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U.S. Bancorp Asset Management, Inc., Declares January Distributions For Closed-End Funds

MINNEAPOLIS, Dec. 19 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today declared January distributions for the following funds. The distributions will be allocated on a per-share basis on the common stock. The distributions have a Dec. 26, 2003, ex-dividend date and will be paid on Jan. 9, 2004, to shareholders of record on Dec. 30, 2003.

In addition, American Strategic Income Portfolio III (CSP) declared a special dividend as a result of earning more than it distributed in 2003. This special dividend will be paid at the same time as the January distribution.

    Fund                          NYSE          January         December
                                Symbol           Amount           Amount
    American Strategic
     Income Portfolio              ASP          $0.0725          $0.0725
    American Strategic
     Income Portfolio II           BSP          $0.0950          $0.0950
    American Strategic
     Income Portfolio III          CSP          $0.1600 (a)      $0.0875
    American Select
     Portfolio                     SLA          $0.0875          $0.0875
    American Income
     Fund                          MRF          $0.0550          $0.0550
    American Municipal
     Income Portfolio              XAA          $0.0780 (b)      $0.0780

    Fund                          AMEX          January         December
                                Amount           Amount           Symbol
    Minnesota Municipal
     Income Portfolio              MXA          $0.0780 (c)      $0.0780
    Minnesota Municipal
     Income Fund II                MXN          $0.09927 (d)     $0.06625

     (a) Includes a special dividend of $0.0725 from net investment income.
     (b) Includes $0.06817 from tax-exempt net investment income and $0.00983
         from taxable net investment income.
     (c) Includes $0.07751 from tax-exempt net investment income and $0.00049
         from taxable net investment income.
     (d) Includes $0.06614 from tax-exempt net investment income, $0.00011
         from taxable net investment income, and $0.03302 from short-term
         capital gains.

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National Association, serves as the investment advisor to the First American Funds. It provides investment management services to individuals and institutions-including corporations, foundations, pension funds, public funds, and retirement plans-and has combined assets under management of more than $122 billion as of Sept. 30, 2003. The firm has offices in 22 states.

U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp (NYSE: USB), 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 service. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp at usbank.com .

Investment products, including shares of closed-end funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank 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

"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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