MINNEAPOLIS, June 13 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended May 31, 2003.

Net investment income and distribution information for the month ended May 31, 2003:

                                                                   Accumulated
                                                                     Undistri-
                                                 Preferred            buted
                                         Common  Distribu-   Net       Net
                                         Monthly   tions Investment Investment
                                        Distribu-  During  Income/   Income/
                                          tions    Month    Share     Share
        Fund                    Symbol     (a)      (b)      (c)        (d)
        American Municipal
         Income Portfolio         XAA    $0.0780  $0.0073  $0.0873   $0.2475
        Minnesota Municipal
         Income Portfolio         MXA    $0.0780  $0.0064  $0.0836   $0.2264
        Minnesota Municipal
         Income Fund II           MXN   $0.06625  $0.0072  $0.0698   $0.0492

                                                                   Accumulated
                                                                    Undistri-
                                                                      buted
                                         Common              Net       Net
                                         Monthly         Investment Investment
                                       Distributions       Income/   Income/
        Fund                    Symbol     (a)             Share (c) Share (d)
        American Strategic
         Income Portfolio         ASP    $0.0725           $0.0762   $0.0198
        American Strategic
         Income Portfolio II      BSP    $0.0950           $0.1011   $0.1007
        American Strategic
         Income Portfolio III     CSP    $0.0875           $0.1011   $0.1260
        American Select
         Portfolio                SLA    $0.0875           $0.0865   $0.0227
        American Income Fund      MRF    $0.0575           $0.0527  ($0.0097)


     Financial positions for the month ended May 31, 2003:

                                                            Net       NAV per
                                          Total Assets    Assets (e)   Common
        Fund                     Symbol       (000)        (000)       Share
        American Municipal
         Income Portfolio         XAA       $137,224      $92,095     $16.00
        Minnesota Municipal
         Income Portfolio         MXA        $97,565      $66,396     $16.01
        Minnesota Municipal
         Income Fund II           MXN        $35,352      $22,280     $15.13
        American Strategic
         Income Portfolio         ASP        $67,381      $53,412     $12.63
        American Strategic
         Income Portfolio II      BSP       $282,476     $209,405     $13.12
        American Strategic
         Income Portfolio III     CSP       $330,158     $267,166     $12.52
        American Select
         Portfolio                SLA       $191,244     $144,587     $13.56
        American Income Fund      MRF       $112,615      $86,291      $9.13


     Financial positions for the month ended May 31, 2002:

                                                            Net       NAV per
                                           Total Assets   Assets (e)   Common
        Fund                     Symbol       (000)        (000)       Share
        American Municipal
         Income Portfolio         XAA       $130,119      $84,607     $14.70
        Minnesota Municipal
         Income Portfolio         MXA        $92,317      $61,132     $14.74
        American Strategic
         Income Portfolio         ASP        $72,144      $53,283     $12.60
        American Strategic
         Income Portfolio II      BSP       $294,565     $211,954     $13.28
        American Strategic
         Income Portfolio III     CSP       $367,182     $267,942     $12.55
        American Select
         Portfolio                SLA       $199,672     $143,294     $13.44
        American Income Fund      MRF       $116,734      $85,033      $8.99


     Financial positions for the month ended May 31, 2001:
                                                            Net       NAV per
                                          Total Assets    Assets (e)   Common
        Fund                     Symbol       (000)        (000)       Share
        American Municipal
         Income Portfolio         XAA       $126,864      $82,744     $14.37
        Minnesota Municipal
         Income Portfolio         MXA        $90,916      $59,752     $14.41
        American Strategic
         Income Portfolio         ASP        $68,165      $53,975     $12.76
        American Strategic
         Income Portfolio II      BSP       $278,734     $208,539     $13.06
        American Strategic
         Income Portfolio III     CSP       $336,957     $264,097     $12.37
        American Select
         Portfolio                SLA       $189,274     $141,305     $13.25
        American Income Fund      MRF       $109,741     $104,030      $8.80


     (a)  These distributions were declared on April 21, 2003.  They had a
          May 1, 2003, ex-dividend date and were paid on May 28, 2003, to
          shareholders of record on May 5, 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 $115 billion as of March 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.