MINNEAPOLIS, Nov. 13 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management launched a new closed-end management investment company on Oct. 31,
2002, when common shares of its new First American Minnesota Municipal Income
Fund II (MXN) began trading on the American Stock Exchange(R) (Amex(R)). With
an initial share price of $15, the approximate initial value of the shares
issued was $20 million, exclusive of the underwriters' over-allotments. U.S.
Bancorp Piper Jaffray was the lead manager for the offering.
MXN, which invests in Minnesota municipal securities, is U.S. Bancorp
Asset Management's fifth municipal closed-end, exchange-traded fund. The new
fund seeks current income, exempt from both regular federal income tax and
Minnesota personal income tax, consistent with preservation of capital. It
will be managed by an investment team that includes Doug White, managing
director and tax-exempt fund manager. White has more than 19 years of
experience in managing tax-exempt bond funds. Three credit analysts will
provide research and analytical support. The team currently manages or
executes transactions for $7 billion in four closed-end funds, 13 open-end
mutual funds, and other assets.
Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiary
of U.S. Bank National Association ("U.S. Bank"). It provides investment
management services to individuals and institutions -- including corporations,
nonprofit organizations, public entities and labor unions -- which had
combined assets under management of more than $111 billion as of Sept. 30,
2002. The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati,
St. Louis, Portland, Seattle, and Denver.
U.S. Bancorp Asset Management, Inc., serves as investment advisor to the
First American Funds. U.S. Bank is a separate entity and wholly owned
subsidiary of U.S. Bancorp (NYSE: USB), 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. U.S.
Bancorp is the parent company of U.S. Bank.
Mutual fund investing involves risk; principal loss is possible. Income
from tax-exempt funds may be subject to state and local taxes, and a portion
of income may be subject to the Minnesota state and federal alternative
minimum tax for certain investors. Federal income tax rules will apply to any
capital gain distributions.
Nondeposit investment products are not insured by the FDIC, are not
deposits or other obligations of or guaranteed by U.S. Bank National
Association or its affiliates, and involve investment risks, including
possible loss of the principal amount invested.
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SOURCE U.S. Bancorp Asset Management, Inc.