calvert. The Eurosif Transparency Guidelines were designed
for use by the retail socially responsible investment (SRI) fund
sector in order to provide more disclosure and increased
accountability to investors."
Calvert is one of the nation's largest socially responsible mutual
fund firms with over $10 billion in assets under management. Read it carefully before you invest or send money.

Mutual fund investing involves risk; principal loss is possible.

invests adhere

Calvert also has an extensive lineup of tax-free and taxable
fixed income investments. Bancorp Asset Management . Bancorp affiliate, nor are they insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency.

invests mutual

First American Funds Announces Investment Policy Change for Four Closed-End Funds

(a) Strategic Insight, December 2004
(b) Figures are as of Dec.S.

acuity screened

employing socially

Calvert Signs on to Eurosif Transparency Guidelines; Socially Responsible Firm is First US-Based Signatory

For more information on Calvert, click on
www.7 billion in fixed-income funds.

funds responsive

(NYSE:ASP), American Strategic Income
Portfolio Inc. The values of
commercial property are affected by factors that do not impact the
values of residential property, such as cash flow generated by
commercial tenants .

dreyfus annuity

----Calvert, one of the
nation's largest family of socially responsible mutual funds,
announced today that it has become a signatory to new Transparency
Guidelines promulgated by the European Social Investment Forum
(Eurosif), and will publish its disclosures on the firm's web site
(www. Krumsiek . Despite this deteriorating credit quality,
the pricing of multifamily loans has remained high, due in part to the
bidding up of prices by developers intending to convert multifamily
properties to condominiums, which has made it difficult to find
appropriate multifamily loans for the funds .

utilizes aquinas

For more information on any Calvert fund, please contact Calvert
at 800. Prior to
Feb .
There has been decreasing credit quality in the multifamily
mortgage sector in recent years due to lower occupancies and
decreasing rental rates.

mma avoids

368., member NASD, a subsidiary of Calvert Group .
(2/05,5342-Rev)

The funds are advised by U. The prospectus contains
this and other important information about First American Funds, and
it may be obtained by calling First American Investor Services at
800.

narrowly adhere

Calvert is the only US-based asset
management firm that is presently a member of Eurosif.S. Bank or any
U.

Socially responsible and ethical mutual funds that disclose in their prospectus or offering circular non-financial investment management techniques such as screening , shareholder activism, and community investing.

acuity employing

"We nevertheless believe that an increase in the funds' limitation
on commercial loan investments is in the best interests of the funds,"
said Mark Jordahl, chief investment officer for First American Funds.

incorporating disclose

"This is particularly true for socially responsible mutual funds,
focused - as we are - on promoting improved corporate governance and
social responsibility.com
Eurosif (www.org) is a pan-European non-for-profit
association whose mission is to encourage and develop sustainable and
responsible investment and better corporate governance . Its members,
representing assets totaling over EUR 600bn, include pension funds,
financial service providers, academic institutes, research
organizations, trade unions and non-governmental organizations . Contributing factors include a lack of job
growth, an ongoing supply of new multifamily housing , and the loss of
renters to home ownership.S., serves as the investment
advisor to First American Funds.

narrowly reinvestment

15, 2005, it
approved an increase in the percentage of assets that each of the
following closed-end funds may invest in commercial loans: American
Strategic Income Portfolio Inc.

About First American Funds

The First American Funds mutual fund family is the 34th-largest(a)
fund family in the United States, with more than $56.
An investment in such products involves investment risk, including
possible loss of principal.

screened annuity

Signatories must make their
disclosures publicly available on at least an annual basis. An investor should consider the
investment objectives, risks , charges, and expenses of an investment
carefully before investing.

mutual shareholder

Krumsiek, President and CEO of Calvert."
The Eurosif Transparency Guidelines were promulgated for the
purpose of increasing accountability to investors and creating greater
clarity for asset managers, research providers and other stakeholders .eurosif.

Business Editors

MINNEAPOLIS----

The change affects the American Strategic Income Portfolio Inc. The balance of whole loans in which the
funds invested consisted primarily of loans on multifamily residences.

utilizes parnassus

677.com. Read the prospectus
carefully before investing . First American Funds are distributed
by Quasar Distributors, LLC, an affiliate of the investment advisor.

disclose meritas

"At Calvert, we have long believed that corporate accountability
begins with disclosure and is constantly enriched by more robust
disclosure," said Barbara J.
The Board of Directors has increased each fund's limitation on
commercial loan investments to 50% of total assets.

funds mma

"At the end of 2004, Calvert published its first ever
Sustainability Report following GRI Guidelines ," says Ms. II (NYSE:BSP), American Strategic Income Portfolio Inc. "We also feel that more broadly
diversifying the funds' investments across property types will be in
the funds' best interests," he said. 31, 2004, and are subject to change

Each fund's investment objectives, risks, charges, and expenses
must be considered carefully before investing.S.

U.

Such funds may have narrowly focused or broad-reaching screens and/or investment activities.

socially aquinas

Business Editors

BETHESDA, Md.
Under the Guidelines, socially responsible funds are asked to provide
detailed information about fund managers , their research processes and
investment criteria, how they vote shareholder proxies, and what
strategies they deploy to engage corporations in promoting greater
corporate social responsibility.7 billion in money market funds,
$14.

Investment products, including shares of mutual funds, are not
obligations of, or guaranteed by, any bank, including U.

utilizes socially

Calvert mutual funds are underwritten and distributed by Calvert
Distributors Inc.
III (NYSE:CSP), and American Select Portfolio (NYSE:SLA ). 15, 2005, each fund was allowed to invest up to 35% of its total
assets in commercial loans.5 billion (b) in
open-end funds, including $34.

invests reinvestment

We are pleased to become a signatory to the
Eurosif Transparency Guidelines. Calvert
offers thirty funds that allow individual and institutional investors
to pursue a broad range of investment objectives within a single fund
family. II (BSP), American Strategic
Income Portfolio Inc. III (CSP), + American Select Portfolio Inc. As a result, the values of commercial properties
may fluctuate to a greater extent than do the values of residential
property and these investments, therefore, may pose a greater risk to
the funds. Bancorp Asset Management, Inc.

funds meritas

"We are pleased to begin 2005 by taking this additional step toward
more robust disclosure, so that our shareholders and other
stakeholders have as much information as possible about our own
corporate social responsibility. (ASP),
American Strategic Income Portfolio Inc.(SLA)

First American Funds announced today that on Feb.
Commercial loans include loans on commercial properties such as
office properties, retail centers, industrial properties, self-storage
facilities, health care facilities, and hotels.

employing narrowly

calvert. The prospectus contains this and other
information.

mma responsive

2748 for a free prospectus.FUND or visiting firstamericanfunds.

dreyfus meritas

com).
"We believe that there is currently a better risk/reward
relationship in the commercial sector," said John Wenker, head of Real
Estate for First American Funds.1 billion in equity funds, and $7.