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ASP, BSP, CSP, SLA Board of Directors Announces It Will Not Pursue Merger or Reorganization of Funds

MINNEAPOLIS, Dec 08, 2005 (BUSINESS WIRE) -- 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 does not intend to pursue any merger or other reorganization of the four closed-end funds at this time. The board had previously announced that it was exploring the possibility of combining the funds into a single, closed-end fund.

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 $121.9 billion as of Sept. 30, 2005.

U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp (NYSE:USB), the sixth-largest(a) financial services holding company in the United States as of Sept. 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.

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

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

"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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