,533
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(3)
Baa1
17,072,759
33,705
Charles
Schwab
Corp/The
(5)
5.375%
N/A
(3)
Baa2
32,082,947
15,500
Charles
Schwab
Corp/The
4.000%
N/A
(3)
Baa2
13,000,935
7,500
Depository
Trust
&
Clearing
Corp/The,
144A
3.375%
N/A
(3)
A
5,632,085
7,600
Goldman
Sachs
Group
Inc
/The
4.950%
N/A
(3)
BBB-
7,105,712
18,000
Goldman
Sachs
Group
Inc
/The
3.650%
N/A
(3)
BBB-
14,703,750
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
2
JPS
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Capital
Markets
(continued)
$
12,000
Goldman
Sachs
Group
Inc
/The
5.500%
N/A
(3)
BBB-
$
11,578,434
Total
Capital
Markets
139,756,506
Commercial
Banks
-
0.7%
8,000
HSBC
Capital
Funding
Dollar
1
LP,
Reg
S
10.176%
N/A
(3)
BBB
9,756,574
Total
Commercial
Banks
9,756,574
Consumer
Finance
-
3.5%
8,500
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
6,268,750
7,400
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
5,198,500
30,500
American
Express
Co
3.550%
N/A
(3)
Baa2
25,625,465
8,000
Capital
One
Financial
Corp
(4)
3.950%
N/A
(3)
Baa3
5,901,105
10,000
Discover
Financial
Services
(4)
6.125%
N/A
(3)
Ba1
9,466,813
Total
Consumer
Finance
52,460,633
Electric
Utilities
-
2.5%
8,500
American
Electric
Power
Co
Inc
(4)
3.875%
2/15/62
BBB
6,802,750
31,075
Duke
Energy
Corp
4.875%
N/A
(3)
BBB-
29,865,821
91
Emera
Inc
6.750%
6/15/76
BB+
86,669
Total
Electric
Utilities
36,755,240
Financial
Services
-
2.1%
7,500
Citigroup
Inc
(3-Month
LIBOR
reference
rate
+
4.068%
spread)
(6)
9.341%
N/A
(3)
BBB-
7,477,500
12,800
Scentre
Group
Trust
2,
144A
(4)
4.750%
9/24/80
BBB+
11,521,280
12,700
Voya
Financial
Inc
6.125%
N/A
(3)
BBB-
12,232,386
Total
Financial
Services
31,231,166
Food
Products
-
0.4%
6,705
Dairy
Farmers
of
America
Inc
,
144A
(4)
7.125%
N/A
(3)
BB+
5,699,250
Total
Food
Products
5,699,250
Ground
Transportation
-
0.6%
9,500
BNSF
Funding
Trust
I
6.613%
12/15/55
A
9,134,817
Total
Ground
Transportation
9,134,817
Insurance
-
16.3%
3,598
ACE
Capital
Trust
II
(4)
9.700%
4/01/30
BBB+
4,283,680
8,400
Allianz
SE
3.500%
N/A
(3)
A
6,855,853
10,500
Allianz
SE,
144A
(4)
3.500%
N/A
(3)
A
8,569,816
7,200
American
International
Group
Inc
(4)
5.750%
4/01/48
BBB-
6,930,000
2,299
Aon
Corp
(4)
8.205%
1/01/27
BBB
2,344,980
2,100
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.625%
8/15/52
BBB+
1,963,500
6,210
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
(4)
5.750%
8/15/50
BBB+
5,953,838
1,550
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.625%
6/24/46
A+
1,526,750
3,989
Corebridge
Financial
Inc
,
144A
6.875%
12/15/52
BBB-
3,611,940
7,900
Legal
&
General
Group
PLC
5.250%
3/21/47
A3
7,464,664
29,600
MetLife
Capital
Trust
IV,
144A
(4)
7.875%
12/15/37
BBB
31,222,703
36,531
MetLife
Inc
,
144A
(4)
9.250%
4/08/38
BBB
43,015,252
11,300
MetLife
Inc
3.850%
N/A
(3)
BBB
10,509,000
3,000
MetLife
Inc
10.750%
8/01/39
BBB
3,898,292
41,904
Nationwide
Financial
Services
Inc
(4)
6.750%
5/15/37
Baa2
40,304,119
20,600
Nippon
Life
Insurance
Co,
144A
(4)
2.750%
1/21/51
A-
17,042,211
3,670
Prudential
Financial
Inc
(4)
5.625%
6/15/43
BBB+
3,662,513
6,500
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
5,570,252
14,900
Sumitomo
Life
Insurance
Co,
144A
(4)
3.375%
4/15/81
A3
12,963,000
8,700
Willow
No
2
Ireland
PLC
for
Zurich
Insurance
Co
Ltd
4.250%
10/01/45
A+
8,050,771
3
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Insurance
(continued)
$
23,794
Zurich
Finance
Ireland
Designated
Activity
Co
3.000%
4/19/51
A+
$
18,559,320
Total
Insurance
244,302,454
Machinery
-
0.3%
5,700
Stanley
Black
&
Decker
Inc
(4)
4.000%
3/15/60
BBB+
4,285,002
Total
Machinery
4,285,002
Multi-Utilities
-
4.0%
500
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
BB+
404,377
42,533
Dominion
Energy
Inc
(5)
4.650%
N/A
(3)
BBB-
36,968,807
3,233
Dominion
Energy
Inc
4.350%
N/A
(3)
BBB-
2,715,720
20,900
NiSource
Inc
(5)
5.650%
N/A
(3)
BBB-
19,832,010
Total
Multi-Utilities
59,920,914
Oil,
Gas
&
Consumable
Fuels
-
2.6%
5,900
BP
Capital
Markets
PLC
(4)
4.375%
N/A
(3)
Baa1
5,659,939
5,800
Enbridge
Inc
(4)
7.625%
1/15/83
BBB-
5,907,773
16,000
Enbridge
Inc
(4)
5.750%
7/15/80
BBB-
14,646,672
10,934
Enterprise
Products
Operating
LLC
(4)
5.250%
8/16/77
BBB
9,468,844
4,560
Transcanada
Trust
(4)
5.600%
3/07/82
BBB-
3,855,661
Total
Oil,
Gas
&
Consumable
Fuels
39,538,889
Wireless
Telecommunication
Services
-
1.1%
16,516
Vodafone
Group
PLC
7.000%
4/04/79
BB+
16,928,900
Total
Wireless
Telecommunication
Services
16,928,900
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$1,296,427,206)
1,181,543,504
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
X
779,259,016
CONTINGENT
CAPITAL
SECURITIES
-
52.1%
(33.6%
of
Total
Investments)
X
779,259,016
Banks
-
45.9%
$
2,800
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(3)
Baa2
$
2,701,659
11,800
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(3)
Ba2
9,405,483
17,800
Banco
Bilbao
Vizcaya
Argentaria
SA
(5)
6.500%
N/A
(3)
Ba2
16,232,353
28,200
Banco
Santander
SA
(4)
7.500%
N/A
(3)
Ba1
27,072,000
6,200
Banco
Santander
SA
4.750%
N/A
(3)
Ba1
4,825,460
26,000
Barclays
PLC
8.000%
N/A
(3)
BBB-
23,982,400
63,300
Barclays
PLC
7.750%
N/A
(3)
BBB-
59,566,566
39,000
BNP
Paribas
SA,
144A
(4)
4.625%
N/A
(3)
BBB
30,611,100
2,500
BNP
Paribas
SA,
144A
7.750%
N/A
(3)
BBB
2,387,500
9,900
BNP
Paribas
SA,
144A
9.250%
N/A
(3)
BBB
10,181,160
38,585
BNP
Paribas
SA,
144A
(4)
7.375%
N/A
(3)
BBB
37,094,480
10,000
BNP
Paribas
SA
7.375%
N/A
(3)
BBB
9,613,705
5,500
BNP
Paribas
SA,
144A
7.000%
N/A
(3)
BBB
4,908,200
2,000
Credit
Agricole
SA,
144A
4.750%
N/A
(3)
BBB
1,538,000
4,466
Credit
Agricole
SA
8.125%
N/A
(3)
BBB
4,424,922
31,550
Credit
Agricole
SA,
144A
8.125%
N/A
(3)
BBB
31,259,803
19,653
Credit
Agricole
SA,
144A
7.875%
N/A
(3)
BBB
19,284,506
11,588
Danske
Bank
A/S
(4)
6.125%
N/A
(3)
BBB-
11,082,879
10,500
Danske
Bank
A/S
7.000%
N/A
(3)
BBB-
9,767,100
5,000
Danske
Bank
A/S
4.375%
N/A
(3)
BBB-
4,248,630
33,192
DNB
Bank
ASA
4.875%
N/A
(3)
BBB
30,951,540
1,600
HSBC
Holdings
PLC
(4)
6.000%
N/A
(3)
BBB
1,413,600
3,000
HSBC
Holdings
PLC
4.600%
N/A
(3)
BBB
2,266,875
4,900
HSBC
Holdings
PLC
8.000%
N/A
(3)
BBB
4,863,250
26,700
ING
Groep
NV
6.500%
N/A
(3)
BBB
24,676,528
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
4
JPS
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
10,000
ING
Groep
NV
5.750%
N/A
(3)
BBB
$
8,708,549
9,600
Intesa
Sanpaolo
SpA
,
144A
7.700%
N/A
(3)
BB-
8,734,798
48,428
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
46,578,777
3,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
2,844,270
4,500
Lloyds
Banking
Group
PLC
6.750%
N/A
(3)
Baa3
4,144,384
8,500
Lloyds
Banking
Group
PLC
8.000%
N/A
(3)
Baa3
7,773,250
5,075
Macquarie
Bank
Ltd/London,
144A
(4)
6.125%
N/A
(3)
BB+
4,374,872
17,000
NatWest
Group
PLC
6.000%
N/A
(3)
Baa3
15,935,800
14,250
NatWest
Group
PLC
8.000%
N/A
(3)
BBB-
14,106,502
5,000
NatWest
Group
PLC
4.600%
N/A
(3)
Baa3
3,524,450
35,090
Nordea
Bank
Abp
,
144A
(4)
6.125%
N/A
(3)
BBB
32,908,519
18,988
Nordea
Bank
Abp
6.125%
N/A
(3)
BBB+
17,807,551
26,400
Nordea
Bank
Abp
,
144A
6.625%
N/A
(3)
BBB+
24,722,809
10,000
Skandinaviska
Enskilda
Banken
AB
5.125%
N/A
(3)
BBB+
9,119,640
9,000
Societe
Generale
SA
7.875%
N/A
(3)
BB+
8,598,600
4,550
Societe
Generale
SA,
144A
5.375%
N/A
(3)
BB+
3,185,000
73,300
Societe
Generale
SA,
144A
8.000%
N/A
(3)
BB
68,406,858
7,200
Svenska
Handelsbanken
AB
4.375%
N/A
(3)
A-
6,094,800
15,000
UniCredit
SpA
8.000%
N/A
(3)
BB-
14,478,750
Total
Banks
686,407,878
Capital
Markets
-
6.2%
10,800
UBS
Group
AG
5.125%
N/A
(3)
BBB
9,206,546
24,000
UBS
Group
AG,
144A
(5)
4.875%
N/A
(3)
BBB
18,660,000
25,000
UBS
Group
AG,
144A
(4)
3.875%
N/A
(3)
BBB
18,737,834
35,300
UBS
Group
AG
(4)
6.875%
N/A
(3)
BBB
31,814,125
10,000
UBS
Group
AG
(4)
3.875%
N/A
(3)
BBB
7,495,133
7,400
UBS
Group
AG,
144A
(4)
7.000%
N/A
(3)
BBB
6,937,500
Total
Capital
Markets
92,851,138
Total
Contingent
Capital
Securities
(cost
$871,118,403)
779,259,016
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
X
229,797,405
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
15.4%
(9.9%
of
Total
Investments)
X
229,797,405
Banks
-
4.2%
233,680
Associated
Banc-Corp
5.625%
Ba1
$
4,720,336
1,327
Bank
of
America
Corp
5.000%
BBB+
29,552
301,095
Bank
of
America
Corp
5.375%
BBB+
7,129,930
31,570
Bank
of
Hawaii
Corp
4.375%
Baa3
494,386
325,947
Citigroup
Inc
6.875%
BBB-
8,269,275
53,000
CoBank
ACB
6.200%
BBB+
5,061,500
64,366
Fifth
Third
Bancorp
6.625%
Baa3
1,576,967
50,000
Fifth
Third
Bancorp
4.950%
Baa3
1,140,000
212,493
Fulton
Financial
Corp
5.125%
Baa3
3,527,384
11,474
JPMorgan
Chase
&
Co
5.750%
BBB+
289,260
679,293
KeyCorp
6.125%
Baa3
15,277,300
189,461
KeyCorp
6.200%
Baa3
4,206,034
188,700
Regions
Financial
Corp
(4)
5.700%
Baa3
4,366,518
35,395
Synovus
Financial
Corp
5.875%
BB-
748,958
15,300
Truist
Financial
Corp
4.750%
Baa2
328,797
300
Washington
Federal
Inc
4.875%
Ba1
4,710
209,175
Wells
Fargo
&
Co
5.850%
Baa2
5,078,769
30,000
Wells
Fargo
&
Co
4.700%
Baa2
592,800
Total
Banks
62,842,476
Capital
Markets
-
2.4%
173,947
Affiliated
Managers
Group
Inc
4.750%
Baa1
3,468,503
112,294
Affiliated
Managers
Group
Inc
4.200%
Baa1
1,971,883
142,027
Affiliated
Managers
Group
Inc
5.875%
Baa1
3,598,964
5
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Capital
Markets
(continued)
337,275
Goldman
Sachs
Group
Inc
/The
5.500%
BB+
$
8,465,603
604,790
Morgan
Stanley
5.850%
BBB
15,125,798
74,599
Northern
Trust
Corp
4.700%
BBB+
1,678,478
59,294
State
Street
Corp
5.900%
Baa1
1,440,844
3,993
Stifel
Financial
Corp
5.200%
BBB+
91,000
1,179
Stifel
Financial
Corp
4.500%
BB
19,312
Total
Capital
Markets
35,860,385
Consumer
Finance
-
0.3%
131,816
Capital
One
Financial
Corp
(4)
4.800%
Baa3
2,565,139
62,097
Capital
One
Financial
Corp
(4)
5.000%
Baa3
1,274,231
Total
Consumer
Finance
3,839,370
Diversified
Telecommunication
Services
-
0.9%
578,314
AT&T
Inc
4.750%
BBB-
12,075,196
19,067
AT&T
Inc
5.350%
BBB+
452,269
20,680
AT&T
Inc
(4)
5.000%
BBB-
460,337
5,341
AT&T
Inc
5.625%
BBB+
133,846
Total
Diversified
Telecommunication
Services
13,121,648
Electric
Utilities
-
1.5%
69,380
CMS
Energy
Corp
5.875%
BBB-
1,725,481
73,535
DTE
Energy
Co
4.375%
BBB-
1,593,503
153,939
Duke
Energy
Corp
(4)
5.750%
BBB-
3,963,929
3,028
Duke
Energy
Corp
5.625%
BBB-
75,851
57,794
Entergy
Arkansas
LLC
4.875%
A
1,350,068
7,795
Entergy
Louisiana
LLC
4.875%
A
185,209
4,746
Entergy
Mississippi
LLC
4.900%
A
112,955
16,000
Entergy
Texas
Inc
(4)
5.375%
BBB-
396,000
204,489
NextEra
Energy
Capital
Holdings
Inc
(5)
5.650%
BBB
5,251,278
195,057
Southern
Co/The
4.950%
BBB-
4,503,866
86,891
Southern
Co/The
5.250%
BBB-
2,168,799
56,928
Southern
Co/The
4.200%
BBB-
1,153,931
Total
Electric
Utilities
22,480,870
Equity
Real
Estate
Investment
Trusts
-
2.1%
1,030
Digital
Realty
Trust
Inc
5.250%
Baa3
23,216
9,405
Digital
Realty
Trust
Inc
5.200%
Baa3
209,543
123,095
Hudson
Pacific
Properties
Inc
4.750%
Ba1
1,144,783
30,310
Kimco
Realty
Corp
5.250%
Baa2
693,493
5,424
Kimco
Realty
Corp
5.125%
Baa2
123,016
85,281
Prologis
Inc
8.540%
BBB+
4,856,753
124,101
Public
Storage
(4)
4.750%
A3
2,727,740
304,180
Public
Storage
4.000%
A3
5,873,716
127,960
Public
Storage
4.000%
A3
2,392,852
2,293
Public
Storage
5.050%
A3
56,064
6,101
Public
Storage
5.150%
A3
150,268
11,902
Public
Storage
4.700%
A3
259,702
196,121
Public
Storage
4.625%
A3
4,269,554
189,213
Public
Storage
5.600%
A3
4,847,637
24,683
Public
Storage
4.100%
A3
474,160
9,737
Public
Storage
3.950%
A3
179,161
7,735
Public
Storage
3.900%
A3
144,722
4,274
Public
Storage
4.875%
A3
98,217
112,196
Public
Storage
4.125%
A3
2,170,993
7,802
Public
Storage
3.875%
A3
145,741
Total
Equity
Real
Estate
Investment
Trusts
30,841,331
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
6
JPS
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Financial
Services
-
1.3%
105,300
AgriBank
FCB
6.875%
BBB+
$
10,530,000
248,158
Equitable
Holdings
Inc
(4)
5.250%
BBB-
5,327,952
134,721
Equitable
Holdings
Inc
4.300%
BBB-
2,376,478
54,092
Voya
Financial
Inc
(4)
5.350%
BBB-
1,319,845
Total
Financial
Services
19,554,275
Food
Products
-
0.2%
32,500
Dairy
Farmers
of
America
Inc
,
144A
(5)
7.875%
BB+
2,990,000
Total
Food
Products
2,990,000
Insurance
-
1.6%
342,275
Allstate
Corp/The
8.464%
Baa1
8,710,899
68,848
American
Financial
Group
Inc
/OH
5.625%
Baa2
1,681,957
83,695
American
Financial
Group
Inc
/OH
5.875%
Baa2
2,161,005
18,319
American
Financial
Group
Inc
/OH
4.500%
Baa2
355,022
4,824
American
Financial
Group
Inc
/OH
5.125%
Baa2
110,663
21,825
American
International
Group
Inc
5.850%
BBB-
549,772
34,439
Arch
Capital
Group
Ltd
5.450%
BBB
799,329
1,986
Assurant
Inc
5.250%
Baa3
42,242
985
Globe
Life
Inc
4.250%
BBB+
19,030
3,839
Hartford
Financial
Services
Group
Inc
/The
6.000%
BBB-
95,054
56,568
MetLife
Inc
4.750%
BBB
1,234,879
152,845
Prudential
Financial
Inc
5.950%
BBB+
3,912,832
2,847
Prudential
Financial
Inc
4.125%
BBB+
59,161
79,019
Reinsurance
Group
of
America
Inc
7.125%
BBB+
2,074,249
40,000
RenaissanceRe
Holdings
Ltd
4.200%
BBB
733,200
9,763
RenaissanceRe
Holdings
Ltd
5.750%
BBB+
235,874
20,000
W
R
Berkley
Corp
4.125%
Baa2
359,000
41,233
W
R
Berkley
Corp
4.250%
Baa2
815,176
8,091
W
R
Berkley
Corp
5.100%
BBB
182,047
17,555
W
R
Berkley
Corp
5.700%
Baa2
435,188
Total
Insurance
24,566,579
Multi-Utilities
-
0.9%
174,646
Algonquin
Power
&
Utilities
Corp
6.200%
BB+
3,995,900
17,738
CMS
Energy
Corp
5.875%
BBB-
440,435
2,126
CMS
Energy
Corp
5.625%
BBB-
53,256
11,000
CMS
Energy
Corp
4.200%
BBB-
215,820
101,578
DTE
Energy
Co
4.375%
BBB-
2,196,116
281,710
DTE
Energy
Co
5.250%
BBB-
6,724,418
2,987
NiSource
Inc
6.500%
BBB-
74,526
Total
Multi-Utilities
13,700,471
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$248,156,719)
229,797,405
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
74,147,820
CORPORATE
BONDS
-
5.0%
(3.2%
of
Total
Investments)
X
74,147,820
Banks
-
0.7%
$
7,000
Citizens
Financial
Group
Inc
6.000%
1/06/72
Baa3
$
6,002,500
3,600
JPMorgan
Chase
&
Co
(4)
8.750%
9/01/30
Baa1
4,296,060
Total
Banks
10,298,560
Equity
Real
Estate
Investment
Trusts
-
0.9%
16,100
Scentre
Group
Trust
2,
144A
5.125%
9/24/80
BBB+
13,588,145
Total
Equity
Real
Estate
Investment
Trusts
13,588,145
7
Investments
in
Derivatives
Principal
Amount
(000)  
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Insurance
-
3.4%
$
30,860
Liberty
Mutual
Group
Inc
,
144A
(4)
7.800%
3/15/37
Baa3
$
32,348,069
6,150
Liberty
Mutual
Insurance
Co,
144A
(4)
7.697%
10/15/97
BBB+
7,103,670
2,600
Lincoln
National
Corp
(3-Month
LIBOR
reference
rate
+
2.040%
spread)
(4),(6)
7.290%
4/20/67
Baa2
1,690,000
2,000
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
5.875%
5/23/42
A
2,006,076
1,000
Nippon
Life
Insurance
Co,
144A
2.900%
9/16/51
A-
822,500
8,000
Zurich
Finance
Ireland
Designated
Activity
Co
3.500%
5/02/52
A+
6,290,800
Total
Insurance
50,261,115
Total
Corporate
Bonds
(cost
$78,660,475)
74,147,820
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
X
23,819,133
CONVERTIBLE
PREFERRED
SECURITIES
-
1.6%
(1.0%
of
Total
Investments)
X
23,819,133
Banks
-
1.6%
6,286
Bank
of
America
Corp
7.250%
BBB+
$
7,442,184
14,021
Wells
Fargo
&
Co
7.500%
Baa2
16,376,949
Total
Banks
23,819,133
Total
Convertible
Preferred
Securities
(cost
$28,380,411)
23,819,133
Shares
Description
(1)
Value
16,875,850
INVESTMENT
COMPANIES
-
1.1%
(0.8%
of
Total
Investments)
X
16,875,850
723,135
BlackRock
Credit
Allocation
Income
Trust
$
7,535,067
646,421
John
Hancock
Preferred
Income
Fund
III
9,340,783
Total
Investment
Companies
(cost
$27,993,530)
16,875,850
Total
Long-Term
Investments
(cost
$2,550,736,744)
2,305,442,728
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 0.8% (0.5%
of
Total
Investments) 
12,325,208
REPURCHASE
AGREEMENTS
-
0.8%
(0.5%
of
Total
Investments)
X
12,325,208
$
12,325
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
4/28/23,
repurchase
price
$12,326,687,
collateralized
by
$13,748,100,
U.S.
Treasury
Note,
0.750%,
due
5/31/26,
value
$12,571,775
1.440%
5/01/23
$
12,325,208
Total
Repurchase
Agreements
(cost
$12,325,208)
12,325,208
Total
Short-Term
Investments
(cost
$12,325,208)
12,325,208
Total
Investments
(cost
$2,563,061,952
)
-
155.0%
2,317,767,936
Borrowings
-
(20.2)%
(8),(9)
(301,300,000)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(18.5)%(10)
(276,270,820)
TFP
Shares,
Net
-
(18.0)%(11)
(269,010,941)
Other
Assets
&
Liabilities,
Net
-  1.7%(12)
23,798,885
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,494,985,060
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
(13)
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
$
20,190,699
$
20,190,699
Morgan
Stanley
Capital
Services,
LLC
90,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
2,870,843
2,870,843
Total
unrealized
appreciation
on
interest
rate
swaps
$
23,061,542
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
8
JPS
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
$
–
$
1,181,543,504
$
–
$
1,181,543,504
Contingent
Capital
Securities
–
779,259,016
–
779,259,016
$25
Par
(or
similar)
Retail
Preferred
206,359,152
23,438,253
–
229,797,405
Corporate
Bonds
–
74,147,820
–
74,147,820
Convertible
Preferred
Securities
23,819,133
–
–
23,819,133
Investment
Companies
16,875,850
–
–
16,875,850
Short-Term
Investments:
Repurchase
Agreements
–
12,325,208
–
12,325,208
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
23,061,542
–
23,061,542
Total
$
247,054,135
$
2,093,775,343
$
–
$
2,340,829,478
*
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
$303,783,675
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(5)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$248,703,902.
(6)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(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)
Borrowings
as
a
percentage
of
Total
Investments
is
13.0%.
(9)
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
$1,090,869,738
have
been
pledged
as
collateral
for
borrowings.
(10)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
11.9%.
9
(11)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
11.6%.
(12)
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.
(13)
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
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
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