JHAA
Nuveen High Income 2023 Target Term Fund
Portfolio of Investments March 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
LONG-TERM INVESTMENTS – 125.9% (90.1% of Total Investments) | ||||||||
CORPORATE BONDS – 83.3% (59.6% of Total Investments) | ||||||||
Aerospace & Defense – 0.6% | ||||||||
$600 | Bombardier Inc, 144A | 6.125% | 1/15/23 | B | $423,000 | |||
Air Freight & Logistics – 1.8% | ||||||||
1,200 | XPO Logistics Inc, 144A | 6.125% | 9/01/23 | BB- | 1,174,500 | |||
Airlines – 1.3% | ||||||||
1,000 | United Airlines Holdings Inc | 5.000% | 2/01/24 | BB | 870,000 | |||
Auto Components – 1.4% | ||||||||
975 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 6.750% | 2/01/24 | BB+ | 940,875 | |||
Automobiles – 1.6% | ||||||||
375 | Fiat Chrysler Automobiles NV | 5.250% | 4/15/23 | BBB- | 356,123 | |||
800 | Ford Motor Credit Co LLC | 5.584% | 3/18/24 | BBB- | 742,000 | |||
1,175 | Total Automobiles | 1,098,123 | ||||||
Chemicals – 6.4% | ||||||||
600 | Blue Cube Spinco LLC | 9.750% | 10/15/23 | BB | 623,250 | |||
800 | Chemours Co/The | 6.625% | 5/15/23 | Ba3 | 680,000 | |||
1,525 | NOVA Chemicals Corp, 144A | 4.875% | 6/01/24 | BB+ | 1,338,187 | |||
1,200 | OCI NV, 144A | 6.625% | 4/15/23 | BB | 1,092,000 | |||
500 | PQ Corp, 144A | 6.750% | 11/15/22 | BB- | 502,521 | |||
4,625 | Total Chemicals | 4,235,958 | ||||||
Commercial Services & Supplies – 3.8% | ||||||||
1,475 | ADT Security Corp/The | 4.125% | 6/15/23 | BB- | 1,441,798 | |||
263 | APX Group Inc | 7.875% | 12/01/22 | B2 | 249,850 | |||
600 | Covanta Holding Corp | 5.875% | 3/01/24 | B1 | 565,500 | |||
400 | Pitney Bowes Inc | 5.700% | 4/01/23 | BB | 294,644 | |||
2,738 | Total Commercial Services & Supplies | 2,551,792 | ||||||
Communications Equipment – 1.7% | ||||||||
375 | Anixter Inc | 5.500% | 3/01/23 | BBB- | 373,470 | |||
750 | CommScope Inc, 144A | 5.500% | 3/01/24 | Ba3 | 759,000 | |||
1,125 | Total Communications Equipment | 1,132,470 | ||||||
Construction Materials – 0.5% | ||||||||
422 | CEMEX Finance LLC, 144A | 6.000% | 4/01/24 | BB | 364,000 |
1
JHAA | Nuveen High Income 2023 Target Term Fund(continued) |
Portfolio of Investments March 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Consumer Finance – 3.5% | ||||||||
$800 | Navient Corp | 7.250% | 9/25/23 | BB | $784,000 | |||
1,300 | Springleaf Finance Corp | 8.250% | 10/01/23 | BB- | 1,296,620 | |||
320 | TMX Finance LLC / TitleMax Finance Corp, 144A | 11.125% | 4/01/23 | B- | 240,800 | |||
2,420 | Total Consumer Finance | 2,321,420 | ||||||
Containers & Packaging – 3.5% | ||||||||
250 | Berry Global Inc | 5.125% | 7/15/23 | BB | 250,550 | |||
500 | OI European Group BV, 144A | 4.000% | 3/15/23 | BB- | 475,000 | |||
750 | Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A | 5.125% | 7/15/23 | B+ | 744,368 | |||
850 | Sealed Air Corp, 144A | 5.250% | 4/01/23 | BB+ | 872,618 | |||
2,350 | Total Containers & Packaging | 2,342,536 | ||||||
Diversified Financial Services – 2.9% | ||||||||
900 | Comunicaciones Celulares SA Via Comcel Trust, 144A | 6.875% | 2/06/24 | Ba1 | 873,009 | |||
300 | Park Aerospace Holdings Ltd, 144A | 4.500% | 3/15/23 | BBB- | 260,193 | |||
350 | Park Aerospace Holdings Ltd, 144A | 5.500% | 2/15/24 | BBB- | 301,214 | |||
500 | PetSmart Inc, 144A | 7.125% | 3/15/23 | CCC+ | 471,000 | |||
2,050 | Total Diversified Financial Services | 1,905,416 | ||||||
Diversified Telecommunication Services – 2.4% | ||||||||
1,000 | CenturyLink Inc | 6.750% | 12/01/23 | BB | 1,062,800 | |||
500 | T-Mobile USA Inc | 6.500% | 1/15/24 | BB+ | 507,500 | |||
1,500 | Total Diversified Telecommunication Services | 1,570,300 | ||||||
Electric Utilities – 2.4% | ||||||||
1,000 | Rumo Luxembourg Sarl, 144A | 7.375% | 2/09/24 | BB | 1,000,000 | |||
600 | TerraForm Power Operating LLC, 144A | 4.250% | 1/31/23 | BB | 595,500 | |||
1,600 | Total Electric Utilities | 1,595,500 | ||||||
Energy Equipment & Services – 0.4% | ||||||||
1,000 | Nabors Industries Inc | 5.100% | 9/15/23 | B+ | 250,000 | |||
Equity Real Estate Investment Trust – 2.0% | ||||||||
800 | iStar Inc | 5.250% | 9/15/22 | BB | 738,000 | |||
600 | MPT Operating Partnership LP / MPT Finance Corp | 5.500% | 5/01/24 | BBB- | 583,500 | |||
1,400 | Total Equity Real Estate Investment Trust | 1,321,500 | ||||||
Food Products – 1.7% | ||||||||
1,250 | MARB BondCo PLC, 144A | 7.000% | 3/15/24 | BB- | 1,115,612 | |||
Gas Utilities – 2.7% | ||||||||
900 | AmeriGas Partners LP / AmeriGas Finance Corp | 5.625% | 5/20/24 | BB | 838,125 | |||
500 | QEP Resources Inc | 5.250% | 5/01/23 | BB- | 185,000 |
2
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Gas Utilities (continued) | ||||||||
$825 | Suburban Propane Partners LP/Suburban Energy Finance Corp | 5.500% | 6/01/24 | BB- | $775,500 | |||
2,225 | Total Gas Utilities | 1,798,625 | ||||||
Health Care Providers & Services – 3.8% | ||||||||
750 | CHS/Community Health Systems Inc, 144A | 8.625% | 1/15/24 | B- | 740,392 | |||
500 | HCA Inc | 5.875% | 5/01/23 | Ba2 | 521,935 | |||
850 | MEDNAX Inc, 144A | 5.250% | 12/01/23 | Ba2 | 692,750 | |||
600 | Tenet Healthcare Corp, (3) | 6.750% | 6/15/23 | B- | 553,500 | |||
2,700 | Total Health Care Providers & Services | 2,508,577 | ||||||
Hotels, Restaurants & Leisure – 4.1% | ||||||||
750 | 1011778 BC ULC / New Red Finance Inc, 144A | 4.250% | 5/15/24 | BB+ | 748,117 | |||
1,000 | MGM Resorts International | 6.000% | 3/15/23 | BB | 965,000 | |||
600 | Scientific Games International Inc | 6.625% | 5/15/21 | CCC+ | 478,560 | |||
600 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp, 144A | 4.250% | 5/30/23 | BB- | 558,000 | |||
2,950 | Total Hotels, Restaurants & Leisure | 2,749,677 | ||||||
Household Durables – 5.2% | ||||||||
1,250 | KB Home | 7.625% | 5/15/23 | BB | 1,256,250 | |||
650 | Lennar Corp | 4.875% | 12/15/23 | BBB- | 637,000 | |||
785 | Taylor Morrison Communities Inc / Taylor Morrison Holdings II Inc, 144A | 5.625% | 3/01/24 | BB | 737,900 | |||
900 | Toll Brothers Finance Corp | 5.625% | 1/15/24 | BBB- | 864,000 | |||
3,585 | Total Household Durables | 3,495,150 | ||||||
Independent Power & Renewable Electricity Producers – 1.6% | ||||||||
250 | AES Corp/VA | 4.875% | 5/15/23 | BBB- | 240,623 | |||
475 | Calpine Corp | 5.500% | 2/01/24 | BB- | 451,250 | |||
350 | Vistra Energy Corp | 5.875% | 6/01/23 | BB | 349,125 | |||
1,075 | Total Independent Power & Renewable Electricity Producers | 1,040,998 | ||||||
Insurance – 0.6% | ||||||||
500 | Genworth Holdings Inc | 4.900% | 8/15/23 | B | 430,000 | |||
Leisure Products – 0.7% | ||||||||
500 | Mattel Inc | 3.150% | 3/15/23 | B | 470,000 | |||
Machinery – 0.7% | ||||||||
750 | Apex Tool Group LLC / BC Mountain Finance Inc, 144A | 9.000% | 2/15/23 | CCC+ | 487,500 | |||
Media – 2.7% | ||||||||
850 | AMC Networks Inc | 5.000% | 4/01/24 | BB | 816,000 | |||
375 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 4.000% | 3/01/23 | BB+ | 373,594 |
3
JHAA | Nuveen High Income 2023 Target Term Fund(continued) |
Portfolio of Investments March 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Media (continued) | ||||||||
$600 | CSC Holdings LLC | 5.250% | 6/01/24 | B | $601,494 | |||
1,825 | Total Media | 1,791,088 | ||||||
Metals & Mining – 6.7% | ||||||||
850 | Commercial Metals Co | 4.875% | 5/15/23 | BB+ | 801,125 | |||
650 | Constellium SE, 144A | 5.750% | 5/15/24 | B | 580,190 | |||
1,250 | First Quantum Minerals Ltd, 144A | 6.500% | 3/01/24 | B | 1,037,500 | |||
1,125 | FMG Resources August 2006 Pty Ltd, 144A | 5.125% | 5/15/24 | BB+ | 1,108,125 | |||
500 | Freeport-McMoRan Inc | 3.875% | 3/15/23 | Ba1 | 476,250 | |||
500 | Steel Dynamics Inc | 5.250% | 4/15/23 | BBB | 487,985 | |||
4,875 | Total Metals & Mining | 4,491,175 | ||||||
Office Electronics – 0.3% | ||||||||
250 | Pitney Bowes Inc | 4.625% | 3/15/24 | BB | 182,175 | |||
Oil, Gas & Consumable Fuels – 6.9% | ||||||||
500 | Antero Resources Corp | 5.125% | 12/01/22 | BB- | 260,000 | |||
300 | Buckeye Partners LP | 4.150% | 7/01/23 | BB | 268,500 | |||
500 | Calumet Specialty Products Partners LP / Calumet Finance Corp | 7.750% | 4/15/23 | B- | 345,000 | |||
375 | Chesapeake Energy Corp | 5.750% | 3/15/23 | CCC- | 36,562 | |||
455 | Denbury Resources Inc, 144A | 7.750% | 2/15/24 | B | 68,341 | |||
250 | Energy Transfer Operating LP | 5.875% | 1/15/24 | BBB- | 236,096 | |||
500 | EnLink Midstream Partners LP | 4.400% | 4/01/24 | BB+ | 252,350 | |||
1,000 | Genesis Energy LP / Genesis Energy Finance Corp | 6.000% | 5/15/23 | B+ | 725,350 | |||
1,000 | Petroleos Mexicanos | 4.875% | 1/18/24 | BBB | 782,510 | |||
375 | Range Resources Corp | 5.000% | 3/15/23 | B+ | 277,609 | |||
1,000 | SM Energy Co | 5.000% | 1/15/24 | BB- | 295,000 | |||
1,100 | Sunoco LP / Sunoco Finance Corp | 4.875% | 1/15/23 | BB | 1,062,237 | |||
7,355 | Total Oil, Gas & Consumable Fuels | 4,609,555 | ||||||
Pharmaceuticals – 3.6% | ||||||||
1,125 | Bausch Health Cos Inc, 144A | 7.000% | 3/15/24 | BB | 1,153,125 | |||
1,300 | Teva Pharmaceutical Finance Netherlands III BV | 6.000% | 4/15/24 | BB | 1,277,237 | |||
2,425 | Total Pharmaceuticals | 2,430,362 | ||||||
Real Estate Management & Development – 1.1% | ||||||||
850 | Realogy Group LLC / Realogy Co-Issuer Corp, 144A | 4.875% | 6/01/23 | B | 714,000 | |||
Road & Rail – 1.5% | ||||||||
1,250 | Avis Budget Car Rental LLC / Avis Budget Finance Inc, 144A | 6.375% | 4/01/24 | BB | 1,000,000 | |||
Specialty Retail – 1.2% | ||||||||
1,000 | L Brands Inc | 5.625% | 10/15/23 | Ba3 | 830,100 |
4
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Technology Hardware, Storage & Peripherals – 1.1% | ||||||||
$375 | EMC Corp | 3.375% | 6/01/23 | BB | $369,375 | |||
350 | NCR Corp | 6.375% | 12/15/23 | BB | 345,622 | |||
725 | Total Technology Hardware, Storage & Peripherals | 714,997 | ||||||
Wireless Telecommunication Services – 0.9% | ||||||||
525 | Sprint Corp | 7.875% | 9/15/23 | B+ | 578,750 | |||
$62,795 | Total Corporate Bonds (cost $61,687,008) | 55,535,731 |
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |
VARIABLE RATE SENIOR LOAN INTERESTS – 40.5% (29.0% of Total Investments) (4) | ||||||||
Airlines – 0.7% | ||||||||
$594 | American Airlines, Inc., Incremental Term Loan | 2.705% | 1-Month LIBOR | 2.000% | 12/14/23 | Ba1 | $480,744 | |
Auto Components – 0.4% | ||||||||
299 | Adient US LLC, Term Loan B | 5.742% | 3-Month LIBOR | 4.000% | 5/06/24 | BB- | 264,835 | |
Beverages – 0.8% | ||||||||
620 | Arctic Glacier U.S.A Inc., Term Loan B | 5.299% | 1-Month LIBOR | 3.500% | 3/20/24 | B- | 511,453 | |
Building Products – 1.4% | ||||||||
1,090 | C.H.I. Overhead Doors, Inc., Term Loan B, First Lien | 4.175% | 1-Month LIBOR | 3.250% | 7/29/22 | B | 951,075 | |
Chemicals – 0.3% | ||||||||
249 | Ineos US Finance LLC, USD Term Loan | 2.989% | 1-Month LIBOR | 2.000% | 4/01/24 | BBB- | 231,006 | |
Commercial Services & Supplies – 1.4% | ||||||||
370 | Granite Acquisition Inc., Teerm Loan B | 4.950% | 3-Month LIBOR | 3.500% | 12/19/21 | B+ | 358,535 | |
642 | R.R. Donnelley & Sons Company, Term Loan B | 5.989% | 1-Month LIBOR | 5.000% | 1/15/24 | B+ | 572,874 | |
1,012 | Total Commercial Services & Supplies | 931,409 | ||||||
Communications Equipment – 1.5% | ||||||||
247 | Colorado Buyer, Inc., Term Loan, First Lien | 4.000% | 1-Month LIBOR | 3.000% | 5/01/24 | B1 | 165,004 | |
956 | Univision Communications, Inc., Term Loan C5 | 3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 823,084 | |
1,203 | Total Communications Equipment | 988,088 |
5
JHAA | Nuveen High Income 2023 Target Term Fund(continued) |
Portfolio of Investments March 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |
Containers & Packaging – 2.7% | ||||||||
$746 | Berry Global, Inc., Term Loan X | 2.863% | 1-Month LIBOR | 2.000% | 1/19/24 | BBB- | $705,314 | |
584 | Flex Acquisition Company, Inc., Term Loan, First Lien | 4.909% | 3-Month LIBOR | 3.000% | 12/29/23 | B | 537,193 | |
642 | TricorBraun Holdings, Inc., Term Loan, First Lien | 5.200% | 3-Month LIBOR | 3.750% | 11/30/23 | B2 | 540,645 | |
1 | TricorBraun Holdings, Inc., Term Loan, First Lien | 6.000% | Prime | 2.750% | 11/30/23 | B2 | 1,396 | |
1,973 | Total Containers & Packaging | 1,784,548 | ||||||
Distributors – 1.2% | ||||||||
248 | Atotech, Initial Term Loan B1 | 4.450% | 3-Month LIBOR | 3.000% | 1/31/24 | B1 | 230,550 | |
642 | Spin Holdco Inc., Term Loan B | 5.093% | 3-Month LIBOR | 3.250% | 11/14/22 | B2 | 577,576 | |
890 | Total Distributors | 808,126 | ||||||
Food & Staples Retailing – 0.6% | ||||||||
398 | Give & Go Prepared Foods Corp., Term Loan, First Lien | 6.500% | 3-Month LIBOR | 4.250% | 7/31/23 | B- | 392,487 | |
Health Care Providers & Services – 4.1% | ||||||||
497 | ExamWorks Group, Inc., Term Loan | 4.250% | 6-Month LIBOR | 3.250% | 7/27/23 | B1 | 451,417 | |
1,000 | Onex TSG Intermediate Corp., Term Loan, First Lien | 5.450% | 1-Month LIBOR | 4.000% | 7/29/22 | B1 | 782,000 | |
892 | Pharmaceutical Product Development, Inc., Term Loan B, (DD1) | 3.500% | 1-Month LIBOR | 2.500% | 8/18/22 | Ba2 | 858,784 | |
987 | Team Health, Inc., Initial Term Loan | 3.750% | 1-Month LIBOR | 3.750% | 2/06/24 | B+ | 636,794 | |
3,376 | Total Health Care Providers & Services | 2,728,995 | ||||||
Health Care Technology – 1.0% | ||||||||
715 | Emdeon, Inc., Term Loan | 3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 683,288 | |
Hotels, Restaurants & Leisure – 1.9% | ||||||||
723 | Boyd Gaming Corporation, Refinancing Term Loan B | 2.934% | 1-Week LIBOR | 2.250% | 9/15/23 | BB | 633,831 | |
298 | CityCenter Holdings LLC, Term Loan B | 3.239% | 1-Month LIBOR | 2.250% | 4/18/24 | BB- | 263,545 | |
494 | Travel Leaders Group, LLC, Term Loan B | 4.959% | 1-Month LIBOR | 4.000% | 1/25/24 | B | 379,341 | |
1,515 | Total Hotels, Restaurants & Leisure | 1,276,717 | ||||||
Household Durables – 0.8% | ||||||||
642 | Wilsonart LLC, Term Loan B | 4.710% | 3-Month LIBOR | 3.250% | 12/19/23 | B+ | 529,445 | |
Household Products – 0.7% | ||||||||
499 | Reynolds Group Holdings, Inc., USD Term Loan, First Lien | 3.739% | 1-Month LIBOR | 2.750% | 2/05/23 | B+ | 475,018 | |
Independent Power & Renewable Electricity Producers – 0.4% | ||||||||
296 | Calpine Corporation, Term Loan B5 | 3.240% | 1-Month LIBOR | 2.250% | 1/15/24 | BB+ | 286,194 |
6
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |
Insurance – 1.5% | ||||||||
$398 | Asurion LLC, Term Loan B6 | 3.989% | 1-Month LIBOR | 3.000% | 11/03/23 | Ba3 | $383,975 | |
642 | USI Holdings Corporation, Initial Term Loan | 3.989% | 3-Month LIBOR | 3.000% | 5/16/24 | B | 592,035 | |
1,040 | Total Insurance | 976,010 | ||||||
Internet & Direct Marketing Retail – 1.3% | ||||||||
987 | CNT Holdings III Corp, Term Loan | 4.080% | 6-Month LIBOR | 3.000% | 1/22/23 | B1 | 893,615 | |
IT Services – 1.9% | ||||||||
987 | DTI Holdings, Inc., Replacement Term Loan B | 6.527% | 3-Month LIBOR | 4.750% | 9/29/23 | CCC+ | 710,783 | |
642 | Tempo Acquisition LLC, Term Loan | 3.739% | 1-Month LIBOR | 2.750% | 5/01/24 | B1 | 582,710 | |
1,629 | Total IT Services | 1,293,493 | ||||||
Machinery – 1.7% | ||||||||
449 | Blount International Inc., Term Loan B | 4.750% | 1-Month LIBOR | 3.750% | 4/12/23 | B1 | 382,281 | |
842 | Gates Global LLC, Term Loan B | 3.750% | 1-Month LIBOR | 2.750% | 4/01/24 | B1 | 741,596 | |
1,291 | Total Machinery | 1,123,877 | ||||||
Media – 3.1% | ||||||||
967 | Array Canada Inc., Term Loan B | 6.450% | 3-Month LIBOR | 5.000% | 2/10/23 | B3 | 544,920 | |
247 | CDS U.S. Intermediate Holdings, Inc., Term Loan, First Lien | 5.200% | 3-Month LIBOR | 3.750% | 7/08/22 | CCC | 131,069 | |
750 | Gray Television, Inc., Term Loan B2 | 3.765% | 1-Month LIBOR | 2.250% | 2/07/24 | BB+ | 710,625 | |
146 | Nexstar Broadcasting, Inc., Term Loan B3 | 3.831% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 137,582 | |
564 | Nexstar Broadcasting, Inc., Term Loan B3 | 3.191% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 533,445 | |
2,674 | Total Media | 2,057,641 | ||||||
Multi-Utilities – 0.5% | ||||||||
398 | Strategic Partners Acquisition Corp., Term Loan | 4.750% | 1-Month LIBOR | 3.750% | 6/30/23 | B | 328,325 | |
Oil, Gas & Consumable Fuels – 0.6% | ||||||||
525 | California Resources Corporation, Term Loan B | 6.363% | 3-Month LIBOR | 4.750% | 12/31/22 | B | 139,999 | |
520 | Ultra Resources, Inc., Term Loan, First Lien, (cash 4.950%, PIK 0.250%) | 5.200% | 1-Month LIBOR | 4.000% | 4/12/24 | B | 254,525 | |
1,045 | Total Oil, Gas & Consumable Fuels | 394,524 | ||||||
Pharmaceuticals – 1.5% | ||||||||
598 | Endo Health Solutions, Inc., 2017 Term Loan B | 5.250% | 1-Month LIBOR | 4.250% | 4/29/24 | B+ | 540,800 | |
500 | IQVIA Inc., Term Loan B1 | 2.739% | 1-Month LIBOR | 1.750% | 3/07/24 | BBB- | 466,250 | |
1,098 | Total Pharmaceuticals | 1,007,050 |
7
JHAA | Nuveen High Income 2023 Target Term Fund(continued) |
Portfolio of Investments March 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon (4) | Reference Rate (4) | Spread (4) | Maturity (5) | Ratings (2) | Value | |
Professional Services – 1.6% | ||||||||
$642 | AlixPartners, LLP Term Loan B | 3.500% | 1-Month LIBOR | 2.500% | 4/04/24 | B+ | $617,665 | |
491 | CHG Healthcare Services, Term Loan B, First Lien | 4.072% | 6-Month LIBOR | 3.000% | 6/07/23 | B | 443,178 | |
1,133 | Total Professional Services | 1,060,843 | ||||||
Road & Rail – 1.3% | ||||||||
1,227 | Hertz Corporation, Term Loan B1 | 3.739% | 1-Month LIBOR | 2.750% | 6/30/23 | BB | 885,152 | |
Semiconductors & Semiconductor Equipment – 0.7% | ||||||||
453 | Xperi Corporation, Term Loan B1 | 3.489% | 1-Month LIBOR | 2.500% | 12/01/23 | BB- | 436,789 | |
Software – 3.0% | ||||||||
242 | Avast Software B.V., USD Term Loan B | 3.700% | 3-Month LIBOR | 2.250% | 9/30/23 | Ba2 | 222,581 | |
695 | Infor (US), Inc., Term Loan B, (DD1) | 3.750% | 1-Month LIBOR | 2.750% | 2/01/22 | Ba3 | 673,682 | |
765 | nThrive, Inc., Term Loan, First Lien | 5.500% | 1-Month LIBOR | 4.500% | 10/20/22 | B- | 648,392 | |
493 | RP Crown Parent LLC, Term Loan B | 3.750% | 1-Month LIBOR | 2.750% | 10/12/23 | B1 | 473,877 | |
2,195 | Total Software | 2,018,532 | ||||||
Specialty Retail – 0.4% | ||||||||
245 | Petsmart Inc., Term Loan B, First Lien | 5.000% | 6-Month LIBOR | 4.000% | 3/11/22 | B | 235,766 | |
Transportation Infrastructure – 1.0% | ||||||||
990 | V. Group, Term Loan B | 4.603% | 1-Month LIBOR | 3.000% | 3/11/24 | B- | 681,324 | |
Wireless Telecommunication Services – 0.5% | ||||||||
321 | Sprint Corporation, Term Loan, First Lien | 3.500% | 1-Month LIBOR | 2.500% | 2/02/24 | BB+ | 319,662 | |
$32,097 | Total Variable Rate Senior Loan Interests (cost $31,498,442) | 27,036,031 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
CONVERTIBLE BONDS – 2.1% (1.5% of Total Investments) | ||||||||
Media – 1.5% | ||||||||
$1,275 | DISH Network Corp | 2.375% | 3/15/24 | Ba3 | $1,010,438 | |||
Mortgage Real Estate Investment Trust – 0.6% | ||||||||
500 | Blackstone Mortgage Trust Inc | 4.750% | 3/15/23 | N/R | 392,500 | |||
$1,775 | Total Convertible Bonds (cost $1,617,456) | 1,402,938 | ||||||
Total Long-Term Investments (cost $94,802,906) | 83,974,700 |
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Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||
SHORT-TERM INVESTMENTS – 13.9% (9.9% of Total Investments) | ||||||||
REPURCHASE AGREEMENTS – 13.9% (9.9% of Total Investments) | ||||||||
$9,239 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2020, repurchase price $9,239,498, collaterized by $8,945,000 U.S. Treasury Notes, 2.875%, due 10/15/2021, value $9,429,264 | 0.000% | 4/01/20 | $9,239,498 | ||||
Total Short-Term Investments (cost $9,239,498) | 9,239,498 | |||||||
Total Investments (cost $104,042,404) – 139.8% | 93,214,198 | |||||||
Borrowings – (40.5)% (6), (7) | (27,025,000) | |||||||
Reverse Repurchase Agreements – (0.7)% (8) | (490,000) | |||||||
Other Assets Less Liabilities – 1.4% | 998,040 | |||||||
Net Assets Applicable to Common Shares – 100% | $66,697,238 |
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).
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: | ||||
Corporate Bonds | $ — | $55,535,731 | $ — | $55,535,731 |
Variable Rate Senior Loan Interests | — | 27,036,031 | — | 27,036,031 |
Convertible Bonds | — | 1,402,938 | — | 1,402,938 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 9,239,498 | — | 9,239,498 |
Total | $ — | $93,214,198 | $ — | $93,214,198 |
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JHAA | Nuveen High Income 2023 Target Term Fund(continued) |
Portfolio of Investments March 31, 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 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 $488,925 have been pledged as collateral for reverse repurchase agreements. | |
(4) | 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. | |
(5) | 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. | |
(6) | Borrowings as a percentage of Total Investments is 29.0%. | |
(7) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. | |
(8) | Reverse Repurchase Agreements as a percentage of Total Investments is 0.5%. | |
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. | |
DD1 | Portion of investment purchased on a delayed delivery basis. | |
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. |
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