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

MINNEAPOLIS, Dec. 16 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Nov. 30, 2002.

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

                                                                  Accumulated
                                           Preferred       Net   Undistributed
                               Common    Distributions  Investment      Net
                                                                    Investment
                               Monthly       During       Income/     Income/
    Fund          Symbol  Distributions(a)  Month(b)      Share(c)    Share(d)

    American
     Municipal Term
     Trust III      CXT        $0.0475      $0.0015        $0.0482    $0.6675
    Minnesota
     Municipal Term
     Trust II       MNB        $0.0492      $0.0000        $0.0312    $0.5325
    American
     Municipal
     Income
     Portfolio      XAA        $0.0780      $0.0078        $0.0884    $0.2416
    Minnesota
     Municipal
     Income
     Portfolio      MXA        $0.0780      $0.0073        $0.0849    $0.2255

                                                                  Accumulated
                                                           Net   Undistributed
                               Common                  Investment      Net
                                                                    Investment
                               Monthly                    Income/     Income/
    Fund          Symbol  Distributions(a)                Share(c)    Share(d)
    American
     Strategic
     Income
     Portfolio      ASP        $0.0725                    $0.0754    ($0.0026)
    American
     Strategic
     Income
     Portfolio II   BSP        $0.0950                    $0.0945     $0.0862
    American
     Strategic
     Income
     Portfolio III  CSP        $0.0875                    $0.0861     $0.0696
    American Select
     Portfolio      SLA        $0.1000                    $0.0889     $0.0528
    American Income
     Fund           MRF        $0.0575                    $0.0591     $0.0080


    Financial positions for the month ended Nov. 30, 2002:
                                          Total Assets  Net Assets(e)  NAV per
    Fund                         Symbol       (000)         (000)      Common
                                                                       Share
    American Municipal Term
     Trust III                     CXT       $64,281        $57,638    $10.88
    Minnesota Municipal Term
     Trust II                      MNB       $34,567        $34,517    $10.55
    American Municipal Income
     Portfolio                     XAA      $129,692        $86,172    $14.97
    Minnesota Municipal
     Income Portfolio              MXA       $94,853        $60,737    $14.97
    American Strategic Income
     Portfolio                     ASP       $71,091        $53,340    $12.61
    American Strategic Income
     Portfolio II                  BSP      $290,422       $211,344    $13.24
    American Strategic Income
     Portfolio III                 CSP      $360,881       $267,763    $12.55
    American Select Portfolio      SLA      $172,552       $143,676    $13.48
    American Income Fund           MRF      $115,150        $83,311     $8.81


    Financial positions for the month ended Nov. 30, 2001:
                                          Total Assets  Net Assets(e)  NAV per
    Fund                         Symbol       (000)         (000)      Common
                                                                       Share
    American Municipal Term
     Trust III                     CXT       $85,663       $59,024     $11.13
    Minnesota Municipal Term
     Trust II                      MNB       $54,061       $36,671     $10.59
    American Municipal Income
     Portfolio                     XAA      $128,619       $85,044     $14.76
    Minnesota Municipal
     Income Portfolio              MXA       $92,227       $61,048     $14.71
    American Strategic Income
     Portfolio                     ASP       $75,609       $53,499     $12.63
    American Strategic Income
     Portfolio II                  BSP      $249,461      $211,557     $13.21
    American Strategic Income
     Portfolio III                 CSP      $359,848      $267,669     $12.51
    American Select Portfolio      SLA      $190,268      $142,617     $13.36
    American Income Fund           MRF      $120,050       $86,919      $9.18


    Financial positions for the month ended Nov. 30, 2000:
                                          Total Assets  Net Assets(e)  NAV per
    Fund                         Symbol       (000)         (000)      Common
                                                                       Share
    American Municipal Term
     Trust III                     CXT       $84,377       $57,706     $10.89
    Minnesota Municipal Term
     Trust II                      MNB       $53,079       $35,669     $10.31
    American Municipal Income
     Portfolio                     XAA      $128,028       $80,546     $13.99
    Minnesota Municipal
     Income Portfolio              MXA       $91,686       $57,968     $13.98
    American Strategic Income
     Portfolio                     ASP       $64,831       $52,916     $12.51
    American Strategic Income
     Portfolio II                  BSP      $262,457      $204,264     $12.80
    American Strategic Income
     Portfolio III                 CSP      $343,406      $259,193     $12.14
    American Select Portfolio      SLA      $183,021      $137,039     $12.85


    (a) These distributions were declared on Oct. 21, 2002. They had a Nov. 1,
        2002, ex-dividend date and were paid on Nov. 20, 2002, to shareholders
        of record on Nov. 5, 2002.
    (b) Calculated by dividing preferred distributions paid during the month
        by the number of common shares outstanding.
    (c) 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, 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 ("USBNA"). USBAM provides investment management services to individuals and institutions, including corporations, foundations, pension funds, public funds, and retirement plans, and had combined assets under management of more than $111 billion as of Sept. 30, 2002. USBNA is a subsidiary of U.S. Bancorp (NYSE: USB). U.S. Bancorp 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 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.

SOURCE U.S. Bancorp Asset Management, Inc.

"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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