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

Business Wire, June 26, 2008

Funds Employing Tender Option Bonds to Refinance $580 Million in Auction-Rate Preferred Shares

CHICAGO -- Thirteen Nuveen municipal closed-end funds today called for redemption at par outstanding shares of its auction-rate preferred shares (ARPS). The funds' Board of Trustees has approved the redemption, using tender option bonds (TOBs) to refinance approximately $580 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.

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.

The funds issuing at-part redemption notices are:

Premium Income Municipal Fund (NPI)








Performance Plus Municipal Fund (NPP)








Investment Quality Municipal Fund (NQM)








Quality Income Municipal Fund (NQU)








Premier Municipal Income Fund (NPF)








Premium Income Municipal Fund 2 (NPM)








Premium Income Municipal Fund 4 (NPT)








Dividend Advantage Municipal Fund (NAD)








Dividend Advantage Municipal Fund 3 (NZF)








Insured Municipal Opportunity Fund (NIO)








California Dividend Advantage Municipal Fund (NAC)








California Dividend Advantage Municipal Fund 3 (NZH)








New York Quality Income Municipal Fund (NUN)

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

NPI is redeeming $109.55 million of its $525 million of currently outstanding ARPS.

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NPP is redeeming $39.35 million of its $479 million of currently outstanding ARPS.

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NQM is redeeming $63.125 million of its $301 million of currently outstanding ARPS.

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NQU is redeeming $35.625 million of its $452 million of currently outstanding ARPS.

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NPF is redeeming $38.15 million of its $165 million of currently outstanding ARPS.

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NPM is redeeming $63.45 million of its $347 million of currently outstanding ARPS.

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NPT is redeeming $36.2 million of its $338.4 million of currently outstanding ARPS.

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NAD is redeeming $23 million of its $295 million of currently outstanding ARPS.

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NZF is redeeming $41.225 million of its $312 million of currently outstanding ARPS.

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NIO is redeeming $41.55 million of its $680 million of currently outstanding ARPS.

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NAC is redeeming $39.475 million of its $175 million of currently outstanding ARPS.

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NZH is redeeming $27.075 million of its $187 million of currently outstanding ARPS.

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NUN is redeeming $25.125 million of its $197 million of currently outstanding ARPS.

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With respect to the partial redemption for funds, The Depository Trust Company (DTC), the securities' holder of record, determines how a 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.

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 NWQ, Santa Barbara, Tradewinds, Rittenhouse, Symphony, Nuveen and HydePark. In total, the Company managed $153 billion in assets as of 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.