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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 | |
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| STOCK |
First American Stock Funds
Stocks are shares of ownership that a company sells in order to raise money to run its business. As an owner or shareholder, you take part in the company’s achievements and failures.
Stocks and stock funds offer you a number of options. Some are defined by the size of the companies they invest in, some by the style of the company, and others by where they invest – by geographic location or by industry. Because the various types of stocks outperform and underperform at different times, dividing your money among several types of stocks may help smooth out your portfolio’s returns.
| 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
Sector Funds |
| |
| Schedule of Investments | 28 |
| Statements of Assets and Liabilities | 35 |
| Statements of Operations | 36 |
| Statements of Changes in Net Assets | 37 |
| Financial Highlights | 38 |
International Fund |
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| Schedule of Investments | 40 |
| Statement of Assets and Liabilities | 42 |
| Statement of Operations | 43 |
| Statement of Changes in Net Assets | 44 |
| Financial Highlights | 46 |
Small Cap Funds |
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| Schedule of Investments | 48 |
| Statements of Assets and Liabilities | 58 |
| Statements of Operations | 59 |
| Statements of Changes in Net Assets | 60 |
| Financial Highlights | 62 |
Mid Cap Funds |
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| Schedule of Investments | 68 |
| Statements of Assets and Liabilities | 74 |
| Statements of Operations | 75 |
| Statements of Changes in Net Assets | 76 |
| Financial Highlights | 78 |
Large Cap Funds |
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| Schedule of Investments | 82 |
| Statements of Assets and Liabilities | 91 |
| Statements of Operations | 92 |
| Statements of Changes in Net Assets | 94 |
| Financial Highlights | 96 |
Growth & Income Funds |
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| Schedule of Investments | 100 |
| Statements of Assets and Liabilities | 111 |
| Statements of Operations | 112 |
| Statements of Changes in Net Assets | 113 |
| Financial Highlights | 114 |
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Notes to Financial Statements | 118 | |
Notice to Shareholders | 133 |
1
Real Estate Securities fund
Expense Example
As a shareholder of the Real Estate Securities 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,095.20 | $ | 6.43 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.80 | $ | 6.19 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,091.20 | $ | 10.32 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.06 | $ | 9.95 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,091.40 | $ | 10.32 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.06 | $ | 9.95 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,093.50 | $ | 7.72 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.55 | $ | 7.44 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,096.50 | $ | 5.12 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.04 | $ | 4.94 |
*Expenses are equal to the fund's annualized expense ratio of 1.23%, 1.98%, 1.98%, 1.48% and 0.98% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
2
Real Estate Securities fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Simon Property Group | 5.4 | % | |||||
Equity Office Properties Trust | 4.1 | % | |||||
Vornado Realty Trust | 3.7 | % | |||||
Public Storage | 3.2 | % | |||||
Starwood Hotels & Resorts Worldwide | 3.2 | % | |||||
Camden Property Trust | 2.9 | % | |||||
Prologis | 2.6 | % | |||||
Hilton Hotels | 2.3 | % | |||||
Lasalle Hotel Properties | 2.2 | % | |||||
Highwoods Properties | 2.1 | % |
Sector Allocation as of March 31, 20051 (% of net assets) |
Office | 21.9 | % | |||||
Hotels | 17.3 | % | |||||
Apartments | 11.9 | % | |||||
Community Centers | 8.8 | % | |||||
Malls | 8.7 | % | |||||
Diversified | 7.8 | % | |||||
Specialty | 6.3 | % | |||||
Industrial | 5.9 | % | |||||
Self-Storage | 3.2 | % | |||||
Health Care | 2.7 | % |
1Fund 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
Technology fund
Expense Example
As a shareholder of the Technology 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,047.30 | $ | 6.28 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.80 | $ | 6.19 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,044.30 | $ | 10.09 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.06 | $ | 9.95 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,043.40 | $ | 10.09 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.06 | $ | 9.95 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,048.30 | $ | 5.00 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.04 | $ | 4.94 |
*Expenses are equal to the fund's annualized expense ratio of 1.23%, 1.98%, 1.98% and 0.98% for Class A, Class B, Class C 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
4
Technology fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
United Defense Industries | 1.6 | % | |||||
Progress Software | 1.3 | % | |||||
IXYS | 1.3 | % | |||||
Jabil Circuit | 1.2 | % | |||||
Western Digital | 1.2 | % | |||||
Coherent | 1.2 | % | |||||
Arris Group | 1.2 | % | |||||
Komag | 1.2 | % | |||||
Marvell Technology Group | 1.2 | % | |||||
Precision Castparts | 1.2 | % |
Sector Allocation as of March 31, 20051 (% of net assets) |
Communications Equipment | 16.5 | % | |||||
Semiconductors | 15.4 | % | |||||
Software | 14.5 | % | |||||
Aerospace & Defense | 12.7 | % | |||||
Electrical Equipment & Instruments | 8.7 | % | |||||
Computer Storage & Peripherals | 8.6 | % | |||||
IT Services | 7.3 | % | |||||
Healthcare Equipment & Supplies | 5.1 | % | |||||
Internet Software & Services | 3.0 | % | |||||
Wireless Telecommunications Services | 2.4 | % | |||||
Diversified Telecommunications Services | 2.0 | % | |||||
Machinery | 1.1 | % | |||||
Household Durables | 1.0 | % | |||||
Pharmaceuticals | 0.9 | % | |||||
Electrical Equipment | 0.3 | % |
1Fund 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
5
International fund
Expense Example
As a shareholder of the International 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,117.20 | $ | 8.45 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.95 | $ | 8.05 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,113.50 | $ | 12.38 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.21 | $ | 11.80 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,113.70 | $ | 12.38 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.21 | $ | 11.80 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,115.70 | $ | 9.76 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.71 | $ | 9.30 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,119.30 | $ | 7.13 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.20 | $ | 6.79 |
*Expenses are equal to the fund's annualized expense ratio of 1.60%, 2.35%, 2.35%, 1.85% and 1.35% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
6
International fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Total | 4.3 | % | |||||
Eni | 3.5 | % | |||||
Vodafone | 3.3 | % | |||||
HSBC | 2.8 | % | |||||
GlaxoSmithKline | 2.4 | % | |||||
Royal Bank of Scotland | 2.4 | % | |||||
Tesco | 2.1 | % | |||||
UBS | 2.1 | % | |||||
Roche | 2.1 | % | |||||
Compagnie de Saint-Gobain | 1.7 | % |
Country Allocation as of March 31, 20051 (% of net assets) |
Great Britain | 29.0 | % | |||||
Japan | 17.8 | % | |||||
France | 10.2 | % | |||||
Switzerland | 10.1 | % | |||||
Germany | 5.9 | % | |||||
Netherlands | 4.7 | % | |||||
Italy | 3.9 | % | |||||
Spain | 3.1 | % | |||||
Australia | 2.6 | % | |||||
Belgium | 2.2 | % | |||||
South Korea | 1.5 | % | |||||
Brazil | 1.4 | % | |||||
Finland | 1.0 | % | |||||
Sweden | 0.9 | % | |||||
Hong Kong | 0.8 | % | |||||
Mexico | 0.8 | % | |||||
Ireland | 0.7 | % | |||||
South Africa | 0.2 | % |
1Fund holdings and country allocations are subject to change at any time and are not recommendations to buy or sell any security.
FIRST AMERICAN FUNDS Semiannual Report 2005
7
Small Cap Growth Opportunities fund
Expense Example
As a shareholder of the Small Cap Growth Opportunities 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,139.00 | $ | 10.29 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.31 | $ | 9.70 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,134.70 | $ | 14.26 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,011.57 | $ | 13.44 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,134.70 | $ | 14.26 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,011.57 | $ | 13.44 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,139.20 | $ | 11.63 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.06 | $ | 10.95 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,139.80 | $ | 8.96 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.55 | $ | 8.45 |
*Expenses are equal to the fund's annualized expense ratio of 1.93%, 2.68%, 2.68%, 2.18% and 1.68% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
8
Small Cap Growth Opportunities fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Polycom | 3.5 | % | |||||
ADTRAN | 3.4 | % | |||||
Spanish Broadcasting System | 3.3 | % | |||||
Encore Medical | 3.0 | % | |||||
Digitas | 2.4 | % | |||||
Marvel Enterprises | 2.3 | % | |||||
Energy Conversion Devices | 2.2 | % | |||||
Guess? | 2.2 | % | |||||
Sunstone Hotel Investors | 1.9 | % | |||||
Applied Films | 1.9 | % |
Sector Allocation as of March 31, 20051 (% of net assets) |
Information Technology | 30.7 | % | |||||
Consumer Discretionary | 20.4 | % | |||||
Health Care | 19.7 | % | |||||
Industrials | 9.3 | % | |||||
Energy | 8.1 | % | |||||
Financials | 8.1 | % | |||||
Telecommunication Services | 1.4 | % |
1Fund 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
9
Small Cap Select fund
Expense Example
As a shareholder of the Small Cap Select 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,079.70 | $ | 6.27 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | $ | 6.09 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,075.20 | $ | 10.14 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.16 | $ | 9.85 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,076.00 | $ | 10.14 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.16 | $ | 9.85 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,078.60 | $ | 7.57 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.34 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,081.20 | $ | 4.98 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.14 | $ | 4.84 |
*Expenses are equal to the fund's annualized expense ratio of 1.21%, 1.96%, 1.96%, 1.46% and 0.96% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
10
Small Cap Select fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Marvel Enterprises | 2.6 | % | |||||
Century Aluminum | 2.4 | % | |||||
Olin | 2.2 | % | |||||
Chicago Bridge & Iron | 2.0 | % | |||||
Logitech International | 1.9 | % | |||||
Labor Ready | 1.8 | % | |||||
Sierra Health Services | 1.8 | % | |||||
NBTY | 1.8 | % | |||||
AirTran | 1.8 | % | |||||
Scientific Games, Cl A | 1.7 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Information Technology | 18.2 | % | |||||
Financials | 17.7 | % | |||||
Industrials | 17.5 | % | |||||
Consumer Discretionary | 15.9 | % | |||||
Health Care | 13.4 | % | |||||
Energy | 6.7 | % | |||||
Materials | 5.3 | % | |||||
Consumer Staples | 1.8 | % | |||||
Telecommunication Services | 0.8 | % |
1Fund 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
11
Small Cap Value fund
Expense Example
As a shareholder of the Small Cap Value 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,101.70 | $ | 6.45 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.80 | $ | 6.19 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,097.40 | $ | 10.35 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.06 | $ | 9.95 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,097.70 | $ | 10.36 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.06 | $ | 9.95 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,100.60 | $ | 7.75 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.55 | $ | 7.44 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,102.80 | $ | 5.14 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.04 | $ | 4.94 |
*Expenses are equal to the fund's annualized expense ratio of 1.23%, 1.98%, 1.98%, 1.48% and 0.98% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
12
Small Cap Value fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Men's Wearhouse | 2.1 | % | |||||
First Republic Bank – California | 2.0 | % | |||||
Steiner Leisure | 1.7 | % | |||||
CLARCOR | 1.7 | % | |||||
BISYS Group | 1.7 | % | |||||
Sky Financial Group | 1.6 | % | |||||
ESCO Technologies | 1.6 | % | |||||
Toro | 1.5 | % | |||||
CBL & Associates Properties (REIT) | 1.4 | % | |||||
Moog, Cl A | 1.4 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Financials | 30.4 | % | |||||
Industrials | 20.1 | % | |||||
Consumer Discretionary | 11.1 | % | |||||
Information Technology | 8.4 | % | |||||
Energy | 8.2 | % | |||||
Materials | 8.0 | % | |||||
Health Care | 5.9 | % | |||||
Utilities | 5.2 | % | |||||
Consumer Staples | 1.5 | % | |||||
Telecommunication Services | 0.7 | % |
1Fund 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
13
Mid Cap Growth Opportunities fund
Expense Example
As a shareholder of the Mid Cap Growth Opportunities 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,146.40 | $ | 6.42 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.95 | $ | 6.04 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,142.30 | $ | 10.42 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.21 | $ | 9.80 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,142.20 | $ | 10.41 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.21 | $ | 9.80 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,145.40 | $ | 7.76 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.70 | $ | 7.29 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,147.90 | $ | 5.09 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.19 | $ | 4.78 |
*Expenses are equal to the fund's annualized expense ratio of 1.20%, 1.95%, 1.95%, 1.45% and 0.95% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
14
Mid Cap Growth Opportunities fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
NCR | 5.0 | % | |||||
Investors Financial Services | 3.2 | % | |||||
PerkinElmer | 3.0 | % | |||||
Dun & Bradstreet | 2.8 | % | |||||
Fisher Scientific International | 2.7 | % | |||||
Aetna | 2.5 | % | |||||
Marvel Enterprises | 2.5 | % | |||||
Adobe Systems | 2.5 | % | |||||
L-3 Communications Holdings | 2.4 | % | |||||
Caremark Rx | 2.3 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Information Technology | 26.3 | % | |||||
Health Care | 23.1 | % | |||||
Consumer Discretionary | 17.8 | % | |||||
Industrials | 10.8 | % | |||||
Energy | 8.1 | % | |||||
Financials | 7.2 | % | |||||
Consumer Staples | 3.2 | % | |||||
Materials | 1.1 | % |
1Fund 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
15
Mid Cap Value fund
Expense Example
As a shareholder of the Mid Cap Value 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,148.20 | $ | 6.43 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.95 | $ | 6.04 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,144.00 | $ | 10.42 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.21 | $ | 9.80 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,144.20 | $ | 10.42 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.21 | $ | 9.80 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,146.40 | $ | 7.76 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.70 | $ | 7.29 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,149.60 | $ | 5.09 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.19 | $ | 4.78 |
*Expenses are equal to the fund's annualized expense ratio of 1.20%, 1.95%, 1.95%, 1.45% and 0.95% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
16
Mid Cap Value fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
National-Oilwell | 2.2 | % | |||||
Eaton | 1.9 | % | |||||
Constellation Energy | 1.9 | % | |||||
Sherwin Williams | 1.8 | % | |||||
North Fork Bancorp | 1.8 | % | |||||
NCR | 1.8 | % | |||||
American Standard | 1.8 | % | |||||
Valero Energy | 1.8 | % | |||||
Northern Trust | 1.8 | % | |||||
Clorox | 1.8 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Financials | 21.5 | % | |||||
Consumer Discretionary | 15.8 | % | |||||
Utilities | 11.3 | % | |||||
Materials | 10.6 | % | |||||
Energy | 10.2 | % | |||||
Information Technology | 9.8 | % | |||||
Industrials | 9.4 | % | |||||
Consumer Staples | 4.9 | % | |||||
Health Care | 4.8 | % |
1Fund 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
17
Large Cap Growth Opportunities fund
Expense Example
As a shareholder of the Large Cap Growth Opportunities 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,058.10 | $ | 5.90 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.20 | $ | 5.79 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,054.70 | $ | 9.73 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,054.00 | $ | 9.73 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,057.10 | $ | 7.18 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.95 | $ | 7.04 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,059.70 | $ | 4.62 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.44 | $ | 4.53 |
*Expenses are equal to the fund's annualized expense ratio of 1.15%, 1.90%, 1.90%, 1.40% and 0.90% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
18
Large Cap Growth Opportunities fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Wal-Mart Stores | 3.9 | % | |||||
Unitedhealth Group | 3.2 | % | |||||
Johnson & Johnson | 3.2 | % | |||||
Dell | 2.9 | % | |||||
Intel | 2.8 | % | |||||
PepsiCo | 2.7 | % | |||||
NCR | 2.6 | % | |||||
3M | 2.6 | % | |||||
Procter & Gamble | 2.4 | % | |||||
Zimmer Holdings | 2.2 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Information Technology | 30.1 | % | |||||
Health Care | 23.0 | % | |||||
Industrials | 11.3 | % | |||||
Consumer Discretionary | 10.9 | % | |||||
Financials | 10.1 | % | |||||
Consumer Staples | 9.4 | % | |||||
Energy | 4.1 | % |
1Fund 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
19
Large Cap Select fund
Expense Example
As a shareholder of the Large Cap Select 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,102.60 | $ | 6.03 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.20 | $ | 5.79 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,099.80 | $ | 9.95 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,098.90 | $ | 9.94 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,101.80 | $ | 7.34 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.95 | $ | 7.04 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,104.40 | $ | 4.72 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.44 | $ | 4.53 |
*Expenses are equal to the fund's annualized expense ratio of 1.15%, 1.90%, 1.90%, 1.40% and 0.90% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
20
Large Cap Select fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Johnson & Johnson | 4.5 | % | |||||
Wyeth | 4.0 | % | |||||
Wells Fargo | 3.8 | % | |||||
Intel | 3.7 | % | |||||
Pfizer | 3.7 | % | |||||
Goldman Sachs Group | 3.5 | % | |||||
General Electric | 3.4 | % | |||||
Exxon Mobil | 3.0 | % | |||||
Verizon Communications | 2.9 | % | |||||
Time Warner | 2.7 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Information Technology | 21.4 | % | |||||
Health Care | 16.3 | % | |||||
Financials | 13.3 | % | |||||
Consumer Discretionary | 13.1 | % | |||||
Industrials | 11.6 | % | |||||
Energy | 10.9 | % | |||||
Consumer Staples | 6.9 | % | |||||
Telecommunication Services | 2.9 | % | |||||
Utilities | 1.1 | % | |||||
Materials | 0.7 | % |
1Fund 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
21
Large Cap Value fund
Expense Example
As a shareholder of the Large Cap Value 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,101.70 | $ | 6.03 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.20 | $ | 5.79 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,097.40 | $ | 9.94 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,097.40 | $ | 9.94 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,099.60 | $ | 7.33 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.95 | $ | 7.04 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,102.80 | $ | 4.72 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.44 | $ | 4.53 |
*Expenses are equal to the fund's annualized expense ratio of 1.15%, 1.90%, 1.90%, 1.40% and 0.90% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
22
Large Cap Value fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Exxon Mobil | 4.9 | % | |||||
Bank of America | 4.0 | % | |||||
Citigroup | 3.6 | % | |||||
General Electric | 3.3 | % | |||||
Time Warner | 2.9 | % | |||||
Dow Chemical | 2.7 | % | |||||
Altria Group | 2.6 | % | |||||
Halliburton | 2.4 | % | |||||
Emerson Electric | 2.2 | % | |||||
BP, ADR | 2.1 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Financials | 25.6 | % | |||||
Energy | 15.4 | % | |||||
Consumer Discretionary | 11.1 | % | |||||
Industrials | 10.6 | % | |||||
Information Technology | 8.9 | % | |||||
Materials | 7.0 | % | |||||
Consumer Staples | 6.6 | % | |||||
Health Care | 5.8 | % | |||||
Utilities | 4.7 | % | |||||
Telecommunication Services | 3.4 | % |
1Fund 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
23
Balanced fund
Expense Example
As a shareholder of the Balanced 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,076.60 | $ | 5.44 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.70 | $ | 5.29 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,073.10 | $ | 9.30 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.96 | $ | 9.05 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,071.90 | $ | 9.30 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.96 | $ | 9.05 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,074.20 | $ | 6.72 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.45 | $ | 6.54 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,077.80 | $ | 4.14 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.94 | $ | 4.03 |
*Expenses are equal to the fund's annualized expense ratio of 1.05%, 1.80%, 1.80%, 1.30% and 0.80% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
24
Balanced fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
Johnson & Johnson | 2.6 | % | |||||
Wyeth | 2.4 | % | |||||
Wells Fargo | 2.2 | % | |||||
Intel | 2.2 | % | |||||
Pfizer | 2.2 | % | |||||
Goldman Sachs | 2.1 | % | |||||
General Electric | 2.0 | % | |||||
Exxon Mobil | 1.8 | % | |||||
Verizon Communications | 1.7 | % | |||||
Time Warner | 1.6 | % |
Portfolio Allocation as of March 31, 20051 (% of net assets) | |||||||
Stocks | 62.7 | % | |||||
Bonds | 36.9 | % | |||||
Cash Equivalents | 3.0 | % |
1Fund holdings and portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.
FIRST AMERICAN FUNDS Semiannual Report 2005
25
Equity Income fund
Expense Example
As a shareholder of the Equity Income 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 Period* (10/1/2004 to 3/31/2005) | |||||||||||||
Class A Actual | $ | 1,000.00 | $ | 1,061.80 | $ | 5.91 | |||||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.20 | $ | 5.79 | |||||||||
Class B Actual | $ | 1,000.00 | $ | 1,058.20 | $ | 9.75 | |||||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class C Actual | $ | 1,000.00 | $ | 1,058.10 | $ | 9.75 | |||||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.46 | $ | 9.55 | |||||||||
Class R Actual | $ | 1,000.00 | $ | 1,059.60 | $ | 7.19 | |||||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.95 | $ | 7.04 | |||||||||
Class Y Actual | $ | 1,000.00 | $ | 1,063.50 | $ | 4.63 | |||||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.44 | $ | 4.53 |
*Expenses are equal to the fund's annualized expense ratio of 1.15%, 1.90%, 1.90%, 1.40% and 0.90% 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).
FIRST AMERICAN FUNDS Semiannual Report 2005
26
Equity Income fund continued
Top 10 Companies as of March 31, 20051 (% of net assets) | |||||||
General Electric | 3.8 | % | |||||
Exxon Mobil | 3.5 | % | |||||
Microsoft | 2.9 | % | |||||
Pfizer | 2.7 | % | |||||
Wyeth | 2.7 | % | |||||
Citigroup | 2.6 | % | |||||
Bank of America | 2.3 | % | |||||
American International Group | 2.0 | % | |||||
Johnson & Johnson | 2.0 | % | |||||
Wachovia | 1.9 | % |
Sector Allocation as of March 31, 20051 (% of net assets) | |||||||
Financials | 19.7 | % | |||||
Health Care | 13.2 | % | |||||
Industrials | 12.5 | % | |||||
Energy | 12.3 | % | |||||
Information Technology | 10.7 | % | |||||
Consumer Staples | 8.7 | % | |||||
Consumer Discretionary | 7.1 | % | |||||
Materials | 6.5 | % | |||||
Telecommunication Services | 4.3 | % | |||||
Utilities | 3.3 | % |
1Fund 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
27
Schedule of Investments March 31, 2005 (unaudited)
Real Estate Securities Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 94.5% (a) | |||||||||||
Real Estate Investment Trusts – 94.5% | |||||||||||
Apartments – 11.9% | |||||||||||
Archstone-Smith Trust (b) | 337,820 | $ | 11,523 | ||||||||
Avalonbay Communities (b) | 167,650 | 11,214 | |||||||||
Camden Property Trust | 359,984 | 16,930 | |||||||||
Education Realty Trust* | 484,150 | 8,051 | |||||||||
Essex Property Trust (b) | 153,040 | 10,575 | |||||||||
Home Properties | 279,350 | 10,839 | |||||||||
69,132 | |||||||||||
Community Centers – 8.8% | |||||||||||
Acadia Realty Trust | 362,610 | 5,831 | |||||||||
Developers Diversified Realty (b) | 279,553 | 11,112 | |||||||||
Federal Realty Investment Trust (b) | 115,750 | 5,596 | |||||||||
Kimco Realty (b) | 217,200 | 11,707 | |||||||||
Pan Pacific Retail Properties (b) | 147,180 | 8,352 | |||||||||
Regency Centers (b) | 172,010 | 8,193 | |||||||||
50,791 | |||||||||||
Diversified – 7.8% | |||||||||||
Cousins Properties | 194,300 | 5,027 | |||||||||
Forest City Enterprises, Cl A | 128,100 | 8,173 | |||||||||
Trizec Properties (b) | 568,000 | 10,792 | |||||||||
Vornado Realty Trust (b) | 309,910 | 21,467 | |||||||||
45,459 | |||||||||||
Health Care – 2.7% | |||||||||||
LTC Properties | 451,450 | 7,833 | |||||||||
Ventas (b) | 311,040 | 7,764 | |||||||||
15,597 | |||||||||||
Hotels – 17.3% | |||||||||||
Ashford Hospitality Trust* | 200,080 | 2,041 | |||||||||
Equity Inns | 524,750 | 5,788 | |||||||||
Gaylord Entertainment* (b) | 212,540 | 8,587 | |||||||||
Great Wolf Resorts* | 274,950 | 6,860 | |||||||||
Hilton Hotels | 608,470 | 13,599 | |||||||||
Host Marriott* (b) | 733,470 | 12,146 | |||||||||
Innkeepers USA Trust | 624,800 | 8,066 | |||||||||
Lasalle Hotel Properties | 438,710 | 12,744 | |||||||||
Marriott International, Cl A (b) | 182,620 | 12,210 | |||||||||
Starwood Hotels & Resorts Worldwide | 307,510 | 18,460 | |||||||||
100,501 | |||||||||||
Industrials – 5.9% | |||||||||||
Catellus Development (b) | 208,220 | 5,549 | |||||||||
Centerpoint Properties Trust (b) | 159,980 | 6,559 | |||||||||
EastGroup Properties | 185,160 | 6,981 | |||||||||
Prologis | 407,880 | 15,132 | |||||||||
34,221 | |||||||||||
Malls – 8.7% | |||||||||||
CBL & Associates Properties (b) | 81,370 | 5,819 | |||||||||
Macerich (b) | 146,270 | 7,793 | |||||||||
Mills (b) | 102,930 | 5,445 | |||||||||
Simon Property Group (b) | 517,640 | 31,359 | |||||||||
50,416 | |||||||||||
Office – 21.9% | |||||||||||
BioMed Realty Trust | 339,670 | 6,997 | |||||||||
Boston Properties (b) | 192,520 | 11,595 | |||||||||
Brandywine Realty Trust | 305,480 | 8,676 |
Real Estate Securities Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Brookfield Properties (b) | 314,150 | $ | 12,095 | ||||||||
Equity Office Properties Trust | 779,350 | 23,482 | |||||||||
Highwoods Properties (b) | 461,250 | 12,371 | |||||||||
Kilroy Realty (b) | 290,950 | 11,903 | |||||||||
Maguire Properties | 231,020 | 5,517 | |||||||||
Parkway Properties | 121,520 | 5,675 | |||||||||
Pennsylvania | 141,060 | 5,688 | |||||||||
Prentiss Properties Trust | 325,240 | 11,110 | |||||||||
Reckson Associates Realty (b) | 186,460 | 5,724 | |||||||||
SL Green Realty (b) | 105,160 | 5,912 | |||||||||
126,745 | |||||||||||
Self Storage – 3.2% | |||||||||||
Public Storage (b) | 325,760 | 18,549 | |||||||||
Specialty Real Estate – 6.3% | |||||||||||
Alexander & Baldwin (b) | 198,550 | 8,180 | |||||||||
Capital Automotive (b) | 328,260 | 10,872 | |||||||||
CB Richard Ellis Group* | 169,430 | 5,928 | |||||||||
Equity Lifestyle Properties | 150,830 | 5,317 | |||||||||
Global Signal | 203,800 | 6,106 | |||||||||
36,403 | |||||||||||
Total Real Estate Investment Trusts | 547,814 | ||||||||||
Total Common Stocks (Cost $472,087) | 547,814 | ||||||||||
Private Real Estate Companies – 0.1% | |||||||||||
Beacon Capital* (c) (d) | 33,750 | 88 | |||||||||
Newcastle Investment Holdings* (c) (d) | 35,000 | 210 | |||||||||
Wyndham International* (c) (d) | 2,315 | 52 | |||||||||
Wyndham Voting Trust* (c) (d) | 1,325 | 30 | |||||||||
Total Private Real Estate Companies (Cost $813) | 380 | ||||||||||
Affiliated Money Market Fund – 5.1% | |||||||||||
First American Prime Obligations Fund, Cl Z (e) | 29,601,484 | 29,601 | |||||||||
Total Affiliated Money Market Fund (Cost $29,601) | 29,601 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 40.1% | |||||||||||
Commercial Paper – 9.3% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 841 | 841 | ||||||||
Cable Beach 2.642%, 4/11/05 | 2,103 | 2,102 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 2,019 | 2,019 | |||||||||
2.750%, 4/07/06 | 6,310 | 6,310 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 2,103 | 2,103 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 1,069 | 1,068 | |||||||||
2.823%, 4/11/05 | 2,948 | 2,946 | |||||||||
2.833%, 4/15/05 | 1,262 | 1,262 | |||||||||
Independence 2.880%, 10/17/05 | 2,495 | 2,495 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 2,103 | 2,103 | |||||||||
2.728%, 5/02/05 | 2,103 | 2,098 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
28
Real Estate Securities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Lakeside Funding 2.800%, 4/08/05 | $ | 3,366 | $ | 3,366 | |||||||
Leaf's LLC 2.860%, 4/20/05 | 2,314 | 2,314 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 2,103 | 2,103 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 4,207 | 4,200 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 4,207 | 4,207 | |||||||||
2.393%, 9/09/05 | 1,262 | 1,262 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 926 | 926 | |||||||||
2.827%, 1/06/06 | 4,230 | 4,230 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 126 | 126 | |||||||||
2.945%, 5/17/05 | 294 | 294 | |||||||||
2.945%, 5/17/05 | 421 | 421 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 2,945 | 2,945 | |||||||||
2.756%, 4/07/05 | 2,103 | 2,102 | |||||||||
Total Commercial Paper | 53,843 | ||||||||||
Corporate Obligations – 10.8% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 1,052 | 1,052 | |||||||||
2.860%, 10/14/05 | 4,207 | 4,207 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 1,893 | 1,893 | |||||||||
2.840%, 6/24/05 | 2,103 | 2,104 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 1,178 | 1,178 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 1,262 | 1,262 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 2,103 | 2,103 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 2,103 | 2,103 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 2,545 | 2,545 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 2,103 | 2,106 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 2,103 | 2,103 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 2,104 | 2,104 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 1,052 | 1,051 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 1,893 | 1,893 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 4,207 | 4,208 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 2,524 | 2,525 | |||||||||
2.890%, 4/28/08 | 1,767 | 1,768 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 2,103 | 2,104 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 631 | 631 | |||||||||
2.955%, 7/12/05 | 2,314 | 2,314 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 1,262 | 1,262 |
Real Estate Securities Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | $ | 1,930 | $ | 1,926 | |||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 1,178 | 1,178 | |||||||||
2.760%, 7/01/05 | 6,268 | 6,268 | |||||||||
2.820%, 10/14/05 | 1,683 | 1,683 | |||||||||
REMAC 1.867%, 9/29/05 | 2,160 | 2,169 | |||||||||
RMAC 2.790%, 6/12/05 | 2,142 | 2,142 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 2,307 | 2,307 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 2,103 | 2,103 | |||||||||
Total Corporate Obligations | 62,292 | ||||||||||
Money Market Funds – 0.3% | |||||||||||
Merrill Lynch Premier Institutional Fund | 1,698,547 | 1,699 | |||||||||
Total Money Market Funds | 1,699 | ||||||||||
Other Short-Term Investments – 2.9% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 6,311 | 6,311 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (f) | 2,124 | 2,124 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 841 | 841 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 2,314 | 2,315 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 5,469 | 5,469 | |||||||||
Total Other Short-Term Investments | 17,060 | ||||||||||
Repurchase Agreements – 16.8% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $4,207,289 (collateralized by various securities: Total market value $4,317,708) | 4,207 | 4,207 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $1,264,363 (collateralized by commercial loans: Total market value $1,292,941) | 1,262 | 1,262 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $8,414,550 (collateralized by various securities: Total market value $9,052,947) | 8,414 | 8,414 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $10,518,180 (collateralized by collateralized U.S. government securities: Total market value $10,727,770) | 10,517 | 10,517 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $841,455 (collateralized by collateralized mortgage obligations: Total market value $883,624) | 842 | 842 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $841,455 (collateralized by collateralized mortgage obligations: Total market value $883,572) | 841 | 841 |
FIRST AMERICAN FUNDS Semiannual Report 2005
29
Schedule of Investments March 31, 2005 (unaudited)
Real Estate Securities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $841,455 (collateralized by collateralized mortgage obligations: Total market value $883,486) | $ | 841 | $ | 841 | |||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $420,728 (collateralized by collateralized mortgage obligations: Total market value $441,812) | 421 | 421 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $420,728 (collateralized by collateralized mortgage obligations: Total market value $441,812) | 421 | 421 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $10,518,216 (collateralized by mortgage loans: Total market value $10,731,978) | 10,517 | 10,517 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $9,466,395 (collateralized by mortgage loans: Total market value $9,658,785) | 9,466 | 9,466 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $2,104,478 (collateralized by mortgage loans: Total market value $2,146,419) | 2,104 | 2,104 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $8,414,552 (collateralized by collateralized mortgage obligations: Total market value $9,952,991) | 8,414 | 8,414 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $6,310,935 (collateralized by mortgage loans: Total market value $6,436,607) | 6,310 | 6,310 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $715,238 (collateralized by corporate securities: Total market value $786,750) | 715 | 715 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $6,310,912 (collateralized by corporate securities: Total market value $6,626,052) | 6,310 | 6,310 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $5,259,098 (collateralized by corporate securities: Total market value $5,521,758) | 5,259 | 5,259 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $4,207,275 (collateralized by corporate securities: Total market value $4,417,482) | 4,207 | 4,207 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,155,459 (collateralized by corporate securities: Total market value $3,313,123) | 3,155 | 3,155 |
Real Estate Securities Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $841,456 (collateralized by corporate securities: Total market value $883,565) | $ | 841 | $ | 841 | |||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $12,201,094 (collateralized by U.S. government securities: Total market value $12,456,263) | 12,200 | 12,200 | |||||||||
Total Repurchase Agreements | 97,264 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $232,158) | 232,158 | ||||||||||
Total Investments – 139.8% (Cost $734,659) | 809,953 | ||||||||||
Other Assets and Liabilities, Net – (39.8)% | (230,489 | ) | |||||||||
Total Net Assets – 100.0% | $ | 579,464 |
* Non-income producing security
(a) The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements.
(b) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a market value of $224,468,535 at March 31, 2005. See note 2 in Notes to Financial Statements.
(c) Security is considered illiquid or restricted. As of March 31, 2005, the value of these investments was $379,731 or 0.1% of total net assets. See note 2 in Notes to Financial Statements.
(d) Security is fair valued. As of March 31, 2005, the fair value of these investments was $379,731 or 0.1% of total net assets. See note 2 in Notes to Financial Statements.
(e) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor 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.
Cl – Class
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
30
Technology Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 99.5% (a) | |||||||||||
Aerospace & Defense – 12.7% | |||||||||||
Alliant Techsystems* | 12,610 | $ | 901 | ||||||||
Armor Holdings* | 20,890 | 775 | |||||||||
Aviall* | 31,630 | 886 | |||||||||
EDO | 27,790 | 835 | |||||||||
Elbit Systems (b) | 18,120 | 423 | |||||||||
Engineered Support Systems (b) | 14,220 | 761 | |||||||||
Goodrich | 24,530 | 939 | |||||||||
Hexcel* | 53,290 | 826 | |||||||||
Lockheed Martin (b) | 14,820 | 905 | |||||||||
Precision Castparts | 12,510 | 963 | |||||||||
Raytheon | 23,110 | 894 | |||||||||
United Defense Industries* | 17,350 | 1,274 | |||||||||
10,382 | |||||||||||
Communications Equipment – 16.5% | |||||||||||
Anaren* | 63,060 | 765 | |||||||||
Arris Group* (b) | 145,760 | 1,007 | |||||||||
Brooktrout* | 70,710 | 795 | |||||||||
Cisco Systems* | 45,710 | 818 | |||||||||
Comtech Telecommunications* | 17,760 | 925 | |||||||||
Comverse Technology* (b) | 12,480 | 315 | |||||||||
EFJ* | 52,170 | 429 | |||||||||
Extreme Networks* | 143,610 | 846 | |||||||||
Inter-Tel | 32,670 | 800 | |||||||||
Juniper Networks* (b) | 37,740 | 833 | |||||||||
NETGEAR* | 55,220 | 833 | |||||||||
Nokia, ADR, Cl A (b) | 57,120 | 881 | |||||||||
PC-tel* | 114,480 | 843 | |||||||||
QUALCOMM | 24,590 | 901 | |||||||||
Research in Motion* | 11,490 | 878 | |||||||||
Scientific-Atlanta | 28,370 | 801 | |||||||||
ViaSat* | 43,870 | 820 | |||||||||
13,490 | |||||||||||
Computers & Peripherals – 8.6% | |||||||||||
Apple Computer* | 20,970 | 874 | |||||||||
Dell* | 21,110 | 811 | |||||||||
EMC* | 67,500 | 832 | |||||||||
IBM | 9,460 | 864 | |||||||||
Komag* (b) | 43,920 | 982 | |||||||||
NCR* (b) | 23,720 | 800 | |||||||||
Storage Technology* (b) | 28,310 | 872 | |||||||||
Western Digital* | 79,990 | 1,020 | |||||||||
7,055 | |||||||||||
Diversified Telecommunications Services – 2.0% | |||||||||||
Compania Anonima Nacional Telefonos de Venezuela, ADR | 22,050 | 417 | |||||||||
Mahanagar Telephone | 63,580 | 403 | |||||||||
TDC (b) | 19,900 | 418 | |||||||||
Telecomunicacoes de Sao Paulo, ADR (b) | 21,140 | 405 | |||||||||
1,643 | |||||||||||
Electrical Equipment – 0.3% | |||||||||||
Color Kinetics* | 25,400 | 256 | |||||||||
Electronic Equipment & Instruments – 8.7% | |||||||||||
Benchmark Electronics* (b) | 27,920 | 889 | |||||||||
Coherent* | 29,930 | 1,010 |
Technology Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
CTS | 33,770 | $ | 439 | ||||||||
Flextronics International* (b) | 63,540 | 765 | |||||||||
Jabil Circuit* (b) | 35,860 | 1,023 | |||||||||
MTS Systems | 26,420 | 767 | |||||||||
Orbotech* | 39,540 | 866 | |||||||||
Paxar* (b) | 36,210 | 773 | |||||||||
SYNNEX* | 36,560 | 637 | |||||||||
7,169 | |||||||||||
Health Care Equipment & Supplies – 5.1% | |||||||||||
Bausch & Lomb (b) | 12,000 | 880 | |||||||||
PerkinElmer | 38,540 | 795 | |||||||||
STERIS* | 36,200 | 914 | |||||||||
Varian* | 21,790 | 826 | |||||||||
West Pharmaceutical Services | 33,750 | 807 | |||||||||
4,222 | |||||||||||
Household Durables – 1.0% | |||||||||||
Matsushita Electric (b) | 58,500 | 861 | |||||||||
Internet Software & Services – 3.0% | |||||||||||
aQuantive* | 56,320 | 623 | |||||||||
Entrust* | 227,910 | 855 | |||||||||
Google* (b) | 4,682 | 845 | |||||||||
Hurray!* | 12,000 | 101 | |||||||||
2,424 | |||||||||||
IT Services – 7.3% | |||||||||||
Anteon International* | 24,030 | 935 | |||||||||
Carreker* | 117,000 | 656 | |||||||||
eFunds* | 40,380 | 901 | |||||||||
Fiserv* (b) | 23,240 | 925 | |||||||||
Infosys Technologies (b) | 12,710 | 937 | |||||||||
Perot Systems, Cl A* | 57,800 | 777 | |||||||||
Sykes Enterprises* | 120,040 | 825 | |||||||||
5,956 | |||||||||||
Machinery – 1.1% | |||||||||||
ESCO Technologies* | 11,060 | 889 | |||||||||
Pharmaceuticals – 0.9% | |||||||||||
Alpharma, Cl A | 58,340 | 719 | |||||||||
Semiconductors & Semiconductor Equipment – 15.4% | |||||||||||
Agere Systems* | 548,410 | 784 | |||||||||
Analog Devices (b) | 23,820 | 861 | |||||||||
Applied Materials* | 51,180 | 832 | |||||||||
ATI Technologies* | 45,030 | 777 | |||||||||
Broadcom, Cl A* (b) | 26,970 | 807 | |||||||||
Brooks Automation* (b) | 50,280 | 763 | |||||||||
Cohu | 48,400 | 772 | |||||||||
Freescale Semiconductor* | 47,426 | 818 | |||||||||
Integrated Device Technology* | 72,100 | 867 | |||||||||
IXYS* | 91,020 | 1,041 | |||||||||
Marvell Technology Group* (b) | 25,410 | 974 | |||||||||
Maxim Integrated Products | 21,680 | 886 | |||||||||
OmniVision Technologies* (b) | 47,634 | 722 | |||||||||
PortalPlayer* (b) | 33,570 | 766 | |||||||||
Texas Instruments (b) | 35,624 | 908 | |||||||||
12,578 |
FIRST AMERICAN FUNDS Semiannual Report 2005
31
Schedule of Investments March 31, 2005 (unaudited)
Technology Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Software – 14.5% | |||||||||||
Adobe Systems (b) | 13,060 | $ | 877 | ||||||||
Borland Software* | 98,040 | 796 | |||||||||
Captiva Software* | 67,544 | 731 | |||||||||
Compuware* | 126,070 | 908 | |||||||||
Concord Communications* | 79,410 | 804 | |||||||||
Geac Computer* | 105,460 | 945 | |||||||||
Hummingbird* | 35,170 | 844 | |||||||||
Ilog, ADR* | 59,940 | 818 | |||||||||
Intuit* (b) | 21,110 | 924 | |||||||||
MapInfo* | 66,170 | 797 | |||||||||
NetScout Systems* | 20,280 | 90 | |||||||||
Parametric Technology* (b) | 151,550 | 847 | |||||||||
Phoenix Technology* | 56,100 | 534 | |||||||||
Progress Software* | 40,950 | 1,074 | |||||||||
Reynolds & Reynolds, Cl A | 31,620 | 856 | |||||||||
11,845 | |||||||||||
Wireless Telecommunications Services – 2.4% | |||||||||||
InPhonic* (b) | 34,120 | 775 | |||||||||
Tele Centro Oeste Celular Participacoes, ADR (b) | 39,420 | 391 | |||||||||
Telephone & Data Systems (b) | 10,180 | 831 | |||||||||
1,997 | |||||||||||
Total Common Stocks (Cost $80,056) | 81,486 | ||||||||||
Affiliated Money Market Fund – 0.1% | |||||||||||
First American Prime Obligations Fund, Cl Z (c) | 71,255 | 71 | |||||||||
Total Affiliated Money Market Fund (Cost $71) | 71 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 25.1% | |||||||||||
Commercial Paper – 5.8% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 75 | 75 | ||||||||
Cable Beach 2.642%, 4/11/05 | 187 | 187 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 179 | 179 | |||||||||
2.750%, 4/07/06 | 560 | 560 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 187 | 187 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 95 | 95 | |||||||||
2.823%, 4/11/05 | 262 | 262 | |||||||||
2.833%, 4/15/05 | 112 | 112 | |||||||||
Independence 2.880%, 10/17/05 | 221 | 221 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 187 | 187 | |||||||||
2.728%, 5/02/05 | 187 | 186 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 299 | 299 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 205 | 205 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 187 | 187 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 373 | 373 |
Technology Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | $ | 373 | $ | 373 | |||||||
2.393%, 9/09/05 | 112 | 112 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 82 | 82 | |||||||||
2.827%, 1/06/06 | 376 | 376 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 11 | 11 | |||||||||
2.945%, 5/17/05 | 26 | 26 | |||||||||
2.945%, 5/17/05 | 37 | 37 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 261 | 261 | |||||||||
2.756%, 4/07/05 | 187 | 187 | |||||||||
Total Commercial Paper | 4,780 | ||||||||||
Corporate Obligations – 6.8% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 93 | 93 | |||||||||
2.860%, 10/14/05 | 373 | 373 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 168 | 168 | |||||||||
2.840%, 6/24/05 | 187 | 187 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 105 | 105 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 112 | 112 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 187 | 187 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 187 | 187 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 226 | 226 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 187 | 187 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 187 | 187 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 187 | 187 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 93 | 93 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 168 | 168 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 373 | 374 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 224 | 224 | |||||||||
2.890%, 4/28/08 | 157 | 157 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 187 | 187 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 56 | 56 | |||||||||
2.955%, 7/12/05 | 205 | 205 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 112 | 112 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 171 | 171 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 104 | 104 | |||||||||
2.760%, 7/01/05 | 556 | 556 | |||||||||
2.820%, 10/14/05 | 149 | 149 | |||||||||
REMAC 1.867%, 9/29/05 | 192 | 193 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
32
Technology Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
RMAC 2.790%, 6/12/05 | $ | 190 | $ | 190 | |||||||
SMM Trust 2004 1.930%, 9/23/05 | 205 | 205 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 187 | 187 | |||||||||
Total Corporate Obligations | 5,530 | ||||||||||
Money Market Funds – 0.2% | |||||||||||
Merrill Lynch Premier Institutional Fund | 150,789 | 151 | |||||||||
Total Money Market Funds | 151 | ||||||||||
Other Short-Term Investments – 1.8% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 560 | 560 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (d) | 189 | 189 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 75 | 75 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 206 | 206 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 485 | 485 | |||||||||
Total Other Short-Term Investments | 1,515 | ||||||||||
Repurchase Agreements – 10.5% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $373,503 (collateralized by various securities: Total market value $383,305) | 373 | 373 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $112,244 (collateralized by commercial loans: Total market value $114,781) | 112 | 112 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $747,003 (collateralized by various securities: Total market value $803,677) | 747 | 747 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $933,753 (collateralized by collateralized U.S. government securities: Total market value $952,359) | 934 | 934 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $74,700 (collateralized by collateralized mortgage obligations: Total market value $78,444) | 75 | 75 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $74,700 (collateralized by collateralized mortgage obligations: Total market value $78,439) | 75 | 75 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $74,700 (collateralized by collateralized mortgage obligations: Total market value $78,432) | 75 | 75 |
Technology Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $37,350 (collateralized by collateralized mortgage obligations: Total market value $39,222) | $ | 37 | $ | 37 | |||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $37,350 (collateralized by collateralized mortgage obligations: Total market value $39,222) | 37 | 37 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $933,756 (collateralized by mortgage loans: Total market value $952,733) | 934 | 934 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $840,381 (collateralized by mortgage loans: Total market value $857,460) | 840 | 840 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $186,825 (collateralized by mortgage loans: Total market value $190,549) | 187 | 187 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $747,003 (collateralized by collateralized mortgage obligations: Total market value $821,436) | 747 | 747 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $560,254 (collateralized by mortgage loans: Total market value $571,411) | 560 | 560 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $63,495 (collateralized by corporate securities: Total market value $69,844) | 63 | 63 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $560,252 (collateralized by corporate securities: Total market value $588,229) | 560 | 560 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $466,877 (collateralized by corporate securities: Total market value $490,195) | 467 | 467 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $373,501 (collateralized by corporate securities: Total market value $392,163) | 373 | 373 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $280,126 (collateralized by corporate securities: Total market value $294,123) | 280 | 280 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $74,700 (collateralized by corporate securities: Total market value $78,439) | 75 | 75 |
FIRST AMERICAN FUNDS Semiannual Report 2005
33
Schedule of Investments March 31, 2005 (unaudited)
Technology Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $1,083,154 (collateralized by U.S. government securities: Total market value $1,105,807) | $ | 1,083 | $ | 1,083 | |||||||
Total Repurchase Agreements | 8,634 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $20,610) | 20,610 | ||||||||||
Total Investments – 124.7% (Cost $100,737) | 102,167 | ||||||||||
Other Assets and Liabilities, Net – (24.7)% | (20,257 | ) | |||||||||
Total Net Assets – 100.0% | $ | 81,910 |
* Non-income producing security
(a) The fund is primarily invested in the technology sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements.
(b) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a market value of $19,959,741 at March 31, 2005. See note 2 in Notes to Financial Statements.
(c) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(d) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.
ADR – American Depository Receipt
Cl – Class
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
34
Statements of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except for per share data
Real Estate Securities Fund | Technology Fund | ||||||||||
ASSETS: | |||||||||||
Investments in unaffliated securities, at value*+ | $ | 683,088 | $ | 93,462 | |||||||
Investments in affliated money market fund, at value** | 29,601 | 71 | |||||||||
Repurchase agreements, at value*** | 97,264 | 8,634 | |||||||||
Cash**** | 465 | 78 | |||||||||
Receivable for dividends and interest | 2,330 | 78 | |||||||||
Receivable for investment securities sold | - | 650 | |||||||||
Receivable for capital shares sold | 491 | 38 | |||||||||
Prepaid expenses and other assets | 35 | 27 | |||||||||
Total assets | 813,274 | 103,038 | |||||||||
LIABILITIES: | |||||||||||
Payable for capital shares redeemed | 724 | 397 | |||||||||
Payable upon return of securities loaned | 232,580 | 20,647 | |||||||||
Payable for advisory, co-administration, and custodian fees | 473 | 62 | |||||||||
Payable for distribution and shareholder servicing fees | 31 | 20 | |||||||||
Accrued expenses and other liabilities | 2 | 2 | |||||||||
Total liabilities | 233,810 | 21,128 | |||||||||
Net assets | $ | 579,464 | $ | 81,910 | |||||||
COMPOSITION OF NET ASSETS: | |||||||||||
Portfolio capital | $ | 482,476 | $ | 545,413 | |||||||
Undistributed (distributions in excess of) net investment income | 3,996 | (335 | ) | ||||||||
Accumulated net realized gain (loss) on investments | 17,698 | (464,598 | ) | ||||||||
Net unrealized appreciation of investments | 75,294 | 1,430 | |||||||||
Net assets | $ | 579,464 | $ | 81,910 | |||||||
* Investments in unaffiliated securities, at cost | $ | 607,794 | $ | 92,032 | |||||||
** Investments in affiliated money market fund, at cost | $ | 29,601 | $ | 71 | |||||||
*** Investments in repurchase agreements, at cost | $ | 97,264 | $ | 8,634 | |||||||
**** Includes cash related to securities loaned | $ | 422 | $ | 37 | |||||||
+ Including securities loaned, at value | $ | 224,469 | $ | 19,960 | |||||||
Class A: | |||||||||||
Net assets | $ | 108,839 | $ | 25,376 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 5,802 | 3,273 | |||||||||
Net asset value and redemption price per share | $ | 18.76 | $ | 7.75 | |||||||
Maximum offering price per share (1) | $ | 19.85 | $ | 8.20 | |||||||
Class B: | |||||||||||
Net assets | $ | 4,321 | $ | 11,849 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 233 | 1,733 | |||||||||
Net asset value, offering price and redemption price per share (2) | $ | 18.53 | $ | 6.84 | |||||||
Class C: | |||||||||||
Net assets | $ | 4,339 | $ | 4,992 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 233 | 669 | |||||||||
Net asset value, offering price and redemption price per share (2) | $ | 18.60 | $ | 7.45 | |||||||
Class R: | |||||||||||
Net assets | $ | 4 | - | ||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | - | - | |||||||||
Net asset value, offering price, and redemption price per share | $ | 18.94 | - | ||||||||
Class Y: | |||||||||||
Net assets | $ | 461,961 | $ | 39,693 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 24,498 | 4,942 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 18.86 | $ | 8.03 |
(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 contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
35
Statements of Operations For the six months ended March 31, 2005 (unaudited), in thousands
Real Estate Securities Fund | Technology Fund | ||||||||||
INVESTMENT INCOME: | |||||||||||
Dividends from affiliated money market fund | $ | 117 | $ | 21 | |||||||
Dividends from unaffiliated securities | 14,489 | 164 | |||||||||
Less: Foreign taxes withheld | (11 | ) | (7 | ) | |||||||
Securities lending | 54 | 36 | |||||||||
Other | 1 | 32 | |||||||||
Total investment income | 14,650 | 246 | |||||||||
EXPENSES: | |||||||||||
Investment advisory fees | 2,020 | 321 | |||||||||
Co-administration fees and expenses (including transfer agency fees) | 761 | 125 | |||||||||
Custodian fees | 29 | 5 | |||||||||
Directors' fees | 6 | 1 | |||||||||
Registration fees | 21 | 22 | |||||||||
Professional fees | 15 | 7 | |||||||||
Printing | 6 | 1 | |||||||||
Other | 6 | 2 | |||||||||
Distribution and shareholder servicing fees – Class A | 128 | 35 | |||||||||
Distribution and shareholder servicing fees – Class B | 23 | 67 | |||||||||
Distribution and shareholder servicing fees – Class C | 23 | 29 | |||||||||
Distribution and shareholder servicing fees – Class R (1) | - | - | |||||||||
Total expenses | 3,038 | 615 | |||||||||
Less: Fee waivers | (36 | ) | (34 | ) | |||||||
Total net expenses | 3,002 | 581 | |||||||||
Investment income (loss) – net | 11,648 | (335 | ) | ||||||||
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET: | |||||||||||
Net realized gain on investments | 29,341 | 4,764 | |||||||||
Net change in unrealized appreciation or depreciation of investments | 9,864 | 388 | |||||||||
Net gain on investments | 39,205 | 5,152 | |||||||||
Net increase in net assets resulting from operations | $ | 50,853 | $ | 4,817 |
(1) For the period 10/1/04 to 3/31/05 due to the presentation of the financial statements in thousands, the numbers round to zero.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
36
Statements of Changes in Net Assets in thousands
Real Estate Securities Fund | Technology 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 | ||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income (loss) – net | $ | 11,648 | $ | 14,500 | $ | (335 | ) | $ | (1,017 | ) | |||||||||
Net realized gain on investments | 29,341 | 35,085 | 4,764 | 4,958 | |||||||||||||||
Net realized gain on written options | - | - | - | 104 | |||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 9,864 | 32,394 | 388 | 3,406 | |||||||||||||||
Net change in unrealized appreciation or depreciation of written options | - | - | - | (72 | ) | ||||||||||||||
Net increase in net assets resulting from operations | 50,853 | 81,979 | 4,817 | 7,379 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | (1,539 | ) | (2,018 | ) | - | - | |||||||||||||
Class B | (49 | ) | (123 | ) | - | - | |||||||||||||
Class C | (49 | ) | (120 | ) | - | - | |||||||||||||
Class R | - | (56 | ) | - | - | ||||||||||||||
Class Y | (7,242 | ) | (12,334 | ) | - | - | |||||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | (7,085 | ) | (1,410 | ) | - | - | |||||||||||||
Class B | (339 | ) | (136 | ) | - | - | |||||||||||||
Class C | (328 | ) | (131 | ) | - | - | |||||||||||||
Class R | - | (97 | ) | - | - | ||||||||||||||
Class Y | (32,910 | ) | (8,059 | ) | - | - | |||||||||||||
Total distributions | (49,541 | ) | (24,484 | ) | - | - | |||||||||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 24,038 | 50,157 | 2,990 | 18,402 | |||||||||||||||
Reinvestment of distributions | 8,442 | 3,282 | - | - | |||||||||||||||
Payments for redemptions | (10,351 | ) | (10,941 | ) | (6,404 | ) | (20,148 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | 22,129 | 42,498 | (3,414 | ) | (1,746 | ) | |||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | 480 | 1,101 | 235 | 884 | |||||||||||||||
Reinvestment of distributions | 349 | 236 | - | - | |||||||||||||||
Payments for redemptions | (940 | ) | (1,051 | ) | (2,504 | ) | (4,394 | ) | |||||||||||
Increase (decrease) in net assets from Class B transactions | (111 | ) | 286 | (2,269 | ) | (3,510 | ) | ||||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | 879 | 1,777 | 287 | 952 | |||||||||||||||
Reinvestment of distributions | 356 | 239 | - | - | |||||||||||||||
Payments for redemptions | (1,160 | ) | (1,533 | ) | (1,600 | ) | (2,394 | ) | |||||||||||
Increase (decrease) in net assets from Class C transactions | 75 | 483 | (1,313 | ) | (1,442 | ) | |||||||||||||
Class R: | |||||||||||||||||||
Proceeds from sales | 3 | 1,277 | - | 1,139 | |||||||||||||||
Reinvestment of distributions | - | 137 | - | - | |||||||||||||||
Payments for redemptions | - | (4,196 | ) | - | (5,754 | ) | |||||||||||||
Increase (decrease) in net assets from Class R transactions | 3 | (2,782 | ) | - | (4,615 | ) | |||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 75,223 | 228,629 | 8,407 | 33,338 | |||||||||||||||
Reinvestment of distributions | 18,818 | 8,467 | - | - | |||||||||||||||
Payments for redemptions | (48,185 | ) | (64,875 | ) | (14,877 | ) | (53,593 | ) | |||||||||||
Increase (decrease) in net assets from Class Y transactions | 45,856 | 172,221 | (6,470 | ) | (20,255 | ) | |||||||||||||
Increase (decrease) in net assets from capital share transactions | 67,952 | 212,706 | (13,466 | ) | (31,568 | ) | |||||||||||||
Total increase (decrease) in net assets | 69,264 | 270,201 | (8,649 | ) | (24,189 | ) | |||||||||||||
Net assets at beginning of period | 510,200 | 239,999 | 90,559 | 114,748 | |||||||||||||||
Net assets at end of period | $ | 579,464 | $ | 510,200 | $ | 81,910 | $ | 90,559 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 3,996 | $ | 1,227 | $ | (335 | ) | $ | - |
(1) See note 4 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
37
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 (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Distributions from Return of Capital | Net Asset Value End of Period | |||||||||||||||||||||||||
Real Estate Securities Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 18.62 | $ | 0.38 | $ | 1.46 | $ | (0.28 | ) | $ | (1.42 | ) | $ | - | $ | 18.76 | ||||||||||||||
2004 | (2) | 16.00 | 0.63 | 3.21 | (0.62 | ) | (0.60 | ) | - | 18.62 | |||||||||||||||||||||
2003 | (2) | 13.68 | 0.69 | 2.65 | (0.69 | ) | (0.33 | ) | - | 16.00 | |||||||||||||||||||||
2002 | (2) | 13.12 | 0.71 | 0.61 | (0.69 | ) | - | (0.07 | ) | 13.68 | |||||||||||||||||||||
2001 | (2) | 12.71 | 0.76 | 0.32 | (0.64 | ) | - | (0.03 | ) | 13.12 | |||||||||||||||||||||
2000 | 10.78 | 0.74 | 2.00 | (0.79 | ) | - | (0.02 | ) | 12.71 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 18.41 | $ | 0.30 | $ | 1.44 | $ | (0.20 | ) | $ | (1.42 | ) | $ | - | $ | 18.53 | ||||||||||||||
2004 | (2) | 15.85 | 0.50 | 3.17 | (0.51 | ) | (0.60 | ) | - | 18.41 | |||||||||||||||||||||
2003 | (2) | 13.55 | 0.57 | 2.64 | (0.58 | ) | (0.33 | ) | - | 15.85 | |||||||||||||||||||||
2002 | (2) | 13.02 | 0.59 | 0.61 | (0.60 | ) | - | (0.07 | ) | 13.55 | |||||||||||||||||||||
2001 | (2) | 12.61 | 0.65 | 0.33 | (0.54 | ) | - | (0.03 | ) | 13.02 | |||||||||||||||||||||
2000 | 10.69 | 0.64 | 2.00 | (0.69 | ) | - | (0.03 | ) | 12.61 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 18.47 | $ | 0.30 | $ | 1.45 | $ | (0.20 | ) | $ | (1.42 | ) | $ | - | $ | 18.60 | ||||||||||||||
2004 | (2) | 15.89 | 0.50 | 3.19 | (0.51 | ) | (0.60 | ) | - | 18.47 | |||||||||||||||||||||
2003 | (2) | 13.62 | 0.59 | 2.62 | (0.61 | ) | (0.33 | ) | - | 15.89 | |||||||||||||||||||||
2002 | (2) | 13.08 | 0.62 | 0.59 | (0.60 | ) | - | (0.07 | ) | 13.62 | |||||||||||||||||||||
2001 | (2) | 12.68 | 0.69 | 0.30 | (0.59 | ) | - | - | 13.08 | ||||||||||||||||||||||
2000 | (3) | 10.61 | 0.50 | 2.14 | (0.57 | ) | - | - | 12.68 | ||||||||||||||||||||||
Class R (2) | |||||||||||||||||||||||||||||||
2005 | (1) | $ | 18.80 | $ | 0.37 | $ | 1.45 | $ | (0.26 | ) | $ | (1.42 | ) | $ | - | $ | 18.94 | ||||||||||||||
2004 | (4) | 16.00 | 0.61 | 3.24 | (0.45 | ) | (0.60 | ) | - | 18.80 | |||||||||||||||||||||
2003 | 13.69 | 0.69 | 2.64 | (0.69 | ) | (0.33 | ) | - | 16.00 | ||||||||||||||||||||||
2002 | 13.12 | 0.70 | 0.62 | (0.68 | ) | - | (0.07 | ) | 13.69 | ||||||||||||||||||||||
2001 | (5) | 12.52 | 0.11 | 0.49 | - | - | - | 13.12 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 18.71 | $ | 0.40 | $ | 1.47 | $ | (0.30 | ) | $ | (1.42 | ) | $ | - | $ | 18.86 | ||||||||||||||
2004 | (2) | 16.06 | 0.69 | 3.22 | (0.66 | ) | (0.60 | ) | - | 18.71 | |||||||||||||||||||||
2003 | (2) | 13.73 | 0.73 | 2.66 | (0.73 | ) | (0.33 | ) | - | 16.06 | |||||||||||||||||||||
2002 | (2) | 13.15 | 0.73 | 0.63 | (0.71 | ) | - | (0.07 | ) | 13.73 | |||||||||||||||||||||
2001 | (2) | 12.73 | 0.84 | 0.28 | (0.68 | ) | - | (0.02 | ) | 13.15 | |||||||||||||||||||||
2000 | 10.80 | 0.77 | 2.00 | (0.81 | ) | - | (0.03 | ) | 12.73 | ||||||||||||||||||||||
Technology Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 7.40 | $ | (0.03 | ) | $ | 0.38 | $ | - | $ | - | $ | - | $ | 7.75 | |||||||||||||||
2004 | (2) | 7.05 | (0.07 | ) | 0.42 | - | - | - | 7.40 | ||||||||||||||||||||||
2003 | (2) | 4.29 | (0.03 | ) | 2.79 | - | - | - | 7.05 | ||||||||||||||||||||||
2002 | (2) | 6.36 | (0.07 | ) | (2.00 | ) | - | - | - | 4.29 | |||||||||||||||||||||
2001 | (2) | 47.68 | (0.15 | ) | (33.55 | ) | - | (7.62 | ) | - | 6.36 | ||||||||||||||||||||
2000 | 34.22 | (0.35 | ) | 24.87 | - | (11.06 | ) | - | 47.68 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 6.55 | $ | (0.05 | ) | $ | 0.34 | $ | - | $ | - | $ | - | $ | 6.84 | |||||||||||||||
2004 | (2) | 6.29 | (0.11 | ) | 0.37 | - | - | - | 6.55 | ||||||||||||||||||||||
2003 | (2) | 3.86 | (0.07 | ) | 2.50 | - | - | - | 6.29 | ||||||||||||||||||||||
2002 | (2) | 5.77 | (0.11 | ) | (1.80 | ) | - | - | - | 3.86 | |||||||||||||||||||||
2001 | (2) | 44.40 | (0.26 | ) | (30.75 | ) | - | (7.62 | ) | - | 5.77 | ||||||||||||||||||||
2000 | 32.59 | (0.35 | ) | 23.22 | - | (11.06 | ) | - | 44.40 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 7.14 | $ | (0.06 | ) | $ | 0.37 | $ | - | $ | - | $ | - | $ | 7.45 | |||||||||||||||
2004 | (2) | 6.86 | (0.12 | ) | 0.40 | - | - | - | 7.14 | ||||||||||||||||||||||
2003 | (2) | 4.20 | (0.07 | ) | 2.73 | - | - | - | 6.86 | ||||||||||||||||||||||
2002 | (2) | 6.28 | (0.12 | ) | (1.96 | ) | - | - | - | 4.20 | |||||||||||||||||||||
2001 | (2) | 47.49 | (0.26 | ) | (33.33 | ) | - | (7.62 | ) | - | 6.28 | ||||||||||||||||||||
2000 | (3) | 50.30 | (0.35 | ) | (2.46 | ) | - | - | - | 47.49 | |||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 7.66 | $ | (0.02 | ) | $ | 0.39 | $ | - | $ | - | $ | - | $ | 8.03 | |||||||||||||||
2004 | (2) | 7.28 | (0.05 | ) | 0.43 | - | - | - | 7.66 | ||||||||||||||||||||||
2003 | (2) | 4.42 | (0.01 | ) | 2.87 | - | - | - | 7.28 | ||||||||||||||||||||||
2002 | (2) | 6.53 | (0.05 | ) | (2.06 | ) | - | - | - | 4.42 | |||||||||||||||||||||
2001 | (2) | 48.60 | (0.11 | ) | (34.34 | ) | - | (7.62 | ) | - | 6.53 | ||||||||||||||||||||
2000 | 34.64 | (0.34 | ) | 25.36 | - | (11.06 | ) | - | 48.60 |
(1) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2) Per share data calculated using average shares outstanding method.
(3) Class of shares has been offered since February 1, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.
(4) Prior to July 1, 2004, Class R shares were named Class S shares.
(5) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except for total return and portfolio turnover.
(6) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
38
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 | |||||||||||||||||||||||||
Real Estate Securities Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 9.52 | % | $ | 108,839 | 1.23 | % | 3.86 | % | 1.24 | % | 3.85 | % | 48 | % | ||||||||||||||||
2004 | (2) | 24.98 | 86,996 | 1.23 | 3.63 | 1.26 | 3.60 | 127 | |||||||||||||||||||||||
2003 | (2) | 25.92 | 35,754 | 1.23 | 4.82 | 1.28 | 4.77 | 69 | |||||||||||||||||||||||
2002 | (2) | 10.07 | 15,422 | 1.23 | 5.06 | 1.32 | 4.97 | 99 | |||||||||||||||||||||||
2001 | (2) | 8.69 | 2,421 | 1.04 | 5.89 | 1.25 | 5.68 | 85 | |||||||||||||||||||||||
2000 | 26.68 | 2,035 | 1.05 | 6.59 | 1.24 | 6.40 | 45 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 9.12 | % | $ | 4,321 | 1.98 | % | 3.10 | % | 1.99 | % | 3.09 | % | 48 | % | ||||||||||||||||
2004 | (2) | 24.06 | 4,412 | 1.98 | 2.91 | 2.01 | 2.88 | 127 | |||||||||||||||||||||||
2003 | (2) | 25.03 | 3,559 | 1.98 | 4.10 | 2.03 | 4.05 | 69 | |||||||||||||||||||||||
2002 | (2) | 9.21 | 2,577 | 1.98 | 4.27 | 2.07 | 4.18 | 99 | |||||||||||||||||||||||
2001 | (2) | 7.93 | 1,724 | 1.79 | 5.13 | 2.00 | 4.92 | 85 | |||||||||||||||||||||||
2000 | 25.81 | 1,874 | 1.80 | 5.79 | 1.99 | 5.60 | 45 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 9.14 | % | $ | 4,339 | 1.98 | % | 3.11 | % | 1.99 | % | 3.10 | % | 48 | % | ||||||||||||||||
2004 | (2) | 24.12 | 4,247 | 1.98 | 2.92 | 2.01 | 2.89 | 127 | |||||||||||||||||||||||
2003 | (2) | 24.88 | 3,229 | 1.98 | 4.12 | 2.03 | 4.07 | 69 | |||||||||||||||||||||||
2002 | (2) | 9.27 | 986 | 1.98 | 4.43 | 2.07 | 4.34 | 99 | |||||||||||||||||||||||
2001 | (2) | 7.93 | 341 | 1.79 | 5.27 | 2.00 | 5.06 | 85 | |||||||||||||||||||||||
2000 | (3) | 25.56 | 164 | 1.80 | 5.79 | 1.99 | 5.60 | 45 | |||||||||||||||||||||||
Class R (2) | |||||||||||||||||||||||||||||||
2005 | (1) | 9.35 | % | $ | 4 | 1.48 | % | 3.76 | % | 1.64 | % | 3.60 | % | 48 | % | ||||||||||||||||
2004 | (4) | 24.94 | 1 | 1.23 | 3.57 | 1.26 | 3.54 | 127 | |||||||||||||||||||||||
2003 | 25.80 | 2,524 | 1.23 | 4.87 | 1.28 | 4.82 | 69 | ||||||||||||||||||||||||
2002 | 10.13 | 1,224 | 1.23 | 5.00 | 1.32 | 4.91 | 99 | ||||||||||||||||||||||||
2001 | (5) | 4.87 | 320 | 0.56 | 43.93 | 1.01 | 43.48 | 85 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 9.65 | % | $ | 461,961 | 0.98 | % | 4.09 | % | 0.99 | % | 4.08 | % | 48 | % | ||||||||||||||||
2004 | (2) | 25.33 | 414,544 | 0.98 | 3.95 | 1.01 | 3.92 | 127 | |||||||||||||||||||||||
2003 | (2) | 26.19 | 194,933 | 0.98 | 5.13 | 1.03 | 5.08 | 69 | |||||||||||||||||||||||
2002 | (2) | 10.40 | 120,091 | 0.98 | 5.27 | 1.07 | 5.18 | 99 | |||||||||||||||||||||||
2001 | (2) | 9.01 | 96,263 | 0.80 | 6.50 | 1.01 | 6.29 | 85 | |||||||||||||||||||||||
2000 | 26.95 | 56,347 | 0.80 | 6.79 | 0.99 | 6.60 | 45 | ||||||||||||||||||||||||
Technology Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 4.73 | % | $ | 25,376 | 1.23 | % | (0.69 | )% | 1.31 | % | (0.77 | )% | 91 | % | ||||||||||||||||
2004 | (2) | 4.96 | 27,356 | 1.23 | (0.86 | ) | 1.28 | (0.91 | ) | 51 | |||||||||||||||||||||
2003 | (2) | 64.34 | 27,936 | 1.23 | (0.52 | ) | 1.29 | (0.58 | ) | 110 | |||||||||||||||||||||
2002 | (2) | (32.55 | ) | 18,267 | 1.23 | (0.89 | ) | 1.70 | (1.36 | ) | 288 | ||||||||||||||||||||
2001 | (2) | (83.30 | ) | 29,084 | 1.15 | (0.88 | ) | 1.22 | (0.95 | ) | 269 | ||||||||||||||||||||
2000 | 80.11 | 155,533 | 1.15 | (0.93 | ) | 1.15 | (0.93 | ) | 195 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 4.43 | % | $ | 11,849 | 1.98 | % | (1.45 | )% | 2.06 | % | (1.53 | )% | 91 | % | ||||||||||||||||
2004 | (2) | 4.13 | 13,445 | 1.98 | (1.60 | ) | 2.03 | (1.65 | ) | 51 | |||||||||||||||||||||
2003 | (2) | 62.95 | 16,016 | 1.98 | (1.26 | ) | 2.04 | (1.32 | ) | 110 | |||||||||||||||||||||
2002 | (2) | (33.10 | ) | 11,190 | 1.98 | (1.64 | ) | 2.45 | (2.11 | ) | 288 | ||||||||||||||||||||
2001 | (2) | (83.42 | ) | 15,974 | 1.90 | (1.63 | ) | 1.97 | (1.70 | ) | 269 | ||||||||||||||||||||
2000 | 78.77 | 97,003 | 1.90 | (1.68 | ) | 1.90 | (1.68 | ) | 195 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 4.34 | % | $ | 4,992 | 1.98 | % | (1.45 | )% | 2.06 | % | (1.53 | )% | 91 | % | ||||||||||||||||
2004 | (2) | 4.08 | 6,000 | 1.98 | (1.60 | ) | 2.03 | (1.65 | ) | 51 | |||||||||||||||||||||
2003 | (2) | 63.33 | 7,056 | 1.98 | (1.25 | ) | 2.04 | (1.31 | ) | 110 | |||||||||||||||||||||
2002 | (2) | (33.12 | ) | 5,064 | 1.98 | (1.64 | ) | 2.45 | (2.11 | ) | 288 | ||||||||||||||||||||
2001 | (2) | (83.43 | ) | 9,010 | 1.90 | (1.63 | ) | 1.98 | (1.71 | ) | 269 | ||||||||||||||||||||
2000 | (3) | (5.59 | ) | 33,605 | 1.90 | (1.67 | ) | 1.88 | (1.65 | ) | 195 | ||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (1) (2) | 4.83 | % | $ | 39,693 | 0.98 | % | (0.44 | )% | 1.06 | % | (0.52 | )% | 91 | % | ||||||||||||||||
2004 | (2) | 5.22 | 43,758 | 0.98 | (0.60 | ) | 1.03 | (0.65 | ) | 51 | |||||||||||||||||||||
2003 | (2) | 64.71 | 59,817 | 0.98 | (0.24 | ) | 1.04 | (0.30 | ) | 110 | |||||||||||||||||||||
2002 | (2) | (32.31 | ) | 44,134 | 0.98 | (0.64 | ) | 1.45 | (1.11 | ) | 288 | ||||||||||||||||||||
2001 | (2) | (83.26 | ) | 59,653 | 0.90 | (0.62 | ) | 0.96 | (0.67 | ) | 269 | ||||||||||||||||||||
2000 | 80.71 | 436,938 | 0.90 | (0.67 | ) | 0.90 | (0.67 | ) | 195 |
FIRST AMERICAN FUNDS Semiannual Report 2005
39
Schedule of Investments March 31, 2005 (unaudited)
International Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Foreign Common Stocks – 96.8% | |||||||||||
Australia – 2.6% | |||||||||||
BHP Billiton | 1,000,000 | $ | 13,815 | ||||||||
Macquarie Bank (a) | 311,200 | 11,555 | |||||||||
Santos Limited | 960,400 | 6,682 | |||||||||
Westpac Banking | 335,800 | 4,940 | |||||||||
36,992 | |||||||||||
Belgium – 2.2% | |||||||||||
Dexia (a) | 750,000 | 17,842 | |||||||||
Fortis (a) | 450,000 | 12,840 | |||||||||
30,682 | |||||||||||
Brazil – 1.4% | |||||||||||
Companhia Vale do Rio Doce, ADR | 600,000 | 18,966 | |||||||||
Petroleo Brasileiro, ADR* (a) | 22,900 | 1,012 | |||||||||
19,978 | |||||||||||
Finland – 1.0% | |||||||||||
Nokia Oyj (a) | 950,000 | 14,730 | |||||||||
France – 10.2% | |||||||||||
Axa (a) | 664,000 | 17,690 | |||||||||
BNP Paribas (a) | 266,900 | 18,910 | |||||||||
Compagnie de Saint-Gobain (a) | 400,000 | 24,373 | |||||||||
Dassault Systemes (a) | 250,000 | 11,797 | |||||||||
Lafarge (a) | 110,000 | 10,653 | |||||||||
Total (a) | 259,490 | 60,722 | |||||||||
144,145 | |||||||||||
Germany – 5.9% | |||||||||||
BASF (a) | 160,000 | 11,336 | |||||||||
Bayerische Motoren Werke (BMW) (a) | 444,100 | 20,145 | |||||||||
Deutsche Post | 600,000 | 14,608 | |||||||||
SAP (a) | 44,050 | 7,070 | |||||||||
Schering (a) | 200,600 | 13,341 | |||||||||
Siemens | 213,000 | 16,809 | |||||||||
83,309 | |||||||||||
Great Britain – 29.0% | |||||||||||
Allied Domecq | 1,200,000 | 12,095 | |||||||||
Aviva | 1,000,000 | 11,997 | |||||||||
Barclays | 2,200,000 | 22,486 | |||||||||
BG Group | 2,600,000 | 20,201 | |||||||||
British Land | 900,000 | 13,671 | |||||||||
Centrica | 3,020,542 | 13,168 | |||||||||
GlaxoSmithKline | 1,500,000 | 34,376 | |||||||||
HSBC (a) | 2,526,800 | 40,173 | |||||||||
Kingfisher | 2,795,000 | 15,248 | |||||||||
Morrison Supermarket | 5,565,000 | 20,607 | |||||||||
National Grid Transco | 1,600,000 | 14,820 | |||||||||
Reckitt Benckiser | 576,200 | 18,310 | |||||||||
Royal Bank of Scotland | 1,064,000 | 33,852 | |||||||||
Smith & Nephew | 1,257,563 | 11,820 | |||||||||
Standard Chartered | 1,213,000 | 21,817 | |||||||||
Tesco | 5,000,000 | 29,898 | |||||||||
Vodafone | 17,295,000 | 45,909 | |||||||||
Wolseley | 1,150,000 | 24,073 | |||||||||
WPP Group | 429,908 | 4,894 | |||||||||
409,415 |
International Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Hong Kong – 0.8% | |||||||||||
Esprit Holdings | 1,564,500 | $ | 10,682 | ||||||||
Far East Pharmaceutical Technology* (b) | 2,836,000 | - | |||||||||
Peregrine Investment Holdings* (b) (c) | 142,000 | - | |||||||||
10,682 | |||||||||||
Ireland – 0.7% | |||||||||||
Bank of Ireland | 650,000 | 10,238 | |||||||||
Italy – 3.9% | |||||||||||
Eni (a) | 1,925,800 | 50,008 | |||||||||
Mediaset (a) | 407,000 | 5,857 | |||||||||
55,865 | |||||||||||
Japan – 17.8% | |||||||||||
Aeon Credit Service | 176,400 | 11,913 | |||||||||
Canon | 423,600 | 22,720 | |||||||||
Chugai Pharmaceutical (a) | 863,000 | 13,258 | |||||||||
Credit Saison | 190,000 | 6,841 | |||||||||
Daikin Industries (a) | 400,000 | 10,074 | |||||||||
Fanuc | 130,000 | 8,137 | |||||||||
Hirose Electric | 55,000 | 5,618 | |||||||||
Honda Motor (a) | 232,200 | 11,631 | |||||||||
Hoya (a) | 120,000 | 13,208 | |||||||||
Matsushita Electric Industrial (a) | 550,000 | 8,106 | |||||||||
Mitsubishi (a) | 979,800 | 12,695 | |||||||||
Mitsubishi Tokyo Financial Group | 1,876 | 16,274 | |||||||||
Nikko Cordial | 1,500,000 | 7,500 | |||||||||
Nippon Oil | 925 | 7 | |||||||||
Nitto Denko | 248,700 | 13,038 | |||||||||
Secom | 220,000 | 9,152 | |||||||||
Sharp | 500,000 | 7,565 | |||||||||
Shin-Etsu Chemical (a) | 250,000 | 9,468 | |||||||||
SMC (a) | 80,000 | 9,052 | |||||||||
Sumitomo (a) | 1,802,000 | 15,447 | |||||||||
Takefuji | 100,000 | 6,735 | |||||||||
Toyota Motor | 466,400 | 17,359 | |||||||||
Yamanouchi Pharmeceutical (a) | 448,200 | 15,176 | |||||||||
250,974 | |||||||||||
Mexico – 0.8% | |||||||||||
Fomento Economico Mexicano, ADR | 130,000 | 6,961 | |||||||||
Wal-Mart De Mexico | 1,252,000 | 4,395 | |||||||||
11,356 | |||||||||||
Netherlands – 4.7% | |||||||||||
ABN AMRO | 700,000 | 17,369 | |||||||||
ING Groep (a) | 400,000 | 12,083 | |||||||||
Philips Electronics (a) | 450,000 | 12,397 | |||||||||
Reed Elsevier | 870,000 | 13,117 | |||||||||
Wolters Kluwer | 600,000 | 10,960 | |||||||||
65,926 | |||||||||||
South Africa – 0.2% | |||||||||||
ABSA | 209,900 | 2,535 | |||||||||
South Korea – 1.5% | |||||||||||
Samsung Electronics | 28,130 | 13,890 | |||||||||
Shinsegae | 8,590 | 2,649 | |||||||||
SK Telecom, ADR (a) | 250,000 | 4,930 | |||||||||
21,469 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
40
International Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Spain – 3.1% | |||||||||||
Altadis (a) | 320,000 | $ | 13,089 | ||||||||
Banco Bilbano Vizcaya Argentaria (a) | 884,400 | 14,401 | |||||||||
Telefonica (a) | 939,600 | 16,372 | |||||||||
43,862 | |||||||||||
Sweden – 0.9% | |||||||||||
Ericsson* (a) | 4,335,000 | 12,199 | |||||||||
Switzerland – 10.1% | |||||||||||
Adecco (a) | 343,000 | 18,836 | |||||||||
Holcim (a) | 290,000 | 17,828 | |||||||||
Nestle | 78,060 | 21,352 | |||||||||
Novartis | 232,100 | 10,825 | |||||||||
Roche (a) | 275,600 | 29,532 | |||||||||
UBS (a) | 350,000 | 29,547 | |||||||||
Zurich Financial Services | 80,000 | 14,035 | |||||||||
141,955 | |||||||||||
Total Foreign Common Stocks (Cost $1,228,621) | 1,366,312 | ||||||||||
Investment Company – 3.8% | |||||||||||
State Street GA Prime | 53,798,287 | 53,798 | |||||||||
Toal Investment Company (Cost $53,798) | 53,798 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 25.7% | |||||||||||
State Street Navigator Prime | 363,260,270 | 363,260 | |||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $363,260) | 363,260 | ||||||||||
Total Investments – 126.3% (Cost $1,645,679) | 1,783,370 | ||||||||||
Other Assets and Liabilities, Net – (26.3)% | (372,245 | ) | |||||||||
Total Net Assets – 100.0% | $ | 1,411,125 |
* 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 $347,140,654 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) Security considered illiquid or restricted. As of March 31, 2005, the value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(c) Security is fair valued. As of March 31, 2005, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
ADR – American Depository Receipt
International Fund (concluded)
DESCRIPTION |
At March 31, 2005, sector diversification of the fund was as follows:
% of Net Assets | Value (000) | ||||||||||
Foreign Common Stock | |||||||||||
Banking | 14.9 | % | $ | 211,191 | |||||||
Energy | 11.8 | 166,620 | |||||||||
Diversified Financials | 11.6 | 162,429 | |||||||||
Pharmaceutical & Biotechnology | 8.2 | 116,508 | |||||||||
Consumer Discretionary | 7.1 | 113,563 | |||||||||
Technology | 6.0 | 84,678 | |||||||||
Telecommunication Services | 5.9 | 81,941 | |||||||||
Retailing | 5.2 | 72,797 | |||||||||
Capital Goods | 5.1 | 70,734 | |||||||||
Materials | 4.7 | 66,623 | |||||||||
Automobiles & Components | 3.4 | 49,135 | |||||||||
Commercial Services & Supplies | 3.4 | 48,853 | |||||||||
Food & Beverage | 2.4 | 33,447 | |||||||||
Insurance | 1.9 | 26,032 | |||||||||
Manufacturing | 1.7 | 24,373 | |||||||||
Industrials | 1.0 | 14,608 | |||||||||
Health Care | 0.8 | 11,820 | |||||||||
Media | 0.8 | 10,960 | |||||||||
Total Foreign Common Stocks | 96.8 | 1,366,312 | |||||||||
Total Investment Company | 3.8 | 53,798 | |||||||||
Total Investments Purchased with Proceeds from Securities Lending | 25.7 | 363,260 | |||||||||
Total Investments | 126.3 | 1,783,370 | |||||||||
Other Assets and Liabilities, Net | (26.3 | ) | (372,245 | ) | |||||||
Net Assets | 100.0 | % | $ | 1,411,125 |
FIRST AMERICAN FUNDS Semiannual Report 2005
41
Statement of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except per share data
International Fund | |||||||
ASSETS: | |||||||
Investments in securities, at value*+ | $ | 1,783,370 | |||||
Cash denominated in foreign currencies, at value** | 6,681 | ||||||
Cash | 348 | ||||||
Receivable for dividends and interest | 5,903 | ||||||
Receivable for investment securities sold | 17 | ||||||
Receivable for capital shares sold | 1,444 | ||||||
Receivable for foreign withholding tax reclaim | 18 | ||||||
Prepaid expenses and other assets | 46 | ||||||
Total assets | 1,797,827 | ||||||
LIABILITIES: | |||||||
Payable for investment securities purchased | 17,997 | ||||||
Payable for capital shares redeemed | 3,772 | ||||||
Payable upon return of securities loaned | 363,260 | ||||||
Payable for advisory, co-administration, and custodian fees | 1,635 | ||||||
Payable for distribution and shareholder servicing fees | 24 | ||||||
Accrued expenses and other liabilities | 14 | ||||||
Total liabilities | 386,702 | ||||||
Net assets | $ | 1,411,125 | |||||
COMPOSITION OF NET ASSETS: | |||||||
Portfolio capital | $ | 1,365,432 | |||||
Undistributed net investment income | 596 | ||||||
Accumulated net realized loss on investments | (92,522 | ) | |||||
Net unrealized appreciation of investments | 137,691 | ||||||
Net unrealized depreciation of foreign currency, and translation of other assets and liabilities in foreign currency | (72 | ) | |||||
Net assets | $ | 1,411,125 | |||||
* Investments in securities, at cost | $ | 1,645,679 | |||||
** Cash denominated in foreign currencies, at cost | $ | 6,681 | |||||
+ Including securities loaned, at value | $ | 347,141 | |||||
Class A: | |||||||
Net assets | $ | 46,781 | |||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 4,131 | ||||||
Net asset value and redemption price per share | $ | 11.32 | |||||
Maximum offering price per share (1) | $ | 11.98 | |||||
Class B: | |||||||
Net assets | $ | 7,287 | |||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 694 | ||||||
Net asset value, offering price and redemption price per share (2) | $ | 10.50 | |||||
Class C: | |||||||
Net assets | $ | 8,300 | |||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 764 | ||||||
Net asset value, offering price and redemption price per share (2) | $ | 10.87 | |||||
Class R: | |||||||
Net assets | $ | 248 | |||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 22 | ||||||
Net asset value, offering price, and redemption price per share | $ | 11.28 | |||||
Class Y: | |||||||
Net assets | $ | 1,348,509 | |||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 117,783 | ||||||
Net asset value, offering price, and redemption price per share | $ | 11.45 |
(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 contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
42
Statement of Operations For the six months ended March 31, 2005 (unaudited), in thousands
International Fund | |||||||
INVESTMENT INCOME: | |||||||
Interest | $ | 302 | |||||
Dividends | 11,265 | ||||||
Less: Foreign taxes withheld | (947 | ) | |||||
Securities lending | 358 | ||||||
Total investment income | 10,978 | ||||||
EXPENSES: | |||||||
Investment advisory fees | 7,364 | ||||||
Co-administration fees and expenses (including transfer agency fees) | 1,788 | ||||||
Custodian fees | 67 | ||||||
Directors' fees | 15 | ||||||
Registration fees | 25 | ||||||
Professional fees | 29 | ||||||
Printing | 13 | ||||||
Other | 18 | ||||||
Distribution and shareholder servicing fees – Class A | 59 | ||||||
Distribution and shareholder servicing fees – Class B | 38 | ||||||
Distribution and shareholder servicing fees – Class C | 45 | ||||||
Distribution and shareholder servicing fees – Class R (1) | - | ||||||
Total expenses | 9,461 | ||||||
Less: Fee waivers | (286 | ) | |||||
Less expenses paid indirectly | (207 | ) | |||||
Total net expenses | 8,968 | ||||||
Investment income – net | 2,010 | ||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS – NET: | |||||||
Net realized gain on investments | 138,303 | ||||||
Net realized gain on foreign currency transactions | 927 | ||||||
Net change in unrealized appreciation or depreciation of investments | 2,991 | ||||||
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency | (52 | ) | |||||
Net gain on investments and foreign currency transactions | 142,169 | ||||||
Net increase in net assets resulting from operations | $ | 144,179 |
(1) For the period 10/1/04 to 3/31/05 due to the presentation of the financial statements in thousands, the number rounds to zero.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
43
Statement of Changes in Net Assets in thousands
International Fund | |||||||||||
10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | ||||||||||
(unaudited) | |||||||||||
OPERATIONS: | |||||||||||
Investment income – net | $ | 2,010 | $ | 7,763 | |||||||
Net realized gain on investments | 138,303 | 135,849 | |||||||||
Net realized gain (loss) on foreign currency transactions | 927 | (430 | ) | ||||||||
Net change in unrealized appreciation or depreciation of inv-estments | 2,991 | 6,817 | |||||||||
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency | (52 | ) | (278 | ) | |||||||
Net increase in net assets resulting from operations | 144,179 | 149,721 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||
Investment income – net: | |||||||||||
Class A | (273 | ) | (212 | ) | |||||||
Class B | - | (4 | ) | ||||||||
Class C | - | (5 | ) | ||||||||
Class R | - | (43 | ) | ||||||||
Class Y | (9,941 | ) | (8,556 | ) | |||||||
Total distributions | (10,214 | ) | (8,820 | ) | |||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||
Class A: | |||||||||||
Proceeds from sales | 4,326 | 20,466 | |||||||||
Reinvestment of distributions | 259 | 202 | |||||||||
Payments for redemptions | (7,532 | ) | (20,179 | ) | |||||||
Increase (decrease) in net assets from Class A transactions | (2,947 | ) | 489 | ||||||||
Class B: | |||||||||||
Proceeds from sales | 315 | 606 | |||||||||
Reinvestment of distributions | - | 4 | |||||||||
Payments for redemptions | (1,226 | ) | (2,218 | ) | |||||||
Decrease in net assets from Class B transactions | (911 | ) | (1,608 | ) | |||||||
Class C: | |||||||||||
Proceeds from sales | 394 | 853 | |||||||||
Reinvestment of distributions | - | 5 | |||||||||
Payments for redemptions | (1,600 | ) | (4,123 | ) | |||||||
Decrease in net assets from Class C transactions | (1,206 | ) | (3,265 | ) | |||||||
Class R: | |||||||||||
Proceeds from sales | 239 | 1,377 | |||||||||
Reinvestment of distributions | - | 40 | |||||||||
Payments for redemptions | - | (11,223 | ) | ||||||||
Increase (Decrease) in net assets from Class R transactions | 239 | (9,806 | ) | ||||||||
Class Y: | |||||||||||
Proceeds from sales | 187,674 | 321,648 | |||||||||
Reinvestment of distributions | 6,151 | 5,397 | |||||||||
Payments for redemptions | (118,014 | ) | (304,768 | ) | |||||||
Increase in net assets from Class Y transactions | 75,811 | 22,277 | |||||||||
Increase in net assets from capital share transactions | 70,986 | 8,087 | |||||||||
Total increase in net assets | 204,951 | 148,988 | |||||||||
Net assets at beginning of period | 1,206,174 | 1,057,186 | |||||||||
Net assets at end of period | $ | 1,411,125 | $ | 1,206,174 | |||||||
Undistributed net investment income at end of period | $ | 596 | $ | 8,800 |
(1) See note 4 in Notes to Financial Statements for additional information
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
44
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45
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 (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (9) | |||||||||||||||||||||||||
International Fund (1) | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.19 | $ | - | $ | 1.19 | $ | (0.06 | ) | $ | - | $ | 11.32 | 11.72 | % | |||||||||||||||
2004 | (3) | 8.99 | 0.03 | 1.22 | (0.05 | ) | - | 10.19 | 13.91 | ||||||||||||||||||||||
2003 | (3) | 7.33 | 0.06 | 1.60 | - | - | 8.99 | 22.65 | |||||||||||||||||||||||
2002 | (3) | 8.96 | - | (1.63 | ) | - | - | 7.33 | (18.19 | ) | |||||||||||||||||||||
2001 | (3) (4) | 13.96 | 0.10 | (3.63 | ) | (0.10 | ) | (1.37 | ) | 8.96 | (28.00 | ) | |||||||||||||||||||
2000 | (3) (5) | 15.94 | (0.03 | ) | (0.42 | ) | (0.10 | ) | (1.43 | ) | 13.96 | (3.59 | ) | ||||||||||||||||||
1999 | (6) | 12.42 | - | 4.26 | (0.04 | ) | (0.70 | ) | 15.94 | 36.62 | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 9.43 | $ | (0.04 | ) | $ | 1.11 | $ | - | $ | - | $ | 10.50 | 11.35 | % | |||||||||||||||
2004 | (3) | 8.34 | (0.05 | ) | 1.14 | - | - | 9.43 | 13.12 | ||||||||||||||||||||||
2003 | (3) | 6.85 | - | 1.49 | - | - | 8.34 | 21.75 | |||||||||||||||||||||||
2002 | (3) | 8.45 | (0.06 | ) | (1.54 | ) | - | - | 6.85 | (18.94 | ) | ||||||||||||||||||||
2001 | (3) (4) | 13.28 | 0.01 | (3.43 | ) | (0.07 | ) | (1.34 | ) | 8.45 | (28.57 | ) | |||||||||||||||||||
2000 | (3) (5) | 15.27 | (0.10 | ) | (0.42 | ) | (0.07 | ) | (1.40 | ) | 13.28 | (4.22 | ) | ||||||||||||||||||
1999 | (6) | 11.97 | (0.09 | ) | 4.09 | (0.01 | ) | (0.69 | ) | 15.27 | 35.65 | ||||||||||||||||||||
Class C (3) | |||||||||||||||||||||||||||||||
2005 | (2) | $ | 9.76 | $ | (0.04 | ) | $ | 1.15 | $ | - | $ | - | $ | 10.87 | 11.37 | % | |||||||||||||||
2004 | 8.63 | (0.05 | ) | 1.18 | - | - | 9.76 | 13.14 | |||||||||||||||||||||||
2003 | 7.09 | - | 1.54 | - | - | 8.63 | 21.72 | ||||||||||||||||||||||||
2002 | 8.75 | (0.06 | ) | (1.60 | ) | - | - | 7.09 | (18.97 | ) | |||||||||||||||||||||
2001 | (7) | 8.31 | 0.01 | 0.43 | - | - | 8.75 | 5.29 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.11 | $ | 0.01 | $ | 1.16 | $ | - | $ | - | $ | 11.28 | 11.57 | % | ||||||||||||||||
2004 | (3) (8) | 8.98 | (0.01 | ) | 1.19 | (0.05 | ) | - | 10.11 | 13.16 | |||||||||||||||||||||
2003 | (3) | 7.31 | 0.04 | 1.63 | - | - | 8.98 | 22.85 | % (10) | ||||||||||||||||||||||
2002 | (3) | 8.96 | 0.01 | (1.66 | ) | - | - | 7.31 | (18.42 | ) | |||||||||||||||||||||
2001 | (3) (4) | 13.97 | (0.04 | ) | (3.50 | ) | (0.10 | ) | (1.37 | ) | 8.96 | (28.03 | ) | ||||||||||||||||||
2000 | (3) (5) | 15.95 | (0.03 | ) | (0.42 | ) | (0.10 | ) | (1.43 | ) | 13.97 | (3.59 | ) | ||||||||||||||||||
1999 | (6) | 12.43 | (0.01 | ) | 4.27 | (0.04 | ) | (0.70 | ) | 15.95 | 36.61 | ||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.31 | $ | 0.02 | $ | 1.21 | $ | (0.09 | ) | $ | - | $ | 11.45 | 11.93 | % | |||||||||||||||
2004 | (3) | 9.10 | 0.06 | 1.23 | (0.08 | ) | - | 10.31 | 14.13 | ||||||||||||||||||||||
2003 | (3) | 7.40 | 0.09 | 1.61 | - | - | 9.10 | 22.97 | % (10) | ||||||||||||||||||||||
2002 | (3) | 9.03 | 0.03 | (1.66 | ) | - | - | 7.40 | (18.05 | ) | |||||||||||||||||||||
2001 | (3) (4) | 14.03 | 0.07 | (3.61 | ) | (0.11 | ) | (1.35 | ) | 9.03 | (27.93 | ) | |||||||||||||||||||
2000 | (3) (5) | 15.97 | 0.01 | (0.42 | ) | (0.12 | ) | (1.41 | ) | 14.03 | (3.27 | ) | |||||||||||||||||||
1999 | (6) | 12.42 | 0.06 | 4.25 | (0.06 | ) | (0.70 | ) | 15.97 | 36.98 |
(1) The financial highlights for the International Fund as set forth herein include the historical financial highlights of the Firstar International Growth Fund. The assets of the
Firstar Fund were acquired by the First American International Fund on September 24, 2001. In connection with such acquisition, (i) Class A shares of the Firstar International
Growth Fund were exchanged for Class A shares of the First American International Fund, (ii) Firstar Class B shares were exchanged for Class B shares of the First American
International Fund, (iii) Firstar Class Y shares were exchanged for Class S shares of the First American Fund, and (iv) Firstar Institutional Class shares were exchanged for
Class Y shares of the First American International Fund. Historical per share amounts have bee n adjusted to reflect the conversion ratios utilized for the merger of the
International Fund and Firstar International Growth Fund. Firstar International Growth Fund is the accounting survivor.
(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) For the fiscal year ended November 30.
(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) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
(10) In 2003, 0.14% of Class S share's and 0.13% of Class Y share's total return was a result of a reimbursement by the advisor related to foreign
currency principal trades between the International Fund and U.S. Bank. Excluding the reimbursement, total return for Class S and Class Y shares
would have been 22.71% and 22.84%, respectively.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
46
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 | ||||||||||||||||||||||||||||
International Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 46,781 | 1.57 | % | 0.05 | % | 1.64 | % | 0.01 | % | 72 | % | ||||||||||||||||||||
2004 | (3) | 44,851 | 1.60 | 0.31 | 1.64 | 0.27 | 77 | ||||||||||||||||||||||||||
2003 | (3) | 39,251 | 1.60 | 0.77 | 1.65 | 0.72 | 82 | ||||||||||||||||||||||||||
2002 | (3) | 37,232 | 1.60 | 0.04 | 1.66 | (0.02 | ) | 72 | |||||||||||||||||||||||||
2001 | (3) (4) | 64,907 | 1.49 | 1.02 | 1.59 | 0.92 | 72 | ||||||||||||||||||||||||||
2000 | (3) (5) | 3,591 | 1.58 | (0.26 | ) | 1.76 | (0.44 | ) | 90 | ||||||||||||||||||||||||
1999 | (6) | 3,939 | 1.56 | (0.01 | ) | 1.75 | (0.20 | ) | 94 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 7,287 | 2.32 | % | (0.72 | )% | 2.39 | % | (0.76 | )% | 72 | % | ||||||||||||||||||||
2004 | (3) | 7,371 | 2.35 | (0.48 | ) | 2.39 | (0.52 | ) | 77 | ||||||||||||||||||||||||
2003 | (3) | 7,936 | 2.35 | 0.02 | 2.40 | (0.03 | ) | 82 | |||||||||||||||||||||||||
2002 | (3) | 7,459 | 2.35 | (0.68 | ) | 2.41 | (0.74 | ) | 72 | ||||||||||||||||||||||||
2001 | (3) (4) | 10,857 | 2.17 | 0.06 | 2.27 | (0.04 | ) | 72 | |||||||||||||||||||||||||
2000 | (3) (5) | 732 | 2.28 | (0.96 | ) | 2.46 | (1.14 | ) | 90 | ||||||||||||||||||||||||
1999 | (6) | 781 | 2.26 | (0.71 | ) | 2.45 | (0.90 | ) | 94 | ||||||||||||||||||||||||
Class C (3) | |||||||||||||||||||||||||||||||||
2005 | (2) | $ | 8,300 | 2.32 | % | (0.72 | )% | 2.39 | % | (0.76 | )% | 72 | % | ||||||||||||||||||||
2004 | 8,542 | 2.35 | (0.52 | ) | 2.39 | (0.56 | ) | 77 | |||||||||||||||||||||||||
2003 | 10,439 | 2.35 | (0.01 | ) | 2.40 | (0.06 | ) | 82 | |||||||||||||||||||||||||
2002 | 11,027 | 2.35 | (0.71 | ) | 2.41 | (0.77 | ) | 72 | |||||||||||||||||||||||||
2001 | (7) | 17,806 | 1.48 | 4.15 | 1.48 | 4.15 | 72 | ||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 248 | 1.82 | % | 0.10 | % | 2.04 | % | (0.09 | )% | 72 | % | ||||||||||||||||||||
2004 | (3) (8) | 1 | 1.60 | (0.11 | ) | 1.64 | (0.15 | ) | 77 | ||||||||||||||||||||||||
2003 | (3) | 8,533 | 1.60 | 0.57 | 1.65 | 0.52 | 82 | ||||||||||||||||||||||||||
2002 | (3) | 10,817 | 1.60 | 0.16 | 1.66 | 0.10 | 72 | ||||||||||||||||||||||||||
2001 | (3) (4) | 9,461 | 1.46 | (0.33 | ) | 1.61 | (0.48 | ) | 72 | ||||||||||||||||||||||||
2000 | (3) (5) | 16,373 | 1.58 | (0.26 | ) | 1.76 | (0.44 | ) | 90 | ||||||||||||||||||||||||
1999 | (6) | 11,307 | 1.56 | - | 1.75 | (0.19 | ) | 94 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 1,348,509 | 1.32 | % | 0.32 | % | 1.39 | % | 0.28 | % | 72 | % | ||||||||||||||||||||
2004 | (3) | 1,145,409 | 1.35 | 0.59 | 1.39 | 0.55 | 77 | ||||||||||||||||||||||||||
2003 | (3) | 991,027 | 1.35 | 1.08 | 1.40 | 1.03 | 82 | ||||||||||||||||||||||||||
2002 | (3) | 540,495 | 1.35 | 0.36 | 1.41 | 0.30 | 72 | ||||||||||||||||||||||||||
2001 | (3) (4) | 661,886 | 1.23 | 0.67 | 1.36 | 0.54 | 72 | ||||||||||||||||||||||||||
2000 | (3) (5) | 122,329 | 1.28 | 0.04 | 1.76 | (0.44 | ) | 90 | |||||||||||||||||||||||||
1999 | (6) | 92,778 | 1.26 | 0.28 | 1.75 | (0.21 | ) | 94 |
FIRST AMERICAN FUNDS Semiannual Report 2005
47
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Growth Opportunities Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 97.7% | |||||||||||
Consumer Discretionary – 20.4% | |||||||||||
Bombay Company* | 234,210 | $ | 1,241 | ||||||||
Cheesecake Factory* (a) | 112,950 | 4,004 | |||||||||
GTECH Holdings | 197,740 | 4,653 | |||||||||
Guess?* | 487,020 | 6,672 | |||||||||
Lakes Entertainment* (a) | 219,485 | 3,951 | |||||||||
Landry's Restaurants (a) | 183,600 | 5,310 | |||||||||
Marvel Enterprises* (a) | 342,930 | 6,859 | |||||||||
MTR Gaming Group* | 186,851 | 2,317 | |||||||||
Pacific Sunwear of California* (a) | 145,620 | 4,074 | |||||||||
Petco Animal Supplies* | 68,930 | 2,537 | |||||||||
Scientific Games, Cl A* | 194,920 | 4,454 | |||||||||
Spanish Broadcasting System* (a) | 988,925 | 10,146 | |||||||||
Sports Authority* (a) | 149,050 | 4,099 | |||||||||
ValueVision Media* | 127,280 | 1,574 | |||||||||
61,891 | |||||||||||
Energy – 8.1% | |||||||||||
Compton Petroleum* | 541,020 | 5,432 | |||||||||
Comstock Resources* (a) | 136,705 | 3,929 | |||||||||
Grey Wolf* | 351,220 | 2,311 | |||||||||
Helmerich & Payne (a) | 60,000 | 2,381 | |||||||||
Hydril* | 24,190 | 1,413 | |||||||||
Lone Star Technologies* | 38,730 | 1,527 | |||||||||
McMoRan Exploration* (a) | 90,330 | 1,816 | |||||||||
Pioneer Drilling* | 126,630 | 1,744 | |||||||||
Quicksilver Resources* (a) | 31,410 | 1,531 | |||||||||
Rowan* | 77,790 | 2,328 | |||||||||
24,412 | |||||||||||
Financials – 8.1% | |||||||||||
Aspen Insurance | 104,600 | 2,637 | |||||||||
Cullen/Frost Bankers (a) | 124,310 | 5,613 | |||||||||
Scottish Annuity & Life (a) | 135,430 | 3,050 | |||||||||
Southwest Bancorp of Texas | 236,260 | 4,335 | |||||||||
Sunstone Hotel Investors* | 270,340 | 5,799 | |||||||||
Triad Guaranty* | 59,510 | 3,131 | |||||||||
24,565 | |||||||||||
Health Care – 19.7% | |||||||||||
Able Laboratories* | 160,120 | 3,756 | |||||||||
Caliper Life Sciences* | 329,800 | 2,127 | |||||||||
Connetics* (a) | 95,150 | 2,406 | |||||||||
Cutera* | 112,355 | 2,166 | |||||||||
Digene* (a) | 173,390 | 3,598 | |||||||||
Dyax* | 535,360 | 1,724 | |||||||||
Encore Medical* | 1,678,880 | 9,032 | |||||||||
Eyetech Pharmaceuticals* | 59,880 | 1,647 | |||||||||
Gentiva Health Services* | 190,577 | 3,084 | |||||||||
LabOne* (a) | 94,480 | 3,258 | |||||||||
Martek Bioscience* | 53,180 | 3,095 | |||||||||
Medicines* (a) | 117,100 | 2,653 | |||||||||
Rigel Pharmaceuticals* | 210,100 | 3,370 | |||||||||
Salix Pharmaceuticals* (a) | 272,620 | 4,495 | |||||||||
Shamir Optical* | 63,520 | 981 | |||||||||
Taro Pharmaceutical Industries* (a) | 111,990 | 3,534 | |||||||||
Telik* | 100,260 | 1,512 | |||||||||
Watson Pharmaceuticals* (a) | 140,900 | 4,330 | |||||||||
Xenogen* | 574,140 | 2,985 | |||||||||
59,753 |
Small Cap Growth Opportunities Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Industrials – 9.3% | |||||||||||
Applied Signal Technology | 138,610 | $ | 3,174 | ||||||||
CLARCOR | 58,860 | 3,058 | |||||||||
Energy Conversion Devices* | 294,630 | 6,697 | |||||||||
ESCO Technologies* | 33,060 | 2,656 | |||||||||
II-VI* | 96,860 | 1,689 | |||||||||
Mercury Computer Systems* (a) | 75,910 | 2,094 | |||||||||
Navigant Consulting* | 117,320 | 3,195 | |||||||||
Resources Connection* | 179,420 | 3,755 | |||||||||
Toro | 22,050 | 1,951 | |||||||||
28,269 | |||||||||||
Information Technology – 30.7% (b) | |||||||||||
ADTRAN (a) | 577,410 | 10,185 | |||||||||
Applied Films* (a) | 248,390 | 5,743 | |||||||||
Captiva Software* | 171,290 | 1,855 | |||||||||
Cree* (a) | 144,120 | 3,135 | |||||||||
Digitas* (a) | 707,845 | 7,149 | |||||||||
Embarcadero Technologies* | 699,280 | 4,608 | |||||||||
Greenfield Online* | 124,210 | 2,441 | |||||||||
Integrated Circuit Systems* | 118,610 | 2,268 | |||||||||
Integrated Device Technology* | 391,240 | 4,707 | |||||||||
Komag* (a) | 139,120 | 3,109 | |||||||||
Kronos* | 67,690 | 3,460 | |||||||||
Lipman Electronic Engineering | 76,380 | 2,195 | |||||||||
Maximus* | 97,360 | 3,261 | |||||||||
MPS Group* | 84,360 | 887 | |||||||||
NIC* | 510,350 | 2,434 | |||||||||
Polycom* | 622,470 | 10,551 | |||||||||
Quest Software* | 376,860 | 5,216 | |||||||||
Silicon Image* | 469,730 | 4,725 | |||||||||
Silicon Laboratories* (a) | 73,500 | 2,184 | |||||||||
Tekelec* (a) | 92,070 | 1,468 | |||||||||
TIBCO Software* | 609,520 | 4,540 | |||||||||
Tridium, Cl B (c) (d) | 278,500 | 123 | |||||||||
Varian Semiconductor Equipment Associates* (a) | 144,180 | 5,480 | |||||||||
VideoPropulsion* (c) (d) | 809,856 | - | |||||||||
webMethods* | 280,140 | 1,536 | |||||||||
93,260 | |||||||||||
Telecommunication Services – 1.4% | |||||||||||
General Communication* | 477,976 | 4,364 | |||||||||
Total Common Stocks (Cost $283,171) | 296,514 | ||||||||||
Affiliated Money Market Fund – 3.5% | |||||||||||
First American Prime Obligations Fund, Cl Z (e) | 10,609,586 | 10,610 | |||||||||
Total Affiliated Money Market Fund (Cost $10,610) | 10,610 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 29.4% | |||||||||||
Commercial Paper – 6.8% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 324 | 324 | ||||||||
Cable Beach 2.642%, 4/11/05 | 810 | 809 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 777 | 777 | |||||||||
2.750%, 4/07/06 | 2,429 | 2,429 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
48
Small Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | $ | 810 | $ | 810 | |||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 411 | 411 | |||||||||
2.823%, 4/11/05 | 1,135 | 1,134 | |||||||||
2.833%, 4/15/05 | 486 | 486 | |||||||||
Independence 2.880%, 10/17/05 | 960 | 960 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 809 | 809 | |||||||||
2.728%, 5/02/05 | 810 | 808 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 1,296 | 1,296 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 891 | 891 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 810 | 810 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 1,619 | 1,617 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 1,620 | 1,620 | |||||||||
2.393%, 9/09/05 | 486 | 486 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 356 | 356 | |||||||||
2.827%, 1/06/06 | 1,628 | 1,628 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 113 | 113 | |||||||||
2.945%, 5/17/05 | 162 | 162 | |||||||||
2.945%, 5/17/05 | 49 | 49 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 1,134 | 1,134 | |||||||||
2.756%, 4/07/05 | 810 | 809 | |||||||||
Total Commercial Paper | 20,728 | ||||||||||
Corporate Obligations – 7.9% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 405 | 405 | |||||||||
2.860%, 10/14/05 | 1,619 | 1,619 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 729 | 729 | |||||||||
2.840%, 6/24/05 | 810 | 810 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 453 | 453 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 486 | 486 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 810 | 810 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 810 | 810 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 980 | 980 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 810 | 811 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 810 | 810 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 810 | 810 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 405 | 404 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 729 | 729 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 1,620 | 1,620 |
Small Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | $ | 972 | $ | 972 | |||||||
2.890%, 4/28/08 | 680 | 680 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 810 | 810 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 243 | 243 | |||||||||
2.955%, 7/12/05 | 891 | 891 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 486 | 486 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 743 | 742 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 453 | 453 | |||||||||
2.760%, 7/01/05 | 2,413 | 2,413 | |||||||||
2.820%, 10/14/05 | 648 | 648 | |||||||||
REMAC 1.867%, 9/29/05 | 832 | 835 | |||||||||
RMAC 2.790%, 6/12/05 | 824 | 824 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 888 | 888 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 809 | 809 | |||||||||
Total Corporate Obligations | 23,980 | ||||||||||
Money Market Funds – 0.2% | |||||||||||
Merrill Lynch Premier Institutional Fund | 653,881 | 654 | |||||||||
Total Money Market Funds | 654 | ||||||||||
Other Short-Term Investments – 2.2% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 2,429 | 2,429 | ||||||||
Commonwealth Life (f) 3.115%, 4/01/05 | 818 | 818 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 324 | 324 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 891 | 891 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 2,106 | 2,106 | |||||||||
Total Other Short-Term Investments | 6,568 | ||||||||||
Repurchase Agreements – 12.3% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $1,619,659 (collateralized by various securities: Total market value $1,662,167) | 1,619 | 1,619 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $486,736 (collateralized by commercial loans: Total market value $497,737) | 486 | 486 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $3,239,307 (collateralized by various securities: Total market value $3,485,068) | 3,239 | 3,239 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $4,049,132 (collateralized by collateralized U.S. government securities: Total market value $4,129,816) | 4,049 | 4,049 |
FIRST AMERICAN FUNDS Semiannual Report 2005
49
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $323,931 (collateralized by collateralized mortgage obligations: Total market value $340,164) | $ | 324 | $ | 324 | |||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $323,931 (collateralized by collateralized mortgage obligations: Total market value $340,144) | 324 | 324 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $323,931 (collateralized by collateralized mortgage obligations: Total market value $340,111) | 324 | 324 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $161,965 (collateralized by collateralized mortgage obligations: Total market value $170,082) | 162 | 162 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $161,965 (collateralized by collateralized mortgage obligations: Total market value $170,082) | 162 | 162 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $4,049,146 (collateralized by mortgage loans: Total market value $4,131,436) | 4,049 | 4,049 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $3,644,231 (collateralized by mortgage loans: Total market value $3,718,295) | 3,644 | 3,644 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $810,150 (collateralized by mortgage loans: Total market value $826,296) | 810 | 810 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $3,239,308 (collateralized by collateralized mortgage obligations: Total market value $3,562,078) | 3,239 | 3,239 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $2,429,489 (collateralized by mortgage loans: Total market value $2,477,869) | 2,429 | 2,429 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $275,342 (collateralized by corporate securities: Total market value $302,871) | 275 | 275 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,429,481 (collateralized by corporate securities: Total market value $2,550,798) | 2,429 | 2,429 |
Small Cap Growth Opportunities Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $2,024,569 (collateralized by corporate securities: Total market value $2,125,684) | $ | 2,024 | $ | 2,024 | |||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,619,654 (collateralized by corporate securities: Total market value $1,700,576) | 1,619 | 1,619 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,214,741 (collateralized by corporate securities: Total market value $1,275,437) | 1,215 | 1,215 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $323,931 (collateralized by corporate securities: Total market value $340,142) | 324 | 324 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $4,696,995 (collateralized by U.S. government securities: Total market value $4,795,226) | 4,697 | 4,697 | |||||||||
Total Repurchase Agreements | 37,443 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $89,373) | 89,373 | ||||||||||
Total Investments – 130.6% (Cost $383,154) | 396,497 | ||||||||||
Other Assets and Liabilities, Net – (30.6)% | (92,892 | ) | |||||||||
Total Net Assets – 100.0% | $ | 303,605 |
* 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 $85,626,965 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
(c) Security is considered illiquid or restricted. As of March 31, 2005, the value of these investments was $122,540 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(d) Security is fair valued. As of March 31, 2005, the fair value of these investments was $122,540 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(e) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor 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.
Cl – Class
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
50
Small Cap Select Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 97.3% | |||||||||||
Consumer Discretionary – 15.9% | |||||||||||
CBRL Group (a) | 162,720 | $ | 6,720 | ||||||||
Cooper Tire & Rubber (a) | 410,030 | 7,528 | |||||||||
Gray Television | 612,530 | 8,863 | |||||||||
Kerzner International* (a) | 103,590 | 6,343 | |||||||||
La Quinta* | 730,900 | 6,213 | |||||||||
Marvel Enterprises* (a) | 1,068,460 | 21,369 | |||||||||
Men's Wearhouse* (a) | 262,060 | 11,062 | |||||||||
Petco Animal Supplies* (a) | 226,070 | 8,322 | |||||||||
Ruby Tuesday (a) | 178,690 | 4,340 | |||||||||
Scientific Games, Cl A* | 627,540 | 14,339 | |||||||||
Sports Authority* (a) | 271,840 | 7,476 | |||||||||
Station Casinos (a) | 92,170 | 6,226 | |||||||||
Thomas Nelson | 297,100 | 7,026 | |||||||||
Too* (a) | 501,760 | 12,378 | |||||||||
WCI Communities* (a) | 137,080 | 4,123 | |||||||||
132,328 | |||||||||||
Consumer Staples – 1.8% | |||||||||||
NBTY* (a) | 581,840 | 14,598 | |||||||||
Energy – 6.7% | |||||||||||
Bill Barrett* | 138,890 | 4,015 | |||||||||
Compton Petroleum* | 159,440 | 1,601 | |||||||||
Denbury Resources* (a) | 178,700 | 6,296 | |||||||||
ENSCO International (a) | 323,170 | 12,171 | |||||||||
Houston Exploration* | 80,770 | 4,600 | |||||||||
Tesoro Petroleum* (a) | 120,420 | 4,458 | |||||||||
Ultra Petroleum* (a) | 159,290 | 8,092 | |||||||||
Western Gas Resources | 120,800 | 4,162 | |||||||||
W-H Energy Services* | 422,800 | 10,118 | |||||||||
55,513 | |||||||||||
Financials – 17.7% | |||||||||||
Advanta, Cl B | 342,335 | 7,874 | |||||||||
Affiliated Managers Group* (a) | 138,400 | 8,585 | |||||||||
AmerUS Group, Cl A (a) | 239,670 | 11,324 | |||||||||
City National (a) | 61,447 | 4,290 | |||||||||
Cullen/Frost Bankers | 280,690 | 12,673 | |||||||||
East West Bancorp (a) | 281,680 | 10,400 | |||||||||
First Financial Bankshares | 67,740 | 3,023 | |||||||||
First Niagara Financial Group | 327,290 | 4,324 | |||||||||
GATX (a) | 332,960 | 11,051 | |||||||||
Glacier Bancorp | 139,570 | 4,257 | |||||||||
Innkeepers USA Trust (REIT) | 531,370 | 6,860 | |||||||||
Investors Financial Services (a) | 261,340 | 12,782 | |||||||||
Lasalle Hotel Properties (REIT) | 146,060 | 4,243 | |||||||||
Maguire Properties (REIT) | 212,220 | 5,068 | |||||||||
Radian Group | 146,385 | 6,988 | |||||||||
Silicon Valley Bancshares* (a) | 201,270 | 8,868 | |||||||||
SL Green Realty (REIT) | 163,990 | 9,220 | |||||||||
Umpqua Holdings (a) | 356,410 | 8,322 | |||||||||
Universal American Financial* | 377,946 | 6,538 | |||||||||
146,690 | |||||||||||
Health Care – 13.4% | |||||||||||
American Healthways* (a) | 265,970 | 8,782 | |||||||||
AMERIGROUP* (a) | 163,890 | 5,992 | |||||||||
Biosite* (a) | 163,050 | 8,484 | |||||||||
Caliper Life Sciences* | 631,430 | 4,073 | |||||||||
Covance* (a) | 284,170 | 13,529 |
Small Cap Select Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
deCODE Genetics* (a) | 680,530 | $ | 3,879 | ||||||||
PDI* | 163,727 | 3,356 | |||||||||
Pediatrix Medical Group* (a) | 129,980 | 8,915 | |||||||||
Protein Design Labs* (a) | 378,960 | 6,060 | |||||||||
Renal Care* (a) | 343,880 | 13,047 | |||||||||
Salix Pharmaceuticals* | 85,532 | 1,411 | |||||||||
Sierra Health Services* (a) | 230,720 | 14,729 | |||||||||
SonoSite* (a) | 332,360 | 8,635 | |||||||||
Stewart Enterprises, Cl A* | 1,029,900 | 6,334 | |||||||||
Telik* (a) | 185,500 | 2,797 | |||||||||
Varian* (a) | 19,710 | 747 | |||||||||
110,770 | |||||||||||
Industrials – 17.5% | |||||||||||
Actuant, Cl A* (a) | 33,960 | 1,526 | |||||||||
AirTran* (a) | 1,607,010 | 14,543 | |||||||||
Albany International, Cl A | 120,480 | 3,720 | |||||||||
American Reprographics* | 281,550 | 4,040 | |||||||||
Applied Signal Technology | 234,468 | 5,369 | |||||||||
Chicago Bridge & Iron | 381,160 | 16,783 | |||||||||
EGL* (a) | 382,600 | 8,723 | |||||||||
Global Power Equipment Group* (a) | 149,900 | 1,436 | |||||||||
Heartland Express (a) | 237,470 | 4,548 | |||||||||
Kennametal | 228,920 | 10,871 | |||||||||
KVH Industries* (a) | 548,290 | 4,995 | |||||||||
Labor Ready* (a) | 818,650 | 15,268 | |||||||||
Manitowoc (a) | 52,110 | 2,105 | |||||||||
Mercury Computer Systems* (a) | 333,240 | 9,191 | |||||||||
MTC Technologies* | 290,276 | 9,434 | |||||||||
NCI Building Systems* | 214,910 | 8,296 | |||||||||
Power-One* | 1,100,250 | 5,347 | |||||||||
Roper Industries (a) | 167,800 | 10,991 | |||||||||
Terex* (a) | 189,060 | 8,186 | |||||||||
145,372 | |||||||||||
Information Technology – 18.2% | |||||||||||
Actel* | 102,450 | 1,576 | |||||||||
ADC Telecommunications* | 2,264,920 | 4,507 | |||||||||
Aeroflex* | 473,254 | 4,415 | |||||||||
Benchmark Electronics* (a) | 275,900 | 8,782 | |||||||||
Carreker* | 614,680 | 3,448 | |||||||||
Cypress Semiconductor* (a) | 694,740 | 8,754 | |||||||||
Digitas* (a) | 518,620 | 5,238 | |||||||||
Entegris* (a) | 430,810 | 4,261 | |||||||||
FactSet Research Systems (a) | 189,420 | 6,253 | |||||||||
Foundry Networks* (a) | 1,019,640 | 10,094 | |||||||||
Hyperion Solutions* (a) | 108,671 | 4,794 | |||||||||
InfoSpace* | 44,333 | 1,810 | |||||||||
Logitech International* (a) | 260,130 | 15,837 | |||||||||
Macrovision* (a) | 375,480 | 8,557 | |||||||||
MTS Systems | 173,192 | 5,028 | |||||||||
Openwave Systems* (a) | 502,560 | 6,126 | |||||||||
QLogic* (a) | 107,900 | 4,370 | |||||||||
SAFENET* (a) | 435,600 | 12,767 | |||||||||
Silicon Image* | 1,073,940 | 10,804 | |||||||||
Silicon Laboratories* | 102,440 | 3,044 | |||||||||
Stellent* | 966,151 | 8,125 | |||||||||
The9, ADR* (a) | 497,860 | 8,548 | |||||||||
TIBCO Software* | 552,910 | 4,119 | |||||||||
Varian Semiconductor Equipment Associates* | 3,170 | 121 | |||||||||
151,378 |
FIRST AMERICAN FUNDS Semiannual Report 2005
51
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Select Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Materials – 5.3% | |||||||||||
Century Aluminum* (a) | 655,500 | $ | 19,835 | ||||||||
Georgia Gulf | 28,220 | 1,298 | |||||||||
Hercules* (a) | 317,900 | 4,606 | |||||||||
Olin (a) | 819,250 | 18,269 | |||||||||
44,008 | |||||||||||
Telecommunication Services – 0.8% | |||||||||||
Alamosa Holdings* (a) | 193,783 | 2,261 | |||||||||
General Communication* | 480,630 | 4,388 | |||||||||
6,649 | |||||||||||
Total Common Stocks (Cost $734,364) | 807,306 | ||||||||||
Affiliated Money Market Fund – 2.0% | |||||||||||
First American Prime Obligations Fund, Cl Z (b) | 17,076,202 | 17,076 | |||||||||
Total Affiliated Money Market Fund (Cost $17,076) | 17,076 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 43.4% | |||||||||||
Commercial Paper – 10.1% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 1,304 | 1,304 | ||||||||
Cable Beach 2.642%, 4/11/05 | 3,261 | 3,259 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 3,131 | 3,131 | |||||||||
2.750%, 4/07/06 | 9,784 | 9,784 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 3,261 | 3,261 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 1,657 | 1,656 | |||||||||
2.823%, 4/11/05 | 4,571 | 4,567 | |||||||||
2.833%, 4/15/05 | 1,957 | 1,957 | |||||||||
Independence 2.880%, 10/17/05 | 3,868 | 3,868 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 3,261 | 3,260 | |||||||||
2.728%, 5/02/05 | 3,261 | 3,253 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 5,218 | 5,218 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 3,587 | 3,587 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 3,261 | 3,261 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 6,523 | 6,512 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 6,523 | 6,523 | |||||||||
2.393%, 9/09/05 | 1,957 | 1,957 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 1,435 | 1,435 | |||||||||
2.827%, 1/06/06 | 6,559 | 6,559 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 457 | 457 | |||||||||
2.945%, 5/17/05 | 652 | 652 | |||||||||
2.945%, 5/17/05 | 196 | 196 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 4,566 | 4,566 | |||||||||
2.756%, 4/07/05 | 3,261 | 3,260 | |||||||||
Total Commercial Paper | 83,483 |
Small Cap Select Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Corporate Obligations – 11.6% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | $ | 1,631 | $ | 1,631 | |||||||
2.860%, 10/14/05 | 6,523 | 6,523 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 2,935 | 2,935 | |||||||||
2.840%, 6/24/05 | 3,261 | 3,262 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 1,826 | 1,826 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 1,957 | 1,957 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 3,261 | 3,261 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 3,261 | 3,261 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 3,946 | 3,946 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 3,261 | 3,266 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 3,261 | 3,261 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 3,261 | 3,261 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 1,631 | 1,629 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 2,935 | 2,935 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 6,523 | 6,525 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 3,914 | 3,915 | |||||||||
2.890%, 4/28/08 | 2,740 | 2,741 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 3,261 | 3,262 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 978 | 978 | |||||||||
2.955%, 7/12/05 | 3,587 | 3,587 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 1,957 | 1,957 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 2,992 | 2,987 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 1,826 | 1,826 | |||||||||
2.760%, 7/01/05 | 9,719 | 9,719 | |||||||||
2.820%, 10/14/05 | 2,609 | 2,609 | |||||||||
REMAC 1.867%, 9/29/05 | 3,364 | 3,364 | |||||||||
RMAC 2.790%, 6/12/05 | 3,320 | 3,320 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 3,578 | 3,578 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 3,261 | 3,261 | |||||||||
Total Corporate Obligations | 96,583 | ||||||||||
Money Market Funds – 0.3% | |||||||||||
Merrill Lynch Premier Institutional Fund | 2,633,577 | 2,634 | |||||||||
Total Money Market Funds | 2,634 | ||||||||||
Other Short-Term Investments – 3.2% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 9,784 | 9,784 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
52
Small Cap Select Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Commonwealth Life 3.115%, 4/01/05 (c) | $ | 3,293 | $ | 3,293 | |||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 1,305 | 1,305 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 3,588 | 3,589 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 8,480 | 8,480 | |||||||||
Total Other Short-Term Investments | 26,451 | ||||||||||
Repurchase Agreements – 18.2% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $6,523,351 (collateralized by various securities: Total market value $6,694,555) | 6,523 | 6,523 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $1,960,380 (collateralized by commercial loans: Total market value $2,004,690) | 1,957 | 1,957 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $13,046,659 (collateralized by various securities: Total market value $14,036,487) | 13,046 | 13,046 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $16,308,313 (collateralized by collateralized U.S. government securities: Total market value $16,633,280) | 16,307 | 16,307 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,304,666 (collateralized by collateralized mortgage obligations: Total market value $1,370,048) | 1,305 | 1,305 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,304,666 (collateralized by collateralized mortgage obligations: Total market value $1,369,968) | 1,305 | 1,305 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,304,666 (collateralized by collateralized mortgage obligations: Total market value $1,369,835) | 1,305 | 1,305 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $652,333 (collateralized by collateralized mortgage obligations: Total market value $685,024) | 652 | 652 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $652,333 (collateralized by collateralized mortgage obligations: Total market value $685,024) | 652 | 652 |
Small Cap Select Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $16,308,369 (collateralized by mortgage loans: Total market value $16,639,804) | $ | 16,307 | $ | 16,307 | |||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $14,677,532 (collateralized by mortgage loans: Total market value $14,975,831) | 14,676 | 14,676 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $3,262,968 (collateralized by mortgage loans: Total market value $3,327,998) | 3,261 | 3,261 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $13,046,663 (collateralized by collateralized mortgage obligations: Total market value $14,346,653) | 13,046 | 13,046 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $9,785,030 (collateralized by mortgage loans: Total market value $9,979,883) | 9,784 | 9,784 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $1,108,968 (collateralized by corporate securities: Total market value $1,219,847) | 1,109 | 1,109 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $9,784,994 (collateralized by corporate securities: Total market value $10,273,615) | 9,784 | 9,784 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $8,154,169 (collateralized by corporate securities: Total market value $8,561,420) | 8,153 | 8,153 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $6,523,330 (collateralized by corporate securities: Total market value $6,849,254) | 6,523 | 6,523 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $4,892,501 (collateralized by corporate securities: Total market value $5,136,959) | 4,892 | 4,892 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,304,667 (collateralized by corporate securities: Total market value $1,369,957) | 1,304 | 1,304 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $18,917,650 (collateralized by U.S. government securities: Total market value $19,313,288) | 18,916 | 18,916 | |||||||||
Total Repurchase Agreements | 150,807 |
FIRST AMERICAN FUNDS Semiannual Report 2005
53
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Select Fund (concluded)
DESCRIPTION | VALUE (000) | ||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $359,958) | $ | 359,958 | |||||
Total Investments – 142.8% (Cost $1,111,398) | 1,184,340 | ||||||
Other Assets and Liabilities, Net – (42.8)% | (354,647 | ) | |||||
Total Net Assets – 100.0% | $ | 829,693 |
* 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 $346,733,456 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) 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.
(c) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.
ADR – American Depository Receipt
Cl – Class
REIT – Real Estate Investment Trust |
Small Cap Value Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 99.5% | |||||||||||
Consumer Discretionary – 11.1% | |||||||||||
ADVO | 84,095 | $ | 3,149 | ||||||||
American Axle & Manufacturing (a) | 88,830 | 2,176 | |||||||||
Aztar* (a) | 87,830 | 2,508 | |||||||||
Fairmont Hotels & Resorts | 95,920 | 3,179 | |||||||||
La Quinta* | 427,830 | 3,637 | |||||||||
Lin TV, Cl A* (a) | 127,780 | 2,163 | |||||||||
Linens 'N Things* (a) | 136,050 | 3,378 | |||||||||
Men's Wearhouse* (a) | 209,210 | 8,831 | |||||||||
Ruby Tuesday (a) | 125,370 | 3,045 | |||||||||
Scientific Games, Cl A* | 97,060 | 2,218 | |||||||||
Stanley Furniture | 41,969 | 1,984 | |||||||||
Steiner Leisure* | 220,790 | 7,218 | |||||||||
Thomas Nelson | 149,930 | 3,546 | |||||||||
47,032 | |||||||||||
Consumer Staples – 1.5% | |||||||||||
Dean Foods* | 57,300 | 1,965 | |||||||||
Elizabeth Arden* | 173,480 | 4,118 | |||||||||
6,083 | |||||||||||
Energy – 8.2% | |||||||||||
Brigham Exploration* | 300,760 | 2,776 | |||||||||
Forest Oil* (a) | 71,420 | 2,892 | |||||||||
Global Industries* | 354,060 | 3,328 | |||||||||
Hornbeck Offshore Services* | 104,530 | 2,620 | |||||||||
Houston Exploration* | 39,800 | 2,267 | |||||||||
Newfield Exploration* | 73,880 | 5,486 | |||||||||
Range Resources | 222,400 | 5,195 | |||||||||
TODCO* | 209,110 | 5,403 | |||||||||
Tsakos Energy Navigation | 108,720 | 4,787 | |||||||||
34,754 | |||||||||||
Financials – 30.4% (b) | |||||||||||
American Capital Strategies | 127,180 | 3,995 | |||||||||
Astoria Financial (a) | 166,825 | 4,221 | |||||||||
Capitol Bancorp | 166,860 | 5,047 | |||||||||
CBL & Associates Properties (REIT) | 82,610 | 5,907 | |||||||||
City National (a) | 77,580 | 5,417 | |||||||||
Corporate Office Properties Trust (REIT) | 182,150 | 4,823 | |||||||||
Donegal Group, Cl A | 155,467 | 2,825 | |||||||||
Equity One (REIT) | 193,140 | 3,977 | |||||||||
First Midwest Bancorp | 73,110 | 2,375 | |||||||||
First Potomac Realty Trust (REIT)* | 195,930 | 4,477 | |||||||||
First Republic Bank – California | 255,120 | 8,258 | |||||||||
IBERIABANK | 57,250 | 3,221 | |||||||||
Investors Financial Services (a) | 104,040 | 5,089 | |||||||||
Knight Trading Group* (a) | 453,600 | 4,373 | |||||||||
Lexington Corporate Properties Trust (REIT) (a) | 203,456 | 4,464 | |||||||||
Newcastle Investment (REIT) | 102,830 | 3,044 | |||||||||
Philadelphia Consolidated Holding* (a) | 59,260 | 4,594 | |||||||||
Platinum Underwriter Holdings (a) | 180,190 | 5,352 | |||||||||
Preferred Bank Los Angeles | 73,010 | 2,913 | |||||||||
Protective Life | 105,110 | 4,131 | |||||||||
Radian Group | 91,938 | 4,389 | |||||||||
Redwood Trust (REIT) (a) | 90,160 | 4,614 | |||||||||
RLI | 69,600 | 2,885 | |||||||||
Sky Financial Group | 252,910 | 6,783 | |||||||||
Sterling Bancshares (a) | 376,210 | 5,342 | |||||||||
Texas Capital Bancshares* | 129,420 | 2,718 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
54
Small Cap Value Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Umpqua Holdings | 232,710 | $ | 5,434 | ||||||||
Universal American Financial* | 213,970 | 3,702 | |||||||||
Windrose Medical Properties Trust (REIT) | 290,120 | 3,978 | |||||||||
128,348 | |||||||||||
Health Care – 5.9% | |||||||||||
Arrow International | 103,020 | 3,539 | |||||||||
CNS | 174,100 | 3,099 | |||||||||
Cooper (a) | 58,970 | 4,299 | |||||||||
Human Genome Sciences* (a) | 104,360 | 962 | |||||||||
Pediatrix Medical Group* (a) | 80,650 | 5,532 | |||||||||
Renal Care* (a) | 99,915 | 3,791 | |||||||||
Serologicals* (a) | 157,380 | 3,846 | |||||||||
25,068 | |||||||||||
Industrials – 20.1% | |||||||||||
Alliant Techsystems* (a) | 69,245 | 4,948 | |||||||||
American Woodmark | 53,250 | 1,932 | |||||||||
Artesyn Technologies* (a) | 643,980 | 5,609 | |||||||||
Brady, Cl A | 80,640 | 2,609 | |||||||||
Briggs & Stratton (a) | 88,430 | 3,220 | |||||||||
CLARCOR | 134,650 | 6,996 | |||||||||
ESCO Technologies* | 82,130 | 6,599 | |||||||||
ExpressJet Holdings* (a) | 255,840 | 2,919 | |||||||||
Genlyte Group* | 30,610 | 2,754 | |||||||||
Kennametal | 35,980 | 1,709 | |||||||||
Landstar* (a) | 115,280 | 3,775 | |||||||||
Mercury Computer Systems* (a) | 200,730 | 5,536 | |||||||||
Moog, Cl A* | 129,590 | 5,857 | |||||||||
NCO Group* | 255,330 | 4,992 | |||||||||
Oshkosh Truck | 29,670 | 2,433 | |||||||||
Pacer International* | 169,100 | 4,040 | |||||||||
Pentair | 126,340 | 4,927 | |||||||||
Simpson Manufacturing | 67,740 | 2,093 | |||||||||
Terex* (a) | 49,550 | 2,145 | |||||||||
Toro (a) | 71,140 | 6,296 | |||||||||
York International (a) | 90,600 | 3,550 | |||||||||
84,939 | |||||||||||
Information Technology – 8.4% | |||||||||||
Actel* | 174,170 | 2,679 | |||||||||
BISYS Group* | 445,000 | 6,978 | |||||||||
Entegris* (a) | 127,520 | 1,261 | |||||||||
Gateway* (a) | 570,900 | 2,301 | |||||||||
Hypercom* | 533,890 | 2,525 | |||||||||
Itron* | 61,680 | 1,828 | |||||||||
Micros Systems* | 103,620 | 3,804 | |||||||||
MKS Instruments* | 82,400 | 1,308 | |||||||||
NETGEAR* (a) | 200,290 | 3,022 | |||||||||
Open Text* (a) | 101,830 | 1,838 | |||||||||
SERENA Software* (a) | 112,160 | 2,665 | |||||||||
Xyratex* | 275,750 | 5,157 | |||||||||
35,366 | |||||||||||
Materials – 8.0% | |||||||||||
AptarGroup | 41,280 | 2,145 | |||||||||
Crown Holdings* (a) | 271,300 | 4,222 | |||||||||
FMC* | 75,480 | 4,034 | |||||||||
Foundation Coal Holdings* | 96,480 | 2,268 | |||||||||
Georgia Gulf | 112,230 | 5,160 | |||||||||
Gibraltar Steel | 138,180 | 3,032 | |||||||||
GrafTech International* (a) | 121,740 | 693 |
Small Cap Value Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Louisiana Pacific (a) | 144,410 | $ | 3,630 | ||||||||
Metals USA* (a) | 99,560 | 1,950 | |||||||||
Minerals Technologies | 53,530 | 3,521 | |||||||||
Quanex (a) | 48,930 | 2,609 | |||||||||
Silgan Holdings* | 10,320 | 671 | |||||||||
33,935 | |||||||||||
Telecommunication Services – 0.7% | |||||||||||
General Communication* | 331,540 | 3,027 | |||||||||
Utilities – 5.2% | |||||||||||
AGL Resources | 67,250 | 2,349 | |||||||||
Black Hills | 108,430 | 3,586 | |||||||||
CMS Energy* (a) | 272,780 | 3,557 | |||||||||
New Jersey Resources | 61,120 | 2,661 | |||||||||
NSTAR (a) | 73,090 | 3,969 | |||||||||
PNM Resources | 122,745 | 3,275 | |||||||||
Westar Energy | 107,360 | 2,323 | |||||||||
21,720 | |||||||||||
Total Common Stocks (Cost $307,391) | 420,272 | ||||||||||
Affiliated Money Market Fund – 0.5% | |||||||||||
First American Prime Obligations Fund, Cl Z (c) | 1,909,562 | 1,910 | |||||||||
Total Affiliated Money Market Fund (Cost $1,910) | 1,910 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 27.7% | |||||||||||
Commercial Paper – 6.4% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 424 | 424 | ||||||||
Cable Beach 2.642%, 4/11/05 | 1,060 | 1,059 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 1,017 | 1,017 | |||||||||
2.750%, 4/07/06 | 3,180 | 3,180 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 1,060 | 1,060 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 538 | 538 | |||||||||
2.823%, 4/11/05 | 1,485 | 1,484 | |||||||||
2.833%, 4/15/05 | 636 | 636 | |||||||||
Independence 2.880%, 10/17/05 | 1,257 | 1,257 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 1,060 | 1,060 | |||||||||
2.728%, 5/02/05 | 1,060 | 1,057 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 1,696 | 1,696 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 1,166 | 1,166 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 1,060 | 1,060 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 2,120 | 2,116 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 2,120 | 2,120 | |||||||||
2.393%, 9/09/05 | 636 | 636 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 466 | 466 | |||||||||
2.827%, 1/06/06 | 2,131 | 2,131 |
FIRST AMERICAN FUNDS Semiannual Report 2005
55
Schedule of Investments March 31, 2005 (unaudited)
Small Cap Value Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | $ | 148 | $ | 148 | |||||||
2.945%, 5/17/05 | 212 | 212 | |||||||||
2.945%, 5/17/05 | 64 | 64 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 1,484 | 1,484 | |||||||||
2.756%, 4/07/05 | 1,060 | 1,059 | |||||||||
Total Commercial Paper | 27,130 | ||||||||||
Corporate Obligations – 7.5% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 530 | 530 | |||||||||
2.860%, 10/14/05 | 2,120 | 2,120 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 954 | 954 | |||||||||
2.840%, 6/24/05 | 1,060 | 1,060 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 593 | 593 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 636 | 636 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 1,060 | 1,060 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 1,060 | 1,060 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 1,282 | 1,282 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 1,060 | 1,061 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 1,060 | 1,060 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 1,060 | 1,060 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 530 | 529 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 954 | 954 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 2,120 | 2,120 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 1,272 | 1,272 | |||||||||
2.890%, 4/28/08 | 890 | 891 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 1,060 | 1,060 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 318 | 318 | |||||||||
2.955%, 7/12/05 | 1,166 | 1,166 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 636 | 636 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 972 | 971 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 594 | 594 | |||||||||
2.760%, 7/01/05 | 3,158 | 3,158 | |||||||||
2.820%, 10/14/05 | 848 | 848 | |||||||||
REMAC 1.867%, 9/29/05 | 1,089 | 1,093 | |||||||||
RMAC 2.790%, 6/12/05 | 1,079 | 1,079 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 1,163 | 1,163 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 1,060 | 1,060 | |||||||||
Total Corporate Obligations | 31,388 |
Small Cap Value Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Money Market Funds – 0.2% | |||||||||||
Merrill Lynch Premier Institutional Fund | 855,868 | $ | 856 | ||||||||
Total Money Market Funds | 856 | ||||||||||
Other Short-Term Investments – 2.0% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 3,180 | 3,180 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (d) | 1,070 | 1,070 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 424 | 424 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 1,166 | 1,166 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 2,756 | 2,756 | |||||||||
Total Other Short-Term Investments | 8,596 | ||||||||||
Repurchase Agreements – 11.6% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $2,119,978 (collateralized by various securities: Total market value $2,175,616) | 2,120 | 2,120 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $637,090 (collateralized by commercial loans: Total market value $651,490) | 636 | 636 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $4,239,941 (collateralized by various securities: Total market value $4,561,618) | 4,239 | 4,239 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $5,299,923 (collateralized by collateralized U.S. government securities: Total market value $5,405,532) | 5,299 | 5,299 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $423,994 (collateralized by collateralized mortgage obligations: Total market value $445,242) | 424 | 424 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $423,994 (collateralized by collateralized mortgage obligations: Total market value $445,216) | 424 | 424 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $423,994 (collateralized by collateralized mortgage obligations: Total market value $445,173) | 424 | 424 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $211,997 (collateralized by collateralized mortgage obligations: Total market value $222,621) | 212 | 212 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
56
Small Cap Value Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $211,997 (collateralized by collateralized mortgage obligations: Total market value $222,621) | $ | 212 | $ | 212 | |||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $5,299,942 (collateralized by mortgage loans: Total market value $5,407,652) | 5,299 | 5,299 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $4,769,947 (collateralized by mortgage loans: Total market value $4,866,889) | 4,770 | 4,770 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $1,060,409 (collateralized by mortgage loans: Total market value $1,081,542) | 1,060 | 1,060 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $4,239,943 (collateralized by collateralized mortgage obligations: Total market value $4,662,417) | 4,240 | 4,240 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $3,179,968 (collateralized by mortgage loans: Total market value $3,243,292) | 3,180 | 3,180 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $360,396 (collateralized by corporate securities: Total market value $396,429) | 360 | 360 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $3,179,956 (collateralized by corporate securities: Total market value $3,338,749) | 3,180 | 3,180 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $2,649,966 (collateralized by corporate securities: Total market value $2,782,315) | 2,650 | 2,650 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,119,971 (collateralized by corporate securities: Total market value $2,225,891) | 2,120 | 2,120 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,589,979 (collateralized by corporate securities: Total market value $1,669,424) | 1,590 | 1,590 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $423,994 (collateralized by corporate securities: Total market value $445,213) | 424 | 424 |
Small Cap Value Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $6,147,913 (collateralized by U.S. government securities: Total market value $6,276,489) | $6,147 | $6,147 | |||||||||
Total Repurchase Agreements | 49,010 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $116,980) | 116,980 | ||||||||||
Total Investments – 127.7% (Cost $426,281) | 539,162 | ||||||||||
Other Assets and Liabilities, Net – (27.7)% | (116,887 | ) | |||||||||
Total Net Assets – 100.0% | $ | 422,275 |
* 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 $112,664,666 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
(c) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(d) 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
FIRST AMERICAN FUNDS Semiannual Report 2005
57
Statements of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except for per share data
Small Cap Growth Opportunities Fund | Small Cap Select Fund | Small Cap Value Fund | |||||||||||||
ASSETS: | |||||||||||||||
Investments in unaffiliated securities, at value*+ | $ | 348,444 | $ | 1,016,457 | $ | 488,242 | |||||||||
Investments in affiliated money market fund, at value** | 10,610 | 17,076 | 1,910 | ||||||||||||
Repurchase agreements, at value*** | 37,443 | 150,807 | 49,010 | ||||||||||||
Cash**** | 1,071 | 675 | 227 | ||||||||||||
Receivable for dividends and interest | 95 | 393 | 546 | ||||||||||||
Receivable for investment securities sold | 9,066 | 25,428 | 6,052 | ||||||||||||
Receivable for capital shares sold | 82 | 774 | 145 | ||||||||||||
Prepaid expenses and other assets | 37 | 42 | 25 | ||||||||||||
Total assets | 406,848 | 1,211,652 | 546,157 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payable for capital shares redeemed | 2,036 | 5,928 | 1,062 | ||||||||||||
Payable upon return of securities loaned | 89,535 | 360,612 | 117,193 | ||||||||||||
Payable for investment securities purchased | 11,197 | 14,674 | 5,245 | ||||||||||||
Payable for advisory, co-administration, and custodian fees | 435 | 680 | 351 | ||||||||||||
Payable for distribution and shareholder servicing fees | 31 | 47 | 22 | ||||||||||||
Accrued expenses and other liabilities | 9 | 18 | 9 | ||||||||||||
Total liabilities | 103,243 | 381,959 | 123,882 | ||||||||||||
Net assets | $ | 303,605 | $ | 829,693 | $ | 422,275 | |||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||
Portfolio capital | $ | 252,493 | $ | 693,224 | $ | 276,420 | |||||||||
Distributions in excess of net investment income | (2,275 | ) | (1,611 | ) | (431 | ) | |||||||||
Accumulated net realized gain on investments | 40,044 | 65,138 | 33,405 | ||||||||||||
Net unrealized appreciation of investments | 13,343 | 72,942 | 112,881 | ||||||||||||
Net assets | $ | 303,605 | $ | 829,693 | $ | 422,275 | |||||||||
* Investments in unaffiliated securities, at cost | $ | 335,101 | $ | 943,515 | $ | 375,361 | |||||||||
** Investments in affiliated money market fund, at cost | $ | 10,610 | $ | 17,076 | $ | 1,910 | |||||||||
*** Investments in repurchase agreements, at cost | $ | 37,443 | $ | 150,807 | $ | 49,010 | |||||||||
**** Includes cash related to securities loaned | $ | 162 | $ | 654 | $ | 213 | |||||||||
+ Including securities loaned, at value | $ | 85,627 | $ | 346,733 | $ | 112,665 | |||||||||
Class A: | |||||||||||||||
Net assets | $ | 88,287 | $ | 100,967 | $ | 46,651 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 4,054 | 7,119 | 2,947 | ||||||||||||
Net asset value and redemption price per share | $ | 21.78 | $ | 14.18 | $ | 15.83 | |||||||||
Maximum offering price per share (1) | $ | 23.05 | $ | 15.01 | $ | 16.75 | |||||||||
Class B: | |||||||||||||||
Net assets | $ | 9,091 | $ | 13,569 | $ | 9,674 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 443 | 1,075 | 655 | ||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 20.50 | $ | 12.62 | $ | 14.78 | |||||||||
Class C: | |||||||||||||||
Net assets | $ | 3,778 | $ | 14,545 | $ | 4,719 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 178 | 1,058 | 315 | ||||||||||||
Net asset value, offering price and redemption price per share (2) | $ | 21.17 | $ | 13.75 | $ | 14.98 | |||||||||
Class R: | |||||||||||||||
Net assets | $ | 9 | $ | 37 | $ | 2 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 1 | 3 | - | ||||||||||||
Net asset value, offering price, and redemption price per share | $ | 21.78 | $ | 14.12 | $ | 15.80 | |||||||||
Class Y: | |||||||||||||||
Net assets | $ | 202,440 | $ | 700,575 | $ | 361,229 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 8,912 | 47,215 | 22,476 | ||||||||||||
Net asset value, offering price, and redemption price per share | $ | 22.72 | $ | 14.84 | $ | 16.07 |
(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 contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
58
Statements of Operations For the six months ended March 31, 2005 (unaudited), in thousands
Small Cap Growth Opportunities Fund | Small Cap Select Fund | Small Cap Value Fund | |||||||||||||
INVESTMENT INCOME: | |||||||||||||||
Dividends from affiliated money market fund | $ | 59 | $ | 169 | $ | 26 | |||||||||
Dividends from unaffiliated securities | 508 | 2,567 | 3,124 | ||||||||||||
Less: Foreign taxes withheld | - | (10 | ) | (1 | ) | ||||||||||
Securities lending | 82 | 229 | 35 | ||||||||||||
Total investment income | 649 | 2,955 | 3,184 | ||||||||||||
EXPENSES: | |||||||||||||||
Investment advisory fees | 2,276 | 3,127 | 1,524 | ||||||||||||
Co-administration fees and expenses (including transfer agency fees) | 434 | 1,183 | 578 | ||||||||||||
Custodian fees | 16 | 45 | 22 | ||||||||||||
Directors' fees | 4 | 11 | 5 | ||||||||||||
Registration fees | 20 | 20 | 24 | ||||||||||||
Professional fees | 19 | 39 | 20 | ||||||||||||
Printing | 4 | 10 | 5 | ||||||||||||
Other | 4 | 12 | 5 | ||||||||||||
Distribution and shareholder servicing fees – Class A | 123 | 131 | 58 | ||||||||||||
Distribution and shareholder servicing fees – Class B | 47 | 69 | 49 | ||||||||||||
Distribution and shareholder servicing fees – Class C | 21 | 75 | 24 | ||||||||||||
Distribution and shareholder servicing fees – Class R (1) | - | - | - | ||||||||||||
Total expenses | 2,968 | 4,722 | 2,314 | ||||||||||||
Less: Fee waivers | (46 | ) | (157 | ) | (50 | ) | |||||||||
Total net expenses | 2,922 | 4,565 | 2,264 | ||||||||||||
Investment income (loss) – net | (2,273 | ) | (1,610 | ) | 920 | ||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET: | |||||||||||||||
Net realized gain on investments | 44,417 | 134,725 | 37,450 | ||||||||||||
Net change in unrealized appreciation or depreciation of investments | 1,780 | (59,078 | ) | 4,449 | |||||||||||
Net gain on investments | 46,197 | 75,647 | 41,899 | ||||||||||||
Net increase in net assets resulting from operations | $ | 43,924 | $ | 74,037 | $ | 42,819 |
(1) For the period 10/1/04 to 3/31/05 due to the presentation of the financial statements in thousands, the numbers round to zero.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
59
Statements of Changes in Net Assets in thousands
Small Cap Growth Opportunities Fund | Small Cap Select 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 | ||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income (loss) – net | $ | (2,273 | ) | $ | (6,363 | ) | $ | (1,610 | ) | $ | (6,173 | ) | |||||||
Net realized gain on investments | 44,417 | 89,817 | 134,725 | 231,411 | |||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 1,780 | (68,591 | ) | (59,078 | ) | (19,782 | ) | ||||||||||||
Net increase in net assets resulting from operations | 43,924 | 14,863 | 74,037 | 205,456 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | - | - | - | - | |||||||||||||||
Class B | - | - | - | - | |||||||||||||||
Class C | - | - | - | - | |||||||||||||||
Class R | - | - | - | - | |||||||||||||||
Class Y | - | - | - | - | |||||||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | (12,316 | ) | (611 | ) | (19,368 | ) | (5,360 | ) | |||||||||||
Class B | (1,255 | ) | (47 | ) | (2,778 | ) | (900 | ) | |||||||||||
Class C | (577 | ) | (12 | ) | (2,816 | ) | (821 | ) | |||||||||||
Class R | - | (23 | ) | (5 | ) | (862 | ) | ||||||||||||
Class Y | (25,220 | ) | (2,392 | ) | (133,034 | ) | (70,619 | ) | |||||||||||
Total distributions | (39,368 | ) | (3,085 | ) | (158,001 | ) | (78,562 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 10,768 | 79,928 | 12,838 | 47,056 | |||||||||||||||
Reinvestment of distributions | 11,923 | 577 | 18,702 | 5,191 | |||||||||||||||
Payments for redemptions | (36,362 | ) | (57,140 | ) | (16,879 | ) | (35,163 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | (13,671 | ) | 23,365 | 14,661 | 17,084 | ||||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | 299 | 6,009 | 988 | 2,158 | |||||||||||||||
Reinvestment of distributions | 1,157 | 45 | 2,700 | 873 | |||||||||||||||
Payments for redemptions | (1,370 | ) | (2,734 | ) | (1,388 | ) | (2,565 | ) | |||||||||||
Increase (decrease) in net assets from Class B transactions | 86 | 3,320 | 2,300 | 466 | |||||||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | 323 | 4,614 | 2,130 | 3,975 | |||||||||||||||
Reinvestment of distributions | 560 | 11 | 2,755 | 817 | |||||||||||||||
Payments for redemptions | (1,776 | ) | (1,012 | ) | (2,433 | ) | (3,114 | ) | |||||||||||
Increase (decrease) in net assets from Class C transactions | (893 | ) | 3,613 | 2,452 | 1,678 | ||||||||||||||
Class R: | |||||||||||||||||||
Proceeds from sales | 8 | 976 | 19 | 3,323 | |||||||||||||||
Reinvestment of distributions | - | 23 | 5 | 808 | |||||||||||||||
Payments for redemptions | - | (5,357 | ) | (2 | ) | (17,289 | ) | ||||||||||||
Increase (decrease) in net assets from Class R transactions | 8 | (4,358 | ) | 22 | (13,158 | ) | |||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 18,514 | 101,703 | 67,948 | 132,590 | |||||||||||||||
Reinvestment of distributions | 18,850 | 1,934 | 98,881 | 57,505 | |||||||||||||||
Payments for redemptions | (63,041 | ) | (278,211 | ) | (168,273 | ) | (559,280 | ) | |||||||||||
Increase (decrease) in net assets from Class Y transactions | (25,677 | ) | (174,574 | ) | (1,444 | ) | (369,185 | ) | |||||||||||
Increase (decrease) in net assets from capital share transactions | (40,147 | ) | (148,634 | ) | 17,991 | (363,115 | ) | ||||||||||||
Total decrease in net assets | (35,591 | ) | (136,856 | ) | (65,973 | ) | (236,221 | ) | |||||||||||
Net assets at beginning of period | 339,196 | 476,052 | 895,666 | 1,131,887 | |||||||||||||||
Net assets at end of period | $ | 303,605 | $ | 339,196 | $ | 829,693 | $ | 895,666 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (2,275 | ) | $ | (2 | ) | $ | (1,611 | ) | $ | (1 | ) |
(1) See Note 4 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
60
Small Cap Value Fund | |||||||||||
10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | ||||||||||
(unaudited) | |||||||||||
OPERATIONS: | |||||||||||
Investment income (loss) – net | $ | 920 | $ | 2,056 | |||||||
Net realized gain on investments | 37,450 | 92,122 | |||||||||
Net change in unrealized appreciation or depreciation of investments | 4,449 | 7,329 | |||||||||
Net increase in net assets resulting from operations | 42,819 | 101,507 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||
Investment income – net: | |||||||||||
Class A | (177 | ) | (92 | ) | |||||||
Class B | (23 | ) | - | ||||||||
Class C | (11 | ) | - | ||||||||
Class R | - | (3 | ) | ||||||||
Class Y | (1,625 | ) | (1,696 | ) | |||||||
Net realized gain on investments: | |||||||||||
Class A | (6,876 | ) | (1,428 | ) | |||||||
Class B | (1,566 | ) | (487 | ) | |||||||
Class C | (747 | ) | (183 | ) | |||||||
Class R | - | (54 | ) | ||||||||
Class Y | (55,117 | ) | (16,522 | ) | |||||||
Total distributions | (66,142 | ) | (20,465 | ) | |||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||
Class A: | |||||||||||
Proceeds from sales | 4,743 | 19,021 | |||||||||
Reinvestment of distributions | 6,859 | 1,486 | |||||||||
Payments for redemptions | (5,495 | ) | (16,067 | ) | |||||||
Increase (decrease) in net assets from Class A transactions | 6,107 | 4,440 | |||||||||
Class B: | |||||||||||
Proceeds from sales | 562 | 1,193 | |||||||||
Reinvestment of distributions | 1,539 | 481 | |||||||||
Payments for redemptions | (1,679 | ) | (6,346 | ) | |||||||
Increase (decrease) in net assets from Class B transactions | 422 | (4,672 | ) | ||||||||
Class C: | |||||||||||
Proceeds from sales | 475 | 1,179 | |||||||||
Reinvestment of distributions | 745 | 183 | |||||||||
Payments for redemptions | (801 | ) | (1,855 | ) | |||||||
Increase (decrease) in net assets from Class C transactions | 419 | (493 | ) | ||||||||
Class R: | |||||||||||
Proceeds from sales | 1 | 1,145 | |||||||||
Reinvestment of distributions | - | 52 | |||||||||
Payments for redemptions | - | (2,727 | ) | ||||||||
Increase (decrease) in net assets from Class R transactions | 1 | (1,530 | ) | ||||||||
Class Y: | |||||||||||
Proceeds from sales | 32,896 | 59,568 | |||||||||
Reinvestment of distributions | 48,592 | 15,745 | |||||||||
Payments for redemptions | (68,316 | ) | (208,150 | ) | |||||||
Increase (decrease) in net assets from Class Y transactions | 13,172 | (132,837 | ) | ||||||||
Increase (decrease) in net assets from capital share transactions | 20,121 | (135,092 | ) | ||||||||
Total decrease in net assets | (3,202 | ) | (54,050 | ) | |||||||
Net assets at beginning of period | 425,477 | 479,527 | |||||||||
Net assets at end of period | $ | 422,275 | $ | 425,477 | |||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (431 | ) | $ | 485 |
FIRST AMERICAN FUNDS Semiannual Report 2005
61
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Loss | Realized and Unrealized Gains (Losses) on Investments | Distributions from Net Realized Gains | Distributions from Return of Capital | Net Asset Value End of Period | Total Return (10) | |||||||||||||||||||||||||
Small Cap Growth Opportunities Fund (1) | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 21.74 | $ | (0.17 | ) | $ | 3.16 | $ | (2.95 | ) | $ | - | $ | 21.78 | 13.90 | % | ||||||||||||||
2004 | (3) | 21.95 | (0.35 | ) | 0.27 | (0.13 | ) | - | 21.74 | (0.39 | ) | ||||||||||||||||||||
2003 | (3) | 13.86 | (0.28 | ) | 8.37 | - | - | 21.95 | 58.37 | ||||||||||||||||||||||
2002 | 16.89 | (0.26 | ) | (2.74 | ) | - | (0.03 | ) | 13.86 | (17.84 | ) | ||||||||||||||||||||
2001 | (3) (4) | 31.26 | (0.17 | ) | (5.20 | ) | (9.00 | ) | - | 16.89 | (21.51 | ) | |||||||||||||||||||
2000 | (3) (5) | 21.80 | (0.40 | ) | 15.99 | (6.13 | ) | - | 31.26 | 87.43 | |||||||||||||||||||||
1999 | (5) | 12.38 | (0.26 | ) | 9.71 | (0.03 | ) | - | 21.80 | 76.54 | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 20.69 | $ | (0.24 | ) | $ | 3.00 | $ | (2.95 | ) | $ | - | $ | 20.50 | 13.47 | % | ||||||||||||||
2004 | (3) | 21.05 | (0.50 | ) | 0.27 | (0.13 | ) | - | 20.69 | (1.13 | ) | ||||||||||||||||||||
2003 | (3) | 13.39 | (0.40 | ) | 8.06 | - | - | 21.05 | 57.21 | ||||||||||||||||||||||
2002 | 16.44 | (0.39 | ) | (2.63 | ) | - | (0.03 | ) | 13.39 | (18.45 | ) | ||||||||||||||||||||
2001 | (3) (4) | 30.84 | (0.31 | ) | (5.09 | ) | (9.00 | ) | - | 16.44 | (22.07 | ) | |||||||||||||||||||
2000 | (3) (5) | 21.69 | (0.61 | ) | 15.89 | (6.13 | ) | - | 30.84 | 86.13 | |||||||||||||||||||||
1999 | (3) (5) (6) | 13.74 | (0.30 | ) | 8.25 | - | - | 21.69 | 57.86 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 21.28 | $ | (0.25 | ) | $ | 3.09 | $ | (2.95 | ) | $ | - | $ | 21.17 | 13.47 | % | ||||||||||||||
2004 | (3) | 21.65 | (0.49 | ) | 0.25 | (0.13 | ) | - | 21.28 | (1.14 | ) | ||||||||||||||||||||
2003 | (3) | 13.77 | (0.43 | ) | 8.31 | - | - | 21.65 | 57.23 | ||||||||||||||||||||||
2002 | 16.90 | (0.19 | ) | (2.91 | ) | - | (0.03 | ) | 13.77 | (18.42 | ) | ||||||||||||||||||||
2001 | (3) (7) | 16.34 | - | 0.56 | - | - | 16.90 | 3.43 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 21.74 | $ | (0.18 | ) | $ | 3.17 | $ | (2.95 | ) | $ | - | $ | 21.78 | 13.92 | % | ||||||||||||||
2004 | (3) (8) | 21.95 | (0.42 | ) | 0.34 | (0.13 | ) | - | 21.74 | (0.39 | ) | ||||||||||||||||||||
2003 | (3) | 13.86 | (0.28 | ) | 8.37 | - | - | 21.95 | 58.37 | ||||||||||||||||||||||
2002 | 16.89 | (0.26 | ) | (2.74 | ) | - | (0.03 | ) | 13.86 | (17.84 | ) | ||||||||||||||||||||
2001 | (3) (9) | 20.01 | (0.19 | ) | (2.93 | ) | - | - | 16.89 | (15.59 | ) | ||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 22.55 | $ | (0.15 | ) | $ | 3.27 | $ | (2.95 | ) | $ | - | $ | 22.72 | 13.98 | % | ||||||||||||||
2004 | (3) | 22.70 | (0.32 | ) | 0.30 | (0.13 | ) | - | 22.55 | (0.11 | ) | ||||||||||||||||||||
2003 | (3) | 14.30 | (0.25 | ) | 8.65 | - | - | 22.70 | 58.74 | ||||||||||||||||||||||
2002 | 17.38 | (0.25 | ) | (2.80 | ) | - | (0.03 | ) | 14.30 | (17.62 | ) | ||||||||||||||||||||
2001 | (3) (4) | 31.83 | (0.12 | ) | (5.33 | ) | (9.00 | ) | - | 17.38 | (21.35 | ) | |||||||||||||||||||
2000 | (5) | 22.06 | (0.31 | ) | 16.21 | (6.13 | ) | - | 31.83 | 87.90 | |||||||||||||||||||||
1999 | (5) | 12.49 | (0.19 | ) | 9.79 | (0.03 | ) | - | 22.06 | 77.06 |
(1) The financial highlights for the Small Cap Growth Opportunities Fund as set forth herein include the historical financial highlights of the Firstar Micro Cap Fund. The assets of the Firstar Fund were acquired by the First American Small Cap Growth Opportunities Fund on September 24, 2001. In connection with such acquisition, (i) Class A shares of the Firstar Micro Cap Fund were exchanged for Class A shares of the First American Small Cap Growth Opportunities 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 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 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 fiscal period ended October 31.
(6) Class of shares have been offered since March 1, 1999. All ratios for the period have been annualized, except total return and portfolio turnover.
(7) Class of shares have 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.
(9) Class of shares have been offered since December 11, 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
62
Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Loss to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Loss to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | ||||||||||||||||||||||||||||
Small Cap Growth Opportunities Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 88,287 | 1.93 | % | (1.53 | )% | 1.96 | % | (1.56 | )% | 90 | % | ||||||||||||||||||||
2004 | (3) | 101,031 | 1.93 | (1.42 | ) | 1.96 | (1.45 | ) | 178 | ||||||||||||||||||||||||
2003 | (3) | 81,999 | 1.93 | (1.63 | ) | 1.97 | (1.67 | ) | 137 | ||||||||||||||||||||||||
2002 | 44,834 | 1.93 | (1.53 | ) | 1.97 | (1.57 | ) | 123 | |||||||||||||||||||||||||
2001 | (3) (4) | 45,233 | 1.93 | (0.91 | ) | 1.99 | (0.97 | ) | 125 | ||||||||||||||||||||||||
2000 | (3) (5) | 43,031 | 1.96 | (1.31 | ) | 1.96 | (1.31 | ) | 179 | ||||||||||||||||||||||||
1999 | (5) | 21,988 | 2.01 | (1.43 | ) | 2.02 | (1.44 | ) | 200 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 9,091 | 2.68 | % | (2.28 | )% | 2.71 | % | (2.31 | )% | 90 | % | ||||||||||||||||||||
2004 | (3) | 9,063 | 2.68 | (2.16 | ) | 2.71 | (2.19 | ) | 178 | ||||||||||||||||||||||||
2003 | (3) | 6,441 | 2.68 | (2.38 | ) | 2.72 | (2.42 | ) | 137 | ||||||||||||||||||||||||
2002 | 3,779 | 2.68 | (2.28 | ) | 2.72 | (2.32 | ) | 123 | |||||||||||||||||||||||||
2001 | (3) (4) | 3,165 | 2.68 | (1.68 | ) | 2.74 | (1.74 | ) | 125 | ||||||||||||||||||||||||
2000 | (3) (5) | 2,136 | 2.71 | (2.06 | ) | 2.71 | (2.06 | ) | 179 | ||||||||||||||||||||||||
1999 | (3) (5) (6) | 140 | 2.78 | (2.36 | ) | 2.78 | (2.36 | ) | 200 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 3,778 | 2.68 | % | (2.28 | )% | 2.71 | % | (2.31 | )% | 90 | % | ||||||||||||||||||||
2004 | (3) | 4,669 | 2.68 | (2.07 | ) | 2.71 | (2.10 | ) | 178 | ||||||||||||||||||||||||
2003 | (3) | 1,529 | 2.68 | (2.38 | ) | 2.72 | (2.42 | ) | 137 | ||||||||||||||||||||||||
2002 | 260 | 2.68 | (2.31 | ) | 2.72 | (2.35 | ) | 123 | |||||||||||||||||||||||||
2001 | (3) (7) | 1 | 1.63 | (0.41 | ) | 1.76 | (0.54 | ) | 125 | ||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 9 | 2.18 | % | (1.64 | )% | 2.36 | % | (1.82 | )% | 90 | % | ||||||||||||||||||||
2004 | (3) (8) | 1 | 1.93 | (1.67 | ) | 1.96 | (1.70 | ) | 178 | ||||||||||||||||||||||||
2003 | (3) | 3,694 | 1.93 | (1.62 | ) | 1.97 | (1.66 | ) | 137 | ||||||||||||||||||||||||
2002 | 2,027 | 1.93 | (1.53 | ) | 1.97 | (1.57 | ) | 123 | |||||||||||||||||||||||||
2001 | (3) (9) | 2,014 | 1.94 | (1.06 | ) | 2.00 | (1.12 | ) | 125 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 202,440 | 1.68 | % | (1.28 | )% | 1.71 | % | (1.31 | )% | 90 | % | ||||||||||||||||||||
2004 | (3) | 224,432 | 1.68 | (1.25 | ) | 1.71 | (1.28 | ) | 178 | ||||||||||||||||||||||||
2003 | (3) | 382,389 | 1.68 | (1.38 | ) | 1.72 | (1.42 | ) | 137 | ||||||||||||||||||||||||
2002 | 208,439 | 1.68 | (1.28 | ) | 1.72 | (1.32 | ) | 123 | |||||||||||||||||||||||||
2001 | (3) (4) | 266,115 | 1.68 | (0.64 | ) | 1.74 | (0.70 | ) | 125 | ||||||||||||||||||||||||
2000 | (5) | 322,981 | 1.71 | (1.06 | ) | 1.71 | (1.06 | ) | 179 | ||||||||||||||||||||||||
1999 | (5) | 150,898 | 1.76 | (1.18 | ) | 1.77 | (1.19 | ) | 200 |
FIRST AMERICAN FUNDS Semiannual Report 2005
63
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 (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (9) | |||||||||||||||||||||||||
Small Cap Select Fund (1) | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (2) | $ | 15.95 | $ | (0.04 | ) | $ | 1.42 | $ | - | $ | (3.15 | ) | $ | 14.18 | 7.97 | % | ||||||||||||||
2004 | (3) | 14.52 | (0.12 | ) | 2.60 | - | (1.05 | ) | 15.95 | 17.64 | |||||||||||||||||||||
2003 | (3) | 10.68 | (0.09 | ) | 3.93 | - | - | 14.52 | 35.96 | ||||||||||||||||||||||
2002 | (3) | 11.97 | (0.10 | ) | (0.30 | ) | - | (0.89 | ) | 10.68 | (4.56 | ) | |||||||||||||||||||
2001 | (3) (4) | 17.60 | (0.03 | ) | (1.89 | ) | - | (3.71 | ) | 11.97 | (12.63 | ) | |||||||||||||||||||
2000 | (3) (5) | 13.84 | (0.10 | ) | 4.13 | (0.01 | ) | (0.26 | ) | 17.60 | 29.65 | ||||||||||||||||||||
1999 | (6) | 11.86 | (0.07 | ) | 2.10 | - | (0.05 | ) | 13.84 | 17.21 | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (2) | $ | 14.56 | $ | (0.09 | ) | $ | 1.30 | $ | - | $ | (3.15 | ) | $ | 12.62 | 7.52 | % | ||||||||||||||
2004 | (3) | 13.42 | (0.22 | ) | 2.41 | - | (1.05 | ) | 14.56 | 16.88 | |||||||||||||||||||||
2003 | (3) | 9.95 | (0.17 | ) | 3.64 | - | - | 13.42 | 34.88 | ||||||||||||||||||||||
2002 | (3) | 11.28 | (0.19 | ) | (0.25 | ) | - | (0.89 | ) | 9.95 | (5.23 | ) | |||||||||||||||||||
2001 | (3) (4) | 16.90 | (0.12 | ) | (1.79 | ) | - | (3.71 | ) | 11.28 | (13.21 | ) | |||||||||||||||||||
2000 | (3) (5) | 13.38 | (0.13 | ) | 3.92 | - | (0.27 | ) | 16.90 | 28.81 | |||||||||||||||||||||
1999 | (6) | 11.53 | (0.16 | ) | 2.06 | - | (0.05 | ) | 13.38 | 16.57 | |||||||||||||||||||||
Class C (3) | |||||||||||||||||||||||||||||||
2005 | (2) | $ | 15.60 | $ | (0.10 | ) | $ | 1.40 | $ | - | $ | (3.15 | ) | $ | 13.75 | 7.60 | % | ||||||||||||||
2004 | 14.32 | (0.24 | ) | 2.57 | - | (1.05 | ) | 15.60 | 16.79 | ||||||||||||||||||||||
2003 | 10.62 | (0.18 | ) | 3.88 | - | - | 14.32 | 34.84 | |||||||||||||||||||||||
2002 | 11.97 | (0.20 | ) | (0.26 | ) | - | (0.89 | ) | 10.62 | (5.09 | ) | ||||||||||||||||||||
2001 | (7) | 11.72 | - | 0.25 | - | - | 11.97 | 2.13 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
2005 | (2) | $ | 15.91 | $ | (0.06 | ) | $ | 1.42 | $ | - | $ | (3.15 | ) | $ | 14.12 | 7.86 | % | ||||||||||||||
2004 | (3) (8) | 14.49 | (0.13 | ) | 2.60 | - | (1.05 | ) | 15.91 | 17.60 | |||||||||||||||||||||
2003 | (3) | 10.66 | (0.09 | ) | 3.92 | - | - | 14.49 | 35.93 | ||||||||||||||||||||||
2002 | (3) | 11.94 | (0.10 | ) | (0.29 | ) | - | (0.89 | ) | 10.66 | (4.48 | ) | |||||||||||||||||||
2001 | (3) (4) | 17.55 | (0.01 | ) | (1.89 | ) | - | (3.71 | ) | 11.94 | (12.52 | ) | |||||||||||||||||||
2000 | (3) (5) | 13.80 | (0.01 | ) | 4.03 | (0.01 | ) | (0.26 | ) | 17.55 | 29.67 | ||||||||||||||||||||
1999 | (6) | 11.82 | (0.07 | ) | 2.10 | - | (0.05 | ) | 13.80 | 17.27 | |||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (2) | $ | 16.54 | $ | (0.02 | ) | $ | 1.47 | $ | - | $ | (3.15 | ) | $ | 14.84 | 8.12 | % | ||||||||||||||
2004 | (3) | 14.98 | (0.09 | ) | 2.70 | - | (1.05 | ) | 16.54 | 17.98 | |||||||||||||||||||||
2003 | (3) | 11.00 | (0.06 | ) | 4.04 | - | - | 14.98 | 36.18 | ||||||||||||||||||||||
2002 | (3) | 12.26 | (0.07 | ) | (0.30 | ) | - | (0.89 | ) | 11.00 | (4.19 | ) | |||||||||||||||||||
2001 | (3) (4) | 17.92 | - | (1.95 | ) | - | (3.71 | ) | 12.26 | (12.49 | ) | ||||||||||||||||||||
2000 | (3) (5) | 14.07 | 0.05 | 4.10 | (0.03 | ) | (0.27 | ) | 17.92 | 30.01 | |||||||||||||||||||||
1999 | (6) | 12.02 | (0.03 | ) | 2.13 | - | (0.05 | ) | 14.07 | 17.57 |
(1) The financial highlights for the Small Cap Select Fund as set forth herein include the historical financial highlights of the Firstar Small Cap Core Equity Fund. The assets of the Firstar Fund were acquired by the First American Small Cap Select Fund on September 24, 2001. In connection with such acquisition, (i) Class A shares of the Firstar 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 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 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) For the fiscal year ended November 30.
(7) Class of shares have 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.
(9) 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
64
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 (Loss) to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | ||||||||||||||||||||||||||||
Small Cap Select Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2005 | (2) | $ | 100,967 | 1.21 | % | (0.55 | )% | 1.25 | % | (0.59 | )% | 55 | % | ||||||||||||||||||||
2004 | (3) | 97,775 | 1.21 | (0.76 | ) | 1.24 | (0.79 | ) | 116 | ||||||||||||||||||||||||
2003 | (3) | 73,445 | 1.21 | (0.73 | ) | 1.25 | (0.77 | ) | 145 | ||||||||||||||||||||||||
2002 | (3) | 33,586 | 1.21 | (0.81 | ) | 1.25 | (0.85 | ) | 171 | ||||||||||||||||||||||||
2001 | (3) (4) | 17,351 | 1.19 | (0.24 | ) | 1.22 | (0.27 | ) | 204 | ||||||||||||||||||||||||
2000 | (3) (5) | 9,538 | 1.28 | (0.01 | ) | 1.39 | (0.12 | ) | 91 | ||||||||||||||||||||||||
1999 | (6) | 8,885 | 1.26 | (0.57 | ) | 1.36 | (0.67 | ) | 72 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2005 | (2) | $ | 13,569 | 1.96 | % | (1.30 | )% | 2.00 | % | (1.34 | )% | 55 | % | ||||||||||||||||||||
2004 | (3) | 13,050 | 1.96 | (1.51 | ) | 1.99 | (1.54 | ) | 116 | ||||||||||||||||||||||||
2003 | (3) | 11,541 | 1.96 | (1.48 | ) | 2.00 | (1.52 | ) | 145 | ||||||||||||||||||||||||
2002 | (3) | 4,613 | 1.96 | (1.56 | ) | 2.00 | (1.60 | ) | 171 | ||||||||||||||||||||||||
2001 | (3) (4) | 1,979 | 1.93 | (0.99 | ) | 1.97 | (1.03 | ) | 204 | ||||||||||||||||||||||||
2000 | (3) (5) | 1,331 | 1.98 | (0.71 | ) | 2.09 | (0.82 | ) | 91 | ||||||||||||||||||||||||
1999 | (6) | 1,094 | 1.96 | (1.27 | ) | 2.06 | (1.37 | ) | 72 | ||||||||||||||||||||||||
Class C (3) | |||||||||||||||||||||||||||||||||
2005 | (2) | $ | 14,545 | 1.96 | % | (1.30 | )% | 2.00 | % | (1.34 | )% | 55 | % | ||||||||||||||||||||
2004 | 13,841 | 1.96 | (1.50 | ) | 1.99 | (1.53 | ) | 116 | |||||||||||||||||||||||||
2003 | 11,128 | 1.96 | (1.47 | ) | 2.00 | (1.51 | ) | 145 | |||||||||||||||||||||||||
2002 | 3,096 | 1.96 | (1.61 | ) | 2.02 | (1.67 | ) | 171 | |||||||||||||||||||||||||
2001 | (7) | - | - | - | - | - | 204 | ||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||
2005 | (2) | $ | 37 | 1.46 | % | (0.78 | )% | 1.65 | % | (0.97 | )% | 55 | % | ||||||||||||||||||||
2004 | (3) (8) | 19 | 1.21 | (0.81 | ) | 1.24 | (0.84 | ) | 116 | ||||||||||||||||||||||||
2003 | (3) | 11,627 | 1.21 | (0.75 | ) | 1.25 | (0.79 | ) | 145 | ||||||||||||||||||||||||
2002 | (3) | 7,640 | 1.21 | (0.80 | ) | 1.25 | (0.84 | ) | 171 | ||||||||||||||||||||||||
2001 | (3) (4) | 3,721 | 1.07 | (0.05 | ) | 1.14 | (0.12 | ) | 204 | ||||||||||||||||||||||||
2000 | (3) (5) | 4,442 | 1.28 | (0.01 | ) | 1.39 | (0.12 | ) | 91 | ||||||||||||||||||||||||
1999 | (6) | 2,448 | 1.26 | (0.59 | ) | 1.36 | (0.69 | ) | 72 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2005 | (2) | $ | 700,575 | 0.96 | % | (0.30 | )% | 1.00 | % | (0.34 | )% | 55 | % | ||||||||||||||||||||
2004 | (3) | 770,981 | 0.96 | (0.52 | ) | 0.99 | (0.55 | ) | 116 | ||||||||||||||||||||||||
2003 | (3) | 1,024,146 | 0.96 | (0.48 | ) | 1.00 | (0.52 | ) | 145 | ||||||||||||||||||||||||
2002 | (3) | 403,027 | 0.96 | (0.55 | ) | 1.00 | (0.59 | ) | 171 | ||||||||||||||||||||||||
2001 | (3) (4) | 291,706 | 0.93 | 0.01 | 0.96 | (0.02 | ) | 204 | |||||||||||||||||||||||||
2000 | (3) (5) | 134,617 | 0.98 | 0.29 | 1.39 | (0.12 | ) | 91 | |||||||||||||||||||||||||
1999 | (6) | 111,643 | 0.96 | (0.26 | ) | 1.36 | (0.66 | ) | 72 |
FIRST AMERICAN FUNDS Semiannual Report 2005
65
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 (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (5) | |||||||||||||||||||||||||
Small Cap Value Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 16.84 | $ | 0.02 | $ | 1.69 | $ | (0.06 | ) | $ | (2.66 | ) | $ | 15.83 | 10.17 | % | ||||||||||||||
2004 | (1) | 14.28 | 0.03 | 3.13 | (0.04 | ) | (0.56 | ) | 16.84 | 22.70 | |||||||||||||||||||||
2003 | (1) | 11.26 | - | 3.02 | - | - | 14.28 | 26.86 | |||||||||||||||||||||||
2002 | (1) | 13.40 | (0.02 | ) | (0.13 | ) | - | (1.99 | ) | 11.26 | (2.19 | ) | |||||||||||||||||||
2001 | (1) | 17.09 | 0.02 | (0.97 | ) | (0.05 | ) | (2.69 | ) | 13.40 | (6.36 | ) | |||||||||||||||||||
2000 | 13.94 | (0.01 | ) | 3.23 | - | (0.07 | ) | 17.09 | 23.19 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 15.92 | $ | (0.04 | ) | $ | 1.59 | $ | (0.03 | ) | $ | (2.66 | ) | $ | 14.78 | 9.74 | % | |||||||||||||
2004 | (1) | 13.60 | (0.08 | ) | 2.96 | - | (0.56 | ) | 15.92 | 21.76 | |||||||||||||||||||||
2003 | (1) | 10.80 | (0.08 | ) | 2.88 | - | - | 13.60 | 25.93 | ||||||||||||||||||||||
2002 | (1) | 13.01 | (0.11 | ) | (0.11 | ) | - | (1.99 | ) | 10.80 | (2.91 | ) | |||||||||||||||||||
2001 | (1) | 16.76 | (0.09 | ) | (0.97 | ) | - | (2.69 | ) | 13.01 | (7.24 | ) | |||||||||||||||||||
2000 | 13.77 | (0.09 | ) | 3.15 | - | (0.07 | ) | 16.76 | 22.31 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 16.10 | $ | (0.04 | ) | $ | 1.61 | $ | (0.03 | ) | $ | (2.66 | ) | $ | 14.98 | 9.77 | % | |||||||||||||
2004 | (1) | 13.74 | (0.08 | ) | 3.00 | - | (0.56 | ) | 16.10 | 21.83 | |||||||||||||||||||||
2003 | (1) | 10.91 | (0.09 | ) | 2.92 | - | - | 13.74 | 25.94 | ||||||||||||||||||||||
2002 | (1) | 13.13 | (0.11 | ) | (0.12 | ) | - | (1.99 | ) | 10.91 | (2.96 | ) | |||||||||||||||||||
2001 | (1) | 16.88 | (0.10 | ) | (0.95 | ) | (0.01 | ) | (2.69 | ) | 13.13 | (7.08 | ) | ||||||||||||||||||
2000 | 13.87 | (0.06 | ) | 3.14 | - | (0.07 | ) | 16.88 | 22.29 | ||||||||||||||||||||||
Class R (1) | |||||||||||||||||||||||||||||||
2005 | (2) | $ | 16.83 | $ | - | $ | 1.69 | $ | (0.06 | ) | $ | (2.66 | ) | $ | 15.80 | 10.06 | % | ||||||||||||||
2004 | (3) | 14.27 | 0.03 | 3.12 | (0.03 | ) | (0.56 | ) | 16.83 | 22.69 | |||||||||||||||||||||
2003 | 11.26 | 0.01 | 3.01 | (0.01 | ) | - | 14.27 | 26.79 | |||||||||||||||||||||||
2002 | 13.40 | (0.01 | ) | (0.14 | ) | - | (1.99 | ) | 11.26 | (2.19 | ) | ||||||||||||||||||||
2001 | (4) | 12.84 | - | 0.56 | - | - | 13.40 | 4.36 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 17.05 | $ | 0.04 | $ | 1.71 | $ | (0.07 | ) | $ | (2.66 | ) | $ | 16.07 | 10.28 | % | ||||||||||||||
2004 | (1) | 14.44 | 0.08 | 3.16 | (0.07 | ) | (0.56 | ) | 17.05 | 23.02 | |||||||||||||||||||||
2003 | (1) | 11.38 | 0.03 | 3.05 | (0.02 | ) | - | 14.44 | 27.10 | ||||||||||||||||||||||
2002 | (1) | 13.48 | 0.02 | (0.12 | ) | (0.01 | ) | (1.99 | ) | 11.38 | (1.83 | ) | |||||||||||||||||||
2001 | (1) | 17.19 | 0.06 | (1.00 | ) | (0.08 | ) | (2.69 | ) | 13.48 | (6.25 | ) | |||||||||||||||||||
2000 | 13.98 | 0.02 | 3.26 | - | (0.07 | ) | 17.19 | 23.56 |
(1) Per share data calculated using average shares outstanding method.
(2) For the six months ended March 31, 2005 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
(3) Prior to July 1, 2004, Class R shares were named Class S shares.
(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) 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
66
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 46,651 | 1.23 | % | 0.23 | % | 1.25 | % | 0.21 | % | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
2004 | (1) | 43,192 | 1.23 | 0.21 | 1.25 | 0.19 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2003 | (1) | 32,416 | 1.23 | 0.02 | 1.25 | - | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2002 | (1) | 27,205 | 1.23 | (0.12 | ) | 1.26 | (0.15 | ) | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||
2001 | (1) | 34,292 | 1.15 | 0.11 | 1.15 | 0.11 | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2000 | 35,858 | 1.14 | (0.13 | ) | 1.16 | (0.15 | ) | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 9,674 | 1.98 | % | (0.52 | )% | 2.00 | % | (0.54 | )% | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
2004 | (1) | 9,901 | 1.98 | (0.51 | ) | 2.00 | (0.53 | ) | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||
2003 | (1) | 12,560 | 1.98 | (0.73 | ) | 2.00 | (0.75 | ) | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||
2002 | (1) | 12,008 | 1.98 | (0.87 | ) | 2.01 | (0.90 | ) | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||
2001 | (1) | 12,392 | 1.90 | (0.64 | ) | 1.90 | (0.64 | ) | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||
2000 | 13,646 | 1.88 | (0.89 | ) | 1.90 | (0.91 | ) | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 4,719 | 1.98 | % | (0.52 | )% | 2.00 | % | (0.54 | )% | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
2004 | (1) | 4,609 | 1.98 | (0.52 | ) | 2.00 | (0.54 | ) | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||
2003 | (1) | 4,354 | 1.98 | (0.74 | ) | 2.00 | (0.76 | ) | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||
2002 | (1) | 4,873 | 1.98 | (0.87 | ) | 2.01 | (0.90 | ) | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||
2001 | (1) | 4,547 | 1.90 | (0.65 | ) | 1.90 | (0.65 | ) | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||
2000 | 1,099 | 1.88 | (0.84 | ) | 1.91 | (0.87 | ) | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class R (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) | $ | 2 | 1.48 | % | 0.00 | % | 1.65 | % | (0.17 | )% | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
2004 | (3) | 1 | 1.23 | 0.22 | 1.25 | 0.20 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2003 | 1,351 | 1.23 | 0.04 | 1.25 | 0.02 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2002 | 424 | 1.24 | (0.11 | ) | 1.27 | (0.14 | ) | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||
2001 | (4) | - | - | - | - | - | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 361,229 | 0.98 | % | 0.48 | % | 1.00 | % | 0.46 | % | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
2004 | (1) | 367,774 | 0.98 | 0.50 | 1.00 | 0.48 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2003 | (1) | 428,846 | 0.98 | 0.27 | 1.00 | 0.25 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2002 | (1) | 368,092 | 0.98 | 0.13 | 1.01 | 0.10 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2001 | (1) | 434,097 | 0.90 | 0.37 | 0.90 | 0.37 | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2000 | 431,906 | 0.89 | 0.11 | 0.91 | 0.09 | 73 |
FIRST AMERICAN FUNDS Semiannual Report 2005
67
Schedule of Investments March 31, 2005 (unaudited)
Mid Cap Growth Opportunities Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 97.6% | |||||||||||
Consumer Discretionary – 17.8% | |||||||||||
Blockbuster, Cl A (a) | 316,630 | $ | 2,796 | ||||||||
Blockbuster, Cl B | 675,380 | 5,646 | |||||||||
Cheesecake Factory* (a) | 136,700 | 4,846 | |||||||||
Chico's FAS* (a) | 581,760 | 16,441 | |||||||||
Coldwater Creek* | 762,193 | 14,085 | |||||||||
Fortune Brands | 91,810 | 7,403 | |||||||||
Gaylord Entertainment* (a) | 587,650 | 23,741 | |||||||||
Harrah's Entertainment (a) | 268,480 | 17,338 | |||||||||
Hot Topic* (a) | 334,940 | 7,318 | |||||||||
Marriott International, Cl A (a) | 297,110 | 19,865 | |||||||||
Marvel Enterprises* (a) | 1,755,055 | 35,101 | |||||||||
P.F. Chang's China Bistro* (a) | 192,030 | 11,483 | |||||||||
Polaris Industries | 49,060 | 3,446 | |||||||||
Prestige Brand Holdings* | 235,420 | 4,155 | |||||||||
Royal Caribbean Cruises (a) | 324,430 | 14,499 | |||||||||
Scientific Games, Cl A* (a) | 1,075,830 | 24,583 | |||||||||
Station Casinos (a) | 256,620 | 17,335 | |||||||||
Univision Communications, Cl A* (a) | 633,260 | 17,535 | |||||||||
247,616 | |||||||||||
Consumer Staples – 3.2% | |||||||||||
Bunge Limited (a) | 383,770 | 20,678 | |||||||||
Corn Products International | 383,180 | 9,959 | |||||||||
Hershey Foods (a) | 238,340 | 14,410 | |||||||||
45,047 | |||||||||||
Energy – 8.1% | |||||||||||
Apache | 187,804 | 11,499 | |||||||||
ENSCO International | 225,310 | 8,485 | |||||||||
National-Oilwell* (a) | 601,020 | 28,068 | |||||||||
Newfield Exploration* | 241,510 | 17,935 | |||||||||
Premcor* (a) | 121,580 | 7,256 | |||||||||
Smith International* (a) | 93,670 | 5,876 | |||||||||
Weatherford International* (a) | 358,200 | 20,754 | |||||||||
XTO Energy (a) | 381,746 | 12,537 | |||||||||
112,410 | |||||||||||
Financials – 7.2% | |||||||||||
Ameritrade Holding* | 1,894,120 | 19,339 | |||||||||
Calamos Asset Management* | 285,970 | 7,698 | |||||||||
Chicago Mercantile Exchage (a) | 73,810 | 14,321 | |||||||||
Investors Financial Services (a) | 914,645 | 44,735 | |||||||||
Legg Mason (a) | 133,770 | 10,453 | |||||||||
optionsXpress Holdings* (a) | 190,200 | 3,079 | |||||||||
99,625 | |||||||||||
Health Care – 23.1% | |||||||||||
Aetna (a) | 472,640 | 35,424 | |||||||||
American Healthways* (a) | 639,990 | 21,132 | |||||||||
Biomet (a) | 164,540 | 5,973 | |||||||||
C.R Bard | 94,160 | 6,410 | |||||||||
Caremark Rx* (a) | 798,800 | 31,776 | |||||||||
DENTSPLY International | 271,020 | 14,746 | |||||||||
Fisher Scientific International* (a) | 670,790 | 38,181 | |||||||||
Genzyme* | 222,830 | 12,755 | |||||||||
PacifiCare Health Systems* (a) | 272,420 | 15,506 | |||||||||
PerkinElmer | 2,014,400 | 41,557 | |||||||||
Quest Diagnostics (a) | 297,390 | 31,265 | |||||||||
St. Jude Medical* | 180,330 | 6,492 |
Mid Cap Growth Opportunities Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Thermo Electron* | 1,110,980 | $ | 28,097 | ||||||||
Triad Hospitals* (a) | 167,295 | 8,381 | |||||||||
WellPoint Health Networks* | 71,920 | 9,015 | |||||||||
Zimmer Holdings* (a) | 198,780 | 15,467 | |||||||||
322,177 | |||||||||||
Industrials – 10.8% | |||||||||||
Dun & Bradstreet* (a) | 630,490 | 38,744 | |||||||||
L-3 Communications Holdings (a) | 473,730 | 33,644 | |||||||||
MSC Industrial Direct | 176,530 | 5,395 | |||||||||
Pentair | 347,170 | 13,540 | |||||||||
Power-One* | 1,467,460 | 7,132 | |||||||||
Republic Services | 629,875 | 21,088 | |||||||||
Stericycle* (a) | 423,830 | 18,733 | |||||||||
UTI Worldwide (a) | 184,540 | 12,816 | |||||||||
151,092 | |||||||||||
Information Technology – 26.3% (b) | |||||||||||
Adobe Systems (a) | 515,750 | 34,643 | |||||||||
Altera* (a) | 749,780 | 14,831 | |||||||||
Amphenol, Cl A* | 301,180 | 11,156 | |||||||||
Apple Computer* | 661,220 | 27,553 | |||||||||
Autodesk | 346,470 | 10,311 | |||||||||
Avaya* | 1,042,410 | 12,175 | |||||||||
CDW (a) | 236,615 | 13,411 | |||||||||
Cognizant Technology Solutions* | 259,950 | 12,010 | |||||||||
Cypress Semiconductor* (a) | 697,280 | 8,786 | |||||||||
Fairchild Semiconductor International, Cl A* (a) | 250,560 | 3,841 | |||||||||
Hyperion Solutions* (a) | 287,920 | 12,700 | |||||||||
iVillage* | 1,010,114 | 6,152 | |||||||||
Juniper Networks* (a) | 304,627 | 6,720 | |||||||||
Lam Research* (a) | 233,360 | 6,735 | |||||||||
Linear Technology (a) | 409,160 | 15,675 | |||||||||
Macromedia* (a) | 204,940 | 6,866 | |||||||||
Marvell Technology Group* (a) | 307,890 | 11,805 | |||||||||
MEMC Electronic Materials* | 921,950 | 12,400 | |||||||||
Microchip Technology | 347,060 | 9,027 | |||||||||
NCR* (a) | 2,079,700 | 70,169 | |||||||||
Research in Motion* (a) | 301,940 | 23,074 | |||||||||
Silicon Image* | 267,230 | 2,688 | |||||||||
TIBCO Software* | 588,780 | 4,386 | |||||||||
VeriSign* (a) | 663,350 | 19,038 | |||||||||
VERITAS Software* (a) | 428,280 | 9,945 | |||||||||
366,097 | |||||||||||
Materials – 1.1% | |||||||||||
Freeport-McMoran Copper & Gold, Cl B (a) | 221,560 | 8,776 | |||||||||
Pactiv* (a) | 289,590 | 6,762 | |||||||||
15,538 | |||||||||||
Total Common Stocks (Cost $1,136,559) | 1,359,602 | ||||||||||
Affiliated Money Market Fund – 2.4% | |||||||||||
First American Prime Obligations Fund, Cl Z (c) | 33,667,465 | 33,667 | |||||||||
Total Affiliated Money Market Fund (Cost $33,667) | 33,667 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 47.6% | |||||||||||
Commercial Paper – 11.0% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 2,407 | 2,407 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
68
Mid Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Cable Beach 2.642%, 4/11/05 | $ | 6,017 | $ | 6,012 | |||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 5,777 | 5,777 | |||||||||
2.750%, 4/07/06 | 18,052 | 18,052 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 6,017 | 6,017 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 3,057 | 3,056 | |||||||||
2.823%, 4/11/05 | 8,433 | 8,426 | |||||||||
2.833%, 4/15/05 | 3,610 | 3,610 | |||||||||
Independence 2.880%, 10/17/05 | 7,136 | 7,136 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 6,017 | 6,015 | |||||||||
2.728%, 5/02/05 | 6,017 | 6,002 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 9,628 | 9,628 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 6,619 | 6,619 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 6,017 | 6,017 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 12,034 | 12,014 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 12,035 | 12,035 | |||||||||
2.393%, 9/09/05 | 3,610 | 3,610 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 2,648 | 2,648 | |||||||||
2.827%, 1/06/06 | 12,101 | 12,101 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 361 | 361 | |||||||||
2.945%, 5/17/05 | 842 | 842 | |||||||||
2.945%, 5/17/05 | 1,203 | 1,203 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 8,424 | 8,424 | |||||||||
2.756%, 4/07/05 | 6,017 | 6,014 | |||||||||
Total Commercial Paper | 154,026 | ||||||||||
Corporate Obligations – 12.8% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 3,009 | 3,009 | |||||||||
2.860%, 10/14/05 | 12,035 | 12,035 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 5,416 | 5,416 | |||||||||
2.840%, 6/24/05 | 6,017 | 6,018 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 3,370 | 3,370 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 3,610 | 3,610 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 6,017 | 6,017 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 6,016 | 6,016 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 7,281 | 7,281 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 6,017 | 6,025 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 6,017 | 6,017 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 6,017 | 6,017 |
Mid Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | $ | 3,009 | $ | 3,005 | |||||||
Liquid Funding 2.850%, 6/28/05 | 5,416 | 5,416 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 12,035 | 12,038 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 7,221 | 7,222 | |||||||||
2.890%, 4/28/08 | 5,055 | 5,056 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 6,017 | 6,018 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 1,805 | 1,805 | |||||||||
2.955%, 7/12/05 | 6,619 | 6,619 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 3,610 | 3,610 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 5,520 | 5,511 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 3,370 | 3,370 | |||||||||
2.760%, 7/01/05 | 17,931 | 17,931 | |||||||||
2.820%, 10/14/05 | 4,814 | 4,814 | |||||||||
REMAC 1.867%, 9/29/05 | 6,180 | 6,206 | |||||||||
RMAC 2.790%, 6/12/05 | 6,126 | 6,126 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 6,600 | 6,601 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 6,017 | 6,016 | |||||||||
Total Corporate Obligations | 178,195 | ||||||||||
Money Market Funds – 0.3% | |||||||||||
Merrill Lynch Premier Institutional Fund | 4,858,941 | 4,859 | |||||||||
Total Money Market Funds | 4,859 | ||||||||||
Other Short-Term Investments – 3.5% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 18,052 | 18,052 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (d) | 6,076 | 6,076 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 2,407 | 2,407 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 6,619 | 6,622 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 15,645 | 15,645 | |||||||||
Total Other Short-Term Investments | 48,802 | ||||||||||
Repurchase Agreements – 20.0% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $12,035,562 (collateralized by various securities: Total market value $12,351,432) | 12,035 | 12,035 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $3,616,894 (collateralized by commercial loans: Total market value $3,698,647) | 3,610 | 3,610 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $24,071,043 (collateralized by various securities: Total market value $25,897,271) | 24,069 | 24,069 |
FIRST AMERICAN FUNDS Semiannual Report 2005
69
Schedule of Investments March 31, 2005 (unaudited)
Mid Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $30,088,783 (collateralized by collateralized U.S. government securities: Total market value $30,688,346) | $ | 30,086 | $ | 30,086 | |||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,407,105 (collateralized by collateralized mortgage obligations: Total market value $2,527,735) | 2,407 | 2,407 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,407,105 (collateralized by collateralized mortgage obligations: Total market value $2,527,586) | 2,407 | 2,407 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,407,105 (collateralized by collateralized mortgage obligations: Total market value $2,527,341) | 2,407 | 2,407 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,203,552 (collateralized by collateralized mortgage obligations: Total market value $1,263,867) | 1,204 | 1,204 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,203,552 (collateralized by collateralized mortgage obligations: Total market value $1,263,867) | 1,203 | 1,203 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $30,088,887 (collateralized by mortgage loans: Total market value $30,700,383) | 30,086 | 30,086 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $27,079,999 (collateralized by mortgage loans: Total market value $27,630,359) | 27,078 | 27,078 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $6,020,165 (collateralized by mortgage loans: Total market value $6,140,145) | 6,017 | 6,017 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $24,071,050 (collateralized by collateralized mortgage obligations: Total market value $26,469,527) | 24,069 | 24,069 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $18,053,347 (collateralized by mortgage loans: Total market value $18,412,852) | 18,052 | 18,052 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $2,046,043 (collateralized by corporate securities: Total market value $2,250,613) | 2,046 | 2,046 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $18,053,282 (collateralized by corporate securities: Total market value $18,954,786) | 18,052 | 18,052 |
Mid Cap Growth Opportunities Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $15,044,414 (collateralized by corporate securities: Total market value $15,795,791) | $ | 15,043 | $ | 15,043 | |||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $12,035,521 (collateralized by corporate securities: Total market value $12,636,851) | 12,035 | 12,035 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $9,026,649 (collateralized by corporate securities: Total market value $9,477,671) | 9,026 | 9,026 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $2,407,106 (collateralized by corporate securities: Total market value $2,527,566) | 2,407 | 2,407 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $34,903,003 (collateralized by U.S. government securities: Total market value $35,632,953) | 34,900 | 34,900 | |||||||||
Total Repurchase Agreements | 278,239 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $664,121) | 664,121 | ||||||||||
Total Investments – 147.6% (Cost $1,834,347) | 2,057,390 | ||||||||||
Other Assets and Liabilities, Net – (47.6)% | (663,672 | ) | |||||||||
Total Net Assets – 100.0% | $ | 1,393,718 |
* 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 $644,121,843 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) The fund is significantly invested in this industry sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
(c) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(d) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.
Cl – Class
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
70
Mid Cap Value Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 98.3% | |||||||||||
Consumer Discretionary – 15.8% | |||||||||||
Abercrombie & Fitch (a) | 102,100 | $ | 5,844 | ||||||||
Black & Decker (a) | 82,150 | 6,489 | |||||||||
BorgWarner (a) | 133,700 | 6,509 | |||||||||
Eastman Kodak (a) | 205,550 | 6,691 | |||||||||
Federated Department Stores (a) | 152,010 | 9,674 | |||||||||
Fortune Brands | 45,830 | 3,695 | |||||||||
Harrah's Entertainment (a) | 88,500 | 5,715 | |||||||||
Hearst-Argyle Television | 126,330 | 3,221 | |||||||||
Hilton Hotels | 274,800 | 6,142 | |||||||||
Lennar (a) | 122,930 | 6,968 | |||||||||
Liz Claiborne (a) | 168,850 | 6,776 | |||||||||
Nordstrom (a) | 151,820 | 8,408 | |||||||||
Sears Holdings* | 31,450 | 4,188 | |||||||||
Sherwin Williams (a) | 241,620 | 10,629 | |||||||||
90,949 | |||||||||||
Consumer Staples – 4.9% | |||||||||||
Bunge Limited (a) | 113,050 | 6,091 | |||||||||
Clorox (a) | 160,610 | 10,117 | |||||||||
Pilgrim's Pride (a) | 212,690 | 7,597 | |||||||||
Smithfield Foods* (a) | 141,140 | 4,453 | |||||||||
28,258 | |||||||||||
Energy – 10.2% | |||||||||||
Ashland | 111,470 | 7,521 | |||||||||
EOG Resources (a) | 135,940 | 6,626 | |||||||||
GlobalSantaFe (a) | 120,230 | 4,453 | |||||||||
National-Oilwell* (a) | 270,220 | 12,619 | |||||||||
Newfield Exploration* | 127,540 | 9,471 | |||||||||
Unocal | 74,370 | 4,588 | |||||||||
Valero Energy | 140,800 | 10,316 | |||||||||
Williams (a) | 167,610 | 3,153 | |||||||||
58,747 | |||||||||||
Financials – 21.5% | |||||||||||
ACE | 217,330 | 8,969 | |||||||||
Ambac Financial Group | 66,390 | 4,963 | |||||||||
Boston Properties (REIT) (a) | 106,570 | 6,419 | |||||||||
City National (a) | 68,280 | 4,767 | |||||||||
Developers Diversified Realty (REIT) (a) | 160,550 | 6,382 | |||||||||
E*TRADE Financial* | 436,840 | 5,242 | |||||||||
Equity Office Properties Trust (REIT) | 190,430 | 5,738 | |||||||||
Genworth Financial (a) | 311,050 | 8,560 | |||||||||
Lincoln National | 142,920 | 6,451 | |||||||||
Marshall & Ilsley (a) | 229,110 | 9,565 | |||||||||
MGIC Investment (a) | 116,750 | 7,200 | |||||||||
North Fork Bancorp | 382,279 | 10,604 | |||||||||
Northern Trust (a) | 237,370 | 10,311 | |||||||||
Prologis | 130,490 | 4,841 | |||||||||
SAFECO (a) | 92,080 | 4,485 | |||||||||
Simon Property Group (REIT) (a) | 86,254 | 5,225 | |||||||||
Synovus Financial (a) | 247,680 | 6,900 | |||||||||
W.R. Berkley | 148,315 | 7,356 | |||||||||
123,978 | |||||||||||
Health Care – 4.8% | |||||||||||
CIGNA | 58,980 | 5,267 | |||||||||
Community Health Systems* | 279,170 | 9,746 |
Mid Cap Value Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Medco Health Solutions* (a) | 149,400 | $ | 7,406 | ||||||||
PerkinElmer | 245,090 | 5,056 | |||||||||
27,475 | |||||||||||
Industrials – 9.4% | |||||||||||
American Standard* | 222,820 | 10,357 | |||||||||
Burlington Northern Santa Fe | 119,320 | 6,435 | |||||||||
Canadian National Railway | 69,190 | 4,380 | |||||||||
Cooper Industries | 84,700 | 6,058 | |||||||||
Eaton | 165,180 | 10,803 | |||||||||
Joy Global | 200,235 | 7,020 | |||||||||
Republic Services | 264,420 | 8,853 | |||||||||
53,906 | |||||||||||
Information Technology – 9.8% | |||||||||||
Amphenol, Cl A* | 212,140 | 7,858 | |||||||||
Avaya* | 346,730 | 4,050 | |||||||||
Computer Sciences* (a) | 131,020 | 6,007 | |||||||||
Convergys* (a) | 280,560 | 4,189 | |||||||||
Fairchild Semiconductor International, Cl A* (a) | 349,250 | 5,354 | |||||||||
Harris | 160,100 | 5,227 | |||||||||
National Semiconductor (a) | 350,350 | 7,221 | |||||||||
NCR* | 312,510 | 10,544 | |||||||||
Xerox* (a) | 409,560 | 6,205 | |||||||||
56,655 | |||||||||||
Materials – 10.6% | |||||||||||
Bemis | 243,040 | 7,563 | |||||||||
Bowater (a) | 127,390 | 4,799 | |||||||||
Cytec Industries | 165,000 | 8,951 | |||||||||
Freeport-McMoran Copper & Gold, Cl B | 117,330 | 4,647 | |||||||||
Lyondell Chemical (a) | 289,980 | 8,096 | |||||||||
MeadWestvaco | 242,260 | 7,709 | |||||||||
Phelps Dodge (a) | 89,520 | 9,107 | |||||||||
Rohm & Haas (a) | 101,020 | 4,849 | |||||||||
Temple-Inland | 73,850 | 5,358 | |||||||||
61,079 | |||||||||||
Utilities – 11.3% | |||||||||||
Alliant Energy | 207,020 | 5,544 | |||||||||
Constellation Energy | 207,650 | 10,736 | |||||||||
DPL | 276,520 | 6,913 | |||||||||
DTE Energy (a) | 160,490 | 7,299 | |||||||||
Entergy | 78,200 | 5,526 | |||||||||
PG&E* (a) | 275,600 | 9,398 | |||||||||
PPL (a) | 144,870 | 7,822 | |||||||||
Sempra Energy (a) | 129,270 | 5,150 | |||||||||
TXU (a) | 84,580 | 6,735 | |||||||||
65,123 | |||||||||||
Total Common Stocks (Cost $460,622) | 566,170 | ||||||||||
Affiliated Money Market Fund – 2.2% | |||||||||||
First American Prime Obligations Fund, Cl Z (b) | 12,766,818 | 12,767 | |||||||||
Total Affiliated Money Market Fund (Cost $12,767) | 12,767 |
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Schedule of Investments March 31, 2005 (unaudited)
Mid Cap Value Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Investments Purchased with Proceeds from Securities Lending – 41.3% | |||||||||||
Commercial Paper – 9.6% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 863 | $ | 863 | |||||||
Cable Beach 2.642%, 4/11/05 | 2,157 | 2,156 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 2,071 | 2,071 | |||||||||
2.750%, 4/07/06 | 6,472 | 6,472 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 2,157 | 2,157 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 1,096 | 1,096 | |||||||||
2.823%, 4/11/05 | 3,024 | 3,021 | |||||||||
2.833%, 4/15/05 | 1,294 | 1,294 | |||||||||
Independence 2.880%, 10/17/05 | 2,559 | 2,559 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 2,157 | 2,157 | |||||||||
2.728%, 5/02/05 | 2,157 | 2,152 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 3,452 | 3,452 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 2,373 | 2,373 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 2,157 | 2,157 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 4,315 | 4,307 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 4,315 | 4,315 | |||||||||
2.393%, 9/09/05 | 1,294 | 1,294 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 949 | 949 | |||||||||
2.827%, 1/06/06 | 4,338 | 4,338 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 130 | 130 | |||||||||
2.945%, 5/17/05 | 302 | 302 | |||||||||
2.945%, 5/17/05 | 432 | 432 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 3,020 | 3,020 | |||||||||
2.756%, 4/07/05 | 2,157 | 2,156 | |||||||||
Total Commercial Paper | 55,223 | ||||||||||
Corporate Obligations – 11.1% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 1,079 | 1,079 | |||||||||
2.860%, 10/14/05 | 4,315 | 4,315 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 1,942 | 1,942 | |||||||||
2.840%, 6/24/05 | 2,157 | 2,158 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 1,208 | 1,208 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 1,294 | 1,294 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 2,157 | 2,157 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 2,157 | 2,157 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 2,610 | 2,610 |
Mid Cap Value Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | $ | 2,157 | $ | 2,160 | |||||||
Jackson National Life 2.810%, 4/15/05 | 2,157 | 2,157 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 2,157 | 2,157 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 1,079 | 1,078 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 1,942 | 1,942 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 4,315 | 4,316 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 2,589 | 2,589 | |||||||||
2.890%, 4/28/08 | 1,812 | 1,813 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 2,157 | 2,158 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 647 | 647 | |||||||||
2.955%, 7/12/05 | 2,373 | 2,373 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 1,294 | 1,294 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 1,979 | 1,976 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 1,208 | 1,208 | |||||||||
2.760%, 7/01/05 | 6,429 | 6,429 | |||||||||
2.820%, 10/14/05 | 1,726 | 1,726 | |||||||||
REMAC 1.867%, 9/29/05 | 2,216 | 2,225 | |||||||||
RMAC 2.790%, 6/12/05 | 2,196 | 2,196 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 2,366 | 2,367 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 2,157 | 2,157 | |||||||||
Total Corporate Obligations | 63,888 | ||||||||||
Money Market Funds – 0.3% | |||||||||||
Merrill Lynch Premier Institutional Fund | 1,742,073 | 1,742 | |||||||||
Total Money Market Funds | 1,742 | ||||||||||
Other Short-Term Investments – 3.0% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 6,472 | 6,472 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (c) | 2,179 | 2,179 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 863 | 863 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 2,373 | 2,374 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 5,609 | 5,609 | |||||||||
Total Other Short-Term Investments | 17,497 | ||||||||||
Repurchase Agreements – 17.3% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $4,315,103 (collateralized by various securities: Total market value $4,428,352) | 4,315 | 4,315 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
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Mid Cap Value Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $1,296,763 (collateralized by commercial loans: Total market value $1,326,074) | $ | 1,294 | $ | 1,294 | |||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $8,630,177 (collateralized by various securities: Total market value $9,284,933) | 8,630 | 8,630 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $10,787,713 (collateralized by collateralized U.S. government securities: Total market value $11,002,674) | 10,787 | 10,787 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $863,018 (collateralized by collateralized mortgage obligations: Total market value $906,267) | 863 | 863 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $863,018 (collateralized by collateralized mortgage obligations: Total market value $906,214) | 863 | 863 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $863,018 (collateralized by collateralized mortgage obligations: Total market value $906,126) | 863 | 863 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $431,509 (collateralized by collateralized mortgage obligations: Total market value $453,134) | 432 | 432 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $431,509 (collateralized by collateralized mortgage obligations: Total market value $453,134) | 431 | 431 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $10,787,751 (collateralized by mortgage loans: Total market value $11,006,990) | 10,787 | 10,787 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $9,708,976 (collateralized by mortgage loans: Total market value $9,906,296) | 9,708 | 9,708 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $2,158,406 (collateralized by mortgage loans: Total market value $2,201,422) | 2,157 | 2,157 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $8,630,179 (collateralized by collateralized mortgage obligations: Total market value $9,490,104) | 8,629 | 8,629 |
Mid Cap Value Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $6,472,656 (collateralized by mortgage loans: Total market value $6,601,549) | $ | 6,472 | $ | 6,472 | |||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $733,567 (collateralized by corporate securities: Total market value $806,911) | 734 | 734 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $6,472,632 (collateralized by corporate securities: Total market value $6,795,848) | 6,472 | 6,472 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $5,393,865 (collateralized by corporate securities: Total market value $5,663,256) | 5,393 | 5,393 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $4,315,088 (collateralized by corporate securities: Total market value $4,530,683) | 4,315 | 4,315 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,236,319 (collateralized by corporate securities: Total market value $3,398,024) | 3,236 | 3,236 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $863,018 (collateralized by corporate securities: Total market value $906,207) | 863 | 863 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $12,513,753 (collateralized by U.S. government securities: Total market value $12,775,461) | 12,513 | 12,513 | |||||||||
Total Repurchase Agreements | 99,757 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $238,107) | 238,107 | ||||||||||
Total Investments – 141.8% (Cost $711,496) | 817,044 | ||||||||||
Other Assets and Liabilities, Net – (41.8)% | (241,170 | ) | |||||||||
Total Net Assets – 100.0% | $ | 575,874 |
* 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 $232,390,368 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) 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.
(c) 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
FIRST AMERICAN FUNDS Semiannual Report 2005
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Statements of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except for per share data
Mid Cap Growth Opportunities Fund | Mid Cap Value Fund | ||||||||||
ASSETS: | |||||||||||
Investments in unaffiliated securities, at value*+ | $ | 1,745,484 | $ | 704,520 | |||||||
Investments in affiliated money market fund, at value** | 33,667 | 12,767 | |||||||||
Repurchase agreements, at value*** | 278,239 | 99,757 | |||||||||
Cash**** | 2,956 | 475 | |||||||||
Receivable for dividends and interest | 273 | 1,024 | |||||||||
Receivable for investment securities sold | 7,737 | 22,884 | |||||||||
Receivable for capital shares sold | 1,408 | 844 | |||||||||
Prepaid expenses and other assets | 45 | 30 | |||||||||
Total assets | 2,069,809 | 842,301 | |||||||||
LIABILITIES: | |||||||||||
Payable for capital shares redeemed | 8,938 | 771 | |||||||||
Payable upon return of securities loaned | 665,328 | 238,540 | |||||||||
Payable for investment securities purchased | 616 | 26,643 | |||||||||
Payable for advisory, co-administration, and custodian fees | 1,136 | 452 | |||||||||
Payable for distribution and shareholder servicing fees | 66 | 19 | |||||||||
Accrued expenses and other liabilities | 7 | 2 | |||||||||
Total liabilities | 676,091 | 266,427 | |||||||||
Net assets | $ | 1,393,718 | $ | 575,874 | |||||||
COMPOSITION OF NET ASSETS: | |||||||||||
Portfolio capital | $ | 1,121,205 | $ | 482,757 | |||||||
Undistributed (distributions in excess of) net investment income | (3,654 | ) | 388 | ||||||||
Accumulated net realized gain (loss) on investments | 53,124 | (12,819 | ) | ||||||||
Net unrealized appreciation of investments | 223,043 | 105,548 | |||||||||
Net assets | $ | 1,393,718 | $ | 575,874 | |||||||
* Investments in unaffiliated securities, at cost | $ | 1,522,441 | $ | 598,972 | |||||||
** Investments in affiliated money market fund, at cost | $ | 33,667 | $ | 12,767 | |||||||
*** Investments in repurchase agreements, at cost | $ | 278,239 | $ | 99,757 | |||||||
**** Includes cash related to securities loaned | $ | 1,207 | $ | 433 | |||||||
+ Including securities loaned, at value | $ | 644,122 | $ | 232,390 | |||||||
Class A: | |||||||||||
Net assets | $ | 198,038 | $ | 29,775 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 5,248 | 1,293 | |||||||||
Net asset value and redemption price per share | $ | 37.73 | $ | 23.02 | |||||||
Maximum offering price per share (1) | $ | 39.93 | $ | 24.36 | |||||||
Class B: | |||||||||||
Net assets | $ | 13,176 | $ | 10,280 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 372 | 464 | |||||||||
Net asset value, offering price and redemption price per share (2) | $ | 35.44 | $ | 22.18 | |||||||
Class C: | |||||||||||
Net assets | $ | 14,143 | $ | 4,164 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 386 | 184 | |||||||||
Net asset value, offering price and redemption price per share (2) | $ | 36.68 | $ | 22.62 | |||||||
Class R: | |||||||||||
Net assets | $ | 495 | $ | 52 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 13 | 2 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 37.65 | $ | 22.99 | |||||||
Class Y: | |||||||||||
Net assets | $ | 1,167,866 | $ | 531,603 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 29,654 | 23,006 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 39.38 | $ | 23.11 |
(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 contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
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Statements of Operations For the six months ended March 31, 2005 (unaudited), in thousands
Mid Cap Growth Opportunities Fund | Mid Cap Value Fund | ||||||||||
INVESTMENT INCOME: | |||||||||||
Dividends from affiliated money market fund | $ | 2,919 | $ | 4,420 | |||||||
Dividends from unaffiliated securities | 277 | 104 | |||||||||
Less: Foreign taxes withheld | (5 | ) | (4 | ) | |||||||
Securities lending | 210 | 65 | |||||||||
Other income | 21 | 6 | |||||||||
Total investment income | 3,422 | 4,591 | |||||||||
EXPENSES: | |||||||||||
Investment advisory fees | 4,942 | 1,871 | |||||||||
Co-administration fees and expenses (including transfer agency fees) | 1,875 | 704 | |||||||||
Custodian fees | 71 | 27 | |||||||||
Directors' fees | 16 | 6 | |||||||||
Registration fees | 21 | 24 | |||||||||
Professional fees | 34 | 14 | |||||||||
Printing | 15 | 5 | |||||||||
Other | 17 | 6 | |||||||||
Distribution and shareholder servicing fees – Class A | 236 | 39 | |||||||||
Distribution and shareholder servicing fees – Class B | 61 | 51 | |||||||||
Distribution and shareholder servicing fees – Class C | 69 | 19 | |||||||||
Distribution and shareholder servicing fees – Class R (1) | - | - | |||||||||
Total expenses | 7,357 | 2,766 | |||||||||
Less: Fee waivers | (283 | ) | (118 | ) | |||||||
Total net expenses | 7,074 | 2,648 | |||||||||
Investment income (loss) – net | (3,652 | ) | 1,943 | ||||||||
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET: | |||||||||||
Net realized gain on investments | 128,093 | 45,549 | |||||||||
Net change in unrealized appreciation or depreciation of investments | 71,197 | 24,842 | |||||||||
Net gain on investments | 199,290 | 70,391 | |||||||||
Net increase in net assets resulting from operations | $ | 195,638 | $ | 72,334 |
(1) For the period 10/1/04 to 3/31/05 due to the presentation of the financial statements in thousands, the numbers round to zero.
The accompanying notes are an integral part of the financial statements.
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Statements of Changes in Net Assets in thousands
Mid Cap Growth Opportunities Fund | Mid Cap Value 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 | ||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income (loss) – net | $ | (3,652 | ) | $ | (8,420 | ) | $ | 1,943 | $ | 2,640 | |||||||||
Net realized gain on investments | 128,093 | 222,462 | 45,549 | 47,402 | |||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 71,197 | 10,165 | 24,842 | 37,910 | |||||||||||||||
Net increase in net assets resulting from operations | 195,638 | 224,207 | 72,334 | 87,952 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | - | - | (62 | ) | (65 | ) | |||||||||||||
Class B | - | - | (1 | ) | (4 | ) | |||||||||||||
Class C | - | - | - | (1 | ) | ||||||||||||||
Class R | - | - | - | (3 | ) | ||||||||||||||
Class Y | - | - | (1,645 | ) | (2,029 | ) | |||||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | (26,788 | ) | (4,797 | ) | - | - | |||||||||||||
Class B | (1,832 | ) | (306 | ) | - | - | |||||||||||||
Class C | (2,008 | ) | (393 | ) | - | - | |||||||||||||
Class R | (2 | ) | (322 | ) | - | - | |||||||||||||
Class Y | (164,469 | ) | (34,963 | ) | - | - | |||||||||||||
Tax return of capital: | |||||||||||||||||||
Class A | - | - | - | (2 | ) | ||||||||||||||
Class B (1) | - | - | - | - | |||||||||||||||
Class C (1) | - | - | - | - | |||||||||||||||
Class R (1) | - | - | - | - | |||||||||||||||
Class Y | - | - | - | (55 | ) | ||||||||||||||
Total distributions | (195,099 | ) | (40,781 | ) | (1,708 | ) | (2,159 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS (2): | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 20,025 | 29,575 | 4,897 | 13,198 | |||||||||||||||
Reinvestment of distributions | 25,759 | 4,705 | 60 | 65 | |||||||||||||||
Payments for redemptions | (19,341 | ) | (35,852 | ) | (8,086 | ) | (5,352 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | 26,443 | (1,572 | ) | (3,129 | ) | 7,911 | |||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | 1,724 | 2,328 | 661 | 1,051 | |||||||||||||||
Reinvestment of distributions | 1,767 | 291 | 1 | 4 | |||||||||||||||
Payments for redemptions | (1,000 | ) | (1,842 | ) | (1,697 | ) | (3,446 | ) | |||||||||||
Increase (decrease) in net assets from Class B transactions | 2,491 | 777 | (1,035 | ) | (2,391 | ) | |||||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | 1,827 | 1,776 | 708 | 1,189 | |||||||||||||||
Reinvestment of distributions | 2,000 | 392 | - | 1 | |||||||||||||||
Payments for redemptions | (1,793 | ) | (4,056 | ) | (374 | ) | (1,405 | ) | |||||||||||
Increase (decrease) in net assets from Class C transactions | 2,034 | (1,888 | ) | 334 | (215 | ) | |||||||||||||
Class R: | |||||||||||||||||||
Proceeds from sales | 538 | 1,017 | 51 | 776 | |||||||||||||||
Reinvestment of distributions | 2 | 285 | - | 2 | |||||||||||||||
Payments for redemptions | (34 | ) | (13,131 | ) | - | (1,919 | ) | ||||||||||||
Increase (decrease) in net assets from Class R transactions | 506 | (11,829 | ) | 51 | (1,141 | ) | |||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 92,768 | 142,884 | 77,879 | 101,305 | |||||||||||||||
Reinvestment of distributions | 131,611 | 29,145 | 1,066 | 1,435 | |||||||||||||||
Payments for redemptions | (227,661 | ) | (316,100 | ) | (45,629 | ) | (79,863 | ) | |||||||||||
Increase (decrease) in net assets from Class Y transactions | (3,282 | ) | (144,071 | ) | 33,316 | 22,877 | |||||||||||||
Increase (decrease) in net assets from capital share transactions | 28,192 | (158,583 | ) | 29,537 | 27,041 | ||||||||||||||
Total increase in net assets | 28,731 | 24,843 | 100,163 | 112,834 | |||||||||||||||
Net assets at beginning of period | 1,364,987 | 1,340,144 | 475,711 | 362,877 | |||||||||||||||
Net assets at end of period | $ | 1,393,718 | $ | 1,364,987 | $ | 575,874 | $ | 475,711 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (3,654 | ) | $ | (2 | ) | $ | 388 | $ | 153 |
(1) For the Mid Cap Value Fund for the period 10/01/03 to 9/30/04 and due to the presentation of the financial statements in thousands, the numbers round to zero. (2) See note 4 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
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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 (Losses) on Investments | 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 Growth Opportunities Fund (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 38.19 | $ | (0.14 | ) | $ | 5.73 | $ | (6.05 | ) | $ | 37.73 | 14.64 | % | $ | 198,038 | 1.20 | % | (0.72 | )% | 1.24 | % | (0.76 | )% | 55 | % | ||||||||||||||||||||||||
2004 | (2) | 33.68 | (0.30 | ) | 5.88 | (1.07 | ) | 38.19 | 16.88 | 173,436 | 1.20 | (0.79 | ) | 1.24 | (0.83 | ) | 135 | ||||||||||||||||||||||||||||||||||
2003 | (2) | 26.45 | (0.18 | ) | 7.41 | - | 33.68 | 27.33 | 154,499 | 1.20 | (0.58 | ) | 1.25 | (0.63 | ) | 145 | |||||||||||||||||||||||||||||||||||
2002 | 28.33 | (0.11 | ) | (1.77 | ) | - | 26.45 | (6.64 | ) | 75,002 | 1.20 | (0.34 | ) | 1.26 | (0.40 | ) | 162 | ||||||||||||||||||||||||||||||||||
2001 | (2) (4) | 54.63 | (0.06 | ) | (8.40 | ) | (17.84 | ) | 28.33 | (20.00 | ) | 82,043 | 1.20 | (0.19 | ) | 1.22 | (0.21 | ) | 204 | ||||||||||||||||||||||||||||||||
2000 | (2) (5) | 37.80 | (0.18 | ) | 17.80 | (0.79 | ) | 54.63 | 47.23 | 108,326 | 1.20 | (0.38 | ) | 1.22 | (0.40 | ) | 205 | ||||||||||||||||||||||||||||||||||
1999 | (2) (5) | 37.59 | (0.08 | ) | 0.60 | (0.31 | ) | 37.80 | 1.31 | 95,758 | 1.19 | (0.21 | ) | 1.21 | (0.23 | ) | 140 | ||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 36.31 | $ | (0.27 | ) | $ | 5.45 | $ | (6.05 | ) | $ | 35.44 | 14.23 | % | $ | 13,176 | 1.95 | % | (1.47 | )% | 1.99 | % | (1.51 | )% | 55 | % | ||||||||||||||||||||||||
2004 | (2) | 32.30 | (0.55 | ) | 5.63 | (1.07 | ) | 36.31 | 16.03 | 10,974 | 1.95 | (1.54 | ) | 1.99 | (1.58 | ) | 135 | ||||||||||||||||||||||||||||||||||
2003 | (2) | 25.56 | (0.39 | ) | 7.13 | - | 32.30 | 26.37 | 9,055 | 1.95 | (1.33 | ) | 2.00 | (1.38 | ) | 145 | |||||||||||||||||||||||||||||||||||
2002 | 27.59 | (0.18 | ) | (1.85 | ) | - | 25.56 | (7.36 | ) | 4,227 | 1.95 | (1.08 | ) | 2.01 | (1.14 | ) | 162 | ||||||||||||||||||||||||||||||||||
2001 | (2) (4) | 53.97 | (0.29 | ) | (8.25 | ) | (17.84 | ) | 27.59 | (20.60 | ) | 2,606 | 1.94 | (0.95 | ) | 1.97 | (0.98 | ) | 204 | ||||||||||||||||||||||||||||||||
2000 | (2) (5) | 37.63 | (0.53 | ) | 17.66 | (0.79 | ) | 53.97 | 46.13 | 666 | 1.95 | (1.13 | ) | 1.97 | (1.15 | ) | 205 | ||||||||||||||||||||||||||||||||||
1999 | (2) (5) (6) | 37.57 | (0.23 | ) | 0.29 | - | 37.63 | 0.16 | 126 | 1.95 | (0.89 | ) | 1.97 | (0.91 | ) | 140 | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 37.40 | $ | (0.28 | ) | $ | 5.61 | $ | (6.05 | ) | $ | 36.68 | 14.22 | % | $ | 14,143 | 1.95 | % | (1.47 | )% | 1.99 | % | (1.51 | )% | 55 | % | ||||||||||||||||||||||||
2004 | (2) | 33.24 | (0.57 | ) | 5.80 | (1.07 | ) | 37.40 | 16.03 | 12,356 | 1.95 | (1.54 | ) | 1.99 | (1.58 | ) | 135 | ||||||||||||||||||||||||||||||||||
2003 | (2) | 26.29 | (0.40 | ) | 7.35 | - | 33.24 | 26.43 | 12,649 | 1.95 | (1.33 | ) | 2.00 | (1.38 | ) | 145 | |||||||||||||||||||||||||||||||||||
2002 | 28.33 | (0.10 | ) | (1.94 | ) | - | 26.29 | (7.20 | ) | 1,136 | 1.95 | (1.07 | ) | 2.01 | (1.13 | ) | 162 | ||||||||||||||||||||||||||||||||||
2001 | (2) (7) | 27.40 | - | 0.93 | - | 28.33 | 3.39 | - | - | - | - | - | 204 | ||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 38.15 | $ | (0.19 | ) | $ | 5.74 | $ | (6.05 | ) | $ | 37.65 | 14.54 | % | $ | 495 | 1.45 | % | (1.01 | )% | 1.64 | % | (1.20 | )% | 55 | % | ||||||||||||||||||||||||
2004 | (2) (8) | 33.66 | (0.30 | ) | 5.86 | (1.07 | ) | 38.15 | 16.83 | 1 | 1.20 | (0.81 | ) | 1.24 | (0.85 | ) | 135 | ||||||||||||||||||||||||||||||||||
2003 | (2) | 26.43 | (0.17 | ) | 7.40 | - | 33.66 | 27.36 | 10,284 | 1.20 | (0.56 | ) | 1.25 | (0.61 | ) | 145 | |||||||||||||||||||||||||||||||||||
2002 | 28.29 | (0.07 | ) | (1.79 | ) | - | 26.43 | (6.58 | ) | 5,869 | 1.20 | (0.33 | ) | 1.26 | (0.39 | ) | 162 | ||||||||||||||||||||||||||||||||||
2001 | (2) (9) | 35.75 | (0.06 | ) | (7.40 | ) | - | 28.29 | (20.87 | ) | 1,484 | 1.19 | (0.24 | ) | 1.23 | (0.28 | ) | 204 | |||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 39.58 | $ | (0.09 | ) | $ | 5.94 | $ | (6.05 | ) | $ | 39.38 | 14.79 | % | $ | 1,167,866 | 0.95 | % | (0.46 | )% | 0.99 | % | (0.50 | )% | 55 | % | ||||||||||||||||||||||||
2004 | (2) | 34.78 | (0.21 | ) | 6.08 | (1.07 | ) | 39.58 | 17.18 | 1,168,220 | 0.95 | (0.54 | ) | 0.99 | (0.58 | ) | 135 | ||||||||||||||||||||||||||||||||||
2003 | (2) | 27.25 | (0.09 | ) | 7.62 | - | 34.78 | 27.68 | 1,153,657 | 0.95 | (0.30 | ) | 1.00 | (0.35 | ) | 145 | |||||||||||||||||||||||||||||||||||
2002 | 29.11 | (0.05 | ) | (1.81 | ) | - | 27.25 | (6.39 | ) | 477,210 | 0.95 | (0.08 | ) | 1.01 | (0.14 | ) | 162 | ||||||||||||||||||||||||||||||||||
2001 | (2) (4) | 55.52 | 0.02 | (8.59 | ) | (17.84 | ) | 29.11 | (19.84 | ) | 406,349 | 0.95 | 0.06 | 0.97 | 0.04 | 204 | |||||||||||||||||||||||||||||||||||
2000 | (2) (5) | 38.32 | (0.05 | ) | 18.04 | (0.79 | ) | 55.52 | 47.56 | 435,613 | 0.95 | (0.13 | ) | 0.97 | (0.15 | ) | 205 | ||||||||||||||||||||||||||||||||||
1999 | (2) (5) | 38.01 | 0.02 | 0.60 | (0.31 | ) | 38.32 | 1.56 | 359,947 | 0.94 | 0.04 | 0.96 | 0.02 | 140 |
(1) The financial highlights for the Mid Cap Growth Opportunities Fund as set forth herein include the historical financial highlights of the Firstar Mid Cap Core Equity Fund.
The assets of the Firstar Fund were acquired by the First American Mid Cap Growth Opportunities Fund on September 24, 2001. In connection with such acquisition,
(i) Class A shares of the Fistar Mid Cap Core Equity Fund were exchanged for Class A shares of the First American Mid Cap Growth Opportunities 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 of the First American Fund, and
(iv) Firstar Class Institutional 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) For the fiscal year ended October 31.
(6) Class of shares has been offered since March 1, 1999. All ratios for the period have been annualized, except total return and portfolio turnover.
(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.
(9) Class of shares has been offered since December 11, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.
(10) Total return does not include 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
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FIRST AMERICAN FUNDS Semiannual Report 2005
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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 (Losses) on Investments | Dividends from Net Investment Income | Distributions from Return of Capital (5) | Net Asset Value End of Period | 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 | |||||||||||||||||||||||||||||||||||||||||||
Mid Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 20.09 | $ | 0.06 | $ | 2.92 | $ | (0.05 | ) | $ | - | $ | 23.02 | 14.82 | % | $ | 29,775 | 1.20 | % | 0.50 | % | 1.24 | % | 0.46 | % | 47 | % | |||||||||||||||||||||||||||
2004 | (1) | 16.30 | 0.08 | 3.77 | (0.06 | ) | - | 20.09 | 23.65 | 28,561 | 1.20 | 0.41 | 1.25 | 0.36 | 83 | ||||||||||||||||||||||||||||||||||||||||
2003 | (1) | 13.29 | 0.18 | 2.96 | (0.12 | ) | (0.01 | ) | 16.30 | 23.71 | 16,598 | 1.20 | 1.21 | 1.25 | 1.16 | 102 | |||||||||||||||||||||||||||||||||||||||
2002 | (1) | 13.74 | 0.13 | (0.44 | ) | (0.10 | ) | (0.04 | ) | 13.29 | (2.41 | ) | 13,083 | 1.20 | 0.83 | 1.26 | 0.77 | 90 | |||||||||||||||||||||||||||||||||||||
2001 | (1) | 14.62 | 0.10 | (0.88 | ) | (0.10 | ) | - | 13.74 | (5.41 | ) | 13,583 | 1.15 | 0.67 | 1.15 | 0.67 | 104 | ||||||||||||||||||||||||||||||||||||||
2000 | 12.95 | 0.08 | 1.67 | (0.08 | ) | - | 14.62 | 13.58 | 13,568 | 1.15 | 0.53 | 1.19 | 0.49 | 141 | |||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 19.39 | $ | (0.02 | ) | $ | 2.81 | $ | - | $ | - | $ | 22.18 | 14.40 | % | $ | 10,280 | 1.95 | % | (0.24 | )% | 1.99 | % | (0.28 | )% | 47 | % | |||||||||||||||||||||||||||
2004 | (1) | 15.81 | (0.06 | ) | 3.65 | (0.01 | ) | - | 19.39 | 22.69 | 9,928 | 1.95 | (0.35 | ) | 2.00 | (0.40 | ) | 83 | |||||||||||||||||||||||||||||||||||||
2003 | (1) | 12.92 | 0.07 | 2.87 | (0.04 | ) | (0.01 | ) | 15.81 | 22.84 | 10,154 | 1.95 | 0.50 | 2.00 | 0.45 | 102 | |||||||||||||||||||||||||||||||||||||||
2002 | (1) | 13.37 | 0.01 | (0.41 | ) | (0.01 | ) | (0.04 | ) | 12.92 | (3.07 | ) | 10,410 | 1.95 | 0.08 | 2.01 | 0.02 | 90 | |||||||||||||||||||||||||||||||||||||
2001 | (1) | 14.28 | (0.01 | ) | (0.88 | ) | (0.02 | ) | - | 13.37 | (6.21 | ) | 11,311 | 1.90 | (0.08 | ) | 1.90 | (0.08 | ) | 104 | |||||||||||||||||||||||||||||||||||
2000 | 12.67 | 0.02 | 1.61 | (0.02 | ) | - | 14.28 | 12.85 | 12,495 | 1.90 | (0.22 | ) | 1.94 | (0.26 | ) | 141 | |||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 19.77 | $ | (0.02 | ) | $ | 2.87 | $ | - | $ | - | $ | 22.62 | 14.42 | % | $ | 4,164 | 1.95 | % | (0.23 | )% | 1.99 | % | (0.27 | )% | 47 | % | |||||||||||||||||||||||||||
2004 | (1) | 16.12 | (0.06 | ) | 3.72 | (0.01 | ) | - | 19.77 | 22.69 | 3,342 | 1.95 | (0.33 | ) | 2.00 | (0.38 | ) | 83 | |||||||||||||||||||||||||||||||||||||
2003 | (1) | 13.17 | 0.07 | 2.93 | (0.04 | ) | (0.01 | ) | 16.12 | 22.84 | 2,916 | 1.95 | 0.51 | 2.00 | 0.46 | 102 | |||||||||||||||||||||||||||||||||||||||
2002 | (1) | 13.63 | 0.01 | (0.43 | ) | - | (0.04 | ) | 13.17 | (3.09 | ) | 3,207 | 1.95 | 0.08 | 2.01 | 0.02 | 90 | ||||||||||||||||||||||||||||||||||||||
2001 | (1) | 14.55 | (0.01 | ) | (0.89 | ) | (0.02 | ) | - | 13.63 | (6.17 | ) | 3,312 | 1.90 | (0.04 | ) | 1.90 | (0.04 | ) | 104 | |||||||||||||||||||||||||||||||||||
2000 | 12.92 | 0.02 | 1.63 | (0.02 | ) | - | 14.55 | 12.81 | 1,430 | 1.90 | (0.15 | ) | 1.93 | (0.18 | ) | 141 | |||||||||||||||||||||||||||||||||||||||
Class R (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) | $ | 20.09 | $ | 0.08 | $ | 2.86 | $ | (0.04 | ) | $ | - | $ | 22.99 | 14.64 | % | $ | 52 | 1.45 | % | 0.74 | % | 1.64 | % | 0.55 | % | 47 | % | |||||||||||||||||||||||||||
2004 | (3) | 16.31 | 0.07 | 3.76 | (0.05 | ) | - | 20.09 | 23.51 | 1 | 1.20 | 0.37 | 1.25 | 0.32 | 83 | ||||||||||||||||||||||||||||||||||||||||
2003 | 13.29 | 0.16 | 2.99 | (0.12 | ) | (0.01 | ) | 16.31 | 23.80 | 966 | 1.20 | 1.07 | 1.25 | 1.02 | 102 | ||||||||||||||||||||||||||||||||||||||||
2002 | 13.74 | 0.13 | (0.44 | ) | (0.10 | ) | (0.04 | ) | 13.29 | (2.40 | ) | 158 | 1.20 | 0.87 | 1.26 | 0.81 | 90 | ||||||||||||||||||||||||||||||||||||||
2001 | (4) | 13.31 | 0.01 | 0.42 | - | - | 13.74 | 3.23 | 44 | 0.85 | 5.19 | 0.85 | 5.19 | 104 | |||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 20.17 | $ | 0.08 | $ | 2.93 | $ | (0.07 | ) | $ | - | $ | 23.11 | 14.96 | % | $ | 531,603 | 0.95 | % | 0.77 | % | 0.99 | % | 0.73 | % | 47 | % | |||||||||||||||||||||||||||
2004 | (1) | 16.36 | 0.12 | 3.79 | (0.10 | ) | - | 20.17 | 23.95 | 433,879 | 0.95 | 0.66 | 1.00 | 0.61 | 83 | ||||||||||||||||||||||||||||||||||||||||
2003 | (1) | 13.33 | 0.21 | 2.98 | (0.15 | ) | (0.01 | ) | 16.36 | 24.06 | 332,243 | 0.95 | 1.45 | 1.00 | 1.40 | 102 | |||||||||||||||||||||||||||||||||||||||
2002 | (1) | 13.77 | 0.17 | (0.44 | ) | (0.13 | ) | (0.04 | ) | 13.33 | (2.12 | ) | 259,990 | 0.95 | 1.08 | 1.01 | 1.02 | 90 | |||||||||||||||||||||||||||||||||||||
2001 | (1) | 14.68 | 0.14 | (0.92 | ) | (0.13 | ) | - | 13.77 | (5.37 | ) | 291,932 | 0.90 | 0.92 | 0.90 | 0.92 | 104 | ||||||||||||||||||||||||||||||||||||||
2000 | 12.99 | 0.11 | 1.69 | (0.11 | ) | - | 14.68 | 13.94 | 275,128 | 0.90 | 0.79 | 0.94 | 0.75 | 141 |
(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.
(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 less than $0.01, for the year ended September 30, 2004.
(6) Total return does not include 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.
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Schedule of Investments March 31, 2005 (unaudited)
Large Cap Growth Opportunities Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 98.9% | |||||||||||
Consumer Discretionary – 10.9% | |||||||||||
Abercrombie & Fitch | 128,160 | $ | 7,336 | ||||||||
Chico's FAS* (a) | 206,560 | 5,837 | |||||||||
Coach* | 132,510 | 7,504 | |||||||||
Harrah's Entertainment (a) | 117,050 | 7,559 | |||||||||
Home Depot | 231,030 | 8,835 | |||||||||
J.C. Penny | 179,490 | 9,319 | |||||||||
Lowe's (a) | 138,370 | 7,899 | |||||||||
McGraw-Hill (a) | 108,460 | 9,463 | |||||||||
Staples (a) | 314,470 | 9,884 | |||||||||
Target | 371,000 | 18,557 | |||||||||
Yum! Brands (a) | 200,600 | 10,393 | |||||||||
102,586 | |||||||||||
Consumer Staples – 9.4% | |||||||||||
Gillette | 63,010 | 3,181 | |||||||||
PepsiCo | 483,830 | 25,657 | |||||||||
Procter & Gamble (a) | 421,140 | 22,320 | |||||||||
Wal-Mart Stores (a) | 733,920 | 36,777 | |||||||||
87,935 | |||||||||||
Energy – 4.1% | |||||||||||
Apache | 236,650 | 14,490 | |||||||||
BP, ADR | 155,540 | 9,706 | |||||||||
Halliburton | 194,580 | 8,415 | |||||||||
Nabors Industries* | 99,430 | 5,880 | |||||||||
38,491 | |||||||||||
Financials – 10.1% | |||||||||||
American International Group | 208,501 | 11,553 | |||||||||
Capital One Financial (a) | 188,980 | 14,130 | |||||||||
Goldman Sachs Group (a) | 173,880 | 19,125 | |||||||||
Investors Financial Services (a) | 392,070 | 19,176 | |||||||||
Legg Mason (a) | 85,550 | 6,685 | |||||||||
MBNA | 418,585 | 10,276 | |||||||||
Wells Fargo | 241,230 | 14,426 | |||||||||
95,371 | |||||||||||
Health Care – 23.0% | |||||||||||
Aetna (a) | 242,760 | 18,195 | |||||||||
Alcon (a) | 102,190 | 9,125 | |||||||||
C.R. Bard | 129,630 | 8,825 | |||||||||
Caremark Rx (a) | 302,356 | 12,028 | |||||||||
Fisher Scientific International* (a) | 104,030 | 5,921 | |||||||||
Genentech* | 179,820 | 10,180 | |||||||||
Guidant | 122,760 | 9,072 | |||||||||
Johnson & Johnson (a) | 448,660 | 30,132 | |||||||||
PerkinElmer | 448,360 | 9,250 | |||||||||
Pfizer | 546,000 | 14,343 | |||||||||
Quest Diagnostics (a) | 128,930 | 13,554 | |||||||||
St. Jude Medical* | 251,930 | 9,069 | |||||||||
UnitedHealth Group (a) | 316,310 | 30,170 | |||||||||
Wyeth Pharmaceuticals | 369,200 | 15,573 | |||||||||
Zimmer Holdings* (a) | 268,919 | 20,924 | |||||||||
216,361 | |||||||||||
Industrials – 11.3% | |||||||||||
3M | 282,420 | 24,201 | |||||||||
Danaher (a) | 175,300 | 9,363 | |||||||||
Dun & Bradstreet* | 135,690 | 8,338 | |||||||||
Pentair | 297,990 | 11,622 |
Large Cap Growth Opportunities Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Rockwell Collins (a) | 194,760 | $ | 9,269 | ||||||||
Tyco International (a) | 226,790 | 7,665 | |||||||||
United Parcel Service, Cl B (a) | 195,840 | 14,245 | |||||||||
United Technologies | 161,440 | 16,412 | |||||||||
UTi Worldwide (a) | 78,070 | 5,422 | |||||||||
106,537 | |||||||||||
Information Technology – 30.1% (b) | |||||||||||
Adobe Systems | 130,980 | 8,798 | |||||||||
Altera* (a) | 193,560 | 3,829 | |||||||||
Amphenol, Cl A* | 208,610 | 7,727 | |||||||||
Analog Devices (a) | 223,310 | 8,070 | |||||||||
Apple Computer* | 250,520 | 10,439 | |||||||||
Applied Materials* | 280,830 | 4,563 | |||||||||
Autodesk | 214,180 | 6,374 | |||||||||
CDW (a) | 97,140 | 5,506 | |||||||||
Cisco Systems* | 398,488 | 7,129 | |||||||||
Dell* | 709,960 | 27,277 | |||||||||
eBay* | 118,240 | 4,406 | |||||||||
EMC* | 733,820 | 9,041 | |||||||||
Google* (a) | 35,670 | 6,439 | |||||||||
IBM | 92,060 | 8,412 | |||||||||
Intel | 1,129,560 | 26,240 | |||||||||
Linear Technology | 200,020 | 7,663 | |||||||||
Marvell Technology Group* (a) | 164,170 | 6,294 | |||||||||
Microchip Technology | 233,090 | 6,063 | |||||||||
Microsoft | 92,420 | 2,234 | |||||||||
Motorola | 703,640 | 10,533 | |||||||||
NCR* | 734,730 | 24,790 | |||||||||
Oracle* | 992,330 | 12,384 | |||||||||
QUALCOMM | 410,890 | 15,059 | |||||||||
Research in Motion* (a) | 120,070 | 9,176 | |||||||||
Texas Instruments | 767,870 | 19,573 | |||||||||
Xerox* | 758,650 | 11,494 | |||||||||
Yahoo!* (a) | 393,360 | 13,335 | |||||||||
282,848 | |||||||||||
Total Common Stocks (Cost $874,663) | 930,129 | ||||||||||
Affiliated Money Market Fund – 1.6% | |||||||||||
First American Prime Obligations Fund, Cl Z (c) | 15,318,831 | 15,319 | |||||||||
Total Affiliated Money Market Fund (Cost $15,319) | 15,319 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 30.9% | |||||||||||
Commercial Paper – 7.2% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 1,055 | 1,055 | ||||||||
Cable Beach 2.642%, 4/11/05 | 2,639 | 2,637 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 2,533 | 2,533 | |||||||||
2.750%, 4/07/06 | 7,916 | 7,916 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 2,639 | 2,639 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 1,340 | 1,340 | |||||||||
2.823%, 4/11/05 | 3,698 | 3,695 | |||||||||
2.833%, 4/15/05 | 1,583 | 1,583 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
82
Large Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Independence 2.880%, 10/17/05 | $ | 3,130 | $ | 3,130 | |||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 2,639 | 2,638 | |||||||||
2.728%, 5/02/05 | 2,639 | 2,632 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 4,222 | 4,222 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 2,903 | 2,903 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 2,639 | 2,639 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 5,277 | 5,268 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 5,277 | 5,277 | |||||||||
2.393%, 9/09/05 | 1,583 | 1,583 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 1,161 | 1,161 | |||||||||
2.827%, 1/06/06 | 5,306 | 5,306 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 369 | 369 | |||||||||
2.945%, 5/17/05 | 528 | 528 | |||||||||
2.945%, 5/17/05 | 158 | 158 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 3,694 | 3,694 | |||||||||
2.756%, 4/07/05 | 2,639 | 2,637 | |||||||||
Total Commercial Paper | 67,543 | ||||||||||
Corporate Obligations – 8.3% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 1,319 | 1,319 | |||||||||
2.860%, 10/14/05 | 5,277 | 5,277 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 2,375 | 2,375 | |||||||||
2.840%, 6/24/05 | 2,639 | 2,639 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 1,478 | 1,478 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 1,583 | 1,583 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 2,639 | 2,639 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 2,639 | 2,638 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 3,193 | 3,193 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 2,639 | 2,642 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 2,639 | 2,639 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 2,639 | 2,639 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 1,319 | 1,318 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 2,375 | 2,375 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 5,277 | 5,279 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 3,166 | 3,167 | |||||||||
2.890%, 4/28/08 | 2,217 | 2,217 |
Large Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Morgan Stanley 2.890%, 12/26/08 | $ | 2,639 | $ | 2,639 | |||||||
Natexis Banq NY 2.955%, 7/12/05 | 2,903 | 2,903 | |||||||||
2.130%, 7/12/05 | 792 | 792 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 1,583 | 1,583 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 2,421 | 2,417 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 1,478 | 1,478 | |||||||||
2.760%, 7/01/05 | 7,863 | 7,863 | |||||||||
2.820%, 10/14/05 | 2,111 | 2,111 | |||||||||
REMAC 1.867%, 9/29/05 | 2,710 | 2,721 | |||||||||
RMAC 2.790%, 6/12/05 | 2,686 | 2,686 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 2,894 | 2,895 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 2,639 | 2,638 | |||||||||
Total Corporate Obligations | 78,143 | ||||||||||
Money Market Funds – 0.2% | |||||||||||
Merrill Lynch Premier Institutional Fund | 2,130,748 | 2,131 | |||||||||
Total Money Market Funds | 2,131 | ||||||||||
Other Short-Term Investments – 2.3% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 7,916 | 7,916 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (d) | 2,664 | 2,664 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 1,056 | 1,056 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 2,903 | 2,904 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 6,861 | 6,861 | |||||||||
Total Other Short-Term Investments | 21,401 | ||||||||||
Repurchase Agreements – 12.9% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $5,277,847 (collateralized by various securities: Total market value $5,416,363) | 5,277 | 5,277 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $1,586,084 (collateralized by commercial loans: Total market value $1,621,935) | 1,583 | 1,583 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $10,555,659 (collateralized by various securities: Total market value $11,356,499) | 10,555 | 10,555 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $13,194,565 (collateralized by collateralized U.S. government securities: Total market value $13,457,486) | 13,194 | 13,194 |
FIRST AMERICAN FUNDS Semiannual Report 2005
83
Schedule of Investments March 31, 2005 (unaudited)
Large Cap Growth Opportunities Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,055,566 (collateralized by collateralized mortgage obligations: Total market value $1,108,465) | $ | 1,055 | $ | 1,055 | |||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,055,566 (collateralized by collateralized mortgage obligations: Total market value $1,108,400) | 1,055 | 1,055 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,055,566 (collateralized by collateralized mortgage obligations: Total market value $1,108,292) | 1,055 | 1,055 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $527,783 (collateralized by collateralized mortgage obligations: Total market value $554,232) | 528 | 528 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $527,783 (collateralized by collateralized mortgage obligations: Total market value $554,232) | 528 | 528 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $13,194,611 (collateralized by mortgage loans: Total market value $13,462,765) | 13,194 | 13,194 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $11,875,150 (collateralized by mortgage loans: Total market value $12,116,494) | 11,874 | 11,874 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $2,639,969 (collateralized by mortgage loans: Total market value $2,692,583) | 2,639 | 2,639 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $10,555,662 (collateralized by collateralized mortgage obligations: Total market value $11,607,445) | 10,555 | 10,555 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $7,916,773 (collateralized by mortgage loans: Total market value $8,074,423) | 7,916 | 7,916 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $897,233 (collateralized by corporate securities: Total market value $986,941) | 897 | 897 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $7,916,745 (collateralized by corporate securities: Total market value $8,312,073) | 7,916 | 7,916 |
Large Cap Growth Opportunities Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $6,597,293 (collateralized by corporate securities: Total market value $6,926,787) | $ | 6,597 | $ | 6,597 | |||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $5,277,830 (collateralized by corporate securities: Total market value $5,541,525) | 5,277 | 5,277 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,958,376 (collateralized by corporate securities: Total market value $4,156,159) | 3,958 | 3,958 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,055,567 (collateralized by corporate securities: Total market value $1,108,391) | 1,056 | 1,056 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $15,305,702 (collateralized by U.S. government securities: Total market value $15,625,801) | 15,304 | 15,304 | |||||||||
Total Repurchase Agreements | 122,013 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $291,231) | 291,231 | ||||||||||
Total Investments – 131.4% (Cost $1,181,213) | 1,236,679 | ||||||||||
Other Assets and Liabilities, Net – (31.4)% | (295,780 | ) | |||||||||
Total Net Assets – 100.0% | $ | 940,899 |
* 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 $282,797,980 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) The fund is significantly invested in this industry sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
(c) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(d) Security has a demand feature which qualify it as a short term security. The date disclosed is the next put date.
ADR – American Depository Receipt
Cl – Class
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
84
Large Cap Select Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 98.2% | |||||||||||
Consumer Discretionary – 13.1% | |||||||||||
Coach* | 38,020 | $ | 2,153 | ||||||||
Comcast, Cl A* | 108,810 | 3,676 | |||||||||
Harrah's Entertainment (a) | 39,530 | 2,553 | |||||||||
Hilton Hotels | 96,040 | 2,147 | |||||||||
J.C. Penney | 67,670 | 3,513 | |||||||||
Nordstrom | 40,560 | 2,246 | |||||||||
Sherwin Williams (a) | 62,350 | 2,743 | |||||||||
Starbucks* | 37,980 | 1,962 | |||||||||
Time Warner* (a) | 310,210 | 5,444 | |||||||||
26,437 | |||||||||||
Consumer Staples – 6.9% | |||||||||||
Clorox (a) | 59,045 | 3,719 | |||||||||
PepsiCo | 40,010 | 2,122 | |||||||||
Procter & Gamble (a) | 85,328 | 4,522 | |||||||||
Wal-Mart Stores (a) | 71,896 | 3,603 | |||||||||
13,966 | |||||||||||
Energy – 10.9% | |||||||||||
Apache | 70,852 | 4,338 | |||||||||
ConocoPhillips | 34,600 | 3,731 | |||||||||
Exxon Mobil | 102,960 | 6,136 | |||||||||
Halliburton (a) | 52,996 | 2,292 | |||||||||
Nabors Industries* | 24,263 | 1,435 | |||||||||
National-Oilwell* (a) | 88,270 | 4,122 | |||||||||
22,054 | |||||||||||
Financials – 13.3% | |||||||||||
ACE (a) | 54,600 | 2,253 | |||||||||
Allstate | 57,752 | 3,122 | |||||||||
Bank of America | 54,568 | 2,406 | |||||||||
Capital One Financial (a) | 31,830 | 2,380 | |||||||||
Goldman Sachs Group (a) | 64,681 | 7,114 | |||||||||
MBNA | 77,220 | 1,896 | |||||||||
Wells Fargo | 128,770 | 7,700 | |||||||||
26,871 | |||||||||||
Health Care – 16.3% | |||||||||||
Alcon | 14,420 | 1,288 | |||||||||
Johnson & Johnson (a) | 135,471 | 9,098 | |||||||||
Pfizer | 281,758 | 7,402 | |||||||||
Teva Pharmaceutical Industries, ADR (a) | 57,490 | 1,782 | |||||||||
UnitedHealth Group (a) | 33,704 | 3,215 | |||||||||
Varian Medical Systems (a) | 59,980 | 2,056 | |||||||||
Wyeth Pharmaceuticals | 193,650 | 8,168 | |||||||||
33,009 | |||||||||||
Industrials – 11.6% | |||||||||||
3M | 37,234 | 3,191 | |||||||||
Eaton | 28,240 | 1,847 | |||||||||
Emerson Electric | 46,940 | 3,048 | |||||||||
General Electric | 190,118 | 6,856 | |||||||||
Tyco International (a) | 148,970 | 5,035 | |||||||||
United Parcel Service, Cl B | 47,080 | 3,425 | |||||||||
23,402 | |||||||||||
Information Technology – 21.4% | |||||||||||
Accenture* | 100,950 | 2,438 | |||||||||
Amphenol, Cl A* | 56,590 | 2,096 | |||||||||
Analog Devices (a) | 49,560 | 1,791 |
Large Cap Select Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Dell* | 83,032 | $ | 3,190 | ||||||||
EMC* | 272,730 | 3,360 | |||||||||
Intel | 324,666 | 7,542 | |||||||||
Motorola | 283,300 | 4,241 | |||||||||
National Semiconductor (a) | 100,560 | 2,073 | |||||||||
NCR* (a) | 135,647 | 4,577 | |||||||||
Oracle* | 388,760 | 4,852 | |||||||||
QUALCOMM | 76,856 | 2,817 | |||||||||
Symantec* (a) | 77,610 | 1,655 | |||||||||
Texas Instruments (a) | 100,420 | 2,560 | |||||||||
43,192 | |||||||||||
Materials – 0.7% | |||||||||||
Weyerhaeuser (a) | 21,930 | 1,502 | |||||||||
Telecommunication Services – 2.9% | |||||||||||
Verizon Communications (a) | 163,318 | 5,798 | |||||||||
Utilities – 1.1% | |||||||||||
PG&E* (a) | 64,780 | 2,209 | |||||||||
Total Common Stocks (Cost $194,707) | 198,440 | ||||||||||
Affiliated Money Market Fund – 1.8% | |||||||||||
First American Prime Obligations Fund, Cl Z (b) | 3,704,981 | 3,705 | |||||||||
Total Affiliated Money Market Fund (Cost $3,705) | 3,705 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 33.3% | |||||||||||
Commercial Paper – 7.7% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 244 | 244 | ||||||||
Cable Beach 2.642%, 4/11/05 | 610 | 609 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 585 | 585 | |||||||||
2.750%, 4/07/06 | 1,830 | 1,830 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 610 | 610 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 310 | 310 | |||||||||
2.823%, 4/11/05 | 855 | 854 | |||||||||
2.833%, 4/15/05 | 366 | 366 | |||||||||
Independence 2.880%, 10/17/05 | 723 | 723 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 610 | 610 | |||||||||
2.728%, 5/02/05 | 610 | 608 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 976 | 976 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 671 | 671 | |||||||||
Liquid Funding | |||||||||||
2.840%, 5/25/05 | 610 | 610 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 1,220 | 1,218 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 1,220 | 1,220 | |||||||||
2.393%, 9/09/05 | 366 | 366 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 268 | 268 | |||||||||
2.827%, 1/06/06 | 1,227 | 1,227 |
FIRST AMERICAN FUNDS Semiannual Report 2005
85
Schedule of Investments March 31, 2005 (unaudited)
Large Cap Select Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | $ | 85 | $ | 85 | |||||||
2.945%, 5/17/05 | 122 | 122 | |||||||||
2.945%, 5/17/05 | 36 | 36 | |||||||||
Thornburg Mortgage 2.716%, 4/01/05 | 854 | 854 | |||||||||
2.756%, 4/07/05 | 610 | 610 | |||||||||
Total Commercial Paper | 15,612 | ||||||||||
Corporate Obligations – 8.9% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 305 | 305 | |||||||||
2.860%, 10/14/05 | 1,220 | 1,220 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 549 | 549 | |||||||||
2.840%, 6/24/05 | 610 | 610 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 341 | 341 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 366 | 366 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 610 | 610 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 610 | 610 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 738 | 738 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 610 | 611 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 610 | 610 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 610 | 610 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 305 | 305 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 549 | 549 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 1,220 | 1,220 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 732 | 732 | |||||||||
2.890%, 4/28/08 | 512 | 512 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 610 | 610 | |||||||||
Natexis Banq NY | |||||||||||
2.955%, 7/12/05 | 671 | 671 | |||||||||
2.130%, 7/12/05 | 183 | 183 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 366 | 366 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 560 | 559 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 341 | 341 | |||||||||
2.760%, 7/01/05 | 1,818 | 1,818 | |||||||||
2.820%, 10/14/05 | 488 | 488 | |||||||||
REMAC 1.867%, 9/29/05 | 626 | 629 | |||||||||
RMAC 2.790%, 6/12/05 | 621 | 621 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 669 | 669 |
Large Cap Select Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Westlb AG New York 2.780%, 3/10/15 | $ | 610 | $ | 610 | |||||||
Total Corporate Obligations | 18,063 | ||||||||||
Money Market Funds – 0.2% | |||||||||||
Merrill Lynch Premier Institutional Fund | 492,525 | 493 | |||||||||
Total Money Market Funds | 493 | ||||||||||
Other Short-Term Investments – 2.5% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 1,830 | 1,830 | ||||||||
Commonwealth Life (c) 3.115%, 4/01/05 | 616 | 616 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 244 | 244 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 671 | 671 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 1,586 | 1,586 | |||||||||
Total Other Short-Term Investments | 4,947 | ||||||||||
Repurchase Agreements – 14.0% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $1,219,982 (collateralized by various securities: Total market value $1,252,000) | 1,220 | 1,220 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $366,626 (collateralized by commercial loans: Total market value $374,913) | 366 | 366 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,439,956 (collateralized by various securities: Total market value $2,625,071) | 2,440 | 2,440 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $3,049,943 (collateralized by collateralized U.S. government securities: Total market value $3,110,717) | 3,049 | 3,049 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $243,996 (collateralized by collateralized mortgage obligations: Total market value $256,223) | 244 | 244 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $243,996 (collateralized by collateralized mortgage obligations: Total market value $256,208) | 244 | 244 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $243,996 (collateralized by collateralized mortgage obligations: Total market value $256,183) | 244 | 244 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
86
Large Cap Select Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $121,998 (collateralized by collateralized mortgage obligations: Total market value $128,112) | $ | 122 | $ | 122 | |||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $121,998 (collateralized by collateralized mortgage obligations: Total market value $128,112) | 122 | 122 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $3,049,953 (collateralized by mortgage loans: Total market value $3,111,938) | 3,050 | 3,050 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $2,744,958 (collateralized by mortgage loans: Total market value $2,800,745) | 2,745 | 2,745 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $610,233 (collateralized by mortgage loans: Total market value $622,394) | 610 | 610 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,439,957 (collateralized by collateralized mortgage obligations: Total market value $2,683,078) | 2,440 | 2,440 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $1,829,974 (collateralized by mortgage loans: Total market value $1,866,415) | 1,830 | 1,830 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $207,397 (collateralized by corporate securities: Total market value $228,133) | 207 | 207 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,829,967 (collateralized by corporate securities: Total market value $1,921,348) | 1,830 | 1,830 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,524,974 (collateralized by corporate securities: Total market value $1,601,137) | 1,525 | 1,525 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,219,978 (collateralized by corporate securities: Total market value $1,280,932) | 1,220 | 1,220 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $914,984 (collateralized by corporate securities: Total market value $960,702) | 915 | 915 |
Large Cap Select Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $243,996 (collateralized by corporate securities: Total market value $256,206) | $ | 244 | $ | 244 | |||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $3,537,935 (collateralized by U.S. government securities: Total market value $3,611,926) | 3,537 | 3,537 | |||||||||
Total Repurchase Agreements | 28,204 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $67,319) | 67,319 | ||||||||||
Total Investments – 133.3% (Cost $265,731) | 269,464 | ||||||||||
Other Assets and Liabilities, Net – (33.3)% | (67,390 | ) | |||||||||
Total Net Assets – 100.0% | $ | 202,074 |
* Non-income producing security
(a) This security or a portion of this security is out on loan as of March 31, 2005. Total loaned securities had a market value of $65,192,413 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) 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.
(c) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.
ADR – American Depository Receipt.
Cl – Class
FIRST AMERICAN FUNDS Semiannual Report 2005
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Schedule of Investments March 31, 2005 (unaudited)
Large Cap Value Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 99.1% | |||||||||||
Consumer Discretionary – 11.1% | |||||||||||
Abercrombie & Fitch (a) | 83,170 | $ | 4,761 | ||||||||
Comcast, Cl A* | 508,710 | 17,184 | |||||||||
Federated Department Stores (a) | 232,800 | 14,815 | |||||||||
Harrah's Entertainment (a) | 140,150 | 9,051 | |||||||||
Hilton Hotels | 415,030 | 9,276 | |||||||||
Lennar (a) | 82,110 | 4,654 | |||||||||
Sherwin Williams (a) | 301,810 | 13,277 | |||||||||
Time Warner* | 1,487,840 | 26,112 | |||||||||
99,130 | |||||||||||
Consumer Staples – 6.6% | |||||||||||
Altria Group | 351,130 | 22,960 | |||||||||
Clorox (a) | 210,060 | 13,232 | |||||||||
Colgate-Palmolive | 214,650 | 11,198 | |||||||||
General Mills (a) | 226,670 | 11,141 | |||||||||
58,531 | |||||||||||
Energy – 15.4% | |||||||||||
Apache | 172,334 | 10,552 | |||||||||
BP, ADR (a) | 295,750 | 18,455 | |||||||||
ConocoPhillips | 115,830 | 12,491 | |||||||||
EOG Resources (a) | 249,690 | 12,170 | |||||||||
Exxon Mobil | 741,224 | 44,177 | |||||||||
Halliburton (a) | 488,300 | 21,119 | |||||||||
National-Oilwell* (a) | 253,750 | 11,850 | |||||||||
Valero Energy | 95,060 | 6,965 | |||||||||
137,779 | |||||||||||
Financials – 25.6% (b) | |||||||||||
ACE | 243,440 | 10,047 | |||||||||
Allstate | 185,210 | 10,012 | |||||||||
American International Group | 246,590 | 13,664 | |||||||||
Bank of America | 819,106 | 36,123 | |||||||||
Citigroup | 716,172 | 32,185 | |||||||||
Genworth Financial (a) | 487,400 | 13,413 | |||||||||
Goldman Sachs Group (a) | 113,300 | 12,462 | |||||||||
J.P. Morgan Chase | 240,756 | 8,330 | |||||||||
Marshall & Ilsley (a) | 188,670 | 7,877 | |||||||||
MBNA | 646,390 | 15,869 | |||||||||
Merrill Lynch | 179,990 | 10,187 | |||||||||
MGIC Investment (a) | 141,440 | 8,723 | |||||||||
North Fork Bancorp | 382,480 | 10,610 | |||||||||
Northern Trust (a) | 367,530 | 15,965 | |||||||||
Wachovia | 175,640 | 8,942 | |||||||||
Wells Fargo | 246,960 | 14,768 | |||||||||
229,177 | |||||||||||
Health Care – 5.8% | |||||||||||
Caremark Rx* (a) | 253,090 | 10,068 | |||||||||
CIGNA | 64,800 | 5,787 | |||||||||
HCA | 212,810 | 11,400 | |||||||||
Johnson & Johnson (a) | 105,970 | 7,117 | |||||||||
Wyeth Pharmaceuticals (a) | 403,150 | 17,005 | |||||||||
51,377 | |||||||||||
Industrials – 10.6% | |||||||||||
Eaton | 164,290 | 10,745 | |||||||||
Emerson Electric | 296,880 | 19,276 | |||||||||
General Dynamics (a) | 70,260 | 7,521 | |||||||||
General Electric | 830,070 | 29,932 |
Large Cap Value Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Tyco International (a) | 504,530 | $ | 17,053 | ||||||||
Waste Management | 354,710 | 10,233 | |||||||||
94,760 | |||||||||||
Information Technology – 8.9% | |||||||||||
Hewlett-Packard | 628,630 | 13,792 | |||||||||
Motorola | 1,024,780 | 15,341 | |||||||||
National Semiconductor (a) | 570,810 | 11,764 | |||||||||
NCR* (a) | 545,530 | 18,406 | |||||||||
Texas Instruments (a) | 385,100 | 9,816 | |||||||||
Xerox* (a) | 695,910 | 10,543 | |||||||||
79,662 | |||||||||||
Materials – 7.0% | |||||||||||
Dow Chemical | 475,480 | 23,703 | |||||||||
MeadWestvaco | 313,730 | 9,983 | |||||||||
Phelps Dodge (a) | 105,840 | 10,767 | |||||||||
Weyerhaeuser (a) | 269,010 | 18,427 | |||||||||
62,880 | |||||||||||
Telecommunication Services – 3.4% | |||||||||||
BellSouth (a) | 390,770 | 10,273 | |||||||||
SBC Communications (a) | 344,876 | 8,170 | |||||||||
Verizon Communications (a) | 347,222 | 12,326 | |||||||||
30,769 | |||||||||||
Utilities – 4.7% | |||||||||||
Entergy | 206,570 | 14,596 | |||||||||
Exelon (a) | 286,430 | 13,144 | |||||||||
PPL | 168,120 | 9,077 | |||||||||
TXU (a) | 61,700 | 4,914 | |||||||||
41,731 | |||||||||||
Total Common Stocks (Cost $772,034) | 885,796 | ||||||||||
Affiliated Money Market Fund – 0.9% | |||||||||||
First American Prime Obligations Fund, Cl Z (c) | 7,773,456 | 7,774 | |||||||||
Total Affiliated Money Market Fund (Cost $7,774) | 7,774 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 28.7% | |||||||||||
Commercial Paper – 6.7% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 930 | 930 | ||||||||
Cable Beach 2.642%, 4/11/05 | 2,326 | 2,324 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 2,233 | 2,233 | |||||||||
2.750%, 4/07/06 | 6,978 | 6,978 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 2,326 | 2,326 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 1,182 | 1,181 | |||||||||
2.823%, 4/11/05 | 3,260 | 3,257 | |||||||||
2.833%, 4/15/05 | 1,396 | 1,396 | |||||||||
Independence 2.880%, 10/17/05 | 2,759 | 2,759 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 2,326 | 2,325 | |||||||||
2.728%, 5/02/05 | 2,326 | 2,320 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 3,722 | 3,722 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
88
Large Cap Value Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Leaf's LLC 2.860%, 4/20/05 | $ | 2,559 | $ | 2,559 | |||||||
Liquid Funding 2.840%, 5/25/05 | 2,326 | 2,326 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 4,652 | 4,644 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 4,652 | 4,652 | |||||||||
2.393%, 9/09/05 | 1,396 | 1,396 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 1,023 | 1,023 | |||||||||
2.827%, 1/06/06 | 4,678 | 4,678 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 326 | 326 | |||||||||
2.945%, 5/17/05 | 465 | 465 | |||||||||
2.945%, 5/17/05 | 140 | 140 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 3,256 | 3,256 | |||||||||
2.756%, 4/07/05 | 2,326 | 2,325 | |||||||||
Total Commercial Paper | 59,541 | ||||||||||
Corporate Obligations – 7.7% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 1,163 | 1,163 | |||||||||
2.860%, 10/14/05 | 4,652 | 4,652 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 2,093 | 2,094 | |||||||||
2.840%, 6/24/05 | 2,326 | 2,326 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 1,303 | 1,303 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 1,396 | 1,396 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 2,326 | 2,326 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 2,326 | 2,326 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 2,814 | 2,814 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 2,326 | 2,329 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 2,326 | 2,326 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 2,326 | 2,326 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 1,163 | 1,162 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 2,093 | 2,093 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 4,652 | 4,653 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 2,791 | 2,792 | |||||||||
2.890%, 4/28/08 | 1,954 | 1,955 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 2,326 | 2,326 | |||||||||
Natexis Banq NY | |||||||||||
2.955%, 7/12/05 | 2,559 | 2,559 | |||||||||
2.130%, 7/12/05 | 698 | 698 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 1,396 | 1,396 |
Large Cap Value Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | $ | 2,134 | $ | 2,130 | |||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 1,303 | 1,303 | |||||||||
2.760%, 7/01/05 | 6,932 | 6,932 | |||||||||
2.820%, 10/14/05 | 1,861 | 1,861 | |||||||||
REMAC 1.867%, 9/29/05 | 2,389 | 2,399 | |||||||||
RMAC 2.790%, 6/12/05 | 2,368 | 2,368 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 2,551 | 2,551 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 2,325 | 2,325 | |||||||||
Total Corporate Obligations | 68,884 | ||||||||||
Money Market Funds – 0.2% | |||||||||||
Merrill Lynch Premier Institutional Fund | 1,878,285 | 1,878 | |||||||||
Total Money Market Funds | 1,878 | ||||||||||
Other Short-Term Investments – 2.1% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 6,978 | 6,978 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (d) | 2,349 | 2,349 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 930 | 930 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 2,559 | 2,560 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 6,048 | 6,048 | |||||||||
Total Other Short-Term Investments | 18,865 | ||||||||||
Repurchase Agreements – 12.0% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $4,652,499 (collateralized by various securities: Total market value $4,774,603) | 4,652 | 4,652 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $1,398,156 (collateralized by commercial loans: Total market value $1,429,759) | 1,396 | 1,396 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $9,304,967 (collateralized by various securities: Total market value $10,010,919) | 9,304 | 9,304 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $11,631,201 (collateralized by collateralized U.S. government securities: Total market value $11,862,970) | 11,630 | 11,630 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $930,497 (collateralized by collateralized mortgage obligations: Total market value $977,128) | 931 | 931 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $930,497 (collateralized by collateralized mortgage obligations: Total market value $977,070) | 931 | 931 |
FIRST AMERICAN FUNDS Semiannual Report 2005
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Schedule of Investments March 31, 2005 (unaudited)
Large Cap Value Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $930,497 (collateralized by collateralized mortgage obligations: Total market value $976,976) | $ | 931 | $ | 931 | |||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $465,248 (collateralized by collateralized mortgage obligations: Total market value $488,564) | 465 | 465 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $465,248 (collateralized by collateralized mortgage obligations: Total market value $488,564) | 465 | 465 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $11,631,241 (collateralized by mortgage loans: Total market value $11,867,623) | 11,630 | 11,630 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $10,468,117 (collateralized by mortgage loans: Total market value $10,680,866) | 10,467 | 10,467 | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $2,327,171 (collateralized by mortgage loans: Total market value $2,373,551) | 2,326 | 2,326 | |||||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $9,304,970 (collateralized by collateralized mortgage obligations: Total market value $10,232,132) | 9,304 | 9,304 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $6,978,751 (collateralized by mortgage loans: Total market value $7,117,722) | 6,978 | 6,978 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $790,924 (collateralized by corporate securities: Total market value $870,003) | 791 | 791 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $6,978,725 (collateralized by corporate securities: Total market value $7,327,213) | 6,978 | 6,978 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $5,815,609 (collateralized by corporate securities: Total market value $6,106,064) | 5,815 | 5,815 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $4,652,484 (collateralized by corporate securities: Total market value $4,884,935) | 4,652 | 4,652 |
Large Cap Value Fund (concluded)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,489,366 (collateralized by corporate securities: Total market value $3,663,714) | $ | 3,489 | $ | 3,489 | |||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $930,497 (collateralized by corporate securities: Total market value $977,063) | 931 | 931 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $13,492,199 (collateralized by U.S. government securities: Total market value $13,774,370) | 13,491 | 13,491 | |||||||||
Total Repurchase Agreements | 107,557 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $256,725) | 256,725 | ||||||||||
Total Investments – 128.7% (Cost $1,036,533) | 1,150,295 | ||||||||||
Other Assets and Liabilities, Net – (28.7)% | (256,287 | ) | |||||||||
Total Net Assets – 100.0% | $ | 894,008 |
* 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 $250,399,797 March 31, 2005. See note 2 in Notes to Financial Statements.
(b) The fund is significantly invested in this industry sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
(c) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
(d) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.
ADR – American Depository Receipt.
CI – Class
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
90
Statements of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except for per share data
Large Cap Growth Opportunities Fund | Large Cap Select Fund | Large Cap Value Fund | |||||||||||||
ASSETS: | |||||||||||||||
Investments in unaffiliated securities, at value*+ | $ | 1,099,347 | $ | 237,555 | $ | 1,034,964 | |||||||||
Investments in affiliated money market fund, at value** | 15,319 | 3,705 | 7,774 | ||||||||||||
Repurchase agreements, at value*** | 122,013 | 28,204 | 107,557 | ||||||||||||
Cash**** | 529 | 122 | 466 | ||||||||||||
Receivable for dividends and interest | 387 | 234 | 1,300 | ||||||||||||
Receivable for investment securities sold | 21,570 | 2,795 | 45,809 | ||||||||||||
Receivable for capital shares sold | 573 | 298 | 263 | ||||||||||||
Prepaid expenses and other assets | 48 | 27 | 37 | ||||||||||||
Total assets | 1,259,786 | 272,940 | 1,198,170 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payable for investment securities purchased | 17,780 | 2,700 | 43,869 | ||||||||||||
Payable upon return of securities loaned | 291,760 | 67,441 | 257,191 | ||||||||||||
Payable for capital shares redeemed | 8,415 | 501 | 2,277 | ||||||||||||
Payable for advisory, co-administration, and custodian fees | 856 | 222 | 760 | ||||||||||||
Payable for distribution and shareholder servicing fees | 54 | 1 | 47 | ||||||||||||
Accrued expenses and other liabilities | 22 | 1 | 18 | ||||||||||||
Total liabilities | 318,887 | 70,866 | 304,162 |
Net assets | $ | 940,899 | $ | 202,074 | $ | 894,008 | |||||||||
COMPOSITION OF NET ASSETS: |
Portfolio capital | $ | 949,931 | $ | 159,013 | $ | 713,180 | |||||||||
Undistributed (distributions in excess of) net investment income | (721 | ) | 27 | 347 | |||||||||||
Accumulated net realized gain (loss) on investments | (63,777 | ) | 39,301 | 66,719 | |||||||||||
Net unrealized appreciation of investments | 55,466 | 3,733 | 113,762 |
Net assets | $ | 940,899 | $ | 202,074 | $ | 894,008 |
* Investments in unaffiliated securities, at cost | $ | 1,043,881 | $ | 233,822 | $ | 921,202 | |||||||||
** Investments in affiliated money market fund, at cost | $ | 15,319 | $ | 3,705 | $ | 7,774 | |||||||||
*** Investments in repurchase agreements, at cost | $ | 122,013 | $ | 28,204 | $ | 107,557 | |||||||||
**** Includes cash related to securities loaned | $ | 529 | $ | 122 | $ | 466 | |||||||||
+ Including securities loaned, at value | $ | 282,798 | $ | 65,192 | $ | 250,400 | |||||||||
Class A: | |||||||||||||||
Net assets | $ | 107,864 | $ | 1,662 | $ | 118,343 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 4,085 | 123 | 6,271 | ||||||||||||
Net asset value and redemption price per share | $ | 26.40 | $ | 13.56 | $ | 18.87 | |||||||||
Maximum offering price per share (1) | $ | 27.94 | $ | 14.35 | $ | 19.97 | |||||||||
Class B: | |||||||||||||||
Net assets | $ | 23,009 | $ | 355 | $ | 18,319 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 909 | 26 | 991 | ||||||||||||
Net asset value, offering price and redemption price per share (2) | $ | 25.31 | $ | 13.44 | $ | 18.48 | |||||||||
Class C: | |||||||||||||||
Net assets | $ | 12,017 | $ | 66 | $ | 6,278 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 466 | 5 | 336 | ||||||||||||
Net asset value, offering price and redemption price per share (2) | $ | 25.81 | $ | 13.45 | $ | 18.70 | |||||||||
Class R: | |||||||||||||||
Net assets | $ | 1 | $ | 1 | $ | 1 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | - | - | - | ||||||||||||
Net asset value, offering price, and redemption price per share | $ | 26.36 | $ | 13.53 | $ | 18.87 | |||||||||
Class Y: | |||||||||||||||
Net assets | $ | 798,008 | $ | 199,990 | $ | 751,067 | |||||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 29,446 | 14,723 | 39,687 | ||||||||||||
Net asset value, offering price, and redemption price per share | $ | 27.10 | $ | 13.58 | $ | 18.92 |
(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 contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
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Statements of Operations For the six months ended March 31, 2005 (unaudited), in thousands
Large Cap Growth Opportunities Fund | Large Cap Select Fund | Large Cap Value Fund | |||||||||||||
INVESTMENT INCOME: | |||||||||||||||
Interest from unaffiliated securities | $ | - | $ | 3 | $ | - | |||||||||
Dividends from affiliated money market fund | 168 | 115 | 55 | ||||||||||||
Dividends from unaffiliated securities | 8,254 | 2,417 | 12,044 | ||||||||||||
Less: Foreign taxes withheld | (6 | ) | (2 | ) | (4 | ) | |||||||||
Securities lending | 175 | 27 | 103 | ||||||||||||
Other income | 60 | - | 152 | ||||||||||||
Total investment income | 8,651 | 2,560 | 12,350 | ||||||||||||
EXPENSES: | |||||||||||||||
Investment advisory fees | 4,330 | 1,046 | 3,798 | ||||||||||||
Co-administration fees and expenses (including transfer agency fees) | 1,769 | 428 | 1,551 | ||||||||||||
Custodian fees | 67 | 16 | 58 | ||||||||||||
Directors' fees | 16 | 3 | 14 | ||||||||||||
Registration fees | 19 | 23 | 22 | ||||||||||||
Professional fees | 48 | 11 | 41 | ||||||||||||
Printing | 15 | 3 | 13 | ||||||||||||
Other | 17 | 4 | 15 | ||||||||||||
Distribution and shareholder servicing fees – Class A | 141 | 1 | 148 | ||||||||||||
Distribution and shareholder servicing fees – Class B | 125 | 2 | 102 | ||||||||||||
Distribution and shareholder servicing fees – Class C | 63 | - | 32 | ||||||||||||
Distribution and shareholder servicing fees – Class R (1) | - | - | - | ||||||||||||
Total expenses | 6,610 | 1,537 | 5,794 | ||||||||||||
Less: Fee waivers | (285 | ) | (86 | ) | (254 | ) | |||||||||
Total net expenses | 6,325 | 1,451 | 5,540 | ||||||||||||
Investment income – net | 2,326 | 1,109 | 6,810 | ||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET: | |||||||||||||||
Net realized gain on investments | 45,471 | 16,894 | 57,234 | ||||||||||||
Net realized gain on in-kind distribution | 76,740 | 24,162 | 70,893 | ||||||||||||
Net realized loss on futures contracts | - | (201 | ) | - | |||||||||||
Net change in unrealized appreciation or depreciation of investments | (40,321 | ) | (8,546 | ) | (9,915 | ) | |||||||||
Net change in unrealized appreciation or depreciation of futures contracts | - | 165 | - | ||||||||||||
Net gain on investments and futures contracts | 81,890 | 32,474 | 118,212 | ||||||||||||
Net increase in net assets resulting from operations | $ | 84,216 | $ | 33,583 | $ | 125,022 |
(1) For the period 10/1/04 to 3/31/05 due to the presentation of the financial statements in thousands, the numbers round to zero.
The accompanying notes are an integral part of the financial statements.
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93
Statements of Changes in Net Assets in thousands
Large Cap Growth Opportunities Fund | Large Cap Select Fund | Large Cap Value 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 | $ | 2,326 | $ | 975 | $ | 1,109 | $ | 1,294 | $ | 6,810 | $ | 12,916 | |||||||||||||||
Net realized gain on investments | 45,471 | 81,430 | 16,894 | 2,068 | 57,234 | 109,490 | |||||||||||||||||||||
Net realized gain on in-kind distributions | 76,740 | - | 24,162 | - | 70,893 | - | |||||||||||||||||||||
Net realized gain (loss) on futures | - | - | (201 | ) | 1,671 | - | - | ||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (40,321 | ) | 36,383 | (8,546 | ) | 9,176 | (9,915 | ) | 44,184 | ||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | - | - | 165 | (50 | ) | - | - | ||||||||||||||||||||
Net increase in net assets resulting from operations | 84,216 | 118,788 | 33,583 | 14,159 | 125,022 | 166,590 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||
Class A | (225 | ) | (50 | ) | (5 | ) | (2 | ) | (573 | ) | (930 | ) | |||||||||||||||
Class B | (25 | ) | - | - | - | (36 | ) | (107 | ) | ||||||||||||||||||
Class C | (12 | ) | - | - | - | (11 | ) | (25 | ) | ||||||||||||||||||
Class R: | - | (7 | ) | (1,095 | ) | - | - | (126 | ) | ||||||||||||||||||
Class Y | (2,783 | ) | (1,127 | ) | - | (1,279 | ) | (5,962 | ) | (11,517 | ) | ||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||
Class A | - | - | (17 | ) | (3 | ) | - | - | |||||||||||||||||||
Class B | - | - | (4 | ) | (1 | ) | - | - | |||||||||||||||||||
Class C | - | - | (1 | ) | - | - | - | ||||||||||||||||||||
Class Y | - | - | (4,604 | ) | (1,552 | ) | - | - | |||||||||||||||||||
Return of capital: | |||||||||||||||||||||||||||
Class A | - | (11 | ) | - | - | - | - | ||||||||||||||||||||
Class B (2) | - | - | - | - | - | - | |||||||||||||||||||||
Class C (2) | - | - | - | - | - | - | |||||||||||||||||||||
Class R: | - | (1 | ) | - | - | - | - | ||||||||||||||||||||
Class Y | - | (249 | ) | - | - | - | - | ||||||||||||||||||||
Total distributions | (3,045 | ) | (1,445 | ) | (5,726 | ) | (2,837 | ) | (6,582 | ) | (12,705 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||
Proceeds from sales | 8,107 | 40,942 | 1,009 | 973 | 8,064 | 38,252 | |||||||||||||||||||||
Reinvestment of distributions | 217 | 59 | 16 | 5 | 543 | 878 | |||||||||||||||||||||
Payments for redemptions | (19,089 | ) | (30,173 | ) | (153 | ) | (501 | ) | (14,767 | ) | (26,540 | ) | |||||||||||||||
Increase (decrease) in net assets from Class A transactions | (10,765 | ) | 10,828 | 872 | 477 | (6,160 | ) | 12,590 | |||||||||||||||||||
Class B: | |||||||||||||||||||||||||||
Proceeds from sales | 659 | 2,182 | 90 | 204 | 390 | 909 | |||||||||||||||||||||
Reinvestment of distributions | 25 | - | 5 | 1 | 35 | 106 | |||||||||||||||||||||
Payments for redemptions | (4,700 | ) | (18,001 | ) | (33 | ) | (57 | ) | (5,891 | ) | (14,541 | ) | |||||||||||||||
Increase (decrease) in net assets from Class B transactions | (4,016 | ) | (15,819 | ) | 62 | 148 | (5,466 | ) | (13,526 | ) | |||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Proceeds from sales | 442 | 1,418 | 1 | 49 | 280 | 808 | |||||||||||||||||||||
Reinvestment of distributions | 12 | - | 1 | - | 11 | 25 | |||||||||||||||||||||
Payments for redemptions | (1,935 | ) | (5,343 | ) | - | (19 | ) | (946 | ) | (2,322 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (1,481 | ) | (3,925 | ) | 2 | 30 | (655 | ) | (1,489 | ) | |||||||||||||||||
Class R: | |||||||||||||||||||||||||||
Proceeds from sales | - | 1,810 | - | 1 | - | 2,695 | |||||||||||||||||||||
Reinvestment of distributions | - | 7 | - | - | - | 125 | |||||||||||||||||||||
Payments for redemptions | - | (19,633 | ) | - | (1 | ) | - | (29,940 | ) | ||||||||||||||||||
Decrease in net assets from Class R transactions | - | (17,816 | ) | - | - | - | (27,120 | ) | |||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Proceeds from sales | 83,456 | 312,207 | 102,268 | 169,597 | 50,571 | 216,890 | |||||||||||||||||||||
Reinvestment of distributions | 1,595 | 725 | 4,615 | 2,310 | 3,966 | 7,917 | |||||||||||||||||||||
Payments for redemptions | (548,146 | ) | (299,071 | ) | (226,453 | ) | (17,779 | ) | (429,742 | ) | (210,060 | ) | |||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (463,095 | ) | 13,861 | (119,570 | ) | 154,128 | (375,205 | ) | 14,747 | ||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (479,357 | ) | (12,871 | ) | (118,634 | ) | 154,783 | (387,486 | ) | (14,798 | ) | ||||||||||||||||
Total increase (decrease) in net assets | (398,186 | ) | 104,472 | (90,777 | ) | 166,105 | (269,046 | ) | 139,087 | ||||||||||||||||||
Net assets at beginning of period | 1,339,085 | 1,234,613 | 292,851 | 126,746 | 1,163,054 | 1,023,967 | |||||||||||||||||||||
Net assets at end of period | $ | 940,899 | $ | 1,339,085 | $ | 202,074 | $ | 292,851 | $ | 894,008 | $ | 1,163,054 | |||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (721 | ) | $ | (2 | ) | $ | 27 | $ | 18 | $ | 347 | $ | 119 |
(1) See Note 4 in Notes to Financial Statements for additional information.
(2) For the Large Cap Growth Opportunities Fund for the period 10/01/03 to 9/30/04 and due to the presentation of the financial statements in thousands, the numbers round to zero.
The accompanying notes are an integral part of the financial statements.
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FIRST AMERICAN FUNDS Semiannual Report 2005
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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 (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Distributions from Return of Capital (12) | Net Asset Value End of Period | ||||||||||||||||||||||||
Large Cap Growth Opportunities Fund (1) (2) | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 25.00 | $ | 0.02 | $ | 1.43 | $ | (0.05 | ) | $ | - | $ | - | $ | 26.40 | |||||||||||||||
2004 | 22.84 | (0.03 | ) | 2.20 | (0.01 | ) | - | - | 25.00 | ||||||||||||||||||||||
2003 | 19.16 | - | 3.73 | (0.05 | ) | - | - | 22.84 | |||||||||||||||||||||||
2002 | 24.44 | - | (5.23 | ) | (0.05 | ) | - | - | 19.16 | ||||||||||||||||||||||
2001 | (4) | 43.33 | (0.01 | ) | (14.00 | ) | - | (4.88 | ) | - | 24.44 | ||||||||||||||||||||
2000 | (5) | 37.96 | (0.15 | ) | 7.55 | - | (2.03 | ) | - | 43.33 | |||||||||||||||||||||
1999 | (5) | 35.72 | (0.12 | ) | 6.42 | (0.02 | ) | (4.04 | ) | - | 37.96 | ||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 24.02 | $ | (0.08 | ) | $ | 1.40 | $ | (0.03 | ) | $ | - | $ | - | $ | 25.31 | ||||||||||||||
2004 | 22.10 | (0.21 | ) | 2.13 | - | - | - | 24.02 | |||||||||||||||||||||||
2003 | 18.64 | (0.18 | ) | 3.64 | - | - | - | 22.10 | |||||||||||||||||||||||
2002 | 23.94 | (0.18 | ) | (5.09 | ) | (0.03 | ) | - | - | 18.64 | |||||||||||||||||||||
2001 | (4) | 42.80 | (0.22 | ) | (13.76 | ) | - | (4.88 | ) | - | 23.94 | ||||||||||||||||||||
2000 | (5) | 37.78 | (0.47 | ) | 7.52 | - | (2.03 | ) | - | 42.80 | |||||||||||||||||||||
1999 | (5) (6) | 36.92 | (0.29 | ) | 1.15 | - | - | - | 37.78 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 24.51 | $ | (0.08 | ) | $ | 1.40 | $ | (0.02 | ) | $ | - | $ | - | $ | 25.81 | ||||||||||||||
2004 | 22.55 | (0.21 | ) | 2.17 | - | - | - | 24.51 | |||||||||||||||||||||||
2003 | 19.03 | (0.18 | ) | 3.72 | (0.02 | ) | - | - | 22.55 | ||||||||||||||||||||||
2002 | 24.44 | (0.18 | ) | (5.19 | ) | (0.04 | ) | - | - | 19.03 | |||||||||||||||||||||
2001 | (7) | 23.75 | - | 0.69 | - | - | - | 24.44 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 24.98 | $ | (0.02 | ) | $ | 1.45 | $ | (0.05 | ) | $ | - | $ | - | �� | $ | 26.36 | |||||||||||||
2004 | (8) | 22.85 | (0.02 | ) | 2.16 | (0.01 | ) | - | - | 24.98 | |||||||||||||||||||||
2003 | 19.17 | - | 3.73 | (0.05 | ) | - | - | 22.85 | |||||||||||||||||||||||
2002 | 24.45 | - | (5.23 | ) | (0.05 | ) | - | - | 19.17 | ||||||||||||||||||||||
2001 | (9) | 35.53 | (0.01 | ) | (11.07 | ) | - | - | - | 24.45 | |||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 25.63 | $ | 0.05 | $ | 1.48 | $ | (0.06 | ) | $ | - | $ | - | $ | 27.10 | |||||||||||||||
2004 | 23.38 | 0.03 | 2.25 | (0.02 | ) | - | (0.01 | ) | 25.63 | ||||||||||||||||||||||
2003 | 19.59 | 0.07 | 3.80 | (0.08 | ) | - | - | 23.38 | |||||||||||||||||||||||
2002 | 24.93 | 0.06 | (5.33 | ) | (0.07 | ) | - | - | 19.59 | ||||||||||||||||||||||
2001 | (4) | 44.00 | 0.06 | (14.25 | ) | - | (4.88 | ) | - | 24.93 | |||||||||||||||||||||
2000 | (5) | 38.42 | (0.04 | ) | 7.65 | - | (2.03 | ) | - | 44.00 | |||||||||||||||||||||
1999 | (5) | 36.05 | (0.02 | ) | 6.47 | (0.04 | ) | (4.04 | ) | - | 38.42 | ||||||||||||||||||||
Large Cap Select Fund (2) (10) | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 12.52 | $ | 0.02 | $ | 1.26 | $ | (0.04 | ) | $ | (0.20 | ) | $ | - | $ | 13.56 | ||||||||||||||
2004 | 11.45 | 0.04 | 1.19 | (0.05 | ) | (0.11 | ) | - | 12.52 | ||||||||||||||||||||||
2003 | 10.00 | 0.03 | 1.46 | (0.04 | ) | - | - | 11.45 | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 12.41 | $ | (0.02 | ) | $ | 1.26 | $ | (0.01 | ) | $ | (0.20 | ) | $ | - | $ | 13.44 | |||||||||||||
2004 | 11.41 | (0.06 | ) | 1.18 | (0.01 | ) | (0.11 | ) | - | 12.41 | |||||||||||||||||||||
2003 | 10.00 | (0.03 | ) | 1.45 | (0.01 | ) | - | - | 11.41 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 12.43 | $ | (0.02 | ) | $ | 1.25 | $ | (0.01 | ) | $ | (0.20 | ) | $ | - | $ | 13.45 | |||||||||||||
2004 | 11.42 | (0.06 | ) | 1.19 | (0.01 | ) | (0.11 | ) | - | 12.43 | |||||||||||||||||||||
2003 | 10.00 | (0.02 | ) | 1.45 | (0.01 | ) | - | - | 11.42 | ||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 12.49 | $ | 0.01 | $ | 1.26 | $ | (0.03 | ) | $ | (0.20 | ) | $ | - | $ | 13.53 | ||||||||||||||
2004 | (8) | 11.44 | 0.02 | 1.18 | (0.04 | ) | (0.11 | ) | - | 12.49 | |||||||||||||||||||||
2003 | 10.00 | 0.03 | 1.44 | (0.03 | ) | - | - | 11.44 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (3) | $ | 12.53 | $ | 0.05 | $ | 1.26 | $ | (0.06 | ) | $ | (0.20 | ) | $ | - | $ | 13.58 | ||||||||||||||
2004 | 11.45 | 0.07 | 1.19 | (0.07 | ) | (0.11 | ) | - | 12.53 | ||||||||||||||||||||||
2003 | 10.00 | 0.05 | 1.45 | (0.05 | ) | - | - | 11.45 |
(1) The financial highlights for the Large Cap Growth Opportunities Fund as set forth herein include the historical financial highlights of the Firstar Large Cap Core Equity Fund. The assets of the Firstar
Fund were acquired by the First American Large Cap Growth Opportunities Fund on September 24, 2001. In connection with such acquisition, (i) Class A shares of the Firstar Large Cap Core Fund
were exchanged for Class A shares of the First American Large Cap Growth Opportunities 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 of the First American Fund, and (iv) Firstar Class Institutional 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) For the fiscal period ended October 31.
(6) Class of shares has been offered since March 1, 1999. All ratios for the period have been annualized, except total return and portfolio turnover.
(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.
(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) Commenced operations on January 31, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.
(11) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
(12) Includes a tax return of capital of less than $0.01, for the year ended September 30, 2004.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
96
| 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 Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | ||||||||||||||||||||||||
Large Cap Growth Opportunities Fund (1) (2) | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (3) | 5.81 | % | $ | 107,864 | 1.15 | % | 0.12 | % | 1.19 | % | 0.08 | % | 48 | % | ||||||||||||||||
2004 | 9.52 | 112,379 | 1.15 | (0.13 | ) | 1.19 | (0.17 | ) | 113 | ||||||||||||||||||||||
2003 | 19.50 | 93,331 | 1.15 | (0.02 | ) | 1.19 | (0.06 | ) | 83 | ||||||||||||||||||||||
2002 | (21.46 | ) | 24,647 | 1.15 | (0.02 | ) | 1.22 | (0.09 | ) | 43 | |||||||||||||||||||||
2001 | (4) | (35.83 | ) | 34,330 | 1.20 | (0.04 | ) | 1.24 | (0.08 | ) | 40 | ||||||||||||||||||||
2000 | (5) | 19.92 | 51,232 | 1.20 | (0.35 | ) | 1.21 | (0.36 | ) | 60 | |||||||||||||||||||||
1999 | (5) | 17.92 | 47,238 | 1.19 | (0.31 | ) | 1.20 | (0.32 | ) | 59 | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (3) | 5.47 | % | $ | 23,009 | 1.90 | % | (0.62 | )% | 1.94 | % | (0.66 | )% | 48 | % | ||||||||||||||||
2004 | 8.69 | 25,633 | 1.90 | (0.87 | ) | 1.94 | (0.91 | ) | 113 | ||||||||||||||||||||||
2003 | 18.58 | 37,853 | 1.90 | (0.84 | ) | 1.94 | (0.88 | ) | 83 | ||||||||||||||||||||||
2002 | (22.06 | ) | 2,928 | 1.90 | (0.75 | ) | 1.97 | (0.82 | ) | 43 | |||||||||||||||||||||
2001 | (4) | (36.28 | ) | 2,954 | 1.93 | (0.79 | ) | 1.97 | (0.83 | ) | 40 | ||||||||||||||||||||
2000 | (5) | 19.06 | 1,483 | 1.95 | (1.10 | ) | 1.96 | (1.11 | ) | 60 | |||||||||||||||||||||
1999 | (5) (6) | 2.33 | 722 | 1.96 | (1.17 | ) | 1.97 | (1.18 | ) | 59 | |||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (3) | 5.40 | % | $ | 12,017 | 1.90 | % | (0.62 | )% | 1.94 | % | (0.66 | )% | 48 | % | ||||||||||||||||
2004 | 8.69 | 12,811 | 1.90 | (0.87 | ) | 1.94 | (0.91 | ) | 113 | ||||||||||||||||||||||
2003 | 18.60 | 15,365 | 1.90 | (0.81 | ) | 1.94 | (0.85 | ) | 83 | ||||||||||||||||||||||
2002 | (22.03 | ) | 476 | 1.90 | (0.73 | ) | 1.97 | (0.80 | ) | 43 | |||||||||||||||||||||
2001 | (7) | 2.95 | - | - | - | - | - | 40 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
2005 | (3) | 5.71 | % | $ | 1 | 1.40 | % | (0.14 | )% | 1.59 | % | (0.33 | )% | 48 | % | ||||||||||||||||
2004 | (8) | 9.38 | 1 | 1.15 | (0.08 | ) | 1.19 | (0.12 | ) | 113 | |||||||||||||||||||||
2003 | 19.51 | 15,890 | 1.15 | (0.01 | ) | 1.19 | (0.05 | ) | 83 | ||||||||||||||||||||||
2002 | (21.45 | ) | 2,376 | 1.15 | - | 1.22 | (0.07 | ) | 43 | ||||||||||||||||||||||
2001 | (9) | (31.16 | ) | 2,802 | 1.18 | (0.03 | ) | 1.22 | (0.07 | ) | 40 | ||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (3) | 5.97 | % | $ | 798,008 | 0.90 | % | 0.40 | % | 0.94 | % | 0.36 | % | 48 | % | ||||||||||||||||
2004 | 9.76 | 1,188,261 | 0.90 | 0.13 | 0.94 | 0.09 | 113 | ||||||||||||||||||||||||
2003 | 19.78 | 1,072,174 | 0.90 | 0.31 | 0.94 | 0.27 | 83 | ||||||||||||||||||||||||
2002 | (21.23 | ) | 255,311 | 0.90 | 0.24 | 0.97 | 0.17 | 43 | |||||||||||||||||||||||
2001 | (4) | (35.70 | ) | 316,213 | 0.94 | 0.20 | 0.98 | 0.16 | 40 | ||||||||||||||||||||||
2000 | (5) | 20.24 | 339,166 | 0.95 | (0.10 | ) | 0.96 | (0.11 | ) | 60 | |||||||||||||||||||||
1999 | (5) | 18.18 | 306,832 | 0.94 | (0.06 | ) | 0.95 | (0.07 | ) | 59 | |||||||||||||||||||||
Large Cap Select Fund (2) (10) | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (3) | 10.26 | % | $ | 1,662 | 1.15 | % | 0.36 | % | 1.21 | % | 0.30 | % | 95 | % | ||||||||||||||||
2004 | 10.82 | 714 | 1.15 | 0.30 | 1.21 | 0.24 | 67 | ||||||||||||||||||||||||
2003 | 14.91 | 215 | 1.15 | 0.42 | 1.24 | 0.33 | 65 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (3) | 9.98 | % | $ | 355 | 1.90 | % | (0.35 | )% | 1.96 | % | (0.41 | )% | 95 | % | ||||||||||||||||
2004 | 9.89 | 270 | 1.90 | (0.44 | ) | 1.96 | (0.50 | ) | 67 | ||||||||||||||||||||||
2003 | 14.18 | 113 | 1.90 | (0.35 | ) | 1.99 | (0.44 | ) | 65 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (3) | 9.89 | % | $ | 66 | 1.90 | % | (0.34 | )% | 1.96 | % | (0.40 | )% | 95 | % | ||||||||||||||||
2004 | 9.98 | 59 | 1.90 | (0.45 | ) | 1.96 | (0.51 | ) | 67 | ||||||||||||||||||||||
2003 | 14.27 | 26 | 1.90 | (0.32 | ) | 1.99 | (0.41 | ) | 65 | ||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
2005 | (3) | 10.18 | % | $ | 1 | 1.40 | % | 0.12 | % | 1.61 | % | (0.09 | )% | 95 | % | ||||||||||||||||
2004 | (8) | 10.60 | 1 | 1.32 | 0.18 | 1.38 | 0.12 | 67 | |||||||||||||||||||||||
2003 | 14.76 | 1 | 1.15 | 0.39 | 1.24 | 0.30 | 65 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (3) | 10.44 | % | $ | 199,990 | 0.90 | % | 0.69 | % | 0.96 | % | 0.63 | % | 95 | % | ||||||||||||||||
2004 | 11.10 | 291,807 | 0.90 | 0.57 | 0.96 | 0.51 | 67 | ||||||||||||||||||||||||
2003 | 15.02 | 126,391 | 0.90 | 0.71 | 0.99 | 0.62 | 65 |
FIRST AMERICAN FUNDS Semiannual Report 2005
97
Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (5) | |||||||||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 17.21 | $ | 0.09 | $ | 1.66 | $ | (0.09 | ) | $ | - | $ | 18.87 | 10.17 | % | |||||||||||||||
2004 | (2) | 14.97 | 0.15 | 2.24 | (0.15 | ) | - | 17.21 | 16.01 | ||||||||||||||||||||||
2003 | (2) | 12.77 | 0.18 | 2.20 | (0.18 | ) | - | 14.97 | 18.71 | ||||||||||||||||||||||
2002 | (2) | 15.98 | 0.14 | (3.21 | ) | (0.14 | ) | - | 12.77 | (19.37 | ) | ||||||||||||||||||||
2001 | (2) | 20.59 | 0.16 | (2.67 | ) | (0.16 | ) | (1.94 | ) | 15.98 | (13.72 | ) | |||||||||||||||||||
2000 | 23.12 | 0.17 | 0.22 | (0.17 | ) | (2.75 | ) | 20.59 | 0.92 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 16.87 | $ | 0.02 | $ | 1.62 | $ | (0.03 | ) | $ | - | $ | 18.48 | 9.74 | % | |||||||||||||||
2004 | (2) | 14.70 | 0.03 | 2.20 | (0.06 | ) | - | 16.87 | 15.19 | ||||||||||||||||||||||
2003 | (2) | 12.55 | 0.08 | 2.15 | (0.08 | ) | - | 14.70 | 17.83 | ||||||||||||||||||||||
2002 | (2) | 15.71 | 0.02 | (3.15 | ) | (0.03 | ) | - | 12.55 | (19.96 | ) | ||||||||||||||||||||
2001 | (2) | 20.30 | 0.02 | (2.63 | ) | (0.04 | ) | (1.94 | ) | 15.71 | (14.42 | ) | |||||||||||||||||||
2000 | 22.87 | 0.05 | 0.18 | (0.05 | ) | (2.75 | ) | 20.30 | 0.17 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 17.07 | $ | 0.02 | $ | 1.64 | $ | (0.03 | ) | $ | - | $ | 18.70 | 9.74 | % | |||||||||||||||
2004 | (2) | 14.87 | 0.03 | 2.23 | (0.06 | ) | - | 17.07 | 15.21 | ||||||||||||||||||||||
2003 | (2) | 12.70 | 0.08 | 2.17 | (0.08 | ) | - | 14.87 | 17.76 | ||||||||||||||||||||||
2002 | (2) | 15.90 | 0.02 | (3.19 | ) | (0.03 | ) | - | 12.70 | (19.97 | ) | ||||||||||||||||||||
2001 | (2) | 20.51 | 0.02 | (2.65 | ) | (0.04 | ) | (1.94 | ) | 15.90 | (14.36 | ) | |||||||||||||||||||
2000 | 23.09 | 0.06 | 0.17 | (0.06 | ) | (2.75 | ) | 20.51 | 0.17 | ||||||||||||||||||||||
Class R (2) | |||||||||||||||||||||||||||||||
2005 | (1) | $ | 17.22 | $ | 0.06 | $ | 1.65 | $ | (0.06 | ) | $ | - | $ | 18.87 | 9.96 | % | |||||||||||||||
2004 | (3) | 14.96 | 0.17 | 2.23 | (0.14 | ) | - | 17.22 | 16.05 | ||||||||||||||||||||||
2003 | 12.77 | 0.18 | 2.19 | (0.18 | ) | - | 14.96 | 18.63 | |||||||||||||||||||||||
2002 | 15.97 | 0.13 | (3.18 | ) | (0.15 | ) | - | 12.77 | (19.36 | ) | |||||||||||||||||||||
2001 | (4) | 15.32 | - | 0.65 | - | - | 15.97 | 4.24 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 17.26 | $ | 0.11 | $ | 1.67 | $ | (0.12 | ) | $ | - | $ | 18.92 | 10.28 | % | |||||||||||||||
2004 | (2) | 15.01 | 0.20 | 2.24 | (0.19 | ) | - | 17.26 | 16.31 | ||||||||||||||||||||||
2003 | (2) | 12.80 | 0.22 | 2.20 | (0.21 | ) | - | 15.01 | 19.04 | ||||||||||||||||||||||
2002 | (2) | 16.02 | 0.18 | (3.22 | ) | (0.18 | ) | - | 12.80 | (19.22 | ) | ||||||||||||||||||||
2001 | (2) | 20.64 | 0.21 | (2.68 | ) | (0.21 | ) | (1.94 | ) | 16.02 | (13.53 | ) | |||||||||||||||||||
2000 | 23.17 | 0.23 | 0.21 | (0.22 | ) | (2.75 | ) | 20.64 | 1.17 |
(1) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2) Per share data calculated using average shares outstanding method.
(3) Prior to July 1, 2004, Class R shares were named Class S shares.
(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) 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
98
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 | ||||||||||||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 118,343 | 1.15 | % | 0.94 | % | 1.19 | % | 0.90 | % | 31 | % | ||||||||||||||||||||
2004 | (2) | 113,683 | 1.15 | 0.91 | 1.19 | 0.87 | 104 | ||||||||||||||||||||||||||
2003 | (2) | 88,024 | 1.15 | 1.30 | 1.20 | 1.25 | 94 | ||||||||||||||||||||||||||
2002 | (2) | 85,182 | 1.15 | 0.86 | 1.20 | 0.81 | 82 | ||||||||||||||||||||||||||
2001 | (2) | 94,064 | 1.05 | 0.88 | 1.15 | 0.78 | 64 | ||||||||||||||||||||||||||
2000 | 138,146 | 1.05 | (0.45 | ) | 1.13 | (0.53 | ) | 68 | |||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 18,319 | 1.90 | % | 0.19 | % | 1.94 | % | 0.15 | % | 31 | % | ||||||||||||||||||||
2004 | (2) | 21,829 | 1.90 | 0.19 | 1.94 | 0.15 | 104 | ||||||||||||||||||||||||||
2003 | (2) | 30,987 | 1.90 | 0.56 | 1.95 | 0.51 | 94 | ||||||||||||||||||||||||||
2002 | (2) | 33,720 | 1.90 | 0.11 | 1.95 | 0.06 | 82 | ||||||||||||||||||||||||||
2001 | (2) | 38,108 | 1.80 | 0.13 | 1.90 | 0.03 | 64 | ||||||||||||||||||||||||||
2000 | 49,662 | 1.80 | (1.20 | ) | 1.88 | (1.28 | ) | 68 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 6,278 | 1.90 | % | 0.19 | % | 1.94 | % | 0.15 | % | 31 | % | ||||||||||||||||||||
2004 | (2) | 6,344 | 1.90 | 0.18 | 1.94 | 0.14 | 104 | ||||||||||||||||||||||||||
2003 | (2) | 6,844 | 1.90 | 0.56 | 1.95 | 0.51 | 94 | ||||||||||||||||||||||||||
2002 | (2) | 7,524 | 1.90 | 0.11 | 1.95 | 0.06 | 82 | ||||||||||||||||||||||||||
2001 | (2) | 10,141 | 1.80 | 0.12 | 1.90 | 0.02 | 64 | ||||||||||||||||||||||||||
2000 | 6,551 | 1.80 | (1.20 | ) | 1.88 | (1.28 | ) | 68 | |||||||||||||||||||||||||
Class R (2) | |||||||||||||||||||||||||||||||||
2005 | (1) | $ | 1 | 1.40 | % | 0.62 | % | 1.59 | % | 0.43 | % | 31 | % | ||||||||||||||||||||
2004 | (3) | 1 | 1.15 | 1.00 | 1.19 | 0.96 | 104 | ||||||||||||||||||||||||||
2003 | 23,845 | 1.15 | 1.30 | 1.20 | 1.25 | 94 | |||||||||||||||||||||||||||
2002 | 24,129 | 1.15 | 0.90 | 1.20 | 0.85 | 82 | |||||||||||||||||||||||||||
2001 | (4) | - | - | - | - | - | 64 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 751,067 | 0.90 | % | 1.22 | % | 0.94 | % | 1.18 | % | 31 | % | ||||||||||||||||||||
2004 | (2) | 1,021,197 | 0.90 | 1.17 | 0.94 | 1.13 | 104 | ||||||||||||||||||||||||||
2003 | (2) | 874,267 | 0.90 | 1.55 | 0.95 | 1.50 | 94 | ||||||||||||||||||||||||||
2002 | (2) | 825,179 | 0.90 | 1.11 | 0.95 | 1.06 | 82 | ||||||||||||||||||||||||||
2001 | (2) | 970,190 | 0.80 | 1.13 | 0.90 | 1.03 | 64 | ||||||||||||||||||||||||||
2000 | 1,186,787 | 0.80 | (0.20 | ) | 0.88 | (0.28 | ) | 68 |
FIRST AMERICAN FUNDS Semiannual Report 2005
99
Schedule of Investments March 31, 2005 (unaudited)
Balanced Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 62.7% | |||||||||||
Consumer Discretionary – 8.5% | |||||||||||
CBRL Group (a) | 4,140 | $ | 171 | ||||||||
Coach* | 45,620 | 2,583 | |||||||||
Comcast, Cl A* | 130,553 | 4,410 | |||||||||
Cooper Tire & Rubber | 10,440 | 192 | |||||||||
Gray Television | 15,590 | 226 | |||||||||
Harrah's Entertainment (a) | 47,430 | 3,063 | |||||||||
Hilton Hotels | 115,230 | 2,575 | |||||||||
J.C. Penney | 81,190 | 4,216 | |||||||||
Kerzner International* | 2,630 | 161 | |||||||||
La Quinta (REIT)* (a) | 18,880 | 160 | |||||||||
Marvel Enterprises* (a) | 27,205 | 544 | |||||||||
Men's Wearhouse* (a) | 6,670 | 282 | |||||||||
Nordstrom | 48,670 | 2,695 | |||||||||
Petco Animal Supplies* (a) | 5,750 | 212 | |||||||||
Ruby Tuesday (a) | 4,550 | 111 | |||||||||
Scientific Games, Cl A* | 15,970 | 365 | |||||||||
Sherwin Williams (a) | 74,804 | 3,291 | |||||||||
Sports Authority* (a) | 6,920 | 190 | |||||||||
Starbucks* | 45,570 | 2,354 | |||||||||
Station Casinos (a) | 2,340 | 158 | |||||||||
Thomas Nelson | 7,560 | 179 | |||||||||
Time Warner* (a) | 372,197 | 6,532 | |||||||||
Too* (a) | 12,770 | 315 | |||||||||
WCI Communities* (a) | 3,490 | 105 | |||||||||
35,090 | |||||||||||
Consumer Staples – 4.2% | |||||||||||
Clorox (a) | 70,836 | 4,462 | |||||||||
NBTY* (a) | 14,810 | 372 | |||||||||
PepsiCo | 48,008 | 2,546 | |||||||||
Procter & Gamble (a) | 102,374 | 5,426 | |||||||||
Wal-Mart Stores | 86,267 | 4,323 | |||||||||
17,129 | |||||||||||
Energy – 6.8% | |||||||||||
Apache | 85,008 | 5,205 | |||||||||
Bill Barrett* | 3,540 | 102 | |||||||||
Compton Petroleum* | 4,110 | 41 | |||||||||
ConocoPhillips | 41,510 | 4,476 | |||||||||
Denbury Resources* (a) | 4,570 | 161 | |||||||||
ENSCO International (a) | 8,230 | 310 | |||||||||
Exxon Mobil | 123,535 | 7,363 | |||||||||
Halliburton (a) | 63,588 | 2,750 | |||||||||
Houston Exploration* | 2,060 | 117 | |||||||||
Nabors Industries | 29,113 | 1,722 | |||||||||
National-Oilwell* (a) | 105,907 | 4,946 | |||||||||
Tesoro Petroleum* (a) | 3,110 | 115 | |||||||||
Ultra Petroleum* (a) | 4,053 | 206 | |||||||||
Western Gas Resources | 3,080 | 106 | |||||||||
W-H Energy Services* | 10,760 | 257 | |||||||||
27,877 | |||||||||||
Financials – 8.7% | |||||||||||
ACE | 65,510 | 2,704 | |||||||||
Advanta, Cl B | 8,715 | 200 | |||||||||
Affiliated Managers Group* (a) | 3,520 | 218 | |||||||||
Allstate | 69,280 | 3,745 | |||||||||
AmerUS Group, Cl A (a) | 6,100 | 288 | |||||||||
Bank of America | 65,470 | 2,887 |
Balanced Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Capital One Financial (a) | 38,200 | $ | 2,856 | ||||||||
City National (a) | 1,564 | 109 | |||||||||
Cullen/Frost Bankers (a) | 7,140 | 322 | |||||||||
East West Bancorp (a) | 7,170 | 265 | |||||||||
First Financial Bankshares | 1,720 | 77 | |||||||||
First Niagara Financial Group | 8,330 | 110 | |||||||||
GATX (a) | 8,540 | 283 | |||||||||
Glacier Bancorp | 3,560 | 109 | |||||||||
Goldman Sachs Group (a) | 77,602 | 8,535 | |||||||||
Innkeepers USA Trust (REIT) | 13,530 | 175 | |||||||||
Investors Financial Services (a) | 6,650 | 325 | |||||||||
Lasalle Hotel Properties (REIT) | 3,720 | 108 | |||||||||
Maguire Properties | 5,440 | 130 | |||||||||
MBNA | 92,658 | 2,275 | |||||||||
Radian Group | 3,730 | 178 | |||||||||
Silicon Valley Bancshares* (a) | 5,150 | 227 | |||||||||
SL Green Realty | 4,180 | 235 | |||||||||
Umpqua Holdings | 9,060 | 212 | |||||||||
Universal American Financial* | 9,629 | 167 | |||||||||
Wells Fargo | 154,500 | 9,239 | |||||||||
35,979 | |||||||||||
Health Care – 10.3% | |||||||||||
Alcon | 17,296 | 1,544 | |||||||||
American Healthways* (a) | 6,770 | 224 | |||||||||
AMERIGROUP* (a) | 4,180 | 153 | |||||||||
Biosite* (a) | 4,150 | 216 | |||||||||
Caliper Life Sciences* | 16,070 | 104 | |||||||||
Covance* (a) | 7,230 | 344 | |||||||||
deCODE Genetics* (a) | 17,330 | 99 | |||||||||
Johnson & Johnson (a) | 162,530 | 10,916 | |||||||||
PDI* | 4,161 | 85 | |||||||||
Pediatrix Medical Group* | 3,310 | 227 | |||||||||
Pfizer | 338,058 | 8,881 | |||||||||
Protein Design Labs* (a) | 9,650 | 154 | |||||||||
Renal Care* (a) | 8,760 | 332 | |||||||||
Salix Pharmaceuticals* | 2,210 | 36 | |||||||||
Sierra Health Services* (a) | 5,870 | 375 | |||||||||
SonoSite* (a) | 8,450 | 220 | |||||||||
Stewart Enterprises, Cl A* | 26,220 | 161 | |||||||||
Telik* (a) | 4,720 | 71 | |||||||||
Teva Pharmaceutical Industries, ADR (a) | 68,979 | 2,138 | |||||||||
UnitedHealth Group | 40,438 | 3,857 | |||||||||
Varian* | 510 | 19 | |||||||||
Varian Medical Systems* (a) | 71,960 | 2,467 | |||||||||
Wyeth | 232,331 | 9,800 | |||||||||
42,423 | |||||||||||
Industrials – 7.7% | |||||||||||
3M | 44,680 | 3,829 | |||||||||
Actuant, Cl A* | 860 | 39 | |||||||||
AirTran Holdings* (a) | 40,920 | 370 | |||||||||
Albany International, Cl A | 3,060 | 94 | |||||||||
American Reprographics* | 7,170 | 103 | |||||||||
Applied Signal Technology | 5,969 | 137 | |||||||||
Chicago Bridge & Iron | 9,700 | 427 | |||||||||
Eaton | 33,881 | 2,216 | |||||||||
EGL* (a) | 9,740 | 222 | |||||||||
Emerson Electric | 56,307 | 3,656 | |||||||||
General Electric | 228,104 | 8,225 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
100
Balanced Fund (continued)
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Global Power Equipment Group* (a) | 3,820 | $ | 37 | ||||||||
Heartland Express | 6,050 | 116 | |||||||||
Kennametal | 5,830 | 277 | |||||||||
KVH Industries* (a) | 13,960 | 127 | |||||||||
Labor Ready* (a) | 20,840 | 389 | |||||||||
Manitowoc (a) | 1,340 | 54 | |||||||||
Mercury Computer Systems* (a) | 8,480 | 234 | |||||||||
MTC Technologies* | 7,375 | �� | 240 | ||||||||
NCI Building Systems* (a) | 5,510 | 213 | |||||||||
Power-One* | 28,010 | 136 | |||||||||
Roper Industries (a) | 4,270 | 280 | |||||||||
Terex* (a) | 4,840 | 210 | |||||||||
Tyco International | 178,735 | 6,041 | |||||||||
United Parcel Service, Cl B (a) | 56,490 | 4,109 | |||||||||
31,781 | |||||||||||
Information Technology – 13.5% | |||||||||||
Accenture* (a) | 121,120 | 2,925 | |||||||||
Actel* | 2,570 | 40 | |||||||||
ADC Telecommunications* | 56,650 | 113 | |||||||||
Aeroflex* | 12,050 | 112 | |||||||||
Amphenol, Cl A* | 67,900 | 2,515 | |||||||||
Analog Devices (a) | 59,452 | 2,149 | |||||||||
Benchmark Electronics* (a) | 7,020 | 223 | |||||||||
Carreker* | 15,650 | 88 | |||||||||
Cypress Semiconductor* (a) | 17,690 | 223 | |||||||||
Dell* | 99,621 | 3,827 | |||||||||
Digitas* (a) | 13,200 | 133 | |||||||||
EMC* | 327,220 | 4,031 | |||||||||
Entegris* (a) | 10,970 | 109 | |||||||||
FactSet Research Systems (a) | 4,860 | 160 | |||||||||
Foundry Networks* (a) | 25,960 | 257 | |||||||||
Hyperion Solutions* (a) | 2,772 | 122 | |||||||||
InfoSpace* | 1,148 | 47 | |||||||||
Intel | 389,523 | 9,049 | |||||||||
Logitech International* | 6,620 | 403 | |||||||||
Macrovision* (a) | 9,560 | 218 | |||||||||
Motorola | 339,895 | 5,088 | |||||||||
MTS Systems | 4,385 | 127 | |||||||||
National Semiconductor (a) | 120,647 | 2,487 | |||||||||
NCR* (a) | 162,755 | 5,491 | |||||||||
Openwave Systems* (a) | 12,800 | 156 | |||||||||
Oracle* | 466,423 | 5,821 | |||||||||
QLogic* (a) | 2,740 | 111 | |||||||||
QUALCOMM | 92,217 | 3,380 | |||||||||
SAFENET* (a) | 11,090 | 325 | |||||||||
Silicon Image* (a) | 27,330 | 275 | |||||||||
Silicon Laboratories* (a) | 2,610 | 78 | |||||||||
Stellent* | 24,607 | 207 | |||||||||
Symantec* (a) | 93,110 | 1,986 | |||||||||
Texas Instruments (a) | 120,486 | 3,071 | |||||||||
The9, ADR* (a) | 12,670 | 217 | |||||||||
TIBCO Software* | 14,080 | 105 | |||||||||
Varian Semiconductor Equipment Associates* (a) | 80 | 3 | |||||||||
55,672 | |||||||||||
Materials – 0.7% | |||||||||||
Century Aluminum* (a) | 16,690 | 505 | |||||||||
Georgia Gulf | 720 | 33 | |||||||||
Hercules* (a) | 8,090 | 117 |
Balanced Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Olin (a) | 20,860 | $ | 465 | ||||||||
Weyerhaeuser (a) | 26,307 | 1,802 | |||||||||
2,922 | |||||||||||
Telecommunication Services – 1.7% | |||||||||||
Alamosa Holdings* (a) | 4,943 | 58 | |||||||||
General Communication* | 12,233 | 112 | |||||||||
Verizon Communications | 195,942 | 6,956 | |||||||||
7,126 | |||||||||||
Utilities – 0.6% | |||||||||||
PG&E* | 77,727 | 2,650 | |||||||||
Total Common Stocks (Cost $241,013) | 258,649 | ||||||||||
U.S. Government Agency Mortgage-Backed Securities – 11.8% | |||||||||||
Adjustable Rate – 0.8% | |||||||||||
FHLMC Pool 4.267%, 1/01/28, #786281 (b) | $ | 508 | 520 | ||||||||
FNMA Pool | |||||||||||
3.654%, 4/01/18, #070009 | 64 | 65 | |||||||||
3.937%, 8/01/27, #555840 | 1,410 | 1,451 | |||||||||
3.870%, 9/01/33, #725553 (a) | 1,158 | 1,188 | |||||||||
3,224 | |||||||||||
Fixed Rate – 11.0% | |||||||||||
FHLMC Pool | |||||||||||
6.500%, 4/01/08, #E00225 | 23 | 24 | |||||||||
7.000%, 4/01/08, #E46044 | 13 | 13 | |||||||||
4.000%, 10/01/10, #M80855 | 1,136 | 1,118 | |||||||||
5.500%, 3/01/13, #E00546 | 195 | 200 | |||||||||
4.500%, 5/01/18, #P10032 (a) | 527 | 525 | |||||||||
6.500%, 11/01/28, #C00676 | 766 | 797 | |||||||||
7.000%, 12/01/29, #G01091 | 161 | 170 | |||||||||
6.000%, 5/01/32, #C01361 | 167 | 171 | |||||||||
FNMA Pool | |||||||||||
5.500%, 3/01/06, #424411 | 92 | 93 | |||||||||
3.790%, 7/01/13, #386314 (a) | 1,393 | 1,304 | |||||||||
6.000%, 9/01/17, #653368 | 443 | 459 | |||||||||
5.000%, 7/01/18, #555621 | 1,663 | 1,663 | |||||||||
5.000%, 12/01/18, #725012 | 2,254 | 2,255 | |||||||||
5.000%, 12/01/18, #754043 (a) | 1,165 | 1,165 | |||||||||
4.500%, 6/01/19, #045181 | 446 | 436 | |||||||||
5.000%, 11/01/19, #725934 (a) | 383 | 383 | |||||||||
4.500%, 2/01/20, #255585 | 742 | 725 | |||||||||
4.500%, 2/01/20, #797753 (a) | 357 | 349 | |||||||||
6.000%, 10/01/22, #254513 (a) | 711 | 732 | |||||||||
5.500%, 10/01/24, #255456 (a) | 1,260 | 1,272 | |||||||||
5.500%, 12/01/24, #357662 (a) | 1,078 | 1,088 | |||||||||
7.000%, 4/01/29, #323681 | 163 | 172 | |||||||||
6.500%, 12/01/31, #254169 (a) | 695 | 721 | |||||||||
6.500%, 5/01/32, #640032 | 1,249 | 1,296 | |||||||||
7.000%, 7/01/32, #545815 (a) | 362 | 382 | |||||||||
6.000%, 9/01/32, #254447 (a) | 579 | 592 | |||||||||
3.594%, 12/01/32, #555257 | 1,441 | 1,486 | |||||||||
6.000%, 1/01/33, #676647 | 1,116 | 1,141 | |||||||||
5.500%, 4/01/33, #694605 (a) | 1,412 | 1,416 | |||||||||
5.500%, 6/01/33, #709033 (a) | 627 | 629 | |||||||||
5.500%, 7/01/33, #728667 (a) | 799 | 801 | |||||||||
5.500%, 8/01/33, #733380 (a) | 1,571 | 1,576 | |||||||||
6.000%, 11/01/33, #772256 (a) | 328 | 335 | |||||||||
6.000%, 11/01/33, #772130 | 287 | 293 | |||||||||
5.500%, 12/01/33, #755532 (c) | 1,551 | 1,556 | |||||||||
5.500%, 12/01/33, #756202 (a) | 912 | 914 |
FIRST AMERICAN FUNDS Semiannual Report 2005
101
Schedule of Investments March 31, 2005 (unaudited)
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
5.000%, 3/01/34, #725248 (c) | $ | 1,515 | $ | 1,485 | |||||||
4.500%, 4/01/34, #000TBA (c) | 1,115 | 1,058 | |||||||||
5.000%, 4/01/34, #000TBA (c) | 1,055 | 1,032 | |||||||||
5.500%, 5/01/34, #357571 (a) | 1,161 | 1,163 | |||||||||
5.500%, 6/01/34, #788087 | 868 | 871 | |||||||||
6.500%, 6/01/34, #735273 (a) | 1,362 | 1,413 | |||||||||
5.500%, 9/01/34, #781585 | 914 | 916 | |||||||||
5.500%, 10/01/34, #255411 (a) | 1,202 | 1,204 | |||||||||
6.000%, 10/01/34, #781776 | 1,000 | 1,022 | |||||||||
5.500%, 11/01/34, #799693 | 473 | 474 | |||||||||
5.000%, 12/01/34, #781628 | 996 | 975 | |||||||||
5.000%, 1/01/35, #810623 | 744 | 728 | |||||||||
5.500%, 1/01/35, #735141 (a) | 385 | 386 | |||||||||
5.500%, 2/01/35, #255580 | 1,479 | 1,481 | |||||||||
5.000%, 4/01/35, #190358 | 1,500 | 1,468 | |||||||||
GNMA Pool | |||||||||||
6.500%, 10/20/10, #002108 | 51 | 54 | |||||||||
7.500%, 6/15/27, #447728 | 23 | 25 | |||||||||
7.500%, 9/15/27, #455516 | 13 | 14 | |||||||||
7.000%, 4/15/29, #506639 | 268 | 284 | |||||||||
6.000%, 11/15/33, #00GNMA (a) | 1,211 | 1,244 | |||||||||
45,549 | |||||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $49,116) | 48,773 | ||||||||||
U.S. Government & Agency Securities – 7.9% | |||||||||||
U.S. Agency Debentures – 1.2% | |||||||||||
FHLMC | |||||||||||
3.250%, 11/02/07 (a) | 1,550 | 1,513 | |||||||||
FNMA | |||||||||||
5.250%, 8/01/12 (a) | 720 | 729 | |||||||||
4.375%, 9/15/12 (a) | 730 | 714 | |||||||||
5.000%, 4/01/34 | 829 | 812 | |||||||||
5.000%, 4/01/34 (a) | 1,018 | 997 | |||||||||
4,765 | |||||||||||
U.S. Treasuries – 6.7% | |||||||||||
U.S. Treasury Bill | |||||||||||
2.280%, 4/07/05 (d) | 115 | 115 | |||||||||
U.S. Treasury Bonds | |||||||||||
2.000%, 7/15/14 (a) (e) | 197 | 201 | |||||||||
6.250%, 8/15/23 | 1,300 | 1,514 | |||||||||
2.375%, 1/15/25 (a) (e) | 2,635 | 2,834 | |||||||||
5.250%, 11/15/28 (a) | 1,900 | 1,998 | |||||||||
5.250%, 2/15/29 (a) | 1,485 | 1,563 | |||||||||
5.375%, 2/15/31 (a) | 4,200 | 4,578 | |||||||||
U.S. Treasury Notes | |||||||||||
3.375%, 2/28/07 (a) | 680 | 675 | |||||||||
3.500%, 12/15/09 (a) | 2,495 | 2,423 | |||||||||
4.000%, 3/15/10 (a) | 3,300 | 3,274 | |||||||||
4.000%, 2/15/14 (a) | 580 | 560 | |||||||||
4.250%, 11/15/14 (a) | 4,735 | 4,636 | |||||||||
4.000%, 2/15/15 (a) | 3,545 | 3,406 | |||||||||
27,777 | |||||||||||
Total U.S. Government & Agency Securities (Cost $32,469) | 32,542 | ||||||||||
Corporate Bonds – 6.7% | |||||||||||
Banking – 0.2% | |||||||||||
Chuo Mitsui Trust & Bank, | |||||||||||
Callable 4/15/15 @ 100 5.506%, 12/31/49 (b) (f) | 365 | 357 |
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Mizuho Financial Group 5.790%, 4/15/14 (b) | $ | 410 | $ | 420 | |||||||
777 | |||||||||||
Basic Industry – 0.4% | |||||||||||
Allegheny Technologies 8.375%, 12/15/11 | 275 | 294 | |||||||||
Bowater Canada Finance 7.950%, 11/15/11 | 300 | 311 | |||||||||
Georgia Pacific 7.700%, 6/15/15 | 290 | 318 | |||||||||
PolyOne 10.625%, 5/15/10 | 300 | 330 | |||||||||
Tembec Industries 8.500%, 2/01/11 (a) | 450 | 426 | |||||||||
1,679 | |||||||||||
Brokerage – 0.1% | |||||||||||
Merrill Lynch, Series B 5.360%, 2/01/07 | 420 | 429 | |||||||||
Capital Goods – 0.1% | |||||||||||
Case New Holland 9.250%, 8/01/11 (b) | 250 | 266 | |||||||||
Owens-Illinois 8.100%, 5/15/07 (a) | 325 | 335 | |||||||||
601 | |||||||||||
Communications – 1.9% | |||||||||||
America Movil SA De CV 6.375%, 3/01/35 | 235 | 212 | |||||||||
British Telecommunications 8.875%, 12/15/30 | 170 | 226 | |||||||||
Cablevision Systems 8.000%, 4/15/12 (a) (b) | 400 | 410 | |||||||||
Clear Channel Communications 5.500%, 9/15/14 (a) | 1,140 | 1,086 | |||||||||
Cox Communications 4.625%, 6/01/13 | 500 | 464 | |||||||||
Deutsche Telekom International 8.750%, 6/15/30 | 285 | 373 | |||||||||
Dex Media West 9.875%, 8/15/13 | 396 | 443 | |||||||||
France Telecom 8.750%, 3/01/31 (g) | 335 | 444 | |||||||||
News American 7.700%, 10/30/25 | 600 | 699 | |||||||||
Nextel Communications | |||||||||||
Callable 3/15/09 @ 102.98 5.950%, 3/15/14 (a) | 305 | 303 | |||||||||
Qwest 8.875%, 3/15/12 (b) | 550 | 599 | |||||||||
SBC Communications 5.100%, 9/15/14 | 700 | 681 | |||||||||
Sprint Capital 8.375%, 3/15/12 (a) | 1,175 | 1,372 | |||||||||
Telecom Italia Capital 6.375%, 11/15/33 | 285 | 293 | |||||||||
Time Warner 8.375%, 7/15/33 (a) | 270 | 341 | |||||||||
7,946 | |||||||||||
Consumer Cyclical – 0.6% | |||||||||||
Centex 4.550%, 11/01/10 | 485 | 469 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
102
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Duty Free International | |||||||||||
7.000%, 4/01/05 (h) (i) (l) | $ | 656 | $ | 39 | |||||||
Ford Motor Credit | |||||||||||
7.000%, 10/01/13 (a) | 475 | 460 | |||||||||
7.450%, 7/16/31 (a) | 390 | 352 | |||||||||
General Motors Acceptance 5.625%, 5/15/09 (a) | 900 | 827 | |||||||||
Park Place Entertainment 8.125%, 5/15/11 | 300 | 332 | |||||||||
2,479 | |||||||||||
Consumer Non-Cyclical – 0.2% | |||||||||||
Delhaize America 9.000%, 4/15/31 (a) | 290 | 356 | |||||||||
Kraft Foods 4.625%, 11/01/06 | 670 | 675 | |||||||||
1,031 | |||||||||||
Electric – 0.3% | |||||||||||
Nevada Power | |||||||||||
Callable 8/15/08 @ 104.5 9.000%, 8/15/13 | 300 | 337 | |||||||||
TXU Energy 7.000%, 3/15/13 (a) | 820 | 901 | |||||||||
1,238 | |||||||||||
Energy – 0.5% | |||||||||||
Bluewater Financial | |||||||||||
Callable 2/15/07 @ 105.125 10.250%, 2/15/12 | 300 | 327 | |||||||||
Burlington Resources 7.400%, 12/01/31 | 225 | 277 | |||||||||
Canadian Natural Resources 5.850%, 2/01/35 | 260 | 258 | |||||||||
Chesapeake Energy 7.000%, 8/15/14 | 235 | 242 | |||||||||
CNOOC Finance 5.500%, 5/21/33 (b) | 280 | 257 | |||||||||
Encana 6.500%, 8/15/34 | 170 | 188 | |||||||||
Gazprom International 7.201%, 2/01/20 (b) | 350 | 357 | |||||||||
Petro-Canada 5.350%, 7/15/33 | 190 | 178 | |||||||||
2,084 | |||||||||||
Finance Companies – 0.1% | |||||||||||
American General Finance 5.875%, 7/14/06 (a) | 400 | 408 | |||||||||
Insurance – 0.1% | |||||||||||
Axis Capital Holdings 5.750%, 12/01/14 (a) | 525 | 527 | |||||||||
Natural Gas – 0.1% | |||||||||||
El Paso Natural Gas 7.625%, 8/01/10 | 300 | 314 | |||||||||
Sovereigns – 1.8% | |||||||||||
Federal Republic of Brazil 10.250%, 6/17/13 | 1,340 | 1,461 | |||||||||
PEMEX | |||||||||||
9.125%, 10/13/10 | 350 | 404 | |||||||||
7.375%, 12/15/14 (a) | 750 | 802 | |||||||||
Republic of Turkey | |||||||||||
9.000%, 6/30/11 | 550 | 604 | |||||||||
7.375%, 2/05/25 (a) | 750 | 705 |
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Republic of Venezuela | |||||||||||
8.500%, 10/08/14 | $ | 450 | $ | 442 | |||||||
Russian Federation 5.000%, 3/31/30 (b) | 1,075 | 1,103 | |||||||||
United Mexican States | |||||||||||
5.875%, 1/15/14 | 440 | 437 | |||||||||
6.625%, 3/03/15 (a) (f) | 1,265 | 1,316 | |||||||||
7,274 | |||||||||||
Technology – 0.1% | |||||||||||
Ciena 3.750%, 2/01/08 | 120 | 103 | |||||||||
Corning Zero Coupon Bond | |||||||||||
Callable 11/08/05 @ 81.95 2.000%, 11/08/15 (j) | 260 | 207 | |||||||||
310 | |||||||||||
Transportation – 0.1% | |||||||||||
Hertz 7.625%, 6/01/12 | 275 | 278 | |||||||||
Yankee Corporates – 0.1% | |||||||||||
Tengizcheveroil 6.124%, 11/15/14 (b) | 370 | 369 | |||||||||
Total Corporate Bonds (Cost $28,858) | 27,744 | ||||||||||
Asset-Backed Securities – 5.2% | |||||||||||
Automobiles – 0.7% | |||||||||||
Bank One Auto Receivable | |||||||||||
Series 2003-1, Cl A3 1.820%, 9/20/07 | 1,250 | 1,236 | |||||||||
Capital Auto Receivables Asset Trust | |||||||||||
Series 2004-1, Cl A3 2.000%, 11/15/07 | 1,010 | 992 | |||||||||
Nissan Auto Receivables Trust | |||||||||||
Series 2003-B, Cl A3 1.510%, 8/15/07 | 416 | 413 | |||||||||
2,641 | |||||||||||
Commercial – 1.7% | |||||||||||
Bank of America Commercial Mortgage | |||||||||||
Series 2004-5, Cl A3 4.561%, 11/10/41 | 710 | 696 | |||||||||
Bear Stearns Asset Backed Securities | |||||||||||
Series 2004-T14, Cl A4 5.200%, 1/12/41 | 205 | 207 | |||||||||
Commercial Mortgage | |||||||||||
Series 2004-CNL, Cl A1 3.030%, 9/15/14 (k) | 500 | 498 | |||||||||
Deutsche Mortgage and Asset Receiving | |||||||||||
Series 1998-C1, Cl A2 6.538%, 6/15/31 | 628 | 654 | |||||||||
Global Signal Trust | |||||||||||
Series 2004-2A, Cl A 4.232%, 12/15/14 | 750 | 731 | |||||||||
GMAC Commercial Mortgage | |||||||||||
Series 2004-C2, Cl A1 3.896%, 8/10/38 | 745 | 735 | |||||||||
Greenwich Capital Commercial Funding | |||||||||||
Series 2005-6G3, Cl A4 4.799%, 8/10/42 (a) | 780 | 760 | |||||||||
GS Mortgage Securities | |||||||||||
4.602%, 8/10/38 | 1,500 | 1,496 | |||||||||
Merrill Lynch Mortgage Investors | |||||||||||
6.310%, 11/15/26 | 319 | 323 |
FIRST AMERICAN FUNDS Semiannual Report 2005
103
Schedule of Investments March 31, 2005 (unaudited)
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Nomura Asset Securities | |||||||||||
Series 1998-D6, Cl A1B 6.590%, 3/15/30 | $ | 750 | $ | 790 | |||||||
6,890 | |||||||||||
Credit Cards – 1.2% | |||||||||||
Capital One Master Trust | |||||||||||
Series 2003-A6, CI A6 2.950%, 8/15/09 | 1,000 | 984 | |||||||||
Citibank Credit Card Issuance Trust | |||||||||||
Series 2004-A2 2.700%, 1/15/08 | 1,000 | 993 | |||||||||
Series 2003-A5, CI A5 2.500%, 4/07/08 | 625 | 616 | |||||||||
MBNA Master Trust | |||||||||||
Series 2002-A1, CI A1 4.950%, 6/15/09 | 1,170 | 1,188 | |||||||||
Series 2003-A1, CI A1 3.300%, 7/15/10 | 360 | 350 | |||||||||
Providian Gateway Master Trust | |||||||||||
Series 2004-DA, Cl A | |||||||||||
3.350%, 9/15/11 | 975 | 952 | |||||||||
5,083 | |||||||||||
Equipment Leases – 0.3% | |||||||||||
CNH | |||||||||||
Series 2003-B, Cl A3B 2.470%, 1/15/08 | 1,315 | 1,302 | |||||||||
Home Equity – 0.4% | |||||||||||
Contimortgage 7.120%, 8/15/28 | 38 | 37 | |||||||||
Countrywide Financial | |||||||||||
Series 2004-4, Cl 3A1 2.950%, 11/25/23 (k) | 95 | 95 | |||||||||
Series 2003-BC1, Cl A1 3.250%, 3/25/33 (k) | 183 | 185 | |||||||||
First Franklin Mortgage | |||||||||||
Series 2004-FFB, Cl A3 4.264%, 6/25/24 | 240 | 239 | |||||||||
New Century Home Equity Loan Trust | |||||||||||
Series 2004-4, CI A4 3.130%, 2/25/35 | 950 | 951 | |||||||||
Saxon Asset Securities Trust | |||||||||||
Series 2004-1, Cl A 3.120%, 3/25/35 (k) | 140 | 140 | |||||||||
1,647 | |||||||||||
Other – 0.9% | |||||||||||
GRP AG Real Estate Asset Trust | |||||||||||
Series 2004-1, CI A 3.960%, 3/25/09 (h) | 253 | 255 | |||||||||
William Street Funding | |||||||||||
Series 2004-4, CI A 1.930%, 9/23/10 (h) | 2,895 | 2,899 | |||||||||
Series 2005-1, CI A 3.041%, 1/23/11 (h) | 465 | 465 | |||||||||
3,619 | |||||||||||
Total Asset-Backed Securities (Cost $21,414) | 21,182 | ||||||||||
CMO – Private Mortgage-Backed Securities – 4.7% | |||||||||||
Adjustable Rate – 0.5% | |||||||||||
Merrill Lynch Mortgage Investors | |||||||||||
Series 2004-B 3.100%, 5/25/29 | 1,929 | 1,925 |
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Fixed Rate – 4.2% | |||||||||||
Bank of America Mortgage Backed Securities | |||||||||||
Series 2003-6, Cl 1A30 4.750%, 8/25/33 | $ | 585 | $ | 569 | |||||||
Series 2004-G, Cl 2A3 4.232%, 8/25/34 | 810 | 802 | |||||||||
Series 2005-1, Cl A5 4.976%, 11/10/42 (h) (k) | 1,040 | 1,045 | |||||||||
Countrywide Alternative Loan Trust | |||||||||||
Series 2004-2CB, Cl 1A1 4.250%, 3/25/34 | 715 | 714 | |||||||||
Series 2004-24CB, Cl 1A1 6.000%, 11/25/34 | 650 | 659 | |||||||||
GMAC Commercial Mortgage | |||||||||||
Series 2004-J5, Cl A7 6.500%, 1/25/35 | 756 | 768 | |||||||||
IMPAC Mortgage Holdings 1.470%, 12/25/33 | 715 | 717 | |||||||||
Master Alternative Loans Trust | |||||||||||
Series 2005-2, Cl 1A3 6.500%, 3/25/35 | 684 | 704 | |||||||||
Master Asset Securitization Trust | |||||||||||
Series 2003-6, Cl 1A3 5.000%, 7/25/18 | 981 | 975 | |||||||||
Merrill Lynch Mortgage Investors | |||||||||||
2.828%, 1/25/29 (h) | 1,223 | 1,260 | |||||||||
2.885%, 1/25/29 | 381 | 393 | |||||||||
2.899%, 5/25/29 (h) | 744 | 766 | |||||||||
Morgan Stanley | |||||||||||
Series 2004-9, CI 1A 6.357%, 11/25/34 | 769 | 784 | |||||||||
Residential Asset Mortgage Products | |||||||||||
Series 2004-SL4, Cl A3 6.500%, 7/25/32 | 530 | 545 | |||||||||
Residential Asset Security Trust | |||||||||||
Series 2002-A12, Cl 1A1 5.200%, 11/25/32 | 268 | 267 | |||||||||
Sequoia Mortgage Trust | |||||||||||
2.757%, 6/20/34 (h) | 898 | 918 | |||||||||
2.923%, 8/20/34 | 713 | 731 | |||||||||
Structured Adjustable Rate Mortgage Loan Trust | |||||||||||
Series 2004-11, CI A 3.825%, 8/25/34 (h) | 460 | 469 | |||||||||
Washington Mutual | |||||||||||
Series 2003-S10, Cl A2 5.000%, 10/25/18 | 1,173 | 1,170 | |||||||||
Wells Fargo Mortgage Backed Securities | |||||||||||
Series 2003-14, Cl A1 4.750%, 12/25/18 | 753 | 745 | |||||||||
4.878%, 2/25/33 | 642 | 650 | |||||||||
4.154%, 8/25/34 | 1,080 | 1,072 | |||||||||
Series 2004-EE, Cl B1 3.989%, 1/25/35 (h) | 613 | 581 | |||||||||
Westam Mortgage Financial | |||||||||||
Series 11, Cl A 6.360%, 8/26/20 | 2 | 2 | |||||||||
17,306 | |||||||||||
Total CMO – Private Mortgage-Backed Securities (Cost $19,383) | 19,231 | ||||||||||
CMO – U.S. Government Agency Mortgage-Backed Securities – 0.6% | |||||||||||
Fixed Rate – 0.6% | |||||||||||
FHLMC | |||||||||||
4.000%, 3/15/11 (a) | 862 | 847 | |||||||||
8.600%, 1/15/21 | 120 | 120 | |||||||||
6.000%, 9/15/21 | 114 | 115 | |||||||||
5.343%, 3/25/44 | 815 | 824 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
104
Balanced Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
FNMA | |||||||||||
6.000%, 2/25/11 | $ | 333 | $ | 341 | |||||||
8.800%, 1/25/19 | 8 | 8 | |||||||||
8.000%, 7/25/19 | 136 | 144 | |||||||||
6.500%, 3/25/20 | 60 | 62 | |||||||||
9.500%, 6/25/20 | 26 | 27 | |||||||||
6.500%, 7/25/20 | 7 | 7 | |||||||||
6.500%, 9/25/20 | 93 | 97 | |||||||||
GNMA 6.500%, 6/17/20 | 12 | 12 | |||||||||
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $2,634) | 2,604 | ||||||||||
Affiliated Money Market Fund – 3.0% | |||||||||||
First American Prime Obligations Fund, Cl Z (m) | 12,528,219 | 12,528 | |||||||||
Total Affiliated Money Market Fund (Cost $12,528) | 12,528 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 36.9% | |||||||||||
Commercial Paper – 8.6% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 552 | 552 | ||||||||
Cable Beach 2.642%, 4/11/05 | 1,380 | 1,379 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 1,325 | 1,325 | |||||||||
2.750%, 4/07/06 | 4,139 | 4,139 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 1,380 | 1,380 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 701 | 701 | |||||||||
2.823%, 4/11/05 | 1,934 | 1,932 | |||||||||
2.833%, 4/15/05 | 828 | 828 | |||||||||
Independence 2.880%, 10/17/05 | 1,636 | 1,636 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 1,380 | 1,379 | |||||||||
2.728%, 5/02/05 | 1,380 | 1,376 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 2,208 | 2,208 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 1,518 | 1,518 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 1,380 | 1,380 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 2,760 | 2,755 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 2,760 | 2,760 | |||||||||
2.393%, 9/09/05 | 828 | 828 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 607 | 607 | |||||||||
2.827%, 1/06/06 | 2,775 | 2,775 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 193 | 193 | |||||||||
2.945%, 5/17/05 | 276 | 276 | |||||||||
2.945%, 5/17/05 | 83 | 83 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 1,931 | 1,931 | |||||||||
2.756%, 4/07/05 | 1,380 | 1,379 | |||||||||
Total Commercial Paper | 35,320 |
Balanced Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Corporate Obligations – 9.9% | |||||||||||
Allstate Life Global 2.800%, 10/14/05 | $ | 690 | $ | 690 | |||||||
2.860%, 10/14/05 | 2,760 | 2,760 | |||||||||
Bayer Landbank NY 2.840%, 6/24/05 | 1,242 | 1,242 | |||||||||
2.840%, 6/24/05 | 1,380 | 1,380 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 773 | 773 | |||||||||
Castle Hill III 3.050%, 9/15/15 | 828 | 828 | |||||||||
Cheyne High Grade 2.280%, 11/10/39 | 1,380 | 1,380 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 1,380 | 1,380 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 1,669 | 1,669 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 1,380 | 1,381 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 1,380 | 1,380 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 1,380 | 1,380 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 690 | 689 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 1,242 | 1,242 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 2,760 | 2,760 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 1,656 | 1,656 | |||||||||
2.890%, 4/28/08 | 1,159 | 1,159 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 1,380 | 1,380 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 414 | 414 | |||||||||
2.955%, 7/12/05 | 1,518 | 1,518 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 828 | 828 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 1,266 | 1,264 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 773 | 773 | |||||||||
2.760%, 7/01/05 | 4,112 | 4,112 | |||||||||
2.820%, 10/14/05 | 1,104 | 1,104 | |||||||||
REMAC 1.867%, 9/29/05 | 1,423 | 1,423 | |||||||||
RMAC 2.790%, 6/12/05 | 1,405 | 1,405 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 1,513 | 1,513 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 1,379 | 1,379 | |||||||||
Total Corporate Obligations | 40,862 | ||||||||||
Money Market Funds – 0.3% | |||||||||||
Merrill Lynch Premier Institutional Fund | 1,114,201 | 1,114 | |||||||||
Total Money Market Funds | 1,114 | ||||||||||
Other Short-Term Investments – 2.7% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 4,139 | 4,139 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (n) | 1,393 | 1,393 |
FIRST AMERICAN FUNDS Semiannual Report 2005
105
Schedule of Investments March 31, 2005 (unaudited)
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | $ | 552 | $ | 552 | |||||||
HBOS Treasury Services 2.710%, 11/01/05 | 1,518 | 1,519 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 3,588 | 3,588 | |||||||||
Total Other Short-Term Investments | 11,191 | ||||||||||
Repurchase Agreements – 15.4% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $2,759,868 (collateralized by various securities: Total market value $2,832,300) | 2,760 | 2,760 | |||||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $829,388 (collateralized by commercial loans: Total market value $848,135) | 828 | 828 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $5,519,717 (collateralized by various securities: Total market value $5,938,488) | 5,519 | 5,519 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $6,899,641 (collateralized by collateralized U.S. government securities: Total market value $7,037,127) | 6,899 | 6,899 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $551,972 (collateralized by collateralized mortgage obligations: Total market value $579,633) | 552 | 552 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $551,972 (collateralized by collateralized mortgage obligations: Total market value $579,599) | 552 | 552 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $551,972 (collateralized by collateralized mortgage obligations: Total market value $579,543) | 552 | 552 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $275,986 (collateralized by collateralized mortgage obligations: Total market value $289,817) | 276 | 276 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $275,986 (collateralized by collateralized mortgage obligations: Total market value $289,817) | 276 | 276 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $6,899,665 (collateralized by mortgage loans: Total market value $7,039,887) | 6,899 | 6,899 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $6,209,699 (collateralized by mortgage loans: Total market value $6,335,902) | 6,209 | 6,209 |
Balanced Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $1,380,481 (collateralized by mortgage loans: Total market value $1,407,993) | $ | 1,380 | $ | 1,380 | |||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $5,519,718 (collateralized by collateralized mortgage obligations: Total market value $6,069,712) | 5,519 | 5,519 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $4,139,803 (collateralized by mortgage loans: Total market value $4,222,240) | 4,139 | 4,139 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $469,177 (collateralized by corporate securities: Total market value $516,087) | 469 | 469 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $4,139,788 (collateralized by corporate securities: Total market value $4,346,511) | 4,139 | 4,139 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,449,826 (collateralized by corporate securities: Total market value $3,622,124) | 3,449 | 3,449 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,759,858 (collateralized by corporate securities: Total market value $2,897,749) | 2,760 | 2,760 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $2,069,896 (collateralized by corporate securities: Total market value $2,173,319) | 2,070 | 2,070 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $551,972 (collateralized by corporate securities: Total market value $579,595) | 552 | 552 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $8,003,587 (collateralized by U.S. government securities: Total market value $8,170,972) | 8,003 | 8,003 | |||||||||
Total Repurchase Agreements | 63,802 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $152,289) | 152,289 | ||||||||||
Total Investments – 139.5% (Cost $559,704) | 575,542 | ||||||||||
Other Assets and Liabilities, Net – (39.5)% | (163,190 | ) | |||||||||
Total Net Assets – 100.0% | $ | 412,352 |
* 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 $147,966,774 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
106
Balanced Fund (concluded)
(b) Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of these investments was $4,657,701 or 1.1% of total net assets.
(c) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $5,147,976. 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) U.S Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
(f) Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interst will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of March 31, 2005.
(g) Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor's and Moody's Investor Service. The rate disclosed represents the coupon rate in effect as of March 31, 2005.
(h) Security is considered illiquid or restricted. As of March 31, 2005, the value of these investments was $8,192,905 or 2.0% of total net assets. See note 2 in Notes to Financial Statements.
(i) Security is currently in default.
(j) The rate shown is the effective yield at time of purchase.
(k) Variable Rate Security – The rate shown is the rate in effect as of March 31, 2005.
(l) Security is fair valued. As of March 31, 2005, the fair value of this investment was $39,330 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
(m) 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.
(n) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.
ADR – American Depositary Receipt
Cl – Class
CMO – Collateralized Mortgage Obligation
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
Description | Number of Contracts Sold | Market Value Covered By Contracts (000) | Settlement Month | Unrealized Depreciation (000) | |||||||||||||||
U.S. Treasury 10 year Futures | (48 | ) | $ | (5,245 | ) | Jun. 05 | $ | (23 | ) | ||||||||||
$ | (23 | ) |
Credit Default Swap Agreements outstanding at March 31, 2005
Counterparty | Reference Entity | Buy/Sell Protection | Pay/Receive Fixed Rate | Expiration Date | Notional Amount | Unrealized Depreciation (000) | |||||||||||||||||||||||||
Citigroup | Dow Jones CDX Em2 | Index | Sell | 2.60 | % | 12/20/09 | $ | 2,000,000 | $ | (38 | ) | ||||||||||||||||||||
Citigroup | Dow Jones CDX IG Hvol3 | Index | Sell | 1.05 | % | 3/20/10 | 3,000,000 | (13 | ) | ||||||||||||||||||||||
$ | (51 | ) |
Equity Income Fund
DESCRIPTION | SHARES | VALUE (000) | |||||||||
Common Stocks – 98.3% | |||||||||||
Consumer Discretionary – 7.1% | |||||||||||
Dow Jones & Company (a) | 369,610 | $ | 13,812 | ||||||||
Gannett (a) | 223,830 | 17,700 | |||||||||
Harrah's Entertainment (a) | 234,570 | 15,149 | |||||||||
Home Depot (a) | 408,600 | 15,625 | |||||||||
McDonald's | 606,620 | 18,890 | |||||||||
Starwood Hotels & Resorts Worldwide (a) | 453,270 | 27,210 | |||||||||
108,386 | |||||||||||
Consumer Staples – 8.7% | |||||||||||
Altria Group | 378,170 | 24,729 | |||||||||
Colgate-Palmolive | 404,780 | 21,117 | |||||||||
General Mills (a) | 301,920 | 14,839 | |||||||||
H.J. Heinz | 534,220 | 19,681 | |||||||||
PepsiCo | 267,690 | 14,196 | |||||||||
Procter & Gamble (a) | 256,950 | 13,618 | |||||||||
Wal-Mart Stores | 489,620 | 24,535 | |||||||||
132,715 | |||||||||||
Energy – 12.3% | |||||||||||
Apache | 239,880 | 14,688 | |||||||||
Baker Hughes (a) | 206,540 | 9,189 | |||||||||
BP, ADR | 409,286 | 25,539 | |||||||||
ChevronTexaco (a) | 359,480 | 20,961 | |||||||||
ConocoPhillips | 229,350 | 24,733 | |||||||||
Exxon Mobil | 887,562 | 52,899 | |||||||||
Halliburton (a) | 204,840 | 8,859 | |||||||||
Kerr-McGee (a) | 172,050 | 13,477 | |||||||||
Royal Dutch Petroleum, ADR | 142,030 | 8,527 | |||||||||
Schlumberger | 112,970 | 7,962 | |||||||||
186,834 | |||||||||||
Financials – 19.7% | |||||||||||
Alliance Capital Management Holding | 382,280 | 18,025 | |||||||||
AMB Property (REIT) | 206,440 | 7,803 | |||||||||
American International Group | 552,310 | 30,603 | |||||||||
Apartment Investment & Management (a) | 330,640 | 12,300 | |||||||||
Bank of America | 779,478 | 34,375 | |||||||||
Citigroup | 871,691 | 39,174 | |||||||||
Duke Realty (REIT) (a) | 177,922 | 5,311 | |||||||||
Fannie Mae (a) | 239,970 | 13,066 | |||||||||
Goldman Sachs Group (a) | 75,160 | 8,267 | |||||||||
J.P. Morgan Chase | 717,950 | 24,841 | |||||||||
Marsh & McLennan | 244,470 | 7,437 | |||||||||
Merrill Lynch (a) | 248,310 | 14,054 | |||||||||
Morgan Stanley | 206,490 | 11,822 | |||||||||
Northern Trust (a) | 172,505 | 7,494 | |||||||||
Partners Trust Financial Group | 400,240 | 4,243 | |||||||||
State Street | 428,580 | 18,738 | |||||||||
Wachovia | 555,785 | 28,295 | |||||||||
Wells Fargo | 254,210 | 15,202 | |||||||||
301,050 | |||||||||||
Health Care – 13.2% | |||||||||||
Abbott Laboratories | 521,660 | 24,320 | |||||||||
Baxter International | 540,820 | 18,377 | |||||||||
Eli Lilly | 97,970 | 5,104 | |||||||||
HCA (a) | 210,090 | 11,255 | |||||||||
Johnson & Johnson (a) | 446,090 | 29,959 | |||||||||
McKesson HBOC | 360,620 | 13,613 |
FIRST AMERICAN FUNDS Semiannual Report 2005
107
Schedule of Investments March 31, 2005 (unaudited)
Equity Income Fund (continued)
DESCRIPTION | SHARES/PAR (000) | VALUE (000) | |||||||||
Medtronic | 151,790 | $ | 7,734 | ||||||||
Pfizer | 1,567,582 | 41,180 | |||||||||
Teva Pharmaceutical Industries, ADR (a) | 271,310 | 8,411 | |||||||||
Wyeth | 962,300 | 40,590 | |||||||||
200,543 | |||||||||||
Industrials – 12.5% | |||||||||||
3M (a) | 254,910 | 21,843 | |||||||||
Avery Dennison | 151,834 | 9,403 | |||||||||
Emerson Electric | 234,580 | 15,231 | |||||||||
General Dynamics | 162,250 | 17,369 | |||||||||
General Electric | 1,615,450 | 58,253 | |||||||||
Honeywell International | 590,190 | 21,961 | |||||||||
Ingersoll-Rand, Cl A | 218,670 | 17,417 | |||||||||
United Parcel Service, Cl B (a) | 188,430 | 13,706 | |||||||||
Waste Management | 516,640 | 14,905 | |||||||||
190,088 | |||||||||||
Information Technology – 10.7% | |||||||||||
Analog Devices (a) | 199,690 | 7,217 | |||||||||
Automatic Data Processing (a) | 262,170 | 11,785 | |||||||||
IBM | 229,340 | 20,957 | |||||||||
Intel (a) | 1,071,450 | 24,890 | |||||||||
Microsoft | 1,819,160 | 43,969 | |||||||||
Motorola | 1,189,810 | 17,811 | |||||||||
QUALCOMM | 333,350 | 12,217 | |||||||||
SAP, ADR (a) | 179,650 | 7,200 | |||||||||
Texas Instruments | 331,860 | 8,459 | |||||||||
Xilinx (a) | 276,570 | 8,084 | |||||||||
162,589 | |||||||||||
Materials – 6.5% | |||||||||||
Alcoa (a) | 214,750 | 6,526 | |||||||||
Bemis (a) | 611,700 | 19,036 | |||||||||
Dow Chemical | 208,450 | 10,391 | |||||||||
E.I. DuPont de Nemours (a) | 302,060 | 15,478 | |||||||||
Ecolab (a) | 223,770 | 7,396 | |||||||||
Praxair | 581,420 | 27,827 | |||||||||
Weyerhaeuser (a) | 176,639 | 12,100 | |||||||||
98,754 | |||||||||||
Telecommunication Services – 4.3% | |||||||||||
ALLTEL (a) | 282,480 | 15,494 | |||||||||
BellSouth (a) | 506,710 | 13,321 | |||||||||
SBC Communications (a) | 708,430 | 16,783 | |||||||||
Verizon Communications | 548,280 | 19,464 | |||||||||
65,062 | |||||||||||
Utilities – 3.3% | |||||||||||
Alliant Energy | 593,830 | 15,903 | |||||||||
Cinergy (a) | 409,590 | 16,597 | |||||||||
Xcel Energy | 1,049,960 | 18,038 | |||||||||
50,538 | |||||||||||
Total Common Stocks (Cost $1,272,622) | 1,496,559 | ||||||||||
Convertible Corporate Bonds – 1.5% | |||||||||||
Freeport-McMoran Copper & Gold 5.500%, 12/31/49 (a) (b) | $ | 7,344 | 7,261 | ||||||||
Liberty Media | |||||||||||
Callable 4/5/08 @ 100 0.750%, 3/30/23 (a) (b) | 14,634 | 16,095 |
Equity Income Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Tower Automotive | |||||||||||
Callable @ 51.35 until 05/31/05 6.750%, 6/30/18 (a) (b) | 175 | $ | 219 | ||||||||
Total Convertible Corporate Bonds (Cost $28,405) | 23,575 | ||||||||||
Affiliated Money Market Fund – 0.3% | |||||||||||
First American Prime Obligations Fund, Cl Z (c) | 4,236,921 | 4,237 | |||||||||
Total Affiliated Money Market Fund (Cost $4,237) | 4,237 | ||||||||||
Investments Purchased with Proceeds from Securities Lending – 21.5% | |||||||||||
Commercial Paper – 5.0% | |||||||||||
Bluegrass 2.904%, 11/18/05 | $ | 1,189 | 1,189 | ||||||||
Cable Beach 2.642%, 4/11/05 | 2,972 | 2,970 | |||||||||
Concord Minutemen Capital | |||||||||||
2.810%, 4/13/05 | 2,853 | 2,853 | |||||||||
2.750%, 4/07/06 | 8,916 | 8,916 | |||||||||
Descartes Funding Trust 2.810%, 11/15/05 | 2,972 | 2,972 | |||||||||
Duke Funding VI | |||||||||||
2.794%, 4/05/05 | 1,510 | 1,509 | |||||||||
2.823%, 4/11/05 | 4,165 | 4,162 | |||||||||
2.833%, 4/15/05 | 1,783 | 1,783 | |||||||||
Independence 2.880%, 10/17/05 | 3,525 | 3,525 | |||||||||
Laguna ABS/Laguna Corp | |||||||||||
2.736%, 4/04/05 | 2,972 | 2,971 | |||||||||
2.728%, 5/02/05 | 2,972 | 2,964 | |||||||||
Lakeside Funding 2.800%, 4/08/05 | 4,755 | 4,755 | |||||||||
Leaf's LLC 2.860%, 4/20/05 | 3,269 | 3,269 | |||||||||
Liquid Funding 2.840%, 5/25/05 | 2,972 | 2,972 | |||||||||
Main Street Warehouse 2.837%, 4/22/05 | 5,949 | 5,934 | |||||||||
Morgan Stanley | |||||||||||
2.955%, 7/25/05 | 5,944 | 5,944 | |||||||||
2.393%, 9/09/05 | 1,783 | 1,783 | |||||||||
Orchard Park | |||||||||||
2.846%, 10/06/05 | 1,308 | 1,308 | |||||||||
2.827%, 1/06/06 | 5,977 | 5,977 | |||||||||
Sigma Finance | |||||||||||
2.945%, 5/17/05 | 416 | 416 | |||||||||
2.945%, 5/17/05 | 594 | 594 | |||||||||
2.945%, 5/17/05 | 178 | 178 | |||||||||
Thornburg Mortgage | |||||||||||
2.716%, 4/01/05 | 4,161 | 4,161 | |||||||||
2.756%, 4/07/05 | 2,972 | 2,970 | |||||||||
Total Commercial Paper | 76,075 | ||||||||||
Corporate Obligations – 5.8% | |||||||||||
Allstate Life Global | |||||||||||
2.800%, 10/14/05 | 1,486 | 1,486 | |||||||||
2.860%, 10/14/05 | 5,944 | 5,944 | |||||||||
Bayer Landbank NY | |||||||||||
2.840%, 6/24/05 | 2,675 | 2,675 | |||||||||
2.840%, 6/24/05 | 2,972 | 2,972 | |||||||||
Blue Heron Funding 2.880%, 5/18/05 | 1,664 | 1,664 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
108
Equity Income Fund (continued)
DESCRIPTION | PAR (000)/SHARES | VALUE (000) | |||||||||
Castle Hill III 3.050%, 9/15/15 | $ | 1,783 | $ | 1,783 | |||||||
Cheyne High Grade 2.280%, 11/10/39 | 2,972 | 2,972 | |||||||||
Depfa Bank PLC 2.990%, 6/15/05 | 2,972 | 2,972 | |||||||||
Duke Funding VI 2.680%, 4/08/05 | 3,596 | 3,596 | |||||||||
General Electric Capital Corporation 2.860%, 7/09/07 | 2,972 | 2,976 | |||||||||
Jackson National Life 2.810%, 4/15/05 | 2,972 | 2,972 | |||||||||
Jefferson Pilot 2.860%, 8/17/05 | 2,972 | 2,972 | |||||||||
LaSalle Bank NA 2.900%, 8/01/05 | 1,486 | 1,484 | |||||||||
Liquid Funding 2.850%, 6/28/05 | 2,675 | 2,675 | |||||||||
Merrill Lynch 2.750%, 10/01/05 | 5,944 | 5,946 | |||||||||
Metlife Global Funding | |||||||||||
2.850%, 10/14/05 | 3,566 | 3,567 | |||||||||
2.890%, 4/28/08 | 2,496 | 2,497 | |||||||||
Morgan Stanley 2.890%, 12/26/08 | 2,972 | 2,972 | |||||||||
Natexis Banq NY | |||||||||||
2.130%, 7/12/05 | 892 | 892 | |||||||||
2.955%, 7/12/05 | 3,269 | 3,269 | |||||||||
Northlake CDO 3.030%, 9/06/05 | 1,783 | 1,783 | |||||||||
Park Place Resecuritization 2.900%, 5/25/05 | 2,726 | 2,722 | |||||||||
Premium Asset Trust | |||||||||||
2.810%, 5/13/05 | 1,664 | 1,664 | |||||||||
2.760%, 7/01/05 | 8,857 | 8,857 | |||||||||
2.820%, 10/14/05 | 2,378 | 2,378 | |||||||||
REMAC 1.867%, 9/29/05 | 3,053 | 3,065 | |||||||||
RMAC 2.790%, 6/12/05 | 3,026 | 3,026 | |||||||||
SMM Trust 2004 1.930%, 9/23/05 | 3,260 | 3,260 | |||||||||
Westlb AG New York 2.780%, 3/10/15 | 2,972 | 2,971 | |||||||||
Total Corporate Obligations | 88,012 | ||||||||||
Money Market Funds – 0.1% | |||||||||||
Merrill Lynch Premier Institutional Fund | 2,399,869 | 2,400 | |||||||||
Total Money Market Funds | 2,400 | ||||||||||
Other Short-Term Investments – 1.6% | |||||||||||
ARLO III 3.010%, 9/28/05 | $ | 8,916 | 8,916 | ||||||||
Commonwealth Life 3.115%, 4/01/05 (d) | 3,001 | 3,001 | |||||||||
General Electric Capital Assurance 2.770%, 4/01/05 | 1,189 | 1,189 | |||||||||
HBOS Treasury Services 2.710%, 11/01/05 | 3,271 | 3,271 | |||||||||
ING USA Annuity & Life 2.180%, 6/30/05 | 7,727 | 7,727 | |||||||||
Total Other Short-Term Investments | 24,104 |
Equity Income Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Repurchase Agreements – 9.0% | |||||||||||
Bear Stearns 3.045%, dated 3/31/05, matures 4/01/05, repurchase price $5,944,458 (collateralized by various securities: Total market value $6,100,469) | $ | 5,944 | $ | 5,944 | |||||||
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $1,786,412 (collateralized by commercial loans: Total market value $1,826,791) | 1,783 | 1,783 | |||||||||
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $11,888,876 (collateralized by various securities: Total market value $12,790,864) | 11,888 | 11,888 | |||||||||
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $14,861,084 (collateralized by collateralized U.S. government securities: Total market value $15,157,214) | 14,860 | 14,860 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,188,888 (collateralized by collateralized mortgage obligations: Total market value $1,248,468) | 1,189 | 1,189 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,188,888 (collateralized by collateralized mortgage obligations: Total market value $1,248,394) | 1,189 | 1,189 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,188,888 (collateralized by collateralized mortgage obligations: Total market value $1,248,273) | 1,189 | 1,189 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $594,444 (collateralized by collateralized mortgage obligations: Total market value $624,234) | 594 | 594 | |||||||||
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $594,444 (collateralized by collateralized mortgage obligations: Total market value $624,234) | 594 | 594 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $14,861,136 (collateralized by mortgage loans: Total market value $15,163,159) | 14,860 | 14,860 | |||||||||
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $13,375,022 (collateralized by mortgage loans: Total market value $13,646,850) | 13,374 | 13,374 |
FIRST AMERICAN FUNDS Semiannual Report 2005
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Schedule of Investments March 31, 2005 (unaudited)
Equity Income Fund (continued)
DESCRIPTION | PAR (000) | VALUE (000) | |||||||||
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $2,973,407 (collateralized by mortgage loans: Total market value $3,032,665) | $ | 2,972 | $ | 2,972 | |||||||
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $11,888,879 (collateralized by collateralized mortgage obligations: Total market value $13,073,506) | 11,888 | 11,888 | |||||||||
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $8,916,689 (collateralized by mortgage loans: Total market value $9,094,251) | 8,916 | 8,916 | |||||||||
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $1,010,557 (collateralized by corporate securities: Total market value $1,111,595) | 1,010 | 1,010 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $8,916,657 (collateralized by corporate securities: Total market value $9,361,917) | 8,916 | 8,916 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $7,430,554 (collateralized by corporate securities: Total market value $7,801,665) | 7,430 | 7,430 | |||||||||
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $5,944,438 (collateralized by corporate securities: Total market value $6,241,439) | 5,944 | 5,944 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $4,458,332 (collateralized by corporate securities: Total market value $4,681,096) | 4,458 | 4,458 | |||||||||
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,188,889 (collateralized by corporate securities: Total market value $1,248,385) | 1,189 | 1,189 | |||||||||
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $17,238,865 (collateralized by U.S. government securities: Total market value $17,599,393) | 17,237 | 17,237 | |||||||||
Total Repurchase Agreements | 137,424 | ||||||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $328,015) | 328,015 | ||||||||||
Total Investments – 121.6% (Cost $1,633,279) | 1,852,386 | ||||||||||
Other Assets and Liabilities, Net – (21.6)% | (329,035 | ) | |||||||||
Total Net Assets – 100.0% | $ | 1,523,351 |
Equity Income Fund (concluded)
(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 $318,566,139 at March 31, 2005. See note 2 in Notes to Financial Statements.
(b) Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of these investments was $23,575,014 or 1.5% of total net assets.
(c) 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.
(d) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.
ADR – American Depository Receipt
Cl – Class
REIT – Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
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Statements of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except per share data
Balanced Fund | Equity Income Fund | ||||||||||
ASSETS: | |||||||||||
Investments in unaffiliated securities, at value*+ | $ | 499,212 | $ | 1,710,725 | |||||||
Investments in affiliated money market fund, at value** | 12,528 | 4,237 | |||||||||
Repurchase agreements, at value*** | 63,802 | 137,424 | |||||||||
Cash**** | 555 | 596 | |||||||||
Receivable for dividends and interest | 1,286 | 1,802 | |||||||||
Receivable for investment securities sold | 12,738 | - | |||||||||
Receivable for capital shares sold | 719 | 1,074 | |||||||||
Receivable for swap contracts | 11 | - | |||||||||
Prepaid expenses and other assets | 27 | 47 | |||||||||
Total assets | 590,878 | 1,855,905 | |||||||||
LIABILITIES: | |||||||||||
Written options, at value | 26 | - | |||||||||
Bank overdraft | - | 2 | |||||||||
Payable for investment securities purchased | 20,538 | - | |||||||||
Payable upon return of securities loaned | 152,566 | 328,611 | |||||||||
Payable for capital shares redeemed | 5,027 | 2,620 | |||||||||
Payable for advisory, co-administration, and custodian fees | 280 | 1,216 | |||||||||
Payable for variation margin | 28 | - | |||||||||
Payable for distribution and shareholder servicing fees | 52 | 76 | |||||||||
Accrued expenses and other liabilities | 9 | 29 | |||||||||
Total liabilities | 178,526 | 332,554 | |||||||||
Net assets | $ | 412,352 | $ | 1,523,351 | |||||||
COMPOSITION OF NET ASSETS: | |||||||||||
Portfolio capital | $ | 401,310 | $ | 1,213,892 | |||||||
Undistributed (distributions in excess of) net investment income | 126 | (7,064 | ) | ||||||||
Accumulated net realized gain (loss) on investments and options written | (4,862 | ) | 97,416 | ||||||||
Net unrealized appreciation of investments | 15,838 | 219,107 | |||||||||
Net unrealized depreciation of futures contracts | (23 | ) | - | ||||||||
Net unrealized depreciation of swap agreements | (51 | ) | - | ||||||||
Net unrealized appreciation of written options | 14 | - | |||||||||
Net assets | $ | 412,352 | $ | 1,523,351 | |||||||
* Investments in unaffiliated securities, at cost | $ | 483,374 | $ | 1,491,618 | |||||||
** Investments in affiliated money market fund, at cost | $ | 12,528 | $ | 4,237 | |||||||
*** Investments in repurchase agreements, at cost | $ | 63,802 | $ | 137,424 | |||||||
**** Includes cash related to securities loaned | $ | 277 | $ | 596 | |||||||
+ Including securities loaned, at value | $ | 147,967 | $ | 318,566 | |||||||
Class A: | |||||||||||
Net assets | $ | 118,340 | $ | 184,587 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 10,940 | 13,774 | |||||||||
Net asset value and redemption price per share | $ | 10.82 | $ | 13.40 | |||||||
Maximum offering price per share (1) | $ | 11.45 | $ | 14.18 | |||||||
Class B: | |||||||||||
Net assets | $ | 24,839 | $ | 23,190 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 2,314 | 1,742 | |||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 10.74 | $ | 13.31 | |||||||
Class C: | |||||||||||
Net assets | $ | 5,851 | $ | 18,267 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 543 | 1,370 | |||||||||
Net asset value, offering price and redemption price per share (2) | $ | 10.77 | $ | 13.33 | |||||||
Class R: | |||||||||||
Net assets | $ | 1 | $ | 30 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | - | 2 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 10.83 | $ | 13.39 | |||||||
Class Y: | |||||||||||
Net assets | $ | 263,321 | $ | 1,297,277 | |||||||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 24,277 | 96,185 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 10.85 | $ | 13.49 |
(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 contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
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Statements of Operations For the six months ended March 31, 2005 (unaudited), in thousands
Balanced Fund | Equity Income Fund | ||||||||||
INVESTMENT INCOME: | |||||||||||
Interest from unaffliliated securities | $ | 3,080 | $ | 336 | |||||||
Dividends from affliliated money market fund | 108 | 26 | |||||||||
Dividends from unaffiliated securities | 2,047 | 25,448 | |||||||||
Less: Foreign taxes withheld | (2 | ) | (32 | ) | |||||||
Securities lending | 54 | 120 | |||||||||
Other income | 28 | 24 | |||||||||
Total investment income | 5,315 | 25,922 | |||||||||
EXPENSES: | |||||||||||
Investment advisory fees | 1,413 | 5,465 | |||||||||
Co-administration fees and expenses (including transfer agency fees) | 591 | 2,224 | |||||||||
Custodian fees | 22 | 84 | |||||||||
Directors' fees | 5 | 20 | |||||||||
Registration fees | 25 | 24 | |||||||||
Professional fees | 21 | 60 | |||||||||
Printing | 5 | 18 | |||||||||
Other | 6 | 21 | |||||||||
Distribution and shareholder servicing fees – Class A | 152 | 235 | |||||||||
Distribution and shareholder servicing fees – Class B | 134 | 120 | |||||||||
Distribution and shareholder servicing fees – Class C | 30 | 97 | |||||||||
Distribution and shareholder servicing fees – Class R (1) | - | - | |||||||||
Total expenses | 2,404 | 8,368 | |||||||||
Less: Fee waivers | (349 | ) | (350 | ) | |||||||
Total net expenses | 2,055 | 8,018 | |||||||||
Investment income – net | 3,260 | 17,904 | |||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, AND WRITTEN OPTIONS – NET: | |||||||||||
Net realized gain on investments | 39,912 | 81,487 | |||||||||
Net realized gain on in-kind distribution | - | 45,141 | |||||||||
Net realized gain on futures contracts | 104 | - | |||||||||
Net realized gain on written options | 74 | - | |||||||||
Net change in unrealized appreciation or depreciation of investments | (10,535 | ) | (39,329 | ) | |||||||
Net change in unrealized appreciation or depreciation of futures contracts | 89 | - | |||||||||
Net change in unrealized appreciation or depreciation of swap agreements | (51 | ) | - | ||||||||
Net change in unrealized appreciation or depreciation of written options | 14 | - | |||||||||
Net gain on investments, futures contracts and written options | 29,607 | 87,299 | |||||||||
Net increase in net assets resulting from operations | $ | 32,867 | $ | 105,203 |
(1) For the period 10/1/04 to 3/31/05 due to the presentation of the financial statements in thousands, the numbers round to zero.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
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Statements of Changes in Net Assets in thousands
Balanced Fund | Equity Income 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 | |||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
OPERATIONS: |
Investment income – net | $ | 3,260 | $ | 7,045 | $ | 17,904 | $ | 26,113 | |||||||||||
Net realized gain on investments | 39,912 | 26,114 | 81,487 | 22,327 | |||||||||||||||
Net realized gain on in-kind distribution | - | - | 45,141 | - | |||||||||||||||
Net realized gain on futures contracts | 104 | 923 | - | - | |||||||||||||||
Net realized gain on written options | 74 | 214 | - | - | |||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (10,535 | ) | 8,139 | (39,329 | ) | 134,451 | |||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 89 | 202 | - | - | |||||||||||||||
Net change in unrealized appreciation or depreciation of swap agreements | (51) | - | |||||||||||||||||
Net change in unrealized appreciation or depreciation of written options | 14 | 28 | - | - | |||||||||||||||
Net increase in net assets resulting from operations | 32,867 | 42,665 | 105,203 | 182,891 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | (838 | ) | (1,535 | ) | (2,072 | ) | (2,721 | ) | |||||||||||
Class B | (85 | ) | (228 | ) | (177 | ) | (224 | ) | |||||||||||
Class C | (19 | ) | (47 | ) | (142 | ) | (183 | ) | |||||||||||
Class R | - | (237 | ) | - | (196 | ) | |||||||||||||
Class Y | (2,281 | ) | (5,588 | ) | (17,655 | ) | (25,834 | ) | |||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | - | - | (160 | ) | - | ||||||||||||||
Class B | - | - | (21 | ) | - | ||||||||||||||
Class C | - | - | (17 | ) | - | ||||||||||||||
Class Y | - | - | (1,245 | ) | - | ||||||||||||||
Total distributions | (3,223 | ) | (7,635 | ) | (21,489 | ) | (29,158 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS (1): | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 6,934 | 33,852 | 12,274 | 53,380 | |||||||||||||||
Reinvestment of distributions | 815 | 1,487 | 2,080 | 2,528 | |||||||||||||||
Payments for redemptions | (16,879 | ) | (20,593 | ) | (23,218 | ) | (31,031 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | (9,130 | ) | 14,746 | (8,864 | ) | 24,877 | |||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | 540 | 1,605 | 1,157 | 4,986 | |||||||||||||||
Reinvestment of distributions | 81 | 219 | 186 | 209 | |||||||||||||||
Payments for redemptions | (5,762 | ) | (8,962 | ) | (3,207 | ) | (5,788 | ) | |||||||||||
Decrease in net assets from Class B transactions | (5,141 | ) | (7,138 | ) | (1,864 | ) | (593 | ) | |||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | 401 | 858 | 702 | 2,790 | |||||||||||||||
Reinvestment of distributions | 19 | 47 | 158 | 183 | |||||||||||||||
Payments for redemptions | (867 | ) | (2,596 | ) | (2,853 | ) | (5,027 | ) | |||||||||||
Decrease in net assets from Class C transactions | (447 | ) | (1,691 | ) | (1,993 | ) | (2,054 | ) | |||||||||||
Class R: | |||||||||||||||||||
Proceeds from sales | - | 3,496 | 29 | 2,328 | |||||||||||||||
Reinvestment of distributions | - | 237 | - | 191 | |||||||||||||||
Payments for redemptions | - | (29,325 | ) | - | (21,497 | ) | |||||||||||||
Increase (decrease) in net assets from Class R transactions | - | (25,592 | ) | 29 | (18,978 | ) | |||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 20,044 | 61,896 | 124,365 | 300,945 | |||||||||||||||
Reinvestment of distributions | 2,163 | 5,332 | 6,860 | 9,109 | |||||||||||||||
Payments for redemptions | (61,070 | ) | (171,415 | ) | (310,878 | ) | (316,521 | ) | |||||||||||
Decrease in net assets from Class Y transactions | (38,863 | ) | (104,187 | ) | (179,653 | ) | (6,467 | ) | |||||||||||
Decrease in net assets from capital share transactions | (53,581 | ) | (123,862 | ) | (192,345 | ) | (3,215 | ) | |||||||||||
Total increase (decrease) in net assets | (23,937 | ) | (88,832 | ) | (108,631 | ) | 150,518 | ||||||||||||
Net assets at beginning of period | 436,289 | 525,121 | 1,631,982 | 1,481,464 | |||||||||||||||
Net assets at end of period | $ | 412,352 | $ | 436,289 | $ | 1,523,351 | $ | 1,631,982 | |||||||||||
Undistributed (distributions in excess of) net investment income (loss) at end of period | $ | 126 | $ | 89 | $ | (7,064 | ) | $ | (4,922 | ) |
(1) See Note 4 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS Semiannual Report 2005
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Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (10) | Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||
Balanced Fund (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.12 | $ | 0.07 | $ | 0.70 | $ | (0.07 | ) | $ | - | $ | 10.82 | 7.66 | % | $ | 118,340 | 1.05 | % | 1.40 | % | 1.21 | % | 1.24 | % | 84 | % | |||||||||||||||||||||||||||
2004 | (3) | 9.47 | 0.13 | 0.66 | (0.14 | ) | - | 10.12 | 8.39 | 119,292 | 1.05 | 1.27 | 1.19 | 1.13 | 110 | ||||||||||||||||||||||||||||||||||||||||
2003 | 8.38 | 0.17 | 1.08 | (0.16 | ) | - | 9.47 | 14.98 | 98,016 | 1.05 | 1.75 | 1.23 | 1.57 | 156 | |||||||||||||||||||||||||||||||||||||||||
2002 | (3) | 9.50 | 0.20 | (1.12 | ) | (0.20 | ) | - | 8.38 | (9.90 | ) | 98,557 | 1.05 | 2.07 | 1.23 | 1.89 | 79 | ||||||||||||||||||||||||||||||||||||||
2001 | (3) (4) | 13.83 | 0.18 | (2.24 | ) | (0.20 | ) | (2.07 | ) | 9.50 | (17.03 | ) | 127,590 | 1.22 | 1.96 | 1.28 | 1.90 | 54 | |||||||||||||||||||||||||||||||||||||
2000 | (5) | 12.39 | 0.23 | 2.12 | (0.22 | ) | (0.69 | ) | 13.83 | 19.46 | 54,380 | 1.22 | 1.66 | 1.28 | 1.60 | 79 | |||||||||||||||||||||||||||||||||||||||
1999 | (5) | 12.30 | 0.20 | 0.49 | (0.20 | ) | (0.40 | ) | 12.39 | 5.56 | 53,807 | 1.18 | 1.59 | 1.25 | 1.52 | 69 | |||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.04 | $ | 0.03 | $ | 0.70 | $ | (0.03 | ) | $ | - | $ | 10.74 | 7.31 | % | $ | 24,839 | 1.80 | % | 0.65 | % | 1.96 | % | 0.49 | % | 84 | % | |||||||||||||||||||||||||||
2004 | (3) | 9.41 | 0.05 | 0.65 | (0.07 | ) | - | 10.04 | 7.46 | 28,101 | 1.80 | 0.54 | 1.94 | 0.40 | 110 | ||||||||||||||||||||||||||||||||||||||||
2003 | 8.32 | 0.10 | 1.08 | (0.09 | ) | - | 9.41 | 14.25 | 33,015 | 1.80 | 1.00 | 1.98 | 0.82 | 156 | |||||||||||||||||||||||||||||||||||||||||
2002 | (3) | 9.44 | 0.13 | (1.12 | ) | (0.13 | ) | - | 8.32 | (10.64 | ) | 35,641 | 1.80 | 1.32 | 1.98 | 1.14 | 79 | ||||||||||||||||||||||||||||||||||||||
2001 | (3) (4) | 13.75 | 0.17 | (2.29 | ) | (0.13 | ) | (2.06 | ) | 9.44 | (17.64 | ) | 47,150 | 1.93 | 1.22 | 1.99 | 1.16 | 54 | |||||||||||||||||||||||||||||||||||||
2000 | (5) | 12.33 | 0.13 | 2.11 | (0.14 | ) | (0.68 | ) | 13.75 | 18.77 | 2,243 | 1.97 | 0.91 | 2.03 | 0.85 | 79 | |||||||||||||||||||||||||||||||||||||||
1999 | (5) (6) | 12.37 | 0.07 | (0.04 | ) | (0.07 | ) | - | 12.33 | 0.25 | 630 | 1.97 | 0.87 | 2.03 | 0.81 | 69 | |||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.08 | $ | 0.03 | $ | 0.69 | $ | (0.03 | ) | $ | - | $ | 10.77 | 7.19 | % | $ | 5,851 | 1.80 | % | 0.65 | % | 1.96 | % | 0.49 | % | 84 | % | |||||||||||||||||||||||||||
2004 | (3) | 9.44 | 0.05 | 0.66 | (0.07 | ) | - | 10.08 | 7.53 | 5,890 | 1.80 | 0.55 | 1.94 | 0.41 | 110 | ||||||||||||||||||||||||||||||||||||||||
2003 | 8.35 | 0.09 | 1.10 | (0.10 | ) | - | 9.44 | 14.24 | 7,089 | 1.80 | 0.99 | 1.98 | 0.81 | 156 | |||||||||||||||||||||||||||||||||||||||||
2002 | (3) | 9.49 | 0.13 | (1.14 | ) | (0.13 | ) | - | 8.35 | (10.77 | ) | 2,233 | 1.80 | 1.32 | 1.98 | 1.14 | 79 | ||||||||||||||||||||||||||||||||||||||
2001 | (3) (7) | 9.29 | - | 0.20 | - | - | 9.49 | 2.15 | 2,351 | 0.94 | 2.20 | 0.94 | 2.20 | 54 | |||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.14 | $ | 0.06 | $ | 0.69 | $ | (0.06 | ) | $ | - | $ | 10.83 | 7.42 | % | $ | 1 | 1.30 | % | 1.05 | % | 1.61 | % | 0.74 | % | 84 | % | |||||||||||||||||||||||||||
2004 | (3) (8) | 9.49 | 0.14 | 0.64 | (0.13 | ) | - | 10.14 | 8.22 | 1 | 1.05 | 1.39 | 1.19 | 1.25 | 110 | ||||||||||||||||||||||||||||||||||||||||
2003 | 8.39 | 0.15 | 1.10 | (0.15 | ) | - | 9.49 | 15.08 | 23,844 | 1.05 | 1.76 | 1.23 | 1.58 | 156 | |||||||||||||||||||||||||||||||||||||||||
2002 | (3) | 9.50 | 0.20 | (1.12 | ) | (0.19 | ) | - | 8.39 | (9.90 | ) | 36,194 | 1.05 | 2.07 | 1.23 | 1.89 | 79 | ||||||||||||||||||||||||||||||||||||||
2001 | (3) (9) | 11.27 | 0.18 | (1.74 | ) | (0.21 | ) | - | 9.50 | (14.03 | ) | 39,527 | 1.22 | 1.94 | 1.28 | 1.88 | 54 | ||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (2) (3) | $ | 10.15 | $ | 0.09 | $ | 0.70 | $ | (0.09 | ) | $ | - | $ | 10.85 | 7.78 | % | $ | 263,321 | 0.80 | % | 1.65 | % | 0.96 | % | 1.49 | % | 84 | % | |||||||||||||||||||||||||||
2004 | (3) | 9.50 | 0.16 | 0.66 | (0.17 | ) | - | 10.15 | 8.62 | 283,005 | 0.80 | 1.55 | 0.94 | 1.41 | 110 | ||||||||||||||||||||||||||||||||||||||||
2003 | 8.40 | 0.19 | 1.09 | (0.18 | ) | - | 9.50 | 15.35 | 363,157 | 0.80 | 2.00 | 0.98 | 1.82 | 156 | |||||||||||||||||||||||||||||||||||||||||
2002 | (3) | 9.53 | 0.23 | (1.13 | ) | (0.23 | ) | - | 8.40 | (9.74 | ) | 290,288 | 0.80 | 2.32 | 0.98 | 2.14 | 79 | ||||||||||||||||||||||||||||||||||||||
2001 | (3) (4) | 13.87 | 0.16 | (2.20 | ) | (0.23 | ) | (2.07 | ) | 9.53 | (16.84 | ) | 375,983 | 0.97 | 2.21 | 1.04 | 2.14 | 54 | |||||||||||||||||||||||||||||||||||||
2000 | (5) | 12.43 | 0.26 | 2.13 | (0.26 | ) | (0.69 | ) | 13.87 | 19.94 | 163,158 | 0.97 | 1.91 | 1.03 | 1.85 | 79 | |||||||||||||||||||||||||||||||||||||||
1999 | (5) | 12.32 | 0.24 | 0.49 | (0.23 | ) | (0.39 | ) | 12.43 | 5.87 | 180,737 | 0.93 | 1.84 | 1.00 | 1.77 | 69 |
(1) The financial highlights for the Balanced Fund as set forth herein include the historical financial highlights of the Firstar Balanced Growth Fund. The assets of the Firstar
Fund were acquired by the First American Balanced Fund on September 24, 2001. In connection with such acquisition, (i) Class A shares of the Firstar Balanced Growth
Fund were exchanged for Class A shares of the First American Balanced 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 of the First American Fund, and (iv) Firstar Class Institutional 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 fiscal period ended October 31.
(6) Class of shares has been offered since March 1, 1999. All ratios for the period have been annualized, except total return and portfolio turnover.
(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.
(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 include 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.
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Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
Net Asset Value Beginning of Period | Net Investment Income | Realized and Unrealized Gains (Losses) on Investments | Dividends from Net Investment Income | Distributions from Net Realized Gains | Net Asset Value End of Period | Total Return (5) | Net Assets End of Period (000) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income to Average Net Assets (Excluding Waivers) | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 12.77 | $ | 0.13 | $ | 0.66 | $ | (0.15 | ) | $ | (0.01 | ) | $ | 13.40 | 6.18 | % | $ | 184,587 | 1.15 | % | 1.91 | % | 1.19 | % | 1.87 | % | 17 | % | ||||||||||||||||||||||||||
2004 | (2) | 11.56 | 0.18 | 1.23 | (0.20 | ) | - | 12.77 | 12.26 | 184,381 | 1.15 | 1.39 | 1.19 | 1.35 | 12 | ||||||||||||||||||||||||||||||||||||||||
2003 | (2) | 9.58 | 0.18 | 1.99 | (0.19 | ) | - | 11.56 | 22.81 | 144,282 | 1.15 | 1.70 | 1.20 | 1.65 | 43 | ||||||||||||||||||||||||||||||||||||||||
2002 | (2) | 12.13 | 0.16 | (2.48 | ) | (0.19 | ) | (0.04 | ) | 9.58 | (19.51 | ) | 128,142 | 1.15 | 1.43 | 1.20 | 1.38 | 38 | |||||||||||||||||||||||||||||||||||||
2001 | (2) | 16.29 | 0.29 | (0.74 | ) | (0.32 | ) | (3.39 | ) | 12.13 | (3.89 | ) | 24,557 | 1.00 | 1.97 | 1.15 | 1.82 | 33 | |||||||||||||||||||||||||||||||||||||
2000 | 15.94 | 0.28 | 1.45 | (0.28 | ) | (1.10 | ) | 16.29 | 11.11 | 20,607 | 1.00 | 1.69 | 1.14 | 1.55 | 36 | ||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 12.68 | $ | 0.08 | $ | 0.66 | $ | (0.10 | ) | $ | (0.01 | ) | $ | 13.31 | 5.82 | % | $ | 23,190 | 1.90 | % | 1.18 | % | 1.94 | % | 1.14 | % | 17 | % | ||||||||||||||||||||||||||
2004 | (2) | 11.49 | 0.08 | 1.22 | (0.11 | ) | - | 12.68 | 11.37 | 23,869 | 1.90 | 0.65 | 1.94 | 0.61 | 12 | ||||||||||||||||||||||||||||||||||||||||
2003 | (2) | 9.52 | 0.10 | 1.98 | (0.11 | ) | - | 11.49 | 21.97 | 22,156 | 1.90 | 0.95 | 1.95 | 0.90 | 43 | ||||||||||||||||||||||||||||||||||||||||
2002 | (2) | 12.07 | 0.09 | (2.49 | ) | (0.11 | ) | (0.04 | ) | 9.52 | (20.10 | ) | 18,699 | 1.90 | 0.80 | 1.95 | 0.75 | 38 | |||||||||||||||||||||||||||||||||||||
2001 | (2) | 16.24 | 0.18 | (0.75 | ) | (0.21 | ) | (3.39 | ) | 12.07 | (4.64 | ) | 11,516 | 1.75 | 1.20 | 1.90 | 1.05 | 33 | |||||||||||||||||||||||||||||||||||||
2000 | 15.90 | 0.18 | 1.44 | (0.18 | ) | (1.10 | ) | 16.24 | 10.35 | 10,366 | 1.75 | 0.95 | 1.89 | 0.81 | 36 | ||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 12.70 | $ | 0.08 | $ | 0.66 | $ | (0.10 | ) | $ | (0.01 | ) | $ | 13.33 | 5.81 | % | $ | 18,267 | 1.90 | % | 1.18 | % | 1.94 | % | 1.14 | % | 17 | % | ||||||||||||||||||||||||||
2004 | (2) | 11.51 | 0.08 | 1.22 | (0.11 | ) | - | 12.70 | 11.34 | 19,300 | 1.90 | 0.66 | 1.94 | 0.62 | 12 | ||||||||||||||||||||||||||||||||||||||||
2003 | (2) | 9.54 | 0.10 | 1.98 | (0.11 | ) | - | 11.51 | 21.95 | 19,386 | 1.90 | 0.95 | 1.95 | 0.90 | 43 | ||||||||||||||||||||||||||||||||||||||||
2002 | (2) | 12.09 | 0.10 | (2.50 | ) | (0.11 | ) | (0.04 | ) | 9.54 | (20.08 | ) | 11,171 | 1.90 | 0.86 | 1.95 | 0.81 | 38 | |||||||||||||||||||||||||||||||||||||
2001 | (2) | 16.28 | 0.18 | (0.76 | ) | (0.22 | ) | (3.39 | ) | 12.09 | (4.74 | ) | 8,028 | 1.75 | 1.20 | 1.90 | 1.05 | 33 | |||||||||||||||||||||||||||||||||||||
2000 | 15.93 | 0.19 | 1.44 | (0.18 | ) | (1.10 | ) | 16.28 | 10.41 | 2,511 | 1.75 | 0.88 | 1.89 | 0.74 | 36 | ||||||||||||||||||||||||||||||||||||||||
Class R (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) | $ | 12.78 | $ | 0.04 | $ | 0.72 | $ | (0.14 | ) | $ | (0.01 | ) | $ | 13.39 | 5.96 | % | $ | 30 | 1.40 | % | 0.57 | % | 1.59 | % | 0.38 | % | 17 | % | ||||||||||||||||||||||||||
2004 | (3) | 11.56 | 0.19 | 1.22 | (0.19 | ) | - | 12.78 | 12.18 | 1 | 1.15 | 1.52 | 1.19 | 1.48 | 12 | ||||||||||||||||||||||||||||||||||||||||
2003 | 9.57 | 0.19 | 1.99 | (0.19 | ) | - | 11.56 | 22.91 | 17,170 | 1.15 | 1.80 | 1.20 | 1.75 | 43 | |||||||||||||||||||||||||||||||||||||||||
2002 | 12.12 | 0.15 | (2.47 | ) | (0.19 | ) | (0.04 | ) | 9.57 | (19.47 | ) | 36,522 | 1.15 | 1.34 | 1.20 | 1.29 | 38 | ||||||||||||||||||||||||||||||||||||||
2001 | (4) | 11.57 | 0.01 | 0.54 | - | - | 12.12 | 4.75 | 328 | 1.23 | 4.08 | 1.42 | 3.89 | 33 | |||||||||||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | (1) (2) | $ | 12.85 | $ | 0.15 | $ | 0.66 | $ | (0.16 | ) | $ | (0.01 | ) | $ | 13.49 | 6.35 | % | $ | 1,297,277 | 0.90 | % | 2.19 | % | 0.94 | % | 2.15 | % | 17 | % | ||||||||||||||||||||||||||
2004 | (2) | 11.63 | 0.21 | 1.24 | (0.23 | ) | - | 12.85 | 12.54 | 1,404,431 | 0.90 | 1.65 | 0.94 | 1.61 | 12 | ||||||||||||||||||||||||||||||||||||||||
2003 | (2) | 9.63 | 0.21 | 2.00 | (0.21 | ) | - | 11.63 | 23.20 | 1,278,470 | 0.90 | 1.95 | 0.95 | 1.90 | 43 | ||||||||||||||||||||||||||||||||||||||||
2002 | (2) | 12.20 | 0.21 | (2.52 | ) | (0.22 | ) | (0.04 | ) | 9.63 | (19.30 | ) | 678,352 | 0.90 | 1.80 | 0.95 | 1.75 | 38 | |||||||||||||||||||||||||||||||||||||
2001 | (2) | 16.37 | 0.33 | (0.76 | ) | (0.35 | ) | (3.39 | ) | 12.20 | (3.71 | ) | 267,361 | 0.75 | 2.21 | 0.90 | 2.06 | 33 | |||||||||||||||||||||||||||||||||||||
2000 | 16.00 | 0.32 | 1.47 | (0.32 | ) | (1.10 | ) | 16.37 | 11.46 | 275,436 | 0.75 | 1.99 | 0.89 | 1.85 | 36 |
(1) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
(2) Per share data calculated using average shares outstanding method.
(3) Prior to July 1, 2004, Class R shares were named Class S shares.
(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) Total return does not include 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.
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Notes to Financial Statements March 31, 2005 (unaudited)
1 > Organization
The Real Estate Securities Fund, Technology Fund, International Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund and Equity Income 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 fund's board of directors to create additional funds in the future. The International Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Val ue Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund and Equity Income Fund are each diversified open-end management investment companies. The Real Estate Securities Fund and Technology Fund are non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.
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. Class R shares are not offered by Technology Fund.
The funds' prospectuses provide descriptions of each fund's investment objective, principal investment strategies and principal risks. All classes of shares of a fund 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 VALUATION – 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 (or reported on the Nasdaq national market system) 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 range, 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 market quotations are not readily available, securities are v alued 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
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(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. The International Fund is supplied with information from an unaffiliated third party with respect to the fair value of foreign securities. Price movements in futures contracts and American Depository Receipts, and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of March 31, 2005, Real Estate Securities Fund, International Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a market value of $379,731, $0, $ 122,540, and $39,330, respectively, or 0.1%, 0.0%, 0.0%, and 0.0% of total net assets, respectively. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchange on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – 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.
DISTRIBUTIONS TO SHAREHOLDERS – Equity Income Fund and Large Cap Value Fund declare and pay income dividends monthly. Balanced Fund, Large Cap Select Fund, Mid Cap Value Fund and Real Estate Securities Fund declare and pay income dividends quarterly. Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunites Fund, Small Cap Growth Opportunites Fund, Small Cap Select Fund, Small Cap Value Fund,
Technology Fund and International Fund declare and pay income dividends annually. Any net realized capital gains on sales of a fund's securities are distributed to shareholders at least annually.
The Real Estate Securities Fund receives substantial distributions from holdings in REITs. Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital.
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 post-October losses, losses deferred due to wash sales, proceeds from securities litigation, foreign currency gains and losses, investments in limited partnerships and REITs, tax equalization and the "mark-to-market" of certain Passive Foreign Investment Companies ("PFICs") for tax purposes. 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 the ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were
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Notes to Financial Statements March 31, 2005 (unaudited)
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 | |||||||||||||||
Real Estate Securities Fund | $ | 8,879 | $ | 40,662 | $ | - | $ | 49,541 | |||||||||||
International Fund | 10,214 | - | - | 10,214 | |||||||||||||||
Small Cap Growth Opportunities Fund | - | 39,368 | - | 39,368 | |||||||||||||||
Small Cap Select Fund | - | 158,001 | - | 158,001 | |||||||||||||||
Small Cap Value Fund | 1,836 | 64,306 | - | 66,142 | |||||||||||||||
Mid Cap Growth Opportunities Fund | - | 195,099 | - | 195,099 | |||||||||||||||
Mid Cap Value Fund | 1,708 | - | - | 1,708 | |||||||||||||||
Large Cap Growth Opportunities Fund | 3,045 | - | - | 3,045 | |||||||||||||||
Large Cap Select Fund | 1,100 | 4,626 | - | 5,726 | |||||||||||||||
Large Cap Value Fund | 6,582 | - | - | 6,582 | |||||||||||||||
Balanced Fund | 3,223 | - | - | 3,223 | |||||||||||||||
Equity Income Fund | 20,046 | 1,443 | - | 21,489 | |||||||||||||||
2004 | |||||||||||||||||||
Fund | Ordinary Income | Long Term Gain | Return of Capital | Total | |||||||||||||||
Real Estate Securities Fund | $ | 17,709 | $ | 6,775 | $ | - | $ | 24,484 | |||||||||||
International Fund | 8,820 | - | - | 8,820 | |||||||||||||||
Small Cap Growth Opportunities Fund | - | 3,085 | - | 3,085 | |||||||||||||||
Small Cap Select Fund | 62,602 | 15,960 | - | 78,562 | |||||||||||||||
Small Cap Value Fund | 6,941 | 13,524 | - | 20,465 | |||||||||||||||
Mid Cap Growth Opportunities Fund | 19,503 | 21,278 | - | 40,781 | |||||||||||||||
Mid Cap Value Fund | 2,102 | - | 57 | 2,159 | |||||||||||||||
Large Cap Growth Opportunities Fund | 1,184 | - | 261 | 1,445 | |||||||||||||||
Large Cap Select Fund | 2,504 | 333 | - | 2,837 | |||||||||||||||
Large Cap Value Fund | 12,705 | - | - | 12,705 | |||||||||||||||
Balanced Fund | 7,635 | - | - | 7,635 | |||||||||||||||
Equity Income Fund | 29,158 | - | - | 29,158 |
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):
Fund | Undistributed Ordinary Income | Undistributed Long Term Capital Gains | Accumulated Capital and Post-October Losses | Unrealized Appreciation | Total Accumulated Earnings (Deficit) | ||||||||||||||||||
Real Estate Securities Fund | $ | 8,274 | $ | 20,757 | $ | - | $ | 66,645 | $ | 95,676 | |||||||||||||
Technology Fund | - | - | (468,869 | ) | 549 | (468,320 | ) | ||||||||||||||||
International Fund | 9,866 | - | (230,464 | ) | 132,348 | (88,250 | ) | ||||||||||||||||
Small Cap Growth Opportunities Fund | 12,907 | 26,016 | - | 7,635 | 46,558 | ||||||||||||||||||
Small Cap Select Fund | 59,890 | 88,149 | (58,325 | ) | 130,720 | 220,434 | |||||||||||||||||
Small Cap Value Fund | 7,203 | 53,358 | - | 108,617 | 169,178 | ||||||||||||||||||
Mid Cap Growth Opportunities Fund | 62,200 | 119,980 | (60,505 | ) | 150,301 | 271,976 | |||||||||||||||||
Mid Cap Value Fund | - | - | (57,479 | ) | 79,970 | 22,491 | |||||||||||||||||
Large Cap Growth Opportunities Fund | - | - | (183,848 | ) | 93,648 | (90,200 | ) | ||||||||||||||||
Large Cap Select Fund | 2,184 | 1,165 | - | 12,020 | 15,369 | ||||||||||||||||||
Large Cap Value Fund | 43 | - | (58,864 | ) | 121,209 | 62,388 | |||||||||||||||||
Balanced Fund | 88 | - | (44,689 | ) | 26,114 | (18,487 | ) | ||||||||||||||||
Equity Income Fund | 2,135 | - | (25,813 | ) | 249,425 | 225,747 |
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The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and investments in limited partnerships and REITs, and the amount of gain (loss) recognized for tax purposes due to mark to market adjustments on open futures contracts and the mark to market for certain PFICs for tax purposes.
As of September 30, 2004, the funds' most recently completed fiscal year-end, the following funds had capital loss carryforwards (000):
Expiration Year | |||||||||||||||||||||||||||
Fund | 2008 | 2009 | 2010 | 2011 | 2012 | Total | |||||||||||||||||||||
Technology Fund | $ | 12,002 | $ | 11,235 | $ | 339,005 | $ | 102,106 | $ | 4,320 | $ | 468,668 | |||||||||||||||
International Fund | 3,470 | 15,879 | 106,716 | 103,959 | - | 230,024 | |||||||||||||||||||||
Small Cap Select Fund | - | - | 58,325 | - | - | 58,325 | |||||||||||||||||||||
Mid Cap Growth Opportunities Fund | - | - | 60,505 | - | - | 60,505 | |||||||||||||||||||||
Mid Cap Value Fund | 53,676 | - | - | 3,803 | - | 57,479 | |||||||||||||||||||||
Large Cap Growth Opportunities Fund | - | 7,189 | 144,016 | 32,643 | - | 183,848 | |||||||||||||||||||||
Large Cap Value Fund | - | - | - | 58,864 | - | 58,864 | |||||||||||||||||||||
Balanced Fund | - | - | 18,256 | 26,433 | - | 44,689 | |||||||||||||||||||||
Equity Income Fund | 2,250 | 1,731 | - | 21,832 | - | 25,813 |
In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for International Fund, Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Select Fund, and Technology Fund to (000) $8,327, $24,385, $10,084, $9,721 and $1,524, respectively.
Certain funds incurred a loss for tax purposes for the period from November 1, 2003, to September 30, 2004. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending September 30, 2005. The following funds had deferred losses (000):
Fund | Amount | ||||||
Technology Fund | $ | 200 | |||||
International Fund | 440 |
FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, certain funds may enter into S&P stock index futures contracts and other stock index futures contracts. Balanced Fund may also enter into interest rate index futures contracts. Upon entering into a futures or currency 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 or currency contract (initial margin). Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying index, are made or received by the fund each day (daily variation margin) and are recorded as unrealiz ed 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.
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, 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 transaction. 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.
OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance their yield. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is
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Notes to Financial Statements March 31, 2005 (unaudited)
realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option.
Purchased options are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If a purchased option expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized, to the extent that the proceeds from the sale are greater or less than the cost of the option. If a put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.
FOREIGN CURRENCY TRANSLATION – The books and records of the International Fund relating to the fund's non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis:
• market value of investment securities, assets, and liabilities are translated at the current rate of exchange; and
• purchases and sales of investment securities, income, and expenses are translated at the relevant rates of exchange prevailing on the respective dates of such transactions.
The International Fund does not isolate the portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
The International Fund reports certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. At March 31, 2005, foreign currency holdings consisted of multiple denominations, primarily European Monetary Units.
FORWARD FOREIGN CURRENCY CONTRACTS – The International Fund may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the
contracts are not recorded because the International Fund intends to settle the contracts prior to delivery. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The International Fund realizes gains or losses at the time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes.
The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund's statement of assets and liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. There were no outstanding forward foreign currency contracts at March 31, 20 05.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations and the portfolio maintains, in a segregated account with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the fund's net asset value if the fund makes such purchases while remaining substantially fully invested. At March 31, 2005, the following fund had outstanding when-issued commitments (000):
Fund | Cost | Segregated Assets | |||||||||
Balanced Fund | $ | 5,148 | $ | 13,056 |
In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type,
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coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to "roll over" its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage.
ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds' board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds' board of directors. At March 31, 2005, Real Estate Securities Fund, International Fund, Small Cap Growth Opportunities Fund, and Balanced Fund had investments in illiquid securities with a total market value of $379,731, $0, $122,540, and $8,192,905, respectively, or 0.1%, 0.0%, 0.0%, and 2.0%, respectively, of total net assets.
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
Real Estate Securities Fund
Security | Shares | Dates Acquired | Cost Basis (000) | ||||||||||||
Beacon Capital | 33,750 | 3/98 | $ | 660 | |||||||||||
Newcastle Investment Holdings | 35,000 | 6/98 | 153 | ||||||||||||
Wyndham International | 2,315 | 3/00-4/00 | - | ||||||||||||
Wyndham Voting Trust | 1,325 | 3/98 | - |
International Fund
Security | Shares | Dates Acquired | Cost Basis (000) | ||||||||||||
Far East Pharmaceutical Technology | 2,836,000 | 4/04 | $423 | ||||||||||||
Peregrine Investment Holdings | 142,000 | 12/94-8/97 | 288 |
Small Cap Growth Opportunities Fund
Security | Shares | Dates Acquired | Cost Basis (000) | ||||||||||||
Tridium, Cl B | 278,500 | 4/99-8/99 | $ | 1,524 | |||||||||||
VideoPropulsion | 809,856 | 12/99 | - |
Balanced Fund
Security | Shares/ Par (000) | Dates Acquired | Cost Basis (000) | ||||||||||||
Bank of America | $ | 1,040 | 3/05 | $ | 1,045 | ||||||||||
Duty Free International | 656 | 1/99-11/02 | 655 | ||||||||||||
GRP AG Real Estate Asset Trust | 253 | 12/04 | 253 | ||||||||||||
Merrill Lynch Mortgage Investors | 1,223 | 2/05 | 1,258 | ||||||||||||
Merrill Lynch Mortgage Investors | 744 | 5/04 | 768 | ||||||||||||
Sequoia Mortgage Trust | 898 | 5/04 | 922 | ||||||||||||
Structured Adjustable Rate Mortgage Loan Trust | 460 | 7/04 | 475 | ||||||||||||
Wells Fargo Mortgage Backed Security | 613 | 12/04 | 594 | ||||||||||||
William Street Funding | 2,895 | 9/04-3/05 | 2,903 | ||||||||||||
William Street Funding | 465 | 2/05 | 465 |
SECURITIES LENDING – In order to generate additional income, a 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 extensions 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 fund's income from securities lending transactions. With respect to International Fund, a portion of this amount was paid to State Street Bank and Trust for acting as sub-lending agent. Fees paid to USBAM by the funds for the six months ended March 31, 2005, were as follows (000):
Fund | Amount | ||||||
Real Estate Securities Fund | $ | 41 | |||||
Technology Fund | 25 | ||||||
International Fund | 139 | ||||||
Small Cap Growth Opportunities Fund | 56 | ||||||
Small Cap Select Fund | 159 | ||||||
Small Cap Value Fund | 26 | ||||||
Mid Cap Growth Opportunities Fund | 153 | ||||||
Mid Cap Value Fund | 39 | ||||||
Large Cap Growth Opportunities Fund | 114 | ||||||
Large Cap Select Fund | 13 | ||||||
Large Cap Value Fund | 71 | ||||||
Balanced Fund | 39 | ||||||
Equity Income Fund | 87 |
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Notes to Financial Statements March 31, 2005 (unaudited)
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.
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 | Collateral Principal | 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 | Mortgage 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 | 153,000 | 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 |
SWAP AGREEMENTS – Balanced fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The fund may enter into interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk.
Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (i.e., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal).
In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk
where the fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default.
Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the fund are included as part of miscellaneous income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that
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the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.
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, Real Estate Securities Fund, Technology Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Value Fund, Balanced Fund and Equity Income Fund recorded $942, $32,079, $20,596, $6,364, $60,086, $152,053, $28,167, and $23,599 respectively, in other income for settlement proceeds related to securities no longer included in the portfolio.
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are 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.
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 amount of net 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 each fund is as follows:
Real Estate Securities Fund | 0.70 | % | |||||
Technology Fund | 0.70 | % | |||||
International Fund | 1.10 | % | |||||
Small Cap Growth Opportunities Fund | 1.40 | % | |||||
Small Cap Select Fund | 0.70 | % | |||||
Small Cap Value Fund | 0.70 | % | |||||
Mid Cap Growth Opportunities Fund | 0.70 | % | |||||
Mid Cap Value Fund | 0.70 | % | |||||
Large Cap Growth Opportunities Fund | 0.65 | % | |||||
Large Cap Select Fund | 0.65 | % | |||||
Large Cap Value Fund | 0.65 | % | |||||
Balanced Fund | 0.65 | % | |||||
Equity Income Fund | 0.65 | % |
Under the Agreement, the fee paid to USBAM by International Fund is equal to a rate of 1.10% of the average daily net assets up to $1.5 billion, 1.05% of the average daily net assets on the next $1 billion, and 1.00% of the average daily net assets in excess of $2.5 billion. The fees paid by Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund are equal to an annual rate of 0.65% of the average daily net assets up to $3 billion, 0.625% of the average daily net assets on the next $2 billion, and 0.60% of the average daily net assets in excess of $5 billion. 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
FIRST AMERICAN FUNDS Semiannual Report 2005
125
Notes to Financial Statements March 31, 2005 (unaudited)
average daily net assets, do not exceed the following amounts:
Share Class | |||||||||||||||||||||||
Fund | A | B | C | R | Y | ||||||||||||||||||
Real Estate Securities Fund | 1.23 | % | 1.98 | % | 1.98 | % | 1.48 | % | 0.98 | % | |||||||||||||
Technology Fund | 1.23 | 1.98 | 1.98 | NA | 0.98 | ||||||||||||||||||
International Fund | 1.60 | 2.35 | 2.35 | 1.85 | 1.35 | ||||||||||||||||||
Small Cap Growth Opportunities Fund | 1.93 | 2.68 | 2.68 | 2.18 | 1.68 | ||||||||||||||||||
Small Cap Select Fund | 1.21 | 1.96 | 1.96 | 1.46 | 0.96 | ||||||||||||||||||
Small Cap Value Fund | 1.23 | 1.98 | 1.98 | 1.48 | 0.98 | ||||||||||||||||||
Mid Cap Growth Opportunities Fund | 1.20 | 1.95 | 1.95 | 1.45 | 0.95 | ||||||||||||||||||
Mid Cap Value Fund | 1.20 | 1.95 | 1.95 | 1.45 | 0.95 | ||||||||||||||||||
Large Cap Growth Opportunities Fund | 1.15 | 1.90 | 1.90 | 1.40 | 0.90 | ||||||||||||||||||
Large Cap Select Fund | 1.15 | 1.90 | 1.90 | 1.40 | 0.90 | ||||||||||||||||||
Large Cap Value Fund | 1.15 | 1.90 | 1.90 | 1.40 | 0.90 | ||||||||||||||||||
Balanced Fund | 1.05 | 1.80 | 1.80 | 1.30 | 0.80 | ||||||||||||||||||
Equity Income Fund | 1.15 | 1.90 | 1.90 | 1.40 | 0.90 |
NA = not applicable
The funds may invest in related money market funds that are series of First American Funds, Inc. ("FAF"), subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to USBAM, which acts as the investment adviser to both the investing funds and the related money market funds, USBAM will reimburse each investing fund an amount equal to that portion of USBAM's investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. For financial statement purposes, these reimbursements are recorded as investment income.
SUB-ADVISORY FEES – J.P. Morgan Investment Management Inc. ("J.P. Morgan") serves as investment sub-advisor to the International Fund, pursuant to a Sub-Advisory Agreement with USBAM. For its services under the Sub-Advisory Agreement with USBAM, J.P. Morgan is paid a monthly fee by USBAM calculated on an annual basis equal to 0.34% of the first $100 million of the fund's average daily net assets, 0.30% of the next $250 million of the fund's average daily net assets, 0.24% of the next $1,250 million of the fund's average daily net assets and 0.22% of the fund's average daily net assets in excess of $1,600 million.
CO-ADMINISTRATION FEES – USBAM and U.S. Bancorp Fund Services, LLC ("USBFS") (collectively, the "Administrators") serve as the co-administrators pursuant to a co-administration agreement between the Administrators and 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 clas s 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 | ||||||
Real Estate Securities Fund | $ | 760 | |||||
Technology Fund | 121 | ||||||
International Fund | 1,764 | ||||||
Small Cap Growth Opportunities Fund | 428 | ||||||
Small Cap Select Fund | 1,176 | ||||||
Small Cap Value Fund | 573 | ||||||
Mid Cap Growth Opportunities Fund | 1,860 | ||||||
Mid Cap Value Fund | 705 | ||||||
Large Cap Growth Opportunities Fund | 1,752 | ||||||
Large Cap Select Fund | 423 | ||||||
Large Cap Value Fund | 1,537 | ||||||
Balanced Fund | 572 | ||||||
Equity Income Fund | 2,214 |
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 fund 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,
FIRST AMERICAN FUNDS Semiannual Report 2005
126
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, except Technology Fund, pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.15% of the average daily net assets of the fund's 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 | ||||||
Real Estate Securities Fund | $ | 118 | |||||
Technology Fund | 33 | ||||||
International Fund | 42 | ||||||
Small Cap Growth Opportunities Fund | 90 | ||||||
Small Cap Select Fund | 132 | ||||||
Small Cap Value Fund | 51 | ||||||
Mid Cap Growth Opportunities Fund | 208 | ||||||
Mid Cap Value Fund | 37 | ||||||
Large Cap Growth Opportunities Fund | 137 | ||||||
Large Cap Select Fund | 2 | ||||||
Large Cap Value Fund | 115 | ||||||
Balanced Fund | 177 | ||||||
Equity Income Fund | 262 |
OTHER FEES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, and co-administration fees, each fund is responsible for paying most other operating expenses including: fees and expenses of independent directors, registration fees, printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the 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 the 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 front-end sales charges and CDSCs retained by affiliates of USBAM for distributing the funds' shares were as follows (000):
Fund | Amount | ||||||
Real Estate Securities Fund | $ | 106 | |||||
Technology Fund | 15 | ||||||
International Fund | 39 | ||||||
Small Cap Growth Opportunities Fund | 63 | ||||||
Small Cap Select Fund | 113 | ||||||
Small Cap Value Fund | 42 | ||||||
Mid Cap Growth Opportunities Fund | 167 | ||||||
Mid Cap Value Fund | 63 | ||||||
Large Cap Growth Opportunities Fund | 79 | ||||||
Large Cap Select Fund | 10 | ||||||
Large Cap Value Fund | 53 | ||||||
Balanced Fund | 61 | ||||||
Equity Income Fund | 226 |
FIRST AMERICAN FUNDS Semiannual Report 2005
127
Notes to Financial Statements March 31, 2005 (unaudited)
4 > Capital Share Transactions
FAIF has 420 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows (000):
Real Estate Securities Fund | Technology Fund | International 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 | 1,233 | 2,885 | 371 | 2,255 | 386 | 1,986 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 428 | 192 | - | - | 23 | 20 | |||||||||||||||||||||
Shares redeemed | (531 | ) | (640 | ) | (796 | ) | (2,520 | ) | (680 | ) | (1,969 | ) | |||||||||||||||
Total Class A transactions | 1,130 | 2,437 | (425 | ) | (265 | ) | (271 | ) | 37 | ||||||||||||||||||
Class B: | |||||||||||||||||||||||||||
Shares issued | 24 | 64 | 33 | 123 | 30 | 64 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 18 | 14 | - | - | - | 1 | |||||||||||||||||||||
Shares redeemed | (49 | ) | (63 | ) | (353 | ) | (616 | ) | (118 | ) | (234 | ) | |||||||||||||||
Total Class B transactions | (7 | ) | 15 | (320 | ) | (493 | ) | (88 | ) | (169 | ) | ||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Shares issued | 45 | 104 | 37 | 119 | 37 | 87 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 18 | 14 | - | - | - | 1 | |||||||||||||||||||||
Shares redeemed | (60 | ) | (91 | ) | (208 | ) | (308 | ) | (148 | ) | (422 | ) | |||||||||||||||
Total Class C transactions | 3 | 27 | (171 | ) | (189 | ) | (111 | ) | (334 | ) | |||||||||||||||||
Class R: | |||||||||||||||||||||||||||
Shares issued | - | 75 | - | 138 | 22 | 135 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | - | 8 | - | - | - | 4 | |||||||||||||||||||||
Shares redeemed | - | (241 | ) | - | (697 | ) | - | (1,090 | ) | ||||||||||||||||||
Total Class R transactions | - | (158 | ) | - | (559 | ) | 22 | (951 | ) | ||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Shares issued | 3,841 | 13,274 | 1,015 | 3,912 | 16,703 | 31,294 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 947 | 499 | - | - | 542 | 526 | |||||||||||||||||||||
Shares redeemed | (2,451 | ) | (3,750 | ) | (1,789 | ) | (6,414 | ) | (10,534 | ) | (29,700 | ) | |||||||||||||||
Total Class Y transactions | 2,337 | 10,023 | (774 | ) | (2,502 | ) | 6,711 | 2,120 | |||||||||||||||||||
Net increase (decrease) in capital shares | 3,463 | 12,344 | (1,690 | ) | (4,008 | ) | 6,263 | 703 |
Small Cap Growth Opportunities Fund | Small Cap Select Fund | Small Cap Value 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 | 486 | 3,228 | 832 | 2,909 | 287 | 1,192 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 553 | 25 | 1,273 | 352 | 432 | 100 | |||||||||||||||||||||
Shares redeemed | (1,632 | ) | (2,342 | ) | (1,114 | ) | (2,193 | ) | (337 | ) | (997 | ) | |||||||||||||||
Total Class A transactions | (593 | ) | 911 | 991 | 1,068 | 382 | 295 | ||||||||||||||||||||
Class B: | |||||||||||||||||||||||||||
Shares issued | 14 | 251 | 72 | 146 | 36 | 77 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 57 | 2 | 206 | 65 | 104 | 34 | |||||||||||||||||||||
Shares redeemed | (66 | ) | (121 | ) | (100 | ) | (174 | ) | (107 | ) | (413 | ) | |||||||||||||||
Total Class B transactions | 5 | 132 | 178 | 37 | 33 | (302 | ) | ||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Shares issued | 15 | 191 | 141 | 251 | 30 | 77 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 27 | - | 193 | 56 | 49 | 13 | |||||||||||||||||||||
Shares redeemed | (83 | ) | (43 | ) | (163 | ) | (197 | ) | (51 | ) | (120 | ) | |||||||||||||||
Total Class C transactions | (41 | ) | 148 | 171 | 110 | 28 | (30 | ) | |||||||||||||||||||
Class R: | |||||||||||||||||||||||||||
Shares issued | 1 | 39 | 1 | 208 | - | 72 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | - | 1 | 1 | 55 | - | 3 | |||||||||||||||||||||
Shares redeemed | - | (208 | ) | - | (1,065 | ) | - | (170 | ) | ||||||||||||||||||
Total Class R transactions | 1 | (168 | ) | 2 | (802 | ) | - | (95 | ) | ||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Shares issued | 805 | 4,004 | 4,305 | 8,030 | 1,974 | 3,675 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 839 | 79 | 6,437 | 3,768 | 3,016 | 1,045 | |||||||||||||||||||||
Shares redeemed | (2,683 | ) | (10,975 | ) | (10,128 | ) | (33,562 | ) | (4,085 | ) | (12,846 | ) | |||||||||||||||
Total Class Y transactions | (1,039 | ) | (6,892 | ) | 614 | (21,764 | ) | 905 | (8,126 | ) | |||||||||||||||||
Net increase (decrease) in capital shares | (1,667 | ) | (5,869 | ) | 1,956 | (21,351 | ) | 1,348 | (8,258 | ) |
FIRST AMERICAN FUNDS Semiannual Report 2005
128
Mid Cap Growth Opportunities Fund | Mid Cap Value Fund | Large Cap Growth Opportunities 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 | 520 | 778 | 221 | 682 | 305 | 1,608 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 683 | 135 | 2 | 4 | 8 | 2 | |||||||||||||||||||||
Shares redeemed | (496 | ) | (959 | ) | (352 | ) | (282 | ) | (723 | ) | (1,201 | ) | |||||||||||||||
Total Class A transactions | 707 | (46 | ) | (129 | ) | 404 | (410 | ) | 409 | ||||||||||||||||||
Class B: | |||||||||||||||||||||||||||
Shares issued | 47 | 65 | 32 | 57 | 26 | 89 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 49 | 9 | - | - | 1 | - | |||||||||||||||||||||
Shares redeemed | (27 | ) | (51 | ) | (80 | ) | (188 | ) | (185 | ) | (735 | ) | |||||||||||||||
Total Class B transactions | 69 | 23 | (48 | ) | (131 | ) | (158 | ) | (646 | ) | |||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Shares issued | 49 | 48 | 32 | 64 | 17 | 57 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 54 | 11 | - | - | 1 | - | |||||||||||||||||||||
Shares redeemed | (47 | ) | (110 | ) | (17 | ) | (76 | ) | (75 | ) | (216 | ) | |||||||||||||||
Total Class C transactions | 56 | (51 | ) | 15 | (12 | ) | (57 | ) | (159 | ) | |||||||||||||||||
Class R: | |||||||||||||||||||||||||||
Shares issued | 14 | 27 | 2 | 41 | - | 72 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | - | 8 | - | - | - | - | |||||||||||||||||||||
Shares redeemed | (1 | ) | (341 | ) | - | (100 | ) | - | (767 | ) | |||||||||||||||||
Total Class R transactions | 13 | (306 | ) | 2 | (59 | ) | - | (695 | ) | ||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Shares issued | 2,313 | 3,700 | 3,533 | 5,379 | 3,085 | 12,178 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 3,346 | 810 | 48 | 77 | 59 | 29 | |||||||||||||||||||||
Shares redeemed | (5,519 | ) | (8,163 | ) | (2,090 | ) | (4,252 | ) | (20,052 | ) | (11,718 | ) | |||||||||||||||
Total Class Y transactions | 140 | (3,653 | ) | 1,491 | 1,204 | (16,908 | ) | 489 | |||||||||||||||||||
Net increase (decrease) in capital shares | 985 | (4,033 | ) | 1,331 | 1,406 | (17,533 | ) | (602 | ) |
Large Cap Select Fund | Large Cap Value Fund | Balanced 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 | 76 | 78 | 436 | 2,249 | 649 | 3,334 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | - | 29 | 53 | 77 | 148 | |||||||||||||||||||||
Shares redeemed | (12 | ) | (40 | ) | (798 | ) | (1,580 | ) | (1,576 | ) | (2,038 | ) | |||||||||||||||
Total Class A transactions | 66 | 38 | (333 | ) | 722 | (850 | ) | 1,444 | |||||||||||||||||||
Class B: | |||||||||||||||||||||||||||
Shares issued | 7 | 17 | 21 | 55 | 51 | 159 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | - | - | 2 | 6 | 8 | 22 | |||||||||||||||||||||
Shares redeemed | (3 | ) | (5 | ) | (326 | ) | (876 | ) | (544 | ) | (892 | ) | |||||||||||||||
Total Class B transactions | 4 | 12 | (303 | ) | (815 | ) | (485 | ) | (711 | ) | |||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Shares issued | - | 4 | 15 | 49 | 38 | 85 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | - | - | 1 | 2 | 2 | 4 | |||||||||||||||||||||
Shares redeemed | - | (1 | ) | (52 | ) | (139 | ) | (81 | ) | (256 | ) | ||||||||||||||||
Total Class C transactions | - | 3 | (36 | ) | (88 | ) | (41 | ) | (167 | ) | |||||||||||||||||
Class R: | |||||||||||||||||||||||||||
Shares issued | - | - | - | 160 | - | 345 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | - | - | - | 7 | - | 23 | |||||||||||||||||||||
Shares redeemed | - | - | - | (1,761 | ) | - | (2,881 | ) | |||||||||||||||||||
Total Class R transactions | - | - | - | (1,594 | ) | - | (2,513 | ) | |||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Shares issued | 7,610 | 13,492 | 2,717 | 12,949 | 1,862 | 6,123 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 344 | 191 | 212 | 471 | 203 | 529 | |||||||||||||||||||||
Shares redeemed | (16,524 | ) | (1,430 | ) | (22,404 | ) | (12,532 | ) | (5,684 | ) | (16,991 | ) | |||||||||||||||
Total Class Y transactions | (8,570 | ) | 12,253 | (19,475 | ) | 888 | (3,619 | ) | (10,339 | ) | |||||||||||||||||
Net increase (decrease) in capital shares | (8,500 | ) | 12,306 | (20,147 | ) | (887 | ) | (4,995 | ) | (12,286 | ) |
FIRST AMERICAN FUNDS Semiannual Report 2005
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Notes to Financial Statements March 31, 2005 (unaudited)
Equity Income Fund | |||||||||||
10/01/04 to 3/31/05 | 10/01/03 to 9/30/04 | ||||||||||
(unaudited) | |||||||||||
Class A: | |||||||||||
Shares issued | 916 | 4,209 | |||||||||
Shares issued in lieu of cash distributions | 155 | 200 | |||||||||
Shares redeemed | (1,738 | ) | (2,448 | ) | |||||||
Total Class A transactions | (667 | ) | 1,961 | ||||||||
Class B: | |||||||||||
Shares issued | 88 | 396 | |||||||||
Shares issued in lieu of cash distributions | 14 | 17 | |||||||||
Shares redeemed | (242 | ) | (459 | ) | |||||||
Total Class B transactions | (140 | ) | (46 | ) | |||||||
Class C: | |||||||||||
Shares issued | 53 | 221 | |||||||||
Shares issued in lieu of cash distributions | 12 | 14 | |||||||||
Shares redeemed | (214 | ) | (401 | ) | |||||||
Total Class C transactions | (149 | ) | (166 | ) | |||||||
Class R: | |||||||||||
Shares issued | 2 | 185 | |||||||||
Shares issued in lieu of cash distributions | - | 15 | |||||||||
Shares redeemed | - | (1,685 | ) | ||||||||
Total Class R transactions | 2 | (1,485 | ) | ||||||||
Class Y: | |||||||||||
Shares issued | 9,367 | 23,673 | |||||||||
Shares issued in lieu of cash distributions | 509 | 718 | |||||||||
Shares redeemed | (22,996 | ) | (25,006 | ) | |||||||
Total Class Y transactions | (13,120 | ) | (615 | ) | |||||||
Net decrease in capital shares | (14,074 | ) | (351 | ) |
5 > 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):
U.S. Government Securities | Other Investment Securities | ||||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | |||||||||||||||
Real Estate Securities Fund | $ | - | $ | - | $ | 277,461 | $ | 272,209 | |||||||||||
Technology Fund | - | - | 80,780 | 93,601 | |||||||||||||||
International Fund | - | - | 986,684 | 936,336 | |||||||||||||||
Small Cap Growth Opportunities Fund | - | - | 286,470 | 357,664 | |||||||||||||||
Small Cap Select Fund | - | - | 478,152 | 619,605 | |||||||||||||||
Small Cap Value Fund | - | - | 89,623 | 130,697 | |||||||||||||||
Mid Cap Growth Opportunities Fund | - | - | 751,730 | 892,588 | |||||||||||||||
Mid Cap Value Fund | - | - | 281,486 | 245,243 | |||||||||||||||
Large Cap Growth Opportunities Fund | - | - | 621,279 | 1,093,011 | |||||||||||||||
Large Cap Select Fund | - | - | 282,777 | 391,939 | |||||||||||||||
Large Cap Value Fund | - | - | 352,840 | 729,212 | |||||||||||||||
Balanced Fund | 117,721 | 100,563 | 237,359 | 293,456 | |||||||||||||||
Equity Income Fund | - | - | 275,520 | 470,282 |
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 tax purposes at March 31, 2005, were as follows (000):
Fund | Aggregate Gross Appreciation | Aggregate Gross Depreciation | Net | Federal Income Tax Cost | |||||||||||||||
Real Estate Securities Fund | $ | 82,316 | $ | (6,051 | ) | $ | 76,265 | $ | 733,688 | ||||||||||
Technology Fund | 7,189 | (6,252 | ) | 937 | 101,230 | ||||||||||||||
International Fund | 156,905 | (21,571 | ) | 135,334 | 1,648,036 | ||||||||||||||
Small Cap Growth Opportunities Fund | 28,962 | (19,547 | ) | 9,415 | 387,082 | ||||||||||||||
Small Cap Select Fund | 113,257 | (41,615 | ) | 71,642 | 1,112,698 | ||||||||||||||
Small Cap Value Fund | 124,499 | (11,433 | ) | 113,066 | 426,096 | ||||||||||||||
Mid Cap Growth Opportunities Fund | 260,967 | (39,470 | ) | 221,497 | 1,835,893 | ||||||||||||||
Mid Cap Value Fund | 113,343 | (8,531 | ) | 104,812 | 712,232 | ||||||||||||||
Large Cap Growth Opportunities Fund | 96,498 | (43,171 | ) | 53,327 | 1,183,352 | ||||||||||||||
Large Cap Select Fund | 10,203 | (6,729 | ) | 3,474 | 265,990 | ||||||||||||||
Large Cap Value Fund | 134,989 | (23,695 | ) | 111,294 | 1,039,001 | ||||||||||||||
Balanced Fund | 27,128 | (11,549 | ) | 15,579 | 559,963 | ||||||||||||||
Equity Income Fund | 274,437 | (64,340 | ) | 210,097 | 1,642,289 |
The difference between cost for financial statement purposes and federal tax purposes is primarily due to losses deferred from wash sales, investments in limited partnerships and REITs, the amount of gain (loss) recognized for tax purposes due to mark to market adjustments on open futures contracts and the mark to market of certain Passive Foreign Investments Companies (PFICs) for tax purposes.
FIRST AMERICAN FUNDS Semiannual Report 2005
130
6 > Options Written
The following options written were outstanding for the six months ended March 31, 2005 (000):
Issuer | Expiration Date | Exercise Price | Number of Contracts | Market Value | |||||||||||||||
Call Options Written | |||||||||||||||||||
Balanced Fund: | |||||||||||||||||||
U.S. Treasury 10 Year Note Future | Jun-05 | $ | 113 | 37 | $ | 1 | |||||||||||||
Total call options outstanding (premiums received, $23) | $ | 1 | |||||||||||||||||
Put Options Written | |||||||||||||||||||
Balanced Fund: | |||||||||||||||||||
U.S. Treasury 10 Year Note Future | Jun-05 | $ | 108 | 8 | $ | 4 | |||||||||||||
U.S. Treasury 10 Year Note Future | Jun-05 | 109 | 30 | 22 | |||||||||||||||
Total put options outstanding (premiums received, $18) | $ | 26 |
Transactions in options written for the six months ended March 31, 2005, were as follows:
Number of Contracts | Premium Amount (000) | ||||||||||
Put Options Written | |||||||||||
Balanced Fund: | |||||||||||
Balance at September 30, 2004 | - | $ | - | ||||||||
Opened | 121 | 54 | |||||||||
Expired | (83 | ) | (36 | ) | |||||||
Exercised | - | - | |||||||||
Closed | - | - | |||||||||
Balance at March 31, 2005 | 38 | $ | 18 | ||||||||
Call Options Written | |||||||||||
Balanced Fund: | |||||||||||
Balance at September 30, 2004 | - | $ | - | ||||||||
Opened | 120 | 62 | |||||||||
Expired | (33 | ) | (15 | ) | |||||||
Exercised | - | - | |||||||||
Closed | (50 | ) | (24 | ) | |||||||
Balance at March 31, 2005 | 37 | $ | 23 |
7 > Concentration of Risks
Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to in the future. Technology Fund primarily invests in equity securities of companies in the technology industry. Competitive pressures may have a significant effect on the financial condition of companies in this industry. For example, if technology continues to advance at an accelerated rate and the number of companies and product offerings continues to expand, th ese companies could become increasingly sensitive to short product cycles and aggressive pricing. As of March 31, 2005 Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, and Small Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. During the same period, Small Cap Value Fund and Large Cap Value Fund also had a significant portion of their assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition and consumer confidence and spending.
8 > 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 of losses pursuant to these contracts and expect the risk of loss to be remote.
9 > Additional Information Related to Small Cap Growth Opportunities Fund
As a result of an internal review, USBAM uncovered an action involving potentially improper trading of a portfolio security held in the First American Small Cap Growth Opportunities Fund. USBAM engaged an outside law firm to conduct a review of these trades, and, as a result of this review, the law firm concluded that no USBAM employee violated the applicable securities laws. USBAM has reported this to the Fund's board of directors and to the Securities and Exchange Commission (SEC). The SEC is investigating the matter, and USBAM is cooperating fully with the investigation.
10> Replacement of Investment Sub-Advisor
On September 16, 2004, the funds' board of directors approved the appointment of J.P. Morgan ("JPMorgan") to replace Clay Finlay, Inc. as the investment sub-advisor to International Fund. At a special meeting of International Fund's shareholders held on December 8, 2004, shareholders approved the appointment of JPMorgan.
FIRST AMERICAN FUNDS Semiannual Report 2005
131
Notes to Financial Statements March 31, 2005 (unaudited)
11> Other
In March 2005, US Bancorp Pension Plan redeemed $29,922,028, $395,010,013, $200,889,108 and $132,582,404 from the First American Large Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund and Equity Income Fund, respectively, as redemption-in-kind transactions. In these transactions, each fund distributed a proportionate amount of securities in the fund's portfolio to the US Bancorp Pension Plan. Remaining shareholders in the funds did not recognize any additional capital gains from the transactions.
FIRST AMERICAN FUNDS Semiannual Report 2005
132
NOTICE TO SHAREHOLDERS March 31, 2005 (unaudited)
Shareholder Meeting
At a special meeting of the holders of shares in International Fund on December 8, 2004, the shareholders voted to approve the following proposal:
Approval of the appointment of JPMorgan as the new investment sub-advisor.
At the meeting, shareholders approved this proposal as follows:
Shares Voted For Shares Voted Against Shares Abstained
64,886,797 114,092 49,216
How to Obtain a Copy of the Funds' Proxy Voting Policies and Proxy Voting Record
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.
Form N-Q 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 is 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.
Quarterly Portfolio Holdings
Each fund will make complete portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 days of the quarter end.
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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.
0116-05 |
| 5/2005 |
| SAR-EQUITY |
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
Not applicable to semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6—Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
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 the 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 | ||||