Shareholders to vote on merger of five Nuveen New York municipal funds

By Toni Weeks

San Diego, Oct. 24 - A shareholder meeting of several Nuveen New York municipal funds has been scheduled for Nov. 27 in Chicago, according to a 497 filing with the Securities and Exchange Commission.

Shareholders of the Nuveen New York Investment Quality Municipal Fund, Inc., the Nuveen New York Select Quality Municipal Fund, Inc., the Nuveen New York Quality Income Municipal Fund, Inc., the Nuveen New York Premium Income Municipal Fund, Inc. and the Nuveen New York Dividend Advantage Municipal Income Fund are being asked to vote on the merger of the funds into the Nuveen New York AMT-Free Municipal Income Fund.

The board of trustees of Nuveen's municipal closed-end funds approved the mergers in June, saying that the reorganizations would eliminate overlapping products, result in lower operating expenses and fees per common share, enhance the secondary trading market for the shares and increase flexibility in managing the structure and costs of leverage over time.

The funds have similar investment objectives, policies and risks and are managed by the same portfolio manager, Scott R. Romans.

The closing of each reorganization is contingent upon the closing of all of the reorganizations.

If shareholder voting and other conditions are satisfied, the reorganizations are expected to take effect Feb. 11, 2013.

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

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