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

MINNEAPOLIS--(BUSINESS WIRE)--Dec. 12, 2005--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Nov. 30, 2005.

Net investment income and distribution information for the month ended Nov. 30, 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              $0.0616    $(0.0166)
American
 Strategic Income
 Portfolio II      BSP    $0.0800              $0.0731    $0.0627
American
 Strategic Income
 Portfolio III     CSP    $0.0650              $0.0673    $0.0412
American Select
 Portfolio         SLA    $0.0700              $0.0794    $0.1219
American Income
 Fund              MRF    $0.0425              $0.0435    $0.0031



                                                          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    $0.0170   $0.0820    $0.1396
Minnesota
 Municipal Income
 Portfolio         MXA    $0.0720    $0.0166   $0.0748    $0.0960
Minnesota
 Municipal Income
 Fund II           MXN    $0.0620    $0.0187   $0.0730    $0.0328


Financial positions for the month ended Nov. 30, 2005:

                               Total        Net  NAV(1) per
                              Assets  Assets(e)      Common
Fund              Symbol       (000)      (000)       Share
American
 Municipal Income
 Portfolio         XAA      $136,903    $88,756      $15.42
Minnesota
 Municipal Income
 Portfolio         MXA       $96,861    $62,301      $15.02
Minnesota
 Municipal Income
 Fund II           MXN       $35,229    $21,988      $14.93
American
 Strategic Income
 Portfolio         ASP       $58,975    $51,433      $12.16
American
 Strategic Income
 Portfolio II      BSP      $240,459   $191,343      $11.97
American
 Strategic Income
 Portfolio III     CSP      $333,302   $255,177      $11.95
American Select
 Portfolio         SLA      $168,967   $141,017      $13.23
American Income
 Fund              MRF      $104,577    $82,800       $8.76


Financial positions for the month ended Nov. 30, 2004:

                               Total        Net  NAV(1) per
                              Assets  Assets(e)      Common
Fund              Symbol       (000)      (000)       Share
American
 Municipal Income
 Portfolio         XAA      $136,055    $88,597      $15.39
Minnesota
 Municipal Income
 Portfolio         MXA       $94,470    $63,280      $15.26
Minnesota
 Municipal Income
 Fund II           MXN       $34,732    $21,681      $14.72
American
 Strategic Income
 Portfolio         ASP       $60,571    $53,501      $12.64
American
 Strategic Income
 Portfolio II      BSP      $236,747   $201,583      $12.61
American
 Strategic Income
 Portfolio III     CSP      $331,154   $260,144      $12.18
American Select
 Portfolio         SLA      $181,645   $140,061      $13.14
American Income
 Fund              MRF      $120,424    $86,279       $9.13


Financial positions for the month ended Nov. 30, 2003:

                               Total        Net  NAV(1) per
                              Assets  Assets(e)      Common
Fund              Symbol       (000)      (000)       Share
American
 Municipal Income
 Portfolio         XAA      $132,814    $89,195      $15.49
Minnesota
 Municipal Income
 Portfolio         MXA       $95,365    $64,179      $15.47
Minnesota
 Municipal Income
 Fund II           MXN       $34,482    $21,472      $14.58
American
 Strategic Income
 Portfolio         ASP       $69,353    $53,598      $12.67
American
 Strategic Income
 Portfolio II      BSP      $257,541   $208,402      $13.05
American
 Strategic Income
 Portfolio III     CSP      $347,805   $268,018      $12.55
American Select
 Portfolio         SLA      $191,916   $143,016      $13.41
American Income
 Fund              MRF      $108,845    $85,745       $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 Oct. 21, 2005. They had a
    Nov. 1, 2005, ex-dividend date and were paid on Nov. 23, 2005, to
    shareholders of record on Nov. 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 $121 billion as of September 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.
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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