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

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 19, 2005--U.S. Bancorp Asset Management today declared September distributions for the following funds. The distributions will be allocated on a per-share basis on the common stock. The distributions have a Sept. 1, 2005, ex-dividend date and will be paid on Sept. 21, 2005, to shareholders of record on Sept. 6, 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 September distributions. These distributions were decreased to more closely reflect current earnings.

Also, American Select Portfolio (SLA) declared a special dividend as a result of increased earnings in July due to a couple of extraordinary events. Management does not believe these are repeatable in the near term. The fund's core, or sustainable income levels, are much more aligned with the regular monthly dividend of $0.0700 per share. The special dividend will be paid at the same time as the September distribution.

                               AMEX          September     August
Fund                           Symbol        Dividend      Dividend
----                           ------        ---------     --------
Minnesota Municipal Income
 Portfolio                     MXA           $0.0720       $0.0750
Minnesota Municipal Income
 Fund II                       MXN           $0.0620       $0.0650

                               NYSE          September     August
Fund                           Symbol        Dividend      Dividend
----                           ------        ---------     --------
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           $0.3100 (a)   $0.0700
American Income Fund           MRF           $0.0425       $0.0425
American Municipal Income
 Portfolio                     XAA           $0.0720       $0.0750

(a) Includes a special dividend of $0.2400 from net investment income.

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(b) 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.

(b) 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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