Nuveen Closed-End Funds’ Proposals Receive Support of Leading Proxy Advisory Service
November 23 2015 - 9:00AM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced that Institutional Shareholder Services Inc. (ISS) has
recommended that shareholders vote in favor of a plan to merge
eight national municipal closed-end funds and to reposition the
portfolios of the two acquiring funds. ISS is widely recognized as
the leading independent proxy advisory firm in the nation. Its
recommendations are relied upon by hundreds of major institutional
investment firms, mutual funds, and other fiduciaries throughout
the country.
ISS recommends the funds’ shareholders vote in favor of the
proposed changes and mergers at the funds’ annual shareholder’s
meeting on December 9, 2015. The proposals seek to enhance the
funds’ competitiveness and investor appeal by:
• Improving fund net earnings potential through a broader
investment mandate;
• Creating significantly larger funds that offer greater
liquidity and ease of trading; and
• Eliminating overlapping products and enhancing fund
differentiation.
The proposed fund mergers are as follows:
Acquired Fund Symbol Acquiring
Fund Symbol Nuveen Premium Income Municipal Fund
4, Inc. NPT
Nuveen Dividend Advantage Municipal Fund
3, to be renamed Nuveen Enhanced Municipal Credit Opportunities
Fund
NZF Nuveen Dividend Advantage Municipal Fund 2 NXZ Nuveen
Municipal Advantage Fund, Inc. NMA
Nuveen Municipal Opportunity Fund, Inc. NIO Nuveen Dividend
Advantage Municipal Income Fund, to be renamed Nuveen Enhanced
AMT-Free Municipal Credit Opportunities Fund NVG Nuveen Quality
Municipal Fund, Inc. NQI Nuveen Quality Income Municipal Fund, Inc.
NQU
A Nuveen Municipal Bond Closed-End Funds Q&A posted on
Nuveen’s web site provides a summary of the proposed mergers.
Nuveen Investments provides high-quality investment services
designed to help secure the long-term goals of institutional and
individual investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets a wide range of
specialized investment solutions which provide investors access to
capabilities of its high-quality boutique investment
affiliates—Nuveen Asset Management, LLC, Symphony Asset Management
LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset
Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital
Management, LLC and Gresham Investment Management LLC, all of which
are registered investment advisers and independent investment
subsidiaries of Nuveen Investments, Inc. Funds distributed by
Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc.
Nuveen Investments operates as a separate subsidiary within
TIAA-CREF, which is a leading provider of retirement and financial
services in the academic, research, medical and cultural fields. In
total, Nuveen Investments managed approximately $220 billion as of
September 30, 2015. For more information, please visit the Nuveen
Investments website at www.nuveen.com.
12183-INV-O-11/16
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version on businesswire.com: http://www.businesswire.com/news/home/20151123005195/en/
Nuveen InvestmentsMedia Contact:Kristyna Munoz(312)
917-8343KRISTYNA.MUNOZ@NUVEEN.COM
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