Quarterly Notice of Portfolio Holdings

0000894189-06-001815.txt : 20060731 0000894189-06-001815.hdr.sgml : 20060731 20060731133343 ACCESSION NUMBER: 0000894189-06-001815 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060531 FILED AS OF DATE: 20060731 DATE AS OF CHANGE: 20060731 EFFECTIVENESS DATE: 20060731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN STRATEGIC INCOME PORTFOLIO INC CENTRAL INDEX KEY: 0000878930 IRS NUMBER: 411705401 STATE OF INCORPORATION: MN FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06404 FILM NUMBER: 06990398 BUSINESS ADDRESS: STREET 1: 800 NICOLLET AVE STREET 2: US BANK CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123033381 MAIL ADDRESS: STREET 1: 800 NICOLLET AVE CITY: MINNEAPOLIS STATE: MN ZIP: 55402 N-Q 1 asip_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings

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 811-06404

American Strategic Income Portfolio 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, 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: 08/31/06

Date of reporting period: 05/31/06

Item 1. Schedule of Investments

Schedule of INVESTMENTS May 31, 2006 (unaudited)

American Strategic Income 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 - 13.8%
	Fixed Rate - 13.8%
	Federal Home Loan Mortgage Corporation
	5.50%, 1/1/18, #E93231 (b)		$	853,818	$	878,682	$	842,558
	9.00%, 7/1/30, #C40149			167,804		172,102		179,729
	6.00%, 10/1/16, #610761 (b)			480,645		489,284		484,490
	5.00%, 7/1/18, #724954 (b)			1,967,511		1,964,913		1,906,518
	6.50%, 6/1/29, #252497 (b)			220,955		219,515		223,828
	7.50%, 3/1/30, #495694			292,665		288,075		303,384
	7.50%, 5/1/30, #535289 (b)			48,993		47,405		50,727
	8.00%, 5/1/30, #538266 (b)			20,195		19,948		21,283
	6.00%, 5/1/31, #535909 (b)			419,267		421,554		416,463
	6.50%, 11/1/31, #613339 (b)			223,202		227,957		225,895
	5.50%, 7/1/33, #720735 (b)			2,523,250		2,494,183		2,436,671
	Total U.S. Government Agency Mortgage-Backed Securities					7,223,618		7,091,546

Whole Loans and Participation Mortgages (c) (d) - 89.8%
	Commercial Loans - 40.9%
	Advance Self Storage, Lincoln, NE, 6.13%, 1/1/11	11/29/00		1,536,872		1,536,872		1,533,681
	Buca Restaurant, Maple Grove, MN, 8.63%, 1/1/11	01/01/05		884,830		884,830		911,375
	Dixie Highway, Pompano Beach, FL, 6.93%, 9/1/11	08/31/04		829,201		829,201		857,870
	Hampden Medical Office, Englewood, CO, 7.38%, 10/1/12 (b)	09/09/02		1,706,747		1,706,747		1,792,084
	Integrity Plaza Shopping Center, Albuquerque, NM, 7.88%, 7/1/12 (b)	05/11/04		2,039,828		2,039,828		2,144,939
	Metro Center, Albuquerque, NM, 5.20%, 5/1/09 (b)	04/07/04		2,546,626		2,546,626		2,496,267
	Metro Center II, Albuquerque, NM, 7.88%, 5/1/09	03/20/06		149,842		149,842		140,682
	Minikahda Mini Storage IV, Minneapolis, MN, 7.15%, 3/1/11	02/28/06		1,622,469		1,622,469		1,671,143
	Murphy Industrial Building, Irvine, CA, 8.38%, 10/1/07 (b) (e) (f)	09/29/04		1,450,000		1,450,000		1,449,378
	Orchard Commons, Englewood, CO, 8.63%, 4/1/11	03/28/01		983,160		983,160		1,032,318
	Perkins Restaurant, Maple Grove, MN, 6.38%, 1/1/11 (e)	12/23/05		1,400,000		1,400,000		1,411,127
	Rockwood Galleria, Gresham, OR, 7.25%, 2/1/11	01/06/03		1,551,975		1,551,976		1,086,383
	Schendel Office Building, Beaverton, OR, 8.20%, 10/1/07	09/30/97		956,279		956,279		961,811
	Stephens Center, Missoula, MT, 6.38%, 9/1/10	08/21/03		1,902,000		1,902,000		1,912,805
	Voit Office Building, Orange, CA, 8.13%, 9/1/08	08/17/01		1,485,790		1,485,790		1,530,363
						21,048,591		20,932,226
	Multifamily Loans - 46.9%
	712 S. Westlake Apartments, Los Angeles, CA, 7.92%, 7/1/07 (e) (f)	06/03/05		1,800,000		1,800,000		1,821,586
	756 S. Normandie, Los Angeles, CA, 7.67%, 8/1/07 (e) (f)	07/28/05		1,575,000		1,575,000		1,591,194
	Applewood Manor, Duluth, MN, 8.63%, 1/1/08	12/23/93		604,221		601,199		616,305
	Cascade Village, Cascade Township, MI, 5.25%, 12/1/09 (b)	11/23/04		1,591,198		1,591,198		1,548,730
	Forest Club Apartments, Dallas, TX, 11.88%, 5/1/08 (e)	04/19/06		1,720,000		1,720,000		1,713,439
	Franklin Woods Apartments, Franklin, NH, 5.88%, 3/1/10	02/24/95		924,378		921,879		913,676
	Hunt Club Apartments, Waco, TX, 5.64%, 7/1/11 (b)	06/03/04		1,211,974		1,211,974		1,194,349
	Ironwood Apartments, Tucson, AZ, 8.44%, 4/1/08 (e) (f)	03/31/06		2,975,000		2,975,000		2,975,000
	Park Hollywood, Portland, OR, 7.38%, 6/1/12	05/31/02		1,134,135		1,134,135		1,190,842
	Rush Oaks Apartments, LaPorte, TX, 7.78%, 12/1/07	11/26/97		470,301		470,302		479,418
	Spring Creek Gardens, Plano, TX, 8.17%, 1/1/09 (e) (f)	12/22/05		2,050,000		2,050,000		2,050,000
	Steel Lake Apartments, Federal Way, WA, 7.69%, 6/1/08 (e) (f)	05/31/05		3,985,000		3,985,000		4,014,178
	Vanderbilt Condominiums, Austin, TX, 8.04%, 10/1/09	09/29/99		1,118,840		1,118,840		1,163,594
	Villa Bonita, Chez Royalle, Fitzhugh Apartments I, Dallas, TX, 8.42%, 3/1/07 (b) (e) (f)	02/21/03		1,900,000		1,900,000		1,601,100
	Villa Bonita, Chez Royalle, Fitzhugh Apartments II, Dallas, TX, 9.88%, 3/1/07 (e)	02/21/03		350,000		350,000		245,000
	Woodland Garden Apartments, Arlington, WA, 7.38%, 9/1/08	08/26/98		967,125		967,125		926,010
						24,371,652		24,044,421
	Single Family Loans - 2.0%
	Aegis, 1 loan, Massachusetts, 10.00%, 3/26/10	10/26/95		45,401		42,890		46,763
	Aegis II, 2 loans, midwestern United States, 9.66%, 1/28/14	12/28/95		23,965		21,958		24,591
	American Portfolio, 1 loan, California, 4.88%, 10/18/15	07/18/95		24,352		23,197		23,579
	Anivan, 1 loan, Maryland, 5.19%, 4/14/12	06/14/96		93,353		93,956		90,440
	Bank of New Mexico, 1 loan, New Mexico, 6.23%, 3/31/10	03/01/04		39,542		38,809		39,629
	Bluebonnet Savings and Loan, 7 loans, Texas, 6.66%, 8/31/10	05/22/92		173,070		158,562		167,058
	Bluebonnet Savings and Loan II, 1 loan, Texas, 11.50%, 8/31/10	05/22/92		5,455		5,345		5,118
	CLSI Allison Wiliams, 3 loans, Texas, 9.38%, 8/1/17	02/28/92		33,725		31,018		34,116
	Cross Roads Savings and Loan, 1 loan, Oklahoma, 6.25%, 1/1/21	01/07/92		38,471		36,383		39,625
	Cross Roads Savings and Loan II, 3 loans, Oklahoma, 8.34%, 1/1/21	01/07/92		51,152		48,106		51,350
	Fairbanks, 1 loan, Utah, 5.50%, 9/23/15	05/21/92		21,790		18,494		19,967
	First Boston Mortgage Pool, 5 loans, United States, 9.04%, 11/5/07	06/23/92		47,208		38,584		48,089
	Knutson Mortgage Portfolio I, 3 loans, midwestern United States, 9.37%, 8/1/17	02/26/92		169,145		161,402		174,115
	McClemore, Matrix Funding Corporation, 1 loan, North Carolina, 10.50%, 9/30/12	09/09/92		47,217		44,856		48,633
	Nomura III, 4 loans, midwestern United States, 8.20%, 4/29/17	09/29/95		118,952		107,526		116,010
	Rand Mortgage Corporation, 2 loans, Texas, 9.50%, 8/1/17	07/01/02		65,505		53,737		67,470
	Salomon II, 1 loan, midwestern United States, 9.34%, 11/23/14	12/23/94		37,830		32,929		38,965
	Valley Bank of Commerce, 2 loans, New Mexico, 9.01%, 8/31/10	05/07/92		2,774		2,360		2,822
						960,112		1,038,340

	Total Whole Loans and Participation Mortgages					46,380,355		46,014,987

Preferred Stocks- 18.2%
	Real Estate Investment Trusts - 18.2%
	AMB Property, Series L (b)			14,500	$	359,755	$	340,605
	AMB Property, Series M (b)			5,600		139,850		133,112
	BRE Properties, Series B (b)			20,500		539,150		522,135
	BRE Properties, Series C (b)			400		10,216		9,484
	BRE Properties, Series D (b)			400		10,180		9,476
	CarrAmerica Realty Corp., Series E			20,900		538,545		523,754
	Developers Diversified Realty, Series E			13,000		338,650		329,290
	Developers Diversified Realty, Series H			4,750		122,821		117,420
	Developers Diversified Realty, Series I			3,800		100,450		95,494
	Duke Realty Corp., Series J (b)			2,100		52,246		49,350
	Duke Realty Corp., Series K (b)			6,200		152,826		143,220
	Duke Realty Corp., Series L (b)			12,000		302,160		277,920
	Duke Realty Corp., Series M (b)			2,000		50,000		49,180
	Equity Office Properties Trust, Series G			20,500		553,847		513,935
	Equity Residential Properties, Series D (b)			1,600		42,553		41,520
	Equity Residential Properties, Series N (b)			20,100		500,946		469,134
	Federal Realty Investment Trust (b)			22,000		580,483		557,040
	First Industrial Realty Trust (b)			23,450		594,457		572,180
	Health Care Properties, Series E (b)			10,500		274,759		265,545
	Health Care Properties, Series F (b)			10,700		278,312		264,718
	HRPT Properties Trust, Series B (b)			14,000		364,477		358,400
	Kimco Realty, Series F (b)			19,400		500,619		470,450
	New Plan Excel Realty Trust, Series E (b)			600		15,924		15,186
	Post Properties, Inc., Series B			17,800		468,112		451,942
	Prologis Trust, Series F (b)			6,700		167,835		159,728
	Prologis Trust, Series G (b)			13,200		330,984		316,140
	PS Business Park, Series F			10,500		276,103		269,325
	Public Storage, Series A (b)			6,000		144,291		130,860
	Public Storage, Series X (b)			3,000		74,330		67,800
	Public Storage, Series Z (b)			11,500		282,309		251,275
	Realty Income Corp., Series D (b)			20,500		546,185		514,960
	Regency Centers Corp., Series D (b)			20,500		543,955		508,400
	Vornado Realty Trust, Series E (b)			4,800		121,338		118,800
	Vornado Realty Trust, Series F (b)			7,800		199,340		183,846
	Vornado Realty Trust, Series G (b)			8,000		200,400		185,200
	Vornado Realty Trust, Series I (b)			2,000		46,500		46,300
	Total Preferred Stocks					9,824,908		9,333,124

	Total Investments in Unaffiliated Securities					63,428,881		62,439,657

	Short-Term Investment (g) - 3.3%
	First American Prime Obligations Fund, Class Z			1,695,455		1,695,455		1,695,455

	Total Investments in Securities (h) - 125.1%				$	65,124,336		64,135,112

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 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, 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 investments; 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. 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. 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 mortgages 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, Inc. 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. As of May 31, 2006, the fund held fair valued securities with a value of $46,014,987 or 89.8% of net assets.

(b)	On May 31, 2006, securities valued at $25,867,244 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*
	$ 6,505,830	5/10/06	5.13%	6/9/06	$27,812	(1)
	3,000,000	5/1/06	5.92%	6/1/06	15,280	(2)
	3,497,000	5/10/06	5.78%	6/9/06	16,844	(3)
	$13,002,830				$59,936

*	Interest rate as of May 31, 2006. 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, $853,818 par
	Federal National Mortgage Association, 6.00%, 10/1/16, $480,645 par
	Federal National Mortgage Association, 5.00%, 7/1/18, $1,967,511 par
	Federal National Mortgage Association, 6.50%, 6/1/29, $220,955 par
	Federal National Mortgage Association, 7.50%, 5/1/30, $48,993 par
	Federal National Mortgage Association, 8.00%, 5/1/30, $20,195 par
	Federal National Mortgage Association, 6.00%, 5/1/31, $419,267 par
	Federal National Mortgage Association, 6.50%, 11/1/31, $223,202 par
	Federal National Mortgage Association, 5.50%, 7/1/33, $2,523,250 par

(2)	Morgan Stanley:
	Cascade Village, 5.25%, 12/1/09, $1,591,198 par
	Hampden Medical Office, 7.38%, 10/1/12, $1,706,747 par
	Hunt Club Apartments, 5.88%, 7/1/11, $1,211,974 par
	Integrity Plaza Shopping Center, 7.88%, 7/1/12, $2,039,828 par
	Metro Center, 5.20%, 5/1/09, $2,546,626 par
	Murphy Industrial Building, 8.38%, 10/1/07, $1,450,000 par
	Villa Bonita, Chez Royalle, Fitzhugh Apartments I, 8.42%, 3/1/07, $1,900,000 par

(3)	Dresdner Bank:
	AMB Property, Series L, 14,500 shares
	AMB Property, Series M, 5,600 shares
	BRE Properties, Series B, 20,500 shares
	BRE Properties, Series C, 400 shares
	BRE Properties, Series D, 400 shares
	Duke Realty Corp., Series J, 2,100 shares
	Duke Realty Corp., Series K, 6,200 shares
	Duke Realty Corp., Series L, 12,000 shares
	Duke Realty Corp., Series M, 2,000 shares
	Equity Residential Properties, Series D, 1,600 shares
	Equity Residential Properties, Series N, 20,100 shares
	Federal Realty Investment Trust, 22,000 shares
	First Industrial Realty Trust, 23,450 shares
	Health Care Properties, Series E, 10,500 shares
	Health Care Properties, Series F, 10,700 shares
	HRPT Properties Trust, Series B, 14,000 shares
	Kimco Realty, Series F, 19,400 shares
	New Plan Excel Realty Trust, Series E, 600 shares
	Prologis Trust, Series F, 6,700 shares
	Prologis Trust, Series G, 13,200 shares
	Public Storage, Series A, 6,000 shares
	Public Storage, Series X, 3,000 shares
	Public Storage, Series Z, 11,500 shares
	Realty Income Corp., Series D, 20,500 shares
	Regency Centers Corp., Series D, 20,500 shares
	Vornado Realty Trust, Series E, 4,800 shares
	Vornado Realty Trust, Series F, 7,800 shares
	Vornado Realty Trust, Series G, 8,000 shares
	Vornado Realty Trust, Series I, 2,000 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 $10,000,000 using whole loans as collateral. The fund pays a fee of 0.15% to Morgan Stanley on any unused portion of the $10,000,000 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 $5,000,000 using preferred stock as collateral. The fund pays a fee of 0.25% to Dresdner Bank on any unused portion of the $5,000,000 lending commitment.

(c)	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, 2006. Interest rates and maturity dates disclosed on single family loans represent the weighted average coupon and weighted average maturity for the underlying mortgage loans as of May 31, 2006.

(d)	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. See note (a) above.

(e)	Interest only - Represents securities that entitle holders to receive only interest payments on the mortgage. The interest rate disclosed represents the net coupon rate in effect as of May 31, 2006.

(f)	Variable Rate Security - The rate shown is the net coupon rate as of May 31, 2006.

(g)	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as the advisor for the fund.

(h)	On May 31, 2006, the cost of investments in securities was $65,124,336. The aggregate gross unrealized appreciation and depreciation of investments in securities, based on this cost, were as follows:

Gross unrealized appreciation	$	719,078
Gross unrealized depreciation		(1,708,302)
Net unrealized depreciation	$	(989,224)

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 Strategic Income Portfolio Inc.

By:

/s/ Thomas S. Schreier, Jr.

Thomas S. Schreier, Jr.

President

Date: July 31, 2006

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 31, 2006

By:

/s/Charles D. Gariboldi, Jr.

Charles D. Gariboldi, Jr.

Treasurer

Date: July 31, 2006

EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS Officer Certifications

EX-99.CERT

CERTIFICATIONS PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas S. Schreier, Jr., certify that:

1. I have reviewed this report on Form N-Q of American Strategic Income Portfolio Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 31, 2006

/s/ Thomas S. Schreier, Jr.

Thomas S. Schreier, Jr.

President

I, Charles D. Gariboldi, Jr., certify that:

1. I have reviewed this report on Form N-Q of American Strategic Income Portfolio Inc.;

c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 31, 2006

/s/ Charles D. Gariboldi, Jr.

Charles D. Gariboldi, Jr.

Treasurer