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Nuveen issues MuniFund Preferred Shares


Nuveen Investments, a provider of investment services to institutions and high-net-worth investors, says three closed-end funds have successfully completed the offering of MuniFund Term Preferred Shares.

The funds are Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund, Nuveen North Carolina Dividend Advantage Municipal Fund 3 and Nuveen Connecticut Dividend Advantage Municipal Fund 3.

The funds will issue USD21.075m, USD28.725m and USD29.0m of MTP shares upon settlement of their respective offerings.

The net proceeds from these offerings will be used to refinance 100 per cent of each funds’ outstanding auction-rate preferred securities.

The shares are expected to trade on the New York Stock Exchange within 30 days of original issuance.

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