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CEF Update: News You Can Use

Nuveen plans to merge two currency funds and change the strategy.

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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. 

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Cara Esser does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.