NUVEEN TO OFFER SEVEN NEW STATE TAX-FREE VALUE FUNDS
SHAREHOLDER SERVICES, INC. TO BE FIRM'S NEW TRANSFER AGENT
CHICAGO, Jan. 3 /PRNewswire/ -- John Nuveen & Co. announced today the introduction of seven new state tax-free mutual funds. These funds, to be offered in Arizona, Michigan, New Jersey, Pennsylvania and Virginia, join the firm's existing long-term open-end tax-free funds to form the family of Nuveen Tax-Free Value Funds.
The new funds, which will be offered through an initial subscription period that ends Feb. 20, 1992, are:
Nuveen Arizona Tax-Free Value Fund;
Nuveen Florida Tax-Free Value Fund;
Nuveen Maryland Tax-Free Value Fund;
Nuveen Michigan Tax-Free Value Fund;
Nuveen New Jersey Tax-Free Value Fund;
Nuveen Pennsylvania Tax-Free Value Fund; and
Nuveen Virginia Tax-Free Value Fund.
"Nuveen has experienced considerable success with its existing state municipal bond funds," said Nuveen's Chairman and Chief Executive Officer Richard J. Franke. "After a thorough analysis of various factors that affect the demand and availability of single state issues, and a review of market conditions in various states, we determined that these seven new states are excellent locations in which to offer investors Nuveen Tax-Free Value Funds."
Nuveen's Tax-Free Value Fund managers employ a philosophy of "value investing," which seeks to find bonds whose current yield, price, credit quality, call protection and future prospects position them as underpriced or extremely attractive in comparison to other bonds in the market.
Beginning Jan. 3, the names of Nuveen's other long-term funds will start reflecting the firm's commitment to value investing. These new names are:
Nuveen Municipal Bond Fund;
Nuveen Insured Municipal Bond Fund;
Nuveen California Tax-Free Value Fund;
Nuveen California Insured Tax-Free Value Fund;
Nuveen Massachusetts Tax-Free Value Fund;
Nuveen Massachusetts Insured Tax-Free Value Fund;
Nuveen New York Tax-Free Value Fund; and
Nuveen Ohio Tax-Free Value Fund.
Nuveen Tax-Free Value Funds provide income free from federal taxes. Income from state funds is also free from state and, in some cases, local income taxes for residents of those states, although the income may be subject to the federal alternative minimum tax. Capital gains, if any, are subject to capital gains taxes.
Nuveen also announced that, as of Jan. 3, 1992, Shareholder Services, Inc. (SSI) will become the transfer agent for all Nuveen tax free mutual funds and money market funds. In 1990, Dalbar Surveys, Inc., an independent mutual fund research firm, ranked SSI as the number one customer service provider among all transfer agents. SSI will be providing a team of Nuveen-dedicated customer service representatives as part of its arrangement with the firm.
Founded in 1898 and headquartered in Chicago, Nuveen is the nation's oldest and largest investment banking firm specializing in the underwriting, trading and marketing of municipal bonds, tax-free unit trusts, mutual funds and exchange-traded funds. Nuveen has the investment banking industry's largest research department devoted exclusively to municipal securities, and is the world's largest tax free product sponsor -- with more than $50 billion in funds held by more than 1,000,000 investors.
For more complete information, including charges and expenses, investors should obtain a prospectus from their securities representative or John Nuveen & Co, Incorporated, 333 W. Wacker Drive, Chicago, Ill., 60606. Investors should read the prospectus carefully before investing or sending money.
/CONTACT: Jeff Kratz, 312-917-7749, or Ed Dunn, 312-917-7763, for Nuveen./ CO: John Nuveen & Co. ST: Illinois IN: FIN SU: PDT SM -- NY038 -- 6563 01/03/92 15:58 EST