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New Legal and Compliance Heads Join U.S. Bancorp Asset Management
 Charles Manzoni Named New General Counsel; Doug Paul Named Chief Compliance

MINNEAPOLIS, July 27 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management announced today that it has named Charles Manzoni as its new general counsel. Manzoni joins the firm from Gardner, Carton & Douglas, a Chicago law firm that, until recently, was the independent counsel for the mutual funds advised by U.S. Bancorp Asset Management. The firm also announced that Doug Paul has been named new chief compliance officer. He was previously a partner at the Kirkpatrick & Lockhart law firm in San Francisco.

Charles Manzoni -- Manzoni, with more than 30 years of securities law experience, will be responsible for all legal and compliance issues involving Asset Management and First American products. In addition to more than 20 years of experience in private practice at Gardner, Carton & Douglas, Manzoni served as executive vice president and general counsel for Zurich Kemper Investments, where he managed a legal staff and was responsible for oversight of a variety of legal functions, including acquisitions, regulatory compliance, litigation, contract negotiations, and employee benefits. Manzoni received J.D. and B.A. degrees from the University of Santa Clara and began his legal career with the Securities and Exchange Commission in Washington, D.C. He is an expert in securities law and serves as an adjunct professor in the Financial Services Law Program sponsored by ITT Chicago-Kent College of Law.

Doug Paul -- Paul, with more than 22 years of experience, is well known in the financial industry for his expertise in compliance management and investment law. He was a member of the investment management practice group in Kirkpatrick & Lockhart's San Francisco office. Prior to that, he served as director of compliance and associate general counsel at American Century Investments in Mountain View, Calif. He also served as general counsel and director of compliance at the Benham Group in California. Paul received a J.D. degree from the University of Santa Clara, a Ph.D. from the University of Madison-Wisconsin, an M.Ed. from Boston College, and a B.S. from Northwestern University.

"Both Charlie and Doug are eminently qualified to head our legal and compliance departments," said Tom Schreier, chief executive officer of U.S. Bancorp Asset Management. "Their expertise and capability uniquely position them to lead and enhance these strategically important functions."

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 June 30, 2004

The fund's 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.

Mutual fund investing involves risk; principal loss is possible.

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.

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.
    -0-                             07/27/2004
    /CONTACT:  Cheryl B. Stone, Vice President, Public Relations of U.S.
Bancorp Asset Management, +1-612-303-5657/

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

-- CGTU039 --
8055 07/27/2004 06:00 EDT http://www.prnewswire.com
"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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