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Closed-End Funds
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Nuveen wants more "junk" in their muni CEFsYou gotta be kidding me........... Nuveen Fund Board Approves Closed-End Fund Investment Policy Changes and Recommends Fund Mergers Plans Seek to Enhance Income Potential and Provide Greater Liquidity CHICAGO, February 5, 2016 – Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Board of Trustees of nine Nuveen closed-end funds has approved a change to the funds’ investment policies. As result, each fund identified in the table below will reposition its portfolio to achieve and consistently maintain a higher allocation to municipal securities rated BBB and below to enhance the funds’ competitiveness and investor appeal and thereby improve the market price at which the common shares trade relative to net asset value. Effective immediately, each fund may, under its revised investment policy, invest up to 35 percent of its portfolio in municipal securities rated BBB and below. However, the funds each have agreements related to outstanding preferred shares. These agreements currently have covenants aligned with the funds’ prior investment policy. Consequently, the funds will not be able to immediately take full advantage of the enhanced flexibility of the new investment policy. Those agreements may be amended in the future. Additionally, the funds’ Board of Trustees approved plans to merge the funds in order to enhance the funds’ trading appeal and lower operating expenses by creating single, larger funds with distinct mandates. |
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Msg # | Subject | Author | Recs | Date Posted |
16154 | Re: Nuveen wants more "junk" in their muni CEFs | ex_hacker202 | 2 | 2/8/2016 3:05:11 PM |
16158 | Re: Nuveen wants more "junk" in their muni CEFs | fritzy | 1 | 2/8/2016 11:11:06 PM |