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

Closed-End Funds

MINNEAPOLIS, Aug. 14 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended July 31, 2002.

Net investment income and distribution information for the month ended July 31, 2002:

                                             Preferred             Accumulated

Common    Distrib-    Net     Undistributed

Monthly   utions  Investment Net Investment

                                   Distrib-  During     Income/        Income/
    Fund                    Symbol utions(a) Month(b)   Share©      Share(d)

American Municipal

     Term Trust III          CXT   $0.0475   $0.0027    $0.0557       $0.8402

Minnesota Municipal

     Term Trust II           MNB   $0.0492   $0.0020    $0.0454       $0.5899

American Municipal

     Income Portfolio        XAA   $0.0780   $0.0081    $0.0902       $0.2306

Minnesota Municipal

     Income Portfolio        MXA   $0.0780   $0.0075    $0.0872       $0.2249

Accumulated

                                   Common                Net     Undistributed
                                   Monthly           Investment Net Investment
                                   Distrib-             Income/        Income/
    Fund                    Symbol utions(a)            Share©      Share(d)

American Strategic

     Income Portfolio        ASP   $0.0725              $0.0725      ($0.0091)

American Strategic

     Income Portfolio II     BSP   $0.0950              $0.0905       $0.1001

American Strategic

     Income Portfolio III    CSP   $0.0875              $0.0797       $0.0875

American Select

     Portfolio               SLA   $0.1000              $0.0860       $0.0944
    American Income Fund     MRF   $0.0575              $0.0581       $0.0035

Financial positions for the month ended July 31, 2002:

NAV

                                              Total        Net         per

Assets     Assets(e)   Common

    Fund                        Symbol        (000)       (000)       Share

American Municipal Term

     Trust III                   CXT         $70,620     $58,984     $11.13

Minnesota Municipal Term

     Trust II                    MNB         $44,374     $36,964     $10.68

American Municipal

     Income Portfolio            XAA        $131,439     $86,375     $15.01

Minnesota Municipal

     Income Portfolio            MXA         $93,671     $62,486     $15.07

American Strategic

     Income Portfolio            ASP         $72,005     $53,247     $12.59

American Strategic

     Income Portfolio II         BSP        $297,480    $212,361     $13.31

American Strategic

     Income Portfolio III        CSP        $365,036    $268,185     $12.57

American Select

     Portfolio                   SLA        $196,009    $143,472     $13.46
    American Income Fund         MRF        $118,933     $83,200      $8.46

Financial positions for the month ended July 31, 2001:

NAV

                                              Total        Net         per

Assets     Assets(e)   Common

    Fund                        Symbol        (000)       (000)       Share

American Municipal Term

     Trust III                   CXT         $89,023     $59,256     $11.18

Minnesota Municipal Term

     Trust II                    MNB         $56,108     $36,722     $10.61

American Municipal

     Income Portfolio            XAA        $129,148     $84,569     $14.69

Minnesota Municipal

     Income Portfolio            MXA         $92,300     $61,118     $14.74

American Strategic

     Income Portfolio            ASP         $70,194     $53,753     $12.71

American Strategic

     Income Portfolio II         BSP        $290,611    $211,357     $13.25

American Strategic

     Income Portfolio III        CSP        $337,788    $266,957     $12.51

American Select

     Portfolio                   SLA        $206,179    $142,457     $13.36
    American Income Fund         MRF        $116,190     $87,039      $9.21

Financial positions for the month ended July 31, 2000:

NAV

                                              Total        Net         per

Assets     Assets(e)   Common

    Fund                        Symbol        (000)       (000)       Share

American Municipal Term

     Trust III                   CXT         $84,387     $57,720     $10.89

Minnesota Municipal Term

     Trust II                    MNB         $54,799     $35,586     $10.28

American Municipal

     Income Portfolio            XAA        $125,168     $79,601     $13.83

Minnesota Municipal

     Income Portfolio            MXA         $88,308     $57,100     $13.77

American Strategic

     Income Portfolio            ASP         $73,438     $51,344     $12.14

American Strategic

     Income Portfolio II         BSP        $274,990    $198,673     $12.45

American Strategic

     Income Portfolio III        CSP        $346,004    $252,217     $11.82

American Select

     Portfolio                   SLA        $187,121    $134,629     $12.63

(a)  These distributions were declared on June 21, 2002.  They had a

July 1, 2002, ex-dividend date and were paid on July 24, 2002, to

shareholders of record on July 3, 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 National Association.  Together with its affiliated private asset management groups within U.S. Bank National Association, USBAM 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 $117 billion, as of June 30, 2002.  U.S. Bancorp (NYSE: USB) is the eighth-largest financial services holding company in the United States and a leading provider of comprehensive banking, trust, investment and payment systems products and services.  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.

MAKE YOUR OPINION COUNT -  Click Here

http://tbutton.prnewswire.com/prn/11690X91535772

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             08/14/2002

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

/Web site:  http://www.usbank.com  /

(USB CXT MNB XAA MXA ASP BSP CSP SLA MRF)

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

CK-JA
-- MNW003 --
3611 08/14/2002 09:48 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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