0001193125-14-211531.txt : 20150723 0001193125-14-211531.hdr.sgml : 20150723 20140523162057 ACCESSION NUMBER: 0001193125-14-211531 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20140523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INCOME FUND INC /VA CENTRAL INDEX KEY: 0000838131 IRS NUMBER: 411999198 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen Multi-Market Income Fund, Inc. DATE OF NAME CHANGE: 20140910 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN INCOME FUND INC /VA DATE OF NAME CHANGE: 20010710 FORMER COMPANY: FORMER CONFORMED NAME: RAC INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND CENTRAL INDEX KEY: 0001087786 IRS NUMBER: 364119016 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: JOHN NUVEEN & CO STREET 2: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178146 MAIL ADDRESS: STREET 1: JOHN NUVEEN & CO STREET 2: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Equity Premium Income Fund CENTRAL INDEX KEY: 0001298699 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen Equity Premium Income Fund DATE OF NAME CHANGE: 20040903 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen Premium Income Strategy Fund DATE OF NAME CHANGE: 20040727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Diversified Real Asset Income Fund CENTRAL INDEX KEY: 0001598085 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Minnesota Municipal Income Fund CENTRAL INDEX KEY: 0001607997 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen NASDAQ 100 Dynamic Overwrite Fund CENTRAL INDEX KEY: 0001608741 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Dow 30sm Dynamic Overwrite Fund CENTRAL INDEX KEY: 0001608742 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT QUALITY MUNICIPAL FUND INC CENTRAL INDEX KEY: 0000862716 IRS NUMBER: 363703083 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 W WACKER CITY: CHICAGO STATE: IL ZIP: 60606 CORRESP 1 filename1.htm Nuveen Funds
LOGO   

222 NORTH LASALLE STREET

 

SUITE 2600

 

CHICAGO, ILLINOIS 60601-1003

 

T: +1 (312) 609-7500

 

F: +1 (312) 609-5005

 

CHICAGO • NEW YORK • WASHINGTON, D.C.

LONDON • SAN FRANCISCO • LOS ANGELES

May 23, 2014

VIA EDGAR

Securities and Exchange Commission

Attn: Christina Fettig and James O’Connor

100 F Street N.E.

Washington, D.C. 20549

 

    Re: Nuveen Funds - Change of Control Proposals

To the Commission:

This correspondence relates to each of the filings set forth on Appendix A, which have been filed on behalf of certain Nuveen closed-end funds and certain First American Fund closed-end funds (each, a “Fund”). Each filing includes, among other proposals, proposals relating to approval of the investment advisory and/or sub-advisory agreements for the Funds (the “Change of Control Proposals”). These approvals are being sought in connection with a change of control of Nuveen Investments, Inc. (“Nuveen”), the parent company to Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”) and Nuveen Asset Management, LLC (“Nuveen Asset Management”). Nuveen Fund Advisors serves as investment adviser, or sub-adviser in the case of the First American Funds, to each Fund. Nuveen Asset Management serves as sub-adviser to each Fund.

The Change of Control Proposals are based on a template for all Nuveen Funds, which are being filed by proxies on Schedule 14A simultaneously with or in close proximity to the filings set forth on Appendix A. Because the filings in Appendix A also include proposals related to another transaction in addition to the Change of Control Proposals (generally a merger), there are some differences from the standard proxy template. To facilitate the staff’s review of these similar filings, we have provided a summary of the differences between the Standard Proxy Template, Nuveen Reorg Template (all Nuveen Fund mergers or reorganizations) and the First American Fund Template (adoption of the First American Funds) (Appendix B).

 

 

LOGO


Please contact the undersigned at (312) 609-7661 if you have questions or comments regarding this correspondence or these filings.

 

Very truly yours,
/s/ Deborah Bielicke Eades
Shareholder

DBE


Appendix A

 

Funds   

Transaction/
Filing Type

 

   Shareholder Proposals

1.      Diversified Real Asset Income Fund

         [CIK: 0001598085, 811-22936]

 

American Strategic Income Fund Inc.

American Strategic Income Fund Inc.—II

American Strategic Income Fund Inc.—III

American Select Portfolio Inc.

 

   Shell Fund Merger; Form N-14   

Annual Meeting: Election of Board Members

 

Special Meeting: Proposals Related to the Merger; Change of Control Proposals

2.      Nuveen Minnesota Municipal Income Fund

[CIK: 0001607997, 811-22967]

 

First American Minnesota Municipal Income

Fund II, Inc.

Minnesota Municipal Income Fund Inc.

 

   Shell Fund Merger; Form N-14   

Annual Meeting: Election of Board Members

 

Special Meeting: Proposals Related to the Merger; Change of Control Proposals

3.      Nuveen Investment Quality Municipal Fund, Inc.

[CIK: 0000862716, 811-06091]

 

American Municipal Income Portfolio Inc.

  

Fund Merger;

Form N-14

  

Annual Meetings: Election of Board Members

 

Special Meetings: Proposals Related to the Merger; Change of Control Proposals

 

4.      American Income Fund, Inc.

[CIK: 0000838131, 811-05642]

   Proxy Statement; Schedule 14A   

Annual Meeting: Election of Board Members

 

Special Meeting: Proposals Related to the Nuveen Transition; Change of Domicile Proposal; Amendment to Articles of Incorporation Proposal; and Change of Control Proposals

 

5.      Nuveen Dow 30SM Dynamic Overwrite Fund

[CIK: 0001608742, 811-22970]

 

Dow 30SM Enhanced Premium & Income Fund Inc.

Dow 30SM Premium & Dividend Income Fund Inc.

 

   Shell Fund Merger; Form N-14    Annual Meeting: Election of Board Members; Proposal Related to the Merger; and Change of Control Proposals

6.      Nuveen NASDAQ 100 Dynamic Overwrite Fund

[CIK: 0001608741, 811-22971]

 

Nuveen Equity Premium Advantage Fund

NASDAQ Premium Income & Growth Fund Inc.

 

   Shell Fund Merger; Form N-14    Annual Meeting: Election of Board Members; Proposal Related to the Merger; and Change of Control Proposals


Funds   

Transaction/

Filing Type

 

   Shareholder Proposals

7.      Nuveen Equity Premium Income Fund

[CIK: 0001298699, 811-21619]

 

Nuveen Equity Premium Opportunity Fund

  

Fund Merger;

Form N-14

  

Annual Meeting: Election of Board Members; Proposals Related to the Merger; New Investment Objective Proposals; and Change of Control Proposals

 

8.      Nuveen New Jersey Dividend Advantage

Municipal Fund

[CIK: 0001087786, 811-09455]

 

Nuveen New Jersey Investment Quality

Municipal Fund, Inc.

Nuveen New Jersey Premium Income Municipal

Fund, Inc.

Nuveen New Jersey Dividend Advantage

Municipal Fund 2

 

  

Fund Merger;

Form N-14

   Annual Meeting: Election of Board Members; Proposals Related to the Merger; and Change of Control Proposals


Appendix B

SUMMARY OF TEMPLATE DIFFERENCES

 

    

STANDARD PROXY

TEMPLATE

  

NUVEEN N-14

TEMPLATE

  

FIRST AMERICAN

FUNDS N-14

TEMPLATE

 

Covered Funds    All Nuveen Open- and Closed-End Funds other than those using the Nuveen Reorg Template or the First American Funds Template    Nuveen Funds participating in a merger   

First American Funds and Nuveen Funds (newly formed shells) participating in a merger related to the adoption of the First American Funds

 

Filing Type    Schedule 14A    Form N-14   

Form N-14; Schedule 14A1

 

Change of Control Proposals   

All Funds

 

 

 

Approval of Investment Advisory Agreement with Nuveen Fund Advisors

 

  

Target Funds;

Acquiring Funds (other than shell fund)

 

Approval of Investment Advisory Agreement with Nuveen Fund Advisors

 

  

 

 

 

Not applicable – Nuveen does not serve investment adviser

 

 

1 In addition to the N-14s, there was one proxy filed on Schedule 14A for American Income Fund pursuant to which shareholders will be asked to consider a number of proposals related to transition of advisory services to Nuveen including new advisory and sub-advisory agreements, change of name, and a change of domicile. The disclosure in that document parallels the N-14 disclosure for the First American N-14s; however, it includes a number of new defined terms and required the approval of both Pre-Nuveen Transition Agreements and Post-Nuveen Transition Agreements.


    

All Funds

 

Approval of Sub-Advisory Agreement with Nuveen Asset Management or third-party Sub-Adviser

  

Target Funds; Acquiring Funds (other than shell fund

 

Approval of Sub-Advisory Agreement with Nuveen Asset Management or third-party Sub-Adviser

  

Target Funds

 

Approval of Sub-Advisory Agreement between US Bank Asset Management (USBAM) and Nuveen Fund Advisors

 

Approval of Sub-Advisory Agreement between USBAM and Nuveen Asset Management

 

              

Acquiring Fund (other than shell fund)

 

Approval of Investment Advisory Agreement with Nuveen Fund Advisors

 

Approval of Sub-Advisory Agreement with Nuveen Asset Management

 

Disclosure – Background and Introduction    Standard Template   

Substantially identical to Standard Template with respect to description of Nuveen and Change of Control Transaction; description of proposals and defined terms vary

 

  

Substantially identical to Standard Template with respect to description of Nuveen and Change of Control Transaction; description of proposals and defined terms vary

 


Disclosure – Summary of Agreements    Standard Template – based on Nuveen form of agreements    Substantially identical to Standard Template; variances for description of third-party sub-adviser contracts   

For Acquiring Fund, substantially identical to Standard Template

 

For Target Funds, description of Target Fund Agreements is based on USBAM form of agreements and therefore differs from Standard Template

 

Disclosure – Section 15(f) Discussion    Standard Template    Identical to Standard Template   

Identical to Standard Template, expect 15(f) commitment language is customized for First American Funds

 

Disclosure – Interim Agreements

 

   Standard Template    Identical to Standard Template   

Identical to Standard Template

 

Disclosure – Multiple Outcomes    Not applicable   

Additional language regarding potential outcomes (i.e., merger occurs before change of control and vice versa)

 

  

Additional language regarding potential outcomes (i.e., merger occurs before change of control and vice versa)

 

Disclosure – Board Considerations    Standard Template    Identical to Standard Template   

For existing Nuveen Acquiring Fund, identical to Standard Template

 

Considerations of First American Fund Boards are identical to each other, but differ from considerations of Nuveen Board in Standard Template

 

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