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

MINNEAPOLIS, June 11 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended May 31, 2004.


    Net investment income and distribution information for the month ended
    May 31, 2004:
                                                               Accumulated
                                                              Undistributed
                                        Preferred      Net         Net
                           Common     Distributions Investment  Investment
                          Monthly        During      Income/     Income/
    Fund      Symbol  Distributions(a)   Month(b)    Share(c)    Share(d)
    American
     Municipal
     Income
     Portfolio  XAA        $0.0780       $0.0063      $0.0830   $0.2459
    Minnesota
     Municipal
     Income
     Portfolio  MXA        $0.0780       $0.0048      $0.0780   $0.1866
    Minnesota
     Municipal
     Income
     Fund II    MXN       $0.06625       $0.0057      $0.0792   $0.0511


                                                             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         $0.0728       $0.0474
    American
     Strategic
     Income
     Portfolio II     BSP        $0.0950         $0.0911       $0.0795
    American
     Strategic
     Income
     Portfolio III    CSP        $0.0875         $0.0813       $0.0401
    American
     Select
     Portfolio        SLA        $0.0875         $0.0883       $0.0344
    American
     Income Fund      MRF        $0.0525         $0.0517      ($0.0194)


    Financial positions for the month ended May 31, 2004:

                                    Total Assets   Net Assets(e)   NAV per
    Fund                     Symbol     (000)         (000)     Common Share
    American Municipal
     Income Portfolio          XAA     $130,994      $86,366       $15.00
    Minnesota Municipal
     Income Portfolio          MXA      $94,651      $61,527       $14.83
    Minnesota Municipal
     Income Fund II            MXN      $33,694      $20,674       $14.03
    American Strategic
     Income Portfolio          ASP      $61,457      $53,153       $12.56
    American Strategic
     Income Portfolio II       BSP     $270,849     $207,420       $12.97
    American Strategic
     Income Portfolio III      CSP     $340,516     $264,684       $12.39
    American Select Portfolio  SLA     $192,977     $142,107       $13.32
    American Income Fund       MRF     $124,234      $83,716        $8.85


    Financial positions for the month ended May 31, 2003:

                                    Total Assets   Net Assets(e)   NAV per
    Fund                     Symbol     (000)         (000)     Common Share
    American Municipal
     Income Portfolio          XAA     $137,224      $92,095       $16.00
    Minnesota Municipal
     Income Portfolio          MXA      $97,565      $66,396       $16.01
    Minnesota Municipal
     Income Fund II            MXN      $35,352      $22,280       $15.13
    American Strategic
     Income Portfolio          ASP      $67,381      $53,412       $12.63
    American Strategic
     Income Portfolio II       BSP     $282,476     $209,405       $13.12
    American Strategic
     Income Portfolio III      CSP     $330,158     $267,166       $12.52
    American Select Portfolio  SLA     $191,244     $144,587       $13.56
    American Income Fund       MRF     $112,615      $86,291        $9.13


    Financial positions for the month ended May 31, 2002:

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


    (a) These distributions were declared on April 23, 2004. They had a May 3,
        2004, ex-dividend date and were paid on May 26, 2004, to shareholders
        of record on May 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 and a leading provider of comprehensive banking, trust, investment, and payment systems products and services.

Visit us on the web at http://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.
    -0-                             06/11/2004
    /CONTACT:  U.S. Bancorp Asset Management Investor Services,
+1-800-677-FUND/
    /Web site:  http://usbank.com /
    (USB)

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

LC-JR 
-- CGF001 --
0765 06/11/2004 06:00 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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