Nuveen Corporate Income 2023 Target Term Fund Announces Liquidation Details

Rhea-AI Summary

Nuveen Corporate Income 2023 Target Term Fund announces details of its liquidation

Positive

• The fund plans to terminate its existence and liquidate on or about December 1, 2023.
• The final liquidating distribution is expected to be made on or about December 1, 2023.
• The fund's portfolio will transition to high quality, short-term securities or cash and cash equivalents.
• Nuveen is a leading sponsor of closed-end funds with $53 billion of assets under management across 51 CEFs as of June 30, 2023.

Negative

• The fund will suspend trading on November 27, 2023.
• JHAA does not anticipate returning the Original NAV at its termination.

NEW YORK--(BUSINESS WIRE)-- Nuveen Corporate Income 2023 Target Term Fund (NYSE: JHAA) today announced new details concerning its liquidation. Consistent with its investment objectives and organizational documents, the fund plans to terminate its existence and liquidate on or about December 1, 2023.

As the fund approaches liquidation, its common shares will continue trading on the New York Stock Exchange through November 24, 2023 and will be suspended from trading before the market opens on November 27, 2023. The fund will not declare its regular monthly distribution in November 2023 and expects that all accumulated earnings will be included in the final liquidating distribution. The fund anticipates making its final liquidating distribution on or about December 1, 2023.

As previously announced, the fund entered its wind-up period in anticipation of its termination date. Leading up to the final liquidating distribution date, as the fund’s portfolio securities continue to mature and are sold, the fund may further deviate from its investment objectives and policies, and its portfolio will continue to transition to high quality, short-term securities or cash and cash equivalents.

Also as previously announced, due to market conditions, JHAA does not anticipate returning the Original NAV at its termination. The investment objective relating to Original NAV is 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.

Shareholders may recognize a gain or loss for U.S. tax purposes as a result of the liquidation. Nuveen does not provide tax advice; investors should consult a professional tax advisor regarding their specific tax situation.

Nuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion of assets under management across 51 CEFs as of 30 Jun 2023. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.

For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Jun 2023 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

FORWARD-LOOKING STATEMENTS

Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments, including the timing of distributions and other events identified in this press release;
• legal and regulatory developments; and
• other additional risks and uncertainties.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.

EPS-3181135CR-E1023W

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Financial Professionals:

800-752-8700

Investors:

800-257-8787

Media:

media-inquiries@nuveen.com

Source: Nuveen

FAQ

What is the termination date for Nuveen Corporate Income 2023 Target Term Fund?

The fund plans to terminate its existence and liquidate on or about December 1, 2023.

When will the final liquidating distribution be made?

The fund anticipates making its final liquidating distribution on or about December 1, 2023.

What will happen to the fund's portfolio as it approaches liquidation?

As the fund's portfolio securities continue to mature and are sold, the fund may further deviate from its investment objectives and policies, and its portfolio will transition to high quality, short-term securities or cash and cash equivalents.

How much assets under management does Nuveen have for closed-end funds?

Nuveen has $53 billion of assets under management across 51 closed-end funds as of June 30, 2023.