screenshot of Goldman Sachs trader from AP . (Photo: AP)

Goldman Sachs MLP Income Opportunities Fund (GMZ; net expense ratio of 3.54%) shareholders approved the fund’s reorganization to be combined with the Goldman Sachs MLP and Energy Renaissance Fund (GER; 3.48%), Goldman Sachs Asset Management said.

Noting it has “been a difficult time in the energy space,” Kyri Loupis, portfolio manager, said in a statement the consolidation “should allow for a more efficient cost structure and thus a better opportunity to deliver long-term value to investors.”

The reorganization is expected be completed after the close of business Sept. 25, subject to applicable regulatory requirements and other customary closing conditions. After that date, GMZ shares will no longer be available to buy or sell on the New York Stock Exchange, the company said, noting that when NYSE opens Sept. 28, GMZ shareholders will hold newly issued common shares of GER.

GMZ started trading on NYSE Nov. 26, 2013, and GER started trading on NYSE Sept. 26, 2014.

Each fund seeks a high level of total return with an emphasis on current distributions to shareholders, the company said. While GMZ currently invests mainly on master limited partnership investments, GER invests in MLPs and other energy investments.

Franklin Templeton ETF Renames Funds

Franklin Templeton has renames two funds: The Franklin Liberty Intermediate Municipal Opportunities ETF (FLMI, 0.30%) is now the Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF, while the Franklin Liberty Municipal Bond ETF (FLMB, 0.30%) is now the Franklin Liberty Federal Tax-Free Bond ETF, Franklin Templeton said.

The company did not specify the reason for the name change and did not immediately respond to a request for comment.

There will be no change to the funds’ ticker symbols and both funds will continue to be listed on the NYSE Arca, Franklin Templeton said. Each fund’s investment objective, strategies and portfolio management teams will remain the same, it said.

FLMI provides exposure to municipal securities across the entire credit rating spectrum, including below investment grade.

FLMB provides exposure to municipal securities rated in the top four ratings categories at the time of purchase.

Whiskey Fund Buys First Bourbon Bottles

The new Wave Kentucky Whiskey 2020 Digital Fund received its first round of investment from clients and bought its first tranche of Kentucky bourbon, including 1,000 barrels of whiskey from the Wilderness Trail distillery, Wave Financial Group said.

While announcing the fund in March, Wave and the distillery said it will enable investors to “diversify into an asset that is not normally considered investable, but offers attractive potential returns as bourbon whiskey goes through the ageing process in barrel.”

Voya Adds New Benefits 

Voya Financial is adding an HRA and COBRA administration service to its suite of health savings and spending accounts, effective Jan. 1, it said.

The Voya HRA is a tax-advantaged account allowing employees and their employees to help save on the cost of health care, it said.

Its new COBRA service, meanwhile, will “manage everything from enrollment, operating systems and processing payments,” the firm said.

— Check out last week’s portfolio product roundup hereMorgan Stanley to Close Global Opportunity Portfolio to New Investors: Portfolio Products