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

MINNEAPOLIS, Oct. 14 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc. (NYSE: USB) today announced the financial positions for the following closed-end funds for the month ended Sept. 30, 2003.

    Net investment income and distribution information for the month ended
    Sept. 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      $0.0049      $0.0839     $0.2524
    Minnesota Municipal
     Income Portfolio   MXA     $0.0780      $0.0042      $0.0809     $0.2202
    Minnesota Municipal
     Income Fund II     MXN    $0.06625      $0.0052      $0.0691     $0.0419

                                                                  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        $0.0723     $0.0216
    American Strategic
     Income Portfolio II         BSP      $0.0950        $0.0958     $0.1004
    American Strategic
     Income Portfolio III        CSP      $0.0875        $0.0838     $0.1184
    American Select Portfolio    SLA      $0.0875        $0.0873     $0.0227
    American Income Fund         MRF      $0.0550        $0.0595     $0.0010


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

                                                        Net Assets    NAV per
                                       Total Assets        (e)        Common
    Fund                        Symbol    (000)           (000)        Share
    American Municipal
     Income Portfolio            XAA     $134,118        $88,545      $15.38
    Minnesota Municipal
     Income Portfolio            MXA      $95,389        $64,204      $15.48
    Minnesota Municipal
     Income Fund II              MXN      $34,394        $21,421      $14.55
    American Strategic
     Income Portfolio            ASP      $69,838        $53,724      $12.70
    American Strategic
     Income Portfolio II         BSP     $273,272       $207,409      $12.99
    American Strategic
     Income Portfolio III        CSP     $366,934       $267,872      $12.55
    American Select Portfolio    SLA     $185,074       $142,786      $13.39
    American Income Fund         MRF     $119,888        $85,705       $9.07


    Financial positions for the month ended Sept. 30, 2002:

                                                        Net Assets    NAV per
                                         Total Assets      (e)        Common
    Fund                         Symbol    (000)          (000)        Share
    American Municipal
     Income Portfolio             XAA    $134,387        $90,349      $15.70
    Minnesota Municipal
     Income Portfolio             MXA     $97,177        $64,877      $15.65
    American Strategic
     Income Portfolio             ASP     $73,767        $53,583      $12.67
    American Strategic
     Income Portfolio II          BSP    $287,520       $212,144      $13.29
    American Strategic
     Income Portfolio III         CSP    $352,119       $267,909      $12.55
    American Select Portfolio     SLA    $188,370       $143,947      $13.50
    American Income Fund          MRF    $116,184        $82,565       $8.73


    Financial positions for the month ended Sept. 30, 2001:

                                                       Net Assets     NAV per
                                        Total Assets       (e)        Common
    Fund                         Symbol    (000)          (000)        Share
    American Municipal
     Income Portfolio             XAA    $129,223        $85,624      $14.87
    Minnesota Municipal
     Income Portfolio             MXA     $92,689        $61,489      $14.82
    American Strategic
     Income Portfolio             ASP     $66,694        $53,731      $12.70
    American Strategic
     Income Portfolio II          BSP    $241,610       $211,239      $13.23
    American Strategic
     Income Portfolio III         CSP    $325,499       $267,632      $12.53
    American Select Portfolio     SLA    $198,939       $143,125      $13.42
    American Income Fund          MRF    $113,957        $85,495       $9.04

    (a)  These distributions were declared on Aug. 22, 2003. They had a
         Sept. 2, 2003, ex-dividend date and were paid on Sept. 24, 2003, to
         shareholders of record on Sept. 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 $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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