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Nuveen Strategic Municipal Opportunities Fund announces details
By Toni Weeks
San Luis Obispo, Calif., Dec. 16 – Nuveen Municipal Trust released the details for its new municipal fund, the Nuveen Strategic Municipal Opportunities Fund, in an N-1A filing with the Securities and Exchange Commission.
The fund seeks total return through income exempt from regular federal income taxes and capital appreciation. Under normal market conditions, it invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. The municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories, such as Puerto Rico, the U.S. Virgin Islands and Guam, that pay interest that is exempt from regular federal personal income tax. The fund may invest in bonds of any maturity or credit quality and expects to maintain a weighted average portfolio duration of no more than 15 years.
John V. Miller and Timothy Ryan are the portfolio managers.
The fund is launching with class A, class C and class I shares. The ticker symbols are NSAOX, NSCOX and NSIOX, respectively.
Class A shares will have a sales load of 3%, and class C shares will incur a maximum deferred sales load of 1%. Including management fees of 0.6%, and taking into account a fee waiver and/or expense reimbursement with the investment adviser, total annual fund operating expenses are expected to be 0.98% for class A, 1.78% for class C and 0.78% for class I shares.
Chicago-based Nuveen Fund Advisors, LLC serves as the investment adviser.
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