U.S. Bancorp Asset Management, Inc., Announces Financial Positions for Closed-End Funds MINNEAPOLIS, Feb. 11 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Jan. 31, 2005. Net investment income and distribution information for the month ended Jan. 31, 2005: Accumulated Common Net Undistributed Monthly Investment Net Investment Fund Distributions Income/ Income/ American Strategic Income Symbol (a) Share (b) Share (c) Portfolio ASP 0.09991 (f) $0.0576 $0.0358 American Strategic Income Portfolio II BSP $0.0800 $0.0746 $0.0342 American Strategic Income Portfolio III CSP $0.0800 $0.0710 $0.0571 American Select Portfolio SLA $0.0800 $0.0754 $0.0080 American Income Fund MRF 0.07193 (g) $0.0497 ($0.0229) Accum- ulated Undistr- ibuted Net Preferred Invest- Common Distrib- Net ment Monthly utions Investment Income/ Distrib- During Income/ Share Fund Symbol utions (a) Month(d) Share (b) (c) American Municipal Income Portfolio XAA $0.0780 $0.0106 $0.0814 $0.0221 Minnesota Municipal Income Portfolio MXA 0.13659(h) $0.0066 $0.0795 $0.1168 Minnesota Municipal Income Fund II MXN 0.10559(i) $0.0109 $0.0782 $0.0808 Financial positions for the month ended Jan. 31, 2005: NAV* per Total Assets Net Assets(e) Common Fund Symbol (000) (000) 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: NAV* per Total Assets Net Assets(e) Common Fund Symbol (000) (000) 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 Financial positions for the month ended Jan. 31, 2003: NAV* per Total Assets Net Assets(e) Common Fund Symbol (000) (000) Share American Municipal Income Portfolio XAA $131,199 $87,106 $15.13 Minnesota Municipal Income Portfolio MXA $94,567 $63,396 $15.29 Minnesota Municipal Income Fund II MXN $21,545 $21,433 $14.56 American Strategic Income Portfolio ASP $70,135 $53,521 $12.65 American Strategic Income Portfolio II BSP $300,196 $209,936 $13.16 American Strategic Income Portfolio III CSP $363,842 $267,646 $12.54 American Select Portfolio SLA $198,604 $144,417 $13.54 American Income Fund MRF $115,698 $83,887 $8.87 * 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 Dec. 17, 2004. They had a Dec. 23, 2004, ex-dividend date and were paid on Jan. 7, 2005, to shareholders of record on Dec. 28, 2004. (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 a special dividend of $0.02741 from net investment income. (g) Includes a special dividend of $0.02193 from net investment income. (h) Includes $0.00985 from taxable net investment income, and $0.04874 from long-term capital gains. (i) Includes $0.03934 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 $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. DATASOURCE: U.S. Bancorp Asset Management, Inc. CONTACT: Investor Services of U.S. Bancorp Asset Management, Inc., +1-800-677-FUND

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