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

MINNEAPOLIS, Sept. 14 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc. today announced the financial positions for the following closed-end funds for the month ended August 31, 2004.


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

                                            Preferred           Accumulated
                                 Common     Distri-  Net        Undistributed
                                 Monthly    butions  Investment Net Investment
                                 Distri-    During   Income/    Income/
     Fund                Symbol  butions(a) Month(b) Share(c)   Share (d)
     American Municipal
      Income Portfolio   XAA     $0.0780    $0.0062  $0.0816    $0.2369
     Minnesota Municipal
      Income Portfolio   MXA     $0.0780    $0.0057  $0.0768    $0.1652
     Minnesota Municipal
      Income Fund II     MXN     $0.06625   $0.0071  $0.0789    $0.0696

                                                                Accumulated
                                 Common              Net        Undistributed
                                 Monthly             Investment Net Investment
                                 Distri-             Income/    Income/
     Fund                Symbol  butions(a)          Share(c)   Share(d)
     American Strategic
      Income Portfolio   ASP     $0.0725             $0.0972    $0.1216
     American Strategic
      Income
      Portfolio II       BSP     $0.0950             $0.0891    $0.0617
     American Strategic
      Income
      Portfolio III      CSP     $0.0875             $0.0802    $0.0182
     American Select
      Portfolio          SLA     $0.0875             $0.0875    $0.0344
     American Income
      Fund               MRF     $0.0525             $0.0549   ($0.0122)


     Financial positions for the month ended August 31, 2004:

                                      Total          Net    NAV* per
                                     Assets     Assets(e)     Common
     Fund                Symbol        (000)        (000)      Share
     American Municipal
      Income Portfolio   XAA       $132,999      $89,357      $15.52
     Minnesota Municipal
      Income Portfolio   MXA        $95,078      $63,889      $15.41
     Minnesota Municipal
      Income Fund II     MXN        $34,776      $21,739      $14.76
     American Strategic
      Income Portfolio   ASP        $60,107      $53,830      $12.72
     American Strategic
      Income
      Portfolio II       BSP       $258,456     $204,298      $12.78
     American Strategic
      Income
      Portfolio III      CSP       $347,079     $261,603      $12.25
     American Select
      Portfolio          SLA       $180,368     $141,185      $13.24
     American Income
      Fund               MRF       $132,699      $85,733       $9.07


     Financial positions for the month ended August 31, 2003:

                                      Total          Net    NAV* per
                                     Assets     Assets(e)     Common
     Fund                Symbol        (000)        (000)      Share
     American Municipal
      Income Portfolio   XAA       $129,416      $85,315      $14.82
     Minnesota Municipal
      Income Portfolio   MXA        $93,896      $61,965      $14.94
     Minnesota Municipal
      Income Fund II     MXN        $33,901      $20,594      $13.99
     American Strategic
      Income Portfolio   ASP        $65,311      $52,435      $12.40
     American Strategic
      Income
      Portfolio II       BSP       $273,031     $206,659      $12.94
     American Strategic
      Income
      Portfolio III      CSP       $319,956     $266,832      $12.50
     American Select
      Portfolio          SLA       $192,237     $142,704      $13.38
     American Income
      Fund               MRF       $120,482      $83,948       $8.88


     Financial positions for the month ended August 31, 2002:

                                      Total          Net    NAV* per
                                     Assets     Assets(e)     Common
     Fund                Symbol        (000)        (000)      Share
     American Municipal
      Income Portfolio   XAA       $131,188      $87,612      $15.22
     Minnesota Municipal
      Income Portfolio   MXA        $94,346      $63,164      $15.23
     American Strategic
      Income Portfolio   ASP        $71,864      $53,329      $12.61
     American Strategic
      Income
      Portfolio II       BSP       $296,933     $212,059      $13.29
     American Strategic
      Income
      Portfolio III      CSP       $347,747     $267,829      $12.55
     American Select
      Portfolio          SLA       $189,237     $144,134      $13.52
     American Income
      Fund               MRF       $116,777      $83,199       $8.80

     * NAV's are priced as of the close of business on the month-end and year,
       as indicated above.

     (a)  These distributions were declared on July 22, 2004. They had an
          August 2, 2004, ex-dividend date and were paid on August 25, 2004,
          to shareholders of record on August 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 aforementioned financial data is unaudited. It has, however, been
     obtained from sources deemed reliable.

     Performance data quoted represents performance and does not include
     future results. The principal value of an investment return will
     fluctuate so that an investor's shares, when sold may be worth more or
     less than their original cost. Performance current to the most recent
     month-end may be lower or higher than the performance quoted.

     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 $122 billion as of June 30,
     2004. USBNA is a subsidiary of U.S. Bancorp (NYSE: USB). Visit us on the
     web at http://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.

     *Information provided by U.S. Bank Investor Relations.
SOURCE  U.S. Bancorp Asset Management, Inc.
    -0-                             09/14/2004
    /CONTACT:  U.S. Bancorp Asset Management, Inc. Investor Services,
+1-800-677-FUND/
    /Web site:  http://usbank.com /
    (USB)

CO:  U.S. Bancorp Asset Management, Inc.; U.S. Bancorp
ST:  Minnesota
IN:  FIN MFD
SU:

SH-AM 
-- CGTU075 --
9220 09/14/2004 16:58 EDT http://www.prnewswire.com
"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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