FAF Advisors to Retain Advisory Role for Closed-End Funds

FAF Advisors, Inc.’s (FAF’s) parent company, U.S. Bancorp, announced Thursday, July 29, that it will receive a 9.5 percent stake in Chicago-based Nuveen Investments and cash consideration in exchange for the long-term asset management business of FAF. Following the closing of the transaction, FAF, which will be renamed U.S. Bancorp Asset Management (USBAM), will continue to act as the investment advisor to its closed-end funds, American Strategic Income Portfolio Inc. (ASP), American Strategic Income Portfolio Inc. – II (BSP), American Strategic Income Portfolio Inc. – III (CSP), American Select Portfolio Inc. (SLA), American Income Fund, Inc. (MRF), American Municipal Income Portfolio Inc. (XAA), Minnesota Municipal Income Portfolio Inc. (MXA), and First American Minnesota Municipal Income Fund II, Inc. (MXN). The funds will continue to be governed by the First American Funds Board of Directors.

Subject to board and shareholder approval, USBAM will retain Nuveen Asset Management to sub-advise the closed-end funds. It is expected that some or all of each fund’s current portfolio management team will continue to act in that capacity through USBAM’s sub-advisory relationship with Nuveen Asset Management.

Based in Minneapolis, FAF Advisors, Inc., a subsidiary of U.S. Bank National Association, serves as the investment advisor to the funds. It provides investment management services to individuals and institutions–including corporations, foundations, pension funds, public funds, and retirement plans–and had combined assets under management or administration of more than $86 billion as of June 30, 2010.

U.S. Bancorp, with $283 billion in assets as of June 30, 2010, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,002 banking offices in 24 states and 5,309 ATMs 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.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, the company managed $150 billion of assets on June 30, 2010.

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 principal.