Four Nuveen Closed-End Funds Successfully Price Private Offering of Preferred Security

CHICAGO--(BUSINESS WIRE)--

Nuveen Investments, a leading global provider of investment services to institutions, high-net-worth and affluent investors, today announced that four closed-end funds have successfully priced private offerings of over $269 million of Variable Rate MuniFund Term Preferred Shares (VMTP) as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds from each offering will be used to redeem at par all of the fund's outstanding auction-rate preferred shares (ARPS) which have been approved by the funds' Board of Directors. The four funds and their corresponding amounts of VMTP shares are as follows:

Nuveen Dividend Advantage Municipal Fund NAD				$120.4 million
Nuveen Insured Tax-Free Advantage Municipal Fund NEA				$67.6 million
Nuveen Michigan Premium Income Municipal Fund, Inc. NMP				$53.9 million
Nuveen Arizona Premium Income Municipal Fund, Inc. NAZ				$28.0 million

VMTP is a floating rate form of preferred stock with a mandatory term redemption, in the case of these four offerings, on August 1, 2014. VMTP dividends will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares will be securities that represent the preferred stock of the fund and are senior, with priority in all respects, to the fund's common shares as to payments of dividends.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high net worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments had $212 billion of assets under management as of April 30, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com.

This document is not an offer to sell any security and is not soliciting an offer to buy any security.