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

MINNEAPOLIS, Sept. 10 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Aug. 31, 2003.

    Net investment income and distribution information for the month ended
    Aug. 31, 2003:
                                                                 Accumulated
                                              Preferred   Net       Undis-
                                                Distri-  Invest-   tributed
                                   Common       butions   ment        Net
                                   Monthly      During   Income/   Investment
                                 Distributions  Month    Share   Income/Share
    Fund                 Symbol       (a)        (b)      (c)        (d)
    American Municipal
     Income Portfolio      XAA      $0.0780     $0.0052   $0.0849    $0.2517
    Minnesota Municipal
     Income Portfolio      MXA      $0.0780     $0.0053   $0.0825    $0.2241
    Minnesota Municipal
     Income Fund II        MXN     $0.06625     $0.0073   $0.0726    $0.0468

                                                                 Accumulated
                                                          Net       Undis-
                                                         Invest-   tributed
                                   Common                 ment        Net
                                   Monthly               Income/   Investment
                                 Distributions            Share  Income/Share
    Fund                 Symbol       (a)                  (c)        (d)
    American Strategic
     Income Portfolio      ASP      $0.0725               $0.0695    $0.0109
    American Strategic
     Income Portfolio II   BSP      $0.0950               $0.0950    $0.1008
    American Strategic
     Income Portfolio III  CSP      $0.0875               $0.0872    $0.1250
    American Select
    Portfolio              SLA      $0.0875               $0.0885    $0.0257
    American Income Fund   MRF      $0.0550               $0.0585   ($0.0016)


    Financial positions for the month ended Aug. 31, 2003:

                                   Total Assets   Net Assets(e)    NAV per
                         Symbol       (000)          (000)       Common Share
    Fund
    American Municipal
     Income Portfolio      XAA       $129,416       $85,315         $14.82
    Minnesota Municipal
     Income Portfolio      MXA        $93,896       $61,965         $14.94
    Minnesota Municipal
     Income Fund II        MXN        $33,901       $20,594         $13.99
    American Strategic
     Income Portfolio      ASP        $65,311       $52,435         $12.40
    American Strategic
     Income Portfolio II   BSP       $273,031      $206,659         $12.94
    American Strategic
     Income Portfolio III  CSP       $319,956      $266,832         $12.50
    American Select
     Portfolio             SLA       $192,237      $142,704         $13.38
    American Income Fund   MRF       $120,482       $83,948          $8.88


    Financial positions for the month ended Aug. 31, 2002

                                  Total Assets   Net Assets(e)    NAV per
                         Symbol       (000)          (000)       Common Share
    Fund
    American Municipal
     Income Portfolio      XAA       $131,188       $87,612         $15.22
    Minnesota Municipal
     Income Portfolio      MXA        $94,346       $63,164         $15.23
    American Strategic
     Income Portfolio      ASP        $71,864       $53,329         $12.61
    American Strategic
     Income Portfolio II   BSP       $296,933      $212,059         $13.29
    American Strategic
     Income Portfolio III  CSP       $347,747      $267,829         $12.55
    American Select
     Portfolio             SLA       $189,237      $144,134         $13.52
    American Income Fund   MRF       $116,777       $83,199          $8.80


    Financial positions for the month ended Aug. 31, 2001:

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

    American Municipal
     Income Portfolio      XAA       $131,786       $86,387        $15.01
    Minnesota Municipal
     Income Portfolio      MXA        $93,349       $62,158        $14.99
    American Strategic
     Income Portfolio      ASP        $67,037       $53,657        $12.68
    American Strategic
     Income Portfolio II   BSP       $246,315      $210,922        $13.22
    American Strategic
     Income Portfolio III  CSP       $328,997      $266,220        $12.47
    American Select
     Portfolio             SLA       $201,458      $142,584        $13.37
    American Income Fund   MRF       $116,625       $87,378         $9.24



(a) These distributions were declared on July 18, 2003. They had an

Aug. 1, 2003, ex-dividend date and were paid on Aug. 27, 2003, to

shareholders of record on Aug. 5, 2003. (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 XAA, MXA and

        MXN 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 $123 billion as of June 30,
    2003. USBNA is a subsidiary of U.S. Bancorp. 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 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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