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

MINNEAPOLIS, Oct. 13 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc. today announced the financial positions for the following closed-end funds for the month ended Sept. 30, 2004.

    Net investment income and distribution information for the month ended
Sept. 30, 2004:

                                                                Accumulated
                                 Common              Net        Undistributed
                                 Monthly             Investment Net Investment
                                 Distri-             Income/    Income/
     Fund                Symbol  butions(a)          Share(b)   Share (c)
     American Strategic
      Income Portfolio     ASP   $0.0725             $0.1002    $0.1261
     American Strategic
      Income Portfolio II  BSP   $0.0950             $0.0862    $0.0436
     American Strategic
      Income Portfolio III CSP   $0.0875             $0.1037    $0.0978
     American Select
      Portfolio            SLA   $0.0875             $0.0836    $0.0221
     American Income Fund  MRF   $0.0500             $0.0539   ($0.0084)

                                            Preferred           Accumulated
                                 Common     Distri-  Net        Undistributed
                                 Monthly    butions  Investment Net Investment
                                 Distri-    During   Income/    Income/
     Fund                Symbol  butions(a) Month(d) Share(b)   Share (c)
     American Municipal
      Income Portfolio     XAA   $0.0780    $0.0077  $0.0811    $0.2291
     Minnesota Municipal
      Income Portfolio     MXA   $0.0780    $0.0056  $0.0776    $0.1582
     Minnesota Municipal
      Income Fund II       MXN   $0.06625   $0.0073  $0.0784    $0.0718


    Financial positions for the month ended Sept. 30, 2004:

                                       Total          Net    NAV* per
                                      Assets    Assets(e)      Common
     Fund                Symbol        (000)        (000)       Share
     American Municipal
      Income Portfolio     XAA        32,999      $89,357      $15.54
     Minnesota Municipal
      Income Portfolio     MXA       $95,078      $63,889      $15.45
     Minnesota Municipal
      Income Fund II       MXN       $34,776      $21,739      $14.81
     American Strategic
      Income Portfolio     ASP       $60,107      $53,830      $12.71
     American Strategic
      Income Portfolio II  BSP      $258,456     $204,298      $12.73
     American Strategic
      Income Portfolio III CSP      $347,079     $261,603      $12.33
     American Select
      Portfolio            SLA      $180,368     $141,185      $13.21
     American Income Fund  MRF      $132,699      $85,733       $9.10


    Financial positions for the  month ended Sept. 30, 2003:

                                       Total          Net    NAV* per
                                      Assets    Assets(e)      Common
     Fund                Symbol        (000)        (000)       Share
     American Municipal
      Income Portfolio     XAA      $134,118      $88,545      $15.38
     Minnesota Municipal
      Income Portfolio     MXA       $95,389      $64,204      $15.48
     Minnesota Municipal
      Income Fund II       MXN       $34,394      $21,421      $14.55
     American Strategic
      Income Portfolio     ASP       $69,838      $53,724      $12.70
     American Strategic
      Income Portfolio II  BSP      $273,272     $207,409      $12.99
     American Strategic
      Income Portfolio III CSP      $366,934     $267,872      $12.55
     American Select
      Portfolio            SLA      $185,074     $142,786      $13.39
     American Income Fund  MRF      $119,888      $85,705       $9.07


    Financial positions for the month ended Sept. 30, 2002:

                                       Total          Net    NAV* per
                                      Assets    Assets(e)      Common
     Fund                Symbol        (000)        (000)       Share
     American Municipal
      Income Portfolio     XAA      $134,387      $90,349      $15.70
     Minnesota Municipal
      Income Portfolio     MXA       $97,177      $64,877      $15.65
     American Strategic
      Income Portfolio     ASP       $73,767      $53,583      $12.67
     American Strategic
      Income Portfolio II  BSP      $287,520     $212,144      $13.29
     American Strategic
      Income Portfolio III CSP      $352,119     $267,909      $12.55
     American Select
      Portfolio            SLA      $188,370     $143,947      $13.50
     American Income Fund  MRF      $116,184      $82,565       $8.73

* 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 Aug. 20, 2004. They had a Sept.
         1, 2004, ex-dividend date and were paid on Sept. 22, 2004, to
         shareholders of record on Sept. 3, 2004.
    (b)  Based on a three-month average.
    (c)  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.
    (d)  Calculated by dividing preferred distributions paid during the month
         by the number of common shares outstanding.
    (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://www.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.
    -0-                             10/13/2004
    /CONTACT:  U.S. Bancorp Asset Management, Inc. Investor Services,
+1-800-677-FUND/
    /Web site:  http://www.usbank.com /
    (USB)

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

JL-SH 
-- CGW012 --
5705 10/13/2004 06:00 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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