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JEMD Announces Termination and Liquidation"Missed it by that much" Nuveen Emerging Markets Debt 2022 Target Term Fund Announces Termination and Liquidation NEW YORK, December 2, 2022 – Nuveen Emerging Markets Debt 2022 Target Term Fund (NYSE: JEMD) completed its termination and liquidation following the close of business on December 1, 2022. 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. Nuveen Emerging Markets Debt 2022 Target Term Fund launched on September 26, 2017 as a short duration strategy that invested primarily in high yield emerging market debt securities, with two investment objectives, to provide high current income and to return the original net asset value (Original NAV) of $9.85 per common share upon termination on or about December 1, 2022. As anticipated, due to market conditions, JEMD did not return the Original NAV at its termination. The investment objective relating to Original NAV was not a guarantee and was dependent on a number of factors including the extent of market recovery and the cumulative level of income retained in relation to cumulative portfolio gains net of losses. The fund is returning to shareholders an extended NAV of $6.6472 per common share as its liquidating distribution. Over its five year term, the fund paid 60 regular distributions totaling $2.1115 per share, which equates to an average distribution rate of 4.14% on NAV and 4.07% on market price. The annualized total return on NAV for shareholders who invested at the initial public offering was -2.63% and the total return on market price was -2.81%. |
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