Fitch Affirms Nuveen Diversified Dividend and Income Fund Pfd Shares Rtgs.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the ratings on the following Nuveen Diversified Dividend and Income Fund FundPreferred Shares. -- FundPreferred shares 2,400 shares series T, 'AAA'; -- FundPreferred shares 2,400 shares series W, 'AAA'. The affirmation is based on the fund's consistent compliance with asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager. Nuveen Diversified Dividend and Income Fund is a closed-end investment management company which invests primarily in a portfolio of equity and debt securities. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the 1940 Act, closed-end funds may borrow up to 50% of the fund's value through the issuance of preferred shares and debt. The fund's current preferred share issuance equates to roughly 27% of its net asset value and the fund has no outstanding debt. The investment advisor for the fund is Nuveen Investment Advisory Corp.(NIAC NIAC National Iranian American Council (Washington, DC) NIAC National Infrastructure Advisory Council NIAC NASA Institute for Advanced Concepts NIAC Nonprofits' Insurance Alliance of California NIAC National Internet Advisory Committee ), a wholly-owned subsidiary of Nuveen Investments, Inc. NIAC will be responsible for determining the fund's overall investment strategy, including allocating the portion of the fund's assets for investment in equity and debt securities. Nuveen Investments, Inc. had aggregate assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , as of Sept. 30, 2004, equal to approximately $107 billion. The fund's assets allocated for investment in debt securities will be managed by Wellington Management Company Wellington Management Company is a Boston, Massachusetts based investment management firm. Founding and Early Years Wellington Management Company was incorporated in Philadelphia, Pennsylvania in 1933, five years after the creation of the Wellington Fund by Walter L. , LLP LLP - Lower Layer Protocol and Symphony Asset Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and equity securities will be managed by NWQ Investment Management Company, LLC and Security Capital Research and Management, Inc. As of Sept. 30, 2004, NWQ had over $23 billion in assets under management, Security Capital had assets under management of approximately $4.9 billion, Wellington Management had assets under management of approximately $428 billion and Symphony had approximately $4.8 billion in assets under management. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion