CORRECTING and REPLACING Nuveen California and Massachusetts Municipal Closed-End Funds Declare Distributions

CORRECTION...by Nuveen Investments

CHICAGO--()--Please replace the release dated May 27, 2014, with the following corrected version due to multiple revisions.

The corrected release reads:

NUVEEN CALIFORNIA AND MASSACHUSETTS MUNICIPAL CLOSED-END FUNDS DECLARE DISTRIBUTIONS

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced distributions for eight Nuveen California and three Massachusetts municipal closed-end funds. The specific distribution dates and amounts are detailed below. The reorganizations are expected to take place after the close of business on June 6, effective June 9. The shareholders of these funds have approved the following reorganization of their funds into single, larger funds as previously announced. The mergers are intended to create single state funds with lower operating expenses and increased trading volume on the exchange for common shares.

In connection with the shareholder approval, the funds will be merged as follows:

                   
Acquired Funds     Symbol     Acquiring Fund     Symbol

• Nuveen California Performance

    NCP        
Plus Municipal Fund, Inc.
 

• Nuveen California Municipal

NCO

 

Market Opportunity Fund, Inc.

 

 

Nuveen California

• Nuveen California Investment

NQC

Dividend Advantage

NAC

Quality Municipal Fund, Inc.

Municipal Fund

 

• Nuveen California Quality Income

NUC
Municipal Fund, Inc.
 

• Nuveen California Select Quality

NVC
Municipal Fund, Inc.                  
                   
Acquired Fund     Symbol     Acquiring Fund     Symbol
Nuveen California Premium    

NCU

    Nuveen California AMT-Free    

NKX

Income Municipal Fund    

 

    Municipal Income Fund    

 

                   
Acquired Funds     Symbol     Acquiring Fund     Symbol

• Nuveen Massachusetts Dividend

    NMB    

 

   
Advantage Municipal Fund

Nuveen Massachusetts

 

Premium Income

NMT

• Nuveen Massachusetts AMT-Free

NGX Municipal Fund
Municipal Income Fund                  

The following dates apply to distribution declarations for the following Closed-End Funds:

Record Date   June 6, 2014
Ex-Dividend Date June 4, 2014
Payable Date July 1, 2014
Reinvest Date July 1, 2014

 

  Per Share Distribution Amount
Tax-Exempt

Ticker

Fund Name

Income
 

California

NAC Dividend Advantage 0.0740
NCP Performance Plus 0.0790
NCO Market Opportunity 0.0800
NQC Investment Quality 0.0770
NUC Quality Income 0.0850
NVC Select Quality 0.0830
NKX CA AMT-Free Municipal Income 0.0700
NCU Premium Income 0.0700
 

Massachusetts

NMT MA Premium Income 0.0147
NMB MA Dividend Advantage 0.0135
NGX Insured MA Tax-Free Advantage 0.0134
 
Record Date             June 6, 2014

Ex-Dividend Date

June 4, 2014
Payable Date August 1, 2014
Reinvest Date August 1, 2014
 
   

Per Share Distribution Amount

Tax-Exempt

Ticker

Fund Name

Income

California

NAC Dividend Advantage 0.0686
NCP Performance Plus 0.1081
NCO Market Opportunity 0.1226
NQC Investment Quality 0.0734
NUC Quality Income 0.1392
NVC Select Quality 0.0774
NKX CA AMT-Free Municipal Income 0.0700
NCU Premium Income 0.0964
 

The following dates apply to today's distribution declarations for the following MTP Shares:

Record Date   June 6, 2014  
Ex-Dividend Date June 4, 2014
Payable Date July 1, 2014

Ticker

MuniFund Term Preferred

Monthly Tax-Free
Distribution Per Share

NCU PrC Nuveen California Premium Income Municipal Fund MTP 0.004444
NGX PrC Nuveen Massachusetts AMT-Free Municipal Income Fund MTP 0.005889
NMB PrC Nuveen Massachusetts Dividend Advantage Municipal Fund MTP 0.005778
 

Regulations require that acquired funds in any reorganization fully distribute any accumulated undistributed net investment income (UNII) prior to effecting the reorganization.

NCP, NCO, NQC, NUC and NVC are declaring distributions which will comply with these regulations, payable July 1, 2014 and August 1, 2014 to fund shareholders of record on June 6, 2014. Following the merger, NAC is expected to declare an additional distribution, payable August 1, 2014. The total dollar amount of the pre- and post-merger tax-exempt distributions received on July 1, 2014 as well as August 1, 2014 will be equal to or greater than the shareholder’s prior monthly tax-exempt dividend.

Since the record date is June 6, 2014 for each funds’ distributions payable July 1, 2104 and all or a portion of the August 1, 2014 payable, any new fund shares acquired between the associated ex-dividend date of June 4, 2014 and the September distribution’s ex-dividend date of August 13, 2014 will not receive a full monthly distribution until September 2, 2014. However, the tax-exempt income earned on these shares during this period will be reflected in the fund’s net asset value as undistributed net investment income (UNII) which will be paid out over time. Shareholders of all 6 funds who hold shares as of the June 6, 2014 record date and continue to hold shares of NAC on the record date of the expected post-merger distribution will continue to receive full monthly distributions each month from July 1, 2014 through August 1, 2014. The distribution information is detailed in the table above.

NCU is declaring distributions which will comply with these regulations, payable July 1, 2014 and August 1, 2014 to fund shareholders of record on June 6, 2014. Since the record date is June 6, 2014 for the fund’s distributions payable July 1, 2104 and August 1, 2014, any new fund shares acquired between the associated ex-dividend date of June 4, 2014 and the September distribution’s ex-dividend date of August 13, 2014 will not receive a full monthly distribution until September 2, 2014. However, the tax-exempt income earned on these shares during this period will be reflected in the fund’s net asset value as undistributed net investment income (UNII) which will be paid out over time. Shareholders of the fund who hold shares as of the June 6, 2014 record date will continue to receive full monthly distributions each month from July 1, 2014 through August 1, 2014. The distribution information is detailed in the table above.

NGX and NMB are declaring distributions which will comply with these regulations, payable July 1, 2014 to fund shareholders of record on June 6, 2014. Following the merger, NMT is expected to declare an additional distribution, payable July 1, 2014. The total dollar amount of the pre- and post-merger tax-exempt distributions received on July 1, 2014 will be equal to or greater than the shareholder’s prior monthly tax-exempt dividend.

Since the record date is June 6, 2014 for a portion of the payable July 1, 2104, any new fund shares acquired between the associated ex-dividend date of June 4, 2014 and the August distribution’s ex-dividend date of July 11, 2014 will not receive a full monthly distribution until August 1, 2014. However, the tax-exempt income earned on these shares during this period will be reflected in the fund’s net asset value as undistributed net investment income (UNII) which will be paid out over time. The distribution information is detailed in the table above.

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 $225 billion as of March 31, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

  • market developments;
  • legal and regulatory developments; and
  • other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.

Contacts

Nuveen Investments
Media Contact:
Kathleen Cardoza
(312) 917-7813
kathleen.cardoza@nuveen.com

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Contacts

Nuveen Investments
Media Contact:
Kathleen Cardoza
(312) 917-7813
kathleen.cardoza@nuveen.com