APRIL 1, 2000
ASSET CLASSES
* EQUITY FUNDS
(*) FUNDS OF FUNDS
* BOND FUNDS
* TAX FREE BOND FUNDS
* MONEY MARKET FUNDS
FUND PROFILE
FIRST AMERICAN
STRATEGY
FUNDS
AGGRESSIVE GROWTH FUND
GROWTH FUND
GROWTH AND INCOME FUND
INCOME FUND
THIS PROFILE SUMMARIZES KEY INFORMATION ABOUT THE FUND THAT IS INCLUDED IN THE
FUND'S PROSPECTUS. THE FUND'S PROSPECTUS INCLUDES ADDITIONAL INFORMATION ABOUT
THE FUND, INCLUDING A MORE DETAILED DESCRIPTION OF THE RISKS ASSOCIATED WITH
INVESTING IN THE FUND THAT YOU MAY WANT TO CONSIDER BEFORE YOU INVEST. YOU MAY
OBTAIN THE PROSPECTUS AND OTHER INFORMATION ABOUT THE FUND AT NO COST BY CALLING
FIRST AMERICAN FUNDS INVESTOR SERVICES AT 1-800-637-2548, OR BY CONTACTING YOUR
INVESTMENT PROFESSIONAL.
[LOGO] FIRST AMERICAN FUNDS (R)
THE POWER OF DISCIPLINED INVESTING (R)
<PAGE>
FIRST AMERICAN STRATEGY FUNDS
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OBJECTIVES
STRATEGY AGGRESSIVE GROWTH FUND seeks a high level of capital growth.
STRATEGY GROWTH FUND seeks capital growth with a moderate level of current
income.
STRATEGY GROWTH AND INCOME FUND seeks both capital growth and current income.
STRATEGY INCOME FUND seeks a high level of current income consistent with
limited risk to capital.
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MAIN INVESTMENT STRATEGIES
Each fund seeks to achieve its objectives by investing in a variety of other
mutual funds that are also advised by the funds' investment advisor. Strategy
Aggressive Growth Fund and Strategy Growth Fund seek their objectives by
providing high allocations to various equity categories, including small
company and international company equity securities, with relatively little
emphasis on fixed income securities. Strategy Growth and Income Fund takes a
more evenly balanced approach to equity securities and fixed income
investments. Strategy Income Fund provides a high allocation to fixed income
investments, but also has a limited equity component designed to help offset
inflation and provide a source for potential increases in income over time.
The underlying funds in which the Strategy Funds invest include the 11 equity
funds and two fixed income funds named in the table below and Prime Obligations
Fund, a money market fund. The funds' advisor allocates and reallocates each
fund's assets among the underlying funds within ranges designed to reflect the
funds' differing balances between the investment objectives of current income
and growth of capital. The following table illustrates these ranges, expressed
as percentages of the funds' net assets.
<TABLE>
<CAPTION>
Aggressive Growth and
Growth Fund Growth Fund Income Fund Income Fund
- ------------------------------------------------------------------------------------------------------------
MIN MAX MIN MAX MIN MAX MIN MAX
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY FUNDS AS A WHOLE 60% 100% 50% 90% 35% 75% 15% 45%
Equity Index Fund 0% 80% 0% 75% 0% 60% 0% 35%
Large Cap Growth Fund 5% 50% 5% 45% 5% 40% 0% 25%
Large Cap Value Fund 5% 50% 5% 45% 5% 40% 0% 25%
Mid Cap Growth Fund 0% 40% 0% 30% 0% 20% 0% 10%
Mid Cap Value Fund 0% 40% 0% 30% 0% 20% 0% 10%
Small Cap Growth Fund 0% 40% 0% 30% 0% 20% 0% 10%
Small Cap Value Fund 0% 40% 0% 30% 0% 20% 0% 10%
Equity Income Fund 0% 15% 0% 25% 0% 35% 0% 45%
Real Estate Securities Fund 0% 15% 0% 15% 0% 15% 0% 15%
Emerging Markets Fund 0% 15% 0% 15% 0% 10% 0% 5%
International Fund 0% 35% 0% 30% 0% 25% 0% 15%
FIXED INCOME FUNDS AS A WHOLE 0% 40% 10% 50% 25% 65% 55% 85%
Fixed Income Fund 0% 40% 0% 50% 10% 65% 25% 85%
Strategic Income Fund 0% 15% 0% 20% 0% 20% 0% 25%
PRIME OBLIGATIONS FUND 0% 35% 0% 35% 0% 35% 0% 35%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
In addition to investing in Prime Obligations Fund, each fund also may invest
in cash, U.S. dollar-denominated high-quality money market instruments, and
other short-term securities. Normally, each fund's aggregate investment in
these items and in Prime Obligations Fund will not exceed the maximum
percentage in the above table for Prime Obligations Fund. However, in an
attempt to respond to adverse market, economic, political, or other conditions,
each fund may temporarily invest without limit in cash, U.S. dollar-denominated
high-quality money market instruments, and other short-term securities.
Investing a significant percentage of a fund's assets in these securities may
prevent the fund from achieving its objectives.
Additional information about the funds' investments is available in the funds'
annual and semiannual reports to shareholders. In the funds' annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the funds' performance during the last fiscal year. You
may obtain either or both of these reports at no cost by calling First American
Funds Investor Services at 1-800-637-2548.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
1
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
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MAIN RISKS
The value of your investment in a fund will change daily, which means you could
lose money. The main risks of investing in the funds include:
ACTIVE MANAGEMENT
Each fund is actively managed and its performance, therefore, will reflect in
part the advisor's ability to make asset allocation and other investment
decisions which are suited to achieving the fund's investment objectives. Due
to their active management, the funds could underperform other mutual funds
with similar investment objectives.
ADDITIONAL EXPENSES
Investing in the underlying funds through an investment in one of the Strategy
Funds involves additional expenses that would not be present in a direct
investment in the underlying funds.
RISKS ASSOCIATED WITH THE UNDERLYING FUNDS
The Strategy Funds are subject to the risks of the underlying funds in which
they invest. These risks include:
o The underlying funds (other than Equity Index Fund) are actively managed and
therefore may underperform other mutual funds with similar investment
objectives.
o Each underlying fund is subject to the risk of generally adverse markets. In
general, the market prices of equity securities frequently are subject to
greater volatility than the prices of fixed income securities. Therefore,
the net asset values of funds which invest higher proportions of their
assets in equity funds may be more volatile than funds which are limited to
lower proportions.
o Small Cap Growth Fund, Small Cap Value Fund, Emerging Markets Fund and
International Fund are subject to the risks of investing in
small-capitalization companies. These stocks historically have experienced
greater price volatility than stocks of larger-capitalization companies.
o Mid Cap Growth Fund and Mid Cap Value Fund invest in stocks of
mid-capitalization companies. Although these stocks may be slightly less
volatile than those of small-capitalization companies, they still involve
substantial risk.
o Real Estate Securities Fund is subject to risks associated with
non-diversification and with concentrating its investments in the real
estate industry and to the risks associated with direct investments in real
estate investment trusts.
o International Fund, Emerging Markets Fund, and Strategic Income Fund are
subject to risks associated with investing in foreign securities, including
currency risk. These risks are particularly significant in emerging
markets, where Strategic Income Fund may invest and where Emerging Markets
Fund primarily invests. International Fund and Emerging Markets Fund are
also subject to the risks of entering into foreign currency hedging
transactions.
o Most of the other equity funds invest a portion of their assets in foreign
securities which are dollar-denominated and publicly traded in the United
States and which may involve risks not associated with the securities of
domestic issuers.
o Equity Index Fund is subject to risks associated with its use of options,
futures, contracts, and options on futures contracts if securities prices
do not move in the direction anticipated by the fund's advisor when
entering into the options or the futures contracts.
o The fixed income funds are subject to interest rate risk (the risk that debt
securities held by a fund will decrease in value when interest rates rise),
income risk (the risk that a fund's income could decline due to falling
market interest rates), credit risk (the risk that the issuer of debt
securities will not make timely principal or interest payments on its
securities), and call risk (the risk that the issuer of debt securities
will prepay those securities before their stated maturity, requiring the
fund to reinvest the prepayment at a lower interest rate).
o The fixed income funds may invest in mortgage- and/or asset-backed
securities. These are subject to the risk that falling interest rates will
cause faster than expected prepayments of the obligations underlying the
securities, which must be reinvested at lower interest rates. They are also
subject to the risk that rising interest rates will cause prepayments to
slow, extending the life of mortgage- and asset-backed securities with
lower interest rates.
o Each fixed income fund may invest up to 25% of its total assets in
dollar-roll transactions, which could increase the volatility of the fund's
share price and possibly diminish the fund's investment performance.
o Most of the underlying funds lend their portfolio securities to
broker-dealers, banks, and other institutions. These funds are subject to
the risk that the other party to the securities lending agreement will
default on its obligations.
o Strategic Income Fund may invest a significant portion of its assets in
non-investment grade debt obligations, which are commonly called "high-yield"
securities or "junk bonds." In addition, Equity Income Fund may invest in
non-investment grade convertible debt obligations. High yield securities
generally have more volatile prices and carry more risk to principal than
investment grade securities.
POSSIBLE CONFLICTS OF INTEREST
The funds and the underlying funds have the same officers, directors, and
investment advisor. If situations arise in which the interests of the funds are
different from those of the underlying funds, these officers and directors and
the advisor could be subject to conflicts of interest. For example, the advisor
might determine that a fund should reduce its allocation of assets to a
particular underlying fund, thus requiring the fund to redeem shares of the
underlying fund, at a time when it is not in the best interests of the
underlying fund to sell portfolio securities in order to meet the redemption
request. The advisor will monitor the operations of the funds and the
underlying funds for potential conflicts of interest, and recommend to the
funds' board of directors the steps which it believes are necessary to avoid or
minimize adverse consequences to the funds and the underlying funds.
2
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
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FUND PERFORMANCE
The charts and tables that follow provide you with information on each fund's
volatility and performance. Of course, past performance does not guarantee
future results.
Each fund's bar chart shows you how performance of the fund's shares has varied
from year to year.
The tables compare each fund's performance over different time periods to that
of the fund's benchmark indexes, which are broad measures of market performance.
Each fund's performance reflects fund expenses; the benchmarks are unmanaged and
have no expenses.
Both the charts and the tables assume that all distributions have been
reinvested.
STRATEGY AGGRESSIVE GROWTH FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 18.01%
1998 7.36%
1999 26.49%
Best Quarter:
Quarter ending: December 31, 1999 20.43%
Worst Quarter:
Quarter ending: September 30, 1998 (14.93)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Strategy Aggressive Growth Fund 10/1/96 6.41% 26.49% 16.94%
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Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
- ------------------------------------------------------------------------------------------------
Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- ------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 6.41%.
(2) Year to date performance for the fund and the indexes is for the period from
1/1/2000 to 3/31/2000.
(3) An unmanaged index of large-capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment-grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
STRATEGY GROWTH FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 16.36%
1998 7.52%
1999 19.13%
Best Quarter:
Quarter ending: December 31, 1999 14.91%
Worst Quarter:
Quarter ending: September 30, 1998 (11.92)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------
Strategy Growth Fund 10/1/96 5.49% 19.13% 14.42%
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Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
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Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- ------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 5.49%.
(2) Year to date performance for the fund and the indexes is for the period from
1/1/2000 to 3/31/2000.
(3) An unmanaged index of large-capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment-grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
3
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
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FUND PERFORMANCE (CONTINUED)
STRATEGY GROWTH AND INCOME FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 13.96%
1998 8.20%
1999 13.15%
Best Quarter:
Quarter ending: December 31, 1999 10.33%
Worst Quarter:
Quarter ending: September 30, 1998 (8.30)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Strategy Growth and Income Fund 10/1/96 4.32% 13.15% 12.51%
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Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
- -------------------------------------------------------------------------------------------------
Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 4.32%.
(2) Year to date performance for the fund and the indexes is for the period from
1/1/2000 to 3/31/2000.
(3) An unmanaged index of large-capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment-grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
STRATEGY INCOME FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 12.72%
1998 8.46%
1999 -0.39%
Best Quarter:
Quarter ending: June 30, 1997 4.87%
Worst Quarter:
Quarter ending: September 30, 1999 (2.43)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Strategy Income Fund 10/1/96 1.68% (0.39)% 7.21%
- --------------------------------------------------------------------------------------------------
Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
- --------------------------------------------------------------------------------------------------
Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 1.68%.
(2) Year to date performance for the fund and the indexes is for the period from
1/1/2000 to 3/31/2000.
(3) An unmanaged index of large-capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment-grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
4
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
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FEES AND EXPENSES
The following table describes the fees and expenses that you may pay if you buy
and hold shares of the funds. The funds do not impose any sales charges (loads)
when you buy, sell, or exchange shares. Each fund imposes a redemption fee of 1%
if you redeem your shares within 12 months of purchase. In addition, when you
hold shares of one of the funds, you indirectly pay a portion of that fund's
operating expenses. The figures below are based on fund expenses during the
fiscal year ended September 30, 1999.(1) As illustrated in other tables under
this caption, fund shareholders also indirectly bear a portion of the underlying
funds' expenses.
<TABLE>
<CAPTION>
Aggressive Growth and
Growth Fund Growth Fund Income Fund Income Fund
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHAREHOLDER FEES
(fees paid directly from your investment)
- ---------------------------------------------------------------------------------------------------------------------------
MAXIMUM SALES CHARGE (LOAD) None None None None
MAXIMUM DEFERRED SALES CHARGE (LOAD) None None None None
REDEMPTION FEE(2) AS A % OF AMOUNT REDEEMED 1.00% 1.00% 1.00% 1.00%
ANNUAL MAINTENANCE FEE(3)
ONLY CHARGED TO ACCOUNTS WITH BALANCES BELOW $500 $ 25 $ 25 $ 25 $ 25
ANNUAL FUND OPERATING EXPENSES AS A % OF AVERAGE NET ASSETS
(expenses that are deducted from fund assets)
- ---------------------------------------------------------------------------------------------------------------------------
Management Fees 0.25% 0.25% 0.25% 0.25%
Distribution and Service (12b-1) Fees None None None None
Other Expenses
Shareholder Servicing Fee 0.25% 0.25% 0.25% 0.25%
Miscellaneous 0.36% 0.35% 0.29% 0.33%
TOTAL 0.86% 0.85% 0.79% 0.83%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Actual expenses for the fiscal year were lower than those shown in the table
because of voluntary fee waivers and expense reimbursements by the advisor.
THE ADVISOR INTENDS TO WAIVE FEES AND REIMBURSE EXPENSES DURING THE CURRENT
FISCAL YEAR SO THAT TOTAL OPERATING EXPENSES FOR EACH FUND DO NOT EXCEED
0.40%. WAIVERS AND REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME.
(2) Payable to the fund if you redeem your shares within 12 months of purchase.
(3) The fund reserves the right to charge your account an annual maintenance fee
of $25 if your balance falls below $500 as a result of selling or exchanging
shares.
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RANGES OF COMBINED DIRECT AND INDIRECT EXPENSE RATIOS
As noted above, in addition to the funds' direct expenses, fund shareholders
also indirectly bear their proportionate share of the underlying funds'
expenses. The following table lists the ranges of combined direct and indirect
expense ratios borne by fund shareholders, taking into account underlying fund
expenses indirectly borne by fund shareholders. Ranges are presented because
the underlying funds' expense ratios differ from one another, so that the
actual combined direct and indirect expense ratios of the funds will depend on
the allocation of fund assets among the underlying funds. Information
concerning the underlying funds' expense ratios is listed under "Underlying
Fund Expense Ratios" on the next page.
<TABLE>
<CAPTION>
RANGES OF COMBINED DIRECT
AND INDIRECT EXPENSE RATIOS Aggressive Growth and
AS A % OF AVERAGE NET ASSETS(1) Growth Fund Growth Fund Income Fund Income Fund
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.64% to 2.12% 1.61% to 2.08% 1.54% to 1.94% 1.60% to 1.88%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) The underlying funds' advisor intends to waive fees during the current
fiscal year so that expense ratios do not exceed certain levels, as set
forth in footnote 1 to the Underlying Fund Expense Ratios table on the next
page. In addition, the funds' advisor intends to waive fees and reimburse
expenses during the current fiscal year so that total operating expenses for
each fund do not exceed 0.30%. Taking these waivers and reimbursements into
account, the ranges of combined direct and indirect expense ratios would be
0.71% to 1.43% for Aggressive Growth Fund, 0.74% to 1.41% for Growth Fund,
0.74% to 1.34% for Growth and Income Fund, and 0.85% to 1.24% for Income
Fund. Waivers and reimbursements may be discontinued at any time.
5
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
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EXAMPLE This example is intended to help you compare the cost of investing in
the funds with the cost of investing in other mutual funds. It is based upon
the midpoint of the expense ranges set forth above, and assumes that you
invest $10,000 for the time periods indicated and then redeem all of your
shares at the end of those periods. The example also assumes that your
investment has a 5% return each year, and that each fund's operating expenses
remain the same. Although your actual costs and returns may differ, based on
these assumptions your cost would be:
Aggressive Growth and
Growth Fund Growth Fund Income Fund Income Fund
- --------------------------------------------------------------------------------
1 year $ 291 $ 287 $ 277 $ 277
3 years $ 590 $ 579 $ 549 $ 548
5 years $1,015 $ 997 $ 946 $ 944
10 years $2,199 $2,161 $2,056 $2,053
You would pay the following expenses if you did not redeem your shares:
Aggressive Growth and
Growth Fund Growth Fund Income Fund Income Fund
- --------------------------------------------------------------------------------
1 year $ 191 $ 187 $ 177 $ 177
3 years $ 590 $ 579 $ 549 $ 548
5 years $1,015 $ 997 $ 946 $ 944
10 years $2,199 $2,161 $2,056 $2,053
UNDERLYING FUND EXPENSE RATIOS
The table below lists the expense ratios of the underlying funds. Information
in the table is for Class Y shares of the underlying funds, which is the only
class in which the funds will invest. The ratios presented are based on
expenses during the fiscal year ended September 30, 1999.(1)
Underlying Fund Expense Ratio
- --------------------------------------------------------------------------------
Equity Index Fund 0.89%
Large Cap Growth Fund 0.89%
Large Cap Value Fund 0.90%
Mid Cap Growth Fund 0.96%
Mid Cap Value Fund 0.93%
Small Cap Growth Fund 0.91%
Small Cap Value Fund 0.89%
Equity Income Fund 0.88%
Real Estate Securities Fund 0.93%
International Fund 1.51%
Emerging Markets Fund 1.73%
Fixed Income Fund 0.89%
Strategic Income Fund 0.93%
Prime Obligations Fund 0.51%
- --------------------------------------------------------------------------------
(1) Actual expense ratios for the fiscal year were lower than those shown in the
table because of voluntary fee waivers by the advisor. The advisor intends
to waive fees during the current fiscal year so that expense ratios do not
exceed the following amounts: Equity Index Fund, 0.35%; Large Cap Growth
Fund, 0.80%; Large Cap Value Fund, 0.80%; Mid Cap Growth Fund, 0.90%; Mid
Cap Value Fund, 0.90%; Small Cap Growth Fund, 0.90%; Small Cap Value Fund,
0.90%; Equity Income Fund, 0.75%; Real Estate Securities Fund, 0.80%;
International Fund, 1.35%; Emerging Markets Fund, 1.45%; Fixed Income Fund,
0.70%; Strategic Income Fund, 0.90%; and Prime Obligations Fund, 0.45%. Fee
waivers may be discontinued at any time.
6
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
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MANAGEMENT OF THE FUND
U.S. Bank National Association (U.S. Bank), acting through its First American
Asset Management division, is the funds' investment advisor. First American
Asset Management provides investment management services to individuals and
institutions, including corporations, foundations, pensions, and retirement
plans. As of March 31, 2000, it had more than $81 billion in assets under
management, including investment company assets of more than $33 billion. As
investment advisor, First American Asset Management manages the funds' business
and investment activities, subject to the authority of the board of directors.
The funds are managed by a team of persons associated with First American Asset
Management.
- --------------------------------------------------------------------------------
BUYING FUND SHARES
You may become a shareholder in any of the funds with an initial investment of
$1,000 or more ($250 for a retirement plan or a Uniform Gifts to Minors
Act/Uniform Transfers to Minors Act (UGMA/UTMA) account). Additional
investments can be made for as little as $100 ($25 for a retirement plan or an
UGMA/UTMA account). There is no front-end sales load to purchase shares of the
funds, however, shares have a 1% redemption fee if the shares are redeemed
within 12 months of the date of purchase.
You may purchase shares of the funds by contacting your investment professional
or financial institution. You may also purchase shares of the fund by
completing a new account application. New account applications may be obtained
by calling First American Funds Investor Services at 1-800-637-2548.
- --------------------------------------------------------------------------------
SELLING FUND SHARES
If you sell your shares within 12 months of purchase, you will pay a 1%
redemption fee.
If you purchased shares of the funds through an investment professional or
financial institution, simply call them to sell your shares. You may also sell
your shares by calling Investor Services at 1-800-637-2548. To sell shares by
mail, send a written request to your investment professional or financial
institution, or to the funds at the following address: First American Funds,
c/o DST Systems, Inc., P.O. Box 219382, Kansas City, Missouri 64121-9382.
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FUND DISTRIBUTIONS AND TAXES
Dividend and capital gain distributions will be reinvested in additional shares
of the fund, unless you request otherwise. Dividends from a fund's net
investment income are declared and paid monthly. Any capital gains are
distributed at least once each year. For most investors, fund dividends and
distributions are considered taxable whether they are reinvested or taken in
cash (unless your investment is in an IRA or other tax-advantaged account).
Dividends from a fund's net investment income and short-term capital gains are
taxable as ordinary income. Distributions of a fund's long-term capital gains
are taxable as long-term capital gains, regardless of how long you have held
your shares.
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SERVICES OFFERED
First American offers several ways to make it easier for you to manage your
account, such as: telephone transactions; wire and electronic funds transfers;
automatic investing; systematic withdrawals; and exchange privileges with other
First American Funds. Personal service is always available by calling First
American Funds Investor Services at 1-800-637-2548.
FIRST AMERICAN FUNDS P.O. Box 1330, Minneapolis, MN 55440-1330
First American Asset Management, a division of U.S. Bank National Association,
serves as the investment advisor to the First American Funds.
First American Funds are distributed by SEI Investment Distribution Co. which
is located in Oaks, PA 19456 and is not an affiliate of U.S. Bank.
4/2000 3017-99 FPSF (R)
7
FUND PROFILE - First American Strategy Funds
<PAGE>
APRIL 1, 2000
ASSET CLASSES
* EQUITY FUNDS
(*) FUNDS OF FUNDS
* BOND FUNDS
* TAX FREE BOND FUNDS
* MONEY MARKET FUNDS
FUND PROFILE
FIRST AMERICAN
STRATEGY
FUNDS
U.S. BANCORP
401(k) SAVINGS PLAN
AGGRESSIVE GROWTH FUND
GROWTH FUND
GROWTH AND INCOME FUND
INCOME FUND
THIS PROFILE SUMMARIZES KEY INFORMATION ABOUT THE FUND THAT IS INCLUDED IN THE
FUND'S PROSPECTUS. THE FUND'S PROSPECTUS INCLUDES ADDITIONAL INFORMATION ABOUT
THE FUND, INCLUDING A MORE DETAILED DESCRIPTION OF THE RISKS ASSOCIATED WITH
INVESTING IN THE FUND THAT YOU MAY WANT TO CONSIDER BEFORE YOU INVEST. YOU MAY
OBTAIN THE PROSPECTUS AND OTHER INFORMATION ABOUT THE FUND AT NO COST BY CALLING
FIRST AMERICAN FUNDS INVESTOR SERVICES AT 1-800-637-2548, OR BY CONTACTING YOUR
INVESTMENT PROFESSIONAL.
[LOGO] FIRST AMERICAN FUNDS (R)
THE POWER OF DISCIPLINED INVESTING (R)
<PAGE>
FIRST AMERICAN STRATEGY FUNDS
- --------------------------------------------------------------------------------
OBJECTIVES
STRATEGY AGGRESSIVE GROWTH FUND seeks a high level of capital growth.
STRATEGY GROWTH FUND seeks capital growth with a moderate level of current
income.
STRATEGY GROWTH AND INCOME FUND seeks both capital growth and current income.
STRATEGY INCOME FUND seeks a high level of current income consistent with
limited risk to capital.
- --------------------------------------------------------------------------------
MAIN INVESTMENT STRATEGIES
Each fund seeks to achieve its objectives by investing in a variety of other
mutual funds that are also advised by the funds' investment advisor. Strategy
Aggressive Growth Fund and Strategy Growth Fund seek their objectives by
providing high allocations to various equity categories, including small
company and international company equity securities, with relatively little
emphasis on fixed income securities. Strategy Growth and Income Fund takes a
more evenly balanced approach to equity securities and fixed income
investments. Strategy Income Fund provides a high allocation to fixed income
investments, but also has a limited equity component designed to help offset
inflation and provide a source for potential increases in income over time.
The underlying funds in which the Strategy Funds invest include the 11 equity
funds and two fixed income funds named in the table below and Prime Obligations
Fund, a money market fund. The funds' advisor allocates and reallocates each
fund's assets among the underlying funds within ranges designed to reflect the
funds' differing balances between the investment objectives of current income
and growth of capital. The following table illustrates these ranges, expressed
as percentages of the funds' net assets.
<TABLE>
<CAPTION>
Aggressive Growth and
Growth Fund Growth Fund Income Fund Income Fund
- ------------------------------------------------------------------------------------------------------------
MIN MAX MIN MAX MIN MAX MIN MAX
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY FUNDS AS A WHOLE 60% 100% 50% 90% 35% 75% 15% 45%
Equity Index Fund 0% 80% 0% 75% 0% 60% 0% 35%
Large Cap Growth Fund 5% 50% 5% 45% 5% 40% 0% 25%
Large Cap Value Fund 5% 50% 5% 45% 5% 40% 0% 25%
Mid Cap Growth Fund 0% 40% 0% 30% 0% 20% 0% 10%
Mid Cap Value Fund 0% 40% 0% 30% 0% 20% 0% 10%
Small Cap Growth Fund 0% 40% 0% 30% 0% 20% 0% 10%
Small Cap Value Fund 0% 40% 0% 30% 0% 20% 0% 10%
Equity Income Fund 0% 15% 0% 25% 0% 35% 0% 45%
Real Estate Securities Fund 0% 15% 0% 15% 0% 15% 0% 15%
Emerging Markets Fund 0% 15% 0% 15% 0% 10% 0% 5%
International Fund 0% 35% 0% 30% 0% 25% 0% 15%
FIXED INCOME FUNDS AS A WHOLE 0% 40% 10% 50% 25% 65% 55% 85%
Fixed Income Fund 0% 40% 0% 50% 10% 65% 25% 85%
Strategic Income Fund 0% 15% 0% 20% 0% 20% 0% 25%
PRIME OBLIGATIONS FUND 0% 35% 0% 35% 0% 35% 0% 35%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
In addition to investing in Prime Obligations Fund, each fund also may invest
in cash, U.S. dollar-denominated high-quality money market instruments and
other short-term securities. Normally, each fund's aggregate investment in
these items and in Prime Obligations Fund will not exceed the maximum
percentage in the above table for Prime Obligations Fund. However, in an
attempt to respond to adverse market, economic, political, or other conditions,
each fund may temporarily invest without limit in cash, U.S. dollar-denominated
high-quality money market instruments and other short-term securities.
Investing a significant percentage of a fund's assets in these securities may
prevent the fund from achieving its objectives.
Additional information about the funds' investments is available in the funds'
annual and semiannual reports to shareholders. In the funds' annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the funds' performance during the last fiscal year. You
may obtain either or both of these reports at no cost by calling First American
Investor Services at 1-800-637-2548.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
1
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
- --------------------------------------------------------------------------------
MAIN RISKS
The value of your investment in a fund will change daily, which means you could
lose money. The main risks of investing in the funds include:
ACTIVE MANAGEMENT
Each fund is actively managed and its performance therefore will reflect in
part the advisor's ability to make asset allocation and other investment
decisions which are suited to achieving the fund's investment objectives. Due
to their active management, the funds could underperform other mutual funds
with similar investment objectives.
ADDITIONAL EXPENSES
Investing in the underlying funds through an investment in one of the Strategy
Funds involves additional expenses that would not be present in a direct
investment in the underlying funds.
RISKS ASSOCIATED WITH THE UNDERLYING FUNDS
The Strategy Funds are subject to the risks of the underlying funds in which
they invest. These risks include:
o The underlying funds (other than Equity Index Fund) are actively managed and
therefore may underperform other mutual funds with similar investment
objectives.
o Each underlying fund is subject to the risk of generally adverse markets. In
general, the market prices of equity securities frequently are subject to
greater volatility than the prices of fixed income securities. Therefore,
the net asset values of funds which invest higher proportions of their
assets in equity funds may be more volatile than funds which are limited to
lower proportions.
o Small Cap Growth Fund, Small Cap Value Fund, Emerging Markets Fund, and
International Fund are subject to the risks of investing in
small-capitalization companies. These stocks historically have experienced
greater price volatility than stocks of larger capitalization companies.
o Mid Cap Growth Fund and Mid Cap Value Fund invest in stocks of
mid-capitalization companies. Although these stocks may be slightly less
volatile than those of small-capitalization companies, they still involve
substantial risk.
o Real Estate Securities Fund is subject to risks associated with
non-diversification and with concentrating its investments in the real
estate industry, and to the risks associated with direct investments in
real estate investment trusts.
o International Fund, Emerging Markets Fund, and Strategic Income Fund are
subject to risks associated with investing in foreign securities, including
currency risk. These risks are particularly significant in emerging
markets, where Strategic Income Fund may invest and where Emerging Markets
Fund primarily invests. International Fund and Emerging Markets Fund are
also subject to the risks of entering into foreign currency hedging
transactions.
o Most of the other equity funds invest a portion of their assets in foreign
securities which are dollar-denominated and publicly traded in the United
States, and which may involve risks not associated with the securities of
domestic issuers.
o Equity Index Fund is subject to risks associated with its use of options,
futures, contracts and options on futures contracts if securities prices do
not move in the direction anticipated by the fund's advisor when entering
into the options or the futures contracts.
o The fixed income funds are subject to interest rate risk (the risk that debt
securities held by a fund will decrease in value when interest rates rise),
income risk (the risk that a fund's income could decline due to falling
market interest rates), credit risk (the risk that the issuer of debt
securities will not make timely principal or interest payments on its
securities), and call risk (the risk that the issuer of debt securities
will prepay those securities before their stated maturity, requiring the
fund to reinvest the prepayment at a lower interest rate).
o The fixed income funds may invest in mortgage- and/or asset-backed
securities. These are subject to the risk that falling interest rates will
cause faster than expected prepayments of the obligations underlying the
securities, which must be reinvested at lower interest rates. They are also
subject to the risk that rising interest rates will cause prepayments to
slow, extending the life of mortgage- and asset-backed securities with
lower interest rates.
o Each fixed income fund may invest up to 25% of its total assets in dollar
roll transactions, which could increase the volatility of the fund's share
price and possibly diminish the fund's investment performance.
o Most of the underlying funds lend their portfolio securities to
broker-dealers, banks, and other institutions. These funds are subject to
the risk that the other party to the securities lending agreement will
default on its obligations.
o Strategic Income Fund may invest a significant portion of its assets in
non-investment grade debt obligations, which are commonly called
"high-yield" securities or "junk bonds."In addition, Equity Income Fund may
invest in non-investment grade convertible debt obligations. High yield
securities generally have more volatile prices and carry more risk to
principal than investment grade securities.
POSSIBLE CONFLICTS OF INTEREST
The funds and the underlying funds have the same officers, directors, and
investment advisor. If situations arise in which the interests of the funds are
different from those of the underlying funds, these officers and directors and
the advisor could be subject to conflicts of interest. For example, the advisor
might determine that a fund should reduce its allocation of assets to a
particular underlying fund, thus requiring the fund to redeem shares of the
underlying fund, at a time when it is not in the best interests of the
underlying fund to sell portfolio securities in order to meet the redemption
request. The advisor will monitor the operations of the funds and the
underlying funds for potential conflicts of interest, and recommend to the
funds' board of directors the steps which it believes are necessary to avoid or
minimize adverse consequences to the funds and the underlying funds.
2
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
- --------------------------------------------------------------------------------
FUND PERFORMANCE
The charts and tables that follow provide you with information on each fund's
volatility and performance. Of course, past performance does not guarantee
future results.
Each fund's bar chart shows you how performance of the fund's shares has varied
from year to year.
The tables compare each fund's performance over different time periods to that
of the fund's benchmark indices, which are broad measures of market performance.
Each fund's performance reflects fund expenses; the benchmarks are unmanaged and
have no expenses.
Both the charts and the tables assume that all distributions have been
reinvested.
STRATEGY AGGRESSIVE GROWTH FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 18.01%
1998 7.36%
1999 26.49%
Best Quarter:
Quarter ending: December 31, 1999 20.43%
Worst Quarter:
Quarter ending: September 30, 1998 (14.93)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Strategy Aggressive Growth Fund 10/1/96 6.41% 26.49% 16.94%
- -------------------------------------------------------------------------------------------------
Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
- -------------------------------------------------------------------------------------------------
Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 6.41%.
(2) Year to date performance for the fund and the indices is for the period from
1/1/2000 to 3/31/2000.
(3) An unmanaged index of large capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
STRATEGY GROWTH FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 16.36%
1998 7.52%
1999 19.13%
Best Quarter:
Quarter ending: December 31, 1999 14.91%
Worst Quarter:
Quarter ending: September 30, 1998 (11.92)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Strategy Growth Fund 10/1/96 5.49% 19.13% 14.42%
- -------------------------------------------------------------------------------------------------
Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
- -------------------------------------------------------------------------------------------------
Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 5.49%.
(2) Year to date performance for the fund and the indices is for the period from
1/1/2000 to 3/31/2000.
(3) An unmanaged index of large capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
3
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
- --------------------------------------------------------------------------------
FUND PERFORMANCE (CONTINUED)
STRATEGY GROWTH AND INCOME FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 13.96%
1998 8.20%
1999 13.15%
Best Quarter:
Quarter ending: December 31, 1999 10.33%
Worst Quarter:
Quarter ending: September 30, 1998 (8.30)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Strategy Growth and Income Fund 10/1/96 4.32% 13.15% 12.51%
- -------------------------------------------------------------------------------------------------
Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
- -------------------------------------------------------------------------------------------------
Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 4.32%.
(2) Year to date performance returns for the fund and the index(es) are for the
period from 1/1/2000 to 3/31/2000.
(3) An unmanaged index of large capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
STRATEGY INCOME FUND
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR(1)
[BAR CHART]
1997 12.72%
1998 8.46%
1999 -0.39%
Best Quarter:
Quarter ending: June 30, 1997 4.87%
Worst Quarter:
Quarter ending: September 30, 1999 (2.43)%
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS Inception Year Since
AS OF 12/31/99 Date To Date(2) One Year Inception
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
Strategy Income Fund 10/1/96 1.68% (0.39)% 7.21%
- ---------------------------------------------------------------------------------------------------
Standard & Poor's Composite 500 Index(3) 2.29% 21.04% 28.06%
- ---------------------------------------------------------------------------------------------------
Lehman Government/Corporate Bond Index(4) 2.68% (2.15)% 5.48%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return for the period from 1/1/2000 to 3/31/2000 was 1.68%.
(2) Year to date performance returns for the fund and the index(es) are for the
period from 1/1/2000 to 3/31/2000.
(3) An unmanaged index of large capitalization stocks. The since inception
performance of the index is calculated from 10/31/96.
(4) An unmanaged index of Treasury securities, other securities issued by the
U.S. government or its agencies or instrumentalities, and investment grade
corporate debt securities. The since inception performance of the index is
calculated from 10/31/96.
PERFORMANCE MAY BE LOWER DUE TO RECENT MARKET VOLATILITY.
4
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
- --------------------------------------------------------------------------------
FEES AND EXPENSES
The following table describes the fees and expenses that you may pay if you buy
and hold shares of the funds. The funds do not impose any sales charges (loads)
when you buy, sell or exchange shares. Each fund imposes a redemption fee of 1%
if you redeem your shares within 12 months of purchase. In addition, when you
hold shares of one of the funds, you indirectly pay a portion of that fund's
operating expenses. The figures below are based on fund expenses during the
fiscal year ended September 30, 1999.(1) As illustrated in other tables under
this caption, fund shareholders also indirectly bear a portion of the
underlying funds' expenses.
<TABLE>
<CAPTION>
Aggressive Growth and
Growth Fund Growth Fund Income Fund Income Fund
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHAREHOLDER FEES
(fees paid directly from your investment)
- ---------------------------------------------------------------------------------------------------------------------------
MAXIMUM SALES CHARGE (LOAD) None None None None
MAXIMUM DEFERRED SALES CHARGE (LOAD) None None None None
ANNUAL FUND OPERATING EXPENSES AS A % OF AVERAGE NET ASSETS
(expenses that are deducted from fund assets)
- ---------------------------------------------------------------------------------------------------------------------------
Management Fees 0.25% 0.25% 0.25% 0.25%
Distribution and Service (12b-1) Fees None None None None
Other Expenses
Shareholder Servicing Fee 0.25% 0.25% 0.25% 0.25%
Miscellaneous 0.36% 0.35% 0.29% 0.33%
TOTAL 0.86% 0.85% 0.79% 0.83%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Actual expenses for the fiscal year were lower than those shown in the table
because of voluntary fee waivers and expense reimbursements by the advisor.
THE ADVISOR INTENDS TO WAIVE FEES AND REIMBURSE EXPENSES DURING THE CURRENT
FISCAL YEAR SO THAT TOTAL OPERATING EXPENSES FOR EACH FUND DO NOT EXCEED
0.40%. WAIVERS AND REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME.
- --------------------------------------------------------------------------------
RANGES OF COMBINED DIRECT AND INDIRECT EXPENSE RATIOS
As noted above, in addition to the funds' direct expenses, fund shareholders
also indirectly bear their proportionate share of the underlying funds'
expenses. The following table lists the ranges of combined direct and indirect
expense ratios borne by fund shareholders, taking into account underlying fund
expenses indirectly borne by fund shareholders. Ranges are presented because
the underlying funds' expense ratios differ from one another, so that the
actual combined direct and indirect expense ratios of the funds will depend on
the allocation of fund assets among the underlying funds. Information
concerning the underlying funds' expense ratios is listed under "Underlying
Fund Expense Ratios" on the next page.
<TABLE>
<CAPTION>
RANGES OF COMBINED DIRECT
AND INDIRECT EXPENSE RATIOS Aggressive Growth and
AS A % OF AVERAGE NET ASSETS(1) Growth Fund Growth Fund Income Fund Income Fund
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.64% to 2.12% 1.61% to 2.08% 1.54% to 1.94% 1.60% to 1.88%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) The underlying funds' advisor intends to waive fees during the current
fiscal year so that expense ratios do not exceed certain levels, as set
forth in footnote 1 to the Underlying Fund Expense Ratios table on the next
page. In addition, the funds' advisor intends to waive fees and reimburse
expenses during the current fiscal year so that total operating expenses for
each fund do not exceed 0.30%. Taking these waivers and reimbursements into
account, the ranges of combined direct and indirect expense ratios would be
0.71% to 1.43% for Aggressive Growth Fund, 0.74% to 1.41% for Growth Fund,
0.74% to 1.34% for Growth and Income Fund, and 0.85% to 1.24% for Income
Fund. Waivers and reimbursements may be discontinued at any time.
5
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
- --------------------------------------------------------------------------------
EXAMPLE This example is intended to help you compare the cost of investing in
the funds with the cost of investing in other mutual funds. It is based upon
the midpoint of the expense ranges set forth above, and assumes that you
invest $10,000 for the time periods indicated, that your investment has a 5%
return each year, and that each fund's operating expenses remain the same.
Although your actual costs and returns may differ, based on these assumptions
your cost would be:
Aggressive Growth and
Growth Fund Growth Fund Income Fund Income Fund
- --------------------------------------------------------------------------------
1 year $ 191 $ 187 $ 177 $ 177
3 years $ 590 $ 579 $ 549 $ 548
5 years $1,015 $ 997 $ 946 $ 944
10 years $2,199 $2,161 $2,056 $2,053
UNDERLYING FUND EXPENSE RATIOS
The table below lists the expense ratios of the underlying funds. Information
in the table is for Class Y shares of the underlying funds, which is the only
class in which the funds will invest. The ratios presented are based on
expenses during the fiscal year ended September 30, 1999.(1)
UNDERLYING FUND EXPENSE RATIO
- --------------------------------------------------------------------------------
Equity Index Fund 0.89%
Large Cap Growth Fund 0.89%
Large Cap Value Fund 0.90%
Mid Cap Growth Fund 0.96%
Mid Cap Value Fund 0.93%
Small Cap Growth Fund 0.91%
Small Cap Value Fund 0.89%
Equity Income Fund 0.88%
Real Estate Securities Fund 0.93%
International Fund 1.51%
Emerging Markets Fund 1.73%
Fixed Income Fund 0.89%
Strategic Income Fund 0.93%
Prime Obligations Fund 0.51%
- --------------------------------------------------------------------------------
(1) Actual expense ratios for the fiscal year were lower than those shown in the
table because of voluntary fee waivers by the advisor. The advisor intends
to waive fees during the current fiscal year so that expense ratios do not
exceed the following amounts: Equity Index Fund, 0.35%; Large Cap Growth
Fund, 0.80%; Large Cap Value Fund, 0.80%; Mid Cap Growth Fund, 0.90%; Mid
Cap Value Fund, 0.90%; Small Cap Growth Fund, 0.90%; Small Cap Value Fund,
0.90%; Equity Income Fund, 0.75%; Real Estate Securities Fund, 0.80%;
International Fund, 1.35%; Emerging Markets Fund, 1.45%; Fixed Income Fund,
0.70%; Strategic Income Fund, 0.90%; and Prime Obligations Fund, 0.45%. Fee
waivers may be discontinued at any time.
6
FUND PROFILE - First American Strategy Funds
<PAGE>
FIRST AMERICAN STRATEGY FUNDS CONTINUED
- --------------------------------------------------------------------------------
MANAGEMENT OF THE FUNDS
U.S. Bank National Association (U.S. Bank), acting through its First American
Asset Management division, is the funds' investment advisor. First American
Asset Management provides investment management services to individuals and
institutions, including corporations, foundations, pensions, and retirement
plans. As of March 31, 2000, it had more than $81 billion in assets under
management, including investment company assets of more than $33 billion. As
investment advisor, First American Asset Management manages the funds' business
and investment activities, subject to the authority of the board of directors.
The funds are managed by a team of persons associated with First American Asset
Management.
- --------------------------------------------------------------------------------
REVIEWING INVESTMENT OPTIONS
You may review and make changes to your investment options by calling U-Connect
at 1-800-806-7009 or logging on to the U.S. Bancorp 401(k) Savings Plan Web site
at www.rsweb.com/60587.
- --------------------------------------------------------------------------------
FUND DISTRIBUTIONS AND TAXES
Distributions may be requested by calling U-Connect at 1-800-806-7009.
Distributions from the U.S. Bancorp 401(k) Savings Plan are generally taxable
and subject to withholding in the current year unless the participant requests
a direct rollover to an IRA or another qualified plan. Certain distributions
such as distributions from an employee's after-tax account or, in some
circumstances, portions of distributions made after a participant has attained
age 701/2 may not be rolled over to an IRA or another qualified plan.
Generally, an employee's distribution will be taxed at ordinary income tax
rates. Distributions made before a participant attains age 591/2 are subject to
a 10% penalty tax unless an exception applies.
Participants in the U.S. Bancorp 401(k) Savings Plan will not be taxed on
pretax earnings reductions or on employer contributions at the time such
amounts are allocated to their accounts. Pretax contributions, however, are
subject to tax under FICA and FUTA. Participants will not be taxed on the
income earned on any securities in the trust fund until they are withdrawn or
distributed under the Plan.
To inquire about or initiate loans against your 401(k) Savings Plan, call
U-Connect at 1-800-806-7009 or log on to the Internet Web site at
www.rsweb.com/60587.
FIRST AMERICAN FUNDS P.O. Box 1330, Minneapolis, MN 55440-1330
First American Asset Management, a division of U.S. Bank National Association,
serves as the investment advisor to the First American Funds.
First American Funds are distributed by SEI Investment Distribution Co. which
is located in Oaks, PA 19456 and is not an affiliate of U.S. Bank.
4/2000 3017-99 FPSF (I)
7
FUND PROFILE - First American Strategy Funds
<PAGE>
[LOGO] FIRST AMERICAN FUNDS(R)
First American Investment Funds, Inc.
First American Strategy Funds, Inc.
First American Funds, Inc.
MAIL TO: First American Funds
P.O. Box 219382, Kansas City, MO 64121-9382
FOR MORE INFORMATION CALL: 1-800-637-2548
NEW ACCOUNT APPLICATION
Investors may purchase fund shares after reviewing fund profiles or after
requesting and reviewing fund prospectuses.
Please Print Clearly
1. SHAREHOLDER REGISTRATION
- --------------------------------------------------------------------------------
NAME IN WHICH SHARES WILL BE REGISTERED
(YOUR FULL NAME, OR NAME OF CORPORATION, OR TRUSTEE)
- --------------------------------------------------------------------------------
ADDRESS
- --------------------------------------------------------------------------------
CITY STATE ZIP
( ) ( )
- --------------------------------------------------------------------------------
DAYTIME PHONE EVENING PHONE
- --------------------------------------------------------------------------------
SOCIAL SECURITY OR TAX ID NUMBER
[ ] U.S. CITIZEN [ ] OTHER
-----------------------------------------------
SPECIFY
2. TYPE OF ACCOUNT
[ ] INDIVIDUAL [ ] JOINT
- --------------------------------------------------------------------------------
JOINT ACCOUNT OWNER
- --------------------------------------------------------------------------------
SOCIAL SECURITY OR TAX ID NUMBER
[ ] TRUST
----------------------------------------------------------------------
NAME OF TRUST
----------------------------------------------------------------------
DATE OF TRUST AGREEMENT
[ ] CORPORATION, PARTNERSHIP OR OTHER ENTITY
Remember, your Social Security/Taxpayer ID number must be provided to avoid
back-up withholding.
- --------------------------------------------------------------------------------
NAME
- --------------------------------------------------------------------------------
SOCIAL SECURITY OR TAX ID NUMBER
[ ] GIFT TO MINOR
--------------------------------------------------------------
CUSTODIAN'S NAME
AS CUSTODIAN FOR
---------------------------------------------------------------
NAME OF MINOR
UNDER THE UNIFORM GIFT/TRANSFER TO MINORS ACT
-----------------------
STATE
$250 PER FUND MINIMUM GIFT
3. FIRST AMERICAN FUND SELECTION*
Check the fund(s) and indicate the amount of investment for each fund. Minimum
investment: $1,000 per fund. Enclose one check for the total amount of your
investment.
FUND AMOUNT CLASS OF SHARES
MONEY MARKET
Government Obligations $_______ [ ] A(829)
Prime Obligations $_______ [ ] A(766) [ ] B(767) [ ] C(1316)
Tax Free Obligations $_______ [ ] A(746)
Treasury Obligations $_______ [ ] A(828)
*Class B shares available only for exchanges from other Class B shares or for
participation in the systematic exchange program, section 9-B.
FUND AMOUNT CLASS OF SHARES
TAX FREE BOND
Arizona Tax Free $_______ [ ] A(1336) [ ] C(1337)
California Intermediate
Tax Free $_______ [ ] A(749)
California Tax Free $_______ [ ] A(1339) [ ] C(1340)
Colorado Intermediate
Tax Free $_______ [ ] A(806)
Colorado Tax Free $_______ [ ] A(1342) [ ] C(1343)
Intermediate Tax Free $_______ [ ] A(771)
Minnesota Intermediate
Tax Free $_______ [ ] A(804)
Minnesota Tax Free $_______ [ ] A(484) [ ] C(1320)
Oregon Intermediate
Tax Free $_______ [ ] A(779)
Tax Free $_______ [ ] A(483) [ ] C(1319)
BOND
Corporate Bond $_______ [ ] A(1345) [ ] B(1346) [ ] C(1347)
Fixed Income $_______ [ ] A(773) [ ] B(774) [ ] C(1317)
Intermediate Term
Income $_______ [ ] A(776)
Limited Term Income $_______ [ ] A(778)
Strategic Income $_______ [ ] A(942) [ ] B(492) [ ] C(1318)
FUNDS OF FUNDS
Strategy Aggressive
Growth $_______ [ ] (827)
Strategy Growth $_______ [ ] (825)
Strategy Growth &
Income $_______ [ ] (826)
Strategy Income $_______ [ ] (824)
LARGE CAP
Balanced $_______ [ ] A(798) [ ] B(7990) [ ] C(1322)
Equity Income $_______ [ ] A(759) [ ] B(764) [ ] C(1323)
Equity Index $_______ [ ] A(789) [ ] B(790) [ ] C(1321)
Large Cap Growth $_______ [ ] A(760) [ ] B(765) [ ] C(1325)
Large Cap Value $_______ [ ] A(783) [ ] B(784) [ ] C(1324)
MID CAP
Mid Cap Growth $_______ [ ] A(487) [ ] (496) [ ] C(1327)
Mid Cap Value $_______ [ ] A(786) [ ] (787) [ ] C(1326)
SMALL CAP
Small Cap Growth $_______ [ ] A(808) [ ] B(809) [ ] C(1329)
Small Cap Value $_______ [ ] A(740) [ ] B(741) [ ] C(1328)
International
Emerging Markets $_______ [ ] A(489) [ ] B(494) [ ] C(1331)
International $_______ [ ] A(814) [ ] B(815) [ ] C(1330)
International Index $_______ [ ] A(743) [ ] B(744) [ ] C(1332)
SECTOR
Health Sciences $_______ [ ] A(821) [ ] B(822) [ ] C(1333)
Real Estate Securities $_______ [ ] A(817) [ ] B(820) [ ] C(1334)
Technology $_______ [ ] A(811) [ ] B(812) [ ] C(1335)
TOTAL INVESTMENT $___________________________________________
METHOD OF PAYMENT:
[ ] Enclosed is my check for the total amount of my investment made payable to
First American Funds.
[ ] Bank wire sent _____________________________________________________________
CONTROL NUMBER DATE
NOTE: To purchase shares by federal funds or bank wire, call 1-800-637-2548.
- --------------------------------------------------------------------------------
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
- --------------------------------------------------------------------------------
<PAGE>
4. DIVIDEND INCOME & CAPITAL GAINS
Check your choice of dividend/capital gain distribution and choose your payment
method, if applicable.
Check one only; if none is checked, all dividend income and capital gains, if
any, will be reinvested automatically.
[ ] Reinvest all dividend income and capital gains.
[ ] Pay dividends in cash and reinvest capital gains.
[ ] Pay capital gains in cash and reinvest dividends.
[ ] Pay all dividend income and capital gains in cash.
METHOD OF PAYMENT: If dividend income or capital gains are to be distributed in
cash, select one of the following:
[ ] Check sent to the address of record.
[ ] Cash via Automated Clearing House (ACH). (See section 7.)
5. SPECIAL DIVIDEND SERVICE (OPTIONAL)
Special dividend service allows you to invest income and capital gains from one
First American Fund into another First American Fund account.
[ ] Check here if you want this service.
I hereby authorize the fund distributor, SEI Investments Distribution Co., to
invest dividends and capital gains as indicated below:
[ ] Invest both dividends and capital gains.
FROM: TO:
- --------------------------------------- ---------------------------------------
(fund name) (fund name)
- --------------------------------------- ---------------------------------------
(account number) (account number)
[ ] Invest only the dividends.
FROM: TO:
- --------------------------------------- ---------------------------------------
(fund name) (fund name)
- --------------------------------------- ---------------------------------------
(account number) (account number)
6. TELEPHONE EXCHANGE & REDEMPTION
The fund(s) currently offer telephone exchange and redemption privileges to
shareholders, whereby a shareholder may redeem funds and make wire transfers
over the telephone ($50,000 MAXIMUM PER DAY). To establish wire transfer rights,
please complete the section related to Bank & Wire Instructions. Shareholders
may also make fund to fund exchanges over the telephone. Neither the transfer
agent nor the fund(s) will be responsible for the authenticity of redemption
instructions received by telephone if it reasonably believes those instructions
to be genuine. The fund(s) and transfer agent will each employ reasonable
procedures to confirm that telephone instructions are genuine, and may be liable
for losses resulting from unauthorized or fraudulent telephone instructions if
it does not employ these procedures. Such procedures may include taping of
telephone conversations.
[ ] I DO NOT WANT the telephone exchange and redemption privileges indicated
above.
[ ] I DO WANT the telephone exchange and redemption privileges indicated above.
NOTE: IF YOU DO NOT ELECT ONE OF THE CHOICES ABOVE, YOUR ACCOUNT WILL
AUTOMATICALLY HAVE THE TELEPHONE EXCHANGE AND REDEMPTION FEATURE.
7. BANK & WIRE INSTRUCTIONS
If you wish to redeem shares with payment via wire transfer, or make use of the
systematic investment plan or systematic withdrawal plan, you must attach a
voided check for the bank account you wish to use, or provide full bank account
information as shown below. Any change in these instructions must be made in
writing to First American Funds and signature guaranteed.
- --------------------------------------------------------------------------------
BANK NAME BRANCH OFFICE (IF APPLICABLE)
- --------------------------------------------------------------------------------
BANK ADDRESS (DO NOT USE P.O. BOX)
- --------------------------------------------------------------------------------
CITY STATE ZIP
- --------------------------------------------------------------------------------
NAME(S) ON YOUR BANK ACCOUNT
- --------------------------------------------------------------------------------
BANK ACCOUNT NUMBER BANK ABA NUMBER
Account Type (check one): [ ] Checking [ ] Savings
Please indicate whether you would like an:
[ ] ACH Record [ ] Wire Record [ ] Both an ACH and Wire Record
8. CHECK WRITING PRIVILEGE (OPTIONAL)
Available on the First American Prime Obligations Fund Class A shares only.
[ ] Check here if you want this service.
If you elect this service, you must complete the signature card. (See section
14.) Allow 14 business days for delivery of your checkbook after our receipt of
the signed signature card. Checks may be written against your money market
investment for a minimum of $100 each check.
9. SYSTEMATIC EXCHANGE PLAN (OPTIONAL)
Complete either Section A, B, or C below.
A. FOR SYSTEMATIC EXCHANGES FROM FIRST AMERICAN PRIME OBLIGATIONS CLASS A
SHARES TO ALL OTHER CLASS A SHARE FUNDS.*
Exchanges will take place on the 20th of each month.
Total investment amount to be exchanged: $______________________________________
FROM: Prime Obligations account number (if known) ______________________________
TO: Fund Name and account number (if known) Monthly $ amount ($100 min.)
____________________________________________________ $__________________/month
____________________________________________________ $__________________/month
____________________________________________________ $__________________/month
*Please note that if anticipated investment over the next 13 months is greater
than $50,000, you may complete section 12 for letter of intent breakpoints.
B. FOR SYSTEMATIC EXCHANGES FROM FIRST AMERICAN PRIME OBLIGATIONS CLASS B
SHARES TO ALL OTHER CLASS B SHARE FUNDS.
Entire investment must be exchanged within: (must choose one)
[ ] 6 months from date of purchase
[ ] 12 months from date of purchase
Exchanges will take place on the 20th of each month.
**Total investment amount $_____________________________________________________
FROM: Prime Obligations account number (if known) ______________________________
TO: Fund Name and account number (if known) Amount total per fund**
____________________________________________________ $________________________
____________________________________________________ $________________________
____________________________________________________ $________________________
(Must equal initial total investment above)____**Total $________________________
**Each fund investment amount must total at least $1000. The monthly investment
amount will be calculated automatically by dividing the total amount per fund
by the time period chosen above. The exchange each month must equal at least
$100 per fund.
<PAGE>
C. FOR SYSTEMATIC EXCHANGES FROM FIRST AMERICAN PRIME OBLIGATIONS CLASS C
SHARES TO ALL OTHER CLASS C SHARE FUNDS.
Entire investment must be exchanged within: (must choose one)
[ ] 6 months from date of purchase
[ ] 12 months from date of purchase
Exchanges will take place on the 20th of each month.
**Total investment amount $_____________________________________________________
FROM: Prime Obligations account number (if known) ______________________________
TO: Fund Name and account number (if known) Amount total per fund***
____________________________________________________ $________________________
____________________________________________________ $________________________
____________________________________________________ $________________________
(Must equal initial total investment above)____**Total $________________________
**Each fund investment amount must total at least $1000. The monthly investment
amount will be calculated automatically by dividing the total amount per fund
by the time period chosen above. The exchange each month must equal at least
$100 per fund.
10. SYSTEMATIC INVESTMENT PLAN (OPTIONAL)
If you choose this option, you must attach a voided check of the bank account
you wish to use or provide full bank information in section 7.
Each fund must have a minimum initial investment of $1,000.
[ ] Check here if you want this service.
I authorize the fund distributor, SEI Investments Distribution Co., to draw on
my bank account on a periodic basis as indicated below, for investments in my
First American Funds account. I understand that if there are insufficient funds
in my account, finance charges may apply.
[ ] I have attached a voided check, OR
[ ] I have provided bank information in section 7
Periodic investment amount $____________________________________________________
($100 minimum)
Name of fund____________________________________________________________________
To specify additional systematic investments, please attach a separate sheet.
PREFERRED INVESTMENT SCHEDULE:
[ ] Semi-monthly, on the 5th and 20th day of each month beginning_______________
(MONTH)
Monthly, on the (check one):
[ ] 5th day of each month beginning ____________________________________________
(MONTH)
[ ] 20th day of each month beginning ___________________________________________
(MONTH)
11. SYSTEMATIC WITHDRAWAL PLAN (OPTIONAL)
If you choose payment by ACH, you must attach a voided check or provide full
bank information in section 7.
[ ] Check here if you want this service.
To establish a systematic withdrawal plan (SWP), an investor must own or
purchase shares of First American funds having a current net asset value of at
least $5,000.
Name of fund ___________________________________________________________________
To specify additional SWPinvestments, please attach a separate sheet.
AMOUNT AND FREQUENCY OF PAYMENTS:
CLASS A SHARES
Beginning in _______________________________________________________ please make
(MONTH, YEAR)
payments of ____________________________________________ (Indicate percentage or
dollar amount to withdraw in space provided, $100 minimum).
[ ] Monthly [ ] Quarterly [ ] Semi-annually [ ] Annually
Payments to be made on the [ ] 5th or [ ] 20th of the month.
CLASS B OR CLASS C SHARES
Beginning in _______________________________________________________ please make
(MONTH, YEAR)
payments equal to _______% of my account value. (Amount must be specified as a
percentage of account value, not as a fixed dollar amount. Indicate percentage
to withdraw in space provided. For Class B and Class C shares, up to 12% of
account value can be redeemed without a back-end sales charge. You may choose a
dollar amount or percentage in excess of 12%; however, any applicable back-end
sales charges will be assessed against the total amount withdrawn. Initially,
account is valued as of SWP set-up date, subsequent market value adjustments
will be done at the end of the calendar year. See prospectuses for more
information).
[ ] Monthly [ ] Quarterly [ ] Semi-annually [ ] Annually
Payments to be made on the [ ] 5th or [ ] 20th of the month.
PAYMENT INSTRUCTIONS (CHECK ONE):
[ ] I wish to have payments under the SWP made via ACH to my bank account.
(Please attach a voided check from the bank account you wish to use, or
complete section 7.)
[ ] I wish to have payments under the SWP made to me by check and sent to the
address on my account.
[ ] I wish to have payments under the SWP made directly to my First American
Funds' money market fund (ADP-SWP):
____________________________________________________________________________
ACCOUNT NUMBER
[ ] I wish to have payments under the SWP made to me by check at the following
address:
- --------------------------------------------------------------------------------
ADDRESS
- --------------------------------------------------------------------------------
CITY STATE ZIP
12. LETTER OF INTENT (OPTIONAL)
Applies to Class A shareholders only.
Letter of Intent allows you to aggregate anticipated purchases over a 13-month
period to obtain a reduced sales charge.
[ ] Check here if you want this service.
Although I am not obligated to do so, I intend to purchase shares of First
American Funds (as enumerated in the prospectus) over the next 13-month period
which will equal or exceed:
[ ] $50,000 [ ] $250,000 [ ] $1 Million
[ ] $100,000 [ ] $500,000
The letter of intent may include all purchases up to 90 days preceding the date
the letter was signed. Each purchase will be made at the reduced offering price
applicable to the amount checked above, as described in the prospectus.
By completing this letter of intent and signing this application, I agree to the
terms and conditions of the letter of intent. I hereby irrevocably constitute
and appoint SEI Investments Distribution Co., my attorney, with full power of
substitution, to surrender for redemption any or all shares of First American
funds held as security as described in the prospectus.
13. SIGNATURE & CERTIFICATION (REQUIRED)
I affirm that I have reviewed either the fund profile(s) or the current
prospectus(es) of the fund(s) selected on the first page and agree to their
terms. I agree that SEI Investments Distribution Co. (SIDC), the transfer agent,
First American Investment Funds, Inc./First American Strategy Funds, Inc./First
American Funds, Inc. or any affiliate or their officers, directors or employees
will not be liable for any loss, expense or cost for acting upon any
instructions or inquiries believed genuine.
I understand that First American Asset Management serves as the advisor to the
First American Funds. I understand that these investment products are not FDIC
insured, are not deposits of, obligations of, or guaranteed by any bank, and
involve
<PAGE>
investment risks, including possible loss of the principal invested. By signing
this application, I hereby certify, under penalties of perjury, that the
information on this application is complete and correct and, as required by
federal law (Please check applicable boxes):
[ ] U.S. Citizen/Taxpayer:
[ ] I certify that (1) the number shown above on this form is the correct
Social Security number or Tax IDnumber and (2) I am not subject to any
backup withholding either because (a) I am exempt from backup
withholding, or (b) I have not been notified by the Internal Revenue
Service (IRS) that I am subject to backup withholding as a result of a
failure to report all interest or dividends, or (c) the IRS has notified
me that I am no longer subject to backup withholding.
[ ] If no Tax ID number or Social Security number has been provided above, I
have applied, or intend to apply, to the IRS or the Social Security
Administration for a Tax ID number or a Social Security number, and I
understand that if I do not provide either number to the transfer agent
within 60 days of the date of this application or if I fail to furnish
my correct Social Security number or Tax ID number, I may be subject to
a penalty and a 31% backup withholding on distributions and redemption
proceeds. (Please provide either number on IRS Form W-9. You may request
this form by calling 1-800-637-2548.)
[ ] Non-U.S. Citizen/Taxpayer: Indicate country of residence for tax purposes:
Under penalties of perjury, I certify that I am not a U.S. citizen or
resident and I am an exempt foreign person as defined by the Internal
Revenue Service.
THE INTERNAL REVENUE SERVICE DOES NOT REQUIRE YOUR CONSENT TO ANY PROVISION OF
THIS DOCUMENT OTHER THAN THE CERTIFICATIONS REQUIRED TO AVOID BACKUP
WITHHOLDING.
X
- --------------------------------------------------------------------------------
SIGNATURE (INDIVIDUAL OR CUSTODIAN) DATE
X
- --------------------------------------------------------------------------------
SIGNATURE (JOINT REGISTRANT, IF ANY) DATE
X
- --------------------------------------------------------------------------------
SIGNATURE & TITLE DATE
(CORPORATE OFFICER, PARTNER, TRUSTEE, ETC.)
14. HOW TO ESTABLISH CHECK WRITING CAPABILITY (OPTIONAL)
To establish the check writing privilege for Prime Obligations Fund Class A
shares, all registered owners must sign below with a black ballpoint pen. (To
establish the privilege for additional accounts, request an application
supplement from your investment professional or call First American Funds at the
toll-free number on the front of this application.)
METHOD OF PAYMENT:
Corporations, trusts, partnerships, and associations must also complete a
corporate resolution or certification form. Request an application supplement.
[ ] Check here if more than one signature is required. If this circle is not
marked, only one signature will be required on checks. (See notes on
reverse.)
- --------------------------------------------------------------------------------
OWNER'S NAME SOCIAL SECURITY NUMBER
- --------------------------------------------------------------------------------
OWNER'S SIGNATURE DATE
- --------------------------------------------------------------------------------
SIGNATURE(S) OF CO-OWNER(S) (IF ANY) DATE
DEALER INFORMATION:
- --------------------------------------------------------------------------------
(Dealer must have approved agreement with fund distributor, SEI Investments
Distribution Co.)
- --------------------------------------------------------------------------------
FIRM
- --------------------------------------------------------------------------------
ADDRESS
- --------------------------------------------------------------------------------
CITY STATE ZIP
- --------------------------------------------------------------------------------
PHONE OFFICE NUMBER
- --------------------------------------------------------------------------------
NAME OF REPRESENTATIVE/NUMBER (PLEASE PRINT)
- --------------------------------------------------------------------------------
SIGNATURE OF REPRESENTATIVE
- --------------------------------------------------------------------------------
SIGNATURE OF DEALER/SALES MANAGER
<PAGE>
CHECK WRITING SIGNATURE CARD
(Not available for retirement accounts)
Please provide information requested on reverse side. The payment of funds on
the conditions set forth below is authorized by the signature(s) appearing on
the reverse side.
CONDITIONS: All checks will require all signatures administered exactly as they
appear on the reverse side unless authority has been given to honor checks
having an abbreviated first name or lacking or adding a middle initial providing
that the signature is otherwise acceptable. Each signatory will guarantee the
signature of those listed on the account.
The bank is authorized by the person(s) signing this card ("depositors") to
honor any check for not less than the amount printed on the face of the check
against the checking account and is directed to forward said check to the "fund"
as authority to reimburse the bank by redeeming a sufficient number of shares
for which share certificates have not been issued in the depositor's shareholder
account.
Depositors will be subject to the bank's rules and regulations governing such
checking accounts including the right of the bank not to honor checks in amounts
exceeding the value of the depositor's shareholder account with the "fund" at
the time the check is presented for payment. The undersigned understands that
there may be bank service charges in connection with the program (i.e., for
insufficient funds or for checks written under $100) which will be deducted from
the undersigned's investor account.
Depositors hereby authorize the "fund" or its redemption agent to honor
redemption requests presented in the above manner by the bank. It is further
agreed as follows:
(1) All items must be a minimum amount, if so printed on the face of the check,
or they will be returned to the depositor marked "non-sufficient funds."
Deposits into the account may be made only by the "fund."
(2) Cancelled checks will be returned to the depositor(s) once monthly.
(3) The account may not be used for any purpose other than the presentment,
forwarding and payment of checks relating to a mutual fund share account in
the "fund."
(4) The bank reserves the right to change, modify or terminate this agreement at
any time upon notification mailed to the address noted on the reverse side
of this card.
1/2000 3024-99R
