Nuveen Emerging Markets Debt 2022 Target Term Fund (JEMD) NPORT-P Nuveen Emerging Markets Debt 2022 Target Term Fund (Mar 2020 report)

_JEMD

Nuveen Emerging Markets Debt 2022 Target Term Fund

Portfolio of Investments    March 31, 2020

(Unaudited)

Principal Amount (000)	Description (1)	Coupon	Maturity	Ratings (2)	Value
	LONG-TERM INVESTMENTS – 130.1% (98.9% of Total Investments)
	EMERGING MARKETS DEBT – 73.8% (56.1% of Total Investments)
	Argentina – 2.1%
$7,575	Provincia de Buenos Aires/Government Bonds, 144A	6.500%	2/15/23	Caa2	$1,969,500
	Bahrain – 2.1%
2,000	Bahrain Government International Bond, 144A	6.125%	7/05/22	BB-	1,897,496
	Barbados – 6.9%
407	Barbados Government International Bond, 144A	6.500%	2/01/21	B-	394,402
6,639	Barbados Government International Bond, 144A	6.500%	10/01/29	B-	5,942,352
7,046	Total Barbados				6,336,754
	Costa Rica – 3.9%
4,000	Costa Rica Government International Bond, 144A, (3)	4.250%	1/26/23	B+	3,570,000
	Ecuador – 2.5%
7,350	Ecuador Government International Bond, 144A, (4)	10.750%	3/28/22	B-	2,269,386
	Egypt – 4.0%
3,775	Egypt Government International Bond, 144A	6.125%	1/31/22	B+	3,624,000
	El Salvador – 6.7%
6,375	El Salvador Government International Bond, 144A, (3)	7.750%	1/24/23	B-	6,183,750
	Ghana – 3.7%
3,750	Ghana Government International Bond, 144A	9.250%	9/15/22	B	3,437,925
	Iraq – 7.4%
8,500	Iraq International Bond, 144A, (3)	6.752%	3/09/23	B-	6,826,520
	Lebanon – 1.8%
4,000	Lebanon Government International Bond, (4)	6.400%	5/26/23	B-	736,480
5,000	Lebanon Government International Bond, Reg S, (4)	6.000%	1/27/23	B-	930,400
9,000	Total Lebanon				1,666,880
	Mongolia – 4.5%
3,000	Mongolia Government International Bond, 144A, (3)	5.125%	12/05/22	B	2,669,828
1,650	Mongolia Government International Bond, 144A	5.625%	5/01/23	B	1,468,447
4,650	Total Mongolia				4,138,275
	Nigeria – 3.2%
3,425	Nigeria Government International Bond, (3)	5.625%	6/27/22	B+	2,954,063

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JEMD	Nuveen Emerging Markets Debt 2022 Target Term Fund (continued)
	Portfolio of Investments March 31, 2020
	(Unaudited)

Principal Amount (000)	Description (1)	Coupon	Maturity	Ratings (2)	Value
	Pakistan – 1.8%
$1,775	Third Pakistan International Sukuk Co Ltd, 144A	5.625%	12/05/22	B-	$1,658,084
	Rwanda – 8.2%
8,400	Rwanda International Government Bond, 144A, (3)	6.625%	5/02/23	B+	7,513,632
	Sri Lanka – 2.7%
600	Sri Lanka Government International Bond, 144A, (3)	5.875%	7/25/22	B	396,000
3,000	Sri Lanka Government International Bond, 144A	5.750%	4/18/23	B	2,039,801
3,600	Total Sri Lanka				2,435,801
	Turkey – 1.0%
1,000	Turkiye Ihracat Kredi Bankasi AS, 144A	4.250%	9/18/22	B+	880,000
	Ukraine – 7.9%
7,650	Ukraine Government International Bond, 144A, (3)	7.750%	9/01/22	B	7,228,332
	Zambia – 3.4%
7,500	Zambia Government International Bond, 144A	5.375%	9/20/22	CCC	3,112,500
$97,371	Total Emerging Markets Debt (cost $98,659,366)				67,702,898

Principal Amount (000)	Description (1)	Coupon	Maturity	Ratings (2)	Value
	CORPORATE BONDS – 56.3% (42.8% of Total Investments)
	Banks – 23.1%
$550	Banco do Brasil SA/Cayman, 144A	5.875%	1/19/23	Ba3	$548,625
1,500	Credit Bank of Moscow Via CBOM Finance PLC, 144A	5.875%	11/07/21	BB	1,383,750
2,000	Credit Bank of Moscow Via CBOM Finance PLC, 144A	5.550%	2/14/23	BB	1,687,000
2,857	Halyk Savings Bank of Kazakhstan JSC, 144A	5.500%	12/21/22	BB+	2,804,972
1,250	Itau Unibanco Holding SA/Cayman Island, 144A	2.900%	1/24/23	BB	1,187,500
2,000	TC Ziraat Bankasi AS, 144A	5.125%	5/03/22	B+	1,820,000
300	Turkiye Garanti Bankasi AS, 144A	5.250%	9/13/22	B+	279,750
5,000	Turkiye Is Bankasi AS, 144A, (3)	6.000%	10/24/22	B	4,465,000
2,704	Turkiye Vakiflar Bankasi TAO, 144A	6.000%	11/01/22	B	2,420,080
1,792	Ukreximbank Via Biz Finance PLC, 144A	9.625%	4/27/22	B	1,655,500
3,000	United Bank for Africa PLC, 144A, (3)	7.750%	6/08/22	B	2,915,952
22,953	Total Banks				21,168,129
	Commercial Services & Supplies – 1.7%
2,500	Atento Luxco 1 SA, 144A, (3)	6.125%	8/10/22	BB	1,525,025
	Diversified Telecommunication Services – 1.1%
1,000	Colombia Telecomunicaciones SA ESP, 144A, (3)	5.375%	9/27/22	BBB-	956,510

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Principal Amount (000)	Description (1)	Coupon	Maturity	Ratings (2)	Value
	Electric Utilities – 6.2%
$5,000	Eskom Holdings SOC Ltd, 144A, (3)	5.750%	1/26/21	BBB+	$4,225,000
1,500	Instituto Costarricense de Electricidad, 144A	6.950%	11/10/21	B1	1,411,890
6,500	Total Electric Utilities				5,636,890
	Food Products – 5.3%
2,800	BRF SA, 144A	3.950%	5/22/23	Ba2	2,555,028
2,700	Kernel Holding SA, 144A, (3)	8.750%	1/31/22	BB-	2,327,724
5,500	Total Food Products				4,882,752
	Independent Power & Renewable Electricity Producers – 2.2%
2,250	Azure Power Energy Ltd, 144A, (3)	5.500%	11/03/22	Ba2	2,054,250
	Metals & Mining – 2.4%
3,000	Petra Diamonds US Treasury PLC, 144A	7.250%	5/01/22	CCC+	690,000
4,000	Vedanta Resources Ltd, 144A	7.125%	5/31/23	B-	1,520,000
7,000	Total Metals & Mining				2,210,000
	Oil, Gas & Consumable Fuels – 3.9%
3,500	Petroleos Mexicanos	3.500%	1/30/23	BBB	2,852,500
3,000	Tullow Oil PLC, 144A	6.250%	4/15/22	CCC+	742,500
6,500	Total Oil, Gas & Consumable Fuels				3,595,000
	Pharmaceuticals – 2.6%
2,600	Teva Pharmaceutical Finance Co BV	2.950%	12/18/22	BBB	2,383,732
	Real Estate Management & Development – 4.6%
3,200	China Evergrande Group, Reg S	8.250%	3/23/22	B2	2,560,333
1,750	Country Garden Holdings Co Ltd, Reg S	4.750%	7/25/22	BBB-	1,654,188
4,950	Total Real Estate Management & Development				4,214,521
	Road & Rail – 1.1%
1,100	Transnet SOC Ltd, 144A	4.000%	7/26/22	Baa3	1,045,000
	Wireless Telecommunication Services – 2.1%
3,753	Digicel Group Two Ltd, 144A, (cash 7.125%, PIK 2.000%)	9.125%	4/01/24	C	469,123
1,525	MTN Mauritius Investments Ltd, 144A	5.373%	2/13/22	BB+	1,422,825
5,278	Total Wireless Telecommunication Services				1,891,948
$68,131	Total Corporate Bonds (cost $66,537,638)				51,563,757
	Total Long-Term Investments (cost $165,197,004)				119,266,655

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JEMD	Nuveen Emerging Markets Debt 2022 Target Term Fund (continued)
	Portfolio of Investments March 31, 2020
	(Unaudited)

Principal Amount (000)	Description (1)	Coupon	Maturity	Ratings (2)	Value
	SHORT-TERM INVESTMENTS – 1.5% (1.1% of Total Investments)
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS  –  1.5% (1.1% of Total Investments)
$1,000	Federal Home Loan Bank, Discount Notes	0.000%	10/01/20	N/R	$999,695
385	Federal Home Loan Bank, Discount Notes	0.000%	4/01/20	N/R	385,000
$1,385	Total Short-Term Investments (cost $1,384,695)				1,384,695
	Total Investments (cost $166,581,699) – 131.6%				120,651,350
	Reverse Repurchase Agreements – (35.8)% (5)				(32,854,811)
	Other Assets Less Liabilities – 4.2%				3,904,319
	Net Assets Applicable to Common Shares – 100%				$91,700,858

Summary of Investments in Emerging Markets Countries

Ukraine	9.3%
Turkey	8.2%
Rwanda	6.2%
South Africa	6.1%
Iraq	5.7%
Barbados	5.2%
El Salvador	5.1%
Nigeria	4.9%
Costa Rica	4.1%
Brazil	3.5%
China	3.5%
Ghana	3.5%
Mongolia	3.4%
Egypt	3.0%
Zambia	2.6%
Russia	2.5%

Mexico	2.4%
Kazakhstan	2.3%
Sri Lanka	2.0%
Ecuador	1.9%
India	1.7%
Argentina	1.6%
Bahrain	1.6%
Lebanon	1.4%
Pakistan	1.4%
Bahamas	1.3%
Bermuda	0.4%
Total Emerging Markets Debt	94.8%
Total Developed Markets	5.2%
Total Investments	100%

 

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-Term Investments:
Emerging Markets Debt	$ —	$67,702,898	$ —	$67,702,898
Corporate Bonds	—	51,563,757	—	51,563,757
Short-Term Investments:
U.S. Government and Agency Obligations	—	1,384,695	—	1,384,695
Total	$ —	$120,651,350	$ —	$120,651,350

	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, or portion of investment has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $48,622,929 have been pledged as collateral for reverse repurchase agreements.
(4)	Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(5)	Reverse Repurchase Agreements as a percentage of Total Investments is 27.2%.
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.
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.

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