Nuveen Enhanced Municipal Value Fund Attracts Nearly $290 Million

CHICAGO--(BUSINESS WIRE)--Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced it has successfully completed the initial public offering of the Nuveen Enhanced Municipal Value Fund. The new closed-end fund’s portfolio consists primarily of investment-grade municipal bonds and seeks to provide attractive monthly income exempt from regular federal income tax. The fund will begin trading on the New York Stock Exchange (NYSE) today under the symbol NEV.

The fund raised $289.5 million in its common share offering, assuming full exercise of underwriters’ overallotments, which may not occur. The fund is sponsored by Nuveen Investments, LLC. Nuveen Asset Management is the fund’s investment adviser and is responsible for determining the fund’s overall investment strategy. The lead manager of the common share underwriting syndicate was Merrill Lynch, Pierce, Fenner & Smith Incorporated.

“With interest rates at historically low levels, we believe that investors have been seeking strategies that can enhance their portfolio income” said Bill Adams, Executive Vice President, Nuveen Investments. “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.”

Shares of closed-end investment companies, like the fund, usually trade on a national stock exchange. Similar to stocks, the fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value. Some income from the fund may be subject to state and local income tax as well as the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in the fund, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or www.nuveen.com/cef. Investors should read the prospectus carefully before they invest or send money.

This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Investments
Media Contact:
Kathleen Cardoza, (312) 917-7813
KATHLEEN.CARDOZA@NUVEEN.COM
or
Kristyna Sujata, (312) 917-8343
KRISTYNA.SUJATA@NUVEEN.COM