1

Nuveen

Preferred

&

Income

Securities

Fund

Portfolio

of

Investments

October

31,

2022

(Unaudited)

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

160.6%  

(98.0%

of

Total

Investments)

X

1,240,530,075

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

80.4%

(49.1%

of

Total

Investments)

X

1,240,530,075

Banks

-

36.4%

$

12,300

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

$

11,869,500

60,000

Bank

of

America

Corp

(4)

6.125%

N/A

(3)

BBB+

56,700,000

2,861

Bank

of

America

Corp

(4)

8.050%

6/15/27

Baa2

3,074,213

19,300

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

19,155,250

6,800

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

5,457,000

3,000

Bank

of

Nova

Scotia/The

4.900%

N/A

(3)

BBB-

2,779,266

14,000

Bank

of

Nova

Scotia/The

8.625%

10/27/82

BBB-

14,074,866

20,700

Citigroup

Inc

3.875%

N/A

(3)

BBB-

16,994,700

19,799

Citigroup

Inc

(4)

4.000%

N/A

(3)

BBB-

16,700,456

8,500

Citigroup

Inc

(4)

4.150%

N/A

(3)

BBB-

6,639,314

3,400

Citizens

Financial

Group

Inc

(4)

6.375%

N/A

(3)

BB+

3,099,962

3,976

Citizens

Financial

Group

Inc

(4)

5.650%

N/A

(3)

BB+

3,783,160

7,500

Citizens

Financial

Group

Inc

4.000%

N/A

(3)

BB+

5,932,623

14,000

CoBank

ACB

(4)

6.250%

N/A

(3)

BBB+

13,370,000

5,000

CoBank

ACB

6.450%

N/A

(3)

BBB+

4,850,035

12,130

Comerica

Inc

(4)

5.625%

N/A

(3)

Baa2

11,781,869

6,100

Corestates

Capital

III

(3-Month

LIBOR

reference

rate

+

0.570%

spread),

144A

(4),(5)

3.475%

2/15/27

A1

5,680,825

2,500

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(3)

BBB-

1,921,742

30,000

HSBC

Capital

Funding

Dollar

1

LP,

144A

(4),(6)

10.176%

N/A

(3)

BBB

36,780,656

24,000

Huntington

Bancshares

Inc/OH

(4)

4.450%

N/A

(3)

Baa3

21,090,219

11,000

Huntington

Bancshares

Inc/OH

(4)

5.625%

N/A

(3)

Baa3

9,997,310

2,000

JPMorgan

Chase

&

Co

3.650%

N/A

(3)

BBB+

1,654,900

7,000

JPMorgan

Chase

&

Co

(4)

6.100%

N/A

(3)

BBB+

6,853,490

55,800

JPMorgan

Chase

&

Co

6.750%

N/A

(3)

BBB+

55,800,000

8,000

KeyCorp

Capital

III

(4)

7.750%

7/15/29

Baa2

8,574,502

6,200

PNC

Financial

Services

Group

Inc/The

(4)

3.400%

N/A

(3)

Baa2

4,626,750

4,100

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(5)

3.804%

N/A

(3)

Baa2

4,089,664

11,325

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(3)

Baa2

10,727,040

3,000

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

2,782,500

2,000

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

1,940,000

24,100

Standard

Chartered

PLC,

144A

(6)

7.014%

N/A

(3)

BBB-

22,866,691

16,200

SVB

Financial

Group

(4)

4.250%

N/A

(3)

Baa2

10,832,587

1,000

SVB

Financial

Group

4.100%

N/A

(3)

Baa2

614,735

20,000

Toronto-Dominion

Bank/The

8.125%

10/31/82

Baa1

20,225,000

36,386

Truist

Financial

Corp

(6)

4.800%

N/A

(3)

Baa2

32,665,532

46,700

Truist

Financial

Corp

(6)

4.950%

N/A

(3)

Baa2

44,715,250

25,580

Wells

Fargo

&

Co

(4)

7.950%

11/15/29

Baa1

28,009,449

38,150

Wells

Fargo

&

Co

(4),(6)

3.900%

N/A

(3)

Baa2

32,389,350

594,407

Total

Banks

561,100,406

Capital

Markets

-

11.1%

10,000

Bank

of

New

York

Mellon

Corp/The

3.700%

N/A

(3)

Baa1

8,744,134

29,068

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

27,832,610

35,600

Bank

of

New

York

Mellon

Corp/The

(6)

3.750%

N/A

(3)

Baa1

27,418,408

15,500

Charles

Schwab

Corp/The

4.000%

N/A

(3)

BBB

12,743,325

18,700

Charles

Schwab

Corp/The

(3-Month

LIBOR

reference

rate

+

4.820%

spread)

(5)

7.602%

N/A

(3)

BBB

18,700,000

39,505

Charles

Schwab

Corp/The

5.375%

N/A

(3)

BBB

38,566,756

7,500

Depository

Trust

&

Clearing

Corp/The,

144A

3.375%

N/A

(3)

A

5,708,626

18,000

Goldman

Sachs

Group

Inc/The

(6)

3.650%

N/A

(3)

BBB-

13,678,622

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

October

31,

2022

(Unaudited)

2

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Capital

Markets

(continued)

$

12,000

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

$

11,393,520

7,600

Goldman

Sachs

Group

Inc/The

4.950%

N/A

(3)

BBB-

6,852,008

193,473

Total

Capital

Markets

171,638,009

Commercial

Banks

-

0.7%

8,000

HSBC

Capital

Funding

Dollar

1

LP,

Reg

S

10.176%

N/A

(3)

BBB

9,808,175

Consumer

Finance

-

2.3%

7,400

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

4,976,500

8,500

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

6,162,500

14,500

American

Express

Co

3.550%

N/A

(3)

Baa2

11,183,125

5,000

Capital

One

Financial

Corp

(4)

3.950%

N/A

(3)

Baa3

3,740,201

10,000

Discover

Financial

Services

(4)

6.125%

N/A

(3)

Ba2

9,606,997

45,400

Total

Consumer

Finance

35,669,323

Diversified

Financial

Services

-

2.0%

7,500

Citigroup

Inc

5.950%

N/A

(3)

BBB-

7,453,125

12,800

Scentre

Group

Trust

2,

144A

(4)

4.750%

9/24/80

BBB+

10,822,656

12,700

Voya

Financial

Inc

6.125%

N/A

(3)

BBB-

12,382,500

33,000

Total

Diversified

Financial

Services

30,658,281

Electric

Utilities

-

2.0%

8,500

American

Electric

Power

Co

Inc

(4)

3.875%

2/15/62

BBB

6,526,743

24,075

Duke

Energy

Corp

(6)

4.875%

N/A

(3)

BBB-

21,547,125

91

Emera

Inc

6.750%

6/15/76

BB+

84,823

3,000

Southern

Co/The

6.923%

3/15/57

BBB-

2,977,500

35,666

Total

Electric

Utilities

31,136,191

Food

Products

-

0.4%

6,705

Dairy

Farmers

of

America

Inc,

144A

(4)

7.125%

N/A

(3)

BB+

6,235,655

Insurance

-

15.8%

3,598

ACE

Capital

Trust

II

9.700%

4/01/30

BBB+

4,491,390

8,400

Allianz

SE

,

Reg

S

3.500%

N/A

(3)

A

6,632,619

10,500

Allianz

SE,

144A

(4)

3.500%

N/A

(3)

A

8,289,745

4,400

Allstate

Corp/The

5.750%

8/15/53

Baa1

4,038,320

13,300

American

International

Group

Inc

(4)

5.750%

4/01/48

BBB-

11,886,609

2,299

Aon

Corp

(4)

8.205%

1/01/27

BBB

2,390,960

2,100

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

,

Reg

S

5.625%

8/15/52

BBB+

1,839,600

6,210

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

,

Reg

S(4)

5.750%

8/15/50

BBB+

5,674,387

1,550

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

,

Reg

S

5.625%

6/24/46

A+

1,439,745

3,989

Corebridge

Financial

Inc,

144A

6.875%

12/15/52

BBB-

3,595,333

7,900

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

6,952,000

29,600

MetLife

Capital

Trust

IV,

144A

(4)

7.875%

12/15/37

BBB

31,000,102

36,531

MetLife

Inc,

144A

(4)

9.250%

4/08/38

BBB

41,936,755

11,300

MetLife

Inc

3.850%

N/A

(3)

BBB

9,929,749

3,000

MetLife

Inc

10.750%

8/01/39

BBB

3,876,030

41,904

Nationwide

Financial

Services

Inc

(4)

6.750%

5/15/37

Baa2

39,599,280

20,600

Nippon

Life

Insurance

Co,

144A

(4)

2.750%

1/21/51

A-

15,268,391

6,500

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

5,052,515

3,670

Prudential

Financial

Inc

(4)

5.625%

6/15/43

BBB+

3,628,712

14,900

Sumitomo

Life

Insurance

Co,

144A

(4)

3.375%

4/15/81

A-

11,504,081

8,700

Willow

No

2

Ireland

PLC

for

Zurich

Insurance

Co

Ltd

,

Reg

S

4.250%

10/01/45

A+

7,547,946

23,794

Zurich

Finance

Ireland

Designated

Activity

Co

,

Reg

S

3.000%

4/19/51

A+

16,804,513

264,745

Total

Insurance

243,378,782

3

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Machinery

-

0.3%

$

5,700

Stanley

Black

&

Decker

Inc

(4)

4.000%

3/15/60

BBB+

$

4,723,590

Multi-Utilities

-

3.5%

500

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

402,613

38,020

Dominion

Energy

Inc

(6)

4.650%

N/A

(3)

BBB-

32,906,967

2,000

Dominion

Energy

Inc

4.350%

N/A

(3)

BBB-

1,654,580

20,900

NiSource

Inc

5.650%

N/A

(3)

BBB-

19,228,000

61,420

Total

Multi-Utilities

54,192,160

Oil,

Gas

&

Consumable

Fuels

-

3.4%

5,900

BP

Capital

Markets

PLC

4.375%

N/A

(3)

Baa1

5,538,625

5,800

Enbridge

Inc

7.625%

1/15/83

BBB-

5,577,095

16,000

Enbridge

Inc

(4)

5.750%

7/15/80

BBB-

14,137,760

10,934

Enterprise

Products

Operating

LLC

(4)

5.250%

8/16/77

Baa2

8,546,454

3,400

Enterprise

Products

Operating

LLC

5.375%

2/15/78

Baa2

2,463,128

14,885

Transcanada

Trust

(4)

5.500%

9/15/79

BBB

12,466,187

4,560

Transcanada

Trust

(4)

5.600%

3/07/82

BBB

3,904,500

61,479

Total

Oil,

Gas

&

Consumable

Fuels

52,633,749

Road

&

Rail

-

1.5%

25,485

BNSF

Funding

Trust

I

(6)

6.613%

12/15/55

A

23,665,554

Wireless

Telecommunication

Services

-

1.0%

16,516

Vodafone

Group

PLC

7.000%

4/04/79

BB+

15,690,200

$

1,351,996

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$1,391,930,681)

1,240,530,075

Principal

Amount

(000)

Description

(1)

,(7)

Coupon

Maturity

Ratings

(2)

Value

X

855,119,183

CONTINGENT

CAPITAL

SECURITIES

-

55.4%

(33.8%

of

Total

Investments)

X

855,119,183

Banks

-

44.2%

$

2,800

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(3)

Baa2

$

2,681,581

11,800

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(3)

Ba2

9,061,403

17,800

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

15,900,030

28,200

Banco

Santander

SA

,

Reg

S(4)

7.500%

N/A

(3)

Ba1

26,709,292

6,200

Banco

Santander

SA

4.750%

N/A

(3)

Ba1

4,363,736

1,708

Barclays

Bank

PLC

(4)

7.625%

11/21/22

BBB+

1,705,575

26,000

Barclays

PLC

(6)

8.000%

N/A

(3)

BBB-

24,464,645

63,300

Barclays

PLC

(6)

7.750%

N/A

(3)

BBB-

59,581,125

39,000

BNP

Paribas

SA,

144A

4.625%

N/A

(3)

BBB

29,854,361

2,500

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

2,357,088

10,000

BNP

Paribas

SA

,

Reg

S

7.375%

N/A

(3)

BBB

9,690,697

5,500

BNP

Paribas

SA,

144A

7.000%

N/A

(3)

BBB

4,912,491

38,585

BNP

Paribas

SA,

144A

(4),(6)

7.375%

N/A

(3)

BBB

37,391,554

2,000

Credit

Agricole

SA,

144A

4.750%

N/A

(3)

BBB

1,436,159

4,466

Credit

Agricole

SA

,

Reg

S

8.125%

N/A

(3)

BBB

4,443,670

19,653

Credit

Agricole

SA,

144A

7.875%

N/A

(3)

BBB

19,522,858

31,550

Credit

Agricole

SA,

144A

(6)

8.125%

N/A

(3)

BBB

31,392,250

10,500

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(3)

BBB-

9,687,678

5,000

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(3)

BBB-

3,987,500

11,588

Danske

Bank

A/S

,

Reg

S(4)

6.125%

N/A

(3)

BBB-

10,746,572

33,192

DNB

Bank

ASA

,

Reg

S

4.875%

N/A

(3)

BBB

31,076,010

1,600

HSBC

Holdings

PLC

(4)

6.000%

N/A

(3)

BBB

1,296,320

8,504

HSBC

Holdings

PLC

(4)

6.250%

N/A

(3)

BBB

8,004,815

10,000

ING

Groep

NV

5.750%

N/A

(3)

BBB

8,542,690

26,700

ING

Groep

NV

6.500%

N/A

(3)

BBB

24,299,697

9,600

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(3)

BB-

8,310,558

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

October

31,

2022

(Unaudited)

4

JPS

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

3,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

$

2,782,500

4,500

Lloyds

Banking

Group

PLC

6.750%

N/A

(3)

Baa3

4,098,037

48,428

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

46,174,828

5,075

Macquarie

Bank

Ltd/London,

144A

(4)

6.125%

N/A

(3)

BB+

4,316,901

17,000

NatWest

Group

PLC

6.000%

N/A

(3)

Baa3

15,128,300

14,250

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

13,431,337

18,988

Nordea

Bank

Abp

,

Reg

S

6.125%

N/A

(3)

BBB+

18,110,508

26,400

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

24,868,128

35,090

Nordea

Bank

Abp,

144A

6.125%

N/A

(3)

BBB

33,468,387

10,000

Skandinaviska

Enskilda

Banken

AB

,

Reg

S

5.125%

N/A

(3)

BBB+

9,187,500

4,550

Societe

Generale

SA,

144A

5.375%

N/A

(3)

BB+

3,295,800

1,700

Societe

Generale

SA,

144A

4.750%

N/A

(3)

BB+

1,306,450

9,000

Societe

Generale

SA

,

Reg

S

7.875%

N/A

(3)

BB+

8,762,504

73,300

Societe

Generale

SA,

144A

8.000%

N/A

(3)

BB

72,183,761

13,000

Standard

Chartered

PLC,

144A

7.750%

N/A

(3)

BBB-

12,846,245

7,200

Svenska

Handelsbanken

AB

,

Reg

S

4.375%

N/A

(3)

A-

6,183,000

15,000

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

14,006,250

734,227

Total

Banks

681,570,791

Capital

Markets

-

11.2%

10,000

Credit

Suisse

Group

AG,

144A

(6)

9.750%

N/A

(3)

BB-

9,501,272

58,000

Credit

Suisse

Group

AG,

144A

(4)

7.500%

N/A

(3)

BB-

52,488,956

17,400

Credit

Suisse

Group

AG

,

Reg

S

7.500%

N/A

(3)

BB-

15,747,000

10,800

UBS

Group

AG

,

Reg

S

5.125%

N/A

(3)

BBB

9,363,600

35,300

UBS

Group

AG

,

Reg

S(4)

6.875%

N/A

(3)

BBB

33,461,152

10,000

UBS

Group

AG

,

Reg

S(4)

3.875%

N/A

(3)

BBB

7,622,000

7,400

UBS

Group

AG,

144A

(4)

7.000%

N/A

(3)

BBB

7,157,377

24,000

UBS

Group

AG,

144A

4.875%

N/A

(3)

BBB

19,152,035

25,000

UBS

Group

AG,

144A

(4)

3.875%

N/A

(3)

BBB

19,055,000

197,900

Total

Capital

Markets

173,548,392

$

932,127

Total

Contingent

Capital

Securities

(cost

$954,717,288)

855,119,183

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

265,339,973

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

17.2%

(10.5%

of

Total

Investments)

X

265,339,973

Banks

-

7.7%

233,680

Associated

Banc-Corp

5.625%

Baa3

$

5,390,998

301,095

Bank

of

America

Corp

5.375%

BBB+

6,443,433

25,000

Bank

of

Hawaii

Corp

4.375%

Baa2

425,000

346,088

Citigroup

Inc

6.875%

BBB-

8,735,261

53,000

CoBank

ACB

6.200%

BBB+

5,300,000

177,750

Farm

Credit

Bank

of

Texas,

144A(4)

6.750%

Baa1

17,552,812

50,000

Fifth

Third

Bancorp

4.950%

Baa3

959,500

84,196

Fifth

Third

Bancorp

6.625%

Baa3

2,123,423

40,000

First

Republic

Bank/CA

4.000%

BBB-

600,400

150,000

Fulton

Financial

Corp

5.125%

Baa3

3,012,000

11,474

JPMorgan

Chase

&

Co

5.750%

BBB+

265,853

185,937

KeyCorp

6.200%

Baa3

4,533,144

691,887

KeyCorp

6.125%

Baa3

16,148,643

1,381,762

PNC

Financial

Services

Group

Inc/The(4)

8.507%

Baa2

35,165,843

189,200

Regions

Financial

Corp(4)

5.700%

Baa3

3,939,144

32,210

Synovus

Financial

Corp

5.875%

BB-

711,841

212,731

Wells

Fargo

&

Co

5.850%

Baa2

4,839,630

152,000

Western

Alliance

Bancorp

4.250%

Ba1

3,040,000

Total

Banks

119,186,925

5

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Capital

Markets

-

2.0%

106,597

Affiliated

Managers

Group

Inc

4.200%

Baa1

$

1,581,899

138,481

Affiliated

Managers

Group

Inc

5.875%

Baa1

2,862,402

167,206

Affiliated

Managers

Group

Inc

4.750%

Baa1

2,857,550

356,501

Goldman

Sachs

Group

Inc/The

5.500%

BB+

8,773,490

604,790

Morgan

Stanley

5.850%

BBB-

13,855,739

7,033

Northern

Trust

Corp

4.700%

BBB+

140,801

64,392

State

Street

Corp

5.900%

Baa1

1,569,233

1,179

Stifel

Financial

Corp

4.500%

BB

19,088

Total

Capital

Markets

31,660,202

Consumer

Finance

-

0.2%

131,816

Capital

One

Financial

Corp(4)

4.800%

Baa3

2,293,598

50,338

Capital

One

Financial

Corp(4)

5.000%

Baa3

932,763

Total

Consumer

Finance

3,226,361

Diversified

Financial

Services

-

1.1%

105,300

AgriBank

FCB

6.875%

BBB+

10,451,025

104,321

Equitable

Holdings

Inc

4.300%

BBB-

1,703,562

248,158

Equitable

Holdings

Inc(4)

5.250%

BBB-

4,620,702

39,705

Voya

Financial

Inc(4)

5.350%

BBB-

841,349

Total

Diversified

Financial

Services

17,616,638

Diversified

Telecommunication

Services

-

0.7%

578,314

AT&T

Inc(4)

4.750%

BBB-

10,016,399

20,680

AT&T

Inc(4)

5.000%

BBB-

388,577

Total

Diversified

Telecommunication

Services

10,404,976

Electric

Utilities

-

1.2%

6,249

CMS

Energy

Corp

5.875%

BBB-

136,041

84,261

DTE

Energy

Co

4.375%

BBB-

1,456,030

152,276

Duke

Energy

Corp(4)

5.750%

BBB-

3,598,282

53,220

Entergy

Arkansas

LLC

4.875%

A

1,111,233

1,047

Entergy

Louisiana

LLC

4.875%

A

22,615

16,000

Entergy

Texas

Inc(4)

5.375%

BBB-

375,360

197,288

NextEra

Energy

Capital

Holdings

Inc

5.650%

BBB

4,752,668

188,947

Southern

Co/The

4.950%

BBB-

3,612,667

86,891

Southern

Co/The

5.250%

BBB-

1,856,861

53,372

Southern

Co/The

4.200%

BBB-

952,690

Total

Electric

Utilities

17,874,447

Equity

Real

Estate

Investment

Trusts

(Reits)

-

1.6%

131,698

Hudson

Pacific

Properties

Inc

4.750%

Ba1

1,673,882

80,301

Prologis

Inc

8.540%

BBB+

4,376,405

107,996

Public

Storage

4.125%

A3

1,806,773

121,579

Public

Storage(4)

4.750%

A3

2,390,243

127,960

Public

Storage

4.000%

A3

2,058,876

180,837

Public

Storage

4.625%

A3

3,363,568

185,296

Public

Storage

5.600%

A3

4,230,308

300,000

Public

Storage

4.000%

A3

4,884,000

3,863

Public

Storage

4.100%

A3

63,546

3,424

Public

Storage

3.900%

A3

54,065

677

Public

Storage

5.150%

A3

14,237

6,418

Public

Storage

4.700%

A3

121,108

15,000

Vornado

Realty

Trust

4.450%

Ba1

205,800

Total

Equity

Real

Estate

Investment

Trusts

(Reits)

25,242,811

Food

Products

-

0.2%

32,500

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

3,103,750

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

October

31,

2022

(Unaudited)

6

JPS

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Insurance

-

1.5%

537,423

Allstate

Corp/The

5.100%

Baa1

$

12,994,888

63,400

American

Financial

Group

Inc/OH

5.625%

Baa2

1,304,772

93,469

American

Financial

Group

Inc/OH

5.875%

Baa2

2,036,690

1,111

American

Financial

Group

Inc/OH

5.125%

Baa2

22,064

19,825

American

International

Group

Inc

5.850%

BBB-

436,150

25,737

Arch

Capital

Group

Ltd

5.450%

BBB

521,432

1,208

Assurant

Inc

5.250%

Baa3

22,747

985

Globe

Life

Inc

4.250%

BBB+

17,119

3,839

Hartford

Financial

Services

Group

Inc/The

6.000%

BBB-

94,209

28,129

MetLife

Inc

4.750%

BBB

553,016

82,319

Prudential

Financial

Inc

5.950%

BBB+

1,973,186

2,847

Prudential

Financial

Inc

4.125%

BBB+

52,869

33,165

Reinsurance

Group

of

America

Inc

7.125%

BBB+

840,069

3,061

RenaissanceRe

Holdings

Ltd

5.750%

BBB+

66,577

40,000

RenaissanceRe

Holdings

Ltd

4.200%

BBB

666,800

5,646

W

R

Berkley

Corp

5.700%

Baa2

121,954

3,200

W

R

Berkley

Corp

5.100%

BBB

64,032

41,233

W

R

Berkley

Corp

4.250%

BBB

684,880

Total

Insurance

22,473,454

Multi-Utilities

-

0.8%

179,646

Algonquin

Power

&

Utilities

Corp

6.200%

BB+

4,072,575

5,231

CMS

Energy

Corp

5.875%

BBB-

113,983

11,000

CMS

Energy

Corp

4.200%

BBB-

180,950

100,548

DTE

Energy

Co

4.375%

BBB-

1,727,415

280,000

DTE

Energy

Co

5.250%

BBB-

6,014,400

1,028

NiSource

Inc

6.500%

BBB-

25,402

Total

Multi-Utilities

12,134,725

Oil,

Gas

&

Consumable

Fuels

-

0.2%

101,713

Enbridge

Inc

6.375%

BBB-

2,415,684

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$299,844,360)

265,339,973

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

73,474,408

CORPORATE

BONDS

-

4.8%

(2.9%

of

Total

Investments)

X

73,474,408

Banks

-

0.7%

$

7,000

Citizens

Financial

Group

Inc

6.000%

1/06/71

BB+

$

6,422,438

3,600

JPMorgan

Chase

&

Co

(4)

8.750%

9/01/30

Baa1

4,080,476

10,600

Total

Banks

10,502,914

Equity

Real

Estate

Investment

Trusts

(Reits)

-

0.8%

16,100

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

BBB+

12,303,617

Insurance

-

3.3%

30,860

Liberty

Mutual

Group

Inc,

144A

(4)

7.800%

3/15/37

Baa3

33,970,842

6,150

Liberty

Mutual

Insurance

Co,

144A

(4)

7.697%

10/15/97

BBB+

6,447,746

2,600

Lincoln

National

Corp

(3-Month

LIBOR

reference

rate

+

2.040%

spread)

(4),(5)

6.283%

4/20/67

BBB

1,966,250

2,000

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Reg

S

5.875%

5/23/42

A

1,904,792

1,000

Nippon

Life

Insurance

Co,

144A

2.900%

9/16/51

A-

738,247

8,000

Zurich

Finance

Ireland

Designated

Activity

Co

,

Reg

S

3.500%

5/02/52

A+

5,640,000

50,610

Total

Insurance

50,667,877

$

77,310

Total

Corporate

Bonds

(cost

$78,645,115)

73,474,408

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

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.

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

25,990,918

CONVERTIBLE

PREFERRED

SECURITIES

-

1.7%

(1.0%

of

Total

Investments)

X

25,990,918

Banks

-

1.7%

6,286

Bank

of

America

Corp

7.250%

BBB+

$

7,294,651

16,041

Wells

Fargo

&

Co

7.500%

Baa2

18,696,267

Total

Banks

25,990,918

Total

Convertible

Preferred

Securities

(cost

$31,178,111)

25,990,918

Shares

Description

(1)

Value

16,974,336

INVESTMENT

COMPANIES

-

1.1%

(0.7%

of

Total

Investments)

X

16,974,336

723,135

BlackRock

Credit

Allocation

Income

Trust

$

7,122,880

646,421

John

Hancock

Preferred

Income

Fund

III

9,851,456

Total

Investment

Companies

(cost

$27,993,530)

16,974,336

Total

Long-Term

Investments

(cost

$2,784,309,085)

2,477,428,893

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 3.2% (2.0%

of

Total

Investments)

49,497,955

REPURCHASE

AGREEMENTS

-

3.2%

(2.0%

of

Total

Investments)

X

49,497,955

$

49,498

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/22,

repurchase

price

$49,499,097

collateralized

by

$50,458,400,

U.S.

Treasury

Bond,

4.250%,

due

5/15/39,

value

$50,487,969

0.830%

11/01/22

$

49,497,955

Total

Short-Term

Investments

(cost

$49,497,955)

49,497,955

Total

Investments

(cost

$

2,833,807,040

)

-

163

.8

%

2,526,926,848

Borrowings

-

(29.8)%

(8),(9)

(

459,300,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(17.9)%(10)

(

275,851,267

)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

-

(17.4)%(11)

(

268,957,486

)

Other

Assets

Less

Liabilities

-  1.3%(12)

19,799,236

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,542,617,331

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Fixed

Rate

Payment

Frequency

Effective

Date

(13)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

521,000,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

31,305,196

$

31,305,196

Morgan

Stanley

Capital

Services,

LLC

90,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

5,279,031

5,279,031

Total

unrealized

appreciation

on

interest

rate

swaps

$

36,584,227

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

October

31,

2022

(Unaudited)

8

JPS

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

$

–

$

1,240,530,075

$

–

$

1,240,530,075

Contingent

Capital

Securities

–

855,119,183

–

855,119,183

$25

Par

(or

similar)

Retail

Preferred

224,555,981

40,783,992

–

265,339,973

Corporate

Bonds

–

73,474,408

–

73,474,408

Convertible

Preferred

Securities

25,990,918

–

–

25,990,918

Investment

Companies

16,974,336

–

–

16,974,336

Short-Term

Investments:

Repurchase

Agreements

–

49,497,955

–

49,497,955

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

36,584,227

–

36,584,227

Total

$

267,521,235

$

2,295,989,840

$

–

$

2,563,511,075

*

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

$598,802,091

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

$388,029,277.

(7)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(8)

Borrowings

as

a

percentage

of

Total

Investments

is

18.2%.

(9)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$1,311,636,628

have

been

pledged

as

collateral

for

borrowings.

(10)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

10.9%.

(11)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

as

a

percentage

of

Total

Investments

is

10.6%.

(12)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

("OTC")

derivatives

as

well

as

the

OTC

cleared

and

exchange-traded

derivatives,

when

applicable.

(13)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

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.