amstratincome.htm

Schedule of INVESTMENTS May 31, 2007 (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 – 11.2%
	Fixed Rate – 11.2%
	Federal Home Loan Mortgage Corporation,
	5.50%, 1/1/18, #E93231 (b)			$	719,752	$	738,905	$	716,525
	9.00%, 7/1/30, #C40149				99,060		101,492		107,476
	Federal National Mortgage Association,
	6.00%, 10/1/16, #610761 (b)				388,897		395,211		393,416
	5.00%, 7/1/18, #724954 (b)				1,580,180		1,578,279		1,544,581
	6.50%, 6/1/29, #252497 (b)				183,168		182,026		188,098
	7.50%, 3/1/30, #495694				177,595		174,926		183,505
	7.50%, 5/1/30, #535289 (b)				37,817		36,642		39,556
	8.00%, 5/1/30, #538266 (b)				11,765		11,628		12,418
	6.00%, 5/1/31, #535909 (b)				354,758		356,617		356,721
	6.50%, 11/1/31, #613339 (b)				172,800		176,336		177,234
	5.50%, 7/1/33, #720735 (b)				2,147,529		2,123,703		2,102,731
	Total U.S. Government Agency Mortgage-Backed Securities						5,875,765		5,822,261

	Whole Loans and Participation Mortgages (c) (d) – 91.3%
	Commercial Loans – 53.6%
	Advance Self Storage, Lincoln, NE, 6.13%, 1/1/11		11/29/00		1,497,189		1,497,189		1,509,761
	Buca Restaurant, Maple Grove, MN, 8.63%, 1/1/11		01/01/05		865,627		865,627		882,940
	Dependable Mini-Storage I, Plano, TX, 6.64%, 7/1/11 (b) (e)		06/27/06		2,800,000		2,800,000		2,872,838
	Dependable Mini-Storage II, Plano, TX, 11.88%, 7/1/07 (e)		06/27/06		300,000		300,000		312,000
	Hampden Medical Office, Englewood, CO, 7.38%, 10/1/12 (b)		09/09/02		1,659,302		1,659,302		1,502,460
	Integrity Plaza Shopping Center, Albuquerque, NM, 7.88%, 7/1/12 (b)		05/11/04		2,004,911		2,004,907		2,105,156
	Metro Center, Albuquerque, NM, 5.20%, 5/1/09 (b)		04/07/04		2,490,630		2,490,630		2,465,350
	Metro Center II, Albuquerque, NM, 7.88%, 5/1/09		03/20/06		148,040		148,040		137,928
	Minikahda Mini Storage IV, Minneapolis, MN, 7.15%, 3/1/11		02/28/06		1,608,348		1,608,348		1,656,599
	Murphy Industrial Building, Irvine, CA, 8.50%, 10/1/07 (b) (e) (f)		09/29/04		1,450,000		1,450,000		1,450,000
	Naples Boat Club, Naples, FL, 6.55%, 1/1/17		12/28/06		1,785,287		1,785,287		1,844,593
	Orchard Commons, Englewood, CO, 8.75%, 4/1/11		03/28/01		973,732		973,732		947,166
	Palace Court, Santa Fe, NM, 6.68%, 11/1/11 (b) (e)		10/02/06		1,900,000		1,900,000		1,954,369
	Par 3 Office Building, Bend, OR, 6.63%, 8/1/13 (b) (e)		08/03/06		1,900,000		1,900,000		1,966,065
	Perkins Restaurant, Maple Grove, MN, 6.38%, 1/1/11 (e)		12/23/05		1,394,896		1,394,896		1,411,283
	Rockwood Galleria, Gresham, OR, 7.25%, 2/1/11		01/06/03		1,534,858		1,534,858		1,596,253
	Stephens Center, Missoula, MT, 6.38%, 9/1/10 (b)		08/21/03		1,872,378		1,872,378		1,903,202
	Voit Office Building, Orange, CA, 8.13%, 9/1/08		08/17/01		1,463,947		1,463,947		1,493,225
							27,649,141		28,011,188
	Multifamily Loans – 36.2%
	Applewood Manor, Duluth, MN, 8.63%, 1/1/08		12/23/93		592,135		589,174		598,056
	Cascade Village, Cascade Township, MI, 5.25%, 12/1/09 (b)		11/23/04		1,569,885		1,569,885		1,536,627
	Forest Club Apartments, Dallas, TX, 11.88%, 5/1/08 (e)		04/19/06		1,720,000		1,720,000		1,632,963
	Franklin Woods Apartments, Franklin, NH, 6.00%, 3/1/10		02/24/95		862,084		875,745		856,499
	Hunt Club Apartments, Waco, TX, 5.68%, 7/1/11 (b)		06/03/04		1,195,396		1,195,396		1,188,552
	Ironwood Apartments, Tucson, AZ, 8.82%, 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		1,121,279		1,121,279		1,177,343
	Spring Creek Gardens, Plano, TX, 8.45%, 1/1/09 (e) (f)		12/22/05		2,050,000		2,050,000		2,050,000
	Steel Lake Apartments, Federal Way, WA, 7.97%, 6/1/08 (e) (f)		05/31/05		3,985,000		3,985,000		3,802,540
	Vanderbilt Condominiums, Austin, TX, 8.04%, 10/1/09		09/29/99		1,102,254		1,102,254		1,135,321
	Villa Bonita, Chez Royalle, Fitzhugh Apartments I, Dallas, TX, 8.70%, 3/1/08 (b) (e) (f)		02/21/03		839,912		839,912		839,912
	Villa Bonita, Chez Royalle, Fitzhugh Apartments II, Dallas, TX, 9.88%, 3/1/08 (e)		02/21/03		154,882		154,882		143,163
	Woodland Garden Apartments, Arlington, WA, 7.38%, 9/1/08		08/26/98		949,709		949,709		962,395
							19,128,236		18,898,371
	Single Family Loans – 1.5%
	Aegis II, 2 loans, midwestern United States, 9.66%, 1/28/14 (g)		12/28/95		12,823		11,749		12,438
	American Portfolio, 1 loan, California, 4.88%, 10/18/15		07/18/95		22,801		21,720		22,606
	Anivan, 1 loan, Maryland, 5.19%, 4/14/12		06/14/96		86,263		86,821		86,549
	Bank of New Mexico, 1 loan, New Mexico, 6.23%, 3/31/10		03/01/04		37,388		36,695		38,038
	Bluebonnet Savings and Loan, 6 loans, Texas, 6.66%, 8/31/10		05/22/92		153,452		140,588		152,756
	Bluebonnet Savings and Loan II, 1 loan, Texas, 11.50%, 8/31/10		05/22/92		2,608		2,555		2,418
	CLSI Allison Williams, 2 loans, Texas, 9.38%, 8/1/17		02/28/92		11,458		10,538		11,561
	Cross Roads Savings and Loan, 1 loan, Oklahoma, 6.25%, 1/1/21		01/07/92		36,565		34,580		37,662
	Cross Roads Savings and Loan II, 1 loan, Oklahoma, 8.34%, 1/1/21 (g)		01/07/92		21,945		20,638		21,675
	Fairbanks, 1 loan, Utah, 5.50%, 9/23/15		05/21/92		20,609		17,491		19,993
	First Boston Mortgage Pool, 5 loans, United States, 9.04%, 11/5/07		06/23/92		28,606		23,380		29,189
	Knutson Mortgage Portfolio I, 2 loans, midwestern United States, 9.37%, 8/1/17		02/26/92		147,358		140,613		151,779
	McClemore, Matrix Funding Corporation, 1 loan, North Carolina, 10.50%, 9/30/12		09/09/92		45,499		43,224		46,864
	Nomura III, 4 loans, midwestern United States, 8.20%, 4/29/17		09/29/95		109,731		99,191		109,315
	Rand Mortgage Corporation, 2 loans, Texas, 9.50%, 8/1/17		07/01/02		61,603		50,539		63,451
							740,322		806,294

	Total Whole Loans and Participation Mortgages						47,517,699		47,715,853

Preferred Stocks– 18.7%
		Real Estate Investment Trusts – 18.7%
		AMB Property, Series L (b)			14,500		359,755		359,600
		AMB Property, Series M (b)			5,600		139,850		139,552
		AMB Property, Series P			14,500		367,575		365,835
		BRE Properties, Series B (b)			20,500		539,150		521,110
		BRE Properties, Series C (b)			400		10,216		10,040
		BRE Properties, Series D (b)			400		10,180		10,016
		Developers Diversified Realty, Series H			4,750		122,822		120,412
		Developers Diversified Realty, Series I			3,800		100,450		96,862
		Duke Realty, Series J (b)			2,100		52,246		52,290
		Duke Realty, Series K (b)			6,200		152,826		154,938
		Duke Realty, Series L (b)			12,000		302,160		299,640
		Duke Realty, Series M (b)			2,000		50,000		51,040
		Equity Residential Properties, Series D (b)			1,600		42,553		40,464
		Equity Residential Properties, Series N (b)			20,100		500,946		501,495
		Health Care Properties, Series E (b)			10,500		274,759		264,180
		Health Care Properties, Series F (b)			15,150		390,230		381,326
		Hospitality Properties Trust, Series C (b)			40,000		994,000		984,000
		HRPT Properties Trust, Series B (b)			14,000		364,477		353,500
		Kimco Realty, Series F (b)			19,400		500,619		489,462
		Post Properties, Series B			17,800		468,112		453,188
		Prologis Trust, Series F (b)			6,700		167,835		169,175
		Prologis Trust, Series G (b)			13,200		330,984		332,112
		Public Storage, Series A (b)			6,000		144,291		144,720
		Public Storage, Series F (b)			9,300		231,105		224,409
		Public Storage, Series L (b)			16,400		418,200		410,820
		Public Storage, Series M			4,000		100,000		98,560
		Public Storage, Series X (b)			3,000		74,330		73,290
		Public Storage, Series Z (b)			11,500		282,309		278,530
		Realty Income, Series D (b)			20,500		546,185		525,620
		Realty Income, Series E (b)			27,000		679,050		676,350
		Regency Centers, Series D (b)			23,500		620,605		591,260
		Vornado Realty Trust, Series E (b)			4,800		121,338		122,064
		Vornado Realty Trust, Series F (b)			7,800		199,340		196,326
		Vornado Realty Trust, Series G (b)			8,000		200,400		196,960
		Vornado Realty Trust, Series I (b)			2,000		46,500		49,160
		Total Preferred Stocks					9,905,398		9,738,306

		Total Investments in Unaffiliated Securities					63,298,862		63,276,420

		Short-Term Investment (h) – 2.6%
		First American Prime Obligations Fund, Class Z			1,377,420		1,377,420		1,377,420

		Total Investments in Securities (i) – 123.8%				$	64,676,282		$64,653,840
		Other Assets and Liabilities, Net– (23.8)%							(12,409,500)
		Total Net Assets– 100.0%							$52,244,340

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 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 $47,715,853 or 91.3% of net assets.

(b)

On May 31, 2007, securities valued at $33,731,761 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
$ 5,409,462	5/9/07	5.37%	6/8/07	$18,559	(1)
3,000,000	5/1/07	6.20%	6/1/07	16,004	(2)
3,500,000	5/31/07	6.20%	6/1/07	602	(2)
4,216,000	5/9/07	6.02%	6/8/07	16,215	(3)
$16,125,462				$51,380

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, $719,752 par

Federal National Mortgage Association, 6.00%, 10/1/16, $388,897 par

Federal National Mortgage Association, 5.00%, 7/1/18, $1,580,180 par

Federal National Mortgage Association, 6.50%, 6/1/29, $183,168 par

Federal National Mortgage Association, 7.50%, 5/1/30, $37,817 par

Federal National Mortgage Association, 8.00%, 5/1/30, $11,765 par

Federal National Mortgage Association, 6.00%, 5/1/31, $354,758 par

Federal National Mortgage Association, 6.50%, 11/1/31, $172,800 par

Federal National Mortgage Association, 5.50%, 7/1/33, $2,147,529 par

(2)

Morgan Stanley:

Cascade Village, 5.25%, 12/1/09, $1,569,885 par

Dependable Mini-Storage I, 6.64%, 7/1/11, $2,800,000 par

Hampden Medical Office, 7.38%, 10/1/12, $1,659,302 par

Hunt Club Apartments, 5.68%, 7/1/11, $1,195,396 par

Integrity Plaza Shopping Center, 7.88%, 7/1/12, $2,004,911 par

Metro Center, 5.20%, 5/1/09, $2,490,630 par

Murphy Industrial Building, 8.50%, 10/1/07, $1,450,000 par

Palace Court, 6.68%, 11/1/11, $1,900,000 par

Par 3 Office Building, 6.63%, 8/1/13, $1,900,000 par

Stephens Center, 6.38%, 9/1/10, $1,872,378 par

Villa Bonita, Chez Royalle, Fitzhugh Apartments I, 8.70%, 3/1/08, $839,912 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, Series J, 2,100 shares

Duke Realty, Series K, 6,200 shares

Duke Realty, Series L, 12,000 shares

Duke Realty, Series M, 2,000 shares

Equity Residential Properties, Series D, 1,600 shares

Equity Residential Properties, Series N, 20,100 shares

Health Care Properties, Series E, 10,500 shares

Health Care Properties, Series F, 10,700 shares

Hospitality Property Trust, Series C, 40,000 shares

HRPT Properties Trust, Series B, 14,000 shares

Kimco Realty, Series F, 19,400 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 F, 9,300 shares

Public Storage, Series L, 16,400 shares

Public Storage, Series X, 3,000 shares

Public Storage, Series Z, 11,500 shares

Realty Income, Series D, 20,500 shares

Realty Income, Series E, 27,000 shares

Regency Centers, 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)

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. 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, 2007.

(e)

Interest only - Represents securities that entitle holders to receive only interest payments on the mortgage. Principal balance of the loan is due at maturity. The interest rate disclosed represents the net coupon rate in effect as of May 31, 2007.

(f)

Variable Rate Security – The rate shown is the net coupon rate as of May 31, 2007.

(g)

Loan or a portion of this loan not current on interest and/or principal payments.

(h)

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

(i)

On May 31, 2007, the cost of investments in securities was $64,676,282. The aggregate gross unrealized appreciation and depreciation of investments in securities, based on this cost, were as follows:

	Gross unrealized appreciation		$ 793,297
	Gross unrealized depreciation		(815,739)
	Net unrealized depreciation		$ (22,442)