Nuveen Investments Registers for Two New Closed-End Exchange Traded Funds

Business Wire, Oct 11, 2001

Business Editors

CHICAGO--(BUSINESS WIRE)--Oct. 11, 2001

Nuveen Investments today announced plans to launch two new municipal closed-end exchange-traded funds in November. The two funds are:

-- Nuveen North Carolina Dividend Advantage Municipal Fund 2

-- Nuveen Virginia Dividend Advantage Municipal Fund 2

The registration statements for the two funds were filed with the Securities and Exchange Commission on October 10.

Salomon Smith Barney will serve as lead manager of these new funds, and Nuveen Advisory Corp. will be the investment adviser of these funds.

Shares of exchange traded closed-end investment companies usually trade on a national stock exchange. Like other stocks, share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. The shares of exchange-traded funds often trade at a discount to their net asset value.

For more complete information, including risk considerations, charges and expenses, please contact your securities representative or Nuveen Investments, 333 West Wacker Drive, Chicago, Ill. 60606 for a prospectus. Investors should read the prospectus carefully before they invest or send money.

The information in this document is not complete and may be changed. These securities may not be sold until the registration statements filed with the Securities and Exchange Commission are effective. This document is not an offer to sell these securities and in not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Nuveen Investments, a unit of The John Nuveen Company, provides a distinctive array of industry-leading investment management services designed to build enduring relationships with financial advisors and their high-net-worth clients, as well as a growing number of institutional clients. The John Nuveen Company markets its capabilities under three distinct brands: Nuveen, a leader in tax-free investments; Rittenhouse, the premier retail managed account service platform; and Symphony Asset Management, a leading institutional money manager of market-neutral and alternative investments. In total, the Company manages $67 billion in assets and oversees another $9 billion in defined portfolio trusts. The Company is listed on The New York Stock Exchange and trades under the symbol "JNC."