1

Nuveen

Preferred

&

Income

Securities

Fund

Portfolio

of

Investments

April

30,

2022

(Unaudited)

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

159.6%  (51.0%

of

Total

Investments)

X

1,434,928,534

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

82.1%

(51.0%

of

Total

Investments)

X

1,434,928,534

Banks

-

31.5%

(19.6%

of

Total

Investments)

$

19,300

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

$

19,674,034

2,861

Bank

of

America

Corp

(4)

8.050%

6/15/27

Baa2

3,266,392

2,800

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

2,478,000

60,000

Bank

of

America

Corp

(4)

6.125%

N/A

(3)

BBB+

60,000,000

12,300

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

12,429,827

3,000

Bank

of

Nova

Scotia/The

4.900%

N/A

(3)

BBB-

2,943,480

14,799

Citigroup

Inc

(4)

4.000%

N/A

(3)

BBB-

13,430,093

5,500

Citigroup

Inc

5.950%

N/A

(3)

BBB-

5,376,250

8,500

Citigroup

Inc

(4)

4.150%

N/A

(3)

BBB-

7,519,100

20,700

Citigroup

Inc

3.875%

N/A

(3)

BBB-

18,698,724

3,976

Citizens

Financial

Group

Inc

(4)

5.650%

N/A

(3)

BB+

4,074,403

7,500

Citizens

Financial

Group

Inc

4.000%

N/A

(3)

BB+

6,656,250

3,400

Citizens

Financial

Group

Inc

(4)

6.375%

N/A

(3)

BB+

3,289,500

14,000

CoBank

ACB

(4)

6.250%

N/A

(3)

BBB+

14,000,000

12,130

Comerica

Inc

(4)

5.625%

N/A

(3)

Baa2

12,342,275

6,100

Corestates

Capital

III

(3-Month

LIBOR

reference

rate

+

0.570%

spread),

144A

(4),(5)

1.076%

2/15/27

A1

5,846,056

1,250

DNB

Bank

ASA

(3-Month

LIBOR

reference

rate

+

0.250%

spread)

(5)

0.758%

N/A

(3)

Baa2

931,250

1,250

DNB

Bank

ASA

(6-Month

LIBOR

reference

rate

+

0.150%

spread)

(5)

0.954%

N/A

(3)

Baa2

931,250

1,000

Fifth

Third

Bancorp

4.500%

N/A

(3)

Baa3

969,917

2,500

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(3)

BBB-

2,199,960

30,000

HSBC

Capital

Funding

Dollar

1

LP,

144A

(6)

10.176%

N/A

(3)

BBB

43,800,000

21,000

Huntington

Bancshares

Inc/OH

(4)

4.450%

N/A

(3)

Baa3

20,109,243

11,000

Huntington

Bancshares

Inc/OH

(4)

5.625%

N/A

(3)

Baa3

10,966,670

55,800

JPMorgan

Chase

&

Co

(6)

6.750%

N/A

(3)

BBB+

56,781,243

7,000

JPMorgan

Chase

&

Co

(4)

6.100%

N/A

(3)

BBB+

7,014,700

2,000

JPMorgan

Chase

&

Co

3.650%

N/A

(3)

BBB+

1,795,000

8,000

KeyCorp

Capital

III

(4)

7.750%

7/15/29

Baa2

9,064,734

4,100

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(5)

3.804%

N/A

(3)

Baa2

4,064,468

6,200

PNC

Financial

Services

Group

Inc/The

(4)

3.400%

N/A

(3)

Baa2

5,332,000

3,000

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

2,992,500

2,000

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

2,040,000

24,100

Standard

Chartered

PLC,

144A

(6)

7.014%

N/A

(3)

BBB-

28,006,036

1,000

SVB

Financial

Group

4.100%

N/A

(3)

Baa2

810,000

16,200

SVB

Financial

Group

(4)

4.250%

N/A

(3)

Baa2

14,023,125

36,386

Truist

Financial

Corp

(6)

4.800%

N/A

(3)

Baa2

34,664,942

46,867

Truist

Financial

Corp

(6)

4.950%

N/A

(3)

Baa2

46,808,416

25,580

Wells

Fargo

&

Co

(4)

7.950%

11/15/29

Baa1

31,169,976

38,150

Wells

Fargo

&

Co

(4)

3.900%

N/A

(3)

Baa2

34,809,968

Total

Banks

551,309,782

Capital

Markets

-

10.3%

(6.4%

of

Total

Investments)

21,300

Bank

of

New

York

Mellon

Corp/The

3.750%

N/A

(3)

Baa1

18,957,000

35,150

Bank

of

New

York

Mellon

Corp/The

(6)

4.700%

N/A

(3)

Baa1

35,062,125

10,000

Bank

of

New

York

Mellon

Corp/The

3.700%

N/A

(3)

Baa1

9,250,000

18,700

Charles

Schwab

Corp/The

(3-Month

LIBOR

reference

rate

+

4.820%

spread)

(5)

6.106%

N/A

(3)

BBB

18,606,500

15,500

Charles

Schwab

Corp/The

4.000%

N/A

(3)

BBB

14,054,625

39,505

Charles

Schwab

Corp/The

(6)

5.375%

N/A

(3)

BBB

39,804,053

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

2

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Capital

Markets

(continued)

$

7,500

Depository

Trust

&

Clearing

Corp/The,

144A

(6)

3.375%

N/A

(3)

A

$

6,656,250

6,000

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

6,004,740

7,600

Goldman

Sachs

Group

Inc/The

4.950%

N/A

(3)

BBB-

7,315,000

18,000

Goldman

Sachs

Group

Inc/The

3.650%

N/A

(3)

BBB-

15,615,000

10,000

State

Street

Corp

(3-Month

LIBOR

reference

rate

+

1.000%

spread)

(5)

1.826%

6/15/47

A3

8,610,655

Total

Capital

Markets

179,935,948

Commercial

Banks

-

0.7%

(0.4%

of

Total

Investments)

8,000

HSBC

Capital

Funding

Dollar

1

LP,

Reg

S

10.176%

N/A

(3)

BBB

11,680,000

Total

Commercial

Banks

11,680,000

Consumer

Finance

-

2.3%

(1.5%

of

Total

Investments)

7,400

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

6,369,994

8,500

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

7,339,750

14,500

American

Express

Co

(6)

3.550%

N/A

(3)

Baa2

12,489,575

5,000

Capital

One

Financial

Corp

(4)

3.950%

N/A

(3)

Baa3

4,337,500

10,000

Discover

Financial

Services

(4)

6.125%

N/A

(3)

Ba2

10,175,000

Total

Consumer

Finance

40,711,819

Diversified

Financial

Services

-

2.1%

(1.3%

of

Total

Investments)

7,500

Citigroup

Inc

(6)

5.950%

N/A

(3)

BBB-

7,500,000

4,000

JP

Morgan

Chase

&

Company

6.000%

N/A

(3)

BBB+

4,010,000

12,800

Scentre

Group

Trust

2,

144A

4.750%

9/24/80

BBB+

12,356,480

12,700

Voya

Financial

Inc

6.125%

N/A

(3)

BBB-

12,636,500

Total

Diversified

Financial

Services

36,502,980

Electric

Utilities

-

5.2%

(3.2%

of

Total

Investments)

8,500

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

7,616,360

24,075

Duke

Energy

Corp

4.875%

N/A

(3)

BBB-

23,834,250

19,091

Emera

Inc

(4)

6.750%

6/15/76

BB+

19,353,501

10,000

NextEra

Energy

Capital

Holdings

Inc

2.951%

6/15/67

BBB

8,712,241

1,600

NextEra

Energy

Capital

Holdings

Inc

(6)

4.800%

12/01/77

BBB

1,489,810

21,400

PPL

Capital

Funding

Inc

(4)

3.661%

3/30/67

BBB

18,661,052

5,600

Southern

Co/The

4.000%

1/15/51

BBB-

5,320,896

6,000

Southern

Co/The

4.456%

3/15/57

BBB-

5,896,518

Total

Electric

Utilities

90,884,628

Food

Products

-

0.4%

(0.2%

of

Total

Investments)

6,705

Dairy

Farmers

of

America

Inc,

144A

(4)

7.125%

N/A

(3)

BB+

6,570,901

Total

Food

Products

6,570,901

Insurance

-

20.2%

(12.6%

of

Total

Investments)

3,598

ACE

Capital

Trust

II

9.700%

4/01/30

BBB+

4,857,300

10,500

Allianz

SE,

144A

(4)

3.500%

N/A

(3)

A

9,502,500

8,400

Allianz

SE,

Reg

S

3.500%

N/A

(3)

A

7,602,000

1,100

Allstate

Corp/The

(4)

6.500%

5/15/57

Baa1

1,264,309

4,400

Allstate

Corp/The

5.750%

8/15/53

Baa1

4,268,660

13,300

American

International

Group

Inc

(4)

5.750%

4/01/48

BBB-

12,861,632

2,299

Aon

Corp

(4)

8.205%

1/01/27

BBB

2,603,618

2,100

Argentum

Netherlands

BV

for

Swiss

Re

Ltd,

Reg

S

5.625%

8/15/52

BBB+

2,084,292

6,210

Argentum

Netherlands

BV

for

Swiss

Re

Ltd,

Reg

S

(4)

5.750%

8/15/50

BBB+

6,191,991

17,819

AXA

SA,

144A

(4)

6.379%

N/A

(3)

Baa1

22,083,747

16,550

AXA

SA

(4),(6)

8.600%

12/15/30

A3

20,831,320

14,550

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd,

Reg

S

5.625%

6/24/46

A+

14,815,708

17,300

Legal

&

General

Group

PLC,

Reg

S

5.250%

3/21/47

A3

17,278,375

29,600

MetLife

Capital

Trust

IV,

144A

(4),(6)

7.875%

12/15/37

BBB

33,596,000

11,300

MetLife

Inc

3.850%

N/A

(3)

BBB

10,760,990

3

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

(continued)

$

36,531

MetLife

Inc,

144A

(4),(6)

9.250%

4/08/38

BBB

$

45,138,522

3,000

MetLife

Inc

10.750%

8/01/39

BBB

4,192,500

41,904

Nationwide

Financial

Services

Inc

(4)

6.750%

5/15/37

Baa2

44,994,420

20,600

Nippon

Life

Insurance

Co,

144A

(4)

2.750%

1/21/51

A-

17,716,000

6,500

Prudential

Financial

Inc

(6)

3.700%

10/01/50

BBB+

5,692,505

3,750

Prudential

Financial

Inc

(4)

5.700%

9/15/48

BBB+

3,749,850

27,180

Prudential

Financial

Inc

(4)

5.625%

6/15/43

BBB+

27,176,467

14,900

Sumitomo

Life

Insurance

Co,

144A

(4)

3.375%

4/15/81

A-

13,708,000

8,700

Willow

No

2

Ireland

PLC

for

Zurich

Insurance

Co

Ltd,

Reg

S

(4)

4.250%

10/01/45

A+

8,473,974

14,394

Zurich

Finance

Ireland

Designated

Activity

Co,

Reg

S

3.000%

4/19/51

A+

12,162,930

Total

Insurance

353,607,610

Machinery

-

0.3%

(0.2%

of

Total

Investments)

5,700

Stanley

Black

&

Decker

Inc

(6)

4.000%

3/15/60

BBB+

5,443,500

Total

Machinery

5,443,500

Multi-Utilities

-

3.5%

(2.2%

of

Total

Investments)

500

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

457,235

2,000

Dominion

Energy

Inc

4.350%

N/A

(3)

BBB-

1,826,600

38,020

Dominion

Energy

Inc

(6)

4.650%

N/A

(3)

BBB-

36,309,100

20,900

NiSource

Inc

(6)

5.650%

N/A

(3)

BBB-

20,168,500

3,000

WEC

Energy

Group

Inc

2.619%

5/15/67

BBB

2,567,130

Total

Multi-Utilities

61,328,565

Oil,

Gas

&

Consumable

Fuels

-

3.1%

(1.9%

of

Total

Investments)

5,900

BP

Capital

Markets

PLC

4.375%

N/A

(3)

Baa1

5,733,620

16,000

Enbridge

Inc

(4)

5.750%

7/15/80

BBB-

15,880,000

10,934

Enterprise

Products

Operating

LLC

(4)

5.250%

8/16/77

Baa2

9,989,949

3,400

Enterprise

Products

Operating

LLC

5.375%

2/15/78

Baa2

3,047,102

14,885

Transcanada

Trust

(4)

5.500%

9/15/79

BBB

14,326,813

4,560

Transcanada

Trust

(4)

5.600%

3/07/82

BBB

4,411,800

Total

Oil,

Gas

&

Consumable

Fuels

53,389,284

Road

&

Rail

-

1.5%

(0.9%

of

Total

Investments)

25,485

BNSF

Funding

Trust

I

(6)

6.613%

12/15/55

A

26,122,125

Total

Road

&

Rail

26,122,125

Wireless

Telecommunication

Services

-

1.0%

(0.6%

of

Total

Investments)

16,516

Vodafone

Group

PLC

7.000%

4/04/79

BB+

17,441,392

Total

Wireless

Telecommunication

Services

17,441,392

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$1,466,241,389)

1,434,928,534

Principal

Amount

(000)

Description

(1)

,(7)

Coupon

Maturity

Ratings

(2)

Value

X

935,483,562

CONTINGENT

CAPITAL

SECURITIES

-

53.5%

(33.2%

of

Total

Investments)

X

935,483,562

Banks

-

42.2%

(26.0%

of

Total

Investments)

$

2,800

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

(4)

6.750%

N/A

(3)

Baa2

$

2,933,000

17,800

Banco

Bilbao

Vizcaya

Argentaria

SA

(6)

6.500%

N/A

(3)

Ba2

17,243,750

11,800

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(3)

Ba2

10,959,250

6,200

Banco

Santander

SA

(4)

4.750%

N/A

(3)

Ba1

5,476,577

24,200

Banco

Santander

SA,

Reg

S

7.500%

N/A

(3)

Ba1

24,366,980

1,708

Barclays

Bank

PLC

(4)

7.625%

11/21/22

BBB+

1,738,500

63,300

Barclays

PLC

7.750%

N/A

(3)

BBB-

63,853,875

26,000

Barclays

PLC

8.000%

N/A

(3)

BBB-

26,796,250

38,585

BNP

Paribas

SA,

144A

(4)

7.375%

N/A

(3)

BBB

40,163,512

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

4

JPS

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

39,000

BNP

Paribas

SA,

144A

4.625%

N/A

(3)

BBB

$

35,277,060

5,500

BNP

Paribas

SA,

144A

7.000%

N/A

(3)

BBB

5,665,000

10,000

BNP

Paribas

SA,

Reg

S

7.375%

N/A

(3)

BBB

10,409,100

31,550

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

33,916,250

2,000

Credit

Agricole

SA,

144A

4.750%

N/A

(3)

BBB

1,722,500

19,653

Credit

Agricole

SA,

144A

7.875%

N/A

(3)

BBB

20,144,325

4,466

Credit

Agricole

SA,

Reg

S

8.125%

N/A

(3)

BBB

4,800,950

10,500

Danske

Bank

A/S,

Reg

S

(4)

7.000%

N/A

(3)

BBB-

10,431,876

11,588

Danske

Bank

A/S,

Reg

S

6.125%

N/A

(3)

BBB-

11,443,150

5,000

Danske

Bank

A/S,

Reg

S

4.375%

N/A

(3)

BBB-

4,512,500

38,192

DNB

Bank

ASA,

Reg

S

(4)

4.875%

N/A

(3)

BBB

37,127,971

8,504

HSBC

Holdings

PLC

(4)

6.250%

N/A

(3)

BBB

8,474,236

1,600

HSBC

Holdings

PLC

(4)

6.000%

N/A

(3)

BBB

1,536,000

10,000

ING

Groep

NV

5.750%

N/A

(3)

BBB

9,600,000

26,700

ING

Groep

NV

6.500%

N/A

(3)

BBB

26,633,250

9,600

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(3)

BB-

9,672,000

3,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

3,082,800

4,500

Lloyds

Banking

Group

PLC

6.750%

N/A

(3)

Baa3

4,532,400

48,428

Lloyds

Banking

Group

PLC

(6)

7.500%

N/A

(3)

Baa3

49,396,560

5,075

Macquarie

Bank

Ltd/London,

144A

(4)

6.125%

N/A

(3)

BB+

4,887,225

14,250

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

14,998,125

17,000

NatWest

Group

PLC

6.000%

N/A

(3)

BBB-

16,754,350

26,400

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

26,730,000

35,090

Nordea

Bank

Abp,

144A

6.125%

N/A

(3)

BBB+

35,309,313

18,988

Nordea

Bank

Abp,

Reg

S

6.125%

N/A

(3)

BBB+

19,106,675

1,000

Skandinaviska

Enskilda

Banken

AB,

Reg

S

5.625%

N/A

(3)

BBB+

1,000,000

10,000

Skandinaviska

Enskilda

Banken

AB,

Reg

S

5.125%

N/A

(3)

BBB+

9,567,800

73,300

Societe

Generale

SA,

144A

8.000%

N/A

(3)

BB

76,400,590

4,550

Societe

Generale

SA,

144A

5.375%

N/A

(3)

BB+

3,994,900

1,700

Societe

Generale

SA,

144A

4.750%

N/A

(3)

BB+

1,507,279

9,000

Societe

Generale

SA,

Reg

S

7.875%

N/A

(3)

BB+

9,210,649

13,000

Standard

Chartered

PLC,

144A

7.750%

N/A

(3)

BBB-

13,328,510

7,200

Svenska

Handelsbanken

AB

4.375%

N/A

(3)

A-

6,678,000

15,000

UniCredit

SpA,

Reg

S

8.000%

N/A

(3)

BB-

15,115,650

733,727

Total

Banks

736,498,688

Capital

Markets

-

11.3%

(7.2%

of

Total

Investments)

11,000

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

BB+

10,893,300

58,000

Credit

Suisse

Group

AG,

144A

(4),(6)

7.500%

N/A

(3)

BB+

58,040,020

17,400

Credit

Suisse

Group

AG,

Reg

S

(4)

7.500%

N/A

(3)

BB+

17,402,714

6,700

Credit

Suisse

Group

AG,

Reg

S

7.125%

N/A

(3)

BB+

6,684,590

7,400

UBS

Group

AG,

144A

(4)

7.000%

N/A

(3)

BBB

7,520,250

24,000

UBS

Group

AG,

144A

(6)

4.875%

N/A

(3)

BBB

21,960,000

25,000

UBS

Group

AG,

144A

(4)

3.875%

N/A

(3)

BBB

21,696,250

35,300

UBS

Group

AG,

Reg

S

(4)

6.875%

N/A

(3)

BBB

35,741,250

10,800

UBS

Group

AG,

Reg

S

5.125%

N/A

(3)

BBB

10,368,000

10,000

UBS

Group

AG,

Reg

S

3.875%

N/A

(3)

BBB

8,678,500

205,600

Total

Capital

Markets

198,984,874

Total

Contingent

Capital

Securities

(cost

$962,928,657)

935,483,562

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

292,250,596

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

16.7%

(10.4%

of

Total

Investments)

X

292,250,596

Banks

-

7.3%

(4.5%

of

Total

Investments)

233,680

Associated

Banc-Corp

(6)

5.625%

Baa3

$

5,659,730

315,542

Bank

of

America

Corp

(6)

5.375%

BBB+

7,093,384

346,088

Citigroup

Inc

6.875%

BBB-

9,178,254

53,000

CoBank

ACB

(6),(8)

6.200%

BBB+

5,512,000

47,500

CoBank

ACB

(6),(8)

6.250%

BBB+

4,773,750

5

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Banks

(continued)

177,750

Farm

Credit

Bank

of

Texas,

144A

(4),(6),(8)

6.750%

Baa1

$

18,352,687

50,000

Fifth

Third

Bancorp

4.950%

Baa3

1,057,500

84,563

Fifth

Third

Bancorp

6.625%

Baa3

2,189,336

40,000

First

Republic

Bank/CA

4.000%

BBB-

700,000

150,000

Fulton

Financial

Corp

5.125%

Baa3

3,160,500

11,474

JPMorgan

Chase

&

Co

5.750%

BBB+

281,687

600

JPMorgan

Chase

&

Co

6.000%

BBB+

15,030

722,103

KeyCorp

(6)

6.125%

Baa3

19,287,371

1,420,590

PNC

Financial

Services

Group

Inc/The

(4)

6.125%

Baa2

35,671,015

189,200

Regions

Financial

Corp

(4)

5.700%

Baa3

4,588,100

21,637

Synovus

Financial

Corp

5.875%

BB-

553,258

212,731

Wells

Fargo

&

Co

(6)

5.850%

Baa2

5,188,509

1,400

Wells

Fargo

&

Co

4.750%

Baa2

27,230

152,000

Western

Alliance

Bancorp

4.250%

Ba1

3,339,440

Total

Banks

126,628,781

Capital

Markets

-

2.0%

(1.3%

of

Total

Investments)

103,000

Affiliated

Managers

Group

Inc

4.200%

Baa1

1,841,640

136,229

Affiliated

Managers

Group

Inc

5.875%

Baa1

3,322,625

160,000

Affiliated

Managers

Group

Inc

4.750%

Baa1

3,152,000

356,501

Goldman

Sachs

Group

Inc/The

5.500%

BB+

9,069,386

622,802

Morgan

Stanley

5.850%

Baa3

15,713,295

15,000

Northern

Trust

Corp

4.700%

BBB+

340,500

74,642

State

Street

Corp

(6)

5.900%

Baa1

1,880,978

Total

Capital

Markets

35,320,424

Consumer

Finance

-

0.2%

(0.1%

of

Total

Investments)

130,000

Capital

One

Financial

Corp

(4)

4.800%

Baa3

2,577,900

50,338

Capital

One

Financial

Corp

(4)

5.000%

Baa3

1,046,024

Total

Consumer

Finance

3,623,924

Diversified

Financial

Services

-

1.1%

(0.7%

of

Total

Investments)

105,300

AgriBank

FCB

(6),(8)

6.875%

BBB+

11,003,850

239,758

Equitable

Holdings

Inc

(4)

5.250%

BBB-

5,217,134

100,000

Equitable

Holdings

Inc

4.300%

BBB-

1,855,000

39,705

Voya

Financial

Inc

(4)

5.350%

BBB-

978,728

Total

Diversified

Financial

Services

19,054,712

Diversified

Telecommunication

Services

-

0.7%

(0.4%

of

Total

Investments)

578,314

AT&T

Inc

4.750%

BBB-

11,225,075

25,000

AT&T

Inc

5.625%

BBB+

625,000

20,680

AT&T

Inc

(4)

5.000%

BBB-

424,353

Total

Diversified

Telecommunication

Services

12,274,428

Electric

Utilities

-

1.3%

(0.8%

of

Total

Investments)

154,334

Alabama

Power

Co

5.000%

A3

3,889,217

5,786

CMS

Energy

Corp

5.875%

BBB-

145,576

82,916

DTE

Energy

Co

(6)

4.375%

BBB-

1,642,566

152,276

Duke

Energy

Corp

(4)

5.750%

BBB-

3,965,267

13,220

Entergy

Arkansas

LLC

4.875%

A

326,137

2,019

Entergy

Louisiana

LLC

4.875%

A

49,667

16,000

Entergy

Texas

Inc

(4)

5.375%

BBB-

395,360

563

Georgia

Power

Co

5.000%

Baa2

13,884

197,288

NextEra

Energy

Capital

Holdings

Inc

(6)

5.650%

BBB

4,959,820

188,947

Southern

Co/The

4.950%

BBB-

3,990,561

86,891

Southern

Co/The

(6)

5.250%

BBB-

1,951,572

53,372

Southern

Co/The

4.200%

BBB-

1,046,625

Total

Electric

Utilities

22,376,252

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

6

JPS

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Equity

Real

Estate

Investment

Trusts

(Reits)

-

1.7%

(1.1%

of

Total

Investments)

135,000

Hudson

Pacific

Properties

Inc

4.750%

Baa3

$

2,560,950

200

(9)

Kimco

Realty

Corp

5.125%

Baa2

4,912

80,301

Prologis

Inc

(8)

8.540%

BBB

5,139,264

105,700

PS

Business

Parks

Inc

5.250%

Baa2

2,084,404

5,583

PS

Business

Parks

Inc

4.875%

Baa2

102,727

300,000

Public

Storage

4.000%

A3

5,673,000

193,083

Public

Storage

(6)

5.600%

A3

4,908,170

131,589

Public

Storage

(6)

4.625%

A3

2,908,117

111,690

Public

Storage

(4)

4.750%

A3

2,597,909

121,528

Public

Storage

(10)

4.000%

A3

2,294,449

4,000

Public

Storage

4.700%

A3

89,640

83,200

Public

Storage

(6)

4.125%

A3

1,647,360

8,331

Public

Storage

(4)

4.875%

A3

193,779

Total

Equity

Real

Estate

Investment

Trusts

(Reits)

30,204,681

Food

Products

-

0.2%

(0.1%

of

Total

Investments)

32,500

Dairy

Farmers

of

America

Inc,

144A

(6),(8),(10)

7.875%

BB+

3,274,375

Total

Food

Products

3,274,375

Insurance

-

1.3%

(0.8%

of

Total

Investments)

601,623

Allstate

Corp/The

(6)

5.100%

Baa1

15,160,900

60,000

American

Financial

Group

Inc/OH

5.625%

Baa2

1,465,800

93,406

American

Financial

Group

Inc/OH

5.875%

Baa2

2,305,260

19,825

American

International

Group

Inc

5.850%

BBB-

490,669

24,814

Arch

Capital

Group

Ltd

5.450%

BBB

562,037

3,839

Hartford

Financial

Services

Group

Inc/The

6.000%

BBB-

99,353

28,129

MetLife

Inc

4.750%

BBB

633,746

50,813

Prudential

Financial

Inc

4.125%

BBB+

1,047,256

40,000

RenaissanceRe

Holdings

Ltd

4.200%

BBB

751,200

38,000

W

R

Berkley

Corp

4.250%

BBB-

715,540

5,646

W

R

Berkley

Corp

5.700%

Baa2

134,996

Total

Insurance

23,366,757

Multi-Utilities

-

0.7%

(0.5%

of

Total

Investments)

179,646

Algonquin

Power

&

Utilities

Corp

6.200%

BB+

4,598,937

280,000

DTE

Energy

Co

5.250%

BBB-

6,504,400

95,000

DTE

Energy

Co

4.375%

BBB-

1,883,850

Total

Multi-Utilities

12,987,187

Oil,

Gas

&

Consumable

Fuels

-

0.2%

(0.1%

of

Total

Investments)

125,563

Enbridge

Inc

6.375%

BBB-

3,139,075

Total

Oil,

Gas

&

Consumable

Fuels

3,139,075

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$306,836,658)

292,250,596

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

79,015,390

CORPORATE

BONDS

-

4.5%

(2.8%

of

Total

Investments)

X

79,015,390

Banks

-

0.6%

(0.4%

of

Total

Investments)

$

7,000

Citizens

Financial

Group

Inc,

Reg

S

6.000%

1/06/71

BB+

$

6,676,600

3,600

JPMorgan

Chase

&

Co

8.750%

9/01/30

Baa1

4,542,397

10,600

Total

Banks

11,218,997

7

Investments

in

Derivatives

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Equity

Real

Estate

Investment

Trusts

(Reits)

-

0.9%

(0.5%

of

Total

Investments)

$

16,100

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

BBB+

$

15,372,119

Insurance

-

3.0%

(1.9%

of

Total

Investments)

30,860

Liberty

Mutual

Group

Inc,

144A

(4)

7.800%

3/15/37

Baa3

39,423,650

6,150

Liberty

Mutual

Insurance

Co,

144A

(4),(6)

7.697%

10/15/97

BBB+

7,823,659

5,300

Lincoln

National

Corp

(3-Month

LIBOR

reference

rate

+

2.040%

spread)

(4),(5)

3.103%

4/20/67

BBB

4,317,380

1,000

Nippon

Life

Insurance

Co,

144A

2.900%

9/16/51

A-

859,585

43,310

Total

Insurance

52,424,274

$

70,010

Total

Corporate

Bonds

(cost

$72,012,458)

79,015,390

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

29,338,878

CONVERTIBLE

PREFERRED

SECURITIES

-

1.7%

(1.0%

of

Total

Investments)

X

29,338,878

Banks

-

1.7%

(1.0%

of

Total

Investments)

7,543

Bank

of

America

Corp

7.250%

BBB+

$

9,178,473

16,641

Wells

Fargo

&

Co

(6)

7.500%

Baa2

20,160,405

Total

Banks

29,338,878

Total

Convertible

Preferred

Securities

(cost

$33,848,454)

29,338,878

Shares

Description

(1)

Value

19,395,709

INVESTMENT

COMPANIES

-

1.1%

(0.7%

of

Total

Investments)

X

19,395,709

723,135

BlackRock

Credit

Allocation

Income

Trust

$

8,316,053

646,421

John

Hancock

Preferred

Income

Fund

III

11,079,656

Total

Investment

Companies

(cost

$27,993,530)

19,395,709

Total

Long-Term

Investments

(cost

$2,869,861,146)

2,790,412,669

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 1.4% (0.9%

of

Total

Investments)

24,569,887

REPURCHASE

AGREEMENTS

-

1.4%

(0.9%

of

Total

Investments)

X

24,569,887

$

24,570

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

4/30/22,

repurchase

price

$24,569,887,

collateralized

by

$25,128,500,

U.S.

Treasury

Bill,

0.000%,

due

8/09/22,

value

$25,061,357

0.000%

5/02/22

$

24,569,887

Total

Short-Term

Investments

(cost

$24,569,887)

24,569,887

Total

Investments

(cost

$

2,894,431,033

)

-

161

.0

%

2,814,982,556

Borrowings

-

(46.6)%

(11),(12)

(

814,300,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(15.7)%(13)

(

274,736,000

)

Other

Assets

Less

Liabilities

-

1.3%

(14)

22,379,602

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,748,326,158

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

FixedRate

Fixed

Rate

Payment

Frequency

Effective

Date

Optional

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

521,000,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

9,380,842

$

9,380,842

Morgan

Stanley

Capital

Services,

LLC

90,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

6/01/18

7/01/25

7/01/28

612,969

612,969

Total

unrealized

appreciation

on

interest

rate

swaps

$

9,993,811

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

8

JPS

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

1,434,928,534

$

–

$

1,434,928,534

Contingent

Capital

Securities

–

935,483,562

–

935,483,562

$25

Par

(or

similar)

Retail

Preferred

244,194,670

48,055,926

–

292,250,596

Corporate

Bonds

–

79,015,390

–

79,015,390

Convertible

Preferred

Securities

29,338,878

–

–

29,338,878

Investment

Companies

19,395,709

–

–

19,395,709

Short-Term

Investments:

Repurchase

Agreements

–

24,569,887

–

24,569,887

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

9,993,811

–

9,993,811

Total

$

292,929,257

$

2,532,047,110

$

–

$

2,824,976,367

*

Represents

net

unrealized

appreciation

(depreciation).

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Perpetual

security.

Maturity

date

is

not

applicable.

(4)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$653,764,843

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$723,764,201.

(7)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(8)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(9)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(10)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(11)

Borrowings

as

a

percentage

of

Total

investments

is

28.9%.

(12)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$1,723,742,950

have

been

pledged

as

collateral

for

borrowings.

(13)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

9.8%.

(14)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

("OTC")

derivatives

as

well

as

the

OTC

cleared

and

exchange-traded

derivatives,

when

applicable.

9

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.