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Nuveen closed-end funds issuing preferred security


Nuveen Investments, a provider of investment services to institutions and high-net-worth investors, has filed registration statements for three close-ended funds with the US Securities and Exchange Commission to issue MuniFund Term Preferred Shares, a form of preferred stock.

The funds are Nuveen Massachusetts Premium Income Municipal Fund, Nuveen North Carolina Premium Income Municipal Fund and Nuveen Connecticut Premium Income Municipal Fund.

The new shares are expected to be listed on the NYSE.

MTP is a fixed rate form of preferred stock with a mandatory redemption period of five years.

By issuing MTP, the funds seek to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP.

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