As of January 31, seven First American Funds have been sporting new names that better reflect the underlying investment strategies. The First American Small Cap Growth Opportunities Fund, formerly the First American Micro Cap Fund, was also reopened to new investors this past December.

Joe Frohna, CPA, CFA, has managed the First American Small Cap Growth Opportunities Fund since September 1997. This month, Brian Bies, CFA, joined Frohna as a co-manager of the fund. Bies has been an analyst for the fund since 2001.

Also, the Large Cap Core Fund is now the Large Cap Growth Opportunities Fund; the former Mid Cap Core Fund is now the Mid Cap Growth Opportunities Fund; the Small Cap Core Fund has emerged as the Small Cap Select Fund; the Fixed Income Fund was changed to the Core Bond Fund; U.S. Government Securities Fund is now the U.S. Government Mortgage Fund; and the Strategic Income Fund is now known as the High Income Bond Fund.

The Small Cap Growth Opportunities Fund, which had been closed since July 31, 2001, had assets of more than $297 million for all share classes as of Dec. 31, 2002. "The reopening of the fund provides investors with a competitive investment opportunity," said David Chalupnik, head of equities at U.S. Bancorp.

In December of last year, the fund broadened its eligible investment universe to include companies with market caps in the range of Russell 2000 Index (approximately $8 million to $1.8 billion) companies. Previously, the fund was generally limited to companies with market caps under $500 million.

"Despite the increase in market cap opportunities, the fund's investment approach will not change, and it will continue to have a market capitalization generally lower than the average small-cap growth fund," said Frohna. "This will make it possible to offer investors a competitive diversification vehicle for the small-cap portion of their portfolios." 

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