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American Municipal Term Trust III and Minnesota Municipal Term Trust II To Close in April, Each Beats Target Share Price

MINNEAPOLIS, March 18 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management announced today that its American Municipal Term Trust III (CXT) and Minnesota Municipal Term Trust II (MNB) will both terminate in April, with each returning more than its objective of $10 per share.

American Municipal Term Trust III is a diversified, closed-end mutual fund traded on the New York Stock Exchange. The objectives of the fund are to return $10 per share on or before April 15, 2003, and to provide high current income that is exempt from regular federal income tax.

Minnesota Municipal Term Trust II is a non-diversified, closed-end mutual fund traded on the American Stock Exchange. The objectives of the fund are to return $10 per share on or before April 15, 2003, and to provide high current income that is exempt from both regular federal income tax and State of Minnesota personal income tax.

Both funds are currently exceeding their objectives. As of March 13, CXT's net asset value per share, at $10.66, is 6.6 percent over its target and MNB's net asset value per share, at $10.27, is 2.7 percent over its target. The funds also continue to pay high tax-free income. Neither CXT nor MNB have ever reduced their common dividend and neither will reduce their dividend before trust termination. Current distribution levels will remain in effect until the funds terminate on or before April 15, 2003.

Doug White, managing director and head of the team that manages tax-free investments for U.S. Bancorp Asset Management, explains how the portfolios have been positioned: "We've positioned CXT's and MNB's portfolios in short-term securities that mature on or before their termination so their net asset values have remained relatively stable and on target for distribution in April," he explained. "Our application of a prudent and consistent strategy through a variety of market cycles since the trusts' inception has helped to make them a success."

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiary of U.S. Bank National Association. It 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 $113 billion as of Dec. 31, 2002. The firm has offices in 22 states.

U.S. Bancorp Asset Management, Inc., serves as the investment adviser to the First American Funds. U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp (NYSE: USB), 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. U.S. Bancorp is the parent company of U.S. Bank.

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.

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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