Nuveen New Jersey funds merge into one municipal closed-end fund

By Marisa Wong

Madison, Wis., Oct. 20 – Nuveen Investments announced that shareholders of four Nuveen New Jersey municipal closed-end funds approved a merger.

Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) will acquire Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ), Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ) and Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ).

The merger is intended to create a larger fund with lower operating expenses and increased trading volume on the exchange for common shares, according to a press release.

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