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New Small-Cap Equity Teams Named at U.S. Bancorp Asset Management New Small Cap

Growth Team Joins Firm From M&I's Marshall Funds, Allen Steinkopf Named Lead Manager of Small Cap Select Team

MINNEAPOLIS, April 26 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today announced that it has named Sean McLeod, CFA, as the new lead manager of the First American Small Cap Growth Opportunities Fund, which had more than $509 million in assets under management as of March 31, 2004. Robert McDougall, CFA, has been named co-manager. Both McLeod and McDougall join the firm from M&I Investment Corporation's Marshall Funds in Milwaukee, where McLeod served as the portfolio manager of the Small Cap Growth Fund and McDougall served as co-manager and senior equity analyst. The new team replaces Joe Frohna and Brian Bies, who left the firm in March.

U.S. Bancorp Asset Management also announced that Allen Steinkopf, CFA, has been named lead manager of the First American Small Cap Select Fund, which had more than $1.1 billion in assets under management of March 31, 2004. Steinkopf had previously been a technology analyst for the firm. He replaces John Potter, who left the firm in March.

Sean McLeod, CFA, has nine years of investment experience and served as portfolio manager of the Marshall Small Cap Growth Fund since 2000. Prior to that, he was a senior equity analyst on the Marshall Small and Mid Cap Growth funds and an equity analyst for Strong Capital Management in Menomonee Falls, Wis. He has an M.S. degree in finance and a B.A. degree in finance from the University of Wisconsin-Madison.

Rob McDougall, CFA, has 16 years of financial industry experience and served as a senior equity analyst for the Marshall Small Cap Growth Fund since 2000. Prior to that, he served as an equity analyst for the Marshall Large Cap Growth & Income Fund, a vice president of corporate finance for M&I Marshall & Ilsley Bank in Milwaukee, an assistant vice president for commercial lending at Norwest Bank in Milwaukee, and an assistant vice president for commercial lending at the Bank of Boston in Chicago. He has an M.B.A. in finance and accounting from the University of Chicago and a B.B.A. degree in finance and accounting from the University of Michigan.

Allen Steinkopf, CFA, has been a technology analyst at the firm since 2003 and has more than 11 years of industry experience. He previously co-managed the small-cap growth portfolio for Advantus Capital Management in St. Paul, and prior to that, was a senior equity analyst for small-cap growth and managed all technology exposure for small-cap growth portfolios. Steinkopf also co-managed a balanced fund, large-cap core portfolio, and large-cap growth portfolio for Advantus. He has an M.B.A. from the University of Minnesota and a B.A. in finance and mathematics from the University of Wisconsin-Eau Claire.

"We're delighted to have Sean, Rob, and Allen assume leadership of our small-cap growth and core equity products," said David Chalupnik, head of equities for U.S. Bancorp Asset Management. "They're all talented investment professionals who fit well in our investment culture."

McLeod, McDougall and Steinkopf assumed their duties on April 26 at the firm's Minneapolis headquarters.

About First American Funds

The First American Funds mutual fund family is the fifth-largest bank- affiliated fund family in the United States, with more than $56 billion* in 46 open-end funds. The funds are advised by U.S. Bancorp Asset Management.

About U.S. Bancorp Asset Management

U.S. Bancorp Asset Management is a national investment firm that serves as the registered investment advisor to First American Funds and provides customized portfolio management to private clients, corporations, public entities, nonprofit organizations, and other institutions. The firm is one of the nation's leading money managers, with more than $122 billion* in assets under management.

*Total assets listed as of March 31, 2004

The funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about First American Funds, and it may be obtained by calling First American Investor Services at 800.677.FUND or visiting firstamericanfunds.com . Read the prospectus carefully before investing.

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 (NYSE: USB) 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.

U.S. Bancorp Asset Management, Inc., serves as the investment advisor to First American Funds. First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

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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