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First American California Tax Free Fund Receives Lipper Fund Award for 2004

Fund Placed First Against 107 Funds in Lipper's California Municipal Funds Debt Category

MINNEAPOLIS, March 17 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., announced today that the First American California Tax Free Fund (Class Y) was awarded the Lipper Fund Award 2004* in the California Municipal Debt Funds category. Doug White, CFA, head of tax-free fixed income, and Michael Hamilton, the Fund's manager, accepted the first-place trophy at the Lipper Fund Awards ceremony in New York on March 16. Christopher Drahn, CFA, is the co-manager of the Fund.

Lipper presents this award annually to the fund in each Lipper classification that achieved the highest Consistent Return scores. A fund's Consistent Return score evaluates its risk-adjusted returns, adjusted for volatility, relative to peers, for the period ended Dec. 31, 2003. The Fund was chosen from among 107 funds.

"We're very pleased to have received recognition for our efforts to provide investors with consistent returns in the First American California Tax Free Fund," White said.

In addition, the First American California Tax Free Fund (Class Y) received a 5-Star Overall Morningstar Rating(TM)** among 124 municipal California long funds overall for the period ended Jan. 31, 2004 (derived from a weighted average of the fund's three-year risk-adjusted return measures). The Fund also received a 5-Star rating among 124 funds for the three-year period ended January 31, 2004 (based on risk-adjusted returns.)

About U.S. Bancorp Asset Management's Tax-Free Fixed-Income Products

The First American California Tax Free Fund is one of 14 tax-free bond funds managed by a team of four fixed-income portfolio managers, three municipal credit analysts, and three traders. The team manages more than $3.8 billion*** in tax-exempt assets and executes transactions for an additional $3.5 billion*** Overall, the team oversees three national and 11 state-specific open-end municipal bond funds, three closed-end funds, and a variety of separate accounts.

About the Fund Team

Doug White, CFA, head of tax-exempt fixed income, oversees the tax-exempt fixed-income team. He has 21 years of financial industry experience, including 19 years in portfolio management. White received a B.A. from Carleton College and an M.B.A. in finance from the University of Minnesota.

Michael Hamilton, senior fixed-income portfolio manager, manages tax- exempt fixed-income portfolios, including mutual funds, and oversees fixed- income trading and portfolio management in the Pacific Northwest region. He has 15 years of financial industry experience, including 12 years of portfolio management. Hamilton received a B.A. from Albertson's College of Idaho and an M.B.A. from Western Washington University.

Christopher Drahn, CFA, is a senior fixed-income portfolio manager and has 24 years of financial industry experience. He currently manages a number of tax-exempt fixed-income portfolios, including mutual funds. He also oversees municipal bond trading for private accounts. He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota.

About First American Funds

The First American Funds mutual fund family is the fifth-largest bank- affiliated fund family in the United States, with more than $57.6 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 one of the nation's leading money managers to institutions and individuals, with more than $127 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 eighth-largest financial services holding company in the United States, with assets of $189 billion.***

     * Lipper Fund Awards are not intended to predict future results, and
       Lipper does not guarantee the accuracy of this information. Lipper is a
       leading global mutual fund research firm.

     ** Copyright 2004 by Morningstar, Inc. All Rights Reserved. The
       information contained herein: (1) is proprietary to Morningstar; (2)
       may not be copied or distributed; and (3) is not warranted to be
       accurate, complete or timely. Neither Morningstar nor its content
       providers are responsible for any damages or losses arising from any
       use of this information. Past performance does not guarantee future
       results. Morningstar, Inc., is not affiliated with First American
       Funds.

       Morningstar's Risk-Adjusted Ratings are independent ratings that bring
       performance (returns) and risk together into one evaluation. Often
       simply called the Star Rating, the Morningstar Risk-Adjusted Rating is
       intended to be a way to identify funds that have produced the highest
       level of returns relative to the risks they've taken.  For each fund
       with at least a three-year history, Morningstar calculates a
       Morningstar Rating(TM) (based on a Morningstar Risk-Adjusted Return
       measure that accounts for variation in a fund's monthly performance,
       including the effects of sales charges, loads, and redemption fees),
       placing more emphasis on downward variations and rewarding consistent
       performance. The top 10% of funds in each category receive 5 stars, the
       next 22.5% receive 4 star, the next 35% receive 3 stars, the next 22.5%
       receive 2 stars, and the bottom 10% receive 1 star. (Each share class
       is counted as a fraction of one fund within this scale and rated
       separately, which may cause slight variations in the distribution
       percentages.)

     ***Figures are as of Dec. 31, 2003, and are subject to change.

The 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.

Income from tax-exempt Funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions. Mutual fund investing involves risk; principal loss is possible.

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.

"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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