0001752724-21-284325.txt : 20211228 0001752724-21-284325.hdr.sgml : 20211228 20211228132500 ACCESSION NUMBER: 0001752724-21-284325 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211031 FILED AS OF DATE: 20211228 PERIOD START: 20220731 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: 211523836 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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549300K5VIUTJXQL7X75 Algonquin Power & Utilities Corp 015857808 179646.00000000 NS USD 5017512.78000000 0.248935473632 Long EP CORP CA N 1 N N N John Hancock Preferred Income Fund III 549300SKQ7P13U1YJN71 John Hancock Preferred Income Fund III 41021P103 646421.00000000 NS USD 12708636.86000000 0.630517683696 Long EC RF US N 1 N N N Hartford Financial Services Group Inc/The IU7C3FTM7Y3BQM112U94 Hartford Financial Services Group Inc/The 416518603 3839.00000000 NS USD 106455.47000000 0.005281609436 Long EP CORP US N 1 N N N Public Storage 549300LMZF40TKJ6DM64 Public Storage 74460W537 83200.00000000 NS USD 2147392.00000000 0.106539249232 Long EP CORP US N 1 N N N Dairy Farmers of America Inc 1LTUIZEFFT7MUIERI838 Dairy Farmers of America Inc 23385H406 32500.00000000 NS USD 3298750.00000000 0.163661943606 Long EP CORP US Y 2 N N N LLOYDS BANKING GROUP PLC 549300PPXHEU2JF0AM85 Lloyds Banking Group PLC 53944YAJ2 4500000.00000000 PA USD 5142375.00000000 0.255130303070 Long DBT CORP GB N 2 N/A 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PNC Financial Services Group Inc/The 693475BC8 6200000.00000000 PA USD 6114750.00000000 0.303373056359 Long DBT CORP US N 2 N/A Fixed 3.40000000 N N N N N N Entergy Texas Inc LWXX58X12AJXISQ28573 Entergy Texas Inc 29365T302 16000.00000000 NS USD 428000.00000000 0.021234501512 Long EP CORP US N 1 N N N CHARLES SCHWAB CORP 549300VSGCJ7E698NM85 Charles Schwab Corp/The 808513AE5 18700000.00000000 PA USD 18887000.00000000 0.937046799209 Long DBT CORP US N 2 N/A Fixed 7.00000000 N N N N N N AON CORP LTS3U8DGK38SETRUWX71 Aon Corp 037389AK9 2299000.00000000 PA USD 2956118.25000000 0.146662844509 Long DBT CORP US N 2 2027-01-01 Fixed 8.20500000 N N N N N N Hartford Financial Services Group Inc/The IU7C3FTM7Y3BQM112U94 Hartford Financial Services Group Inc/The 416518504 287580.00000000 NS USD 7494334.80000000 0.371818840289 Long EP CORP US N 1 N N N Bank of America Corp 9DJT3UXIJIZJI4WXO774 Bank of America Corp 060505682 7543.00000000 NS USD 10803235.46000000 0.535984391851 Long EP CORP US N 1 N 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Scott Wickerham E. Scott Wickerham Funds Treasurer XXXX NPORT-EX 2 JPS.htm
JPS
Nuveen Preferred & Income Securities Fund
Portfolio of Investments    October 31, 2021
(Unaudited)
Principal
Amount (000)/
Shares 		  Description (1)     Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS – 153.9% (97.5% of Total Investments)            
    $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 80.2% (50.8% of Total Investments)            
    Banks  –  27.6%            
$2,861   Bank of America Corp, (3)     8.050% 6/15/27 Baa2 $3,626,290
19,300   Bank of America Corp     6.500% N/A (4) BBB+ 21,326,500
12,300   Bank of America Corp     6.100% N/A (4) BBB+ 13,530,000
3,000   Bank of Nova Scotia     4.900% N/A (4) BBB- 3,201,540
5,500   Citigroup Inc     5.950% N/A (4) BBB- 5,926,250
8,500   Citigroup Inc     4.150% N/A (4) BBB- 8,529,750
13,663   Citigroup Inc     4.000% N/A (4) BBB- 13,953,339
3,700   Citigroup Inc     3.875% N/A (4) BBB- 3,732,375
3,400   Citizens Financial Group Inc, (3)     6.375% N/A (4) BB+ 3,574,250
7,500   Citizens Financial Group Inc     4.000% N/A (4) BB+ 7,556,250
3,976   Citizens Financial Group Inc     5.650% N/A (4) BB+ 4,358,690
14,000   CoBank ACB, (3)     6.250% N/A (4) BBB+ 15,592,500
12,130   Comerica Inc, (3)     5.625% N/A (4) Baa2 13,388,488
6,100   Corestates Capital III, (3-Month LIBOR reference rate + 0.570% spread), 144A, (3), (5)     0.695% 2/15/27 A1 5,940,609
1,250   DNB Bank ASA, (3-Month LIBOR reference rate + 0.250% spread), (5)     0.372% N/A (4) Baa2 1,181,250
1,250   DNB Bank ASA, (6-Month LIBOR reference rate + 0.150% spread), (5)     0.308% N/A (4) Baa2 1,181,250
1,000   Fifth Third Bancorp     4.500% N/A (4) Baa3 1,076,250
2,500   Goldman Sachs Group Inc     3.800% N/A (4) BBB- 2,500,000
30,000   HSBC Capital Funding Dollar 1 LP, 144A     10.176% N/A (4) BBB 48,825,000
8,000   HSBC Capital Funding Dollar 1 LP, Reg S     10.176% N/A (4) BBB 13,020,000
21,000   Huntington Bancshares Inc/OH, (3)     4.450% N/A (4) Baa3 22,443,750
11,000   Huntington Bancshares Inc/OH, (3)     5.625% N/A (4) Baa3 12,760,000
7,000   JPMorgan Chase & Co, (3)     6.100% N/A (4) BBB+ 7,525,000
55,800   JPMorgan Chase & Co, (6)     6.750% N/A (4) BBB+ 60,991,632
2,000   JPMorgan Chase & Co     3.650% N/A (4) BBB+ 1,992,500
10,300   JPMorgan Chase & Co, (3-Month LIBOR reference rate + 3.800% spread), (5)     3.932% N/A (4) BBB+ 10,366,003
8,000   KeyCorp Capital III, (3)     7.750% 7/15/29 Baa2 10,156,190
11,300   Lloyds Bank PLC, Reg S     12.000% N/A (4) Baa3 11,622,027
2,450   Lloyds Banking Group PLC, 144A     6.657% N/A (4) Baa3 3,509,625
6,200   PNC Financial Services Group Inc     3.400% N/A (4) Baa2 6,114,750
1
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2021
  (Unaudited)
Principal
Amount (000)/
Shares 		  Description (1)     Coupon Maturity Ratings (2) Value
    Banks (continued)            
$4,100   PNC Financial Services Group Inc, (3-Month LIBOR reference rate + 3.678% spread), (5)     3.810% N/A (4) Baa2 $4,124,597
2,000   Regions Financial Corp     5.750% N/A (4) BB+ 2,207,500
24,100   Standard Chartered PLC, 144A, (6)     7.014% N/A (4) BBB- 33,378,500
16,200   SVB Financial Group     4.250% N/A (4) Baa2 16,248,600
1,000   SVB Financial Group     4.100% N/A (4) Baa2 980,340
46,867   Truist Financial Corp, (6)     4.950% N/A (4) Baa2 50,862,412
36,386   Truist Financial Corp     4.800% N/A (4) Baa2 37,704,992
25,580   Wells Fargo & Co, (3)     7.950% 11/15/29 Baa1 34,874,213
36,150   Wells Fargo & Co, (3)     3.900% N/A (4) Baa2 36,827,812
    Total Banks           556,711,024
    Capital Markets  –  9.2%            
5,400   Bank of New York Mellon Corp, (3-Month LIBOR reference rate + 3.420% spread), (5)     3.542% N/A (4) Baa1 5,413,500
10,000   Bank of New York Mellon Corp     3.700% N/A (4) Baa1 10,415,000
35,150   Bank of New York Mellon Corp     4.700% N/A (4) Baa1 38,250,230
2,800   Charles Schwab Corp, (3)     4.000% N/A (4) BBB 2,842,000
15,500   Charles Schwab Corp     4.000% N/A (4) BBB 15,951,825
18,700   Charles Schwab Corp, (6)     7.000% N/A (4) BBB 18,887,000
39,505   Charles Schwab Corp     5.375% N/A (4) BBB 43,451,550
7,500   Depository Trust & Clearing Corp, 144A     3.375% N/A (4) A 7,575,000
18,000   Goldman Sachs Group Inc     3.650% N/A (4) BBB- 17,865,000
6,000   Goldman Sachs Group Inc, (6)     5.500% N/A (4) BBB- 6,390,000
7,600   Goldman Sachs Group Inc     4.950% N/A (4) BBB- 7,999,000
10,000   State Street Corp, (3-Month LIBOR reference rate + 1.000% spread), (5)     1.116% 6/15/47 A3 8,875,197
867   State Street Corp, (3-Month LIBOR reference rate + 3.597% spread), (5)     3.713% N/A (4) Baa1 868,653
    Total Capital Markets           184,783,955
    Consumer Finance  –  2.3%            
7,000   Ally Financial Inc     4.700% N/A (4) Ba2 7,253,750
7,400   Ally Financial Inc     4.700% N/A (4) Ba2 7,529,500
14,500   American Express Co     3.550% N/A (4) Baa2 14,572,500
5,000   Capital One Financial Corp     3.950% N/A (4) Baa3 5,076,500
10,000   Discover Financial Services, (3)     6.125% N/A (4) Ba2 11,125,000
    Total Consumer Finance           45,557,250
    Diversified Financial Services  –  3.5%            
7,500   Citigroup Inc     5.950% N/A (4) BBB- 7,762,500
1,000   Citigroup Inc     5.900% N/A (4) BBB- 1,035,000
4,000   JP Morgan Chase & Company     6.000% N/A (4) BBB+ 4,178,000
2
Principal
Amount (000)/
Shares 		  Description (1)     Coupon Maturity Ratings (2) Value
    Diversified Financial Services (continued)            
$12,800   Scentre Group Trust 2, 144A     4.750% 9/24/80 BBB+ $13,521,920
28,484   Voya Financial Inc, (3), (7)     5.650% 5/15/53 BBB- 29,836,990
12,700   Voya Financial Inc     6.125% N/A (4) BBB- 13,493,750
    Total Diversified Financial Services           69,828,160
    Electric Utilities  –  4.5%            
24,075   Duke Energy Corp     4.875% N/A (4) BBB- 25,555,613
19,091   Emera Inc, (3)     6.750% 6/15/76 BB+ 22,410,543
10,000   NextEra Energy Capital Holdings Inc     2.241% 6/15/67 BBB 9,411,370
1,600   NextEra Energy Capital Holdings Inc     4.800% 12/01/77 BBB 1,794,157
21,400   PPL Capital Funding Inc, (3)     2.797% 3/30/67 BBB 20,490,500
5,600   Southern Co, (7)     4.000% 1/15/51 BBB- 5,839,120
6,000   Southern Co     5.500% 3/15/57 BBB- 6,072,082
    Total Electric Utilities           91,573,385
    Food Products  –  0.3%            
6,705   Dairy Farmers of America Inc, 144A, (3)     7.125% N/A (4) BB+ 6,772,050
    Insurance  –  24.0%            
3,598   ACE Capital Trust II     9.700% 4/01/30 BBB+ 5,366,292
10,500   Allianz SE, 144A     3.500% N/A (4) A 10,578,750
4,400   Allianz SE, Reg S     3.500% N/A (4) A 4,433,000
4,400   Allstate Corp, (7)     5.750% 8/15/53 BBB 4,665,100
1,100   Allstate Corp     6.500% 5/15/57 Baa1 1,465,750
13,300   American International Group Inc, (7)     5.750% 4/01/48 BBB- 15,245,790
13,605   American International Group Inc, (3)     8.175% 5/15/58 BBB- 20,067,375
2,299   Aon Corp, (3)     8.205% 1/01/27 BBB 2,956,118
6,210   Argentum Netherlands BV for Swiss Re Ltd, Reg S, (3)     5.750% 8/15/50 BBB+ 6,971,222
2,100   Argentum Netherlands BV for Swiss Re Ltd, Reg S     5.625% 8/15/52 BBB+ 2,400,388
16,550   AXA SA, (3)     8.600% 12/15/30 BBB+ 24,348,315
17,819   AXA SA, 144A, (3)     6.379% N/A (4) Baa1 24,723,863
900   AXA SA, Reg S     5.500% N/A (4) A3 911,070
14,550   Cloverie PLC for Zurich Insurance Co Ltd, Reg S     5.625% 6/24/46 A+ 16,659,750
1,200   Everest Reinsurance Holdings Inc, (3)     2.510% 5/15/37 BBB 1,155,135
17,300   Legal & General Group PLC, Reg S     5.250% 3/21/47 A3 19,094,875
30,860   Liberty Mutual Group Inc, 144A, (3)     7.800% 3/15/37 Baa3 43,465,693
9,350   M&G PLC, Reg S     6.500% 10/20/48 A3 11,242,066
29,600   MetLife Capital Trust IV, 144A, (3), (6)     7.875% 12/15/37 BBB 41,070,000
36,531   MetLife Inc, 144A, (6), (7)     9.250% 4/08/38 BBB 55,096,264
3,000   MetLife Inc     10.750% 8/01/39 BBB 5,090,712
10,500   MetLife Inc     3.850% N/A (4) BBB 10,893,750
3
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2021
  (Unaudited)
Principal
Amount (000)/
Shares 		  Description (1)     Coupon Maturity Ratings (2) Value
    Insurance (continued)            
$41,904   Nationwide Financial Services Inc, (3), (7)     6.750% 5/15/37 Baa2 $50,913,360
20,600   Nippon Life Insurance Co, 144A, (3)     2.750% N/A (4) A- 20,007,750
6,225   Prudential Financial Inc, (7)     5.875% 9/15/42 BBB+ 6,444,077
27,180   Prudential Financial Inc, (3), (7)     5.625% 6/15/43 BBB+ 28,700,822
4,000   Prudential Financial Inc, (3)     5.700% 9/15/48 BBB+ 4,538,324
6,500   Prudential Financial Inc, (6)     3.700% 10/01/50 BBB+ 6,703,437
14,900   Sumitomo Life Insurance Co, 144A, (3)     3.375% 4/15/81 A- 15,309,750
8,700   Willow No 2 Ireland PLC for Zurich Insurance Co Ltd, Reg S     4.250% 10/01/45 A+ 9,341,625
14,394   Zurich Finance Ireland Designated Activity Co, Reg S     3.000% 4/19/51 A+ 14,214,075
    Total Insurance           484,074,498
    Machinery  –  0.3%            
5,700   Stanley Black & Decker Inc     4.000% 3/15/60 BBB+ 6,041,202
    Multi-Utilities  –  3.2%            
38,020   Dominion Energy Inc, (6)     4.650% N/A (4) BBB- 40,491,300
20,900   NiSource Inc, (6)     5.650% N/A (4) BBB- 22,049,500
3,000   WEC Energy Group Inc, (3)     2.237% 5/15/67 BBB 2,805,000
    Total Multi-Utilities           65,345,800
    Oil, Gas & Consumable Fuels  –  2.8%            
5,900   BP Capital Markets PLC     4.375% N/A (4) Baa1 6,255,180
16,000   Enbridge Inc, (3)     5.750% 7/15/80 BBB- 17,984,000
10,934   Enterprise Products Operating LLC, (3)     5.250% 8/16/77 Baa2 11,483,853
3,400   Enterprise Products Operating LLC     5.375% 2/15/78 Baa2 3,492,431
14,885   Transcanada Trust, (3)     5.500% 9/15/79 BBB 16,224,650
    Total Oil, Gas & Consumable Fuels           55,440,114
    Road & Rail  –  1.5%            
25,485   BNSF Funding Trust I, (6)     6.613% 12/15/55 A 29,144,646
    Wireless Telecommunication Services  –  1.0%            
16,516   Vodafone Group PLC     7.000% 4/04/79 BB+ 19,969,233
    Total $1,000 Par (or similar) Institutional Preferred (cost $1,470,274,855)           1,615,241,317
    
Principal
Amount (000) 		  Description (1) Coupon Maturity Ratings (2) Value
    CONTINGENT CAPITAL SECURITIES – 50.8% (32.2% of Total Investments) (8)        
    Banks – 41.7%        
$2,800   Australia & New Zealand Banking Group Ltd/United Kingdom, 144A 6.750% N/A (4) Baa2 $3,220,308
17,800   Banco Bilbao Vizcaya Argentaria SA 6.500% N/A (4) Ba2 19,090,500
11,800   Banco Bilbao Vizcaya Argentaria SA 6.125% N/A (4) Ba2 12,688,068
4
Principal
Amount (000) 		  Description (1) Coupon Maturity Ratings (2) Value
    Banks (continued)        
$24,200   Banco Santander SA, Reg S, (3) 7.500% N/A (4) Ba1 $26,166,250
6,200   Banco Santander SA 4.750% N/A (4) Ba1 6,232,054
1,708   Barclays Bank PLC, (3) 7.625% 11/21/22 BBB+ 1,819,052
63,300   Barclays PLC 7.750% N/A (4) BBB- 68,746,965
31,100   Barclays PLC, Reg S 7.875% N/A (4) BBB- 31,760,875
26,000   Barclays PLC 8.000% N/A (4) BBB- 28,990,000
5,500   BNP Paribas SA, 144A 7.000% N/A (4) BBB 6,475,810
38,585   BNP Paribas SA, 144A, (3), (6) 7.375% N/A (4) BBB 44,276,287
10,000   BNP Paribas SA, Reg S 7.375% N/A (4) BBB 11,475,000
19,653   Credit Agricole SA, 144A 7.875% N/A (4) BBB 21,731,305
31,550   Credit Agricole SA, 144A 8.125% N/A (4) BBB 37,781,125
4,466   Credit Agricole SA, Reg S, (3) 8.125% N/A (4) BBB 5,348,035
5,000   Danske Bank A/S, Reg S 4.375% N/A (4) BBB- 5,037,500
11,588   Danske Bank A/S, Reg S, (3) 6.125% N/A (4) BBB- 12,268,795
10,500   Danske Bank A/S, Reg S 7.000% N/A (4) BBB- 11,681,250
38,192   DNB Bank ASA, Reg S 4.875% N/A (4) BBB 40,006,120
13,300   DNB Bank ASA, Reg S 6.500% N/A (4) BBB 13,539,400
1,600   HSBC Holdings PLC, (3) 6.000% N/A (4) BBB 1,736,992
8,504   HSBC Holdings PLC 6.250% N/A (4) BBB 8,844,160
9,700   ING Groep NV, Reg S, (3) 6.875% N/A (4) BBB 9,918,250
26,700   ING Groep NV 6.500% N/A (4) BBB 29,303,250
9,600   Intesa Sanpaolo SpA, 144A 7.700% N/A (4) BB- 10,716,000
48,428   Lloyds Banking Group PLC 7.500% N/A (4) Baa3 53,573,475
4,500   Lloyds Banking Group PLC, (3) 6.750% N/A (4) Baa3 5,142,375
5,075   Macquarie Bank Ltd/London, 144A, (3) 6.125% N/A (4) BB+ 5,500,031
14,250   NatWest Group PLC 8.000% N/A (4) BBB- 16,708,125
17,000   NatWest Group PLC 6.000% N/A (4) BBB- 18,792,310
35,090   Nordea Bank Abp, 144A 6.125% N/A (4) BBB+ 38,182,131
18,988   Nordea Bank Abp, Reg S 6.125% N/A (4) BBB+ 20,661,223
26,400   Nordea Bank Abp, 144A 6.625% N/A (4) BBB+ 30,112,368
1,000   Skandinaviska Enskilda Banken AB, Reg S 5.625% N/A (4) BBB+ 1,018,780
10,000   Skandinaviska Enskilda Banken AB, Reg S 5.125% N/A (4) BBB+ 10,587,800
73,300   Societe Generale SA, 144A 8.000% N/A (4) BB 85,422,354
4,550   Societe Generale SA, 144A 5.375% N/A (4) BB+ 4,834,375
9,000   Societe Generale SA, Reg S 7.875% N/A (4) BB+ 9,916,200
16,622   Standard Chartered PLC, 144A 7.500% N/A (4) BBB- 16,975,218
13,000   Standard Chartered PLC, 144A 7.750% N/A (4) BBB- 13,877,500
4,700   Standard Chartered PLC, Reg S 7.500% N/A (4) BBB- 4,799,875
7,200   Svenska Handelsbanken AB, Reg S 4.375% N/A (4) A- 7,515,950
12,000   Swedbank AB, Reg S, (3) 6.000% N/A (4) BBB 12,180,000
5
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2021
  (Unaudited)
Principal
Amount (000) 		  Description (1) Coupon Maturity Ratings (2) Value
    Banks (continued)        
$15,000   UniCredit SpA, Reg S 8.000% N/A (4) B+ $16,368,750
765,449   Total Banks       841,022,191
    Capital Markets – 9.1%        
11,000   Credit Suisse Group AG, 144A 7.500% N/A (4) BB+ 11,701,250
58,000   Credit Suisse Group AG, 144A, (3), (6) 7.500% N/A (4) BB+ 63,220,000
17,400   Credit Suisse Group AG, Reg S 7.500% N/A (4) BB+ 18,966,000
6,700   Credit Suisse Group AG, Reg S 7.125% N/A (4) BB+ 6,926,125
25,000   UBS Group AG, 144A, (3) 3.875% N/A (4) BBB 24,831,250
10,000   UBS Group AG, Reg S 3.875% N/A (4) BBB 9,932,500
4,300   UBS Group AG, Reg S 5.125% N/A (4) BBB 4,627,875
3,000   UBS Group AG, 144A, (3) 7.000% N/A (4) BBB 3,243,750
35,300   UBS Group AG, Reg S, (3) 6.875% N/A (4) BBB 39,800,750
170,700   Total Capital Markets       183,249,500
$936,149   Total Contingent Capital Securities (cost $962,766,938)       1,024,271,691
    
Shares   Description (1)     Coupon   Ratings (2) Value
    $25 PAR (OR SIMILAR) RETAIL PREFERRED – 17.2% (10.9% of Total Investments)            
    Banks – 7.1%            
234,365   Associated Banc-Corp     5.625%   Baa3 $6,344,495
315,542   Bank of America Corp     5.375%   BBB+ 8,560,654
346,088   Citigroup Inc     6.875%   BBB- 9,815,056
47,500   CoBank ACB, (9)     6.250%   BBB+ 4,928,125
53,000   CoBank ACB, (9)     6.200%   BBB+ 5,830,000
177,750   Farm Credit Bank of Texas, 144A, (3), (9)     6.750%   Baa1 19,108,125
84,563   Fifth Third Bancorp     6.625%   Baa3 2,431,186
50,000   Fifth Third Bancorp     4.950%   Baa3 1,327,000
40,000   First Republic Bank/CA     4.000%   BBB- 975,200
150,000   Fulton Financial Corp     5.125%   Baa3 3,948,000
11,474   JPMorgan Chase & Co     5.750%   BBB+ 312,667
600   JPMorgan Chase & Co     6.000%   BBB+ 16,644
722,103   KeyCorp     6.125%   Baa3 22,132,457
1,583,531   PNC Financial Services Group Inc, (3)     6.125%   Baa2 40,728,417
189,200   Regions Financial Corp, (3)     5.700%   BB+ 5,456,528
21,637   Synovus Financial Corp     5.875%   BB- 581,603
214,231   Wells Fargo & Co     5.850%   Baa2 5,773,525
1,400   Wells Fargo & Co     4.750%   Baa2 36,260
152,000   Western Alliance Bancorp     4.250%   Ba1 3,991,520
    Total Banks           142,297,462
    Capital Markets – 2.0%            
135,585   Affiliated Managers Group Inc     5.875%   Baa1 3,736,723
6
Shares   Description (1)     Coupon   Ratings (2) Value
    Capital Markets (continued)            
160,000   Affiliated Managers Group Inc     4.750%   Baa1 $4,145,600
100,000   Affiliated Managers Group Inc     4.200%   Baa1 2,470,000
365,239   Goldman Sachs Group Inc     5.500%   Ba1 9,817,624
80   Morgan Stanley     4.000%   Baa3 2,019
622,802   Morgan Stanley     5.850%   Baa3 18,347,747
12,000   Northern Trust Corp     4.700%   BBB+ 326,880
74,642   State Street Corp     5.900%   Baa1 2,126,551
    Total Capital Markets           40,973,144
    Consumer Finance – 0.2%            
50,338   Capital One Financial Corp, (3)     5.000%   Baa3 1,340,501
130,000   Capital One Financial Corp, (3)     4.800%   Baa3 3,404,700
    Total Consumer Finance           4,745,201
    Diversified Financial Services – 1.1%            
105,300   AgriBank FCB, (9)     6.875%   BBB+ 11,372,400
239,758   Equitable Holdings Inc, (3)     5.250%   BBB- 6,372,768
100,000   Equitable Holdings Inc     4.300%   BBB- 2,524,000
23,384   National Rural Utilities Cooperative Finance Corp     5.500%   A3 649,841
39,705   Voya Financial Inc, (3)     5.350%   BBB- 1,171,297
    Total Diversified Financial Services           22,090,306
    Diversified Telecommunication Services – 0.8%            
578,314   AT&T Inc     4.750%   BBB- 15,059,297
20,680   AT&T Inc, (3)     5.000%   BBB- 550,088
25,000   AT&T Inc     5.625%   BBB+ 673,250
    Total Diversified Telecommunication Services           16,282,635
    Electric Utilities – 1.4%            
154,334   Alabama Power Co     5.000%   A3 4,020,400
5,786   CMS Energy Corp     5.875%   BBB- 157,379
83,500   DTE Energy Co     4.375%   BBB- 2,150,125
152,276   Duke Energy Corp, (3)     5.750%   BBB- 4,233,273
16,000   Entergy Texas Inc, (3)     5.375%   BBB- 428,000
112,272   Interstate Power and Light Co     5.100%   BBB 2,923,563
197,288   NextEra Energy Capital Holdings Inc     5.650%   BBB 5,575,359
86,891   Southern Co     5.250%   BBB- 2,289,578
190,878   Southern Co     4.950%   BBB- 5,075,446
53,372   Southern Co     4.200%   BBB- 1,364,722
    Total Electric Utilities           28,217,845
    Equity Real Estate Investment Trust – 1.5%            
200   Kimco Realty Corp     5.125%   Baa2 5,206
80,301   Prologis Inc, (9)     8.540%   BBB 5,600,995
105,700   PS Business Parks Inc     5.250%   BBB 2,758,770
7
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2021
  (Unaudited)
Shares   Description (1)     Coupon   Ratings (2) Value
    Equity Real Estate Investment Trust (continued)            
5,583   PS Business Parks Inc     4.875%   BBB $151,299
193,083   Public Storage     5.600%   A3 5,354,191
8,331   Public Storage, (3)     4.875%   A3 224,770
111,690   Public Storage, (3)     4.750%   A3 2,994,409
131,589   Public Storage     4.625%   A3 3,556,851
83,200   Public Storage     4.125%   A3 2,147,392
300,000   Public Storage     4.000%   A3 7,602,000
1,016   Vornado Realty Trust, (3)     5.400%   Baa3 26,457
    Total Equity Real Estate Investment Trust           30,422,340
    Food Products – 0.6%            
91,900   Dairy Farmers of America Inc, 144A, (9)     7.875%   BB+ 9,190,000
32,500   Dairy Farmers of America Inc, 144A, (9)     7.875%   BB+ 3,298,750
    Total Food Products           12,488,750
    Insurance – 1.7%            
605,623   Allstate Corp     5.100%   Baa1 16,321,540
93,406   American Financial Group Inc/OH     5.875%   Baa2 2,544,380
60,000   American Financial Group Inc/OH     5.625%   Baa2 1,734,600
19,825   American International Group Inc     5.850%   BBB- 540,033
24,814   Arch Capital Group Ltd     5.450%   BBB 645,908
287,580   Hartford Financial Services Group Inc, (3)     7.875%   Baa2 7,494,335
3,839   Hartford Financial Services Group Inc     6.000%   BBB- 106,456
28,129   MetLife Inc     4.750%   BBB 754,982
50,813   Prudential Financial Inc     4.125%   BBB+ 1,313,516
40,000   RenaissanceRe Holdings Ltd     4.200%   BBB 1,007,200
6,060   W R Berkley Corp     5.700%   Baa2 168,407
38,000   W R Berkley Corp     4.250%   BBB- 1,029,420
    Total Insurance           33,660,777
    Multi-Utilities – 0.6%            
179,646   Algonquin Power & Utilities Corp     6.200%   BB+ 5,017,513
280,000   DTE Energy Co     5.250%   BBB- 7,327,600
    Total Multi-Utilities           12,345,113
    Oil, Gas & Consumable Fuels – 0.2%            
125,563   Enbridge Inc     6.375%   BBB- 3,372,622
    Total $25 Par (or similar) Retail Preferred (cost $322,901,444)           346,896,195
    
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    CORPORATE BONDS – 2.7% (1.7% of Total Investments)            
    Banks – 1.0%            
$7,000   Citizens Financial Group Inc     6.000% 1/06/70 BB+ $7,218,750
8
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    Banks (continued)            
$3,600   JPMorgan Chase & Co     8.750% 9/01/30 Baa1 $5,379,098
4,469   Lloyds Banking Group PLC, Reg S     6.413% 4/01/70 Baa3 6,245,427
1,000   Lloyds Banking Group PLC, Reg S     6.657% 5/21/70 Baa3 1,432,500
16,069   Total Banks           20,275,775
    Equity Real Estate Investment Trust – 0.8%            
16,100   Scentre Group Trust 2, 144A     5.125% 9/24/80 BBB+ 17,106,250
    Insurance – 0.9%            
6,150   Liberty Mutual Insurance Co, 144A     7.697% 10/15/97 BBB+ 9,792,777
7,700   Lincoln National Corp, (3-Month LIBOR reference rate + 2.040% spread), (5)     2.172% 4/20/67 BBB 6,737,500
1,000   Nippon Life Insurance Co, 144A     2.900% 9/16/51 A- 972,355
14,850   Total Insurance           17,502,632
$47,019   Total Corporate Bonds (cost $46,981,801)           54,884,657
    
Shares     Description (1)     Coupon   Ratings (2) Value
    CONVERTIBLE PREFERRED SECURITIES – 1.8% (1.1% of Total Investments)            
    Banks – 1.8%            
7,543   Bank of America Corp     7.250%   BBB+ $10,803,235
16,641   Wells Fargo & Co     7.500%   Baa2 25,293,821
    Total Banks           36,097,056
    Total Convertible Preferred Securities (cost $33,848,454)           36,097,056
    
Shares   Description (1)           Value
    INVESTMENT COMPANIES – 1.2% (0.8% of Total Investments)            
723,135   BlackRock Credit Allocation Income Trust           $11,013,346
646,421   John Hancock Preferred Income Fund III           12,708,637
    Total Investment Companies (cost $28,159,180)           23,721,983
    Total Long-Term Investments (cost $2,864,932,672)           3,101,112,899
    
9
JPS Nuveen Preferred & Income Securities Fund (continued)
  Portfolio of Investments October 31, 2021
  (Unaudited)
Principal Amount (000)   Description (1)     Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 3.9% (2.5% of Total Investments)            
    REPURCHASE AGREEMENTS – 3.9% (2.5% of Total Investments)            
$78,685   Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/29/21, repurchase price $78,685,234, collateralized by $70,030,400, U.S. Treasury Inflation Indexed Notes, 0.125%, due 10/15/24, value $80,259,021     0.000% 11/01/21   $78,685,234
    Total Short-Term Investments (cost $78,685,234)           78,685,234
    Total Investments (cost $2,943,617,906) – 157.8%           3,179,798,133
    Borrowings – (43.3)% (10), (11)           (873,300,000)
    Reverse Repurchase Agreements, including accrued interest – (13.7)% (12)           (275,184,768)
    Other Assets Less Liabilities – (0.8)% (13)           (15,597,753)
    Net Assets Applicable to Common Shares – 100%           $2,015,715,612
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 (14) 		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 $(28,996,062) $(28,996,062)
Morgan Stanley Capital Services, LLC 90,000,000 Receive 1-Month LIBOR 2.364 Monthly 7/01/19 7/1/2028 7/01/28 (7,334,419) (7,334,419)
Total $611,000,000               $(36,330,481) $(36,330,481)
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).
10
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 $ — $1,615,241,317 $ — $1,615,241,317
Contingent Capital Securities  — 1,024,271,691  — 1,024,271,691
$25 Par (or similar) Retail Preferred 287,567,800 59,328,395  — 346,896,195
Corporate Bonds  — 54,884,657  — 54,884,657
Convertible Preferred Securities 36,097,056  —  — 36,097,056
Investment Companies 23,721,983  —  — 23,721,983
Short-Term Investments:        
Repurchase Agreements  — 78,685,234  — 78,685,234
Investments in Derivatives:        
Interest Rate Swaps*  — (36,330,481)  — (36,330,481)
Total $347,386,839 $2,796,080,813 $ — $3,143,467,652
    
* 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) 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 $600,909,662 have been pledged as collateral for reverse repurchase agreements.  
(4) Perpetual security. Maturity date is not applicable.  
(5) Variable rate security. The rate shown is the coupon as of the end of the reporting period.  
(6) Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $372,468,902.  
(7) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.  
(8) Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level.  
(9) For fair value measurement disclosure purposes, investment classified as Level 2.  
(10) Borrowings as a percentage of Total Investments is 27.5%.  
(11) 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 $1,810,333,207 have been pledged as collateral for borrowings.  
(12) Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 8.7%.  
(13) 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.  
(14) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
LIBOR London Inter-Bank Offered Rate  
N/A Not Applicable.  
Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.  
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