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Nuveen closed-end fund proposals receive support of proxy advisory service

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Nuveen Investments, a provider of investment services to institutions and high-net-worth investors, says Institutional Shareholder Services has recommended that shareholders vote in fav

Nuveen Investments, a provider of investment services to institutions and high-net-worth investors, says Institutional Shareholder Services has recommended that shareholders vote in favour of proposed investment policy changes for Nuveen’s New York State closed-end municipal bond funds.

ISS is widely recognised as a leading independent proxy advisory firm in the US. 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 at the funds’ annual shareholder’s meeting on 6 May 2009.

The affected funds’ board of trustees has recommended that shareholders vote in favour of implementing the new investment policies in order to help provide the funds’ management:

• Enhanced ability to meet investment objectives while maintaining the quality orientation of funds’ investment portfolio;
• Increased flexibility in diversifying portfolio risks and managing duration to help sustain and build net asset value; and
• Improved secondary market competitiveness that may lead to a higher relative market price and/or stronger premium/discount performance.

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