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

Closed-End Funds

MINNEAPOLIS, Sept. 20 /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 an Oct. 1, 2002, ex-dividend date and will be paid on
Oct. 23, 2002, to shareholders of record on Oct. 3, 2002.  The October distributions for American Municipal Term Trust III and Minnesota Municipal Term Trust II were declared in August.

    Fund                           NYSE Symbol  October      September
                                                 Amount        Amount
    American Strategic Income          ASP      $0.0725       $0.0725


    American Strategic Income          BSP      $0.0950       $0.0950

Portfolio II

    American Strategic Income          CSP      $0.0875       $0.0875

Portfolio III

    American Select Portfolio          SLA      $0.1000       $0.1000
    American Income Fund               MRF      $0.0575       $0.0575
    American Municipal Income          XAA      $0.0780 (a)   $0.0780


    Fund                           AMEX Symbol  October      September
                                                 Amount        Amount
    Minnesota Municipal Income         MXA      $0.0780       $0.0780


(a)  Includes $0.07686 from tax-exempt net investment income and $0.00114

from taxable investment income.

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.



SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             9/20/2002

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

/Web site:  http://usbank.com  /


CO:  U.S. Bancorp Asset Management, Inc.; U.S. Bank National Association; U.S.


ST:  Minnesota

-- MNF007 --
0572 09/20/2002 14:31 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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