MINNEAPOLIS--(BUSINESS WIRE)--July 20, 2005--The Board of
Directors of American Strategic Income Portfolio Inc. (ASP), American
Strategic Income Portfolio Inc.-II (BSP), American Strategic Income
Portfolio Inc.-III (CSP), and American Select Portfolio Inc. (SLA)
(together, the Funds), in consultation with U.S. Bancorp Asset
Management, the investment adviser to the Funds, announced today that
it will not pursue the previously proposed merger of the Funds into
First American Strategic Real Estate Portfolio Inc., a real estate
investment trust formed for purposes of the merger. The Board of
Directors and U.S. Bancorp Asset Management are currently exploring
other options, including the possibility of combining these four
closed-end Funds into a single closed-end fund that would continue to
be registered under the Investment Company Act.
Based in Minneapolis, U.S. Bancorp Asset Management, Inc., a
subsidiary of U.S. Bank National Association, serves as the investment
advisor to the First American Funds. It provides investment management
services to individuals and institutions-including corporations,
foundations, pension funds, public funds, and retirement plans-and has
combined assets under management of more than $122 billion as of June
U.S. Bank National Association is a separate entity and wholly
owned subsidiary of U.S. Bancorp, the sixth-largest(a) financial
services holding company in the United States as of June 30, 2005, and
a leading provider of comprehensive banking, trust, investment and
payment systems products and service. U.S. Bancorp is the parent
company of U.S. Bank. Visit U.S. Bancorp at 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.
(a) Information provided by U.S. Bank Investor Relations.
CONTACT: U.S. Bancorp Asset Management, Inc.
Investor Services, 800-677-FUND
SOURCE: U.S. Bancorp Asset Management, Inc.