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
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Acquiring Fund
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Symbol
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Nuveen Premium Income Municipal Fund 4, Inc.
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NPT
|
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Nuveen Dividend Advantage Municipal Fund 3, to be renamed Nuveen
Enhanced Municipal Credit Opportunities Fund
|
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NZF
|
|
Nuveen Dividend Advantage Municipal Fund 2
|
|
NXZ
|
|
|
|
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Nuveen Municipal Advantage Fund, Inc.
|
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NMA
|
|
|
|
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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
|
|
|
|
|
|
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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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