Nuveen seeks OK to merge municipal fund with American Municipal Income

By Toni Weeks

San Luis Obispo, Calif., April 30 - Nuveen Investments announced that the board of directors of Nuveen Investment Quality Municipal Fund, Inc. approved a merger with American Municipal Income Portfolio, Inc., a closed-end fund managed by Minneapolis-based US Bancorp Asset Management, Inc.

The merger is intended to create a larger fund with lower operating expenses and increased secondary market appeal through greater outstanding float for its common shares, according to a press release.

Completion of the proposed merger is subject to a number of conditions, including approval by the shareholders of each fund in the third quarter of 2014.

The ticker symbol for the Nuveen fund is "NQM." That of the American fund is "XAA."

Nuveen Fund Advisors, LLC, a Chicago-based investment services firm, is the investment adviser to the Nuveen fund.

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