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Three Nuveen National Municipal Closed-End Funds Complete Private Offering Of New Form Of Preferred Security

Stocks in this article: NPI NPP NQI

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that three national municipal closed-end funds have successfully completed private offerings of over $1 billion of Variable Rate MuniFund Term Preferred Shares (VMTP) as defined pursuant to Rule 144A under the Securities Act of 1933. The three funds and their corresponding amounts of VMTP shares are as follows:

Nuveen Performance Plus Municipal Fund, Inc. (NYSE: NPP) $421.7 million

Nuveen Premium Income Municipal Fund, Inc. (NYSE: NPI) $402.4 million

Insured Quality Municipal Fund, Inc. (NYSE: NQI) $240.4 million

The proceeds from each offering will be used to redeem at par all of the fund’s outstanding auction-rate preferred shares (ARPS). The funds’ Board of Directors has approved the redemptions. With these latest redemptions, Nuveen’s complex of closed-end funds will have redeemed nearly $13 billion of its $15.36 billion in outstanding auction-rate preferred shares.

NPP is redeeming all of its $419.9 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed


Total Amount Redeemed

  Redemption Date
M   67062P207   3,507   $87,675,000   March 18, 2011
T   67062P306   3,506   $87,650,000   March 21, 2011
W   67062P405   3,505   $87,625,000   March 22, 2011
TH   67062P603   2,770   $69,250,000   March 23, 2011
F   67062P504   3,508   $87,700,000   March 17, 2011

NPI is redeeming all of its $400.65 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed


Total Amount Redeemed


Redemption Date

M1   67062T209   2,900   $72,500,000   March 18, 2011
M2   67062T704   1,526   $38,150,000   March 18, 2011
T   67062T308   2,900   $72,500,000   March 21, 2011
W   67062T605   2,900   $72,500,000   March 22, 2011
TH   67062T407   2,901   $72,525,000   March 23, 2011
F   67062T506   2,899   $72,475,000   March 17, 2011

NQI is redeeming all of its $239.2 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares Redeemed


Total Amount Redeemed


Redemption Date

M   67062N202   1,954   $48,850,000   March 18, 2011
T   67062N400   1,956   $48,900,000   March 21, 2011
W   67062N301   1,957   $48,925,000   March 22, 2011
TH   67062N608   1,745   $43,625,000   March 23, 2011
F   67062N509   1,956   $48,900,000   March 17, 2011

VMTP is a floating rate form of preferred stock with a mandatory term redemption, in the case of these three offerings, on March 1, 2014. VMTP dividends will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares will be securities that represent the preferred stock of the fund and are senior, with priority in all respects, to the fund’s common shares as to payments of dividends.

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