Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Nuveen Insured Municipal Opportunity Fund, Inc. (NYSE: NIO) and Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NYSE: NCL) called for redemption at par all of their outstanding auction-rate preferred securities (ARPS). The funds' Board of Trustees has approved these redemptions, which total $738.15 million and will be funded by proceeds received from the issuance of Variable Rate Demand Preferred shares (VDRPs).

NIO is redeeming all of its $664.825 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares
Redeemed

  

Total Amount
Redeemed

   Redemption
Date
M   670984202   3,319   $82,975,000   January 21, 2011
T   670984301   3,319   $82,975,000   January 24, 2011
W   670984608   3,320   $83,000,000   January 25, 2011
W2   670984806   2,655   $66,375,000   January 25, 2011
W3   670984889   1,486   $37,150,000   January 25, 2011
TH   670984400   3,319   $82,975,000   January 26, 2011
TH2   670984707   3,321   $83,025,000   January 26, 2011
TH3   670984871   2,536   $63,400,000   January 26, 2011
F   670984509   3,318   $82,950,000   January 20, 2011
       

NCL is redeeming all of its $73.325 million of currently outstanding ARPS.

Series   Cusip #  

Total Shares
Redeemed

  

Total Amount
Redeemed

   Redemption
Date
T   67061U306   1,467   $36,675,000   January 24, 2011
TH   67061U207   1,466   $36,650,000   January 26, 2011
       

For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen's auction-rate preferred resource center at 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, Nuveen, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, the Company managed nearly $163 billion as of September 30, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Investments
Media Contact:
Kristyna Sujata
312-917-8343
kristyna.sujata@nuveen.com