Three Nuveen Massachusetts funds to redeem MuniFund term preferreds

By Angela McDaniels

Tacoma, Wash., May 28 - Nuveen Massachusetts Premium Income Municipal Fund, Nuveen Massachusetts Dividend Advantage Municipal Fund and Nuveen Massachusetts AMT-Free Municipal Income Fund plan to redeem their existing MuniFund term preferreds, according to a news release from Nuveen Investments Inc.

The redemption price will be par of $10 plus accumulated distribution amounts.

Nuveen Massachusetts Premium Income Municipal Fund plans to acquire the two other funds in a merger expected to close prior to the opening of the New York Stock Exchange on June 9.

The fund expects to fund the redemption with the proceeds of a new offering of preferred shares.

Chicago-based Nuveen Investments provides investment services to institutional and individual investors.

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