News Column

U.S. Bancorp Asset Management, Inc. Announces Distributions for Closed-End Funds

September 13, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- U.S. Bancorp Asset Management, Inc. (NYSE:USB) announced distributions for two closed-end funds which are expected to reorganize effective September 8, 2014.

As previously announced, shareholders of each 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) (each a "Fund" and, collectively, the "Funds") approved proposals to merge the Funds into a newly organized closed-end fund, Diversified Real Asset Income Fund (the "Acquiring Fund"), which will be managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen Asset Management, LLC, both current sub-advisors of the Funds. The reorganization is expected to become effective on September 8, 2014.

Regulations require that acquired funds in any reorganization fully distribute any accumulated undistributed net investment income (UNII) and realized capital gains prior to effecting the reorganization.

Accordingly, CSP and SLA are declaring distributions which will comply with these regulations, payable October 1, 2014 to fund shareholders of record on September 5, 2014. Following the merger, Diversified Real Asset Income Fund is expected to declare an additional distribution, payable October 1, 2014. The total dollar amount of the pre- and post-merger ordinary income distributions received on October 1, 2014 will be equal to or greater than each Fund's prior monthly dividend.

Keywords for this news article include: Banking and Finance, Investment and Finance, U.S. Bancorp Asset Management, U.S. Bancorp Asset Management Inc.

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Source: Investment Weekly News


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