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Nuveen Closed-End Fund Declares Initial Distribution For MuniFund Term Preferred Shares

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors today announced that the following fund has declared its first distribution for MuniFund Term Preferred shares (MTP) the fund has issued:

  • Nuveen California Premium Income Municipal Fund NCU PrC

The distribution covers the initial distribution period of:

  • 39 days between the shares’ settlement on September 22, 2010 and October 31, 2010 for NCU PrC

Based on the par amount of $10 per share, the distribution reflects an annualized distribution rate of 2.00 percent.

MuniFund Term Preferred Shares are a form of preferred share issued by Nuveen municipal bond closed-end funds for the purposes of locking in leverage costs at an attractive fixed tax-exempt cost and to hedge against the risk of rising short-term rates. This hedging effort is designed to improve future common share net earnings and distributions, and to simultaneously provide the opportunity for partial or full liquidity at par for that fund’s outstanding auction-rate preferred shares (ARPS).

The following dates apply to today’s dividend declaration:

   
Record Date October 28, 2010
Ex-Dividend Date October 26, 2010
Payable Date November 1, 2010

Ticker

 

MuniFund Term Preferred

 

Monthly Tax-Free Distribution Per Share*

NCU PrC Nuveen California Premium Income Municipal Fund MTP .021667
 

*Income may be subject to state and local taxes as well as the Federal Alternative Minimum Tax.

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