January 13, 2000

Standard & Poor's Includes First Funds

Growth & Income Portfolio in Its ``Select Funds'' Research Series

MEMPHIS, Tenn.--Jan. 13, 2000--Standard & Poor's Corp. has included the First Funds Growth & Income Portfolio I, II and III in its large-cap blend Select Funds, a series of extensive research papers published on a select group of mutual funds.

"First Funds takes pride in being recognized by the Select Funds research," said Edward Goldstein, co-portfolio manager of the First Funds Growth & Income Portfolio. "S&P analysts examine each fund carefully for the highest measure of excellence and performance. Only a well-managed fund that can support its performance with a defined, consistently implemented investment philosophy earns S&P's Select Fund status."

In reviewing First Funds, Standard & Poor's receives portfolio holdings and other key information each month. In addition, the relationship between management quality and market performance is assessed to provide investment professionals with access to high caliber mutual fund research.

First Tennessee Bank is the investment advisor to the Portfolio. Highland Capital Management Corp. manages the investments as the sub-advisor. Edward Goldstein, executive vice president of Highland Capital, has co-managed the Growth & Income Portfolio since July 1994. David Thompson, CFA, senior vice president at Highland, has co-managed the Portfolio since 1995.

The Portfolio has grown 600 percent over the past four years to more than $1 billion in total assets. The success of the fund is attributed to the portfolio managers' investment strategy and the distribution efforts of First Funds.

First Funds Family of Mutual Funds consists of nine portfolios. Total assets in First Funds are nearly $2 billion. For more information about First Funds, including charges and expenses, obtain a prospectus from ALPS Mutual Funds Services, Inc., member NASD, distributor of First Funds, 370 17th Street, Suite 3100, Denver, Colorado 80202, or call 800/442-1941. Read the prospectus carefully before investing or sending money. First Funds are not insured by the FDIC or any other governmental agency, are not bank deposits or other obligations of or guaranteed by First Tennessee Bank National Association or any of its affiliates, and involve investment risks, including the possible loss of the principal amount invested.


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