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

MINNEAPOLIS, July 14 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended June 30, 2003.

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

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

     American
      Municipal
      Income
      Portfolio  XAA       $0.0780       $0.0061      $0.0864       $0.2499
     Minnesota
      Municipal
      Income
      Portfolio  MXA       $0.0780       $0.0059      $0.0829       $0.2255
     Minnesota
      Municipal
      Income
      Fund II    MXN      $0.06625       $0.0074      $0.0748       $0.0526


                                                                 Accumulated
                                                     Net        Undistributed
                                    Common        Investment   Net Investment
                                   Monthly         Income/         Income/
     Fund            Symbol    Distributions(a)    Share(c)        Share(d)

     American
      Strategic
      Income
      Portfolio       ASP          $0.0725         $0.0756         $0.0223
     American
      Strategic
      Income
      Portfolio II    BSP          $0.0950         $0.0993         $0.0981
     American
      Strategic
      Income
      Portfolio III   CSP          $0.0875         $0.1022         $0.1294
     American
      Select
      Portfolio       SLA          $0.0875         $0.0876         $0.0232
     American
      Income
      Fund            MRF          $0.0575         $0.0525         ($0.0124)


    Financial positions for the month ended June 30, 2003:


                                   Total Assets    Net Assets(e)    NAV per
     Fund                 Symbol       (000)           (000)     Common Share
     American Municipal
      Income Portfolio      XAA      $133,883         $90,272        $15.68
     Minnesota Municipal
      Income Portfolio      MXA       $97,264         $65,042        $15.69
     Minnesota Municipal
      Income Fund II        MXN       $35,025         $21,957        $14.91
     American Strategic
      Income Portfolio      ASP       $65,679         $52,678        $12.45
     American Strategic
      Income Portfolio II   BSP      $290,207        $208,788        $13.08
     American Strategic
      Income Portfolio III  CSP      $317,093        $266,791        $12.50
     American Select
      Portfolio             SLA      $194,641        $143,041        $13.42
     American Income Fund   MRF      $115,701         $86,399         $9.14


    Financial positions for the month ended June 30, 2002:

                                   Total Assets    Net Assets(e)    NAV per
     Fund                 Symbol       (000)           (000)     Common Share
     American Municipal
      Income Portfolio      XAA      $132,333         $85,228       $14.80
     Minnesota Municipal
      Income Portfolio      MXA       $93,806         $61,639       $14.86
     American Strategic
      Income Portfolio      ASP       $71,949         $53,119       $12.55
     American Strategic
      Income Portfolio II   BSP      $299,009        $211,794       $13.27
     American Strategic
      Income Portfolio III  CSP      $368,840        $268,287       $12.57
     American Select
      Portfolio             SLA      $195,720        $143,246       $13.43
     American Income Fund   MRF      $114,256         $83,720        $8.86


    Financial positions for the month ended June 30, 2001:

                                   Total Assets    Net Assets(e)    NAV per
     Fund                 Symbol       (000)           (000)     Common Share
     American Municipal
      Income Portfolio      XAA      $128,894          $83,348       $14.48
     Minnesota Municipal
      Income Portfolio      MXA       $92,521          $60,151       $14.50
     American Strategic
      Income Portfolio      ASP       $71,048          $54,150       $12.80
     American Strategic
      Income Portfolio II   BSP      $292,392         $210,134       $13.17
     American Strategic
      Income Portfolio III  CSP      $333,841         $252,564       $11.83
     American Select
      Portfolio             SLA      $208,498         $141,722       $13.29
     American Income Fund   MRF      $123,111          $85,814        $9.08


     (a) These distributions were declared on May 23, 2003. They had a June 2,
         2003, ex-dividend date and were paid on June 25, 2003, to
         shareholders of record on June 4, 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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