Two Nuveen Municipal Closed-End Funds Declare Pre-Merger Distributions
02 July 2013 - 8:37AM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced common share distributions for two municipal closed-end
funds. The shareholders of these funds, the Nuveen Municipal High
Income Opportunity Fund (NYSE MKT: NMZ) and Nuveen Municipal High
Income Opportunity Fund 2 (NYSE: NMD), have each approved the
reorganization of their fund into a single, larger fund. The
reorganization is expected to take place after the close of
business on Friday, July 12, 2013, effective Monday July 15, 2013,
with NMZ acquiring substantially all of the assets of NMD. The goal
of this reorganization is to create a single, larger municipal bond
fund, with lower operating expenses and increased share trading
volume.
The following dates apply to distribution declarations for
the following Closed-End Funds:
Record Date July 12, 2013
Ex-Dividend Date July 10, 2013
Payable Date August 1, 2013 Per Share Distribution
Amount Reinvest Date August 1, 2013
Tax-Exempt Ordinary Income
Income (Taxable Market Discount)
Acquiring Fund NMZ .0730 -
Acquired
Fund NMD .0655 .0049
The following dates apply to distribution declarations for
the following Closed-End Funds:
Record Date July 12, 2013
Ex-Dividend Date July 10, 2013
Payable Date September 3, 2013 Per Share
Distribution Amount Reinvest Date September 3,
2013 Tax-Exempt Ordinary Income
Income (Taxable Market Discount)
Acquiring Fund NMZ .0179 -
Acquired
Fund NMD .0121 -
Regulations require that the acquired funds fully distribute any
accumulated undistributed net investment income (UNII) prior to
effecting the reorganization. Consequently, NMD is declaring
distributions which will comply with these regulations, payable
August 1st, 2013 and September 3rd, 2013 to fund shareholders of
record on July 12th, 2013. In addition, the acquiring fund (NMZ) is
declaring a distribution August 1st, 2013 and September 3rd, 2013
to fund shareholders of record on July 12th, 2013. The distribution
information is detailed in the table above. Following the merger,
NMZ is expected to declare an additional distribution, payable
September 3, 2013. The total dollar amount of the combined pre- and
post-merger distributions received September 3, 2013 will be equal
to or greater than the shareholder’s prior monthly tax-exempt
dividend.
Since the record date is July 12, 2013 for both funds’
distributions payable August 1, 2013 and September 3, 2013, any new
fund shares acquired after the ex-dividend date of July 10, 2013
will not receive a full monthly distribution until October 1, 2013.
However, the tax-exempt income earned on these shares during this
period will be reflected in each fund’s net asset value as
undistributed net investment income (UNII) which will be paid out
over time.
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 $224 billion as of March 31, 2013. 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.
Nuveen InvestmentsMedia Contact:Kristyna Munoz(312)
917-8343KRISTYNA.MUNOZ@NUVEEN.COM
Nuveen Municipal High Income Opportunity Fund 2 Common Shares of Beneficial Interest (NYSE:NMD)
Historical Stock Chart
From May 2024 to Jun 2024
Nuveen Municipal High Income Opportunity Fund 2 Common Shares of Beneficial Interest (NYSE:NMD)
Historical Stock Chart
From Jun 2023 to Jun 2024