Two Nuveen Closed-End Funds Declare Initial Distributions for MuniFund Term Preferred Shares
02 Dicembre 2009 - 12:02AM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors today
announced the first distribution declarations for the MuniFund Term
Preferred shares (MTP) of both the Nuveen Virginia Dividend
Advantage Municipal Fund 2 (NNB PrC) and the Nuveen Virginia
Dividend Advantage Municipal Fund (NGB PrC). These
distributions cover the time period of 57 days between the shares’
settlement on November 4, 2009 and the payable date of December 31,
2009 for NNB PrC and 43 days between the shares’ settlement on
November 18, 2009 and the payable date of December 31, 2009 for NGB
PrC. Based on the par amount of $10 per share, this distribution
reflects an annualized distribution rate of 2.800 percent for both
NNB PrC and NGB PrC.
MuniFund Term Preferred Shares are a new 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 December 15, 2009
Ex-Dividend Date December 11, 2009
Payable Date
December 31, 2009
Tax-Free*Distribution Per
Share
Amount
Ticker Fund
Name
NNBPrC
Nuveen Virginia Dividend Advantage
MunicipalFund 2 MuniFund Term Preferred Shares
$.044333
NGBPrC
Nuveen Virginia Dividend Advantage
MunicipalFund MuniFund Term Preferred Shares
$.033444
*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.
Grafico Azioni Nuveen Virginia Dividend Advantage Municipal Fund 2 Common Shares of Beneficial Interest (AMEX:NNB)
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