Nuveen Municipal Closed-End Funds to use tender option to refinance $580 million auction-rate preferreds

By Cristal Cody

Springdale, Ark., June 26 - Nuveen Municipal Closed-End Funds plans to use tender option bonds to refinance $580 million auction-rate preferred shares, according to a statement Thursday.

The 13 funds called for redemption at par outstanding shares of its auction-preferred shares.

The funds issuing at-par redemption notices include the Premium Income Municipal Fund; Performance Plus Municipal Fund; Investment Quality Municipal Fund; Quality Income Municipal Fund; Premier Municipal Income Fund; Premium Income Municipal Fund 2; Premium Income Municipal Fund 4; Dividend Advantage Municipal Fund; Dividend Advantage Municipal Fund 3; Insured Municipal Opportunity Fund; California Dividend Advantage Municipal Fund; California Dividend Advantage Municipal Fund 3 and the New York Quality Income Municipal Fund.

The Premium Income Municipal Fund will redeem $109.55 million of its $525 million outstanding shares; Performance Plus Municipal Fund will redeem $39.35 million of $479 million outstanding; Investment Quality Municipal Fund will redeem $63.125 million of $301 million outstanding; Quality Income Municipal Fund will redeem $35.625 million of $452 million outstanding; Premier Municipal Income Fund will redeem $38.15 million of $165 million outstanding; and Premium Income Municipal Fund 2 will redeem $63.45 million of $347 million outstanding.

Also, Premium Income Municipal Fund 4 will redeem $36.2 million of $338.4 million outstanding; Dividend Advantage Municipal Fund will redeem $23 million of $295 million outstanding; Dividend Advantage Municipal Fund 3 will redeem $41.225 million of $312 million outstanding; Insured Municipal Opportunity Fund will redeem $41.55 million of $680 million outstanding; California Dividend Advantage Municipal Fund will redeem $39.475 million of $175 million outstanding; California Dividend Advantage Municipal Fund 3 will redeem $27.075 million of $187 million outstanding; and New York Quality Income Municipal Fund will redeem $25.125 million of $197 million outstanding shares.

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