NPORT-EX 2 JEMD.htm
JEMD
Nuveen Emerging Markets Debt 2022 Target Term Fund
Portfolio of Investments    March 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS – 128.3% (98.4% of Total Investments)            
    EMERGING MARKETS DEBT – 72.1% (55.3% of Total Investments)            
    Argentina – 3.3%            
$8,214   Provincia de Buenos Aires/Government Bonds, 144A     3.900% 9/01/37 CCC+ $3,499,299
    Bahrain – 2.9%            
2,950   Bahrain Government International Bond, 144A, (3)     6.125% 7/05/22 B+ 2,979,943
    Barbados – 6.1%            
6,640   Barbados Government International Bond, 144A     6.500% 10/01/29 B- 6,362,367
    Costa Rica – 4.8%            
5,000   Costa Rica Government International Bond, 144A, (3)     4.250% 1/26/23 B 5,046,500
    Ecuador – 4.8%            
2,205   Ecuador Government International Bond, 144A     5.000% 7/31/30 B- 1,841,197
625   Ecuador Government International Bond, 144A     0.000% 7/31/30 B- 347,109
3,640   Ecuador Government International Bond, 144A     1.000% 7/31/35 B- 2,380,894
853   Ecuador Government International Bond, 144A     0.500% 7/31/40 B- 485,991
7,323   Total Ecuador           5,055,191
    Egypt – 5.5%            
5,725   Egypt Government International Bond, 144A     5.577% 2/21/23 B+ 5,725,000
    El Salvador – 5.0%            
6,375   El Salvador Government International Bond, 144A, (3)     7.750% 1/24/23 B- 5,187,337
    Ghana – 1.2%            
1,250   Ghana Government International Bond, 144A     9.250% 9/15/22 B- 1,237,625
    Iraq – 9.2%            
9,500   Iraq International Bond, 144A, (3)     6.752% 3/09/23 B- 9,547,690
    Lebanon – 1.0%            
5,000   Lebanon Government International Bond, Reg S, (4)     6.000% 1/27/23 D 575,000
4,000   Lebanon Government International Bond, (4)     6.400% 5/26/23 D 485,200
9,000   Total Lebanon           1,060,200
    Mongolia – 4.5%            
3,000   Mongolia Government International Bond, 144A     5.125% 12/05/22 B 3,000,000
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JEMD Nuveen Emerging Markets Debt 2022 Target Term Fund (continued)
  Portfolio of Investments March 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    Mongolia (continued)            
$1,650   Mongolia Government International Bond, 144A     5.625% 5/01/23 B $1,658,243
4,650   Total Mongolia           4,658,243
    Nigeria – 3.3%            
3,425   Nigeria Government International Bond, (3)     5.625% 6/27/22 B2 3,411,129
    Oman – 2.9%            
3,000   Oman Government International Bond, 144A     4.125% 1/17/23 Ba3 3,029,100
    Pakistan – 3.2%            
3,450   Third Pakistan International Sukuk Co Ltd/The, 144A     5.625% 12/05/22 B- 3,326,145
    Sri Lanka – 1.4%            
3,000   Sri Lanka Government International Bond, 144A     5.750% 4/18/23 CCC 1,478,820
    Turkey – 4.7%            
4,000   Turkey Government International Bond     3.250% 3/23/23 B+ 3,925,920
1,000   Turkiye Ihracat Kredi Bankasi AS, 144A     4.250% 9/18/22 B2 997,500
5,000   Total Turkey           4,923,420
    Ukraine – 4.7%            
8,225   Ukraine Government International Bond, 144A     7.750% 9/01/22 B- 4,893,875
    Zambia – 3.6%            
5,500   Zambia Government International Bond, 144A     5.375% 9/20/22 D 3,772,890
$98,227   Total Emerging Markets Debt (cost $91,788,764)           75,194,774
    
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    CORPORATE BONDS – 54.5% (41.8% of Total Investments)            
    Aerospace & Defense – 2.9%            
$3,000   Embraer SA     5.150% 6/15/22 BB+ $3,015,000
    Banks – 14.1%            
3,000   Bank Muscat SAOG, Reg S     4.875% 3/14/23 Ba3 3,020,339
2,000   TC Ziraat Bankasi AS, 144A     5.125% 5/03/22 B2 2,000,080
3,200   Turkiye Is Bankasi AS, 144A     6.000% 10/24/22 B- 3,197,939
2,704   Turkiye Vakiflar Bankasi TAO, 144A     6.000% 11/01/22 B- 2,695,131
700   Turkiye Vakiflar Bankasi TAO, 144A     5.750% 1/30/23 B2 702,745
358   Ukreximbank Via Biz Finance PLC, 144A     9.625% 4/27/22 Caa2 92,558
3,000   United Bank for Africa PLC, 144A, (3)     7.750% 6/08/22 B 2,997,818
14,962   Total Banks           14,706,610
    Beverages – 1.4%            
1,500   Anadolu Efes Biracilik Ve Malt Sanayii AS, 144A     3.375% 11/01/22 BBB- 1,483,796
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Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    Capital Markets – 2.0%            
$2,000   Grupo Aval Ltd, 144A, (3)     4.750% 9/26/22 BB+ $2,012,880
    Chemicals – 4.0%            
4,200   Sasol Financing International Ltd     4.500% 11/14/22 BB 4,200,000
    Food Products – 2.7%            
2,800   BRF SA, 144A, (3)     3.950% 5/22/23 BB 2,819,600
    Metals & Mining – 1.6%            
1,569   Petra Diamonds US Treasury PLC, 144A, (cash 10.500%, PIK 10.500%)     10.500% 3/08/26 B- 1,647,450
    Oil, Gas & Consumable Fuels – 11.3%            
2,500   NAK Naftogaz Ukraine via Kondor Finance PLC, Reg S     7.375% 7/19/22 CCC 845,000
10,940   Petroleos Mexicanos, (3)     3.500% 1/30/23 BBB 10,942,735
13,440   Total Oil, Gas & Consumable Fuels           11,787,735
    Pharmaceuticals – 4.8%            
5,050   Teva Pharmaceutical Finance Co BV     2.950% 12/18/22 BBB 5,018,438
    Real Estate Management & Development – 2.7%            
1,750   Country Garden Holdings Co Ltd, Reg S     4.750% 7/25/22 Baa3 1,680,000
3,000   Shimao Group Holdings Ltd, Reg S     4.750% 7/03/22 CCC 1,110,000
4,750   Total Real Estate Management & Development           2,790,000
    Road & Rail – 7.0%            
7,400   Transnet SOC Ltd, 144A, (3)     4.000% 7/26/22 BB- 7,280,860
$60,671   Total Corporate Bonds (cost $60,692,481)           56,762,369
    
Shares   Description (1)           Value
    COMMON STOCKS – 1.2% (0.9% of Total Investments)            
    Metals & Mining – 1.2%            
834,173   Petra Diamonds Ltd, (5)           $1,271,141
    Total Common Stocks (cost $784,123)           1,271,141
    
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    CONVERTIBLE BONDS – 0.5% (0.4% of Total Investments)            
    Wireless Telecommunication Services – 0.5%            
$619   Digicel Group Holdings Ltd, 144A, (cash 7.000%, PIK 7.000%)     7.000% N/A (6) CC $491,810
$619   Total Convertible Bonds (cost $100,100)           491,810
    Total Long-Term Investments (cost $153,365,468)           133,720,094
    
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JEMD Nuveen Emerging Markets Debt 2022 Target Term Fund (continued)
  Portfolio of Investments March 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)     Coupon Maturity Ratings (2) Value
    SHORT-TERM INVESTMENTS – 2.1% (1.6% of Total Investments)            
    U.S. GOVERNMENT AND AGENCY OBLIGATIONS  –  2.1% (1.6% of Total Investments)            
$2,225   Federal Home Loan Bank Discount Notes     0.000% 4/01/22 Aaa $2,225,000
$2,225   Total Short-Term Investments (cost $2,225,000)           2,225,000
    Total Investments (cost $155,590,468) – 130.4%           135,945,094
    Reverse Repurchase Agreements, including accrued interest – (31.5)% (7)           (32,896,666)
    Other Assets Less Liabilities – 1.1%           1,223,278
    Net Assets Applicable to Common Shares – 100%           $104,271,706
Summary of Investments in Emerging Markets Countries
Turkey 11.0%
South Africa 10.6%
Mexico 8.0%
Iraq 7.0%
Nigeria 4.7%
Barbados 4.7%
Oman 4.5%
Brazil 4.3%
Ukraine 4.3%
Egypt 4.2%
El Salvador 3.8%
Ecuador 3.7%
Costa Rica 3.7%
Mongolia 3.4%
Zambia 2.8%
Argentina 2.6%
Pakistan 2.4%
Bahrain 2.2%
China 2.1%
Colombia 1.5%
Sri Lanka 1.1%
Ghana 0.9%
Lebanon 0.8%
Jamaica 0.4%
Total Emerging Markets Debt 0.0%
Total Developed Markets 5.3%
Total Investments 100.0%
 
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).
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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:        
Emerging Markets Debt $ — $75,194,774 $ — $75,194,774
Corporate Bonds  — 56,762,369  — 56,762,369
Common Stocks 1,271,141  —  — 1,271,141
Convertible Bonds  — 491,810  — 491,810
Short-Term Investments:        
U.S. Government and Agency Obligations  — 2,225,000  — 2,225,000
Total $1,271,141 $134,673,953 $ — $135,945,094
    
  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 $47,911,070 have been pledged as collateral for reverse repurchase agreements.  
(4) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(5) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.  
(6) Perpetual security. Maturity date is not applicable.  
(7) Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 24.2%.  
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.  
N/A Not Applicable.  
PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.  
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.  
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