American Municipal Income Portfolio Inc. (NYSE: XAA), Minnesota Municipal Income Portfolio Inc. (NYSE MKT: MXA) and First American Minnesota Municipal Income Fund II, Inc. (NYSE MKT: MXN) (each a “Fund” and, collectively, the “Funds”) today announced that each Fund has issued Variable Rate MuniFund Term Preferred Shares (VMTP) through private placements with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds of the preferred share issuances for each Fund will be used to redeem all of each Fund’s outstanding respective auction rate or remarketed preferred stock, as applicable (“ARPs”) as previously announced. VMTP Share Issuance Details:
|American Municipal Income Portfolio Inc.||$43.5||5/1/2017|
|Minnesota Municipal Income Portfolio Inc.||$31.1||5/1/2017|
|First American Minnesota Municipal Income Fund II, Inc.||$13.0||5/1/2017|
The proceeds of the completed VMTP issuances will be deposited in trust with Bank of New York Mellon, as agent for the ARPs that are to be redeemed. This deposit will be held for the benefit of the ARPs’ stockholders and those shares will be redeemed in early May 2014. Official notification of the redemption will be delivered to ARPs’ stockholders through The Depository Trust Company (DTC).No VMTP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VMTP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities. 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 $52 billion as of February 28, 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 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 .