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U.S. Bancorp Asset Management, Inc., Declares January Distributions For Closed-End Funds

MINNEAPOLIS, Dec. 20 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today declared January distributions for the following funds. The distributions will be allocated on a per-share basis on the common stock. The distributions have a Dec. 26, 2002, ex-dividend date and will be paid on Jan. 9, 2003, to shareholders of record on Dec. 30, 2002.

    Fund                                     NYSE         January     December
                                            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         $0.13697(a) $0.0475
    American Municipal Income Portfolio       XAA         $0.07808(b) $0.0780


    Fund                                      AMEX        January     December
                                             Symbol        Amount      Amount

    Minnesota Municipal Term Trust II         MNB         $0.12215(c) $0.0492
    Minnesota Municipal Income Portfolio      MXA         $0.0780     $0.0780
    Minnesota Municipal Income Fund II        MXN         $0.06625       $---

    (a)  Includes $0.0475 from tax-exempt net investment income, and $0.08947
         from long-term capital gains.
    (b)  Includes $0.0780 from tax-exempt net investment income, and $0.00008
         from taxable net investment income.
    (c)  Includes $0.0492 from tax-exempt net investment income, and $0.07295
         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 more than $111 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.

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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