Nuveen to merge some municipal closed-end funds in three states

By Toni Weeks

San Diego, Aug. 1 - Nuveen Investments' board of trustees has approved a series of mergers of single-state municipal closed-end funds, according to a press release.

The mergers are intended to create a single, larger state fund with lower operating expenses and increased float.

Nuveen Connecticut Dividend Advantage Municipal Fund, Nuveen Connecticut Dividend Advantage Municipal Fund 2 and Nuveen Connecticut Dividend Advantage Municipal Fund 3 will be acquired by Nuveen Connecticut Premium Income Municipal Fund.

Nuveen Georgia Premium Income Municipal Fund and Nuveen Georgia Dividend Advantage Municipal Fund will be acquired by Nuveen Georgia Dividend Advantage Municipal 2 Fund.

Nuveen North Carolina Dividend Advantage Municipal Fund, Nuveen North Carolina Dividend Advantage Municipal 2 Fund and Nuveen North Carolina Dividend Advantage Municipal 3 Fund will be acquired by Nuveen North Carolina Premium Income Municipal Fund.

The mergers are subject to customary conditions, including shareholder approval at the funds' shareholder meeting later this year.

Nuveen is a Chicago-based investment management firm.

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