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Nuveen Multi-Asset Funds Announce Shareholder Approval of Reorganization Proposal
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Shareholders of Nuveen Diversified Dividend and Income Fund (NYSE: JDD), Nuveen Tax-Advantaged Total Return Strategy Fund (NYSE: JTA), and Nuveen Tax-Advantaged Dividend Growth Fund (NYSE: JTD) have approved a reorganization plan. These funds will merge into a new entity named Nuveen Multi-Asset Income Fund (NMAI) on 22 November 2021, aiming for a more dynamic portfolio allocation focused on total return through high current income. Nuveen manages approximately $65 billion across 62 closed-end funds, targeting income-focused investors.
Positive
Funds will merge to form Nuveen Multi-Asset Income Fund, enhancing investment strategy.
New fund aims for dynamic portfolio allocation to improve total return.
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NEW YORK--(BUSINESS WIRE)--
Shareholders of Nuveen Diversified Dividend and Income Fund (NYSE: JDD), Nuveen Tax-Advantaged Total Return Strategy Fund (NYSE: JTA) and Nuveen Tax-Advantaged Dividend Growth Fund (NYSE: JTD) have approved a proposal to reorganize the funds. JDD, JTA and JTD will combine into a single new fund, Nuveen Multi-Asset Income Fund (NMAI), having a new investment mandate. The combined fund will continue to employ a multi-asset strategy, but will more dynamically allocate its portfolio with the objective of providing total return though high current income and capital appreciation. Subject to the satisfaction of certain customary closing conditions, the transactions are expected to become effective before the market opens on 22 November 2021. The funds are anticipated to begin transitioning their portfolio prior to the reorganization, with additional portfolio transition occurring after the reorganization is complete.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $65 billion of assets under management across 62 CEFs as of 30 June 2021. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 30 years of experience managing CEFs.
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 30 June 2021 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this press release.
FORWARD-LOOKING STATEMENTS
Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
market developments;
legal and regulatory developments; and
other additional risks and uncertainties.
Nuveen and the closed-end funds sponsored by Nuveen undertake no responsibility to update publicly or revise any forward-looking statements.
