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

MINNEAPOLIS, Dec. 12 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Nov. 30, 2003.

    Net investment income and distribution information for the month ended
    Nov. 30, 2003:
                                                                Accumulated
                                                               Undistributed
                                               Preferred  Net      Net
                                      Common   Distribu- Invest-  Invest-
                                      Monthly   tions     ment     ment
                                     Distribu-  During   Income/  Income/
    Fund                     Symbol   tions(a)  Month(b) Share(c) Share(d)
    American Municipal Income
     Portfolio                 XAA     $0.0780  $0.0059  $0.0839  $0.2528
    Minnesota Municipal Income
     Portfolio                 MXA     $0.0780  $0.0048  $0.0795  $0.2136
    Minnesota Municipal Income
     Fund II                   MXN    $0.06625  $0.0067  $0.0662  $0.0271


                                                                 Accumulated
                                                                Undistributed
                                          Common        Net          Net
                                         Monthly    Investment   Investment
                                         Distribu-    Income/      Income/
    Fund                      Symbols     tion(a)     Share(c)     Share(d)
    American Strategic Income
     Portfolio                  ASP       $0.0725     $0.0761      $0.0216
    American Strategic Income
     Portfolio II               BSP       $0.0950     $0.0916      $0.0906
    American Strategic Income
     Portfolio III              CSP       $0.0875     $0.0975      $0.1549
    American Select Portfolio   SLA       $0.0875     $0.0880      $0.0273
    American Income Fund        MRF       $0.0550     $0.0540     ($0.0047)


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

                                                                   NAV per
                                       Total Assets  Net Assets(e)  Common
    Fund                      Symbol       (000)        (000)       Share
    American Municipal Income
     Portfolio                  XAA       $132,814      $89,195     $15.49
    Minnesota Municipal Income
     Portfolio                  MXA        $95,365      $64,179     $15.47
    Minnesota Municipal Income
     Fund II                    MXN        $34,482      $21,472     $14.58
    American Strategic Income
     Portfolio                  ASP        $69,353      $53,598     $12.67
    American Strategic Income
     Portfolio II               BSP       $257,541     $208,402     $13.05
    American Strategic Income
     Portfolio III              CSP       $347,805     $268,018     $12.55
    American Select Portfolio   SLA       $191,916     $143,016     $13.41
    American Income Fund        MRF       $108,845      $85,745      $9.07


    Financial positions for the month ended Nov. 30, 2002

                                                                   NAV per
                                       Total Assets  Net Assets(e)  Common
    Fund                      Symbol       (000)        (000)       Share
    American Municipal Income
     Portfolio                  XAA       $129,692      $86,172     $14.97
    Minnesota Municipal Income
     Portfolio                  MXA        $94,853      $60,737     $14.97
    Minnesota Municipal Income
     Fund II                    MXN        $24,043      $21,066     $14.31
    American Strategic Income
     Portfolio                  ASP        $71,091      $53,340     $12.61
    American Strategic Income
     Portfolio II               BSP       $290,422     $211,344     $13.24
    American Strategic Income
     Portfolio III              CSP       $360,881     $267,763     $12.55
    American Select Portfolio   SLA       $172,552     $143,676     $13.48
    American Income Fund        MRF       $115,150      $83,311      $8.81


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

                                                                   NAV per
                                       Total Assets  Net Assets(e)  Common
    Fund                      Symbol       (000)        (000)       Share
    American Municipal Income
     Portfolio                  XAA       $128,619      $85,044     $14.76
    Minnesota Municipal Income
     Portfolio                  MXA        $92,227      $61,048     $14.71
    American Strategic Income
     Portfolio                  ASP        $75,609      $53,499     $12.63
    American Strategic Income
     Portfolio II               BSP       $249,461     $211,557     $13.21
    American Strategic Income
     Portfolio III              CSP       $359,848     $267,669     $12.51
    American Select Portfolio   SLA       $190,268     $142,617     $13.36
    American Income Fund        MRF       $120,050      $86,919      $9.18


    (a) These distributions were declared on Oct. 24, 2003. They had a Nov.
        3, 2003, ex-dividend date and were paid on Nov. 19, 2003, to
        shareholders of record on Nov. 5, 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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