Enterprising Investor
1年前
Nuveen Corporate Income 2023 Target Term Fund Announces Termination and Liquidation (12/04/23)
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.
https://www.businesswire.com/news/home/20231204567681/en/
Enterprising Investor
1年前
Nuveen Corporate Income 2023 Target Term Fund Announces Liquidation Details (10/20/23)
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.
https://ih.advfn.com/stock-market/NYSE/nuveen-corporate-income-JHAA/stock-news/92330140/nuveen-corporate-income-2023-target-term-fund-anno
Enterprising Investor
2年前
Nuveen Corporate Income 2023 Target Term Fund Announces Wind-Up Period (6/01/23)
NEW YORK--(BUSINESS WIRE)--Nuveen Corporate Income 2023 Target Term Fund (NYSE: JHAA) 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 or about December 1, 2023 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 objective to provide a high level of current income and to return the fund’s original $9.875 net asset value to shareholders at termination. Based on current market conditions, the fund 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.
Under normal circumstances, the fund invests at least 80% of its managed assets in corporate debt securities. During the wind-up period the fund may deviate from its investment objectives and policies and may invest up to 100% of its managed assets in high quality, short-term securities. High quality, short-term securities 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) corporate debt 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 of any security in the fund does not occur later than June 1, 2024. 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.
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.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $54 billion of assets under management across 54 CEFs as of 31 Mar 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 or contact:
Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
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 31 Mar 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.
https://www.businesswire.com/news/home/20230601005147/en/
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