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

MINNEAPOLIS, March 12 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Feb. 29, 2004.

Net investment income and distribution information for the month ended Feb. 29, 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      $0.0052       $0.0830     $0.2487
    Minnesota
     Municipal
     Income
     Portfolio   MXA      $0.0780      $0.0040       $0.0783     $0.1998
    Minnesota
     Municipal
     Income
     Fund II     MXN     $0.06625      $0.0046       $0.0719     $0.0278


                                                                 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                  $0.0808     $0.0464
    American
     Strategic
     Income
     Portfolio II  BSP      $0.0950                  $0.0952     $0.0913
    American
     Strategic
     Income
     Portfolio III CSP      $0.0875                  $0.0796     $0.0587
    American
     Select
     Portfolio     SLA      $0.0875                  $0.0890     $0.0320
    American
     Income
     Fund          MRF      $0.0550                  $0.0514    ($0.0156)


    Financial positions for the month ended Feb. 29, 2004:

                                      Total Assets Net Assets(e)     NAV per
    Fund                     Symbol       (000)       (000)      Common Share
    American Municipal
     Income Portfolio          XAA      $136,574     $92,225         $16.02
    Minnesota Municipal
     Income Portfolio          MXA       $97,196     $66,023         $15.92
    Minnesota Municipal
     Income Fund II            MXN       $35,251     $22,216         $15.08
    American Strategic
     Income Portfolio          ASP       $65,028     $53,756         $12.70
    American Strategic
     Income Portfolio II       BSP      $280,546    $209,069         $13.08
    American Strategic
     Income Portfolio III      CSP      $329,568    $267,608         $12.53
    American Select
     Portfolio                 SLA      $200,394    $143,136         $13.42
    American Income Fund       MRF      $117,362     $86,617          $9.16


    Financial positions for the month ended Feb. 28, 2003:

                                      Total Assets Net Assets(e)     NAV per
    Fund                     Symbol       (000)       (000)      Common Share
    American Municipal
     Income Portfolio          XAA      $132,205     $88,617         $15.39
    Minnesota Municipal
     Income Portfolio          MXA       $95,648     $64,481         $15.55
    Minnesota Municipal
     Income Fund II            MXN       $21,806     $21,691         $14.73
    American Strategic
     Income Portfolio          ASP       $71,682     $53,503         $12.65
    American Strategic
     Income Portfolio II       BSP      $284,648    $209,457         $13.13
    American Strategic
     Income Portfolio III      CSP      $378,732    $267,595         $12.54
    American Select
     Portfolio                 SLA      $195,477    $144,343         $13.54
    American Income Fund       MRF      $116,341     $84,072          $8.89


    Financial positions for the month ended Feb. 28, 2002:

                                      Total Assets Net Assets(e)     NAV per
    Fund                     Symbol       (000)       (000)      Common Share
    American Municipal
     Income Portfolio          XAA      $129,030     $85,497         $14.76
    Minnesota Municipal
     Income Portfolio          MXA       $92,692     $61,525         $14.74
    American Strategic
     Income Portfolio          ASP       $73,223     $53,277         $12.49
    American Strategic
     Income Portfolio II       BSP      $281,050    $211,580         $13.16
    American Strategic
     Income Portfolio III      CSP      $359,604    $267,891         $12.46
    American Select
     Portfolio                 SLA      $205,755    $143,082         $13.32
    American Income Fund       MRF      $125,572     $85,510          $9.04


    (a)  These distributions were declared on Jan. 23, 2004. They had a
         Feb. 2, 2004, ex-dividend date and were paid on Feb. 25, 2004, to
         shareholders of record on Feb. 4, 2004.
    (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 $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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