Nuveen Closed-End Currency Funds Announce Approval of Portfolio Repositioning Plan and Merger
01 Agosto 2012 - 4:45PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced that the Board of Trustees of the Global Currency and
Income Fund (NYSE: GCF) and the Nuveen Multi-Currency Short-Term
Government Income Fund (NYSE: JGT) approved a plan to reposition
JGT’s portfolio and subsequently to merge GCF into JGT. The Board
also approved changing JGT’s name to Nuveen Diversified Currency
Opportunities Fund. The portfolio repositioning and subsequent
merger does not require approval from JGT shareholders. JGT
shareholders, however, will receive 60 days advance written notice
before the name change is effective and the fund begins
repositioning its portfolio. GCF will hold a special shareholder
meeting later this year on the proposed merger with JGT.
The goal of the overall restructuring is to enhance the combined
fund’s ability to generate competitive returns and narrow the
fund’s trading discount by:
- Simplifying the investment strategy to
offer broad-based currency exposure and interest rate
diversification;
- Expanding investment flexibility and
the ability to manage risk by eliminating the current focus on
investing in the highest yielding currencies and the systematic
U.S. dollar short-orientation ; and
- Reducing fund expenses and increasing
common share float, due to the larger scale of the combined
fund.
More information will be available on each fund’s webpage at
www.nuveen.com/cef once proxy materials are filed in the coming
weeks.
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, Symphony Asset Management, NWQ
Investment Management Company, Santa Barbara Asset Management,
Tradewinds Global Investors, Winslow Capital Management, and
Gresham Investment Management. In total, Nuveen Investments managed
approximately $227 billion as of March 31, 2012. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
Nothing contained in this press release shall constitute an
offer for sale of any securities. A Proxy Statement relating to the
proposed reorganization will be filed with the SEC in the coming
weeks and will contain important information relating the
reorganization. Shareholders are urged to read the Proxy Statement
carefully. After they are filed, free copies of the Proxy Statement
will be available on the SEC's web site at www.sec.gov.
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