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

MINNEAPOLIS, Nov. 17 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Oct. 31, 2003.

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

                                                                     Accumu-
                                                                     lated
                                                                     Undistri-
                                                                     buted
                                                Preferred Net        Net
                                    Common      Distri    Invest-    Invest-
                                    Monthly     butions   ment       ment
                                    Distri-     During    Income/    Income/
     Fund                   Symbol  butions (a) Month (b) Share (c)  Share (d)
     American Municipal
      Income Portfolio      XAA     $0.0780     $0.0059   $0.0845    $0.2537
     Minnesota Municipal
      Income Portfolio      MXA     $0.0780     $0.0060   $0.0800    $0.2175
     Minnesota Municipal
      Income Fund II        MXN     $0.06625    $0.0075   $0.0626    $0.0354

                                                                     Accumu-
                                                                     lated
                                                                     Undistri-
                                                                     buted
                                                          Net        Net
                                    Common                Invest-    Invest-
                                    Monthly               ment       ment
                                    Distri-               Income/    Income/
     Fund                   Symbol  butions (a)           Share (c)  Share (d)
     American Strategic
      Income Portfolio      ASP     $0.0725               $0.0750    $0.0263
     American Strategic
      Income Portfolio II   BSP     $0.0950               $0.0933    $0.0968
     American Strategic
      Income Portfolio III  CSP     $0.0875               $0.0936    $0.1495
     American Select
      Portfolio             SLA     $0.0875               $0.0876    $0.0250
     American Income Fund   MRF     $0.0550               $0.0583    ($0.0012)


     Financial positions for the month ended Oct. 31, 2003:

                                          Total      Net          NAV per
                                          Assets     Assets (e)   Common
     Fund                        Symbol   (000)      (000)        Share
     American Municipal Income
      Portfolio                  XAA      $131,673    $88,066     $15.30
     Minnesota Municipal
      Income Portfolio           MXA       $94,503    $63,324     $15.27
     Minnesota Municipal
      Income Fund II             MXN       $34,142    $21,149     $14.36
     American Strategic Income
      Portfolio                  ASP       $70,462    $53,635     $12.68
     American Strategic Income
      Portfolio II               BSP      $265,531   $206,950     $12.96
     American Strategic Income
      Portfolio III              CSP      $352,861   $268,326     $12.57
     American Select Portfolio   SLA      $192,458   $142,978     $13.41
     American Income Fund        MRF      $109,141    $85,672      $9.06


     Financial positions for the month ended Oct. 31, 2002

                                          Total      Net          NAV per
                                          Assets     Assets (e)   Common
     Fund                        Symbol   (000)      (000)        Share
     American Municipal Income
      Portfolio                  XAA      $132,282    $87,456     $15.19
     Minnesota Municipal
      Income Portfolio           MXA       $93,907    $62,718     $15.12
     Minnesota Municipal
      Income Fund II             MXN       $19,559    $19,398     $14.30
     American Strategic Income
      Portfolio                  ASP       $71,082    $53,488     $12.64
     American Strategic Income
      Portfolio II               BSP      $289,263   $211,973     $13.28
     American Strategic Income
      Portfolio III              CSP      $356,417   $267,805     $12.54
     American Select Portfolio   SLA      $180,734   $143,813     $13.48
     American Income Fund        MRF      $116,184    $82,297      $8.70


     Financial positions for the month ended Oct. 31, 2001:

                                          Total      Net          NAV per
                                          Assets     Assets (e)   Common
     Fund                        Symbol   (000)      (000)        Share
     American Municipal Income
      Portfolio                  XAA      $130,408    $86,804     $15.08
     Minnesota Municipal
      Income Portfolio           MXA       $93,203    $61,999     $14.95
     American Strategic Income
      Portfolio                  ASP       $64,676    $53,817     $12.72
     American Strategic Income
      Portfolio II               BSP      $241,362   $210,983     $13.22
     American Strategic Income
      Portfolio III              CSP      $346,773   $268,063     $12.56
     American Select Portfolio   SLA      $191,093   $143,299     $13.44
     American Income Fund        MRF      $119,873    $87,033      $9.21


     (a)  These distributions were declared on Sept. 19, 2003.  They had a
          Oct. 1, 2003, ex-dividend date and were paid on Oct. 29, 2003, to
          shareholders of record on Oct. 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 $122 billion as of Sept. 30, 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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