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First American Funds Board Approves Appointment of JPMorgan as Sub-Advisor to the First American International Fund
     The Appointment Is Subject to the Approval of the Fund's Shareholders

MINNEAPOLIS, Sept. 27 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management announced today that on Sept. 16, 2004, the board of directors of First American Investment Funds, Inc. (First American Funds) approved the appointment of J.P. Morgan Investment Management Inc. (JPMorgan) as the sub- advisor to the First American International Fund, subject to the approval of the shareholders of the Fund. U.S. Bancorp Asset Management is the registered investment advisor of First American Funds.

A shareholder meeting to vote on the appointment of JPMorgan has been tentatively scheduled for Dec. 7, 2004. Assuming shareholder approval is obtained, JPMorgan is expected to assume management of the Fund from the Fund's current sub-advisor, Clay Finlay, Inc., shortly after the shareholder meeting. A proxy statement containing detailed information concerning JPMorgan will be provided to the First American International Fund's shareholders before they are asked to vote on JPMorgan's appointment.

J.P. Morgan Investment Management Inc. is a registered investment adviser under JPMorgan Fleming Asset Management, which had $570 billion in assets under management as of June 30, 2004. The firm, which is based in New York City, was founded in 1838 and is the marketing name of the asset management business of JPMorgan Chase & Co., a publicly traded company (NYSE: JPM).

James Fisher heads the JPMorgan team that will manage the First American International Fund. He is a senior portfolio manager and managing director of the firm's global portfolio group based in London. He joined the firm in 1985.

JPMorgan uses a bottom-up investment strategy that combines local market insight with global sector comparisons. The process begins with stock rankings at the local level, where stocks are evaluated by JPMorgan's regional investment teams based on business, financial, management, and valuation factors. A team of London-based portfolio managers then selects stocks from among those that are ranked highly at the local level using global sector analysts' recommendations. This team's stock selections also take into account country and region weightings vis-a-vis the Fund's benchmark.

About First American Funds

The First American Funds mutual fund family is the fifth-largest bank- proprietary fund family in the United States, with more than $55.3 billion* in 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 the 37th-largest asset manager** domiciled in the United Sates and the fourth- largest bank-proprietary asset manager,*** with more than $122 billion* in assets under management. It is a performance-driven, independent-style firm, backed by the sources and stability of U.S. Bancorp (NYSE: USB), the sixth- largest financial services holding coopany in the United States, with total assets of $190 billion.*

    *Figures are as of June 30, 2004, and are subject to change.
    **Pensions and Investments, Dec. 22, 2003
    ***Strategic Insight, July 2004

Each 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 http://firstamericanfunds.com . Read the prospectus carefully before investing.

International investing involves risks not typically associated with domestic investing, including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, foreign government regulations, currency exchange rates, limited liquidity and volatile prices. The risks of international investing are particularly significant in emerging markets.

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.

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-                             09/27/2004
    /CONTACT: Cheryl B. Stone, Vice President, Public Relations, of U.S.
Bancorp Asset Management, +1-612-303-5657; or Kristen Batteria of JPMorgan
Media Relations, +1-212-837-2109/
    (USB JPM)

CO:  U.S. Bancorp Asset Management, Inc.; J.P. Morgan Investment Management
     Inc.; U.S. Bancorp; First American Investment Funds, Inc.; JPMorgan Chase
     & Co.
ST:  Minnesota

-- CGM013 --
7981 09/27/2004 06:01 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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