csp_nq.htm

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio III (CSP)

May 31, 2008

DESCRIPTION				DATE ACQUIRED			PAR		COST		VALUE (a)

(Percentages of each investment category relate to net assets)

U.S. Government Agency Mortgage-Backed Securities (b) — 2.7%
	Fixed Rate — 2.7%
		Federal Home Loan Mortgage Corporation,
			5.50%, 1/1/18, #E93231		$	3,056,401		$	3,130,033	$	3,105,219
			9.00%, 7/1/30, #C40149			181,006			185,257		201,127
		Federal National Mortgage Association,
			6.00%, 10/1/16, #607030			230,699			231,650		237,498
			5.50%, 2/1/17, #623874			434,176			433,382		441,755
			5.50%, 6/1/17, #648508			262,640			263,654		267,143
			5.00%, 9/1/17, #254486			453,924			454,858		455,040
			5.00%, 11/1/17, #657356			921,013			924,804		923,275
			6.50%, 6/1/29, #252497			733,771			729,405		764,108
			7.50%, 5/1/30, #535289			112,682			109,335		121,319
			8.00%, 5/1/30, #538266			41,634			41,168		44,989
			8.00%, 6/1/30, #253347			129,112			127,667		139,517
			Total U.S. Government Agency Mortgage-Backed Securities						6,631,213		6,700,990
Corporate Notes (c) (d) — 10.2%
	Fixed Rate — 10.2%
		Sarofim Bookhaven, 6.90%, 1/1/11		12/21/07		10,040,375			10,040,375		10,341,586
		Stratus Properties IV, 6.56%, 12/31/11		12/12/06		7,000,000			7,000,000		7,140,000
		Stratus Properties VI, 6.92%, 12/31/11		6/1/07		8,000,000			8,000,000		8,160,000
			Total Corporate Notes						25,040,375		25,641,586

Private Mortgage-Backed Security (c) — 0.0%
	Fixed Rate — 0.0%
		First Gibraltar, Series 1992-MM, Class B, 8.79%, 10/25/21		7/30/93		106,192			62,632		—

Whole Loans and Participation Mortgages (c) (e) — 102.7%
	Commercial Loans — 64.7%
		150 North Pantano I, Tucson, AZ, 6.12%, 2/1/09 (d) (g)		1/4/05	$	3,525,000		$	3,525,000	$	3,525,000
		150 North Pantano II, Tucson, AZ, 14.88%, 2/1/09 (d)		1/4/05		440,000			440,000		419,103
		8324 East Hartford Drive I, Scottsdale, AZ, 5.15%, 5/1/09 (f)		4/8/04		3,749,826			3,749,826		3,712,406
		Academy Spectrum, Colorado Springs, CO, 7.73%, 5/1/09 (f)		12/18/02		4,997,065			4,997,065		5,097,007
		Alliant University, Fresno, CA, 7.15%, 8/1/11 (d) (f)		7/12/06		2,800,000			2,800,000		2,846,899
		Apple Blossom Convenience Center, Winchester, VA, 6.58%, 8/1/12 (d)		7/9/07		2,150,000			2,150,000		2,132,077
		Biltmore Lakes Corporate Center, Phoenix, AZ, 6.00%, 9/1/09 (f)		8/2/04		3,254,162			3,254,162		3,239,241
		Carrier 360, Grand Prairie, TX, 5.40%, 7/1/09 (f)		6/28/04		3,233,075			3,233,075		3,206,375
		Carrier 360 II, Grand Prairie, TX, 5.88%, 7/1/09		12/16/05		335,531			335,531		316,743
		Fairview Business Park, Salem, OR, 7.33%, 8/1/11 (d) (f)		7/14/06		7,600,000			7,600,000		7,733,033
		First Colony Marketplace, Sugar Land, TX, 6.43%, 9/1/10 (d) (f)		8/15/07		12,900,000			12,900,000		12,890,268
		France Avenue Business Park II, Brooklyn Center, MN, 7.40%, 10/1/12 (f)		9/12/02		4,350,725			4,350,725		4,436,473
		France Avenue Business Park II (second), Brooklyn Center, MN, 7.38%, 10/1/12 (d)		1/17/08		600,000			600,000		607,749
		Jilly’s American Grill, Scottsdale, AZ, 5.10%, 9/1/08 (d) (f) (g)		8/19/05		1,810,000			1,810,000		1,800,965
		La Cholla Plaza I, Tucson, AZ, 5.90%, 8/1/09 (d) (f) (g)		7/26/06		11,135,604			11,135,604		11,135,604
		La Cholla Plaza II, Tucson, AZ, 14.88%, 8/1/09 (d)		7/26/06		1,389,396			1,389,396		1,371,909
		Memphis Medical Building, Memphis, TN, 6.40%, 9/1/12 (d)		8/22/07		4,250,000			4,250,000		4,154,475
		NCH Commercial Pool, Tucson, AZ, 11.93%, 4/1/10 (d)		3/27/07		5,500,000			5,500,000		5,392,286
		NCH Commercial Pool II, 11.93%, 1/1/11 (d)		12/4/07		14,000,000			14,000,000		14,699,999
		Noah's Ark Self Storage, San Antonio, TX, 6.48%, 9/1/10 (d) (f)		8/24/07		2,400,000			2,400,000		2,399,650
		North Austin Business Center, Austin, TX, 5.65%, 11/1/11 (f)		10/29/04		3,919,940			3,919,940		3,809,832
		Outlets at Casa Grande, Casa Grande, AZ, 6.93%, 3/1/11 (d) (f)		2/27/06		7,300,000			7,300,000		7,388,582
		Outlets at Casa Grande II, Casa Grande, AZ, 6.90%, 3/1/11 (d)		4/11/07		3,500,000			3,500,000		3,542,676
		Paradise Boulevard, Albuquerque, NM, 6.50%, 4/1/17 (d) (f)		3/26/07		4,600,000			4,600,000		4,370,097
		Preston Trail Village I, Dallas, TX, 5.90%, 9/1/08 (d) (f) (g)		11/18/05		16,850,792			16,850,792		16,850,792
		Preston Trail Village II, Dallas, TX, 13.38%, 9/1/08 (d)		11/18/05		2,500,000			2,500,000		1,896,596
		RealtiCorp Fund III, Orlando/Crystal River, FL, 7.65%, 11/1/08 (d) (g)		2/28/06		4,222,755			4,222,755		4,222,755
		Silver Star Storage, 6.40%, 4/1/11 (d)		3/25/08		4,160,000			4,160,000		4,135,116

2008 Quarterly Report 1 American Strategic Income Portfolio III

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio III (CSP) (continued)

DESCRIPTION				DATE ACQUIRED		PAR/ SHARES		COST		VALUE (a)

		Shoppes at Jonathan's Landing, Jupiter, FL, 7.95%, 5/1/10 (f)		4/12/00	$	2,732,673	$	2,732,673	$	2,807,454
		Spa Atlantis, Pompano Beach, FL, 5.90%, 10/1/08 (d) (g)		9/30/05		19,281,600		19,281,600		19,474,416
		Tatum Ranch Center, Phoenix, AZ, 6.53%, 9/1/11 (f)		8/25/04		3,517,159		3,517,159		3,493,766
								163,005,303		163,109,344
	Multifamily Loans — 38.0%
		Avalon Hills I, Omaha, NE, 6.93%, 3/1/10 (d) (f)		3/1/07		10,720,000		10,720,000		10,831,799
		Avalon Hills II, Omaha, NE, 9.88%, 3/1/10 (d) (h)		3/1/07		2,144,000		2,144,000		1,873,364
		Chateau Club Apartments I, Athens, GA, 6.68%, 12/1/10 (d)		12/20/07		6,623,000		6,623,000		6,604,464
		Chateau Club Apartments II, Athens, GA, 6.88%, 12/1/10 (d)		12/20/07		1,324,624		1,324,624		1,087,447
		Citadel Apartments I, El Paso, TX, 6.53%, 4/1/10 (d) (f)		3/30/07		10,300,000		10,300,000		10,300,000
		Citadel Apartments II, El Paso, TX, 9.88%, 4/1/10 (d)		3/30/07		500,000		500,000		475,418
		Country Villa Apartments, West Lafayette, IN, 6.90%, 9/1/13 (f)		8/29/03		2,473,366		2,473,366		2,442,168
		Courtyards at Mesquite I, Mesquite, TX, 6.53%, 11/1/09 (f)		10/14/05		7,539,220		7,539,220		7,542,894
		Courtyards at Mesquite II, Mesquite, TX, 7.90%, 11/1/09 (d)		10/14/05		2,850,000		2,850,000		2,002,827
		El Dorado Apartments I, Tucson, AZ, 7.15%, 9/1/12 (f)		8/26/04		2,533,653		2,533,653		2,564,723
		El Dorado Apartments II, Tucson, AZ, 7.13%, 9/1/12		8/26/04		497,122		497,122		500,208
		Geneva Village Apartments I, West Jordan, UT, 7.00%, 1/1/14 (f)		12/24/03		1,263,568		1,263,568		1,266,681
		Geneva Village Apartments II, West Jordan, UT, 9.88%, 1/1/13		12/24/03		47,581		47,581		46,153
		Good Haven Apartments I, Dallas, TX, 5.88%, 6/1/08 (d) (g) (h) (i)		8/24/04		6,737,000		6,737,000		4,715,900
		Good Haven Apartments II, Dallas, TX, 14.88%, 6/1/08 (d) (h) (i)		8/24/04		842,000		842,000		589,400
		Lions Park Apartments I, Elk River, MN, 5.20%, 4/1/09 (f)		3/25/04		3,341,776		3,341,776		3,297,570
		Lions Park Apartments II, Elk River, MN, 11.88%, 4/1/09		3/25/04		98,202		98,202		92,177
		Meadowview Village Apartments I, West Jordan, UT, 7.00%, 1/1/14		12/24/03		917,105		917,105		919,365
		Meadowview Village Apartments II, West Jordan, UT, 9.88%, 1/1/13		12/24/03		47,581		47,581		46,153
		Meridian Pointe Apartments, Kalispell, MT, 8.73%, 4/1/12		3/7/97		1,048,045		1,048,045		1,089,967
		Montevista Apartments, Fort Worth, TX, 7.43%, 9/1/12 (d)		8/30/07		7,308,000		7,308,000		5,527,717
		NCH Multifamily Pool, Oklahoma City, OK, 11.93%, 11/1/09 (d)		10/17/06		5,800,000		5,800,000		5,642,466
		Parkway Village Apartments I, West Jordan, UT, 7.00%, 1/1/14		12/24/03		870,712		870,712		868,833
		Parkway Village Apartments II, West Jordan, UT, 9.88%, 1/1/13		12/24/03		47,581		47,581		46,153
		Plantation Pines I, Tyler, TX, 6.59%, 2/1/10 (d) (f)		1/17/07		3,328,000		3,328,000		3,341,851
		Plantation Pines II, Tyler, TX, 10.57%, 2/1/10 (d)		1/17/07		416,000		416,000		364,150
		RiverPark Land Lot III, Oxnard, CA, 6.12%, 11/1/09 (d) (g)		10/9/07		3,650,000		3,650,000		3,694,702
		Villas of Woodgate, Lansing, MI, 6.40%, 2/1/12 (f)		2/1/07		3,601,941		3,601,941		3,564,542
		Vista Village Apartments I, El Paso, TX, 6.53%, 4/1/10 (d) (f)		3/30/07		6,100,000		6,100,000		6,100,000
		Vista Village Apartments II, El Paso, TX, 9.88%, 4/1/10 (d)		3/30/07		350,000		350,000		332,793
		Whispering Oaks I, Little Rock, AR, 6.53%, 2/1/10 (d) (f)		1/10/07		6,800,000		6,800,000		6,792,817
		Whispering Oaks II, Little Rock, AR, 9.88%, 2/1/10 (d) (h)		1/10/07		1,360,000		1,360,000		1,098,688
								101,480,077		95,663,390
			Total Whole Loans and Participation Mortgages					264,485,380		258,772,734

Preferred Stocks — 8.8%
	Real Estate Investment Trusts — 8.8%
		AMB Property, Series L (b)				97,000		2,473,891		2,167,950
		AMB Property, Series M (b)				21,240		543,889		476,201
		AMB Property, Series O (b)				9,613		240,325		225,606
		Developers Diversified Realty, Series G (b)				400		10,380		9,756
		Duke Realty, Series J (b)				20,956		535,385		459,984
		Duke Realty, Series M (b)				2,000		50,000		46,220
		Health Care Properties, Series E (b)				7,690		197,633		180,715
		Health Care Properties, Series F (b)				84,750		2,140,448		1,995,015
		Kimco Realty, Series F (b)				113,000		2,754,500		2,531,200
		Kimco Realty, Series G (b)				55,000		1,375,000		1,357,400
		Post Properties, Series B (b)				1,600		39,940		33,600
		Prologis Trust, Series F (b)				28,305		717,967		654,128
		PS Business Parks, Series L (b)				7,000		179,550		162,960
		Public Storage, Series A (b)				38,000		921,909		844,740
		Public Storage, Series X (b)				30,000		746,643		624,300

2008 Quarterly Report 2 American Strategic Income Portfolio III

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio III (CSP) (continued)

DESCRIPTION		SHARES		COST		VALUE (a)

	Public Storage, Series Z (b)	59,000	$	1,481,819	$	1,262,010
	Realty Income, Series D (b)	97,500		2,474,125		2,387,775
	Regency Centers, Series E (b)	67,750		1,690,848		1,476,950
	Vornado Realty Trust, Series E (b)	7,400		186,598		173,160
	Weingarten Realty Investors, Series F (b)	242,500		5,989,375		5,213,750
Total Preferred Stocks				24,750,225		22,283,420

	Total Unaffiliated Investments			320,969,825		313,398,730

Short-Term Investment — 1.2%
	First American Prime Obligations Fund, Class Z (j)	3,051,790		3,051,790		3,051,790
	Total Investments (k) — 125.6%		$	324,021,615	$	316,450,520
	Other Assets and Liabilities — (25.6)%					(64,527,140)
	Total Net Assets — 100%				$	251,923,380

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 (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, 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 mutual 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. 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 FAF Advisors, Inc. (“FAF Advisors”), 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, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, 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. 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. 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 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, and 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.

2008 Quarterly Report 3 American Strategic Income Portfolio III

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio III (CSP) (continued)

		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 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 negotiations 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 cost. As material capital improvements are made to the property, new market value appraisals are obtained. As of May 31, 2008, the fund held fair valued securities with a value of $284,414,320 or 112.9% of total net assets.
(b)		Securities pledged as collateral for outstanding reverse purchase agreements. On May 31, 2008, securities valued at $28,984,410 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
$ 6,170,000	5/9/08	2.50%	6/9/08	$ 9,855	(1)
13,509,000	5/7/08	3.40%	6/6/08	220,292	(2)
$19,679,000				$230,147

		* Interest rate as of May 31, 2008. Rate is based on the London InterBank Offered Rate (“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, $3,056,401 par
		Federal Home Loan Mortgage Corporation, 9.00%, 7/1/30, $181,006 par
		Federal National Mortgage Association, 6.00%, 10/1/16, $230,699 par
		Federal National Mortgage Association, 5.50%, 2/1/17, $434,176 par
		Federal National Mortgage Association, 5.50%, 6/1/17, $262,640 par
		Federal National Mortgage Association, 5.00%, 9/1/17, $453,924 par
		Federal National Mortgage Association, 5.00%, 11/1/17, $921,013 par
		Federal National Mortgage Association, 6.50%, 6/1/29, $733,771 par
		Federal National Mortgage Association, 7.50%, 5/1/30, $112,682 par
		Federal National Mortgage Association, 8.00%, 5/1/30, $41,634 par
		Federal National Mortgage Association, 8.00%, 6/1/30, $129,112 par
(2)		Dresdner Bank:
		AMB Property, Series L, 97,000 shares
		AMB Property, Series M, 21,240 shares
		AMB Property, Series O, 9,613 shares
		Developers Diversified Realty, Series G, 400 shares
		Duke Realty, Series J, 20,956 shares
		Duke Realty, Series M, 2,000 shares
		Health Care Properties, Series E, 7,690 shares
		Health Care Properties, Series F, 84,750 shares
		Kimco Realty, Series F, 113,000 shares
		Kimco Realty, Series G, 55,000 shares
		Post Properties, Series B, 1,600 shares
		Prologis Trust, Series F, 28,305 shares
		PS Business Parks, Series L, 7,000 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 E, 67,750 shares
		Vornado Realty Trust, Series E, 7,400 shares
		Weingarten Realty Investors, Series F, 242,500 shares

2008 Quarterly Report 4 American Strategic Income Portfolio III

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio III (CSP) (continued)

	The fund has entered into a lending commitment with Dresdner Bank. The agreement permits the fund to enter into reverse repurchase agreements up to $28,000,000 using preferred stock as collateral. The fund pays a fee of 0.25% to Dresdner Bank on any unused portion of the $28,000,000 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 and 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 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, 2008.

(e)	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 services) on May 31, 2008.

(f)	Securities pledged as collateral for outstanding borrowings under a loan agreement. On May 31, 2008, securities valued at $155,263,489 were pledged as collateral for the following outstanding reverse repurchase agreements:

Amount	Rate*	Accrued Interest	Name of Broker and Description of Collateral
$52,500,000	5.72%	$83,392	(1)

		* Interest rate as of May 31, 2008. Rate is based on the London InterBank Offered Rate (“LIBOR”) plus a spread and reset monthly.

		Name of broker and description of collateral:

(1)		Morgan Stanley:
		8324 East Hartford Drive I, 5.15%, 5/1/09, $3,749,826 par
		Academy Spectrum, 7.73%, 5/1/09, $4,997,065 par
		Alliant University, 7.15%, 8/1/11, $2,800,000 par
		Avalon Hills I, 6.93%, 3/1/10, $10,720,000 par
		Biltmore Lakes Corporate Center, 6.00%, 9/1/09, $3,254,162 par
		Carrier 360, 5.40%, 7/1/09, $3,233,075 par
		Citadel Apartments I, 6.53%, 4/1/10, $10,300,000 par
		Country Villa Apartments, 6.90%, 9/1/13, $2,473,366 par
		Courtyards at Mesquite I, 6.53%, 11/1/09, $7,539,220 par
		El Dorado Apartments I, 7.15%, 9/1/12, $2,533,653 par
		Fairview Business Park, 7.33%, 8/1/11, $7,600,000 par
		First Colony Marketplace, 6.43%, 9/1/10, $12,900,000 par
		France Avenue Business Park II, 7.40%, 10/1/12, $4,350,725 par
		Geneva Village Apartments I, 7.00%, 1/1/14, $1,263,568 par
		Jilly’s American Grill, 5.10%, 9/1/08, $1,810,000 par
		La Cholla Plaza I, 5.90%, 8/1/09, $11,135,604 par
		Lions Park Apartments I, 5.20%, 4/1/09, $3,341,776 par
		Noah’s Ark Self Storage, 6.48%, 9/1/10, $2,400,000 par
		North Austin Business Center, 5.65%, 11/1/11, $3,919,940 par
		Outlets at Casa Grande, 6.93%, 3/1/11, $7,300,000 par
		Paradise Boulevard, 6.50%, 4/1/17, $4,600,000 par
		Plantation Pines I, 6.59%, 2/1/10, $3,328,000 par
		Preston Trail Village I, 5.90%, 9/1/08, $16,850,792 par
		Shoppes at Jonathan’s Landing, 7.95%, 5/1/10, $2,732,673 par
		Tatum Ranch Center, 6.53%, 9/1/11, $3,517,159 par
		Villas of Woodgate, 6.40%, 2/1/12, $3,601,941 par
		Vista Village Apartments I, 6.53%, 4/1/10, $6,100,000 par
		Whispering Oaks I, 6.53%, 2/1/10, $6,800,000 par

		At May 31, 2008, the fund was a party to a loan agreement with Morgan Stanley Mortgage Capital Holdings LLC (“Morgan Stanley”) under which loans were collateralized by whole loans in the fund’s portfolio. This agreement expired and the outstanding loan amount was refinanced on July 11, 2008 using advances made under a new loan agreement with Massachusetts Mutual Life Insurance Company (“MMLIC”). Under this new loan agreement, MMLIC made a term loan to the fund of $54,400,000 which matures on July 31, 2011, and agreed to make revolving loans to the fund of up to $15,600,000. Loans made under the loan agreement are secured by whole loans in the fund’s portfolio and bear interest at the one-month London Interbank Offered Rate plus 2.625%. In addition, the fund pays an annual fee of 1.28% on any unused portion of the fund’s revolving loan commitment.

2008 Quarterly Report 5 American Strategic Income Portfolio III

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio III (CSP) (concluded)

(g)		Variable Rate Security – The rate shown is the net coupon rate in effect as of May 31, 2008.
(h)		Loan not current on interest and/or principal payments.
(i)		Security is in default.
(j)		Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for the fund.
(k)		On May 31, 2008, the cost of investments in securities was $324,021,615. The aggregate gross unrealized appreciation and depreciation of investments in securities, based on this cost, were as follows:



Gross unrealized appreciation	$	2,425,032
Gross unrealized depreciation		(9,996,127	)
Net unrealized depreciation	$	(7,571,095	)

Date: July 28, 2008	/s/Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr. President

Date: July 28, 2008	/s/Charles D. Gariboldi, Jr.
	Charles D. Gariboldi, Jr. Treasurer