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

U.S. Bancorp Asset Management announced today that ithas named Jim Greenawalt as its new head of distribution. Greenawaltwill direct distribution for both First American Funds and theInstitutional Advisory Group, effective August 1. He will also be amember of the firm's Operating Committee. Greenawalt's appointmentcomes at a time when U.S. Bancorp Asset Management is focused onexpanding distribution of its Lipper award-winning First Americanmutual funds to third parties - including wire houses, regionalbrokerage firms, and financial advisory firms - and increasing itsasset management presence in the institutional marketplace. Greenawalthas served as a senior consultant to the firm for the past ninemonths.

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

Greenawalt previously directed distribution for CalamosInvestments in Chicago. He has also served as chief operating officerand president of Scudder Kemper Investments, Inc./Kemper Funds,director of sales and operations for Kemper Distributors, Inc., andsenior vice president for Kemper Financial Services, Inc., in Chicago.Prior to that, he was vice president of telemarketing for FidelityInvestments 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 NorthCarolina at Chapel Hill, N.C., and an M.Ed. degree in counseling fromValdosta State University in Valdosta, Ga.

About U.S. Bancorp Asset Management

U.S. Bancorp Asset Management is a national investment firm thatserves as the registered investment advisor to First American Fundsand provides customized portfolio management to private clients,corporations, public entities, nonprofit organizations, and otherinstitutions. 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 theUnited States with nearly $52.6 billion in assets under management asof June 30, 2005. It offers a broad array of mutual funds across afull spectrum of investment styles and share classes.

(a) Strategic Insight, June 2005

Each fund's investment objectives, risks, charges, and expensesmust be considered carefully before investing. The prospectus containsthis and other information and may be obtained by calling 800.677.FUNDor visiting firstamericanfunds.com. Read the prospectus carefullybefore investing.

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

Lipper's "Best Overall" award is for three-year, risk-adjustedperformance 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 acombination of stocks and bonds to achieve consistent return as ofDec. 31, 2004. Lipper determined the large fund group awards byaveraging the decile rank of the three-year Consistent Return scoresfor all of the firm's funds within the asset class, and the eligiblegroup with the lowest average decile rank received the award for thatasset class. In case of a tie, the group with the lower averagepercentile rank received the award. Large fund groups with at leastfive equity, five bond, or three mixed-equity portfolios that receivedConsistent Return scores as of Dec. 31, 2004, are eligible for a fundgroup award in the respective asset class. Large fund groups with atleast five equity, five bond, and three mixed-equity portfolios thatreceived Consistent Return scores as of Dec. 31, 2004, are eligiblefor an overall fund group award. Although Lipper makes reasonableefforts to ensure the accuracy and reliability of the data containedherein, the accuracy is not guaranteed by Lipper.

Investment products, including shares of mutual funds, are notobligations of, or guaranteed by, any bank, including U.S. Bank or anyU.S. Bancorp affiliate, nor are they insured by the Federal DepositInsurance Corporation, the Federal Reserve Board, or any other agency.An investment in such products involves investment risk, includingpossible loss of principal.

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