Some Nuveen state municipal funds establish new portfolio maturities

By Toni Weeks

San Diego, Jan. 4 - Nuveen Fund Advisors, Inc. announced a change to the weighted average portfolio maturities for 21 of its state municipal bond funds, according to Form 497 filings with the Securities and Exchange Commission.

The funds comprise most of the 24 funds that fall under the Nuveen Multistate Trust I, Nuveen Multistate Trust II, Nuveen Multistate Trust III or Nuveen Multistate Trust IV series.

The 21 funds will now seek to maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years. Previously, the funds aimed for a 15- to 30-year portfolio maturity under normal conditions.

The three exceptions are the Nuveen California High Yield Municipal Bond Fund, the Nuveen California Municipal Bond 2 and the Nuveen Municipal Bond Fund 2, which will continue their existing policy of seeking an overall weighted average maturity of 15 to 30 years.

Nuveen, the funds' investment adviser, is based in Chicago.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.