0001193125-18-337888.txt : 20181129 0001193125-18-337888.hdr.sgml : 20181129 20181129150037 ACCESSION NUMBER: 0001193125-18-337888 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181129 DATE AS OF CHANGE: 20181129 EFFECTIVENESS DATE: 20181129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen High Income November 2021 Target Term Fund CENTRAL INDEX KEY: 0001647933 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-23075 FILM NUMBER: 181208218 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen High Income June 2021 Target Term Fund DATE OF NAME CHANGE: 20151218 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen High Income December 2020 Target Term Fund DATE OF NAME CHANGE: 20150713 N-Q 1 d638751dnq.htm NUVEEN HIGH INCOME NOVEMBER 2021 TARGET TERM FUND Nuveen High Income November 2021 Target Term Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-23075

Nuveen High Income November 2021 Target Term Fund

(Exact name of registrant as specified in charter)

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman—Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

Registrant’s telephone number, including area code:     312-917-7700    

Date of fiscal year end:       December 31      

Date of reporting period:  September 30, 2018  

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

 

Item 1. Schedule of Investments

 

 

JHB
Nuveen High Income November 2021 Target Term Fund
Portfolio of Investments    September 30, 2018
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS – 130.6% (100.0% of Total Investments)        
    CORPORATE BONDS – 128.5% (98.4% of Total Investments)        
    Aerospace & Defense – 3.4%        
$ 3,825   Arconic Inc 5.870% 2/23/22 BBB- $3,997,125
676   Arconic Inc. 5.400% 4/15/21 BBB- 697,314
3,000   Bombardier Inc, 144A 8.750% 12/01/21 B 3,317,550
5,750   Bombardier Inc, 144A 5.750% 3/15/22 B 5,782,344
500   TransDigm Inc. 5.500% 10/15/20 B- 500,625
4,843   Triumph Group Inc. 4.875% 4/01/21 CCC+ 4,673,495
18,594   Total Aerospace & Defense       18,968,453
    Airlines – 2.9%        
5,675   Air Canada, 144A 7.750% 4/15/21 BB 6,157,375
1,675   American Airlines Group Inc., 144A 4.625% 3/01/20 BB- 1,679,187
48   Continental Airlines 2007-1 Class B Pass Through Trust 6.903% 4/19/22 BBB- 49,850
183   Continental Airlines 2009-2 Class A Pass Through Trust 7.250% 11/10/19 A 189,936
1,500   United Continental Holdings Inc 6.000% 12/01/20 BB 1,563,750
6,700   Virgin Australia Holdings Ltd, 144A 7.875% 10/15/21 B- 6,666,500
15,781   Total Airlines       16,306,598
    Auto Components – 0.8%        
4,441   IHO Verwaltungs GmbH, 144A 4.125% 9/15/21 BB+ 4,396,590
    Automobiles – 1.1%        
6,006   Aston Martin Capital Holdings Ltd, 144A 6.500% 4/15/22 B 6,144,919
    Banks – 1.5%        
4,285   CIT Group Inc. 4.125% 3/09/21 BB+ 4,298,926
2,100   Popular Inc. 7.000% 7/01/19 BB- 2,153,550
1,844   UniCredit SpA, 144A 3.750% 4/12/22 Baa1 1,762,812
8,229   Total Banks       8,215,288
    Building Products – 1.6%        
2,750   Omnimax International Inc., 144A 12.000% 8/15/20 B- 2,866,875
5,825   Taylor Morrison Communities Inc. / Taylor Morrison Holdings II Inc., 144A 5.250% 4/15/21 BB 5,854,125
8,575   Total Building Products       8,721,000
    Chemicals – 3.5%        
2,425   CF Industries Inc, 144A 3.400% 12/01/21 BBB- 2,388,230
3,000   Hexion Inc 6.625% 4/15/20 CCC+ 2,820,000
1,250   Hexion Inc, 144A 10.375% 2/01/22 CCC+ 1,215,625
1

JHB Nuveen High Income November 2021 Target Term Fund (continued)
  Portfolio of Investments September 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Chemicals (continued)        
$ 500   Huntsman International LLC 4.875% 11/15/20 BB+ $509,375
2,325   Methanex Corp 5.250% 3/01/22 Baa3 2,379,721
6,230   Platform Specialty Products Corp, 144A 6.500% 2/01/22 B+ 6,370,175
3,545   WR Grace & Co-Conn, 144A 5.125% 10/01/21 BB- 3,640,715
19,275   Total Chemicals       19,323,841
    Commercial Services & Supplies – 4.5%        
6,345   ADT Security Corp/The 6.250% 10/15/21 BB- 6,655,968
4,267   APX Group Inc. 8.750% 12/01/20 CCC 4,267,000
600   Clean Harbors Inc 5.125% 6/01/21 BB+ 601,500
6,250   GFL Environmental Inc, 144A 5.625% 5/01/22 B- 6,046,875
1,500   Pitney Bowes Inc. 3.625% 9/15/20 BBB- 1,479,375
5,450   RR Donnelley & Sons Co 7.875% 3/15/21 B- 5,783,813
500   RR Donnelley & Sons Co 7.000% 2/15/22 B- 515,000
24,912   Total Commercial Services & Supplies       25,349,531
    Construction & Engineering – 1.0%        
1,628   AECOM Global II LLC / URS Fox US LP 5.000% 4/01/22 B+ 1,645,745
4,000   HC2 Holdings Inc., 144A 11.000% 12/01/19 B- 4,020,000
5,628   Total Construction & Engineering       5,665,745
    Consumer Finance – 4.0%        
4,585   Ally Financial Inc 4.125% 2/13/22 BB+ 4,579,269
7,752   Credit Acceptance Corp 6.125% 2/15/21 BB 7,819,830
2,100   Navient Corp 6.625% 7/26/21 BB 2,189,250
6,225   Navient Corp 7.250% 1/25/22 BB 6,567,375
995   SLM Corp 5.125% 4/05/22 BB+ 990,025
21,657   Total Consumer Finance       22,145,749
    Containers & Packaging – 1.1%        
6,245   Owens-Brockway Glass Container Inc, 144A 5.000% 1/15/22 BB- 6,299,644
    Diversified Financial Services – 7.2%        
6,000   Avation Capital SA, 144A 6.500% 5/15/21 BB- 6,015,000
6,475   Fly Leasing Ltd 6.375% 10/15/21 BB- 6,669,250
4,500   Jefferies Finance LLC / JFIN Co-Issuer Corp, 144A 6.875% 4/15/22 BB- 4,522,500
3,280   Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A 5.250% 3/15/22 BB 3,288,200
4,625   Lincoln Finance Ltd, 144A 7.375% 4/15/21 BB+ 4,775,683
8,027   Nationstar Mortgage LLC / Nationstar Capital Corp 6.500% 7/01/21 B+ 8,036,632
2,798   Park Aerospace Holdings Ltd, 144A 3.625% 3/15/21 BB 2,727,714
4,280   PHH Corp 6.375% 8/15/21 N/R 4,333,500
39,985   Total Diversified Financial Services       40,368,479
    Diversified Telecommunication Services – 2.7%        
9,195   CenturyLink Inc 5.800% 3/15/22 BB 9,355,912
2

Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Diversified Telecommunication Services (continued)        
$ 2,100   CenturyLink Inc. 5.625% 4/01/20 BB $2,136,750
3,250   Cogent Communications Group Inc, 144A 5.375% 3/01/22 Ba3 3,298,750
175   Level 3 Financing Inc. 6.125% 1/15/21 BB 176,313
14,720   Total Diversified Telecommunication Services       14,967,725
    Electronic Equipment, Instruments & Components – 1.1%        
6,137   Anixter Inc 5.125% 10/01/21 BBB- 6,244,397
    Energy Equipment & Services – 2.0%        
2,500   Chesapeake Energy Corp 4.875% 4/15/22 B- 2,428,125
2,500   Resolute Energy Corp 8.500% 5/01/20 B+ 2,503,125
4,116   SESI LLC 7.125% 12/15/21 BB- 4,173,624
1,974   Unit Corp 6.625% 5/15/21 BB- 1,974,000
11,090   Total Energy Equipment & Services       11,078,874
    Equity Real Estate Investment Trust – 5.2%        
3,248   CoreCivic Inc. 4.125% 4/01/20 Ba1 3,236,794
3,706   Equinix Inc 5.375% 1/01/22 BB+ 3,826,445
4,221   GEO Group Inc/The 5.875% 1/15/22 B+ 4,242,105
3,275   Iron Mountain Inc, 144A 4.375% 6/01/21 BB- 3,283,188
8,290   iStar Inc 6.500% 7/01/21 BB 8,476,359
250   iStar Inc. 4.625% 9/15/20 BB 249,375
5,930   Realogy Group LLC / Realogy Co-Issuer Corp, 144A 5.250% 12/01/21 B1 5,959,650
28,920   Total Equity Real Estate Investment Trust       29,273,916
    Food & Staples Retailing – 0.3%        
1,575   SUPERVALU Inc 6.750% 6/01/21 B 1,602,563
    Food Products – 1.2%        
2,150   B&G Foods Inc 4.625% 6/01/21 B+ 2,147,313
2,000   JBS USA LUX SA / JBS USA Finance Inc, 144A 7.250% 6/01/21 B+ 2,030,000
1,700   JBS USA LUX SA / JBS USA Finance Inc, 144A 7.250% 6/01/21 B+ 1,725,500
85   Smithfield Foods Inc, 144A 2.650% 10/03/21 BBB 81,012
1,010   Smithfield Foods Inc, 144A 3.350% 2/01/22 BBB 976,198
6,945   Total Food Products       6,960,023
    Gas Utilities – 0.3%        
2,005   Ferrellgas LP / Ferrellgas Finance Corp 6.750% 1/15/22 B- 1,749,363
    Health Care Providers & Services – 6.4%        
1,900   Acadia Healthcare Co Inc. 6.125% 3/15/21 B 1,909,500
914   Centene Corp 5.625% 2/15/21 BB+ 931,137
7,000   CHS/Community Health Systems Inc 5.125% 8/01/21 B 6,807,500
310   Fresenius Medical Care US Finance II Inc, 144A 5.875% 1/31/22 BBB- 327,050
7,000   HCA Inc 7.500% 2/15/22 Ba2 7,665,000
3

JHB Nuveen High Income November 2021 Target Term Fund (continued)
  Portfolio of Investments September 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Health Care Providers & Services (continued)        
$ 3,016   LifePoint Health Inc 5.500% 12/01/21 Ba2 $3,065,010
4,325   Owens & Minor Inc 3.875% 9/15/21 BB 4,057,391
4,395   Select Medical Corp 6.375% 6/01/21 B- 4,460,442
5,030   Tenet Healthcare Corp 4.375% 10/01/21 BB- 5,008,220
1,550   Tenet Healthcare Corp, 144A 7.500% 1/01/22 Ba3 1,617,812
35,440   Total Health Care Providers & Services       35,849,062
    Hotels, Restaurants & Leisure – 4.8%        
7,375   International Game Technology PLC, 144A 6.250% 2/15/22 BB+ 7,642,344
6,825   MGM Resorts International 6.625% 12/15/21 BB 7,231,087
4,922   NCL Corp Ltd, 144A 4.750% 12/15/21 BB+ 4,965,068
2,000   Scientific Games International Inc 6.625% 5/15/21 CCC+ 1,990,000
4,750   Studio City Co Ltd, 144A 7.250% 11/30/21 BB- 4,916,250
25,872   Total Hotels, Restaurants & Leisure       26,744,749
    Household Durables – 6.7%        
7,725   Beazer Homes USA Inc 8.750% 3/15/22 B3 8,169,187
1,510   Brookfield Residential Properties Inc., 144A 6.500% 12/15/20 B+ 1,515,662
3,960   KB Home 7.000% 12/15/21 BB- 4,172,850
2,500   Lennar Corp 4.750% 4/01/21 BBB- 2,532,200
1,250   Lennar Corp 6.250% 12/15/21 BBB- 1,307,813
450   Lennar Corp 4.125% 1/15/22 BBB- 447,206
4,000   M/I Homes Inc. 6.750% 1/15/21 BB- 4,079,800
5,205   Meritage Homes Corp 7.000% 4/01/22 BB 5,595,375
4,375   New Home Co Inc/The 7.250% 4/01/22 B- 4,462,500
2,500   PulteGroup Inc. 4.250% 3/01/21 BB+ 2,506,250
500   Toll Brothers Finance Corp 5.875% 2/15/22 BBB- 523,750
2,250   TRI Pointe Group Inc 4.875% 7/01/21 BB- 2,250,000
36,225   Total Household Durables       37,562,593
    Household Products – 1.2%        
6,325   Spectrum Brands Holdings Inc 7.750% 1/15/22 B- 6,511,587
    Independent Power & Renewable Electricity Producers – 3.6%        
1,000   AES Corp/VA 4.000% 3/15/21 BB+ 997,500
3,550   Atlantica Yield plc, 144A 7.000% 11/15/19 BB+ 3,621,000
2,000   Calpine Corp, 144A 6.000% 1/15/22 BB+ 2,021,500
7,397   DPL Inc 7.250% 10/15/21 BBB- 7,998,006
6,675   Talen Energy Supply LLC 4.600% 12/15/21 B- 5,707,125
20,622   Total Independent Power & Renewable Electricity Producers       20,345,131
    Industrial Conglomerates – 1.7%        
7,000   Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.875% 2/01/22 BB+ 7,093,450
2,000   Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.250% 2/01/22 BB+ 2,050,000
4

Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial Conglomerates (continued)        
$ 500   Techniplas LLC, 144A 10.000% 5/01/20 B- $ 472,500
9,500   Total Industrial Conglomerates       9,615,950
    Insurance – 0.7%        
78   CNO Financial Group Inc. 4.500% 5/30/20 BB+ 78,780
3,897   Genworth Holdings Inc 7.625% 9/24/21 B 3,945,712
3,975   Total Insurance       4,024,492
    Internet & Direct Marketing Retail – 1.0%        
5,155   Netflix Inc 5.500% 2/15/22 Ba3 5,313,516
    IT Services – 0.8%        
4,500   Alliance Data Systems Corp, 144A 5.875% 11/01/21 N/R 4,590,000
    Leisure Products – 0.6%        
3,570   Mattel Inc 2.350% 8/15/21 B+ 3,230,850
    Machinery – 0.5%        
1,000   CNH Industrial Capital LLC 4.875% 4/01/21 BBB 1,024,823
1,850   CNH Industrial Capital LLC 3.875% 10/15/21 BBB 1,844,826
2,850   Total Machinery       2,869,649
    Media – 11.3%        
4,824   AMC Entertainment Holdings Inc 5.875% 2/15/22 B 4,860,180
2,500   Cablevision Systems Corp 8.000% 4/15/20 B- 2,634,375
8,900   Cequel Communications Holdings I LLC / Cequel Capital Corp, 144A 5.125% 12/15/21 B 8,977,875
8,580   Clear Channel International BV, 144A 8.750% 12/15/20 B+ 8,856,276
5,770   CSC Holdings LLC 6.750% 11/15/21 B2 6,080,137
6,985   DISH DBS Corp 6.750% 6/01/21 BB 7,133,431
4,250   Lee Enterprises Inc/IA, 144A 9.500% 3/15/22 B2 4,425,313
4,160   National CineMedia LLC 6.000% 4/15/22 Ba3 4,212,000
5,121   Nexstar Broadcasting Inc, 144A 6.125% 2/15/22 B+ 5,204,216
3,534   Sinclair Television Group Inc. 5.375% 4/01/21 B+ 3,534,000
6,425   Urban One Inc, 144A 7.375% 4/15/22 B 6,360,750
576   WMG Acquisition Corp, 144A 5.625% 4/15/22 Ba3 583,920
61,625   Total Media       62,862,473
    Metals & Mining – 8.3%        
6,500   AK Steel Corp 7.625% 10/01/21 B- 6,621,875
8,040   Allegheny Technologies Inc. 5.950% 1/15/21 B 8,170,650
2,000   Anglo American Capital PLC, 144A 4.125% 4/15/21 BBB- 2,010,600
2,000   Century Aluminum Co, 144A 7.500% 6/01/21 B+ 2,020,000
5,705   Eldorado Gold Corp, 144A 6.125% 12/15/20 B 5,419,750
4,100   Ferroglobe PLC / Globe Specialty Metals Inc, 144A 9.375% 3/01/22 B+ 4,330,625
6,350   First Quantum Minerals Ltd, 144A 7.000% 2/15/21 B 6,278,562
5

JHB Nuveen High Income November 2021 Target Term Fund (continued)
  Portfolio of Investments September 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Metals & Mining (continued)        
$ 2,165   Freeport-McMoRan Inc 3.550% 3/01/22 BB+ $2,105,462
1,500   Glencore Finance Canada Ltd, 144A 4.950% 11/15/21 BBB+ 1,545,915
3,200   Gold Fields Orogen Holdings BVI Ltd, 144A 4.875% 10/07/20 Baa3 3,168,000
3,963   Teck Resources Ltd 4.750% 1/15/22 BB+ 4,040,477
413   Vale Overseas Ltd 4.375% 1/11/22 BBB+ 416,098
45,936   Total Metals & Mining       46,128,014
    Mortgage Real Estate Investment Trust – 1.2%        
6,500   Starwood Property Trust Inc 5.000% 12/15/21 BB- 6,548,750
    Multiline Retail – 0.0%        
37   JC Penney Corp Inc. 5.650% 6/01/20 B 32,838
    Oil, Gas & Consumable Fuels – 13.6%        
2,737   Ascent Resources Utica Holdings LLC / ARU Finance Corp, 144A 10.000% 4/01/22 BB- 3,085,968
3,260   Calumet Specialty Products Partners LP / Calumet Finance Corp 6.500% 4/15/21 B- 3,243,700
7,100   CNX Resources Corp 5.875% 4/15/22 BB- 7,109,230
1,020   DCP Midstream Operating LP, 144A 4.750% 9/30/21 BB+ 1,035,300
480   DCP Midstream Operating LP 4.950% 4/01/22 BB+ 487,200
2,000   Denbury Resources Inc, 144A 9.000% 5/15/21 B+ 2,162,500
3,000   Enviva Partners LP / Enviva Partners Finance Corp 8.500% 11/01/21 BB- 3,102,810
6,559   FTS International Inc 6.250% 5/01/22 B 6,313,037
1,250   GasLog Ltd 8.875% 3/22/22 N/R 1,300,000
2,000   Ithaca Energy Inc., 144A 8.125% 7/01/19 CCC+ 1,982,500
2,910   Martin Midstream Partners LP / Martin Midstream Finance Corp 7.250% 2/15/21 B- 2,902,725
2,172   Newfield Exploration Co 5.750% 1/30/22 BBB- 2,272,455
5,000   NuStar Logistics LP 4.750% 2/01/22 BB 4,975,000
4,475   Peabody Energy Corp, 144A 6.000% 3/31/22 BB 4,547,719
3,000   Petrobras Global Finance BV 5.375% 1/27/21 Ba2 3,048,750
2,000   Petrobras Global Finance BV 8.375% 5/23/21 Ba2 2,176,000
750   Petrobras Global Finance BV 6.125% 1/17/22 Ba2 774,263
3,483   Range Resources Corp 5.750% 6/01/21 BB+ 3,583,136
2,059   Sabine Pass Liquefaction LLC 6.250% 3/15/22 BBB- 2,212,853
4,000   Southwestern Energy Co 4.100% 3/15/22 BB 3,985,000
3,070   Teekay Corp 8.500% 1/15/20 B+ 3,124,247
4,500   Whiting Petroleum Corp 5.750% 3/15/21 BB 4,606,875
500   Williams Cos Inc/The 3.600% 3/15/22 BBB 496,982
4,000   WPX Energy Inc 6.000% 1/15/22 BB- 4,145,000
3,000   YPF SA, 144A 8.500% 3/23/21 B2 3,022,500
74,325   Total Oil, Gas & Consumable Fuels       75,695,750
    Pharmaceuticals – 2.7%        
3,801   Bausch Health Cos Inc, 144A 5.625% 12/01/21 B- 3,786,746
6

Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Pharmaceuticals (continued)        
$ 2,500   Bausch Health Cos Inc, 144A 6.500% 3/15/22 BB- $2,600,000
4,000   Endo Finance LLC, 144A 5.750% 1/15/22 B3 3,735,000
5,199   Teva Pharmaceutical Finance IV BV 3.650% 11/10/21 BB 5,035,409
15,500   Total Pharmaceuticals       15,157,155
    Professional Services – 1.2%        
7,000   Nielsen Finance LLC / Nielsen Finance Co, 144A 5.000% 4/15/22 BB 6,831,930
    Real Estate Management & Development – 0.5%        
3,250   Yuzhou Properties Co Ltd, Reg S 6.000% 1/25/22 BB- 3,023,319
    Road & Rail – 0.8%        
4,500   Hertz Corp/The 7.375% 1/15/21 B- 4,488,750
    Semiconductors & Semiconductor Equipment – 0.4%        
350   Microchip Technology Inc, 144A 3.922% 6/01/21 Baa3 347,925
1,635   NXP BV / NXP Funding LLC, 144A 4.125% 6/01/21 BBB- 1,640,314
1,985   Total Semiconductors & Semiconductor Equipment       1,988,239
    Sovereign – 0.4%        
2,000   Instituto Costarricense de Electricidad, 144A 6.950% 11/10/21 Ba2 2,015,000
    Specialty Retail – 4.5%        
7,000   Foot Locker Inc 8.500% 1/15/22 BB+ 7,892,500
7,000   GameStop Corp, 144A 6.750% 3/15/21 Ba1 7,150,500
2,000   Gap Inc./The 5.950% 4/12/21 Baa2 2,088,960
448   L Brands Inc 5.625% 2/15/22 Ba1 452,614
3,755   L Brands Inc. 6.625% 4/01/21 Ba1 3,958,146
3,815   Rent-A-Center Inc./TX 4.750% 5/01/21 B3 3,795,925
24,018   Total Specialty Retail       25,338,645
    Technology Hardware, Storage & Peripherals – 3.2%        
7,000   Dell International LLC / EMC Corp, 144A 5.875% 6/15/21 BB+ 7,210,002
1,750   NCR Corp 4.625% 2/15/21 BB 1,732,500
2,875   NCR Corp 5.875% 12/15/21 BB 2,903,750
6,085   Seagate HDD Cayman 4.250% 3/01/22 Baa3 6,045,986
17,710   Total Technology Hardware, Storage & Peripherals       17,892,238
    Thrifts & Mortgage Finance – 0.5%        
2,553   Radian Group Inc. 7.000% 3/15/21 BB+ 2,731,710
    Tobacco – 1.0%        
5,320   Pyxus International Inc., 144A 8.500% 4/15/21 B2 5,532,800
    Trading Companies & Distributors – 1.3%        
5,000   Aircastle Ltd 5.500% 2/15/22 BBB- 5,196,262
7

JHB Nuveen High Income November 2021 Target Term Fund (continued)
  Portfolio of Investments September 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Trading Companies & Distributors (continued)        
$ 2,150   Fortress Transportation & Infrastructure Investors LLC, 144A 6.750% 3/15/22 B+ $ 2,203,750
7,150   Total Trading Companies & Distributors       7,400,012
    Transportation Infrastructure – 0.5%        
3,000   Navigator Holdings Ltd, 144A, Reg S 7.750% 2/10/21 N/R 2,939,670
    Wireless Telecommunication Services – 3.7%        
4,200   Digicel Ltd, 144A 6.000% 4/15/21 B3 3,895,500
6,675   Hughes Satellite Systems Corp 7.625% 6/15/21 BB- 7,210,869
1,475   Sprint Communications Inc 9.250% 4/15/22 BB+ 1,674,125
6,375   Sprint Corp 7.250% 9/15/21 B+ 6,733,594
1,029   T-Mobile USA Inc 4.000% 4/15/22 BB+ 1,024,498
19,754   Total Wireless Telecommunication Services       20,538,586
$ 706,917   Total Corporate Bonds (cost $715,699,315)       717,586,156
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    SOVEREIGN DEBT – 1.4% (1.0% of Total Investments)        
    Argentina – 0.3%        
$ 2,000   Argentine Republic Government International Bond 6.875% 4/22/21 B+ $ 1,911,020
    Egypt – 0.3%        
1,500   Egypt Government International Bond, 144A 6.125% 1/31/22 B 1,500,570
    Honduras – 0.3%        
1,500   Honduras Government International Bond, 144A 8.750% 12/16/20 BB- 1,638,450
    Sri Lanka – 0.3%        
1,500   Sri Lanka Government International Bond, 144A 5.750% 1/18/22 B+ 1,472,922
    Turkey – 0.2%        
1,125   Turkey Government International Bond 5.125% 3/25/22 BB 1,068,167
$ 7,625   Total Sovereign Debt (cost $8,050,278)       7,591,129
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    CONVERTIBLE BONDS – 0.7% (0.6% of Total Investments)        
    Independent Power & Renewable Electricity Producers – 0.7%        
$ 4,000   Clearway Energy Inc., 144A 3.250% 6/01/20 N/R $ 3,996,800
$ 4,000   Total Convertible Bonds (cost $3,947,160)       3,996,800
    Total Long-Term Investments (cost $727,696,753)       729,174,085
    Borrowings – (34.0)% (3), (4)       (190,000,000)
    Other Assets Less Liabilities – 3.4%       19,260,273
    Net Assets – 100%       $ 558,434,358
8

Fair Value Measurements
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, prepayment speeds, credit risk, 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 $ — $717,586,156 $ — $717,586,156
Sovereign Debt  — 7,591,129  — 7,591,129
Convertible Bonds  — 3,996,800  — 3,996,800
Total $ — $729,174,085 $ — $729,174,085
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of September 30, 2018.
Tax cost of investments $727,770,880
Gross unrealized:  
Appreciation $ 7,438,540
Depreciation (6,035,335)
Net unrealized appreciation (depreciation) of investments $ 1,403,205
9

JHB Nuveen High Income November 2021 Target Term Fund (continued)
  Portfolio of Investments September 30, 2018
  (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 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) Borrowings as a percentage of Total Investments is 26.1%.  
(4) 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.  
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.  
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.  
10

Item 2. Controls and Procedures.

 

  a.

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  b.

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)    Nuveen High Income November 2021 Target Term Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                        
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: November 29, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: November 29, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: November 29, 2018      

 

 

 EX-99.CERT 2 d638751dex99cert.htm CERTIFICATIONS Certifications

Exhibit 99.CERT

CERTIFICATIONS

I, Cedric H. Antosiewicz, certify that:

 

  1.

I have reviewed this report on Form N-Q of Nuveen High Income November 2021 Target Term Fund;

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

  4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 29, 2018

 

              /s/ Cedric H. Antosiewicz              
  Cedric H. Antosiewicz  
  Chief Administrative Officer  
  (principal executive officer)  

 

 

CERTIFICATIONS

I, Stephen D. Foy, certify that:

 

  1.

I have reviewed this report on Form N-Q of Nuveen High Income November 2021 Target Term Fund;

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

  4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 29, 2018

 

                  /s/ Stephen D. Foy                  
  Stephen D. Foy  
  Vice President and Controller  
  (principal financial officer)