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Nuveen Investments Announces Completion Of Closed-End Fund Mergers

Stock quotes in this article: NFM, NGB, NMY, NNB, NPV, NWI, NZR

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the mergers of certain Maryland and Virginia state municipal bond closed-end funds into two, larger state-specific funds were completed prior to the opening of business on August 6, 2012.

The closed-end funds have been merged as follows:

Acquired Fund   Symbol   Acquiring Fund   Symbol
  • Nuveen Maryland Dividend Advantage Municipal Fund
  • Nuveen Maryland Dividend Advantage Municipal Fund 2
  • Nuveen Maryland Dividend Advantage Municipal Fund 3

NFM

NZR

NWI

Nuveen Maryland Premium Income Municipal Fund

NMY

  • Nuveen Virginia Dividend Advantage Municipal Fund
  • Nuveen Virginia Dividend Advantage Municipal Fund 2

NGB

NNB

Nuveen Virginia Premium Income Municipal Fund

NPV

In the mergers, NMY and NPV acquired substantially all of the assets and liabilities of the respective state funds in a tax-free transaction in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on August 3, 2012. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring fund are listed below:

Fund   Exchange Ratio
Nuveen Maryland Dividend Advantage Municipal Fund (NFM) 0.97225976
Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR) 0.98257669
Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI) 0.97394118
Fund   Exchange Ratio
Nuveen Virginia Dividend Advantage Municipal Fund (NGB) 0.98099322
Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB) 1.00043328

Additionally, MuniFund Term Preferred (MTP) shareholders of each acquired fund received an equivalent number of newly issued MTP shares from the acquiring funds, with the same terms as their previous MTP shares.

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