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

Closed-End Funds

MINNEAPOLIS, Oct. 16 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the
following closed-end funds for the month ended Sept. 30, 2002.

Net investment income and distribution information for the month ended Sept. 30, 2002:

Accumulated

Undistri-

buted

                                              Preferred    Net       Net

Common    Distribut- Invest-   Invest-

                                    Monthly     ions      ment       ment

Distribu-  During    Income/   Income/

    Fund                     Symbol tions(a)   Month(b)  Share©  Share (d)

American Municipal Term

     Trust III                CXT   0.22262(f) $0.0026   $0.0523   $0.6717

Minnesota Municipal Term

     Trust II                 MNB   $0.0492    $0.0010   $0.0392   $0.5617

American Municipal Income

     Portfolio                XAA   $0.0780    $0.0079   $0.0890   $0.2355

Minnesota Municipal

     Income Portfolio         MXA   $0.0780    $0.0071   $0.0863   $0.2263

Accumulated

Undistri-

buted

                                                           Net       Net
                                    Common               Invest-   Invest-
                                    Monthly                ment      ment
                                    Distribu-            Income/   Income/
    Fund                     Symbol tions(a)             Share©  Share(d)

American Strategic

     Income Portfolio         ASP   $0.0725              $0.0707  ($0.0104)

American Strategic

     Income Portfolio II      BSP   $0.0950              $0.0881   $0.0751

American Strategic

     Income Portfolio III     CSP   $0.0875              $0.0762   $0.0603

American Select

     Portfolio                SLA   $0.1000              $0.0858   $0.0670
    American Income Fund      MRF   $0.0575              $0.0594   $0.0052

Financial positions for the month ended Sept. 30, 2002:

NAV per

Total Assets  Net Assets(e)  Common

    Fund                          Symbol       (000)        (000)       Share

American Municipal Term

     Trust III                     CXT        $70,052      $58,420     $11.02

Minnesota Municipal

     Term Trust II                 MNB        $40,610      $37,199     $10.75

American Municipal Income

     Portfolio                     XAA       $134,387      $90,349     $15.70

Minnesota Municipal Income

     Portfolio                     MXA        $97,177      $64,877     $15.65

American Strategic

     Income Portfolio              ASP        $73,767      $53,583     $12.67

American Strategic Income

     Portfolio II                  BSP       $287,520     $212,144     $13.29

American Strategic Income

     Portfolio III                 CSP       $352,119     $267,909     $12.55
    American Select Portfolio      SLA       $188,370     $143,947     $13.50
    American Income Fund           MRF       $116,184      $82,565      $8.73

Financial positions for the month ended Sept. 30, 2001:

NAV per

Total Assets  Net Assets(e)  Common

    Fund                          Symbol       (000)        (000)       Share

American Municipal Term

     Trust III                     CXT        $88,276      $59,498     $11.22

Minnesota Municipal Term

     Trust II                      MNB        $54,431      $37,031     $10.70

American Municipal

     Income Portfolio              XAA       $129,223      $85,624     $14.87

Minnesota Municipal Income

     Portfolio                     MXA        $92,689      $61,489     $14.82

American Strategic

     Income Portfolio              ASP        $66,694      $53,731     $12.70

American Strategic Income

     Portfolio II                  BSP       $241,610     $211,239     $13.23

American Strategic Income

     Portfolio III                 CSP       $325,499     $267,632     $12.53
    American Select Portfolio      SLA       $198,939     $143,125     $13.42
    American Income Fund           MRF       $113,957      $85,495      $9.04

Financial positions for the month ended Sept. 30, 2000:

NAV per

Total Assets  Net Assets(e)  Common

    Fund                          Symbol       (000)        (000)       Share

American Municipal Term

     Trust III                     CXT        $84,342      $57,674     $10.88

Minnesota Municipal Term

     Trust II                      MNB        $53,010      $35,615     $10.29

American Municipal Income

     Portfolio                     XAA       $123,384      $79,800     $13.86

Minnesota Municipal Income

     Portfolio                     MXA        $88,205      $57,026     $13.75

American Strategic Income

     Portfolio                     ASP        $72,895      $52,325     $12.37

American Strategic Income

     Portfolio II                  BSP       $274,729     $201,490     $12.62

American Strategic Income

     Portfolio III                 CSP       $353,083     $256,277     $12.00
    American Select Portfolio      SLA       $194,999     $135,500     $12.71

(a)  These distributions were declared on Aug. 23, 2002.  They had a

Sept. 3, 2002, ex-dividend date and were paid on Sept. 25, 2002, to

shareholders of record on Sept. 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.

(f)  Includes regular monthly dividend of $0.0475, and a special dividend

of $0.17183 from tax-exempt net investment income, and $0.00329 from

long-term capital gains.

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 $112 billion as of Sept. 30, 2002.  USBNA is a subsidiary of U.S. Bancorp (NYSE: USB).  U.S. Bancorp 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/11690X67328671

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             10/16/2002

/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:

ES-CK
-- MNW014 --
1079 10/16/2002 15:17 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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