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Two First American AAA-Rated Money Market Funds Now Rated AAA/V-1+ by Fitch

First American Prime Obligations Fund and First American Treasury Obligations Fund Add Fitch AAA/V-1+ Rating to Triple-A Ratings by S&P and Moody's

MINNEAPOLIS, Sept. 11 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., announced today that the First American Prime Obligations Fund and First American Treasury Obligations Fund obtained an AAA/V-1+ rating by Fitch Ratings, effective July 28. Money market funds rated in this category carry the highest degree of credit quality and safety of principal. Both funds obtained a triple-A rating by Standard and Poors (S&P) and Moody's.

"The Fitch rating further reflects these two funds' high credit quality, conservative investment policies, and strong ability to provide shareholders with constant per-share valuations," said James Palmer, co-portfolio manager of the funds and managing director of money market funds at U.S. Bancorp Asset Management.

As part of the rating, U.S. Bancorp Asset Management will submit weekly portfolio valuation reports to Fitch for both funds. U.S. Bancorp Asset Management is the registered investment advisor of First American Funds.

About the Funds

The objective of both the First American Prime Obligations Fund and First American Treasury Obligations Fund is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.

The First American Prime Obligations Fund pursues its investment objective by investing in high-quality, short-term obligations. It had more than $16 billion in assets under management as of June 30, 2003, and is managed by Joseph Ulrey, James Palmer, Jeffrey Plotnik, and Marta Wenker.

The Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations and repurchase agreements secured by U.S. Treasury obligations. The fund had more than $12 billion in assets under management as of June 30, 2003, and is managed by Joseph Ulrey, James Palmer, Jeffrey Plotnik, and Marta Wenker.

Both funds seek to maintain a weighted average maturity (WAM) of all assets on a dollar-weighted basis of 60 days or less. As of June 30, 2003, the WAM was 48 days for the First American Prime Obligations Fund and 43 days for the Treasury Obligations Fund.

About Fitch Ratings

Fitch assigns the 'V-1+' volatility rating to distinguish money market funds that will maintain stable principal values from bond funds that experience fluctuating net asset values but nevertheless carry 'AAA' credit ratings and/or 'V-1' volatility ratings. Bond funds are rated on a scale from 'V-1' (least volatile, but still displaying NAV variability) to 'V-10' (most volatile).

About First American Funds

The First American Funds mutual fund family is the fifth-largest bank- affiliated fund family in the United States, with more than $56 billion in open-end funds as of June 30, 2003. The funds are advised by U.S. Bancorp Asset Management.

About U.S. Bancorp Asset Management

U.S. Bancorp Asset Management is a national investment firm that serves as the registered investment advisor to First American Funds and provides customized portfolio management to private clients, corporations, public entities, nonprofit organizations, and other institutions. The firm is the 37th-largest asset manager* domiciled in the United Sates and one of the nation's leading money managers to institutions and individuals, with more than $123 billion in assets under management as of June 30, 2003. It is a performance-driven, independent-style firm, backed by the sources and stability of U.S. Bancorp (NYSE: USB), the eighth-largest financial services holding company in the United States, with assets of $195 billion as of June 30, 2003.

* Figures are as of December 31, 2002, and are subject to change.

For a prospectus containing more complete information on First American Funds, including investment policies, risks, fees, and expenses, please contact your investment professional, call First American Funds Investor Services at 800.677.FUND, or visit firstamericanfunds.com . Please read the prospectus carefully before you invest or send money.

Fitch's money market ratings are an assessment of a fund's safety of invested principal and ability to maintain a stable market value of its shares. Ratings are based on an evaluation of several factors, including credit quality, diversification, and maturity of assets in the portfolio, as well as management strength and operational capabilities.

An AAA rating by Standard & Poor's is obtained after S&P evaluates a number of factors, including credit quality, market price, exposure, and management. Money market funds rated Aaa by Moody's are judged to be of an investment quality similar to Aaa-rated fixed income obligations, that is, they are judged to be of the best quality.

Mutual fund investing involves risk; principal loss is possible. An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.

Investment products, including shares of mutual funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank or any U.S. Bancorp affiliate, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency. An investment in such products involves investment risk, including possible loss of principal.

U.S. Bancorp Asset Management, Inc., serves as the investment advisor to First American Funds. First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

SOURCE U.S. Bancorp Asset Management, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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