Nuveen Closed-End Fund Proposals Receive Support of Leading Proxy Advisory Service
August 19 2009 - 4:57PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors, today
announced that Institutional Shareholder Services Inc. (ISS) has
recommended that shareholders vote in favor of proposed changes to
certain fundamental investment policies of a number of Nuveen
national closed-end municipal bond funds. ISS is widely recognized
as the leading independent proxy advisory firm in the nation. Its
recommendations are relied upon by hundreds of major institutional
investment firms, mutual funds, and other fiduciaries throughout
the country.
ISS recommends that each fund’s shareholders vote in favor of
the proposed changes at its annual shareholder’s meeting held on
Tuesday, July 28, 2009 and adjourned to Tuesday, September 1, 2009.
The specific closed-end funds are:
Nuveen Premium Income Municipal Fund, Inc.
(NPI) Nuveen Performance Plus Municipal Fund,
Inc. (NPP) Nuveen Insured Municipal Opportunity Fund, Inc. (NIO)
Nuveen Premier Insured Municipal
Income Fund, Inc.
(NIF) Nuveen Insured Premium Income Municipal Fund 2 (NPX) Nuveen
Municipal Advantage Fund, Inc. (NMA) Nuveen Municipal Market
Opportunity Fund, Inc. (NMO) Nuveen Investment Quality Municipal
Fund, Inc. (NQM) Nuveen Select Quality Municipal Fund, Inc. (NQS)
Nuveen Quality Income Municipal Fund, Inc. (NQU) Nuveen Premier
Municipal Income Fund, Inc. (NPF) Nuveen Premium Income Municipal
Fund 2, Inc. (NPM) Nuveen Premium Income Municipal Fund 4, Inc.
(NPT) Nuveen Dividend Advantage Municipal Fund (NAD) Nuveen
Dividend Advantage Municipal Fund 2 (NXZ) Nuveen Dividend Advantage
Municipal Fund 3 (NZF) Nuveen Insured Quality Municipal Fund, Inc.
(NQI)
Nuveen Municipal High Income
Opportunity Fund
(NMZ) Nuveen Insured Dividend Advantage Municipal Fund (NVG)
Each fund’s Board of Trustees has recommended that shareholders
vote in favor of implementing the changes to investment policies in
order to help provide the fund with:
- enhanced ability to meet
investment objectives while maintaining the quality orientation of
fund's investment portfolio;
- increased flexibility in
diversifying portfolio risks and managing duration to help sustain
and build net asset value;
- improved secondary market
competitiveness that may lead to a higher relative market price
and/or stronger premium/discount performance; and
- for the insured funds only,
increased flexibility to respond to on-going developments in the
bond insurance market.
Investors who have not mailed in their proxy and wish to vote
via the Internet may download their fund's proxy statement and vote
their proxy online. To vote over the internet, investors should go
to www.proxyweb.com if they received their proxy materials directly
from Nuveen. Investors who received their proxy material from their
Financial Advisor should go to www.proxyvote.com. In both cases,
investors should enter the control number provided with their
Notice of Annual/Special Meeting of Shareholders, and follow the
proxy voting instructions. Additionally, shareholders who wish to
vote by telephone should call the toll-free number located on their
proxy card and follow the recorded instructions, using their proxy
card as a guide.
For more information on these proposals and other Nuveen
closed-end funds, please visit www.nuveen.com/cef.
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, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $128
billion of assets on June 30, 2009. For more information, please
visit the Nuveen Investments website at www.nuveen.com.
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