Nuveen Investments has added several closed-end funds to its platform.
Nuveen Fund Advisors now serves as advisor the American Income Fund (MRF) which has been renamed the Nuveen Multi-Market Income Fund and will trade under the symbol JMM. These changes were previously approved by shareholders at a meeting on 28 July. The fund’s investment strategy and portfolio managers remain unchanged.
Additionally, the American Strategic Income Portfolio Inc. (ASP), American Strategic Income Portfolio Inc.–II (BSP), American Strategic Income Portfolio Inc.–III (CSP) and American Select Portfolio Inc. (SLA) have merged into a newly organised closed-end fund, now known as the Diversified Real Asset Income Fund (DRA), managed by Nuveen Fund Advisors and sub-advised by Nuveen Asset Management.
The Diversified Real Asset Income Fund will implement Nuveen's real asset income strategy and will be managed by John Wenker, Jay Rosenberg, Jeffrey Schmitz, David Yale and Jason O'Brien. These changes were previously approved by shareholders at a meeting on 15 August 2014.
The Diversified Real Asset Income Fund will have an initial net asset value (NAV) of USD20 per share.