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

Closed-End Funds

MINNEAPOLIS, Oct. 21 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today declared November distributions for the following funds.  The distributions will be allocated on a per-share basis on the common stock.  The 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 November distributions for American Municipal Term Trust III and Minnesota Municipal Term Trust II were declared in August.

     Fund                                      NYSE    November    October

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 Income Portfolio        XAA    $0.0780     $0.0780(a)

     Fund                                      AMEX    November    October

Symbol    Amount      Amount

     Minnesota Municipal Income Portfolio       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 $112 billion as of Sept. 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.

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SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             10/21/2002

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

/Web site:  http://www.usbank.com  /


CO:  U.S. Bancorp Asset Management, Inc.
ST:  Minnesota

-- MNM004 --
5392 10/21/2002 06:01 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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