Some Nuveen New Jersey funds OK reorganization, others seek more votes

By Toni Weeks

San Luis Obispo, Calif., Aug. 19 – Nuveen Investments announced in a press release that shareholders of several New Jersey municipal funds voted at meetings on Aug. 5 and Aug. 15 on the reorganization of the funds into the Nuveen New Jersey Dividend Advantage Municipal Fund.

The vote resulted in shareholders of both the Nuveen New Jersey Premium Income Municipal Fund, Inc. and the acquiring fund approving the reorganization. However, the meetings of Nuveen New Jersey Dividend Advantage Municipal Fund 2 and Nuveen New Jersey Investment Quality Municipal Fund, Inc. have been adjourned until Sept. 15 in order to permit the continued solicitation of additional votes.

Similarly, shareholders of the American Municipal Income Portfolio Inc. were asked at the meetings to approve the reorganization of the fund into Nuveen Investment Quality Municipal Fund, Inc. That meeting has been adjourned until Sept. 15 so that additional votes may be solicited, the release said.

Nuveen also announced that shareholders of a number of Nuveen funds approved investment management agreements and subadviser agreements to allow the funds’ investment adviser and subadvisers to continue to serve in such capacities following the completion of the acquisition of Nuveen Investments by TIAA-CREF.

As a result of the approvals of the new investment management agreements and consents and other approvals obtained from other clients of Nuveen Investments’ affiliated advisers, the transaction condition requiring the consent of a specified percentage of clients of Nuveen Investments and its affiliated advisers has been satisfied.

The acquisition is expected to close early in the fourth quarter or 2014 but remains subject to other customary closing conditions.

According to the release, the meetings of four of the funds have been adjourned until Sept. 19 so as to garner more votes for the new investment management and subadviser agreements.

Nuveen Investments is an investment management firm based in Chicago.

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