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Nuveen High Income 2020 Target Term Fund Announces Termination and Liquidation

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The Nuveen High Income 2020 Target Term Fund (NYSE:JHY) completed its termination and liquidation following the close of business on 30 October 2020. 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 High Income 2020 Target Term Fund launched on 28 July 2015 as a short duration strategy that invested primarily in high yield corporate debt, 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 1 November 2020. The investment objective relating to Original NAV was not a guarantee.

As previously announced, due to recent market conditions, JHY did not return the Original NAV at its termination. The fund is returning to shareholders an extended NAV of $9.5292 per common share as its liquidating distribution. Over its five year term, the fund paid 62 monthly distributions totaling $2.5904 per share, which equates to an average distribution rate of 5.00% on NAV and 4.92% on market. The annualized total return on NAV for shareholders who invested at the initial public offering was 4.60% and the market price total return was 4.18%.

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.

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 September 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.

Income Only Distribution: Distributions are sourced entirely from net investment income, unless noted otherwise.

Distribution Rates represent the latest declared regular distribution, annualized, relative to the market price and NAV as of quarter end. Special distributions, including special capital gains distributions, are not included in the calculation.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

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