23 Nuveen Municipal Closed-End Funds Issue At-Par Redemption Notices for Auction-Rate Securities

CHICAGO--(BUSINESS WIRE)--Twenty-three Nuveen municipal closed-end funds today called for redemption at par a portion of their outstanding auction-rate preferred shares (ARPS). The funds’ Board of Trustees has approved the redemptions, using tender option bonds (TOBs) to refinance more than $350 million of the funds’ ARPS. This refinancing is expected to lower the relative costs of leverage for the funds over time while also providing liquidity at par for the holders of at least some of the funds’ ARPS.

“While current market uncertainties add to the challenge of ARPS refinancing, it remains a top priority and we appreciate the patience shown by many investors.”

TOBs are floating rate securities issued by trusts into which a fund has deposited municipal securities. Many Nuveen CEFs already use TOBs as a portfolio structuring and duration management tool. Nuveen has created a team of experts focused on evaluating Nuveen CEFs for expanded implementation of TOBs as an alternative form of leverage replacing ARPS.

“We are pleased to announce this new round of redemptions of our municipal closed-end fund ARPs,” said Bill Adams, Executive Vice President, Nuveen Investments. “While current market uncertainties add to the challenge of ARPS refinancing, it remains a top priority and we appreciate the patience shown by many investors.”

The funds issuing at-par redemption notices are:

Municipal Advantage Fund (NMA)

Select Quality Municipal Fund (NQS)

Dividend Advantage Municipal Fund (NAD)

Nuveen Municipal Market Opportunity Fund (NMO)

Insured Quality Municipal Fund (NQI)

Premier Insured Municipal Income Fund (NIF)

Insured Dividend Advantage Municipal Fund (NVG)

Insured Tax-Free Advantage Municipal Fund (NEA)

Insured Municipal Opportunity Fund (NIO)

Investment Quality Municipal Fund (NQM)

California Performance Plus Municipal Fund (NCP)

California Investment Quality Municipal Fund (NQC)

California Select Quality Municipal Fund (NVC)

California Quality Income Municipal Fund (NUC)

Insured California Premium Income Municipal Fund 2 (NCL)

Insured California Dividend Advantage Municipal Fund (NKL)

New York Performance Plus Municipal Fund (NNP)

New York Dividend Advantage Municipal Fund (NAN)

New York Dividend Advantage Municipal Fund 2 (NXK)

New York Investment Quality Municipal Fund (NQN)

New York Select Quality Municipal Fund (NVN)

New York Quality Income Municipal Fund (NUN)

Insured New York Premium Income Municipal Fund (NNF)

These redemptions will be allocated on a pro rata basis among each fund’s auction-rate preferred shares series. The Depository Trust Company (DTC), the securities’ holder of record, determines how each partial series redemption will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn determines how redeemed shares are allocated among its underlying beneficial owners. The procedures used by different broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

The tables below list the total number of shares, par amounts and scheduled redemption dates for this stage of redemptions, which collectively total $353.3 million:

NMA is redeeming $16.35 million of its $358 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67062H205	137	$3,425,000	September 2, 2008
T	67062H304	137	$3,425,000	September 3, 2008
W	67062H403	137	$3,425,000	August 28, 2008
TH	67062H601	106	$2,650,000	August 29, 2008
F	67062H502	137	$3,425,000	September 2, 2008

NQS is redeeming $11.425 million of its $279 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	670973304	82	$2,050,000	September 2, 2008
T	670973502	82	$2,050,000	September 3, 2008
W	670973403	114	$2,850,000	August 28, 2008
TH	670973601	64	$1,600,000	August 29, 2008
F	670973205	115	$2,875,000	September 2, 2008

NAD is redeeming $5.2 million of its $272 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67066V200	71	$1,775,000	September 2, 2008
T	67066V309	71	$1,775,000	September 3, 2008
TH	67066V408	66	$1,650,000	August 29, 2008

NMO is redeeming $18.325 million of its $380 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67062W301	193	$4,825,000	September 2, 2008
T	67062W400	193	$4,825,000	September 3, 2008
W	67062W509	154	$3,850,000	August 28, 2008
F	67062W202	193	$4,825,000	September 2, 2008

NQI is redeeming $19.575 million of its $318 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67062N202	160	$4,000,000	September 2, 2008
T	67062N400	160	$4,000,000	September 3, 2008
W	67062N301	160	$4,000,000	August 28, 2008
TH	67062N608	143	$3,575,000	August 29, 2008
F	67062N509	160	$4,000,000	September 2, 2008

NIF is redeeming $6.05 million of its $161 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
W	670987403	32	$800,000	August 28, 2008
TH	670987205	105	$2,625,000	August 29, 2008
F	670987304	105	$2,625,000	September 2, 2008

NVG is redeeming $6.025 million of its $233 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67071L205	81	$2,025,000	September 2, 2008
T	67071L304	80	$2,000,000	September 3, 2008
TH	67071L403	80	$2,000,000	August 29, 2008

NEA is redeeming $11.2 million of its $144 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
T	670657204	224	$5,600,000	September 3, 2008
W	670657303	224	$5,600,000	August 28, 2008

NIO is redeeming $11.2 million of its $638.45 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	670984202	89	$2,225,000	September 2, 2008
T	670984301	89	$2,225,000	September 3, 2008
W	670984608	89	$2,225,000	August 28, 2008
W2	670984806	71	$1,775,000	August 28, 2008
TH	670984400	89	$2,225,000	August 29, 2008
TH2	670984707	88	$2,200,000	August 29, 2008
F	670984509	89	$2,225,000	September 2, 2008

NQM is redeeming $8.425 million of its $237.875 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67062E400	70	$1,750,000	September 2, 2008
T	67062E301	70	$1,750,000	September 3, 2008
W	67062E509	70	$1,750,000	August 28, 2008
TH	67062E608	57	$1,425,000	August 29, 2008
F	67062E202	70	$1,750,000	September 2, 2008

NCP is redeeming $6.075 million of its $106 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
T	67062Q205	103	$2,575,000	September 3, 2008
W	67062Q403	37	$925,000	August 28, 2008
F	67062Q304	103	$2,575,000	September 2, 2008

NQC is redeeming $17.075 million of its $112 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67062A200	549	$13,725,000	September 2, 2008
W	67062A309	134	$3,350,000	August 28, 2008

NVC is redeeming $22.725 million of its $192 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
T	670975200	284	$7,100,000	September 3, 2008
W	670975408	199	$4,975,000	August 28, 2008
TH	670975309	426	$10,650,000	August 29, 2008

NUC is redeeming $19.975 million of its $185 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	670985407	151	$3,775,000	September 2, 2008
W	670985209	324	$8,100,000	August 28, 2008
F	670985308	324	$8,100,000	September 2, 2008

NCL is redeeming $15.175 million of its $95 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
T	67061U306	303	$7,575,000	September 3, 2008
TH	67061U207	304	$7,600,000	August 29, 2008

NKL is redeeming $9.75 million of its $118 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
T	67071M203	195	$4,875,000	September 3, 2008
F	67071M302	195	$4,875,000	September 2, 2008

NNP is redeeming $36.65 million of its $124.3 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67062R302	471	$11,775,000	September 2, 2008
T	67062R500	236	$5,900,000	September 3, 2008
W	67062R203	590	$14,750,000	August 28, 2008
F	67062R401	169	$4,225,000	September 2, 2008

NAN is redeeming $17.6 million of its $69 million of currently outstanding ARPS.

Series		Cusip #		Total Shares Redeemed		Total Amount Redeemed		Redemption Date
F		67066X206		704		$17,600,000		September 2, 2008

NXK is redeeming $12.9 million of its $47 million of currently outstanding ARPS.

Series		Cusip #		Total Shares Redeemed		Total Amount Redeemed		Redemption Date
W		67070A200		516		$12,900,000		August 28, 2008

NQN is redeeming $29.075 million of its $144 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67062X408	193	$4,825,000	September 2, 2008
T	67062X200	485	$12,125,000	September 3, 2008
F	67062X309	485	$12,125,000	September 2, 2008

NVN is redeeming $29.1 million of its $193 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
T	670976406	259	$6,475,000	September 3, 2008
W	670976208	362	$9,050,000	August 28, 2008
TH	670976307	543	$13,575,000	August 29, 2008

NUN is redeeming $6.5 million of its $171.875 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	670986306	73	$1,825,000	September 2, 2008
W	670986405	73	$1,825,000	August 28, 2008
TH	670986207	79	$1,975,000	August 29, 2008
F	670986504	35	$875,000	September 2, 2008

NNF is redeeming $13 million of its $65 million of currently outstanding ARPS.

Series	Cusip #	Total Shares Redeemed	Total Amount Redeemed	Redemption Date
M	67101R206	264	$6,600,000	September 2, 2008
T	67101R305	256	$6,400,000	September 3, 2008

Nuveen plans to provide information on additional TOB refinancing for its municipal funds on an ongoing basis as TOBs are created and the funds are in a position to issue redemption notices. Information and updates on Nuveen CEFs and ARPS refinancing are posted regularly at www.nuveen.com/cef and www.nuveen.com/arps.

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, Rittenhouse, Santa Barbara, Symphony and Tradewinds. In total, the Company managed $153 billion of assets on March 31, 2008.

No TOBs have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no TOBs may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.