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

MINNEAPOLIS--(BUSINESS WIRE)--April 12, 2005--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended March 31, 2005.

Net investment income and distribution information for the month
ended March 31, 2005:

                                                          Accumulated
                                                         Undistributed
                           Common                Net         Net
                           Monthly            Investment  Investment
                           Distri-             Income/      Income/
Fund                Symbol butions(a)          Share(b)     Share(c)

American Strategic
 Income Portfolio     ASP  $0.0725              $0.0599       $0.0131
American Strategic
 Income Portfolio II  BSP  $0.0800              $0.1127       $0.1449
American Strategic
 Income Portfolio III CSP  $0.0800              $0.0738       $0.0523
American Select
 Portfolio            SLA  $0.0700              $0.0776       $0.0248
American Income
 Fund                 MRF  $0.0475              $0.0476      ($0.0258)


                                                          Accumulated
                                     Preferred           Undistributed
                           Common     Distri-    Net          Net
                           Monthly    butions  Investment  Investment
                           Distri-    During    Income/      Income/
Fund               Symbol  butions(a) Month(d)  Share(b)     Share(c)

American Municipal
 Income Portfolio     XAA  $0.0780   $0.0113    $0.0818       $0.1869
Minnesota Municipal
 Income Portfolio     MXA  $0.0780   $0.0099    $0.0795       $0.1671
Minnesota Municipal
 Income Fund II       MXN  $0.06625  $0.0124    $0.0779       $0.0797


Financial positions for the month ended March 31, 2005:

                                                              NAV(1)
                                      Total                    per
                                      Assets  Net Assets(e)   Common
Fund                         Symbol   (000)       (000)       Share

American Municipal Income     XAA
 Portfolio                          $132,892       $88,247     $15.33
Minnesota Municipal Income    MXA
 Portfolio                           $93,911       $62,213     $15.00
Minnesota Municipal Income    MXN
 Fund II                             $34,824       $21,772     $14.79
American Strategic Income     ASP
 Portfolio                           $58,661       $52,452     $12.40
American Strategic Income     BSP
 Portfolio II                       $258,690      $198,273     $12.40
American Strategic Income     CSP
 Portfolio III                      $341,489      $258,728     $12.11
American Select Portfolio     SLA   $191,829      $139,055     $13.04
American Income Fund          MRF   $126,988       $83,885      $8.87


Financial positions for the month ended March 31, 2004:

                                                              NAV(1)
                                      Total                    per
                                      Assets  Net Assets(e)   Common
Fund                         Symbol   (000)       (000)       Share

American Municipal Income     XAA
 Portfolio                          $135,857       $91,193     $15.84
Minnesota Municipal Income    MXA
 Portfolio                           $96,417       $65,227     $15.73
Minnesota Municipal Income    MXN
 Fund II                             $35,028       $21,988     $14.93
American Strategic Income     ASP
 Portfolio                           $64,606       $53,742     $12.70
American Strategic Income     BSP
 Portfolio II                       $274,791      $209,081     $13.08
American Strategic Income     CSP
 Portfolio III                      $350,049      $266,863     $12.50
American Select Portfolio     SLA   $199,394      $142,449     $13.36
American Income Fund          MRF   $116,610       $86,555      $9.16


Financial positions for the month ended March 31, 2003:

                                                              NAV(1)
                                      Total                    per
                                      Assets  Net Assets(e)   Common
Fund                         Symbol   (000)       (000)       Share

American Municipal Income     XAA
 Portfolio                          $132,693       $88,107     $15.31
Minnesota Municipal Income    MXA
 Portfolio                           $95,409       $64,235     $15.49
Minnesota Municipal Income    MXN
 Fund II                             $34,563       $21,341     $14.49
American Strategic Income     ASP
 Portfolio                           $67,984       $53,429     $12.63
American Strategic Income     BSP
 Portfolio II                       $290,832      $209,535     $13.13
American Strategic Income     CSP
 Portfolio III                      $372,082      $266,950     $12.51
American Select Portfolio     SLA   $194,306      $144,137     $13.52
American Income Fund          MRF   $118,811       $84,497      $8.94


(1) 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 Feb. 18, 2005. They had a
    March 1, 2005, ex-dividend date and were paid on March 23, 2005,
    to shareholders of record on March 3, 2005.
(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 $123 billion as of Dec. 31, 2004. USBNA is a subsidiary of U.S. Bancorp. 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.

CONTACT: U.S. Bancorp Asset Management, Inc., Minneapolis
Investor Services
800-677-FUND

SOURCE: U.S. Bancorp Asset Management, Inc.

"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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