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U.S. Bancorp Asset Management, Inc., Declares September Distributions For

Closed-End Funds

MINNEAPOLIS, Aug. 23 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today declared September distributions for the following funds. The distributions will be allocated on a per-share basis on the common stock. The distributions have a Sept. 3, 2002, ex-dividend date and will be paid on Sept. 25, 2002, to shareholders of record on Sept. 5, 2002.


                              NYSE           September           August
    Fund                     Symbol           Amount             Amount

American Strategic

     Income Portfolio         ASP             $0.0725            $0.0725

American Strategic

     Income Portfolio II      BSP             $0.0950            $0.0950

American Strategic

     Income Portfolio III     CSP             $0.0875            $0.0875

American Select

     Portfolio                SLA             $0.1000            $0.1000
    American Income Fund      MRF             $0.0575            $0.0575

American Municipal

     Term Trust III           CXT            $0.22262(a)         $0.0475

American Municipal

     Income Portfolio         XAA             $0.0780            $0.0780

                              AMEX           September           August
    Fund                     Symbol           Amount             Amount

Minnesota Municipal

     Term Trust II             MNB            $0.0492            $0.0492

Minnesota Municipal

     Income Portfolio          MXA            $0.0780            $0.0780

October, November, and December distributions for CXT and MNB are being declared early for tax purposes.  The October distributions have an Oct. 1, 2002, ex-dividend date and will be paid on Oct. 23, 2002, to shareholders of record on Oct. 3, 2002.  The November distributions have a Nov. 1, 2002, ex-dividend date and will be paid on Nov. 20, 2002, to shareholders of record on Nov. 5, 2002.  The December distributions have a Dec. 2, 2002, ex-dividend date and will be paid on Dec. 18, 2002, to shareholders of record on Dec. 4, 2002.

NYSE      October      November    December

    Fund                          Symbol      Amount       Amount      Amount

American Municipal

     Term Trust III                 CXT      $0.0475      $0.0475     $0.0475

AMEX      October      November    December

    Fund                          Symbol      Amount       Amount      Amount

Minnesota Municipal

     Term Trust II                  MNB      $0.0492      $0.0492     $0.0492

(a)  Includes regular monthly dividend of $0.0475 and special dividend of

$0.17183 from tax-exempt net investment income, and $0.00329 from

long-term capital gains.

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National Association, serves as the investment advisor to the First American Funds.  It provides investment management services to individuals and institutions -- including corporations, foundations, pension funds, public funds, and retirement plans -- and has combined assets under management of $117 billion as of June 30, 2002.  The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle, and Denver.

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 service.  U.S. Bancorp is the parent company of U.S. Bank.  Visit U.S. Bancorp on the Web at usbank.com .

Investment products, including shares of mutual funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank 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.

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.

MAKE YOUR OPINION COUNT -  Click Here

http://tbutton.prnewswire.com/prn/11690X37817154

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             08/23/2002

/CONTACT:  Investor Services of U.S. Bancorp Asset Management, Inc., +1-800-677-FUND/

/Web site:  http://www.usbank.com  /

(USB ASP BSP CSP SLA MRF CXT XAA MNB MXA)

CO:  U.S. Bancorp Asset Management, Inc.
ST:  Minnesota
IN:  FIN MFD
SU:

CK-ES
-- MNF001 --
5487 08/23/2002 06:00 EDT http://www.prnewswire.com

"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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