FAF Advisors, Inc. today announced the financial positions for
the following closed-end funds for the month ended October 31,
2010.
Net investment income and distribution information for the
month ended October 31, 2010:
Fund Symbol
MonthlyCommonStockDistributions (a)
MonthlyPreferredStockDistributions
(b)
NetInvestmentIncome/Share (c)
AccumulatedUndistributed
(Distributions inExcess of)Net
InvestmentIncome/Share (d)
American Strategic Income Portfolio ASP $0.1090 (e)
N/A $0.0708 $(0.3892) American Strategic Income
Portfolio II BSP $0.1050 (f) N/A $0.0512 $(0.5988) American
Strategic Income Portfolio III CSP $0.0980 (g) N/A $0.0419
$(0.7201) American Select Portfolio SLA $0.1160 (h) N/A $0.0693
$(0.5803) American Income Fund MRF $0.0600 N/A $0.0549 $0.0088
American Municipal Income Portfolio XAA $0.0825 $0.0027 $0.0819
$0.1114 Minnesota Municipal Income Portfolio MXA $0.0750 $0.0027
$0.0753 $0.1053 Minnesota Municipal Income Fund II MXN $0.0725
$0.0032 $0.0700 $0.0859
N/A = Not Applicable
Financial positions for the month ended October 31,
2010:
Fund Symbol
Total Assets(000)
Net Assets (i)(000)
NAV (1) perCommon Share
American Strategic Income Portfolio ASP $72,216
$56,101 $13.26 American Strategic Income Portfolio II BSP
$247,904 $171,476 $10.73 American Strategic Income Portfolio III
CSP $275,899 $188,990 $8.85 American Select Portfolio SLA $181,087
$127,349 $11.94 American Income Fund MRF $116,620 $81,267 $8.59
American Municipal Income Portfolio XAA $127,254 $83,649 $14.53
Minnesota Municipal Income Portfolio MXA $93,503 $62,310 $15.03
Minnesota Municipal Income Fund II MXN $34,996 $21,935 $14.90
Financial positions for the month ended October 31,
2009:
Fund Symbol
Total Assets(000)
Net Assets (i)(000)
NAV (1) perCommon Share
American Strategic Income Portfolio ASP $71,499
$54,052 $12.77 American Strategic Income Portfolio II BSP
$250,755 $182,184 $11.40 American Strategic Income Portfolio III
CSP $311,400 $222,259 $10.41 American Select Portfolio SLA $185,923
$132,374 $12.42 American Income Fund MRF $109,285 $73,143 $7.74
American Municipal Income Portfolio XAA $122,900 $78,339 $13.61
Minnesota Municipal Income Portfolio MXA $88,871 $57,696 $13.91
Minnesota Municipal Income Fund II MXN $33,489 $20,434 $13.88
Financial positions for the month ended October 31,
2008:
Fund Symbol
Total Assets(000)
Net Assets (i)(000)
NAV (1) perCommon Share
American Strategic Income Portfolio ASP $59,390
$45,221 $10.69 American Strategic Income Portfolio II BSP
$228,435 $170,865 $10.69 American Strategic Income Portfolio III
CSP $301,563 $229,118 $10.73 American Select Portfolio SLA $168,142
$123,362 $11.57 American Income Fund MRF $91,079 $63,639 $6.73
American Municipal Income Portfolio XAA $107,418 $63,823 $11.09
Minnesota Municipal Income Portfolio MXA $78,193 $47,013 $11.34
Minnesota Municipal Income Fund II MXN $30,629 $16,587 $11.26
(1)
NAVs are priced as of the close of business on the month-end and
year as indicated above.
(a)
These distributions were declared on September 24, 2010, had an
ex-dividend date of October 1, 2010, and were paid on October 20,
2010, to shareholders of record on October 5, 2010.
(b)
Calculated by dividing preferred distributions paid during the
month by the number of common shares outstanding.
(c)
Based on a three-month average.
(d)
Accumulated undistributed (distributions in excess of) net
investment income is reflected in a fund's net asset value. Any
reduction of this amount will reduce net asset value
penny-for-penny.
(e)
The distribution includes an estimated $0.0912 from net investment
income and $0.0178 return of capital.
(f)
The distribution includes an estimated $0.0669 from net investment
income and $0.0381 return of capital.
(g)
The distribution includes an estimated $0.0579 from net investment
income and $0.0401 return of capital.
(h)
The distribution includes an estimated $0.0843 from net investment
income and $0.0317 return of capital.
(i)
The difference between net assets and total assets for XAA, MXA,
and MXN is primarily due to the issuance of preferred stock; net
assets reflect common stock only. For ASP, BSP, CSP, SLA, and MRF,
the difference is primarily due to the funds' use of borrowings.
The aforementioned financial data is unaudited. It has, however,
been obtained from sources deemed reliable.
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 closed-end fund 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.
The funds' investment advisor, FAF Advisors, Inc., is based in
Minneapolis, MN and is a subsidiary of U.S. Bank National
Association (USBNA). FAF Advisors provides investment management
services to individuals and institutions, including corporations,
foundations, pension funds, public funds, and retirement plans, and
had combined assets under management of more than $86 billion as of
September 31, 2010. USBNA is a subsidiary of U.S. Bancorp. Visit us
on the web at firstamericanfunds.com.
Investment products, including shares of closed-end funds, are
not obligations of, or guaranteed by, any bank, including U.S. Bank
National Association 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.
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