Stifel Nicolaus Initiates Sell on Nuveen Maryland Dividend Advantage Municipal Fund

Stifel Nicolaus initiates coverage on Nuveen Maryland Dividend Advantage Municipal Fund 3 NWI with a sell rating as $39.4 percent of its portfolio is callable in 2012. Stifel says, “As of November 9, 2011, shares of NWI traded at a 4.96% discount to net asset value. This compares to one-year and three-year average discounts of 5.93% and 5.53%, respectively. As of October 31, 2011, NWI had a total leverage amount of 36.28%. The Fund leveraged 33.46% with structural leverage and approximately 2.82% with effective leverage.” NWI closed at $13.98 per share on Friday.