ITEM 1.
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REPORTS TO STOCKHOLDERS.
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Closed-End Funds
30 June
2021
Nuveen Closed-End Funds
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JHB
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Nuveen Corporate Income November 2021 Target Term Fund
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JHAA
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Nuveen Corporate Income 2023 Target Term Fund
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JEMD
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Nuveen Emerging Markets Debt 2022 Target Term Fund
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As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds annual and semi-annual shareholder reports will not be
sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with
a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting
the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor,
by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on Communication Preferences. Your election to receive reports in paper will apply to all
funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE
Table of Contents
3
Chairs Letter to Shareholders
Dear Shareholders,
More than a
year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year marked by a global economic downturn, financial market turbulence and some immeasurable losses of life. Although the health
crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our new normal might be.
Global economic activity has continued to rebound, driving both gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a
further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals
and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021, providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants
to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around
the world have upgraded their economic forecasts but remain committed to sustaining the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity,
resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and some market observers, while the Fed and other central banks believe it to be more transitory.
While the markets longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals,
particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are rising again, as more virulent strains such as the delta variant have spread, both
case counts and hospitalizations are rising, and vaccination rollouts have been uneven around the country and around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully
restored and what level of public inoculation would be sufficient to contain the spread of the virus, particularly in light of new variants. On the political front, the Biden administrations full policy agenda and the potential for
Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing
long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveens focus on delivering long-term results to our shareholders.
If you have concerns about whats coming next, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and
investment goals with your financial professional.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the
months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
August 23, 2021
4
Important Semiannual Shareholder Report Notice
For Shareholders of
Nuveen Corporate Income November 2021 Target Term Fund (JHB)
Nuveen
Corporate Income 2023 Target Term Fund (JHAA)
Nuveen Emerging Markets Debt 2022 Target Term Fund (JEMD)
Semiannual Shareholder Report for the period ending June 30, 2021
Beginning with this semiannual shareholder report, the Funds will only include portfolio manager commentaries in their annual shareholder reports. For the Funds
most recent annual portfolio manager discussion, please refer to the Portfolio Managers Comments section of each Funds December 31, 2020 annual shareholder report.
For current information on your Funds investment objectives, portfolio management team and average annual total returns please refer to the Funds website at
www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements
section of this report.
For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries
section within this report.
5
Fund Leverage
IMPACT OF THE FUNDS LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds common shares relative to their comparative benchmarks was the Funds use of leverage through the use
of bank borrowings for JHAA as well as the use of reverse repurchase agreements for JEMD. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when
short-term rates that the Fund pay on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market
environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility.
When a Fund uses leverage, the Funds common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline
in their net asset value if the securities acquired through leverage decline in value. All this will make the shares total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when
short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat
higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The use of leverage for JHAA and JEMD had a positive impact on the total return performance of the Funds over the reporting period.
As of June 30, 2021, the Funds percentages of leverage are shown in the accompanying table.
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JHB
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JHAA
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JEMD
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Effective Leverage*
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0.00
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%
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23.63
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%
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21.92
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%
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Regulatory Leverage*
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0.00
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%
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23.63
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%
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0.00
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%
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*
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Effective Leverage is a Funds effective economic leverage, and includes both regulatory leverage and the leverage
effects of reverse repurchase agreements, certain derivative and other investments in a Funds portfolio that increase the Funds investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of
these are part of a Funds capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such
incidental borrowings are excluded from the calculation of a Funds effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
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6
THE FUNDS LEVERAGE
Bank Borrowings
As noted previously, JHAA employs leverage through the use of
bank borrowings. The Funds bank borrowing activities are as shown in the accompanying table.
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Current Reporting Period
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Subsequent to the Close of
the Reporting Period
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Fund
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Outstanding
Balance as of
January 1, 2021
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Draws
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Paydowns
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Outstanding
Balance as of
June 30, 2021
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Average Balance
Outstanding
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Draws
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Paydowns
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Outstanding
Balance as of
August 26, 2021
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JHAA
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$
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24,525,000
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$
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$
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$
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24,525,000
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$
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24,525,000
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$
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$
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$
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24,525,000
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Refer to Notes to Financial Statements, Note 8 Fund Leverage, for further details.
Reverse Repurchase Agreements
As noted previously, JEMD used reverse
repurchase agreements, in which the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date.
The Funds transactions in reverse repurchase agreements are as shown in the accompanying table.
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Current Reporting Period
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Subsequent to the Close of
the Reporting Period
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Fund
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Outstanding
Balance as of
January 1, 2021
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Sales
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Purchases
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Outstanding
Balance as of
June 30, 2021
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Average Balance
Outstanding
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Sales
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Purchases
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Outstanding
Balance as of
August 26, 2021
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JEMD
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$
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32,854,811
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$
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$
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$
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32,854,811
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$
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32,854,811
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$
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$
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$
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32,854,811
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Refer to Notes to Financial Statements, Note 8 Fund Leverage, for further details.
7
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds distributions is current as of June 30, 2021. Each Funds distribution levels may vary over time based on each
Funds investment activity and portfolio investment value changes.
During the current reporting period, the Funds distributions to common shareholders
were as shown in the accompanying table.
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Monthly Distributions (Ex-Dividend Date)
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JHB
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JHAA
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JEMD
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January 2021
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$
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0.0205
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$
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0.0395
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$
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0.0335
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February
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0.0205
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0.0395
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0.0335
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March
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0.0205
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0.0395
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0.0305
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April
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0.0205
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0.0395
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0.0305
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May
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0.0205
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0.0395
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0.0305
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June 2021
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0.0145
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0.0315
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0.0305
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Total Distributions from Net Investment Income
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$
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0.1170
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$
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0.2290
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$
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0.1890
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Current Distribution Rate*
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1.85
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%
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3.80
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%
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4.51
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%
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*
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Current distribution rate is based on the Funds current annualized monthly distribution divided by the Funds
current market price. The Funds monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Funds cumulative net ordinary income and net realized
gains are less than the Funds distributions, a return of capital for tax purposes.
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Each Fund seeks to pay regular monthly dividends out of
its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net
income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned
net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net
long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current
reporting period were paid from net investment income. If a portion of the Funds monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will
be notified of those sources. For financial reporting purposes, the per share amounts of each Funds distributions for the reporting period are presented in this reports Financial Highlights. For income tax purposes, distribution
information for each Fund as of its most recent tax year end is presented in Note 6 Income Tax Information within the Notes to Financial Statements of this report.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds
monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveens enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other
Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
8
COMMON SHARE REPURCHASES
During August 2021, (subsequent to the close of the reporting period), the Funds Board of Trustees reauthorized an open-market share repurchase program, allowing
each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of June 30, 2021, and since the inception of the Funds
repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
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JHB
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JHAA
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JEMD
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Common shares cumulatively repurchased and retired
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0
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0
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0
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Common shares authorized for repurchase
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5,590,000
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780,000
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1,420,000
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During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of June 30, 2021, the Funds common
share prices were trading at a premium/(discount) to NAV and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
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JHB
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JHAA
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JEMD
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Common share NAV
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$
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9.46
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$
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10.13
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$
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8.21
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Common share price
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$
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9.42
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$
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9.96
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8.12
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Premium/(Discount) to NAV
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(0.42
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)%
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(1.68
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)%
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(1.10
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)%
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Average premium/(discount) to NAV
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(1.19
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)%
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(1.13
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)%
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(1.25
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)%
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JHB, JHAA and JEMD each have an investment objective to return $9.85, $9.875 and $9.85, respectively (the original net asset value
following each Funds initial public offering (the Original NAV)) to shareholders on or about the end of the Funds term. There can be no assurance that the Funds will be able to return the Original NAV to shareholders, and
such return is not backed or otherwise guaranteed by the Funds investment adviser, Nuveen Fund Advisors, LLC (the Adviser), or any other entity.
In connection with the objective of returning Original NAV, each Fund currently intends to set aside and retain in its net assets a portion of its net investment income
and possibly all or a portion of its gains. This will reduce the amounts otherwise available for distribution prior to the liquidation of each Fund, and the Fund may incur taxes on such retained amount, which will reduce the overall amounts that the
Fund would have otherwise been able to distribute. Such retained income or gains, net of any taxes, would constitute a portion of the liquidating distribution returned to investors at the end of each Funds term. In addition, each Funds
investment in shorter term and lower yielding securities, especially as the Fund nears the end of its term, may reduce investment income and, therefore, the monthly dividends during the period prior to termination. Investors that purchase shares in
the secondary market (particularly if their purchase price differs meaningfully from the Original NAV) may receive more or less than their original investment.
Each
Funds ability to return Original NAV to common shareholders on or about the termination date will depend on market conditions and the success of various portfolio and cash flow management techniques. Recent market conditions have materially
increased the risk associated with achieving JHBs and JEMDs objective to return Original NAV. These objectives are not a guarantee and is dependent on a number of factors including the extent of market recovery and the cumulative level
of income retained in relation to cumulative portfolio gains net of losses. JHAAs objective is not a guarantee and is dependent on a number of factors including market conditions and the cumulative level of income retained in relation to
cumulative portfolio gains net of losses.
9
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JHB
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Nuveen Corporate Income November 2021 Target Term Fund
Performance Overview and Holding Summaries as of June 30, 2021
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Refer to the Glossary of Terms Used in this Report for further definition of the terms used within
this section.
Average Annual Total Returns as of June 30, 2021
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Cumulative
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Average Annual
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6-Month
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1-Year
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Since
Inception
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JHB at Common Share NAV
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1.14%
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4.82%
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4.14%
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JHB at Common Share Price
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3.67%
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8.66%
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3.81%
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Bloomberg Barclays U.S. High Yield 1-5 Year Cash Pay 2% Issuer Capped Index
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4.60%
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15.47%
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5.96%
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Since inception returns are from 8/23/16. Past performance is not predictive of future results. Current performance may be higher or
lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions.
Comparative index return information is provided for the Funds shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV
and Share Price
10
This data relates to the securities held in the
Funds portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poors
Group, Moodys Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net
assets)
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Long-Term Corporate Bonds
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83.4%
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Sovereign Debt
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2.0%
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Convertible Bonds
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1.0%
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Common Stocks
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0.2%
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Short-Term Corporate Bonds
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11.3%
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Other Assets Less Liabilities
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2.1%
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Net Assets
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100%
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Country Allocation1
(% of total investments)
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United States
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73.4%
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Germany
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9.6%
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Switzerland
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4.2%
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United Kingdom
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2.3%
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Israel
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1.9%
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Mexico
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1.4%
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Egypt
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1.3%
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Canada
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1.0%
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South Africa
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0.9%
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Italy
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0.9%
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Other
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3.1%
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Total
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100%
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Portfolio Composition
(% of
total investments)
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Automobiles
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10.8%
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Diversified Financial Services
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9.7%
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Wireless Telecommunication Services
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8.5%
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Diversified Telecommunication Services
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6.9%
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Oil, Gas & Consumable Fuels
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6.3%
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Banks
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5.4%
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Household Durables
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4.0%
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Capital Markets
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3.9%
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Pharmaceuticals
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3.8%
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Media
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3.6%
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Hotels, Restaurants & Leisure
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3.3%
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Containers & Packaging
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3.1%
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Metals & Mining
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2.9%
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Auto Components
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2.9%
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Mortgage Real Estate Investment Trust
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2.4%
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Software
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2.4%
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Other2
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18.0%
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Sovereign Debt
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2.1%
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Total
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100%
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Portfolio Credit Quality
(%
of total long-term investments)
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AA
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4.4%
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A
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10.5%
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BBB
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28.2%
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BB or Lower
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55.1%
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N/R (not rated)
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1.6%
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N/A (not applicable)
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0.2%
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Total
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100%
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Top Five Issuers
(% of total long-term investments)
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Ford Motor Credit Co LLC
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5.5%
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Sprint Corp
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4.5%
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Credit Suisse AG/New York NY
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4.4%
|
|
T-Mobile USA Inc
|
|
|
4.1%
|
|
CSC Holdings LLC
|
|
|
4.1%
|
|
1
|
Includes 5.9% (as a percentage of total investments) in emerging markets countries.
|
2
|
See Portfolio of Investments for details on other Portfolio Composition.
|
11
|
|
|
JHAA
|
|
Nuveen Corporate Income 2023 Target Term Fund
Performance Overview and Holding Summaries as of June 30, 2021
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within
this section.
Average Annual Total Returns as of June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
Since
Inception
|
|
JHAA at Common Share NAV
|
|
|
3.31%
|
|
|
|
14.48%
|
|
|
|
6.54%
|
|
JHAA at Common Share Price
|
|
|
6.38%
|
|
|
|
12.67%
|
|
|
|
5.38%
|
|
Bloomberg Barclays U.S. High Yield 1-5 Year Cash Pay 2% Issuer Capped Index
|
|
|
4.60%
|
|
|
|
15.47%
|
|
|
|
6.93%
|
|
Since inception returns are
from 12/18/18. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the
sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Funds shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
12
This data relates to the securities held in the
Funds portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poors
Group, Moodys Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net
assets)
|
|
|
|
|
Corporate Bonds
|
|
|
77.5%
|
|
Variable Rate Senior Loan Interests
|
|
|
33.7%
|
|
Convertible Bonds
|
|
|
2.9%
|
|
Repurchase Agreements
|
|
|
16.7%
|
|
Other Assets Less Liabilities
|
|
|
0.1%
|
|
Net Assets Plus Borrowings
|
|
|
130.9%
|
|
Borrowings
|
|
|
(30.9)%
|
|
Net Assets
|
|
|
100%
|
|
Country Allocation1
(% of total investments)
|
|
|
|
|
United States
|
|
|
86.6%
|
|
Israel
|
|
|
3.6%
|
|
Canada
|
|
|
2.8%
|
|
Zambia
|
|
|
1.2%
|
|
Australia
|
|
|
1.2%
|
|
Ireland
|
|
|
1.1%
|
|
Mexico
|
|
|
1.0%
|
|
Ukraine
|
|
|
1.0%
|
|
Luxembourg
|
|
|
1.0%
|
|
South Africa
|
|
|
0.3%
|
|
Other
|
|
|
0.2%
|
|
Total
|
|
|
100%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Oil, Gas & Consumable Fuels
|
|
|
14.3%
|
|
Media
|
|
|
7.5%
|
|
Chemicals
|
|
|
5.2%
|
|
Hotels, Restaurants & Leisure
|
|
|
5.1%
|
|
Health Care Providers & Services
|
|
|
4.6%
|
|
Consumer Finance
|
|
|
3.8%
|
|
Metals & Mining
|
|
|
3.8%
|
|
Communications Equipment
|
|
|
3.3%
|
|
Automobiles
|
|
|
2.8%
|
|
Electric Utilities
|
|
|
2.5%
|
|
Commercial Services & Supplies
|
|
|
2.4%
|
|
Professional Services
|
|
|
2.1%
|
|
Household Durables
|
|
|
2.1%
|
|
Specialty Retail
|
|
|
2.0%
|
|
Containers & Packaging
|
|
|
1.9%
|
|
Diversified Telecommunication Services
|
|
|
1.6%
|
|
Technology Hardware, Storage & Peripherals
|
|
|
1.3%
|
|
Pharmaceuticals
|
|
|
1.3%
|
|
Other2
|
|
|
19.7%
|
|
Repurchase Agreements
|
|
|
12.7%
|
|
Total
|
|
|
100%
|
|
Portfolio Credit Quality
(%
of total long-term investments)
|
|
|
|
|
BBB
|
|
|
13.3%
|
|
BB or Lower
|
|
|
84.6%
|
|
N/R (not rated)
|
|
|
2.1%
|
|
Total
|
|
|
100%
|
|
Top Five Issuers
(% of total long-term investments)
|
|
|
|
|
Ford Motor Credit Co LLC
|
|
|
3.3%
|
|
CSC Holdings LLC
|
|
|
2.8%
|
|
Navient Corp
|
|
|
2.8%
|
|
NOVA Chemicals Corp
|
|
|
2.4%
|
|
Boyd Gaming Corporation, Refinancing Term Loan B
|
|
|
2.2%
|
|
1
|
Includes 4.5% (as a percentage of total investments) in emerging markets countries.
|
2
|
See Portfolio of Investments for details on other Portfolio Composition.
|
13
|
|
|
JEMD
|
|
Nuveen Emerging Markets Debt 2022 Target Term Fund
Performance Overview and Holding Summaries as of June 30, 2021
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within
this section.
Average Annual Total Returns as of June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
Since
Inception
|
|
JEMD at Common Share NAV
|
|
|
6.25%
|
|
|
|
14.50%
|
|
|
|
0.38%
|
|
JEMD at Common Share Price
|
|
|
11.15%
|
|
|
|
19.42%
|
|
|
|
(0.14)%
|
|
JP Morgan EMBI Global Diversified Index
|
|
|
(0.66)%
|
|
|
|
7.53%
|
|
|
|
4.13%
|
|
Since inception returns are from 9/26/17. Past performance is not predictive of future results. Current performance may be higher or
lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions.
Comparative index return information is provided for the Funds shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV
and Share Price
14
This data relates to the securities held in the
Funds portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poors Group,
Moodys Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment
grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net
assets)
|
|
|
|
|
Emerging Markets Debt
|
|
|
74.1%
|
|
Corporate Bonds
|
|
|
51.1%
|
|
Common Stocks
|
|
|
0.7%
|
|
Convertible Bonds
|
|
|
0.4%
|
|
U.S. Government and Agency Obligations
|
|
|
0.3%
|
|
Other Assets Less Liabilities
|
|
|
1.6%
|
|
Net Assets Plus Reverse Repurchase Agreements
|
|
|
128.2%
|
|
Reverse Repurchase Agreements
|
|
|
(28.2)%
|
|
Net Assets
|
|
|
100%
|
|
Country Allocation1
(% of total investments)
|
|
|
|
|
South Africa
|
|
|
10.1%
|
|
Turkey
|
|
|
9.3%
|
|
Ukraine
|
|
|
8.2%
|
|
Rwanda
|
|
|
6.0%
|
|
Iraq
|
|
|
5.9%
|
|
Mexico
|
|
|
4.6%
|
|
Barbados
|
|
|
4.5%
|
|
Nigeria
|
|
|
4.5%
|
|
Costa Rica
|
|
|
4.4%
|
|
El Salvador
|
|
|
4.2%
|
|
China
|
|
|
3.7%
|
|
Ecuador
|
|
|
3.5%
|
|
Brazil
|
|
|
3.3%
|
|
Mongolia
|
|
|
3.3%
|
|
Zambia
|
|
|
3.2%
|
|
Egypt
|
|
|
3.1%
|
|
Other3
|
|
|
18.2%
|
|
Total
|
|
|
100%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Emerging Markets Debt
|
|
|
58.5%
|
|
Banks
|
|
|
8.5%
|
|
Oil, Gas & Consumable Fuels
|
|
|
7.5%
|
|
Road & Rail
|
|
|
5.1%
|
|
Food Products
|
|
|
3.1%
|
|
Other2
|
|
|
17.0%
|
|
U.S. Government and Agency Obligations
|
|
|
0.3%
|
|
Total
|
|
|
100%
|
|
Portfolio Credit Quality
(%
of total investments)
|
|
|
|
|
BBB
|
|
|
11.0%
|
|
BB or Lower
|
|
|
88.1%
|
|
N/R (not rated)
|
|
|
0.3%
|
|
N/A (not applicable)
|
|
|
0.6%
|
|
Total
|
|
|
100%
|
|
Top Five Issuers
(% of total investments)
|
|
|
|
|
Rwanda International Government Bond
|
|
|
6.0%
|
|
Iraq International Bond
|
|
|
5.9%
|
|
Ukraine Government International Bond
|
|
|
5.8%
|
|
Transnet SOC Ltd
|
|
|
5.1%
|
|
Petroleos Mexicanos
|
|
|
4.6%
|
|
1
|
Includes 97.5% (as a percentage of total investments) in emerging markets countries.
|
2
|
See Portfolio of Investments for details on other Portfolio Composition.
|
3
|
Other countries include thirteen countries that individually constitute less than 3.1% as a percentage of
total investments.
|
15
Shareholder Meeting Report
The annual meeting of shareholders was held on April 6, 2021 for JHB, JHAA and JEMD. The meeting
was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
|
|
Common
Shares
|
|
|
Common
Shares
|
|
|
Common
Shares
|
|
Approval of the Board Members was reached as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Jack B. Evans
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
26,546,982
|
|
|
|
4,055,417
|
|
|
|
7,948,279
|
|
Withhold
|
|
|
21,173,905
|
|
|
|
2,512,732
|
|
|
|
4,505,455
|
|
Total
|
|
|
47,720,887
|
|
|
|
6,568,149
|
|
|
|
12,453,734
|
|
Albin F. Moschner
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
26,578,591
|
|
|
|
4,055,417
|
|
|
|
7,946,262
|
|
Withhold
|
|
|
21,142,296
|
|
|
|
2,512,732
|
|
|
|
4,507,472
|
|
Total
|
|
|
47,720,887
|
|
|
|
6,568,149
|
|
|
|
12,453,734
|
|
Matthew Thornton III
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
46,623,989
|
|
|
|
6,550,427
|
|
|
|
12,417,905
|
|
Withhold
|
|
|
1,096,898
|
|
|
|
17,722
|
|
|
|
35,829
|
|
Total
|
|
|
47,720,887
|
|
|
|
6,568,149
|
|
|
|
12,453,734
|
|
16
|
|
|
JHB
|
|
Nuveen Corporate Income
November 2021 Target Term Fund
Portfolio of Investments June 30,
2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 86.6% (88.4% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 83.4% (85.1% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 0.3%
|
|
|
|
|
|
|
|
|
|
|
$
|
1,305
|
|
|
BAE Systems PLC, 144A
|
|
|
4.750%
|
|
|
|
10/11/21
|
|
|
|
BBB
|
|
|
$
|
1,320,032
|
|
|
|
|
|
|
|
Airlines 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
Continental Airlines 2007-1 Class B Pass Through Trust
|
|
|
6.903%
|
|
|
|
4/19/22
|
|
|
|
BBB+
|
|
|
|
7,822
|
|
|
8,000
|
|
|
Delta Air Lines Inc
|
|
|
3.625%
|
|
|
|
3/15/22
|
|
|
|
Baa3
|
|
|
|
8,112,603
|
|
|
6,700
|
|
|
Virgin Australia Holdings Pty Ltd, 144A
|
|
|
7.875%
|
|
|
|
10/15/21
|
|
|
|
N/R
|
|
|
|
611,375
|
|
|
14,708
|
|
|
Total Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,731,800
|
|
|
|
|
|
|
|
Auto Components 2.8%
|
|
|
|
|
|
|
|
|
|
|
|
14,500
|
|
|
ZF North America Capital Inc, 144A
|
|
|
4.500%
|
|
|
|
4/29/22
|
|
|
|
BB+
|
|
|
|
14,826,250
|
|
|
|
|
|
|
|
Automobiles 10.6%
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Daimler Finance North America LLC, 144A
|
|
|
2.000%
|
|
|
|
7/06/21
|
|
|
|
A3
|
|
|
|
2,000,400
|
|
|
8,223
|
|
|
Daimler Finance North America LLC, 144A
|
|
|
2.200%
|
|
|
|
10/30/21
|
|
|
|
A3
|
|
|
|
8,275,420
|
|
|
10,000
|
|
|
Ford Motor Credit Co LLC
|
|
|
3.813%
|
|
|
|
10/12/21
|
|
|
|
BB+
|
|
|
|
10,075,000
|
|
|
5,000
|
|
|
Ford Motor Credit Co LLC
|
|
|
5.596%
|
|
|
|
1/07/22
|
|
|
|
BB+
|
|
|
|
5,102,600
|
|
|
5,055
|
|
|
Ford Motor Credit Co LLC
|
|
|
3.339%
|
|
|
|
3/28/22
|
|
|
|
BB+
|
|
|
|
5,129,309
|
|
|
4,945
|
|
|
Ford Motor Credit Co LLC, (3-Month LIBOR reference rate + 1.270% spread), (3)
|
|
|
1.416%
|
|
|
|
3/28/22
|
|
|
|
BB+
|
|
|
|
4,933,055
|
|
|
10,500
|
|
|
General Motors Financial Co Inc
|
|
|
4.375%
|
|
|
|
9/25/21
|
|
|
|
BBB
|
|
|
|
10,597,561
|
|
|
9,780
|
|
|
Volkswagen Group of America Finance LLC, 144A
|
|
|
2.500%
|
|
|
|
9/24/21
|
|
|
|
A3
|
|
|
|
9,828,571
|
|
|
55,503
|
|
|
Total Automobiles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,941,916
|
|
|
|
|
|
|
|
Banks 5.3%
|
|
|
|
|
|
|
|
|
|
|
|
9,452
|
|
|
Barclays PLC
|
|
|
3.200%
|
|
|
|
8/10/21
|
|
|
|
A
|
|
|
|
9,481,280
|
|
|
10,000
|
|
|
Deutsche Bank AG/New York NY
|
|
|
4.250%
|
|
|
|
10/14/21
|
|
|
|
BBB
|
|
|
|
10,108,434
|
|
|
2,700
|
|
|
MUFG Bank Ltd, 144A
|
|
|
2.850%
|
|
|
|
9/08/21
|
|
|
|
A1
|
|
|
|
2,712,861
|
|
|
720
|
|
|
Santander UK Group Holdings PLC
|
|
|
2.875%
|
|
|
|
8/05/21
|
|
|
|
A
|
|
|
|
721,662
|
|
|
550
|
|
|
Ukreximbank Via Biz Finance PLC, 144A
|
|
|
9.625%
|
|
|
|
4/27/22
|
|
|
|
B
|
|
|
|
566,566
|
|
|
2,500
|
|
|
UniCredit SpA, 144A
|
|
|
6.572%
|
|
|
|
1/14/22
|
|
|
|
Baa2
|
|
|
|
2,577,155
|
|
|
1,844
|
|
|
UniCredit SpA, 144A
|
|
|
3.750%
|
|
|
|
4/12/22
|
|
|
|
Baa1
|
|
|
|
1,888,359
|
|
|
27,766
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,056,317
|
|
|
|
|
|
|
|
Biotechnology 2.3%
|
|
|
|
|
|
|
|
|
|
|
|
12,163
|
|
|
Gilead Sciences Inc
|
|
|
4.400%
|
|
|
|
12/01/21
|
|
|
|
A3
|
|
|
|
12,244,714
|
|
|
|
|
|
|
|
Capital Markets 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
20,050
|
|
|
Credit Suisse AG/New York NY
|
|
|
3.000%
|
|
|
|
10/29/21
|
|
|
|
Aa3
|
|
|
|
20,232,115
|
|
|
|
|
|
|
|
Consumer Finance 2.3%
|
|
|
|
|
|
|
|
|
|
|
|
4,585
|
|
|
Ally Financial Inc
|
|
|
4.125%
|
|
|
|
2/13/22
|
|
|
|
BBB
|
|
|
|
4,689,489
|
|
|
6,225
|
|
|
Navient Corp
|
|
|
7.250%
|
|
|
|
1/25/22
|
|
|
|
Ba3
|
|
|
|
6,456,570
|
|
|
995
|
|
|
SLM Corp
|
|
|
5.125%
|
|
|
|
4/05/22
|
|
|
|
BB+
|
|
|
|
1,013,656
|
|
|
11,805
|
|
|
Total Consumer Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,159,715
|
|
|
|
|
|
|
|
Containers & Packaging 3.0%
|
|
|
|
|
|
|
|
|
|
|
|
15,685
|
|
|
Ball Corp
|
|
|
5.000%
|
|
|
|
3/15/22
|
|
|
|
BB+
|
|
|
|
16,077,125
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 4.9%
|
|
|
|
|
|
|
|
|
|
|
|
9,768
|
|
|
Cogent Communications Group Inc, 144A
|
|
|
5.375%
|
|
|
|
3/01/22
|
|
|
|
BB
|
|
|
|
9,936,205
|
|
|
11,195
|
|
|
Lumen Technologies Inc
|
|
|
5.800%
|
|
|
|
3/15/22
|
|
|
|
BB
|
|
|
|
11,520,662
|
|
|
2,500
|
|
|
Qwest Corp
|
|
|
6.750%
|
|
|
|
12/01/21
|
|
|
|
BBB-
|
|
|
|
2,559,375
|
|
|
1,918
|
|
|
Telstra Corp Ltd, 144A
|
|
|
4.800%
|
|
|
|
10/12/21
|
|
|
|
A2
|
|
|
|
1,941,975
|
|
|
25,381
|
|
|
Total Diversified Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,958,217
|
|
17
|
|
|
|
|
JHB
|
|
Nuveen Corporate Income November 2021 Target Term Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
Electric Utilities 1.3%
|
|
|
|
|
|
|
|
|
|
|
$
|
4,951
|
|
|
Duke Energy Corp
|
|
|
1.800%
|
|
|
|
9/01/21
|
|
|
|
BBB
|
|
|
$
|
4,955,719
|
|
|
2,000
|
|
|
Instituto Costarricense de Electricidad, 144A
|
|
|
6.950%
|
|
|
|
11/10/21
|
|
|
|
B1
|
|
|
|
2,007,500
|
|
|
6,951
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,963,219
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
795
|
|
|
Mondelez International Holdings Netherlands BV, 144A
|
|
|
2.000%
|
|
|
|
10/28/21
|
|
|
|
A3
|
|
|
|
798,356
|
|
|
1,730
|
|
|
Smithfield Foods Inc, 144A
|
|
|
2.650%
|
|
|
|
10/03/21
|
|
|
|
BBB
|
|
|
|
1,738,422
|
|
|
1,010
|
|
|
Smithfield Foods Inc, 144A
|
|
|
3.350%
|
|
|
|
2/01/22
|
|
|
|
BBB
|
|
|
|
1,024,197
|
|
|
3,535
|
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,560,975
|
|
|
|
|
|
|
|
Food Products 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
8,989
|
|
|
J M Smucker Co/The
|
|
|
3.500%
|
|
|
|
10/15/21
|
|
|
|
BBB
|
|
|
|
9,076,680
|
|
|
|
|
|
|
|
Health Care Providers & Services 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
310
|
|
|
Fresenius Medical Care US Finance II Inc, 144A
|
|
|
5.875%
|
|
|
|
1/31/22
|
|
|
|
BBB
|
|
|
|
319,459
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 3.2%
|
|
|
|
|
|
|
|
|
|
|
|
1,820
|
|
|
Marriott International Inc/MD
|
|
|
3.125%
|
|
|
|
10/15/21
|
|
|
|
BBB
|
|
|
|
1,821,843
|
|
|
7,000
|
|
|
MGM Resorts International
|
|
|
7.750%
|
|
|
|
3/15/22
|
|
|
|
BB
|
|
|
|
7,316,400
|
|
|
7,900
|
|
|
Yum! Brands Inc
|
|
|
3.750%
|
|
|
|
11/01/21
|
|
|
|
BB
|
|
|
|
7,909,875
|
|
|
16,720
|
|
|
Total Hotels, Restaurants & Leisure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,048,118
|
|
|
|
|
|
|
|
Household Durables 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
15,022
|
|
|
Lennar Corp
|
|
|
4.125%
|
|
|
|
1/15/22
|
|
|
|
BBB
|
|
|
|
15,172,220
|
|
|
5,500
|
|
|
Toll Brothers Finance Corp
|
|
|
5.875%
|
|
|
|
2/15/22
|
|
|
|
BBB
|
|
|
|
5,610,605
|
|
|
20,522
|
|
|
Total Household Durables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,782,825
|
|
|
|
|
|
|
|
Internet & Direct Marketing Retail 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
6,655
|
|
|
Netflix Inc
|
|
|
5.500%
|
|
|
|
2/15/22
|
|
|
|
BB+
|
|
|
|
6,821,375
|
|
|
|
|
|
|
|
Machinery 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
4,185
|
|
|
CNH Industrial Capital LLC
|
|
|
3.875%
|
|
|
|
10/15/21
|
|
|
|
BBB
|
|
|
|
4,224,131
|
|
|
|
|
|
|
|
Media 3.5%
|
|
|
|
|
|
|
|
|
|
|
|
18,270
|
|
|
CSC Holdings LLC
|
|
|
6.750%
|
|
|
|
11/15/21
|
|
|
|
B+
|
|
|
|
18,629,919
|
|
|
|
|
|
|
|
Metals & Mining 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
5,534
|
|
|
Freeport-McMoRan Inc
|
|
|
3.550%
|
|
|
|
3/01/22
|
|
|
|
BB+
|
|
|
|
5,582,422
|
|
|
1,500
|
|
|
Glencore Finance Canada Ltd, 144A
|
|
|
4.950%
|
|
|
|
11/15/21
|
|
|
|
BBB+
|
|
|
|
1,524,546
|
|
|
1,699
|
|
|
Petra Diamonds US Treasury PLC, 144A, (cash 10.500%, PIK 10.500%)
|
|
|
10.500%
|
|
|
|
3/08/26
|
|
|
|
B
|
|
|
|
1,660,773
|
|
|
5,324
|
|
|
Teck Resources Ltd
|
|
|
4.750%
|
|
|
|
1/15/22
|
|
|
|
BBB
|
|
|
|
5,384,138
|
|
|
14,057
|
|
|
Total Metals & Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,151,879
|
|
|
|
|
|
|
|
Mortgage Real Estate Investment Trust 2.4%
|
|
|
|
|
|
|
|
|
|
|
|
12,500
|
|
|
Starwood Property Trust Inc
|
|
|
5.000%
|
|
|
|
12/15/21
|
|
|
|
BB+
|
|
|
|
12,562,500
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 6.2%
|
|
|
|
|
|
|
|
|
|
|
|
4,933
|
|
|
Calumet Specialty Products Partners LP / Calumet Finance Corp
|
|
|
7.625%
|
|
|
|
1/15/22
|
|
|
|
B
|
|
|
|
4,920,668
|
|
|
3,000
|
|
|
Occidental Petroleum Corp
|
|
|
2.600%
|
|
|
|
8/13/21
|
|
|
|
Ba2
|
|
|
|
3,000,000
|
|
|
10,000
|
|
|
Occidental Petroleum Corp
|
|
|
3.125%
|
|
|
|
2/15/22
|
|
|
|
Ba2
|
|
|
|
10,050,000
|
|
|
3,000
|
|
|
Petroleos Mexicanos
|
|
|
4.875%
|
|
|
|
1/24/22
|
|
|
|
BBB
|
|
|
|
3,055,500
|
|
|
4,000
|
|
|
Petroleos Mexicanos
|
|
|
5.375%
|
|
|
|
3/13/22
|
|
|
|
BBB
|
|
|
|
4,097,980
|
|
|
3,524
|
|
|
Sabine Pass Liquefaction LLC
|
|
|
6.250%
|
|
|
|
3/15/22
|
|
|
|
BBB
|
|
|
|
3,614,717
|
|
|
4,000
|
|
|
Southwestern Energy Co
|
|
|
4.100%
|
|
|
|
3/15/22
|
|
|
|
BB
|
|
|
|
4,030,000
|
|
|
32,457
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,768,865
|
|
|
|
|
|
|
|
Pharmaceuticals 3.7%
|
|
|
|
|
|
|
|
|
|
|
|
3,920
|
|
|
Bayer US Finance LLC, 144A
|
|
|
3.000%
|
|
|
|
10/08/21
|
|
|
|
BBB+
|
|
|
|
3,947,916
|
|
|
5,825
|
|
|
Elanco Animal Health Inc
|
|
|
4.912%
|
|
|
|
8/27/21
|
|
|
|
Ba2
|
|
|
|
5,847,572
|
|
|
3,750
|
|
|
Teva Pharmaceutical Finance Co BV
|
|
|
3.650%
|
|
|
|
11/10/21
|
|
|
|
Ba2
|
|
|
|
3,759,375
|
|
|
6,199
|
|
|
Teva Pharmaceutical Finance IV BV
|
|
|
3.650%
|
|
|
|
11/10/21
|
|
|
|
Ba2
|
|
|
|
6,245,802
|
|
|
19,694
|
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,800,665
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
Real Estate Management & Development 0.5%
|
|
|
|
|
|
|
|
|
|
|
$
|
2,900
|
|
|
China Evergrande Group
|
|
|
8.250%
|
|
|
|
3/23/22
|
|
|
|
B3
|
|
|
$
|
2,473,632
|
|
|
|
|
|
|
|
Software 2.3%
|
|
|
|
|
|
|
|
|
|
|
|
12,274
|
|
|
Oracle Corp
|
|
|
1.900%
|
|
|
|
9/15/21
|
|
|
|
BBB+
|
|
|
|
12,298,166
|
|
|
|
|
|
|
|
Specialty Retail 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
7,000
|
|
|
Foot Locker Inc
|
|
|
8.500%
|
|
|
|
1/15/22
|
|
|
|
BB+
|
|
|
|
7,280,000
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
3,280
|
|
|
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance
Corp, 144A
|
|
|
5.250%
|
|
|
|
3/15/22
|
|
|
|
BB+
|
|
|
|
3,296,400
|
|
|
|
|
|
|
|
Trading Companies & Distributors 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
|
|
|
3.950%
|
|
|
|
2/01/22
|
|
|
|
BBB
|
|
|
|
2,033,784
|
|
|
7,000
|
|
|
Aircastle Ltd
|
|
|
5.500%
|
|
|
|
2/15/22
|
|
|
|
BBB
|
|
|
|
7,207,342
|
|
|
9,000
|
|
|
Total Trading Companies & Distributors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,241,126
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 8.3%
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
MTN Mauritius Investments Ltd, 144A
|
|
|
5.373%
|
|
|
|
2/13/22
|
|
|
|
Ba2
|
|
|
|
3,063,900
|
|
|
1,475
|
|
|
Sprint Communications Inc
|
|
|
9.250%
|
|
|
|
4/15/22
|
|
|
|
N/R
|
|
|
|
1,567,188
|
|
|
20,375
|
|
|
Sprint Corp
|
|
|
7.250%
|
|
|
|
9/15/21
|
|
|
|
BB+
|
|
|
|
20,676,142
|
|
|
18,429
|
|
|
T-Mobile USA Inc
|
|
|
4.000%
|
|
|
|
4/15/22
|
|
|
|
BB+
|
|
|
|
18,758,418
|
|
|
|
|
|
|
|
|
43,279
|
|
|
Total Wireless Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,065,648
|
|
$
|
441,444
|
|
|
Total Corporate Bonds (cost $444,814,168)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
440,913,783
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
SOVEREIGN DEBT 2.0% (2.1% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35
|
|
|
Argentine Republic Government International Bond
|
|
|
1.000%
|
|
|
|
7/09/29
|
|
|
|
CCC+
|
|
|
$
|
13,395
|
|
|
582
|
|
|
Argentine Republic Government International Bond
|
|
|
0.125%
|
|
|
|
7/09/30
|
|
|
|
CCC+
|
|
|
|
208,478
|
|
|
617
|
|
|
Total Argentina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
221,873
|
|
|
|
|
|
|
|
Egypt 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
6,750
|
|
|
Egypt Government International Bond, 144A
|
|
|
6.125%
|
|
|
|
1/31/22
|
|
|
|
B+
|
|
|
|
6,895,125
|
|
|
|
|
|
|
|
|
|
|
Turkey 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,625
|
|
|
Turkey Government International Bond
|
|
|
5.125%
|
|
|
|
3/25/22
|
|
|
|
BB
|
|
|
|
3,697,500
|
|
$
|
10,992
|
|
|
Total Sovereign Debt (cost $10,773,775)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,814,498
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE BONDS 1.0% (1.0% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interactive Media & Services 1.0%
|
|
|
|
|
|
|
|
|
|
|
$
|
5,000
|
|
|
Twitter Inc
|
|
|
1.000%
|
|
|
|
9/15/21
|
|
|
|
N/R
|
|
|
$
|
5,093,750
|
|
$
|
5,000
|
|
|
Total Convertible Bonds (cost $4,983,370)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,093,750
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 0.2% (0.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
45,174,957
|
|
|
Petra Diamonds, (4), (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
918,610
|
|
|
|
|
|
Total Common Stocks (cost $849,289)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
918,610
|
|
|
|
|
|
Total Long-Term Investments (cost $461,420,602)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
457,740,641
|
|
19
|
|
|
|
|
JHB
|
|
Nuveen Corporate Income November 2021 Target Term Fund
(continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 11.3% (11.6% of Total Investments)
|
|
|
|
|
|
|
CORPORATE BONDS 11.3% (11.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,000
|
|
|
AT&T Inc144A
|
|
|
0.000%
|
|
|
|
10/19/21
|
|
|
|
A-2
|
|
|
$
|
9,994,500
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 9.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Atlantic Asset Securitization LLC, 144A
|
|
|
0.000%
|
|
|
|
9/27/21
|
|
|
|
A-1
|
|
|
|
9,998,044
|
|
|
10,000
|
|
|
Chariot Funding LLC, 144A
|
|
|
0.000%
|
|
|
|
10/26/21
|
|
|
|
A-1
|
|
|
|
9,996,425
|
|
|
10,000
|
|
|
Concord Minutemen Capital Co LLC, 144A
|
|
|
0.000%
|
|
|
|
8/25/21
|
|
|
|
A-1
|
|
|
|
9,998,167
|
|
|
10,000
|
|
|
Halkin Finance LLC, 144A
|
|
|
0.000%
|
|
|
|
10/26/21
|
|
|
|
A-1
|
|
|
|
9,996,100
|
|
|
10,000
|
|
|
Mountcliff Funding LLC, 144A
|
|
|
0.000%
|
|
|
|
10/26/21
|
|
|
|
A-1
|
|
|
|
9,995,450
|
|
$
|
50,000
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,984,186
|
|
|
|
|
|
Total Short-Term Investments (cost $59,978,686)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,978,686
|
|
|
|
|
|
Total Investments (cost $521,399,288)
97.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
517,719,327
|
|
|
|
|
|
Other Assets Less Liabilities 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,901,866
|
|
|
|
|
|
Net Assets Applicable to Common Shares
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
528,621,193
|
|
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 applicable to common shares unless otherwise
noted.
|
(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)
|
Variable rate security. The rate shown is the coupon as of the end of the reporting period.
|
(4)
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
|
(5)
|
For fair value measurement disclosure purposes, investment classified as Level 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.
|
LIBOR
|
London Inter-Bank Offered Rate
|
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.
|
See accompanying notes to financial statements.
20
|
|
|
JHAA
|
|
Nuveen Corporate Income 2023
Target Term Fund
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 114.1% (87.3% of Total Investments)
|
|
|
|
|
|
|
|
CORPORATE BONDS 77.5% (59.3% of Total Investments)
|
|
|
|
|
|
|
Air Freight & Logistics 1.5%
|
|
|
|
|
|
|
|
$
|
1,200
|
|
|
XPO Logistics Inc, 144A
|
|
|
6.125%
|
|
|
|
9/01/23
|
|
|
|
BB
|
|
|
$
|
1,209,000
|
|
|
|
|
|
|
|
|
|
|
Airlines 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
United Airlines Holdings Inc
|
|
|
5.000%
|
|
|
|
2/01/24
|
|
|
|
Ba3
|
|
|
|
1,037,500
|
|
|
|
|
|
|
|
|
|
|
Auto Components 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
975
|
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp
|
|
|
6.750%
|
|
|
|
2/01/24
|
|
|
|
BB
|
|
|
|
995,894
|
|
|
250
|
|
|
ZF North America Capital Inc, 144A
|
|
|
4.500%
|
|
|
|
4/29/22
|
|
|
|
BB+
|
|
|
|
255,625
|
|
|
1,225
|
|
|
Total Auto Components
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,251,519
|
|
|
|
|
|
|
|
|
|
|
Automobiles 3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Ford Motor Credit Co LLC
|
|
|
3.370%
|
|
|
|
11/17/23
|
|
|
|
BB+
|
|
|
|
2,073,364
|
|
|
800
|
|
|
Ford Motor Credit Co LLC
|
|
|
5.584%
|
|
|
|
3/18/24
|
|
|
|
BB+
|
|
|
|
876,160
|
|
|
2,800
|
|
|
Total Automobiles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,949,524
|
|
|
|
|
|
|
|
|
|
|
Chemicals 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,025
|
|
|
NOVA Chemicals Corp, 144A
|
|
|
4.875%
|
|
|
|
6/01/24
|
|
|
|
BB-
|
|
|
|
2,136,910
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,475
|
|
|
ADT Security Corp/The
|
|
|
4.125%
|
|
|
|
6/15/23
|
|
|
|
BB
|
|
|
|
1,552,437
|
|
|
750
|
|
|
Prime Security Services Borrower LLC / Prime Finance
Inc, 144A
|
|
|
5.250%
|
|
|
|
4/15/24
|
|
|
|
BB
|
|
|
|
803,648
|
|
|
2,225
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,356,085
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
CommScope Inc, 144A
|
|
|
5.500%
|
|
|
|
3/01/24
|
|
|
|
Ba3
|
|
|
|
1,543,125
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Navient Corp
|
|
|
5.500%
|
|
|
|
1/25/23
|
|
|
|
Ba3
|
|
|
|
527,350
|
|
|
1,300
|
|
|
Navient Corp
|
|
|
7.250%
|
|
|
|
9/25/23
|
|
|
|
Ba3
|
|
|
|
1,434,875
|
|
|
500
|
|
|
Navient Corp
|
|
|
6.125%
|
|
|
|
3/25/24
|
|
|
|
Ba3
|
|
|
|
539,630
|
|
|
1,300
|
|
|
OneMain Finance Corp
|
|
|
8.250%
|
|
|
|
10/01/23
|
|
|
|
BB
|
|
|
|
1,462,500
|
|
|
3,600
|
|
|
Total Consumer Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,964,355
|
|
|
|
|
|
|
|
|
|
|
Containers & Packaging 2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
OI European Group BV, 144A
|
|
|
4.000%
|
|
|
|
3/15/23
|
|
|
|
B+
|
|
|
|
1,030,350
|
|
|
850
|
|
|
Sealed Air Corp, 144A
|
|
|
5.250%
|
|
|
|
4/01/23
|
|
|
|
BB+
|
|
|
|
898,352
|
|
|
1,850
|
|
|
Total Containers & Packaging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,928,702
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300
|
|
|
Park Aerospace Holdings Ltd, 144A
|
|
|
4.500%
|
|
|
|
3/15/23
|
|
|
|
BBB
|
|
|
|
315,353
|
|
|
350
|
|
|
Park Aerospace Holdings Ltd, 144A
|
|
|
5.500%
|
|
|
|
2/15/24
|
|
|
|
BBB
|
|
|
|
384,756
|
|
|
650
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
700,109
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Lumen Technologies Inc
|
|
|
6.750%
|
|
|
|
12/01/23
|
|
|
|
BB
|
|
|
|
1,663,470
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Pacific Gas and Electric Co
|
|
|
1.750%
|
|
|
|
6/16/22
|
|
|
|
BBB
|
|
|
|
1,499,173
|
|
|
1,100
|
|
|
TerraForm Power Operating LLC, 144A
|
|
|
4.250%
|
|
|
|
1/31/23
|
|
|
|
BB
|
|
|
|
1,128,875
|
|
|
2,600
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,628,048
|
|
21
|
|
|
|
|
JHAA
|
|
Nuveen Corporate Income 2023 Target Term Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
750
|
|
|
GLP Capital LP / GLP Financing II Inc
|
|
|
5.375%
|
|
|
|
11/01/23
|
|
|
|
BBB
|
|
|
$
|
814,980
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC, 144A
|
|
|
3.500%
|
|
|
|
2/15/23
|
|
|
|
BB
|
|
|
|
256,628
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
|
AmeriGas Partners LP / AmeriGas Finance Corp
|
|
|
5.625%
|
|
|
|
5/20/24
|
|
|
|
BB
|
|
|
|
983,250
|
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
118
|
|
|
Encompass Health Corp
|
|
|
5.125%
|
|
|
|
3/15/23
|
|
|
|
B+
|
|
|
|
118,295
|
|
|
500
|
|
|
HCA Inc
|
|
|
5.875%
|
|
|
|
5/01/23
|
|
|
|
Baa3
|
|
|
|
543,350
|
|
|
500
|
|
|
Molina Healthcare Inc
|
|
|
5.375%
|
|
|
|
11/15/22
|
|
|
|
BB
|
|
|
|
523,125
|
|
|
850
|
|
|
Tenet Healthcare Corp
|
|
|
6.750%
|
|
|
|
6/15/23
|
|
|
|
B
|
|
|
|
927,563
|
|
|
1,968
|
|
|
Total Health Care Providers & Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,112,333
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
MGM Resorts International
|
|
|
6.000%
|
|
|
|
3/15/23
|
|
|
|
BB
|
|
|
|
1,069,700
|
|
|
600
|
|
|
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp,
144A
|
|
|
4.250%
|
|
|
|
5/30/23
|
|
|
|
BB
|
|
|
|
622,500
|
|
|
1,600
|
|
|
Total Hotels, Restaurants & Leisure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,692,200
|
|
|
|
|
|
|
|
|
|
|
Household Durables 2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
KB Home
|
|
|
7.625%
|
|
|
|
5/15/23
|
|
|
|
BB
|
|
|
|
1,358,962
|
|
|
785
|
|
|
Taylor Morrison Communities Inc / Taylor Morrison
Holdings II Inc, 144A
|
|
|
5.625%
|
|
|
|
3/01/24
|
|
|
|
BB
|
|
|
|
850,736
|
|
|
2,035
|
|
|
Total Household Durables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,209,698
|
|
|
|
|
|
|
|
|
|
|
Media 5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
340
|
|
|
AMC Networks Inc
|
|
|
5.000%
|
|
|
|
4/01/24
|
|
|
|
BB
|
|
|
|
344,325
|
|
|
375
|
|
|
CCO Holdings LLC / CCO Holdings Capital Corp, 144A
|
|
|
4.000%
|
|
|
|
3/01/23
|
|
|
|
BB+
|
|
|
|
378,281
|
|
|
2,350
|
|
|
CSC Holdings LLC
|
|
|
5.250%
|
|
|
|
6/01/24
|
|
|
|
B+
|
|
|
|
2,546,703
|
|
|
750
|
|
|
DISH DBS Corp
|
|
|
5.000%
|
|
|
|
3/15/23
|
|
|
|
B2
|
|
|
|
784,973
|
|
|
3,815
|
|
|
Total Media
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,054,282
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
850
|
|
|
Commercial Metals Co
|
|
|
4.875%
|
|
|
|
5/15/23
|
|
|
|
BB+
|
|
|
|
896,155
|
|
|
1,250
|
|
|
First Quantum Minerals Ltd, 144A
|
|
|
6.500%
|
|
|
|
3/01/24
|
|
|
|
B
|
|
|
|
1,275,000
|
|
|
1,125
|
|
|
FMG Resources August 2006 Pty Ltd, 144A
|
|
|
5.125%
|
|
|
|
5/15/24
|
|
|
|
BB+
|
|
|
|
1,224,844
|
|
|
500
|
|
|
Freeport-McMoRan Inc
|
|
|
3.875%
|
|
|
|
3/15/23
|
|
|
|
BB+
|
|
|
|
521,330
|
|
|
3,725
|
|
|
Total Metals & Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,917,329
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 18.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300
|
|
|
Buckeye Partners LP
|
|
|
4.150%
|
|
|
|
7/01/23
|
|
|
|
BB
|
|
|
|
310,125
|
|
|
533
|
|
|
Calumet Specialty Products Partners LP / Calumet Finance Corp
|
|
|
7.625%
|
|
|
|
1/15/22
|
|
|
|
B
|
|
|
|
531,667
|
|
|
500
|
|
|
Calumet Specialty Products Partners LP / Calumet Finance Corp
|
|
|
7.750%
|
|
|
|
4/15/23
|
|
|
|
B
|
|
|
|
497,500
|
|
|
750
|
|
|
Cenovus Energy Inc
|
|
|
3.000%
|
|
|
|
8/15/22
|
|
|
|
BBB
|
|
|
|
765,258
|
|
|
225
|
|
|
Continental Resources Inc/OK
|
|
|
4.500%
|
|
|
|
4/15/23
|
|
|
|
BBB
|
|
|
|
234,131
|
|
|
500
|
|
|
Continental Resources Inc/OK
|
|
|
3.800%
|
|
|
|
6/01/24
|
|
|
|
BBB
|
|
|
|
528,750
|
|
|
794
|
|
|
Energean Israel Finance Ltd , Reg S, 144A
|
|
|
4.500%
|
|
|
|
3/30/24
|
|
|
|
BB
|
|
|
|
810,827
|
|
|
250
|
|
|
Energy Transfer LP
|
|
|
5.875%
|
|
|
|
1/15/24
|
|
|
|
BBB
|
|
|
|
277,026
|
|
|
500
|
|
|
EnLink Midstream Partners LP
|
|
|
4.400%
|
|
|
|
4/01/24
|
|
|
|
BB+
|
|
|
|
525,000
|
|
|
500
|
|
|
EQM Midstream Partners LP
|
|
|
4.750%
|
|
|
|
7/15/23
|
|
|
|
BB
|
|
|
|
521,875
|
|
|
1,500
|
|
|
Leviathan Bond Ltd, 144A
|
|
|
5.750%
|
|
|
|
6/30/23
|
|
|
|
BB
|
|
|
|
1,567,898
|
|
|
1,000
|
|
|
NAK Naftogaz Ukraine via Kondor Finance PLC
|
|
|
7.375%
|
|
|
|
7/19/22
|
|
|
|
B
|
|
|
|
1,028,773
|
|
|
1,750
|
|
|
Occidental Petroleum Corp
|
|
|
2.700%
|
|
|
|
2/15/23
|
|
|
|
Ba2
|
|
|
|
1,788,850
|
|
|
1,000
|
|
|
Petroleos Mexicanos
|
|
|
4.875%
|
|
|
|
1/18/24
|
|
|
|
BBB
|
|
|
|
1,049,500
|
|
|
1,000
|
|
|
Range Resources Corp
|
|
|
5.000%
|
|
|
|
3/15/23
|
|
|
|
B+
|
|
|
|
1,035,000
|
|
|
300
|
|
|
Sasol Financing International Ltd
|
|
|
4.500%
|
|
|
|
11/14/22
|
|
|
|
BB
|
|
|
|
307,350
|
|
|
1,000
|
|
|
SM Energy Co
|
|
|
5.000%
|
|
|
|
1/15/24
|
|
|
|
B
|
|
|
|
998,750
|
|
|
1,000
|
|
|
Southwestern Energy Co
|
|
|
4.100%
|
|
|
|
3/15/22
|
|
|
|
BB
|
|
|
|
1,007,500
|
|
|
270
|
|
|
Western Midstream Operating LP
|
|
|
4.000%
|
|
|
|
7/01/22
|
|
|
|
BB
|
|
|
|
274,387
|
|
|
750
|
|
|
Western Midstream Operating LP, (3-Month LIBOR
reference rate + 2.100% spread), (3)
|
|
|
2.288%
|
|
|
|
1/13/23
|
|
|
|
BB
|
|
|
|
746,257
|
|
|
14,422
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,806,424
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,300
|
|
|
Teva Pharmaceutical Finance Netherlands III
BV
|
|
|
|
6.000%
|
|
|
|
4/15/24
|
|
|
|
Ba2
|
|
|
$
|
1,378,000
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600
|
|
|
Realogy Group LLC / Realogy Co-Issuer Corp,
144A
|
|
|
|
4.875%
|
|
|
|
6/01/23
|
|
|
|
B
|
|
|
|
624,000
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
L Brands Inc
|
|
|
|
5.625%
|
|
|
|
10/15/23
|
|
|
|
BB
|
|
|
|
1,098,750
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware, Storage & Peripherals 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Diebold Nixdorf Inc
|
|
|
|
8.500%
|
|
|
|
4/15/24
|
|
|
|
CCC
|
|
|
|
511,875
|
|
|
375
|
|
|
EMC Corp
|
|
|
|
3.375%
|
|
|
|
6/01/23
|
|
|
|
BB
|
|
|
|
389,516
|
|
|
875
|
|
|
Total Technology Hardware, Storage &
Peripherals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
901,391
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750
|
|
|
Hanesbrands Inc, 144A
|
|
|
|
4.625%
|
|
|
|
5/15/24
|
|
|
|
BB
|
|
|
|
795,000
|
|
|
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Ladder Capital Finance Holdings LLLP / Ladder Capital
Finance Corp, 144A
|
|
|
|
5.250%
|
|
|
|
3/15/22
|
|
|
|
BB+
|
|
|
|
1,005,000
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400
|
|
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
|
|
|
|
4.500%
|
|
|
|
9/15/23
|
|
|
|
BBB
|
|
|
|
428,910
|
|
|
400
|
|
|
Aircastle Ltd
|
|
|
|
4.400%
|
|
|
|
9/25/23
|
|
|
|
BBB
|
|
|
|
428,193
|
|
|
800
|
|
|
Total Trading Companies & Distributors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
857,103
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
525
|
|
|
Sprint Corp
|
|
|
|
7.875%
|
|
|
|
9/15/23
|
|
|
|
BB+
|
|
|
|
596,440
|
|
$
|
58,490
|
|
|
Total Corporate Bonds (cost $58,508,631)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,471,155
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon (4)
|
|
|
Reference
Rate (4)
|
|
|
Spread (4)
|
|
|
Maturity (5)
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
VARIABLE RATE SENIOR LOAN INTERESTS 33.7% (25.8% of Total Investments)
(4)
|
|
|
|
|
|
|
|
|
|
|
Beverages 0.8%
|
|
|
|
|
|
|
|
|
|
$
|
620
|
|
|
Arctic Glacier U.S.A., Inc., Term Loan B
|
|
|
4.500%
|
|
|
|
3-Month LIBOR
|
|
|
|
3.500%
|
|
|
|
3/20/24
|
|
|
|
CCC+
|
|
|
$
|
596,197
|
|
|
|
|
|
|
Capital Markets 0.6%
|
|
|
|
|
|
|
|
|
|
|
478
|
|
|
Lions Gate Capital Holdings LLC, Term Loan A
|
|
|
1.854%
|
|
|
|
1-Month LIBOR
|
|
|
|
1.750%
|
|
|
|
3/22/23
|
|
|
|
Ba2
|
|
|
|
474,410
|
|
|
|
|
|
|
Chemicals 4.1%
|
|
|
|
|
|
|
|
|
|
|
747
|
|
|
Axalta Coating Systems US Holdings Inc., Term Loan B3
|
|
|
1.897%
|
|
|
|
3-Month LIBOR
|
|
|
|
1.750%
|
|
|
|
6/01/24
|
|
|
|
BBB
|
|
|
|
743,051
|
|
|
995
|
|
|
Ineos US Finance LLC, Term Loan B
|
|
|
2.104%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.000%
|
|
|
|
3/31/24
|
|
|
|
BBB
|
|
|
|
984,945
|
|
|
1,500
|
|
|
Minerals Technologies Inc., Term Loan B
|
|
|
3.000%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.250%
|
|
|
|
2/14/24
|
|
|
|
BB+
|
|
|
|
1,505,625
|
|
|
3,242
|
|
|
Total Chemicals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,233,621
|
|
|
|
|
|
|
Commercial Services & Supplies 0.2%
|
|
|
|
|
|
|
|
|
|
|
177
|
|
|
RR Donnelley & Sons Co., Term Loan B
|
|
|
5.104%
|
|
|
|
1-Month LIBOR
|
|
|
|
5.000%
|
|
|
|
1/15/24
|
|
|
|
B+
|
|
|
|
177,627
|
|
|
|
|
|
|
Communications Equipment 2.3%
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
MPH Acquisition Holdings LLC, Term Loan B, (DD1)
|
|
|
3.750%
|
|
|
|
3-Month LIBOR
|
|
|
|
2.750%
|
|
|
|
6/07/23
|
|
|
|
Ba3
|
|
|
|
998,355
|
|
|
844
|
|
|
Univision Communications Inc., Term Loan C5
|
|
|
2.854%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.750%
|
|
|
|
3/15/24
|
|
|
|
B
|
|
|
|
844,616
|
|
|
1,844
|
|
|
Total Communications Equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,842,971
|
|
23
|
|
|
|
|
JHAA
|
|
Nuveen Corporate Income 2023 Target Term Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon (4)
|
|
|
Reference
Rate (4)
|
|
|
Spread (4)
|
|
|
Maturity (5)
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
Food & Staples Retailing 0.6%
|
|
|
|
|
|
|
|
|
|
$
|
450
|
|
|
US Foods, Inc., Term Loan B
|
|
|
1.854%
|
|
|
|
1-Month LIBOR
|
|
|
|
1.750%
|
|
|
|
6/27/23
|
|
|
|
BB
|
|
|
$
|
446,068
|
|
|
|
|
|
|
Health Care Equipment & Supplies 1.7%
|
|
|
|
|
|
|
|
|
|
|
1,311
|
|
|
Greatbatch Ltd., Term Loan B
|
|
|
3.500%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.500%
|
|
|
|
10/27/22
|
|
|
|
B+
|
|
|
|
1,314,148
|
|
|
|
|
|
|
Health Care Providers & Services 3.3%
|
|
|
|
|
|
|
|
|
|
|
498
|
|
|
Air Methods, Term Loan B
|
|
|
4.500%
|
|
|
|
3-Month LIBOR
|
|
|
|
3.500%
|
|
|
|
4/21/24
|
|
|
|
B
|
|
|
|
491,914
|
|
|
467
|
|
|
ATI Holdings Acquisition, Inc., Term Loan
|
|
|
4.500%
|
|
|
|
6-Month LIBOR
|
|
|
|
3.500%
|
|
|
|
5/10/23
|
|
|
|
B2
|
|
|
|
467,711
|
|
|
741
|
|
|
ExamWorks Group, Inc., Term Loan, (DD1)
|
|
|
4.250%
|
|
|
|
1-Month LIBOR
|
|
|
|
3.250%
|
|
|
|
7/27/23
|
|
|
|
B1
|
|
|
|
742,566
|
|
|
975
|
|
|
Team Health, Inc., Initial Term Loan
|
|
|
3.750%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.750%
|
|
|
|
2/06/24
|
|
|
|
B
|
|
|
|
949,377
|
|
|
2,681
|
|
|
Total Health Care Providers & Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,651,568
|
|
|
|
|
|
|
Health Care Technology 1.5%
|
|
|
|
|
|
|
|
|
|
|
656
|
|
|
Change Healthcare Holdings LLC, Term Loan B
|
|
|
3.500%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.500%
|
|
|
|
3/01/24
|
|
|
|
B+
|
|
|
|
656,340
|
|
|
500
|
|
|
IQVIA Inc., Term Loan B1
|
|
|
1.854%
|
|
|
|
1-Month LIBOR
|
|
|
|
1.750%
|
|
|
|
3/07/24
|
|
|
|
BBB
|
|
|
|
497,875
|
|
|
1,156
|
|
|
Total Health Care Technology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,154,215
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 4.6%
|
|
|
|
|
|
|
|
|
|
|
1,957
|
|
|
Boyd Gaming Corporation, Term Loan B3, (DD1)
|
|
|
2.338%
|
|
|
|
1-Week LIBOR
|
|
|
|
2.250%
|
|
|
|
9/15/23
|
|
|
|
BB
|
|
|
|
1,957,437
|
|
|
250
|
|
|
Cedar Fair LP, Term Loan B
|
|
|
1.854%
|
|
|
|
1-Month LIBOR
|
|
|
|
1.750%
|
|
|
|
4/13/24
|
|
|
|
Ba2
|
|
|
|
246,563
|
|
|
94
|
|
|
CDS U.S. Intermediate Holdings, Inc., Term Loan, First Lien
|
|
|
7.000%
|
|
|
|
3-Month LIBOR
|
|
|
|
6.000%
|
|
|
|
11/24/25
|
|
|
|
B
|
|
|
|
94,501
|
|
|
87
|
|
|
CDS U.S. Intermediate Holdings, Inc., Term Loan, Second Lien
|
|
|
2.000%
|
|
|
|
3-Month LIBOR
|
|
|
|
1.000%
|
|
|
|
11/24/27
|
|
|
|
CCC
|
|
|
|
86,705
|
|
|
295
|
|
|
CityCenter Holdings, LLC, Term Loan B
|
|
|
3.000%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.250%
|
|
|
|
4/18/24
|
|
|
|
B+
|
|
|
|
292,624
|
|
|
497
|
|
|
Golden Nugget Inc., Initial Term Loan B
|
|
|
3.250%
|
|
|
|
2-Month LIBOR
|
|
|
|
2.500%
|
|
|
|
10/04/23
|
|
|
|
B
|
|
|
|
494,119
|
|
|
489
|
|
|
Travel Leaders Group, LLC, Term Loan B
|
|
|
4.104%
|
|
|
|
1-Month LIBOR
|
|
|
|
4.000%
|
|
|
|
1/25/24
|
|
|
|
CCC
|
|
|
|
471,772
|
|
|
3,669
|
|
|
Total Hotels, Restaurants & Leisure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,643,721
|
|
|
|
|
|
|
Household Products 0.2%
|
|
|
|
|
|
|
|
|
|
|
188
|
|
|
Reynolds Group Holdings Inc., Term Loan
|
|
|
2.854%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.750%
|
|
|
|
2/05/23
|
|
|
|
B+
|
|
|
|
188,132
|
|
|
|
|
|
|
Insurance 1.1%
|
|
|
|
|
|
|
|
|
|
|
266
|
|
|
Asurion LLC, Term Loan B6
|
|
|
3.104%
|
|
|
|
1-Month LIBOR
|
|
|
|
3.000%
|
|
|
|
11/03/23
|
|
|
|
Ba3
|
|
|
|
265,221
|
|
|
634
|
|
|
USI Inc., Initial Term Loan
|
|
|
3.147%
|
|
|
|
3-Month LIBOR
|
|
|
|
3.000%
|
|
|
|
5/16/24
|
|
|
|
B
|
|
|
|
628,397
|
|
|
900
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
893,618
|
|
|
|
|
|
|
IT Services 1.7%
|
|
|
|
|
|
|
|
|
|
|
749
|
|
|
Syniverse Holdings, Inc., Term Loan, First Lien
|
|
|
6.000%
|
|
|
|
3-Month LIBOR
|
|
|
|
5.000%
|
|
|
|
3/09/23
|
|
|
|
CCC+
|
|
|
|
742,825
|
|
|
633
|
|
|
Tempo Acquisition LLC, Term Loan B
|
|
|
5.000%
|
|
|
|
PRIME
|
|
|
|
1.750%
|
|
|
|
5/01/24
|
|
|
|
B1
|
|
|
|
633,241
|
|
|
1,382
|
|
|
Total IT Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,376,066
|
|
|
|
|
|
|
Machinery 0.8%
|
|
|
|
|
|
|
|
|
|
|
593
|
|
|
Blount International Inc., Term Loan B
|
|
|
4.750%
|
|
|
|
1-Month LIBOR
|
|
|
|
3.750%
|
|
|
|
4/12/23
|
|
|
|
B2
|
|
|
|
595,392
|
|
|
|
|
|
|
Media 3.2%
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Gray Television, Inc., Term Loan B
|
|
|
2.342%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.250%
|
|
|
|
2/07/24
|
|
|
|
BB+
|
|
|
|
996,255
|
|
|
1,040
|
|
|
Nexstar Broadcasting, Inc., Term Loan B3, (DD1)
|
|
|
2.345%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.250%
|
|
|
|
1/17/24
|
|
|
|
BBB
|
|
|
|
1,037,874
|
|
|
498
|
|
|
WideOpenWest Finance LLC, Term Loan B
|
|
|
4.250%
|
|
|
|
1-Month LIBOR
|
|
|
|
3.250%
|
|
|
|
8/19/23
|
|
|
|
B
|
|
|
|
497,944
|
|
|
2,538
|
|
|
Total Media
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,532,073
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon (4)
|
|
|
Reference
Rate (4)
|
|
|
Spread (4)
|
|
|
Maturity (5)
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
Professional Services 2.8%
|
|
|
|
|
|
|
|
|
|
$
|
723
|
|
|
CHG Healthcare Services Inc., Term Loan, First Lien
|
|
|
4.000%
|
|
|
|
3-Month LIBOR
|
|
|
|
3.000%
|
|
|
|
6/07/23
|
|
|
|
B
|
|
|
$
|
723,038
|
|
|
1,500
|
|
|
Nielsen Finance LLC, Term Loan B4
|
|
|
2.081%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.000%
|
|
|
|
10/04/23
|
|
|
|
BBB
|
|
|
|
1,500,000
|
|
|
2,223
|
|
|
Total Professional Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,223,038
|
|
|
|
|
|
|
Real Estate Management & Development 0.6%
|
|
|
|
|
|
|
|
|
|
|
481
|
|
|
Brookfield Property REIT Inc., Term Loan A2
|
|
|
3.104%
|
|
|
|
1-Month LIBOR
|
|
|
|
3.000%
|
|
|
|
8/24/23
|
|
|
|
BB+
|
|
|
|
477,739
|
|
|
|
|
|
|
Road & Rail 1.7%
|
|
|
|
|
|
|
|
|
|
|
709
|
|
|
Hertz Corporation, (The) Term Loan B
|
|
|
3.500%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.750%
|
|
|
|
6/30/23
|
|
|
|
N/R
|
|
|
|
710,124
|
|
|
653
|
|
|
Hertz Corporation, (The) DIP Delayed Draw Term Loan, (6)
|
|
|
6.477%
|
|
|
|
1-Month LIBOR
|
|
|
|
7.250%
|
|
|
|
12/31/21
|
|
|
|
N/R
|
|
|
|
656,932
|
|
|
1,362
|
|
|
Total Road & Rail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,367,056
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 0.1%
|
|
|
|
|
|
|
|
|
|
|
107
|
|
|
MACOM Technology Solutions Holdings, Inc., Term Loan
|
|
|
2.354%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.250%
|
|
|
|
5/19/24
|
|
|
|
Ba2
|
|
|
|
106,747
|
|
|
|
|
|
|
Specialty Retail 1.2%
|
|
|
|
|
|
|
|
|
|
|
935
|
|
|
Jo-Ann Stores, Inc., Term Loan
|
|
|
6.000%
|
|
|
|
1-Month LIBOR
|
|
|
|
5.000%
|
|
|
|
10/16/23
|
|
|
|
B
|
|
|
|
934,850
|
|
|
|
|
|
|
Technology Hardware, Storage & Peripherals 0.6%
|
|
|
|
|
|
|
|
|
|
|
494
|
|
|
Diebold, Incorporated, Term Loan B
|
|
|
2.875%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.750%
|
|
|
|
11/06/23
|
|
|
|
B
|
|
|
|
487,163
|
|
$
|
26,831
|
|
|
Total Variable Rate Senior Loan Interests (cost
$26,604,149)
|
|
|
|
|
|
|
|
|
|
|
|
26,716,420
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
CONVERTIBLE BONDS 2.9% (2.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
Media 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,275
|
|
|
DISH Network Corp, 144A
|
|
|
|
|
|
|
|
|
|
|
2.375%
|
|
|
|
3/15/24
|
|
|
|
B1
|
|
|
$
|
1,235,953
|
|
|
|
|
|
|
Mortgage Real Estate Investment Trust 1.3%
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Blackstone Mortgage Trust Inc
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
3/15/23
|
|
|
|
N/R
|
|
|
|
509,400
|
|
|
500
|
|
|
Starwood Property Trust Inc
|
|
|
|
|
|
|
|
4.375%
|
|
|
|
4/01/23
|
|
|
|
BB+
|
|
|
|
535,650
|
|
|
1,000
|
|
|
Total Mortgage Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,045,050
|
|
$
|
2,275
|
|
|
Total Convertible Bonds (cost $2,145,874)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,281,003
|
|
|
|
|
|
Total Long-Term Investments
(cost $87,258,654)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90,468,578
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 16.7% (12.7% of Total Investments)
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS 16.7% (12.7% of Total Investments)
|
|
|
|
|
|
|
|
|
$
|
13,211
|
|
|
Repurchase Agreement with Fixed Income Clearing
Corporation, dated 6/30/21, repurchase price $13,211,012, collateralized by $11,967,600, U.S. Treasury Inflation Index Notes, 0.125%, due 4/15/22, value $13,475,265
|
|
|
|
|
|
|
|
0.000%
|
|
|
|
7/01/21
|
|
|
|
|
|
|
$
|
13,211,012
|
|
|
|
|
|
Total Short-Term Investments (cost
$13,211,012)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,211,012
|
|
|
|
|
|
Total Investments (cost $100,469,666)
130.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,679,590
|
|
|
|
|
|
Borrowings (30.9)% (7), (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(24,525,000
|
)
|
|
|
|
|
Other Assets Less Liabilities
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,759
|
|
|
|
|
|
Net Assets Applicable to Common Shares
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
79,254,349
|
|
25
|
|
|
|
|
JHAA
|
|
Nuveen Corporate Income 2023 Target Term Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
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 applicable to common shares unless otherwise
noted.
|
(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)
|
Variable rate security. The rate shown is the coupon as of the end of the reporting period.
|
(4)
|
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.
|
(5)
|
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.
|
(6)
|
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
|
(7)
|
Borrowings as a percentage of Total Investments is 23.7%.
|
(8)
|
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.
|
DD1
|
Portion of investment purchased on a delayed delivery basis.
|
LIBOR
|
London Inter-Bank Offered Rate
|
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.
|
REIT
|
Real Estate Investment Trust
|
See accompanying notes to financial statements.
26
|
|
|
JEMD
|
|
Nuveen Emerging Markets Debt 2022
Target Term Fund
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 126.3% (99.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
EMERGING MARKETS DEBT 74.1% (58.5% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
Argentina 2.8%
|
|
|
|
|
|
|
|
|
|
|
$
|
7,575
|
|
|
Provincia de Buenos Aires/Government Bonds, 144A
|
|
|
6.500%
|
|
|
|
2/15/23
|
|
|
|
D
|
|
|
$
|
3,314,138
|
|
|
|
|
|
|
|
Bahrain 2.6%
|
|
|
|
|
|
|
|
|
|
|
|
2,950
|
|
|
Bahrain Government International Bond, 144A
|
|
|
6.125%
|
|
|
|
7/05/22
|
|
|
|
B+
|
|
|
|
3,086,137
|
|
|
|
|
|
|
|
Barbados 5.7%
|
|
|
|
|
|
|
|
|
|
|
|
6,640
|
|
|
Barbados Government International Bond, 144A
|
|
|
6.500%
|
|
|
|
10/01/29
|
|
|
|
B
|
|
|
|
6,705,895
|
|
|
|
|
|
|
|
Costa Rica 4.3%
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Costa Rica Government International Bond, 144A, (3)
|
|
|
4.250%
|
|
|
|
1/26/23
|
|
|
|
B
|
|
|
|
5,073,000
|
|
|
|
|
|
|
|
Ecuador 4.5%
|
|
|
|
|
|
|
|
|
|
|
|
2,205
|
|
|
Ecuador Government International Bond, 144A
|
|
|
0.500%
|
|
|
|
7/31/30
|
|
|
|
B
|
|
|
|
1,879,784
|
|
|
625
|
|
|
Ecuador Government International Bond, 144A
|
|
|
0.000%
|
|
|
|
7/31/30
|
|
|
|
B
|
|
|
|
344,758
|
|
|
3,640
|
|
|
Ecuador Government International Bond, 144A
|
|
|
0.500%
|
|
|
|
7/31/35
|
|
|
|
B
|
|
|
|
2,493,712
|
|
|
853
|
|
|
Ecuador Government International Bond, 144A
|
|
|
0.500%
|
|
|
|
7/31/40
|
|
|
|
B
|
|
|
|
527,546
|
|
|
7,323
|
|
|
Total Ecuador
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,245,800
|
|
|
|
|
|
|
|
Egypt 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
3,775
|
|
|
Egypt Government International Bond, 144A
|
|
|
6.125%
|
|
|
|
1/31/22
|
|
|
|
B+
|
|
|
|
3,856,162
|
|
|
725
|
|
|
Egypt Government International Bond, 144A
|
|
|
5.577%
|
|
|
|
2/21/23
|
|
|
|
B+
|
|
|
|
761,230
|
|
|
4,500
|
|
|
Total Egypt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,617,392
|
|
|
|
|
|
|
|
El Salvador 5.4%
|
|
|
|
|
|
|
|
|
|
|
|
6,375
|
|
|
El Salvador Government International Bond, 144A, (3)
|
|
|
7.750%
|
|
|
|
1/24/23
|
|
|
|
B-
|
|
|
|
6,296,588
|
|
|
|
|
|
|
|
Ghana 2.3%
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Ghana Government International Bond, 144A
|
|
|
9.250%
|
|
|
|
9/15/22
|
|
|
|
B
|
|
|
|
2,624,500
|
|
|
|
|
|
|
|
Iraq 7.4%
|
|
|
|
|
|
|
|
|
|
|
|
8,500
|
|
|
Iraq International Bond, 144A, (3)
|
|
|
6.752%
|
|
|
|
3/09/23
|
|
|
|
B
|
|
|
|
8,684,875
|
|
|
|
|
|
|
|
Lebanon 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Lebanon Government International Bond, (4)
|
|
|
6.000%
|
|
|
|
1/27/23
|
|
|
|
D
|
|
|
|
628,850
|
|
|
4,000
|
|
|
Lebanon Government International Bond, (4)
|
|
|
6.400%
|
|
|
|
5/26/23
|
|
|
|
D
|
|
|
|
500,800
|
|
|
9,000
|
|
|
Total Lebanon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,129,650
|
|
|
|
|
|
|
|
Mongolia 4.2%
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Mongolia Government International Bond, 144A
|
|
|
5.125%
|
|
|
|
12/05/22
|
|
|
|
B
|
|
|
|
3,120,044
|
|
|
1,650
|
|
|
Mongolia Government International Bond, 144A
|
|
|
5.625%
|
|
|
|
5/01/23
|
|
|
|
B
|
|
|
|
1,742,813
|
|
|
4,650
|
|
|
Total Mongolia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,862,857
|
|
|
|
|
|
|
|
Nigeria 3.0%
|
|
|
|
|
|
|
|
|
|
|
|
3,425
|
|
|
Nigeria Government International Bond, (3)
|
|
|
5.625%
|
|
|
|
6/27/22
|
|
|
|
B2
|
|
|
|
3,534,634
|
|
|
|
|
|
|
|
Pakistan 3.0%
|
|
|
|
|
|
|
|
|
|
|
|
3,450
|
|
|
Third Pakistan International Sukuk Co Ltd/The, 144A
|
|
|
5.625%
|
|
|
|
12/05/22
|
|
|
|
B
|
|
|
|
3,542,322
|
|
|
|
|
|
|
|
Rwanda 7.6%
|
|
|
|
|
|
|
|
|
|
|
|
8,400
|
|
|
Rwanda International Government Bond, 144A, (3)
|
|
|
6.625%
|
|
|
|
5/02/23
|
|
|
|
B+
|
|
|
|
8,904,000
|
|
27
|
|
|
|
|
JEMD
|
|
Nuveen Emerging Markets Debt 2022 Target Term Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
Sri Lanka 1.9%
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
Sri Lanka Government International Bond, 144A
|
|
|
5.750%
|
|
|
|
4/18/23
|
|
|
|
CCC+
|
|
|
$
|
2,223,750
|
|
|
|
|
|
|
|
Turkey 3.0%
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Turkey Government International Bond
|
|
|
3.250%
|
|
|
|
3/23/23
|
|
|
|
BB
|
|
|
|
2,494,400
|
|
|
1,000
|
|
|
Turkiye Ihracat Kredi Bankasi AS, 144A
|
|
|
4.250%
|
|
|
|
9/18/22
|
|
|
|
B+
|
|
|
|
1,012,500
|
|
|
3,500
|
|
|
Total Turkey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,506,900
|
|
|
|
|
|
|
|
Ukraine 7.4%
|
|
|
|
|
|
|
|
|
|
|
|
8,225
|
|
|
Ukraine Government International Bond, 144A, (3)
|
|
|
7.750%
|
|
|
|
9/01/22
|
|
|
|
B
|
|
|
|
8,636,250
|
|
|
|
|
|
|
|
Zambia 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
7,500
|
|
|
Zambia Government International Bond, 144A
|
|
|
5.375%
|
|
|
|
9/20/22
|
|
|
|
D
|
|
|
|
4,704,030
|
|
$
|
102,513
|
|
|
Total Emerging Markets Debt (cost $100,527,200)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,692,718
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 51.1% (40.3% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense 2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
Embraer SA
|
|
|
5.150%
|
|
|
|
6/15/22
|
|
|
|
BB+
|
|
|
$
|
3,082,410
|
|
|
|
|
|
|
|
Banks 10.8%
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
TC Ziraat Bankasi AS, 144A
|
|
|
5.125%
|
|
|
|
5/03/22
|
|
|
|
B+
|
|
|
|
2,036,360
|
|
|
3,200
|
|
|
Turkiye Is Bankasi AS, 144A
|
|
|
6.000%
|
|
|
|
10/24/22
|
|
|
|
B
|
|
|
|
3,270,323
|
|
|
2,704
|
|
|
Turkiye Vakiflar Bankasi TAO, 144A
|
|
|
6.000%
|
|
|
|
11/01/22
|
|
|
|
B
|
|
|
|
2,759,486
|
|
|
700
|
|
|
Turkiye Vakiflar Bankasi TAO, 144A
|
|
|
5.750%
|
|
|
|
1/30/23
|
|
|
|
B+
|
|
|
|
720,573
|
|
|
717
|
|
|
Ukreximbank Via Biz Finance PLC, 144A
|
|
|
9.625%
|
|
|
|
4/27/22
|
|
|
|
B
|
|
|
|
738,253
|
|
|
3,000
|
|
|
United Bank for Africa PLC, 144A, (3)
|
|
|
7.750%
|
|
|
|
6/08/22
|
|
|
|
B
|
|
|
|
3,097,500
|
|
|
12,321
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,622,495
|
|
|
|
|
|
|
|
Beverages 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Anadolu Efes Biracilik Ve Malt Sanayii AS, 144A
|
|
|
3.375%
|
|
|
|
11/01/22
|
|
|
|
BBB
|
|
|
|
1,530,000
|
|
|
|
|
|
|
|
Capital Markets 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Grupo Aval Ltd, 144A, (3)
|
|
|
4.750%
|
|
|
|
9/26/22
|
|
|
|
BBB-
|
|
|
|
1,540,792
|
|
|
|
|
|
|
|
Consumer Finance 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
DAE Funding LLC, 144A
|
|
|
4.500%
|
|
|
|
8/01/22
|
|
|
|
Baa3
|
|
|
|
2,003,000
|
|
|
|
|
|
|
|
Electric Utilities 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Instituto Costarricense de Electricidad, 144A
|
|
|
6.950%
|
|
|
|
11/10/21
|
|
|
|
B1
|
|
|
|
1,505,625
|
|
|
|
|
|
|
|
Food Products 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
1,800
|
|
|
BRF SA, 144A
|
|
|
3.950%
|
|
|
|
5/22/23
|
|
|
|
Ba2
|
|
|
|
1,863,000
|
|
|
2,700
|
|
|
Kernel Holding SA, 144A
|
|
|
8.750%
|
|
|
|
1/31/22
|
|
|
|
BB
|
|
|
|
2,801,412
|
|
|
4,500
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,664,412
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Fortune Star BVI Ltd
|
|
|
5.250%
|
|
|
|
3/23/22
|
|
|
|
BB
|
|
|
|
1,010,330
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
2,250
|
|
|
Azure Power Energy Ltd, 144A, (3)
|
|
|
5.500%
|
|
|
|
11/03/22
|
|
|
|
Ba2
|
|
|
|
2,283,750
|
|
|
|
|
|
|
|
Metals & Mining 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
1,569
|
|
|
Petra Diamonds US Treasury PLC, 144A, (cash 10.500%, PIK 10.500%)
|
|
|
10.500%
|
|
|
|
3/08/26
|
|
|
|
B
|
|
|
|
1,533,697
|
|
|
700
|
|
|
Volcan Cia Minera SAA, 144A
|
|
|
5.375%
|
|
|
|
2/02/22
|
|
|
|
BB
|
|
|
|
707,007
|
|
|
2,269
|
|
|
Total Metals & Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,240,704
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 9.6%
|
|
|
|
|
|
|
|
|
|
|
$
|
6,740
|
|
|
Petroleos Mexicanos
|
|
|
3.500%
|
|
|
|
1/30/23
|
|
|
|
BBB
|
|
|
$
|
6,881,473
|
|
|
4,200
|
|
|
Sasol Financing International Ltd
|
|
|
4.500%
|
|
|
|
11/14/22
|
|
|
|
BB
|
|
|
|
4,302,900
|
|
|
10,940
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,184,373
|
|
|
|
|
|
|
|
Pharmaceuticals 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
2,050
|
|
|
Teva Pharmaceutical Finance Co BV
|
|
|
2.950%
|
|
|
|
12/18/22
|
|
|
|
BBB
|
|
|
|
2,060,250
|
|
|
475
|
|
|
Teva Pharmaceutical Finance Netherlands III BV
|
|
|
2.200%
|
|
|
|
7/21/21
|
|
|
|
BBB
|
|
|
|
474,810
|
|
|
2,525
|
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,535,060
|
|
|
|
|
|
|
|
Real Estate Management & Development 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
3,200
|
|
|
China Evergrande Group
|
|
|
8.250%
|
|
|
|
3/23/22
|
|
|
|
B3
|
|
|
|
2,729,524
|
|
|
1,750
|
|
|
Country Garden Holdings Co Ltd
|
|
|
4.750%
|
|
|
|
7/25/22
|
|
|
|
Baa3
|
|
|
|
1,773,448
|
|
|
4,950
|
|
|
Total Real Estate Management & Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,502,972
|
|
|
|
|
|
|
|
Road & Rail 6.4%
|
|
|
|
|
|
|
|
|
|
|
|
7,400
|
|
|
Transnet SOC Ltd, 144A, (3)
|
|
|
4.000%
|
|
|
|
7/26/22
|
|
|
|
Ba2
|
|
|
|
7,538,321
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
1,525
|
|
|
MTN Mauritius Investments Ltd, 144A
|
|
|
5.373%
|
|
|
|
2/13/22
|
|
|
|
Ba2
|
|
|
|
1,557,482
|
|
$
|
59,180
|
|
|
Total Corporate Bonds (cost $59,021,503)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,801,726
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 0.7% (0.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
41,708,682
|
|
|
Petra Diamonds, (5), (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
848,126
|
|
|
|
|
|
Total Common Stocks (cost $784,123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
848,126
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE BONDS 0.4% (0.3% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.4%
|
|
|
|
|
|
|
|
|
|
|
$
|
598
|
|
|
Digicel Group Holdings Ltd, 144A, (cash 7.000%, PIK
7.000%)
|
|
|
7.000%
|
|
|
|
N/A (7)
|
|
|
|
CC
|
|
|
$
|
461,791
|
|
$
|
598
|
|
|
Total Convertible Bonds (cost $79,181)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
461,791
|
|
|
|
|
|
Total Long-Term Investments (cost $160,412,007)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,804,361
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 0.3% (0.3% of Total Investments)
|
|
|
|
|
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 0.3% (0.3% of Total Investments)
|
|
|
|
|
|
|
|
$
|
396
|
|
|
Federal Agricultural Mortgage Corp Discount Notes
|
|
|
0.000%
|
|
|
|
7/01/21
|
|
|
|
N/R
|
|
|
$
|
396,000
|
|
$
|
396
|
|
|
Total Short-Term Investments (cost $396,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
396,000
|
|
|
|
|
|
Total Investments (cost $160,808,007)
126.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148,200,361
|
|
|
|
|
|
Reverse Repurchase Agreements, including accrued
interest (28.2)% (8)
|
|
|
|
|
|
|
|
(32,974,255
|
)
|
|
|
|
|
Other Assets Less Liabilities 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,799,774
|
|
|
|
|
|
Net Assets Applicable to Common Shares
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
117,025,880
|
|
29
|
|
|
|
|
JEMD
|
|
Nuveen Emerging Markets Debt 2022 Target Term Fund
(continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
Summary of Investments in Emerging Markets Countries
|
|
|
|
|
South Africa
|
|
|
10.1%
|
|
Turkey
|
|
|
9.3%
|
|
Ukraine
|
|
|
8.2%
|
|
Rwanda
|
|
|
6.0%
|
|
Iraq
|
|
|
5.9%
|
|
Mexico
|
|
|
4.6%
|
|
Barbados
|
|
|
4.5%
|
|
Nigeria
|
|
|
4.5%
|
|
Costa Rica
|
|
|
4.4%
|
|
El Salvador
|
|
|
4.2%
|
|
China
|
|
|
3.7%
|
|
Ecuador
|
|
|
3.5%
|
|
Brazil
|
|
|
3.3%
|
|
Mongolia
|
|
|
3.3%
|
|
Zambia
|
|
|
3.2%
|
|
|
|
|
|
|
Egypt
|
|
|
3.1%
|
|
Pakistan
|
|
|
2.4%
|
|
Argentina
|
|
|
2.3%
|
|
Bahrain
|
|
|
2.2%
|
|
Ghana
|
|
|
1.8%
|
|
India
|
|
|
1.5%
|
|
Sri Lanka
|
|
|
1.5%
|
|
United Arab Emirates
|
|
|
1.4%
|
|
Colombia
|
|
|
1.0%
|
|
Lebanon
|
|
|
0.8%
|
|
Peru
|
|
|
0.5%
|
|
Jamaica
|
|
|
0.3%
|
|
Total Emerging Markets Countries
|
|
|
97.5%
|
|
Total Developed Countries
|
|
|
2.5%
|
|
Total Investments
|
|
|
100%
|
|
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 applicable to common shares unless otherwise
noted.
|
(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)
|
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 $48,529,627 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)
|
For fair value measurement disclosure purposes, investment classified as Level 2.
|
(7)
|
Perpetual security. Maturity date is not applicable.
|
(8)
|
Reverse Repurchase Agreements as a percentage of Total Investments is 22.2%.
|
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.
|
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.
|
See accompanying notes to financial statements.
30
Statement of Assets and Liabilities
June 30, 2021
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments, at value (cost $461,420,602, $87,258,654 and $160,412,007, respectively)
|
|
$
|
457,740,641
|
|
|
$
|
90,468,578
|
|
|
$
|
147,804,361
|
|
Short-term investments, at value (cost approximates value)
|
|
|
59,978,686
|
|
|
|
13,211,012
|
|
|
|
396,000
|
|
Cash
|
|
|
2,162,061
|
|
|
|
|
|
|
|
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
5,707,798
|
|
|
|
916,425
|
|
|
|
2,117,048
|
|
Investments sold
|
|
|
4,285,417
|
|
|
|
3,898,964
|
|
|
|
343,440
|
|
Reclaims
|
|
|
23,762
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
26,887
|
|
|
|
355
|
|
|
|
|
|
Total assets
|
|
|
529,925,252
|
|
|
|
108,495,334
|
|
|
|
150,660,849
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
|
|
|
|
|
|
|
|
49,828
|
|
Borrowings
|
|
|
|
|
|
|
24,525,000
|
|
|
|
|
|
Reverse repurchase agreements, including accrued interest
|
|
|
|
|
|
|
|
|
|
|
32,974,255
|
|
Payable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
790,326
|
|
|
|
243,598
|
|
|
|
422,052
|
|
Investments purchased regular settlement
|
|
|
|
|
|
|
1,637,888
|
|
|
|
|
|
Investments purchased when-issued/delayed-delivery settlement
|
|
|
|
|
|
|
2,435,976
|
|
|
|
|
|
Unfunded senior loans
|
|
|
|
|
|
|
258,720
|
|
|
|
|
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Custodian fees
|
|
|
103,235
|
|
|
|
51,629
|
|
|
|
25,710
|
|
Interest
|
|
|
|
|
|
|
940
|
|
|
|
|
|
Management fees
|
|
|
283,946
|
|
|
|
55,751
|
|
|
|
118,041
|
|
Trustees fees
|
|
|
32,299
|
|
|
|
1,339
|
|
|
|
1,891
|
|
Other
|
|
|
94,253
|
|
|
|
30,144
|
|
|
|
43,192
|
|
Total liabilities
|
|
|
1,304,059
|
|
|
|
29,240,985
|
|
|
|
33,634,969
|
|
Net assets applicable to common shares outstanding
|
|
$
|
528,621,193
|
|
|
$
|
79,254,349
|
|
|
$
|
117,025,880
|
|
Common shares outstanding
|
|
|
55,900,049
|
|
|
|
7,825,808
|
|
|
|
14,248,486
|
|
Net asset value (NAV) per common share
outstanding
|
|
$
|
9.46
|
|
|
$
|
10.13
|
|
|
$
|
8.21
|
|
Net assets applicable to common shares consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares, $0.01 par value per share
|
|
$
|
559,000
|
|
|
$
|
78,258
|
|
|
$
|
142,485
|
|
Paid-in-surplus
|
|
|
548,482,363
|
|
|
|
76,965,226
|
|
|
|
139,695,040
|
|
Total distributable earnings
|
|
|
(20,420,170
|
)
|
|
|
2,210,865
|
|
|
|
(22,811,645
|
)
|
Net assets applicable to common shares
|
|
$
|
528,621,193
|
|
|
$
|
79,254,349
|
|
|
$
|
117,025,880
|
|
Authorized common shares
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
See accompanying notes to financial statements.
31
Statement of Operations
Six Months Ended June 30, 2021
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Investment Income
|
|
$
|
7,985,905
|
|
|
$
|
2,275,920
|
|
|
$
|
3,499,881
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
1,717,122
|
|
|
|
335,833
|
|
|
|
699,052
|
|
Interest expense
|
|
|
|
|
|
|
111,784
|
|
|
|
142,323
|
|
Custodian fees
|
|
|
42,270
|
|
|
|
23,177
|
|
|
|
10,211
|
|
Trustees fees
|
|
|
6,354
|
|
|
|
1,387
|
|
|
|
2,058
|
|
Professional fees
|
|
|
38,175
|
|
|
|
23,832
|
|
|
|
23,761
|
|
Shareholder reporting expenses
|
|
|
30,410
|
|
|
|
11,863
|
|
|
|
18,139
|
|
Shareholder servicing agent fees
|
|
|
932
|
|
|
|
932
|
|
|
|
931
|
|
Stock exchange listing fees
|
|
|
10,064
|
|
|
|
5,801
|
|
|
|
3,296
|
|
Investor relations expenses
|
|
|
12,306
|
|
|
|
2,434
|
|
|
|
3,410
|
|
Other
|
|
|
11,717
|
|
|
|
5,527
|
|
|
|
6,702
|
|
Total expenses
|
|
|
1,869,350
|
|
|
|
522,570
|
|
|
|
909,883
|
|
Net investment income (loss)
|
|
|
6,116,555
|
|
|
|
1,753,350
|
|
|
|
2,589,998
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from investments and foreign currency
|
|
|
449,176
|
|
|
|
413,448
|
|
|
|
(789,619
|
)
|
Change in net unrealized appreciation (depreciation) of investments
and foreign currency
|
|
|
(986,926
|
)
|
|
|
352,476
|
|
|
|
5,226,318
|
|
Net realized and unrealized gain (loss)
|
|
|
(537,750
|
)
|
|
|
765,924
|
|
|
|
4,436,699
|
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
$
|
5,578,805
|
|
|
$
|
2,519,274
|
|
|
$
|
7,026,697
|
|
See accompanying notes to financial statements.
32
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
|
Six Months
Ended
6/30/21
(Unaudited)
|
|
|
Year
Ended
12/31/20
|
|
|
Six Months
Ended
6/30/21
(Unaudited)
|
|
|
Year
Ended
12/31/20
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
6,116,555
|
|
|
$
|
19,203,348
|
|
|
$
|
1,753,350
|
|
|
$
|
4,110,198
|
|
Net realized gain (loss) from investments and foreign currency
|
|
|
449,176
|
|
|
|
(17,660,517
|
)
|
|
|
413,448
|
|
|
|
(2,192,600
|
)
|
Change in net unrealized appreciation (depreciation) of investments
and foreign currency
|
|
|
(986,926
|
)
|
|
|
(7,892,389
|
)
|
|
|
352,476
|
|
|
|
(224,577
|
)
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
|
5,578,805
|
|
|
|
(6,349,558
|
)
|
|
|
2,519,274
|
|
|
|
1,693,021
|
|
Distributions to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(6,540,306
|
)
|
|
|
(21,381,466
|
)
|
|
|
(1,792,041
|
)
|
|
|
(4,267,771
|
)
|
Decrease in net assets applicable to common shares from distributions
to common shareholders
|
|
|
(6,540,306
|
)
|
|
|
(21,381,466
|
)
|
|
|
(1,792,041
|
)
|
|
|
(4,267,771
|
)
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from common shares issued to shareholders due to
reinvestment of distributions
|
|
|
|
|
|
|
141,156
|
|
|
|
3,531
|
|
|
|
70,204
|
|
Net increase (decrease) in net assets applicable to common shares
from capital share transactions
|
|
|
|
|
|
|
141,156
|
|
|
|
3,531
|
|
|
|
70,204
|
|
Net increase (decrease) in net assets applicable to common shares
|
|
|
(961,501
|
)
|
|
|
(27,589,868
|
)
|
|
|
730,764
|
|
|
|
(2,504,546
|
)
|
Net assets applicable to common shares at the beginning of
period
|
|
|
529,582,694
|
|
|
|
557,172,562
|
|
|
|
78,523,585
|
|
|
|
81,028,131
|
|
Net assets applicable to common shares at the end of
period
|
|
$
|
528,621,193
|
|
|
$
|
529,582,694
|
|
|
$
|
79,254,349
|
|
|
$
|
78,523,585
|
|
See accompanying notes to financial statements.
33
Statement of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
JEMD
|
|
|
|
Six Months
Ended
6/30/21
(Unaudited)
|
|
|
Year
Ended
12/31/20
|
|
Operations
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
2,589,998
|
|
|
$
|
6,051,559
|
|
Net realized gain (loss) from investments and foreign currency
|
|
|
(789,619
|
)
|
|
|
(8,415,315
|
)
|
Change in net unrealized appreciation (depreciation) of investments
and foreign currency
|
|
|
5,226,318
|
|
|
|
(5,176,486
|
)
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
|
7,026,697
|
|
|
|
(7,540,242
|
)
|
Distributions to Common Shareholders
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(2,692,727
|
)
|
|
|
(6,182,401
|
)
|
Decrease in net assets applicable to common shares from distributions
to common shareholders
|
|
|
(2,692,727
|
)
|
|
|
(6,182,401
|
)
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
Net proceeds from common shares issued to shareholders due to
reinvestment of distributions
|
|
|
12,358
|
|
|
|
63,298
|
|
Net increase (decrease) in net assets applicable to common shares
from capital share transactions
|
|
|
12,358
|
|
|
|
63,298
|
|
Net increase (decrease) in net assets applicable to common shares
|
|
|
4,346,328
|
|
|
|
(13,659,345
|
)
|
Net assets applicable to common shares at the beginning of
period
|
|
|
112,679,552
|
|
|
|
126,338,897
|
|
Net assets applicable to common shares at the end of
period
|
|
$
|
117,025,880
|
|
|
$
|
112,679,552
|
|
See accompanying notes to financial statements.
34
Statement of Cash Flows
Six Months Ended June 30, 2021
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
|
$
|
5,578,805
|
|
|
$
|
2,519,274
|
|
|
$
|
7,026,697
|
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from
operations to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments
|
|
|
(333,231,333
|
)
|
|
|
(33,815,477
|
)
|
|
|
(14,447,173
|
)
|
Proceeds from sales and maturities of investments
|
|
|
264,761,520
|
|
|
|
40,269,027
|
|
|
|
13,017,879
|
|
Proceeds from (Purchase of) short-term investments, net
|
|
|
(59,978,686
|
)
|
|
|
(5,614,290
|
)
|
|
|
(396,000
|
)
|
Taxes paid
|
|
|
(168,534
|
)
|
|
|
(26,127
|
)
|
|
|
(80,663
|
)
|
Amortization (Accretion) of premiums and discounts, net
|
|
|
4,078,986
|
|
|
|
(53,641
|
)
|
|
|
162,820
|
|
(Increase) Decrease in:
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivable for interest
|
|
|
(101,455
|
)
|
|
|
111,106
|
|
|
|
148,585
|
|
Receivable for investments sold
|
|
|
10,562,707
|
|
|
|
(973,802
|
)
|
|
|
(293,235
|
)
|
Receivable for reclaims
|
|
|
(19,817
|
)
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
(5,535
|
)
|
|
|
(66
|
)
|
|
|
|
|
Increase (Decrease) in:
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for investments purchased regular settlement
|
|
|
|
|
|
|
1,637,888
|
|
|
|
|
|
Payable for investments purchased when-issued/delayed-delivery settlement
|
|
|
|
|
|
|
(1,581,615
|
)
|
|
|
|
|
Payable for unfunded senior loans
|
|
|
|
|
|
|
(295,328
|
)
|
|
|
|
|
Accrued custodian fees
|
|
|
40,840
|
|
|
|
21,079
|
|
|
|
25,710
|
|
Accrued interest
|
|
|
|
|
|
|
(1,269
|
)
|
|
|
(46,858
|
)
|
Accrued management fees
|
|
|
(9,696
|
)
|
|
|
(1,275
|
)
|
|
|
730
|
|
Accrued shareholder reporting expenses
|
|
|
(41,138
|
)
|
|
|
(6,253
|
)
|
|
|
|
|
Accrued Trustees fees
|
|
|
7,627
|
|
|
|
706
|
|
|
|
987
|
|
Accrued other expenses
|
|
|
41,223
|
|
|
|
(573
|
)
|
|
|
(25,160
|
)
|
Net realized (gain) loss from investments and foreign currency
|
|
|
(449,176
|
)
|
|
|
(413,448
|
)
|
|
|
789,619
|
|
Change in net unrealized appreciation (depreciation) of investments
and foreign currency
|
|
|
986,926
|
|
|
|
(352,476
|
)
|
|
|
(5,226,318
|
)
|
Net cash provided by (used in) operating activities
|
|
|
(107,946,736
|
)
|
|
|
1,423,440
|
|
|
|
657,620
|
|
Cash Flow from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
|
|
|
|
|
|
|
|
49,828
|
|
Cash distributions paid to common shareholders
|
|
|
(5,749,980
|
)
|
|
|
(1,544,912
|
)
|
|
|
(2,258,317
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(5,749,980
|
)
|
|
|
(1,544,912
|
)
|
|
|
(2,208,489
|
)
|
Net Increase (Decrease) in Cash
|
|
|
(113,696,716
|
)
|
|
|
(121,472
|
)
|
|
|
(1,550,869
|
)
|
Cash at the beginning of period
|
|
|
115,858,777
|
|
|
|
121,472
|
|
|
|
1,550,869
|
|
Cash at the end of period
|
|
|
2,162,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Cash paid for interest (excluding costs)
|
|
$
|
|
|
|
$
|
111,183
|
|
|
$
|
189,181
|
|
Non-cash financing activities not included herein consists of
reinvestments of common share distributions
|
|
|
|
|
|
|
3,531
|
|
|
|
12,358
|
|
See accompanying notes to financial statements.
35
Financial Highlights
Selected data for a share outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
Less Distributions to
Common Shareholders
|
|
|
Common Share
|
|
|
|
Beginning
Common
Share
NAV
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Return
of
Capital
|
|
|
Total
|
|
|
Offering
Costs
|
|
|
Premium
from
Shares
Sold
through
Shelf
Offering
|
|
|
Ending
NAV
|
|
|
Ending
Share
Price
|
|
|
|
JHB
|
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(h)
|
|
$
|
9.47
|
|
|
$
|
0.11
|
|
|
$
|
|
|
|
$
|
0.11
|
|
|
$
|
(0.12
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.12
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
9.46
|
|
|
$
|
9.42
|
|
2020
|
|
|
9.97
|
|
|
|
0.34
|
|
|
|
(0.46
|
)
|
|
|
(0.12
|
)
|
|
|
(0.38
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.38
|
)
|
|
|
|
|
|
|
|
|
|
|
9.47
|
|
|
|
9.20
|
|
2019
|
|
|
9.50
|
|
|
|
0.49
|
|
|
|
0.49
|
|
|
|
0.98
|
|
|
|
(0.51
|
)
|
|
|
|
*
|
|
|
|
|
|
|
(0.51
|
)
|
|
|
|
|
|
|
|
|
|
|
9.97
|
|
|
|
10.01
|
|
2018
|
|
|
10.12
|
|
|
|
0.59
|
|
|
|
(0.62
|
)
|
|
|
(0.03
|
)
|
|
|
(0.57
|
)
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
(0.59
|
)
|
|
|
|
|
|
|
|
|
|
|
9.50
|
|
|
|
8.90
|
|
2017
|
|
|
9.92
|
|
|
|
0.64
|
|
|
|
0.16
|
|
|
|
0.80
|
|
|
|
(0.58
|
)
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
(0.60
|
)
|
|
|
|
|
|
|
|
|
|
|
10.12
|
|
|
|
9.96
|
|
2016(b)
|
|
|
9.85
|
|
|
|
0.17
|
|
|
|
0.06
|
|
|
|
0.23
|
|
|
|
(0.14
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
(0.15
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
9.92
|
|
|
|
9.88
|
|
|
|
JHAA
|
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(h)
|
|
|
10.03
|
|
|
|
0.22
|
|
|
|
0.11
|
|
|
|
0.33
|
|
|
|
(0.23
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.23
|
)
|
|
|
|
|
|
|
|
|
|
|
10.13
|
|
|
|
9.96
|
|
2020
|
|
|
10.36
|
|
|
|
0.53
|
|
|
|
(0.31
|
)
|
|
|
0.22
|
|
|
|
(0.55
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.55
|
)
|
|
|
|
|
|
|
|
|
|
|
10.03
|
|
|
|
9.58
|
|
2019
|
|
|
9.85
|
|
|
|
0.63
|
|
|
|
0.45
|
|
|
|
1.08
|
|
|
|
(0.57
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.57
|
)
|
|
|
|
|
|
|
|
|
|
|
10.36
|
|
|
|
10.85
|
|
2018(f)
|
|
|
9.88
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
9.85
|
|
|
|
10.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JEMD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(h)
|
|
|
7.91
|
|
|
|
0.18
|
|
|
|
0.31
|
|
|
|
0.49
|
|
|
|
(0.19
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.19
|
)
|
|
|
|
|
|
|
|
|
|
|
8.21
|
|
|
|
8.12
|
|
2020
|
|
|
8.87
|
|
|
|
0.42
|
|
|
|
(0.95
|
)
|
|
|
(0.53
|
)
|
|
|
(0.43
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.43
|
)
|
|
|
|
|
|
|
|
|
|
|
7.91
|
|
|
|
7.48
|
|
2019
|
|
|
8.49
|
|
|
|
0.54
|
|
|
|
0.29
|
|
|
|
0.83
|
|
|
|
(0.45
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.45
|
)
|
|
|
|
|
|
|
|
|
|
|
8.87
|
|
|
|
8.91
|
|
2018
|
|
|
9.84
|
|
|
|
0.54
|
|
|
|
(1.38
|
)
|
|
|
(0.84
|
)
|
|
|
(0.51
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.51
|
)
|
|
|
|
|
|
|
|
|
|
|
8.49
|
|
|
|
7.63
|
|
2017(g)
|
|
|
9.85
|
|
|
|
0.12
|
|
|
|
(0.02
|
)
|
|
|
0.10
|
|
|
|
(0.09
|
)
|
|
|
|
*
|
|
|
|
|
|
|
(0.09
|
)
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
9.84
|
|
|
|
9.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings at the End of Period
|
|
|
|
Aggregate
Amount
Outstanding
(000)
|
|
|
Asset
Coverage
Per $1,000
|
|
|
JHB
|
|
Year Ended 12/31:
|
|
2021(h)
|
|
$
|
|
|
|
$
|
|
|
2020
|
|
|
|
|
|
|
|
|
2019
|
|
|
192,000
|
|
|
|
3,902
|
|
2018
|
|
|
190,000
|
|
|
|
3,793
|
|
2017
|
|
|
190,000
|
|
|
|
3,976
|
|
2016(b)
|
|
|
190,000
|
|
|
|
3,915
|
|
|
JHAA
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
2021(h)
|
|
|
24,525
|
|
|
|
4,232
|
|
2020
|
|
|
24,525
|
|
|
|
4,202
|
|
2019
|
|
|
27,025
|
|
|
|
3,998
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
|
Common Shares
Total Returns
|
|
|
|
|
|
Ratios to Average Net Assets(d)
|
|
|
|
|
Based
on
NAV(c)
|
|
|
Based
on
Share
Price(c)
|
|
|
Ending
Net Assets
(000)
|
|
|
Expenses
|
|
|
Net
Investment
Income (Loss)
|
|
|
Portfolio
Turnover
Rate(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.14
|
%
|
|
|
3.67
|
%
|
|
$
|
528,621
|
|
|
|
0.71
|
%**
|
|
|
2.33
|
%**
|
|
|
58
|
%
|
|
(1.07
|
)
|
|
|
(4.17
|
)
|
|
|
529,583
|
|
|
|
0.99
|
|
|
|
3.65
|
|
|
|
45
|
|
|
10.44
|
|
|
|
18.39
|
|
|
|
557,173
|
|
|
|
1.98
|
|
|
|
4.96
|
|
|
|
41
|
|
|
(0.43
|
)
|
|
|
(4.99
|
)
|
|
|
530,692
|
|
|
|
1.86
|
|
|
|
5.94
|
|
|
|
27
|
|
|
8.22
|
|
|
|
6.98
|
|
|
|
565,385
|
|
|
|
1.57
|
|
|
|
6.37
|
|
|
|
37
|
|
|
2.26
|
|
|
|
0.32
|
|
|
|
553,912
|
|
|
|
1.17
|
**
|
|
|
4.79
|
**
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.31
|
|
|
|
6.38
|
|
|
|
79,254
|
|
|
|
1.34
|
**
|
|
|
4.48
|
**
|
|
|
36
|
|
|
2.51
|
|
|
|
(6.43
|
)
|
|
|
78,524
|
|
|
|
1.57
|
|
|
|
5.49
|
|
|
|
47
|
|
|
11.20
|
|
|
|
5.71
|
|
|
|
81,028
|
|
|
|
2.03
|
|
|
|
6.13
|
|
|
|
34
|
|
|
(0.30
|
)
|
|
|
8.50
|
|
|
|
69,042
|
|
|
|
1.74
|
**
|
|
|
(1.74
|
)**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.25
|
|
|
|
11.15
|
|
|
|
117,026
|
|
|
|
1.60
|
**
|
|
|
4.55
|
**
|
|
|
9
|
|
|
(5.57
|
)
|
|
|
(10.90
|
)
|
|
|
112,680
|
|
|
|
1.87
|
|
|
|
5.52
|
|
|
|
18
|
|
|
9.88
|
|
|
|
22.93
|
|
|
|
126,339
|
|
|
|
2.50
|
|
|
|
6.11
|
|
|
|
14
|
|
|
(8.71
|
)
|
|
|
(13.85
|
)
|
|
|
120,871
|
|
|
|
2.38
|
|
|
|
5.98
|
|
|
|
9
|
|
|
0.79
|
|
|
|
(5.15
|
)
|
|
|
140,077
|
|
|
|
1.85
|
**
|
|
|
4.70
|
**
|
|
|
7
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily common shares method.
|
(b)
|
For the period August 23, 2016 (commencement of operations) through December 31, 2016.
|
(c)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at
NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest
price for the last dividend declared in the period may often be based on the Funds market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be
reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be
different from the price used in the calculation. Total returns are not annualized.
|
|
|
|
|
(d)
|
|
|
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings and/or reverse repurchase agreements, where applicable, (as described in Note 8 Fund Leverage), where
applicable.
|
|
|
|
|
Each ratio includes the effect of all interest expense paid and other costs related to borrowings and/or reverse repurchase agreements, where applicable, as follows:
|
|
|
|
|
|
Ratios of Interest Expense
to Average Net Assets Applicable to
Common Shares
|
|
JHB
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
2021(h)
|
|
|
|
%
|
2020
|
|
|
0.20
|
|
2019
|
|
|
1.01
|
|
2018
|
|
|
0.92
|
|
2017
|
|
|
0.62
|
|
2016(b)
|
|
|
0.25
|
**
|
|
|
|
|
|
Ratios of Interest Expense
to Average Net Assets Applicable to
Common Shares
|
|
JHAA
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
2021(h)
|
|
|
0.29
|
%**
|
2020
|
|
|
0.47
|
|
2019
|
|
|
0.99
|
**
|
|
|
|
|
|
Ratios of Interest Expense to
Average Net Assets Applicable
to Common Shares
|
|
JEMD
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
2021(h)
|
|
|
0.25
|
%**
|
2020
|
|
|
0.48
|
|
2019
|
|
|
1.09
|
|
2018
|
|
|
0.94
|
|
2017(g)
|
|
|
0.48
|
**
|
(e)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4
Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
|
(f)
|
For the period December 18, 2018 (commencement of operations) through December 31, 2018.
|
(g)
|
For the period September 26, 2017 (commencement of operations) through December 31, 2017.
|
(h)
|
Unaudited. For the six months ended June 30, 2021.
|
*
|
Rounds to less than $0.01 per common share.
|
See accompanying notes to financial statements.
37
Notes to Financial Statements
(Unaudited)
1. General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (NYSE) symbols are as follows (each a Fund and collectively, the
Funds):
|
|
|
Nuveen Corporate Income November 2021 Target Term Fund (JHB)
|
|
|
|
Nuveen Corporate Income 2023 Target Term Fund (JHAA)
|
|
|
|
Nuveen Emerging Markets Debt 2022 Target Term Fund (JEMD)
|
The Funds are registered under the Investment Company Act of 1940 (the 1940 Act), as amended, as diversified, closed-end management investment companies. JHB,
JHAA and JEMD were each organized as Massachusetts business trusts on July 13, 2015, September 20, 2018 and June 1, 2017, respectively.
Each Fund seeks to return its
original net asset value (NAV) per share on or about its termination date as noted in the following table.
|
|
|
|
|
|
|
|
|
|
|
Original NAV
Per Share
|
|
|
Termination Date
|
|
JHB
|
|
$
|
9.85
|
|
|
|
November 1, 2021
|
|
JHAA
|
|
$
|
9.875
|
|
|
|
December 1, 2023
|
|
JEMD
|
|
$
|
9.85
|
|
|
|
December 1, 2022
|
|
The end of the reporting period for the Funds is June 30, 2021, and the period covered by these Notes to Financial Statements is the six
months ended June 30, 2021 (the current fiscal period).
Investment Adviser and Sub-Adviser
The Funds investment adviser is Nuveen Fund Advisors, LLC (the Adviser), a subsidiary of Nuveen, LLC (Nuveen). Nuveen is the investment
management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds portfolios, manages the Funds business affairs and
provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. For JHB and JHAA, the Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (NAM), a
subsidiary of the Adviser, under which NAM manages the investment portfolios of the Funds. For JEMD, the Adviser has entered into a sub-advisory agreement with Teachers Advisors, LLC (TAL), an affiliate of the Adviser, under which TAL
manages the Funds investment portfolio.
JHB Announces Wind-Up Period
JHB has entered the wind-up period in anticipation of its termination date on November 1, 2021. During the wind-up period the Fund may deviate from its investment
objectives and policies, and may invest up to a 100% of its managed assets in high quality, short-term securities. High quality, short-term securities for this Fund include securities rated investment grade (BBB-/Baa3 or higher or unrated but judged
by the Sub-Adviser to be of comparable quality) with a final or remaining maturity of 397 days or less. Consequently, for the remainder of its term, the Fund will invest at least 80% of its managed assets in (i) corporate debt securities; and
(ii) short-term investment grade securities that have a final or remaining maturity of 397 days or less, so long as the maturity of any security in the Fund does not occur later than May 1, 2022. These expanded investment parameters
currently will provide the fund additional flexibility to reinvest the proceeds of matured or called portfolio securities in higher quality, short-term securities. As the Fund gets closer to its termination date, the fund will begin to affirmatively
transition its remaining below investment grade portfolio holdings to such high quality, short-term securities to enhance its ability to efficiently liquidate its portfolio at termination. The Fund has also completed the process of redeeming and
retiring its leverage in anticipation of its termination date. The Funds NAV ended the reporting period at $9.46 per share.
Other Matters
The outbreak of the novel coronavirus (COVID-19) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and
economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which
COVID-19 impacts the Funds normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict.
Management continues to monitor and evaluate this situation.
38
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America
(U.S. GAAP), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance
in the Financial Accounting Standards Board (FASB) Accounting Standards Codification 946, Financial Services Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and common
share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The
following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Funds Board of Trustees (the Board) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion
of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Common Shareholders
Distributions to common shareholders are
recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
In seeking to achieve its investment objectives, each Fund currently intends to set aside and retain in its net assets (and therefore its NAV) a portion of its net
investment income, and possibly all or a portion of its gains. This will reduce the amounts otherwise available for distribution prior to the liquidation of the Funds, and the Funds may incur taxes on such retained amounts. Such retained income or
gains, net of any taxes, would constitute a portion of the liquidating distribution returned to investors on or about the termination date.
Foreign Currency
Transactions and Translation
To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the
Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the
Funds investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in
foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign
currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Assets,
including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate
on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign
currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and
dividends recorded on the books of the Fund and the amounts actually received are recognized as a component of Net realized gain (loss) from investments and foreign currency on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and
(ii) other assets and liabilities are recognized as a component of Change in net unrealized appreciation (depreciation) of investments and foreign currency on the Statement of Operations, when applicable. The unrealized gains and losses
resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivatives related Change in net unrealized appreciation (depreciation) on the Statement
of Operations, when applicable.
39
Notes to Financial Statements (continued)
(Unaudited)
As of the end of the reporting period, the following Funds investments in non-U.S. securities were as follows:
|
|
|
|
|
|
|
|
|
JHB
|
|
Value
|
|
|
% of Total
Investments
|
|
Country:
|
|
|
|
|
|
|
|
|
Germany
|
|
$
|
49,306,449
|
|
|
|
9.6
|
%
|
Switzerland
|
|
|
21,756,661
|
|
|
|
4.2
|
|
United Kingdom
|
|
|
11,522,975
|
|
|
|
2.3
|
|
Israel
|
|
|
10,005,177
|
|
|
|
1.9
|
|
Mexico
|
|
|
7,153,480
|
|
|
|
1.4
|
|
Egypt
|
|
|
6,895,125
|
|
|
|
1.3
|
|
Canada
|
|
|
5,384,138
|
|
|
|
1.0
|
|
South Africa
|
|
|
4,724,673
|
|
|
|
0.9
|
|
Italy
|
|
|
4,465,514
|
|
|
|
0.9
|
|
Other
|
|
|
16,267,064
|
|
|
|
3.1
|
|
Total non-U.S.
securities
|
|
$
|
137,481,256
|
|
|
|
26.6
|
%
|
|
|
|
JHAA
|
|
|
|
|
|
|
Country:
|
|
|
|
|
|
|
|
|
Israel
|
|
$
|
3,756,725
|
|
|
|
3.6
|
%
|
Canada
|
|
|
2,902,168
|
|
|
|
2.8
|
|
Zambia
|
|
|
1,275,000
|
|
|
|
1.2
|
|
Australia
|
|
|
1,224,844
|
|
|
|
1.2
|
|
Ireland
|
|
|
1,129,020
|
|
|
|
1.1
|
|
Mexico
|
|
|
1,049,500
|
|
|
|
1.0
|
|
Ukraine
|
|
|
1,028,773
|
|
|
|
1.0
|
|
Luxembourg
|
|
|
984,946
|
|
|
|
1.0
|
|
South Africa
|
|
|
307,350
|
|
|
|
0.3
|
|
Other
|
|
|
255,624
|
|
|
|
0.2
|
|
Total non-U.S. securities
|
|
$
|
13,913,950
|
|
|
|
13.4
|
%
|
Indemnifications
Under the Funds
organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide
general indemnifications to other parties. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior
claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the
primary market is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the secondary market is the date on which the transaction is entered into. Realized
gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums
for financial reporting purposes. Investment income also reflects payment-in-kind (PIK) interest, fee income and paydown gains and losses, if any. PIK
interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and
are recognized when received.
Netting Agreements
In the ordinary course
of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (netting agreements).
Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms
of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds investments subject to netting
agreements as of the end of the reporting period, if any, are further described in Note 4 Portfolio Securities and Investments in Derivatives.
40
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards
Update (ASU) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies
that will be impacted by the expected change in benchmark interest rates when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows
companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the
Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the
Funds investments and has currently determined that it is unlikely the ASUs adoption will have a significant impact on the Funds financial statements and various filings.
Securities and Exchange Commission (SEC) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining
fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market
quotations are readily available for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act,
which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and
auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date,
under certain conditions. Management is currently assessing the impact of these provisions on the Funds financial statements.
3. Investment Valuation and
Fair Value Measurements
The Funds investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board.
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).
|
A description of the valuation techniques applied to the Funds major classifications of assets and liabilities measured at fair
value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official
close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange
where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If
there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by an independent pricing service (pricing service) approved by the Board. The pricing service
establishes a securitys fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. In pricing certain securities, particularly
less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
41
Notes to Financial Statements (continued)
(Unaudited)
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds net assets are
calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair
value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a
current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and
rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered
relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
$
|
|
|
|
$
|
440,913,783
|
|
|
$
|
|
|
|
$
|
440,913,783
|
|
Sovereign Debt
|
|
|
|
|
|
|
10,814,498
|
|
|
|
|
|
|
|
10,814,498
|
|
Convertible Bonds
|
|
|
|
|
|
|
5,093,750
|
|
|
|
|
|
|
|
5,093,750
|
|
Common Stocks
|
|
|
|
|
|
|
918,610
|
**
|
|
|
|
|
|
|
918,610
|
|
|
|
|
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
|
|
|
|
|
59,978,686
|
|
|
|
|
|
|
|
59,978,686
|
|
Total
|
|
$
|
|
|
|
$
|
517,719,327
|
|
|
$
|
|
|
|
$
|
517,719,327
|
|
|
|
|
|
|
JHAA
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
$
|
|
|
|
$
|
61,471,155
|
|
|
$
|
|
|
|
$
|
61,471,155
|
|
Variable Rate Senior Loan Interests
|
|
|
|
|
|
|
26,716,420
|
|
|
|
|
|
|
|
26,716,420
|
|
Convertible Bonds
|
|
|
|
|
|
|
2,281,003
|
|
|
|
|
|
|
|
2,281,003
|
|
|
|
|
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements
|
|
|
|
|
|
|
13,211,012
|
|
|
|
|
|
|
|
13,211,012
|
|
Total
|
|
$
|
|
|
|
$
|
103,679,590
|
|
|
$
|
|
|
|
$
|
103,679,590
|
|
|
|
|
|
|
JEMD
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets Debt
|
|
$
|
|
|
|
$
|
86,692,718
|
|
|
$
|
|
|
|
$
|
86,692,718
|
|
Corporate Bonds
|
|
|
|
|
|
|
59,801,726
|
|
|
|
|
|
|
|
59,801,726
|
|
Common Stocks
|
|
|
|
|
|
|
848,126
|
**
|
|
|
|
|
|
|
848,126
|
|
Convertible Bonds
|
|
|
|
|
|
|
461,791
|
|
|
|
|
|
|
|
461,791
|
|
|
|
|
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and Agency Obligations
|
|
|
|
|
|
|
396,000
|
|
|
|
|
|
|
|
396,000
|
|
Total
|
|
$
|
|
|
|
$
|
148,200,361
|
|
|
$
|
|
|
|
$
|
148,200,361
|
|
*
|
Refer to the Funds Portfolio of Investments for industry and/or country classifications, where applicable.
|
**
|
Refer to the Funds Portfolio of Investments for securities classified as Level 2.
|
42
4. Portfolio Securities and Investments in
Derivatives
Portfolio Securities
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, each Fund may have unfunded senior loan commitments. Each Fund will maintain with its
custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Funds outstanding unfunded senior loan
commitments were as follows:
|
|
|
|
|
|
|
JHAA
|
|
Outstanding unfunded senior loan commitment
|
|
$
|
258,720
|
|
Participation Commitments
With respect to the
senior loans held in each Funds portfolio, a Fund may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund
would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, a Fund not only assumes the credit risk of the borrower, but also that of the selling
participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Funds had no such outstanding participation commitments.
Repurchase Agreements
In connection with transactions in repurchase
agreements, it is each Funds policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If
the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the
repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Counterparty
|
|
Short-Term
Investments, at Value
|
|
|
Collateral
Pledged (From)
Counterparty
|
|
JHAA
|
|
Fixed Income Clearing Corporation
|
|
$
|
13,211,012
|
|
|
$
|
(13,475,265
|
)
|
Zero Coupon Securities
A zero coupon security
does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of
the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities)
during the current fiscal period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Purchases
|
|
$
|
333,231,333
|
|
|
$
|
33,815,477
|
|
|
$
|
14,447,173
|
|
Sales and maturities
|
|
|
264,761,520
|
|
|
|
40,269,030
|
|
|
|
13,017,879
|
|
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery
basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a
current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on
the Statement of Assets and Liabilities.
Investments in Derivatives
Each
Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the
exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value
43
Notes to Financial Statements (continued)
(Unaudited)
recognized on the Statement of Operations, when applicable. Even though the Funds investments in derivatives may represent economic hedges, they are not considered
to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they
did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in
the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which
potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Funds exposure to counterparty credit risk in respect
to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk
by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be
required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has
an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and
subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5. Fund Shares
Common Share Transactions
Transactions in common shares during the Funds
current and prior fiscal period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA*
|
|
|
JEMD
|
|
|
|
Six Months
Ended
6/30/21
|
|
|
Year Ended
12/31/20
|
|
|
Six Months
Ended
6/30/21
|
|
|
Year Ended
12/31/20
|
|
|
Six Months
Ended
6/30/21
|
|
|
Year Ended
12/31/20
|
|
Common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued to shareholders due to reinvestment of
distributions
|
|
|
|
|
|
|
14,165
|
|
|
|
349
|
|
|
|
7,226
|
|
|
|
1,494
|
|
|
|
7,423
|
|
*
|
Prior to the commencement of operations, the Adviser purchased 10,128 shares, which are still held as of the end of the
reporting period.
|
6. Income Tax Information
Each Fund
is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment company taxable income to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal
Revenue Code applicable to regulated investment companies. In any year when a Fund realizes net capital gains, the Fund may choose to distribute all or a portion of its net capital gains to shareholders, or alternatively, to retain all or a portion
of its net capital gains and pay federal corporate income taxes on such retained gains.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax
year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the
next twelve months.
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 as
detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
44
The table below presents the cost and unrealized
appreciation (depreciation) of each Funds investment portfolio, as determined on a federal income tax basis, as of June 30, 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Tax cost of investments
|
|
$
|
521,680,607
|
|
|
$
|
100,493,273
|
|
|
$
|
160,821,172
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
2,956,069
|
|
|
$
|
3,256,737
|
|
|
$
|
3,808,911
|
|
Depreciation
|
|
|
(6,917,349
|
)
|
|
|
(70,420
|
)
|
|
|
(16,429,722
|
)
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
(3,961,280
|
)
|
|
$
|
3,186,317
|
|
|
$
|
(12,620,811
|
)
|
Permanent differences, primarily due to paydowns, distribution reallocations, bond premium amortization adjustments and federal taxes
paid, resulted in reclassifications among the Funds components of common share net assets as of December 31, 2020, the Funds last tax year end.
The
tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2020, the Funds last tax year end, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Undistributed net ordinary income1
|
|
$
|
4,241,506
|
|
|
$
|
890,710
|
|
|
$
|
2,160,276
|
|
Undistributed net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if
any.
|
The tax character of distributions paid during the Funds last tax year ended December 31, 2020 was designated for purposes of the
dividends paid deduction as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Distributions from net ordinary income1
|
|
$
|
21,381,466
|
|
|
$
|
4,267,771
|
|
|
$
|
6,182,401
|
|
Distributions from net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if
any.
|
As of December 31, 2020, the Funds last tax year end, the Funds had unused capital losses carrying forward available for federal
income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JHB
|
|
|
JHAA
|
|
|
JEMD
|
|
Not subject to expiration:
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
|
|
$
|
1,037,621
|
|
|
$
|
366,510
|
|
|
$
|
350,783
|
|
Long-term
|
|
|
19,867,496
|
|
|
|
1,892,758
|
|
|
|
11,180,533
|
|
Total
|
|
$
|
20,905,117
|
|
|
$
|
2,259,268
|
|
|
$
|
11,531,316
|
|
7. Management Fees
Each Funds
management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. NAM and TAL are compensated for their services to the Funds from the management fees paid to the Adviser.
Each Funds management fee consists of two components a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on
the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets
managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Managed Assets*
|
|
JHB
Fund-Level
Fee Rate
|
|
|
JHAA
Fund-Level
Fee
Rate
|
|
|
JEMD
Fund-Level
Fee Rate
|
|
For the first $500 million
|
|
|
0.5000
|
%
|
|
|
0.5000
|
%
|
|
|
0.8000
|
%
|
For the next $250 million
|
|
|
0.4875
|
|
|
|
0.4875
|
|
|
|
0.7875
|
|
For managed assets over $750 million
|
|
|
0.4750
|
|
|
|
0.4750
|
|
|
|
0.7750
|
|
45
Notes to Financial Statements (continued)
(Unaudited)
The annual complex-level fee, payable monthly, is calculated by multiplying the current
complex-wide fee rate, determined according to the following schedule by the Funds daily managed assets:
|
|
|
|
|
Complex-Level Eligible Asset Breakpoint Level*
|
|
Effective Complex-Level
Fee Rate at Breakpoint Level
|
|
$55 billion
|
|
|
0.2000
|
%
|
$56 billion
|
|
|
0.1996
|
|
$57 billion
|
|
|
0.1989
|
|
$60 billion
|
|
|
0.1961
|
|
$63 billion
|
|
|
0.1931
|
|
$66 billion
|
|
|
0.1900
|
|
$71 billion
|
|
|
0.1851
|
|
$76 billion
|
|
|
0.1806
|
|
$80 billion
|
|
|
0.1773
|
|
$91 billion
|
|
|
0.1691
|
|
$125 billion
|
|
|
0.1599
|
|
$200 billion
|
|
|
0.1505
|
|
$250 billion
|
|
|
0.1469
|
|
$300 billion
|
|
|
0.1445
|
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to
certain types of leverage. For these purposes, leverage includes the funds use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond
(TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trusts issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such
assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute eligible assets. Eligible
assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Advisers assumption of the management of
the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of June 30, 2021, the
complex-level fee for each Fund was 0.1539%.
|
8. Fund Leverage
Borrowings
During the current fiscal period, JHAA entered into borrowing
arrangements (Borrowings) as a means of leverage.
As of the end of the reporting period JHAAs maximum commitment amount under its Borrowings is as
follows:
|
|
|
|
|
|
|
JHAA
|
|
Maximum commitment amount
|
|
|
$27,500,000
|
|
As of the end of the reporting period, JHAAs outstanding balance on its Borrowings was as follows:
|
|
|
|
|
|
|
JHAA
|
|
Outstanding balance on Borrowings
|
|
|
$24,525,000
|
|
For JHAA interest is charged on the Borrowings at 1-Month LIBOR plus 0.775% per annum on the amounts borrowed and accrues a 0.125% per
annum commitment fee on the undrawn portion of the Borrowings.
During the current fiscal period, the average daily balance outstanding and average annual interest
rate on JHAAs Borrowings were as follows:
|
|
|
|
|
|
|
JHAA
|
|
Utilization period (days outstanding)
|
|
|
181
|
|
Average daily balance outstanding
|
|
|
$24,525,000
|
|
Average annual interest rate
|
|
|
0.92
|
%
|
In order to maintain their Borrowings, the Fund must meet certain collateral, asset coverage and other requirements. The Funds
Borrowings outstanding is fully secured by eligible securities held in its portfolio of investments.
The Funds Borrowings outstanding are recognized as
Borrowings on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount and undrawn balance are recognized as components of Interest expense on the Statement of Operations.
46
Reverse Repurchase Agreements
During the current fiscal period, JEMD entered into reverse repurchase agreements as a means of leverage.
The Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be
creditworthy. In a reverse repurchase agreement, a Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for
the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the
Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of Interest expense on the Statement of Operations.
In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund identifies for coverage
securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest). Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities
as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be
delayed. The Fund will identify assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements.
As of the end of the
reporting period, the Funds outstanding balances on its reverse repurchase agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Coupon
|
|
|
Principal
Amount
|
|
|
Maturity
|
|
|
Value
|
|
|
Value and
Accrued Interest
|
|
J.P. Morgan Securities PLC
|
|
|
0.790
|
%
|
|
$
|
(19,854,811
|
)
|
|
|
N/A
|
|
|
$
|
(19,854,811
|
)
|
|
$
|
(19,956,329
|
)
|
Societe Generale
|
|
|
0.853
|
%
|
|
|
(13,000,000
|
)
|
|
|
N/A
|
|
|
|
(13,000,000
|
)
|
|
|
(13,017,926
|
)
|
|
|
|
|
|
|
$
|
(32,854,811
|
)
|
|
|
|
|
|
$
|
(32,854,811
|
)
|
|
$
|
(32,974,255
|
)
|
N/A Maturity is not applicable. The final repurchase date will be established following pre-specified advance notice by the Fund or
the counterparty to the reverse repurchase agreement.
During the current fiscal period, the average daily balance outstanding (which was for the entire current
reporting period) and average interest rate on JEMDs reverse repurchase agreements were as follows:
|
|
|
|
|
Average daily balance outstanding
|
|
|
$32,854,811
|
|
Average annual interest rate
|
|
|
1.09
|
%
|
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those
reverse repurchase agreements.
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Reverse Repurchase
Agreements*
|
|
|
Collateral Pledged
to Counterparty
|
|
J.P. Morgan Securities PLC
|
|
$
|
(19,956,329
|
)
|
|
$
|
29,328,229
|
|
Societe Generale
|
|
|
(13,017,926
|
)
|
|
|
19,201,398
|
|
|
|
$
|
(32,974,255
|
)
|
|
$
|
48,529,627
|
|
*
|
Represents gross value and accrued interest for the counterparty as reported in the preceding table.
|
9. Inter-Fund Lending
Inter-Fund Borrowing and
Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility
whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities fails, resulting in an unanticipated cash shortfall) (the
Inter-Fund Program). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever,
need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more
favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the Funds outstanding borrowings
from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the
inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a Funds total outstanding
47
Notes to Financial Statements (continued)
(Unaudited)
borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis
only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a Funds inter-fund loans to any one fund shall not exceed 5%
of the lending Funds net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business
days notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the Funds
investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions
of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a
fund borrows money from another fund, there is a risk that the loan could be called on one days notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an
inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
10. Subsequent Events
Borrowings
During July 2021, JHAA amended its borrowings and decreased its interest on Borrowings to 1-Month LIBOR plus 0.7000% per annum on the amount borrowed and 0.125% per annum
on the undrawn balance. All other terms remained unchanged.
48
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution,
and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Corporate Income November 2021 Target Term Fund (JHB)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Closed-end fund
shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and
income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments and may be subject to higher liquidity risk. Leverage increases return
volatility and magnifies the Funds potential return and its risks; there is no guarantee a funds leverage strategy will be successful. Foreign investments involve additional risks, including currency fluctuation, political and
economic instability, lack of liquidity and differing legal and accounting standards. The risks of foreign investments are magnified in emerging markets. These and other risk considerations including the Funds limited term and call
risk are described in more detail on the Funds web page at www.nuveen.com/JHB.
Nuveen Corporate Income 2023 Target Term Fund (JHAA)
Investing in closed-end
funds involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk.
As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments and may be subject
to higher liquidity risk. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater
liquidity and credit risk. Leverage increases return volatility and magnifies the Funds potential return and its risks; there is no guarantee a funds
leverage strategy will be successful. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of
liquidity and differing legal and accounting standards. The risks of foreign investments are magnified in emerging markets. These and other risk considerations including the Funds limited
term and call risk are described in more detail on the Funds web page at
www.nuveen.com/JHAA.
Nuveen Emerging Markets Debt 2022 Target Term
Fund (JEMD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be
achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Emerging markets, particularly including frontier markets, involve
additional risks, including smaller capitalization, illiquidity, price volatility, political and economic instability that could lead to diminished security values, and different legal and accounting standards.
Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and
income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments.
Leverage increases return volatility and magnifies the Funds potential return and its risks; there is no guarantee a funds leverage strategy will be
successful. These and other risk considerations such as limited term risk are described in more detail on the Funds web page at www.nuveen.com/JEMD.
49
Additional Fund Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Board of Trustees
|
|
|
|
|
|
|
|
|
|
|
Jack B. Evans
|
|
William C. Hunter
|
|
Amy B.R. Lancellotta
|
|
Joanne T. Medero
|
|
Albin F. Moschner
|
|
John K. Nelson
|
Judith M. Stockdale
|
|
Carole E. Stone
|
|
Matthew Thornton III
|
|
Terence J. Toth
|
|
Margaret L. Wolff
|
|
Robert L. Young
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
|
|
Custodian
State Street
Bank
& Trust Company
One Lincoln Street
Boston, MA
02111
|
|
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
|
|
Independent Registered
Public Accounting Firm
KPMG
LLP
200 East Randolph Street
Chicago, IL 60601
|
|
Transfer Agent and
Shareholder Services
Computershare Trust
Company, N.A.
150 Royall Street
Canton, MA 02021
(800) 257-8787
|
Portfolio of Investments Information
Each Fund is required
to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SECs
website at http://www.sec.gov.
Nuveen Funds Proxy Voting Information
You may obtain
(i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on
Nuveens website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free
at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
The Funds Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by
Section 303A.12(a) of the NYSE Listed Company Manual. The Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
The Funds intend to repurchase,
through their open-market share repurchase program, shares of their own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in
the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
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JHB
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JHAA
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JEMD
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Common shares repurchased
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0
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0
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0
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FINRA BrokerCheck
The
Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is
available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
50
Glossary of Terms Used in this Report
(Unaudited)
∎
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Average Annual Total Return: This is a commonly used method to express an investments performance over a
particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or market price and reinvested dividends and capital
gains distributions, if any) over the time period being considered.
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∎
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Bloomberg Barclays U.S. High Yield 1-5 Year Cash Pay 2% Issuer Capped Index: An index that tracks the performance of
U.S. non-investment grade bonds with maturities of one to 4.99 years and limits each issue to 2% of the index. Benchmark returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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Duration: Duration is a measure of the expected period over which a bonds principal and interest will be paid,
and consequently is a measure of the sensitivity of a bonds or bond funds value to changes when market interest rates change. Generally, the longer a bonds or funds duration, the more the price of the bond or fund will change
as interest rates change.
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Effective Leverage: Effective leverage is a funds effective economic leverage, and includes both regulatory
leverage (see below) and the leverage effects of certain derivative investments in the funds portfolio.
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JP Morgan EMBI Global Diversified Index: A uniquely-weighted version of the JP Morgan EMBI Global Index. It limits
the weights of those index countries with larger debt stocks by only including specified portions of these countries eligible current face amounts of debt outstanding. The countries covered are identical to those covered by the JP Morgan EMBI
Global Index which tracks total returns for U.S.-dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. Index returns assume reinvestment of distributions, but do not
reflect any applicable sales charges or management fees.
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Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more
than 100% of the investment capital.
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Net Asset Value (NAV) Per Share: A funds Net Assets is equal to its total assets (securities, cash, accrued
earnings and receivables) less its total liabilities. NAV per share is equal to the funds Net Assets divided by its number of shares outstanding.
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Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of
these are part of a funds capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
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51
Annual Investment Management Agreement Approval Process
(Unaudited)
At a meeting held on May 25-27, 2021 (the May Meeting), the Boards of Trustees (collectively, the
Board and each Trustee, a Board Member) of the Funds, which are comprised entirely of Board Members who are not interested persons (as defined under the Investment Company Act of 1940 (the
1940 Act)) (the Independent Board Members), approved, for their respective Fund, the renewal of the management agreement (each, an Investment Management Agreement) with Nuveen Fund Advisors,
LLC (the Adviser), pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (each, a Sub-Advisory Agreement) with
(a) in the case of Nuveen Corporate Income November 2021 Target Term Fund (the November 2021 Fund) and Nuveen Corporate Income 2023 Target Term Fund (the 2023 Fund), Nuveen Asset Management, LLC
(NAM), pursuant to which NAM serves as the investment sub-adviser to each such Fund; and (b) in the case of Nuveen Emerging Markets Debt 2022 Target Term Fund (the Emerging
Markets Fund), Teachers Advisors, LLC (TAL, and NAM and TAL are each, a Sub-Adviser), pursuant to which TAL serves as the investment sub-adviser to such Fund. Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the in-person vote of a majority of the
Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the
COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered
investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a funds advisory agreement in light of these challenges.
Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as
the Advisory Agreements and the Adviser and each Sub-Adviser are collectively, the Fund Advisers and each, a Fund Adviser. Throughout the year, the
Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements
for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Advisers strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance,
regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; securities lending; liquidity management; overall market and
regulatory developments; and with respect to closed-end funds, capital management initiatives, institutional ownership, management of leverage financing and the secondary market trading of the closed-end funds and any actions to address discounts. The Board also seeks to meet periodically with the Nuveen funds sub-advisers and portfolio teams, when feasible.
In addition, in connection with the annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel,
requested and received extensive materials and information prepared specifically for its annual consideration of the renewal of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (Broadridge), an
independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken
during 2020 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and the applicable investment
teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute
terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a description of portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of performance, distribution and valuation and capital-raising trends in the broader closed-end fund market and
with respect to Nuveen closed-end funds and a review of the leverage management actions taken on behalf of the closed-end funds particularly during the periods of market
volatility generally caused by the COVID-19 pandemic); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the
benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the
Adviser and the sub-advisers as a result of their
52
relationships with the Nuveen funds. The information
prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year.
In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 21-22, 2021 (the April Meeting), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Advisers evaluation of each
sub-adviser to the Nuveen funds. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting. The Board reviewed fund performance
throughout the year and in its review, the Board recognized the volatile market conditions that occurred in early 2020 arising, in part, from the public health crisis caused by the novel coronavirus known as
COVID-19 and the resulting impact on a funds performance for 2020 and thereafter. Accordingly, the Board considered performance data measured over various periods of time as summarized in more detail
below.
The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated
information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory
agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards annual review of the Nuveen funds advisory arrangements and oversight of the Nuveen
funds.
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in
executive sessions with such counsel at which no representatives from the Adviser or the Sub-Advisers were present. In connection with their annual review, the Independent Board Members also received a
memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
The Boards decision to
renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the April and May Meetings, and each Board Member
may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board
considered in deciding to renew the Advisory Agreements as well as the Boards conclusions.
A.
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Nature, Extent and Quality of Services
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In evaluating the renewal of the Advisory Agreements, the
Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Advisers services provided to the respective Fund with particular focus on the services and enhancements to such
services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this
approach, they considered the respective roles of the Adviser and the Sub-Advisers in providing services to the applicable Fund(s).
The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management,
oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly considered the
extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are
not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing
and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial
statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and
management processes; participating in leverage management, liquidity monitoring and counterparty
53
Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically
assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds independent public accountants and other service
providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder
customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and
administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with
applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers
to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); legal support and oversight of outside law firms (such as helping to prepare and file registration statements
and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory
requirements and commenting on rule proposals impacting investment companies); and with respect to closed-end funds, managing leverage, monitoring asset coverage and promoting an orderly secondary market.
In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2020 to
benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:
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Centralization of Functions ongoing initiatives to centralize investment leadership, market approach and
shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds;
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Fund Improvements and Product Management Initiatives continuing to proactively manage the Nuveen fund complex
as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through
mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds;
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Investment Team Integrations continuing to integrate and adjust the members of certain investment teams, in
part, to allow greater access to tools and resources within the Nuveen organization and its affiliates;
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Capital Initiatives continuing to invest capital to support new Nuveen funds with initial capital as well as
to support existing funds and facilitate regulatory or logistical changes;
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Compliance Program Initiatives continuing efforts to mitigate compliance risk, increase operating
efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives;
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Investment Oversight preparing reports to the Board addressing, among other things, fund performance; market
conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals;
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Risk Management and Valuation Services continuing to oversee and manage risk including, among other things,
conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to
implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to
identifying and mitigating Nuveens operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains
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54
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the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow
within the organization;
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Regulatory Matters continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or
the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;
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Government Relations continuing efforts of various Nuveen teams and Nuveens affiliates to develop
policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;
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Business Continuity, Disaster Recovery and Information Security continuing efforts of Nuveen to periodically
test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least
annually, addressing, among other things, managements security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;
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Dividend Management Services continuing to manage the dividends among the varying types of Nuveen funds
within the Nuveen complex to be consistent with the respective funds product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of
new products or the restructuring of existing funds; and
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with respect specifically to closed-end funds, such continuing services also
included:
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Leverage Management Services continuing to actively manage the various forms of leverage utilized across the
complex, including through committing resources and focusing on sourcing/structure development and bank provider management, which was key to navigating the respective funds through the COVID-related market volatility in 2020;
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Capital Management, Market Intelligence and Secondary Market Services ongoing capital management efforts
through shelf offerings, share repurchases, tender offers and capital return programs as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary
market trading as well as to improve proxy solicitation efforts; and
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Closed-end Fund Investor Relations Program maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the
Nuveen closed-end fund product line.
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In its review, the Board recognized that
Nuveens risk management, compliance, technology and operations capabilities are all integral to providing its investment management services to the Nuveen funds. Further, the Board noted the benefits to shareholders of investing in a Nuveen
fund, as each Nuveen fund is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the
first half of 2020. The Board recognized the impact of the COVID-19 pandemic during the year and the adaptations required by service providers to continue to deliver their services to the Nuveen funds,
including working remotely. In this regard, the Board noted the ability of the Adviser and the various sub-advisers to the Nuveen funds to provide continuously their services notwithstanding the significant
disruptions caused by the pandemic. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational,
regulatory and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the respective Sub-Adviser and recognized that the Sub-Advisers and their investment personnel generally are responsible for the management of each applicable Funds portfolio under the
oversight of the Adviser and the Board. The Board considered an analysis of each
55
Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the
applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by such Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds
sub-advised by such Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of each
Sub-Advisers compliance programs and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this structure provides appropriate incentives to
act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality
of services provided to the respective Funds under each applicable Advisory Agreement.
B.
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The Investment Performance of the Funds and Fund Advisers
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In evaluating the quality of the
services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly
depending on the ending date selected, particularly during periods of market volatility, and therefore considered performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things,
Fund performance over the quarter, one- and three-year periods ending December 31, 2020 (or for shorter periods available to the extent a Fund was not in existence
during such periods) as well as performance data periods ending nearer to the May Meeting, including the quarter, one- and three-year periods ending March 31, 2021 and May 14, 2021 (or for shorter
periods available to the extent a Fund was not in existence during such periods). The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received
throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Advisers analysis regarding fund performance that occurred at these
Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns.
Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.
In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the
latter, the Board considered fund performance in comparison to the performance of peer funds (the Performance Peer Group) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple
recognized benchmarks). For Nuveen funds that had changes in portfolio managers since 2018 or significant changes, among other things, to their investment strategies or policies since 2019, the Board reviewed certain performance data comparing the
performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of
the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to
differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low,
medium or high.
The Board also evaluated performance in light of various relevant factors, including, among other things, general market conditions,
issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board recognized the significant market decline in the early part of 2020 in connection with, among other things, the
impact of the COVID-19 pandemic and that such a period of underperformance and market volatility may significantly weigh on the longer term performance results. Accordingly, depending on the facts and
circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a funds performance notwithstanding that its performance may be below that of its
benchmark or peer group
56
for certain periods. However, with
respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary
or appropriate to address such issues, and reviews the results of any steps undertaken.
The secondary market trading of shares of the Nuveen closed-end funds continues to be a priority for the Board given its importance to shareholders, and therefore data reflecting the premiums and discounts at which the shares of the
closed-end funds trade are reviewed by the Board during its annual review and by the Board and/or its Closed-end Fund committee during its respective quarterly meetings
throughout the year. The Board continuously reviews all closed-end fund discounts and the funds performance relative to both primary and secondary benchmarks and peers. In its review, the Board
considers, among other things, changes to investment mandates and guidelines, enhanced and attractive distribution policies, leverage levels and types, fund reorganizations, share repurchases and similar capital market actions and effective
communications programs to build greater awareness and deepen understanding of closed-end funds.
The Board
noted that each of the Nuveen target term funds (including each Fund) had investment objectives that seek to provide a high level of current income and to return its original net asset value per common share on or about its termination date. Given
the heightened market volatility in early 2020 which continued to impact longer term performance and the investment objectives of these funds to seek the return of original net asset value, the Board will continue to monitor each of these funds.
Further, the Boards determinations with respect to each Fund are summarized below.
For the November 2021 Fund, the Board noted that the
Funds performance was below the performance of its benchmark and the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2020,
March 31, 2021 and May 14, 2021. In its review, the Board recognized that the Performance Peer Group was classified as low for relevancy. The Board also noted that recent market conditions have materially increased the risk associated with
achieving the Funds objective to return original net asset value. The Board, however, considered the changes to the portfolio management team and certain policies of the Fund in 2020. The Board will continue to monitor the Fund.
For the 2023 Fund, the Board noted that the Funds performance was below the performance of its benchmark and the Fund ranked in the third quartile
of its Performance Peer Group for the one-year period ended December 31, 2020. Although the Fund ranked in the fourth quartile of its Performance Peer Group for the
one-year periods ended March 31, 2021 and May 14, 2021, the Fund outperformed its benchmark for such periods. In its review, the Board recognized that the Performance Peer Group was classified as low
for relevancy. The Board also considered the changes to the portfolio management team and certain policies of the Fund in 2020. The Board recognized that the Fund was relatively new with a limited performance history available limiting the ability
for a meaningful assessment of performance and will continue to monitor the Fund.
For the Emerging Markets Fund, the Board recognized that the
Funds performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2020, and the Fund ranked in the third quartile of its Performance Peer Group for
the one-year period and second quartile for the three-year period ended December 31, 2020. Although the Funds performance was below the performance of its benchmark for the three-year periods ended
March 31, 2021 and May 14, 2021, the Fund outperformed its benchmark for the one-year periods ended March 31, 2021 and May 14, 2021. The Fund further ranked in the second quartile of its
Performance Peer Group for the one- and three-year periods ended March 31, 2021 and May 14, 2021. In its review, the Board recognized that the Performance Peer Group was classified as low for
relevancy. The Board recognized that recent market conditions and certain distressed portfolio holdings in the portfolio increased the risk associated with achieving the Funds objective to return original net asset value. The Board will
continue to monitor the Fund.
C.
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Fees, Expenses and Profitability
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As part of its annual review, the Board considered the contractual management
fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board
also considered the total operating
57
Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
expense ratio of each fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed,
among other things, each funds gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the
Peer Universe) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective
Peer Universe as well as changes to the composition of the Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a funds operating expense ratio as it more directly
reflected the shareholders costs in investing in the respective fund.
In their review, the Independent Board Members considered, in
particular, each fund with a net expense ratio (excluding investment-related costs of leverage) of six basis points or higher compared to that of its peer average (each, an Expense Outlier Fund) and an analysis as to the factors
contributing to each such funds higher relative net expense ratio. In addition, although the Board reviewed a funds total net expenses both including and excluding investment-related expenses
(i.e., leverage costs) and taxes for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms
and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the funds net expense ratio and fees (excluding leverage costs and leveraged
assets) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer
average of the Peer Universe. The Independent Board Members also considered, in relevant part, a funds net management fee and net total expense ratio in light of its performance history.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately
$58.4 million and fund-level breakpoints reduced fees by approximately $69.6 million in 2020.
With respect to the Sub-Advisers, the Board also considered the sub-advisory fee schedule paid to each Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the breakpoint schedule and comparative data of the fees such Sub-Adviser charges to other clients, if any. In its
review, the Board recognized that the compensation paid to the Sub-Advisers is the responsibility of the Adviser, not the Funds.
The Independent Board Members noted that each Fund had a net management fee and a net expense ratio that were below the respective peer averages.
Based on its review of the information provided, the Board determined that each Funds management fees (as applicable) to a Fund Adviser were
reasonable in light of the nature, extent and quality of services provided to the Fund.
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2.
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Comparisons with the Fees of Other Clients
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In determining the appropriateness of fees, the Board
also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Advisers, such other clients may include retail and institutional managed accounts advised by a Sub-Adviser (with respect to NAM); hedge funds managed by a Sub-Adviser (with respect to NAM); investment companies offered outside the Nuveen family and sub-advised by a Sub-Adviser (with
respect to NAM); foreign investment companies offered by Nuveen and sub-advised by a Sub-Adviser (with respect to NAM and TAL); collective investment trusts sub-advised by a Sub-Adviser (with respect to NAM); and certain funds advised by a Sub-Adviser (with respect to TAL). The Board further
noted that the Adviser also advised and TAL sub-advised certain exchange-traded funds (ETFs) sponsored by Nuveen.
The Board recognized that each Fund had an affiliated sub-adviser and, with respect to affiliated sub-advisers, reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee), foreign investment companies and ETFs offered by Nuveen, as applicable.
The Board also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts advised by NAM, the
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hedge funds advised by NAM (along
with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers. Further, the
Board reviewed the management fees and expense ratios of certain funds advised by TAL in the TIAA-CREF family of funds.
In considering the fee data
of other clients, the Board recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor
profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to the other types of clients as
the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to
ETFs, the Board considered that Nuveen ETFs were passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee
levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further
considered that each Sub-Advisers fee is essentially for portfolio management services and therefore more comparable to, as applicable, the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus
other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
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3.
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Profitability of Fund Advisers
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In their review, the Independent Board Members considered
information regarding Nuveens level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board reviewed, among other things, Nuveens net margins
(pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding
distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and
comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset
composition) for each of the last two calendar years. In reviewing the peer comparison data, the Independent Board Members noted that Nuveen Investments, Inc.s operating margins were on the low range compared to the total company adjusted
operating margins of the peers. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.
In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is
not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and
finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies
employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and
total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three Independent Board Members to serve as the Boards liaisons,
with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized
that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also considered the key drivers behind the revenue and expense changes that impacted
Nuveens net margins between 2019 and 2020. The Board also noted the reinvestments
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Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued
investments in enhancements to information technology, portfolio accounting systems and the global trading platform.
In reviewing the comparative
peer data noted above, the Board considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members also recognized the limitations of the comparative data given
that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the
methodology used to allocate expenses and other factors) that can have a significant impact on the results.
Aside from Nuveens profitability,
the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). Accordingly, the Board also reviewed a balance sheet for TIAA
reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant
resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.
In
addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Advisers from their relationships with the respective Nuveen funds. In this regard, the Independent Board Members
reviewed, among other things, NAMs revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended
December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members also reviewed a
profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for NAM for the calendar year ending December 31, 2020
and the pre- and post-tax revenue margins from 2020 and 2019. With respect to TAL, the Independent Board Members reviewed such
Sub-Advisers revenues, expenses and net operating income for its advisory services to the Nuveen ETFs and Nuveen closed-end funds for 2020 and 2019.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the
respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the
information provided, the Board noted that Nuveens and each Sub-Advisers level of profitability was acceptable and not unreasonable in light of the services provided.
D.
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Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
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The Board considered
whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to
measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing
of Nuveen funds at scale at inception and investments in Nuveens business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board
considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level
component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale
with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of
a particular fund are unchanged or have declined. With respect to the Nuveen closed-end funds, the Independent Board Members noted that, although such funds may from time to time make additional share
offerings, the growth of their assets would occur primarily through the appreciation of such funds investment portfolios. Further, in the calculation of the complex-level component, the Board noted that it had approved the
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acquisition of several Nuveen funds
by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed
to credit approximately $604.5 million to assets under management to the Nuveen complex in calculating the complex-wide component.
The
Independent Board Members also recognized the Advisers continued reinvestment in its business through various initiatives including maintaining a seed account available for investments into Nuveen funds and investing in its internal
infrastructure, information technology and other systems that will, among other things, consolidate and enhance accounting systems, integrate technology platforms to support growth and efficient data processing, and further develop its global
trading platform to enhance the investment process for the investment teams.
Based on its review, the Board concluded that the current fee
arrangements together with the Advisers reinvestment in its business appropriately shared any economies of scale with shareholders.
The Independent Board Members received and considered information regarding
other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Board considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing
closed-end funds. In addition, the Independent Board Members also noted that various sub-advisers (including NAM) may engage in soft dollar transactions pursuant to
which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. However, the Board noted that any benefits for NAM when transacting in
fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted that TAL does not participate in soft dollar arrangements with respect
to Nuveen fund portfolio transactions.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of
its relationship with the Funds were reasonable and within acceptable parameters.
The Board Members did not identify any single factor discussed previously as
all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Advisers
fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Notes
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Notes
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Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide
dependable investment solutions through continued adherence to
proven, long-term investing
principles. Today, we offer a range of high quality solutions designed to
be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment
manager of TIAA. We have grown into one of the worlds premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise
in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides.
As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find
out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your
financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk
considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen,
333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
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Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
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ESA-E-0621D 1739068-INV-B-08/22
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