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CORRECTING and REPLACING Seven Nuveen Closed-End Funds Declare Initial Distributions for MuniFund Term Preferred Shares

Business Wire
posted: 7 DAYS 12 HOURS AGO
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Please replace the release dated February 1, 2010 with the following corrected version due to updated dividend declaration dates. The Record Date should be February 15, 2010 (sted February 26, 2010). The Ex-Dividend Date should be February 10, 2010 (sted February 24, 2010).
The corrected release reads:
SEVEN NUVEEN CLOSED-END FUNDS DECLARE INITIAL DISTRIBUTIONS FOR MUNIFUND TERM PREFERRED SHARES
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 Insured Tax-Free Advantage Municipal Fund ( NEA PrC),
  • Nuveen Connecticut Premium Income Municipal Fund (NTC PrC),
  • Nuveen Massachusetts Premium Income Municipal Fund (NMT PrC),
  • Nuveen North Carolina Premium Income Municipal Fund (NNC PrC),
  • Nuveen Virginia Premium Income Municipal Fund (NPV PrC),
  • Nuveen Maryland Premium Income Municipal Fund (NMY PrC), and
  • Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG PrC)
These distributions cover the time periods of
42 days between the shares’ settlement on January 19, 2010 and the payable date of March 1, 2010 for NEA PrC, 41 days between the shares’ settlement on January 20, 2010 and the payable date of March 1, 2010 for NTC PrC, 40 days between the shares’ settlement on January 21, 2010 and the payable date of March 1, 2010 for NMT PrC, 40 days between the shares’ settlement on January 21, 2010 and the payable date of March 1, 2010 for NNC PrC, 35 days between the shares’ settlement on January 26, 2010 and the payable date of March 1, 2010 for NPV PrC, 32 days between the shares’ settlement on January 29, 2010 and the payable date of March 1, 2010 for NMY PrC, and 32 days between the shares’ settlement on January 29, 2010 and the payable date of March 1, 2010 for NKG PrC.
Based on the par amount of $10 per share, these distributions reflect annualized distribution rates of 2.850 percent for NEA PrC, and 2.650 percent for NTC PrC, NMT PrC, NNC PrC, NPV PrC, NMY PrC, and NKG 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
February 15, 2010
Ex-Dividend Date
February 10, 2010
Payable Date March 1, 2010
       
Tax-Free*
Distribution Per Share
 
Amount
Ticker
Fund Name
NEA PrC
Nuveen Insured Tax-Free Advantage Municipal
Fund MuniFund Term Preferred Shares
$.033250
NTC PrC
Nuveen Connecticut Premium Income Municipal
Fund MuniFund Term Preferred Shares
.030181
NMT PrC
Nuveen Massachusetts Premium Income Municipal
Fund MuniFund Term Preferred Shares
.029444
NNC PrC
Nuveen North Carolina Premium Income Municipal
Fund MuniFund Term Preferred Shares
.029444
NPV PrC
Nuveen Virginia Premium Income Municipal
Fund MuniFund Term Preferred Shares
.025764
NMY PrC
Nuveen Maryland Premium Income Municipal
Fund MuniFund Term Preferred Shares
.023556
NKG PrC
Nuveen Georgia Dividend Advantage Municipal
Fund 2 MuniFund Term Preferred Shares
.023556
*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.
Copyright Business Wire 2010
2010-02-02 17:42:00
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