Nuveen Corporate Income November 2021 Target Term Fund
JHB
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- Nuveen Corporate Income November 2021 Target Term Fund (NYSE: JHB) is a closed-end management investment fund managed by Nuveen Fund Advisors, LLC, that sought to provide a high level of current income through investments primarily in a portfolio of U.S. corporate debt securities, including investment-grade and below-investment-grade bonds; the fund targeted a termination date of on or about November 1, 2021, with an objective to return its original net asset value (NAV) of $9.85 per common share, although market conditions resulted in a liquidating distribution of $9.4061 per share. Nuveen Fund Advisors, an indirect subsidiary of Nuveen, LLC headquartered in Chicago, Illinois, oversaw the fund's portfolio management, business affairs, and administrative services from its offices at 333 West Wacker Drive. Originally launched on August 23, 2016, as Nuveen High Income November 2021 Target Term Fund with a focus on high-yield corporate debt securities rated below investment grade, the fund underwent a significant strategic shift in June 2020 when its Board of Trustees approved a name change and expanded its investment policy to encompass all corporate debt securities, eliminating the below-investment-grade restriction to enhance credit protection and NAV return objectives. Over its approximately five-year term, the fund delivered 60 monthly distributions and one long-term capital gain distribution totaling $2.3789 per share, yielding an average distribution rate of 4.65% on NAV and 4.58% on market price. The fund completed its termination and liquidation on November 1, 2021, in accordance with its organizational documents and previously announced plans, distributing final proceeds to shareholders following the close of business. As part of Nuveen, a global investment management firm founded in 1898 with over $1 trillion in assets under management and a leading sponsor of closed-end funds, JHB operated within the fixed income segment targeting income-focused investors seeking exposure to corporate bonds across U.S. markets.