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Nuveen Investments Announces Completion Of Closed-End Fund Mergers

Stocks in this article: NFC NGK NGO NII NKG NNC NNO NPG NRB NTC NZX

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 Connecticut Dividend Advantage Municipal Fund
  • Nuveen Connecticut Dividend Advantage Municipal Fund 2
  • Nuveen Connecticut Dividend Advantage Municipal Fund 3

NFC

NGK

NGO

Nuveen ConnecticutPremium IncomeMunicipal Fund

NTC
  • Nuveen Georgia Premium Income Municipal Fund
  • Nuveen Georgia Dividend Advantage Municipal Fund

NPG

NZX

Nuveen GeorgiaDividend AdvantageMunicipal 2 Fund

NKG
  • Nuveen North Carolina Dividend Advantage Municipal Fund
  • Nuveen North Carolina Dividend Advantage Municipal 2 Fund
  • Nuveen North Carolina Dividend Advantage Municipal 3 Fund

NRB

NNO

NII

Nuveen North CarolinaPremium IncomeMunicipal Fund

NNC

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:

Fund   Exchange Ratio
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
Fund   Exchange Ratio
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
Fund   Exchange Ratio
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.

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