Nuveen boards seek OK for mergers of some California municipal funds

By Toni Weeks

San Luis Obispo, Calif., Oct. 15 - Nuveen Investments announced that the board of trustees of some Nuveen California municipal bond closed-end funds approved a series of mergers that are expected to create two larger funds with lower operating expenses and increased trading volume, according to a press release.

If shareholder approval is received at meetings early next year, the Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California Municipal Market Opportunity Fund, Inc., Nuveen California Investment Quality Municipal Fund, Inc., Nuveen California Quality Income Municipal Fund, Inc. and Nuveen California Select Quality Municipal Fund, Inc. will be acquired by the Nuveen California Dividend Advantage Municipal Fund.

On the same note, the Nuveen California Premium Income Municipal Fund will be acquired by Nuveen California AMT-Free Municipal Income Fund.

Chicago-based Nuveen Fund Advisors, Inc. is the investment adviser to the funds.

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