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NUVEEN EXCHANGE-TRADED FUNDS REOPEN TO EXISTING SHAREHOLDERS; DIRECTORS APPROVE FIRST MUNICIPAL BOND FUND OFFERS

 CHICAGO, Nov. 8 /PRNewswire/ -- John Nuveen & Co. Incorporated today announced that the Board of Directors of the Nuveen Municipal Value Fund (NUV) and the Nuveen Premium Income Municipal Fund (NPI) has approved an offer to each fund's common shareholders to subscribe for additional shares of their fund. Subject to the satisfaction of regulatory requirements, the offerings will allow shareholders of each fund to purchase one share of common stock for every three shares owned as of the record date of Dec. 20, 1993. The offers are non-transferable. Other than the dividend reinvestment program available to existing shareholders, neither fund has issued new common shares since the initial offerings in June 1987 for NUV and July 1988 for NPI.
 "The offerings will be an opportunity for investors in two of the nation's largest and most liquid exchange-traded municipal bond funds to buy additional shares of their proven investment at attractive prices," said Vice President of Investor Relations Jeff Kratz. "At the same time, the offerings are designed to enhance the stability of each fund's net asset value, which benefits all shareholders, including those who choose not to participate."
 The offerings will allow subscriptions for approximately 55,575,000 common shares of NUV and 17,689,000 common shares of NPI. Shareholders will be entitled to the additional privilege of over-subscribing for the shares of those who do not fully participate in the offering.
 The offerings are expected to commence on or about Jan. 4, 1994, and will continue until Jan. 21, 1994. The subscription price will be determined on Jan. 21, 1994, as the lower of the net asset value per share as of that date or 95 percent of the average closing price of fund common shares on that date and the four preceding business days.
 A registration statement relating to these new offerings has been filed with the Securities and Exchange Commission but has not yet become effective. The securities to be issued through the new offerings may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 For more complete information about each offering, including charges and expenses, request a prospectus from John Nuveen & Co. Incorporated, 333 W. Wacker Dr., Chicago, IL 60606. Read it carefully before you invest or send money.
 Founded in 1898 and headquartered in Chicago, Nuveen is the nation's oldest and largest investment banking firm specializing in sponsoring, marketing and managing tax-free investment products for individuals investors, and in underwriting, trading and distributing municipal securities. Since 1961, Nuveen has sponsored more than $60 billion in tax-free funds and trusts distributed by registered representatives to more than 1,000,000 investors.
 -0- 11/8/93
 /CONTACT: Ed Dunn of Nuveen, 312-917-7763/ CO: John Nuveen & Co. Incorporated ST: Illinois IN: FIN SU:


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Publication:PR Newswire
Date:Nov 8, 1993
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