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Two Nuveen municipal funds intend to redeem variable-rate preferreds
By Tali Rackner
Norfolk, Va., Sept. 10 – Nuveen Investments announced that two of its municipal bond closed-end funds plan to redeem a portion of their variable-rate demand preferred shares, according to Rule 23c-2 filings with the Securities and Exchange Commission.
The preferreds will be redeemed on Oct. 10 at a liquidation preference of $100,000 per share.
The Nuveen Municipal Advantage Fund, Inc. will redeem 450 shares, for a total of $45 million, and the Nuveen Quality Income Municipal Fund, Inc. will redeem 550 shares, for a total of $55 million.
Nuveen is a Chicago-based investment services company.
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