Nuveen Announces Closing Date For Merger Of Michigan Closed-End Funds

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the reorganization of certain Nuveen Michigan closed-end funds was completed prior to the opening of the New York Stock Exchange on January 7, 2013. As part of a previously announced reorganization, the funds have been merged as follows:

Acquired Fund		Symbol		Acquiring Fund		Symbol
Nuveen Michigan PremiumIncome Municipal Fund, Inc. Nuveen Michigan DividendAdvantage Municipal Fund		NMP   NZW		Nuveen Michigan QualityIncome Municipal Fund,Inc.		NUM

In the mergers, NUM acquired substantially all of the assets and liabilities of NMP and NZW in a tax-free transaction in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on January 4, 2013. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring fund are listed below:

Fund		Exchange Ratio
Nuveen Michigan Premium Income Municipal Fund, Inc.(NMP)		0.96503389
Nuveen Michigan Dividend Advantage Municipal Fund(NZW)		0.95647566

Additionally, MuniFund Term Preferred (MTP) and Variable MuniFund Term Preferred (VMTP) shareholders of each acquired fund received an equivalent number of newly issued MTP and VMTP shares from the acquiring fund, with the same terms as their previous MTP and VMTP shares.

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