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U.S. Bancorp Asset Management, Inc., Announces Financial Positions for

Closed-End Funds

MINNEAPOLIS, July 16 /PRNewswire-FirstCall/ -- U.S. Bancorp AssetManagement, Inc., today announced the financial positions for the followingclosed-end funds for the month ended June 30, 2002.

Net investment income and distribution information for the month ended

June 30, 2002:

Accumulated

                                       Preferred     Net        Undistributed
                       Common          Distribution  Investment Net Investment
                       Monthly         During        Income/    Income/

Distribution(a) Month (b)     Share©   Share(d)

    Fund         Symbol

American-

Municipal Term

    Trust III     CXT   $0.0475        $0.0032       $0.0581    $0.8368

Minnesota-

Municipal Term

    Trust II      MNB   $0.0492        $0.0019       $0.0438    $0.5954

American-

Municipal

Income

    Portfolio     XAA   $0.0730        $0.0074       $0.0895    $0.2266

Minnesota-

Municipal

Income

    Portfolio     MXA   $0.0730        $0.0073       $0.0864    $0.2226

Accumulated

                                   Common           Net         Undistributed
                                   Monthly          Investment  Net Investment
    Fund                  Symbol   Distributions(a) Income/     Income/

Share©    Share(d)

American Strategic

    Income Portfolio       ASP      $0.0950         $0.0765     ($0.0049)

American Strategic

    Income Portfolio II    BSP      $0.0950         $0.0898      $0.0959

American Strategic

    Income Portfolio III   CSP      $0.0875         $0.0838      $0.0943

American Select

    Portfolio              SLA      $0.1000         $0.0905      $0.1096
    American Income Fund   MRF      $0.0575         $0.0576     ($0.0005)

Financial positions for the month ended June 30, 2002:

Total Assets   Net Assets(e)      NAV per

    Fund                   Symbol          (000)            (000) Common Share

American Municipal Term

    Trust III              CXT         $75,428           $58,795       $11.09

Minnesota Municipal Term

    Trust II               MNB         $44,166           $36,758       $10.62

American Municipal

    Income Portfolio       XAA         $132,333          $85,228       $14.80

Minnesota Municipal

    Income Portfolio       MXA         $93,806           $61,639       $14.86

American Strategic

    Income Portfolio       ASP         $71,949           $53,119       $12.55

American Strategic

    Income Portfolio II    BSP        $299,009          $211,794       $13.27

American Strategic

    Income Portfolio III   CSP        $368,840          $268,287       $12.57

American Select

    Portfolio              SLA        $195,720          $143,246       $13.43
    American Income Fund   MRF        $114,256           $83,720        $8.86

Financial positions for the month ended June 30, 2001:

Total Assets  Net Assets(e)     NAV per

                                              (000)         (000) Common Share
    Fund                    Symbol

American Municipal Term

    Trust III               CXT            $85,603       $58,936        $11.12

Minnesota Municipal Term

    Trust II                MNB            $55,631       $36,462        $10.54

American Municipal

    Income Portfolio        XAA           $128,894       $83,348        $14.48

Minnesota Municipal

    Income Portfolio        MXA            $92,521       $60,151        $14.50

American Strategic

    Income Portfolio        ASP            $71,048       $54,150        $12.80

American Strategic

    Income Portfolio II     BSP           $292,392      $210,134        $13.17

American Strategic

    Income Portfolio III    CSP           $333,841      $252,564        $11.83

American Select

    Portfolio               SLA           $208,498      $141,722        $13.29
    American Income Fund    MRF           $123,111       $85,814         $9.08

Financial positions for the month ended June 30, 2000:

                                    Total Assets   Net Assets(e)       NAV per
                                            (000)          (000)  Common Share
    Fund                   Symbol

American Municipal Term

    Trust III              CXT           $83,929        $57,266         $10.80

Minnesota Municipal Term

    Trust II               MNB           $52,693        $35,292         $10.20

American Municipal

    Income Portfolio       XAA          $122,890        $78,462         $13.63

Minnesota Municipal

    Income Portfolio       MXA           $92,586        $56,355         $13.59

American Strategic

    Income Portfolio       ASP           $67,375        $51,298         $12.13

American Strategic

    Income Portfolio II    BSP          $265,207       $197,879         $12.40

American Strategic

    Income Portfolio III   CSP          $331,310       $253,024         $11.85

American Select

    Portfolio              SLA          $187,575       $135,124         $12.67

(a)  These distributions were declared on May 20, 2002. They had a

June 3, 2002, ex-dividend date and were paid on June 26, 2002,

to shareholders of record on June 5, 2002.

(b)  Calculated by dividing preferred distributions paid during the

month by the number of common shares outstanding.

©  Based on a three-month average.

(d)  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.

(e)  The difference between net assets and total assets for CXT, MNB,

XAA and MXA 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.

The funds' investment advisor, U. S. Bancorp Asset Management, Inc.(USBAM), is based in Minneapolis and is a subsidiary of U.S. Bank NationalAssociation.  Together with its affiliated private asset management groupswithin U.S. Bank National Association, USBAM provides investment managementservices to individuals and institutions, including corporations, foundations,pension funds, public funds and retirement plans and has combined assets undermanagement of $116.9 billion, as of June 30, 2002.  U.S. Bancorp is theeighth-largest financial services holding company in the United States and aleading provider of comprehensive banking, trust, investment and paymentsystems products and services.  Visit us on the web at usbank.com.

Investment products, including shares of closed-end funds, are notobligations of, or guaranteed by, any bank, including U.S. Bank NationalAssociation or any U.S. Bancorp affiliate, nor are they insured by the FederalDeposit Insurance Corporation, the Federal Reserve Board, or any other agency.An investment in such products involves investment risk, including possibleloss of principal.

MAKE YOUR OPINION COUNT -  Click Here

http://tbutton.prnewswire.com/prn/11690X04082976

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             07/16/2002

/CONTACT:  Investor Services of U.S. Bancorp Asset Management,+1-800-677-FUND/

(USB)

CO:  U.S. Bancorp Asset Management, Inc.
ST:  Minnesota
IN:  FIN
SU:  INO

MP-IM
-- NYTU047 --
8194 07/16/2002 06:01 EDT http://www.prnewswire.com

"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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