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TWO NUVEEN EXCHANGE-TRADED FUNDS COMBINE TO IMPROVE EFFICIENCY, BENEFITS TO SHAREHOLDERS

 CHICAGO, July 28 /PRNewswire/ -- The shareholders of the Nuveen Select Maturities Municipal Fund (NYSE: NIM) and the Nuveen Select Maturities Municipal Fund 2 (NIR) approved today a combination of the two exchange-traded funds into one fund.
 Under the new structure, the Select Maturities Fund will acquire substantially all of the assets and liabilities of the Select Maturities 2 fund in exchange for newly issued shares of Select Maturities, which will then be distributed to Select Maturities 2 shareholders. The exchange ratio will be as follows: For every share of Select Maturities 2 redeemed, .998820 shares of Select Maturities will be issued.
 The combination was approved by a majority of the shareholders of both funds during the funds' regularly scheduled shareholder's meeting today.
 The combination will take place at the close of business today. The combined fund will continue under the name Nuveen Select Maturities Municipal Fund and trade on the New York Stock Exchange under the ticker symbol NIM.
 "We believe this combination is clearly in the best interest of each fund's shareholders,'' said Richard J. Franke, chairman of the Nuveen funds. "The reorganization should lead to efficiencies of scale, providing benefits such as reduced management fees, administrative expenses, and improved fund-share liquidity. The combination strengthens our ability to maintain the attractive tax free dividends that our investors want."
 After the reorganization, Select Maturities will continue to pay monthly income free from federal taxes, although income is subject to state and local taxes and to the alternative minimum tax. Capital gains on the appreciation of shares are subject to capital gains taxes.
 Select Maturities, which features a portfolio with intermediate term characteristics will continue to be managed by Nuveen Advisory Corp.
 Nuveen Advisory Corp. is a wholly owned subsidiary of The John Nuveen Company. 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.
 -0- 7/28/93
 /CONTACT: Jeff Kratz, 312-917-7749 or Ed Dunn, 312-917-7763, both of Nuveen/
 (NIM)


CO: Nuveen Select Maturities Municipal Fund; Nuveen Select Matur ST: Illinois IN: FIN SU:

TM -- NY123 -- 7021 07/28/93 18:55 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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