Nuveen boards seek OK for mergers of Massachusetts municipal funds

By Toni Weeks

San Luis Obispo, Calif., Oct. 18 - The boards of some of Nuveen's municipal closed-end funds have approved a reorganization of the Nuveen Massachusetts Premium Income Municipal Fund and the Nuveen Massachusetts Dividend Advantage Municipal Fund into the Nuveen Massachusetts AMT-Free Municipal Income Fund and are seeking shareholder approval for the merger, according to a 497 filing with the Securities and Exchange Commission.

The boards are also looking to change the investment policy of the acquiring fund so that it can make loans, allowing it to conform with the policies of other closed-end municipal funds sponsored by Nuveen Investments, Inc.

According to the boards, the reorganization would be in the best interest of each fund and part of a broad initiative to eliminate overlapping products and rationalize product offerings.

The closing of each reorganization is contingent upon the closing of both at a shareholders meeting on Jan. 3. If approved, the reorganization will take effect by Feb. 10.

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

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