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American Strategic Income Portfolio Inc. and American Select Portfolio Inc. Announce Board Approval of Proposed Reorganizations

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MINNEAPOLIS--(BUSINESS WIRE)--

American Strategic Income Portfolio Inc. (NYSE: ASP) and American Select Portfolio Inc. (NYSE: SLA) (each a “Fund” and, collectively, the “Funds”) today announced that their Board of Directors has approved proposals to reorganize the Funds into a newly organized closed-end fund managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen Asset Management, LLC, both current sub-advisors of the Funds. The proposal will be submitted to shareholders of each Fund for a vote at a Special Meeting of Shareholders anticipated to be held during the second quarter of 2014. The Board recommends that shareholders of each Fund vote in favor of the reorganization for their Fund, which would allow shareholders to maintain their investments in a fund that would have a broader and more flexible investment mandate.

If the reorganizations are approved, the Nuveen entities will become advisor and sub-advisor to the combined fund with responsibility for all investment management, fund administration, and marketing functions and the combined fund will move to the Nuveen Funds closed-end funds platform. For a period of two years following the closing of the reorganizations, Nuveen has agreed to maintain expenses of the combined fund at or below the lower of the two Funds' expense ratios in effect prior to the closing. The combined fund will implement Nuveen's real asset income strategy, a strategy that seeks to provide a high level of income and the potential for capital appreciation by investing in real estate and infrastructure related securities (i.e., real assets) across the capital structure. The combined fund's broader investment mandate is expected to result in a more liquid portfolio over time with less emphasis on whole loans and mortgage-backed securities. The combined fund will be managed by John Wenker, Jay Rosenberg, Jeffrey Schmitz, David Yale and Jason O'Brien.

Completion of the proposed reorganizations is subject to a number of conditions and other factors, including approval by shareholders of both Funds. Further announcements regarding the proposed reorganizations and the Special Meeting of Shareholders will be made in the upcoming months.

It is anticipated that the Special Meeting of Shareholders will be held on the same date as the Funds' Annual Meeting of Shareholders at which shareholders will consider the election of Directors and the ratification of the selection of the Funds' independent accountants. Further announcements regarding the Annual Meeting of Shareholders will be made in the upcoming months.

For more information about the Funds, visit www.firstamericanfunds.com or call 800.677.3863.

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 December 31, 2013. 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 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.

Please remember, you could lose money with this investment. Neither safety of principal nor stability of income is guaranteed. Past performance does not guarantee future results.

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.

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

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