Fund Placed First Against 107 Funds in Lipper's California Municipal Funds
MINNEAPOLIS, March 17 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management, Inc., announced today that the First American California Tax Free
Fund (Class Y) was awarded the Lipper Fund Award 2004* in the California
Municipal Debt Funds category. Doug White, CFA, head of tax-free fixed income,
and Michael Hamilton, the Fund's manager, accepted the first-place trophy at
the Lipper Fund Awards ceremony in New York on March 16. Christopher Drahn,
CFA, is the co-manager of the Fund.
Lipper presents this award annually to the fund in each Lipper
classification that achieved the highest Consistent Return scores. A fund's
Consistent Return score evaluates its risk-adjusted returns, adjusted for
volatility, relative to peers, for the period ended Dec. 31, 2003. The Fund
was chosen from among 107 funds.
"We're very pleased to have received recognition for our efforts to
provide investors with consistent returns in the First American California Tax
Free Fund," White said.
In addition, the First American California Tax Free Fund (Class Y)
received a 5-Star Overall Morningstar Rating(TM)** among 124 municipal
California long funds overall for the period ended Jan. 31, 2004 (derived from
a weighted average of the fund's three-year risk-adjusted return measures).
The Fund also received a 5-Star rating among 124 funds for the three-year
period ended January 31, 2004 (based on risk-adjusted returns.)
About U.S. Bancorp Asset Management's Tax-Free Fixed-Income Products
The First American California Tax Free Fund is one of 14 tax-free bond
funds managed by a team of four fixed-income portfolio managers, three
municipal credit analysts, and three traders. The team manages more than
$3.8 billion*** in tax-exempt assets and executes transactions for an
additional $3.5 billion*** Overall, the team oversees three national and 11
state-specific open-end municipal bond funds, three closed-end funds, and a
variety of separate accounts.
About the Fund Team
Doug White, CFA, head of tax-exempt fixed income, oversees the tax-exempt
fixed-income team. He has 21 years of financial industry experience, including
19 years in portfolio management. White received a B.A. from Carleton College
and an M.B.A. in finance from the University of Minnesota.
Michael Hamilton, senior fixed-income portfolio manager, manages tax-
exempt fixed-income portfolios, including mutual funds, and oversees fixed-
income trading and portfolio management in the Pacific Northwest region. He
has 15 years of financial industry experience, including 12 years of portfolio
management. Hamilton received a B.A. from Albertson's College of Idaho and an
M.B.A. from Western Washington University.
Christopher Drahn, CFA, is a senior fixed-income portfolio manager and has
24 years of financial industry experience. He currently manages a number of
tax-exempt fixed-income portfolios, including mutual funds. He also oversees
municipal bond trading for private accounts. He received a B.A. from Wartburg
College and an M.B.A. in finance from the University of Minnesota.
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 $57.6 billion***
in open-end funds. 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 $127 billion*** in assets under management. 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 $189 billion.***
* Lipper Fund Awards are not intended to predict future results, and
Lipper does not guarantee the accuracy of this information. Lipper is a
leading global mutual fund research firm.
** Copyright 2004 by Morningstar, Inc. All Rights Reserved. The
information contained herein: (1) is proprietary to Morningstar; (2)
may not be copied or distributed; and (3) is not warranted to be
accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from any
use of this information. Past performance does not guarantee future
results. Morningstar, Inc., is not affiliated with First American
Morningstar's Risk-Adjusted Ratings are independent ratings that bring
performance (returns) and risk together into one evaluation. Often
simply called the Star Rating, the Morningstar Risk-Adjusted Rating is
intended to be a way to identify funds that have produced the highest
level of returns relative to the risks they've taken. For each fund
with at least a three-year history, Morningstar calculates a
Morningstar Rating(TM) (based on a Morningstar Risk-Adjusted Return
measure that accounts for variation in a fund's monthly performance,
including the effects of sales charges, loads, and redemption fees),
placing more emphasis on downward variations and rewarding consistent
performance. The top 10% of funds in each category receive 5 stars, the
next 22.5% receive 4 star, the next 35% receive 3 stars, the next 22.5%
receive 2 stars, and the bottom 10% receive 1 star. (Each share class
is counted as a fraction of one fund within this scale and rated
separately, which may cause slight variations in the distribution
***Figures are as of Dec. 31, 2003, and are subject to change.
The fund's investment objectives, risks, charges, and expenses must be
considered carefully before investing. The prospectus contains this and other
important information about First American Funds, and it may be obtained by
calling First American Investor Services at 800.677.FUND or visiting
firstamericanfunds.com . Read the prospectus carefully before investing.
Income from tax-exempt Funds may be subject to state and local taxes and a
portion of income may be subject to the federal alternative minimum tax for
certain investors. Federal income tax rules will apply to any capital gains
distributions. Mutual fund investing involves risk; principal loss is
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.
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.