Several Nuveen Municipal Closed-End Funds Declare Distributions

Several Nuveen Municipal Closed-End Funds Declare Distributions

CHICAGO--(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 DateJanuary 2, 2013 
Payable DateFebruary 1, 2013Distribution Amount
Reinvest DateFebruary 1, 2013



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 DateJanuary 2, 2013
Payable DateFebruary 1, 2013
Reinvest DateFebruary 1, 2013
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

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


Nuveen Investments
Media Contact:
Kristyna Munoz
(312) 917-8343

KEYWORDS:   United States  North America  Illinois


The article Several Nuveen Municipal Closed-End Funds Declare Distributions originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story