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

MINNEAPOLIS, Aug. 14 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended July 31, 2003.

    Net investment income and distribution information for the month ended
    July 31, 2003:

                               Common    Preferred  Net         Accumulated
                               Monthly   Distri-    Investment  Undistributed
                               Distri-   butions    Income/     Net
                               butions   During     Share(c)    Investment
                               (a)       Month(b)               Income/
                                                                Share (d)
    Fund                 Symbol
    American Municipal
     Income Portfolio    XAA   $0.0780   $0.0051    $0.0857     $0.2501
    Minnesota Municipal
     Income Portfolio    MXA   $0.0780   $0.0046    $0.0838     $0.2271
    Minnesota Municipal
     Income Fund II      MXN   $0.06625  $0.0068    $0.0810     $0.0663


                               Common               Net         Accumulated
                               Monthly              Investment  Undistributed
                               Distri-              Income/     Net
                               butions              Share(c)    Investment
                               (a)                              Income/
                                                                Share (d)
    Fund                 Symbol
    American Strategic
     Income Portfolio    ASP   $0.0725              $0.0737     $0.0190
    American Strategic
     Income Portfolio II BSP   $0.0950              $0.0977     $0.1019
    American Strategic
     Income
      Portfolio III      CSP   $0.0875              $0.0900     $0.1312
    American Select
     Portfolio           SLA   $0.0875              $0.0879     $0.0248
    American Income
     Fund                MRF   $0.0550              $0.0539    ($0.0110)


    Financial positions for the month ended July 31, 2003:

                                      Total Assets    Net Assets    NAV per
                                              (000)           (e)    Common
    Fund                         Symbol                     (000)     Share
    American Municipal Income
     Portfolio                   XAA      $130,517       $84,413     $14.66
    Minnesota Municipal
     Income Portfolio            MXA       $92,367       $61,200     $14.76
    Minnesota Municipal
     Income Fund II              MXN       $33,435       $20,376     $13.84
    American Strategic Income
     Portfolio                   ASP       $64,270       $52,355     $12.38
    American Strategic Income
     Portfolio II                BSP      $288,852      $207,985     $13.03
    American Strategic Income
     Portfolio III               CSP      $325,836      $266,838     $12.50
    American Select Portfolio    SLA      $187,108      $142,534     $13.37
    American Income Fund         MRF      $116,584       $83,463      $8.83


    Financial positions for the month ended July 31, 2002:

                                      Total Assets    Net Assets    NAV per
                                              (000)           (e)    Common
    Fund                         Symbol                     (000)     Share
    American Municipal Income
     Portfolio                   XAA      $131,439       $86,375     $15.01
    Minnesota Municipal
     Income Portfolio            MXA       $93,671       $62,486     $15.07
    American Strategic Income
     Portfolio                   ASP       $72,005       $53,247     $12.59
    American Strategic Income
     Portfolio II                BSP      $297,480      $212,361     $13.31
    American Strategic Income
     Portfolio III               CSP      $365,036      $268,185     $12.57
    American Select Portfolio    SLA      $196,009      $143,472     $13.46
    American Income Fund         MRF      $118,933       $83,200      $8.46


    Financial positions for the month ended July 31, 2001:

                                      Total Assets    Net Assets    NAV per
                                              (000)           (e)    Common
    Fund                         Symbol                     (000)     Share
    American Municipal Income
     Portfolio                   XAA      $129,148       $84,569     $14.69
    Minnesota Municipal
     Income Portfolio            MXA       $92,300       $61,118     $14.74
    American Strategic Income
     Portfolio                   ASP       $70,194       $53,753     $12.71
    American Strategic Income
     Portfolio II                BSP      $290,611      $211,357     $13.25
    American Strategic Income
     Portfolio III               CSP      $337,788      $266,957     $12.51
    American Select Portfolio    SLA      $206,179      $142,457     $13.36
    American Income Fund         MRF      $116,190       $87,039      $9.21

    (a)  These distributions were declared on June 20, 2003. They had a
         July 1, 2003, ex-dividend date and were paid on July 23, 2003, to
         shareholders of record on July 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 $123 billion as of June 30, 2003. USBNA is a subsidiary of U.S. Bancorp. 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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