Nuveen Investments, a leading global provider of investment services to
institutions as well as individual investors, today announced that the
Board of Trustees of each of the closed-end funds listed below approved
for each fund to conduct a tender offer to purchase up to 10 percent of
its outstanding common shares for cash at a price per share equal to 98
percent of the net asset value per share as of the purchase date.
Closed-End Funds
Nuveen Dividend Advantage Municipal Fund 3 (NYSE MKT: NZF)
Nuveen
Dividend Advantage Municipal Income Fund (NYSE MKT: NVG)
Nuveen
Municipal Advantage Fund, Inc. (NYSE: NMA)
Nuveen Quality
Income Municipal Fund, Inc. (NYSE: NQU)
The commencement date of each fund’s tender offer will be announced as
soon as practicable after the successful completion of the fund’s 2014
annual shareholder meeting and any adjournments or postponements
thereof, with payment pursuant to each tender offer to occur within 75
days after the successful completion of the fund’s 2014 annual
shareholder meeting and any adjournments or postponements.
In connection with the Board’s approval of the tender offers, Karpus
Management, Inc. agreed to vote the shares of each Nuveen fund for which
it has the power to vote or direct the vote in accordance with the
recommendation of the Board of Trustees with respect to the proposals
submitted to shareholders at the upcoming annual and special meetings of
shareholders of the Nuveen funds. Karpus has also agreed to be bound by
certain “standstill” covenants with respect to NZF, NVG, NMA and NQU
until September 30, 2017.
Nuveen Investments provides high-quality investment services designed to
help secure the long-term goals of institutional and individual
investors as well as the consultants and financial advisors who serve
them. Nuveen Investments markets a wide range of specialized investment
solutions which provide investors access to capabilities of its
high-quality boutique investment affiliates—Nuveen Asset Management,
LLC, Symphony Asset Management LLC, NWQ Investment Management Company,
LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors,
LLC, Winslow Capital Management, LLC and Gresham Investment Management
LLC, all of which are registered investment advisers and subsidiaries of
Nuveen Investments, Inc. Funds are distributed by Nuveen Securities,
LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen
Investments managed nearly $225 billion as of March 31, 2014. For more
information, please visit the Nuveen Investments website at www.nuveen.com.
2049-INV-W07/15
Copyright Business Wire 2014