U.S. Bancorp Asset Management Names Jose (Tony) Rodriguez as New Head of Fixed Income

July 15, 2002

MINNEAPOLIS, July 15 /PRNewswire-FirstCall/ -- U.S. Bancorp AssetManagement today announced that it has named Jose (Tony) Rodriguez as seniormanaging director and head of fixed income.  Rodriguez, who joins the firmfrom Credit Suisse Asset Management in New York, will be responsible for theinvestment process and performance of the fixed income group, which includesnearly $29 billion* of fixed-income assets under management.  In addition, hewill become a member of the firm's Investment Policy Committee, which isresponsible for developing and maintaining investment philosophy and process.

Rodriguez' appointment is part of a long-planned, broadly communicatedprocess of consolidating the leadership of the fixed-income team, according toChief Executive Officer Tom Schreier.  The team has gained prominence underits prior leadership, which included Bruce Salvog, who is in the process oftransitioning to retirement, Schreier said.

Rodriguez, who has more than 18 years of investment management experience,was director and head of global corporate bonds for Credit Suisse AssetManagement from 1999 to 2002.  Previous to that, he was managing director andhead of corporate bonds for Prudential Global Asset Management in Newark,N.J., where he worked in various capacities since 1988.  He also worked as aportfolio manager for General Electric Investment Corporation in Stamford,Conn., and in various financial management capacities for General ElectricCompany in Fairfield, Conn.  He has an M.B.A. from New York University and aB.A. in economics from Lafayette College in Easton, Pa.

We're excited that Tony will be heading up our world-class fixed-incomeinvestment team, said Chief Investment Officer Mark Jordahl.  He has stronginvestment and leadership abilities, and very importantly, he fits well in ourperformance-driven and collaborative, team-oriented culture.  We're verypleased to welcome him to our investment-management team.

Rodriguez will assume his duties with the firm on July 29.  He will belocated at the firm's headquarters office in Minneapolis.

About U.S. Bancorp Asset Management

With $116.9 billion** in assets under management, U.S. Bancorp AssetManagement is the 40th largest asset manager in the world and one of thenation's leading money managers to institutions and individuals.  The firmprovides portfolio management to corporations, public entities, nonprofit andother institutions, as well as advising the First American family of mutualfunds and providing customized portfolio management for private clients.

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiaryof U.S. Bank National Association.  It provides investment management servicesto individuals and institutions -- including corporations, nonprofitorganizations, public entities and labor unions -- which had combined assetsunder management of $116.9 billion as of June 30, 2002.  The firm has officesin Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattleand Denver.

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

For a prospectus containing more complete information on First AmericanFunds, including risks, fees and expenses, please contact your investmentprofessional, call First American Funds investor services at 800-677-FUND, orvisit us on the web at www.firstamericanfunds.com .  Please read theprospectus carefully before you invest or send money.

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

First American Funds are distributed by Quasar Distributors, LLC, anaffiliated company. 07/02

Investment products, including shares of mutual funds, are not obligationsof, or guaranteed by, any bank, including U.S. Bank or any U.S. Bancorpaffiliate, nor are they insured by the Federal Deposit Insurance Corporation,the Federal Reserve Board or any other agency.  An investment in such productsinvolves investment risk, including possible loss of principal.

*Fixed-income assets under management as of June 30, 2002

**Assets as of June 30, 2002



SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             07/15/2002

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

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


CO:  U.S. Bancorp Asset Management, Inc.
ST:  Minnesota

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5863 07/15/2002 06:01 EDT http://www.prnewswire.com


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