JHB
Nuveen Corporate Income November 2021 Target Term Fund
Portfolio of Investments March 31, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
LONG-TERM INVESTMENTS – 86.5% (100.0% of Total Investments) | ||||||||
CORPORATE BONDS – 82.9% (95.9% of Total Investments) | ||||||||
Aerospace & Defense – 0.5% | ||||||||
$2,750 | Bombardier Inc, 144A | 5.750% | 3/15/22 | CCC | $2,866,875 | |||
Airlines – 2.7% | ||||||||
5,834 | Air Canada, 144A | 7.750% | 4/15/21 | B+ | 5,838,084 | |||
12 | Continental Airlines 2007-1 Class B Pass Through Trust | 6.903% | 4/19/22 | Ba1 | 12,320 | |||
8,000 | Delta Air Lines Inc | 3.625% | 3/15/22 | Baa3 | 8,088,894 | |||
6,700 | Virgin Australia Holdings Ltd, 144A | 7.875% | 10/15/21 | N/R | 615,596 | |||
20,546 | Total Airlines | 14,554,894 | ||||||
Auto Components – 2.4% | ||||||||
755 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 6.250% | 2/01/22 | BB | 755,944 | |||
11,500 | ZF North America Capital Inc, 144A | 4.500% | 4/29/22 | BB+ | 11,758,750 | |||
12,255 | Total Auto Components | 12,514,694 | ||||||
Automobiles – 4.8% | ||||||||
10,000 | Ford Motor Credit Co LLC | 3.813% | 10/12/21 | BB+ | 10,106,150 | |||
5,000 | Ford Motor Credit Co LLC | 5.596% | 1/07/22 | BB+ | 5,136,650 | |||
5,055 | Ford Motor Credit Co LLC | 3.339% | 3/28/22 | BB+ | 5,124,557 | |||
4,945 | Ford Motor Credit Co LLC, (3-Month LIBOR reference rate + 1.270% spread), (3) | 1.463% | 3/28/22 | BB+ | 4,912,603 | |||
25,000 | Total Automobiles | 25,279,960 | ||||||
Banks – 1.4% | ||||||||
2,000 | Banco Nacional de Costa Rica, 144A | 5.875% | 4/25/21 | B2 | 2,000,000 | |||
825 | Ukreximbank Via Biz Finance PLC, 144A | 9.625% | 4/27/22 | B | 851,565 | |||
2,500 | UniCredit SpA, 144A | 6.572% | 1/14/22 | Baa2 | 2,606,146 | |||
1,844 | UniCredit SpA, 144A | 3.750% | 4/12/22 | Baa1 | 1,898,335 | |||
7,169 | Total Banks | 7,356,046 | ||||||
Biotechnology – 1.4% | ||||||||
7,163 | Gilead Sciences Inc | 4.400% | 12/01/21 | A3 | 7,279,071 | |||
Consumer Finance – 5.0% | ||||||||
4,585 | Ally Financial Inc | 4.125% | 2/13/22 | BBB- | 4,724,652 | |||
14,100 | Navient Corp | 6.625% | 7/26/21 | Ba3 | 14,364,375 | |||
6,225 | Navient Corp | 7.250% | 1/25/22 | Ba3 | 6,450,656 |
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JHB | Nuveen Corporate Income November 2021 Target Term Fund (continued) |
Portfolio of Investments March 31, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Consumer Finance (continued) | ||||||||
$995 | SLM Corp | 5.125% | 4/05/22 | BB+ | $1,017,388 | |||
25,905 | Total Consumer Finance | 26,557,071 | ||||||
Containers & Packaging – 3.1% | ||||||||
15,685 | Ball Corp | 5.000% | 3/15/22 | BB+ | 16,228,485 | |||
Diversified Telecommunication Services – 6.1% | ||||||||
11,315 | Cogent Communications Group Inc, 144A | 5.375% | 3/01/22 | Ba3 | 11,600,534 | |||
6,500 | Lumen Technologies Inc | 6.450% | 6/15/21 | BB | 6,547,125 | |||
11,195 | Lumen Technologies Inc | 5.800% | 3/15/22 | BB | 11,587,945 | |||
2,500 | Qwest Corp | 6.750% | 12/01/21 | BBB- | 2,584,375 | |||
31,510 | Total Diversified Telecommunication Services | 32,319,979 | ||||||
Electric Utilities – 0.4% | ||||||||
2,000 | Instituto Costarricense de Electricidad, 144A | 6.950% | 11/10/21 | B1 | 2,027,020 | |||
Food & Staples Retailing – 0.2% | ||||||||
1,010 | Smithfield Foods Inc, 144A | 3.350% | 2/01/22 | BBB | 1,030,219 | |||
Health Care Providers & Services – 0.0% | ||||||||
310 | Fresenius Medical Care US Finance II Inc, 144A | 5.875% | 1/31/22 | BBB | 322,558 | |||
Hotels, Restaurants & Leisure – 2.9% | ||||||||
7,000 | MGM Resorts International | 7.750% | 3/15/22 | BB | 7,373,800 | |||
7,900 | Yum! Brands Inc | 3.750% | 11/01/21 | BB- | 7,949,375 | |||
14,900 | Total Hotels, Restaurants & Leisure | 15,323,175 | ||||||
Household Durables – 7.3% | ||||||||
9,460 | KB Home | 7.000% | 12/15/21 | BB | 9,684,675 | |||
1,250 | Lennar Corp | 6.250% | 12/15/21 | BBB | 1,261,875 | |||
15,022 | Lennar Corp | 4.125% | 1/15/22 | BBB | 15,254,841 | |||
6,432 | Meritage Homes Corp | 7.000% | 4/01/22 | BB+ | 6,721,440 | |||
5,500 | Toll Brothers Finance Corp | 5.875% | 2/15/22 | BBB- | 5,637,500 | |||
37,664 | Total Household Durables | 38,560,331 | ||||||
Insurance – 1.1% | ||||||||
5,897 | Genworth Holdings Inc | 7.625% | 9/24/21 | B- | 6,051,796 | |||
Internet & Direct Marketing Retail – 1.3% | ||||||||
6,655 | Netflix Inc | 5.500% | 2/15/22 | BB+ | 6,921,200 | |||
Machinery – 0.3% | ||||||||
1,850 | CNH Industrial Capital LLC | 3.875% | 10/15/21 | BBB | 1,881,334 | |||
Media – 6.7% | ||||||||
18,270 | CSC Holdings LLC | 6.750% | 11/15/21 | B | 18,749,587 |
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Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Media (continued) | ||||||||
$16,485 | DISH DBS Corp | 6.750% | 6/01/21 | B2 | $16,616,880 | |||
34,755 | Total Media | 35,366,467 | ||||||
Metals & Mining – 4.8% | ||||||||
748 | Anglo American Capital PLC, 144A | 4.125% | 4/15/21 | BBB | 748,616 | |||
5,534 | Freeport-McMoRan Inc | 3.550% | 3/01/22 | Ba1 | 5,623,928 | |||
1,500 | Glencore Finance Canada Ltd, 144A | 4.950% | 11/15/21 | BBB+ | 1,541,882 | |||
10,373 | Howmet Aerospace Inc | 5.870% | 2/23/22 | BBB- | 10,723,192 | |||
1,699 | Petra Diamonds US Treasury PLC, 144A, (cash 10.500%, PIK 10.500%) | 10.500% | 3/08/26 | N/R | 1,648,030 | |||
5,324 | Teck Resources Ltd | 4.750% | 1/15/22 | BBB- | 5,410,429 | |||
25,178 | Total Metals & Mining | 25,696,077 | ||||||
Mortgage Real Estate Investment Trust – 2.4% | ||||||||
12,500 | Starwood Property Trust Inc | 5.000% | 12/15/21 | Ba3 | 12,671,875 | |||
Oil, Gas & Consumable Fuels – 8.5% | ||||||||
9,250 | Calumet Specialty Products Partners LP / Calumet Finance Corp | 7.625% | 1/15/22 | B- | 9,226,875 | |||
3,000 | Occidental Petroleum Corp | 2.600% | 8/13/21 | Ba2 | 3,007,500 | |||
10,000 | Occidental Petroleum Corp | 3.125% | 2/15/22 | Ba2 | 10,050,000 | |||
8,947 | Ovintiv Exploration Inc | 5.750% | 1/30/22 | BBB- | 9,240,200 | |||
3,000 | Petroleos Mexicanos | 4.875% | 1/24/22 | BBB | 3,057,030 | |||
4,000 | Petroleos Mexicanos | 5.375% | 3/13/22 | BBB | 4,090,760 | |||
2,059 | Sabine Pass Liquefaction LLC | 6.250% | 3/15/22 | BBB- | 2,138,387 | |||
4,000 | Southwestern Energy Co | 4.100% | 3/15/22 | BB | 4,000,000 | |||
44,256 | Total Oil, Gas & Consumable Fuels | 44,810,752 | ||||||
Pharmaceuticals – 2.2% | ||||||||
1,825 | Elanco Animal Health Inc | 4.912% | 8/27/21 | Ba2 | 1,840,969 | |||
3,750 | Teva Pharmaceutical Finance Co BV | 3.650% | 11/10/21 | Ba2 | 3,778,125 | |||
6,199 | Teva Pharmaceutical Finance IV BV | 3.650% | 11/10/21 | Ba2 | 6,245,492 | |||
11,774 | Total Pharmaceuticals | 11,864,586 | ||||||
Real Estate Management & Development – 0.5% | ||||||||
2,900 | China Evergrande Group, Reg S | 8.250% | 3/23/22 | B2 | 2,770,909 | |||
Semiconductors & Semiconductor Equipment – 0.2% | ||||||||
850 | Microchip Technology Inc | 3.922% | 6/01/21 | Baa3 | 854,913 | |||
Specialty Retail – 2.1% | ||||||||
7,000 | Foot Locker Inc | 8.500% | 1/15/22 | BB+ | 7,358,750 | |||
3,413 | L Brands Inc | 5.625% | 2/15/22 | BB- | 3,557,711 | |||
10,413 | Total Specialty Retail | 10,916,461 |
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JHB | Nuveen Corporate Income November 2021 Target Term Fund (continued) |
Portfolio of Investments March 31, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Technology Hardware, Storage & Peripherals – 0.7% | ||||||||
$3,508 | Dell International LLC / EMC Corp, 144A | 5.875% | 6/15/21 | BB+ | $3,512,385 | |||
Thrifts & Mortgage Finance – 0.6% | ||||||||
3,280 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A | 5.250% | 3/15/22 | Ba2 | 3,304,600 | |||
Trading Companies & Distributors – 2.3% | ||||||||
2,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.950% | 2/01/22 | BBB | 2,046,300 | |||
7,000 | Aircastle Ltd | 5.500% | 2/15/22 | BBB | 7,278,170 | |||
2,809 | Fortress Transportation and Infrastructure Investors LLC, 144A | 6.750% | 3/15/22 | Ba3 | 2,812,511 | |||
11,809 | Total Trading Companies & Distributors | 12,136,981 | ||||||
Wireless Telecommunication Services – 11.0% | ||||||||
13,675 | Hughes Satellite Systems Corp | 7.625% | 6/15/21 | BB | 13,832,263 | |||
3,000 | MTN Mauritius Investments Ltd, 144A | 5.373% | 2/13/22 | Ba2 | 3,068,688 | |||
1,475 | Sprint Communications Inc | 9.250% | 4/15/22 | N/R | 1,585,625 | |||
20,375 | Sprint Corp | 7.250% | 9/15/21 | BB+ | 20,886,412 | |||
18,429 | T-Mobile USA Inc | 4.000% | 4/15/22 | BB+ | 18,820,985 | |||
56,954 | Total Wireless Telecommunication Services | 58,193,973 | ||||||
$436,446 | Total Corporate Bonds (cost $441,727,484) | 439,174,687 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
SOVEREIGN DEBT – 2.4% (2.8% of Total Investments) | ||||||||
Argentina – 0.0% | ||||||||
$35 | Argentine Republic Government International Bond | 1.000% | 7/09/29 | CCC+ | $12,681 | |||
582 | Argentine Republic Government International Bond | 0.125% | 7/09/30 | CCC+ | 194,708 | |||
617 | Total Argentina | 207,389 | ||||||
Egypt – 1.3% | ||||||||
6,750 | Egypt Government International Bond, 144A | 6.125% | 1/31/22 | B+ | 6,930,873 | |||
Sri Lanka – 0.4% | ||||||||
2,100 | Sri Lanka Government International Bond, 144A | 5.750% | 1/18/22 | CCC+ | 1,829,142 | |||
Turkey – 0.7% | ||||||||
3,625 | Turkey Government International Bond | 5.125% | 3/25/22 | BB- | 3,634,498 | |||
$13,092 | Total Sovereign Debt (cost $12,900,864) | 12,601,902 |
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Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
CONVERTIBLE BONDS – 1.0% (1.1% of Total Investments) | ||||||||
Interactive Media & Services – 1.0% | ||||||||
$5,000 | Twitter Inc | 1.000% | 9/15/21 | N/R | $5,184,375 | |||
$5,000 | Total Convertible Bonds (cost $4,963,457) | 5,184,375 |
Shares | Description (1) | Value | ||||||
COMMON STOCKS – 0.2% (0.2% of Total Investments) | ||||||||
Metals & Mining – 0.2% | ||||||||
45,174,957 | Petra Diamonds, (4) | $909,261 | ||||||
Total Common Stocks (cost $849,289) | 909,261 | |||||||
Total Long-Term Investments (cost $460,441,094) | 457,870,225 | |||||||
Other Assets Less Liabilities – 13.5% | 71,737,261 | |||||||
Net Assets Applicable to Common Shares – 100% | $529,607,486 |
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 | $ — | $439,174,687 | $ — | $439,174,687 |
Sovereign Debt | — | 12,601,902 | — | 12,601,902 |
Convertible Bonds | — | 5,184,375 | — | 5,184,375 |
Common Stocks | 909,261 | — | — | 909,261 |
Total | $909,261 | $456,960,964 | $ — | $457,870,225 |
5
JHB | Nuveen Corporate Income November 2021 Target Term Fund (continued) |
Portfolio of Investments March 31, 2021 | |
(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) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. | |
(4) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
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 | |
PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. | |
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. |
6