Nuveen Investments Provides Statement On Demand Letters Regarding ARPS
Nuveen Investments announced that on April 9, 2010, the 26 Nuveen leveraged closed-end funds listed below each received a demand letter from a law firm on behalf of each fund’s common shareholders, alleging that Nuveen Asset Management (the fund’s Adviser) and the fund’s officers and Board of directors breached their fiduciary duties related to the redemption at par of the fund’s auction rate preferred shares (ARPS). The funds’ independent Board is evaluating the demand letters for each fund and at this time has deferred consideration of additional ARPS refinancings for all Nuveen closed-end funds with outstanding ARPS while this process moves forward.
Nuveen Investments remains committed to its refinancing goals of lowering the relative cost of leverage over time for common shareholders and providing liquidity at par for all outstanding ARPS issued by Nuveen funds, continues to believe that refinancings have been in the best interests of the funds’ common and preferred shareholders, and hopes that ARPS refinancings will resume soon.
The named funds are:
NXE: Nuveen Arizona Dividend Advantage Municipal Fund 3JDD: Nuveen Diversified Dividend and Income Fund NAD: Nuveen Dividend Advantage Municipal Fund NXZ: Nuveen Dividend Advantage Municipal Fund 2 NZF: Nuveen Dividend Advantage Municipal Fund 3 NKX: Nuveen Insured California Tax-Free Advantage Municipal Fund NVG: Nuveen Insured Dividend Advantage Municipal Fund NQI: Nuveen Insured Quality Municipal Fund, Inc. NEA: Nuveen Insured Tax-Free Advantage Municipal Fund NQM: Nuveen Investment Quality Municipal Fund, Inc. JPC: Nuveen Multi-Strategy Income and Growth Fund JQC: Nuveen Multi-Strategy Income and Growth Fund 2 NMZ: Nuveen Municipal High Income Opportunity Fund NXJ: Nuveen New Jersey Dividend Advantage Municipal Fund NNP: Nuveen New York Performance Plus Municipal Fund, Inc. NUN: Nuveen New York Quality Income Municipal Fund, Inc. NIF: Nuveen Premier Insured Municipal Income Fund, Inc. NPI: Nuveen Premium Income Municipal Fund, Inc. NPM: Nuveen Premium Income Municipal Fund 2, Inc.
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