N-Q 1 a04-11611_3nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

OMB APPROVAL

 

OMB Number:    3235-0578
Expires:    February 28, 2006
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FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-7444

 

American Strategic Income Portfolio Inc. III

(Exact name of registrant as specified in charter)

800 Nicollet Mall Minneapolis, MN

55402

(Address of principal executive offices)

(Zip code)

Joseph M. Ulrey III 800 Nicollet Mall Minneapolis, MN 55402

(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

800-677-3863

 

 

Date of fiscal year end:

5/31/05

 

 

Date of reporting period:

8/31/04

 

 


 

Schedule of INVESTMENTS

American Strategic Income Portfolio III

August 31, 2004

 

Description of Security

 

Date
Acquired

 

Par Value

 

Cost

 

Value(a)

 

(Percentages of each investment category relate to total net assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Agency Mortgage-Backed
Securities (b) —6.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate —6.6%

 

 

 

 

 

 

 

 

 

FHLMC, 5.50%, 1/1/18

 

 

 

$

7,383,607

 

$

7,625,598

 

$

7,644,322

 

FHLMC, 9.00%, 7/1/30

 

 

 

881,497

 

905,045

 

959,457

 

FNMA, 6.00%, 10/1/16

 

 

 

620,535

 

624,155

 

652,921

 

FNMA, 5.50%, 2/1/17

 

 

 

1,077,286

 

1,074,536

 

1,120,043

 

FNMA, 5.50%, 6/1/17

 

 

 

718,061

 

721,896

 

744,766

 

FNMA, 5.00%, 9/1/17

 

 

 

1,009,190

 

1,012,046

 

1,028,748

 

FNMA, 5.00%, 11/1/17

 

 

 

1,855,151

 

1,865,602

 

1,891,104

 

FNMA, 6.50%, 6/1/29

 

 

 

1,919,018

 

1,905,882

 

2,020,362

 

FNMA, 7.50%, 4/1/30

 

 

 

311,719

 

301,139

 

334,221

 

FNMA, 7.50%, 5/1/30

 

 

 

386,754

 

373,653

 

414,674

 

FNMA, 8.00%, 5/1/30

 

 

 

102,366

 

101,062

 

110,779

 

FNMA, 8.00%, 6/1/30

 

 

 

428,712

 

423,249

 

463,948

 

 

 

 

 

 

 

 

 

 

 

Total U.S. Government Agency Mortgage-Backed Securities

 

 

 

 

 

16,933,863

 

17,385,345

 

 

 

 

 

 

 

 

 

 

 

Corporate Note (e) —1.4%

 

 

 

 

 

 

 

 

 

Fixed Rate —1.4%

 

 

 

 

 

 

 

 

 

Carrier 360, 5.40%, 7/1/09

 

06/28/04

 

3,495,083

 

3,495,083

 

3,579,315

 

 

 

 

 

 

 

 

 

 

 

Private Mortgage-Backed Security (e) —0.0%

 

 

 

 

 

 

 

 

 

Fixed Rate —0.0%

 

 

 

 

 

 

 

 

 

First Gibralter, Series 1992-MM, Class B, 8.79%, 10/25/21

 

07/30/93

 

394,296

 

191,055

 

—

 

 


 

Description of Security

 

Date
Acquired

 

Par Value

 

Cost

 

Value(a)

 

(Percentages of each investment category relate to total net assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Whole Loans and Participation Mortgages (c)(d)(e)
—123.0%

 

 

 

 

 

 

 

 

 

Commercial Loans -24.8%

 

 

 

 

 

 

 

 

 

1155 Market Street, 12.98%, 5/1/09

 

04/02/04

 

$

1,800,000

 

$

1,800,000

 

$

1,854,000

 

4295/4299 San Felipe Associates LP, 9.33%, 8/1/06

 

11/01/02

 

5,098,070

 

5,098,070

 

4,570,572

 

8324 East Hartford Drive I, 5.15%, 5/1/09

 

04/08/04

 

3,800,000

 

3,800,000

 

3,897,991

 

8324 East Hartford Drive II, 13.88%, 5/1/09

 

04/08/04

 

475,000

 

475,000

 

484,500

 

Academy Spectrum, 7.73%, 5/1/09

 

12/18/02

 

5,185,565

(b)

5,185,565

 

5,444,843

 

Biltmore Lakes Corporate Center, 6.00%, 9/1/09

 

08/02/04

 

3,360,000

 

3,360,000

 

3,528,000

 

Duncan Office Building, 7.88%, 6/1/08

 

05/19/98

 

628,701

 

628,701

 

653,850

 

France Avenue Business Park II, 7.40%, 10/1/12

 

09/12/02

 

4,529,886

(b)

4,529,886

 

4,756,381

 

Holiday Village Shopping Center, 7.15%, 11/1/07

 

11/12/02

 

4,786,071

(b)

4,786,071

 

5,025,375

 

Indian Street Shoppes, 7.88%, 2/1/09

 

01/27/99

 

2,172,580

(b)

2,172,580

 

2,281,209

 

Jackson Street Warehouse, 8.53%, 7/1/07

 

06/30/98

 

2,796,693

(b)

2,796,693

 

2,880,594

 

Jefferson Office Building, 7.38%, 12/1/13

 

11/05/98

 

856,800

 

856,800

 

899,641

 

Kimball Professional Office Building, 7.88%, 7/1/08

 

07/02/98

 

2,122,604

(b)

2,122,604

 

2,207,508

 

Lake Pointe Corporate Center, 8.57%, 7/1/07

 

07/07/97

 

3,522,098

(b)

3,522,098

 

3,662,982

 

LAX Air Freight Center, 7.90%, 1/1/08

 

12/29/97

 

3,083,273

(b)

3,083,273

 

3,206,604

 

NCGR Office Building, 5.20%, 6/1/09

 

05/28/04

 

4,390,625

 

4,390,625

 

4,515,538

 

North Austin Business Center, 9.05%, 5/1/07

 

04/10/97

 

2,768,802

(b)

2,768,802

 

2,851,866

 

Pacific Shores Mobile Home Park II, 11.00%, 10/1/06

 

09/27/96

 

553,762

 

550,994

 

581,451

 

Rockwall Technology Building I, 7.40%, 11/1/06

 

10/16/02

 

3,800,000

(b)

3,800,000

 

3,914,000

 

Rockwall Technology Building II, 9.58%, 11/1/06

 

10/16/02

 

1,100,000

 

1,100,000

 

886,767

 

Shoppes at Jonathan’s Landing, 7.95%, 5/1/10

 

04/12/00

 

2,879,307

(b)

2,879,307

 

3,023,273

 

Tatum Ranch Center, 6.53%, 9/1/11

 

08/25/04

 

3,640,000

 

3,640,000

 

3,822,000

 

 

 

 

 

 

 

63,347,069

 

64,948,945

 

 

 

 

 

 

 

 

 

 

 

Multifamily Loans —97.8%

 

 

 

 

 

 

 

 

 

2600 Van Ness I, 5.40%, 10/1/06

 

09/03/03

 

4,670,000

(b)

4,670,000

 

4,763,400

 

2600 Van Ness II, 13.38%, 10/1/06

 

09/03/03

 

250,000

 

250,000

 

242,700

 

2975 Van Ness I, 5.40%, 10/1/06

 

09/03/03

 

3,080,000

(b)

3,080,000

 

3,141,600

 

2975 Van Ness II, 13.38%, 10/1/06

 

09/03/03

 

200,000

 

200,000

 

194,160

 

411 15th Avenue I, 5.38%, 10/1/06

 

09/03/03

 

2,345,000

(b)

2,345,000

 

2,391,900

 

411 15th Avenue II, 13.38%, 10/1/06

 

09/03/03

 

150,000

 

150,000

 

143,720

 

50 Joice I, 5.38%, 10/1/06

 

09/03/03

 

1,825,000

(b)

1,825,000

 

1,861,500

 

50 Joice II, 13.38%, 10/1/06

 

09/03/03

 

125,000

 

125,000

 

119,766

 

655 Stockton I, 5.40%, 10/1/06

 

09/03/03

 

3,965,000

(b)

3,965,000

 

4,044,300

 

655 Stockton II, 13.38%, 10/1/06

 

09/03/03

 

275,000

 

275,000

 

263,486

 

676 Geary I, 5.43%, 10/1/06

 

09/03/03

 

6,050,000

(b)

6,050,000

 

6,171,000

 

676 Geary II, 13.38%, 10/1/06

 

09/03/03

 

350,000

 

350,000

 

335,346

 

691 O’Farrell I, 5.40%, 10/1/06

 

09/03/03

 

4,175,000

 

4,175,000

 

4,258,500

 

691 O’Farrell II, 13.38%, 10/1/06

 

09/03/03

 

300,000

 

300,000

 

285,540

 

709 Geary I, 5.40%, 10/1/06

 

09/03/03

 

4,870,000

 

4,870,000

 

4,967,400

 

709 Geary II, 13.38%, 10/1/06

 

09/03/03

 

350,000

 

350,000

 

333,130

 

755 O’Farrell I, 5.40%, 10/1/06

 

09/03/03

 

3,225,000

(b)

3,225,000

 

3,289,500

 

755 O’Farrell II, 13.38%, 10/1/06

 

09/03/03

 

300,000

 

300,000

 

287,440

 

840 California I, 5.40%, 10/1/06

 

09/03/03

 

4,300,000

(b)

4,300,000

 

4,386,000

 

840 California II, 13.38%, 10/1/06

 

09/03/03

 

250,000

 

250,000

 

239,533

 

 


 

Description of Security

 

Date
Acquired

 

Par Value

 

Cost

 

Value(a)

 

(Percentages of each investment category relate to total net assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

845 California I, 5.43%, 10/1/06

 

09/03/03

 

$

7,600,000

(b)

$

7,600,000

 

$

7,752,000

 

845 California II, 13.38%, 10/1/06

 

09/03/03

 

525,000

 

525,000

 

503,019

 

Ambassador House Apartments, 8.10%, 2/1/10

 

01/05/00

 

3,353,340

(b)

3,353,340

 

3,521,008

 

Arlington East Apartments I, 5.90%, 9/1/07

 

08/02/04

 

2,560,000

 

2,560,000

 

2,611,200

 

Arlington East Apartments II, 14.88%, 9/1/07

 

08/02/04

 

320,000

 

320,000

 

326,400

 

Barclay Square Apartments, 5.43%, 12/31/04

 

08/21/01

 

8,800,000

(b)

8,800,000

 

8,800,000

 

Barclay Square Apartments II, 5.38%, 12/31/04

 

06/11/03

 

600,000

 

600,000

 

600,000

 

Brays Village Apartments, 9.88%, 4/1/05

 

03/15/02

 

1,394,000

 

1,394,000

 

1,308,117

 

Chateau Club Apartments I, 5.18%, 6/1/07

 

05/18/04

 

6,000,000

 

6,000,000

 

6,180,000

 

Chateau Club Apartments II, 11.88%, 6/1/07

 

05/18/04

 

500,000

 

500,000

 

505,166

 

Clearwater Creek Apartments, 9.93%, 3/1/08

 

02/18/03

 

8,920,000

 

8,920,000

 

8,896,814

 

Cleary Court Apartments, 5.68%, 4/1/07

 

03/17/04

 

15,070,000

 

15,070,000

 

14,020,123

 

Concorde Apartments, 6.28%, 5/1/10

 

04/30/03

 

4,888,056

(b)

4,888,056

 

5,132,458

 

Country Place Village I, 4.51%, 6/1/06

 

02/06/02

 

11,000,000

(b)

11,000,000

 

11,220,000

 

Country Place Village II, 14.88%, 6/1/06

 

02/06/02

 

1,375,000

 

1,375,000

 

1,400,521

 

Country Villa Apartments, 6.90%, 9/1/13

 

08/29/03

 

2,578,447

(b)

2,578,447

 

2,707,369

 

El Dorado Apartments I, 4.40%, 9/1/07

 

08/26/04

 

2,630,000

 

2,630,000

 

2,691,455

 

El Dorado Apartments II, 14.88%, 9/1/07

 

08/24/04

 

842,000

 

842,000

 

867,260

 

Flint Ridge on the Lake Apartments I, 5.43%, 1/1/07

 

12/19/03

 

5,840,000

(b)

5,840,000

 

6,015,200

 

Flint Ridge on the Lake Apartments II, 13.88%, 1/1/07

 

12/19/03

 

500,000

 

500,000

 

515,000

 

Geneva Village Apartments I, 7.00%, 1/1/14

 

12/24/03

 

1,516,453

 

1,516,453

 

1,592,275

 

Geneva Village Apartments II, 9.88%, 1/1/13

 

12/24/03

 

71,970

 

71,970

 

75,568

 

Good Haven Apartments I, 5.43%, 9/1/07

 

08/24/04

 

6,737,000

 

6,737,000

 

6,939,110

 

Good Haven Apartments II, 14.90%, 9/1/07

 

08/26/04

 

500,000

 

500,000

 

515,000

 

Grand Courtyards, 9.93%, 2/10/09

 

01/28/04

 

7,215,000

 

7,215,000

 

7,215,000

 

Hartford Apartments, 14.88%, 6/1/05

 

06/24/02

 

2,290,000

 

2,290,000

 

2,145,017

 

Hidden Ridge I, 5.43%, 8/1/06

 

07/23/03

 

13,232,000

(b)

13,232,000

 

13,496,640

 

Hidden Ridge II, 9.90%, 8/1/06

 

07/23/03

 

2,648,000

 

2,648,000

 

2,252,828

 

Lions Park Apartments I, 5.20%, 4/1/09

 

03/25/04

 

3,534,804

 

3,534,804

 

3,665,881

 

Lions Park Apartments II, 11.88%, 4/1/09

 

03/25/04

 

99,884

 

99,884

 

104,878

 

Meadowview Apartments I, 7.00%, 1/1/14

 

12/24/03

 

1,100,651

 

1,100,651

 

1,155,684

 

Meadowview Apartments II, 9.88%, 1/1/13

 

12/24/03

 

71,970

 

71,970

 

75,568

 

Meridian, 9.00%, 9/1/05

 

08/22/01

 

4,560,258

 

4,560,258

 

4,560,258

 

Meridian Pointe Apartments, 8.73%, 2/1/12

 

03/07/97

 

1,116,644

 

1,116,644

 

1,172,476

 

Mirror Woods Apartments, 5.58%, 8/1/06

 

07/30/03

 

8,004,000

(b)

8,004,000

 

8,164,080

 

Northaven Terrace Apartments, 7.43%, 6/1/07

 

05/07/02

 

6,725,309

(b)

6,725,309

 

6,927,068

 

Pacific Avenue Apartments I, 5.43%, 4/1/07

 

03/18/04

 

7,100,000

 

7,100,000

 

7,242,000

 

Pacific Avenue Apartments II, 11.88%, 4/1/07

 

03/18/04

 

1,550,000

 

1,550,000

 

1,426,558

 

Parkway Village Apartments I, 7.00%, 1/1/14

 

12/24/03

 

1,051,073

 

1,051,073

 

1,103,627

 

Parkway Village Apartments II, 9.88%, 1/1/13

 

12/24/03

 

71,970

 

71,970

 

75,568

 

Riverbend Village Apartments, 5.58%, 8/1/06

 

07/30/03

 

8,800,000

(b)

8,800,000

 

8,976,000

 

Riverbrook Apartments I, 8.55%, 3/1/10

 

03/01/00

 

2,911,672

(b)

2,911,672

 

3,057,255

 

Riverbrook Apartments II, 10.88%, 3/1/10

 

02/13/01

 

314,794

 

314,794

 

330,533

 

Shelter Island Apartments, 7.63%, 12/1/08

 

11/04/98

 

12,642,227

(b)

12,642,227

 

13,274,339

 

The Colony Apartments, 5.58%, 8/1/06

 

07/30/03

 

9,296,000

(b)

9,296,000

 

9,481,920

 

Tulsa Apartment Portfolio I, 9.93%, 3/1/07

 

02/27/03

 

6,790,000

 

6,790,000

 

4,753,000

 

Tulsa Apartment Portfolio II, 9.93%, 3/1/07

 

02/27/03

 

6,130,000

 

6,130,000

 

4,291,000

 

Warwick West Apartments II, 9.90%, 9/1/04

 

06/27/01

 

2,856,000

 

2,856,000

 

2,597,749

 

Westchase Apartments, 5.68%, 8/1/06

 

08/12/03

 

6,700,000

(b)

6,700,000

 

6,901,000

 

WesTree Apartments, 8.90%, 11/1/10

 

10/12/00

 

4,627,881

(b)

4,627,881

 

4,859,275

 

 

 

 

 

 

 

256,616,403

 

255,720,186

 

 


 

Description of Security

 

Date
Acquired

 

Par Value/
Shares

 

Cost

 

Value(a)

 

(Percentages of each investment category relate to total net assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Family Loans —0.4%

 

 

 

 

 

 

 

 

 

Arbor, 9.27%, 8/16/17

 

02/16/96

 

$

1,010,152

 

$

1,012,472

 

$

1,010,152

 

 

 

 

 

 

 

 

 

 

 

Total Whole Loans and Participation Mortgages

 

 

 

 

 

320,975,944

 

321,679,283

 

 

 

 

 

 

 

 

 

 

 

Affiliated Money Market Fund (f) —1.0%

 

 

 

 

 

 

 

 

 

First American Prime Obligations Fund, Class Z

 

 

 

2,734,833

 

2,734,833

 

2,734,833

 

 

 

 

 

 

 

 

 

 

 

Total Investments in Securities (g) —132.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

344,330,778

 

$

345,378,776

 

 

See accompanying Notes to Schedule of INVESTMENTS

 


 

Schedule of Investments:

 

(a)            Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements in the recent report dated May 31, 2004.

(b)           On August 31, 2004, securities valued at $206,974,794 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

 

 

 

 

 

 

 

 

 

 

 

 

 

$

15,987,739

 

8/10/2004

 

1.56%*

 

9/9/2004

 

$

15,242

 

(1)

 

69,000,000

 

8/2/2004

 

2.29%*

 

9/1/2004

 

114,392

 

(2)

 

$

84,987,739

 

 

 

 

 

 

 

$

129,634

 

 

 

 

*  Interest rate as of August 31, 2004.  Rates are based on the London InterBank Offered Rate (LIBOR) and reset monthly.

 

Name of broker and description of collateral:

(1)       Morgan Stanley:

FHLMC, 5.50%, 1/1/18, $7,383,607 par

FHLMC, 9.00%, 7/1/30, $881,497 par

FNMA, 6.00%, 10/1/16, $620,535 par

FNMA, 5.50%, 2/1/17, $1,077,286 par

FNMA, 5.50%, 6/1/17, $718,061 par

FNMA, 5.00%, 9/1/17, $1,009,190 par

FNMA, 5.00%, 11/1/17, $1,855,151 par

FNMA, 6.50%, 6/1/29, $1,919,018 par

FNMA, 7.50%, 4/1/30, $311,719 par

FNMA, 7.50%, 5/1/30, $386,754 par

FNMA, 8.00%, 5/1/30, $102,366 par

FNMA, 8.00%, 6/1/30, $428,712 par

(2)       Morgan Stanley:

2600 Van Ness I, 5.40%, 10/1/06, $4,670,000 par

2975 Van Ness I, 5.40%, 10/1/06, $3,080,000 par

411 15th Avenue I, 5.38%, 10/1/06, $2,345,000 par

50 Joice I, 5.38%, 10/1/06, $1,825,000 par

655 Stockton I, 5.40%, 10/1/06, $3,965,000 par

676 Geary I, 5.43%, 10/1/06, $6,050,000 par

755 O’Farrell I, 5.40%, 10/1/06, $3,225,000 par

840 California I, 5.40%, 10/1/06, $4,300,000 par

845 California I, 5.43%, 10/1/06, $7,600,000 par

Academy Spectrum, 7.73%, 5/1/09, $5,185,565 par

Ambassador House Apartments, 8.10%, 2/1/10, $3,353,340 par

Barclay Square Apartments, 5.43%, 12/31/04, $8,800,000 par

Concorde Apartments, 6.28%, 5/1/10, $4,888,056 par

Country Place Village I, 4.51%, 6/1/06, $11,000,000 par

Country Villa Apartments, 6.90%, 9/1/13, $2,578,447 par

Flint Ridge on the Lake Apartments I, 5.43%, 1/1/07, $5,840,000 par

France Avenue Business Park II, 7.40%, 10/1/12, $4,529,886 par

Hidden Ridge I, 5.43%, 8/1/06, $13,232,000 par

Holiday Village Shopping Center, 7.15%, 11/1/07, $4,786,071 par

Indian Street Shoppes, 7.88%, 2/1/09, $2,172,580 par

Jackson Street Warehouse, 8.53%, 7/1/07, $2,796,693 par

Kimball Professional Office Building, 7.88%, 7/1/08, $2,122,604 par

Lake Pointe Corporate Center, 8.57%, 7/1/07, $3,522,098 par

LAX Air Freight Center, 7.90%, 1/1/08, 3,083,273 par

Mirror Woods Apartments, 5.58%, 8/1/06, $8,004,000 par

North Austin Business Center, 9.05%, 5/1/07, $2,768,802 par

Northaven Terrace Apartments, 7.43%, 6/1/07, $6,725,309 par

Riverbend Village Apartments, 5.58%, 8/1/06, $8,800,000 par

 


 

Riverbrook Apartments I, 8.55%, 3/1/10, $2,911,673 par

Rockwall Technology Building I, 7.40%, 11/1/06, $3,800,000 par

Shelter Island Apartments, 7.63%, 12/1/08, $12,642,227 par

Shoppes at Jonathan’s Landing, 7.95%, 5/1/10, $2,879,307 par

The Colony Apartments, 5.58%, 8/1/06, $9,296,000 par

Westchase Apartments, 5.68%, 8/1/06, $6,700,000 par

WesTree Apartments, 8.90%, 11/1/10, $4,627,881 par

 

The Fund has entered into a lending commitment with Morgan Stanley.  The agreement permits the Fund to enter into reverse repurchase agreements up to $80,000,000 using whole loans as collateral.  The Fund pays a fee of 0.15% to Morgan Stanley on any unused portion of the $80,000,000 lending commitment.

 

(c)          Interest rates on commercial and multifamily loans are the rates in effect August 31, 2004.  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 August 31, 2004.

(d)         Commercial and multifamily loans are described by the name of the mortgaged property.  Pools of single family loans are described by the name of the institution from which the loans were purchased.  The geographical location of the mortgaged properties and, in the case of single family, the number of loans, is presented below.

 

Commercial Loans:

1155 Market Street – San Francisco, CA

4295/4299 San Felipe Associates LP – Houston, TX

8324 East Hartford Drive I – Scottsdale, AZ

8324 East Hartford Drive II – Scottsdale, AZ

Academy Spectrum – Colorado Springs, CO

Biltmore Lakes Corporate Center – Phoenix, AZ

Duncan Office Building – Olympia, WA

France Avenue Business Park II – Brooklyn Park, MN

Holiday Village Shopping Center – Park City, UT

Indian Street Shoppes – Stuart, FL

Jackson Street Warehouse – Phoenix, AZ

Jefferson Office Building – Olympia, WA

Kimball Professional Office Building – Gig Harbor, WA

Lake Pointe Corporate Center – Minneapolis, MN

LAX Air Freight Center – Inglewood, CA

NCGR Office Building – Santa Fe, NM

North Austin Business Center – Austin, TX

Pacific Shores Mobile Home Park II – Newport, OR

Pilot Knob Service Center – Mendota Heights, MN

Rockwall Technology Building I – Rockwall, TX

Rockwall Technology Building II – Rockwall, TX

Shoppes at Jonathan’s Landing – Jupiter, FL

Tatum Ranch Center – Phoenix, AZ

 

Multifamily Loans:

2600 Van Ness I – San Francisco, CA

2600 Van Ness II – San Francisco, CA

2975 Van Ness I – San Francisco, CA

2975 Van Ness II – San Francisco, CA

411 15th Avenue I – San Francisco, CA

411 15th Avenue II – San Francisco, CA

50 Joice I – San Francisco, CA

50 Joice II – San Francisco, CA

 


 

655 Stockton I – San Francisco, CA

655 Stockton II – San Francisco, CA

676 Geary I – San Francisco, CA

676 Geary II – San Francisco, CA

691 O’Farrell I – San Francisco, CA

691 O’Farrell II – San Francisco, CA

709 Geary I – San Francisco, CA

709 Geary II – San Francisco, CA

755 O’Farrell I – San Francisco, CA

755 O’Farrell II – San Francisco, CA

840 California I – San Francisco, CA

840 California II – San Francisco, CA

845 California I – San Francisco, CA

845 California II – San Francisco, CA

Ambassador House Apartments – Oklahoma City, OK

Arlington East Apartments I – Chattanooga, TN

Arlington East Apartments II – Chattanooga, TN

Barclay Square Apartments – Houston, TX

Barclay Square Apartments II – Houston, TX

Brays Village Apartments – Houston, TX

Chateau Club Apartments I – Athens, GA

Chateau Club Apartments II – Athens, GA

Clearwater Creek Apartments – Richardson, TX

Cleary Court Apartments – Plantation, FL

Concorde Apartments – Chattanooga, TN

Country Place Village I – Clearwater, FL

Country Place Village II – Clearwater, FL

Country Villa Apartments – West Lafayette, IN

El Dorado Apartments I – Tucson, AZ

El Dorado Apartments II – Tucson, AZ

Flint Ridge on the Lake Apartments I – Hillsborough, NC

Flint Ridge on the Lake Apartments II – Hillsborough, NC

Geneva Village Apartments I – West Jordan, UT

Geneva Village Apartments II – West Jordan, UT

Good Haven Apartments I – Dallas, TX

Good Haven Apartments II – Dallas, TX

Grand Courtyards – Grand Prairie, TX

Hartford Apartments – Atlanta, GA

Hidden Ridge I – Irving, TX

Hidden Ridge II – Irving, TX

Lions Park Apartments I – Elk River, MN

Lions Park Apartments II – Elk River, MN

Meadowview Apartments I – West Jordan, UT

Meadowview Apartments II – West Jordan, UT

Meridian – Phoenix, AZ

Meridian Pointe Apartments – Kalispell, MT

Mirror Woods Apartments – Federal Way, WA

Northaven Terrace Apartments – Dallas, TX

Pacific Avenue Apartments I – San Francisco, CA

Pacific Avenue Apartments II – San Francisco, CA

Parkway Village Apartments I – West Jordan, UT

Parkway Village Apartments II – West Jordan, UT

Riverbend Village Apartments – Las Vegas, NV

Riverbrook Apartments I – Tampa, FL

Riverbrook Apartments II – Tampa, FL

Shelter Island Apartments – Las Vegas, NV

 


 

The Colony Apartments – Federal Way, WA

Tulsa Apartment Portfolio I – Tulsa, OK

Tulsa Apartment Portfolio II – Tulsa, OK

Warwick West Apartments II – Oklahoma City, OK

Westchase Apartments – Austell, GA

WesTree Apartments – Colorado Springs, CO

 

Single Family Loans:

Arbor - 8 loans, New York

 

(e)        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 and are valued at fair value.  These securities are fair valued in accordance with the board approved valuation procedures.  On August 31, 2004, the total market value of fair valued securities was $325,258,598 or 124.4% of net assets.  See note 2 in Notes to Financial Statements.

(f)            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.  See note 3 in Notes to Financial Statements.

(g)       On August 31, 2004, the cost of investments in securities was $344,330,778. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows:

 

Gross unrealized appreciation

 

$

8,066,057

 

Gross unrealized depreciation

 

(7,018,059

)

Net unrealized appreciation

 

$

1,047,998

 

 

Abbreviations:

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

 


 

Item 2—Controls and Procedures

 

(a)   Disclose the conclusions of the registrant’s principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, about the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph.

 

Response: 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)   Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Response: There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent 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 Act (17 CFR 270.30a-2(a)), 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.

 

(Registrant)

American Strategic Income Portfolio Inc. III

 

By  (Signature and Title)*

/s/ Thomas S. Schreier, Jr., President

 

Date

10/29/04

 

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.

 

(Registrant)

American Strategic Income Portfolio Inc. III

 

By  (Signature and Title)*

/s/ Thomas S. Schreier, Jr., President

 

Date

10/29/04

 

(Registrant)

American Strategic Income Portfolio Inc. III

 

By  (Signature and Title)*

/s/ Joseph M. Ulrey III, Treasurer

 

Date

10/29/04

*Print the name and title of each signing officer under his or her signature.