Nuveen Investments launches Nuveen Enhanced Municipal Value Fund

By Lisa Kerner

Charlotte, N.C., Sept. 25 - Nuveen Investments LLC completed the initial public offering of the Nuveen Enhanced Municipal Value Fund, raising $289.5 million.

According to Nuveen, the new closed-end fund's portfolio consists primarily of investment-grade municipal bonds.

The fund began trading on the New York Stock Exchange Friday under the symbol "NEV."

The lead manager of the common share underwriting syndicate was Merrill Lynch, Pierce, Fenner & Smith Inc. The $289.5 million total assumes the full exercise of the over-allotment option.

"This fund offers monthly tax-advantaged income from a municipal bond portfolio managed by Nuveen's experienced portfolio management and research team that may complement an investor's other income investments," Nuveen executive vice president Bill Adams said in a company news release.

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