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FIVE NUVEEN TAX-FREE FUNDS RAISE A COMBINED $353,250,000

 CHICAGO, May 21 /PRNewswire/ -- John Nuveen & Co. Incorporated today announced the initial public offerings of common shares of five new tax- free exchange-traded funds.
 The offerings included 8 million shares of the Nuveen Premium Income Municipal Fund 5 (ticket symbol NPU), 5.6 million shares of the Nuveen North Carolina Premium Income Municipal Fund (NNC), 4.6 million shares of the Nuveen Connecticut Premium Income Municipal Fund (NTC), 3.35 million shares of the Nuveen Georgia Premium Income Municipal Fund (NPG), and 2 million shares of the Nuveen Missouri Premium Income Municipal Fund (NOM).
 If the underwriters' over-allotments for all five funds are exercised in full, the funds would increase their combined total assets to more than $388 million.
 Common shares of all five funds were offered at $15 per share, and began trading today on a when issued basis. The National, North Carolina and Connecticut funds trade on the New York Stock Exchange while the Georgia and Missouri funds trade on the American Stock Exchange.
 Smith Barney, Harris Upham & Co. Incorporated served as lead manager for the national fund offering, while Merrill Lynch & Co. served as the lead manager for the four state fund offerings.
 Co-managers for all five offerings were John Nuveen & Co. Incorporated, Alex, Brown & Sons Incorporated, Lehman Brothers and A.G. Edwards & Sons, Inc.
 Other co-managers for the national offering were Kemper Securities, Inc. and Legg Mason Wood Walker Incorporated.
 Interstate/Johnson Lane Corp. and The Robinson-Humphrey Company, Inc. served as co-managers for the North Carolina and Georgia funds. Legg Mason Wood Walker Incorporated and Scott & Stringfellow, Inc. also served as co-managers for the North Carolina fund.
 Advest, Inc. also served as co-manager for the Connecticut fund offering, while Fahnestock & Co. Inc. and Stifel, Nicolaus & Company Incorporated also served as co-manager for the Missouri fund.
 The national fund will invest in a nationally diversified portfolio of investment-grade quality bonds, while the state funds will invest in diversified portfolios of investment-grade quality municipal bonds issued within their respective states. Income will be free from federal income taxes, although a portion may be subject to the federal alternative minimum tax. The state funds will provide residents of those states with income free from state and local income taxes. Capital gains, if any, will be subject to capital gains taxes.
 The first regular monthly dividends are expected to be declared about 60 days and paid about 90 days after the completion of these offerings.
 The funds will be managed by Nuveen Advisory Corp., a wholly owned subsidiary of Nuveen. Founded in 1898 and headquartered in Chicago, Nuveen is the nation's oldest and largest investment banking firm specializing in the sponsorship, marketing and management of tax-free investment products for individual investors, and in the underwriting, trading and distribution of municipal securities.
 For more complete information, including charges and expenses, investors should obtain prospectuses from their securities representatives or John Nuveen & Co. Incorporated, 333 W. Wacker Dr. Chicago, Ill., 60606. Investors should read the prospectus carefully before they invest or send money.
 -0- 5/21/93
 /CONTACT: Jeff Kratz, 312-917-7749, for Nuveen/
 (NPU NNC NTC NPG NOM)


CO: John Nuveen & Co. Incorporated ST: Illinois IN: FIN SU: OFR

LD -- NY062 -- 1334 05/21/93 16:50 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 21, 1993
Words:536
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