MINNEAPOLIS--(BUSINESS WIRE)--Sep. 15, 2014--
Minnesota Municipal Income Portfolio Inc. (NYSE MKT: MXA) and First
American Minnesota Municipal Income Fund II, Inc. (NYSE MKT: MXN)
announced that, at the reconvened Special Meetings of Shareholders held
today, shareholders of each Fund approved proposals to merge the Funds
with and into a newly organized closed-end fund, Nuveen Minnesota
Municipal Income Fund (the “Combined Fund”), which will be managed by
Nuveen Fund Advisors, LLC and subadvised by Nuveen Asset Management,
LLC, both current sub-advisors of the Funds. Shareholders also approved
certain sub-advisory agreements for the Funds in connection with the
previously announced acquisition of Nuveen Investments, Inc. by
TIAA-CREF. The mergers approved by the Funds’ shareholders are expected
to become effective on October 6, 2014, subject to the satisfaction of
customary closing conditions.
On the effective date of the mergers, shareholders of the Funds will
become shareholders of the Combined Fund. Nuveen entities will serve as
manager and sub-advisor to the Combined Fund with responsibility for all
investment management, fund administration and marketing functions, and
the Combined Fund will be part of the Nuveen family of closed-end funds.
The Combined Fund will operate under the investment strategy and be
managed by the portfolio managers described in the joint proxy
statement/prospectus dated June 30, 2014.
For more information about the Funds, visit www.firstamericanfunds.com
or call 800.677.3863.
Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as
investment advisor to the First American Closed-End Funds. A subsidiary
of U.S. Bank National Association, U.S. Bancorp Asset Management focuses
on providing investment management services to institutional clients,
including corporations, public entities and nonprofits. It has combined
assets under management of more than $52 billion as of August 31, 2014.
First American Closed-End Funds are subadvised by Nuveen Fund Advisors,
LLC and Nuveen Asset Management, LLC.
Investment products, including shares of closed-end funds, are not
obligations of, or guaranteed by, any bank, including U.S. Bank or any
U.S. Bancorp affiliate, nor are they insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency.
An investment in such products involves investment risk, including
possible loss of principal.
Please remember, you could lose money with this investment. Neither
safety of principal nor stability of income is guaranteed. Past
performance does not guarantee future results.
U.S. Bank National Association is a separate entity and wholly owned
subsidiary of U.S. Bancorp, the fifth-largest commercial bank in the
United States, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Source: U.S. Bancorp Asset Management, Inc.
U.S. Bancorp Asset Management, Inc.
Investor Services, 800-677-3863