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") announced that, at the Special Meeting of Shareholders held today, shareholders of each Fund approved proposals to merge the Funds into a newly organized closed-end fund, Diversified Real Asset Income Fund (the “Combined 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. These proposals approved by the Funds’ shareholders are expected to become effective on September 8, 2014 (the “Nuveen Transition Date”).
On the Nuveen Transition Date, the Nuveen entities will become advisor and sub-advisor to the Combined Fund with responsibility for all investment management, fund administration and marketing functions and the Combined Fund will move to the Nuveen Funds closed-end funds platform. The Combined Fund will implement Nuveen's real asset income strategy, a strategy that seeks to provide a high level of income and the potential for capital appreciation by investing in real assets, with a focus on infrastructure and real estate companies’ securities. The Combined Fund will be managed by John Wenker, Jay Rosenberg, Jeffrey Schmitz, David Yale and Jason O'Brien. The current Directors of the Funds will continue to serve as Trustees of the Combined Fund.
At the Special Meeting of Shareholders, shareholders also approved certain sub-advisory agreements in connection with the previously announced acquisition of Nuveen Investments, Inc. by TIAA-CREF.
At each Fund’s Annual Meeting of Shareholders held today, shareholders elected the Funds’ current Directors who will serve until the Nuveen Transition Date, at which time the current Directors will continue to serve as Trustees of the Combined Fund.
For more information about the Funds, visit www.firstamericanfunds.com or call 800.677.3863.
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 July 31, 2014. First American Closed-End Funds are subadvised by Nuveen Fund Advisors, LLC 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 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.
Please remember, you could lose money with this investment. Neither safety of principal nor stability of income is guaranteed. Past performance does not guarantee future results.
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.