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U.S. Bancorp Center                                        KATHLEEN L. PRUDHOMME
800 Nicollet Mall                                         DEPUTY GENERAL COUNSEL
BC-MN-H04N                                           Direct line: (612) 303-3738
Minneapolis, MN 55402                                        Fax: (612) 303-4223

July 23, 2008

VIA EDGAR

Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549

RE:  Rule 17g-1 Fidelity Bond Filing

     Information with Respect to Period Covering July 1, 2008 through June 30,
     2009 for the following Investment Companies (each a "Fund"):

          American Income Fund, Inc. (811-05642)

          American Municipal Income Portfolio Inc. (811-07678)

          American Select Portfolio Inc. (811-07838)

          American Strategic Income Portfolio Inc. (811-06404)

          American Strategic Income Portfolio Inc. - II (811-06640)

          American Strategic Income Portfolio Inc. - III (811-07444)

          First American Funds, Inc. (811-03313)

          First American Investment Funds, Inc. (811-05309)

          First American Strategy Funds, Inc. (811-07687)

          First American Minnesota Municipal Income Fund II, Inc. (811-21193)

          Minnesota Municipal Income Portfolio Inc. (811-07680)

          Mount Vernon Securities Lending Trust (811-21824)

Dear Sir or Madam:

     Enclosed for filing, pursuant to Rule 17g-1 of the Investment Company Act
of 1940, as amended, please find the following information with respect to the
First American Funds complex of mutual funds referenced above. Please note for
the Commission's records, the following:

     a.   A copy of the executed Joint Insured Fidelity Bond with a schedule of
          individual named insureds, for the period from July 1, 2008 through
          June 30, 2009 is enclosed under EXHIBIT 1;

     b.   A copy of the resolution from the June 17-19, 2008, meeting of the
          Board of Directors at which a majority of directors not considered
          "interested persons" approved the amount, type, form and coverage of
          the Fidelity Bond, and the portion of the premium to be paid by each
          Fund for the period from July 1, 2008 through June 30, 2009 is
          enclosed under EXHIBIT 2;



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     c.   A document showing the amount of the single insured bond which each
          Fund would have provided and maintained had it not been named as an
          insured under the Joint Insured Fidelity Bond for the period from July
          1, 2008 through June 30, 2009 is enclosed under EXHIBIT 3;

     d.   Premiums have been appropriately paid for the period from July 1, 2008
          through June 30, 2009; and

     e.   A copy of the agreement between each Fund and all of the other named
          insureds entered into pursuant to paragraph (f) of Rule 17g-1 is
          enclosed under EXHIBIT 4.

     Please contact me if you have questions or require additional information.

Very truly yours,


/s/ Kathleen L. Prudhomme

Kathleen L. Prudhomme
Deputy General Counsel

Enclosures

cc w/o enclosures:  Thomas S. Schreier, Jr.
                    Charles R. Manzoni, Jr.
                    Gregory T. McMath