Four Nuveen funds to redeem $113.55 million auction-rate preferreds

By Devika Patel

Knoxville, Tenn., April 23 - Nuveen Investments Inc. announced that four of its closed-end funds will redeem all of their outstanding auction-rate preferred securities at par. The total amount to be redeemed is $113.55 million.

The funds that are calling securities for redemption are:

• Nuveen New York Dividend Advantage Municipal Fund 2 (Amex: NXK), which will redeem all $34.1 million of its preferreds;

• Nuveen Insured New York Tax-Free Advantage Municipal Fund (Amex: NRK), which will redeem all $27 million of its preferreds;

• Nuveen Maryland Dividend Advantage Municipal Fund 2 (Amex: NZR), which will redeem all of its $26.63 million preferreds; and

• Nuveen Maryland Dividend Advantage Municipal Fund (Amex: NFM), which will redeem all $25.83 million of its preferreds.

These redemptions will be funded by proceeds received from the recent issue of MuniFund term preferred shares.

Nuveen is an investment management firm based in Chicago.

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