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

1

Nuveen

Emerging

Markets

Debt

2022

Target

Term

Fund

Portfolio

of

Investments

September

30,

2022

(Unaudited)

JEMD

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

76.1%  

(76.5%

of

Total

Investments)

X

42,072,516

EMERGING

MARKETS

DEBT

-

44.7%

(44.9%

of

Total

Investments)

X

42,072,516

Argentina

-

2.7%

$

8,214

Provincia

de

Buenos

Aires/Government

Bonds

,

144A

3.900%

9/01/37

CCC+

$

2,546,379

Ecuador

-

2.9%

2,205

Ecuador

Government

International

Bond

,

144A

5.000%

7/31/30

B-

1,038,150

3,640

Ecuador

Government

International

Bond

,

144A

1.000%

7/31/35

B-

1,198,082

853

Ecuador

Government

International

Bond

,

144A

1.500%

7/31/40

B-

249,386

625

Ecuador

Government

International

Bond

,

144A

0.000%

7/31/30

B-

179,389

Total

Ecuador

2,665,007

Egypt

-

5.9%

5,725

Egypt

Government

International

Bond

,

144A

5.577%

2/21/23

B+

5,553,250

El

Salvador

-

3.3%

3,441

El

Salvador

Government

International

Bond

,

144A

7.750%

1/24/23

CCC+

3,114,967

Iraq

-

9.8%

9,500

Iraq

International

Bond

,

144A

6.752%

3/09/23

B-

9,211,143

Lebanon

-

0.3%

4,000

Lebanon

Government

International

Bond

(3)

6.400%

5/26/23

D

240,800

Mongolia

-

4.8%

3,000

Mongolia

Government

International

Bond

,

144A

5.125%

12/05/22

B

2,932,500

1,650

Mongolia

Government

International

Bond

,

144A

5.625%

5/01/23

B

1,555,125

Total

Mongolia

4,487,625

Oman

-

3.1%

3,000

Oman

Government

International

Bond

,

144A

4.125%

1/17/23

BB

2,977,500

Pakistan

-

3.1%

3,450

Third

Pakistan

International

Sukuk

Co

Ltd

,

144A

5.625%

12/05/22

B-

2,927,877

Sri

Lanka

-

0.8%

3,000

Sri

Lanka

Government

International

Bond

,

144A

5.750%

4/18/23

Ca

751,443

Turkey

-

4.2%

4,000

Turkey

Government

International

Bond

3.250%

3/23/23

B

3,952,000

Ukraine

-

1.1%

3,825

Ukraine

Government

International

Bond

,

144A

7.750%

9/01/24

N/R

1,059,525

Zambia

-

2.7%

5,500

Zambia

Government

International

Bond

,

144A

5.375%

9/20/23

D

2,585,000

Total

Emerging

Markets

Debt

(cost

$59,591,580)

42,072,516

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

29,554,966

CORPORATE

BONDS

-

31.4%

(31.6%

of

Total

Investments)

X

29,554,966

Banks

-

6.3%

$

3,200

Turkiye

Is

Bankasi

AS,

144A

6.000%

10/24/22

Caa2

$

3,179,322

2,704

Turkiye

Vakiflar

Bankasi

TAO,

144A

6.000%

11/01/22

CCC

2,687,992

5,904

Total

Banks

5,867,314

Nuveen

Emerging

Markets

Debt

2022

Target

Term

Fund

(continued)

Portfolio

of

Investments

September

30,

2022

(Unaudited)

2

JEMD

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Beverages

-

1.6%

$

1,500

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS,

144A

3.375%

11/01/22

BB+

$

1,485,322

Chemicals

-

4.4%

4,200

Sasol

Financing

International

Ltd

4.500%

11/14/22

BB

4,172,322

Food

Products

-

2.9%

2,800

BRF

SA,

144A

3.950%

5/22/23

BB

2,758,000

Oil,

Gas

&

Consumable

Fuels

-

10.5%

2,500

NAK

Naftogaz

Ukraine

via

Kondor

Finance

PLC,

Reg

S

,

Reg

S(3)

7.375%

7/19/24

N/R

575,000

9,440

Petroleos

Mexicanos

3.500%

1/30/23

BBB

9,315,108

11,940

Total

Oil,

Gas

&

Consumable

Fuels

9,890,108

Pharmaceuticals

-

5.3%

5,050

Teva

Pharmaceutical

Finance

Co

BV

2.950%

12/18/22

Ba2

5,006,746

Real

Estate

Management

&

Development

-

0.4%

3,000

Shimao

Group

Holdings

Ltd,

Reg

S

,

Reg

S(3)

4.750%

7/03/23

N/R

375,154

$

34,394

Total

Corporate

Bonds

(cost

$34,364,272)

29,554,966

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

42

CONVERTIBLE

BONDS

-

0.0%

(0.0%

of

Total

Investments)

X

42

Wireless

Telecommunication

Services

-

0.0%

$

0

(4)

Digicel

Group

Holdings

Ltd(cash

7.000%,

PIK

7.000%),

144A

7.000%

N/A

(5)

Ca

$

42

$

0

Total

Convertible

Bonds

(cost

$24)

42

Total

Long-Term

Investments

(cost

$93,955,876)

71,627,524

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

SHORT-TERM

INVESTMENTS

-

 23.4% (23.5%

of

Total

Investments)

X

22,010,706

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

23.4%

(23.5%

of

Total

Investments)

X

22,010,706

$

12,000

Federal

Home

Loan

Bank

Discount

Notes

0.000%

11/16/22

N/R

$

11,951,853

10,000

Federal

Home

Loan

Bank

Discount

Notes

0.000%

11/18/22

N/R

9,958,867

100

Federal

Home

Loan

Bank

Discount

Notes

0.000%

10/03/22

N/R

99,986

$

22,100

Total

U.S.

Government

and

Agency

Obligations

(cost

$22,010,706)

22,010,706

Total

Short-Term

Investments

(cost

$22,010,706)

22,010,706

Total

Investments

(cost

$

115,966,582

)

-

99

.5

%

93,638,230

Other

Assets

Less

Liabilities

-  0.5%

493,630

Net

Assets

Applicable

to

Common

Shares

-

100%

$

94,131,860

Summary

of

Investments

in

Emerging

Markets

Countries

Turkey

12.1%

Zambia

2.8%

Mexico

10.0%

Argentina

2.7%

Iraq

9.8%

Ukraine

1.7%

Egypt

5.9%

Sri

Lanka

0.8%

Mongolia

4.8%

China

0.4%

South

Africa

4.5%

Lebanon

0.3%

El

Salvador

3.3%

Jamaica

0.0%

Oman

3.2%

Total

Emerging

Markets

Countries

71.1%

Pakistan

3.1%

Total

Developed

Countries

28.9%

Brazil

2.9%

Total

Investments

100%

Ecuador

2.8%

3

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

$

–

$

42,072,516

$

–

$

42,072,516

Corporate

Bonds

–

29,554,966

–

29,554,966

Convertible

Bonds

–

42

–

42

Short-Term

Investments:

U.S.

Government

and

Agency

Obligations

–

22,010,706

–

22,010,706

Total

$

–

$

93,638,230

$

–

$

93,638,230

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)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(4)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(5)

Perpetual

security.

Maturity

date

is

not

applicable.

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.