Edgar Filing: Nuveen Preferred & Income Securities Fund

Nuveen Preferred and Income Securities Fund

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21137

Nuveen Preferred and Income Securities Fund

(Exact name of registrant as specified in charter)

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-917-7700

Date of fiscal year end: July 31

Date of reporting period: October 31, 2017

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

JPS


Nuveen Preferred and Income Securities Fund
Portfolio of Investments		October 31, 2017 (Unaudited)


Shares		Description (1)	Coupon		Ratings (2)		Value

		LONG-TERM INVESTMENTS – 146.1% (98.7% of Total Investments)

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 16.7% (11.3% of Total Investments)

		Banks – 6.5%

	105,300	AgriBank FCB, (3)		6.875%		BBB+	$	11,661,975
	645,113	Citigroup Inc.		6.875%		BB+		18,637,315
	47,500	Cobank Agricultural Credit Bank, 144A, (3)		6.250%		BBB+		5,106,250
	53,000	Cobank Agricultural Credit Bank, (3)		6.200%		BBB+		5,675,971
	86,000	Fifth Third Bancorp., (4)		6.625%		Baa3		2,450,140
	3,666	HSBC Holdings PLC		8.000%		BBB+		98,615
	724,000	KeyCorp Preferred Stock, (4)		6.125%		Baa3		21,133,560
	2,164,700	PNC Financial Services		6.125%		Baa2		61,087,834
	249,285	Wells Fargo & Company, (4)		5.850%		BBB		6,790,523
	182,000	Wells Fargo & Company		5.625%		BBB		4,695,600
		Total Banks						137,337,783

		Capital Markets – 1.4%

	369,239	Goldman Sachs Group, Inc.		5.500%		Ba1		9,914,067
	38,534	Morgan Stanley, (4)		7.125%		BB+		1,115,559
	640,000	Morgan Stanley, (4)		5.850%		BB+		17,280,000
	74,642	State Street Corporation, (4)		5.900%		Baa1		2,068,330
		Total Capital Markets						30,377,956

		Diversified Telecommunication Services – 1.8%

	93,894	Qwest Corporation, (5)		7.500%		BBB–		2,429,038
	554,889	Qwest Corporation, (5)		7.000%		BBB–		14,077,534
	159,632	Qwest Corporation, (4), (5)		7.000%		BBB–		4,046,671
	315,756	Qwest Corporation, (4), (5)		6.875%		BBB–		8,118,087
	159,600	Qwest Corporation, (5)		6.625%		BBB–		4,092,144
	248,301	Qwest Corporation, (5)		6.125%		BBB–		6,301,879
		Total Diversified Telecommunication Services						39,065,353

		Electric Utilities – 1.1%

	160,000	Alabama Power Company		6.450%		A3		4,084,800
	299,756	Integrys Energy Group Inc., (3), (5)		6.000%		Baa1		8,468,107
	88,577	Interstate Power and Light Company, (4)		5.100%		BBB		2,269,343
	130,000	SCE Trust VI		5.000%		Baa1		3,276,000
	160,407	SCE Trust V		5.450%		Baa1		4,399,964
		Total Electric Utilities						22,498,214

		Equity Real Estate Investment Trusts – 0.6%

	76,450	DDR Corporation, (5)		6.250%		Baa3		1,923,482
	152,294	Digital Realty Trust Inc., (5)		7.375%		Baa3		4,064,727
	18,139	Kimco Realty Corporation, (5)		5.625%		Baa2		458,191
	82,301	Prologis Inc., (3)		8.540%		BBB		5,770,946
	12,199	Ventas Realty LP, (5)		5.450%		BBB+		308,513
		Total Equity Real Estate Investment Trusts						12,525,859

		Food Products – 0.6%

	91,900	Dairy Farmers of America Inc., 144A, (3)		7.875%		Baa3		9,761,508
	32,500	Dairy Farmers of America Inc., 144A, (3)		7.875%		Baa3		3,705,000
		Total Food Products						13,466,508

		Insurance – 3.7%

	444,129	Aegon N.V		6.375%		Baa1		11,502,941
	18,102	Aflac Inc.		5.500%		Baa1		457,257
	608,741	Allstate Corporation, (5)		5.100%		Baa1		16,241,210


NUVEEN			1


JPS	Nuveen Preferred and Income Securities Fund
	Portfolio of Investments (continued)	October 31, 2017 (Unaudited)


Shares		Description (1)	Coupon				Ratings (2)		Value

		Insurance (continued)

	54,297	American Financial Group, (5)		6.250%				Baa2	$	1,425,296
	101,697	Arch Capital Group Limited, (4)		6.750%				BBB		2,579,036
	33,829	Arch Capital Group Limited		5.250%				BBB		842,680
	187,550	Aspen Insurance Holdings Limited, (4)		5.950%				BBB–		5,052,597
	131,293	Axis Capital Holdings Limited		5.500%				BBB		3,309,897
	307,730	Hartford Financial Services Group Inc., (4), (5)		7.875%				BBB–		9,210,359
	524,885	Prudential PLC		6.750%				A–		13,909,452
	416,100	Reinsurance Group of America Inc., (5)		6.200%				BBB		11,671,605
	127,798	Torchmark Corporation, (5)		5.875%				BBB+		3,249,903
	10,000	W.R. Berkley Corporation, (5)		5.625%				BBB–		249,800
		Total Insurance								79,702,033

		U.S. Agency – 0.7%

	132,750	Farm Credit Bank of Texas, 144A, (3), (5)		6.750%				Baa1		14,602,500

		Wireless Telecommunication Services – 0.3%

	90,850	Telephone and Data Systems Inc., (5)		7.000%				BB+		2,303,956
	131,990	Telephone and Data Systems Inc., (5)		6.875%				BB+		3,382,904
	11,826	United States Cellular Corporation, (5)		7.250%				Ba1		317,055
	10,591	United States Cellular Corporation, (5)		6.950%				Ba1		268,800
		Total Wireless Telecommunication Services								6,272,715
		Total $25 Par (or similar) Preferred Securities (cost $326,227,820)								355,848,921

Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		CONVERTIBLE PREFERRED SECURITIES – 0.7% (0.4% of Total Investments)

		Banks – 0.7%

	10,632	Wells Fargo & Company, (4)		7.500%		N/A (6)		BBB	$	13,927,920
		Total Convertible Preferred Securities (cost $12,541,444)								13,927,920

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		CORPORATE BONDS – 0.8% (0.5% of Total Investments)

		Insurance – 0.7%

$	5,000	AIG Life Holdings Inc., 144A		8.125%		3/15/46		Baa2	$	7,025,000
	6,150	Liberty Mutual Group Inc., 144A		7.697%		10/15/97		BBB+		8,763,720
	11,150	Total Insurance								15,788,720

		Wireless Telecommunication Services – 0.1%

	1,600	Koninklijke KPN NV, 144A, (5)		7.000%		3/28/73		BB+		1,817,920
$	12,750	Total Corporate Bonds (cost $14,942,534)								17,606,640

Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 70.7% (47.8% of Total Investments)

		Automobiles – 0.1%

$	1,000	General Motors Financial Company Inc.		5.750%		N/A (6)		BB+	$	1,043,750

		Banks – 29.3%

	20,394	Bank of America Corporation		8.000%		N/A (6)		BB+		20,675,437
	14,300	Bank of America Corporation		6.500%		N/A (6)		BB+		16,355,625
	12,800	Bank of America Corporation		6.300%		N/A (6)		BB+		14,582,784
	12,300	Bank of America Corporation		6.100%		N/A (6)		BB+		13,729,875
	3,600	Bank One Capital III, (5)		8.750%		9/01/30		Baa2		5,320,670
	10,000	Citigroup Inc.		8.400%		N/A (6)		BB+		10,337,500


	2			NUVEEN


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Banks (continued)

	7,000	Citigroup Inc.		6.250%		N/A (6)		BB+	$	7,971,250
	43,000	Citigroup Inc., (5)		6.125%		N/A (6)		BB+		46,117,500
	9,250	Citigroup Inc.		5.950%		N/A (6)		BB+		10,089,437
	24,389	Citizens Financial Group Inc.		5.500%		N/A (6)		BB+		25,547,478
	18,000	Cobank Agricultural Credit Bank, (4)		6.250%		N/A (6)		BBB+		19,772,316
	10,000	Cooperatieve Rabobank U.A. of Netherlands, Reg S		11.000%		N/A (6)		Baa2		11,350,000
	1,250	Den Norske Bank		1.750%		N/A (6)		Baa2		1,012,378
	1,250	Den Norske Bank		1.573%		N/A (6)		Baa2		1,009,500
	17,900	Dresdner Funding Trust I, Reg S		8.151%		6/30/31		BB+		23,315,180
	4,500	Dresdner Funding Trust, 144A		8.151%		6/30/31		BB+		5,857,596
	25,580	First Union Capital Trust II, Series A, (4), (5)		7.950%		11/15/29		Baa1		33,655,130
	30,000	HSBC Capital Funding LP, Debt, 144A		10.176%		N/A (6)		BBB+		47,943,600
	27,300	JPMorgan Chase & Company		7.900%		N/A (6)		BBB–		27,996,150
	54,000	JPMorgan Chase & Company		6.750%		N/A (6)		BBB–		61,897,500
	11,000	JPMorgan Chase & Company		6.000%		N/A (6)		BBB–		12,127,500
	4,900	JPMorgan Chase & Company		5.300%		N/A (6)		BBB–		5,151,860
	3,500	JPMorgan Chase & Company		5.150%		N/A (6)		BBB–		3,682,875
	8,000	KeyCorp Capital III, (4)		7.750%		7/15/29		Baa2		10,120,000
	12,000	Lloyds Bank PLC, 144A, (5)		12.000%		N/A (6)		BBB–		16,215,492
	20,900	Lloyds Bank PLC, Reg S		12.000%		N/A (6)		BBB–		28,244,009
	9,850	Lloyds Banking Group PLC, 144A		6.657%		N/A (6)		Baa3		11,426,000
	4,800	Lloyds Banking Group PLC, 144A		6.413%		N/A (6)		Baa3		5,496,000
	9,100	M&T Bank Corporation, (5)		6.375%		N/A (6)		Baa1		9,373,000
	29,100	PNC Financial Services Inc.		6.750%		N/A (6)		Baa2		32,737,500
	4,000	RBS Capital Trust B, Reg S		6.800%		N/A (6)		Ba3		4,026,800
	9,546	Royal Bank of Scotland Group PLC		7.648%		N/A (6)		Ba2		12,196,924
	32,000	Standard Chartered PLC, 144A		7.014%		N/A (6)		Ba1		37,568,000
	31,278	Wells Fargo & Company		7.980%		N/A (6)		BBB		31,920,763
		Total Banks								624,823,629

		Capital Markets – 2.1%

	12,100	Bank of New York Mellon, (4)		4.950%		N/A (6)		Baa1		12,644,500
	18,700	Charles Schwab Corporation, (4)		7.000%		N/A (6)		BBB		21,528,375
	3,500	Goldman Sachs Group Inc.		5.700%		N/A (6)		Ba1		3,613,750
	6,150	Morgan Stanley		5.550%		N/A (6)		BB+		6,457,500
		Total Capital Markets								44,244,125

		Consumer Finance – 0.4%

	8,000	Capital One Financial Corporation		5.550%		N/A (6)		Baa3		8,390,000

		Diversified Financial Services – 2.0%

	2,861	Countrywide Capital Trust III, Series B, (4)		8.050%		6/15/27		BBB–		3,664,985
	17,557	Rabobank Nederland, 144A		11.000%		N/A (6)		Baa2		19,927,195
	17,705	Voya Financial Inc., (4), (5)		5.650%		5/15/53		Baa3		18,692,939
		Total Diversified Financial Services								42,285,119

		Electric Utilities – 2.7%

	18,600	Emera, Inc., (4), (5)		6.750%		6/15/76		BBB–		21,273,750
	1,000	FPL Group Capital Inc., (LIBOR reference rate + 2.068% spread), (5), (14)		3.401%		10/01/66		BBB		935,000
	11,450	FPL Group Capital Inc., (LIBOR reference rate + 2.125% spread), (4), (14)		3.392%		6/15/67		BBB		10,791,625
	1,600	NextEra Energy Inc.		4.800%		12/01/77		BBB		1,600,000
	23,482	PPL Capital Funding Inc., (LIBOR reference rate + 2.665% spread), (5), (14)		3.998%		3/30/67		BBB		23,169,689
		Total Electric Utilities								57,770,064

		Energy Equipment & Services – 0.7%

	14,530	Transcanada Trust, (5)		5.875%		8/15/76		BBB		15,874,025


NUVEEN			3


JPS	Nuveen Preferred and Income Securities Fund
	Portfolio of Investments (continued)	October 31, 2017 (Unaudited)


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Food Products – 0.2%

	4,500	Dairy Farmers of America Inc., 144A, (5)		7.125%		N/A (6)		Baa3	$	5,023,125

		Industrial Conglomerates – 3.4%

	68,637	General Electric Capital Corporation, (5)		5.000%		N/A (6)		A		71,446,312

		Insurance – 22.4%

	3,598	Ace Capital Trust II, (4)		9.700%		4/01/30		BBB+		5,432,980
	9,800	AIG Life Holdings Inc.		8.500%		7/01/30		Baa2		13,279,000
	1,200	Allstate Corporation, (4)		6.500%		5/15/67		Baa1		1,434,000
	4,400	Allstate Corporation, (5)		5.750%		8/15/53		Baa1		4,807,000
	13,605	American International Group, Inc., (5)		8.175%		5/15/58		Baa2		18,570,825
	2,299	AON Corporation		8.205%		1/08/27		BBB		3,015,139
	2,700	Aviva PLC, Reg S		8.250%		N/A (6)		Baa1		2,693,250
	16,550	AXA SA, (5)		8.600%		12/15/30		A3		23,832,000
	17,819	AXA SA, 144A		6.380%		N/A (6)		Baa1		20,580,945
	900	AXA, Reg S		5.500%		N/A (6)		A3		928,904
	32,854	Catlin Insurance Company Limited, 144A, (LIBOR reference rate + 2.975% spread), (14)		4.332%		N/A (6)		BBB+		31,129,165
	1,200	Everest Reinsurance Holdings, Inc., (LIBOR reference rate + 2.385% spread), (5), (14)		3.700%		5/01/67		BBB		1,134,000
	8,100	Great West Life & Annuity Capital I, 144A, (4)		6.625%		11/15/34		A–		9,690,986
	12,250	Great West Life & Annuity Insurance Capital LP II, 144A, (LIBOR reference rate + 2.538% spread), (5), (14)		3.852%		5/16/46		A–		12,106,062
	16,150	Hartford Financial Services Group, Inc., 144A, (LIBOR reference rate + 2.125% spread), (5), (14)		3.439%		8/15/67		BBB–		15,463,625
	11,688	Hartford Financial Services Group Inc., (4)		8.125%		6/15/68		BBB–		12,097,080
	5,500	Legal & General Group PLC, Reg S		5.250%		3/21/47		BBB+		5,858,490
	25,841	Liberty Mutual Group, 144A, (5)		7.800%		3/07/87		Baa3		32,753,468
	20,369	Liberty Mutual Group, 144A, (LIBOR reference rate + 2.905% spread), (14)		4.225%		3/15/37		Baa3		19,961,620
	3,277	Lincoln National Corporation, (LIBOR reference rate + 2.358% spread), (5), (14)		3.672%		5/17/66		BBB		3,084,476
	11,390	Lincoln National Corporation, (LIBOR reference rate + 2.040% spread), (5), (14)		3.403%		4/20/67		BBB		10,353,510
	26,100	MetLife Capital Trust IV, 144A, (4)		7.875%		12/15/67		BBB		35,169,750
	3,000	MetLife Inc., (5)		10.750%		8/01/69		BBB		5,010,000
	36,531	MetLife Inc., 144A, (4)		9.250%		4/08/38		BBB		54,294,199
	41,904	Nationwide Financial Services Inc., (4)		6.750%		5/15/67		Baa2		47,037,240
	6,243	Oil Insurance Limited, 144A, (LIBOR reference rate + 2.982% spread), (14)		4.317%		N/A (6)		Baa1		5,946,458
	10,750	Provident Financing Trust I, (4), (5)		7.405%		3/15/38		Baa3		12,308,750
	305	Prudential Financial Inc., (5)		8.875%		6/15/68		BBB+		316,502
	6,225	Prudential Financial Inc., (5)		5.875%		9/15/42		BBB+		6,866,175
	27,180	Prudential Financial Inc., (5)		5.625%		6/15/43		BBB+		29,531,070
	1,300	Prudential PLC, Reg S		7.750%		N/A (6)		A–		1,340,625
	5,405	XL Capital Ltd		3.811%		N/A (6)		BBB		4,871,256
	28,700	XLIT Limited, (LIBOR reference rate + 2.458% spread), (14)		3.687%		N/A (6)		BBB–		27,318,812
		Total Insurance								478,217,362

		Machinery – 0.3%

	6,000	Stanley Black & Decker Inc., (5)		5.750%		12/15/53		BBB+		6,177,000

		Metals & Mining – 0.7%

	13,000	BHP Billiton Finance USA Limited, 144A, (5)		6.750%		10/19/75		A–		15,307,500

		Multi-Utilities – 0.1%

	3,000	WEC Energy Group, Inc., (LIBOR reference rate + 2.113% spread), (5), (14)		3.294%		5/15/67		Baa1		2,888,100


	4			NUVEEN


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Oil, Gas & Consumable Fuels – 1.7%

	32,624	Enterprise Products Operating LP, (4), (5)		7.034%		1/15/68		Baa2	$	32,624,000
	3,000	Enterprise Products Operating LLP, (5)		5.250%		8/16/77		Baa2		3,082,500
		Total Oil, Gas & Consumable Fuels								35,706,500

		Road & Rail – 1.4%

	25,485	Burlington Northern Santa Fe Funding Trust I, (4)		6.613%		12/15/55		A–		29,453,015

		Wireless Telecommunication Services – 3.2%

	59,738	Centaur Funding Corporation, Series B, 144A		9.080%		4/21/20		BBB–		67,805,679
		Total $1,000 Par (or similar) Institutional Preferred (cost $1,353,044,251)								1,506,455,305

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		CONTINGENT CAPITAL SECURITIES – 56.0% (37.9% of Total Investments) (7)

		Banks – 41.7%

$	27,800	Australia and New Zealand Banking Group Limited of the United Kingdom, 144A		6.750%		N/A (6)		Baa2	$	31,939,420
	47,000	Banco Bilbao Vizcaya Argentaria S.A, Reg S		9.000%		N/A (6)		BB		48,603,640
	22,600	Banco Santander SA, Reg S		6.375%		N/A (6)		Ba1		23,504,000
	26,400	Barclays Bank PLC		7.750%		4/10/23		BBB–		26,961,000
	7,000	Barclays Bank PLC, (5)		7.625%		11/21/22		BBB–		8,041,250
	45,290	Barclays PLC		8.250%		N/A (6)		BB+		48,139,647
	36,416	Barclays PLC		7.434%		N/A (6)		BB+		38,054,720
	50,400	Credit Agricole SA, 144A		8.125%		N/A (6)		BBB–		60,665,170
	10,000	Credit Agricole SA, Reg S		8.125%		N/A (6)		BBB–		12,036,740
	13,653	Credit Agricole SA, 144A		7.875%		N/A (6)		BBB–		15,547,354
	13,000	Credit Agricole, S.A, Reg S		7.875%		N/A (6)		BBB–		14,803,750
	1,000	Credit Agricole, S.A, 144A		6.625%		N/A (6)		BBB–		1,051,250
	17,200	DNB Bank ASA, Reg S		6.500%		N/A (6)		BBB		18,748,000
	11,000	DNB Bank ASA, Reg S		5.750%		N/A (6)		BBB		11,467,500
	66,505	HSBC Holdings PLC		6.875%		N/A (6)		BBB		73,238,631
	5,000	ING Groep N.V., Reg S		6.875%		N/A (6)		BBB–		5,572,160
	16,000	ING Groep N.V.		6.500%		N/A (6)		BBB–		17,561,600
	70,529	Lloyds Banking Group PLC		7.500%		N/A (6)		BB+		80,491,221
	35,090	Nordea Bank AB, 144A		6.125%		N/A (6)		BBB		38,291,962
	5,000	Nordea Bank AB, Reg S		6.125%		N/A (6)		BBB		5,456,250
	13,225	Nordea Bank AB, 144A		5.500%		N/A (6)		BBB		13,720,938
	12,330	Nordea Bank AB, Reg S		5.250%		N/A (6)		BBB		12,852,052
	25,375	Royal Bank of Scotland Group PLC		8.000%		N/A (6)		Ba3		29,008,700
	63,786	Royal Bank of Scotland Group PLC		7.500%		N/A (6)		Ba3		68,346,699
	12,210	Skandinaviska Enskilda Bankenn AB, Reg S		5.750%		N/A (6)		BBB		12,759,523
	15,000	Societe Generale, Reg S		8.250%		N/A (6)		BB+		15,881,610
	9,000	Societe Generale, Reg S		7.875%		N/A (6)		BB+		10,203,750
	59,900	Societe Generale, 144A		8.000%		N/A (6)		BB+		69,933,250
	13,000	Standard Chartered PLC, 144A		6.379%		N/A (6)		Ba1		14,415,700
	7,000	Standard Chartered PLC, 144A, (4)		7.500%		N/A (6)		Ba1		7,678,650
	4,000	Standard Chartered PLC, Reg S		7.500%		N/A (6)		Ba1		4,387,800
	32,786	Svenska Handelsbanken AB, Reg S		5.250%		N/A (6)		BBB+		33,867,479
	15,000	Swedbank AB, Reg S		6.000%		N/A (6)		BBB		16,162,500
	809,495	Total Banks								889,393,916

		Capital Markets – 10.0%

	51,300	Credit Suisse Group AG, 144A		7.500%		N/A (6)		BB		59,636,250
	22,000	Credit Suisse Group AG, Reg S		7.500%		N/A (6)		BB		25,575,000
	11,000	Credit Suisse Group AG, Reg S		6.500%		8/08/23		BBB		12,457,500
	8,200	Credit Suisse Group AG, 144A		6.250%		N/A (6)		BB		8,968,750
	2,676	UBS AG Stamford, (5)		7.625%		8/17/22		A–		3,157,680
	42,178	UBS Group AG, Reg S		7.125%		N/A (6)		BBB–		45,446,795


NUVEEN			5


JPS	Nuveen Preferred and Income Securities Fund
	Portfolio of Investments (continued)	October 31, 2017 (Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		Capital Markets (continued)

$	5,609	UBS Group AG, Reg S		7.000%		N/A (6)		BBB–	$	6,426,153
	39,800	UBS Group AG, Reg S		6.875%		N/A (6)		BBB–		44,680,674
	6,000	UBS Group AG, Reg S		6.875%		N/A (6)		BBB–		6,540,000
	188,763	Total Capital Markets								212,888,802

		Diversified Financial Services – 4.3%

	46,000	BNP Paribas, 144A		7.625%		N/A (6)		BBB–		51,577,500
	29,185	BNP Paribas, 144A		7.375%		N/A (6)		BBB–		33,708,675
	5,000	BNP Paribas, Reg S		7.375%		N/A (6)		BBB–		5,775,000
	80,185	Total Diversified Financial Services								91,061,175
$	1,078,443	Total Contingent Capital Securities (cost $1,088,217,167)								1,193,343,893

Shares		Description (1), (8)							Value

		INVESTMENT COMPANIES – 1.2% (0.8% of Total Investments)

	966,571	Blackrock Credit Allocation Income Trust IV							$	12,913,389
	646,421	John Hancock Preferred Income Fund III								11,958,788
		Total Investment Companies (cost $34,130,200)								24,872,177
		Total Long-Term Investments (cost $2,829,103,416)								3,112,054,856

Principal Amount (000)		Description (1)	Coupon		Maturity				Value

		SHORT-TERM INVESTMENTS – 1.8% (1.3% of Total Investments)

		REPURCHASE AGREEMENTS – 1.8% (1.3% of Total Investments)

$	39,562	Repurchase Agreement with Fixed Income Clearing Corporation dated 10/31/17, repurchase price $39,562,490, collateralized by $40,345,000 U.S. Treasury Notes, 2.125%, due 5/15/25, value $40,357,426		0.120%		11/01/17			$	39,562,358
		Total Short-Term Investments (cost $39,562,358)								39,562,358
		Total Investments (cost $2,868,665,774) – 147.9%								3,151,617,214
		Borrowings – (39.7)% (9), (10)								(845,300,000	)
		Reverse Repurchase Agreements – (9.4)% (11)								(200,000,000	)
		Other Assets Less Liabilities – 1.2% (12)								24,012,809
		Net Assets Applicable to Common Shares – 100%							$	2,130,330,023

Investments in Derivatives as of October 31, 2017

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 (13)		Optional Termination Date		Maturity Date		Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	227,569,000		Receive		1-Month LIBOR		1.462	%		Monthly		12/01/17		12/01/18		12/01/20	$	80,336	$	3,195,850	$	(3,115,514	)
Morgan Stanley Capital Services, LLC		521,000,000		Receive		1-Month LIBOR		1.994			Monthly		6/01/18		7/01/25		7/01/27		2,677,794		—		2,677,794
Total	$	748,569,000																$	2,758,130	$	3,195,850	$	(437,720	)


	6			NUVEEN

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.


Level 1 –		Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –		Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:


	Level 1		Level 2			Level 3		Total
Long-Term Investments:
$25 Par (or similar) Retail Preferred	$	291,096,664	$	64,752,257		$	—	$	355,848,921
Convertible Preferred Securities		13,927,920		—			—		13,927,920
Corporate Bonds		—		17,606,640			—		17,606,640
$1,000 Par (or similar) Institutional Preferred		—		1,506,455,305			—		1,506,455,305
Contingent Capital Securities		—		1,193,343,893			—		1,193,343,893
Investment Companies		24,872,177		—			—		24,872,177

Short-Term Investments:
Repurchase Agreements		—		39,562,358			—		39,562,358

Investments in Derivatives:
Interest Rate Swaps*		—		(437,720	)		—		(437,720	)
Total	$	329,896,761	$	2,821,282,733		$	—	$	3,151,179,494

*	Represents net unrealized appreciation (depreciation).

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to recognition of premium amortization, timing differences in the recognition of income on real estate investment trust (“REIT”) investments and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

The tables below present below present the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2017.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.


NUVEEN			7


JPS	Nuveen Preferred and Income Securities Fund
	Portfolio of Investments (continued)	October 31, 2017 (Unaudited)


Tax cost of investments	$	2,886,323,776
Gross unrealized:
Appreciation	$	299,694,276
Depreciation		(34,400,838	)
Net unrealized appreciation (depreciation) of investments	$	265,293,438

Tax cost of swaps	$	3,195,850
Net unrealized appreciation (depreciation) of swaps	$	(437,720	)

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)	For fair value measurement disclosure purposes, investment classified as Level 2.

(4)	Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $437,327,848.

(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or reverse repurchase agreements.

(6)	Perpetual security. Maturity date is not applicable.

(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)	A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.

(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 $1,883,847,519 have been pledged as collateral for borrowings.

(10)	Borrowings as a percentage of Total Investments is 26.8%.

(11)	Reverse Repurchase Agreements as a percentage of Total Investments is 6.3%.

(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.

(14)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

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.

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.

LIBOR

London Inter-Bank Offered Rate


	8			NUVEEN

Item 2. Controls and Procedures.

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		Nuveen Preferred and Income Securities Fund

By (Signature and Title)		/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Vice President and Secretary

Date: December 29, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Cedric H. Antosiewicz
		Cedric H. Antosiewicz
		Chief Administrative Officer (principal executive officer)

Date: December 29, 2017

By (Signature and Title)		/s/ Stephen D. Foy
		Stephen D. Foy
		Vice President and Controller (principal financial officer)

Date: December 29, 2017