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

MINNEAPOLIS--(BUSINESS WIRE)--July 14, 2005--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended June 30, 2005.

Net investment income and distribution information for the month ended
June 30, 2005:

                                                         Accumulated
                          Common                         Undistributed
                          Monthly             Net        Net
                          Distri-             Investment Investment
                          butions             Income/    Income/
Fund               Symbol  (a)                Share (b)  Share (c)
American Strategic
 Income Portfolio   ASP    $0.0650              $0.0626       $0.0058
American Strategic
 Income Portfolio
 II                 BSP    $0.0800              $0.0657       $0.1018
American Strategic
 Income Portfolio
 III                CSP    $0.0800              $0.0678       $0.0159
American Select
 Portfolio          SLA    $0.0700              $0.0875       $0.0772
American Income
 Fund               MRF    $0.0450              $0.0462      ($0.0248)


                                                         Accumulated
                          Common    Preferred            Undistributed
                          Monthly   Distri-   Net        Net
                          Distri-   butions   Investment Investment
                          butions   During    Income/    Income/
Fund               Symbol  (a)      Month (d) Share (b)  Share (c)
American Municipal
 Income Portfolio   XAA    $0.0750   $0.0137    $0.0857       $0.1688
Minnesota
 Municipal Income
 Portfolio          MXA    $0.0750   $0.0108    $0.0816       $0.1469
Minnesota
 Municipal Income
 Fund II            MXN    $0.0650   $0.0140    $0.0766       $0.0708


Financial positions for the month ended June 30, 2005:

                                     Total     Net
                                     Assets    Assets (e)   NAV(1) per
Fund                          Symbol     (000)      (000) Common Share
American Municipal Income
 Portfolio                     XAA   $136,045    $91,420       $15.88
Minnesota Municipal Income
 Portfolio                     MXA    $96,563    $64,308       $15.51
Minnesota Municipal Income
 Fund II                       MXN    $35,668    $22,635       $15.37
American Strategic Income
 Portfolio                     ASP    $61,606    $52,721       $12.46
American Strategic Income
 Portfolio II                  BSP   $245,924   $196,424       $12.29
American Strategic Income
 Portfolio III                 CSP   $341,274   $256,517       $12.01
American Select Portfolio      SLA   $198,698   $140,909       $13.22
American Income Fund           MRF   $119,671    $85,153        $9.01

Financial positions for the month ended June 30, 2004:

                                     Total     Net
                                     Assets    Assets (e) NAV(1) per
Fund                          Symbol     (000)      (000) Common Share
American Municipal Income
 Portfolio                     XAA   $131,031    $86,428       $15.02
Minnesota Municipal Income
 Portfolio                     MXA    $94,185    $61,530       $14.84
Minnesota Municipal Income
 Fund II                       MXN    $34,551    $20,772       $14.11
American Strategic Income
 Portfolio                     ASP    $59,895    $53,014       $12.53
American Strategic Income
 Portfolio II                  BSP   $258,433   $204,637       $12.80
American Strategic Income
 Portfolio III                 CSP   $334,854   $261,656       $12.25
American Select Portfolio      SLA   $188,012   $139,449       $13.08
American Income Fund           MRF   $125,545    $84,161        $8.90

Financial positions for the month ended June 30, 2003:

                                     Total     Net
                                     Assets    Assets (e) NAV(1) per
Fund                          Symbol   (000)       (000)  Common Share
American Municipal Income
 Portfolio                     XAA   $133,883    $90,272       $15.68
Minnesota Municipal Income
 Portfolio                     MXA    $97,264    $65,042       $15.69
Minnesota Municipal Income
 Fund II                       MXN    $35,025    $21,957       $14.91
American Strategic Income
 Portfolio                     ASP    $65,679    $52,678       $12.45
American Strategic Income
 Portfolio II                  BSP   $290,207   $208,788       $13.08
American Strategic Income
 Portfolio III                 CSP   $317,093   $266,791       $12.50
American Select Portfolio      SLA   $194,641   $143,041       $13.42
American Income Fund           MRF   $115,701    $86,399        $9.14

(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 May 20, 2005. They had a
    June 1, 2005, ex-dividend date and were paid on June 22, 2005, to
    shareholders of record on June 3, 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 (NYSE:USB). 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.
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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