JHY
Nuveen High Income 2020 Target Term Fund
Portfolio of Investments September 30, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
LONG-TERM INVESTMENTS – 37.0% (37.8% of Total Investments) | ||||||||
CORPORATE BONDS – 34.5% (35.3% of Total Investments) | ||||||||
Airlines – 3.0% | ||||||||
$2,000 | Delta Air Lines Inc | 3.400% | 4/19/21 | Baa3 | $1,992,307 | |||
2,500 | United Airlines Holdings Inc | 6.000% | 12/01/20 | Ba3 | 2,506,250 | |||
4,500 | Total Airlines | 4,498,557 | ||||||
Banks – 3.3% | ||||||||
1,500 | Barclays Bank PLC | 5.140% | 10/14/20 | BBB+ | 1,502,117 | |||
3,415 | CIT Group Inc | 4.125% | 3/09/21 | BBB- | 3,415,000 | |||
4,915 | Total Banks | 4,917,117 | ||||||
Consumer Finance – 3.2% | ||||||||
2,000 | Ally Financial Inc | 4.250% | 4/15/21 | BBB- | 2,034,082 | |||
2,870 | Navient Corp | 5.000% | 10/26/20 | Ba3 | 2,870,000 | |||
4,870 | Total Consumer Finance | 4,904,082 | ||||||
Containers & Packaging – 0.3% | ||||||||
450 | Graphic Packaging International LLC | 4.750% | 4/15/21 | BB+ | 453,375 | |||
Diversified Financial Services – 1.6% | ||||||||
2,375 | Park Aerospace Holdings Ltd, 144A | 3.625% | 3/15/21 | BBB- | 2,364,732 | |||
Electric Utilities – 1.3% | ||||||||
2,000 | Eskom Holdings SOC Ltd, 144A | 5.750% | 1/26/21 | BBB+ | 1,950,680 | |||
Energy Equipment & Services – 0.1% | ||||||||
1,500 | Pride International LLC, (3) | 6.875% | 8/15/20 | D | 113,546 | |||
Hotels, Restaurants & Leisure – 2.1% | ||||||||
3,170 | Yum! Brands Inc | 3.875% | 11/01/20 | B+ | 3,171,585 | |||
Household Durables – 3.7% | ||||||||
3,080 | Lennar Corp | 8.375% | 1/15/21 | BBB- | 3,133,900 | |||
2,500 | PulteGroup Inc | 4.250% | 3/01/21 | BBB- | 2,515,625 | |||
5,580 | Total Household Durables | 5,649,525 | ||||||
Insurance – 0.7% | ||||||||
1,000 | Genworth Holdings Inc | 7.200% | 2/15/21 | B- | 1,005,000 | |||
Internet & Direct Marketing Retail – 2.2% | ||||||||
3,370 | Netflix Inc | 5.375% | 2/01/21 | BB | 3,403,700 |
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JHY | Nuveen High Income 2020 Target Term Fund (continued) |
Portfolio of Investments September 30, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Metals & Mining – 0.7% | ||||||||
$1,000 | Gold Fields Orogen Holdings BVI Ltd, 144A | 4.875% | 10/07/20 | Baa3 | $997,720 | |||
Mortgage Real Estate Investment Trust – 2.0% | ||||||||
3,000 | Starwood Property Trust Inc | 3.625% | 2/01/21 | Ba3 | 2,997,900 | |||
Oil, Gas & Consumable Fuels – 1.5% | ||||||||
2,250 | Petroleos Mexicanos | 5.500% | 1/21/21 | BBB | 2,269,687 | |||
Specialty Retail – 7.6% | ||||||||
7,500 | Ford Motor Credit Co LLC | 2.343% | 11/02/20 | BB+ | 7,490,625 | |||
3,878 | L Brands Inc | 6.625% | 4/01/21 | B+ | 3,984,645 | |||
11,378 | Total Specialty Retail | 11,475,270 | ||||||
Trading Companies & Distributors – 1.2% | ||||||||
1,782 | Aircastle Ltd | 5.125% | 3/15/21 | BBB | 1,808,021 | |||
$53,140 | Total Corporate Bonds (cost $53,359,308) | 51,980,497 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
SOVEREIGN DEBT – 2.5% (2.5% of Total Investments) | ||||||||
Nigeria – 0.8% | ||||||||
$1,250 | Nigeria Government International Bond, 144A | 6.750% | 1/28/21 | B | $1,254,625 | |||
Turkey – 1.7% | ||||||||
2,500 | Turkey Government International Bond | 5.625% | 3/30/21 | BB- | 2,509,425 | |||
$3,750 | Total Sovereign Debt (cost $3,769,824) | 3,764,050 | ||||||
Total Long-Term Investments (cost $57,129,132) | 55,744,547 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 60.9% (62.2% of Total Investments) | ||||||
COMMERCIAL PAPER – 45.9% | ||||||
Banks – 12.0% | ||||||
$3,000 | Corp Andina de Fomento, 144A | 0.000% | 10/14/20 | $2,999,675 | ||
3,000 | Credit Agricole Corporate and Investment Bank/New York | 0.220% | 10/28/20 | 2,999,505 | ||
3,000 | Lloyds Bank PLC | 0.220% | 10/13/20 | 2,999,780 | ||
3,000 | Manhattan Asset Funding Co LLC, 144A | 0.000% | 10/28/20 | 2,999,438 | ||
3,000 | NRW Bank, 144A | 0.000% | 10/13/20 | 2,999,838 | ||
3,000 | Societe Generale SA, 144A | 0.130% | 10/19/20 | 2,999,805 | ||
18,000 | Total Banks | 17,998,041 | ||||
Diversified Financial Services – 28.6% | ||||||
3,000 | Bennington Stark Capital Co LLC, 144A | 0.150% | 10/13/20 | 2,999,850 |
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Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
Diversified Financial Services (continued) | ||||||
$3,000 | Ciesco LLC, 144A | 0.260% | 10/30/20 | $2,999,372 | ||
3,000 | Cornell University | 0.200% | 10/15/20 | 2,999,767 | ||
3,000 | CRC Funding LLC, 144A | 0.220% | 10/13/20 | 2,999,780 | ||
3,000 | Crown Point Capital Co LLC, 144A | 0.300% | 10/22/20 | 2,999,475 | ||
3,000 | Great Bridge Capital Co LLC, 144A | 0.270% | 10/28/20 | 2,999,393 | ||
3,000 | Halkin Finance LLC, 144A | 0.260% | 10/28/20 | 2,999,415 | ||
4,000 | Jupiter Securitization Co LLC, 144A | 0.120% | 10/01/20 | 4,000,000 | ||
3,000 | Kells Funding LLC, 144A | 0.270% | 10/16/20 | 2,999,662 | ||
3,000 | MetLife Short Term Funding LLC, 144A | 0.210% | 10/30/20 | 2,999,492 | ||
3,000 | Old Line Funding LLC, 144A | 0.230% | 10/05/20 | 2,999,923 | ||
3,000 | Private Export Funding Corp | 0.200% | 10/30/20 | 2,999,517 | ||
3,000 | Sheffield Receivables Co LLC, 144A | 0.300% | 10/26/20 | 2,999,375 | ||
3,000 | Thunder Bay Funding LLC, 144A | 0.260% | 10/26/20 | 2,999,458 | ||
43,000 | Total Diversified Financial Services | 42,994,479 | ||||
Health Care Providers & Services – 1.3% | ||||||
2,000 | Cigna Corp, 144A | 0.200% | 10/02/20 | 1,999,989 | ||
Oil, Gas & Consumable Fuels – 2.0% | ||||||
3,000 | Exxon Mobil Corp | 0.230% | 10/06/20 | 2,999,905 | ||
Thrifts & Mortgage Finance – 2.0% | ||||||
3,000 | Columbia Funding Co LLC, 144A | 0.290% | 10/07/20 | 2,999,855 | ||
$69,000 | Total Commercial Paper (cost $68,992,269) | 68,992,269 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 14.7% (15.0% of Total Investments) | ||||||||
$22,100 | United States Treasury Bill | 0.000% | 10/27/20 | Aaa | $22,098,723 | |||
Total U.S. Government and Agency Obligations (cost $22,098,859) | 22,098,723 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||
REPURCHASE AGREEMENTS – 0.3% (0.3% of Total Investments) | ||||||||
$486 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/20, repurchase price of $485,749, collaterized by $497,800, U.S. Treasury Notes, 0.375%, due 09/30/27, value $495,544 | 0.000% | 10/01/20 | $485,749 | ||||
Total Repurchase Agreements (cost $485,749) | 485,749 | |||||||
Total Short-Term Investments (cost $91,576,877) | 91,576,741 | |||||||
Total Investments (cost $148,706,009) – 97.9% | 147,321,288 | |||||||
Other Assets Less Liabilities – 2.1% | 3,110,184 | |||||||
Net Assets Applicable to Common Shares – 100% | $150,431,472 |
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JHY | Nuveen High Income 2020 Target Term Fund (continued) |
Portfolio of Investments September 30, 2020 | |
(Unaudited) |
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.
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: | ||||
Corporate Bonds | $ — | $51,980,497 | $ — | $51,980,497 |
Sovereign Debt | — | 3,764,050 | — | 3,764,050 |
Short-Term Investments: | ||||
Commercial Paper | — | 68,992,269 | — | 68,992,269 |
U.S. Government and Agency Obligations | — | 22,098,723 | — | 22,098,723 |
Repurchase Agreements | — | 485,749 | — | 485,749 |
Total | $ — | $147,321,288 | $ — | $147,321,288 |
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) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
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. |
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