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Sixteen First American Funds Designated as 'Lipper Leaders' Span The

Asset-Class Spectrum

Seven Funds Recognized for 'Consistent Return' and Nine Funds Recognized For


MINNEAPOLIS, June 12 /PRNewswire-FirstCall/ -- From micro cap to large cap, corporate bond to municipal bond, 16 First American Funds from a wide range of asset classes were recently designated as Lipper Leaders by Lipper Analytical Services.  Seven of the funds were designated as leaders in Lipper's consistent return category and nine as leaders in Lipper's preservation category for the three years ended April 30, 2002, according to U.S. Bancorp Asset Management, Inc., asset manager for First American Funds. (Refer to the funds' one- and five-year returns below.)

The breadth of products represented in the 'Lipper Leaders' categories underlines our commitment to leading performance across all asset classes of our fund family, said Chief Investment Officer Mark Jordahl.  First American Funds include 51 funds* totaling $55 billion in assets under management as of March 31, 2002.

Consistent Return Leaders

Seven First American funds were designated as Lipper Leaders for consistent return -- the Micro Cap (Class A,B,Y), Mid Cap Core (Class A,B,Y), Minnesota Tax Free (Class A,Y), Oregon Intermediate Tax Free (Class Y), Tax Free (Class Y), Colorado Intermediate Tax Free (Class A,Y) and Large Cap Core (Class A,B,Y).  These are funds that have provided superior consistency and risk-adjusted returns relative to other funds within the same Lipper classification, according to Lipper's Web site at http://www.lipperleaders.com  .

Funds were compared in their asset classes and peer groups on the consistency of their performance trend and return adjusted for historical downside nver.

U.S. Bancorp Asset Management, Inc., serves as the investment advisor to First American Funds.  U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp (NYSE: USB), the eighth-largest financial services holding company in the United States and a leading provider of comprehensive banking, trust, investment and payment systems products and services. U.S. Bancorp is the parent company of U.S. Bank.

For a prospectus containing more complete information on First American Funds, including investment policies, fees and expenses, please contact your investment professional, call First American Funds investor services at 1-800-677-FUND, or visit us on the web at http://www.firstamericanfunds.com  . Please read the prospectus carefully before you invest or send money.

Mutual fund investing involves risk; principal loss is possible.  Past performance is no guarantee of future results.  The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Net asset value (NAV) total returns do not reflect deduction of the fund's sales charges.  Public offering price (POP) is based on the price at which shares are offered to the public and reflect the fund's NAV as increased by the maximum sales charge for purchases.  Total returns for Class A (POP) shares reflect maximum sales charge of 5.50% for all equity funds, 4.25% for Tax Free bond funds, 2.25% for Intermediate Term Bond, Short Term Bond, and Intermediate Tax Free bond funds.  Class A (POP) shares reflect 0% sales charge for all Money Market funds.  Class B shares have a maximum contingent deferred sales charge of 5.00%.  Total returns for Class B (POP) shares assume redemption at the end of each period, with a payment of any applicable contingent deferred sales charge.  Total returns for Class C (POP) reflect maximum sales charge of 1.00% and a maximum contingent deferred sales charge of 1.00%.  Class Y shares are available to certain accounts for which qualifying institutions act in a fiduciary, agency or custodial capacity. Class Y shares are sold without a sales charge or distribution fee. Investment performance assumes reinvestment of dividends and capital gains and reflects voluntary fee waivers in effect.  In the absence of such waivers, total returns would be reduced.

First American Funds are distributed by Quasar Distributors, LLC, an affiliated company.

Under no circumstances does information about Lipper rankings constitute a recommendation to buy or sell mutual funds.  Lipper Analytical Services, Inc., rankings are based on fund total returns for periods shown.  Rankings do not take into account sales charges.  Lipper Leader ratings copyright 2002, Reuters, All Rights Reserved.

Not FDIC Insured.  No Bank Guarantee.  May Lose Value.

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.

*First American Funds include four small-cap funds; three mid-cap; three large-cap; two international; three sector (health sciences, real estate, technology); three index; two growth and income; four asset allocation; eight bond; 13 tax-free bond; and six money-market funds.



SOURCE  First American Funds

    -0-                             06/12/2002

/CONTACT:  Cheryl Stone, Public Relations Manager of U.S. Bancorp Asset Management, +1-612-303-5657/

/Web site:  http://www.lipperleaders.com  /

/Web site:  http://www.firstamericanfunds.com  /


CO:  First American Funds; Lipper Analytical Services; U.S. Bancorp Asset

Management, Inc.

ST:  Minnesota

-- MNW003 --
7604 06/12/2002 06:01 EDT http://www.prnewswire.com

"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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