JHB
Nuveen High Income November 2021
Target Term Fund
Portfolio of Investments September 30, 2019
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
LONG-TERM INVESTMENTS – 115.9% (100.0% of Total Investments) | ||||||||
CORPORATE BONDS – 106.9% (92.3% of Total Investments) | ||||||||
Aerospace & Defense – 1.6% | ||||||||
$3,000 | Bombardier Inc, 144A | 8.750% | 12/01/21 | B | $3,240,000 | |||
5,750 | Bombardier Inc, 144A | 5.750% | 3/15/22 | B | 5,850,625 | |||
8,750 | Total Aerospace & Defense | 9,090,625 | ||||||
Airlines – 2.9% | ||||||||
5,675 | Air Canada, 144A | 7.750% | 4/15/21 | BB+ | 6,079,343 | |||
784 | American Airlines 2013-2 Class B Pass Through Trust, 144A | 5.600% | 7/15/20 | BBB- | 796,917 | |||
1,675 | American Airlines Group Inc, 144A | 4.625% | 3/01/20 | BB- | 1,685,469 | |||
31 | Continental Airlines 2007-1 Class B Pass Through Trust | 6.903% | 4/19/22 | BBB- | 31,843 | |||
170 | Continental Airlines 2009-2 Class A Pass Through Trust | 7.250% | 11/10/19 | A | 171,113 | |||
500 | United Airlines Holdings Inc | 6.000% | 12/01/20 | BB | 518,909 | |||
6,700 | Virgin Australia Holdings Ltd, 144A | 7.875% | 10/15/21 | B | 6,837,350 | |||
15,535 | Total Airlines | 16,120,944 | ||||||
Auto Components – 1.7% | ||||||||
7,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 5.875% | 2/01/22 | BB+ | 7,074,375 | |||
2,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 6.250% | 2/01/22 | BB+ | 2,052,000 | |||
9,000 | Total Auto Components | 9,126,375 | ||||||
Automobiles – 1.0% | ||||||||
6,006 | Aston Martin Capital Holdings Ltd, 144A | 6.500% | 4/15/22 | B3 | 5,264,259 | |||
Banks – 1.8% | ||||||||
2,000 | Banco Nacional de Costa Rica, 144A | 5.875% | 4/25/21 | B1 | 2,032,520 | |||
2,410 | CIT Group Inc | 4.125% | 3/09/21 | BB+ | 2,452,175 | |||
2,000 | Turkiye Is Bankasi AS, 144A | 5.000% | 4/30/20 | B+ | 2,005,000 | |||
1,650 | Ukreximbank Via Biz Finance PLC, 144A | 9.625% | 4/27/22 | B | 1,718,426 | |||
1,844 | UniCredit SpA, 144A | 3.750% | 4/12/22 | Baa1 | 1,885,676 | |||
9,904 | Total Banks | 10,093,797 | ||||||
Building Products – 0.5% | ||||||||
2,750 | Omnimax International Inc, 144A | 12.000% | 8/15/20 | Caa1 | 2,722,500 | |||
Chemicals – 1.6% | ||||||||
2,705 | CF Industries Inc, 144A | 3.400% | 12/01/21 | BBB- | 2,751,898 | |||
2,475 | Methanex Corp | 5.250% | 3/01/22 | Baa3 | 2,570,923 |
1
JHB | Nuveen High Income November 2021 Target Term Fund (continued) |
Portfolio of Investments September 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Chemicals (continued) | ||||||||
$3,545 | WR Grace & Co-Conn, 144A | 5.125% | 10/01/21 | BB- | $3,682,723 | |||
8,725 | Total Chemicals | 9,005,544 | ||||||
Commercial Services & Supplies – 4.8% | ||||||||
7,025 | ADT Security Corp | 6.250% | 10/15/21 | BB- | 7,481,625 | |||
2,854 | APX Group Inc | 8.750% | 12/01/20 | CCC | 2,804,055 | |||
6,250 | GFL Environmental Inc, 144A | 5.625% | 5/01/22 | CCC+ | 6,390,625 | |||
1,500 | Pitney Bowes Inc | 4.125% | 9/15/20 | BB+ | 1,509,375 | |||
2,000 | Pitney Bowes Inc | 4.125% | 10/01/21 | BB+ | 2,010,000 | |||
5,450 | RR Donnelley & Sons Co | 7.875% | 3/15/21 | B- | 5,627,125 | |||
500 | RR Donnelley & Sons Co | 7.000% | 2/15/22 | B- | 515,000 | |||
25,579 | Total Commercial Services & Supplies | 26,337,805 | ||||||
Communications Equipment – 1.0% | ||||||||
3,462 | CommScope Inc, 144A | 5.000% | 6/15/21 | B- | 3,463,039 | |||
2,000 | IHS Netherlands Holdco BV, Reg S | 9.500% | 10/27/21 | B+ | 2,037,000 | |||
5,462 | Total Communications Equipment | 5,500,039 | ||||||
Construction & Engineering – 0.4% | ||||||||
2,100 | AECOM Global II LLC / URS Fox US LP | 5.000% | 4/01/22 | B+ | 2,163,000 | |||
Consumer Finance – 4.6% | ||||||||
4,585 | Ally Financial Inc | 4.125% | 2/13/22 | BBB- | 4,688,163 | |||
7,752 | Credit Acceptance Corp | 6.125% | 2/15/21 | BB | 7,771,380 | |||
2,100 | Navient Corp | 6.625% | 7/26/21 | BB | 2,205,000 | |||
6,225 | Navient Corp | 7.250% | 1/25/22 | BB | 6,707,437 | |||
995 | SLM Corp | 5.125% | 4/05/22 | BB+ | 1,019,875 | |||
3,000 | Springleaf Finance Corp | 7.750% | 10/01/21 | BB- | 3,262,500 | |||
24,657 | Total Consumer Finance | 25,654,355 | ||||||
Containers & Packaging – 1.5% | ||||||||
120 | Graphic Packaging International LLC | 4.750% | 4/15/21 | BB+ | 123,900 | |||
6,995 | Owens-Brockway Glass Container Inc | 5.000% | 1/15/22 | BB- | 7,214,993 | |||
920 | Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A | 5.803% | 7/15/21 | B+ | 921,150 | |||
8,035 | Total Containers & Packaging | 8,260,043 | ||||||
Diversified Financial Services – 2.6% | ||||||||
6,000 | Avation Capital SA, 144A | 6.500% | 5/15/21 | BB- | 6,210,000 | |||
3,000 | Ford Motor Credit Co LLC | 3.339% | 3/28/22 | BBB | 3,003,844 | |||
2,798 | Park Aerospace Holdings Ltd, 144A | 3.625% | 3/15/21 | BBB- | 2,818,425 | |||
4,280 | PHH Corp | 6.375% | 8/15/21 | N/R | 2,439,600 | |||
16,078 | Total Diversified Financial Services | 14,471,869 | ||||||
Diversified Telecommunication Services – 2.5% | ||||||||
9,195 | CenturyLink Inc | 5.800% | 3/15/22 | BB | 9,689,231 |
2
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Diversified Telecommunication Services (continued) | ||||||||
$4,250 | Cogent Communications Group Inc, 144A | 5.375% | 3/01/22 | Ba3 | $4,420,000 | |||
13,445 | Total Diversified Telecommunication Services | 14,109,231 | ||||||
Electric Utilities – 1.8% | ||||||||
4,098 | Calpine Corp, 144A | 6.000% | 1/15/22 | BB+ | 4,111,728 | |||
3,625 | Eskom Holdings SOC Ltd, 144A | 5.750% | 1/26/21 | BBB+ | 3,649,897 | |||
2,000 | Instituto Costarricense de Electricidad, 144A | 6.950% | 11/10/21 | B1 | 2,055,020 | |||
9,723 | Total Electric Utilities | 9,816,645 | ||||||
Electronic Equipment, Instruments & Components – 1.3% | ||||||||
6,647 | Anixter Inc | 5.125% | 10/01/21 | BBB- | 6,912,880 | |||
Energy Equipment & Services – 1.9% | ||||||||
2,559 | FTS International Inc | 6.250% | 5/01/22 | B | 2,085,585 | |||
6,700 | Nabors Industries Inc | 4.625% | 9/15/21 | BB | 6,331,500 | |||
2,874 | Unit Corp | 6.625% | 5/15/21 | B | 2,184,240 | |||
12,133 | Total Energy Equipment & Services | 10,601,325 | ||||||
Equity Real Estate Investment Trust – 1.3% | ||||||||
3,706 | Equinix Inc | 5.375% | 1/01/22 | BBB- | 3,789,385 | |||
3,275 | Iron Mountain Inc, 144A | 4.375% | 6/01/21 | BB- | 3,308,438 | |||
6,981 | Total Equity Real Estate Investment Trust | 7,097,823 | ||||||
Food & Staples Retailing – 0.2% | ||||||||
85 | Smithfield Foods Inc, 144A | 2.650% | 10/03/21 | BBB | 84,183 | |||
1,010 | Smithfield Foods Inc, 144A | 3.350% | 2/01/22 | BBB | 1,013,041 | |||
1,095 | Total Food & Staples Retailing | 1,097,224 | ||||||
Health Care Providers & Services – 5.2% | ||||||||
1,900 | Acadia Healthcare Co Inc | 6.125% | 3/15/21 | B- | 1,902,375 | |||
8,250 | CHS/Community Health Systems Inc | 5.125% | 8/01/21 | BB | 8,229,375 | |||
310 | Fresenius Medical Care US Finance II Inc, 144A | 5.875% | 1/31/22 | BBB | 330,794 | |||
8,000 | HCA Inc. | 7.500% | 2/15/22 | Ba2 | 8,866,400 | |||
4,325 | Owens & Minor Inc | 3.875% | 9/15/21 | B | 4,195,250 | |||
5,000 | Tenet Healthcare Corp | 8.125% | 4/01/22 | B- | 5,412,500 | |||
27,785 | Total Health Care Providers & Services | 28,936,694 | ||||||
Hotels, Restaurants & Leisure – 4.7% | ||||||||
7,375 | International Game Technology PLC, 144A | 6.250% | 2/15/22 | BB+ | 7,782,598 | |||
6,825 | MGM Resorts International | 6.625% | 12/15/21 | BB | 7,401,712 | |||
5,922 | NCL Corp Ltd, 144A | 4.750% | 12/15/21 | BB+ | 6,031,320 | |||
2,830 | Scientific Games International Inc | 6.625% | 5/15/21 | CCC+ | 2,865,375 | |||
1,750 | Studio City Co Ltd, 144A | 7.250% | 11/30/21 | BB- | 1,792,000 | |||
150 | Yum! Brands Inc | 3.750% | 11/01/21 | B+ | 153,375 | |||
24,852 | Total Hotels, Restaurants & Leisure | 26,026,380 |
3
JHB | Nuveen High Income November 2021 Target Term Fund (continued) |
Portfolio of Investments September 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Household Durables – 5.7% | ||||||||
$5,460 | KB Home | 7.000% | 12/15/21 | BB- | $5,882,058 | |||
2,500 | Lennar Corp | 4.750% | 4/01/21 | BBB- | 2,553,125 | |||
1,250 | Lennar Corp | 6.250% | 12/15/21 | BBB- | 1,321,875 | |||
450 | Lennar Corp | 4.125% | 1/15/22 | BBB- | 460,688 | |||
4,000 | M/I Homes Inc | 6.750% | 1/15/21 | BB- | 4,040,000 | |||
5,205 | Meritage Homes Corp | 7.000% | 4/01/22 | BB | 5,686,462 | |||
4,375 | New Home Co Inc | 7.250% | 4/01/22 | B- | 4,112,500 | |||
4,525 | PulteGroup Inc | 4.250% | 3/01/21 | BB+ | 4,615,500 | |||
500 | Toll Brothers Finance Corp | 5.875% | 2/15/22 | BBB- | 531,875 | |||
2,250 | TRI Pointe Group Inc | 4.875% | 7/01/21 | BB- | 2,317,500 | |||
30,515 | Total Household Durables | 31,521,583 | ||||||
Independent Power & Renewable Electricity Producers – 0.9% | ||||||||
1,000 | AES Corp/VA | 4.000% | 3/15/21 | BB+ | 1,018,750 | |||
3,604 | DPL Inc | 7.250% | 10/15/21 | BBB- | 3,865,290 | |||
4,604 | Total Independent Power & Renewable Electricity Producers | 4,884,040 | ||||||
Insurance – 0.7% | ||||||||
3,897 | Genworth Holdings Inc | 7.625% | 9/24/21 | B | 4,034,993 | |||
Internet & Direct Marketing Retail – 1.3% | ||||||||
6,655 | Netflix Inc | 5.500% | 2/15/22 | BB- | 7,029,344 | |||
Leisure Products – 0.6% | ||||||||
3,570 | Mattel Inc | 2.350% | 8/15/21 | B | 3,471,825 | |||
Machinery – 0.3% | ||||||||
1,850 | CNH Industrial Capital LLC | 3.875% | 10/15/21 | BBB | 1,897,952 | |||
Media – 9.2% | ||||||||
2,500 | Cablevision Systems Corp | 8.000% | 4/15/20 | B | 2,571,875 | |||
5,770 | CSC Holdings LLC | 6.750% | 11/15/21 | B | 6,217,175 | |||
6,985 | DISH DBS Corp | 6.750% | 6/01/21 | B1 | 7,350,315 | |||
4,250 | Lee Enterprises Inc, 144A | 9.500% | 3/15/22 | B2 | 4,250,000 | |||
5,760 | National CineMedia LLC | 6.000% | 4/15/22 | Ba3 | 5,817,600 | |||
5,121 | Nexstar Broadcasting Inc, 144A | 6.125% | 2/15/22 | B | 5,185,013 | |||
7,000 | Nielsen Finance LLC / Nielsen Finance Co, 144A | 5.000% | 4/15/22 | BB | 7,019,600 | |||
6,250 | TEGNA Inc, 144A | 4.875% | 9/15/21 | BB | 6,257,812 | |||
6,425 | Urban One Inc, 144A | 7.375% | 4/15/22 | B2 | 6,264,375 | |||
50,061 | Total Media | 50,933,765 | ||||||
Metals & Mining – 8.5% | ||||||||
6,500 | AK Steel Corporation | 7.625% | 10/01/21 | B- | 6,402,500 | |||
8,040 | Allegheny Technologies Inc | 5.950% | 1/15/21 | B | 8,215,875 |
4
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Metals & Mining (continued) | ||||||||
$2,000 | Anglo American Capital PLC, 144A | 4.125% | 4/15/21 | BBB | $2,040,200 | |||
676 | Arconic Inc | 5.400% | 4/15/21 | BBB- | 699,346 | |||
3,825 | Arconic Inc | 5.870% | 2/23/22 | BBB- | 4,073,625 | |||
2,000 | Century Aluminum Co, 144A | 7.500% | 6/01/21 | B+ | 1,970,000 | |||
5,534 | Freeport-McMoRan Inc | 3.550% | 3/01/22 | Ba1 | 5,547,835 | |||
1,500 | Glencore Finance Canada Ltd, 144A | 4.950% | 11/15/21 | BBB+ | 1,569,000 | |||
3,200 | Gold Fields Orogen Holdings BVI Ltd, 144A | 4.875% | 10/07/20 | Baa3 | 3,253,696 | |||
3,250 | Petra Diamonds US Treasury PLC, 144A | 7.250% | 5/01/22 | B- | 2,567,500 | |||
5,000 | Steel Dynamics Inc | 5.125% | 10/01/21 | BB+ | 5,017,800 | |||
5,324 | Teck Resources Ltd | 4.750% | 1/15/22 | BBB- | 5,509,650 | |||
413 | Vale Overseas Ltd | 4.375% | 1/11/22 | BBB- | 426,422 | |||
47,262 | Total Metals & Mining | 47,293,449 | ||||||
Mortgage Real Estate Investment Trust – 1.2% | ||||||||
6,500 | Starwood Property Trust Inc | 5.000% | 12/15/21 | BB- | 6,760,000 | |||
Multiline Retail – 0.0% | ||||||||
37 | JC Penney Corp Inc | 5.650% | 6/01/20 | CCC+ | 34,873 | |||
Oil, Gas & Consumable Fuels – 13.9% | ||||||||
3,000 | Antero Resources Corp | 5.375% | 11/01/21 | BB+ | 2,902,500 | |||
6,250 | Calumet Specialty Products Partners LP / Calumet Finance Corp | 7.625% | 1/15/22 | B- | 6,031,250 | |||
3,000 | Chesapeake Energy Corp | 4.875% | 4/15/22 | B2 | 2,422,500 | |||
1,020 | DCP Midstream Operating LP, 144A | 4.750% | 9/30/21 | BB+ | 1,045,500 | |||
480 | DCP Midstream Operating LP | 4.950% | 4/01/22 | BB+ | 495,600 | |||
4,500 | Denbury Resources Inc, 144A | 9.000% | 5/15/21 | B | 4,173,750 | |||
3,000 | Enviva Partners LP / Enviva Partners Finance Corp | 8.500% | 11/01/21 | BB- | 3,067,500 | |||
2,910 | Martin Midstream Partners LP / Martin Midstream Finance Corp | 7.250% | 2/15/21 | B | 2,702,692 | |||
3,000 | Navigator Holdings Ltd, Reg S, 144A | 7.750% | 2/10/21 | N/R | 3,000,248 | |||
2,172 | Newfield Exploration Co | 5.750% | 1/30/22 | BBB | 2,319,970 | |||
5,000 | NuStar Logistics LP | 4.750% | 2/01/22 | Ba2 | 5,087,500 | |||
4,000 | Oasis Petroleum Inc | 6.875% | 3/15/22 | BB- | 3,730,000 | |||
4,475 | Peabody Energy Corp, 144A | 6.000% | 3/31/22 | BB | 4,497,375 | |||
2,000 | Petrobras Global Finance BV | 5.375% | 1/27/21 | Ba2 | 2,067,000 | |||
2,000 | Petrobras Global Finance BV | 8.375% | 5/23/21 | Ba2 | 2,184,500 | |||
3,000 | Petroleos Mexicanos | 4.875% | 1/24/22 | BBB+ | 3,120,000 | |||
4,000 | Petroleos Mexicanos | 5.375% | 3/13/22 | BBB+ | 4,215,000 | |||
3,000 | QEP Resources Inc | 6.875% | 3/01/21 | BB- | 2,977,500 | |||
4,483 | Range Resources Corp | 5.750% | 6/01/21 | BB | 4,449,377 | |||
2,059 | Sabine Pass Liquefaction LLC | 6.250% | 3/15/22 | BBB- | 2,218,570 |
5
JHB | Nuveen High Income November 2021 Target Term Fund (continued) |
Portfolio of Investments September 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Oil, Gas & Consumable Fuels (continued) | ||||||||
$4,000 | Southwestern Energy Co | 4.100% | 3/15/22 | BB | $3,840,000 | |||
4,500 | Whiting Petroleum Corp | 5.750% | 3/15/21 | BB- | 4,297,635 | |||
5,000 | WPX Energy Inc | 6.000% | 1/15/22 | BB | 5,150,000 | |||
1,500 | YPF SA, 144A | 8.500% | 3/23/21 | Caa2 | 1,308,750 | |||
78,349 | Total Oil, Gas & Consumable Fuels | 77,304,717 | ||||||
Pharmaceuticals – 2.3% | ||||||||
6,750 | Bausch Health Cos Inc, 144A | 6.500% | 3/15/22 | Ba2 | 6,977,812 | |||
6,199 | Teva Pharmaceutical Finance IV BV | 3.650% | 11/10/21 | BBB | 5,718,578 | |||
12,949 | Total Pharmaceuticals | 12,696,390 | ||||||
Real Estate Management & Development – 1.5% | ||||||||
2,900 | China Evergrande Group, Reg S, Reg S | 8.250% | 3/23/22 | B2 | 2,591,234 | |||
5,930 | Realogy Group LLC / Realogy Co-Issuer Corp, 144A | 5.250% | 12/01/21 | B | 5,900,350 | |||
8,830 | Total Real Estate Management & Development | 8,491,584 | ||||||
Semiconductors & Semiconductor Equipment – 0.6% | ||||||||
850 | Microchip Technology Inc | 3.922% | 6/01/21 | Baa3 | 868,137 | |||
2,535 | NXP BV / NXP Funding LLC, 144A | 4.125% | 6/01/21 | BBB- | 2,600,898 | |||
3,385 | Total Semiconductors & Semiconductor Equipment | 3,469,035 | ||||||
Specialty Retail – 2.6% | ||||||||
7,000 | Foot Locker Inc | 8.500% | 1/15/22 | BB+ | 7,700,000 | |||
2,000 | Gap Inc | 5.950% | 4/12/21 | Baa2 | 2,074,276 | |||
3,755 | L Brands Inc | 6.625% | 4/01/21 | Ba1 | 3,961,525 | |||
448 | L Brands Inc | 5.625% | 2/15/22 | Ba1 | 472,080 | |||
13,203 | Total Specialty Retail | 14,207,881 | ||||||
Technology Hardware, Storage & Peripherals – 2.9% | ||||||||
7,000 | Dell International LLC / EMC Corp, 144A | 5.875% | 6/15/21 | BB+ | 7,112,000 | |||
2,875 | NCR Corp | 5.875% | 12/15/21 | BB | 2,896,563 | |||
6,085 | Seagate HDD Cayman | 4.250% | 3/01/22 | Baa3 | 6,268,590 | |||
15,960 | Total Technology Hardware, Storage & Peripherals | 16,277,153 | ||||||
Thrifts & Mortgage Finance – 1.9% | ||||||||
3,280 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A | 5.250% | 3/15/22 | BB | 3,413,988 | |||
7,211 | Nationstar Mortgage LLC / Nationstar Capital Corp | 6.500% | 7/01/21 | B | 7,229,027 | |||
10,491 | Total Thrifts & Mortgage Finance | 10,643,015 | ||||||
Tobacco – 0.9% | ||||||||
5,320 | Pyxus International Inc, 144A | 8.500% | 4/15/21 | B2 | 5,147,100 | |||
Trading Companies & Distributors – 3.0% | ||||||||
5,000 | Aircastle Ltd | 5.500% | 2/15/22 | BBB- | 5,320,443 | |||
6,475 | Fly Leasing Ltd | 6.375% | 10/15/21 | BB- | 6,588,312 |
6
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Trading Companies & Distributors (continued) | ||||||||
$4,750 | Fortress Transportation & Infrastructure Investors LLC, 144A | 6.750% | 3/15/22 | BB- | $4,963,750 | |||
16,225 | Total Trading Companies & Distributors | 16,872,505 | ||||||
Wireless Telecommunication Services – 4.0% | ||||||||
2,100 | CenturyLink Inc | 5.625% | 4/01/20 | BB | 2,129,085 | |||
6,675 | Hughes Satellite Systems Corp | 7.625% | 6/15/21 | BB | 7,192,312 | |||
3,000 | MTN Mauritius Investments Ltd, 144A | 5.373% | 2/13/22 | BB+ | 3,088,392 | |||
1,475 | Sprint Communications Inc | 9.250% | 4/15/22 | Ba2 | 1,709,156 | |||
6,375 | Sprint Corp | 7.250% | 9/15/21 | B+ | 6,802,763 | |||
1,429 | T-Mobile USA Inc | 4.000% | 4/15/22 | BB+ | 1,464,725 | |||
529 | T-Mobile USA Inc, (3) | 4.000% | 4/15/22 | N/R | — | |||
21,583 | Total Wireless Telecommunication Services | 22,386,433 | ||||||
$586,488 | Total Corporate Bonds (cost $592,518,289) | 593,766,994 |
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |
VARIABLE RATE SENIOR LOAN INTERESTS – 4.9% (4.2% of Total Investments) (4) | ||||||||
Airlines – 0.7% | ||||||||
$4,000 | American Airlines, Inc., 1st Lien Term Loan | 4.049% | 1-Month LIBOR | 2.000% | 10/10/21 | BB+ | $4,006,380 | |
Commercial Services & Supplies – 0.9% | ||||||||
4,977 | Granite Acquisition Inc., Term Loan B | 5.604% | 3-Month LIBOR | 3.500% | 12/17/21 | B+ | 4,996,229 | |
IT Services – 0.9% | ||||||||
4,904 | ProQuest LLC, New Term Loan B | 5.294% | 1-Month LIBOR | 3.250% | 10/24/21 | B | 4,909,449 | |
Software – 1.7% | ||||||||
2,990 | Infor (US), Inc., Term Loan B6 | 4.854% | 3-Month LIBOR | 2.750% | 2/01/22 | Ba3 | 2,997,423 | |
6,707 | MA FinanceCo., LLC, Term Loan B2 | 4.294% | 1-Month LIBOR | 2.250% | 11/30/21 | BB+ | 6,710,237 | |
9,697 | Total Software | 9,707,660 | ||||||
Specialty Retail – 0.7% | ||||||||
3,750 | PetSmart, Inc., Consenting Term Loan | 6.040% | 1-Month LIBOR | 4.000% | 3/11/22 | B | 3,665,438 | |
$27,328 | Total Variable Rate Senior Loan Interests (cost $27,113,442) | 27,285,156 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SOVEREIGN DEBT – 3.4% (2.9% of Total Investments) | ||||||
Argentina – 0.2% | ||||||
$2,000 | Argentine Republic Government International Bond | 6.875% | 4/22/21 | Caa2 | $980,020 | |
Egypt – 1.3% | ||||||
6,750 | Egypt Government International Bond, 144A | 6.125% | 1/31/22 | B+ | 6,956,483 |
7
JHB | Nuveen High Income November 2021 Target Term Fund (continued) |
Portfolio of Investments September 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Honduras – 0.3% | ||||||
$1,500 | Honduras Government International Bond | 8.750% | 12/16/20 | BB- | $1,599,390 | |
Nigeria – 0.3% | ||||||
1,750 | Nigeria Government International Bond, 144A | 6.750% | 1/28/21 | B+ | 1,811,250 | |
Sri Lanka – 0.6% | ||||||
3,500 | Sri Lanka Government International Bond, 144A | 5.750% | 1/18/22 | B | 3,510,427 | |
Turkey – 0.7% | ||||||
3,625 | Turkey Government International Bond | 5.125% | 3/25/22 | BB- | 3,651,013 | |
$19,125 | Total Sovereign Debt (cost $19,644,191) | 18,508,583 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
CONVERTIBLE BONDS – 0.7% (0.6% of Total Investments) | ||||||||
Independent Power & Renewable Electricity Producers – 0.7% | ||||||||
$4,000 | Clearway Energy Inc, 144A | 3.250% | 6/01/20 | N/R | $3,950,250 | |||
$4,000 | Total Convertible Bonds (cost $3,978,453) | 3,950,250 | ||||||
Total Long-Term Investments (cost $643,254,375) | 643,510,983 | |||||||
Borrowings – (37.3)% (6), (7) | (207,000,000) | |||||||
Other Assets Less Liabilities – 21.4% | 118,872,712 | |||||||
Net Assets Applicable to Common Shares – 100% | $555,383,695 |
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).
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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-Tem Investments: | ||||
Corporate Bonds | $ — | $593,766,994 | $ — | $593,766,994 |
Variable Rate Senior Loan Interests | — | 27,285,156 | — | 27,285,156 |
Sovereign Debt | — | 18,508,583 | — | 18,508,583 |
Convertible Bonds | — | 3,950,250 | — | 3,950,250 |
Total | $ — | $643,510,983 | $ — | $643,510,983 |
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) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. | |
(4) | Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. | |
(5) | Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. | |
(6) | Borrowings as a percentage of Total Investments is 32.2%. | |
(7) | 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. | |
LIBOR | London Inter-Bank Offered Rate | |
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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