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

Closed-End Funds

MINNEAPOLIS, June 14 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., announced the financial positions for the following closed-end funds for the month ended May 31, 2002.

Net investment income and distribution information for the month ended

May 31, 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   $0.0038   $0.0617    $0.8320

Minnesota Municipal

     Term Trust II           MNB   $0.0492   $0.0022   $0.0451    $0.6016

American Municipal

     Income Portfolio        XAA   $0.0730   $0.0087   $0.0958    $0.2181

Minnesota Municipal

     Income Portfolio        MXA   $0.0730   $0.0080   $0.0868    $0.2174

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             $0.0808    $0.0189

American Strategic

     Income Portfolio II     BSP   $0.0950             $0.0962    $0.1112

American Strategic

     Income Portfolio III    CSP   $0.0875             $0.0883    $0.1068

American Select

     Portfolio               SLA   $0.1000             $0.0972    $0.1276
    American Income Fund     MRF   $0.0575             $0.0583    $0.0033

Financial positions for the month ended May 31, 2002:

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

American Municipal

     Term Trust III          CXT      $75,327         $58,705       $11.08

Minnesota Municipal

     Term Trust II           MNB      $43,956         $36,556       $10.57

American Municipal

     Income Portfolio        XAA     $130,119         $84,607       $14.70

Minnesota Municipal

     Income Portfolio        MXA      $92,317         $61,132       $14.74

American Strategic

     Income Portfolio        ASP      $72,144         $53,283       $12.60

American Strategic

     Income Portfolio II     BSP     $294,565        $211,954       $13.28

American Strategic

     Income Portfolio III    CSP     $367,182        $267,942       $12.55

American Select

     Portfolio               SLA     $199,672        $143,294       $13.44
    American Income Fund     MRF     $116,734         $85,033        $8.99

Financial positions for the month ended May 31, 2001:

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

American Municipal

     Term Trust III          CXT      $85,518         $58,872       $11.11

Minnesota Municipal

     Term Trust II           MNB      $53,807         $36,425       $10.53

American Municipal

     Income Portfolio        XAA     $126,864         $82,744       $14.37

Minnesota Municipal

     Income Portfolio        MXA      $90,916         $59,752       $14.41

American Strategic

     Income Portfolio        ASP      $68,165         $53,975       $12.76

American Strategic

     Income Portfolio II     BSP     $278,734        $208,539       $13.06

American Strategic

     Income Portfolio III    CSP     $336,957        $264,097       $12.37

American Select

     Portfolio               SLA     $189,274        $141,305       $13.25
    American Income Fund     MRF     $109,741        $104,030        $8.80

Financial positions for the month ended May 31, 2000:

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

American Municipal

     Term Trust III          CXT      $83,051         $56,359       $10.63

Minnesota Municipal

     Term Trust II           MNB      $52,277         $34,846       $10.07

American Municipal

     Income Portfolio        XAA     $119,667         $76,038       $13.21

Minnesota Municipal

     Income Portfolio        MXA      $85,803         $54,589       $13.16

American Strategic

     Income Portfolio        ASP      $65,006         $50,450       $11.93

American Strategic

     Income Portfolio II     BSP     $261,909        $194,644       $12.20

American Strategic

     Income Portfolio III    CSP     $325,377        $249,109       $11.67

American Select

     Portfolio               SLA     $177,206        $132,776       $12.45

(a)  These distributions were declared on April 19, 2002.  They had a

May 1, 2002, ex-dividend date and were paid on May 22, 2002, to

shareholders of record on May 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 31, 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 the web at 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/11690X71103941

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             06/14/2002

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

/Web site:  http://www.usbank.com  /

(USB)

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

ES-JA
-- MNF001 --
1386 06/14/2002 06:01 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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