Nuveen announces plans for Nuveen Municipal 2021 Target Term Fund

By Tali Rackner

Norfolk, Va., Oct. 19 – Nuveen Securities announced plans for the Nuveen Municipal 2021 Target Term Fund, according to an N-2 filing with the Securities and Exchange Commission.

The fund’s investment objectives are to provide a high level of current income exempt from regular federal income tax and to return $9.85 per share (the original net asset value per common share before deducting offering costs of $0.02 per share) to holders of common shares on the March 1, 2021 termination date.

The fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its managed assets in municipal securities and other related investments, the income from which is exempt from regular federal income tax.

It will invest at least 65% of its managed assets in low- to medium-quality securities that, at the time of investment, are rated BBB/Baa or lower or are unrated but judged to be of comparable quality by the fund’s subadviser, although it may invest less than this amount during abnormal market conditions or when the subadviser believes it’s advisable in seeking to achieve the fund’s objective to return original net asset value at termination, the filing said.

Nuveen Fund Advisors is the investment advisor. It is a subsidiary of Chicago-based Nuveen Investments.

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