Nuveen High Income December 2018 Target Term Fund Announces Updated Investment Policies
2018年1月17日 - 6:36AM
ビジネスワイヤ（英語）
The Nuveen High Income December 2018 Target Term Fund (NYSE:
JHA) has entered the wind-up period in anticipation of its
termination date. The fund is a “target term” fund that will cease
its investment operations and liquidate its portfolio on December
1, 2018 and distribute the net proceeds to shareholders, unless the
term is extended for a period of up to six months by a vote of the
fund’s Board of Trustees.
The fund has the investment objectives to provide a high level
of current income and to return the fund’s original $9.86 net asset
value to shareholders at termination. The objective to return the
fund’s original NAV is not an express or implied guarantee
obligation of the fund or any other entity. Under normal
circumstances, the fund invests at least 80% of its managed assets
in securities that, at the time of investment, are rated below
investment grade or unrated but judged by the fund’s subadviser to
be of comparable quality. Below investment grade refers to
securities rated BB+/Ba1 or lower.
During the wind-up period the fund may deviate from its
investment objectives and policies, and may invest up to a 100% of
its managed assets in high quality, short-term securities. High
quality, short-term securities for this fund include securities
rated investment grade (BBB-/Baa3 or higher or unrated but judged
by the fund’s subadviser to be of comparable quality) with a final
or remaining maturity of 397 days or less. Consequently, for the
remainder of its term, the fund will invest at least 80% of its
managed assets in (i) below investment grade securities; and (ii)
short-term investment grade securities that have a final or
remaining maturity of 397 days or less, so long as the maturity
does not occur later than June 1, 2019. These expanded investment
parameters currently will provide the fund additional flexibility
to reinvest the proceeds of matured or called portfolio securities
in higher quality, short-term securities. As the fund gets closer
to its termination date, the fund will begin to affirmatively
transition its remaining below investment grade portfolio holdings
to such high quality, short-term securities to enhance its ability
to efficiently liquidate its portfolio at termination.
The fund has also completed the process of redeeming and
retiring its leverage in anticipation of its termination date.
As described in the fund’s prospectus, the general shortening of
the time-to-maturity of the fund’s portfolio securities as the fund
approaches its termination date, the elimination of leverage, and
the repositioning of the fund’s portfolio into higher-quality
securities as part of the wind-up process, will tend to reduce
interest rate risk and credit risk, and improve portfolio
liquidity, but will also tend to reduce amounts of income available
to pay as dividends to common shareholders.
RISKS
Investment, Market, and Price Risk: Closed-end fund shares are
subject to investment risk, including the possible loss of the
entire principal amount that you invest. Common shares frequently
trade at a discount to their NAV. At any point in time, your common
shares may be worth less than you paid, even after considering the
reinvestment of fund distributions.
Credit ratings by Moody’s, S&P, and/or Fitch. If there are
multiple ratings for a security, the lowest rating is used unless
ratings are provided by all three agencies, in which case the
middle rating is used. AAA, AA, A and BBB are investment grade
ratings; BB, B, CCC/CC/C and D are below-investment grade ratings.
NR reflects bonds not rated by Moody’s, S&P, and/or Fitch.
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 $948 billion in assets under management as of
9/30/17 and operations in 16 countries. Its affiliates 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.
The information contained on the Nuveen website is not a part of
this press release.
Nuveen Securities, LLC, member FINRA and SIPC.
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;
- legal and regulatory developments;
and
- other additional risks and
uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its
affiliates undertake no responsibility to update publicly or revise
any forward-looking statements.
368529-INV-O-01/20
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180116006810/en/
NuveenKristyna Munoz254-644-1615kristyna.munoz@nuveen.com
Nuveen High Income December 2018 Target Term Fund (delisted) (NYSE:JHA)
過去 株価チャート
から 12 2024 まで 1 2025
Nuveen High Income December 2018 Target Term Fund (delisted) (NYSE:JHA)
過去 株価チャート
から 1 2024 まで 1 2025
