NKL Nuveen Insured California Dividend Advantage Municipal Fund Common Shares of Beneifical Interest

Six closed-end funds sponsored by Nuveen Investments today called for redemption at par a portion of their outstanding auction-rate preferred securities (ARPS). The funds’ Board of Trustees has approved each redemption, which total more than $39 million. Each of the funds will be using tender option bonds (TOBs) to finance the partial redemption of its ARPS. TOBs are floating rate securities issued by trusts into which a fund has deposited municipal securities.

The funds issuing at-par redemption notices are:

Nuveen Insured Quality Municipal Fund, Inc. (NYSE: NQI)

Nuveen Insured Municipal Opportunity Fund, Inc. (NYSE: NIO)

Nuveen California Performance Plus Municipal Fund, Inc. (NYSE: NCP)

Nuveen Insured California Premium Income Municipal Fund, Inc. (NYSE: NPC)

Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NYSE: NCL)

Nuveen Insured California Dividend Advantage Municipal Fund (AMEX: NKL)

For each fund having multiple auction-rate preferred share series, the fund’s redemption amount will be allocated on a pro rata basis among such series.

The Depository Trust Company (DTC), the securities’ holder of record, determines how each partial redemption for a particular series will be allocated among each participant broker-dealer account for that series. Each participant broker-dealer, as nominee for underlying beneficial owners (street-name shareholders), in turn determines how redeemed shares are allocated among its underlying beneficial owners. The procedures used by different broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

The tables below list the total number of shares, par amounts and scheduled redemption dates for these redemptions, which are pro rata by series:

NQI is redeeming all of its $6.65 million of its $245.85 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed

 

Total Amount Redeemed

 

Redemption Date

M   67062N202   55   $1,375,000   March 26, 2010 T   67062N400   54   $1,350,000   March 22, 2010 W   67062N301   54   $1,350,000   March 23, 2010 TH   67062N608   49   $1,225,000   March 24, 2010 F   67062N509   54   $1,350,000   March 25, 2010

NIO is redeeming $10.65 million of its $675.475 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed

 

Total Amount Redeemed

 

Redemption Date

M   670984202   53   $1,325,000   March 26, 2010 T   670984301   53   $1,325,000   March 22, 2010 W   670984608   53   $1,325,000   March 23, 2010 W2   670984806   43   $1,075,000   March 23, 2010 W3   670984889   24   $600,000   March 23, 2010 TH   670984400   53   $1,325,000   March 24, 2010 TH2   670984707   53   $1,325,000   March 24, 2010 TH3   670984871   41   $1,025,000   March 24, 2010 F   670984509   53   $1,325,000   March 25, 2010

NCP is redeeming $7.8 million of its $91.175 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed

 

Total Amount Redeemed

 

Redemption Date

T   67062Q205   132   $3,300,000   March 22, 2010 W   67062Q403   47   $1,175,000   March 23, 2010 F   67062Q304   133   $3,325,000   March 25, 2010

NPC is redeeming $3.25 million of its $45.0 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed

 

Total Amount Redeemed

 

Redemption Date

T   67061X201   130   $3,250,000   March 22, 2010

NCL is redeeming $6.5 million of its $79.825 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed

 

Total Amount Redeemed

 

Redemption Date

T   67061U306   130   $3,250,000   March 22, 2010 TH   67061U207   130   $3,250,000   March 24, 2010

NKL is redeeming $4.5 million of its $108.25 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed

 

Total Amount Redeemed

 

Redemption Date

T   67071M203   90   $2,250,000   March 22, 2010 F   67071M302   90   $2,250,000   March 25, 2010

For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen’s auction-rate preferred resource center at www.nuveen.com/arps.

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.