Nuveen Announces Merger for New York Closed-End Funds

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the merger of certain Nuveen’s New York state municipal bond closed-end funds was completed prior to the opening of business on March 11, 2013.

The closed-end funds have been merged as follows:

Acquired Fund

Symbol

Acquiring Fund

Symbol

        
      
      
        
          Nuveen New York Quality Income Municipal Fund, Inc.
        
        
           
        
        
          NUN
        
        
           
        
        
          

 

 

 

Nuveen New York AMT-Free Municipal Income Fund

 

 

 

NRK

        
      
      
        
          Nuveen New York Premium Income Municipal Fund, Inc.
        
        
        
        
          NNF
        
        
        
        
        
      
      
        
          Nuveen New York Investment Quality Municipal Fund, Inc.
        
        
        
        
          NQN
        
        
        
        
        
      
      
        
          Nuveen New York Select Quality Municipal Fund, Inc.
        
        
        
        
          NVN
        
        
        
        
        
      
      
        
          Nuveen New York Dividend Advantage Municipal Income Fund
        
        
           
        
        
          NKO
        
        
           
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

In the merger, NRK acquired substantially all of the assets and liabilities of the five other funds listed above in a tax-free transaction in exchange for an equal aggregate of newly-issued common shares. The exchange took place based upon the funds’ closing net asset values on March 8, 2013. 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 New York Quality Income Municipal Fund, Inc.
        
        
           
        
        
          1.034102
        
      
      
        
          Nuveen New York Premium Income Municipal Fund, Inc.
        
        
        
        
          1.046608
        
      
      
        
          Nuveen New York Investment Quality Municipal Fund, Inc.
        
        
        
        
          1.034630
        
      
      
        
          Nuveen New York Select Quality Municipal Fund, Inc.
        
        
        
        
          1.055839
        
      
      
        
          Nuveen New York Dividend Advantage Municipal Income Fund
        
        
           
        
        
          1.031876
        
      
      
        
        
        
        
        
           
        
      
    
    

Additionally, Variable MuniFund Term Preferred (VMTP) and Variable Rate Demand Preferred (VRDP) shareholders of each acquired fund received an equivalent number of newly issued VMTP and VRDP shares from the acquiring fund, with substantially the same terms as their previous VMTP and VRDP 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. In total, Nuveen Investments managed approximately $219 billion as of December 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.