Four Nuveen funds to redeem $79.23 million in auction-rate preferreds

By Devika Patel

Knoxville, Tenn., Feb. 10 - Nuveen Investments Inc. announced that three of its closed-end funds will redeem in full all of their outstanding auction-rate preferred securities at par and one closed-end fund will redeem a portion of its preferreds at par. The total amount being redeemed is $79.23 million.

The funds that are calling for a full redemption are:

• Nuveen North Carolina Dividend Advantage Municipal Fund 3 (Amex: NII), which will redeem all $28 million of its preferreds;

• Nuveen Connecticut Dividend Advantage Municipal Fund 3 (Amex: NGO), which will redeem all $28.28 million of its preferreds; and

• Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (Amex: NGX), which will redeem all $20.5 million of its preferreds.

The Nuveen Maryland Premium Income Municipal Fund (NYSE: NMY) called for redemption at par $2.45 million of its $35.425 million in outstanding auction-rate preferred securities.

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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