MINNEAPOLIS--(BUSINESS WIRE)--American Income Fund, Inc. (NYSE: MRF) (the "Fund") today announced that, at the Fund’s Special Meeting of Shareholders held today, shareholders approved proposals to engage Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC, both current sub-advisors of the Fund, as advisor and sub-advisor to the Fund, respectively. Shareholders also elected the current Directors of Nuveen’s closed-end funds as Directors of the Fund and approved an amendment to the Fund’s articles of incorporation to change the Fund’s name to Nuveen Multi-Market Income Fund, Inc. These proposals approved by shareholders are expected to become effective on September 8, 2014 (the “Nuveen Transition Date”).
On the Nuveen Transition Date, the Nuveen entities will become advisor and sub-advisor to the Fund with responsibility for all investment management, fund administration and marketing functions and the Fund will move to the Nuveen Funds closed-end funds platform. The Fund’s investment strategy and portfolio managers will be unchanged.
At the Special Meeting of Shareholders, shareholders also approved certain investment management and sub-advisory agreements in connection with the previously announced acquisition of Nuveen Investments, Inc. by TIAA-CREF.
The Fund adjourned the Special Meeting of Shareholders with respect to the proposal asking the Fund’s shareholders to approve a change of domicile of the Fund from a Virginia corporation to a Massachusetts business trust (the “Reorganization Proposal”). The meeting was adjourned with respect to the Reorganization Proposal prior to taking any action as the Fund had not yet received the required votes to take action on the matter. The meeting has been adjourned with respect to this matter in order to permit the Fund to continue to solicit shareholder votes and will be reconvened at 2:00 p.m., Central time, on Tuesday, September 30, 2014, at the offices of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois 60606.
At the Annual Meeting of Shareholders held today, shareholders elected the Fund’s current Directors who will serve until the Nuveen Transition Date.
For more information about the Fund, 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 $53 billion as of June 30, 2014. First American Closed-End Funds are subadvised by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC.
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