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

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

Net investment income and distribution information for the month
ended Sept. 30, 2005:
                                                          Accumulated
                                                         Undistributed
                             Common               Net         Net
                             Monthly           Investment Investment
                             Distrib-            Income/     Income/
Fund                Symbol   utions(a)          Share (b)   Share (c)

American Strategic
 Income Portfolio     ASP     $0.0650            $0.0615     ($0.0047)
American Strategic
 Income Portfolio II  BSP     $0.0800            $0.0768      $0.0876
American Strategic
 Income Portfolio III CSP     $0.0650            $0.0752      $0.0415
American Select
 Portfolio            SLA     $0.3100 (f)        $0.1593      $0.1052
American Income Fund  MRF     $0.0425            $0.0456     ($0.0155)

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

American Municipal
 Income Portfolio    XAA      $0.0720  $0.0157   $0.0831      $0.1520
Minnesota Municipal
 Income Portfolio    MXA      $0.0720  $0.0135   $0.0779      $0.1245
Minnesota Municipal
 Income Fund II      MXN      $0.0620  $0.0168   $0.0722      $0.0461


Financial positions for the month ended Sept. 30, 2005:
                                                         Net    NAV(1)
                                               Total    Assets   per
                                               Assets    (e)   Common
Fund                                   Symbol  (000)    (000)   Share

American Municipal Income Portfolio     XAA  $133,634  $90,003 $15.64
Minnesota Municipal Income Portfolio    MXA   $94,312  $63,123 $15.22
Minnesota Municipal Income Fund II      MXN   $35,355  $22,281 $15.13
American Strategic Income Portfolio     ASP   $60,028  $52,006 $12.29
American Strategic Income Portfolio II  BSP  $244,285 $193,550 $12.11
American Strategic Income Portfolio III CSP  $334,766 $257,020 $12.04
American Select Portfolio               SLA  $171,810 $141,591 $13.28
American Income Fund                    MRF  $114,166  $83,708  $8.85


Financial positions for the month ended Sept. 30, 2004:
                                                         Net    NAV(1)
                                               Total    Assets   per
                                               Assets    (e)   Common
Fund                                   Symbol  (000)    (000)   Share

American Municipal Income Portfolio     XAA  $132,999  $89,357 $15.54
Minnesota Municipal Income Portfolio    MXA   $95,078  $63,889 $15.45
Minnesota Municipal Income Fund II      MXN   $34,776  $21,739 $14.81
American Strategic Income Portfolio     ASP   $60,107  $53,830 $12.71
American Strategic Income Portfolio II  BSP  $258,456 $204,298 $12.73
American Strategic Income Portfolio III CSP  $347,079 $261,603 $12.33
American Select Portfolio               SLA  $180,368 $141,185 $13.21
American Income Fund                    MRF  $132,699  $85,733  $9.10


Financial positions for the month ended Sept. 30, 2003:
                                                         Net    NAV(1)
                                               Total    Assets   per
                                               Assets    (e)   Common
Fund                                   Symbol  (000)    (000)   Share

American Municipal Income Portfolio     XAA  $134,118  $88,545 $15.38
Minnesota Municipal Income Portfolio    MXA   $95,389  $64,204 $15.48
Minnesota Municipal Income Fund II      MXN   $34,394  $21,421 $14.55
American Strategic Income Portfolio     ASP   $69,838  $53,724 $12.70
American Strategic Income Portfolio II  BSP  $273,272 $207,409 $12.99
American Strategic Income Portfolio III CSP  $366,934 $267,872 $12.55
American Select Portfolio               SLA  $185,074 $142,786 $13.39
American Income Fund                    MRF  $119,888  $85,705  $9.07

(1) NAVs are priced as of the close of business on the month-end and
year, as indicated above.
(a) These distributions were declared on Aug. 19, 2005. They had a
Sept. 1, 2005, ex-dividend date and were paid on Sept. 21, 2005, to
shareholders of record on Sept. 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.
(f) Includes a special dividend of $0.2400 from net investment income.

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 (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., 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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