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

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 15, 2005--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Oct. 31, 2005.

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

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

American
 Strategic Income
 Portfolio        ASP      $0.0650              $0.0599    $(0.0167)
American
 Strategic Income
 Portfolio II     BSP      $0.0800              $0.0776    $0.0745
American
 Strategic Income
 Portfolio III    CSP      $0.0650              $0.0750    $0.0410
American Select
 Portfolio        SLA      $0.0700              $0.0735    $0.0902
American Income
 Fund             MRF      $0.0425              $0.0446    $(0.0144)


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

American
 Municipal Income
 Portfolio        XAA      $0.0720    $0.0167   $0.0824    $0.1457
Minnesota
 Municipal Income
 Portfolio        MXA      $0.0720    $0.0164   $0.0757    $0.1090
Minnesota
 Municipal Income
 Fund II          MXN      $0.0620    $0.0183   $0.0724    $0.0396



Financial positions for the month ended Oct. 31, 2005:

                             Total        Net  NAV(1) per
                            Assets  Assets(e)      Common
Fund              Symbol     (000)      (000)       Share
American
 Municipal Income
 Portfolio        XAA     $127,162    $88,708      $15.41
Minnesota
 Municipal Income
 Portfolio        MXA      $89,415    $62,150      $14.99
Minnesota
 Municipal Income
 Fund II          MXN      $34,002    $21,957      $14.91
American
 Strategic Income
 Portfolio        ASP      $59,760    $51,611      $12.20
American
 Strategic Income
 Portfolio II     BSP     $256,596   $192,046      $12.01
American
 Strategic Income
 Portfolio III    CSP     $336,174   $255,805      $11.98
American Select
 Portfolio        SLA     $171,464   $140,434      $13.17
American Income
 Fund             MRF     $106,292    $82,633       $8.74


Financial positions for the month ended Oct. 31, 2004:

                             Total        Net  NAV(1) per
                            Assets  Assets(e)      Common
Fund              Symbol     (000)      (000)       Share
American
 Municipal Income
 Portfolio        XAA     $133,766    $90,117      $15.65
Minnesota
 Municipal Income
 Portfolio        MXA      $95,688    $64,502      $15.55
Minnesota
 Municipal Income
 Fund II          MXN      $35,091    $22,045      $14.97
American
 Strategic Income
 Portfolio        ASP      $61,040    $53,788      $12.71
American
 Strategic Income
 Portfolio II     BSP     $237,627   $203,142      $12.70
American
 Strategic Income
 Portfolio III    CSP     $306,400   $262,502      $12.29
American Select
 Portfolio        SLA     $182,699   $140,926      $13.21
American Income
 Fund             MRF     $123,160    $86,703       $9.17


Financial positions for the month ended Oct. 31, 2003:

                             Total        Net  NAV(1) per
                            Assets  Assets(e)      Common
Fund              Symbol     (000)      (000)       Share
American
 Municipal Income
 Portfolio        XAA     $131,673    $88,066      $15.30
Minnesota
 Municipal Income
 Portfolio        MXA      $94,503    $63,324      $15.27
Minnesota
 Municipal Income
 Fund II          MXN      $34,142    $21,149      $14.36
American
 Strategic Income
 Portfolio        ASP      $70,462    $53,635      $12.68
American
 Strategic Income
 Portfolio II     BSP     $265,531   $206,950      $12.96
American
 Strategic Income
 Portfolio III    CSP     $352,861   $268,326      $12.57
American Select
 Portfolio        SLA     $192,458   $142,978      $13.41
American Income
 Fund             MRF     $109,141    $85,672       $9.06


(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 Sept. 23, 2005. They had a
    Oct. 3, 2005, ex-dividend date and were paid on Oct. 26, 2005, to
    shareholders of record on Oct. 5, 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 $121 billion as of September 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.

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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