Nuveen Corporate Income 2023 Target Term Fund Announces Termination and Liquidation

Rhea-AI Summary

Nuveen Corporate Income 2023 Target Term Fund (JHAA) completed its termination and liquidation on December 1, 2023. The fund was launched on December 18, 2018, with investment objectives to provide a high level of current income and to return the original net asset value (Original NAV) of $9.875 per common share upon termination.

NEW YORK--(BUSINESS WIRE)-- Nuveen Corporate Income 2023 Target Term Fund (NYSE: JHAA) completed its termination and liquidation following the close of business on December 1, 2023. The termination and liquidation was performed in accordance with the fund’s investment objectives and organizational documents, consistent with the fund’s previously announced liquidation plans.

JHAA launched on December 18, 2018 as a short duration strategy that invested primarily in high yield corporate debt securities, with two investment objectives, to provide a high level of current income and to return the original net asset value (Original NAV) of $9.875 per common share upon termination on or about December 1, 2023.

As anticipated, due to market conditions, JHAA did not return the Original NAV at its termination. The investment objective relating to Original NAV was not a guarantee and was 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.

The fund is returning to shareholders an extended NAV of $9.7236 per common share as its liquidating distribution. Over its five-year term, the fund paid 57 regular distributions totaling $2.0660 per share, which equates to an average distribution rate of 4.22% on NAV and 4.17% on market price. The annualized total return on NAV for shareholders who invested at the initial public offering was 3.99% and the total return on market price was 3.74%.

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 $51 billion of assets under management across 48 CEFs as of 30 Sep 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 Sep 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.

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Source: Nuveen

FAQ

What is the status of Nuveen Corporate Income 2023 Target Term Fund (JHAA)?

The fund has completed its termination and liquidation on December 1, 2023.

When was Nuveen Corporate Income 2023 Target Term Fund (JHAA) launched?

The fund was launched on December 18, 2018.

What were the investment objectives of Nuveen Corporate Income 2023 Target Term Fund (JHAA)?

The fund's investment objectives were to provide a high level of current income and to return the original net asset value (Original NAV) of $9.875 per common share upon termination.