0001752724-21-257348.txt : 20211124 0001752724-21-257348.hdr.sgml : 20211124 20211124143154 ACCESSION NUMBER: 0001752724-21-257348 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211124 PERIOD START: 20211231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Credit Opportunities 2022 Target Term Fund CENTRAL INDEX KEY: 0001686142 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23195 FILM NUMBER: 211445179 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 NPORT-P 1 primary_doc.xml NPORT-P false 0001686142 XXXXXXXX Nuveen Credit Opportunities 2022 Target Term Fund 811-23195 0001686142 549300MO23P4EWQM3T38 333 W. Wacker Dr Chicago 60606 312-917-7700 Nuveen Credit Opportunities 2022 Target Term Fund 549300MO23P4EWQM3T38 2021-12-31 2021-09-30 N 230370341.00 1657174.00 228713167.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 USD N NAVIENT CORP 54930067J0ZNOEBRW338 Navient Corp 63938CAF5 9000000.00000000 PA USD 9292500.00000000 4.062949292289 Long DBT CORP US N 2 2022-06-15 Fixed 6.50000000 N N N N N N SOUTHWESTERN ENERGY CO EFWMP121W54QV9MGOP87 Southwestern Energy Co 845467AH2 5000000.00000000 PA USD 5012500.00000000 2.191609720484 Long DBT CORP US N 2 2022-03-15 Fixed 4.10000000 N N N N N N T-MOBILE USA INC 549300V2JRLO5DIFGE82 T-Mobile USA Inc 87264AAR6 9500000.00000000 PA USD 9610865.00000000 4.202147662097 Long DBT CORP US N 2 2022-04-15 Fixed 4.00000000 N N N N N N TEVA PHARM FIN IV BV 549300P1YOE2RRPSGG38 Teva Pharmaceutical Finance IV BV 88166JAA1 4058000.00000000 PA USD 4063072.50000000 1.776492605692 Long DBT CORP CW N 2 2021-11-10 Fixed 3.65000000 N N N N N N SEALED AIR CORP Q0M0CZB4YN6JZ65WXI09 Sealed Air Corp 81211KAV2 9000000.00000000 PA USD 9326250.00000000 4.077705766716 Long DBT CORP US Y 2 2022-12-01 Fixed 4.87500000 N N N N N N ANADOLU EFES 7890006LGARYVIPOJX03 Anadolu Efes Biracilik Ve Malt Sanayii AS 032523AA0 2000000.00000000 PA USD 2035200.00000000 0.889848200125 Long DBT CORP TR Y 2 2022-11-01 Fixed 3.37500000 N N N N N N FORD MOTOR CREDIT CO LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co LLC 345397WF6 3000000.00000000 PA USD 3068250.00000000 1.341527486259 Long DBT CORP US N 2 2022-09-20 Fixed 4.25000000 N N N N N N ZF NA CAPITAL 529900JYGMS9CW9IQX78 ZF North America Capital Inc 98877DAB1 10249000.00000000 PA USD 10389923.75000000 4.542774640517 Long DBT CORP US Y 2 2022-04-29 Fixed 4.50000000 N N N N N N DAE FUNDING LLC 635400SZTPQL3Y1P2C76 DAE Funding LLC 23371DAD6 600000.00000000 PA USD 600180.00000000 0.262416024347 Long DBT CORP US Y 2 2021-11-15 Fixed 5.25000000 N N N N N N SPRINT COMMUNICATIONS 549300JKU50UT08ZWD77 Sprint Communications Inc 852061AS9 12500000.00000000 PA USD 13143375.00000000 5.746663024433 Long DBT CORP US N 2 2022-11-15 Fixed 6.00000000 N N N N N N FREEPORT-MCMORAN INC 549300IRDTHJQ1PVET45 Freeport-McMoRan Inc 35671DAU9 5000000.00000000 PA USD 5015625.00000000 2.192976060709 Long DBT CORP US N 2 2022-03-01 Fixed 3.55000000 N N N N N N IQOR US INC 549300LKMK4MMQCMDH78 iQor US Inc 46264NAL7 1909197.65000000 PA USD 1880559.69000000 0.822234991831 Long LON CORP US N 2 2025-11-19 Variable 8.50000000 N N N N N N PETROLEUM GEO-SERVICES 213800T66DRTE6O6BV87 PGS ASA 71659MAH9 1494498.89000000 PA USD 1363730.24000000 0.596262234434 Long LON CORP NO N 2 2024-03-19 Variable 7.64730000 N N N N N N ANGLOGOLD HOLDINGS PLC 213800745ZIXC4L6A131 AngloGold Ashanti Holdings PLC 03512TAC5 3688000.00000000 PA USD 3784810.00000000 1.654828206720 Long DBT CORP IM N 2 2022-08-01 Fixed 5.12500000 N N N N N N TEVA PHARMACEUT FIN BV 549300Q840R30TDKVK53 Teva Pharmaceutical Finance Co BV 88165FAF9 4321000.00000000 PA USD 4326401.25000000 1.891627537998 Long DBT CORP CW N 2 2021-11-10 Fixed 3.65000000 N N N N N N TRANSNET SOC LTD 378900B07CD6F01EA796 Transnet SOC Ltd 89378TAC7 4000000.00000000 PA USD 4040400.00000000 1.766579534093 Long DBT CORP ZA Y 2 2022-07-26 Fixed 4.00000000 N N N N N N CSC HOLDINGS LLC 3HG2WD2W22M120IUNG49 CSC Holdings LLC 12686CBB4 12787000.00000000 PA USD 13226553.13000000 5.783030904381 Long DBT CORP US N 2 2022-09-15 Fixed 5.87500000 N N N N N N iQor US Inc 549300LKMK4MMQCMDH78 iQor US Inc N/A 63918.00000000 NS USD 755063.33000000 0.330135488001 Long EC CORP US N 2 N N N LUMEN TECHNOLOGIES INC 8M3THTGWLTYZVE6BBY25 Lumen Technologies Inc 156700AS5 8000000.00000000 PA USD 8152000.00000000 3.564289763868 Long DBT CORP US N 2 2022-03-15 Fixed 5.80000000 N N N N N N BALL CORP 0BGI85ALH27ZJP15DY16 Ball Corp 058498AR7 3600000.00000000 PA USD 3668760.00000000 1.604087796134 Long DBT CORP US N 2 2022-03-15 Fixed 5.00000000 N N N N N N MTN MAURITIUS INVSTMENTS 2549009PQD415OQIR074 MTN Mauritius Investments Ltd 55377XAC0 4100000.00000000 PA USD 4141770.80000000 1.810901774623 Long DBT CORP MU Y 2 2022-02-13 Fixed 5.37300000 N N N N N N FORD MOTOR CREDIT CO LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co LLC 345397ZM8 3000000.00000000 PA USD 3035850.00000000 1.327361270809 Long DBT CORP US N 2 2022-01-07 Fixed 5.59600000 N N N N N N Whiting Petroleum Corp 52990028CHK9KUB1B293 Whiting Petroleum Corp 966387508 30780.00000000 NS USD 1797859.80000000 0.786076212219 Long EC CORP US N 1 N N N NORTONLIFELOCK INC YF6ZV0M6AU4FY94MK914 NortonLifeLock Inc 871503AK4 4000000.00000000 PA USD 4046800.00000000 1.769377798874 Long DBT CORP US N 2 2022-06-15 Fixed 3.95000000 N N N N N N iQor US Inc 549300LKMK4MMQCMDH78 iQor US Inc N/A 690780.29000000 PA USD 708049.80000000 0.309579815315 Long LON CORP US N 2 2027-09-15 Fixed 8.50000000 N N N N N N SASOL FINANCING INT N/A Sasol Financing International Ltd 803865AA2 4000000.00000000 PA USD 4090592.00000000 1.788524925633 Long DBT CORP IM N 2 2022-11-14 Fixed 4.50000000 N N N N N N FORD MOTOR CREDIT CO LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co LLC 345397ZH9 9000000.00000000 PA USD 9004500.00000000 3.937027377177 Long DBT CORP US N 2 2021-10-12 Fixed 3.81300000 N N N N N N KB HOME 549300LGUCWQURMWLG09 KB Home 48666KAR0 1500000.00000000 PA USD 1588125.00000000 0.694374102213 Long DBT CORP US N 2 2022-09-15 Fixed 7.50000000 N N N N N N OCCIDENTAL PETROLEUM COR IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp 674599CP8 3000000.00000000 PA USD 3026250.00000000 1.323163873639 Long DBT CORP US N 2 2022-08-15 Fixed 2.70000000 N N N N N N DISH DBS CORP N/A DISH DBS Corp 25470XAJ4 13000000.00000000 PA USD 13398125.00000000 5.858047079554 Long DBT CORP US N 2 2022-07-15 Fixed 5.87500000 N N N N N N WESTERN MIDSTREAM OPERAT L6D8A6MLSY454J2JXJ60 Western Midstream Operating LP 958254AB0 8737000.00000000 PA USD 8870064.51000000 3.878248299539 Long DBT CORP US N 2 2022-07-01 Fixed 4.00000000 N N N N N N MOLINA HEALTHCARE INC 549300NQQCEQ46YHZ591 Molina Healthcare Inc 60855RAG5 12000000.00000000 PA USD 12371400.00000000 5.409133266035 Long DBT CORP US N 2 2022-11-15 Fixed 5.37500000 N N N N N N DELTA AIR LINES INC Q2CCMS6R0AS67HJMBN42 Delta Air Lines Inc 247361ZJ0 7000000.00000000 PA USD 7061944.82000000 3.087686167189 Long DBT CORP US N 2 2022-03-15 Fixed 3.62500000 N N N N N N CALUMET SPECIALTY PROD N/A Calumet Specialty Products Partners LP / Calumet Finance Corp 131477AL5 2827000.00000000 PA USD 2812865.00000000 1.229865790805 Long DBT CORP US N 2 2022-01-15 Fixed 7.62500000 N N N N N N NEWELL BRANDS INC 549300LWGYFM1TVO1Z12 Newell Brands Inc 651229AM8 3000000.00000000 PA USD 3030000.00000000 1.324803481908 Long DBT CORP US N 2 2022-06-15 Fixed 4.00000000 N N N N N N ONEMAIN FINANCE CORP 5493008I795YYBFWFU90 OneMain Finance Corp 85172FAK5 6000000.00000000 PA USD 6157500.00000000 2.692236778829 Long DBT CORP US N 2 2022-05-15 Fixed 6.12500000 N N N N N N TOLL BROS FINANCE CORP N/A Toll Brothers Finance Corp 88947EAK6 5000000.00000000 PA USD 5018750.00000000 2.194342400934 Long DBT CORP US N 2 2022-02-15 Fixed 5.87500000 N N N N N N WALTER INVESTMENT MGMT Z4TM9IUZR644E7BFXU45 Ditech Holding Corporation., Term Loan B, First Lien 93317CAL0 1433868.23000000 PA USD 287669.81000000 0.125777546510 Long LON CORP US N 2 2022-06-30 Variable 0.00000000 Y N N N N N COGENT COMMUNICATIONS GR 549300KFWFYF8Q1U0Y26 Cogent Communications Group Inc 19240CAA1 5719000.00000000 PA USD 5747595.00000000 2.513014478086 Long DBT CORP US Y 2 2022-03-01 Fixed 5.37500000 N N N N N N QUARTERNORTH ENERGY HOLD 549300BC3OH5VUTNXB92 Quarternorth Energy Holding Inc 74771KAB3 663497.30000000 PA USD 667644.16000000 0.291913302918 Long LON CORP US N 2 2026-08-27 Variable 9.00000000 N N N N N N Skillsoft Corp N/A Skillsoft Corp 83066P200 85543.22000000 NS USD 904166.86000000 0.395327856222 Long EC CORP US N 3 N N N MGM RESORTS INTL 54930066VBP7DZEGGJ87 MGM Resorts International 552953BX8 2750000.00000000 PA USD 2825625.00000000 1.235444831210 Long DBT CORP US N 2 2022-03-15 Fixed 7.75000000 N N N N N N STARWOOD PROPERTY TRUST BUGSFQZERKRBFWIG5267 Starwood Property Trust Inc 85571BAG0 3858000.00000000 PA USD 3865716.00000000 1.690202645831 Long DBT CORP US N 2 2021-12-15 Fixed 5.00000000 N N N N N N Fieldwood Energy LLC 549300KTQCELOBO6BF21 Fieldwood Energy LLC N/A 18459.00000000 NS USD 1845900.00000000 0.807080774671 Long EC CORP US N 2 N N N BLACKSTONE MORTGAGE TR 549300OLDJ20R2Y2UW20 Blackstone Mortgage Trust Inc 09257WAB6 1500000.00000000 PA USD 1516689.98000000 0.663140649003 Long DBT CORP US N 2 2022-05-05 Fixed 4.37500000 N N N N N BLACKSTONE MORTGAGE TRU-CL A BLACKSTONE MORTGAGE TRU-CL A USD XXXX N N N PARK AEROSPACE HOLDINGS 635400CPI3EOIFF6OC33 Park Aerospace Holdings Ltd 70014LAA8 4000000.00000000 PA USD 4143682.96000000 1.811737826182 Long DBT CORP KY Y 2 2022-08-15 Fixed 5.25000000 N N N N N N OCCIDENTAL PETROLEUM COR IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp 674599CC7 5000000.00000000 PA USD 5005450.00000000 2.188527256937 Long DBT CORP US N 2 2022-02-15 Fixed 3.12500000 N N N N N N 2021-09-30 Nuveen Credit Opportunities 2022 Target Term Fund E. Scott Wickerham E. Scott Wickerham Funds Treasurer XXXX NPORT-EX 2 JCO.htm FOR VALIDATION PURPOSES ONLY - [411095.TX]
JCO   

Nuveen Credit Opportunities 2022
Target Term Fund

 

Portfolio of Investments    September 30, 2021

     (Unaudited)

 

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

LONG-TERM INVESTMENTS – 107.4% (100.0% of Total Investments)

 

  
   

CORPORATE BONDS – 101.2% (94.2% of Total Investments)

 

  
          Airlines – 3.1%         
$ 7,000        

Delta Air Lines Inc

 

     3.625%        3/15/22        Baa3      $ 7,061,945  
          Auto Components – 4.5%                       
  10,249        

ZF North America Capital Inc, 144A

 

     4.500%        4/29/22        BB+        10,389,924  
          Automobiles – 5.3%                       
  9,000      

Ford Motor Credit Co LLC

 

     3.813%        10/12/21        BB+        9,004,500  
  3,000        

Ford Motor Credit Co LLC

 

     5.596%        1/07/22        BB+        3,035,850  
  12,000        

Total Automobiles

 

                                12,040,350  
          Beverages – 0.9%                              
  2,000        

Anadolu Efes Biracilik Ve Malt Sanayii AS, 144A

 

     3.375%        11/01/22        BBB–        2,035,200  
          Consumer Finance – 8.1%                       
  3,000      

Ford Motor Credit Co LLC

 

     4.250%        9/20/22        BB+        3,068,250  
  9,000      

Navient Corp

          6.500%        6/15/22        Ba3        9,292,500  
  6,000        

OneMain Finance Corp

 

     6.125%        5/15/22        Ba2        6,157,500  
  18,000        

Total Consumer Finance

 

                                18,518,250  
          Containers & Packaging – 9.8%                              
  3,600      

Ball Corp

 

     5.000%        3/15/22        BB+        3,668,760  
  18,000        

Sealed Air Corp, 144A

 

     4.875%        12/01/22        BB+        18,679,590  
  21,600        

Total Containers & Packaging

 

                                22,348,350  
          Diversified Telecommunication Services – 6.1%                              
  5,719      

Cogent Communications Group Inc, 144A

 

     5.375%        3/01/22        BB        5,747,595  
  8,000        

Lumen Technologies Inc

 

     5.800%        3/15/22        BB        8,152,000  
  13,719        

Total Diversified Telecommunication Services

 

                                13,899,595  
          Electrical Equipment – 1.8%                              
  4,000        

Park Aerospace Holdings Ltd, 144A

 

     5.250%        8/15/22        BBB–        4,143,683  
          Health Care Providers & Services – 5.4%                       
  12,000        

Molina Healthcare Inc

 

     5.375%        11/15/22        BB–        12,371,400  
          Hotels, Restaurants & Leisure – 3.0%                       
  6,750        

MGM Resorts International

 

     7.750%        3/15/22        Ba3        6,935,625  
          Household Durables – 4.2%                       
  1,500      

KB Home

 

     7.500%        9/15/22        BB        1,588,125  
  3,000      

Newell Brands Inc

          4.000%        6/15/22        BB+        3,030,000  
  5,000        

Toll Brothers Finance Corp

 

     5.875%        2/15/22        BBB–        5,018,750  
  9,500        

Total Household Durables

 

                       9,636,875  
          Media – 11.6%                              
  12,787      

CSC Holdings LLC

          5.875%        9/15/22        B+        13,226,553  
  13,000        

DISH DBS Corp

 

     5.875%        7/15/22        B2        13,398,125  
  25,787        

Total Media

 

                                26,624,678  

 

1

JCO    Nuveen Credit Opportunities 2022 Target Term Fund (continued)
   Portfolio of Investments    September 30, 2021
   (Unaudited)

 

Principal
Amount (000)
         Description (1)      Coupon      Maturity      Ratings (2)      Value  
          Metals & Mining – 3.8%                              
$ 3,688      

AngloGold Ashanti Holdings PLC

 

     5.125%        8/01/22        Baa3      $ 3,784,810  
  5,000        

Freeport-McMoRan Inc

 

     3.550%        3/01/22        BB+        5,015,625  
  8,688        

Total Metals & Mining

 

                                8,800,435  
          Mortgage Real Estate Investment Trust – 1.7%         
  3,858        

Starwood Property Trust Inc

 

     5.000%        12/15/21        BB+        3,865,716  
          Oil, Gas & Consumable Fuels – 12.6%                       
  2,827      

Calumet Specialty Products Partners LP / Calumet Finance Corp

 

     7.625%        1/15/22        B–        2,812,865  
  5,000      

Occidental Petroleum Corp

          3.125%        2/15/22        BB        5,005,450  
  3,000      

Occidental Petroleum Corp

          2.700%        8/15/22        BB        3,026,250  
  4,000      

Sasol Financing International Ltd

          4.500%        11/14/22        BB        4,090,592  
  5,000      

Southwestern Energy Co

          4.100%        3/15/22        BB        5,012,500  
  8,737        

Western Midstream Operating LP

 

     4.000%        7/01/22        BB+        8,870,064  
  28,564        

Total Oil, Gas & Consumable Fuels

 

                                28,817,721  
          Pharmaceuticals – 3.7%                              
  4,321      

Teva Pharmaceutical Finance Co BV

 

     3.650%        11/10/21        Ba2        4,326,401  
  4,058        

Teva Pharmaceutical Finance IV BV

 

     3.650%        11/10/21        Ba2        4,063,073  
  8,379        

Total Pharmaceuticals

 

                                8,389,474  
          Road & Rail – 2.0%                              
  600      

DAE Funding LLC, 144A

 

     5.250%        11/15/21        Baa3        600,180  
  4,000        

Transnet SOC Ltd, 144A

 

     4.000%        7/26/22        Ba2        4,040,400  
  4,600        

Total Road & Rail

 

                                4,640,580  
          Software – 1.8%                              
  4,000        

NortonLifeLock Inc

 

     3.950%        6/15/22        BB+        4,046,800  
          Wireless Telecommunication Services – 11.8%                       
  4,100      

MTN Mauritius Investments Ltd, 144A

 

     5.373%        2/13/22        Ba2        4,141,771  
  12,500      

Sprint Communications Inc

          6.000%        11/15/22        BB+        13,143,375  
  9,500        

T-Mobile USA Inc

                      4.000%        4/15/22        BBB–        9,610,865  
  26,100        

Total Wireless Telecommunication Services

 

                       26,896,011  
$ 226,794        

Total Corporate Bonds (cost $230,303,412)

 

                       231,462,612  
Shares          Description (1)                              Value  
          COMMON STOCKS – 2.3% (2.2% of Total Investments)                              
          Banks – 0.3%                              
  63,918        

iQor US Inc, (3), (4)

 

                              $ 755,063  
          Oil, Gas & Consumable Fuels – 1.6%                              
  18,459      

Fieldwood Energy LLC, (3), (4)

 

              1,845,900  
  30,780        

Whiting Petroleum Corp, (4)

 

                                1,797,860  
   

Total Oil, Gas & Consumable Fuels

 

              3,643,760  
          Professional Services – 0.4%                              
  85,543        

Skillsoft Corp, (4), (5)

 

                                904,167  
   

Total Common Stocks (cost $6,635,156)

 

              5,302,990  
Principal
Amount (000)
         Description (1)   Coupon (6)      Reference
Rate (6)
     Spread (6)      Maturity (7)      Ratings (2)      Value  
          VARIABLE RATE SENIOR LOAN INTERESTS – 2.1% (2.0% of Total Investments) (6)  
          Banks – 0.3%                              
$ 691        

iQor US Inc, Exit Priority Term Loan

    8.500%        1-Month LIBOR        7.500%        9/15/27        N/R      $ 708,050  

 

2

  
  
  

 

Principal
Amount (000)
         Description (1)   Coupon (6)      Reference
Rate (6)
     Spread (6)      Maturity (7)      Ratings (2)      Value  
          Diversified Financial Services – 0.1%                       
$ 1,434        

Ditech Holding Corporation, Term Loan, (8)

    0.000%        N/A        N/A        6/30/22        N/R      $ 287,670  
          Energy Equipment & Services – 0.6%                       
  1,495        

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

    7.703%        1-Month LIBOR        7.000%        3/19/24        N/R        1,363,730  
          Oil, Gas & Consumable Fuels – 0.3%                       
  663        

QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien

    9.000%        3-Month LIBOR        8.000%        8/27/26        B        667,644  
          Software – 0.8%                       
  1,909        

iQor US Inc., Second Out Term Loan

    8.500%        1-Month LIBOR        7.500%        11/19/25        CCC+        1,880,560  
$ 6,192        

Total Variable Rate Senior Loan Interests (cost $6,081,452)

 

                       4,907,654  
Principal
Amount (000)
         Description (1)      Coupon      Maturity      Ratings (2)      Value  
          CONVERTIBLE BONDS – 1.8% (1.6% of Total Investments)                              
          Mortgage Real Estate Investment Trust – 1.8%                
$ 4,000        

Blackstone Mortgage Trust Inc

 

     4.375%        5/05/22        N/R      $ 4,044,506  
$ 4,000        

Total Convertible Bonds (cost $4,060,237)

 

                                4,044,506  
   

Total Long-Term Investments (cost $247,080,257)

 

                                245,717,762  
   

Other Assets Less Liabilities – (7.4)%

 

                                (17,025,167
   

Net Assets Applicable to Common shares – 100%

 

                              $ 228,692,595  

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

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

 

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

 

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JCO    Nuveen Credit Opportunities 2022 Target Term Fund (continued)
   Portfolio of Investments    September 30, 2021
   (Unaudited)

 

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

 

        Level 1      Level 2      Level 3      Total  

Long-Term Investments:

                                     

Corporate Bonds

     $      $ 231,462,612      $      $ 231,462,612  

Common Stocks

       1,797,860        2,600,963        904,167        5,302,990  

Variable Rate Senior Loan Interests

              4,907,654               4,907,654  

Convertible Bonds

              4,044,506               4,044,506  

Total

     $ 1,797,860      $ 243,015,735      $ 904,167      $ 245,717,762  

 

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(3)

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

 

(4)

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

 

(5)

Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.

 

(6)

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.

 

(7)

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.

 

(8)

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

 

144A

Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

 

LIBOR

London Inter-Bank Offered Rate

 

N/A

Not Applicable.

 

See accompanying notes to financial statements.

 

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