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Shareholders approve Nuveen funds merger

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Common and preferred shareholders of Nuveen Florida Investment Quality Municipal Fund and the Nuveen Florida Quality Income Municipal Fund have approved the merger of their respective f

Common and preferred shareholders of Nuveen Florida Investment Quality Municipal Fund and the Nuveen Florida Quality Income Municipal Fund have approved the merger of their respective fund into Nuveen Premium Income Municipal Fund 2.

The vote by shareholders of Nuveen’s two other Florida closed-end funds, Nuveen Insured Florida Tax-Free Advantage Municipal Fund and Nuveen Insured Florida Premium Income Municipal Fund, to approve their merger with the Nuveen Insured Tax-Free Advantage Municipal Fund and the Nuveen Insured Municipal Opportunity Fund, respectively, took place on 17 June 2009.

Shareholders of all four Nuveen Florida closed-end funds have now approved their respective mergers with more than 80 per cent of participating shares of each fund voting in favour of the merger.

The consummation of the respective mergers remains subject to the approval of shareholders of the corresponding national closed-end fund.

The vote by shareholders of each of the three Nuveen national closed-end funds named remains open, and the meeting for each of those funds has been adjourned until 24 July 2009.

Earlier this year, proxy advisory firm ISS Governance Services recommended that shareholders of the four Nuveen Florida and the three named Nuveen national closed-end funds vote in favour of each of the proposed mergers.

On 17 June 2009, an institutional holder of common shares of each of the four Nuveen Florida closed-end municipal funds filed a lawsuit in the 15th Judicial Circuit Court of Palm Beach County, Florida. The lawsuit alleges that each fund’s meeting, originally scheduled for 15 May  2009, was improperly adjourned and seeks to invalidate the action taken by the Florida funds’ shareholders to approve the mergers. The funds’ management believes that the complaint is without merit, and the funds intend to vigorously contest the case.

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