Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID) has completed its termination and liquidation as of March 31, 2023. The fund, launched on December 5, 2012, primarily invested in municipal securities. During liquidation, shareholders received a cash distribution of $11.6956 per common share, with a total final liquidating distribution of $13.4154 per share. The fund distributed units of a liquidating trust valued at $1.7198 per unit. Over its ten-year term, NID paid $6.0315 per share in distributions, reflecting an average annual distribution rate of 4.08%. Investors must consult tax professionals for implications related to the liquidation.
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Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID) and Nuveen Intermediate Duration Quality Municipal Term Fund (NYSE: NIQ) have received shareholder approval for a restructuring proposal. This will permit shareholders to maintain their investments in leveraged, intermediate duration funds investing in municipal securities, rather than facing scheduled terminations. A key condition involves a tender offer for repurchasing common shares at net asset value if assets exceed $70 million. If successful, funds will eliminate their term structures and implement a management fee waiver for the first year.
The Board of Trustees of Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID) and Nuveen Intermediate Duration Quality Municipal Term Fund (NYSE: NIQ) has proposed a shareholder vote to amend their funds' declaration of trust, aiming to eliminate their scheduled terminations. Shareholders will decide on a tender offer for 100% of outstanding shares at net asset value. If assets remain above $70 million post-tender, the term will be eliminated, changing the funds' names and waiving 50% of management fees for the first year to boost earnings.