MXA Minnesota Municipal Income Portfolio Inc.

U.S. Bancorp Asset Management, Inc. (NYSE:USB) today announced distributions for 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").

As previously announced, shareholders of each of the Funds 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 sub-advised by Nuveen Asset Management, LLC, both current sub-advisors of the Funds. The merger is expected to become effective on October 6, 2014.

Regulations require that acquired funds in any reorganization fully distribute any accumulated undistributed net investment income prior to effecting the reorganization. Accordingly, the Funds are declaring distributions which will comply with this regulation, payable October 22, 2014 to shareholders of record on October 3, 2014.

The following dates apply to the distribution declarations for the Funds:

    Record Date October 3, 2014 Ex-Dividend Date October 1, 2014 Payable Date October 22, 2014 Reinvest Date October 22, 2014           Per Share Distribution

Ticker

Fund Name

Amount

MXA Minnesota Municipal Income Portfolio Inc. $0.1110 MXN First American Minnesota Municipal Income Fund II, Inc. $0.0861  

These distributions are payable in cash or, pursuant to the Combined Fund’s dividend reinvestment plan, reinvested in additional shares of the Combined Fund’s common stock. Under the Combined Fund’s plan, the number of common shares received will be determined as follows: (1) If the common shares are trading at or above net asset value at the time of valuation, the Combined Fund will issue new common shares at a price equal to the greater of (i) net asset value per common share on that date or (ii) 95% of the market price on that date. (2) If common shares are trading below net asset value at the time of valuation, the plan agent will receive the dividend or distribution in cash and will purchase common shares in the open market, on the New York Stock Exchange or elsewhere, for the participants’ accounts. It is possible that the market price for the common shares may increase before the plan agent has completed its purchases. Therefore, the average purchase price per share paid by the plan agent may exceed the market price at the time of valuation, resulting in the purchase of fewer common shares than if the dividend or distribution had been paid in common shares issued by the Combined Fund. The plan agent will use all dividends and distributions received in cash to purchase common shares in the open market within 30 days of the valuation date. Interest will not be paid on any uninvested cash payments. The plan provides that if common shares start trading at or above net asset value before the plan agent has completed its purchases, the plan agent may cease purchasing common shares in the open market, and may invest the uninvested portion in new common shares at a price equal to the greater of (i) net asset value per common share determined on the last business day immediately prior to the purchase date or (ii) 95% of the market price on that date.

Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as investment advisor to the 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. The Funds are sub-advised 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, 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.

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