Quarterly Notice of Portfolio Holdings

Schedule of INVESTMENTS November 30, 2006 (unaudited)

American Strategic Income Portfolio III

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) - 3.5%
Fixed Rate - 3.5%
	Federal Home Loan Mortgage Corporation,
	5.50%, 1/1/18, #E93231		$ 4,205,123	$ 4,322,286	$ 4,235,674
	9.00%, 7/1/30, #C40149		335,741	344,161	364,605
	Federal National Mortgage Association,
	6.00%, 10/1/16, #607030		295,272	296,709	300,888
	5.50%, 2/1/17, #623874		623,495	622,159	628,610
	5.50%, 6/1/17, #648508		402,117	403,927	405,210
	5.00%, 9/1/17, #254486		614,696	616,165	610,604
	5.00%, 11/1/17, #657356		1,224,437	1,230,280	1,216,286
	6.50%, 6/1/29, #252497		937,426	931,449	963,528
	7.50%, 4/1/30, #532867		43,744	42,354	45,632
	7.50%, 5/1/30, #535289		149,338	144,599	155,783
	8.00%, 5/1/30, #538266		42,695	42,185	45,113
	8.00%, 6/1/30, #253347		175,832	173,730	185,793

	Total U.S. Government Agency Mortgage-Backed Securities			9,170,004	9,157,726

Private Mortgage-Backed Security (c) - 0.0%
Fixed Rate - 0.0%
	First Gibraltar, Series 1992-MM, Class B, 8.79%, 10/25/21	07/30/93	156,475	85,101	--

Whole Loans and Participation Mortgages (c) (d) - 84.9%
Commercial Loans - 50.6%
	150 North Pantano I, Tucson, AZ, 8.79%, 2/1/08 (f) (g)	01/07/05	3,525,000	3,525,000	3,484,797
	150 North Pantano II, Tucson, AZ, 14.88%, 2/1/08 (f)	01/07/05	440,000	440,000	436,573
	2350 Lakeside, Richardson, TX, 7.93%, 4/1/09 (f)	03/07/06	6,700,000	6,700,000	6,255,040
	8324 East Hartford Drive I, Scottsdale, AZ, 5.15%, 5/1/09 (f)	04/08/04	3,800,000	3,800,000	3,768,422
	Academy Spectrum, Colorado Springs, CO, 7.73%, 5/1/09	12/18/02	5,079,864	5,079,864	5,232,260
	Alliant University, Fresno, CA, 7.15%, 8/1/11 (f)	07/12/06	2,800,000	2,800,000	2,940,000
	Apache Meridian Plaza I, Apache Junction, AZ, 8.32%, 3/1/09 (f) (g)	02/22/06	5,320,000	5,320,000	5,438,966
	Apache Meridian Plaza II, Apache Junction, AZ, 14.88%, 3/1/09 (f)	02/22/06	665,000	665,000	662,626
	Biltmore Lakes Corporate Center, Phoenix, AZ, 6.00%, 9/1/09	08/02/04	3,345,776	3,345,776	3,383,880
	Carrier 360, Grand Prairie, TX, 5.40%, 7/1/09	06/28/04	3,344,784	3,344,784	3,337,932
	Carrier 360 II, Grand Prairie, TX, 5.88%, 7/1/09	12/16/05	345,068	345,068	347,874
	Fairview Business Park, Salem, OR, 7.33%, 8/1/11	07/14/06	7,600,000	7,600,000	7,980,000
	France Avenue Business Park II, Brooklyn Park, MN, 7.40%, 10/1/12	09/12/02	4,429,101	4,429,101	4,650,556
	Holiday Village Shopping Center, Park City, UT, 7.15%, 11/1/07	11/12/02	4,608,284	4,608,284	4,689,827
	Jackson Street Warehouse, Phoenix, AZ, 8.53%, 7/1/07	06/30/98	2,700,752	2,700,752	2,727,759
	Jilly’s American Grill, Scottsdale, AZ, 7.77%, 9/1/08 (f) (g)	08/19/05	1,810,000	1,810,000	1,810,000
	La Cholla Plaza I, Tucson, AZ, 8.57%, 8/1/09 (f) (g)	07/26/06	13,625,000	13,625,000	13,625,000
	La Cholla Plaza II, Tucson, AZ, 14.88%, 8/1/09 (f)	07/26/06	1,700,000	1,700,000	1,700,000
	North Austin Business Center, Austin, TX, 5.65%, 11/1/11	11/01/04	4,047,137	4,047,137	4,077,632
	Outlets at Casa Grande, Casa Grande, AZ, 6.93%, 3/1/11 (f)	02/27/06	7,300,000	7,300,000	7,665,000
	Preston Trail Village I, Dallas, TX, 8.57%, 12/1/07 (f) (g)	11/18/05	17,300,000	17,300,000	17,473,000
	Preston Trail Village II, Dallas, TX, 13.50%, 12/1/07 (f)	11/18/05	2,500,000	2,500,000	2,079,251
	RealtiCorp Fund III, Orlando/Crystal River, FL, 10.39%, 3/1/07 (f) (g)	02/28/06	4,222,755	4,222,755	4,222,755
	Shoppes at Jonathan's Landing, Jupiter, FL, 7.95%, 5/1/10	04/12/00	2,796,665	2,796,665	2,908,531
	Spa Atlantis, Pompano Beach, FL, 8.57%, 10/1/08 (f) (g)	09/30/05	19,500,000	19,500,000	19,695,000
	Tatum Ranch Center, Phoenix, AZ, 6.53%, 9/1/11	08/25/04	3,579,305	3,579,305	3,717,870
				133,084,491	134,310,551

Multifamily Loans - 32.3%
	Centennial Park I, Richardson, TX, 8.89%, 3/1/07 (f) (g)	02/28/06	12,135,000	12,135,000		12,135,000
	Centennial Park II, Richardson, TX, 14.90%, 3/1/07 (f)	02/28/06	2,530,000	2,530,000		2,161,338
	Centennial Park Additional Lots, Richardson, TX, 9.29%, 3/1/07 (f) (g)	05/01/06	2,700,000	2,700,000		2,700,000
	Chateau Club Apartments I, Athens, GA, 8.57%, 6/1/07 (e) (f) (g)	05/18/04	6,000,000	6,000,000		4,200,000
	Chateau Club Apartments II, Athens, GA, 11.88%, 6/1/07 (e) (f)	05/18/04	500,000	500,000		350,000
	Country Villa Apartments, West Lafayette, IN, 6.90%, 9/1/13	08/29/03	2,519,062	2,519,062		2,628,906
	Courtyards at Mesquite I, Mesquite, TX, 6.60%, 11/1/09 (f)	10/14/05	7,600,000	7,600,000		7,781,511
	Courtyards at Mesquite II, Mesquite, TX, 8.00%, 11/1/09 (f)	10/14/05	2,850,000	2,850,000		2,683,365
	Eastern Oaks Apartments I, Abilene, TX, 8.29%, 8/1/08 (f) (g)	07/01/05	4,483,000	4,483,000		4,276,909
	Eastern Oaks Apartments II, Abilene, TX, 9.88%, 8/1/08 (f)	07/01/05	953,000	953,000		684,967
	El Dorado Apartments I, Tucson, AZ, 8.29%, 9/1/07 (g)	08/26/04	2,569,410	2,569,410		2,463,005
	El Dorado Apartments II, Tucson, AZ, 14.90%, 9/1/07 (f)	08/24/04	500,000	500,000		419,866
	Flint Ridge on the Lake Apartments I, Hillsborough, NC, 6.75%, 1/1/07 (f) (g)	12/19/03	5,840,000	5,840,000		5,403,528
	Flint Ridge on the Lake Apartments II, Hillsborough, NC, 10.00%, 1/1/07 (f)	12/19/03	500,000	500,000		382,331
	Geneva Village Apartments I, West Jordan, UT, 7.00%, 1/1/14	12/24/03	1,373,143	1,373,143		1,441,800
	Geneva Village Apartments II, West Jordan, UT, 9.88%, 1/1/13	12/24/03	58,466	58,466		59,757
	Good Haven Apartments I, Dallas, TX, 8.57%, 9/1/07 (f) (g)	08/24/04	6,737,000	6,737,000		6,660,165
	Good Haven Apartments II, Dallas, TX, 14.88%, 9/1/07 (f)	08/24/04	842,000	842,000		754,143
	Lions Park Apartments I, Elk River, MN, 5.20%, 4/1/09	03/25/04	3,423,974	3,423,974		3,392,651
	Lions Park Apartments II, Elk River, MN, 11.88%, 4/1/09	03/25/04	98,966	98,966		96,606
	Meadowview Village Apartments I, West Jordan, UT, 7.00%, 1/1/14	12/24/03	996,636	996,636		1,046,468
	Meadowview Village Apartments II, West Jordan, UT, 9.88%, 1/1/13	12/24/03	58,466	58,466		59,757
	Meridian Pointe Apartments, Kalispell, MT, 9.88%, 2/1/12	03/07/97	1,078,230	1,078,230		1,132,142
	NCH Multifamily Pool, Oklahoma City, OK 11.93%, 11/1/09 (f)		5,800,000	5,800,000		6,090,000
	Parkway Village Apartments I, West Jordan, UT, 7.00%, 1/1/14	12/24/03	948,859	948,859		996,302
	Parkway Village Apartments II, West Jordan, UT, 9.88%, 1/1/13	12/24/03	58,465	58,465		59,757
	Tulsa Apartment Portfolio I, Tulsa, OK, 9.93%, 3/1/07 (e) (f)	02/27/03	6,790,000	6,790,000		4,753,000
	Tulsa Apartment Portfolio II, Tulsa, OK, 9.93%, 3/1/07 (f)	02/27/03	8,230,000	8,230,000		5,761,000
	Westchase Apartments, Austell, GA, 8.82%, 9/1/06 (f) (g)	08/12/03	5,000,000	5,000,000		5,000,000
				93,173,677		85,574,274
Single Family Loan - 2.0%
	3500 Anini Road, I loan, Hawaii, 8.57%, 7/1/07		5,525,000	5,525,000		5,251,978


Total Whole Loans and Participation Mortgages				231,783,168		225,136,803

Preferred Stocks - 17.1%
Real Estate Investment Trusts - 17.1%
	AMB Property, Series L		97,000	2,473,891		2,424,030
	AMB Property, Series M		21,240	543,889		534,186
	AMB Property, Series O		12,500	312,500		322,266
	BRE Properties, Series C		93,600	2,362,220		2,338,128
	BRE Properties, Series D		32,918	823,501		831,180
	Developers Diversified Realty, Series G		400	10,380		10,220
	Developers Diversified Realty, Series H		63,000	1,634,450		1,614,690
	Developers Diversified Realty, Series I		59,000	1,538,322		1,527,510
	Duke Realty, Series J		20,956	535,385		524,529
	Duke Realty, Series K		94,000	2,361,279		2,357,520
	Duke Realty, Series M		2,000	50,000		51,940
	Equity Residential Properties, Series N		125,000	3,150,150		3,161,250
	First Industrial Realty Trust, Series J		106,075	2,689,001		2,740,978
	Health Care Properties, Series E		14,990	385,068		393,487
	Health Care Properties, Series F		96,800	2,444,530		2,498,408
	HRPT Property Trust, Series C		100,000	2,500,000		2,617,000
	Kimco Realty, Series F (b)		113,000	2,754,500		2,870,200
	New Plan Excel Realty Trust, Series E (b)		14,875	379,312		381,841
	Post Properties, Series B		1,600	39,940		40,816
	Prologis Trust, Series F (b)		54,580	1,384,051		1,391,790
	Prologis Trust, Series G (b)		65,210	1,654,640		1,673,289
	PS Business Parks, Series H		35,000	864,224		892,150
	PS Business Parks, Series I		20,000	488,475		506,000
	PS Business Parks, Series L		7,000	179,550		181,650
	PS Business Parks, Series M		59,610	1,487,689		1,528,400
	Public Storage, Series A (b)		38,000	921,909		937,460
	Public Storage, Series X (b)		30,000	746,643		739,500
	Public Storage, Series Z (b)		59,000	1,481,818		1,486,800
	Realty Income, Series D (b)		97,500	2,474,125		2,574,975
	Regency Centers, Series C (b)		68,424	1,769,778		1,735,917
	Regency Centers, Series D (b)		50,000	1,243,000		1,239,065
	Vornado Realty Trust, Series E (b)		7,400	186,598		192,400
	Vornado Realty Trust, Series F (b)		65,000	1,605,424		1,642,550
	Vornado Realty Trust, Series G (b)		41,850	1,004,886		1,047,924
	Vornado Realty Trust, Series I (b)		18,000	420,500		449,100

	Total Preferred Stocks			44,901,628		45,459,149

	Total Investments in Unaffiliated Securities			285,939,901	$	279,753,678

	Short-Term Investment (h) - 0.8%
	First American Prime Obligations Fund, Class Z		2,182,126	2,182,126		2,182,126

	Total Investments in Securities (i) - 106.3%			$ 288,122,027	$	281,935,804

	Other Assets and Liabilities, Net - (6.3)%					(16,704,455)
	Total Net Assets - 100.0%				$	265,231,349

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. Security valuations are performed at least once a week and at the end of each month.

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. (“FAF Advisors”) pricing model designed to incorporate, among other things, the present value of the projected stream of cash flows on such investments. The pricing model takes into account a number of relevant factors including the projected rate of prepayments, the delinquency profile, the historical payment record, the expected yield at purchase, changes in prevailing interest rates, and changes in the real or perceived liquidity of whole loans, 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, the 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 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.

In accordance with the valuation procedures adopted by the fund's board of directors, real estate acquired through foreclosure, if any, is valued at estimated market value, as determined by independent third party appraisals, less estimated selling costs. As material capital improvements are made to the property, new market value appraisals are obtained.

As of November 30, 2006 the fund held fair valued securities with a value of $225,136,803 or 84.9% of net assets.

(b)

On November 30, 2006, securities valued at $27,520,537 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

$ 8,362,818

11/10/06

5.35%

12/18/06

$34,799

(1)

9,153,000

11/10/06

6.02%

12/11/06

47,448

(2)

$17,515,818

$82,247

* Interest rate as of November 30, 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, $4,205,123 par

Federal Home Loan Mortgage Corporation, 9.00%, 7/1/30, $335,741 par

Federal National Mortgage Association, 6.00%, 10/1/16, $295,272 par

Federal National Mortgage Association, 5.50%, 2/1/17, $623,495 par

Federal National Mortgage Association, 5.50%, 6/1/17, $402,117 par

Federal National Mortgage Association, 5.00%, 9/1/17, $614,696 par

Federal National Mortgage Association, 5.00%, 11/1/17, $1,224,437 par

Federal National Mortgage Association, 6.50%, 6/1/29, $937,426 par

Federal National Mortgage Association, 7.50%, 4/1/30, $43,744 par

Federal National Mortgage Association, 7.50%, 5/1/30, $149,338 par

Federal National Mortgage Association, 8.00%, 5/1/30, $42,695 par

Federal National Mortgage Association, 8.00%, 6/1/30, $175,832 par

(2) Dresdner Bank:

Kimco Realty, Series F, 113,000 shares

New Plan Excel Realty Trust, Series E, 14,875 shares

Prologis Trust, Series F, 54,580 shares

Prologis Trust, Series G, 65,210 shares

Public Storage, Series A, 38,000 shares

Public Storage, Series X, 30,000 shares

Public Storage, Series Z, 59,000 shares

Realty Income, Series D, 97,500 shares

Regency Centers, Series C, 68,424 shares

Regency Centers, Series D, 50,000 shares

Vornado Realty Trust, Series E, 7,400 shares

Vornado Realty Trust, Series F, 65,000 shares

Vornado Realty Trust, Series G, 41,850 shares

Vornado Realty Trust, Series I, 18,000 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 $90,000,000 using whole loans as collateral. The fund pays a fee of 0.15% to Morgan Stanley on any unused portion of the $90,000,000 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 $20,000,000 using preferred stock as collateral. The fund pays a fee of 0.25% to Dresdner Bank on any unused portion of the $20,000,000 lending commitment.

(c)

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 which are considered to be illiquid. These securities are fair valued in accordance with the board approved valuation procedures. See note (a) above.

(d)

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, 2006. Interest rates and maturity dates disclosed on single family loans represent the weighed average coupon and weighted average maturity for the underlying mortgage loans as of November 30, 2006.

(e)

Loan not current on interest and/or principal payments.

(f)

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 in effect as of November 30, 2006.

(g)

Variable Rate Security - The rate shown is the net coupon rate in effect as of November 30, 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 November 30, 2006, the cost of investments in securities was $288,122,027. The aggregate gross unrealized appreciation and depreciation of investments in securities, based on this cost were as follows:

Gross unrealized appreciation

$3,806,629

Gross unrealized depreciation

(9,992,852)

Net unrealized depreciation

$(6,186,223)