Nuveen Announces Update on Merger for Pennsylvania Closed-End Funds
December 30 2013 - 3:00PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced that the merger of Nuveen’s Pennsylvania state municipal
bond closed-end funds will now close prior to the opening of the
New York Stock Exchange on February 10, 2014. As previously
announced the merger is intended to create a single Pennsylvania
state fund with lower operating expenses and increased trading
volume on the exchange for common shares.
The funds will be merged as follows:
Acquired Funds Symbol
Acquiring Fund Symbol
- Nuveen Pennsylvania PremiumIncome Municipal Fund 2
NPY
- Nuveen Pennsylvania DividendAdvantage Municipal Fund
NXM
Nuveen PennsylvaniaInvestment
QualityMunicipal Fund
NQP
- Nuveen Pennsylvania DividendAdvantage Municipal Fund 2
NVY
As noted above, subject to the satisfaction of certain customary
closing conditions, the reorganizations are expected to close prior
to the opening of the New York Stock Exchange on February 10, 2014.
More information on these and other Nuveen closed-end funds is
posted on Nuveen’s web site at www.nuveen.com/cef.
Nuveen Investments provides high-quality investment services
designed to help secure the long-term goals of institutional and
individual investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets a wide range of
specialized investment solutions which provide investors access to
capabilities of its high-quality boutique investment
affiliates—Nuveen Asset Management, LLC, Symphony Asset Management
LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset
Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital
Management, LLC and Gresham Investment Management LLC, all of which
are registered investment advisers and subsidiaries of Nuveen
Investments, Inc. Funds distributed by Nuveen Securities, LLC., a
subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments
managed nearly $215 billion as of September 30, 2013. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are forward-looking
statements. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are not
limited to:
- market developments;
- legal and regulatory developments; and
- other additional risks and uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its
affiliates undertake no responsibility to update publicly or revise
any forward-looking statements.
The Annual and Semi-Annual Reports and other regulatory filings
of the Nuveen closed-end funds with the Securities and Exchange
Commission ("SEC") are accessible on the SEC's web site at
www.sec.gov and on Nuveen's web site at www.nuveen.com and may
discuss the above-mentioned or other factors that affect the Nuveen
closed-end funds. The information contained on our web site is not
a part of this press release.
Nothing contained in this press release shall constitute an
offer for sale of any securities. A joint Proxy
Statement/Prospectus relating to the proposed reorganization will
be filed with the SEC in the coming weeks and will contain
important information relating to the reorganization. Shareholders
are urged to read each such joint Proxy Statement/Prospectus
carefully. After they are filed, free copies of the Proxy
Statement/Prospectuses will be available on the SEC's web site at
www.sec.gov.
Nuveen InvestmentsMedia Contact:Kristyna Munoz, (312)
917-8343kristyna.munoz@nuveen.com
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