Three Nuveen municipal funds intend to redeem preferred shares

By Tali Rackner

Norfolk, Va., Sept. 5 – Nuveen Investments announced that three of its municipal bond closed-end funds plan to redeem a portion of their preferred shares.

The Nuveen Dividend Advantage Municipal Fund 3 will redeem a portion of its variable-rate MuniFund term preferred shares on Oct. 6 at a liquidation preference of $100,000 per share. The Nuveen Municipal Advantage Fund, Inc. and the Nuveen Quality Income Municipal Fund, Inc. will redeem portions of their variable-rate demand preferred shares on Oct. 10 at a liquidation preference of $100,000 per share.

In each case, holders will also receive the final accumulated dividend amounts owed, according to a press release.

Each fund intends to finance its redemptions with cash on hand and proceeds from sales of securities in its investment portfolio.

Nuveen is a Chicago-based investment services company.

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