NPORT-EX 2 tiaa_JPS.htm
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.