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U.S. Bancorp Asset Management, Inc., Declares June Distributions for Closed-End Funds

MINNEAPOLIS--(BUSINESS WIRE)--May 20, 2005--U.S. Bancorp Asset Management today declared June distributions for the following funds. The distributions will be allocated on a per-share basis on the common stock. The distributions have a June 1, 2005, ex-dividend date and will be paid on June 22, 2005, to shareholders of record on June 3, 2005.

In addition, American Municipal Income Portfolio (XAA), Minnesota Municipal Income Portfolio (MXA), and Minnesota Municipal Income Fund II (MXN) have decreased their monthly distributions, beginning with the June distribution. These distributions were decreased to more closely reflect current earnings.

                            NYSE           June         May
Fund                        Symbol         Amount       Amount
----                        ------         ------       -------
American Strategic
 Income Portfolio           ASP            $0.0650      $0.0650
American Strategic
 Income Portfolio II        BSP            $0.0800      $0.0800
American Strategic
 Income Portfolio III       CSP            $0.0800      $0.0800
American Select
 Portfolio                  SLA            $0.0700      $0.0700
American Income
 Fund                       MRF            $0.0450      $0.0450
American Municipal
 Income Portfolio           XAA            $0.0750      $0.0780

                            AMEX           June         May
Fund                        Symbol         Amount       Amount
----                        ------         ------       -------
Minnesota Municipal
 Income Portfolio           MXA            $0.0750      $0.0780
Minnesota Municipal
 Income Fund II             MXN            $0.0650      $0.06625

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National Association, serves as the investment advisor to the First American Funds. It provides investment management services to individuals and institutions-including corporations, foundations, pension funds, public funds, and retirement plans-and has combined assets under management of more than $122 billion as of March 31, 2005. The firm has offices in 22 states.

U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp, the sixth-largest(a) financial services holding company in the United States as of March 31, 2005, and a leading provider of comprehensive banking, trust, investment and payment systems products and service. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp at usbank.com.

Investment products, including shares of closed-end funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank 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.

(a) Information provided by U.S. Bank Investor Relations.

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