Nuveen New York fund to close to new investors, change name and terms

By Toni Weeks

San Diego, March 21 - Nuveen New York Insured Municipal Bond Fund will close to new investors on April 27, according to a filing with the Securities and Exchange Commission.

Current investors as of April 27 may continue to invest in the fund, including through the reinvestment of dividends and capital gains distributions.

Effective May 31, the fund will no longer be required to invest 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. The fund will still be required to invest at least 80% of its net assets in municipal bonds that pay interest that is exempt from regular federal and New York personal income tax.

In addition, the fund's name will be changed to Nuveen New York Municipal Bond Fund 2.

Nuveen is a Chicago-based investment management firm.

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