Nuveen Investments, a leading global provider of investment services to institutions, high-net-worth and affluent investors, today announced that four closed-end funds have successfully priced private offerings of over $269 million of Variable Rate MuniFund Term Preferred Shares (VMTP) as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds from each offering will be used to redeem at par all of the fund’s outstanding auction-rate preferred shares (ARPS) which have been approved by the funds’ Board of Directors. The four funds and their corresponding amounts of VMTP shares are as follows:
|Nuveen Dividend Advantage Municipal Fund (NYSE: NAD)||$120.4 million|
|Nuveen Insured Tax-Free Advantage Municipal Fund (AMEX: NEA)||$67.6 million|
|Nuveen Michigan Premium Income Municipal Fund, Inc. (NYSE: NMP)||$53.9 million|
|Nuveen Arizona Premium Income Municipal Fund, Inc. (NYSE: NAZ)||$28.0 million|
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 $212 billion of assets under management as of April 30, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com.This document is not an offer to sell any security and is not soliciting an offer to buy any security.