U.S. Bancorp Asset Management, Inc. (NYSE:USB) today
announced the financial positions for the following closed-end
funds for the month ended May 31, 2014.
Net investment income and distribution
information for the month ended May 31, 2014:
Accumulated
Undistributed (Distributions in Monthly
Monthly Net Excess of) Common
Preferred Investment Net Investment
Stock Stock Income/ Income/ Fund
Symbol Distributions (a)
Distributions (b) Share (c) Share
(d) American Strategic Income Portfolio ASP $0.0575 N/A $0.0524
$0.0538 American Strategic Income Portfolio II BSP $0.0475 N/A
$0.0472 $(0.0084) American Strategic Income Portfolio III CSP
$0.0425 N/A $0.0448 $0.0007 American Select Portfolio SLA $0.0600
N/A $0.0580 $0.0692 American Income Fund MRF $0.0400 N/A $0.0396
$0.0328 American Municipal Income Portfolio XAA $0.0800 $0.0077
$0.0772 $0.1532 Minnesota Municipal Income Portfolio MXA $0.0740
$0.0079 $0.0730 $0.1231 Minnesota Municipal Income Fund II MXN
$0.0625 $0.0108 $0.0612 $0.1102
N/A = Not Applicable
Financial positions for the month ended
May 31, 2014:
Total Assets Net Assets (e) NAV (1) per
Fund Symbol (000)
(000) Common Share
American Strategic Income Portfolio ASP $67,796 $48,181 $11.39
American Strategic Income Portfolio II BSP $214,953 $156,314 $9.78
American Strategic Income Portfolio III CSP $241,463 $173,976 $8.15
American Select Portfolio SLA $177,298 $126,036 $11.82 American
Income Fund MRF $117,531 $82,461 $8.71 American Municipal Income
Portfolio XAA $131,969 $88,252 $15.33 Minnesota Municipal Income
Portfolio MXA $95,728 $64,449 $15.54 Minnesota Municipal Income
Fund II MXN $35,089 $21,945 $14.90
Financial positions for the month ended
May 31, 2013:
Total Assets Net Assets (e) NAV (1) per
Fund Symbol (000)
(000) Common Share
American Strategic Income Portfolio ASP $74,988 $52,625 $12.44
American Strategic Income Portfolio II BSP $233,296 $163,850 $10.25
American Strategic Income Portfolio III CSP $252,958 $174,387 $8.17
American Select Portfolio SLA $184,539 $130,134 $12.21 American
Income Fund MRF $114,281 $81,806 $8.64 American Municipal Income
Portfolio XAA $133,427 $89,792 $15.60 Minnesota Municipal Income
Portfolio MXA $98,353 $66,382 $16.01 Minnesota Municipal Income
Fund II MXN $36,649 $22,782 $15.47
Financial positions for the month ended
May 31, 2012:
Total Assets Net Assets (e) NAV (1) per
Fund Symbol (000)
(000) Common Share
American Strategic Income Portfolio ASP $76,489 $54,341 $12.84
American Strategic Income Portfolio II BSP $226,832 $160,878 $10.06
American Strategic Income Portfolio III CSP $247,506 $173,198 $8.11
American Select Portfolio SLA $179,603 $126,157 $11.83 American
Income Fund MRF $109,061 $78,962 $8.34 American Municipal Income
Portfolio XAA $133,250 $89,464 $15.54 Minnesota Municipal Income
Portfolio MXA $97,561 $66,293 $15.99 Minnesota Municipal Income
Fund II MXN $36,118 $23,106 $15.69 (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 April 18,
2014, had an ex-dividend date of May 1, 2014, and were paid on May
21, 2014 to shareholders of record on May 5, 2014. (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 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 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
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. 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
$56 billion as of May 31, 2014. 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, 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.
U.S. Bancorp Asset Management, Inc.Investor Services,
800-677-3863
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