The Appointment Is Subject to the Approval of the Fund's Shareholders
MINNEAPOLIS, Sept. 27 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management announced today that on Sept. 16, 2004, the board of directors of
First American Investment Funds, Inc. (First American Funds) approved the
appointment of J.P. Morgan Investment Management Inc. (JPMorgan) as the sub-
advisor to the First American International Fund, subject to the approval of
the shareholders of the Fund. U.S. Bancorp Asset Management is the registered
investment advisor of First American Funds.
A shareholder meeting to vote on the appointment of JPMorgan has been
tentatively scheduled for Dec. 7, 2004. Assuming shareholder approval is
obtained, JPMorgan is expected to assume management of the Fund from the
Fund's current sub-advisor, Clay Finlay, Inc., shortly after the shareholder
meeting. A proxy statement containing detailed information concerning JPMorgan
will be provided to the First American International Fund's shareholders
before they are asked to vote on JPMorgan's appointment.
J.P. Morgan Investment Management Inc. is a registered investment adviser
under JPMorgan Fleming Asset Management, which had $570 billion in assets
under management as of June 30, 2004. The firm, which is based in New York
City, was founded in 1838 and is the marketing name of the asset management
business of JPMorgan Chase & Co., a publicly traded company (NYSE: JPM).
James Fisher heads the JPMorgan team that will manage the First American
International Fund. He is a senior portfolio manager and managing director of
the firm's global portfolio group based in London. He joined the firm in 1985.
JPMorgan uses a bottom-up investment strategy that combines local market
insight with global sector comparisons. The process begins with stock rankings
at the local level, where stocks are evaluated by JPMorgan's regional
investment teams based on business, financial, management, and valuation
factors. A team of London-based portfolio managers then selects stocks from
among those that are ranked highly at the local level using global sector
analysts' recommendations. This team's stock selections also take into account
country and region weightings vis-a-vis the Fund's benchmark.
About First American Funds
The First American Funds mutual fund family is the fifth-largest bank-
proprietary fund family in the United States, with more than $55.3 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 the fourth-
largest bank-proprietary asset manager,*** with more than $122 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 sixth-
largest financial services holding coopany in the United States, with total
assets of $190 billion.*
*Figures are as of June 30, 2004, and are subject to change.
**Pensions and Investments, Dec. 22, 2003
***Strategic Insight, July 2004
Each 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
http://firstamericanfunds.com . Read the prospectus carefully before
International investing involves risks not typically associated with
domestic investing, including risks of adverse currency fluctuations,
potential political and economic instability, different accounting standards,
foreign government regulations, currency exchange rates, limited liquidity and
volatile prices. The risks of international investing are particularly
significant in emerging markets.
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.
/CONTACT: Cheryl B. Stone, Vice President, Public Relations, of U.S.
Bancorp Asset Management, +1-612-303-5657; or Kristen Batteria of JPMorgan
Media Relations, +1-212-837-2109/
CO: U.S. Bancorp Asset Management, Inc.; J.P. Morgan Investment Management
Inc.; U.S. Bancorp; First American Investment Funds, Inc.; JPMorgan Chase
IN: FIN MFD
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7981 09/27/2004 06:01 EDT http://www.prnewswire.com