Nuveen proposes series of single-state municipal bond fund mergers

By Tali David

Minneapolis, April 19 - The board of trustees of some Nuveen Investments single-state municipal bond closed-end funds approved a series of mergers, according to a press release.

The mergers are intended to create a single, larger state fund with lower operating expenses and increased trading volume on the exchange for its common shares, Nuveen said.

The proposed fund mergers are:

• Nuveen Arizona Dividend Advantage Municipal Fund, Nuveen Arizona Dividend Advantage Municipal Fund 2 and Nuveen Arizona Dividend Advantage Municipal Fund 3 will merge into the Nuveen Arizona Premium Income Municipal Fund, Inc.;

• Nuveen Michigan Premium Income Municipal Fund, Inc. and Nuveen Michigan Dividend Advantage Municipal Fund, Inc. will merge into Michigan Quality Income Municipal Fund, Inc.; and

• Nuveen Ohio Dividend Advantage Municipal Fund, Nuveen Ohio Dividend Advantage Municipal Fund 2 and Nuveen Ohio Dividend Advantage Municipal Fund 3 will merge into the Ohio Quality Income Municipal Fund, Inc.

Nuveen is a Chicago-based investment services company.

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