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| OMB APPROVAL |
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| OMB Number: 3235-0570 |
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| Expires: November 30, 2005 |
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| Estimated average burden |
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: March 31, 2005
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
|
| 2005 |
First American Index Funds
An index fund is a mutual fund that seeks to mirror, as closely as possible, the returns of a market index. It does so by purchasing almost all of the holdings in the index in roughly the same percentages. An equity index measures the collective value of a group of stocks in a specific segment of the marketplace. The most commonly known market index is the S&P 500 Index.
| Mutual fund investing involves risk; principal loss is possible. |
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| NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
FIRST AMERICAN FUNDS ONLINE
@ firstamericanfunds.com
Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets. You’ll also find college and retirement planning tools and general investor education.
Online features and functionality include:
• The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds
• The ability to educate yourself through market and investment strategy commentaries
We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
TABLE OF CONTENTS
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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1
Equity Index fund
Expense Example
As a shareholder of the Equity Index Fund (the "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 October 1, 2004, to March 31, 2005.
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 (10/1/2004) | Ending Account Value (3/31/2005) | Expenses Paid During Period1 (10/1/2004 to 3/31/2005) | |||||||||||||
| Class A Actual | $ | 1,000.00 | $ | 1,066.20 | $ | 3.19 | |||||||||
| Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.84 | $ | 3.13 | |||||||||
| Class B Actual | $ | 1,000.00 | $ | 1,062.00 | $ | 7.04 | |||||||||
| Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.10 | $ | 6.89 | |||||||||
| Class C Actual | $ | 1,000.00 | $ | 1,062.10 | $ | 7.04 | |||||||||
| Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.10 | $ | 6.89 | |||||||||
| Class R Actual | $ | 1,000.00 | $ | 1,064.90 | $ | 4.48 | |||||||||
| Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.59 | $ | 4.38 | |||||||||
| Class Y Actual | $ | 1,000.00 | $ | 1,067.50 | $ | 1.91 | |||||||||
| Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.09 | $ | 1.87 | |||||||||
| Top 10 Companies as of March 31, 20052 (% of net assets) | |||||||
| Exxon Mobil | 3.5 | % | |||||
| General Electric | 3.5 | % | |||||
| Microsoft | 2.2 | % | |||||
| Citigroup | 2.1 | % | |||||
| Johnson & Johnson | 1.8 | % | |||||
| Pfizer | 1.8 | % | |||||
| Bank of America | 1.7 | % | |||||
| Wal-Mart Stores | 1.6 | % | |||||
| IBM | 1.4 | % | |||||
| Intel | 1.3 | % | |||||
| Sector Allocation as of March 31, 20052 (% of net assets) | |||||||
| Fund | |||||||
| Financials | 19.6 | % | |||||
| Information Technology | 15.5 | % | |||||
| Health Care | 12.8 | % | |||||
| Industrials | 11.8 | % | |||||
| Consumer Discretionary | 11.0 | % | |||||
| Consumer Staples | 10.2 | % | |||||
| Energy | 8.7 | % | |||||
| Materials | 3.2 | % | |||||
| Telecommunication Services | 3.1 | % | |||||
| Utilities | 3.1 | % | |||||
1Expenses are equal to the fund's annualized expense ratio of 0.62%, 1.37%, 1.37%, 0.87% and 0.37% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).
2Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
FIRST AMERICAN FUNDS Semiannual Report 2005
2
Mid Cap Index fund
Expense Example
As a shareholder of the Mid Cap Index Fund (the "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 October 1, 2004, to March 31, 2005.
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 (10/1/2004) | Ending Account Value (3/31/2005) | Expenses Paid During Period1 (10/1/2004 to 3/31/2005) | |||||||||||||
| Class A Actual | $ | 1,000.00 | $ | 1,112.90 | $ | 3.95 | |||||||||
| Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.19 | $ | 3.78 | |||||||||
| Class B Actual | $ | 1,000.00 | $ | 1,108.50 | $ | 7.89 | |||||||||
| Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.45 | $ | 7.54 | |||||||||
| Class C Actual | $ | 1,000.00 | $ | 1,109.10 | $ | 7.89 | |||||||||
| Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.45 | $ | 7.54 | |||||||||
| Class R Actual | $ | 1,000.00 | $ | 1,111.30 | $ | 5.26 | |||||||||
| Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.95 | $ | 5.04 | |||||||||
| Class Y Actual | $ | 1,000.00 | $ | 1,115.10 | $ | 2.64 | |||||||||
| Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.44 | $ | 2.52 | |||||||||
| Top 10 Companies as of March 31, 20052 (% of net assets) | |||||||
| Murphy Oil | 0.8 | % | |||||
| D.R. Horton | 0.8 | % | |||||
| Legg Mason | 0.8 | % | |||||
| Lennar | 0.8 | % | |||||
| Weatherford International | 0.7 | % | |||||
| Coventry Health Care | 0.7 | % | |||||
| Patterson Companies | 0.6 | % | |||||
| Smith International | 0.6 | % | |||||
| Whole Foods Market | 0.6 | % | |||||
| Pioneer Natural Resources | 0.6 | % | |||||
| Sector Allocation as of March 31, 20052 (% of net assets) | |||||||
| Fund | |||||||
| Consumer Discretionary | 18.0 | % | |||||
| Financials | 16.2 | % | |||||
| Information Technology | 13.2 | % | |||||
| Industrials | 12.1 | % | |||||
| Health Care | 11.1 | % | |||||
| Energy | 7.1 | % | |||||
| Utilities | 6.7 | % | |||||
| Materials | 5.1 | % | |||||
| Consumer Staples | 4.3 | % | |||||
| Telecommunication Services | 0.5 | % | |||||
1Expenses are equal to the fund's annualized expense ratio of 0.75%, 1.50%, 1.50%, 1.00% and 0.50% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).
2Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
FIRST AMERICAN FUNDS Semiannual Report 2005
3
Small Cap Index fund
Expense Example
As a shareholder of the Small Cap Index Fund (the "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 October 1, 2004, to March 31, 2005.
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 (10/1/2004) | Ending Account Value (3/31/2005) | Expenses Paid During Period1 (10/1/2004 to 3/31/2005) | |||||||||||||
| Class A Actual | $ | 1,000.00 | $ | 1,078.30 | $ | 4.82 | |||||||||
| Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.29 | $ | 4.68 | |||||||||
| Class B Actual | $ | 1,000.00 | $ | 1,071.00 | $ | 8.67 | |||||||||
| Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.55 | $ | 8.45 | |||||||||
| Class C Actual | $ | 1,000.00 | $ | 1,071.20 | $ | 8.68 | |||||||||
| Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.55 | $ | 8.45 | |||||||||
| Class R Actual | $ | 1,000.00 | $ | 1,073.10 | $ | 6.10 | |||||||||
| Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.05 | $ | 5.94 | |||||||||
| Class Y Actual | $ | 1,000.00 | $ | 1,075.60 | $ | 3.52 | |||||||||
| Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.54 | $ | 3.43 | |||||||||
| Top 10 Companies as of March 31, 20052 (% of net assets) | |||||||
| Plains Exploration & Production | 0.3 | % | |||||
| Joy Global | 0.3 | % | |||||
| CMS Energy | 0.2 | % | |||||
| Crown Holdings | 0.2 | % | |||||
| Tesoro Petroleum | 0.2 | % | |||||
| Energen | 0.2 | % | |||||
| Boyd Gaming | 0.2 | % | |||||
| Allegheny Technologies | 0.2 | % | |||||
| Terex | 0.2 | % | |||||
| Laidlaw International | 0.2 | % | |||||
| Sector Allocation as of March 31, 20052 (% of net assets) | |||||||
| Fund | |||||||
| Financials | 21.4 | % | |||||
| Information Technology | 16.3 | % | |||||
| Consumer Discretionary | 15.1 | % | |||||
| Industrials | 14.5 | % | |||||
| Health Care | 11.6 | % | |||||
| Energy | 6.6 | % | |||||
| Materials | 6.5 | % | |||||
| Utilities | 3.5 | % | |||||
| Consumer Staples | 2.9 | % | |||||
| Telecommunication Services | 1.1 | % | |||||
1Expenses are equal to the fund's annualized expense ratio of 0.93%, 1.68%, 1.68%, 1.18% and 0.68% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).
2Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
FIRST AMERICAN FUNDS Semiannual Report 2005
4
Schedule of Investments March 31, 2005 (unaudited)
Equity Index Fund
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Common Stocks – 99.0% | |||||||||||
| Consumer Discretionary – 11.0% | |||||||||||
| AutoNation* (a) | 46,040 | $ | 872 | ||||||||
| Autozone* | 13,884 | 1,190 | |||||||||
| Bed Bath & Beyond* | 60,813 | 2,222 | |||||||||
| Best Buy (a) | 62,523 | 3,377 | |||||||||
| Big Lots* (a) | 23,598 | 284 | |||||||||
| Black & Decker (a) | 16,069 | 1,269 | |||||||||
| Brunswick | 19,043 | 892 | |||||||||
| Carnival (a) | 107,593 | 5,574 | |||||||||
| Centex (a) | 24,964 | 1,430 | |||||||||
| Circuit City Stores | 42,225 | 678 | |||||||||
| Clear Channel Communications | 112,555 | 3,880 | |||||||||
| Coach* | 37,438 | 2,120 | |||||||||
| Comcast, Cl A* (a) | 456,185 | 15,410 | |||||||||
| Cooper Tire & Rubber (a) | 14,969 | 275 | |||||||||
| Dana (a) | 30,046 | 384 | |||||||||
| Darden Restaurants (a) | 32,819 | 1,007 | |||||||||
| Delphi | 113,283 | 508 | |||||||||
| Dillards, Cl A | 14,452 | 389 | |||||||||
| Dollar General | 68,535 | 1,502 | |||||||||
| Dow Jones & Company (a) | 14,432 | 539 | |||||||||
| Eastman Kodak (a) | 57,931 | 1,886 | |||||||||
| Family Dollar Stores (a) | 34,048 | 1,034 | |||||||||
| Federated Department Stores (a) | 34,565 | 2,200 | |||||||||
| Ford Motor (a) | 374,536 | 4,243 | |||||||||
| Fortune Brands (a) | 29,365 | 2,368 | |||||||||
| Gannett (a) | 52,764 | 4,173 | |||||||||
| Gap | 150,751 | 3,292 | |||||||||
| General Motors (a) | 114,540 | 3,366 | |||||||||
| Genuine Parts | 35,378 | 1,539 | |||||||||
| Goodyear Tire & Rubber* (a) | 35,443 | 473 | |||||||||
| Harley-Davidson (a) | 59,932 | 3,462 | |||||||||
| Harrah's Entertainment (a) | 22,632 | 1,462 | |||||||||
| Hasbro (a) | 35,117 | 718 | |||||||||
| Hilton Hotels | 77,148 | 1,724 | |||||||||
| Home Depot (a) | 447,016 | 17,094 | |||||||||
| International Game Technology | 70,520 | 1,880 | |||||||||
| Interpublic Group of Companies* (a) | 86,231 | 1,059 | |||||||||
| J.C. Penney | 56,152 | 2,915 | |||||||||
| Johnson Controls (a) | 38,346 | 2,138 | |||||||||
| Jones Apparel Group (a) | 24,879 | 833 | |||||||||
| KB HOME (a) | 8,253 | 969 | |||||||||
| Knight-Ridder (a) | 16,253 | 1,093 | |||||||||
| Kohl's* (a) | 68,633 | 3,544 | |||||||||
| Leggett & Platt | 38,897 | 1,123 | |||||||||
| Limited (a) | 83,012 | 2,017 | |||||||||
| Liz Claiborne | 22,194 | 891 | |||||||||
| Lowe's (a) | 157,301 | 8,980 | |||||||||
| Marriott International, Cl A | 41,151 | 2,751 | |||||||||
| Mattel (a) | 84,475 | 1,804 | |||||||||
| May Department Stores (a) | 59,770 | 2,213 | |||||||||
| Maytag (a) | 15,732 | 220 | |||||||||
| McDonald's | 258,258 | 8,042 | |||||||||
| McGraw-Hill (a) | 38,656 | 3,373 | |||||||||
| New York Times, Cl A | 30,215 | 1,105 | |||||||||
| Newell Rubbermaid (a) | 55,478 | 1,217 | |||||||||
| News (a) | 552,110 | 9,342 | |||||||||
| Nike, Cl B (a) | 46,749 | 3,895 | |||||||||
| Nordstrom (a) | 27,118 | 1,502 | |||||||||
| Office Depot* | 62,644 | 1,389 | |||||||||
| Officemax | 17,745 | 594 | |||||||||
| Omnicom Group (a) | 38,241 | 3,385 | |||||||||
| Pulte (a) | 27,540 | 2,028 | |||||||||
| RadioShack (a) | 33,473 | 820 | |||||||||
| Reebok International (a) | 12,183 | 540 | |||||||||
Equity Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Sears Holdings* | 20,850 | $ | 2,777 | ||||||||
| Sherwin Williams (a) | 30,922 | 1,360 | |||||||||
| Snap-On | 11,798 | 375 | |||||||||
| Stanley Works | 16,749 | 758 | |||||||||
| Staples (a) | 101,541 | 3,191 | |||||||||
| Starbucks* | 81,696 | 4,220 | |||||||||
| Starwood Hotels & Resorts Worldwide (a) | 41,780 | 2,508 | |||||||||
| Target | 183,395 | 9,173 | |||||||||
| Tiffany & Company (a) | 29,821 | 1,029 | |||||||||
| Time Warner* (a) | 936,818 | 16,441 | |||||||||
| TJX (a) | 98,424 | 2,424 | |||||||||
| Toys 'R' Us* (a) | 43,131 | 1,111 | |||||||||
| Tribune (a) | 67,521 | 2,692 | |||||||||
| Univision Communications, Cl A* (a) | 59,543 | 1,649 | |||||||||
| V.F. | 21,598 | 1,277 | |||||||||
| Viacom, Cl B | 353,058 | 12,297 | |||||||||
| Visteon (a) | 26,367 | 151 | |||||||||
| Walt Disney (a) | 413,193 | 11,871 | |||||||||
| Wendy's International (a) | 22,947 | 896 | |||||||||
| Whirlpool (a) | 13,558 | 918 | |||||||||
| Yum! Brands (a) | 59,964 | 3,107 | |||||||||
| 244,723 | |||||||||||
| Consumer Staples – 10.2% | |||||||||||
| Alberto-Culver, Cl B | 17,326 | 829 | |||||||||
| Albertson's (a) | 74,012 | 1,528 | |||||||||
| Altria Group (a) | 417,741 | 27,316 | |||||||||
| Anheuser-Busch (a) | 161,730 | 7,664 | |||||||||
| Archer-Daniels-Midland (a) | 131,773 | 3,239 | |||||||||
| Avon Products (a) | 95,506 | 4,101 | |||||||||
| Brown-Forman, Cl B | 4,666 | 255 | |||||||||
| Campbell Soup | 66,544 | 1,931 | |||||||||
| Clorox (a) | 31,303 | 1,972 | |||||||||
| Coca-Cola | 492,511 | 20,523 | |||||||||
| Coca-Cola Enterprises | 36,557 | 750 | |||||||||
| Colgate-Palmolive | 108,042 | 5,637 | |||||||||
| ConAgra Foods (a) | 107,163 | 2,896 | |||||||||
| Costco Wholesale (a) | 92,420 | 4,083 | |||||||||
| CVS | 80,615 | 4,242 | |||||||||
| General Mills (a) | 67,645 | 3,325 | |||||||||
| Gillette | 202,100 | 10,202 | |||||||||
| H.J. Heinz | 71,100 | 2,619 | |||||||||
| Hershey Foods (a) | 44,834 | 2,711 | |||||||||
| Kellogg | 71,842 | 3,109 | |||||||||
| Kimberly-Clark | 99,277 | 6,525 | |||||||||
| Kroger* (a) | 150,448 | 2,412 | |||||||||
| McCormick | 28,200 | 971 | |||||||||
| Molson Coors Brewing (a) | 16,016 | 1,236 | |||||||||
| Pepsi Bottling | 40,953 | 1,141 | |||||||||
| PepsiCo | 344,060 | 18,245 | |||||||||
| Procter & Gamble (a) | 516,378 | 27,368 | |||||||||
| Reynolds American (a) | 22,950 | 1,850 | |||||||||
| Safeway* (a) | 90,675 | 1,680 | |||||||||
| Sara Lee (a) | 159,764 | 3,540 | |||||||||
| SUPERVALU (a) | 27,071 | 903 | |||||||||
| Sysco | 134,930 | 4,830 | |||||||||
| UST | 33,746 | 1,745 | |||||||||
| Walgreen (a) | 208,032 | 9,241 | |||||||||
| Wal-Mart Stores (a) | 703,357 | 35,245 | |||||||||
| Wrigley, William Jr. | 39,973 | 2,621 | |||||||||
| 228,485 | |||||||||||
| Energy – 8.7% | |||||||||||
| Amerada Hess (a) | 18,190 | 1,750 | |||||||||
| Anadarko Petroleum | 50,444 | 3,839 | |||||||||
| Apache | 71,838 | 4,399 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
5
Schedule of Investments March 31, 2005 (unaudited)
Equity Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Ashland | 13,799 | $ | 931 | ||||||||
| Baker Hughes (a) | 67,666 | 3,010 | |||||||||
| BJ Services (a) | 33,293 | 1,727 | |||||||||
| Burlington Resources | 81,164 | 4,064 | |||||||||
| ChevronTexaco (a) | 423,984 | 24,723 | |||||||||
| ConocoPhillips | 139,124 | 15,003 | |||||||||
| Devon Energy | 99,492 | 4,751 | |||||||||
| El Paso (a) | 141,487 | 1,497 | |||||||||
| EOG Resources (a) | 47,602 | 2,320 | |||||||||
| Exxon Mobil | 1,325,002 | 78,970 | |||||||||
| Halliburton (a) | 100,135 | 4,331 | |||||||||
| Kerr-McGee | 31,056 | 2,433 | |||||||||
| Kinder Morgan (a) | 22,796 | 1,726 | |||||||||
| Marathon Oil (a) | 69,074 | 3,241 | |||||||||
| Nabors Industries* (a) | 30,220 | 1,787 | |||||||||
| National-Oilwell Varco* (a) | 29,905 | 1,397 | |||||||||
| Noble* (a) | 27,023 | 1,519 | |||||||||
| Occidental Petroleum | 80,804 | 5,751 | |||||||||
| Rowan* | 21,173 | 634 | |||||||||
| Schlumberger (a) | 119,734 | 8,439 | |||||||||
| Sunoco | 14,886 | 1,541 | |||||||||
| Transocean* (a) | 69,192 | 3,561 | |||||||||
| Unocal | 53,874 | 3,323 | |||||||||
| Valero Energy | 52,090 | 3,817 | |||||||||
| Williams (a) | 113,902 | 2,142 | |||||||||
| XTO Energy | 71,060 | 2,334 | |||||||||
| 194,960 | |||||||||||
| Financials – 19.6% | |||||||||||
| ACE | 57,210 | 2,361 | |||||||||
| AFLAC | 103,277 | 3,848 | |||||||||
| Allstate (a) | 141,517 | 7,650 | |||||||||
| Ambac Financial Group | 22,009 | 1,645 | |||||||||
| American Express | 256,777 | 13,191 | |||||||||
| American International Group (a) | 530,190 | 29,378 | |||||||||
| AmSouth Bancorp (a) | 70,906 | 1,840 | |||||||||
| AON (a) | 63,257 | 1,445 | |||||||||
| Apartment Investment & Management (a) | 19,118 | 711 | |||||||||
| Archstone-Smith Trust | 37,220 | 1,270 | |||||||||
| Bank of America (a) | 843,522 | 37,199 | |||||||||
| Bank of New York | 156,979 | 4,560 | |||||||||
| BB&T (a) | 110,386 | 4,314 | |||||||||
| Bear Stearns | 22,091 | 2,207 | |||||||||
| Capital One Financial (a) | 50,793 | 3,798 | |||||||||
| Charles Schwab (a) | 249,424 | 2,621 | |||||||||
| Chubb (a) | 37,908 | 3,005 | |||||||||
| Cincinnati Financial | 34,050 | 1,485 | |||||||||
| CIT Group | 41,662 | 1,583 | |||||||||
| Citigroup | 1,062,354 | 47,742 | |||||||||
| Comerica | 35,440 | 1,952 | |||||||||
| Compass Bancshares | 10,210 | 464 | |||||||||
| Countrywide Financial (a) | 115,918 | 3,763 | |||||||||
| E*TRADE Financial* | 76,250 | 915 | |||||||||
| Equity Office Properties Trust (REIT) | 82,537 | 2,487 | |||||||||
| Equity Residential Properties Trust (REIT) | 58,516 | 1,885 | |||||||||
| Fannie Mae | 198,132 | 10,788 | |||||||||
| Federated Investors, Cl B | 19,580 | 554 | |||||||||
| Fifth Third Bancorp | 115,195 | 4,951 | |||||||||
| First Horizon National | 25,435 | 1,037 | |||||||||
| Franklin Resources | 36,525 | 2,507 | |||||||||
| Freddie Mac | 139,807 | 8,836 | |||||||||
| Golden West Financial (a) | 63,204 | 3,824 | |||||||||
| Goldman Sachs Group (a) | 82,550 | 9,080 | |||||||||
| Hartford Financial Services Group (a) | 59,249 | 4,062 | |||||||||
| Huntington Bancshares (a) | 46,242 | 1,105 | |||||||||
| J. P. Morgan Chase | 720,891 | 24,943 | |||||||||
Equity Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Janus Capital Group (a) | 48,381 | $ | 675 | ||||||||
| Jefferson-Pilot (a) | 27,533 | 1,350 | |||||||||
| KeyCorp (a) | 83,686 | 2,716 | |||||||||
| Lehman Brothers Holdings (a) | 56,227 | 5,294 | |||||||||
| Lincoln National | 35,935 | 1,622 | |||||||||
| Loew's | 32,656 | 2,402 | |||||||||
| M & T Bank | 20,450 | 2,087 | |||||||||
| Marsh & McLennan | 107,632 | 3,274 | |||||||||
| Marshall & Ilsley (a) | 45,957 | 1,919 | |||||||||
| MBIA (a) | 29,309 | 1,532 | |||||||||
| MBNA | 258,973 | 6,358 | |||||||||
| Mellon Financial | 87,066 | 2,485 | |||||||||
| Merrill Lynch (a) | 190,526 | 10,784 | |||||||||
| Metlife | 151,513 | 5,924 | |||||||||
| MGIC Investment (a) | 20,058 | 1,237 | |||||||||
| Moody's (a) | 29,559 | 2,390 | |||||||||
| Morgan Stanley | 223,073 | 12,771 | |||||||||
| National City | 136,535 | 4,574 | |||||||||
| North Fork Bancorp | 96,127 | 2,667 | |||||||||
| Northern Trust (a) | 44,646 | 1,939 | |||||||||
| Plum Creek Timber (REIT) | 37,576 | 1,341 | |||||||||
| PNC Financial Services | 56,631 | 2,915 | |||||||||
| Principal Financial Group (a) | 65,440 | 2,519 | |||||||||
| Progressive | 40,598 | 3,725 | |||||||||
| Prologis | 37,650 | 1,397 | |||||||||
| Providian Financial* (a) | 58,669 | 1,007 | |||||||||
| Prudential Financial (a) | 104,430 | 5,994 | |||||||||
| Regions Financial (a) | 94,882 | 3,074 | |||||||||
| SAFECO (a) | 25,345 | 1,235 | |||||||||
| Simon Property Group (REIT) | 45,276 | 2,743 | |||||||||
| SLM | 87,890 | 4,380 | |||||||||
| Sovereign Bancorp (a) | 70,832 | 1,570 | |||||||||
| St. Paul Travelers Companies (a) | 134,576 | 4,943 | |||||||||
| State Street | 71,895 | 3,143 | |||||||||
| SunTrust Banks (a) | 66,864 | 4,819 | |||||||||
| Synovus Financial (a) | 60,939 | 1,698 | |||||||||
| T. Rowe Price Group | 25,596 | 1,520 | |||||||||
| Torchmark | 22,007 | 1,149 | |||||||||
| U.S. Bancorp (b) | 390,424 | 11,252 | |||||||||
| UnumProvident (a) | 61,157 | 1,041 | |||||||||
| Wachovia (a) | 326,987 | 16,647 | |||||||||
| Washington Mutual (a) | 177,726 | 7,020 | |||||||||
| Wells Fargo (a) | 343,108 | 20,518 | |||||||||
| XL Capital Limited, Cl A | 27,619 | 1,999 | |||||||||
| Zions Bancorporation | 18,140 | 1,252 | |||||||||
| 437,907 | |||||||||||
| Health Care – 12.8% | |||||||||||
| Abbott Laboratories | 317,028 | 14,780 | |||||||||
| Aetna (a) | 60,674 | 4,548 | |||||||||
| Allergan (a) | 26,396 | 1,834 | |||||||||
| AmerisourceBergen (a) | 22,624 | 1,296 | |||||||||
| Amgen* (a) | 256,793 | 14,948 | |||||||||
| Applied Biosystems Group – Applera (a) | 39,908 | 788 | |||||||||
| Bausch & Lomb (a) | 10,532 | 772 | |||||||||
| Baxter International | 124,113 | 4,217 | |||||||||
| Becton, Dickinson & Company | 51,343 | 2,999 | |||||||||
| Biogen IDEC* (a) | 67,892 | 2,343 | |||||||||
| Biomet (a) | 51,067 | 1,854 | |||||||||
| Boston Scientific* | 167,514 | 4,906 | |||||||||
| Bristol-Myers Squibb | 394,004 | 10,031 | |||||||||
| C.R Bard | 19,560 | 1,332 | |||||||||
| Cardinal Health | 89,973 | 5,020 | |||||||||
| Caremark Rx* (a) | 91,340 | 3,634 | |||||||||
| Chiron* (a) | 29,190 | 1,023 | |||||||||
| CIGNA | 28,738 | 2,566 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
6
Equity Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Eli Lilly (a) | 228,424 | $ | 11,901 | ||||||||
| Express Scripts* (a) | 15,580 | 1,358 | |||||||||
| Fisher Scientific International* (a) | 23,123 | 1,316 | |||||||||
| Forest Laboratories, Cl A* (a) | 75,223 | 2,779 | |||||||||
| Genzyme* (a) | 50,667 | 2,900 | |||||||||
| Gilead Sciences* | 88,010 | 3,151 | |||||||||
| Guidant | 64,384 | 4,758 | |||||||||
| HCA (a) | 85,747 | 4,593 | |||||||||
| Health Management Associates, Cl A (a) | 48,491 | 1,269 | |||||||||
| Hospira* | 31,590 | 1,019 | |||||||||
| Humana* (a) | 32,688 | 1,044 | |||||||||
| IMS Health | 47,223 | 1,152 | |||||||||
| Johnson & Johnson (a) | 604,039 | 40,567 | |||||||||
| King Pharmaceuticals* | 48,739 | 405 | |||||||||
| Laboratory Corporation of America Holdings* (a) | 28,171 | 1,358 | |||||||||
| Manor Care (a) | 18,008 | 655 | |||||||||
| McKesson HBOC (a) | 59,828 | 2,259 | |||||||||
| Medco Health Solutions* (a) | 54,673 | 2,710 | |||||||||
| MedImmune* (a) | 50,518 | 1,203 | |||||||||
| Medtronic | 246,048 | 12,536 | |||||||||
| Merck (a) | 453,943 | 14,694 | |||||||||
| Millipore* | 10,137 | 440 | |||||||||
| Mylan Laboratories | 54,620 | 968 | |||||||||
| PerkinElmer | 24,958 | 515 | |||||||||
| Pfizer | 1,541,605 | 40,498 | |||||||||
| Quest Diagnostics | 18,648 | 1,960 | |||||||||
| Schering-Plough | 297,053 | 5,392 | |||||||||
| St. Jude Medical* | 71,228 | 2,564 | |||||||||
| Stryker (a) | 80,528 | 3,592 | |||||||||
| Tenet Healthcare* (a) | 93,778 | 1,081 | |||||||||
| Thermo Electron* | 32,815 | 830 | |||||||||
| UnitedHealth Group | 134,169 | 12,797 | |||||||||
| Watson Pharmaceuticals* (a) | 22,137 | 680 | |||||||||
| WellPoint Health Networks* | 60,491 | 7,583 | |||||||||
| Wyeth Pharmaceuticals | 271,142 | 11,437 | |||||||||
| Zimmer Holdings* (a) | 49,466 | 3,849 | |||||||||
| 286,704 | |||||||||||
| Industrials – 11.8% | |||||||||||
| 3M (a) | 159,670 | 13,682 | |||||||||
| Allied Waste Industries* | 65,565 | 479 | |||||||||
| American Power Conversion (a) | 40,711 | 1,063 | |||||||||
| American Standard* | 43,827 | 2,037 | |||||||||
| Apollo Group, Cl A* (a) | 34,133 | 2,528 | |||||||||
| Avery Dennison | 22,335 | 1,383 | |||||||||
| Boeing (a) | 171,635 | 10,034 | |||||||||
| Burlington Northern Santa Fe (a) | 76,958 | 4,150 | |||||||||
| Caterpillar (a) | 69,427 | 6,348 | |||||||||
| Cendant | 215,228 | 4,421 | |||||||||
| Cintas | 30,566 | 1,263 | |||||||||
| Cooper Industries | 19,370 | 1,385 | |||||||||
| CSX (a) | 43,254 | 1,802 | |||||||||
| Cummins (a) | �� | 8,820 | 620 | ||||||||
| Danaher (a) | 56,222 | 3,003 | |||||||||
| Deere & Company | 50,595 | 3,396 | |||||||||
| Delta Air Lines* (a) | 28,503 | 115 | |||||||||
| Dover | 35,362 | 1,336 | |||||||||
| Eaton | 30,376 | 1,987 | |||||||||
| Emerson Electric | 85,441 | 5,548 | |||||||||
| Equifax | 28,367 | 871 | |||||||||
| FedEx | 60,571 | 5,691 | |||||||||
| Fluor (a) | 16,511 | 915 | |||||||||
| General Dynamics | 39,873 | 4,268 | |||||||||
| General Electric | 2,164,121 | 78,038 | |||||||||
| Goodrich (a) | 24,305 | 931 | |||||||||
| H & R Block | 36,323 | 1,837 | |||||||||
Equity Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Honeywell International | 173,892 | $ | 6,471 | ||||||||
| Illinois Tool Works | 60,193 | 5,389 | |||||||||
| Ingersoll-Rand, Cl A | 35,054 | 2,792 | |||||||||
| ITT Industries | 18,676 | 1,685 | |||||||||
| L-3 Communications Holdings (a) | 21,181 | 1,504 | |||||||||
| Lockheed Martin (a) | 90,433 | 5,522 | |||||||||
| Masco | 94,576 | 3,279 | |||||||||
| Monster Worldwide* (a) | 24,035 | 674 | |||||||||
| Navistar International* | 13,822 | 503 | |||||||||
| Norfolk Southern | 79,098 | 2,931 | |||||||||
| Northrop Grumman | 71,204 | 3,844 | |||||||||
| Paccar | 35,352 | 2,559 | |||||||||
| Pall | 25,095 | 681 | |||||||||
| Parker Hannifin (a) | 23,883 | 1,455 | |||||||||
| Pitney Bowes | 39,657 | 1,789 | |||||||||
| R.R. Donnelley & Sons | 43,571 | 1,378 | |||||||||
| Raytheon | 90,211 | 3,491 | |||||||||
| Robert Half International | 33,000 | 890 | |||||||||
| Rockwell Automation (a) | 37,486 | 2,123 | |||||||||
| Rockwell Collins (a) | 35,929 | 1,710 | |||||||||
| Ryder System (a) | 12,791 | 533 | |||||||||
| Southwest Airlines | 158,866 | 2,262 | |||||||||
| Textron | 27,686 | 2,066 | |||||||||
| Tyco International | 407,655 | 13,779 | |||||||||
| Union Pacific (a) | 52,636 | 3,669 | |||||||||
| United Parcel Service, Cl B (a) | 226,181 | 16,452 | |||||||||
| United Technologies | 107,123 | 10,890 | |||||||||
| W.W. Grainger | 18,413 | 1,147 | |||||||||
| Waste Management | 116,860 | 3,371 | |||||||||
| 263,970 | |||||||||||
| Information Technology – 15.5% | |||||||||||
| ADC Telecommunications* | 162,587 | 324 | |||||||||
| Adobe Systems | 48,687 | 3,270 | |||||||||
| Advanced Micro Devices* (a) | 78,826 | 1,271 | |||||||||
| Affiliated Computer Services, Cl A* (a) | 26,590 | 1,416 | |||||||||
| Agilent Technologies* | 87,467 | 1,942 | |||||||||
| Altera* (a) | 77,322 | 1,529 | |||||||||
| Analog Devices (a) | 76,543 | 2,766 | |||||||||
| Andrew* (a) | 32,295 | 378 | |||||||||
| Apple Computer* | 167,344 | 6,973 | |||||||||
| Applied Materials* (a) | 347,168 | 5,641 | |||||||||
| Applied Micro Circuits* | 63,962 | 210 | |||||||||
| Autodesk | 45,872 | 1,365 | |||||||||
| Automatic Data Processing (a) | 120,911 | 5,435 | |||||||||
| Avaya* (a) | 98,298 | 1,148 | |||||||||
| BMC Software* | 46,184 | 693 | |||||||||
| Broadcom, Cl A* (a) | 67,280 | 2,013 | |||||||||
| CIENA* | 116,639 | 201 | |||||||||
| Cisco Systems* (a) | 1,335,539 | 23,893 | |||||||||
| Citrix Systems* (a) | 34,413 | 820 | |||||||||
| Computer Associates International (a) | 116,812 | 3,166 | |||||||||
| Computer Sciences* (a) | 37,831 | 1,735 | |||||||||
| Compuware* | 77,376 | 557 | |||||||||
| Comverse Technology* (a) | 39,719 | 1,002 | |||||||||
| Convergys* (a) | 32,790 | 490 | |||||||||
| Corning* (a) | 284,293 | 3,164 | |||||||||
| Dell* | 508,540 | 19,538 | |||||||||
| eBay* | 244,256 | 9,101 | |||||||||
| Electronic Arts* (a) | 59,528 | 3,082 | |||||||||
| Electronic Data Systems (a) | 98,608 | 2,038 | |||||||||
| EMC* | 496,700 | 6,119 | |||||||||
| First Data | 170,179 | 6,690 | |||||||||
| Fiserv* (a) | 39,136 | 1,558 | |||||||||
| Freescale Semiconductor* | 79,617 | 1,373 | |||||||||
| Gateway* (a) | 61,201 | 247 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
7
Schedule of Investments March 31, 2005 (unaudited)
Equity Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Hewlett-Packard | 616,854 | $ | 13,534 | ||||||||
| IBM | 337,449 | 30,836 | |||||||||
| Intel | 1,282,370 | 29,789 | |||||||||
| Intuit* (a) | 41,433 | 1,814 | |||||||||
| Jabil Circuit* (a) | 40,207 | 1,147 | |||||||||
| JDS Uniphase* (a) | 292,909 | 489 | |||||||||
| KLA-Tencor* (a) | 39,374 | 1,812 | |||||||||
| Lexmark International Group, Cl A* (a) | 26,125 | 2,089 | |||||||||
| Linear Technology (a) | 62,499 | 2,394 | |||||||||
| LSI Logic* | 78,618 | 439 | |||||||||
| Lucent Technologies* (a) | 902,923 | 2,483 | |||||||||
| Maxim Integrated Products (a) | 66,448 | 2,716 | |||||||||
| Mercury Interactive* (a) | 18,312 | 868 | |||||||||
| Micron Technology* (a) | 123,311 | 1,275 | |||||||||
| Microsoft | 2,074,642 | 50,144 | |||||||||
| Molex | 38,636 | 1,018 | |||||||||
| Motorola | 495,568 | 7,419 | |||||||||
| National Semiconductor (a) | 74,958 | 1,545 | |||||||||
| NCR* (a) | 38,686 | 1,305 | |||||||||
| Network Appliance* (a) | 73,435 | 2,031 | |||||||||
| Novell* | 78,639 | 469 | |||||||||
| Novellus Systems* (a) | 30,420 | 813 | |||||||||
| NVIDIA* | 33,901 | 805 | |||||||||
| Oracle* | 902,829 | 11,267 | |||||||||
| Parametric Technology* (a) | 54,779 | 306 | |||||||||
| Paychex (a) | 76,175 | 2,500 | |||||||||
| PMC-Sierra* (a) | 36,151 | 318 | |||||||||
| QLogic* (a) | 19,053 | 772 | |||||||||
| QUALCOMM | 333,654 | 12,228 | |||||||||
| Sabre Holdings, Cl A (a) | 29,030 | 635 | |||||||||
| Sanmina – SCI* | 105,512 | 551 | |||||||||
| Scientific-Atlanta (a) | 31,015 | 875 | |||||||||
| Siebel Systems* (a) | 103,255 | 943 | |||||||||
| Solectron* (a) | 198,483 | 689 | |||||||||
| Sun Microsystems* (a) | 688,424 | 2,781 | |||||||||
| SunGard Data Systems* (a) | 57,701 | 1,991 | |||||||||
| Symantec* (a) | 145,248 | 3,098 | |||||||||
| Symbol Technologies | 49,253 | 714 | |||||||||
| Tektronix | 17,160 | 421 | |||||||||
| Tellabs* | 92,746 | 677 | |||||||||
| Teradyne* (a) | 39,506 | 577 | |||||||||
| Texas Instruments (a) | 353,700 | 9,016 | |||||||||
| Unisys* | 67,467 | 476 | |||||||||
| VERITAS Software* (a) | 87,822 | 2,039 | |||||||||
| Waters* | 24,529 | 878 | |||||||||
| Xerox* (a) | 194,771 | 2,951 | |||||||||
| Xilinx (a) | 70,351 | 2,056 | |||||||||
| Yahoo!* (a) | 264,536 | 8,968 | |||||||||
| 346,109 | |||||||||||
| Materials – 3.2% | |||||||||||
| Air Products and Chemicals | 45,946 | 2,908 | |||||||||
| Alcoa (a) | 193,504 | 5,881 | |||||||||
| Allegheny Technologies | 19,396 | 468 | |||||||||
| Ball (a) | 22,702 | 942 | |||||||||
| Bemis (a) | 21,610 | 672 | |||||||||
| Dow Chemical | 187,850 | 9,364 | |||||||||
| E.I. DuPont de Nemours (a) | 202,489 | 10,376 | |||||||||
| Eastman Chemical (a) | 15,407 | 909 | |||||||||
| Ecolab (a) | 45,366 | 1,499 | |||||||||
| Engelhard | 25,323 | 760 | |||||||||
| Freeport-McMoran Copper & Gold, Cl B (a) | 36,341 | 1,439 | |||||||||
| Georgia-Pacific | 52,546 | 1,865 | |||||||||
| Great Lakes Chemical | 7,619 | 245 | |||||||||
| Hercules* (a) | 22,418 | 325 | |||||||||
| International Flavors & Fragrances | 14,709 | 581 | |||||||||
Equity Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| International Paper (a) | 99,120 | $ | 3,647 | ||||||||
| Louisiana Pacific (a) | 22,125 | 556 | |||||||||
| MeadWestvaco (a) | 40,690 | 1,295 | |||||||||
| Monsanto | 53,643 | 3,460 | |||||||||
| Newmont Mining (a) | 89,043 | 3,762 | |||||||||
| NuCor | 32,570 | 1,875 | |||||||||
| Pactiv* | 31,839 | 743 | |||||||||
| Phelps Dodge (a) | 19,536 | 1,987 | |||||||||
| PPG Industries (a) | 34,827 | 2,491 | |||||||||
| Praxair (a) | 65,890 | 3,153 | |||||||||
| Rohm & Haas (a) | 44,963 | 2,158 | |||||||||
| Sealed Air* (a) | 17,166 | 892 | |||||||||
| Sigma-Aldrich (a) | 14,313 | 877 | |||||||||
| Temple-Inland (a) | 11,719 | 850 | |||||||||
| United States Steel (a) | 23,194 | 1,179 | |||||||||
| Vulcan Materials (a) | 20,542 | 1,167 | |||||||||
| Weyerhaeuser (a) | 48,098 | 3,295 | |||||||||
| 71,621 | |||||||||||
| Telecommunication Services – 3.1% | |||||||||||
| ALLTEL (a) | 60,752 | 3,332 | |||||||||
| AT&T | 161,472 | 3,028 | |||||||||
| BellSouth (a) | 368,124 | 9,678 | |||||||||
| CenturyTel (a) | 29,093 | 955 | |||||||||
| Citizens Communications (a) | 68,511 | 887 | |||||||||
| Nextel Communications, Cl A* (a) | 225,753 | 6,416 | |||||||||
| Qwest Communications International* (a) | 370,758 | 1,372 | |||||||||
| SBC Communications (a) | 675,026 | 15,991 | |||||||||
| Sprint (a) | 296,986 | 6,756 | |||||||||
| Verizon Communications (a) | 562,617 | 19,973 | |||||||||
| 68,388 | |||||||||||
| Utilities – 3.1% | |||||||||||
| AES* (a) | 132,524 | 2,171 | |||||||||
| Allegheny Energy* (a) | 27,090 | 560 | |||||||||
| Ameren (a) | 39,037 | 1,913 | |||||||||
| American Electric Power (a) | 79,861 | 2,720 | |||||||||
| Calpine* (a) | 109,203 | 306 | |||||||||
| CenterPoint Energy (a) | 61,823 | 744 | |||||||||
| Cinergy (a) | 36,884 | 1,495 | |||||||||
| CMS Energy* (a) | 39,779 | 519 | |||||||||
| Consolidated Edison (a) | 46,545 | 1,963 | |||||||||
| Constellation Energy | 33,748 | 1,745 | |||||||||
| Dominion Resources (a) | 65,523 | 4,877 | |||||||||
| DTE Energy (a) | 34,020 | 1,547 | |||||||||
| Duke Energy (a) | 195,827 | 5,485 | |||||||||
| Dynegy* (a) | 75,746 | 296 | |||||||||
| Edison International | 65,877 | 2,287 | |||||||||
| Entergy | 46,083 | 3,256 | |||||||||
| Exelon (a) | 135,904 | 6,237 | |||||||||
| FirstEnergy (a) | 66,698 | 2,798 | |||||||||
| FPL Group (a) | 73,540 | 2,953 | |||||||||
| KeySpan (a) | 32,046 | 1,249 | |||||||||
| NICOR | 8,328 | 309 | |||||||||
| NiSource (a) | 53,137 | 1,211 | |||||||||
| People's Energy | 3,240 | 136 | |||||||||
| PG&E* | 85,174 | 2,904 | |||||||||
| Pinnacle West Capital | 18,462 | 785 | |||||||||
| PPL (a) | 37,074 | 2,002 | |||||||||
| Progress Energy | 49,831 | 2,090 | |||||||||
| Progress Energy-CVO (c) (s) | 7,906 | 1 | |||||||||
| Public Service Enterprises (a) | 48,031 | 2,612 | |||||||||
| Sempra Energy (a) | 46,205 | 1,841 | |||||||||
| Southern (a) | 151,412 | 4,819 | |||||||||
| TECO Energy (a) | 37,942 | 595 | |||||||||
| TXU (a) | 52,212 | 4,158 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
8
Equity Index Fund (continued)
| DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
| Xcel Energy | 79,740 | $ | 1,370 | ||||||||
| 69,954 | |||||||||||
| Total Common Stocks (Cost $1,731,262) | 2,212,821 | ||||||||||
| Short-Term Investments – 1.0% | |||||||||||
| U.S. Treasury Obligation – 0.2% | |||||||||||
| U.S. Treasury Bill (d) 2.990%, 09/01/05 | $ | 4,610 | 4,552 | ||||||||
| Total U.S. Treasury Obligation | 4,552 | ||||||||||
| Affiliated Money Market Fund – 0.8% | |||||||||||
| First American Prime Obligations Fund, Cl Z (b) (e) | 18,409,264 | 18,409 | |||||||||
| Total Affiliated Money Market Fund | 18,409 | ||||||||||
| Total Short-Term Investments (Cost $22,961) | 22,961 | ||||||||||
| Investments Purchased with Proceeds from Securities Lending – 30.2% | |||||||||||
| Commercial Paper – 7.0% | |||||||||||
| Bluegrass 2.904%, 11/18/05 | $ | 2,450 | 2,450 | ||||||||
| Cable Beach 2.642%, 4/11/05 | 6,124 | 6,119 | |||||||||
| Concord Minutemen Capital 2.810%, 4/13/05 | 5,879 | 5,879 | |||||||||
| 2.750%, 4/07/06 | 18,372 | 18,372 | |||||||||
| Descartes Funding Trust 2.810%, 11/15/05 | 6,124 | 6,124 | |||||||||
| Duke Funding VI 2.794%, 4/05/05 | 3,111 | 3,110 | |||||||||
| 2.823%, 4/11/05 | 8,583 | 8,576 | |||||||||
| 2.833%, 4/15/05 | 3,675 | 3,675 | |||||||||
| Independence 2.880%, 10/17/05 | 7,263 | 7,263 | |||||||||
| Laguna ABS/Laguna Corp 2.736%, 4/04/05 | 6,124 | 6,122 | |||||||||
| 2.728%, 5/02/05 | 6,124 | 6,108 | |||||||||
| Lakeside Funding 2.800%, 4/08/05 | 9,799 | 9,799 | |||||||||
| Leaf's LLC 2.860%, 4/20/05 | 6,737 | 6,737 | |||||||||
| Liquid Funding 2.840%, 5/25/05 | 6,124 | 6,124 | |||||||||
| Main Street Warehouse 2.837%, 4/22/05 | 12,248 | 12,227 | |||||||||
| Morgan Stanley 2.955%, 7/25/05 | 12,248 | 12,248 | |||||||||
| 2.393%, 9/09/05 | 3,674 | 3,674 | |||||||||
| Orchard Park 2.846%, 10/06/05 | 2,695 | 2,695 | |||||||||
| 2.827%, 1/06/06 | 12,315 | 12,315 | |||||||||
| Sigma Finance 2.945%, 5/17/05 | 857 | 857 | |||||||||
| 2.945%, 5/17/05 | 1,225 | 1,225 | |||||||||
| 2.945%, 5/17/05 | 367 | 367 | |||||||||
| Thornburg Mortgage 2.716%, 4/01/05 | 8,574 | 8,573 | |||||||||
| 2.756%, 4/07/05 | 6,124 | 6,121 | |||||||||
| Total Commercial Paper | 156,760 | ||||||||||
Equity Index Fund (continued)
| DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
| Corporate Obligations – 8.1% | |||||||||||
| Allstate Life Global 2.800%, 10/14/05 | $ | 3,062 | $ | 3,062 | |||||||
| 2.860%, 10/14/05 | 12,248 | 12,248 | |||||||||
| Bayer Landbank NY 2.840%, 6/24/05 | 5,512 | 5,512 | |||||||||
| 2.840%, 6/24/05 | 6,124 | 6,125 | |||||||||
| Blue Heron Funding 2.880%, 5/18/05 | 3,430 | 3,430 | |||||||||
| Castle Hill III 3.050%, 9/15/15 | 3,674 | 3,674 | |||||||||
| Cheyne High Grade 2.280%, 11/10/39 | 6,124 | 6,124 | |||||||||
| Depfa Bank PLC 2.990%, 6/15/05 | 6,124 | 6,123 | |||||||||
| Duke Funding VI 2.680%, 4/08/05 | 7,410 | 7,410 | |||||||||
| General Electric Capital Corporation 2.860%, 7/09/07 | 6,124 | 6,132 | |||||||||
| Jackson National Life 2.810%, 4/15/05 | 6,124 | 6,124 | |||||||||
| Jefferson Pilot 2.860%, 8/17/05 | 6,124 | 6,124 | |||||||||
| LaSalle Bank NA 2.900%, 8/01/05 | 3,062 | 3,059 | |||||||||
| Liquid Funding 2.850%, 6/28/05 | 5,512 | 5,512 | |||||||||
| Merrill Lynch 2.750%, 10/01/05 | 12,248 | 12,252 | |||||||||
| Metlife Global Funding 2.850%, 10/14/05 | 7,349 | 7,350 | |||||||||
| 2.890%, 4/28/08 | 5,144 | 5,146 | |||||||||
| Morgan Stanley 2.890%, 12/26/08 | 6,124 | 6,125 | |||||||||
| Natexis Banq NY 2.955%, 7/12/05 | 6,736 | 6,736 | |||||||||
| 2.130%, 7/12/05 | 1,837 | 1,837 | |||||||||
| Northlake CDO 3.030%, 9/06/05 | 3,674 | 3,674 | |||||||||
| Park Place Resecuritization 2.900%, 5/25/05 | 5,618 | 5,609 | |||||||||
| Premium Asset Trust 2.810%, 5/13/05 | 3,429 | 3,429 | |||||||||
| 2.760%, 7/01/05 | 18,250 | 18,250 | |||||||||
| 2.820%, 10/14/05 | 4,899 | 4,899 | |||||||||
| REMAC 1.867%, 9/29/05 | 6,290 | 6,316 | |||||||||
| RMAC 2.790%, 6/12/05 | 6,235 | 6,235 | |||||||||
| SMM Trust 2004 1.930%, 9/23/05 | 6,718 | 6,718 | |||||||||
| Westlb AG New York 2.780%, 3/10/15 | 6,124 | 6,123 | |||||||||
| Total Corporate Obligations | 181,358 | ||||||||||
| Money Market Funds – 0.2% | |||||||||||
| Merrill Lynch Premier Institutional Fund | 4,945,171 | 4,945 | |||||||||
| Total Money Market Funds | 4,945 | ||||||||||
| Other Short-Term Investments – 2.2% | |||||||||||
| ARLO III 3.010%, 9/28/05 | $ | 18,372 | 18,372 | ||||||||
| Commonwealth Life (f) 3.115%, 4/01/05 | 6,184 | 6,184 | |||||||||
| General Electric Capital Assurance 2.770%, 4/01/05 | 2,449 | 2,449 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
9
Schedule of Investments March 31, 2005 (unaudited)
Equity Index Fund (continued)
| DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
| HBOS Treasury Services 2.710%, 11/01/05 | $ | 6,736 | $ | 6,740 | |||||||
| ING USA Annuity & Life 2.180%, 6/30/05 | 15,923 | 15,923 | |||||||||
| Total Other Short-Term Investments | 49,668 | ||||||||||
| Repurchase Agreements – 12.7% | |||||||||||
| Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $12,249,154 (collateralized by various securities: Total market value $12,570,631) | 12,248 | 12,248 | |||||||||
| Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $3,681,082 (collateralized by commercial loans: Total market value $3,764,286) | 3,674 | 3,674 | |||||||||
| Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $24,498,227 (collateralized by various securities: Total market value $26,356,865) | 24,496 | 24,496 | |||||||||
| CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $30,622,763 (collateralized by collateralized U.S. government securities: Total market value $31,232,967) | 30,620 | 30,620 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,449,823 (collateralized by collateralized mortgage obligations: Total market value $2,572,594) | 2,450 | 2,450 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,449,823 (collateralized by collateralized mortgage obligations: Total market value $2,572,442) | 2,450 | 2,450 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,449,823 (collateralized by collateralized mortgage obligations: Total market value $2,572,193) | 2,450 | 2,450 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,224,912 (collateralized by collateralized mortgage obligations: Total market value $1,286,297) | 1,225 | 1,225 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,224,912 (collateralized by collateralized mortgage obligations: Total market value $1,286,297) | 1,225 | 1,225 | |||||||||
| Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $30,622,869 (collateralized by mortgage loans: Total market value $31,245,217) | 30,620 | 30,620 | |||||||||
| Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $27,560,582 (collateralized by mortgage loans: Total market value $28,120,709) | 27,558 | 27,558 | |||||||||
Equity Index Fund (continued)
| DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
| Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $6,127,004 (collateralized by mortgage loans: Total market value $6,249,113) | $ | 6,124 | $ | 6,124 | |||||||
| Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $24,498,234 (collateralized by collateralized mortgage obligations: Total market value $26,939,277) | 24,496 | 24,496 | |||||||||
| Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $18,373,737 (collateralized by mortgage loans: Total market value $18,739,621) | 18,372 | 18,372 | |||||||||
| Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $2,082,354 (collateralized by corporate securities: Total market value $2,290,554) | 2,082 | 2,082 | |||||||||
| Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $18,373,670 (collateralized by corporate securities: Total market value $19,291,173) | 18,372 | 18,372 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $15,311,405 (collateralized by corporate securities: Total market value $16,076,116) | 15,310 | 15,310 | |||||||||
| Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $12,249,114 (collateralized by corporate securities: Total market value $12,861,115) | 12,248 | 12,248 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $9,186,843 (collateralized by corporate securities: Total market value $9,645,870) | 9,186 | 9,186 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $2,449,825 (collateralized by corporate securities: Total market value $2,572,422) | 2,450 | 2,450 | |||||||||
| Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $35,522,420 (collateralized by U.S. government securities: Total market value $36,265,324) | 35,520 | 35,520 | |||||||||
| Total Repurchase Agreements | 283,176 | ||||||||||
| Total Investments Purchased with Proceeds from Securities Lending (Cost $675,907) | 675,907 | ||||||||||
| Total Investments – 130.2% (Cost $2,430,130) | 2,911,689 | ||||||||||
| Other Assets and Liabilities, Net – (30.2)% | (676,229 | ) | |||||||||
| Total Net Assets – 100.0% | $ | 2,235,460 | |||||||||
* Non-income producing security
(a) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a market value of $654,238,167 at March 31, 2005. See note 2 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
10
Equity Index Fund (concluded)
(b) Investments in affiliated securities. As of March 31, 2005, the market value of these investments was $29,661,284 or 1.3% of total net assets. See notes 3 and 4 in Notes to Financial Statements.
(c) Security considered illiquid or restricted. As of March 31, 2005, the market value of these investments was $949 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(d) Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of the date of purchase. See note 2 in Notes to Financial Statements.
(e) This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(f) Security has demand features which qualify it as a short-term security. The date disclosed is the next put date.
(g) Security is fair valued. As of March 31, 2005, the fair value of this investment was $949 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Cl – Class
CVO – Contingent Value Obligation
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
| Description | Number of Contracts | Market Value Covered By Contracts (000) | Settlement Month | Unrealized Depreciation (000) | |||||||||||||||
| S&P 500 Index Futures Contracts purchased | 53 | $ | 15,689 | June 05 | $ | (476 | ) | ||||||||||||
Mid Cap Index Fund
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Common Stocks – 94.3% | |||||||||||
| Consumer Discretionary – 18.0% | |||||||||||
| 99 Cents Only Stores* | 19,906 | $ | 262 | ||||||||
| Abercrombie & Fitch (a) | 29,342 | 1,680 | |||||||||
| Advanced Auto Parts* | 24,760 | 1,249 | |||||||||
| Aeropostale* (a) | 18,745 | 614 | |||||||||
| American Eagle Outfitters (a) | 44,708 | 1,321 | |||||||||
| American Greetings, Cl A* (a) | 23,270 | 593 | |||||||||
| AnnTaylor Stores* (a) | 23,760 | 608 | |||||||||
| Applebee's International | 27,300 | 752 | |||||||||
| ArvinMeritor (a) | 23,563 | 365 | |||||||||
| Bandag | 5,225 | 245 | |||||||||
| Barnes & Noble* | 21,248 | 733 | |||||||||
| Belo, Cl A | 36,404 | 879 | |||||||||
| BLYTH | 11,854 | 377 | |||||||||
| Bob Evans Farms | 11,678 | 274 | |||||||||
| Borders Group | 25,280 | 673 | |||||||||
| BorgWarner (a) | 18,918 | 921 | |||||||||
| Boyd Gaming | 22,253 | 1,161 | |||||||||
| Brinker International* | 29,104 | 1,054 | |||||||||
| Caesars Entertainment* (a) | 105,410 | 2,086 | |||||||||
| Callaway Golf | 23,608 | 302 | |||||||||
| CarMax* (a) | 35,049 | 1,104 | |||||||||
| Catalina Marketing, Cl C* (a) | 16,399 | 425 | |||||||||
| CBRL Group (a) | 16,221 | 670 | |||||||||
| Cheesecake Factory* (a) | 26,190 | 928 | |||||||||
| Chico's FAS* (a) | 60,170 | 1,700 | |||||||||
| Claire's Stores (a) | 33,304 | 767 | |||||||||
| D.R. Horton | 98,474 | 2,879 | |||||||||
| Dollar Tree Stores* (a) | 38,064 | 1,094 | |||||||||
| Emmis Communications, Cl A* (a) | 17,224 | 331 | |||||||||
| Entercom Communications* | 15,451 | 549 | |||||||||
| Foot Locker (a) | 52,416 | 1,536 | |||||||||
| Furniture Brands International | 17,874 | 390 | |||||||||
| Gentex (a) | 26,149 | 834 | |||||||||
| GTECH Holdings (a) | 39,002 | 918 | |||||||||
| Harman International Industries | 21,440 | 1,897 | |||||||||
| Harte-Hanks | 24,143 | 665 | |||||||||
| Hovnanian Enterprises, Cl A* | 16,250 | 829 | |||||||||
| International Speedway, Cl A | 14,350 | 779 | |||||||||
| Krispy Kreme Doughnuts* (a) | 21,147 | 161 | |||||||||
| Lear (a) | 22,670 | 1,006 | |||||||||
| Lee Enterprises (a) | 15,219 | 661 | |||||||||
| Lennar | 48,892 | 2,771 | |||||||||
| Mandalay Resort Group | 22,418 | 1,580 | |||||||||
| Media General, Cl A | 8,063 | 499 | |||||||||
| Michaels Stores (a) | 45,670 | 1,658 | |||||||||
| Modine Manufacturing | 10,841 | 318 | |||||||||
| Mohawk Industries* (a) | 19,996 | 1,686 | |||||||||
| Neiman Marcus Group (a) | 16,433 | 1,504 | |||||||||
| O'Reilly Automotive* (a) | 18,150 | 899 | |||||||||
| Outback Steakhouse | 22,244 | 1,019 | |||||||||
| Pacific Sunwear of California* (a) | 24,960 | 698 | |||||||||
| Payless ShoeSource* (a) | 22,938 | 362 | |||||||||
| PETsMART (a) | 48,888 | 1,406 | |||||||||
| Pier 1 Imports (a) | 28,924 | 527 | |||||||||
| Reader's Digest Association, Cl A | 34,948 | 605 | |||||||||
| Regis | 14,940 | 612 | |||||||||
| Rent-A-Center* | 24,000 | 655 | |||||||||
| Ross Stores (a) | 49,660 | 1,447 | |||||||||
| Ruby Tuesday (a) | 21,870 | 531 | |||||||||
| Ryland Group (a) | 16,020 | 994 | |||||||||
| Saks* | 46,951 | 847 | |||||||||
| Scholastic* | 12,587 | 464 | |||||||||
| Thor Industries | 15,510 | 464 | |||||||||
| Timberland, Cl A* | 10,487 | 744 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
11
Schedule of Investments March 31, 2005 (unaudited)
Mid Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Toll Brothers* (a) | 20,449 | $ | 1,612 | ||||||||
| Tupperware (a) | 18,680 | 380 | |||||||||
| Urban Outfitters* | 21,600 | 1,036 | |||||||||
| Valassis Communications* | 17,267 | 604 | |||||||||
| Washington Post, Cl B | 2,114 | 1,890 | |||||||||
| Westwood One* | 29,753 | 605 | |||||||||
| Williams-Sonoma* (a) | 39,251 | 1,442 | |||||||||
| 66,131 | |||||||||||
| Consumer Staples – 4.3% | |||||||||||
| BJ's Wholesale Club* | 23,393 | 727 | |||||||||
| Church and Dwight | 21,015 | 745 | |||||||||
| Constellation Brands, CI A* (a) | 34,376 | 1,817 | |||||||||
| Dean Foods* | 50,179 | 1,721 | |||||||||
| Energizer Holdings* | 24,364 | 1,457 | |||||||||
| Hormel Foods | 35,527 | 1,105 | |||||||||
| JM Smucker | 19,654 | 989 | |||||||||
| Lancaster Colony | 10,405 | 443 | |||||||||
| PepsiAmericas | 35,458 | 803 | |||||||||
| Ruddick | 14,454 | 335 | |||||||||
| Smithfield Foods* (a) | 33,759 | 1,065 | |||||||||
| Tootsie Roll Industries | 14,330 | 430 | |||||||||
| Tyson Foods, Cl A | 102,273 | 1,706 | |||||||||
| Universal | 8,364 | 383 | |||||||||
| Whole Foods Market (a) | 21,014 | 2,146 | |||||||||
| 15,872 | |||||||||||
| Energy – 7.1% | |||||||||||
| Cooper Cameron* (a) | 18,500 | 1,058 | |||||||||
| ENSCO International (a) | 50,871 | 1,916 | |||||||||
| FMC Technologies* (a) | 23,024 | 764 | |||||||||
| Forest Oil* (a) | 18,694 | 757 | |||||||||
| Grant Prideco* | 41,601 | 1,005 | |||||||||
| Hanover Compressor* (a) | 26,747 | 323 | |||||||||
| Helmerich & Payne (a) | 16,973 | 674 | |||||||||
| Murphy Oil (a) | 29,410 | 2,904 | |||||||||
| Newfield Exploration* | 20,967 | 1,557 | |||||||||
| Noble Energy (a) | 19,800 | 1,347 | |||||||||
| Overseas Shipholding Group | 11,675 | 734 | |||||||||
| Patterson-UTI Energy (a) | 57,316 | 1,434 | |||||||||
| Pioneer Natural Resources (a) | 49,092 | 2,097 | |||||||||
| Plains Exploration & Production* | 26,820 | 936 | |||||||||
| Pogo Producing (a) | 21,688 | 1,068 | |||||||||
| Pride International* | 43,649 | 1,084 | |||||||||
| Smith International* (a) | 35,314 | 2,215 | |||||||||
| Tidewater (a) | 20,418 | 793 | |||||||||
| Weatherford International* (a) | 44,830 | 2,597 | |||||||||
| Western Gas Resources | 21,680 | 747 | |||||||||
| 26,010 | |||||||||||
| Financials – 16.2% | |||||||||||
| A.G. Edwards (a) | 25,721 | 1,152 | |||||||||
| Allmerica Financial* | 17,922 | 644 | |||||||||
| AMB Property | 27,926 | 1,056 | |||||||||
| American Financial Group (a) | 18,896 | 582 | |||||||||
| AmeriCredit* (a) | 52,295 | 1,226 | |||||||||
| AmerUS Group, Cl A (a) | 12,960 | 612 | |||||||||
| Arthur J. Gallagher | 29,701 | 855 | |||||||||
| Associated Banc-Corp (a) | 43,587 | 1,361 | |||||||||
| Astoria Financial (a) | 36,827 | 932 | |||||||||
| Astoria Financial Fractional Shares (b) | - | - | |||||||||
| Bank of Hawaii | 17,832 | 807 | |||||||||
| Brown & Brown | 20,970 | 967 | |||||||||
| City National (a) | 14,058 | 982 | |||||||||
| Colonial BancGroup | 45,735 | 938 | |||||||||
| Commerce Bancorp (a) | 53,424 | 1,735 | |||||||||
Mid Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Cullen/Frost Bankers (a) | 16,500 | $ | 745 | ||||||||
| Developers Diversified Realty (REIT) (a) | 36,300 | 1,443 | |||||||||
| Eaton Vance | 45,180 | 1,059 | |||||||||
| Everest Re Group | 18,593 | 1,582 | |||||||||
| Fidelity National Financial | 58,748 | 1,935 | |||||||||
| First American | 27,473 | 905 | |||||||||
| FirstMerit (a) | 28,396 | 760 | |||||||||
| GATX (a) | 16,589 | 551 | |||||||||
| Greater Bay Bancorp | 17,521 | 428 | |||||||||
| HCC Insurance Holdings (a) | 22,825 | 825 | |||||||||
| Hibernia, Cl A | 52,214 | 1,671 | |||||||||
| Highwoods Properties (REIT) (a) | 17,840 | 478 | |||||||||
| Horace Mann Educators | 14,543 | 258 | |||||||||
| Hospitality Properties Trust (REIT) | 21,285 | 860 | |||||||||
| Independence Community Bank | 26,526 | 1,035 | |||||||||
| IndyMac Bancorp (a) | 20,862 | 709 | |||||||||
| Investors Financial Services (a) | 22,378 | 1,095 | |||||||||
| Jefferies Group | 17,340 | 653 | |||||||||
| LaBranche* | 19,105 | 178 | |||||||||
| Legg Mason (a) | 35,771 | 2,795 | |||||||||
| Leucadia National (a) | 31,526 | 1,083 | |||||||||
| Liberty Property Trust (REIT) | 27,890 | 1,089 | |||||||||
| Mack-Cali Realty (REIT) | 18,860 | 799 | |||||||||
| Mercantile Bankshares | 26,665 | 1,356 | |||||||||
| MoneyGram International | 29,819 | 563 | |||||||||
| New Plan Excel Realty Trust (REIT) (a) | 34,558 | 868 | |||||||||
| New York Community Bancorp (a) | 82,184 | 1,492 | |||||||||
| Ohio Casualty* | 20,919 | 481 | |||||||||
| Old Republic International | 61,397 | 1,430 | |||||||||
| PMI Group (a) | 32,074 | 1,219 | |||||||||
| Protective Life | 23,381 | 919 | |||||||||
| Radian Group | 30,943 | 1,477 | |||||||||
| Raymond James Financial | 23,925 | 725 | |||||||||
| Rayonier | 16,810 | 833 | |||||||||
| SEI Investments | 28,317 | 1,024 | |||||||||
| Silicon Valley Bancshares* (a) | 12,222 | 539 | |||||||||
| StanCorp Financial Group | 9,568 | 811 | |||||||||
| TCF Financial (a) | 43,474 | 1,180 | |||||||||
| United Dominion Realty Trust (REIT) | 44,630 | 931 | |||||||||
| Unitrin | 19,404 | 881 | |||||||||
| W.R. Berkley | 26,815 | 1,330 | |||||||||
| Waddell & Reed Financial | 28,311 | 559 | |||||||||
| Washington Federal | 29,607 | 690 | |||||||||
| Webster Financial | 17,863 | 811 | |||||||||
| Weingarten Realty Investors (a) | 28,866 | 996 | |||||||||
| Westamerica Bancorporation | 10,749 | 556 | |||||||||
| Wilmington Trust | 21,559 | 757 | |||||||||
| 59,213 | |||||||||||
| Health Care – 11.1% | |||||||||||
| Apria Healthcare Group* | 16,388 | 526 | |||||||||
| Barr Pharmaceuticals* (a) | 30,399 | 1,484 | |||||||||
| Beckman Coulter (a) | 20,463 | 1,360 | |||||||||
| Cephalon* (a) | 19,420 | 909 | |||||||||
| Charles River Laboratories International* (a) | 21,824 | 1,027 | |||||||||
| Community Health Systems* (a) | 22,337 | 780 | |||||||||
| Covance* | 21,024 | 1,001 | |||||||||
| Coventry Health Care* | 35,770 | 2,437 | |||||||||
| Cytyc* (a) | 37,620 | 866 | |||||||||
| DENTSPLY International | 25,489 | 1,387 | |||||||||
| Edwards Lifesciences* (a) | 20,011 | 865 | |||||||||
| Gen-Probe* | 16,490 | 735 | |||||||||
| Health Net* (a) | 37,384 | 1,223 | |||||||||
| Henry Schein* (a) | 28,264 | 1,013 | |||||||||
| Hillenbrand Industries | 19,527 | 1,083 | |||||||||
| INAMED* | 12,060 | 843 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
12
Mid Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Invitrogen* (a) | 17,203 | $ | 1,190 | ||||||||
| IVAX* (a) | 74,335 | 1,470 | |||||||||
| Lifepoint Hospitals* (a) | 12,004 | 526 | |||||||||
| Lincare Holdings* (a) | 33,786 | 1,494 | |||||||||
| Martek Bioscience* (a) | 10,460 | 609 | |||||||||
| Millennium Pharmaceuticals* (a) | 103,018 | 867 | |||||||||
| Omnicare (a) | 35,074 | 1,243 | |||||||||
| PacifiCare Health Systems* (a) | 28,800 | 1,639 | |||||||||
| Par Pharmaceutical Companies* (a) | 11,410 | 382 | |||||||||
| Patterson Companies* (a) | 46,192 | 2,307 | |||||||||
| Perrigo | 26,867 | 515 | |||||||||
| Protein Design Labs* (a) | 34,558 | 553 | |||||||||
| Renal Care* (a) | 22,680 | 860 | |||||||||
| Sepracor* (a) | 35,385 | 2,031 | |||||||||
| STERIS* | 23,273 | 588 | |||||||||
| Techne* (a) | 12,990 | 522 | |||||||||
| Triad Hospitals* (a) | 25,924 | 1,299 | |||||||||
| Universal Health Services (a) | 19,640 | 1,029 | |||||||||
| Valeant Pharmaceuticals International | 29,256 | 659 | |||||||||
| Varian* (a) | 11,682 | 443 | |||||||||
| Varian Medical Systems* | 45,736 | 1,568 | |||||||||
| VCA Antech* | 26,012 | 526 | |||||||||
| Vertex Pharmaceuticals* | 27,261 | 255 | |||||||||
| VISX* | 16,702 | 392 | |||||||||
| 40,506 | |||||||||||
| Industrials – 12.1% | |||||||||||
| Adesa | 30,867 | 721 | |||||||||
| AGCO* | 30,876 | 563 | |||||||||
| AirTran Holdings* (a) | 29,290 | 265 | |||||||||
| Alaska Air Group* (a) | 8,511 | 251 | |||||||||
| Alexander & Baldwin (a) | 14,196 | 585 | |||||||||
| Alliant Techsystems* (a) | 12,690 | 907 | |||||||||
| AMETEK | 23,070 | 929 | |||||||||
| Banta | 8,463 | 362 | |||||||||
| Brinks | 19,102 | 661 | |||||||||
| C. H. Robinson Worldwide (a) | 28,679 | 1,478 | |||||||||
| Career Education* | 34,516 | 1,183 | |||||||||
| Carlisle Companies | 10,479 | 731 | |||||||||
| ChoicePoint* (a) | 29,870 | 1,198 | |||||||||
| CNF | 17,396 | 814 | |||||||||
| Copart* | 26,977 | 636 | |||||||||
| Corinthian Colleges* (a) | 30,450 | 479 | |||||||||
| Crane (a) | 18,480 | 532 | |||||||||
| Deluxe (a) | 17,460 | 696 | |||||||||
| DeVry* (a) | 21,812 | 413 | |||||||||
| Donaldson | 25,788 | 832 | |||||||||
| Dun & Bradstreet* | 23,392 | 1,437 | |||||||||
| Dycom Industries* (a) | 16,363 | 376 | |||||||||
| Education Management* | 22,780 | 637 | |||||||||
| Expeditors International of Washington (a) | 35,887 | 1,922 | |||||||||
| Fastenal (a) | 23,008 | 1,273 | |||||||||
| Federal Signal | 15,428 | 234 | |||||||||
| Flowserve* | 18,776 | 486 | |||||||||
| Graco (a) | 23,275 | 939 | |||||||||
| Granite Construction | 12,763 | 335 | |||||||||
| Harsco | 13,894 | 828 | |||||||||
| Herman Miller (a) | 24,294 | 732 | |||||||||
| HNI | 18,020 | 810 | |||||||||
| Hubbell, Cl B | 20,467 | 1,046 | |||||||||
| ITT Educational Services* (a) | 15,470 | 750 | |||||||||
| J.B. Hunt Transport Services* | 23,868 | 1,045 | |||||||||
| Jacobs Engineering Group* (a) | 18,966 | 985 | |||||||||
| JetBlue Airways* (a) | 32,810 | 625 | |||||||||
| Kelly Services, Cl A | 9,136 | 263 | |||||||||
| Kennametal | 12,803 | 608 | |||||||||
Mid Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Korn/Ferry International* | 12,865 | $ | 245 | ||||||||
| Laureate Education* | 16,504 | 706 | |||||||||
| Manpower (a) | 30,374 | 1,322 | |||||||||
| Nordson | 10,999 | 405 | |||||||||
| Pentair | 33,916 | 1,323 | |||||||||
| Precision Castparts | 22,135 | 1,705 | |||||||||
| Quanta Services* | 32,774 | 250 | |||||||||
| Republic Services (a) | 47,265 | 1,582 | |||||||||
| Rollins | 16,614 | 309 | |||||||||
| Sequa, Cl A* | 2,824 | 146 | |||||||||
| Sotheby's Holdings, Cl A* (a) | 16,036 | 272 | |||||||||
| SPX (a) | 25,304 | 1,095 | |||||||||
| Stericycle* (a) | 15,160 | 670 | |||||||||
| Swift Transportation* (a) | 21,253 | 471 | |||||||||
| Tecumseh Products, Cl A | 5,221 | 207 | |||||||||
| Teleflex | 12,897 | 660 | |||||||||
| Thomas & Betts* | 19,873 | 642 | |||||||||
| Trinity Industries (a) | 13,028 | 367 | |||||||||
| United Rentals* (a) | 24,386 | 493 | |||||||||
| Werner Enterprises (a) | 21,260 | 413 | |||||||||
| Yellow Roadway* (a) | 15,750 | 922 | |||||||||
| York International (a) | 13,988 | 548 | |||||||||
| 44,320 | |||||||||||
| Information Technology – 13.2% | |||||||||||
| 3Com* | 127,764 | 455 | |||||||||
| Activision* | 62,853 | 930 | |||||||||
| Acxiom | 29,050 | 608 | |||||||||
| ADTRAN (a) | 23,416 | 413 | |||||||||
| Advent Software* | 9,557 | 174 | |||||||||
| Alliance Data Systems* (a) | 22,010 | 889 | |||||||||
| Amphenol, Cl A* | 29,790 | 1,103 | |||||||||
| Arrow Electronics* | 39,010 | 989 | |||||||||
| Ascential Software* | 19,780 | 367 | |||||||||
| Atmel* | 151,167 | 446 | |||||||||
| Avnet* | 40,573 | 747 | |||||||||
| Avocent* | 16,774 | 430 | |||||||||
| BISYS Group* | 40,482 | 635 | |||||||||
| Cabot Microelectronics* (a) | 8,350 | 262 | |||||||||
| Cadence Design Systems* (a) | 91,026 | 1,361 | |||||||||
| CDW (a) | 24,920 | 1,412 | |||||||||
| Ceridian* | 50,037 | 853 | |||||||||
| Certegy | 21,047 | 729 | |||||||||
| CheckFree* (a) | 27,208 | 1,109 | |||||||||
| Cognizant Technology Solutions* (a) | 44,770 | 2,068 | |||||||||
| CommScope* (a) | 17,226 | 258 | |||||||||
| Credence Systems* | 32,475 | 257 | |||||||||
| Cree* (a) | 24,873 | 541 | |||||||||
| CSG Systems International* | 17,491 | 285 | |||||||||
| Cypress Semiconductor* (a) | 42,344 | 534 | |||||||||
| Diebold (a) | 23,742 | 1,302 | |||||||||
| DST Systems* | 25,683 | 1,186 | |||||||||
| F5 Networks* (a) | 12,390 | 626 | |||||||||
| Fair Isaac (a) | 23,670 | 815 | |||||||||
| Fairchild Semiconductor International, Cl A* (a) | 40,238 | 617 | |||||||||
| Gartner, Cl A* (a) | 28,738 | 275 | |||||||||
| Harris | 44,712 | 1,460 | |||||||||
| Imation | 9,935 | 345 | |||||||||
| Integrated Circuit Systems* | 23,670 | 453 | |||||||||
| Integrated Device Technology* | 35,947 | 432 | |||||||||
| International Rectifier* (a) | 22,483 | 1,023 | |||||||||
| Intersil, Cl A | 50,681 | 878 | |||||||||
| Jack Henry & Associates | 27,122 | 488 | |||||||||
| Keane* | 18,804 | 245 | |||||||||
| KEMET* (a) | 29,336 | 227 | |||||||||
| Lam Research* (a) | 45,994 | 1,327 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
13
Schedule of Investments March 31, 2005 (unaudited)
Mid Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Lattice Semiconductor* | 38,189 | $ | 205 | ||||||||
| LTX* | 20,595 | 91 | |||||||||
| Macromedia* (a) | 24,389 | 817 | |||||||||
| Macrovision* (a) | 16,748 | 382 | |||||||||
| McAfee* (a) | 53,943 | 1,217 | |||||||||
| McDATA, Cl A* | 39,764 | 150 | |||||||||
| Mentor Graphics* (a) | 25,701 | 352 | |||||||||
| Micrel* (a) | 26,705 | 246 | |||||||||
| Microchip Technology | 69,479 | 1,807 | |||||||||
| MPS Group* | 35,095 | 369 | |||||||||
| National Instruments (a) | 22,400 | 606 | |||||||||
| Newport* | 14,567 | 211 | |||||||||
| Plantronics* (a) | 16,284 | 620 | |||||||||
| Plexus* | 14,535 | 167 | |||||||||
| Polycom* | 33,091 | 561 | |||||||||
| Powerwave Technologies* (a) | 33,469 | 259 | |||||||||
| Retek* | 18,858 | 212 | |||||||||
| Reynolds & Reynolds, Cl A | 19,813 | 536 | |||||||||
| RF Micro Devices* | 63,091 | 329 | |||||||||
| RSA Security* (a) | 23,420 | 371 | |||||||||
| SanDisk* (a) | 54,850 | 1,525 | |||||||||
| Semtech* (a) | 24,910 | 445 | |||||||||
| Silicon Laboratories* | 15,050 | 447 | |||||||||
| Storage Technology* (a) | 35,879 | 1,105 | |||||||||
| Sybase* (a) | 32,029 | 591 | |||||||||
| Synopsys* (a) | 50,216 | 909 | |||||||||
| Tech Data* | 19,566 | 725 | |||||||||
| Titan* | 28,529 | 518 | |||||||||
| Transaction Systems Architects, Cl A* | 12,021 | 278 | |||||||||
| TriQuint Semiconductor* | 46,314 | 157 | |||||||||
| UTStarcom* (a) | 35,030 | 384 | |||||||||
| Vishay Intertechnology* | 55,927 | 695 | |||||||||
| Wind River Systems* (a) | 26,050 | 393 | |||||||||
| Zebra Technology, Cl A* | 24,160 | 1,147 | |||||||||
| 48,381 | |||||||||||
| Materials – 5.1% | |||||||||||
| Airgas (a) | 24,492 | 585 | |||||||||
| Albemarle | 15,593 | 567 | |||||||||
| Arch Coal | 20,994 | 903 | |||||||||
| Bowater (a) | 18,735 | 706 | |||||||||
| Cabot | 20,774 | 694 | |||||||||
| Crompton (a) | 39,301 | 574 | |||||||||
| Cytec Industries | 13,553 | 735 | |||||||||
| Ferro | 14,230 | 268 | |||||||||
| FMC* | 12,534 | 670 | |||||||||
| Glatfelter | 12,572 | 185 | |||||||||
| Longview Fibre* | 17,345 | 325 | |||||||||
| Lubrizol | 22,468 | 913 | |||||||||
| Lyondell Chemical (a) | 73,260 | 2,045 | |||||||||
| Martin Marietta Materials | 16,168 | 904 | |||||||||
| Minerals Technologies | 6,963 | 458 | |||||||||
| Olin (a) | 23,635 | 527 | |||||||||
| Packaging Corporation of America (a) | 28,460 | 691 | |||||||||
| Peabody Energy | 39,618 | 1,837 | |||||||||
| Potlatch | 10,088 | 475 | |||||||||
| RPM | 39,492 | 722 | |||||||||
| Scotts* | 9,200 | 646 | |||||||||
| Sensient Technologies | 15,786 | 340 | |||||||||
| Sonoco Products | 33,217 | 958 | |||||||||
| Steel Dynamics (a) | 15,210 | 524 | |||||||||
| Valspar (a) | 17,304 | 805 | |||||||||
| Worthington Industries | 25,880 | 499 | |||||||||
| 18,556 | |||||||||||
Mid Cap Index Fund (continued)
| DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
| Telecommunication Services – 0.5% | |||||||||||
| Cincinnati Bell* | 82,583 | $ | 351 | ||||||||
| Telephone & Data Systems (a) | 18,027 | 1,471 | |||||||||
| 1,822 | |||||||||||
| Utilities – 6.7% | |||||||||||
| AGL Resources | 25,237 | 882 | |||||||||
| Alliant Energy | 38,905 | 1,042 | |||||||||
| Aqua America | 31,405 | 765 | |||||||||
| Aquila* (a) | 81,395 | 312 | |||||||||
| Black Hills | 11,027 | 365 | |||||||||
| DPL (a) | 43,323 | 1,083 | |||||||||
| Duquesne Light Holdings (a) | 25,910 | 464 | |||||||||
| Energy East | 49,472 | 1,297 | |||||||||
| Equitable Resources (a) | 20,427 | 1,173 | |||||||||
| Great Plains Energy (a) | 25,023 | 765 | |||||||||
| Hawaiian Electric Industries | 27,378 | 699 | |||||||||
| IDACORP (a) | 14,162 | 402 | |||||||||
| MDU Resources Group | 39,763 | 1,098 | |||||||||
| National Fuel Gas (a) | 26,153 | 748 | |||||||||
| Northeast Utilities | 43,230 | 833 | |||||||||
| NSTAR (a) | 17,711 | 962 | |||||||||
| OGE Energy (a) | 27,481 | 741 | |||||||||
| ONEOK (a) | 34,818 | 1,073 | |||||||||
| Pepco Holdings (a) | 63,273 | 1,328 | |||||||||
| PNM Resources (a) | 20,529 | 548 | |||||||||
| Puget Energy (a) | 33,667 | 742 | |||||||||
| Questar | 28,384 | 1,682 | |||||||||
| SCANA | 37,828 | 1,446 | |||||||||
| Sierra Pacific Resources* (a) | 39,544 | 425 | |||||||||
| Vectren | 25,810 | 688 | |||||||||
| Westar Energy | 29,254 | 633 | |||||||||
| WGL Holdings | 13,602 | 421 | |||||||||
| Wisconsin Energy | 39,409 | 1,399 | |||||||||
| WPS Resources | 12,637 | 669 | |||||||||
| 24,685 | |||||||||||
| Total Common Stocks (Cost $294,492) | 345,496 | ||||||||||
| Short-Term Investments – 5.7% | |||||||||||
| U.S. Treasury Obligation – 0.4% | |||||||||||
| U.S. Treasury Bill 2.990%, 09/01/05 (c) | $ | 1,500 | 1,481 | ||||||||
| Total U.S. Treasury Obligation | 1,481 | ||||||||||
| Affiliated Money Market Fund – 5.3% | |||||||||||
| First American Prime Obligations Fund, Cl Z (d) | 19,468,635 | 19,468 | |||||||||
| Total Affiliated Money Market Fund | 19,468 | ||||||||||
| Total Short-Term Investments (Cost $20,949) | 20,949 | ||||||||||
| Investments Purchased with Proceeds from Securities Lending – 38.2% | |||||||||||
| Commercial Paper – 8.9% | |||||||||||
| Bluegrass 2.904%, 11/18/05 | $ | 508 | 508 | ||||||||
| Cable Beach 2.642%, 4/11/05 | 1,269 | 1,268 | |||||||||
| Concord Minutemen Capital 2.810%, 4/13/05 | 1,218 | 1,218 | |||||||||
| 2.750%, 4/07/06 | 3,807 | 3,807 | |||||||||
| Descartes Funding Trust 2.810%, 11/15/05 | 1,269 | 1,269 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
14
Mid Cap Index Fund (continued)
| DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
| Duke Funding VI 2.794%, 4/05/05 | $ | 645 | $ | 644 | |||||||
| 2.823%, 4/11/05 | 1,778 | 1,777 | |||||||||
| 2.833%, 4/15/05 | 761 | 761 | |||||||||
| Independence 2.880%, 10/17/05 | 1,505 | 1,505 | |||||||||
| Laguna ABS/Laguna Corp 2.736%, 4/04/05 | 1,269 | 1,269 | |||||||||
| 2.728%, 5/02/05 | 1,269 | 1,266 | |||||||||
| Lakeside Funding 2.800%, 4/08/05 | 2,030 | 2,030 | |||||||||
| Leaf's LLC 2.860%, 4/20/05 | 1,396 | 1,396 | |||||||||
| Liquid Funding 2.840%, 5/25/05 | 1,269 | 1,269 | |||||||||
| Main Street Warehouse 2.837%, 4/22/05 | 2,538 | 2,534 | |||||||||
| Morgan Stanley 2.955%, 7/25/05 | 2,538 | 2,538 | |||||||||
| 2.393%, 9/09/05 | 761 | 761 | |||||||||
| Orchard Park 2.846%, 10/06/05 | 558 | 558 | |||||||||
| 2.827%, 1/06/06 | 2,552 | 2,552 | |||||||||
| Sigma Finance 2.945%, 5/17/05 | 178 | 178 | |||||||||
| 2.945%, 5/17/05 | 254 | 254 | |||||||||
| 2.945%, 5/17/05 | 76 | 76 | |||||||||
| Thornburg Mortgage 2.716%, 4/01/05 | 1,777 | 1,776 | |||||||||
| 2.756%, 4/07/05 | 1,269 | 1,268 | |||||||||
| Total Commercial Paper | 32,482 | ||||||||||
| Corporate Obligations – 10.2% | |||||||||||
| Allstate Life Global 2.800%, 10/14/05 | 634 | 635 | |||||||||
| 2.860%, 10/14/05 | 2,538 | 2,538 | |||||||||
| Bayer Landbank NY 2.840%, 6/24/05 | 1,142 | 1,142 | |||||||||
| 2.840%, 6/24/05 | 1,269 | 1,269 | |||||||||
| Blue Heron Funding 2.880%, 5/18/05 | 711 | 711 | |||||||||
| Castle Hill III 3.050%, 9/15/15 | 761 | 761 | |||||||||
| Cheyne High Grade 2.280%, 11/10/39 | 1,269 | 1,269 | |||||||||
| Depfa Bank PLC 2.990%, 6/15/05 | 1,269 | 1,269 | |||||||||
| Duke Funding VI 2.680%, 4/08/05 | 1,535 | 1,535 | |||||||||
| General Electric Capital Corporation 2.860%, 7/09/07 | 1,269 | 1,270 | |||||||||
| Jackson National Life 2.810%, 4/15/05 | 1,269 | 1,269 | |||||||||
| Jefferson Pilot 2.860%, 8/17/05 | 1,269 | 1,269 | |||||||||
| LaSalle Bank NA 2.900%, 8/01/05 | 634 | 634 | |||||||||
| Liquid Funding 2.850%, 6/28/05 | 1,142 | 1,142 | |||||||||
| Merrill Lynch 2.750%, 10/01/05 | 2,538 | 2,539 | |||||||||
| Metlife Global Funding 2.850%, 10/14/05 | 1,523 | 1,523 | |||||||||
| 2.890%, 4/28/08 | 1,066 | 1,066 | |||||||||
| Morgan Stanley 2.890%, 12/26/08 | 1,269 | 1,269 | |||||||||
Mid Cap Index Fund (continued)
| DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
| Natexis Banq NY 2.955%, 7/12/05 | $ | 1,396 | $ | 1,396 | |||||||
| 2.130%, 7/12/05 | 381 | 381 | |||||||||
| Northlake CDO 3.030%, 9/06/05 | 761 | 761 | |||||||||
| Park Place Resecuritization 2.900%, 5/25/05 | 1,164 | 1,162 | |||||||||
| Premium Asset Trust 2.810%, 5/13/05 | 711 | 711 | |||||||||
| 2.760%, 7/01/05 | 3,781 | 3,781 | |||||||||
| 2.820%, 10/14/05 | 1,015 | 1,015 | |||||||||
| REMAC 1.867%, 9/29/05 | 1,303 | 1,309 | |||||||||
| RMAC 2.790%, 6/12/05 | 1,292 | 1,292 | |||||||||
| SMM Trust 2004 1.930%, 9/23/05 | 1,392 | 1,392 | |||||||||
| Westlb AG New York 2.780%, 3/10/15 | 1,269 | 1,269 | |||||||||
| Total Corporate Obligations | 37,579 | ||||||||||
| Money Market Funds – 0.3% | |||||||||||
| Merrill Lynch Premier Institutional Fund | 1,024,677 | 1,025 | |||||||||
| Total Money Market Funds | 1,025 | ||||||||||
| Other Short-Term Investments – 2.8% | |||||||||||
| ARLO III 3.010%, 9/28/05 | $ | 3,807 | 3,807 | ||||||||
| Commonwealth Life 3.115%, 4/01/05 (e) | 1,281 | 1,281 | |||||||||
| General Electric Capital Assurance 2.770%, 4/01/05 | 507 | 507 | |||||||||
| HBOS Treasury Services 2.710%, 11/01/05 | 1,396 | 1,397 | |||||||||
| ING USA Annuity & Life 2.180%, 6/30/05 | 3,299 | 3,299 | |||||||||
| Total Other Short-Term Investments | 10,291 | ||||||||||
| Repurchase Agreements – 16.0% | |||||||||||
| Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $2,538,117 (collateralized by commercial loans: Total market value $2,604,729) | 2,538 | 2,538 | |||||||||
| Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $762,748 (collateralized by commercial loans: Total market value $779,988) | 761 | 761 | |||||||||
| Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $5,076,216 (collateralized by various securities: Total market value $5,461,340) | 5,076 | 5,076 | |||||||||
| CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $6,345,266 (collateralized by collateralized U.S. government securities: Total market value $6,471,705) | 6,345 | 6,345 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $507,622 (collateralized by collateralized mortgage obligations: Total market value $533,061) | 508 | 508 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
15
Schedule of Investments March 31, 2005 (unaudited)
Mid Cap Index Fund (continued)
| DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $507,622 (collateralized by collateralized mortgage obligations: Total market value $533,029) | $ | 508 | $ | 508 | |||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $507,622 (collateralized by collateralized mortgage obligations: Total market value $532,978) | 507 | 507 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $253,811 (collateralized by collateralized mortgage obligations: Total market value $266,530) | 254 | 254 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $253,811 (collateralized by collateralized mortgage obligations: Total market value $266,530) | 254 | 254 | |||||||||
| Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $6,345,288 (collateralized by mortgage loans: Total market value $6,474,243) | 6,345 | 6,345 | |||||||||
| Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $5,710,759 (collateralized by mortgage loans: Total market value $5,826,822) | 5,710 | 5,710 | |||||||||
| Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $1,269,561 (collateralized by mortgage loans: Total market value $1,294,863) | 1,269 | 1,269 | |||||||||
| Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $5,076,218 (collateralized by collateralized mortgage obligations: Total market value $5,582,020) | 5,076 | 5,076 | |||||||||
| Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $3,807,176 (collateralized by mortgage loans: Total market value $3,806,853) | 3,807 | 3,807 | |||||||||
| Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $431,479 (collateralized by corporate securities: Total market value $474,620) | 431 | 431 | |||||||||
| Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $3,807,162 (collateralized by corporate securities: Total market value $3,997,275) | 3,807 | 3,807 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,172,638 (collateralized by corporate securities: Total market value $3,331,092) | 3,172 | 3,172 | |||||||||
| Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,538,108 (collateralized by corporate securities: Total market value $2,664,919) | 2,538 | 2,538 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,903,583 (collateralized by corporate securities: Total market value $1,998,696) | 1,903 | 1,903 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $507,622 (collateralized by corporate securities: Total market value $533,025) | 507 | 507 | |||||||||
Mid Cap Index Fund (concluded)
| DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
| Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $7,360,511 (collateralized by U.S. government securities: Total market value $7,514,447) | $ | 7,360 | $ | 7,360 | |||||||
| Total Repurchase Agreements | 58,676 | ||||||||||
| Total Investments Purchased with Proceeds from Securities Lending (Cost $140,053) | 140,053 | ||||||||||
| Total Investments – 138.2% (Cost $455,494) | 506,498 | ||||||||||
| Other Assets and Liabilities, Net – (38.2)% | (140,114 | ) | |||||||||
| Total Net Assets – 100.0% | $ | 366,384 | |||||||||
* Non-income producing security
(a) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a market value of $136,414,734 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) Security considered illiquid and fair valued under guidelines established by the Board of Directors. As of March 31, 2005, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(c) Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase. See note 2 in Notes to Financial Statements.
(d) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(e) Security has demand features which qualify it as a short-term security. The date disclosed is the next put date.
Cl – Class
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
| Description | Number of Contracts | Market Value Covered By Contracts (000) | Settlement Month | Unrealized Depreciation (000) | |||||||||||||||
| S&P Mid Cap 400 Futures Contracts purchased | 61 | $ | 20,179 | Jun. 05 | $ | (443 | ) | ||||||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
16
Small Cap Index Fund
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Common Stocks – 99.5% | |||||||||||
| Consumer Discretionary – 15.1% | |||||||||||
| 1-800 Contacts* | 1,298 | $ | 27 | ||||||||
| 1-800 Flowers* | 3,695 | 28 | |||||||||
| 4Kids Entertainment* | 2,306 | 51 | |||||||||
| 99 Cents Only Stores* | 8,180 | 108 | |||||||||
| A.C. Moore Arts & Crafts* | 2,296 | 61 | |||||||||
| Aaron Rents | 6,333 | 127 | |||||||||
| Action Performance* | 2,586 | 34 | |||||||||
| Advanced Marketing Services* | 2,374 | 14 | |||||||||
| ADVO | 5,063 | 190 | |||||||||
| Aeropostale* (a) | 9,201 | 301 | |||||||||
| Aftermarket Technology* | 2,003 | 33 | |||||||||
| Alliance Gaming* (a) | 8,585 | 82 | |||||||||
| Alloy* | 5,605 | 33 | |||||||||
| Ambassadors Group | 1,336 | 45 | |||||||||
| American Greetings, Cl A* (a) | 10,695 | 273 | |||||||||
| America's Car-Mart* | 942 | 33 | |||||||||
| Ameristar Casinos* | 1,905 | 104 | |||||||||
| Applica* | 3,269 | 17 | |||||||||
| Arbitron* | 5,160 | 221 | |||||||||
| Arctic Cat | 2,294 | 62 | |||||||||
| Argosy Gaming* | 4,003 | 184 | |||||||||
| ArvinMeritor (a) | 11,700 | 181 | |||||||||
| Asbury Automotive Group* | 1,870 | 29 | |||||||||
| Avatar Holdings* | 770 | 36 | |||||||||
| Aztar* (a) | 5,740 | 164 | |||||||||
| Bandag | 1,894 | 89 | |||||||||
| Bassett Furniture | 1,652 | 33 | |||||||||
| Beasley Broadcast Group* | 568 | 10 | |||||||||
| Beazer Homes USA (a) | 6,912 | 345 | |||||||||
| Bebe Stores* | 1,500 | 51 | |||||||||
| Big 5 Sporting Goods* | 3,379 | 83 | |||||||||
| BJs Restaurants* | 1,810 | 35 | |||||||||
| Blair | 1,359 | 45 | |||||||||
| Blount International* | 986 | 17 | |||||||||
| Blue Nile* | 630 | 17 | |||||||||
| Bluegreen* | 2,710 | 35 | |||||||||
| BLYTH | 4,750 | 151 | |||||||||
| Bob Evans Farms | 5,832 | 137 | |||||||||
| Bombay Company* | 5,931 | 31 | |||||||||
| Bon-Ton Stores | 610 | 11 | |||||||||
| Boyd Gaming | 7,558 | 394 | |||||||||
| Brookfield Homes | 2,487 | 105 | |||||||||
| Brookstone* | 3,343 | 54 | |||||||||
| Brown Shoe | 3,023 | 104 | |||||||||
| Buckle | 1,278 | 45 | |||||||||
| Buffalo Wild Wings* | 950 | 36 | |||||||||
| Build-A-Bear Workshop* | 1,510 | 46 | |||||||||
| Building Materials Holding | 2,241 | 100 | |||||||||
| Burlington Coat Factory | 2,970 | 85 | |||||||||
| Cache* | 1,590 | 22 | |||||||||
| California Pizza Kitchen* | 3,301 | 77 | |||||||||
| Callaway Golf | 11,225 | 144 | |||||||||
| Carmike Cinemas* | 1,262 | 47 | |||||||||
| Carters* | 1,100 | 44 | |||||||||
| Casual Male Retail Group* | 4,692 | 30 | |||||||||
| Catalina Marketing, Cl C* (a) | 8,660 | 225 | |||||||||
| Cato, Cl A | 3,288 | 106 | |||||||||
| CBRL Group (a) | 7,780 | 321 | |||||||||
| CEC Entertainment* | 6,236 | 228 | |||||||||
| Champion Enterprise* | 11,880 | 112 | |||||||||
| Charlotte Russe Holding* | 1,938 | 25 | |||||||||
| Charming Shoppes* | 19,199 | 156 | |||||||||
| Charter Communications, Cl A* (a) | 45,414 | 73 | |||||||||
| Cherokee | 1,144 | 38 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Children's Place Retail Stores* (a) | 2,808 | $ | 134 | ||||||||
| Christopher & Banks (a) | 6,267 | 110 | |||||||||
| Churchill Downs | 1,277 | 51 | |||||||||
| Circle Group Holdings* | 3,350 | 2 | |||||||||
| CKE Restaurants* (a) | 8,632 | 137 | |||||||||
| Coachmen Industries | 2,354 | 32 | |||||||||
| Coldwater Creek* | 5,487 | 101 | |||||||||
| Collins & Aikman* (a) | 6,392 | 8 | |||||||||
| Comstock Homebuilding, Cl A* | 660 | 14 | |||||||||
| Conns* | 1,160 | 22 | |||||||||
| Cooper Tire & Rubber (a) | 10,296 | 189 | |||||||||
| Cosi* | 3,430 | 23 | |||||||||
| Cost Plus* | 3,646 | 98 | |||||||||
| Courier | 1,073 | 56 | |||||||||
| Cross Media Marketing* (c) | 1,203 | - | |||||||||
| Crown Media Holdings, Cl A* | 2,428 | 22 | |||||||||
| CSK Auto* | 7,767 | 137 | |||||||||
| CSS Industries | 947 | 35 | |||||||||
| Cumulus Media, Cl A* | 8,225 | 117 | |||||||||
| Dave & Busters* | 1,850 | 35 | |||||||||
| Deb Shops | 649 | 18 | |||||||||
| Deckers Outdoor* | 1,490 | 53 | |||||||||
| Department 56* | 2,207 | 39 | |||||||||
| Design Within Reach* | 690 | 11 | |||||||||
| DHB Industries* | 3,957 | 35 | |||||||||
| Dicks Sporting Goods* (a) | 5,082 | 187 | |||||||||
| Dominion Homes* | 700 | 12 | |||||||||
| Dominos Pizza | 4,050 | 76 | |||||||||
| Dover Downs Gaming & Entertainment | 1,609 | 20 | |||||||||
| Dover Motorsports | 2,601 | 13 | |||||||||
| Dress Barn* | 3,454 | 63 | |||||||||
| Drew Industries* | 1,190 | 45 | |||||||||
| Drugstore.com* | 7,390 | 19 | |||||||||
| Electronics Boutique Holdings* | 1,937 | 83 | |||||||||
| Emmis Communications, Cl A* (a) | 8,178 | 157 | |||||||||
| Empire Resorts* | 1,430 | 10 | |||||||||
| Entravision Communications* | 8,050 | 71 | |||||||||
| Escalade* | 1,310 | 18 | |||||||||
| Ethan Allen Interiors | 5,500 | 176 | |||||||||
| Exide Technologies* | 3,340 | 43 | |||||||||
| Finish Line, Cl A* | 6,330 | 147 | |||||||||
| Fisher Communications* | 1,097 | 57 | |||||||||
| Fleetwood Enterprises* (a) | 8,948 | 78 | |||||||||
| Fred's (a) | 6,596 | 113 | |||||||||
| FTD Group* | 2,200 | 27 | |||||||||
| Furniture Brands International | 8,310 | 181 | |||||||||
| Gamestop* | 6,250 | 139 | |||||||||
| Gander Mountain* (a) | 1,020 | 13 | |||||||||
| Gaylord Entertainment* (a) | 5,089 | 206 | |||||||||
| Genesco* | 3,637 | 103 | |||||||||
| Goodyear Tire & Rubber* (a) | 25,273 | 338 | |||||||||
| Goody's Family Clothing | 3,142 | 28 | |||||||||
| Gray Television | 7,491 | 108 | |||||||||
| Great Wolf Resorts* | 3,020 | 75 | |||||||||
| Group 1 Automotive* | 3,252 | 86 | |||||||||
| GSI Commerce* | 3,230 | 44 | |||||||||
| Guess?* | 2,483 | 34 | |||||||||
| Guitar Center* (a) | 4,107 | 225 | |||||||||
| Gymboree* | 5,097 | 64 | |||||||||
| Hancock Fabrics | 3,151 | 23 | |||||||||
| Handleman | 3,693 | 70 | |||||||||
| Harris Interactive* | 8,780 | 40 | |||||||||
| Hartmarx* | 3,800 | 36 | |||||||||
| Haverty Furniture | 3,097 | 47 | |||||||||
| Hayes Lemmerz International* | 6,300 | 33 | |||||||||
| Hibbett Sporting Goods* | 3,903 | 117 | |||||||||
| Hollinger International | 9,576 | 104 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
17
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Hollywood Entertainment* | 8,781 | $ | 116 | ||||||||
| Hooker Furniture | 1,146 | 22 | |||||||||
| Hot Topic* (a) | 7,556 | 165 | |||||||||
| IHOP | 3,409 | 163 | |||||||||
| Insight Communications* | 7,495 | 89 | |||||||||
| Insight Enterprises* | 8,087 | 142 | |||||||||
| Interactive Data* | 6,130 | 127 | |||||||||
| Interface, Cl A* | 7,388 | 50 | |||||||||
| Isle of Capri Casinos* | 2,235 | 59 | |||||||||
| J. Jill Group* | 2,963 | 41 | |||||||||
| Jack in the Box* | 6,091 | 226 | |||||||||
| JAKKS Pacific* | 4,227 | 91 | |||||||||
| Jarden* | 4,538 | 208 | |||||||||
| Jo-Ann Stores* | 3,147 | 88 | |||||||||
| JOS A Bank Clothiers* (a) | 1,705 | 50 | |||||||||
| Journal Communications | 3,370 | 56 | |||||||||
| Journal Register* | 7,004 | 117 | |||||||||
| K2* | 6,935 | 95 | |||||||||
| Kellwood (a) | 4,529 | 130 | |||||||||
| Kenneth Cole Productions | 1,395 | 41 | |||||||||
| Keystone Automotive Industries* | 2,533 | 59 | |||||||||
| Kimball International | 3,502 | 51 | |||||||||
| Kirkland's* | 1,851 | 20 | |||||||||
| Krispy Kreme Doughnuts* (a) | 9,160 | 70 | |||||||||
| K-Swiss, Cl A | 4,362 | 144 | |||||||||
| La Quinta (REIT)* | 31,362 | 266 | |||||||||
| Lakes Entertainment* (a) | 2,560 | 46 | |||||||||
| Landry's Restaurants (a) | 3,108 | 90 | |||||||||
| La-Z-Boy | 8,780 | 122 | |||||||||
| LeapFrog Enterprises* (a) | 4,580 | 52 | |||||||||
| Levitt, Cl A* | 2,559 | 66 | |||||||||
| Libbey | 2,178 | 46 | |||||||||
| Liberty | 2,158 | 88 | |||||||||
| Life Time Fitness* | 2,070 | 56 | |||||||||
| Lifetime Hoan | 1,200 | 19 | |||||||||
| Lin TV, Cl A* (a) | 4,477 | 76 | |||||||||
| Linens 'N Things* (a) | 7,489 | 186 | |||||||||
| Lithia Motors | 2,385 | 61 | |||||||||
| LKQ* | 2,430 | 49 | |||||||||
| LodgeNet Entertainment* | 2,182 | 41 | |||||||||
| Lone Star Steakhouse & Saloon | 2,544 | 74 | |||||||||
| M/I Homes | 2,021 | 99 | |||||||||
| Magna Entertainment* (a) | 6,288 | 39 | |||||||||
| Marcus | 3,288 | 67 | |||||||||
| Marine Products | 2,160 | 36 | |||||||||
| MarineMax* | 1,937 | 60 | |||||||||
| Martha Stewart Living* (a) | 2,106 | 48 | |||||||||
| Mediacom Communications* | 10,958 | 72 | |||||||||
| Men's Wearhouse* (a) | 5,277 | 223 | |||||||||
| Meritage Homes* | 3,540 | 209 | |||||||||
| MicroAge* (c) | 3,579 | - | |||||||||
| Midas* | 2,582 | 59 | |||||||||
| Modine Manufacturing | 3,968 | 116 | |||||||||
| Monaco Coach | 4,359 | 70 | |||||||||
| Monro Muffler Brake* | 1,563 | 40 | |||||||||
| Movado Group | 2,538 | 47 | |||||||||
| Movie Gallery (a) | 4,095 | 117 | |||||||||
| MTR Gaming Group* | 3,874 | 48 | |||||||||
| Multimedia Games* | 3,944 | 31 | |||||||||
| National Presto Industries* | 783 | 32 | |||||||||
| Nautilus Group | 4,775 | 113 | |||||||||
| Navarre* (a) | 3,710 | 30 | |||||||||
| Navigant International* | 2,337 | 32 | |||||||||
| Nevada Gold & Casinos* | 1,360 | 17 | |||||||||
| New York & Company* | 1,690 | 34 | |||||||||
| Nexstar Broadcasting Group, Cl A* | 1,680 | 12 | |||||||||
| Noble International (a) | 1,060 | 24 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Oakley | 3,449 | $ | 44 | ||||||||
| O'Charley's* | 3,541 | 77 | |||||||||
| OshKosh B' Gosh, Cl A | 1,111 | 34 | |||||||||
| Overstock.com* (a) | 2,014 | 87 | |||||||||
| Oxford Industries | 2,216 | 81 | |||||||||
| P.F. Chang's China Bistro* | 4,271 | 255 | |||||||||
| Palm Harbor Homes* | 1,584 | 26 | |||||||||
| Panera Bread, Cl A* | 4,734 | 268 | |||||||||
| Papa John's International* | 1,942 | 67 | |||||||||
| Party City* | 1,908 | 28 | |||||||||
| Paxson Communications* | 7,566 | 5 | |||||||||
| Payless ShoeSource* (a) | 11,358 | 179 | |||||||||
| PC Mall* | 1,380 | 17 | |||||||||
| Penn National Gaming* | 10,628 | 312 | |||||||||
| Pep Boys – Manny Moe & Jack | 9,730 | 171 | |||||||||
| Perry Ellis International* | 1,025 | 23 | |||||||||
| PetMed Express* | 1,640 | 12 | |||||||||
| Phillips Van-Heusen | 4,025 | 107 | |||||||||
| Pinnacle Entertainment* | 6,640 | 111 | |||||||||
| Playboy Enterprises, Cl B* | 3,264 | 42 | |||||||||
| Prestige Brand Holdings* | 4,680 | 83 | |||||||||
| Priceline.com* (a) | 3,986 | 100 | |||||||||
| PRIMEDIA* | 22,191 | 97 | |||||||||
| ProQuest* | 3,997 | 145 | |||||||||
| Provide Commerce* | 730 | 21 | |||||||||
| Pulitzer | 1,396 | 89 | |||||||||
| Quiksilver* | 9,820 | 285 | |||||||||
| R.H. Donnelley* (a) | 3,830 | 222 | |||||||||
| RARE Hospitality International* | 5,669 | 175 | |||||||||
| RC2* | 2,751 | 94 | |||||||||
| Reader's Digest Association, Cl A | 17,060 | 295 | |||||||||
| Reading International, Cl A* | 2,407 | 17 | |||||||||
| Red Robin Gourmet Burgers* | 1,996 | 102 | |||||||||
| Regent Communication* | 5,813 | 31 | |||||||||
| Rent-Way* | 4,376 | 36 | |||||||||
| Restoration Hardware* | 4,393 | 25 | |||||||||
| Retail Ventures* | 2,210 | 20 | |||||||||
| Rush Enterprises* | 1,410 | 24 | |||||||||
| Russ Berrie and Company | 1,309 | 25 | |||||||||
| Russell | 4,775 | 86 | |||||||||
| Ryans Restaurant Group* | 7,042 | 102 | |||||||||
| Saga Communications, Cl A* | 2,474 | 40 | |||||||||
| Salem Communications* | 1,600 | 33 | |||||||||
| Sauer-Danfoss | 1,680 | 38 | |||||||||
| Scholastic* | 5,040 | 186 | |||||||||
| Scientific Games, Cl A* (a) | 12,898 | 295 | |||||||||
| SCP Pool* | 8,899 | 284 | |||||||||
| Select Comfort* | 6,078 | 124 | |||||||||
| Sharper Image* | 1,960 | 33 | |||||||||
| Shoe Carnival* | 1,228 | 21 | |||||||||
| Shopko* | 4,736 | 105 | |||||||||
| Shuffle Master* | 5,833 | 169 | |||||||||
| Sinclair Broadcast Group, Cl A* | 7,468 | 60 | |||||||||
| Six Flags* | 15,524 | 64 | |||||||||
| Skechers USA* | 3,312 | 51 | |||||||||
| Skyline | 1,134 | 44 | |||||||||
| Sonic* | 9,908 | 331 | |||||||||
| Sonic Automotive, Cl A | 4,615 | 105 | |||||||||
| Source Interlink Companies* | 3,281 | 37 | |||||||||
| Spanish Broadcasting System* | 6,168 | 63 | |||||||||
| Speedway Motorsports | 2,468 | 88 | |||||||||
| Sports Authority* (a) | 3,794 | 104 | |||||||||
| Sports Resorts International* | 367 | 1 | |||||||||
| Stage Stores* | 3,128 | 120 | |||||||||
| Stamps.com* | 2,828 | 47 | |||||||||
| Standard Motor Products | 2,008 | 24 | |||||||||
| Stanley Furniture | 937 | 44 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
18
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Steak 'N Shake* | 4,258 | $ | 82 | ||||||||
| Stein Mart* | 4,130 | 93 | |||||||||
| Steinway Musical Instruments* | 1,124 | 34 | |||||||||
| Steven Madden* | 1,929 | 32 | |||||||||
| Stoneridge* | 2,619 | 32 | |||||||||
| Strattec Security* | 618 | 33 | |||||||||
| Stride Rite | 6,103 | 81 | |||||||||
| Sturm, Ruger & Company | 3,531 | 24 | |||||||||
| Sunterra* | 3,100 | 47 | |||||||||
| Superior Industries (a) | 3,984 | 105 | |||||||||
| Systemax* | 1,610 | 9 | |||||||||
| TBC* | 3,297 | 92 | |||||||||
| Technical Olympic USA* | 1,537 | 47 | |||||||||
| Tempur-Pedic International* (a) | 3,080 | 57 | |||||||||
| Tenneco Automotive* | 7,432 | 93 | |||||||||
| Texas Roadhouse, Cl A* | 1,770 | 50 | |||||||||
| Thomas Nelson | 1,678 | 40 | |||||||||
| Thor Industries (a) | 6,038 | 181 | |||||||||
| TiVo* (a) | 7,620 | 39 | |||||||||
| Too* (a) | 5,741 | 142 | |||||||||
| Tractor Supply* | 5,248 | 229 | |||||||||
| Trans World Entertainment* | 3,875 | 57 | |||||||||
| Triarc, Cl B | 5,962 | 82 | |||||||||
| Tuesday Morning* | 4,299 | 124 | |||||||||
| Tupperware (a) | 8,693 | 177 | |||||||||
| UniFirst | 1,506 | 60 | |||||||||
| United Auto Group | 3,200 | 89 | |||||||||
| Universal Electronics* | 2,331 | 39 | |||||||||
| Vail Resorts* | 3,273 | 83 | |||||||||
| Valassis Communications* | 8,650 | 302 | |||||||||
| ValueVision Media* | 3,000 | 37 | |||||||||
| Visteon* (a) | 21,822 | 125 | |||||||||
| Warnaco Group, Cl A* | 7,739 | 186 | |||||||||
| WCI Communities* (a) | 5,645 | 170 | |||||||||
| WESCO International* | 3,353 | 94 | |||||||||
| West Marine* (a) | 2,238 | 48 | |||||||||
| Weyco Group | 410 | 18 | |||||||||
| William Lyon Homes* | 701 | 54 | |||||||||
| Winnebago Industries (a) | 4,332 | 137 | |||||||||
| WMS Industries* (a) | 3,237 | 91 | |||||||||
| Wolverine World Wide | 9,906 | 213 | |||||||||
| Yankee Candle* | 7,702 | 244 | |||||||||
| Young Broadcasting, Cl A* | 2,694 | 23 | |||||||||
| Zale* (a) | 9,014 | 268 | |||||||||
| 27,380 | |||||||||||
| Consumer Staples – 2.9% | |||||||||||
| Alico* | 593 | 31 | |||||||||
| American Italian Pasta* (a) | 2,674 | 73 | |||||||||
| Arden Group, Cl A | 216 | 15 | |||||||||
| Boston Beer, Cl A* | 410 | 9 | |||||||||
| Cal-Maine Foods (a) | 2,500 | 20 | |||||||||
| Casey's General Stores | 8,339 | 150 | |||||||||
| Central European Distribution* | 1,947 | 65 | |||||||||
| Central Garden & Pet* | 2,816 | 124 | |||||||||
| Chattem* | 2,693 | 120 | |||||||||
| Chiquita Brands International* (a) | 6,165 | 165 | |||||||||
| Coca-Cola Bottling | 664 | 35 | |||||||||
| Corn Products International | 12,112 | 315 | |||||||||
| Darling International* | 11,020 | 44 | |||||||||
| Delta & Pine Land | 6,307 | 170 | |||||||||
| DIMON (a) | 7,527 | 47 | |||||||||
| Elizabeth Arden* | 3,739 | 89 | |||||||||
| Farmer Brothers | 1,130 | 27 | |||||||||
| Flowers Foods | 5,929 | 167 | |||||||||
| Gold Kist* | 2,290 | 36 | |||||||||
| Great Atlantic & Pacific Tea* (a) | 2,758 | 41 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Hain Celestial Group* | 4,303 | $ | 80 | ||||||||
| Hansen Natural* | 1,000 | 60 | |||||||||
| Ingles Markets, Cl A | 1,710 | 23 | |||||||||
| Inter Parfums | 841 | 12 | |||||||||
| J&J Snack Foods* | 1,044 | 49 | |||||||||
| John B. Sanfilippo & Son* | 1,048 | 26 | |||||||||
| Lancaster Colony | 4,350 | 185 | |||||||||
| Lance | 4,278 | 69 | |||||||||
| Longs Drug Stores (a) | 5,038 | 172 | |||||||||
| M & F Worldwide* | 1,695 | 23 | |||||||||
| Mannatech | 2,370 | 46 | |||||||||
| Maui Land & Pineapple* | 542 | 23 | |||||||||
| MGP Ingredients | 1,320 | 11 | |||||||||
| Nash-Finch (a) | 2,055 | 78 | |||||||||
| National Beverage* | 1,300 | 11 | |||||||||
| Natures Sunshine Product | 1,748 | 30 | |||||||||
| NeighborCare* | 6,271 | 183 | |||||||||
| Nu Skin Enterprises (a) | 8,773 | 197 | |||||||||
| Omega Protein* | 992 | 7 | |||||||||
| Pantry* | 1,940 | 60 | |||||||||
| Pathmark Stores* | 5,021 | 32 | |||||||||
| Peets Coffee & Tea* | 1,964 | 48 | |||||||||
| Performance Food Group* | 7,700 | 213 | |||||||||
| Playtex Products* | 5,800 | 52 | |||||||||
| Ralcorp Holdings* | 4,882 | 231 | |||||||||
| Rayovac* (a) | 8,316 | 346 | |||||||||
| Revlon* | 24,357 | 70 | |||||||||
| Ruddick | 5,509 | 128 | |||||||||
| Sanderson Farms | 1,722 | 74 | |||||||||
| Seaboard | 58 | 62 | |||||||||
| Smart & Final* | 2,085 | 25 | |||||||||
| Standard Commercial | 1,695 | 32 | |||||||||
| Star Scientific* (a) | 4,897 | 26 | |||||||||
| Topps | 5,913 | 54 | |||||||||
| United Natural Foods* | 6,674 | 191 | |||||||||
| Universal | 3,744 | 171 | |||||||||
| Usana Health Sciences* | 1,678 | 79 | |||||||||
| Vector Group | 3,995 | 61 | |||||||||
| WD-40 Company | 2,846 | 92 | |||||||||
| Weis Markets | 1,191 | 44 | |||||||||
| Wild Oats Markets* (a) | 4,829 | 51 | |||||||||
| 5,170 | |||||||||||
| Energy – 6.6% | |||||||||||
| Atlas America* | 380 | 14 | |||||||||
| Atwood Oceanics* | 1,961 | 130 | |||||||||
| Berry Petroleum, Cl A | 3,015 | 155 | |||||||||
| Bill Barrett* | 1,430 | 41 | |||||||||
| Brigham Exploration* | 4,230 | 39 | |||||||||
| Cabot Oil & Gas | 5,551 | 306 | |||||||||
| Cal Dive International* (a) | 6,448 | 292 | |||||||||
| Callon Petroleum* | 2,090 | 32 | |||||||||
| Carbo Ceramics | 2,079 | 146 | |||||||||
| Cheniere Energy* | 4,470 | 288 | |||||||||
| Cimarex Energy* (a) | 6,907 | 269 | |||||||||
| Clayton Williams Energy* | 844 | 22 | |||||||||
| Comstock Resources* (a) | 5,783 | 166 | |||||||||
| Crosstex Energy | 340 | 15 | |||||||||
| Delta Petroleum* | 4,450 | 65 | |||||||||
| Denbury Resources* | 9,217 | 325 | |||||||||
| Dril-Quip* | 1,083 | 33 | |||||||||
| Edge Petroleum* | 2,160 | 36 | |||||||||
| Encore Acquisition* | 3,997 | 165 | |||||||||
| Energy Partners* | 4,170 | 108 | |||||||||
| Forest Oil* (a) | 8,400 | 340 | |||||||||
| Frontier Oil | 4,192 | 152 | |||||||||
| FX Energy* | 5,160 | 59 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
19
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Giant Industries* | 1,760 | $ | 45 | ||||||||
| Global Industries* | 13,553 | 127 | |||||||||
| Grey Wolf* | 30,933 | 203 | |||||||||
| Gulf Island Fabrication | 686 | 16 | |||||||||
| GulfMark Offshore* | 2,407 | 62 | |||||||||
| Hanover Compressor* | 12,953 | 156 | |||||||||
| Harvest Natural Resources* | 5,996 | 71 | |||||||||
| Helmerich & Payne (a) | 8,300 | 329 | |||||||||
| Holly | 3,250 | 121 | |||||||||
| Hornbeck Offshore Services* | 1,010 | 25 | |||||||||
| Houston Exploration* | 2,126 | 121 | |||||||||
| Hydril* | 2,642 | 154 | |||||||||
| Input/Output* (a) | 10,628 | 69 | |||||||||
| KCS Energy* | 8,163 | 125 | |||||||||
| Key Energy Services* | 22,010 | 252 | |||||||||
| KFX* (a) | 8,146 | 109 | |||||||||
| Lone Star Technologies* | 4,834 | 191 | |||||||||
| Lufkin Industries | 1,198 | 58 | |||||||||
| Magnum Hunter Resources* | 14,628 | 236 | |||||||||
| Matrix Service* (a) | 2,864 | 12 | |||||||||
| Maverick Tube* | 7,026 | 228 | |||||||||
| McMoRan Exploration* (a) | 2,994 | 60 | |||||||||
| Meridian Resource* | 10,160 | 52 | |||||||||
| Mission Resources* | 7,660 | 54 | |||||||||
| Newpark Resources* | 13,988 | 82 | |||||||||
| NGP Capital Resources* | 2,700 | 43 | |||||||||
| NS Group* | 3,057 | 96 | |||||||||
| Oceaneering International* | 4,164 | 156 | |||||||||
| Offshore Logistics* | 3,372 | 112 | |||||||||
| Oil States International* | 4,851 | 100 | |||||||||
| Overseas Shipholding Group | 4,535 | 285 | |||||||||
| Parker Drilling* | 15,735 | 90 | |||||||||
| Penn Virginia | 3,044 | 140 | |||||||||
| Petroleum Developement* | 2,715 | 102 | |||||||||
| Plains Exploration & Production* | 12,986 | 453 | |||||||||
| Quicksilver Resources* (a) | 4,974 | 242 | |||||||||
| Range Resources | 13,233 | 309 | |||||||||
| Remington Oil & Gas* | 3,607 | 114 | |||||||||
| Resource America, Cl A | 2,477 | 87 | |||||||||
| RPC | 2,382 | 36 | |||||||||
| Seabulk International* | 972 | 20 | |||||||||
| SEACOR Holdings* | 3,099 | 198 | |||||||||
| Southwestern Energy* | 6,080 | 345 | |||||||||
| Spinnaker Exploration* | 4,189 | 149 | |||||||||
| St. Mary Land & Exploration | 4,768 | 239 | |||||||||
| Stone Energy* | 3,842 | 187 | |||||||||
| Superior Energy Services* | 9,047 | 156 | |||||||||
| Swift Energy* | 4,695 | 134 | |||||||||
| Syntroleum* | 4,680 | 57 | |||||||||
| Tesoro Petroleum* (a) | 10,937 | 405 | |||||||||
| Tetra Technologies* | 3,727 | 106 | |||||||||
| TODCO* | 2,010 | 52 | |||||||||
| TransMontaigne* | 3,458 | 28 | |||||||||
| Unit* | 6,360 | 287 | |||||||||
| Universal Compression Holdings* | 2,875 | 109 | |||||||||
| Veritas DGC* (a) | 5,678 | 170 | |||||||||
| Vintage Petroleum (a) | 8,571 | 270 | |||||||||
| W&T Offshore | 940 | 20 | |||||||||
| Warren Resources* | 2,830 | 30 | |||||||||
| W-H Energy Services* | 4,086 | 98 | |||||||||
| Whiting Petroleum* | 4,540 | 185 | |||||||||
| World Fuel Services | 3,734 | 118 | |||||||||
| 11,884 | |||||||||||
| Financials – 21.4% | |||||||||||
| 1st Source | 1,968 | 42 | |||||||||
| 21st Century Insurance Group | 3,694 | 52 | |||||||||
| Aames Investment | 6,890 | 57 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| ABC Bancorp | 1,956 | $ | 33 | ||||||||
| Abington Community Bancorp* | 1,089 | 14 | |||||||||
| Acadia Realty Trust | 4,452 | 72 | |||||||||
| Accredited Home Lenders Holdings* | 2,895 | 105 | |||||||||
| Ace Cash Express* | 1,500 | 34 | |||||||||
| Advance America Cash Advance Centers | 10,070 | 156 | |||||||||
| Advanta, Cl B | 3,278 | 75 | |||||||||
| Affiliated Managers Group* (a) | 4,048 | 251 | |||||||||
| Affirmative Insurance | 1,560 | 23 | |||||||||
| Affordable Residential Communities | 4,120 | 52 | |||||||||
| Alabama National | 2,178 | 135 | |||||||||
| Alexander's (REIT)* | 377 | 91 | |||||||||
| Alexandria Real Estate Equities | 3,234 | 208 | |||||||||
| Alfa | 5,506 | 80 | |||||||||
| AMCORE Financial | 4,191 | 118 | |||||||||
| American Campus Communities | 2,010 | 42 | |||||||||
| American Equity Investment Life Holding | 3,590 | 46 | |||||||||
| American Financial Realty (a) | 18,300 | 268 | |||||||||
| American Home Mortgage Investment (REIT) | 5,791 | 166 | |||||||||
| American Physicians Capital* | 1,423 | 49 | |||||||||
| American West Bancorp* | 1,708 | 33 | |||||||||
| AmerUS Group, Cl A | 6,579 | 311 | |||||||||
| AMLI Residential Properties Trust (REIT) | 4,219 | 116 | |||||||||
| Anchor Bancorp | 3,288 | 92 | |||||||||
| Anthracite Capital (REIT) | 8,883 | 99 | |||||||||
| Anworth Mortgage Asset (REIT) | 7,452 | 71 | |||||||||
| Apollo Investment | 10,350 | 174 | |||||||||
| Arbor Realty Trust | 1,170 | 29 | |||||||||
| Archipelago Holdings* | 1,770 | 31 | |||||||||
| Ares Capital | 1,840 | 30 | |||||||||
| Argonaut Group* | 4,136 | 88 | |||||||||
| Arrow Financial | 1,483 | 40 | |||||||||
| Ashford Hospitality Trust | 4,540 | 46 | |||||||||
| Asta Funding | 1,550 | 33 | |||||||||
| Atlantic Coast Federal | 980 | 12 | |||||||||
| Baldwin & Lyons, Cl B | 1,340 | 35 | |||||||||
| BancFirst | 538 | 37 | |||||||||
| Bancorp Bank* | 1,322 | 19 | |||||||||
| BancorpSouth | 12,890 | 266 | |||||||||
| BancTrust Financial Group | 1,427 | 29 | |||||||||
| Bank Mutual | 12,304 | 145 | |||||||||
| Bank of Granite | 2,259 | 42 | |||||||||
| Bank of the Ozarks | 1,774 | 56 | |||||||||
| BankAtlantic Bancorp | 7,096 | 123 | |||||||||
| BankUnited Financial* | 4,458 | 120 | |||||||||
| Banner | 1,677 | 45 | |||||||||
| Bedford Property Investors (REIT) | 2,421 | 53 | |||||||||
| Berkshire Hills Bancorp | 894 | 30 | |||||||||
| Beverly Hills Bancorp | 2,210 | 24 | |||||||||
| BFC Financial* | 1,438 | 14 | |||||||||
| Bimini Mortgage Management | 3,150 | 44 | |||||||||
| BioMed Realty Trust | 5,240 | 108 | |||||||||
| BKF Capital Group* | 1,020 | 41 | |||||||||
| Boston Private Financial | 4,555 | 108 | |||||||||
| Brandywine Realty Trust (REIT) | 7,937 | 225 | |||||||||
| Bristol West Holdings* | 2,520 | 39 | |||||||||
| Brookline Bancorp | 9,852 | 147 | |||||||||
| Bryn Mawr Bank | 1,174 | 24 | |||||||||
| Calamos Asset Management* | 3,870 | 104 | |||||||||
| Camden National | 1,288 | 46 | |||||||||
| Capital Automotive (a) | 6,086 | 202 | |||||||||
| Capital City Bank Group | 1,594 | 65 | |||||||||
| Capital Corporation of the West | 832 | 39 | |||||||||
| Capital Crossing Bank* | 710 | 23 | |||||||||
| Capital Lease Funding | 3,780 | 42 | |||||||||
| Capital Southwest | 460 | 36 | |||||||||
| Capital Trust | 1,960 | 65 | |||||||||
| Capitol Bancorp | 1,701 | 51 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
20
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Capstead Mortgage (REIT) (a) | 2,972 | $ | 25 | ||||||||
| CarrAmerica Realty (a) | 9,020 | 285 | |||||||||
| Cascade Bancorp | 2,775 | 54 | |||||||||
| Cash America International | 4,733 | 104 | |||||||||
| Cathay General Bancorp | 7,306 | 230 | |||||||||
| CB Richard Ellis Group* | 4,250 | 149 | |||||||||
| Cedar Shopping Centers | 2,750 | 39 | |||||||||
| Center Financial | 1,602 | 28 | |||||||||
| Central Coast Bancorp* | 1,866 | 31 | |||||||||
| Central Pacific Financial | 4,757 | 160 | |||||||||
| Century Bancorp, Cl A | 714 | 20 | |||||||||
| Ceres Group* | 5,030 | 27 | |||||||||
| Charter Financial | 665 | 22 | |||||||||
| CharterMac | 7,527 | 162 | |||||||||
| Chemical Financial | 4,194 | 136 | |||||||||
| Chittenden | 7,676 | 200 | |||||||||
| Citizens* | 5,630 | 32 | |||||||||
| Citizens Banking | 7,231 | 212 | |||||||||
| Citizens First Bancorp | 1,424 | 32 | |||||||||
| City Bank | 1,288 | 42 | |||||||||
| City Holdings | 2,790 | 82 | |||||||||
| Clark* | 2,695 | 42 | |||||||||
| Clifton Savings Bancorp | 2,290 | 26 | |||||||||
| CNA Surety* | 2,596 | 35 | |||||||||
| Coastal Financial | 2,590 | 39 | |||||||||
| CoBiz | 2,145 | 42 | |||||||||
| Cohen & Steers | 1,250 | 21 | |||||||||
| Collegiate Funding Services* | 1,330 | 21 | |||||||||
| Colonial Properties Trust (REIT) | 3,164 | 122 | |||||||||
| Columbia Bancorp – Maryland | 969 | 31 | |||||||||
| Columbia Banking System | 2,628 | 62 | |||||||||
| Commerce Group | 4,090 | 254 | |||||||||
| Commercial Capital Bancorp* (a) | 6,066 | 123 | |||||||||
| Commercial Federal | 6,797 | 188 | |||||||||
| Commercial Net Lease Realty (REIT) | 8,616 | 159 | |||||||||
| Community Bank System | 4,510 | 103 | |||||||||
| Community Banks | 1,781 | 45 | |||||||||
| Community Trust Bancorp | 2,187 | 63 | |||||||||
| CompuCredit* | 3,112 | 83 | |||||||||
| Consolidated-Tomoka Land | 943 | 54 | |||||||||
| Cornerstone Realty Income Trust (REIT) | 8,366 | 83 | |||||||||
| Corporate Office Properties Trust (REIT) | 6,089 | 161 | |||||||||
| Correctional Properties Trust (REIT) | 1,834 | 46 | |||||||||
| Corus Bankshares | 2,596 | 124 | |||||||||
| Cousins Properties | 5,990 | 155 | |||||||||
| Crawford & Company | 2,143 | 15 | |||||||||
| Credit Acceptance* | 1,780 | 35 | |||||||||
| CRT Properties | 4,700 | 102 | |||||||||
| CVB Financial | 7,643 | 139 | |||||||||
| Danielson Holding* | 7,650 | 132 | |||||||||
| Delphi Financial Group | 4,121 | 177 | |||||||||
| Digital Realty Trust | 3,370 | 48 | |||||||||
| Dime Community Bancshares | 5,164 | 79 | |||||||||
| Direct General | 2,640 | 54 | |||||||||
| Dollar Financial* | 1,260 | 15 | |||||||||
| Donegal Group, Cl A | 1,400 | 25 | |||||||||
| Downey Financial | 3,270 | 201 | |||||||||
| East West Bancorp (a) | 8,388 | 310 | |||||||||
| EastGroup Properties (REIT) | 3,501 | 132 | |||||||||
| ECC Capital (REIT)* | 9,580 | 57 | |||||||||
| Education Realty Trust (REIT)* | 3,180 | 53 | |||||||||
| EMC Insurance Group | 1,018 | 19 | |||||||||
| Encore Capital Group* | 2,020 | 29 | |||||||||
| Enstar Group* | 572 | 34 | |||||||||
| Entertainment Properties Trust (REIT) | 4,284 | 177 | |||||||||
| Equity Inns (REIT) | 8,422 | 93 | |||||||||
| Equity Lifestyle Properties | 3,666 | 129 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Equity One (REIT) | 5,668 | $ | 117 | ||||||||
| eSPEED, Cl A* | 4,019 | 37 | |||||||||
| Essex Property Trust (REIT) (a) | 3,815 | 264 | |||||||||
| EuroBancshares* | 1,350 | 23 | |||||||||
| Extra Space Storage | 3,720 | 50 | |||||||||
| F.N.B | 8,420 | 161 | |||||||||
| F.N.B. – Virginia | 1,207 | 31 | |||||||||
| Farmers Capital Bank | 1,005 | 34 | |||||||||
| FBL Financial Group, Cl A | 2,072 | 58 | |||||||||
| Federal Agricultural Mortgage, Cl C | 1,406 | 25 | |||||||||
| FelCor Lodging Trust (REIT)* | 8,195 | 102 | |||||||||
| Fidelity Bankshares | 3,387 | 78 | |||||||||
| Fieldstone Investment (REIT)* | 7,752 | 113 | |||||||||
| Financial Federal | 2,884 | 102 | |||||||||
| Financial Institutions | 1,345 | 27 | |||||||||
| First Acceptance* | 3,410 | 36 | |||||||||
| First Bancorp – North Carolina | 1,861 | 42 | |||||||||
| First Bancorp of Puerto Rico | 5,740 | 243 | |||||||||
| First Busey | 2,214 | 43 | |||||||||
| First Cash Financial Services* | 1,960 | 42 | |||||||||
| First Charter | 4,995 | 113 | |||||||||
| First Citizens Bancshares, Cl A | 1,015 | 149 | |||||||||
| First Commonwealth Financial – Pennsylvania | 11,723 | 161 | |||||||||
| First Community Bancorp | 2,175 | 96 | |||||||||
| First Community Bancshares – Nevada | 1,670 | 47 | |||||||||
| First Financial – Indiana | 2,258 | 67 | |||||||||
| First Financial Bancorp – Ohio | 5,854 | 107 | |||||||||
| First Financial Bankshares | 2,280 | 102 | |||||||||
| First Financial Holdings | 2,007 | 56 | |||||||||
| First Indiana | 1,971 | 48 | |||||||||
| First Industrial Realty Trust (REIT) | 6,644 | 251 | |||||||||
| First Merchants | 3,090 | 80 | |||||||||
| First Midwest Bancorp | 7,730 | 251 | |||||||||
| First Niagara Financial Group | 19,805 | 262 | |||||||||
| First Oak Brook Bancshares | 1,121 | 33 | |||||||||
| First of Long Island | 570 | 24 | |||||||||
| First Place Financial | 2,274 | 42 | |||||||||
| First Republic Bank – California | 3,249 | 105 | |||||||||
| First State Bancorp – New Mexico | 2,548 | 43 | |||||||||
| FirstBank Fractional Shares (c) | - | - | |||||||||
| FirstFed Financial* | 2,833 | 145 | |||||||||
| Flagstar Bancorp (a) | 5,244 | 103 | |||||||||
| Flushing Financial | 2,824 | 51 | |||||||||
| FPIC Insurance Group* | 1,340 | 43 | |||||||||
| Franklin Bank* | 1,770 | 31 | |||||||||
| Frontier Financial | 2,699 | 102 | |||||||||
| Gabelli Asset Management | 1,103 | 49 | |||||||||
| Gables Residential Trust (REIT) | 4,879 | 162 | |||||||||
| GATX (a) | 8,227 | 273 | |||||||||
| GB&T Bancshares | 1,707 | 37 | |||||||||
| Getty Realty (REIT) | 2,929 | 75 | |||||||||
| GFI Group* | 510 | 14 | |||||||||
| Glacier Bancorp | 4,088 | 125 | |||||||||
| Gladstone Capital | 1,582 | 34 | |||||||||
| Glenborough Realty Trust (REIT) | 4,834 | 92 | |||||||||
| Glimcher Realty Trust (REIT) | 5,922 | 140 | |||||||||
| Global Signal | 1,600 | 48 | |||||||||
| GMH Communities Trust | 4,820 | 56 | |||||||||
| Gold Banc | 6,686 | 94 | |||||||||
| Government Properties Trust | 3,220 | 32 | |||||||||
| Gramercy Capital | 1,570 | 31 | |||||||||
| Great Southern Bancorp | 1,726 | 56 | |||||||||
| Greater Bay Bancorp (a) | 8,568 | 209 | |||||||||
| Greenhill & Company | 840 | 30 | |||||||||
| Hancock Holding | 4,638 | 151 | |||||||||
| Hanmi Financial | 4,916 | 81 | |||||||||
| Harbor Florida Bancshares | 3,474 | 118 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
21
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Harleysville Group | 2,158 | $ | 43 | ||||||||
| Harleysville National | 4,428 | 94 | |||||||||
| Harris & Harris Group* | 2,590 | 31 | |||||||||
| Healthcare Realty Trust (REIT) | 7,710 | 281 | |||||||||
| Heartland Financial USA | 1,660 | 33 | |||||||||
| Heritage Property Investment Trust (REIT) | 4,534 | 135 | |||||||||
| Highland Hospitality | 5,770 | 60 | |||||||||
| Highwoods Properties (REIT) | 8,652 | 232 | |||||||||
| Hilb, Rogal & Hobbs | 5,112 | 183 | |||||||||
| Home Federal Bancorp* | 1,025 | 12 | |||||||||
| Home Properties (REIT) | 5,466 | 212 | |||||||||
| HomeBanc | 7,010 | 62 | |||||||||
| Horace Mann Educators | 7,127 | 126 | |||||||||
| Horizon Financial | 1,750 | 33 | |||||||||
| IBERIABANK | 1,050 | 59 | |||||||||
| IMPAC Mortgage Holdings (REIT) | 12,547 | 241 | |||||||||
| Independence Holdings | 765 | 14 | |||||||||
| Independent Bank | 2,457 | 71 | |||||||||
| Independent Bank – Michigan | 3,097 | 89 | |||||||||
| Infinity Property & Casualty | 3,449 | 108 | |||||||||
| Innkeepers USA Trust (REIT) | 6,191 | 80 | |||||||||
| Integra Bank | 2,552 | 57 | |||||||||
| Interchange Financial Services | 2,754 | 48 | |||||||||
| Investment Technology Group* | 7,495 | 131 | |||||||||
| Investors Real Estate Trust (REIT) | 7,096 | 66 | |||||||||
| Irwin Financial | 2,925 | 67 | |||||||||
| ITLA Capital* | 888 | 44 | |||||||||
| Jones Lang LaSalle* | 5,322 | 248 | |||||||||
| Kansas City Life Insurance | 138 | 7 | |||||||||
| Kearny Financial* | 3,281 | 36 | |||||||||
| K-Fed Bancorp | 950 | 12 | |||||||||
| Kilroy Realty (REIT) (a) | 4,741 | 194 | |||||||||
| Kite Realty Group Trust | 3,230 | 47 | |||||||||
| KNBT Bancorp | 5,100 | 78 | |||||||||
| Knight Trading Group* (a) | 18,211 | 175 | |||||||||
| Kramont Realty Trust (REIT) | 4,019 | 94 | |||||||||
| LaBranche* | 8,830 | 82 | |||||||||
| Ladenburg Thalman Financial Services* | 958 | 1 | |||||||||
| Lakeland Bancorp | 2,862 | 45 | |||||||||
| Lakeland Financial | 972 | 37 | |||||||||
| LandAmerica Financial Group | 2,988 | 149 | |||||||||
| Lasalle Hotel Properties (REIT) | 4,918 | 143 | |||||||||
| Lexington Corporate Properties Trust (REIT) (a) | 8,039 | 176 | |||||||||
| LTC Properties (REIT) | 2,458 | 43 | |||||||||
| Luminent Mortgage Capital | 6,090 | 67 | |||||||||
| Macatawa Bank | 1,543 | 52 | |||||||||
| MAF Bancorp | 3,953 | 164 | |||||||||
| Maguire Properties | 5,670 | 135 | |||||||||
| Main Street Banks | 2,471 | 65 | |||||||||
| MainSource Financial Group | 1,633 | 36 | |||||||||
| MarketAxess Holdings* | 850 | 10 | |||||||||
| Marlin Business Services* | 990 | 20 | |||||||||
| MB Financial | 3,217 | 123 | |||||||||
| MBT Financial | 2,408 | 45 | |||||||||
| MCG Capital | 5,791 | 89 | |||||||||
| Mercantile Bank | 1,201 | 49 | |||||||||
| MeriStar Hospitality (REIT)* | 16,091 | 113 | |||||||||
| Metris* | 5,380 | 62 | |||||||||
| MFA Mortgage Investments (REIT) | 13,828 | 105 | |||||||||
| Mid-America Apartment Communities (REIT) | 2,973 | 109 | |||||||||
| Midland | 1,512 | 48 | |||||||||
| Mid-State Bancshares | 3,932 | 105 | |||||||||
| Midwest Banc Holdings | 1,799 | 36 | |||||||||
| Mission West Properties (REIT) | 2,968 | 31 | |||||||||
| MortgageIT Holdings (a) | 2,430 | 39 | |||||||||
| Nara Bancorp | 3,068 | 43 | |||||||||
| NASB Financial | 510 | 20 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| National Financial Partners | 5,630 | $ | 224 | ||||||||
| National Health Investors (REIT) | 3,641 | 95 | |||||||||
| National Penn Bancshares | 5,742 | 141 | |||||||||
| National Western Life Insurance, Cl A* | 361 | 62 | |||||||||
| Nationwide Health Properties (REIT) | 11,209 | 227 | |||||||||
| Navigators Group* | 1,432 | 47 | |||||||||
| NBT Bancorp | 5,495 | 123 | |||||||||
| Nelnet* | 1,350 | 43 | |||||||||
| NetB@nk | 7,741 | 66 | |||||||||
| New Century Financial (REIT) | 7,620 | 357 | |||||||||
| Newcastle Investment (REIT) | 6,039 | 179 | |||||||||
| Northwest Bancorp | 3,149 | 67 | |||||||||
| NovaStar Financial (REIT) (a) | 4,542 | 164 | |||||||||
| NYMAGIC | 550 | 13 | |||||||||
| Oak Hill Financial | 580 | 20 | |||||||||
| OceanFirst Financial | 1,493 | 34 | |||||||||
| Ocwen Financial* (a) | 6,370 | 51 | |||||||||
| Ohio Casualty* | 10,342 | 238 | |||||||||
| Old National Bancorp | 11,623 | 236 | |||||||||
| Old Second Bancorp | 2,236 | 67 | |||||||||
| Omega Financial | 1,905 | 57 | |||||||||
| OMEGA Healthcare Investors (REIT) | 8,026 | 88 | |||||||||
| optionsXpress Holdings* | 3,440 | 56 | |||||||||
| Oriental Financial Group | 3,241 | 76 | |||||||||
| Origen Financial | 1,370 | 9 | |||||||||
| Orleans Homebuilders* | 516 | 9 | |||||||||
| Pacific Capital Bancorp | 7,586 | 226 | |||||||||
| Park National | 2,180 | 245 | |||||||||
| Parkway Properties (REIT) | 1,871 | 87 | |||||||||
| Partners Trust Financial Group | 5,159 | 55 | |||||||||
| Peapack-Gladstone Financial | 1,209 | 33 | |||||||||
| PennFed Financial Services | 1,452 | 22 | |||||||||
| PennRock Financial Savings | 1,283 | 45 | |||||||||
| Pennsylvania (REIT) | 5,245 | 211 | |||||||||
| Peoples Bancorp – Ohio | 1,771 | 48 | |||||||||
| Peoples Holding Company | 1,497 | 47 | |||||||||
| PFF Bancorp | 3,105 | 86 | |||||||||
| Philadelphia Consolidated Holding* | 2,977 | 231 | |||||||||
| Phoenix Companies (a) | 15,787 | 202 | |||||||||
| Piper Jaffray Companies* | 3,310 | 121 | |||||||||
| Placer Sierra Bancshares | 970 | 22 | |||||||||
| PMA Capital* | 4,509 | 36 | |||||||||
| Post Properties (REIT) | 6,348 | 197 | |||||||||
| Prentiss Properties Trust (REIT) | 7,299 | 249 | |||||||||
| Presidential Life | 3,553 | 58 | |||||||||
| PrivateBancorp | 2,742 | 86 | |||||||||
| ProAssurance* | 4,408 | 174 | |||||||||
| Prosperity Bancshares | 2,766 | 73 | |||||||||
| Provident Bancorp | 7,741 | 95 | |||||||||
| Provident Bankshares | 5,430 | 179 | |||||||||
| Provident Financial Holdings | 842 | 25 | |||||||||
| Provident Financial Services | 11,926 | 204 | |||||||||
| PS Business Parks (REIT) | 2,629 | 106 | |||||||||
| QC Holdings* | 830 | 12 | |||||||||
| R&G Financial | 4,641 | 145 | |||||||||
| RAIT Investment Trust (REIT) | 4,297 | 115 | |||||||||
| Ramco-Gershenson Properties Trust (REIT) | 2,376 | 65 | |||||||||
| Realty Income (REIT) | 12,620 | 289 | |||||||||
| Redwood Trust (REIT) (a) | 2,962 | 152 | |||||||||
| Republic Bancorp | 11,745 | 159 | |||||||||
| Republic Bancorp, Cl A – Kentucky | 1,427 | 32 | |||||||||
| Rewards Network* | 2,664 | 11 | |||||||||
| Riggs National | 2,928 | 56 | |||||||||
| RLI | 3,733 | 155 | |||||||||
| Royal Bancshares of Pennsylvania, Cl A | 727 | 17 | |||||||||
| S&T Bancorp | 3,952 | 140 | |||||||||
| Safety Insurance Group | 1,669 | 52 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
22
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Sanders Morris Harris Group | 2,010 | $ | 36 | ||||||||
| Sandy Spring Bancorp | 2,422 | 78 | |||||||||
| Santander Bancorp | 876 | 23 | |||||||||
| Saul Centers (REIT) | 2,191 | 70 | |||||||||
| Saxon Capital | 9,180 | 158 | |||||||||
| SCBT Financial | 1,353 | 41 | |||||||||
| Seacoast Banking | 1,932 | 38 | |||||||||
| Security Bank | 778 | 32 | |||||||||
| Selective Insurance Group | 4,627 | 214 | |||||||||
| Senior Housing Properties Trust (REIT) (a) | 8,946 | 149 | |||||||||
| Signature Bank* | 1,040 | 28 | |||||||||
| Silicon Valley Bancshares* | 5,895 | 260 | |||||||||
| Simmons First National, Cl A | 2,449 | 61 | |||||||||
| Smithtown Bancorp | 870 | 24 | |||||||||
| Southern Community Financial | 2,480 | 23 | |||||||||
| Southside Bancshares | 1,635 | 34 | |||||||||
| Southwest Bancorp – Oklahoma | 1,784 | 33 | |||||||||
| Southwest Bancorp of Texas | 11,458 | 210 | |||||||||
| Sovran Self Storage (REIT) | 2,481 | 98 | |||||||||
| Spirit Finance (REIT) | 11,270 | 122 | |||||||||
| State Auto Financial | 2,248 | 60 | |||||||||
| State Bancorp | 1,350 | 35 | |||||||||
| State Financial Services, Cl A | 962 | 36 | |||||||||
| Sterling Bancorp | 2,696 | 65 | |||||||||
| Sterling Bancshares (a) | 7,474 | 106 | |||||||||
| Sterling Financial – Pennsylvania | 3,587 | 93 | |||||||||
| Sterling Financial – Washington* | 3,784 | 135 | |||||||||
| Stewart Information Services (a) | 2,840 | 107 | |||||||||
| Stifel Financial* | 1,206 | 26 | |||||||||
| Strategic Hotel Capital | 4,990 | 73 | |||||||||
| Suffolk Bancorp | 1,816 | 60 | |||||||||
| Sun Bancorp – New Jersey* | 1,618 | 37 | |||||||||
| Sun Communities (REIT) | 2,688 | 96 | |||||||||
| Sunstone Hotel Investors* | 4,030 | 86 | |||||||||
| Susquehanna Bancshares | 7,683 | 187 | |||||||||
| SWS Group | 2,541 | 41 | |||||||||
| SY Bancorp | 1,976 | 43 | |||||||||
| Tanger Factory Outlet Centers (REIT) | 4,540 | 100 | |||||||||
| Tarragon Realty Investors* (a) | 2,229 | 45 | |||||||||
| Taubman Centers (REIT) | 8,297 | 230 | |||||||||
| Taylor Capital Group | 646 | 21 | |||||||||
| Tejon Ranch* | 1,267 | 57 | |||||||||
| Texas Capital Bancshares* | 3,540 | 75 | |||||||||
| Texas Regional Bancshares, Cl A | 6,852 | 206 | |||||||||
| TierOne | 3,101 | 73 | |||||||||
| Tompkins Trustco | 1,278 | 54 | |||||||||
| Tower Group | 2,520 | 34 | |||||||||
| Town & Country Trust (REIT) | 2,910 | 77 | |||||||||
| Tradestation Group* | 3,131 | 19 | |||||||||
| Trammell Crow* | 5,464 | 112 | |||||||||
| Triad Guaranty* | 1,559 | 82 | |||||||||
| TriCo Bancshares | 1,870 | 39 | |||||||||
| TrustCo Bank Corporation of New York | 12,547 | 144 | |||||||||
| Trustmark | 7,930 | 230 | |||||||||
| Trustreet Properties (REIT) | 3,802 | 59 | |||||||||
| UICI* | 6,303 | 153 | |||||||||
| UMB Financial | 2,519 | 143 | |||||||||
| Umpqua Holdings | 7,295 | 170 | |||||||||
| Union Bankshares | 1,448 | 46 | |||||||||
| United Bankshares | 6,310 | 209 | |||||||||
| United Community Banks | 4,746 | 113 | |||||||||
| United Community Financial | 4,503 | 50 | |||||||||
| United Fire & Casualty | 2,408 | 81 | |||||||||
| United PanAm Financial* | 774 | 16 | |||||||||
| Universal American Financial* | 4,773 | 82 | |||||||||
| Universal Health Realty Income Trust (REIT) | 1,958 | 55 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Univest Corporation of Pennsylvania | 1,270 | $ | 51 | ||||||||
| Unizan Financial | 3,628 | 94 | |||||||||
| Urstadt Biddle Properties, Cl A (REIT) | 3,514 | 54 | |||||||||
| USB Holding | 2,116 | 47 | |||||||||
| USB Holding Company Fractional Share (c) | - | - | |||||||||
| USI Holdings* | 5,879 | 69 | |||||||||
| U-Store-It-Trust | 4,700 | 82 | |||||||||
| Vesta Insurance Group* | 6,020 | 21 | |||||||||
| Virginia Commerce Bancorp* | 1,136 | 31 | |||||||||
| Virginia Financial Group | 1,199 | 39 | |||||||||
| Washington Real Estate Investment Trust (REIT) | 6,967 | 200 | |||||||||
| Washington Trust Bancorp | 2,203 | 61 | |||||||||
| WesBanco | 3,146 | 87 | |||||||||
| West Bancorp | 2,815 | 48 | |||||||||
| West Coast Bancorp – Oregon | 2,507 | 60 | |||||||||
| Westamerica Bancorporation | 5,280 | 273 | |||||||||
| Western Sierra Bancorp* | 1,072 | 37 | |||||||||
| Westfield Financial | 810 | 20 | |||||||||
| Wilshire Bancorp | 2,310 | 30 | |||||||||
| Winston Hotels (REIT) | 3,870 | 45 | |||||||||
| Wintrust Financial | 3,635 | 171 | |||||||||
| World Acceptance* | 2,684 | 69 | |||||||||
| WSFS Financial | 1,001 | 53 | |||||||||
| Yardville National Bancorp | 1,454 | 47 | |||||||||
| Zenith National Insurance | 1,774 | 92 | |||||||||
| ZipRealty* | 770 | 11 | |||||||||
| 38,719 | |||||||||||
| Health Care – 11.6% | |||||||||||
| Abaxis* | 2,910 | 26 | |||||||||
| Abgenix* | 13,707 | 96 | |||||||||
| ABIOMED* | 2,540 | 27 | |||||||||
| Able Laboratories* | 3,027 | 71 | |||||||||
| Adeza Biomedical* | 630 | 8 | |||||||||
| Adolor* | 6,481 | 64 | |||||||||
| Advanced Medical Optics* (a) | 5,955 | 216 | |||||||||
| Advanced Neuromodulation Systems* | 3,379 | 91 | |||||||||
| Advancis Pharmaceuticals* | 1,400 | 5 | |||||||||
| Advisory Board* | 2,948 | 129 | |||||||||
| Aksys* | 1,344 | 4 | |||||||||
| Albany Molecular Research* | 3,875 | 40 | |||||||||
| Alderwoods Group* | 6,671 | 83 | |||||||||
| Alexion Pharmaceuticals* (a) | 4,512 | 98 | |||||||||
| Align Technology* | 8,687 | 54 | |||||||||
| Alkermes* | 15,118 | 157 | |||||||||
| Alliance Imaging* | 2,104 | 20 | |||||||||
| Allscripts Healthcare Solutions* | 4,570 | 65 | |||||||||
| Alpharma, Cl A | 6,553 | 81 | |||||||||
| AMEDISYS* | 2,220 | 67 | |||||||||
| America Service Group* | 1,770 | 39 | |||||||||
| American Healthways* (a) | 4,872 | 161 | |||||||||
| American Medical Systems* | 8,426 | 145 | |||||||||
| AMERIGROUP* | 8,220 | 300 | |||||||||
| AMN Healthcare Services* | 1,915 | 30 | |||||||||
| Amsurg, Cl A* | 5,048 | 128 | |||||||||
| Analogic | 1,929 | 83 | |||||||||
| Animas* | 710 | 14 | |||||||||
| Antigenetics* (a) | 4,236 | 28 | |||||||||
| Applera* | 12,299 | 126 | |||||||||
| Apria Healthcare Group* | 8,380 | 269 | |||||||||
| Ariad Pharmaceuticals* | 8,724 | 49 | |||||||||
| Array Biopharma* | 5,340 | 37 | |||||||||
| Arrow International | 3,086 | 106 | |||||||||
| Arthrocare* | 3,547 | 101 | |||||||||
| Aspect Medical Systems* | 2,047 | 44 | |||||||||
| AtheroGenics* (a) | 6,240 | 82 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
23
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Avant Immunotherapeutics* | 12,402 | $ | 20 | ||||||||
| Axonyx* | 8,550 | 11 | |||||||||
| Barrier Therapeutics* | 1,090 | 17 | |||||||||
| Bentley Pharmaceuticals* | 2,565 | 19 | |||||||||
| Beverly Enterprises* | 18,084 | 224 | |||||||||
| BioCryst Pharmaceuticals* | 2,730 | 13 | |||||||||
| Bioenvision* | 5,070 | 29 | |||||||||
| Biolase Technology* (a) | 3,583 | 30 | |||||||||
| BioMarin Pharmaceutical* | 10,744 | 55 | |||||||||
| Bio-Rad Laboratories, Cl A* | 2,900 | 141 | |||||||||
| Bio-Reference Labs* | 1,400 | 19 | |||||||||
| Biosite* (a) | 2,158 | 112 | |||||||||
| BioVeris* | 3,424 | 18 | |||||||||
| Bone Care International* | 2,607 | 68 | |||||||||
| Bradley Pharmaceuticals* (a) | 2,259 | 22 | |||||||||
| Bruker BioSciences* | 3,570 | 13 | |||||||||
| CancerVax* | 2,760 | 18 | |||||||||
| Candela* | 3,208 | 29 | |||||||||
| Caraco Pharmaceutical Laboratories* | 1,510 | 12 | |||||||||
| Cardiac Science* (a) | 12,239 | 14 | |||||||||
| CardioDynamics International* | 6,011 | 18 | |||||||||
| Cell Genesys* | 7,457 | 34 | |||||||||
| Cell Therapeutics* (a) | 10,266 | 37 | |||||||||
| Centene* (a) | 6,892 | 207 | |||||||||
| Cepheid* | 6,965 | 67 | |||||||||
| Cerner* (a) | 4,749 | 249 | |||||||||
| Chemed | 2,027 | 155 | |||||||||
| Ciphergen Biosystems* | 3,864 | 11 | |||||||||
| Closure Medical* | 1,149 | 31 | |||||||||
| Computer Programs & Systems | 1,089 | 31 | |||||||||
| Conceptus* | 4,252 | 33 | |||||||||
| CONMED* | 4,966 | 150 | |||||||||
| Connetics* (a) | 5,300 | 134 | |||||||||
| Conor Medsystems* | 1,330 | 22 | |||||||||
| Corcept Therapeutics* | 750 | 3 | |||||||||
| Corgentech* | 1,280 | 3 | |||||||||
| Corixa* | 10,013 | 31 | |||||||||
| Corvel* | 1,056 | 23 | |||||||||
| Cross Country Healthcare* | 3,833 | 64 | |||||||||
| CTI Molecular Imaging* | 5,194 | 105 | |||||||||
| Cubist Pharmaceuticals* | 8,343 | 89 | |||||||||
| CuraGen* | 7,184 | 30 | |||||||||
| Curis* | 7,970 | 29 | |||||||||
| CV Therapeutics* | 6,019 | 123 | |||||||||
| Cyberonics* | 2,889 | 128 | |||||||||
| Cypress Biosciences* | 4,900 | 45 | |||||||||
| Cytogen* | 2,590 | 15 | |||||||||
| Cytokinetics* | 1,260 | 8 | |||||||||
| Datascope | 1,966 | 60 | |||||||||
| deCODE Genetics* | 8,010 | 46 | |||||||||
| Dendreon* | 9,743 | 53 | |||||||||
| Dendrite International* | 6,024 | 85 | |||||||||
| DepoMed* | 3,520 | 14 | |||||||||
| Diagnostic Products | 3,638 | 176 | |||||||||
| Digene* (a) | 2,342 | 49 | |||||||||
| Discovery Laboratories* | 8,889 | 50 | |||||||||
| Diversa* | 3,947 | 20 | |||||||||
| DJ Orthopedics* | 2,982 | 75 | |||||||||
| DOV Pharmaceutical* | 2,356 | 32 | |||||||||
| Durect* | 5,064 | 18 | |||||||||
| DUSA Pharmaceuticals* | 2,500 | 22 | |||||||||
| Dyax* | 4,370 | 14 | |||||||||
| Dynavax Technologies* | 1,040 | 5 | |||||||||
| Eclipsys* | 6,101 | 94 | |||||||||
| Emageon* | 940 | 17 | |||||||||
| Encore Medical* | 6,280 | 34 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Encysive Pharmaceuticals* (a) | 9,616 | $ | 98 | ||||||||
| Enzo Biochem* | 4,228 | 61 | |||||||||
| Enzon* | 7,397 | 75 | |||||||||
| EPIX Medical* | 3,807 | 27 | |||||||||
| eResearch Technology* | 7,423 | 87 | |||||||||
| Exactech* | 1,015 | 17 | |||||||||
| Exelixis* | 11,269 | 76 | |||||||||
| E-Z-EM* | 1,100 | 13 | |||||||||
| First Horizon Pharmaceutical* | 4,380 | 74 | |||||||||
| FoxHollow Technologies* | 780 | 22 | |||||||||
| Genaera* | 9,590 | 22 | |||||||||
| Genelabs Technologies* | 15,140 | 9 | |||||||||
| Genencor International* | 1,369 | 26 | |||||||||
| Genesis HealthCare* | 3,315 | 142 | |||||||||
| Genta* | 10,118 | 11 | |||||||||
| Gentiva Health Services* | 4,213 | 68 | |||||||||
| Geron* | 9,014 | 55 | |||||||||
| GTx* | 910 | 8 | |||||||||
| Guilford Pharmaceuticals* | 7,331 | 17 | |||||||||
| Haemonetics* | 2,751 | 116 | |||||||||
| Hanger Orthopedic Group* | 3,575 | 21 | |||||||||
| HealthExtras* | 3,119 | 52 | |||||||||
| Hollis-Eden Pharmaceuticals* | 2,299 | 16 | |||||||||
| Hologic* | 3,403 | 108 | |||||||||
| Hooper Holmes | 9,553 | 37 | |||||||||
| Human Genome Sciences* (a) | 21,540 | 199 | |||||||||
| ICU Medical* (a) | 1,761 | 63 | |||||||||
| Idenix Pharmaceuticals* | 980 | 19 | |||||||||
| IDX Systems* | 3,463 | 120 | |||||||||
| I-Flow* | 3,030 | 48 | |||||||||
| Illumina* | 4,850 | 39 | |||||||||
| Immucor* | 7,422 | 224 | |||||||||
| Immunicon* | 1,010 | 6 | |||||||||
| ImmunoGen* | 6,107 | 32 | |||||||||
| Immunomedics* | 7,526 | 18 | |||||||||
| Impax Laboratories* (a) | 8,115 | 130 | |||||||||
| Incyte* | 11,675 | 80 | |||||||||
| Indevus Pharmaceuticals* | 6,902 | 19 | |||||||||
| InKine Pharmaceuticals* | 8,120 | 25 | |||||||||
| Inspire Pharmaceuticals* | 7,019 | 57 | |||||||||
| Integra LifeSciences* (a) | 3,388 | 119 | |||||||||
| InterMune* | 4,787 | 53 | |||||||||
| IntraLase* | 1,290 | 22 | |||||||||
| Intuitive Surgical* (a) | 5,563 | 253 | |||||||||
| Invacare | 4,309 | 192 | |||||||||
| Inverness Medical Innovations* | 2,240 | 53 | |||||||||
| Isis Pharmaceuticals* | 8,646 | 33 | |||||||||
| Isolagen* | 3,690 | 23 | |||||||||
| Ista Pharmaceuticals* | 1,760 | 17 | |||||||||
| IVAX Diagnostics* | 1,030 | 4 | |||||||||
| Kensey Nash* (a) | 1,588 | 43 | |||||||||
| Keryx Biopharmaceuticals* | 3,610 | 48 | |||||||||
| Kindred Healthcare* | 4,396 | 154 | |||||||||
| Kos Pharmaceuticals* | 1,992 | 83 | |||||||||
| Kosan Biosciences* | 3,520 | 14 | |||||||||
| K-V Pharmaceutical, Cl A* (a) | 5,957 | 138 | |||||||||
| Kyphon* (a) | 3,880 | 98 | |||||||||
| LabOne* (a) | 2,858 | 99 | |||||||||
| Lannet* | 1,156 | 7 | |||||||||
| Laserscope* | 3,021 | 96 | |||||||||
| LCA-Vision | 2,580 | 86 | |||||||||
| Lexicon Genetics* | 10,568 | 54 | |||||||||
| LifeCell* | 4,740 | 42 | |||||||||
| Lifeline Systems* | 1,852 | 56 | |||||||||
| Lifepoint Hospitals* (a) | 6,349 | 279 | |||||||||
| Ligand Pharmaceuticals* (a) | 12,453 | 71 | |||||||||
| Luminex* | 4,475 | 34 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
24
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Magellan Health Services* | 4,540 | $ | 155 | ||||||||
| MannKind* | 2,160 | 31 | |||||||||
| Marshall Edwards* (a) | 1,200 | 10 | |||||||||
| Matria Healthcare* | 2,580 | 79 | |||||||||
| Matthews International, Cl A | 5,373 | 176 | |||||||||
| Maxim Pharmaceuticals* | 4,740 | 8 | |||||||||
| Maxygen* | 3,755 | 32 | |||||||||
| Medarex* | 17,104 | 122 | |||||||||
| MedCath* | 1,010 | 30 | |||||||||
| Medical Action Industries* | 1,357 | 26 | |||||||||
| Medical Staffing Network Holdings* | 2,027 | 13 | |||||||||
| Medicines* (a) | 8,044 | 182 | |||||||||
| Mentor (a) | 6,782 | 218 | |||||||||
| Merge Technologies* | 1,830 | 32 | |||||||||
| Merit Medical Systems* | 3,910 | 47 | |||||||||
| Micro Therapeutics* | 1,961 | 8 | |||||||||
| Microtek Medical Holdings* | 7,170 | 26 | |||||||||
| Mine Safety Appliances | 3,596 | 139 | |||||||||
| Molecular Devices* | 2,600 | 49 | |||||||||
| Molina Healthcare* | 1,730 | 80 | |||||||||
| Momenta Pharmaceuticals* | 1,020 | 9 | |||||||||
| Myogen* | 3,180 | 25 | |||||||||
| Myriad Genetics* (a) | 5,173 | 95 | |||||||||
| NABI Biopharmaceuticals* | 9,701 | 121 | |||||||||
| Nanogen* | 7,970 | 28 | |||||||||
| National Healthcare* | 1,123 | 38 | |||||||||
| NDCHealth* (a) | 6,008 | 96 | |||||||||
| NeoPharm* | 2,872 | 22 | |||||||||
| Neose Technologies* | 3,733 | 10 | |||||||||
| Neurogen* | 4,170 | 30 | |||||||||
| Nitromed* | 1,920 | 33 | |||||||||
| Northfield Laboratories* | 3,970 | 45 | |||||||||
| Noven Pharmaceuticals* | 3,898 | 66 | |||||||||
| NPS Pharmaceuticals* | 6,282 | 79 | |||||||||
| Nutraceutical International* | 1,170 | 19 | |||||||||
| NuVasive* | 1,080 | 14 | |||||||||
| Nuvelo* | 6,089 | 40 | |||||||||
| OCA* (a) | 7,046 | 30 | |||||||||
| Occulogix* | 1,410 | 12 | |||||||||
| Odyssey Healthcare* | 5,725 | 67 | |||||||||
| Omnicell* | 3,629 | 26 | |||||||||
| Onyx Pharmaceuticals* (a) | 5,847 | 183 | |||||||||
| Option Care* | 2,210 | 46 | |||||||||
| OraSure Technologies* | 6,624 | 49 | |||||||||
| OrthoLogic* | 6,408 | 32 | |||||||||
| Orthovita* | 7,750 | 26 | |||||||||
| Oscient Pharmaceuticals* | 10,130 | 24 | |||||||||
| Owens & Minor | 5,348 | 146 | |||||||||
| Pain Therapeutics* | 5,347 | 27 | |||||||||
| Palatin Technologies* | 8,787 | 21 | |||||||||
| Palomar Medical Technologies* | 2,000 | 54 | |||||||||
| Par Pharmaceutical Companies* (a) | 5,720 | 191 | |||||||||
| PAREXEL International* | 4,361 | 102 | |||||||||
| PDI* | 1,410 | 29 | |||||||||
| Pediatrix Medical Group* (a) | 3,707 | 254 | |||||||||
| Penwest Pharmaceuticals* | 3,263 | 40 | |||||||||
| Peregrine Pharmaceuticals* | 20,982 | 31 | |||||||||
| Perrigo | 10,203 | 195 | |||||||||
| Per-Se Technologies* | 3,783 | 58 | |||||||||
| Pharmacyclics* | 3,270 | 26 | |||||||||
| Pharmion* | 2,480 | 72 | |||||||||
| Pharmos* | 15,900 | 10 | |||||||||
| PolyMedica | 4,386 | 139 | |||||||||
| Possis Medical* | 2,679 | 22 | |||||||||
| POZEN* | 4,002 | 21 | |||||||||
| PRA International* | 1,380 | 37 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Praecis Pharmaceuticals* | 8,735 | $ | 9 | ||||||||
| Priority Healthcare, Cl B* | 4,818 | 104 | |||||||||
| Progenics Pharmaceutical* | 1,965 | 33 | |||||||||
| Province Healthcare* (a) | 8,322 | 200 | |||||||||
| ProxyMed Pharmacy* | 1,000 | 9 | |||||||||
| PSS World Medical* | 11,251 | 128 | |||||||||
| Psychiatric Solutions* | 2,320 | 107 | |||||||||
| Quidel* | 5,272 | 21 | |||||||||
| Radiation Therapy Services* | 910 | 17 | |||||||||
| Regeneration Technologies* | 3,873 | 40 | |||||||||
| Regeneron Pharmaceutical* | 6,330 | 32 | |||||||||
| RehabCare Group* | 2,705 | 78 | |||||||||
| Renovis* | 1,000 | 8 | |||||||||
| Res-Care* | 2,910 | 36 | |||||||||
| Rigel Pharmaceuticals* | 1,810 | 29 | |||||||||
| Salix Pharmaceuticals* | 6,005 | 99 | |||||||||
| Santarus* | 1,400 | 7 | |||||||||
| SciClone Pharmaceuticals* | 7,438 | 21 | |||||||||
| Seattle Genetics* | 5,207 | 27 | |||||||||
| Serologicals* (a) | 5,700 | 139 | |||||||||
| SFBC International* (a) | 2,104 | 74 | |||||||||
| Sierra Health Services* (a) | 3,876 | 247 | |||||||||
| Sonic Innovations* | 3,070 | 17 | |||||||||
| SonoSite* (a) | 2,456 | 64 | |||||||||
| Specialty Laboratories* | 1,331 | 13 | |||||||||
| Stereotaxis* | 930 | 7 | |||||||||
| STERIS* | 11,650 | 294 | |||||||||
| Stewart Enterprises, Cl A* | 17,824 | 110 | |||||||||
| Sunrise Senior Living* | 2,710 | 132 | |||||||||
| SuperGen* | 8,470 | 41 | |||||||||
| SurModics* (a) | 2,367 | 76 | |||||||||
| Sybron Dental Specialties* | 6,429 | 231 | |||||||||
| Symbion* | 1,380 | 29 | |||||||||
| Symmetry Medical* | 1,340 | 25 | |||||||||
| Tanox* | 3,962 | 38 | |||||||||
| Techne* | 6,823 | 275 | |||||||||
| Telik* | 7,928 | 120 | |||||||||
| Tercica* | 950 | 7 | |||||||||
| Third Wave Technologies* | 4,685 | 27 | |||||||||
| Thoratec* | 7,554 | 92 | |||||||||
| Transkaryotic Therapies* | 4,938 | 123 | |||||||||
| Trimeris* | 2,604 | 29 | |||||||||
| TriPath Imaging* | 4,594 | 32 | |||||||||
| TriZetto Group* | 4,672 | 44 | |||||||||
| United Surgical Partners* | 4,742 | 217 | |||||||||
| United Therapeutics* (a) | 3,184 | 146 | |||||||||
| Urologix* | 2,350 | 11 | |||||||||
| Valeant Pharmaceuticals International | 13,980 | 315 | |||||||||
| Varian* | 5,791 | 219 | |||||||||
| Ventana Medical Systems* | 4,566 | 171 | |||||||||
| Ventiv Health* | 3,080 | 71 | |||||||||
| Vertex Pharmaceuticals* | 13,205 | 124 | |||||||||
| ViaCell* | 1,260 | 10 | |||||||||
| Viasys Healthcare* | 5,138 | 98 | |||||||||
| Vicuron Pharmaceuticals* | 8,652 | 136 | |||||||||
| Vion Pharmaceuticals* | 9,240 | 26 | |||||||||
| VistaCare, Cl A* | 1,502 | 31 | |||||||||
| VISX* | 8,085 | 190 | |||||||||
| Vital Signs | 951 | 38 | |||||||||
| VNUS Medical Technologies* | 910 | 11 | |||||||||
| WellCare Group* | 1,530 | 47 | |||||||||
| West Pharmaceutical Services | 5,002 | 120 | |||||||||
| Wilson Greatbatch Technologies* | 3,569 | 65 | |||||||||
| Wright Medical Group* | 4,431 | 106 | |||||||||
| Young Innovations | 780 | 29 | |||||||||
| ZILA* | 7,570 | 31 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
25
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Zoll Medical* | 1,539 | $ | 35 | ||||||||
| ZymoGenetics* | 3,237 | 49 | |||||||||
| 21,065 | |||||||||||
| Industrials – 14.5% | |||||||||||
| A.O. Smith | 2,844 | 82 | |||||||||
| A.S.V.* | 1,302 | 52 | |||||||||
| AAON* | 1,459 | 24 | |||||||||
| AAR* | 5,377 | 73 | |||||||||
| ABM Industries | 6,267 | 121 | |||||||||
| Aceto | 3,993 | 30 | |||||||||
| Actuant, Cl A* (a) | 4,404 | 198 | |||||||||
| Acuity Brands (a) | 7,106 | 192 | |||||||||
| Administaff* | 3,607 | 53 | |||||||||
| AirTran Holdings* (a) | 14,250 | 129 | |||||||||
| Alaska Air Group* (a) | 4,665 | 137 | |||||||||
| Albany International, Cl A | 4,377 | 135 | |||||||||
| Alexander & Baldwin (a) | 7,059 | 290 | |||||||||
| Amerco* | 1,550 | 72 | |||||||||
| America West Holdings, Cl B* (a) | 5,858 | 32 | |||||||||
| American Reprographics* | 950 | 14 | |||||||||
| American Superconductor* | 4,160 | 42 | |||||||||
| American Woodmark | 1,784 | 65 | |||||||||
| Ameron International | 1,373 | 49 | |||||||||
| Angelica | 1,489 | 42 | |||||||||
| Apogee Enterprises | 4,582 | 65 | |||||||||
| Applied Industrial Technology | 4,285 | 117 | |||||||||
| Applied Signal Technology | 1,656 | 38 | |||||||||
| Arkansas Best (a) | 3,676 | 139 | |||||||||
| Armor Holdings* | 4,813 | 179 | |||||||||
| Artesyn Technologies* (a) | 5,736 | 50 | |||||||||
| Asset Acceptance Capital* | 1,310 | 25 | |||||||||
| Astec Industries* | 2,301 | 51 | |||||||||
| Aviall* | 3,935 | 110 | |||||||||
| Baldor Electric | 5,497 | 142 | |||||||||
| Banta | 4,152 | 178 | |||||||||
| Barnes Group | 2,514 | 68 | |||||||||
| BE Aerospace* | 10,060 | 121 | |||||||||
| Beacon Roofing Supply* | 2,300 | 50 | |||||||||
| Bowne & Company | 5,842 | 88 | |||||||||
| Brady, Cl A | 6,070 | 196 | |||||||||
| Bright Horizons Family Solutions* | 4,410 | 149 | |||||||||
| Bucyrus International | 2,080 | 81 | |||||||||
| C&D Technologies | 4,216 | 43 | |||||||||
| Capstone Turbine* | 13,890 | 22 | |||||||||
| Cascade | 1,776 | 62 | |||||||||
| Casella Waste Systems* | 3,279 | 43 | |||||||||
| CDI | 2,057 | 46 | |||||||||
| Central Freight Lines* | 1,430 | 5 | |||||||||
| Central Parking | 3,089 | 53 | |||||||||
| Century Business Services* | 10,541 | 43 | |||||||||
| Ceradyne* | 3,994 | 89 | |||||||||
| Charles River Associates* | 1,699 | 84 | |||||||||
| Circor International | 2,564 | 63 | |||||||||
| CLARCOR | 4,157 | 216 | |||||||||
| Coinstar* | 4,058 | 86 | |||||||||
| Color Kinetics* | 670 | 7 | |||||||||
| Comfort Systems USA* | 6,420 | 50 | |||||||||
| Commercial Vehicle Group* | 1,650 | 33 | |||||||||
| CompX International* | 570 | 10 | |||||||||
| Consolidated Graphics* | 1,887 | 99 | |||||||||
| Continental Airlines, Cl B* (a) | 11,241 | 135 | |||||||||
| Cornell Companies* | 2,222 | 28 | |||||||||
| Corrections Corporation of America* | 6,481 | 250 | |||||||||
| CoStar Group* | 2,676 | 99 | |||||||||
| Covenant Transport, Cl A* | 1,453 | 26 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Cubic | 2,610 | $ | 49 | ||||||||
| CUNO* | 2,826 | 145 | |||||||||
| Curtiss-Wright | 3,536 | 202 | |||||||||
| Delta Air Lines* (a) | 20,170 | 81 | |||||||||
| DiamondCluster, Cl A* | 3,900 | 63 | |||||||||
| Dollar Thrifty Automotive* | 4,365 | 143 | |||||||||
| DRS Technologies* | 3,954 | 168 | |||||||||
| Ducommun* | 1,215 | 24 | |||||||||
| Duratek* | 1,700 | 34 | |||||||||
| Dycom Industries* (a) | 8,053 | 185 | |||||||||
| EDO | 2,611 | 78 | |||||||||
| Educate* | 2,990 | 41 | |||||||||
| EGL* (a) | 6,029 | 137 | |||||||||
| Electro Rent* | 3,005 | 40 | |||||||||
| ElkCorp | 3,292 | 127 | |||||||||
| EMCOR Group* | 2,528 | 118 | |||||||||
| Encore Wire* | 2,644 | 27 | |||||||||
| Energy Conversion Devices* (a) | 3,359 | 76 | |||||||||
| EnerSys* | 2,110 | 28 | |||||||||
| Engineered Support Systems (a) | 3,714 | 199 | |||||||||
| Ennis Business Forms | 4,271 | 72 | |||||||||
| EnPro Industries* | 3,456 | 95 | |||||||||
| ESCO Technologies* | 2,161 | 174 | |||||||||
| Esterline Technologies* | 4,138 | 143 | |||||||||
| Exponent* | 1,000 | 24 | |||||||||
| ExpressJet Holdings* (a) | 6,456 | 74 | |||||||||
| Federal Signal | 8,026 | 122 | |||||||||
| First Advantage* | 520 | 11 | |||||||||
| Flanders* | 2,180 | 25 | |||||||||
| Florida East Coast Industries, Cl A | 3,359 | 143 | |||||||||
| Flowserve* | 9,150 | 237 | |||||||||
| FLYi* (a) | 7,570 | 10 | |||||||||
| Forward Air* | 3,626 | 154 | |||||||||
| Franklin Electric | 2,702 | 102 | |||||||||
| Frontier Airlines* | 5,929 | 62 | |||||||||
| FTI Consulting* | 7,105 | 147 | |||||||||
| FuelCell Energy* (a) | 7,050 | 70 | |||||||||
| G&K Services, Cl A | 2,911 | 117 | |||||||||
| Gardner Denver* | 3,298 | 130 | |||||||||
| GenCorp* | 7,938 | 159 | |||||||||
| General Binding* | 1,001 | 21 | |||||||||
| General Cable* | 6,919 | 84 | |||||||||
| Genesee & Wyoming, Cl A* | 2,966 | 77 | |||||||||
| Genlyte Group* | 2,031 | 183 | |||||||||
| Geo Group* | 1,382 | 40 | |||||||||
| GEVITY HR | 3,952 | 76 | |||||||||
| Global Power Equipment Group* | 5,645 | 54 | |||||||||
| Gorman-Rupp | 1,543 | 33 | |||||||||
| Granite Construction | 5,555 | 146 | |||||||||
| Greenbrier Companies* | 947 | 33 | |||||||||
| Greg Manning Auctions* (a) | 840 | 8 | |||||||||
| Griffon* | 4,069 | 87 | |||||||||
| Healthcare Services Group | 2,630 | 64 | |||||||||
| Heartland Express (a) | 7,577 | 145 | |||||||||
| HEICO | 3,252 | 65 | |||||||||
| Heidrick & Struggles International* | 2,790 | 103 | |||||||||
| Herley Industries* | 1,910 | 33 | |||||||||
| Hexcel* | 4,754 | 74 | |||||||||
| Hub Group* | 1,200 | 75 | |||||||||
| Hudson Highland Group* | 3,330 | 57 | |||||||||
| Huron Consulting Group* | 1,180 | 24 | |||||||||
| IDEX | 7,348 | 296 | |||||||||
| II-VI* | 3,738 | 65 | |||||||||
| Imagistics International* | 2,781 | 97 | |||||||||
| Innovative Solutions and Support* | 1,160 | 37 | |||||||||
| Insituform Technologies, Cl A* | 4,458 | 65 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
26
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Insurance Auto Auctions* | 1,445 | $ | 40 | ||||||||
| Integrated Electrical Services* (a) | 5,484 | 15 | |||||||||
| Interline Brands* | 2,090 | 40 | |||||||||
| Intermagnetics General* | 4,666 | 114 | |||||||||
| Intersections* | 1,180 | 17 | |||||||||
| Jackson Hewitt Tax Service (a) | 6,340 | 133 | |||||||||
| Jacuzzi Brands* | 12,579 | 123 | |||||||||
| JLG Industries (a) | 7,920 | 171 | |||||||||
| John H. Harland | 4,625 | 159 | |||||||||
| Joy Global (a) | 12,861 | 451 | |||||||||
| Kadant* | 2,383 | 44 | |||||||||
| Kaman | 3,402 | 42 | |||||||||
| Kansas City Southern Industries* (a) | 10,440 | 201 | |||||||||
| Kaydon (a) | 4,753 | 149 | |||||||||
| Kelly Services, Cl A | 2,936 | 85 | |||||||||
| Kennametal | 6,050 | 287 | |||||||||
| Kforce* | 4,260 | 47 | |||||||||
| Kirby* | 3,620 | 152 | |||||||||
| Knight Transportation* | 6,112 | 151 | |||||||||
| Knoll* | 640 | 11 | |||||||||
| Korn/Ferry International* | 5,216 | 99 | |||||||||
| KVH Industries* | 2,404 | 22 | |||||||||
| Labor Ready* (a) | 6,902 | 129 | |||||||||
| Laidlaw International* | 17,240 | 359 | |||||||||
| Landstar* | 9,900 | 324 | |||||||||
| Lawson Products | 830 | 39 | |||||||||
| Layne Christensen* | 1,640 | 28 | |||||||||
| Learning Tree International* | 1,465 | 21 | |||||||||
| LECG* | 2,180 | 43 | |||||||||
| Lennox International (a) | 7,396 | 162 | |||||||||
| Lincoln Electric Holdings | 5,614 | 169 | |||||||||
| Lindsay Manufacturing | 1,895 | 36 | |||||||||
| LSI Industries | 3,292 | 37 | |||||||||
| MagneTek* | 3,950 | 21 | |||||||||
| Manitowoc (a) | 4,924 | 199 | |||||||||
| Marten Transport* | 1,530 | 33 | |||||||||
| MasTec* | 3,917 | 32 | |||||||||
| McGrath Rentcorp | 3,218 | 75 | |||||||||
| Medis Technologies* (a) | 2,167 | 31 | |||||||||
| Mercury Computer Systems* (a) | 3,541 | 98 | |||||||||
| Mesa Air Group* | 5,292 | 37 | |||||||||
| Microvision* (a) | 3,110 | 18 | |||||||||
| Middleby* | 740 | 37 | |||||||||
| Milacron* | 6,280 | 19 | |||||||||
| Mobile Mini* | 2,400 | 97 | |||||||||
| Moog, Cl A* | 4,345 | 196 | |||||||||
| MTC Technologies* | 1,204 | 39 | |||||||||
| Mueller Industries | 5,721 | 161 | |||||||||
| NACCO Industries, Cl A | 785 | 80 | |||||||||
| Navigant Consulting* | 7,618 | 208 | |||||||||
| NCI Building Systems* | 3,255 | 126 | |||||||||
| NCO Group* | 4,507 | 88 | |||||||||
| Nordson | 4,431 | 163 | |||||||||
| Northwest Airlines* (a) | 12,604 | 84 | |||||||||
| NuCo2* | 1,600 | 42 | |||||||||
| Old Dominion Freight Lines* | 2,750 | 86 | |||||||||
| Orbital Sciences* | 8,694 | 84 | |||||||||
| Overnite | 4,670 | 149 | |||||||||
| Pacer International* | 4,590 | 110 | |||||||||
| PAM Transportation Services* | 1,066 | 18 | |||||||||
| Penn Engineering & Manufacturing | 1,793 | 32 | |||||||||
| Perini* | 1,126 | 16 | |||||||||
| Pico Holdings* | 1,336 | 35 | |||||||||
| Pinnacle Airlines* | 3,240 | 34 | |||||||||
| Plug Power* | 8,085 | 53 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Portfolio Recovery Associates* | 2,023 | $ | 69 | ||||||||
| Powell Industries* | 1,137 | 21 | |||||||||
| Power-One* | 10,770 | 52 | |||||||||
| Pre-Paid Legal Services* (a) | 1,634 | 55 | |||||||||
| PRG-Schultz International* | 6,840 | 34 | |||||||||
| Princeton Review* | 2,755 | 15 | |||||||||
| Quality Distribution* | 1,390 | 15 | |||||||||
| Quanta Services* | 12,021 | 92 | |||||||||
| Quixote | 1,257 | 27 | |||||||||
| RailAmerica* | 6,137 | 77 | |||||||||
| Raven Industries | 2,588 | 53 | |||||||||
| Regal-Beloit (a) | 4,123 | 119 | |||||||||
| Reliance Steel & Aluminum | 4,706 | 188 | |||||||||
| Republic Airways Holdings* | 830 | 10 | |||||||||
| Resources Connection* (a) | 7,792 | 163 | |||||||||
| Robbins & Myers | 1,811 | 40 | |||||||||
| Rollins | 4,885 | 91 | |||||||||
| Schawk | 1,511 | 28 | |||||||||
| School Specialty* | 3,817 | 149 | |||||||||
| SCS Transportation* | 2,481 | 46 | |||||||||
| Sequa, Cl A* | 1,036 | 54 | |||||||||
| Shaw Group* | 10,552 | 230 | |||||||||
| SI International* | 1,100 | 30 | |||||||||
| Simpson Manufacturing | 6,188 | 191 | |||||||||
| SITEL* | 9,720 | 19 | |||||||||
| SkyWest | 9,079 | 169 | |||||||||
| Sotheby's Holdings, Cl A* (a) | 7,622 | 129 | |||||||||
| SOURCECORP* | 2,692 | 54 | |||||||||
| Spherion* | 10,076 | 75 | |||||||||
| Standard Register | 1,973 | 25 | |||||||||
| Standex International | 1,969 | 54 | |||||||||
| Stewart & Stevenson Services | 4,795 | 110 | |||||||||
| Strayer Education | 2,457 | 278 | |||||||||
| Swift Transportation* (a) | 7,490 | 165 | |||||||||
| Sypris Solutions | 1,128 | 12 | |||||||||
| Tecumseh Products, Cl A | 2,678 | 106 | |||||||||
| Teledyne Technologies* | 5,420 | 170 | |||||||||
| Teletech Holdings* (a) | 6,279 | 81 | |||||||||
| Tennant | 1,103 | 43 | |||||||||
| Terex* (a) | 8,311 | 360 | |||||||||
| Tetra Tech* | 9,332 | 118 | |||||||||
| Thomas & Betts* | 9,752 | 315 | |||||||||
| Thomas Industries | 2,423 | 96 | |||||||||
| Toro | 3,794 | 336 | |||||||||
| TRC* | 198 | 3 | |||||||||
| Tredegar | 4,619 | 78 | |||||||||
| Trex* (a) | 1,718 | 76 | |||||||||
| Trinity Industries (a) | 6,125 | 173 | |||||||||
| Triumph Group* | 2,642 | 103 | |||||||||
| U.S. Xpress Enterprises* | 974 | 16 | |||||||||
| UAP Holding* | 4,630 | 75 | |||||||||
| Ultralife Batteries* | 2,340 | 40 | |||||||||
| United Industrial | 1,774 | 53 | |||||||||
| United Rentals* | 7,276 | 147 | |||||||||
| United Stationers* | 5,646 | 255 | |||||||||
| Universal Forest Products | 2,636 | 102 | |||||||||
| Universal Technical Institute* | 2,360 | 87 | |||||||||
| URS* | 5,238 | 151 | |||||||||
| USF | 4,628 | 223 | |||||||||
| USG* (a) | 5,346 | 177 | |||||||||
| Valence Technology* (a) | 10,013 | 31 | |||||||||
| Valmont Industries | 2,288 | 51 | |||||||||
| Vertrue* (a) | 982 | 35 | |||||||||
| Vicor* | 3,192 | 33 | |||||||||
| Volt Information Sciences* | 1,322 | 32 | |||||||||
| Wabash National* (a) | 5,115 | 125 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
27
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Wabtec | 6,586 | $ | 135 | ||||||||
| Walter Industries | 3,930 | 167 | |||||||||
| Washington Group International* | 4,143 | 187 | |||||||||
| Waste Connections* | 7,741 | 269 | |||||||||
| Water Pik Technologies* | 1,660 | 33 | |||||||||
| Watsco | 3,719 | 157 | |||||||||
| Watson Wyatt & Company Holdings* | 5,378 | 146 | |||||||||
| Watts Water Technologies, Cl A | 3,965 | 129 | |||||||||
| Werner Enterprises | 8,000 | 155 | |||||||||
| Woodward Governor | 1,619 | 116 | |||||||||
| York International (a) | 6,864 | 269 | |||||||||
| 26,143 | |||||||||||
| Information Technology – 16.3% | |||||||||||
| 24/7 Real Media* | 4,790 | 16 | |||||||||
| Accelrys* | 4,468 | 27 | |||||||||
| Actel* | 4,294 | 66 | |||||||||
| ActivCard* | 7,045 | 45 | |||||||||
| Actuate* | 8,630 | 21 | |||||||||
| Adaptec* (a) | 18,390 | 88 | |||||||||
| ADE* | 1,580 | 35 | |||||||||
| Advanced Digital Information* | 10,711 | 88 | |||||||||
| Advanced Energy Industries* | 3,766 | 36 | |||||||||
| Advent Software* | 3,938 | 72 | |||||||||
| Aeroflex* | 11,128 | 104 | |||||||||
| Agile Software* | 8,707 | 63 | |||||||||
| Agilysys | 4,309 | 85 | |||||||||
| Airspan Networks* | 5,140 | 26 | |||||||||
| Alliance Semiconductor* | 3,151 | 8 | |||||||||
| Altiris* (a) | 3,504 | 84 | |||||||||
| AMIS Holdings* | 5,210 | 59 | |||||||||
| Anaren* | 3,268 | 40 | |||||||||
| Anixter International* | 4,203 | 152 | |||||||||
| Ansoft* | 1,223 | 33 | |||||||||
| AnswerThink* | 7,510 | 31 | |||||||||
| ANSYS* | 5,178 | 177 | |||||||||
| Anteon International* | 4,480 | 175 | |||||||||
| Applied Films* (a) | 2,458 | 57 | |||||||||
| aQuantive* | 7,927 | 88 | |||||||||
| Ariba* | 10,482 | 81 | |||||||||
| Arris Group* | 14,514 | 100 | |||||||||
| Ascential Software* | 9,844 | 182 | |||||||||
| AsiaInfo Holdings* | 5,892 | 30 | |||||||||
| Aspect Communication* | 6,784 | 71 | |||||||||
| Aspen Technology* | 6,891 | 39 | |||||||||
| Asyst Technologies* | 7,837 | 38 | |||||||||
| Atari* | 1,539 | 5 | |||||||||
| Atheros Communications* | 1,550 | 16 | |||||||||
| ATMI* | 5,210 | 130 | |||||||||
| Audiovox* | 2,868 | 37 | |||||||||
| August Technology* | 2,960 | 35 | |||||||||
| Authentidate Holding* | 4,830 | 19 | |||||||||
| Autobytel* | 6,932 | 35 | |||||||||
| Avanex* (a) | 13,297 | 17 | |||||||||
| Axcelis Technologies* | 16,761 | 122 | |||||||||
| BEI Technologies | 1,851 | 44 | |||||||||
| Bel Fuse | 1,900 | 58 | |||||||||
| Belden CDT (a) | 7,899 | 175 | |||||||||
| Benchmark Electronics* (a) | 6,259 | 199 | |||||||||
| BISYS Group* | 19,990 | 313 | |||||||||
| Black Box | 2,695 | 101 | |||||||||
| Blackbaud | 1,340 | 17 | |||||||||
| Blackboard* | 1,090 | 19 | |||||||||
| Blue Coat Systems* | 1,720 | 40 | |||||||||
| Borland Software* | 13,619 | 111 | |||||||||
| Brightpoint* | 3,040 | 57 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Brocade Communications Systems* (a) | 43,080 | $ | 255 | ||||||||
| Brooks Automation* (a) | 7,405 | 113 | |||||||||
| Cabot Microelectronics* (a) | 4,182 | 131 | |||||||||
| CACI International, Cl A* | 4,839 | 267 | |||||||||
| California Micro Devices* | 3,520 | 18 | |||||||||
| Captaris* | 5,360 | 22 | |||||||||
| Carreker* | 3,380 | 19 | |||||||||
| Carrier Access* | 3,340 | 20 | |||||||||
| Catapult Communications* | 1,185 | 25 | |||||||||
| CCC Information Services Group* | 1,310 | 30 | |||||||||
| C-COR.net* | 7,728 | 47 | |||||||||
| Checkpoint Systems* | 6,331 | 107 | |||||||||
| Cherokee International* | 1,180 | 8 | |||||||||
| Chordiant Software* | 11,980 | 20 | |||||||||
| CIBER* | 8,511 | 62 | |||||||||
| Cirrus Logic* | 14,082 | 64 | |||||||||
| CMGI* | 74,201 | 155 | |||||||||
| CNET Networks* | 21,172 | 200 | |||||||||
| Cognex | 6,669 | 166 | |||||||||
| Coherent* | 5,038 | 170 | |||||||||
| Cohu | 3,578 | 57 | |||||||||
| CommScope* (a) | 8,936 | 134 | |||||||||
| Comtech Telecommunications* | 2,377 | 124 | |||||||||
| Concord Communications* | 3,048 | 31 | |||||||||
| Concur Technologies* | 4,368 | 35 | |||||||||
| Corillian* | 5,410 | 19 | |||||||||
| Covansys* | 3,720 | 55 | |||||||||
| Cray* | 14,298 | 36 | |||||||||
| Credence Systems* | 15,061 | 119 | |||||||||
| CSG Systems International* | 8,614 | 140 | |||||||||
| CTS | 6,024 | 78 | |||||||||
| CyberGuard* | 2,856 | 24 | |||||||||
| CyberOptics* | 1,240 | 15 | |||||||||
| CyberSource* | 4,560 | 23 | |||||||||
| Cymer* (a) | 6,197 | 166 | |||||||||
| Daktronics* | 2,406 | 52 | |||||||||
| DDi* | 4,350 | 12 | |||||||||
| Digi International* | 3,580 | 49 | |||||||||
| Digimarc* | 2,578 | 16 | |||||||||
| Digital Insight* | 5,854 | 96 | |||||||||
| Digital River* | 5,589 | 174 | |||||||||
| Digital Theater Systems* | 2,800 | 51 | |||||||||
| Digitas* (a) | 11,949 | 121 | |||||||||
| Diodes* | 1,191 | 32 | |||||||||
| Dionex* | 3,054 | 166 | |||||||||
| Ditech Communications* | 4,680 | 58 | |||||||||
| Dot Hill Systems* | 7,241 | 43 | |||||||||
| DoubleClick* (a) | 16,910 | 131 | |||||||||
| DSP Group* | 4,870 | 125 | |||||||||
| DuPont Photomasks* | 2,447 | 65 | |||||||||
| E.piphany* | 12,683 | 45 | |||||||||
| Eagle Broadband* | 33,710 | 11 | |||||||||
| EarthLink* | 21,842 | 197 | |||||||||
| Echelon* | 4,674 | 32 | |||||||||
| eCollege.com* | 2,654 | 34 | |||||||||
| eFunds* | 7,943 | 177 | |||||||||
| Electro Scientific Industries* | 4,700 | 91 | |||||||||
| Electronics for Imaging* (a) | 8,947 | 160 | |||||||||
| Embarcadero Technologies* | 3,542 | 23 | |||||||||
| Emulex* | 13,650 | 257 | |||||||||
| Entegris* (a) | 6,279 | 62 | |||||||||
| Enterasys Networks* | 35,059 | 49 | |||||||||
| Entrust* | 10,609 | 40 | |||||||||
| Epicor Software* | 6,928 | 91 | |||||||||
| EPIQ Systems* | 2,281 | 30 | |||||||||
| Equinix* (a) | 2,060 | 87 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
28
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| ESS Technology* | 5,592 | $ | 29 | ||||||||
| Euronet Worldwide* | 3,749 | 107 | |||||||||
| Exar* | 6,827 | 91 | |||||||||
| Excel Technologies* | 1,995 | 49 | |||||||||
| Extreme Networks* | 18,209 | 107 | |||||||||
| F5 Networks* | 6,096 | 308 | |||||||||
| FactSet Research Systems (a) | 5,100 | 168 | |||||||||
| FalconStor Software* | 4,403 | 26 | |||||||||
| FARO Technologies* | 1,760 | 41 | |||||||||
| FEI* | 3,976 | 92 | |||||||||
| FileNet* | 6,859 | 156 | |||||||||
| FindWhat.com* | 4,271 | 44 | |||||||||
| Finisar* (a) | 27,604 | 35 | |||||||||
| FormFactor* | 4,630 | 105 | |||||||||
| Forrester Research* | 2,275 | 32 | |||||||||
| FSI International* | 4,980 | 21 | |||||||||
| Gartner, Cl A* | 10,592 | 101 | |||||||||
| Gateway* | 36,980 | 149 | |||||||||
| Genesis Microchip* | 5,352 | 77 | |||||||||
| Global Imaging Systems* | 3,852 | 137 | |||||||||
| Greenfield Online* | 1,110 | 22 | |||||||||
| Harmonic* | 11,990 | 115 | |||||||||
| Helix Technology | 4,403 | 68 | |||||||||
| Homestore* | 18,853 | 42 | |||||||||
| HouseValues* | 950 | 12 | |||||||||
| Hutchinson Technology* | 4,399 | 153 | |||||||||
| Hypercom* | 8,501 | 40 | |||||||||
| Hyperion Solutions* (a) | 6,474 | 286 | |||||||||
| Identix* | 14,874 | 75 | |||||||||
| iGATE* | 3,474 | 13 | |||||||||
| Imation | 5,640 | 196 | |||||||||
| Infocrossing* (a) | 2,620 | 42 | |||||||||
| InFocus* | 6,609 | 38 | |||||||||
| Informatica* | 14,458 | 120 | |||||||||
| InfoSpace* | 5,300 | 217 | |||||||||
| infoUSA* | 5,310 | 56 | |||||||||
| INTAC International* | 1,310 | 17 | |||||||||
| Integrated Device Technology* | 17,500 | 211 | |||||||||
| Integrated Silicon Solution* | 5,956 | 40 | |||||||||
| Interchange* (a) | 570 | 6 | |||||||||
| InterDigital Communications* | 9,370 | 144 | |||||||||
| Intergraph* | 5,525 | 159 | |||||||||
| InterNAP Network Services* | 48,930 | 29 | |||||||||
| Internet Capital Group* | 6,350 | 45 | |||||||||
| Internet Security Systems* | 6,399 | 117 | |||||||||
| Inter-Tel | 3,430 | 84 | |||||||||
| Intervideo* | 1,430 | 16 | |||||||||
| InterVoice* | 5,997 | 67 | |||||||||
| Interwoven* | 6,748 | 53 | |||||||||
| Intevac* | 2,790 | 26 | |||||||||
| Intrado* | 2,879 | 35 | |||||||||
| Iomega* | 8,692 | 37 | |||||||||
| iPass* | 7,370 | 45 | |||||||||
| iPayment* | 1,755 | 74 | |||||||||
| Itron* | 3,513 | 104 | |||||||||
| iVillage* | 5,250 | 32 | |||||||||
| Ixia* | 4,415 | 79 | |||||||||
| IXYS* | 3,134 | 36 | |||||||||
| J2 Global Communications* | 3,140 | 108 | |||||||||
| JAMDAT Mobile* | 1,030 | 18 | |||||||||
| JDA Software* | 4,295 | 60 | |||||||||
| Jupitermedia* | 2,820 | 44 | |||||||||
| Kanbay International* | 1,210 | 25 | |||||||||
| Keane* (a) | 8,428 | 110 | |||||||||
| Keithley Instruments | 2,099 | 34 | |||||||||
| KEMET* | 14,424 | 112 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Keynote Systems* | 2,568 | $ | 30 | ||||||||
| Kintera* | 1,110 | 6 | |||||||||
| Komag* (a) | 4,589 | 103 | |||||||||
| Kopin* | 11,697 | 36 | |||||||||
| Kronos* | 5,152 | 263 | |||||||||
| Kulicke & Soffa* | 8,485 | 53 | |||||||||
| Landauer | 1,502 | 71 | |||||||||
| LaserCard* (a) | 1,623 | 8 | |||||||||
| Lattice Semiconductor* | 18,883 | 101 | |||||||||
| Lawson Software* | 9,272 | 55 | |||||||||
| Leadis Technology* | 1,000 | 6 | |||||||||
| LeCroy* | 1,380 | 24 | |||||||||
| Lexar Media* (a) | 11,884 | 59 | |||||||||
| Lionbridge Technologies* | 7,777 | 44 | |||||||||
| Littelfuse* | 3,686 | 106 | |||||||||
| LookSmart* | 15,938 | 14 | |||||||||
| LTX* | 10,164 | 45 | |||||||||
| Macrovision* (a) | 8,190 | 186 | |||||||||
| Magma Design Automation* | 4,113 | 49 | |||||||||
| Manhattan Associates* | 5,084 | 104 | |||||||||
| ManTech International* | 2,806 | 65 | |||||||||
| Manugistics Group* | 9,161 | 15 | |||||||||
| MAPICS* | 4,238 | 54 | |||||||||
| MapInfo* | 3,370 | 41 | |||||||||
| Marchex* (a) | 690 | 13 | |||||||||
| MatrixOne* | 8,726 | 42 | |||||||||
| Mattson Technology* | 6,661 | 53 | |||||||||
| Maximus* | 3,117 | 104 | |||||||||
| Maxwell Technologies* | 1,770 | 16 | |||||||||
| McDATA, Cl A* | 19,810 | 75 | |||||||||
| Measurement Specialties* | 1,780 | 41 | |||||||||
| Mentor Graphics* (a) | 12,835 | 176 | |||||||||
| Merix* | 3,010 | 34 | |||||||||
| Methode Electronics, Cl A | 5,978 | 72 | |||||||||
| Metrologic Instruments* | 1,748 | 39 | |||||||||
| Micrel* (a) | 11,539 | 106 | |||||||||
| Micromuse* | 13,200 | 60 | |||||||||
| Micros Systems* | 5,350 | 196 | |||||||||
| Microsemi* | 10,026 | 163 | |||||||||
| MicroStrategy* | 2,018 | 110 | |||||||||
| Microtune* | 8,580 | 37 | |||||||||
| Midway Games* (a) | 7,699 | 79 | |||||||||
| Mindspeed Technologies* | 16,605 | 37 | |||||||||
| MIPS Technologies, Cl A* | 6,840 | 79 | |||||||||
| MKS Instruments* | 5,409 | 86 | |||||||||
| Mobility Electronics* | 4,120 | 29 | |||||||||
| Monolithic Power Systems* | 930 | 8 | |||||||||
| Monolithic System Technology* | 3,897 | 23 | |||||||||
| Motive* | 890 | 9 | |||||||||
| MPS Group* | 17,450 | 183 | |||||||||
| MRO Software* | 3,265 | 46 | |||||||||
| MRV Communications* (a) | 17,620 | 57 | |||||||||
| MTS Systems | 3,338 | 97 | |||||||||
| Multi-Fineline Electronix* | 1,000 | 18 | |||||||||
| Mykrolis* | 6,881 | 98 | |||||||||
| Neoforma* | 1,542 | 12 | |||||||||
| Ness Technologies* | 2,270 | 27 | |||||||||
| Net2Phone* | 5,955 | 10 | |||||||||
| NETGEAR* | 3,610 | 54 | |||||||||
| NetIQ* | 9,518 | 109 | |||||||||
| NetRatings* | 2,069 | 32 | |||||||||
| NetScout Systems* | 3,957 | 18 | |||||||||
| Network Equipment Technologies* | 4,000 | 23 | |||||||||
| Newport* | 7,119 | 103 | |||||||||
| NIC* | 5,199 | 25 | |||||||||
| NMS Communications* | 7,760 | 33 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
29
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Novatel Wireless* | 3,080 | $ | 33 | ||||||||
| OmniVision Technologies* (a) | 9,382 | 142 | |||||||||
| ON Semiconductor* (a) | 20,145 | 80 | |||||||||
| Open Solutions* | 2,190 | 43 | |||||||||
| Openwave Systems* | 11,416 | 139 | |||||||||
| Oplink Communications* | 17,841 | 28 | |||||||||
| OPNET Technologies* | 1,965 | 16 | |||||||||
| Opsware* | 9,869 | 51 | |||||||||
| Optical Communication Products* | 3,060 | 5 | |||||||||
| OSI Systems* | 2,433 | 43 | |||||||||
| Overland Storage* | 2,281 | 33 | |||||||||
| Packeteer* | 5,480 | 84 | |||||||||
| Palm* (a) | 7,049 | 179 | |||||||||
| Palmsource* (a) | 2,442 | 22 | |||||||||
| Paradyne Networks* | 6,570 | 14 | |||||||||
| Parametric Technology* (a) | 44,512 | 249 | |||||||||
| Park Electrochemical | 2,914 | 59 | |||||||||
| Paxar* (a) | 5,769 | 123 | |||||||||
| PC Connection* | 1,202 | 7 | |||||||||
| PC-tel* | 3,354 | 25 | |||||||||
| PDF Solutions* | 2,438 | 34 | |||||||||
| PEC Solutions* | 1,916 | 24 | |||||||||
| Pegasus Solutions* | 3,614 | 43 | |||||||||
| Pegasystems* | 1,884 | 10 | |||||||||
| Pericom Semiconductor* | 3,692 | 32 | |||||||||
| Perot Systems, Cl A* | 12,692 | 171 | |||||||||
| Phase Forward* | 930 | 6 | |||||||||
| Photon Dynamics* | 2,778 | 53 | |||||||||
| Photronics* (a) | 5,426 | 98 | |||||||||
| Pinnacle Systems* | 11,488 | 64 | |||||||||
| Pixelworks* | 6,756 | 55 | |||||||||
| Planar Systems* | 2,441 | 22 | |||||||||
| PlanetOut* | 1,010 | 9 | |||||||||
| PLATO Learning* | 3,840 | 30 | |||||||||
| Plexus* | 7,184 | 83 | |||||||||
| PLX Technology* | 3,590 | 38 | |||||||||
| Portal Software* | 5,378 | 13 | |||||||||
| PortalPlayer* | 1,050 | 24 | |||||||||
| Power Integrations* | 4,601 | 96 | |||||||||
| Powerwave Technologies* (a) | 17,310 | 134 | |||||||||
| Presstek* | 4,290 | 33 | |||||||||
| Progress Software* | 4,163 | 109 | |||||||||
| QAD* | 2,134 | 18 | |||||||||
| Quality Systems* | 1,118 | 47 | |||||||||
| Quantum* (a) | 30,074 | 88 | |||||||||
| Quest Software* | 8,381 | 116 | |||||||||
| RadiSys* (a) | 3,126 | 44 | |||||||||
| RAE Systems* | 5,760 | 18 | |||||||||
| RealNetworks* (a) | 18,770 | 108 | |||||||||
| Redback Networks* | 5,206 | 31 | |||||||||
| REMEC* | 10,269 | 54 | |||||||||
| Renaissance Learning | 1,273 | 22 | |||||||||
| Retek* | 9,311 | 104 | |||||||||
| RF Micro Devices* | 31,117 | 162 | |||||||||
| RightNow Technologies* | 1,050 | 13 | |||||||||
| Rofin-Sinar Technologies* | 2,495 | 80 | |||||||||
| Rogers* | 2,766 | 111 | |||||||||
| RSA Security* (a) | 11,546 | 183 | |||||||||
| Rudolph Technologies* (a) | 2,142 | 32 | |||||||||
| S1* | 11,775 | 82 | |||||||||
| Safeguard Scientifics* | 19,974 | 28 | |||||||||
| SAFENET* (a) | 4,002 | 117 | |||||||||
| Salesforce.com* (a) | 1,940 | 29 | |||||||||
| Sapient* (a) | 13,146 | 97 | |||||||||
| SBS Technologies* | 2,544 | 28 | |||||||||
| ScanSoft* | 13,475 | 50 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| ScanSource* | 2,090 | $ | 108 | ||||||||
| SeaChange International* | 4,085 | 53 | |||||||||
| Secure Computing* | 5,936 | 51 | |||||||||
| SeeBeyond Technologies* | 8,274 | 26 | |||||||||
| Semitool* | 2,713 | 28 | |||||||||
| SERENA Software* (a) | 4,196 | 100 | |||||||||
| SigmaTel* | 4,150 | 155 | |||||||||
| Silicon Graphics* (a) | 44,014 | 52 | |||||||||
| Silicon Image* | 12,480 | 126 | |||||||||
| Silicon Storage Technology* | 13,684 | 51 | |||||||||
| Siliconix* | 396 | 14 | |||||||||
| SimpleTech* | 3,360 | 13 | |||||||||
| SIPEX* | 3,305 | 8 | |||||||||
| SiRF Technology Holdings* | 1,940 | 22 | |||||||||
| Skyworks Solutions* | 25,238 | 160 | |||||||||
| Sohu.com* | 3,687 | 65 | |||||||||
| Sonic Solutions* | 3,120 | 47 | |||||||||
| SonicWALL* | 8,989 | 45 | |||||||||
| Spatialight* (a) | 3,920 | 20 | |||||||||
| SpectraLink | 3,179 | 45 | |||||||||
| SPSS* | 2,367 | 41 | |||||||||
| SRA International, Cl A* | 2,198 | 132 | |||||||||
| SS&C Technologies | 2,264 | 52 | |||||||||
| Standard Microsystems* | 3,072 | 53 | |||||||||
| StarTek | 1,815 | 31 | |||||||||
| Stellent* | 3,421 | 29 | |||||||||
| StorageNetworks* (c) | 15,089 | - | |||||||||
| Stratasys* | 1,531 | 43 | |||||||||
| Stratex Networks* | 15,978 | 29 | |||||||||
| Suntron* | 410 | 1 | |||||||||
| Supertex* | 1,482 | 27 | |||||||||
| Supportsoft* | 6,057 | 32 | |||||||||
| Sycamore Networks* | 29,133 | 104 | |||||||||
| Sykes Enterprises* | 4,179 | 29 | |||||||||
| Symmetricom* | 7,491 | 83 | |||||||||
| Synaptics* | 3,782 | 88 | |||||||||
| SYNNEX* | 1,090 | 19 | |||||||||
| Syntel | 1,224 | 22 | |||||||||
| Take-Two Interactive Software* (a) | 7,407 | 290 | |||||||||
| TALX | 3,418 | 62 | |||||||||
| TASER International* (a) | 8,120 | 97 | |||||||||
| Technitrol* | 6,734 | 100 | |||||||||
| Tekelec* (a) | 8,363 | 133 | |||||||||
| Terayon Communications* | 11,149 | 34 | |||||||||
| Terremark Worldwide* | 50,100 | 33 | |||||||||
| Tessera Technologies* (a) | 4,310 | 186 | |||||||||
| ThermoGenesis* | 7,450 | 37 | |||||||||
| THQ* | 6,325 | 177 | |||||||||
| Tier Technologies* | 2,767 | 20 | |||||||||
| Titan* | 13,936 | 253 | |||||||||
| TNS* | 740 | 13 | |||||||||
| TransAct Technologies* | 1,430 | 14 | |||||||||
| Transaction Systems Architects, Cl A* | 6,211 | 144 | |||||||||
| Transmeta* | 27,077 | 25 | |||||||||
| Travelzoo* | 290 | 14 | |||||||||
| Trident Microsystems* (a) | 3,130 | 55 | |||||||||
| Trimble Navigation* | 8,412 | 285 | |||||||||
| Tripath Technology* | 5,710 | 5 | |||||||||
| TriQuint Semiconductor* | 22,792 | 77 | |||||||||
| TTM Technologies* | 6,798 | 71 | |||||||||
| Tumbleweed Communications* | 7,960 | 22 | |||||||||
| Tyler Technologies* | 6,122 | 47 | |||||||||
| Ulticom* | 1,730 | 19 | |||||||||
| Ultimate Software Group* | 2,740 | 44 | |||||||||
| Ultratech* | 3,535 | 52 | |||||||||
| United Online* (a) | 8,927 | 93 | |||||||||
| Universal Display* | 3,471 | 24 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
30
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| UNOVA* | 8,086 | $ | 167 | ||||||||
| ValueClick* | 13,129 | 139 | |||||||||
| Varian Semiconductor Equipment Associates* (a) | 6,121 | 233 | |||||||||
| Veeco Instruments* | 4,317 | 65 | |||||||||
| Verint Systems* | 1,946 | 68 | |||||||||
| Verity* | 4,558 | 43 | |||||||||
| Verso Technologies* (a) | 22,180 | 8 | |||||||||
| ViaSat* | 3,474 | 65 | |||||||||
| Vignette* | 48,189 | 63 | |||||||||
| Viisage Technology* | 5,100 | 17 | |||||||||
| Vitesse Semiconductor* | 36,045 | 97 | |||||||||
| Volterra Semiconductor* | 750 | 10 | |||||||||
| WatchGuard Technologies* | 5,589 | 18 | |||||||||
| WebEx Communications* (a) | 5,004 | 108 | |||||||||
| webMethods* | 7,716 | 42 | |||||||||
| Websense* | 3,807 | 205 | |||||||||
| WebSideStory* | 970 | 12 | |||||||||
| Westell Technologies, Cl A* | 8,212 | 45 | |||||||||
| Wind River Systems* | 11,968 | 180 | |||||||||
| Witness Systems* | 3,670 | 64 | |||||||||
| WJ Communications* | 5,280 | 13 | |||||||||
| Woodhead Industries | 2,025 | 28 | |||||||||
| Wright Express* | 6,730 | 115 | |||||||||
| X-Rite | 3,494 | 53 | |||||||||
| Xybernaut* (a) | 29,520 | 12 | |||||||||
| Zhone Technologies* | 9,049 | 23 | |||||||||
| Zix* (a) | 3,480 | 13 | |||||||||
| Zoran* | 7,126 | 74 | |||||||||
| Zygo* | 2,984 | 39 | |||||||||
| 29,473 | |||||||||||
| Materials – 6.5% | |||||||||||
| A. Schulman | 5,028 | 88 | |||||||||
| Airgas (a) | 9,990 | 238 | |||||||||
| AK Steel Holdings* | 18,325 | 203 | |||||||||
| Albemarle | 5,314 | 193 | |||||||||
| Aleris International* | 4,290 | 107 | |||||||||
| Allegheny Technologies | 15,825 | 381 | |||||||||
| Alpha Natural Resources* | 4,940 | 142 | |||||||||
| AMCOL International | 3,430 | 64 | |||||||||
| American Vanguard | 830 | 37 | |||||||||
| Anchor Glass Container* (a) | 1,640 | 4 | |||||||||
| AptarGroup | 6,110 | 318 | |||||||||
| Arch Chemicals | 3,886 | 111 | |||||||||
| Brush Engineered Metals* | 3,161 | 60 | |||||||||
| Buckeye Technologies* | 5,849 | 63 | |||||||||
| Calgon Carbon | 5,659 | 48 | |||||||||
| Cambrex | 4,355 | 93 | |||||||||
| Caraustar Industries* | 4,746 | 61 | |||||||||
| Carpenter Technology | 3,975 | 236 | |||||||||
| Century Aluminum* (a) | 3,172 | 96 | |||||||||
| Chesapeake | 3,253 | 68 | |||||||||
| Cleveland-Cliffs* (a) | 3,598 | 262 | |||||||||
| Coeur D'Alene Mines* | 40,697 | 150 | |||||||||
| Commercial Metals | 9,638 | 326 | |||||||||
| Compass Minerals International* | 2,520 | 64 | |||||||||
| Crompton (a) | 19,022 | 278 | |||||||||
| Crown Holdings* | 27,428 | 426 | |||||||||
| Cytec Industries | 6,460 | 350 | |||||||||
| Deltic Timber | 1,649 | 64 | |||||||||
| Eagle Materials (a) | 3,143 | 254 | |||||||||
| Ferro | 6,990 | 132 | |||||||||
| FMC* | 6,034 | 323 | |||||||||
| Foundation Coal Holdings* | 3,760 | 88 | |||||||||
| Georgia Gulf | 4,800 | 221 | |||||||||
| Gibraltar Industries | 3,919 | 86 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Glatfelter | 4,780 | $ | 71 | ||||||||
| GrafTech International* (a) | 16,870 | 96 | |||||||||
| Graphic Packaging* | 11,130 | 49 | |||||||||
| Great Lakes Chemical | 8,465 | 272 | |||||||||
| Greif, Cl A | 2,290 | 160 | |||||||||
| H.B. Fuller | 4,752 | 138 | |||||||||
| Headwaters* | 6,595 | 216 | |||||||||
| Hecla Mining* | 19,885 | 109 | |||||||||
| Hercules* | 18,544 | 269 | |||||||||
| Kronos Worldwide | 530 | 23 | |||||||||
| Longview Fibre* | 8,526 | 160 | |||||||||
| MacDermid (a) | 4,504 | 146 | |||||||||
| Metal Management | 2,970 | 76 | |||||||||
| Metals USA* (a) | 3,370 | 66 | |||||||||
| Minerals Technologies | 3,425 | 225 | |||||||||
| Mosaic* (a) | 21,036 | 359 | |||||||||
| Myers Industries | 4,288 | 61 | |||||||||
| NewMarket Group* | 2,281 | 42 | |||||||||
| NL Industries* | 1,319 | 30 | |||||||||
| NN | 2,815 | 35 | |||||||||
| Octel | 2,072 | 38 | |||||||||
| Olin (a) | 11,535 | 257 | |||||||||
| OM Group* | 4,730 | 144 | |||||||||
| Omnova Solutions* | 6,705 | 36 | |||||||||
| Oregon Steel Mills* | 5,750 | 132 | |||||||||
| PolyOne* | 15,209 | 136 | |||||||||
| Pope & Talbot | 2,632 | 46 | |||||||||
| Potlatch | 4,917 | 231 | |||||||||
| Quaker Chemical | 968 | 20 | |||||||||
| Quanex (a) | 4,117 | 220 | |||||||||
| Rock-Tenn, Cl A | 4,877 | 65 | |||||||||
| Royal Gold | 2,766 | 51 | |||||||||
| RTI International Metals* | 3,535 | 83 | |||||||||
| Ryerson Tull | 3,922 | 50 | |||||||||
| Schnitzer Steel Industries, Cl A | 3,270 | 110 | |||||||||
| Schweitzer-Mauduit International | 2,504 | 84 | |||||||||
| Sensient Technologies | 7,806 | 168 | |||||||||
| Silgan Holdings* | 1,828 | 119 | |||||||||
| Spartech | 4,190 | 83 | |||||||||
| Steel Dynamics (a) | 6,244 | 215 | |||||||||
| Steel Technologies | 1,670 | 40 | |||||||||
| Stepan | 250 | 6 | |||||||||
| Stillwater Mining* | 6,704 | 66 | |||||||||
| Symyx Technologies* | 4,746 | 105 | |||||||||
| Terra Industries* (a) | 8,080 | 63 | |||||||||
| Texas Industries | 3,529 | 190 | |||||||||
| Titanium Metals* | 1,050 | 38 | |||||||||
| U.S. Concrete* | 3,530 | 22 | |||||||||
| USEC | 13,831 | 225 | |||||||||
| Valhi | 1,693 | 33 | |||||||||
| W.R. Grace & Company* (a) | 11,069 | 94 | |||||||||
| Wausau-Mosinee Paper | 7,623 | 108 | |||||||||
| Wellman | 5,327 | 77 | |||||||||
| Westlake Chemical | 1,980 | 64 | |||||||||
| Wheeling-Pittsburgh* | 1,460 | 45 | |||||||||
| 11,702 | |||||||||||
| Telecommunication Services – 1.1% | |||||||||||
| Alamosa Holdings* (a) | 16,723 | 195 | |||||||||
| Alaska Communications Systems Holdings* | 1,660 | 17 | |||||||||
| Arbinet-thexchange* | 410 | 8 | |||||||||
| AT Road* | 5,695 | 23 | |||||||||
| Boston Communications Group* | 3,061 | 22 | |||||||||
| Broadwing* (a) | 9,855 | 41 | |||||||||
| CallWave* | 680 | 4 | |||||||||
| Centennial Communications, Cl A* | 1,976 | 21 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
31
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES | VALUE (000) | |||||||||
| Cincinnati Bell* | 40,911 | $ | 174 | ||||||||
| Commonwealth Telephone Enterprises* | 3,635 | 171 | |||||||||
| CT Communications | 3,010 | 32 | |||||||||
| D&E Communications | 1,977 | 18 | |||||||||
| Dobson Communications, Cl A* (a) | 18,369 | 37 | |||||||||
| EMS Technologies* | 1,789 | 24 | |||||||||
| FairPoint Communications | 4,190 | 63 | |||||||||
| General Communication* | 7,582 | 69 | |||||||||
| Golden Telecom (a) | 2,365 | 61 | |||||||||
| InPhonic* | 1,270 | 29 | |||||||||
| Iowa Telecommunications Services | 3,220 | 63 | |||||||||
| ITC DeltaCom* | 2,090 | 2 | |||||||||
| Neon Communications* (c) | 34,093 | - | |||||||||
| Network Plus* (b) | 1,155 | - | |||||||||
| North Pittsburgh | 2,529 | 50 | |||||||||
| Premiere Global Services* (a) | 10,501 | 119 | |||||||||
| Price Communications* | 6,316 | 111 | |||||||||
| Primus Telecommunications Group* | 12,354 | 19 | |||||||||
| SBA Communications* | 7,787 | 71 | |||||||||
| Shenandoah Telecommunications | 1,094 | 34 | |||||||||
| SureWest Communications | 2,126 | 49 | |||||||||
| Syniverse Holdings* | 1,650 | 23 | |||||||||
| Talk America Holdings* | 4,451 | 29 | |||||||||
| Time Warner Telecom, Cl A* | 8,283 | 33 | |||||||||
| Triton PCS Holdings, Cl A* | 6,787 | 15 | |||||||||
| UbiquiTel* | 11,740 | 79 | |||||||||
| USA Mobility* | 4,072 | 132 | |||||||||
| Valor Communications Group | 4,600 | 67 | |||||||||
| Wireless Facilities* (a) | 7,903 | 49 | |||||||||
| 1,954 | |||||||||||
| Utilities – 3.5% | |||||||||||
| American States Water | 2,814 | 71 | |||||||||
| Aquila* (a) | 39,322 | 151 | |||||||||
| Atmos Energy | 11,343 | 306 | |||||||||
| Avista | 8,075 | 141 | |||||||||
| Black Hills | 5,408 | 179 | |||||||||
| California Water Service | 2,842 | 95 | |||||||||
| Calpine* (a) | 74,840 | 210 | |||||||||
| Cascade Natural Gas | 1,876 | 37 | |||||||||
| Central Vermont Public Service | 1,775 | 40 | |||||||||
| CH Energy Group | 2,512 | 115 | |||||||||
| CLECO | 7,935 | 169 | |||||||||
| CMS Energy* (a) | 32,832 | 428 | |||||||||
| Connecticut Water Service | 1,323 | 33 | |||||||||
| Duquesne Light Holdings (a) | 12,270 | 220 | |||||||||
| El Paso Electric* (a) | 7,946 | 151 | |||||||||
| Empire District Electric | 4,279 | 100 | |||||||||
| Energen | 6,063 | 404 | |||||||||
| EnergySouth | 1,129 | 32 | |||||||||
| IDACORP (a) | 6,827 | 194 | |||||||||
| Infrasource Services* | 1,440 | 17 | |||||||||
| Laclede Group | 3,461 | 101 | |||||||||
| MGE Energy | 3,297 | 109 | |||||||||
| Middlesex Water | 1,889 | 34 | |||||||||
| New Jersey Resources | 4,598 | 200 | |||||||||
| NICOR | 7,010 | 260 | |||||||||
| Northwestern Natural Gas | 4,561 | 165 | |||||||||
| Ormat Technologies | 1,210 | 19 | |||||||||
| Otter Tail | 4,366 | 109 | |||||||||
| People's Energy | 6,270 | 263 | |||||||||
| Piedmont Natural Gas (a) | 12,630 | 291 | |||||||||
| PNM Resources | 10,233 | 273 | |||||||||
| Sierra Pacific Resources* (a) | 19,777 | 213 | |||||||||
| SJW | 1,078 | 38 | |||||||||
| South Jersey Industries | 2,296 | 130 | |||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
| Southern Union* (a) | 13,138 | $ | 330 | ||||||||
| Southern Union Company Fractional Share* (c) | - | - | |||||||||
| Southwest Gas | 6,375 | 154 | |||||||||
| Southwest Water | 3,215 | 33 | |||||||||
| UIL Holdings | 1,972 | 100 | |||||||||
| UniSource Energy Holding | 5,703 | 177 | |||||||||
| WGL Holdings | 8,120 | 251 | |||||||||
| 6,343 | |||||||||||
| Total Common Stocks (Cost $149,047) | 179,833 | ||||||||||
| Short-Term Investments – 0.3% | |||||||||||
| U.S. Treasury Obligation – 0.1% | |||||||||||
| U.S. Treasury Bill 2.925%, 09/01/05 (d) | $ | 200 | 198 | ||||||||
| Total U.S. Treasury Obligation | 198 | ||||||||||
| Affiliated Money Market Fund – 0.2% | |||||||||||
| First American Prime Obligations Fund, Cl Z (e) | 311,257 | 311 | |||||||||
| Total Affiliated Money Market Fund | 311 | ||||||||||
| Total Short-Term Investments (Cost $509) | 509 | ||||||||||
| Investments Purchased with Proceeds from Securities Lending – 18.9% | |||||||||||
| Commercial Paper – 4.4% | |||||||||||
| Bluegrass 2.904%, 11/18/05 | $ | 124 | 124 | ||||||||
| Cable Beach 2.642%, 4/11/05 | 310 | 310 | |||||||||
| Concord Minutemen Capital 2.810%, 4/13/05 | 298 | 298 | |||||||||
| 2.750%, 4/07/06 | 931 | 931 | |||||||||
| Descartes Funding Trust 2.810%, 11/15/05 | 310 | 310 | |||||||||
| Duke Funding VI 2.794%, 4/05/05 | 158 | 158 | |||||||||
| 2.823%, 4/11/05 | 435 | 434 | |||||||||
| 2.833%, 4/15/05 | 186 | 186 | |||||||||
| Independence 2.880%, 10/17/05 | 368 | 368 | |||||||||
| Laguna ABS/Laguna Corp 2.736%, 4/04/05 | 310 | 310 | |||||||||
| 2.728%, 5/02/05 | 310 | 309 | |||||||||
| Lakeside Funding 2.800%, 4/08/05 | 496 | 496 | |||||||||
| Leaf's LLC 2.860%, 4/20/05 | 341 | 341 | |||||||||
| Liquid Funding 2.840%, 5/25/05 | 310 | 310 | |||||||||
| Main Street Warehouse 2.837%, 4/22/05 | 620 | 619 | |||||||||
| Morgan Stanley 2.955%, 7/25/05 | 620 | 620 | |||||||||
| 2.393%, 9/09/05 | 186 | 186 | |||||||||
| Orchard Park 2.846%, 10/06/05 | 137 | 137 | |||||||||
| 2.827%, 1/06/06 | 624 | 624 | |||||||||
| Sigma Finance 2.945%, 5/17/05 | 43 | 43 | |||||||||
| 2.945%, 5/17/05 | 62 | 62 | |||||||||
| 2.945%, 5/17/05 | 19 | 19 | |||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
32
Small Cap Index Fund (continued)
| DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
| Thornburg Mortgage 2.716%, 4/01/05 | $ | 434 | $ | 434 | |||||||
| 2.756%, 4/07/05 | 310 | 310 | |||||||||
| Total Commercial Paper | 7,939 | ||||||||||
| Corporate Obligations – 5.1% | |||||||||||
| Allstate Life Global 2.800%, 10/14/05 | 155 | 155 | |||||||||
| 2.860%, 10/14/05 | 620 | 620 | |||||||||
| Bayer Landbank NY 2.840%, 6/24/05 | 279 | 279 | |||||||||
| 2.840%, 6/24/05 | 310 | 310 | |||||||||
| Blue Heron Funding 2.880%, 5/18/05 | 174 | 174 | |||||||||
| Castle Hill III 3.050%, 9/15/15 | 186 | 186 | |||||||||
| Cheyne High Grade 2.280%, 11/10/39 | 310 | 310 | |||||||||
| Depfa Bank PLC 2.990%, 6/15/05 | 310 | 310 | |||||||||
| Duke Funding VI 2.680%, 4/08/05 | 375 | 375 | |||||||||
| General Electric Capital Corporation 2.860%, 7/09/07 | 310 | 311 | |||||||||
| Jackson National Life 2.810%, 4/15/05 | 310 | 310 | |||||||||
| Jefferson Pilot 2.860%, 8/17/05 | 310 | 310 | |||||||||
| LaSalle Bank NA 2.900%, 8/01/05 | 155 | 155 | |||||||||
| Liquid Funding 2.850%, 6/28/05 | 279 | 279 | |||||||||
| Merrill Lynch 2.750%, 10/01/05 | 621 | 621 | |||||||||
| Metlife Global Funding 2.850%, 10/14/05 | 372 | 372 | |||||||||
| 2.890%, 4/28/08 | 261 | 261 | |||||||||
| Morgan Stanley 2.890%, 12/26/08 | 310 | 310 | |||||||||
| Natexis Banq NY 2.955%, 7/12/05 | 341 | 341 | |||||||||
| 2.130%, 7/12/05 | 93 | 93 | |||||||||
| Northlake CDO 3.030%, 9/06/05 | 186 | 186 | |||||||||
| Park Place Resecuritization 2.900%, 5/25/05 | 285 | 284 | |||||||||
| Premium Asset Trust 2.810%, 5/13/05 | 174 | 174 | |||||||||
| 2.760%, 7/01/05 | 924 | 924 | |||||||||
| 2.820%, 10/14/05 | 248 | 248 | |||||||||
| REMAC 1.867%, 9/29/05 | 319 | 320 | |||||||||
| RMAC 2.790%, 6/12/05 | 316 | 316 | |||||||||
| SMM Trust 2004 1.930%, 9/23/05 | 340 | 340 | |||||||||
| Westlb AG New York 2.780%, 3/10/15 | 310 | 310 | |||||||||
| Total Corporate Obligations | 9,184 | ||||||||||
| Money Market Funds – 0.1% | |||||||||||
| Merrill Lynch Premier Institutional Fund | 250,443 | 250 | |||||||||
| Total Money Market Funds | 250 | ||||||||||
Small Cap Index Fund (continued)
| DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
| Other Short-Term Investments – 1.4% | |||||||||||
| ARLO III 3.010%, 9/28/05 | $ | 931 | $ | 931 | |||||||
| Commonwealth Life 3.115%, 4/01/05 (f) | 313 | 313 | |||||||||
| General Electric Capital Assurance 2.770%, 4/01/05 | 124 | 124 | |||||||||
| HBOS Treasury Services 2.710%, 11/01/05 | 341 | 341 | |||||||||
| ING USA Annuity & Life 2.180%, 6/30/05 | 806 | 806 | |||||||||
| Total Other Short-Term Investments | 2,515 | ||||||||||
| Repurchase Agreements – 7.9% | |||||||||||
| Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $620,346 (collateralized by various securities: Total market value $636,627) | 620 | 620 | |||||||||
| Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $186,425 (collateralized by commercial loans: Total market value $190,639) | 186 | 186 | |||||||||
| Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,240,688 (collateralized by various securities: Total market value $1,334,817) | 1,241 | 1,241 | |||||||||
| CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $1,550,859 (collateralized by collateralized U.S. government securities: Total market value $1,581,763) | 1,551 | 1,551 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $124,069 (collateralized by collateralized mortgage obligations: Total market value $130,286) | 124 | 124 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $124,069 (collateralized by collateralized mortgage obligations: Total market value $130,279) | 124 | 124 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $124,069 (collateralized by collateralized mortgage obligations: Total market value $130,266) | 124 | 124 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $62,034 (collateralized by collateralized mortgage obligations: Total market value $65,143) | 62 | 62 | |||||||||
| CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $62,034 (collateralized by collateralized mortgage obligations: Total market value $65,143) | 62 | 62 | |||||||||
| Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $1,550,865 (collateralized by mortgage loans: Total market value $1,582,383) | 1,551 | 1,551 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
33
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Index Fund (continued)
| DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
| Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $1,395,778 (collateralized by mortgage loans: Total market value $1,424,145) | $ | 1,396 | $ | 1,396 | |||||||
| Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $310,296 (collateralized by mortgage loans: Total market value $316,480) | 310 | 310 | |||||||||
| Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,240,689 (collateralized by collateralized mortgage obligations: Total market value $1,364,313) | 1,241 | 1,241 | |||||||||
| Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $930,520 (collateralized by mortgage loans: Total market value $949,049) | 931 | 931 | |||||||||
| Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $105,459 (collateralized by corporate securities: Total market value $116,003) | 106 | 106 | |||||||||
| Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $930,516 (collateralized by corporate securities: Total market value $976,982) | 931 | 931 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $775,431 (collateralized by corporate securities: Total market value $814,159) | 775 | 775 | |||||||||
| Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $620,344 (collateralized by corporate securities: Total market value $651,338) | 620 | 620 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $465,259 (collateralized by corporate securities: Total market value $488,505) | 465 | 465 | |||||||||
| Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $124,069 (collateralized by corporate securities: Total market value $130,278) | 124 | 124 | |||||||||
| Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $1,798,998 (collateralized by U.S. government securities: Total market value $1,836,621) | 1,799 | 1,799 | |||||||||
| Total Repurchase Agreements | 14,343 | ||||||||||
| Total Investments Purchased with Proceeds from Securities Lending (Cost $34,231) | 34,231 | ||||||||||
| Total Investments – 118.7% (Cost $183,787) | 214,573 | ||||||||||
Small Cap Index Fund (concluded)
| DESCRIPTION | VALUE (000) | ||||||
| Other Assets and Liabilities, Net – (18.7)% | $ | (33,791 | ) | ||||
| Total Net Assets – 100.0% | $ | 180,782 | |||||
* Non-income producing security
(a) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a market value of $32,767,086 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) Securities considered illiquid investment under guidelines established by the Board of Directors when a trade or bid price is unavailable. As of March 31, 2005, the value of these investments was $1 or 0.00% of total net assets. See note 2 in Notes to Financial Statements.
(c) Securities considered illiquid investments and are fair valued under guidelines established by the Board of Directors. As of March 31, 2005, the fair value of these investments was $0 or 0.00% of total net assets. See note 2 in Notes to Financial Statements.
(d) Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase. 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 to this fund. See note 3 in Notes to Financial Statements.
(f) Security has demand features which qualify it as a short-term security. The date shown is the next put date.
Cl – Class
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
| Description | Number of Contracts | Market Value Covered By Contracts (000) | Settlement Month | Unrealized Depreciation (000) | |||||||||||||||
| Russell 2000 Index Futures Contracts purchased | 1 | $ | 309 | June-05 | $ | (2 | ) | ||||||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
34
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Statements of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except for per share data
| Equity Index Fund | Mid Cap Index Fund | Small Cap Index Fund | |||||||||||||
| ASSETS: | |||||||||||||||
| Investments in unaffiliated securities, at value*† | $ | 2,598,852 | $ | 426,873 | $ | 199,919 | |||||||||
| Investments in affiliated securities, at value** | 29,661 | 20,949 | 311 | ||||||||||||
| Repurchase agreements, at value*** | 283,176 | 58,676 | 14,343 | ||||||||||||
| Cash**** | 1,243 | 255 | 557 | ||||||||||||
| Receivable for dividends and interest | 3,108 | 252 | 198 | ||||||||||||
| Receivable for investment securities sold | - | - | 1,277 | ||||||||||||
| Receivable for capital shares sold | 3,214 | 450 | 172 | ||||||||||||
| Receivable for variation margin | - | 79 | 1 | ||||||||||||
| Prepaid expenses and other assets | 49 | 34 | 31 | ||||||||||||
| Total assets | 2,919,303 | 507,568 | 216,809 | ||||||||||||
| LIABILITIES: | |||||||||||||||
| Payable for investment securities purchased | - | - | 654 | ||||||||||||
| Payable upon return of securities loaned | 677,135 | 140,308 | 34,293 | ||||||||||||
| Payable for capital shares redeemed | 5,787 | 717 | 970 | ||||||||||||
| Payable for variation margin | 27 | - | - | ||||||||||||
| Payable for advisory, co-administration, and custodian fees | 713 | 138 | 104 | ||||||||||||
| Payable for distribution and shareholder servicing fees | 135 | 19 | 5 | ||||||||||||
| Accrued expenses and other liabilities | 46 | 2 | 1 | ||||||||||||
| Total liabilities | 683,843 | 141,184 | 36,027 | ||||||||||||
| Net assets | $ | 2,235,460 | $ | 366,384 | $ | 180,782 | |||||||||
| COMPOSITION OF NET ASSETS: | |||||||||||||||
| Portfolio capital | $ | 1,634,856 | $ | 304,712 | $ | 154,054 | |||||||||
| Undistributed net investment income | 273 | 733 | 237 | ||||||||||||
| Accumulated net realized gain (loss) on investments | 119,248 | 10,378 | (4,293 | ) | |||||||||||
| Unrealized appreciation of investments | 481,559 | 51,004 | 30,786 | ||||||||||||
| Unrealized depreciation of futures contracts | (476 | ) | (443 | ) | (2 | ) | |||||||||
| Net assets | $ | 2,235,460 | $ | 366,384 | $ | 180,782 | |||||||||
| * Investments in unaffiliated securities, at cost | $ | 2,119,604 | $ | 375,869 | $ | 169,133 | |||||||||
| ** Investments in affiliated securities, at cost | $ | 27,350 | $ | 20,949 | $ | 311 | |||||||||
| *** Repurchase agreements, at cost | $ | 283,176 | $ | 58,676 | $ | 14,343 | |||||||||
| **** Includes cash related to securities loaned | $ | 1,228 | $ | 255 | $ | 62 | |||||||||
| † Including securities loaned, at value | $ | 654,238 | $ | 136,415 | $ | 32,767 | |||||||||
| Class A: | |||||||||||||||
| Net assets | $ | 239,335 | $ | 14,291 | $ | 9,462 | |||||||||
| Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 10,834 | 1,124 | 703 | ||||||||||||
| Net asset value, and redemption price per share | $ | 22.09 | $ | 12.72 | $ | 13.45 | |||||||||
| Maximum offering price per share (1) | $ | 23.38 | $ | 13.46 | $ | 14.23 | |||||||||
| Class B: | |||||||||||||||
| Net assets | $ | 66,961 | $ | 3,329 | $ | 1,526 | |||||||||
| Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 3,068 | 266 | 116 | ||||||||||||
| Net asset value, offering price, and redemption price per share (2) | $ | 21.82 | $ | 12.51 | $ | 13.14 | |||||||||
| Class C: | |||||||||||||||
| Net assets | $ | 29,066 | $ | 2,931 | $ | 2,045 | |||||||||
| Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 1,324 | 234 | 154 | ||||||||||||
| Net asset value, offering price, and redemption price per share (2) | $ | 21.95 | $ | 12.55 | $ | 13.26 | |||||||||
| Class R: | |||||||||||||||
| Net assets | $ | 775 | $ | 4 | $ | 2 | |||||||||
| Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 35 | - | - | ||||||||||||
| Net asset value, offering price, and redemption price per share | $ | 22.08 | $ | 12.70 | $ | 13.32 | |||||||||
| Class Y: | |||||||||||||||
| Net assets | $ | 1,899,323 | $ | 345,829 | $ | 167,747 | |||||||||
| Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 86,000 | 27,176 | 12,470 | ||||||||||||
| Net asset value, offering price, and redemption price per share | $ | 22.09 | $ | 12.73 | $ | 13.45 | |||||||||
(1) The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
(2) Class B and C have a contigent 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 Semiannual Report 2005
36
Statements of Operations For the six months ended March 31, 2005 (unaudited), in thousands
| Equity Index Fund | Mid Cap Index Fund | Small Cap Index Fund | |||||||||||||
| INVESTMENT INCOME: | |||||||||||||||
| Interest from unaffiliated securities | $ | 74 | $ | 15 | $ | 10 | |||||||||
| Dividends from affiliated securities | 406 | 122 | 61 | ||||||||||||
| Dividends from unaffiliated securities | 28,991 | 2,619 | 1,283 | ||||||||||||
| Securities lending | 232 | 51 | 58 | ||||||||||||
| Other income | 85 | 51 | - | ||||||||||||
| Total investment income | 29,788 | 2,858 | 1,412 | ||||||||||||
| EXPENSES: | |||||||||||||||
| Investment advisory fees | 3,034 | 452 | 374 | ||||||||||||
| Co-administration fees and expenses (including transfer agency fees) | 3,214 | 487 | 284 | ||||||||||||
| Custodian fees | 121 | 18 | 9 | ||||||||||||
| Directors' fees | 28 | 4 | 2 | ||||||||||||
| Registration fees | 21 | 22 | 22 | ||||||||||||
| Professional fees | 78 | 12 | 8 | ||||||||||||
| Printing | 26 | 3 | 2 | ||||||||||||
| Other | 64 | 9 | 4 | ||||||||||||
| Distribution and shareholder servicing fees – Class A | 305 | 17 | 12 | ||||||||||||
| Distribution and shareholder servicing fees – Class B | 349 | 16 | 8 | ||||||||||||
| Distribution and shareholder servicing fees – Class C | 153 | 14 | 10 | ||||||||||||
| Distribution and shareholder servicing fees – Class R | 2 | - | - | ||||||||||||
| Total expenses | 7,395 | 1,054 | 735 | ||||||||||||
| Less: Fee waivers | (2,097 | ) | (104 | ) | (69 | ) | |||||||||
| Total net expenses | 5,298 | 950 | 666 | ||||||||||||
| Investment income – net | 24,490 | 1,908 | 746 | ||||||||||||
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET: | |||||||||||||||
| Net realized gain on unaffiliated investments | 28,942 | 10,772 | 1,527 | ||||||||||||
| Net realized gain on affiliated investments | 527 | - | - | ||||||||||||
| Net realized gain on in-kind distribution | 115,666 | - | - | ||||||||||||
| Net realized gain on futures contracts | 665 | 1,300 | 550 | ||||||||||||
| Net change in unrealized appreciation or depreciation of unaffiliated investments | (15,780 | ) | 24,844 | 10,357 | |||||||||||
| Net change in unrealized appreciation or depreciation of affiliated investments | (575 | ) | - | - | |||||||||||
| Net change in unrealized appreciation or depreciation of futures contracts | (342 | ) | (464 | ) | (13 | ) | |||||||||
| Net gain on investments and futures contracts | 129,103 | 36,452 | 12,421 | ||||||||||||
| Net increase in net assets resulting from operations | $ | 153,593 | $ | 38,360 | $ | 13,167 | |||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
37
Statements of Changes in Net Assets in thousands
| Equity Index Fund | Mid Cap Index Fund | Small Cap Index Fund | |||||||||||||||||||||||||
| 10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | 10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | 10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | ||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
| OPERATIONS: | |||||||||||||||||||||||||||
| Investment income – net | $ | 24,490 | $ | 30,485 | $ | 1,908 | $ | 2,246 | $ | 746 | $ | 785 | |||||||||||||||
| Net realized gain on unaffiliated investments | 28,942 | 4,194 | 10,772 | 9,956 | 1,527 | 6,383 | |||||||||||||||||||||
| Net realized gain on affiliated investments | 527 | - | - | - | - | - | |||||||||||||||||||||
| Net realized gain on in-kind distributions | 115,666 | - | - | - | - | - | |||||||||||||||||||||
| Net realized gain on futures contracts | 665 | 7,968 | 1,300 | 1,639 | 550 | 1,070 | |||||||||||||||||||||
| Net change in unrealized appreciation or depreciation of unaffiliated investments | (15,780 | ) | 233,457 | 24,844 | 30,236 | 10,357 | 15,627 | ||||||||||||||||||||
| Net change in unrealized appreciation or depreciation of affiliated investments | (575 | ) | 2,166 | - | - | - | - | ||||||||||||||||||||
| Net change in unrealized appreciation or depreciation of futures contracts | (342 | ) | 1,118 | (464 | ) | 152 | (13 | ) | 228 | ||||||||||||||||||
| Net increase in net assets resulting from operations | 153,593 | 279,388 | 38,360 | 44,229 | 13,167 | 24,093 | |||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||
| Investment income – net: | |||||||||||||||||||||||||||
| Class A | (2,246 | ) | (2,311 | ) | (31 | ) | (42 | ) | (24 | ) | (15 | ) | |||||||||||||||
| Class B | (389 | ) | (335 | ) | - | (1 | ) | - | - | ||||||||||||||||||
| Class C | (168 | ) | (141 | ) | - | (1 | ) | - | - | ||||||||||||||||||
| Class R | (4 | ) | (391 | ) | - | (13 | ) | - | (7 | ) | |||||||||||||||||
| Class Y | (21,461 | ) | (27,416 | ) | (1,184 | ) | (2,153 | ) | (642 | ) | (717 | ) | |||||||||||||||
| Net realized gain on investments: | |||||||||||||||||||||||||||
| Class A | - | - | (453 | ) | (99 | ) | (657 | ) | (25 | ) | |||||||||||||||||
| Class B | - | - | (114 | ) | (46 | ) | (111 | ) | (7 | ) | |||||||||||||||||
| Class C | - | - | (95 | ) | (33 | ) | (140 | ) | (10 | ) | |||||||||||||||||
| Class R | - | - | - | (76 | ) | - | (23 | ) | |||||||||||||||||||
| Class Y | - | - | (11,738 | ) | (4,643 | ) | (12,476 | ) | (855 | ) | |||||||||||||||||
| Tax return of capital: | |||||||||||||||||||||||||||
| Class A | - | (18 | ) | - | - | - | - | ||||||||||||||||||||
| Class B | - | (3 | ) | - | - | - | - | ||||||||||||||||||||
| Class C | - | (1 | ) | - | - | - | - | ||||||||||||||||||||
| Class R | - | (3 | ) | - | - | - | - | ||||||||||||||||||||
| Class Y | - | (210 | ) | - | - | - | - | ||||||||||||||||||||
| Total distributions | (24,268 | ) | (30,829 | ) | (13,615 | ) | (7,107 | ) | (14,050 | ) | (1,659 | ) | |||||||||||||||
| CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||||||||||
| Class A: | |||||||||||||||||||||||||||
| Proceeds from sales | 23,464 | 101,208 | 2,737 | 9,000 | 1,637 | 6,263 | |||||||||||||||||||||
| Reinvestment of distributions | 2,167 | 2,238 | 472 | 139 | 671 | 39 | |||||||||||||||||||||
| Payments for redemptions | (33,922 | ) | (45,584 | ) | (1,827 | ) | (3,198 | ) | (1,578 | ) | (1,649 | ) | |||||||||||||||
| Increase (decrease) in net assets from Class A transactions | (8,291 | ) | 57,862 | 1,382 | 5,941 | 730 | 4,653 | ||||||||||||||||||||
| Class B: | |||||||||||||||||||||||||||
| Proceeds from sales | 1,500 | 4,621 | 181 | 628 | 133 | 446 | |||||||||||||||||||||
| Reinvestment of distributions | 379 | 329 | 112 | 46 | 109 | 7 | |||||||||||||||||||||
| Payments for redemptions | (8,643 | ) | (15,132 | ) | (321 | ) | (304 | ) | (203 | ) | (118 | ) | |||||||||||||||
| Increase (decrease) in net assets from Class B transactions | (6,764 | ) | (10,182 | ) | (28 | ) | 370 | 39 | 335 | ||||||||||||||||||
| Class C: | |||||||||||||||||||||||||||
| Proceeds from sales | 1,284 | 4,397 | 346 | 1,356 | 430 | 917 | |||||||||||||||||||||
| Reinvestment of distributions | 162 | 138 | 89 | 33 | 133 | 10 | |||||||||||||||||||||
| Payments for redemptions | (4,187 | ) | (9,413 | ) | (353 | ) | (753 | ) | (441 | ) | (476 | ) | |||||||||||||||
| Increase (decrease) in net assets from Class C transactions | (2,741 | ) | (4,878 | ) | 82 | 636 | 122 | 451 | |||||||||||||||||||
| Class R: | |||||||||||||||||||||||||||
| Proceeds from sales | 476 | 11,681 | 2 | 1,049 | 1 | 1,722 | |||||||||||||||||||||
| Reinvestment of distributions | 4 | 389 | - | 79 | - | 29 | |||||||||||||||||||||
| Payments for redemptions | (57 | ) | (71,464 | ) | - | (5,895 | ) | - | (5,464 | ) | |||||||||||||||||
| Increase (decrease) in net assets from Class R transactions | 423 | (59,394 | ) | 2 | (4,767 | ) | 1 | (3,713 | ) | ||||||||||||||||||
| Class Y: | |||||||||||||||||||||||||||
| Proceeds from sales | 227,755 | 533,400 | 45,673 | 108,384 | 31,820 | 91,307 | |||||||||||||||||||||
| Reinvestment of distributions | 14,131 | 19,144 | 7,802 | 3,958 | 8,069 | 1,001 | |||||||||||||||||||||
| Payments for redemptions | (432,197 | ) | (556,690 | ) | (44,449 | ) | (73,284 | ) | (27,710 | ) | (75,927 | ) | |||||||||||||||
| Increase (decrease) in net assets from Class Y transactions | (190,311 | ) | (4,146 | ) | 9,026 | 39,058 | 12,179 | 16,381 | |||||||||||||||||||
| Increase (decrease) in net assets from capital share transactions | (207,684 | ) | (20,738 | ) | 10,464 | 41,238 | 13,071 | 18,107 | |||||||||||||||||||
| Total increase (decrease) in net assets | (78,359 | ) | 227,821 | 35,209 | 78,360 | 12,188 | 40,541 | ||||||||||||||||||||
| Net assets at beginning of period | 2,313,819 | 2,085,998 | 331,175 | 252,815 | 168,594 | 128,053 | |||||||||||||||||||||
| Net assets at end of period | $ | 2,235,460 | $ | 2,313,819 | $ | 366,384 | $ | 331,175 | $ | 180,782 | $ | 168,594 | |||||||||||||||
| Undistributed net investment income at end of period | $ | 273 | $ | 51 | $ | 733 | $ | 40 | $ | 237 | $ | 157 | |||||||||||||||
(1) See note 5 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
38
FIRST AMERICAN FUNDS Semiannual Report 2005
39
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 or (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Distributions from Return of Capital (5) | Net Asset Value End of Period | |||||||||||||||||||||||||
| Equity Index Fund | |||||||||||||||||||||||||||||||
| Class A | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | $ | 20.91 | $ | 0.20 | $ | 1.18 | $ | (0.20 | ) | $ | - | $ | - | $ | 22.09 | |||||||||||||||
| 2004 | (1) | 18.70 | 0.23 | 2.22 | (0.24 | ) | - | - | 20.91 | ||||||||||||||||||||||
| 2003 | (1) | 15.31 | 0.21 | 3.38 | (0.20 | ) | - | - | 18.70 | ||||||||||||||||||||||
| 2002 | (1) | 19.50 | 0.18 | (4.19 | ) | (0.18 | ) | - | - | 15.31 | |||||||||||||||||||||
| 2001 | (1) | 27.75 | 0.18 | (7.43 | ) | (0.17 | ) | (0.83 | ) | - | 19.50 | ||||||||||||||||||||
| 2000 | 25.52 | 0.17 | 2.91 | (0.17 | ) | (0.68 | ) | - | 27.75 | ||||||||||||||||||||||
| Class B | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | $ | 20.66 | $ | 0.12 | $ | 1.16 | $ | (0.12 | ) | $ | - | $ | - | $ | 21.82 | |||||||||||||||
| 2004 | (1) | 18.48 | 0.08 | 2.19 | (0.09 | ) | - | - | 20.66 | ||||||||||||||||||||||
| 2003 | (1) | 15.13 | 0.08 | 3.35 | (0.08 | ) | - | - | 18.48 | ||||||||||||||||||||||
| 2002 | (1) | 19.29 | 0.03 | (4.15 | ) | (0.04 | ) | - | - | 15.13 | |||||||||||||||||||||
| 2001 | (1) | 27.49 | - | (7.35 | ) | (0.02 | ) | (0.83 | ) | - | 19.29 | ||||||||||||||||||||
| 2000 | 25.34 | - | 2.84 | (0.01 | ) | (0.68 | ) | - | 27.49 | ||||||||||||||||||||||
| Class C | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | $ | 20.78 | $ | 0.12 | $ | 1.17 | $ | (0.12 | ) | $ | - | $ | - | $ | 21.95 | |||||||||||||||
| 2004 | (1) | 18.59 | 0.08 | 2.20 | (0.09 | ) | - | - | 20.78 | ||||||||||||||||||||||
| 2003 | (1) | 15.23 | 0.08 | 3.36 | (0.08 | ) | - | - | 18.59 | ||||||||||||||||||||||
| 2002 | (1) | 19.41 | 0.03 | (4.17 | ) | (0.04 | ) | - | - | 15.23 | |||||||||||||||||||||
| 2001 | (1) | 27.66 | - | (7.40 | ) | (0.02 | ) | (0.83 | ) | - | 19.41 | ||||||||||||||||||||
| 2000 | 25.48 | - | 2.88 | (0.02 | ) | (0.68 | ) | - | 27.66 | ||||||||||||||||||||||
| Class R (1) | |||||||||||||||||||||||||||||||
| 2005 | (2) | $ | 20.91 | $ | 0.16 | $ | 1.19 | $ | (0.18 | ) | $ | - | $ | - | $ | 22.08 | |||||||||||||||
| 2004 | (3) | 18.70 | 0.23 | 2.20 | (0.22 | ) | - | - | 20.91 | ||||||||||||||||||||||
| 2003 | 15.30 | 0.21 | 3.39 | (0.20 | ) | - | - | 18.70 | |||||||||||||||||||||||
| 2002 | 19.50 | 0.18 | (4.20 | ) | (0.18 | ) | - | - | 15.30 | ||||||||||||||||||||||
| 2001 | (4) | 18.80 | - | 0.70 | - | - | - | 19.50 | |||||||||||||||||||||||
| Class Y | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | $ | 20.91 | $ | 0.23 | $ | 1.18 | $ | (0.23 | ) | $ | - | $ | - | $ | 22.09 | |||||||||||||||
| 2004 | (1) | 18.69 | 0.29 | 2.22 | (0.29 | ) | - | - | 20.91 | ||||||||||||||||||||||
| 2003 | (1) | 15.30 | 0.25 | 3.38 | (0.24 | ) | - | - | 18.69 | ||||||||||||||||||||||
| 2002 | (1) | 19.49 | 0.23 | (4.19 | ) | (0.23 | ) | - | - | 15.30 | |||||||||||||||||||||
| 2001 | (1) | 27.74 | 0.23 | (7.42 | ) | (0.23 | ) | (0.83 | ) | - | 19.49 | ||||||||||||||||||||
| 2000 | 25.51 | 0.23 | 2.91 | (0.23 | ) | (0.68 | ) | - | 27.74 | ||||||||||||||||||||||
(1) Per share data calculated using average shares outstanding method.
(2) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3) Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(4) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.
(5) Includes a tax return of capital of less than $0.01 for the period ended September 30, 2004.
(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 Semiannual Report 2005
40
| Total Return (6) | Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | |||||||||||||||||||||||||
| Equity Index Fund | |||||||||||||||||||||||||||||||
| Class A | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | 6.62 | % | $ | 239,335 | 0.62 | % | 1.84 | % | 0.79 | % | 1.67 | % | 2 | % | ||||||||||||||||
| 2004 | (1) | 13.12 | 234,349 | 0.62 | 1.13 | 0.79 | 0.96 | 1 | |||||||||||||||||||||||
| 2003 | (1) | 23.58 | 158,324 | 0.62 | 1.22 | 0.80 | 1.04 | 1 | |||||||||||||||||||||||
| 2002 | (1) | (20.75 | ) | 139,007 | 0.62 | 0.91 | 0.80 | 0.73 | 8 | ||||||||||||||||||||||
| 2001 | (1) | (26.95 | ) | 188,410 | 0.60 | 0.74 | 1.14 | 0.20 | 6 | ||||||||||||||||||||||
| 2000 | 12.11 | 134,180 | 0.60 | 0.62 | 1.14 | 0.08 | 16 | ||||||||||||||||||||||||
| Class B | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | 6.20 | % | $ | 66,961 | 1.37 | % | 1.09 | % | 1.54 | % | 0.92 | % | 2 | % | ||||||||||||||||
| 2004 | (1) | 12.31 | 69,828 | 1.37 | 0.38 | 1.54 | 0.21 | 1 | |||||||||||||||||||||||
| 2003 | (1) | 22.72 | 71,624 | 1.37 | 0.47 | 1.55 | 0.29 | 1 | |||||||||||||||||||||||
| 2002 | (1) | (21.40 | ) | 66,835 | 1.37 | 0.16 | 1.55 | (0.02 | ) | 8 | |||||||||||||||||||||
| 2001 | (1) | (27.49 | ) | 95,586 | 1.35 | (0.01 | ) | 1.89 | (0.55 | ) | 6 | ||||||||||||||||||||
| 2000 | 11.25 | 121,092 | 1.35 | (0.13 | ) | 1.89 | (0.67 | ) | 16 | ||||||||||||||||||||||
| Class C | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | 6.21 | % | $ | 29,066 | 1.37 | % | 1.09 | % | 1.54 | % | 0.92 | % | 2 | % | ||||||||||||||||
| 2004 | (1) | 12.28 | 30,111 | 1.37 | 0.38 | 1.54 | 0.21 | 1 | |||||||||||||||||||||||
| 2003 | (1) | 22.65 | 31,330 | 1.37 | 0.47 | 1.55 | 0.29 | 1 | |||||||||||||||||||||||
| 2002 | (1) | (21.38 | ) | 21,637 | 1.37 | 0.16 | 1.55 | (0.02 | ) | 8 | |||||||||||||||||||||
| 2001 | (1) | (27.51 | ) | 29,560 | 1.35 | (0.01 | ) | 1.89 | (0.55 | ) | 6 | ||||||||||||||||||||
| 2000 | 11.32 | 34,811 | 1.35 | (0.13 | ) | 1.89 | (0.67 | ) | 16 | ||||||||||||||||||||||
| Class R (1) | |||||||||||||||||||||||||||||||
| 2005 | (2) | 6.49 | % | $ | 775 | 0.87 | % | 1.49 | % | 1.19 | % | 1.17 | % | 2 | % | ||||||||||||||||
| 2004 | (3) | 13.00 | 333 | 0.62 | 1.13 | 0.79 | 0.96 | 1 | |||||||||||||||||||||||
| 2003 | 23.66 | 52,925 | 0.62 | 1.22 | 0.80 | 1.04 | 1 | ||||||||||||||||||||||||
| 2002 | (20.79 | ) | 42,964 | 0.62 | 0.93 | 0.80 | 0.75 | 8 | |||||||||||||||||||||||
| 2001 | (4) | 3.72 | 38,220 | 0.72 | 0.89 | 1.20 | 0.41 | 6 | |||||||||||||||||||||||
| Class Y | |||||||||||||||||||||||||||||||
| 2005 | (1)(2) | 6.75 | % | $ | 1,899,323 | 0.37 | % | 2.08 | % | 0.54 | % | 1.91 | % | 2 | % | ||||||||||||||||
| 2004 | (1) | 13.45 | 1,979,198 | 0.37 | 1.38 | 0.54 | 1.21 | 1 | |||||||||||||||||||||||
| 2003 | (1) | 23.89 | 1,771,795 | 0.37 | 1.46 | 0.55 | 1.28 | 1 | |||||||||||||||||||||||
| 2002 | (1) | (20.56 | ) | 1,135,653 | 0.37 | 1.16 | 0.55 | 0.98 | 8 | ||||||||||||||||||||||
| 2001 | (1) | (26.78 | ) | 1,567,607 | 0.35 | 0.99 | 0.89 | 0.45 | 6 | ||||||||||||||||||||||
| 2000 | 12.38 | 1,400,086 | 0.35 | 0.87 | 0.89 | 0.33 | 16 | ||||||||||||||||||||||||
FIRST AMERICAN FUNDS Semiannual Report 2005
41
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
| Net Asset Value Beginning of Period | Net Investment Income (Loss) | Realized and Unrealized Gains or (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (10) | Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||
| Mid Cap Index Fund (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2)(3) | $ | 11.84 | $ | 0.05 | $ | 1.28 | $ | (0.03 | ) | $ | (0.42 | ) | $ | 12.72 | 11.29 | % | $ | 14,291 | 0.75 | % | 0.85 | % | 0.81 | % | 0.79 | % | 6 | % | ||||||||||||||||||||||||||
| 2004 | (2) | 10.36 | 0.05 | 1.67 | (0.05 | ) | (0.19 | ) | 11.84 | 16.80 | 11,987 | 0.75 | 0.47 | 0.80 | 0.42 | 14 | |||||||||||||||||||||||||||||||||||||||
| 2003 | (2) | 8.51 | 0.04 | 2.08 | (0.04 | ) | (0.23 | ) | 10.36 | 25.45 | 5,332 | 0.75 | 0.45 | 0.84 | 0.36 | 23 | |||||||||||||||||||||||||||||||||||||||
| 2002 | (2) | 9.38 | 0.04 | (0.49 | ) | (0.04 | ) | (0.38 | ) | 8.51 | (5.45 | ) | 3,581 | 0.75 | 0.37 | 0.83 | 0.29 | 19 | |||||||||||||||||||||||||||||||||||||
| 2001 | (2)(4) | 12.56 | 0.05 | (2.11 | ) | (0.05 | ) | (1.07 | ) | 9.38 | (17.60 | ) | 2,972 | 0.75 | 0.51 | 0.80 | 0.46 | 43 | |||||||||||||||||||||||||||||||||||||
| 2000 | (5)(6) | 10.00 | 0.04 | 2.56 | (0.04 | ) | - | 12.56 | 26.48 | 1,918 | 0.75 | 0.75 | 0.90 | 0.60 | 45 | ||||||||||||||||||||||||||||||||||||||||
| Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2)(3) | $ | 11.67 | $ | - | $ | 1.26 | $ | - | $ | (0.42 | ) | $ | 12.51 | 10.85 | % | $ | 3,329 | 1.50 | % | 0.08 | % | 1.56 | % | 0.02 | % | 6 | % | |||||||||||||||||||||||||||
| 2004 | (2) | 10.25 | (0.03 | ) | 1.64 | - | (0.19 | ) | 11.67 | 15.88 | 3,133 | 1.50 | (0.27 | ) | 1.55 | (0.32 | ) | 14 | |||||||||||||||||||||||||||||||||||||
| 2003 | (2) | 8.44 | (0.03 | ) | 2.07 | - | (0.23 | ) | 10.25 | 24.63 | 2,419 | 1.50 | (0.30 | ) | 1.59 | (0.39 | ) | 23 | |||||||||||||||||||||||||||||||||||||
| 2002 | (2) | 9.33 | (0.03 | ) | (0.48 | ) | - | (0.38 | ) | 8.44 | (6.07 | ) | 1,475 | 1.50 | (0.37 | ) | 1.58 | (0.45 | ) | 19 | |||||||||||||||||||||||||||||||||||
| 2001 | (2)(4) | 12.52 | - | (2.12 | ) | - | (1.07 | ) | 9.33 | (18.15 | ) | 1,265 | 1.50 | (0.24 | ) | 1.54 | (0.28 | ) | 43 | ||||||||||||||||||||||||||||||||||||
| 2000 | (5)(6) | 10.00 | (0.01 | ) | 2.56 | (0.03 | ) | - | 12.52 | 25.65 | 905 | 1.50 | - | 1.65 | (0.15 | ) | 45 | ||||||||||||||||||||||||||||||||||||||
| Class C (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (3) | $ | 11.70 | $ | - | $ | 1.27 | $ | - | $ | (0.42 | ) | $ | 12.55 | 10.91 | % | $ | 2,931 | 1.50 | % | 0.09 | % | 1.56 | % | 0.03 | % | 6 | % | |||||||||||||||||||||||||||
| 2004 | 10.28 | (0.03 | ) | 1.64 | - | (0.19 | ) | 11.70 | 15.83 | 2,653 | 1.50 | (0.27 | ) | 1.55 | (0.32 | ) | 14 | ||||||||||||||||||||||||||||||||||||||
| 2003 | 8.47 | (0.03 | ) | 2.07 | - | (0.23 | ) | 10.28 | 24.55 | 1,756 | 1.50 | (0.30 | ) | 1.59 | (0.39 | ) | 23 | ||||||||||||||||||||||||||||||||||||||
| 2002 | 9.38 | (0.02 | ) | (0.51 | ) | - | (0.38 | ) | 8.47 | (6.22 | ) | 795 | 1.50 | (0.37 | ) | 1.58 | (0.45 | ) | 19 | ||||||||||||||||||||||||||||||||||||
| 2001 | (7) | 9.07 | - | 0.31 | - | - | 9.38 | 3.42 | - | - | - | - | - | 43 | |||||||||||||||||||||||||||||||||||||||||
| Class R (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (3) | $ | 11.83 | $ | 0.05 | $ | 1.26 | $ | (0.02 | ) | $ | (0.42 | ) | $ | 12.70 | 11.13 | % | $ | 4 | 1.00 | % | 0.79 | % | 1.21 | % | 0.58 | % | 6 | % | ||||||||||||||||||||||||||
| 2004 | (8) | 10.36 | 0.06 | 1.65 | (0.05 | ) | (0.19 | ) | 11.83 | 16.62 | 1 | 0.75 | 0.49 | 0.80 | 0.44 | 14 | |||||||||||||||||||||||||||||||||||||||
| 2003 | 8.50 | 0.04 | 2.09 | (0.04 | ) | (0.23 | ) | 10.36 | 25.60 | 4,134 | 0.75 | 0.46 | 0.84 | 0.37 | 23 | ||||||||||||||||||||||||||||||||||||||||
| 2002 | 9.38 | 0.04 | (0.50 | ) | (0.04 | ) | (0.38 | ) | 8.50 | (5.56 | ) | 3,393 | 0.75 | 0.37 | 0.83 | 0.29 | 19 | ||||||||||||||||||||||||||||||||||||||
| 2001 | (9) | 11.07 | 0.04 | (1.67 | ) | (0.06 | ) | - | 9.38 | (14.77 | ) | 4,301 | 0.75 | 0.47 | 0.80 | 0.42 | 43 | ||||||||||||||||||||||||||||||||||||||
| Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2)(3) | $ | 11.84 | $ | 0.06 | $ | 1.29 | $ | (0.04 | ) | $ | (0.42 | ) | $ | 12.73 | 11.51 | % | $ | 345,829 | 0.50 | % | 1.08 | % | 0.56 | % | 1.02 | % | 6 | % | ||||||||||||||||||||||||||
| 2004 | (2) | 10.37 | 0.08 | 1.66 | (0.08 | ) | (0.19 | ) | 11.84 | 16.97 | 313,401 | 0.50 | 0.73 | 0.55 | 0.68 | 14 | |||||||||||||||||||||||||||||||||||||||
| 2003 | (2) | 8.51 | 0.06 | 2.09 | (0.06 | ) | (0.23 | ) | 10.37 | 25.86 | 239,174 | 0.50 | 0.71 | 0.59 | 0.62 | 23 | |||||||||||||||||||||||||||||||||||||||
| 2002 | (2) | 9.38 | 0.06 | (0.49 | ) | (0.06 | ) | (0.38 | ) | 8.51 | (5.23 | ) | 198,545 | 0.50 | 0.63 | 0.58 | 0.55 | 19 | |||||||||||||||||||||||||||||||||||||
| 2001 | (2)(4) | 12.55 | 0.08 | (2.11 | ) | (0.07 | ) | (1.07 | ) | 9.38 | (17.34 | ) | 176,857 | 0.50 | 0.75 | 0.53 | 0.72 | 43 | |||||||||||||||||||||||||||||||||||||
| 2000 | (5)(6) | 10.00 | 0.08 | 2.55 | (0.08 | ) | - | 12.55 | 26.62 | 125,881 | 0.50 | 1.00 | 0.65 | 0.85 | 45 | ||||||||||||||||||||||||||||||||||||||||
(1) The financial highlights for the Mid Cap Index Fund as set forth herein include the historical financial highlights of the Firstar Mid Cap Index Fund.
The assets of the Firstar Fund were acquired by the First American Mid Cap Index Fund on September 24, 2001. In connection with such acquisition, (i) Class A shares of
the Firstar Mid Cap Index Fund were exchanged for Class A shares of the First American Mid Cap Index Fund, (ii) Firstar Class B shares were exchanged for Class B shares of
the First American Fund, (iii) Firstar Class Y shares were exchanged for Class S shares (now designated Class R shares) of the First American Fund, and (iv) Firstar
Institutional Class shares were exchanged for Class Y shares of the First American Fund.
(2) Per share data calculated using average shares outstanding method.
(3) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(4) 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.
(5) Commenced operations on November 4, 1999. All ratios for the period have been annualized, except total return and portfolio turnover.
(6) For the fiscal period ended October 31.
(7) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.
(8) Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(9) Class of shares has been offered since November 27, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.
(10) 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 Semiannual Report 2005
42
FIRST AMERICAN FUNDS Semiannual Report 2005
43
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
| Net Asset Value Beginning of Period | Net Investment Income (Loss) | Realized and Unrealized Gains or (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (11) | Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Net Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||
| Small Cap Index Fund (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2)(3) | $ | 13.38 | $ | 0.04 | $ | 1.05 | $ | (0.03 | ) | $ | (0.99 | ) | $ | 13.45 | 7.83 | % | $ | 9,462 | 0.93 | % | 0.58 | % | 1.00 | % | 0.51 | % | 4 | % | ||||||||||||||||||||||||||
| 2004 | (3) | 11.47 | 0.04 | 1.98 | (0.03 | ) | (0.08 | ) | 13.38 | 17.71 | 8,749 | 0.93 | 0.30 | 1.02 | 0.21 | 25 | |||||||||||||||||||||||||||||||||||||||
| 2003 | (3) | 8.55 | 0.04 | 2.92 | (0.04 | ) | - | 11.47 | 34.77 | 3,480 | 0.93 | 0.42 | 1.05 | 0.30 | 41 | ||||||||||||||||||||||||||||||||||||||||
| 2002 | (3) | 9.68 | 0.05 | (1.13 | ) | (0.05 | ) | - | 8.55 | (11.28 | ) | 1,908 | 0.93 | 0.46 | 1.09 | 0.30 | 49 | ||||||||||||||||||||||||||||||||||||||
| 2001 | (3)(4) | 12.23 | (0.01 | ) | (1.49 | ) | - | (1.05 | ) | 9.68 | (12.76 | ) | 341 | 0.91 | (0.07 | ) | 0.94 | (0.10 | ) | 102 | |||||||||||||||||||||||||||||||||||
| 2000 | (5) | 10.18 | (0.01 | ) | 2.20 | - | (0.14 | ) | 12.23 | 21.81 | 177 | 0.99 | (0.11 | ) | 1.09 | (0.21 | ) | 32 | |||||||||||||||||||||||||||||||||||||
| 1999 | (6)(7) | 10.00 | - | 0.19 | (0.01 | ) | - | 10.18 | 1.86 | 134 | 1.00 | (0.15 | ) | 1.14 | (0.29 | ) | 35 | ||||||||||||||||||||||||||||||||||||||
| Class B (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2) | $ | 13.15 | $ | (0.01 | ) | $ | 0.99 | $ | - | $ | (0.99 | ) | $ | 13.14 | 7.10 | % | $ | 1,526 | 1.68 | % | (0.18 | )% | 1.75 | % | (0.25 | )% | 4 | % | ||||||||||||||||||||||||||
| 2004 | 11.33 | (0.06 | ) | 1.96 | - | (0.08 | ) | 13.15 | 16.83 | 1,494 | 1.68 | (0.46 | ) | 1.77 | (0.55 | ) | 25 | ||||||||||||||||||||||||||||||||||||||
| 2003 | 8.47 | (0.03 | ) | 2.90 | (0.01 | ) | - | 11.33 | 33.87 | 993 | 1.68 | (0.33 | ) | 1.80 | (0.45 | ) | 41 | ||||||||||||||||||||||||||||||||||||||
| 2002 | 9.63 | (0.03 | ) | (1.13 | ) | - | - | 8.47 | (12.03 | ) | 424 | 1.68 | (0.29 | ) | 1.84 | (0.45 | ) | 49 | |||||||||||||||||||||||||||||||||||||
| 2001 | (8) | 10.97 | (0.01 | ) | (1.33 | ) | - | - | 9.63 | (12.11 | ) | 107 | 1.65 | (0.84 | ) | 1.69 | (0.88 | ) | 102 | ||||||||||||||||||||||||||||||||||||
| Class C (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2) | $ | 13.26 | $ | (0.01 | ) | $ | 1.00 | $ | - | $ | (0.99 | ) | $ | 13.26 | 7.12 | % | $ | 2,045 | 1.68 | % | (0.18 | )% | 1.75 | % | (0.25 | )% | 4 | % | ||||||||||||||||||||||||||
| 2004 | 11.43 | (0.06 | ) | 1.97 | - | (0.08 | ) | 13.26 | 16.77 | 1,939 | 1.68 | (0.46 | ) | 1.77 | (0.55 | ) | 25 | ||||||||||||||||||||||||||||||||||||||
| 2003 | 8.54 | (0.03 | ) | 2.93 | (0.01 | ) | - | 11.43 | 33.94 | 1,268 | 1.68 | (0.33 | ) | 1.80 | (0.45 | ) | 41 | ||||||||||||||||||||||||||||||||||||||
| 2002 | 9.68 | (0.03 | ) | (1.11 | ) | - | - | 8.54 | (11.72 | ) | 447 | 1.68 | (0.26 | ) | 1.84 | (0.42 | ) | 49 | |||||||||||||||||||||||||||||||||||||
| 2001 | (9) | 9.49 | - | 0.19 | - | - | 9.68 | 2.11 | - | - | - | - | - | 102 | |||||||||||||||||||||||||||||||||||||||||
| Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2)(3) | $ | 13.31 | $ | 0.02 | $ | 1.00 | $ | (0.02 | ) | $ | (0.99 | ) | $ | 13.32 | 7.31 | % | $ | 2 | 1.18 | % | 0.32 | % | 1.40 | % | 0.10 | % | 4 | % | ||||||||||||||||||||||||||
| 2004 | (3)(10) | 11.41 | 0.03 | 1.97 | (0.02 | ) | (0.08 | ) | 13.31 | 17.65 | 1 | 0.93 | 0.24 | 0.99 | 0.18 | 25 | |||||||||||||||||||||||||||||||||||||||
| 2003 | (3) | 8.52 | 0.05 | 2.88 | (0.04 | ) | - | 11.41 | 34.54 | 3,210 | 0.93 | 0.52 | 1.05 | 0.40 | 41 | ||||||||||||||||||||||||||||||||||||||||
| 2002 | (3) | 9.64 | 0.05 | (1.12 | ) | (0.05 | ) | - | 8.52 | (11.26 | ) | 13,576 | 0.93 | 0.42 | 1.09 | 0.26 | 49 | ||||||||||||||||||||||||||||||||||||||
| 2001 | (3)(4) | 12.19 | (0.01 | ) | (1.49 | ) | - | (1.05 | ) | 9.64 | (12.82 | ) | 13,886 | 0.88 | (0.05 | ) | 0.91 | (0.08 | ) | 102 | |||||||||||||||||||||||||||||||||||
| 2000 | (5) | 10.17 | (0.01 | ) | 2.18 | (0.01 | ) | (0.14 | ) | 12.19 | 21.54 | 18,057 | 0.99 | (0.11 | ) | 1.09 | (0.21 | ) | 32 | ||||||||||||||||||||||||||||||||||||
| 1999 | (6)(7) | 10.00 | - | 0.17 | - | - | 10.17 | 1.74 | 14,955 | 0.92 | (0.06 | ) | 1.12 | (0.26 | ) | 35 | |||||||||||||||||||||||||||||||||||||||
| Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2005 | (2)(3) | $ | 13.43 | $ | 0.06 | $ | 1.00 | $ | (0.05 | ) | $ | (0.99 | ) | $ | 13.45 | 7.56 | % | $ | 167,747 | 0.68 | % | 0.83 | % | 0.75 | % | 0.76 | % | 4 | % | ||||||||||||||||||||||||||
| 2004 | (3) | 11.51 | 0.07 | 1.99 | (0.06 | ) | (0.08 | ) | 13.43 | 18.02 | 156,411 | 0.68 | 0.54 | 0.77 | 0.45 | 25 | |||||||||||||||||||||||||||||||||||||||
| 2003 | (3) | 8.57 | 0.07 | 2.94 | (0.07 | ) | - | 11.51 | 35.23 | 119,102 | 0.68 | 0.68 | 0.80 | 0.56 | 41 | ||||||||||||||||||||||||||||||||||||||||
| 2002 | (3) | 9.70 | 0.07 | (1.13 | ) | (0.07 | ) | - | 8.57 | (11.09 | ) | 94,749 | 0.68 | 0.68 | 0.84 | 0.52 | 49 | ||||||||||||||||||||||||||||||||||||||
| 2001 | (3)(4) | 12.24 | 0.02 | (1.50 | ) | (0.01 | ) | (1.05 | ) | 9.70 | (12.56 | ) | 54,169 | 0.66 | 0.19 | 0.68 | 0.17 | 102 | |||||||||||||||||||||||||||||||||||||
| 2000 | (5) | 10.19 | 0.02 | 2.19 | (0.02 | ) | (0.14 | ) | 12.24 | 21.93 | 60,771 | 0.69 | 0.19 | 1.09 | (0.21 | ) | 32 | ||||||||||||||||||||||||||||||||||||||
| 1999 | (6)(7) | 10.00 | 0.01 | 0.19 | (0.01 | ) | - | 10.19 | 2.01 | 45,331 | 0.68 | 0.18 | 1.13 | (0.27 | ) | 35 | |||||||||||||||||||||||||||||||||||||||
(1) The financial highlights for the Small Cap Index Fund as set forth herein include the historical financial highlights of the Firstar Small Cap Index Fund.
The assets of the Firstar Fund were acquired by the First American Small Cap Index Fund on September 24, 2001. In connection with such acquisition,
(I) Class A shares of the Firstar Small Cap Index Fund were exchanged for Class A shares of the First American Fund, (ii) Firstar Class B shares were
exchanged for Class B shares of the First American Fund, (iii) Firstar Class Y shares were exchanged for Class S shares (now designated Class R shares)
of the First American Fund, and (iv) Firstar Institutional Class shares were exchanged for Class Y shares of the First American Fund.
(2) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(3) Per share data calculated using average shares outstanding method.
(4) 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.
(5) 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.
(6) Commenced operations on December 30, 1998. All ratios for the period have been annualized, except total return and portfolio turnover.
(7) For the fiscal period ended November 30.
(8) Class of shares has been offered since December 11, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.
(9) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.
(10) Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
(11) 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 Semiannual Report 2005
44
FIRST AMERICAN FUNDS Semiannual Report 2005
45
Notes to Financial Statements March 31, 2005 (unaudited)
1 > Organization
The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index 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 March 31, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the funds' board of directors to create additional funds in the future. The Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund are each diversified open-end management investment companies.
FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Prior to July 1, 2004, Class R shares were named Class S shares. Class A shares are sold with a front-end sales charge. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.
The funds' prospectuses provide descriptions of each fund's investment objective, principal investment strategies, and principal risks. All classes of shares have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, including distribution and shareholder servicing fees, 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. Investments in equity securities that are traded on a national securities exchange are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask rang e, and falls above the ask, the ask will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. 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 m arket 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 (including non-U.S. 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 fa ir value. The use of fair value pricing by a fund 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 March 31, 2005, the Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund had fair valued securities with a total market value of
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$949, $0 and $0 or 0.0%, 0.0% and 0.0%, respectively, of total net assets for the fund. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. 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. The resulting gain/loss is calculated as the difference between the fair value and the underlying cost of the security on the transaction date. 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 cas h.
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 losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open futures contracts, proceeds from securities litigation, and the sale of Real Estate Investment Trust securities. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period that the differences arise.
The character of distributions made during the year from net investment income or net realized gains may differ from its 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) are recorded by the fund. The distributions paid during the six months ended March 31, 2005 (estimated) and the fiscal year-ended September 30, 2004, were characterized as follows (000):
| 2005 | |||
| Fund | Ordinary Income | Long Term Gain | Return of Capital | Total | |||||||||||||||
| Equity Index Fund | $ | 24,268 | $ | - | $ | - | $ | 24,268 | |||||||||||
| Mid Cap Index Fund | 1,215 | 12,400 | - | 13,615 | |||||||||||||||
| Small Cap Index Fund | 666 | 13,384 | - | 14,050 | |||||||||||||||
| 2004 | |||
| Fund | Ordinary Income | Long Term Gain | Return of Capital | Total | |||||||||||||||
| Equity Index Fund | $ | 30,594 | $ | - | $ | 235 | $ | 30,829 | |||||||||||
| Mid Cap Index Fund | 3,008 | 4,099 | - | 7,107 | |||||||||||||||
| Small Cap Index Fund | 1,059 | 600 | - | 1,659 | |||||||||||||||
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Notes to Financial Statements March 31, 2005 (unaudited)
As of September 30, 2004, the funds' most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows (000):
| Undistributed Ordinary Income | Undistributed Long Term Capital Gains | Accumulated Capital and Post-October Losses | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Deficit) | |||||||||||||||||||
| Equity Index Fund | $ | - | $ | - | $ | (14,133 | ) | $ | 485,546 | $ | 471,413 | ||||||||||||
| Mid Cap Index Fund | 1,319 | 10,085 | - | 25,503 | 36,907 | ||||||||||||||||||
| Small Cap Index Fund | 3,377 | 4,602 | - | 19,621 | 27,600 | ||||||||||||||||||
The difference between book and tax basis unrealized appreciation is primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark to market adjustments on open futures contracts, and return of capital distributions related to Real Estate Investment Trust investments.
As of September 30, 2004, the funds' most recently completed fiscal year-end, the following fund had a capital loss carryforward (000):
| Expiration Year | |||||||||||||||
| Fund | 2010 | 2011 | Total | ||||||||||||
| Equity Index Fund | $ | 3,232 | $ | 10,901 | $ | 14,133 | |||||||||
FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, the funds may enter into S&P and Russell Index futures contracts and other stock index futures contracts.
Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. government securities in an amount equal to five percent of the purchase price indicated in the futures contract (initial margin). Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund's basis in the contract.
The funds' investment in stock index futures contracts is designed to maintain sufficient liquidity to meet redemption requests and to increase the level of fund assets devoted to replicating the composition of the S&P and Russell Indices while reducing transaction costs. Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transac tion. These contracts involve market risk in excess of the amount reflected in the fund's statement of assets and liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.
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, a nd 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. At March 31, 2005, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had investments in illiquid securities with a total market value of $949, $0, and $1, respectively, or 0.0%, 0.0%, and 0.0%, respectively of total net assets.
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Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
| Equity Index Fund | |||||||||||||||
| Security | Shares | Dates Acquired | Cost Basis (000) | ||||||||||||
| Progress Energy CVO | 7,906 | 6/99 to 11/02 | - | ||||||||||||
| Mid Cap Index Fund | |||||||||||||||
| Security | Shares | Date Acquired | Cost Basis (000) | ||||||||||||
| Astoria Financial Fractional Shares | - | 3/05 | - | ||||||||||||
| Small Cap Index Fund | |||||||||||||||
| Security | Shares | Dates Acquired | Cost Basis (000) | ||||||||||||
| Cross Media Marketing | 1,203 | 6/02 to 12/02 | $ | 10 | |||||||||||
| FirstBank Fractional Shares | - | 1/04 | - | ||||||||||||
| MicroAge | 3,579 | 1/99 to 12/99 | 29 | ||||||||||||
| Neon Communications | 34,093 | 9/01 to 6/02 | 3 | ||||||||||||
| Network Plus | 1,155 | 9/01 | 2 | ||||||||||||
| Southern Union Company Fractional Shares | - | 11/03 | - | ||||||||||||
| Storage Networks | 15,089 | 6/02 to 6/03 | 1 | ||||||||||||
| USB Holding Company Fractional Shares | - | 6/03 | - | ||||||||||||
SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund's policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then "marked-to-market" daily until the securities are returned. As with other exte nsions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
U.S. Bancorp Asset Management, Inc. ("USBAM") serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. USBAM acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission ("SEC"). During the six months ended March 31, 2005, USBAM received fees equal to 35% of the funds' income from securities lending transactions. Fees paid to USBAM by the funds for the six months ended March 31, 2005 were as follows (000):
| Fund | Total | ||||||
| Equity Index Fund | $ | 164 | |||||
| Mid Cap Index Fund | 36 | ||||||
| Small Cap Index Fund | 39 | ||||||
REPURCHASE AGREEMENTS – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the funds enter into a repurchase agreement, the value of the underlying collateral security (ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Securities that serve to collateralize the repurchase agreement are held by each fund's custodian in book entry or physical form in the custodial account of the fund. Repurchase agreements are valued at cost plus accrued interest receivable.
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Notes to Financial Statements March 31, 2005 (unaudited)
Pursuant to an exemptive order issued by the SEC, the funds may transfer uninvested cash balances from proceeds from securities lending into joint repurchase agreements for the First American Funds complex managed by USBAM. Certain funds have an interest in joint repurchase agreements dated March 31, 2005 as follows (000s):
| Broker | Rate | Principal | Collateral Value | Security Type | Coupon Rate | Maturity | |||||||||||||||||||||
| Bear Stearns | 3.045 | % | $ | 100,000 | $ | 102,633 | Commercial Loans | 3.750 | %-5.490% | 2005-2015 | |||||||||||||||||
| Bear Stearns | 2.960 | % | 30,000 | 30,734 | Commercial Loans | 0.000 | % | 2034 | |||||||||||||||||||
| Citibank | 2.925 | % | 200,000 | 215,191 | Collateralized Mortgage Obligations | 0.000 | % | 2029-2042 | |||||||||||||||||||
| Corporate Bonds | 0.000 | %-9.400% | 2005-2033 | ||||||||||||||||||||||||
| CS First Boston | 2.900 | % | 250,000 | 255,002 | Federal Home Loan Mortgage Corporation Bonds | 0.000 | % | 2017-2035 | |||||||||||||||||||
| Federal National Mortgage Association Bonds | 0.000 | % | 2018-2035 | ||||||||||||||||||||||||
| Government National Mortgage Association Bonds | 3.250 | %-10.472% | 2026-2034 | ||||||||||||||||||||||||
| CS First Boston | 2.935 | % | 20,000 | 21,004 | Collateralized Mortgage Obligation | 0.240 | % | 2035 | |||||||||||||||||||
| CS First Boston | 2.935 | % | 20,000 | 21,003 | Collateralized Mortgage Obligations | 0.000 | %-0.430% | 2024-2035 | |||||||||||||||||||
| CS First Boston | 2.935 | % | 20,000 | 21,001 | Collateralized Mortgage Obligations | 0.000 | %-0.490% | 2034-2041 | |||||||||||||||||||
| CS First Boston | 2.935 | % | 10,000 | 10,502 | Collateralized Mortgage Obligation | 0.240 | % | 2035 | |||||||||||||||||||
| CS First Boston | 2.935 | % | 10,000 | 10,502 | Collateralized Mortgage Obligation | 0.240 | % | 2035 | |||||||||||||||||||
| Goldman Sachs | 3.025 | % | 250,000 | 255,102 | Mortgage Loans | 0.000 | % | 2005-2010 | |||||||||||||||||||
| Goldman Sachs | 3.025 | % | 225,000 | 229,592 | Mortgage Loans | 0.000 | % | 2007-2010 | |||||||||||||||||||
| Goldman Sachs | 2.885 | % | 50,000 | 51,021 | Mortgage Loans | 0.000 | % | 2008 | |||||||||||||||||||
| Lehman Brothers | 2.935 | % | 200,000 | 219,946 | Collateralized Mortgage Obligations | 0.000 | %-5.500% | 2007-2044 | |||||||||||||||||||
| Lehman Brothers | 3.055 | % | 150,000 | 150,000 | Mortgage Loans | 5.420 | %-5.558% | 2008-2015 | |||||||||||||||||||
| Lehman Brothers | 3.000 | % | 17,000 | 18,701 | Corporate Bonds | 0.000 | %-10.875% | 2008-2015 | |||||||||||||||||||
| Merrill Lynch | 2.925 | % | 150,000 | 157,503 | Corporate Bonds | 0.000 | %-9.700% | 2005-2030 | |||||||||||||||||||
| Merrill Lynch | 2.955 | % | 125,000 | 131,254 | �� | Corporate Bonds | 0.000 | %-9.875% | 2005-2049 | ||||||||||||||||||
| Merrill Lynch | 2.925 | % | 100,000 | 105,005 | Corporate Bonds | 4.950 | %-7.125% | 2006-2023 | |||||||||||||||||||
| Merrill Lynch | 2.955 | % | 75,000 | 78,754 | Corporate Bonds | 0.000 | %-8.375% | 2006-2035 | |||||||||||||||||||
| Merrill Lynch | 2.955 | % | 20,000 | 21,003 | Corporate Bonds | 0.000 | %-9.250% | 2006-2050 | |||||||||||||||||||
| Morgan Stanley | 2.915 | % | 290,000 | 296,089 | Federal Home Loan Mortgage Corporation Bonds | 0.000 | %-5.000% | 2034-2035 | |||||||||||||||||||
OTHER INCOME – Income from settlement proceeds related to specific portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. Income from settlement proceeds related to securities that are no longer included in the portfolio is recorded in other income. For the six months ended March 31, 2005, the Equity Index Fund and the Mid Cap Index Fund recorded $84,783 and $50,556, respectively, in other income for settlement proceeds related to securities no longer included in the portfolios.
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.
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, 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 six months ended March 31, 2005.
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.
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USE OF ESTIMATES IN 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 amounts 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"), 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 Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund is 0.25%, 0.25% and 0.40%, respectively. USBAM has contractually agreed to waive fees and reimburse other fund expenses until January 31, 2006 so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:
| Share Class | A | B | C | R | Y | ||||||||||||||||||
| Fund | |||||||||||||||||||||||
| Equity Index Fund | 0.62 | % | 1.37 | % | 1.37 | % | 0.87 | % | 0.37 | % | |||||||||||||
| Mid Cap Index Fund | 0.75 | 1.50 | 1.50 | 1.00 | 0.50 | ||||||||||||||||||
| Small Cap Index Fund | 0.93 | 1.68 | 1.68 | 1.18 | 0.68 | ||||||||||||||||||
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 co-administrators pursuant to a co-administration agreement between the Administrators and the funds. 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, based 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 assets, 0.22% of the next $25 billion of the aggregate average 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 aggregate average daily net assets of the funds that comprise FAIF. For the six months ended March 31, 2005, administration fees paid to USBAM and USBFS by the funds included in this semiannual report were as follows (000):
| Fund | Amount | ||||||
| Equity Index Fund | $ | 3,196 | |||||
| Mid Cap Index Fund | 476 | ||||||
| Small Cap Index Fund | 246 | ||||||
CUSTODIAN FEES – U.S. Bank serves as the funds' custodian pursuant to a custodian agreement with FAIF. The fee for each fund is equal to an annual rate of 0.01% of average daily net assets. These 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 a distribution agreement with FAIF. Under the distribution agreement, each of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each fund's average daily net assets of the Class A shares, Class B shares, Class C shares and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, or shareholder servicing activities.
FAIF has also adopted and entered into a shareholder servicing plan and agreement with USBAM with respect to the Class R shares. Each fund pays USBAM a monthly
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Notes to Financial Statements March 31, 2005 (unaudited)
shareholder servicing fee equal to an annual rate of 0.15% of each fund's average daily net assets of the Class R shares. USBAM is currently waiving all fees under this plan and agreement. This waiver may be discontinued at any time.
Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar and USBAM or paid to affiliates of USBAM for the six months ended March 31, 2005 (000):
| Fund | Amount | ||||||
| Equity Index Fund | $ | 344 | |||||
| Mid Cap Index Fund | 23 | ||||||
| Small Cap Index Fund | 16 | ||||||
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 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 six months ended March 31, 2005, legal fees and expenses were paid to a law firm of which an Assistant Secretary of the funds is a partner.
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge ("CDSC") is imposed on redemptions made in Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years.
| Year Since Purchase | CDSC as a Percentage of Dollar Amount Subject to Charge | ||||||
| First | 5.00 | % | |||||
| Second | 5.00 | ||||||
| Third | 4.00 | ||||||
| Fourth | 3.00 | ||||||
| Fifth | 2.00 | ||||||
| Sixth | 1.00 | ||||||
| Seventh | - | ||||||
| Eighth | - | ||||||
A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first twelve months.
The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.
For the six months ended March 31, 2005, total CDSCs retained by affiliates of USBAM for distributing the funds' shares were as follows (000):
| Fund | Amount | ||||||
| Equity Index Fund | $ | 166 | |||||
| Mid Cap Index Fund | 20 | ||||||
| Small Cap Index Fund | 9 | ||||||
4 > Investment In Common Stock Of Affiliate
As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the six months ended March 31, 2005, Equity Index Fund recorded net realized gains from the sale of U.S. Bancorp common stock of $527,437 and $244,184 of dividend income from U.S. Bancorp common stock. At March 31, 2005, Equity Index Fund had an unrealized gain of $2,311,141 with respect to its investment in U.S. Bancorp common stock.
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5 > 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):
| Equity Index Fund | Mid Cap Index Fund | Small Cap Index Fund | |||||||||||||||||||||||||
| 10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | 10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | 10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | ||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
| Class A: | |||||||||||||||||||||||||||
| Shares issued | 1,061 | 4,820 | 220 | 763 | 116 | 474 | |||||||||||||||||||||
| Shares issued in lieu of cash distributions | 99 | 108 | 37 | 13 | 47 | 3 | |||||||||||||||||||||
| Shares redeemed | (1,531 | ) | (2,189 | ) | (146 | ) | (277 | ) | (114 | ) | (126 | ) | |||||||||||||||
| Total Class A transactions | (371 | ) | 2,739 | 111 | 499 | 49 | 351 | ||||||||||||||||||||
| Class B: | |||||||||||||||||||||||||||
| Shares issued | 69 | 225 | 14 | 55 | 9 | 34 | |||||||||||||||||||||
| Shares issued in lieu of cash distributions | 17 | 16 | 9 | 4 | 8 | 1 | |||||||||||||||||||||
| Shares redeemed | (397 | ) | (737 | ) | (26 | ) | (26 | ) | (15 | ) | (9 | ) | |||||||||||||||
| Total Class B transactions | (311 | ) | (496 | ) | (3 | ) | 33 | 2 | 26 | ||||||||||||||||||
| Class C: | |||||||||||||||||||||||||||
| Shares issued | 59 | 214 | 28 | 118 | 31 | 70 | |||||||||||||||||||||
| Shares issued in lieu of cash distributions | 7 | 7 | 7 | 3 | 9 | 1 | |||||||||||||||||||||
| Shares redeemed | (191 | ) | (457 | ) | (28 | ) | (65 | ) | (32 | ) | (36 | ) | |||||||||||||||
| Total Class C transactions | (125 | ) | (236 | ) | 7 | 56 | 8 | 35 | |||||||||||||||||||
| Class R: | |||||||||||||||||||||||||||
| Shares issued | 22 | 564 | - | 91 | - | 131 | |||||||||||||||||||||
| Shares issued in lieu of cash distributions | - | 19 | - | 7 | - | 2 | |||||||||||||||||||||
| Shares redeemed | (3 | ) | (3,398 | ) | - | (497 | ) | - | (414 | ) | |||||||||||||||||
| Total Class R transactions | 19 | (2,815 | ) | - | (399 | ) | - | (281 | ) | ||||||||||||||||||
| Class Y: | |||||||||||||||||||||||||||
| Shares issued | 10,303 | 25,834 | 3,635 | 9,346 | 2,254 | 6,867 | |||||||||||||||||||||
| Shares issued in lieu of cash distributions | 644 | 928 | 620 | 357 | 574 | 80 | |||||||||||||||||||||
| Shares redeemed | (19,610 | ) | (26,886 | ) | (3,541 | ) | (6,301 | ) | (2,005 | ) | (5,648 | ) | |||||||||||||||
| Total Class Y transactions | (8,663 | ) | (124 | ) | 714 | 3,402 | 823 | 1,299 | |||||||||||||||||||
| Net increase (decrease) in capital shares | (9,451 | ) | (932 | ) | 829 | 3,591 | 882 | 1,430 | |||||||||||||||||||
6 > Investment Security Transactions
During the six months ended March 31, 2005, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows (000):
| Fund | Purchases | Sales | |||||||||
| Equity Index Fund | $ | 51,793 | $ | 260,035 | |||||||
| Mid Cap Index Fund | 21,794 | 36,837 | |||||||||
| Small Cap Index Fund | 9,106 | 7,618 | |||||||||
The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at March 31, 2005, were as follows (000):
| Fund | Aggregate Gross Appreciation | Aggregate Gross Depreciation | Net | Federal Income Tax Cost | |||||||||||||||
| Equity Index Fund | $ | 767,601 | $ | (298,410 | ) | $ | 469,191 | $ | 2,442,498 | ||||||||||
| Mid Cap Index Fund | 90,574 | (40,227 | ) | 50,347 | 456,151 | ||||||||||||||
| Small Cap Index Fund | 47,326 | (17,344 | ) | 29,982 | 184,591 | ||||||||||||||
7 > 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.
8 > Other
In March 2005, US Bancorp Pension Plan redeemed $186,709,450 from the First American Equity Index Fund as a redemption-in-kind transaction. In this transaction the fund distributed a proportional amount of shares to the US Bancorp Pension Plan. The redemption was accounted to ensure that the remaining shareholders in the fund will not recognize any additional capital gains from the transaction.
FIRST AMERICAN FUNDS Semiannual Report 2005
53
NOTICE TO SHAREHOLDERS March 31, 2005 (unaudited)
HOW TO OBTAIN A COPY OF THE FUND'S 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.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to 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 are available (1) without charge upon request by calling 800.677.FUND; and (2) 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 Semiannual Report 2005
54
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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.
Retired; former Senior Financial Advisor, Senior Vice President, Chief Financial Officer, and Treasurer of Bemis Company, 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.
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.
0114-05 5/2005 SAR-INDEX
Item 2—Code of Ethics
Not applicable to semi-annual report.
Item 3—Audit Committee Financial Expert
Not applicable to semi-annual report.
Item 4—Principal Accountant Fees and Services Response
Not applicable to semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6 – Schedule of Investments
This 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
Not applicable.
Item 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10 – Submission of Matters to a Vote of Security Holders
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 this Item.
Item 11 – Controls and Procedures
(a) 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) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Exhibits
(a)(1) Not applicable.
(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.
(a)(3) Not applicable.
(b) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act are filed as exhibits 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: | |
/s/ Thomas S. Schreier, Jr. |
|
Thomas S. Schreier, Jr. | |
President | |
| |
Date: June 10, 2005 | |
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: | |
/s/ Thomas S. Schreier, Jr. |
|
Thomas S. Schreier, Jr. | |
President | |
| |
Date: June 10, 2005 | |
| |
By: | |
/s/ Charles D. Gariboldi |
|
Charles D. Gariboldi | |
Treasurer | |
| |
Date: June 10, 2005 | |