Two Nuveen preferred stock funds nix 40% cap on non-U.S. securities

By Angela McDaniels

Tacoma, Wash., Dec. 17 – The board of trustees of the Nuveen Preferred and Income Term Fund and Nuveen Preferred Income Opportunities Fund has approved the funds’ ability to more broadly invest in dollar-denominated non-U.S. securities, according to a news release from Nuveen Investments.

The closed-end funds’ 40% limits on non-U.S. securities were eliminated.

The Nuveen Preferred and Income Term Fund seeks to provide a high level of current income and total return by investing at least 80% of its managed assets in preferred securities, particularly those issued by financial services companies, and other income-producing securities.

The Nuveen Preferred Income Opportunities Fund seeks to provide high current income with total return as a secondary objective. It invests at least 80% of its managed assets in preferred securities.

Nuveen Investments is a Chicago-based investment management firm.

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