JEMD
Nuveen Emerging Markets Debt
2022 Target Term Fund
Portfolio of Investments September 30, 2020
(Unaudited)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
| LONG-TERM INVESTMENTS – 127.9% (98.6% of Total Investments) | ||||||
| EMERGING MARKETS DEBT – 71.3% (55.0% of Total Investments) | ||||||
| Argentina – 2.7% | ||||||
| $7,575 | Provincia de Buenos Aires/Government Bonds, 144A | 6.500% | 2/15/23 | D | $2,954,250 | |
| Bahrain – 1.9% | ||||||
| 2,000 | Bahrain Government International Bond, 144A | 6.125% | 7/05/22 | B+ | 2,083,550 | |
| Barbados – 6.3% | ||||||
| 407 | Barbados Government International Bond, 144A | 6.500% | 2/01/21 | B- | 403,551 | |
| 6,639 | Barbados Government International Bond, 144A | 6.500% | 10/01/29 | B- | 6,448,946 | |
| 7,046 | Total Barbados | 6,852,497 | ||||
| Costa Rica – 3.6% | ||||||
| 4,000 | Costa Rica Government International Bond, 144A, (3) | 4.250% | 1/26/23 | B | 3,860,000 | |
| Ecuador – 3.9% | ||||||
| 2,205 | Ecuador Government International Bond, 144A | 0.500% | 7/31/30 | B- | 1,488,397 | |
| 625 | Ecuador Government International Bond, 144A | 0.000% | 7/31/30 | B- | 290,066 | |
| 3,641 | Ecuador Government International Bond, 144A | 0.500% | 7/31/35 | B- | 2,011,388 | |
| 853 | Ecuador Government International Bond, 144A | 0.500% | 7/31/40 | B- | 425,234 | |
| 7,324 | Total Ecuador | 4,215,085 | ||||
| Egypt – 3.6% | ||||||
| 3,775 | Egypt Government International Bond, 144A | 6.125% | 1/31/22 | B+ | 3,866,355 | |
| El Salvador – 5.6% | ||||||
| 6,375 | El Salvador Government International Bond, 144A, (3) | 7.750% | 1/24/23 | B- | 6,142,376 | |
| Ghana – 2.3% | ||||||
| 2,500 | Ghana Government International Bond, 144A | 9.250% | 9/15/22 | B | 2,536,998 | |
| Iraq – 7.4% | ||||||
| 8,500 | Iraq International Bond, 144A, (3) | 6.752% | 3/09/23 | B- | 8,096,250 | |
| Lebanon – 1.3% | ||||||
| 5,000 | Lebanon Government International Bond, (4) | 6.000% | 1/27/23 | D | 787,500 | |
| 4,000 | Lebanon Government International Bond, Reg S, (4) | 6.400% | 5/26/23 | D | 633,600 | |
| 9,000 | Total Lebanon | 1,421,100 | ||||
| Mongolia – 4.4% | ||||||
| 3,000 | Mongolia Government International Bond, 144A | 5.125% | 12/05/22 | B | 3,059,930 |
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| JEMD | Nuveen Emerging Markets Debt 2022 Target Term Fund (continued) |
| Portfolio of Investments September 30, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
| Mongolia (continued) | ||||||
| $1,650 | Mongolia Government International Bond, 144A | 5.625% | 5/01/23 | B | $1,693,342 | |
| 4,650 | Total Mongolia | 4,753,272 | ||||
| Namibia – 1.2% | ||||||
| 1,338 | Namibia International Bonds, 144A | 5.500% | 11/03/21 | Ba2 | 1,351,118 | |
| Nigeria – 3.2% | ||||||
| 3,425 | Nigeria Government International Bond, (3) | 5.625% | 6/27/22 | B2 | 3,445,550 | |
| Pakistan – 2.5% | ||||||
| 2,775 | Third Pakistan International Sukuk Co Ltd, 144A | 5.625% | 12/05/22 | B- | 2,768,063 | |
| Rwanda – 7.9% | ||||||
| 8,400 | Rwanda International Government Bond, 144A, (3) | 6.625% | 5/02/23 | B+ | 8,644,020 | |
| Sri Lanka – 2.0% | ||||||
| 3,000 | Sri Lanka Government International Bond, 144A | 5.750% | 4/18/23 | B- | 2,205,000 | |
| Turkey – 0.9% | ||||||
| 1,000 | Turkiye Ihracat Kredi Bankasi AS, 144A | 4.250% | 9/18/22 | B+ | 950,000 | |
| Ukraine – 7.2% | ||||||
| 7,650 | Ukraine Government International Bond, 144A, (3) | 7.750% | 9/01/22 | B | 7,831,687 | |
| Zambia – 3.4% | ||||||
| 7,500 | Zambia Government International Bond, 144A | 5.375% | 9/20/22 | CCC- | 3,718,091 | |
| $97,833 | Total Emerging Markets Debt (cost $95,966,530) | 77,695,262 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| CORPORATE BONDS – 56.5% (43.6% of Total Investments) | ||||||||
| Aerospace & Defense – 1.8% | ||||||||
| $2,000 | Embraer SA | 5.150% | 6/15/22 | BB+ | $2,012,520 | |||
| Banks – 13.7% | ||||||||
| 2,857 | Halyk Savings Bank of Kazakhstan JSC | 5.500% | 12/21/22 | BB+ | 2,849,665 | |||
| 2,000 | TC Ziraat Bankasi AS, 144A | 5.125% | 5/03/22 | B+ | 1,940,576 | |||
| 3,200 | Turkiye Is Bankasi AS, 144A | 6.000% | 10/24/22 | B- | 3,073,280 | |||
| 2,704 | Turkiye Vakiflar Bankasi TAO, 144A | 6.000% | 11/01/22 | B- | 2,597,300 | |||
| 1,434 | Ukreximbank Via Biz Finance PLC, 144A | 9.625% | 4/27/22 | B | 1,462,860 | |||
| 3,000 | United Bank for Africa PLC, 144A, (3) | 7.750% | 6/08/22 | B | 2,992,200 | |||
| 15,195 | Total Banks | 14,915,881 | ||||||
| Capital Markets – 1.4% | ||||||||
| 1,500 | Grupo Aval Ltd, 144A | 4.750% | 9/26/22 | BBB- | 1,535,625 |
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| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Commercial Services & Supplies – 2.2% | ||||||||
| $2,500 | Atento Luxco 1 SA, 144A | 6.125% | 8/10/22 | Ba3 | $2,412,525 | |||
| Diversified Financial Services – 1.8% | ||||||||
| 2,000 | Sasol Financing International plc | 4.500% | 11/14/22 | BB | 1,935,544 | |||
| Electric Utilities – 5.9% | ||||||||
| 5,000 | Eskom Holdings SOC Ltd, 144A, (3) | 5.750% | 1/26/21 | BBB+ | 4,876,700 | |||
| 1,500 | Instituto Costarricense de Electricidad, 144A | 6.950% | 11/10/21 | B1 | 1,503,765 | |||
| 6,500 | Total Electric Utilities | 6,380,465 | ||||||
| Food Products – 4.3% | ||||||||
| 1,800 | BRF SA, 144A | 3.950% | 5/22/23 | Ba2 | 1,847,268 | |||
| 2,700 | Kernel Holding SA, 144A, (3) | 8.750% | 1/31/22 | BB- | 2,790,450 | |||
| 4,500 | Total Food Products | 4,637,718 | ||||||
| Independent Power & Renewable Electricity Producers – 2.1% | ||||||||
| 2,250 | Azure Power Energy Ltd, 144A, (3) | 5.500% | 11/03/22 | Ba2 | 2,293,920 | |||
| Metals & Mining – 1.0% | ||||||||
| 3,000 | Petra Diamonds US Treasury PLC, 144A, (4) | 7.250% | 5/01/22 | D | 1,110,000 | |||
| Oil, Gas & Consumable Fuels – 8.4% | ||||||||
| 7,740 | Petroleos Mexicanos | 3.500% | 1/30/23 | BBB | 7,620,262 | |||
| 3,000 | Tullow Oil PLC, 144A | 6.250% | 4/15/22 | CCC+ | 1,545,000 | |||
| 10,740 | Total Oil, Gas & Consumable Fuels | 9,165,262 | ||||||
| Pharmaceuticals – 2.3% | ||||||||
| 2,100 | Teva Pharmaceutical Finance Co BV | 2.950% | 12/18/22 | BBB | 2,041,473 | |||
| 475 | Teva Pharmaceutical Finance Netherlands III BV | 2.200% | 7/21/21 | BBB | 470,962 | |||
| 2,575 | Total Pharmaceuticals | 2,512,435 | ||||||
| Real Estate Management & Development – 4.3% | ||||||||
| 3,200 | China Evergrande Group, Reg S | 8.250% | 3/23/22 | B2 | 2,849,368 | |||
| 1,750 | Country Garden Holdings Co Ltd | 4.750% | 7/25/22 | Baa3 | 1,786,495 | |||
| 4,950 | Total Real Estate Management & Development | 4,635,863 | ||||||
| Road & Rail – 5.8% | ||||||||
| 6,400 | Transnet SOC Ltd, 144A, (3) | 4.000% | 7/26/22 | BBB- | 6,332,224 | |||
| Wireless Telecommunication Services – 1.5% | ||||||||
| 379 | Digicel Group 05 Ltd, 144A, (cash 8.000%, PIK 8.000%) | 8.000% | 4/01/25 | CC | 132,668 | |||
| 1,525 | MTN Mauritius Investments Ltd, 144A | 5.373% | 2/13/22 | Ba1 | 1,556,598 | |||
| 1,904 | Total Wireless Telecommunication Services | 1,689,266 | ||||||
| $66,014 | Total Corporate Bonds (cost $65,387,171) | 61,569,248 |
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| JEMD | Nuveen Emerging Markets Debt 2022 Target Term Fund (continued) |
| Portfolio of Investments September 30, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| CONVERTIBLE BONDS – 0.1% (0.0% of Total Investments) | ||||||||
| Wireless Telecommunication Services – 0.1% | ||||||||
| $567 | Digicel Group 05 Ltd, 144A, (cash 7.000%, PIK 7.000%) | 7.000% | N/A (5) | CC | $68,004 | |||
| $567 | Total Convertible Bonds (cost $48,170) | 68,004 | ||||||
| Total Long-Term Investments (cost $161,401,871) | 139,332,514 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| SHORT-TERM INVESTMENTS – 1.8% (1.4% of Total Investments) | ||||||||
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.8% (1.4% of Total Investments) | ||||||||
| $1,985 | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 10/01/20 | N/R | $1,985,000 | |||
| $1,985 | Total Short-Term Investments (cost $1,985,000) | 1,985,000 | ||||||
| Total Investments (cost $163,386,871) – 129.7% | 141,317,514 | |||||||
| Reverse Repurchase Agreements – (30.1)% (6) | (32,854,811) | |||||||
| Other Assets Less Liabilities – 0.4% | 530,923 | |||||||
| Net Assets Applicable to Common Shares – 100% | $108,993,626 |
4
Summary of Investments in Emerging
Markets Countries
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: | ||||
| Emerging Markets Debt | $ — | $77,695,262 | $ — | $77,695,262 |
| Corporate Bonds | — | 61,569,248 | — | 61,569,248 |
| Convertible Bonds | — | 68,004 | — | 68,004 |
| Short-Term Investments: | ||||
| U.S. Government and Agency Obligations | — | 1,985,000 | — | 1,985,000 |
| Total | $ — | $141,317,514 | $ — | $141,317,514 |
5
| JEMD | Nuveen Emerging Markets Debt 2022 Target Term Fund (continued) |
| Portfolio of Investments September 30, 2020 | |
| (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. | |
| (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 $50,182,796 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) | Perpetual security. Maturity date is not applicable. | |
| (6) | Reverse Repurchase Agreements as a percentage of Total Investments is 23.2%. | |
| 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. | |
| N/A | Not Applicable. | |
| 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