0001752724-22-126948.txt : 20220527 0001752724-22-126948.hdr.sgml : 20220527 20220527120457 ACCESSION NUMBER: 0001752724-22-126948 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220527 PERIOD START: 20221231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Credit Opportunities 2022 Target Term Fund CENTRAL INDEX KEY: 0001686142 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23195 FILM NUMBER: 22974767 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 NPORT-P 1 primary_doc.xml NPORT-P false 0001686142 XXXXXXXX Nuveen Credit Opportunities 2022 Target Term Fund 811-23195 0001686142 549300MO23P4EWQM3T38 333 W. Wacker Dr Chicago 60606 312-917-7700 Nuveen Credit Opportunities 2022 Target Term Fund 549300MO23P4EWQM3T38 2022-12-31 2022-03-31 N 225598018.00 1454676.00 224143342.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 USD N SYSCO CORPORATION 5RGWIFLMGH3YS7KWI652 Sysco Corp 871829AQ0 2044000.00000000 PA USD 2048092.07000000 0.913742095448 Long DBT CORP US N 2 2022-06-12 Fixed 2.60000000 N N N N N N ORACLE CORP 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp 68389XBB0 5000000.00000000 PA USD 5002960.35000000 2.232036118208 Long DBT CORP US N 2 2022-05-15 Fixed 2.50000000 N N N N N N HEINEKEN NV 724500K5PTPSST86UQ23 Heineken NV 423012AA1 4500000.00000000 PA USD 4500000.00000000 2.007643840699 Long DBT CORP NL Y 2 2022-04-01 Fixed 3.40000000 N N N N N N AT&T INC 549300Z40J86GGSTL398 AT&T Inc 00206RCM2 5000000.00000000 PA USD 5005761.70000000 2.233285921113 Long DBT CORP US N 2 2022-06-30 Fixed 3.00000000 N N N N N N MIDWEST CONNECTOR CAPIT N/A Midwest Connector Capital Co LLC 59833CAB8 2795000.00000000 PA USD 2795000.00000000 1.246969896611 Long DBT CORP US Y 2 2022-04-01 Fixed 3.62500000 N N N N N N BlackRock Liquidity Funds T-Fund 5493002L9DNZ83RX7V61 BlackRock Liquidity Funds T-Fund 09248U718 6069204.48000000 NS USD 6069204.48000000 2.707733553825 Long EC RF US N 2 N N N HONEYWELL INTERNATIONAL ISRPG12PN4EIEOEMW547 Honeywell International Inc 438516CC8 5000000.00000000 PA USD 4985079.00000000 2.224058477721 Long DBT CORP US N 2 2022-08-19 Fixed 0.48300000 N N N N N N ANADOLU EFES 7890006LGARYVIPOJX03 Anadolu Efes Biracilik Ve Malt Sanayii AS 032523AA0 2000000.00000000 PA USD 1978394.50000000 0.882647007199 Long DBT CORP TR Y 2 2022-11-01 Fixed 3.37500000 N N N N N N FORD MOTOR CREDIT CO LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co LLC 345397WF6 3000000.00000000 PA USD 3018480.00000000 1.346673951171 Long DBT CORP US N 2 2022-09-20 Fixed 4.25000000 N N N N N N 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N N N N N N Skillsoft Corp N/A Skillsoft Corp 83066P200 85543.00000000 NS USD 516679.72000000 0.230513079438 Long EC CORP US N 1 N N N Hydro-Quebec 6THEVG93PYJH84S4D167 Hydro-Quebec 44881MET6 5000000.00000000 PA USD 4997122.22000000 2.229431476934 Long STIV NUSS CA Y 2 N N N SYNCHRONY BANK 549300UATVPGSLE43Z27 Synchrony Bank 87166FAA1 3000000.00000000 PA USD 3005100.90000000 1.340704958347 Long DBT CORP US N 2 2022-06-15 Fixed 3.00000000 N N N N N N Fieldwood Energy LLC 549300KTQCELOBO6BF21 Fieldwood Energy LLC N/A 18459.00000000 NS USD 2491965.00000000 1.111772929663 Long EC CORP US N 2 N N N BLACKSTONE MORTGAGE TR 549300OLDJ20R2Y2UW20 Blackstone Mortgage Trust Inc 09257WAB6 4000000.00000000 PA USD 3999998.00000000 1.784571410557 Long DBT CORP US N 2 2022-05-05 Fixed 4.37500000 N N N N N BLACKSTONE MORTGAGE TRU-CL A BLACKSTONE MORTGAGE TRU-CL A USD XXXX N N N CHARTER COMM OPT LLC/CAP N/A Charter Communications Operating LLC / Charter Communications Operating Capital 161175BB9 4600000.00000000 PA USD 4616864.70000000 2.059782217399 Long DBT CORP US N 2 2022-07-23 Fixed 4.46400000 N N N N N N ASTRAZENECA PLC PY6ZZQWO2IZFZC3IOL08 AstraZeneca PLC 046353AQ1 1167000.00000000 PA USD 1168708.90000000 0.521411383256 Long DBT CORP GB N 2 2022-06-12 Fixed 2.37500000 N N N N N N PARK AEROSPACE HOLDINGS 635400CPI3EOIFF6OC33 Park Aerospace Holdings Ltd 70014LAA8 4000000.00000000 PA USD 4025756.68000000 1.796063467278 Long DBT CORP KY Y 2 2022-08-15 Fixed 5.25000000 N N N N N N CVS HEALTH CORP 549300EJG376EN5NQE29 CVS Health Corp 126650CK4 2821000.00000000 PA USD 2828383.06000000 1.261863517677 Long DBT CORP US N 2 2022-07-20 Fixed 3.50000000 N N N N N N 2022-03-31 Nuveen Credit Opportunities 2022 Target Term Fund E. Scott Wickerham E. Scott Wickerham Funds Treasurer XXXX NPORT-EX 2 JCO.htm HTML
JCO   

Nuveen Credit Opportunities
2022 Target Term Fund

 

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 Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The following table summarizes the market value of the Fund’s investments as of the end of the reporting period, based on the inputs used to value them:

 

        Level 1      Level 2      Level 3      Total  

Long-Term Investments:

             

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 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.

 

(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)

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