Nine Nuveen closed-end funds call remaining auction-rate preferreds

By Marisa Wong

Milwaukee, March 31 - Nine Nuveen Investments closed-end funds have called for redemption at par all of their outstanding auction-rate preferred securities, totaling $615,875,000.

The Nuveen Municipal Market Opportunity Fund, Inc. (NMO), Nuveen California Municipal Market Opportunity Fund, Inc. (NCO), Nuveen Insured California Premium Income Municipal Fund, Inc. (NPC) and Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) securities will be redeemed with proceeds from the issuance of variable-rate demand preferred shares.

The Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB), Nuveen North Carolina Dividend Advantage Municipal Fund (NRB), Nuveen North Carolina Dividend Advantage Municipal Fund 2 (NNO), Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) and Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) redemptions will be funded by proceeds from the issuance of MuniFund term preferred shares.

NMB will redeem all $14.25 million of its series T auction-rate preferreds on April 19.

NRB will redeem all $16,075,000 of its series T auction-rate preferreds on April 26.

NNO will redeem all $28 million of its series F auction-rate preferreds on April 22.

NFC will redeem all $17.25 million of its series T auction-rate preferreds on April 26.

NGK will redeem all $15.45 million of its series W auction-rate preferreds on April 27.

NMO will redeem all of its $346.675 auction-rate preferreds, which include:

• $91,225,000 of series M preferreds, to be redeemed on April 23;

• $91.2 million of series T preferreds, to be redeemed on April 26;

• $73 million of series W preferreds, to be redeemed on April 27; and

• $91.25 million of series F preferreds, to be redeemed on April 22.

NCO will redeem all of its $48,775,000 auction-rate preferreds, including:

• $37.5 million of series W preferreds, to be redeemed April 27; and

• $11,275,000 of series F preferreds, to be redeemed April 22.

NPC will redeem all $41.75 million of its series T auction-rate preferreds on April 26.

NNP will redeem all of its $87.65 million of auction-rate preferreds, which include:

• $28,225,000 of series M preferreds, to be redeemed April 23;

• $14.1 million of series T preferreds, to be redeemed April 26;

• $32.35 million of series W preferreds, to be redeemed April 27; and

• $10,075,000 of series F preferreds, to be redeemed April 22.

Chicago-based Nuveen sells investment products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.