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David Chalupnik Named New Head of Equities for U.S. Bancorp Asset Management

MINNEAPOLIS, Oct. 23 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management today announced that it has named David A. Chalupnik as its new head of equities.  Chalupnik, who joins the firm from Duff & Phelps Investment Management Co. in Chicago, will be responsible for the investment process and performance of the equities group, which includes approximately $38 billion of equity assets under management and more than 70 professionals and support staff.  In addition, he will become a member of the firm's Investment Policy Committee, which is responsible for developing and maintaining investment philosophy and process.  Chalupnik assumes the position from Marion Quade, who will continue to serve as a portfolio manager of the First American Large Cap Core Fund.

Chalupnik, who has more than 18 years of investment experience, served as chief investment officer of Duff & Phelps Investment Management Co. from 2000 to 2002.  Prior to that, he was head of the Equity Investment Division of Allstate Insurance Company in Northbrook, Ill.  He also managed large-cap and mid-cap portfolios for Allstate and served as assistant research director and a senior investment analyst.  He has M.B.A. and B.S. degrees from DePaul University in Chicago and is a C.F.A.

We're very excited that David will be heading up our equities investment team, said Chief Investment Officer Mark Jordahl.  He brings both passion and a disciplined approach to the investment process.  We believe that his excellent leadership abilities, adherence to fundamental research principles, performance orientation, and collaborative management style will fit well within our investment culture.

Chalupnik will assume his duties on Nov. 18.  He will maintain offices in both the Minneapolis headquarters office and Milwaukee.

About U.S. Bancorp Asset Management

With $112 billion* in assets under management, U.S. Bancorp Asset Management is the 42nd largest asset manager in the world and one of the nation's leading money managers to institutions and individuals.  The firm provides portfolio management to corporations, public entities, nonprofit and other institutions, as well as advising the First American family of mutual funds and providing customized portfolio management for private clients.

* Total assets listed as of Sept. 30, 2002

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiary of U.S. Bank National Association.  It provides investment management services to individuals and institutions -- including corporations, nonprofit organizations, public entities and labor unions -- which had combined assets under management of $112 billion as of Sept. 30, 2002.  The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle and Denver.

U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National Association (U.S. Bank), serves as the investment advisor to the First American Funds.  U.S. Bank 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 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.

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

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.

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SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             10/23/2002

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

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

(USB)

CO:  U.S. Bancorp Asset Management, Inc.
ST:  Minnesota
IN:  FIN MFD
SU:  PER

CK-ES
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9639 10/23/2002 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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