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

MINNEAPOLIS, April 10 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended March 31, 2003.

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

                                                                      Accumu
                                                                      lated
                                                                     Undistri
                                             Preferred                buted
                                    Common     Distri       Net        Net
                                   Monthly    butions  Investment  Investment
                                    Distri     During     Income/    Income/
    Fund                Symbol    butions(a)   Month(b)  Share(c)    Share(d)

    American Municipal
     Term Trust III       CXT      $0.0475         N/A   $0.0053     $0.5149
    Minnesota Municipal
     Term Trust II        MNB      $0.0492         N/A   $0.0030     $0.3609
    American Municipal
     Income Portfolio     XAA      $0.0780     $0.0062   $0.0846     $0.2445
    Minnesota Municipal
     Income Portfolio     MXA      $0.0780     $0.0056   $0.0842     $0.2292
    Minnesota Municipal
     Income Fund II       MXN     $0.06625     $0.0042   $0.0550     $0.0475


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

    American Strategic
     Income Portfolio          ASP       $0.0725      $0.0751      $0.0130
    American Strategic
     Income Portfolio II       BSP       $0.0950      $0.0933      $0.0853
    American Strategic
     Income Portfolio III      CSP       $0.0875      $0.0880      $0.0853
    American Select
     Portfolio                 SLA       $0.0875      $0.0848      $0.0228
    American Income Fund       MRF       $0.0575      $0.0558      $0.0026


    Financial positions for the month ended March 31, 2003:

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

    American Municipal
     Term Trust III            CXT      $56,557        $56,497      $10.66
    Minnesota Municipal
     Term Trust II             MNB      $35,585        $35,539      $10.27
    American Municipal
     Income Portfolio          XAA     $132,693        $88,107      $15.31
    Minnesota Municipal
     Income Portfolio          MXA      $95,409        $64,235      $15.49
    Minnesota Municipal
     Income Fund II            MXN      $34,563        $21,341      $14.49
    American Strategic
     Income Portfolio          ASP      $67,984        $53,429      $12.63
    American Strategic
     Income Portfolio II       BSP     $290,832       $209,535      $13.13
    American Strategic
     Income Portfolio III      CSP     $372,082       $266,950      $12.51
    American Select Portfolio  SLA     $194,306       $144,137      $13.52
    American Income Fund       MRF     $118,811        $84,497       $8.94


    Financial positions for the month ended March 31, 2002

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

    American Municipal
     Term Trust III            CXT       $84,782      $58,150        $10.97
    Minnesota Municipal
     Term Trust II             MNB       $53,495      $36,099        $10.43
    American Municipal
     Income Portfolio          XAA      $126,972      $82,780        $14.37
    Minnesota Municipal
     Income Portfolio          MXA       $90,994      $59,814        $14.42
    American Strategic
     Income Portfolio          ASP       $71,935      $52,633        $12.44
    American Strategic
     Income Portfolio II       BSP      $284,696     $210,852        $13.21
    American Strategic
     Income Portfolio III      CSP      $358,074     $265,896        $12.45
    American Select Portfolio  SLA      $201,742     $142,185        $13.33
    American Income Fund       MRF      $111,497      $84,814         $8.97


    Financial positions for the month ended March 31, 2001:

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

    American Municipal
     Term Trust III            CXT       $86,837       $59,151       $11.16
    Minnesota Municipal
     Term Trust II             MNB       $54,045       $36,640       $10.59
    American Municipal
     Income Portfolio          XAA      $128,738       $84,137       $14.61
    Minnesota Municipal
     Income Portfolio          MXA       $92,543       $60,605       $14.61
    American Strategic
     Income Portfolio          ASP       $70,295       $54,240       $12.82
    American Strategic
     Income Portfolio II       BSP      $279,724      $209,197       $13.11
    American Strategic
     Income Portfolio III      CSP      $354,124      $264,701       $12.40
    American Select Portfolio  SLA      $199,926      $141,289       $13.25
    American Income Fund       MRF      $142,646      $109,252        $9.24


    (a) These distributions were declared on Feb. 21, 2003.  They had a March
        3, 2003, ex-dividend date and were paid on March 26, 2003, to
        shareholders of record on March 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, MXA and
        MXN 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 (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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