American Strategic Income Portfolio Inc. and American Select Portfolio Inc. Announce Update Regarding Previously Announced Reorganization

MINNEAPOLIS--(BUSINESS WIRE)--

American Strategic Income Portfolio Inc. ASP and American Select Portfolio Inc. SLA (each a "Fund" and, collectively, the "Funds") today announced that the previously announced reorganization will not occur as originally planned.

On January 23, 2014, the Funds announced that the Board of Directors had approved proposals to reorganize the Funds into a newly organized closed-end fund managed by Nuveen Fund Advisors, LLC (“NFA”) and sub-advised by Nuveen Asset Management, LLC (“NAM”), both current sub-advisors of the Funds. It was anticipated that the proposals would have been 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.

It is expected that the Board will consider a revised reorganization proposal from the Funds' advisor, U.S. Bancorp Asset Management, Inc., NFA and NAM at a meeting to be held in late April 2014 and that further information will be announced at that time.

For more information about the Funds, visit www.firstamericanfunds.com or call 800.677.3863.

Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as investment advisor to the First American Closed-End 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 February 28, 2014. First American Closed-End Funds are subadvised by Nuveen Fund Advisors, Inc. and Nuveen Asset Management, LLC.

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.

Please remember, you could lose money with this investment. Neither safety of principal nor stability of income is guaranteed. Past performance does not guarantee future results.

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.