<Page>
-----------------------------
OMB APPROVAL
-----------------------------
OMB Number: 3235-0570
Expires: November 30, 2005
Estimated average burden
hours per response....... 5.0
-----------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7838
---------------------------------------------
American Select Portfolio Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
800 Nicollet Mall Minneapolis, MN 55402
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Joseph M. Ulrey III - 800 Nicollet Mall Minneapolis, MN 55402
- -------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-677-3863
----------------------------
Date of fiscal year end: November 30, 2004
--------------------------
Date of reporting period: May 31, 2004
-------------------------
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street,
NW, Washington, DC 20549-0609. The OMB has reviewed this collection of
information under the clearance requirements of 44 U.S.C. Section 3507.
<Page>
Item 1. Report to Shareholders
<Page>
[GRAPHIC]
[FIRST AMERICAN(TM) LOGO]
AMERICAN SELECT PORTFOLIO INC.
MAY 31, 2004
SEMIANNUAL REPORT
<Page>
[FIRST AMERICAN(TM) LOGO]
AMERICAN SELECT PORTFOLIO INC.
As you are probably aware, the board of directors for American Select Portfolio
Inc. (the "Fund"), as well as American Strategic Income Portfolio Inc., American
Strategic Income Portfolio Inc. II, and American Strategic Income Portfolio Inc.
III (collectively, the "Existing Funds"), has approved a proposal to reorganize
these four funds into the First American Strategic Real Estate Portfolio, Inc.,
a specialty finance company that would elect to be taxed as a real estate
investment trust ("REIT"). Shareholders of the Existing Funds who do not wish to
receive shares of the REIT will have the option, subject to certain limitations,
of electing to exchange their shares for shares of First American Strategic
Income Portfolio Inc., a newly formed closed-end management investment company
with investment policies, restrictions, and strategies substantially similar to
those of the Existing Funds. This transaction is subject to review by the
Securities and Exchange Commission, approval by the Fund's shareholders, and
certain other conditions. There is no assurance that the transaction will be
completed.
OUR IMAGE-GEORGE WASHINGTON
HIS RICH LEGACY AS PATRIOT AND LEADER IS WIDELY RECOGNIZED AS EMBODYING THE
SOUND JUDGMENT, RELIABILITY, AND STRATEGIC VISION THAT ARE CENTRAL TO OUR BRAND.
FASHIONED IN A STYLE REMINISCENT OF AN 18TH CENTURY ENGRAVING, THE ILLUSTRATION
CONVEYS THE SYMBOLIC STRENGTH AND VITALITY OF WASHINGTON, WHICH ARE ATTRIBUTES
THAT WE VALUE AT FIRST AMERICAN.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
TABLE OF CONTENTS
1 Financial Statements
5 Notes to Financial Statements
18 Schedule of Investments
<Page>
FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES May 31, 2004
<Table>
ASSETS:
Investments in unaffiliated securities, at value* (note 2) $ 188,623,545
Investment in affiliated money market fund, at value** (note 3) 3,156,677
Cash in bank on demand deposit 151,579
Receivable for accrued interest 1,008,224
Other assets 52,221
---------------
Total assets 192,992,246
---------------
LIABILITIES:
Payable for reverse repurchase agreements (note 2) 50,656,374
Payable for investment management fees (note 3) 60,221
Payable for administrative fees (note 3) 30,110
Payable for interest expense 44,372
Payable for reorganization expenses (notes 3 and 6) 94,555
---------------
Total liabilities 50,885,632
---------------
Net assets applicable to outstanding capital stock $ 142,106,614
===============
COMPOSITION OF NET ASSETS:
Capital stock and additional paid-in capital $ 139,930,119
Undistributed net investment income 366,392
Accumulated net realized loss on investments (1,303,263)
Unrealized appreciation of investments 3,113,366
---------------
Total-representing net assets applicable to capital stock $ 142,106,614
===============
*Investments in unaffiliated securities, at cost $ 185,510,179
===============
**Investment in affiliated money market fund, at cost $ 3,156,677
===============
NET ASSET VALUE AND MARKET PRICE OF CAPITAL STOCK:
Net assets outstanding $ 142,106,614
Shares outstanding (authorized 1 billion shares of $0.01 par value) 10,662,195
Net asset value per share $ 13.33
Market price per share $ 12.65
</Table>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
1
<Page>
STATEMENT OF OPERATIONS For the Six Months Ended May 31, 2004
<Table>
INVESTMENT INCOME:
Interest $ 6,966,143
Dividends 4,249
Dividends from affiliated money market fund 10,520
---------------
Total investment income 6,980,912
---------------
EXPENSES (NOTE 3):
Investment management fees 356,472
Administrative fees 178,555
Interest expense 587,424
Custodian fees 14,284
Transfer agent fees 15,102
Registration fees 8,599
Reports to shareholders 21,536
Mortgage servicing fees and other expenses 69,997
Directors' fees 12,325
Audit and legal fees 43,811
---------------
Total expenses 1,308,105
---------------
Net investment income 5,672,807
---------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS (NOTE 4):
Net realized gain on investments 178,807
Net change in unrealized appreciation or depreciation of investments (1,163,325)
---------------
Net loss on investments (984,518)
---------------
Net increase in net assets resulting from operations $ 4,688,289
===============
</Table>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
2
<Page>
STATEMENT OF CASH FLOWS For the Six Months Ended May 31, 2004
<Table>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations $ 4,688,289
Adjustments to reconcile net increase in net assets from operations
to net cash provided by operating activities:
Purchases of investments (15,212,000)
Proceeds from paydowns and sales of investments 15,162,313
Net purchases of short-term securities (1,809,483)
Net amortization of bond discount and premium 2,942
Net unrealized depreciation of investments 1,163,325
Net realized gain on investments (178,807)
Decrease in accrued interest receivable 7,752
Increase in other assets (20,817)
Decrease in accrued fees and expenses (1,146)
---------------
Net cash provided by operating activities 3,802,368
---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from reverse repurchase agreements 1,986,984
Distributions paid to shareholders (5,597,653)
---------------
Net cash used in financing activities (3,610,667)
---------------
Net increase in cash 191,699
Bank overdraft at beginning of period (40,120)
---------------
Cash at end of period $ 151,579
===============
Supplemental disclosure of cash flow information:
Cash paid for interest $ 585,590
===============
</Table>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS
ENDED
5/31/04 YEAR ENDED
(UNAUDITED) 11/30/03
--------------- ---------------
OPERATIONS:
Net investment income $ 5,672,807 $ 11,167,206
Net realized gain on investments 178,807 1,158,848
Net change in unrealized appreciation or depreciation of investments (1,163,325) (1,546,288)
--------------- ---------------
Net increase in net assets resulting from operations 4,688,289 10,779,766
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
From net investment income (5,597,653) (11,461,860)
--------------- ---------------
Total decrease in net assets (909,364) (682,094)
Net assets at beginning of period 143,015,978 143,698,072
--------------- ---------------
Net assets at end of period $ 142,106,614 $ 143,015,978
=============== ===============
Undistributed net investment income $ 366,392 $ 291,238
=============== ===============
</Table>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
<Page>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(1) ORGANIZATION
American Select Portfolio Inc. (the "Fund") is registered under the Investment
Company Act of 1940 (as amended) as a diversified, closed-end management
investment company. The Fund emphasizes investments in mortgage-related assets
that directly or indirectly represent a participation in or are secured by and
payable from mortgage loans. It may also invest in U.S. government securities,
corporate debt securities, and preferred stock issued by real estate investment
trusts. The Fund may enter into dollar roll transactions. In addition, the Fund
may borrow using reverse repurchase agreements and revolving credit facilities.
Fund shares are listed on the New York Stock Exchange under the symbol SLA.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SECURITY VALUATIONS
Security valuations for the Fund's investments (other than whole loans) are
furnished by one or more independent pricing services that have been approved by
the Fund's board of directors. Investments in equity securities that are traded
on a national securities exchange are stated at the last quoted sales price if
readily available for such securities on each business day. For securities
traded on the Nasdaq national market system, the Fund utilizes the Nasdaq
Official Closing Price which compares the last trade to the bid/ask price of a
security. If the last trade is within the bid/ask range, then that price will be
the closing price. If the last trade is outside the bid/ask range, and falls
above the ask, the ask price will be the closing price. If the last trade is
below the bid, the bid will be the closing price. Other equity securities traded
in the over-the-counter market and listed equity securities for which no sale
was reported on that date are stated at the last quoted bid price. Debt
obligations exceeding 60 days to maturity are valued by
5
<Page>
an independent pricing service. The pricing service may employ methodologies
that utilize actual market transactions, broker-dealer supplied valuations, or
other formula driven valuation techniques. These techniques generally consider
such factors as yields or prices of bonds of comparable quality, type of issue,
coupon, maturity, ratings, and general market conditions. Securities for which
prices are not available from an independent pricing service but where an active
market exists are valued using market quotations obtained from one or more
dealers that make markets in the securities or from a widely-used quotation
system. When market quotations are not readily available, securities are valued
at fair value as determined in good faith by procedures established and approved
by the Fund's board of directors. Some of the factors which may be considered by
the board of directors in determining fair value are fundamental analytical data
relating to the investment; the nature and duration of any restrictions on
disposition; trading in similar securities of the same issuer or comparable
companies; information from broker-dealers; and an evaluation of the forces that
influence the market in which the securities are purchased or sold. If events
occur that materially affect the value of securities (including non-U.S.
securities) between the close of trading in those securities and the close of
regular trading on the New York Stock Exchange, the securities will be valued at
fair value. As of May 31, 2004, the Fund held fair valued securities with a
value of $177,730,572 or 125.1% of net assets. Debt obligations with 60 days or
less remaining until maturity may be valued at their amortized cost which
approximates market value. Security valuations are performed once a week and at
the end of each month.
6
<Page>
The Fund's investments in whole loans (multifamily and commercial) and
participation mortgages are generally not traded in any organized market and
therefore, market quotations are not readily available. These investments are
valued at "fair value" according to procedures adopted by the Fund's board of
directors. Pursuant to these procedures, whole loan investments are initially
valued at cost and their values are subsequently monitored and adjusted using a
U.S. Bancorp Asset Management, Inc. ("USBAM") pricing model designed to
incorporate, among other things, the present value of the projected stream of
cash flows on such investments. The pricing model takes into account a number of
relevant factors including the projected rate of prepayments, the delinquency
profile, the historical payment record, the expected yield at purchase, changes
in prevailing interest rates, and changes in the real or perceived liquidity of
whole loans or participation mortgages, as the case may be. The results of the
pricing model may be further subject to price ceilings due to the illiquid
nature of the investments. Changes in prevailing interest rates, real or
perceived liquidity, yield spreads, and creditworthiness are factored into the
pricing model each week.
Certain mortgage loan information is received once a month. This information
includes, but is not limited to, the projected rate of prepayments, projected
rate and severity of defaults, the delinquency profile, and the historical
payment record. Valuations of whole loans and participation mortgages are
determined no less frequently than weekly. Although we believe the pricing model
to be reasonable and appropriate, the actual values that may be realized upon
the sale of whole loans and participation mortgages can only be determined in a
negotiation between the Fund and third parties.
7
<Page>
SECURITY TRANSACTIONS AND INVESTMENT INCOME
The Fund records security transactions on the trade date of the security
purchase or sales. Dividend income is recorded on the ex-dividend date. Interest
income, including accretion of bond discounts and amortization of premiums, is
recorded on an accrual basis. Security gains and losses are determined on the
basis of identified cost, which is the same basis used for federal income tax
purposes.
WHOLE LOANS AND PARTICIPATION MORTGAGES
Whole loans and participation mortgages may bear a greater risk of loss arising
from a default on the part of the borrower of the underlying loans than do
traditional mortgage-backed securities. This is because whole loans and
participation mortgages, unlike most mortgage-backed securities, generally are
not backed by any government guarantee or private credit enhancement. Such risk
may be greater during a period of declining or stagnant real estate values. In
addition, the individual loans underlying whole loans and participation
mortgages may be larger than the loans underlying mortgage-backed securities.
With respect to participation mortgages, the Fund generally will not be able to
unilaterally enforce its rights in the event of a default, but rather will be
dependent on the cooperation of the other participation holders.
The Fund does not record past due interest as income until received. The Fund
may incur certain costs and delays in the event of a foreclosure. Also, there is
no assurance that the subsequent sale of the property will produce an amount
equal to the sum of the unpaid principal balance of the loan as of the date the
borrower went into default, the accrued unpaid interest and all of the
foreclosure expenses. In this case, the Fund may
8
<Page>
suffer a loss. At May 31, 2004, no multifamily or commercial loans were
delinquent.
Real estate acquired through foreclosure, if any, is recorded at estimated fair
value. The Fund may receive rental or other income as a result of holding real
estate. In addition, the Fund may incur expenses associated with maintaining any
real estate owned. The Fund did not own any real estate during the six months
ended May 31, 2004.
REVERSE REPURCHASE AGREEMENTS
Reverse repurchase agreements involve the sale of a portfolio-eligible security
by the Fund, coupled with an agreement to repurchase the security at a specified
date and price. Reverse repurchase agreements may increase volatility of the
Fund's net asset value and involve the risk that interest costs on money
borrowed may exceed the return on securities purchased with that borrowed money.
Reverse repurchase agreements are considered to be borrowings by the Fund, and
are subject to the Fund's overall restriction on borrowing under which it must
maintain asset coverage of at least 300%. For the six months ended May 31, 2004,
the weighted average borrowings outstanding were $54,514,971 and the weighted
average interest rate was 1.89%.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS
Delivery and payment for securities that have been purchased by the Fund on a
when-issued or forward-commitment basis can take place a month or more after the
transaction date. During this period, such securities do not earn interest, are
subject to market fluctuation and may increase or decrease in value prior to
their delivery. The Fund segregates, with its custodian, assets with a
9
<Page>
market value equal to the amount of its purchase commitments. The purchase of
securities on a when-issued or forward-commitment basis may increase the
volatility of the Fund's net asset value if the Fund makes such purchases while
remaining substantially fully invested. As of May 31, 2004, the Fund had no
outstanding when-issued or forward-commitment securities.
FEDERAL TAXES
The Fund intends to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies and not be subject to federal
income tax. Therefore, no income tax provision is required. The Fund also
intends to distribute its taxable net investment income and realized gains, if
any, to avoid the payment of any federal excise taxes.
Net investment income and net realized gains (losses) may differ for financial
statement and tax purposes primarily because of the timing of recognition of
income on certain collateralized mortgage-backed securities. The character of
distributions made during the year from net investment income or net realized
gains may differ from their ultimate characterization for federal income tax
purposes. In addition, due to the timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the year that the income
or realized gains or losses were recorded by the Fund.
The tax character of distributions paid during the six months ended May 31, 2004
(estimated), and the fiscal year ended November 30, 2003, were as follows:
<Table>
<Caption>
2004 2003
----------- ------------
Distributions paid from ordinary income $ 5,597,653 $ 11,461,860
=========== ============
</Table>
10
<Page>
At November 30, 2003, the Fund's most recently completed fiscal year-end, the
components of accumulated earnings on a tax basis were as follows:
<Table>
Undistributed ordinary income $ 291,238
Accumulated capital losses (30,916)
Unrealized appreciation 2,825,537
-------------
Accumulated earnings $ 3,085,859
=============
</Table>
The difference between book basis and tax basis unrealized appreciation and
accumulated realized losses at November 30, 2003, is attributable to a one-time
tax election whereby the Fund marked appreciated securities to market creating
capital gains that were used to reduce capital loss carryovers and increase tax
cost basis.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income are declared and paid on a monthly
basis. Any net realized capital gains on sales of securities for the fund are
distributed to shareholders at least annually. These distributions are recorded
as of the close of business on the ex-dividend date. Such distributions are
payable in cash or, pursuant to the Fund's dividend reinvestment plan,
reinvested in additional shares of the Fund's capital stock. Under the plan,
Fund shares will be purchased in the open market unless the market price plus
commissions exceeds the net asset value by 5% or more. If, at the close of
business on the dividend payment date, the shares purchased in the open market
are insufficient to satisfy the dividend reinvestment requirement, the Fund will
issue new shares at a discount of up to 5% from the current market price.
REPURCHASE AGREEMENTS
For repurchase agreements entered into with certain broker-dealers, the Fund,
along with other affiliated
11
<Page>
registered investment companies, may transfer uninvested cash balances into a
joint trading account, the daily aggregate of which is invested in repurchase
agreements secured by U.S. government or agency obligations. Securities pledged
as collateral for all individual and joint repurchase agreements are held by the
Fund's custodian bank until maturity of the repurchase agreement. Provisions for
all agreements ensure that the daily market value of the collateral is in excess
of the repurchase amount, including accrued interest, to protect the Fund in the
event of a default.
USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts in the financial statements. Actual
results could differ from these estimates.
(3) EXPENSES
INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES
Pursuant to an investment advisory agreement (the "Agreement"), USBAM, a
subsidiary of U.S. Bank National Association ("U.S. Bank"), manages the Fund's
assets and furnishes related office facilities, equipment, research, and
personnel. The Agreement provides USBAM with a monthly investment management fee
in an amount equal to an annualized rate of 0.50% of the Fund's average weekly
net assets. For its fee, USBAM provides investment advice, and in general,
conducts the management and investment activities of the Fund.
Pursuant to a co-administration agreement (the "Co-Administration Agreement"),
USBAM serves as co-administrator for the Fund (U.S. Bancorp Fund Services, LLC,
a subsidiary of U.S. Bancorp is also
12
<Page>
co-administrator but currently has no functional responsibilities related to the
Fund) and provides administrative services, including legal and shareholder
services, to the Fund. Under this agreement, USBAM receives a monthly fee in an
amount equal to an annualized rate of 0.25% of the Fund's average weekly net
assets. For its fee, USBAM provides numerous services to the Fund including, but
not limited to, handling the general business affairs, financial and regulatory
reporting, and other services. Separate from the Co-Administration Agreement,
USBAM (from its own resources) has retained SEI Investments, Inc. as a
sub-administrator to perform, among other services, net asset value
calculations.
The Fund may invest in money market funds that are series of First American
Funds, Inc. ("FAF"), subject to certain limitations. In order to avoid the
payment of duplicative investment advisory fees to USBAM, which acts as the
investment advisor to both the Fund and the related money market funds, USBAM
will reimburse the Fund an amount equal to that portion of the investment
advisory fee received from the related money market funds that is attributable
to the assets of the Fund. For financial statement purposes, this reimbursement
is recorded as investment income.
CUSTODIAN FEES
U.S. Bank serves as the Fund's custodian pursuant to a custodian agreement with
the Fund. The fee for the Fund is equal to an annual rate of 0.02% of average
weekly net assets. These fees are computed weekly and paid monthly.
13
<Page>
MORTGAGE SERVICING FEES
The Fund enters into mortgage servicing agreements with mortgage servicers for
whole loans and participation mortgages. For a fee, mortgage servicers maintain
loan records, such as insurance and taxes and the proper allocation of payments
between principal and interest.
PROPOSED REORGANIZATION EXPENSES
As discussed in Note 6, the Fund has taken certain steps to reorganize, along
with certain other similar entities managed by USBAM. As set forth below,
certain costs and expenses incurred in connection with the proposed
reorganization of the Fund (including, but not limited to, the preparation of
all necessary registration statements, proxy materials and other documents,
preparation for and attendance at board and committee, shareholder, planning,
organizational, and other meetings, and costs and expenses of accountants,
attorneys, financial advisors, and other experts engaged in connection with the
reorganization) shall be borne by the Fund, American Strategic Income Portfolio
Inc., American Strategic Income Portfolio Inc. II, and American Strategic Income
Portfolio Inc. III (collectively, the "Existing Funds"). The Existing Funds as a
group will bear the first $3,400,000 of such expenses and will, subject to
certain exceptions, equally share all transaction expenses in excess of
$3,400,000 with USBAM. Such costs and expenses will be allocated among the
Existing Funds based on their relative net asset values whether or not an
Existing Fund participates in the reorganization. Additionally, costs and
expenses incurred in connection with the legal representation of USBAM's
interests with respect to the reorganization and related matters will be borne
by USBAM. The current estimated costs and expenses related to the reorganization
are $6,500,000. Based on
14
<Page>
the net asset values of the Existing Funds as of May 31, 2004, the Fund would
bear approximately 21% of the total expenses of the reorganization.
OTHER FEES AND EXPENSES
In addition to the investment management, administrative, and mortgage servicing
fees, the Fund is responsible for paying most other operating expenses,
including: outside directors' fees and expenses, custodian fees, registration
fees, printing and shareholder reports, transfer agent fees and expenses, legal,
auditing and accounting services, insurance, interest, expenses related to real
estate owned, fees to outside parties retained to assist in conducting due
diligence, taxes, and other miscellaneous expenses.
(4) INVESTMENT SECURITY TRANSACTIONS
Cost of purchases and proceeds from paydowns and sales of securities and real
estate, other than temporary investments in short-term securities, for the six
months ended May 31, 2004 aggregated $15,209,058 and $15,162,313, respectively.
Included in proceeds from paydowns and sales are $122,777 from prepayment
penalties.
(5) CAPITAL LOSS CARRYOVER
For federal income tax purposes, the Fund had $30,916 of capital loss carryovers
at November 30, 2003, the Fund's most recently completed fiscal year-end, which,
if not offset by subsequent capital gains, will expire on the Fund's 2010 fiscal
year-end.
(6) PROPOSED REORGANIZATION
A combined proxy statement/registration statement, last amended on April 22,
2003, has been filed with the Securities and Exchange Commission ("SEC") in
which it is proposed that the Fund, along with American Strategic Income
Portfolio Inc. ("ASP"), American Strategic Income Portfolio Inc. II ("BSP"), and
American Strategic
15
<Page>
Income Portfolio Inc. III ("CSP"), reorganize into First American Strategic Real
Estate Portfolio Inc., a specialty real estate finance company that would elect
to be taxed as a real estate investment trust ("REIT"). Shareholders of the
Fund, ASP, BSP, and CSP who do not wish to receive shares of the REIT will have
the option, subject to certain limitations, of electing to exchange their shares
for shares in First American Strategic Income Portfolio Inc., a newly formed
closed-end management investment company with investment policies, restrictions,
and strategies substantially similar to those of the Fund, ASP, BSP, and CSP.
This transaction is subject to review by the SEC, approval by the Fund's
shareholders, and certain other conditions. There is no assurance that the
transaction will be completed.
(7) INDEMNIFICATIONS
The Fund enters into contracts that contain a variety of indemnifications. The
Fund's maximum exposure under these arrangements is unknown. However, the Fund
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
16
<Page>
(8) FINANCIAL HIGHLIGHTS
Per-share data for a share of capital stock outstanding throughout each period
and selected information for each period are as follows:
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30,
5/31/04 ---------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
----------- --------- --------- --------- --------- ---------
PER-SHARE DATA
Net asset value, beginning of period $ 13.41 $ 13.48 $ 13.38 $ 12.85 $ 12.67 $ 12.96
----------- --------- --------- --------- --------- ---------
Operations:
Net investment income 0.53 1.05 1.13 1.13 1.01 1.02
Net realized and unrealized gains
(losses) on investments (0.08) (0.04) 0.17 0.47 0.18 (0.26)
----------- --------- --------- --------- --------- ---------
Total from operations 0.45 1.01 1.30 1.60 1.19 0.76
----------- --------- --------- --------- --------- ---------
Distributions to shareholders:
From net investment income (0.53) (1.08) (1.20) (1.07) (1.01) (1.05)
----------- --------- --------- --------- --------- ---------
Net asset value, end of period $ 13.33 $ 13.41 $ 13.48 $ 13.38 $ 12.85 $ 12.67
=========== ========= ========= ========= ========= =========
Market value, end of period $ 12.65 $ 13.64 $ 12.86 $ 13.54 $ 11.50 $ 11.69
=========== ========= ========= ========= ========= =========
SELECTED INFORMATION
Total return, net asset value (a) 3.37% 7.72% 10.13% 12.83% 9.87% 6.03%
Total return, market value (b) (3.57)% 14.92% 3.91% 28.22% 7.49% 5.21%
Net assets at end of period (in millions) $ 142 $ 143 $ 144 $ 143 $ 137 $ 150
Ratio of expenses to average weekly
net assets including interest expense 1.83%(d) 2.05% 2.82% 3.02% 3.55% 3.28%
Ratio of expenses to average weekly
net assets excluding interest expense 1.01%(d) 1.18% 1.47% 1.02% 1.14% 1.11%
Ratio of net investment income to
average weekly net assets 7.94%(d) 7.79% 8.41% 8.56% 7.98% 7.88%
Portfolio turnover rate (excluding
short-term securities) 8% 38% 31% 28% 44% 24%
Amount of borrowings outstanding at
end of period (in millions) $ 51 $ 49 $ 29 $ 47 $ 46 $ 51
Per-share amount of borrowings
outstanding at end of period $ 4.75 $ 4.57 $ 2.67 $ 4.44 $ 4.28 $ 4.30
Per-share amount of net assets, excluding
borrowings, at end of period $ 18.08 $ 17.98 $ 16.15 $ 17.82 $ 17.13 $ 16.97
Asset coverage ratio (c) 381% 394% 604% 401% 401% 394%
</Table>
(a) ASSUMES REINVESTMENT OF DISTRIBUTIONS AT NET ASSET VALUE.
(b) ASSUMES REINVESTMENT OF DISTRIBUTIONS AT ACTUAL PRICES PURSUANT TO THE
FUND'S DIVIDEND REINVESTMENT PLAN.
(c) REPRESENTS NET ASSETS, EXCLUDING BORROWINGS, AT END OF PERIOD DIVIDED BY
BORROWINGS OUTSTANDING AT END OF PERIOD.
(d) ANNUALIZED
17
<Page>
SCHEDULE OF INVESTMENTS (Unaudited)
AMERICAN SELECT PORTFOLIO May 31, 2004
<Table>
<Caption>
DATE PAR
DESCRIPTION OF SECURITY ACQUIRED VALUE COST VALUE (a)
- --------------------------------------- -------- ------------ ------------- -------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO NET ASSETS)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (b) -- 7.5%
FIXED RATE -- 7.6%
FHLMC, 5.50%, 1/1/18 $ 4,517,954 $ 4,667,945 $ 4,608,313
FHLMC, 7.50%, 12/1/29 926,919 909,354 992,962
FNMA, 7.50%, 5/1/30 250,207 241,706 266,861
FNMA, 8.00%, 5/1/30 67,680 66,815 72,946
FNMA, 5.00%, 11/1/17 1,971,546 1,982,801 1,970,935
FNMA, 6.50%, 6/1/29 2,784,161 2,765,026 2,890,293
------------ -------------
Total U.S. Government
Agency Mortgage-Backed
Securities 10,633,647 10,802,310
------------ -------------
CORPORATE NOTE (e) -- 3.5%
FIXED RATE -- 3.5%
Stratus Properties,
9.25%, 1/1/06 12/28/00 5,000,000 5,000,000 5,000,000
------------ -------------
WHOLE LOANS AND PARTICIPATION MORTGAGES (c,d,e) -- 120.8%
COMMERCIAL LOANS -- 31.7%
7 Broadway Place,
6.91%, 5/1/06 04/30/01 3,347,624 (b) 3,347,624 3,414,577
Advanced Circuits and
Hopkins II Business Center,
7.38%, 12/1/04 11/08/01 2,087,459 (b) 2,087,459 2,108,334
Best Buy,
8.63%, 1/1/11 12/29/00 1,866,146 1,866,146 1,959,453
Career Education Corporation,
7.50%, 6/1/07 05/15/02 3,322,036 (b) 3,322,036 3,488,138
Landmark Bank Center I,
7.90%, 6/1/07 11/05/03 4,029,323 4,029,323 4,190,496
Landmark Bank Center II,
14.88%, 5/1/07 05/30/02 817,500 817,500 850,200
Northlynn Plaza,
7.65%, 9/1/12 08/22/02 3,914,056 (b) 3,914,056 4,109,759
Parkway Business Center,
5.40%, 1/1/05 10/22/98 3,619,301 3,619,301 3,253,110
Peony Promenade,
6.93%, 6/1/13 05/12/03 5,181,848 (b) 5,181,848 5,440,941
Point Plaza,
8.43%, 1/1/11 12/14/00 6,197,137 (b) 6,197,137 6,506,994
Poway Library Plaza,
7.40%, 1/1/10 12/19/02 2,946,516 (b) 2,946,516 3,093,842
</Table>
SEE ACCOMPANYING NOTES TO SCHEDULE OF INVESTMENTS.
18
<Page>
<Table>
<Caption>
DATE PAR
DESCRIPTION OF SECURITY ACQUIRED VALUE COST VALUE (a)
- --------------------------------------- -------- ------------ ------------- -------------
Town Square #6,
7.40%, 9/1/12 08/02/02 $ 4,007,929 (b) $ 4,007,929 $ 4,208,325
Victory Packaging,
8.53%, 1/1/12 12/20/01 2,541,679 (b) 2,541,679 2,668,763
------------ -------------
43,878,554 45,292,932
------------ -------------
MULTIFAMILY LOANS -- 89.1%
Briarhill Apartments I,
6.90%, 9/1/15 08/11/03 4,803,999 (b) 4,803,999 5,044,199
Briarhill Apartments II,
6.88%, 9/1/15 08/11/03 802,269 802,270 802,011
Casa del Vista Apartments,
8.40%, 1/1/08 12/15/00 2,929,104 (b) 2,929,104 3,046,268
Castle Arms Apartments,
8.00%, 4/1/06 03/19/99 922,504 922,504 940,954
Centre Court, White Oaks, and
Green Acres Apartments,
8.65%, 1/1/09 12/30/98 3,836,745 (b) 3,836,745 4,028,582
Churchill Park Apartments I,
6.53%, 2/1/06 12/23/02 8,650,000 (b) 8,650,000 8,823,000
Churchill Park Apartments II,
9.88%, 2/1/06 12/23/02 375,000 375,000 371,772
Colonia Tepeyac Apartments I,
5.43%, 12/1/06 12/03/03 5,744,000 5,744,000 5,916,320
Colonia Tepeyac Apartments II,
14.88%, 12/1/06 12/03/03 718,000 718,000 739,540
Cypress Village Apartments,
5.43%, 11/1/06 10/02/03 8,200,000 (b) 8,200,000 8,446,000
El Conquistador Apartments,
7.65%, 4/1/09 03/24/99 2,747,572 (b) 2,747,572 2,884,951
Evergreen, Northview,
Greenwood, and Fern Court
Apartments,
9.40%, 6/1/05 05/22/00 4,500,864 4,500,864 4,680,899
Gough Street Apartment I,
5.40%, 1/1/07 12/17/03 4,080,000 4,080,000 4,161,600
Gough Street Apartment II,
13.38%, 1/1/07 12/17/03 510,000 510,000 475,938
Greenwood Residences,
7.63%, 4/1/08 03/12/98 2,242,658 (b) 2,242,658 2,332,364
Hidden Colony Apartments,
7.90%, 6/1/08 03/22/94 2,922,729 (b) 2,902,199 3,068,866
Hunter's Meadow,
7.80%, 8/1/12 07/02/02 6,357,087 6,357,087 6,674,941
</Table>
SEE ACCOMPANYING NOTES TO SCHEDULE OF INVESTMENTS.
19
<Page>
<Table>
<Caption>
DATE PAR
DESCRIPTION OF SECURITY ACQUIRED VALUE COST VALUE (a)
- --------------------------------------- -------- ------------ ------------- -------------
Lakeside Villa Apartments I,
6.43%, 7/1/06 07/01/03 $ 5,800,000 (b) $ 5,800,000 $ 5,916,000
Lakeside Villa Apartments II,
11.88%, 7/1/06 07/01/03 600,000 600,000 612,000
Lakeside Village Apartments I,
5.40%, 6/1/07 05/19/04 3,700,000 3,700,000 3,811,000
Lakeside Village Apartments II,
14.88%, 6/1/07 05/19/04 460,000 460,000 473,800
Lakeville Apartments,
7.88%, 5/1/08 04/24/98 2,303,252 (b) 2,303,252 2,418,414
Lambert Gardens Apartments,
6.88%, 2/1/08 01/17/03 4,466,722 (b) 4,466,722 4,690,058
Parkside Apartments,
5.43%, 5/1/08 04/14/03 6,575,000 6,575,000 6,838,000
Revere Apartments,
7.28%, 5/1/09 04/22/99 1,228,798 (b) 1,228,798 1,290,238
Sheridan Ponds Apartments,
6.43%, 7/1/13 06/05/03 7,139,992 (b) 7,139,992 7,496,991
Signature Park Apartments,
9.90%, 12/1/07 11/14/02 4,725,000 4,725,000 4,725,000
Sterling Court Apartments I,
6.90%, 2/1/06 01/14/03 3,700,000 (b) 3,700,000 3,811,000
Sterling Court Apartments II,
12.38%, 2/1/06 01/14/03 460,000 460,000 473,800
Summit Chase Apartments I,
5.43%, 5/1/06 04/15/03 8,200,000 (b) 8,200,000 8,364,000
Summit Chase Apartments II,
9.88%, 5/1/06 04/15/03 1,647,000 1,647,000 1,471,472
The Oaks of Lake Bluff
Apartments,
8.40%, 2/1/06 01/24/01 3,794,284 (b) 3,794,284 3,870,170
The Willows Retirement
Apartments at Bellingham,
9.38%, 3/1/05 02/14/02 1,484,066 1,484,066 1,407,260
Woodstock Apartments I,
4.43%, 1/1/05 12/06/01 8,300,000 8,300,000 6,630,230
Woodstock Apartments II,
8.88%, 1/1/05 12/06/01 1,000,000 1,000,000 700,000
------------ -------------
125,906,116 127,437,640
------------ -------------
Total Whole Loans and
Participation Mortgages 169,784,670 172,730,572
------------ -------------
</Table>
SEE ACCOMPANYING NOTES TO SCHEDULE OF INVESTMENTS.
20
<Page>
<Table>
<Caption>
DATES
DESCRIPTION OF SECURITY ACQUIRED SHARES COST VALUE (a)
- --------------------------------------- -------- ------------ ------------- -------------
PREFERRED STOCK -- 0.1%
REAL ESTATE INVESTMENT TRUST -- 0.1%
Archstone Community Trust,
Series D 04/23/01 3,525 $ 91,862 $ 90,663
------------ -------------
Total Investments in
Unaffiliated Securities 185,510,179 188,623,545
------------ -------------
AFFILIATED MONEY MARKET FUND (f) -- 2.2%
First American Prime
Obligations Fund, Class Z 3,156,677 3,156,677 3,156,677
------------ -------------
Total Investments in
Securities (g) - 134.1% $ 188,666,856 $ 191,780,222
============ =============
</Table>
NOTES TO SCHEDULE OF INVESTMENTS:
(a) SECURITIES ARE VALUED IN ACCORDANCE WITH PROCEDURES DESCRIBED IN NOTE 2 IN
NOTES TO FINANCIAL STATEMENTS.
(b) ON MAY 31, 2004, SECURITIES VALUED AT $121,373,084 WERE PLEDGED AS
COLLATERAL FOR THE FOLLOWING OUTSTANDING REVERSE REPURCHASE AGREEMENTS:
<Table>
<Caption>
NAME OF
BROKER
ACQUISITION ACCRUED AND DESCRIPTION
AMOUNT DATE RATE DUE INTEREST OF COLLATERAL
- ------------ ----------- ---- ------- -------- ---------------
$ 8,931,484 5/12/04 1.10%* 6/11/04 $ 5,458 (1)
41,724,890 5/17/04 1.98%** 6/15/04 38,914 (2)
- ------------ --------
$ 50,656,374 $ 44,372
============ ========
</Table>
*RATE IS A NEGOTIATED FIXED RATE.
**INTEREST RATE AS OF MAY 31, 2004. RATE IS BASED ON THE LONDON INTERBANK
OFFERED RATE (LIBOR) AND RESET MONTHLY.
21
<Page>
NAME OF BROKER AND DESCRIPTION OF COLLATERAL:
(1) MORGAN STANLEY:
FHLMC, 5.50%, 1/1/18, $4,517,954 PAR
FHLMC, 7.50%, 12/1/29, $926,919 PAR
FNMA, 5.00%, 11/1/17, $1,971,546 PAR
FNMA, 6.50%, 6/1/29, $2,784,161 PAR
FNMA, 7.50%, 5/1/30, $250,207 PAR
FNMA, 8.00%, 5/1/30, $67,680 PAR
(2) MORGAN STANLEY:
7 BROADWAY PLACE, 6.91%, 5/1/06, $3,347,624 PAR
ADVANCED CIRCUITS AND HOPKINS II BUSINESS CENTER, 7.38%, 12/1/04,
$2,087,459 PAR
BRIARHILL APARTMENTS I, 6.90%, 9/1/15, $4,803,999 PAR
CAREER EDUCATION CORPORATION, 7.50%, 6/1/07, $3,322,036 PAR
CASA DEL VISTA APARTMENTS, 8.40%, 1/1/08, $2,929,104 PAR
CENTRE COURT, WHITE OAKS, AND GREEN ACRES APARTMENTS, 8.65%, 1/1/09,
$3,836,745 PAR
CHURCHILL PARK APARTMENTS I, 6.53%, 2/1/06, $8,650,000 PAR
CYPRESS VILLAGE APARTMENTS, 5.43%, 11/1/06, $8,200,000 PAR
EL CONQUISTADOR APARTMENTS, 7.65%, 4/1/09, $2,747,572 PAR
GREENWOOD RESIDENCES, 7.63%, 4/1/08, $2,242,658 PAR
HIDDEN COLONY APARTMENTS, 7.90%, 6/1/08, $2,922,729 PAR
LAKESIDE VILLA APARTMENTS I, 6.43%, 7/1/06, $5,800,000 PAR
LAKEVILLE APARTMENTS, 7.88%, 5/1/08, $2,303,252 PAR
LAMBERT GARDENS APARTMENTS, 6.88%, 2/1/08, $4,466,722 PAR
NORTHLYNN PLAZA, 7.65%, 9/1/12, $3,914,056 PAR
PEONY PROMENADE, 6.93%, 6/1/13, $5,181,848 PAR
POINT PLAZA, 8.43%, 1/1/11, $6,197,137 PAR
POWAY LIBRARY PLAZA, 7.40%, 1/1/10, $2,946,516 PAR
REVERE APARTMENTS, 7.28%, 5/1/09, $1,228,798 PAR
SHERIDAN PONDS APARTMENTS, 6.43%, 7/1/13, $7,139,992 PAR
STERLING COURT APARTMENTS I, 6.90%, 2/1/06, $3,700,000 PAR
SUMMIT CHASE APARTMENTS I, 5.43%, 5/1/06, $8,200,000 PAR
THE OAKS OF LAKE BLUFF APARTMENTS, 8.40%, 2/1/06, $3,794,284 PAR
TOWN SQUARE #6, 7.40%, 9/1/12, $4,007,929 PAR
VICTORY PACKAGING, 8.53%, 1/1/12, $2,541,679 PAR
THE FUND HAS ENTERED INTO A LENDING AGREEMENT WITH MORGAN STANLEY. THE AGREEMENT
PERMITS THE FUND TO ENTER INTO REVERSE REPURCHASE AGREEMENTS UP TO $60,000,000
USING WHOLE LOANS AS COLLATERAL. THE FUND PAYS A FEE OF 0.15% TO MORGAN STANLEY
ON ANY UNUSED PORTION OF THE $60,000,000 LENDING AGREEMENT.
(c) INTEREST RATES ON COMMERCIAL AND MULTIFAMILY LOANS ARE THE RATES IN EFFECT
ON MAY 31, 2004.
(d) COMMERCIAL AND MULTIFAMILY LOANS ARE DESCRIBED BY THE NAME OF THE MORTGAGED
PROPERTY. THE GEOGRAPHICAL LOCATION OF THE MORTGAGED PROPERTIES ARE
PRESENTED BELOW.
COMMERCIAL LOANS:
7 BROADWAY PLACE - ALBUQUERQUE, NM
ADVANCED CIRCUITS AND HOPKINS II BUSINESS CENTER - HOPKINS, MN
BEST BUY - FULLERTON, CA
CAREER EDUCATION CORPORATION - ORLANDO, FL
LANDMARK BANK CENTER I - EULESS, TX
LANDMARK BANK CENTER II - EULESS, TX
NORTHLYNN PLAZA - LYNNWOOD, WA
PARKWAY BUSINESS CENTER - POWAY, CA
PEONY PROMENADE - PLYMOUTH, MN
POINT PLAZA - TUMWATER, WA
POWAY LIBRARY PLAZA - POWAY, CA
22
<Page>
TOWN SQUARE #6 - OLYMPIA, WA
VICTORY PACKAGING - PHOENIX, AZ
MULTIFAMILY LOANS:
BRIARHILL APARTMENTS I - EDEN PRAIRIE, MN
BRIARHILL APARTMENTS II - EDEN PRAIRIE, MN
CASA DEL VISTA APARTMENTS - CARSON CITY, NV
CASTLE ARMS APARTMENTS - AUSTIN, TX
CENTRE COURT, WHITE OAKS, AND GREEN ACRES APARTMENTS - NORTH CANTON AND
MASSILLON, OH
CHURCHILL PARK APARTMENTS I - SAN ANTONIO, TX
CHURCHILL PARK APARTMENTS II - SAN ANTONIO, TX
COLONIA TEPEYAC APARTMENTS I - DALLAS, TX
COLONIA TEPEYAC APARTMENTS II - DALLAS, TX
CYPRESS VILLAGE APARTMENTS - BUENA PARK, CA
EL CONQUISTADOR APARTMENTS - TUCSON, AZ
EVERGREEN, NORTHVIEW, GREENWOOD, AND FERN COURT APARTMENTS - BUFFALO, MN
GOUGH STREET APARTMENTS I - SAN FRANCISCO, CA
GOUGH STREET APARTMENTS II - SAN FRANCISCO, CA
GREENWOOD RESIDENCES - MITON, WA
HIDDEN COLONY APARTMENTS - DORAVILLE, GA
HUNTERS MEADOW APARTMENTS - COLORADO SPRINGS, CO
LAKESIDE VILLA APARTMENTS I - ATLANTA, GA
LAKESIDE VILLA APARTMENTS II - ATLANTA, GA
LAKESIDE VILLAGE APARTMENTS I - OKLAHOMA CITY, OK
LAKESIDE VILLAGE APARTMENTS II - OKLAHOMA CITY, OK
LAKEVILLE APARTMENTS - LAKEVILLE, MN
LAMBERT GARDENS APARTMENTS - PORTLAND, OR
PARKSIDE APARTMENTS - MORENO VALLEY, CA
REVERE APARTMENTS - REVERE, MA
SHERIDAN PONDS APARTMENTS - TULSA, OK
SIGNATURE PARK APARTMENTS - BRYAN, TX
STERLING COURT APARTMENTS I - KANSAS CITY, MO
STERLING COURT APARTMENTS II - KANSAS CITY, MO
SUMMIT CHASE APARTMENTS I - CORAL SPRINGS, FL
SUMMIT CHASE APARTMENTS II - CORAL SPRINGS, FL
THE OAKS OF LAKE BLUFF APARTMENTS - LAKE BLUFF, IL
THE WILLOWS RETIREMENT AT BELLINGHAM - BELLINGHAM, WA
WOODSTOCK APARTMENTS I - DALLAS, TX
WOODSTOCK APARTMENTS II - DALLAS, TX
(e) SECURITIES PURCHASED AS PART OF A PRIVATE PLACEMENT WHICH HAVE NOT BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT OF 1933 AND ARE CONSIDERED TO BE ILLIQUID. THESE SECURITIES ARE FAIR
VALUED IN ACCORDANCE WITH THE BOARD APPROVED VALUATION PROCEDURES. ON MAY
31, 2004, THE TOTAL VALUE OF FAIR VALUED SECURITIES WAS $177,730,572 OR
125.1% OF NET ASSETS.
(f) INVESTMENT IN AFFILIATED SECURITY. THIS MONEY MARKET FUND IS ADVISED BY U.S.
BANCORP ASSET MANAGEMENT WHICH ALSO SERVES AS ADVISOR FOR THE FUND. SEE ALSO
NOTE 3 IN NOTES TO FINANCIAL STATEMENTS.
(g) ON MAY 31, 2004, THE COST OF INVESTMENTS IN SECURITIES FOR FEDERAL INCOME
TAX PURPOSES WAS $190,118,010. THE AGGREGATE GROSS UNREALIZED APPRECIATION
AND DEPRECIATION OF INVESTMENTS IN SECURITIES, BASED ON THIS COST WERE AS
FOLLOWS:
<Table>
GROSS UNREALIZED APPRECIATION $ 4,360,752
GROSS UNREALIZED DEPRECIATION (2,698,540)
-------------
NET UNREALIZED APPRECIATION $ 1,662,212
=============
</Table>
ABBREVIATIONS:
FHLMC-FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA-FEDERAL NATIONAL MORTGAGE ASSOCIATION
23
<Page>
SHAREHOLDER UPDATE (Unaudited)
HOW TO OBTAIN A COPY OF THE FUND'S PROXY VOTING POLICIES
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available (1) without charge
upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on
the U.S. Securities and Exchange Commission's website at sec.gov.
24
<Page>
BOARD OF DIRECTORS
Virginia Stringer
Chairperson of American Select Portfolio Inc.
Owner and President of Strategic Management Resources, Inc.
Benjamin Field III
Director of American Select Portfolio Inc.
Retired; former Senior Financial Advisor to, and formerly Senior Vice President,
Chief Financial Officer, and Treasurer of, Bemis Company, Inc.
Mickey Foret
Director of American Select Portfolio Inc.
Consultant to, and formerly Executive Vice President and Chief Financial Officer
of, Northwest Airlines, Inc.
Roger Gibson
Director of American Select Portfolio Inc.
Vice President of Cargo-United Airlines
Victoria Herget
Director of American Select Portfolio Inc.
Investment Consultant; former Managing Director of Zurich Scudder Investments
Leonard Kedrowski
Director of American Select Portfolio Inc.
Owner and President of Executive and Management Consulting, Inc.
Richard Riederer
Director of American Select Portfolio Inc.
Retired; former President and Chief Executive Officer of Weirton Steel
Joseph Strauss
Director of American Select Portfolio Inc.
Owner and President of Strauss Management Company
James Wade
Director of American Select Portfolio Inc.
Owner and President of Jim Wade Homes
AMERICAN SELECT PORTFOLIO INC.'S BOARD OF DIRECTORS IS COMPRISED ENTIRELY OF
INDEPENDENT DIRECTORS.
<Page>
American Select Portfolio Inc.
2004 SEMIANNUAL REPORT
U.S. Bancorp Asset Management, Inc., is a wholly owned subsidiary of U.S. Bank
National Association, which is a wholly owned subsidiary of U.S. Bancorp.
[RECYCLED SYMBOL] This document is printed on paper containing 10% postconsumer
waste.
7/2004 0256-04 SLA-SAR
<Page>
ITEM 2--CODE OF ETHICS - Did registrant adopt a code of ethics, as of the end of
the period covered by this report, that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party? If not, why not?
Briefly describe any amendments or waivers that occurred during the period.
State here if code of ethics/amendments/waivers are on website and give website
address. State here if fund will send code of ethics to shareholders without
charge upon request.
RESPONSE: Not applicable to semi-annual report.
ITEM 3--AUDIT COMMITTEE FINANCIAL EXPERT - Did the registrant's board of
directors determine that the registrant either: (i) has at least one audit
committee financial expert serving on its audit committee; or (ii) does not have
an audit committee financial expert serving on its audit committee? If yes,
disclose name of financial expert and whether he/she is "independent," (fund
may, but is not required, to disclose name/independence of more than one
financial expert) If no, explain why not.
RESPONSE: Not applicable to semi-annual report.
ITEM 4--PRINCIPAL ACCOUNTANT FEES AND SERVICES - Disclose annually only (not
answered until December 15, 2003).
(a) Audit Fees - Disclose aggregate fees billed for each of the last two fiscal
years for professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that are
normally provided by the accountant in connection with statutory and
regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees - Disclose aggregate fees billed in each of the last two
fiscal years for assurance and related services by the principal accountant
that are reasonably related to the performance of the audit of the
registrant's financial statements and are not reported under paragraph (a)
of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
(c) Tax Fees - Disclose aggregate fees billed in each of the last two fiscal
years for professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning. Registrants shall describe the
nature of the services comprising the fees disclosed under this category.
(d) All Other Fees - Disclose aggregate fees billed in each of the last two
fiscal years for products and services provided by the principal accountant,
other than the services reported in paragraphs (a) through (c) of this Item.
Registrants shall describe the nature of the services comprising the fees
disclosed under this category.
<Page>
(e)(1) Disclose the audit committee's pre-approval policies and procedures
pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(e)(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50%, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to work
performed by persons other than the principal accountant's full-time,
permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the
registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant's audit committee has considered whether the
provision of non-audit services that were rendered to the registrant's
investment adviser (not including any subadviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under
common control with the investment adviser that provides ongoing services to
the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
RESPONSE: Not applicable to semi-annual report.
ITEM 5--AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the
Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a
separately-designated standing audit committee established in accordance
with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If
the registrant has such a committee, however designated, identify each
committee member. If the entire board of directors is acting as the
registrant's audit committee as specified in Section 3(a)(58)(B) of the
Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the
Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing
standards for audit committees.
RESPONSE: Not applicable to semi-annual report.
<Page>
ITEM 6--SCHEDULE OF INVESTMENTS (applicable for periods ending on or after July
9, 2004) - File Schedule I - Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in Section 210.12-12 of
Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of
the report to shareholders filed under Item 1 of this Form.
RESPONSE: Not applicable for periods ending before July 9, 2004.
ITEM 7--DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES - For closed-end funds that contain voting
securities in their portfolio, describe the policies and procedures that it uses
to determine how to vote proxies relating to those portfolio securities.
RESPONSE: Not applicable to semi-annual report.
ITEM 8--PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS (applicable for periods ending on or after
June 15, 2004)
(a) If the registrant is a closed-end management investment company, in the
following tabular format, provide the information specified in paragraph (b)
of this Item with respect to any purchase made by or on behalf of the
registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3)
under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units
of any class of the registrant's equity securities that is registered
pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
(b) The table shall include the following information for each class of
securities for each month included in the period covered by the report:
(1) The total number of shares (or units) purchased (column (a));
(2) The average price paid per share (or unit) (column (b));
(3) The number of shares (or units) purchased as part of publicly announced
repurchase plans or programs (column (c)); and
(4) The maximum number (or approximate dollar value) of shares (or units)
that may yet be purchased under the plans or programs (column (d)).
RESPONSE: Not applicable for periods ending before June 15, 2004.
ITEM 9--SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - Describe any
material changes to the procedures by which shareholders may recommend nominees
to the registrant's board of directors, where those changes were implemented
after the registrant last provided disclosure in response to the requirements of
Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
<Page>
RESPONSE: The registrant's Board of Directors has adopted the following
procedures by which shareholders may recommend nominees to the registrant's
board of directors. The Governance Committee of the registrant's Board of
Directors will consider shareholder recommendations for director nominees in
connection with each annual shareholders meeting of the registrant and any
special shareholders meeting which is called for the purpose of electing
directors. There are no differences in the manner in which the Governance
Committee evaluates nominees for director based on whether the nominee is
recommended by a shareholder.
A shareholder who wishes to recommend a director nominee should submit his or
her recommendation in writing to the Chair of the Board (Virginia Stringer) or
the Chair of the Governance Committee (Richard Riederer), in either case at
First American Funds, P.O. Box 1329, Minneapolis, Minnesota 55440-1329. At a
minimum, the recommendation should include:
- the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
- a statement concerning whether the person is "independent" within the
meaning of New York Stock Exchange listing standards and is not an
"interested person" as defined in the Investment Company Act of 1940;
- any other information that the registrant would be required to include
in a proxy statement concerning the person if he or she was nominated;
and
- the name and address of the person submitting the recommendation,
together with the number of shares held in the registrant by such person
and the period for which the shares have been held.
The recommendation also can include any additional information which the person
submitting it believes would assist the Governance Committee in evaluating the
recommendation. In order for the Governance Committee to consider a
shareholder's recommended nominee for election at the annual shareholders
meeting in a given year, the recommendation should be submitted to the
Governance Committee no later than May 31 in that year.
ITEM 10--CONTROLS AND PROCEDURES
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) based on their evaluation of these controls and procedures as
of a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
RESPONSE: The registrant's Principal Executive Officer and Principal
Financial Officer have evaluated the registrant's disclosure controls and
procedures within 90
<Page>
days of the date of this filing and have concluded that the registrant's
disclosure controls and procedures were effective, as of that date, in
ensuring that information required to be disclosed by the registrant in this
Form N-CSR was recorded, processed, summarized and reported timely.
Notwithstanding this conclusion, the registrant's Principal Executive
Officer and Principal Financial Officer seek continuous improvements to the
registrant's disclosure controls and procedures.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)))
that occurred during the registrant's last fiscal half-year (the
registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
RESPONSE: There were no changes in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
half-year that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 11 - EXHIBITS
11(a) - Attach code of ethics or amendments/waivers, unless code of ethics or
amendments/waivers is on website or offered to shareholders upon request without
charge.
RESPONSE: Not applicable to semi-annual report.
11(b) - Attach certifications (4 in total pursuant to Sections 302 and 906 for
PEO/PFO).
RESPONSE: Attached hereto.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
American Select Portfolio Inc.
By: /s/ Thomas S. Schreier, Jr.
---------------------------
Thomas S. Schreier, Jr.
President
Date: August 6, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Thomas S. Schreier, Jr.
---------------------------
Thomas S. Schreier, Jr.
President
Date: August 6, 2004
By: /s/ Joseph M. Ulrey III
---------------------------
Joseph M. Ulrey III
Treasurer
Date: August 6, 2004