Nuveen merges Connecticut, Georgia and North Carolina municipal funds; trading begins

By Toni Weeks and Susanna Moon

Chicago, July 9 - Nuveen Investments completed the mergers of some of its Connecticut, Georgia and North Carolina state municipal bond closed-end funds into three larger, state-specific funds, according to a press release. The mergers were completed prior to the opening of business on July 9.

In the mergers,

• The Nuveen Connecticut Dividend Advantage Municipal Fund (NFC), Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) and Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) were merged into the Nuveen Connecticut Premium Income Municipal Fund (NTC);

• The Nuveen Georgia Premium Income Municipal Fund (NPG) and Nuveen Georgia Dividend Advantage Municipal Fund (NZX) were merged into the Nuveen Georgia Dividend Advantage Municipal 2 Fund (NKG); and

• The Nuveen North Carolina Dividend Advantage Municipal Fund (NRB), Nuveen North Carolina Dividend Advantage Municipal 2 Fund (NNO) and the Nuveen North Carolina Dividend Advantage Municipal 3 Fund (NII) were merged into the Nuveen North Carolina Premium Income Municipal Fund (NNC).

The exchange ratios were based on the funds' closing net asset values on July 6 and were as follows:

• 1.02226025 shares of NTC per share of NFC;

• 1.01134322 shares of NTC per share of NGK;

• 0.99211220 shares of NTC per share of NGO;

• 1.02315988 shares of NKG per share of NPG;

• 1.05933737 shares of NKG per share of NZX;

• 1.03581226 shares of NNC per share of NRB;

• 1.02649583 shares of NNC per NNO share; and

• 1.00621968 shares of NNC per NII share.

MuniFund term preferred shareholders of each acquired fund received an equivalent number of MuniFund term preferred shares based upon their liquidation preference of $10 per share, the release noted.

Trading begins

Nuveen Connecticut Premium Income Municipal Fund's 2.6% series 2015 preferreds and 2.6% series 2015 No. 1 preferreds, $10.00 liquidation preference per share, were admitted for trading on the New York Stock Exchange under the tickers NTC PR E and NTC PR F, respectively. The fund's 2.65% series 2015 No. 1 preferreds, $10.00 liquidation preference, will begin trading on the NYSE under the symbol NTC PR G.

Nuveen Georgia Dividend Advantage Municipal Fund 2's 2.65% series 2015 No. 1 preferred shares, $10.00 liquidation preference per share, will trade on the NYSE under the ticker symbol NKG PR D. The fund will begin trading on the NYSE MKT under the symbol NKG PR E.

Nuveen North Carolina Premium Income Municipal Fund's 2.65% series 2015 No. 1 preferreds, $10.00 liquidation preference per share, will begin trading on the NYSE under the ticker NNC PR G. The fund's 2.6% series 2015 preferreds and 2.6% series 2015 No. 1 preferreds, $10.00 liquidation preference per share, will begin trading under the tickers NNC PR E and NNC PR F, respectively.

Nuveen is an investment services company based in Chicago.

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