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 Porfolio Inc.

(Exact name of registrant as specified in charter)

800 Nicollet Mall, Minneapolis, MN 55402

(Address of principal executive offices) (Zip code)

Charles D. Gariboldi, Jr., 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: 8/31/07

Date of reporting period: 5/31/07

Schedule of  INVESTMENTS May 31, 2007 (unaudited)
American Select Portfolio
Description of Security		Date Acquired	Par Value/ Shares	Cost	Value (a)
(Percentages of each investment category relate to net assets)
U.S. Government Agency Mortgage-Backed Securities (b) – 3.4%
Fixed Rate – 3.4%
	Federal Home Loan Mortgage Corporation,
	5.50%, 1/1/18, #E93231		$   2,159,257	$   2,216,713	$   2,149,576
	7.50%, 12/1/29, #C00896		303,606	298,358	317,910
	Federal National Mortgage Association,
	5.00%, 11/1/17, #657356		1,129,945	1,135,088	1,105,194
	6.50%, 6/1/29, #252497		1,099,008	1,092,154	1,128,587
	7.50%, 5/1/30, #535289		75,634	73,284	79,113
	8.00%, 5/1/30, #538266		23,531	23,256	24,836
	Total U.S. Government Agency Mortgage-Backed Securities			4,838,853	4,805,216
Corporate Note (c) – 3.7%
Fixed Rate – 3.7%
	Stratus II, 6.56%, 12/31/11	12/28/00	5,000,000	5,000,000	5,121,500
Whole Loans and Participation Mortgages (c) (d) – 92.9%
Commercial Loans – 59.4%
	12000 Aerospace, Clear Lake, TX, 5.43%, 1/1/10 (b)	12/22/04	5,109,814	5,109,814	5,063,993
	ABC Conoco, Aspen, CO, 6.65%, 11/1/11 (b)	10/31/06	4,068,748	4,068,748	4,185,945
	Best Buy, Fullerton, CA, 8.63%, 1/1/11	12/29/00	1,766,749	1,766,749	1,837,419
	Cingular Wireless Building, Richardson, TX, 7.03%, 7/1/11 (b)	06/21/06	6,500,000	6,500,000	6,707,863
	Clear Lake Central I, Webster, TX, 6.70%, 8/1/11 (b)	07/27/06	7,100,000	7,100,000	7,310,774
	Gallery Row, Tucson, AZ, 11.88%, 10/1/11	09/07/06	500,000	500,000	505,541
	George Gee Hummer, Liberty Lake, WA, 7.25%, 7/1/10 (b) (f)	06/30/05	2,125,000	2,125,000	2,209,408
	George Gee Pontiac, Liberty Lake, WA, 7.25%, 7/1/10 (b) (f)	06/30/05	4,675,000	4,675,000	4,864,041
	George Gee Pontiac II, Liberty Lake, WA, 7.78%, 7/1/10 (f)	09/14/06	750,000	750,000	787,500
	George Gee Porsche, Liberty Lake, WA, 7.78%, 7/1/10 (b) (f)	09/14/06	2,500,000	2,500,000	2,625,000
	Highland Park I, Scottsdale, AZ, 6.77%, 3/1/11	02/23/06	9,485,697	9,485,697	9,688,846
	Highland Park II, Scottsdale, AZ, 9.88%, 3/1/11	02/23/06	1,199,270	1,199,270	1,042,667
	Landmark Bank Center, Sarasota, FL, 5.85%, 7/1/09 (b)	10/01/04	4,647,598	4,647,598	4,656,717
	Mandala Agency Building, Bend, OR, 6.38%, 6/1/17	05/23/07	2,175,000	2,175,000	2,232,261
	Northrop Grumman Campus I, Colorado Springs, CO, 8.50%, 12/1/08 (b) (e) (f)	11/15/05	5,700,000	5,700,000	5,814,000
	Northrop Grumman Campus II, Colorado Springs, CO, 14.00%, 12/1/08 (f)	11/15/05	1,100,000	1,100,000	1,032,291
	Oxford Mall, Oxford, MS, 9.25%, 10/1/07 (e) (f)	09/24/04	4,600,000	4,600,000	4,600,000
	Peony Promenade, Plymouth, MN, 6.93%, 6/1/13 (b)	05/12/03	4,923,826	4,923,826	5,170,017
	Point Plaza, Turnwater, WA, 8.43%, 1/1/11 (b)	04/19/04	5,987,947	5,987,947	6,029,641
	Town Square #6, Olympia, WA, 7.40%, 9/1/12 (b)	08/02/02	3,810,657	3,810,657	4,001,190
	Victory Packaging, Phoenix, AZ, 8.53%, 1/1/12 (b)	12/20/01	2,430,305	2,430,305	2,551,820
				81,155,611	82,916,934
Multifamily Loans – 33.5%
	Blossom Corners Apartments I, Orlando, FL, 8.72%, 2/1/09 (e) (f)	01/19/06	3,750,000	3,750,000	3,825,000
	Blossom Corners Apartments II, Orlando, FL, 14.88%, 2/1/09 (f)	01/19/06	450,000	450,000	407,025
	Briarhill Apartments I, Eden Prairie, MN, 6.90%, 9/1/15 (b)	08/11/03	4,569,646	4,569,646	4,798,128
	Briarhill Apartments II, Eden Prairie, MN, 6.88%, 9/1/15	08/11/03	609,250	609,250	630,025
	Centre Court, White Oaks and Green Acres Apartments, North Canton and Massilon, OH, 8.65%, 1/1/09 (b)	12/30/98	3,584,911	3,584,911	3,656,609
	El Conquistador Apartments, Tucson, AZ, 7.65%, 4/1/09 (b)	03/24/99	2,625,162	2,625,162	2,677,665
	Fountain Villas, Phoenix, AZ, 8.70%, 9/1/08 (e) (f)	08/08/05	1,825,000	1,825,000	1,825,000
	Greenwood Residences, Milton, WA, 7.63%, 4/1/08 (b)	03/12/98	2,133,217	2,133,217	2,154,549
	Hunters Meadow, Colorado Springs, CO, 7.80%, 8/1/12 (b)	07/02/02	6,060,280	6,060,280	4,511,347
	Revere Apartments, Revere, MA, 6.28%, 5/1/09	04/22/99	1,696,858	1,696,858	1,705,402
	RP Urban Partners, Oxnard, CA, 8.72%, 3/1/10 (e) (f)	02/23/05	5,000,000	5,000,000	5,100,000
	Sheridan Pond Apartments, Tulsa, OK, 6.43%, 7/1/13 (b)	06/05/03	6,890,382	6,890,382	6,897,444
	Woodstock Apartments I, Dallas, TX, 7.43%, 8/1/07 (e) (f) (g)	12/06/01	8,300,000	8,300,000	7,553,000
	Woodstock Apartments II, Dallas, TX, 11.00%, 8/1/07 (f) (g)	12/06/01	1,000,000	1,000,000	910,000
				48,494,706	46,651,194
	Total Whole Loans and Participation Mortgages			129,650,317	129,568,128
Preferred Stocks – 23.1%
Real Estate Investment Trusts – 23.1%
	AMB Property, Series M (b)		8,700	222,285	216,804
	AMB Property, Series O (b)		55,000	1,375,000	1,402,500
	BRE Properties, Series C (b)		68,000	1,713,000	1,706,800
	BRE Properties, Series D (b)		3,434	86,548	85,987
	Developers Diversified Realty, Series H		13,437	338,536	340,628
	Developers Diversified Realty, Series I		52,912	1,356,657	1,348,727
	Duke Realty, Series L (b)		71,000	1,787,780	1,772,870
	EastGroup Properties, Series D (h)		70,400	1,793,795	1,781,120
	Equity Residential Properties, Series N		40,000	1,004,000	998,000
	Health Care Properties, Series E (b)		3,510	90,207	88,312
	Health Care Properties, Series F (b)		42,800	1,079,840	1,077,276
	Hospitality Properties Trust, Series C (b)		120,000	2,964,000	2,952,000
	HRPT Properties Trust, Series C (b)		50,000	1,250,000	1,268,500
	PS Business Parks, Series H		30,000	744,036	751,800
	PS Business Parks, Series I		16,000	388,272	397,440
	PS Business Parks, Series M		22,210	554,629	561,247
	Public Storage, Series E (b)		65,000	1,627,750	1,630,200
	Public Storage, Series M (b)		68,000	1,700,000	1,675,520
	Realty Income, Series D (b)		60,000	1,521,000	1,538,400
	Realty Income, Series E (b)		49,500	1,247,400	1,239,975
	Regency Centers, Series D (b)		5,888	151,779	148,142
	Regency Centers, Series E (b)		64,000	1,592,900	1,574,003
	UDR, Series G		120,000	3,000,000	3,000,000
	Vornado Realty Trust, Series F (b)		60,000	1,491,563	1,510,200
	Vornado Realty Trust, Series I (b)		6,000	139,500	147,480
	Weingarten Realty Investors, Series F (b)		120,000	3,000,000	2,964,000
	Total Preferred Stocks			32,220,477	32,177,931
	Total Investments in Unaffiliated Securities			171,709,647	171,672,775
	Short-Term Investment (i) – 3.9%
	First American Prime Obligations Fund, Class Z		5,449,836	5,449,836	5,449,836
	Total Investments in Securities (j) – 127.0%			$177,159,483	$177,122,611
	Other Assets and Liabilities, Net – (27.0)%				(37,626,175)
	Total Net Assets – 100.0%				$139,496,436

Notes to Schedule of Investments:
(a)	Security valuations for the fund’s investments (other than whole loans, participation mortgages, and mortgage servicing rights) are 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 are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on 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, 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 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 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 security is 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.  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. The fund’s investments in whole loans (single family, multifamily, and commercial), participation mortgages, and mortgage servicing rights 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 FAF Advisors, Inc. (“FAF Advisors”) 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, participation mortgages or mortgage servicing rights, 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 loans. 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, participation mortgages, and mortgage servicing rights are determined no less frequently than weekly.  Although FAF Advisors believes the pricing model to be reasonable and appropriate, the actual values that may be realized upon the sale of whole loans, participation mortgages, and mortgage servicing rights can only be determined in a negotiation between the fund and third parties. In accordance with the valuation procedures adopted by the fund’s board of directors, real estate acquired through foreclosure, if any, is valued at estimated market value, as determined by independent third party appraisals, less estimated selling costs. As material capital improvements are made to the property, new market value appraisals are obtained. As of May 31, 2007, the fund held fair value securities with a value of $134,689,628 or 96.6% of net assets.
(b)	On May 31, 2007, securities valued at $113,438,336 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
$  4,677,378	5/9/07	5.37%	6/8/07	$  16,047	(1)
11,500,000	5/1/07	6.20%	6/1/07	61,348	(2)
2,000,000	5/22/07	6.20%	6/1/07	3,442	(2)
4,000,000	5/29/07	6.20%	6/1/07	2,065	(2)
4,000,000	5/31/07	6.20%	6/1/07	688	(2)
11,435,000	5/9/07	6.02%	6/8/07	43,980	(3)
$37,612,378				$127,570

	*	Interest rate as of May 31, 2007.  Rate is based on the London InterBank Offered Rate (LIBOR) plus a spread and reset monthly.
Name of broker and description of collateral:
(1)		Morgan Stanley:
		Federal Home Loan Mortgage Corporation, 5.50%, 1/1/18, $2,159,257 par
		Federal Home Loan Mortgage Corporation, 7.50%, 12/1/29, $303,606 par
		Federal National Mortgage Association, 5.00%, 11/1/17, $1,129,945 par
		Federal National Mortgage Association, 6.50%, 6/1/29, $1,099,008 par
		Federal National Mortgage Association, 7.50%, 5/1/30, $75,634 par
		Federal National Mortgage Association, 8.00%, 5/1/30, $23,531 par
(2)		Morgan Stanley:
		12000 Aerospace, 5.43%, 1/1/10, $5,109,814 par
		ABC Conoco, 6.65%, 11/1/11, $4,068,748 par
		Briarhill Apartments I, 6.90%, 9/1/15, $4,569,646 par
		Centre Court, White Oaks and Green Acres Apartments, 8.65%, 1/1/09, $3,584,911 par
		Cingular Wireless Building, 7.03%, 7/1/11, $6,500,000 par
		Clear Lake Central I, 6.70%, 8/1/11, $7,100,000 par
		El Conquistador Apartments, 7.65%, 4/1/09, $2,625,162 par
		George Gee Hummer, 7.25%, 7/1/10, $2,125,000 par
		George Gee Pontiac, 7.25%, 7/1/10, $4,675,000 par
		George Gee Porsche, 7.78%, 7/1/10, $2,500,000 par
		Greenwood Residences, 7.63%, 4/1/08, $2,133,217 par
		Hunters Meadow, 7.80%, 8/1/12, $6,060,280 par
		Landmark Bank Center, 5.85%, 7/1/09, $4,647,598 par
		Northrop Grumman Campus I, 8.50%, 12/1/08, $5,700,000 par
		Peony Promenade, 6.93%, 6/1/13, $4,923,826 par
		Point Plaza, 8.43%, 1/1/11, $5,987,947 par
		Sheridan Pond Apartments, 6.43%, 7/1/13, $6,890,382 par
		Town Square #6, 7.40%, 9/1/12, $3,810,657 par
		Victory Packaging, 8.53%, 1/1/12, $2,430,305 par
(3)		Dresdner Bank:
		AMB Property, Series M, 8,700 shares
		AMB Property, Series O, 55,000 shares
		BRE Properties, Series C, 68,000 shares
		BRE Properties, Series D, 3,434 shares
		Duke Realty, Series L, 71,000 shares
		Health Care Properties, Series E, 3,510 shares
		Health Care Properties, Series F, 32,800 shares
		Hospitality Properties, Series C, 120,000 shares
		HRPT Properties Trust, Series C, 50,000 shares
		Public Storage, Series E, 65,000 shares
		Public Storage, Series M, 68,000 shares
		Realty Income, Series D, 60,000 shares
		Realty Income, Series E, 49,500 shares
		Regency Centers, Series D, 5,888 shares
		Regency Centers, Series E, 64,000 shares
		Vornado Realty Trust, Series F, 60,000 shares
		Vornado Realty Trust, Series I, 6,000 shares
		Weingarten Realty Investors, Series F, 120,000 shares
		The fund has entered into a lending commitment 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 commitment.
		The fund has entered into a lending commitment with Dresdner Bank. The agreement permits the fund to enter into reverse repurchase agreements up to $10,000,000 using preferred stock as collateral. The fund pays a fee of 0.25% to Dresdner Bank on any unused portion of the $10,000,000 lending commitment.
(c)		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 which are considered to be illiquid. These securities are fair valued in accordance with the board approved valuation procedures.  See note (a) above.
(d)		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, 2007.
(e)		Variable Rate Security – The rate shown is the net coupon rate in effect on May 31, 2007.
(f)		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, 2007.
(g)		Loan not current on interest and/or principal payments.
(h)		This security has been purchased on a when-issued basis.  On May 31, 2007, the total cost of the security purchased on a when-issued basis was $715,145.
(i)		Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for the fund.
(j)		On May 31, 2007, the cost of investments in securities was $177,159,483. The aggregate gross unrealized appreciation and depreciation of investments in securities, based on this cost, were as follows:
		Gross unrealized appreciation	$   2,919,855
		Gross unrealized depreciation	(2,956,727)
		Net unrealized depreciation	$     (36,872)

Item 2—Controls and Procedures

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures within 90 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-Q was recorded, processed, summarized and reported timely.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the 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

Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.

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: July 24, 2007

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:  July 24, 2007

By:

/s/ Charles D. Gariboldi, Jr.

Charles D. Gariboldi, Jr.

Treasurer

Date:  July 24, 2007