MINNEAPOLIS--(BUSINESS WIRE)--July 22, 2005--U.S. Bancorp Asset Management today declared August distributions for the following funds. The distributions will be allocated on a per-share basis on the common stock. The distributions have an Aug. 1, 2005, ex-dividend date and will be paid on Aug. 24, 2005, to shareholders of record on Aug. 3, 2005.

                               NYSE         August       July
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          $0.0650      $0.0650
American Select
 Portfolio                     SLA          $0.0700      $0.0700
American Income Fund           MRF          $0.0425      $0.0425
American Municipal
 Income Portfolio              XAA          $0.0750      $0.0750

                               AMEX         August       July
Fund                           Symbol       Amount       Amount
----                           ------       ------       ------
Minnesota Municipal
 Income Portfolio              MXA          $0.0750      $0.0750
Minnesota Municipal
 Income Fund II                MXN          $0.0650      $0.0650

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 June 30, 2005.

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 June 30, 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.