Nuveen Investments Announces Completion of Closed-End Fund Mergers

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the mergers of four California closed-end funds into a single, larger state fund were completed after the close of business on May 4, 2012. As part of the changes approved earlier this year by fund shareholders, each fund also will no longer focus its investment on insured municipal securities, but will continue to invest at least 80 percent of its assets in investment grade quality municipal securities.

The closed-end funds have been merged as follows:

Nuveen Insured California Premium Income Municipal Fund, Inc. (NPC)

Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NCL)

Nuveen Insured California Dividend Advantage Municipal Fund (NKL)

Merged into

Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX)

Concurrently, the Nuveen Insured California Tax-Free Advantage Municipal Fund changed its name to Nuveen California AMT-Free Municipal Income Fund.

In the merger, NKX acquired substantially all of the assets and liabilities of the California funds with which it was merged 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 May 4, 2012, with California fund shareholders receiving shares of equivalent total net asset value. The exchange ratio at which common shares of each California fund were exchanged for common shares of the NXK is listed below:

Fund

Exchange Ratio

        
      
      
        
          Nuveen Insured California Premium Income
        
        
        
        
        
        
        
      
      
        
          Municipal Fund, Inc. (NPC)
        
        
        
        
        
        
          0.97709854 common shares per NKX common share
        
      
      
        
           
        
      
      
        
          Nuveen Insured California Premium Income
        
        
        
        
        
        
        
      
      
        
          Municipal Fund 2, Inc. (NCL)
        
        
        
        
        
        
          0.97508008 common shares per NKX common share
        
      
      
        
           
        
      
      
        
          Nuveen Insured California Dividend Advantage
        
        
        
        
        
        
        
      
      
        
          Municipal Fund (NKL)
        
        
        
        
        
        
          0.93644565 common shares per NKX common 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 $230 billion as of January 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.