0001752724-19-203936.txt : 20191227 0001752724-19-203936.hdr.sgml : 20191227 20191227095024 ACCESSION NUMBER: 0001752724-19-203936 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191031 FILED AS OF DATE: 20191227 PERIOD START: 20200731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Preferred & Income Securities Fund CENTRAL INDEX KEY: 0001176433 IRS NUMBER: 431969047 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21137 FILM NUMBER: 191312032 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen Preferred Securities Income Fund DATE OF NAME CHANGE: 20160509 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN QUALITY PREFERRED INCOME FUND 2 DATE OF NAME CHANGE: 20020627 NPORT-P 1 primary_doc.xml NPORT-P false 0001176433 XXXXXXXX Nuveen Preferred & Income Securities Fund 811-21137 0001176433 1V4KW82TOLZ6S7J7N128 333 W. 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38585000.00000000 PA USD 43601050.00000000 2.132719288539 Long DBT CORP FR Y 2 N/A Variable 7.37500000 N N N N Y BNP Paribas SA BNP Paribas SA 7.375 02/19/2168 USD XXXX N N N LLOYDS BANK PLC H7FNTJ4851HG0EXQ1Z70 Lloyds Bank PLC 539473AE8 12000000.00000000 PA USD 14610000.00000000 0.714639413628 Long DBT CORP GB Y 2 N/A Fixed 12.00000000 N N N N N N NextEra Energy Capital Holdings Inc UMI46YPGBLUE4VGNNT48 NextEra Energy Capital Holdings Inc 65339K860 202000.00000000 NS USD 5609540.00000000 0.274387294751 Long EP CORP US N 1 N N N ING GROEP NV 549300NYKK9MWM7GGW15 ING Groep NV AL2981127 9700000.00000000 PA USD 10233500.00000000 0.500565533152 Long DBT CORP NL N 2 N/A Variable 6.87500000 N N N N Y ING Groep NV ING Groep NV 6.875 04/16/2168 USD XXXX N N N WEC ENERGY GROUP INC 549300IGLYTZUK3PVP70 WEC Energy Group Inc 976657AH9 3000000.00000000 PA USD 2600498.04000000 0.127201806601 Long DBT CORP US N 2 2067-05-15 Fixed 4.27063000 N N N N N N AIG LIFE HOLDINGS INC 5493001FBIY3WQ6U5014 AIG Life Holdings Inc 00138GAC3 5000000.00000000 PA USD 6700000.00000000 0.327726493587 Long DBT CORP US Y 2 2046-03-15 Fixed 8.12500000 N N N N N N American Financial Group Inc/OH 549300AFOM7IVKIU1G39 American Financial Group Inc/OH 025932807 73339.00000000 NS USD 1986020.12000000 0.097144986585 Long EP CORP US N 1 N N N LIBERTY MUTUAL INSURANCE CNC20I6IOMGF7KY49D67 Liberty Mutual Insurance Co 53079QAD9 6150000.00000000 PA USD 9084291.75000000 0.444352698798 Long DBT CORP US Y 2 2097-10-15 Fixed 7.69700000 N N N N N N Hartford Financial Services Group Inc/The IU7C3FTM7Y3BQM112U94 Hartford Financial Services Group Inc/The 416518504 307730.00000000 NS USD 8748763.90000000 0.427940554652 Long EP CORP US N 1 N N N CREDIT SUISSE GROUP AG 549300506SI9CRFV9Z86 Credit Suisse Group AG 22546DAB2 58000000.00000000 PA USD 64304020.00000000 3.145392686291 Long DBT CORP CH Y 2 N/A Variable 7.50000000 N N N N Y Credit Suisse Group AG Credit Suisse Group AG 7.5 06/11/2168 USD XXXX N N N UBS GROUP AG 549300SZJ9VS8SGXAN81 UBS Group AG 90352JAF0 3000000.00000000 PA USD 3217500.00000000 0.157382088524 Long DBT CORP CH Y 2 N/A Variable 7.00000000 N N N N Y UBS Group AG UBS Group AG 7 07/31/2168 USD XXXX N N N CREDIT AGRICOLE SA 969500TJ5KRTCJQWXH05 Credit Agricole SA 225313AD7 19653000.00000000 PA USD 22157106.65000000 1.083801622453 Long DBT CORP FR Y 2 N/A Variable 7.87500000 N N N N Y Credit Agricole SA Credit Agricole SA 7.875 03/23/2168 USD XXXX N N N DNB BANK ASA 549300GKFG0RYRRQ1414 DNB Bank ASA QZ8551595 17200000.00000000 PA USD 18060000.00000000 0.883394100624 Long DBT CORP NO N 2 N/A Variable 6.50000000 N N N N Y DNB Bank ASA DNB Bank ASA 6.5 03/26/2168 USD XXXX N N N 2019-10-31 Nuveen Preferred & Income Securities Fund E. Scott Wickerham E. Scott Wickerham Funds Treasurer XXXX NPORT-EX 2 JPS.htm
JPS
Nuveen Preferred & Income Securities Fund
Portfolio of Investments    October 31, 2019
(Unaudited)
Principal
Amount (000)/
Shares  		  Description (1)     Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS – 148.9% (96.9% of Total Investments)            
    $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 67.8% (44.1% of Total Investments)            
    Automobiles  –  0.1%            
$1,000   General Motors Financial Co Inc.     5.750% N/A (3) BB+ $965,760
    Banks  –  25.9%            
19,300   Bank of America Corp     6.500% N/A (3) BBB- 21,883,691
17,000   Bank of America Corp     6.300% N/A (3) BBB- 19,329,680
12,300   Bank of America Corp     6.100% N/A (3) BBB- 13,613,456
42,000   BB&T Corp     4.800% N/A (3) Baa1 42,819,000
8,500   Citigroup Inc.     5.950% N/A (3) BB+ 9,095,000
7,000   Citigroup Inc., (4)     6.250% N/A (3) BB+ 7,892,500
48,000   Citigroup Inc., (5)     6.125% N/A (3) Ba1 49,586,400
10,000   Citizens Financial Group Inc     6.000% N/A (3) BB+ 10,500,000
1,000   Citizens Financial Group Inc., (5)     6.375% N/A (3) BB+ 1,062,500
24,389   Citizens Financial Group Inc.     5.500% N/A (3) BB+ 24,653,377
18,000   CoBank ACB, 144A     6.250% N/A (3) BBB+ 19,318,320
1,250   DNB Bank ASA     2.375% N/A (3) Baa2 812,500
1,250   DNB Bank ASA     2.188% N/A (3) Baa2 812,500
25,580   First Union Capital II, (4), (5)     7.950% 11/15/29 Baa1 34,983,886
30,000   HSBC Capital Funding Dollar 1 LP, 144A, (4)     10.176% N/A (3) BBB+ 49,312,500
3,600   JPMorgan Chase & Co     8.750% 9/01/30 Baa1 5,401,843
7,000   JPMorgan Chase & Co, (5)     6.100% N/A (3) Baa2 7,684,740
54,000   JPMorgan Chase & Co     6.750% N/A (3) Baa2 60,483,780
12,338   JPMorgan Chase & Co, (3-Month LIBOR reference rate + 3.470% spread), (6)     5.406% N/A (3) Baa2 12,412,028
4,900   JPMorgan Chase & Co     5.300% N/A (3) Baa2 4,973,500
8,000   KeyCorp Capital III     7.750% 7/15/29 Baa2 10,441,875
12,000   Lloyds Bank PLC, 144A, (5)     12.000% N/A (3) Baa3 14,610,000
20,900   Lloyds Bank PLC, Reg S     12.000% N/A (3) Baa3 25,445,750
2,450   Lloyds Banking Group PLC, 144A     6.657% N/A (3) Baa3 2,774,625
28,700   PNC Financial Services Group Inc., (4)     6.750% N/A (3) Baa2 30,565,500
25,000   Standard Chartered PLC, 144A, (4)     7.014% N/A (3) Ba1 29,289,000
16,823   Wells Fargo & Co, (3-Month LIBOR reference rate + 3.770% spread), (6)     5.889% N/A (3) Baa2 17,033,287
1
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2019
  (Unaudited)
Principal
Amount (000)/
Shares  		  Description (1)     Coupon Maturity Ratings (2) Value
    Banks (continued)            
$3,000   Wells Fargo & Co, (4)     5.875% N/A (3) Baa2 $3,322,500
    Total Banks           530,113,738
    Capital Markets  –  3.0%            
10,400   Bank of New York Mellon Corp, (4)     4.950% N/A (3) Baa1 10,504,000
18,700   Charles Schwab Corp, (4)     7.000% N/A (3) BBB 20,336,250
2,558   Goldman Sachs Group Inc, (3-Month LIBOR reference rate + 3.884% spread), (6)     6.065% N/A (3) Ba1 2,564,907
5,000   Goldman Sachs Group Inc.     5.375% N/A (3) Ba1 5,072,850
6,000   Goldman Sachs Group Inc.     5.500% N/A (3) Ba1 6,418,200
5,900   Morgan Stanley     5.550% N/A (3) BB+ 5,985,550
10,000   State Street Corp, (3-Month LIBOR reference rate + 1.000% spread), (6)     3.119% 6/15/47 A3 8,512,500
2,600   State Street Corp     5.250% N/A (3) Baa1 2,663,804
    Total Capital Markets           62,058,061
    Consumer Finance  –  0.9%            
16,987   Capital One Financial Corp, (4)     5.550% N/A (3) Baa3 17,298,202
    Diversified Financial Services  –  2.5%            
2,861   Bank of America Corp, (5)     8.050% 6/15/27 Baa2 3,681,959
9,250   Citigroup Inc     5.950% N/A (3) BB+ 9,791,773
6,000   JP Morgan Chase & Company     6.000% N/A (3) Baa2 6,439,920
24,440   Voya Financial Inc, (5)     5.650% 5/15/53 BBB- 25,845,300
5,000   Voya Financial Inc.     6.125% N/A (3) BBB- 5,343,750
    Total Diversified Financial Services           51,102,702
    Electric Utilities  –  3.5%            
7,800   Duke Energy Corp     4.875% N/A (3) BBB 8,229,000
27,955   Emera Inc., (4), (5)     6.750% 6/15/76 BBB- 31,434,279
1,000   NextEra Energy Capital Holdings Inc, (3-Month LIBOR reference rate + 2.068% spread), (5), (6)     4.166% 10/01/66 BBB 865,795
11,450   NextEra Energy Capital Holdings Inc, (3-Month LIBOR reference rate + 2.125% spread), (6)     4.244% 6/15/67 BBB 9,925,158
1,600   NextEra Energy Capital Holdings Inc     4.800% 12/01/77 BBB 1,646,880
22,482   PPL Capital Funding Inc, (3-Month LIBOR reference rate + 2.665% spread), (5), (6)     4.769% 3/30/67 BBB 20,056,375
    Total Electric Utilities           72,157,487
    Food Products  –  0.3%            
6,705   Dairy Farmers of America Inc., 144A, (5)     7.125% N/A (3) BB+ 6,607,777
    Insurance  –  24.2%            
3,598   ACE Capital Trust II     9.700% 4/01/30 BBB+ 5,361,020
9,800   AIG Life Holdings Inc, (5)     8.500% 7/01/30 Baa2 13,108,689
2
Principal
Amount (000)/
Shares  		  Description (1)     Coupon Maturity Ratings (2) Value
    Insurance (continued)            
$4,400   Allstate Corp, (5)     5.750% 8/15/53 Baa1 $4,731,584
1,200   Allstate Corp     6.500% 5/15/57 Baa1 1,481,880
13,605   American International Group Inc, (5)     8.175% 5/15/58 Baa2 18,230,700
20,000   American International Group Inc., (5)     5.750% 4/01/48 Baa2 21,644,200
2,299   Aon Corp, (5)     8.205% 1/01/27 BBB 2,948,468
6,210   Argentum Netherlands BV for Swiss Re Ltd, Reg S     5.750% 8/15/50 BBB+ 6,807,713
2,100   Argentum Netherlands BV for Swiss Re Ltd, Reg S     5.625% 8/15/52 BBB+ 2,325,561
16,550   AXA SA, (5)     8.600% 12/15/30 A3 24,017,360
17,819   AXA SA, 144A, (4)     6.379% N/A (3) Baa1 21,160,062
900   AXA SA, Reg S     5.500% N/A (3) A3 905,625
14,550   Cloverie PLC for Zurich Insurance Co Ltd, Reg S     5.625% 6/24/46 A 16,277,813
1,200   Everest Reinsurance Holdings Inc, (3-Month LIBOR reference rate + 2.385% spread), (5), (6)     4.543% 5/15/37 BBB 1,098,000
8,100   Great-West Life & Annuity Insurance Capital LP, 144A     6.625% 11/15/34 A- 9,773,901
7,921   Hartford Financial Services Group Inc, (3-Month LIBOR reference rate + 2.125% spread), 144A, (6)     4.283% 2/12/47 BBB- 6,986,005
31,200   Legal & General Group PLC, Reg S     5.250% 3/21/47 A3 33,345,000
30,860   Liberty Mutual Group Inc., 144A, (5)     7.800% 3/15/37 Baa3 40,852,777
777   Lincoln National Corp, (3-Month LIBOR reference rate + 2.358% spread), (6)     4.481% 5/17/66 BBB 653,800
10,390   Lincoln National Corp, (3-Month LIBOR reference rate + 2.040% spread), (5), (6)     4.006% 4/20/67 BBB 8,415,900
19,800   M&G PLC, Reg S     6.500% 10/20/48 A3 23,166,000
6,800   Meiji Yasuda Life Insurance Co, 144A, (5)     5.100% 4/26/48 A- 7,665,129
29,600   MetLife Capital Trust IV, 144A, (4), (5)     7.875% 12/15/37 BBB 39,294,000
3,000   MetLife Inc, (5)     10.750% 8/01/39 BBB 4,933,620
36,531   MetLife Inc., 144A     9.250% 4/08/38 BBB 53,266,216
4,652   MetLife Inc.     5.250% N/A (3) BBB 4,693,868
15,000   Mitsui Sumitomo Insurance Co Ltd, 144A     4.950% N/A (3) A- 16,754,250
41,904   Nationwide Financial Services Inc., (4)     6.750% 5/15/37 Baa2 48,715,914
3,890   Progressive Corp     5.375% N/A (3) BBB+ 4,064,116
6,225   Prudential Financial Inc, (5)     5.875% 9/15/42 BBB+ 6,747,091
27,180   Prudential Financial Inc, (5)     5.625% 6/15/43 BBB+ 29,456,325
6,000   Prudential Financial Inc     5.700% 9/15/48 BBB+ 6,809,400
3
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2019
  (Unaudited)
Principal
Amount (000)/
Shares  		  Description (1)     Coupon Maturity Ratings (2) Value
    Insurance (continued)            
$8,700   Willow No 2 Ireland PLC for Zurich Insurance Co Ltd, Reg S     4.250% 10/01/45 A $9,048,000
    Total Insurance           494,739,987
    Metals & Mining  –  1.2%            
21,315   BHP Billiton Finance USA Ltd, 144A, (5)     6.750% 10/19/75 BBB+ 24,990,772
    Multi-Utilities  –  0.2%            
2,000   NiSource Inc.     5.650% N/A (3) BBB- 2,030,000
3,000   WEC Energy Group Inc, (3-Month LIBOR reference rate + 2.113% spread), (5), (6)     4.271% 5/15/67 BBB 2,600,498
    Total Multi-Utilities           4,630,498
    Oil, Gas & Consumable Fuels  –  1.4%            
8,200   Enbridge Inc, (5)     6.250% 3/01/78 BBB- 8,818,936
3,000   Enterprise Products Operating LLC, (5)     5.250% 8/16/77 Baa2 3,081,780
14,530   Transcanada Trust, (5)     5.875% 8/15/76 BBB 15,765,050
    Total Oil, Gas & Consumable Fuels           27,665,766
    Road & Rail  –  1.4%            
25,485   BNSF Funding Trust I, (4)     6.613% 12/15/55 A- 28,415,775
    U.S. Agency  –  0.2%            
4,000   Farm Credit Bank of Texas, 144A     6.200% N/A (3) BBB 4,168,715
    Wireless Telecommunication Services  –  3.0%            
59   Centaur Funding Corp, 144A, (5)     9.080% 4/21/20 BBB- 61,087,520
    Total $1,000 Par (or similar) Institutional Preferred (cost $1,259,566,152)           1,386,002,760
    
Principal
Amount (000) 		  Description (1) Coupon Maturity Ratings (2) Value
    CONTINGENT CAPITAL SECURITIES – 61.3% (39.9% of Total Investments) (7)        
    Banks – 52.1%        
$46,739   Australia & New Zealand Banking Group Ltd/United Kingdom, 144A, (4) 6.750% N/A (3) Baa2 $52,639,799
5,000   Banco Santander SA, Reg S 7.500% N/A (3) Ba1 5,412,500
7,000   Barclays Bank PLC, (5) 7.625% 11/21/22 BBB+ 7,829,500
63,300   Barclays PLC 7.750% N/A (3) BB+ 67,414,500
31,100   Barclays PLC, Reg S 7.875% N/A (3) BB+ 33,160,375
26,000   Barclays PLC, (5) 8.000% N/A (3) BB+ 28,372,500
38,585   BNP Paribas SA, 144A 7.375% N/A (3) BBB- 43,601,050
5,500   BNP Paribas SA, 144A 7.000% N/A (3) BBB- 6,187,500
10,000   BNP Paribas SA, Reg S 7.375% N/A (3) BBB- 11,300,000
58,750   BNP Paribas SA, 144A 7.625% N/A (3) BBB- 61,687,500
19,653   Credit Agricole SA, 144A 7.875% N/A (3) BBB- 22,157,107
4
Principal
Amount (000) 		  Description (1) Coupon Maturity Ratings (2) Value
    Banks (continued)        
$31,550   Credit Agricole SA, 144A 8.125% N/A (3) BBB- $37,781,125
4,466   Credit Agricole SA, Reg S 8.125% N/A (3) BBB- 5,348,035
600   Danske Bank A/S, Reg S 7.000% N/A (3) BB+ 637,500
11,588   Danske Bank A/S, Reg S 6.125% N/A (3) BB+ 11,819,760
11,000   DNB Bank ASA, Reg S 5.750% N/A (3) BBB 11,047,960
17,200   DNB Bank ASA, Reg S 6.500% N/A (3) BBB 18,060,000
5,000   HSBC Holdings PLC 6.375% N/A (3) BBB 5,328,100
1,600   HSBC Holdings PLC, (5) 6.000% N/A (3) BBB 1,660,800
66,505   HSBC Holdings PLC, (4) 6.875% N/A (3) BBB 69,397,967
4,800   HSBC Holdings PLC, (5) 6.250% N/A (3) BBB 4,980,000
10,000   HSBC Holdings PLC, (5) 6.500% N/A (3) BBB 10,587,500
9,700   ING Groep NV, Reg S 6.875% N/A (3) BBB- 10,233,500
26,700   ING Groep NV 6.500% N/A (3) BBB- 28,366,080
3,134   ING Groep NV 6.000% N/A (3) BBB- 3,154,371
2,000   Intesa Sanpaolo SpA, 144A 7.700% N/A (3) BB- 2,107,500
73,428   Lloyds Banking Group PLC 7.500% N/A (3) Baa3 80,403,660
4,800   Lloyds Banking Group PLC 7.500% N/A (3) Baa3 5,280,912
5,075   Macquarie Bank Ltd/London, 144A 6.125% N/A (3) Ba1 5,201,875
26,400   Nordea Bank Abp, 144A 6.625% N/A (3) BBB 28,776,000
35,090   Nordea Bank Abp, 144A 6.125% N/A (3) BBB 36,976,088
18,988   Nordea Bank Abp, Reg S 6.125% N/A (3) BBB 20,008,605
22,075   Royal Bank of Scotland Group PLC 8.000% N/A (3) BB+ 25,248,281
12,000   Royal Bank of Scotland Group PLC 8.625% N/A (3) BB+ 12,930,000
72,886   Royal Bank of Scotland Group PLC 7.500% N/A (3) BB+ 74,252,612
1,000   Skandinaviska Enskilda Banken AB, Reg S 5.625% N/A (3) BBB 1,021,250
5,400   Societe Generale SA, 144A 7.375% N/A (3) BB+ 5,683,500
73,300   Societe Generale SA, 144A 8.000% N/A (3) BB+ 83,745,250
4,550   Societe Generale SA, 144A 6.750% N/A (3) BB+ 4,800,250
9,000   Societe Generale SA, Reg S 7.875% N/A (3) BB+ 9,866,250
15,000   Standard Chartered PLC, 144A 7.500% N/A (3) Ba1 15,918,750
13,000   Standard Chartered PLC, 144A 7.750% N/A (3) Ba1 14,153,750
4,700   Standard Chartered PLC, Reg S 7.500% N/A (3) Ba1 4,987,875
2,000   Standard Chartered PLC, Reg S 6.500% N/A (3) Ba1 2,014,776
25,786   Svenska Handelsbanken AB, Reg S 5.250% N/A (3) BBB+ 26,074,030
12,000   Swedbank AB, Reg S 6.000% N/A (3) BBB 12,435,000
16,609   UBS Group AG, Reg S 7.000% N/A (3) BBB- 18,519,035
3,000   UBS Group AG, 144A 7.000% N/A (3) BBB- 3,217,500
5
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2019
  (Unaudited)
Principal
Amount (000) 		  Description (1) Coupon Maturity Ratings (2) Value
    Banks (continued)        
$13,300   UniCredit SpA, Reg S 8.000% N/A (3) B+ $14,031,500
986,857   Total Banks       1,065,819,278
    Capital Markets – 9.2%        
11,000   Credit Suisse Group AG, 144A 7.500% N/A (3) BB 11,862,400
3,000   Credit Suisse Group AG, 144A 6.375% N/A (3) Ba2 3,161,250
12,000   Credit Suisse Group AG, 144A 7.250% N/A (3) BB 13,050,000
58,000   Credit Suisse Group AG, 144A, (4), (5) 7.500% N/A (3) BB 64,304,020
8,200   Credit Suisse Group AG, 144A 6.250% N/A (3) BB 8,743,250
20,000   Credit Suisse Group AG, Reg S 7.500% N/A (3) BB 22,170,800
1,700   Credit Suisse Group AG, Reg S 7.125% N/A (3) BB 1,816,875
35,100   UBS Group AG, Reg S 6.875% N/A (3) BBB- 38,033,800
12,178   UBS Group AG, Reg S 7.125% N/A (3) BBB- 12,276,885
11,700   UBS Group AG, Reg S 6.875% N/A (3) BBB- 12,150,965
172,878   Total Capital Markets       187,570,245
$1,159,735   Total Contingent Capital Securities (cost $1,181,729,884)       1,253,389,523
    
Shares   Description (1)     Coupon   Ratings (2) Value
    $25 PAR (OR SIMILAR) RETAIL PREFERRED – 16.7% (10.9% of Total Investments)            
    Banks – 6.3%            
645,113   Citigroup Inc     6.875%   BB+ $18,256,698
47,500   CoBank ACB, 144A, (8)     6.250%   BBB+ 5,035,000
53,000   CoBank ACB, (4), (8)     6.200%   BBB+ 5,724,000
84,563   Fifth Third Bancorp, (4)     6.625%   Baa3 2,411,737
724,000   KeyCorp, (4)     6.125%   Baa3 21,705,520
2,158,300   PNC Financial Services Group Inc.     6.125%   Baa2 58,684,177
189,200   Regions Financial Corp     5.700%   BB+ 5,184,080
249,285   Wells Fargo & Co, (4)     5.850%   Baa2 6,713,245
182,000   Wells Fargo & Co     5.625%   Baa2 4,799,340
    Total Banks           128,513,797
    Capital Markets – 1.7%            
124,248   Affiliated Managers Group Inc     5.875%   Baa1 3,312,452
369,239   Goldman Sachs Group Inc.     5.500%   Ba1 10,021,147
38,534   Morgan Stanley, (4)     7.125%   BB+ 1,120,183
640,000   Morgan Stanley, (4)     5.850%   BB+ 17,702,400
6
Shares   Description (1)     Coupon   Ratings (2) Value
    Capital Markets (continued)            
74,642   State Street Corp, (4)     5.900%   Baa1 $2,060,119
    Total Capital Markets           34,216,301
    Consumer Finance – 0.1%            
111,540   Capital One Financial Corp     5.000%   Baa3 2,803,000
    Diversified Financial Services – 1.3%            
105,300   AgriBank FCB, (8)     6.875%   BBB+ 11,372,400
471,970   National Rural Utilities Cooperative Finance Corp     5.500%   A3 13,026,372
39,705   Voya Financial Inc.     5.350%   BBB- 1,076,402
    Total Diversified Financial Services           25,475,174
    Electric Utilities – 1.4%            
160,000   Alabama Power Co, (4)     5.000%   A3 4,198,400
200,000   Duke Energy Corp     5.750%   BBB 5,580,000
16,000   Entergy Texas Inc     5.375%   BBB- 423,360
299,756   Integrys Holding Inc, (5), (8)     6.000%   BBB 8,243,290
114,962   Interstate Power & Light Co, (4)     5.100%   BBB 2,995,909
202,000   NextEra Energy Capital Holdings Inc     5.650%   BBB 5,609,540
86,891   Southern Co, (4)     5.250%   BBB 2,309,563
    Total Electric Utilities           29,360,062
    Equity Real Estate Investment Trust – 0.7%            
2,100   Kimco Realty Corp     5.250%   Baa2 54,474
82,301   Prologis Inc, (8)     8.540%   BBB 5,946,247
245,000   Public Storage     5.600%   A3 6,779,150
69,965   SITE Centers Corp, (5)     6.250%   Ba1 1,796,002
    Total Equity Real Estate Investment Trust           14,575,873
    Food Products – 0.6%            
91,900   Dairy Farmers of America Inc., 144A, (8)     7.875%   BB+ 9,190,000
32,500   Dairy Farmers of America Inc., 144A, (8)     7.875%   BB+ 3,250,000
    Total Food Products           12,440,000
    Insurance – 2.8%            
608,741   Allstate Corp, (5)     5.100%   Baa1 16,082,937
50,927   American Financial Group Inc/OH, (5)     6.250%   Baa2 1,293,546
73,339   American Financial Group Inc/OH     5.875%   Baa2 1,986,020
35,529   Arch Capital Group Ltd     5.250%   BBB 905,990
130,965   Axis Capital Holdings Ltd     5.500%   BBB 3,306,866
307,730   Hartford Financial Services Group Inc., (4), (5)     7.875%   Baa2 8,748,764
481,404   Prudential PLC, (4)     6.750%   BBB+ 12,891,999
416,100   Reinsurance Group of America Inc., (5)     6.200%   BBB+ 11,342,886
7
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2019
  (Unaudited)
Shares   Description (1)     Coupon   Ratings (2) Value
    Insurance (continued)            
10,000   WR Berkley Corp, (5)     5.625%   Baa2 $251,100
    Total Insurance           56,810,108
    Multi-Utilities – 0.6%            
188,300   Algonquin Power & Utilities Corp     6.200%   BB+ 5,229,091
280,000   DTE Energy Co     5.250%   BBB- 7,529,200
    Total Multi-Utilities           12,758,291
    U.S. Agency – 0.9%            
177,750   Farm Credit Bank of Texas, 144A, (5), (8)     6.750%   Baa1 19,197,000
    Wireless Telecommunication Services – 0.3%            
63,391   Telephone & Data Systems Inc     7.000%   BB+ 1,612,667
131,990   Telephone & Data Systems Inc, (5)     6.875%   BB+ 3,352,546
11,826   United States Cellular Corp, (5)     7.250%   Ba1 322,495
    Total Wireless Telecommunication Services           5,287,708
    Total $25 Par (or similar) Retail Preferred (cost $313,957,044)           341,437,314
    
Shares   Description (1), (9)           Value
    INVESTMENT COMPANIES – 1.3% (0.8% of Total Investments)            
966,571   BlackRock Credit Allocation Income Trust           $13,097,037
646,421   John Hancock Preferred Income Fund III           12,385,426
    Total Investment Companies (cost $34,063,199)           25,482,463
    
Shares   Description (1) Coupon   Ratings (2) Value
    CONVERTIBLE PREFERRED SECURITIES – 0.9% (0.6% of Total Investments)        
    Banks – 0.9%        
12,640   Wells Fargo & Co 7.500%   Baa2 $19,080,080
    Total Convertible Preferred Securities (cost $15,131,410)       19,080,080
    
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    CORPORATE BONDS – 0.9% (0.6% of Total Investments)            
    Insurance – 0.8%            
$5,000   AIG Life Holdings Inc, 144A, (10)     8.125% 3/15/46 Baa2 $6,700,000
6,150   Liberty Mutual Insurance Co, 144A, (5)     7.697% 10/15/97 BBB+ 9,084,292
11,150   Total Insurance           15,784,292
    Wireless Telecommunication Services – 0.1%            
1,600   Koninklijke KPN NV, 144A, (5)     7.000% 3/28/73 BB+ 1,754,000
$12,750   Total Corporate Bonds (cost $14,912,651)           17,538,292
    Total Long-Term Investments (cost $2,819,360,340)           3,042,930,432
    
8
Principal Amount (000)   Description (1)     Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 4.8% (3.1% of Total Investments)            
    REPURCHASE AGREEMENTS – 4.8% (3.1% of Total Investments)            
$98,522   Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/31/19, repurchase price $98,523,470, collateralized by $99,535,000 U.S. Treasury Notes, 2.250%, due 3/31/21, value $100,493,920     0.650% 11/01/19   $98,521,691
    Total Short-Term Investments (cost $98,521,691)           98,521,691
    Total Investments (cost $2,917,882,031) – 153.7%           3,141,452,123
    Borrowings – (41.7)% (11), (12)           (853,300,000)
    Reverse Repurchase Agreements – (12.7)% (13)           (260,000,000)
    Other Assets Less Liabilities – 0.7% (14)           16,237,317
    Net Assets Applicable to Common Shares – 100%           $2,044,389,440
Investments in Derivatives
Interest Rate Swaps - OTC Uncleared            
Counterparty Notional
Amount 		Fund
Pay/Receive
Floating Rate 		Floating Rate Index Fixed Rate
(Annualized) 		Fixed Rate
Payment
Frequency 		Effective
Date (15) 		Optional
Termination
Date 		Maturity
Date 		Value Unrealized
Appreciation
(Depreciation)
Morgan Stanley Capital Services, LLC $521,000,000 Receive 1-Month LIBOR 1.994% Monthly 6/01/18 7/01/25 7/01/27 $(26,060,744) $(26,060,744)
Morgan Stanley Capital Services, LLC 90,000,000 Receive 1-Month LIBOR 2.364 Monthly 7/01/19 7/01/26 7/01/28 (7,437,553) (7,437,553)
Total $611,000,000               $(33,498,297) $(33,498,297)
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. 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. A three-tier hierarchy 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 the reporting entity’s own 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).
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JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2019
  (Unaudited)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
$1,000 Par (or similar) Institutional Preferred $ — $1,386,002,760 $ — $1,386,002,760
Contingent Capital Securities  — 1,253,389,523  — 1,253,389,523
$25 Par (or similar) Retail Preferred 273,479,377 67,957,937  — 341,437,314
Investment Companies 25,482,463  —  — 25,482,463
Convertible Preferred Securities 19,080,080  —  — 19,080,080
Corporate Bonds  — 17,538,292  — 17,538,292
Short-Term Investments:        
Repurchase Agreements  — 98,521,691  — 98,521,691
Investments in Derivatives:        
Interest Rate Swaps*  — (33,498,297)  — (33,498,297)
Total $318,041,920 $2,789,911,906 $ — $3,107,953,826
    
* 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, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $601,803,538.  
(5) 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 $466,263,318 have been pledged as collateral for reverse repurchase agreements.  
(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) For fair value measurement disclosure purposes, investment classified as Level 2.  
(9) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.  
(10) Investment, or portion of investment, has been pledged to collateralized the net payment obligations for investments in derivatives.  
(11) Borrowings as a percentage of Total Investments is 27.2%.  
(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 $1,909,607,858 have been pledged as collateral for borrowings.  
(13) Reverse Repurchase Agreements as a percentage of Total Investments is 8.3%.  
(14) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.  
(15) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
LIBOR London Inter-Bank Offered Rate  
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.  
10