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Two Nuveen Closed-End Fund Issue At-Par Redemption Notices for Auction-Rate Preferred Securities

^{Published on 2010-10-18 16:05:43 - Market Wire}
 

CHICAGO--([ BUSINESS WIRE ])--Two closed-end funds sponsored by Nuveen Investments today called for redemption at par all of their outstanding auction-rate preferred securities (ARPS). The fundsa™ Board of Trustees had previously approved each redemption, which total more than $27 million. The funds include the Nuveen Arizona Dividend Advantage Municipal Fund (AMEX: NFZ) and Nuveen Arizona Dividend Advantage Municipal Fund 2 (AMEX: NKR). These redemptions will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).

NFZ is redeeming all of its $10.6 million of currently outstanding ARPS.

NKR is redeeming all of its $16.625 million of currently outstanding ARPS.

For more information about Nuveen closed-end funds, visit [ www.nuveen.com/cef ]. ARPS information and updates are posted on Nuveena™s auction-rate preferred resource center at [ www.nuveen.com/arps ].

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, the Company managed more than $160 billion as of September 30, 2010. For more information, please visit the Nuveen Investments website at [ www.nuveen.com ].