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

MINNEAPOLIS, Aug 12, 2005 (BUSINESS WIRE) -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended July 31, 2005.

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

Accumulated
                                                           Undistrib-
                           Common              Net         uted Net
                           Monthly             Investment  Investment
                           Distrib-            Income/     Income/
Fund                Symbol utions(a)           Share(b)    Share(c)

American Strategic
 Income Portfolio   ASP    $0.0650             $0.0627    ($0.0015)
American Strategic
 Income Portfolio
 II                 BSP    $0.0800             $0.0708     $0.0862
American Strategic
 Income Portfolio
 III                CSP    $0.0650             $0.0670     $0.0158
American Select
 Portfolio          SLA    $0.0700             $0.1676     $0.3196
American Income
 Fund               MRF    $0.0425             $0.0470    ($0.0208)

                                                           Accumulated
                                     Preferred             Undistrib-
                           Common    Distrib-  Net         uted Net
                           Monthly   utions    Investment  Investment
                           Distrib-  During    Income/     Income/
Fund                Symbol utions(a) Month(d)  Share(b)    Share(c)

American Municipal
 Income Portfolio   XAA    $0.0750   $0.0136   $0.0858     $0.1647
Minnesota
 Municipal Income
 Portfolio          MXA    $0.0750   $0.0112   $0.0819     $0.1403
Minnesota
 Municipal Income
 Fund II            MXN    $0.0650   $0.0157   $0.0750     $0.0631


Financial positions for the month ended July 31, 2005:

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

American Municipal Income Portfolio   XAA   $135,500   $90,458  $15.71
Minnesota Municipal Income Portfolio  MXA    $96,336   $63,567  $15.33
Minnesota Municipal Income Fund II    MXN    $36,195   $22,424  $15.23
American Strategic Income Portfolio   ASP    $60,847   $52,210  $12.34
American Strategic Income Portfolio
 II                                   BSP   $253,029  $194,723  $12.18
American Strategic Income Portfolio
 III                                  CSP   $321,469  $257,142  $12.04
American Select Portfolio             SLA   $178,194  $144,617  $13.56
American Income Fund                  MRF   $118,694   $84,625   $8.95


Financial positions for the month ended July 31, 2004:

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

American Municipal Income Portfolio   XAA   $133,505   $87,346  $15.17
Minnesota Municipal Income Portfolio  MXA    $94,495   $62,315  $15.03
Minnesota Municipal Income Fund II    MXN    $34,165   $21,135  $14.35
American Strategic Income Portfolio   ASP    $59,681   $53,094  $12.54
American Strategic Income Portfolio
 II                                   BSP   $258,942  $203,500  $12.73
American Strategic Income Portfolio
 III                                  CSP   $327,978  $261,206  $12.23
American Select Portfolio             SLA   $183,998  $139,675  $13.10
American Income Fund                  MRF   $125,583   $84,592   $8.95


Financial positions for the month ended July 31, 2003:

                                                                NAV(1)
                                               Total       Net     per
                                              Assets  Assets(e) Common
Fund                                  Symbol   (000)     (000)   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 June 24, 2005. They had a
    July 1, 2005, ex-dividend date and were paid on July 27, 2005, to
    shareholders of record on July 6, 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 June 30, 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.

SOURCE: U.S. Bancorp Asset Management, Inc.

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

"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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