Nuveen New York municipal funds to redeem three series of preferreds

By Marisa Wong

Madison, Wis., May 13 - Nuveen municipal funds plan to redeem several series of preferred shares on Jun 13, according to two separate filings with the Securities and Exchange Commission.

Nuveen New York Dividend Advantage Municipal Fund plans to redeem in full two series of its MuniFund term preferred shares: its 2.7% series 2015, with 3 million shares outstanding, and 2.5% series 2016, with 2,536,000 shares outstanding.

Nuveen New York Dividend Advantage Municipal Fund 2 plans to redeem all 3,789,000 outstanding shares of its 2.55% series 2015 MuniFund term preferreds.

Each series of preferreds has a liquidation preference of $10.00 per share.

The redemption of the preferreds is conditioned on the issue of new preferreds.

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