Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced distributions for certain Nuveen Maryland and Virginia state municipal bond closed-end funds. The shareholders of the funds listed below, have approved proxies to reorganize into larger funds. The reorganizations are expected to price after the close of business on Friday, August 3, 2012, and close before the market open on Monday, August 6, 2012, with two funds acquiring the common and preferred assets of the other funds in their respective states. The goal of this reorganization is to create two, larger state-specific municipal bond funds, with lower operating expenses and increased share trading volume.
Acquired Fund | Symbol | Acquiring Fund | Symbol | |||
• Nuveen Maryland Dividend Advantage Municipal Fund | NFM | |||||
• Nuveen Maryland Dividend Advantage Municipal Fund 2 | NZR | Nuveen Maryland Premium Income Municipal Fund | NMY | |||
• Nuveen Maryland Dividend Advantage Municipal Fund 3 | NWI | |||||
• Nuveen Virginia Dividend Advantage Municipal Fund | NGB | Nuveen Virginia Premium Income Municipal Fund | NPV | |||
• Nuveen Virginia Dividend Advantage Municipal Fund 2 | NNB |
The following dates apply to distribution declarations for the following Closed-End Funds:
Record Date | August 3, 2012 | |||
Ex-Dividend Date | August 1, 2012 | |||
Payable Date | September 4, 2012 | Distribution Amount | ||
Reinvest Date | September 4, 2012 | Tax-Exempt | ||
Income | ||||
Acquiring Fund | NMY | .0645 | ||
NFM | .0590 | |||
NZR | .0660 | |||
Acquired Funds | NWI | .0630 | ||
Acquiring Fund | NPV | .0645 | ||
NGB | .0560 | |||
Acquired Funds | NNB | .0660 | ||
The following dates apply to distribution declarations for the following Closed-End Funds:
Record Date | August 3, 2012 | |||
Ex-Dividend Date | August 1, 2012 | |||
Payable Date | October 1, 2012 | Distribution Amount | ||
Reinvest Date | October 1, 2012 | Tax-Exempt | ||
Income | ||||
Acquiring Fund | NMY | .0207 | ||
NFM | .0362 | |||
NZR | .0230 | |||
Acquired Funds | NWI | .0334 | ||
Acquiring Fund | NPV | .0457 | ||
NGB | .0397 | |||
Acquired Funds | NNB | .0471 | ||
Regulations require that the acquired funds fully distribute any accumulated undistributed net investment income (UNII) as well as capital gains prior to effecting a reorganization. Consequently, five funds (NFM, NZR, NWI, NGB and NNB) are declaring distributions which will comply with these regulations, payable September 4, 2012, to fund shareholders of record August 3, 2012. In addition, the acquiring funds NMY and NPV are declaring distributions payable September 4, 2012, to shareholders of record on August 3, 2012. Each of the seven funds will also declare distributions to fund shareholders of record on August 3, 2012, payable October 1, 2012. Following the merger, NMY and NPV are expected to declare an additional distribution, payable October 1, 2012. The total dollar amount of the combined pre- and post-merger tax-exempt distributions received on September 4, 2012 as well as October 1, 2012 will each be equal to or greater than the shareholder’s prior monthly tax-exempt dividend. Some portion of these distributions is may be taxable* to shareholders under the Internal Revenue Code as Ordinary Income. The distribution information is detailed in the table above.
Acquired Fund Muni-Term Preferred (MTP) shares will be replaced one for one with newly issued shares of MTP from the acquiring Funds with substantially similar terms. Consequently, the MTP series being replaced are declaring final distributions for the period August 1, 2012 through August 5, 2012, which will be payable September 4, 2012. The new MTP series of the acquiring fund will declare a distribution on the effective date of the merger for the period of August 6, 2012 through August 31, 2012 which, when combined with the distributions listed below will be equal to the shareholders original pre-merger monthly distribution.
Record Date | August 3, 2012 | |
Ex-Dividend Date | August 1, 2012 | |
Payable Date | September 4, 2012 | |
Reinvest Date | September 4, 2012 |
Tax-Free | ||||
Distribution Per | ||||
Ticker | MuniFund Term Preferred | Share | ||
NWI PrC | Nuveen Maryland Dividend Advantage Municipal Fund 3 MTP | .003681 | ||
NFM PrC | Nuveen Maryland Dividend Advantage Municipal Fund MTP | .003611 | ||
NZR PrC | Nuveen Maryland Dividend Advantage Municipal Fund 2 MTP | .003611 | ||
NWI PrD | Nuveen Maryland Dividend Advantage Municipal Fund 3 MTP | .003958 | ||
NGB PrC | Nuveen Virginia Dividend Advantage Municipal Fund MTP | .003889 | ||
NNB PrC | Nuveen Virginia Dividend Advantage Municipal Fund 2 MTP | .003889 | ||
For more information about UNII, each fund, and the shareholder-approved reorganization, please visit http://www.nuveen.com/CEF.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.
*Nuveen is not a tax advisor. You should consult with a tax specialist for specific tax advice.
Contacts:
Media Contact:
Kristyna Munoz
(312)
917-8343
kristyna.munoz@nuveen.com