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American Municipal Term Trust III to Redeem Preferred Stock

MINNEAPOLIS, Sept. 16 /PRNewswire-FirstCall/ --

U.S. Bancorp Asset Management, Inc., announced today that

American Municipal Term Trust III (NYSE: CXT) will redeem shares of the Remarketed Preferred Stock (preferred stock) in preparation for the anticipated termination and liquidation of CXT on or before April 15, 2003.

On Oct. 21, 2002, CXT will redeem 200 shares of preferred stock at a redemption price of $25,000 per share plus accumulated but unpaid dividends through Oct. 20, 2002.  Beneficial owners of shares to be redeemed will be notified by the paying agent.

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 has combined assets under management of $116.9 billion as of June 30, 2002.  The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle, and Denver.

U.S. Bancorp Asset Management, Inc., serves as the investment advisor 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.  Visit U.S. Bancorp on the Web at http://www.usbank.com

Investment products, including shares of closed-end 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 the principal amount invested.

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.

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http://tbutton.prnewswire.com/prn/11690X54732132

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             09/16/2002

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

/Web site:  http://www.usbank.com  /

(USB CXT)

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

ES-JA
-- MNM017 --
3034 09/16/2002 16:41 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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