Nuveen announces mergers, updates to closed-end fund product line

By Tali Rackner

Norfolk, Va., Oct. 6 – Nuveen Investments announced new changes to the closed-end funds of the Nuveen platform, according to a press release.

The Minnesota Municipal Income Portfolio Inc. (MXA) and First American Minnesota Municipal Income Fund II, Inc. (MXN) have merged into a newly organized closed-end fund, now known as the Nuveen Minnesota Municipal Income Fund (NMS). The new fund will have an initial net asset value of $15,6171, equal to that of MXA.

The fund is managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen Asset Management, LLC.

In addition, the American Municipal Income Portfolio Inc. (XAA) was merged into the Nuveen Quality Municipal Fund, Inc. (NQM) in a tax-free transaction in exchange for an equal aggregate value of newly issued common shares.

The merger took place based upon the funds’ closing net asset values on Oct. 3. The exchange ratio at which common shares of XAA fund were exchanged for common shares of NQM is 0.97287208.

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