U.S. Bancorp Asset Management, Inc. Announces February Distributions for Closed-End Funds
January 21 2011 - 12:56PM
Business Wire
The closed-end funds listed below, which are advised by U.S.
Bancorp Asset Management, Inc., today declared their February
distributions. The distributions will be allocated on a per-share
basis on the common stock. The distributions have a February 1,
2011, ex-dividend date and will be paid on February 16, 2011, to
shareholders of record on February 3, 2011.
Fund
NYSE
Symbol
February
Amount Change
from
Previous Month
American Strategic Income Portfolio
ASP $0.1090 (a) $0.0000
American Strategic Income Portfolio II
BSP $0.1050 (b) $0.0000
American Strategic Income Portfolio
III
CSP $0.0980 (c) $0.0000
American Select Portfolio
SLA $0.1160 (d) $0.0000
American Income Fund
MRF $0.0525 $(0.0050)
American Municipal Income Portfolio
XAA $0.0800 $0.0000
Fund
NYSEAlternext
February
Amount
Change fromPrevious Month
Minnesota Municipal Income Portfolio
MXA $0.0725 $0.0000
Minnesota Municipal Income Fund II
MXN $0.0700 $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 below 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 $0.0711 from net
investment income and $0.0379 return of capital.
(b) The distribution includes an estimated $0.0508 from net
investment income and $0.0542 return of capital.
(c) The distribution includes an estimated $0.0417 from net
investment income and $0.0563 return of capital.
(d) The distribution includes an estimated $0.0684 from net
investment income and $0.0476 return of capital.
Minneapolis-based U.S. Bancorp Asset Management, Inc., formerly
known as FAF Advisors, 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 $57 billion as of January 3,
2011. First American Closed-end Funds are subadvised by Nuveen
Asset Management.
U.S. Bank National Association is a separate entity and wholly
owned subsidiary of U.S. Bancorp (NYSE:USB), the fifth-largest*
commercial bank in the United States, and a leading provider of
comprehensive banking, trust, investment, and payment systems
products and service. U.S. Bancorp is the parent company of U.S.
Bank. Visit U.S. Bancorp at usbank.com.
*Information provided by U.S. Bank Investor Relations.
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.
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