Nuveen Announces Investment Policy Changes for Several Insured Municipal Closed-End Funds
31 Octubre 2011 - 7:00AM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as high-net-worth and affluent
investors, today announced that the Board of 13 insured municipal
bond closed-end funds has approved changes to each of these fund’s
investment policies.
Over the past few years, most municipal bond insurers have had
their credit ratings downgraded and only one insurer is currently
insuring new municipal bonds. As a result, the supply of insured
municipal securities has decreased dramatically and the long-term
viability of the municipal bond insurance market is uncertain.
In response, the Board approved changes to each fund’s
investment policies intended to increase the fund’s flexibility
regarding the types of securities available for investment.
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 guaranteeing 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.
In connection with the changes in policy, each fund will also
change its name as follows:
Current Fund Name
Ticker Symbol (will remain unchanged)
Proposed Fund Name
Nuveen Insured Quality Municipal Fund, Inc. NQI Nuveen Quality
Municipal Fund, Inc. Nuveen Insured Municipal Opportunity Fund,
Inc. NIO Nuveen Municipal Opportunity Fund, Inc. Nuveen Premier
Insured Municipal Income Fund, Inc. NIF Nuveen Premier Municipal
Income Fund, Inc. Nuveen Insured Premium Income Municipal Fund 2
NPX Nuveen Premium Income Municipal Fund 2
Nuveen Insured Dividend Advantage
Municipal Fund
NVG
Nuveen Dividend Advantage Municipal Income
Fund
Nuveen Insured Tax-Free Advantage Municipal Fund NEA Nuveen
AMT-Free Municipal Income Fund Nuveen Insured Massachusetts
Tax-Free Advantage Municipal Fund NGX Nuveen Massachusetts AMT-Free
Municipal Income Fund Nuveen New York Quality Income Municipal
Fund, Inc. NUN Nuveen New York Quality Income Municipal Fund, Inc.
Nuveen Insured New York Premium Income Municipal Fund, Inc. NNF
Nuveen New York Premium Income Municipal Fund, Inc. Nuveen New York
Investment Quality Municipal Fund, Inc. NQN Nuveen New York
Investment Quality Municipal Fund, Inc. Nuveen New York Select
Quality Municipal Fund, Inc. NVN Nuveen New York Investment Quality
Municipal Fund, Inc. Nuveen Insured New York Dividend Advantage
Municipal Fund NKO Nuveen New York Dividend Advantage Municipal
Income Fund Nuveen Insured New York Tax-Free Advantage Municipal
Fund NRK Nuveen New York AMT-Free Municipal Income Fund
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 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 more than $210 billion of assets under management
as of June 30, 2011. For more information, please visit the Nuveen
Investments website at www.nuveen.com.
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