Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the mergers of certain Nuveen Connecticut, Georgia and North Carolina state municipal bond closed-end funds into three, larger state-specific funds were completed prior to the opening of business on July 9, 2012.
The closed-end funds have been merged as follows:
|Acquired Fund||Symbol||Acquiring Fund||Symbol|
Nuveen North Carolina
In the mergers, NTC, NKG and NNC acquired substantially all of the assets and liabilities of the respective state funds in a tax-free transaction in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on July 6, 2012. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring fund are listed below:
|Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)||1.02226025 shares of NTC per NFC share|
|Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)||1.01134322 shares of NTC per NGK share|
|Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)||0.99211220 shares of NTC per NGO share|
|Nuveen Georgia Premium Income Municipal Fund (NPG)||1.02315988 shares of NKG per NPG share|
|Nuveen Georgia Dividend Advantage Municipal Fund (NZX)||1.05933737 shares of NKG per NZX share|
|Nuveen North Carolina Dividend Advantage Municipal Fund (NRB)||1.03581226 shares of NNC per NRB share|
|Nuveen North Carolina Dividend Advantage Municipal 2 Fund (NNO)||1.02649583 shares of NNC per NNO share|
|Nuveen North Carolina Dividend Advantage Municipal 3 Fund (NII)||1.00621968 shares of NNC per NNI share|
MuniFund Term Preferred (MTP) shareholders of each acquired fund received an equivalent number of MTP shares based upon their liquidation preference of $10.00 per share.
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 $227 billion as of March 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.
Kristyna Munoz, (312) 917-8343
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