[LOGO] FIRST AMERICAN FUNDS(R)
THE POWER OF DISCIPLINED INVESTING(R)
TAX FREE BOND
FUNDS
SEMIANNUAL REPORT
2000
FIRST AMERICAN
INVESTMENT FUNDS, INC.
<PAGE>
FIRST AMERICAN
FAMILY OF FUNDS
INVESTMENTS FOR EVERY GOAL
First American Funds offers a full range of investment strategies to help you
create a personalized, diversified portfolio. With our disciplined focus on
consistent, competitive performance and highly developed team approach to
investment decision making, First American Funds can help build a winning
strategy for any investor.
HIGHER RISK (o)
AND RETURN POTENTIAL |
|
(*) EQUITY FUNDS
|
|
(*) FUNDS OF FUNDS
|
|
(*) BOND FUNDS
|
|
(*) TAX FREE BOND FUNDS
|
| Arizona Tax Free
| California Intermediate Tax Free
| California Tax Free
| Colorado Intermediate Tax Free
| Colorado Tax Free
| Intermediate Tax Free
| Minnesota Intermediate Tax Free
| Minnesota Tax Free
| Oregon Intermediate Tax Free
| Tax Free
|
(*) MONEY MARKET FUNDS
|
|
LOWER RISK (o)
AND RETURN POTENTIAL
TABLE OF CONTENTS
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Message to Shareholders 1
- --------------------------------------------------------------------------------
Statements of Net Assets 2
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Statements of Assets and Liabilities 38
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Statements of Operations 40
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Statements of Changes in Net Assets 42
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Financial Highlights 44
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Notes to Financial Statements 48
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Tribute to David T. Bennett 55
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NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
<PAGE>
MESSAGE TO SHAREHOLDERS MARCH 31, 2000
DEAR SHAREHOLDERS:
On behalf of the Board of Directors of First American Funds, thank you for
the opportunity to manage your mutual fund investments. If you are a new
investor, we welcome you to the First American family of funds. If you are
a long-term investor, we are again proud to meet your ongoing investment
needs.
Whether you're new to investing or an experienced investor, the last six
months have been a period of rapidly changing markets and hand wringing.
The Dow Jones Industrial Average (the "Dow") moved steadily upward during
the fourth quarter of 1999, only to surrender its gains early in the first
quarter of this year due to concerns over rising interest rates. The Dow
regained momentum late in the first quarter after investors looked past
rate hikes to another period of strong corporate profits. During the same
period, the Nasdaq reached record heights only to suffer a dramatic
correction.
Tax-free bonds were hit hard in the fourth quarter by rising interest rates
and tax-loss selling. However, events within municipal bond
markets--including a dwindling supply of certain state municipal bonds,
have contributed to stronger price performance in the first quarter. First
American Funds' portfolio managers are managing call protection,
selectively adding nonrated bonds to increase income, and capturing
additional yield through longer-term securities.
We are pleased to introduce three new state tax-free funds: The Arizona Tax
Free Fund, the California Tax Free Fund, and the Colorado Tax Free Fund.
All three funds offer highly competitive yields along with less credit risk
than many of their peers.
Within this report, you'll find financial statements on the First American
tax-free funds during the past six months, plus a complete list of fund
holdings.
In closing, we encourage you to maintain a diversified portfolio and to
stay the course amid volatile markets. Although dramatic fluctuations are
becoming commonplace, investors may be able to better weather volatility
through balanced portfolios, coupled with a disciplined investment
approach.
Thank you for your confidence in First American Funds.
Sincerely,
/s/ Virginia L. Stringer /s/ Paul A. Dow
VIRGINIA L. STRINGER PAUL A. DOW
Chair Chief Investment Officer and President
First American Investment Funds, First American Asset Management
Inc.
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 1)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
ARIZONA TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 66.8%
REVENUE BONDS -- 38.6%
BUILDING -- 3.2%
Gilbert Industrial Development Authority, Southwest
Student Services, Callable 02/01/09 @ 102
5.850%, 02/01/19 $ 300 $ 270
------------
EDUCATION -- 3.8%
Arizona State Student Loan, Series A,
Callable 11/01/09 @ 102 (AMT)
5.900%, 05/01/24 100 100
Puerto Rico Control Facilities Authority,
Ana G. Mendez University System Project,
Callable 02/01/09 @ 101
5.375%, 02/01/19 75 69
University of Arizona Board of Regents, Series A,
Callable 06/01/09 @ 100 (FGIC)
5.800%, 06/01/24 150 151
------------
320
------------
HEALTHCARE -- 13.5%
Johnson City, Tennesse Health & Elderly Facilities
Authority, Callable 07/01/12 @ 103
7.500%, 07/01/25 100 97
Mesa Industrial Development Authority,
Discovery Health System, Series A,
Callable 01/01/10 @ 101 (MBIA)
5.750%, 01/01/25 410 406
Mesa Industrial Development Authority,
Discovery Health System, Series B (MBIA)
3.850%, 01/01/29 (A) 500 500
Scottsdale Industrial Development Authority,
Memorial Hospital, Series A (AMBAC)
6.125%, 09/01/17 140 145
------------
1,148
------------
HOUSING -- 3.1%
Maricopa County Industrial Development Authority,
Callable 01/01/10 @ 101.5 (AMT) (GNMA)
5.750%, 01/01/13 265 267
------------
POLLUTION CONTROL -- 1.2%
Navajo County, Pollution Control,
Callable 08/15/03 @ 102 (MBIA)
5.875%, 08/15/28 100 100
------------
TRANSPORTATION -- 7.8%
Arizona State Transportation Authority,
Callable 07/01/09 @ 100
5.750%, 07/01/18 200 203
Mesa Street & Highway Improvements,
Callable 07/01/09 @ 100 (FSA)
5.500%, 07/01/16 100 101
Puerto Rico Commonwealth, Highway & Transportation
Authority, Callable 07/01/03 @ 101.5
5.500%, 07/01/19 75 73
Tucson Street & Highway Improvements,
Series 1994-E, Callable 07/01/10 @ 100 (FGIC)
5.000%, 07/01/18 300 284
------------
661
------------
ARIZONA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
UTILITIES -- 6.0%
Arizona State Salt River Project, Agricultural
Improvement & Power District, Series C
5.500%, 01/01/28 $ 165 $ 158
Chandler Water & Sewer Improvements,
Callable 07/01/10 @ 101 (FSA)
5.800%, 07/01/17 250 256
Puerto Rico Electric Power Authority,
Callable 07/01/05 @ 100
5.500%, 07/01/25 100 96
------------
510
------------
TOTAL REVENUE BONDS 3,276
------------
GENERAL OBLIGATIONS -- 15.5%
Chandler Public & Recreational Improvements,
Callable 07/01/10 @ 101
5.800%, 07/01/18 250 254
Maricopa County School District #11, Peoria Unit,
Callable 04/01/09 @ 101 (FGIC)
5.500%, 07/01/15 120 121
Maricopa County School District #28, Kyrene Elementary,
Pre-refunded @ 100 (FGIC)
5.200%, 07/01/03 (B) 25 25
Maricopa County School District #11, Peoria Unit,
Callable 07/01/09 @ 101 (FGIC)
5.500%, 07/01/14 100 101
Peoria, Callable 04/01/09 @ 100 (FGIC)
5.400%, 04/01/15 100 99
Pima County School District #12, Sunnyside,
Callable 07/01/09 @ 100 (FGIC)
5.300%, 07/01/13 150 150
Puerto Rico Commonwealth Public Improvements,
Callable 07/01/05 @ 101
6.000%, 07/01/29 100 101
Puerto Rico Commonwealth, Callable 07/01/07 @ 100
5.375%, 07/01/25 125 118
Scottsdale, Callable 07/01/09 @ 100
5.500%, 07/01/22 250 245
Tucson
5.500%, 07/01/18 100 100
------------
1,314
------------
CERTIFICATES OF PARTICIPATION -- 6.4%
Navajo County, Jail Facility (ACA)
5.625%, 07/01/09 (C) 200 198
Tucson, Callable 07/01/08 @ 100 (MBIA)
5.500%, 07/01/15) (C) 200 201
University of Arizona Parking & Student Housing
Authority, Callable 06/01/09 @ 100 (AMBAC)
5.750%, 06/01/19 140 141
------------
540
------------
TAX REVENUE -- 6.3%
Oro Valley Municipal Water Systems,
Callable 07/01/08 @ 101 (MBIA)
5.550%, 07/01/17 100 100
Phoenix Civic Improvements,
Callable 07/01/09 @ 101
5.750%, 07/01/16 300 307
Puerto Rico Commonwealth Infrastructure
Financing Authority, Series A (AMBAC)
5.000%, 07/01/21 140 129
------------
536
------------
The accompanying notes are an integral part of the financial statements.
(2 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
ARIZONA TAX FREE FUND (CONCLUDED)
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $5,544) $ 5,666
------------
MONEY MARKET FUND -- 1.5%
Federated Tax Free Money Market 128,601 129
------------
TOTAL MONEY MARKET FUND
(Cost $129) 129
------------
RELATED PARTY MONEY MARKET FUND -- 1.8%
First American Tax Free Obligations Fund (D) 151,580 152
------------
TOTAL RELATED PARTY MONEY MARKET FUND
(Cost $152) 152
------------
TOTAL INVESTMENTS -- 70.1%
(Cost $5,825) 5,947
------------
OTHER ASSETS AND LIABILITIES, NET -- 29.9% 2,532
------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value --
2 billion authorized) based on
711,651 outstanding shares 7,241
Portfolio Capital -- Class C ($0.0001 par value --
2 billion authorized) based on
119 outstanding shares 1
Portfolio Capital -- Class Y ($0.0001 par value --
2 billion authorized) based on
110,800 outstanding shares 1,123
Distribution in excess of net investment income (8)
Net unrealized appreciation of investments 122
------------
TOTAL NET ASSETS -- 100.0% $ 8,479
------------
Net asset value and redemption price per share -- Class A $ 10.31
Maximum sales charge of 2.50% (E) 0.26
------------
Offering price per share -- Class A $ 10.57
------------
Net asset value per share -- Class C (F) $ 10.31
Maximum sales charge of 1.00% (G) 0.10
------------
Offering price per share -- Class C $ 10.41
------------
Net asset value, offering price and redemption
price per share -- Class Y $ 10.31
------------
(A) Variable Rate Security -- the rate reported on the Statement of Net Assets
is the rate in effect as of March 31, 2000.
(B) Pre-refunded Security -- Pre-refunded issues are typically backed by U.S.
Government Obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(C) At March 31, 2000, the cost of securities purchased on a when issued basis
were: Navajo County and Tucson in the amounts of $198,666 and $197,948,
respectively.
(D) The money market fund is advised by U.S. Bank National Association who also
serves as Advisor for this Fund. See also the notes to the financial
statements.
(E) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
(F) Class C has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
(G) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 1.00%.
ACA -- American Capital Access
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GNMA -- Government National Mortgage Association
MBIA -- Municipal Bond Insurance Association
CALIFORNIA INTERMEDIATE TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.5%
REVENUE BONDS -- 49.0%
AUTHORITY -- 4.1%
Orange County Public Financing Authority,
Waste Management (AMBAC) (AMT)
4.700%, 12/01/05 $ 500 $ 500
San Francisco Bay Area Transportation
Financing Authority (ACA)
5.500%, 08/01/05 690 707
San Jose Financing Authority, Convention
Center Project, Series C (MLO)
5.750%, 09/01/01 250 255
University of California, Various Capital Projects,
Series B, Callable 09/01/01 @ 102
(MBIA) (MLO)
5.350%, 09/01/02 (A) 300 307
------------
1,769
------------
BUILDING -- 1.6%
California State Public Works, Department of
Corrections, Series A (AMBAC) (MLO)
6.000%, 01/01/06 545 583
Inglewood Public Financing Authority (AMBAC)
5.900%, 05/01/01 100 102
------------
685
------------
EDUCATION -- 6.1%
California State Educational Facilities Authority,
Fresno Pacific University
5.300%, 03/01/04 255 256
5.650%, 03/01/07 380 384
5.750%, 03/01/08 400 406
California State Educational Facilities Authority,
Occidental College Project,
Callable 10/01/07 @ 102 (MBIA)
5.300%, 10/01/10 500 515
California State Public Works Board,
Community Colleges (MLO)
5.250%, 03/01/08 450 461
California State Public Works Board, Leasing
Regents University of California (MLO)
5.250%, 12/01/08 350 362
California State Public Works Board,
Various University Projects
5.000%, 06/01/03 150 153
5.900%, 10/01/01 100 103
------------
2,640
------------
HEALTHCARE -- 4.8%
California State Health Facilities Authority,
Callable 08/01/08 @100
5.375%, 08/01/09 250 256
California State Public Works Board, Department of
Health Services, Callable 11/01/09 @ 101
(MLO) (MBIA)
5.200%, 11/01/12 500 507
John C. Fremont Hospital District,
Health Facility (CMI)
6.000%, 06/01/04 300 310
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 3)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Marysville Hospital, Series A,
Callable 01/01/09 @ 102 (AMBAC)
5.000%, 01/01/10 $ 500 $ 500
Palomar Pomerado, Health Systems (MBIA)
4.600%, 11/01/08 500 494
------------
2,067
------------
HOUSING -- 7.7%
California State Housing Finance Agency,
Series A (MBIA)
5.000%, 08/01/03 180 182
California State Housing Finance Agency,
Series E (MBIA)
5.850%, 08/01/04 150 153
California State Housing Finance Agency,
Series G, Callable 08/01/04 @ 102
6.550%, 02/01/05 150 154
California Statewide Community Development
Authority, Archstone Communities Trust,
Mandatory Put @ 100
5.250%, 06/01/08 (B) 500 484
5.300%, 06/01/08 (B) 500 485
California Statewide Community Development
Authority, Evans Withycombe,
Mandatory Put @ 100
5.200%, 06/15/09 (B) 500 473
Los Angeles Earthquake Rehabilitation, Series C
(AMT) (FNMA)
4.850%, 07/01/02 300 300
Redondo Beach Redevelopment Agency, Residential
Mortgages, Series A (FNMA)
5.150%, 06/01/03 35 35
Sacramento County Multifamily Housing, Fairways I
Apartments, Mandatory Put @ 100 (FNMA)
5.875%, 02/01/03 (B) 85 85
Sacramento County Multifamily Housing, Parcwood
Apartments, Mandatory Put @ 100 (CGLI)
4.800%, 09/01/02 (B) 1,000 999
------------
3,350
------------
PARK DISTRICT -- 2.9%
Los Angeles County Public Works Financing Authority,
Regional Park & Open Space District, Series A,
Callable 10/01/07 @ 101
5.000%, 10/01/19 265 244
Los Angeles County Public Works Financing Authority,
Regional Park & Open Space District, Series A,
Escrowed to Maturity
5.500%, 10/01/02 500 513
5.625%, 10/01/03 500 519
------------
1,276
------------
SANITATION DISTRICT -- 1.2%
Los Angeles Municipal Improvement Corporation
Sanitation Equipment (FSA) (MLO)
6.000%, 02/01/07 500 538
------------
CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
SCHOOL DISTRICT -- 3.7%
Golden West Schools Financing Authority,
Series A (MBIA)
5.700%, 02/01/13 $ 720 $ 762
5.750%, 02/01/14 620 656
Los Angeles County Schools Regionalized Business
Services, Financing Project, Series A
5.000%, 09/01/08 200 200
------------
1,618
------------
TRANSPORTATION -- 2.5%
San Francisco Airport Commission,
Second Series (AMT) (FGIC)
5.400%, 05/01/06 500 516
San Joaquin Hills Transportation Corridor Agency,
Zero Coupon Bond (MBIA)
4.700%, 01/15/05 (C) 705 563
------------
1,079
------------
UTILITIES -- 14.4%
Anaheim Electric
4.800%, 10/01/02 475 479
Anaheim Electric, Escrowed to Maturity
4.800%, 10/01/02 25 25
Burbank Public Service Department (AMBAC)
6.100%, 06/01/01 200 205
California State Department of Water, Central Valley
Project, Callable 12/01/05 @ 101
5.000%, 12/01/12 500 497
California State Department of Water, Central Valley
Project, Pre-refunded @ 101
5.300%, 06/01/06 (D) 750 783
California State Resource Efficiency Finance Authority,
First Resource Efficiency Project (AMBAC)
5.200%, 07/01/02 500 510
Contra Costa Water District, Series G (MBIA)
5.400%, 10/01/03 500 518
Escondido Civic Center Project, Escrowed to
Maturity (AMBAC) (MLO)
5.800%, 09/01/04 100 105
Inland Empire Solid Waste Financing Authority,
Landfill Improvements Project,
Series B (AMT) (FSA) (MLO)
5.750%, 02/01/04 500 520
Inland Empire Utility Agency, Sewer Project,
Callable 11/01/09 @ 101 (MBIA)
5.200%, 11/01/11 405 413
Los Angeles Department of Water & Power,
Callable 04/15/02 @ 102
6.100%, 04/15/03 250 262
Metropolitan Water District Southern California,
Series B, Callable 07/01/06 @ 102 (MBIA)
4.875%, 07/01/10 500 499
5.000%, 07/01/14 500 487
Northern California Transmission Agency,
Cal-Ore Project (MBIA)
6.000%, 05/01/02 100 103
Redding Joint Powers Finance Authority, Waste Water
Project, Callable 12/01/02 @ 102 (FGIC)
5.600%, 12/01/03 100 104
The accompanying notes are an integral part of the financial statements.
(4 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Richmond Waste Water Systems,
Callable 8/01/09 @ 102 (FGIC)
5.200%, 08/01/11 $ 500 $ 511
South County Regional Waste Water
Authority (AMBAC)
5.600%, 08/01/02 100 103
Turlock Irrigation District, Series A,
Callable 07/01/02 @ 102 (MBIA)
6.000%, 01/01/04 100 104
------------
6,228
------------
TOTAL REVENUE BONDS 21,250
------------
GENERAL OBLIGATIONS -- 25.7%
Alisal Unified School District, Series C,
Zero Coupon Bond (FGIC)
5.050%, 08/01/08 (C) 860 569
California State (AMBAC)
6.300%, 11/01/02 300 315
California State, Housing & Homeless (AMT)
5.750%, 10/01/01 300 307
Fontana School District (MBIA)
5.550%, 07/01/04 500 522
Fresno Unified School District (MBIA)
6.050%, 08/01/11 500 548
Golden West Schools Financing Authority,
Zero Coupon Bond (MBIA)
5.000%, 02/01/12 (C) 535 287
Industry, Callable 07/01/02 @ 100.25 (FGIC)
5.800%, 07/01/04 100 103
Jefferson High School District, San Mateo County (MBIA)
6.250%, 02/01/14 300 334
La Canada Unified School District (FGIC)
5.100%, 08/01/03 400 410
Los Angeles County Public Works Financing Authority,
Capital Construction, Callable 03/01/03 @ 102
4.800%, 03/01/04 400 404
Los Angeles School District,
Callable 07/01/08 @ 102 (FGIC)
4.900%, 07/01/09 300 301
Los Angeles, Series A, Callable 09/01/04 @ 102 (MBIA)
5.800%, 09/01/07 250 267
Martinez County School District,
Callable 08/01/00 @ 102
5.750%, 08/01/05 150 153
Mt. Diablo Unified School District, Community Facilities
Project, Callable 08/01/02 @ 102 (AMBAC)
5.800%, 08/01/03 100 104
Oxnard School District (MBIA)
5.000%, 08/01/05 600 615
Pomona Unified School District,
Callable 08/01/01 @ 103 (MBIA)
6.150%, 08/01/15 500 544
Pomona Unified School District, Series A (MBIA)
5.450%, 02/01/06 250 261
5.500%, 08/01/06 250 263
Puerto Rico Commonwealth (MBIA)
6.250%, 07/01/08 500 545
Puerto Rico Commonwealth Public Improvements,
Series B (FSA)
6.500%, 07/01/15 1,000 1,132
CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Rio Linda School District,
Callable 08/01/08 @ 100 (FSA)
5.000%, 08/01/09 $ 500 $ 505
Roseville High School District,
Callable 08/01/00 @ 102
5.750%, 08/01/02 100 102
San Francisco Fire Department Facility Project,
Series C (FGIC)
7.000%, 06/15/03 300 323
San Francisco Library Facilities Project,
Series D, Callable 06/15/00 @ 102
5.700%, 06/15/01 250 255
San Francisco, Public Improvements,
Series B, Pre-refunded @ 100
6.700%, 12/15/01 (D) 200 204
South Pasadena Unified School District,
Zero Coupon Bond (FGIC
4.900%, 11/01/12) (C) 740 373
Sulphur Springs Unified School District, Series B
5.400%, 03/01/02 500 510
Walnut Valley School District, Series A (MBIA)
6.800%, 02/01/07 250 280
6.850%, 08/01/07 250 283
West Covina Redevelopment Agency, Community
Facilities District, Special Tax Revenue
5.125%, 09/01/05 300 304
------------
11,123
------------
CERTIFICATES OF PARTICIPATION -- 18.0%
Abag Finance Authority, O'Connor Woods
Obligated Group California
5.250%, 11/01/05 500 507
Abag Finance Authority, Odd Fellows
Home of California (CHFLI)
4.950%, 08/15/07 500 498
Bakersfield Convention Center Project (MBIA) (MLO)
5.500%, 04/01/10 250 260
California Statewide Community Development
Authority, Community Hospital of Monterey
Peninsula, Callable 08/18/08 @ 101 (MBIA)
5.250%, 08/15/09 500 515
California Statewide Community Development Authority,
Series A, Callable 08/01/03 @ 102 (CMI)
5.200%, 08/01/04 200 204
Grossmont Unified High School District,
Callable 09/01/08 @102 (MLO) (FSA)
5.400%, 09/01/13 300 306
Kern County Board of Education,
Callable 05/01/08 @ 102 (MBIA) (MLO)
5.200%, 05/01/12 905 915
Los Angeles (AMBAC)
5.375%, 11/01/10 500 512
Los Angeles Community College, Energy
Retrofit Project (AMBAC)
5.000%, 08/15/09 300 303
Modesto Water Utility System
Refinancing Project (FGIC)
5.000%, 10/01/05 500 513
Oceanside Water System (AMBAC)
5.100%, 08/01/02 500 509
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 5)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
Orange County Juvenile Justice Center
Facility (AMBAC) (MLO)
5.750%, 06/01/01 $ 100 $ 102
Paradise Unified School District, Measure M Project,
Series A, Callable 09/01/05 @ 102
(AMBAC) (MLO)
5.250%, 09/01/07 300 311
Rancho Mirage Joint Powers Finance Authority,
Eisenhower Medical Center, Series A,
Callable 07/01/07 @ 102 (MBIA)
5.125%, 07/01/08 500 511
Riverside County Public Financing Authority,
Air Force Village West
5.125%, 05/15/05 525 511
San Diego County Water Authority,
Callable 05/01/08 @ 101
5.000%, 05/01/13 505 497
San Mateo County Board of Education,
Callable 05/01/08 @ 101 (MLO)
4.600%, 05/01/12 505 466
Tulare County Financing Project,
Series A (MBIA) (MLO)
5.600%, 11/15/02 100 103
West Covina Civic Center Project (FSA) (MLO)
5.250%, 09/01/07 250 259
------------
7,802
------------
TAX REVENUE -- 5.8%
Los Angeles County Transportation Commission,
Series B (FGIC)
5.875%, 07/01/02 250 259
6.000%, 07/01/04 250 265
Orange County Transportation Authority,
Callable 02/15/02 @ 102
5.700%, 02/15/03 900 933
Santa Ana Community Redevelopment Agency,
Tax Allocation, Series A, Pre-refunded @ 102
6.500%, 12/15/00 (D) 810 839
William S. Hart Joint School Financing Authority,
Special Tax, Callable 09/01/05 @ 102 (FSA)
6.100%, 09/01/06 200 216
------------
2,512
------------
TOTAL MUNICIPAL BONDS
(Cost $42,176) 42,688
------------
MONEY MARKET FUND -- 0.1%
Federated California Municipal Cash Trust 24,315 24
------------
TOTAL MONEY MARKET FUND
(Cost $24) 24
------------
TOTAL INVESTMENTS -- 98.6%
(Cost $42,200) 42,711
------------
OTHER ASSETS AND LIABILITIES, NET -- 1.4% 646
------------
CALIFORNIA INTERMEDIATE TAX FREE FUND (CONCLUDED)
DESCRIPTION VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
163,196 outstanding shares $ 1,617
Portfolio Capital -- Class Y ($0.0001 par value--
2 billion authorized) based on
4,229,785 outstanding shares 41,385
Undistributed net investment income 17
Accumulated net realized loss on investments (173)
Net unrealized appreciation of investments 511
------------
TOTAL NET ASSETS -- 100.0% $ 43,357
------------
Net asset value and redemption price per share -- Class A $ 9.86
Maximum sales charge of 2.50% (E) 0.25
------------
Offering price per share -- Class A $ 10.11
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 9.87
------------
(A) Security sold within the terms of a private placement memorandum, exempt
from registration under section 144a of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or other "qualified
institutional investors". These securities have been determined to be liquid
under guidelines established by the Board of Directors.
(B) Mandatory Put Security--the mandatory put date is shown as the maturity date
on the Statement of Net Assets.
(C) The rate shown is the effective yield at the time of purchase.
(D) Pre-refunded Security--Pre-refunded issues are typically backed by U.S.
Government obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(E) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
ACA--American Capital Access
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
CGLI--Connecticut General Life Insurance
CHFLI--California Health Facility Construction Loan Insurance
CMI--California Mortgage Insurance Program
FGIC--Financial Guaranty Insurance Corporation
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance
MBIA--Municipal Bond Insurance Association
MLO--Municipal Lease Obligation
The accompanying notes are an integral part of the financial statements.
(6 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
CALIFORNIA TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 93.3%
REVENUE BONDS -- 34.8%
AUTHORITY -- 5.6%
South Bayside Waste Management Authority,
Callable 03/01/09 @ 102 (AMBAC)
5.750%, 03/01/20 $ 150 $ 151
Los Angeles County Pension Obligation (MBIA)
6.900%, 06/30/08 250 285
------------
436
------------
BUILDING -- 2.7%
California State Public Works,
Department of Corrections
5.250%, 11/01/07 200 206
------------
EDUCATION -- 10.4%
California State Higher Educational Facilities Authority,
Fresno Pacific University, Series A
5.550%, 03/01/06 250 252
California State Higher Educational Facilities Authority,
Fresno Pacific University, Series A,
Callable 03/01/10 @ 101
6.750%, 03/01/19 380 392
Golden West Schools Financing Authority,
Series A (MBIA)
5.750%, 02/01/14 150 159
------------
803
------------
HOUSING -- 3.3%
California Housing Finance Authority, Single Family
Mortgage, Series B (AMT) (FNMA) (GNMA)
5.650%, 06/01/10 255 256
------------
TRANSPORTATION -- 10.8%
Long Beach Harbor Revenue,
Callable 05/15/05 @ 102 (AMT) (MBIA)
5.375%, 05/15/20 250 238
Los Angeles County Metropolitan Transportation
Authority, Sales Tax, Series B,
Callable 07/01/03 @ 102 (AMBAC)
5.250%, 07/01/23 200 188
Los Angeles Harbor Revenue, Series B,
Callable 11/01/06 @ 101 (AMT)
5.250%, 11/01/08 300 306
Puerto Rico Commonwealth Highway & Transportation
Authority, Series X (MBIA)
5.500%, 07/01/15 100 103
------------
835
------------
UTILITIES -- 2.0%
Los Angeles Water & Power Development Authority,
Callable 02/15/05 @ 101
6.100%, 02/15/17 150 154
------------
TOTAL REVENUE BONDS 2,690
------------
GENERAL OBLIGATIONS -- 21.1%
Acalanes Unified School District, Zero Coupon Bond,
Callable 08/01/10 @ 70.9186 (FGIC)
6.150%, 08/01/16 (A) 700 273
CALIFORNIA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
California State
6.200%, 09/01/05 $ 305 $ 329
Hanford Unified School District, Series B,
Zero Coupon (MBIA)
5.850%, 08/01/15 (A) 260 112
Jefferson High School District, San Mateo County,
Series A (MBIA)
6.250%, 08/01/20 460 503
Sacramento Unified School District, Series A,
Callable 07/01/09 @ 102
5.750%, 07/01/17 400 411
------------
1,628
------------
CERTIFICATES OF PARTICIPATION -- 29.8%
Abag Financial Authority, Lincoln Glen Manor
Senior Citizens, Callable 02/15/08 @ 101 (CMI)
6.100%, 02/15/25 250 256
Bakersfield Convention Center Project,
Callable 04/01/07 @ 101 (MBIA)
5.875%, 04/01/22 250 253
Escondido, Series A, Callable 09/01/10 @ 101 (FGIC)
5.625%, 09/01/20 300 301
Los Angeles Redevelopment Agency,
Baldwin Hills Public Park Project
3.150%, 12/01/14 (B) 300 300
Los Angeles, Sonnenblick del Rio Senior Lien,
Callable 11/01/10 @ 101 (AMBAC)
6.000%, 11/01/19 330 338
Orange County, Series A,
Callable 07/01/06 @ 102 (MBIA)
5.875%, 07/01/19 150 153
Pacifica Public Safety Building Project,
Callable 11/01/09 @ 102 (MBIA)
5.350%, 11/01/13 150 153
5.875%, 11/01/24 300 305
Ridgecrest Civic Center Project, Callable 03/01/09 @ 101
6.250%, 03/01/21 250 245
------------
2,304
------------
TAX REVENUE -- 7.6%
Grass Valley Community Redevelopment Agency,
Tax Allocation, Callable 12/01/08 @ 102
6.400%, 12/01/34 (C) 400 392
San Francisco Bay Area Transportation Authority,
Callable 07/01/09 @ 101 (FGIC)
5.500%, 07/01/26 200 195
------------
587
------------
TOTAL MUNICIPAL BONDS
(Cost $7,018) 7,209
------------
MONEY MARKET FUNDS -- 9.0%
Federated California Municipal Cash Trust 350,653 351
Provident California Tax Free Money Market 346,679 347
------------
TOTAL MONEY MARKET FUNDS
(Cost $698) 698
------------
TOTAL INVESTMENTS -- 102.3%
(Cost $7,716) 7,907
------------
OTHER ASSETS AND LIABILITIES, NET -- (2.3%) (184)
------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 7)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
CALIFORNIA TAX FREE FUND (CONCLUDED)
DESCRIPTION VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
433,124 outstanding shares $ 4,387
Portfolio Capital -- Class C ($0.0001 par value--
2 billion authorized) based on
119 outstanding shares 1
Portfolio Capital -- Class Y ($0.0001 par value--
2 billion authorized) based on
313,880 outstanding shares 3,158
Distributions in excess of net investment income (14)
Net unrealized appreciation of investments 191
------------
TOTAL NET ASSETS -- 100.0% $ 7,723
------------
Net asset value and redemption price per share -- Class A $ 10.34
Maximum sales charge of 2.50% (D) 0.27
------------
Offering price per share -- Class A $ 10.61
------------
Net asset value price per share -- Class C (E) $ 10.33
Maximum sales charge of 1.00% (F) 0.10
------------
Offering price per share -- Class C $ 10.43
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 10.34
------------
(A) The rate shown is the effective yield at the time of purchase.
(B) Variable Rate Security--the rate reported on the Statement of Net Assets is
the rate in effect as of March 31, 2000.
(C) At March 31, 2000, the cost of securities purchased on a when issued basis
was: Grass Valley Community Redevelopment Agency, $391,780.
(D) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
(E) Class C has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
(F) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 1.00%.
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
CMI--California Mortgage Insurance Program
FGIC--Financial Guaranty Insurance Corporation
FNMA--Federal National Mortgage Association
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Insurance Association
COLORADO INTERMEDIATE TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 97.3%
REVENUE BONDS -- 38.5%
AUTHORITY -- 1.3%
Colorado State Water Resource & Power Development
Authority, Small Water Resources,
Series A (FGIC)
5.700%, 11/01/15 $ 750 $ 767
------------
BUILDING -- 2.9%
Aspen, Music Association Project (FSA)
5.500%, 11/01/04 700 719
Jefferson County, Metropolitan Y.M.C.A. Project,
Callable 08/01/04 @ 100
7.500%, 08/01/08 1,000 1,021
------------
1,740
------------
EDUCATION -- 5.0%
Aurora Community College Project (MLO) (CLE)
5.750%, 10/15/04 500 514
Colorado Springs, The Colorado College Project
4.750%, 06/01/07 500 492
4.850%, 06/01/08 280 276
Colorado State Board of Agriculture,
Fort Lewis College Project (FGIC)
6.000%, 10/01/02 250 258
Colorado State Educational & Cultural Facilities Authority,
Charter School, Callable 11/01/09 @ 100
6.850%, 11/01/16 440 443
University of Northern Colorado, Auxiliary Facility
System, Callable 06/01/07 @ 100 (MBIA)
5.600%, 06/01/24 1,000 980
------------
2,963
------------
HEALTHCARE -- 11.2%
Colorado State Health Facilities Authority, Hospital
Improvement Project (FSA)
5.000%, 05/15/09 1,000 986
Colorado State Health Facilities Authority, National
Jewish Medical & Research Center,
Callable 01/01/08 @ 101
5.375%, 01/01/16 1,000 824
5.375%, 01/01/23 1,000 782
Colorado State Health Facilities Authority, Poudre
Valley, Series A, Callable 12/01/09 @ 100 (FSA)
5.750%, 12/01/10 1,000 1,046
Colorado State Health Facilities Authority,
Sisters of Charity (MBIA)
5.500%, 12/01/07 1,000 1,024
Colorado State Health Facilities Authority,
Steamboat Springs Health Project
4.500%, 09/15/03 400 383
4.600%, 09/15/04 405 382
La Junta Hospital, Arkansas Valley Medical Center Project
5.200%, 04/01/06 300 284
5.300%, 04/01/07 320 301
5.400%, 04/01/08 335 313
5.500%, 04/01/09 355 330
------------
6,655
------------
The accompanying notes are an integral part of the financial statements.
(8 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
COLORADO INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
HOUSING -- 1.3%
Colorado State Housing Finance Authority,
Multifamily Housing, Series A (FHA)
5.125%, 10/01/03 $ 355 $ 355
Colorado State Housing Finance Authority,
Single Family Mortgages, Series B-1 (AMT)
5.875%, 06/01/11 405 407
------------
762
------------
INDUSTRIAL DEVELOPMENT -- 0.4%
Jefferson County Industrial Development
Authority, May Department Stores
6.625%, 09/01/01 250 256
------------
POLLUTION CONTROL -- 1.7%
Moffat County Pollution Control (AMBAC)
5.500%, 11/01/05 1,000 1,029
------------
RECREATIONAL AUTHORITY -- 4.2%
Denver, Helen G. Bonfils Foundation,
Callable 12/01/07 @ 100
5.125%, 12/01/17 900 847
Hyland Hills Metropolitan Park & Recreational District,
Series A, Callable 12/15/07 @ 101
6.100%, 12/15/09 210 212
Metropolitan Football Stadium District, Series A,
Zero Coupon Bond (MBIA)
4.880%, 01/01/07 (A) 2,000 1,403
------------
2,462
------------
TRANSPORTATION -- 2.9%
The E-470 Public Highway Authority, Series B,
Zero Coupon Bond (MBIA)
5.470%, 09/01/19 (A) 960 306
5.520%, 09/01/22 (A) 1,000 264
Arapahoe County, Highway Improvement Trust Fund,
Pre-refunded @ 103
7.000%, 12/31/05 (B) 1,000 1,123
------------
1,693
------------
UTILITIES -- 7.6%
Arapahoe County Water & Wastewater Authority
5.550%, 12/01/06 140 138
5.650%, 12/01/07 150 148
5.750%, 12/01/08 160 159
Arapahoe County Water & Wastewater Authority,
Callable 12/01/09 @ 100
6.000%, 12/01/11 185 185
Colorado Springs Utilities, Callable 11/15/01 @ 102
6.500%, 11/15/15 1,495 1,563
6.625%, 11/15/04 1,000 1,047
Colorado State Water Resource & Power Development
Authority, Callable 09/01/02 @ 101 (FSA)
5.900%, 09/01/03 250 259
Westminster Water & Wastewater Utility Enterprise,
Callable 10/01/04 @ 100 (AMBAC)
5.800%, 12/01/05 1,000 1,037
------------
4,536
------------
TOTAL REVENUE BONDS 22,863
------------
COLORADO INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 36.7%
Adams & Arapahoe Counties Joint School
District #28-J, Callable 12/01/06 @ 102
(FGIC) (STAID)
5.750%, 12/01/07 $ 1,000 $ 1,049
Adams County School District #12,
Callable 12/15/03 @ 100 (FGIC)
6.200%, 12/15/08 455 474
Boulder Valley School District #RE-2,
Pre-refunded @ 101 (STAID)
5.950%, 12/04/04 (B) 1,000 1,053
Brighton, Callable 12/01/01 @ 101 (MBIA)
6.350%, 12/01/05 95 98
Douglas & Elbert Counties, School District #1,
Pre-refunded @ 101 (MBIA) (STAID)
6.400%, 12/15/04 (B) 1,000 1,073
Eagle, Garfield & Routt Counties, School District #50-J,
Callable 12/01/04 @ 102 (FGIC) (STAID)
6.125%, 12/01/09 1,290 1,380
Elbert County School District #C-1, Elizabeth (STAID)
5.150%, 12/01/08 500 502
El Paso County School District #2, Harrison (STAID)
7.050%, 12/01/04 1,000 1,088
El Paso County School District #3, Widefield,
Zero Coupon Bond (MBIA)
4.700%, 12/15/09 (A) 500 293
El Paso County School District #20, Series A (STAID)
6.100%, 12/15/05 500 529
El Paso County School District #49, Falcon,
Series A (FSA) (STAID)
6.000%, 12/01/09 1,000 1,056
Fort Collins, Callable 12/01/02 @ 101
6.400%, 12/01/09 575 603
Garfield, Pitkin, & Eagle Counties, School
District #1 (MBIA)
6.000%, 12/15/04 1,000 1,049
Jefferson County School District #R-1,
Pre-refunded @ 101 (AMBAC) (STAID)
5.900%, 12/15/02 (B) 1,045 1,085
La Plata County School District #9-R, Durango,
Pre-refunded @ 101 (FGIC)
6.200%, 11/01/02 (B) 835 873
La Plata County School District #9-R, Durango,
Callable 11/01/02 @ 101 (FGIC) (STAID)
6.200%, 11/01/05 165 172
Larimer County School District #R-1, Poudre (STAID)
5.400%, 12/15/04 750 764
5.500%, 12/15/07 500 516
Larimer, Weld & Boulder Counties, School District #R-2,
Thompson, Callable 12/15/04 @ 100 (STAID)
5.900%, 12/15/06 1,000 1,039
South Suburban Park & Recreation District,
Zero Coupon Bond (MBIA)
6.000%, 12/15/01 (A) 1,000 924
Stonegate Village Metropolitan District,
Pre-refunded @ 100 (FGIC)
6.300%, 12/01/02 (B) 500 520
Summit County School District #R-1,
Pre-refunded @ 100
6.450%, 12/01/04 (B) 1,250 1,333
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 9)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
COLORADO INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Thornton (FGIC)
5.600%, 12/01/02 $ 1,000 $ 1,024
Thornton, Callable 12/01/02 @ 101 (FGIC)
5.650%, 12/01/03 1,000 1,031
Weld County School District #6, Greeley,
Callable 12/01/07 @ 101 (STAID)
5.000%, 12/01/08 1,000 1,001
Westglenn Metropolitan District,
Callable 12/01/09 @ 100
6.000%, 12/01/14 1,220 1,206
------------
21,735
------------
CERTIFICATES OF PARTICIPATION -- 10.7%
Adams County, Lease Purchase,
Callable 12/01/09 @ 100 (MLO) (AMBAC)
5.200%, 12/01/12 825 819
Aurora, Callable 12/01/04 @ 101 (MLO)
6.000%, 12/01/06 1,000 1,004
Englewood Civic Center Project,
Callable 12/01/08 @ 100 (MLO) MBIA)
4.900%, 06/01/13 585 552
Garfield County Building,
Callable 12/01/09 @ 101 (MLO) (AMBAC)
5.300%, 12/01/11 400 403
Garfield County Building (MLO) (AMBAC)
5.750%, 12/01/09 400 421
Regional Transportation District, Transit Vehicles
Project, Series A (AMBAC) (MLO)
4.200%, 06/01/09 1,300 1,182
Regional Transportation District, Transit Vehicles Project,
Series A, Callable 06/01/09 @ 101 (AMBAC)
5.000%, 06/01/10 1,000 985
Westminster Recreation Facilities,
Callable 09/01/09 @ 101(MLO) (MBIA)
5.200%, 09/01/10 1,000 1,001
------------
6,367
------------
TAX REVENUE -- 11.4%
Boulder County Sales & Use Tax (FGIC)
5.750%, 12/15/05 1,000 1,043
Boulder County Sales & Use Tax, Series B (FGIC)
5.500%, 12/15/08 500 517
Denver City & County Excise Tax, Series A (FSA)
5.250%, 09/01/09 1,000 1,014
Longmont Sales & Use Tax, Callable 11/15/10 @ 100
5.500%, 11/15/15 500 504
Metropolitan Football Stadium District, Series B,
Zero Coupon Bond (MBIA)
4.970%, 01/01/06 (A) 1,500 1,112
Regional Transportation District
5.750%, 11/01/01 1,500 1,529
Westminster Sales & Use Tax, Series A,
Callable 12/01/07 @ 101 (FGIC)
5.250%, 12/01/11 500 503
Westminster Sales & Use Tax, Series B (FGIC)
6.250%, 12/01/05 500 533
------------
6,755
------------
COLORADO INTERMEDIATE TAX FREE FUND (CONCLUDED)
DESCRIPTION SHARES VALUE (000)
- --------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $57,533) $ 57,720
------------
RELATED PARTY MONEY MARKET FUND -- 0.5%
First American Tax Free Obligations Fund (C) 266,860 267
------------
TOTAL RELATED PARTY MONEY MARKET FUND
(Cost $267) 267
------------
TOTAL INVESTMENTS -- 97.8%
(Cost $57,800) 57,987
------------
OTHER ASSETS AND LIABILITIES, NET -- 2.2% 1,316
------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
466,599 outstanding shares 4,840
Portfolio Capital -- Class Y ($.0.0001 par value--
2 billion authorized) based on
5,367,270 outstanding shares 54,428
Undistributed net investment income 38
Accumulated net realized loss on investments (190)
Net unrealized appreciation of investments 187
------------
TOTAL NET ASSETS -- 100.0% $ 59,303
------------
Net asset value and redemption price per share -- Class A $ 10.19
Maximum sales charge of 2.50% (D) 0.26
------------
Offering price per share -- Class A $ 10.45
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 10.16
------------
(A) The rate shown is the effective yield at the time of purchase.
(B) Pre-refunded Security--Pre-refunded issues are typically backed by U.S.
Government obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(C) This money market fund is advised by U.S. Bank National Association who also
serves as Advisor for this fund. See also the notes to the financial
statements
(D) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
CLE--Connie Lee
FGIC--Financial Guaranty Insurance Corporation
FHA--Federal Housing Authority
FSA--Financial Security Assurance
MBIA--Municipal Bond Insurance Association
MLO--Municipal Lease Association
STAID--State Aid Withholding
The accompanying notes are an integral part of the financial statements.
(10 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
COLORADO TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 97.6%
REVENUE BONDS -- 39.4%
AUTHORITY -- 2.8%
Colorado State Water Resource & Power
Development Authority, Series A,
Callable 11/01/10 @ 100 (FGIC)
5.700%, 11/01/15 $ 250 $ 256
------------
EDUCATION -- 5.4%
Colorado State Educational & Cultural Facilities
Authority, Ave Marie School Project,
Callable 12/01/10 @ 100
6.000%, 12/01/16 200 204
Colorado State Educational & Cultural Facilities
Authority, Charter School,
Callable 11/01/09 @ 100
6.850%, 11/01/16 100 101
Colorado State Board of Agriculture, Auxiliary Facility
System, Callable 3/01/07 @101 (AMBAC)
5.125%, 03/01/17 200 189
------------
494
------------
HEALTH CARE -- 3.8%
Colorado State Health Facilities Authority, Vail Valley
Medical Center, Series A, Callable 01/15/05 @ 101
6.500%, 01/15/13 250 258
La Junta, Ark Valley Medical Center,
Callable 04/01/09 @ 101
6.100%, 04/01/24 100 86
------------
344
------------
HOUSING -- 3.6%
Colorado State Housing Finance Authority, Single
Family Housing, Series A-2,
Callable 10/01/09 @ 105 (AMT)
7.450%, 10/01/16 100 110
Colorado State Housing Finance Authority,
Single Family Mortgage, Series B-2,
Callable 04/01/10 @ 105 (AMT)
7.100%, 04/01/17 (A) 200 217
------------
327
------------
RECREATIONAL AUTHORITY -- 3.3%
Hyland Hills, Metropolitan Park & Recreational District,
Series A, Callable 12/15/07 @ 101
6.100%, 12/15/09 200 202
Denver, Helen G. Bonfils Foundation, Series B,
Callable 12/01/07 @ 100
5.125%, 12/01/17 100 94
------------
296
------------
TRANSPORTATION -- 7.2%
Denver City & County Airport, Series E,
Callable 11/15/07 @ 101 (MBIA)
5.250%, 11/15/23 500 463
The E-470 Public State Authority, Series A,
Callable 09/01/07 @ 101 (MBIA)
5.000%, 09/01/16 200 187
------------
650
------------
COLORADO TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
UTILITIES -- 13.3%
Platte River Power Authority, Series DD,
Callable 06/01/07 @ 102 (MBIA)
5.375%, 06/01/17 $ 500 $ 490
Pueblo County Board of Waterworks,
Callable 11/01/10 @ 100 (FSA)
5.875%, 11/01/18 305 312
Widefield Water & Sanitary District, Series A,
Callable 12/01/07 @ 102 (MBIA)
5.700%, 12/01/16 400 406
------------
1,208
------------
TOTAL REVENUE BONDS 3,575
------------
GENERAL OBLIGATIONS -- 32.0%
Arapahoe County School District #5,
Cherry Creek, (STAID)
5.500%, 12/15/19 250 246
Clear Creek School District #1,
Callable 12/01/10 @ 100 (STAID)
5.750%, 12/01/17 375 381
Denver City & County School District #1,
Callable 12/01/09 @ 101 (FGIC)
5.375%, 12/01/15 400 398
Denver Metropolitan District, Series B,
Callable 12/01/05 @ 102
5.700%, 12/01/17 100 92
El Paso County School District #38,
Callable 12/01/10 @ 100 (STAID)
6.000%, 12/01/24 250 256
6.375%, 12/01/18 200 214
El Paso County School District #49, Falcon,
Series A, Callable 12/01/09 @ 105 (STAID)
6.000%, 12/01/18 200 210
El Paso County, Series D, Zero Coupon Bond,
(AMT) (FSA)
6.000%, 07/01/11 (B) 400 215
Highlands Ranch Metropolitan District #2,
Callable 06/15/06 @ 101 (FSA)
5.000%, 06/15/16 200 187
Metex Metropolitan District, Series A,
Callable 12/01/07 @ 101 (MBIA)
5.800%, 12/01/16 200 204
Mountain Village Metropolitan District,
Callable 12/01/07 @ 101 (MBIA)
5.200%, 12/01/17 200 191
Pueblo County School District #70,
Callable 12/01/09 @ 100 (FGIC)
6.000%, 12/01/18 100 103
Puerto Rico Commonwealth, Public Improvements,
Callable 07/01/05 @ 101
6.000%, 07/01/29 200 202
------------
2,899
------------
CERTIFICATES OF PARTICIPATION -- 12.7%
Foothills Park, Colorado Administration
Building & Community Center,
Callable 12/01/09 @ 100 (MBIA)
5.600%, 12/01/15 300 304
Fremont County Lease Revenue,
Callable 12/15/07 101 (MBIA) (MLO)
5.300%, 12/15/17 250 242
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 11)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
COLORADO TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
Garfield County, Callable 12/01/09 @ 101 (AMBAC)
5.750%, 12/01/19 $ 300 $ 302
Larimer County School District #R-1,
Callable 12/01/07 @ 101 (MBIA)
5.650%, 12/01/16 300 303
------------
1,151
------------
TAX REVENUE -- 13.5%
Boulder County Sales & Use Tax, Series A,
Callable 12/15/09 @ 101 (FGIC)
5.800%, 12/15/16 695 712
6.000%, 12/15/19 200 205
Longmont, Sales & Use Tax,
Callable 11/15/10 @ 100
5.700%, 11/15/18 300 304
------------
1,221
------------
TOTAL MUNICIPAL BONDS
(Cost $8,619) 8,846
------------
RELATED PARTY MONEY MARKET FUND -- 2.9%
First American Tax Free Obligations Fund (C) 266,696 267
------------
TOTAL RELATED PARTY MONEY MARKET FUND
(Cost $267) 267
------------
TOTAL INVESTMENTS -- 100.5%
(Cost $8,886) 9,113
------------
OTHER ASSETS AND LIABILITIES, NET -- (0.5%) (44)
------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
645,768 outstanding shares 6,500
Portfolio Capital -- Class C ($0.0001 par value--
2 billion authorized) based on
118 outstanding shares 1
Portfolio Capital -- Class Y ($0.0001 par value--
2 billion authorized) based on
236,720 outstanding shares 2,355
Distributions in excess of net investment income (9)
Accumulated net realized loss on investments (5)
Net unrealized appreciation of investments 227
------------
TOTAL NET ASSETS -- 100.0% $ 9,069
------------
COLORADO TAX FREE FUND (CONCLUDED)
DESCRIPTION VALUE
- --------------------------------------------------------------------------------
Net asset value and redemption price per share -- Class A $ 10.27
Maximum sales charge of 2.50% (D) 0.26
------------
Offering price per share -- Class A $ 10.53
------------
Net asset value and redemption price per
share -- Class C (E) $ 10.27
Maximum sales charge of 1.00% (F) 0.10
------------
Offering price per share -- Class C $ 10.37
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 10.28
------------
(A) At March 31, 2000, the cost of securities purchased on a when issued basis
was: Colorado State Housing Finance Authority, $217,000.
(B) The rate shown is the effective yield at time of purchase.
(C) This money market fund is advised by U.S. Bank National Association who also
serves as Advisor for this Fund. See also the notes to the financial
statements.
(D) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
(E) Class C has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
(F) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 1.00%.
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
FGIC--Financial Guaranty Insurance Corporation
FSA--Financial Security Assurance
MBIA--Municipal Bond Insurance Association
MLO--Municipal Lease Obligation
STAID--State Aid Withholding
The accompanying notes are an integral part of the financial statements.
(12 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
INTERMEDIATE TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.6%
ALABAMA -- 1.7%
Alabama State Docks Department (RB) (MBIA)
5.250%, 10/01/10 $ 3,000 $ 3,024
Jefferson County Sewer, Series A (RB) (FGIC)
5.375%, 02/01/06 1,500 1,530
Montgomery, Baptist Health Special Care (RB) (MBIA)
4.000%, 11/15/03 1,640 1,577
4.100%, 11/15/05 500 467
------------
6,598
------------
ALASKA -- 3.2%
Alaska State Housing Finance Corporation (RB) (MBIA)
4.950%, 12/01/02 695 696
Alaska State Housing Finance Corporation (RB)
5.900%, 12/01/04 700 724
Alaska State Housing Finance Corporation (RB) (MBIA)
5.350%, 06/01/06 695 698
Alaska State Housing Finance Corporation,
Callable 06/01/04 @ 102 (RB)
5.400%, 12/01/23 3,000 2,816
Alaska State Housing Finance Corporation,
Callable 12/01/05 @ 102 (RB) (MBIA)
5.400%, 12/01/08 2,000 2,012
Alaska State Industrial Development & Export
Authority, Callable 04/01/03 @ 102 (RB)
5.950%, 04/01/06 865 885
Alaska State International Airports, Series A
(RB) (AMT) (AMBAC)
4.250%, 10/01/06 2,000 1,840
Anchorage (GO) (FGIC)
6.000%, 10/01/06 2,250 2,370
Anchorage, Electric Utility (RB) (MBIA)
5.500%, 12/01/02 700 713
------------
12,754
------------
ARIZONA -- 3.9%
Arizona State Transportation Board, Highway Project,
Pre-refunded @ 101 (RB)
6.900%, 07/01/00 (A) 300 305
Maricopa County School District #11, Peoria, Series A,
Callable 07/01/07 @ 101 (GO) (AMBAC)
5.000%, 07/01/10 2,000 1,976
Maricopa County School District #69,
Paradise Valley (GO) (MBIA)
5.300%, 07/01/11 1,000 1,015
Maricopa County School District #80, Chandler,
Series D (GO) (AMBAC)
4.600%, 07/01/05 4,000 3,923
Maricopa County School District #97, Deer Valley,
Series D, Callable 07/01/07 @ 100 (GO) (FGIC)
4.900%, 07/01/10 4,500 4,400
Phoenix, Series A (GO)
5.550%, 07/01/09 1,000 1,042
Pima County (GO)
6.000%, 07/01/02 800 823
Tempe Unified School District #213,
Series C (GO) (MBIA)
4.000%, 07/01/12 2,060 1,787
------------
15,271
------------
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
CALIFORNIA -- 2.4%
Azusa Redevelopment Agency, Single Family Mortgages,
Series A, Escrowed To Maturity (RB) (FNMA)
6.400%, 10/01/02 $ 1,000 $ 1,047
Bakersfield Convention Center Expansion Project,
Callable 04/01/07 @ 101 (COP) (MLO) (MBIA)
5.400%, 04/01/09 1,000 1,037
Mountain View Los Altos School District, Series B,
Callable 05/01/07 @ 102 (GO)
6.500%, 05/01/17 2,000 2,171
Orange County Transportation Authority,
Callable 02/15/02 @ 102 (RB)
5.700%, 02/15/03 200 207
5.750%, 02/15/04 1,000 1,042
San Jose Airport, Callable 03/01/03 @ 102 (RB) (MBIA)
6.100%, 03/01/06 1,000 1,057
Tri-City Hospital District, Series B (RB) (MBIA)
5.750%, 02/15/03 2,870 2,971
------------
9,532
------------
COLORADO -- 2.6%
Boulder, Larimer, & Weld Counties School District #R-1,
Vrain Valley, Callable 12/15/04 @ 100 (GO) (MBIA)
5.600%, 12/15/05 1,000 1,027
Colorado State Health Facilities Authority, Zero
Coupon Bond, Escrowed to Maturity (RB)
5.500%, 07/15/20 (B) 10,000 2,642
Colorado State Housing Finance Authority,
Series A-2, Callable 05/01/06 @ 105 (RB)
7.150%, 11/01/14 1,180 1,238
Greenwood Metropolitan District, Arapahoe County,
Callable 12/01/02 @ 100 (RB) (FSA)
7.300%, 12/01/06 2,000 2,123
Greenwood South Metropolitan District, Arapahoe
County, Callable 12/01/02 @ 100 (RB) (MBIA)
7.250%, 12/01/06 1,500 1,590
Jefferson County, Callable 12/01/04 @ 100
(COP) (MLO) (MBIA)
6.650%, 12/01/08 500 531
University of Colorado, Callable 05/02/00 @ 100 (RB)
7.625%, 06/01/06 25 25
Westminster Water & Waste Water Utility Improvements,
Callable 12/01/04 @ 100 (RB) (AMBAC)
6.000%, 12/01/09 1,000 1,042
------------
10,218
------------
CONNECTICUT -- 1.0%
Connecticut State Special Tax Obligation,
Transportation Infrastructure, Series A,
Callable 09/01/03 @ 102 (GO)
5.125%, 09/01/05 4,000 4,042
------------
DELAWARE -- 1.0%
Delaware State, Callable 04/01/01 @ 102 (GO)
6.350%, 04/01/03 1,000 1,038
Delaware Transportation Authority,
Callable 07/01/00 @ 100 (RB)
7.500%, 07/01/02 1,000 1,008
New Castle County, Callable 10/01/03 @ 102 (GO)
5.300%, 10/01/05 2,000 2,037
------------
4,083
------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 13)
<PAGE>
STATMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
DISTRICT OF COLUMBIA -- 0.1%
District of Columbia, Callable 06/01/00 @ 102
(GO) (MBIA)
6.300%, 06/01/01 $ 425 $ 433
District of Columbia, Series A, Pre-refunded @ 102
(GO)
6.300%, 06/01/00 (A) 75 77
------------
510
------------
FLORIDA -- 0.8%
Jacksonville Health Facilities Authority, Charity
Obligation Group, Series C (RB)
4.625%, 08/15/05 75 74
Lee County Industrial Development Authority, Shell Point
Village Health Project, Series A (RB)
5.500%, 11/15/08 1,000 924
Leon County (RB) (AMBAC)
5.250%, 10/01/07 2,005 2,045
------------
3,043
------------
HAWAII -- 1.3%
Hawaii County, Series A, Pre-refunded @ 101
(RB) (FGIC)
7.100%, 06/01/00 (A) 1,000 1,015
Hawaii State, Series CO (GO) (FGIC)
6.000%, 03/01/05 3,000 3,137
Honolulu, Waste Water Systems, Zero Coupon Bond
(RB) (FGIC)
4.950%, 07/01/14 (B) 2,500 1,107
------------
5,259
------------
IDAHO -- 0.9%
Ada & Canyon Counties, Joint School District #2,
Pre-refunded @ 101 (GO)
5.500%, 07/30/05 (A) 1,000 1,035
5.500%, 07/30/05 (A) 1,000 1,035
Boise State University Refunding & Improvements,
Callable 04/01/08 @ 101 (RB) (FSA)
5.000%, 04/01/12 1,225 1,194
Idaho State Health Facilities Authority, Hospital
Health Systems (RB) (MBIA)
5.000%, 12/01/09 255 249
------------
3,513
------------
ILLINOIS -- 13.0%
Chicago Water, Zero Coupon Bond (RB) (FGIC)
6.780%, 11/01/08 (B) 5,150 3,268
7.120%, 11/01/09 (B) 6,450 3,863
7.560%, 11/01/10 (B) 3,980 2,251
Chicago, Illinois City Colleges, Zero Coupon Bond
(GO) (FGIC)
5.900%, 01/01/15 (B) 10,000 4,340
Chicago, Illinois Park District Parking Facilities
Authority (RB) (ACA)
5.500%, 01/01/08 3,585 3,600
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Chicago, Midway Airport, Series C (RB) (MBIA)
5.500%, 01/01/14 $ 1,300 $ 1,305
Chicago, O' Hare Airport Project, Series B (RB) (AMT)
5.200%, 04/01/11 1,000 904
Chicago, Public Commerce Building,
Series C (GO) (FGIC)
5.500%, 02/01/06 1,000 1,022
Chicago, Series A (GO) (FGIC)
5.250%, 01/01/11 3,975 3,955
Chicago, Single Family Mortgages, Series A,
Callable 03/01/06 @ 103
(RB) (AMT) (GNMA/FNMA/FHLMC)
5.250%, 03/01/13 255 247
Cook County (RB) (MBIA)
7.250%, 11/01/07 2,000 2,264
Cook County Community Unit School District #401,
Elkwood Park, Zero Coupon Bond (GO) (FSA)
7.250%, 12/01/11 (B) 3,625 1,923
De Kalb, Single Family Mortgages,
Series A (RB) (AMT) (GNMA)
7.000%, 12/01/01 255 258
Greenville Educational Facilities,
Greenville College Project (RB)
4.750%, 06/01/07 1,105 1,011
Illinois State (GO)
5.000%, 06/01/03 1,000 1,005
Illinois State, Callable 06/01/09 @ 101 (GO) (FGIC)
5.375%, 06/01/10 2,000 2,041
Illinois State Educational Facilities Authority,
Northwestern University,
Mandatory Put @ 100 (RB)
4.950%, 11/01/08 (C) 2,050 2,019
Illinois State Educational Facilities Authority,
The Art Institute of Chicago,
Mandatory Put @ 100 (RB)
4.700%, 03/01/06 (C) 4,500 4,391
Illinois State Health Facilities Authority, Alexian
Brothers Health System (RB) (FSA)
5.000%, 01/01/06 2,000 1,981
Illinois State Sales Tax, Series S (RB)
5.000%, 06/15/09 2,500 2,480
5.100%, 06/15/10 2,000 1,988
Melrose Park Water, Callable 07/01/08 @ 100
(RB) (MBIA)
4.700%, 07/01/09 1,725 1,646
Metropolitan Pier & Exposition Authority, McCormick
Place Expansion Project, Series A,
Callable 12/15/09 @ 101 (RB) (FGIC)
5.550%, 12/15/11 1,000 1,030
Winnebago County School District #122,
Harlem-Loves Park, Zero Coupon Bond
(GO) (FSA)
5.090%, 01/01/09 (B) 1,990 1,246
5.200%, 01/01/17 (B) 3,000 1,135
------------
51,173
------------
The accompanying notes are an integral part of the financial statements.
(14 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
INDIANA -- 1.1%
Indiana State Educational Facilities Authority,
St. Joseph's College Project,
Callable 10/01/09 @ 102 (GO)
6.600%, 10/01/14 $ 1,410 $ 1,417
Indiana State Educational Facilities Authority,
St. Joseph's College 1999 Project (GO)
6.100%, 10/01/09 1,660 1,665
Indiana State Housing Finance Authority,
Callable 07/01/05 @ 102 (RB)
6.150%, 07/01/17 1,195 1,202
------------
4,284
------------
IOWA -- 0.9%
Salix Pollution Control, Interstate Power Company,
Mandatory Put @ 100 (RB)
4.200%, 01/01/04 (C) 3,700 3,700
------------
KANSAS -- 0.9%
Sedgwick & Shawnee Counties, Single Family
Mortgages, Series A-2 (RB) (GNMA)
6.700%, 06/01/29 2,260 2,483
Sedgwick County School District #267 (GO) (AMBAC)
5.250%, 11/01/12 1,045 1,046
------------
3,529
------------
LOUISIANA -- 0.7%
Jefferson County, Mandatory Put @ 100
(GO) (FGIC)
6.150%, 09/01/03 (C) 2,500 2,569
------------
MAINE -- 0.2%
Maine State Housing Authority, Series A,
Callable 02/01/04 @ 102 (RB)
5.650%, 11/15/20 1,000 962
------------
MARYLAND -- 1.0%
Maryland State & Local Facilities Project, Series Z,
Callable 06/01/06 @ 100 (GO)
5.400%, 06/01/07 1,000 1,027
Montgomery County, Callable 04/01/06 @ 102 (GO)
5.125%, 04/01/08 3,000 3,038
------------
4,065
------------
MASSACHUSETTS -- 3.6%
Massachusetts Bay Transportation Authority (GO) (RB)
6.250%, 03/01/12 1,875 2,052
Massachusetts Bay Transportation Authority,
General Transportation System Project,
Series C (RB) (FGIC)
5.750%, 03/01/10 2,100 2,205
Massachusetts Commonwealth, Special Obligation,
Series A (RB)
5.500%, 06/01/13 1,000 1,023
Massachusetts State Health & Educational Facilities
Authority, Partners Healthcare System,
Series A (RB) (MBIA)
5.100%, 07/01/10 3,000 2,932
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Massachusetts State Housing Finance Agency (RB)
5.350%, 12/01/02 $ 495 $ 498
6.300%, 10/01/13 1,000 1,024
Massachusetts State, Series C (GO)
5.250%, 09/01/06 2,500 2,545
5.250%, 08/01/08 2,000 2,031
------------
14,310
------------
MICHIGAN -- 4.4%
Detroit (GO) (AMT) (FSA)
5.750%, 04/01/09 1,255 1,294
Dexter Community Schools,
Callable 05/01/08 @ 100 (GO) (FGIC)
4.700%, 05/01/09 2,500 2,403
Jackson County Hospital Finance Authority,
Series A (RB) (AMBAC)
5.000%, 06/01/09 1,000 976
Michigan State Building Authority,
Callable 10/01/06 @ 102 (RB) (AMBAC)
5.050%, 10/01/09 545 542
Michigan State Hospital Finance Authority,
Ascension Health Credit, Series A,
Mandatory Put @ 100 (RB)
5.200%, 11/15/05 (C) 3,000 2,988
Michigan State Housing Development Authority,
Callable 07/15/04 @ 102 (RB) (FNMA)
5.125%, 07/15/08 1,980 1,958
Oakland University, Callable 05/15/07 @ 100
(RB) (MBIA)
5.600%, 05/15/10 1,000 1,026
Walled Lake Consolidated School District,
Callable 05/01/07 @ 100 (GO) (MBIA)
5.300%, 05/01/08 1,000 1,014
Wayne Charter County Airport,
Callable 12/01/08 @ 101 (RB) (AMT) (MBIA)
5.250%, 12/01/09 5,000 4,992
------------
17,193
------------
MINNESOTA -- 4.2%
Anoka County, Resource Recovery,
Northern States Power (RB)
4.350%, 12/01/04 2,200 2,116
Bloomington Port Authority, Mall of America Project,
Series A, Callable 02/01/04 @ 100 (RB) (FSA)
5.450%, 02/01/09 670 675
Minneapolis, St. Paul Metropolitan Council Metropolitan
Area Transit, Series A (GO)
5.000%, 02/01/07 1,275 1,281
Minneapolis & St. Paul Housing & Redevelopment
Authority, Pre-refunded @ 102 (RB) (MBIA)
7.400%, 08/15/00 (A) 600 619
Minneapolis & St. Paul, Met Airports Commission,
Series B, Callable 01/01/08 @ 101
(RB) (AMT) (AMBAC)
5.375%, 01/01/10 3,000 3,024
Minneapolis, Hennepin Avenue Project, Series C (GO)
6.200%, 03/01/02 800 822
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 15)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Northern Minnesota Municipal Power Agency,
Series A, Pre-refunded @ 102
(RB) (AMBAC)
5.700%, 01/01/03 (A) $ 2,500 $ 2,604
Robbinsdale, Minnesota Independent School
District #281 (GO) (MSDCEP)
5.000%, 02/01/09 (D) 1,250 1,245
5.250%, 02/01/12 (D) 1,435 1,438
St. Paul Housing & Redevelopment Authority,
Callable 08/01/06 @ 102.5 (RB) (AMBAC)
6.450%, 02/01/08 1,240 1,351
6.450%, 08/01/08 1,275 1,394
------------
16,569
------------
MISSOURI -- 1.1%
Kansas City School District,
Callable 02/01/01 @ 102 (RB) (MLO) (FGIC)
6.400%, 02/01/02 2,000 2,059
The 210 Highway Transportation Development
District, Series A (RB) (MERC)
4.800%, 07/15/06 2,375 2,299
------------
4,358
------------
NEBRASKA -- 7.8%
Buffalo County Hospital Authority #1,
Escrowed To Maturity (RB)
6.375%, 11/01/03 100 103
Douglas County Hospital Authority #1 (RB) (AMBAC)
4.600%, 09/01/04 1,255 1,227
4.800%, 09/01/08 1,500 1,442
4.900%, 09/01/09 1,500 1,447
Douglas County Hospital Authority #2,
Pre-refunded @ 102 (RB)
7.250%, 11/01/01 (A) 5,000 5,289
Douglas County School District #17, Millard, Series A,
Callable 05/16/00 @ 101 (GO) (MBIA)
5.050%, 05/15/01 750 751
Douglas County School District #17, Millard,
Series B (GO) (MBIA)
5.000%, 05/15/00 500 501
Douglas County, Nebraska Zoo Facility Revenue,
Callable 09/01/09 @ 100 (RB)
5.650%, 09/01/11 1,000 1,012
Lincoln Electric System, Series A (RB)
5.000%, 09/01/00 500 502
Municipal Energy Agency of Nebraska,
Series A (RB) (AMBAC)
5.450%, 04/01/02 750 761
Municipal Energy Agency of Nebraska, Series A,
Callable 04/01/02 @ 102 (RB) (AMBAC)
5.600%, 04/01/03 750 767
Nebraska Educational Finance Authority,
Concordia University Project,
Callable 12/15/08 @ 100 (RB)
5.250%, 12/15/15 2,270 2,030
Nebraska Educational Finance Authority,
Creighton University Project,
Callable 01/01/06 @ 101 (RB) (AMBAC)
5.600%, 01/01/07 2,500 2,578
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Nebraska Educational Telecommunication Commission,
Leasing Project, Series 2000 (RB)
6.000%, 02/01/06 $ 2,025 $ 2,113
Nebraska Investment Finance Authority, Catholic
Health Initiatives, Series A,
Callable 12/01/07 @ 101 (RB)
5.000%, 12/01/09 900 861
Nebraska Public Power District, Electric
Systems, Series A (RB)
5.500%, 01/01/01 500 505
Nebraska Public Power District, Power Supply
Systems, Series A (RB) (MBIA)
6.000%, 01/01/04 1,385 1,439
Nebraska Public Power District, Power Supply Systems,
Series B, Pre-refunded @ 100 (RB) (MBIA)
4.900%, 01/01/03 (A) 1,500 1,500
Omaha, Pre-refunded @ 102 (GO)
5.900%, 09/01/01 (A) 500 519
Omaha Northwest Library Facilities Corporation,
Callable 08/15/07 @ 102 (RB) (MLO)
5.250%, 08/15/12 2,475 2,470
Omaha Public Power District, Series B (RB)
5.000%, 02/01/03 1,000 1,006
Omaha Sewer Systems (RB)
5.200%, 01/15/02 1,000 1,009
Ravenna Industrial Development, Cargill Project (RB)
5.000%, 09/01/00 810 812
------------
30,644
------------
NEVADA -- 0.5%
Clark County School District, Building & Renovation,
Series B, Callable 06/15/07 @ 101 (GO) (FGIC)
5.750%, 06/15/08 1,000 1,044
Washoe County School District,
Callable 08/01/02 @ 101 (GO) (MBIA)
5.700%, 08/01/03 1,000 1,027
------------
2,071
------------
NEW JERSEY -- 1.0%
New Jersey State (GO)
5.900%, 08/01/02 1,000 1,029
New Jersey State Transportation Trust Fund Authority,
Series A (RB)
5.500%, 06/15/08 2,000 2,061
New Jersey State Turnpike Authority, Series A,
Callable 01/01/01 @ 102 (RB) (AMBAC)
6.750%, 01/01/08 1,000 1,036
------------
4,126
------------
NEW MEXICO -- 0.6%
Farmington Utility Systems, Escrowed to Maturity (RB)
10.000%, 01/01/02 245 261
New Mexico State Highway Commission
Tax Revenue (RB)
5.500%, 06/15/08 2,000 2,060
------------
2,321
------------
The accompanying notes are an integral part of the financial statements.
(16 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW YORK -- 3.2%
Hempstead Town Industrial Development Agency,
Callable 12/01/06 @ 102 (RB)
5.000%, 12/01/08 $ 2,000 $ 1,976
Middletown School District (GO) (FGIC)
5.000%, 11/01/05 3,000 3,014
Nassau County, General Improvements,
Series V (GO) (AMBAC)
5.150%, 03/01/04 1,400 1,413
New York City Transitional Finance Authority, Series C,
Callable 05/01/08 @ 101 (RB)
4.750%, 05/01/11 1,605 1,523
New York State Dormitory Authority (RB) (MLO) (FSA)
4.750%, 07/01/08 2,425 2,348
New York State Dormitory Authority, Manhattan College
Project, Callable 07/01/02 @ 102 (RB)
6.100%, 07/01/04 1,000 1,040
New York State Environmental Facilities Corporation,
Pollution Control, Callable 11/15/04 @102 (RB)
6.400%, 05/15/06 1,250 1,343
------------
12,657
------------
NORTH DAKOTA -- 0.5%
Grand Forks, United Hospital Obligated
Group (RB) (MBIA)
6.000%, 12/01/00 1,000 1,012
North Dakota State Industrial Commission, Lignite
Program, Series A (RB)
5.750%, 11/15/05 1,000 1,014
North Dakota State Student Loan (RB)
6.100%, 07/01/01 25 25
North Dakota State Student Loan,
Callable 06/02/00 @ 102 (RB) (AMBAC)
6.900%, 07/01/01 5 5
------------
2,056
------------
OHIO -- 3.3%
Butler County Transportation Improvement District,
Series A (RB) (FSA)
5.500%, 04/01/08 3,000 3,094
Franklin County Health Care, Friendship Village,
Callable 08/15/08 @ 102 (RB)
5.250%, 08/15/18 2,000 1,574
Lorain County Hospital Revenue, Catholic
Healthcare Partners, Series B,
Callable 09/01/07 @ 102 (RB) (MBIA)
5.375%, 09/01/09 1,000 1,019
Mahoning County Hospital Facilities Revenue,
Series A (RB) (MBIA)
4.800%, 11/15/09 2,145 2,057
Ohio State Building Authority, Administration
Building Fund Project,
Callable 10/01/08 @ 101 (RB) (MLO)
5.250%, 10/01/09 3,000 3,036
Ohio State Building Authority, Adult Correctional
Facilities Project (RB) (MLO) (MBIA)
5.500%, 10/01/04 1,000 1,028
Ohio State Infrastructure Improvement (RB)
5.500%, 08/01/07 1,000 1,034
------------
12,842
------------
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
OKLAHOMA -- 1.7%
Oklahoma County Housing Finance Authority,
Zero Coupon Bond,
Pre-refunded @ 56.915 (RB)
5.740%, 03/01/06 (A) (B) $ 3,690 $ 1,543
Oklahoma Housing Finance Agency,
Mandatory Put @ 100 (RB) (FNMA)
5.500%, 11/01/05 (C) 3,000 3,034
Tulsa Educational Facilities, Holland Hall
School Project, Series B,
Callable 12/01/08 @ 101 (RB)
4.600%, 12/01/09 1,195 1,083
Tulsa Metropolitan Utility Authority,
Callable 09/01/05 @ 102 (RB)
5.600%, 09/01/06 1,000 1,032
------------
6,692
------------
OREGON -- 1.2%
Lane County School District #19, Springfield,
Pre-refunded @ 101 (GO) (MBIA)
5.900%, 10/15/04 (A) 1,000 1,052
Polk, Marion & Benton Counties, School
District #13-J (GO) (FGIC)
5.500%, 12/01/04 1,015 1,046
Portland Community College District, Series A,
Pre-refunded @ 100 (GO)
6.000%, 07/01/02 (A) 500 514
Washington County Criminal Justice Facilities,
Pre-refunded @ 100 (GO)
5.625%, 12/01/04 (A) 900 930
Yamhill County School District #40 (GO) (FGIC)
5.375%, 06/01/04 1,000 1,023
------------
4,565
------------
PENNSYLVANIA -- 2.4%
Erie County Prison Authority,
Pre-refunded @ 100 (RB) (MLO) (MBIA)
6.600%, 11/01/01 (A) 1,000 1,031
6.700%, 11/01/01 (A) 1,000 1,033
Governor Mifflin School District,
Pre-refunded @ 100 (GO) (AMBAC)
6.500%, 02/01/02 (A) 2,000 2,063
Montgomery County, Industrial Development
Authority, Mandatory Put @ 100 (RB)
5.200%, 10/01/04 (C) 2,000 1,941
Northumberland County, Commonwealth Lease,
Pre-refunded @100 (RB) (MLO) (MBIA)
6.600%, 10/15/01 (A) 1,000 1,031
Seneca Valley School District, Series A,
Callable 07/01/08 @ 100 (GO) (FGIC)
4.650%, 07/01/09 2,500 2,377
------------
9,476
------------
PUERTO RICO -- 0.3%
Puerto Rico Electric Power Authority,
Series A (RB) (MBIA)
6.000%, 07/01/06 1,000 1,065
Puerto Rico Housing Finance Corporation,
Single Family Mortgages (RB) (AMT) (GNMA)
6.000%, 02/01/02 110 112
------------
1,177
------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 17)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
RHODE ISLAND -- 0.3%
Rhode Island Depositors Economic
Protection Corporation (RB) (FSA)
6.250%, 08/01/03 $ 1,000 $ 1,043
------------
SOUTH CAROLINA -- 1.1%
Piedmont Municipal Power Agency,
Electric Revenue (RB) (FGIC)
6.250%, 01/01/04 2,350 2,442
South Carolina State Public Service Authority,
Series A (RB) (MBIA)
5.500%, 01/01/10 1,665 1,710
------------
4,152
------------
SOUTH DAKOTA -- 1.2%
Deadwood, South Dakota Warrants (COP)
5.500%, 11/01/07 800 795
5.600%, 11/01/08 845 840
Sioux Falls (COP) (MLO)
6.450%, 08/01/01 500 512
South Dakota State Health & Educational Facilities
Authority, Westhills Village Retirement (RB)
5.500%, 09/01/04 640 624
5.650%, 09/01/05 665 646
5.800%, 09/01/06 735 709
5.900%, 09/01/07 755 726
------------
4,852
------------
TENNESSEE -- 0.1%
Shelby County Health, Educational & Housing Facilities
Board, St. Jude's Children's Research (RB)
5.000%, 07/01/09 500 486
------------
TEXAS -- 4.6%
Abilene Health Facilities Development, Sears Methodist
Retirement, Series A (RB)
5.100%, 11/15/05 1,115 1,046
5.250%, 11/15/06 1,175 1,095
5.300%, 11/15/07 1,000 913
5.350%, 11/15/08 1,300 1,184
Dallas County, Pre-refunded @ 100 (GO)
6.400%, 08/15/03 (A) 750 763
Galveston County Special Tax Revenue (RB) (MBIA)
6.400%, 02/01/05 185 190
Galveston County Special Tax Revenue, Escrowed to
Maturity (RB) (MBIA)
6.400%, 02/01/05 315 335
Houston Housing Finance Corporation (RB)
8.000%, 06/01/14 800 833
Irving Independent School District, Series A, Zero
Coupon Bond (GO) (PSFG)
5.000%, 02/15/09 (B) 6,190 3,851
Katy Independent School District,
Zero Coupon Bond (GO) (PSFG)
4.730%, 08/15/09 (B) 1,805 1,096
Lubbock Independent School District,
Pre-refunded @ 100 (GO) (PSFG)
6.375%, 08/15/00 (A) 725 731
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
North Central Health Facilities Authority,
Retirement Facility Series A (RB)
7.000%, 11/15/10 $ 4,000 $ 3,899
Texas A&M University, Callable 05/15/09 @ 100 (RB)
5.100%, 05/15/10 2,000 1,987
------------
17,923
------------
UTAH -- 1.4%
Intermountain Power Agency,
Callable 06/02/00 @ 101 (RB)
7.300%, 07/01/00 500 504
Nebo School District,
Callable 04/01/01 @ 100 (GO) (FGIC)
5.500%, 04/01/04 500 503
Salt Lake County Municipal Building
Authority, Series A (RB) (MLO)
6.000%, 10/01/01 475 484
6.000%, 10/01/03 525 543
Utah State Housing Finance Agency,
Single Family Mortgages (RB) (FHA) (VA)
6.350%, 01/01/02 55 56
5.650%, 07/01/06 385 388
5.950%, 07/01/08 1,900 1,959
Utah State Housing Finance Agency,
Single Family Mortgages,
Callable 07/01/05 @102 (RB) (FHA) (VA)
6.300%, 01/01/18 885 911
------------
5,348
------------
VIRGINIA -- 1.8%
Fairfax County, Public Improvements,
Callable 06/01/05 @ 102 (GO)
5.000%, 06/01/06 2,000 2,014
Riverside Regional Jail Authority,
Callable 07/01/05 @ 102 (RB) (MBIA)
5.700%, 07/01/08 2,000 2,078
Virginia State Housing Development Authority,
Series D (RB)
6.100%, 01/01/14 1,110 1,140
Virginia State Housing Development Authority,
Series H (RB)
6.200%, 07/01/04 1,000 1,020
Virginia State Peninsula Regional Jail Authority
(RB) (MBIA)
5.300%, 10/01/09 1,000 1,011
------------
7,263
------------
WASHINGTON -- 12.9%
Clark County Public Utility District #1,
Callable 01/01/01 @ 102 (RB) (FGIC)
6.100%, 01/01/02 750 767
Clark County School District #37, Vancouver (GO) (FSA)
5.250%, 12/01/14 1,515 1,500
Clark County School District #37, Vancouver,
Callable 12/01/02 @ 100 (GO)
6.100%, 12/01/04 1,000 1,030
The accompanying notes are an integral part of the financial statements.
(18 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Conservation & Renewable Energy Systems,
Washington Conservation Project (RB)
5.650%, 10/01/03 $ 700 $ 716
Grant County Public Utility District #2 (RB)
5.750%, 01/01/02 670 680
Island County School District #206, South Widbey,
Callable 12/01/04 @ 100 (GO) (AMBAC)
5.750%, 12/01/06 700 721
King County Public Hospital District #4 (RB)
5.400%, 06/01/00 500 501
5.800%, 12/01/03 910 927
King County School District #403, Renton,
Pre-refunded @ 101 (GO)
6.050%, 12/01/02 (A) 875 911
King County School District #408, Auburn (GO)
6.200%, 12/01/02 515 533
King County School District #415, Kent (GO)
5.750%, 12/01/01 950 967
King County School District #415, Kent,
Pre-refunded @ 100 (GO) (AMBAC)
6.450%, 06/01/04 (A) 920 974
King County, Series A, Pre-refunded @ 100 (GO)
6.900%, 12/01/00 (A) 500 508
King County, Series B, Callable 12/01/07 @ 102 (GO)
5.850%, 12/01/13 3,000 3,110
Kitsap County School District #401, Central Kitsap,
Pre-refunded @ 101 (GO)
6.625%, 12/01/02 (A) 750 790
Pierce County School District #320, Sumner (GO)
6.000%, 12/01/06 1,000 1,038
Pierce County School District #401, Peninsula,
Series A (GO)
5.950%, 12/01/01 640 653
Pierce County School District #403, Bethel,
Callable 12/01/01 @ 100 (GO)
6.200%, 12/01/02 1,285 1,312
Pierce County School District #403, Bethel,
Callable 12/01/02 @ 100 (GO)
6.350%, 12/01/04 500 517
Pierce County Sewer Improvements (RB)
5.000%, 02/01/02 500 500
Port Seattle Passenger Facility Charge,
Series B (RB) (AMT) (AMBAC)
5.000%, 12/01/07 3,000 2,955
Port Tacoma, Series A (GO)
6.300%, 06/01/01 790 806
Snohomish County Housing Authority,
Callable 04/01/06 @ 100 (RB)
6.300%, 04/01/16 1,035 1,053
Snohomish County Public Utilities
District #1, Series A (GO)
6.800%, 01/01/05 2,000 2,071
Snohomish County Public Utilities District #1,
Callable 05/01/00 @ 100 (GO)
5.850%, 11/01/17 1,000 1,000
Snohomish County School District #2, Everett,
Callable 12/01/03 @ 102 (GO) (MBIA)
6.000%, 12/01/06 850 891
Snohomish County School District #2, Everett,
Pre-refunded @ 102 (GO) (MBIA)
6.000%, 12/01/03 (A) 950 1,004
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Snohomish County School District #2, Everett,
Series A, Callable 06/01/01 @ 100 (GO)
6.700%, 06/01/02 $ 1,200 $ 1,225
Snohomish County School District #6, Mukilteo,
Pre-refunded @ 100 (GO)
6.800%, 06/01/01 (A) 900 924
Snohomish County School District #6, Mukilteo (GO)
6.250%, 12/01/01 900 923
Snohomish County Solid Waste,
Pre-refunded @ 102 (GO) (MBIA)
6.800%, 12/01/01 (A) 650 685
South Columbia Basin (GO)
5.800%, 12/01/01 500 509
Spokane County Regional Solid Waste Management,
Callable 12/01/02 @ 102 (RB) (AMBAC)
6.400%, 12/01/03 800 836
Spokane County School District #356, Central Valley,
Zero Coupon Bond (GO) (FGIC)
5.030%, 12/01/14 (B) 8,690 3,789
Spokane County School District #81, Spokane (GO)
5.900%, 12/01/02 1,000 1,030
Spokane County Sewer, Callable 06/01/02 @ 100 (RB)
6.150%, 06/01/05 1,470 1,508
Tacoma, Electric Systems, (RB) (AMBAC)
6.000%, 01/01/06 1,215 1,253
Tacoma, Electric Systems, Pre-refunded @ 100 (AMBAC)
6.000%, 01/01/04 (A) 185 192
Tacoma, Series A, Callable 07/01/02 @ 100 (GO)
5.900%, 07/01/03 600 612
Tacoma Utility, Pre-refunded @ 101 (RB) (MBIA)
6.200%, 12/01/01 (A) 575 595
Thurston County School District #111, Olympia,
Pre-refunded @ 100 (GO)
6.700%, 12/01/02 (A) 1,000 1,048
Washington Public Power Supply System, Nuclear
Project #2, Series A (RB) (AMBAC)
5.700%, 07/01/11 1,000 1,025
Washington Public Power Supply System, Nuclear
Project #3, Series B (RB)
5.250%, 07/01/03 1,090 1,099
Washington State (GO)
6.200%, 09/01/01 1,000 1,023
Washington State,
Callable 04/01/01 @ 102 (COP) (MLO)
6.800%, 04/01/05 705 733
Washington State, Hearthstone Project,
Callable 01/01/05 @ 102 (RB)
6.000%, 01/01/10 810 839
Washington State, Series C (GO)
5.500%, 07/01/14 2,275 2,313
Washington State, Single Family
Mortgages (RB) (GNMA/FNMA)
6.700%, 07/01/02 150 152
------------
50,748
------------
WEST VIRGINIA -- 0.4%
West Virginia State (GO) (FGIC)
4.400%, 06/01/05 1,500 1,451
------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 19)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
WISCONSIN -- 2.1%
Milwaukee County, Callable 09/01/02 @ 100 (GO)
5.550%, 09/01/03 $ 1,700 $ 1,728
Milwaukee County, Series A,
Callable 09/01/02 @ 100 (GO)
5.875%, 09/01/07 500 511
Mount Pleasant, Callable 10/01/00 @ 100 (GO)
6.300%, 10/01/03 735 742
Wisconsin State, Pre-refunded @ 101 (GO)
6.000%, 05/01/00 (A) 500 506
Wisconsin State Health & Education Facilities
Authority, Aurora Health Care, Series A,
Callable 02/15/09 @ 101 (RB)
5.500%, 02/15/20 1,500 1,224
Wisconsin State Health & Education Facilities
Authority, Monroe Clinic (RB)
4.450%, 02/15/06 925 844
4.700%, 02/15/09 1,060 937
Wisconsin State Housing & Economic Development
Authority, Series A (GO)
5.000%, 11/01/01 1,585 1,586
------------
8,078
------------
WYOMING -- 0.2%
Sweetwater County, Pacific Power & Light Project,
Pre-refunded @ 100 (RB)
6.500%, 12/01/01 (A) 700 720
------------
TOTAL MUNICIPAL BONDS
(Cost $390,998) 388,226
------------
RELATED PARTY MONEY MARKET FUND -- 0.6%
First American Tax Free Obligations Fund (E) 2,309,568 2,310
------------
TOTAL RELATED PARTY MONEY MARKET FUND
(Cost $2,310) 2,310
------------
TOTAL INVESTMENTS -- 99.2%
(Cost $393,308) 390,536
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.8% 3,379
------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
752,168 outstanding shares 8,349
Portfolio Capital -- Class Y ($0.0001 par value--
2 billion authorized) based on
37,344,993 outstanding shares 390,905
Undistributed net investment income 40
Accumulated net realized loss on investments (2,607)
Net unrealized depreciation of investments (2,772)
------------
TOTAL NET ASSETS -- 100.0% $ 393,915
------------
INTERMEDIATE TAX FREE FUND (CONCLUDED)
DESCRIPTION VALUE
- --------------------------------------------------------------------------------
Net asset value and redemption price per share -- Class A $ 10.35
Maximum sales charge of 2.50% (F) 0.27
------------
Offering price per share -- Class A $ 10.62
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 10.34
------------
(A) Pre-refunded Security-Pre-refunded issues are typically backed by U.S.
Government obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(B) The rate shown is the effective yield at the time of purchase.
(C) Mandatory Put Security-the mandatory put date is shown as the maturity date
on the Statement of Net Assets.
(D) At March 31, 2000, the cost of securities purchased on a when issued basis
were: Robbinsdale, Minnesota Independent School District #281, $1,238,300
and $1,426,849.
(E) This money market fund is advised by U.S. Bank National Association who also
serves as Advisor for this Fund. See also the notes to the financial
statements.
(F) The offer price is calculated by dividing the net asset value by 1 minus the
maximum sales charge of 2.50%.
ACA--American Capital Access
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
COP--Certificates of Participation
FGIC--Financial Guaranty Insurance Company
FHA--Federal Housing Authority
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance
GNMA--Government National Mortgage Association
GO--General Obligation
MBIA--Municipal Bond Insurance Association
MERC--Mercantile Bank
MLO--Municipal Lease Obligation
MSDCEP--Minnesota School District Credit Enhancement Program
PSFG--Permanent School Fund Guaranty
RB--Revenue Bond
VA--Veterans Administration
The accompanying notes are an integral part of the financial statements.
(20 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
MINNESOTA INTERMEDIATE TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.1%
REVENUE BONDS -- 45.3%
AUTHORITY -- 2.3%
Minnesota State Agricultural & Economic
Development Board, Series B (AMT)
6.500%, 08/01/08 $ 1,335 $ 1,343
Stearns County Housing & Redevelopment
Authority (FSA) (MLO)
4.950%, 02/01/09 1,540 1,506
St. Paul Port Authority, Hotel Facilities,
Radisson Kellogg Project, Series 2
6.700%, 08/01/07 1,800 1,770
St. Paul Port Authority, Hotel Facilities,
Radisson Kellogg Project, Series 2,
Callable 08/01/08 @ 103
6.875%, 08/01/10 1,685 1,662
------------
6,281
------------
BUILDING -- 1.9%
Olmsted County Housing & Redevelopment Authority,
Pre-refunded @ 100 (MLO)
7.000%, 02/01/05 (A) 1,025 1,048
Washington County Housing & Redevelopment
Authority, Jail Facility (MLO)
5.000%, 02/01/03 2,500 2,514
Washington County Housing & Redevelopment
Authority, Jail Facility, Callable 02/01/03 @ 100
(MBIA) (MLO)
5.400%, 02/01/08 1,580 1,594
------------
5,156
------------
ECONOMIC DEVELOPMENT -- 0.6%
Minnesota State Agricultural & Economic
Development Board, Pre-refunded @100
5.500%, 08/01/04 (A) 1,525 1,550
------------
EDUCATION -- 2.2%
Minnesota State Higher Educational Facilities
Authority, Augsburg College
4.500%, 10/01/06 505 471
4.850%, 10/01/09 520 483
Minnesota State Higher Educational Facilities
Authority, Augsburg College,
Callable 10/01/09 @ 100
5.000%, 10/01/11 500 463
5.000%, 10/01/12 500 458
Minnesota State Higher Educational Facilities Authority,
St. Benedict College, Callable 03/01/07 @ 100
4.875%, 03/01/08 1,000 950
5.100%, 03/01/11 2,885 2,726
Minnesota State Higher Educational Facilities Authority,
University of St. Thomas, Series 4
5.250%, 04/01/12 385 378
------------
5,929
------------
HEALTHCARE -- 11.2%
Austin Housing & Redevelopment Authority,
Gerard Project Health Care Facilities,
Callable 09/01/09 @ 102
6.625%, 09/01/19 1,540 1,416
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Cuyuna Range Hospital District, Series A,
Callable 06/01/07 @ 102
5.500%, 06/01/10 $ 435 $ 390
5.650%, 06/01/12 940 828
Duluth Economic Development Authority, Health
Care Facility, Escrowed to Maturity (AMBAC)
6.100%, 11/01/04 250 263
Duluth Economic Development Authority, Health
Care Facility, Pre-refunded @ 102 (AMBAC)
6.100%, 11/01/04 (A) 650 683
Hastings Health Care Facility,
Callable 09/15/08 @ 100 (ACA)
5.000%, 09/15/13 500 448
Minneapolis & St. Paul Housing & Redevelopment
Authority, Healthspan, Series A,
Callable 11/15/03 @ 102 (AMBAC)
5.000%, 11/15/13 2,000 1,888
Minneapolis Health Care Facilities Authority,
Fairview Hospital & Healthcare,
Callable 11/15/03 @ 102 (MBIA)
5.100%, 11/15/05 1,000 1,003
Minnesota State Agricultural & Economic
Development Board, Benedictine
Health, Series A (MBIA)
5.000%, 02/15/10 3,815 3,765
Minnesota State Agricultural & Economic
Development Board, Fairview Hospital Project,
Series A, Callable 11/15/07 @ 102 (MBIA)
5.400%, 11/15/08 1,000 1,016
5.500%, 11/15/17 1,500 1,492
5.750%, 11/15/26 500 499
New Hope Housing & Health Care Facilities,
Masonic Home North Ridge
5.000%, 03/01/04 330 315
5.100%, 03/01/05 550 520
5.200%, 03/01/06 645 604
5.300%, 03/01/07 685 636
New Hope Housing & Health Care Facilities,
Masonic Home North Ridge,
Callable 03/01/09 @ 102
5.500%, 03/01/10 500 449
Plymouth Health Facilities,
Callable 06/01/04 @ 102 (CGIC) (FSA)
6.200%, 06/01/11 1,360 1,423
Robbinsdale, North Memorial Medical Center,
Series A (AMBAC)
5.100%, 05/15/03 1,000 1,006
Robbinsdale, North Memorial Medical Center,
Series B (AMBAC)
5.100%, 05/15/03 1,000 1,006
Rochester, St. Mary's Hospital, Escrowed to Maturity
5.750%, 10/01/07 2,165 2,208
St. Louis Park Health Care Facilities,
Callable 07/01/03 @ 102 (AMBAC)
4.600%, 07/01/05 6,000 5,828
St. Paul Housing & Redevelopment Authority,
Health Care Facility, Regions Hospital Project
5.000%, 05/15/06 1,000 945
5.000%, 05/15/08 1,195 1,097
------------
29,728
------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 21)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
HOUSING -- 6.8%
Coon Rapids Multifamily Housing, Woodland North
Apartments, Callable 12/01/03 @ 100 (FHA)
5.625%, 12/01/09 $ 415 $ 417
Coon Rapids Single Family Housing,
Callable 09/01/04 @ 102
5.900%, 09/01/06 510 511
Dakota County Housing & Redevelopment
Authority, Single Family Mortgages,
Callable 04/01/04 @ 102 (AMT) (FNMA)
6.250%, 10/01/04 630 636
Dakota County Housing & Redevelopment
Authority, Single Family Mortgages,
Callable 04/01/05 @ 102 (AMT) (FNMA) (GNMA)
6.000%, 10/01/14 260 253
Dakota County Housing & Redevelopment Authority,
Single Family Mortgages,
Callable 10/01/07 @ 101.5 (AMT) (GNMA)
5.125%, 10/01/20 1,353 1,315
Dakota County Housing & Redevelopment Authority,
South St. Paul, Callable 09/01/00 @ 101
(FHA) (GNMA) (VA)
7.250%, 03/01/06 245 246
Dakota, Washington & Stearns Counties Housing &
Redevelopment Authority, Single Family Mortgages,
Callable 03/01/04 @ 102 (AMT) (FNMA)
6.000%, 09/01/04 210 212
6.500%, 09/01/10 270 274
Minneapolis & St. Paul Housing Finance Board,
Single Family Mortgages, Series A,
Callable 06/01/00 @ 101
(AMT) (FHA) (GNMA) (VA)
7.875%, 12/01/12 145 146
Minneapolis & St. Paul Housing Finance Board,
Single Family Mortgages, Series A,
Continuously Callable @ 100
7.700%, 08/01/00 80 80
Minneapolis Mortgage Revenue, Zero Coupon Bond,
Callable 10/01/05 @ 100
7.100%, 10/01/05 (B) 2,950 1,297
Minnesota State Housing Finance Agency,
Rental Housing, Series D (MBIA)
5.050%, 08/01/03 795 794
5.150%, 08/01/04 770 771
Minnesota State Housing Finance Agency,
Rental Housing, Series D,
Callable 02/01/05 @ 102 (MBIA)
5.450%, 08/01/07 2,405 2,413
Minnesota State Housing Finance Agency, Single
Family Mortgages, Series C,
Callable 01/01/01 @ 102 (FHA) (VA)
6.600%, 07/01/02 215 220
Moorhead Economic Development Authority,
Eventide Senior Housing, Series B,
Callable 06/01/04 @ 102
5.750%, 06/01/16 1,360 1,151
South St. Paul Housing & Redevelopment Authority,
Single Family Mortgages,
Callable 09/01/05 @ 100 (FNMA)
5.100%, 09/01/07 815 807
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
St. Louis Park Housing & Redevelopment
Authority, Single Family Mortgages,
Callable 04/20/03 @ 100 (GNMA)
6.500%, 10/20/03 $ 153 $ 156
St. Paul Housing & Redevelopment Authority,
Downtown & Seventh Place Project, Escrowed to
Maturity, Callable 09/01/03 @ 101 (AMBAC)
5.200%, 09/01/04 4,000 4,041
St. Paul Housing & Redevelopment Authority,
Downtown & Seventh Place Project, Escrowed to
Maturity, Callable 09/01/04 @ 100 (AMBAC)
5.350%, 09/01/07 1,500 1,515
Vadnais Heights, Single Family Mortgages
5.500%, 11/01/04 485 488
6.000%, 11/01/09 280 283
------------
18,026
------------
POLLUTION CONTROL -- 3.2%
Bass Brook, Minnesota Power & Light, Pollution Control
6.875%, 12/01/02 1,870 1,885
Minnesota State Public Facilities Authority, Water
Pollution Control, Series A, Callable 03/01/08 @ 100
4.500%, 03/01/10 5,000 4,694
Minnesota State Public Facilities Authority, Water
Pollution Control, Callable 03/01/07 @ 100
5.000%, 03/01/09 2,000 1,996
------------
8,575
------------
TRANSPORTATION -- 2.6%
Minneapolis & St. Paul Met Airports Commission
(AMT) (AMBAC)
5.500%, 01/01/07 2,140 2,184
Minneapolis & St. Paul Met Airports Commission,
Callable 01/01/08 @ 101 (AMT) (AMBAC)
5.500%, 01/01/09 2,500 2,550
Minneapolis & St. Paul Met Airports Commission,
Series B, Callable 01/01/09 @ 101 (AMT) (FGIC)
5.625%, 01/01/14 1,000 1,012
Puerto Rico Commonwealth, Highway Transportation
Authority, Series X (MBIA)
5.500%, 07/01/13 1,250 1,294
------------
7,040
------------
UTILITIES -- 14.5%
Anoka County Resource Recovery,
Northern States Power
4.400%, 12/01/05 2,300 2,191
Minnesota State Public Facilities Authority,
Drinking Water, Series B,
Callable 03/01/09 @ 100
5.125%, 03/01/19 2,000 1,877
Minnesota State Public Facilities Authority,
Water Pollution Control, Series B,
Callable 03/01/01 @ 102
6.350%, 03/01/03 500 518
Northern Minnesota Municipal Power Agency,
Electric Systems, Series A,
Pre-refunded @ 102 (AMBAC)
5.600%, 01/01/04 (A) 1,900 1,974
The accompanying notes are an integral part of the financial statements.
(22 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Northern Minnesota Municipal Power Agency,
Electric Systems, Series A (AMBAC)
5.500%, 01/01/03 $ 2,500 $ 2,545
Northern Minnesota Municipal Power Agency,
Electric Systems, Series A,
Pre-refunded @ 102 (AMBAC)
5.900%, 01/01/07 (A) 1,800 1,884
Northern Minnesota Municipal Power Agency,
Electric Systems (FSA)
5.500%, 01/01/07 2,000 2,054
Southern Minnesota Municipal Power Agency,
Series A, Zero Coupon Bond (MBIA)
5.170%, 01/01/03 (B) 3,500 1,112
Southern Minnesota Municipal Power Agency,
Series A, Callable 01/01/03 @ 102 (FGIC)
5.000%, 01/01/06 2,500 2,495
Southern Minnesota Municipal Power Agency,
Series A (AMBAC)
5.000%, 01/01/11 1,270 1,246
Southern Minnesota Municipal Power Agency,
Series A, Zero Coupon Bond (MBIA)
5.960%, 01/01/21 (B) 5,000 1,490
Southern Minnesota Municipal Power Agency,
Series B (MBIA)
4.850%, 01/01/07 1,875 1,845
St. Paul Sewer, Callable 06/01/03 @ 100 (AMBAC)
5.350%, 12/01/04 3,000 3,042
5.450%, 12/01/05 5,000 5,075
Western Minnesota Municipal Power Agency,
Callable 01/01/03 @ 100 (AMBAC)
6.500%, 01/01/04 1,980 2,050
Western Minnesota Municipal Power Agency,
Callable 01/01/06 @ 102 (AMBAC)
5.500%, 01/01/11 5,000 5,107
Western Minnesota Municipal Power Agency, Series A,
Callable 01/01/06 @ 102 (AMBAC)
5.500%, 01/01/13 2,000 2,026
------------
38,531
------------
TOTAL REVENUE BONDS 120,816
------------
GENERAL OBLIGATIONS -- 42.8%
Anoka County
5.550%, 02/01/05 2,000 2,021
Anoka County Capital Improvements, Series B
4.550%, 01/01/11 1,960 1,825
Anoka-Hennepin School District #11,
Callable 02/01/03 @ 100 (FGIC)
4.875%, 02/01/07 3,300 3,278
Anoka-Hennepin Independent School District #11
Series A (MSDCEP)
5.300%, 02/01/12 1,000 1,007
Anoka-Hennepin Independent School District,
Series A, Callable 02/01/10 @ 100 (MSDCEP)
5.375%, 02/01/13 600 605
Becker Tax Increment, Series D,
Callable 08/01/04 @ 100 (AMT) (MBIA)
6.000%, 08/01/07 3,955 4,010
Bloomington Independent School District #271
(MSDCEP)
5.250%, 02/01/09 1,500 1,524
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Bloomington Independent School District #271,
Callable 02/01/10 @ 100 (MSDCEP)
5.250%, 02/01/11 $ 1,000 $ 1,008
Burnsville Independent School District #191
(MSDCEP)
5.000%, 02/01/08 1,355 1,357
Burnsville Independent School District #191,
Callable 02/01/08 @ 100 (MSDCEP)
5.000%, 02/01/09 1,225 1,223
Chaska Independent School District #112,
Series A (MSDCEP)
4.600%, 02/01/07 1,835 1,785
4.800%, 02/01/10 2,220 2,155
Dakota County Capital Improvements, Series C
4.750%, 02/01/09 1,000 970
4.850%, 02/01/10 2,000 1,944
Eden Prairie Water & Sewer, Series A,
Zero Coupon Bond
4.550%, 12/01/06 (B) 2,090 1,483
Forest Lake Independent School District #831,
Callable 02/01/08 @ 100
5.000%, 02/01/09 1,500 1,498
Fridley School District #14,
Callable 02/01/05 @ 100 (FSA)
5.350%, 02/01/26 5,000 4,736
Hastings Independent School District #200, Series A,
Callable 02/01/08 @ 100 (MSDCEP)
5.000%, 02/01/11 1,095 1,078
Lakeville Independent School District #194,
Callable 02/01/09 @ 100
5.000%, 02/01/16 2,500 2,364
Lakeville Independent School District #194, Series A,
Callable 02/01/08 @ 100 (MSDCEP)
5.125%, 02/01/22 6,000 5,558
Mankato Independent School District #77, Series A,
Callable 02/01/04 @ 100 (FSA)
5.100%, 02/01/07 1,000 1,004
Minneapolis School District #1,
Callable 02/01/06 @ 100 (MSDCEP)
5.000%, 02/01/07 1,025 1,029
Minneapolis School District #1 (MSDCEP)
4.500%, 02/01/08 1,450 1,384
Minneapolis & St. Paul Met Airports Commission,
Series 8, Callable 01/01/02 @ 100 (AMT)
6.100%, 01/01/03 1,500 1,532
6.350%, 01/01/04 2,500 2,560
Minneapolis, Series B, Callable 09/01/05 @ 100
5.050%, 03/01/06 6,000 6,048
Minneapolis, Series C, Pre-refunded @ 100
6.250%, 03/01/03 (A) 1,000 1,029
6.350%, 03/01/04 (A) 1,200 1,237
Minneapolis, Series C, Callable 04/01/02 @ 102
6.150%, 10/01/05 2,400 2,507
Minneapolis, Series D, Callable 12/01/08 @ 100
5.000%, 12/01/10 1,500 1,489
Minnesota State, Callable 08/01/07 @ 100
4.800%, 08/01/11 2,710 2,612
4.850%, 08/01/12 4,920 4,730
Minnesota State Public Improvements,
Callable 11/01/06 @ 100
5.000%, 11/01/08 1,500 1,505
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 23)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Olmsted County Resource Recovery, Series A,
Callable 02/01/02 @ 100
5.800%, 02/01/04 $ 1,850 $ 1,878
Osseo Independent School District #279,
Callable 02/01/03 @ 100 (FGIC)
5.400%, 02/01/05 1,525 1,545
Pipestone-Jasper Independent School District #2689
Callable 3/01/09 @100 (FGIC)
5.400%, 03/01/13 1,095 1,107
Puerto Rico Commonwealth (MBIA)
6.000%, 07/01/14 1,605 1,735
Red Wing Independent School District #256, Series A,
Callable 02/01/03 @ 100
5.250%, 02/01/05 1,010 1,018
Richfield Independent School District #280 (FGIC)
4.550%, 02/01/03 4,550 4,515
Robbinsdale Independent School District #281
(MSDCEP)
5.000%, 02/01/08 (C) 1,250 1,249
Rosemount Independent School District #196,
Series A, Callable 06/01/04 @ 100
5.625%, 06/01/07 1,400 1,438
Rosemount Independent School District #196,
Series A, Callable 06/01/08 @ 100 (MSDCEP)
4.375%, 06/01/10 1,930 1,785
Savage, Series A (FGIC)
5.200%, 02/01/05 1,000 1,014
Savage, Series A, Callable 02/01/06 @ 100 (FGIC)
5.350%, 02/01/07 1,000 1,019
5.500%, 02/01/08 1,000 1,024
St. Cloud Law Enforcement Center,
Callable 02/01/01 @ 100 (MLO)
5.750%, 02/01/02 1,000 1,009
St. Cloud, Series A
6.000%, 08/01/02 1,000 1,022
St. Louis Park Independent School District #283,
Callable 02/01/01 @ 100
5.900%, 02/01/04 1,000 1,014
St. Louis Park Independent School District #283,
Callable 02/01/09 @ 100 (MSDCEP)
5.250%, 02/01/10 1,500 1,520
5.600%, 02/01/15 725 737
St. Paul Independent School District #622, Series A,
Callable 02/01/07 @100 (MSDCEP)
5.125%, 02/01/25 2,000 1,838
St. Paul Independent School District #625,
Callable 02/01/04 @ 100
5.800%, 02/01/07 1,000 1,024
St. Paul Independent School District #625,
Series C (MLO)
5.850%, 02/01/07 1,000 1,028
St. Paul, Callable 02/01/01 @ 100
5.250%, 02/01/03 1,500 1,507
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Stillwater Independent School District #834,
Callable 02/01/02 @ 100 (FGIC)
5.200%, 02/01/03 $ 2,500 $ 2,520
Stillwater Independent School District #834,
Callable 02/01/09 @100 (MSDCEP)
4.750%, 02/01/11 2,140 2,049
Virgin Islands Special Tax, Pre-refunded @102
7.750%, 10/01/06 (A) 300 314
Washington County Housing & Redevelopment
Authority, Jail Facility, Escrowed To Maturity (MLO)
6.500%, 02/01/01 1,000 1,019
Washington County Housing & Redevelopment
Authority, Jail Facility,
Pre-refunded @ 100 (MLO)
6.800%, 02/01/04 (A) 1,500 1,555
Washington County, Raymie Johnson
Apartments, Series C (FGIC)
6.000%, 01/01/10 1,340 1,380
West St. Paul Independent School District #197,
Zero Coupon Bond (MBIA)
5.500%, 02/01/05 (B) 2,000 1,570
Willmar Independent School District #347,
Series A (MSDCEP)
4.950%, 02/01/06 1,000 1,004
Willmar Independent School District #347, Series A,
Callable 02/01/06 @ 100 (MSDCEP)
5.150%, 02/01/09 1,160 1,167
Willmar Independent School District #347, Series C,
Pre-refunded @ 100 (AMBAC)
6.150%, 02/01/09 (A) 1,000 1,025
------------
113,724
------------
CERTIFICATES OF PARTICIPATION -- 4.2%
Hennepin County Lease Revenue (MLO)
4.650%, 11/15/08 1,275 1,222
Hennepin County Lease Revenue,
Callable 11/15/08 @ 100 (MLO)
5.375%, 11/15/09 2,280 2,326
Minneapolis Special School District #1,
Series A (MLO)
4.375%, 02/01/07 1,000 950
Minneapolis Special School District #1, Series A,
Callable 02/01/06 @ 100 (MBIA) (MLO)
5.900%, 02/01/11 2,150 2,227
Minneapolis Special School District #1, Series B,
Callable 02/01/03 @ 100 (AMBAC) (MLO)
5.400%, 02/01/04 2,000 2,028
5.500%, 02/01/05 2,000 2,030
St. Paul Science Museum, Escrowed to Maturity (MLO)
7.500%, 12/15/01 319 328
------------
11,111
------------
The accompanying notes are an integral part of the financial statements.
(24 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
TAX REVENUE -- 6.8%
Bloomington Port Authority, Mall of America
Project, Series A (FSA)
5.000%, 02/01/02 $ 1,585 $ 1,595
4.800%, 02/01/08 1,000 977
4.900%, 02/01/09 1,000 982
Bloomington Port Authority, Mall of America Project,
Series A, Callable 02/01/04 @ 100 (FSA)
5.450%, 02/01/09 1,665 1,677
Minneapolis Community Development Agency (MBIA)
7.000%, 03/01/01 2,000 2,049
Minneapolis Community Development Agency,
Zero Coupon Bond (MBIA)
6.240%, 03/01/02 (B) 5,000 4,558
St. Paul Housing & Redevelopment Authority,
Tax Increment Revenue,
Callable 08/01/06 @ 102.5 (AMBAC)
6.400%, 02/01/07 1,195 1,289
6.400%, 08/01/07 1,205 1,305
6.500%, 02/01/09 1,315 1,438
St. Paul Port Authority, Energy Park, Tax Increment (FSA)
5.000%, 02/01/08 2,100 2,090
------------
17,960
------------
TOTAL MUNICIPAL BONDS
(Cost $264,015) 263,611
------------
MONEY MARKET FUND -- 0.2%
Federated Minnesota Municipal Cash Trust 457,599 458
------------
TOTAL MONEY MARKET FUND
(Cost $458) 458
------------
TOTAL INVESTMENTS -- 99.3%
(Cost $264,473) 264,069
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.7% 1,891
------------
MINNESOTA INTERMEDIATE TAX FREE FUND (CONCLUDED)
DESCRIPTION VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
1,253,256 outstanding shares $ 12,642
Portfolio Capital -- Class Y ($0.0001 par value--
2 billion authorized) based on
26,250,632 outstanding shares 254,077
Undistributed net investment income 61
Accumulated net realized loss on investments (416)
Net unrealized depreciation of investments (404)
------------
TOTAL NET ASSETS -- 100.0% $ 265,960
------------
Net asset value and redemption price per share -- Class A $ 9.70
Maximum sales charge of 2.50% (D) 0.25
------------
Offering price per share -- Class A $ 9.95
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 9.67
------------
(A) Pre-refunded Security--Pre-refunded issues are typically backed by U.S.
Government obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(B) The rate shown is the effective yield at the time of the purchase.
(C) At March 31, 2000, the cost of securities purchased on a when issued basis
was: Robbinsdale Independent School District #281, $1,244,337.
(D) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
ACA--American Capital Access
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
CGIC--Capital Guaranty Insurance Company
FGIC--Financial Guaranty Insurance Corporation
FHA--Federal Housing Authority
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Insurance Association
MLO--Municipal Lease Obligation
MSDCEP--Minnesota School District Credit Enhancement Program
VA--Veterans Administration
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 25)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
MINNESOTA TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 97.3%
REVENUE BONDS -- 53.9%
AUTHORITY -- 2.1%
Minnesota Agricultural & Economic Development Board,
Series B, Callable 08/01/08 @ 102
7.250%, 08/01/20 (A) $ 1,000 $ 1,008
St. Paul Port Authority, Radisson Kellogg Project,
Series 2, Callable 08/01/08 @ 103
7.375%, 08/01/29 2,000 1,940
------------
2,948
------------
BUILDING -- 0.9%
Hastings Housing & Redevelopment Authority,
Cross-over refunded 02/01/03 @ 100 (MLO)
6.500%, 02/01/14 1,000 1,044
Washington County, Housing & Redevelopment
Authority, Jail Facility
5.000%, 02/01/03 255 256
------------
1,300
------------
ECONOMIC DEVELOPMENT -- 1.4%
Minnesota Agricultural & Economic Development Board,
Series D, Callable 08/01/08 @ 102
7.250%, 08/01/20 (A) 1,100 1,100
Minnesota Agricultural & Economic Development Board,
Callable 12/01/08 @ 102 (AMBAC)
5.000%, 12/01/15 900 849
------------
1,949
------------
EDUCATION -- 9.0%
Minneapolis Gateway Project, Callable 12/01/07 @ 100
5.250%, 12/01/17 1,000 963
Minnesota State Higher Education Facilities Authority,
Augsburg College, Series 4-F1,
Callable 05/01/06 @ 102
6.250%, 05/01/23 1,500 1,505
Minnesota State Higher Education Facilities Authority,
Carleton College, Callable 11/01/07 @ 100
5.250%, 11/01/11 500 502
Minnesota State Higher Education Facilities Authority,
Carleton College, Series 3-L2
3.750%, 11/01/12 500 500
Minnesota State Higher Education Facilities Authority,
Carleton College, Callable 05/01/06 @ 100
5.750%, 11/01/12 1,050 1,080
Minnesota State Higher Education Facilities Authority,
Carleton College, Callable 11/01/07 @ 100
5.400%, 11/01/15 1,500 1,495
Minnesota State Higher Education Facilities Authority,
College of St. Benedict, Pre-refunded @100
6.200%, 03/01/04 (B) 655 684
6.375%, 03/01/04 (B) 360 378
Minnesota State Higher Education Facilities Authority,
College of St. Benedict, Callable 03/01/04 @100
6.200%, 03/01/14 245 249
Minnesota State Higher Education Facilities Authority,
College of St. Benedict, Callable 03/01/04 @100
6.375%, 03/01/20 140 142
MINNESOTA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Minnesota State Higher Education Facilities Authority,
St. John's University, Callable 10/01/07 @ 100
5.350%, 10/01/17 $ 1,000 $ 955
Minnesota State Higher Education Facilities Authority,
University of St. Thomas, Series 4-A1,
Callable 10/01/06 @ 100
5.625%, 10/01/16 1,500 1,500
5.625%, 10/01/21 500 488
Minnesota State Higher Education Facilities Authority,
University of St. Thomas, Series 4-M,
Callable 04/01/07 @ 100
5.375%, 04/01/12 500 500
5.350%, 04/01/17 500 481
Minnesota State Higher Education Facilities Authority,
Vermillion Community College,
Callable 01/01/04 @ 102
5.750%, 01/01/13 750 762
------------
12,184
------------
HEALTHCARE -- 19.6%
Brooklyn Center Health Care Facilities,
Callable 12/01/03 @ 102
7.600%, 12/01/18 900 917
Chisago Health Facilities Authority,
Callable 07/01/05 @ 102
7.300%, 07/01/25 400 405
Coon Rapids Nursing Home Facilities Authority,
North Cities Health Project
6.000%, 05/01/03 640 639
Cuyana Range, Hospital District, Series A,
Callable 06/01/07 @ 102
6.000%, 06/01/29 3,000 2,490
Duluth Economic Development Authority, Health Care
Facilities, Pre-refunded @ 102 (AMBAC)
6.300%, 04/01/02 (B) 145 153
Fairmont Senior Housing Mortgage,
Callable 07/01/02 @ 102
8.500%, 07/01/15 900 934
Fergus Falls Health Care Facilities Authority, Series A,
Callable 11/01/04 @ 102
7.000%, 11/01/19 1,000 961
Glencoe Health Care Facilities,
Pre-refunded @ 100
8.500%, 12/01/00 (B) 575 590
Glencoe Hospital Board, Callable 08/01/04 @ 102
6.750%, 04/01/16 1,100 1,041
Golden Valley, Covenant Retirement Communities,
Series A, Callable 12/01/09 @ 101
5.500%, 12/01/29 1,750 1,491
Litchfield Health Care Facilities,
Pre-refunded @ 102
8.750%, 08/01/01 (B) 500 535
Little Canada Presbyterian Homes,
Callable 07/01/00 @ 102
7.000%, 07/01/07 700 719
Minneapolis & St. Paul Housing & Redevelopment
Authority, Series A (FSA)
5.600%, 08/15/12 250 254
The accompanying notes are an integral part of the financial statements.
(26 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
MINNESOTA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Minneapolis Nursing Home Revenue,
Pre-refunded @ 100
8.000%, 05/01/01 (B) $ 250 $ 259
Minnesota State Agricultural & Economic Development
Board, Benedictine Health, Series A,
Callable 11/15/07 @ 102 (MBIA)
5.250%, 02/15/15 2,000 1,952
Minnesota State Agricultural & Economic Development
Board, Fairview Hospital Project,
Callable 11/15/07 @ 102 (MBIA)
5.500%, 11/15/11 500 507
Minnesota State Agricultural & Economic Development
Board, Fairview Hospital Project, Series A,
Callable 11/15/07 @ 102 (MBIA)
5.500%, 11/15/17 1,000 994
Monticello, Big Lake Community Hospital, Series A
4.700%, 12/01/03 125 121
Monticello, Big Lake Community Hospital,
Callable 12/01/09 @ 100
5.750%, 12/01/19 1,000 826
New Hope, Housing & Healthcare Facilities Authority
4.400%, 03/01/01 540 533
4.600%, 03/01/02 700 684
Olmstead County, Hiawatha Homes Project,
Callable 07/01/03 @ 102
6.500%, 07/01/16 205 189
Plymouth, Mission Farms Nursing Home Project,
Callable 08/01/04 @ 102
7.500%, 08/01/14 1,000 1,021
7.500%, 08/01/24 100 102
Rochester Health Care Facilities Authority, Mayo
Foundation, Series A, Callable 05/15/08 @ 101
5.500%, 11/15/27 4,000 3,839
Roseau Area Hospital District, Callable 10/01/01 @ 100
7.200%, 10/01/11 230 232
7.200%, 10/01/12 250 252
7.200%, 10/01/13 250 252
Springfield Health Care, St. John Lutheran Project,
Callable 05/01/00 @ 103
8.500%, 11/01/19 250 258
St. Anthony Housing & Redevelopment Authority,
Callable 05/20/06 @ 102 (FHA) (GNMA)
6.250%, 11/20/25 1,500 1,518
St. Paul Housing & Redevelopment Authority,
Callable 05/15/09 @ 100
5.250%, 05/15/18 1,000 809
Worthington, Series A, Callable 12/01/02 @ 100
6.500%, 12/01/10 380 371
6.500%, 12/01/11 410 399
6.500%, 12/01/12 440 426
------------
26,673
------------
HOUSING -- 13.3%
Austin Housing & Redevelopment Authority,
Callable 01/01/06 @ 102
7.250%, 01/01/26 500 510
Bloomington Multifamily Housing Authority,
Crow/Bloomington Project
3.950%, 12/01/25 150 150
Coon Rapids Multifamily Housing, Browns Meadow,
Callable 02/01/02 @ 102 (AMT)
6.750%, 08/01/23 680 696
MINNESOTA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Coon Rapids Multifamily Housing, Margaret Place,
Callable 11/01/07 @ 102
6.250%, 05/01/18 $ 500 $ 467
Coon Rapids Multifamily Housing, Woodland North
Apartments, Callable 12/01/03 @ 100 (FHA)
5.625%, 12/01/09 855 858
Dakota County Housing & Redevelopment Authority,
Callable 09/01/00 @ 101 (GNMA)
8.100%, 09/01/12 230 235
Hopkins Elderly Housing, Series A (GNMA)
5.600%, 11/20/17 500 476
Hopkins, Multifamily Housing Renaissance Project,
Callable 04/01/07 @102
6.250%, 04/01/15 500 507
Minneapolis Multifamily Housing, Churchill Project,
Callable 10/01/11 @ 102 (FHA)
7.050%, 10/01/22 750 781
Minneapolis Multifamily Housing, Seward Towers
Project, Callable 12/20/00 @ 102 (GNMA)
7.375%, 12/20/30 1,370 1,406
Minneapolis Multifamily Housing, Trinity Housing
Project, Callable 02/01/01 @ 102
7.875%, 02/01/06 185 194
8.250%, 02/01/18 2,625 2,756
Minnesota State Housing Development Service,
Callable 02/01/02 @ 102
7.050%, 08/01/27 500 519
Moorhead Economic Development Authority, Series B,
Callable 06/01/04 @ 102
6.000%, 06/01/29 1,900 1,575
Roseville Housing Facilities Authority,
Pre-refunded @ 102
7.125%, 10/01/03 (B) 2,000 2,172
St. Cloud Housing & Redevelopment Authority,
Pre-refunded @ 102
7.500%, 12/01/00 (B) 500 520
St. Louis Park Multifamily Housing (GNMA)
5.250%, 11/01/20 500 449
St. Louis Park Multifamily Housing,
Callable 12/01/05 @ 102 (FHA)
6.250%, 12/01/28 500 503
St. Paul Housing & Redevelopment Authority,
Como Lake Project, Series B,
Callable 05/05/00 @ 101 (FHA)
7.500%, 03/01/26 (C) 1,500 1,460
Washington County, Housing & Redevelopment Authority,
Briar Pond Project, Callable 08/20/09 @100
5.600%, 08/20/34 1,000 918
White Bear Lake, Lake Square Housing, Series A,
Callable 02/01/07 @ 102 (FHA)
6.000%, 08/01/20 1,020 1,009
------------
18,161
------------
INDUSTRIAL DEVELOPMENT -- 1.5%
Little Canada Commercial Development,
Callable 04/01/03 @ 100 (MLO)
7.100%, 04/01/13 1,650 1,660
Shakopee Commercial Development
6.750%, 06/01/00 10 10
6.750%, 12/01/00 15 15
7.000%, 06/01/01 15 15
7.000%, 12/01/01 15 15
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 27)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
MINNESOTA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Shakopee Commercial Development,
Callable 12/01/00 @ 101
7.250%, 06/01/02 $ 15 $ 15
7.250%, 12/01/02 15 15
7.350%, 06/01/03 15 15
7.350%, 12/01/03 15 15
7.350%, 06/01/04 15 15
7.350%, 12/01/04 20 20
7.500%, 06/01/05 15 15
7.500%, 12/01/05 20 20
7.500%, 06/01/06 20 20
7.500%, 12/01/06 20 20
7.500%, 06/01/07 20 20
7.500%, 12/01/07 25 26
7.500%, 06/01/08 20 20
7.500%, 12/01/08 25 26
------------
1,977
------------
POLLUTION CONTROL -- 0.7%
Minnesota State Public Facilities Authority, Water
Pollution Control, Callable 03/01/08 @ 100
4.750%, 03/01/18 1,000 895
------------
RECREATIONAL AUTHORITY -- 1.0%
Moorhead, Series A, Pre-refunded @ 100
7.750%, 12/01/01 (B) 1,165 1,222
Moorhead, Series B
5.000%, 12/01/02 125 123
------------
1,345
------------
SCHOOL DISTRICT -- 1.1%
Golden Valley Breck School, Callable 10/01/09 @ 100
5.750%, 10/01/14 1,000 1,020
South Washington County Independent School
District #833, Callable 12/01/06 @ 100 (MLO)
5.250%, 12/01/14 500 491
------------
1,511
------------
UTILITIES -- 3.3%
Minnesota Water Finance Authority (CGIC)
4.250%, 09/01/00 1,005 1,005
Southern Minnesota Municipal Power Agency,
Callable 01/01/03 @ 102 (MBIA)
5.000%, 01/01/12 1,000 966
5.750%, 01/01/18 850 871
Western Minnesota Municipal Power Agency,
Callable 01/01/06 @ 102 (AMBAC)
5.500%, 01/01/12 1,000 1,018
Western Minnesota Municipal Power Agency,
Callable 05/08/00 @ 100 (MBIA)
9.750%, 01/01/16 410 588
------------
4,448
------------
TOTAL REVENUE BONDS 73,391
------------
GENERAL OBLIGATIONS -- 40.3%
Anoka-Hennepin Independent School District #11,
Series A, Callable 02/01/10 @ 100 (FSA)
5.750%, 02/01/17 1,000 1,018
MINNESOTA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Becker Independent School District #726, Series A,
Callable 02/01/10 @ 100 (FSA)
6.000%, 02/01/21 $ 1,000 $ 1,033
Big Lake Independent School District,
Callable 02/01/07 @ 100 (MBIA)
5.600%, 02/01/15 1,000 1,011
Bloomington Independent School District #271,
Callable 02/01/10 @ 100 (FSA)
5.000%, 02/01/20 1,000 919
Burnsville Independent School District #191, Series A,
Callable 02/01/06 @ 100
4.875%, 02/01/13 1,450 1,389
Chaska Independent School District #112, Series B,
Cross-over refunded @ 100
5.875%, 02/01/06 1,965 2,053
5.875%, 02/01/06 2,200 2,298
6.000%, 02/01/06 5,525 5,807
Columbia Heights Independent School District #13,
Callable 02/01/07 @ 100
5.250%, 02/01/15 1,000 986
Delano Independent School District #879,
Callable 02/01/11 @ 100 (FSA)
5.875%, 02/01/25 1,000 1,012
Eden Prairie Independent School District #272,
Callable 02/01/08 @ 100
5.100%, 02/01/12 1,150 1,137
Hawley Independent School District #150, Series A,
Cross-over refunded @ 100 (FSA)
5.750%, 02/01/06 1,500 1,558
Hennepin County, Series C
3.600%, 12/01/04 505 505
Lakeville Independent School District #194,
Callable 02/01/09 @ 100
5.000%, 02/01/17 1,000 938
Metropolitan Council, Callable 06/01/05 @ 100
5.600%, 06/01/15 1,000 1,010
Minneapolis, Series A, Callable 05/01/00 @ 100
3.600%, 12/01/05 (D) 3,000 3,000
Minneapolis, Callable 09/01/05 @ 100
5.200%, 03/01/13 400 397
Minneapolis Sports Arena, Callable 04/01/08 @ 100
5.100%, 04/01/13 500 491
5.100%, 10/01/13 250 245
Minnesota State Public Improvements,
Callable 11/01/06 @ 100
5.000%, 11/01/07 1,790 1,800
5.000%, 11/01/08 1,500 1,505
5.250%, 11/01/13 1,500 1,497
North Branch Independent School District #138,
Cross-over refunded @ 100 (FGIC)
5.600%, 02/01/05 1,500 1,542
North St. Paul Independent School District #622,
Callable 05/01/06 @ 100
5.850%, 05/01/17 500 508
Osseo Independent School District #279, Series A,
Callable 02/01/04 @ 100
8.971%, 02/01/14 (D) 3,195 3,219
Shakopee Independent School District #7,
Callable 02/01/08 @ 100
4.625%, 02/01/16 2,250 2,013
The accompanying notes are an integral part of the financial statements.
(28 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
MINNESOTA TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
South Washington County Independent School
District #833, Callable 06/01/05 @ 100 (MLO)
5.850%, 06/01/15 $ 500 $ 511
St. Cloud, Series A, Cross-over refunded @ 100
8.655%, 08/01/13 (D) 5,200 5,376
St. Louis Park Independent School District #283,
Callable 02/01/09 @ 100 (MSDCEP)
5.700%, 02/01/17 2,000 2,032
St. Paul Independent School District #625,
Callable 02/01/05 @ 100 (MLO)
5.250%, 02/01/15 1,000 974
Wayzata Independent School District #284,
Cross-over refunded @ 100 (FSA)
5.950%, 02/01/05 1,000 1,043
6.000%, 02/01/05 2,000 2,090
Wayzata Independent School District #284, Series A,
Callable 02/01/07 @ 100
5.500%, 02/01/17 4,000 4,004
------------
54,921
------------
CERTIFICATES OF PARTICIPATION -- 2.8%
Hennepin County, Series A,
Pre-refunded @ 100 (MLO)
6.650%, 11/15/01 (B) 1,000 1,032
6.750%, 11/15/01 (B) 575 594
6.750%, 11/15/01 (B) 300 310
6.800%, 11/15/01 (B) 1,750 1,810
------------
3,746
------------
TAX REVENUE -- 0.3%
Duluth Economic Development Authority
8.000%, 08/01/08 325 368
------------
TOTAL MUNICIPAL BONDS
(Cost $131,119) 132,426
------------
CLOSED-END INVESTMENT COMPANIES -- 1.7%
Voyageur Minnesota Municipal Income II 126 1,561
Voyageur Minnesota Municipal Income III 62 730
------------
TOTAL CLOSED-END INVESTMENT COMPANIES
(Cost $2,618) 2,291
------------
MONEY MARKET FUND -- 1.0%
Federated Minnesota Municipal Cash Trust 1,296,149 1,296
------------
TOTAL MONEY MARKET FUND
(Cost $1,296) 1,296
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $135,033) 136,013
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.0% (19)
------------
MINNESOTA TAX FREE FUND (CONCLUDED)
DESCRIPTION VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
8,891,866 outstanding shares $ 92,421
Portfolio Capital-- Class C ($0.0001 par value--
2 billion authorized) based on
181,760 outstanding shares 2,005
Portfolio Capital-- Class Y ($0.0001 par value--
2 billion authorized) based on
3,785,184 outstanding shares 40,867
Undistributed net investment income 186
Accumulated net realized loss on investments (465)
Net unrealized appreciation of investments 980
------------
TOTAL NET ASSETS -- 100.0% $ 135,994
------------
Net asset value and redemption price per share -- Class A $ 10.58
Maximum sales charge of 2.50% (E) 0.27
------------
Offering price per share -- Class A $ 10.85
------------
Net asset value per share -- Class C (F) $ 10.56
Maximum sales charge of 1.00% (G) 0.11
------------
Offering price per share -- Class C $ 10.67
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 10.57
------------
(A) At March 31, 2000, the cost of securities purchased on a when issued basis
were: Minnesota Agricultural & Economic Development Board, Series B and
Series D in the amounts of $1,100,000 and $1,000,000 respectively.
(B) Pre-refunded Security--Pre-refunded issues are typically backed by U.S.
Government obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(C) Security currently in partial default and is only 93.5% guaranteed. The
effective interest rate is 7.50%
(D) Inverse Floating Rate Security--security pays interest at rates that
increase (decrease) in the same magnitude as, or in a multiple of, a
decrease (increase) in the market rate paid.
(E) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
(F) Class C has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
(G) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 1.00%.
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
CGIC--Capital Guaranty Insurance Company
FGIC--Financial Guaranty Insurance Corporation
FHA--Federal Housing Authority
FSA--Financial Security Assurance
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Insurance Association
MLO--Municipal Lease Obligation
MSDCEP--Minnesota School District Credit Enhancement Program
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 29)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
OREGON INTERMEIDATE TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.4%
REVENUE BONDS -- 39.9%
BUILDING -- 0.6%
Oregon State Fair & Exposition Center,
Callable 10/01/01 @ 103 (AG)
5.400%, 10/01/06 $ 1,010 $ 1,020
------------
EDUCATION -- 4.2%
Multnomah County, University of Portland Educational
Facilities, Callable 04/01/07 @ 102 (AMBAC)
5.750%, 04/01/10 2,245 2,353
Oregon State Health, Housing, Educational & Cultural
Facilities, George Fox University, Series A,
Callable 03/01/07 @ 102
5.400%, 03/01/09 395 400
5.450%, 03/01/10 415 421
Oregon State Health, Housing, Educational & Cultural
Facilities, Lewis & Clark College (MBIA)
5.250%, 10/01/02 550 558
5.300%, 10/01/03 630 641
Oregon State Health, Housing, Educational & Cultural
Facilities, Reed College, Series A,
Callable 07/01/06 @ 102
5.375%, 07/01/15 2,000 1,952
Salem Educational Facilities, Willamette University
5.500%, 04/01/04 500 512
Salem Educational Facilities, Willamette University,
Callable 04/01/04 @ 101
5.700%, 04/01/05 500 517
------------
7,354
------------
HEALTHCARE -- 4.5%
Clackamas County Health Facilities Authority,
Series A, Callable 03/01/02 @ 102 (MBIA)
5.900%, 03/01/03 885 912
Clackamas County Hospital Revenue, Legacy Health
Systems, Callable 08/15/09 @ 101
5.250%, 02/15/11 2,000 1,974
Clackamas County Hospital Revenue, Mary's Woods,
Series A, Callable 05/15/09 @ 102
6.125%, 05/15/13 1,000 931
Clackamas County Hospital Revenue, Sisters
Providence, Series A, Callable 04/01/02 @ 102
6.200%, 10/01/02 680 700
Douglas County Hospital Facilities Authority, Catholic
Health, Series B (MBIA)
5.500%, 11/15/04 505 518
Medford Hospital Facilities Authority, Asante Health
Systems, Callable 08/15/09 @ 100 (MBIA)
5.250%, 08/15/11 1,000 999
5.375%, 08/15/12 1,000 1,006
Salem Hospital Facilities Authority,
Callable 08/15/08 @ 101
5.250%, 08/15/14 1,000 962
------------
8,002
------------
OREGON INTERMEIDATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
HOUSING -- 5.9%
Oregon State Housing & Community Services,
Callable 07/01/03 @ 102
5.750%, 07/01/12 $ 2,240 $ 2,242
Oregon State Housing & Community Services,
Series A, Callable 07/01/03 @ 102
4.900%, 07/01/05 1,075 1,066
Oregon State Housing & Community Services,
Series A, Callable 07/01/04 @ 102
6.400%, 07/01/18 1,130 1,172
Oregon State Housing & Community Services,
Series A, Callable 07/01/06 @ 102
6.000%, 07/01/16 1,185 1,225
Portland Housing Authority, Callable 01/01/09 @ 100
5.000%, 01/01/19 3,000 2,643
5.100%, 01/01/27 1,000 858
Portland Housing Authority, Riverwood Project,
Pre-refunded @ 100
6.000%, 01/01/06 (A) 1,170 1,226
------------
10,432
------------
IMPROVEMENTS -- 1.2%
Oregon State Department of Administrative Services
Lottery, Series B (FSA)
5.250%, 04/01/08 2,000 2,029
------------
MUNICIPAL BOND BANK -- 0.6%
Oregon State Economic Development Department,
Callable 01/01/02 @ 102
4.850%, 01/01/04 555 556
Oregon State Economic Development Department,
Series A, Callable 01/01/06 @ 102 (MBIA)
5.000%, 01/01/11 500 493
------------
1,049
------------
POLLUTION CONTROL -- 2.0%
Baker County Pollution Control,
Callable 07/01/00 @ 100 (SBA)
5.750%, 07/01/00 285 286
5.850%, 07/01/01 300 301
5.950%, 07/01/02 315 316
6.050%, 07/01/03 335 336
Port of St. Helens Pollution Control,
Portland General Electric
4.800%, 04/01/10 2,500 2,345
------------
3,584
------------
PUBLIC UTILITY DISTRICT -- 0.3%
Northern Wasco County Hydroelectric Utility,
McNary Dam Fishway Project,
Callable 12/01/03 @ 102
4.750%, 12/01/06 470 463
------------
The accompanying notes are an integral part of the financial statements.
(30 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
OREGON INTERMEIDATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
TRANSPORTATION -- 5.0%
Oregon State Department of Transportation,
Regional Light Rail Fund,
Callable 06/01/04 @ 102 (MBIA)
6.000%, 06/01/05 $ 2,000 $ 2,099
Port Portland Airport, Series 7-A,
Escrowed to Maturity (MBIA)
6.125%, 07/01/00 800 804
6.200%, 07/01/01 500 511
Port Portland Airport, Series 9-A,
Callable 07/01/01 @ 102 (FGIC)
5.400%, 07/01/04 1,775 1,805
Port Portland Airport, Series 12-A,
Callable 01/01/09 @ 101 (FGIC)
5.250%, 07/01/11 1,000 1,004
5.250%, 07/01/12 2,000 2,001
Tri-County Metropolitan Transportation
District, Series 1 (MGT)
4.900%, 06/01/09 500 487
------------
8,711
------------
UTILITIES -- 15.6%
Beaverton Water, Callable 06/01/04 @ 100 (FSA)
6.125%, 06/01/14 1,000 1,040
Clackamas County Service District #1,
Callable 10/01/06 @ 100
6.200%, 10/01/09 700 736
Emerald Peoples Utility District (FGIC)
7.200%, 11/01/02 1,235 1,310
Eugene Electric Utilities,
Callable 08/01/06 @ 100 (FSA)
5.375%, 08/01/11 1,195 1,209
Eugene Electric Utilities,
Callable 08/01/07 @ 100 (FSA)
5.000%, 08/01/11 1,305 1,285
Eugene Electric Utilities,
Callable 08/01/08 @ 100 (FSA)
4.800%, 08/01/13 1,190 1,119
Eugene Electric Utilities,
Continuously Callable @ 100
6.650%, 09/01/00 1,200 1,202
Eugene Electric Utilities, Series B,
Continuously Callable @ 101 (MBIA)
4.750%, 08/01/12 670 629
Eugene Electric Utilities, Series B,
Continuously Callable @ 101 (MBIA)
4.900%, 08/01/14 475 445
Gresham Sewer
4.950%, 06/01/02 615 618
Gresham Sewer, Callable 06/01/02 @ 102
5.250%, 06/01/05 500 506
Marion County Solid Waste & Electric, Ogden
Martin System Project (AMBAC)
5.100%, 10/01/02 1,000 1,010
5.500%, 10/01/06 1,400 1,442
Portland Sewer Systems, Series A
5.550%, 06/01/04 1,085 1,114
Portland Sewer Systems, Series A,
Callable 06/01/07 @ 100 (FGIC)
5.000%, 06/01/08 1,000 999
5.000%, 06/01/09 2,250 2,242
5.000%, 06/01/15 2,000 1,900
OREGON INTERMEIDATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Portland Sewer Systems, Series B,
Callable 04/01/02 @ 102 (FGIC)
5.500%, 04/01/04 $ 600 $ 615
Salem Water & Sewer (MBIA)
6.000%, 06/01/06 1,135 1,199
Tualatin Valley Water District,
Callable 06/01/08 @ 100 (FSA)
5.000%, 06/01/12 1,000 977
Washington County Unified Sewerage Agency,
Callable 10/01/06 @ 101 (FGIC)
5.200%, 10/01/09 1,300 1,312
Washington County Unified Sewerage Agency,
Series 1, Pre-refunded @ 100 (AMBAC)
5.800%, 10/01/04 (A) 2,000 2,078
Washington County Unified Sewerage Agency,
Series 1 (AMBAC)
5.700%, 10/01/04 1,250 1,295
Washington County Unified Sewerage Agency,
Series 1 (FGIC)
5.750%, 10/01/08 1,000 1,051
------------
27,333
------------
TOTAL REVENUE BONDS 69,977
------------
GENERAL OBLIGATIONS -- 52.4%
Bear Creek Valley Sanitation Authority
7.200%, 10/01/00 215 218
Beaverton Limited Tax, Series B,
Callable 04/01/02 @ 100
5.000%, 04/01/03 900 905
Chemeketa Oregon Community College (FGIC)
5.500%, 06/01/13 2,170 2,223
Chemeketa Community College,
Pre-refunded @ 100 (FGIC)
5.650%, 06/01/06 (A) 1,000 1,039
Clackamas & Washington Counties Joint School
District #3, Pre-refunded @ 100
5.600%, 08/01/02 (A) 1,000 1,020
Clackamas & Washington Counties Joint School
District #3, Callable 10/01/02 @ 101
5.650%, 10/01/05 235 241
Clackamas & Washington Counties, Joint School
District #3 Callable 06/01/07 @ 100 (FGIC)
5.000%, 06/01/16 1,000 946
Clackamas County School District #7, Lake Oswego
5.200%, 06/15/04 600 610
Clackamas County School District #12, North
Clackamas, Callable 06/01/03 @ 101
4.650%, 06/01/05 1,025 1,010
Clackamas County School District #12, North
Clackamas, Callable 06/01/09 @ 100 (FGIC)
5.250%, 06/01/12 2,000 2,009
Columbia River Peoples Utility District,
Callable 06/01/06 @ 100 (AMBAC)
4.375%, 06/01/07 1,245 1,184
Deschutes & Jefferson Counties School District #2,
Redmond, Callable 06/01/03 @ 100 (MBIA)
5.400%, 06/01/05 1,000 1,016
Deschutes County, Callable 12/01/06 @ 100 (MBIA)
5.250%, 12/01/09 1,000 1,013
Eugene Public Safety Facilities,
Callable 06/01/06 @ 100 (FGIC)
5.700%, 06/01/16 1,295 1,315
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 31)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
OREGON INTERMEIDATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Jackson County School District #549-C (FSA)
6.000%, 06/01/05 $ 1,125 $ 1,183
Josephine County School District #7 (FGIC)
5.750%, 06/01/06 1,525 1,594
Lincoln City, Callable 07/01/00 @ 100 (AMBAC)
5.750%, 07/01/01 500 502
Lincoln City, Series A,
Callable 08/01/00 @ 100 (AMBAC)
5.000%, 02/01/03 305 305
Lincoln County School District (FGIC)
5.500%, 06/15/04 2,095 2,152
6.000%, 06/15/06 1,055 1,116
Marion & Polk Counties School District #24-J,
Salem, Pre-refunded @ 100
5.600%, 10/01/02 (A) 635 649
5.700%, 10/01/02 (A) 660 676
5.800%, 10/01/02 (A) 715 734
Marion County School District #7-J, Silverton,
Callable 06/01/04 @ 101 (FSA)
5.600%, 06/01/06 860 890
Metropolitan Open Spaces Program, Series A,
Callable 09/01/03 @ 102
5.000%, 09/01/04 1,025 1,032
Metropolitan Open Spaces Program, Series C,
Callable 09/01/03 @ 102
5.250%, 09/01/13 1,000 995
Metropolitan Service District, Oregon Convention
Center Project, Callable 01/01/01 @ 101
6.000%, 07/01/02 1,300 1,326
Metropolitan Service District, Oregon Convention
Center Project, Series A, Callable 01/01/01 @ 101
6.250%, 01/01/13 500 511
Metropolitan, Washington Park Zoo, Series A
5.000%, 01/15/03 1,095 1,103
6.000%, 01/15/05 1,215 1,272
Metropolitan, Washington Park Zoo, Series A,
Callable 01/15/07 @ 100
5.250%, 01/15/10 1,000 1,009
Morrow County School District #1 (MBIA)
5.500%, 06/01/04 795 817
5.500%, 06/01/05 835 860
Multnomah County, Callable 04/01/09 @ 100
4.300%, 10/01/11 1,500 1,351
4.500%, 10/01/13 2,000 1,806
Multnomah County School District #1, Portland
4.250%, 06/01/03 1,000 979
Multnomah County School District #3, Park Rose,
Callable 12/01/05 @ 100 (FGIC)
5.600%, 12/01/07 780 803
Multnomah County School District #4, Gresham
5.500%, 01/01/02 910 923
Multnomah County School District #4, Gresham,
Pre-refunded @ 100
5.800%, 01/01/02 (A) 1,400 1,425
Multnomah County School District #7,
Reynolds (AMBAC)
5.875%, 06/01/02 1,000 1,026
5.500%, 06/01/06 1,000 1,030
Multnomah County School District #40
5.250%, 06/01/04 1,000 1,016
OREGON INTERMEIDATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Oregon State
6.000%, 08/01/02 $ 2,100 $ 2,164
6.000%, 02/01/03 1,000 1,034
Oregon State Alternative Energy, Private Act,
Callable 07/01/04 @ 100
5.300%, 07/01/05 900 914
Oregon State Board of Higher Education, Series B,
Callable 10/15/02 @ 100
6.250%, 10/15/12 1,375 1,419
Oregon State Board of Higher Education, Series A,
Callable 08/01/09 @ 101
5.500%, 08/01/15 1,255 1,266
Oregon State Pollution Control, Series A,
Callable 11/01/07 @ 100
4.875%, 11/01/11 455 443
Oregon State Pollution Control, Series C,
Callable 06/01/03 @ 100
5.625%, 06/01/13 275 278
Polk, Marion & Benton Counties School
District #13-J (FGIC)
5.500%, 12/01/03 955 981
Polk, Marion & Benton Counties School District #13-J,
Callable 12/01/04 @ 101 (FGIC)
5.500%, 12/01/05 570 589
Port Portland, Series A
4.500%, 03/01/06 1,000 968
Portland Community College District, Series A,
Pre-refunded @ 100 (A)
6.000%, 07/01/02 1,500 1,541
Portland Community College District,
Callable 07/01/07 @ 101 (AMBAC)
5.500%, 07/01/10 2,850 2,937
Portland Emergency Facilities, Series A,
Callable 06/01/09 @ 100
5.000%, 06/01/12 1,060 1,039
Portland, Series C, Callable 06/01/00 @ 100
5.500%, 12/01/00 250 251
Puerto Rico Commonwealth (MBIA)
6.250%, 07/01/08 1,250 1,363
Salem, Series A, Pre-refunded @ 101
5.600%, 01/01/01 (A) 1,410 1,438
Salem-Keizer School District #24-J,
Callable 06/01/08 @ 100 (FSA)
5.100%, 06/01/12 2,000 1,981
Salem-Keizer School District #24-J,
Callable 06/01/09 @ 100 (SBG)
5.250%, 06/01/12 1,000 1,003
Tri-County Metropolitan Transportation District,
Series A, Pre-refunded @ 101
5.600%, 07/01/02 (A) 2,000 2,057
5.800%, 07/01/02 (A) 1,310 1,353
Tri-County Metropolitan Transportation District,
Series A, Callable 07/01/09 @ 101
5.250%, 07/01/12 1,000 1,003
Tri-County Metropolitan Transportation District,
Light Rail Extension, Series A,
Callable 07/01/09 @ 101
5.250%, 07/01/10 1,115 1,129
The accompanying notes are an integral part of the financial statements.
(32 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
OREGON INTERMEIDATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Tri-County Service District
5.000%, 09/01/02 $ 1,570 $ 1,577
Tualatin Hills Park & Recreational District (FGIC)
5.750%, 03/01/13 870 913
Tualatin Valley Water District, Wolf Creek, Series A,
Callable 12/01/03 @ 100
4.700%, 12/01/04 1,140 1,133
Washington & Clackamas Counties School
District #23-J (FGIC)
5.750%, 06/01/06 1,055 1,103
Washington & Clackamas Counties School
District #23-J, Zero Coupon Bond
4.700%, 06/01/11 (B) 435 237
Washington & Clackamas Counties, School
District #23-J, Tigard, Zero Coupon Bond
5.820%, 06/15/14 (B) 1,030 471
Washington County
5.850%, 12/01/01 685 700
Washington County Criminal Justice Facilities,
Pre-refunded @ 100
5.625%, 12/01/04 (A) 850 878
6.000%, 12/01/04 (A) 1,000 1,049
Washington County School District #1-J
5.000%, 11/01/13 1,375 1,335
5.000%, 11/01/14 1,000 963
Washington County School District #15, Forest Grove,
Pre-refunded @ 101 (FGIC)
5.800%, 06/01/04 (A) 575 601
Washington County School District #3, Hillsboro (MBIA)
5.750%, 11/01/04 800 832
Washington County School District #48-J, Beaverton,
Series B, Callable 06/01/00 @ 100
5.700%, 06/01/02 780 782
Washington County School District #48-J, Beaverton
5.900%, 09/01/01 1,065 1,086
Washington, Multnomah & Yamhill Counties School
District #1-J, Callable 11/01/08 @ 100
5.250%, 11/01/09 2,060 2,088
Washington, Multnomah & Yamhill Counties School
District #1-J, Callable 06/01/09 @ 100
5.250%, 06/01/12 1,185 1,187
Washington County School District #88-J, Sherwood,
Callable 06/01/05 @ 100 (FSA)
5.700%, 06/01/06 1,000 1,037
Wilsonville, Callable 07/01/00 @ 100
7.100%, 01/01/01 200 201
7.200%, 01/01/02 215 217
7.300%, 01/01/03 235 237
Wilsonville, Callable 06/01/08 @ 100
5.000%, 12/01/10 1,160 1,117
Yamhill County School District #29-J, Newberg,
Callable 06/01/04 @ 101 (FSA)
5.600%, 06/01/06 630 652
Yamhill County School District #40, McMinnville (FGIC)
6.000%, 06/01/08 600 640
------------
92,021
------------
OREGON INTERMEIDATE TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
CERTIFICATES OF PARTICIPATION -- 5.5%
Multnomah County,
Callable 08/01/08 @ 101 (MLO)
4.750%, 08/01/11 $ 2,200 $ 2,094
Multnomah County, Health Facilities Lease,
Series A, Callable 07/01/03 @ 101 (MLO)
5.100%, 07/01/04 925 935
Multnomah County, Juvenile Justice Project,
Series A, Pre-refunded @ 101 (MLO)
5.700%, 08/01/02 (A) 675 696
Oregon State Department of Administration
Services (AMBAC) (MLO)
5.500%, 05/01/07 1,000 1,030
Oregon State Department of
Administrative Services, Series A,
Callable 11/01/05 @ 101 (MBIA) (MLO)
5.000%, 11/01/06 1,350 1,354
Oregon State Department of
Administrative Services, Series A,
Callable 05/01/09 @ 101 (AMBAC) (MLO)
5.000%, 05/01/14 1,000 960
Oregon State Department of
Administrative Services, Series B,
Callable 11/01/07 @ 101 (AMBAC) (MLO)
5.000%, 11/01/11 840 826
Oregon State Department of
Administrative Services, Series C,
Callable 05/01/06 @ 101 (MBIA) (MLO)
5.750%, 05/01/07 1,635 1,708
------------
9,603
------------
TAX REVENUE -- 0.6%
Tri-County Metropolitan Transportation District,
Series A, Callable 08/01/02 @ 101
5.450%, 08/01/04 1,000 1,019
------------
TOTAL MUNICIPAL BONDS
(Cost $173,580) 172,620
------------
RELATED PARTY MONEY MARKET FUND -- 0.3%
First American Tax Free Obligations Fund (C) 546,036 546
------------
TOTAL RELATED PARTY MONEY MARKET FUND
(Cost $546) 546
------------
TOTAL INVESTMENTS -- 98.7%
(Cost $174,126) 173,166
------------
OTHER ASSETS AND LIABILITIES, NET -- 1.3% 2,292
------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 33)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
OREGON INTERMEIDATE TAX FREE FUND (CONCLUDED)
DESCRIPTION VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
387,758 outstanding shares $ 3,833
Portfolio Capital -- Class Y ($0.0001 par value--
2 billion authorized) based on
17,804,012 outstanding shares 173,201
Undistributed net investment income 21
Accumulated net realized loss on investments (637)
Net unrealized depreciation of investments (960)
------------
TOTAL NET ASSETS -- 100.0% $ 175,458
------------
Net asset value and redemption price per share -- Class A $ 9.64
Maximum sales charge of 2.50% (D) 0.25
------------
Offering price per share -- Class A $ 9.89
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 9.64
------------
(A) Pre-refunded Security--Pre-refunded issues are typically backed by U.S.
Government obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(B) The rate shown is the effective yield at the time of purchase.
(C) This money market fund is advised by U.S. Bank National Association who also
serves as Advisor for this Fund. See also the notes to the financial
statements.
(D) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
AG--Asset Guaranty
AMBAC--American Municipal Bond Assurance Corporation
FGIC--Financial Guaranty Insurance Corporation
FSA--Financial Security Assurance
MBIA--Municipal Bond Insurance Association
MGT--Morgan Guaranty Trust
MLO--Municipal Lease Obligation
SBA--Small Business Administration
SBG--School Board Guaranty
TAX FREE FUND
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 94.3%
ALASKA -- 1.3%
Alaska State Housing Finance Authority, Series A,
Callable 06/01/07 @ 102 (RB) (MBIA)
5.900%, 12/01/19 $ 1,000 $ 1,005
------------
ARIZONA -- 2.8%
Maricopa County School District #4 (GO) (FSA)
5.250%, 07/01/04 2,000 2,032
Tucson (GO)
5.500%, 07/01/18 150 150
------------
2,182
------------
CALIFORNIA -- 0.6%
California State, Callable 04/01/09 @ 101 (GO)
4.750%, 04/01/22 500 434
------------
COLORADO -- 2.6%
La Junta Hospital, Arkansas Valley Medical Center
Project, Callable 04/01/09 @ 101 (RB)
6.000%, 04/01/19 1,000 876
Montrose County Health Care,
Pre-refunded @ 102 (RB)
8.250%, 11/01/02 (A) 1,000 1,097
------------
1,973
------------
FLORIDA -- 3.0%
Clay County Development Authority, Cargill Project,
Callable 03/01/02 @ 102 (GO)
6.400%, 03/01/11 300 310
Florida State Board of Education, Series A,
Callable 06/01/09 @ 101 (GO) (FGIC)
4.500%, 06/01/23 2,450 2,033
------------
2,343
------------
ILLINOIS -- 12.5%
Chicago, O' Hare Airport Project, Series A,
Callable 09/01/09 @ 101 (RB)
5.350%, 09/01/16 1,000 883
Chicago, O' Hare Airport Project, Series B (RB) (AMT)
5.200%, 04/01/11 1,000 904
Illinois State Development Finance Authority,
Pollution Control, Series A,
Callable 07/01/06 @ 102 (RB)
7.375%, 07/01/21 500 531
Illinois State Educational Facilities Authority, Augustana
College, Callable 10/01/07 @ 100 (RB) (CLE)
5.875%, 10/01/17 500 503
Illinois State Educational Facilities Authority, Augustana
College, Callable 10/01/08 @ 100 (RB)
5.250%, 10/01/18 1,000 893
Illinois State Health Facilities Authority, Hospital Sisters
Services, Pre-refunded @ 102 (MBIA)
9.068%, 06/07/02 (A) (B) 1,000 1,100
Illinois State Toll Highway Authority, Series A (RB)
6.300%, 01/01/12 1,000 1,087
Illinois State University Improvements,
The accompanying notes are an integral part of the financial statements.
(34 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Pre-refunded @ 100 (COP) (MLO)
7.550%, 02/01/02 (A) $ 110 $ 115
7.600%, 02/01/02 (A) 115 120
7.700%, 02/01/02 (A) 100 105
7.700%, 02/01/02 (A) 100 105
Rockford Multifamily Rivers Edge Apartments,
Series A, Callable 01/20/08 @ 102 (RB) (GNMA)
5.875%, 01/20/38 1,215 1,141
Rock Island, Friendship Manor Project (RB)
7.000%, 06/01/06 1,100 1,093
Rock Island, Friendship Manor Project,
Callable 06/01/03 @ 102 (RB)
7.200%, 06/01/13 400 401
Southern Illinois University, Housing & Auxiliary,
Zero Coupon Bond, Series A (RB) (MBIA)
5.500%, 04/01/20 (C) 2,280 698
------------
9,679
------------
INDIANA -- 6.5%
Hammond Multiple School Building, Series B,
Escrowed to Maturity (RB) (MLO)
6.000%, 01/15/13 1,000 1,054
Indiana State Educational Facilities Authority,
St. Joseph's College Project,
Callable 10/01/09 @ 102 (RB)
7.000%, 10/01/29 1,000 1,001
Indiana State Municipal Power Agency,
Power Supply, Series B (RB) (MBIA)
6.000%, 01/01/11 1,000 1,064
6.000%, 01/01/12 1,000 1,066
Lake County Redevelopment Authority
(RB) (MBIA) (MLO)
6.500%, 02/01/16 800 847
------------
5,032
------------
LOUISIANA -- 1.3%
New Orleans, Ad Valorem Property Tax (GO) (FGIC)
5.500%, 12/01/15 1,000 1,001
------------
MASSACHUSETTS -- 5.3%
Massachusetts Bay Transportation Authority, Series A,
Callable 03/01/09 @ 101 (GO) (FGIC)
5.750%, 03/01/21 2,000 2,005
Massachusetts State Turnpike Authority,
Highway Improvements, Zero Coupon Bond,
Series A (MBIA)
5.650%, 01/01/28 (C) 10,500 2,072
------------
4,077
------------
MICHIGAN -- 1.9%
Black River Public School Academy,
Callable 02/01/10 @ 100 (COP)
7.250%, 02/01/30 950 949
Lakeview Community School,
Pre-refunded @ 100 (GO) (FGIC)
5.750%, 05/01/07 (A) 220 230
5.750%, 05/01/07 (A) 280 293
------------
1,472
------------
TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
MINNESOTA -- 12.8%
Austin Housing & Redevelopment Authority,
Gerard Project Health Care Facilities,
Callable 09/01/09 @ 102 (RB)
6.625%, 09/01/29 $ 1,000 $ 903
Brooklyn Center Health Care Facility,
Callable 12/01/03 @ 102 (RB)
7.600%, 12/01/18 400 408
Cuyana Range Hospital District, Series A,
Callable 06/01/07 @ 102 (RB)
6.000%, 06/01/29 1,000 830
Eden Prairie Multifamily Housing,
Callable 01/20/08 @ 102 (RB) (GNMA)
5.500%, 01/20/18 500 472
Fergus Falls Health Care Facilities Authority, Series A,
Callable 11/01/04 @ 102 (RB)
7.000%, 11/01/19 500 481
Glencoe Hospital Board, Callable 08/01/04 @ 102 (RB)
6.750%, 04/01/16 485 459
Hopkins, Multifamily Housing Renaissance Project,
Callable 04/01/07 @102 (RB)
6.250%, 04/01/15 500 507
New Hope Housing & Healthcare Facilities Authority,
Masonic Home North Ridge,
Callable 03/01/09 @ 102 (RB)
5.750%, 03/01/15 2,000 1,714
Plymouth, Mission Farms Nursing Home Project,
Callable 08/01/04 @ 102 (RB)
7.500%, 08/01/24 500 510
Rochester Health Care Facilities Authority, Series A,
Callable 11/15/02 @ 104
8.017%, 11/15/15 (B) 1,000 1,030
Roseville Housing Facilities Authority,
Pre-refunded @ 102 (RB)
7.125%, 10/01/03 (A) 1,000 1,086
St. Anthony Housing & Redevelopment Authority,
Callable 05/20/06 @ 102 (RB) (GNMA) (FHA)
6.250%, 11/20/25 1,000 1,012
St. Paul Housing & Redevelopment Authority,
Como Lake Project, Series B,
Callable 04/17/00 @ 101 (RB) (FHA)
7.500%, 03/01/26 (D) 500 487
------------
9,899
------------
MISSOURI -- 1.3%
Kansas City Industrial Development Authority,
Kingswood Retirement Facility, Series A,
Callable 11/15/08 @ 102 (RB)
5.375%, 11/15/09 1,100 987
------------
MONTANA -- 0.3%
Sidney Nursing Home, Pre-refunded @ 102 (RB)
9.000%, 06/01/00 (A) 250 257
------------
NEBRASKA -- 1.3%
Nebraska Public Power District, Series C,
Pre-refunded @ 101 (RB)
4.750%, 07/01/04 (A) 1,000 1,005
------------
NEW JERSEY -- 2.6%
New Jersey State, Series E (GO)
5.000%, 07/15/04 2,000 2,016
------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 35)
<PAGE>
STATEMENTS OF NET ASSETS MARCH 31, 2000 (UNAUDITED)
TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
NEW MEXICO -- 1.5%
New Mexico State Finance Authority, Mortgage
Backed Securities (RB) (GNMA)
6.400%, 07/01/15 $ 110 $ 110
New Mexico State Finance Authority, Mortgage
Backed Securities, Series D (RB)
6.200%, 07/01/15 1,035 1,020
------------
1,130
------------
NEW YORK -- 2.9%
Long Island Power Authority, New York Electric,
Light & Power Improvements,
Callable 06/01/08 @ 101 (RB) (AMBAC)
5.250%, 12/01/26 1,000 918
New York City (GO) (MGT)
4.100%, 08/15/18 400 400
New York City Public Improvements, Series C,
Callable 05/01/09 @ 101 (RB)
5.500%, 05/01/25 1,000 957
------------
2,275
------------
NORTH DAKOTA -- 5.0%
Mercer County Pollution Control, Antelope
Valley Station (RB) (AMBAC)
7.200%, 06/30/13 3,300 3,834
------------
PUERTO RICO -- 0.6%
Puerto Rico Public Improvements,
Callable 07/01/10 @ 100 (GO) (MBIA)
5.750%, 07/01/26 500 502
------------
SOUTH DAKOTA -- 2.6%
South Dakota Economic Development Finance Authority,
DTS Inc. Project, Series A,
Callable 04/01/09 @ 102 (RB) (AMT)
5.500%, 04/01/19 1,055 947
South Dakota State Health & Educational Facilities
Authority, Callable 07/01/06 @ 102 (RB) (MBIA)
6.000%, 07/01/14 1,000 1,032
------------
1,979
------------
TENNESSEE -- 2.5%
Johnson City Health & Educational Facilities Authority,
Series A, Callable 07/01/12 @ 103 (RB)
7.500%, 07/01/33 2,000 1,937
------------
TEXAS -- 8.8%
Dallas International Airport,
Callable 11/01/09 @ 101 (RB) (AGMT)
6.375%, 05/01/35 1,000 959
Fort Bend Independent School District,
Escrowed To Maturity (GO)
5.000%, 02/15/14 500 483
Harris County Health Facilities,
Tirr Project (RB)
3.900%, 10/01/17 2,700 2,700
Harts Bluff School District (COP)
8.800%, 11/15/00 50 50
TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000) VALUE (000)
- --------------------------------------------------------------------------------
Houston Employment Community (COP) (MLO)
8.100%, 08/01/01 $ 25 $ 25
8.150%, 02/01/02 35 36
8.150%, 08/01/02 35 36
8.200%, 02/01/03 35 36
8.200%, 08/01/03 35 36
8.250%, 08/01/04 40 41
8.300%, 02/01/05 40 41
8.300%, 08/01/05 45 46
8.350%, 02/01/06 20 20
8.350%, 08/01/06 50 51
8.400%, 08/01/07 25 25
8.450%, 08/01/08 55 56
Houston Employment Community,
Emnora Lane Project (COP) (MLO)
7.850%, 05/01/04 10 10
7.850%, 11/01/04 25 25
7.900%, 05/01/05 25 25
7.900%, 11/01/05 25 25
8.000%, 11/01/06 30 30
8.050%, 05/01/07 20 20
North Central Health Facility, Northwest Senior Housing,
Series A, Callable 11/15/09 @ 102 (RB)
7.250%, 11/15/19 1,000 942
North Central Health Facility, Series A,
Pre-refunded @ 104 (RB) (MBIA)
8.925%, 06/19/01 (A) (B) 1,000 1,091
------------
6,809
------------
UTAH -- 1.4%
Intermountain Power Agency, Power Supply,
Series A (RB) (AMBAC)
6.500%, 07/01/11 1,000 1,111
------------
WASHINGTON -- 5.1%
Washington Health Care Facilities Authority,
Fred Hutchinson Cancer Center (RB) (MGT)
4.100%, 01/01/18 2,330 2,330
Washington State Public Power Supply (RB)
7.125%, 07/01/16 600 694
Washington State Public Power Supply,
Nuclear Project, Series A,
Callable 07/01/07 @ 102 (RB) (FSA)
5.250%, 07/01/16 1,000 950
------------
3,974
------------
WEST VIRGINIA -- 1.4%
West Virginia State, Series D (GO) (FGIC)
6.500%, 11/01/26 1,000 1,095
------------
WISCONSIN -- 6.4%
Amery, Apple River Hospital Project,
Callable 06/01/08 @ 100 (RB)
5.700%, 06/01/13 1,440 1,340
Dallas, Nursing Home Project,
Callable 05/01/03 @ 102 (RB) (FHA)
6.250%, 05/01/19 1,000 879
Wisconsin State Health & Education Facilities
Authority, Aurora Health Care,
Callable 02/15/09 @ 101 (RB)
5.500%, 02/15/20 1,000 816
The accompanying notes are an integral part of the financial statements.
(36 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
TAX FREE FUND (CONTINUED)
DESCRIPTION PAR (000)/SHARES VALUE (000)
- --------------------------------------------------------------------------------
Wisconsin State Health & Education Facilities
Authority, Beloit Memorial Hospital,
Callable 07/01/03 @ 102 (RB)
5.800%, 07/01/09 $ 555 $ 531
Wisconsin State Health & Education Facilities
Authority, Franciscan Skemp Medical Center (RB)
6.125%, 11/15/15 1,000 1,007
Wisconsin State Health & Education Facilities
Authority, Monroe Clinic,
Callable 02/15/09 @ 101 (RB)
5.375%, 02/15/22 500 415
------------
4,988
------------
TOTAL MUNICIPAL BONDS
(Cost $72,748) 72,996
------------
CLOSED-END INVESTMENT COMPANIES -- 2.7%
Blackrock Investment Quality Municipal Trust 10,000 121
Van Kampen Advanced Municipal Income Trust 1,400 18
Van Kampen Advanced Municipal Income Trust II 30,700 342
Van Kampen Municipal Income Trust 29,750 351
Van Kampen Municipal Opportunity Trust 33,700 447
Van Kampen Municipal Trust 58,700 756
Van Kampen Strategic Sector Municipal Trust 3,000 34
------------
TOTAL CLOSED-END INVESTMENT COMPANIES
(Cost $2,269) 2,069
------------
RELATED PARTY MONEY MARKET FUND -- 1.9%
First American Tax Free Obligations Fund (E) 1,457,165 1,457
------------
TOTAL RELATED PARTY MONEY MARKET FUND
(Cost $1,457) 1,457
------------
TOTAL INVESTMENTS -- 98.9%
(Cost $76,474) 76,522
------------
OTHER ASSETS AND LIABILITIES, NET -- 1.1% 832
------------
NET ASSETS:
Portfolio Capital -- Class A ($0.0001 par value--
2 billion authorized) based on
2,792,790 outstanding shares 28,299
Portfolio Capital-- Class C ($0.0001 par value--
2 billion authorized) based on
7,614 outstanding shares 83
Portfolio Capital-- Class Y ($0.0001 par value--
2 billion authorized) based on
4,655,535 outstanding shares 49,386
Undistributed net investment income 24
Accumulated net realized loss on investments (486)
Net unrealized appreciation of investments 48
------------
TOTAL NET ASSETS -- 100.0% $ 77,354
------------
TAX FREE FUND (CONLUDED)
DESCRIPTION VALUE
- --------------------------------------------------------------------------------
Net asset value and redemption price per share -- Class A $ 10.37
Maximum sales charge of 2.50% (F) 0.27
------------
Offering price per share -- Class A $ 10.64
------------
Net asset value per share -- Class C (G) $ 10.35
Maximum sales charge of 1.00% (H) 0.10
------------
Offering price per share -- Class C $ 10.45
------------
Net asset value, offering price, and redemption
price per share -- Class Y $ 10.38
------------
(A) Pre-refunded Security--Pre-refunded issues are typically backed by U.S.
Government obligations or municipal bonds. These bonds mature at the call
date indicated. The pre-refunded date is shown as the maturity date on the
Statement of Net Assets.
(B) Inverse Floating Rate Security--security pays interest at rates that
increase (decrease) in the same magnitude as, or in a multiple of, a
decrease (increase) in the market rate paid.
(C) The rate shown is the effective yield at the time of purchase.
(D) Security currently in partial default and is only 93.5% guaranteed. The
effective interest rate is 7.50%.
(E) This money market fund is advised by U.S. Bank National Association who also
serves as Advisor for this Fund. See also the notes to the financial
statements.
(F) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
(G) Class C has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
(H) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 1.00%.
AGMT--Guaranty Agreement
AMBAC--American Municipal Bond Assurance Corporation
AMT--Alternative Minimum Tax
CLE--Connie Lee
COP--Certificate of Participation
FGIC--Financial Guaranty Insurance Corporation
FHA--Federal Housing Authority
FSA--Financial Security Assurance
GNMA--Government National Mortgage Association
GO--General Obligation
MBIA--Municipal Bond Insurance Association
MGT--Morgan Guaranty Trust
MLO--Municipal Lease Obligation
RB--Revenue Bond
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 37)
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES March 31, 2000 (unaudited), in thousands
<TABLE>
<CAPTION>
ARIZONA
TAX FREE FUND
- ---------------------------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investment securities, at value (cost $5,825) $ 5,947
RECEIVABLES:
Accrued income 62
Capital shares sold 3,496
Other assets 7
- ---------------------------------------------------------------------------------------------------
TOTAL ASSETS 9,512
===================================================================================================
LIABILITIES:
PAYABLES:
Securities purchased 1,026
Other liabilities 7
- ---------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,033
===================================================================================================
TOTAL NET ASSETS 8,479
===================================================================================================
COMPOSITION OF NET ASSETS:
Portfolio capital - Class A ($0.0001 par value - 2 billion authorized) based on 711,651
outstanding shares 7,241
Portfolio capital - Class C ($0.0001 par value - 2 billion authorized) based on 119
outstanding shares 1
Portfolio capital - Class Y ($0.0001 par value - 2 billion authorized) based on 110,800
outstanding shares 1,123
Distributions in excess of net investment income (8)
Net unrealized appreciation of investments 122
- ---------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $ 8,479
===================================================================================================
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE - CLASS A $ 10.31
===================================================================================================
Maximum sales charge of 2.50% (1) 0.26
- ---------------------------------------------------------------------------------------------------
OFFERING PRICE PER SHARE - CLASS A $ 10.57
===================================================================================================
NET ASSET VALUE PER SHARE - CLASS C (2) $ 10.31
===================================================================================================
MAXIMUM SALES CHARGE OF 1.00% (3) 0.10
===================================================================================================
OFFERING PRICE PER SHARE -- CLASS C $ 10.41
===================================================================================================
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - CLASS Y $ 10.31
===================================================================================================
</TABLE>
(1) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
(2) Class C has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
(3) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 1.00%.
The accompanying notes are an integral part of the financial statements.
(38 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
<TABLE>
<CAPTION>
COLORADO
TAX FREE FUND
- -----------------------------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investment securities, at value (cost $8,886) $9,113
Investments securities sold 430
RECEIVABLES:
Accrued income 121
Capital shares sold 218
Other assets 8
- -----------------------------------------------------------------------------------------------------
TOTAL ASSETS 9,890
=====================================================================================================
LIABILITIES:
PAYABLES:
Securities purchased 813
Other liabilities 8
- -----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 821
=====================================================================================================
TOTAL NET ASSETS 9,069
=====================================================================================================
COMPOSITION OF NET ASSETS:
Portfolio capital - Class A ($0.0001 par value - 2 billion authorized) based on 645,768
outstanding shares 6,500
Portfolio capital - Class C ($0.0001 par value - 2 billion authorized) based on 118
outstanding shares 1
Portfolio capital - Class Y ($0.0001 par value - 2 billion authorized) based on 236,720
outstanding shares 2,355
Distributions in excess of net investment income (9)
Accumulated net realized loss on investments (5)
Net unrealized appreciation of investments 227
- -----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $9,069
=====================================================================================================
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE - CLASS A $10.27
=====================================================================================================
Maximum sales charge of 2.50% (1) 0.26
- -----------------------------------------------------------------------------------------------------
OFFERING PRICE PER SHARE - CLASS A $10.53
=====================================================================================================
NET ASSET VALUE PER SHARE - CLASS C (2) $10.27
=====================================================================================================
MAXIMUM SALES CHARGE OF 1.00% (3) 0.10
=====================================================================================================
OFFERING PRICE PER SHARE -- CLASS C $10.37
=====================================================================================================
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE - CLASS Y $10.28
=====================================================================================================
</TABLE>
(1) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 2.50%.
(2) Class C has a contingent deferred sales charge. For a description of a
possible redemption charge, see the notes to the financial statements.
(3) The offering price is calculated by dividing the net asset value by 1 minus
the maximum sales charge of 1.00%.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 39)
<PAGE>
STATEMENTS OF OPERATIONS for the six months ended march 31, 2000 (unaudited),
in thousands
<TABLE>
<CAPTION>
CALIFORNIA COLORADO
ARIZONA INTERMEDIATE CALIFORNIA INTERMEDIATE
TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND(1) TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 27 $1,086 $ 42 $1,631
Dividends -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 27 1,086 42 1,631
========================================================================================================================
EXPENSES:
Investment advisory fees 4 151 6 214
Less: Waiver of investment advisory fees (12) (45) (14) (80)
Administrator fees 1 23 1 33
Transfer agent fees 7 10 7 30
Custodian fees -- 6 -- 9
Directors' fees -- -- -- 1
Registration fees -- 2 -- 2
Professional fees -- 1 -- 1
Printing -- 1 -- 2
Distribution fees - Class A 1 2 1 6
Less: Waiver of distribution fees - Class A -- (2) -- (6)
Distribution fees - Class C -- -- -- --
Less: Waiver of distribution fees - Class C -- -- -- --
Other -- 1 -- 2
- ------------------------------------------------------------------------------------------------------------------------
TOTAL NET EXPENSES 1 150 1 214
========================================================================================================================
INVESTMENT INCOME - NET 26 936 41 1,417
========================================================================================================================
REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS - NET:
Net realized loss on investments -- (110) -- (120)
Net change in unrealized appreciation (depreciation)
of investments 122 15 191 (714)
- ------------------------------------------------------------------------------------------------------------------------
NET GAIN (LOSS) ON INVESTMENTS 122 (95) 191 (834)
========================================================================================================================
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $148 $ 841 $232 $ 583
========================================================================================================================
</TABLE>
(1) Fund commenced operations on February 1, 2000.
The accompanying notes are an integral part of the financial statements.
(40 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
<TABLE>
<CAPTION>
MINNESOTA OREGON
COLORADO INTERMEDIATE INTERMEDIATE MINNESOTA INTERMEDIATE
TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND TAX FREE FUND TAX FREE FUND TAX FREE FUND
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 56 $ 11,205 $ 7,379 $ 3,941 $ 4,612 $ 1,928
-- -- -- 70 -- 9
- -----------------------------------------------------------------------------------------------------------------------
56 11,205 7,379 4,011 4,612 1,937
=======================================================================================================================
7 1,481 976 453 624 222
(16) (353) (237) (144) (154) (79)
1 230 152 70 97 34
7 16 14 40 12 27
-- 63 42 20 27 9
-- 4 3 1 2 1
1 9 6 5 4 2
-- 4 3 1 2 1
-- 15 10 5 6 2
2 12 16 123 3 38
-- (12) (16) -- (3) --
-- -- -- 9 -- --
-- -- -- (3) -- --
-- 8 7 3 4 3
- -----------------------------------------------------------------------------------------------------------------------
2 1,477 976 583 624 260
=======================================================================================================================
54 9,728 6,403 3,428 3,988 1,677
=======================================================================================================================
(5) (1,620) (416) (449) (637) (141)
227 (2,590) (2,074) (993) (768) (500)
- -----------------------------------------------------------------------------------------------------------------------
222 (4,210) (2,490) (1,442) (1,405) (641)
=======================================================================================================================
$ 276 $ 5,518 $ 3,913 $ 1,986 $ 2,583 $ 1,036
=======================================================================================================================
</TABLE>
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 41)
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS in thousands
<TABLE>
<CAPTION>
CALIFORNIA COLORADO
ARIZONA INTERMEDIATE CALIFORNIA INTERMEDIATE
TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND(1) TAX FREE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
2/1/00 10/1/99 10/1/98 2/1/00 10/1/99 10/1/98
to to to to to to
3/31/00 3/31/00 9/30/99 3/31/00 3/31/00 9/30/99
- ------------------------------------------------------------------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income - net $ 26 $ 936 $ 1,687 $ 41 $ 1,417 $ 2,756
Net realized gain (loss) on investments -- (110) (63) -- (120) (30)
Net change in unrealized appreciation/depreciation of
investments 122 15 (1,773) 191 (714) (3,358)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations 148 841 (149) 232 583 (632)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income - net:
Class A (28) (31) (17) (28) (111) (181)
Class C -- -- -- -- -- --
Class Y (6) (907) (1,655) (27) (1,277) (2,569)
Net realized gain on investments:
Class A -- -- (1) -- -- (8)
Class C -- -- -- -- -- --
Class Y -- -- (102) -- (1) (110)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (34) (938) (1,775) (55) (1,389) (2,868)
====================================================================================================================================
CAPITAL SHARE TRANSACTIONS (2):
Class A:
Proceeds from sales 7,231 1,173 2,843 4,428 833 1,961
Reinvestment of distributions 29 24 8 28 54 117
Payments for redemptions (19) (1,628) (882) (69) (807) (1,426)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
Class A transactions 7,241 (431) 1,969 4,387 80 652
- ------------------------------------------------------------------------------------------------------------------------------------
Class C:
Proceeds from sales 1 -- -- 1 -- --
Reinvestment of distributions -- -- -- -- -- --
Payments for redemptions -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
Class C transactions 1 -- -- 1 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Class Y:
Proceeds from sales 2,123 5,440 12,285 4,706 4,582 10,468
Reinvestment of distributions 3 4 18 7 -- 15
Payments for redemptions (1,003) (5,070) (6,194) (1,555) (6,522) (9,598)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
Class Y transactions 1,123 374 6,109 3,158 (1,940) 885
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
capital share transactions 8,365 (57) 8,078 7,546 (1,860) 1,537
- ------------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 8,479 (154) 6,154 7,723 (2,666) (1,963)
NET ASSETS AT BEGINNING OF PERIOD -- 43,511 37,357 -- 61,969 63,932
====================================================================================================================================
NET ASSETS AT END OF PERIOD (3) $ 8,479 $43,357 $43,511 $ 7,723 $59,303 $61,969
====================================================================================================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
(42 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
<TABLE>
<CAPTION>
MINNESOTA
COLORADO INTERMEDIATE INTERMEDIATE
TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND
- -------------------------------------------------------------------------
2/1/00 10/1/99 10/1/98 10/1/99 10/1/98
to to to to to
3/31/00 3/31/00 9/30/99 3/31/00 9/30/99
- -------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C> <C>
$ 54 $ 9,728 $ 20,306 $ 6,403 $ 13,585
(5) (1,620) (986) (416) 349
227 (2,590) (22,883) (2,074) (15,089)
- -------------------------------------------------------------------------
276 5,518 (3,563) 3,913 (1,155)
- -------------------------------------------------------------------------
(39) (226) (477) (290) (557)
-- -- -- -- --
(24) (9,553) (19,747) (6,103) (13,003)
-- -- (53) (15) (27)
-- -- -- -- --
-- -- (2,305) (292) (844)
- -------------------------------------------------------------------------
(63) (9,779) (22,582) (6,700) (14,431)
=========================================================================
6,664 2,153 7,916 1,608 7,476
38 138 275 165 340
(202) (5,093) (6,033) (4,112) (2,825)
- -------------------------------------------------------------------------
6,500 (2,802) 2,158 (2,339) 4,991
- -------------------------------------------------------------------------
1 -- -- -- --
-- -- -- -- --
-- -- -- -- --
- -------------------------------------------------------------------------
1 -- -- -- --
- -------------------------------------------------------------------------
3,353 35,369 82,876 23,817 41,117
-- 870 2,114 178 397
(998) (88,438) (77,736) (47,314) (64,442)
- -------------------------------------------------------------------------
2,355 (52,199) 7,254 (23,319) (22,928)
- -------------------------------------------------------------------------
8,856 (55,001) 9,412 (25,658) (17,937)
- -------------------------------------------------------------------------
9,069 (59,262) (16,733) (28,445) (33,523)
-- 453,177 469,910 294,405 327,928
=========================================================================
$9,069 $ 393,915 $ 453,177 $ 265,960 $ 294,405
=========================================================================
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
OREGON
MINNESOTA INTERMEDIATE
TAX FREE FUND TAX FREE FUND TAX FREE FUND
- ----------------------------------------------------------------------------
10/1/99 10/1/98 10/1/99 10/1/98 10/1/99 10/1/98
to to to to to to
3/31/00 9/30/99 3/31/00 9/30/99 3/31/00 9/30/99
- ----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C> <C>
$ 3,428 $ 6,480 $ 3,988 $ 8,135 $ 1,677 $ 2,313
(449) (16) (637) 38 (141) (345)
(993) (8,149) (768) (9,416) (500) (3,488)
- ----------------------------------------------------------------------------
1,986 (1,685) 2,583 (1,243) 1,036 (1,520)
- ----------------------------------------------------------------------------
(2,559) (5,793) (68) (49) (775) (1,858)
(44) (35) -- -- (1) (2)
(810) (690) (3,921) (8,067) (894) (466)
(1)Fund commenced operations
-- (630) -- -- -- (450) on February 1, 2000.
-- -- -- -- -- -- (2)See Note 4 in Notes to
-- (47) (35) (483) -- (6) Financial Statements for
- ---------------------------------------------------------------------------- additional information.
(3,413) (7,195) (4,024) (8,599) (1,670) (2,782) (3)Includes undistributed
============================================================================ (distributions in excess
of) net investment income
(000) of $(8) and $0 for
7,862 14,016 1,871 3,538 1,128 2,072 Arizona Tax Free Fund, $17
2,389 4,970 40 25 711 1,349 and $19 for California
(22,983) (21,970) (173) (1,468) (5,217) (7,577) Intermediate Tax Free
- ---------------------------------------------------------------------------- Fund, $(14) and $0 for
California Tax Free Fund,
(12,732) (2,984) 1,738 2,095 (3,378) (4,156) $38 and $9 for Colorado
- ---------------------------------------------------------------------------- Intermediate Tax Free
Fund, $(9) and $0 for
466 1,821 -- -- 12 112 Colorado Tax Free Fund,
27 20 -- -- 2 2 $40 and $91 for
(238) (91) -- -- (44) (1) Intermediate Tax Free
- ---------------------------------------------------------------------------- Fund, $61 and $51 for
Minnesota Intermediate Tax
255 1,750 -- -- (30) 113 Free Fund, $186 and $171
- ---------------------------------------------------------------------------- for Minnesota Tax Free
Fund, $21 and $22 for
26,509 15,055 17,514 31,317 39,726 21,777 Oregon Intermediate Tax
221 322 236 471 53 47 Free Fund, and $24 and $17
(3,986) (5,201) (23,005) (31,008) (10,250) (2,318) for Tax Free Fund, at
- ---------------------------------------------------------------------------- March 31, 2000, and
September 30, 1999,
22,744 10,176 (5,255) 780 29,529 19,506 respectively.
- ----------------------------------------------------------------------------
10,267 8,942 (3,517) 2,875 26,121 15,463
- ----------------------------------------------------------------------------
8,840 62 (4,958) (6,967) 25,487 11,161
127,154 127,092 180,416 187,383 51,867 40,706
============================================================================
$ 135,994 $ 127,154 $ 175,458 $ 180,416 $ 77,354 $51,867
============================================================================
</TABLE>
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 43)
<PAGE>
FINANCIAL HIGHLIGHTS For a share outstanding, throughout the periods ended
September 30, unless otherwise indicated.
<TABLE>
<CAPTION>
REALIZED AND
NET ASSET UNREALIZED DIVIDENDS
VALUE NET GAINS OR FROM NET DISTRIBUTIONS
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT FROM
OF PERIOD INCOME INVESTMENTS INCOME CAPITAL GAINS
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ARIZONA TAX FREE FUND(1)
Class A
2000* (unaudited) $ 10.00 $ 0.10 $ 0.30 $ (0.09) $ --
Class C
2000* (unaudited) $ 10.00 $ 0.09 $ 0.31 $ (0.09) $ --
Class Y
2000* (unaudited) $ 10.00 $ 0.11 $ 0.30 $ (0.10) $ --
CALIFORNIA INTERMEDIATE TAX FREE FUND
Class A
2000* (unaudited) $ 9.89 $ 0.21 $ (0.03) $ (0.21) $ --
1999 10.37 0.42 (0.46) (0.41) (0.03)
1998 10.04 0.43 0.33 (0.43) --
1997(2) 10.00 0.06 0.04 (0.06) --
Class Y
2000* (unaudited) $ 9.89 $ 0.21 $ (0.02) $ (0.21) $ --
1999 10.36 0.42 (0.45) (0.41) (0.03)
1998 10.03 0.43 0.33 (0.43) --
1997(2) 10.00 0.06 0.03 (0.06) --
CALIFORNIA TAX FREE FUND(1)
Class A
2000* (unaudited) $ 10.00 $ 0.11 $ 0.32 $ (0.09) $ --
Class C
2000* (unaudited) $ 10.00 $ 0.09 $ 0.33 $ (0.09) $ --
Class Y
2000* (unaudited) $ 10.00 $ 0.12 $ 0.32 $ (0.10) $ --
COLORADO INTERMEDIATE TAX FREE FUND
Class A
2000* (unaudited) $ 10.32 $ 0.23 $ (0.13) $ (0.23) $ --
1999 10.89 0.46 (0.55) (0.46) (0.02)
1998 10.61 0.47 0.30 (0.47) (0.02)
1997 10.42 0.48 0.24 (0.48) (0.05)
1996 10.51 0.49 (0.04) (0.49) (0.05)
1995 10.15 0.49 0.36 (0.49) --
Class Y
2000* (unaudited) $ 10.29 $ 0.23 $ (0.13) $ (0.23) $ --
1999 10.88 0.46 (0.57) (0.46) (0.02)
1998 10.61 0.47 0.29 (0.47) (0.02)
1997 10.42 0.48 0.24 (0.48) (0.05)
1996 10.51 0.49 (0.04) (0.49) (0.05)
1995 10.16 0.48 0.36 (0.49) --
COLORADO TAX FREE FUND(1)
Class A
2000* (unaudited) $ 10.00 $ 0.10 $ 0.26 $ (0.09) $ --
Class C
2000* (unaudited) $ 10.00 $ 0.09 $ 0.27 $ (0.09) $ --
Class Y
2000* (unaudited) $ 10.00 $ 0.11 $ 0.27 $ (0.10) $ --
INTERMEDIATE TAX FREE FUND
Class A
2000* (unaudited) $ 10.45 $ 0.24 $ (0.10) $ (0.24) $ --
1999 11.05 0.46 (0.55) (0.46) (0.05)
1998 10.84 0.47 0.27 (0.47) (0.06)
1997 10.66 0.47 0.24 (0.47) (0.06)
1996 10.72 0.46 0.01 (0.46) (0.07)
1995 10.28 0.49 0.43 (0.48) --
Class Y
2000* (unaudited) $ 10.43 $ 0.24 $ (0.09) $ (0.24) $ --
1999 11.03 0.46 (0.55) (0.46) (0.05)
1998 10.82 0.47 0.27 (0.47) (0.06)
1997 10.65 0.47 0.23 (0.47) (0.06)
1996 10.72 0.46 -- (0.46) (0.07)
1995 10.28 0.49 0.43 (0.48) --
- ------------------------------------------------------------------------------------------
</TABLE>
+Returns are for the period indicated and have not been annualized.
*For the six month period ended March 31. All ratios have been annualized.
(A) Excluding sales charges.
(1) Commenced operations on February 1, 2000. All ratios for the period have
been annualized.
(2) Commenced operations on August 8, 1997. All ratios for the period have been
annualized.
The accompanying notes are an integral part of the financial statements.
(44 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
<TABLE>
<CAPTION>
RATIO OF RATIO OF NET
RATIO OF NET EXPENSES TO INVESTMENT INCOME
NET ASSET RATIO OF INVESTMENT AVERAGE TO AVERAGE
VALUE NET ASSETS EXPENSES TO INCOME TO NET ASSETS NET ASSETS PORTFOLIO
END OF TOTAL END OF AVERAGE AVERAGE (EXCLUDING (EXCLUDING TURNOVER
PERIOD RETURN(A) PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 10.31 4.06%+ $ 7,336 0.33% 5.14% 2.47% 3.00% 1%
$ 10.31 4.00%+ $ 1 0.78% 4.35% 2.94% 2.19% 1%
$ 10.31 4.09%+ $ 1,142 0.04% 4.84% 2.34% 2.54% 1%
$ 9.86 1.90%+ $ 1,609 0.70% 4.32% 1.16% 3.86% 12%
9.89 (0.40) 2,042 0.70 4.19 1.17 3.72 9
10.37 7.80 82 0.70 4.22 1.21 3.71 22
10.04 1.02+ 1 0.69 4.48 1.36 3.81 3
$ 9.87 2.00%+ $ 41,748 0.70% 4.34% 0.91% 4.13% 12%
9.89 (0.30) 41,469 0.70 4.11 0.92 3.89 9
10.36 7.80 37,275 0.70 4.27 0.96 4.01 22
10.03 0.92+ 33,287 0.69 4.14 1.11 3.72 3
$ 10.34 4.36%+ $ 4,477 0.30% 5.07% 1.92% 3.45% 0%
$ 10.33 4.20%+ $ 1 0.77% 4.29% 2.81% 2.25% 0%
$ 10.34 4.39%+ $ 3,245 0.08% 5.14% 1.93% 3.29% 0%
$ 10.19 1.02%+ $ 4,754 0.70% 4.64% 1.21% 4.13% 13%
10.32 (0.88) 4,733 0.70 4.32 1.15 3.87 33
10.89 7.43 4,301 0.70 4.43 1.17 3.96 19
10.61 7.11 4,187 0.70 4.55 1.16 4.09 11
10.42 4.39 2,861 0.70 4.69 1.18 4.21 20
10.51 8.57 2,189 0.70 4.83 1.27 4.26 19
$ 10.16 1.02%+ $ 54,549 0.70% 4.64% 0.96% 4.38% 13%
10.29 (1.07) 57,236 0.70 4.31 0.90 4.11 33
10.88 7.33 59,631 0.70 4.43 0.92 4.21 19
10.61 7.11 54,378 0.70 4.55 0.91 4.34 11
10.42 4.39 48,927 0.70 4.69 0.93 4.46 20
10.51 8.47 50,071 0.70 4.84 1.02 4.52 19
$ 10.27 3.65%+ $ 6,635 0.29% 5.31% 1.82% 3.78% 7%
$ 10.27 3.59%+ $ 1 0.74% 4.64% 2.40% 2.98% 7%
$ 10.28 3.78%+ $ 2,433 0.12% 5.36% 1.71% 3.77% 7%
$ 10.35 1.38%+ $ 7,786 0.70% 4.59% 1.11% 4.18% 11%
10.45 (0.78) 10,713 0.70 4.31 1.12 3.89 23
11.05 7.04 9,196 0.70 4.31 1.11 3.90 27
10.84 6.84 3,849 0.67 4.41 1.18 3.90 66
10.66 4.45 2,618 0.66 4.35 1.17 3.84 53
10.72 9.15 983 0.67 4.71 1.30 4.08 68
$ 10.34 1.48%+ $386,129 0.70% 4.59% 0.86% 4.43% 11%
10.43 (0.79) 442,464 0.70 4.31 0.87 4.14 23
11.03 7.05 460,714 0.70 4.32 0.86 4.16 27
10.82 6.75 431,000 0.67 4.40 0.93 4.14 66
10.65 4.35 66,994 0.66 4.35 0.92 4.09 53
10.72 9.15 46,025 0.67 4.73 1.05 4.35 68
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 45)
<PAGE>
FINANCIAL HIGHLIGHTS For a share outstanding, throughout the periods ended
September 30, unless otherwise indicated.
<TABLE>
<CAPTION>
REALIZED AND
NET ASSET UNREALIZED DIVIDENDS
VALUE NET GAINS OR FROM NET DISTRIBUTIONS
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT FROM
OF PERIOD INCOME INVESTMENTS INCOME CAPITAL GAINS
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MINNESOTA INTERMEDIATE TAX FREE FUND
Class A
2000* (unaudited) $ 9.79 $ 0.22 $ (0.09) $ (0.22) $ --
1999 10.29 0.43 (0.47) (0.43) (0.03)
1998 10.09 0.43 0.24 (0.43) (0.04)
1997 9.91 0.44 0.21 (0.44) (0.03)
1996 9.92 0.45 0.02 (0.45) (0.03)
1995 9.58 0.46 0.33 (0.45) --
Class Y
2000* (unaudited) $ 9.76 $ 0.22 $ (0.09) $ (0.22) $ --
1999 10.26 0.43 (0.47) (0.43) (0.03)
1998 10.06 0.43 0.24 (0.43) (0.04)
1997 9.91 0.44 0.18 (0.44) (0.03)
1996 9.92 0.45 0.02 (0.45) (0.03)
1995 9.59 0.45 0.33 (0.45) --
MINNESOTA TAX FREE FUND (B)
Class A
2000* (unaudited) $ 10.70 $ 0.28 $ (0.12) $ (0.28) $ --
1999 11.46 0.55 (0.69) (0.56) (0.06)
1998 11.15 0.57 0.36 (0.56) (0.06)
1997 10.89 0.57 0.31 (0.57) (0.05)
1996 10.81 0.59 0.07 (0.58) --
1995 10.28 0.66 0.53 (0.66) --
Class C
2000* (unaudited) $ 10.69 $ 0.27 $ (0.14) $ (0.26) $ --
1999(1) 11.38 0.37 (0.71) (0.35) --
Class Y
2000* (unaudited) $ 10.69 $ 0.29 $ (0.12) $ (0.29) $ --
1999 11.45 0.58 (0.69) (0.59) (0.06)
1998 11.14 0.60 0.36 (0.59) (0.06)
1997(2) 11.16 0.10 (0.02) (0.10) --
OREGON INTERMEDIATE TAX FREE FUND
Class A
2000* (unaudited) $ 9.72 $ 0.22 $ (0.08) $ (0.22) $ --
1999(3) 10.23 0.29 (0.51) (0.29) --
Class Y
2000* (unaudited) $ 9.72 $ 0.22 $ (0.08) $ (0.22) $ --
1999 10.24 0.43 (0.49) (0.43) (0.03)
1998 10.05 0.45 0.21 (0.45) (0.02)
1997(4) 10.00 0.07 0.05 (0.07) --
TAX FREE FUND (B)
Class A
2000* (unaudited) $ 10.54 $ 0.26 $ (0.17) $ (0.26) $ --
1999 11.53 0.55 (0.86) (0.55) (0.13)
1998 11.21 0.55 0.36 (0.54) (0.05)
1997 10.81 0.54 0.42 (0.54) (0.02)
1996 10.69 0.56 0.12 (0.56) --
1995 10.22 0.60 0.47 (0.60) --
Class C
2000* (unaudited) $ 10.52 $ 0.24 $ (0.17) $ (0.24) $ --
1999(1) 11.34 0.35 (0.82) (0.35) --
Class Y
2000* (unaudited) $ 10.54 $ 0.27 $ (0.15) $ (0.28) $ --
1999 11.54 0.57 (0.86) (0.58) (0.13)
1998(5) 11.31 0.10 0.22 (0.09) --
- --------------------------------------------------------------------------------------------
</TABLE>
+Returns are for the period indicated and have not been annualized.
*For the six month period ended March 31. All ratios have been annualized.
(A) Excluding sales charges.
(B) The financial highlights for the Minnesota Tax Free Fund and Tax Free Fund
as set forth herein include the historical financial highlights of the Piper
Minnesota Tax-Exempt Fund Class A shares and Class Y shares, and the Piper
National Tax-Exempt Fund Class A shares, respectively. The assets of the
Piper Minnesota Tax-Exempt Fund and Piper National Tax-Exempt Fund were
acquired by Minnesota Tax Free Fund and Tax Free Fund, respectively on July
31, 1998. In connection with this acquisition, (i) Class A shares of the
Piper Minnesota Tax-Exempt Fund and Piper National Tax-Exempt Fund were
exchanged for Class A shares of the Minnesota Tax Free Fund and Tax Free
Fund, respectively, (ii) Class Y shares of the Piper Minnesota Tax-Exempt
Fund were exchanged for Class Y shares of the Minnesota Tax Free Fund. On
July 31, 1998 the Fund's advisor changed from Piper Capital Management, Inc.
to U.S. Bank National Association.
(1) Class C shares have been offered since February 1, 1999. All ratios for the
period have been annualized.
(2) Class Y shares have been offered since August 1, 1997. All ratios for the
period have been annualized.
(3) Class A shares have been offered since February 1, 1999. All ratios for the
period have been annualized.
(4) Commenced operations on August 8, 1997. All ratios for the period have been
annualized.
(5) Class Y shares have been offered since July 31, 1998. All ratios for the
period have been annualized.
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 46)
<PAGE>
<TABLE>
<CAPTION>
RATIO OF RATIO OF NET
RATIO OF NET EXPENSES TO INVESTMENT INCOME
NET ASSET RATIO OF INVESTMENT AVERAGE TO AVERAGE
VALUE NET ASSETS EXPENSES TO INCOME TO NET ASSETS NET ASSETS PORTFOLIO
END OF TOTAL END OF AVERAGE AVERAGE (EXCLUDING (EXCLUDING TURNOVER
PERIOD RETURN (A) PERIOD (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS) RATE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.70 1.49%+ $ 12,158 0.70% 4.58% 1.12% 4.16% 10%
9.79 (0.43) 14,629 0.70 4.30 1.12 3.88 12
10.29 6.80 10,330 0.70 4.30 1.11 3.89 24
10.09 6.72 7,453 0.70 4.49 1.15 4.04 20
9.91 4.80 3,916 0.70 4.52 1.18 4.04 19
9.92 8.46 2,219 0.70 4.74 1.25 4.19 38
$ 9.67 1.49%+ $253,802 0.70% 4.58% 0.87% 4.41% 10%
9.76 (0.44) 279,776 0.70 4.28 0.87 4.11 12
10.26 6.82 317,598 0.70 4.30 0.86 4.14 24
10.06 6.42 297,122 0.70 4.47 0.90 4.27 20
9.91 4.80 93,394 0.70 4.53 0.93 4.30 19
9.92 8.34 61,693 0.70 4.76 1.00 4.46 38
$ 10.58 1.50%+ $ 94,074 0.95% 5.22% 1.16% 5.01% 10%
10.70 (1.31) 108,116 0.95 4.98 1.17 4.76 15
11.46 8.58 118,937 0.95 5.05 1.01 4.99 16
11.15 8.32 125,659 0.95 5.17 1.01 5.11 17
10.89 6.24 125,677 0.90 5.38 0.99 5.29 35
10.81 11.38 133,857 0.91 5.80 0.99 5.72 30
$ 10.56 1.22%+ $ 1,920 1.35% 4.83% 1.91% 4.27% 10%
10.69 (3.03)+ 1,682 1.35 4.70 1.87 4.18 15
$ 10.57 1.63%+ $ 40,000 0.70% 5.50% 0.91% 5.29% 10%
10.69 (1.07) 17,356 0.70 5.26 0.87 5.09 15
11.45 8.83 8,155 0.78 5.79 0.82 5.75 16
11.14 0.72+ 9,010 0.75 5.73 0.75 5.73 17
$ 9.64 1.44%+ $ 3,739 0.70% 4.49% 1.12% 4.07% 7%
9.72 (2.22)+ 2,005 0.70 4.37 1.12 3.95 13
$ 9.64 1.44%+ $171,719 0.70% 4.47% 0.87% 4.30% 7%
9.72 (0.66) 178,411 0.70 4.30 0.87 4.13 13
10.24 6.66 187,383 0.70 4.43 0.87 4.26 20
10.05 1.17+ 182,069 0.70 4.55 1.09 4.16 4
$ 10.37 0.93%+ $ 28,967 0.95% 5.15% 1.19% 4.91% 6%
10.54 (2.81) 32,893 1.00 4.97 1.23 4.74 21
11.53 8.41 40,351 1.10 4.84 1.16 4.78 7
11.21 9.09 49,638 1.11 4.91 1.17 4.85 28
10.81 6.42 45,935 1.03 5.15 1.13 5.05 43
10.69 10.30 57,061 1.01 5.37 1.09 5.29 28
$ 10.35 0.73%+ $ 79 1.35% 4.75% 1.94% 4.16% 6%
10.52 (4.23)+ 110 1.35 4.54 1.93 3.96 21
$ 10.38 1.15%+ $ 48,308 0.70% 5.42% 0.94% 5.18% 6%
10.54 (2.66) 18,864 0.71 5.26 1.01 4.96 21
11.54 2.83+ 355 0.85 5.61 0.91 5.55 7
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 47)
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
1 > ORGANIZATION
The First American Arizona Tax Free Fund, California Intermediate Tax Free
Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund,
Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate
Tax Free Fund, Minnesota Tax Free Fund, Oregon Intermediate Tax Free Fund,
and Tax Free Fund (collectively, the "Funds") are mutual funds offered by
First American Investment Funds, Inc. ("FAIF"). The First American
Corporate Bond Fund, Limited Term Income Fund, Intermediate Term Income
Fund, Fixed Income Fund, Strategic Income Fund, Balanced Fund, Real Estate
Securities Fund, Equity Income Fund, Equity Index Fund, Large Cap Value
Fund, Large Cap Growth Fund, Mid Cap Value Fund, Small Cap Value Fund,
Small Cap Growth Fund, International Index Fund, International Fund, Health
Sciences Fund, Technology Fund, Emerging Markets Fund, and Mid Cap Growth
Fund are also funds offered by FAIF but are not included in this report.
FAIF is registered under the Investment Company Act of 1940, as amended, as
an open-end investment management company. FAIF's articles of incorporation
permit the board of directors to create additional funds in the future.
These FAIF Funds offer Class A and Class Y shares. Arizona Tax Free Fund,
California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund
and Tax Free Fund also offer Class C shares. Class A shares are sold with a
front-end sales charge. Class Y shares have no sales charge and are offered
only to qualifying institutional investors. Class C shares are sold with a
front-end sales charge and are subject to a contingent deferred sales
charge for 18 months.
The Funds' prospectuses provide a description of each Fund's investment
objectives, policies and strategies. All classes of shares have identical
voting, dividend, liquidation and other rights, and the same terms and
conditions, except that the level of distribution fees charged may differ
among classes and 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 FAIF Fund investments are
furnished by one or more independent pricing services that have been
approved by the Board of Directors. Debt obligations exceeding 60 days to
maturity are valued by an independent pricing service. The pricing service
may employ methodologies that utilize actual market transactions,
broker-dealer supplied valuations, or other electronic data processing
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. When market quotations are not
readily available, securities are valued at fair value as determined in
good faith by procedures established and approved by the Board of
Directors. Debt obligations with 60 days or less remaining until maturity
may be valued at their amortized cost. Investments in closed-end mutual
funds which 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.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -
The Funds record security transactions on the trade date of the security
purchase or sale. Interest income, including amortization of bond premium
and discount, is recorded on the 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 - The Funds declare and pay income dividends
monthly. Any net realized capital gains on sales of securities for a Fund
are distributed to shareholders at least annually.
FEDERAL TAXES - It is each Fund's intention to continue to qualify as a
regulated investment company and distribute all of its taxable income.
Accordingly, no provision for Federal income taxes is required. For Federal
income tax purposes, required distributions related to realized gains from
security transactions are computed as of September 30th and October 31st.
(48 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
Net investment income and net realized gains (losses) may differ for
financial statement and tax purposes because of temporary or permanent
book/tax differences. These differences are primarily due to losses
deferred due to wash sales.
The character of distributions made during the year from net investment
income or net realized gains may differ from its ultimate characterization
for federal income tax purposes. In addition, due to the timing of dividend
distributions, the fiscal year in which the amounts are distributed may
differ from the year that the income or realized gains (losses) were
recorded by the Fund. To the extent these differences are permanent,
adjustments are made to the appropriate equity accounts in the period that
the difference arises.
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 a Fund's net asset
value if the Fund makes such investments while remaining substantially
fully invested. At March 31, 2000, the Arizona Tax Free, California Tax
Free, Colorado Tax Free, Intermediate Tax Free, Minnesota Intermediate Tax
Free and the Minnesota Tax Free Funds had outstanding when-issued
commitments of $396,614, $391,780, $217,000, $2,665,149, $1,244,337 and
$2,100,000 respectively.
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. Class specific expenses,
such as the 12b-1 fees, are borne by that class. Income, other expenses,
and realized and unrealized gains and losses of a Fund are allocated to the
respective class on the basis of the relative net assets each day.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS - The
preparation of financial statements, in conformity with 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"), First American Asset Management (the "Advisor"), a division
of U.S. Bank National Association ("U.S. Bank"), manages each Fund's assets
and furnishes related office facilities, equipment, research and personnel.
The Agreement requires each Fund to pay the Advisor a monthly fee based
upon average daily net assets. The fee for each of the FAIF Funds is equal
to an annual rate of 0.70% of the average daily net assets. The advisor
intends to waive fees during the current fiscal year so that total fund
operating expenses do not exceed expense limitations. Fee waivers may be
discontinued at any time.
The Funds may invest in First American Funds, Inc. ("FAF"), subject to
certain limitations. The terms of such transactions are identical to those
of non-related entities except that, to avoid duplicative investment
advisory fees, the Advisor reimburses each FAIF Fund an amount equal to the
investment advisory fee earned by FAF related to such investments.
ADMINISTRATION FEES - SEI Investments Management Corporation ("SIMC")
provided administrative services, including certain accounting, legal, and
shareholder services to the First American Family of Funds from October 1,
1999 through December 31, 1999. Effective January 1, 2000 U.S. Bank was
appointed as the administrator and began providing administrative services
to the First American Family of Funds. Under both arrangements, the Funds
are charged an annual rate of 0.12% of each FAIF Fund's average daily net
assets, with a minimum annual fee of $50,000. To the extent that aggregate
net assets of the First American Family of Funds exceed $8 billion, the
annual rate for each FAIF Fund is reduced to 0.105% of their relative share
of excess net assets. Fees are computed daily and paid monthly.
SUB-ADMINISTRATION FEES - U.S. Bank assisted SIMC and provided
sub-administration services for the Funds from October 1, 1999 through
December 31, 1999. For these services SIMC compensates U.S. Bank, as
sub-administrator, monthly at an annual rate of up to 0.05% of each Fund's
daily net assets. The fees for each Fund from October 1, 1999 through
December 31, 1999 were approximately
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 49)
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
0.017% of average daily net assets. Under this arrangement, SIMC paid U.S.
Bank $2,646,000 in aggregate for this three month period.
Effective January 1, 2000, SIMC was appointed sub-administrator and began
assisting U.S. Bank in providing sub-administration services for the Funds.
For these services, U.S. Bank compensates SIMC monthly at an annual rate
equal to 0.05% of aggregate average daily net assets of FAIF. In addition,
SIMC also receives 0.015% on assets up to $34.5 billion, 0.0075% on the
next $25.5 billion and 0.005% on assets over $60 billion for all Funds.
There is a minimum $50,000 per Fund fee (the oldest 38 Funds are excluded).
U.S. Bank paid SIMC $2,820,000 in aggregate from January 1, 2000 through
March 31, 2000 for the First American Family of Funds. For the Funds
included in this semi-annual report the amounts paid to U.S. Bank and SIMC
for their respective periods were as follows (000):
U.S. BANK SIMC
---------------------------------------------------------------------------
Arizona Tax Free Fund $ -- $ --
California Intermediate Tax Free Fund 4 3
California Tax Free Fund -- 1
Colorado Intermediate Tax Free Fund 5 10
Colorado Tax Free Fund -- 5
Intermediate Tax Free Fund 36 65
Minnesota Intermediate Tax Free Fund 24 43
Minnesota Tax Free Fund 11 21
Oregon Intermediate Tax Free Fund 15 28
Tax Free Fund 5 11
---------------------------------------------------------------------------
CUSTODIAN FEES - Through a separate contractual agreement, U.S. Bank serves
as the Funds' custodian. The fee for each Fund is equal to an annual rate
of 0.03% of average daily net assets.
DISTRIBUTION FEES - SEI Investments Distribution Co. ("SIDCO") serves as
distributor of the Funds. Under the distribution plan, each of the Funds
pay SIDCO a monthly distribution fee at an annual rate of 0.25% of each
Fund's average daily net assets of the Class A shares and 1.00% of the
Class C shares, respectively, which may be used by SIDCO to provide
compensation for sales support and distribution activities. All Class A
distribution fees are currently being waived in California Intermediate Tax
Free, Colorado Intermediate Tax Free, Intermediate Tax Free, Minnesota
Intermediate Tax Free and Oregon Intermediate Tax Free Funds. For Class C,
the distributor is currently waiving 0.35% of average daily net assets for
the Minnesota Tax Free and Tax Free Funds. No distribution fees are paid by
Class Y shares. Under the agreement, SIDCO paid U.S. Bank and its
affiliates the following amounts for the Funds included in this semiannual
report, for the six months ended March 31, 2000 (000):
U.S. BANCORP U.S. BANK
U.S. BANK PIPER JAFFRAY TRUST
---------------------------------------------------------------------------
Arizona Tax Free Fund $ -- $ 1 $ --
California Tax Free Fund -- 1 --
Colorado Tax Free Fund -- 1 --
Minnesota Tax Free Fund 2 77 --
Tax Free Fund -- 24 --
---------------------------------------------------------------------------
TRANSFER AGENT FEES - From October 1, 1999 to December 31, 1999 DST
Systems, Inc. provided transfer agency services for the Funds. Effective
January 1, 2000 US Bank was appointed as transfer agent and dividend
disbursement agent. As the servicing agent US Bank was paid $4,252,000 in
aggregate for the six month period ended March 31, 2000. For the six month
period ended March 31, 2000 fees paid to US bank for the funds included in
this report were as follows (000):
---------------------------------------------------------------------------
Arizona Tax Free Fund $ 7
California Intermediate Tax Free Fund 7
California Tax Free Fund 6
Colorado Intermediate Tax Free Fund 7
Colorado Tax Free Fund 7
Intermediate Tax Free Fund 8
Minnesota Intermediate Tax Free Fund 7
Minnesota Tax Free Fund 31
Oregon Intermediate Tax Free Fund 7
Tax Free Fund 19
---------------------------------------------------------------------------
(50 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
OTHER FEES - In addition to the investment advisory and management fees,
custodian fees, distribution fees, administrator and transfer agent fees,
each Fund is responsible for paying most other operating expenses including
organization costs, fees and expenses of outside directors, registration
fees, printing shareholder reports, legal, auditing, insurance and other
miscellaneous expenses.
For the six months ended March 31, 2000, legal fees and expenses were paid
to a law firm of which the Secretary of the Funds is a partner.
SALES CHARGES - A Contingent Deferred Sales Charge ("CDSC") of 1.00% is
imposed on redemptions made in the Class C shares for the first 18 months.
The CDSC is imposed on the value of the purchased shares or the value at
the time of redemption, whichever is less.
For the six months ended March 31, 2000, sales charges retained by SIDCO
for distributing the First American Family of Funds' shares were
approximately $118,000.
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 51)
<PAGE>
NOTES TO FINANCIAL STATEMENTS March 31, 2000 (unaudited)
4 > CAPITAL SHARE TRANSACTIONS
Capital share transactions for the funds were as follows (000):
<TABLE>
<CAPTION>
CALIFORNIA COLORADO
ARIZONA INTERMEDIATE CALIFORNIA INTERMEDIATE
TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND(1) TAX FREE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
2/1/00 10/1/99 10/1/98 2/1/00 10/1/99 10/1/98
to to to to to to
3/31/00 3/31/00 9/30/99 3/31/00 3/31/00 9/30/99
- ---------------------------------------------------------------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C> <C> <C>
Class A:
Shares issued 710 121 283 437 82 187
Shares issued in lieu of cash distributions 3 2 1 3 5 11
Shares redeemed (2) (166) (86) (7) (79) (134)
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A TRANSACTIONS 711 (43) 198 433 8 64
==================================================================================================================================
Class C:
Shares issued -- -- -- -- -- --
Shares issued in lieu of cash distributions -- -- -- -- -- --
Shares redeemed -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS C TRANSACTIONS -- -- -- -- -- --
==================================================================================================================================
Class Y:
Shares issued 211 555 1,202 467 451 982
Shares issued in lieu of cash distributions -- -- 2 1 -- 1
Shares redeemed (100) (517) (610) (154) (645) (904)
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS Y TRANSACTIONS 111 38 594 314 (194) 79
==================================================================================================================================
NET INCREASE (DECREASE) IN CAPITAL SHARES 822 (5) 792 747 (186) 143
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
MINNESOTA
COLORADO INTERMEDIATE INTERMEDIATE MINNESOTA
TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND TAX FREE FUND
- -------------------------------------------------------------------------------------------------------------------------------
2/1/00 10/1/99 10/1/98 10/1/99 10/1/98 10/1/99 10/1/98
to to to to to to to
3/31/00 3/31/00 9/30/99 3/31/00 9/30/99 3/31/00 9/30/99
- -------------------------------------------------------------------------------------------------------------------------------
(unaudited) unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C> <C> <C>
Class A:
Shares issued 662 208 727 167 736 750 1,245
Shares issued in lieu of cash distributions 4 13 25 17 34 228 445
Shares redeemed (20) (494) (559) (426) (279) (2,186) (1,971)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A TRANSACTIONS 646 (273) 193 (242) 491 (1,208) (281)
===============================================================================================================================
Class C:
Shares issued -- -- -- -- -- 44 163
Shares issued in lieu of cash distributions -- -- -- -- -- 3 2
Shares redeemed -- -- -- -- -- (22) (8)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS C TRANSACTIONS -- -- -- -- -- 25 157
===============================================================================================================================
Class Y:
Shares issued 337 3,435 7,662 2,475 4,072 2,520 1,351
Shares issued in lieu of cash distributions -- 85 196 19 40 21 29
Shares redeemed (100) (8,583) (7,207) (4,918) (6,406) (379) (469)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS Y TRANSACTIONS 237 (5,063) 651 (2,424) (2,294) 2,162 911
===============================================================================================================================
NET INCREASE (DECREASE) IN CAPITAL SHARES 883 (5,336) 844 (2,666) (1,803) 979 787
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
OREGON
INTERMEDIATE
TAX FREE FUND TAX FREE FUND
- ------------------------------------------------------------------------------------------------
10/1/99 10/1/98 10/1/99 10/1/98
to to to to
3/31/00 9/30/99 3/31/00 9/30/99
- ------------------------------------------------------------------------------------------------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Class A:
Shares issued 196 354 110 184
Shares issued in lieu of cash distributions 4 2 69 121
Shares redeemed (18) (150) (508) (683)
- ------------------------------------------------------------------------------------------------
TOTAL CLASS A TRANSACTIONS 182 206 (329) (378)
================================================================================================
Class C:
Shares issued -- -- 2 10
Shares issued in lieu of cash distributions -- -- -- --
Shares redeemed -- -- (4) --
- ------------------------------------------------------------------------------------------------
TOTAL CLASS C TRANSACTIONS -- -- (2) 10
================================================================================================
Class Y:
Shares issued 1,819 3,112 3,859 1,965
Shares issued in lieu of cash distributions 25 47 5 4
Shares redeemed (2,395) (3,108) (998) (210)
- ------------------------------------------------------------------------------------------------
TOTAL CLASS Y TRANSACTIONS (551) 51 2,866 1,759
================================================================================================
NET INCREASE (DECREASE) IN CAPITAL SHARES (369) 257 2,535 1,391
================================================================================================
</TABLE>
(1) Fund commenced operations on February 1, 2000.
(52 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
5 > INVESTMENT SECURITY TRANSACTIONS
During the six months ended March 31, 2000, purchases of securities and
proceeds from sales of securities, other than temporary investments in
short term securities, were as follows (000):
INVESTMENT SECURITIES
----------------------------
PURCHASES SALES
---------------------------------------------------------------------------
Arizona Tax Free Fund $5,095 $ 44
California Intermediate Tax Free Fund 5,835 4,988
California Tax Free Fund 6,730 --
Colorado Intermediate Tax Free Fund 7,846 9,081
Colorado Tax Free Fund 9,093 464
Intermediate Tax Free Fund 45,322 99,947
Minnesota Intermediate Tax Free Fund 25,902 52,590
Minnesota Tax Free Fund 18,250 10,863
Oregon Intermediate Tax Free Fund 11,856 15,321
Tax Free Fund 23,302 3,727
---------------------------------------------------------------------------
At March 31, 2000, the total cost of securities for Federal income tax
purposes was not materially different from amounts reported for financial
reporting purposes. The aggregate gross unrealized appreciation and
depreciation for securities held by the Funds at March 31, 2000, is as
follows (000):
AGGREGATE GROSS AGGREGATE GROSS
APPRECIATION DEPRECIATION NET
---------------------------------------------------------------------------
Arizona Tax Free Fund $ 123 $ (1) $ 122
California Intermediate Tax Free Fund 782 (271) 511
California Tax Free Fund 191 -- 191
Colorado Intermediate Tax Free Fund 1,224 (1,037) 187
Colorado Tax Free Fund 230 (3) 227
Intermediate Tax Free Fund 3,996 (6,768) (2,772)
Minnesota Intermediate Tax Free Fund 3,649 (4,053) (404)
Minnesota Tax Free Fund 3,536 (2,556) 980
Oregon Intermediate Tax Free Fund 1,872 (2,832) (960)
Tax Free Fund 1,676 (1,628) 48
---------------------------------------------------------------------------
6 > CONCENTRATION OF CREDIT RISK
The Intermediate Tax Free and Tax Free Funds invest in debt instruments of
municipal issuers. Although these Funds monitor investment concentration,
the issuers' ability to meet their obligations may be affected by economic
developments in a specific state or region.
These Funds invest in securities that include revenue bonds, certificates
of participation and general obligation bonds. At March 31, 2000, the
percentage of portfolio investments by each revenue source was as follows:
INTERMEDIATE
TAX FREE TAX FREE
FUND FUND
--------------------------------------------------------------------------
Revenue Bonds:
Authority 2% 1%
Building 3 --
Education 8 6
Healthcare 13 37
Housing 9 8
Pollution Control 2 6
Transportation 12 11
Utility 11 9
Other 4 4
General Obligations 35 15
Certificates of Participation 1 3
--------------------------
100% 100%
---------------------------------------------------------------------------
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 53)
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
The rating of long term securities as a percentage of total value of
investments at March 31, 2000, is as follows:
STANDARD & CALIFORNIA COLORADO
POOR'S/ ARIZONA INTERMEDIATE CALIFORNIA INTERMEDIATE COLORADO
MOODY'S TAX FREE TAX FREE TAX FREE TAX FREE TAX FREE
RATINGS: FUND FUND FUND FUND FUND
- --------------------------------------------------------------------------
AAA/Aaa 59% 63% 50% 60% 69%
AA/Aa 5 16 17 15 18
A/A 16 14 8 12 5
BBB/Baa 9 7 16 4 1
D -- -- -- -- --
NR 11 9 9 7
-----------------------------------------------------------------
100% 100% 100% 100% 100%
- --------------------------------------------------------------------------
[WIDE TABLE CONTINUED FROM ABOVE]
STANDARD & MINNESOTA OREGON
POOR'S/ INTERMEDIATE INTERMEDIATE MINNESOTA INTERMEDIATE
MOODY'S TAX FREE TAX FREE TAX FREE TAX FREE TAX FREE
RATINGS: FUND FUND FUND FUND FUND
- ---------------------------------------------------------------------------
AAA/Aaa 57% 65% 41% 53% 25%
AA/Aa 22 21 12 31 29
A/A 13 4 9 15 16
BBB/Baa 2 4 10 -- 3
D -- -- 1 -- 1
NR 6 6 27 1 26
-------------------------------------------------------------------
100% 100% 100% 100% 100%
- ---------------------------------------------------------------------------
Securities rated by only one agency are shown in that category. Securities
rated by both agencies are shown with their lowest rating.
7 > LINE OF CREDIT
Pursuant to a commitment letter dated September 7, 1999, Citibank N.A.
provides a revolving line of credit to FAIF for short term or emergency
purposes. The loans are for the respective benefit of and repayable from
the respective assets of each Fund. The aggregate principal amount of all
borrowings may not exceed $100,000,000 and borrowings must be in the
minimum principal amount of $1,000,000 and integral multiple amounts of
$1,000,000 for each Fund. At the Fund's option Citibank is paid either a
base rate or the Federal Funds rate on the amount out on loan. There is a
commitment fee on the unused portion of the line of credit. The commitment
fee is calculated at 8.0 basis points on the unutilized portion of the
facility. Fees are accrued daily and paid quarterly to Citibank N.A. There
were no borrowings under the line of credit during the six month period
ended March 31, 2000.
(54 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000
<PAGE>
TRIBUTE TO DAVID T. BENNETT
As friends and colleagues, the Board of Directors of First American Funds
wishes to recognize David T. Bennett for the significant and lasting
contributions he made as a Director of First American Funds. His services
were cut short by his recent and untimely death following a 13 year battle
with cancer.
David was an attorney with the law firm of Gray, Plant, Mooty, Mooty &
Bennett since graduating from law school in 1967. David was also a
successful entrepreneur, owning controlling interests in Highland
Manufacturing, Kiefer Built, and USL Products. He also devoted countless
hours to numerous civic and charitable groups, including the Minneapolis
Institute of Arts, the Guthrie Theater, the Nature Conservancy, and Dunwoody
Institute.
His association with the funds began in 1987, when he joined the Board of
Directors of Piper Funds. First American Funds have been the beneficiary of
David's experience, wisdom, and insight during challenging periods of change
and growth. His knowledge of the industry and mutual fund board experience
were invaluable during the critical transition period integrating the Piper
and First American Fund Families. David's abilities were particularly
appreciated by the Audit, Pricing, and Board Development Committees on which
he served. The Directors with whom he served value greatly their time spent
together.
We gratefully and sincerely recognize David's contributions and extend our
sincere condolences to David's family and friends.
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2000 55)
<PAGE>
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<PAGE>
BOARD OF DIRECTORS FIRST AMERICAN INVESTMENT FUNDS, INC.
MR. ROBERT DAYTON
Director of First American Investment Funds, Inc.
Chief Executive Officer of Okabena Company
MR. ROGER GIBSON
Director of First American Investment Funds, Inc.
Vice President of North America Mountain Region for United Airlines
MR. ANDREW HUNTER III
Director of First American Investment Funds, Inc.
Chairman of Hunter Keith Industries
MR. LEONARD KEDROWSKI
Director of First American Investment Funds, Inc.
Owner and President of Executive Management Consulting, Inc.
MR. JOHN MURPHY JR.
Director of First American Investment Funds, Inc.
Executive Vice President, U.S. Bancorp
MR. ROBERT SPIES
Director of First American Investment Funds, Inc.
Retired Vice President, U.S. Bank National Association
MR. JOSEPH STRAUSS
Director of First American Investment Funds, Inc.
Former Chairman of First American Investment Funds, Inc.
Owner and President of Strauss Management Company
MS. VIRGINIA STRINGER
Chairperson of First American Investment Funds, Inc.
Owner and President of Strategic Management Resources, Inc.
<PAGE>
[LOGO] FIRST AMERICAN FUNDS(R)
THE POWER OF DISCIPLINED INVESTING(R)
FIRST AMERICAN FUNDS
P.O. Box 1330
Minneapolis, MN 55440-1330
This report and the financial statements contained herein are submitted
for the general information of the shareholders of the corporation.
Shares in the funds are not deposits or obligations of, or guaranteed or
endorsed by, U.S. Bank or any of its affiliates. Such shares are also not
federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board, or any other agency. Investment in the shares
involves investment risk including loss of principal amount invested.
Past performance does not guarantee future results. The principal value
of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
INVESTMENT ADVISOR AND ADMINISTRATOR
FIRST AMERICAN ASSET MANAGEMENT,
A DIVISION OF U.S. BANK NATIONAL ASSOCIATION
601 Second Avenue South
Minneapolis, Minnesota 55402
CUSTODIAN
U.S. BANK NATIONAL ASSOCIATION
180 East Fifth Street
St. Paul, Minnesota 55101
DISTRIBUTOR
SEI INVESTMENTS DISTRIBUTION CO.
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
1400 Pillsbury Center
200 South Sixth Street
Minneapolis, Minnesota 55402
COUNSEL
DORSEY & WHITNEY LLP
220 South Sixth Street
Minneapolis, Minnesota 55402
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FIRST AMERICAN FUNDS Bulk Rate
c/o Fulfillment Agent, American Financial Printing Inc. U.S. Postage
404 Industrial Boulevard, N.E. PAID
Minneapolis, MN 55413 Mpls, MN
Permit No. 26388
In an attempt to reduce shareholder costs and help eliminate duplication, the
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 Investor Services at 1-800-637-2548.
3011-00 5/2000
