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Nuveen gets shareholder approval to merge two remaining Florida funds into national muni bond funds
By Jennifer Chiou
New York, June 19 - Nuveen Investments Inc. announced that the common and preferred shareholders of the Nuveen Florida Investment Quality Municipal fund and Nuveen Florida Quality Income Municipal fund authorized their merger with the Nuveen Premium Income Municipal Fund 2.
On Thursday, the company said that the holders of Nuveen Insured Florida Tax-Free Advantage Municipal fund and Nuveen Insured Florida Premium Income Municipal fund approved the merger of their funds into the Nuveen Insured Tax-Free Advantage Municipal Fund and the Nuveen Insured Municipal Opportunity Fund, respectively.
More than 80% of participating shares of each of the four funds voted in favor of the mergers into the corresponding funds.
Nuveen previously said the vote by shareholders of the three national closed-end funds named above to approve their mergers with the Florida closed-end funds remains open, and the meetings for those funds has been adjourned until July 24.
ISS Governance Services Inc. recommended that shareholders in the four Florida and three national funds vote in favor of each of the proposed mergers, according to a prior Nuveen news release.
The meetings were originally slated for May 15 and on Wednesday, an institutional holder of common shares of each of the four Nuveen Florida closed-end municipal funds filed a lawsuit in Palm Beach County, alleging that the meeting was improperly adjourned. The holder is seeking to invalidate the action taken by the Florida funds' shareholders to approve the mergers.
Nuveen said that its management believes that the complaint is without merit.
Nuveen is an investment management firm based in Chicago.
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