Nuveen Investments recently announced that it had entered into a definitive Agreement and Plan of Merger (?Merger Agreement?) to be acquired by an investor group majority-led by Madison Dearborn Partners, LLC. Madison Dearborn Partners, LLC is a private equity investment firm based in Chicago, Illinois. The investor group's financial advisors and investors include Merrill Lynch and Merrill Lynch Global Private Equity, Wachovia and Wachovia Capital Partners, LLC, Citi, Deutsche Bank and Deutsche Bank Investment Partners, and Morgan Stanley.
The merger is expected to be completed by the end of the year, subject to customary conditions, including
- obtaining the approval of Nuveen Investments' stockholders,
- obtaining necessary fund and client consents sufficient to satisfy the terms of the Merger Agreement, and
- expiration of certain regulatory waiting periods.
There can be no assurance that the merger described above will be consummated as contemplated or that necessary shareholder approvals will be obtained.
The merger's consummation would be considered an ?assignment? (as defined in the Securities Act of 1940, or ?1940 Act?) of the investment management agreements between the funds (listed below) and Nuveen Asset Management (?NAM?, a Registered Investment Adviser and wholly owned subsidiary of Nuveen Investments). The merger consummation also would be deemed an assignment of the investment sub-advisory agreements between NAM and sub-advisers for those funds whose assets are managed by one or more sub-advisers. In both cases, the assignment will result in the automatic termination of each existing agreement.
We anticipate that the funds' Board of Trustees will consider a new investment management agreement with NAM and new investment sub-advisory agreements with each sub-adviser prior to the merger consummation. We further anticipate that these agreements will be identical in substance, with possible slight modifications (favorable to shareholders), to previous advisory and sub-advisory agreements. If approved by the Board, the new agreements would be presented to the funds' shareholders for approval later this year. If approved by shareholders, the agreements would take effect upon the merger's consummation or at a later time when shareholder approval is obtained.
Upon consummation of the merger, it is anticipated that Merrill Lynch will be an indirect ?affiliated person? (as that term is defined in the 1940 Act) of the funds. As a result, the funds would then generally be prohibited from entering into principal transactions with Merrill Lynch and certain of its affiliates. NAM and the funds do not believe that any such prohibition or limitation would have a materially adverse effect on the funds' ability to pursue its investment objective and policies.
There will be no change in the portfolio management of the funds or in the funds' investment objectives or policies as a result of these transactions.
Affected closed-end fund include:
Nuveen Municipal Value Fund, Inc. | NUV |
Nuveen California Municipal Value Fund, Inc. | NCA |
Nuveen New York Municipal Value Fund, Inc. | NNY |
Nuveen Municipal Income Fund, Inc. | NMI |
Nuveen Select Maturities Municipal Fund | NIM |
Nuveen Select Tax-Free Income Portfolio | NXP |
Nuveen Select Tax-Free Income Portfolio 2 | NXQ |
Nuveen California Select Tax-Free Income Portfolio | NXC |
Nuveen New York Select Tax-Free Income Portfolio | NXN |
Nuveen Select Tax-Free Income Portfolio 3 | NXR |
Nuveen Real Estate Income Fund | JRS |
Nuveen Quality Preferred Income Fund | JTP |
Nuveen Quality Preferred Income Fund 2 | JPS |
Nuveen Quality Preferred Income Fund 3 | JHP |
Nuveen Multi-Strategy Income and Growth Fund | JPC |
Nuveen Multi-Strategy Income and Growth Fund 2 | JQC |
Nuveen Diversified Dividend and Income Fund | JDD |
Nuveen Tax-Advantaged Total Return Strategy Fund | JTA |
Nuveen Tax-Advantaged Floating Rate Fund | JFP |
Nuveen Equity Premium Income Fund | JPZ |
Nuveen Equity Premium Opportunity Fund | JSN |
Nuveen Equity Premium Advantage Fund | JLA |
Nuveen Equity Premium and Growth Fund | JPG |
Nuveen Global Government Enhanced Income Fund | JGG |
Nuveen Global Value Opportunities Fund | JGV |
Nuveen Core Equity Alpha Fund | JCE |
Nuveen Multi-Currency Short-Term Government Income Fund | JGT |
Nuveen Senior Income Fund | NSL |
Nuveen Floating Rate Income Fund | JFR |
Nuveen Floating Rate Income Opportunity Fund | JRO |
Nuveen Premium Income Municipal Fund, Inc. | NPI |
Nuveen Performance Plus Municipal Fund, Inc. | NPP |
Nuveen California Performance Plus Municipal Fund, Inc. | NCP |
Nuveen New York Performance Plus Municipal Fund, Inc. | NNP |
Nuveen Municipal Advantage Fund, Inc. | NMA |
Nuveen Municipal Market Opportunity Fund, Inc. | NMO |
Nuveen California Municipal Market Opportunity Fund, Inc. | NCO |
Nuveen Investment Quality Municipal Fund, Inc. | NQM |
Nuveen California Investment Quality Municipal Fund, Inc. | NQC |
Nuveen New York Investment Quality Municipal Fund, Inc. | NQN |
Nuveen Insured Quality Municipal Fund, Inc. | NQI |
Nuveen Florida Investment Quality Municipal Fund | NQF |
Nuveen New Jersey Investment Quality Municipal Fund, Inc. | NQJ |
Nuveen Pennsylvania Investment Quality Municipal Fund | NQP |
Nuveen Select Quality Municipal Fund, Inc. | NQS |
Nuveen California Select Quality Municipal Fund, Inc. | NVC |
Nuveen New York Select Quality Municipal Fund, Inc. | NVN |
Nuveen Quality Income Municipal Fund, Inc. | NQU |
Nuveen Insured Municipal Opportunity Fund, Inc. | NIO |
Nuveen Florida Quality Income Municipal Fund | NUF |
Nuveen Michigan Quality Income Municipal Fund, Inc. | NUM |
Nuveen Ohio Quality Income Municipal Fund, Inc. | NUO |
Nuveen Texas Quality Income Municipal Fund | NTX |
Nuveen California Quality Income Municipal Fund, Inc. | NUC |
Nuveen New York Quality Income Municipal Fund, Inc. | NUN |
Nuveen Premier Municipal Income Fund, Inc. | NPF |
Nuveen Premier Insured Municipal Income Fund, Inc. | NIF |
Nuveen Premium Income Municipal Fund 2, Inc. | NPM |
Nuveen Arizona Premium Income Municipal Fund, Inc. | NAZ |
Nuveen Insured California Premium Income Municipal Fund, Inc. | NPC |
Nuveen Insured Florida Premium Income Municipal Fund | NFL |
Nuveen Michigan Premium Income Municipal Fund, Inc. | NMP |
Nuveen New Jersey Premium Income Municipal Fund, Inc. | NNJ |
Nuveen Insured New York Premium Income Municipal Fund, Inc. | NNF |
Nuveen Premium Income Municipal Fund 4, Inc. | NPT |
Nuveen Insured California Premium Income Municipal Fund 2, Inc. | NCL |
Nuveen Maryland Premium Income Municipal Fund | NMY |
Nuveen Massachusetts Premium Income Municipal Fund | NMT |
Nuveen Pennsylvania Premium Income Municipal Fund 2 | NPY |
Nuveen Virginia Premium Income Municipal Fund | NPV |
Nuveen Connecticut Premium Income Municipal Fund | NTC |
Nuveen Georgia Premium Income Municipal Fund | NPG |
Nuveen Missouri Premium Income Municipal Fund | NOM |
Nuveen North Carolina Premium Income Municipal Fund | NNC |
Nuveen California Premium Income Municipal Fund | NCU |
Nuveen Insured Premium Income Municipal Fund 2 | NPX |
Nuveen California Dividend Advantage Municipal Fund | NAC |
Nuveen New York Dividend Advantage Municipal Fund | NAN |
Nuveen Dividend Advantage Municipal Fund | NAD |
Nuveen Arizona Dividend Advantage Municipal Fund | NFZ |
Nuveen Connecticut Dividend Advantage Municipal Fund | NFC |
Nuveen Maryland Dividend Advantage Municipal Fund | NFM |
Nuveen Massachusetts Dividend Advantage Municipal Fund | NMB |
Nuveen North Carolina Dividend Advantage Municipal Fund | NRB |
Nuveen Virginia Dividend Advantage Municipal Fund | NGB |
Nuveen Dividend Advantage Municipal Fund 2 | NXZ |
Nuveen California Dividend Advantage Municipal Fund 2 | NVX |
Nuveen New Jersey Dividend Advantage Municipal Fund | NXJ |
Nuveen New York Dividend Advantage Municipal Fund 2 | NXK |
Nuveen Ohio Dividend Advantage Municipal Fund | NXI |
Nuveen Pennsylvania Dividend Advantage Municipal Fund | NXM |
Nuveen Dividend Advantage Municipal Fund 3 | NZF |
Nuveen California Dividend Advantage Municipal Fund 3 | NZH |
Nuveen Georgia Dividend Advantage Municipal Fund | NZX |
Nuveen Maryland Dividend Advantage Municipal Fund 2 | NZR |
Nuveen Michigan Dividend Advantage Municipal Fund | NZW |
Nuveen Ohio Dividend Advantage Municipal Fund 2 | NBJ |
Nuveen North Carolina Dividend Advantage Municipal Fund 2 | NNO |
Nuveen Virginia Dividend Advantage Municipal Fund 2 | NNB |
Nuveen Insured Dividend Advantage Municipal Fund | NVG |
Nuveen Insured California Dividend Advantage Municipal Fund | NKL |
Nuveen Insured New York Dividend Advantage Municipal Fund | NKO |
Nuveen Arizona Dividend Advantage Municipal Fund 2 | NKR |
Nuveen Connecticut Dividend Advantage Municipal Fund 2 | NGK |
Nuveen New Jersey Dividend Advantage Municipal Fund 2 | NUJ |
Nuveen Ohio Dividend Advantage Municipal Fund 3 | NVJ |
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 | NVY |
Nuveen Arizona Dividend Advantage Municipal Fund 3 | NXE |
Nuveen Connecticut Dividend Advantage Municipal Fund 3 | NGO |
Nuveen Georgia Dividend Advantage Municipal Fund 2 | NKG |
Nuveen Maryland Dividend Advantage Municipal Fund 3 | NWI |
Nuveen North Carolina Dividend Advantage Municipal Fund 3 | NII |
Nuveen Insured Tax-Free Advantage Municipal Fund | NEA |
Nuveen Insured California Tax-Free Advantage Municipal Fund | NKX |
Nuveen Insured Florida Tax-Free Advantage Municipal Fund | NWF |
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund | NGX |
Nuveen Insured New York Tax-Free Advantage Municipal Fund | NRK |
Nuveen Municipal High Income Opportunity Fund | NMZ |
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutions and high-net-worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen, Santa Barbara, Tradewinds, Rittenhouse and Symphony. In total, the Company manages $166 billion in assets as of March 31, 2007. Nuveen Investments is listed on the New York Stock Exchange and trades under the symbol ?JNC.?
Nuveen Investments
Kathleen Cardoza
312-917-7813
kathleen.cardoza@nuveen.com