Nuveen to merge Michigan state municipal bond closed-end funds Dec. 10

By Tali David

Minneapolis, Nov. 19 - Nuveen Investments announced that shareholders of its Michigan state municipal bond closed-end funds approved a merger, according to a press release.

The merger is intended to create a single Michigan state fund with lower operating expenses and increased trading volume on the exchange for common shares, the release said.

On Dec. 10, the Nuveen Michigan Premium Income Municipal Fund, Inc. and the Nuveen Michigan Dividend Advantage Municipal Fund will merge into the Nuveen Michigan Quality Income Municipal Fund, Inc.

Nuveen is a Chicago-based investment services company.

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