U.S. Bancorp Asset Management, Inc. Announces Distribution for American Municipal Income Portfolio Inc.
September 23 2014 - 6:37PM
Business Wire
U.S. Bancorp Asset Management, Inc. (NYSE:USB) today announced a
distribution for American Municipal Income Portfolio Inc. (NYSE:
XAA) (the “Fund”).
As previously announced, shareholders of the Fund approved a
proposal to merge the Fund into Nuveen Investment Quality Municipal
Fund, Inc. (NYSE: NQM) (the “Acquiring Fund”), a closed-end fund
managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen
Asset Management, LLC, both current sub-advisors of the fund. The
merger is expected to become effective on October 6, 2014.
Regulations require that acquired funds in any reorganization
fully distribute any accumulated undistributed net investment
income prior to effecting the reorganization. Accordingly, the Fund
is declaring a distribution which will comply with this regulation,
payable October 22, 2014 to shareholders of record on October 3,
2014.
The following dates apply to the distribution
declaration for the Fund:
Record Date October 3, 2014 Ex-Dividend Date October
1, 2014 Payable Date October 22, 2014 Reinvest Date October 22,
2014 Per Share Distribution
Ticker
Fund Name
Amount XAA American Municipal Income Portfolio Inc. $0.1390
The distribution is payable in cash or, pursuant to the
Acquiring Fund’s dividend reinvestment plan, reinvested in
additional shares of the Acquiring Fund’s common stock. Under the
Acquiring Fund’s plan, the number of common shares received will be
determined as follows: (1) If the common shares are trading at or
above net asset value at the time of valuation, the Acquiring Fund
will issue new common shares at a price equal to the greater of (i)
net asset value per common share on that date or (ii) 95% of the
market price on that date. (2) If common shares are trading below
net asset value at the time of valuation, the plan agent will
receive the dividend or distribution in cash and will purchase
common shares in the open market, on the New York Stock Exchange or
elsewhere, for the participants’ accounts. It is possible that the
market price for the common shares may increase before the plan
agent has completed its purchases. Therefore, the average purchase
price per share paid by the plan agent may exceed the market price
at the time of valuation, resulting in the purchase of fewer common
shares than if the dividend or distribution had been paid in common
shares issued by the Acquiring Fund. The plan agent will use all
dividends and distributions received in cash to purchase common
shares in the open market within 30 days of the valuation date.
Interest will not be paid on any uninvested cash payments. The plan
provides that if common shares start trading at or above net asset
value before the plan agent has completed its purchases, the plan
agent may cease purchasing common shares in the open market, and
may invest the uninvested portion in new common shares at a price
equal to the greater of (i) net asset value per common share
determined on the last business day immediately prior to the
purchase date or (ii) 95% of the market price on that date.
Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as
investment advisor to the Fund. 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 $52 billion as of August 31,
2014. The Fund is sub-advised 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. Visit
U.S. Bancorp on the web at www.usbank.com.
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.
U.S. Bancorp Asset Management, Inc.Investor Services,
800-677-3863
US Bancorp (NYSE:USB)
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