Nuveen Corporate Income 2023 Target Term Fund Announces Termination and Liquidation
December 04 2023 - 9:00AM
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.
EPS-3237519CR-E1223W
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