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

MINNEAPOLIS, March 14 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc. (NYSE: USB), today announced the financial positions for the following closed-end funds for the month ended Feb. 28, 2003.

    Net investment income and distribution information for the month ended
    Feb. 28, 2003:

                                                                  Accumulated
                                                                 Undistributed
                                             Preffered     Net        Net
                                  Common  Distributions Investment Investment
                                  Monthly     During     Income/    Income/
    Fund                Symbol  Distributions  Month      Share      Share
                                   (a)          (b)        (c)        (d)
    American Municipal
     Term Trust III      CXT     $0.0475        N/A      $0.0129     $0.5595
    Minnesota Municipal
     Term Trust II       MNB     $0.0492        N/A      $0.0092     $0.4083
    American Municipal
     Income Portfolio    XAA     $0.0780    $0.0058      $0.0843     $0.2396
    Minnesota Municipal
     Income Portfolio    MXA     $0.0780    $0.0045      $0.0846     $0.2277
    Minnesota Municipal
     Income Fund II      MXN    $0.06625        N/A      $0.0506     $0.0559

                                                                  Accumulated
                                                                 Undistributed
                                                          Net         Net
                                  Common               Investment  Investment
                                  Monthly                Income/    Income/
    Fund                Symbol  Distributions             Share      Share
                                   (a)                     (c)        (d)
    American Strategic
     Income Portfolio    ASP     $0.0725                 $0.0763     $0.0087
    American Strategic
     Income
     Portfolio II        BSP     $0.0950                 $0.0937     $0.0823
    American Strategic
     Income
     Portfolio III       CSP     $0.0875                 $0.0927     $0.0852
    American Select
     Portfolio           SLA     $0.0875                 $0.0868     $0.0256
    American Income
     Fund                MRF     $0.0575                 $0.0564     $0.0048


    Financial positions for the month ended Feb. 28, 2003:

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

    American Municipal Term Trust III      CXT    $56,780    $56,733   $10.70
    Minnesota Municipal Term Trust II      MNB    $35,743    $35,704   $10.32
    American Municipal Income Portfolio    XAA   $132,205    $88,617   $15.39
    Minnesota Municipal Income Portfolio   MXA    $95,648    $64,481   $15.55
    Minnesota Municipal Income Fund II     MXN    $21,806    $21,691   $14.73
    American Strategic Income Portfolio    ASP    $71,682    $53,503   $12.65
    American Strategic Income
     Portfolio II                          BSP   $284,648   $209,457   $13.13
    American Strategic Income
     Portfolio III                         CSP   $378,732   $267,595   $12.54
    American Select Portfolio              SLA   $195,477   $144,343   $13.54
    American Income Fund                   MRF   $116,341    $84,072    $8.89


    Financial positions for the month ended Feb. 28, 2002

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

    American Municipal Term Trust III      CXT    $85,846    $59,229   $11.12
    Minnesota Municipal Term Trust II      MNB    $54,171    $36,785   $10.57
    American Municipal Income Portfolio    XAA   $129,030    $85,497   $14.76
    Minnesota Municipal Income Portfolio   MXA    $92,692    $61,525   $14.74
    American Strategic Income Portfolio    ASP    $73,223    $53,277   $12.49
    American Strategic Income
     Portfolio II                          BSP   $281,050   $211,580   $13.16
    American Strategic Income
     Portfolio III                         CSP   $359,604   $267,891   $12.46
    American Select Portfolio              SLA   $205,755   $143,082   $13.32
    American Income Fund                   MRF   $125,572    $85,510    $9.04


    Financial positions for the month ended Feb. 28, 2001:

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

    American Municipal Term Trust III      CXT    $85,676    $59,007   $11.13
    Minnesota Municipal Term Trust II      MNB    $53,941    $36,527   $10.56
    American Municipal Income Portfolio    XAA   $127,140    $83,542   $14.51
    Minnesota Municipal Income Portfolio   MXA    $91,454    $60,258   $14.53
    American Strategic Income Portfolio    ASP    $70,221    $54,148   $12.80
    American Strategic Income
     Portfolio II                          BSP   $280,787   $208,804   $13.09
    American Strategic Income
     Portfolio III                         CSP   $368,492   $264,151   $12.38
    American Select Portfolio              SLA   $199,517   $141,009   $13.23
    American Income Fund                   MRF   $138,053   $109,927    $9.30


    (a)  These distributions were declared on Jan. 17, 2003. They had a
         Feb. 3, 2003, ex-dividend date and were paid on Feb. 26, 2003, to
         shareholders of record on Feb. 5, 2003.
    (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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