Four new Nuveen closed-end funds attract approximately $135 million
Nuveen Investments said it has successfully completed the initial public offering of four state-specific closed-end funds. These funds include the Nuveen California Municipal Value Fund 2 (NCB), Nuveen New Jersey Municipal Value Fund (NJV), Nuveen New York Municipal Value Fund 2 (NYV) and Nuveen Pennsylvania Municipal Value Fund (NPN). The new funds will consist primarily of investment-grade municipal bonds, and seek to provide monthly income exempt from federal income taxes with no leverage from preferred shares. The funds have already begun trading on the NYSE Amex.