U.S. Bancorp Asset Management, Inc. Announces Financial Positions for Closed-End Funds

  U.S. Bancorp Asset Management, Inc. Announces Financial Positions for
  Closed-End Funds

Business Wire

MINNEAPOLIS -- February 21, 2014

U.S. Bancorp Asset Management, Inc.(NYSE:USB) today announced the financial
positions for the following closed-end funds for the month ended January 31,
2014.

                                                                
Net investment income and distribution information for the month ended January 31,
2014:
                                                                      
                                                                      Accumulated
                                                                      Undistributed
                                                                      (Distributions
                                                                      in
                     Monthly             Monthly         Net          Excess of)
                     Common              Preferred       Investment   Net Investment
                     Stock               Stock           Income/      Income/
Fund       Symbol  Distributions     Distributions  Share (c)   Share (d)
                     (a)                 (b)
American
Strategic   ASP      $0.8046       (e)   N/A             $0.0548      $0.0684
Income
Portfolio
American
Strategic
Income      BSP      $0.0500             N/A             $0.0520      $0.0131
Portfolio
II
American
Strategic
Income      CSP      $0.0450             N/A             $0.0450      $(0.0046)
Portfolio
III
American
Select      SLA      $0.4327       (f)   N/A             $0.0651      $0.0809
Portfolio
American
Income      MRF      $0.0400             N/A             $0.0404      $0.0334
Fund
American
Municipal   XAA      $0.0800             $0.0006         $0.0800      $0.1778
Income
Portfolio
Minnesota
Municipal   MXA      $0.0740             $0.0005         $0.0737      $0.1424
Income
Portfolio
Minnesota
Municipal   MXN      $0.1482       (g)   $0.0006         $0.0654      $0.1348
Income
Fund II
                                                                      
N/A = Not Applicable
                                                                      

                                                             
Financial positions for the month ended January 31, 2014:
                                                                  
                                  Total Assets   Net Assets (h)   NAV (1) per
Fund                    Symbol  (000)         (000)           Common Share
American Strategic       ASP      $65,583        $45,793          $10.82
Income Portfolio
American Strategic       BSP      $209,662       $145,200         $9.08
Income Portfolio II
American Strategic       CSP      $230,623       $161,498         $7.56
Income Portfolio III
American Select          SLA      $171,695       $119,178         $11.18
Portfolio
American Income Fund     MRF      $111,750       $81,190          $8.58
American Municipal       XAA      $126,453       $82,809          $14.39
Income Portfolio
Minnesota Municipal      MXA      $93,286        $62,079          $14.97
Income Portfolio
Minnesota Municipal      MXN      $33,919        $20,835          $14.15
Income Fund II
                                                                  

Financial positions for the month ended January 31, 2013:
                                                                  
                                  Total Assets   Net Assets (h)   NAV (1) per
Fund                    Symbol  (000)         (000)           Common Share
American Strategic       ASP      $76,560        $53,244          $12.58
Income Portfolio
American Strategic       BSP      $234,695       $163,773         $10.24
Income Portfolio II
American Strategic       CSP      $248,490       $173,298         $8.11
Income Portfolio III
American Select          SLA      $183,871       $128,453         $12.05
Portfolio
American Income Fund     MRF      $115,287       $82,078          $8.67
American Municipal       XAA      $135,107       $91,508          $15.90
Income Portfolio
Minnesota Municipal      MXA      $98,705        $67,528          $16.28
Income Portfolio
Minnesota Municipal      MXN      $36,410        $23,336          $15.85
Income Fund II
                                                                  

Financial positions for the month ended January 31, 2012:
                                                                  
                                  Total Assets   Net Assets (h)   NAV (1) per
Fund                    Symbol  (000)         (000)           Common Share
American Strategic       ASP      $74,246        $53,293          $12.59
Income Portfolio
American Strategic       BSP      $222,239       $155,534         $9.73
Income Portfolio II
American Strategic       CSP      $247,264       $171,488         $8.03
Income Portfolio III
American Select          SLA      $174,804       $122,909         $11.53
Portfolio
American Income Fund     MRF      $111,453       $79,495          $8.40
American Municipal       XAA      $131,764       $88,018          $15.29
Income Portfolio
Minnesota Municipal      MXA      $96,659        $65,439          $15.78
Income Portfolio
Minnesota Municipal      MXN      $35,869        $22,857          $15.52
Income Fund II
                                                                  

(1)   NAVs are priced as of the close of business on the month-end and year
        as indicated above.
        These distributions were declared on December 13, 2013, had an
(a)     ex-dividend date of December 26, 2013, and were paid on January 10,
        2014 to shareholders of record on December 30, 2013.
(b)     Calculated by dividing preferred distributions paid during the month
        by the number of common shares outstanding.
(c)     Based on a three-month average.
        Accumulated undistributed (distributions in excess of) net investment
(d)     income is reflected in a fund's net asset value. Any reduction of this
        amount will reduce net asset value penny-for-penny.
(e)     $0.7984 from long-term capital gains and $0.0062 from short-term
        capital gains.
(f)     $0.4327 from long-term capital gains.
(g)     Includes a normal monthly distribution of $0.0625 and $0.0857 from
        long-term capital gains.
        The difference between net assets and total assets for XAA, MXA, and
(h)     MXN is primarily due to the issuance of preferred stock; net assets
        reflect common stock only. For ASP, BSP, CSP, SLA, and MRF, the
        difference is primarily due to the funds' use of borrowings.
        

The aforementioned financial data is unaudited. It has, however, been obtained
from sources deemed reliable.

ASP, BSP, CSP and SLA distributions are payable in cash or, pursuant to the
funds’ dividend reinvestment plans, reinvested in additional shares of the
funds’ common stock. Under each fund’s plan, fund shares will be purchased on
the open market when the price of the fund’s shares on the New York Stock
Exchange plus per share fees is less than a 5% premium over the fund’s most
recently calculated net asset value per share. If, at the close of business on
the dividend payment date, the shares purchased in the open market are
insufficient to satisfy the dividend reinvestment requirement, payment of the
dividend, or the remaining portion, will be accepted in authorized but
unissued shares of the fund. These shares will be issued at a per-share price
equal to the higher of (a) the net asset value per share as of the close of
business on the payment date or (b) 95% of the closing market price per share
on the payment date.

MRF distributions are payable in cash or, pursuant to the fund’s dividend
reinvestment plan, reinvested in additional shares of the fund’s common stock.
If you participate in the plan, you will receive the equivalent in shares of
the fund as follows: (1) if the market price of the shares on the payment date
of the dividend or distribution is equal to or exceeds the fund’s net asset
value, participants will be issued fund shares at the higher of net asset
value or 95% of the market price; or (2) if the market price is lower than net
asset value, the plan agent will receive the dividend or capital gain
distributions in cash and apply them to buy fund shares on your behalf in the
open market, on the New York Stock Exchange or elsewhere, for your account. If
the market price exceeds the net asset value of the fund’s shares before the
plan agent has completed its purchases, the average per-share purchase price
paid by the plan agent may exceed the net asset value of the fund’s shares.
This would result in the acquisition of fewer shares than if the dividend or
capital gain distributions had been paid in shares issued by the fund.

XAA, MXA and MXN distributions are payable in cash or, pursuant to the funds’
dividend reinvestment plans, reinvested in additional shares of the funds’
common stock. Under each fund’s plan, fund shares will be purchased on the
exchange on which the fund is listed or elsewhere on the open market.

During certain periods, each fund may pay distributions at a rate that may be
more or less than the amount of net investment income actually earned by the
fund during the period. Each closed-end fund will provide a notice, as
required by Section 19(a) of the Investment Company Act of 1940, as amended,
for any distribution that does not consist solely of net investment income.
Any such notice will provide information regarding the estimated amounts of
the distribution derived from net investment income, net realized capital
gains and return of capital. Such notices will be for informational purposes
only and the amounts indicated in such notices likely will differ from the
ultimate federal income tax characterization of distributions reported to
shareholders on Form 1099-DIV after year end.

Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as investment
advisor to the First American Closed-End Funds. A subsidiary of U.S. Bank
National Association, U.S. Bancorp Asset Management focuses on providing
investment management services to institutional clients, including
corporations, public entities and nonprofits. It has combined assets under
management of more than $51 billion as of January 31, 2014. First American
Closed-End Funds are subadvised by Nuveen Fund Advisors, Inc. and Nuveen Asset
Management, LLC.

Investment products, including shares of closed-end funds, are not obligations
of, or guaranteed by, any bank, including U.S. Bank National Association 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.

U.S. Bank National Association is a separate entity and wholly owned
subsidiary of U.S. Bancorp, the fifth-largest commercial bank in the United
States, and provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

Contact:

U.S. Bancorp Asset Management, Inc.
Investor Services, 800-677-3863
 
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