Quarterly Notice of Portfolio Holdings

Schedule of INVESTMENTS May 31, 2006 (unaudited)

American Strategic Income Portfolio II

	Description of Security	Date Acquired	Par Value/ Shares	Cost	Value (a)
	(Percentages of each investment category relate to net assets)

U.S. Government Agency Mortgage-Backed Securities (b) - 5.1%
	Fixed Rate - 5.1%
	Federal Home Loan Mortgage Corporation
	5.50%, 1/1/18, #E93231		$4,553,696	$4,686,304	$4,493,644
	9.00%, 7/1/30, #C40149		279,674	286,837	299,549
	Federal National Mortgage Association
	6.00%, 10/1/16, #607030		373,072	374,979	376,057
	5.50%, 6/1/17, #648508		419,953	421,934	415,071
	5.00%, 9/1/17, #254486		676,147	677,839	655,820
	5.00%, 11/1/17, #657356		1,328,719	1,335,351	1,288,775
	6.50%, 6/1/29, #252497		1,473,036	1,463,434	1,492,185
	7.50%, 4/1/30, #532867		102,671	99,337	106,270
	7.50%, 5/1/30, #535289		176,377	170,659	182,616
	8.00%, 5/1/30, #538266		72,701	71,814	76,618
	8.00%, 6/1/30, #253347		223,862	221,129	235,923
	Total U.S. Government Agency Mortgage-Backed Securities			9,809,617	9,622,528

Corporate Note (d) (e) - 2.7%
	Adjustable Rate - 2.7%
	Stratus Properties, 9.33%, 7/1/08	06/14/01	5,000,000	5,000,000	5,100,000


Whole Loans and Participation Mortgages (c) (d) - 109.0%
	Commercial Loans - 44.6%
	1336 and 1360 Energy Park Drive, St. Paul, MN, 7.55%, 10/1/08 (b)	09/29/98	2,595,909	2,595,909	2,655,376
	5555 East Van Buren, Phoenix, AZ, 5.68%, 7/1/11 (b) (g)	06/23/04	6,500,000	6,500,000	6,407,325
	Bigelow Office Building, Las Vegas, NV, 8.88%, 4/1/07 (b)	03/31/97	1,190,554	1,190,554	1,202,460
	Cypress Point Office Park I, Tampa, FL, 5.30%, 6/1/09 (b)	05/19/04	4,585,624	4,585,624	4,498,125
	Cypress Point Office Park II, Tampa, FL, 5.30% 7/1/09 (b)	05/19/04	4,455,199	4,455,199	4,370,189
	Hadley Avenue Business Center, Oakdale, MN, 8.38%, 1/1/11 (b)	12/14/00	2,281,671	2,281,671	2,395,755
	Hillside Office Park, Elk River, MN, 7.63%, 8/1/08	07/09/98	861,020	861,020	880,737
	Katy Plaza II, Houston, TX, 9.88%, 7/1/06 (g)	01/01/04	1,785,892	1,785,892	1,625,280
	La Posada & Casitas I, Tucson, AZ, 8.97%, 11/1/06 (e) (g)	11/02/01	5,680,000	5,680,000	5,680,000
	LaCosta Centre, Austin, TX, 5.20%, 3/1/09 (b)	02/27/04	4,500,595	4,500,595	4,431,215
	Minikahda Mini Storage III, St. Paul, MN, 8.62%, 8/1/09 (b)	09/16/99	3,805,702	3,805,702	3,957,930
	Minikahda Mini Storage V, St. Paul, MN, 8.75%, 9/1/09 (b)	07/02/01	2,091,399	2,091,399	2,175,055
	Oak Knoll Village Shopping Center, Austin, TX, 6.73%, 10/1/13 (b)	09/17/03	1,583,917	1,583,917	1,636,613
	Oyster Point Office Park, Newport News, VA, 6.68%, 2/1/11 (g)	01/04/06	12,200,000	12,200,000	12,475,866
	PennMont Office Plaza, Albuquerque, NM, 6.63%, 4/1/11 (g)	04/30/01	1,450,000	1,450,000	1,480,296
	Rapid Park Parking Lot, Minneapolis, MN, 7.35%, 1/1/11	08/07/97	3,862,470	3,862,470	3,978,344
	Raveneaux Country Club, Spring, TX, 8.72%, 1/1/07 (e) (g)	12/19/05	8,800,000	8,800,000	8,800,000
	Redwood Dental Building, Taylorsville, UT, 7.40%, 7/1/12 (b)	06/28/02	2,582,466	2,582,466	2,711,589
	Rimrock Plaza, Billings, MT, 7.65%, 12/1/08 (b)	12/02/98	2,832,494	2,832,494	2,889,144
	Sundance Plaza, Colorado Springs, CO, 7.13%, 11/1/08	10/29/98	385,494	385,494	390,499
	Woodmen Corporate Center, Colorado Springs, CO, 7.72%, 9/1/08 (e) (g)	08/08/05	9,950,000	9,950,000	10,107,926
				83,980,406	84,749,724

	Multifamily Loans - 64.2%
	Adelphi Springs Apartments, Adelphi, MD, 9.93%, 3/1/09 (g)	06/27/03	5,084,592	5,084,592	4,215,909
	Ashley Place Apartments I, New Port Richey, FL, 7.97%, 3/31/08 (b) (e) (g)	03/31/05	6,500,000	6,500,000	6,596,863
	Ashley Place Apartments II, New Port Richey, FL, 10.88%, 3/31/08 (g)	03/31/05	320,000	320,000	310,822
	Autumnwood, Southern Woods, Hinton Hollow, Knoxville, TN, 7.68%, 6/1/09 (b)	05/24/02	7,006,236	7,006,236	7,286,485
	Chardonnay Apartments, Tulsa, OK, 6.40%, 7/1/13 (b)	06/05/03	4,022,681	4,022,681	2,950,893
	Glenoaks Apartments, Glendale, CA, 7.93%, 2/1/08 (e) (g)	01/13/05	6,850,000	6,850,000	5,785,580
	Highland Ridge & Highland Glen Apartments, Oklahoma City, OK, 14.90%, 10/1/08 (g)	09/30/04	3,850,000	3,850,000	2,695,000
	Misty Woods/Riverfall Square I, Arlington and Dallas, TX, 7.97%, 8/1/06 (b) (e) (g)	07/23/03	7,966,000	7,966,000	5,576,200
	Misty Woods/Riverfall Square II, Arlington and Dallas, TX, 9.88%, 8/1/06 (g)	07/23/03	1,591,000	1,591,000	1,113,700
	Oakton Terrace Apartments, Adelphi, MD, 9.88%, 8/1/11 (g)	06/27/03	670,141	670,141	576,616
	Park Hampshire Apartments, Adelphi, MD, 9.90%, 1/1/13 (g)	06/27/03	3,111,280	3,111,280	2,706,364
	RP-Plaza Development, Oxnard, CA, 8.44%, 3/1/10 (e) (g)	02/23/05	5,000,000	5,000,000	5,084,110
	Sapphire Skies, Cle Elum, WA, 8.72%, 1/1/09 (e) (g)	12/23/05	11,500,000	11,500,000	11,500,000
	Scottsdale Terrace, Scottsdale, AZ, 8.47%, 11/1/08 (e) (g)	10/31/05	5,850,000	5,850,000	5,850,000
	Seven Oaks Apartments, Garland, TX, 12.93%, 8/1/09 (g)	07/15/04	6,144,000	6,144,000	5,326,339
	Southridge Apartments, Austin, TX, 8.43%, 4/1/09 (b)	03/22/02	7,404,721	7,404,721	5,183,305
	Spring Lake Apartments I, Anaheim, CA, 7.97%, 3/1/07 (b) (e) (g)	02/23/05	7,000,000	7,000,000	7,054,761
	Spring Lake Apartments II, Anaheim, CA, 9.88%, 3/1/07 (g)	02/23/05	600,000	600,000	520,695
	Summit Chase Apartments I, Coral Springs, FL, 7.72%, 7/1/07 (e) (g)	07/07/05	12,670,000	12,670,000	12,670,000
	Summit Chase Apartments II, Coral Springs, FL, 9.90%, 5/1/06 (g)	07/07/05	2,534,000	2,534,000	2,188,292
	Sussex Club Apartments I, Athens, GA, 8.47%, 6/1/06 (b) (e) (f) (g)	04/08/03	9,798,000	9,798,000	7,979,852
	Sussex Club Apartments II, Athens, GA, 11.88%, 6/1/06 (f) (g)	04/08/03	612,000	612,000	428,400
	Timber Ridge Apartments, Houston, TX, 9.88%, 8/1/13 (g)	04/23/02	500,000	500,000	467,494
	Trinity Oaks Apartments I, Dallas, TX, 7.97%, 4/1/09 (e) (g)	03/30/06	7,000,000	7,000,000	7,194,600
	Trinity Oaks Apartments II, Dallas, TX, 7.88%, 4/1/09 (g)	03/30/06	1,690,000	1,690,000	1,416,844
	Vista Bonita Apartments, Denton, TX, 8.19%, 4/1/08 (b) (e)	03/04/05	2,772,333	2,772,333	2,814,888
	Winterland Apartments I, Grand Forks, ND, 9.23%, 7/1/12	06/06/97	550,093	550,093	577,597
	Winterland Apartments II, Grand Forks, ND, 9.23%, 7/1/12	06/06/97	1,054,343	1,054,343	1,107,060
	Woodside Village Apartments I, Midwest City, OK, 8.19%, 10/1/06 (b) (e) (g)	09/22/03	4,210,000	4,210,000	4,210,000
	Woodside Village Apartments II, Midwest City, OK, 9.88%, 10/1/06 (g)	09/22/03	947,000	947,000	794,267
				134,808,420	122,182,936
	Single Family Loans - 0.2%
	Merchants Bank, 4 loans, Vermont, 10.48%, 12/1/20	12/18/92	133,607	134,705	137,387
	PHH U.S. Mortgage, 3 loans, United States, 8.65%, 1/1/12	12/30/92	192,044	186,886	185,680
				321,591	323,067
	Total Whole Loans and Participation Mortgages			219,110,417	207,255,727

Preferred Stocks - 15.0%
	Real Estate Investment Trusts - 15.0%
	AMB Property, Series L (b)		62,000	1,583,757	1,456,380
	AMB Property, Series M (b)		14,360	367,561	341,337
	AMB Property, Series O (b)		17,500	437,500	432,579
	BRE Properties, Series C (b)		62,000	1,560,500	1,470,020
	BRE Properties, Series D (b)		18,148	457,465	429,926
	CarrAmerica Realty, Series E (b)		87,574	2,261,548	2,194,604
	Developers Diversified Realty, Series H		63,700	1,636,809	1,574,664
	Developers Diversified Realty, Series I		31,600	823,427	794,108
	Duke Realty, Series J (b)		38,244	974,588	898,734
	Duke Realty, Series K (b)		43,000	1,081,863	993,300
	Duke Realty, Series L (b)		12,000	302,160	277,920
	Duke Realty, Series M		8,000	200,000	196,720
	Equity Residential Properties, Series N (b)		75,000	1,897,834	1,750,500
	First Industrial Realty Trust, Series J		74,025	1,876,534	1,806,210
	Health Care Properties, Series E (b)		10,000	257,000	252,900
	Health Care Properties, Series F		22,800	576,840	564,072
	HRPT Properties, Series C (b)		100,000	2,500,000	2,440,000
	Prologis Trust, Series F (b)		35,120	892,477	837,261
	Prologis Trust, Series G (b)		43,190	1,098,075	1,034,401
	PS Business Parks, Series H		35,000	868,036	841,750
	PS Business Parks, Series I		20,000	485,577	469,000
	PS Business Parks, Series M		43,180	1,077,682	1,075,182
	Public Storage, Series A (b)		40,000	977,346	872,400
	Public Storage, Series E (b)		15,000	377,550	354,150
	Public Storage, Series X (b)		20,000	502,366	452,000
	Public Storage, Series Z (b)		20,000	497,779	437,000
	Regency Centers, Series C (b)		50,000	1,245,000	1,142,190
	Regency Centers, Series D (b)		36,888	962,795	914,822
	Vornado Realty Trust, Series F (b)		65,000	1,611,277	1,532,050
	Vornado Realty Trust, Series G (b)		11,000	257,950	254,650
	Vornado Realty Trust, Series I (b)		16,000	374,000	370,400
	Total Preferred Stocks			30,023,296	28,461,230

	Total Investments in Unaffiliated Securities			263,943,330	250,439,485

	Short-Term Investment (h) - 1.1%
	First American Prime Obligations Fund, Class Z		2,206,064	2,206,064	2,206,064

	Total Investments in Securities (i) - 132.9%			$266,149,394	$252,645,549

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.

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 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, 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 $212,355,727 or 111.7% of net assets.

(b)

On May 31, 2006, securities valued at $119,746,075 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
$ 8,739,363	5/10/06	5.13%	6/9/06	$ 37,361	(1)
55,500,000	5/1/06	5.92%	6/1/06	282,688	(2)
10,457,000	5/10/06	5.78%	6/9/06	50,368	(3)
$74,696,363				$370,417

* Interest rate as of May 31, 2006. Rates are 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, $4,553,696 par

Federal Home Loan Mortgage Corporation, 9.00%, 7/1/30, $279,674 par

Federal National Mortgage Association, 6.00%, 10/1/16, $373,072 par

Federal National Mortgage Association, 5.50%, 6/1/17, $419,953 par

Federal National Mortgage Association, 5.00%, 9/1/17, $676,147 par

Federal National Mortgage Association, 5.00%, 11/1/17, $1,328,719 par

Federal National Mortgage Association, 6.50%, 6/1/29, $1,473,036 par

Federal National Mortgage Association, 7.50%, 4/1/30, $102,671 par

Federal National Mortgage Association, 7.50%, 5/1/30, $176,377 par

Federal National Mortgage Association, 8.00%, 5/1/30, $72,701 par

Federal National Mortgage Association, 8.00%, 6/1/30, $223,862 par

(2) Morgan Stanley:

1336 and 1360 Energy Park Drive, 7.55%, 10/1/08, $2,595,909 par

5555 East Van Buren, 5.68%, 7/1/11, $6,500,000 par

Ashley Place Apartments I, 7.97%, 3/31/08, $6,500,000 par

Autumnwood, Southern Woods, Hinton Hollow, 7.68%, 6/1/09, $7,006,236 par

Bigelow Office Building, 8.88%,4/1/07, $1,190,554 par

Chardonnay Apartments, 6.40%, 7/1/13, $4,022,681 par

Cypress Point Office Park I, 5.30%, 6/1/09, $4,585,624 par

Cypress Point Office Park II, 5.30%, 7/1/09, $4,455,199 par

Hadley Avenue Business Center, 8.38%, 1/1/11, $2,281,671 par

LaCosta Centre, 5.20%, 3/1/09, $4,500,595 par

Minikahda Mini Storage III, 8.62%, 8/1/09, $3,805,702 par

Minikahda Mini Storage V, 8.75%, 9/1/09, $2,091,399 par

Misty Woods/Riverfall Square I, 7.97%, 8/1/06, $7,966,000 par

Oak Knoll Village Shopping Center, 6.73%, 10/1/13, $1,583,917 par

Redwood Dental Building, 7.40%, 7/1/12, $2,582,466 par

Rimrock Plaza, 7.65%, 12/1/08, $2,832,494 par

Southridge Apartments, 8.43%, 4/1/09, $7,404,721 par

Spring Lake Apartments I, 7.97%, 3/1/07, $7,000,000 par

Sussex Club Apartments I, 8.47%, 6/1/06, $9,798,000 par

Vista Bonita Apartments, 8.19%, 4/1/08, $2,772,333 par

Woodside Village Apartments I, 8.19%, 10/1/06, $4,210,000 par

(3) Dresdner Bank:

AMB Property, Series L, 62,000 shares

AMB Property, Series M, 14,360 shares

AMB Property, Series O, 17,500 shares

BRE Properties, Series C, 62,000 shares

BRE Properties, Series D, 18,148 shares

CarrAmerica Realty, Series E, 71,974 shares

Duke Realty, Series J, 38,244 shares

Duke Realty, Series K, 43,000 shares

Duke Realty, Series L, 12,000 shares

Equity Residential Properties, Series N, 75,000 shares

Health Care Properties, Series E, 10,000 shares

HRPT Properties, Series C, 100,000 shares

Prologis Trust, Series F, 35,120 shares

Prologis Trust, Series G, 43,190 shares

Public Storage, Series A, 40,000 shares

Public Storage, Series E, 15,000 shares

Public Storage, Series X, 20,000 shares

Public Storage, Series Z, 20,000 shares

Regency Centers, Series C, 50,000 shares

Regency Centers, Series D, 36,888 shares

Vornado Realty Trust, Series F, 65,000 shares

Vornado Realty Trust, Series G, 11,000 shares

Vornado Realty Trust, Series I, 16,000 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 $70,000,000 using whole loans as collateral. The fund pays a fee of 0.15% to Morgan Stanley on any unused portion of the $70,000,000 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 $15,000,000 using preferred stock as collateral. The fund pays a fee of 0.25% to Dresdner Bank on any unused portion of the $15,000,000 lending commitment.

(c)

Interest rates on commercial and multifamily loans are the net coupon rates (after reducing the coupon rate by any mortgage servicing fees paid to mortgage servicers) in effect 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)

Variable Rate Security - The rate shown is the net coupon rate in effect as of May 31, 2006.

(f)

Security is in default.

(g)

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

(h)

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

(i)

On May 31, 2006, the cost of investments in securities was $266,149,394. The aggregate gross unrealized appreciation and depreciation of investments in securities, based on this cost, were as follows:

	Gross unrealized appreciation	$ 2,281,563
	Gross unrealized depreciation	(15,785,408)
	Net unrealized depreciation	$(13,503,845)

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. II

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