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

MINNEAPOLIS--(BUSINESS WIRE)--March 13, 2006--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Feb. 28, 2006.

Net investment income and distribution information for the month ended Feb. 28, 2006:

                                                           Accumulated
                                                           Undistri-
                                                           buted
                          Common                Net        Net
                          Monthly               Investment Investment
                          Distri-               Income/    Income/
Fund               Symbol butions(a)            Share(b)   Share(c)
American Strategic
 Income Portfolio  ASP    $0.0600               $0.0761    $0.0316
American Strategic
 Income Portfolio
 II                BSP    $0.0800               $0.0775    $0.0553
American Strategic
 Income Portfolio
 III               CSP    $0.0650               $0.0910    $0.1191
American Select
 Portfolio         SLA    $0.0700               $0.0791    $0.1493
American Income
 Fund              MRF    $0.0425               $0.0450    $0.0107

                                                           Accumulated
                                                           Undistri-
                                     Preferred             buted
                          Common     Distri-    Net        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    $0.0168    $0.0849    $0.1240
Minnesota
 Municipal Income
 Portfolio         MXA    $0.0690    $0.0149    $0.0769    $0.0692
Minnesota
 Municipal Income
 Fund II           MXN    $0.0560    $0.0188    $0.0832    $0.0486


Financial positions for the month ended Feb. 28, 2006:
                               Total       Net  NAV(1) per
                              Assets  Assets(e)     Common
Fund               Symbol      (000)      (000)      Share
American Municipal
 Income Portfolio  XAA     $133,037    $89,379     $15.53
Minnesota
 Municipal Income
 Portfolio         MXA      $94,751    $63,556     $15.33
Minnesota
 Municipal Income
 Fund II           MXN      $35,332    $22,269     $15.12
American Strategic
 Income Portfolio  ASP      $59,878    $51,821     $12.25
American Strategic
 Income Portfolio
 II                BSP     $268,287   $193,459     $12.10
American Strategic
 Income Portfolio
 III               CSP     $312,670   $259,126     $12.13
American Select
 Portfolio         SLA     $181,333   $140,960     $13.22
American Income
 Fund              MRF     $104,342    $83,552      $8.84


Financial positions for the month ended Feb. 28, 2005:
                               Total       Net  NAV(1) per
                              Assets  Assets(e)     Common
Fund               Symbol      (000)      (000)      Share
American Municipal
 Income Portfolio  XAA     $133,325    $89,680     $15.58
Minnesota
 Municipal Income
 Portfolio         MXA      $94,584    $63,411     $15.29
Minnesota
 Municipal Income
 Fund II           MXN      $35,188    $22,131     $15.03
American Strategic
 Income Portfolio  ASP      $59,657    $52,942     $12.51
American Strategic
 Income Portfolio
 II                BSP     $244,124   $198,268     $12.40
American Strategic
 Income Portfolio
 III               CSP     $321,903   $259,674     $12.16
American Select
 Portfolio         SLA     $191,776   $138,738     $13.01
American Income
 Fund              MRF     $115,073    $85,760      $9.07


Financial positions for the month ended Feb. 29, 2004:
                               Total       Net  NAV(1) per
                              Assets  Assets(e)     Common
Fund               Symbol      (000)      (000)      Share
American Municipal
 Income Portfolio  XAA     $136,574    $92,225     $16.02
Minnesota
 Municipal Income
 Portfolio         MXA      $97,196    $66,023     $15.92
Minnesota
 Municipal Income
 Fund II           MXN      $35,251    $22,216     $15.08
American Strategic
 Income Portfolio  ASP      $65,028    $53,756     $12.70
American Strategic
 Income Portfolio
 II                BSP     $280,546   $209,069     $13.08
American Strategic
 Income Portfolio
 III               CSP     $329,568   $267,608     $12.53
American Select
 Portfolio         SLA     $200,394   $143,136     $13.42
American Income
 Fund              MRF     $117,362    $86,617      $9.16


(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 Jan. 20, 2006. They had a
    Feb. 1, 2006, ex-dividend date and were paid on Feb. 22, 2006, to
    shareholders of record on Feb. 3, 2006.
(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 $124 billion as of December 31, 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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