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).
|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|