Nuveen Michigan Municipal Fund to redeem auction-rate preferreds

By Melissa Kory

Cleveland, Nov. 15 - Nuveen Investments, LLC said that the Nuveen Michigan Dividend Advantage Municipal Fund will redeem all 571 of its outstanding series W municipal auction-rate cumulative preferred securities, according to a filing with the Securities and Exchange Commission.

The preferreds have a liquidation preference of $25,000 per share.

The preferreds will be redeemed on Dec. 7.

Nuveen is an investment management firm based in Chicago.

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