Nuveen shareholders OK reorganization of two national municipal funds

By Toni Weeks

San Luis Obispo, Calif., April 8 - Nuveen Investments announced that shareholders of two national municipal bond closed-end funds approved a reorganization of the funds.

According to a press release, the merger of the Nuveen Premier Municipal Opportunity Fund, Inc. and the Nuveen Premium Income Municipal Opportunity Fund into the Nuveen AMT-Free Municipal Income Fund will create a single, larger fund with lower operating expenses and increased trading volume on the exchange for its common shares.

As noted previously, the mergers are part of a broad initiative to eliminate overlapping products within Nuveen Funds.

Subject to the satisfaction of customary closing conditions, the reorganization is expected to close prior to the opening of the New York Stock Exchange on May 6.

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

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