JHY
Nuveen High Income 2020 Target
Term Fund
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
LONG-TERM INVESTMENTS – 91.3% (81.3% of Total Investments) | ||||||||
CORPORATE BONDS – 80.0% (71.2% of Total Investments) | ||||||||
Airlines – 4.8% | ||||||||
$2,844 | Air Canada, 144A | 7.750% | 4/15/21 | BB | $2,765,790 | |||
2,000 | Delta Air Lines Inc | 3.400% | 4/19/21 | Baa3 | 1,821,058 | |||
2,500 | United Airlines Holdings Inc | 6.000% | 12/01/20 | BB | 2,400,000 | |||
7,344 | Total Airlines | 6,986,848 | ||||||
Banks – 10.4% | ||||||||
2,000 | Banco del Estado de Chile, 144A | 2.668% | 1/08/21 | A+ | 1,985,000 | |||
2,000 | Banco del Estado de Chile, Reg S | 2.668% | 1/08/21 | A+ | 1,985,000 | |||
1,900 | Banco Nacional de Costa Rica, 144A | 5.875% | 4/25/21 | B+ | 1,845,394 | |||
3,415 | CIT Group Inc | 4.125% | 3/09/21 | BBB- | 3,363,775 | |||
4,000 | Halyk Savings Bank of Kazakhstan JSC, 144A | 7.250% | 1/28/21 | BB+ | 4,086,096 | |||
1,900 | Turkiye Garanti Bankasi AS, 144A | 6.250% | 4/20/21 | B+ | 1,871,500 | |||
15,215 | Total Banks | 15,136,765 | ||||||
Building Products – 1.0% | ||||||||
2,000 | Omnimax International Inc, 144A | 12.000% | 8/15/20 | Caa1 | 1,412,500 | |||
Commercial Services & Supplies – 1.9% | ||||||||
2,645 | RR Donnelley & Sons Co | 7.875% | 3/15/21 | B- | 2,678,063 | |||
Consumer Finance – 6.4% | ||||||||
1,250 | Ally Financial Inc | 7.500% | 9/15/20 | BBB- | 1,259,375 | |||
2,000 | Ally Financial Inc | 4.250% | 4/15/21 | BBB- | 1,953,160 | |||
2,870 | Navient Corp | 5.000% | 10/26/20 | BB | 2,826,950 | |||
3,250 | Springleaf Finance Corp | 8.250% | 12/15/20 | BB- | 3,250,000 | |||
9,370 | Total Consumer Finance | 9,289,485 | ||||||
Containers & Packaging – 0.3% | ||||||||
450 | Graphic Packaging International LLC | 4.750% | 4/15/21 | BB+ | 444,510 | |||
Diversified Financial Services – 6.9% | ||||||||
1,500 | Barclays Bank PLC | 5.140% | 10/14/20 | A- | 1,514,507 | |||
2,000 | Deutsche Bank NY | 2.700% | 7/13/20 | BBB | 1,960,739 | |||
4,500 | Ford Motor Credit Co LLC | 2.343% | 11/02/20 | BBB- | 4,320,000 | |||
2,375 | Park Aerospace Holdings Ltd, 144A | 3.625% | 3/15/21 | BBB- | 2,250,644 | |||
10,375 | Total Diversified Financial Services | 10,045,890 | ||||||
Diversified Telecommunication Services – 0.2% | ||||||||
350 | Cogent Communications Group Inc, 144A | 5.625% | 4/15/21 | B- | 344,750 |
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JHY | Nuveen High Income 2020 Target Term Fund (continued) |
Portfolio of Investments March 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Electric Utilities – 1.2% | ||||||||
$2,000 | Eskom Holdings SOC Ltd, 144A | 5.750% | 1/26/21 | BBB+ | $1,690,000 | |||
Energy Equipment & Services – 0.2% | ||||||||
1,500 | Pride International LLC | 6.875% | 8/15/20 | B- | 345,000 | |||
Health Care Providers & Services – 0.2% | ||||||||
285 | Acadia Healthcare Co Inc | 6.125% | 3/15/21 | B- | 277,875 | |||
Hotels, Restaurants & Leisure – 2.2% | ||||||||
3,170 | Yum! Brands Inc | 3.875% | 11/01/20 | B+ | 3,122,450 | |||
Household Durables – 5.0% | ||||||||
1,750 | Lennar Corp | 2.950% | 11/29/20 | BBB- | 1,706,250 | |||
3,080 | Lennar Corp | 8.375% | 1/15/21 | BBB- | 3,126,200 | |||
2,500 | PulteGroup Inc | 4.250% | 3/01/21 | BBB- | 2,437,500 | |||
7,330 | Total Household Durables | 7,269,950 | ||||||
Independent Power & Renewable Electricity Producers – 2.7% | ||||||||
4,000 | AES Corp/VA | 4.000% | 3/15/21 | BBB- | 3,926,000 | |||
Industrial Conglomerates – 1.0% | ||||||||
1,500 | Turkiye Sise ve Cam Fabrikalari AS, 144A | 4.250% | 5/09/20 | BB- | 1,499,940 | |||
Insurance – 0.7% | ||||||||
1,000 | Genworth Holdings Inc | 7.200% | 2/15/21 | B | 937,500 | |||
Internet & Direct Marketing Retail – 2.3% | ||||||||
3,370 | Netflix Inc | 5.375% | 2/01/21 | BB- | 3,395,275 | |||
IT Services – 1.7% | ||||||||
2,528 | Xerox Corp | 2.750% | 9/01/20 | BB+ | 2,502,720 | |||
Media – 2.1% | ||||||||
3,000 | DISH DBS Corp | 5.125% | 5/01/20 | B1 | 2,976,705 | |||
Metals & Mining – 5.2% | ||||||||
4,000 | AngloGold Ashanti Holdings PLC | 5.375% | 4/15/20 | Baa3 | 3,960,000 | |||
1,700 | Arconic Inc | 6.150% | 8/15/20 | BBB- | 1,725,500 | |||
850 | Arconic Inc | 5.400% | 4/15/21 | BBB- | 842,647 | |||
1,000 | Gold Fields Orogen Holdings BVI Ltd, 144A | 4.875% | 10/07/20 | Baa3 | 963,950 | |||
7,550 | Total Metals & Mining | 7,492,097 | ||||||
Mortgage Real Estate Investment Trust – 1.9% | ||||||||
3,000 | Starwood Property Trust Inc | 3.625% | 2/01/21 | Ba3 | 2,805,300 | |||
Oil, Gas & Consumable Fuels – 4.3% | ||||||||
781 | Chesapeake Energy Corp | 6.625% | 8/15/20 | CCC- | 226,490 |
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Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Oil, Gas & Consumable Fuels (continued) | ||||||||
$226 | Chesapeake Energy Corp | 6.875% | 11/15/20 | CCC- | $61,020 | |||
1,200 | Navigator Holdings Ltd, Reg S, 144A | 7.750% | 2/10/21 | N/R | 1,140,048 | |||
865 | NuStar Logistics LP | 6.750% | 2/01/21 | Ba2 | 687,675 | |||
980 | Petrobras Global Finance BV | 5.375% | 1/27/21 | Ba2 | 978,314 | |||
2,250 | Petroleos Mexicanos | 5.500% | 1/21/21 | BBB | 2,165,063 | |||
2,000 | QEP Resources Inc | 6.875% | 3/01/21 | BB- | 1,020,000 | |||
8,302 | Total Oil, Gas & Consumable Fuels | 6,278,610 | ||||||
Professional Services – 2.3% | ||||||||
3,500 | Nielsen Finance LLC / Nielsen Finance Co | 4.500% | 10/01/20 | BB | 3,395,000 | |||
Software – 0.4% | ||||||||
525 | NortonLifeLock Inc | 4.200% | 9/15/20 | BB- | 519,096 | |||
Specialty Retail – 5.9% | ||||||||
2,250 | Gap Inc/The | 5.950% | 4/12/21 | Ba1 | 2,049,729 | |||
3,878 | L Brands Inc | 6.625% | 4/01/21 | Ba3 | 3,645,320 | |||
2,990 | Penske Automotive Group Inc | 3.750% | 8/15/20 | Ba3 | 2,907,775 | |||
9,118 | Total Specialty Retail | 8,602,824 | ||||||
Technology Hardware, Storage & Peripherals – 0.8% | ||||||||
1,125 | EMC Corp | 2.650% | 6/01/20 | BB | 1,118,588 | |||
Tobacco – 1.5% | ||||||||
2,500 | Pyxus International Inc, 144A | 8.500% | 4/15/21 | B2 | 2,225,000 | |||
Trading Companies & Distributors – 1.2% | ||||||||
1,782 | Aircastle Ltd | 5.125% | 3/15/21 | BBB | 1,768,842 | |||
Wireless Telecommunication Services – 5.3% | ||||||||
3,735 | CenturyLink Inc | 5.625% | 4/01/20 | BB | 3,735,000 | |||
4,000 | Sprint Communications Inc | 7.000% | 8/15/20 | B+ | 4,025,200 | |||
7,735 | Total Wireless Telecommunication Services | 7,760,200 | ||||||
$122,569 | Total Corporate Bonds (cost $123,724,870) | 116,247,783 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SOVEREIGN DEBT – 5.3% (4.7% of Total Investments) | ||||||
Argentina – 0.1% | ||||||
$210 | Argentine Republic Government International Bond | 6.875% | 4/22/21 | Caa2 | $60,375 | |
Egypt – 2.4% | ||||||
3,500 | Egypt Government International Bond, 144A | 5.750% | 4/29/20 | B+ | 3,482,815 |
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JHY | Nuveen High Income 2020 Target Term Fund (continued) |
Portfolio of Investments March 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Honduras – 0.3% | ||||||
$500 | Honduras Government International Bond, 144A | 8.750% | 12/16/20 | BB- | $495,005 | |
Nigeria – 0.8% | ||||||
1,250 | Nigeria Government International Bond, 144A | 6.750% | 1/28/21 | B+ | 1,162,500 | |
Turkey – 1.7% | ||||||
2,500 | Turkey Government International Bond | 5.625% | 3/30/21 | BB- | 2,481,250 | |
$7,960 | Total Sovereign Debt (cost $8,030,561) | 7,681,945 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
CONVERTIBLE BONDS – 4.0% (3.6% of Total Investments) | ||||||||
Capital Markets – 1.2% | ||||||||
$1,780 | Prospect Capital Corp | 4.750% | 4/15/20 | BBB- | $1,779,109 | |||
Independent Power & Renewable Electricity Producers – 2.7% | ||||||||
1,500 | Clearway Energy Inc, 144A | 3.250% | 6/01/20 | N/R | 1,461,935 | |||
2,500 | NextEra Energy Partners LP, 144A | 1.500% | 9/15/20 | N/R | 2,471,055 | |||
4,000 | Total Independent Power & Renewable Electricity Producers | 3,932,990 | ||||||
Mortgage Real Estate Investment Trust – 0.1% | ||||||||
150 | Colony Capital Inc | 3.875% | 1/15/21 | N/R | 120,001 | |||
$5,930 | Total Convertible Bonds (cost $5,823,413) | 5,832,100 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 2.0% (1.8% of Total Investments) | ||||||||
Banks – 2.0% | ||||||||
$3,000 | BBVA Bancomer SA/Texas, 144A | 7.250% | 4/22/20 | Baa3 | $2,977,530 | |||
$3,000 | Total $1,000 Par (or similar) Institutional Preferred (cost $3,008,398) | 2,977,530 | ||||||
Total Long-Term Investments (cost $140,587,242) | 132,739,358 |
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Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||
SHORT-TERM INVESTMENTS – 21.0% (18.7% of Total Investments) | ||||||||
REPURCHASE AGREEMENTS – 21.0% (18.7% of Total Investments) | ||||||||
$30,444 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/20, repurchase price $3,455,162, collateralized by $3,245,000, U.S. Treasury Notes, 2.750%, due 4/30/23, value $3,527,594 | 0.000% | 4/01/20 | $30,443,932 | ||||
Total Short-Term Investments (cost $30,443,932) | 30,443,932 | |||||||
Total Investments (cost $171,031,174) – 112.3% | 163,183,290 | |||||||
Borrowings – (13.4)% (3), (4) | (19,500,000) | |||||||
Other Assets Less Liabilities – 1.1% | 1,629,121 | |||||||
Net Assets Applicable to Common Shares – 100% | $145,312,411 |
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. 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, credit spreads, 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 risks 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: | ||||
Corporate Bonds | $ — | $116,247,783 | $ — | $116,247,783 |
Sovereign Debt | — | 7,681,945 | — | 7,681,945 |
Convertible Bonds | — | 5,832,100 | — | 5,832,100 |
$1,000 Par (or similar) Institutional Preferred | — | 2,977,530 | — | 2,977,530 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 30,443,932 | — | 30,443,932 |
Total | $ — | $163,183,290 | $ — | $163,183,290 |
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JHY | Nuveen High Income 2020 Target Term Fund (continued) |
Portfolio of Investments March 31, 2020 | |
(Unaudited) |
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) | Borrowings as a percentage of Total Investments is 11.9%. | |
(4) | 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. | |
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. |
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