FAF Advisors, Inc., investment advisor to the American Strategic Income Portfolio Inc. (NYSE: ASP), American Strategic Income Portfolio Inc. – II (NYSE: BSP), American Strategic Income Portfolio Inc. – III (NYSE: CSP), and American Select Portfolio Inc. (NYSE: SLA) (each a “Fund” and together the “Funds”) announced today that the Funds’ Board of Directors has adopted a level distribution policy effective with the Funds’ December distributions.

Under this new level distribution policy, each Fund will pay a fixed monthly distribution to shareholders. Beginning with the December distribution, which will have a record date of December 2, 2009, and a payable date of December 16, 2009, these fixed monthly distributions are expected to be as follows:

It is expected that distributions under the policy will consist primarily of net investment income and a return of capital to shareholders, although the exact tax characteristics of a Fund’s distributions in any fiscal year will not be known until after the end of the Fund’s fiscal year. A return of capital represents a return of a shareholder’s original investment in the Fund’s shares and should not be confused with a dividend yield. Currently, the Funds do not expect that any significant portion of their distributions in any year will consist of capital gains.

The Board of Directors adopted the level distribution policy in an effort to reduce the discount between the market price of each Fund’s shares and the shares’ net asset value and to provide additional liquidity to shareholders. Although there is no assurance that the increased level of distributions provided under the policy will increase the market price or reduce the discount, there historically has been a correlation between closed-end funds’ distribution rates and the discounts at which their shares trade.

For each Fund, the level distribution policy is subject to suspension, revision or termination at any time without notice to shareholders. Thus, there can be no assurance that the level distribution policy for any Fund will be maintained in the future or maintained at its current level.

More information on the new level distribution policy is available on the Funds’ website, www.firstamericanfunds.com.

Based in Minneapolis, FAF Advisors, 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 had combined assets under management/administration of more than $107 billion as of June 30, 2009.

U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp (NYSE:USB), the sixth-largest* financial services holding company in the United States as of June 30, 2009, 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.

*Information provided by U.S. Bank Investor Relations.