MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp Asset Management, Inc. today announced the financial positions for the following closed-end funds for the month ended January 31, 2011.
Net investment income and distribution information for the month ended January 31, 2011:
| Fund | Symbol |
Monthly Distributions (a) |
Monthly |
Net Investment Income/ Share (c) |
Accumulated
(Distributions in |
|||||||||||
| American Strategic Income Portfolio | ASP | $ | 0.1090 | (e) | N/A | $ | 0.0667 | $ | (0.5360 | ) | ||||||
| American Strategic Income Portfolio II | BSP | $ | 0.1050 | (f) | N/A | $ | 0.0502 | $ | (0.7677 | ) | ||||||
| American Strategic Income Portfolio III | CSP | $ | 0.0980 | (g) | N/A | $ | 0.0409 | $ | (0.8915 | ) | ||||||
| American Select Portfolio | SLA | $ | 0.1160 | (h) | N/A | $ | 0.0664 | $ | (0.7291 | ) | ||||||
| American Income Fund | MRF | $ | 0.0575 | N/A | $ | 0.0519 | $ | (0.0106 | ) | |||||||
| American Municipal Income Portfolio | XAA | $ | 0.0800 | $ | 0.0026 | $ | 0.0812 | $ | 0.1046 | |||||||
| Minnesota Municipal Income Portfolio | MXA | $ | 0.0725 | $ | 0.0026 | $ | 0.0753 | $ | 0.1033 | |||||||
| Minnesota Municipal Income Fund II | MXN | $ | 0.0700 | $ | 0.0031 | $ | 0.0730 | $ | 0.0828 | |||||||
N/A = Not Applicable
Financial positions for the month ended January 31, 2011:
| Fund | Symbol |
Total Assets |
Net Assets (i) (000) |
NAV (1) per Common Share |
|||||||
| American Strategic Income Portfolio | ASP | $ | 72,461 | $ | 54,427 | $ | 12.86 | ||||
| American Strategic Income Portfolio II | BSP | $ | 243,001 | $ | 168,180 | $ | 10.52 | ||||
| American Strategic Income Portfolio III | CSP | $ | 269,262 | $ | 187,134 | $ | 8.76 | ||||
| American Select Portfolio | SLA | $ | 179,739 | $ | 126,003 | $ | 11.82 | ||||
| American Income Fund | MRF | $ | 113,535 | $ | 81,017 | $ | 8.56 | ||||
| American Municipal Income Portfolio | XAA | $ | 118,937 | $ | 75,334 | $ | 13.09 | ||||
| Minnesota Municipal Income Portfolio | MXA | $ | 86,226 | $ | 55,038 | $ | 13.27 | ||||
| Minnesota Municipal Income Fund II | MXN | $ | 32,703 | $ | 19,644 | $ | 13.34 | ||||
Financial positions for the month ended January 31, 2010:
| Fund | Symbol |
Total Assets |
Net Assets (i)
(000) |
NAV (1) per
Common Share |
|||||||
| American Strategic Income Portfolio | ASP | $ | 71,248 | $ | 54,209 | $ | 12.81 | ||||
| American Strategic Income Portfolio II | BSP | $ | 244,041 | $ | 176,831 | $ | 11.06 | ||||
| American Strategic Income Portfolio III | CSP | $ | 297,250 | $ | 210,896 | $ | 9.88 | ||||
| American Select Portfolio | SLA | $ | 184,103 | $ | 131,320 | $ | 12.32 | ||||
| American Income Fund | MRF | $ | 114,246 | $ | 75,543 | $ | 7.99 | ||||
| American Municipal Income Portfolio | XAA | $ | 122,946 | $ | 79,353 | $ | 13.79 | ||||
| Minnesota Municipal Income Portfolio | MXA | $ | 90,290 | $ | 58,614 | $ | 14.13 | ||||
| Minnesota Municipal Income Fund II | MXN | $ | 33,858 | $ | 20,792 | $ | 14.12 | ||||
Financial positions for the month ended January 31, 2009:
| Fund | Symbol |
Total Assets (000) |
Net Assets (i)
(000) |
NAV (1) per
Common Share |
|||||||
| American Strategic Income Portfolio | ASP | $ | 59,674 | $ | 46,797 | $ | 11.06 | ||||
| American Strategic Income Portfolio II | BSP | $ | 231,201 | $ | 173,783 | $ | 10.87 | ||||
| American Strategic Income Portfolio III | CSP | $ | 294,559 | $ | 225,516 | $ | 10.56 | ||||
| American Select Portfolio | SLA | $ | 164,403 | $ | 121,832 | $ | 11.43 | ||||
| American Income Fund | MRF | $ | 92,151 | $ | 59,128 | $ | 6.25 | ||||
| American Municipal Income Portfolio | XAA | $ | 109,860 | $ | 65,274 | $ | 11.34 | ||||
| Minnesota Municipal Income Portfolio | MXA | $ | 81,158 | $ | 49,983 | $ | 12.05 | ||||
| Minnesota Municipal Income Fund II | MXN | $ | 30,871 | $ | 17,816 | $ | 12.10 | ||||
(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 December 17, 2010, had an ex-dividend date of December 28, 2010, and were paid on January 12, 2011, to shareholders of record on December 30, 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 $0.0850 from net investment income and $0.0240 return of capital.
(f) The distribution includes an estimated $0.0666 from net investment income and $0.0384 return of capital.
(g) The distribution includes an estimated $0.0623 from net investment income and $0.0357 return of capital.
(h) The distribution includes an estimated $0.0690 from net investment income and $0.0470 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 each pay a fixed (or “level”) monthly common stock distribution to shareholders. The monthly distributions set forth in the table above reflect the level distributions paid in January 2011. As previously announced on February 18, 2011, the Board of Directors of ASP, BSP, CSP and SLA has determined to reduce the level distributions paid by each fund under their respective level distribution policies effective with the March 2011 distributions. 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.
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 Fund Advisors, Inc. and Nuveen Asset Management, LLC.
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.
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. Visit U.S. Bancorp on the web at www.usbank.com.