CEF Update: News You Can Use
Nuveen plans to merge two currency funds and change the strategy.
Fund Mergers and Investment Policy Changes
The board of directors of Nuveen Global Income Opportunities (JGG) and Nuveen Diversified Currency Opportunities (JGT) approved a proposed merger of the two funds. If approved by shareholders at a meeting on Oct. 31, 2014, the newly combined fund will be called Nuveen Global High Income, ticker JGH. The fund's new investment mandate will be a global high-income strategy investing in U.S. and foreign high-yield bonds, including bonds from emerging-markets countries. In addition, the new fund will pay a monthly income-only distribution payment.
As part of the restructuring, the new fund will conduct a tender offer to purchase up to 25% of outstanding shares at 98% of net asset value as of the purchase date. The tender offer commencement date will be announced one month prior to the reorganization.
Cara Esser does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.