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

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

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

                                                                 Accumulated
                                                      Net        Undistributed
                                                      Invest-    Net
                                  Common              ment       Investment
                                  Monthly             Income/    Income/
    Fund                   Symbol Distributions(a)    Share(b)   Share(c)
    American Strategic
     Income Portfolio      ASP    $0.0725             $0.0630    $0.0932
    American Strategic
     Income Portfolio II   BSP    $0.0800             $0.0861    $0.0501
    American Strategic
     Income Portfolio III  CSP    $0.0800             $0.1050    $0.0782
    American Select
     Portfolio             SLA    $0.0800             $0.0793    $0.0173
    American Income Fund   MRF    $0.0500             $0.0524   ($0.0049)


                                                                 Accumulated
                                            Preferred            Undistributed
                                  Common    Distrib-  Net        Net
                                  Monthly   utions    Investment Investment
                                  Distrib-  During    Income/    Income/
    Fund                   Symbol utions(a) Month(d)  Share(b)   Share(c)
    American Municipal
     Income Portfolio      XAA    $0.0780   $0.0100   $0.0789    $0.2133
    Minnesota Municipal
     Income Portfolio      MXA    $0.0780   $0.0099   $0.0779    $0.1403
    Minnesota Municipal
     Income Fund II        MXN    $0.06625  $0.0098   $0.0770    $0.0763


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

                                           Total          Net   NAV* per
                                          Assets    Assets(e)     Common
    Fund                      Symbol       (000)        (000)      Share
    American Municipal Income
     Portfolio                XAA       $136,055      $88,597     $15.39
    Minnesota Municipal Income
     Portfolio                MXA        $94,470      $63,280     $15.26
    Minnesota Municipal Income
     Fund II                  MXN        $34,732      $21,681     $14.72
    American Strategic Income
     Portfolio                ASP        $60,571      $53,501     $12.64
    American Strategic Income
     Portfolio II             BSP       $236,747     $201,583     $12.61
    American Strategic Income
     Portfolio III            CSP       $331,154     $260,144     $12.18
    American Select Portfolio SLA       $181,645     $140,061     $13.14
    American Income Fund      MRF       $120,424      $86,279      $9.13


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

                                           Total          Net   NAV* per
                                          Assets    Assets(e)     Common
    Fund                      Symbol       (000)        (000)      Share
    American Municipal Income
     Portfolio                XAA       $132,814      $89,195     $15.49
    Minnesota Municipal Income
     Portfolio                MXA        $95,365      $64,179     $15.47
    Minnesota Municipal Income
     Fund II                  MXN        $34,482      $21,472     $14.58
    American Strategic Income
     Portfolio                ASP        $69,353      $53,598     $12.67
    American Strategic Income
     Portfolio II             BSP       $257,541     $208,402     $13.05
    American Strategic Income
     Portfolio III            CSP       $347,805     $268,018     $12.55
    American Select Portfolio SLA       $191,916     $143,016     $13.41
    American Income Fund      MRF       $108,845      $85,745      $9.07


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

                                           Total          Net   NAV* per
                                          Assets    Assets(e)     Common
    Fund                      Symbol       (000)        (000)      Share
    American Municipal Income
     Portfolio                XAA       $129,692      $86,172     $14.97
    Minnesota Municipal Income
     Portfolio                MXA        $94,853      $60,737     $14.97
    Minnesota Municipal Income
     Fund II                  MXN        $24,043      $21,066     $14.31
    American Strategic Income
     Portfolio                ASP        $71,091      $53,340     $12.61
    American Strategic Income
     Portfolio II             BSP       $290,422     $211,344     $13.24
    American Strategic Income
     Portfolio III            CSP       $360,881     $267,763     $12.55
    American Select Portfolio SLA       $172,552     $143,676     $13.48
    American Income Fund      MRF       $115,150      $83,311      $8.81

    * 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 Oct. 22, 2004. They had a
         Nov. 1, 2004, ex-dividend date and were paid on Nov. 24, 2004, to
         shareholders of record on Nov. 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 $119 billion as of Sept. 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.

SOURCE U.S. Bancorp Asset Management, Inc.

U.S. Bancorp Asset Management, Inc. Investor Services,
+1-800-677-FUND
http://usbank.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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