N-Q

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)

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: 08/31/13

Date of reporting period: 05/31/13

Item 1. Schedule of Investments.

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

DESCRIPTION	DATE ACQUIRED		PAR		COST		VALUE ¶
(Percentages of each investment category relate to total net assets)
Whole Loans ¥ p — 37.3%
Commercial Loans — 37.0%
Carl’s Jr., Idaho Springs, CO, 4.13%, 5/1/23		4/23/13	$	1,500,000	$	1,500,000	$	1,513,273
Chicago Social Security Building, Chicago, IL, 4.78%, 6/1/22		5/31/12		2,226,858		2,226,858		2,338,201
Copper Junction, Copper Mountain, CO, 6.38%, 7/1/17		6/14/07		1,813,436		1,813,436		1,904,108
Hampden Medical Office, Englewood, CO, 7.38%, 10/1/12 §		9/9/02		1,195,909		1,195,909		695,015
La Costa Meadows Industrial Park I, San Marcos, CA, 6.78%, 7/1/17		6/28/07		1,234,905		1,234,905		1,296,650
La Costa Meadows Industrial Park II, San Marcos, CA, 7.53%, 7/1/17		6/28/07		1,978,866		1,978,866		1,998,655
Minikahda Mini Storage IV, Minneapolis, MN, 7.15%, 7/1/15		2/28/06		1,582,699		1,582,699		1,614,353
Palace Court, Santa Fe, NM, 5.88%, 1/1/13 § ¶		10/2/06		1,858,913		1,858,913		1,858,913
Par 3 Office Building, Bend, OR, 6.63%, 8/1/13		8/3/06		1,849,169		1,849,169		1,365,816
Perkins Restaurant, Maple Grove, MN, 6.38%, 1/1/18		12/23/05		1,291,029		1,291,029		1,355,580
Stephens Center, Missoula, MT, 6.88%, 9/1/15		4/20/06		1,653,143		1,653,143		1,686,206
The Storage Place, Marana, AZ, 6.65%, 1/1/13 § ¿		12/20/07		3,181,587		3,188,511		1,848,502
						21,373,438		19,475,272
Single Family Loans — 0.3%
American Portfolio, 1 loan, California, 3.00%, 1/1/17		7/18/95		9,923		9,452		9,863
Bank of New Mexico, 1 loan, New Mexico, 3.63%, 2/1/18		5/31/96		17,122		17,122		17,636
Bluebonnet Savings & Loan, 3 loans, Texas, 3.06%, 5/25/15		5/22/92		18,737		18,738		18,928
Fairbanks, 1 loan, Utah, 3.63%, 11/1/18		5/21/92		11,449		9,717		11,585
McClemore, Matrix Funding Corporation, 1 loan, North Carolina, 10.50%, 8/1/19		9/9/92		30,395		28,875		31,306
Nomura III, 1 loan, California, 4.00%, 5/1/19		9/29/95		34,278		30,986		34,820
						114,890		124,138
Total Whole Loans						21,488,328		19,599,410
Corporate Note ¥ ¶ — 6.7%
Fixed Rate — 6.7%
Stratus Properties V, 7.25%, 3/31/15		6/1/07		3,500,000		3,500,000		3,535,000
Corporate Bonds — 44.7%
Banking x — 3.7%
Bank of America, Series MTN, 5.00%, 5/13/21				795,000		867,912		880,502
Goldman Sachs Group, 6.00%, 6/15/20				925,000		1,050,519		1,083,034
						1,918,431		1,963,536
Real Estate Investment Trusts — 41.0%
BioMed Realty, 4.25%, 7/15/22				470,000		492,337		487,939
Brandywine Operating Partnership, 3.95%, 2/15/23 x				1,500,000		1,484,383		1,485,555
CommonWealth REIT, 5.88%, 9/15/20 x				1,325,000		1,432,344		1,402,340
Developers Diversified Realty, 4.63%, 7/15/22 x				1,500,000		1,620,396		1,602,849
Digital Realty, 3.63%, 10/1/22 x				1,500,000		1,498,046		1,480,656
Health Care REIT, 4.95%, 1/15/21				1,350,000		1,476,773		1,490,194
Health Care REIT, 3.75%, 3/15/23				490,000		494,676		490,325
Healthcare Realty, 5.75%, 1/15/21 x				1,160,000		1,294,796		1,315,615
Hospitality Properties, 5.00%, 8/15/22				1,500,000		1,598,868		1,566,549
Liberty Property, 3.38%, 6/15/23 x				1,500,000		1,496,559		1,455,777
National Retail Properties, 3.80%, 10/15/22				1,225,000		1,266,250		1,256,343
Post Apartment Homes, 3.38%, 12/1/22				395,000		394,755		390,413
Senior Housing Properties, 6.75%, 4/15/20 x				1,250,000		1,395,633		1,418,031
Senior Housing Properties, 5.63%, 8/1/42 x				525,000		512,400		523,740

FIRST AMERICAN MORTGAGE FUNDS     ½     2013 QUARTERLY REPORT

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

DESCRIPTION	PAR/ SHARES		COST		VALUE ¶
SL Green Realty, 4.50%, 12/1/22	$	485,000	$	496,346	$	488,300
Ventas Realty, 4.75%, 6/1/21		1,350,000		1,472,511		1,475,067
Ventas Realty, 5.45%, 3/15/43		1,605,650		1,613,463		1,601,796
Weingarten Realty Investors, 3.38%, 10/15/22 x		1,700,000		1,701,488		1,644,796
				21,742,024		21,576,285
Total Corporate Bonds				23,660,455		23,539,821
U.S. Government Agency Mortgage-Backed Securities — 14.1%
Fixed Rate — 14.1%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231 a		123,768		125,196		132,252
9.00%, 7/1/30, #C40149		42,503		43,275		51,960
5.00%, 5/1/39, #G05430 a		539,791		552,447		577,063
Federal National Mortgage Association,
6.00%, 10/1/16, #610761 a		39,670		39,901		41,919
5.00%, 7/1/18, #724954 a		508,467		508,192		544,355
6.50%, 6/1/29, #252497 a		45,090		44,886		50,907
7.50%, 3/1/30, #495694		12,296		12,160		12,532
7.50%, 5/1/30, #535289 a		13,816		13,499		15,990
8.00%, 5/1/30, #538266 a		6,787		6,729		7,125
6.00%, 5/1/31, #535909 a		68,626		68,895		76,407
6.50%, 11/1/31, #613339 a		50,163		50,937		56,029
5.50%, 7/1/33, #720735 a		540,058		535,445		590,555
5.00%, 7/1/39, #935588 a		295,769		302,052		319,567
4.00%, 12/1/40, #AB1959 a		929,008		926,535		989,340
4.00%, 12/1/40, #MA0583 a		452,770		457,603		477,505
4.00%, 1/1/41, #MA0614 a		734,384		727,308		774,504
3.50%, 3/1/41, #AE0981 a		1,288,688		1,329,286		1,335,590
3.50%, 3/1/42, #AB4749 a		1,302,210		1,346,515		1,349,604
Total U.S. Government Agency Mortgage-Backed Securities				7,090,861		7,403,204
Preferred Stocks — 35.4%
Real Estate Investment Trusts — 35.4%
Alexandria Real Estate Equities, Series E x		58,839		1,493,840		1,559,233
Boston Properties, Series B		41,650		1,046,655		1,042,554
BRE Properties, Series D x		2,400		47,688		61,296
CommonWealth REIT, Series E x		58,480		1,508,824		1,514,574
Developers Diversified Realty, Series H x		3,193		65,457		81,038
Digital Realty, Series E x		48,414		1,231,102		1,297,979
Digital Realty, Series F x		6,000		152,580		155,460
Digital Realty, Series G		2,405		59,957		59,233
Duke Realty, Series J x		2,100		52,246		53,287
Duke Realty, Series L x		8,750		167,300		222,425
Equity Residential Properties, Series K x		10,000		557,500		636,250
Health Care REIT, Series J x		57,700		1,490,045		1,544,052
Hospitality Properties, Series C x		17,256		433,988		438,411
Hospitality Properties, Series D x		29,652		803,366		778,958
Kimco Realty, Series J x		20,000		503,000		505,200
Kimco Realty, Series K		6,519		167,212		164,344
National Retail Properties, Series D x		59,996		1,522,323		1,555,096
PS Business Parks, Series R x		9,500		234,175		253,745
PS Business Parks, Series T x		23,000		578,450		588,800
Public Storage, Series T		3,859		99,948		98,945
Public Storage, Series U		16,000		416,800		406,080

FIRST AMERICAN MORTGAGE FUNDS     ½     2013 QUARTERLY REPORT

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

DESCRIPTION	SHARES		COST		VALUE ¶
Public Storage, Series V		2,960	$	75,036	$	74,474
Public Storage, Series W		11,000		277,750		273,460
Realty Income, Series E x		37,060		714,246		959,817
Realty Income, Series F		12,000		320,160		315,960
Regency Centers, Series F x		47,900		1,292,250		1,288,989
Regency Centers, Series G		5,000		126,900		126,500
Simon Property Group, Series J x		11,000		511,500		771,032
Vornado Realty, Series G x		30,000		483,000		765,600
Vornado Realty, Series K x		11,867		300,829		303,083
Vornado Realty, Series L		4,000		98,600		98,080
Weingarten Realty Investors, Series F x		25,500		608,175		650,250
Total Preferred Stocks				17,440,902		18,644,205
Total Unaffiliated Investments				73,180,546		72,721,640
Short-Term Investment — 3.4%
First American Prime Obligations Fund, Class Z, 0.00% W		1,784,056		1,784,056		1,784,056
Total Investments p — 141.6%			$	74,964,602	$	74,505,696
Other Assets and Liabilities, Net — (41.6)%						(21,881,142	)
Total Net Assets — 100.0%					$	52,624,554

FIRST AMERICAN MORTGAGE FUNDS     ½     2013 QUARTERLY REPORT

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

¶ The fund’s investments in whole loans (single family 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, 2013, 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, 2013, the total fair value of these securities was $23,134,410 or 44.0% 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, 2013. 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, 2013.

§ Loan has matured or will mature in the next couple of months and the fund is anticipating payoff or refinancing. Unless disclosed otherwise, the loan continues to make monthly payments.

¶ 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, 2013.

¿ 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, 2013, securities valued at $30,277,470 were pledged as collateral for the following outstanding borrowings:

Amount	Rate*	Accrued Interest
$15,200,000	1.05%	$442

* Interest rate as of May 31, 2013. Rate is based on one-month London Interbank Offered Rate (“LIBOR”) plus 0.85%.

Description of collateral:

Corporate Bonds

Bank of America, Series MTN, 5.00%, 5/13/21, $795,000 par

Goldman Sachs Group, 6.00%, 6/15/20, $925,000 par

Brandywine Operating Partnership, 3.95%, 2/15/23, $1,500,000 par

FIRST AMERICAN MORTGAGE FUNDS     ½     2013 QUARTERLY REPORT

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

CommonWealth REIT, 5.88%, 9/15/20, $1,325,000 par

Developers Diversified Realty, 4.63%, 7/15/22, $1,500,000 par

Digital Realty, 3.63%, 10/1/22, $1,500,000 par

Healthcare Realty, 5.75%, 1/15/21, $1,160,000 par

Liberty Property, 3.38%, 6/15/23, $1,500,000 par

Senior Housing Properties, 6.75%, 4/15/20, $1,250,000 par

Senior Housing Properties, 5.63%, 8/1/42, $525,000 par

Weingarten Realty Investors, 3.38%, 10/15/22, $1,700,000 par

Preferred Stocks

Alexandria Real Estate Equities, Series E, 58,839 shares

BRE Properties, Series D, 2,400 shares

CommonWealth REIT, Series E, 58,480 shares

Developers Diversified Realty, Series H, 3,193 shares

Digital Realty, Series E, 48,414 shares

Digital Realty, Series F, 6,000 shares

Duke Realty, Series J, 2,100 shares

Duke Realty, Series L, 8,750 shares

Equity Residential Properties, Series K, 10,000 shares

Health Care REIT, Series J, 57,700 shares

Hospitality Properties, Series C, 17,256 shares

Hospitality Properties, Series D, 29,652 shares

Kimco Realty, Series J, 20,000 shares

National Retail Properties, Series D, 59,996 shares

PS Business Parks, Series R, 9,500 shares

PS Business Parks, Series T, 23,000 shares

Realty Income, Series E, 37,060 shares

Regency Centers, Series F, 47,900 shares

Simon Property Group, Series J, 11,000 shares

Vornado Realty, Series G, 30,000 shares

Vornado Realty, Series K, 11,867 shares

Weingarten Realty Investors, Series F, 25,500 shares

a Securities pledged as collateral for outstanding reverse repurchase agreements. On May 31, 2013, securities valued at $7,338,712 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
$7,040,000	5/10/13	0.37%	6/10/13	$1,592	(1)

* Interest rate as of May 31, 2013. 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, $123,768 par

Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $539,791 par

Federal National Mortgage Association, 6.00%, 10/1/16, $39,670 par

Federal National Mortgage Association, 5.00%, 7/1/18, $508,467 par

Federal National Mortgage Association, 6.50%, 6/1/29, $45,090 par

Federal National Mortgage Association, 7.50%, 5/1/30, $13,816 par

Federal National Mortgage Association, 8.00%, 5/1/30, $6,787 par

Federal National Mortgage Association, 6.00%, 5/1/31, $68,626 par

Federal National Mortgage Association, 6.50%, 11/1/31, $50,163 par

Federal National Mortgage Association, 5.50%, 7/1/33, $540,058 par

Federal National Mortgage Association, 5.00%, 7/1/39, $295,769 par

Federal National Mortgage Association, 4.00%, 12/1/40, $929,008 par

Federal National Mortgage Association, 4.00%, 12/1/40, $452,770 par

Federal National Mortgage Association, 4.00%, 1/1/41, $734,384 par

Federal National Mortgage Association, 3.50%, 3/1/41, $1,288,688 par

Federal National Mortgage Association, 3.50%, 3/1/42, $1,302,210 par

FIRST AMERICAN MORTGAGE FUNDS     ½     2013 QUARTERLY REPORT

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

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.

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, 2013.

p On May 31, 2013, the cost of investments for federal income tax purposes was approximately $74,964,602. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	2,159,852
Gross unrealized depreciation		(2,618,758	)
Net unrealized depreciation	$	(458,906	)

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, 2013, the fund’s investments were classified as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Investments
Whole Loans	$	—	$	—	$	19,599,410	$	19,599,410
Corporate Note		—		—		3,535,000		3,535,000
Corporate Bonds		2,125,536		21,414,285		—		23,539,821
U.S. Government Agency Mortgage-Backed Securities		—		7,403,204		—		7,403,204
Preferred Stocks		18,644,205		—		—		18,644,205
Short-Term Investment		1,784,056		—		—		1,784,056
Total Investments	$	22,553,797	$	28,817,489	$	23,134,410	$	74,505,696

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

	Whole Loans			Corporate Note			Total Fair Value
Balance as of August 31, 2012	$	24,550,294		$	3,570,000		$	28,120,294
Accrued discounts/premiums		101			—			101
Realized gain (loss)		6,095			—			6,095
Net change in unrealized appreciation or depreciation		(455,761	)		(35,000	)		(490,761	)
Purchases		1,506,925			—			1,506,925
Sales		(6,008,244	)		—			(6,008,244	)
Balance as of May 31, 2013	$	19,599,410		$	3,535,000		$	23,134,410
Net change in unrealized appreciation or depreciation during the period of Level 3 investments held as of May 31, 2013	$	(548,733	)	$	(35,000	)	$	(583,733	)

FIRST AMERICAN MORTGAGE FUNDS     ½     2013 QUARTERLY REPORT

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

During the period ended May 31, 2013, 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 and Corporate Bonds

U.S. government agency mortgage-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.

Single Family Whole Loans

Single family whole loans are analyzed using the discounted cash flow methodology. For single family whole loans, the pricing methodology takes into account a number of relevant factors, including changes in prevailing interest rates, yield spreads, delinquency status, loan to value, lien position, and prepayment speeds. If the resulting price from the discounted cash flow methodology is above 103% of the loan’s par value (the “price ceiling”), the loan will be fair valued at the price ceiling (the “price ceiling” methodology). Valuations of single family 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 input used in the determination of fair value using the discounted cash flow methodology for single family whole loans is the yield spread. Significant increases (decreases) in yield spreads would 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, multifamily and single family 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.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at May 31, 2013		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
ASP
Commercial Whole Loans	$	3,574,104	Discounted Cash Flow	Yield Spread Debt Service Coverage Ratio	2.26% – 2.35% (2.30%) 0.69 – 1.41 (1.06)
Commercial Whole Loans and Corporate Notes		17,587,666	Price Ceiling	N/A	N/A
Commercial Whole Loans		1,848,502	Price Floor	Loss Severity	41.9%

FIRST AMERICAN MORTGAGE FUNDS     ½     2013 QUARTERLY REPORT

Schedule of Investments     ½     May 31, 2013 (unaudited)

American Strategic Income Portfolio (ASP)

Single Family Whole Loans	75,196	Discounted Cash Flow	Yield Spread	1.54% – 3.00% (2.63%)
Single Family Whole Loans	48,942	Price Ceiling	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     ½     2013 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/ Joseph M. Ulrey III
	Joseph M. Ulrey III
	President
Date:	July 30, 2013

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/ Joseph M. Ulrey III
	Joseph M. Ulrey III
	President
Date:	July 30, 2013

By:	/s/ Jill M. Stevenson
	Jill M. Stevenson
	Treasurer
Date:	July 30, 2013

EX-99.CERT

CERTIFICATION

I, Joseph M. Ulrey III, 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(s) 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:

(a) 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;

(b) 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;

(d) 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(s) 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 30, 2013	/s/ Joseph M. Ulrey III
	Joseph M. Ulrey III President

CERTIFICATION

I, Jill M. Stevenson, 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(s) 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:

(a) 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;

(b) 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;

(d) 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(s) 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 30, 2013	/s/ Jill M. Stevenson
	Jill M. Stevenson Treasurer