Nuveen Provides Florida Closed-End Fund Merger Update

Nuveen Investments announced today that both common and preferred shareholders of three Nuveen national closed-end funds have approved their respective mergers with four Nuveen Florida closed-end municipal bond funds, as noted below, at a special shareholder meeting held today. Shareholders of each Nuveen Florida closed-end municipal bond fund previously approved its merger into the specified national closed-end municipal fund, as described in Nuveen’s June 19th press release. More than 80% of participating shares of each National and Florida fund voted in favor of the proposed mergers.

The closed-end funds proposed to be merged include:

    
      
        
           
        
      
      
        
          Nuveen Insured Florida Premium Income Municipal Fund (NFL)
        
      
      
        
          

To be merged into

        
      
      
        
          Nuveen Insured Municipal Opportunity Fund, Inc. (NIO)
        
      
    
    
      
        
           
        
      
      
        
          Nuveen Florida Investment Quality Municipal Fund (NQF); and
        
      
      
        
          Nuveen Florida Quality Income Municipal Fund (NUF)
        
      
      
        
          

To be merged into

        
      
      
        
          Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
        
      
    
    
      
        
           
        
      
      
        
          Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF)
        
      
      
        
          

To be merged into

        
      
      
        
          Nuveen Insured Tax-Free Advantage Municipal Fund (NEA)
        
      
    
    

The consummation of each of the mergers remains subject to the satisfaction or waiver of various conditions related to regulatory, administrative, financial and other matters described more fully in the funds’ proxy materials, including pending litigation. An institutional holder of common shares of each of the four Nuveen Florida closed-end municipal funds, Western Investment Total Return Fund Ltd., filed a lawsuit on July 29, 2009 in the U.S. District Court, District of Massachusetts, challenging certain aspects of the approval of the mergers. An affiliate of Western that had previously filed an action in the 15th Judicial Circuit Court of Palm Beach County, Florida, subsequently withdrew its earlier action. Nuveen Asset Management, the investment adviser of each fund, continues to believe that the mergers are in the best interests of the shareholders of each of the funds. Nuveen and the funds will continue to provide public updates as developments warrant.

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.