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American Strategic Income Portfolio and American Select Portfolio Release Board Approval of Proposed Reorganizations

January 28, 2014

American Strategic Income Portfolio Inc. and American Select Portfolio Inc. 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 and sub-advised by Nuveen Asset Management , both current sub-advisors of the Funds. According to a release, 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. Minneapolis -based U.S. Bancorp Asset Management, Inc. serves as investment advisor to the First American Closed-End Funds. More information: ((Comments on this story may be sent to ))

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