Nuveen announces investment policy changes for 17 municipal funds

By Susanna Moon

Chicago, May 3 - Nuveen Investments said that the board of 17 insured municipal bond closed-end funds has approved changes to each fund's investment policies.

The board of each fund took this action in response to the continuing challenges faced by municipal bond insurers, according to a press release.

Nuveen said 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 provide that:

• At least 80% of the managed assets of each fund will be invested in municipal securities that, at time of purchase, are covered by insurance guaranteeing the timely payment of principal and interest thereon; and

• The municipal securities in which each fund invests will be investment grade at the time of purchase, including (i) bonds insured by investment-grade insurers or rated investment grade; (ii) unrated bonds that are judged to be investment grade by Nuveen Asset Management; and (iii) escrowed bonds.

These changes are effective immediately.

The affected funds are:

• Nuveen Insured Tax-Free Advantage Municipal Fund;

• Nuveen Premier Insured Municipal Income Fund, Inc.;

• Nuveen Insured Municipal Opportunity Fund, Inc.;

• Nuveen Insured Premium Income Municipal Fund 2;

• Nuveen Insured Quality Municipal Fund, Inc.;

• Nuveen Insured Dividend Advantage Municipal Fund;

• Nuveen Insured California Premium Income Municipal Fund 2, Inc.;

• Nuveen Insured California Premium Income Municipal Fund, Inc.;

• Nuveen Insured California Dividend Advantage Municipal Fund;

• Nuveen Insured California Tax-Free Advantage Municipal Fund;

• Nuveen Insure New York Dividend Advantage Municipal Fund;

• Nuveen Insured New York Premium Income Municipal Fund, Inc.;

• Nuveen New York Investment Quality Municipal Fund, Inc.;

• Nuveen Insured New York T ax-Free Advantage Municipal Fund;

• Nuveen New York Quality Income Municipal Fund, Inc.; and

• Nuveen New York Select Quality Municipal Fund, Inc.

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