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| OMB Number: 3235-0570 |
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| Expires: November 30, 2005 |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05309
First American Investment Funds, Inc.
(Exact name of registrant as specified in charter)
800 Nicollet Mall, Minneapolis, MN |
| 55402 |
(Address of principal executive offices) |
| (Zip code) |
Charles D. Gariboldi 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-677-3863
Date of fiscal year end: September 30
Date of reporting period: September 30, 2004
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
Item 1. Report to Shareholders
2004 | |
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| TAX FREE |
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First American Tax Free Income Funds
First American Tax Free Income Funds are comprised of tax-exempt bonds, which are debt obligations issued by state and local governments, school districts, hospitals, and various other public entities to raise money for projects and services.
Like tax-exempt bonds, tax-free income funds (also known as municipal bond funds) provide income that is typically free from federal taxes. In some cases the income may be exempt from state and local taxes as well.
TABLE OF CONTENTS
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Report of Independent Registered Public Accounting Firm |
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Schedule of Investments |
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Statements of Assets and Liabilities |
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Statements of Operations |
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Statements of Changes in Net Assets |
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Financial Highlights |
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Notes to Financial Statements |
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Notice to Shareholders |
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Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the state and/or federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions. | |
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Mutual fund investing involves risk; principal loss is possible. | |
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NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
Message to SHAREHOLDERS November 15, 2004
Dear Shareholders:
We invite you to take a few minutes to review the results of the fiscal year ended September 30, 2004.
This report includes comparative performance graphs and tables, portfolio commentaries, complete listings of portfolio holdings, and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.
Also, through our website, firstamericanfunds.com, we provide quarterly performance fact sheets on all First American funds, the economic outlook as viewed by our senior investment officers, and other information about fund investments and portfolio strategies.
Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.
We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.
Sincerely,
| /s/ Virginia L. Stringer |
| /s/ Thomas S. Schreier |
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| Virginia L. Stringer | Thomas S. Schreier, Jr. | ||
| Chairperson of the Board | President | ||
| First American Investment Funds, Inc. | First American Investment Funds, Inc. |
1
Arizona Tax Free fund
Investment Objective: maximum current income that is exempt from both federal income tax and Arizona state income tax to the extent consistent with prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Arizona Tax Free Fund, Class Y shares, returned 5.85% for the fiscal year (Class A shares returned 5.50% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index*, returned 4.60%. Performance for the Fund's peer group, the Lipper Arizona Municipal Debt Funds Category Average, was 4.23%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure, credit quality, and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) with an emphasis on longer-term and shorter-term maturities. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligation bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare and housing.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in BBB and nonrated positions throughout the year, which had a positive impact on performance. One of the more significant positive impacts to performance was the prerefunding of a nonrated bond. The prepayment of the bond effectively eliminates credit risk resulting in price appreciation and shortens the duration of the bond.
What did not work for the Fund and why?
General obligation bonds negatively impacted performance as this sector broadly underperformed.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we gradually reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 74.6 | % | |||||
General Obligations | 21.3 | % | |||||
Certificates of Participation | 1.7 | % | |||||
Cash Equivalents | 1.2 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 50.8 | % | |||||
AA/Aa | 15.8 | % | |||||
A | 17.9 | % | |||||
BBB/Baa | 5.9 | % | |||||
Nonrated | 9.6 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
2
Arizona Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception4 | |||||||||||
1 year | 2/1/2000 | ||||||||||
Average annual return with sales charge (POP) | |||||||||||
Class A | 1.04 | % | 6.83 | % | |||||||
Class C | 4.17 | % | 7.40 | % | |||||||
Average annual return without sales charge (NAV) | |||||||||||
Class A | 5.50 | % | 7.82 | % | |||||||
Class C | 5.17 | % | 7.40 | % | |||||||
Class Y | 5.85 | % | 8.10 | % | |||||||
Lehman Municipal Bond Index3 | 4.60 | % | 7.55 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
2 Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
4 The performance since inception of the index for each class is calculated from the previous month end prior to the inception of the class.
FIRST AMERICAN FUNDS Annual Report 2004
3
Arizona Tax Free fund continued
Expense Example
As a shareholder of the Arizona Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,014.40 | $ | 3.78 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,012.40 | $ | 5.79 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.25 | $ | 5.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,015.70 | $ | 2.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.50 | $ | 2.53 |
1Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
4
California Intermediate Tax Free fund
Investment Objective: current income that is exempt from both federal income tax and California state income tax to the extent consistent with preservation of capital
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American California Intermediate Tax Free Fund, Class Y shares, returned 3.51% for the fiscal year (Class A shares returned 3.36% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 3.32%. Performance for the Fund's peer group, the Lipper California Intermediate Municipal Debt Funds Category Average, was 2.82%.
How did general economic and market conditions
affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
California's credit ratings and the value of its municipal debt had a volatile 12 months. By September, California managed to recapture an A rating from the three major rating agencies (Standard & Poor's, Moody's, and Fitch). All three agencies cited an improved liquidity outlook as a result of the sale of economic recovery bonds earlier in the year and a partial recovery in state tax revenues.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure, sector selection, and exposure to the state's general obligations and other state-backed bonds.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by de-emphasizing securities in the maturity range of two to five years. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
General obligation bonds had a positive impact on performance. These bonds typically participate nicely in market rallies and reflect generally improved perceptions of the health of state and local governments. Exposure to state-backed bonds had a positive impact on performance due to the upgrade of the state's credit rating. The healthcare sector was also a positive contributor to performance and is generally comprised of lower-rated investment-grade names.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund added holdings in various A and nonrated names throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
Shorter maturity bonds, while still posting positive returns, generally underperformed longer maturities due to the flattening of the yield curve.
What strategic moves were made by the Fund and why?
Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 67.8 | % | |||||
General Obligations | 22.3 | % | |||||
Certificates of Participation | 5.9 | % | |||||
Cash Equivalents | 2.9 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 50.9 | % | |||||
AA/Aa | 6.9 | % | |||||
A | 24.8 | % | |||||
BBB/Baa | 12.7 | % | |||||
Nonrated | 4.7 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
5
California Intermediate Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception3 | |||||||||||||||
1 year | 5 years | 8/8/1997 | |||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||
Class A | 1.08 | % | 5.13 | % | 4.75 | % | |||||||||
Average annual return without sales charge (NAV) | |||||||||||||||
Class A | 3.36 | % | 5.62 | % | 5.08 | % | |||||||||
Class Y | 3.51 | % | 5.74 | % | 5.17 | % | |||||||||
Lehman 7-Year Municipal Bond Index2 | 3.32 | % | 6.41 | % | 5.85 | % |
Value of a $10,000 Investment1 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.
2 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
3 The performance since inception of the index for each class is calculated from the month end following the inception of the class.
FIRST AMERICAN FUNDS Annual Report 2004
6
California Intermediate Tax Free fund continued
Expense Example
As a shareholder of the California Intermediate Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,012.80 | $ | 4.28 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,013.50 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.85% and 0.70% for Class A and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
7
California Tax Free fund
Investment Objective: maximum current income that is exempt from both federal income tax and California state income tax to the extent consistent with prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American California Tax Free Fund, Class Y shares, returned 5.19% for the fiscal year (Class A shares returned 4.93% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index*, returned 4.60%. Performance for the Fund's peer group, the Lipper California Municipal Debt Funds Category Average, was 4.64%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
California's credit ratings and the value of its municipal debt had a volatile 12 months. By September, California managed to recapture an A rating from the three major rating agencies (Standard & Poor's, Moody's, and Fitch). All three agencies cited an improved liquidity outlook as a result of the sale of economic recovery bonds earlier in the year and a partial recovery in state tax revenues.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were portfolio structure, sector selection, and exposure to the state's general obligation bonds.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by emphasizing securities in the longer-term and shorter-term maturities (less than two years). As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
The Fund emphasized revenue bonds vs. general obligation bonds for their additional yield benefits. General obligation bonds did perform nicely, however, as the market rallied over the past year reflecting generally improved perceptions of the health of state and local governments. Exposure to California's general obligation bonds had a positive impact on performance due to the upgrade of the state's credit rating. The healthcare sector was also a positive contributor to performance and is generally comprised of lower-rated investment-grade names.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund added holdings in various BBB and nonrated names throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
Shorter maturity bonds, while still posting positive returns, generally underperformed longer maturities due to the flattening of the yield curve.
What strategic moves were made by the Fund and why?
Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 65.5 | % | |||||
General Obligations | 28.4 | % | |||||
Certificates of Participation | 3.6 | % | |||||
Cash Equivalents | 1.3 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 53.0 | % | |||||
AA/Aa | 14.6 | % | |||||
A | 15.7 | % | |||||
BBB/Baa | 13.0 | % | |||||
Nonrated | 3.7 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
8
California Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception4 | |||||||||||
1 year | 2/1/2000 | ||||||||||
Average annual return with sales charge (POP) | |||||||||||
Class A | 0.44 | % | 6.89 | % | |||||||
Class C | 3.52 | % | 7.48 | % | |||||||
Average annual return without sales charge (NAV) | |||||||||||
Class A | 4.93 | % | 7.88 | % | |||||||
Class C | 4.52 | % | 7.48 | % | |||||||
Class Y | 5.19 | % | 8.13 | % | |||||||
Lehman Municipal Bond Index3 | 4.60 | % | 7.55 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
2 Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
4 The performance since inception of the index for each class is calculated from the previous month end prior to the inception of the class.
FIRST AMERICAN FUNDS Annual Report 2004
9
California Tax Free fund continued
Expense Example
As a shareholder of the California Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,019.70 | $ | 3.79 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,016.90 | $ | 5.80 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.25 | $ | 5.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,020.10 | $ | 2.53 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.50 | $ | 2.53 |
1Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
10
Colorado Intermediate Tax Free fund
Investment Objective: current income that is exempt from both federal income tax and Colorado state income tax to the extent consistent with preservation of capital
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Colorado Intermediate Tax Free Fund, Class Y shares, returned 3.29% for the fiscal year (Class A shares returned 3.12% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 3.32%. Performance for the Fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 2.45%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by de-emphasizing securities in the maturity range of two to five years. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-ye ar maturity range experienced relatively poorer price performance. The Fund also emphasized longer-term securities, which provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligation bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that most positively impacted performance were healthcare and tollways.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in BBB and nonrated names throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
The Fund remains a high-quality fund with more than 73% in AAA and AA rated bonds. Lower-quality securities outperformed higher-quality securities during the year that detracted from Fund performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's allowable duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 68.2 | % | |||||
General Obligations | 22.4 | % | |||||
Certificates of Participation | 7.5 | % | |||||
Cash Equivalents | 0.6 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 59.2 | % | |||||
AA/Aa | 13.9 | % | |||||
A | 3.2 | % | |||||
BBB/Baa | 11.0 | % | |||||
Nonrated | 12.7 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
11
Colorado Intermediate Tax Free fund continued
Annualized Performance1 as of September 30, 2004
1 year | 5 years | 10 years | |||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||
Class A | 0.75 | % | 5.18 | % | 5.23 | % | |||||||||
Average annual return without sales charge (NAV) | |||||||||||||||
Class A | 3.12 | % | 5.66 | % | 5.47 | % | |||||||||
Class Y | 3.29 | % | 5.77 | % | 5.48 | % | |||||||||
Lehman 7-Year Municipal Bond Index2 | 3.32 | % | 6.41 | % | 6.29 | % |
Value of a $10,000 Investment1 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.
2 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
FIRST AMERICAN FUNDS Annual Report 2004
12
Colorado Intermediate Tax Free fund continued
Expense Example
As a shareholder of the Colorado Intermediate Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,009.60 | $ | 4.27 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,009.50 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.85% and 0.70% for Class A and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
13
Colorado Tax Free fund
Investment Objective: maximum current income that is exempt from both federal income tax and Colorado state income tax to the extent consistent with prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Colorado Tax Free Fund, Class Y shares, returned 4.87% for the fiscal year (Class A shares returned 4.71% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index*, returned 4.60%. Performance for the Fund's peer group, the Lipper Colorado Municipal Debt Funds Category Average, was 4.19%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure, credit quality, and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) with an emphasis on longer-term and shorter-term maturities. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligation bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare, education, and resource recovery.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in A and nonrated positions throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
General obligation bonds negatively impacted performance as this sector broadly underperformed. Overweighting in the electric and transportation sectors also had a negative impact on the Fund's performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we gradually reduced the duration of the Fund to neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 70.1 | % | |||||
General Obligations | 16.2 | % | |||||
Certificates of Participation | 12.2 | % | |||||
Cash Equivalents | 0.2 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 60.0 | % | |||||
AA/Aa | 12.2 | % | |||||
A | 10.9 | % | |||||
BBB/Baa | 12.8 | % | |||||
Nonrated | 4.1 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
14
Colorado Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception4 | |||||||||||
1 year | 2/1/2000 | ||||||||||
Average annual return with sales charge (POP) | |||||||||||
Class A | 0.29 | % | 7.03 | % | |||||||
Class C | 3.21 | % | 7.61 | % | |||||||
Average annual return without sales charge (NAV) | |||||||||||
Class A | 4.71 | % | 8.02 | % | |||||||
Class C | 4.21 | % | 7.61 | % | |||||||
Class Y | 4.87 | % | 8.30 | % | |||||||
Lehman Municipal Bond Index3 | 4.60 | % | 7.55 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
2 Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
4 The performance since inception of the index for each class is calculated from the previous month end prior to the inception of the class.
FIRST AMERICAN FUNDS Annual Report 2004
15
Colorado Tax Free fund continued
Expense Example
As a shareholder of the Colorado Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,016.10 | $ | 3.78 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,014.10 | $ | 5.79 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.25 | $ | 5.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,016.50 | $ | 2.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.50 | $ | 2.53 |
1Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
16
Intermediate Tax Free fund
Investment Objective: current income that is exempt from federal income tax to the extent consistent with preservation of capital
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Intermediate Tax Free Fund, Class Y shares, returned 3.22% for the fiscal year (Class A shares returned 3.06% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 3.32%. Performance for the Fund's peer group, the Lipper Intermediate Municipal Debt Funds Category Average, was 2.81%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by de-emphasizing securities in the maturity range of two to five years. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
General obligation bonds had a positive impact on the Fund's performance, partly due to their positioning on the yield curve. These bonds typically participate nicely in market rallies and reflect generally improved perceptions of the health of state and local governments. The healthcare sector was also a positive contributor to performance with its generally lower-rated names.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in BBB and nonrated names throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
The Fund remains a high-quality fund with more than 74% in AAA and AA rated bond. Lower-quality securities outperformed higher-quality securities during the year that detracted from Fund performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-105% of its benchmark to 97%-102% near the end of September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 62.2 | % | |||||
General Obligations | 34.9 | % | |||||
Certificates of Participation | 1.8 | % | |||||
Cash Equivalents | 0.2 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 60.4 | % | |||||
AA/Aa | 14.4 | % | |||||
A | 12.9 | % | |||||
BBB/Baa | 7.6 | % | |||||
Nonrated | 4.7 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
17
Intermediate Tax Free fund continued
Annualized Performance1 as of September 30, 2004
1 year | 5 years | 10 years | |||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||
Class A | 0.75 | % | 5.27 | % | 5.27 | % | |||||||||
Average annual return without sales charge (NAV) | |||||||||||||||
Class A | 3.06 | % | 5.75 | % | 5.52 | % | |||||||||
Class Y | 3.22 | % | 5.85 | % | 5.55 | % | |||||||||
Lehman 7-Year Municipal Bond Index2 | 3.32 | % | 6.41 | % | 6.29 | % |
Value of a $10,000 Investment1 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A. Total returns assume reinvestment of all distributions at NAV.
2 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
FIRST AMERICAN FUNDS Annual Report 2004
18
Intermediate Tax Free fund continued
Expense Example
As a shareholder of the Intermediate Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,009.00 | $ | 4.27 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,009.70 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.85% and 0.70% for Class A and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
19
Minnesota Intermediate Tax Free fund
Investment Objective: current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with preservation of capital
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Minnesota Intermediate Tax Free Fund, Class Y shares, returned 3.10% for the fiscal year (Class A shares returned 3.03% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 3.32%. Performance for the Fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 2.45%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by de-emphasizing securities in the maturity range of two to five years. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare, housing, and economic development.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in BBB and nonrated names throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
General obligation bonds negatively impacted performance as this sector broadly underperformed. Higher education and short to intermediate maturities of most sectors also had a negative impact on the Fund's performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 54.2 | % | |||||
General Obligations | 42.1 | % | |||||
Certificates of Participation | 2.3 | % | |||||
Cash Equivalents | 1.1 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 60.3 | % | |||||
AA/Aa | 17.2 | % | |||||
A | 9.7 | % | |||||
BBB/Baa | 5.0 | % | |||||
Nonrated | 7.8 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
20
Minnesota Intermediate Tax Free fund continued
Annualized Performance1 as of September 30, 2004
1 year | 5 years | 10 years | |||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||
Class A | 0.71 | % | 5.01 | % | 5.12 | % | |||||||||
Average annual return without sales charge (NAV) | |||||||||||||||
Class A | 3.03 | % | 5.50 | % | 5.36 | % | |||||||||
Class Y | 3.10 | % | 5.57 | % | 5.36 | % | |||||||||
Lehman 7-Year Municipal Bond Index2 | 3.32 | % | 6.41 | % | 6.29 | % |
Value of a $10,000 Investment1 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Minnesota state and federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.
2 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
FIRST AMERICAN FUNDS Annual Report 2004
21
Minnesota Intermediate Tax Free fund continued
Expense Example
As a shareholder of the Minnesota Intermediate Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,010.00 | $ | 4.27 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,010.80 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.85% and 0.70% for Class A and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
22
Minnesota Tax Free fund
Investment Objective: maximum current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Minnesota Tax Free Fund, Class Y shares, returned 4.20% for the fiscal year (Class A shares returned 3.94% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index* returned 4.60%. Performance for the Fund's peer group, the Lipper Minnesota Municipal Debt Funds Objective Average, was 4.13%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured above trend economic growth, strong gains in productivity, and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation readings during the early months of the year, led the Fed to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook which led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase bond prices generally decline) with an emphasis on longer-term and shorter-term maturities (less than two years). As short-term interest rates rose throughout the year and the yield curve flattened (the rise in short-term rates was greater than longer-term rates), securities within the two- to five-year maturity range experienced relatively poorer price performance. The emphasis on longer-term securities provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligation bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare, housing, and economic development.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in BBB and nonrated names throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
General obligation bonds negatively impacted performance as this sector broadly underperformed. Higher education and intermediate maturities of most sectors also had a negative impact on the Fund's performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to more of a neutral basis from year-end 2003. Given the outlook for further increases in the Fed Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-105% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 71.6 | % | |||||
General Obligations | 24.9 | % | |||||
Cash Equivalents | 3.8 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 47.3 | % | |||||
AA/Aa | 11.9 | % | |||||
A | 18.8 | % | |||||
BBB/Baa | 7.7 | % | |||||
Nonrated | 14.3 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
23
Minnesota Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception4 | |||||||||||||||||||||||
1 year | 5 years | 10 years | 8/1/1997 | 2/1/1999 | |||||||||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||||||||||
Class A | (0.45 | %) | 4.95 | % | 5.74 | % | - | - | |||||||||||||||
Class C | 2.54 | % | 5.41 | % | - | - | 4.20 | % | |||||||||||||||
Average annual return without sales charge (NAV) | |||||||||||||||||||||||
Class A | 3.94 | % | 5.86 | % | 6.20 | % | - | - | |||||||||||||||
Class C | 3.45 | % | 5.41 | % | - | - | 4.20 | % | |||||||||||||||
Class Y | 4.20 | % | 6.12 | % | - | 5.42 | % | - | |||||||||||||||
Lehman Municipal Bond Index3 | 4.60 | % | 6.77 | % | 6.77 | % | 5.84 | % | 5.49 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Minnesota state and federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
On July 31, 1998, the Minnesota Tax Free Fund became the successor by merger to the Piper Minnesota Tax-Exempt Fund, a series of Piper Funds Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to July 31, 1998, represents that of the Piper Minnesota Tax-Exempt Fund.
2 Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
4 The performance since inception for the index for each class is calculated from the previous month end prior to the inception of the class.
FIRST AMERICAN FUNDS Annual Report 2004
24
Minnesota Tax Free fund continued
Expense Example
As a shareholder of the Minnesota Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,008.00 | $ | 4.77 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.25 | $ | 4.80 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,006.00 | $ | 6.77 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.25 | $ | 6.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,010.10 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
25
Missouri Tax Free fund
Investment Objective: maximum current income that is exempt from both federal income tax and Missouri state income tax to the extent consistent with prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Missouri Tax Free Fund, Class Y shares, returned 3.77% for the fiscal year (Class A shares returned 3.60% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index*, returned 4.60%. Performance for the Fund's peer group, the Lipper Missouri Municipal Debt Funds Category Average, was 3.70%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by de-emphasizing securities in the maturity range of two to five years. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund also emphasized longer-term securities, which provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare, lease appropriation, and economic development.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in BBB and nonrated positions throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
The Fund remains a high-quality fund with more than 91% in AAA and AA rated bonds. Lower-quality securities outperformed higher-quality securities during the year that detracted from Fund performance. Certain bonds with shorter call protection also did not perform well.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 69.9 | % | |||||
General Obligations | 28.6 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 50.8 | % | |||||
AA/Aa | 40.9 | % | |||||
A | 2.6 | % | |||||
BBB/Baa | 1.9 | % | |||||
Nonrated | 3.8 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
26
Missouri Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception | |||||||||||||||||||
1 year | 5 years | 10 years | 9/24/2001 | ||||||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||||||
Class A | (0.81 | %) | 4.97 | % | 5.34 | % | - | ||||||||||||
Class C | 2.11 | % | - | - | 4.59 | % | |||||||||||||
Average annual return without sales charge (NAV) | |||||||||||||||||||
Class A | 3.60 | % | 5.89 | % | 5.79 | % | - | ||||||||||||
Class C | 3.11 | % | - | - | 4.59 | % | |||||||||||||
Class Y | 3.77 | % | 6.20 | % | 6.06 | % | - | ||||||||||||
Lehman Municipal Bond Index3 | 4.60 | % | 6.77 | % | 6.77 | % | 5.81 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
On September 24, 2001, the Missouri Tax Free Fund became the successor by merger to the Firstar Missouri Tax-Exempt Bond Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar Missouri Tax-Exempt Bond Fund. The Firstar Missouri Tax-Exempt Bond Fund was organized on December 11, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc. the Mercantile fund was organized on October 2, 1995, and prior to that, was a separate series of the ARCH Tax-Exempt Trust, which sold shares of the portfolio that were similar to the current Class Y shares of the fund, which have no distribution or shareholder servicing fees, Performance prior to October 2, 1995, reflects performance without such fees.
2 Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
FIRST AMERICAN FUNDS Annual Report 2004
27
Missouri Tax Free fund continued
Expense Example
As a shareholder of the Missouri Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,011.50 | $ | 4.78 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.25 | $ | 4.80 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,009.40 | $ | 6.78 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.25 | $ | 6.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,012.70 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
28
Nebraska Tax Free fund
Investment Objective: maximum current income that is exempt from both federal income tax and Nebraska state income tax to the extent consistent with prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Nebraska Tax Free Fund, Class Y shares, returned 4.54% for the fiscal year (Class A shares returned 4.18% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index*, returned 4.60%. Performance for the Fund's peer group, the Lipper Other States Municipal Debt Funds Category Average, was 3.40%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) with an emphasis on longer-term and shorter-term maturities. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligation bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare and education.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in AA and A positions throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
General obligation bonds negatively impacted performance as this sector broadly underperformed. Overweighting in the electric and education sectors also had a negative impact on the Fund's performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we slightly reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-105% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 78.9 | % | |||||
General Obligations | 15.6 | % | |||||
Certificates of Participation | 3.6 | % | |||||
Cash Equivalents | 1.5 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 40.5 | % | |||||
AA/Aa | 42.2 | % | |||||
A | 9.8 | % | |||||
Nonrated | 7.5 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
29
Nebraska Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception | |||||||||||
1 year | 2/28/2001 | ||||||||||
Average annual return with sales charge (POP) | |||||||||||
Class A | (0.22 | %) | 4.67 | % | |||||||
Class C | 2.80 | % | 5.36 | % | |||||||
Average annual return without sales charge (NAV) | |||||||||||
Class A | 4.18 | % | 5.94 | % | |||||||
Class C | 3.80 | % | 5.36 | % | |||||||
Class Y | 4.54 | % | 6.20 | % | |||||||
Lehman Municipal Bond Index3 | 4.60 | % | 6.08 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
2 Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
FIRST AMERICAN FUNDS Annual Report 2004
30
Nebraska Tax Free fund continued
Expense Example
As a shareholder of the Nebraska Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,014.50 | $ | 3.78 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,011.60 | $ | 5.78 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.25 | $ | 5.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,015.80 | $ | 2.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.50 | $ | 2.53 |
1Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
31
Ohio Tax Free fund
Investment Objective: maximum current income that is exempt from both federal income tax and Ohio state income tax to the extent consistent with prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Ohio Tax Free Fund, Class Y shares, returned 4.42% for the fiscal year (Class A shares returned 4.16% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index* returned 4.60%. Performance for the Fund's peer group, the Lipper Ohio Municipal Debt Funds Category Average, was 3.79%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by emphasizing securities in longer-term and shorter-term maturities (less than two years). As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
Revenue bonds had a positive impact on performance as a result of their additional yield benefits. The sectors that positively impacted performance were healthcare, leasing, and industrial development/pollution control.
What did not work for the Fund and why?
General obligation bonds negatively impacted performance as this sector broadly underperformed. From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Fed Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
General Obligations | 54.4 | % | |||||
Revenue Bonds | 40.4 | % | |||||
Certificates of Participation | 3.4 | % | |||||
Cash Equivalents | 0.5 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 52.3 | % | |||||
AA/Aa | 35.7 | % | |||||
A | 9.2 | % | |||||
Nonrated | 2.8 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
32
Ohio Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception | |||||||||||
1 year | 4/30/2002 | ||||||||||
Average annual return with sales charge (POP) | |||||||||||
Class A | (0.29 | %) | 4.26 | % | |||||||
Class C | 2.69 | % | 5.28 | % | |||||||
Average annual return without sales charge (NAV) | |||||||||||
Class A | 4.16 | % | 6.13 | % | |||||||
Class C | 3.69 | % | 5.28 | % | |||||||
Class Y | 4.42 | % | 6.43 | % | |||||||
Lehman Municipal Bond Index3 | 4.60 | % | 6.23 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Short-term performance is not indicative of future performance, and an investment decision should not be made based solely on returns. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
2 Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
FIRST AMERICAN FUNDS Annual Report 2004
33
Ohio Tax Free fund continued
Expense Example
As a shareholder of the Ohio Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,015.10 | $ | 3.78 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,012.20 | $ | 5.79 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.25 | $ | 5.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,016.50 | $ | 2.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.50 | $ | 2.53 |
1Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
34
Oregon Intermediate Tax Free fund
Investment Objective: current income that is exempt from both federal income tax and Oregon state income tax to the extent consistent with preservation of capital
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Oregon Intermediate Tax Free Fund, Class Y shares, returned 3.35% for the fiscal year (Class A shares returned 3.20% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 3.32%. Performance for the Fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 2.45%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase, bond prices generally decline) by de-emphasizing securities in the maturity range of two to five years. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), securities within the two- to five-year maturity range experienced relatively poorer price performance. The Fund emphasized longer-term securities, which provided favorable income with better price appreciation.
Revenue bonds had a positive impact on performance as a result of their additional yield benefits. The sectors that positively impacted performance were healthcare, leasing, and industrial development/pollution control.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. Despite few choices, the Fund increased holdings in BBB and nonrated positions throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
The Fund remains a high-quality fund with more than 93% in AAA and AA credits. Lower-quality securities outperformed higher-quality securities during the year that detracted from Fund performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-110% of its benchmark to 95%-105% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
General Obligations | 51.9 | % | |||||
Revenue Bonds | 41.7 | % | |||||
Certificates of Participation | 5.5 | % | |||||
Cash Equivalents | 1.2 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 58.5 | % | |||||
AA/Aa | 34.5 | % | |||||
A | 1.2 | % | |||||
BBB/Baa | 2.7 | % | |||||
Nonrated | 3.1 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
35
Oregon Intermediate Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception3 | |||||||||||||||||||
1 year | 5 years | 10 years | 2/1/1999 | ||||||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||||||
Class A | 0.88 | % | 5.03 | % | - | 4.00 | % | ||||||||||||
Average annual return without sales charge (NAV) | |||||||||||||||||||
Class A | 3.20 | % | 5.50 | % | - | 4.43 | % | ||||||||||||
Class Y | 3.35 | % | 5.59 | % | 5.26 | % | - | ||||||||||||
Lehman 7-Year Municipal Bond Index2 | 3.32 | % | 6.41 | % | 6.29 | % | 5.36 | % |
Value of a $10,000 Investment1 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A. Total returns assume reinvestment of all distributions at NAV.
Performance prior to August 8, 1997, is that of Oregon Municipal Bond Trust Fund, a predecessor common trust fund. On August 8, 1997, substantially all of the assets of Oregon Municipal Bond Trust Fund were transferred into Oregon Intermediate Tax Free Fund. The objectives, policies, and guidelines of the two funds were, in all material respects, identical. Oregon Municipal Bond Trust Fund was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions that might have adversely affected performance.
2 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.
3 The performance since inception of the index for each class is calculated from the previous month end prior to the inception of the class.
FIRST AMERICAN FUNDS Annual Report 2004
36
Oregon Intermediate Tax Free fund continued
Expense Example
As a shareholder of the Oregon Intermediate Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,009.60 | $ | 4.27 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,009.40 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.85% and 0.70% for Class A and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
37
Short Tax Free fund
Investment Objective: to provide investors with currrent income that is exempt from federal income tax, to the extent consistent with the preservation of capital
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Short Tax Free Fund, Class Y shares, returned 1.05% for the fiscal year (Class A shares returned 0.90% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman 3-Year Municipal Bond Index*, returned 1.42%. Performance for the Fund's peer group, the Lipper Short Municipal Debt Funds Category Average, was 1.00%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured strong gains in productivity and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short-term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook, which have in turn led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily shortening duration, credit quality, and sector selection.
During the second and third quarters of 2004, the Fund actively de-emphasized four- and five-year maturity securities (longer-term securities held by the Fund) to limit the effects of rising short-term interest rates. As short-term interest rates rose throughout the year and the yield curve flattened (short-term rates increased and rates on longer-term maturities declined), the Fund reduced its duration relative to the benchmark throughout the year.
The Fund's emphasis on revenue bonds vs. general obligation bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare, resource recovery, and leasing sectors.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in A, BBB, and nonrated positions throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
The initial structure of the Fund was generally laddered (maintaining equal holdings across a range of maturities) and as short-term interest rates rose the two- to five-year maturities experienced the most price depreciation, which detracted from performance. General obligation bonds negatively impacted performance as this sector broadly underperformed. The transportation sector also had a negative impact on performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we significantly reduced the duration of the Fund from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 95% of its benchmark to 80%.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 66.7 | % | |||||
General Obligations | 28.3 | % | |||||
Cash Equivalents | 3.3 | % | |||||
Certificates of Participation | 1.8 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 45.4 | % | |||||
AA/Aa | 22.0 | % | |||||
A | 17.5 | % | |||||
BBB/Baa | 8.2 | % | |||||
Nonrated | 6.9 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
38
Short Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception | |||||||||||
1 year | 10/25/2002 | ||||||||||
Average annual return with sales charge (POP) | |||||||||||
Class A | (1.33 | %) | 1.60 | % | |||||||
Average annual return without sales charge (NAV) | |||||||||||
Class A | 0.90 | % | 2.80 | % | |||||||
Class Y | 1.05 | % | 2.94 | % | |||||||
Lehman 3-Year Municipal Bond Index2 | 1.42 | % | 3.46 | % |
Value of a $10,000 Investment1 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.
2 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between two and four years.
FIRST AMERICAN FUNDS Annual Report 2004
39
Short Tax Free fund continued
Expense Example
As a shareholder of the Short Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,001.50 | $ | 3.75 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,002.30 | $ | 3.00 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.00 | $ | 3.03 |
1Expenses are equal to the Fund's annualized expense ratio of 0.75% and 0.60% for Class A and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
40
Tax Free fund
Investment Objective: maximum currrent income that is exempt from federal income tax to the extent consistent with the prudent investment risk
How did the Fund perform for the fiscal year ended September 30, 2004?
The First American Tax Free Fund, Class Y shares, returned 4.71% for the fiscal year (Class A shares returned 4.45% at net asset value for the same period). By comparison, the Fund's benchmark, the Lehman Municipal Bond Index* returned 4.60%. Performance for the Fund's peer group, the Lipper General Municipal Debt Funds Objective Average, was 3.95%.
How did general economic and market conditions affect performance?
During the past year, we saw an improving economic environment that featured above trend economic growth, strong gains in productivity, and a significant rise in corporate profits. The improving economic environment led to sharp gains in payrolls from March through May 2004, which, along with higher inflation readings during the early months of the year, led the Federal Reserve to begin raising its target interest rate. Despite continued increases by the Federal Reserve of the Federal Funds Rate to 1.75%, intermediate- and long-term interest rates fell on municipals, causing their prices to rise.
Higher current and expected short term interest rates, along with steep increases in oil prices during the first nine months of 2004, have led to growing concerns about the economic and profit growth outlook which led to favorable municipal bond market performance during the fiscal year.
What worked for the Fund and why?
The factors that contributed to the Fund's positive performance were primarily portfolio structure and sector selection.
The Fund was strategically positioned to limit the effects of rising short-term interest rates (when interest rates increase bond prices generally decline) with an emphasis on longer-term and shorter-term maturities (less than two years). As short-term interest rates rose throughout the year and the yield curve flattened (the rise in short-term rates was greater than longer-term rates), securities within the two- to five-year maturity range experienced relatively poorer price performance. The emphasis on longer-term securities provided favorable income with better price appreciation.
The Fund's emphasis on revenue bonds vs. general obligation bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that positively impacted performance were healthcare, higher education, and electrical utilities.
From a credit quality standpoint, lower-rated investment-grade securities outperformed higher-quality investment-grade securities within the municipal market. The Fund increased holdings in BBB and nonrated names throughout the year, which had a positive impact on performance.
What did not work for the Fund and why?
General obligation bonds negatively impacted performance as this sector broadly underperformed. Also, the Fund's overweighting in Illinois, Minnesota, and Washington and underweighting in California detracted from performance.
What strategic moves were made by the Fund and why?
From a strategic standpoint, we reduced the duration of the Fund to a more neutral basis from year-end 2003. Given the outlook for further increases in the Federal Funds Rate and continued upward pressure on interest rates, the Fund's targeted duration range was lowered from 100%-105% of its benchmark to 97%-102% in September 2004.
*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.
Portfolio Allocation as of September 30, 20041 (% of net assets) | |||||||
Revenue Bonds | 68.3 | % | |||||
General Obligations | 30.0 | % | |||||
Cash Equivalents | 0.5 | % | |||||
Certificates of Participation | 0.1 | % |
Credit Quality Distribution as of September 30, 20042 (% of net assets) | |||||||
AAA/Aaa | 43.7 | % | |||||
AA/Aa | 10.6 | % | |||||
A | 20.4 | % | |||||
BBB/Baa | 14.1 | % | |||||
BB/Ba | 0.1 | % | |||||
Nonrated | 11.1 | % |
1 Portfolio allocations are subject to change and are not recommendations to buy or sell any security.
2 Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided the respective rating agency.
Standard and Poor's and Moody's are nationally recognized independent rating agencies for municipal bonds.
FIRST AMERICAN FUNDS Annual Report 2004
41
Tax Free fund continued
Annualized Performance1 as of September 30, 2004
Since Inception4 | |||||||||||||||||||
1 year | 5 years | 11/14/1996 | 9/24/2001 | ||||||||||||||||
Average annual return with sales charge (POP) | |||||||||||||||||||
Class A | 0.01 | % | 5.64 | % | 5.18 | % | - | ||||||||||||
Class C | 2.93 | % | - | - | 5.29 | % | |||||||||||||
Average annual return without sales charge (NAV) | |||||||||||||||||||
Class A | 4.45 | % | 6.57 | % | 5.76 | % | - | ||||||||||||
Class C | 3.92 | % | - | - | 5.29 | % | |||||||||||||
Class Y | 4.71 | % | 6.79 | % | 5.98 | % | - | ||||||||||||
Lehman Municipal Bond Index3 | 4.60 | % | 6.77 | % | 6.06 | % | 5.81 | % |
Value of a $10,000 Investment1, 2 as of September 30, 2004
The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only, does not reflect any expenses, transaction costs, or cash flow effects, and is not available for investment.
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. Capital gains distributions, if any, will be subject to tax.
Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the Fund's maximum sales charge and assume reinvestment of all distributions at NAV.
Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
On September 24, 2001, the First American Tax Free Fund merged with the Firstar National Municipal Bond Fund. Performance history prior to September 24, 2001, represents that of the Firstar National Municipal Bond Fund.
2 Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.
3 An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.
4 The performance since inception of the index for each class is calculated from the month end following the inception of the class.
FIRST AMERICAN FUNDS Annual Report 2004
42
Tax Free fund continued
Expense Example
As a shareholder of the Tax Free Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Examples
Beginning Account Value (4/1/2004) | Ending Account Value (9/30/2004) | Expenses Paid During Period1 (4/1/2004 to 9/30/2004) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,011.80 | $ | 4.78 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.25 | $ | 4.80 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,009.80 | $ | 6.78 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.25 | $ | 6.81 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,013.10 | $ | 3.52 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 |
1Expenses are equal to the Fund's annualized expense ratio of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).
FIRST AMERICAN FUNDS Annual Report 2004
43
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
First American Investment Funds, Inc.
We have audited the accompanying statements of assets and liabilities, including the schedules of investments of the Arizona Tax Free, California Intermediate Tax Free, California Tax Free, Colorado Intermediate Tax Free, Colorado Tax Free, Intermediate Tax Free, Minnesota Intermediate Tax Free, Minnesota Tax Free, Missouri Tax Free, Nebraska Tax Free, Ohio Tax Free, Oregon Intermediate Tax Free, Short Tax Free, and Tax Free Funds (constituting First American Investment Funds, Inc.) (the "Funds") as of September 30, 2004, the related statements of operations for the year then ended, changes in net assets and the financial highlights for each of the periods indicated therein, except as noted below. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on o ur audits. The financial highlights of the Missouri Tax Free and Tax Free Funds for the period presented through October 31, 2000, were audited by other auditors whose reports dated December 29, 2000 and January 21, 2000, expressed unqualified opinions on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating t he overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the Funds listed above of First American Investment Funds, Inc. at September 30, 2004, the results of their operations, and the changes in their net assets and their financial highlights for each of the periods indicated herein, in conformity with U.S. generally accepted accounting principles.
Minneapolis, Minnesota
November 12, 2004
FIRST AMERICAN FUNDS Annual Report 2004
44
Schedule of Investments September 30, 2004
Arizona Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 97.6% | |||||||||||
Revenue Bonds – 74.6% | |||||||||||
Education – 9.4% | |||||||||||
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/09 @ 102 5.850%, 02/01/19 (a) | $ | 1,000 | $ | 1,142 | |||||||
Glendale Industrial Development Authority, Callable 05/15/11 @ 101 5.750%, 05/15/21 | 250 | 271 | |||||||||
Glendale Industrial Development Authority, Midwestern University 5.250%, 05/15/14 | 140 | 152 | |||||||||
University of Arizona Board of Regents, Series A, Callable 12/01/09 @ 100 (FGIC) 5.800%, 06/01/24 | 150 | 168 | |||||||||
University of Arizona Parking & Student Housing Authority, Callable 06/01/09 @ 100 (AMBAC) 5.750%, 06/01/19 | 140 | 156 | |||||||||
1,889 | |||||||||||
Healthcare – 22.8% | |||||||||||
Arizona Health Facilities Authority, John C. Lincoln Health Network, Callable 12/01/12 @ 101 5.750%, 12/01/32 | 150 | 151 | |||||||||
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 7.500%, 11/15/23 | 200 | 202 | |||||||||
Johnson City, Tennessee Health & Elderly Facilities Authority, Callable 07/01/12 @ 103 7.500%, 07/01/25 | 100 | 118 | |||||||||
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A, Callable 07/01/14 @ 100 5.375%, 07/01/23 | 500 | 506 | |||||||||
Mesa Industrial Development Authority, Discovery Health Systems, Series A, Callable 01/01/10 @ 101 (MBIA) 5.750%, 01/01/25 | 500 | 551 | |||||||||
5.625%, 01/01/29 | 500 | 539 | |||||||||
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Callable 12/01/11 @ 101 5.700%, 12/01/21 | 1,000 | 1,053 | |||||||||
Tempe Industrial Development Authority, Friendship Villiage Project, Series A 5.375%, 12/01/13 | 200 | 203 | |||||||||
University Medical Center Corporation, Callable 07/01/14 @ 100 5.000%, 07/01/24 | 500 | 499 | |||||||||
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A, Callable 08/01/13 @ 100 (RAAI) 5.250%, 08/01/21 | 375 | 393 | |||||||||
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A, Callable 08/01/13 @ 100 6.000%, 08/01/33 | 100 | 104 | |||||||||
Yuma Industrial Development Authority, Yuma Regional Medical Center, Callable 08/01/07 @ 102 (MBIA) 5.500%, 08/01/17 | 250 | 276 | |||||||||
4,595 |
Arizona Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Housing – 5.4% | |||||||||||
Douglas Community Housing Corporation, Rancho La Perilla, Callable 01/20/10 @ 102 (GNMA) 5.900%, 07/20/20 | $ | 500 | $ | 534 | |||||||
6.000%, 07/20/25 | 475 | 499 | |||||||||
Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A, Callable 06/01/10 @ 102 (FHLMC) (FNMA) (GNMA) 5.875%, 06/01/16 | 50 | 50 | |||||||||
1,083 | |||||||||||
Lease Revenue – 1.7% | |||||||||||
Navajo County Municipal Property Corporation, Jail Facility (ACA) 5.625%, 07/01/09 | 310 | 338 | |||||||||
Miscellaneous – 5.5% | |||||||||||
Arizona Student Loan Acquisition Authority, Series A, Callable 11/01/09 @ 102 (AMT) 5.900%, 05/01/24 | 100 | 107 | |||||||||
Greater Arizona Infrastructure Development Authority, Series A, Callable 08/01/08 @ 102 (MBIA) 5.625%, 08/01/20 | 200 | 222 | |||||||||
Greater Arizona Infrastructure Development Authority, Series B, Callable 08/01/14 @ 100 5.250%, 08/01/26 | 750 | 778 | |||||||||
1,107 | |||||||||||
Tax Revenue – 13.3% | |||||||||||
Arizona School Facilities Board, State School Improvement, Callable 07/01/12 @ 100 5.250%, 07/01/16 | 750 | 836 | |||||||||
5.250%, 07/01/20 | 250 | 275 | |||||||||
Oro Valley Municipal Water Systems, Pre-refunded 07/01/08 @ 101 (MBIA) 5.550%, 07/01/17 (a) | 100 | 112 | |||||||||
Oro Valley, Excise Tax, Callable 07/01/10 @ 101 (AMBAC) 5.200%, 07/01/14 | 400 | 446 | |||||||||
Phoenix Civic Improvements, Excise Tax, Callable 07/01/09 @ 101 5.750%, 07/01/16 | 300 | 338 | |||||||||
Surprise Municipal Property Corporation, Callable 07/01/09 @ 101 (FGIC) 5.700%, 07/01/20 | 300 | 343 | |||||||||
Tempe, Excise Tax, Series A, Callable 07/01/09 @ 100 5.625%, 07/01/20 | 300 | 331 | |||||||||
2,681 | |||||||||||
Transportation – 10.6% | |||||||||||
Arizona State Transportation Highway Board, Pre-refunded 07/01/09 @ 100 5.750%, 07/01/18 (a) | 200 | 228 | |||||||||
Arizona State Transportation Highway Board, Series A 5.000%, 07/01/09 | 400 | 441 | |||||||||
Mesa Street & Highway, Pre-refunded 07/01/09 @ 100 (FSA) 5.500%, 07/01/16 (a) | 100 | 113 | |||||||||
Phoenix Civic Improvements, Series B, Callable 07/01/12 @ 100 (AMT) (FGIC) 5.250%, 07/01/21 | 250 | 263 | |||||||||
5.250%, 07/01/27 | 750 | 771 |
FIRST AMERICAN FUNDS Annual Report 2004
45
Schedule of Investments September 30, 2004
Arizona Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Tucson Street & Highway Improvements, Series 1994-E, Callable 07/01/10 @ 100 (FGIC) 5.000%, 07/01/18 | $ | 300 | $ | 322 | |||||||
2,138 | |||||||||||
Utilities – 5.9% | |||||||||||
Chandler Water & Sewer Improvements, Callable 07/01/10 @ 101 (FSA) 5.800%, 07/01/17 | 250 | 285 | |||||||||
Puerto Rico Electric Power Authority, Series X, Callable 07/01/05 @ 100 5.500%, 07/01/25 | 100 | 103 | |||||||||
Tucson Water, Series D, Callable 07/01/09 @ 100 (FGIC) 5.400%, 07/01/17 | 250 | 274 | |||||||||
Tucson Water, Series 1994-A (MBIA) 6.250%, 07/01/16 | 170 | 209 | |||||||||
Yavapai Industrial Development Authority, Waste Management Project, Series A-2, Mandatory Put 03/01/08 @ 100 (AMT) 4.450%, 03/01/28 | 300 | 309 | |||||||||
1,180 | |||||||||||
Total Revenue Bonds | 15,011 | ||||||||||
General Obligation – 21.3% | |||||||||||
Chandler Public & Recreational Improvements, Callable 07/01/10 @ 101 5.800%, 07/01/18 | 250 | 284 | |||||||||
Maricopa County School District #11, Peoria Unit, Pre-refunded 07/01/09 @ 101 (FGIC) 5.500%, 07/01/14 (a) | 100 | 113 | |||||||||
5.500%, 07/01/15 (a) | 120 | 136 | |||||||||
Mesa, Callable 07/01/09 @ 100 (FGIC) 5.000%, 07/01/18 | 250 | 276 | |||||||||
Peoria, Callable 04/01/09 @ 100 (FGIC) 5.400%, 04/01/15 | 100 | 109 | |||||||||
5.000%, 04/01/18 | 575 | 622 | |||||||||
5.000%, 04/01/19 | 125 | 134 | |||||||||
Phoenix, Callable 07/01/07 @ 102 5.250%, 07/01/20 | 250 | 269 | |||||||||
Phoenix, Callable 07/01/10 @ 100 5.250%, 07/01/19 | 350 | 384 | |||||||||
5.375%, 07/01/25 | 750 | 793 | |||||||||
Pima County Unified School District #12, Sunnyside, Callable 07/01/09 @ 100 (FGIC) 5.300%, 07/01/13 | 150 | 168 | |||||||||
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33 | 400 | 415 | |||||||||
Scottsdale, Pre-refunded 07/01/09 @ 100 5.500%, 07/01/22 (a) | 250 | 281 | |||||||||
Tucson 5.500%, 07/01/18 | 250 | 290 | |||||||||
Total General Obligations | 4,274 | ||||||||||
Certificates of Participation – 1.7% | |||||||||||
El Mirage, Callable 02/01/05 @ 100 6.900%, 08/01/16 | 125 | 126 | |||||||||
Tucson, Callable 07/01/08 @ 100 (MBIA) 5.500%, 07/01/15 | 200 | 219 | |||||||||
Total Certificates of Participation | 345 | ||||||||||
Total Municipal Bonds (Cost $17,892) | 19,630 |
Arizona Tax Free Fund (concluded)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Money Market Fund – 1.2% | |||||||||||
Federated Arizona Municipal Money Market Fund | 236,047 | $ | 236 | ||||||||
Total Money Market Fund (Cost $236) | 236 | ||||||||||
Total Investments – 98.8% (Cost $18,128) | 19,866 | ||||||||||
Other Assets and Liabilities, Net – 1.2% | 250 | ||||||||||
Total Net Assets – 100.0% | $ | 20,116 |
(a) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
ACA – American Capital Access
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $1,449,121, which represents 7.2% of net assets.
COMGTY – Commonwealth Guaranty
FGIC – Financial Guaranty Insurance Corporation
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
MBIA – Municipal Bond Insurance Association
RAAI – Radian Asset Assurance Inc.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
46
Schedule of Investments September 30, 2004
California Intermediate Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 96.0% | |||||||||||
Revenue Bonds – 67.8% | |||||||||||
Education – 7.6% | |||||||||||
ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.800%, 06/01/08 | $ | 200 | $ | 218 | |||||||
California Educational Facilities Authority, University of Pacific, Callable 11/01/14 @ 100 5.000%, 11/01/20 | 435 | 457 | |||||||||
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.650%, 03/01/07 | 380 | 404 | |||||||||
5.750%, 03/01/08 | 400 | 432 | |||||||||
California State Higher Educational Facilities Authority, Occidental College Project, Callable 10/01/07 @ 102 (MBIA) 5.300%, 10/01/10 | 500 | 552 | |||||||||
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B 6.000%, 06/01/10 | 495 | 552 | |||||||||
California State Higher Educational Facilities Authority, University of Redlands, Series A 5.550%, 06/01/09 | 225 | 250 | |||||||||
California State Higher Educational Facilities Authority, University of Redlands, Series A, Callable 06/01/10 @ 101 5.700%, 06/01/11 | 250 | 279 | |||||||||
5.750%, 06/01/12 | 260 | 289 | |||||||||
California Statewide Communities Development Authority, Viewpoint Schools (ACA) 4.125%, 10/01/14 | 405 | 395 | |||||||||
3,828 | |||||||||||
Healthcare – 21.0% | |||||||||||
ABAG Financial Authority, O'Connor Woods (ACA) 5.250%, 11/01/05 | 500 | 516 | |||||||||
ABAG Financial Authority, Odd Fellows Home of California (CMI) 4.950%, 08/15/07 | 500 | 534 | |||||||||
California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100 5.500%, 04/01/13 | 300 | 318 | |||||||||
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/14 @ 100 4.950%, 07/01/26 | 450 | 468 | |||||||||
California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI) 4.750%, 11/01/19 | 1,200 | 1,226 | |||||||||
California Health Facilities Financing Authority, Paradise Valley Estates (CMI) 4.125%, 01/01/10 | 500 | 520 | |||||||||
4.375%, 01/01/12 | 540 | 565 | |||||||||
California Health Facilities Financing Authority, Valleycare Medical Center, Series A, Callable 05/01/12 @ 100 (CMI) 4.625%, 05/01/13 | 300 | 315 | |||||||||
4.800%, 05/01/14 | 715 | 754 | |||||||||
California State Health Facilities Authority, Casa de las Campanas, Series A, Callable 08/01/08 @ 100 (CMI) 5.375%, 08/01/09 | 250 | 270 |
California Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A 7.250%, 11/15/11 | $ | 500 | $ | 498 | |||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series D, Mandatory Put 03/01/07 @ 100 4.350%, 11/01/36 | 500 | 524 | |||||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/11 @ 100 3.450%, 04/01/35 (a) | 500 | 494 | |||||||||
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) 5.000%, 11/15/12 | 500 | 543 | |||||||||
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12 | 150 | 161 | |||||||||
La Verne, Brethren Hillcrest Homes, Series B, Callable 02/15/13 @ 101 (ACA) 5.600%, 02/15/33 | 500 | 511 | |||||||||
Marysville Hospital, Fremont Rideout Health Project, Series A, Callable 07/01/08 @ 103 (AMBAC) 5.000%, 01/01/10 | 500 | 544 | |||||||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A 5.500%, 11/15/09 | 650 | 720 | |||||||||
Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A, Callable 07/01/07 @ 102 (MBIA) 5.125%, 07/01/08 | 500 | 546 | |||||||||
Riverside County Public Financing Authority, Air Force Village West 5.125%, 05/15/05 | 525 | 532 | |||||||||
10,559 | |||||||||||
Housing – 5.9% | |||||||||||
ABAG Financial Authority, Archstone Redwood Housing Project, Series A 5.300%, 10/01/08 | 500 | 534 | |||||||||
Aztec Shops, California State Auxiliary Organization, San Diego State University, Callable 09/01/10 @ 101 5.400%, 09/01/11 | 1,035 | 1,125 | |||||||||
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (FNMA) (GNMA) 5.250%, 06/01/10 | 60 | 60 | |||||||||
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/09 @ 100 5.200%, 12/01/29 | 500 | 535 | |||||||||
California Statewide Communities Development Authority, Multifamily Housing, Citrus Gardens Apartments, Callable 07/01/12 @ 102 5.375%, 07/01/26 | 700 | 713 | |||||||||
2,967 | |||||||||||
Lease Revenue – 4.9% | |||||||||||
California State Public Works Board, California Community Colleges, Series A, Callable 12/01/09 @ 101 (MLO) 4.875%, 12/01/18 | 200 | 207 |
FIRST AMERICAN FUNDS Annual Report 2004
47
Schedule of Investments September 30, 2004
California Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
California State Public Works Board, Department of Corrections, Series A (AMBAC) (MLO) 6.000%, 01/01/06 | $ | 545 | $ | 574 | |||||||
California State Public Works Board, Department of Health Services, Callable 11/01/09 @ 101 (MBIA) (MLO) 5.200%, 11/01/12 | 500 | 547 | |||||||||
California State Public Works Board, Department of Mental Health, Callable 06/01/14 @ 100 5.500%, 06/01/16 | 540 | 609 | |||||||||
Los Angeles Municipal Improvement Corporation, Sanitation Equipment, Series A (FSA) (MLO) 6.000%, 02/01/07 | 500 | 546 | |||||||||
2,483 | |||||||||||
Miscellaneous – 5.4% | |||||||||||
Children's Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity 5.000%, 07/01/08 (b) | 250 | 273 | |||||||||
Golden West Schools Financing Authority, Series A (MBIA) 5.700%, 02/01/13 | 720 | 837 | |||||||||
5.750%, 02/01/14 | 520 | 609 | |||||||||
San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA) 5.500%, 05/01/08 | 500 | 545 | |||||||||
San Francisco City & County International Airports Commission, SFO Fuel, Series A (AMT) (FSA) 5.250%, 01/01/07 | 450 | 478 | |||||||||
2,742 | |||||||||||
Pollution Control – 1.1% | |||||||||||
California Statewide Communities Development Authority Water & Wastewater Revenue, Pooled Financing Project, Series 2004A, Callable 10/01/13 @ 101 (FSA) 5.000%, 10/01/16 | 500 | 548 | |||||||||
Recreational Facility Authority – 1.0% | |||||||||||
California State University Fresno Association, Auxiliary Organization Event Center, Callable 07/01/12 @ 101 6.000%, 07/01/22 | 500 | 527 | |||||||||
Tax Revenue – 2.2% | |||||||||||
Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12 | 165 | 173 | |||||||||
Montclair Redevelopment Agency, Redevelopment Project No. IV (RAAI) 3.750%, 10/01/11 | 135 | 136 | |||||||||
Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100 5.750%, 09/01/20 | 250 | 254 | |||||||||
West Covina Redevelopment Agency, Fashion Plaza Project 5.125%, 09/01/05 | 300 | 309 | |||||||||
William S. Hart Joint School Financing Authority, Special Tax, Callable 09/01/05 @ 102 (FSA) 6.100%, 09/01/06 | 200 | 212 | |||||||||
1,084 |
California Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Transportation – 2.7% | |||||||||||
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) 4.650%, 10/01/14 (a) | $ | 1,000 | $ | 661 | |||||||
San Francisco Bay Area Transportation Financing Authority, Bridge Toll (ACA) 5.500%, 08/01/05 | 690 | 710 | |||||||||
1,371 | |||||||||||
Utilities – 16.0% | |||||||||||
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT) 4.100%, 09/01/14 | 750 | 761 | |||||||||
California State Department of Water, Central Valley Project, Series O, Callable 12/01/05 @ 101 5.000%, 12/01/12 | 500 | 525 | |||||||||
California State Department of Water, Central Valley Project, Series P, Pre-refunded 06/01/06 @ 101 5.300%, 12/01/07 (c) | 750 | 801 | |||||||||
California State Department of Water, Series A, Callable 05/01/12 @ 101 5.875%, 05/01/16 | 500 | 570 | |||||||||
California State Department of Water, Series C-10 1.645%, 05/01/22 | 1,500 | 1,500 | |||||||||
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Callable 11/01/09 @ 101 (MBIA) 5.200%, 11/01/11 | 405 | 448 | |||||||||
Imperial, Wastewater Treatment Facility, Callable 10/15/11 @ 102 (FGIC) 5.000%, 10/15/20 | 1,000 | 1,060 | |||||||||
Los Angeles Wastewater System, Callable 06/01/13 @ 100 (FSA) 5.000%, 06/01/14 | 500 | 553 | |||||||||
Metropolitan Water District of Southern California, Series B, Callable 07/01/06 @ 102 (MBIA) 4.875%, 07/01/10 | 190 | 203 | |||||||||
5.000%, 07/01/14 | 295 | 316 | |||||||||
Metropolitan Water District of Southern California, Series B, Pre-refunded 07/01/06 @ 102 (MBIA) 4.875%, 07/01/10 | 135 | 145 | |||||||||
5.000%, 07/01/14 | 205 | 220 | |||||||||
Richmond Wastewater Systems, Callable 08/01/09 @ 102 (FGIC) 5.200%, 08/01/11 | 500 | 552 | |||||||||
Whittier Utility Authority, Callable 06/01/13 @ 100 (MBIA) 4.400%, 06/01/17 | 305 | 316 | |||||||||
4.500%, 06/01/18 | 65 | 67 | |||||||||
8,037 | |||||||||||
Total Revenue Bonds | 34,146 | ||||||||||
General Obligation – 22.3% | |||||||||||
Alisal Unified School District, Series C, Zero Coupon Bond (FGIC) 5.050%, 08/01/08 (a) | 860 | 773 | |||||||||
California State, Callable 04/01/14 @ 100 5.125%, 04/01/24 | 500 | 521 | |||||||||
California State, Callable 08/01/13 @ 100 5.000%, 02/01/17 | 1,000 | 1,074 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
48
California Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Foothill-De Anza Community College District, Callable 08/01/10 @ 101 6.000%, 08/01/11 | $ | 300 | $ | 348 | |||||||
Fresno Unified School District, Series A (MBIA) 6.050%, 08/01/11 | 500 | 588 | |||||||||
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA) 5.000%, 02/01/12 (a) | 535 | 405 | |||||||||
Grossmont Unified High School District, Callable 09/01/08 @ 102 (FSA) (MLO) 5.400%, 09/01/13 | 300 | 341 | |||||||||
Jefferson Union High School District, San Mateo County, Series A (MBIA) 6.250%, 02/01/14 | 300 | 364 | |||||||||
Lemon Grove School District, Election of 1998-B, Zero Coupon Bond (FSA) 3.329%, 11/01/20 (a) | 375 | 174 | |||||||||
Montebello Unified School District, Zero Coupon Bond (MBIA) 10.398%, 08/01/21 (a) | 700 | 308 | |||||||||
Oxnard School District (MBIA) 5.000%, 08/01/05 | 600 | 617 | |||||||||
Pomona School District, Series A (MBIA) 5.450%, 02/01/06 | 250 | 262 | |||||||||
5.500%, 08/01/06 | 250 | 267 | |||||||||
Pomona School District, Series A, Callable 08/01/11 @ 103 (MBIA) 6.150%, 08/01/15 | 500 | 597 | |||||||||
Puerto Rico Commonwealth, Series B (FSA) 6.500%, 07/01/15 | 1,000 | 1,254 | |||||||||
Roseville Joint Union High School District, Callable 08/01/11 @ 101 5.200%, 08/01/20 | 600 | 645 | |||||||||
San Juan Unified School District, Zero Coupon Bond (FSA) 5.420%, 08/01/16 (a) | 390 | 232 | |||||||||
San Mateo County Community College District, Series A, Zero Coupon Bond (FGIC) 5.300%, 09/01/17 (a) | 760 | 425 | |||||||||
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) 5.150%, 09/01/17 (a) | 1,000 | 559 | |||||||||
Walnut Valley Unified School District, Series A (MBIA) 6.850%, 08/01/07 | 250 | 283 | |||||||||
Walnut Valley Unified School District, Series A, Callable 08/01/10 @ 102 (FSA) 5.000%, 08/01/12 | 255 | 281 | |||||||||
West Covina Unified School District, Series A (MBIA) 5.350%, 02/01/20 | 770 | 883 | |||||||||
Total General Obligations | 11,201 | ||||||||||
Certificates of Participation – 5.9% | |||||||||||
Bakersfield Convention Center Expansion Project, Callable 04/01/07 @ 101 (MBIA) (MLO) 5.500%, 04/01/10 | 250 | 272 | |||||||||
Kern County Board of Education, Series A, Callable 05/01/08 @ 102 (MBIA) (MLO) 5.200%, 05/01/12 | 905 | 994 | |||||||||
Los Angeles Community College, Energy Retrofit Project (AMBAC) 5.000%, 08/15/09 | 300 | 334 |
California Intermediate Tax Free Fund (concluded)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Los Angeles County Schools, Regionalized Business Services Financing Project, Series A 5.000%, 09/01/08 | $ | 200 | $ | 218 | |||||||
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC) (MLO) 5.375%, 11/01/10 | 500 | 563 | |||||||||
Paradise Unified School District, Measure M Project, Series A, Callable 09/01/05 @ 102 (AMBAC) (MLO) 5.250%, 09/01/07 | 300 | 315 | |||||||||
West Covina Civic Center Project, Pre-refunded 09/01/05 @ 102 (FSA) (MLO) 5.250%, 09/01/07 (c) | 250 | 263 | |||||||||
Total Certificates of Participation | 2,959 | ||||||||||
Total Municipal Bonds (Cost $45,234) | 48,306 | ||||||||||
Money Market Funds – 2.9% | |||||||||||
Federated California Municipal Cash Trust | 637,089 | 637 | |||||||||
Provident California Money Fund | 821,270 | 821 | |||||||||
Total Money Market Funds (Cost $1,458) | 1,458 | ||||||||||
Total Investments – 98.9% (Cost $46,692) | 49,764 | ||||||||||
Other Assets and Liabilities, Net – 1.1% | 570 | ||||||||||
Total Net Assets – 100.0% | $ | 50,334 |
(a) The rate shown is the effective yield at the time of purchase.
(b) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(c) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
ACA – American Capital Access
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $1,784,305, which represents 3.5% of net assets.
CMI – California Mortgage Insurance Program
FGIC – Financial Guaranty Insurance Corporation
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
RAAI – Radian Asset Assurance Inc.
FIRST AMERICAN FUNDS Annual Report 2004
49
Schedule of Investments September 30, 2004
California Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 97.5% | |||||||||||
Revenue Bonds – 65.5% | |||||||||||
Education – 11.5% | |||||||||||
ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.900%, 06/01/10 | $ | 200 | $ | 222 | |||||||
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.550%, 03/01/06 | 250 | 260 | |||||||||
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A, Callable 03/01/10 @ 101 6.750%, 03/01/19 | 380 | 419 | |||||||||
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Callable 06/01/10 @ 101 6.625%, 06/01/20 | 215 | 238 | |||||||||
California State Higher Educational Facilities Authority, University of Redlands, Series A, Callable 06/01/10 @ 101 5.950%, 06/01/15 | 310 | 341 | |||||||||
California State University Foundation, Monterey Bay, Callable 06/01/11 @ 100 (MBIA) 5.300%, 06/01/22 | 500 | 541 | |||||||||
University of California, Series K, Callable 09/01/08 @ 101 5.000%, 09/01/20 | 1,000 | 1,058 | |||||||||
3,079 | |||||||||||
Healthcare – 8.3% | |||||||||||
ABAG Finance Authority, Lincoln Glen Manor Senior Citizens, Callable 02/15/08 @ 101 (CMI) 6.100%, 02/15/25 | 250 | 271 | |||||||||
California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100 5.500%, 04/01/13 | 50 | 53 | |||||||||
California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI) 4.750%, 11/01/19 | 560 | 572 | |||||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A 7.250%, 11/15/11 | 250 | 249 | |||||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series D, Mandatory Put 03/01/07 @ 100 4.350%, 11/01/36 | 250 | 262 | |||||||||
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12 | 350 | 375 | |||||||||
Puerto Rico Industrial Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A 5.500%, 11/15/08 | 400 | 441 | |||||||||
2,223 |
California Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Housing – 5.8% | |||||||||||
Aztec Shops, California State Auxiliary Organization, San Diego State University 5.200%, 09/01/08 | $ | 455 | $ | 490 | |||||||
California State Department of Veterans Affairs, Series C, Callable 01/09/11 @ 101 (AMT) 5.500%, 12/01/19 | 460 | 488 | |||||||||
California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA) 5.650%, 06/01/10 | 40 | 41 | |||||||||
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 5.250%, 06/01/29 | 500 | 531 | |||||||||
1,550 | |||||||||||
Lease Revenue – 4.2% | |||||||||||
California State Public Works Board, California Community Colleges, Series B, Callable 06/01/14 @ 100 5.500%, 06/01/19 | 1,035 | 1,144 | |||||||||
Miscellaneous – 9.6% | |||||||||||
Golden West Schools Financing Authority, Series A (MBIA) 5.750%, 02/01/14 | 250 | 293 | |||||||||
5.800%, 08/01/22 | 320 | 383 | |||||||||
5.800%, 08/01/23 | 345 | 411 | |||||||||
Sacramento City Financing Authority, Callable 06/01/10 @ 101 (MLO) 5.400%, 06/01/18 | 455 | 503 | |||||||||
5.500%, 06/01/23 | 645 | 710 | |||||||||
San Francisco Airport Commission, SFO Fuel Company, Callable 01/01/08 @ 102 (AMT) (FSA) 5.625%, 01/01/12 | 250 | 274 | |||||||||
2,574 | |||||||||||
Pollution Control – 1.9% | |||||||||||
California Statewide Communities Development Authority Water & Wastewater Revenue, Pooled Financiing Project, Series 2004A, Callable 10/01/13 @ 101 (FSA) 5.000%, 10/01/16 | 465 | 510 | |||||||||
Recreational Facility Authority – 2.0% | |||||||||||
California State University Fresno Association, Auxiliary Organization Event Center, Callable 07/01/12 @ 101 6.000%, 07/01/22 | 500 | 527 | |||||||||
Tax Revenue – 6.8% | |||||||||||
Grass Valley Community Redevelopment Agency, Tax Allocation, Callable 12/01/08 @ 102 6.400%, 12/01/34 | 400 | 427 | |||||||||
Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12 | 250 | 262 | |||||||||
Los Angeles County Community Facilities District #3, Series A, Special Tax, Callable 09/01/10 @ 100 (AMBAC) 5.250%, 09/01/18 | 715 | 787 | |||||||||
Los Angeles, Callable 03/01/10 @ 101 5.625%, 03/01/19 | 200 | 224 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
50
California Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100 5.750%, 09/01/20 | $ | 125 | $ | 127 | |||||||
1,827 | |||||||||||
Transportation – 0.4% | |||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA) 5.500%, 07/01/15 | 100 | 117 | |||||||||
Utilities – 15.0% | |||||||||||
California State Department of Water, Series W (FSA) 5.500%, 12/01/14 | 450 | 523 | |||||||||
Compton Sewer Authority, Callable 09/01/08 @ 102 (MBIA) 5.375%, 09/01/23 | 1,150 | 1,250 | |||||||||
Contra Costa Water Authority, Series A, Callable 10/01/12 @ 100 (FGIC) 5.000%, 10/01/20 | 340 | 360 | |||||||||
Los Angeles Power System, Series A, Subseries A-1 (MBIA) 5.000%, 07/01/12 | 1,225 | 1,365 | |||||||||
Los Angeles Water & Power Development Authority, Pre-refunded 02/15/05 @ 101 6.100%, 02/15/17 (a) | 35 | 36 | |||||||||
South Bayside Waste Management Authority, Callable 03/01/09 @ 102 (AMBAC) 5.750%, 03/01/20 | 150 | 168 | |||||||||
West Kern County Water District, Callable 06/01/10 @ 101 5.200%, 06/01/14 | 320 | 338 | |||||||||
4,040 | |||||||||||
Total Revenue Bonds | 17,591 | ||||||||||
General Obligation – 28.4% | |||||||||||
Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/10 @ 70.92 (FGIC) 5.560%, 08/01/16 (a) (b) | 700 | 410 | |||||||||
California State, Callable 02/01/13 @ 100 5.000%, 02/01/24 | 700 | 719 | |||||||||
California State, Callable 10/01/10 @ 100 5.250%, 10/01/19 | 600 | 649 | |||||||||
Glendora Unified School District, Series A, Callable 09/01/10 @ 101 (FSA) 5.350%, 09/01/20 | 340 | 367 | |||||||||
5.375%, 09/01/25 | 1,000 | 1,067 | |||||||||
Jefferson Union High School District, San Mateo County, Series A (MBIA) 6.250%, 08/01/20 | 460 | 574 | |||||||||
Pleasant Valley School District, Ventura County, Series A (MBIA) 5.850%, 02/01/19 | 250 | 300 | |||||||||
Pomona Unified School District, Series A (MBIA) 5.950%, 02/01/17 | 855 | 1,028 | |||||||||
Sacramento Unified School District, Series A, Pre-refunded 07/01/09 @ 102 5.750%, 07/01/17 (a) | 400 | 465 | |||||||||
Vallejo City Unified School District, Series A (MBIA) 5.900%, 08/01/21 | 350 | 423 |
California Tax Free Fund (concluded)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Ventura County Community College District, Series A, Callable 08/01/12 @ 101 (MBIA) 5.000%, 08/01/18 | $ | 910 | $ | 982 | |||||||
Wiseburn School District, Series A, Callable 08/01/10 @ 100 (FGIC) 5.250%, 08/01/22 | 600 | 645 | |||||||||
Total General Obligations | 7,629 | ||||||||||
Certificates of Participation – 3.6% | |||||||||||
Escondido, Series A, Callable 09/01/10 @ 101 (FGIC) 5.625%, 09/01/20 | 300 | 328 | |||||||||
Los Angeles, Sonnenblick del Rio Senior Lien, Callable 11/01/10 @ 101 (AMBAC) 6.000%, 11/01/19 | 330 | 381 | |||||||||
Ridgecrest Civic Center Project, Callable 03/01/09 @ 101 6.250%, 03/01/21 | 250 | 268 | |||||||||
Total Certificates of Participation | 977 | ||||||||||
Total Municipal Bonds (Cost $24,297) | 26,197 | ||||||||||
Money Market Funds – 1.3% | |||||||||||
Federated California Municipal Cash Trust | 134,928 | 135 | |||||||||
Provident California Money Fund | 203,353 | 203 | |||||||||
Total Money Market Funds (Cost $338) | 338 | ||||||||||
Total Investments – 98.8% (Cost $24,635) | 26,535 | ||||||||||
Other Assets and Liabilities, Net – 1.2% | 319 | ||||||||||
Total Net Assets – 100.0% | $ | 26,854 |
(a) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(b) The rate shown is the effective yield at the time of purchase.
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $803,052, which represents 3.0% of net assets.
CMI – California Mortgage Insurance Program
FGIC – Financial Guaranty Insurance Corporation
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
FIRST AMERICAN FUNDS Annual Report 2004
51
Schedule of Investments September 30, 2004
Colorado Intermediate Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.1% | |||||||||||
Revenue Bonds – 68.2% | |||||||||||
Education – 7.8% | |||||||||||
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project 6.250%, 09/15/11 | $ | 370 | $ | 384 | |||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity 6.375%, 12/01/11 (a) | 885 | 995 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Callable 11/01/09 @ 100 6.850%, 11/01/16 | 440 | 518 | |||||||||
Colorado State Educational & Cultural Facilities Authority, University of Denver (MBIA) 4.250%, 03/01/13 | 2,000 | 2,114 | |||||||||
4,011 | |||||||||||
Healthcare – 19.8% | |||||||||||
Colorado State Health Facilities Authority, Boulder Hospital (MBIA) 4.875%, 10/01/09 | 500 | 544 | |||||||||
5.000%, 10/01/10 | 500 | 549 | |||||||||
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A 5.000%, 03/01/12 | 500 | 543 | |||||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102 6.900%, 12/01/25 | 350 | 387 | |||||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A 4.200%, 06/01/13 | 200 | 199 | |||||||||
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100 5.375%, 01/01/16 | 700 | 707 | |||||||||
Colorado State Health Facilities Authority, North Colorado Medical Center Project (FSA) 5.000%, 05/15/09 | 1,000 | 1,092 | |||||||||
Colorado State Health Facilities Authority, Parkview Medical Center 5.500%, 09/01/07 | 250 | 266 | |||||||||
5.750%, 09/01/08 | 250 | 271 | |||||||||
5.500%, 09/01/09 | 500 | 542 | |||||||||
Colorado State Health Facilities Authority, Poudre Valley Healthcare, Callable 12/01/09 @ 101 (FSA) 5.750%, 12/01/10 | 1,000 | 1,129 | |||||||||
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101 5.300%, 09/15/09 | 250 | 261 | |||||||||
Colorado State Health Facilities Authority, The Devereux Foundation, Callable 11/01/12 @ 100 (RAAI) 4.200%, 11/01/13 | 80 | 82 | |||||||||
Colorado State Health Facilities Authority, Vail Medical Center, Callable 01/15/12 @ 100 5.750%, 01/15/22 | 800 | 834 |
Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Delta County Memorial Hospital District, Callable 09/01/13 @ 100 5.350%, 09/01/17 | $ | 500 | $ | 510 | |||||||
La Junta Hospital, Arkansas Valley Regional Medical Center Project 5.200%, 04/01/06 | 300 | 307 | |||||||||
5.300%, 04/01/07 | 320 | 331 | |||||||||
5.400%, 04/01/08 | 335 | 348 | |||||||||
5.500%, 04/01/09 | 355 | 371 | |||||||||
Montrose Memorial Hospital 5.300%, 12/01/13 | 260 | 266 | |||||||||
Montrose Memorial Hospital, Callable 12/01/13 @ 102 5.450%, 12/01/14 | 390 | 400 | |||||||||
University of Colorado Hospital Authority, Callable 11/15/11 @ 100 5.000%, 11/15/14 | 300 | 312 | |||||||||
10,251 | |||||||||||
Housing – 0.0% | |||||||||||
Colorado State Housing Finance Authority, Single Family Mortgages, Series B-1, Callable 06/01/05 @ 103 (AMT) 5.875%, 06/01/11 | 20 | 20 | |||||||||
Miscellaneous – 7.3% | |||||||||||
Colorado State Educational & Cultural Facilities Authority, Colorado Public Radio 4.800%, 07/01/09 | 250 | 265 | |||||||||
4.900%, 07/01/10 | 265 | 281 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Nashville Public Radio 5.500%, 04/01/12 | 430 | 468 | |||||||||
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100 5.250%, 06/01/13 | 700 | 758 | |||||||||
Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17 | 900 | 962 | |||||||||
Jefferson County, Metropolitan YMCA Project, Series A, Pre-refunded 08/01/05 @ 100 7.500%, 08/01/08 (b) | 1,000 | 1,047 | |||||||||
3,781 | |||||||||||
Recreational Facility Authority – 0.4% | |||||||||||
Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101 6.100%, 12/15/09 | 210 | 228 | |||||||||
Tax Revenue – 7.6% | |||||||||||
Boulder County Sales & Use Tax (FGIC) 5.750%, 12/15/05 | 870 | 912 | |||||||||
Boulder County Sales & Use Tax, Escrowed to Maturity (FGIC) 5.750%, 12/15/05 (a) | 130 | 136 | |||||||||
Douglas County Sales & Use Tax (FSA) 6.000%, 10/15/09 | 200 | 230 | |||||||||
Larimer County Sales & Use Tax (AMBAC) 5.000%, 12/15/10 | 460 | 511 | |||||||||
Longmont Sales & Use Tax, Callable 11/15/10 @ 100 5.500%, 11/15/15 | 500 | 563 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
52
Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Longmont Sales & Use Tax, Callable 11/15/10 @ 101 (AMBAC) 4.875%, 11/15/18 | $ | 1,000 | $ | 1,052 | |||||||
Westminster Sales & Use Tax, Series A, Callable 12/01/07 @ 102 (FGIC) 5.250%, 12/01/11 | 500 | 552 | |||||||||
3,956 | |||||||||||
Transportation – 12.5% | |||||||||||
Colorado Department of Transportation (AMBAC) 6.000%, 06/15/10 | 1,000 | 1,154 | |||||||||
The E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA) 5.520%, 09/01/17 (c) | 1,575 | 883 | |||||||||
6.400%, 09/01/19 (c) | 960 | 479 | |||||||||
5.650%, 09/01/20 (c) | 500 | 235 | |||||||||
5.396%, 09/01/22 (c) | 1,620 | 671 | |||||||||
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) 5.250%, 06/15/15 (c) | 2,000 | 1,612 | |||||||||
5.350%, 06/15/16 (c) | 1,000 | 809 | |||||||||
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA) 5.000%, 06/15/14 (c) | 750 | 603 | |||||||||
6,446 | |||||||||||
Utilities – 12.8% | |||||||||||
Arapahoe County Water & Wastewater Authority 5.550%, 12/01/06 | 140 | 150 | |||||||||
5.650%, 12/01/07 | 150 | 165 | |||||||||
5.750%, 12/01/08 | 160 | 179 | |||||||||
Arapahoe County Water & Wastewater Authority, Callable 12/01/09 @ 100 6.000%, 12/01/11 | 185 | 211 | |||||||||
Boulder Water & Sewer 5.750%, 12/01/10 | 1,545 | 1,777 | |||||||||
Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/17 | 500 | 565 | |||||||||
Colorado State Water Resource & Power Development Authority, Small Water Resources, Series A, Callable 11/01/10 @ 100 (FGIC) 5.700%, 11/01/15 | 100 | 114 | |||||||||
Denver City & County Wastewater, Callable 11/01/12 @ 100 (FGIC) 5.250%, 11/01/17 | 1,260 | 1,399 | |||||||||
Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17 | 875 | 952 | |||||||||
Ute Water Conservancy District (MBIA) 6.000%, 06/15/09 | 680 | 777 | |||||||||
Widefield Water & Sanitation District, Callable 12/01/14 @100 (MBIA) 4.000%, 12/01/15 | 300 | 306 | |||||||||
6,595 | |||||||||||
Total Revenue Bonds | 35,288 | ||||||||||
General Obligation – 22.4% | |||||||||||
Arapahoe County School District #5, Cherry Creek, Callable 12/15/09 @ 100 (STAID) 5.500%, 12/15/11 | 1,000 | 1,119 |
Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Boulder, Larimer & Weld Counties, School District #R-2, Thompson, Series A, Callable 12/15/04 @ 100 (STAID) 5.900%, 12/15/06 | $ | 1,000 | $ | 1,009 | |||||||
Boulder, Larimer & Weld Counties, St. Vrain Valley School District, Callable 12/15/13 @ 100 (MBIA) (STAID) 5.250%, 12/15/14 | 1,000 | 1,127 | |||||||||
Douglas & Elbert Counties, School District #1, Series A, Pre-refunded 12/15/04 @ 101 (MBIA) (STAID) 6.400%, 12/15/11 (b) | 1,000 | 1,020 | |||||||||
Eagle, Garfield & Routt Counties, School District #50-J, Pre-refunded 12/01/04 @ 102 (FGIC) (STAID) 6.125%, 12/01/09 (b) | 1,040 | 1,069 | |||||||||
El Paso County School District #20, Series A (STAID) 6.100%, 12/15/05 | 500 | 526 | |||||||||
Elbert County School District #C-1, Elizabeth 5.150%, 12/01/08 | 500 | 549 | |||||||||
Garfield County School District #RE-2, Callable 12/01/12 @ 100 (FSA) (STAID) 5.250%, 12/01/19 | 1,530 | 1,683 | |||||||||
Jefferson County School District #R-001 (MBIA) (STAID) 6.250%, 12/15/09 | 1,000 | 1,163 | |||||||||
Summit County School District #R-1, Pre-refunded 12/01/04 @ 100 6.450%, 12/01/08 (b) | 1,000 | 1,008 | |||||||||
Westglenn Metropolitan District, Callable 12/01/09 @ 100 6.000%, 12/01/14 | 1,220 | 1,301 | |||||||||
Total General Obligations | 11,574 | ||||||||||
Certificates of Participation – 7.5% | |||||||||||
Aurora, Callable 12/01/04 @ 101 (MLO) 6.000%, 12/01/06 | 1,000 | 1,016 | |||||||||
Colorado Springs Public Facility Authority, Old City Hall Project (FSA) (MLO) 5.000%, 12/01/10 | 200 | 222 | |||||||||
Englewood Civic Center Project, Callable 12/01/08 @ 100 (MBIA) (MLO) 4.900%, 06/01/13 | 585 | 632 | |||||||||
Garfield County Building (AMBAC) (MLO) 5.750%, 12/01/09 | 400 | 455 | |||||||||
Garfield County Building Corporation, Callable 12/01/09 @ 101 (AMBAC) (MLO) 5.300%, 12/01/11 | 400 | 445 | |||||||||
Westminster Recreational Facilities, Callable 09/01/09 @ 101 (MBIA) (MLO) 5.200%, 09/01/10 | 1,000 | 1,106 | |||||||||
Total Certificates of Participation | 3,876 | ||||||||||
Total Municipal Bonds (Cost $46,836) | 50,738 | ||||||||||
Affiliated Money Market Fund – 0.6% | |||||||||||
First American Tax Free Obligations Fund, Cl Z (d) | 320,881 | 321 | |||||||||
Total Affiliated Money Market Fund (Cost $321) | 321 | ||||||||||
Total Investments – 98.7% (Cost $47,157) | 51,059 | ||||||||||
Other Assets and Liabilities, Net – 1.3% | 658 | ||||||||||
Total Net Assets – 100.0% | $ | 51,717 |
FIRST AMERICAN FUNDS Annual Report 2004
53
Schedule of Investments September 30, 2004
Colorado Intermediate Tax Free Fund ( concluded)
(a) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(c) The rate shown is the effective yield at the time of purchase.
(d) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this Fund. See note 3 in Notes to Financial Statements.
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $20,049, which represents 0.0% of net assets.
Cl – Class
FGIC – Financial Guaranty Insurance Corporation
FSA – Financial Security Assurance
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
RAAI – Radian Asset Assurance Inc.
STAID – State Aid Withholding
Colorado Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.5% | |||||||||||
Revenue Bonds – 70.1% | |||||||||||
Education – 7.6% | |||||||||||
Colorado State Board of Agriculture, Auxiliary Facility Systems, Callable 03/01/07 @ 101 (AMBAC) 5.125%, 03/01/17 | $ | 200 | $ | 213 | |||||||
Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project, Callable 12/01/10 @ 100 (RAAI) 6.000%, 12/01/16 | 200 | 227 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity 6.375%, 12/01/11 (a) | 615 | 692 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Callable 11/01/09 @ 100 6.850%, 11/01/16 | 100 | 118 | |||||||||
Colorado State Educational & Cultural Facilities Authority, University of Denver Project, Callable 03/01/11 @ 100 (AMBAC) 5.350%, 03/01/20 | 500 | 551 | |||||||||
1,801 | |||||||||||
Healthcare – 20.3% | |||||||||||
Boulder County Longmont United Hospital Project (RAAI) 5.250%, 12/01/09 | 260 | 285 | |||||||||
5.300%, 12/01/10 | 330 | 365 | |||||||||
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101 6.125%, 12/01/33 | 350 | 363 | |||||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102 6.900%, 12/01/25 | 150 | 166 | |||||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A, Callable 06/01/14 @ 100 5.250%, 06/01/34 | 230 | 232 | |||||||||
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100 5.375%, 01/01/16 | 300 | 303 | |||||||||
Colorado State Health Facilities Authority, Parkview Medical Center 5.500%, 09/01/07 | 500 | 531 | |||||||||
5.600%, 09/01/11 | 300 | 328 | |||||||||
Colorado State Health Facilities Authority, Portercare Adventist Project, Callable 11/15/11 @ 101 6.500%, 11/15/23 | 600 | 662 | |||||||||
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101 5.300%, 09/15/09 | 250 | 261 | |||||||||
Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 5.800%, 01/15/27 | 500 | 516 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
54
Colorado Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Colorado State Health Facilities Authority, Vail Valley Medical Center, Series A, Callable 01/15/05 @ 101 (ACA) 6.500%, 01/15/13 | $ | 250 | $ | 254 | |||||||
Delta County Memorial Hospital District, Callable 09/01/13 @ 100 5.350%, 09/01/17 | 220 | 224 | |||||||||
La Junta, Arkansas Valley Regional Medical Center Project, Callable 04/01/09 @ 101 6.100%, 04/01/24 | 100 | 102 | |||||||||
Montrose Memorial Hospital, Callable 12/01/13 @ 102 6.375%, 12/01/23 | 130 | 137 | |||||||||
University of Colorado Hospital Authority 5.600%, 11/15/31 | 100 | 102 | |||||||||
4,831 | |||||||||||
Housing – 2.4% | |||||||||||
Colorado State Housing Finance Authority, Multifamily Project, Class I, Series B-4, Callable 10/01/10 @ 100 5.900%, 04/01/31 | 100 | 105 | |||||||||
Colorado State Housing Finance Authority, Series E-2, Callable 08/01/10 @ 105 (AMT) 7.000%, 02/01/30 | 75 | 76 | |||||||||
Colorado State Housing Finance Authority, Single Family Housing Program, Series A-2, Callable 10/01/09 @ 105 (AMT) 7.450%, 10/01/16 | 20 | 20 | |||||||||
Colorado State Housing Finance Authority, Single Family Housing Program, Series B-2, Callable 04/01/10 @ 105 (AMT) 7.100%, 04/01/17 | 50 | 52 | |||||||||
El Paso County, Series D, Zero Coupon Bond, Escrowed to Maturity (AMT) (FSA) (GNMA) 6.000%, 07/01/11 (a) (b) | 400 | 309 | |||||||||
562 | |||||||||||
Miscellaneous – 4.8% | |||||||||||
Colorado State Educational & Cultural Facilities Authority, Nashville Public Radio, Callable 04/01/12 @ 100 5.875%, 04/01/22 | 250 | 265 | |||||||||
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100 5.250%, 06/01/21 | 750 | 780 | |||||||||
Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17 | 100 | 107 | |||||||||
1,152 | |||||||||||
Recreational Facility Authority – 0.9% | |||||||||||
Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101 6.100%, 12/15/09 | 200 | 217 | |||||||||
Tax Revenue – 8.2% | |||||||||||
Boulder County Sales & Use Tax, Series A, Callable 12/15/09 @ 101 (FGIC) 5.800%, 12/15/16 | 495 | 565 | |||||||||
6.000%, 12/15/19 | 200 | 230 | |||||||||
Douglas County Sales & Use Tax, Callable 10/15/10 @ 100 (FSA) 5.625%, 10/15/20 | 200 | 223 |
Colorado Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Highlands Ranch Metropolitan District #2, Callable 06/15/06 @ 101 (FSA) 5.000%, 06/15/16 | $ | 200 | $ | 210 | |||||||
Larimer County Sales & Use Tax, Callable 12/15/10 @ 100 (AMBAC) 5.625%, 12/15/18 | 100 | 113 | |||||||||
Metex Metropolitan District, Series A, Callable 12/01/07 @ 101 (MBIA) 5.800%, 12/01/16 | 350 | 389 | |||||||||
Mountain Village Metropolitan District, San Miguel County, Callable 12/01/07 @ 101 (MBIA) 5.200%, 12/01/17 | 200 | 217 | |||||||||
1,947 | |||||||||||
Transportation – 12.0% | |||||||||||
Denver City & County Airport, Series E, Callable 11/15/07 @ 101 (MBIA) 5.250%, 11/15/23 | 500 | 532 | |||||||||
The E-470 Public State Authority, Series A, Callable 09/01/07 @ 101 (MBIA) 5.000%, 09/01/16 | 500 | 534 | |||||||||
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) 5.250%, 06/15/15 (b) | 500 | 403 | |||||||||
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA) 5.000%, 06/15/14 (b) | 750 | 603 | |||||||||
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond, Callable 06/15/16 @ 100 (AMBAC) 5.700%, 06/15/21 (b) | 1,000 | 784 | |||||||||
2,856 | |||||||||||
Utilities – 13.9% | |||||||||||
Arapahoe County Water & Wastewater (MBIA) 5.000%, 12/01/26 | 250 | 257 | |||||||||
Boulder Water & Sewer, Callable 12/01/10 @ 100 5.700%, 12/01/19 | 300 | 341 | |||||||||
Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/19 | 400 | 452 | |||||||||
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) 5.700%, 07/01/18 | 250 | 257 | |||||||||
Denver City & County, Wastewater, Callable 11/01/12 @ 100 (FGIC) 5.000%, 11/01/20 | 500 | 529 | |||||||||
5.125%, 11/01/22 | 250 | 264 | |||||||||
Fort Collins Wastewater Utility Enterprise, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/20 | 300 | 333 | |||||||||
Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17 | 500 | 544 | |||||||||
Pueblo County Board of Waterworks, Series A, Callable 11/01/10 @ 100 (FSA) 5.875%, 11/01/18 | 305 | 350 | |||||||||
3,327 | |||||||||||
Total Revenue Bonds | 16,693 |
FIRST AMERICAN FUNDS Annual Report 2004
55
Schedule of Investments September 30, 2004
Colorado Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
General Obligation – 12.2% | |||||||||||
Arapahoe County School District #5, Cherry Creek, Callable 12/15/09 @ 100 (STAID) 5.500%, 12/15/19 | $ | 550 | $ | 613 | |||||||
Boulder Open Space Acquisition, Callable 08/15/10 @ 100 5.450%, 08/15/16 | 350 | 390 | |||||||||
Clear Creek School District #1, Pre-refunded 12/01/10 @ 100 (FSA) (STAID) 5.750%, 12/01/17 (c) | 100 | 115 | |||||||||
Douglas County School District #RE-1, Callable 12/15/12 @ 100 (FSA) 5.125%, 12/15/25 | 250 | 262 | |||||||||
El Paso County School District #38, Pre-refunded 12/01/10 @ 100 (STAID) 6.375%, 12/01/18 (c) | 200 | 237 | |||||||||
6.000%, 12/01/24 (c) | 250 | 291 | |||||||||
El Paso County School District #49, Falcon, Series A, Callable 12/01/09 @ 105 (FSA) (STAID) 6.000%, 12/01/18 | 200 | 237 | |||||||||
Morgan County School District #RE-3, Callable 12/01/09 @ 100 (AMBAC) 4.800%, 12/01/18 | 250 | 264 | |||||||||
Pueblo County, School District #70, Pre-refunded 12/01/09 @ 100 (FGIC) (STAID) 6.000%, 12/01/18 (c) | 100 | 115 | |||||||||
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33 | 375 | 389 | |||||||||
Total General Obligations | 2,913 | ||||||||||
Certificates of Participation – 16.2% | |||||||||||
Arapahoe County Building Finance Authority, Callable 02/15/10 @ 100 (AMBAC) 5.250%, 02/15/19 | 400 | 436 | |||||||||
5.250%, 02/15/21 | 650 | 699 | |||||||||
Broomfield Open Space Park & Recreation Facilities, Callable 12/01/10 @ 100 (AMBAC) 5.500%, 12/01/20 | 800 | 887 | |||||||||
Colorado Springs Old City Hall Project, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/17 | 200 | 224 | |||||||||
5.500%, 12/01/20 | 200 | 222 | |||||||||
Denver City & County, Series A, | |||||||||||
Callable 05/01/10 @ 100 (MBIA) 5.500%, 05/01/17 | 400 | 444 | |||||||||
Eagle County, Callable 12/01/09 @ 101 (MBIA) 5.400%, 12/01/18 | 300 | 331 | |||||||||
Fremont County Lease, Callable 12/15/07 @ 101 (MBIA) (MLO) 5.300%, 12/15/17 | 250 | 276 | |||||||||
Garfield County, Callable 12/01/09 @ 101 (AMBAC) 5.750%, 12/01/19 | 300 | 340 | |||||||||
Total Certificates of Participation | 3,859 | ||||||||||
Total Municipal Bonds (Cost $21,087) | 23,465 |
Colorado Tax Free Fund (concluded)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Affiliated Money Market Fund – 0.2% | |||||||||||
First American Tax Free Obligations Fund, Cl Z (d) | 48,654 | $ | 49 | ||||||||
Total Affiliated Money Market Fund (Cost $49) | 49 | ||||||||||
Total Investments – 98.7% (Cost $21,136) | 23,514 | ||||||||||
Other Assets and Liabilities, Net – 1.3% | 310 | ||||||||||
Total Net Assets – 100.0% | $ | 23,824 |
(a) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b) The rate shown is the effective yield at the time of purchase.
(c) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(d) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this Fund. See note 3 in Notes to Financial Statements.
ACA – American Capital Access
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $714,375, which represents 3.0% of net assets.
COMGTY – Commonwealth Guaranty
Cl – Class
FGIC – Financial Guaranty Insurance Corporation
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
RAAI – Radian Asset Assurance Inc.
STAID – State Aid Withholding
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
56
Schedule of Investments September 30, 2004
Intermediate Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.9% | |||||||||||
Alabama – 0.9% | |||||||||||
Alabama State Docks Department, Callable 10/01/08 @ 102 (MBIA) (RB) 5.250%, 10/01/10 | $ | 3,000 | $ | 3,329 | |||||||
Anniston, Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity (RB) 8.000%, 07/01/11 (a) | 1,400 | 1,700 | |||||||||
West Jefferson Amusement & Public Park Authority, First Mortgage, Visionland Alabama Project, Pre-refunded 12/01/06 @ 102 (RB) 7.500%, 12/01/08 (b) | 845 | 920 | |||||||||
5,949 | |||||||||||
Alaska – 0.8% | |||||||||||
Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB) 6.000%, 07/01/10 | 2,610 | 3,007 | |||||||||
Alaska State Housing Finance Corporation, Series A (MBIA) (RB) 5.350%, 06/01/06 | 380 | 382 | |||||||||
Alaska State Housing Finance Corporation, Series A (RB) 5.900%, 12/01/04 | 700 | 705 | |||||||||
Alaska State Housing Finance Corporation, Series A, Callable 12/01/05 @ 102 (MBIA) (RB) 5.400%, 12/01/08 | 1,000 | 1,041 | |||||||||
5,135 | |||||||||||
Arizona – 3.2% | |||||||||||
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @101 (RB) 7.500%, 11/15/23 | 3,300 | 3,335 | |||||||||
Arizona State Municipal Financing Program, Escrowed to Maturity (COP) (MLO) 8.750%, 08/01/07 (a) | 1,500 | 1,772 | |||||||||
Arizona State Municipal Financing Program, Series 15, Escrowed to Maturity (COP) (MLO) 8.750%, 08/01/07 (a) | 2,085 | 2,461 | |||||||||
Arizona State Transportation Highway Board (RB) 8.000%, 07/01/05 | 5,000 | 5,233 | |||||||||
Maricopa County School District #69, Paradise Valley (GO) (MBIA) 5.300%, 07/01/11 | 1,000 | 1,128 | |||||||||
Phoenix Street & Highway User (RB) 6.500%, 07/01/09 | 180 | 181 | |||||||||
6.250%, 07/01/11 | 900 | 903 | |||||||||
Tempe Industrial Development Authority, Friendship Villiage Project, Series A (RB) 5.375%, 12/01/13 | 1,300 | 1,322 | |||||||||
Tucson Airport Authority (FSA) (RB) 5.000%, 06/01/13 | 2,760 | 3,049 | |||||||||
Yavapai County Industrial Development Authority, Waste Management Project, Mandatory Put 06/01/05 @ 100 (AMT) (RB) 4.625%, 06/01/27 | 2,000 | 2,026 | |||||||||
21,410 | |||||||||||
Arkansas – 0.4% | |||||||||||
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FHA) (RB) (VA) 7.250%, 06/01/10 (a) | 2,360 | 2,641 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
California – 5.4% | |||||||||||
ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI) (RB) 4.500%, 08/15/12 | $ | 335 | $ | 343 | |||||||
ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance, Callable 08/15/14 @ 100 (CMI) (RB) 5.000%, 08/15/17 | 1,215 | 1,251 | |||||||||
ABAG Financial Authority, Archstone Redwood Housing Project, Series A (RB) 5.300%, 10/01/08 | 290 | 310 | |||||||||
ABC Unified School District, Series A (GO) (MBIA) 4.900%, 02/01/20 | 1,615 | 1,769 | |||||||||
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) 4.650%, 10/01/14 (c) | 2,000 | 1,323 | |||||||||
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT) (RB) 4.100%, 09/01/14 | 250 | 254 | |||||||||
California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB) 5.875%, 05/01/16 | 2,000 | 2,281 | |||||||||
California State Economic Recovery, Series A (FGIC) (GO) 5.250%, 07/01/14 | 1,000 | 1,137 | |||||||||
California State, Callable 02/01/14 @ 100 (GO) 5.000%, 02/01/21 | 1,500 | 1,575 | |||||||||
California State, Callable 04/01/14 @ 100 (GO) 5.125%, 04/01/24 | 500 | 521 | |||||||||
California State, Callable 08/01/13 @ 100 (GO) 5.000%, 02/01/16 | 1,000 | 1,081 | |||||||||
5.000%, 02/01/17 | 2,000 | 2,148 | |||||||||
California State, Callable 11/01/11 @ 100 (GO) 5.000%, 11/01/18 | 5,000 | 5,277 | |||||||||
California Statewide Communities Development Authority Water & Wastewater Revenue, Pooled Financiing Project, Series 2004A, Callable 10/01/13 @ 101 (FSA) 5.000%, 10/01/16 | 1,000 | 1,096 | |||||||||
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 (RB) 5.250%, 06/01/29 | 1,000 | 1,061 | |||||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A (RB) 7.250%, 11/15/11 | 1,450 | 1,445 | |||||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/11 @ 100 (RB) 3.450%, 04/01/35 (d) | 500 | 494 | |||||||||
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) (RB) 5.000%, 11/15/12 | 1,210 | 1,315 | |||||||||
California Statewide Communities Development Authority, Multifamily Housing, Citrus Gardens Apartments, Callable 07/01/12 @ 102 (RB) 5.375%, 07/01/26 | 500 | 509 | |||||||||
Golden State Tobacco Securitization, Callable 06/01/10 @ 100 (GO) (MLO) 5.600%, 06/01/28 | 2,450 | 2,528 |
FIRST AMERICAN FUNDS Annual Report 2004
57
Schedule of Investments September 30, 2004
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Golden State Tobacco Securitization, Series B (RB) (MLO) 5.000%, 06/01/12 | $ | 1,000 | $ | 1,068 | |||||||
Mountain View Los Altos School District, Callable 05/01/07 @ 102 (GO) 6.500%, 05/01/17 | 2,000 | 2,268 | |||||||||
Placentia-Yorba Linda Unified School District, Callable 08/01/14 @ 100 (FGIC) (GO) 5.000%, 08/01/16 | 1,000 | 1,100 | |||||||||
Roseville California JT High School, Callable 08/01/11 @ 101 (GO) 5.100%, 08/01/19 | 390 | 418 | |||||||||
San Marcos, Escrowed to Maturity, Zero Coupon Bond (COP) (MLO) 4.890%, 02/15/06 (a) (c) | 1,085 | 1,056 | |||||||||
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) (GO) 5.150%, 09/01/17 (c) | 1,000 | 559 | |||||||||
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC) (GO) 5.660%, 08/01/23 (c) | 2,030 | 786 | |||||||||
Woodland Financial Authority, Callable 03/01/13 @ 102 (RB) (MLO) (XLCA) 4.700%, 03/01/19 | 815 | 839 | |||||||||
4.800%, 03/01/20 | 855 | 881 | |||||||||
36,693 | |||||||||||
Colorado – 7.1% | |||||||||||
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond (RB) 3.340%, 09/01/10 (a) (c) | 9,320 | 7,620 | |||||||||
Colorado Department of Transportation (AMBAC) (RB) 6.000%, 06/15/08 | 3,000 | 3,372 | |||||||||
Colorado Health Facilities Authority, Parkview Medical Center, Callable 09/01/13 @ 100 (RB) 5.000%, 09/01/16 (e) | 640 | 658 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Callable 09/15/11 @ 100 (RB) 6.750%, 09/15/15 | 1,200 | 1,225 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity (RB) 6.375%, 12/01/11 (a) | 880 | 990 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB) 6.750%, 12/01/16 (b) | 1,500 | 1,828 | |||||||||
7.250%, 12/01/21 (b) | 1,500 | 1,871 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project (RB) 5.250%, 12/01/11 | 1,490 | 1,663 | |||||||||
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A (RB) 5.000%, 03/01/12 | 745 | 809 | |||||||||
Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond (RB) 5.500%, 07/15/20 (a) (c) | 10,000 | 4,735 | |||||||||
Colorado State Housing Finance Authority, Series A-2, Callable 05/01/06 @ 105 (RB) 7.150%, 11/01/14 | 165 | 166 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Denver City & County School District #1, Callable 12/01/13 @ 100 (FSA) (GO) (STAID) 4.000%, 12/01/14 | $ | 4,545 | $ | 4,682 | |||||||
Douglas County School District #RE-1, Douglas & Elbert Counties (FGIC) (GO) (STAID) 5.500%, 12/15/14 | 1,000 | 1,160 | |||||||||
El Paso County School District #2, Harrison, Callable 12/01/11 @ 100 (FGIC) (GO) (STAID) 5.500%, 12/01/16 | 1,280 | 1,444 | |||||||||
Grand County School District #002, East Grand, Callable 12/01/14 @ 100 (FSA) (GO) (STAID) 4.000%, 12/01/15 | 500 | 510 | |||||||||
Jefferson County School District #R-1 (GO) (MBIA) 6.500%, 12/15/11 | 4,975 | 6,015 | |||||||||
Jefferson County School District #R-1, Callable 12/15/08 @ 101 (FGIC) (GO) (STAID) 5.250%, 12/15/11 | 1,000 | 1,109 | |||||||||
Loveland, Escrowed to Maturity (GO) 8.875%, 11/01/05 (a) | 745 | 776 | |||||||||
Mesa County, Escrowed to Maturity, Zero Coupon Bond (RB) 3.539%, 12/01/11 (a) (c) | 5,500 | 4,242 | |||||||||
Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB) 5.700%, 12/01/17 | 2,170 | 2,219 | |||||||||
Westminster Water & Wastewater Utilities Improvement, Callable 12/01/04 @ 100 (AMBAC) (RB) 6.000%, 12/01/09 | 1,000 | 1,007 | |||||||||
48,101 | |||||||||||
Connecticut – 0.7% | |||||||||||
Mashantucket Western Pequot Tribe, Series A, Callable 09/01/06 @ 102, Pre-refunded 09/01/07 @ 101 (RB) 6.400%, 09/01/11 (b) (f) | 4,170 | 4,644 | |||||||||
Delaware – 0.1% | |||||||||||
Delaware State Health Facilities Authority, Partially Pre-refunded 10/01/04 @ 100 (RB) 7.000%, 10/01/15 (b) | 400 | 400 | |||||||||
Florida – 1.2% | |||||||||||
Greater Orlando Aviation Authority, Airport Facilities (AMT) (FGIC) (RB) 5.250%, 10/01/09 | 1,815 | 1,982 | |||||||||
Lee County Industrial Development Authority, Shell Point Village Health Project, Series A (RB) 5.500%, 11/15/08 | 1,000 | 1,067 | |||||||||
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community (RB) 5.250%, 10/01/13 | 1,400 | 1,433 | |||||||||
Palm Beach County Housing Facilities, Lourdes Noreen McKeen (RAAI) (RB) 3.500%, 12/01/08 | 785 | 805 | |||||||||
3.750%, 12/01/09 | 815 | 838 | |||||||||
Tampa Excise Tax, Callable 10/01/04 @ 100 (RB) 6.125%, 04/01/08 | 2,000 | 2,166 | |||||||||
8,291 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
58
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Georgia – 0.2% | |||||||||||
Cherokee County Water & Sewer Authority, Escrowed to Maturity, Callable 02/01/05 @ 101.50 (MBIA) (RB) 11.250%, 08/01/07 (a) | $ | 1,445 | $ | 1,683 | |||||||
Hawaii – 0.7% | |||||||||||
Hawaii State Airport System, Series B (AMT) (FGIC) (RB) 6.250%, 07/01/06 | 2,000 | 2,142 | |||||||||
Hawaii State Harbor System, Series A (AMT) (FSA) (RB) 5.250%, 07/01/08 | 2,270 | 2,476 | |||||||||
4,618 | |||||||||||
Idaho – 0.2% | |||||||||||
Ada & Canyon Counties, Joint School District #2, Pre-refunded 07/30/05 @ 101 (GO) 5.500%, 07/30/11 (b) | 1,000 | 1,042 | |||||||||
Illinois – 18.4% | |||||||||||
Bolingbrook, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond (FGIC) (GO) 4.950%, 01/01/06 (a) (c) | 1,000 | 977 | |||||||||
Bolingbrook, Capital Appreciation, Zero Coupon Bond (GO) 4.850%, 01/01/05 (c) | 1,080 | 1,076 | |||||||||
Champaign County Community Unit School District #004 (GO) 8.250%, 01/01/09 | 1,315 | 1,595 | |||||||||
Chicago Water, Zero Coupon Bond (FGIC) (RB) 6.776%, 11/01/08 (c) | 5,150 | 4,589 | |||||||||
5.260%, 11/01/09 (c) | 6,450 | 5,500 | |||||||||
Chicago, City Colleges, Zero Coupon Bond (FGIC) (GO) 5.900%, 01/01/15 (c) | 10,000 | 6,466 | |||||||||
Chicago, Midway Airport Project, Series C (MBIA) (RB) 5.500%, 01/01/14 | 1,300 | 1,468 | |||||||||
Chicago, Park District, Parking Facilities Authority (ACA) (RB) 5.500%, 01/01/08 | 3,585 | 3,938 | |||||||||
Chicago, Project & Refunding (FSA) (GO) 5.500%, 01/01/13 | 1,000 | 1,141 | |||||||||
Chicago, Project & Refunding, Series A (FGIC) (GO) 5.250%, 01/01/11 | 5,000 | 5,582 | |||||||||
Chicago, Single Family Mortgages, Series A, Callable 03/01/06 @ 103 (AMT) (FHLMC) (FNMA) (GNMA) (RB) 5.250%, 03/01/13 | 40 | 40 | |||||||||
Cook County Community High School District #219, Zero Coupon Bond (FSA) (GO) 4.900%, 12/01/07 (c) | 1,560 | 1,440 | |||||||||
Cook County Community Unit School District #102, Zero Coupon Bond (FGIC) (GO) 5.200%, 12/01/13 (c) | 2,440 | 1,683 | |||||||||
Cook County Community Unit School District #401 Elmwood Park, Zero Coupon Bond (FSA) (GO) 5.800%, 12/01/11 (c) | 3,625 | 2,782 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Cook County Community Unit School District #65, Evanston, Series A (FSA) (GO) 6.375%, 05/01/09 | $ | 3,000 | $ | 3,459 | |||||||
Cook County High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO) 4.900%, 12/01/06 (c) | 2,265 | 2,156 | |||||||||
Cook County School District #088 Bellwood, Series B, Callable 12/01/14 @ 100 (FSA) (GO) 5.000%, 12/01/17 (c) | 1,675 | 1,821 | |||||||||
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA) (GO) 5.100%, 12/01/15 (e) | 2,250 | 1,393 | |||||||||
Cook County, Escrowed to Maturity (MBIA) (GO) 7.250%, 11/01/07 (a) | 2,000 | 2,139 | |||||||||
Cook County, Series A (MBIA) (GO) 6.250%, 11/15/11 | 1,000 | 1,183 | |||||||||
Du Page County Community High School District #94, West Chicago (FSA) (GO) 7.250%, 11/01/09 | 1,780 | 2,140 | |||||||||
Granite Single Family Mortgage (RB) 7.750%, 10/01/11 | 760 | 896 | |||||||||
Illinois Development Finance Authority, Midwestern University, Series B, Callable 05/15/11 @ 101 (RB) 5.750%, 05/15/16 | 350 | 380 | |||||||||
Illinois Health Facilities Authority, St. Benedict, Series 2003A-2, Callable 11/15/05 @ 100 (RB) 5.750%, 11/15/15 | 2,750 | 2,751 | |||||||||
Illinois State (AMBAC) (COP) (MLO) 6.000%, 07/01/06 | 1,000 | 1,069 | |||||||||
Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond (RB) 5.210%, 01/01/18 (c) | 2,750 | 1,499 | |||||||||
Illinois State Development Finance Authority, Elmhurst Community School #205, Callable 01/01/11 @ 100 (FSA) (RB) 6.375%, 01/01/13 | 1,025 | 1,200 | |||||||||
Illinois State Development Finance Authority, Waste Management Project (AMT) (RB) 5.850%, 12/01/07 | 1,000 | 1,060 | |||||||||
Illinois State Educational Facilities Authority, Loyola University of Chicago, Series A, Escrowed to Maturity (RB) 7.000%, 07/01/07 (a) | 1,000 | 1,105 | |||||||||
Illinois State Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/06 @ 100 (RB) 4.700%, 03/01/30 | 4,500 | 4,652 | |||||||||
Illinois State Health Facilities Authority (RB) 6.500%, 02/15/06 | 1,130 | 1,192 | |||||||||
Illinois State Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB) 3.875%, 12/01/08 | 1,000 | 1,038 | |||||||||
4.350%, 12/01/10 | 1,605 | 1,685 | |||||||||
Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity (RB) 6.750%, 04/15/12 (a) | 1,320 | 1,567 |
FIRST AMERICAN FUNDS Annual Report 2004
59
Schedule of Investments September 30, 2004
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 10.000%, 01/01/15 (a) | $ | 780 | $ | 1,054 | |||||||
Illinois State Sales Tax (RB) 6.000%, 06/15/09 | 2,500 | 2,849 | |||||||||
5.100%, 06/15/10 | 2,000 | 2,215 | |||||||||
Illinois State, First Series, Callable 08/01/10 @ 100 (GO) 5.500%, 08/01/15 | 4,500 | 5,044 | |||||||||
Kane County School District #129, Aurora West Side, Series A (GO) (MBIA) 6.500%, 02/01/07 | 1,000 | 1,099 | |||||||||
Lake County Community School District #50, Woodland, Series A, Callable 12/01/08 @ 100 (FGIC) (GO) 5.000%, 12/01/09 | 1,000 | 1,083 | |||||||||
Lake County Community Unit School District #50, Woodland (GO) (MBIA) 8.500%, 01/01/07 | 1,460 | 1,663 | |||||||||
Lake County Community Unit School District #60, Waukegan, Series B (FSA) (GO) 6.000%, 12/01/07 | 2,785 | 3,100 | |||||||||
7.500%, 12/01/08 | 3,640 | 4,331 | |||||||||
Lake County School District #56, Gurnee (FGIC) (GO) 8.375%, 01/01/10 | 1,290 | 1,618 | |||||||||
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA) (GO) 5.350%, 12/01/19 (c) | 2,100 | 1,033 | |||||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Zero Coupon Bond (FGIC) (RB) 5.000%, 06/15/09 (c) | 35 | 30 | |||||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 06/15/06 @ 102 (AMBAC) (RB) 6.000%, 06/15/07 | 750 | 813 | |||||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 12/15/09 @ 101 (FGIC) (RB) 5.550%, 12/15/11 | 675 | 762 | |||||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC) (RB) 5.000%, 06/15/09 (a) (c) | 1,465 | 1,268 | |||||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Pre-refunded 06/15/06 @ 102 (AMBAC) (RB) 6.000%, 06/15/07 (b) | 250 | 272 | |||||||||
Morton Grove Residential Housing, Escrowed to Maturity (MBIA) (RB) 7.350%, 09/01/09 (a) (f) | 5,570 | 6,705 | |||||||||
Rockford School District #205 (FGIC) (GO) 5.000%, 02/01/14 | 500 | 552 | |||||||||
Springfield Electric Revenue (MBIA) (RB) 6.000%, 03/01/06 | 1,050 | 1,110 | |||||||||
St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO) 6.000%, 10/01/11 | 1,000 | 1,157 | |||||||||
St. Clair County, Public Building, Series C (FGIC) (RB) (MLO) 6.000%, 12/01/09 | 2,175 | 2,494 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Will County School District #365, Zero Coupon Bond (FSA) (GO) 4.530%, 11/01/05 (c) | $ | 1,685 | $ | 1,653 | |||||||
Will County School District #86, Zero Coupon Bond (FSA) (GO) 5.600%, 11/01/17 (c) | 3,870 | 2,145 | |||||||||
Winnebago & Boone Counties School District #205, Series C, Partially Escrowed to Maturity (FGIC) (GO) 6.000%, 02/01/08 (a) | 5,065 | 5,641 | |||||||||
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA) (GO) 5.200%, 01/01/17 (c) | 3,000 | 1,727 | |||||||||
124,080 | |||||||||||
Indiana – 2.3% | |||||||||||
Crown Point Multi-School Building, First Mortgage (MBIA) (RB) (MLO) 7.625%, 01/15/08 | 1,000 | 1,161 | |||||||||
Evansville Vanderburgh, Public Leasing, Callable 01/15/12 @ 100 (MBIA) (RB) (MLO) 5.750%, 07/15/18 | 1,000 | 1,116 | |||||||||
Franklin Township Independent School Building Corporation (RB) 5.750%, 07/15/09 | 1,235 | 1,403 | |||||||||
Gary Sanitation District, Special Tax District (GO) (RAAI) 3.750%, 02/01/11 | 1,260 | 1,278 | |||||||||
Indiana State Educational Facilities Authority, St. Joseph's College Project (RB) 6.100%, 10/01/09 | 1,200 | 1,336 | |||||||||
Indiana State Educational Facilities Authority, St. Joseph's College Project, Callable 10/01/09 @ 102 (RB) 6.600%, 10/01/14 | 1,410 | 1,572 | |||||||||
Indiana State Housing Authority, Series B-1, Callable 07/01/05 @ 102 (RB) 6.150%, 07/01/17 | 385 | 388 | |||||||||
Indiana Transportation Finance Authority, Escrowed to Maturity, Callable 06/01/11 @ 100 (RB) 5.750%, 06/01/12 (a) | 180 | 205 | |||||||||
Indiana Transportation Finance Authority, Series A (AMBAC) (RB) 5.750%, 06/01/12 | 1,820 | 2,112 | |||||||||
Indiana University, Series K, Zero Coupon Bond (MBIA) (RB) 5.360%, 08/01/11 (c) | 750 | 584 | |||||||||
Indianapolis Industry Local Public Improvement Board, Series D (RB) 6.600%, 02/01/07 | 1,960 | 2,156 | |||||||||
St. Joseph County Hospital, Callable 02/15/08 @ 101 (MBIA) (RB) 4.750%, 08/15/12 | 1,000 | 1,047 | |||||||||
Zionsville Community Schools Building, First Mortgage Bonds, Callable 01/15/12 @ 100 (FGIC) (RB) (MLO) (STAID) 5.750%, 07/15/15 | 775 | 883 | |||||||||
15,241 | |||||||||||
Iowa – 0.9% | |||||||||||
Iowa Higher Education Authority, Callable 10/01/12 @ 100 (ACA) (RB) 5.500%, 10/01/28 | 2,000 | 2,059 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
60
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Iowa Higher Education Authority, Central College (RB) 5.450%, 10/01/26 | $ | 1,000 | $ | 1,043 | |||||||
Muscatine Electric, Escrowed to Maturity, Callable 01/01/05 @ 100 (RB) 9.700%, 01/01/13 (a) | 2,140 | 2,744 | |||||||||
5,846 | |||||||||||
Kansas – 1.3% | |||||||||||
Butler County Public Building Authority (MBIA) (RB) (MLO) 6.375%, 10/01/10 | 1,000 | 1,177 | |||||||||
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond, Callable 05/01/12 @ 100 (RB) 3.800%, 05/01/12 (a) (c) | 7,500 | 5,658 | |||||||||
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA) (RB) 6.700%, 06/01/29 | 870 | 878 | |||||||||
Sedgwick County School District #267 (AMBAC) (GO) 5.250%, 11/01/12 | 1,045 | 1,183 | |||||||||
8,896 | |||||||||||
Kentucky – 0.7% | |||||||||||
Kentucky State Turnpike Authority, Escrowed to Maturity (RB) 7.200%, 07/01/09 (a) | 1,065 | 1,199 | |||||||||
Kentucky State Turnpike Authority, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.000%, 07/01/11 (a) | 730 | 813 | |||||||||
Louisville Water, Escrowed to Maturity (RB) 6.000%, 11/15/07 (a) | 1,250 | 1,385 | |||||||||
Louisville Water, Escrowed to Maturity, Callable 10/01/04 @ 101 (RB) 6.375%, 11/01/07 (a) | 1,000 | 1,082 | |||||||||
4,479 | |||||||||||
Louisiana – 0.3% | |||||||||||
Louisiana Local Government Environmental Facilities, Community Development Authority, Callable 01/01/12 @ 101 (AMT) (RB) 6.650%, 01/01/25 | 840 | 868 | |||||||||
Orleans Parish, Parishwide School District, Series A (FGIC) (GO) 7.375%, 09/01/07 | 1,145 | 1,311 | |||||||||
2,179 | |||||||||||
Maine – 0.3% | |||||||||||
Maine Municipal Bond Bank, Series B (FSA) (GO) 5.750%, 11/01/10 | 2,000 | 2,305 | |||||||||
Massachusetts – 4.2% | |||||||||||
Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB) 6.500%, 09/01/35 | 2,000 | 1,978 | |||||||||
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC) (RB) 5.750%, 03/01/10 | 2,100 | 2,390 | |||||||||
Massachusetts Bay Transportation Authority, Series A (RB) 6.250%, 03/01/12 | 1,875 | 2,224 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Massachusetts State Commonwealth, Special Obligation, Series A (RB) 5.500%, 06/01/13 | $ | 1,000 | $ | 1,147 | |||||||
Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A, Callable 07/01/07 @ 101 (MBIA) (RB) 5.100%, 07/01/10 | 3,000 | 3,231 | |||||||||
Massachusetts State Port Authority (RB) 5.750%, 07/01/12 | 1,000 | 1,148 | |||||||||
Massachusetts State Port Authority, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 13.000%, 07/01/13 (a) | 4,270 | 6,266 | |||||||||
Massachusetts State, Multi-Family Housing, Escrowed to Maturity, Callable 10/01/04 @ 100 (FHA) (RB) 6.350%, 04/01/08 (a) | 815 | 838 | |||||||||
Massachusetts State, Series A, Callable 01/01/11 @ 100 (GO) 5.125%, 01/01/16 | 3,000 | 3,307 | |||||||||
Massachusetts State, Series B, Pre-refunded 05/01/10 @ 100 (GO) 5.000%, 05/01/12 (b) | 5,000 | 5,488 | |||||||||
28,017 | |||||||||||
Michigan – 5.5% | |||||||||||
Chippewa Valley Schools, Callable 05/01/12 @ 100 (GO) (MQSBLF) 5.500%, 05/01/14 | 1,775 | 2,013 | |||||||||
Constantine Public Schools, Callable 11/01/12 @ 100 (GO) (MQSBLF) 5.000%, 05/01/15 | 1,050 | 1,138 | |||||||||
5.000%, 05/01/16 | 1,075 | 1,159 | |||||||||
Detroit (AMT) (FSA) (GO) 5.750%, 04/01/09 | 1,255 | 1,399 | |||||||||
Detroit Water Supply, Escrowed to Maturity, Callable 10/01/04 @ 100 (FGIC) (RB) 6.250%, 07/01/12 (a) | 285 | 298 | |||||||||
Gibraltar School District, Callable 11/01/12 @ 100 (GO) (MQSBLF) 5.500%, 05/01/15 | 1,175 | 1,337 | |||||||||
Lakeshore Public Schools, Callable 05/01/11 @ 100 (GO) 5.000%, 05/01/12 | 1,260 | 1,379 | |||||||||
Lakeview Public Schools, Callable 05/01/11 @ 100 (GO) 5.000%, 05/01/14 | 1,985 | 2,168 | |||||||||
Michigan State Hospital Finance Authority, Ascension Health Credit, Series B, Mandatory Put 11/15/05 @ 100 (RB) 5.200%, 11/15/33 | 3,000 | 3,108 | |||||||||
Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Callable 03/01/13 @ 100 (RB) 5.500%, 03/01/15 | 3,500 | 3,773 | |||||||||
Michigan State Hospital Finance Authority, Henry Ford Hospital, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 9.000%, 05/01/08 (a) | 4,500 | 5,122 | |||||||||
Michigan State Housing Development Authority, Green Hill Project, Callable 10/01/04 @ 102 (FNMA) (RB) 5.125%, 07/15/08 | 1,620 | 1,655 |
FIRST AMERICAN FUNDS Annual Report 2004
61
Schedule of Investments September 30, 2004
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB) 3.800%, 06/01/14 (d) | $ | 2,200 | $ | 2,223 | |||||||
Oakland University, Callable 05/15/05 @ 102 (MBIA) (RB) 5.600%, 05/15/10 | 1,000 | 1,045 | |||||||||
Rochester Community School District, Series 1, Pre-refunded 05/01/10 @ 100 (FGIC) (GO) 5.375%, 05/01/11 (b) | 2,000 | 2,250 | |||||||||
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity, Callable 10/01/04 @ 101.50 (RB) 7.000%, 11/01/15 (a) | 1,300 | 1,644 | |||||||||
Wayne Charter County Airport, Series A, Callable 12/01/08 @ 101 (AMT) (MBIA) (RB) 5.250%, 12/01/09 | 5,000 | 5,425 | |||||||||
37,136 | |||||||||||
Minnesota – 3.8% | |||||||||||
Lakeville Independent School District #194, School Building, Series C (FSA) (GO) (MSDCEP) 4.500%, 02/01/12 | 1,000 | 1,082 | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) (RB) 5.750%, 01/01/10 | 1,000 | 1,113 | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT) (RB) 5.375%, 01/01/10 | 3,000 | 3,209 | |||||||||
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity (RB) 10.000%, 06/01/13 (a) | 965 | 1,262 | |||||||||
Minnesota Agriculture & Economic Development Board, Health Care Systems, Series A, Callable 11/15/10 @ 101 (RB) 5.875%, 11/15/11 | 2,135 | 2,402 | |||||||||
Monticello, Big Lake Community Hospital District, Health Care Facilities, Series C (RB) 5.250%, 12/01/11 | 1,940 | 2,019 | |||||||||
Moorhead Independent School District #152, Callable 04/01/12 @ 100 (FGIC) (GO) (MSDCEP) 5.000%, 04/01/13 | 1,270 | 1,402 | |||||||||
Robbinsdale Independent School District #281 (GO) (MSDCEP) 5.000%, 02/01/09 | 1,250 | 1,371 | |||||||||
Robbinsdale Independent School District #281, Callable 02/01/09 @ 100 (GO) (MSDCEP) 5.250%, 02/01/12 | 1,435 | 1,577 | |||||||||
South Washington County Independent School District #833, Series A, Callable 02/01/10 @ 100 (GO) (MSDCEP) 5.300%, 02/01/11 | 1,000 | 1,107 | |||||||||
St. Paul Housing & Redevelopment Authority, Callable 08/01/06 @ 102.50 (AMBAC) (RB) 6.400%, 02/01/07 | 1,195 | 1,311 | |||||||||
6.400%, 08/01/07 | 1,205 | 1,328 | |||||||||
6.500%, 02/01/09 | 1,315 | 1,451 | |||||||||
St. Paul Port Authority Hotel, Pre-refunded 08/01/08 @ 100 (RB) 8.050%, 08/01/21 (b) | 2,335 | 2,789 | |||||||||
St. Paul Port Authority, Office Building at Cedar St.-03-12 (MLO) (RB) 4.000%, 12/01/11 | 2,045 | 2,143 | |||||||||
25,566 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Missouri – 0.1% | |||||||||||
Missouri State Environmental Improvement & Energy Resourse Authority, Series B (RB) 5.250%, 01/01/16 | $ | 675 | $ | 770 | |||||||
Nebraska – 1.7% | |||||||||||
Douglas County Hospital Authority #002, Medical Center (GTY) (RB) 5.000%, 11/15/11 | 2,860 | 3,097 | |||||||||
Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) (RB) 4.800%, 09/01/08 | 1,400 | 1,512 | |||||||||
Nebraska Educational Finance Authority, Creighton University Project, Callable 01/01/06 @ 101 (AMBAC) (RB) 5.600%, 01/01/07 | 2,500 | 2,634 | |||||||||
Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (MLO) (RB) 6.000%, 02/01/06 | 1,275 | 1,342 | |||||||||
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI) (RB) 4.700%, 11/15/11 | 500 | 534 | |||||||||
Nebraska Investment Financial Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI) (RB) 4.800%, 11/15/12 | 500 | 534 | |||||||||
4.900%, 11/15/13 | 600 | 638 | |||||||||
Omaha Northwest Library Facilities, Callable 08/15/07 @ 102 (MLO) (RB) 5.250%, 08/15/12 | 975 | 1,071 | |||||||||
11,362 | |||||||||||
Nevada – 1.6% | |||||||||||
Carson City, Carson-Tahoe Hospital Project (RB) 5.750%, 09/01/11 | 1,000 | 1,091 | |||||||||
5.750%, 09/01/12 | 1,055 | 1,148 | |||||||||
Clark County School District, Building & Renovation, Series B, Callable 06/15/07 @ 101 (FGIC) (GO) 5.750%, 06/15/08 | 1,000 | 1,106 | |||||||||
Nevada State, Callable 06/01/08 @ 100 (GO) 5.250%, 06/01/11 | 3,000 | 3,277 | |||||||||
Washoe County, Escrowed to Maturity, Callable 02/01/05 @ 100 (GO) 9.875%, 08/01/09 (a) | 3,455 | 4,178 | |||||||||
10,800 | |||||||||||
New Hampshire – 0.3% | |||||||||||
New Hampshire Health & Educational Facilities Authority, Callable 07/01/14 @ 100 (RB) 5.375%, 07/01/24 | 1,250 | 1,263 | |||||||||
New Hampshire Health & Educational Facilities Authority, Southern New Hampshire Medical Center, Series A (RAAI) (RB) 5.000%, 10/01/13 | 790 | 854 | |||||||||
2,117 | |||||||||||
New Jersey – 0.7% | |||||||||||
New Jersey Health Care Facilities, Capital Health Systems, Series A (RB) 5.500%, 07/01/12 | 1,500 | 1,630 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
62
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.500%, 06/15/08 | $ | 2,000 | $ | 2,206 | |||||||
New Jersey State Turnpike Authority, Escrowed to Maturity (RB) 6.750%, 01/01/09 (a) | 820 | 866 | |||||||||
4,702 | |||||||||||
New Mexico – 0.9% | |||||||||||
Farmington, Pre-refunded 07/01/05 @ 100 (RB) 9.875%, 01/01/13 (b) | 5,575 | 5,875 | |||||||||
New York – 3.6% | |||||||||||
Hempstead Town Industrial Development Agency, Callable 12/01/06 @ 102 (MBIA) (RB) 5.000%, 12/01/08 | 2,000 | 2,138 | |||||||||
Long Island Power Authority, Series B (RB) 5.250%, 12/01/13 | 4,000 | 4,427 | |||||||||
New York City Transitional Finance Authority, Series A, Callable 11/01/11 @ 100 (RB) 5.500%, 11/01/26 | 1,000 | 1,127 | |||||||||
New York State Dormitory Authority, Mental Health Services Facilities, Callable 08/15/10 @ 100 (FSA) (RB) 5.750%, 02/15/11 | 1,200 | 1,359 | |||||||||
New York State Dormitory Authority, State Personal Income Tax, Series A (FSA) (RB) 5.500%, 03/15/12 | 2,000 | 2,292 | |||||||||
New York State Environmental Facilities, Pollution Control, Series D, Pre-refunded 11/15/04 @ 102 (RB) 6.400%, 05/15/06 (b) | 530 | 544 | |||||||||
New York State Environmental Facilities, Pollution Control, Series D-02, Callable 11/15/04 @ 102 (RB) 6.400%, 05/15/06 | 225 | 231 | |||||||||
New York State Environmental Facilities, Pollution Control, Series D-02, Pre-refunded 11/15/04 @ 102 (RB) 6.400%, 05/15/06 (b) | 495 | 508 | |||||||||
New York, Series A, Callable 08/01/12 @ 100 (GO) 5.750%, 08/01/15 | 3,220 | 3,605 | |||||||||
New York, Series C, Callable 03/15/12 @ 100 (GO) 5.500%, 03/15/14 | 3,000 | 3,314 | |||||||||
New York, Series D (GO) 5.500%, 06/01/12 | 2,000 | 2,251 | |||||||||
New York, Series G (GO) (XLCA) 5.500%, 08/01/12 | 2,000 | 2,275 | |||||||||
24,071 | |||||||||||
North Carolina – 0.8% | |||||||||||
North Carolina Eastern Power Agency, Series D (RB) 5.375%, 01/01/13 | 2,955 | 3,216 | |||||||||
North Carolina Power Agency #1, Series A, Callable 01/01/13 @ 100 (FSA) (RB) 5.250%, 01/01/16 | 2,000 | 2,199 | |||||||||
5,415 | |||||||||||
North Dakota – 0.2% | |||||||||||
Fargo Health Systems, Meritcare Obligated Group, Series A (FSA) (RB) 5.000%, 06/01/09 | 715 | 780 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
North Dakota State Industrial Commission, Lignite Program, Series A (RB) 5.750%, 11/15/05 | $ | 500 | $ | 513 | |||||||
1,293 | |||||||||||
Ohio – 1.5% | |||||||||||
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B, Callable 09/01/07 @ 102 (MBIA) (RB) 5.375%, 09/01/09 | 1,000 | 1,097 | |||||||||
Ohio State Building Authority, Administration Building Fund Project, Series A, Callable 10/01/08 @ 101 (MLO) (RB) 5.250%, 10/01/09 | 3,000 | 3,311 | |||||||||
Ohio State Water Development Authority, Escrowed to Maturity, Callable 12/01/04 @ 100 (RB) 9.375%, 12/01/10 (a) | 2,320 | 2,719 | |||||||||
Richland County Hospital Facilities, Series A (RB) 5.450%, 11/15/04 | 690 | 693 | |||||||||
5.500%, 11/15/05 | 725 | 750 | |||||||||
5.550%, 11/15/06 | 765 | 812 | |||||||||
5.650%, 11/15/08 | 595 | 650 | |||||||||
10,032 | |||||||||||
Oklahoma – 2.4% | |||||||||||
Cherokee County Economic, Zero Coupon Bond, Escrowed to Maturity (AMBAC) (RB) 5.610%, 11/01/11 (a) (c) | 3,340 | 2,590 | |||||||||
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project, Callable 10/01/14 @ 101 (AMT) (RB) 5.750%, 01/01/23 | 1,430 | 1,359 | |||||||||
Oklahoma County Housing Finance Authority, Series B, Zero Coupon Bond, Pre-refunded 03/01/06 @ 56.92 (RB) 5.740%, 07/01/12 (b) (c) | 3,690 | 2,043 | |||||||||
Oklahoma Housing Finance Agency, Series A-2, Callable 05/01/05 @ 100 (FNMA) (RB) 5.500%, 11/01/25 | 3,000 | 3,055 | |||||||||
South Oklahoma City, Callable 10/01/04 @ 100, Pre-refunded 02/01/10 @ 100 (RB) 9.750%, 02/01/13 (b) | 3,845 | 4,798 | |||||||||
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B, Callable 12/01/08 @ 101 (RB) 4.600%, 12/01/09 | 1,195 | 1,271 | |||||||||
Tulsa Metropolitan Utility Authority, Callable 09/01/05 @ 102 (RB) 5.600%, 09/01/06 | 1,000 | 1,053 | |||||||||
16,169 | |||||||||||
Oregon – 1.9% | |||||||||||
Clackamas County School District #7J, Lake Oswego, Callable 06/01/11 @ 100 (GO) 5.375%, 06/01/14 | 3,105 | 3,479 | |||||||||
Lane County School District #52, Bethel (GO) (SBG) 5.500%, 06/15/09 | 1,000 | 1,122 | |||||||||
Oregon State Department, Administrative Services, Series A (COP) (FSA) (MLO) 5.500%, 11/01/13 | 1,275 | 1,465 |
FIRST AMERICAN FUNDS Annual Report 2004
63
Schedule of Investments September 30, 2004
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Oregon State Department, Administrative Services, Series E, Callable 11/01/12 @ 100 (COP) (FSA) (MLO) 5.000%, 11/01/14 | $ | 2,170 | $ | 2,388 | |||||||
Polk, Marion & Benton Counties, School District #13-J (FGIC) (GO) 5.500%, 12/01/04 | 1,015 | 1,022 | |||||||||
Washington County Unified Sewer Agency, Series 1 (FGIC) (RB) 5.750%, 10/01/08 | 2,000 | 2,246 | |||||||||
Washington County, Criminal Justice Facilities, Pre-refunded 12/01/04 @ 100 (GO) 5.625%, 12/01/05 (b) | 900 | 906 | |||||||||
12,628 | |||||||||||
Pennsylvania – 0.8% | |||||||||||
Central Greene School District, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond, Callable 10/01/04 @ 70.702 (GO) (MBIA) (STAID) 4.690%, 12/01/07 (a) (c) | 2,000 | 1,852 | |||||||||
Montgomery County, Industrial Development Authority, PECO Energy Project, Series A, Mandatory Put 10/01/04 @ 100 (RB) 5.200%, 10/01/30 | 2,000 | 2,000 | |||||||||
Philadelphia Hospitals Authority, Pre-refunded 07/01/05 @ 100 (RB) 9.875%, 07/01/10 (b) | 1,150 | 1,220 | |||||||||
5,072 | |||||||||||
Puerto Rico – 0.3% | |||||||||||
Puerto Rico Electric Power Authority, Series AA (MBIA) (RB) 6.000%, 07/01/06 | 1,000 | 1,073 | |||||||||
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33 | 1,000 | 1,039 | |||||||||
2,112 | |||||||||||
South Carolina – 1.4% | |||||||||||
Charleston EDL Excellence Finance, Charleston County School District Project (RB) 5.000%, 12/01/13 | 2,000 | 2,200 | |||||||||
Lexington County Health Services District Inc., Lexington Medical Center, Callable 11/01/13 @ 100 (RB) 5.500%, 11/01/23 | 2,000 | 2,077 | |||||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A (RB) 6.000%, 08/01/13 | 1,000 | 1,102 | |||||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (RB) 6.000%, 08/01/13 | 2,000 | 2,204 | |||||||||
South Carolina State Public Service Authority, Series A (MBIA) (RB) 5.500%, 01/01/10 | 1,665 | 1,873 | |||||||||
9,456 | |||||||||||
South Dakota – 1.1% | |||||||||||
Deadwood (ACA) (COP) (MLO) 5.500%, 11/01/07 | 800 | 858 | |||||||||
5.600%, 11/01/08 | 845 | 917 | |||||||||
South Dakota State Health & Educational Facilities Authority, Sioux Valley Hospital (RB) 5.250%, 11/01/08 | 900 | 975 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement (RB) 5.650%, 09/01/05 | $ | 665 | $ | 674 | |||||||
5.800%, 09/01/06 | 735 | 755 | |||||||||
5.900%, 09/01/07 | 755 | 785 | |||||||||
4.750%, 09/01/11 | 530 | 546 | |||||||||
5.000%, 09/01/12 | 1,000 | 1,037 | |||||||||
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement Community, Callable 09/01/12 @ 101 (RB) 5.000%, 09/01/13 | 1,000 | 1,037 | |||||||||
7,584 | |||||||||||
Tennessee – 1.6% | |||||||||||
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity, Callable 10/01/04 @ 102 (RB) 6.400%, 04/01/11 (a) | 1,030 | 1,225 | |||||||||
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Callable 09/01/12 @ 100 (RB) 6.000%, 09/01/16 | 1,500 | 1,769 | |||||||||
Shelby County Health, Educational & Housing Facilities Board, St. Jude's Children's Research (RB) 5.000%, 07/01/09 | 500 | 538 | |||||||||
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project (RB) 6.250%, 09/01/11 | 1,465 | 1,619 | |||||||||
6.250%, 09/01/12 | 1,085 | 1,199 | |||||||||
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/12 @ 101 (RB) 6.500%, 09/01/13 | 2,215 | 2,472 | |||||||||
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/13 @ 100 (RAAI) (RB) 5.000%, 09/01/16 | 2,000 | 2,119 | |||||||||
10,941 | |||||||||||
Texas – 9.3% | |||||||||||
Abilene Health Facilities Development, Sears Methodist Retirement, Series A (RB) 5.100%, 11/15/05 | 1,115 | 1,123 | |||||||||
5.250%, 11/15/06 | 1,175 | 1,190 | |||||||||
5.300%, 11/15/07 | 1,000 | 1,029 | |||||||||
5.350%, 11/15/08 | 1,300 | 1,348 | |||||||||
Amarillo Independent School District (GO) (PSFG) 7.000%, 02/01/06 | 1,035 | 1,104 | |||||||||
Austin, Callable 09/01/11 @ 100 (GO) 5.000%, 09/01/13 | 4,510 | 4,952 | |||||||||
Bexar County, Zero Coupon Bond (GO) (MBIA) 3.780%, 06/15/06 (c) | 1,000 | 966 | |||||||||
Brazos River Authority, Electric Company Project, Series 1999-B, Mandatory Put 04/01/13 @ 100 (AMT) (RB) 6.750%, 09/01/34 | 2,000 | 2,255 | |||||||||
Brazos River Authority, Electric Company Project, Series A, Mandatory Put 05/01/05 @ 100 (AMT) (RB) 3.000%, 05/01/29 (d) | 1,000 | 1,001 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
64
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Brazos River Authority, Electric Company Project, Series C, Mandatory Put 11/01/11 @ 100 (AMT) (RB) 5.750%, 05/01/36 (d) | $ | 1,585 | $ | 1,670 | |||||||
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/12 @ 100 (AMT) (RB) 5.700%, 05/15/33 | 1,000 | 1,085 | |||||||||
Cypress-Fairbanks Independent School District, Callable 02/15/10 @ 100 (GO) (PSFG) 5.500%, 02/15/18 | 4,000 | 4,424 | |||||||||
Frisco, Callable 02/05/11 @ 100 (FGIC) (GO) 5.000%, 02/15/18 | 1,125 | 1,203 | |||||||||
5.000%, 02/15/19 | 1,675 | 1,781 | |||||||||
Galveston County, Escrowed to Maturity, Callable 10/01/04 @ 100 (GO) (MBIA) 6.400%, 02/01/05 (a) | 315 | 320 | |||||||||
Grapevine Industrial Development, Air Cargo, Callable 01/01/12 @ 101 (AMT) (RB) 6.500%, 01/01/24 | 500 | 512 | |||||||||
Grapevine-Colleyville Independent School District (GO) (PSFG) 8.250%, 06/15/07 | 1,440 | 1,666 | |||||||||
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A (RB) 5.750%, 10/01/09 | 2,895 | 3,123 | |||||||||
Houston Airport Systems (FSA) (RB) 5.250%, 07/01/11 | 2,735 | 3,055 | |||||||||
Houston Airport Systems, Escrowed to Maturity (RB) 8.200%, 07/01/05 (a) | 215 | 225 | |||||||||
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/14 @ 101 (RB) 7.000%, 02/15/23 | 2,000 | 2,068 | |||||||||
Irving Independent School District, Series A, Zero Coupon Bond (GO) (PSFG) 5.000%, 02/15/09 (c) | 5,000 | 4,375 | |||||||||
Jefferson County Health Facilities Development, Baptist Hospitals (AMBAC) (FHA) (RB) 4.400%, 08/15/09 | 1,000 | 1,064 | |||||||||
Kaufman County, Callable 02/15/12 @ 100 (FSA) (GO) 5.000%, 02/15/17 | 1,000 | 1,065 | |||||||||
Keller Independent School District, Callable 08/15/11 @ 100 (GO) (PSFG) 5.375%, 08/15/14 | 2,000 | 2,242 | |||||||||
North Harris Montgomery Community College District, Callable 02/15/12 @ 100 (FGIC) (GO) 5.375%, 02/15/15 | 2,535 | 2,835 | |||||||||
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond, Callable 12/01/04 @ 55.53 (MBIA) (RB) 3.780%, 06/01/12 (a) (c) | 1,465 | 1,090 | |||||||||
Port Houston Authority, Harris County, Series B, Callable 10/01/11 @ 100 (AMT) (FGIC) (GO) 5.500%, 10/01/12 | 2,405 | 2,664 | |||||||||
Richardson Hospital Authority (RB) 5.500%, 12/01/13 | 1,290 | 1,362 | |||||||||
Richardson Hospital Authority, Callable 12/01/13 @100 (RB) 5.500%, 12/01/14 | 1,310 | 1,368 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Sam Rayburn Municipal Power Agency, Callable 10/01/04 @ 100, Partially Pre-refunded 09/01/09 @ 100 (MBIA) (RB) 6.000%, 09/01/10 (b) | $ | 1,420 | $ | 1,612 | |||||||
San Antonio Electric & Gas, Series A, Callable 02/01/09 @ 101 (RB) 5.250%, 02/01/13 | 2,135 | 2,351 | |||||||||
San Antonio Independent School District (GO) (PSFG) 7.000%, 08/15/07 | 1,000 | 1,131 | |||||||||
Texas State Public Finance Authority, Parks & Wildlife Projects, Callable 02/01/08 @ 100 (AMBAC) (RB) (MLO) 6.000%, 08/01/08 | 1,000 | 1,109 | |||||||||
Texas State, Callable 10/01/08 @ 100 (GO) 5.000%, 10/01/15 | 1,000 | 1,059 | |||||||||
Tyler Health Facilities, Mother Frances Hospital (RB) 5.250%, 07/01/12 | 1,000 | 1,061 | |||||||||
62,488 | |||||||||||
Utah – 0.6% | |||||||||||
Ashley Valley Water & Sewer, Escrowed to Maturity, Callable 01/01/05 @ 102 (AMBAC) (GO) 10.900%, 01/01/10 (a) | 1,500 | 1,855 | |||||||||
South Jordan, Sales Tax, Callable 08/15/11 @ 100 (AMBAC) (RB) 5.500%, 08/15/18 | 1,000 | 1,124 | |||||||||
Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1, Callable 07/01/05 @ 102 (FHA) (RB) (VA) 6.300%, 01/01/18 | 100 | 100 | |||||||||
Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R, Callable 07/01/06 @ 102 (FHA) (RB) (VA) 5.950%, 07/01/08 | 795 | 844 | |||||||||
3,923 | |||||||||||
Virginia – 0.8% | |||||||||||
Richmond Industrial Development Authority, Government Facilities (AMBAC) (RB) 5.000%, 07/15/18 | 1,845 | 2,045 | |||||||||
Riverside Regional Jail Authority, Callable 07/01/05 @ 102 (MBIA) (RB) 5.700%, 07/01/08 | 905 | 949 | |||||||||
Riverside Regional Jail Authority, Pre-refunded 07/01/05 @ 102 (MBIA) (RB) 5.700%, 07/01/08 (b) | 1,095 | 1,150 | |||||||||
Virginia State Peninsula Regional Jail Authority, Callable 10/01/05 @ 101 (MBIA) (RB) 5.300%, 10/01/09 | 1,000 | 1,047 | |||||||||
5,191 | |||||||||||
Washington – 4.9% | |||||||||||
Clark County School District #37, Vancouver (FSA) (GO) 5.250%, 12/01/14 | 1,515 | 1,717 | |||||||||
Energy Northwest, Washington Wind Project, Series A, Callable 01/01/07 @ 103 (RB) 5.100%, 07/01/09 | 1,850 | 1,952 | |||||||||
5.200%, 07/01/10 | 1,950 | 2,052 | |||||||||
Island County School District #206, South Widbey, Partially Pre-refunded 12/01/04 @ 100 (AMBAC) (GO) 5.750%, 12/01/06 (b) | 700 | 705 |
FIRST AMERICAN FUNDS Annual Report 2004
65
Schedule of Investments September 30, 2004
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
King County (AMBAC) (GO) 5.000%, 12/01/12 | $ | 2,000 | $ | 2,222 | |||||||
King County, Series B, Callable 12/01/07 @ 102 (GO) 5.850%, 12/01/13 | 2,035 | 2,301 | |||||||||
King County, Series B, Pre-refunded 12/01/07 @ 102 (GO) 5.850%, 12/01/13 (b) | 965 | 1,091 | |||||||||
Pierce County School District #320, Sumner (GO) 6.000%, 12/01/06 | 665 | 685 | |||||||||
Port Seattle Passenger Facility Charge, Series B (AMBAC) (AMT) (RB) 5.000%, 12/01/07 | 1,000 | 1,072 | |||||||||
Snohomish & Island Counties School District #401, Stanwood (FSA) (GO) (SBG) 5.000%, 12/15/13 | 2,500 | 2,775 | |||||||||
Snohomish County Housing Authority, Callable 04/01/06 @ 100 (RB) 6.300%, 04/01/16 | 1,035 | 1,060 | |||||||||
Snohomish County, Callable 12/01/11 @ 100 (GO) (MBIA) 5.375%, 12/01/19 | 5,000 | 5,553 | |||||||||
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC) (GO) 5.030%, 12/01/14 (c) | 5,690 | 3,725 | |||||||||
Washington State Housing Finance, Hearthstone Project, Callable 01/01/05 @ 102 (RB) 6.000%, 01/01/10 | 810 | 834 | |||||||||
Washington State Public Power Supply System, Nuclear Project #2, Series A, Callable 07/01/06 @ 102 (AMBAC) (RB) 5.700%, 07/01/11 | 1,000 | 1,080 | |||||||||
Washington State, Series C (GO) 5.500%, 07/01/14 | 2,275 | 2,611 | |||||||||
Washington State, Series S-5, Zero Coupon Bond (FGIC) (GO) 5.830%, 01/01/16 (c) | 3,000 | 1,838 | |||||||||
33,273 | |||||||||||
West Virginia – 0.3% | |||||||||||
Brooke Pleasants & Tyler Wetzel Counties, Single Family Mortgage, Escrowed to Maturity (RB) 7.400%, 08/15/10 (a) | 1,675 | 2,061 | |||||||||
Wisconsin – 2.0% | |||||||||||
Door County, Series A, Callable 09/01/11 @ 100 (FGIC) (GO) 5.125%, 09/01/16 | 1,720 | 1,877 | |||||||||
Fond du Lac, Callable 03/01/12 @ 100 (FGIC) (GO) 3.400%, 03/01/13 | 1,000 | 988 | |||||||||
Wisconsin State Clean Water, Series 1, Pre-refunded 06/01/05 @ 100 (RB) 5.800%, 06/01/15 (b) | 2,915 | 2,996 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A, Callable 02/15/09 @ 101 (RB) 5.500%, 02/15/20 | 1,500 | 1,520 |
Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project, Callable 05/01/14 @ 100 (RB) 5.375%, 05/01/18 | $ | 1,250 | $ | 1,274 | |||||||
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B (RB) 6.250%, 02/15/09 | 500 | 546 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB) 5.500%, 02/15/13 | 850 | 894 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Monroe Clinic (RB) 4.450%, 02/15/06 | 925 | 949 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB) 6.125%, 04/01/24 | 1,500 | 1,471 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services (RB) 5.750%, 08/15/11 | 645 | 724 | |||||||||
13,239 | |||||||||||
Wyoming – 0.3% | |||||||||||
Lincoln County, Pacificorp Project, Mandatory Put 06/03/12 @ 100 (AMT) (RB) 4.125%, 11/01/25 (d) | 2,250 | 2,214 | |||||||||
Convertible Bonds – 1.2% | |||||||||||
Chicago, Series A, Convertible, Zero Coupon Bond (GO) (MBIA) 3.489%, 01/01/16 (c) | 2,000 | 1,628 | |||||||||
Cook County High School District #209, Proviso Township, Convertible, Zero Coupon Bond (FSA) (GO) 4.210%, 12/01/16 (c) | 1,000 | 917 | |||||||||
Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond (AMBAC) (RB) 4.750%, 06/15/13 (c) | 1,405 | 1,182 | |||||||||
Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond, Callable 06/15/15 @ 101 (AMBAC) (RB) 5.100%, 06/15/16 (c) | 1,620 | 1,369 | |||||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Convertible, Zero Coupon Bond (FGIC) (MBIA) (RB) 5.200%, 06/15/17 (c) | 1,000 | 748 | |||||||||
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) (RB) 5.250%, 06/15/15 (c) | 2,750 | 2,216 | |||||||||
8,060 | |||||||||||
Total Municipal Bonds (Cost $617,437) | 665,200 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
66
Intermediate Tax Free Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Affiliated Money Market Fund – 0.2% | |||||||||||
First American Tax Free Obligations Fund, Cl Z (g) | 1,508,540 | $ | 1,508 | ||||||||
Total Affiliated Money Market Fund (Cost $1,508) | 1,508 | ||||||||||
Total Investments – 99.1% (Cost $618,945) | 666,708 | ||||||||||
Other Assets and Liabilities, Net – 0.9% | 5,929 | ||||||||||
Total Net Assets – 100.0% | $ | 672,637 |
(a) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(c) The rate shown is the effective yield at the time of purchase.
(d) Variable Rate Security – The rate shown is the rate in effect as of September 30, 2004.
(e) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $2,470,322 or 0.4% of total net assets. See note 2 in Notes to Financial Statements.
(f) Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the Funds' board of directors. As of September 30, 2004, the value of these investments was $11,349,239 or 1.7% of total net assets.
(g) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this Fund. See note 3 in Notes to Financial Statements.
ABAG – Association of Bay Area Governments
ACA – American Capital Access
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $37,803,758, which represents 5.6% of net assets.
CMI – California Mortgage Insurance Program
COMGTY – Commonwealth Guaranty
COP – Certificate of Participation
Cl – Class
FGIC – Financial Guaranty Insurance Corporation
FHA – Federal Housing Authority
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
GO – General Obligation
GTY – Guaranty
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
MQSBLF – Michigan Qualified School Board Loan Fund Program
MSDCEP – Minnesota School District Credit Enhancement Program
PSFG – Permanent School Fund Guarantee
RAAI – Radian Asset Assurance Inc.
RB – Revenue Bond
Intermediate Tax Free Fund (concluded)
SBG – School Board Guaranty
STAID – State Aid Withholding
VA – Veterans Administration
XLCA – XL Capital Assurance Inc.
FIRST AMERICAN FUNDS Annual Report 2004
67
Schedule of Investments September 30, 2004
Minnesota Intermediate Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.6% | |||||||||||
Revenue Bonds – 54.2% | |||||||||||
Economic Development – 1.5% | |||||||||||
Minneapolis Community Development Agency, Series G-3, Callable 12/01/11 @ 100 5.350%, 12/01/21 | $ | 1,000 | $ | 1,053 | |||||||
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT) 6.500%, 08/01/08 | 1,335 | 1,461 | |||||||||
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT) 6.625%, 08/01/08 | 1,210 | 1,330 | |||||||||
3,844 | |||||||||||
Education – 4.9% | |||||||||||
Minneapolis, The Blake School Project, Callable 09/01/11 @ 100 5.000%, 09/01/12 | 445 | 479 | |||||||||
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4 4.500%, 10/01/06 | 505 | 525 | |||||||||
4.850%, 10/01/09 | 520 | 556 | |||||||||
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4, Callable 10/01/09 @ 100 5.000%, 10/01/11 | 500 | 527 | |||||||||
5.000%, 10/01/12 | 500 | 523 | |||||||||
Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1, Callable 05/01/06 @ 100 5.750%, 11/01/12 | 1,375 | 1,452 | |||||||||
Minnesota State Higher Education Facilities Authority, Minneapolis College of Art and Design 5.000%, 05/01/11 | 250 | 265 | |||||||||
Minnesota State Higher Education Facilities Authority, St. Benedict College, Callable 03/01/07 @ 100 4.875%, 03/01/08 | 1,000 | 1,042 | |||||||||
5.100%, 03/01/11 | 2,885 | 2,963 | |||||||||
Minnesota State Higher Education Facilities Authority, St. Benedict College, Series 5-W 4.200%, 03/01/12 | 345 | 356 | |||||||||
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1, Callable 10/01/12 @ 100 5.250%, 10/01/22 | 1,500 | 1,556 | |||||||||
Minnesota State Higher Education Facilities Authority, St. John's University, Series 5 (MBIA) 5.000%, 10/01/11 | 255 | 282 | |||||||||
Minnesota State Higher Education Facilities Authority, St. John's University, Series 5, Callable 10/01/11 @ 100 (MBIA) 5.000%, 10/01/12 | 480 | 519 | |||||||||
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Callable 10/01/14 @ 100 5.250%, 10/01/19 | 530 | 572 | |||||||||
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Callable 04/01/08 @ 100 5.250%, 04/01/12 | 385 | 406 |
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 5-Y 4.250%, 10/01/14 | $ | 220 | $ | 226 | |||||||
12,249 | |||||||||||
Healthcare – 14.4% | |||||||||||
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 5.500%, 06/01/10 | 435 | 441 | |||||||||
5.650%, 06/01/12 | 940 | 948 | |||||||||
Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100 5.375%, 02/15/22 | 2,045 | 2,116 | |||||||||
Duluth Economic Development Authority, The Duluth Clinic, Escrowed to Maturity, Callable 10/01/04 @ 101 (AMBAC) 6.100%, 11/01/04 (a) | 250 | 251 | |||||||||
Glencoe Health Care Facilities, Callable 04/01/11 @ 101 7.400%, 04/01/21 | 1,000 | 1,086 | |||||||||
Hastings Health Care Facility, Regina Medical Center, Callable 09/15/08 @ 100 (ACA) 5.000%, 09/15/13 | 500 | 512 | |||||||||
Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A, Callable 10/01/04 @ 102 (AMBAC) 5.000%, 11/15/13 | 1,000 | 1,022 | |||||||||
Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100 5.750%, 11/15/32 | 1,300 | 1,356 | |||||||||
6.000%, 11/15/23 | 2,500 | 2,684 | |||||||||
Minneapolis Healthcare System, Fairview Health Services, Series A 5.000%, 05/15/12 | 605 | 645 | |||||||||
Minneapolis Healthcare System, Fairview Health Services, Series B (MBIA) 4.500%, 05/15/11 | 1,170 | 1,251 | |||||||||
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A (MBIA) 5.000%, 02/15/10 | 3,815 | 4,170 | |||||||||
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project 5.500%, 02/01/11 | 280 | 304 | |||||||||
5.500%, 02/01/12 | 200 | 217 | |||||||||
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project, Callable 02/01/12 @ 101 5.500%, 02/01/15 | 730 | 775 | |||||||||
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.400%, 11/15/08 | 1,000 | 1,100 | |||||||||
5.500%, 11/15/17 | 1,500 | 1,653 | |||||||||
5.750%, 11/15/26 | 500 | 547 | |||||||||
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 5.750%, 12/01/15 | 2,320 | 2,384 | |||||||||
Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable 10/01/04 @ 102 5.750%, 06/01/16 | 1,360 | 1,371 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
68
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
New Hope Housing & Health Care Facilities, Masonic Home North Ridge 5.100%, 03/01/05 | $ | 550 | $ | 554 | |||||||
5.200%, 03/01/06 | 645 | 660 | |||||||||
5.300%, 03/01/07 | 685 | 709 | |||||||||
New Hope Housing & Health Care Facilities, Masonic Home North Ridge, Callable 03/01/09 @ 102 5.500%, 03/01/10 | 500 | 521 | |||||||||
Plymouth Health Facilities, Westhealth Project, Series A, Callable 10/01/04 @ 102 (FSA) 6.200%, 06/01/11 | 1,360 | 1,392 | |||||||||
Rochester, St. Mary's Hospital, Escrowed to Maturity, Callable 10/01/04 @ 100 5.750%, 10/01/07 (a) | 1,095 | 1,149 | |||||||||
Sauk Rapids Health Care & Housing Facilities, Good Shepherd Lutheran Home, Callable 01/01/12 @ 101 5.750%, 01/01/21 | 1,175 | 1,187 | |||||||||
Shakopee Health Care Facilities, St. Francis Regional Medical Center 4.000%, 09/01/12 (b) | 305 | 303 | |||||||||
Shakopee Health Care Facilities, St. Francis Regional Medical Center, Callable 09/01/14 @ 100 5.000%, 09/01/17 (b) | 1,785 | 1,822 | |||||||||
St. Cloud Health Care (FSA) 5.500%, 05/01/07 | 500 | 541 | |||||||||
5.500%, 05/01/08 | 1,450 | 1,596 | |||||||||
Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102 5.300%, 07/01/17 | 525 | 538 | |||||||||
5.350%, 07/01/18 | 590 | 606 | |||||||||
36,411 | |||||||||||
Housing – 1.8% | |||||||||||
Dakota County Housing & Redevelopment Authority, Single Family Mortgages, Callable 10/01/04 @ 102 (AMT) (FNMA) 6.250%, 10/01/04 | 5 | 5 | |||||||||
Dakota County Housing & Redevelopment Authority, Single Family Mortgages, Callable 10/01/07 @ 101.50 (AMT) (FNMA) (GNMA) 5.125%, 10/01/20 | 224 | 224 | |||||||||
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) 3.050%, 06/15/34 (c) | 1,150 | 1,152 | |||||||||
Minneapolis, Residual Interest-Convertible Capital Appreciation, Callable 10/01/05 @ 100 7.000%, 10/01/12 | 642 | 657 | |||||||||
Minnesota State Housing Finance Agency, Rental Housing, Series D, Callable 02/01/05 @ 102 (MBIA) 5.450%, 08/01/07 | 1,755 | 1,804 | |||||||||
Minnesota State Housing Finance Agency, Single Family Mortgages, Series B, Callable 07/01/09 @ 100 (AMT) 5.550%, 07/01/24 | 645 | 646 | |||||||||
South St. Paul Housing & Redevelopment Authority, Single Family Mortgages, Callable 10/01/04 @ 102 (FNMA) 5.100%, 09/01/07 | 120 | 121 |
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Vadnais Heights, Single Family Mortgages 5.500%, 11/01/04 | $ | 15 | $ | 15 | |||||||
6.000%, 11/01/09 | 20 | 20 | |||||||||
4,644 | |||||||||||
Lease Revenue – 2.3% | |||||||||||
Andover Economic Development Authority, Andover Community Center, Callable 02/01/14 @ 100 5.000%, 02/01/19 | 1,225 | 1,266 | |||||||||
Eden Prairie Housing & Redevelopment Authority, Series A, Callable 12/01/10 @ 100 (MLO) 5.000%, 12/01/11 | 255 | 280 | |||||||||
St. Paul Port Authority, Office Building, Callable 12/01/12 @ 100 (MLO) 5.000%, 12/01/19 | 2,415 | 2,568 | |||||||||
Stearns County Housing & Redevelopment Authority, Series A, Callable 02/01/08 @ 100 (FSA) (MLO) 4.950%, 02/01/09 | 1,540 | 1,645 | |||||||||
5,759 | |||||||||||
Miscellaneous – 0.9% | |||||||||||
Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.450%, 06/01/12 | 550 | 615 | |||||||||
Seaway Port Authority of Duluth, Cargill Inc. Project 4.200%, 05/01/13 | 1,500 | 1,546 | |||||||||
2,161 | |||||||||||
Pollution Control – 3.0% | |||||||||||
Minnesota State Public Facilities Authority, Drinking Water, Series B, Callable 03/01/09 @ 100 5.125%, 03/01/19 | 2,000 | 2,150 | |||||||||
Minnesota State Public Facilities Authority, Water Pollution Control, Callable 03/01/07 @ 100 5.000%, 03/01/09 | 2,000 | 2,127 | |||||||||
Minnesota State Public Facilities Authority, Water Pollution Control, Series A, Callable 03/01/08 @ 100 4.500%, 03/01/10 | 2,100 | 2,207 | |||||||||
Minnesota State Public Facilities Authority, Water Pollution Control, Series A, Callable 03/01/10 @ 100 4.000%, 03/01/11 | 1,000 | 1,044 | |||||||||
7,528 | |||||||||||
Recreational Facility Authority – 1.2% | |||||||||||
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2 6.700%, 08/01/07 | 1,395 | 1,372 | |||||||||
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 7.375%, 08/01/10 | 1,685 | 1,664 | |||||||||
3,036 | |||||||||||
Tax Revenue – 2.7% | |||||||||||
Bloomington Port Authority, Mall of America Project, Series A (FSA) 4.900%, 02/01/09 | 1,000 | 1,093 |
FIRST AMERICAN FUNDS Annual Report 2004
69
Schedule of Investments September 30, 2004
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Childrens Trust Fund, Puerto Rico, Tobacco Settlement 4.000%, 05/15/12 | $ | 500 | $ | 467 | |||||||
Minneapolis, St. Anthony Falls Project, Callable 03/01/12 @ 102 5.000%, 02/01/17 | 1,040 | 1,025 | |||||||||
St. Paul Housing & Redevelopment Authority, Callable 08/01/06 @ 102.50 (AMBAC) 6.450%, 02/01/08 | 340 | 375 | |||||||||
St. Paul Housing & Redevelopment Authority, Downtown & Seventh Place Project, Escrowed to Maturity, Callable 10/01/04 @ 100 (AMBAC) 5.350%, 09/01/07 (a) | 1,500 | 1,512 | |||||||||
St. Paul Port Authority, Energy Park, Tax Increment (FSA) 5.000%, 02/01/08 | 2,100 | 2,247 | |||||||||
6,719 | |||||||||||
Transportation – 8.2% | |||||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Callable 01/01/13 @ 100 (MBIA) 5.000%, 01/01/20 | 2,200 | 2,331 | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT) 5.500%, 01/01/07 | 2,140 | 2,287 | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) 5.750%, 01/01/10 | 2,880 | 3,204 | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT) 5.500%, 01/01/09 | 2,500 | 2,709 | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/09 @ 101 (AMT) (FGIC) 5.625%, 01/01/14 | 1,000 | 1,069 | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Callable 01/01/11 @ 100 (FGIC) 5.125%, 01/01/20 | 3,095 | 3,324 | |||||||||
Minnesota Public Facilities Authority Tranportation, Callable 03/01/10 @ 100 5.000%, 03/01/12 | 970 | 1,056 | |||||||||
Puerto Rico Commonwealth, Highway Transportation Authority, Series AA 5.000%, 07/01/07 | 1,000 | 1,073 | |||||||||
Puerto Rico Commonwealth, Highway Transportation Authority, Series H, Mandatory Put 07/01/10 @ 100, Callable 07/01/10 @ 100 (AMBAC) 5.000%, 07/01/35 (c) | 2,000 | 2,194 | |||||||||
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA) 5.500%, 07/01/13 | 1,250 | 1,449 | |||||||||
20,696 | |||||||||||
Utilities – 13.3% | |||||||||||
Anoka County Resource Recovery, Northern States Power 4.350%, 12/01/04 | 150 | 150 | |||||||||
4.400%, 12/01/05 | 2,000 | 2,036 | |||||||||
4.500%, 12/01/07 | 300 | 309 |
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Chaska Electric, Series A 5.500%, 10/01/06 | $ | 610 | $ | 649 | |||||||
5.550%, 10/01/07 | 645 | 701 | |||||||||
5.600%, 10/01/08 | 680 | 750 | |||||||||
5.650%, 10/01/09 | 720 | 803 | |||||||||
5.650%, 10/01/10 | 760 | 853 | |||||||||
Chaska Electric, Series A, Callable 10/01/10 @ 100 5.400%, 10/01/11 | 805 | 883 | |||||||||
5.500%, 10/01/12 | 845 | 923 | |||||||||
Northern Minnesota Municipal Power Agency, Electric System (FSA) 5.500%, 01/01/07 | 2,000 | 2,154 | |||||||||
5.500%, 01/01/08 | 2,090 | 2,299 | |||||||||
Princeton Public Utility System, Callable 04/01/12 @ 100 4.100%, 04/01/15 | 450 | 450 | |||||||||
Rochester Electric Utility, Callable 12/01/10 @ 100 5.000%, 12/01/16 | 1,150 | 1,217 | |||||||||
Southern Minnesota Municipal Power Agency, Series A (AMBAC) 5.250%, 01/01/14 | 3,415 | 3,855 | |||||||||
Southern Minnesota Municipal Power Agency, Series A, Callable 01/01/09 @ 101 (AMBAC) 5.000%, 01/01/11 | 1,270 | 1,384 | |||||||||
Southern Minnesota Municipal Power Agency, Series A, Escrowed to Maturity, Callable 10/01/04 @ 102 (FGIC) 5.000%, 01/01/06 (a) | 995 | 1,035 | |||||||||
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 5.257%, 01/01/20 (d) | 3,500 | 1,754 | |||||||||
5.275%, 01/01/21 (d) | 5,000 | 2,357 | |||||||||
Western Minnesota Municipal Power Agency, Series A, Callable 01/01/06 @ 102 (AMBAC) 5.500%, 01/01/11 | 5,000 | 5,313 | |||||||||
5.500%, 01/01/13 | 2,000 | 2,125 | |||||||||
Western Minnesota Municipal Power Agency, Series A, Callable 01/01/11 @ 100 (AMBAC) 5.500%, 01/01/12 | 1,360 | 1,531 | |||||||||
33,531 | |||||||||||
Total Revenue Bonds | 136,578 | ||||||||||
General Obligation – 42.1% | |||||||||||
Anoka County Capital Improvements, Series B 4.550%, 01/01/11 | 1,960 | 2,122 | |||||||||
Anoka-Hennepin Independent School District #11, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/14 | 2,000 | 2,189 | |||||||||
Anoka-Hennepin Independent School District #11, Series A (MSDCEP) 5.000%, 02/01/09 | 1,375 | 1,508 | |||||||||
Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/10 @ 100 (MSDCEP) 5.300%, 02/01/12 | 1,000 | 1,118 | |||||||||
5.375%, 02/01/13 | 600 | 673 | |||||||||
Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/12 | 2,845 | 3,125 | |||||||||
Bloomington Independent School District #271, Series B, Callable 02/01/10 @ 100 (MSDCEP) 5.250%, 02/01/11 | 1,000 | 1,105 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
70
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Buffalo Independent School District #877, Series B (FSA) (MSDCEP) 4.500%, 02/01/13 | $ | 325 | $ | 351 | |||||||
Burnsville Independent School District #191, Series A (MSDCEP) 5.000%, 02/01/08 | 300 | 326 | |||||||||
Burnsville Independent School District #191, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/09 | 1,225 | 1,318 | |||||||||
Centennial Independent School District #12, Series A, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/14 | 1,040 | 1,138 | |||||||||
Chaska Independent School District #112, Series A (MSDCEP) 4.800%, 02/01/10 | 1,120 | 1,224 | |||||||||
Crow Wing County, Series A (MBIA) 4.500%, 02/01/14 | 1,480 | 1,592 | |||||||||
Dakota County Capital Improvements, Series C 4.850%, 02/01/10 | 1,000 | 1,097 | |||||||||
Duluth Independent School District #709, Callable 02/01/09 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/16 | 635 | 676 | |||||||||
Elk River Independent School District #728, Series A, Callable 02/01/11 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/18 | 1,000 | 1,080 | |||||||||
Faribault Independent School District #656, Callable 06/01/08 @ 100 (MSDCEP) 4.750%, 06/01/15 | 1,100 | 1,153 | |||||||||
Forest Lake Independent School District #831, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/09 | 1,115 | 1,199 | |||||||||
Fridley Independent School District #14, Callable 02/01/05 @ 100 (FSA) (MSDCEP) 5.350%, 02/01/26 | 2,000 | 2,024 | |||||||||
Hastings Independent School District #200, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/11 | 1,095 | 1,177 | |||||||||
Lakeville Independent School District #194, Callable 02/01/09 @ 100 (MSDCEP) 5.000%, 02/01/16 | 2,000 | 2,126 | |||||||||
Lakeville Independent School District #194, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.125%, 02/01/22 | 1,000 | 1,055 | |||||||||
Lakeville Independent School District #194, Series A, Callable 02/01/13 @ 100 (FGIC) (MSDCEP) 5.000%, 02/01/22 | 2,435 | 2,565 | |||||||||
Marshall Independent School District #413, Series A (FSA) (MSDCEP) 4.000%, 02/01/11 | 785 | 827 | |||||||||
Minneapolis & St. Paul Metropolitan Council, Waste Water Treatment, Series A, Callable 03/01/11 @ 100 5.000%, 03/01/13 | 1,890 | 2,113 | |||||||||
Minneapolis School District #1 (MSDCEP) 4.500%, 02/01/08 | 1,450 | 1,553 | |||||||||
Minneapolis School District #1, Callable 02/01/06 @ 100 (MSDCEP) 5.000%, 02/01/07 | 1,025 | 1,065 | |||||||||
Minneapolis, Callable 12/01/11 @ 100 5.000%, 12/01/12 | 3,600 | 3,978 |
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Minneapolis, Series B, Callable 09/01/05 @ 100 5.050%, 03/01/06 | $ | 6,000 | $ | 6,177 | |||||||
Minnesota State, Callable 08/01/07 @ 100 4.800%, 08/01/11 | 2,010 | 2,140 | |||||||||
4.850%, 08/01/12 | 4,420 | 4,712 | |||||||||
Moorhead Independent School District #152 (MSDCEP) 5.000%, 04/01/12 | 1,220 | 1,358 | |||||||||
Moorhead Independent School District #152, Callable 04/01/12 @ 100 (FGIC) (MSDCEP) 5.000%, 04/01/15 | 3,450 | 3,751 | |||||||||
5.000%, 04/01/16 | 2,510 | 2,714 | |||||||||
Mounds View Independent School District #621, Series A (MSDCEP) 5.250%, 02/01/10 | 1,230 | 1,373 | |||||||||
Mounds View Independent School District #621, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.250%, 02/01/12 | 1,000 | 1,113 | |||||||||
5.350%, 02/01/16 | 1,000 | 1,108 | |||||||||
Mounds View Independent School District #621, Series A, Callable 02/01/12 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/18 | 2,340 | 2,503 | |||||||||
5.000%, 02/01/19 | 2,565 | 2,725 | |||||||||
Northfield Independent School District #659, Callable 02/01/11 @ 100 (MSDCEP) 4.600%, 02/01/13 | 1,100 | 1,177 | |||||||||
5.000%, 02/01/15 | 1,295 | 1,406 | |||||||||
Pequot Lakes Independent School District #186, Callable 02/01/12 @ 100 (FGIC) (MSDCEP) 5.125%, 02/01/18 | 500 | 539 | |||||||||
Perham, Callable 05/01/11 @ 100 (AMT) 5.850%, 05/01/15 | 1,205 | 1,273 | |||||||||
Pipestone-Jasper Independent School District #2689, Callable 03/01/09 @ 100 (FGIC) (MSDCEP) 5.400%, 03/01/13 | 1,095 | 1,220 | |||||||||
Puerto Rico Commonwealth (MBIA) 6.000%, 07/01/14 | 1,605 | 1,938 | |||||||||
Puerto Rico Commonwealth, Series A (XLCA) 5.500%, 07/01/17 | 1,000 | 1,165 | |||||||||
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/08 @ 100 5.000%, 07/01/18 (c) | 1,000 | 1,076 | |||||||||
Ramsey County, Series D 5.000%, 02/01/14 | 2,000 | 2,239 | |||||||||
Robbinsdale Independent School District #281 (MSDCEP) 5.000%, 02/01/08 | 1,000 | 1,086 | |||||||||
Robbinsdale Independent School District #281, Callable 02/01/09 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/16 | 1,000 | 1,065 | |||||||||
Robbinsdale Independent School District #281, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/19 | 1,160 | 1,232 | |||||||||
5.000%, 02/01/20 | 1,215 | 1,284 | |||||||||
Rochester Independent School District #535, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/15 | 1,595 | 1,728 | |||||||||
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 89.37 (FSA) (MSDCEP) 5.700%, 02/01/13 (d) | 1,055 | 746 |
FIRST AMERICAN FUNDS Annual Report 2004
71
Schedule of Investments September 30, 2004
Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 94.63 (FSA) 5.753%, 02/01/12 (d) | $ | 1,790 | $ | 1,337 | |||||||
Savage, Series A, Callable 02/01/06 @ 100 (FGIC) 5.350%, 02/01/07 | 1,000 | 1,044 | |||||||||
5.500%, 02/01/08 | 1,000 | 1,046 | |||||||||
South Washington County, Independent School District #833, Series A (MSDCEP) 5.500%, 02/01/09 | 500 | 559 | |||||||||
South Washington County, Independent School District #833, Series B, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/15 | 1,030 | 1,118 | |||||||||
St. Louis Park Independent School District #283, Callable 02/01/09 @ 100 (MSDCEP) 5.250%, 02/01/10 | 1,500 | 1,649 | |||||||||
5.600%, 02/01/15 | 725 | 801 | |||||||||
St. Michael Independent School District #885, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/14 | 1,690 | 1,849 | |||||||||
5.000%, 02/01/17 | 1,000 | 1,075 | |||||||||
St. Paul Independent School District #625, Series C (FGIC) (MSDCEP) 4.000%, 02/01/14 | 410 | 427 | |||||||||
St. Paul, Series A, Callable 03/01/09 @ 100 5.000%, 03/01/10 | 1,180 | 1,283 | |||||||||
Stillwater Independent School District #834, Callable 02/01/09 @ 100 (MSDCEP) 4.750%, 02/01/11 | 2,140 | 2,282 | |||||||||
Willmar Independent School District #347, Series A, Callable 02/01/06 @ 100 (MSDCEP) 5.150%, 02/01/09 | 1,160 | 1,207 | |||||||||
Total General Obligations | 106,002 | ||||||||||
Certificates of Participation – 2.3% | |||||||||||
Hennepin County (MLO) 4.650%, 11/15/08 | 1,000 | 1,082 | |||||||||
Hennepin County, Callable 11/15/08 @ 100 (MLO) 5.375%, 11/15/09 | 2,280 | 2,517 | |||||||||
Minneapolis Special School District #1, Series A, Pre-refunded 02/01/06 @ 100 (MBIA) (MLO) 5.900%, 02/01/11 (e) | 2,150 | 2,266 | |||||||||
Total Certificates of Participation | 5,865 | ||||||||||
Total Municipal Bonds (Cost $233,945) | 248,445 |
Minnesota Intermediate Tax Free Fund (concluded)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Money Market Fund – 1.1% | |||||||||||
Federated Minnesota Municipal Cash Trust | 2,690,041 | $ | 2,690 | ||||||||
Total Money Market Fund (Cost $2,690) | 2,690 | ||||||||||
Total Investments – 99.7% (Cost $236,635) | 251,135 | ||||||||||
Other Assets and Liabilities, Net – 0.3% | 818 | ||||||||||
Total Net Assets – 100.0% | $ | 251,953 |
(a) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $2,146,192 or 0.9% of total net assets. See note 2 in Notes to Financial Statements.
(c) Variable Rate Security – The rate shown is the rate in effect as of September 30, 2004.
(d) The rate shown is the effective yield at the time of purchase.
(e) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
ACA – American Capital Access
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $15,360,293, which represents 6.1% of net assets.
FGIC – Financial Guaranty Insurance Corporation
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
MSDCEP – Minnesota School District Credit Enhancement Program
XLCA – XL Capital Assurance Inc.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
72
Minnesota Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 96.5% | |||||||||||
Revenue Bonds – 71.6% | |||||||||||
Economic Development – 4.4% | |||||||||||
Minneapolis Community Development, Series G-3, Callable 12/01/11 @ 100 5.450%, 12/01/31 | $ | 3,250 | $ | 3,381 | |||||||
Minnesota Agricultural & Economic Development Board, Small Business Development, Series B, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20 | 1,000 | 1,065 | |||||||||
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20 | 1,385 | 1,354 | |||||||||
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20 | 1,120 | 1,103 | |||||||||
Minnesota Agriculture & Economic Development Board, Minnesota Small Business Program, Series A, Callable 08/01/10 @ 100 (AMT) 5.550%, 08/01/16 | 500 | 515 | |||||||||
7,418 | |||||||||||
Education – 5.8% | |||||||||||
Golden Valley, The Breck School, Callable 10/01/09 @ 100 5.750%, 10/01/14 | 1,000 | 1,116 | |||||||||
Minneapolis, The Blake School Project, Callable 09/01/21 @ 100 5.450%, 09/01/21 | 2,000 | 2,119 | |||||||||
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4-F1, Callable 05/01/06 @ 102 6.250%, 05/01/23 | 1,500 | 1,565 | |||||||||
Minnesota State Higher Education Facilities Authority, Carleton College, Callable 11/01/07 @ 100 5.400%, 11/01/15 | 1,500 | 1,624 | |||||||||
Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1, Callable 05/01/06 @ 100 5.750%, 11/01/12 | 1,050 | 1,109 | |||||||||
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Callable 05/01/10 @ 100 6.625%, 05/01/20 | 1,000 | 1,091 | |||||||||
Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T, Callable 01/01/05 @ 100 5.750%, 01/01/13 | 575 | 583 | |||||||||
University of Minnesota, Series A 5.500%, 07/01/21 | 500 | 581 | |||||||||
9,788 | |||||||||||
Healthcare – 24.7% | |||||||||||
Bemidji Hospital Facilities, North Country Health Services, Callable 09/01/06 @ 102 5.625%, 09/01/15 | 1,600 | 1,677 | |||||||||
Chisago Health Facilities Authority, Callable 07/01/05 @ 102 7.300%, 07/01/25 | 400 | 412 | |||||||||
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 6.000%, 06/01/29 | 3,000 | 2,897 |
Minnesota Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100 5.250%, 02/15/28 | $ | 1,000 | $ | 1,005 | |||||||
5.250%, 02/15/33 | 1,000 | 1,002 | |||||||||
Fergus Falls Health Care Facilities Authority, Lake Region Hospital, Long Term Care Facilities Project, Callable 12/01/05 @ 102 6.500%, 12/01/25 | 2,000 | 2,067 | |||||||||
Fergus Falls Health Care Facilities Authority, Series A, Callable 11/01/04 @ 102 7.000%, 11/01/19 | 1,000 | 1,012 | |||||||||
Glencoe Health Care Services Facilities Project, Callable 04/01/11 @ 101 7.500%, 04/01/31 | 1,700 | 1,828 | |||||||||
Golden Valley, Covenant Retirement Communities, Series A, Callable 12/01/09 @ 101 5.500%, 12/01/29 | 1,750 | 1,759 | |||||||||
Marshall Minnesota Medical Center, Weiner Memorial Medical Center Project, Series A, Callable 11/01/13 @ 100 5.250%, 11/01/16 | 305 | 318 | |||||||||
5.850%, 11/01/23 | 875 | 909 | |||||||||
Minneapolis & St. Paul Housing & Redevelopment Authority, Series A, Callable 08/15/05 @ 102 (FSA) 5.600%, 08/15/12 | 250 | 264 | |||||||||
Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100 6.000%, 11/15/23 | 1,500 | 1,611 | |||||||||
5.750%, 11/15/32 | 2,400 | 2,503 | |||||||||
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A, Callable 02/15/10 @ 101 (MBIA) 5.250%, 02/15/15 | 2,000 | 2,172 | |||||||||
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.500%, 11/15/11 | 500 | 552 | |||||||||
5.500%, 11/15/17 | 1,000 | 1,102 | |||||||||
Minnesota Agricultural & Economic Development Board, Health Care System, Series A, Callable 11/15/10 @ 101 6.375%, 11/15/29 | 4,000 | 4,325 | |||||||||
Monticello, Big Lake Community Hospital, Series A, Callable 12/01/09 @ 100 5.750%, 12/01/19 | 1,000 | 1,009 | |||||||||
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 6.200%, 12/01/22 | 1,000 | 1,037 | |||||||||
Moorhead Economic Development Authority, Series B, Callable 10/01/04 @ 102 6.000%, 06/01/29 | 1,900 | 1,906 | |||||||||
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge, Callable 03/01/09 @ 102 5.750%, 03/01/15 | 1,600 | 1,624 | |||||||||
Olmstead County, Hiawatha Homes Project, Callable 10/01/04 @ 101 6.500%, 07/01/16 | 170 | 163 | |||||||||
Sauk Rapids Health Care & Housing Facilities, Good Shepherd Lutheran Home, Callable 01/01/12 @ 101 6.000%, 01/01/34 | 900 | 905 |
FIRST AMERICAN FUNDS Annual Report 2004
73
Schedule of Investments September 30, 2004
Minnesota Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Shakopee Health Care Facilities, Callable 09/01/14 @100 5.250%, 09/01/34 (a) | $ | 2,000 | $ | 1,967 | |||||||
South Dakota State Health & Educational Facilities Authority (AMBAC) (VRDO) 1.680%, 07/01/24 (b) | 1,900 | 1,900 | |||||||||
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B, Callable 07/01/14 @ 100 5.500%, 07/01/25 | 2,000 | 2,072 | |||||||||
St. Paul Housing & Redevelopment Authority, Callable 05/15/09 @ 100 5.250%, 05/15/18 | 500 | 508 | |||||||||
Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102 6.000%, 07/01/34 | 1,000 | 1,018 | |||||||||
41,524 | |||||||||||
Housing – 12.5% | |||||||||||
Austin Housing & Redevelopment Authority, Series A, Callable 01/01/06 @ 102 7.250%, 01/01/26 | 500 | 518 | |||||||||
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project, Callable 04/20/11 @ 102 (GNMA) 5.900%, 04/20/42 | 2,000 | 2,121 | |||||||||
Eden Prairie Multifamily Housing, Callable 01/20/08 @ 102 (GNMA) 5.500%, 01/20/18 | 500 | 527 | |||||||||
Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A, Callable 02/20/07 @ 104 5.700%, 08/20/22 | 1,000 | 1,061 | |||||||||
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) 3.050%, 06/15/34 (b) | 2,000 | 2,004 | |||||||||
Hopkins Elderly Housing, Series A, Callable 11/20/07 @ 102 (GNMA) 5.600%, 11/20/17 | 500 | 527 | |||||||||
Hopkins Multifamily Housing, Renaissance Project, Callable 04/01/07 @ 102 6.250%, 04/01/15 | 500 | 527 | |||||||||
Maplewood Multifamily Housing, Carefree Cottages II, Callable 04/15/14 @ 100 (AMT) (FNMA) 4.800%, 04/15/34 | 2,000 | 2,037 | |||||||||
Minnesota State Housing Finance Agency, Residential Housing, Series B, Callable 07/01/11 @ 100 (AMT) 5.650%, 07/01/33 | 1,185 | 1,225 | |||||||||
Minnesota State Housing Finance Agency, Residential Housing, Series B-1-RMK, Callable 07/01/11 @ 100 (AMT) 5.350%, 07/01/33 | 1,400 | 1,424 | |||||||||
Minnesota State Housing Finance Agency, Residential Housing, Series F, Callable 07/01/11 @ 100 (AMT) 5.400%, 07/01/30 | 3,165 | 3,244 | |||||||||
Minnesota State Housing Finance Agency, Series A, Callable 08/01/11 @ 100 3.850%, 02/01/13 | 1,455 | 1,488 |
Minnesota Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Minnesota State Housing Finance Agency, Single Family Mortgage, Series C, Callable 07/01/09 @ 100 (AMT) 6.100%, 07/01/30 | $ | 565 | $ | 569 | |||||||
St. Anthony Housing & Redevelopment Authority, Callable 05/20/06 @ 102 (FHA) (GNMA) 6.250%, 11/20/25 | 1,500 | 1,617 | |||||||||
St. Louis Park, Multifamily Housing, Callable 11/01/08 @ 102 (FHA) (GNMA) 5.250%, 11/01/20 | 500 | 523 | |||||||||
St. Louis Park, Multifamily Housing, Callable 12/01/05 @ 102 (FHA) 6.250%, 12/01/28 | 500 | 516 | |||||||||
White Bear Lake, Lake Square Housing, Series A, Callable 02/01/07 @ 102 (FHA) 6.000%, 08/01/20 | 1,020 | 1,070 | |||||||||
20,998 | |||||||||||
Lease Revenue – 3.3% | |||||||||||
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A, Callable 02/01/10 @ 100 4.900%, 02/01/15 | 850 | 886 | |||||||||
5.000%, 02/01/16 | 895 | 933 | |||||||||
5.100%, 02/01/17 | 900 | 939 | |||||||||
Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100 5.750%, 08/01/27 (b) | 1,000 | 1,119 | |||||||||
St. Paul Port Authority, Office Building at Robnert St.-3-11 4.000%, 12/01/13 | 1,695 | 1,748 | |||||||||
5,625 | |||||||||||
Miscellaneous – 6.1% | |||||||||||
Little Canada Commercial Development, Callable 10/01/04 @ 101 (MLO) 7.100%, 04/01/13 | 1,250 | 1,258 | |||||||||
Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.875%, 06/01/27 | 7,000 | 7,825 | |||||||||
Seaway Port Authority of Duluth, Cargill Inc. Project 4.200%, 05/01/13 | 1,130 | 1,165 | |||||||||
10,248 | |||||||||||
Recreational Facility Authority – 2.4% | |||||||||||
Moorhead, Golf Course, Series B, Callable 12/01/08 @ 100 5.875%, 12/01/21 | 2,000 | 2,048 | |||||||||
St. Paul Port Authority, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 7.375%, 08/01/29 | 2,000 | 2,026 | |||||||||
4,074 | |||||||||||
Tax Revenue – 0.3% | |||||||||||
Duluth Economic Development Authority 8.000%, 08/01/08 | 200 | 211 | |||||||||
Minneapolis, St. Anthony Falls Project, Callable 03/01/12 @ 102 5.750%, 02/01/27 | 300 | 294 | |||||||||
505 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
74
Minnesota Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Transportation – 2.0% | |||||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Callable 01/01/10 @ 101 (FGIC) 5.750%, 01/01/32 | $ | 3,000 | $ | 3,309 | |||||||
Utilities – 10.1% | |||||||||||
Chaska Electric, Series A, Callable 10/01/10 @ 100 6.100%, 10/01/30 | 5,000 | 5,332 | |||||||||
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 6.650%, 01/01/19 (c) | 4,000 | 2,127 | |||||||||
6.700%, 01/01/24 (c) | 5,000 | 1,976 | |||||||||
5.800%, 01/01/25 (c) | 2,000 | 741 | |||||||||
5.600%, 01/01/26 (c) | 8,000 | 2,795 | |||||||||
5.151%, 01/01/27 (c) | 3,000 | 985 | |||||||||
Western Minnesota Municipal Power Agency, Callable 01/01/11 @ 100 (AMBAC) 5.500%, 01/01/14 | 1,545 | 1,735 | |||||||||
5.500%, 01/01/15 | 550 | 614 | |||||||||
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA) 9.750%, 01/01/16 (d) | 410 | 627 | |||||||||
16,932 | |||||||||||
Total Revenue Bonds | 120,421 | ||||||||||
General Obligation – 24.9% | |||||||||||
Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/10 @ 100 (MSDCEP) 5.750%, 02/01/17 | 1,000 | 1,140 | |||||||||
Becker Independent School District #726, Series A, Callable 02/01/10 @ 100 (FSA) (MSDCEP) 6.000%, 02/01/21 | 1,000 | 1,144 | |||||||||
Burnsville Independent School District #191, Series A, Callable 02/01/06 @ 100 (MSDCEP) 4.875%, 02/01/13 | 1,450 | 1,504 | |||||||||
Chaska Independent School District #112, Series A, Callable 02/01/09 @ 100 (FSA) (MSDCEP) 5.700%, 02/01/18 | 1,000 | 1,107 | |||||||||
Chaska Independent School District #112, Series B, Crossover Refunded 02/01/06 @ 100 (MSDCEP) 5.875%, 02/01/11 (e) | 1,000 | 1,051 | |||||||||
6.000%, 02/01/15 (e) | 525 | 553 | |||||||||
6.000%, 02/01/16 (e) | 5,525 | 5,815 | |||||||||
Columbia Heights Independent School District #13, Crossover Refunded 02/01/07 @ 100 (MSDCEP) 5.250%, 02/01/15 (e) | 1,000 | 1,058 | |||||||||
Delano Independent School District #879, Series A, Callable 02/01/11 @ 100 (FSA) (MSDCEP) 5.875%, 02/01/25 | 1,000 | 1,140 | |||||||||
Hennepin County, Series B (VRDO) 1.556%, 12/01/20 | 4,000 | 4,000 | |||||||||
Minneapolis Sports Arena, Callable 04/01/08 @ 100 5.100%, 04/01/13 | 500 | 542 | |||||||||
5.100%, 10/01/13 | 250 | 271 | |||||||||
Minneapolis Sports Arena, Series B, Callable 09/01/05 @ 100 5.200%, 03/01/13 | 400 | 412 | |||||||||
Minneapolis, Convention Center (SPA) (VRDO) 1.556%, 12/01/18 | 2,500 | 2,500 |
Minnesota Tax Free Fund (concluded)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Minnesota State 4.000%, 08/01/11 | $ | 9,000 | $ | 9,474 | |||||||
North St. Paul Independent School District #622, Series B, Callable 05/01/06 @ 100 (MSDCEP) 5.850%, 05/01/17 | 500 | 528 | |||||||||
Perham, Disposal System, Callable 05/01/11 @ 100 (AMT) 6.000%, 05/01/22 | 1,500 | 1,574 | |||||||||
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33 | 1,000 | 1,039 | |||||||||
Sauk Rapids Independent School District #47, Series A, Callable 02/01/11 @ 100 (MBIA) 5.750%, 02/01/23 | 2,000 | 2,268 | |||||||||
South Washington County Independent School District #833, Callable 06/01/05 @ 100 (MLO) 5.850%, 06/01/15 | 500 | 513 | |||||||||
St. Louis Park Independent School District #283, Callable 02/01/09 @ 100 (MSDCEP) 5.700%, 02/01/17 | 2,000 | 2,210 | |||||||||
Wayzata Independent School District #284, Series A, Callable 02/01/07 @ 100 5.500%, 02/01/17 | 2,000 | 2,132 | |||||||||
Total General Obligations | 41,975 | ||||||||||
Total Municipal Bonds (Cost $153,162) | 162,396 | ||||||||||
Money Market Fund – 3.8% | |||||||||||
Federated Minnesota Municipal Cash Trust | 6,385,268 | 6,385 | |||||||||
Total Money Market Fund (Cost $6,385) | 6,385 | ||||||||||
Total Investments – 100.3% (Cost $159,547) | 168,781 | ||||||||||
Other Assets and Liabilities, Net – (0.3)% | (513 | ) | |||||||||
Total Net Assets – 100.0% | $ | 168,268 |
(a) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $1,979,040, or 1.2% of total net assets. See note 2 in Notes to Financial Statements.
(b) Variable Rate Security – The rate shown is the rate in effect as of September 30, 2004.
(c) The rate shown is the effective yield at the time of purchase.
(d) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(e) Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $16,178,354, which represents 9.6% of net assets.
COMGTY – Commonwealth Guaranty
FGIC – Financial Guaranty Insurance Corporation
FHA – Federal Housing Authority
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
MSDCEP – Minnesota School District Credit Enhancement Program | |||
SPA – Standby Purchase Agreement | |||
VRDO – Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on September 30, 2004. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specific intervals not exceeding one year, on up to 30 days' notice. Maturity date shown represents final maturity. | |||
FIRST AMERICAN FUNDS Annual Report 2004
75
Schedule of Investments September 30, 2004
Missouri Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.5% | |||||||||||
Revenue Bonds – 69.9% | |||||||||||
Education – 8.3% | |||||||||||
Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project, Callable 11/01/11 @ 100 5.000%, 11/01/19 | $ | 2,540 | $ | 2,724 | |||||||
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 02/15/13 @ 100 5.000%, 02/15/33 | 1,000 | 1,022 | |||||||||
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 06/15/11 @ 100 5.125%, 06/15/41 | 2,150 | 2,194 | |||||||||
University of Missouri, Pre-refunded 11/01/07 @ 101 5.500%, 11/01/21 (a) | 3,000 | 3,326 | |||||||||
5.800%, 11/01/27 (a) | 5,000 | 5,588 | |||||||||
14,854 | |||||||||||
Healthcare – 16.6% | |||||||||||
Boone County Hospital, Callable 08/01/12 @ 100 5.050%, 08/01/20 | 1,200 | 1,232 | |||||||||
Boone County Hospital, Callable 08/01/14 @ 100 5.000%, 08/01/16 | 670 | 702 | |||||||||
Cape Girardeau County Authority, Southeast Missouri Hospital Association, Callable 06/01/12 @ 100 5.625%, 06/01/22 | 1,500 | 1,543 | |||||||||
Cole County Industrial Development Authority, Lutheran Services Heisinger Project, Callable 02/01/14 @ 100 5.250%, 02/01/24 | 2,000 | 2,025 | |||||||||
Missouri State Health & Educational Facilities Authority, Barnes-Jewish Inc., Series A 4.750%, 05/15/05 | 100 | 102 | |||||||||
Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity 6.750%, 05/15/12 (b) | 3,310 | 4,030 | |||||||||
Missouri State Health & Educational Facilities Authority, Freeman Hospital Project, Series A, Callable 02/15/05 @ 101 (FSA) 5.375%, 02/15/14 | 1,000 | 1,023 | |||||||||
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital, Callable 08/15/14 @ 100 (RAAI) 5.000%, 08/15/19 | 2,300 | 2,396 | |||||||||
Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project 5.000%, 02/15/12 | 515 | 538 | |||||||||
Missouri State Health & Educational Facilities Authority, SSM Health Care System, Series A, Callable 06/01/08 @ 101 (MBIA) 5.000%, 06/01/12 | 2,000 | 2,121 | |||||||||
5.000%, 06/01/18 | 3,895 | 4,048 | |||||||||
Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A 5.000%, 11/15/14 | 3,000 | 3,279 |
Missouri Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
North Kansas City Hospital, Callable 11/15/08 @ 101 (AMBAC) 5.000%, 11/15/13 | $ | 700 | $ | 741 | |||||||
North Kansas City Hospital, Series A, Callable 11/15/13 @ 100 (FSA) 5.000%, 11/15/21 | 250 | 264 | |||||||||
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Callable 11/15/13 @ 100 6.625%, 11/15/35 | 500 | 506 | |||||||||
University Health Facilities, University of Missouri Health System, Series A, Callable 11/01/06 @ 102 (AMBAC) 5.600%, 11/01/26 | 5,000 | 5,338 | |||||||||
29,888 | |||||||||||
Housing – 0.8% | |||||||||||
Missouri State Community Development Agency, Callable 12/02/04 @ 100 (FHA) 6.200%, 01/01/05 | 5 | 5 | |||||||||
University City Industrial Development Authority, Multifamily Housing, Series A, Callable 12/20/05 @ 102 5.950%, 12/20/25 | 1,400 | 1,444 | |||||||||
1,449 | |||||||||||
Lease Revenue – 8.8% | |||||||||||
Clay County, Public Building Authority, Callable 05/15/08 @ 100 (MLO) 5.125%, 05/15/14 | 2,000 | 2,174 | |||||||||
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond 5.260%, 04/15/27 (c) (d) | 2,000 | 614 | |||||||||
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MBIA) (MLO) 5.000%, 05/01/23 | 2,000 | 2,069 | |||||||||
5.000%, 05/01/24 | 5,130 | 5,292 | |||||||||
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MLO) 5.000%, 05/01/17 | 1,000 | 1,079 | |||||||||
Missouri State Financial Board Infrastructure Facilities, Branson, Series A, Callable 12/01/12 @ 100 (MLO) 5.000%, 12/01/17 | 1,000 | 1,037 | |||||||||
5.375%, 12/01/22 | 750 | 778 | |||||||||
Puerto Rico Public Buildings Authority, Public Education and Health Facilities, Series M, Pre-refunded 07/01/05 @ 100 (COMGTY) (MLO) 5.500%, 07/01/21 (a) | 755 | 777 | |||||||||
Springfield Public Building , Capital Improvement Project, Callable 03/01/14 @ 100 (AMBAC) 5.000%, 03/01/24 | 2,000 | 2,088 | |||||||||
15,908 | |||||||||||
Miscellaneous – 2.6% | |||||||||||
Missouri Financial Board Cultural Facilities, Nelson Gallery Foundation, Series A, Callable 12/01/11 @ 100 5.250%, 12/01/14 | 1,000 | 1,116 | |||||||||
Missouri State Board of Public Buildings, Series A, Callable 10/15/13 @ 100 5.000%, 10/15/27 | 1,000 | 1,031 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
76
Missouri Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Platte County Industrial Development Transportation Authority (MLO) 3.750%, 12/01/12 | $ | 675 | $ | 689 | |||||||
4.000%, 12/01/14 | 780 | 799 | |||||||||
Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT) 5.650%, 06/01/37 | 1,000 | 1,005 | |||||||||
4,640 | |||||||||||
Pollution Control – 13.8% | |||||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, Drinking Water, Callable 07/01/08 @ 101 5.000%, 01/01/19 | 2,200 | 2,343 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program, Callable 07/01/10 @ 100 5.500%, 07/01/16 | 620 | 691 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/09 @ 101 5.250%, 01/01/15 | 2,180 | 2,363 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/13 @ 100 5.500%, 07/01/14 | 2,000 | 2,277 | |||||||||
5.500%, 07/01/18 | 1,400 | 1,570 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, State Revolving Fund Program, Callable 01/01/13 @ 100 5.000%, 01/01/17 | 1,170 | 1,269 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program 5.375%, 07/01/14 | 2,400 | 2,764 | |||||||||
5.375%, 07/01/15 | 1,500 | 1,730 | |||||||||
5.375%, 07/01/16 | 2,000 | 2,311 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program, Callable 07/01/11 @ 100 5.000%, 07/01/23 | 6,655 | 6,929 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series E, Callable 01/01/07 @ 101 5.000%, 01/01/08 | 175 | 187 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series E, State Revolving Fund Program, Pre-refunded 01/01/07 @ 101 5.000%, 01/01/08 (a) | 325 | 350 | |||||||||
24,784 | |||||||||||
Sanitation District – 1.2% | |||||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Series A, State Revolving Fund, Pre-refunded 07/01/10 @ 100 5.500%, 07/01/16 | 1,875 | 2,127 |
Missouri Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Transportation – 9.8% | |||||||||||
Missouri State Highways & Transportation Road, Series A 5.000%, 02/01/11 | $ | 5,000 | $ | 5,542 | |||||||
Missouri State Highways & Transportation Road, Series A, Callable 02/01/11 @ 100 5.000%, 02/01/17 | 550 | 593 | |||||||||
5.250%, 02/01/20 | 5,000 | 5,447 | |||||||||
Missouri State Highways & Transportation Road, Series A, Callable 02/01/12 @ 100 5.125%, 02/01/17 | 1,000 | 1,082 | |||||||||
5.000%, 02/01/22 | 3,725 | 3,899 | |||||||||
St. Louis Airport, Capital Improvement Program, Series A, Callable 07/01/12 @ 100 (MBIA) 5.375%, 07/01/21 | 1,000 | 1,085 | |||||||||
17,648 | |||||||||||
Utility – 8.0% | |||||||||||
Kansas City Water, Series A, Callable 12/01/08 @ 101 5.000%, 12/01/11 | 4,390 | 4,807 | |||||||||
Kansas City Water, Series B, Callable 12/01/06 @ 101 5.000%, 12/01/16 | 2,200 | 2,325 | |||||||||
Metropolitan St. Louis Sewer District, Series A, Callable 05/01/14 @ 100 (MBIA) 5.000%, 05/01/23 | 1,075 | 1,131 | |||||||||
Missouri State Development Financial Board, Independence Water Systems, Callable 11/01/14 @ 100 (AMBAC) 5.000%, 11/01/24 | 1,000 | 1,045 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Associated Electric Co-Op, Thomas Hill, Callable 12/01/06 @ 101 5.250%, 12/01/09 | 1,000 | 1,074 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Kansas City Power & Light 4.000%, 01/02/12 | 1,000 | 1,020 | |||||||||
Sikeston Electric, Callable 06/01/06 @ 101 (MBIA) 5.000%, 06/01/22 | 1,000 | 1,032 | |||||||||
Springfield Water Works, Series A, Pre-refunded 05/01/05 @ 102 5.600%, 05/01/23 (a) | 2,000 | 2,047 | |||||||||
14,481 | |||||||||||
Total Revenue Bonds | 125,779 | ||||||||||
General Obligation – 28.6% | |||||||||||
Clayton School District, Callable 03/01/07 @ 101 5.000%, 03/01/17 | 3,325 | 3,511 | |||||||||
Columbia School District, Callable 03/01/07 @ 100 6.300%, 03/01/11 | 365 | 400 | |||||||||
Independence School District, Missouri Direct Deposit Program, Callable 03/01/13 @ 100 (MBIA) (STAID) 5.000%, 03/01/20 | 1,240 | 1,321 | |||||||||
Jackson County School District #4, Missouri Direct Deposit Program (STAID) 5.250%, 03/01/11 | 1,000 | 1,123 |
FIRST AMERICAN FUNDS Annual Report 2004
77
Schedule of Investments September 30, 2004
Missouri Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Jackson County School District, Callable 03/01/08 @ 100 4.850%, 03/01/13 | $ | 2,000 | $ | 2,147 | |||||||
Jefferson City School District, Series A 6.700%, 03/01/11 | 1,000 | 1,170 | |||||||||
Kansas City, Series A, Callable 03/01/08 @ 101 5.250%, 09/01/12 | 3,980 | 4,381 | |||||||||
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MBIA) (MLO) 5.125%, 05/01/26 | 5,000 | 5,180 | |||||||||
Missouri State Water Pollution Control, Series A, Pre-refunded 08/01/06 @ 100 5.750%, 08/01/18 (a) | 2,085 | 2,231 | |||||||||
Missouri State, Fourth State Building, Series A, Pre-refunded 08/01/06 @ 100 5.400%, 08/01/09 (a) | 2,000 | 2,127 | |||||||||
North Kansas City School District, Callable 03/01/11 @ 100 5.000%, 03/01/16 | 1,265 | 1,364 | |||||||||
Platte County School District #R-3, Callable 03/01/14 @ 100 (MBIA) 5.000%, 03/01/24 | 1,000 | 1,044 | |||||||||
Puerto Rico Municipal Finance Agency, Callable 08/01/09 @ 101 5.500%, 08/01/23 | 3,000 | 3,305 | |||||||||
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33 | 1,000 | 1,039 | |||||||||
Riverview Gardens School District, Missouri Direct Deposit Program, Callable 04/01/14 @ 100 (FSA) (STAID) 4.000%, 04/01/16 | 1,000 | 1,011 | |||||||||
St Louis County School District, Series A (FSA) 5.000%, 03/01/14 | 2,000 | 2,223 | |||||||||
St Louis County School District, Series A, Callable 03/01/14 @ 100 5.000%, 03/01/16 | 1,000 | 1,095 | |||||||||
St. Louis County 5.000%, 02/01/12 | 3,250 | 3,632 | |||||||||
St. Louis County Public Safety, Callable 08/15/09 @ 100 (FGIC) 5.125%, 02/15/17 | 4,185 | 4,516 | |||||||||
St. Louis County Rockwood School District #R-6, Callable 02/01/11 @ 100 5.000%, 02/01/13 | 3,000 | 3,286 |
Missouri Tax Free Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
St. Louis County Rockwood School District #R-6, Series A, Callable 02/01/13 @ 100 5.000%, 02/01/14 | $ | 2,000 | $ | 2,204 | |||||||
Wentzville School District #R-4, Callable 03/01/08 @ 100 (FSA) 5.100%, 03/01/18 | 3,000 | 3,187 | |||||||||
Total General Obligations | 51,497 | ||||||||||
Total Municipal Bonds (Cost $166,509) | 177,276 | ||||||||||
Total Investments – 98.5% (Cost $166,509) | $ | 177,276 | |||||||||
Other Assets and Liabilities, Net – 1.5% | 2,732 | ||||||||||
Total Net Assets – 100.0% | $ | 180,008 |
(a) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(b) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(c) The rate shown is the effective yield at the time of purchase.
(d) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $622,200, or 0.3% of total net assets. See note 2 in Notes to Financial Statements.
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $1,005,310, which represents 0.6% of net assets.
COMGTY – Commonwealth Guaranty
FGIC – Financial Guaranty Insurance Corporation
FHA – Federal Housing Authority
FSA – Financial Security Assurance
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
RAAI – Radian Asset Assurance Inc.
STAID – State Aid Withholding
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
78
Schedule of Investments September 30, 2004
Nebraska Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.1% | |||||||||||
Revenue Bonds – 78.9% | |||||||||||
Education – 20.8% | |||||||||||
Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 5.350%, 12/15/18 | $ | 650 | $ | 672 | |||||||
Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC) 5.000%, 09/01/09 | 500 | 550 | |||||||||
Nebraska Educational Finance Authority, Midland Lutheran College Project, Callable 10/01/10 @ 100 5.200%, 10/01/20 | 350 | 357 | |||||||||
Nebraska Educational Finance Authority, Wesleyan University Project, Callable 04/01/12 @ 100 (RAAI) 5.000%, 04/01/17 | 605 | 633 | |||||||||
Nebraska Utility Corporation, University of Nebraska, Lincoln Project, Callable 01/01/12 @ 100 5.250%, 01/01/15 | 1,045 | 1,158 | |||||||||
University of Nebraska Facilities, Medical Center Research Project, Callable 02/15/12 @ 100 5.000%, 02/15/15 | 500 | 539 | |||||||||
University of Nebraska Facility Corporation, Deferred Maintenance Project, Callable 07/15/08 @ 100 5.250%, 07/15/11 | 1,000 | 1,099 | |||||||||
University of Nebraska Facility Corporation, University of Nebraska Medical Center Research Project 5.000%, 02/15/12 | 500 | 553 | |||||||||
University of Nebraska, Lincoln Memorial Stadium Project, Series A, Callable 05/01/14 @ 100 5.000%, 11/01/15 | 500 | 539 | |||||||||
University of Nebraska, Lincoln Student Fees, Callable 01/01/13 @ 100 5.000%, 07/01/22 | 750 | 780 | |||||||||
University of Nebraska, Lincoln Student Fees, Series B 4.250%, 07/01/12 | 175 | 185 | |||||||||
University of Nebraska, Omaha Student Housing Project, Callable 11/24/13 @ 100 5.000%, 05/15/23 | 500 | 521 | |||||||||
7,586 | |||||||||||
Healthcare – 17.0% | |||||||||||
Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) 4.900%, 09/01/09 | 750 | 805 | |||||||||
Douglas County Hospital Authority #2, Nebraska Medical Center 5.000%, 11/15/16 | 700 | 743 | |||||||||
Lancaster County Hospital Authority, Bryanlgh Medical Center Project, Callable 06/01/11 @ 100 (AMBAC) 5.000%, 06/01/19 | 500 | 522 | |||||||||
5.125%, 06/01/21 | 1,200 | 1,253 | |||||||||
Madison County Hospital Authority #1, Faith Regional Health Services Project, Callable 01/01/12 @ 100 (RAAI) 5.500%, 07/01/21 | 1,000 | 1,064 |
Nebraska Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Nebraska Investment Finance Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI) 5.200%, 11/15/16 | $ | 250 | $ | 266 | |||||||
5.300%, 11/15/17 | 805 | 860 | |||||||||
Platte County Hospital Authority #1, Columbus Community Hospital Project, Callable 05/01/10 @ 101 (RAAI) 5.850%, 05/01/14 | 650 | 714 | |||||||||
6,227 | |||||||||||
Housing – 4.9% | |||||||||||
Nebraska Investment Finance Authority, Multifamily Housing (GNMA) 4.625%, 07/20/12 | 430 | 450 | |||||||||
Nebraska Investment Finance Authority, Single Family Housing, Series A, Callable 03/01/11 @ 100 (AMT) 5.150%, 03/01/16 | 580 | 609 | |||||||||
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments, Callable 10/01/11 @ 100 (GNMA) 5.150%, 11/20/22 | 715 | 747 | |||||||||
1,806 | |||||||||||
Lease Revenue – 4.8% | |||||||||||
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental, Callable 08/18/14 @ 100 5.000%, 12/01/22 | 900 | 954 | |||||||||
Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (MLO) 6.000%, 02/01/06 | 750 | 790 | |||||||||
1,744 | |||||||||||
Miscellaneous – 0.9% | |||||||||||
Washington County Wastewater Facilities, Cargill Inc. Project, Callable 11/01/12 @ 101 5.900%, 11/01/27 | 300 | 320 | |||||||||
Pollution Control – 4.1% | |||||||||||
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/09 @ 100 4.500%, 01/01/10 | 115 | 121 | |||||||||
5.150%, 01/01/16 | 580 | 604 | |||||||||
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/12 @ 100 4.750%, 07/01/19 | 750 | 769 | |||||||||
1,494 | |||||||||||
Recreational Facility Authority – 6.7% | |||||||||||
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable 09/01/09 @ 100 5.650%, 09/01/11 | 1,000 | 1,096 | |||||||||
Omaha Convention Hotel Corporation, Series A, Callable 04/01/12 @ 100 (AMBAC) 5.500%, 04/01/16 | 275 | 310 | |||||||||
5.125%, 04/01/26 | 1,000 | 1,036 | |||||||||
2,442 | |||||||||||
Tax Revenue – 1.4% | |||||||||||
Omaha Special Tax Revenue, Series A, Callable 02/01/12 @ 101 5.125%, 02/01/32 | 500 | 518 |
FIRST AMERICAN FUNDS Annual Report 2004
79
Schedule of Investments September 30, 2004
Nebraska Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Utilities – 18.3% | |||||||||||
Alliance Electrical Systems, Callable 06/15/08 @ 100 (AMBAC) 5.000%, 12/15/14 | $ | 260 | $ | 281 | |||||||
5.100%, 12/15/15 | 460 | 492 | |||||||||
Cuming County Public Power District, Callable 05/15/06 @ 100 5.600%, 05/15/21 | 250 | 254 | |||||||||
Grand Island Electrical Systems, Callable 06/27/11 @ 100 (MBIA) 5.125%, 08/15/16 | 750 | 817 | |||||||||
Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA) 5.000%, 01/01/15 | 1,000 | 1,080 | |||||||||
5.000%, 01/01/16 | 750 | 810 | |||||||||
Lincoln Electrical Systems, Callable 09/01/11 @ 100 5.000%, 09/01/15 | 500 | 542 | |||||||||
Lincoln Electrical Systems, Callable 09/01/13 @ 100 5.000%, 09/01/26 | 250 | 257 | |||||||||
Loup River Public Power District, Callable 12/01/09 @ 100 (AMBAC) 4.000%, 12/01/12 | 500 | 514 | |||||||||
Omaha Public Power District, Series A, Callable 02/01/10 @ 100 5.000%, 02/01/17 | 655 | 699 | |||||||||
5.200%, 02/01/22 | 630 | 671 | |||||||||
Omaha Public Power Electrical Systems, Escrowed to Maturity 6.200%, 02/01/17 (a) | 210 | 253 | |||||||||
6,670 | |||||||||||
Total Revenue Bonds | 28,807 | ||||||||||
General Obligation – 15.6% | |||||||||||
Dawson County School District, Callable 06/15/06 @ 102 5.100%, 12/15/16 | 365 | 387 | |||||||||
Dodge County School District #001, Fremont, Callable 12/15/14 @ 100 (FSA) 5.000%, 12/15/19 (b) | 500 | 538 | |||||||||
Douglas County School District #54, Ralston Public Schools, Callable 08/15/11 @ 100 (FSA) 5.000%, 12/15/16 | 845 | 915 | |||||||||
Lancaster County School District #1, Lincoln Public Schools, Callable 01/15/11 @ 100 5.250%, 07/15/19 | 220 | 241 | |||||||||
Lancaster County School District #1, Lincoln Public Schools, Callable 07/15/12 @ 100 5.000%, 01/15/17 | 750 | 807 | |||||||||
Omaha, Series A 6.500%, 12/01/18 | 825 | 1,059 | |||||||||
Omaha-Douglas Public Building, Callable 05/01/11 @ 100 4.900%, 05/01/16 | 500 | 532 | |||||||||
5.100%, 05/01/20 | 300 | 322 | |||||||||
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33 | 850 | 883 | |||||||||
Total General Obligations | 5,684 |
Nebraska Tax Free Fund (concluded)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Certificates of Participation – 3.6% | |||||||||||
Western Nebraska Community College, Callable 10/15/07 @ 100 4.700%, 10/15/10 | $ | 295 | $ | 305 | |||||||
4.800%, 10/15/11 | 195 | 201 | |||||||||
4.900%, 10/15/12 | 250 | 257 | |||||||||
5.000%, 10/15/13 | 300 | 309 | |||||||||
5.100%, 10/15/14 | 250 | 257 | |||||||||
Total Certificates of Participation | 1,329 | ||||||||||
Total Municipal Bonds (Cost $33,935) | 35,820 | ||||||||||
Affiliated Money Market Fund – 1.5% | |||||||||||
First American Tax Free Obligations Fund, Cl Z (c) | 555,297 | 555 | |||||||||
Total Affiliated Money Market Fund (Cost $555) | 555 | ||||||||||
Total Investments – 99.6% (Cost $34,490) | 36,375 | ||||||||||
Other Assets and Liabilities, Net – 0.4% | 133 | ||||||||||
Total Net Assets – 100.0% | $ | 36,508 |
(a) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $541,072 or 1.5% of total net assets. See note 2 in Notes to Financial Statements.
(c) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this Fund. See note 3 in Notes to Financial Statements.
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $609,174, which represents 1.7% of net assets.
COMGTY – Commonwealth Guaranty
Cl – Class
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
RAAI – Radian Asset Assurance Inc.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
80
Ohio Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.2% | |||||||||||
Revenue Bonds – 40.4% | |||||||||||
Economic Development – 0.6% | |||||||||||
Summit County Port Authority Board Funding Program, Garfield Heights Project, Series A, Callable 05/15/14 @ 102 5.250%, 05/15/23 | $ | 250 | $ | 246 | |||||||
Education – 10.2% | |||||||||||
Ohio State Higher Educational Facilities, Baldwin-Wallace College Project 5.000%, 12/01/13 | 750 | 801 | |||||||||
Ohio State Higher Educational Facilities, Xavier University Project, Callable 05/01/13 @ 100 (FGIC) 5.250%, 05/01/16 | 1,000 | 1,108 | |||||||||
Ohio State University, Series B, Callable 06/01/13 @ 100 5.250%, 06/01/16 | 1,000 | 1,107 | |||||||||
University of Cincinnati, Series A, Callable 06/01/11 @ 101 (FGIC) 5.500%, 06/01/14 | 1,000 | 1,135 | |||||||||
4,151 | |||||||||||
Healthcare – 9.6% | |||||||||||
Akron Bath Copley County Hospital Facilities, Summa Health Services, Series A, Callable 11/15/14 @ 100 (RAAI) 5.250%, 11/15/16 | 800 | 870 | |||||||||
Erie County Hospital Facilities, Firelands Regional Medical Center, Series A, Callable 08/15/12 @ 101 5.500%, 08/15/22 | 500 | 516 | |||||||||
Fairfield County Hospital Facilities, Fairfield Medical Center, Callable 06/15/12 @ 100 (RAAI) 5.000%, 06/15/22 | 500 | 511 | |||||||||
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A, Callable 07/01/12 @ 100 (RAAI) 5.125%, 07/01/22 | 500 | 516 | |||||||||
Hamilton County Hospital Facilities, Children's Medical Center, Series F (FGIC) 5.200%, 05/15/09 | 1,000 | 1,090 | |||||||||
Lorain County Hospital, Catholic Healthcare, Callable 10/01/12 @ 100 5.500%, 10/01/17 | 350 | 378 | |||||||||
3,881 | |||||||||||
Lease Revenue – 5.5% | |||||||||||
Ohio State Building Authority, State Facility, Administration Building Fund, Series A, Callable 04/01/12 @ 100 (FSA) 5.500%, 04/01/16 | 1,000 | 1,126 | |||||||||
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A, Callable 06/01/14 @ 100 5.250%, 12/01/17 | 1,000 | 1,111 | |||||||||
2,237 | |||||||||||
Miscellaneous – 2.5% | |||||||||||
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B 4.500%, 12/01/15 | 1,000 | 1,030 |
Ohio Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Pollution Control – 5.2% | |||||||||||
Ohio State Water Development Authority, Escrowed to Maturity, Callable 06/01/05 @ 102 (AMBAC) 5.800%, 12/01/11 (a) | $ | 1,000 | $ | 1,044 | |||||||
Ohio State Water Development Authority, Water Pollution Control, Callable 06/01/12 @ 100 5.050%, 12/01/21 | 1,000 | 1,066 | |||||||||
2,110 | |||||||||||
Transportation – 4.0% | |||||||||||
Dayton, James M. Cox Dayton International, Series A, Callable 12/01/13 @ 100 (RAAI) 4.750%, 12/01/14 | 160 | 169 | |||||||||
4.750%, 12/01/15 | 165 | 173 | |||||||||
4.750%, 12/01/17 | 180 | 186 | |||||||||
Ohio State Turnpike Commission, Series A, Pre-refunded 02/15/06 @ 102 (MBIA) 5.700%, 02/15/13 (b) | 1,000 | 1,072 | |||||||||
1,600 | |||||||||||
Utilities – 2.8% | |||||||||||
Montgomery County Water, Greater Moraine Beaver, Callable 11/15/12 @ 100 (AMBAC) 5.375%, 11/15/16 | 1,000 | 1,128 | |||||||||
Total Revenue Bonds | 16,383 | ||||||||||
General Obligation – 54.4% | |||||||||||
Cincinnati, Callable 12/01/11 @ 100 5.000%, 12/01/16 | 1,000 | 1,086 | |||||||||
5.000%, 12/01/17 | 1,000 | 1,086 | |||||||||
Columbus City School District, School Facilities Construction & Improvement, Callable 06/01/13 @ 100 (FGIC) 5.000%, 12/01/18 | 2,000 | 2,154 | |||||||||
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC) 5.000%, 12/01/11 | 1,000 | 1,113 | |||||||||
Dublin, Refunding & Improvement, Series A, Callable 12/01/09 @ 101 5.250%, 12/01/14 | 1,000 | 1,117 | |||||||||
Greater Cleveland Regional Transportation Authority, Pre-refunded 12/01/06 @ 101 (FGIC) 5.650%, 12/01/16 (b) | 1,000 | 1,088 | |||||||||
Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102 5.250%, 12/01/23 | 400 | 408 | |||||||||
Northwest School District, School Improvement, Callable 12/01/12 @ 100 (MBIA) 5.000%, 12/01/22 | 1,000 | 1,050 | |||||||||
Ohio State Common Schools, Series A, Callable 03/15/12 @ 100 5.125%, 09/15/22 | 1,750 | 1,848 | |||||||||
Ohio State Higher Education, Series A, Callable 02/01/11 @ 100 5.000%, 02/01/19 | 1,000 | 1,070 | |||||||||
Ohio State Higher Education, Series A, Callable 02/01/12 @ 100 5.000%, 08/01/22 | 1,000 | 1,046 |
FIRST AMERICAN FUNDS Annual Report 2004
81
Schedule of Investments September 30, 2004
Ohio Tax Free Fund (concluded)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Ohio State Higher Education, Series B, Callable 11/01/11 @ 100 5.000%, 11/01/15 | $ | 1,000 | $ | 1,086 | |||||||
Ohio State Infrastructure Improvement, Series A 5.500%, 02/01/20 | 1,000 | 1,167 | |||||||||
Revere Local School District (FSA) 5.000%, 12/01/12 | 1,150 | 1,282 | |||||||||
Solon, Callable 12/01/12 @ 100 5.000%, 12/01/21 | 1,000 | 1,056 | |||||||||
Springfield City School District, Callable 12/01/11 @ 102 (FGIC) 5.200%, 12/01/23 | 1,000 | 1,069 | |||||||||
Summit County, Series R (FGIC) 5.500%, 12/01/21 | 1,000 | 1,165 | |||||||||
Sylvania City School District, Pre-refunded 12/01/05 @ 101 (FGIC) 5.800%, 12/01/15 (b) | 1,000 | 1,057 | |||||||||
Toledo City School District, School Facilities Improvement, Callable 12/01/13 @ 100 (FSA) 5.000%, 12/01/14 | 1,000 | 1,108 | |||||||||
Total General Obligations | 22,056 | ||||||||||
Certificate of Participation – 3.4% | |||||||||||
Midview Local School District, School Buildings Facilities Project, Callable 05/01/13 @ 100 5.250%, 11/01/17 | 1,270 | 1,370 | |||||||||
Total Certificate of Participation | 1,370 | ||||||||||
Total Municipal Bonds (Cost $38,170) | 39,809 | ||||||||||
Money Market Fund – 0.5% | |||||||||||
Federated Ohio Municipal Trust | 220,750 | 221 | |||||||||
Total Money Market Fund (Cost $221) | 221 | ||||||||||
Total Investments – 98.7% (Cost $38,391) | 40,030 | ||||||||||
Other Assets and Liabilities, Net – 1.3% | 530 | ||||||||||
Total Net Assets – 100.0% | $ | 40,560 |
(a) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
AMBAC – American Municipal Bond Assurance Corporation
FGIC – Financial Guaranty Insurance Corporation
FSA – Financial Security Assurance
MBIA – Municipal Bond Insurance Association
RAAI – Radian Asset Assurance Inc.
Oregon Intermediate Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 99.1% | |||||||||||
Revenue Bonds – 41.7% | |||||||||||
Economic Development – 1.0% | |||||||||||
Port Morrow, Callable 06/01/05 @ 100 | |||||||||||
6.250%, 06/01/15 | $ | 1,500 | $ | 1,512 | |||||||
Education – 4.5% | |||||||||||
Multnomah County Educational Facilities, University of Portland, Callable 04/01/07 @ 102 (AMBAC) 5.750%, 04/01/10 | 2,245 | 2,477 | |||||||||
5.700%, 04/01/15 | 1,000 | 1,067 | |||||||||
Oregon State Health, Housing, Educational & Cultural Facilities Authority, George Fox University, Series A, Callable 03/01/07 @ 102 (BA) 5.400%, 03/01/09 | 395 | 426 | |||||||||
5.450%, 03/01/10 | 415 | 445 | |||||||||
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Reed College, Series A, Callable 07/01/06 @ 102 5.375%, 07/01/15 | 2,000 | 2,086 | |||||||||
6,501 | |||||||||||
Healthcare – 7.1% | |||||||||||
Clackamas County Hospital Facilities Authority, Legacy Health Systems, Callable 08/15/09 @ 101 5.250%, 02/15/11 | 2,000 | 2,181 | |||||||||
5.375%, 02/15/12 | 1,000 | 1,088 | |||||||||
Clackamas County Hospital Facilities Authority, Mary's Woods, Series A, Callable 05/15/09 @ 102 | |||||||||||
6.125%, 05/15/13 | 1,000 | 1,064 | |||||||||
Medford Hospital Facilities Authority, Asante Health Systems, Callable 08/15/08 @ 101 (MBIA) 5.250%, 08/15/11 | 1,000 | 1,094 | |||||||||
5.375%, 08/15/12 | 1,000 | 1,100 | |||||||||
Multnomah County Hospital Facilities Authority, Providence Health Systems, Callable 10/01/14 @ 100 5.250%, 10/01/22 | 1,000 | 1,063 | |||||||||
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes, Callable 11/15/05 @ 104 8.000%, 11/15/26 | 1,000 | 1,048 | |||||||||
Salem Hospital Facilities Authority, Callable 08/15/08 @ 101 5.250%, 08/15/14 | 1,000 | 1,063 | |||||||||
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A 5.000%, 03/01/12 | 690 | 749 | |||||||||
10,450 | |||||||||||
Housing – 4.2% | |||||||||||
Oregon State Housing & Community Services, Series A, Callable 12/02/04 @ 102 4.900%, 07/01/05 | 1,075 | 1,088 | |||||||||
5.750%, 07/01/12 | 2,490 | 2,517 | |||||||||
Oregon State Housing & Community Services, Series A, Callable 12/02/04 @ 102 6.400%, 07/01/18 | 430 | 439 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
82
Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Oregon State Housing & Community Services, Series A, Callable 07/01/06 @ 102 6.000%, 07/01/16 | $ | 255 | $ | 267 | |||||||
Oregon State Housing & Community Services, Series E, Callable 01/01/10 @ 100 (FHA) 5.750%, 07/01/13 | 595 | 615 | |||||||||
Portland Housing Authority, Riverwood Project, Pre-refunded 01/01/06 @ 100 6.000%, 01/01/11 (a) | 1,170 | 1,231 | |||||||||
6,157 | |||||||||||
Recreational Facility Authority – 1.3% | |||||||||||
Oregon State Fair & Exposition Center, Callable 12/02/04 @ 100 (RAAI) 5.400%, 10/01/06 | 755 | 757 | |||||||||
Portland Urban Renewal & Redevelopment, Convention Center, Series A, Callable 06/15/10 @ 101 (AMBAC) 5.750%, 06/15/15 | 1,000 | 1,139 | |||||||||
1,896 | |||||||||||
Tax Revenue – 5.9% | |||||||||||
Clackamas County Limited Tax Assessment, Callable 11/01/04 @ 100 6.000%, 05/01/10 | 1,000 | 1,001 | |||||||||
Medford Urban Renewal Agency, Callable 01/01/13 @ 101 4.500%, 06/01/13 | 1,010 | 1,055 | |||||||||
Oregon State Department of Administrative Services Lottery, Series A, Callable 04/01/10 @ 100 (FSA) 5.000%, 04/01/12 | 1,050 | 1,144 | |||||||||
Oregon State Department of Transportation, Highway User Tax, Callable 11/15/10 @ 100 5.125%, 11/15/14 | 2,260 | 2,526 | |||||||||
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A, Callable 07/01/09 @ 101 5.250%, 07/01/10 | 1,115 | 1,237 | |||||||||
5.250%, 07/01/12 | 1,000 | 1,108 | |||||||||
Tri-County Metropolitan Transportation District, Series 1 (MGT) 4.900%, 06/01/09 | 500 | 540 | |||||||||
8,611 | |||||||||||
Transportation – 3.1% | |||||||||||
Oregon State Department of Transportation, Highway User Tax, Series A, Callable 11/15/12 @ 100 5.500%, 11/15/16 | 1,000 | 1,154 | |||||||||
Port Portland Airport, Series 12-A, Callable 01/01/09 @ 101 (FGIC) 5.250%, 07/01/11 | 1,165 | 1,265 | |||||||||
5.250%, 07/01/12 | 2,000 | 2,177 | |||||||||
4,596 | |||||||||||
Utilities – 14.6% | |||||||||||
Eugene Electric Utilities, Callable 08/01/06 @ 100 (FSA) 5.375%, 08/01/11 | 1,195 | 1,266 | |||||||||
Eugene Electric Utilities, Callable 08/01/07 @ 100 (FSA) 5.000%, 08/01/11 | 1,305 | 1,398 |
Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Eugene Electric Utilities, Callable 08/01/08 @ 100 (FSA) | |||||||||||
4.800%, 08/01/13 | $ | 690 | $ | 742 | |||||||
Marion County Solid Waste & Electric, Ogden Martin System Project (AMBAC) 5.500%, 10/01/06 | 1,465 | 1,563 | |||||||||
Port of St. Helens Pollution Control, Portland General Electric 4.800%, 04/01/10 | 2,450 | 2,435 | |||||||||
4.800%, 06/01/10 | 400 | 400 | |||||||||
Portland Sewer Systems, Series A, Callable 06/01/07 @ 100 (FGIC) 5.000%, 06/01/09 | 2,250 | 2,404 | |||||||||
5.000%, 06/01/10 | 2,000 | 2,137 | |||||||||
Salem Water & Sewer (MBIA) 6.000%, 06/01/06 | 1,135 | 1,211 | |||||||||
Tualatin Valley Water District, Callable 06/01/08 @ 100 (FSA) 5.000%, 06/01/12 | 1,000 | 1,082 | |||||||||
Washington County Clean Water Services (MBIA) 5.000%, 10/01/14 | 1,000 | 1,118 | |||||||||
Washington County Clean Water Services, Callable 10/01/11 @ 100 (FGIC) 5.125%, 10/01/14 | 1,790 | 1,981 | |||||||||
Washington County Unified Sewer Agency, Callable 10/01/06 @ 101 (FGIC) 5.200%, 10/01/09 | 1,300 | 1,397 | |||||||||
Washington County Unified Sewer Agency, Series 1 (FGIC) 5.750%, 10/01/08 | 1,000 | 1,123 | |||||||||
Washington County Unified Sewer Agency, Series A, Zero Coupon Bond (AMBAC) 4.200%, 10/01/07 (b) | 1,200 | 1,118 | |||||||||
21,375 | |||||||||||
Total Revenue Bonds | 61,098 | ||||||||||
General Obligation – 51.9% | |||||||||||
Chemeketa Community College District, Escrowed to Maturity (FGIC) 5.500%, 06/01/13 (c) | 2,170 | 2,503 | |||||||||
Clackamas & Washington Counties School District #003, Linn-Wilsonville District, Callable 06/15/14 @ 100 (FGIC) (SBG) 5.250%, 06/15/15 (d) | 2,000 | 2,254 | |||||||||
Clackamas & Washington Counties School District #3, Linn-Wilsonville District, Series A, Zero Coupon Bond (FGIC) 4.415%, 06/15/15 (b) | 4,000 | 2,530 | |||||||||
Clackamas County School District #7, Lake Oswego, Callable 06/01/11 @ 100 | |||||||||||
5.500%, 06/01/12 | 1,240 | 1,402 | |||||||||
Clackamas County School District #86, Canby, Callable 06/15/10 @ 100 (SBG) 5.500%, 06/15/15 | 1,835 | 2,080 | |||||||||
Columbia County School District #502, Zero Coupon Bond (FGIC) 3.900%, 06/01/12 (b) | 1,530 | 1,150 | |||||||||
5.000%, 06/01/16 (b) | 1,000 | 615 | |||||||||
Deschutes & Jefferson Counties School District #2, Callable 06/15/11 @ 100 5.500%, 06/15/14 | 1,725 | 1,945 |
FIRST AMERICAN FUNDS Annual Report 2004
83
Schedule of Investments September 30, 2004
Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG) 5.000%, 06/15/13 | $ | 1,250 | $ | 1,389 | |||||||
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG) 5.090%, 06/15/21 (b) | 1,000 | 455 | |||||||||
Deschutes County, Callable 12/01/12 @ 100 (FSA) 5.000%, 12/01/14 | 1,755 | 1,933 | |||||||||
Deschutes County, Pre-refunded 12/01/06 @ 100 (MBIA) 5.250%, 12/01/09 (a) | 1,000 | 1,071 | |||||||||
Eugene Public Safety Facilities, Callable 06/01/06 @ 100 (FGIC) 5.700%, 06/01/16 | 1,295 | 1,369 | |||||||||
Hood River County School District, Callable 06/15/11 @ 100 (SBG) 5.250%, 06/15/16 | 1,030 | 1,134 | |||||||||
Jackson County School District #549, Medford (SBG) 5.000%, 06/15/12 | 2,000 | 2,222 | |||||||||
Jackson County School District #6, Central Point, Callable 06/15/14 @ 100 (FSA) (SBG) 5.250%, 06/15/16 | 1,140 | 1,284 | |||||||||
Lake Oswego (MBIA) 5.250%, 06/01/13 | 1,035 | 1,172 | |||||||||
Lane County School District #4, Eugene (FGIC) | |||||||||||
5.000%, 07/01/11 | 1,785 | 1,984 | |||||||||
Lane County School District #40, Creswell, Callable 06/15/10 @ 100 (SBG) 5.000%, 06/15/11 | 1,120 | 1,224 | |||||||||
Lane County School District #52, Bethel, Pre-refunded 06/15/10 @ 100 (SBG) 5.350%, 06/15/11 (a) | 1,285 | 1,446 | |||||||||
Lincoln County School District (FGIC) 6.000%, 06/15/06 | 1,055 | 1,128 | |||||||||
Linn Benton Community College District, Zero Coupon Bond (FGIC) (SBG) 4.000%, 06/15/08 (b) | 985 | 885 | |||||||||
4.210%, 06/15/09 (b) | 1,000 | 862 | |||||||||
Linn County Community School District, Callable 06/15/13 @ 100 (FGIC) (SBG) 5.550%, 06/15/21 | 1,000 | 1,111 | |||||||||
Marion & Polk Counties School District #7-J, Silverton, Callable 12/02/04 @ 101 (FSA) 5.600%, 06/01/06 | 860 | 874 | |||||||||
Marion County School District #103C Woodburn, Series B, Zero Coupon Bond (FGIC) 3.700%, 11/01/11 (b) | 2,210 | 1,724 | |||||||||
McMinnville School District 5.500%, 06/15/13 | 1,000 | 1,144 | |||||||||
McMinnville School District #40 (FSA) 5.500%, 06/15/12 | 620 | 711 | |||||||||
Metro, Callable 09/01/10 @ 102 5.250%, 09/01/14 | 1,000 | 1,123 | |||||||||
Metropolitan, Washington Park Zoo, Series A, Callable 01/15/07 @ 100 5.250%, 01/15/10 | 1,000 | 1,067 | |||||||||
Multnomah County School District #7, Reynolds, Callable 06/15/11 @ 100 (SBG) 5.625%, 06/15/15 | 1,000 | 1,133 |
Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Multnomah County, Series A, Callable 04/01/10 @ 100 5.000%, 04/01/11 | $ | 1,000 | $ | 1,094 | |||||||
5.125%, 04/01/13 | 2,445 | 2,690 | |||||||||
Multnomah-Clackamas County School District #10, Gresham-Barlow, Callable 06/15/11 @ 100 (FSA) (SBG) 5.500%, 06/15/13 | 1,780 | 2,013 | |||||||||
Multnomah-Clackamas County School District #28-302, Centennial, Callable 06/15/11 @ 100 (FGIC) (SBG) 5.500%, 06/15/14 | 1,500 | 1,691 | |||||||||
Oregon State Board of Higher Education, Series A, Callable 08/01/09 @ 101 5.500%, 08/01/15 | 1,255 | 1,416 | |||||||||
Oregon State Pollution Control, Series A, Callable 11/01/07 @ 100 4.875%, 11/01/11 | 455 | 487 | |||||||||
Portland Community College Services, Callable 06/01/11 @ 100 5.375%, 06/01/15 | 1,375 | 1,534 | |||||||||
Portland Emergency Facilities, Series A, Callable 06/01/09 @ 100 5.000%, 06/01/12 | 1,060 | 1,154 | |||||||||
Puerto Rico Public Buildings Authority, Series J, Callable 07/01/12 @ 100 (AMBAC) (COMGTY) 5.000%, 07/01/36 | 1,000 | 1,101 | |||||||||
Salem-Keizer School District #24-J, Callable 06/01/08 @ 100 (FSA) 5.100%, 06/01/12 | 2,000 | 2,173 | |||||||||
Salem-Keizer School District #24-J, Callable 06/01/09 @ 100 (SBG) 5.250%, 06/01/12 | 1,000 | 1,113 | |||||||||
Tualatin Hills Park & Recreation District (FGIC) 5.750%, 03/01/13 | 870 | 1,016 | |||||||||
Umatilla County School District #016-R, Pendleton (FGIC) 5.000%, 07/01/11 | 1,000 | 1,112 | |||||||||
5.250%, 07/01/14 | 1,540 | 1,749 | |||||||||
Wasco County School District #12 | |||||||||||
5.500%, 06/15/14 | 1,080 | 1,244 | |||||||||
Washington & Clackamas Counties School District #23-J, Tigard (FGIC) 5.750%, 06/01/06 | 1,055 | 1,123 | |||||||||
5.250%, 06/01/11 | 1,335 | 1,503 | |||||||||
5.500%, 06/01/13 | 1,000 | 1,151 | |||||||||
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond 5.820%, 06/15/14 (b) | 1,030 | 693 | |||||||||
Washington County 5.500%, 06/01/10 | 1,000 | 1,133 | |||||||||
Washington County School District #48-J, Beaverton, Callable 08/01/08 @ 100 5.250%, 08/01/10 | 2,000 | 2,190 | |||||||||
Washington County School District #88, Sherwood, Pre-refunded 06/01/05 @ 100 (FSA) 5.700%, 06/01/06 (a) | 1,000 | 1,027 | |||||||||
Washington, Multnomah & Yamhill Counties School District #1-J 5.000%, 11/01/14 | 1,000 | 1,119 | |||||||||
Washington, Multnomah & Yamhill Counties School District #1-J, Callable 06/01/09 @ 100 5.250%, 06/01/12 | 1,185 | 1,302 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
84
Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Wilsonville, Callable 06/01/08 @ 100 5.000%, 12/01/10 | $ | 350 | $ | 350 | |||||||
Total General Obligations | 76,102 | ||||||||||
Certificates of Participation – 5.5% | |||||||||||
Multnomah County, Callable 08/01/08 @ 101 (MLO) 4.750%, 08/01/11 | 2,200 | 2,338 | |||||||||
Oregon State Department of Administrative Services, Series A (AMBAC) (MLO) 5.500%, 05/01/07 | 1,000 | 1,085 | |||||||||
Oregon State Department of Administrative Services, Series A, Callable 05/01/09 @ 101 (AMBAC) (MLO) 5.000%, 05/01/14 | 1,240 | 1,352 | |||||||||
Oregon State Department of Administrative Services, Series A, Callable 05/01/13 @ 100 (FSA) 5.000%, 05/01/14 | 1,200 | 1,318 | |||||||||
Oregon State Department of Administrative Services, Series B, Callable 11/01/07 @ 101 (AMBAC) (MLO) 5.000%, 11/01/11 | 840 | 910 | |||||||||
Oregon State Department of Administrative Services, Series C, Pre-refunded 05/01/06 @ 101 (MBIA) (MLO) 5.750%, 05/01/07 (a) | 990 | 1,060 | |||||||||
Total Certificates of Participation | 8,063 | ||||||||||
Total Municipal Bonds (Cost $136,835) | 145,263 |
Oregon Intermediate Tax Free Fund (concluded)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Affiliated Money Market Fund – 1.2% | |||||||||||
First American Tax Free Obligations Fund, Cl Z (e) | 1,709,364 | $ | 1,710 | ||||||||
Total Affiliated Money Market Fund (Cost $1,710) | 1,710 | ||||||||||
Total Investments – 100.3% (Cost $138,545) | 146,973 | ||||||||||
Other Assets and Liabilities, Net – (0.3)% | (404 | ) | |||||||||
Total Net Assets – 100.0% | $ | 146,569 |
(a) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(b) The rate shown is the effective yield at the time of purchase.
(c) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(d) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $2,267,920 or 1.5% of total net assets. See note 2 in Notes to Financial Statements.
(e) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this Fund. See note 3 in Notes to Financial Statements.
AMBAC – American Municipal Bond Assurance Corporation
BA – Bank of America
COMGTY – Commonwealth Guaranty
Cl – Class
FGIC – Financial Guaranty Insurance Corporation
FHA – Federal Housing Authority
FSA – Financial Security Assurance
MBIA – Municipal Bond Insurance Association
MGT – Morgan Guaranty Trust
MLO – Municipal Lease Obligation
RAAI – Radian Asset Assurance Inc.
SBG – School Board Guaranty
FIRST AMERICAN FUNDS Annual Report 2004
85
Schedule of Investments September 30, 2004
Short Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 96.8% | |||||||||||
Alabama – 1.1% | |||||||||||
Foley Utilities Board, Escrowed to Maturity, Callable 05/01/05 @ 100 (RB) 6.000%, 03/01/07 (a) | $ | 1,500 | $ | 1,640 | |||||||
Homewood, Sewer 7, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.125%, 03/01/07 (a) | 1,340 | 1,469 | |||||||||
Mobile, Escrowed to Maturity, Callable 10/01/04 @ 100 (GO) 6.200%, 02/15/07 (a) | 1,280 | 1,401 | |||||||||
4,510 | |||||||||||
Alaska – 1.2% | |||||||||||
Anchorage, Series B (GO) (MBIA) 5.000%, 07/01/06 | 5,000 | 5,269 | |||||||||
Arizona – 3.5% | |||||||||||
Arizona State Funding Program, Series 15, Escrowed to Maturity (COP) 8.750%, 08/01/06 (a) | 2,115 | 2,374 | |||||||||
8.750%, 08/01/06 (a) | 1,410 | 1,583 | |||||||||
Glendale Industrial Development Authority (RB) 4.250%, 05/15/08 | 1,240 | 1,298 | |||||||||
Salt River Project, Agricultural Improvement & Power District Electrical Systems, Series A (RB) 5.250%, 01/01/06 | 2,250 | 2,347 | |||||||||
Scottsdale Water & Sewer, Project of 1989, Series E (RB) 7.000%, 07/01/08 | 1,370 | 1,589 | |||||||||
Tempe Industrial Development Authority, Series A (RB) 4.500%, 12/01/06 | 1,000 | 1,024 | |||||||||
University Medical Center (PUFG) (RB) 5.000%, 07/01/07 | 300 | 318 | |||||||||
5.000%, 07/01/08 | 700 | 747 | |||||||||
5.000%, 07/01/09 | 500 | 537 | |||||||||
Yavapai County Industrial Development Authority, Waste Management Project, Series A-1, Mandatory Put 03/01/06 @ 100 (AMT) (GTY) (RB) 3.650%, 03/01/28 | 3,100 | 3,130 | |||||||||
14,947 | |||||||||||
California – 4.5% | |||||||||||
California State (GO) 5.000%, 06/01/07 | 5,000 | 5,356 | |||||||||
5.000%, 02/01/08 | 5,000 | 5,400 | |||||||||
5.000%, 02/01/08 | 1,000 | 1,080 | |||||||||
California State Public Works Board, Series A (RB) 5.000%, 06/01/09 | 3,900 | 4,246 | |||||||||
Contra Costa Transportation Authority, Series A, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.875%, 03/01/07 (a) | 3,000 | 3,190 | |||||||||
19,272 | |||||||||||
Colorado – 1.3% | |||||||||||
Denver City & County Airport, Series E (AMT) (RB) (XLCA) 5.000%, 11/15/07 | 5,000 | 5,342 | |||||||||
District of Columbia – 1.3% | |||||||||||
District of Columbia, Series A (GO) (MBIA) 5.500%, 06/01/07 | 5,000 | 5,432 |
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Florida – 0.8% | |||||||||||
Escambia County Health Facilities Authority, Ascension Health Credit, Series A (RB) 5.000%, 11/15/06 | $ | 815 | $ | 862 | |||||||
Highlands County Health Facilities Authority, The Adventist Health System, Series B (RB) 3.750%, 11/15/06 | 2,605 | 2,678 | |||||||||
3,540 | |||||||||||
Georgia – 0.2% | |||||||||||
Fulton Dekalb Hospital Authority (FSA) (RB) 5.000%, 01/01/07 | 1,000 | 1,065 | |||||||||
Idaho – 0.5% | |||||||||||
Idaho Falls, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 10.250%, 04/01/06 (a) | 695 | 751 | |||||||||
Idaho Falls, Pre-refunded 04/01/07 @ 100, Callable 10/01/04 @ 100 (RB) 10.375%, 04/01/13 (b) | 1,075 | 1,283 | |||||||||
2,034 | |||||||||||
Illinois – 8.0% | |||||||||||
Champaign County Community Unit School District #4 (GO) 8.300%, 01/01/07 | 1,120 | 1,267 | |||||||||
Chicago O'Hare International Airport, 2nd Lien, Passenger Facilities, Series C (AMBAC) (AMT) (RB) 5.000%, 01/01/08 | 2,260 | 2,413 | |||||||||
Chicago O'Hare International Airport, 2nd Lien, Passenger Facilities, Series C (MBIA) (RB) 5.750%, 01/01/09 | 1,000 | 1,120 | |||||||||
Chicago O'Hare International Airport, Series A (AMBAC) (RB) 4.800%, 01/01/05 | 585 | 590 | |||||||||
Chicago Park District, Partially Pre-refunded 05/15/05 @ 102, Callable 05/15/05 @ 102 (GO) 6.350%, 11/15/08 (b) | 2,000 | 2,096 | |||||||||
Cook County Community High School District #218, Partially Escrowed to Maturity, Zero Coupon Bond (FSA) (GO) 2.630%, 12/01/05 (a) (c) | 1,760 | 1,724 | |||||||||
Cook County Consolidated High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO) 2.070%, 12/01/05 (c) | 2,265 | 2,217 | |||||||||
Cook County High School District #209, Proviso Township (FSA) (GO) 2.650%, 12/01/08 | 1,485 | 1,369 | |||||||||
Du Page Airport Authority, Series A (FGIC) (RB) 3.000%, 02/01/07 | 2,000 | 2,036 | |||||||||
Illinois Development Finance Authority, People's Gas, Light & Coke, Series B, Mandatory Put 02/01/08 @ 100 (AMBAC) (RB) | |||||||||||
3.050%, 02/01/33 (d) | 3,000 | 3,046 | |||||||||
Illinois Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/08 @ 100 (RB) 3.100%, 03/01/34 | 2,000 | 2,005 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
86
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Illinois Finance Authority, Depaul University, Series A (RB) 5.000%, 10/01/07 | $ | 1,000 | $ | 1,070 | |||||||
5.000%, 10/01/09 | 1,000 | 1,084 | |||||||||
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB) 3.375%, 12/01/06 | 1,365 | 1,395 | |||||||||
Illinois Health Facilities Authority, University of Chicago, Hospital & Health (MBIA) (RB) 5.000%, 08/15/06 | 1,000 | 1,055 | |||||||||
5.000%, 08/15/07 | 1,000 | 1,075 | |||||||||
Illinois State Toll Highway Authority, Pre-refunded 07/01/06 @ 100, Callable 10/01/04 @ 100 (RB) 6.750%, 01/01/10 (b) | 30 | 32 | |||||||||
Illinois State, First Series (GO) 4.000%, 12/01/06 | 2,000 | 2,085 | |||||||||
Lake County Community Unit School District #60, Waukegan, Series A (FSA) (GO) 6.000%, 12/01/05 | 1,115 | 1,169 | |||||||||
Lake County School District #112, Highland Park (GO) 9.000%, 12/01/06 | 1,655 | 1,890 | |||||||||
9.000%, 12/01/07 | 1,000 | 1,196 | |||||||||
Northern University, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 7.125%, 04/01/05 (a) | 720 | 740 | |||||||||
Sangamon County (COP) 7.300%, 12/01/04 | 1,500 | 1,514 | |||||||||
34,188 | |||||||||||
Indiana – 2.0% | |||||||||||
East Chicago Multi School Building Corporation, Pre-refunded 07/15/06 @ 102 (RB) (STAID) 6.500%, 01/15/16 (b) | 1,000 | 1,100 | |||||||||
Gary Sanitation District, Special Tax District (GO) (RAAI) 3.500%, 02/01/07 | 1,105 | 1,134 | |||||||||
Indiana State Development Finance Authority, Waste Management Income Project, Mandatory Put 10/01/05 @ 100 (AMT) (RB) 2.700%, 10/01/31 (e) | 1,000 | 1,000 | |||||||||
Indianapolis Industries Local Public Improvement, Airport Authority, Series A (AMT) (FSA) (RB) 5.000%, 01/01/07 | 5,000 | 5,289 | |||||||||
8,523 | |||||||||||
Kansas – 1.5% | |||||||||||
Augusta Electric Generating & Distribution System, Escrowed to Maturity, Callable 11/15/04 @ 100 (RB) 6.700%, 11/15/07 (a) | 1,440 | 1,440 | |||||||||
Burlington Pollution Control, Kansas Gas & Electric Company Project, Series B, Callable 06/01/06 @ 100, Mandatory Put 06/01/06 @ 100 (RB) 2.650%, 06/01/31 (d) | 2,500 | 2,526 | |||||||||
La Cygne Environmental, Kansas City Power & Light, Mandatory Put 09/01/05 @ 100 (RB) 2.250%, 03/01/18 (d) | 1,000 | 1,000 |
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Newton Hospital, Newton Healthcare Corporation, Series A, Pre-refunded 11/15/04 @ 102 (RB) 7.375%, 11/15/14 (b) | $ | 1,500 | $ | 1,540 | |||||||
6,506 | |||||||||||
Kentucky – 0.2% | |||||||||||
Kentucky State Turnpike Authority, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.125%, 07/01/07 (a) | 325 | 346 | |||||||||
Owensboro Electric, Light & Power, Escrowed to Maturity, Callable 01/01/05 @ 100 (RB) 6.850%, 01/01/08 (a) | 570 | 614 | |||||||||
960 | |||||||||||
Louisiana – 0.3% | |||||||||||
Louisiana State Health & Education Authority, Lambeth House Project, Pre-refunded 10/01/06 @ 102 (RB) 9.000%, 10/01/26 (b) | 1,000 | 1,156 | |||||||||
Maryland – 0.9% | |||||||||||
Calvert County Economic Development, Asbury-Solomons Island Facilities Project, Pre-refunded 01/01/05 @ 102 (RB) 8.375%, 01/01/15 (b) | 1,000 | 1,037 | |||||||||
Maryland State, State & Local Facilities, Series B (GO) 5.250%, 07/15/06 | 2,575 | 2,731 | |||||||||
3,768 | |||||||||||
Massachusetts – 2.2% | |||||||||||
Massachusetts State Housing Finance Agency, Series B (RB) 2.500%, 06/01/06 | 6,000 | 6,034 | |||||||||
Massachusetts State, Series E (GO) 5.500%, 01/01/09 | 3,000 | 3,335 | |||||||||
9,369 | |||||||||||
Michigan – 4.8% | |||||||||||
Detroit Water Supply System, Escrowed to Maturity (RB) 8.875%, 01/01/05 (a) | 1,590 | 1,619 | |||||||||
Michigan Municipal Bond Authority, Pre-refunded 10/01/04 @ 102 (RB) 6.500%, 10/01/17 (b) | 3,100 | 3,162 | |||||||||
Michigan Municipal Bond Authority, Series A, Escrowed to Maturity, Callable 10/01/04 @ 101 (RB) 6.150%, 10/01/05 (a) | 1,500 | 1,567 | |||||||||
Michigan State Hospital Finance Authority, Genesys Health System, Series A, Pre-refunded 10/01/05 @ 100 (RB) 7.500%, 10/01/27 (b) | 6,620 | 7,003 | |||||||||
Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 7.125%, 05/01/09 (a) | 385 | 428 | |||||||||
Michigan State Hospital Finance Authority, Henry Ford Health System, Series A (RB) 5.000%, 03/01/06 | 1,000 | 1,037 | |||||||||
Michigan State Hospital Finance Authority, Midmichigan Obligated Group, Series A (FSA) (RB) 5.500%, 06/01/06 | 2,525 | 2,671 |
FIRST AMERICAN FUNDS Annual Report 2004
87
Schedule of Investments September 30, 2004
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Michigan State Hospital Finance Authority, Oakwood Obligated Group (RB) 5.000%, 11/01/06 | $ | 1,000 | $ | 1,046 | |||||||
Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB) 3.800%, 06/01/14 (d) | 1,800 | 1,819 | |||||||||
20,352 | |||||||||||
Minnesota – 1.6% | |||||||||||
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) 3.050%, 06/15/34 (d) | 2,000 | 2,004 | |||||||||
Minneapolis Healthcare System, Allina Health System, Series A (RB) 5.000%, 11/15/06 | 1,895 | 1,992 | |||||||||
Minnesota State Higher Education Facilities Authority, Series 4S, Mandatory Put 04/01/08 @ 100 (RB) 4.600%, 04/01/28 (d) | 1,200 | 1,276 | |||||||||
Monticello, Big Lake Community Hospital District, Series C (RB) 4.250%, 12/01/07 | 1,675 | 1,702 | |||||||||
Northwestern Mutual Life Insurance Co. Tax-Exempt Mortgage Trust #1 (RB) 7.605%, 02/15/09 (d) | 41 | 41 | |||||||||
7,015 | |||||||||||
Mississippi – 0.8% | |||||||||||
Mississippi State, Escrowed to Maturity, Callable 02/01/08 @ 100 (GO) 6.200%, 02/01/08 (a) | 3,065 | 3,386 | |||||||||
Missouri – 2.0% | |||||||||||
Boone County Hospital (RB) 5.000%, 08/01/06 | 2,925 | 3,063 | |||||||||
Little Blue Valley Sewer District, Escrowed to Maturity (RB) 5.750%, 10/01/04 (a) | 1,000 | 1,000 | |||||||||
Little Blue Valley Sewer District, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 5.500%, 10/01/07 (a) | 1,000 | 1,098 | |||||||||
Missouri State Development Finance Board, Branson, Series A (RB) 5.000%, 12/01/05 | 1,000 | 1,033 | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Associated Electric CoOp, Thomas Hill (RB) 5.500%, 12/01/06 | 1,000 | 1,075 | |||||||||
St. Louis International Airport, Series A (FSA) (RB) 5.000%, 07/01/07 | 1,100 | 1,176 | |||||||||
8,445 | |||||||||||
Nebraska – 1.0% | |||||||||||
Douglas County Hospital Authority #002, Nebraska Medical Center (GTY) (RB) 5.000%, 11/15/07 | 1,000 | 1,070 | |||||||||
5.000%, 11/15/08 | 1,000 | 1,077 |
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Nebraska Investment Finance Authority, Catholic Health Initiatives, Series A (RB) 5.500%, 12/01/07 | $ | 2,000 | $ | 2,177 | |||||||
4,324 | |||||||||||
Nevada – 2.1% | |||||||||||
Clark County Pollution Control, Series A, Mandatory Put 03/02/09 @ 100 (AMT) (RB) 3.250%, 06/01/31 (d) | 3,000 | 2,973 | |||||||||
Clark County Pollution Control, Series C, Mandatory Put 03/02/09 @ 100 (AMT) (RB) 3.250%, 06/01/31 (d) | 3,000 | 2,973 | |||||||||
Nevada State, Partially Pre-refunded 12/01/04 @ 101, Callable 12/01/04 @ 101 (GO) 6.500%, 12/01/12 (b) | 3,000 | 3,055 | |||||||||
9,001 | |||||||||||
New Hampshire – 1.1% | |||||||||||
New Hampshire State, Series A (GO) | |||||||||||
5.000%, 07/15/07 | 4,220 | 4,550 | |||||||||
New Jersey – 4.3% | |||||||||||
New Jersey Economic Development Authority, Arbor Glen Project, Series A, Pre-refunded 05/15/06 @ 102 (RB) 8.000%, 05/15/12 (b) | 2,000 | 2,198 | |||||||||
New Jersey Economic Development Authority, United Methodist Homes, Pre-refunded 07/01/05 @ 102 (RB) 7.500%, 07/01/20 (b) | 4,255 | 4,515 | |||||||||
New Jersey Health Care Facilities Financing Authority, Capital Health Systems, Series A (RB) 5.000%, 07/01/07 | 2,465 | 2,602 | |||||||||
5.000%, 07/01/08 | 1,585 | 1,682 | |||||||||
New Jersey Sports & Exposition Authority, Monmouth Park, Series A, Pre-refunded 01/01/05 @ 102 (RB) 8.000%, 01/01/25 (b) | 2,400 | 2,486 | |||||||||
New Jersey State Transportation Corporation, Sub-Federal Transportation Administrative Grants, Series B (COP) 5.000%, 09/15/06 | 2,025 | 2,138 | |||||||||
New Jersey State Turnpike Authority, Escrowed to Maturity (RB) 6.750%, 01/01/09 (a) | 2,585 | 2,731 | |||||||||
18,352 | |||||||||||
New Mexico – 0.3% | |||||||||||
Farmington, Pre-refunded 07/01/05 @ 100 (RB) 9.875%, 01/01/13 (b) | 1,360 | 1,433 | |||||||||
New York – 6.0% | |||||||||||
Long Island Power Authority, Series B (RB) 5.000%, 12/01/06 | 3,700 | 3,912 | |||||||||
Monroe County Airport Authority, Greater Rochester International (AMT) (MBIA) (RB) 4.000%, 01/01/08 | 1,125 | 1,172 | |||||||||
5.000%, 01/01/09 | 1,175 | 1,268 | |||||||||
New York, Series A (GO) 5.250%, 08/01/08 | 8,000 | 8,747 | |||||||||
New York, Series G (GO) 5.000%, 08/01/08 | 1,615 | 1,751 | |||||||||
New York, Series H (GO) 4.000%, 08/01/08 | 1,675 | 1,756 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
88
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Port Authority of New York & New Jersey (AMT) (RB) 5.000%, 07/15/07 | $ | 3,125 | $ | 3,332 | |||||||
New York State Dormitory Authority, Lutheran Medical (FHA) (MBIA) (RB) 3.000%, 02/01/07 | 1,410 | 1,439 | |||||||||
New York State Dormitory Authority, Mental Health, Series F-1 (RB) 5.000%, 02/15/07 | 2,000 | 2,127 | |||||||||
25,504 | |||||||||||
North Carolina – 1.7% | |||||||||||
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 2.500%, 11/01/07 | 1,000 | 989 | |||||||||
North Carolina Medical Care Commission, Novant Health Obligated Group, Series A (RB) 5.000%, 11/01/07 | 5,325 | 5,734 | |||||||||
North Carolina Municipal Power Agency, Series A (RB) 5.000%, 01/01/05 | 500 | 504 | |||||||||
7,227 | |||||||||||
Ohio – 1.4% | |||||||||||
Allen County Economic Development, Young Men's Christian Association, Mandatory Put 04/14/08 @ 100 (RB) 3.000%, 04/15/18 (d) | 5,000 | 5,060 | |||||||||
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project (RB) 3.000%, 12/01/06 | 1,090 | 1,101 | |||||||||
6,161 | |||||||||||
Oklahoma – 0.3% | |||||||||||
Ponca City Utility Authority, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.000%, 07/01/08 (a) | 1,110 | 1,255 | |||||||||
Pennsylvania – 0.8% | |||||||||||
Chartiers Valley Industrial & Commercial Development Authority, Friendship Village South, Series A (RB) 2.750%, 08/15/05 | 400 | 399 | |||||||||
3.150%, 08/15/06 | 400 | 399 | |||||||||
3.450%, 08/15/07 | 300 | 299 | |||||||||
Hampden Township Sewer Authority, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.150%, 04/01/07 (a) | 1,000 | 1,070 | |||||||||
Ringgold School District Authority, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.700%, 01/15/08 (a) | 1,165 | 1,272 | |||||||||
3,439 | |||||||||||
Puerto Rico – 4.1% | |||||||||||
Puerto Rico Commonwealth, Highway Transportation Authority, Series AA (RB) 5.000%, 07/01/07 | 7,200 | 7,723 | |||||||||
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/08 @ 100 (GO) 5.000%, 07/01/18 (d) | 4,250 | 4,574 | |||||||||
Puerto Rico Commonwealth, Tax & Revenue Anticipation Notes 3.000%, 07/29/05 (e) | 4,000 | 4,042 |
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Puerto Rico Electric Power Authority, Series 00 (RB) 4.000%, 07/01/07 | $ | 1,000 | $ | 1,046 | |||||||
17,385 | |||||||||||
Rhode Island – 0.6% | |||||||||||
Rhode Island State Health & Educational Building, Higher Education Facility, Johnson & Wales (RB) (XLCA) 5.000%, 04/01/07 | 1,000 | 1,069 | |||||||||
Rhode Island State Health & Educational Building, Higher Education Facility, Roger Williams, Pre-refunded 11/15/04 @ 102 (CLE) (RB) 7.200%, 11/15/14 (b) | 1,500 | 1,540 | |||||||||
2,609 | |||||||||||
South Carolina – 2.5% | |||||||||||
Charleston County Hospital Facilities, Carealliance Health Services, Series A (RB) 5.000%, 08/15/06 | 2,210 | 2,310 | |||||||||
5.000%, 08/15/07 | 700 | 741 | |||||||||
Georgetown County, Series A (AMT) (FGIC) (GO) 3.000%, 03/01/07 | 1,055 | 1,079 | |||||||||
Richland-Lexington Airport District (FSA) (RB) 4.000%, 01/01/06 (e) | 910 | 933 | |||||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (AMT) (RB) 4.500%, 08/01/06 | 660 | 680 | |||||||||
South Carolina State Ports Authority (FSA) (RB) 5.500%, 07/01/07 | 3,330 | 3,606 | |||||||||
York County School District #4, Fort Mill (GO) 3.000%, 03/01/07 | 1,100 | 1,126 | |||||||||
10,475 | |||||||||||
South Dakota – 0.8% | |||||||||||
Sioux Falls Health Facilities, Dow Rummel Village Project, Series B, Mandatory Put 11/15/07 @ 100, Callable 11/15/07 @ 100 (RB) 4.750%, 11/15/33 | 1,675 | 1,672 | |||||||||
South Dakota Housing Development Authority, Homeownership Mortgage, Series I (AMT) (RB) 2.850%, 05/01/06 | 1,600 | 1,615 | |||||||||
3,287 | |||||||||||
Tennessee – 0.4% | |||||||||||
Sullivan County Health Educational & Housing Facilities, Wellmont Health Systems Project (RB) 4.500%, 09/01/06 | 1,500 | 1,537 | |||||||||
Texas – 23.9% | |||||||||||
Arlington Independent School District, Pre-refunded 02/15/05 @ 67.33, Zero Coupon Bond (GO) (PSFG) 2.460%, 02/15/12 (b) (c) | 8,940 | 5,984 | |||||||||
Austin Utility System, Pre-refunded 11/15/04 @ 100 (FGIC) (RB) 5.750%, 05/15/24 (b) | 1,530 | 1,538 | |||||||||
Austin Utility Systems, Financial Services Department, Series A (MBIA) (RB) 6.000%, 11/15/06 | 5,000 | 5,412 | |||||||||
Austin, Escrowed to Maturity, Callable 10/01/04 @ 100 (GO) 8.500%, 07/01/05 (a) | 1,500 | 1,576 |
FIRST AMERICAN FUNDS Annual Report 2004
89
Schedule of Investments September 30, 2004
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Brazos River Authority, Utilities Electric Co., Series B, Mandatory Put 06/19/06 @ 100 (AMT) (RB) 5.050%, 06/01/30 (d) | $ | 1,730 | $ | 1,780 | |||||||
Gulf Coast Waste Disposal Authority, Series C, Mandatory Put 05/01/06 @ 100 (AMT) (RB) 3.200%, 05/01/28 | 4,000 | 4,010 | |||||||||
Harris County Health Facilities Development, Hermann Hospital Project, Pre-refunded 10/01/04 @ 101 (MBIA) (RB) 6.375%, 10/01/24 (b) | 830 | 838 | |||||||||
Houston (GO) (MBIA) 5.000%, 03/01/07 | 2,145 | 2,293 | |||||||||
Houston Airport Systems,Escrowed to Maturity (RB) 8.200%, 07/01/05 (a) | 455 | 477 | |||||||||
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/09 @ 100 (RB) 4.900%, 02/15/10 | 1,020 | 1,016 | |||||||||
Houston Water & Sewer System, Series A (FSA) (RB) 5.500%, 12/01/06 | 4,500 | 4,837 | |||||||||
Houston, Escrowed to Maturity (GO) (MBIA) 5.000%, 03/01/07 (a) | 2,855 | 3,052 | |||||||||
Jefferson County Health Facilities Development Authority, Baptist Hospitals (AMBAC) (FHA) (RB) 4.200%, 08/15/07 | 1,450 | 1,525 | |||||||||
Laredo Independent School District (GO) (PSFG) 6.750%, 08/01/08 | 2,150 | 2,475 | |||||||||
Lubbock Health Facilities Development, St. Joseph Health Systems (FSA) (RB) 5.000%, 07/01/07 | 5,000 | 5,369 | |||||||||
North Central Taxes Health Facility Development, Baylor Health Care Systems Project (RB) 5.500%, 05/15/05 | 2,000 | 2,045 | |||||||||
5.500%, 05/15/06 | 3,500 | 3,684 | |||||||||
5.500%, 05/15/07 | 1,000 | 1,076 | |||||||||
North East Independent School District (GO) (PSFG) 7.000%, 02/01/05 | 2,500 | 2,544 | |||||||||
Northside Independent School District, Series B, Callable 02/01/05 @ 100, Mandatory Put 08/01/06 @ 100 (GO) (PSFG) 2.450%, 08/01/33 (d) | 6,800 | 6,809 | |||||||||
Richardson Hospital Authority (RB) 4.000%, 12/01/06 | 1,165 | 1,186 | |||||||||
5.000%, 12/01/07 | 1,230 | 1,287 | |||||||||
San Antonio (GO) 3.000%, 02/01/06 | 1,680 | 1,705 | |||||||||
San Antonio, Escrowed to Maturity (GO) 3.000%, 02/01/06 | 20 | 20 | |||||||||
Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 8.500%, 12/01/08 (a) | 800 | 901 | |||||||||
Tarrant Regional Water District (FSA) (RB) 4.000%, 03/01/07 | 2,000 | 2,091 | |||||||||
5.000%, 03/01/08 | 2,275 | 2,468 | |||||||||
Texas State Public Finance Authority, Series A (GO) 5.250%, 10/01/07 | 10,250 | 11,157 | |||||||||
Texas State Turnpike Authority (RB) 5.000%, 06/01/08 | 7,000 | 7,608 | |||||||||
Texas Tax & Revenue Anticipation Notes 3.000%, 08/31/05 | 10,000 | 10,115 |
Short Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Texas Technical University, Improvement Financing Systems, Ninth Series (AMBAC) (RB) 4.000%, 02/15/08 | $ | 1,000 | $ | 1,052 | |||||||
Trinity River Authority, Tarrant County Water Project (MBIA) (RB) 3.250%, 02/01/07 | 2,130 | 2,188 | |||||||||
Tyler Health Facilities Development, Mother Frances Hospital (RB) 5.000%, 07/01/07 | 575 | 604 | |||||||||
United Independent School District (GO) (PSFG) 8.000%, 08/15/05 | 1,075 | 1,133 | |||||||||
101,855 | |||||||||||
Utah – 1.8% | |||||||||||
Intermountain Power Agency, Series A (MBIA) (RB) 5.000%, 07/01/07 | 7,000 | 7,532 | |||||||||
Virgin Islands – 0.4% | |||||||||||
Virgin Islands Public Finance Authority (RB) 4.000%, 10/01/05 | 1,500 | 1,527 | |||||||||
Washington – 2.8% | |||||||||||
Clark County Public Utility District #001, Electric (MBIA) (RB) 4.000%, 01/01/07 | 1,000 | 1,043 | |||||||||
5.000%, 01/01/08 | 1,400 | 1,515 | |||||||||
Clark County Public Utility District #001, Generating Systems (MBIA) (RB) 4.000%, 01/01/07 | 1,000 | 1,043 | |||||||||
Energy Northwest Electric, Columbia General Station, Series F (MBIA) (RB) 5.000%, 07/01/07 | 1,000 | 1,075 | |||||||||
Washington State Housing Finance Commission, Presbyterian Ministries, Series A, Pre-refunded 07/01/06 @ 102 (RB) 6.850%, 07/01/21 (b) | 1,390 | 1,536 | |||||||||
Washington State, Series E (GO) 6.000%, 07/01/07 | 5,000 | 5,510 | |||||||||
11,722 | |||||||||||
West Virginia – 0.7% | |||||||||||
Putnam County Pollution Control, Appalachian Power Company Project, Series E, Mandatory Put 11/01/06 @ 100 (RB) 2.800%, 05/01/19 (d) | 3,000 | 2,996 | |||||||||
Wisconsin – 1.1% | |||||||||||
Wisconsin State Health & Educational Facilities Authority, Childrens Hospital of Wisconsin, Series A (RB) 4.500%, 08/15/08 | 1,500 | 1,598 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Gundersen Lutheran, Series A (FSA) (RB) 5.000%, 02/15/08 | 1,000 | 1,077 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Series A (RB) 5.000%, 08/15/07 | 1,000 | 1,064 | |||||||||
Wisconsin State Health & Educational Facilities, Marquette University Project, Pre-refunded 12/01/04 @ 101 (FGIC) (RB) 6.450%, 12/01/19 (b) | 1,000 | 1,018 | |||||||||
4,757 | |||||||||||
Total Municipal Bonds (Cost $405,837) | 412,007 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
90
Short Tax Free Fund (concluded)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Affiliated Money Market Fund – 3.3% | |||||||||||
First American Tax Free Obligations Fund, Cl Z (f) | 14,243,972 | $ | 14,244 | ||||||||
Total Affiliated Money Market Fund (Cost $14,244) | 14,244 | ||||||||||
Total Investments – 100.1% (Cost $420,081) | 426,251 | ||||||||||
Other Assets and Liabilities, Net – (0.1)% | (563 | ) | |||||||||
Total Net Assets – 100.0% | $ | 425,688 |
(a) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(b) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(c) The rate shown is the effective yield at the time of purchase.
(d) Variable Rate Security – The rate shown is the rate in effect as of September 30, 2004.
(e) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $5,976,620 or 1.4% of total net assets. See note 2 in Notes to Financial Statements.
(f) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this Fund. See note 3 in Notes to Financial Statements.
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $40,061,407, which represents 9.4% of net assets.
CLE – Connie Lee Insurance Company
COP – Certificate of Participation
Cl – Class
FGIC – Financial Guaranty Insurance Corporation
FHA – Federal Housing Authority
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GO – General Obligation
GTY – Guaranty
MBIA – Municipal Bond Insurance Association
PSFG – Permanent School Fund Guarantee
PUFG – Permanent University Fund Guarantee
RAAI – Radian Asset Assurance Inc.
RB – Revenue Bond
STAID – State Aid Withholding
XLCA – XL Capital Assurance Inc.
Tax Free Fund
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Municipal Bonds – 98.4% | |||||||||||
Alabama – 0.9% | |||||||||||
Bessemer, Callable 07/01/06 @ 102 (AMBAC) (RB) 5.750%, 07/01/16 | $ | 2,500 | $ | 2,701 | |||||||
Camden Industrial Development Board, Series A, Callable 12/01/13 @ 100 (RB) 6.125%, 12/01/24 | 1,000 | 1,074 | |||||||||
Camden Industrial Development Board, Series B, Callable 12/01/13 @ 100 (AMT) (RB) 6.375%, 12/01/24 | 350 | 377 | |||||||||
4,152 | |||||||||||
Alaska – 2.1% | |||||||||||
Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB) 6.000%, 07/01/10 | 1,000 | 1,152 | |||||||||
6.000%, 07/01/11 | 4,040 | 4,695 | |||||||||
Alaska State Housing Finance Corporation, Series A, Callable 06/01/07 @ 102 (MBIA) (RB) 5.900%, 12/01/19 | 1,000 | 1,047 | |||||||||
Alaska State Housing Finance Corporation, Series A, Callable 12/01/05 @ 105 (MBIA) (RB) 5.700%, 12/01/11 | 505 | 524 | |||||||||
Anchorage, Series B, Callable 07/01/12 @ 100 (GO) (MBIA) 5.000%, 07/01/22 | 2,000 | 2,090 | |||||||||
9,508 | |||||||||||
Arizona – 2.1% | |||||||||||
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 (RB) 7.500%, 11/15/23 | 3,000 | 3,032 | |||||||||
Arizona State Transportation Board, Callable 07/01/09 @ 100 (RB) 6.000%, 07/01/12 | 3,830 | 4,353 | |||||||||
Tempe Industrial Development Authority, Friendship Villiage Project, Series A (RB) 5.375%, 12/01/13 | 1,300 | 1,322 | |||||||||
University Medical Center Corporation, Callable 07/01/14 @ 100 5.000%, 07/01/24 (a) | 750 | 752 | |||||||||
9,459 | |||||||||||
California – 8.1% | |||||||||||
Alameda Corridor Transportation Authority, Series A, Zero Coupon Bond (AMBAC) (RB) 5.720%, 10/01/30 | 15,000 | 3,725 | |||||||||
California State, Callable 02/01/13 @ 100 (GO) 5.000%, 02/01/21 | 5,500 | 5,751 | |||||||||
California State, Callable 02/01/14 @ 100 (GO) 5.000%, 02/01/33 | 2,000 | 2,013 | |||||||||
California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB) 5.375%, 05/01/22 | 4,500 | 4,802 | |||||||||
California State Public Works Board, Series A, Callable 06/01/14 @ 100 (RB) 5.500%, 06/01/19 | 3,000 | 3,317 | |||||||||
California State, Callable 04/01/09 @ 101 (GO) 4.750%, 04/01/22 | 500 | 506 | |||||||||
California Statewide Communities Development Authority, Los Angeles Jewish Home, Callable 11/01/13 @ 100 (CMI) (RB) 5.250%, 11/15/23 | 4,000 | 4,165 |
FIRST AMERICAN FUNDS Annual Report 2004
91
Schedule of Investments September 30, 2004
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Chula Vista Industrial Development, San Diego Gas & Electric Co., Series A (AMT) (RB) 4.900%, 03/01/23 (b) | $ | 2,500 | $ | 2,466 | |||||||
Golden State Tobacco Securitization, Series B, Callable 06/01/13 @ 100 (RB) 5.500%, 06/01/33 | 6,940 | 7,196 | |||||||||
Vernon, Malburg Generating Station Project, Callable 04/01/08 @ 100 (RB) 5.500%, 04/01/33 | 3,000 | 3,055 | |||||||||
36,996 | |||||||||||
Colorado – 3.4% | |||||||||||
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) (RB) 5.700%, 07/01/29 | 1,590 | 1,636 | |||||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB) 7.250%, 12/01/21 (c) | 1,500 | 1,871 | |||||||||
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101 (RB) 6.125%, 12/01/33 | 1,150 | 1,194 | |||||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 10/01/12 @ 100 (RB) 5.900%, 10/01/27 | 2,500 | 2,622 | |||||||||
Colorado State Health Facilities Authority, Parkview Medical Center, Callable 09/01/11 @ 100 (RB) 6.500%, 09/01/20 | 1,000 | 1,091 | |||||||||
Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 (RB) 5.800%, 01/15/27 | 1,500 | 1,550 | |||||||||
La Junta Hospital, Arkansas Valley Medical Center Project, Callable 04/01/09 @ 101 (RB) 6.000%, 04/01/19 | 1,000 | 1,026 | |||||||||
Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB) 6.000%, 12/01/28 | 1,000 | 1,003 | |||||||||
6.000%, 12/01/33 | 1,000 | 992 | |||||||||
Northwest Parkway Public Highway Authority, Zero Coupon Bond (AMBAC) (RB) 6.290%, 06/15/29 (d) | 10,000 | 2,429 | |||||||||
15,414 | |||||||||||
Florida – 2.9% | |||||||||||
Capital Trust Agency, Fort Lauderdale Project, Callable 01/01/14 @ 101 (AMT) (RB) 5.750%, 01/01/32 | 1,000 | 944 | |||||||||
Florida State Department of Transportation, Callable 07/01/06 @ 101 (GO) 5.250%, 07/01/17 | 5,525 | 5,853 | |||||||||
Florida State Department of Transportation, Alligator Alley, Callable 07/01/07 @ 101 (FGIC) (RB) 5.125%, 07/01/13 | 1,280 | 1,387 | |||||||||
Palm Beach County, Park & Recreational Facilities, Callable 11/01/06 @ 102 (FSA) (RB) 5.250%, 11/01/16 | 5,000 | 5,391 | |||||||||
13,575 |
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Georgia – 2.2% | |||||||||||
Fulton County Residential Care Facilities, Canterbury Court Project, Series A, Callable 02/15/14 @ 101 (RB) 6.125%, 02/15/26 | $ | 1,500 | $ | 1,503 | |||||||
6.125%, 02/15/34 | 2,500 | 2,468 | |||||||||
Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Inc. Project, Callable 05/15/11 @ 100 (RB) 5.500%, 05/15/31 | 5,000 | 5,097 | |||||||||
Georgia Municipal Electric Authority Power, Series BB (MBIA) (RB) 5.250%, 01/01/25 | 1,000 | 1,110 | |||||||||
10,178 | |||||||||||
Hawaii – 1.9% | |||||||||||
Hawaii State, Series CN, Callable 03/01/07 @ 102 (FGIC) (GO) 5.500%, 03/01/14 | 8,000 | 8,759 | |||||||||
Illinois – 12.2% | |||||||||||
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC) (RB) 7.500%, 08/01/10 (e) | 1,080 | 1,250 | |||||||||
Cook County, Series A (GO) (MBIA) 6.250%, 11/15/12 | 9,090 | 10,853 | |||||||||
Cook County Community School District #97, Oak Park, Series B (FGIC) (GO) 9.000%, 12/01/11 | 2,235 | 3,030 | |||||||||
Illinois Development Finance Authority, Adventist Health System, Callable 11/15/09 @ 101 (RB) 5.500%, 11/15/29 | 5,000 | 5,047 | |||||||||
Illinois Health Facilities Authority, Condell Medical Center, Callable 05/15/12 @ 100 (RB) 5.500%, 05/15/32 | 2,500 | 2,393 | |||||||||
Illinois Health Facilities Authority, Covenant Retirement Communities, Callable 12/01/11 @ 101 (RB) 5.875%, 12/01/31 | 4,500 | 4,504 | |||||||||
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A, Callable 12/01/12 @ 100 (RAAI) (RB) 5.500%, 12/01/22 | 4,000 | 4,254 | |||||||||
Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Callable 08/15/11 @ 101 (RB) 7.375%, 08/15/31 | 3,000 | 2,993 | |||||||||
Illinois State, Pre-refunded 02/01/05 @ 102 (GO) (MBIA) 6.100%, 02/01/17 (c) | 2,225 | 2,303 | |||||||||
Illinois State, Pre-refunded 02/01/07 @ 101 (FGIC) (GO) 5.250%, 02/01/13 (c) | 1,400 | 1,508 | |||||||||
Illinois State Development Finance Authority, Pollution Control, Series A, Pre-refunded 07/01/06 @ 102 (RB) 7.375%, 07/01/21 (c) | 500 | 553 | |||||||||
Illinois State Development Finance Authority, Waste Management Project (AMT) (RB) 5.850%, 02/01/07 | 1,000 | 1,060 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
92
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Illinois State Educational Facilities Authority, Augustana College, Callable 10/01/07 @ 100 (CLE) (RB) 5.875%, 10/01/17 | $ | 500 | $ | 554 | |||||||
Illinois State Educational Facilities Authority, Augustana College, Callable 10/01/08 @ 100 (RB) 5.250%, 10/01/18 | 1,000 | 1,101 | |||||||||
Illinois State Toll Highway Authority, Series A (RB) 6.300%, 01/01/12 | 1,000 | 1,184 | |||||||||
Illinois State, Pre-refunded 05/01/06 @ 102 (GO) (MBIA) 5.750%, 05/01/21 (c) | 1,410 | 1,513 | |||||||||
McHenry County Community Unit, School District #20 Woodstock, Series A, Callable 01/01/08 @ 100 (FSA) (GO) 5.850%, 01/01/16 | 1,840 | 2,044 | |||||||||
5.850%, 01/01/16 | 560 | 613 | |||||||||
Metropolitan Pier & Exposition Authority, McCormick Place, Illinois Dedicated State Tax, Class B, Zero Coupon Bond (MBIA) (RB) 5.650%, 06/15/22 (d) | 5,000 | 2,851 | |||||||||
Northern Illinois University, Auxiliary Facilities Systems, Partially Pre-refunded 04/01/07 @ 100 (FGIC) (RB) 5.700%, 04/01/16 (c) | 1,000 | 1,078 | |||||||||
Rock Island, Friendship Manor Project (RB) 7.000%, 06/01/06 | 490 | 489 | |||||||||
Rock Island, Friendship Manor Project, Callable 10/01/04 @ 101 (RB) 7.200%, 06/01/13 | 400 | 400 | |||||||||
Rockford Multifamily Housing, Rivers Edge Apartments, Series A, Callable 01/20/08 @ 102 (AMT) (GNMA) (RB) 5.875%, 01/20/38 | 1,215 | 1,244 | |||||||||
Southern Illinois University, Housing & Auxiliary, Zero Coupon Bond, Series A (MBIA) (RB) 5.500%, 04/01/20 (d) | 2,280 | 1,093 | |||||||||
St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO) 6.000%, 10/01/11 | 2,020 | 2,336 | |||||||||
56,248 | |||||||||||
Indiana – 3.5% | |||||||||||
Crown Point, Multi-School Building Corporation, First Mortgage (MBIA) (RB) 7.875%, 01/15/06 | 2,630 | 2,828 | |||||||||
Indiana State Educational Facilities Authority, St. Joseph's College Project, Callable 10/01/09 @ 102 (RB) 7.000%, 10/01/29 | 1,000 | 1,114 | |||||||||
Indiana State Municipal Power Agency, Power Supply, Series B (MBIA) (RB) 6.000%, 01/01/11 | 1,000 | 1,156 | |||||||||
6.000%, 01/01/12 | 1,000 | 1,168 | |||||||||
Indiana Transportation Finance Authority, Series A (AMBAC) (MLO) (RB) 5.000%, 11/01/07 | 2,000 | 2,161 | |||||||||
Indiana Transportation Finance Authority, Series A (AMBAC) (RB) 5.750%, 06/01/12 | 3,185 | 3,696 | |||||||||
Indianapolis Airport Authority, Special Facilities, Federal Express Corporattion Project (AMT) (GTY) (RB) 5.100%, 01/15/17 | 3,000 | 3,116 |
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Lake County Redevelopment Authority, Callable 02/01/05 @ 102 (MBIA) (MLO) (RB) 6.500%, 02/01/16 | $ | 800 | $ | 828 | |||||||
16,067 | |||||||||||
Iowa – 0.6% | |||||||||||
Iowa Higher Education Loan Authority, Central College Project, Callable 10/01/11 @ 100 (RAAI) (RB) 5.500%, 10/01/31 | 1,500 | 1,561 | |||||||||
Muscatine Electric, Escrowed to Maturity, Callable 10/01/04 @ 100 (RB) 6.700%, 01/01/13 (e) | 1,000 | 1,147 | |||||||||
2,708 | |||||||||||
Louisiana – 1.6% | |||||||||||
Baton Rouge Sales & Use Tax, Public Improvements, Series A, Callable 08/01/08 @ 101.50 (FGIC) (RB) 5.250%, 08/01/15 | 2,030 | 2,221 | |||||||||
Jefferson Parish, Drain Sales Tax (AMBAC) (RB) 5.000%, 11/01/11 | 1,000 | 1,111 | |||||||||
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity, Callable 02/01/05 @ 100 (FGIC) (FHA) (RB) 7.100%, 08/01/11 (e) | 1,000 | 1,203 | |||||||||
Lafayette, Public Improvement Sales Tax, Series B (FGIC) (RB) 7.000%, 03/01/08 | 1,000 | 1,149 | |||||||||
Louisiana Public Facilities Authority, Tulane University of Louisiana, Series A-1, Callable 11/15/07 @ 102 (MBIA) (RB) 5.100%, 11/15/14 | 1,500 | 1,648 | |||||||||
7,332 | |||||||||||
Massachusetts – 0.5% | |||||||||||
Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB) 6.500%, 09/01/35 | 2,500 | 2,472 | |||||||||
Michigan – 1.8% | |||||||||||
Haslett Public School District, Pre-refunded 05/01/07 @ 100 (GO) (MBIA) 5.700%, 05/01/16 (c) | 1,200 | 1,310 | |||||||||
Lanse Creuse, Public Schools, Callable 05/01/07 @ 100 (AMBAC) (GO) 5.250%, 05/01/16 | 1,000 | 1,065 | |||||||||
Thornapple Kellogg School Building & Site, Callable 11/01/12 @ 100 (GO) (MQSBLF) 5.500%, 05/01/14 | 1,485 | 1,673 | |||||||||
5.500%, 05/01/16 | 1,810 | 2,053 | |||||||||
Ypsilanti School District, Pre-refunded 05/01/07 @ 100 (FGIC) (GO) 5.600%, 05/01/12 (c) | 2,000 | 2,178 | |||||||||
8,279 | |||||||||||
Minnesota – 4.9% | |||||||||||
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 (RB) 6.000%, 06/01/29 | 650 | 628 | |||||||||
Fergus Falls Health Care Facilities Authority, Series A, Callable 11/01/04 @ 102 (RB) 7.000%, 11/01/19 | 150 | 152 |
FIRST AMERICAN FUNDS Annual Report 2004
93
Schedule of Investments September 30, 2004
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Minneapolis Healthcare System, Fairview Health Services, Series A, Callable 05/15/12 @ 101 (RB) 5.625%, 05/15/32 | $ | 7,000 | $ | 7,280 | |||||||
Minnesota Agriculture & Economic Development Board, Health Care System, Series A, Callable 11/15/10 @ 101 (RB) 6.375%, 11/15/29 | 3,000 | 3,244 | |||||||||
Minnesota State, Callable 08/01/07 @ 100 (GO) 4.900%, 08/01/14 | 4,000 | 4,277 | |||||||||
Minnesota State Housing Finance Agency, Single Family Housing (AMT) (RB) 4.400%, 07/01/07 | 1,600 | 1,674 | |||||||||
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 (RB) 6.200%, 12/01/22 | 2,995 | 3,106 | |||||||||
Shakopee Health Care Facilities, Callable 09/01/14 @100 5.250%, 09/01/34 (a) | 1,000 | 983 | |||||||||
St. Anthony Housing & Redevelopment Authority, Callable 05/20/06 @ 102 (FHA) (GNMA) (RB) 6.250%, 11/20/25 | 1,000 | 1,078 | |||||||||
22,422 | |||||||||||
Missouri – 0.8% | |||||||||||
Cape Girardeau County Authority, Southeast Missouri Hospital, Callable 06/01/12 @ 100 (RB) 5.750%, 06/01/32 | 2,500 | 2,543 | |||||||||
Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT) (RB) 5.650%, 06/01/37 | 1,000 | 1,005 | |||||||||
3,548 | |||||||||||
Nebraska – 1.1% | |||||||||||
Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA) (RB) 5.000%, 01/01/15 | 1,000 | 1,080 | |||||||||
Lancaster County, Hospital Authority, Callable 06/01/11 @ 100 (AMBAC) (RB) 5.125%, 06/01/26 | 1,000 | 1,027 | |||||||||
Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 (RB) 5.250%, 12/15/15 | 500 | 519 | |||||||||
5.350%, 12/15/18 | 540 | 558 | |||||||||
Washington County Wastewater Facilities, Cargill Inc. Project, Callable 11/01/12 @ 101 (RB) 5.900%, 11/01/27 | 1,700 | 1,815 | |||||||||
4,999 | |||||||||||
Nevada – 2.0% | |||||||||||
Carson City, Carson-Tahoe Hospital Project, Callable 09/01/12 @ 101 (RB) 5.750%, 09/01/31 | 5,000 | 5,010 | |||||||||
Clark County Industrial Development, Southwest Gas Corporation Project, Series A, Callable 07/01/14 @ 100 (AMBAC) (RB) 5.250%, 07/01/34 | 4,000 | 4,073 | |||||||||
9,083 | |||||||||||
New Hampshire – 0.3% | |||||||||||
New Hampshire Health & Educational Facilities Authority, Callable 07/01/14 @ 100 (RB) 5.375%, 07/01/24 | 1,250 | 1,263 |
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
New Jersey – 0.8% | |||||||||||
Camden County, Municipal Utilities Authority, Series C, Callable 07/15/08 @ 101 (FGIC) (GO) 5.100%, 07/15/12 | $ | 3,500 | $ | 3,834 | |||||||
New York – 2.6% | |||||||||||
New York City Transitional Financial Authority (SPA: Bank of New York) 1.795%, 11/01/22 (b) | 4,175 | 4,175 | |||||||||
New York, Series C (GO) (VRDO) 1.795%, 10/01/23 | 4,000 | 4,000 | |||||||||
New York, Series C, Callable 03/15/12 @ 100 (GO) 5.250%, 03/15/32 | 3,590 | 3,692 | |||||||||
11,867 | |||||||||||
Ohio – 2.6% | |||||||||||
Cincinnati Water System, Callable 06/01/11 @ 100 (RB) 5.000%, 12/01/20 | 125 | 133 | |||||||||
Cleveland Waterworks, Series H, Pre-refunded 01/01/06 @ 102 (MBIA) (RB) 5.750%, 01/01/16 (c) | 1,460 | 1,560 | |||||||||
Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102 (RB) 5.250%, 12/01/23 | 2,000 | 2,041 | |||||||||
Ohio State Building Authority, Administration Building Fund, Series A, Pre-refunded 10/01/04 @ 102 (MBIA) (MLO) (RB) 6.000%, 10/01/08 (c) | 1,000 | 1,020 | |||||||||
6.000%, 10/01/09 (c) | 1,225 | 1,250 | |||||||||
Ohio State Higher Education, Series B, Callable 11/01/11 @ 100 (GO) 5.000%, 11/01/16 | 1,500 | 1,628 | |||||||||
Ohio State Higher Educational Facility, Baldwin-Wallace College Project, Callable 06/01/14 @ 100 (RB) 5.125%, 12/01/17 | 1,490 | 1,567 | |||||||||
5.250%, 12/01/19 | 1,540 | 1,617 | |||||||||
Ohio State Water Development Authority, Callable 06/01/05 @ 101 (MBIA) (RB) 5.250%, 12/01/09 | 1,000 | 1,034 | |||||||||
11,850 | |||||||||||
Oregon – 1.5% | |||||||||||
Washington County Unified Sewer Agency, Series 1 (FGIC) (RB) 5.750%, 10/01/10 | 6,110 | 7,021 | |||||||||
Pennsylvania – 1.6% | |||||||||||
Chester Upland School Authority, Series A, Callable 09/01/07 @ 100 (FSA) (RB) 5.250%, 09/01/17 | 2,000 | 2,146 | |||||||||
Pennsylvania State, Callable 03/15/07 @ 101.50 (AMBAC) (GO) 5.125%, 09/15/11 | 5,000 | 5,410 | |||||||||
7,556 | |||||||||||
Puerto Rico – 1.3% | |||||||||||
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (RB) (COMGTY) 5.250%, 07/01/33 | 4,000 | 4,154 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
94
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100 (RB) 5.750%, 08/01/27 (b) | $ | 1,000 | $ | 1,119 | |||||||
Puerto Rico Public Improvements, Callable 07/01/10 @ 100 (GO) (MBIA) 5.750%, 07/01/26 | 500 | 572 | |||||||||
5,845 | |||||||||||
Rhode Island – 1.2% | |||||||||||
Rhode Island State, Series A, Callable 08/01/07 @ 101 (GO) (MBIA) 5.125%, 08/01/12 | 5,055 | 5,520 | |||||||||
South Carolina – 1.0% | |||||||||||
Lexington County Health Services District Inc., Lexington Medical Center, Callable 11/01/13 @ 100 (RB) 5.500%, 11/01/23 | 2,000 | 2,077 | |||||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A, Callable 08/01/13 @ 100 (RB) 6.125%, 08/01/23 | 1,250 | 1,323 | |||||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Callable 08/01/13 @ 100 (RB) 6.375%, 08/01/34 | 1,250 | 1,327 | |||||||||
4,727 | |||||||||||
South Dakota – 1.9% | |||||||||||
Sioux Falls School District #49-5, Series B, Callable 07/01/16 @ 100 (GO) 4.750%, 07/01/20 | 510 | 534 | |||||||||
Sioux Falls, Dow Rummel Village Project, Series A, Callable 11/15/12 @ 100 (RB) 6.625%, 11/15/23 | 2,200 | 2,226 | |||||||||
South Dakota Economic Development Finance Authority, DTS Inc. Project, Series A, Callable 04/01/09 @ 102 (AMT) (RB) 5.500%, 04/01/19 | 1,055 | 1,084 | |||||||||
South Dakota Economic Development Finance Authority, Pooled Loan Project – Davis Family, Series 4-A, Callable 04/01/14 @ 100 (AMT) (RB) 6.000%, 04/01/29 | 1,400 | 1,426 | |||||||||
South Dakota State Health & Educational Facilities Authority (AMBAC) (VRDO) 1.680%, 07/01/24 | 3,410 | 3,410 | |||||||||
8,680 | |||||||||||
Tennessee – 2.7% | |||||||||||
Johnson City Health & Educational Facilities Authority, Series A, Callable 07/01/12 @ 103 (RB) 7.500%, 07/01/33 | 2,500 | 2,918 | |||||||||
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Callable 09/01/12 @ 100 (RB) 6.500%, 09/01/21 (f) | 3,000 | 3,645 | |||||||||
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Callable 09/01/12 @ 101 (RB) 6.250%, 09/01/32 | 5,500 | 5,664 | |||||||||
12,227 |
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Texas – 15.8% | |||||||||||
Abilene Health Facilities Development, Sears Methodist Retirement Project, Callable 05/15/09 @ 101 (RB) 5.875%, 11/15/18 | $ | 500 | $ | 504 | |||||||
6.000%, 11/15/29 | 2,000 | 1,868 | |||||||||
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/08 @ 101 (RB) 5.875%, 11/15/18 | 2,500 | 2,518 | |||||||||
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/13 @ 101 (RB) 7.000%, 11/15/33 | 4,000 | 4,131 | |||||||||
Bexar County Housing Finance Authority, American Opportunity Housing, Series A, Callable 01/01/11 @ 102 (MBIA) (RB) 5.800%, 01/01/31 | 2,000 | 2,092 | |||||||||
Brazos River Authority, Callable 04/01/13 @ 101 (AMT) (RB) 7.700%, 04/01/33 | 2,500 | 2,966 | |||||||||
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/12 @ 100 (AMT) (RB) 5.700%, 05/15/33 | 2,500 | 2,714 | |||||||||
Crawford Education Facilities Corp., University of St. Thomas Project, Callable 10/01/12 @ 100 (RB) 5.250%, 10/01/22 | 1,300 | 1,321 | |||||||||
5.375%, 10/01/27 | 1,750 | 1,762 | |||||||||
Cypress-Fairbanks Independent School District, Callable 02/15/10 @ 100 (GO) (PSFG) 5.500%, 02/15/18 | 5,000 | 5,530 | |||||||||
Fort Bend Independent School District, Pre-refunded 02/15/05 @ 100 (GO) (PSFG) 5.000%, 02/15/14 (c) | 500 | 557 | |||||||||
Harris County Health Facilities Development, Memorial Hospital Systems Project, Series A, Callable 06/01/07 @ 102 (MBIA) (RB) 5.500%, 06/01/17 | 8,000 | 8,715 | |||||||||
Laredo Independent School District (GO) (PSFG) 6.750%, 08/01/09 | 2,290 | 2,687 | |||||||||
Red River Authority Sewer & Solidwaste Disposal, Callable 02/01/12 @ 101 (AMT) (RB) 6.100%, 02/01/22 | 3,775 | 3,884 | |||||||||
Remington Municipal Utility District #1, Series A, Callable 09/01/08 @ 100 (GO) (RAAI) 5.800%, 09/01/25 | 1,000 | 1,076 | |||||||||
Richardson Hospital Authority, Callable 12/01/13 @ 100 (RB) 6.000%, 12/01/34 | 9,500 | 9,741 | |||||||||
San Antonio Independent School District, Callable 08/15/08 @ 100 (GO) (PSFG) 5.125%, 08/15/14 | 6,000 | 6,551 | |||||||||
Spring Branch Independent School District, Callable 02/01/10 @ 100 (GO) (PSFG) 5.750%, 02/01/25 | 2,400 | 2,647 | |||||||||
Texas Employment Community, Callable 01/15/05 @ 100 (COP) (MLO) 8.300%, 02/01/05 | 40 | 41 | |||||||||
8.300%, 08/01/05 | 45 | 46 | |||||||||
8.350%, 02/01/06 | 20 | 21 | |||||||||
8.350%, 08/01/06 | 50 | 51 | |||||||||
8.400%, 08/01/07 | 25 | 26 | |||||||||
8.450%, 08/01/08 | 55 | 56 |
FIRST AMERICAN FUNDS Annual Report 2004
95
Schedule of Investments September 30, 2004
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Texas Employment Community, Emnora Lane Project (COP) (MLO) 7.850%, 11/01/04 | $ | 25 | $ | 25 | |||||||
7.900%, 05/01/05 | 25 | 25 | |||||||||
7.900%, 11/01/05 | 25 | 25 | |||||||||
8.000%, 11/01/06 | 30 | 30 | |||||||||
8.050%, 05/01/07 | 20 | 20 | |||||||||
Texas State, Water Development, Callable 08/01/06 @ 100 (GO) 5.400%, 08/01/21 | 6,750 | 7,076 | |||||||||
Texas Water Development Board, Series A, Callable 07/15/06 @ 100 (RB) 5.500%, 07/15/10 | 2,500 | 2,651 | |||||||||
University of Texas Permanent University Fund, Callable 07/01/08 @ 100 (PUFG) (RB) 5.000%, 07/01/14 | 1,310 | 1,432 | |||||||||
72,789 | |||||||||||
Utah – 0.3% | |||||||||||
Intermountain Power Agency, Utah Power Supply, Series A (AMBAC) (RB) 6.500%, 07/01/11 | 365 | 435 | |||||||||
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC) (RB) 6.500%, 07/01/11 (e) | 635 | 763 | |||||||||
1,198 | |||||||||||
Virginia – 0.2% | |||||||||||
Arlington County Industrial Development Authority, Berkeley Apartments, Callable 12/01/10 @ 102 (AMT) (FNMA) (RB) 5.850%, 12/01/20 | 1,000 | 1,088 | |||||||||
Washington – 6.6% | |||||||||||
Energy Northwest, Washington Wind Project, Callable 01/01/07 @ 103 (RB) 5.600%, 07/01/15 | 4,640 | 4,819 | |||||||||
King County, Series F, Callable 12/01/07 @ 100 (GO) 5.125%, 12/01/14 | 5,000 | 5,401 | |||||||||
King County School District #415, Callable 12/01/07 @ 100 (GO) (MBIA) 5.350%, 12/01/16 | 4,050 | 4,383 | |||||||||
Snohomish County Public Utilities District #1, Escrowed to Maturity, Callable 10/01/05 @ 100 (RB) 6.750%, 01/01/12 (e) | 1,000 | 1,163 | |||||||||
Washington State, Series C, Callable 01/01/07 @ 100 (GO) 5.500%, 01/01/17 | 4,190 | 4,457 | |||||||||
Washington State Motor Vehicle Fuel Tax, Series D, Callable 01/01/07 @ 100 (FGIC) (GO) 5.375%, 01/01/22 | 8,000 | 8,423 | |||||||||
Washington State Public Power Supply System, Nuclear Project #3, Series A, Callable 07/01/07 @ 102 (FSA) (RB) 5.250%, 07/01/16 | 1,000 | 1,081 | |||||||||
Washington State Public Power Supply System, Nuclear Project #3, Series B (RB) 7.125%, 07/01/16 | 600 | 774 | |||||||||
30,501 |
Tax Free Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Wisconsin – 4.6% | |||||||||||
Amery, Apple River Hospital Project, Callable 06/01/08 @ 100 (RB) 5.700%, 06/01/13 | $ | 1,440 | $ | 1,481 | |||||||
Wisconsin State, Series C, Pre-refunded 05/01/07 @ 100 (FGIC) (GO) 5.500%, 05/01/10 (c) | 2,095 | 2,276 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Callable 11/15/08 @ 102 (RB) 5.750%, 11/15/27 | 1,000 | 901 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals Inc., Series A, Callable 08/15/14 @ 100 (RB) 6.750%, 08/15/34 | 1,000 | 1,003 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Beloit Memorial Hospital, Callable 10/01/04 @ 101 (RB) 5.800%, 07/01/09 | 555 | 562 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Franciscan Skemp Medical Center, Callable 11/15/05 @ 102 (RB) 6.125%, 11/15/15 | 1,000 | 1,061 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB) 6.000%, 02/15/25 | 3,500 | 3,609 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Meriter Hospital Inc., Callable 12/01/06 @ 102 (MBIA) (RB) 6.000%, 12/01/17 | 2,000 | 2,188 | |||||||||
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A, Callable 12/01/11 @ 101 (RB) 7.000%, 12/01/31 | 2,000 | 2,028 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB) 6.250%, 04/01/34 | 2,000 | 1,944 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Synergy Health Inc., Callable 08/15/13 @ 100 (RB) 6.000%, 11/15/23 | 1,500 | 1,580 | |||||||||
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Callable 02/15/12 @ 100 (RB) 5.750%, 08/15/30 | 2,500 | 2,599 | |||||||||
21,232 | |||||||||||
Wyoming – 0.8% | |||||||||||
Teton County Hospital District, St. John's Medical Center, Callable 06/01/12 @ 101 (RB) 6.750%, 12/01/22 | 2,100 | 2,146 | |||||||||
6.750%, 12/01/27 | 1,500 | 1,516 | |||||||||
3,662 | |||||||||||
Total Municipal Bonds (Cost $421,604) | 452,059 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
96
Tax Free Fund (concluded)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Affiliated Money Market Fund – 0.5% | |||||||||||
First American Tax Free Obligations Fund, Cl Z (g) | 2,451,816 | $ | 2,452 | ||||||||
Total Affiliated Money Market Fund (Cost $2,452) | 2,452 | ||||||||||
Total Investments – 98.9% (Cost $424,056) | 454,511 | ||||||||||
Other Assets and Liabilities, Net – 1.1% | 4,978 | ||||||||||
Total Net Assets – 100.0% | $ | 459,489 |
(a) Security purchased on a when-issued basis. On September 30, 2004, the total cost of investments purchased on a when-issued basis was $5,891,140 or 1.3% of total net assets. See note 2 in Notes to Financial Statements.
(b) Variable Rate Security – The rate shown is the rate in effect as of September 30, 2004.
(c) Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.
(d) The rate shown is the effective yield at the time of purchase.
(e) Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
(f) Inverse Floating Rate Security – Security pays interest at rates that increase (decrease) in the same magnitude as, or in a multiple of, a decrease (increase) in the market rate paid. See note 2 in Notes to Financial Statements.
(g) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this Fund. See note 3 in Notes to Financial Statements.
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of September 30, 2004, the aggregate market value of securities subject to the AMT was $29,154,978, which represents 6.3% of net assets.
CLE – Connie Lee Insurance Company
CMI – California Mortgage Insurance Program
COMGTY – Commonwealth Guaranty
COP – Certificate of Participation
Cl – Class
FGIC – Financial Guaranty Insurance Corporation
FHA – Federal Housing Authority
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance
GNMA – Government National Mortgage Association
GO – General Obligation
GTY – Guaranty
MBIA – Municipal Bond Insurance Association
MLO – Municipal Lease Obligation
MQSBLF – Michigan Qualified School Board Loan Fund Program
PSFG – Permanent School Fund Guarantee
PUFG – Permanent University Fund Guarantee
RAAI – Radian Asset Assurance Inc.
RB – Revenue Bond
VRDO – Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on September 30, 2004. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specified intervals not exceeding one year, on up to 30 days' notice. Maturity date shown represents final maturity.
FIRST AMERICAN FUNDS Annual Report 2004
97
Statements of Assets and Liabilities September 30, 2004, in thousands, except per share data
Arizona Tax Free Fund | California Intermediate Tax Free Fund | California Tax Free Fund | Colorado Intermediate Tax Free Fund | Colorado Tax Free Fund | Intermediate Tax Free Fund | Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||
Investments in unaffiliated securities, at value* | $ | 19,866 | $ | 49,764 | $ | 26,535 | $ | 50,738 | $ | 23,465 | $ | 665,200 | $ | 251,135 | |||||||||||||||||
Investments in affiliated money market fund, at value** | - | - | - | 321 | 49 | 1,508 | - | ||||||||||||||||||||||||
Cash | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Receivable for dividends and interest | 254 | 593 | 303 | 700 | 316 | 8,646 | 2,825 | ||||||||||||||||||||||||
Receivable for investment securities sold | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Receivable for capital shares sold | - | - | 20 | 3 | 4 | 286 | 299 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 5 | 4 | 5 | 4 | 5 | 23 | 6 | ||||||||||||||||||||||||
Total assets | 20,125 | 50,361 | 26,863 | 51,766 | 23,839 | 675,663 | 254,265 | ||||||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||||||
Payable for investment securities purchased | - | - | - | - | - | 2,470 | 2,146 | ||||||||||||||||||||||||
Payable for capital shares redeemed | - | - | - | 14 | 4 | 125 | 9 | ||||||||||||||||||||||||
Payable for advisory, co-administration, and custodian fees | 6 | 26 | 8 | 32 | 7 | 421 | 151 | ||||||||||||||||||||||||
Payable for distribution and shareholder servicing fees | 3 | - | 1 | 2 | 4 | 4 | 4 | ||||||||||||||||||||||||
Accrued expenses and other liabilities | - | 1 | - | 1 | - | 6 | 2 | ||||||||||||||||||||||||
Total liabilities | 9 | 27 | 9 | 49 | 15 | 3,026 | 2,312 | ||||||||||||||||||||||||
Net assets | $ | 20,116 | $ | 50,334 | $ | 26,854 | $ | 51,717 | $ | 23,824 | $ | 672,637 | $ | 251,953 | |||||||||||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||||||||||||||||||
Portfolio capital | $ | 18,104 | $ | 46,894 | $ | 24,680 | $ | 47,551 | $ | 21,207 | $ | 621,214 | $ | 236,565 | |||||||||||||||||
Undistributed net investment income | 44 | 12 | 24 | 96 | 62 | 746 | 96 | ||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments | 230 | 356 | 250 | 168 | 177 | 2,914 | 792 | ||||||||||||||||||||||||
Net unrealized appreciation of investments | 1,738 | 3,072 | 1,900 | 3,902 | 2,378 | 47,763 | 14,500 | ||||||||||||||||||||||||
Net assets | $ | 20,116 | $ | 50,334 | $ | 26,854 | $ | 51,717 | $ | 23,824 | $ | 672,637 | $ | 251,953 | |||||||||||||||||
* Investments in unaffiliated securities, at cost | $ | 18,128 | $ | 46,692 | $ | 24,635 | $ | 46,836 | $ | 21,087 | $ | 617,437 | $ | 236,635 | |||||||||||||||||
** Investments in affiliated money market fund, at cost | $ | - | $ | - | $ | - | $ | 321 | $ | 49 | $ | 1,508 | $ | - | |||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||
Net assets | $ | 9,008 | $ | 3,381 | $ | 9,513 | $ | 13,969 | $ | 10,598 | $ | 35,276 | $ | 35,047 | |||||||||||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 789 | 320 | 835 | 1,272 | 920 | 3,155 | 3,389 | ||||||||||||||||||||||||
Net asset value and redemption price per share | $ | 11.42 | $ | 10.55 | $ | 11.40 | $ | 10.98 | $ | 11.52 | $ | 11.18 | $ | 10.34 | |||||||||||||||||
Maximum offering price per share (1) | $ | 11.93 | $ | 10.79 | $ | 11.91 | $ | 11.23 | $ | 12.03 | $ | 11.44 | $ | 10.58 | |||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||
Net assets | $ | 1,588 | - | $ | 1,294 | - | $ | 3,787 | - | - | |||||||||||||||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 139 | - | 113 | - | 330 | - | - | ||||||||||||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 11.41 | - | $ | 11.41 | - | $ | 11.50 | - | - | |||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||
Net assets | $ | 9,520 | $ | 46,953 | $ | 16,047 | $ | 37,748 | $ | 9,439 | $ | 637,361 | $ | 216,906 | |||||||||||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 833 | 4,442 | 1,407 | 3,446 | 818 | 57,118 | 21,076 | ||||||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 11.43 | $ | 10.57 | $ | 11.40 | $ | 10.95 | $ | 11.53 | $ | 11.16 | $ | 10.29 |
(1) The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges, see note 1 in
Notes to Financial Statements.
(2) Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
98
FIRST AMERICAN FUNDS Annual Report 2004
Minnesota Tax Free Fund | Missouri Tax Free Fund | Nebraska Tax Free Fund | Ohio Tax Free Fund | Oregon Intermediate Tax Free Fund | Short Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||
Investments in unaffiliated securities, at value* | $ | 168,781 | $ | 177,276 | $ | 35,820 | $ | 40,030 | $ | 145,263 | $ | 412,007 | $ | 452,059 | |||||||||||||||||
Investments in affiliated money market fund, at value** | - | - | 555 | - | 1,710 | 14,244 | 2,452 | ||||||||||||||||||||||||
Cash | - | 1,306 | - | - | - | - | - | ||||||||||||||||||||||||
Receivable for dividends and interest | 2,175 | 2,222 | 451 | 592 | 1,989 | 5,475 | 6,585 | ||||||||||||||||||||||||
Receivable for investment securities sold | - | - | - | - | - | - | 4,209 | ||||||||||||||||||||||||
Receivable for capital shares sold | 360 | - | 230 | - | 2 | 134 | 343 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 7 | 7 | 5 | 5 | 5 | 25 | 28 | ||||||||||||||||||||||||
Total assets | 171,323 | 180,811 | 37,061 | 40,627 | 148,969 | 431,885 | 465,676 | ||||||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||||||
Payable for investment securities purchased | 1,979 | 622 | 541 | - | 2,268 | 5,977 | 5,891 | ||||||||||||||||||||||||
Payable for capital shares redeemed | 950 | 64 | - | 53 | 44 | - | - | ||||||||||||||||||||||||
Payable for advisory, co-administration, and custodian fees | 101 | 110 | 10 | 14 | 86 | 215 | 283 | ||||||||||||||||||||||||
Payable for distribution and shareholder servicing fees | 24 | 6 | 2 | - | 1 | 1 | 9 | ||||||||||||||||||||||||
Accrued expenses and other liabilities | 1 | 1 | - | - | 1 | 4 | 4 | ||||||||||||||||||||||||
Total liabilities | 3,055 | 803 | 553 | 67 | 2,400 | 6,197 | 6,187 | ||||||||||||||||||||||||
Net assets | $ | 168,268 | $ | 180,008 | $ | 36,508 | $ | 40,560 | $ | 146,569 | $ | 425,688 | $ | 459,489 | |||||||||||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||||||||||||||||||
Portfolio capital | $ | 158,082 | $ | 168,254 | $ | 34,562 | $ | 38,764 | $ | 137,642 | $ | 419,443 | $ | 424,680 | |||||||||||||||||
Undistributed net investment income | 141 | 87 | 65 | 41 | 22 | 313 | 86 | ||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments | 811 | 900 | (4 | ) | 116 | 477 | (238 | ) | 4,268 | ||||||||||||||||||||||
Net unrealized appreciation of investments | 9,234 | 10,767 | 1,885 | 1,639 | 8,428 | 6,170 | 30,455 | ||||||||||||||||||||||||
Net assets | $ | 168,268 | $ | 180,008 | $ | 36,508 | $ | 40,560 | $ | 146,569 | $ | 425,688 | $ | 459,489 | |||||||||||||||||
* Investments in unaffiliated securities, at cost | $ | 159,547 | $ | 166,509 | $ | 33,935 | $ | 38,391 | $ | 136,835 | $ | 405,837 | $ | 421,604 | |||||||||||||||||
** Investments in affiliated money market fund, at cost | $ | - | $ | - | $ | 555 | $ | - | $ | 1,710 | $ | 14,244 | $ | 2,452 | |||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||
Net assets | $ | 114,981 | $ | 27,114 | $ | 4,925 | $ | 1,200 | $ | 8,700 | $ | 6,329 | $ | 40,156 | |||||||||||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 10,236 | 2,201 | 462 | 114 | 845 | 635 | 3,593 | ||||||||||||||||||||||||
Net asset value and redemption price per share | $ | 11.23 | $ | 12.32 | $ | 10.66 | $ | 10.52 | $ | 10.30 | $ | 9.96 | $ | 11.18 | |||||||||||||||||
Maximum offering price per share (1) | $ | 11.73 | $ | 12.87 | $ | 11.13 | $ | 10.99 | $ | 10.54 | $ | 10.19 | $ | 11.68 | |||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||
Net assets | $ | 10,387 | $ | 218 | $ | 1,861 | $ | 120 | - | - | $ | 2,682 | |||||||||||||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 928 | 18 | 176 | 12 | - | - | 241 | ||||||||||||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 11.19 | $ | 12.29 | $ | 10.58 | $ | 10.41 | - | - | $ | 11.13 | |||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||
Net assets | $ | 42,900 | $ | 152,676 | $ | 29,722 | $ | 39,240 | $ | 137,869 | $ | 419,359 | $ | 416,651 | |||||||||||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 3,823 | 12,390 | 2,789 | 3,728 | 13,387 | 42,099 | 37,240 | ||||||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 11.22 | $ | 12.32 | $ | 10.66 | $ | 10.53 | $ | 10.30 | $ | 9.96 | $ | 11.19 |
99
Statements of Operations For the fiscal year ended September 30, 2004, in thousands
Arizona Tax Free Fund | California Intermediate Tax Free Fund | California Tax Free Fund | Colorado Intermediate Tax Free Fund | Colorado Tax Free Fund | Intermediate Tax Free Fund | Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||||||||||
Interest from unaffiliated securities | $ | 1,044 | $ | 2,258 | $ | 1,300 | $ | 2,877 | $ | 1,266 | $ | 34,099 | $ | 12,185 | |||||||||||||||||
Dividends from affiliated money market fund | - | - | - | 6 | 3 | 2 | - | ||||||||||||||||||||||||
Total investment income | 1,044 | 2,258 | 1,300 | 2,883 | 1,269 | 34,101 | 12,185 | ||||||||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||||||||||
Investment advisory fees | 106 | 244 | 136 | 298 | 127 | 3,523 | 1,317 | ||||||||||||||||||||||||
Co-administration fees and expenses (including transfer agency fees) | 63 | 136 | 78 | 164 | 73 | 1,922 | 721 | ||||||||||||||||||||||||
Custodian fees | 2 | 5 | 3 | 6 | 3 | 70 | 26 | ||||||||||||||||||||||||
Directors' fees | 1 | 1 | 1 | 1 | 1 | 16 | 6 | ||||||||||||||||||||||||
Registration fees | 10 | 6 | 6 | 7 | 7 | 12 | 7 | ||||||||||||||||||||||||
Professional fees | 1 | 3 | 2 | 3 | 1 | 30 | 12 | ||||||||||||||||||||||||
Printing | 1 | 1 | 1 | 2 | 1 | 19 | 7 | ||||||||||||||||||||||||
Other | 1 | 2 | 1 | 2 | 1 | 13 | 6 | ||||||||||||||||||||||||
Distribution and shareholder servicing fees – Class A | 25 | 10 | 26 | 42 | 30 | 86 | 84 | ||||||||||||||||||||||||
Distribution and shareholder servicing fees – Class C | 16 | - | 12 | - | 39 | - | - | ||||||||||||||||||||||||
Total expenses | 226 | 408 | 266 | 525 | 283 | 5,691 | 2,186 | ||||||||||||||||||||||||
Less: Fee waivers | (84 | ) | (60 | ) | (96 | ) | (83 | ) | (100 | ) | (707 | ) | (292 | ) | |||||||||||||||||
Total net expenses | 142 | 348 | 170 | 442 | 183 | 4,984 | 1,894 | ||||||||||||||||||||||||
Investment income – net | 902 | 1,910 | 1,130 | 2,441 | 1,086 | 29,117 | 10,291 | ||||||||||||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET: | |||||||||||||||||||||||||||||||
Net realized gain (loss) on investments | 230 | 358 | 274 | 631 | 177 | 3,586 | 796 | ||||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 17 | (628 | ) | (104 | ) | (1,415 | ) | (145 | ) | (11,098 | ) | (3,173 | ) | ||||||||||||||||||
Net gain (loss) on investments | 247 | (270 | ) | 170 | (784 | ) | 32 | (7,512 | ) | (2,377 | ) | ||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 1,149 | $ | 1,640 | $ | 1,300 | $ | 1,657 | $ | 1,118 | $ | 21,605 | $ | 7,914 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
100
FIRST AMERICAN FUNDS Annual Report 2004
Minnesota Tax Free Fund | Missouri Tax Free Fund | Nebraska Tax Free Fund | Ohio Tax Free Fund | Oregon Intermediate Tax Free Fund | Short Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||||||||||
Interest from unaffiliated securities | $ | 8,561 | $ | 8,648 | $ | 1,615 | $ | 1,682 | $ | 6,580 | $ | 14,216 | $ | 24,659 | |||||||||||||||||
Dividends from affiliated money market fund | - | 2 | 1 | - | 3 | 11 | 4 | ||||||||||||||||||||||||
Total investment income | 8,561 | 8,650 | 1,616 | 1,682 | 6,583 | 14,227 | 24,663 | ||||||||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||||||||||
Investment advisory fees | 886 | 935 | 177 | 201 | 737 | 2,155 | 2,406 | ||||||||||||||||||||||||
Co-administration fees and expenses (including transfer agency fees) | 487 | 513 | 101 | 114 | 404 | 1,180 | 1,315 | ||||||||||||||||||||||||
Custodian fees | 18 | 19 | 4 | 4 | 15 | 43 | 48 | ||||||||||||||||||||||||
Directors' fees | 4 | 4 | 1 | 1 | 3 | 10 | 11 | ||||||||||||||||||||||||
Registration fees | 9 | 8 | 8 | 6 | 6 | 11 | 13 | ||||||||||||||||||||||||
Professional fees | 9 | 9 | 2 | 2 | 7 | 18 | 22 | ||||||||||||||||||||||||
Printing | 6 | 6 | 1 | 1 | 4 | 12 | 16 | ||||||||||||||||||||||||
Other | 4 | 4 | 2 | 2 | 4 | 8 | 10 | ||||||||||||||||||||||||
Distribution and shareholder servicing fees – Class A | 301 | 69 | 12 | 3 | 22 | 17 | 102 | ||||||||||||||||||||||||
Distribution and shareholder servicing fees – Class C | 115 | 3 | 17 | 2 | - | - | 38 | ||||||||||||||||||||||||
Total expenses | 1,839 | 1,570 | 325 | 336 | 1,202 | 3,454 | 3,981 | ||||||||||||||||||||||||
Less: Fee waivers | (223 | ) | (190 | ) | (125 | ) | (131 | ) | (157 | ) | (858 | ) | (486 | ) | |||||||||||||||||
Total net expenses | 1,616 | 1,380 | 200 | 205 | 1,045 | 2,596 | 3,495 | ||||||||||||||||||||||||
Investment income – net | 6,945 | 7,270 | 1,416 | 1,477 | 5,538 | 11,631 | 21,168 | ||||||||||||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET: | |||||||||||||||||||||||||||||||
Net realized gain (loss) on investments | 851 | 913 | (5 | ) | 115 | 530 | (238 | ) | 4,298 | ||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (1,049 | ) | (1,413 | ) | 91 | 120 | (1,354 | ) | (6,917 | ) | (4,320 | ) | |||||||||||||||||||
Net gain (loss) on investments | (198 | ) | (500 | ) | 86 | 235 | (824 | ) | (7,155 | ) | (22 | ) | |||||||||||||||||||
Net increase in net assets resulting from operations | $ | 6,747 | $ | 6,770 | $ | 1,502 | $ | 1,712 | $ | 4,714 | $ | 4,476 | $ | 21,146 |
101
Statements of Changes in Net Assets in thousands
Arizona Tax Free Fund | California Intermediate Tax Free Fund | California Tax Free Fund | Colorado Intermediate Tax Free Fund | ||||||||||||||||||||||||||||||||
10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | ||||||||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||||||||||
Investment income – net | $ | 902 | $ | 1,098 | $ | 1,910 | $ | 1,989 | $ | 1,130 | $ | 1,164 | $ | 2,441 | $ | 2,801 | |||||||||||||||||||
Net realized gain on investments | 230 | 99 | 358 | 161 | 274 | 186 | 631 | 9 | |||||||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 17 | (262 | ) | (628 | ) | (843 | ) | (104 | ) | (540 | ) | (1,415 | ) | (128 | ) | ||||||||||||||||||||
Net increase in net assets resulting from operations | 1,149 | 935 | 1,640 | 1,307 | 1,300 | 810 | 1,657 | 2,682 | |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||||||||||
Class A | (413 | ) | (551 | ) | (154 | ) | (174 | ) | (415 | ) | (492 | ) | (660 | ) | (879 | ) | |||||||||||||||||||
Class C | (60 | ) | (88 | ) | - | - | (43 | ) | (41 | ) | - | - | |||||||||||||||||||||||
Class Y | (414 | ) | (443 | ) | (1,780 | ) | (1,791 | ) | (681 | ) | (632 | ) | (1,748 | ) | (2,017 | ) | |||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||
Class A | (50 | ) | (32 | ) | (13 | ) | (10 | ) | (84 | ) | (76 | ) | - | - | |||||||||||||||||||||
Class C | (8 | ) | (6 | ) | - | - | (9 | ) | (7 | ) | - | - | |||||||||||||||||||||||
Class Y | (41 | ) | (29 | ) | (141 | ) | (93 | ) | (117 | ) | (77 | ) | - | - | |||||||||||||||||||||
Total distributions | (986 | ) | (1,149 | ) | (2,088 | ) | (2,068 | ) | (1,349 | ) | (1,325 | ) | (2,408 | ) | (2,896 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||
Proceeds from sales | 1,820 | 5,152 | 1,820 | 1,412 | 1,756 | 1,401 | 2,059 | 19,547 | |||||||||||||||||||||||||||
Reinvestment of distributions | 397 | 548 | 128 | 145 | 413 | 481 | 471 | 681 | |||||||||||||||||||||||||||
Payments for redemptions | (5,214 | ) | (6,083 | ) | (2,787 | ) | (2,080 | ) | (3,770 | ) | (3,414 | ) | (10,910 | ) | (12,878 | ) | |||||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (2,997 | ) | (383 | ) | (839 | ) | (523 | ) | (1,601 | ) | (1,532 | ) | (8,380 | ) | 7,350 | ||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||
Proceeds from sales | 372 | 385 | - | - | 577 | 153 | - | - | |||||||||||||||||||||||||||
Reinvestment of distributions | 50 | 90 | - | - | 49 | 47 | - | - | |||||||||||||||||||||||||||
Payments for redemptions | (698 | ) | (1,494 | ) | - | - | (439 | ) | (189 | ) | - | - | |||||||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (276 | ) | (1,019 | ) | - | - | 187 | 11 | - | - | |||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||
Proceeds from sales | 2,320 | 3,295 | 8,208 | 4,535 | 4,068 | 7,475 | 2,159 | 10,796 | |||||||||||||||||||||||||||
Reinvestment of distributions | 27 | 37 | 29 | 42 | 22 | 51 | 8 | 11 | |||||||||||||||||||||||||||
Payments for redemptions | (2,150 | ) | (4,666 | ) | (5,478 | ) | (4,513 | ) | (3,260 | ) | (3,925 | ) | (11,728 | ) | (11,176 | ) | |||||||||||||||||||
Shares issued in connection with the acquisition of Common Trust Fund net assets | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | 197 | (1,334 | ) | 2,759 | 64 | 830 | 3,601 | (9,561 | ) | (369 | ) | ||||||||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (3,076 | ) | (2,736 | ) | 1,920 | (459 | ) | (584 | ) | 2,080 | (17,941 | ) | 6,981 | ||||||||||||||||||||||
Total increase (decrease) in net assets | (2,913 | ) | (2,950 | ) | 1,472 | (1,220 | ) | (633 | ) | 1,565 | (18,692 | ) | 6,767 | ||||||||||||||||||||||
Net assets at beginning of period | 23,029 | 25,979 | 48,862 | 50,082 | 27,487 | 25,922 | 70,409 | 63,642 | |||||||||||||||||||||||||||
Net assets at end of period | $ | 20,116 | $ | 23,029 | $ | 50,334 | $ | 48,862 | $ | 26,854 | $ | 27,487 | $ | 51,717 | $ | 70,409 | |||||||||||||||||||
Undistributed net investment income at end of period | $ | 44 | $ | 33 | $ | 12 | $ | 36 | $ | 24 | $ | 33 | $ | 96 | $ | 63 |
Colorado Tax Free Fund | Intermediate Tax Free Fund | Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||
10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | ||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||
Investment income – net | $ | 1,086 | $ | 1,276 | $ | 29,117 | $ | 29,232 | $ | 10,291 | $ | 10,730 | |||||||||||||||
Net realized gain on investments | 177 | 224 | 3,586 | 1,153 | 796 | 584 | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (145 | ) | (518 | ) | (11,098 | ) | 2,929 | (3,173 | ) | (1,539 | ) | ||||||||||||||||
Net increase in net assets resulting from operations | 1,118 | 982 | 21,605 | 33,314 | 7,914 | 9,775 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||
Class A | (515 | ) | (673 | ) | (1,374 | ) | (1,224 | ) | (1,251 | ) | (1,050 | ) | |||||||||||||||
Class C | (152 | ) | (159 | ) | - | - | - | - | |||||||||||||||||||
Class Y | (431 | ) | (415 | ) | (27,568 | ) | (27,420 | ) | (9,017 | ) | (10,004 | ) | |||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||
Class A | (90 | ) | - | (38 | ) | - | (59 | ) | (37 | ) | |||||||||||||||||
Class C | (29 | ) | - | - | - | - | - | ||||||||||||||||||||
Class Y | (68 | ) | - | (799 | ) | - | (444 | ) | (395 | ) | |||||||||||||||||
Total distributions | (1,285 | ) | (1,247 | ) | (29,779 | ) | (28,644 | ) | (10,771 | ) | (11,486 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||
Proceeds from sales | 879 | 1,122 | 15,334 | 15,542 | 13,308 | 20,400 | |||||||||||||||||||||
Reinvestment of distributions | 542 | 625 | 1,138 | 935 | 940 | 775 | |||||||||||||||||||||
Payments for redemptions | (4,575 | ) | (7,321 | ) | (14,985 | ) | (12,029 | ) | (9,940 | ) | (9,945 | ) | |||||||||||||||
Increase (decrease) in net assets from Class A transactions | (3,154 | ) | (5,574 | ) | 1,487 | 4,448 | 4,308 | 11,230 | |||||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Proceeds from sales | 273 | 1,375 | - | - | - | - | |||||||||||||||||||||
Reinvestment of distributions | 172 | 141 | - | - | - | - | |||||||||||||||||||||
Payments for redemptions | (924 | ) | (934 | ) | - | - | - | - | |||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (479 | ) | 582 | - | - | - | - | ||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Proceeds from sales | 1,223 | 1,670 | 98,239 | 133,415 | 21,189 | 39,846 | |||||||||||||||||||||
Reinvestment of distributions | 13 | 14 | 2,319 | 1,827 | 333 | 331 | |||||||||||||||||||||
Payments for redemptions | (1,255 | ) | (1,366 | ) | (152,459 | ) | (141,567 | ) | (41,022 | ) | (51,205 | ) | |||||||||||||||
Shares issued in connection with the acquisition of Common Trust Fund net assets | - | - | - | 213,002 | - | - | |||||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (19 | ) | 318 | (51,901 | ) | 206,677 | (19,500 | ) | (11,028 | ) | |||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (3,652 | ) | (4,674 | ) | (50,414 | ) | 211,125 | (15,192 | ) | 202 | |||||||||||||||||
Total increase (decrease) in net assets | (3,819 | ) | (4,939 | ) | (58,588 | ) | 215,795 | (18,049 | ) | (1,509 | ) | ||||||||||||||||
Net assets at beginning of period | 27,643 | 32,582 | 731,225 | 515,430 | 270,002 | 271,511 | |||||||||||||||||||||
Net assets at end of period | $ | 23,824 | $ | 27,643 | $ | 672,637 | $ | 731,225 | $ | 251,953 | $ | 270,002 | |||||||||||||||
Undistributed net investment income at end of period | $ | 62 | $ | 74 | $ | 746 | $ | 584 | $ | 96 | $ | 125 |
(1) See note 4 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
102
FIRST AMERICAN FUNDS Annual Report 2004
Colorado Tax Free Fund | Intermediate Tax Free Fund | Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||||||
10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | |||||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||||||
Investment income – net | $ | 2,801 | $ | 1,086 | $ | 1,276 | $ | 29,117 | $ | 29,232 | $ | 10,291 | $ | 10,730 | |||||||||||||||||
Net realized gain on investments | 9 | 177 | 224 | 3,586 | 1,153 | 796 | 584 | ||||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (128 | ) | (145 | ) | (518 | ) | (11,098 | ) | 2,929 | (3,173 | ) | (1,539 | ) | ||||||||||||||||||
Net increase in net assets resulting from operations | 2,682 | 1,118 | 982 | 21,605 | 33,314 | 7,914 | 9,775 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||||||
Class A | (879 | ) | (515 | ) | (673 | ) | (1,374 | ) | (1,224 | ) | (1,251 | ) | (1,050 | ) | |||||||||||||||||
Class C | - | (152 | ) | (159 | ) | - | - | - | - | ||||||||||||||||||||||
Class Y | (2,017 | ) | (431 | ) | (415 | ) | (27,568 | ) | (27,420 | ) | (9,017 | ) | (10,004 | ) | |||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||
Class A | - | (90 | ) | - | (38 | ) | - | (59 | ) | (37 | ) | ||||||||||||||||||||
Class C | - | (29 | ) | - | - | - | - | - | |||||||||||||||||||||||
Class Y | - | (68 | ) | - | (799 | ) | - | (444 | ) | (395 | ) | ||||||||||||||||||||
Total distributions | (2,896 | ) | (1,285 | ) | (1,247 | ) | (29,779 | ) | (28,644 | ) | (10,771 | ) | (11,486 | ) | |||||||||||||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||
Proceeds from sales | 19,547 | 879 | 1,122 | 15,334 | 15,542 | 13,308 | 20,400 | ||||||||||||||||||||||||
Reinvestment of distributions | 681 | 542 | 625 | 1,138 | 935 | 940 | 775 | ||||||||||||||||||||||||
Payments for redemptions | (12,878 | ) | (4,575 | ) | (7,321 | ) | (14,985 | ) | (12,029 | ) | (9,940 | ) | (9,945 | ) | |||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 7,350 | (3,154 | ) | (5,574 | ) | 1,487 | 4,448 | 4,308 | 11,230 | ||||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||
Proceeds from sales | - | 273 | 1,375 | - | - | - | - | ||||||||||||||||||||||||
Reinvestment of distributions | - | 172 | 141 | - | - | - | - | ||||||||||||||||||||||||
Payments for redemptions | - | (924 | ) | (934 | ) | - | - | - | - | ||||||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | - | (479 | ) | 582 | - | - | - | - | |||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||
Proceeds from sales | 10,796 | 1,223 | 1,670 | 98,239 | 133,415 | 21,189 | 39,846 | ||||||||||||||||||||||||
Reinvestment of distributions | 11 | 13 | 14 | 2,319 | 1,827 | 333 | 331 | ||||||||||||||||||||||||
Payments for redemptions | (11,176 | ) | (1,255 | ) | (1,366 | ) | (152,459 | ) | (141,567 | ) | (41,022 | ) | (51,205 | ) | |||||||||||||||||
Shares issued in connection with the acquisition of Common Trust Fund net assets | - | - | - | - | 213,002 | - | - | ||||||||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (369 | ) | (19 | ) | 318 | (51,901 | ) | 206,677 | (19,500 | ) | (11,028 | ) | |||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | 6,981 | (3,652 | ) | (4,674 | ) | (50,414 | ) | 211,125 | (15,192 | ) | 202 | ||||||||||||||||||||
Total increase (decrease) in net assets | 6,767 | (3,819 | ) | (4,939 | ) | (58,588 | ) | 215,795 | (18,049 | ) | (1,509 | ) | |||||||||||||||||||
Net assets at beginning of period | 63,642 | 27,643 | 32,582 | 731,225 | 515,430 | 270,002 | 271,511 | ||||||||||||||||||||||||
Net assets at end of period | $ | 70,409 | $ | 23,824 | $ | 27,643 | $ | 672,637 | $ | 731,225 | $ | 251,953 | $ | 270,002 | |||||||||||||||||
Undistributed net investment income at end of period | $ | 63 | $ | 62 | $ | 74 | $ | 746 | $ | 584 | $ | 96 | $ | 125 |
103
Statements of Changes in Net Assets in thousands
Minnesota Tax Free Fund | Missouri Tax Free Fund | Nebraska Tax Free Fund | Ohio Tax Free Fund | ||||||||||||||||||||||||||||||||
10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | ||||||||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||||||||||
Investment income – net | $ | 6,945 | $ | 8,269 | $ | 7,270 | $ | 7,622 | $ | 1,416 | $ | 1,387 | $ | 1,477 | $ | 1,488 | |||||||||||||||||||
Net realized gain (loss) on investments | 851 | 1,349 | 913 | 699 | (5 | ) | 123 | 115 | 369 | ||||||||||||||||||||||||||
Net realized loss on redemption in-kind | - | - | - | (102 | ) | - | - | - | - | ||||||||||||||||||||||||||
Net increase from payment by affiliate and net losses realized on the disposal of investments in violation of restrictions (2) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (1,049 | ) | (2,480 | ) | (1,413 | ) | (482 | ) | 91 | (212 | ) | 120 | (413 | ) | |||||||||||||||||||||
Net increase in net assets resulting from operations | 6,747 | 7,138 | 6,770 | 7,737 | 1,502 | 1,298 | 1,712 | 1,444 | |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||||||||||
Class A | (4,878 | ) | (5,192 | ) | (1,014 | ) | (1,017 | ) | (178 | ) | (173 | ) | (38 | ) | (20 | ) | |||||||||||||||||||
Class C | (421 | ) | (450 | ) | (8 | ) | (8 | ) | (60 | ) | (43 | ) | (7 | ) | (4 | ) | |||||||||||||||||||
Class Y | (1,970 | ) | (2,153 | ) | (6,239 | ) | (6,513 | ) | (1,153 | ) | (1,145 | ) | (1,393 | ) | (1,462 | ) | |||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||
Class A | (947 | ) | (307 | ) | (75 | ) | (138 | ) | (17 | ) | (3 | ) | (8 | ) | - | ||||||||||||||||||||
Class C | (93 | ) | (28 | ) | (1 | ) | (1 | ) | (6 | ) | (1 | ) | (2 | ) | - | ||||||||||||||||||||
Class Y | (358 | ) | (121 | ) | (437 | ) | (721 | ) | (99 | ) | (21 | ) | (358 | ) | - | ||||||||||||||||||||
Total distributions | (8,667 | ) | (8,251 | ) | (7,774 | ) | (8,398 | ) | (1,513 | ) | (1,386 | ) | (1,806 | ) | (1,486 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS (3): | |||||||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||
Proceeds from sales | 7,430 | 17,441 | 3,852 | 6,019 | 1,430 | 1,001 | 810 | 439 | |||||||||||||||||||||||||||
Reinvestment of distributions | 5,356 | 5,120 | 564 | 655 | 120 | 110 | 20 | 9 | |||||||||||||||||||||||||||
Payments for redemptions | (22,419 | ) | (31,535 | ) | (5,313 | ) | (4,745 | ) | (1,516 | ) | (1,117 | ) | (469 | ) | (60 | ) | |||||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (9,633 | ) | (8,974 | ) | (897 | ) | 1,929 | 34 | (6 | ) | 361 | 388 | |||||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||
Proceeds from sales | 854 | 3,135 | 2 | 251 | 547 | 785 | 112 | 213 | |||||||||||||||||||||||||||
Reinvestment of distributions | 480 | 446 | 8 | 8 | 49 | 38 | 2 | 1 | |||||||||||||||||||||||||||
Payments for redemptions | (2,766 | ) | (3,279 | ) | (70 | ) | (2 | ) | (389 | ) | (151 | ) | (206 | ) | - | ||||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (1,432 | ) | 302 | (60 | ) | 257 | 207 | 672 | (92 | ) | 214 | ||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||
Proceeds from sales | 6,064 | 5,315 | 15,823 | 19,318 | 4,887 | 4,416 | 5,782 | 7,072 | |||||||||||||||||||||||||||
Reinvestment of distributions | 239 | 266 | 269 | 363 | 63 | 52 | 263 | 203 | |||||||||||||||||||||||||||
Payments for redemptions | (10,775 | ) | (12,019 | ) | (30,637 | ) | (26,019 | ) | (3,318 | ) | (3,634 | ) | (6,189 | ) | (5,843 | ) | |||||||||||||||||||
Shares issued in connection with the acquisition of Common Trust Fund net assets | - | - | - | 32,466 | - | - | - | - | |||||||||||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (4,472 | ) | (6,438 | ) | (14,545 | ) | 26,128 | 1,632 | 834 | (144 | ) | 1,432 | |||||||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (15,537 | ) | (15,110 | ) | (15,502 | ) | 28,314 | 1,873 | 1,500 | 125 | 2,034 | ||||||||||||||||||||||||
Total increase (decrease) in net assets | (17,457 | ) | (16,223 | ) | (16,506 | ) | 27,653 | 1,862 | 1,412 | 31 | 1,992 | ||||||||||||||||||||||||
Net assets at beginning of period | 185,725 | 201,948 | 196,514 | 168,861 | 34,646 | 33,234 | 40,529 | 38,537 | |||||||||||||||||||||||||||
Net assets at end of period | $ | 168,268 | $ | 185,725 | $ | 180,008 | $ | 196,514 | $ | 36,508 | $ | 34,646 | $ | 40,560 | $ | 40,529 | |||||||||||||||||||
Undistributed net investment income at end of period | $ | 141 | $ | 474 | $ | 87 | $ | 84 | $ | 65 | $ | 40 | $ | 41 | $ | 2 |
(1) Commencement of operations.
(2) See note 6 in Notes to Financial Statements for additional information.
(3) See note 4 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
104
Oregon Intermediate Tax Free Fund | Short Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||
10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | 10/01/03 to 09/30/04 | 10/25/02 (1) to 09/30/03 | 10/01/03 to 09/30/04 | 10/01/02 to 09/30/03 | ||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||
Investment income – net | $ | 5,538 | $ | 5,912 | $ | 11,631 | $ | 10,163 | $ | 21,168 | $ | 23,245 | |||||||||||||||
Net realized gain (loss) on investments | 530 | 1,155 | (238 | ) | 2,432 | 4,298 | 4,886 | ||||||||||||||||||||
Net realized loss on redemption in-kind | - | - | - | - | - | - | |||||||||||||||||||||
Net increase from payment by affiliate and net losses realized on the disposal of investments in violation of restrictions (2) | - | - | - | - | - | - | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (1,354 | ) | (1,811 | ) | (6,917 | ) | 13,087 | (4,320 | ) | (6,702 | ) | ||||||||||||||||
Net increase in net assets resulting from operations | 4,714 | 5,256 | 4,476 | 25,682 | 21,146 | 21,429 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||
Class A | (324 | ) | (300 | ) | (170 | ) | (61 | ) | (1,741 | ) | (1,818 | ) | |||||||||||||||
Class C | - | - | - | - | (142 | ) | (235 | ) | |||||||||||||||||||
Class Y | (5,228 | ) | (5,603 | ) | (11,193 | ) | (10,054 | ) | (19,659 | ) | (21,211 | ) | |||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||
Class A | (66 | ) | (12 | ) | (44 | ) | - | (405 | ) | (486 | ) | ||||||||||||||||
Class C | - | - | - | - | (46 | ) | (70 | ) | |||||||||||||||||||
Class Y | (1,095 | ) | (208 | ) | (2,391 | ) | - | (4,411 | ) | (5,440 | ) | ||||||||||||||||
Total distributions | (6,713 | ) | (6,123 | ) | (13,798 | ) | (10,115 | ) | (26,404 | ) | (29,260 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS (3): | |||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||
Proceeds from sales | 2,426 | 3,805 | 3,312 | 10,862 | 8,839 | 9,898 | |||||||||||||||||||||
Reinvestment of distributions | 244 | 186 | 164 | 55 | 1,855 | 2,040 | |||||||||||||||||||||
Payments for redemptions | (2,041 | ) | (2,769 | ) | (3,434 | ) | (4,499 | ) | (12,976 | ) | (12,077 | ) | |||||||||||||||
Increase (decrease) in net assets from Class A transactions | 629 | 1,222 | 42 | 6,418 | (2,282 | ) | (139 | ) | |||||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Proceeds from sales | - | - | - | - | 462 | 454 | |||||||||||||||||||||
Reinvestment of distributions | - | - | - | - | 181 | 293 | |||||||||||||||||||||
Payments for redemptions | - | - | - | - | (2,823 | ) | (1,953 | ) | |||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | - | - | - | - | (2,180 | ) | (1,206 | ) | |||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Proceeds from sales | 17,962 | 17,727 | 163,207 | 508,191 | 44,937 | 55,624 | |||||||||||||||||||||
Reinvestment of distributions | 779 | 319 | 3,494 | 183 | 1,184 | 1,557 | |||||||||||||||||||||
Payments for redemptions | (25,235 | ) | (22,926 | ) | (135,099 | ) | (126,993 | ) | (85,368 | ) | (86,596 | ) | |||||||||||||||
Shares issued in connection with the acquisition of Common Trust Fund net assets | - | - | - | - | - | - | |||||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (6,494 | ) | (4,880 | ) | 31,602 | 381,381 | (39,247 | ) | (29,415 | ) | |||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (5,865 | ) | (3,658 | ) | 31,644 | 387,799 | (43,709 | ) | (30,760 | ) | |||||||||||||||||
Total increase (decrease) in net assets | (7,864 | ) | (4,525 | ) | 22,322 | 403,366 | (48,967 | ) | (38,591 | ) | |||||||||||||||||
Net assets at beginning of period | 154,433 | 158,958 | 403,366 | - | 508,456 | 547,047 | |||||||||||||||||||||
Net assets at end of period | $ | 146,569 | $ | 154,433 | $ | 425,688 | $ | 403,366 | $ | 459,489 | $ | 508,456 | |||||||||||||||
Undistributed net investment income at end of period | $ | 22 | $ | 67 | $ | 313 | $ | 48 | $ | 86 | $ | 461 |
FIRST AMERICAN FUNDS Annual Report 2004
105
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (2) | |||||||||||||||||||||||||
Arizona Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 11.33 | $ | 0.49 | $ | 0.12 | $ | (0.47 | ) | $ | (0.05 | ) | $ | 11.42 | 5.50 | % | |||||||||||||||
2003 | 11.41 | 0.46 | (0.06 | ) | (0.45 | ) | (0.03 | ) | 11.33 | 3.61 | |||||||||||||||||||||
2002 | 10.99 | 0.48 | 0.44 | (0.48 | ) | (0.02 | ) | 11.41 | 8.69 | ||||||||||||||||||||||
2001 | 10.45 | 0.55 | 0.53 | (0.54 | ) | - | 10.99 | 10.50 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.36 | 0.45 | (0.36 | ) | - | 10.45 | 8.21 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 11.31 | $ | 0.43 | $ | 0.14 | $ | (0.42 | ) | $ | (0.05 | ) | $ | 11.41 | 5.17 | % | |||||||||||||||
2003 | 11.40 | 0.42 | (0.08 | ) | (0.40 | ) | (0.03 | ) | 11.31 | 3.10 | |||||||||||||||||||||
2002 | 10.98 | 0.44 | 0.44 | (0.44 | ) | (0.02 | ) | 11.40 | 8.28 | ||||||||||||||||||||||
2001 | 10.44 | 0.53 | 0.51 | (0.50 | ) | - | 10.98 | 10.15 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.34 | 0.44 | (0.34 | ) | - | 10.44 | 7.88 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 11.33 | $ | 0.50 | $ | 0.15 | $ | (0.50 | ) | $ | (0.05 | ) | $ | 11.43 | 5.85 | % | |||||||||||||||
2003 | 11.41 | 0.48 | (0.06 | ) | (0.47 | ) | (0.03 | ) | 11.33 | 3.86 | |||||||||||||||||||||
2002 | 10.99 | 0.51 | 0.44 | (0.51 | ) | (0.02 | ) | 11.41 | 8.95 | ||||||||||||||||||||||
2001 | 10.45 | 0.57 | 0.53 | (0.56 | ) | - | 10.99 | 10.76 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.37 | 0.45 | (0.37 | ) | - | 10.45 | 8.36 | ||||||||||||||||||||||
California Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 10.64 | $ | 0.40 | $ | (0.05 | ) | $ | (0.41 | ) | $ | (0.03 | ) | $ | 10.55 | 3.36 | % | ||||||||||||||
2003 | 10.80 | 0.41 | (0.14 | ) | (0.41 | ) | (0.02 | ) | 10.64 | 2.58 | |||||||||||||||||||||
2002 | 10.41 | 0.42 | 0.39 | (0.42 | ) | - | 10.80 | 8.01 | |||||||||||||||||||||||
2001 | 10.02 | 0.44 | 0.39 | (0.44 | ) | - | 10.41 | 8.41 | |||||||||||||||||||||||
2000 | 9.89 | 0.43 | 0.13 | (0.43 | ) | - | 10.02 | 5.84 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 10.66 | $ | 0.41 | $ | (0.05 | ) | $ | (0.42 | ) | $ | (0.03 | ) | $ | 10.57 | 3.51 | % | ||||||||||||||
2003 | 10.81 | 0.43 | (0.14 | ) | (0.42 | ) | (0.02 | ) | 10.66 | 2.83 | |||||||||||||||||||||
2002 | 10.43 | 0.43 | 0.38 | (0.43 | ) | - | 10.81 | 8.05 | |||||||||||||||||||||||
2001 | 10.04 | 0.44 | 0.39 | (0.44 | ) | - | 10.43 | 8.39 | |||||||||||||||||||||||
2000 | 9.89 | 0.43 | 0.15 | (0.43 | ) | - | 10.04 | 6.05 | |||||||||||||||||||||||
California Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 11.40 | $ | 0.46 | $ | 0.08 | $ | (0.46 | ) | $ | (0.08 | ) | $ | 11.40 | 4.93 | % | |||||||||||||||
2003 | 11.63 | 0.47 | (0.16 | ) | (0.47 | ) | (0.07 | ) | 11.40 | 2.85 | |||||||||||||||||||||
2002 | 11.17 | 0.48 | 0.50 | (0.47 | ) | (0.05 | ) | 11.63 | 9.10 | ||||||||||||||||||||||
2001 | 10.66 | 0.52 | 0.50 | (0.51 | ) | - | 11.17 | 9.73 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.35 | 0.66 | (0.35 | ) | - | 10.66 | 10.23 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 11.41 | $ | 0.41 | $ | 0.09 | $ | (0.42 | ) | $ | (0.08 | ) | $ | 11.41 | 4.52 | % | |||||||||||||||
2003 | 11.64 | 0.43 | (0.16 | ) | (0.43 | ) | (0.07 | ) | 11.41 | 2.45 | |||||||||||||||||||||
2002 | 11.18 | 0.42 | 0.52 | (0.43 | ) | (0.05 | ) | 11.64 | 8.69 | ||||||||||||||||||||||
2001 | 10.66 | 0.47 | 0.51 | (0.46 | ) | - | 11.18 | 9.42 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.32 | 0.66 | (0.32 | ) | - | 10.66 | 9.95 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 11.40 | $ | 0.48 | $ | 0.09 | $ | (0.49 | ) | $ | (0.08 | ) | $ | 11.40 | 5.19 | % | |||||||||||||||
2003 | 11.63 | 0.49 | (0.15 | ) | (0.50 | ) | (0.07 | ) | 11.40 | 3.11 | |||||||||||||||||||||
2002 | 11.17 | 0.49 | 0.52 | (0.50 | ) | (0.05 | ) | 11.63 | 9.36 | ||||||||||||||||||||||
2001 | 10.66 | 0.54 | 0.50 | (0.53 | ) | - | 11.17 | 9.99 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.37 | 0.65 | (0.36 | ) | - | 10.66 | 10.38 |
(1) Commenced operations on February 1, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.
(2) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
106
FIRST AMERICAN FUNDS Annual Report 2004
Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | ||||||||||||||||||||||||
Arizona Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 9,008 | 0.75 | % | 4.16 | % | 1.12 | % | 3.79 | % | 21 | % | |||||||||||||||||
2003 | 11,928 | 0.75 | 4.03 | 1.09 | 3.69 | 37 | |||||||||||||||||||||||
2002 | 12,413 | 0.75 | 4.40 | 1.37 | 3.78 | 30 | |||||||||||||||||||||||
2001 | 13,971 | 0.25 | 5.10 | 1.45 | 3.90 | 19 | |||||||||||||||||||||||
2000 | (1) | 9,668 | 0.25 | 5.31 | 1.80 | 3.76 | 27 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
2004 | $ | 1,588 | 1.15 | % | 3.76 | % | 1.87 | % | 3.04 | % | 21 | % | |||||||||||||||||
2003 | 1,857 | 1.15 | 3.63 | 1.84 | 2.94 | 37 | |||||||||||||||||||||||
2002 | 2,910 | 1.15 | 4.00 | 2.12 | 3.03 | 30 | |||||||||||||||||||||||
2001 | 2,003 | 0.65 | 4.66 | 1.84 | 3.47 | 19 | |||||||||||||||||||||||
2000 | (1) | 22 | 0.65 | 4.95 | 2.72 | 2.88 | 27 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 9,520 | 0.50 | % | 4.42 | % | 0.87 | % | 4.05 | % | 21 | % | |||||||||||||||||
2003 | 9,244 | 0.50 | 4.28 | 0.84 | 3.94 | 37 | |||||||||||||||||||||||
2002 | 10,656 | 0.50 | 4.64 | 1.12 | 4.02 | 30 | |||||||||||||||||||||||
2001 | 5,822 | - | 5.33 | 1.19 | 4.14 | 19 | |||||||||||||||||||||||
2000 | (1) | 2,670 | - | 5.53 | 1.53 | 4.00 | 27 | ||||||||||||||||||||||
California Intermediate Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 3,381 | 0.85 | % | 3.78 | % | 1.06 | % | 3.57 | % | 20 | % | |||||||||||||||||
2003 | 4,262 | 0.85 | 3.86 | 1.06 | 3.65 | 17 | |||||||||||||||||||||||
2002 | 4,870 | 0.85 | 4.01 | 1.14 | 3.72 | 23 | |||||||||||||||||||||||
2001 | 3,392 | 0.70 | 4.25 | 1.21 | 3.74 | 12 | |||||||||||||||||||||||
2000 | 2,344 | 0.70 | 4.35 | 1.18 | 3.87 | 23 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 46,953 | 0.70 | % | 3.93 | % | 0.81 | % | 3.82 | % | 20 | % | |||||||||||||||||
2003 | 44,600 | 0.70 | 4.02 | 0.81 | 3.91 | 17 | |||||||||||||||||||||||
2002 | 45,212 | 0.70 | 4.16 | 0.89 | 3.97 | 23 | |||||||||||||||||||||||
2001 | 43,647 | 0.70 | 4.26 | 0.96 | 4.00 | 12 | |||||||||||||||||||||||
2000 | 43,262 | 0.70 | 4.36 | 0.93 | 4.13 | 23 | |||||||||||||||||||||||
California Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 9,513 | 0.75 | % | 4.03 | % | 1.09 | % | 3.69 | % | 16 | % | |||||||||||||||||
2003 | 11,143 | 0.75 | 4.16 | 1.08 | 3.83 | 20 | |||||||||||||||||||||||
2002 | 12,954 | 0.75 | 4.26 | 1.31 | 3.70 | 33 | |||||||||||||||||||||||
2001 | 18,139 | 0.25 | 4.75 | 1.35 | 3.65 | 19 | |||||||||||||||||||||||
2000 | (1) | 6,029 | 0.25 | 5.20 | 1.85 | 3.60 | 12 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
2004 | $ | 1,294 | 1.15 | % | 3.65 | % | 1.84 | % | 2.96 | % | 16 | % | |||||||||||||||||
2003 | 1,101 | 1.15 | 3.75 | 1.83 | 3.07 | 20 | |||||||||||||||||||||||
2002 | 1,115 | 1.15 | 3.86 | 2.06 | 2.95 | 33 | |||||||||||||||||||||||
2001 | 647 | 0.65 | 4.38 | 1.75 | 3.28 | 19 | |||||||||||||||||||||||
2000 | (1) | 34 | 0.65 | 5.12 | 2.25 | 3.52 | 12 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 16,047 | 0.50 | % | 4.29 | % | 0.84 | % | 3.95 | % | 16 | % | |||||||||||||||||
2003 | 15,243 | 0.50 | 4.40 | 0.83 | 4.07 | 20 | |||||||||||||||||||||||
2002 | 11,853 | 0.50 | 4.51 | 1.06 | 3.95 | 33 | |||||||||||||||||||||||
2001 | 6,726 | - | 5.00 | 1.10 | 3.90 | 19 | |||||||||||||||||||||||
2000 | (1) | 4,766 | - | 5.42 | 1.59 | 3.83 | 12 |
107
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Return of Capital | Net Asset Value End of Period | |||||||||||||||||||||||||
Colorado Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 11.08 | $ | 0.45 | $ | (0.11 | ) | $ | (0.44 | ) | $ | - | $ | - | $ | 10.98 | |||||||||||||||
2003 | 11.12 | 0.41 | (0.02 | ) | (0.43 | ) | - | - | 11.08 | ||||||||||||||||||||||
2002 | 10.79 | 0.47 | 0.32 | (0.46 | ) | - | - | 11.12 | |||||||||||||||||||||||
2001 | 10.28 | 0.46 | 0.52 | (0.47 | ) | - | - | 10.79 | |||||||||||||||||||||||
2000 | 10.32 | 0.48 | (0.04 | ) | (0.48 | ) | - | - | 10.28 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 11.05 | $ | 0.46 | $ | (0.11 | ) | $ | (0.45 | ) | $ | - | $ | - | $ | 10.95 | |||||||||||||||
2003 | 11.10 | 0.43 | (0.03 | ) | (0.45 | ) | - | - | 11.05 | ||||||||||||||||||||||
2002 | 10.76 | 0.49 | 0.33 | (0.48 | ) | - | - | 11.10 | |||||||||||||||||||||||
2001 | 10.26 | 0.48 | 0.49 | (0.47 | ) | - | - | 10.76 | |||||||||||||||||||||||
2000 | 10.29 | 0.48 | (0.03 | ) | (0.48 | ) | - | - | 10.26 | ||||||||||||||||||||||
Colorado Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 11.57 | $ | 0.51 | $ | 0.02 | $ | (0.50 | ) | $ | (0.08 | ) | $ | - | $ | 11.52 | |||||||||||||||
2003 | 11.65 | 0.50 | (0.10 | ) | (0.48 | ) | - | - | 11.57 | ||||||||||||||||||||||
2002 | 11.09 | 0.48 | 0.56 | (0.47 | ) | (0.01 | ) | - | 11.65 | ||||||||||||||||||||||
2001 | 10.42 | 0.54 | 0.66 | (0.53 | ) | - | - | 11.09 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.35 | 0.42 | (0.35 | ) | - | - | 10.42 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 11.56 | $ | 0.44 | $ | 0.03 | $ | (0.45 | ) | $ | (0.08 | ) | $ | - | $ | 11.50 | |||||||||||||||
2003 | 11.63 | 0.44 | (0.08 | ) | (0.43 | ) | - | - | 11.56 | ||||||||||||||||||||||
2002 | 11.08 | 0.44 | 0.56 | (0.44 | ) | (0.01 | ) | - | 11.63 | ||||||||||||||||||||||
2001 | 10.41 | 0.49 | 0.67 | (0.49 | ) | - | - | 11.08 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.34 | 0.41 | (0.34 | ) | - | - | 10.41 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 11.59 | $ | 0.52 | $ | 0.03 | $ | (0.53 | ) | $ | (0.08 | ) | $ | - | $ | 11.53 | |||||||||||||||
2003 | 11.67 | 0.51 | (0.09 | ) | (0.50 | ) | - | - | 11.59 | ||||||||||||||||||||||
2002 | 11.10 | 0.48 | 0.60 | (0.50 | ) | (0.01 | ) | - | 11.67 | ||||||||||||||||||||||
2001 | 10.43 | 0.58 | 0.64 | (0.55 | ) | - | - | 11.10 | |||||||||||||||||||||||
2000 | (1) | 10.00 | 0.37 | 0.42 | (0.36 | ) | - | - | 10.43 | ||||||||||||||||||||||
Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 11.30 | $ | 0.44 | $ | (0.10 | ) | $ | (0.45 | ) | $ | (0.01 | ) | $ | - | $ | 11.18 | ||||||||||||||
2003 | 11.32 | 0.44 | (0.03 | ) | (0.43 | ) | - | - | 11.30 | ||||||||||||||||||||||
2002 | 10.95 | 0.43 | 0.40 | (0.43 | ) | - | (0.03 | ) | 11.32 | ||||||||||||||||||||||
2001 | 10.48 | 0.48 | 0.46 | (0.47 | ) | - | - | 10.95 | |||||||||||||||||||||||
2000 | 10.45 | 0.48 | 0.04 | (0.49 | ) | - | - | 10.48 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 11.28 | $ | 0.46 | $ | (0.11 | ) | $ | (0.46 | ) | $ | (0.01 | ) | $ | - | $ | 11.16 | ||||||||||||||
2003 | 11.30 | 0.46 | (0.03 | ) | (0.45 | ) | - | - | 11.28 | ||||||||||||||||||||||
2002 | 10.93 | 0.44 | 0.40 | (0.44 | ) | - | (0.03 | ) | 11.30 | ||||||||||||||||||||||
2001 | 10.46 | 0.48 | 0.46 | (0.47 | ) | - | - | 10.93 | |||||||||||||||||||||||
2000 | 10.43 | 0.48 | 0.04 | (0.49 | ) | - | - | 10.46 |
(1) Commenced operations on February 1, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.
(2) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
108
FIRST AMERICAN FUNDS Annual Report 2004
Total Return (2) | Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | |||||||||||||||||||||||||
Colorado Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | 3.12 | % | $ | 13,969 | 0.85 | % | 4.00 | % | 1.06 | % | 3.79 | % | 4 | % | |||||||||||||||||
2003 | 3.64 | 22,555 | 0.85 | 3.79 | 1.06 | 3.58 | 14 | ||||||||||||||||||||||||
2002 | 7.56 | 15,244 | 0.85 | 4.48 | 1.11 | 4.22 | 15 | ||||||||||||||||||||||||
2001 | 9.75 | 8,320 | 0.70 | 4.55 | 1.34 | 3.91 | 24 | ||||||||||||||||||||||||
2000 | 4.40 | 3,485 | 0.70 | 4.66 | 1.25 | 4.11 | 42 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | 3.29 | % | $ | 37,748 | 0.70 | % | 4.15 | % | 0.81 | % | 4.04 | % | 4 | % | |||||||||||||||||
2003 | 3.71 | 47,854 | 0.70 | 3.94 | 0.81 | 3.83 | 14 | ||||||||||||||||||||||||
2002 | 7.83 | 48,398 | 0.70 | 4.60 | 0.86 | 4.44 | 15 | ||||||||||||||||||||||||
2001 | 9.67 | 47,907 | 0.70 | 4.58 | 1.09 | 4.19 | 24 | ||||||||||||||||||||||||
2000 | 4.51 | 52,885 | 0.70 | 4.66 | 1.00 | 4.36 | 42 | ||||||||||||||||||||||||
Colorado Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | 4.71 | % | $ | 10,598 | 0.75 | % | 4.25 | % | 1.09 | % | 3.91 | % | 12 | % | |||||||||||||||||
2003 | 3.53 | 13,843 | 0.75 | 4.23 | 1.07 | 3.91 | 14 | ||||||||||||||||||||||||
2002 | 9.72 | 19,633 | 0.75 | 4.32 | 1.30 | 3.77 | 22 | ||||||||||||||||||||||||
2001 | 11.78 | 20,550 | 0.25 | 5.03 | 1.42 | 3.86 | 23 | ||||||||||||||||||||||||
2000 | (1) | 7.80 | 8,068 | 0.25 | 5.28 | 1.80 | 3.73 | 36 | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | 4.21 | % | $ | 3,787 | 1.15 | % | 3.85 | % | 1.84 | % | 3.16 | % | 12 | % | |||||||||||||||||
2003 | 3.23 | 4,284 | 1.15 | 3.83 | �� | 1.82 | 3.16 | 14 | |||||||||||||||||||||||
2002 | 9.23 | 3,705 | 1.15 | 3.95 | 2.05 | 3.05 | 22 | ||||||||||||||||||||||||
2001 | 11.41 | 1,698 | 0.65 | 4.61 | 1.82 | 3.44 | 23 | ||||||||||||||||||||||||
2000 | (1) | 7.52 | 156 | 0.65 | 4.92 | 2.58 | 2.99 | 36 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | 4.87 | % | $ | 9,439 | 0.50 | % | 4.51 | % | 0.84 | % | 4.17 | % | 12 | % | |||||||||||||||||
2003 | 3.78 | 9,516 | 0.50 | 4.49 | 0.82 | 4.17 | 14 | ||||||||||||||||||||||||
2002 | 10.07 | 9,244 | 0.50 | 4.59 | 1.05 | 4.04 | 22 | ||||||||||||||||||||||||
2001 | 12.02 | 1,923 | - | 5.32 | 1.18 | 4.14 | 23 | ||||||||||||||||||||||||
2000 | (1) | 8.05 | 2,430 | - | 5.47 | 1.53 | 3.94 | 36 | |||||||||||||||||||||||
Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | 3.06 | % | $ | 35,276 | 0.85 | % | 3.98 | % | 1.05 | % | 3.78 | % | 10 | % | |||||||||||||||||
2003 | 3.74 | 34,231 | 0.85 | 3.91 | 1.05 | 3.71 | 15 | ||||||||||||||||||||||||
2002 | 7.78 | 29,838 | 0.85 | 3.87 | 1.03 | 3.69 | 28 | ||||||||||||||||||||||||
2001 | 9.19 | 23,236 | 0.70 | 4.43 | 1.13 | 4.00 | 12 | ||||||||||||||||||||||||
2000 | 5.10 | 8,994 | 0.70 | 4.61 | 1.12 | 4.19 | 29 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | 3.22 | % | $ | 637,361 | 0.70 | % | 4.13 | % | 0.80 | % | 4.03 | % | 10 | % | |||||||||||||||||
2003 | 3.90 | 696,994 | 0.70 | 4.05 | 0.80 | 3.95 | 15 | ||||||||||||||||||||||||
2002 | 7.95 | 485,592 | 0.70 | 4.04 | 0.78 | 3.96 | 28 | ||||||||||||||||||||||||
2001 | 9.21 | 458,743 | 0.70 | 4.43 | 0.87 | 4.26 | 12 | ||||||||||||||||||||||||
2000 | 5.11 | 375,279 | 0.70 | 4.62 | 0.87 | 4.45 | 29 |
109
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (6) | |||||||||||||||||||||||||
Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 10.44 | $ | 0.39 | $ | (0.08 | ) | $ | (0.39 | ) | $ | (0.02 | ) | $ | 10.34 | 3.03 | % | ||||||||||||||
2003 | 10.51 | 0.40 | (0.04 | ) | (0.41 | ) | (0.02 | ) | 10.44 | 3.55 | |||||||||||||||||||||
2002 | 10.21 | 0.43 | 0.29 | (0.42 | ) | - | 10.51 | 7.23 | |||||||||||||||||||||||
2001 | 9.80 | 0.44 | 0.41 | (0.44 | ) | - | 10.21 | 8.85 | |||||||||||||||||||||||
2000 | 9.79 | 0.45 | 0.02 | (0.45 | ) | (0.01 | ) | 9.80 | 4.94 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 10.40 | $ | 0.41 | $ | (0.10 | ) | $ | (0.40 | ) | $ | (0.02 | ) | $ | 10.29 | 3.10 | % | ||||||||||||||
2003 | 10.46 | 0.42 | (0.03 | ) | (0.43 | ) | (0.02 | ) | 10.40 | 3.82 | |||||||||||||||||||||
2002 | 10.17 | 0.45 | 0.27 | (0.43 | ) | - | 10.46 | 7.31 | |||||||||||||||||||||||
2001 | 9.76 | 0.44 | 0.41 | (0.44 | ) | - | 10.17 | 8.89 | |||||||||||||||||||||||
2000 | 9.76 | 0.45 | 0.01 | (0.45 | ) | (0.01 | ) | 9.76 | 5.04 | ||||||||||||||||||||||
Minnesota Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 11.34 | $ | 0.44 | $ | (0.01 | ) | $ | (0.45 | ) | $ | (0.09 | ) | $ | 11.23 | 3.94 | % | ||||||||||||||
2003 | 11.39 | 0.48 | (0.05 | ) | (0.45 | ) | (0.03 | ) | 11.34 | 3.90 | |||||||||||||||||||||
2002 | 11.06 | 0.47 | 0.34 | (0.47 | ) | (0.01 | ) | 11.39 | 7.23 | ||||||||||||||||||||||
2001 | 10.64 | 0.53 | 0.43 | (0.54 | ) | - | 11.06 | 9.24 | |||||||||||||||||||||||
2000 | 10.70 | 0.55 | (0.06 | ) | (0.55 | ) | - | 10.64 | 4.75 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 11.31 | $ | 0.39 | $ | (0.01 | ) | $ | (0.41 | ) | $ | (0.09 | ) | $ | 11.19 | 3.45 | % | ||||||||||||||
2003 | 11.36 | 0.43 | (0.04 | ) | (0.41 | ) | (0.03 | ) | 11.31 | 3.51 | |||||||||||||||||||||
2002 | 11.04 | 0.43 | 0.33 | (0.43 | ) | (0.01 | ) | 11.36 | 7.10 | ||||||||||||||||||||||
2001 | 10.62 | 0.49 | 0.43 | (0.50 | ) | - | 11.04 | 8.88 | |||||||||||||||||||||||
2000 | 10.69 | 0.53 | (0.09 | ) | (0.51 | ) | - | 10.62 | 4.25 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 11.33 | $ | 0.47 | $ | (0.01 | ) | $ | (0.48 | ) | $ | (0.09 | ) | $ | 11.22 | 4.20 | % | ||||||||||||||
2003 | 11.38 | 0.51 | (0.05 | ) | (0.48 | ) | (0.03 | ) | 11.33 | 4.16 | |||||||||||||||||||||
2002 | 11.05 | 0.49 | 0.35 | (0.50 | ) | (0.01 | ) | 11.38 | 7.84 | ||||||||||||||||||||||
2001 | 10.63 | 0.55 | 0.44 | (0.57 | ) | - | 11.05 | 9.52 | |||||||||||||||||||||||
2000 | 10.69 | 0.58 | (0.07 | ) | (0.57 | ) | - | 10.63 | 5.00 | ||||||||||||||||||||||
Missouri Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 12.37 | $ | 0.45 | $ | (0.02 | ) | $ | (0.45 | ) | $ | (0.03 | ) | $ | 12.32 | 3.60 | % | ||||||||||||||
2003 | 12.47 | 0.45 | (0.04 | ) | (0.45 | ) | (0.06 | ) | 12.37 | 3.45 | |||||||||||||||||||||
2002 | 12.05 | 0.46 | 0.47 | (0.47 | ) | (0.04 | ) | 12.47 | 7.99 | ||||||||||||||||||||||
2001 | (1)(2) | 11.54 | 0.46 | 0.50 | (0.44 | ) | (0.01 | ) | 12.05 | 8.44 | |||||||||||||||||||||
2000 | (3) | 11.31 | 0.48 | 0.23 | (0.48 | ) | - | 11.54 | 6.41 | ||||||||||||||||||||||
1999 | (4) | 12.08 | 0.50 | (0.74 | ) | (0.51 | ) | (0.02 | ) | 11.31 | (2.09 | ) | |||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 12.35 | $ | 0.40 | $ | (0.03 | ) | $ | (0.40 | ) | $ | (0.03 | ) | $ | 12.29 | 3.11 | % | ||||||||||||||
2003 | 12.46 | 0.40 | (0.04 | ) | (0.41 | ) | (0.06 | ) | 12.35 | 3.05 | |||||||||||||||||||||
2002 | 12.05 | 0.41 | 0.48 | (0.44 | ) | (0.04 | ) | 12.46 | 7.58 | ||||||||||||||||||||||
2001 | (5) | 12.03 | - | 0.02 | - | - | 12.05 | 0.17 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 12.38 | $ | 0.48 | $ | (0.03 | ) | $ | (0.48 | ) | $ | (0.03 | ) | $ | 12.32 | 3.77 | % | ||||||||||||||
2003 | 12.48 | 0.49 | (0.05 | ) | (0.48 | ) | (0.06 | ) | 12.38 | 3.71 | |||||||||||||||||||||
2002 | 12.06 | 0.48 | 0.48 | (0.50 | ) | (0.04 | ) | 12.48 | 8.25 | ||||||||||||||||||||||
2001 | (1)(2) | 11.55 | 0.49 | 0.50 | (0.47 | ) | (0.01 | ) | 12.06 | 8.67 | |||||||||||||||||||||
2000 | (3) | 11.32 | 0.50 | 0.23 | (0.50 | ) | - | 11.55 | 6.60 | ||||||||||||||||||||||
1999 | (4) | 12.08 | 0.53 | (0.74 | ) | (0.53 | ) | (0.02 | ) | 11.32 | (1.81 | ) |
(1) The financial highlights for the Missouri Tax Free Fund as set forth herein include the historical financial highlights of the Firstar Missouri Tax-Exempt Bond Fund
Class A shares and Class I shares. The assets of the Firstar Missouri Tax-Exempt Bond Fund were acquired by Missouri Tax Free Fund on September 24, 2001. In connection
with such acquisition, Class A shares and Class I shares of the Firstar Missouri Tax-Exempt Bond Fund were exchanged for Class A shares and Class Y shares of Missouri Tax
Free Fund, respectively.
(2) For the period November 1, 2000 to September 30, 2001. Effective in 2001, the Fund's fiscal year end was changed from October 31 to September 30. All ratios for the
period have been annualized, except total return and portfolio turnover.
(3) For the period December 1, 1999 to October 31, 2000. Effective in 2000, the Fund's fiscal year end was changed from November 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.
(4) For the fiscal year ended November 30.
(5) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.
(6) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
110
FIRST AMERICAN FUNDS Annual Report 2004
Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | ||||||||||||||||||||||||
Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 35,047 | 0.85 | % | 3.77 | % | 1.05 | % | 3.57 | % | 8 | % | |||||||||||||||||
2003 | 31,044 | 0.85 | 3.85 | 1.05 | 3.65 | 15 | |||||||||||||||||||||||
2002 | 19,914 | 0.85 | 4.27 | 1.03 | 4.09 | 15 | |||||||||||||||||||||||
2001 | 12,408 | 0.70 | 4.38 | 1.13 | 3.95 | 13 | |||||||||||||||||||||||
2000 | 12,469 | 0.70 | 4.59 | 1.12 | 4.17 | 18 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 216,906 | 0.70 | % | 3.92 | % | 0.80 | % | 3.82 | % | 8 | % | |||||||||||||||||
2003 | 238,958 | 0.70 | 4.01 | 0.80 | 3.91 | 15 | |||||||||||||||||||||||
2002 | 251,597 | 0.70 | 4.41 | 0.78 | 4.33 | 15 | |||||||||||||||||||||||
2001 | 255,939 | 0.70 | 4.38 | 0.88 | 4.20 | 13 | |||||||||||||||||||||||
2000 | 244,353 | 0.70 | 4.59 | 0.87 | 4.42 | 18 | |||||||||||||||||||||||
Minnesota Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 114,981 | 0.95 | % | 3.87 | % | 1.05 | % | 3.77 | % | 25 | % | |||||||||||||||||
2003 | 125,916 | 0.95 | 4.25 | 1.06 | 4.14 | 23 | |||||||||||||||||||||||
2002 | 135,607 | 0.95 | 4.22 | 1.09 | 4.08 | 26 | |||||||||||||||||||||||
2001 | 107,260 | 0.95 | 4.84 | 1.18 | 4.61 | 15 | |||||||||||||||||||||||
2000 | 93,995 | 0.95 | 5.22 | 1.17 | 5.00 | 34 | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
2004 | $ | 10,387 | 1.35 | % | 3.47 | % | 1.80 | % | 3.02 | % | 25 | % | |||||||||||||||||
2003 | 11,951 | 1.35 | 3.85 | 1.81 | 3.39 | 23 | |||||||||||||||||||||||
2002 | 11,703 | 1.35 | 3.80 | 1.84 | 3.31 | 26 | |||||||||||||||||||||||
2001 | 6,382 | 1.35 | 4.39 | 1.58 | 4.16 | 15 | |||||||||||||||||||||||
2000 | 2,037 | 1.35 | 4.83 | 1.77 | 4.41 | 34 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 42,900 | 0.70 | % | 4.12 | % | 0.80 | % | 4.02 | % | 25 | % | |||||||||||||||||
2003 | 47,858 | 0.70 | 4.50 | 0.81 | 4.39 | 23 | |||||||||||||||||||||||
2002 | 54,638 | 0.70 | 4.47 | 0.84 | 4.33 | 26 | |||||||||||||||||||||||
2001 | 49,078 | 0.70 | 5.09 | 0.93 | 4.86 | 15 | |||||||||||||||||||||||
2000 | 40,860 | 0.70 | 5.49 | 0.93 | 5.26 | 34 | |||||||||||||||||||||||
Missouri Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 27,114 | 0.95 | % | 3.68 | % | 1.05 | % | 3.58 | % | 15 | % | |||||||||||||||||
2003 | 28,141 | 0.95 | 3.69 | 1.06 | 3.58 | 20 | |||||||||||||||||||||||
2002 | 26,496 | 0.95 | 3.81 | 1.06 | 3.70 | 25 | |||||||||||||||||||||||
2001 | (1)(2) | 22,573 | 0.94 | 4.23 | 1.00 | 4.17 | �� | 9 | |||||||||||||||||||||
2000 | (3) | 19,876 | 0.87 | 4.59 | 0.98 | 4.48 | 3 | ||||||||||||||||||||||
1999 | (4) | 21,242 | 0.86 | 4.30 | 1.07 | 4.09 | 1 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
2004 | $ | 218 | 1.35 | % | 3.28 | % | 1.80 | % | 2.83 | % | 15 | % | |||||||||||||||||
2003 | 279 | 1.35 | 3.30 | 1.81 | 2.84 | 20 | |||||||||||||||||||||||
2002 | 21 | 1.35 | 3.28 | 1.81 | 2.82 | 25 | |||||||||||||||||||||||
2001 | (5) | - | - | - | - | - | 9 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 152,676 | 0.70 | % | 3.93 | % | 0.80 | % | 3.83 | % | 15 | % | |||||||||||||||||
2003 | 168,094 | 0.70 | 3.94 | 0.81 | 3.83 | 20 | |||||||||||||||||||||||
2002 | 142,344 | 0.70 | 4.06 | 0.81 | 3.95 | 25 | |||||||||||||||||||||||
2001 | (1)(2) | 129,715 | 0.69 | 4.48 | 0.75 | 4.42 | 9 | ||||||||||||||||||||||
2000 | (3) | 126,896 | 0.67 | 4.79 | 1.08 | 4.38 | 3 | ||||||||||||||||||||||
1999 | (4) | 111,842 | 0.66 | 4.51 | 1.07 | 4.10 | 1 |
111
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (3) | |||||||||||||||||||||||||
Nebraska Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 10.66 | $ | 0.41 | $ | 0.03 | $ | (0.40 | ) | $ | (0.04 | ) | $ | 10.66 | 4.18 | % | |||||||||||||||
2003 | 10.70 | 0.41 | (0.04 | ) | (0.40 | ) | (0.01 | ) | 10.66 | 3.57 | |||||||||||||||||||||
2002 | 10.20 | 0.41 | 0.49 | (0.40 | ) | - | 10.70 | 9.09 | |||||||||||||||||||||||
2001 | (1) | 10.00 | 0.24 | 0.20 | (0.24 | ) | - | 10.20 | 4.48 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 10.58 | $ | 0.35 | $ | 0.04 | $ | (0.35 | ) | $ | (0.04 | ) | $ | 10.58 | 3.80 | % | |||||||||||||||
2003 | 10.63 | 0.36 | (0.04 | ) | (0.36 | ) | (0.01 | ) | 10.58 | 3.10 | |||||||||||||||||||||
2002 | 10.14 | 0.36 | 0.50 | (0.37 | ) | - | 10.63 | 8.66 | |||||||||||||||||||||||
2001 | (1) | 10.00 | 0.20 | 0.17 | (0.23 | ) | - | 10.14 | 3.71 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 10.65 | $ | 0.43 | $ | 0.04 | $ | (0.42 | ) | $ | (0.04 | ) | $ | 10.66 | 4.54 | % | |||||||||||||||
2003 | 10.69 | 0.43 | (0.03 | ) | (0.43 | ) | (0.01 | ) | 10.65 | 3.82 | |||||||||||||||||||||
2002 | 10.19 | 0.43 | 0.50 | (0.43 | ) | - | 10.69 | 9.37 | |||||||||||||||||||||||
2001 | (1) | 10.00 | 0.26 | 0.19 | (0.26 | ) | - | 10.19 | 4.51 | ||||||||||||||||||||||
Ohio Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 10.54 | $ | 0.36 | $ | 0.07 | $ | (0.35 | ) | $ | (0.10 | ) | $ | 10.52 | 4.16 | % | |||||||||||||||
2003 | 10.58 | 0.36 | (0.03 | ) | (0.37 | ) | - | 10.54 | 3.22 | ||||||||||||||||||||||
2002 | (2) | 10.00 | 0.15 | 0.59 | (0.16 | ) | - | 10.58 | 7.42 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 10.44 | $ | 0.29 | $ | 0.09 | $ | (0.31 | ) | $ | (0.10 | ) | $ | 10.41 | 3.69 | % | |||||||||||||||
2003 | 10.57 | 0.32 | (0.12 | ) | (0.33 | ) | - | 10.44 | 1.95 | ||||||||||||||||||||||
2002 | (2) | 10.00 | 0.13 | 0.58 | (0.14 | ) | - | 10.57 | 7.13 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 10.55 | $ | 0.38 | $ | 0.07 | $ | (0.37 | ) | $ | (0.10 | ) | $ | 10.53 | 4.42 | % | |||||||||||||||
2003 | 10.57 | 0.39 | (0.02 | ) | (0.39 | ) | - | 10.55 | 3.65 | ||||||||||||||||||||||
2002 | (2) | 10.00 | 0.16 | 0.58 | (0.17 | ) | - | 10.57 | 7.41 | ||||||||||||||||||||||
Oregon Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 10.43 | $ | 0.37 | $ | (0.05 | ) | $ | (0.37 | ) | $ | (0.08 | ) | $ | 10.30 | 3.20 | % | ||||||||||||||
2003 | 10.49 | 0.37 | (0.03 | ) | (0.38 | ) | (0.02 | ) | 10.43 | 3.31 | |||||||||||||||||||||
2002 | 10.18 | 0.40 | 0.31 | (0.40 | ) | - | 10.49 | 7.23 | |||||||||||||||||||||||
2001 | 9.74 | 0.43 | 0.44 | (0.43 | ) | - | 10.18 | 9.08 | |||||||||||||||||||||||
2000 | 9.72 | 0.43 | 0.02 | (0.43 | ) | - | 9.74 | 4.79 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 10.43 | $ | 0.39 | $ | (0.05 | ) | $ | (0.39 | ) | $ | (0.08 | ) | $ | 10.30 | 3.35 | % | ||||||||||||||
2003 | 10.49 | 0.40 | (0.05 | ) | (0.39 | ) | (0.02 | ) | 10.43 | 3.46 | |||||||||||||||||||||
2002 | 10.18 | 0.42 | 0.31 | (0.42 | ) | - | 10.49 | 7.39 | |||||||||||||||||||||||
2001 | 9.74 | 0.43 | 0.44 | (0.43 | ) | - | 10.18 | 9.08 | |||||||||||||||||||||||
2000 | 9.72 | 0.43 | 0.02 | (0.43 | ) | - | 9.74 | 4.78 |
(1) Commenced operations on February 28, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.
(2) Commenced operations on April 30, 2002. All ratios for the period have been annualized, except total return and portfolio turnover.
(3) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
112
FIRST AMERICAN FUNDS Annual Report 2004
Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | ||||||||||||||||||||||||
Nebraska Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 4,925 | 0.75 | % | 3.82 | % | 1.08 | % | 3.49 | % | 17 | % | |||||||||||||||||
2003 | 4,869 | 0.75 | 3.87 | 1.07 | 3.55 | 15 | |||||||||||||||||||||||
2002 | 4,904 | 0.75 | 3.98 | 1.29 | 3.44 | 35 | |||||||||||||||||||||||
2001 | (1) | 5,090 | 0.55 | 4.12 | 1.38 | 3.29 | 30 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
2004 | $ | 1,861 | 1.15 | % | 3.42 | % | 1.83 | % | 2.74 | % | 17 | % | |||||||||||||||||
2003 | 1,657 | 1.15 | 3.46 | 1.82 | 2.79 | 15 | |||||||||||||||||||||||
2002 | 982 | 1.15 | 3.57 | 2.04 | 2.68 | 35 | |||||||||||||||||||||||
2001 | (1) | 226 | 0.95 | 3.73 | 1.75 | 2.93 | 30 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 29,722 | 0.50 | % | 4.07 | % | 0.83 | % | 3.74 | % | 17 | % | |||||||||||||||||
2003 | 28,120 | 0.50 | 4.11 | 0.82 | 3.79 | 15 | |||||||||||||||||||||||
2002 | 27,348 | 0.50 | 4.22 | 1.04 | 3.68 | 35 | |||||||||||||||||||||||
2001 | (1) | 22,443 | 0.30 | 4.36 | 1.13 | 3.53 | 30 | ||||||||||||||||||||||
Ohio Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 1,200 | 0.75 | % | 3.43 | % | 1.08 | % | 3.10 | % | 19 | % | |||||||||||||||||
2003 | 849 | 0.75 | 3.52 | 1.09 | 3.18 | 22 | |||||||||||||||||||||||
2002 | (2) | 453 | 0.75 | 3.25 | 1.23 | 2.77 | 3 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
2004 | $ | 120 | 1.15 | % | 3.03 | % | 1.83 | % | 2.35 | % | 19 | % | |||||||||||||||||
2003 | 215 | 1.15 | 3.08 | 1.84 | 2.39 | 22 | |||||||||||||||||||||||
2002 | (2) | 1 | 1.15 | 3.01 | 1.98 | 2.18 | 3 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 39,240 | 0.50 | % | 3.68 | % | 0.82 | % | 3.36 | % | 19 | % | |||||||||||||||||
2003 | 39,465 | 0.50 | 3.78 | 0.84 | 3.44 | 22 | |||||||||||||||||||||||
2002 | (2) | 38,083 | 0.50 | 3.74 | 0.98 | 3.26 | 3 | ||||||||||||||||||||||
Oregon Intermediate Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 8,700 | 0.85 | % | 3.62 | % | 1.05 | % | 3.42 | % | 12 | % | |||||||||||||||||
2003 | 8,189 | 0.85 | 3.67 | 1.05 | 3.47 | 17 | |||||||||||||||||||||||
2002 | 7,030 | 0.85 | 3.95 | 1.05 | 3.75 | 18 | |||||||||||||||||||||||
2001 | 5,477 | 0.70 | 4.27 | 1.13 | 3.84 | 20 | |||||||||||||||||||||||
2000 | 3,303 | 0.70 | 4.47 | 1.13 | 4.04 | 18 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 137,869 | 0.70 | % | 3.77 | % | 0.80 | % | 3.67 | % | 12 | % | |||||||||||||||||
2003 | 146,244 | 0.70 | 3.82 | 0.80 | 3.72 | 17 | |||||||||||||||||||||||
2002 | 151,928 | 0.70 | 4.10 | 0.80 | 4.00 | 18 | |||||||||||||||||||||||
2001 | 153,951 | 0.70 | 4.28 | 0.89 | 4.09 | 20 | |||||||||||||||||||||||
2000 | 160,124 | 0.70 | 4.47 | 0.88 | 4.29 | 18 |
113
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (7) | |||||||||||||||||||||||||
Short Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 10.18 | $ | 0.26 | $ | (0.17 | ) | $ | (0.25 | ) | $ | (0.06 | ) | $ | 9.96 | 0.90 | % | ||||||||||||||
2003 | (1) | 10.00 | 0.26 | 0.19 | (0.27 | ) | - | 10.18 | 4.54 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 10.18 | $ | 0.27 | $ | (0.17 | ) | $ | (0.26 | ) | $ | (0.06 | ) | $ | 9.96 | 1.05 | % | ||||||||||||||
2003 | (1) | 10.00 | 0.28 | 0.18 | (0.28 | ) | - | 10.18 | 4.66 | ||||||||||||||||||||||
Tax Free Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2004 | $ | 11.28 | $ | 0.47 | $ | 0.02 | $ | (0.48 | ) | $ | (0.11 | ) | $ | 11.18 | 4.45 | % | |||||||||||||||
2003 | 11.44 | 0.47 | (0.03 | ) | (0.47 | ) | (0.13 | ) | 11.28 | 4.06 | |||||||||||||||||||||
2002 | 10.99 | 0.47 | 0.44 | (0.46 | ) | - | 11.44 | 8.56 | |||||||||||||||||||||||
2001 | (2)(3) | 10.53 | 0.42 | 0.43 | (0.39 | ) | - | 10.99 | 8.22 | ||||||||||||||||||||||
2000 | (4) | 10.20 | 0.40 | 0.34 | (0.41 | ) | - | 10.53 | 7.43 | ||||||||||||||||||||||
1999 | (5) | 11.06 | 0.44 | (0.75 | ) | (0.44 | ) | (0.11 | ) | 10.20 | (2.87 | ) | |||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2004 | $ | 11.24 | $ | 0.43 | $ | - | $ | (0.43 | ) | $ | (0.11 | ) | $ | 11.13 | 3.92 | % | |||||||||||||||
2003 | 11.40 | 0.42 | (0.02 | ) | (0.43 | ) | (0.13 | ) | 11.24 | 3.67 | |||||||||||||||||||||
2002 | 10.96 | 0.42 | 0.45 | (0.43 | ) | - | 11.40 | 8.14 | |||||||||||||||||||||||
2001 | (6) | 10.93 | 0.01 | 0.02 | - | - | 10.96 | 0.27 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2004 | $ | 11.29 | $ | 0.50 | $ | 0.01 | $ | (0.50 | ) | $ | (0.11 | ) | $ | 11.19 | 4.71 | % | |||||||||||||||
2003 | 11.45 | 0.50 | (0.03 | ) | (0.50 | ) | (0.13 | ) | 11.29 | 4.31 | |||||||||||||||||||||
2002 | 11.00 | 0.49 | 0.45 | (0.49 | ) | - | 11.45 | 8.84 | |||||||||||||||||||||||
2001 | (2)(3) | 10.53 | 0.44 | 0.45 | (0.42 | ) | - | 11.00 | 8.59 | ||||||||||||||||||||||
2000 | (4) | 10.21 | 0.42 | 0.33 | (0.43 | ) | - | 10.53 | 7.63 | ||||||||||||||||||||||
1999 | (5) | 11.10 | 0.47 | (0.78 | ) | (0.47 | ) | (0.11 | ) | 10.21 | (2.97 | ) |
(1) Commenced operations on October 25, 2002. All ratios for the period have been annualized, except total return and portfolio turnover.
(2) The financial highlights for the Tax Free Fund as set forth herein include the historical financial highlights of the Firstar National Municipal Bond Fund Class A shares and
Class I shares. The assets of the Firstar National Municipal Bond Fund were acquired by Tax Free Fund on September 24, 2001. In connection with such acquisition,
Class A shares and Class I shares of the Firstar National Municipal Bond Fund were exchanged for Class A shares and Class Y shares of Tax Free Fund, respectively.
Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of the Tax Free Fund and the Firstar National Municipal Bond Fund.
Firstar National Municipal Bond Fund is the accounting survivor.
(3) For the period November 1, 2000 to September 30, 2001. Effective in 2001, the Fund's fiscal year end was changed from October 31 to September 30. All ratios for the
period have been annualized, except total return and portfolio turnover.
(4) For the period December 1, 1999 to October 31, 2000. Effective in 2000, the Fund's fiscal year end was changed from November 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.
(5) For the fiscal year ended November 30.
(6) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.
(7) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Annual Report 2004
114
FIRST AMERICAN FUNDS Annual Report 2004
Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | ||||||||||||||||||||||||
Short Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 6,329 | 0.75 | % | 2.55 | % | 1.05 | % | 2.25 | % | 30 | % | |||||||||||||||||
2003 | (1) | 6,448 | 0.75 | 2.67 | 1.05 | 2.37 | 54 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 419,359 | 0.60 | % | 2.70 | % | 0.80 | % | 2.50 | % | 30 | % | |||||||||||||||||
2003 | (1) | 396,918 | 0.60 | 3.00 | 0.80 | 2.80 | 54 | ||||||||||||||||||||||
Tax Free Fund | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2004 | $ | 40,156 | 0.95 | % | 4.18 | % | 1.05 | % | 4.08 | % | 23 | % | |||||||||||||||||
2003 | 42,942 | 0.95 | 4.21 | 1.05 | 4.11 | 23 | |||||||||||||||||||||||
2002 | 43,708 | 0.95 | 4.20 | 1.02 | 4.13 | 39 | |||||||||||||||||||||||
2001 | (2)(3) | 48,769 | 1.16 | 4.27 | 1.18 | 4.25 | 3 | ||||||||||||||||||||||
2000 | (4) | 1,526 | 0.98 | 4.34 | 1.09 | 4.23 | 4 | ||||||||||||||||||||||
1999 | (5) | 1,582 | 0.96 | 4.14 | 1.16 | 3.94 | - | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||
2004 | $ | 2,682 | 1.35 | % | 3.77 | % | 1.80 | % | 3.32 | % | 23 | % | |||||||||||||||||
2003 | 4,880 | 1.35 | 3.81 | 1.80 | 3.36 | 23 | |||||||||||||||||||||||
2002 | 6,199 | 1.35 | 3.82 | 1.77 | 3.40 | 39 | |||||||||||||||||||||||
2001 | (6) | 4,494 | 1.04 | 5.61 | 1.04 | 5.61 | 3 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||
2004 | $ | 416,651 | 0.70 | % | 4.43 | % | 0.80 | % | 4.33 | % | 23 | % | |||||||||||||||||
2003 | 460,634 | 0.70 | 4.46 | 0.80 | 4.36 | 23 | |||||||||||||||||||||||
2002 | 497,140 | 0.70 | 4.47 | 0.77 | 4.40 | 39 | |||||||||||||||||||||||
2001 | (2)(3) | 501,361 | 0.73 | 4.32 | 0.74 | 4.31 | 3 | ||||||||||||||||||||||
2000 | (4) | 253,803 | 0.78 | 4.54 | 1.19 | 4.13 | 4 | ||||||||||||||||||||||
1999 | (5) | 326,840 | 0.76 | 4.33 | 1.16 | 3.93 | - |
115
Notes to Financial Statements September 30, 2004
1 > Organization
The First American Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a "Fund" and collectively, the "Funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF"), which is a member of the First American Family of Funds. As of September 30, 2004, FAIF offered 37 Funds, including the Funds. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF's articles of incorporation permit the board of directors to create additional funds in the future. The Intermediate Tax Free Fund, Short Tax F ree Fund, and Tax Free Fund are each diversified open-end management investment companies. The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified
open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.
Each of these Funds offers Class A and Class Y shares. Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund also offer Class C shares. Class A shares of Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund are sold with a front-end sales charge of 4.25%. Class A shares of California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund are sold with a front-end sales charge of 2.25%. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not c onvert to Class A shares. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.
The Funds' prospectuses provide a description of each Fund's investment objective, principal investment strategies and principal risks. All classes of shares in a Fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that the level of distribution and shareholder servicing fees charged may differ among classes. Each class has exclusive voting rights on any matters relating to that class' servicing or distribution arrangements.
2 > Summary of Significant Accounting Policies
The significant accounting policies followed by the Funds are as follows:
SECURITY VALUATIONS – Security valuations for the Funds' investments are furnished by one or more independent pricing services that have been approved by the Funds' board of directors. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the Funds' board of directors. Some of the factors which may be considered by the board of directors in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs, and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund
FIRST AMERICAN FUNDS Annual Report 2004
116
may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of September 30, 2004, the Funds held no fair-valued securities. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – The Funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. Each Fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the Fund instead of cash. The resulting gain/loss is calculated as the difference between the fair value and the underlying cost of the security on the transaction date.
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid monthly. Any net realized capital gains on sales of a Fund's securities are distributed to shareholders at least annually.
FEDERAL TAXES – Each Fund is treated as a separate taxable entity. Each Fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to book and tax differences for classification of dividends paid by the Funds. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period that the differences arise.
On the Statements of Assets and Liabilities, the following reclassifications were made (000):
Fund | Accumulated Net Realized Gain (Loss) | Undistributed Net Investment Income | Portfolio Capital | ||||||||||||
Arizona Tax Free Fund | $ | - | $ | (4 | ) | $ | 4 | ||||||||
Intermediate Tax Free Fund | 13 | (13 | ) | - | |||||||||||
Minnesota Intermediate Tax Free Fund | 8 | (52 | ) | 44 | |||||||||||
Minnesota Tax Free Fund | 9 | (9 | ) | - | |||||||||||
Missouri Tax Free Fund | 6 | (6 | ) | - | |||||||||||
Oregon Intermediate Tax Free Fund | - | (31 | ) | 31 | |||||||||||
Short Tax Free Fund | 3 | (3 | ) | - | |||||||||||
Tax Free Fund | 1 | (1 | ) | - |
The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund. The distributions paid during the fiscal years ended September 30, 2004 and 2003, was as follows (000):
2004 | |||||||||||||||||||
Fund | Tax Exempt Income | Ordinary Income | Long Term Gain | Total | |||||||||||||||
Arizona Tax Free Fund | $ | 884 | $ | 39 | $ | 63 | $ | 986 | |||||||||||
California Intermediate Tax Free Fund | 1,931 | 83 | 74 | 2,088 | |||||||||||||||
California Tax Free Fund | 1,139 | - | 210 | 1,349 | |||||||||||||||
Colorado Intermediate Tax Free Fund | 2,396 | 12 | - | 2,408 | |||||||||||||||
Colorado Tax Free Fund | 1,081 | 18 | 186 | 1,285 | |||||||||||||||
Intermediate Tax Free Fund | 28,938 | 100 | 741 | 29,779 | |||||||||||||||
Minnesota Intermediate Tax Free Fund | 10,248 | 56 | 467 | 10,771 | |||||||||||||||
Minnesota Tax Free Fund | 7,250 | 103 | 1,314 | 8,667 | |||||||||||||||
Missouri Tax Free Fund | 7,261 | 5 | 508 | 7,774 | |||||||||||||||
Nebraska Tax Free Fund | 1,391 | 27 | 95 | 1,513 | |||||||||||||||
Ohio Tax Free Fund | 1,438 | 183 | 185 | 1,806 | |||||||||||||||
Oregon Intermediate Tax Free Fund | 5,536 | 97 | 1,080 | 6,713 | |||||||||||||||
Short Tax Free Fund | 11,367 | 172 | 2,259 | 13,798 | |||||||||||||||
Tax Free Fund | 21,461 | 155 | 4,788 | 26,404 |
FIRST AMERICAN FUNDS Annual Report 2004
117
Notes to Financial Statements September 30, 2004
2003 | |||||||||||||||||||
Fund | Tax Exempt Income | Ordinary Income | Long Term Gain | Total | |||||||||||||||
Arizona Tax Free Fund | $ | 1,078 | $ | 29 | $ | 42 | $ | 1,149 | |||||||||||
California Intermediate Tax Free Fund | 1,963 | 11 | 94 | 2,068 | |||||||||||||||
California Tax Free Fund | 1,164 | 85 | 76 | 1,325 | |||||||||||||||
Colorado Intermediate Tax Free Fund | 2,877 | 19 | - | 2,896 | |||||||||||||||
Colorado Tax Free Fund | 1,237 | 10 | - | 1,247 | |||||||||||||||
Intermediate Tax Free Fund | 28,635 | 9 | - | 28,644 | |||||||||||||||
Minnesota Intermediate Tax Free Fund | 11,012 | 63 | 411 | 11,486 | |||||||||||||||
Minnesota Tax Free Fund | 7,778 | 348 | 125 | 8,251 | |||||||||||||||
Missouri Tax Free Fund | 7,534 | 83 | 781 | 8,398 | |||||||||||||||
Nebraska Tax Free Fund | 1,361 | - | 25 | 1,386 | |||||||||||||||
Ohio Tax Free Fund | 1,486 | - | - | 1,486 | |||||||||||||||
Oregon Intermediate Tax Free Fund | 5,872 | 32 | 219 | 6,123 | |||||||||||||||
Short Tax Free Fund | 10,115 | - | - | 10,115 | |||||||||||||||
Tax Free Fund | 23,221 | 43 | 5,996 | 29,260 |
As of September 30, 2004, the components of accumulated earnings (deficit) on a tax basis were as follows (000):
Fund | Undistributed Ordinary Income | Undistributed Tax Exempt Income | Undistributed Long Term Capital Gains | Accumulated Capital and Post-October Losses | Unrealized Appreciation | Total Accumulated Earnings | |||||||||||||||||||||
Arizona Tax Free Fund | $ | - | $ | 44 | $ | 230 | $ | - | $ | 1,738 | $ | 2,012 | |||||||||||||||
California Intermediate Tax Free Fund | 27 | 12 | 329 | - | 3,072 | 3,440 | |||||||||||||||||||||
California Tax Free Fund | 52 | 24 | 198 | - | 1,900 | 2,174 | |||||||||||||||||||||
Colorado Intermediate Tax Free Fund | - | 96 | 168 | - | 3,902 | 4,166 | |||||||||||||||||||||
Colorado Tax Free Fund | - | 62 | 177 | - | 2,378 | 2,617 | |||||||||||||||||||||
Intermediate Tax Free Fund | - | 748 | 2,914 | - | 47,763 | 51,425 | |||||||||||||||||||||
Minnesota Intermediate Tax Free Fund | - | 96 | 792 | - | 14,500 | 15,388 | |||||||||||||||||||||
Minnesota Tax Free Fund | - | 141 | 811 | - | 9,234 | 10,186 | |||||||||||||||||||||
Missouri Tax Free Fund | - | 87 | 900 | - | 10,767 | 11,754 | |||||||||||||||||||||
Nebraska Tax Free Fund | - | 65 | - | (4 | ) | 1,885 | 1,946 | ||||||||||||||||||||
Ohio Tax Free Fund | - | 41 | 116 | - | 1,639 | 1,796 | |||||||||||||||||||||
Oregon Intermediate Tax Free Fund | - | 22 | 477 | - | 8,428 | 8,927 | |||||||||||||||||||||
Short Tax Free Fund | - | 313 | - | (238 | ) | 6,170 | 6,245 | ||||||||||||||||||||
Tax Free Fund | - | 87 | 4,267 | - | 30,455 | 34,809 |
FIRST AMERICAN FUNDS Annual Report 2004
118
As of September 30, 2004, the Funds had no capital loss carryforwards.
Certain Funds incurred a loss for tax purposes for the period from November 1, 2003 to September 30, 2004. As permitted by tax regulations, the Funds intend to elect to defer and treat those losses as arising in the fiscal year ending September 30, 2005. Nebraska Tax Free Fund and Short Tax Free Fund had deferred losses (000) of $4 and $238 respectively.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a Fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations and the Fund maintains, in a segregated account with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a Fund's net asset value if the Fund makes such investments while remaining substantially fully invested. At September 30, 2004, the following Funds had outstanding when-issued commitments (000):
Fund | Cost | Segregated Assets | |||||||||
Intermediate Tax Free Fund | $ | 2,470 | $ | 16,459 | |||||||
Minnesota Intermediate Tax Free Fund | 2,146 | 9,484 | |||||||||
Minnesota Tax Free | 1,979 | 11,367 | |||||||||
Missouri Tax Free Fund | 622 | 10,627 | |||||||||
Nebraska Tax Free Fund | 541 | 1,864 | |||||||||
Oregon Intermediate Tax Free Fund | 2,268 | 2,503 | |||||||||
Short Tax Free Fund | 5,977 | 12,750 | |||||||||
Tax Free Fund | 5,130 | 39,956 |
ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Each Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Funds' board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a Fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Funds' board of directors. The Funds held no illiquid securities as of September 30, 2004.
INVERSE FLOATERS – As part of their investment strategy, the Funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate ("inverse floaters"). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a Fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market value of such securities will generally be more volatile than that of fixed-rate, tax-exempt securities. To the extent the Funds invest i n inverse floaters, the net asset value of the Funds' shares may be more volatile than if the Funds did not invest in such securities. At September 30, 2004, the Tax Free Fund had investments in inverse floaters with a total value of $3,645,480, which represents 0.8% of the Fund's net assets.
EXPENSES – Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses are generally allocated to the Funds on the basis of relative net assets of all Funds within the First American Fund complex. Class specific expenses, such as 12b-1 fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a Fund are allocated to each respective class in proportion to the relative net assets of each class.
DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the "Plan"), non-interested directors of the First American Fund family may participate and elect to defer receipt of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds as designated by the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the Funds. Deferred amounts remain in the Funds until distributed in accordance with the Plan.
FIRST AMERICAN FUNDS Annual Report 2004
119
Notes to Financial Statements September 30, 2004
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Funds to borrow from, or lend money to, other participating funds. The Funds did not have any interfund lending transactions during the fiscal year ended September 30, 2004.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.
3 > Fees and Expenses
ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), U.S. Bancorp Asset Management, Inc. ("USBAM"), manages each Fund's assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each Fund to pay USBAM a monthly fee based upon average daily net assets. The annual fee for each Fund is 0.50%. USBAM voluntarily waived fees during the fiscal year ended September 30, 2004 so that total fund operating expenses, as a percentage of average net assets, did not exceed the following amounts:
Share Class | |||||||||||||||
Fund | A | C | Y | ||||||||||||
Arizona Tax Free Fund | 0.75 | % | 1.15 | % | 0.50 | % | |||||||||
California Intermediate Tax Free Fund | 0.85 | NA | 0.70 | ||||||||||||
California Tax Free Fund | 0.75 | 1.15 | 0.50 | ||||||||||||
Colorado Intermediate Tax Free Fund | 0.85 | NA | 0.70 | ||||||||||||
Colorado Tax Free Fund | 0.75 | 1.15 | 0.50 | ||||||||||||
Intermediate Tax Free Fund | 0.85 | NA | 0.70 | ||||||||||||
Minnesota Intermediate Tax Free Fund | 0.85 | NA | 0.70 | ||||||||||||
Minnesota Tax Free Fund | 0.95 | 1.35 | 0.70 | ||||||||||||
Missouri Tax Free Fund | 0.95 | 1.35 | 0.70 | ||||||||||||
Nebraska Tax Free Fund | 0.75 | 1.15 | 0.50 | ||||||||||||
Ohio Tax Free Fund | 0.75 | 1.15 | 0.50 | ||||||||||||
Oregon Intermediate Tax Free Fund | 0.85 | NA | 0.70 | ||||||||||||
Short Tax Free Fund | 0.75 | NA | 0.60 | ||||||||||||
Tax Free Fund | 0.95 | 1.35 | 0.70 |
NA = Not Applicable
The Funds may invest in related money market funds that are series of First American Funds, Inc. ("FAF"), subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to USBAM, which acts as the investment adviser to both the investing Funds and the related money market funds, USBAM will reimburse each investing Fund an amount equal to that portion of USBAM's investment advisory fee received from the related money market funds that is attributable to the assets of the investing Fund. For financial statement purposes, these reimbursements are recorded as investment income.
CO-ADMINISTRATION FEES – USBAM and U.S. Bancorp Fund Services, LLC ("USBFS") (collectively the "Administrators"), serve as the co-administrators pursuant to a co-administration agreement between the Administrators and FAIF. USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the co-administration agreement, the Administrators are compensated to provide, or compensate other entities to provide, services to the Funds. These services include various legal, oversight and administrative services, accounting services, transfer agency and dividend disbursing services, and shareholder services. The Funds pay the Administrators at an annual rate, calculated daily and paid monthly, b ased on the average daily net assets of all open-end mutual funds in the First American Family of Funds, equal to each Fund's pro rata share of an amount equal to 0.25% of the aggregate average daily net assets up to $8 billion, 0.235% of the next $17 billion of the aggregate average daily net assets, 0.22% of the next $25 billion of the aggregate daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. FAIF pays transfer agent fees of $18,500 per share class and additional per account fees for transfer agent services. These fees are allocated to each Fund based upon the Fund's pro rata share of the aggregate average daily net assets of the Funds that comprise FAIF. For the fiscal year ended September 30, 2004, administration fees paid to USBAM and USBFS by the Funds included in this annual report were as follows (000):
Fund | Amount | ||||||
Arizona Tax Free Fund | $ | 48 | |||||
California Intermediate Tax Free Fund | 111 | ||||||
California Tax Free Fund | 62 | ||||||
Colorado Intermediate Tax Free Fund | 135 | ||||||
Colorado Tax Free Fund | 58 | ||||||
Intermediate Tax Free Fund | 1,599 | ||||||
Minnesota Intermediate Tax Free Fund | 598 | ||||||
Minnesota Tax Free Fund | 402 | ||||||
Missouri Tax Free Fund | 425 | ||||||
Nebraska Tax Free Fund | 80 | ||||||
Ohio Tax Free Fund | 91 | ||||||
Oregon Intermediate Tax Free Fund | 335 | ||||||
Short Tax Free Fund | 980 | ||||||
Tax Free Fund | 1,092 |
CUSTODIAN FEES – U.S. Bank serves as the Funds' custodian pursuant to a custodian agreement with FAIF. The fee for each
FIRST AMERICAN FUNDS Annual Report 2004
120
Fund is equal to an annual rate of 0.01% of average daily net assets. All fees are computed daily and paid monthly.
DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC ("Quasar"), a subsidiary of U.S. Bancorp, serves as distributor of the Funds pursuant to distribution agreements with FAIF. Under the respective distribution agreements, each of the Funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 1.00% of each Fund's average daily net assets of the Class A shares and Class C shares, respectively. These fees may be used by Quasar to provide compensation for sales support, distribution activities, or shareholder servicing activities. Quasar is currently waiving fees equal to an annual rate of 0.10% of average daily net assets for Class A shares in the California Intermediate Tax Free Fund, Colorado Interm ediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund. For Class C shares, Quasar is currently waiving fees equal to an annual rate of 0.35% of average daily net assets for Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund. No distribution or shareholder servicing fees are paid by Class Y shares.
For the fiscal year ended September 30, 2004, total distribution and shareholder servicing fees waived by Quasar for these Funds included in this annual report were as follows (000):
Fund | Amount | ||||||
Arizona Tax Free Fund | $ | 6 | |||||
California Intermediate Tax Free Fund | 4 | ||||||
California Tax Free Fund | 4 | ||||||
Colorado Intermediate Tax Free Fund | 16 | ||||||
Colorado Tax Free Fund | 14 | ||||||
Intermediate Tax Free Fund | 35 | ||||||
Minnesota Intermediate Tax Free Fund | 34 | ||||||
Minnesota Tax Free Fund | 41 | ||||||
Missouri Tax Free Fund | 1 | ||||||
Nebraska Tax Free Fund | 6 | ||||||
Ohio Tax Free Fund | 1 | ||||||
Oregon Intermediate Tax Free Fund | 9 | ||||||
Short Tax Free Fund | 7 | ||||||
Tax Free Fund | 14 |
Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar or paid to affiliates of USBAM for the fiscal year ended September 30, 2004 (000):
Fund | Amount | ||||||
Arizona Tax Free Fund | $ | 19 | |||||
California Intermediate Tax Free Fund | 6 | ||||||
California Tax Free Fund | 24 | ||||||
Colorado Intermediate Tax Free Fund | 21 | ||||||
Colorado Tax Free Fund | 34 | ||||||
Intermediate Tax Free Fund | 39 | ||||||
Minnesota Intermediate Tax Free Fund | 33 | ||||||
Minnesota Tax Free Fund | 180 | ||||||
Missouri Tax Free Fund | 61 | ||||||
Nebraska Tax Free Fund | 12 | ||||||
Ohio Tax Free Fund | 4 | ||||||
Oregon Intermediate Tax Free Fund | 12 | ||||||
Short Tax Free Fund | 8 | ||||||
Tax Free Fund | 78 |
OTHER FEES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, and co-administration fees, each Fund is responsible for paying most other operating expenses including fees and expenses of independent directors, registration fees, printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the fiscal year ended September 30, 2004, legal fees and expenses were paid to a law firm of which the Secretary and two Assistant Secretaries of the Funds were partners.
SALES CHARGES – A contingent deferred sales charge ("CDSC") of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less.
For the fiscal year ended September 30, 2004, total sales charges retained by affiliates of USBAM for distributing the Funds' shares were as follows (000):
Fund | Amount | ||||||
Arizona Tax Free Fund | $ | 9 | |||||
California Intermediate Tax Free Fund | 20 | ||||||
California Tax Free Fund | 52 | ||||||
Colorado Intermediate Tax Free Fund | 38 | ||||||
Colorado Tax Free Fund | 20 | ||||||
Intermediate Tax Free Fund | 126 | ||||||
Minnesota Intermediate Tax Free Fund | 126 | ||||||
Minnesota Tax Free Fund | 72 | ||||||
Missouri Tax Free Fund | 61 | ||||||
Nebraska Tax Free Fund | 24 | ||||||
Ohio Tax Free Fund | 27 | ||||||
Oregon Intermediate Tax Free Fund | 31 | ||||||
Short Tax Free Fund | 16 | ||||||
Tax Free Fund | 114 |
FIRST AMERICAN FUNDS Annual Report 2004
121
Notes to Financial Statements September 30, 2004
4 > Capital Share Transactions
FAIF has 420 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the Funds were as follows (000):
Arizona Tax Free Fund | California Intermediate Tax Free Fund | California Tax Free Fund | Colorado Intermediate Tax Free Fund | ||||||||||||||||||||||||||||||||
10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | ||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||
Shares issued | 162 | 459 | 174 | 133 | 155 | 124 | 187 | 1,771 | |||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 35 | 49 | 12 | 14 | 37 | 43 | 43 | 62 | |||||||||||||||||||||||||||
Shares redeemed | (461 | ) | (543 | ) | (267 | ) | (197 | ) | (335 | ) | (303 | ) | (994 | ) | (1,168 | ) | |||||||||||||||||||
Total Class A transactions | (264 | ) | (35 | ) | (81 | ) | (50 | ) | (143 | ) | (136 | ) | (764 | ) | 665 | ||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||
Shares issued | 33 | 34 | - | - | 51 | 13 | - | - | |||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 4 | 8 | - | - | 4 | 4 | - | - | |||||||||||||||||||||||||||
Shares redeemed | (62 | ) | (133 | ) | - | - | (38 | ) | (17 | ) | - | - | |||||||||||||||||||||||
Total Class C transactions | (25 | ) | (91 | ) | - | - | 17 | - | - | - | |||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||
Shares issued | 204 | 293 | 777 | 428 | 358 | 660 | 196 | 985 | |||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 3 | 3 | 4 | 2 | 5 | 1 | 1 | |||||||||||||||||||||||||||
Shares redeemed | (189 | ) | (414 | ) | (523 | ) | (429 | ) | (290 | ) | (347 | ) | (1,081 | ) | (1,016 | ) | |||||||||||||||||||
Total Class Y transactions | 17 | (118 | ) | 257 | 3 | 70 | 318 | (884 | ) | (30 | ) | ||||||||||||||||||||||||
Net increase (decrease) in capital shares | (272 | ) | (244 | ) | 176 | (47 | ) | (56 | ) | 182 | (1,648 | ) | 635 |
| Colorado Tax Free Fund | Intermediate Tax Free Fund | Minnesota Intermediate Tax Free Fund | Minnesota Tax Free Fund | Missouri Tax Free Fund | ||||||||||||||||||||||||||||||||||||||
10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | ||||||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||||||||||
Shares issued | 77 | 97 | 1,364 | 1,388 | 1,288 | 1,958 | 664 | 1,549 | 314 | 486 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 47 | 55 | 102 | 83 | 91 | 75 | 477 | 457 | 46 | 54 | |||||||||||||||||||||||||||||||||
Shares redeemed | (400 | ) | (642 | ) | (1,341 | ) | (1,077 | ) | (963 | ) | (956 | ) | (2,006 | ) | (2,807 | ) | (434 | ) | (389 | ) | |||||||||||||||||||||||
Total Class A transactions | (276 | ) | (490 | ) | 125 | 394 | 416 | 1,077 | (865 | ) | (801 | ) | (74 | ) | 151 | ||||||||||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||||||||||
Shares issued | 24 | 120 | - | - | - | - | 76 | 279 | 1 | 20 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 15 | 13 | - | - | - | - | 43 | 40 | 1 | - | |||||||||||||||||||||||||||||||||
Shares redeemed | (80 | ) | (80 | ) | - | - | - | - | (248 | ) | (292 | ) | (6 | ) | - | ||||||||||||||||||||||||||||
Total Class C transactions | (41 | ) | 53 | - | - | - | - | (129 | ) | 27 | (4 | ) | 20 | ||||||||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||||||||||
Shares issued | 106 | 146 | 8,772 | 11,900 | 2,053 | 3,848 | 540 | 470 | 1288 | 1,571 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1 | 2 | 208 | 164 | 32 | 32 | 21 | 24 | 22 | 30 | |||||||||||||||||||||||||||||||||
Shares redeemed | (110 | ) | (119 | ) | (13,668 | ) | (12,662 | ) | (3,996 | ) | (4,937 | ) | (961 | ) | (1,071 | ) | (2503 | ) | (2,122 | ) | |||||||||||||||||||||||
Shares issued in connection with acquisition of Common Trust Fund net assets | - | - | - | 19,435 | - | - | - | - | - | 2,697 | |||||||||||||||||||||||||||||||||
Total Class Y transactions | (3 | ) | 29 | (4,688 | ) | 18,837 | (1,911 | ) | (1,057 | ) | (400 | ) | (577 | ) | (1193 | ) | 2,176 | ||||||||||||||||||||||||||
Net increase (decrease) in capital shares | (320 | ) | (408 | ) | (4,563 | ) | 19,231 | (1,495 | ) | 20 | (1,394 | ) | (1,351 | ) | (1271 | ) | 2,347 |
Nebraska Tax Free Fund | Ohio Tax Free Fund | Oregon Intermediate Tax Free Fund | Short Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||||||||||||||
10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 To 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | 10/1/03 to 9/30/04 | 10/25/02 (1) to 9/30/03 | 10/1/03 to 9/30/04 | 10/1/02 to 9/30/03 | ||||||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||||||||||
Shares issued | 137 | 94 | 77 | 43 | 237 | 365 | 330 | 1,072 | 791 | 885 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 12 | 11 | 2 | 1 | 24 | 18 | 16 | 5 | 166 | 184 | |||||||||||||||||||||||||||||||||
Shares redeemed | (144 | ) | (107 | ) | (46 | ) | (6 | ) | (201 | ) | (268 | ) | (344 | ) | (444 | ) | (1,170 | ) | (1,083 | ) | |||||||||||||||||||||||
Total Class A transactions | 5 | (2 | ) | 33 | 38 | 60 | 115 | 2 | 633 | (213 | ) | (14 | ) | ||||||||||||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||||||||||
Shares issued | 51 | 75 | 11 | 20 | - | - | - | - | 42 | 40 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 5 | 4 | 1 | - | - | - | - | - | 16 | 26 | |||||||||||||||||||||||||||||||||
Shares redeemed | (37 | ) | (14 | ) | (20 | ) | - | - | - | - | - | (251 | ) | (176 | ) | ||||||||||||||||||||||||||||
Total Class C transactions | 19 | 65 | (8 | ) | 20 | - | - | - | - | (193 | ) | (110 | ) | ||||||||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||||||||||
Shares issued | 461 | 420 | 558 | 680 | 1,741 | 1,712 | 16,264 | 51,494 | 4,012 | 4,962 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 6 | 5 | 25 | 19 | 76 | 31 | 347 | 18 | 106 | 141 | |||||||||||||||||||||||||||||||||
Shares redeemed | (317 | ) | (343 | ) | (596 | ) | (560 | ) | (2,448 | ) | (2,207 | ) | (13,499 | ) | (12,525 | ) | (7,665 | ) | (7,734 | ) | |||||||||||||||||||||||
Total Class Y transactions | 150 | 82 | (13 | ) | 139 | (631 | ) | (464 | ) | 3,112 | 38,987 | (3,547 | ) | (2,631 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in capital shares | 174 | 145 | 12 | 197 | (571 | ) | (349 | ) | 3,114 | 39,620 | (3,953 | ) | (2,755 | ) |
(1) Commencement of operations.
FIRST AMERICAN FUNDS Annual Report 2004
122
5 > Investment Security Transactions
During the fiscal year ended September 30, 2004, purchases of securities and proceeds from sales of securities, other than government securities and temporary investments in short-term securities, were as follows (000):
Fund | Purchases | Sales | |||||||||
Arizona Tax Free Fund | $ | 4,251 | $ | 6,888 | |||||||
California Intermediate Tax Free Fund | 9,445 | 10,433 | |||||||||
California Tax Free Fund | 4,298 | 4,909 | |||||||||
Colorado Intermediate Tax Free Fund | 2,222 | 19,552 | |||||||||
Colorado Tax Free Fund | 2,873 | 5,548 | |||||||||
Intermediate Tax Free Fund | 68,346 | 121,380 | |||||||||
Minnesota Intermediate Tax Free Fund | 21,838 | 37,478 | |||||||||
Minnesota Tax Free Fund | 40,720 | 55,884 | |||||||||
Missouri Tax Free Fund | 27,325 | 43,948 | |||||||||
Nebraska Tax Free Fund | 8,092 | 5,822 | |||||||||
Ohio Tax Free Fund | 7,642 | 7,293 | |||||||||
Oregon Intermediate Tax Free Fund | 17,961 | 22,990 | |||||||||
Short Tax Free Fund | 159,162 | 125,764 | |||||||||
Tax Free Fund | 107,506 | 152,274 |
The aggregate gross unrealized appreciation and depreciation for securities held by the Funds and the total cost of securities for federal income tax purposes at September 30, 2004, were as follows (000):
Fund | Aggregate Gross Appreciation | Aggregate Gross Depreciation | Net | Federal Income Tax Cost | |||||||||||||||
Arizona Tax Free Fund | $ | 1,738 | $ | - | $ | 1,738 | $ | 18,128 | |||||||||||
California Intermediate Tax Free Fund | 3,085 | (13 | ) | 3,072 | 46,692 | ||||||||||||||
California Tax Free Fund | 1,901 | (1 | ) | 1,900 | 24,635 | ||||||||||||||
Colorado Intermediate Tax Free Fund | 3,902 | - | 3,902 | 47,157 | |||||||||||||||
Colorado Tax Free Fund | 2,386 | (8 | ) | 2,378 | 21,136 | ||||||||||||||
Intermediate Tax Free Fund | 48,206 | (443 | ) | 47,763 | 618,945 | ||||||||||||||
Minnesota Intermediate Tax Free Fund | 14,769 | (269 | ) | 14,500 | 236,635 | ||||||||||||||
Minnesota Tax Free Fund | 9,348 | (114 | ) | 9,234 | 159,547 | ||||||||||||||
Missouri Tax Free Fund | 10,775 | (8 | ) | 10,767 | 166,509 | ||||||||||||||
Nebraska Tax Free Fund | 1,893 | (8 | ) | 1,885 | 34,490 | ||||||||||||||
Ohio Tax Free Fund | 1,648 | (9 | ) | 1,639 | 38,391 | ||||||||||||||
Oregon Intermediate Tax Free Fund | 8,466 | (38 | ) | 8,428 | 138,545 | ||||||||||||||
Short Tax Free Fund | 6,431 | (261 | ) | 6,170 | 420,081 | ||||||||||||||
Tax Free Fund | 30,700 | (245 | ) | 30,455 | 424,056 |
FIRST AMERICAN FUNDS Annual Report 2004
123
Notes to Financial Statements September 30, 2004
6 > Payments made by Affiliates
In October 2002, an ineligible security was purchased in the Tax Free Fund. A loss occurred as a result of bringing the Tax Free Fund back into compliance. USBAM fully reimbursed the Tax Free Fund for the loss on this transaction. The amount of the loss and resulting reimbursement was $52,643, or $0.001 per share based upon the shares outstanding as of September 30, 2003, and had no impact on reported total return. In January 2003, an ineligible security was purchased in the Missouri Tax Free Fund. No loss was incurred as a result of bringing the Missouri Tax Free Fund back into compliance; however, USBAM reimbursed Missouri Tax Free Fund for the amount of the commission. The amount of the reimbursement was $750 or $0.000 per share based upon the shares outstanding as of September 30, 2003, and had no impact on reported total return.
7 > Concentration of Credit Risk
The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund invest in debt instruments of municipal issuers in specific states. Although these Funds monitor investment concentration, the issuers' ability to meet their obligations may be affected by economic developments in a specific state or region. Additionally, each state has various guidelines relating to the tax treatment of the income distributed from each Fund.
The ratings of long-term securities as a percentage of the total value of investments at September 30, 2004, were as follows (unaudited):
Standard & Poor's/ Moody's Ratings: | Arizona Tax Free Fund | California Intermediate Tax Free Fund | California Tax Free Fund | Colorado Intermediate Tax Free Fund | |||||||||||||||
AAA/Aaa | 51.3 | % | 45.9 | % | 52.4 | % | 59.1 | % | |||||||||||
AA/Aa | 16.1 | 10.0 | 12.9 | 16.1 | |||||||||||||||
A/A | 9.0 | 25.2 | 17.8 | 3.3 | |||||||||||||||
BBB/Baa | 15.2 | 14.1 | 13.2 | 11.2 | |||||||||||||||
NR | 8.4 | 4.8 | 3.7 | 10.3 | |||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
Standard & Poor's/ Moody's Ratings: | Colorado Tax Free Fund | Intermediate Tax Free Fund | Minnesota Intermediate Tax Free Fund | Minnesota Tax Free Fund | Missouri Tax Free Fund | ||||||||||||||||||
AAA/Aaa | 60.7 | % | 60.2 | % | 54.5 | % | 40.3 | % | 51.2 | % | |||||||||||||
AA/Aa | 12.8 | 14.3 | 22.5 | 18.0 | 41.3 | ||||||||||||||||||
A/A | 11.1 | 13.1 | 9.0 | 19.0 | 2.1 | ||||||||||||||||||
BBB/Baa | 12.3 | 8.4 | 6.1 | 7.4 | 2.7 | ||||||||||||||||||
NR | 3.1 | 4.0 | 7.9 | 15.3 | 2.7 | ||||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
Standard & Poor's/ Moody's Ratings: | Nebraska Tax Free Fund | Ohio Tax Free Fund | Oregon Intermediate Tax Free Fund | Short Tax Free Fund | Tax Free Fund | ||||||||||||||||||
AAA/Aaa | 39.8 | % | 52.4 | % | 58.0 | % | 42.8 | % | 43.5 | % | |||||||||||||
AA/Aa | 42.9 | 36.1 | 33.2 | 24.7 | 10.7 | ||||||||||||||||||
A/A | 10.0 | 9.3 | 3.1 | 17.8 | 19.9 | ||||||||||||||||||
BBB/Baa | - | - | 2.8 | 8.9 | 14.9 | ||||||||||||||||||
B | - | - | - | - | 0.1 | ||||||||||||||||||
NR | 7.3 | 2.2 | 2.9 | 5.8 | 10.9 | ||||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Securities rated by only one agency are shown in that category. Securities rated by both agencies are shown with their highest rating.
FIRST AMERICAN FUNDS Annual Report 2004
124
8 > Common Trust Fund Conversions
On October 25, 2002, the Intermediate Tax Free Fund acquired substantially all of the assets of the Total Return Tax Exempt Bond Common Trust Fund (sponsored by U.S. Bank) in exchange for Class Y shares of the Intermediate Tax Free Fund. On November 22, 2002, the Missouri Tax Free Fund acquired substantially all of the assets of the Common Fund M (Joplin) Common Trust Fund (sponsored by U.S. Bank) in exchange for Class Y shares of the Missouri Tax Free Fund. In addition, the First American Short Tax Free Fund shell portfolio acquired substantially all of the assets of the Intermediate Tax Exempt Bond Common Trust Fund (sponsored by U.S. Bank) in exchange for Class Y of the Short Tax Free Fund. The following table illustrates the specifics of the common trust fund conversions of certain Funds included in this annual report (000):
Acquired Fund | Acquiring Fund | Acquired Funds' Net Assets | Shares Issued to Shareholders of Acquired Fund | Acquiring Fund Net Assets | Combined Net Assets | Tax Status of Transfer | |||||||||||||||||||||
Total Return Tax Exempt Bond | Intermediate Tax Free | ||||||||||||||||||||||||||
Common Trust Fund | Fund – Class Y | $ | 213,002 | (2) | 19,435 | $ | 516,336 | $ | 729,338 | Non-taxable | |||||||||||||||||
Common Fund M (Joplin) | Missouri Tax Free | ||||||||||||||||||||||||||
Common Trust Fund | Fund – Class Y | 32,466 | (3) | 2,697 | 164,002 | 196,468 | Non-taxable | ||||||||||||||||||||
Intermediate Tax Exempt Bond | Short Tax Free | ||||||||||||||||||||||||||
Common Trust Fund | Fund – Class Y (1) | 314,140 | 31,414 | - | 314,140 | Non-taxable |
(1) Shell portfolio.
(2) Includes unrealized appreciation of $18,817.
(3) Includes unrealized appreciation of $1,187.
9 > Indemnifications
The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
FIRST AMERICAN FUNDS Annual Report 2004
125
NOTICE TO SHAREHOLDERS September 30, 2004 (unaudited)
TAX INFORMATION
The information set forth below is for each Fund's fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2005 on Form 1099. Please consult your tax advisor for proper treatment of this information.
Dear First American Shareholders:
For the fiscal year ended September 30, 2004, each Fund has designated long term capital gains, ordinary income, and tax exempt income with regard to distributions paid during the year as follows:
Fund | Long Term Capital Gains Distributions (Tax Basis) | Tax Exempt Interest | Ordinary Income Distributions (Tax Basis) | Return of Capital | Total Distributions (Tax Basis) (a) | ||||||||||||||||||
Arizona Tax Free Fund | 6 | % | 90 | % | 4 | % | - | % | 100 | % | |||||||||||||
California Intermediate Tax Free Fund | 3 | 93 | 4 | - | 100 | ||||||||||||||||||
California Tax Free Fund | 16 | 84 | - | - | 100 | ||||||||||||||||||
Colorado Intermediate Tax Free Fund | - | 100 | - | - | 100 | ||||||||||||||||||
Colorado Tax Free Fund | 15 | 84 | 1 | - | 100 | ||||||||||||||||||
Intermediate Tax Free Fund | 3 | 97 | - | - | 100 | ||||||||||||||||||
Minnesota Intermediate Tax Free Fund | 4 | 95 | 1 | - | 100 | ||||||||||||||||||
Minnesota Tax Free Fund | 15 | 84 | 1 | - | 100 | ||||||||||||||||||
Missouri Tax Free Fund | 7 | 93 | - | - | 100 | ||||||||||||||||||
Nebraska Tax Free Fund | 6 | 92 | 2 | - | 100 | ||||||||||||||||||
Ohio Tax Free Fund | 10 | 80 | 10 | - | 100 | ||||||||||||||||||
Oregon Intermediate Tax Free Fund | 16 | 82 | 2 | - | 100 | ||||||||||||||||||
Short Tax Free Fund | 17 | 82 | 1 | - | 100 | ||||||||||||||||||
Tax Free Fund | 18 | 81 | 1 | - | 100 |
(a) None of the distributions made by these Funds are eligible for the dividends received deduction or are characterized as qualified dividend income.
How to Obtain a Copy of the Funds' Proxy Voting Policies and Proxy Voting Record
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.
Quarterly Portfolio Holdings Information
Beginning with the quarter ending December 31, 2004, each Fund will file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The Funds' Forms N-Q will be available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov. In addition, you may review and copy the Funds' Forms N-Q at the Commission's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
FIRST AMERICAN FUNDS Annual Report 2004
126
Directors and Officers of the Funds
Independent Directors
Name, Address, and Year of Birth | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Number of Portfolios in Fund Complex Overseen by Director | Directorships Held by Director † | ||||||||||||||||||
Benjamin R. Field III, P.O. Box 1329, Minneapolis, MN 55440-1329 (1938) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF, since September 2003 | Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004; Senior Vice President, Chief Financial Officer & Treasurer, Bemis, through April 2002. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
Mickey P. Foret, P.O. Box 1329, Minneapolis, MN 55440-1329 (1945) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003 | Consultant to Northwest Airlines, Inc. since 2002; Executive Vice President and Chief Financial Officer, Northwest Airlines, through 2002. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | ADC Telecommunications, Inc. Champion Airlines, Inc. MAIR Holdings Inc. (a regional airlines holding company) URS Corporation (an engineering firm) | ||||||||||||||||||
Roger A. Gibson, P.O. Box 1329, Minneapolis, MN 55440-1329 (1946) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997 | Retired; Vice President, Cargo-United Airlines, from July 2001 through July 2004; Vice President, North America - Mountain Region for United Airlines, prior to July 2001. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
Victoria J. Herget, P.O. Box 1329, Minneapolis, MN 55440-1329 (1951) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003 | Investment consultant and non-profit board member since 2001; Managing Director of Zurich Scudder Investments through 2001. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
Leonard W. Kedrowski, P.O. Box 1329, Minneapolis, MN 55440-1329 (1941) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993 | Owner, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
Richard K. Riederer, P.O. Box 1329, Minneapolis, MN 55440-1329 (1944) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001 | Retired; Director, President and Chief Executive Officer, Weirton Steel through 2001. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
FIRST AMERICAN FUNDS Annual Report 2004
127
NOTICE TO SHAREHOLDERS September 30, 2004 (unaudited)
Independent Directors - continued
Name, Address, and Year of Birth | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Number of Portfolios in Fund Complex Overseen by Director | Directorships Held by Director † | ||||||||||||||||||
Joseph D. Strauss, P.O. Box 1329, Minneapolis, MN 55440-1329 (1940) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991 | Owner, Chairman and Chief Executive Officer, Excensus(TM), LLC, a consulting firm, since 2001; owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; attorney at law. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
Virginia L. Stringer, P.O. Box 1329, Minneapolis, MN 55440-1329 (1944) | Chair; Director | Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF's Board since September 1997; Director of FAIF since August 1987 | Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
James M. Wade, P.O. Box 1329, Minneapolis, MN 55440-1329 (1943) | Director | Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001 | Owner and President, Jim Wade Homes, a homebuilding company, since 1999. | First American Funds Complex: eleven registered investment companies, including fifty-six portfolios | None | ||||||||||||||||||
† Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.
The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.
FIRST AMERICAN FUNDS Annual Report 2004
128
Officers
Position(s) Name, Address, and Year of Birth | Term of Office Held with Fund | and Length of Time Served | Principal Occupation(s) During Past 5 Years | ||||||||||||
Thomas S. Schreier, Jr., U.S. Bancorp Asset Management, Inc., 800 Nicollet Mall, Minneapolis, MN 55402 (1962)* | President | Re-elected by the Board annually; President of FAIF since February 2001 | Chief Executive Officer of the Advisor since May 2001; prior thereto, Chief Executive Officer of First American Asset Management since December 2000 and of Firstar Investment & Research Management Company ("FIRMCO") since February 2001; Senior Managing Director and Head of Equity Research of U.S. Bancorp Piper Jaffray from October 1998 through December 2000; prior to October 1998, Senior Airline Equity Analyst and a Director in the Equity Research Department of Credit Suisse First Boston. | ||||||||||||
Mark S. Jordahl, U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall, Minneapolis, MN 55402 (1960)* | Vice President– Investments | Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001 | Chief Investment Officer of U.S. Bancorp Asset Management, Inc. since September 2001; President and Chief Investment Officer, ING Investment Management - Americas, September 2000 to June 2001; Senior Vice President and Chief Investment Officer, ReliaStar Financial Corp., January 1998 to September 2000. | ||||||||||||
Jeffery M. Wilson, U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall, Minneapolis, MN 55402 (1956)* | Vice President– Administration | Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000 | Senior Vice President of U.S. Bancorp Asset Management, Inc. since May 2001; prior thereto, Senior Vice President of First American Asset Management. | ||||||||||||
Joseph M. Ulrey III, U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall, Minneapolis, MN 55402 (1958)* | Treasurer | Re-elected by the Board annually; Treasurer of FAIF since December 2003 | Chief Financial Officer since September 2004 and Senior Managing Director, Fund Treasury, since December 2003 and Senior Managing Director, Risk Management and Quantitative Analysis, since May 2001, U.S. Bancorp Asset Management, Inc. ("USBAM"); from May 2001 through December 2001, Senior Managing Director, Securities Lending and Money Market Funds, USBAM; prior thereto, Senior Managing Director, Securities Lending and Money Market Funds, First American Asset Management. | ||||||||||||
Douglas A. Paul, U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall, Minneapolis, MN 55402 (1947)* | Chief Compliance Officer | Re-elected by the Board annually; Chief Compliance Officer of FAIF since June 2004 | Chief Compliance Officer of U.S. Bancorp Asset Management, Inc. since June 2004; prior thereto, Partner, Kirkpatrick & Lockhart LLP since March 2000; prior thereto, Director of Compliance, Associate General Counsel, Vice President, American Century Investments. | ||||||||||||
Kathleen L. Prudhomme, U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall, Minneapolis, MN 55402 (1953)* | Assistant Secretary | Re-elected by the Board annually; Assistant Secretary of FAIF since September 1998 | Deputy General Counsel, U.S. Bancorp Asset Management, Inc. since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm. | ||||||||||||
James D. Alt, 50 South Sixth Street, Suite 1500, Minneapolis, MN 55402 (1951) | Secretary | Re-elected by the Board annually; Assistant Secretary of FAIF from September 1998 through June 2002. Secretary of FAIF since June 2002 | Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm. | ||||||||||||
Michael J. Radmer, 50 South Sixth Street, Suite 1500, Minneapolis, MN 55402 (1945) | Assistant Secretary | Re-elected by the Board annually; Assistant Secretary of FAIF since March 2000; Secretary of FAIF from September 1999 through March 2000 | Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm. | ||||||||||||
James R. Arnold, 615 E. Michigan Street, Milwaukee, WI 53202 (1957)* | Assistant Secretary | Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003 | Vice President, U.S. Bancorp Fund Services, LLC since March 2002; Senior Administration Services Manager, UMB Fund Services, Inc. through March 2002. | ||||||||||||
Douglas G. Hess, 615 E. Michigan Street, Milwaukee, WI 53202 (1967)* | Assistant Secretary | Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001 | Vice President, U.S. Bancorp Fund Services, LLC. | ||||||||||||
* Messrs. Schreier, Jordahl, Wilson, Ulrey, Paul and Ms. Prudhomme are each officers of U.S. Bancorp Asset Management, Inc., which serves as investment adviser and co-administrator for FAIF. Messrs. Hess and Arnold are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as co-administrator for FAIF.
FIRST AMERICAN FUNDS Annual Report 2004
129
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Board of Directors First American Investment Funds, Inc.
Virginia Stringer
Chairperson of First American Investment Funds, Inc.
Owner and President of Strategic Management Resources, Inc.
Benjamin Field III
Director of First American Investment Funds, Inc.
Senior Financial Advisor to, and formerly Senior Vice President, Chief Financial Officer, and Treasurer of, Bemis Company, Inc.
Mickey Foret
Director of First American Investment Funds, Inc.
Consultant to, and formerly Executive Vice President and Chief Financial Officer of, Northwest Airlines, Inc.
Roger Gibson
Director of First American Investment Funds, Inc.
Retired; former Vice President of Cargo-United Airlines
Victoria Herget
Director of First American Investment Funds, Inc.
Investment Consultant; former Managing Director of Zurich Scudder Investments
Leonard Kedrowski
Director of First American Investment Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
Richard Riederer
Director of First American Investment Funds, Inc.
Retired; former President and Chief Executive Officer of Weirton Steel
Joseph Strauss
Director of First American Investment Funds, Inc.
Owner and President of Strauss Management Company
James Wade
Director of First American Investment Funds, Inc.
Owner and President of Jim Wade Homes
First American Investment Funds’ Board of Directors is comprised entirely of independent directors.
Direct fund correspondence to:
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers only through the period ended September 30, 2004. The portfolio managers’ views are subject to change at any time based upon market or other conditions.
This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the Funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
INVESTMENT ADVISOR
U.S. Bancorp Asset Management, Inc.
800 Nicollet Mall
Minneapolis, Minnesota 55402
CO-ADMINISTRATORS
U.S. Bancorp Asset Management, Inc.
800 Nicollet Mall
Minneapolis, Minnesota 55402
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
CUSTODIAN
U.S. Bank National Association
180 East Fifth Street
St. Paul, Minnesota 55101
DISTRIBUTOR
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
220 South Sixth Street
Suite 1400
Minneapolis, Minnesota 55402
COUNSEL
Dorsey & Whitney LLP
50 South Sixth Street
Suite 1500
Minneapolis, Minnesota 55402
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
0388-04 11/2004 AR-TAXFREEINCOME
Item 2—Code of Ethics - Did registrant adopt a code of ethics, as of the end of the period covered by this report, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party? If not, why not? Briefly describe any amendments or waivers that occurred during the period. State here if code of ethics/amendments/waivers are on website and give website address. State here if fund will send code of ethics to shareholders without charge upon request.
Response: The registrant has adopted a code of ethics (designated as the “Code of Ethical Conduct”) that applies to its principal executive officer and principal financial officer. The registrant undertakes to furnish a copy of such Code of Ethical Conduct to any person upon request, without charge, by calling 1-800-677-3863.
Item 3—Audit Committee Financial Expert - - Did the registrant’s board of directors determine that the registrant either: (i) has at least one audit committee financial expert serving on its audit committee; or (ii) does not have an audit committee financial expert serving on its audit committee? If yes, disclose name of financial expert and whether he/she is “independent,” (fund may, but is not required, to disclose name/independence of more than one financial expert) If no, explain why not.
Response: The registrant’s Board of Directors has determined that Leonard Kedrowski, Benjamin Field, and Mickey Foret, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item. This designation will not increase the designees’ duties, obligations or liability as compared to their duties, obligations and liability as members of the Audit Committee and of the Board of Directors.
Item 4—Principal Accountant Fees and Services – Only disclosed annually.
(a) Audit Fees - Disclose aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
Response: Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $391,795 in the fiscal year ended September 30, 2004 and $312,163 in the fiscal year ended September 30, 2003, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form NCSR.
(b) Audit-Related Fees - Disclose aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
Response: Ernst & Young LLP (“E&Y”) billed the registrant audit-related fees totaling $36,134 in the fiscal year ended September 30, 2004 and $0 in the fiscal year ended September 30, 2003, for professional services associated with .
(c) Tax Fees - Disclose aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
Response: E&Y billed the registrant fees of $115,034 in the fiscal year ended September 30, 2004 and $129,482 in the fiscal year ended September 30, 2003 for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily relate to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.
(d) All Other Fees - Disclose aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
Response: There were no fees billed by E&Y for other services to the registrant during the fiscal years ended September 30, 2003 and 2004.
(e)(1) Disclose the audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation
S-X.
Response: Set forth below are the audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X:
Audit Committee policy regarding pre-approval of services provided by the Independent Auditor
The Audit Committee of the First American Funds has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Audit Committee should:
• Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality
• Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence
• Meet quarterly with the partner of the independent audit firm
• Consider approving categories of service that are not deemed to impair independence for a one-year period
It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.
Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the Audit Committee of the First American Funds (“Committee”) will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the Fund’s independent audit firm directly for the Funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.
The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the Funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.
In connection with the Audit Committee review and pre-approval responsibilities, the review by the Audit Committee will consist of the following:
Audit Services
The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:
• Annual Fund financial statement audits
• Seed audits (related to new product filings, as required)
• SEC and regulatory filings and consents
Audit-related Services
In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.
• Accounting consultations
• Fund merger support services
• Other accounting related matters
• Agreed Upon Procedure Reports
• Attestation Reports
• Other Internal Control Reports
Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Audit Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Audit Committee or its delegate on a case-by-case basis.
Tax Services
The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.
• Tax compliance services related to the filing or amendment of the following:
• Federal, state and local income tax compliance, and
• Sales and use tax compliance
• Timely RIC qualification reviews
• Tax distribution analysis and planning
• Tax authority examination services
• Tax appeals support services
• Accounting methods studies
• Fund merger support services
• Tax consulting services and related projects
Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Audit Committee Chair or its delegate on a case-by-case basis. Individual projects
with an estimated fee in excess of $50,000 are subject to pre-approval by the Audit Committee or its delegate on a case-by-case basis.
Other Non-audit Services
The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent firm without the prior approval of the Audit Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.
Proscribed Services
In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:
• Management functions
• Accounting and bookkeeping services
• Internal audit services
• Financial information systems design and implementation
• Valuation services supporting the financial statements
• Actuarial services supporting the financial statements
• Executive recruitment
• Expert services (e.g., litigation support)
• Investment banking
Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex
The Audit Committee of the First American Funds is also responsible for pre-approving certain non-audit services provided to U.S. Bancorp Asset Management, U.S. Bank N.A., Quasar Distributors, U.S. Bancorp Fund Services, LLC and any other entity under common control with U.S. Bancorp Asset Management that provides ongoing services to the Funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the Funds.
Although the Audit Committee is not required to pre-approve all services provided to U.S. Bancorp Asset Management and affiliated service providers, the Audit Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.
(e)(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Response: All of the services described in paragraphs (b) through (d) of Item 4 that were provided to the registrant on or after May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services, were pre-approved by the audit committee.
(f) If greater than 50%, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Response: All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year end were performed by the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
Response: The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $181,918 in the fiscal year ended September 30, 2004 and $261,682 in the fiscal year ended September 30, 2003, including services provided prior to May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services.
(h) Disclose whether the registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any Subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Response: The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved and that were rendered on or after May 6, 2003 (the effective date of SEC rules relating to the pre-approval of non-audit services), is compatible with maintaining E&Y’s independence.
Item 5—Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
Response: Not applicable. Registrant is not a listed issuer.
Item 6—Schedule of Investments (applicable for periods ending on or after July 9, 2004) – File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Response: The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - For closed-end funds that contain voting securities in their portfolio, describe the policies and procedures that it uses to determine how to vote proxies relating to those portfolio securities.
Response: Not applicable
Item 8—Portfolio Managers of Closed-End Management Investment Companies.
(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:
(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment advisor of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience during the past 5 years.
(2) If a Portfolio Manager required to be identified in response to paragraph (a) (1) of this Item is primarily responsible for the day-to-day management of the portfolio of any other account, provided the following information:
(i) The Portfolio Manager’s name;
(ii) The number of other accounts managed within each of the following categories and the total assets in the account managed within each category:
(A) Registered investment companies;
(B) Other pooled investment vehicles; and
(C) Other accounts.
(iii) For each of the categories in paragraph (a) (2) (ii) of this Item, the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account; and
(iv) A description of any material conflicts of interest that may arise in connection with the Portfolio Manager’s management of the registrant’s investments, on the one hand, and the investments of the other accounts included in response to paragraph (a) (2) (ii) of this Item, on the other. This description would include, for example, material conflicts between the investment strategy of the registrant and the investment strategy of other accounts managed by the Portfolio Manager and material conflicts in allocation of investment opportunities between the registrant and other accounts managed by the Portfolio Manager.
(3) Described the structure of, and the method used to determine, the compensation of each Portfolio Manager required to be identified in response to paragraph (a) (1) of this Item. For each type of compensation (e.g., salary, bonus, deferred compensation, retirement plans and arrangements), describe with specificity the criteria on which the type of compensation is based, for example, whether compensation is fixed, whether (and, if so, how) compensation is based on the registrant’s pre- or aftertax performance over a certain time period, and whether (and, if so, how) compensation is based on the value of assets held in the registrant’s portfolio. For example, if compensaton is based solely or in part on performance, identify any benchmark used
to measure performance and state the length of the period over which performance is measured.
(4) For each Portfolio Manager required to be identified in response to paragraph (a) (1) of this Item, state the dollar range of equity securities in the registrant beneficially owned by the Portfolio Manager using the following ranges: none, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000, or over $1,000,000.
(b) If the registrant is a closed-end management investment company that is filing a report on this Form N-CSR other than an annual report, disclose any change, as of the date of filing, in any of the Portfolio Managers identified in response to paragraph (a) (1) of this Item in the registrant’s most recent annual report on Form N-CSR. In addition, for any newly identified Portfolio Manager, provided the information required by paragraph (a) (1) of this Item as the date of filing of the report and the information required by paragraphs (a) (2), (a) (3), and (a) (4) of this Item as of the most recent practicable date.
Response: Not applicable
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Registrant Purchases of Equity Securities
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(b) The table shall include the following information for each class of securities for each month included in the period covered by the report:
(1) The total number of shares (or units) purchased (column (a));
(2) The average price paid per share (or unit) (column (b));
(3) The number of shares (or units) purchased as part of publicly announced repurchase plans or programs (column (c)); and
(4) The maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (column (d)).
Response: Not applicable
Item 10—Submission of Matters to a Vote of Security Holders – Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
Response: There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this item.
Item 11—Controls and Procedures
(a) Disclose the conclusions of the registrant’s principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, about the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph.
Response: The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Response: There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Exhibits
11(a) - Attach code of ethics or amendments/waivers, unless code of ethics or amendments/waivers is on website or offered to shareholders upon request without charge.
Response: This code of ethics is offered to shareholders upon request without charge.
11(b) - Attach certifications (4 in total pursuant to Sections 302 and 906 for PEO/PFO).
Response: Attached hereto.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
First American Investment Funds, Inc.
By: |
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| /s/ Thomas S. Schreier, Jr. |
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| Thomas S. Schreier, Jr. | |
| President | |
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Date: December 9, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
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| /s/ Thomas S. Schreier, Jr. |
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| Thomas S. Schreier, Jr. | |
| President | |
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Date: December 9, 2004 |
By: |
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| /s/ Charles D. Gariboldi |
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| Charles D. Gariboldi | |
| Treasurer | |
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Date: December 9, 2004 |