Nuveen to offer Intermediate Duration Quality Municipal Term Fund

By Toni Weeks

San Diego, Dec. 14 - Nuveen Investments announced plans to sell shares of its Nuveen Intermediate Duration Quality Municipal Term Fund, according to an N-1A filing with the Securities and Exchange Commission.

The newly organized diversified closed-end management investment company seeks to provide current income exempt from regular federal income tax, with additional total return as a secondary objective. The fund aims to achieve its investment objectives by investing at least 80% of its assets in investment-grade municipal securities that are believed to be underrated or undervalued.

The fund will also seek to reduce the risk of rising interest rates by maintaining a portfolio with an intermediate duration. The 10-year fund will liquidate its portfolio and distribute its net assets to shareholders on or before June 30, 2023.

Daniel J. Close will be the portfolio manager.

The shares, which will be sold at $15.00 apiece, are expected to trade on the New York Stock Exchange under the symbol "NIQ." The syndicate of underwriters, led by Nuveen Securities, LLC, will have a greenshoe.

According to the filing, the sales load will be 4.5%. The management fees and total annual expenses have not yet been determined.

Chicago-based Nuveen Fund Advisors, Inc. is the investment adviser.

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