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U.S. Bancorp Asset Management, Inc., Announces Financial Positions For

Closed-End Funds

MINNEAPOLIS, May 15 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., announced the financial positions for the following closed-end funds for the month ended April 30, 2002.

Net investment income and distribution information for the month ended April 30, 2002:

                                             Preferred            Accumulated
                                   Common    Distrib-  Net       Undistributed

Monthly   utions  Investment Net Investment

Distrib-  During    Income/    Income/

    Fund                   Symbol  utions(a) Month(b)  Share©   Share(d)

American Municipal

     Term Trust III         CXT    $0.0475   $0.0053   $0.0631    $0.8252

Minnesota Municipal

     Term Trust II          MNB    $0.0492   $0.0032   $0.0468    $0.6062

American Municipal

     Income Portfolio       XAA    $0.0730   $0.0087   $0.0915    $0.2080

Minnesota Municipal

     Income Portfolio       MXA    $0.0730   $0.0093   $0.0834    $0.2102

Accumulated

                                   Common              Net       Undistributed
                                   Monthly           Investment Net Investment
                                   Distrib-            Income/     Income/
    Fund                   Symbol  utions(a)           Share©    Share(d)

American Strategic

     Income Portfolio       ASP    $0.0950             $0.0850     $0.0359

American Strategic

     Income Portfolio II    BSP    $0.0950             $0.0954     $0.1138

American Strategic

     Income Portfolio III   CSP    $0.0875             $0.0949     $0.1108

American Select

     Portfolio              SLA    $0.1000             $0.1018     $0.1363
    American Income Fund    MRF    $0.0575             $0.0583     $0.0017

Financial positions for the month ended April 30, 2002:

                                Total Assets  Net Assets(e)       NAV per
    Fund                    Symbol     (000)          (000)  Common Share

American Municipal

     Term Trust III         CXT      $85,340        $58,710        $11.08

Minnesota Municipal

     Term Trust II          MNB      $43,903        $36,505        $10.55

American Municipal

     Income Portfolio       XAA     $132,247        $84,450        $14.67

Minnesota Municipal

     Income Portfolio       MXA      $92,132        $60,947        $14.70

American Strategic

     Income Portfolio       ASP      $72,040        $53,027        $12.54

American Strategic

     Income Portfolio II    BSP     $295,500       $211,653        $13.26

American Strategic

     Income Portfolio III   CSP     $370,513       $267,464        $12.53

American Select

     Portfolio              SLA     $187,244       $142,737        $13.39
    American Income Fund    MRF     $113,202        $85,465         $9.04

Financial positions for the month ended April 30, 2001:

                                Total Assets  Net Assets(e)       NAV per
    Fund                    Symbol     (000)          (000)  Common Share

American Municipal

     Term Trust III         CXT      $85,150        $58,489        $11.04

Minnesota Municipal

     Term Trust II          MNB      $54,373        $36,183        $10.46

American Municipal

     Income Portfolio       XAA     $125,425        $81,815        $14.21

Minnesota Municipal

     Income Portfolio       MXA      $90,240        $59,048        $14.24

American Strategic

     Income Portfolio       ASP      $68,940        $54,075        $12.78

American Strategic

     Income Portfolio II    BSP     $276,211       $208,994        $13.10

American Strategic

     Income Portfolio III   CSP     $335,912       $264,041        $12.37

American Select

     Portfolio              SLA     $190,136       $140,897        $13.21
    American Income Fund    MRF     $126,873        $86,421         $9.16

Financial positions for the month ended April 30, 2000:

                                Total Assets  Net Assets(e)       NAV per
    Fund                    Symbol     (000)          (000)  Common Share

American Municipal

     Term Trust III         CXT      $83,531        $56,839        $10.72

Minnesota Municipal

     Term Trust II          MNB      $54,627        $35,077        $10.14

American Municipal

     Income Portfolio       XAA     $124,168        $77,605        $13.48

Minnesota Municipal

     Income Portfolio       MXA      $86,787        $55,581        $13.40

American Strategic

     Income Portfolio       ASP      $63,839        $50,759        $11.99

American Strategic

     Income Portfolio II    BSP     $252,761       $195,277        $12.23

American Strategic

     Income Portfolio III   CSP     $326,113       $250,912        $11.75

American Select

     Portfolio              SLA     $173,776       $133,032        $12.47
    American Income Fund    MRF     $119,613       $104,929         $8.88

(a)  These distributions were declared on March 22, 2002.  They had an

April 1, 2002, ex-dividend date and were paid on April 24, 2002, to

shareholders of record on April 3, 2002.

(b)  Calculated by dividing preferred distributions paid during the month

by the number of common shares outstanding.

©  Based on a three-month average.

(d)  Accumulated, undistributed 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 CXT, MNB, XAA

and MXA 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 funds' investment advisor, U.S. Bancorp Asset Management, Inc. (USBAM), is based in Minneapolis and is a subsidiary of U.S. Bank National Association.  Together with its affiliated private asset management groups within U.S. Bank National Association, USBAM provides investment management services to individuals and institutions, including corporations, foundations, pension funds, public funds and retirement plans and has combined assets under management of $121 billion, as of March 30, 2002.  U.S. Bancorp (NYSE: USB) is the eighth-largest financial services holding company in the United States and a leading provider of comprehensive banking, trust, investment and payment systems products and services.  Visit us on the web at http://www.usbank.com

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.

MAKE YOUR OPINION COUNT -  Click Here

http://tbutton.prnewswire.com/prn/11690X44486524

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             05/15/2002

/CONTACT:  U.S. Bancorp Asset Management, Inc. Investor Services, +1-800-677-FUND/

/Web site:  http://www.usbank.com  /

(USB)

CO:  U.S. Bancorp Asset Management, Inc.; U.S. Bancorp
ST:  Minnesota
IN:  FIN MFD
SU:

JA-CK
-- MNW007 --
7316 05/15/2002 08:58 EDT http://www.prnewswire.com

"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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