Six Nuveen Closed-End Funds Declare Initial Distributions for MuniFund Term Preferred Shares
02 Marzo 2010 - 3:00PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors today
announced that the following funds have declared their first
distributions for MuniFund Term Preferred shares (MTP) each fund
has issued:
- North Carolina Dividend
Advantage Municipal Fund 3 NII PrC
- Connecticut Dividend Advantage
Municipal Fund 3 NGO PrC
- Insured Mass. Tax-Free Advantage
Municipal Fund NGX PrC
- Georgia Premium Income Municipal
Fund NPG PrC
- Georgia Dividend Advantage
Municipal Fund NZX PrC and
- Maryland Dividend Advantage
Municipal Fund 3 NWI PrC
These distributions cover the time periods of
52 days between the shares’ settlement on February 9, 2010 and
the payable date of April 1, 2010 for NII PrC,
51 days between the shares’ settlement on February 10, 2010 and
the payable date of April 1, 2010 for NGO PrC,
51 days between the shares’ settlement on February 10, 2010 and
the payable date of April 1, 2010 for NGX PrC,
39 days between the shares’ settlement on February 22, 2010 and
the payable date of April 1, 2010 for NPG PrC,
39 days between the shares’ settlement on February 22, 2010 and
the payable date of April 1, 2010 for NZX PrC, and
38 days between the shares’ settlement on February 23, 2010 and
the payable date of April 1, 2010 for NWI PrC.
Based on the par amount of $10 per share, these distributions
reflect annualized distribution rates of 2.650 percent for NII
PrC, NGO PrC, NGX PrC, NPG PrC, NZX
PrC, and NWI PrC.
MuniFund Term Preferred Shares are a form of preferred share
issued by Nuveen municipal bond closed-end funds for the purposes
of locking in leverage costs at an attractive fixed tax-exempt cost
and to hedge against the risk of rising short-term rates. This
hedging effort is designed to improve future common share net
earnings and distributions, and to simultaneously provide the
opportunity for partial or full liquidity at par for that fund’s
outstanding auction-rate preferred shares (ARPS).
The following dates apply to today’s dividend declaration:
Record Date March 30, 2010
Ex-Dividend Date
March 26, 2010
Payable Date April 1, 2010
Monthly Tax-Free
Distribution Per
Ticker
MuniFund Term Preferred
Share*
NVG PrC
Nuveen Insured Dividend Advantage Municipal Fund MTP .024583 NGB
PrC Nuveen Virginia Dividend Advantage Municipal Fund MTP .023333
NNB PrC Nuveen Virginia Dividend Advantage Municipal Fund 2 MTP
.023333 NAN PrC Nuveen New York Dividend Advantage Municipal Fund
MTP .022500 NZH PrC Nuveen California Dividend Advantage Municipal
Fund 3 MTP .024583 NEA PrC Nuveen Insured Tax-Free Advantage
Municipal Fund MTP .023750 NKG PrC Nuveen Georgia Dividend
Advantage Municipal Fund 2 MTP .022083 NMT PrC Nuveen Massachusetts
Premium Income Municipal Fund MTP .022083 NMY PrC Nuveen Maryland
Premium Income Municipal Fund MTP .022083 NNC PrC Nuveen North
Carolina Premium Income Municipal Fund MTP .022083 NPV PrC Nuveen
Virginia Premium Income Municipal Fund MTP .022083 NTC PrC Nuveen
Connecticut Premium Income Municipal Fund MTP .022083 NII PrC North
Carolina Dividend Advantage Municipal Fund 3 .038278 NGO PrC
Connecticut Dividend Advantage Municipal Fund 3 .037542 NGX PrC
Insured Mass. Tax-Free Advantage Municipal Fund .037542 NPG PrC
Georgia Premium Income Municipal Fund .028708 NZX PrC Georgia
Dividend Advantage Municipal Fund .028708 NWI PrC Maryland Dividend
Advantage Municipal Fund 3 .027972
*Income may be subject to state and local taxes as well as the
Federal Alternative Minimum Tax.
Nuveen Investments provides high quality investment services
designed to help secure the long-term goals of institutions and
high net worth investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets its growing
range of specialized investment solutions under the high-quality
brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $141
billion of assets on September 30, 2009. For more information,
please visit the Nuveen Investments website at www.nuveen.com.
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