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First American Funds' Shareholders Approve Appointment of JPMorgan as Subadvisor to the First American International Fund
  The Fund Will Be Managed by London-based JPMorgan Fleming Asset Management

MINNEAPOLIS, Dec. 9 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management announced today that the shareholders of First American Investment Funds, Inc. (First American Funds) approved the appointment of J.P. Morgan Investment Management Inc. (JPMorgan) as the subadvisor to the First American International Fund. U.S. Bancorp Asset Management is the registered investment advisor of First American Funds. The appointment was approved at a shareholder meeting on Dec. 8, 2004. JPMorgan assumes management of the Fund from the Fund's previous subadvisor, Clay Finlay, Inc.

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 and Howard Williams lead the team that will manage the First American International Fund. James Fisher is a senior portfolio manager and managing director of JPMorgan's global portfolios group based in London. He joined the firm in 1985. Howard Williams is a managing director and head of JPMorgan's global portfolios group based in London. He joined the firm in 1994.

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 34th-largest* fund family in the United States, with more than $52.3 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, with more than $119 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 company in the United States, with total assets of $193 billion.**

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

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 firstamericanfunds.com. Read the prospectus carefully before investing.

Mutual fund investing involves risk; principal loss is possible.

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-                             12/09/2004
    /CONTACT:  Cheryl B. Stone, Vice President, Public Relations of
U.S. Bancorp Asset Management, +1-612-303-5657, Kristen Batteria of
JPMorgan Media Relations, +1-212-837-2109/
    /Web site:  http://www.firstamericanfunds.com /
    (USB JPM)

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

JR-AJ 
-- CGTH018 --
7221 12/09/2004 06:00 EST 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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