Nuveen Closed-End Funds' Proposals Receive Support Of Leading Proxy Advisory Service

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 three preferred securities closed-end funds and to enact investment policy changes which reduce the minimum allocation to investment grade securities from 65 percent to 50 percent and eliminate the existing 45 percent limit on dollar denominated preferred securities of non-US issuers. 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 merger at the funds' annual shareholder's meeting on January 19, 2016.

The proposed fund merger is as follows:
Acquired Fund   Symbol   Acquiring Fund   Symbol
Nuveen Quality Preferred Income Fund   JTP  


Nuveen Quality Preferred Income Fund 2

Nuveen Quality Preferred Income Fund 3 JHP

A Q&A posted on Nuveen's web site provides a summary of the proposed merger and investment policy changes.

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


View source version on

Copyright Business Wire 2010