Seven Nuveen funds to redeem auction-rate preferred securities

By Marisa Wong

Milwaukee, Feb. 2 - Nuveen Investments announced that six of its municipal closed-end funds will redeem a portion of their outstanding auction-rate preferred securities at par, and one closed-end fund will redeem in a full its auction-rate preferreds at par.

Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG) will redeem all $29.3 million of its outstanding series F auction-rate preferred securities on Feb. 25.

Nuveen Maryland Premium Income Municipal Fund (NMY) will redeem $35.45 million of its $70.875 million of outstanding auction-rate preferreds, including $15.75 million of series W preferreds on Feb. 23 and $19.7 million of series TH preferreds on Feb. 24.

Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) will redeem $7.875 million of its $75.25 million of auction-rate preferreds, including $3.25 million of series T preferreds on Feb. 22, $3.225 million of series W preferreds on Feb. 23 and $1.2 million of series W2 preferreds on Feb. 23.

Nuveen Connecticut Premium Income Municipal Fund (NTC) plans to redeem $975,000 of its $16.7 million of series TH auction-rate preferreds on Feb. 24.

Nuveen Massachusetts Premium Income Municipal Fund (NMT) will redeem $2.575 million of its $16.975 million of series TH auction-rate preferreds on Feb. 24.

Nuveen North Carolina Premium Income Municipal Fund (NNC) is redeeming $975,000 of its $22.525 million of series TH auction-rate preferreds on Feb. 24.

Nuveen Virginia Premium Income Municipal Fund (NPV) plans to redeem $2.95 million of its $28.5 million of auction-rate preferred securities, including $950,000 of its series T preferreds on Feb. 22 and $2 million of its series TH preferreds on Feb. 24.

These redemptions will be funded with proceeds from the issuance of MuniFund term preferred shares.

Chicago-based Nuveen sells investment products.

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