General Investing >> Money Manager Interviews >> November 22, 2004

J.MELQUIST / J.WENKER – U.S. BANCORP ASSET MANAGEMENT

JULENE R. MELQUIST is a co-manager at u.s. bancorp asset management of the Real Estate Securities product, which invests primarily in equity real estate investment trusts. She has 15 years of financial industry experience. Ms. Melquist, who joined the firm in 1994, previously was a retail investment executive at Kidder Peabody. She received a BA in accounting from Gustavus Adolphus College and an MBA in finance from the University of St. Thomas. Profile
JOHN G. WENKER is the lead manager at u.s. bancorp asset management of the Real Estate Securities team, as well as the Real Estate Securities product, which invests primarily in equity real estate investment trusts. In addition, he oversees the Whole Loan Mortgage team. Mr. Wenker joined the firm in 1992 as a managing director of the Fixed Income department. He has 21 years of financial industry experience, including 12 years in portfolio management. Previously, he was director of Revitalization Resources at the Minneapolis Community Development Agency. He also has four years of experience at a regional investment- banking firm. Mr. Wenker has a BA in public administration from Metropolitan State University and an MBA in finance from the University of St. Thomas. Profile
TWST: Could you give us an overview of U.S. Bancorp Asset Management and

its investment philosophy?

Ms. Melquist: U.S. Bancorp Asset Management, Inc. ('USBAM') is a

registered investment