Nuveen Corporate Income 2023 Target Term Fund Announces Liquidation Details
October 20 2023 - 4:15PM
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
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