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Tom Gunderson Named New Lead Manager of the First American Large Cap Growth Opportunities Fund

MINNEAPOLIS, Dec. 16 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today announced that it has named Tom Gunderson, CFA, as the new lead manager of the First American Large Cap Growth Opportunities Fund, which had more than $1.2 billion in assets under management as of Sept. 30, 2003. Gunderson joins the mid- and large-cap growth team headed by Dave Lettenberger, with Hal Goldstein continuing on the team as co-manager of the Large Cap Growth Opportunities Fund.

Gunderson, who has 20 years of investment experience, joins the firm from Advantus Capital Management in St. Paul, where he has managed large-cap growth portfolios since 1994 and has been a portfolio manager since 1988. Gunderson has an M.B.A. in finance from the University of Michigan and a B.A. in economics from St. Olaf College. He has been a chartered financial analyst since 1987.

"We're very excited that Tom will be heading up our Large Cap Growth Opportunities Fund," said David Chalupnik, head of equities for U.S. Bancorp Asset Management. "We believe he'll fit well within our investment culture."

Gunderson assumed his duties on December 1 at the firm's Minneapolis headquarters.

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.

About U.S. Bancorp Asset Management

With more than $122 billion* in assets under management, U.S. Bancorp Asset Management is the 37th-largest asset manager domiciled in the United States 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, 2003

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 more than $122 billion as of Sept. 30, 2003. 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, 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, risks, fees and expenses, please contact your investment professional, call First American Funds investor services at 800.677.FUND, or visit us at firstamericanfunds.com . Please read the prospectus carefully before you invest or send money.

Mutual fund investing involves risk; principal loss is possible. 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.

SOURCE U.S. Bancorp Asset Management, Inc.

"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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