| | |
JCO | | Nuveen Credit Opportunities 2022 Target Term Fund Portfolio of Investments September 30, 2021 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | | | Description (1) | | | Coupon | | | Maturity | | | Ratings (2) | | | Value | |
| | | |
| | | | | | LONG-TERM INVESTMENTS – 107.4% (100.0% of Total Investments) | | | | | |
| | | |
| | | | | | CORPORATE BONDS – 101.2% (94.2% of Total Investments) | | | | | |
| | | |
| | | | | Airlines – 3.1% | | | | |
| | | | | | |
$ | 7,000 | | | | | Delta Air Lines Inc | | | | 3.625% | | | | 3/15/22 | | | | Baa3 | | | $ | 7,061,945 | |
| | | | | |
| | | | | Auto Components – 4.5% | | | | | | | | | | |
| | | | | | |
| 10,249 | | | | | ZF North America Capital Inc, 144A | | | | 4.500% | | | | 4/29/22 | | | | BB+ | | | | 10,389,924 | |
| | | | | |
| | | | | Automobiles – 5.3% | | | | | | | | | | |
| | | | | | |
| 9,000 | | | | | Ford Motor Credit Co LLC | | | | 3.813% | | | | 10/12/21 | | | | BB+ | | | | 9,004,500 | |
| 3,000 | | | | | Ford Motor Credit Co LLC | | | | 5.596% | | | | 1/07/22 | | | | BB+ | | | | 3,035,850 | |
| 12,000 | | | | | Total Automobiles | | | | | | | | | | | | | | | | 12,040,350 | |
| | | | | | |
| | | | | Beverages – 0.9% | | | | | | | | | | | | | |
| | | | | | |
| 2,000 | | | | | Anadolu Efes Biracilik Ve Malt Sanayii AS, 144A | | | | 3.375% | | | | 11/01/22 | | | | BBB– | | | | 2,035,200 | |
| | | | | |
| | | | | Consumer Finance – 8.1% | | | | | | | | | | |
| | | | | | |
| 3,000 | | | | | Ford Motor Credit Co LLC | | | | 4.250% | | | | 9/20/22 | | | | BB+ | | | | 3,068,250 | |
| 9,000 | | | | | Navient Corp | | | | | | | | | | | 6.500% | | | | 6/15/22 | | | | Ba3 | | | | 9,292,500 | |
| 6,000 | | | | | OneMain Finance Corp | | | | 6.125% | | | | 5/15/22 | | | | Ba2 | | | | 6,157,500 | |
| 18,000 | | | | | Total Consumer Finance | | | | | | | | | | | | | | | | 18,518,250 | |
| | | | | | |
| | | | | Containers & Packaging – 9.8% | | | | | | | | | | | | | |
| | | | | | |
| 3,600 | | | | | Ball Corp | | | | 5.000% | | | | 3/15/22 | | | | BB+ | | | | 3,668,760 | |
| 18,000 | | | | | Sealed Air Corp, 144A | | | | 4.875% | | | | 12/01/22 | | | | BB+ | | | | 18,679,590 | |
| 21,600 | | | | | Total Containers & Packaging | | | | | | | | | | | | | | | | 22,348,350 | |
| | | | | | |
| | | | | Diversified Telecommunication Services – 6.1% | | | | | | | | | | | | | |
| | | | | | |
| 5,719 | | | | | Cogent Communications Group Inc, 144A | | | | 5.375% | | | | 3/01/22 | | | | BB | | | | 5,747,595 | |
| 8,000 | | | | | Lumen Technologies Inc | | | | 5.800% | | | | 3/15/22 | | | | BB | | | | 8,152,000 | |
| 13,719 | | | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | 13,899,595 | |
| | | | | | |
| | | | | Electrical Equipment – 1.8% | | | | | | | | | | | | | |
| | | | | | |
| 4,000 | | | | | Park Aerospace Holdings Ltd, 144A | | | | 5.250% | | | | 8/15/22 | | | | BBB– | | | | 4,143,683 | |
| | | | | |
| | | | | Health Care Providers & Services – 5.4% | | | | | | | | | | |
| | | | | | |
| 12,000 | | | | | Molina Healthcare Inc | | | | 5.375% | | | | 11/15/22 | | | | BB– | | | | 12,371,400 | |
| | | | | |
| | | | | Hotels, Restaurants & Leisure – 3.0% | | | | | | | | | | |
| | | | | | |
| 6,750 | | | | | MGM Resorts International | | | | 7.750% | | | | 3/15/22 | | | | Ba3 | | | | 6,935,625 | |
| | | | | |
| | | | | Household Durables – 4.2% | | | | | | | | | | |
| | | | | | |
| 1,500 | | | | | KB Home | | | | 7.500% | | | | 9/15/22 | | | | BB | | | | 1,588,125 | |
| 3,000 | | | | | Newell Brands Inc | | | | | | | | | | | 4.000% | | | | 6/15/22 | | | | BB+ | | | | 3,030,000 | |
| 5,000 | | | | | Toll Brothers Finance Corp | | | | 5.875% | | | | 2/15/22 | | | | BBB– | | | | 5,018,750 | |
| 9,500 | | | | | Total Household Durables | | | | | | | | | | | | 9,636,875 | |
| | | | | | |
| | | | | Media – 11.6% | | | | | | | | | | | | | |
| | | | | | | | |
| 12,787 | | | | | CSC Holdings LLC | | | | | | | | | | | 5.875% | | | | 9/15/22 | | | | B+ | | | | 13,226,553 | |
| 13,000 | | | | | DISH DBS Corp | | | | 5.875% | | | | 7/15/22 | | | | B2 | | | | 13,398,125 | |
| 25,787 | | | | | Total Media | | | | | | | | | | | | | | | | 26,624,678 | |
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| | |
| |
JCO | | Nuveen Credit Opportunities 2022 Target Term Fund (continued) |
| Portfolio of Investments September 30, 2021 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | | | Description (1) | | | Coupon | | | Maturity | | | Ratings (2) | | | Value | |
| | | | | | |
| | | | | Metals & Mining – 3.8% | | | | | | | | | | | | | |
| | | | | | |
$ | 3,688 | | | | | AngloGold Ashanti Holdings PLC | | | | 5.125% | | | | 8/01/22 | | | | Baa3 | | | $ | 3,784,810 | |
| 5,000 | | | | | Freeport-McMoRan Inc | | | | 3.550% | | | | 3/01/22 | | | | BB+ | | | | 5,015,625 | |
| 8,688 | | | | | Total Metals & Mining | | | | | | | | | | | | | | | | 8,800,435 | |
| | | |
| | | | | Mortgage Real Estate Investment Trust – 1.7% | | | | |
| | | | | | |
| 3,858 | | | | | Starwood Property Trust Inc | | | | 5.000% | | | | 12/15/21 | | | | BB+ | | | | 3,865,716 | |
| | | | | |
| | | | | Oil, Gas & Consumable Fuels – 12.6% | | | | | | | | | | |
| | | | | | |
| 2,827 | | | | | Calumet Specialty Products Partners LP / Calumet Finance Corp | | | | 7.625% | | | | 1/15/22 | | | | B– | | | | 2,812,865 | |
| 5,000 | | | | | Occidental Petroleum Corp | | | | | | | | | | | 3.125% | | | | 2/15/22 | | | | BB | | | | 5,005,450 | |
| 3,000 | | | | | Occidental Petroleum Corp | | | | | | | | | | | 2.700% | | | | 8/15/22 | | | | BB | | | | 3,026,250 | |
| 4,000 | | | | | Sasol Financing International Ltd | | | | | | | | | | | 4.500% | | | | 11/14/22 | | | | BB | | | | 4,090,592 | |
| 5,000 | | | | | Southwestern Energy Co | | | | | | | | | | | 4.100% | | | | 3/15/22 | | | | BB | | | | 5,012,500 | |
| 8,737 | | | | | Western Midstream Operating LP | | | | 4.000% | | | | 7/01/22 | | | | BB+ | | | | 8,870,064 | |
| 28,564 | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | 28,817,721 | |
| | | | | | |
| | | | | Pharmaceuticals – 3.7% | | | | | | | | | | | | | |
| | | | | | |
| 4,321 | | | | | Teva Pharmaceutical Finance Co BV | | | | 3.650% | | | | 11/10/21 | | | | Ba2 | | | | 4,326,401 | |
| 4,058 | | | | | Teva Pharmaceutical Finance IV BV | | | | 3.650% | | | | 11/10/21 | | | | Ba2 | | | | 4,063,073 | |
| 8,379 | | | | | Total Pharmaceuticals | | | | | | | | | | | | | | | | 8,389,474 | |
| | | | | | |
| | | | | Road & Rail – 2.0% | | | | | | | | | | | | | |
| | | | | | |
| 600 | | | | | DAE Funding LLC, 144A | | | | 5.250% | | | | 11/15/21 | | | | Baa3 | | | | 600,180 | |
| 4,000 | | | | | Transnet SOC Ltd, 144A | | | | 4.000% | | | | 7/26/22 | | | | Ba2 | | | | 4,040,400 | |
| 4,600 | | | | | Total Road & Rail | | | | | | | | | | | | | | | | 4,640,580 | |
| | | | | | |
| | | | | Software – 1.8% | | | | | | | | | | | | | |
| | | | | | |
| 4,000 | | | | | NortonLifeLock Inc | | | | 3.950% | | | | 6/15/22 | | | | BB+ | | | | 4,046,800 | |
| | | | | |
| | | | | Wireless Telecommunication Services – 11.8% | | | | | | | | | | |
| | | | | | |
| 4,100 | | | | | MTN Mauritius Investments Ltd, 144A | | | | 5.373% | | | | 2/13/22 | | | | Ba2 | | | | 4,141,771 | |
| 12,500 | | | | | Sprint Communications Inc | | | | | | | | | | | 6.000% | | | | 11/15/22 | | | | BB+ | | | | 13,143,375 | |
| 9,500 | | | | | T-Mobile USA Inc | | | | | | | | | | | 4.000% | | | | 4/15/22 | | | | BBB– | | | | 9,610,865 | |
| 26,100 | | | | | Total Wireless Telecommunication Services | | | | | | | | | | | | 26,896,011 | |
$ | 226,794 | | | | | Total Corporate Bonds (cost $230,303,412) | | | | | | | | | | | | 231,462,612 | |
| | | | | | |
Shares | | | | | Description (1) | | | | | | | | | | | | Value | |
| | | | | | |
| | | | | COMMON STOCKS – 2.3% (2.2% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | | | | Banks – 0.3% | | | | | | | | | | | | | |
| | | | | | |
| 63,918 | | | | | iQor US Inc, (3), (4) | | | | | | | | | | | | | | | $ | 755,063 | |
| | | | | | |
| | | | | Oil, Gas & Consumable Fuels – 1.6% | | | | | | | | | | | | | |
| | | | | | |
| 18,459 | | | | | Fieldwood Energy LLC, (3), (4) | | | | | | | | | | | | | | | | 1,845,900 | |
| 30,780 | | | | | Whiting Petroleum Corp, (4) | | | | | | | | | | | | | | | | 1,797,860 | |
| | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | 3,643,760 | |
| | | | | | |
| | | | | Professional Services – 0.4% | | | | | | | | | | | | | |
| | | | | | |
| 85,543 | | | | | Skillsoft Corp, (4), (5) | | | | | | | | | | | | | | | | 904,167 | |
| | | | | | Total Common Stocks (cost $6,635,156) | | | | | | | | 5,302,990 | |
| | | | | | | | |
Principal Amount (000) | | | | | Description (1) | | Coupon (6) | | | Reference Rate (6) | | | Spread (6) | | | Maturity (7) | | | Ratings (2) | | | Value | |
| | |
| | | | | VARIABLE RATE SENIOR LOAN INTERESTS – 2.1% (2.0% of Total Investments) (6) | |
| | | | | | |
| | | | | Banks – 0.3% | | | | | | | | | | | | | |
| | | | | | | | |
$ | 691 | | | | | iQor US Inc, Exit Priority Term Loan | | | 8.500% | | | | 1-Month LIBOR | | | | 7.500% | | | | 9/15/27 | | | | N/R | | | $ | 708,050 | |
2
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | | | Description (1) | | Coupon (6) | | | Reference Rate (6) | | | Spread (6) | | | Maturity (7) | | | Ratings (2) | | | Value | |
| | | | | |
| | | | | Diversified Financial Services – 0.1% | | | | | | | | | | |
| | | | | | | | |
$ | 1,434 | | | | | Ditech Holding Corporation, Term Loan, (8) | | | 0.000% | | | | N/A | | | | N/A | | | | 6/30/22 | | | | N/R | | | $ | 287,670 | |
| | | | | |
| | | | | Energy Equipment & Services – 0.6% | | | | | | | | | | |
| | | | | | | | |
| 1,495 | | | | | Petroleum GEO-Services ASA/PGS Finance, Inc., Term Loan B | | | 7.703% | | | | 1-Month LIBOR | | | | 7.000% | | | | 3/19/24 | | | | N/R | | | | 1,363,730 | |
| | | | | |
| | | | | Oil, Gas & Consumable Fuels – 0.3% | | | | | | | | | | |
| | | | | | | | |
| 663 | | | | | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien | | | 9.000% | | | | 3-Month LIBOR | | | | 8.000% | | | | 8/27/26 | | | | B | | | | 667,644 | |
| | | | | |
| | | | | Software – 0.8% | | | | | | | | | | |
| | | | | | | | |
| 1,909 | | | | | iQor US Inc., Second Out Term Loan | | | 8.500% | | | | 1-Month LIBOR | | | | 7.500% | | | | 11/19/25 | | | | CCC+ | | | | 1,880,560 | |
$ | 6,192 | | | | | Total Variable Rate Senior Loan Interests (cost $6,081,452) | | | | | | | | | | | | 4,907,654 | |
| | | | | | |
Principal Amount (000) | | | | | Description (1) | | | Coupon | | | Maturity | | | Ratings (2) | | | Value | |
| | | | | | |
| | | | | CONVERTIBLE BONDS – 1.8% (1.6% of Total Investments) | | | | | | | | | | | | | |
| | | | |
| | | | | Mortgage Real Estate Investment Trust – 1.8% | | | | | | | |
| | | | | | |
$ | 4,000 | | | | | Blackstone Mortgage Trust Inc | | | | 4.375% | | | | 5/05/22 | | | | N/R | | | $ | 4,044,506 | |
$ | 4,000 | | | | | Total Convertible Bonds (cost $4,060,237) | | | | | | | | | | | | | | | | 4,044,506 | |
| | | | | | Total Long-Term Investments (cost $247,080,257) | | | | | | | | | | | | | | | | 245,717,762 | |
| | | | | | Other Assets Less Liabilities – (7.4)% | | | | | | | | | | | | | | | | (17,025,167 | ) |
| | | | | | Net Assets Applicable to Common shares – 100% | | | | | | | | | | | | | | | $ | 228,692,595 | |
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). |
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| | |
| |
JCO | | Nuveen Credit Opportunities 2022 Target Term Fund (continued) |
| Portfolio of Investments September 30, 2021 |
| | (Unaudited) |
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 | | $ | — | | | $ | 231,462,612 | | | $ | — | | | $ | 231,462,612 | |
Common Stocks | | | 1,797,860 | | | | 2,600,963 | | | | 904,167 | | | | 5,302,990 | |
Variable Rate Senior Loan Interests | | | — | | | | 4,907,654 | | | | — | | | | 4,907,654 | |
Convertible Bonds | | | — | | | | 4,044,506 | | | | — | | | | 4,044,506 | |
Total | | $ | 1,797,860 | | | $ | 243,015,735 | | | $ | 904,167 | | | $ | 245,717,762 | |
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) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(5) | 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. |
(6) | 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. |
(7) | 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. |
(8) | 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. |
LIBOR | London Inter-Bank Offered Rate |
See accompanying notes to financial statements.
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