NPORT-EX 2 d159669dex11.htm FOR VALIDATION PURPOSES ONLY - [159669.TX]
JCO   

Nuveen Credit Opportunities
2022 Target Term Fund

 

Portfolio of Investments    March 31, 2021

     (Unaudited)

 

Principal
Amount (000)
         Description (1)    Coupon      Maturity      Ratings (2)      Value  
   

LONG-TERM INVESTMENTS – 134.0% (100.0% of Total Investments)

           
   

CORPORATE BONDS – 122.4% (91.4% of Total Investments)

           
          Aerospace & Defense – 3.5%                            
$ 3,000      

Bombardier Inc, 144A

     8.750%        12/01/21        CCC      $ 3,147,510  
  5,000        

Bombardier Inc, 144A

     6.000%        10/15/22        CCC        5,000,000  
  8,000        

Total Aerospace & Defense

                                8,147,510  
          Airlines – 5.2%                            
  5,000      

Delta Air Lines Inc

     3.400%        4/19/21        Baa3        4,999,951  
  7,000        

Delta Air Lines Inc, (3)

     3.625%        3/15/22        Baa3        7,077,782  
  12,000        

Total Airlines

                                12,077,733  
          Auto Components – 2.3%                            
  5,249        

ZF North America Capital Inc, 144A

     4.500%        4/29/22        BB+        5,367,102  
          Automobiles – 5.3%                            
  9,000      

Ford Motor Credit Co LLC, (3)

     3.813%        10/12/21        BB+        9,095,535  
  3,000        

Ford Motor Credit Co LLC

     5.596%        1/07/22        BB+        3,081,990  
  12,000        

Total Automobiles

                                12,177,525  
          Building Products – 1.8%                            
  4,150        

Hillman Group Inc, 144A

     6.375%        7/15/22        CCC        4,155,188  
          Commercial Services & Supplies – 9.3%                            
  14,433      

ADT Security Corp, (3)

     3.500%        7/15/22        BB–        14,649,495  
  6,759        

APX Group Inc, (3)

     7.875%        12/01/22        B–        6,784,346  
  21,192        

Total Commercial Services & Supplies

                                21,433,841  
          Construction & Engineering – 0.9%                            
  2,000        

Great Lakes Dredge & Dock Corp

     8.000%        5/15/22        B        2,017,500  
          Consumer Finance – 7.6%                            
  2,695      

DAE Funding LLC, 144A

     4.500%        8/01/22        Baa3        2,711,844  
  3,000      

Ford Motor Credit Co LLC

     4.250%        9/20/22        BB+        3,103,200  
  4,400      

Navient Corp

     6.625%        7/26/21        Ba3        4,482,500  
  2,000      

Navient Corp

     7.250%        1/25/22        Ba3        2,072,500  
  5,000        

Navient Corp, (3)

     6.500%        6/15/22        Ba3        5,244,350  
  17,095        

Total Consumer Finance

                                17,614,394  
          Containers & Packaging – 1.6%                            
  3,500        

Sealed Air Corp, 144A

     4.875%        12/01/22        BB+        3,640,000  
          Diversified Telecommunication Services – 8.3%                            
  6,625      

Cogent Communications Group Inc, 144A

     5.375%        3/01/22        Ba3        6,792,182  
  4,000      

Lumen Technologies Inc, (3)

     6.450%        6/15/21        BB        4,029,000  
  8,000        

Lumen Technologies Inc

     5.800%        3/15/22        BB        8,280,800  
  18,625        

Total Diversified Telecommunication Services

                                19,101,982  
          Electrical Equipment – 1.8%                            
  4,000        

Park Aerospace Holdings Ltd, 144A

     5.250%        8/15/22        BBB–        4,199,275  
          Health Care Providers & Services – 5.4%                            
  12,000        

Molina Healthcare Inc, (3)

     5.375%        11/15/22        BB–        12,582,480  

 

1

JCO    Nuveen Credit Opportunities 2022 Target Term Fund (continued)
   Portfolio of Investments    March 31, 2021
   (Unaudited)

 

Principal
Amount (000)
         Description (1)    Coupon      Maturity      Ratings (2)      Value  
          Hotels, Restaurants & Leisure – 1.2%                            
$ 2,750        

MGM Resorts International

     7.750%        3/15/22        BB      $ 2,896,850  
          Household Durables – 0.7%                            
  1,500        

KB Home

     7.500%        9/15/22        BB        1,618,125  
          Media – 16.4%                            
  12,787      

CSC Holdings LLC, (3)

     5.875%        9/15/22        B        13,501,857  
  13,000      

DISH DBS Corp, (3)

     5.875%        7/15/22        B2        13,578,500  
  6,294      

Nielsen Finance LLC / Nielsen Finance Co, 144A

     5.000%        4/15/22        BB–        6,295,294  
  4,500        

Sirius XM Radio Inc, 144A

     3.875%        8/01/22        BB        4,516,875  
  36,581        

Total Media

                                37,892,526  
          Metals & Mining – 1.3%                            
  3,000        

Freeport-McMoRan Inc

     3.550%        3/01/22        Ba1        3,048,750  
          Mortgage Real Estate Investment Trust – 3.9%                            
  9,000        

Starwood Property Trust Inc, (3)

     5.000%        12/15/21        Ba3        9,123,750  
          Oil, Gas & Consumable Fuels – 19.4%                            
  3,101      

Calumet Specialty Products Partners LP / Calumet Finance Corp

     7.625%        1/15/22        B–        3,093,248  
  5,000      

Cenovus Energy Inc, (3)

     3.000%        8/15/22        BBB–        5,115,322  
  366      

Continental Resources Inc/OK

     5.000%        9/15/22        BBB–        366,293  
  679      

Marathon Oil Corp, (3)

     2.800%        11/01/22        BBB–        696,458  
  2,000      

NGPL PipeCo LLC, 144A, (3)

     4.375%        8/15/22        BBB–        2,076,005  
  5,000      

Occidental Petroleum Corp, (3)

     3.125%        2/15/22        Ba2        5,025,000  
  3,000      

Occidental Petroleum Corp

     2.700%        8/15/22        Ba2        3,001,125  
  6,500      

Occidental Petroleum Corp, (3-Month LIBOR reference rate + 1.450% spread), (4)

     1.644%        8/15/22        Ba2        6,431,437  
  2,000      

Ovintiv Inc

     3.900%        11/15/21        BBB–        2,021,844  
  3,000      

Sasol Financing International Ltd

     4.500%        11/14/22        BB        3,064,500  
  2,000      

SM Energy Co

     6.125%        11/15/22        B        1,972,040  
  3,000      

Southwestern Energy Co, (3)

     4.100%        3/15/22        BB        3,000,000  
  8,737        

Western Midstream Operating LP

     4.000%        7/01/22        BB        8,955,643  
  44,383        

Total Oil, Gas & Consumable Fuels

                                44,818,915  
          Pharmaceuticals – 4.1%                            
  925      

Elanco Animal Health Inc

     4.912%        8/27/21        Ba2        933,094  
  4,321      

Teva Pharmaceutical Finance Co BV

     3.650%        11/10/21        Ba2        4,353,407  
  4,058        

Teva Pharmaceutical Finance IV BV

     3.650%        11/10/21        Ba2        4,088,435  
  9,304        

Total Pharmaceuticals

                                9,374,936  
          Road & Rail – 1.1%                            
  600      

DAE Funding LLC, 144A

     5.250%        11/15/21        Baa3        610,500  
  2,000        

Transnet SOC Ltd, 144A

     4.000%        7/26/22        Ba2        2,034,220  
  2,600        

Total Road & Rail

                                2,644,720  
          Software – 1.8%                            
  4,000        

NortonLifeLock Inc

     3.950%        6/15/22        BB+        4,080,000  
          Specialty Retail – 3.6%                            
  8,000        

L Brands Inc

     5.625%        2/15/22        BB–        8,339,200  
          Technology Hardware, Storage & Peripherals – 1.0%                            
  2,320        

Dell International LLC / EMC Corp, 144A

     5.875%        6/15/21        BB+        2,322,900  
          Thrifts & Mortgage Finance – 1.9%                            
  4,398        

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A, (3)

     5.250%        3/15/22        Ba2        4,430,985  
          Wireless Telecommunication Services – 13.0%                            
  6,746      

Hughes Satellite Systems Corp

     7.625%        6/15/21        BB        6,823,579  
  3,100      

MTN Mauritius Investments Ltd, 144A

     5.373%        2/13/22        Ba2        3,170,978  

 

2

  
  
  

 

Principal
Amount (000)
         Description (1)      Coupon      Maturity      Ratings (2)      Value  
          Wireless Telecommunication Services (continued)                              
$ 12,500      

Sprint Communications Inc, (3)

 

     6.000%        11/15/22        BB+      $ 13,375,000  
  6,500        

T-Mobile USA Inc)

 

     4.000%        4/15/22        BB+        6,638,255  
  28,846        

Total Wireless Telecommunication Services

 

                                30,007,812  
$ 276,493        

Total Corporate Bonds (cost $279,286,550)

 

                                283,113,999  
Principal
Amount (000)
         Description (1)   Coupon (5)      Reference
Rate (5)
     Spread (5)      Maturity (6)      Ratings (2)      Value  
   

VARIABLE RATE SENIOR LOAN INTERESTS – 8.8% (6.5% of Total Investments) (5)

 

  
          Banks – 0.3%                                         
$ 721        

iQor US Inc, Exit Priority Term Loan

    8.500%        1-Month LIBOR        7.500%        9/15/27        N/R      $ 726,247  
          Commercial Services & Supplies – 2.6%                              
  5,167      

Wash Multifamily Acquisition, Inc., Initial US Term Loan, First Lien

    4.250%        1-Month LIBOR        3.250%        5/16/22        B2        5,157,946  
  801        

Wash Multifamily Acquisition, Inc., Initial Canadian Term Loan, First Lien

    4.250%        1-Month LIBOR        3.250%        5/16/22        B2        799,201  
  5,968        

Total Commercial Services & Supplies

                                                 5,957,147  
          Communications Equipment – 0.4%                              
  1,056        

Riverbed Technology Inc, Term Loan, First Lien

    7.000%        3-Month LIBOR        6.000%        12/31/25        B2        1,016,578  
          Diversified Financial Services – 0.1%                              
  1,434        

Ditech Holding Corporation., Term Loan B, First Lien, (7)

    0.000%        N/A        N/A        6/30/22        N/R        264,076  
          Energy Equipment & Services – 0.6%                              
  1,476        

Petroleum GEO-Services ASA/PGS Finance, Inc., Term Loan B

    3.500%        3-Month LIBOR        2.500%        3/11/21        N/R        1,278,634  
          Health Care Equipment & Supplies – 2.2%                              
  5,127        

Greatbatch Ltd., New Term Loan B

    3.500%        1-Month LIBOR        2.500%        10/27/22        B+        5,143,267  
          Health Care Technology – 0.0%                              
  33        

Onex Carestream Finance LP, Term Loan, First Lien

    7.750%        3-Month LIBOR        6.750%        2/28/21        B1        31,752  
          Oil, Gas & Consumable Fuels – 1.0%                              
  663      

Fieldwood Energy LLC, DIP Term Loan, (7), (8)

    9.750%        1-Month LIBOR        8.750%        8/05/21        N/R        686,720  
  4,000        

Fieldwood Energy LLC, Exit Term Loan, (7)

    0.000%        N/A        N/A        4/11/22        N/R        1,583,340  
  4,663        

Total Oil, Gas & Consumable Fuels

                                                 2,270,060  
          Real Estate Management & Development – 0.1%                              
  202        

GGP, Initial Term Loan A1

    3.109%        1-Month LIBOR        3.000%        8/24/21        BB+        200,837  
          Software – 1.5%                              
  1,919      

iQor US, Inc., Second Out Term Loan

    8.500%        1-Month LIBOR        7.500%        12/31/49        CCC+        1,890,423  
  1,462        

Skillsoft, Takeback Second-Out Term Loan

    8.500%        3-Month LIBOR        7.500%        4/27/25        B–        1,460,717  
  3,381        

Total Software

                                                 3,351,140  
$ 24,061        

Total Variable Rate Senior Loan Interests (cost $23,411,435)

 

     20,239,738  
Shares          Description (1)                                           Value  
   

COMMON STOCKS – 1.8% (1.4% of Total Investments)

 

        
          Banks – 0.3%                              
  63,918        

iQor US Inc, (9), (10)

                                               $ 857,332  

 

3

JCO    Nuveen Credit Opportunities 2022 Target Term Fund (continued)
   Portfolio of Investments    March 31, 2021
   (Unaudited)

 

Shares            Description (1)                                           Value  
            Oil, Gas & Consumable Fuels – 0.5%                              
  30,780            

Whiting Petroleum Corp, (9)

 

                              $ 1,091,151  
            Software – 1.0%                              
  13,687            

SkillSoft Corp, (9), (10)

 

                                2,258,355  
   

Total Common Stocks (cost $6,625,561)

 

                                4,206,838  
Principal
Amount (000)
           Description (1)                   Coupon      Maturity      Ratings (2)      Value  
   

CONVERTIBLE BONDS – 0.9% (0.6% of Total Investments)

 

  
            Oil, Gas & Consumable Fuels – 0.9%                              
$ 2,000            

SM Energy Co

 

     1.500%        7/01/21        B      $ 1,980,216  
$ 2,000            

Total Convertible Bonds (cost $1,987,119)

 

                                1,980,216  
Shares            Description (1)                              Value  
   

WARRANTS – 0.1% (0.1% of Total Investments)

 

           
            Oil, Gas & Consumable Fuels – 0.1%                              
  17,291            

Denbury Inc

 

                              $ 276,656  
   

Total Warrants (cost $2,609,135)

 

                                276,656  
   

Total Long-Term Investments (cost $313,919,800)

 

                                309,817,447  
Shares            Description (1)                   Coupon                      Value  
   

SHORT-TERM INVESTMENTS – 0.0% (0.0% of Total Investments)

 

           
            INVESTMENT COMPANIES – 0.0%                                     
  118,307            

BlackRock Liquidity Funds T-Fund

                      0.025% (11)                        $ 118,307  
   

Total Short-Term Investments (cost $118,307)

 

                       118,307  
   

Total Investments (cost $314,038,108) – 134.0%

 

                       309,935,754  
   

Reverse Repurchase Agreements, including accrued interest – (36.3)% (12)

 

                       (84,031,913
   

Other Assets Less Liabilities – 2.3%

 

                       5,316,850  
   

Net Assets Applicable to Common Shares – 100%

 

                     $ 231,220,691  

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.).

 

4

  
  
  

 

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:

             

Corporate Bonds

     $      $ 283,113,999      $      $ 283,113,999  

Variable Rate Senior Loan Interests

              20,239,738               20,239,738  

Common Stocks

       1,091,151        3,115,687               4,206,838  

Convertible Bonds

              1,980,216               1,980,216  

Warrants

       276,656                      276,656  

Short-Term Investments:

             

Investment Companies

       118,307                      118,307  

Total

     $ 1,486,114      $ 308,449,640      $      $ 309,935,754  

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 $100,895,090 have been pledged as collateral for reverse repurchase agreements.

 

(4)

Variable rate security. The rate shown is the coupon as of the end of the reporting period.

 

(5)

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.

 

(6)

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.

 

(7)

Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

 

(8)

Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.

 

(9)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

(10)

For fair value measurement disclosure purposes, investment classified as Level 2.

 

(11)

The rate shown is the seven-day subsidized yield as of the end of the reporting period.

 

(12)

Reverse Repurchase Agreements as a percentage of Total Investments is 27.1%.

 

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.

 

LIBOR

London Inter-Bank Offered Rate

 

N/A

Not applicable

 

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