Nuveen Intermediate Duration Municipal Term Fund and Nuveen Intermediate Duration Quality Municipal Term Fund Announce Additional Liquidation Details
Each fund owns securities of
As a result, it is expected that each fund will transfer its securities issued by ENGH and any other illiquid assets to a liquidating trust on or about the fund’s termination date. Upon termination, each fund anticipates distributing to all fund shareholders (i) cash raised from the sale of portfolio securities and (ii) interests in the liquidating trust equal in relative proportion to the percentage of the outstanding shares owned by a shareholder on the liquidation date. Shareholders will not have rights to sell, transfer or otherwise dispose of or in any way encumber the liquidating trust units they receive other than pursuant to a transfer by operation of law (e.g., upon the death of the shareholder or as required by law or an order of a court of competent jurisdiction). The liquidating trust units will not be offered to the public or traded on an exchange. Each liquidating trust will exist solely for the purpose of liquidating the securities transferred to it and distributing the proceeds from disposition of, and income from, those securities to the trust’s unitholders (i.e., former fund shareholders). The trustee of each liquidating trust will make continuing efforts to dispose of the securities of ENGH held in trust and to make timely distributions to the trust’s unitholders. Because of Nuveen’s effective status as a substantial minority owner of ENGH and other rights, and the consequent limitations on its ability to sell each liquidating trust’s ENGH securities, it is not presently possible to predict when either liquidating trust will be able to liquidate its ENGH holdings and make a final cash distribution to its unitholders.
Each liquidating trust is expected to appoint Nuveen Fund Advisors, LLC as its Trustee. The trusts will not charge any management fees but may incur reasonable expenses in connection with their operation. The liquidating trusts are not expected to issue tax reporting on Form 1099 like the predecessor funds but instead will follow trust reporting tax conventions and are expected to issue tax statements annually.
For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:
Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
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The information contained on the
FORWARD-LOOKING STATEMENTS
Certain statements made herein are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
- market developments;
- legal and regulatory developments; and
- other additional risks and uncertainties.
EPS-2742642PR-E0223W
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Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
Source: