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

MINNEAPOLIS--(BUSINESS WIRE)--June 14, 2005--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended May 31, 2005.

Net investment income and distribution information for the month ended May 31, 2005:

                                                         Accumulated
                                                         Undistributed
                      Common                  Net        Net
                      Monthly                 Investment Investment
                      Distri-                 Income/    Income/
Fund           Symbol butions(a)              Share(b)   Share(c)

American
 Strategic
 Income
 Portfolio     ASP    $0.0650                 $0.0610    ($0.0019)
American
 Strategic
 Income
 Portfolio II  BSP    $0.0800                 $0.0971    $0.1013
American
 Strategic
 Income
 Portfolio III CSP    $0.0800                 $0.0657    $0.0222
American
 Select
 Portfolio     SLA    $0.0700                 $0.0865    $0.0552
American
 Income Fund   MRF    $0.0450                 $0.0449   ($0.0318)



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

American
 Municipal
 Income
 Portfolio     XAA    $0.0780      $0.0172    $0.0858    $0.1710
Minnesota
 Municipal
 Income
 Portfolio     MXA    $0.0780      $0.0123    $0.0800    $0.1467
Minnesota
 Municipal
 Income Fund
 II            MXN    $0.06625     $0.0143    $0.0799    $0.0788


Financial positions for the month ended May 31, 2005:
                                                           NAV(1) per
Fund                 Symbol    Total Assets  Net Assets(e)     Common
                                      (000)          (000)      Share
American Municipal
 Income Portfolio    XAA          $134,602        $90,950     $15.80
Minnesota Municipal
 Income Portfolio    MXA           $95,161        $63,986     $15.43
Minnesota Municipal
 Income Fund II      MXN           $35,557        $22,517     $15.29
American Strategic
 Income Portfolio    ASP           $61,928        $52,791     $12.48
American Strategic
 Income Portfolio II BSP          $248,067       $197,783     $12.37
American Strategic
 Income Portfolio
 III                 CSP          $317,270       $258,268     $12.09
American Select
 Portfolio           SLA          $192,366       $139,847     $13.12
American Income Fund MRF          $119,474        $84,710      $8.96


Financial positions for the month ended May 31, 2004:
                                                           NAV(1) per
Fund                 Symbol    Total Assets  Net Assets(e)     Common
                                      (000)          (000)      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:

                                                           NAV(1) per
Fund                 Symbol    Total Assets  Net Assets(e)     Common
                                      (000)          (000)      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


(1) NAV's are priced as of the close of business on the month-end and
    year, as indicated above.

(a) These distributions were declared on April 22, 2005. They had a
    May 2, 2005, ex-dividend date and were paid on May 25, 2005, to
    shareholders of record on May 4, 2005.
(b) Based on a three-month average.
(c) 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.
(d) Calculated by dividing preferred distributions paid during the
    month by the number of common shares outstanding.
(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 aforementioned financial data is unaudited. It has, however, been obtained from sources deemed reliable.

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, 2005. USBNA is a subsidiary of U.S. Bancorp. 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.

CONTACT: U.S. Bancorp Asset Management, Inc., Minneapolis
Investor Services, 800-677-FUND

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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