This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Nuveen Announces Investment Policy Changes For Several Insured Municipal Closed-End Funds

Reissuing release dated May 3, 2010 to add Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund ( NGX) to list of affected funds.

The corrected release reads:

NUVEEN ANNOUNCES INVESTMENT POLICY CHANGES FOR SEVERAL INSURED MUNICIPAL CLOSED-END FUNDS

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Board of 17 insured municipal bond closed-end funds has approved changes to each such fund’s investment policies. The Board of each fund took this action in response to the continuing challenges faced by municipal bond insurers. 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 percent 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 ( NEA)

Nuveen Premier Insured Municipal Income Fund, Inc. ( NIF)

Nuveen Insured Municipal Opportunity Fund, Inc. ( NIO)

Nuveen Insured Premium Income Municipal Fund 2 ( NPX)

Nuveen Insured Quality Municipal Fund, Inc. ( NQI)

Nuveen Insured Dividend Advantage Municipal Fund ( NVG)

Nuveen Insured California Premium Income Municipal Fund 2, Inc. ( NCL)

Nuveen Insured California Premium Income Municipal Fund, Inc. ( NPC)

Nuveen Insured California Dividend Advantage Municipal Fund ( NKL)

Nuveen Insured California Tax-Free Advantage Municipal Fund ( NKX)

Nuveen Insure New York Dividend Advantage Municipal Fund ( NKO)

Nuveen Insured New York Premium Income Municipal Fund, Inc. ( NNF)

Nuveen New York Investment Quality Municipal Fund, Inc. ( NQN)

Nuveen Insured New York T ax-Free Advantage Municipal Fund ( NRK)

Nuveen New York Quality Income Municipal Fund, Inc. ( NUN)

Nuveen New York Select Quality Municipal Fund, Inc. ( NVN)

Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund ( NGX)

 

For more information on these policies and other Nuveen closed-end funds, please visit www.nuveen.com/cef

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed nearly $145 billion as of December 31, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.



1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs