UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
     WASHINGTON, D.C.  20549

           FORM N-17f-2

     Certificate of Accounting of
       Securities and Similar
    Investments in the Custody of
   Management Investment Companies
 Pursuant to Rule 17f-2 [17 CFR 270.17F-2]





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  1. Investment Company Act File Number:                                                Date examination completed:

     811-6404, 811-6640, 811-7444, 811-7838                                             July 31, 2001
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  2. State identification Number:
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      AL                   AK                  AZ                   AR                  CA                    CO
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      CT                   DE                  DC                   FL                  GA                    HI
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      ID                   IL                  IN                   IA                  KS                    KY
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      LA                   ME                  MD                   MA                  MI                    MN
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      MS                   MO                  MT                   NE                  NV                    NH
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      NJ                   NM                  NY                   NC                  ND                    OH
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      OK                   OR                  PA                   RI                  SC                    SD
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      TN                   TX                  UT                   VT                  VA                    WA
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      WV                   WI                  WY                   PUERTO RICO
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      Other (specify): N/A - These are closed-end funds and are traded on an exchange
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  3. Exact name of investment company as specified in registration statement:

     American Strategic Income Portfolio Inc.
     American Strategic Income Portfolio Inc. II
     American Strategic Income Portfolio Inc. III
     American Select Portfolio Inc.

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  4. Address of principal executive office (number, street, city, state, zip code):

     800 Nicollet Mall
     Minneapolis, MN 55402
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INSTRUCTIONS

This Form must be completed by investment companies that have custody of
securities or similar investments.

INVESTMENT COMPANY

1.   All items must be completed by the investment company.

2.   Give this Form to the independent public accountant who, in compliance with
     Rule 17f-2 under the Act and applicable state law, examines securities and
     similar investments in the custody of the investment company.

ACCOUNTANT

3.   Submit this Form to the Securities and Exchange Commission and appropriate
     state securities administrators when filing the certificate of accounting
     required by Rule 17f-2 under the Act and applicable state law.  File the
     original and one copy with the Securities and Exchange Commission's
     principal office in Washington, D.C., one copy with the regional office for
     the region in which the investment company's principal business operations
     are conducted, and one copy with the appropriate state administrator(s), if
     applicable.

     THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

                                                                SEC 2198 (11-91)


      REPORT OF MANAGEMENT ON COMPLIANCE WITH RULE 17f-2 OF THE INVESTMENT
                               COMPANY ACT OF 1940

October 19, 2001

I, as a member of management of American Strategic Income Portfolio Inc.,
American Strategic Income Portfolio Inc. II, American Strategic Income Portfolio
Inc. III, and American Select Portfolio Inc. (referred to collectively as "the
Funds") am responsible for complying with the requirements of subsections (b)
and (c) of Rule 17f-2, "Custody of Investments by Registered Management
Investment Companies," of the Investment Company Act of 1940. I also am
responsible for establishing and maintaining effective internal control over
compliance with those requirements. We have performed an evaluation of the
Funds' compliance with the requirements of subsections (b) and (c) of Rule 17f-2
as of July 31, 2001.

Based on this evaluation, I assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 2000 with respect to securities and similar
investments in whole loans reflected in the investment accounts of the Funds,
except for the four investments in whole loans for which the underlying
documentation was unable to be located at U.S. Bank National Association, the
Custodian.

/s/ Robert H. Nelson
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Robert H. Nelson
Chief Operating Officer
U.S. Bancorp Asset Management




                        Report of Independent Accountants

To the Board of Directors
American Strategic Income Portfolio Inc.,
American Strategic Income Portfolio Inc. II,
American Strategic Income Portfolio Inc. III, and
American Select Portfolio Inc.

We have examined management's assertion, included in the accompanying "Report of
Management on Compliance with Rule 17f-2 of the Investment Company Act of 1940,"
that the American Strategic Income Portfolio Inc., American Strategic Income
Portfolio Inc. II, American Strategic Income Portfolio Inc. III, and American
Select Portfolio Inc. (referred to collectively as the Funds) complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 (the Act) as of July 31, 2001 with respect to securities and similar
investments in whole loans reflected in the investment accounts of the Funds.
Management is responsible for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's assertion based on our
examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Funds'
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of July 31, 2001, and with respect to agreement
of security and similar investments, purchases, and sales, for the period from
May 31, 2001 (the date of last examination) through July 31, 2001:

- -    Count and inspection of underlying documentation of securities and similar
     investments in whole loans designated as being held in the vault of U.S.
     Bank National Association (the Custodian) in St. Paul, Minnesota, without
     prior notice to management;

- -    Review of underlying documentation maintained by the Custodian for
     securities and similar investments in whole loans in-transit with the
     respective loan servicer organization:



- -    Confirmation of all securities and similar investments held by the Federal
     Reserve Bank of Minneapolis and the Depository Trust Company in book entry
     form;

- -    Reconciliation of confirmation results as to all such securities and
     investments in whole loans to the books and records of the Funds and the
     Custodian;

- -    Confirmation of all reverse repurchase agreements with brokers/banks and
     agreement of underlying collateral with Custodian records; and

- -    Agreement of ten investment purchases and two investment sales since our
     last examination from the books and records of the Funds to broker
     confirmations.

We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.

In our opinion, management's assertion that the Funds complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of July 31, 2001, with respect to securities and similar
investments in whole loans reflected in the investment accounts of the Funds, is
fairly stated, in all material respects, except for specific instances of
noncompliance with subsection (b), as discussed below.

As discussed in management's assertion, included in the accompanying "Report of
Management on Compliance with Rule 17f-2 of the Investment Company Act of 1940,"
the following noncompliance occurred at the Funds as of July 31, 2001. The
underlying documentation for four of the investments in whole loans was unable
to be located at the Custodian. However, we were able to review alternative
documentation supporting the Funds' original investment in these loans. We also
reviewed documents received from the servicers for cash payments received on
these four investments in whole loans subsequent to our count date of July 31,
2001.

This report is intended solely for the information and use of the board of
directors and management of the First American Funds and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.

                                                 /s/ Ernst & Young LLP

October 19, 2001
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