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Jim Greenawalt to Head Distribution for U.S. Bancorp Asset Management; Greenawalt Will Focus on Expanding Distribution of First American Funds and Institutional Investment Products

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 1, 2005--U.S. Bancorp Asset Management announced today that it has named Jim Greenawalt as its new head of distribution. Greenawalt will direct distribution for both First American Funds and the Institutional Advisory Group, effective August 1. He will also be a member of the firm's Operating Committee. Greenawalt's appointment comes at a time when U.S. Bancorp Asset Management is focused on expanding distribution of its Lipper award-winning First American mutual funds to third parties - including wire houses, regional brokerage firms, and financial advisory firms - and increasing its asset management presence in the institutional marketplace. Greenawalt has served as a senior consultant to the firm for the past nine months.

"Jim has a wealth of industry experience, and I am thrilled that he will continue to provide leadership and valued insight to our sales and relationship teams, as well as to the Operating Committee," said Tom Schreier, chief executive officer of U.S. Bancorp Asset Management and president of First American Funds. "His track record of successfully driving growth through retail mutual-fund channels, coupled with our product lineup, gives us immense confidence."

Greenawalt previously directed distribution for Calamos Investments in Chicago. He has also served as chief operating officer and president of Scudder Kemper Investments, Inc./Kemper Funds, director of sales and operations for Kemper Distributors, Inc., and senior vice president for Kemper Financial Services, Inc., in Chicago. Prior to that, he was vice president of telemarketing for Fidelity Investments in Dallas. Greenawalt was a captain and pilot in the U.S. Air Force and has a B.A. in geography from the University of North Carolina at Chapel Hill, N.C., and an M.Ed. degree in counseling from Valdosta State University in Valdosta, Ga.

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 nearly $122.3 billion in assets under management as of June 30, 2005.

About First American Funds

First American Funds is the 34th-largest(a) fund group in the United States with nearly $52.6 billion in assets under management as of June 30, 2005. It offers a broad array of mutual funds across a full spectrum of investment styles and share classes.

(a) Strategic Insight, June 2005

Each fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other information and may be obtained by calling 800.677.FUND or visiting firstamericanfunds.com. Read the prospectus carefully before investing.

Mutual fund investing involves risk; principal loss is possible. Investing in certain funds involves special risks, such as those related to investments in small- and mid-capitalization stocks, foreign, debt, and high-yield securities, and funds that focus their investments in a particular industry. Please refer to the prospectus for more details pertaining to these risks.

Lipper's "Best Overall" award is for three-year, risk-adjusted performance among 31 large U.S. fund groups for the period ended Dec. 31, 2004. The "Best Mixed Equity" award is for three-year, risk-adjusted performance among 32 large fund groups using a combination of stocks and bonds to achieve consistent return as of Dec. 31, 2004. Lipper determined the large fund group awards by averaging the decile rank of the three-year Consistent Return scores for all of the firm's funds within the asset class, and the eligible group with the lowest average decile rank received the award for that asset class. In case of a tie, the group with the lower average percentile rank received the award. Large fund groups with at least five equity, five bond, or three mixed-equity portfolios that received Consistent Return scores as of Dec. 31, 2004, are eligible for a fund group award in the respective asset class. Large fund groups with at least five equity, five bond, and three mixed-equity portfolios that received Consistent Return scores as of Dec. 31, 2004, are eligible for an overall fund group award. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

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.

CONTACT: U.S. Bancorp Asset Management
Cheryl B. Stone, 612-303-5657

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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