Nuveen Announces Completion Of The California And Massachusetts Closed-End Fund Mergers

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the reorganizations of certain Nuveen California and Massachusetts closed-end funds were completed prior to the opening of the New York Stock Exchange on June 9. As part of previously announced reorganizations, the funds have been merged as follows:
                   
Acquired Funds     Symbol     Acquiring Fund     Symbol
  • Nuveen California Performance Plus Municipal Fund, Inc.

 
   

NCP
       
  • Nuveen California Municipal Market Opportunity Fund, Inc.

 

NCO

Nuveen California Dividend Advantage Municipal Fund

NAC
  • Nuveen California Investment Quality Municipal Fund, Inc.

 

NQC
  • Nuveen California Quality Income Municipal Fund, Inc.

 

NUC
  • Nuveen California Select Quality Municipal Fund, Inc.
   

NVC
           
                   

Acquired Fund
   

Symbol
   

Acquiring Fund
   

Symbol
           

Nuveen California Premium Income Municipal Fund
   

NCU
   

Nuveen California AMT-Free Municipal Income Fund
   

NKX
                   

Acquired Funds
   

Symbol
   

Acquiring Fund
   

Symbol
  • Nuveen Massachusetts Dividend Advantage Municipal Fund
   

NMB
   

 
   

 

Nuveen Massachusetts Premium Income Municipal Fund

NMT
  • Nuveen Massachusetts AMT-Free Municipal Income Fund
   

NGX
   

 
   

 
 

In the mergers, the acquiring funds NAC, NKX and NMT acquired substantially all of the assets and liabilities of the acquired funds NCP, NCO, NQC, NUC, NVC, NCU, NMB and NGX, as set forth above, in tax-free transactions 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 June 6, 2014. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring funds are listed below:
       
Fund     Exchange Ratio
Nuveen California Performance Plus Municipal Fund, Inc.     1.01618550
Nuveen California Municipal Market Opportunity Fund, Inc.     1.04765986
Nuveen California Investment Quality Municipal Fund, Inc.     1.03165896
Nuveen California Quality Income Municipal Fund, Inc.     1.06123458
Nuveen California Select Quality Municipal Fund, Inc.     1.04696102
Nuveen California Premium Income Municipal Fund     1.02299895
Nuveen Massachusetts Dividend Advantage Municipal Fund     0.99141407
Nuveen Massachusetts AMT-Free Municipal Income Fund     0.96093745
   

Additionally, preferred shareholders of each acquired fund received an equivalent number of newly issued preferred shares from the acquiring fund, with substantially the same terms as their previous preferred shares.

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