Nuveen Ohio and Arizona Closed-End Funds Declare Distributions
Nuveen Ohio and Arizona 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 the distributions for four Ohio municipal closed-end funds and four Arizona municipal closed-end funds. The shareholders for each of the funds listed below approved the reorganizations of the funds into two, larger state-specific funds. The reorganization is expected to take place after the close of business on Friday, April 5, 2013, effective Monday, April 8, 2013 with the Nuveen Ohio Quality Income Municipal Fund (NYS: NUO) and Nuveen Arizona Premium Income Municipal Fund (NYS: NAZ) acquiring the common and preferred assets of their respective state funds. The goal of these reorganizations is to create larger funds with lower operations expenses and increased share trading volume.
Record Date | April 5, 2013 | ||||||
Ex-Dividend Date | April 3, 2013 | Per Share Distribution | |||||
Payable Date | May 1, 2013 | Amount | |||||
Reinvest Date | May 1, 2013 | Tax-Exempt Income | |||||
Acquiring Fund | Nuveen Ohio Quality Income Municipal Fund (NUO) | .0800 | |||||
Nuveen Ohio Dividend Advantage Municipal Fund (NXI) | .0393 | ||||||
Acquired Funds | Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ) | .1074 | |||||
Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ) | .0958 | ||||||
Record Date | April 5, 2013 | ||||
Ex-Dividend Date | April 3, 2013 | Per Share Distribution | |||
Payable Date | May 1, 2013 | Amount | |||
Reinvest Date | May 1, 2013 | Tax-Exempt Income | |||
Acquiring Fund | Nuveen Arizona Premium Income Municipal Fund (NAZ) | .0640 | |||
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ) | .0738 | ||||
Acquired Funds | Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR) | .0671 | |||
Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE) | .0695 | ||||
Regulations require that the acquired funds fully distribute any accumulated undistributed net investment income (UNII) prior to effecting the reorganization. Consequently, six funds (NXI, NBJ, NVJ, NFZ, NKR and NXE) are declaring distributions which will comply with these regulations, payable May 1, 2013 to fund shareholders of record on April 5, 2013. In addition, the acquiring funds (NUO and NAZ) are declaring distributions payable May 1, 2013 to fund shareholders of record on April 5, 2013. Following the merger, NUO is expected to declare an additional distribution, payable May 1, 2013. The total dollar amount of the combined pre- and post-merger tax-exempt distributions received on May 1, 2012 will be equal to or greater than the shareholder's prior monthly tax-exempt dividend. The distribution information is detailed in the table above.
Acquired Fund Muni-Term Preferred (MTP) shares will be replaced one for one with newly issued shares of MTP from the acquiring Funds with substantially similar terms. Consequently, the MTP series being replaced are declaring final distributions for the period April 1, 2013 through April 7, 2013, which will be payable May 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 April 8, 2013 through April 30, 2013 which, when combined with the distributions listed below will be equal to the shareholders original pre-merger monthly distribution.
Record Date | April 5, 2013 | |||
Ex-Dividend Date | April 3, 2013 | |||
Payable Date | May 1, 2013 | |||
Reinvest Date | May 1, 2013 |
Ticker | MuniFund Term Preferred | Tax-Free | ||||
NFZ PrC | Nuveen Arizona Dividend Advantage Municipal Fund MTP | .003986 | ||||
NKR PrC | Nuveen Arizona Dividend Advantage Municipal Fund 2 MTP | .003986 | ||||
NXE PrC | Nuveen Arizona Dividend Advantage Municipal Fund 3 MTP | .005639 | ||||
NBJ PrA | Nuveen Ohio Dividend Advantage Municipal Fund 2 MTP | .004569 | ||||
NVJ PrA | Nuveen Ohio Dividend Advantage Municipal Fund 3 MTP | .004569 | ||||
NXI PrC | Nuveen Ohio Dividend Advantage Municipal Fund MTP | .004569 | ||||
NXI PrD | Nuveen Ohio Dividend Advantage Municipal Fund MTP | .005736 | ||||
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, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. In total, Nuveen Investments managed approximately $219 billion as of December 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.
Nuveen Investments
Media Contact:
Kristyna Munoz, (312) 917-8343
kristyna.munoz@nuveen.com
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