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

MINNEAPOLIS, Feb. 13 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Jan. 31, 2004.

Net investment income and distribution information for the month ended Jan. 31, 2004:

                                                              Accumulated
                                                             Undistributed
                                        Preferred       Net       Net
                             Common   Distributions Investment Investment
                            Monthly       During     Income/    Income/
    Fund        Symbol  Distributions(a) Month(b)    Share(c)   Share(d)
    American
     Municipal
     Income
     Portfolio   XAA       0.0780(f)     $0.0077     $0.0842    $0.2516
    Minnesota
     Municipal
     Income
     Portfolio   MXA       0.0780(g)     $0.0058     $0.0802    $0.2102
    Minnesota
     Municipal
     Income
     Fund II     MXN      0.06625(h)     $0.0050     $0.0667    $0.0241


                                                              Accumulated
                                                             Undistributed
                                                       Net        Net
                             Common                 Investment Investment
                            Monthly                  Income/    Income/
    Fund        Symbol  Distributions(a)             Share(c)   Share(d)
    American
     Strategic
     Income
     Portfolio   ASP      $0.0725                    $0.0762    $0.0375
    American
     Strategic
     Income
     Portfolio
     II          BSP      $0.0950                    $0.0915    $0.0863
    American
     Strategic
     Income
     Portfolio
     III         CSP       0.1600(i)                 $0.0863    $0.0733
    American
     Select
     Portfolio   SLA      $0.0875                    $0.0900    $0.0326
    American
     Income
     Fund        MRF      $0.0550                    $0.0524   ($0.0091)


    Financial positions for the month ended Jan. 31, 2004:

                                     Total Assets  Net Assets(e)    NAV per
    Fund                     Symbol      (000)         (000)     Common Share
    American Municipal
     Income Portfolio          XAA     $133,738       $90,144       $15.66
    Minnesota Municipal
     Income Portfolio          MXA      $95,754       $64,585       $15.57
    Minnesota Municipal
     Income Fund II            MXN      $34,673       $21,642       $14.69
    American Strategic
     Income Portfolio          ASP      $67,619       $53,689       $12.69
    American Strategic
     Income Portfolio II       BSP     $269,864      $208,769       $13.07
    American Strategic
     Income Portfolio III      CSP     $333,587      $267,941       $12.55
    American Select
     Portfolio                 SLA     $200,760      $143,171       $13.42
    American Income Fund       MRF     $114,551       $86,782        $9.18


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

                                     Total Assets  Net Assets(e)    NAV per
    Fund                     Symbol      (000)         (000)     Common Share
    American Municipal
     Income Portfolio          XAA     $131,199       $87,106       $15.13
    Minnesota Municipal
     Income Portfolio          MXA      $94,567       $63,396       $15.29
    Minnesota Municipal
     Income Fund II            MXN      $21,545       $21,433       $14.56
    American Strategic
     Income Portfolio          ASP      $70,135       $53,521       $12.65
    American Strategic
     Income Portfolio II       BSP     $300,196      $209,936       $13.16
    American Strategic
     Income Portfolio III      CSP     $363,842      $267,646       $12.54
    American Select
     Portfolio                 SLA     $198,604      $144,417       $13.54
    American Income Fund       MRF     $115,698       $83,887        $8.87


    Financial positions for the month ended Jan. 31, 2002:

                                     Total Assets  Net Assets(e)    NAV per
    Fund                     Symbol      (000)         (000)     Common Share
    American Municipal
     Income Portfolio          XAA     $129,417       $84,423       $14.67
    Minnesota Municipal
     Income Portfolio          MXA      $91,965       $60,807       $14.66
    American Strategic
     Income Portfolio          ASP      $75,237       $53,151       $12.56
    American Strategic
     Income Portfolio II       BSP     $262,234      $210,834       $13.21
    American Strategic
     Income Portfolio III      CSP     $356,115      $266,540       $12.49
    American Select
     Portfolio                 SLA     $204,595      $142,768       $13.39
    American Income Fund       MRF     $117,853       $85,761        $9.07


    (a) These distributions were declared on Dec. 19, 2003. They had a Dec.
        26, 2003, ex-dividend date and were paid on Jan. 9, 2004, to
        shareholders of record on Dec. 30, 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.
    (f) Includes $0.06817 from tax-exempt net investment income and $0.00983
        from taxable net investment income.
    (g) Includes $0.07751 from tax-exempt net investment income and $0.00049
        from taxable net investment income.
    (h) Includes $0.06614 from tax-exempt net investment income, $0.00011
        from taxable net investment income, and $0.03302 from short-term
        capital gains.
    (i) Includes a special dividend of $0.0725 from tax-exempt net investment
        income.

    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 $127 billion as of Dec. 31,
    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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