Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Board of Trustees of 16 of its insured municipal closed-end funds has approved changes to each such fund’s investment policies. The Board of each fund took this action in response to the continuing challenges faced by municipal bond insurers. The changes to each fund’s investment policies are intended to increase the fund’s investment flexibility in pursuing its investment objective, while retaining the insured nature of its portfolio.

The changes will allow the funds to invest:

  • At least 80 percent of their net assets in municipal bonds insured by insurance providers with a claims-paying ability of at least investment grade at the time of investment; and
  • Up to 20 percent in uninsured municipal bonds that are either escrowed to maturity, rated investment grade or unrated but judged by the fund’s investment adviser to be investment grade quality.

These changes are effective immediately. The affected funds are:

               

Nuveen Insured Premium Income 2 Fund (NPX)

Nuveen Insured Municipal Opportunity (NIO)

Nuveen Premier Insured Municipal Fund (NIF)

Nuveen Insured Dividend Advantage Fund (NVG)

Nuveen Insured Tax Free Advantage Fund (NEA)

Nuveen Insured Quality Fund (NQI)

Nuveen Insured New York Premium Income Fund (NNF)

Nuveen New York Quality Income Fund (NUN)

Nuveen New York Select Quality Fund (NVN)

Nuveen New York Investment Quality Fund (NQN)

Nuveen Insured New York Dividend Advantage Fund (NKO)

Nuveen Insured New York Tax Free Advantage Fund (NRK)

Nuveen Insured California Premium Income 2 Fund (NCL)

Nuveen Insured California Dividend Advantage Fund (NKL)

Nuveen Insured Tax Free Dividend Advantage (NKX)

Nuveen Insured Massachusetts Tax Free Advantage (NGX)

 

For more information on these policies and other Nuveen closed-end funds, please visit www.nuveen.com/cef

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 $141 billion of assets on September 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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