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.

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. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed nearly $225 billion as of March 31, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen InvestmentsMedia Contact:Kathleen Cardoza, [e-mail]