Two Nuveen Target Term Closed-end Funds Approve Investment Policy and Name Changes
The Fund Board of the Nuveen High Income 2023 Target (News - Alert) Term Fund (NYSE: JHAA) and Nuveen High Income November 2021 Target Term Fund (NYSE: JHB) has approved changes to each Fund's name to "Nuveen Corporate Income 2023 Target Term Fund" and "Nuveen Corporate Income November 2021 Target Term Fund", respectively.
Each Fund will also change its investment policy associated with its name. Currently, each Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its Managed Assets in securities that, at the time of investment, are rated below investment grade (BB+/Ba1 or lower) or are unrated but deemed equivalent by the subadviser. Pursuant to the revised policy, each Fund's requirement to invest 80% of its Managed Assets in securities that are rated below investment grade is eliminated. Each Fund will continue to invest at least 80% of its Managed Assets in corporate debt securities.
The table below summarizes the changes to the each Fund described above. The changes are expected to go into effect on August 24, 2020:
For more information, please visit Nuveen's CEF homepage www.nuveen.com/closed-end-funds.
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 trillion in assets under management as of 31 March 2020 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.