14 Nuveen closed-end funds to redeem some auction-rate preferreds

By Jennifer Chiou

New York, June 2 - Fourteen closed-end funds sponsored by Nuveen Investments, Inc. announced that they have called for redemption at par a portion of their outstanding auction-rate preferred securities.

The funds' board of trustees has approved each of the redemptions, which total more than $59 million, according to a news release.

The release noted that each of the funds will be using tender option bonds to finance the partial redemption of its ARPS. Tender option bonds are floating-rate securities issued by trusts into which a fund has deposited municipal securities.

The funds issuing at-par redemption notices are:

• Insured Tax Free Advantage Municipal Fund, which is redeeming $2.5 million of its $131.15 million of ARPS;

• Premier Insured Municipal Income Fund, which is redeeming $9.175 million of its $139.3 million of ARPS;

• California Municipal Market Opportunity Fund, which is redeeming $10.125 million of its $58.9 million of ARPS;

• California Select Quality Municipal Fund, which is redeeming $4.525 million of its $164.15 million of ARPS;

• Insured Florida Premium Income Municipal Fund, which is redeeming $8.825 of its $111 million of ARPS;

• Insured Florida Tax Free Advantage Muni Fund, which is redeeming $2.25 million of its $29 million of ARPS;

• Georgia Dividend Advantage Municipal Fund, which is redeeming $1.1 million of its $15 million of ARPS;

• Georgia Dividend Advantage Municipal Fund 2, which is redeeming $2.4 million of its $31.7 million of ARPS;

• Georgia Premium Income Municipal Fund, which is redeeming $2.1 million of its $27.8 million of ARPS;

• New Jersey Dividend Advantage Municipal Fund 2, which is redeeming $775,000 of its $32.6 million of ARPS;

• New Jersey Investment Quality Municipal Fund, which is redeeming $3.525 million of its $149.825 million of ARPS;

• North Carolina Dividend Advantage Municipal Fund, which is redeeming $925,000 of its $17 million of ARPS;

• Virginia Dividend Advantage Municipal Fund 2, which is redeeming $4.25 million of its $41.175 million of ARPS; and

• Virginia Premium Income Municipal Fund, which is redeeming $6.8 million of its $63.8 million of ARPS.

Chicago-based Nuveen sells investment products.

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