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 (811-06640)

American Strategic Income Portfolio Inc. II

(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: 08/31/11

Date of reporting period: 11/30/10

TABLE OF CONTENTS

	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
EX-99.CERT

Item 1. Schedule of Investments.

Schedule of Investments       |       November 30, 2010 (unaudited)

American Strategic Income Portfolio II (BSP)

	DATE						FAIR
DESCRIPTION	ACQUIRED		PAR		COST		VALUE ¶
(Percentages of each investment category relate to total net assets)
Whole Loans ∞ p — 82.3%
Commercial Loans — 45.7%
5555 East Van Buren I, Phoenix, AZ, 5.68%, 7/1/11 b		6/23/04	$	6,127,893	$	6,127,893	$	6,189,172
5555 East Van Buren II, Phoenix, AZ, 7.13%, 7/1/11 b		8/18/06		1,439,481		1,439,481		1,453,875
American Mini-Storage, Memphis, TN, 6.80%, 12/1/10 b ¶		11/5/07		3,034,024		3,034,024		2,613,912
Bigelow Office Building, Las Vegas, NV, 6.38%, 4/1/17 b		3/31/97		1,084,563		1,084,563		1,138,791
Hickman Road, Clive, IA, 6.78%, 1/1/13 b ¶		12/3/07		5,500,000		5,500,000		5,610,000
Oak Knoll Village Shopping Center, Austin, TX, 6.73%, 10/1/13 b		9/17/03		1,437,126		1,437,126		1,508,983
Office City Plaza, Houston, TX, 6.43%, 6/1/12 b		5/25/07		5,389,406		5,402,060		5,497,194
Oyster Point Office Park, Newport News, VA, 6.68%, 2/1/11 b		1/4/06		11,854,598		11,854,598		11,854,598
PennMont Office Plaza, Albuquerque, NM, 6.63%, 4/1/11 b		3/30/06		1,411,937		1,411,937		1,411,937
Perkins — Blaine, Blaine, MN, 6.63%, 1/1/17 b		12/13/06		1,773,465		1,773,465		1,862,138
Raveneaux Country Club, Spring, TX, 7.93%, 1/1/10 ¶ u §		12/19/05		8,800,000		8,800,000		7,693,400
Redwood Dental Building, Taylorsville, UT, 7.40%, 7/1/12 b		6/28/02		2,337,288		2,337,288		2,360,661
Robberson Auto Dealerships, Bend and Prineville, OR, 6.40%, 4/1/17 b		3/30/07		6,948,647		6,948,647		7,296,080
Signal Butte, Mesa, AZ, 4.93%, 7/1/17 b ¶		6/20/07		15,000,000		15,000,000		7,845,000
Station Square, Pompano Beach, FL, 6.33%, 2/1/14 b ¶		1/19/07		12,000,000		12,000,000		12,159,492
Waste Connections Warehouse, Englewood, CO, 6.58%, 3/1/14 b		2/15/07		1,249,477		1,249,477		1,311,951
						85,400,559		77,807,184
Multifamily Loans — 36.5%
Carolina Square Apartments, Tallahassee, FL, 6.63%, 8/1/12 b ¶ u		7/20/07		7,875,000		7,875,000		7,952,333
Chardonnay Apartments, Tulsa, OK, 6.40%, 7/1/13 b		6/5/03		3,765,458		3,765,458		3,809,947
Lake Point Terrace Apartments I, Madison, WI, 5.90%, 6/1/15		7/1/10		4,400,000		4,400,000		4,400,000
Lake Point Terrace Apartments II, Madison, WI, 9.88%, 6/1/15		7/1/10		550,000		550,000		550,000
Meadows Point, College Station, TX, 7.93%, 2/1/13 ¶ R		1/24/08		5,400,000		5,400,000		4,851,220
RP-Plaza Development Lot 11, Oxnard, CA, 6.90%, 3/1/12 ¶		2/23/05		2,500,000		2,500,000		2,500,000
RP-Plaza Development Lot 16, Oxnard, CA, 6.90%, 3/1/12 ¶		3/1/10		2,500,000		2,500,000		2,500,000
Sapphire Skies I, Cle Elum, WA, 4.93%, 7/1/13 ¶		12/23/05		8,805,908		8,805,908		7,690,992
Sapphire Skies II, Cle Elum, WA, 7.90%, 7/1/13 RS		3/20/09		3,200,000		3,200,000		542,173
Sapphire Skies III, Cle Elum, WA, 4.90%, 7/1/13		7/13/10		3,000,000		3,000,000		2,356,497
Summit Chase Apartments I, Coral Springs, FL, 6.43%, 4/1/12 b ¶		7/7/05		9,500,000		9,500,000		9,276,712
Summit Chase Apartments II, Coral Springs, FL, 9.90%, 4/1/12 ¶ RS		7/7/05		6,150,000		6,150,000		3,179,433
Sussex Club Apartments I, Athens, GA, 6.33%, 5/1/10 ¶ u §		4/17/07		8,800,000		8,800,000		4,602,400
Sussex Club Apartments II, Athens, GA, 6.88%, 5/1/10 ¶ §RS		4/17/07		2,298,600		2,298,600		1,095,798
Trinity Oaks Apartments I, Dallas, TX, 6.53%, 4/1/09 ¶ u §		3/30/06		7,000,000		7,000,000		3,661,000
Trinity Oaks Apartments II, Dallas, TX, 7.88%, 4/1/09 ¶ §RS		3/30/06		1,690,000		1,690,000		453,773
Vista Bonita Apartments, Denton, TX, 7.15%, 6/1/13		3/4/05		2,653,006		2,653,006		2,706,066
						80,087,972		62,128,344
Single Family Loans — 0.1%
Merchants Bank, 2 loans, Vermont, 11.54%, 10/10/16		12/18/92		46,543		46,925		47,938
PHH U.S. Mortgage, 2 loans, California & Delaware, 6.70%, 3/15/20		12/30/92		144,849		140,954		149,195
						187,879		197,133
Total Whole Loans						165,676,410		140,132,661
Corporate Notes ¥ ¶ — 12.8%
Fixed Rate — 12.8%
Sarofim South and Bland, 6.90%, 1/1/11		12/21/07		8,511,612		8,511,612		8,511,612
Stratus Properties II, 8.75%, 12/31/11		6/14/01		5,000,000		5,000,000		5,000,000
Stratus Properties III, 8.75%, 12/31/13		12/12/06		8,000,000		8,000,000		8,240,000
Total Corporate Notes						21,511,612		21,751,612

FIRST AMERICAN MORTGAGE FUNDS       |       2010 QUARTERLY REPORT

Schedule of Investments       |       November 30, 2010 (unaudited)

American Strategic Income Portfolio II (BSP)

	PAR/				FAIR
DESCRIPTION	SHARES		COST		VALUE ¶
U.S. Government Agency Mortgage-Backed Securities a— 11.1%
Fixed Rate — 11.1%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231	$	1,508,872	$	1,535,746	$	1,637,629
9.00%, 7/1/30, #C40149		102,170		104,297		116,718
5.00%, 5/1/39, #G05430		2,954,309		3,030,256		3,125,342
Federal National Mortgage Association,
6.00%, 10/1/16, #607030		92,275		92,540		100,886
5.50%, 6/1/17, #648508		154,147		154,577		167,855
5.00%, 9/1/17, #254486		224,407		224,744		241,067
5.00%, 11/1/17, #657356		420,425		421,696		451,636
6.50%, 6/1/29, #252497		607,848		604,661		686,937
7.50%, 5/1/30, #535289		81,640		79,492		93,874
8.00%, 5/1/30, #538266		25,911		25,655		30,557
8.00%, 6/1/30, #253347		99,452		98,465		117,281
5.00%, 11/1/33, #725027		7,335,468		7,494,226		7,816,302
5.00%, 7/1/39, #935588		4,090,208		4,174,387		4,340,424
Total U.S. Government Agency Mortgage-Backed Securities				18,040,742		18,926,508
Commercial Mortgage-Backed Securities ¶ ∆ — 18.5%
Other — 18.5%
Banc of America Commercial Mortgage, 5.00%, 7/10/45, Series 2005-4, Class A5B a		8,060,000		5,231,336		8,019,849
Bear Stearns Commercial Mortgage Securities, 5.47%, 1/12/45, Series 2007-T26, Class A4 a		10,000,000		8,482,467		10,790,036
Citigroup Commercial Mortgage Trust,
5.88%, 12/10/49, Series 2007-C6, Class A4 b		3,625,000		2,974,765		3,845,601
6.29%, 12/10/49, Series 2008-C7, Class A4		2,400,000		2,052,714		2,578,440
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.89%, 11/15/44, Series 2007-CD5, Class A4 b		5,950,000		5,443,931		6,368,446
Total Commercial Mortgage-Backed Securities				24,185,213		31,602,372
Preferred Stocks — 18.3%
Real Estate Investment Trusts — 18.3%
AMB Property, Series L		57,100		1,100,225		1,332,714
AMB Property, Series M		14,360		367,561		344,640
AMB Property, Series O		13,459		336,475		335,398
BRE Properties, Series C		54,000		1,072,980		1,333,260
BRE Properties, Series D		7,450		148,032		182,823
Developers Diversified Realty, Series H		6,600		135,300		157,080
Developers Diversified Realty, Series I		6,050		126,143		146,410
Duke Realty, Series L		74,260		1,529,361		1,702,039
Duke Realty, Series M		83,200		1,704,000		2,044,224
Equity Residential Properties, Series N b		118,000		2,244,300		2,933,480
Kimco Realty, Series F b		137,700		3,241,375		3,351,618
Kimco Realty, Series G b		59,300		1,470,301		1,531,126
ProLogis Trust, Series F		26,120		630,278		619,566
ProLogis Trust, Series G		11,700		245,700		278,577
PS Business Parks, Series H b		37,600		752,000		934,360
PS Business Parks, Series I b		13,200		259,644		322,740
PS Business Parks, Series M b		37,600		774,560		938,120
PS Business Parks, Series O		100,000		2,415,000		2,517,000
PS Business Parks, Series P b		11,650		223,330		283,678
Public Storage, Series A b		40,000		977,346		989,200
Public Storage, Series E b		13,200		264,000		330,528

FIRST AMERICAN MORTGAGE FUNDS       |       2010 QUARTERLY REPORT

Schedule of Investments       |       November 30, 2010 (unaudited)

American Strategic Income Portfolio II (BSP)

					FAIR
DESCRIPTION	SHARES		COST		VALUE ¶
Public Storage, Series F		38,000	$	900,600	$	941,260
Public Storage, Series I b		37,600		817,800		962,936
Public Storage, Series K b		24,850		540,487		636,409
Public Storage, Series W		38,000		906,300		942,400
Realty Income, Series D b		90,000		2,281,500		2,268,900
Realty Income, Series E b		37,600		812,160		929,096
Regency Centers, Series C b		37,600		812,912		934,360
Regency Centers, Series E b		39,200		791,840		947,072
Total Preferred Stocks				27,881,510		31,171,014
Total Unaffiliated Investments				257,295,487		243,584,167
Short-Term Investment — 0.8%
First American Prime Obligations Fund, Class Z, 0.09% x		1,441,862		1,441,862		1,441,862
Total Investments ▲ — 143.8%			$	258,737,349	$	245,026,029
Other Assets and Liabilities, Net — (43.8)%						(74,655,160	)
Total Net Assets — 100.0%					$	170,370,869

¶	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 U.S. Bancorp Asset Management, Inc. (“USBAM”) 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. Changes in prevailing interest rates, real or perceived liquidity, yield spreads, and creditworthiness are factored into the pricing model each week. The results of the pricing model may be further subject to price floors given the intrinsic values of the underlying properties subject to the loans and ceilings due to the illiquid nature of the loans. USBAM has modified, and may in the future modify, price floors, price ceilings, and other factors contained in the model in light of changing economic and market conditions. Such modifications will affect the fund’s net asset value.
	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 USBAM 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, then 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 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       |       2010 QUARTERLY REPORT

Schedule of Investments       |       November 30, 2010 (unaudited)

American Strategic Income Portfolio II (BSP)

	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 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. Forward contracts, 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. 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 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. The use of fair value pricing by the fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without fair value pricing.
	In accordance with the valuation procedures adopted by the fund’s board of directors, real estate acquired through foreclosure, if any, is initially valued similar to defaulted multifamily and commercial whole loans. The value is subsequently revised to an estimated market value, as determined by independent third party appraisals, less estimated selling costs. As of November 30, 2010, 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 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 November 30, 2010, the fair value of these securities was $161,884,273 or 95.0% 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 November 30, 2010. 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 November 30, 2010. For participating loans, the rates are based on the annual cash flow payments expected at the time of purchase.
b	Securities pledged as collateral for outstanding borrowings under a loan agreement with Massachusetts Mutual Life Insurance Company (“MMLIC”). On November 30, 2010, securities valued at $117,213,278 were pledged as collateral for the following outstanding borrowings:

					Accrued
Amount		Rate*			Interest
$	45,100,000		5.00	%	$	6,264
	700,000		5.00	%		97
$	45,800,000				$	6,361

* Interest rate as of November 30, 2010. Rate is based on the London Interbank Offered Rate (“LIBOR”) plus 2.625% subject to a “floor” interest rate of 5.00% and reset monthly.

Description of collateral:

Whole Loans

5555 East Van Buren I, Phoenix, AZ, 5.68%, 7/1/11, $6,127,893 par

5555 East Van Buren II, Phoenix, AZ, 7.13%, 7/1/11, $1,439,481 par

American Mini-Storage, Memphis, TN, 6.80%, 12/1/10, $3,034,024 par

Bigelow Office Building, Las Vegas, NV, 6.38%, 4/1/17, $1,084,563 par

Carolina Square Apartments, Tallahassee, FL, 6.63%, 8/1/12, $7,875,000 par

Chardonnay Apartments, Tulsa, OK, 6.40%, 7/1/13, $3,765,458 par

Hickman Road, Clive, IA, 6.78%, 1/1/13, $5,500,000 par

Oak Knoll Village Shopping Center, Austin, TX, 6.73%, 10/1/13, $1,437,126 par

Office City Plaza, Houston, TX, 6.43%, 6/1/12, $5,389,406 par

Oyster Point Office Park, Newport News, VA, 6.68%, 2/1/11, $11,854,598 par

PennMont Office Plaza, Albuquerque, NM, 6.63%, 4/1/11, $1,411,937 par

Perkins — Blaine, Blaine, MN, 6.63%, 1/1/17, $1,773,465 par

Redwood Dental Building, Taylorsville, UT, 7.40%, 7/1/12, $2,337,288 par

Robberson Auto Dealerships, Bend and Prineville, OR, 6.40%, 4/1/17, $6,948,647 par

Signal Butte, Mesa, AZ, 4.93%, 7/1/17, $15,000,000 par

Station Square, Pompano Beach, FL, 6.33%, 2/1/14, $12,000,000 par

Summit Chase Apartments I, Coral Springs, FL, 6.43%, 4/1/12, $9,500,000 par

Waste Connections Warehouse, Englewood, CO, 6.58%, 3/1/14, $1,249,477 par

FIRST AMERICAN MORTGAGE FUNDS       |       2010 QUARTERLY REPORT

Schedule of Investments       |       November 30, 2010 (unaudited)

American Strategic Income Portfolio II (BSP)

Commercial Mortgage-Backed Securities

Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.88%, 12/10/49, $3,625,000 par

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4, 5.89%, 11/15/44, $5,950,000 par

Preferred Stocks

Equity Residential Properties, Series N, 118,000 shares

Kimco Realty, Series F, 78,000 shares

Kimco Realty, Series G, 20,800 shares

PS Business Parks, Series H, 37,600 shares

PS Business Parks, Series I, 13,200 shares

PS Business Parks, Series M, 37,600 shares

PS Business Parks, Series P, 11,650 shares

Public Storage, Series A, 40,000 shares

Public Storage, Series E, 13,200 shares

Public Storage, Series I, 37,600 shares

Public Storage, Series K, 24,850 shares

Realty Income, Series D, 90,000 shares

Realty Income, Series E, 37,600 shares

Regency Centers, Series C, 37,600 shares

Regency Centers, Series E, 39,200 shares

	The fund has entered into a loan agreement with MMLIC under which MMLIC made a term loan to the fund of $45,100,000, which matures on July 31, 2011, and agreed to make revolving loans to the fund of up to $12,900,000. Loans made under the loan agreement are secured by whole loans, commercial mortgage-backed securities, and preferred stocks 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 November 30, 2010.
u	Loan is currently in default with regards to scheduled interest and/or principal payments.
§	Loan has matured and the fund is anticipating payoff or refinancing. Unless disclosed otherwise, the loan continues to make monthly payments.
R	Participating Loan — A participating loan is one which contains provisions for the fund to participate in the income stream provided by the property, including net cash flows and capital proceeds. Monthly cash flow proceeds are only required to the extent excess cash flow is generated by the property as determined by the loan documents.
S	The participating loan is not currently making monthly cash flow payments or is making cash flow payments of less than original coupon rate disclosed.
a	Securities pledged as collateral for outstanding reverse repurchase agreements. On November 30, 2010, securities valued at $37,736,393 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
$	11,839,036		11/08/10		0.29	%		12/08/10	$	2,194		(1	)
6,168,252			11/24/10		0.30	%		12/27/10		360		(2	)
6,371,000			10/14/10		1.29	%		01/12/11		10,950		(3	)
5,543,000			10/14/10		1.29	%		01/12/11		9,527		(4	)
$	29,921,288								$	23,031

* Interest rate as of November 30, 2010. Rate is based on the 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, $235,761 par
	Federal National Mortgage Association, 5.00%, 11/1/33, $7,335,468 par
	Federal National Mortgage Association, 5.00%, 7/1/39, $4,090,208 par
(2)	Goldman Sachs:
	Federal Home Loan Mortgage Corporation, 5.50%, 1/1/18, $1,273,111 par
	Federal Home Loan Mortgage Corporation, 9.00%, 7/1/30, $102,170 par
	Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $2,954,309 par
	Federal National Mortgage Association, 6.00%, 10/1/16, $92,275 par
	Federal National Mortgage Association, 5.50%, 6/1/17, $154,147 par
	Federal National Mortgage Association, 5.00%, 9/1/17, $244,407 par
	Federal National Mortgage Association, 5.00%, 11/1/17, $420,425 par

FIRST AMERICAN MORTGAGE FUNDS       |       2010 QUARTERLY REPORT

Schedule of Investments       |       November 30, 2010 (unaudited)

American Strategic Income Portfolio II (BSP)

	Federal National Mortgage Association, 6.50%, 6/1/29, $607,848 par
	Federal National Mortgage Association, 7.50%, 5/1/30, $81,640 par
	Federal National Mortgage Association, 8.00%, 5/1/30, $25,911 par
	Federal National Mortgage Association, 8.00%, 6/1/30, $99,452 par
(3)	JP Morgan:
	Banc of America Commercial Mortgage, Series 2005-4, Class A5B, 5.00%, 7/10/45, $8,060,000 par
(4)	JP Morgan:
	Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A4, 5.47%, 1/12/45, $10,000,000 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.
	The fund has entered into a lending commitment with JP Morgan. The monthly agreement permits the fund to enter into reverse repurchase agreements using Commercial Mortgage-Backed Securities as collateral.
∆	Variable Rate Security — The rate shown is the net coupon rate in effect as of November 30, 2010.
x	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 November 30, 2010.
▲	On November 30, 2010, the cost of investments for federal income tax purposes was approximately $258,737,349. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	13,152,211
Gross unrealized depreciation		(26,863,531	)
Net unrealized depreciation	$	(13,711,320	)

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 technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. 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 valuation levels are not necessarily an indication of the risk associated with investing in these investments.

As of November 30, 2010, the fund’s investments were classified as follows:

							Total
	Level 1		Level 2		Level 3		Fair Value
Investments
Whole Loans	$	—	$	—	$	140,132,661	$	140,132,661
Corporate Notes		—		—		21,751,612		21,751,612
U.S. Government Agency Mortgage-Backed Securities		—		18,926,508		—		18,926,508
Commercial Mortgage-Backed Securities		—		31,602,372		—		31,602,372
Preferred Stocks		31,171,014		—		—		31,171,014
Short-Term Investment		1,441,862		—		—		1,441,862
Total Investments	$	32,612,876	$	50,528,880	$	161,884,273	$	245,026,029

FIRST AMERICAN MORTGAGE FUNDS       |       2010 QUARTERLY REPORT

Schedule of Investments       |       November 30, 2010 (unaudited)

American Strategic Income Portfolio II (BSP)

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

	Whole			Corporate		Total
	Loans			Notes		Fair Value
Balance as of August 31, 2010	$	140,289,069		$	21,751,612	$	162,040,681
Realized gain (loss)		77			—		77
Net change in unrealized appreciation or depreciation		28,172			—		28,172
Net purchases (sales)		(184,657	)		—		(184,657	)
Balance as of November 30, 2010	$	140,132,661		$	21,751,612	$	161,884,273
Net change in unrealized appreciation or depreciation during the period of Level 3 investments held as of November 30, 2010	$	28,172		$	—	$	28,172

During the period ended November 30, 2010, the funds recognized no significant transfers to/from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using beginning of period values.

FIRST AMERICAN MORTGAGE FUNDS       |       2010 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. II

By:
	/s/ Joseph M. Ulrey III Joseph M. Ulrey III
	President

Date: January 26, 2011

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: January 26, 2011

By:
	/s/ Jill M. Stevenson Jill M. Stevenson
	Treasurer

Date: January 26, 2011

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. II;

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: January 26, 2011
	/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. II;

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: January 26, 2011
	/s/ Jill M. Stevenson Jill M. Stevenson
	Treasurer