Edgar Filing: AMERICAN STRATEGIC INCOME PORTFOLIO INC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06404

American Strategic Income Portfolio Inc.

(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)

Registrant’s telephone number, including area code: 800-677-3863

Date of fiscal year end:	August 31

Date of reporting period:	February 28, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

Item 1. Report to Shareholders

SEMIANNUAL REPORT

February 28, 2011

ASP

American Strategic
Income Portfolio Inc.

BSP

American Strategic
Income Portfolio Inc. II

CSP

American Strategic
Income Portfolio Inc. III

SLA

American Select
Portfolio Inc.

First American Mortgage Funds

OUR IMAGE–GEORGE WASHINGTON

His rich legacy as patriot and leader is widely recognized as embodying the sound judgment, reliability, and strategic vision that are central to our brand. Fashioned in a style reminiscent of an 18th century engraving, the illustration conveys the symbolic strength and vitality of Washington, which are attributes that we value at First American.

TABLE OF CONTENTS

	1			Explanation of Financial Statements

	2			Fund Overviews

	6			Schedule of Investments

	26			Statements of Assets and Liabilities

	27			Statements of Operations

	28			Statements of Changes in Net Assets

	30			Statements of Cash Flows

	31			Financial Highlights

	35			Notes to Financial Statements

	47			Notice to Shareholders

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

EXPLANATION OF FINANCIAL STATEMENTS

As a shareholder in one or more of the funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.

The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (bonds, common stock, etc.) and by industry classification (healthcare, education, etc.). This information is useful for analyzing how your fund's assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to Financial Statements provide additional details on how the securities are valued.

The Statement of Assets and Liabilities lists the assets and liabilities of the fund on the last day of the reporting period and presents the fund's net asset value ("NAV") and market price per share. The NAV is calculated by dividing the fund's net assets (assets minus liabilities) by the number of shares outstanding. The market price is the closing price on the exchange on which the fund's shares trade. This price, which may be higher or lower than the fund's NAV, is the price an investor pays or receives when shares of the fund are purchased or sold. The investments, as presented in the Schedule of Investments, comprise substantially all of the fund's assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.

The Statement of Operations details the dividends and interest income earned from investments as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.

The Statement of Changes in Net Assets describes how the fund's net assets were affected by its operating results and distributions to shareholders during the reporting period. This statement is important to investors because it shows exactly what caused the fund's net asset size to change during the period.

The Statement of Cash Flows is required when a fund has a substantial amount of illiquid investments, a substantial amount of the fund's securities are internally fair valued, or the fund carries some amount of debt. When presented, this statement explains the change in cash during the reporting period. It reconciles net cash provided by and used for operating activities to the net increase or decrease in net assets from operations and classifies cash receipts and payments as resulting from operating, investing, and financing activities.

The Financial Highlights provide a per-share breakdown of the components that affected the fund's NAV for the current and past reporting periods. It also shows total return, net investment income ratios, expense ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. The portfolio turnover rate represents the percentage of the fund's holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase or sale of securities.

The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.

We hope this guide to your shareholder report will help you get the most out of this important resource.

First American Mortgage Funds | 2011 Semiannual Report
1

Fund Overviews

American Strategic Income Portfolio (ASP)

Portfolio Allocation

As a percentage of total investments on February 28, 2011

Commercial Loans	30	%
Preferred Stocks	22
Commercial Mortgage-Backed Securities	22
U.S. Government Agency Mortgage-Backed Securities	10
Multifamily Loans	9
Corporate Note	5
Short-Term Investment	1
Single Family Loans	1
	100	%

Geographical Distribution

We attempt to buy mortgage loans in many parts of the country to help avoid the risks of concentrating in one area. These percentages reflect the fair value of whole loans as of February 28, 2011. Shaded areas without fair values indicate states in which the fund has invested less than 0.50% of its investments.

Delinquent Loan Profile

The tables below show the percentages of single family loans and multifamily and commercial loans in the portfolio that are 30, 60, 90, or 120 or more days delinquent as of February 28, 2011, based on the fair value outstanding.

Single family loans			Multifamily and commercial loans
Current	100.0	%	Current	90.7	%
30 Days	0.0		30 Days	0.0
60 Days	0.0		60 Days	9.3
90 Days	0.0		90 Days	0.0
120+ Days	0.0		120+ Days	0.0
	100.0	%		100.0	%

First American Mortgage Funds | 2011 Semiannual Report
2

American Strategic Income Portfolio II (BSP)

Portfolio Allocation

As a percentage of total investments on February 28, 2011

Commercial Loans	30	%
Multifamily Loans	26
Preferred Stocks	14
Commercial Mortgage-Backed Securities	12
Corporate Notes	9
U.S. Government Agency Mortgage-Backed Securities	7
Short-Term Investment	2
	100	%

Geographical Distribution

Delinquent Loan Profile

Single family loans			Multifamily and commercial loans
Current	100.0	%	Current	91.8	%
30 Days	0.0		30 Days	0.0
60 Days	0.0		60 Days	0.0
90 Days	0.0		90 Days	0.0
120+ Days	0.0		120+ Days	8.2
	100.0	%		100.0	%

First American Mortgage Funds | 2011 Semiannual Report
3

Fund Overviews

American Strategic Income Portfolio III (CSP)

Portfolio Allocation

As a percentage of total investments on February 28, 2011

Commercial Loans	40	%
Multifamily Loans	21
Preferred Stocks	16
U.S. Government Agency Mortgage-Backed Securities	8
Corporate Notes	8
Commercial Mortgage-Backed Securities	5
Real Estate Owned	1
Short-Term Investment	1
	100	%

Geographical Distribution

Delinquent Loan Profile

The table below shows the percentages of multifamily and commercial loans in the portfolio that are 30, 60, 90, or 120 or more days delinquent as of February 28, 2011, based on the fair value outstanding.

Multifamily and commercial loans
Current	72.8	%
30 Days	0.0
60 Days	0.0
90 Days	0.0
120+ Days	27.2
	100.0	%

First American Mortgage Funds | 2011 Semiannual Report
4

American Select Portfolio (SLA)

Portfolio Allocation

As a percentage of total investments on February 28, 2011

Commercial Loans	38	%
Preferred Stocks	18
Multifamily Loans	14
Commercial Mortgage-Backed Securities	13
Corporate Notes	9
U.S. Government Agency Mortgage-Backed Securities	7
Short-Term Investment	1
	100	%

Geographical Distribution

Delinquent Loan Profile

Multifamily and commercial loans
Current	94.4	%
30 Days	0.0
60 Days	0.0
90 Days	0.0
120+ Days	5.6
	100.0	%

First American Mortgage Funds | 2011 Semiannual Report
5

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio (ASP)

DESCRIPTION	DATE ACQUIRED	PAR		COST		FAIR VALUE ¶
(Percentages of each investment category relate to total net assets)
Whole Loans °° p — 53.1%
Commercial Loans — 40.2%
Copper Junction, Copper Mountain, CO, 6.38%, 7/1/17 b	6/14/07	$	1,873,063	$	1,873,063	$	1,966,717
Hampden Medical Office, Englewood, CO, 7.38%, 10/1/12	9/9/02		1,395,368		1,395,368		1,232,314
Integrity Plaza Shopping Center, Albuquerque, NM, 7.88%, 7/1/12 b	6/11/02		1,847,171		1,847,171		1,865,647
La Costa Meadows Industrial Park I, San Marcos, CA, 6.78%, 7/1/17 b ¶	6/28/07		1,250,000		1,250,000		1,312,500
La Costa Meadows Industrial Park II, San Marcos, CA, 7.53%, 7/1/17 b ¶	6/28/07		2,000,000		2,000,000		2,020,000
Minikahda Mini Storage IV, Minneapolis, MN, 7.15%, 7/1/15 b	2/28/06		1,617,467		1,617,467		1,665,991
Naples Boat Club, Naples, FL, 6.43%, 1/1/17 b	12/28/06		1,603,397		1,603,397		1,683,566
Orchard Commons, Englewood, CO, 8.63%, 4/1/11	3/28/01		930,747		930,747		930,747
Palace Court, Santa Fe, NM, 5.38%, 11/1/13 b	10/2/06		1,858,914		1,858,914		1,330,726
Par 3 Office Building, Bend, OR, 6.63%, 8/1/13 b ¶	8/3/06		1,900,000		1,900,000		1,938,000
Perkins Restaurant, Maple Grove, MN, 6.38%, 11/1/18 b	12/23/05		1,335,337		1,335,337		1,371,456
Stephens Center, Missoula, MT, 6.88%, 9/1/15 b	4/20/06		1,744,596		1,744,596		1,831,825
The Storage Place, Marana, AZ, 6.65%, 1/1/13 ¶ u	12/20/07		3,200,000		3,200,000		2,624,368
					22,556,060		21,773,857
Multifamily Loans — 12.2%
Forest Club Apartments, Dallas, TX, 11.88%, 8/1/10 ¶	4/19/06		1,720,000		1,720,000		1,571,000
Hunt Club Apartments, Waco, TX, 5.64%, 7/1/11 b	6/3/04		1,124,501		1,124,501		915,651
Park Hollywood, Portland, OR, 7.38%, 6/1/12 b	5/31/02		1,064,168		1,064,168		1,085,451
Spring Creek Gardens, Plano, TX, 5.63%, 8/1/15 ¶	12/22/05		2,071,579		2,068,467		2,071,579
Villa Bonita, Chez Royalle, Fitzhugh Apartments I, Dallas, TX, 7.88%, 4/1/11	2/21/03		795,122		795,122		795,122
Villa Bonita, Chez Royalle, Fitzhugh Apartments II, Dallas, TX, 11.88%, 4/1/11	2/21/03		150,221		150,221		137,868
					6,922,479		6,576,671
Single Family Loans — 0.7%
American Portfolio, 1 loan, California, 3.13%, 1/1/17	7/18/95		15,372		14,643		15,250
Anivan, 1 loan, Maryland, 3.00%, 10/1/15	6/14/96		53,159		53,503		53,383
Bank of New Mexico, 1 loan, New Mexico, 3.88%, 2/1/18	5/31/96		26,826		26,826		27,454
Bluebonnet Savings & Loan, 4 loans, Texas, 3.66%, 11/20/14	5/22/92		56,273		56,273		56,556
Fairbanks, 1 loan, Utah, 4.50%, 11/1/18	5/21/92		15,217		12,916		15,601
Knutson Mortgage Portfolio I, 2 loans, Maine and Montana, 9.52%, 1/31/18	2/26/92		107,024		102,125		110,234
McClemore, Matrix Funding Corporation, 1 loan, North Carolina, 10.50%, 8/1/19	9/9/92		37,196		35,336		38,312
Nomura III, 2 loans, California & New York, 5.32%, 7/3/18	9/29/95		50,825		45,943		52,334
Rand Mortgage Corporation, 1 loan, Texas, 9.50%, 1/1/17	2/21/92		25,804		21,149		26,578
					368,714		395,702
Total Whole Loans					29,847,253		28,746,230
Corporate Note °° ¶ — 6.6%
Fixed Rate — 6.6%
Stratus Properties V, 8.75%, 12/31/14	6/1/07		3,500,000		3,500,000		3,605,000
U.S. Government Agency Mortgage-Backed Securities — 13.6%
Fixed Rate — 13.6%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231 a			262,720		267,239		283,590
9.00%, 7/1/30, #C40149			60,841		62,092		70,033
5.00%, 5/1/39, #G05430 a			1,280,086		1,312,708		1,340,661

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
6

American Strategic Income Portfolio (ASP)

DESCRIPTION	PAR/ SHARES		COST		FAIR VALUE ¶

Federal National Mortgage Association,
6.00%, 10/1/16, #610761 a	$	126,002	$	127,227	$	137,843
5.00%, 7/1/18, #724954 a		772,159		771,555		828,457
6.50%, 6/1/29, #252497 a		85,294		84,852		96,618
7.50%, 3/1/30, #495694		35,773		35,325		40,131
7.50%, 5/1/30, #535289 a		22,110		21,536		25,592
8.00%, 5/1/30, #538266 a		7,160		7,091		8,350
6.00%, 5/1/31, #535909 a		158,064		158,763		174,277
6.50%, 11/1/31, #613339 a		85,558		87,040		96,917
5.50%, 7/1/33, #720735 a		1,077,119		1,066,886		1,161,004
5.00%, 7/1/39, #935588 a		627,104		641,576		657,367
4.00%, 12/1/40, #AB1959 a		1,194,398		1,190,958		1,179,068
4.00%, 1/1/41, #MA0614 a		1,297,402		1,283,878		1,280,750
Total U.S. Government Agency Mortgage-Backed Securities				7,118,726		7,380,658
Commercial Mortgage-Backed Securities ¶ — 28.6%
Other — 28.6%
Bear Stearns Commercial Mortgage Securities,
5.72%, 9/11/38, Series 2006-PW12, Class A4 r		1,200,000		987,568		1,320,839
5.69%, 6/11/50, Series 2007-PW17, Class A4		1,985,000		1,775,794		2,149,103
5.74%, 9/11/42, Series 2007-T28, Class A4		1,200,000		947,244		1,306,900
Citigroup/Deutsche Bank Commercial Mortgage Trust,
5.22%, 7/15/44, Series 2005-CD1, Class A4 b r		2,357,000		1,544,392		2,542,987
5.89%, 11/15/44, Series 2007-CD5, Class A4 r		1,550,000		1,450,801		1,681,887
GS Mortgage Securities Corporation II, Series 2006-GG8, Class A4, 5.56%, 11/10/39		2,900,000		2,050,017		3,122,354
LB-UBS Commercial Mortgage Trust, Series 2008-C1, Class A2, 6.10%, 4/15/41 r		1,875,000		1,402,918		2,078,510
Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.65%, 6/11/42 r		1,160,000		942,668		1,263,746
Total Commercial Mortgage-Backed Securities				11,101,402		15,466,326
Preferred Stocks — 29.1%
Real Estate Investment Trusts — 29.1%
AMB Property, Series L		26,560		597,940		650,720
AMB Property, Series M		5,600		139,850		134,848
BRE Properties, Series C		30,150		599,080		733,966
BRE Properties, Series D		2,400		47,688		58,950
Developers Diversified Realty, Series G		20,000		447,000		498,126
Developers Diversified Realty, Series H		12,060		247,230		286,802
Developers Diversified Realty, Series I		1,950		40,658		46,800
Duke Realty, Series J		2,100		52,246		49,022
Duke Realty, Series L		8,750		167,300		204,925
Duke Realty, Series M		26,120		532,400		649,735
Duke Realty, Series O		20,300		479,080		543,431
Equity Residential Properties, Series K		10,000		557,500		526,563
Equity Residential Properties, Series N b		28,800		557,520		725,400
Health Care Properties, Series E		19,000		470,630		477,280
Health Care Properties, Series F		14,000		343,700		349,125
Kimco Realty, Series G		50,700		1,320,735		1,308,060
National Retail Properties, Series C		25,000		527,500		620,500
ProLogis Trust, Series F		5,975		139,549		142,199
ProLogis Trust, Series G		3,800		79,800		91,158
PS Business Parks, Series H b		22,060		389,700		549,735
PS Business Parks, Series I b		4,240		83,401		103,350
PS Business Parks, Series M b		12,060		248,436		304,515
PS Business Parks, Series P b		3,750		71,887		90,413

First American Mortgage Funds | 2011 Semiannual Report
7

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio (ASP)

DESCRIPTION	SHARES		COST		FAIR VALUE ¶

PS Business Parks, Series R		9,500	$	234,175	$	233,510
Public Storage, Series A b		6,000		144,291		147,420
Public Storage, Series C b		5,000		100,000		124,945
Public Storage, Series E b		14,200		263,000		356,278
Public Storage, Series F b		9,300		231,105		228,585
Public Storage, Series I b		12,060		262,305		306,400
Public Storage, Series K b		8,000		174,000		203,112
Public Storage, Series X b		3,000		74,330		73,707
Public Storage, Series Z b		11,500		282,309		284,266
Realty Income, Series D b		20,500		546,185		526,645
Realty Income, Series E b		37,060		714,246		923,027
Regency Centers, Series C b		22,060		482,737		551,500
Regency Centers, Series E b		24,060		483,600		578,860
Simon Property Group, Series J		11,000		511,500		696,782
UDR, Series G		22,000		506,000		547,338
Vornado Realty Trust, Series E b		4,800		121,338		120,960
Vornado Realty Trust, Series G		30,000		483,000		723,750
Total Preferred Stocks				13,754,951		15,772,708
Total Unaffiliated Investments				65,322,332		70,970,922
Short-Term Investment — 1.4%
First American Prime Obligations Fund, Class Z, 0.06% W		737,322		737,322		737,322
Total Investments p — 132.4%			$	66,059,654	$	71,708,244
Other Assets and Liabilities, Net — (32.4)%						(17,553,350	)
Total Net Assets — 100.0%					$	54,154,894

¶ Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

°° 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 February 28, 2011, the total fair value of these securities was $32,351,230 or 59.7% of total net assets. See note 2 in Notes to Financial Statements.

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 February 28, 2011. 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 February 28, 2011.

b Securities pledged as collateral for outstanding borrowings under a loan agreement with Massachusetts Mutual Life Insurance Company ("MMLIC"). On February 28, 2011, securities valued at $27,125,135 were pledged as collateral for the following outstanding borrowings:

Amount		Rate*			Accrued Interest
$	8,600,000		5.00	%	$	1,195
	2,400,000		5.00	%		333
$	11,000,000				$	1,528

* Interest rate as of February 28, 2011. 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.

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
8

American Strategic Income Portfolio (ASP)

Description of collateral:

Whole Loans

Copper Junction, Copper Mountain, CO, 6.38%, 7/1/17, $1,873,063 par
Hunt Club Apartments, Waco, TX, 5.64%, 7/1/11, $1,124,501 par
Integrity Plaza Shopping Center, Albuquerque, NM, 7.88%, 7/1/12, $1,847,171 par
La Costa Meadows Industrial Park I, San Marcos, CA, 6.78%, 7/1/17, $1,250,000 par
La Costa Meadows Industrial Park II, San Marcos, CA, 7.53%, 7/1/17, $2,000,000 par
Minikahda Mini Storage IV, Minneapolis, MN, 7.15%, 7/1/15, $1,617,467 par
Naples Boat Club, Naples, FL, 6.43%, 1/1/17, $1,603,397 par
Palace Court, Santa Fe, NM, 5.38%, 11/1/13, $1,858,914 par
Par 3 Office Building, Bend, OR, 6.63%, 8/1/13, $1,900,000 par
Park Hollywood, Portland, OR, 7.38%, 6/1/12, $1,064,168 par
Perkins Restaurant, Maple Grove, MN, 6.38%, 11/1/18, $1,335,337 par
Stephens Center, Missoula, MT, 6.88%, 9/1/15, $1,744,596 par

Commercial Mortgage-Backed Security

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A4, 5.22%, 7/15/44, $2,357,000 par

Preferred Stocks

Equity Residential Properties, Series N, 4,800 shares
PS Business Parks, Series H, 22,060 shares
PS Business Parks, Series I, 4,240 shares
PS Business Parks, Series M, 12,060 shares
PS Business Parks, Series P, 3,750 shares
Public Storage, Series A, 6,000 shares
Public Storage, Series C, 5,000 shares
Public Storage, Series E, 14,200 shares
Public Storage, Series F, 9,300 shares
Public Storage, Series I, 12,060 shares
Public Storage, Series K, 8,000 shares
Public Storage, Series X, 3,000 shares
Public Storage, Series Z, 11,500 shares
Realty Income, Series D, 20,500 shares
Realty Income, Series E, 37,060 shares
Regency Centers, Series C, 22,060 shares
Regency Centers, Series E, 24,060 shares
Vornado Realty Trust, Series E, 4,800 shares

The fund has entered into a loan agreement with MMLIC under which MMLIC made a term loan to the fund of $8,600,000, which matures on July 31, 2011, and agreed to make revolving loans to the fund of up to $2,400,000. Loans made under the loan agreement are secured by whole loans 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 February 28, 2011.

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.

a Securities pledged as collateral for outstanding reverse repurchase agreements. On February 28, 2011, securities valued at $7,270,494 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
$	6,800,189			2/10/11					0.30	%		3/10/11				$	1,077				(1	)

* Interest rate as of February 28, 2011. Rate is based on the LIBOR plus a spread and reset monthly.

First American Mortgage Funds | 2011 Semiannual Report
9

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio (ASP)

Name of broker and description of collateral:

(1) Goldman Sachs:
Federal Home Loan Mortgage Corporation, 5.50%, 1/1/18, $262,720 par
Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $1,280,086 par
Federal National Mortgage Association, 6.00%, 10/1/16, $126,002 par
Federal National Mortgage Association, 5.00%, 7/1/18, $772,159 par
Federal National Mortgage Association, 6.50%, 6/1/29, $85,294 par
Federal National Mortgage Association, 7.50%, 5/1/30, $22,110 par
Federal National Mortgage Association, 8.00%, 5/1/30, $7,160 par
Federal National Mortgage Association, 6.00%, 5/1/31, $158,064 par
Federal National Mortgage Association, 6.50%, 11/1/31, $85,558 par
Federal National Mortgage Association, 5.50%, 7/1/33, $1,077,119 par
Federal National Mortgage Association, 5.00%, 7/1/39, $627,104 par
Federal National Mortgage Association, 4.00%, 12/1/40, $1,194,398 par
Federal National Mortgage Association, 4.00%, 1/1/41, $1,297,402 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.

r Variable Rate Security – The rate shown is the net coupon rate in effect as of February 28, 2011.

W 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 February 28, 2011. See note 3 in Notes to Financial Statements.

p On February 28, 2011, the cost of investments for federal income tax purposes was approximately $66,059,654. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	7,376,369
Gross unrealized depreciation		(1,727,779	)
Net unrealized appreciation	$	5,648,590

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
10

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio II (BSP)

DESCRIPTION	DATE ACQUIRED	PAR		COST		FAIR VALUE ¶
(Percentages of each investment category relate to total net assets)
Whole Loans °° p — 80.4%
Commercial Loans — 43.4%
5555 East Van Buren I, Phoenix, AZ, 5.68%, 7/1/11 b	6/23/04	$	6,104,020	$	6,104,020	$	6,104,020
5555 East Van Buren II, Phoenix, AZ, 7.13%, 7/1/11 b	8/18/06		1,435,426		1,435,426		1,435,426
American Mini-Storage, Memphis, TN, 6.80%, 12/1/11 b ¶	11/5/07		2,997,029		2,997,029		2,677,046
Bigelow Office Building, Las Vegas, NV, 6.38%, 4/1/17 b	3/31/97		1,078,630		1,078,630		1,132,561
Hickman Road, Clive, IA, 6.78%, 1/1/13 b ¶	12/3/07		5,500,000		5,500,000		5,555,000
Oak Knoll Village Shopping Center, Austin, TX, 6.73%, 10/1/13 b	9/17/03		1,427,714		1,427,714		1,499,100
Office City Plaza, Houston, TX, 6.43%, 6/1/12	5/25/07		5,372,644		5,409,953		5,480,097
Oyster Point Office Park, Newport News, VA, 5.43%, 2/1/13 b	1/4/06		11,831,854		11,831,854		11,831,854
PennMont Office Plaza, Albuquerque, NM, 6.63%, 4/1/11 b	3/30/06		1,408,055		1,408,055		1,408,055
Perkins — Blaine, Blaine, MN, 6.63%, 1/1/17 b	12/13/06		1,766,186		1,766,186		1,854,495
Raveneaux Country Club, Spring, TX, 7.93%, 1/1/10 ¶ u	12/19/05		3,970,934		4,011,958		2,199,897
Redwood Dental Building, Taylorsville, UT, 7.40%, 7/1/12 b	6/28/02		2,321,346		2,321,346		2,344,560
Robberson Auto Dealerships, Bend and Prineville, OR, 6.40%, 4/1/17 b	3/30/07		6,913,781		6,913,781		7,259,470
Signal Butte, Mesa, AZ, 4.93%, 7/1/17 ¶	6/20/07		15,000,000		15,002,903		8,310,000
Station Square, Pompano Beach, FL, 6.33%, 2/1/14 b ¶	1/19/07		12,000,000		12,000,000		12,138,192
Waste Connections Warehouse, Englewood, CO, 6.58%, 3/1/14 b	2/15/07		1,245,682		1,245,682		1,307,966
					80,454,537		72,537,739
Multifamily Loans — 36.9%
Carolina Square Apartments, Tallahassee, FL, 6.63%, 8/1/12 b ¶ u	7/20/07		7,875,000		7,875,000		7,921,533
Chardonnay Apartments, Tulsa, OK, 6.40%, 7/1/13 b	6/5/03		3,749,220		3,749,220		3,774,182
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		545,174
Meadows Point, College Station, TX, 7.93%, 2/1/13 ¶ R	1/24/08		5,400,000		5,400,000		4,832,800
RP-Plaza Development Lot 11, Oxnard, CA, 6.90%, 3/1/12 ¶	2/23/05		2,500,000		2,500,000		2,206,858
RP-Plaza Development Lot 16, Oxnard, CA, 6.90%, 3/1/12 ¶	3/1/10		2,500,000		2,500,000		2,206,858
Sapphire Skies I, Cle Elum, WA, 4.93%, 7/1/13 ¶	12/23/05		8,805,908		8,805,908		7,690,904
Sapphire Skies II, Cle Elum, WA, 7.90%, 7/1/13 R S	3/20/09		3,200,000		3,200,000		517,066
Sapphire Skies III, Cle Elum, WA, 4.90%, 7/1/13	7/13/10		3,000,000		3,000,000		2,356,590
Summit Chase Apartments I, Coral Springs, FL, 6.43%, 4/1/12 b ¶	7/7/05		9,500,000		9,500,000		9,249,228
Summit Chase Apartments II, Coral Springs, FL, 9.90%, 4/1/12 ¶ R S	7/7/05		6,150,000		6,150,000		3,099,102
Sussex Club Apartments I, Athens, GA, 6.33%, 5/1/10 ¶ u	4/17/07		8,800,000		8,800,000		4,875,200
Sussex Club Apartments II, Athens, GA, 6.88%, 5/1/10 ¶ R S	4/17/07		2,298,600		2,298,600		1,095,561
Trinity Oaks Apartments I, Dallas, TX, 6.53%, 4/1/09 ¶ u	3/30/06		7,000,000		7,000,000		3,878,000
Trinity Oaks Apartments II, Dallas, TX, 7.88%, 4/1/09 ¶ R S	3/30/06		1,690,000		1,690,000		454,578
Vista Bonita Apartments, Denton, TX, 7.15%, 6/1/13	3/4/05		2,644,893		2,644,893		2,697,790
					80,063,621		61,801,424
Single Family Loans — 0.1%
Merchants Bank, 2 loans, Vermont, 11.54%, 10/10/16	12/18/92		45,464		45,838		46,046
PHH U.S. Mortgage, 2 loans, California & Delaware, 6.57%, 3/16/20	12/30/92		141,983		138,165		146,242
					184,003		192,288
Total Whole Loans					160,702,161		134,531,451
Corporate Notes °° ¶ — 12.9%
Fixed Rate — 12.9%
Sarofim South and Bland, 7.00%, 1/1/12	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		8,160,000
Total Corporate Notes					21,511,612		21,671,612

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
11

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio II (BSP)

DESCRIPTION	PAR/ SHARES		COST		FAIR VALUE ¶

U.S. Government Agency Mortgage-Backed Securities a — 10.2%
Fixed Rate — 10.2%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231	$	1,401,176	$	1,425,263	$	1,512,485
9.00%, 7/1/30, #C40149		101,402		103,487		116,721
5.00%, 5/1/39, #G05430		2,724,285		2,793,712		2,853,202
Federal National Mortgage Association,
6.00%, 10/1/16, #607030		88,315		88,558		96,614
5.50%, 6/1/17, #648508		136,549		136,915		147,738
5.00%, 9/1/17, #254486		201,525		201,817		216,092
5.00%, 11/1/17, #657356		353,129		354,159		378,655
6.50%, 6/1/29, #252497		568,625		565,683		644,120
7.50%, 5/1/30, #535289		79,596		77,528		92,132
8.00%, 5/1/30, #538266		25,777		25,525		30,061
8.00%, 6/1/30, #253347		97,001		96,051		113,121
5.00%, 11/1/33, #725027		6,559,776		6,700,219		6,934,766
5.00%, 7/1/39, #935588		3,762,623		3,839,393		3,944,203
Total U.S. Government Agency Mortgage-Backed Securities				16,408,310		17,079,910
Commercial Mortgage-Backed Securities ¶ r — 17.6%
Other — 17.6%
Banc of America Commercial Mortgage, Series 2005-4, Class A5B, 5.00%, 7/10/45 a		8,060,000		5,251,477		8,296,504
Bear Stearns Commercial Mortgage Securities, 5.47%, 1/12/45, Series 2007-T26, Class A4 a		10,000,000		8,493,428		10,765,126
Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.89%, 12/10/49 b		3,625,000		2,978,870		3,928,841
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.89%, 11/15/44, Series 2007-CD5, Class A4 b		5,950,000		5,447,603		6,456,275
Total Commercial Mortgage-Backed Securities				22,171,378		29,446,746
Preferred Stocks — 20.6%
Real Estate Investment Trusts — 20.6%
AMB Property, Series L		57,100		1,100,225		1,398,950
AMB Property, Series M		14,360		367,561		345,789
AMB Property, Series O		13,459		336,475		332,269
BRE Properties, Series C		54,000		1,072,980		1,314,565
BRE Properties, Series D		7,450		148,032		182,991
Developers Diversified Realty, Series H		6,600		135,300		156,957
Developers Diversified Realty, Series I		6,050		126,143		145,200
Duke Realty, Series J		38,000		893,000		887,064
Duke Realty, Series L		74,260		1,529,361		1,739,169
Duke Realty, Series M		83,200		1,704,000		2,069,600
Equity Residential Properties, Series K		30,000		1,680,000		1,579,689
Equity Residential Properties, Series N b		118,000		2,244,300		2,972,125
Kimco Realty, Series F b		137,700		3,241,375		3,412,385
Kimco Realty, Series G b		59,300		1,470,301		1,529,940
ProLogis Trust, Series F		48,120		1,149,478		1,145,208
ProLogis Trust, Series G		11,700		245,700		280,671
PS Business Parks, Series H b		37,600		752,000		936,992
PS Business Parks, Series I b		13,200		259,644		321,750
PS Business Parks, Series M b		37,600		774,560		949,400
PS Business Parks, Series O		100,000		2,415,000		2,525,000
PS Business Parks, Series P b		11,650		223,330		280,881
Public Storage, Series A b		40,000		977,346		982,800

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
12

American Strategic Income Portfolio II (BSP)

DESCRIPTION	SHARES		COST		FAIR VALUE ¶

Public Storage, Series E b		13,200	$	264,000	$	331,188
Public Storage, Series F		38,000		900,600		934,002
Public Storage, Series I b		37,600		817,800		955,277
Public Storage, Series K b		24,850		540,487		630,917
Public Storage, Series W		38,000		906,300		938,220
Realty Income, Series D b		90,000		2,281,500		2,312,100
Realty Income, Series E b		37,600		812,160		936,477
Regency Centers, Series C b		37,600		812,912		940,000
Regency Centers, Series E b		39,200		791,840		943,113
Total Preferred Stocks				30,973,710		34,410,689
Total Unaffiliated Investments				251,767,171		237,140,408
Short-Term Investment — 2.0%
First American Prime Obligations Fund, Class Z, 0.06% W		3,291,560		3,291,560		3,291,560
Total Investments p — 143.7%			$	255,058,731	$	240,431,968
Other Assets and Liabilities, Net — (43.7)%						(73,164,290	)
Total Net Assets — 100.0%					$	167,267,678

¶ Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

°° 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 February 28, 2011, the total fair value of these securities was $156,203,063 or 93.4% of total net assets. See note 2 in Notes to Financial Statements.

b Securities pledged as collateral for outstanding borrowings under a loan agreement with Massachusetts Mutual Life Insurance Company ("MMLIC"). On February 28, 2011, securities valued at $103,840,405 were pledged as collateral for the following outstanding borrowings:

Amount		Rate*			Accrued Interest
$	45,100,000		5.00	%	$	6,266
	700,000		5.00	%		97
$	45,800,000				$	6,363

* Interest rate as of February 28, 2011. 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, $6,104,020 par
5555 East Van Buren II, Phoenix, AZ, 7.13%, 7/1/11, $1,435,426 par
American Mini-Storage, Memphis, TN, 6.80%, 12/1/11, $2,997,029 par
Bigelow Office Building, Las Vegas, NV, 6.38%, 4/1/17, $1,078,630 par
Carolina Square Apartments, Tallahassee, FL, 6.63%, 8/1/12, $7,875,000 par
Chardonnay Apartments, Tulsa, OK, 6.40%, 7/1/13, $3,749,220 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, $1,427,714 par
Oyster Point Office Park, Newport News, VA, 5.43%, 2/1/13, $11,831,854 par
PennMont Office Plaza, Albuquerque, NM, 6.63%, 4/1/11, $1,408,055 par
Perkins – Blaine, Blaine, MN, 6.63%, 1/1/17, $1,766,186 par

First American Mortgage Funds | 2011 Semiannual Report
13

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio II (BSP)

Redwood Dental Building, Taylorsville, UT, 7.40%, 7/1/12, $2,321,346 par
Robberson Auto Dealerships, Bend and Prineville, OR, 6.40%, 4/1/17, $6,913,781 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, $1,245,682 par

Commercial Mortgage-Backed Securities

Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.89%, 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 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.

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 February 28, 2011, securities valued at $36,141,540 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
$	15,968,796	2/10/11		0.30	%	3/10/11	$	2,528		(1	)
	6,944,000	1/12/11		1.30	%	4/12/11		12,065		(2	)
	5,347,000	1/12/11		1.30	%	4/12/11		9,291		(3	)
$	28,259,796						$	23,884

* Interest rate as of February 28, 2011. Rate is based on the LIBOR plus a spread and reset monthly.

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
14

American Strategic Income Portfolio II (BSP)

Name of broker and description of collateral:

(1) Goldman Sachs:
Federal Home Loan Mortgage Corporation, 5.50%, 1/1/18, $1,401,176 par
Federal Home Loan Mortgage Corporation, 9.00%, 7/1/30, $101,402 par
Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $2,724,285 par
Federal National Mortgage Association, 6.00%, 10/1/16, $88,315 par
Federal National Mortgage Association, 5.50%, 6/1/17, $136,549 par
Federal National Mortgage Association, 5.00%, 9/1/17, $201,525 par
Federal National Mortgage Association, 5.00%, 11/1/17, $353,129 par
Federal National Mortgage Association, 6.50%, 6/1/29, $568,625 par
Federal National Mortgage Association, 7.50%, 5/1/30, $79,596 par
Federal National Mortgage Association, 8.00%, 5/1/30, $25,777 par
Federal National Mortgage Association, 8.00%, 6/1/30, $97,001 par
Federal National Mortgage Association, 5.00%, 11/1/33, $6,559,776 par
Federal National Mortgage Association, 5.00%, 7/1/39, $3,762,623 par

(2) JP Morgan:
Banc of America Commercial Mortgage, Series 2005-4, Class A5B, 5.00%, 7/10/45, $8,060,000 par

(3) 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 JP Morgan. The monthly agreement permits the fund to enter into reverse repurchase agreements using Commercial Mortgage-Backed Securities as collateral.

r Variable Rate Security – The rate shown is the net coupon rate in effect as of February 28, 2011.

p On February 28, 2011, the cost of investments for federal income tax purposes was approximately $255,058,731. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	12,721,268
Gross unrealized depreciation		(27,348,031	)
Net unrealized depreciation	$	(14,626,763	)

First American Mortgage Funds | 2011 Semiannual Report
15

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio III (CSP)

DESCRIPTION	DATE ACQUIRED	PAR		COST		FAIR VALUE ¶
(Percentages of each investment category relate to total net assets)
Whole Loans °° p — 87.4%
Commercial Loans — 57.2%
150 North Pantano I, Tucson, AZ, 5.90%, 2/1/10 ¶ u	1/4/05	$	3,525,000	$	3,525,000	$	2,452,540
150 North Pantano II, Tucson, AZ, 14.88%, 2/1/10 ¶ u	1/4/05		440,000		440,259		211,088
8324 East Hartford Drive I, Scottsdale, AZ, 4.90%, 5/1/20 ¶	4/8/04		3,220,015		3,369,044		3,220,015
Academy Spectrum, Colorado Springs, CO, 7.73%, 5/1/09 u	12/18/02		4,959,112		5,088,109		2,747,348
Allegiance Health, Jackson, MI, 5.88%, 1/1/21 b	12/28/10		8,492,862		8,492,862		8,674,677
Alliant University, Fresno, CA, 7.15%, 8/1/11 b	7/12/06		2,736,867		2,736,867		2,736,867
Apple Blossom Convenience Center, Winchester, VA, 6.58%, 8/1/12 b ¶	7/9/07		2,150,000		2,150,000		2,193,000
Biltmore Lakes Corporate Center, Phoenix, AZ, 6.00%, 9/1/14 b	8/2/04		2,812,219		2,812,219		2,812,219
Carrier 360 I, Grand Prairie, TX, 4.90%, 7/1/11 b	6/28/04		3,104,381		3,104,381		3,104,381
Carrier 360 II, Grand Prairie, TX, 4.88%, 7/1/11	12/16/05		324,286		324,286		324,286
Fairview Business Park, Salem, OR, 7.33%, 8/1/11 u	7/14/06		7,337,228		7,362,374		4,064,824
First Colony Marketplace, Sugar Land, TX, 6.43%, 6/1/11 b ¶	8/15/07		10,600,000		10,600,000		10,600,000
France Avenue Business Park II, Brooklyn Center, MN, 7.40%, 10/1/12 b	9/12/02		4,184,865		4,184,865		4,268,563
France Avenue Business Park II (second), Brooklyn Center, MN, 7.38%, 10/1/12 ¶	1/17/08		600,000		600,000		612,000
Jilly's American Grill, Scottsdale, AZ, 6.88%, 9/1/11 b ¶	8/19/05		1,810,000		1,810,000		1,810,000
La Cholla Plaza I, Tucson, AZ, 3.44%, 8/1/09 b ¶ r	7/26/06		11,135,604		11,135,604		10,917,769
La Cholla Plaza II, Tucson, AZ, 14.88%, 8/1/09 ¶ u	7/26/06		1,389,396		1,389,396		673,782
NCH Commercial Pool I, Tucson, AZ, 11.93%, 4/1/10 ¶ u	3/27/07		5,500,000		5,500,000		47,190
NCH Commercial Pool II, Phoenix, AZ, 11.93%, 1/1/11 ¶ u	12/4/07		14,000,000		14,024,837		7,756,000
Noah's Ark Self Storage, San Antonio, TX, 6.48%, 9/1/11 ¶ u	8/24/07		2,350,000		2,350,000		2,224,719
North Austin Business Center, Austin, TX, 5.65%, 11/1/11 b	10/29/04		3,657,983		3,657,983		3,657,983
Outlets at Casa Grande I, Casa Grande, AZ, 6.93%, 3/1/11 ¶ u	2/27/06		7,300,000		7,534,192		4,044,200
Outlets at Casa Grande II, Casa Grande, AZ, 6.90%, 3/1/11 ¶ u	4/11/07		3,500,000		3,500,199		1,939,000
Paradise Boulevard, Albuquerque, NM, 6.50%, 4/1/17 b ¶	3/26/07		4,600,000		4,600,000		4,830,000
RealtiCorp Fund III, Orlando/Crystal River, FL, 6.93%, 7/1/11 ¶	2/28/06		3,372,755		3,372,755		3,372,755
Silver Star Storage, Austin, TX, 6.40%, 4/1/11 ¶ u	3/25/08		4,084,444		4,084,444		3,531,814
Spa Atlantis, Pompano Beach, FL, 6.43%, 8/1/14 ¶	9/30/05		11,000,000		11,000,000		11,000,000
Tatum Ranch Center, Phoenix, AZ, 6.15%, 10/1/15 b	8/25/04		3,204,207		3,204,207		3,236,249
					131,953,883		107,063,269
Multifamily Loans — 30.2%
Avalon Hills I, Omaha, NE, 6.93%, 3/1/12 b ¶	3/1/07		10,720,000		10,720,000		10,720,000
Avalon Hills II, Omaha, NE, 9.88%, 3/1/12 ¶ R S	3/1/07		2,448,800		2,448,800		1,792,130
Chateau Club Apartments I, Athens, GA, 6.43%, 12/1/12 ¶	12/20/07		6,000,000		6,000,000		5,356,752
Chateau Club Apartments II, Athens, GA, 6.88%, 12/1/12 ¶ R S	12/20/07		2,991,624		2,991,624		1,664,073
Country Villa Apartments, West Lafayette, IN, 6.90%, 9/1/13 b	8/29/03		2,377,550		2,377,550		2,496,427
Courtyards at Mesquite I, Mesquite, TX, 6.53%, 11/1/09 u	10/14/05		7,389,373		7,389,373		4,093,713
Courtyards at Mesquite II, Mesquite, TX, 7.90%, 11/1/09 ¶ R S	10/14/05		2,850,000		2,850,000		1,469,081
El Dorado Apartments I, Tucson, AZ, 7.15%, 9/1/12 b	8/26/04		2,466,458		2,467,405		2,515,787
El Dorado Apartments II, Tucson, AZ, 7.13%, 9/1/12	8/26/04		484,033		484,033		463,867
Geneva Village Apartments I, West Jordan, UT, 7.00%, 1/1/14 b	12/24/03		1,030,022		1,030,022		1,050,623
Geneva Village Apartments II, West Jordan, UT, 9.88%, 1/1/13	12/24/03		22,839		22,839		22,224
Good Haven Apartments I, Dallas, TX, 5.43%, 9/1/07 ¶ u r	8/24/04		6,737,000		6,737,000		3,732,298
Good Haven Apartments II, Dallas, TX, 14.88%, 9/1/07 ¶ u	8/24/04		842,000		842,000		202,545
Good Haven Apartments III, Dallas, TX, 14.88%, 5/1/09 ¶ u	7/3/08		694,096		694,096		138,083
Meadowview Village Apartments I, West Jordan, UT, 7.00%, 1/1/14	12/24/03		747,596		747,596		762,548
Meadowview Village Apartments II, West Jordan, UT, 9.88%, 1/1/13	12/24/03		22,839		22,839		22,224
Montevista Apartments, Fort Worth, TX, 7.43%, 9/1/12 ¶ R	8/30/07		7,308,000		7,308,000		5,272,152
NCH Multifamily Pool, Oklahoma City, OK, 11.93%, 11/1/09 ¶ u	10/17/06		4,993,450		4,993,450		44,072
Parkway Village Apartments I, West Jordan, UT, 7.00%, 1/1/14	12/24/03		704,130		704,130		718,212
Parkway Village Apartments II, West Jordan, UT, 9.88%, 1/1/13	12/24/03		22,839		22,839		22,122
Plantation Pines I, Tyler, TX, 6.59%, 2/1/10 b ¶	1/17/07		3,328,000		3,328,000		3,328,000
Plantation Pines II, Tyler, TX, 10.57%, 2/1/10 ¶ u	1/17/07		416,000		416,000		224,566

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
16

American Strategic Income Portfolio III (CSP)

DESCRIPTION	DATE ACQUIRED	PAR/ SHARES		COST		FAIR VALUE ¶

RiverPark Land Lot III, Oxnard, CA, 6.90%, 3/1/12 ¶	10/9/07	$	3,650,000	$	3,650,000	$	3,222,012
Villas of Woodgate, Lansing, MI, 6.40%, 2/1/12 b	2/1/07		3,484,851		3,484,851		3,297,787
Whispering Oaks I, Little Rock, AR, 6.93%, 2/1/12 ¶ u	1/10/07		5,800,000		5,831,627		3,213,200
Whispering Oaks II, Little Rock, AR, 9.88%, 2/1/12 ¶ R S	1/10/07		2,636,000		2,636,000		671,242
					80,200,074		56,515,740
Total Whole Loans					212,153,957		163,579,009
Corporate Notes °° ¶ — 11.3%
Fixed Rate — 11.3%
Sarofim Brookhaven, 7.00%, 1/1/12	12/21/07		10,040,375		10,040,375		10,040,375
Stratus Properties IV, 8.75%, 12/31/13	12/1/06		7,000,000		7,000,000		7,140,000
Stratus Properties VI, 8.75%, 12/31/11	6/1/07		4,000,000		4,000,000		4,000,000
Total Corporate Notes					21,040,375		21,180,375
Private Mortgage-Backed Security °° V — 0.0%
Fixed Rate — 0.0%
First Gibraltar, Series 1992-MM, Class B, 6.06%, 10/25/21	7/30/93		62,024		41,796		—
U.S. Government Agency Mortgage-Backed Securities a — 12.1%
Fixed Rate — 12.1%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231			1,401,176		1,425,263		1,512,485
9.00%, 7/1/30, #C40149			141,962		144,881		163,409
5.00%, 5/1/39, #G05430			3,741,789		3,837,147		3,918,856
Federal National Mortgage Association,
6.00%, 10/1/16, #607030			88,315		88,558		96,614
5.50%, 2/1/17, #623874			165,866		165,659		179,250
5.50%, 6/1/17, #648508			136,549		136,916		147,738
5.00%, 9/1/17, #254486			201,525		201,818		216,092
5.00%, 11/1/17, #657356			353,129		354,159		378,654
6.50%, 6/1/29, #252497			398,037		395,978		450,884
7.50%, 5/1/30, #535289			79,596		77,528		92,132
8.00%, 5/1/30, #538266			25,777		25,525		30,061
8.00%, 6/1/30, #253347			87,302		86,446		101,809
5.00%, 12/1/35, #995317			5,675,912		5,845,574		6,000,376
5.00%, 7/1/39, #AA9716			7,046,066		7,235,578		7,386,102
5.00%, 7/1/39, #935512			1,934,265		1,971,682		2,027,611
Total U.S. Government Agency Mortgage-Backed Securities					21,992,712		22,702,073
Commercial Mortgage-Backed Securities ¶ r — 6.9%
Other — 6.9%
Banc of America Commercial Mortgage, Series 2005-4, Class A5B, 5.00%, 7/10/45 a			6,400,000		4,169,907		6,587,794
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.89%, 11/15/44, Series 2007-CD5, Class A4 b			3,600,000		3,377,203		3,906,318
LB-UBS Commercial Mortgage Trust, Series 2008-C1, Class A2, 6.10%, 4/15/41 b			2,250,000		1,552,825		2,494,212
Total Commercial Mortgage-Backed Securities					9,099,935		12,988,324
Preferred Stocks — 22.8%
Real Estate Investment Trusts — 22.8%
AMB Property, Series L			161,320		3,718,236		3,952,340
AMB Property, Series M			39,474		905,625		950,534
AMB Property, Series O			9,613		240,325		237,321

First American Mortgage Funds | 2011 Semiannual Report
17

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio III (CSP)

DESCRIPTION	SHARES		COST		FAIR VALUE ¶

AMB Property, Series P		21,200	$	429,300	$	534,028
BRE Properties, Series C		8,300		164,921		202,054
BRE Properties, Series D		5,250		104,317		128,953
Developers Diversified Realty, Series G		1,000		17,250		24,906
Duke Realty, Series J		56,556		1,203,278		1,320,232
Equity Residential Properties, Series N b		62,700		1,497,705		1,579,256
Kimco Realty, Series F b		163,000		3,797,000		4,039,352
Kimco Realty, Series G b		114,700		2,796,559		2,959,260
ProLogis Trust, Series G		8,300		174,300		199,109
PS Business Parks, Series H b		26,520		530,400		660,878
PS Business Parks, Series I b		94,300		1,634,731		2,298,563
PS Business Parks, Series M b		26,520		546,312		669,630
PS Business Parks, Series O b		100,000		2,050,000		2,525,000
PS Business Parks, Series P b		8,200		157,194		197,702
Public Storage, Series A b		38,000		921,909		933,660
Public Storage, Series C b		30,000		626,100		749,670
Public Storage, Series E b		9,300		186,000		233,337
Public Storage, Series H b		40,000		876,000		1,010,000
Public Storage, Series I b		26,520		576,810		673,775
Public Storage, Series K b		17,550		381,712		445,577
Public Storage, Series L b		20,000		430,000		502,200
Public Storage, Series X b		74,000		1,786,319		1,818,106
Public Storage, Series Z b		30,000		746,643		741,564
Realty Income, Series D b		97,500		2,474,125		2,504,775
Realty Income, Series E b		26,520		572,832		660,515
Vornado Realty Trust, Series E b		7,400		186,598		186,480
Vornado Realty Trust, Series F b		7,800		164,970		188,760
Vornado Realty Trust, Series H b		163,000		2,771,000		3,960,737
Weingarten Realty Investors, Series D		95,170		2,112,774		2,350,699
Weingarten Realty Investors, Series F		131,000		2,907,400		3,217,229
Total Preferred Stocks				37,688,645		42,656,202
Total Unaffiliated Investments				302,017,420		263,105,983
Real Estate Owned °° l — 1.2%
Memphis Medical Building, Memphis, TN				3,814,929		2,354,500
Short-Term Investment — 1.1%
First American Prime Obligations Fund, Class Z, 0.06% W		1,985,591		1,985,591		1,985,591
Total Investments p — 142.8%			$	307,817,940	$	267,446,074
Other Assets and Liabilities, Net — (42.8)%						(80,206,041	)
Total Net Assets — 100.0%					$187,240,033

¶ Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

°° 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 February 28, 2011, the total fair value of these securities was $187,113,884 or 99.9% of total net assets. See note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
18

American Strategic Income Portfolio III (CSP)

b Securities pledged as collateral for outstanding borrowings under a loan agreement with Massachusetts Mutual Life Insurance Company ("MMLIC"). On February 28, 2011, securities valued at $116,879,909 were pledged as collateral for the following outstanding borrowings:

Amount				Rate*				Accrued Interest
$	54,400,000				5.00	%		$	7,556

* Interest rate as of February 28, 2011. 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

Allegiance Health, Jackson, MI, 5.88%, 1/1/21, $8,492,862 par
Alliant University, Fresno, CA, 7.15%, 8/1/11, $2,736,867 par
Apple Blossom Convenience Center, Winchester, VA, 6.58%, 8/1/12, $2,150,000 par
Avalon Hills I, Omaha, NE, 6.93%, 3/1/12, $10,720,000 par
Biltmore Lakes Corporate Center, Phoenix, AZ, 6.00%, 9/1/14, $2,812,219 par
Carrier 360 I, Grand Prairie, TX, 4.90%, 7/1/11, $3,104,381 par
Country Villa Apartments, West Lafayette, IN, 6.90%, 9/1/13, $2,377,550 par
El Dorado Apartments I, Tucson, AZ, 7.15%, 9/1/12, $2,466,458 par
First Colony Marketplace, Sugar Land, TX, 6.43%, 6/1/11, $10,600,000 par
France Avenue Business Park II, Brooklyn Center, MN, 7.40%, 10/1/12, $4,184,865 par
Geneva Village Apartments I, West Jordan, UT, 7.00%, 1/1/14, $1,030,022 par
Jilly's American Grill, Scottsdale, AZ, 6.88%, 9/1/11, $1,810,000 par
La Cholla Plaza I, Tucson, AZ, 3.44%, 8/1/09, $11,135,604 par
North Austin Business Center, Austin, TX, 5.65%, 11/1/11, $3,657,983 par
Paradise Boulevard, Albuquerque, NM, 6.50%, 4/1/17, $4,600,000 par
Plantation Pines I, Tyler, TX, 6.59%, 2/1/10, $3,328,000 par
Tatum Ranch Center, Phoenix, AZ, 6.15%, 10/1/15, $3,204,207 par
Villas of Woodgate, Lansing, MI, 6.40%, 2/1/12, $3,484,851 par

Commercial Mortgage-Backed Securities

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4, 5.89%, 11/15/44, $3,600,000 par
LB-UBS Commercial Mortgage Trust, Series 2008-C1, Class A2, 6.10%, 4/15/41, $2,250,000 par

Preferred Stocks

Equity Residential Properties, Series N, 10,700 shares
Kimco Realty, Series F, 163,000 shares
Kimco Realty, Series G, 114,700 shares
PS Business Parks, Series H, 26,520 shares
PS Business Parks, Series I, 94,300 shares
PS Business Parks, Series M, 26,520 shares
PS Business Parks, Series O, 100,000 shares
PS Business Parks, Series P, 8,200 shares
Public Storage, Series A, 38,000 shares
Public Storage, Series C, 30,000 shares
Public Storage, Series E, 9,300 shares
Public Storage, Series H, 40,000 shares
Public Storage, Series I, 26,520 shares
Public Storage, Series K, 17,550 shares
Public Storage, Series L, 20,000 shares
Public Storage, Series X, 74,000 shares
Public Storage, Series Z, 30,000 shares
Realty Income, Series D, 97,500 shares
Realty Income, Series E, 26,520 shares
Vornado Realty Trust, Series E, 7,400 shares
Vornado Realty Trust, Series F, 7,800 shares
Vornado Realty Trust, Series H, 163,000 shares

The fund has entered into a loan agreement with MMLIC under which 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 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.

First American Mortgage Funds | 2011 Semiannual Report
19

Schedule of Investments | February 28, 2011 (unaudited)

American Strategic Income Portfolio III (CSP)

Loan has matured and the fund is anticipating payoff or refinancing. Unless disclosed otherwise, the loan continues to make monthly payments.

u Loan is currently in default with regards to scheduled interest and/or principal payments.

r Variable Rate Security – The rate shown is the net coupon rate in effect as of February 28, 2011.

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.

V Non-Income Producing Security.

a Securities pledged as collateral for outstanding reverse repurchase agreements. On February 28, 2011, securities valued at $29,119,712 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
$	21,257,677	2/10/11		0.30	%	3/10/11	$	3,367		(1	)
	5,514,000	1/12/11		1.30	%	4/12/11		9,580		(2	)
$	26,771,677						$	12,947

* Interest rate as of February 28, 2011. 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, $1,243,543 par
Federal Home Loan Mortgage Corporation, 9.00%, 7/1/30, $141,962 par
Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $3,741,789 par
Federal National Mortgage Association, 6.00%, 10/1/16, $88,315 par
Federal National Mortgage Association, 5.50%, 2/1/17, $165,866 par
Federal National Mortgage Association, 5.50%, 6/1/17, $136,549 par
Federal National Mortgage Association, 5.00%, 9/1/17, $201,525 par
Federal National Mortgage Association, 5.00%, 11/1/17, $353,129 par
Federal National Mortgage Association, 6.50%, 6/1/29, $398,037 par
Federal National Mortgage Association, 7.50%, 5/1/30, $79,596 par
Federal National Mortgage Association, 8.00%, 5/1/30, $25,777 par
Federal National Mortgage Association, 8.00%, 6/1/30, $87,302 par
Federal National Mortgage Association, 5.00%, 12/1/35, $5,675,912 par
Federal National Mortgage Association, 5.00%, 7/1/39, $7,046,660 par
Federal National Mortgage Association, 5.00%, 7/1/39, $1,934,265 par

(2) JP Morgan:
Banc of America Commercial Mortgage, Series 2005-4, Class A5B, 5.00%, 7/10/45, $6,400,000 par

l Real Estate Owned. See note 2 in Notes to Financial Statements.

p On February 28, 2011, the cost of investments for federal income tax purposes was approximately $307,817,940. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	10,512,957
Gross unrealized depreciation		(50,884,823	)
Net unrealized depreciation	$	(40,371,866	)

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
20

Schedule of Investments | February 28, 2011 (unaudited)

American Select Portfolio (SLA)

DESCRIPTION	DATE ACQUIRED	PAR		COST		FAIR VALUE ¶
(Percentages of each investment category relate to total net assets)
Whole Loans °° p — 74.1%
Commercial Loans — 53.8%
12000 Aerospace, Clear Lake, TX, 7.18%, 1/1/15 b	12/22/04	$	4,939,362	$	4,939,362	$	4,939,362
ABC Conoco, Aspen, CO, 6.65%, 11/1/11 b	10/31/06		3,809,551		3,809,551		3,667,237
Clear Lake Central I, Webster, TX, 6.63%, 8/1/11 b	7/27/06		6,918,703		6,918,703		6,918,703
Gallery Row, Tucson, AZ, 11.88%, 10/1/11 ¶ u	9/7/06		500,000		500,208		253,885
George Gee Hummer, Liberty Lake, WA, 6.20%, 1/1/14 b ¶	6/30/05		2,125,000		2,125,000		1,918,871
George Gee Pontiac I, Liberty Lake, WA, 6.23%, 1/1/14 b ¶	6/30/05		4,675,000		4,675,000		4,224,559
George Gee Pontiac II, Liberty Lake, WA, 6.20%, 1/1/14 ¶	9/14/06		750,000		750,000		677,249
George Gee Porsche, Liberty Lake, WA, 6.20%, 1/1/14 b ¶	9/14/06		2,500,000		2,500,000		2,257,495
Highland Park I, Scottsdale, AZ, 6.77%, 4/1/13 b	2/23/06		9,204,035		9,204,035		9,155,327
Highland Park II, Scottsdale, AZ, 11.88%, 4/1/13	2/23/06		1,183,784		1,183,784		1,010,104
Kolb Plaza I, Tucson, AZ, 6.50%, 8/1/10 ¶ u	7/18/07		3,520,000		3,520,000		1,999,818
Kolb Plaza II, Tucson, AZ, 9.88%, 8/1/10 ¶ u	7/18/07		440,000		440,000		177,592
Landmark Bank Center, Euless, TX, 5.85%, 5/1/12 ¶	7/1/04		3,242,424		3,242,424		3,242,424
Landmark Bank Center II, Euless, TX, 6.88%, 5/1/12 ¶	6/12/08		1,157,576		1,157,576		1,095,466
Landmark Bank Center III, Euless, TX, 8.88%, 9/1/15	6/8/10		1,446,828		1,446,828		1,429,402
Mandala Agency Building, Bend, OR, 6.38%, 6/1/17 b ¶	5/23/07		2,175,000		2,175,000		2,240,250
Northrop Grumman Campus I, Colorado Springs, CO, 5.68%, 12/1/18 b ¶ r	11/15/05		5,700,000		5,700,000		5,700,000
Northrop Grumman Campus II, Colorado Springs, CO, 6.38%, 12/1/14	11/15/05		481,832		481,832		431,935
RL Stowe Portfolio, Belmont, NC & Chattanooga, TN, 6.83%, 11/1/12 b	10/12/07		7,806,201		7,806,201		5,187,166
Superior Ford Dealership, Plymouth, MN, 6.43%, 7/1/17 b	6/28/07		4,933,325		4,933,325		5,179,991
Town Square #6, Olympia, WA, 7.40%, 9/1/12 b	8/2/02		3,494,411		3,494,411		3,564,300
Victory Packaging, Phoenix, AZ, 8.50%, 1/1/12 b	12/20/01		2,245,148		2,245,148		2,267,599
					73,248,388		67,538,735
Multifamily Loans — 20.3%
Briarhill Apartments I, Eden Prairie, MN, 6.90%, 9/1/15 b	8/11/03		4,200,209		4,200,209		4,410,220
Briarhill Apartments II, Eden Prairie, MN, 6.88%, 9/1/15	8/11/03		310,924		310,924		326,470
Highland House Apartments, Dallas, TX, 6.65%, 10/1/13 b	9/10/07		2,689,519		2,689,519		2,689,519
Keystone Crossings, Springdale, AZ, 8.15%, 7/1/10 ¶ R S	6/27/07		4,875,000		4,875,000		2,550,605
NCH Multifamily Pool II, Oklahoma City, OK, 11.93%, 10/1/10 ¶ u	10/1/07		5,400,000		5,409,659		2,991,600
Revere Apartments, Revere, MA, 6.28%, 3/1/12 b	3/8/07		1,616,553		1,616,553		1,411,657
RP Urban Partners Lot 12, Oxnard, CA, 6.90%, 3/1/12 ¶	2/23/05		2,500,000		2,500,000		2,206,857
RP Urban Partners Lot 17, Oxnard, CA, 6.90%, 3/1/12 ¶	3/1/10		2,500,000		2,500,000		2,206,857
Sheridan Pond Apartments, Tulsa, OK, 6.43%, 7/1/13 b	6/5/03		6,504,670		6,504,670		6,634,763
					30,606,534		25,428,548
Total Whole Loans					103,854,922		92,967,283
Corporate Notes °° ¶ — 13.4%
Fixed Rate — 13.4%
Sarofim Northwest, 7.00%, 1/1/12	12/21/07		8,181,250		8,181,250		8,181,250
Stratus Properties I, 8.75%, 12/31/14	12/28/00		5,000,000		5,000,000		5,150,000
Stratus Properties VII, 8.75%, 12/31/12	6/1/07		3,500,000		3,500,000		3,535,000
Total Corporate Notes					16,681,250		16,866,250
U.S. Government Agency Mortgage-Backed Securities a — 9.2%
Fixed Rate — 9.2%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231			788,161		801,709		850,773
7.50%, 12/1/29, #C00896			153,350		151,141		177,085
5.00%, 5/1/39, #G05430			1,870,895		1,918,573		1,959,428

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
21

Schedule of Investments | February 28, 2011 (unaudited)

American Select Portfolio (SLA)

DESCRIPTION	DATE ACQUIRED	PAR/ SHARES		COST		FAIR VALUE ¶

Federal National Mortgage Association,
5.00%, 11/1/17, #657356		$	353,129	$	354,159	$	378,654
6.50%, 6/1/29, #252497			511,762		509,115		579,708
7.50%, 5/1/30, #535289			44,220		43,071		51,185
8.00%, 5/1/30, #538266			14,321		14,180		16,700
5.00%, 11/1/33, #725027			2,419,450		2,471,250		2,557,758
5.00%, 7/1/39, #935588			2,186,824		2,231,442		2,292,357
4.50%, 3/1/40, #932669			2,650,625		2,676,472		2,705,117
Total U.S. Government Agency Mortgage-Backed Securities					11,171,112		11,568,765
Commercial Mortgage-Backed Securities — 17.8%
Other — 17.8%
Banc of America Commercial Mortgage, Series 2005-4, Class A5B, 5.00%, 7/10/45 r a			6,400,000		4,169,907		6,587,794
Bear Stearns Commercial Mortgage Securities,
5.72%, 9/11/38, Series 2006-PW12, Class A4 b r			2,100,000		1,544,187		2,311,469
5.74%, 9/11/42, Series 2007-T28, Class A4 b			1,456,221		1,038,076		1,585,946
5.69%, 6/11/50, Series 2007-PWR17, Class A4			3,315,000		2,965,620		3,589,056
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.89%, 11/15/44, Series 2007-CD5, Class A4 r			2,000,000		1,850,281		2,170,177
GS Mortgage Securities Corporation II, Series 2006-GG8, Class A4, 5.56%, 11/10/39 b			3,600,000		2,544,849		3,876,026
LB-UBS Commercial Mortgage Trust, Series 2008-C1, Class A2, 6.10%, 4/15/41 b r			2,000,000		1,411,449		2,217,077
Total Commercial Mortgage-Backed Securities					15,524,369		22,337,545
Preferred Stocks — 26.0%
Real Estate Investment Trusts — 26.0%
AMB Property, Series L			114,820		2,167,595		2,813,090
AMB Property, Series M			18,700		460,785		450,296
AMB Property, Series O			10,228		255,700		252,504
BRE Properties, Series C			117,550		2,583,959		2,861,614
BRE Properties, Series D			28,600		675,354		702,488
Developers Diversified Realty, Series H			23,820		488,310		566,471
Developers Diversified Realty, Series I			3,830		79,856		91,920
Duke Realty, Series L			17,270		330,202		404,463
Duke Realty, Series M			47,640		952,800		1,185,045
Duke Realty, Series O			40,000		944,000		1,070,800
Equity Residential Properties, Series K			18,000		991,800		947,813
Equity Residential Properties, Series N b			49,500		950,925		1,246,781
Kimco Realty, Series G b			136,000		3,386,944		3,508,800
ProLogis Trust, Series F			5,000		105,000		118,995
ProLogis Trust, Series G			7,400		155,400		177,519
PS Business Parks, Series H b			23,820		476,400		593,594
PS Business Parks, Series I b			8,400		165,228		204,750
PS Business Parks, Series M b			23,820		490,692		601,455
PS Business Parks, Series P b			7,400		141,858		178,414
Public Storage, Series E b			38,300		914,900		960,947
Public Storage, Series I b			23,820		518,085		605,178
Public Storage, Series K b			15,700		341,475		398,607
Realty Income, Series D b			60,000		1,521,000		1,541,400
Realty Income, Series E b			78,820		1,895,012		1,963,115
Regency Centers, Series C b			23,820		514,988		595,500
Regency Centers, Series E b			46,170		1,032,215		1,110,804
UDR, Series G			95,000		2,308,000		2,363,505
Vornado Realty Trust, Series H			68,000		1,547,000		1,652,332

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
22

American Select Portfolio (SLA)

DESCRIPTION	SHARES		COST		FAIR VALUE ¶

Weingarten Realty Investors, Series E		130,000	$	3,201,900	$	3,230,500
Weingarten Realty Investors, Series D		9,000		207,000		222,300
Total Preferred Stocks				29,804,383		32,621,000
Total Unaffiliated Investments				177,036,036		176,360,843
Short-Term Investment — 1.5%
First American Prime Obligations Fund, Class Z, 0.06% W		1,921,117		1,921,117		1,921,117
Total Investments p — 142.0%			$	178,957,153	$	178,281,960
Other Assets and Liabilities, Net — (42.0)%						(52,692,473	)
Total Net Assets — 100.0%					$125,589,487

¶ Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

°° 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 February 28, 2011, the total fair value of these securities was $109,833,533 or 87.5% of total net assets. See note 2 in Notes to Financial Statements.

b Securities pledged as collateral for outstanding borrowings under a loan agreement with Massachusetts Mutual Life Insurance Company ("MMLIC"). On February 28, 2011, securities valued at $93,005,795 were pledged as collateral for the following outstanding borrowings:

Amount		Rate*			Accrued Interest
$	31,900,000		5.00	%	$	4,432
	5,000,000		5.00	%		694
$	36,900,000				$	5,126

* Interest rate as of February 28, 2011. 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

12000 Aerospace, Clear Lake, TX, 7.18%, 1/1/15, $4,939,362 par
ABC Conoco, Aspen, CO, 6.65%, 11/1/11, $3,809,551 par
Briarhill Apartments I, Eden Prairie, MN, 6.90%, 9/1/15, $4,200,209 par
Clear Lake Central I, Webster, TX, 6.63%, 8/1/11, $6,918,703 par
George Gee Hummer, Liberty Lake, WA, 6.20%, 1/1/14, $2,125,000 par
George Gee Pontiac I, Liberty Lake, WA, 6.23%, 1/1/14, $4,675,000 par
George Gee Porsche, Liberty Lake, WA, 6.20%, 1/1/14, $2,500,000 par
Highland House Apartments, Dallas, TX, 6.65%, 10/1/13, $2,689,519 par
Highland Park I, Scottsdale, AZ, 6.77%, 4/1/13, $9,204,035 par
Mandala Agency Building, Bend, OR, 6.38%, 6/1/17, $2,175,000 par
Northrop Grumman Campus I, Colorado Springs, CO, 5.68%, 12/1/18, $5,700,000 par
Revere Apartments, Revere, MA, 6.28%, 3/1/12, $1,616,553 par
RL Stowe Portfolio, Belmont, NC & Chattanooga, TN, 6.83%, 11/1/12, $7,806,201 par
Sheridan Pond Apartments, Tulsa, OK, 6.43%, 7/1/13, $6,504,670 par
Superior Ford Dealership, Plymouth, MN, 6.43%, 7/1/17, $4,933,325 par
Town Square #6, Olympia, WA, 7.40%, 9/1/12, $3,494,411 par
Victory Packaging, Phoenix, AZ, 8.50%, 1/1/12, $2,245,148 par

Commercial Mortgage-Backed Securities

Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A4, 5.72%, 9/11/38, $2,100,000 par
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class A4, 5.74%, 9/11/42, $1,456,221 par
GS Mortgage Securities Corporation II, Series 2006-GG8, Class A4, 5.56%, 11/10/39, $3,600,000 par
LB-UBS Commercial Mortgage Trust, Series 2008-C1, Class A2, 6.10%, 4/15/41, $2,000,000 par

First American Mortgage Funds | 2011 Semiannual Report
23

Schedule of Investments | February 28, 2011 (unaudited)

American Select Portfolio (SLA)

Preferred Stocks

Equity Residential Properties, Series N, 49,500 shares
Kimco Realty, Series G, 78,200 shares
PS Business Parks, Series H, 23,820 shares
PS Business Parks, Series I, 8,400 shares
PS Business Parks, Series M, 23,820 shares
PS Business Parks, Series P, 7,400 shares
Public Storage, Series E, 38,300 shares
Public Storage, Series I, 23,820 shares
Public Storage, Series K, 15,700 shares
Realty Income, Series D, 60,000 shares
Realty Income, Series E, 23,820 shares
Regency Centers, Series C, 23,820 shares
Regency Centers, Series E, 46,170 shares

The fund has entered into a loan agreement with MMLIC under which MMLIC made a term loan to the fund of $31,900,000, which matures on July 31, 2011, and agreed to make revolving loans to the fund of up to $9,100,000. Loans made under the loan agreement are secured by whole loans 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.

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 Variable Rate Security – The rate shown is the net coupon rate in effect as of February 28, 2011.

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 February 28, 2011, securities valued at $18,156,559 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
$	10,823,985	2/10/11		0.30	%	3/10/11	$	1,714		(1	)
	5,514,000	1/12/11		1.30	%	4/12/11		9,581		(2	)
$	16,337,985						$	11,295

* Interest rate as of February 28, 2011. Rate is based on 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, $788,161 par
Federal Home Loan Mortgage Corporation, 7.50%, 12/1/29, $153,350 par
Federal Home Loan Mortgage Corporation, 5.00%, 5/1/39, $1,870,895 par
Federal National Mortgage Association, 5.00%, 11/1/17, $353,129 par
Federal National Mortgage Association, 6.50%, 6/1/29, $511,762 par
Federal National Mortgage Association, 7.50%, 5/1/30, $44,220 par
Federal National Mortgage Association, 8.00%, 5/1/30, $14,321 par
Federal National Mortgage Association, 5.00%, 11/1/33, $2,419,450 par
Federal National Mortgage Association, 5.00%, 7/1/39, $2,186,824 par
Federal National Mortgage Association, 4.50%, 3/1/40, $2,650,625 par

(2) JP Morgan:
Banc of America Commercial Mortgage, Series 2005-4, Class A5B, 5.00%, 7/10/45, $6,400,000 par

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
24

American Select Portfolio (SLA)

p On February 28, 2011, the cost of investments for federal income tax purposes was approximately $178,957,153. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:

Gross unrealized appreciation	$	11,030,023
Gross unrealized depreciation		(11,705,216	)
Net unrealized depreciation	$	(675,193	)

First American Mortgage Funds | 2011 Semiannual Report
25

Statements of Assets and Liabilities | February 28, 2011 (unaudited)

	ASP			BSP			CSP			SLA
Assets:
Unaffiliated investments, at fair value (Cost: $65,322,332, $251,767,171, $302,017,420, $177,036,036) (note 2)	$	70,970,922		$	237,140,408		$	263,105,983		$	176,360,843
Affiliated money market fund, at fair value (Cost: $737,322, $3,291,560, $1,985,591, $1,921,117) (note 3)		737,322			3,291,560			1,985,591			1,921,117
Real estate owned, at fair value (Cost: $0, $0, $3,814,929, $0) (note 2)		—			—			2,354,500			—
Receivable for accrued dividends and interest		343,169			1,232,505			1,264,410			769,529
Prepaid expenses and other assets		42,074			116,705			164,577			109,220
Total assets		72,093,487			241,781,178			268,875,061			179,160,709
Liabilities:
Payable for investments purchased		12,809			46,367			23,418			7,124
Payable under loan agreement (note 2)		11,000,000			45,800,000			54,400,000			36,900,000
Payable for reverse repurchase agreements (note 2)		6,800,189			28,259,796			26,771,677			16,337,985
Bank overdraft		47,427			177,269			211,390			143,500
Payable for investment advisory fees (note 3)		19,659			59,730			61,855			47,939
Payable for administrative fees (note 3)		10,345			31,969			35,743			23,969
Payable for audit fees		28,995			33,068			28,890			28,995
Payable for legal fees		6,566			6,566			6,448			6,566
Payable for transfer agent fees		2,949			4,101			4,305			3,438
Payable for interest expense		2,605			30,247			20,503			16,421
Payable for other expenses		7,049			64,387			70,799			55,285
Total liabilities		17,938,593			74,513,500			81,635,028			53,571,222
Net assets applicable to outstanding capital stock	$	54,154,894		$	167,267,678		$	187,240,033		$	125,589,487
Composition of net assets:
Capital stock and additional paid-in capital	$	50,853,793		$	197,005,320		$	253,072,340		$	135,210,377
Distributions in excess of net investment income		(1,090,369	)		(5,343,313	)		(9,348,161	)		(3,772,111	)
Accumulated net realized loss on investments		(1,257,120	)		(9,767,566	)		(16,112,280	)		(5,173,586	)
Net unrealized appreciation (depreciation) of investments		5,648,590			(14,626,763	)		(40,371,866	)		(675,193	)
Total–representing net assets applicable to capital stock	$	54,154,894		$	167,267,678		$	187,240,033		$	125,589,487
Net asset value and market price of capital stock:
Net assets applicable to capital stock	$	54,154,894		$	167,267,678		$	187,240,033		$	125,589,487
Shares outstanding (authorized 1 billion shares of each fund of $0.01 par value)		4,231,331			15,985,741			21,356,023			10,662,195
Net asset value per share	$	12.80		$	10.46		$	8.77		$	11.78
Market price per share	$	11.48		$	8.84		$	7.66		$	10.29

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
26

Statements of Operations | For the six-month period ended February 28, 2011 (unaudited)

	ASP			BSP			CSP			SLA
Investment Income:
Interest from unaffiliated investments	$	1,842,085		$	5,965,253		$	5,879,534		$	4,810,685
Dividends from unaffiliated investments		516,662			1,124,980			1,714,731			1,023,508
Participating income from investments no longer held (note 2)		463			—			227,752			105,381
Dividends from affiliated money market fund		522			880			2,204			1,053
Net operating income (loss) from real estate owned (note 2)		—			—			(171,408	)		—
Total investment income		2,359,732			7,091,113			7,652,813			5,940,627
Expenses (note 3):
Investment advisory fees		147,187			422,625			420,035			313,404
Interest expense		307,158			1,464,608			1,702,480			1,057,821
Administrative fees		68,355			209,477			232,830			156,702
Custodian fees		5,590			17,361			19,091			12,878
Mortgage servicing fees		18,803			54,015			59,953			43,644
Postage and printing fees		6,236			11,807			14,742			9,871
Transfer agent fees		7,901			9,205			9,492			8,474
Listing fees		11,778			12,477			12,513			11,778
Directors' fees		32,536			32,536			32,536			32,536
Legal fees		11,111			11,111			11,128			11,111
Audit fees		23,746			23,452			24,029			23,746
Insurance fees		6,924			6,814			6,982			6,888
Pricing fees		10,102			10,102			10,115			10,102
Other expenses		20,809			28,907			34,170			23,799
Total expenses		678,236			2,314,497			2,590,096			1,722,754
Less: Fee reimbursements (note 3)		(607	)		(801	)		(2,724	)		(1,075	)
Less: Indirect payments from custodian (note 3)		(4	)		(13	)		(25	)		(9	)
Total net expenses		677,625			2,313,683			2,587,347			1,721,670
Net investment income		1,682,107			4,777,430			5,065,466			4,218,957
Net realized and unrealized gains (losses) on investments (notes 2 and 4):
Net realized gain (loss) on investments		(7,190	)		883,035			1,236,787			(1	)
Net change in unrealized appreciation or depreciation of investments		(1,028,190	)		(1,226,085	)		(2,684,645	)		(61,657	)
Net loss on investments		(1,035,380	)		(343,050	)		(1,447,858	)		(61,658	)
Net increase in net assets resulting from operations	$	646,727		$	4,434,380		$	3,617,608		$	4,157,299

First American Mortgage Funds | 2011 Semiannual Report
27

Statements of Changes in Net Assets

	ASP						BSP
	Six-Month Period Ended 2/28/11 (unaudited)			Year Ended 8/31/10			Six-Month Period Ended 2/28/11 (unaudited)			Year Ended 8/31/10
Operations:
Net investment income	$	1,682,107		$	3,616,334		$	4,777,430		$	10,224,251
Net realized gain (loss) on investments		(7,190	)		57,355			883,035			(849,267	)
Net realized loss on real estate owned		—			—			—			(845,904	)
Net change in unrealized appreciation or depreciation of investments		(1,028,190	)		4,983,525			(1,226,085	)		1,307,827
Net increase (decrease) in net assets resulting from operations		646,727			8,657,214			4,434,380			9,836,907
Distributions to shareholders (note 2):
From net investment income		(2,767,291	)		(3,542,582	)		(10,071,019	)		(10,503,778	)
From return of capital		—			(1,496,933	)		—			(7,959,755	)
Total distributions		(2,767,291	)		(5,039,515	)		(10,071,019	)		(18,463,533	)
Capital share transactions:
Net proceeds from sale of shares		—			—			—			893
Total increase (decrease) in net assets		(2,120,564	)		3,617,699			(5,636,639	)		(8,625,733	)
Net assets at beginning of period		56,275,458			52,657,759			172,904,317			181,530,050
Net assets at end of period	$	54,154,894		$	56,275,458		$	167,267,678		$	172,904,317
Distributions in excess of net investment income	$	(1,090,369	)	$	(5,185	)	$	(5,343,313	)	$	(49,724	)

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
28

	CSP						SLA
	Six-Month Period Ended 2/28/11 (unaudited)			Year Ended 8/31/10			Six-Month Period Ended 2/28/11 (unaudited)			Year Ended 8/31/10
Operations:
Net investment income	$	5,065,466		$	9,283,409		$	4,218,957		$	8,281,615
Net realized gain (loss) on investments		1,236,787			(159,853	)		(1	)		254,309
Net realized loss on real estate owned		—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(2,684,645	)		(18,469,834	)		(61,657	)		2,431,012
Net increase (decrease) in net assets resulting from operations		3,617,608			(9,346,278	)		4,157,299			10,966,936
Distributions to shareholders (note 2):
From net investment income		(12,557,341	)		(10,926,078	)		(7,420,888	)		(8,810,584	)
From return of capital		—			(11,433,679	)		—			(4,719,742	)
Total distributions		(12,557,341	)		(22,359,757	)		(7,420,888	)		(13,530,326	)
Capital share transactions:
Net proceeds from sale of shares		—			—			—			—
Total increase (decrease) in net assets		(8,939,733	)		(31,706,035	)		(3,263,589	)		(2,563,390	)
Net assets at beginning of period		196,179,766			227,885,801			128,853,076			131,416,466
Net assets at end of period	$	187,240,033		$	196,179,766		$	125,589,487		$	128,853,076
Distributions in excess of net investment income	$	(9,348,161	)	$	(1,856,286	)	$	(3,772,111	)	$	(570,180	)

First American Mortgage Funds | 2011 Semiannual Report
29

Statements of Cash Flows | For the six-month period ended February 28, 2011 (unaudited)

	ASP			BSP			CSP			SLA
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	646,727		$	4,434,380		$	3,617,608		$	4,157,299
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments		(4,082,513	)		(3,092,200	)		(18,972,198	)		(4,640,000	)
Proceeds from paydowns and sales of investments		3,325,451			13,656,684			27,672,584			8,469,948
Net purchases/sales of short-term investments		379,918			(2,258,036	)		5,437,617			(625,634	)
Net amortization/accretion of bond discount and premium		(48,815	)		(73,727	)		(35,793	)		(78,995	)
Net change in unrealized appreciation or depreciation of investments		1,028,190			1,226,085			2,684,645			61,657
Net realized gain (loss) on investments		7,190			(883,035	)		(1,236,787	)		1
Decrease in receivable for accrued interest and dividends		26,940			131,528			111,584			111,497
Decrease in prepaid expenses and other assets		12,704			118,867			151,912			55,042
Increase in accrued fees and expenses		22,230			65,114			14,892			12,274
Net cash provided by operating activities		1,318,022			13,325,660			19,446,064			7,523,089
Cash flows from financing activities:
Net payments from borrowings under loan agreement		—			—			—			1,900,000
Net proceeds (payments) from reverse repurchase agreements		1,500,189			(3,106,204	)		(6,723,323	)		(1,841,015	)
Distributions paid to shareholders		(2,767,291	)		(10,071,019	)		(12,557,341	)		(7,420,888	)
Net cash used in financing activities		(1,267,102	)		(13,177,223	)		(19,280,664	)		(7,361,903	)
Net increase in cash		50,920			148,437			165,400			161,186
Bank overdraft at beginning of period		(98,347	)		(325,706	)		(376,790	)		(304,686	)
Bank overdraft at end of period	$	(47,427	)	$	(177,269	)	$	(211,390	)	$	(143,500	)
Supplemental disclosure of cash flow information: Cash paid for interest	$	306,566		$	1,451,438		$	1,695,336		$	1,051,193

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
30

Financial Highlights

Per-share data for a share of capital stock outstanding throughout each period and selected information for each period are as follows:

ASP

	Six-Month Period Ended 2/28/11			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Per-Share Data
Net asset value, beginning of period	$	13.30		$	12.44		$	11.72		$	11.96		$	12.07		$	12.36
Operations:
Net investment income		0.40			0.85			0.81			0.80			0.80			0.82
Net realized and unrealized gains (losses) on investments		(0.25	)		1.20			0.70			(0.26	)		(0.07	)		(0.37	)
Total from operations		0.15			2.05			1.51			0.54			0.73			0.45
Distributions to shareholders:
From net investment income		(0.65	)		(0.84	)		(0.77	)		(0.75	)		(0.84	)		(0.74	)
From return of capital		—			(0.35	)		(0.02	)		(0.03	)		—			—
Total distributions		(0.65	)		(1.19	)		(0.79	)		(0.78	)		(0.84	)		(0.74	)
Net asset value, end of period	$	12.80		$	13.30		$	12.44		$	11.72		$	11.96		$	12.07
Market value, end of period	$	11.48		$	13.00		$	10.75		$	9.75		$	11.41		$	10.94
Selected Information
Total return, net asset value ¹		1.18	% ⁵		17.33	%		13.89	%		4.62	%		6.14	%		3.73	%
Total return, market value ²		(6.84	)% ⁵		33.60	%		20.61	%		(8.00	)%		12.19	%		3.18	%
Net assets at end of period (in millions)	$	54		$	56		$	53		$	50		$	51		$	51
Ratio of expenses to average weekly net assets before fee reimbursements		2.47	% ⁶		2.43	%		2.81	%		3.07	%		3.27	%		2.10	%
Ratio of expenses to average weekly net assets after fee reimbursements		2.47	% ⁶		2.43	%		2.81	%		3.06	%		3.26	%		2.10	%
Ratio of expenses to average weekly net assets excluding interest expense and fee reimbursements		1.35	% ⁶		1.29	%		1.41	%		1.33	%		1.33	%		1.02	%
Ratio of net investment income to average weekly net assets before fee reimbursements		6.14	% ⁶		6.65	%		7.19	%		6.70	%		6.56	%		6.76	%
Ratio of net investment income to average weekly net assets after fee reimbursements		6.14	% ⁶		6.65	%		7.19	%		6.71	%		6.57	%		6.76	%
Portfolio turnover rate ³		5	%		6	%		22	%		18	%		22	%		14	%
Amount of borrowings outstanding at end of period (in millions)	$	18		$	16		$	17		$	16		$	19		$	17
Per-share amount of borrowings outstanding at end of period	$	4.21		$	3.85		$	4.13		$	3.81		$	4.59		$	4.01
Per-share amount of net assets, excluding borrowings, at end of period	$	17.01		$	17.15		$	16.57		$	15.53		$	16.55		$	16.08
Asset coverage ratio ⁴		404	%		445	%		401	%		407	%		360	%		401	%

¹ Assumes reinvestment of distributions at net asset value.

² Assumes reinvestment of distributions at actual prices pursuant to the fund's dividend reinvestment plan.

³ The portfolio turnover rate for August 31, 2007 and August 31, 2006 has been revised to exclude maturities of investments that had been extended prior to their original maturity dates.

⁴ Represents net assets, excluding borrowings, at end of period divided by borrowings outstanding at end of period.

⁵ Total return has not been annualized.

⁶ Annualized.

First American Mortgage Funds | 2011 Semiannual Report
31

Financial Highlights

Per-share data for a share of capital stock outstanding throughout each period and selected information for each period are as follows:

BSP

	Six-Month Period Ended 2/28/11			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Per-Share Data
Net asset value, beginning of period	$	10.82		$	11.36		$	11.51		$	12.02		$	11.92		$	12.15
Operations:
Net investment income		0.30			0.64			0.78			0.74			0.80			0.93
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.02	)		(0.20	)		(0.46	)		0.14			(0.23	)
Total from operations		0.27			0.62			0.58			0.28			0.94			0.70
Distributions to shareholders:
From net investment income		(0.63	)		(0.66	)		(0.73	)		(0.69	)		(0.84	)		(0.93	)
From return of capital		—			(0.50	)		—			(0.10	)		—			—
Total distributions		(0.63	)		(1.16	)		(0.73	)		(0.79	)		(0.84	)		(0.93	)
Net asset value, end of period	$	10.46		$	10.82		$	11.36		$	11.51		$	12.02		$	11.92
Market value, end of period	$	8.84		$	10.14		$	9.71		$	9.80		$	11.32		$	10.76
Selected Information
Total return, net asset value ¹		2.59	% ⁵		5.64	%		5.57	%		2.25	%		8.06	%		6.02	%
Total return, market value ²		(6.76	)% ⁵		16.91	%		8.04	%		(6.80	)%		13.18	%		1.34	%
Net assets at end of period (in millions)	$	167		$	173		$	182		$	184		$	192		$	191
Ratio of expenses to average weekly net assets before fee reimbursements		2.75	% ⁶		2.56	%		2.86	%		2.95	%		2.57	%		3.01	%
Ratio of expenses to average weekly net assets after fee reimbursements		2.75	% ⁶		2.56	%		2.86	%		2.95	%		2.56	%		3.01	%
Ratio of expenses to average weekly net assets excluding interest expense and fee reimbursements		1.01	% ⁶		0.96	%		1.06	%		0.98	%		0.99	%		2.05	%
Ratio of net investment income to average weekly net assets before fee reimbursements		5.69	% ⁶		5.74	%		7.23	%		6.19	%		6.56	%		7.80	%
Ratio of net investment income to average weekly net assets after fee reimbursements		5.69	% ⁶		5.74	%		7.23	%		6.19	%		6.57	%		7.80	%
Portfolio turnover rate ³		1	%		9	%		19	%		43	%		30	%		24	%
Amount of borrowings outstanding at end of period (in millions)	$	74		$	77		$	71		$	63		$	73		$	56
Per-share amount of borrowings outstanding at end of period	$	4.63		$	4.82		$	4.44		$	3.92		$	4.58		$	3.48
Per-share amount of net assets, excluding borrowings, at end of period	$	15.09		$	15.64		$	15.80		$	15.43		$	16.60		$	15.40
Asset coverage ratio ⁴		326	%		324	%		356	%		394	%		362	%		443	%

¹ Assumes reinvestment of distributions at net asset value.

² Assumes reinvestment of distributions at actual prices pursuant to the fund's dividend reinvestment plan.

³ The portfolio turnover rate for August 31, 2007 and August 31, 2006 has been revised to exclude maturities of investments that had been extended prior to their original maturity dates.

⁴ Represents net assets, excluding borrowings, at end of period divided by borrowings outstanding at end of period.

⁵ Total return has not been annualized.

⁶ Annualized.

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
32

Per-share data for a share of capital stock outstanding throughout each period and selected information for each period are as follows:

CSP

	Six-Month Period Ended 2/28/11			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Per-Share Data
Net asset value, beginning of period	$	9.19		$	10.67		$	11.24		$	12.06		$	12.04		$	12.08
Operations:
Net investment income		0.24			0.43			0.73			0.87			1.18			1.01
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.86	)		(0.53	)		(0.72	)		0.09			(0.26	)
Total from operations		0.17			(0.43	)		0.20			0.15			1.27			0.75
Distributions to shareholders:
From net investment income		(0.59	)		(0.51	)		(0.70	)		(0.96	)		(1.18	)		(0.79	)
From net realized gain on investments		—			—			—			—			(0.07	)		—
From return of capital		—			(0.54	)		(0.07	)		(0.01	)		—			—
Total distributions		(0.59	)		(1.05	)		(0.77	)		(0.97	)		(1.25	)		(0.79	)
Net asset value, end of period	$	8.77		$	9.19		$	10.67		$	11.24		$	12.06		$	12.04
Market value, end of period	$	7.66		$	8.67		$	8.83		$	9.77		$	11.35		$	11.20
Selected Information
Total return, net asset value ¹		1.99	% ⁵		(4.26	)%		1.98	%		1.17	%		10.97	%		6.45	%
Total return, market value ²		(4.67	)% ⁵		10.25	%		(0.88	)%		(5.78	)%		12.44	%		8.60	%
Net assets at end of period (in millions)	$	187		$	196		$	228		$	240		$	257		$	257
Ratio of expenses to average weekly net assets before fee reimbursements		2.77	% ⁶		2.52	%		2.75	%		2.80	%		2.29	%		2.20	%
Ratio of expenses to average weekly net assets after fee reimbursements		2.77	% ⁶		2.52	%		2.75	%		2.80	%		2.28	%		2.20	%
Ratio of expenses to average weekly net assets excluding interest expense and fee reimbursements		0.95	% ⁶		0.90	%		1.03	%		1.00	%		1.09	%		0.96	%
Ratio of net investment income to average weekly net assets before fee reimbursements		5.42	% ⁶		4.38	%		6.92	%		7.34	%		9.67	%		8.39	%
Ratio of net investment income to average weekly net assets after fee reimbursements		5.42	% ⁶		4.38	%		6.92	%		7.34	%		9.68	%		8.39	%
Portfolio turnover rate ³		7	%		10	%		16	%		5	%		36	%		48	%
Amount of borrowings outstanding at end of period (in millions)	$	81		$	88		$	81		$	77		$	65		$	54
Per-share amount of borrowings outstanding at end of period	$	3.80		$	4.12		$	3.78		$	3.62		$	3.04		$	2.54
Per-share amount of net assets, excluding borrowings, at end of period	$	12.57		$	13.31		$	14.45		$	14.86		$	15.10		$	14.58
Asset coverage ratio ⁴		331	%		323	%		383	%		410	%		496	%		575	%

¹ Assumes reinvestment of distributions at net asset value.

² Assumes reinvestment of distributions at actual prices pursuant to the fund's dividend reinvestment plan.

³ The portfolio turnover rate for August 31, 2007 and August 31, 2006 has been revised to exclude maturities of investments that had been extended prior to their original maturity dates.

⁴ Represents net assets, excluding borrowings, at end of period divided by borrowings outstanding at end of period.

⁵ Total return has not been annualized.

⁶ Annualized.

First American Mortgage Funds | 2011 Semiannual Report
33

Financial Highlights

Per-share data for a share of capital stock outstanding throughout each period and selected information for each period are as follows:

SLA

	Six-Month Period Ended 2/28/11			Year Ended August 31,
	(unaudited)			2010			2009			2008			2007			2006
Per-Share Data
Net asset value, beginning of period	$	12.09		$	12.33		$	12.42		$	13.00		$	13.12		$	13.57
Operations:
Net investment income		0.40			0.78			0.87			0.92			0.94			0.93
Net realized and unrealized gains (losses) on investments		(0.01	)		0.25			(0.09	)		(0.61	)		0.08			(0.15	)
Total from operations		0.39			1.03			0.78			0.31			1.02			0.78
Distributions to shareholders:
From net investment income		(0.70	)		(0.83	)		(0.87	)		(0.84	)		(1.04	)		(1.09	)
From net realized gain on investments		—			—			— ⁵			(0.05	)		(0.10	)		(0.14	)
From return of capital		—			(0.44	)		— ⁵			—			—			—
Total distributions		(0.70	)		(1.27	)		(0.87	)		(0.89	)		(1.14	)		(1.23	)
Net asset value, end of period	$	11.78		$	12.09		$	12.33		$	12.42		$	13.00		$	13.12
Market value, end of period	$	10.29		$	12.18		$	10.64		$	10.64		$	12.37		$	12.12
Selected Information
Total return, net asset value ¹		3.32	% ⁶		8.73	%		6.93	%		2.44	%		8.13	%		6.12	%
Total return, market value ²		(9.96	)% ⁶		27.56	%		9.94	%		(7.06	)%		11.65	%		7.86	%
Net assets at end of period (in millions)	$	126		$	129		$	131		$	132		$	139		$	140
Ratio of expenses to average weekly net assets before fee reimbursements		2.75	% ⁷		2.75	%		2.93	%		3.14	%		2.73	%		2.17	%
Ratio of expenses to average weekly net assets after fee reimbursements		2.75	% ⁷		2.75	%		2.93	%		3.14	%		2.72	%		2.17	%
Ratio of expenses to average weekly net assets excluding interest expense and fee reimbursements		1.06	% ⁷		1.02	%		1.05	%		1.02	%		1.02	%		0.89	%
Ratio of net investment income to average weekly net assets before fee reimbursements		6.73	% ⁷		6.33	%		7.43	%		7.24	%		7.21	%		7.11	%
Ratio of net investment income to average weekly net assets after fee reimbursements		6.73	% ⁷		6.33	%		7.43	%		7.24	%		7.22	%		7.11	%
Portfolio turnover rate ³		3	%		12	%		13	%		19	%		20	%		30	%
Amount of borrowings outstanding at end of period (in millions)	$	53		$	53		$	53		$	45		$	41		$	32
Per-share amount of borrowings outstanding at end of period	$	4.99		$	4.99		$	5.01		$	4.24		$	3.88		$	2.96
Per-share amount of net assets, excluding borrowings, at end of period	$	16.77		$	17.08		$	17.34		$	16.66		$	16.88		$	16.08
Asset coverage ratio ⁴		336	%		342	%		346	%		393	%		434	%		543	%

¹ Assumes reinvestment of distributions at net asset value.

² Assumes reinvestment of distributions at actual prices pursuant to the fund's dividend reinvestment plan.

³ The portfolio turnover rate for August 31, 2007 and August 31, 2006 has been revised to exclude maturities of investments that had been extended prior to their original maturity dates.

⁴ Represents net assets, excluding borrowings, at end of period divided by borrowings outstanding at end of period.

⁵ Amount rounds to less than $0.01 per share.

⁶ Total return has not been annualized.

⁷ Annualized.

The accompanying notes are an integral part of the financial statements.

First American Mortgage Funds | 2011 Semiannual Report
34

Notes to Financial Statements | (unaudited as to February 28, 2011)

(1) Organization
American Strategic Income Portfolio Inc. ("ASP"), American Strategic Income Portfolio Inc. II ("BSP"), American Strategic Income Portfolio Inc. III ("CSP"), and American Select Portfolio Inc. ("SLA") (the "funds") are registered under the Investment Company Act of 1940 (as amended) as diversified, closed-end management investment companies. The funds emphasize investments in mortgage-related assets that directly or indirectly represent a participation in or are secured by and payable from mortgage loans. They may also invest in U.S. Government securities, corporate debt securities, and preferred stock issued by real estate investment trusts. In addition, the funds may borrow using reverse repurchase agreements and credit facilities. Fund shares are listed on the New York Stock Exchange under the symbols ASP, BSP, CSP, and SLA, respectively.

(2) Summary of Significant Accounting Policies
Security Valuations

The funds' 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 funds' 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 prevaling 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 funds' 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 funds and third parties.

Security valuations for the funds' investments (other than whole loans) are generally furnished by an independent pricing service that has been approved by the funds' 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 funds utilize 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

First American Mortgage Funds | 2011 Semiannual Report
35

Notes to Financial Statements

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 a 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 the funds' investment advisor, 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. 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 funds' 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 a 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 funds' 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 February 28, 2011, the funds held internally fair valued securities as follows:

Fund	Fair Value		Percentage of Total Net Assets
ASP	$	32,351,230		59.7	%
BSP		156,203,063		93.4
CSP		187,113,884		99.9
SLA		109,833,533		87.5

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.

First American Mortgage Funds | 2011 Semiannual Report
36

As of February 28, 2011, each fund's investments were classified as follows:

Fund	Level 1		Level 2		Level 3		Total Fair Value
ASP
Whole Loans	$	—	$	—	$	28,746,230	$	28,746,230
Corporate Note		—		—		3,605,000		3,605,000
U.S. Government Agency Mortgage-Backed Securities		—		7,380,658		—		7,380,658
Commercial Mortgage-Backed Securities		—		15,466,326		—		15,466,326
Preferred Stocks		15,772,708		—		—		15,772,708
Short-Term Investment		737,322		—		—		737,322
Total Investments	$	16,510,030	$	22,846,984	$	32,351,230	$	71,708,244
BSP
Whole Loans	$	—	$	—	$	134,531,451	$	134,531,451
Corporate Notes		—		—		21,671,612		21,671,612
U.S. Government Agency Mortgage-Backed Securities		—		17,079,910		—		17,079,910
Commercial Mortgage-Backed Securities		—		29,446,746		—		29,446,746
Preferred Stocks		34,410,689		—		—		34,410,689
Short-Term Investment		3,291,560		—		—		3,291,560
Total Investments	$	37,702,249	$	46,526,656	$	156,203,063	$	240,431,968
CSP
Whole Loans	$	—	$	—	$	163,579,009	$	163,579,009
Corporate Notes		—		—		21,180,375		21,180,375
Private Mortgage-Backed Security		—		—		—		—
U.S. Government Agency Mortgage-Backed Securities		—		22,702,073		—		22,702,073
Commercial Mortgage-Backed Securities		—		12,988,324		—		12,988,324
Preferred Stocks		42,656,202		—		—		42,656,202
Real Estate Owned		—		—		2,354,500		2,354,500
Short-Term Investment		1,985,591		—		—		1,985,591
Total Investments	$	44,641,793	$	35,690,397	$	187,113,884	$	267,446,074
SLA
Whole Loans	$	—	$	—	$	92,967,283	$	92,967,283
Corporate Notes		—		—		16,866,250		16,866,250
U.S. Government Agency Mortgage-Backed Securities		—		11,568,765		—		11,568,765
Commercial Mortgage-Backed Securities		—		22,337,545		—		22,337,545
Preferred Stocks		32,621,000		—		—		32,621,000
Short-Term Investment		1,921,117		—		—		1,921,117
Total Investments	$	34,542,117	$	33,906,310	$	109,833,533	$	178,281,960

First American Mortgage Funds | 2011 Semiannual Report
37

Notes to Financial Statements

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

Fund	Whole Loans			Corporate Notes			Private Mortgage- Backed Security			Real Estate Owned			Total Fair Value
ASP
Balance as of August 31, 2010	$	31,982,607		$	3,605,000		$	—		$	—		$	35,587,607
Accrued discounts/premiums		—			—			—			—			—
Realized gain (loss)		1,259			—			—			—			1,259
Net change in unrealized appreciation or depreciation		(889,925	)		—			—			—			(889,925	)
Net purchases (sales)		(2,347,711	)		—			—			—			(2,347,711	)
Balance as of February 28, 2011	$	28,746,230		$	3,605,000		$	—		$	—		$	32,351,230
Net change in unrealized appreciation or depreciation during the period of Level 3 investments held as of February 28, 2011	$	(889,925	)	$	—		$	—		$	—		$	(889,925	)
BSP
Balance as of August 31, 2010	$	140,289,069		$	21,751,612		$	—		$	—		$	162,040,681
Accrued discounts/premiums		—			—			—			—			—
Realized gain (loss)		59			—			—			—			59
Net change in unrealized appreciation or depreciation		(598,788	)		(80,000	)		—			—			(678,788	)
Net purchases (sales)		(5,158,889	)		—			—			—			(5,158,889	)
Balance as of February 28, 2011	$	134,531,451		$	21,671,612		$	—		$	—		$	156,203,063
Net change in unrealized appreciation or depreciation during the period of Level 3 investments held as of February 28, 2011	$	(598,788	)	$	(80,000	)	$	—		$	—		$	(678,788	)
CSP
Balance as of August 31, 2010	$	158,210,375		$	21,250,375		$	—		$	2,460,750		$	181,921,500
Accrued discounts/premiums		—			—			1,038			—			1,038
Realized gain (loss)		(723	)		—			(4,481	)		—			(5,204	)
Net change in unrealized appreciation or depreciation		(1,490,412	)		(70,000	)		3,443			(84,383	)		(1,641,352	)
Net purchases (sales)		6,859,769			—			—			(21,867	)		6,837,902
Balance as of February 28, 2011	$	163,579,009		$	21,180,375		$	—		$	2,354,500		$	187,113,884
Net change in unrealized appreciation or depreciation during the period of Level 3 investments held as of February 28, 2011	$	(1,490,412	)	$	(70,000	)	$	3,443		$	(84,383	)	$	(1,641,352	)
SLA
Balance as of August 31, 2010	$	99,618,855		$	16,936,250		$	—		$	—		$	116,555,105
Accrued discounts/premiums		—			—			—			—			—
Realized gain (loss)		(1	)		—			—			—			(1	)
Net change in unrealized appreciation or depreciation		(397,118	)		(70,000	)		—			—			(467,118	)
Net purchases (sales)		(6,254,453	)		—			—			—			(6,254,453	)
Balance as of February 28, 2011	$	92,967,283		$	16,866,250		$	—		$	—		$	109,833,533
Net change in unrealized appreciation or depreciation during the period of Level 3 investments held as of February 28, 2011	$	(420,178	)	$	(70,000	)	$	—		$	—		$	(490,178	)

During the six-month period ended February 28, 2011, 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 | 2011 Semiannual Report
38

Security Transactions and Investment Income

For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including accretion of bond discounts and amortization of bond premiums, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the sales price and the underlying cost of the security on the transaction date.

Distributions to Shareholders

As previously disclosed in the funds' August 31, 2009 annual shareholder report, the funds' board of directors has adopted a level distribution policy effective with the December 2009 distribution. Distributions under the policy are expected to consist primarily of net investment income and a return of capital, although the exact tax characteristics of the funds' distributions in any fiscal year will not be known until after the end of the funds' fiscal year. A return of capital represents a return of a shareholder's original investment in the fund's shares, and should not be confused with a dividend yield. The level distribution policy is subject to suspension, revision or termination at any time without notice to shareholders. Under this policy, for the six-month period ended February 28, 2011, the funds paid a fixed monthly distribution to shareholders as follows:

				ASP				BSP				CSP				SLA
Monthly distribution per share				$	0.1090			$	0.1050			$	0.0980			$	0.1160

On February 15, 2011, the funds' board of directors determined to reduce the fixed monthly distribution as follows:

				ASP				BSP				CSP				SLA
Monthly distribution per share				$	0.0979			$	0.0838			$	0.0800			$	0.0890

The funds will provide a notice, as required by Section 19(a) of the Investment Company Act of 1940, as amended, for any distribution that does not consist solely of net investment income. Any such notice will provide information regarding the estimated amounts of the distribution derived from net investment income, net realized capital gains and return of capital. Such notices will be for informational purposes only and the amounts indicated in such notices likely will differ from the ultimate federal income tax characterization of distributions reported to shareholders on Form 1099-DIV after year end.

Distributions are payable in cash or, pursuant to the funds' dividend reinvestment plans, reinvested in additional shares of the funds' capital stock. Under each fund's plan, fund shares will be purchased in the open market unless the market price plus commissions exceeds the net asset value by 5% or more. If, at the close of business on the dividend payment date, the shares purchased in the open market are insufficient to satisfy the dividend reinvestment requirement, the funds will issue new shares at a discount of up to 5% from the current market price.

The funds receive substantial distributions from holdings in real estate investment trusts ("REITs"). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the funds must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to a fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital.

Federal Taxes

Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable

First American Mortgage Funds | 2011 Semiannual Report
39

Notes to Financial Statements

income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required. Each fund also intends to distribute its taxable net investment income and realized gains, if any, to avoid the payment of any federal excise taxes. As of February 28, 2011, the funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable taxing authority. Generally, tax authorities can examine all the tax returns filed for the last three years.

Net investment income and net realized gains and losses may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to deferred wash sale losses, paydown gains and losses, tax mark-to-market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997, tax deductions for real estate owned, and investments in REITs. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.

The character of distributions made during the fiscal period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which amounts are distributed may differ from the fiscal period that the income or realized gains or losses were recorded by the funds.

The character of distributions paid during the six-month period ended February 28, 2011 (estimated) and the fiscal year ended August 31, 2010, were as follows:

	ASP					BSP
	2/28/11			8/31/10		2/28/11			8/31/10
Distributions paid from:
Ordinary income	$	2,767,291		$	3,542,582	$	10,071,019		$	10,503,778
Return of capital		—	*		1,496,933		—	*		7,959,755
Total	$	2,767,291		$	5,039,515	$	10,071,019		$	18,463,533
	CSP					SLA
	2/28/11			8/31/10		2/28/11			8/31/10
Distributions paid from:
Ordinary income	$	12,557,341		$	10,926,078	$	7,420,888		$	8,810,584
Return of capital		—	*		11,433,679		—	*		4,719,742
Total	$	12,557,341		$	22,359,757	$	7,420,888		$	13,530,326

* A significant portion of the distributions made during the period may be recharacterized as a return of capital.

As of August 31, 2010, the funds' most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

	ASP			BSP			CSP			SLA
Undistributed ordinary income	$	—		$	—		$	—		$	—
Accumulated capital and post-October losses		(1,246,594	)		(10,589,703	)		(17,338,020	)		(5,165,158	)
Unrealized appreciation (depreciation)		6,673,444			(13,461,576	)		(37,698,215	)		(621,963	)
Other accumulated losses		(5,185	)		(49,724	)		(1,856,339	)		(570,180	)
Accumulated earnings (deficit)	$	5,421,665		$	(24,101,003	)	$	(56,892,574	)	$	(6,357,301	)

The difference between book and tax basis unrealized appreciation (depreciation) at August 31, 2010, is attributable to adjustments for REITs, tax deferral of losses on wash sales, and a one-time tax election whereby the funds marked appreciated securities to market creating capital gains that were used to reduce capital loss carryovers and increase tax cost basis.

First American Mortgage Funds | 2011 Semiannual Report
40

For federal income tax purposes, the following funds had capital loss carryovers as of August 31, 2010, the funds' most recently completed fiscal year-end, which, if not offset by subsequent capital gains, will expire on the funds' fiscal year-ends as follows:

	Expiration
Fund	2011		2012		2013		2014		2015		2016		2017		2018		Total
ASP	$	—	$	—	$	—	$	—	$	—	$	—	$	598,203	$	648,391	$	1,246,594
BSP		—		—		—		2,858,586		—		133,712		4,187,382		2,208,521		9,388,201
CSP		—		—		—		—		551,492		381,985		5,238,593		2,790,093		8,962,163
SLA		—		—		—		—		—		—		3,850,183		1,314,975		5,165,158

The funds incurred a loss for tax purposes for the period from November 1, 2009 to August 31, 2010. As permitted by tax regulations, the funds intend to elect to defer and treat the losses as arising in the fiscal year ending August 31, 2011. The deferred losses were as follows:

Fund	Amount
ASP	$	—
BSP		1,201,502
CSP		8,375,857
SLA		—

Whole Loans

Whole loans may bear a greater risk of loss arising from a default on the part of the borrower of the underlying loans than do traditional mortgage-backed securities. This is because whole loans, unlike most mortgage-backed securities, generally are not backed by any government guarantee or private credit enhancement. Such risk may be greater during a period of declining or stagnant real estate values. The funds may invest in single family, multifamily, and commercial loans. Each fund currently limits its investment in commercial loans to 50% of its total assets. A participating loan is a whole loan which contains provisions for the lender to participate in the income stream provided by the property, including net cash flow and capital proceeds. CSP and SLA received income during the period from participating loans on which the mortgage obligation had previously been fully repaid. An outstanding participating loan agreement may provide excess cash flows and certain appreciation rights after the mortgage obligation has been fully paid and before the sale of the property to a third party.

At February 28, 2011, BSP had two multifamily loans representing 5.23% of total net assets and 14.16% of total multifamily loans outstanding and one commercial loan representing 1.32% of total net assets and 3.03% of commercial loans outstanding that were 120 or more days delinquent as to the timely monthly payment of principal and interest. At February 28, 2011, no single family loans in BSP were 120 or more days delinquent.

At February 28, 2011, CSP had seven multifamily loans representing 6.22% of total net assets and 20.61% of total multifamily loans outstanding and nine commercial loans representing 17.58% of total net assets and 30.74% of total commercial loans outstanding that were 120 or more days delinquent as to the timely monthly payment of principal and interest.

At February 28, 2011, SLA had one multifamily loan representing 2.38% of total net assets and 11.76% of total multifamily loans outstanding and three commercial loans representing 1.73% of total net assets and 3.22% of total commercial loans outstanding that were 120 or more days delinquent as to the timely monthly payment of principal and interest.

At February 28, 2011, no loans were 120 or more days delinquent as to the timely monthly payment of principal and interest in ASP.

First American Mortgage Funds | 2011 Semiannual Report
41

Notes to Financial Statements

The funds may incur certain costs and delays in the event of a foreclosure. Also, there is no assurance that the subsequent sale of the property will produce an amount equal to the sum of the unpaid principal balance of the loan as of the date the borrower went into default, the accrued unpaid interest, and all of the foreclosure expenses. In this case, the funds may suffer a loss.

Real estate may be acquired through foreclosure or deed in lieu of foreclosure on whole loans or similar obligations. The funds may receive rental or other income as a result of holding real estate. In addition, the funds may incur expenses associated with maintaining or improving any real estate owned. Real estate income is recorded on a net basis in the income section of the funds' Statement of Operations. Capital improvements are recorded as an addition to the cost basis of the property, which will increase any loss at sale. As of February 28, 2011, CSP held real estate owned through foreclosure as follows:

Fund	2/28/11 Cost		2/28/11 Value		Unrealized Depreciation
CSP
Memphis Medical Building	$	3,814,929	$	2,354,500	$	(1,460,429	)

The net operating income and capital improvements for the six-month period ended February 28, 2011 were:

Fund	Gross Rental Income		Operating Expenses		Net Operating Loss			Capital Improvements
CSP
Memphis Medical Building	$	73,041	$	244,449	$	(171,408	)	$	98,453

As of and for the six-month period ended February 28, 2011, ASP, BSP, and SLA owned no real estate.

Mortgage Servicing Rights

The funds may acquire interests in the cash flow from servicing fees through contractual arrangements with mortgage servicers. Mortgage servicing rights, similar to interest-only securities, generate no further cash flow when a mortgage is prepaid or goes into default. Mortgage servicing rights are accounted for on a level-yield basis with recognized income based on the estimated amounts and timing of cash flows. Such estimates are adjusted periodically as the underlying market conditions change. As of and for the six-month period ended February 28, 2011, the funds held no mortgage servicing rights.

Securities Purchased on a When-Issued Basis

Delivery and payment for securities that have been purchased by the funds on a when-issued or forward-commitment basis can take place a month or more after the transaction date. Such securities do not earn interest, are subject to market fluctuation, and may increase or decrease in value prior to their delivery. Each fund segregates, with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund's net asset value if the fund makes such purchases while remaining substantially fully invested. As of February 28, 2011, the funds had no outstanding when-issued or forward-commitment securities.

Borrowings & Reverse Repurchase Agreements

Effective July 11, 2008, the funds entered into loan agreements with Massachusetts Mutual Life Insurance Company ("MMLIC") under which MMLIC made term loans to ASP, BSP, CSP, and SLA of $8,600,000, $45,100,000, $54,400,000, and $31,900,000, respectively, and agreed to make revolving loans to the funds of up to $2,400,000, $12,900,000, $15,600,000, and $9,100,000, respectively. Loans made under the loan agreements are secured by whole loans in the fund's portfolios, bear interest at the one-month London Interbank Offered Rate plus 2.625%

First American Mortgage Funds | 2011 Semiannual Report
42

subject to a "floor" interest rate of 5.00%, and mature on July 21, 2011. In addition to principal and interest payments paid by each fund to MMLIC for borrowings outstanding, each fund pays an annual fee of 1.28% on any unused portion of the fund's revolving loan commitment.

The funds may also borrow money by entering into reverse repurchase agreements, which involve the sale of portfolio-eligible securities by the funds, coupled with an agreement to repurchase the securities at a specified date and price. Borrowings may increase volatility of the funds' net asset values and involve the risk that interest costs on money borrowed may exceed the return on securities purchased with that borrowed money. Each fund is subject to a restriction on borrowing under which each fund must maintain asset coverage of at least 300%. The interest expense incurred on borrowings is recognized as "Interest Expense" in the Statements of Operations. For the six-month period ended February 28, 2011, the weighted average borrowings outstanding for ASP, BSP, CSP, and SLA were $16,613,113, $75,476,171, $84,242,973, and $53,466,563, respectively, and the weighted average interest rates paid by the funds on such borrowings were 3.44%, 3.33%, 3.42%, and 3.60%, respectively.

Repurchase Agreements

For repurchase agreements entered into with certain broker-dealers, the funds, along with other affiliated registered investment companies, may transfer uninvested cash balances into a joint trading account, the daily aggregate of which is invested in repurchase agreements secured by U.S. Government or agency obligations. Securities pledged as collateral for all individual and joint repurchase agreements are held by the funds' custodian bank until maturity of the repurchase agreement. All agreements require that the daily market value of the collateral be in excess of the repurchase amount, including accrued interest, to protect the funds in the event of a default. As of February 28, 2011, the funds had no outstanding repurchase agreements.

Deferred Compensation Plan

Prior to January 1, 2011, non-interested directors of the First American Family of Funds were able to defer receipt of part or all of their annual compensation under a Deferred Compensation Plan (the "Plan"). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. The Plan was terminated effective December 31, 2010. All amounts held in the Plan are 100% vested and outstanding account balances under the Plan are obligations of the funds into which amounts were deferred. Deferred amounts remain in the funds until distributed in accordance with the Plan.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the results of operations during the reporting period. Actual results could differ from these estimates.

Events Subsequent to Period End

Management has evaluated fund related events and transactions that occurred subsequent to February 28, 2011, through the date of issuance of the funds' financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds' financial statements.

(3) Fees and Expenses
Investment Advisory Fees

Pursuant to investment advisory agreements with each fund (each an "Agreement"), USBAM, a subsidiary of U.S. Bank National Association ("U.S. Bank"), manages the funds' assets and furnishes related office facilities, equipment, research, and personnel. For ASP, BSP, and CSP, the Agreement provides USBAM with a monthly investment advisory fee in an amount equal to an annualized rate of 0.20% of the respective fund's average weekly net assets and 4.50% of the daily gross income accrued by such fund during the month (i.e., investment income,

First American Mortgage Funds | 2011 Semiannual Report
43

Notes to Financial Statements

including accretion of bond discounts and amortization of premiums, other than gains from the sale of securities or gains from options and futures contracts less interest on money borrowed by the funds). The monthly investment advisory fee shall not exceed, in the aggregate, 1/12 of 0.725% of the respective fund's average weekly net assets during the month (approximately 0.725% on an annual basis). For SLA, the Agreement provides USBAM with a monthly investment advisory fee in an amount equal to an annualized rate of 0.50% of the fund's average weekly net assets. For its fees, USBAM provides investment advice and, in general, conducts the management and investment activities of the funds.

The funds may invest in money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to USBAM, which acts as the investment advisor to the investing funds and the related money market funds, USBAM will reimburse to each investing fund an amount equal to that portion of USBAM's investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in "Fee reimbursements" in the Statements of Operations.

Administrative Fees

USBAM serves as the funds' administrator pursuant to administration agreements between USBAM and each fund. Under these agreements, USBAM receives a monthly administrative fee from each fund in an amount equal to 0.25% of the fund's average weekly net assets. For its fee, USBAM provides numerous services to the funds including, but not limited to, handling the general business affairs, financial and regulatory reporting, and various other services.

Sub-Advisory Fees

Nuveen Asset Management, LLC ("NAM") and Nuveen Fund Advisors, Inc. ("NFA") (collectively referred to as "Nuveen") each serve as investment sub-advisor to each fund pursuant to separate investment sub-advisory agreements with USBAM. NAM makes investment decisions for the funds, places purchase and sale orders for each fund's portfolio transactions, and employs the funds' portfolio managers and the securities analysts that provide research services relating to the funds. NFA provides certain other investment sub-advisory services to the funds, including assisting in the supervision of each fund's investment program, risk monitoring, managing the forms and level of leverage employed by a fund, assisting in dividend and distribution level determinations, providing tax advice on issues arising in connection with management of a fund's portfolio, and assisting with pricing of a fund's portfolio securities.

With respect to each fund, USBAM pays monthly fees to NAM and NFA for the services provided under their respective sub-advisory agreements with USBAM. For ASP, BSP, and CSP, USBAM pays NAM a monthly fee in an amount equal to an annualized rate of 0.10% of the respective fund's average weekly net assets and 3.00% of the daily gross income accrued by such fund during the month (i.e., investment income, including amortization of discount income, other than gains from the sale of securities or gains received from options and futures contracts less interest on money borrowed by the fund). The monthly investment sub-advisory fee shall not exceed, in the aggregate, 1/12 of 0.45% of the respective fund's average weekly net assets during the month (approximately 0.45% on an annual basis). For SLA, USBAM pays NAM a monthly fee in an amount equal to an annualized rate of 0.30% of the fund's average weekly net assets.

For ASP, BSP, and CSP, USBAM pays NFA a monthly fee in an amount equal to 1.50% of the daily gross income accrued by the respective fund during the month (i.e., investment income, including amortization of discount income, other than gains from the sale of securities or gains received from options and futures contracts less interest on money borrowed by the fund). The monthly investment sub-advisory fee shall not exceed, in the aggregate, 1/12 of 0.175% of the respective fund's average weekly net assets during the month (approximately 0.175% on an annual basis). For SLA, USBAM pays NFA a monthly fee in an amount equal to an annualized rate of 0.10% of the fund's average weekly net assets. Pursuant to a sub-administration agreement between USBAM and

First American Mortgage Funds | 2011 Semiannual Report
44

NFA, USBAM also pays NFA an annual fee, calculated weekly and paid monthly, equal to 0.10% of the average weekly net assets of each fund for certain administrative and other services that NFA provides to the funds.

Custodian Fees

U.S. Bank serves as each fund's custodian pursuant to a custodian agreement with the funds. The custodian fee charged to each fund is equal to an annual rate of 0.02% of such fund's average weekly net assets. These fees are computed weekly and paid monthly.

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund's custodian expenses. These credits, if any, are disclosed as "Indirect payments from custodian" in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund's custodian expenses. For the six-month period ended February 28, 2011, custodian fees for ASP, BSP, CSP, and SLA were increased by $1, $186, $6, and $28 as a result of overdrafts and reduced by $4, $13, $25, and $9 as a result of interest earned, respectively.

Mortgage Servicing Fees

The funds may enter into mortgage servicing agreements with mortgage servicers for whole loans and participation mortgages. For a fee, mortgage servicers maintain loan records, such as insurance and taxes and the proper allocation of payments between principal and interest.

Other Fees and Expenses

In addition to the investment advisory, administrative, custodian, and mortgage servicing fees, the funds are responsible for paying most other operating expenses, including: legal, auditing and accounting services, postage and printing of shareholder reports, transfer agent fees and expenses, listing fees, outside directors' fees and expenses, insurance, pricing, interest, expenses related to real estate owned, fees to outside parties retained to assist in conducting due diligence, taxes, and other miscellaneous expenses. For the six-month period ended February 28, 2011, legal fees and expenses of $1,977, $1,977, $1,977, $1,977 for ASP, BSP, CSP, and SLA, respectively, were paid to a law firm of which an Assistant Secretary of the funds is a partner.

Expenses that are directly related to a fund are charged directly to that fund. Other operating expenses of the First American Family of Funds are allocated to the funds on several bases, including evenly across all funds, allocated based on relative net assets of all funds within the First American Family of Funds or a combination of both methods.

(4) Investment Security Transactions
Cost of purchases and proceeds from sales of securities and real estate, other than temporary investments in short-term securities, for the six-month period ended February 28, 2011, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
ASP	$	4,082,513	$	3,325,451
BSP		3,092,200		13,656,684
CSP		18,972,198		27,672,584
SLA		4,640,000		8,469,948

(5) Indemnifications
The funds enter into contracts that contain a variety of indemnifications. The funds' maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

(6) New Accounting Pronouncements
On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standard Update for Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements. The update provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires the funds to disclose purchases, sales, issuances and settlements on a gross basis in the Level 3

First American Mortgage Funds | 2011 Semiannual Report
45

Notes to Financial Statements

rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of the update and the impact to the financial statements.

(7) Nuveen Acquisition
On December 31, 2010, U.S. Bancorp Asset Management, Inc. (the "Advisor") and its parent company, U.S. Bank National Association, sold a portion of the Advisor's asset management business to Nuveen Investments, Inc. ("Nuveen"). Included in the sale was that part of the Advisor's asset management business that advised the First American equity, fixed income, and asset allocation open-end funds, not including the First American money market funds. The Advisor continues to serve as investment advisor to the First American closed-end funds (the "Closed-End Funds").

On October 7, 2010, the Closed-End Funds' board of directors considered and approved new investment sub-advisory agreements between the Advisor and each of Nuveen Asset Management, LLC and Nuveen Fund Advisors, Inc. (the "Nuveen entities"), under which the Nuveen entities provide certain investment advisory services to the Closed-End Funds. The sub-advisory agreements were submitted to their respective fund's shareholders for their approval and took effect on January 1, 2011. There were no changes in the funds' investment objectives, policies, or expenses as a result of the sub-advisory arrangements between the Advisor and the Nuveen entities. John G. Wenker, Nuveen Asset Management, continues to serve as lead portfolio manager of First American Mortgage Funds.

(8) Regulated Investment Company Modernization Act
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Modernization Act") was signed by the President. The Modernization Act is the first major piece of legislation affecting Regulated Investment Companies ("RICs") since 1986 and it modernizes several of the federal income and excise tax provisions related to RICs. Some highlights of the enacted provisions are as follows:

New capital losses may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss.

The Modernization Act contains simplification provisions, which are aimed at preventing disqualification of a RIC for "inadvertent" failures of the asset diversification and/or qualifying income tests. Additionally, the Modernization Act exempts RICs from the preferential dividend rule and repealed the 60-day designation requirement for certain types of pay-through income and gains.

Finally, the Modernization Act contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

Except for the simplification provisions related to RIC qualification, the Modernization Act is effective for taxable years beginning after December 22, 2010. The provisions related to RIC qualification are effective for taxable years for which the extended due date of the tax return is after December 22, 2010.

First American Mortgage Funds | 2011 Semiannual Report
46

Notice to Shareholders | (unaudited)

ANNUAL MEETING RESULTS

An annual meeting of the fund's shareholders was held on December 17, 2010 for ASP, BSP, CSP, and SLA. In addition, a reconvened meeting was held for CSP on December 29, 2010 with respect to items (2) and (3) below. Each matter voted upon at the meeting, as well as the number of votes cast for, against or withheld, the number of abstentions, and the number of broker non-votes (if any) with respect to such matters, are set forth below.

(1) Each fund's shareholders elected the following eight directors:

	ASP				BSP
	Shares Voted "For"		Shares Witholding Authority to Vote		Shares Voted "For"		Shares Witholding Authority to Vote
Roger A. Gibson		3,124,082		99,336		11,869,191		402,133
Victoria J. Herget		3,124,512		98,906		11,865,118		406,206
John P. Kayser		3,124,082		99,336		11,840,250		431,074
Leonard W. Kedrowski		3,125,012		98,406		11,828,615		442,709
Richard K. Riederer		3,123,582		99,836		11,841,733		429,591
Joseph D. Strauss		3,125,012		98,406		11,837,270		434,054
Virginia L. Stringer*		3,148,806		74,612		11,869,541		401,783
James M. Wade		3,125,012		98,406		11,839,154		432,170
	CSP				SLA
	Shares Voted "For"		Shares Witholding Authority to Vote		Shares Voted "For"		Shares Witholding Authority to Vote
Roger A. Gibson		15,060,916		727,188		7,862,010		259,180
Victoria J. Herget		15,057,138		730,966		7,869,258		251,932
John P. Kayser		15,059,305		728,799		7,829,499		291,691
Leonard W. Kedrowski		15,051,413		736,691		7,819,807		301,383
Richard K. Riederer		15,058,516		729,588		7,830,847		290,343
Joseph D. Strauss		15,058,290		729,814		7,824,010		297,180
Virginia L. Stringer*		15,037,416		750,688		7,869,573		251,617
James M. Wade		15,055,787		732,317		7,831,745		289,445

* As of January 1, 2011, Virginia L. Stringer is no longer a director of the funds.

(2) Each fund's shareholders approved an amendment to such fund's investment advisory and management agreement with USBAM.

Fund	Shares Voted "For"		Shares Voted "Against"		Abstentions		Broker Non-Votes
ASP		2,374,079		65,281		40,399		743,659
BSP		9,540,784		329,220		167,732		2,233,588
CSP		10,730,896		564,536		290,580		4,202,092
SLA		5,823,183		181,740		118,255		1,998,012

(3) Each fund's shareholders approved investment sub-advisory agreements with Nuveen Asset Management, Nuveen Fund Advisors, Inc., and Nuveen Asset Management, LLC.

Fund	Shares Voted "For"		Shares Voted "Against"		Abstentions		Broker Non-Votes
ASP		2,363,808		78,581		37,370		743,659
BSP		9,544,733		333,932		159,071		2,233,588
CSP		10,747,977		562,491		275,544		4,202,092
SLA		5,846,708		168,443		108,027		1,998,012

First American Mortgage Funds | 2011 Semiannual Report
47

Notice to Shareholders | (unaudited)

(4) Each fund's shareholders ratified the selection by the funds' board of directors of Ernst & Young LLP as the independent registered public accounting firm for the funds for the fiscal period ending August 31, 2011.

Fund	Shares Voted "For"		Shares Voted "Against"		Abstentions		Broker Non-Votes
ASP		3,120,738		38,653		64,027		—
BSP		11,935,465		154,289		181,570		—
CSP		15,135,824		389,793		262,487		—
SLA		7,901,466		140,849		78,875		—

HOW TO OBTAIN A COPY OF THE FUNDS' PROXY VOTING POLICIES AND PROXY VOTING RECORD

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities is available at firstamericanfunds.com and on the Securities and Exchange Commission's website at www.sec.gov. A description of the funds' policies and procedures is also available without charge upon request by calling 800.677.3863. Information regarding how each fund voted proxies relating to portfolio securities is available on the Securities and Exchange Commission's website at www.sec.gov or by calling the funds at 800.677.3863.

FORM N-Q HOLDINGS INFORMATION

The funds are required to file their complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds' Form N-Q are available without charge (1) upon request by calling 800.677.3863 and (2) on the Securities and Exchange Commission's website at www.sec.gov. In addition, you may review and copy the funds' Form N-Q at the Commission's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.

QUARTERLY PORTFOLIO HOLDINGS

The funds will make portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 business days of the calendar quarter-end.

CERTIFICATIONS

In January 2011, the funds' Chief Executive Officer submitted to the New York Stock Exchange ("NYSE") his annual certification required under Section 303A.12(a) of the NYSE corporate governance rules. The certifications of the funds' Principal Executive Officer and Principal Financial Officer required pursuant to Rule 30a-2 under the 1940 Act have been filed with the funds' Form N-CSR filings and are available on the Securities and Exchange Commission's website at www.sec.gov.

First American Mortgage Funds | 2011 Semiannual Report
48

First American Privacy Pledge

We want you to understand what information we collect and how it's used.

"Nonpublic personal information" is nonpublic information that we obtain while providing financial products or services to you.

Why we collect your information

We gather nonpublic personal information about you and your accounts so that we can:

• Know who you are and prevent unauthorized access to your information.

• Comply with the laws and regulations that govern us.

The types of information we collect

We may collect the following nonpublic personal information about you:

• Information about your identity, such as your name, address, and social security number.

• Information about your transactions with us.

• Information you provide on applications, such as your beneficiaries and banking information, if provided to us.

Confidentiality and security

We require our service providers to restrict access to nonpublic personal information about you to those employees who need that information in order to provide products or services to you. We also require them to maintain physical, electronic, and procedural safeguards that comply with applicable federal standards and regulations to guard your information.

What information we disclose

We may share all of the nonpublic personal information that we collect about you with our affiliated providers of financial services, including our family of funds and their advisor, and with companies that perform marketing services on our behalf.

We're permitted by law to disclose nonpublic personal information about you to other third parties in certain circumstances. For example, we may disclose nonpublic personal information about you to affiliated and nonaffiliated third parties to assist us in servicing your account (e.g., mailing of fund-related materials) and to government entities (e.g., IRS for tax purposes).

We'll continue to adhere to the privacy policies and practices described here even after your account is closed or becomes inactive.

Additional rights and protections

You may have other privacy protections under applicable state laws. To the extent that these state laws apply, we will comply with them when we share information about you. This privacy policy does not apply to your relationship with other financial service providers, such as broker-dealers. We may amend this privacy notice at any time, and we will inform you of changes as required by law.

Our pledge applies to products and services offered by:

• American Strategic Income Portfolio Inc.

• American Strategic Income Portfolio Inc. II

• American Strategic Income Portfolio Inc. III

• American Select Portfolio Inc.

• American Municipal Income Portfolio Inc.

• Minnesota Municipal Income Portfolio Inc.

• First American Minnesota Municipal Income Fund II, Inc.

• American Income Fund, Inc.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

First American Mortgage Funds | 2011 Semiannual Report
49

(This page intentionally left blank.)

BOARD OF DIRECTORS

Leonard Kedrowski

Chairperson of First American Mortgage Funds
Owner and President of Executive and Management Consulting, Inc.

Joseph Strauss

Vice Chairperson of First American Mortgage Funds
Owner and President of Strauss Management Company

Roger Gibson

Director of First American Mortgage Funds
Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Mortgage Funds
Investment Consultant; Chair of United Educators Insurance Company;
former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Mortgage Funds
Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of
William Blair & Company, LLC

Richard Riederer

Director of First American Mortgage Funds
Owner and Chief Executive Officer of RKR Consultants, Inc.

James Wade

Director of First American Mortgage Funds
Owner and President of Jim Wade Homes

First American Mortgage Funds' Board of Directors is comprised entirely of independent directors.

P.O. Box 1330

Minneapolis, MN 55440-1330

American Strategic Income Portfolio Inc.

American Strategic Income Portfolio Inc. II

American Strategic Income Portfolio Inc. III

American Select Portfolio Inc.

2011 Semiannual Report

U.S. Bancorp Asset Management, Inc., is a wholly owned subsidiary of U.S. Bank National Association, which is a wholly owned subsidiary of U.S. Bancorp.

This document is printed on paper containing 10% postconsumer waste.

4/2011 0086-11 WHOLELOAN-SAR

Item 2—Code of Ethics

Not applicable to the semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to the semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to the semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable to the semi-annual report.

Item 6—Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to the semi-annual report.

Item 8—Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the semi-annual report.

Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Neither the registrant nor any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act, purchased any shares or other units of any class of the registrant’s equity securities that is registered pursuant to Section 12 of the Exchange Act.

Item 10—Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.

Item 11—Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of 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-CSR was recorded, processed, summarized and reported timely.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12—Exhibits

(a)(1) Not applicable.

(a)(2) Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto.

(a)(3) Not applicable.

(b) Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 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.

American Strategic Income Portfolio Inc.

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

Date: April 29, 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: April 29, 2011

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

Date: April 29, 2011