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Two New First American Funds Launch in October U.S. Bank Common Trust Funds Merge Into New First American Intermediate Government Bond Fund and Short Tax Free Fund

MINNEAPOLIS, Nov. 6 /PRNewswire-FirstCall/ -- The First American Funds family of mutual funds launched two new fixed-income funds October 25 when two U.S. Bank common trust funds underwent a tax-free merger into two new First American funds. The former U.S. Government Bond Fund became the new First American Intermediate Government Bond Fund, and the former Tax-Exempt Bond Fund became the new First American Short Tax Free Fund. The funds are managed by U.S. Bancorp Asset Management, a subsidiary of U.S. Bank and the registered investment advisor of First American Funds.

First American Intermediate Government Bond Fund. The new $530 million Intermediate Government Bond Fund (Class A - FIGAX, Class Y - FYGYX) is designed to provide investors with preservation of capital and current income that is exempt from state income tax. The Fund is federally taxable and invests primarily in securities issued or guaranteed by the U.S. government or its agencies. Under normal market conditions, the Fund attempts to maintain an effective duration between two-and-a-half and seven years and a weighted- average effective maturity between three and 10 years.

The Intermediate Government Bond Fund will be compared to funds within the Lipper Short-Intermediate U.S. Government Funds peer group. Its benchmark is the Lehman Intermediate U.S. Treasury Index.

First American Short Tax Free Fund. With $322 million in assets under management, the new Short Tax Free Fund (Class A - FSHAX, Class Y - FSHYX) is designed to provide preservation of capital and current income that is exempt from federal income tax. The Fund invests primarily in investment-grade municipal securities. No more than 20 percent of the Fund may be invested in securities that are subject to minimum tax. The Fund's benchmark is the Lehman Three-Year Municipal Bond Index, and it will be compared with funds in the Lipper Short Municipal Debt Funds peer group.

Both the Intermediate Government Bond Fund and Short Tax Free Fund may be appropriate for investors who desire:

    -- Monthly income;
    -- Limited risk of share price fluctuation and principal loss;
    -- Reduced risk and exposure to volatile equity markets; and
    -- Diversification, liquidity and active professional management.

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiary of U.S. Bank National Association ("U.S. Bank"). 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 more than $111 billion as of Sept. 30, 2002. The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle, and Denver.

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 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. Income from tax-exempt funds may be subject to state and local taxes, and a portion of income may be subject to the state and federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.

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

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.; First American Funds

"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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