UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number (811-07838)

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)

Jill M. Stevenson

800 Nicollet Mall Minneapolis, MN 55402

(Name and address of agent for service)

800-677-3863

Registrant’s telephone number, including area code

Date of fiscal year end: 06/30

Date of reporting period: 05/31/14

Item 1. Schedule of Investments

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

DESCRIPTION	DATE ACQUIRED		PAR		COST		VALUE ¶
(Percentages of each investment category relate to total net assets)
Whole Loans ¥ p — 44.6%
Commercial Loans — 34.2%
31601 Industrial Drive, Livonia, MI, 4.13%, 1/1/24 D		12/31/13	$	2,174,764	$	2,174,764	$	2,174,764
Clear Lake Central I, Webster, TX, 4.93%, 9/1/14 ¶		7/27/06		6,895,716		6,895,716		6,895,716
Gateway Business Center, St. Cloud, MN, 4.82%, 10/1/23		9/13/13		3,211,765		3,211,765		3,372,354
George Gee Hummer, Liberty Lake, WA, 6.38%, 7/1/18		6/30/05		2,097,508		2,097,508		1,992,882
George Gee Pontiac I, Liberty Lake, WA, 6.40%, 7/1/18		6/30/05		4,614,518		4,614,518		4,388,231
George Gee Pontiac II, Liberty Lake, WA, 6.38%, 7/1/18		9/14/06		740,297		740,297		703,265
George Gee Porsche, Liberty Lake, WA, 6.38%, 7/1/18		9/14/06		2,467,657		2,467,657		2,344,217
Hacienda Colorado Restaurant, Englewood, CO, 4.38%, 7/1/23		6/5/13		2,087,004		2,087,004		2,141,673
Jamestown Medical Office Building, Jamestown, ND, 4.43%, 5/1/23		4/5/13		6,066,614		6,066,614		6,251,057
Mandala Agency Building, Bend, OR, 6.38%, 6/1/17		5/23/07		2,130,739		2,130,739		2,152,046
Rivertree Court, Vernon Hills, IL, 5.19%, 12/1/23		11/8/13		2,075,453		2,075,453		2,179,225
RL Stowe Portfolio, Belmont, NC & Chattanooga, TN, 2.93%, 1/1/15		10/12/07		6,907,909		6,907,909		3,675,008
Superior Ford Dealership, Plymouth, MN, 6.43%, 7/1/17		6/28/07		4,569,813		4,569,813		4,798,304
						46,039,757		43,068,742
Multifamily Loans — 10.4%
Briarhill Apartments I, Eden Prairie, MN, 6.90%, 9/1/15		8/11/03		3,775,128		3,775,128		3,812,880
Keystone Crossings, Springdale, AR, 8.15%, 7/5/16 ¶ 		6/27/07		4,875,000		4,875,000		4,547,034
NCH Multifamily Pool II, Rocky Point, Mexico, 11.93%, 8/1/14 ¶ ¿		10/1/07		5,400,000		5,652,172		4,750,000
						14,302,300		13,109,914
Total Whole Loans						60,342,057		56,178,656
Corporate Notes ¥ ¶ — 6.8%
Fixed Rate — 6.8%
Stratus Properties I, 7.25%, 3/31/15		12/28/00		5,000,000		5,000,000		5,000,000
Stratus Properties VII, 7.25%, 12/31/15		6/1/07		3,500,000		3,500,000		3,535,000
Total Corporate Notes						8,500,000		8,535,000
Corporate Bonds — 35.4%
Real Estate Investment Trusts — 35.4%
Brandywine Operating Partnership, 3.95%, 2/15/23 x				2,780,000		2,747,474		2,810,422
CommonWealth REIT, 5.88%, 9/15/20 x				1,375,000		1,473,184		1,506,664
Developers Diversified Realty, 4.63%, 7/15/22 x				2,200,000		2,359,894		2,367,741
Digital Realty, 5.88%, 2/1/20 x				1,000,000		1,082,141		1,107,657
Duke Realty, 6.75%, 3/15/20 x				1,600,000		1,896,073		1,915,477
Equity One, 3.75%, 11/15/22 x				2,203,000		2,182,439		2,192,357
HCP, 3.15%, 8/1/22				2,000,000		1,983,015		1,966,372
Health Care REIT, 5.25%, 1/15/22 x				1,750,000		1,948,690		1,968,354
Health Care REIT, 3.75%, 3/15/23				885,000		892,713		894,200
Healthcare Realty, 5.75%, 1/15/21 x				2,690,000		2,972,638		3,060,268
Highwoods Realty, 3.63%, 1/15/23				750,000		734,938		742,738
Hospitality Properties, 4.65%, 3/15/24				900,000		913,927		927,029
Host Hotels & Resorts, 5.25%, 3/15/22				1,000,000		1,026,764		1,108,869
Host Hotels & Resorts, 3.75%, 10/15/23				197,000		182,003		195,959
Kilroy Realty, 3.80%, 1/15/23 x				3,000,000		2,865,857		3,034,953
Liberty Property, 3.38%, 6/15/23 x				2,500,000		2,485,579		2,446,132
Mid-America Apartments, 4.30%, 10/15/23				1,100,000		1,096,555		1,145,714
National Retail Properties, 3.80%, 10/15/22 x				1,425,000		1,476,583		1,457,275

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

DESCRIPTION	PAR/ SHARES		COST		VALUE ¶
Post Apartment Homes, 3.38%, 12/1/22 x	$	1,515,000	$	1,514,147	$	1,478,617
Realty Income, 4.65%, 8/1/23		1,430,000		1,446,685		1,537,098
Senior Housing Properties, 6.75%, 12/15/21		340,000		387,059		396,868
Senior Housing Properties, 5.63%, 8/1/42		1,146,125		1,126,745		1,067,272
Ventas Realty, 3.25%, 8/15/22		1,015,000		997,654		1,006,060
Ventas Realty, 5.45%, 3/15/43		3,966,375		3,985,676		3,810,893
Washington REIT, 3.95%, 10/15/22 x		1,100,000		1,135,170		1,101,724
Weingarten Realty Investors, 3.38%, 10/15/22 x		3,450,000		3,425,107		3,394,976
Total Corporate Bonds				44,338,710		44,641,689
U.S. Government Agency Mortgage-Backed Securities a — 12.1%
Fixed Rate — 12.1%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231		255,086		257,385		270,833
7.50%, 12/1/29, #C00896		77,963		77,035		93,141
5.00%, 5/1/39, #G05430		500,555		511,838		551,312
Federal National Mortgage Association,
5.00%, 11/1/17, #657356		70,132		70,237		74,576
6.50%, 6/1/29, #252497		200,352		199,500		227,170
7.50%, 5/1/30, #535289		22,217		21,738		25,308
8.00%, 5/1/30, #538266		13,193		13,086		13,814
5.00%, 11/1/33, #725027		710,307		723,333		789,328
5.00%, 7/1/39, #935588		770,318		784,230		851,886
4.50%, 3/1/40, #932669		999,448		1,008,101		1,081,807
4.00%, 12/1/40, #MA0583		1,143,802		1,154,734		1,213,762
3.50%, 2/1/41, #AE0828		1,729,934		1,789,571		1,785,517
3.50%, 3/1/41, #AE0981		2,362,167		2,448,220		2,438,065
3.50%, 2/1/42, #AB4514		1,848,998		1,886,547		1,908,407
3.50%, 4/1/42, #MA1027		1,809,038		1,871,420		1,867,163
3.50%, 8/1/42, #AL2417		1,988,934		2,126,386		2,052,840
Total U.S. Government Agency Mortgage-Backed Securities				14,943,361		15,244,929
Asset-Backed Security n — 0.7%
Other — 0.7%
321 Henderson Receivables I LLC, Series 2007-3A, Class A, 6.15%, 10/15/48		793,060		876,407		899,990
Preferred Stocks — 38.8%
Real Estate Investment Trusts — 38.8%
Alexandria Real Estate Equities, Series E x		143,250		3,612,290		3,602,737
Boston Properties, Series B x		177,874		4,220,719		4,028,846
CommonWealth REIT, Series E x		137,698		3,565,063		3,531,954
Digital Realty, Series E x		141,400		3,535,140		3,617,012
Digital Realty, Series G		8,500		171,530		188,955
Duke Realty, Series J		630		15,120		15,848
Duke Realty, Series K x		35,000		836,500		874,300
Duke Realty, Series L x		17,270		330,202		431,750
Equity Residential Properties, Series K x		18,000		991,800		1,131,750
Health Care REIT, Series J x		123,170		3,174,409		3,175,323
Hospitality Properties, Series D		44,420		1,204,560		1,156,697
Kimco Realty, Series I		56,355		1,345,579		1,407,184
Kimco Realty, Series J x		88,000		2,203,750		2,016,080
Kimco Realty, Series K		30,000		753,100		698,700
National Retail Properties, Series D x		146,840		3,680,710		3,730,661
National Retail Properties, Series E		10,100		196,950		234,825

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

DESCRIPTION	SHARES		COST		VALUE ¶
PS Business Parks, Series S x		48,000	$	1,276,800	$	1,222,080
PS Business Parks, Series T x		75,875		1,866,356		1,847,556
PS Business Parks, Series U		2,000		41,800		46,740
PS Business Parks, Series V		38,700		899,826		907,902
Public Storage, Series P		11,400		300,960		296,970
Public Storage, Series Q x		17,675		443,666		465,736
Public Storage, Series R x		36,500		931,975		944,985
Public Storage, Series T		7,715		199,819		189,635
Public Storage, Series U		18,930		471,977		456,024
Public Storage, Series V		23,288		590,351		534,925
Public Storage, Series W		7,015		177,129		157,838
Public Storage, Series X		34,800		810,840		790,656
Realty Income, Series E x		91,670		2,214,334		2,332,085
Realty Income, Series F		50,250		1,303,543		1,287,908
Regency Centers, Series F x		142,126		3,772,790		3,652,638
Regency Centers, Series G		14,400		365,472		346,608
Vornado Realty, Series G x		40,000		998,000		1,019,200
Vornado Realty, Series I x		24,000		596,400		609,598
Vornado Realty, Series J		4,400		109,560		116,512
Vornado Realty, Series K x		61,415		1,568,468		1,454,307
Vornado Realty, Series L		16,000		394,400		367,360
Total Preferred Stocks				49,171,888		48,889,885
Total Unaffiliated Investments				178,172,423		174,390,149
Short-Term Investment — 1.4%
First American Prime Obligations Fund, Class Z, 0.02% W		1,814,460		1,814,460		1,814,460
Total Investments p — 139.8%			$	179,986,883	$	176,204,609
Other Assets and Liabilities, Net — (39.8)%						(50,168,790	)
Total Net Assets — 100.0%					$	126,035,819

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

¶ The fund’s investments in whole loans (multifamily and commercial), 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, as further described below.

Security valuations for the fund’s investments (other than whole loans) are generally furnished by an independent pricing service that has been approved by the fund’s board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) 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 falls 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, then 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. Investments in open-end funds are valued at their net asset values on the valuation date.

Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. 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. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost which approximates market value.

The following investment vehicles, when held by the fund, are priced as follows: exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by U.S. Bancorp Asset Management, Inc. (“USBAM”) on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities and indices traded on Nasdaq or listed on a stock exchange are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Swaps and over-the-counter options on securities and indices are valued at the quotations received from an independent pricing service, if available.

When market quotations are not readily available, securities are internally valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors.

As of May 31, 2014, the fund held internally fair valued securities which are disclosed in footnote ¥.

¥ Securities purchased as part of a private placement which have not been registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933 and which are considered to be illiquid. These securities are fair valued in accordance with the board approved valuation procedures. On May 31, 2014, the total fair value of these securities was $64,713,656 or 51.3% of total net assets.

p Interest rates on commercial and multifamily loans are the net coupon rates in effect (after reducing the coupon rate by any mortgage servicing fees paid to mortgage servicers) on May 31, 2014. For participating loans, the rates are based on the annual cash flow payments expected at the time of purchase.

D Variable Rate Security - The rate shown is the net coupon rate in effect as of May 31, 2014.

¶ Interest Only - Represents securities that entitle holders to receive only interest payments on the mortgage. Principal balance on the loan is due at maturity. The interest rate disclosed represents the net coupon rate in effect as of May 31, 2014.

 Participating Loan - A participating loan is one which contains provisions for the fund to participate in the income stream provided by the property, including net cash flows and capital proceeds. Monthly cash flow proceeds are only required to the extent excess cash flow is generated by the property as determined by the loan documents.

¿ Loan is currently in default with regards to scheduled interest and/or principal payments.

x Securities pledged as collateral for outstanding borrowings under a loan agreement with Bank of America, N.A. On May 31, 2014, securities valued at $69,531,215 were pledged as collateral for the following outstanding borrowings:

Amount	Rate*	Accrued Interest
$36,700,000	1.00%	$	1,020

* Interest rate as of May 31, 2014. Rate is based on one-month London Interbank Offered Rate (“LIBOR”) plus 0.85%.

Description of collateral:

Corporate Bonds

Brandywine Operating Partnership, 3.95%, 2/15/23, $2,780,000 par

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

CommonWealth REIT, 5.88%, 9/15/20, $1,375,000 par

Developers Diversified Realty, 4.63%, 7/15/22, $2,200,000 par

Digital Realty, 5.88%, 2/1/20, $1,000,000 par

Duke Realty, 6.75%, 3/15/20, $1,600,000 par

Equity One, 3.75%, 11/15/22, $2,203,000 par

Health Care REIT, 5.25%, 1/15/22, $1,750,000 par

Healthcare Realty, 5.75%, 1/15/21, $2,690,000 par

Kilroy Realty, 3.80%, 1/15/23, $3,000,000 par

Liberty Property, 3.38%, 6/15/23, $2,500,000 par

National Retail Properties, 3.80%, 10/15/22, $1,425,000 par

Post Apartment Homes, 3.38%, 12/1/22, $1,515,000 par

Washington REIT, 3.95%, 10/15/22, $1,100,000 par

Weingarten Realty Investors, 3.38%, 10/15/22, $3,450,000 par

Preferred Stocks

Alexandria Real Estate Equities, Series E, 143,250 shares

Boston Properties, Series B, 177,874 shares

CommonWealth REIT, Series E, 137,698 shares

Digital Realty, Series E, 141,400 shares

Duke Realty, Series K, 35,000 shares

Duke Realty, Series L, 17,270 shares

Equity Residential Properties, Series K, 18,000 shares

Health Care REIT, Series J, 123,170 shares

Kimco Realty, Series J, 88,000 shares

National Retail Properties, Series D, 146,840 shares

PS Business Parks, Series S, 48,000 shares

PS Business Parks, Series T, 75,875 shares

Public Storage, Series Q, 17,675 shares

Public Storage, Series R, 36,500 shares

Realty Income, Series E, 91,670 shares

Regency Centers, Series F, 142,126 shares

Vornado Realty, Series G, 40,000 shares

Vornado Realty, Series I, 24,000 shares

Vornado Realty, Series K, 61,415 shares

a Securities pledged as collateral for outstanding reverse repurchase agreements. On May 31, 2014, securities valued at $15,244,929 were pledged as collateral for the following outstanding reverse repurchase agreements:

Amount	Acquisition Date	Rate*	Due	Accrued Interest		Name of Broker and Description of Collateral
$14,363,000	5/7/14	0.37%	6/5/14	$	4,281	(1)

* Interest rate as of May 31, 2014. Rate is based on one-month LIBOR plus a spread and reset monthly.

Name of broker and description of collateral:

(1) Goldman Sachs:

Federal Home Loan Mortgage Corporation, 5.50%, 1/1/18, $255,086 par

Federal Home Loan Mortgage Corporation, 7.50%, 12/1/29, $77,963 par

Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $500,555 par

Federal National Mortgage Association, 5.00%, 11/1/17, $70,132 par

Federal National Mortgage Association, 6.50%, 6/1/29, $200,352 par

Federal National Mortgage Association, 7.50%, 5/1/30, $22,217 par

Federal National Mortgage Association, 8.00%, 5/1/30, $13,193 par

Federal National Mortgage Association, 5.00%, 11/1/33, $710,307 par

Federal National Mortgage Association, 5.00%, 7/1/39, $770,318 par

Federal National Mortgage Association, 4.50%, 3/1/40, $999,448 par

Federal National Mortgage Association, 4.00%, 12/1/40, $1,143,802 par

Federal National Mortgage Association, 3.50%, 2/1/41, $1,729,934 par

Federal National Mortgage Association, 3.50%, 3/1/41, $2,362,167 par

Federal National Mortgage Association, 3.50%, 2/1/42, $1,848,998 par

Federal National Mortgage Association, 3.50%, 4/1/42, $1,809,038 par

Federal National Mortgage Association, 3.50%, 8/1/42, $1,988,934 par

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

The fund has entered into a lending commitment with Goldman Sachs. The monthly agreement permits the fund to enter into reverse repurchase agreements using U.S. Government Agency Mortgage-Backed Securities as collateral.

n Securities purchased within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, which may be sold only to dealers in that program or other “qualified institutional buyers”. On May 31, 2014, the total fair value of these investments was $899,990 or 0.7% of total net assets.

W Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for the fund. The rate shown is the annualized seven-day effective yield as of May 31, 2014.

p On May 31, 2014, the cost of investments for federal income tax purposes was approximately $179,986,883. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	2,691,791
Gross unrealized depreciation		(6,474,065	)
Net unrealized depreciation	$	(3,782,274	)

REIT - Real Estate Investment Trust

Summary of Fair Value Exposure

Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a three-tier fair value hierarchy for observable and unobservable inputs used in measuring fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability and are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. Fair value inputs are summarized in the three broad levels listed below:

Level 1 -	Quoted prices in active markets for identical securities.
Level 2 -	Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).
Level 3 -	Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities that are not traded in any organized market, or for which there are significant unobservable fair value inputs available such as the funds’ investments in whole loans.

The fair value levels are not necessarily an indication of the risk associated with investing in these investments.

As of May 31, 2014, the fund’s investments were classified as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Investments
Whole Loans	$	—	$	—	$	56,178,656	$	56,178,656
Corporate Notes		—		—		8,535,000		8,535,000
Corporate Bonds		4,878,165		39,763,524		—		44,641,689
U.S. Government Agency Mortgage-Backed Securities		—		15,244,929		—		15,244,929
Asset-Backed Security		—		899,990		—		899,990
Preferred Stocks		48,889,885		—		—		48,889,885
Short-Term Investment		1,814,460		—		—		1,814,460
Total Investments	$	55,582,510	$	55,908,443	$	64,713,656	$	176,204,609

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Whole Loans			Corporate Notes			Total Fair Value
Balance as of August 31, 2013	$	49,236,724		$	8,620,000		$	57,856,724
Accrued discounts/premiums		—			—			—
Realized gain (loss)		(369	)		—			(369	)
Net change in unrealized appreciation or depreciation		2,760,827			(85,000	)		2,675,827
Purchases		7,629,566			—			7,629,566
Sales		(3,448,092	)		—			(3,448,092	)
Balance as of May 31, 2014	$	56,178,656		$	8,535,000		$	64,713,656
Net change in unrealized appreciation or depreciation during the period of Level 3 investments held as of May 31, 2014	$	2,762,205		$	(85,000	)	$	2,677,205

During the period ended May 31, 2014, the fund recognized no transfers between valuation levels 1 and 2.

Valuation Methodologies for Fair Value Measurements Categorized within Levels 2 and 3

U.S. Government Agency Mortgage-Backed Securities, Asset-Backed Securities, and Corporate Bonds

U.S. government agency mortgage-backed securities, asset-backed securities, and corporate bonds are valued by 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.

Commercial and Multifamily Whole Loans

Commercial and multifamily whole loans are analyzed using a pricing methodology designed to incorporate, among other things, the present value of the projected stream of cash flows on such investments (the “discounted cash flow” methodology). For commercial and multifamily whole loans, this pricing methodology takes into account a number of relevant factors, including changes in prevailing interest rates, yield spreads, the borrower’s creditworthiness (i.e. the debt service coverage ratio), lien position, delinquency status, and the projected rate of prepayments. For first lien loans, if the resulting price from the discounted cash flow methodology is lower than the current average loss recovery on commercial mortgage-backed securities (the “price floor”), the loan will be fair valued at the price floor (the “price floor” methodology). In addition, for all loans, if the resulting price from the discounted cash flow methodology is above the loan’s par value plus any prepayment penalty (the “price ceiling”), the loan will be fair valued at the price ceiling (the “anticipated recovery rate” methodology). Newly purchased loans are fair valued at cost and subsequently analyzed using the discounted cash flow methodology. Loans with a pending short payoff will be fair valued at the anticipated recovery rate. Valuations of commercial and multifamily whole loans are determined no less frequently than weekly. Although USBAM believes the pricing methodologies to be reasonable and appropriate, the actual values that may be realized upon the sale of whole loans can only be determined in negotiations between the fund and third parties.

The significant unobservable inputs used in the determination of fair value using the discounted cash flow methodology for commercial and multifamily whole loans include yield spreads and debt service coverage ratios. Significant increases (decreases) in yield spreads would result in lower (higher) fair values. A significant decrease (increase) in the debt service coverage ratio of a loan’s borrower could result in lower (higher) fair values.

Corporate Notes

Corporate notes are analyzed using the discounted cash flow methodology. For corporate notes, the pricing methodology takes into account changes in prevailing interest rates and yield spreads. If the resulting price from the discounted cash flow methodology is above the note’s par value plus any prepayment penalty (the “price ceiling”), the note will be fair valued at the price ceiling (the “price ceiling” methodology). Currently all corporate notes are fair valued at the price ceiling. Valuations of corporate notes are determined no less frequently than weekly. Although USBAM believes the pricing methodologies to be reasonable and appropriate, the actual values that may be realized upon the sale of corporate notes can only be determined in negotiations between the fund and third parties.

The significant unobservable input used in the determination of fair value using the discounted cash flow methodology for corporate notes is the yield spread. Significant increases (decreases) in yield spreads would result in lower (higher) fair values.

For commercial and multifamily whole loans and corporate notes, if USBAM concludes that the fundamentals of a loan or its underlying collateral do not support the use of the discounted cash flow, price ceiling or price floor methodologies, a fair value determination may be made by the USBAM valuation committee as described below.

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Schedule of Investments     May 31, 2014 (unaudited)

American Select Portfolio (SLA)

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at May 31, 2014		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
SLA
Commercial & Multifamily				Yield Spread	1.86% – 2.13% (2.01%)
Whole Loans	$	25,740,713	Discounted Cash Flow	Debt Service Coverage Ratio	1.00 – 2.44 (1.41)
Commercial & Multifamily
Whole Loans, Corporate Notes		30,547,935	Price Ceiling	N/A	N/A
Commercial Whole Loans		3,675,008	Price Floor	Loss Severity	46.8%
Multifamily Whole Loans		4,750,000	Appraisal	N/A	N/A

Valuation Process for Fair Value Measurements Categorized within Level 3

The fund’s board of directors (the “board”) has adopted policies and procedures for the valuation of the fund’s investments (the “valuation procedures”). The valuation procedures establish a valuation committee consisting of representatives from USBAM investment management, legal, treasury and compliance departments (the “valuation committee”). The board has authorized the valuation committee to make fair value determinations in accordance with the valuation procedures. The audit committee of the board meets on a regular basis to, among other things, review fair value determinations made by the valuation committee, monitor the appropriateness of any previously determined fair value methodology, and approve in advance any proposed changes to such methodology, and present such changes for ratification by the board.

FIRST AMERICAN MORTGAGE FUNDS         2014 QUARTERLY REPORT

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are filed herewith.

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/ Eric J. Thole
	Eric J. Thole
	President
Date:	July 30, 2014

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/ Eric J. Thole
	Eric J. Thole
	President
Date:	July 30, 2014
By:	/s/ Jill M. Stevenson
	Jill M. Stevenson
	Treasurer
Date:	July 30, 2014