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TheStreet Open House

Several Nuveen Municipal Closed-End Funds Declare Distributions

Stocks in this article: NFMNGBNMYNNBNPVNWINZRPRC

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.

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