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Nuveen opts for single transfer agent to provide shareholder benefits
By Toni Weeks
San Diego, March 12 - Several Nuveen Mutual Funds series reported that they will be using only one transfer agent beginning in mid-2012.
According to a 497 filing with the Securities and Exchange Commission, Boston Financial Data Services, Inc. will become the transfer agent to the funds. Currently, Nuveen Mutual Funds uses two transfer agents, which limits some shareholder services.
There will be three main advantages to shareholders for consolidating transfer services under one agent.
First, shareholders will be able to qualify for sales charge discounts more easily by accumulating their holdings over a 13-month period across all funds. Currently, the ability to aggregate those amounts is limited to purchases of funds with the same transfer agents.
Second, shareholders will have better exchange privileges. Shareholders currently may exchange fund shares into an identically registered account for the same class of another fund, provided that the funds have the same transfer agent. Once the change has been made, each fund will have the same exchange options across all of its funds.
A third advantage to using one transfer agent comes with reinstatement privileges, under which a shareholder may reinvest all or part of redemption proceeds from one fund into another fund with the same transfer agent without incurring additional charges. The reinstatement privilege will thus be broadened so that shareholders may reinvest in any fund without additional charges.
The change affects funds from Nuveen Municipal Trust, Nuveen Multistate Trust I, Nuveen Multistate Trust II, Nuveen Multistate Trust III, Nuveen Multistate Trust IV, Nuveen Investment Trust, Nuveen Investment Trust II, Nuveen Investment Trust III, Nuveen Investment Trust V, Nuveen Strategy Funds and Nuveen Investment Funds, Inc.
Nuveen is an investment company based in Chicago.
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