Nuveen boards seek shareholder OK for mergers of some municipal funds

By Toni Weeks

San Luis Obispo, Calif., May 23 - Nuveen Investments announced that the board of trustees of some Nuveen state municipal bond closed-end funds approved a series of mergers that are expected to create larger funds with lower operating expenses and increased trading volume, according to a press release.

If shareholder approval is received at meetings later this year, the Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen Pennsylvania Dividend Advantage Municipal Fund and Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 will be acquired by the Nuveen Pennsylvania Investment Quality Municipal Fund.

On the same note, the Nuveen Massachusetts Dividend Advantage Municipal Fund and Nuveen Massachusetts AMT-Free Municipal Income Fund will be acquired by Nuveen Massachusetts Premium Income Municipal Fund.

Chicago-based Nuveen Fund Advisors, Inc. is the investment adviser to the funds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.