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Nuveen Quality Municipal 2018 Term Fund announces public stock offer
By Toni Weeks
San Luis Obispo, Calif., Sept. 26 - The Nuveen Quality Municipal 2018 Term Fund said it will conduct an initial public offering of shares, according to an N-2 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 consistent with the preservation of capital and to return the initial net asset value of $10 per common share to holders on or about Nov. 30, 2018, the fund's termination date.
The fund will seek to achieve its objectives by investing at least 90% of its managed assets in investment-grade municipal securities that offer attractive tax-exempt yields.
Paul L. Brennan will be the fund's portfolio manager.
The fund expects its shares will trade on the New York Stock Exchange under the symbol "NTM."
Nuveen registered a token 1,000 shares at $10.15 apiece with a 45-day greenshoe for additional shares. Nuveen Securities, LLC will act as the underwriter.
The sales load is 1.5%. Management fees were not listed in the filing.
Chicago-based Nuveen Fund Advisors, LLC is the fund's investment adviser.
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