Nuveen changes investment policy, names for 13 insured municipal funds

By Toni Weeks

San Diego, Oct. 31 - Nuveen Investments announced that it has modified the investment policy and changed the name of 13 insured municipal closed-end funds, according to a press release.

Each fund will now eliminate the policy requiring that, under normal circumstances, it will invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest.

Each fund will continue to invest substantially at least 80% of its managed assets in investment-grade quality municipal securities, consistent with the previous policy.

The press release said that most municipal bond insurers have had their credit ratings downgraded, and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured, municipal securities has decreased, and the long-term viability of the municipal bond insurance market is uncertain.

The name changes are summarized in the following table:

Nuveen is a Chicago-based investment management firm.

Nuveen Insured Quality Municipal Fund, Inc. Nuveen Quality Municipal Fund, Inc.

Nuveen Insured Municipal Opportunity Fund, Inc. Nuveen Municipal Opportunity Fund, Inc.

Nuveen Premier Insured Municipal Income Fund, Inc. Nuveen Premier Municipal Income Fund, Inc.

Nuveen Insured Premium Income Municipal Fund 2 Nuveen Premium Income Municipal Fund 2

Nuveen Insured Dividend Advantage Municipal Fund Nuveen Dividend Advantage Municipal Income Fund

Nuveen Insured Tax-free Advantage Municipal Fund Nuveen AMT-Free Municipal Income Fund

Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund Nuveen Massachusetts AMT-Free Municipal Income Fund

Nuveen New York Quality Income Municipal Fund, Inc. Nuveen New York Quality Income Municpal Fund, Inc.

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

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

Nuveen New York Select Quality Municipal Fund, Inc. Nuveen New York Investment Quality Municipal Fund, Inc.

Nuveen Insured New York Dividend Advantage Municipal Fund Nuveen New York Dividend Advantage Municipal Income Fund

Nuveen Insured New York Tax-Free Advantage Municipal Fund Nuveen New York AMT-Free Municipal Income Fund.

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