Several Nuveen Municipal Closed-End Funds Declare Distributions
December 21 2012 - 4:15PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced distributions for several Nuveen Michigan state municipal
bond closed-end funds.
These distributions follow the recently approved reorganization
of the affected Michigan funds below with the reorganizations
expected to price after the close of business on Friday, January 4,
2013, and close before the market open on Monday, January 7, 2013.
The acquiring fund will assume both the common and preferred assets
of the other two funds. The goal of this reorganization is to
create a larger state-specific municipal bond fund, with lower
operating expenses and increased share trading volume.
Regulations require that the acquired funds fully distribute any
accumulated undistributed net investment income (UNII) as well as
capital gains prior to effecting a reorganization. Consequently,
the two acquired funds listed below (NMP and NZW) are declaring
distributions, payable February 1, 2013, to fund shareholders of
record on January 4, 2013. In addition, the acquiring fund is
declaring a distribution payable February 1, 2013, to shareholders
of record on January 4, 2013. The distribution information is
detailed in the table below.
Acquired Fund Acquiring
Fund -- Nuveen Michigan Quality Income Municipal Fund (NUM)
-- Nuveen Michigan Premium Income Municipal Fund (NMP)
-- Nuveen Michigan Dividend Advantage Municipal Fund
(NZW)
The following dates apply to distribution declarations for
the following Closed-End Funds:
Record Date January 4, 2013
Ex-Dividend
Date January 2, 2013
Payable Date February 1,
2013
Distribution Amount Reinvest Date February 1,
2013
Tax-ExemptIncome
Acquiring Fund NUM
.0740
Acquired Funds NMP .2405
NZW .0903
Muni-Term Preferred Shares
(MTP)
The acquired funds’ Muni-Term Preferred (MTP) shares will be
replaced one for one with newly issued shares of MTP from the
acquiring fund with substantially similar terms. Consequently, the
MTP series being replaced are declaring final distributions for the
period January 1, 2013 through January 6, 2013, which will be
payable February 1, 2013. The new MTP series of the acquiring fund
will declare a distribution on the effective date of the merger for
the period of January 7, 2013 through January 31, 2013 which, when
combined with the distributions listed below will be equal to the
shareholders original pre-merger monthly distribution.
Record Date
January 4, 2013
Ex-Dividend Date January 2, 2013
Payable Date February 1, 2013
Reinvest Date February
1, 2013
Tax-Free Distribution Per Ticker
MuniFund Term Preferred Share NZW PrC
Nuveen Michigan Dividend Advantage Municipal Fund MTP
$0.003833
For more information about UNII, each fund, and the
shareholder-approved reorganization, please visit
http://www.nuveen.com/CEF.
Nuveen Investments provides high-quality investment services
designed to help secure the long-term goals of institutional and
individual investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets a wide range of
specialized investment solutions which provide investors access to
capabilities of its high-quality boutique investment
affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ
Investment Management Company, Santa Barbara Asset Management,
Tradewinds Global Investors, Winslow Capital Management, and
Gresham Investment Management. In total, Nuveen Investments managed
approximately $220 billion as of September 30, 2012. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
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