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First American Funds Renames Seven Funds

Name Changes Were Effective Jan. 31, 2003

MINNEAPOLIS, Feb. 5 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management announced today that it has renamed seven First American Funds, effective Jan. 31, 2003. The name changes better reflect each fund's investment strategy.

    The fund name changes are as follows:

    Existing First American               New fund name
     fund name                             effective January 31, 2003

    Large Cap Core Fund                   Large Cap Growth Opportunities Fund
    Mid Cap Core Fund                     Mid Cap Growth Opportunities Fund
    Micro Cap Fund                        Small Cap Growth Opportunities Fund
    Small Cap Core Fund                   Small Cap Select Fund
    Fixed Income Fund                     Core Bond Fund
    U.S. Government Securities Fund       U.S. Government Mortgage Fund
    Strategic Income Fund                 High Income Bond Fund

    About U.S. Bancorp Asset Management

With more than $113 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 Dec. 31, 2002

About First American Funds

The First American Funds family of mutual funds is the fifth-largest bank- affiliated mutual fund family in the United States.

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.

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, foundations, pension funds, public funds and retirement plans -- which had combined assets under management of more than $113 billion as of Dec. 31, 2002. The firm has offices in 22 states.

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.

First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

SOURCE U.S. Bancorp Asset Management

"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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