asp_53109nq.htm

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, 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: 08/31/09

Date of reporting period: 05/31/09

Item 1. Schedule of Investments.

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio (ASP)

May 31, 2009

DESCRIPTION					DATE ACQUIRED		PAR		COST		VALUE ¶

(Percentages of each investment category relate to total net assets)
Whole Loans ∞ & — 69.9%
	Commercial Loans — 52.4%
		Advance Self Storage, Lincoln, NE, 6.13%, 1/1/11 ß			12/30/05	$	1,410,161	$	1,410,161	$	1,397,493
		Buca Restaurant, Maple Grove, MN, 8.63%, 1/1/11			12/27/00		825,384		825,384		833,638
		Copper Junction, Copper Mountain, CO, 6.38%, 7/1/17 ß			6/14/07		1,912,677		1,912,677		1,667,878
		Hampden Medical Office, Englewood, CO, 7.38%, 10/1/12			9/9/02		1,527,719		1,527,719		1,326,924
		Integrity Plaza Shopping Center, Albuquerque, NM, 7.88%, 7/1/12 ß			6/11/02		1,926,489		1,926,489		1,980,120
		La Costa Meadows Industrial Park I, San Marcos, CA, 6.78%, 7/1/17 ß¶			6/28/07		1,250,000		1,250,000		1,131,572
		La Costa Meadows Industrial Park II, San Marcos, CA, 7.53%, 7/1/17 ß ¶			6/28/07		2,000,000		2,000,000		2,000,533
		Minikahda Mini Storage IV, Minneapolis, MN, 7.15%, 3/1/11 ß			2/28/06		1,577,474		1,577,474		1,587,868
		Naples Boat Club, Naples, FL, 6.43%, 1/1/17 ß			12/28/06		1,693,728		1,693,728		1,548,085
		Orchard Commons, Englewood, CO, 8.63%, 4/1/11			3/28/01		952,442		952,442		971,491
		Palace Court, Santa Fe, NM, 6.68%, 11/1/11 ß ¶			10/2/06		1,890,508		1,890,508		1,599,514
		Par 3 Office Building, Bend, OR, 6.63%, 8/1/13 ß¶			8/3/06		1,900,000		1,900,000		1,834,861
		Perkins Restaurant, Maple Grove, MN, 6.38%, 1/1/11 ß			12/23/05		1,364,805		1,364,805		1,326,927
		Rockwood Galleria, Gresham, OR, 7.25%, 2/1/11 ß			1/6/03		1,496,888		1,496,888		1,525,329
		Stephens Center, Missoula, MT, 6.38%, 9/1/10 ß			4/20/06		1,807,320		1,807,320		1,821,427
		The Storage Place, Marana, AZ, 6.65%, 1/1/13 ¶			12/20/07		3,200,000		3,200,000		3,071,266
									26,735,595		25,624,926

	Multifamily Loans — 16.4%
		Forest Club Apartments, Dallas, TX, 11.88%, 8/1/09 ¶			4/19/06		1,720,000		1,720,000		1,579,457
		Franklin Woods Apartments, Franklin, NH, 5.88%, 3/1/10			2/24/95		725,733		725,733		724,938
		Hunt Club Apartments, Waco, TX, 5.64%, 7/1/11 ß			6/3/04		1,159,399		1,159,399		1,145,153
		Park Hollywood, Portland, OR, 7.38%, 6/1/12 ß			5/31/02		1,092,703		1,092,703		1,114,635
		Spring Creek Gardens, Plano, TX, 3.62%, 1/1/09 ¶ r ♣ u			12/22/05		2,050,000		2,050,000		1,435,000
		Vanderbilt Condominiums, Austin, TX, 8.04%, 10/1/09			9/29/99		1,064,746		1,064,746		1,064,746
		Villa Bonita, Chez Royalle, Fitzhugh Apartments I, Dallas, TX, 7.88%, 4/1/10r			2/21/03		817,431		817,431		817,431
		Villa Bonita, Chez Royalle, Fitzhugh Apartments II, Dallas, TX, 11.88%, 4/1/10			2/21/03		152,195		152,195		143,571
									8,782,207		8,024,931

	Single Family Loans — 1.1%
		American Portfolio, 1 loan, California, 4.88%, 10/18/15			7/18/95		19,249		18,336		19,827
		Anivan, 1 loan, Maryland, 5.19%, 4/14/12			6/14/96		70,347		70,802		72,457
		Bank of New Mexico, 1 loan, New Mexico, 6.23%, 3/31/10			5/31/96		32,401		31,801		33,373
		Bluebonnet Savings & Loan, 6 loans, Texas, 6.66%, 8/31/10			5/22/92		106,369		97,453		108,782
		Cross Roads Savings & Loan II, 1 loan, Oklahoma, 8.34%, 1/1/21 u			1/7/92		21,519		20,237		16,983
		Fairbanks, 1 loan, Utah, 5.50%, 9/23/15			5/21/92		18,092		15,355		18,634
		Knutson Mortgage Portfolio I, 2 loans, Maine and Montana, 9.37%, 8/1/17			2/26/92		127,183		121,361		130,999
		McClemore, Matrix Funding Corporation, 1 loan, North Carolina, 10.50%, 9/30/12			9/9/92		41,476		39,403		42,721
		Nomura III, 2 loans, California & New York, 8.20%, 4/29/17			9/29/95		65,296		59,024		67,255
		Rand Mortgage Corporation, 1 loan, Texas, 9.50%, 8/1/17			2/21/92		31,006		25,461		31,936
									499,233		542,967
				Total Whole Loans					36,017,035		34,192,824

Corporate Note ∞ ¶ — 7.3%
	Fixed Rate — 7.3%
		Stratus Properties V, 6.92%, 12/31/11			6/1/07		3,500,000		3,500,000		3,570,000

U.S. Government Agency Mortgage-Backed Securities — 12.8%
	Fixed Rate — 12.8%
		Federal Home Loan Mortgage Corporation,
			5.50%, 1/1/18, #E93231 ■				442,798		452,353		465,334
			9.00%, 7/1/30, #C40149				74,348		76,015		79,053
			5.00%, 5/1/39, #G05430 ■				1,942,734		1,995,332		1,988,671

FIRST AMERICAN MORTGAGE FUNDS 2009 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio (ASP)

May 31, 2009

DESCRIPTION					PAR/ SHARES		COST		VALUE ¶

		Federal National Mortgage Association,
			6.00%, 10/1/16, #610761 ■	$	225,594	$	228,471	$	239,402
			5.00%, 7/1/18, #724954 ■		1,060,792		1,059,757		1,106,013
			6.50%, 6/1/29, #252497 ■		132,620		131,869		143,288
			7.50%, 3/1/30, #495694		56,724		55,947		61,212
			7.50%, 5/1/30, #535289 ■		27,991		27,197		30,837
			8.00%, 5/1/30, #538266 ■		11,346		11,225		12,554
			6.00%, 5/1/31, #535909 ■		247,944		249,134		262,330
			6.50%, 11/1/31, #613339 ■		126,403		128,777		136,333
			5.50%, 7/1/33, #720735 ■		1,695,056		1,677,695		1,760,033

			Total U.S. Government Agency Mortgage-Backed Securities				6,093,772		6,285,060

Commercial Mortgage-Backed Securities — 21.6%
	Other — 21.6%
		Bear Stearns Commercial Mortgage Securities,
			Series 2006-PW12, Class A4, 5.72%, 9/11/38 r		1,200,000		974,111		1,040,284
			Series 2007-PW17, Class A4, 5.69%, 6/11/50		1,985,000		1,766,417		1,604,774
			Series 2007-T28, Class A4, 5.74%, 9/11/42		1,200,000		933,264		973,763
		Citigroup/Deutsche Bank Commercial Mortgage Trust,
			Series 2005-CD1, Class A4, 5.23%, 7/15/44 r		2,357,000		1,501,929		2,080,936
		GS Mortgage Securities Corporation II, Series 2006-GG8, Class A4, 5.56%, 11/10/39			2,900,000		1,998,358		2,355,553
		LB-UBS Commercial Mortgage Trust, Series 2008-C1, Class A2, 6.15%, 4/15/41 r			1,875,000		1,375,588		1,564,041
		Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.65%, 6/11/42 r			1,160,000		930,533		968,847

			Total Commercial Mortgage-Backed Securities				9,480,200		10,588,198

Preferred Stocks — 19.6%
	Real Estate Investment Trusts — 19.6%
		AMB Property, Series L			26,560		597,940		411,680
		AMB Property, Series M			5,600		139,850		90,944
		BRE Properties, Series C			30,150		599,080		535,464
		BRE Properties, Series D			2,400		47,688		42,360
		Developers Diversified Realty, Series G			20,000		447,000		204,000
		Developers Diversified Realty, Series H			12,060		247,230		113,726
		Developers Diversified Realty, Series I			1,950		40,658		17,959
		Duke Realty, Series J			2,100		52,246		27,846
		Duke Realty, Series L			8,750		167,300		117,250
		Duke Realty, Series M			26,120		532,400		375,083
		Duke Realty, Series O			20,300		479,080		342,258
		Equity Residential Properties, Series N			28,800		557,520		578,880
		HRPT Properties Trust, Series B			8,171		212,725		140,950
		National Retail Properties, Series C			25,000		527,500		494,000
		ProLogis Trust, Series F			5,975		139,549		92,612
		ProLogis Trust, Series G			3,800		79,800		58,900
		PS Business Parks, Series H			22,060		389,700		409,213
		PS Business Parks, Series I			4,240		83,401		75,684
		PS Business Parks, Series K			25,000		578,750		524,000
		PS Business Parks, Series M			12,060		248,436		224,919
		PS Business Parks, Series P			3,750		71,887		66,450
		Public Storage, Series A			6,000		144,291		128,580
		Public Storage, Series C			5,000		100,000		102,950
		Public Storage, Series E			14,200		263,000		294,792
		Public Storage, Series F			9,300		231,105		183,210
		Public Storage, Series I			12,060		262,305		275,571
		Public Storage, Series K			8,000		174,000		182,320
		Public Storage, Series X			3,000		74,330		58,980

FIRST AMERICAN MORTGAGE FUNDS 2009 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio (ASP)

May 31, 2009

DESCRIPTION				SHARES		COST		VALUE ¶

	Public Storage, Series Z			11,500	$	282,309	$	220,800
	Realty Income, Series D			20,500		546,185		440,750
	Realty Income, Series E			37,060		714,246		715,258
	Regency Centers, Series C			22,060		482,737		424,655
	Regency Centers, Series E			24,060		483,600		418,885
	Simon Property Group, Series J			11,000		511,500		565,400
	Vornado Realty Trust, Series E			4,800		121,338		88,944
	Vornado Realty Trust, Series G			30,000		483,000		534,000

			Total Preferred Stocks			11,113,686		9,579,273

		Total Unaffiliated Investments				66,204,693		64,215,355

Short-Term Investment — 2.4%
		First American Prime Obligations Fund, Class Z Ø		1,168,457		1,168,457		1,168,457

			Total Investments p — 133.6%		$	67,373,150	$	65,383,812

			Other Assets and Liabilities, Net — (33.6)%					(16,461,025)

		Total Net Assets — 100.0%					$	48,922,787



¶	The fund’s investments in whole loans (single family, 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. Pursuant to these procedures, these investments are initially fair valued at cost as this approximates fair value and adjusted using a 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 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 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 can only be determined in negotiations between the fund and third parties. 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, 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 respective net asset values on the valuation date. 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. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost which approximates market value.

FIRST AMERICAN MORTGAGE FUNDS 2009 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio (ASP)

May 31, 2009

	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 FAF Advisors, Inc. ("FAF Advisors"), 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, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, 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. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available. 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 securities are 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. As of May 31, 2009, the fund held fair valued securities with a value of $37,762,824 or 77.2% of total net assets.
∞	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 ¶ footnote above.

&	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, 2009. 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, 2009.

ß	Securities pledged as collateral for outstanding borrowings under a loan agreement with Massachusetts Mutual Life Insurance Company (“MMLIC”). On May 31, 2009, securities valued at $21,681,395 were pledged as collateral for the following outstanding borrowings:
				Accrued
		Amount	Rate*	Interest
		$8,600,000	5.00%	$35,833
		2,400,000	5.00%	10,000
		$11,000,000		$45,833

		* Interest rate as of May 31, 2009. Rate is based on the LIBOR plus 2.625% subject to a “floor” interest rate of 5.00% and reset monthly.

	Description of collateral:
		Advance Self Storage, Lincoln, NE, 6.13%, 1/1/11, $1,410,161 par
		Copper Junction, Copper Mountain, CO, 6.38%, 7/1/17, $1,912,677 par
		Hunt Club Apartments, Waco, TX, 5.64%, 7/1/11, $1,159,399 par
		Integrity Plaza Shopping Center, Albuquerque, NM, 7.88%, 7/1/12, $1,926,489 par
		La Costa Meadows Industrial Park I, San Marcos, CA, 6.78%, 7/1/17, $1,250,000 par
		La Costa Meadows Industrial Park II, San Marcos, CA, 7.53%, 7/1/17, $2,000,000 par
		Minikahda Mini Storage IV, Minneapolis, MN, 7.15%, 3/1/11, $1,577,474 par
		Naples Boat Club, Naples, FL, 6.43%, 1/1/17, $1,693,728 par
		Palace Court, Santa Fe, NM, 6.68%, 11/1/11, $1,890,508 par
		Par 3 Office Building, Bend, OR, 6.63%, 8/1/13, $1,900,000 par
		Park Hollywood, Portland, OR, 7.38%, 6/1/12, $1,092,703 par
		Perkins Restaurant, Maple Grove, MN, 6.38%, 1/1/11, $1,364,805 par
		Rockwood Galleria, Gresham, OR, 7.25%, 2/1/11, $1,496,888 par
		Stephens Center, Missoula, MT, 6.38%, 9/1/10, $1,807,320 par

	The fund has entered into a loan agreement with MMLIC under which MMLIC made a term loan to the fund of $8,600,000, which matures on July 31, 2011, and agreed to make revolving loans to the fund of up to $2,400,000. Loans made under the loan agreement are secured by whole loans in the fund’s portfolio and bear interest at the one-month LIBOR plus 2.625% with a “floor” interest rate of 5.00%. In addition, the fund pays an annual fee of 1.28% on any unused portion of the fund’s revolving loan commitment.

¶	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, 2009.

r	Variable Rate Security - The rate shown is the net coupon rate in effect as of May 31, 2009.

FIRST AMERICAN MORTGAGE FUNDS 2009 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio (ASP)

May 31, 2009

♣

Loan has matured and the fund is anticipating payoff or refinancing. Unless disclosed otherwise, the loan continues to make monthly payments.

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

■

Securities pledged as collateral for outstanding reverse repurchase agreements. On May 31, 2009, securities valued at $6,144,795 were pledged as collateral for the following outstanding reverse repurchase agreements:

Name of Broker

Acquisition

Accrued

and Description

Amount

Date

Rate*

Due

Interest

of Collateral

$5,820,365

5/20/09

0.500%

6/19/09

$970

(1)

* Interest rate as of May 31, 2009. Rate is based on the London Interbank Offered Rate (“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, $442,798 par
			Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $1,942,734 par
			Federal National Mortgage Association, 6.00%, 10/1/16, $225,594 par
			Federal National Mortgage Association, 5.00%, 7/1/18, $1,060,792 par
			Federal National Mortgage Association, 6.50%, 6/1/29, $132,620 par
			Federal National Mortgage Association, 7.50%, 5/1/30, $27,991 par
			Federal National Mortgage Association, 8.00%, 5/1/30, $11,346 par
			Federal National Mortgage Association, 6.00%, 5/1/31, $247,944 par
			Federal National Mortgage Association, 6.50%, 11/1/31, $126,403 par
			Federal National Mortgage Association, 5.50%, 7/1/33, $1,695,056 par

		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.

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

p	On May 31, 2009, the cost of investments for federal income tax purposes was approximately $67,373,150. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$	1,944,031
	Gross unrealized depreciation		(3,933,369	)
	Net unrealized depreciation	$	(1,989,338	)
Summary of Fair Value Exposure
The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on September 1, 2008. FAS 157 requires the fund to classify its securities based on a valuation method, using the following three levels: Level 1 - Quoted prices in active markets for identical securities. Generally, the types of securities included within Level 1 of the fund are investments in preferred stocks and mutual funds with quoted prices. Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of the fund are U.S. government agency mortgage-backed securities and commercial mortgage-backed securities. Level 3 - Significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are whole loans, unregistered corporate notes issued by real-estate related companies, and private mortgage-backed securities. These securities have limited or no observable fair value inputs available, and as such, the fair value is determined through independent broker quotations or management’s fair value procedures adopted by the board of directors.

FIRST AMERICAN MORTGAGE FUNDS 2009 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio (ASP)

May 31, 2009

The valuation levels are not necessarily an indication of the risk associated with investing in these investments. Industry implementation has just begun and it may be some period of time before industry practices become more uniform. For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds. As of May 31, 2009, the fund's investments were classified as follows:
	Investments in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$	10,747,730
Level 2 - Other significant observable inputs		16,873,258
Level 3 - Significant unobservable inputs		37,762,824
Total	$	65,383,812

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
	Investments in
	Securities
Balance as of August 31, 2008	$	46,643,980
Realized gain (loss)		6,489
Net change in unrealized appreciation (depreciation)		(455,655	)
Net purchases (sales)		(8,431,990	)
Balance as of May 31, 2009	$	37,762,824

FIRST AMERICAN MORTGAGE FUNDS 2009 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 Strategic Income Portfolio Inc.

By: /s/Thomas S. Schreier, Jr.

Thomas S. Schreier, Jr.

President

Date: July 27, 2009

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 27, 2009

By: /s/Charles D. Gariboldi, Jr.

Charles D. Gariboldi, Jr.

Treasurer

Date: July 27, 2009

Date: July 27, 2009	/s/Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr. President

Date: July 27, 2009	/s/Charles D. Gariboldi, Jr.
	Charles D. Gariboldi, Jr. Treasurer