JCO | Nuveen Credit Opportunities
Portfolio of Investments March 31, 2022 | |
(Unaudited) |
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||
LONG-TERM INVESTMENTS 83.0% (73.8% of Total Investments) |
||||||||||||||||||||||||||
CORPORATE BONDS 77.1% (68.6% of Total Investments) |
||||||||||||||||||||||||||
Automobiles 8.5% | ||||||||||||||||||||||||||
$ | 3,210 | BMW US Capital LLC, 144A |
2.700% | 4/06/22 | A | $ | 3,210,297 | |||||||||||||||||||
3,000 | Ford Motor Credit Co LLC |
4.250% | 9/20/22 | BB+ | 3,018,480 | |||||||||||||||||||||
5,125 | General Motors Financial Co Inc |
3.450% | 4/10/22 | BBB | 5,126,740 | |||||||||||||||||||||
3,000 | Harley-Davidson Financial Services Inc, 144A |
2.550% | 6/09/22 | BBB+ | 3,002,036 | |||||||||||||||||||||
4,600 | Volkswagen Group of America Finance LLC, 144A |
2.900% | 5/13/22 | A3 | 4,605,842 | |||||||||||||||||||||
18,935 | Total Automobiles |
18,963,395 | ||||||||||||||||||||||||
Banks 5.0% | ||||||||||||||||||||||||||
2,200 | Banco Santander SA |
3.500% | 4/11/22 | A- | 2,200,923 | |||||||||||||||||||||
3,450 | BPCE SA, 144A |
3.000% | 5/22/22 | A | 3,456,738 | |||||||||||||||||||||
3,000 | Synchrony Bank |
3.000% | 6/15/22 | BBB | 3,005,101 | |||||||||||||||||||||
2,565 | UniCredit SpA, 144A |
3.750% | 4/12/22 | Baa1 | 2,565,577 | |||||||||||||||||||||
11,215 | Total Banks |
11,228,339 | ||||||||||||||||||||||||
Beverages 6.2% | ||||||||||||||||||||||||||
2,000 | Anadolu Efes Biracilik Ve Malt Sanayii AS, 144A |
3.375% | 11/01/22 | BBB- | 1,978,395 | |||||||||||||||||||||
5,195 | Diageo Investment Corp |
2.875% | 5/11/22 | A- | 5,197,506 | |||||||||||||||||||||
4,500 | Heineken NV, 144A |
3.400% | 4/01/22 | BBB+ | 4,500,000 | |||||||||||||||||||||
2,268 | PepsiCo Inc |
3.100% | 7/17/22 | A+ | 2,273,354 | |||||||||||||||||||||
13,963 | Total Beverages |
13,949,255 | ||||||||||||||||||||||||
Chemicals 1.8% | ||||||||||||||||||||||||||
4,000 | Sasol Financing International Ltd |
4.500% | 11/14/22 | BB | 4,000,000 | |||||||||||||||||||||
Consumer Finance 0.7% | ||||||||||||||||||||||||||
1,541 | American Express Co |
2.750% | 5/20/22 | A2 | 1,542,095 | |||||||||||||||||||||
Diversified Financial Services 1.8% | ||||||||||||||||||||||||||
4,000 | Park Aerospace Holdings Ltd, 144A |
5.250% | 8/15/22 | BBB- | 4,025,757 | |||||||||||||||||||||
Diversified Telecommunication Services 2.2% | ||||||||||||||||||||||||||
5,000 | AT&T Inc |
3.000% | 6/30/22 | BBB+ | 5,005,762 | |||||||||||||||||||||
Electric Utilities 0.5% | ||||||||||||||||||||||||||
1,008 | Duke Energy Progress LLC |
2.800% | 5/15/22 | Aa3 | 1,009,180 | |||||||||||||||||||||
Energy Equipment & Services 1.9% | ||||||||||||||||||||||||||
4,200 | Schlumberger Investment SA, 144A |
2.400% | 8/01/22 | A | 4,202,778 | |||||||||||||||||||||
Food & Staples Retailing 0.9% | ||||||||||||||||||||||||||
2,044 | Sysco Corp |
2.600% | 6/12/22 | Baa1 | 2,048,092 | |||||||||||||||||||||
Health Care Equipment & Supplies 0.7% | ||||||||||||||||||||||||||
1,500 | Anthem Inc |
3.125% | 5/15/22 | A | 1,502,266 | |||||||||||||||||||||
Health Care Providers & Services 1.3% | ||||||||||||||||||||||||||
2,821 | CVS Health Corp |
3.500% | 7/20/22 | BBB | 2,828,383 |
1
JCO | Nuveen Credit Opportunities 2022 Target Term Fund (continued) | |
Portfolio of Investments March 31, 2022 | ||
(Unaudited) |
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||||||
Household Durables 3.4% | ||||||||||||||||||||||||||||||||
$ | 3,500 | KB Home |
|
7.500% | 9/15/22 | BB | $ | 3,578,750 | ||||||||||||||||||||||||
4,027 | Whirlpool Corp |
|
4.700% | 6/01/22 | Baa1 | 4,045,646 | ||||||||||||||||||||||||||
7,527 | Total Household Durables |
|
7,624,396 | |||||||||||||||||||||||||||||
Industrial Conglomerates 2.2% | ||||||||||||||||||||||||||||||||
5,000 | Honeywell International Inc |
|
0.483% | 8/19/22 | A | 4,985,079 | ||||||||||||||||||||||||||
IT Services 2.2% | ||||||||||||||||||||||||||||||||
5,000 | International Business Machines Corp |
|
2.850% | 5/13/22 | A- | 5,010,338 | ||||||||||||||||||||||||||
Machinery 2.4% | ||||||||||||||||||||||||||||||||
5,440 | CNH Industrial Capital LLC |
|
4.375% | 4/05/22 | BBB+ | 5,440,402 | ||||||||||||||||||||||||||
Media 13.6% | ||||||||||||||||||||||||||||||||
4,600 | Charter Communications Operating LLC / Charter Communications Operating Capital |
|
4.464% | 7/23/22 | BBB- | 4,616,865 | ||||||||||||||||||||||||||
12,787 | CSC Holdings LLC |
|
5.875% | 9/15/22 | B+ | 12,882,902 | ||||||||||||||||||||||||||
13,000 | DISH DBS Corp |
|
5.875% | 7/15/22 | B | 13,064,740 | ||||||||||||||||||||||||||
30,387 | Total Media |
|
30,564,507 | |||||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels 5.1% | ||||||||||||||||||||||||||||||||
2,795 | Midwest Connector Capital Co LLC, 144A |
|
3.625% | 4/01/22 | A- | 2,795,000 | ||||||||||||||||||||||||||
8,737 | Western Midstream Operating LP |
|
4.000% | 7/01/22 | BBB- | 8,737,000 | ||||||||||||||||||||||||||
11,532 | Total Oil, Gas & Consumable Fuels |
|
11,532,000 | |||||||||||||||||||||||||||||
Pharmaceuticals 3.0% | ||||||||||||||||||||||||||||||||
1,167 | AstraZeneca PLC |
|
2.375% | 6/12/22 | A- | 1,168,709 | ||||||||||||||||||||||||||
2,000 | Bristol-Myers Squibb Co |
|
2.600% | 5/16/22 | A+ | 2,001,878 | ||||||||||||||||||||||||||
3,482 | GlaxoSmithKline Capital PLC |
|
2.875% | 6/01/22 | A | 3,486,841 | ||||||||||||||||||||||||||
6,649 | Total Pharmaceuticals |
|
6,657,428 | |||||||||||||||||||||||||||||
Road & Rail 1.7% | ||||||||||||||||||||||||||||||||
4,000 | Transnet SOC Ltd, 144A |
|
4.000% | 7/26/22 | BB- | 3,935,600 | ||||||||||||||||||||||||||
Software 4.0% | ||||||||||||||||||||||||||||||||
4,000 | NortonLifeLock Inc |
|
3.950% | 6/15/22 | BB+ | 3,990,000 | ||||||||||||||||||||||||||
5,000 | Oracle Corp |
|
2.500% | 5/15/22 | BBB+ | 5,002,960 | ||||||||||||||||||||||||||
9,000 | Total Software |
|
8,992,960 | |||||||||||||||||||||||||||||
Specialty Retail 2.3% | ||||||||||||||||||||||||||||||||
5,136 | Home Depot Inc |
2.625% | 6/01/22 | A | 5,141,810 | |||||||||||||||||||||||||||
Wireless Telecommunication Services 5.7% | ||||||||||||||||||||||||||||||||
12,500 | Sprint Communications Inc |
6.000% | 11/15/22 | BB+ | 12,781,000 | |||||||||||||||||||||||||||
$ | 172,398 | Total Corporate Bonds (cost $173,455,452) |
|
172,970,822 | ||||||||||||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||||||||||||||
COMMON STOCKS 2.7% (2.3% of Total Investments) |
|
|||||||||||||||||||||||||||||||
Banks 0.2% | ||||||||||||||||||||||||||||||||
63,918 | iQor US Inc, (3), (4) |
$ | 447,426 | |||||||||||||||||||||||||||||
Energy Equipment & Services 1.1% | ||||||||||||||||||||||||||||||||
18,459 | Fieldwood Energy LLC, (3), (4) |
|
2,491,965 | |||||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels 1.1% | ||||||||||||||||||||||||||||||||
30,780 | Whiting Petroleum Corp |
|
2,508,878 |
2
Shares | Description (1) | Value | ||||||||||||||||||||||||||||||
Professional Services 0.3% | ||||||||||||||||||||||||||||||||
85,543 | Skillsoft Corp, (4) |
|
$ | 516,680 | ||||||||||||||||||||||||||||
Total Common Stocks (cost $6,635,155) |
|
5,964,949 | ||||||||||||||||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||||||
CONVERTIBLE BONDS 1.8% (1.6% of Total Investments) |
|
|||||||||||||||||||||||||||||||
Mortgage Real Estate Investment Trust 1.8% | ||||||||||||||||||||||||||||||||
$ | 4,000 | Blackstone Mortgage Trust Inc |
|
4.375% | 5/05/22 | N/R | $ | 3,999,998 | ||||||||||||||||||||||||
$ | 4,000 | Total Convertible Bonds (cost $4,009,593) |
|
3,999,998 | ||||||||||||||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon (5) | Reference Rate (5) |
Spread (5) |
Maturity (6) |
Ratings (2) | Value | |||||||||||||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS 1.4% (1.3% of Total Investments) (5) |
|
|||||||||||||||||||||||||||||||
IT Services 0.3% | ||||||||||||||||||||||||||||||||
$ | 687 | iQor US Inc., Exit Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 9/15/27 | B1 | $ | 689,886 | |||||||||||||||||||||||
Oil, Gas & Consumable Fuels 0.3% | ||||||||||||||||||||||||||||||||
664 | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien |
9.000% | 3-Month LIBOR | 8.000% | 8/27/26 | B | 668,749 | |||||||||||||||||||||||||
Software 0.7% | ||||||||||||||||||||||||||||||||
1,899 | iQor US Inc., Second Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 11/19/25 | CCC+ | 1,623,803 | |||||||||||||||||||||||||
Thrifts & Mortgage Finance 0.1% | ||||||||||||||||||||||||||||||||
1,434 | Ditech Holding Corporation, Term Loan, (7) |
0.000% | N/A | N/A | 6/30/22 | N/R | 285,576 | |||||||||||||||||||||||||
$ | 4,684 | Total Variable Rate Senior Loan Interests (cost $4,621,433) |
|
3,268,014 | ||||||||||||||||||||||||||||
Total Long-Term Investments (cost $188,721,633) |
|
186,203,783 | ||||||||||||||||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||||||
SHORT-TERM INVESTMENTS 29.5% (26.2% of Total Investments) |
|
|||||||||||||||||||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 16.3% (14.4% of Total Investments) |
||||||||||||||||||||||||||||||||
$ | 25,000 | Federal Home Loan Bank Discount Notes |
|
0.000% | 5/27/22 | Aaa | $ | 24,983,700 | ||||||||||||||||||||||||
11,400 | United States Treasury Bill |
|
0.000% | 5/26/22 | N/R | 11,394,993 | ||||||||||||||||||||||||||
$ | 36,400 | Total U.S. Government and Agency Obligations (cost $36,377,596) |
|
$ | 36,378,693 | |||||||||||||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon |
Maturity | Value | ||||||||||||||||||||||||||||
COMMERCIAL PAPER 10.5% (9.4% of Total Investments) | ||||||||||||||||||||||||||||||||
Health Care Equipment & Supplies 6.1% | ||||||||||||||||||||||||||||||||
$ | 3,600 | Baylor Scott & White Holdings |
|
0.000% | 5/19/22 | $ | 3,596,640 | |||||||||||||||||||||||||
5,000 | Cigna Corp, 144A |
|
0.000% | 5/26/22 | 4,992,361 | |||||||||||||||||||||||||||
5,000 | CommonSpirit Health |
|
0.000% | 5/11/22 | 4,993,611 | |||||||||||||||||||||||||||
13,600 | Total Health Care Equipment & Supplies |
|
13,582,612 | |||||||||||||||||||||||||||||
Insurance 2.2% | ||||||||||||||||||||||||||||||||
5,000 | MetLife Short Term Funding LLC, 144A |
|
0.000% | 5/27/22 | 4,995,020 | |||||||||||||||||||||||||||
Sovereign 2.2% | ||||||||||||||||||||||||||||||||
5,000 | Hydro-Quebec, 144A |
|
0.000% | 5/27/22 | 4,997,122 | |||||||||||||||||||||||||||
23,600 | Total Commercial Paper (cost $23,574,754) |
|
23,574,754 |
3
JCO | Nuveen Credit Opportunities 2022 Target Term Fund (continued) | |
Portfolio of Investments March 31, 2022 | ||
(Unaudited) |
Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
INVESTMENT COMPANIES 2.7% (2.4% of Total Investments) | ||||||||||||||||||||||||||||
6,069,204 | BlackRock Liquidity Funds T-Fund |
0.000%(8) | $ | 6,069,204 | ||||||||||||||||||||||||
Total Short-Term Investments (cost $66,021,555) |
|
66,022,651 | ||||||||||||||||||||||||||
Total Investments (cost $254,743,188) 112.5% |
|
252,226,434 | ||||||||||||||||||||||||||
Other Assets Less Liabilities (12.5)% |
|
(28,083,121 | ) | |||||||||||||||||||||||||
Net Assets Applicable to Commo Shares 100% |
|
$ | 224,143,313 |
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 Funds notes to financial statements, please refer to the Funds most recently filed annual or semi-annual report.
Fair Value Measurements
The Funds 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 managements 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 managements assumptions in determining the fair value of investments). |
The following table summarizes the market value of the Funds 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 |
$ | | $ | 172,970,822 | $ | | $ | 172,970,822 | ||||||||
Common Stocks |
3,025,558 | 2,939,391 | | 5,964,949 | ||||||||||||
Convertible Bonds |
| 3,999,998 | | 3,999,998 | ||||||||||||
Variable Rate Senior Loan Interests |
| 3,268,014 | | 3,268,014 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
U.S. Government and Agency Obligations |
| 36,378,693 | | 36,378,693 | ||||||||||||
Commercial Paper |
| 23,574,754 | | 23,574,754 | ||||||||||||
Investment Companies |
6,069,204 | | | 6,069,204 | ||||||||||||
Total |
$ | 9,094,762 | $ | 243,131,672 | $ | | $ | 252,226,434 |
4
For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys 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) | For fair value measurement disclosure purposes, investment classified as Level 2. |
(4) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(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) | The rate shown is the one-day yield as of the end of the reporting period. |
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 |
5