Nuveen Announces Update On Investment Policy Changes And Mergers For Insured California Municipal Closed-End Funds

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the shareholders of four Nuveen California closed-end funds approved changes to each fund’s investment policies intended to increase the funds’ flexibility regarding the types of securities available for investment as well as the proposed reorganization of the funds into a single, larger fund.

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 which currently guarantees 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.
• Nuveen Insured California Premium Income Municipal Fund, Inc. (NPC), Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NCL) and Nuveen Insured California Dividend Advantage Municipal Fund (NKL) be reorganized into Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX).
• Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX) will change its name to Nuveen California AMT-Free Municipal Income Fund (NKX).

In connection with the changes in policy, the funds will be merged as follows:

Acquired Fund		Ticker Symbol		Acquiring Fund		Ticker Symbol
• Nuveen Insured California Premium
Income Municipal Fund, Inc.		NPC		Nuveen California AMT-Free
• Nuveen Insured California Premium				Municipal Income Fund		NKX
Income Municipal Fund 2, Inc.		NCL
• Nuveen Insured California Dividend
Advantage Municipal Fund		NKL

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 institutional and individual 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—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $230 billion as of January 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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