Nuveen shareholders approve three state municipal bond fund mergers

By Toni Weeks

San Luis Obispo, Calif., May 2 - Nuveen Investments said that shareholders of some Nuveen state municipal bond closed-end funds approved three mergers.

According to a press release, the mergers are intended to create single state funds with lower operating expenses and increased trading volume on the exchange for common shares.

The funds will be merged as follows:

• The Nuveen California Performance Plus Municipal Fund, Inc. (Symbol: NCP), the Nuveen California Municipal Market Opportunity Fund, Inc. (Symbol: NCO), the Nuveen California Investment Quality Municipal Fund, Inc. (Symbol: NQC), the Nuveen California Quality Income Municipal Fund, Inc. (Symbol: NUC) and the Nuveen California Select Quality Municipal Fund, Inc. (Symbol: NVC) will merge into the Nuveen California Dividend Advantage Municipal Fund (Symbol: NAC);

• The Nuveen California Premium Income Municipal Fund (Symbol: NCU) will merge into the Nuveen California AMT-Free Municipal Income Fund (Symbol: NKX); and

• The Nuveen Massachusetts Dividend Advantage Municipal Fund (Symbol: NMB) and the Nuveen Massachusetts AMT-Free Municipal Income Fund (Symbol: NGX) will merge into the Nuveen Massachusetts Premium Income Municipal Fund (Symbol: NMT).

Subject to the satisfaction of customary closing conditions, the reorganizations are expected to close by June 9.

Chicago-based Nuveen Investments is an investment services firm.

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