U.S. Bancorp Asset Management, Inc. Announces September Distributions for Closed-End Funds
The closed-end funds listed below, which are advised by U.S. Bancorp Asset Management, Inc., today declared their September distributions. The distributions will be allocated on a per-share basis on the common stock. The distributions have a September 1, 2011, ex-dividend date and will be paid on September 21, 2011, to shareholders of record on September 6, 2011.
Fund
NYSE
Symbol
September
Amount
Change from
Previous Month
American Strategic Income Portfolio
ASP $0.0979 (a) $0.0000
American Strategic Income Portfolio II
BSP $0.0838 (b) $0.0000
American Strategic Income Portfolio III
CSP $0.0800 (c) $0.0000
American Select Portfolio
SLA $0.0890 (d) $0.0000
American Income Fund
MRF $0.0525 $0.0000
American Municipal Income Portfolio
XAA $0.0775 $0.0000
Fund
NYSE
Alternext
September
Amount
Change from
Previous Month
Minnesota Municipal Income Portfolio
MXA $0.0700 $0.0000
Minnesota Municipal Income Fund II
MXN $0.0675 $0.0000
ASP, BSP, CSP and SLA distributions were declared pursuant to a level distribution policy adopted by the Board of Directors. Under this policy, ASP, BSP, CSP and SLA currently anticipate paying fixed monthly distributions to shareholders in the amounts set forth in the table above. It is expected that distributions under the level distribution policy will consist primarily of net investment income and a return of capital to shareholders, although the exact tax characteristics of the funds’ distributions in any fiscal year will not be known until after the end of that fiscal year. A return of capital represents a return of a shareholder’s original investment in a fund’s shares, and should not be confused with a dividend yield. The level distribution policy is subject to suspension, revision or termination at any time without notice to shareholders. The distributions are payable in cash or, pursuant to the funds’ dividend reinvestment plans, reinvested in additional shares of the funds’ common stock. Under each fund’s plan, fund shares will be purchased on the open market when the price of the fund’s shares on the New York Stock Exchange plus per share fees is less than a 5% premium over the fund’s most recently calculated net asset value per share. If, at the close of business on the dividend payment date, the shares purchased in the open market are insufficient to satisfy the dividend reinvestment requirement, payment of the dividend, or the remaining portion, will be accepted in authorized but unissued shares of the fund. These shares will be issued at a per-share price equal to the higher of (a) the net asset value per share as of the close of business on the payment date or (b) 95% of the closing market price per share on the payment date.
MRF distributions are payable in cash or, pursuant to the fund’s dividend reinvestment plan, reinvested in additional shares of the fund’s common stock. If you participate in the plan, you will receive the equivalent in shares of the fund as follows: (1) if the market price of the shares on the payment date of the dividend or distribution is equal to or exceeds the fund’s net asset value, participants will be issued fund shares at the higher of net asset value or 95% of the market price; or (2) if the market price is lower than net asset value, the plan agent will receive the dividend or capital gain distributions in cash and apply them to buy fund shares on your behalf in the open market, on the New York Stock Exchange or elsewhere, for your account. If the market price exceeds the net asset value of the fund’s shares before the plan agent has completed its purchases, the average per-share purchase price paid by the plan agent may exceed the net asset value of the fund’s shares. This would result in the acquisition of fewer shares than if the dividend or capital gain distributions had been paid in shares issued by the fund.
XAA, MXA and MXN distributions are payable in cash or, pursuant to the funds’ dividend reinvestment plans, reinvested in additional shares of the funds’ common stock. Under each fund’s plan, fund shares will be purchased on the exchange on which the fund is listed or elsewhere on the open market.
Each fund listed above will provide a notice, as required by Section 19(a) of the Investment Company Act of 1940, as amended, for any distribution that does not consist solely of net investment income. Any such notice will provide information regarding the estimated amounts of the distribution derived from net investment income, net realized capital gains and return of capital. Such notices will be for informational purposes only and the amounts indicated in such notices likely will differ from the ultimate federal income tax characterization of distributions reported to shareholders on Form 1099-DIV after year end.
(a) The distribution includes an estimated $0.0661 from net investment income and $0.0318 return of capital.
(b) The distribution includes an estimated $0.0500 from net investment income and $0.0338 return of capital.
(c) The distribution includes an estimated $0.0388 from net investment income and $0.0412 return of capital.
(d) The distribution includes an estimated $0.0667 from net investment income and $0.0223 return of capital.
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.
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 $49 billion as of July 31, 2011. First American Closed-end Funds are subadvised by Nuveen Fund Advisors, Inc. and Nuveen Asset Management, LLC.
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. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
Source: Business Wire (August 19, 2011 - 12:00 PM EDT)
