Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced that the Board of 13 insured municipal bond closed-end funds has approved changes to each of these fund’s investment policies.
Over the past few years, 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 dramatically and the long-term viability of the municipal bond insurance market is uncertain.
In response, the Board approved changes to each fund’s investment policies intended to increase the fund’s flexibility regarding the types of securities available for investment.
The changes provide that:
- Each fund will eliminate the investment policy requiring it, under normal circumstances, to invest at least 80 percent 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 all (at least 80 percent) of its managed assets in investment grade quality municipal securities.
In connection with the changes in policy, each fund will also change its name as follows:
Current Fund Name
|Ticker Symbol (will remain unchanged)|
Proposed Fund Name
|Nuveen Insured Quality Municipal Fund, Inc.||NQI||Nuveen Quality Municipal Fund, Inc.|
|Nuveen Insured Municipal Opportunity Fund, Inc.||NIO||Nuveen Municipal Opportunity Fund, Inc.|
|Nuveen Premier Insured Municipal Income Fund, Inc.||NIF||Nuveen Premier Municipal Income Fund, Inc.|
|Nuveen Insured Premium Income Municipal Fund 2||NPX||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||NEA||Nuveen AMT-Free Municipal Income Fund|
|Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund||NGX||Nuveen Massachusetts AMT-Free Municipal Income Fund|
|Nuveen New York Quality Income Municipal Fund, Inc.||NUN||Nuveen New York Quality Income Municipal Fund, Inc.|
|Nuveen Insured New York Premium Income Municipal Fund, Inc.||NNF||Nuveen New York Premium Income Municipal Fund, Inc.|
|Nuveen New York Investment Quality Municipal Fund, Inc.||NQN||Nuveen New York Investment Quality Municipal Fund, Inc.|
|Nuveen New York Select Quality Municipal Fund, Inc.||NVN||Nuveen New York Investment Quality Municipal Fund, Inc.|
|Nuveen Insured New York Dividend Advantage Municipal Fund||NKO||Nuveen New York Dividend Advantage Municipal Income Fund|
|Nuveen Insured New York Tax-Free Advantage Municipal Fund||NRK||Nuveen New York AMT-Free Municipal Income Fund|
More information on these and other Nuveen closed-end funds is posted on Nuveen’s web site at www.nuveen.com/cef.
Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high net worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments had more than $210 billion of assets under management as of June 30, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com.