Printer Friendly

NUVEEN FUNDS' SHAREHOLDERS APPROVE REVISED MANAGEMENT FEES

 NUVEEN FUNDS' SHAREHOLDERS APPROVE REVISED MANAGEMENT FEES
 CHICAGO, April 27 /PRNewswire/ -- The shareholders of the Nuveen family of tax free open-end and exchange-traded funds have approved adjustments to the management fees of 15 of the 57 Nuveen funds. The adjustments bring the fees into line with other similar Nuveen funds and with the funds' industry and peer group averages. The changes, which were proposed by the funds' board of directors, were approved at the funds' 1992 shareholders' meeting held in Chicago on April 23, 1992.
 Shareholders of eleven funds approved annual fee increases of between .05 percent and .15 percent of the funds' net asset value. Shareholders approved fee decreases of .06 percent on three funds and one fund lowered its fee by .025 percent at a certain net asset level. Last year, in a similar action proposed by the board and approved by shareholders, three Nuveen funds each lowered their annual fees by .04 percent.
 Each Nuveen fund pays an annual fee to its investment adviser, Nuveen Advisory Corp., as compensation for portfolio management and surveillance, clerical and bookkeeping services, and management of the fund's business affairs. The new management fees are effective on May 1, 1992.
 Seven Nuveen state open-end tax-free funds approved a raise in management fees by .05 percent, to .55 percent from .50 percent annually. These funds include: the Nuveen California Tax-Free Bond Fund -- Special Bond and Insured Bond Portfolios; the Nuveen Tax-Free Bond Fund -- Massachusetts, New York and Ohio Portfolios; and the Nuveen Insured Tax-Free Bond Fund -- Massachusetts and New York Portfolios.
 Four exchange-traded funds approved a .15 percent raise in management fees from .50 percent to .65 percent annually. These funds include: the Nuveen Premium Income Municipal Fund; the Nuveen Municipal Income Fund; the Nuveen California Municipal Fund; and the Nuveen New York Municipal Income Fund.
 Three exchange-traded funds approved a lowering of their annual fees by .06 percent. The Nuveen Municipal Value Fund annual fees will go to approximately .63 percent from .69 percent, the Nuveen California Municipal Value Fund annual fees will be reduced to .65 percent from .71 percent, and the Nuveen New York Municipal Value Fund annual management fee also will be reduced from .71 percent to .65 percent.
 The Nuveen Municipal Bond Fund, an open-end fund, is reducing its annual management fee from .43 percent to .42 percent of average daily net assets in excess of $2 billion.
 Nuveen Advisory Corp. is a wholly owned subsidiary of John Nuveen & Co. Incorporated, which has sponsored more than $50 billion of tax-free portfolios. Founded in 1898 and headquartered in Chicago, John Nuveen & Co. is the nation's oldest and largest investment banking firm specializing in municipal securities.
 -0- 4/27/92
 /CONTACT: Jeff Kratz of Nuveen, 312-917-7749/ CO: Nuveen ST: Illinois IN: FIN SU:


SM -- NY106 -- 3380 04/27/92 16:49 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 27, 1992
Words:472
Previous Article:OCCIDENTAL ANNOUNCES MAJOR GAS DISCOVERY IN MALAYSIA
Next Article:POE & ASSOCIATES, INC. ANNOUNCES ACQUISITION OF GIBLON & CLAFFEY AGENCY, INC.


Related Articles
NUVEEN FUNDS ADJUST MANAGEMENT FEES
NUVEEN SETS REVENUE, INCOME RECORDS;INCREASES IN ADVISORY FEES, INVESTMENT BANKING LEAD THE WAY
TWO NUVEEN EXCHANGE-TRADED FUNDS COMBINE TO IMPROVE EFFICIENCY, BENEFITS TO SHAREHOLDERS
NUVEEN FUNDS' BOARDS APPROVE MERGER OF TWO EXCHANGE-TRADED PORTFOLIOS
NUVEEN FUNDS' BOARDS APPROVE MERGER OF FOUR NATIONAL EXCHANGE-TRADED FUNDS
NUVEEN FUNDS' BOARDS APPROVE FOUR MERGERS OF NINE EXCHANGE-TRADED FUNDS
NUVEEN ANNOUNCES MERGERS OF 11 EXCHANGE-TRADED FUNDS
NUVEEN FUNDS' BOARDS APPROVE TWO MERGERS OF FOUR EXCHANGE-TRADED FUNDS
NUVEEN FUNDS' BOARDS APPROVE MERGER TO TWO FUNDS
SHAREHOLDERS APPROVE MERGER OF TWO NUVEEN FUNDS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters