Nuveen completes Michigan state municipal bond closed-end funds merger

By Tali David

Minneapolis, Jan. 7 - Nuveen Investments announced that the reorganization of some Nuveen Michigan closed-end funds was completed prior to the opening of the New York Stock Exchange on Monday, according to a press release.

In the merger, the Nuveen Michigan Premium Income Municipal Fund, Inc. and the Nuveen Michigan Dividend Advantage Municipal Fund were merged into the Nuveen Michigan Quality Income Municipal Fund, Inc. at an exchange ratio of 0.96503389 and 0.95647566, respectively.

As previously reported, 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.

Nuveen is a Chicago-based investment services company.

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