The Nuveen Municipal 2021 Target Term Fund (NYSE: NHA) successfully completed its termination and liquidation following the close of business on March 1, 2021. 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.
The Nuveen Municipal 2021 Target Term Fund launched on January 26, 2016 as a short duration municipal strategy, with two investment objectives, to provide high current income and return the original net asset value (NAV) of $9.85 per common share upon termination on or about March 1, 2021.
The fund is returning to shareholders an extended NAV of $9.7100 per common share as its liquidating distribution. Investors should consider the distribution declared today along with the previously announced special distribution declared on February 12, 2021 as part of the final distribution of proceeds in connection with the fund’s investment objective. The Fund’s final liquidating distribution amount is listed below.
Per share details are as follows:
Special distribution declared on February 12, 2021
Final liquidating distribution announced today
The fund distributed $0.0085 more than the original $9.85 NAV. Over its five year term, the fund paid 60 regular distributions totaling $0.9359 per share, which equates to an average distribution rate of 1.86% on NAV and 1.84% on market. The annualized total return on NAV for shareholders who invested at the initial public offering was 1.91% and the market price total return was 1.59%.
Shareholders may recognize 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.
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 $1.2 trillion in assets under management as of 31 Dec 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.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are 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 statement.