Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the shareholders of four Nuveen California closed-end funds approved changes to each fund’s investment policies intended to increase the funds’ flexibility regarding the types of securities available for investment as well as the proposed reorganization of the funds into a single, larger fund.
The changes provide that:
- Each fund will eliminate the investment policy requiring it, under normal circumstances, to invest at least 80 percent of its managed assets in municipal securities that are covered by insurance which currently guarantees the timely payment of principal and interest.
- Each fund will continue to invest substantially all (at least 80 percent) of its managed assets in investment grade quality municipal securities.
- Nuveen Insured California Premium Income Municipal Fund, Inc. (NPC), Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NCL) and Nuveen Insured California Dividend Advantage Municipal Fund (NKL) be reorganized into Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX).
- Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX) will change its name to Nuveen California AMT-Free Municipal Income Fund (NKX).
In connection with the changes in policy, the funds will be merged as follows:
|Acquired Fund||Ticker Symbol||Acquiring Fund||Ticker Symbol|
|• Nuveen Insured California Premium|
|Income Municipal Fund, Inc.||NPC||Nuveen California AMT-Free|
|• Nuveen Insured California Premium||Municipal Income Fund||NKX|
|Income Municipal Fund 2, Inc.||NCL|
|• Nuveen Insured California Dividend|
|Advantage Municipal Fund||NKL|
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, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $230 billion as of January 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV