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

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 15, 2006--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Jan. 31, 2006.

Net investment income and distribution information for the month ended
Jan. 31, 2006:

                                                         Accumulated
                                                         Undistributed
                                                         (Distri-
                                                         butions in
                                                         Excess of)
                                 Common       Net        Net
                                 Monthly      Investment Investment
                                 Distri-      Income/    Income/
Fund                    Symbol   butions (a)  Share (b)  Share (c)
American Strategic
 Income Portfolio       ASP      $0.0600      $0.0654    $(0.0054)
American Strategic
 Income Portfolio II    BSP      $0.0800      $0.0731    $0.0538
American Strategic
 Income Portfolio III   CSP      0.06547(f)   $0.0786    $0.0818
American Select
 Portfolio              SLA      0.21367(g)   $0.0845    $0.1338
American Income Fund    MRF      $0.0425      $0.0434    $0.0047



                                                         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    0.18242 (h)  $0.0197    $0.0842    $0.1279
Minnesota
 Municipal
 Income
 Portfolio     MXA    0.08084 (i)  $0.0181    $0.0766    $0.0764
Minnesota
 Municipal
 Income Fund
 II            MXN    0.10268 (j)  $0.0214    $0.0719    $0.0159


Financial positions for the month ended Jan. 31, 2006:

                              Total Assets Net Assets (e)   NAV(1) per
Fund                   Symbol        (000)          (000) Common Share
American Municipal
 Income Portfolio      XAA       $134,592        $88,844       $15.43
Minnesota Municipal
 Income Portfolio      MXA        $94,324        $63,122       $15.22
Minnesota Municipal
 Income Fund II        MXN        $35,136        $22,036       $14.96
American Strategic
 Income Portfolio      ASP        $58,950        $51,597       $12.19
American Strategic
 Income Portfolio II   BSP       $272,461       $193,191       $12.09
American Strategic
 Income Portfolio III  CSP       $288,106       $255,791       $11.98
American Select
 Portfolio             SLA       $163,416       $140,565       $13.18
American Income Fund   MRF       $105,087        $83,369        $8.82


Financial positions for the month ended Jan. 31, 2005:

                              Total Assets Net Assets (e)   NAV(1) per
Fund                   Symbol        (000)          (000) Common Share
American Municipal
 Income Portfolio      XAA       $135,299        $90,639       $15.75
Minnesota Municipal
 Income Portfolio      MXA        $97,301        $64,365       $15.52
Minnesota Municipal
 Income Fund II        MXN        $35,420        $22,368       $15.19
American Strategic
 Income Portfolio      ASP        $59,834        $53,244       $12.58
American Strategic
 Income Portfolio II   BSP       $237,625       $199,421       $12.47
American Strategic
 Income Portfolio III  CSP       $328,106       $259,488       $12.15
American Select
 Portfolio             SLA       $186,853       $139,641       $13.10
American Income Fund   MRF       $118,760        $86,064        $9.10


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

                              Total Assets Net Assets (e)   NAV(1) per
Fund                   Symbol        (000)          (000) Common Share
American Municipal
 Income Portfolio      XAA       $133,738        $90,144       $15.66
Minnesota Municipal
 Income Portfolio      MXA        $95,754        $64,585       $15.57
Minnesota Municipal
 Income Fund II        MXN        $34,673        $21,642       $14.69
American Strategic
 Income Portfolio      ASP        $67,619        $53,689       $12.69
American Strategic
 Income Portfolio II   BSP       $269,864       $208,769       $13.07
American Strategic
 Income Portfolio III  CSP       $333,587       $267,941       $12.55
American Select
 Portfolio             SLA       $200,760       $143,171       $13.42
American Income Fund   MRF       $114,551        $86,782        $9.18


(1) NAVs are priced as of the close of business on the month-end and
    year, as indicated above.


(a) These distributions were declared on Dec. 16, 2005. They had a
    Dec. 22, 2005, ex-dividend date and were paid on Jan. 9, 2006, to
    shareholders of record on Dec. 27, 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.
(f) Includes $0.0650 from net investment income and $0.00047 from
    long-term capital gains.
(g) Includes $0.0700 from net investment income and $0.14367 from
    long-term capital gains.
(h) Includes $0.0720 from tax-exempt net investment income and
    $0.11042 from long-term capital gains.
(i) Includes $0.01922 from tax-exempt net investment income, $0.04978
    from taxable net investment income, and $0.01184 from short-term
    capital gains.
(j) Includes $0.04974 from tax-exempt net investment income, $0.00926
    from taxable net investment income, and $0.04368 from long-term
    capital gains.

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 $124 billion as of December 31, 2005. 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 (NYSE:USB) 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
Investor Services, 800-677-FUND

SOURCE: U.S. Bancorp Asset Management

"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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