FOR IMMEDIATE RELEASE ATTN: BUSINESS/FINANCIAL EDITORS MEDIA CONTACT: CHRISTOPHER ALLEN 312-917-8331 CHRISTOPHER.ALLEN@NUVEEN.COM KATHLEEN CARDOZA 312-917-7813 KATHLEEN.CARDOZA@NUVEEN.COM INVESTORS 877-622-7530
23 Nuveen Municipal Closed-End Funds Issue At-Par Redemption Notices for Auction-Rate Securities
Funds Employing Tender Option Bonds to Refinance More Than $350 Million in Auction-Rate Preferred Shares
CHICAGO, August 7, 2008 – Twenty-three Nuveen municipal closed-end funds today called for redemption at par a portion of their outstanding auction-rate preferred shares (ARPS). The funds’ Board of Trustees has approved the redemptions, using tender option bonds (TOBs) to refinance more than $350 million of the funds’ ARPS. This refinancing is expected to lower the relative costs of leverage for the funds over time while also providing liquidity at par for the holders of at least some of the funds’ ARPS.
TOBs are floating rate securities issued by trusts into which a fund has deposited municipal securities. Many Nuveen CEFs already use TOBs as a portfolio structuring and duration management tool. Nuveen has created a team of experts focused on evaluating Nuveen CEFs for expanded implementation of TOBs as an alternative form of leverage replacing ARPS. “We are pleased to announce this new round of redemptions of our municipal closed-end fund ARPs,” said Bill Adams, Executive Vice President, Nuveen Investments. “While current market uncertainties add to the challenge of ARPS refinancing, it remains a top priority and we appreciate the patience shown by many investors.” The funds issuing at-par redemption notices are:
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Municipal Advantage Fund (NMA) Select Quality Municipal Fund (NQS) Dividend Advantage Municipal Fund (NAD)
California Select Quality Municipal Fund (NVC) California Quality Income Municipal Fund (NUC) Insured California Premium Income Municipal Fund 2 (NCL)
Nuveen Municipal Market Opportunity Fund (NMO) Insured Quality Municipal Fund (NQI) Premier Insured Municipal Income Fund (NIF) Insured Dividend Advantage Municipal Fund (NVG) Insured Tax-Free Advantage Municipal Fund (NEA) Insured Municipal Opportunity Fund (NIO) Investment Quality Municipal Fund (NQM) California Performance Plus Municipal Fund (NCP) California Investment Quality Municipal Fund (NQC)
Insured California Dividend Advantage Municipal Fund (NKL) New York Performance Plus Municipal Fund (NNP) New York Dividend Advantage Municipal Fund (NAN) New York Dividend Advantage Municipal Fund 2 (NXK)
New York Investment Quality Municipal Fund (NQN)
New York Select Quality Municipal Fund (NVN) New York Quality Income Municipal Fund (NUN) Insured New York Premium Income Municipal Fund (NNF)
These redemptions will be allocated on a pro rata basis among each fund’s auction-rate preferred shares series. The Depository Trust Company (DTC), the securities’ holder of record, determines how each partial series redemption will be allocated among each participant broker-dealer account. 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 this stage of redemptions, which collectively total $353.3million:
NMA is redeeming $16.35 million of its $358 million of currently outstanding ARPS.
Series M T W TH
Cusip # 67062H205 67062H304 67062H403 67062H601
Total Shares Redeemed 137 137 137 106
Total Amount Redeemed $3,425,000 $3,425,000 $3,425,000 $2,650,000
Redemption Date September 2, 2008 September 3, 2008 August 28, 2008 August 29, 2008
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F
67062H502
137
$3,425,000
September 2, 2008
NQS is redeeming $11.425 million of its $279 million of currently outstanding ARPS.
Series M T W TH F
Cusip # 670973304 670973502 670973403 670973601 670973205
Total Shares Redeemed 82 82 114 64 115
Total Amount Redeemed $2,050,000 $2,050,000 $2,850,000 $1,600,000 $2,875,000
Redemption Date September 2, 2008 September 3, 2008 August 28, 2008 August 29, 2008 September 2, 2008
NAD is redeeming $5.2 million of its $272 million of currently outstanding ARPS.
Series M T TH
Cusip # 67066V200 67066V309 67066V408
Total Shares Redeemed 71 71 66
Total Amount Redeemed $1,775,000 $1,775,000 $1,650,000
Redemption Date September 2, 2008 September 3, 2008 August 29, 2008
NMO is redeeming $18.325 million of its $380 million of currently outstanding ARPS.
Series M T W F
Cusip # 67062W301 67062W400 67062W509 67062W202
Total Shares Redeemed 193 193 154 193
Total Amount Redeemed $4,825,000 $4,825,000 $3,850,000 $4,825,000
Redemption Date September 2, 2008 September 3, 2008 August 28, 2008 September 2, 2008
NQI is redeeming $19.575 million of its $318 million of currently outstanding ARPS.
Series M T W TH F
Cusip # 67062N202 67062N400 67062N301 67062N608 67062N509
Total Shares Redeemed 160 160 160 143 160
Total Amount Redeemed $4,000,000 $4,000,000 $4,000,000 $3,575,000 $4,000,000
Redemption Date September 2, 2008 September 3, 2008 August 28, 2008 August 29, 2008 September 2, 2008
NIF is redeeming $6.05 million of its $161 million of currently outstanding ARPS.
Series W TH F
Cusip # 670987403 670987205 670987304
Total Shares Redeemed 32 105 105
Total Amount Redeemed $800,000 $2,625,000 $2,625,000
Redemption Date August 28, 2008 August 29, 2008 September 2, 2008
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NVG is redeeming $6.025 million of its $233 million of currently outstanding ARPS.
Series M T TH
Cusip # 67071L205 67071L304 67071L403
Total Shares Redeemed 81 80 80
Total Amount Redeemed $2,025,000 $2,000,000 $2,000,000
Redemption Date September 2, 2008 September 3, 2008 August 29, 2008
NEA is redeeming $11.2 million of its $144 million of currently outstanding ARPS.
Series T W
Cusip # 670657204 670657303
Total Shares Redeemed 224 224
Total Amount Redeemed $5,600,000 $5,600,000
Redemption Date September 3, 2008 August 28, 2008
NIO is redeeming $11.2 million of its $638.45 million of currently outstanding ARPS.
Series M T W W2 TH TH2 F
Cusip # 670984202 670984301 670984608 670984806 670984400 670984707 670984509
Total Shares Redeemed 89 89 89 71 89 88 89
Total Amount Redeemed $2,225,000 $2,225,000 $2,225,000 $1,775,000 $2,225,000 $2,200,000 $2,225,000
Redemption Date September 2, 2008 September 3, 2008 August 28, 2008 August 28, 2008 August 29, 2008 August 29, 2008 September 2, 2008
NQM is redeeming $8.425 million of its $237.875 million of currently outstanding ARPS.
Series M T W TH F
Cusip # 67062E400 67062E301 67062E509 67062E608 67062E202
Total Shares Redeemed 70 70 70 57 70
Total Amount Redeemed $1,750,000 $1,750,000 $1,750,000 $1,425,000 $1,750,000
Redemption Date September 2, 2008 September 3, 2008 August 28, 2008 August 29, 2008 September 2, 2008
NCP is redeeming $6.075 million of its $106 million of currently outstanding ARPS.
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Series T W F
Cusip # 67062Q205 67062Q403 67062Q304
Total Shares Redeemed 103 37 103
Total Amount Redeemed $2,575,000 $925,000 $2,575,000
Redemption Date September 3, 2008 August 28, 2008 September 2, 2008
NQC is redeeming $17.075 million of its $112 million of currently outstanding ARPS.
Series M W
Cusip # 67062A200 67062A309
Total Shares Redeemed 549 134
Total Amount Redeemed $13,725,000 $3,350,000
Redemption Date September 2, 2008 August 28, 2008
NVC is redeeming $22.725 million of its $192 million of currently outstanding ARPS.
Series T W TH
Cusip # 670975200 670975408 670975309
Total Shares Redeemed 284 199 426
Total Amount Redeemed $7,100,000 $4,975,000 $10,650,000
Redemption Date September 3, 2008 August 28, 2008 August 29, 2008
NUC is redeeming $19.975 million of its $185 million of currently outstanding ARPS.
Series M W F
Cusip # 670985407 670985209 670985308
Total Shares Redeemed 151 324 324
Total Amount Redeemed $3,775,000 $8,100,000 $8,100,000
Redemption Date September 2, 2008 August 28, 2008 September 2, 2008
NCL is redeeming $15.175 million of its $95 million of currently outstanding ARPS.
Series T TH
Cusip # 67061U306 67061U207
Total Shares Redeemed 303 304
Total Amount Redeemed $7,575,000 $7,600,000
Redemption Date September 3, 2008 August 29, 2008
NKL is redeeming $9.75 million of its $118 million of currently outstanding ARPS.
Series T F
Cusip # 67071M203 67071M302
Total Shares Redeemed 195 195
Total Amount Redeemed $4,875,000 $4,875,000
Redemption Date September 3, 2008 September 2, 2008
NNP is redeeming $36.65 million of its $124.3 million of currently outstanding ARPS.
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Series M T W F
Cusip # 67062R302 67062R500 67062R203 67062R401
Total Shares Redeemed 471 236 590 169
Total Amount Redeemed $11,775,000 $5,900,000 $14,750,000 $4,225,000
Redemption Date September 2, 2008 September 3, 2008 August 28, 2008 September 2, 2008
NAN is redeeming $17.6 million of its $69 million of currently outstanding ARPS.
Series F
Cusip # 67066X206
Total Shares Redeemed 704
Total Amount Redeemed $17,600,000
Redemption Date September 2, 2008
NXK is redeeming $12.9 million of its $47 million of currently outstanding ARPS.
Series W
Cusip # 67070A200
Total Shares Redeemed 516
Total Amount Redeemed $12,900,000
Redemption Date August 28, 2008
NQN is redeeming $29.075 million of its $144 million of currently outstanding ARPS.
Series M T F
Cusip # 67062X408 67062X200 67062X309
Total Shares Redeemed 193 485 485
Total Amount Redeemed $4,825,000 $12,125,000 $12,125,000
Redemption Date September 2, 2008 September 3, 2008 September 2, 2008
NVN is redeeming $29.1 million of its $193 million of currently outstanding ARPS.
Series T W TH
Cusip # 670976406 670976208 670976307
Total Shares Redeemed 259 362 543
Total Amount Redeemed $6,475,000 $9,050,000 $13,575,000
Redemption Date September 3, 2008 August 28, 2008 August 29, 2008
NUN is redeeming $6.5 million of its $171.875 million of currently outstanding ARPS.
Series M
Cusip # 670986306
Total Shares Redeemed 73
Total Amount Redeemed $1,825,000
Redemption Date September 2, 2008
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W TH F
670986405 670986207 670986504
73 79 35
$1,825,000 $1,975,000 $875,000
August 28, 2008 August 29, 2008 September 2, 2008
NNF is redeeming $13 million of its $65 million of currently outstanding ARPS.
Series M T
Cusip # 67101R206 67101R305
Total Shares Redeemed 264 256
Total Amount Redeemed $6,600,000 $6,400,000
Redemption Date September 2, 2008 September 3, 2008
Nuveen plans to provide information on additional TOB refinancing for its municipal funds on an ongoing basis as TOBs are created and the funds are in a position to issue redemption notices. Information and updates on Nuveen CEFs and ARPS refinancing are posted regularly at www.nuveen.com/cef and 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, Rittenhouse, Santa Barbara, Symphony and Tradewinds. In total, the Company managed $153 billion of assets on March 31, 2008.
No TOBs have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no TOBs may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
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