UNITED STATES
              SECURITIES AND EXCHANGE COMMISSION

                    Washington, D.C.  20549


                          SCHEDULE 13G


            Under the Securities Exchange Act of 1934
                       (Amendment No.   )

            American Strategic Income Portfolio Inc.
      ______________________________________________________
                        (Name of Issuer)

                 Common Stock, $0.01 Par Value
      ______________________________________________________
                 (Title of Class of Securities)

                            030098107
               ____________________________________
                         (CUSIP Number)

*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.

The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to
the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).


CUSIP No. 030098107          SCHEDULE 13G               Page 2 of 7

- --------------------------------------------------------------------
(1)  Names of Reporting Persons. I.R.S. Identification Nos. of Above
     persons (entities only) 

     Newgate Management Associates

(2)  Check the Appropriate Box if a Member of a Group 
     (See Instructions)
     (a) [ ]
     (b) [X]

(3)  SEC Use Only


(4)  Citizenship or Place of Organization

     Massachusetts

Number         (5) Sole Voting Power          See Foot/Rosenbaum
of Shares      ----------------------------------------------------
Beneficially   (6) Shared Voting Power        None
Owned by       ----------------------------------------------------
Each           (7) Sole Dispositive Power     See Foot/Rosenbaum
Reporting      ----------------------------------------------------
Person With    (8) Shared Dispositive Power   None


(9)  Aggregate Amount Beneficially Owned by Each Reporting Person

     317,450

(10) Check if the Aggregate Amount in Row (9) Excludes Certain 
     Shares (See Instructions)


(11) Percent of Class Represented by Amount in Row 9

     6.0%

(12) Type of Reporting Person (See Instructions)

     IA


CUSIP No. 030098107          SCHEDULE 13G               Page 3 of 7

- --------------------------------------------------------------------
(1)  Names of Reporting Persons. I.R.S. Identification Nos. of Above 
     Persons (entities only) 

     George Foot
     Sonia Rosenbaum

(2)  Check the Appropriate Box if a Member of a Group 
     (See Instructions)
     (a) [ ]
     (b) [X]

(3)  SEC Use Only

(4)  Citizenship or Place of Organization

     United States

Number         (5) Sole Voting Power              317,450
of Shares      ----------------------------------------------------
Beneficially   (6) Shared Voting Power            None
Owned by       ----------------------------------------------------
Each           (7) Sole Dispositive Power         317,450
Reporting      ----------------------------------------------------
Person With    (8) Shared Dispositive Power       None

(9)  Aggregate Amount Beneficially Owned by Each Reporting Person

     317,450

(10) Check if the Aggregate Amount in Row (9) Excludes Certain 
     Shares (See Instructions)

(11) Percent of Class Represented by Amount in Row 9

     6.0%

(12) Type of Reporting Person (See Instructions)

     HC


CUSIP No. 030098107          SCHEDULE 13G               Page 4 of 7

- -------------------------------------------------------------------

Item 1(a) Name of Issuer:  
          American Strategic Income Portfolio Inc.

Item 1(b) Address of Issuer's Principal Executive Offices:
          Piper Jaffray Tower, 222 South Ninth Street,
          Minneapolis, MN 55402

Item 2(a) Name of Person Filing:
   
          Newgate Management Associates ("Newgate"), George Foot and 
          Sonia Rosenbaum

Item 2(b) Address of Principal Business Office:

          The principal business office and business address for each    
          Reporting Person filing is 80 Field Point Road, Greenwich, CT 
          06830.

Item 2(c) Citizenship: 

          This statement is filed on behalf of Newgate, a Massachusetts 
          general partnership registered as an investment adviser under the
          Investment Advisers Act of 1940, as amended. George Foot and Sonia
          Rosenbaum, the sole general partners of Newgate, are United States
          citizens.

Item 2(d) Title of Class of Securities: 
          Common Stock, $0.01 Par Value

Item 2(c) CUSIP Number:  
          030098107

Item 3.   If this statement is filed pursuant to rules 13d-
          1(b), or 13d-2(b), check whether the person filing
          is a:
(a) [ ]   Broker or Dealer registered under section 15 of the
          Act
(b) [ ]   Bank as defined in section 3(a)(6) of the Act
(c) [ ]   Insurance Company as defined in section 3(a)(19) of
          the Act
(d) [ ]   Investment Company registered under section 8 of the
          Investment Company Act 
(e) [X]   Investment Adviser registered under section 203 of
          the Investment Advisers Act of 1940
(f) [ ]   Employee Benefit Plan, Pension Fund which is subject
          to the provisions of the Employee Retirement Income
          Security Act of 1974 or Endowment Fund
(g) [X]   Parent Holding Company, in accordance with 
          (240.13d-1(b)(ii)(G)
(h) [ ]   Group, in accordance with (240.13d-1(b)(1)(ii)(H)


CUSIP No. 030098107          SCHEDULE 13G               Page 5 of 7

- -------------------------------------------------------------------
Item 4.   Ownership:

(a)       Amount Beneficially Owned: 
          317,450 shares of Common Stock 

(b)       Percent of Class:  
          6.0%

(c)       Number of shares as to which such person has:

          (i)   sole power to vote or to direct the vote:  317,450

          (ii)  shared power to vote or to direct the vote: None

          (iii) sole power to dispose or to direct the disposition of: 
                317,450

          (iv)  shared power to dispose or to direct the disposition of:
                None

     See pp. 2-3 of this Schedule, setting forth the aggregate number and
     percentage of the securities beneficially owned by each Reporting
     Person, the number of shares as to which there is sole or shared power
     to vote, or to direct the vote, and sole or shared power to dispose or
     to direct the disposition.

Item 5.   Ownership of Five Percent or Less of a Class:

          If this statement is being filed to report the fact that as of the
          date hereof the reporting person has ceased to be the beneficial
          owner of more that five percent of the class of securities, check
          the following [  ].

Item 6.   Ownership of More than Five Percent on Behalf of Another
          Person

          The account owners who are advised by Newgate have the right to
          receive and the power to direct the receipt of dividends from, and
          the proceeds from the sale of, such securities.

Item 7.   Identification and Classification of the Subsidiary Which Acquired
          the Security Being Reported on By the Parent Holding Company 

          George Foot and Sonia Rosenbaum are filing as Parent Holding
          Companies pursuant to Rule 13d-1(b)(ii)(G).  See attached exhibit.

Item 8.   Identification and Classification of Members of the Group
          Not applicable.

Item 9.   Notices of Dissolution of Group
          Not applicable.


CUSIP No. 030098107          SCHEDULE 13G               Page 6 of 7

- -------------------------------------------------------------------

Item 10.  Certification:

          Each of the undersigned certifies that, to the best of its/his/her
          knowledge and belief, the securities referred to above were
          acquired in the ordinary course of business and were acquired for
          the purpose of and do not have the effect of changing or
          influencing the control of the issuer of such securities and were
          not acquired in connection with or as a participant in any
          transaction having such purpose or effect.


                                 Signature

After reasonable inquiry and to the best of its/his/her knowledge
and belief, each of the undersigned certifies that the information
set forth in this statement is true, complete and correct.


Date: July 31, 1997 



                         Newgate Management Associates
                         -----------------------------
                         By: /s/ Sonia Rosenbaum
                         Sonia Rosenbaum/Partner 


                         /s/ George Foot
                         -----------------------------
                         George Foot

                         /s/ Sonia Rosenbaum
                         -----------------------------
                         Sonia Rosenbaum
                    


CUSIP No. 030098107          SCHEDULE 13G               Page 7 of 7

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Exhibit to Schedule 13G

Item 7.

     Each of George Foot and Sonia Rosenbaum is filing as a "Parent
     Holding Company.  The subsidiary is Newgate Management 
     Associates, an investment adviser registered under section 203
     of the Investment Advisers Act of 1940, as amended.