Fitch Affirms Nuveen Real Estate 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 taxable auctioned preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. ('TAPS'). -- Taxable auctioned preferred shares 1,720 shares series M, 'AAA'; -- Taxable auctioned preferred shares 1,720 shares series T, 'AAA'; -- Taxable auctioned preferred shares 1,720 shares series W, 'AAA'; -- Taxable auctioned preferred shares 1,720 shares series F, '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. The Nuveen Real Estate Income Fund is a closed-end investment Closed-End Investment When an investment company issues a fixed number of shares in an actively managed portfolio of securities. The shares are traded in the market just like common stock. Notes: Most mutual funds are open-end funds, not closed-end. management company which invests primarily in U.S. income-producing equity securities issued by real estate companies, such as real estate investment trusts (REITs), as well as debt and convertible debt securities issued or guaranteed by real estate companies. 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 Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . 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 23% of its net asset value and the fund has no outstanding debt. The investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and for the fund is Nuveen Investment Advisory Corp., a wholly-owned subsidiary of Nuveen Investments, Inc. As of Sept. 30, 2004, 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. of approximately $107 billion. The sub-advisor, Security Capital Research & Management Inc. (Security Capital), has been managing real estate assets since January 1995, and as of Sept. 30, 2004 Security Capital had $4.9 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'. |
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