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:
- Nuveen New York Dividend Advantage Municipal Fund 2 NXK PrC
- Nuveen Insured New York Tax Free Advantage Municipal Fund NRK PrC
- Nuveen Maryland Dividend Advantage Municipal Fund NFM PrC
- Nuveen Maryland Dividend Advantage Municipal Fund 2 NZR PrC
These distributions cover the initial distribution periods of:
- 47 days between the shares' settlement on April 14, 2010 and May 31, 2010 for NXK PrC
- 47 days between the shares' settlement on April 14, 2010 and May 31, 2010 for NRK PrC
- 48 days between the shares' settlement on April 13, 2010 and May 31, 2010 for NFM PrC
- 52 days between the shares' settlement on April 9, 2010 and May 31, 2010 for NZR PrC
Based on the par amount of $10 per share, these distributions reflect annualized distribution rates of 2.600 percent for NZR PrC and NFM PrC and 2.550 percent for NXK PrC and NRK 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 | Â | Â | Â | May 27, 2010 |
Ex-Dividend Date | May 25, 2010 | |||
Payable Date | June 1, 2010 |
Ticker | Â | MuniFund Term Preferred | Â | Monthly Tax-Free Distribution Per Share |
NXK PrC | New York Dividend Advantage Municipal Fund 2 MTP | .033292 | ||
NRK PrC | Insured New York Tax Free Advantage Municipal Fund MTP | .033292 | ||
NFM PrC | Maryland Dividend Advantage Municipal Fund MTP | .034667 | ||
NZR PrC | Maryland Dividend Advantage Municipal Fund 2 MTP | .037556 |
*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 $145 billion as of December 31, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.
Contacts:
Nuveen Investments
Media Contact:
Kristyna Sujata
312-917-8343
kristyna.sujata@nuveen.com