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Minnesota Municipal Income Portfolio Inc. and First American Minnesota Municipal Income Fund II, Inc. Announce Results of Special Shareholder Meetings

MINNEAPOLIS--(BUSINESS WIRE)--Sep. 15, 2014-- Minnesota Municipal Income Portfolio Inc. (NYSE MKT: MXA) and First American Minnesota Municipal Income Fund II, Inc. (NYSE MKT: MXN) announced that, at the reconvened Special Meetings of Shareholders held today, shareholders of each Fund approved proposals to merge the Funds with and into a newly organized closed-end fund, Nuveen Minnesota Municipal Income Fund (the “Combined Fund”), which will be managed by Nuveen Fund Advisors, LLC and subadvised by Nuveen Asset Management, LLC, both current sub-advisors of the Funds. Shareholders also approved certain sub-advisory agreements for the Funds in connection with the previously announced acquisition of Nuveen Investments, Inc. by TIAA-CREF. The mergers approved by the Funds’ shareholders are expected to become effective on October 6, 2014, subject to the satisfaction of customary closing conditions.

On the effective date of the mergers, shareholders of the Funds will become shareholders of the Combined Fund. Nuveen entities will serve as manager and sub-advisor to the Combined Fund with responsibility for all investment management, fund administration and marketing functions, and the Combined Fund will be part of the Nuveen family of closed-end funds. The Combined Fund will operate under the investment strategy and be managed by the portfolio managers described in the joint proxy statement/prospectus dated June 30, 2014.

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 August 31, 2014. First American Closed-End Funds are subadvised by Nuveen Fund Advisors, LLC 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.

Source: U.S. Bancorp Asset Management, Inc.

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

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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