is launching two more municipal bond funds as part of a blitz of closed-end funds it is readying for September. The firm is also eliminating its family of five money market funds.
The firm informed investors and advisors of the decision to eliminate the money market funds in June, according to a spokesperson. The five funds had $428 million in assets as of June 30.
Nuveen funds are distributed through advisors who are more and more likely to offer the funds as part of sweep accounts, explained the spokesperson. Because of this Nuveen officials felt there is no longer as strong a need for third-party liquid investments as before.
On the closed-end front the firm had already filed with the SEC for five of the funds that it will open in September. The firm made filings for the two additional funds on Friday. Altogether, Nuveen has filed for 11 municipal bond funds. It is targeting seven of those funds for a September launch. The firm did not disclose on which exchange the funds will be listed.
With one exception, the new funds are each targeted at municipal bonds of a single state. All of the funds are subadvised by Salomon Smith Barney.
The seven funds are:
Nuveen Dividend Advantage Municipal Fund
Nuveen California Dividend Advantage Municipal Fund
Nuveen Georgia Dividend Advantage Municipal Fund
Nuveen Maryland Dividend Advantage Municipal Fund
Nuveen Michigan Dividend Advantage Municipal Fund
Nuveen New York Dividend Advantage Municipal Fund
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