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

MINNEAPOLIS, April 12 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended March 31, 2004.

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

                                                                  Accumulated
                                                                 Undistributed
                              Common      Preferred      Net          Net
                              Monthly   Distributions Investment   Investment
                           Distributions   During       Income/      Income/
     Fund          Symbol       (a)        Month (b)   Share (c)    Share (d)

     American
      Municipal
      Income
      Portfolio     XAA       $0.0780      $0.0055      $0.0828      $0.2491
     Minnesota
      Municipal
      Income
      Portfolio     MXA       $0.0780      $0.0040      $0.0776      $0.1961
     Minnesota
      Municipal
      Income
      Fund II       MXN      $0.06625      $0.0047      $0.0754      $0.0356


                                                                  Accumulated
                                                                 Undistributed
                              Common                     Net          Net
                              Monthly                 Investment   Investment
                           Distributions                Income/      Income/
     Fund          Symbol       (a)                    Share (c)    Share (d)

     American
      Strategic
      Income
      Portfolio     ASP       $0.0725                   $0.0787      $0.0499
     American
      Strategic
      Income
      Portfolio
      II            BSP       $0.0950                   $0.0944      $0.0877
     American
      Strategic
      Income
      Portfolio
      III           CSP       $0.0875                   $0.0796      $0.0507
     American
      Select
      Portfolio     SLA       $0.0875                   $0.0890      $0.0353
     American
      Income
      Fund          MRF       $0.0550                   $0.0511     ($0.0142)


     Financial positions for the month ended March 31, 2004:

                                                       Net Assets    NAV per
                                        Total Assets      (e)         Common
     Fund                       Symbol     (000)         (000)        Share

     American Municipal
      Income Portfolio            XAA     $135,857      $91,193       $15.84
     Minnesota Municipal
      Income Portfolio            MXA      $96,417      $65,227       $15.73
     Minnesota Municipal
      Income Fund II              MXN      $35,028      $21,988       $14.93
     American Strategic
      Income Portfolio            ASP      $64,606      $53,742       $12.70
     American Strategic
      Income Portfolio II         BSP     $274,791     $209,081       $13.08
     American Strategic
      Income Portfolio III        CSP     $350,049     $266,863       $12.50
     American Select Portfolio    SLA     $199,394     $142,449       $13.36
     American Income Fund         MRF     $116,610      $86,555        $9.16


     Financial positions for the month ended March 31, 2003:

                                                      Net Assets     NAV per
                                        Total Assets      (e)         Common
     Fund                       Symbol     (000)         (000)        Share

     American Municipal
      Income Portfolio            XAA     $132,693      $88,107       $15.31
     Minnesota Municipal
      Income Portfolio            MXA      $95,409      $64,235       $15.49
     Minnesota Municipal
      Income Fund II              MXN      $34,563      $21,341       $14.49
     American Strategic
      Income Portfolio            ASP      $67,984      $53,429       $12.63
     American Strategic
      Income Portfolio II         BSP     $290,832     $209,535       $13.13
     American Strategic
      Income Portfolio III        CSP     $372,082     $266,950       $12.51
     American Select Portfolio    SLA     $194,306     $144,137       $13.52
     American Income Fund         MRF     $118,811      $84,497        $8.94


     Financial positions for the month ended March 31, 2002:

                                                      Net Assets     NAV per
                                        Total Assets      (e)         Common
     Fund                       Symbol     (000)         (000)        Share

     American Municipal Income
      Portfolio                   XAA     $126,972      $82,780       $14.37
     Minnesota Municipal Income
      Portfolio                   MXA      $90,994      $59,814       $14.42
     American Strategic Income
      Portfolio                   ASP      $71,935      $52,633       $12.44
     American Strategic Income
      Portfolio II                BSP     $284,696     $210,852       $13.21
     American Strategic Income
      Portfolio III               CSP     $358,074     $265,896       $12.45
     American Select Portfolio    SLA     $201,742     $142,185       $13.33
     American Income Fund         MRF     $111,497      $84,814        $8.97


     (a)  These distributions were declared on Feb. 20, 2004.  They had a
          March 1, 2004, ex-dividend date and were paid on March 24, 2004, to
          shareholders of record on March 3, 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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