Nuveen muni fund calls three series of auction-rate preferreds at par

By Susanna Moon

Chicago, Oct. 19 - Nuveen Insured Dividend Advantage Municipal Fund said it called $98.225 million of its outstanding $198.075 million of auction-rate preferred securities.

The Nuveen fund is redeeming the following preferreds at par:

• $33,325,000 of the series M preferreds on Nov. 13;

• $32,450,000 of the series T preferreds on Nov. 16; and

• $32,450,000 of the series TH preferreds on Nov. 10.

The fund's board of trustees has approved the redemption.

Funding for the redemption will come from the issuance of $100 million of MuniFund Term Preferred Shares.

Nuveen is a Chicago-based seller of investment products.

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