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

MINNEAPOLIS, Jan. 16 /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 Dec. 31, 2003.

     Net investment income and distribution information for the month ended
     Dec. 31, 2003:
                                                                 Accumulated
                                           Preferred             Undistributed
                                Common     Distribu-  Net        Net
                                Monthly    tions      Investment Investment
                                Distribu-  During     Income/    Income/
     Fund               Symbol  tions(a)   Month(b)   Share(c)   Share(d)
     American Municipal
      Income Portfolio    XAA   $0.0780    $0.0077    $0.0842    $0.2516
     Minnesota Municipal
      Income Portfolio    MXA   $0.0780    $0.0058    $0.0802    $0.2102
     Minnesota Municipal
      Income Fund II      MXN   $0.06625   $0.0050    $0.0667    $0.0241


                                                                 Accumulated
                                                                 Undistributed
                                 Common               Net        Net
                                 Monthly              Investment Investment
     Fund                        Distribu-            Income/    Income/
                        Symbol   tions(a)             Share(c)   Share(d)
     American Strategic
      Income Portfolio    ASP    $0.0725              $0.0758    $0.0314
     American Strategic
      Income
      Portfolio II        BSP    $0.0950              $0.0913    $0.0894
     American Strategic
      Income
      Portfolio III       CSP    $0.0875              $0.0986    $0.1516
     American Select
      Portfolio           SLA    $0.0875              $0.0902    $0.0308
     American Income
      Fund                MRF    $0.0550              $0.0535   ($0.0036)


     Financial positions for the month ended Dec. 31, 2003:
                                                                   NAV per
                                      Total Assets   Net Assets(e) Common
     Fund                      Symbol      (000)        (000)      Share
     American Municipal
      Income Portfolio         XAA       $135,005      $89,448     $15.54
     Minnesota Municipal
      Income Portfolio         MXA        $95,835      $64,307     $15.51
     Minnesota Municipal
      Income Fund II           MXN        $34,703      $21,537     $14.63
     American Strategic
      Income Portfolio         ASP        $68,996      $53,355     $12.61
     American Strategic
      Income Portfolio II      BSP       $275,483     $207,328     $12.99
     American Strategic
      Income Portfolio III     CSP       $354,514     $264,891     $12.41
     American Select Portfolio SLA       $201,240     $142,418     $13.36
     American Income Fund      MRF       $113,215      $85,889      $9.08


     Financial positions for the month ended Dec. 31, 2002
                                                                   NAV per
                                      Total Assets   Net Assets(e) Common
     Fund                      Symbol      (000)        (000)      Share
     American Municipal
      Income Portfolio         XAA       $131,986      $87,972     $15.28
     Minnesota Municipal
      Income Portfolio         MXA        $95,973      $63,466     $15.31
     Minnesota Municipal
      Income Fund II           MXN        $23,190      $21,444     $14.56
     American Strategic
      Income Portfolio         ASP        $69,673      $53,193     $12.57
     American Strategic
      Income Portfolio II      BSP       $298,649     $208,809     $13.09
     American Strategic
      Income Portfolio III     CSP       $360,532     $266,123     $12.47
     American Select Portfolio SLA       $187,592     $143,228     $13.43
     American Income Fund      MRF       $114,296      $83,267      $8.81


     Financial positions for the month ended Dec. 31, 2001:
                                                                   NAV per
                                      Total Assets  Net Assets(e)  Common
     Fund                      Symbol     (000)        (000)       Share
     American Municipal
      Income Portfolio         XAA       $126,883      $82,901     $14.40
     Minnesota Municipal
      Income Portfolio         MXA        $91,251      $59,776     $14.42
     American Strategic
      Income Portfolio         ASP        $72,805      $52,710     $12.46
     American Strategic
      Income Portfolio II      BSP       $267,064     $209,457     $13.13
     American Strategic
      Income Portfolio III     CSP       $360,179     $264,630     $12.40
     American Select Portfolio SLA       $199,664     $141,446     $13.27
     American Income Fund      MRF       $117,098      $85,343      $9.03


     (a)  These distributions were declared on Nov. 21, 2003. They had a
          Dec. 1, 2003, ex-dividend date and were paid on Dec. 17, 2003, to
          shareholders of record on Dec. 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 Dec. 31, 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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