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

MINNEAPOLIS, May 12 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended April 30, 2004.

     Net investment income and distribution information for the month
     ended April 30, 2004:


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

     American Municipal
      Income Portfolio   XAA   $0.0780     $0.0058     $0.0811    $0.2465
     Minnesota Municipal
      Income Portfolio   MXA   $0.0780     $0.0044     $0.0776    $0.1916
     Minnesota Municipal
      Income Fund II     MXN   $0.06625    $0.0049     $0.0768    $0.0420


                                                                 Accumulated
                                                                 Undistributed
                                 Common               Net        Net
                                 Monthly              Investment Investment
                                 Distribu-            Income/    Income/
     Fund                Symbol  tions(a)             Share(c)   Share(d)


     American Strategic
      Income Portfolio     ASP   $0.0725               $0.0772    $0.0514
     American Strategic
      Income Portfolio II  BSP   $0.0950               $0.0944    $0.0847
     American Strategic
      Income Portfolio III CSP   $0.0875               $0.0792    $0.0483
     American Select
      Portfolio            SLA   $0.0875               $0.0887    $0.0361
     American Income
      Fund                 MRF   $0.0525               $0.0502   ($0.0197)


     Financial positions for the month ended April 30, 2004:

                                      Total Assets   Net Assets(e)  NAV per
     Fund                    Symbol        (000)        (000)     Common Share
     American Municipal
      Income Portfolio         XAA       $135,882      $87,160     $15.14
     Minnesota Municipal
      Income Portfolio         MXA        $93,695      $62,272     $15.02
     Minnesota Municipal
      Income Fund II           MXN        $34,471      $20,940     $14.22
     American Strategic
      Income Portfolio         ASP        $63,817      $53,291     $12.59
     American Strategic
      Income Portfolio II      BSP       $264,122     $208,249     $13.03
     American Strategic
      Income Portfolio III     CSP       $352,575     $265,682     $12.44
     American Select Portfolio SLA       $189,954     $142,417     $13.36
     American Income Fund      MRF       $110,856      $84,991      $8.99



        Financial positions for the month ended April 30, 2003:


                                       Total Assets  Net Assets(e)  NAV per
     Fund                      Symbol        (000)        (000)   Common Share
     American Municipal
      Income Portfolio         XAA       $133,033      $88,942     $15.45
     Minnesota Municipal
      Income Portfolio         MXA        $96,015      $64,833     $15.63
     Minnesota Municipal
      Income Fund II           MXN        $35,528      $21,609     $14.67
     American Strategic
      Income Portfolio         ASP        $67,747      $53,449     $12.63
     American Strategic
      Income Portfolio II      BSP       $288,724     $209,771     $13.15
     American Strategic
      Income Portfolio III     CSP       $335,240     $267,535     $12.53
     American Select Portfolio SLA       $202,904     $144,463     $13.55
     American Income Fund      MRF       $117,786      $86,148      $9.11



        Financial positions for the month ended April 30, 2002:


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


     (a) These distributions were declared on March 19, 2004. They had an
         April 1, 2004, ex-dividend date and were paid on April 28, 2004, to
         shareholders of record on April 5, 2004.
     (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 $122 billion as of March 31, 2004. USBNA is a subsidiary of U.S. Bancorp (NYSE: USB). U.S. Bancorp is the seventh-largest financial services holding company in the United States as of March 31, 2004, and is 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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