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

MINNEAPOLIS, May 13 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended April 30, 2003.

    Net investment income and distribution information for the month ended
    April 30, 2003:

                                                                  Accumulated
                                                                Undistributed
                               Common     Preferred       Net         Net
                              Monthly   Distributions  Investment  Investment
                           Distributions   During       Income/     Income/
     Fund           Symbol      (a)       Month (b)    Share (c)   Share (d)
     American
      Municipal
      Income
      Portfolio       XAA     $0.0780      $0.0066      $0.0851     $0.2455
     Minnesota
      Municipal
      Income
      Portfolio       MXA     $0.0780      $0.0061      $0.0820     $0.2265
     Minnesota
      Municipal
      Income Fund II  MXN    $0.06625      $0.0058      $0.0598     $0.0435


                                                                  Accumulated
                                                                Undistributed
                               Common                     Net          Net
                              Monthly                  Investment  Investment
                           Distributions                Income/      Income/
     Fund           Symbol      (a)                    Share (c)    Share (d)
     American
      Strategic
      Income
      Portfolio       ASP     $0.0725                   $0.0724     $0.0154
     American
      Strategic
      Income
      Portfolio II    BSP     $0.0950                   $0.0944     $0.0938
     American
      Strategic
      Income
      Portfolio III   CSP     $0.0875                   $0.0990     $0.1237
     American Select
      Portfolio       SLA     $0.0875                   $0.0829     $0.0235
     American Income
      Fund            MRF     $0.0575                   $0.0539    ($0.0026)


     Financial positions for the month ended April 30, 2003:

                                      Total Assets  Net Assets (e)   NAV per
     Fund                    Symbol      (000)          (000)    Common Share
     American Municipal
      Income Portfolio         XAA      $133,033       $88,942       $15.45
     Minnesota Municipal
      Income Portfolio         MXA       $96,015       $64,833       $15.63
     Minnesota Municipal
      Income Fund II           MXN       $35,528       $21,609       $14.67
     American Strategic
      Income Portfolio         ASP       $67,747       $53,449       $12.63
     American Strategic
      Income Portfolio II      BSP      $288,724      $209,771       $13.15
     American Strategic
      Income Portfolio III     CSP      $335,240      $267,535       $12.53
     American Select
      Portfolio                SLA      $202,904      $144,463       $13.55
     American Income Fund      MRF      $117,786       $86,148        $9.11


     Financial positions for the month ended April 30, 2002:

                                     Total Assets   Net Assets (e)   NAV per
     Fund                    Symbol      (000)          (000)    Common Share
     American Municipal
      Income Portfolio         XAA      $132,247       $84,450       $14.67
     Minnesota Municipal
      Income Portfolio         MXA       $92,132       $60,947       $14.70
     American Strategic
      Income Portfolio         ASP       $72,040       $53,027       $12.54
     American Strategic
      Income Portfolio II      BSP      $295,500      $211,653       $13.26
     American Strategic
      Income Portfolio III     CSP      $370,513      $267,464       $12.53
     American Select
      Portfolio                SLA      $187,244      $142,737       $13.39
     American Income Fund      MRF      $113,202       $85,465        $9.04


     Financial positions for the month ended April 30, 2001:

                                      Total Assets  Net Assets (e)   NAV per
     Fund                    Symbol      (000)          (000)    Common Share
     American Municipal
      Income Portfolio         XAA      $125,425       $81,815       $14.21
     Minnesota Municipal
      Income Portfolio         MXA       $90,240       $59,048       $14.24
     American Strategic
      Income Portfolio         ASP       $68,940       $54,075       $12.78
     American Strategic
      Income Portfolio II      BSP      $276,211      $208,994       $13.10
     American Strategic
      Income Portfolio III     CSP      $335,912      $264,041       $12.37
     American Select
      Portfolio                SLA      $190,136      $140,897       $13.21
     American Income Fund      MRF      $126,873       $86,421        $9.16


     (a)  These distributions were declared on March 21, 2003.  They had a
          April 1, 2003, ex-dividend date and were paid on April 23, 2003, to
          shareholders of record on April 3, 2003.
     (b)  Calculated by dividing preferred distributions paid during the month
          by the number of common shares outstanding.
     (c)  Based on a three-month average.
     (d)  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.
     (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 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 $115 billion as of March 31, 2003. USBNA is a subsidiary of U.S. Bancorp (NYSE: USB). U.S. Bancorp is the eighth-largest financial services holding company in the United States and a leading provider of comprehensive banking, trust, investment, and payment systems products and services. 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.

"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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