Nuveen Investments sells $500.5 million variable-rate preferreds

By Cristal Cody

Springdale, Ark., Aug. 5 - Nuveen Investments sold $500.5 million variable-rate demand preferred shares through private offerings, according to information released Tuesday.

The Nuveen Dividend Advantage Municipal Fund 2 priced $196 million variable-rate demand preferred shares. Proceeds will be used to redeem the outstanding $222 million auction-rate preferred shares.

The Nuveen Insured Premium Income Municipal Fund 2 also has sold $219 million variable-rate preferreds. Proceeds will be used to redeem the $268.9 million of the fund's outstanding auction-rate preferreds.

The Nuveen Insured California Tax-Free Advantage Municipal Fund priced $35.5 million variable-rate preferreds through a private offering. Proceeds will be used to redeem the $45 million in outstanding auction-rate preferreds.

Also, the Nuveen Insured New York Dividend Advantage Municipal Fund sold $50 million variable-rate preferreds. Proceeds will be used to redeem the fund's $61 million of outstanding auction-rate preferreds.

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