USB US Bancorp

The closed-end funds listed below, which are advised by U.S. Bancorp Asset Management, Inc., today declared their March distributions. The distributions will be allocated on a per-share basis on the common stock. The distributions have a March 1, 2011, ex-dividend date and will be paid on March 23, 2011, to shareholders of record on March 3, 2011.

U.S. Bancorp Asset Management also announced that the Board of Directors of American Strategic Income Portfolio Inc. (NYSE: ASP), American Strategic Income Portfolio Inc. – II (NYSE: BSP), American Strategic Income Portfolio Inc. – III (NYSE: CSP) and American Select Portfolio Inc. (NYSE: SLA) (together, the “Whole Loan Funds”) has determined to reduce the level distributions paid by each Whole Loan Fund under their respective level distribution policies. The reduced distribution levels are effective with the March distributions and are provided below.

The Whole Loan Funds’ level distribution policy was originally adopted by the Board of Directors, effective with the December 2009 monthly distributions, in an effort to reduce the discount between the market price of each Fund’s shares and the shares’ net asst value and to provide additional liquidity to shareholders. Discounts did narrow as 2010 progressed, with all four funds moving from double digit discounts to premiums or modest discounts by the middle of 2010. Since that time the discounts have widened and it is believed that the level distributions should be slightly reduced while other alternatives to managing the Funds’ persistent discounts are considered.

Fund

     

NYSESymbol

     

MarchAmount

     

Change fromPrevious Month

American Strategic  Income Portfolio

ASP $ 0.0979 (a ) $ (0

.0111)

American Strategic  Income Portfolio II

BSP $ 0.0838 (b ) $ (0

.0212)

American Strategic  Income Portfolio III

CSP $ 0 .0800 (c ) $ (0

.0180)

American Select  Portfolio

SLA $ 0.0890 (d ) $ (0

.0270)

American Income  Fund

MRF $ 0 .0525 $ 0 .0000

American Municipal  Income Portfolio

XAA $ 0 .0800 $ 0 .0000

Fund

     

NYSEAlternext

     

MarchAmount

     

Change fromPrevious Month

Minnesota Municipal  Income Portfolio

MXA $ 0 .0725 $ 0 .0000

Minnesota Municipal  Income Fund II

MXN $ 0 .0700 $ 0 .0000

Under the revised level distribution policy, ASP, BSP, CSP and SLA currently anticipate paying fixed monthly distributions to shareholders in the amounts set forth in the table above. It is expected that distributions under the level distribution policy will consist primarily of net investment income and a return of capital to shareholders, although the exact tax characteristics of the funds’ distributions in any fiscal year will not be known until after the end of that fiscal year. A return of capital represents a return of a shareholder’s original investment in a fund’s shares, and should not be confused with a dividend yield. The level distribution policy is subject to suspension, further revision or termination at any time without notice to shareholders. The 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.

Each fund listed below 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.

(a) The distribution includes an estimated $0.0691 from net investment income and $0.0288 return of capital.

(b) The distribution includes an estimated $0.0516 from net investment income and $0.0322 return of capital.

(c) The distribution includes an estimated $0.0432 from net investment income and $0.0368 return of capital.

(d) The distribution includes an estimated $0.0687 from net investment income and $0.0203 return of capital.

Minneapolis-based U.S. Bancorp Asset Management, Inc., formerly known as FAF Advisors, 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 $57 billion as of January 3, 2011. First American Closed-end Funds are subadvised by Nuveen Fund Advisors, Inc. and Nuveen Asset Management, LLC.

U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp(NYSE:USB), 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.

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.