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

MINNEAPOLIS, Jan. 15 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Dec. 31, 2002.

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

                                                                  Accumulated
                                                                Undistributed
                                          Preferred       Net         Net
                             Common     Distributions Investment  Investment
                             Monthly        During      Income/     Income/
    Fund         Symbol Distributions(a)   Month(b)    Share(c)    Share(d)

    American
     Municipal
     Term Trust
     III          CXT        $0.0475       $0.0009      $0.0401    $0.6448
    Minnesota
     Municipal
     Term Trust
     II           MNB        $0.0492           N/A      $0.0301    $0.5035
    American
     Municipal
     Income
     Portfolio    XAA        $0.0780       $0.0079      $0.0890    $0.2439
    Minnesota
     Municipal
     Income
     Portfolio    MXA        $0.0780       $0.0066      $0.0855    $0.2270

                                                                 Accumulated
                                                                Undistributed
                                                        Net          Net
                                        Common       Investment   Investment
                                        Monthly       Income/      Income/
    Fund                  Symbol   Distributions(a)   Share(c)     Share(d)

    American Strategic
     Income Portfolio       ASP         $0.0725       $0.0777      $0.0053
    American Strategic
     Income Portfolio II    BSP         $0.0950       $0.1001      $0.0905
    American Strategic
     Income Portfolio III   CSP         $0.0875       $0.0953      $0.0839
    American Select
     Portfolio              SLA         $0.1000       $0.0921      $0.0433
    American Income Fund    MRF         $0.0575       $0.0584      $0.0078

    Financial positions for the month ended Dec. 31, 2002:

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

    American Municipal Term
     Trust III                  CXT      $57,808       $57,044       $10.76
    Minnesota Municipal Term
     Trust II                   MNB      $36,302       $35,846       $10.36
    American Municipal Income
     Portfolio                  XAA     $131,986       $87,972       $15.28
    Minnesota Municipal
     Income Portfolio           MXA      $95,973       $63,466       $15.31
    American Strategic Income
     Portfolio                  ASP      $69,673       $53,193       $12.57
    American Strategic Income
     Portfolio II               BSP     $298,649      $208,809       $13.09
    American Strategic Income
     Portfolio III              CSP     $360,532      $266,123       $12.47
    American Select Portfolio   SLA     $187,592      $143,228       $13.43
    American Income Fund        MRF     $114,296       $83,267        $8.81

    Financial positions for the month ended Dec. 31, 2001:

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

    American Municipal Term
     Trust III                  CXT      $85,319       $58,376       $11.01
    Minnesota Municipal Term
     Trust II                   MNB      $53,743       $36,182       $10.46
    American Municipal Income
     Portfolio                  XAA     $126,883       $82,901       $14.40
    Minnesota Municipal
     Income Portfolio           MXA      $91,251       $59,776       $14.42
    American Strategic Income
     Portfolio                  ASP      $72,805       $52,710       $12.46
    American Strategic Income
     Portfolio II               BSP     $267,064      $209,457       $13.13
    American Strategic Income
     Portfolio III              CSP     $360,179      $264,630       $12.40
    American Select Portfolio   SLA     $199,664      $141,446       $13.27
    American Income Fund        MRF     $117,098       $85,343        $9.03

    Financial positions for the month ended Dec. 31, 2000:

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

    American Municipal Term
     Trust III                  CXT      $85,092        $58,168      $10.98
    Minnesota Municipal Term
     Trust II                   MNB      $53,614        $36,044      $10.42
    American Municipal Income
     Portfolio                  XAA     $127,317        $82,867      $14.40
    Minnesota Municipal
     Income Portfolio           MXA      $91,217        $59,762      $14.41
    American Strategic Income
     Portfolio                  ASP      $71,230        $53,315      $12.60
    American Strategic Income
     Portfolio II               BSP     $272,247       $205,429      $12.87
    American Strategic Income
     Portfolio III              CSP     $365,899       $259,765      $12.17
    American Select Portfolio   SLA     $197,576       $138,197      $12.96
    American Income Fund        MRF     $126,872       $106,729       $9.03

    (a) These distributions were declared on Dec. 20, 2002.  They had a
        Dec. 2, 2002, ex-dividend date and were paid on Dec. 18, 2002, to
        shareholders of record on Dec. 4, 2002.
    (b) Calculated by dividing preferred distributions paid during the month
        by the number of common shares outstanding.
    (c) 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 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 ("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 $113 billion as of Dec. 31, 2002. USBNA is a subsidiary of U.S. Bancorp. 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.

SOURCE U.S. Bancorp Asset Management, Inc.

"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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