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

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


    Net investment income and distribution information for the month ended
    Dec. 31, 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           $0.0582     $0.0831
    American Strategic
     Income Portfolio II   BSP     $0.0800           $0.0860     $0.0467
    American Strategic
     Income Portfolio III  CSP     $0.0800           $0.0735     $0.0708
    American Select
     Portfolio             SLA     $0.0800           $0.0791     $0.0120
    American Income Fund   MRF     $0.0500           $0.0512     $0.0008


                                                                 Accumulated
                                             Preferred  Net      Undistributed
                                   Common    Distrib-   Invest-  Net
                                   Monthly   utions     ment     Investment
                                   Distrib-  During     Income/  Income/
    Fund                   Symbol  utions(a) Month(d)   Share(b) Share(c)
    American Municipal
     Income Portfolio      XAA     $0.0780   $0.0101    $0.0804  $0.2076
    Minnesota Municipal
     Income Portfolio      MXA     $0.0780   $0.0120    $0.0782  $0.1279
    Minnesota Municipal
     Income Fund II        MXN     $0.06625  $0.0103    $0.0781  $0.0788


    Financial positions for the month ended Dec. 31, 2004:

                                           Total          Net   NAV* per
                                          Assets     Assets(e)    Common
    Fund                      Symbol        (000)        (000)     Share
    American Municipal
     Income Portfolio         XAA       $133,558      $89,453     $15.54
    Minnesota Municipal
     Income Portfolio         MXA        $95,259      $63,504     $15.31
    Minnesota Municipal
     Income Fund II           MXN        $35,132      $21,922     $14.89
    American Strategic
     Income Portfolio         ASP        $60,309      $53,104     $12.55
    American Strategic
     Income Portfolio II      BSP       $235,288     $200,202     $12.52
    American Strategic
     Income Portfolio III     CSP       $336,186     $258,159     $12.09
    American Select Portfolio SLA       $187,321     $139,053     $13.04
    American Income Fund      MRF       $120,582      $86,019      $9.10


    Financial positions for the month ended Dec. 31, 2003:

                                           Total          Net   NAV* per
                                          Assets     Assets(e)    Common
    Fund                      Symbol        (000)        (000)     Share
    American Municipal
     Income Portfolio         XAA       $135,005      $89,448     $15.54
    Minnesota Municipal
     Income Portfolio         MXA        $95,835      $64,307     $15.51
    Minnesota Municipal
     Income Fund II           MXN        $34,703      $21,537     $14.63
    American Strategic
     Income Portfolio         ASP        $68,996      $53,355     $12.61
    American Strategic
     Income Portfolio II      BSP       $275,483     $207,328     $12.99
    American Strategic
     Income Portfolio III     CSP       $354,514     $264,891     $12.41
    American Select Portfolio SLA       $201,240     $142,418     $13.36
    American Income Fund      MRF       $113,215      $85,889      $9.08


    Financial positions for the month ended Dec. 31, 2002:

                                           Total          Net   NAV* per
                                          Assets     Assets(e)    Common
    Fund                      Symbol        (000)        (000)     Share
    American Municipal
     Income Portfolio         XAA       $131,986      $87,972     $15.28
    Minnesota Municipal
     Income Portfolio         MXA        $95,973      $63,466     $15.31
    Minnesota Municipal
     Income Fund II           MXN        $23,190      $21,444     $14.56
    American Strategic
     Income Portfolio         ASP        $69,673      $53,193     $12.57
    American Strategic
     Income Portfolio II      BSP       $298,649     $208,809     $13.09
    American Strategic
     Income Portfolio III     CSP       $360,532     $266,123     $12.47
    American Select Portfolio SLA       $187,592     $143,228     $13.43
    American Income Fund      MRF       $114,296      $83,267      $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 Nov. 23, 2004. They had a
         Dec. 1, 2004, ex-dividend date and were paid on Dec. 22, 2004, to
         shareholders of record on Dec. 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.

    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.
    -0-                             01/12/2005
    /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; U.S. Bank National
     Association
ST:  Minnesota
IN:  FIN MFD
SU:

SH-CM
-- CGW039 --
4936 01/12/2005 12:28 EST 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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