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U.S. Bancorp Asset Management, Inc. Announces October Distributions for Closed-End Funds; Elimination of Level Distribution Policies

MINNEAPOLIS, Sep 23, 2011 (BUSINESS WIRE) --

The closed-end funds listed below, which are advised by U.S. Bancorp Asset Management, Inc., today declared their October distributions. The distributions will be allocated on a per-share basis on the common stock. The distributions have an ex-dividend date of October 3, 2011 and will be paid on October 19, 2011 to shareholders of record on October 5, 2011.

U.S. Bancorp Asset Management also announced that the Board of Directors of American Strategic Income Portfolio Inc. (NYSE: ASP), American Strategic Income Portfolio Inc. - II (NYSE: BSP), American Strategic Income Portfolio Inc. - III (NYSE: CSP) and American Select Portfolio Inc. (NYSE: SLA) (together, the "Whole Loan Funds") has determined to eliminate the level distribution policies currently in place for each Whole Loan Fund. The elimination of the level distribution policies will be effective with the October distributions.

The Whole Loan Funds' level distribution policies were originally adopted by the Board of Directors, effective with the December 2009 monthly distributions, in an effort to reduce the discount between the market price of each fund's shares and the shares' net asset value and to provide additional liquidity to shareholders. Discounts did narrow as 2010 progressed, with each Whole Loan Fund moving from double digit discounts to premiums or modest discounts by the middle of 2010. The discounts subsequently widened and have largely remained in the double digit range through the present time. Because it is not believed that the level distribution policies will have the effect of narrowing the Whole Loan Funds' persistent discounts over the long-term, the Board of Directors determined to eliminate the policies while other alternatives to managing the discounts are considered.

Fund

NYSE
Symbol

October
Amount

Change from
Previous Month

American Strategic Income Portfolio

ASP $0.0750 $(0.0229)

American Strategic Income Portfolio II

BSP $0.0500 $(0.0338)

American Strategic Income Portfolio III

CSP $0.0400 $(0.0400)

American Select Portfolio

SLA $0.0725 $(0.0165)

American Income Fund Fund

MRF $0.0525 $0.0000

American Municipal Income Portfolio

XAA $0.0775 $0.0000

Fund

NYSE
Alternext

October
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 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.

During certain periods, each fund may pay distributions at a rate that may be more or less than the amount of net investment income actually earned by the fund during the period. Each 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.

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 $52 billion as of August 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 (NYSE: USB), 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.

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.

SOURCE: U.S. Bancorp Asset Management, Inc.

U.S. Bancorp Asset Management, Inc.
Investor Services, 800-677-3863
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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