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

MINNEAPOLIS, Feb. 14 /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, 2003.

    Net investment income and distribution information for the month ended
    Jan. 31, 2003:

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

    American
     Municipal
     Term Trust
     III          CXT     $0.0475          N/A        $0.0271       $0.6067
    Minnesota
     Municipal
     Term Trust
     II           MNB     $0.0492          N/A        $0.0195       $0.4600
    American
     Municipal
     Income
     Portfolio    XAA    $0.07808 (f)  $0.0069        $0.0867       $0.2427
    Minnesota
     Municipal
     Income
     Portfolio    MXA     $0.0780      $0.0064        $0.0858       $0.2308
    Minnesota
     Municipal
     Income Fund
     II           MXN    $0.06625          N/A        $0.0463       $0.0728

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

    American
     Strategic
     Income
     Portfolio    ASP     $0.0725                     $0.0766       $0.0156
    American
     Strategic
     Income
     Portfolio
     II           BSP     $0.0950                     $0.0986       $0.0956
    American
     Strategic
     Income
     Portfolio
     III          CSP     $0.0875                     $0.0949       $0.0891
    American
     Select
     Portfolio    SLA     $0.1000                     $0.0886       $0.0374
    American
     Income Fund  MRF     $0.0575                     $0.0569       $0.0083


    Financial positions for the month ended Jan. 31, 2003:

                                       Total Assets Net Assets(e)   NAV per
    Fund                       Symbol     (000)         (000)     Common Share
    American Municipal
     Term Trust III             CXT      $57,012       $56,974       $10.75
    Minnesota Municipal
     Term Trust II              MNB      $35,904       $35,874       $10.37
    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


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

                                       Total Assets Net Assets(e)   NAV per
    Fund                       Symbol     (000)         (000)     Common Share
    American Municipal
     Term Trust III             CXT      $85,632       $58,996       $11.13
    Minnesota Municipal
     Term Trust II              MNB      $53,988       $36,608       $10.58
    American Municipal
     Income Portfolio           XAA     $129,417       $84,423       $14.67
    Minnesota Municipal
     Income Portfolio           MXA      $91,965       $60,807       $14.66
    American Strategic
     Income Portfolio           ASP      $75,237       $53,151       $12.56
    American Strategic
     Income Portfolio II        BSP     $262,234      $210,834       $13.21
    American Strategic
     Income Portfolio III       CSP     $356,115      $266,540       $12.49
    American Select Portfolio   SLA     $204,595      $142,768       $13.39
    American Income Fund        MRF     $117,853       $85,761        $9.07


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

                                       Total Assets Net Assets(e)   NAV per
    Fund                       Symbol     (000)         (000)     Common Share
    American Municipal
     Term Trust III             CXT      $85,788       $59,130       $11.16
    Minnesota Municipal
     Term Trust II              MNB      $53,992       $36,586       $10.57
    American Municipal
     Income Portfolio           XAA     $127,068       $83,486       $14.50
    Minnesota Municipal
     Income Portfolio           MXA      $91,274       $60,094       $14.49
    American Strategic
     Income Portfolio           ASP      $70,108       $54,036       $12.77
    American Strategic
     Income Portfolio II        BSP     $281,072      $208,065       $13.04
    American Strategic
     Income Portfolio III       CSP     $368,870      $263,442       $12.34
    American Select Portfolio   SLA     $200,023      $140,489       $13.18
    American Income Fund        MRF     $133,540      $109,572        $9.27


    (a) These distributions were declared on Dec. 20, 2002. They had a Dec.
        26, 2002, ex-dividend date and were paid on Jan. 9, 2003, to
        shareholders of record on Dec. 30, 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.
    (f) Includes regular monthly dividend of $0.0780 and $.00008 from taxable
        net investment income.

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 (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.

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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