N-30D 1 faif-tfsar011699_n30d.txt FAIF TAX FREE BOND FUNDS FORM N-30D [LOGO] FIRST AMERICAN FUNDS(R) THE POWER OF DISCIPLINED INVESTING(R) TAX FREE BOND FUNDS SEMIANNUAL REPORT 2001 FIRST AMERICAN INVESTMENT FUNDS, INC. FIRST AMERICAN FAMILY OF FUNDS INVESTMENTS FOR EVERY GOAL FIRST AMERICAN FUNDS OFFER 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 | Nebraska Tax Free | Oregon Intermediate Tax Free | Tax Free | (*) MONEY MARKET FUNDS | | LOWER RISK (o) AND RETURN POTENTIAL TABLE OF CONTENTS -------------------------------------------------------------------------------- Message to Shareholders 1 -------------------------------------------------------------------------------- Statements of Net Assets 2 -------------------------------------------------------------------------------- Statements of Operations 44 -------------------------------------------------------------------------------- Statements of Changes in Net Assets 46 -------------------------------------------------------------------------------- Financial Highlights 48 -------------------------------------------------------------------------------- Notes to Financial Statements 54 -------------------------------------------------------------------------------- Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Minnesota state and/or federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions. Mutual fund investing involves risk; principal loss is possible. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE MESSAGE TO SHAREHOLDERS March 31, 2001 DEAR SHAREHOLDERS: On behalf of the board of directors of First American Investment Funds, thank you for the opportunity to manage your mutual fund investments. Whether you are a new or a long-term investor in our fund family, we take our role of helping you achieve your investment goals very seriously. No matter how long you've been an investor, the last six months have probably been hard for you to stomach. After many years of strong economic growth and bull stock markets moving seemingly forever upward, investors suffered a rude awakening in 2000. The bubble burst for the technology sector early in the year after companies slowed tech spending after ramping up in 1999 for Y2K and the Internet. In addition, a series of interest rate hikes by the Federal Reserve aimed at slowing the economy culminated in the summer of 2000. After stock markets across the board were volatile in the first three quarters of 2000, the beginning of this shareholder report's six-month reporting period--October 1, 2000--marked a distinct downward trend in all major stock market indices including the Nasdaq Composite, the S&P 500 Index, and the Dow Jones Industrial Average (the Dow). In an effort to bring the economy back in check, the Federal Reserve cut interest rates twice in January of this year, once in March, and once in April after the reporting period for a total of 2.0%. Municipal bond rates--as represented by the Bond Buyer 20 Index--fell during the six-month period as well. Falling rates benefited the total returns of First American's tax-free funds as prices on intermediate- and long-term bonds increased. First American Funds' tax-free portfolio managers use in-depth research and quality security selection to find attractive buying opportunities in the municipal marketplace. They will continue to emphasize higher-quality, longer maturity bonds that generate high tax-exempt income and to manage call protection (i.e., the amount of time before a bond can be redeemed by its issuer). Increased demand for bond funds because of the choppy stock markets and shrinking supply in municipal bonds due to budget surpluses make for a bright outlook for tax-free funds in 2001. The only thing you can be sure of in volatile market conditions like we've been experiencing is your reaction to them. Keeping your eye on your long-term investment objectives and diversifying your investments can help you weather the current investment storm. By staying invested, and possibly continuing to add to your investments when prices are down, you can make volatile markets work in your favor. 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 talk to your investment executive today if you feel like you are seeing more volatility in your overall portfolio than you prefer. Our goal at First American is to not only help you achieve your investment goals, but to help you feel safe, confident, and secure along the way. Thank you for the trust you have placed in First American Investment Funds. Sincerely, /s/ Virginia L. Stringer /s/ Paul A. Dow VIRGINIA L. STRINGER PAUL A. DOW, CFA Chairperson Chief Investment Officer First American Investment Funds, Inc. U.S. Bancorp Piper Jaffray Asset Management, Inc. FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 1) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) ARIZONA TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 97.6% REVENUE BONDS -- 62.6% AUTHORITY -- 1.1% Greater Arizona Infrastructure Development Authority, Series A, Callable 08/01/08 @ 102 (MBIA) 5.625%, 08/01/20 $ 200 $ 211 ----------- BUILDING -- 7.4% Gilbert Industrial Development Authority, Southwest Student Services, Callable 02/01/09 @ 102 5.850%, 02/01/19 1,300 1,223 Puerto Rico Public Buildings Authority, Series L, Callable 07/01/03 @ 101.5 (COMGTY) 5.750%, 07/01/16 150 156 ----------- 1,379 ----------- EDUCATION -- 1.8% Arizona State Student Loan Acquisition Authority, Series A, Callable 11/01/09 @ 102 (AMT) 5.900%, 05/01/24 100 104 Puerto Rico, Ana G. Mendez University Project, Callable 02/01/09 @ 101 5.375%, 02/01/19 75 72 University of Arizona Board of Regents, Series A, Callable 12/01/09 @ 100 (FGIC) 5.800%, 06/01/24 150 160 ----------- 336 ----------- HEALTHCARE -- 9.2% Arizona Health Facilities Authority, Phoenix Childrens Hospital, Series A 5.375%, 11/15/09 300 310 Johnson City, Tennessee Health & Elderly Facilities Authority, Callable 07/01/12 @ 103 7.500%, 07/01/25 100 100 Mesa Industrial Development Authority, Discovery Health System, Series A, Callable 01/01/10 @ 101 (MBIA) 5.750%, 01/01/25 500 525 5.625%, 01/01/29 500 517 Yuma Industrial Development Authority, Yuma Regional Medical Center, Callable 08/01/07 @ 102 (MBIA) 5.500%, 08/01/17 250 259 ----------- 1,711 ----------- HOUSING -- 16.2% Douglas Community Housing Corporation, Rancho La Perilla, Callable 01/20/10 @ 102 (GNMA) 5.900%, 07/20/20 500 517 6.000%, 07/20/25 475 491 Maricopa County Industrial Development Authority, Avalon Apartments, Series A, Callable 04/01/10 @ 102 (AG) 6.100%, 04/01/13 105 112 6.350%, 04/01/30 200 210 ARIZONA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Maricopa County Industrial Development Authority, Bay Club at Mesa Cove, Series A, Callable 09/01/10 @ 103 (MBIA) 5.700%, 09/01/20 $ 400 $ 415 Maricopa County Industrial Development Authority, Single Family Mortgages, Series B-2, Callable 01/01/10 @ 101.5 (AMT) (FNMA) (GNMA) 5.750%, 01/01/13 250 267 Maricopa County Industrial Development Authority, Sun King Apartments, Series A, Callable 05/01/10 @ 102 6.750%, 11/01/18 260 280 6.750%, 05/01/31 200 213 Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A, Callable 06/01/10 @ 102 (GNMA) (FNMA) (FHLMC) 5.875%, 06/01/16 200 214 Pima County Industrial Development Authority, Pia of Fountain Village Apartments, Callable 12/20/10 @ 103 (GNMA) 5.550%, 12/20/20 300 308 ----------- 3,027 ----------- TAX REVENUE -- 7.3% Oro Valley, Excise Tax, Callable 07/01/10 @ 101 (AMBAC) 5.200%, 07/01/14 400 418 Phoenix Civic Improvements, Callable 07/01/09 @ 101 5.750%, 07/01/16 300 324 Surprise Municipal Property Corporation, Callable 07/01/09 @ 101 (FGIC) 5.700%, 07/01/20 300 319 Tempe, Excise Tax, Series A, Callable 07/01/09 @ 100 5.625%, 07/01/20 300 315 ----------- 1,376 ----------- TRANSPORTATION -- 8.8% Arizona State Transportation Highway Board, Callable 07/01/09 @ 100 5.750%, 07/01/18 200 213 Arizona State Transportation Highway Board, Series A 5.000%, 07/01/09 400 423 Mesa Street & Highway Improvements, Callable 07/01/09 @ 100 (FSA) 5.100%, 07/01/14 500 516 5.500%, 07/01/16 100 105 Puerto Rico Commonwealth, Highway & Transportation Authority, Series X, Callable 07/01/03 @ 101.5 5.500%, 07/01/19 75 77 Tucson Street & Highway Improvements, Series 1994-E, Callable 07/01/10 @ 100 (FGIC) 5.000%, 07/01/18 300 301 ----------- 1,635 ----------- The accompanying notes are an integral part of the financial statements. (2 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 ARIZONA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- UTILITIES -- 10.8% Chandler Water & Sewer Improvements, Callable 07/01/10 @ 101 (FSA) 5.800%, 07/01/17 $ 250 $ 272 Oro Valley Municipal Water Systems, Callable 07/01/08 @ 101 (MBIA) 5.550%, 07/01/17 100 105 Oro Valley Water Development Fee, Callable 07/01/01 @ 100 6.100%, 01/01/04 150 150 Peoria Water & Sewer, Callable 07/01/09 @ 100 (FGIC) 5.000%, 07/01/13 400 414 Phoenix Civic Improvements Water System, Callable 07/01/04 @ 102 5.500%, 07/01/24 100 102 Puerto Rico Electric Power Authority, Series X, Callable 07/01/05 @ 100 5.500%, 07/01/25 100 102 Salt River Project, Agricultural Improvement & Power District, Series A, Callable 01/01/03 @ 100 5.500%, 01/01/19 135 136 Salt River Project, Agricultural Improvement & Power District, Series B, Callable 01/01/03 @ 102 5.250%, 01/01/19 110 111 Salt River Project, Agricultural Improvement & Power District, Series C, Callable 01/01/02 @ 100 5.500%, 01/01/28 165 166 Tucson Water, Series 1994-A (MBIA) 6.250%, 07/01/16 170 199 Tucson Water, Series D, Callable 07/01/09 @ 100 (FGIC) 5.400%, 07/01/17 250 261 ----------- 2,018 ----------- TOTAL REVENUE BONDS 11,693 ----------- GENERAL OBLIGATIONS -- 28.6% Chandler Public & Recreational Improvements, Callable 07/01/10 @ 101 5.800%, 07/01/18 250 271 Goodyear Community Facilities, Utilities District #1, Callable 07/15/11 @ 100 (MBIA) 5.125%, 07/15/21 360 362 Maricopa County Fountain Hills Unified School District #98 (FSA) 5.000%, 07/01/12 (B) 250 262 Maricopa County School District #11, Peoria Unit, Callable 07/01/09 @ 101 (FGIC) 5.500%, 07/01/14 100 107 5.500%, 07/01/15 120 128 Mesa, Callable 07/01/09 @ 100 (FGIC) 5.000%, 07/01/15 500 510 5.000%, 07/01/18 250 251 ARIZONA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- Peoria, Callable 04/01/09 @ 100 (FGIC) 5.400%, 04/01/15 $ 100 $ 105 5.000%, 04/01/18 575 578 5.000%, 04/01/19 125 125 Phoenix, Callable 07/01/07 @ 102 5.250%, 07/01/20 250 255 Phoenix, Callable 07/01/10 @ 100 5.250%, 07/01/19 350 358 5.375%, 07/01/25 750 771 Pima County Unified School District #12, Sunnyside, Callable 07/01/09 @ 100 (FGIC) 5.300%, 07/01/13 150 158 Pima County Unified School District #20, Vail, Callable 07/01/10 @ 101 (FSA) 4.600%, 07/01/12 300 303 Pima County Unified School District #6, Marana, Series A, Callable 07/01/10 @ 101 (FGIC) 5.250%, 07/01/15 250 260 Scottsdale, Callable 07/01/09 @ 100 5.500%, 07/01/22 250 261 Tucson 5.500%, 07/01/18 250 270 ----------- TOTAL GENERAL OBLIGATIONS 5,335 ----------- CERTIFICATES OF PARTICIPATION -- 6.4% El Mirage, Callable 02/01/02 @ 100 6.625%, 08/01/11 200 200 El Mirage, Callable 08/01/02 @ 100 6.900%, 08/01/16 300 301 Navajo County Municipal Property Corporation, Jail Facility (ACA) 5.625%, 07/01/09 310 327 Tucson, Callable 07/01/08 @ 100 (MBIA) 5.500%, 07/01/15 200 210 University of Arizona Parking & Student Housing Authority, Callable 06/01/09 @ 100 (AMBAC) 5.750%, 06/01/19 140 148 ----------- TOTAL CERTIFICATES OF PARTICIPATION 1,186 ----------- TOTAL MUNICIPAL BONDS (Cost $17,254) 18,214 ----------- RELATED PARTY MONEY MARKET FUND -- 2.3% First American Tax Free Obligations Fund (A) 432,650 433 ----------- TOTAL RELATED PARTY MONEY MARKET FUND (Cost $433) 433 ----------- TOTAL INVESTMENTS -- 99.9% (Cost $17,687) 18,647 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 0.1% 25 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 3) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) ARIZONA TAX FREE FUND (CONCLUDED) DESCRIPTION VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 1,309,062 outstanding shares $ 13,448 Portfolio Capital--Class C ($.0001 par value-- 2 billion authorized) based on 64,626 outstanding shares 697 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 340,098 outstanding shares 3,537 Undistributed net investment income 16 Accumulated net realized gain on investments 14 Net unrealized appreciation on investments 960 ----------- NET ASSETS -- 100.0% $ 18,672 ----------- Net asset value and redemption price per share--Class A $ 10.90 Maximum sales charge of 2.50% (C) 0.27 ----------- Offering price per share--Class A $ 11.17 ----------- Net asset value and redemption price per share--Class C (D) $ 10.89 Maximum sales charge of 1.00% (E) 0.11 ----------- Offering price per share--Class C $ 11.00 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.90 ----------- (A)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. (B)At March 31, 2001, the cost of securities purchased on a when issued basis was: Maricopa County, Fountain Hill Unified School District #98, of $259,375. (C)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 2.50%. (D)Class C has a contingent deferred sales charge. For a description of a possible redemption charge, see 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 1.00%. ACA--American Capital Access AMBAC--American Municipal Bond Assurance Corporation AMT--Alternative Minimum Tax. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $370,813, which represents 2.0% of net assets. AG--Asset Guaranty COMGTY--Commonwealth Guaranty FGIC--Financial Guaranty Insurance Corporation FHLMC--Federal Home Loan Mortgage Corporation FNMA--Federal National Mortgage Association FSA--Financial Security Assurance GNMA--Government National Mortgage Association MBIA--Municipal Bond Insurance Association CALIFORNIA INTERMEDIATE TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 98.5% REVENUE BONDS -- 52.7% AUTHORITY -- 2.1% San Francisco Bay Area Transportation Financing Authority, Bridge Toll (ACA) 5.500%, 08/01/05 $ 690 $ 725 San Jose Financing Authority, Convention Center Project, Series C (MLO) 5.750%, 09/01/01 250 253 ----------- 978 ----------- BUILDING -- 1.3% California State Public Works, Department of Corrections, Series A (AMBAC) (MLO) 6.000%, 01/01/06 545 599 ----------- EDUCATION -- 9.0% ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.800%, 06/01/08 200 210 Aztec Shops Ltd., California State Auxiliary Organization, Callable 09/01/10 @ 101 5.400%, 09/01/11 1,035 1,053 California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.300%, 03/01/04 255 262 5.650%, 03/01/07 380 400 5.750%, 03/01/08 400 424 California State Higher Educational Facilities Authority, Occidental College Project, Callable 10/01/07 @ 102 (MBIA) 5.300%, 10/01/10 500 543 California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B 6.000%, 06/01/10 495 526 California State Higher Educational Facilities Authority, University of Redlands, Series A 5.550%, 06/01/09 225 243 California State Higher Educational Facilities Authority, University of Redlands, Series A, Callable 06//01/10 @ 101 5.700%, 06/01/11 250 273 California State Public Works Board, Various University Projects, Series A 5.900%, 10/01/01 100 102 California State Public Works Board, Various University Projects, Series B 5.000%, 06/01/03 150 155 ----------- 4,191 ----------- The accompanying notes are an integral part of the financial statements. (4 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- HEALTHCARE -- 6.4% California State Health Facilities Authority, Casa de las Campanas, Series A, Callable 08/01/08 @100 (CMI) 5.375%, 08/01/09 $ 250 $ 269 California State Public Works Board Lease Authority, Department of Health Services, Series A, Callable 11/01/09 @ 101 (MLO) (MBIA) 5.200%, 11/01/12 500 536 California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12 150 156 John C. Fremont Hospital District, Health Facility (CMI) 6.000%, 06/01/04 245 258 Marysville Hospital, Fremont Rideout Health Project, Series A, Callable 07/01/08 @ 103 (AMBAC) 5.000%, 01/01/10 500 532 Palomar Pomerado, Health Systems (MBIA) 4.600%, 11/01/08 500 522 Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A 5.500%, 11/15/09 650 708 ----------- 2,981 ----------- HOUSING -- 7.7% ABAG Financial Authority, Archstone Redwood Housing Project, Series A 5.300%, 10/01/08 790 818 California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA) 5.250%, 06/01/10 285 299 California State Housing Finance Agency, Series E (MBIA) 5.850%, 08/01/04 150 154 California State Housing Finance Agency, Series G, Callable 08/01/04 @ 102 6.550%, 02/01/05 150 155 California Statewide Communities Development Authority, Archstone Communities Trust, Mandatory Put 06/01/08 @ 100 5.300%, 06/01/29 500 512 California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 5.250%, 06/01/29 500 507 California Statewide Communities Development Authority, Evans Withycombe, Mandatory Put 06/15/09 @ 100 5.200%, 12/01/29 500 506 Redondo Beach Redevelopment Agency, Residential Mortgages, Series A (FNMA) 5.150%, 06/01/03 35 35 Sacramento County Multifamily Housing, Fairways I Apartments, Callable 05/01/01 @ 100 (FNMA) 5.875%, 02/01/08 80 80 Sacramento County Multifamily Housing, Parcwood Apartments, Series B, Mandatory Put 09/01/02 @ 100 (HSBC) 4.800%, 03/01/06 500 512 ----------- 3,578 ----------- CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- OTHER -- 0.5% Children's Trust Fund, Puerto Rico Tobacco Settlement Issue 5.000%, 07/01/08 $ 250 $ 256 ----------- SANITATION DISTRICT -- 1.2% Los Angeles Municipal Improvement Corporation Sanitation Equipment, Series A (FSA) (MLO) 6.000%, 02/01/07 500 557 ----------- SCHOOL DISTRICT -- 3.7% Golden West Schools Financing Authority, Series A (MBIA) 5.700%, 02/01/13 720 810 5.750%, 02/01/14 520 587 Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA) 5.000%, 02/01/12 (A) 535 326 ----------- 1,723 ----------- TAX REVENUE -- 3.6% Los Angeles County Transportation Commission, Series B (FGIC) 5.875%, 07/01/02 250 259 6.000%, 07/01/04 250 270 Orange County Transportation Authority, Measure M Project, Callable 02/15/02 @ 102 5.700%, 02/15/03 900 936 William S. Hart Joint School Financing Authority, Special Tax, Callable 09/01/05 @ 102 (FSA) 6.100%, 09/01/06 200 223 ----------- 1,688 ----------- TRANSPORTATION -- 4.6% San Francisco City & County Airport Commission, Second Series, Callable 05/01/04 @ 101 (AMT) (FGIC) 5.400%, 05/01/06 500 526 San Francisco City & County International Airports Commission, SFO Fuel, Series A (FSA) (AMT) 5.250%, 01/01/07 450 479 San Francisco City & County International Airports Commission, Second Series, Issue 25 (FSA) (AMT) 5.500%, 05/01/08 500 543 San Joaquin Hills Transportation Corridor Agency, Series A, Zero Coupon Bond (MBIA) 4.700%, 01/15/05 (A) 705 610 ----------- 2,158 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 5) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- UTILITIES -- 12.6% Burbank Public Service Department, Series A (AMBAC) 6.100%, 06/01/01 $ 200 $ 201 California Resource Efficiency Financing Authority, First Resource Efficiency Project (AMBAC) 5.200%, 07/01/02 500 513 California State Department of Water, Central Valley Project, Series O, Callable 12/01/05 @ 101 5.000%, 12/01/12 500 517 California State Department of Water, Central Valley Project, Series P, Pre-refunded 06/01/06 @ 101 5.300%, 12/01/07 (B) 750 820 Contra Costa Water District, Series G (MBIA) 5.400%, 10/01/03 500 526 Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Callable 11/01/09 @ 101 (MBIA) 5.200%, 11/01/11 405 437 Escondido Civic Center Project, Escrowed to Maturity, Callable 09/01/01 @ 102 (AMBAC) (MLO) 5.800%, 09/01/04 100 108 Inland Empire Solid Waste Authority, Landfill Improvement Financing Project, Series B, Escrowed to Maturity (FSA) (AMT) 5.750%, 02/01/04 500 530 Los Angeles Department of Water & Power, Callable 04/15/02 @ 102 6.100%, 04/15/03 250 262 Metropolitan Water District of Southern California, Series B, Callable 07/01/06 @ 102 (MBIA) 4.875%, 07/01/10 500 524 5.000%, 07/01/14 500 514 Northern California Transmission Agency, Cal-Ore Project, Series A (MBIA) 6.000%, 05/01/02 100 103 Redding Joint Powers Finance Authority, Waste Water Project, Series A, Callable 12/01/02 @ 102 (FGIC) 5.600%, 12/01/03 100 106 Richmond Waste Water Systems, Callable 8/01/09 @ 102 (FGIC) 5.200%, 08/01/11 500 542 South County Regional Waste Water Authority (FGIC) 5.600%, 08/01/02 100 103 Turlock Irrigation District, Series A, Callable 07/01/02 @ 102 (MBIA) 6.000%, 01/01/04 100 105 ----------- 5,911 ----------- TOTAL REVENUE BONDS 24,620 ----------- GENERAL OBLIGATIONS -- 29.3% Alisal Unified School District, Series C, Zero Coupon Bond (FGIC) 5.050%, 08/01/08 (A) 860 635 California State (AMBAC) 6.300%, 11/01/02 300 315 Fontana School District, Series A (MBIA) 5.550%, 07/01/04 500 533 CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Foothill-De Anza Community College District Callable 08/01/10 @ 101 6.000%, 08/01/11 $ 300 $ 345 Fresno Unified School District, Series A (MBIA) 6.050%, 08/01/11 500 579 Industry, Callable 07/01/02 @ 100.25 (FGIC) 5.800%, 07/01/04 100 103 Jefferson Union High School District, San Mateo County, Series A (MBIA) 6.250%, 02/01/14 300 355 La Canada Unified School District (FGIC) 5.100%, 08/01/03 400 417 Lancaster School District, Series A, Zero Coupon Bond (FGIC) 5.350%, 08/01/21 (A) 415 143 Lemon Grove School District, Election of 1998-B, Zero Coupon Bond (FSA) 3.329%, 11/01/20 (A) 375 133 Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12 165 172 Los Angeles, Series A, Pre-refunded 09/01/04 @ 102 (MBIA) 5.800%, 09/01/07 (B) 250 275 Los Angeles County Public Works Financing Authority, Capital Construction, Callable 03/01/03 @ 102 4.800%, 03/01/04 400 415 Los Angeles County Public Works Financing Authority, Regional Park & Open Space District, Series A, Callable 10/01/07 @ 101 5.000%, 10/01/19 265 266 Los Angeles County Public Works Financing Authority, Regional Park & Open Space District, Series A, Escrowed to Maturity 5.500%, 10/01/02 500 518 5.625%, 10/01/03 500 530 Martinez County Unified School District, Callable 05/07/01 @ 102 5.750%, 08/01/05 150 153 Montebello Unified School District, Zero Coupon Bond (MBIA) 10.398%, 08/01/21 (A) 700 241 Mt. Diablo Unified School District #1, Community Facilities Project, Callable 08/01/02 @ 102 (AMBAC) 5.800%, 08/01/03 100 105 Newhall School District, Series A, Callable 05/01/10 @ 101 (FSA) 5.500%, 05/01/11 540 599 Oxnard School District (MBIA) 5.000%, 08/01/05 600 636 Pomona School District, Series A (MBIA) 5.450%, 02/01/06 250 270 5.500%, 08/01/06 250 272 Pomona School District, Series A, Callable 08/01/11 @ 103 (MBIA) 6.150%, 08/01/15 500 576 Puerto Rico Commonwealth (MBIA) 6.250%, 07/01/08 500 575 The accompanying notes are an integral part of the financial statements. (6 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Puerto Rico Commonwealth, Series B (FSA) 6.500%, 07/01/15 $ 1,000 $ 1,211 Rio Linda Unified School District, Callable 08/01/08 @ 100 (FSA) 5.000%, 08/01/09 500 532 Roseville Joint Union High School District, Callable 08/01/01 @ 102 5.750%, 08/01/02 100 102 Rowland Unified School District, Series A, Callable 09/01/10 @ 101 (FSA) 5.250%, 09/01/25 250 254 San Francisco City & County, Fire Department Facility Project, Series C (FGIC) 7.000%, 06/15/03 300 323 South Pasadena Unified School District, Series B, Zero Coupon Bond (FGIC) 4.900%, 11/01/12 (A) 740 436 Sulphur Springs Union School District, Series B 5.400%, 03/01/02 500 511 Walnut Valley Unified School District, Series A (MBIA) 6.800%, 02/01/07 250 289 6.850%, 08/01/07 250 292 Walnut Valley Unified School District, Series A, Callable 8/01/10 @ 102 (FSA) 5.000%, 08/01/12 255 271 West Covina Redevelopment Agency, Fashion Plaza Project 5.125%, 09/01/05 300 315 ----------- TOTAL GENERAL OBLIGATIONS 13,697 ----------- CERTIFICATES OF PARTICIPATION -- 16.5% ABAG Financial Authority, O'Connor Woods (ACA) 5.250%, 11/01/05 500 521 ABAG Financial Authority, Odd Fellows Home of California (CHFLI) 4.950%, 08/15/07 500 523 Bakersfield Convention Center Expansion Project, Callable 04/01/07 @ 101 (MBIA) (MLO) 5.500%, 04/01/10 250 271 California Statewide Community Development Authority, Hospital of Monterey Peninsula, Callable 08/15/08 @ 101 (MBIA) 5.250%, 08/15/09 500 542 California Statewide Community Development Authority, Health Facilities, Series A, Callable 08/01/03 @ 102 (CMI) 5.200%, 08/01/04 200 208 Grossmont Unified High School District, Callable 09/01/08 @102 (MLO) (FSA) 5.400%, 09/01/13 300 324 Kern County Board of Education, Series A, Callable 05/01/08 @ 102 (MBIA) (MLO) 5.200%, 05/01/12 905 966 Los Angeles Community College, Energy Retrofit Project (AMBAC) 5.000%, 08/15/09 300 321 Los Angeles County Schools, Regionalized Business Services Financing Project, Series A 5.000%, 09/01/08 200 211 Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC) 5.375%, 11/01/10 500 546 CALIFORNIA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- Oceanside Water Systems (AMBAC) 5.100%, 08/01/02 $ 500 $ 513 Paradise Unified School District, Measure M Project, Series A, Callable 09/01/05 @ 102 (AMBAC) (MLO) 5.250%, 09/01/07 300 323 Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A, Callable 07/01/07 @ 102 (MBIA) 5.125%, 07/01/08 500 537 Riverside County Public Financing Authority, Air Force Village West 5.125%, 05/15/05 525 531 San Diego County Water Authority, Series A, Callable 05/01/08 @ 101 5.000%, 05/01/13 505 524 San Mateo County Board of Education, Callable 05/01/08 @ 101 (MLO) 4.600%, 05/01/12 505 504 Tulare County Financing Project, Series A (MBIA) (MLO) 5.600%, 11/15/02 100 104 West Covina Civic Center Project, Callable 09/01/05 @ 102 (FSA) (MLO) 5.250%, 09/01/07 250 269 ----------- TOTAL CERTIFICATES OF PARTICIPATION 7,738 ----------- TOTAL MUNICIPAL BONDS (Cost $43,637) 46,055 ----------- MONEY MARKET FUND -- 0.1% Federated California Municipal Cash Trust 53,155 53 ----------- TOTAL MONEY MARKET FUND (Cost $53) 53 ----------- TOTAL INVESTMENTS -- 98.6% (Cost $43,690) 46,108 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 1.4% 634 ----------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 241,906 outstanding shares 2,398 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 4,299,753 outstanding shares 42,076 Undistributed net investment income 15 Accumulated net realized loss on investments (165) Net unrealized appreciation of investments 2,418 ----------- NET ASSETS -- 100.0% $ 46,742 ----------- Net asset value and redemption price per share--Class A $ 10.28 Maximum sales charge of 2.50% (C) 0.26 ----------- Offering price per share--Class A $ 10.54 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.29 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 7) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) CALIFORNIA INTERMEDIATE TAX FREE FUND (CONCLUDED) -------------------------------------------------------------------------------- (A)The rate shown is the effective yield at the time of purchase. (B)Pre-refunded issues are typically backed by U.S. Government obligations or municipal bonds. These bonds mature at the call date and price indicated. (C)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 2.50%. ABAG--Association of Bay Area Governments ACA--American Capital Access AMBAC--American Municipal Bond Assurance Corporation AMT--Alternative Minimum Tax. As of March 31, 2001 the aggregate market value of securities subject to AMT was $2,375,784 which represents 5.1% of net assets. 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 GNMA--Government National Mortgage Association HSBC--Hong Kong Shanghai Banking Corporation MBIA--Municipal Bond Insurance Association MLO--Municipal Lease Obligation CALIFORNIA TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 94.3% REVENUE BONDS -- 63.0% AUTHORITY -- 0.6% South Bayside Waste Management Authority, Callable 03/01/09 @ 102 (AMBAC) 5.750%, 03/01/20 $ 150 $ 162 ----------- BUILDING -- 4.5% California State Public Works, Department of Corrections, Series C 5.250%, 11/01/07 100 108 Sacramento City Financing Authority, Callable 06/01/10 @ 101 5.400%, 06/01/18 455 474 5.500%, 06/01/23 645 671 ----------- 1,253 ----------- EDUCATION -- 15.1% ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.900%, 06/01/10 200 213 Aztec Shops Ltd., California Auxilliary Organization 5.200%, 09/01/08 455 462 California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.550%, 03/01/06 250 262 California State Higher Educational Facilities Authority, Fresno Pacific University, Series A, Callable 03/01/10 @ 101 6.750%, 03/01/19 380 410 California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Callable 06/01/10 @ 101 6.625%, 06/01/20 215 230 California State Higher Educational Facilities Authority, University of Redlands, Series A, Callable 06/01/10 @ 101 5.950%, 06/01/15 310 337 6.150%, 06/01/20 500 544 University of California, Series K, Callable 09/01/08 @ 101 5.000%, 09/01/20 1,700 1,701 ----------- 4,159 ----------- The accompanying notes are an integral part of the financial statements. (8 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 CALIFORNIA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- HEALTHCARE -- 6.2% California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12 $ 350 $ 363 Puerto Rico Industrial Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Conception, Series A 5.500%, 11/15/08 400 435 Tri-City Hospital District, Series B (MBIA) 5.750%, 02/15/03 870 908 ----------- 1,706 ----------- HOUSING -- 9.0% California State Department of Veterans Affairs, Series C, Callable 01/09/11 @ 101 (AMT) 5.500%, 12/01/19 700 709 California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA) 5.650%, 06/01/10 235 248 California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 5.250%, 06/01/29 1,000 1,015 Sacramento County Multifamily Housing, Parcwood Apartments Project, Series B, Mandatory Put 09/01/02 @ 100 4.800%, 03/01/06 500 512 ----------- 2,484 ----------- PARK DISTRICT -- 1.4% Los Angeles County Public Works Financing Authority, Regional Park & Open Space District, Series A, Callable 10/01/07 @ 101 5.000%, 10/01/19 400 402 ----------- SCHOOL DISTRICT -- 3.7% Golden West Schools Financing Authority, Series A (MBIA) 5.750%, 02/01/14 250 282 5.800%, 08/01/22 320 358 5.800%, 08/01/23 345 385 ----------- 1,025 ----------- TAX REVENUE -- 6.7% Grass Valley Community Redevelopment Agency, Tax Allocation, Callable 12/01/08 @ 102 6.400%, 12/01/34 400 416 Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12 250 261 Los Angeles County Community Facilities District #3, Series A, Special Tax, Callable 09/01/10 @ 100 (AMBAC) 5.250%, 09/01/18 715 738 Los Angeles Landscaping & Lighting District #96-1, Callable 03/01/10 @ 101 5.625%, 03/01/19 200 213 San Francisco Bay Area Transportation Authority, Callable 07/01/09 @ 101 (FGIC) 5.500%, 07/01/26 200 209 ----------- 1,837 ----------- CALIFORNIA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- TRANSPORTATION -- 4.2% Long Beach Harbor, Callable 05/15/05 @ 102 (AMT) (MBIA) 5.375%, 05/15/20 $ 250 $ 253 Los Angeles County Metropolitan Transportation Authority, Series B, Callable 07/01/03 @ 102 (AMBAC) 5.250%, 07/01/23 200 202 Los Angeles Harbor, Series B, Callable 11/01/06 @ 101 (AMT) 5.250%, 11/01/08 300 319 Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA) 5.500%, 07/01/15 100 111 San Francisco Airport Commission, SFO Fuel Company, Callable 01/01/08 @ 102 (FSA) 5.625%, 01/01/12 250 270 ----------- 1,155 ----------- UTILITIES -- 11.6% Compton Sewer Authority, Callable 09/01/08 @ 102 (MBIA) 5.375%, 09/01/23 1,150 1,185 Los Angeles Water & Power Development Authority, Callable 02/15/05 @ 101 6.100%, 02/15/17 150 162 Los Angeles Water & Power Development Authority, Series A-A-1, Callable 07/1/11 @ 100 (FSA) 5.250%, 07/01/18 1,000 1,031 South Placer Waste Water Authority, Series A, Callable 11/01/10 @ 101 (FGIC) 5.500%, 11/01/15 300 325 5.000%, 11/01/19 500 503 ----------- 3,206 ----------- TOTAL REVENUE BONDS 17,389 ----------- GENERAL OBLIGATIONS -- 22.2% Acalanes Unified High School District, Zero Coupon Bond, Callable 08/01/10 @ 70.92 (FGIC) 5.560%, 08/01/16 (A) 700 305 California State 5.000%, 10/01/09 1,000 1,064 California State, Callable 10/01/10 @ 100 5.250%, 10/01/19 800 818 Chaffey Unified High School District, Series B, Callable 08/01/10 @ 101 (FGIC) 5.000%, 08/01/25 1,510 1,491 Glendora Unified School District, Series A, Callable 09/01/10 @ 101 (FSA) 5.350%, 09/01/20 340 353 Hanford Joint Union High School District, Series B, Zero Coupon (MBIA) 5.850%, 08/01/15 (A) 260 130 Jefferson High School District, San Mateo County, Series A (MBIA) 6.250%, 08/01/20 460 542 Lemon Grove School District, Election of 1998, Series B, Zero Coupon Bond (FSA) 5.600%, 11/01/19 (A) 345 130 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 9) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) CALIFORNIA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- Rowland Unified School District, Series A, Callable 09/01/10 @ 101 (FSA) 5.250%, 09/01/25 $ 250 $ 254 Sacramento Unified School District, Series A, Callable 07/01/09 @ 102 5.750%, 07/01/17 400 437 Wiseburn School District, Series A, Callable 08/01/10 @ 100 (FGIC) 5.250%, 08/01/22 600 612 ----------- TOTAL GENERAL OBLIGATIONS 6,136 ----------- CERTIFICATES OF PARTICIPATION -- 9.1% ABAG Financial Authority, Lincoln Glen Manor Senior Citizens, Callable 02/15/08 @ 101 (CMI) 6.100%, 02/15/25 250 270 Bakersfield Convention Center Expansion Project, Callable 04/01/07 @ 101 (MBIA) 5.875%, 04/01/22 250 267 Escondido, Series A, Callable 09/01/10 @ 101 (FGIC) 5.625%, 09/01/20 300 320 Lathrop, Series A, Callable 06/01/10 @ 101 (MBIA) 5.875%, 06/01/30 350 380 Los Angeles, Sonnenblick del Rio Senior Lien, Callable 11/01/10 @ 101 (AMBAC) 6.000%, 11/01/19 330 364 Orange County, Series A, Callable 07/01/06 @ 102 (MBIA) 5.875%, 07/01/19 150 160 Pacifica Public Safety Building Project, Callable 11/01/09 @ 102 (MBIA) 5.350%, 11/01/13 150 162 5.875%, 11/01/24 300 327 Ridgecrest Civic Center Project, Callable 03/01/09 @ 101 6.250%, 03/01/21 250 259 ----------- TOTAL CERTIFICATES OF PARTICIPATION 2,509 ----------- TOTAL MUNICIPAL BONDS (Cost $24,726) 26,034 ----------- MONEY MARKET FUND -- 3.6% Federated California Municipal Cash Trust 984,978 985 ----------- TOTAL MONEY MARKET FUND (Cost $985) 985 ----------- TOTAL INVESTMENTS -- 97.9% (Cost $25,711) 27,019 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 2.1% 594 ----------- CALIFORNIA TAX FREE FUND (CONCLUDED) DESCRIPTION VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 1,742,279 outstanding shares $ 18,397 Portfolio Capital--Class C ($.0001 par value-- 2 billion authorized) based on 21,563 outstanding shares 236 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 739,509 outstanding shares 7,669 Undistributed net investment income 4 Accumulated net realized loss on investments (1) Net unrealized appreciation of investments 1,308 ----------- NET ASSETS -- 100.0% $ 27,613 ----------- Net asset value and redemption price per share--Class A $ 11.03 Maximum sales charge of 2.50% (B) 0.28 ----------- Offering price per share--Class A $ 11.31 ----------- Net asset value and redemption price per share--Class C (D) $ 11.04 Maximum sales charge of 1.00% (C) 0.11 ----------- Offering price per share--Class C $ 11.15 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 11.03 ----------- (A)The rate shown is the effective yield at the time of purchase. (B)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 2.50%. (C)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 1.00% (D)Class C has a contingent deferred sales charge. For a description of a possible redemption charge, see the notes to the financial statements. ABAG--Association of Bay Area Governments AMBAC--American Municipal Bond Assurance Corporation AMT--Alternative Minimum Tax. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $1,529,864, which represents 5.5% of net assets. CMI--California Mortgage Insurance Program FGIC--Financial Guaranty Insurance Corporation FNMA--Federal National Mortgage Association FSA--Financial Security Assurance GNMA--Government National Mortgage Association MBIA--Municipal Bond Insurance Association The accompanying notes are an integral part of the financial statements. (10 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 COLORADO INTERMEDIATE TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 97.9% REVENUE BONDS -- 54.5% BUILDING -- 1.9% Jefferson County, Metropolitan YMCA Project, Series A, Callable 08/01/04 @ 100 7.500%, 08/01/08 $ 1,000 $ 1,021 ----------- EDUCATION -- 7.1% Aurora Community College Project (MLO) (CLE) 5.750%, 10/15/04 500 526 Colorado State Board of Agriculture, Fort Lewis College Project (FGIC) 6.000%, 10/01/02 250 260 Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School Project, Callable 11/01/09 @ 100 6.850%, 11/01/16 440 455 Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project 6.250%, 09/15/11 600 611 Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project 6.375%, 12/01/11 2,000 2,057 ----------- 3,909 ----------- HEALTHCARE -- 11.8% Colorado State Health Facilities Authority, Boulder Hospital (MBIA) 4.875%, 10/01/08 500 525 5.000%, 10/01/09 500 529 Colorado State Health Facilities Authority, Evangelical Lutheran Good Samaritan 6.250%, 12/01/10 700 720 Colorado State Health Facilities Authority, North Colorado Medical Center Project (FSA) 5.000%, 05/15/09 1,000 1,057 Colorado State Health Facilities Authority, Parkview Medical Center Project 5.500%, 09/01/09 500 508 Colorado State Health Facilities Authority, Poudre Valley, Series A, Callable 12/01/09 @ 100 (FSA) 5.750%, 12/01/10 1,000 1,115 Colorado State Health Facilities Authority, Steamboat Springs Health Project 4.500%, 09/15/03 400 391 4.600%, 09/15/04 405 391 La Junta Hospital, Arkansas Valley Medical Center Project 5.200%, 04/01/06 300 291 5.300%, 04/01/07 320 309 5.400%, 04/01/08 335 321 5.500%, 04/01/09 355 338 ----------- 6,495 ----------- HOUSING -- 1.1% Colorado State Housing Finance Authority, Multifamily Housing, Series A (FHA) 5.125%, 10/01/03 275 278 COLORADO INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Colorado State Housing Finance Authority, Single Family Mortgages, Series B-1 (AMT) 5.875%, 06/01/11 $ 340 $ 345 ----------- 623 ----------- INDUSTRIAL DEVELOPMENT -- 0.5% Jefferson County Industrial Development Authority, May Department Stores Project 6.625%, 09/01/01 250 253 ----------- OTHER -- 3.9% Children's Trust Fund, Puerto Rico Tobacco Settlement Issue 5.750%, 07/01/09 2,000 2,144 ----------- POLLUTION CONTROL -- 2.0% Moffat County, Pollution Control, Tri-State Generation Project (AMBAC) 5.500%, 11/01/05 1,000 1,073 ----------- RECREATIONAL AUTHORITY -- 2.0% Denver City & County, Helen G. Bonfils Foundation, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17 900 908 Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101 6.100%, 12/15/09 210 220 ----------- 1,128 ----------- TAX REVENUE -- 8.0% Boulder County Sales & Use Tax (FGIC) 5.750%, 12/15/05 870 946 Boulder County Sales & Use Tax, Escrowed To Maturity (FGIC) 5.750%, 12/15/05 130 142 Denver City & County Convention Center Project, Excise Tax, Series A (FSA) 4.000%, 09/01/08 500 497 Douglas County Sales & Use Tax, Open Space (FSA) 6.000%, 10/15/09 300 339 Larimer County Sales & Use Tax (AMBAC) 5.000%, 12/15/09 360 382 5.000%, 12/15/10 460 488 Longmont Sales & Use Tax, Callable 11/15/10 @ 100 5.500%, 11/15/15 500 531 Westminster Sales & Use Tax, Series A, Callable 12/01/07 @ 102 (FGIC) 5.250%, 12/01/11 500 533 Westminster Sales & Use Tax, Series B (FGIC) 6.250%, 12/01/05 500 554 ----------- 4,412 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 11) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) COLORADO INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- TRANSPORTATION -- 5.2% Colorado Department of Transportation (AMBAC) 6.000%, 06/15/10 $ 1,000 $ 1,133 The E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA) 5.520%, 09/01/17 (A) 1,575 677 6.400%, 09/01/19 (A) 960 365 5.650%, 09/01/20 (A) 500 179 5.396%, 09/01/22 (A) 1,620 516 ----------- 2,870 ----------- UTILITIES -- 11.0% Arapahoe County Water & Wastewater Authority 5.550%, 12/01/06 140 143 5.650%, 12/01/07 150 155 5.750%, 12/01/08 160 166 Arapahoe County Water & Wastewater Authority, Callable 12/01/09 @ 100 6.000%, 12/01/11 185 193 Boulder Water & Sewer 5.750%, 12/01/10 1,545 1,727 Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/17 500 530 Colorado State Water Resource & Power Development Authority, Callable 09/01/02 @ 101 (FSA) 5.900%, 09/01/03 250 261 Colorado State Water Resource & Power Development Authority, Small Water Resources, Series A, Callable 11/01/10 @ 100 (FGIC) 5.700%, 11/01/15 100 108 Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17 875 902 Ute Water Conservancy District (MBIA) 6.000%, 06/15/09 680 768 Westminster Water & Wastewater Utility Enterprise, Callable 12/01/04 @ 100 (AMBAC) 5.800%, 12/01/05 1,000 1,070 ----------- 6,023 ----------- TOTAL REVENUE BONDS 29,951 ----------- GENERAL OBLIGATIONS -- 35.5% Arapahoe County School District #5, Cherry Creek, Callable 12/15/09 @ 100 (STAID) 5.500%, 12/15/11 1,000 1,086 Boulder Valley School District #RE-2, Series A, Pre-refunded 12/01/04 @ 101 (STAID) 5.950%, 12/01/07 (B) 1,000 1,092 Brighton, Callable 12/01/01 @ 101 (MBIA) 6.350%, 12/01/05 95 98 Douglas & Elbert Counties, School District #1, Series A, Pre-refunded 12/15/04 @ 101 (MBIA) (STAID) 6.400%, 12/15/11 (B) 1,000 1,109 COLORADO INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Douglas & Elbert Counties, School District #RE-1 (STAID) 4.250%, 12/15/04 $ 200 $ 205 Eagle, Garfield & Routt Counties, School District #50-J, Pre-refunded 12/01/04 @ 102 (FGIC) (STAID) 6.125%, 12/01/09 (B) 1,290 1,428 El Paso County School District #2, Harrison (STAID) 7.050%, 12/01/04 1,000 1,116 El Paso County School District #3, Widefield, Zero Coupon Bond (MBIA) 4.700%, 12/15/09 (A) 500 341 El Paso County School District #20, Series A (STAID) 6.100%, 12/15/05 500 550 Elbert County School District #C-1, Elizabeth (STAID) 5.150%, 12/01/08 500 534 Foothills Park & Recreational District, Sub-District A (FSA) 5.500%, 12/01/11 200 220 Garfield, Pitkin, & Eagle Counties, School District #1, Callable 06/15/04 @ 101 (MBIA) 6.000%, 12/15/04 1,000 1,082 Jefferson County School District #R-1 (MBIA) (STAID) 6.250%, 12/15/09 1,000 1,150 La Plata County School District #9-R, Durango, Callable 11/01/02 @ 101 (FGIC) (STAID) 6.200%, 11/01/05 165 173 La Plata County School District #9-R, Durango, Pre-refunded 11/01/02 @ 101 (FGIC) 6.200%, 11/01/05 (B) 835 881 Larimer County School District #R-1, Poudre (STAID) 5.400%, 12/15/04 750 796 Larimer, Weld & Boulder Counties, School District #R-2, Thompson, Series A, Callable 12/15/04 @ 100 (STAID) 5.900%, 12/15/06 1,000 1,069 South Suburban Park & Recreation District, Zero Coupon Bond (MBIA) 6.000%, 12/15/01 (A) 1,000 976 Stonegate Village Metropolitan District, Series A, Pre-refunded 12/01/02 @ 100 (FGIC) 6.300%, 12/01/04 (B) 500 524 Summit County School District #R-1, Pre-refunded 12/01/04 @ 100 6.450%, 12/01/08 (B) 1,250 1,376 Thornton (FGIC) 5.600%, 12/01/02 1,000 1,037 Thornton, Callable 12/01/02 @ 101 (FGIC) 5.650%, 12/01/03 1,000 1,045 Valley Metropolitan District, Jefferson County 4.800%, 12/15/02 100 102 4.900%, 12/15/03 260 265 Westglenn Metropolitan District, Callable 12/01/09 @ 100 6.000%, 12/01/14 1,220 1,267 ----------- TOTAL GENERAL OBLIGATIONS 19,522 ----------- The accompanying notes are an integral part of the financial statements. (12 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 COLORADO INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- CERTIFICATES OF PARTICIPATION -- 7.9% Aurora, Callable 12/01/04 @ 101 (MLO) 6.000%, 12/01/06 $ 1,000 $ 1,045 Colorado Springs Public Facilities Authority, Old City Hall Project (FSA) 4.650%, 12/01/05 170 176 4.700%, 12/01/06 135 141 5.000%, 12/01/10 200 211 Englewood Civic Center Project, Callable 12/01/08 @ 100 (MLO) MBIA) 4.900%, 06/01/13 585 594 Garfield County Building (MLO) (AMBAC) 5.750%, 12/01/09 400 443 Garfield County Building, Callable 12/01/09 @ 101 (MLO) (AMBAC) 5.300%, 12/01/11 400 428 Moffat County (AMBAC) 4.100%, 06/01/06 20 20 4.150%, 06/01/07 25 25 4.250%, 06/01/08 20 20 4.400%, 06/01/09 10 10 4.450%, 06/01/10 90 91 4.500%, 06/01/11 85 86 Westminster Recreational Facilities, Callable 09/01/09 @ 101 (MLO) (MBIA) 5.200%, 09/01/10 1,000 1,065 ----------- TOTAL CERTIFICATES OF PARTICIPATION 4,355 ----------- TOTAL MUNICIPAL BONDS (Cost $50,758) 53,828 ----------- RELATED PARTY MONEY MARKET FUND -- 0.9% First American Tax Free Obligations Fund (C) 485,111 485 ----------- TOTAL RELATED PARTY MONEY MARKET FUND (Cost $485) 485 ----------- TOTAL INVESTMENTS -- 98.8% (Cost $51,243) 54,313 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 1.2% 642 ----------- COLORADO INTERMEDIATE TAX FREE FUND (CONCLUDED) DESCRIPTION VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 557,567 outstanding shares $ 5,865 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 4,628,069 outstanding shares 46,726 Distribution in excess of net investment income (39) Accumulated net realized loss on investments (667) Net unrealized appreciation of investments 3,070 ----------- NET ASSETS -- 100.0% $ 54,955 ----------- Net asset value and redemption price per share--Class A $ 10.62 Maximum sales charge of 2.50% (D) 0.27 ----------- Offering price per share--Class A $ 10.89 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.59 ----------- (A)The rate shown is the effective yield at the time of purchase. (B)Pre-refunded issues are typically backed by U.S. Government obligations or municipal bonds. These bonds mature at the call date and price indicated. (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. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $344,828, which represents 6.3% of net assets. CLE--Connie Lee FGIC--Financial Guaranty Insurance Corporation FHA--Federal Housing Authority FSA--Financial Security Assurance MBIA--Municipal Bond Insurance Association MLO--Municipal Lease Obligation STAID--State Aid Withholding FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 13) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) COLORADO TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 96.2% REVENUE BONDS -- 53.8% EDUCATION -- 11.1% Colorado State Board of Agriculture, Auxiliary Facility System, Callable 3/01/07 @ 101 (AMBAC) 5.125%, 03/01/17 $ 200 $ 202 Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project, Callable 12/01/10 @ 100 (AG) 6.000%, 12/01/16 200 217 Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project 6.250%, 09/15/11 400 407 Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Callable 11/01/09 @ 100 6.850%, 11/01/16 100 103 Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project 6.375%, 12/01/11 695 715 Colorado State Educational & Cultural Facilities Authority, University of Denver Project, Callable 03/01/11 @ 100 (AMBAC) 5.350%, 03/01/20 500 513 University of Northern Colorado, Auxiliary Facility System, Callable 06/01/07 @ 100 (MBIA) 5.600%, 06/01/24 165 171 ----------- 2,328 ----------- HEALTHCARE -- 14.6% Boulder County Longmont United Hospital Project (AG) 5.250%, 12/01/09 260 271 5.300%, 12/01/10 330 344 Colorado State Health Facilities Authority, Evangelical Lutheran Good Samaritan Project 6.250%, 12/01/10 300 308 Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 101 5.375%, 01/01/16 1,000 886 Colorado State Health Facilities Authority, Parkview Medical Center Project 5.600%, 09/01/11 300 303 Colorado State Health Facilities Authority, Portercare Adventist Project, Callable 11/15/01 @ 101 6.500%, 11/15/23 600 599 Colorado State Health Facilities Authority, Vail Valley Medical Center, Series A, Callable 01/15/05 @ 101 (ACA) 6.500%, 01/15/13 250 261 La Junta, Ark Valley Regional Medical Center Project, Callable 04/01/09 @ 101 6.100%, 04/01/24 100 90 ----------- 3,062 ----------- COLORADO TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- HOUSING -- 5.1% Colorado State Housing Finance Authority, Multi-Family Project, Series B-4, Class I, Callable 10/01/10 @ 100 5.900%, 04/01/31 $ 100 $ 104 Colorado State Housing Finance Authority, Series E-2, Callable 08/01/10 @ 105 (AMT) 7.000%, 02/01/30 300 338 Colorado State Housing Finance Authority, Single Family Housing Program, Series A-2, Callable 10/01/09 @ 105 (AMT) 7.450%, 10/01/16 100 118 Colorado State Housing Finance Authority, Single Family Housing Program, Series B-2, Callable 04/01/10 @ 105 (AMT) 7.100%, 04/01/17 200 234 El Paso County, Series D, Zero Coupon Bond, (AMT) (FSA) (GNMA) 6.000%, 07/01/11 (A) 400 249 ----------- 1,043 ----------- RECREATIONAL AUTHORITY -- 3.1% Colorado Springs, YMCA of Pikes Peak Project, Callable 05/01/01 @ 100 (WF) 3.500%, 11/01/20 (B) 340 340 Denver, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17 100 101 Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101 6.100%, 12/15/09 200 210 ----------- 651 ----------- TAX REVENUE -- 6.1% Boulder County Sales & Use Tax, Series A, Callable 12/15/09 @ 101 (FGIC) 5.800%, 12/15/16 495 538 6.000%, 12/15/19 200 218 Denver City & County Convention Center, Excise Tax, Series A, Callable 03/01/11 @ 100 (FSA) 5.000%, 09/01/11 200 210 Douglas County Sales & Use Tax, Callable 10/15/10 @ 100 (FSA) 5.625%, 10/15/20 200 211 Larimer County Sales & Use Tax, Callable 12/15/10 @ 100 (AMBAC) 5.625%, 12/15/18 100 106 ----------- 1,283 ----------- TRANSPORTATION -- 3.4% Denver City & County Airport, Series E, Callable 11/15/07 @ 101 (MBIA) 5.250%, 11/15/23 500 501 The accompanying notes are an integral part of the financial statements. (14 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 COLORADO TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- The E-470 Public State Authority, Series A, Callable 09/01/07 @ 101 (MBIA) 5.000%, 09/01/16 $ 200 $ 201 ----------- 702 ----------- UTILITIES -- 10.4% Boulder Water & Sewer, Callable 12/01/10 @ 100 5.700%, 12/01/19 300 318 Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/19 400 420 Colorado State Water Resources & Power Development Authority, Series A, Callable 11/01/11 @ 100 4.800%, 11/01/20 300 286 Fort Collins Wastewater Utility Enterprise, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/20 300 313 Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17 500 515 Pueblo County Board of Waterworks, Series A, Callable 11/01/10 @ 100 (FSA) 5.875%, 11/01/18 305 330 ----------- 2,182 ----------- TOTAL REVENUE BONDS 11,251 ----------- GENERAL OBLIGATIONS -- 21.6% Adams & Arapahoe Counties Joint School District #28J, Aurora, Series C, Callable 12/01/06 @ 102 (STAID) 5.350%, 12/01/15 300 310 Adams County School District #12, Callable 12/15/07 @ 101 (FGIC) 5.400%, 12/15/16 250 260 Arapahoe County School District #5, Cherry Creek, Callable 12/15/09 @ 100 (STAID) 5.500%, 12/15/19 550 572 Boulder Open Space Acquisition, Callable 08/15/10 @ 100 5.450%, 08/15/16 350 368 Boulder Valley School District #RE-2, Callable 12/01/09 @ 100 (STAID) 4.625%, 12/01/15 395 389 Clear Creek School District #1, Callable 12/01/10 @ 100 (STAID) 5.750%, 12/01/17 200 216 Denver Metropolitan District, Series B, Callable 12/01/05 @ 102 5.700%, 12/01/17 100 98 El Paso County School District #38, Callable 12/01/10 @ 100 (STAID) 6.375%, 12/01/18 200 226 6.000%, 12/01/24 250 273 El Paso County School District #49, Falcon, Series A, Callable 12/01/09 @ 105 (STAID) 6.000%, 12/01/18 200 224 Highlands Ranch Metropolitan District #2, Callable 06/15/06 @ 101 (FSA) 5.000%, 06/15/16 200 201 Metex Metropolitan District, Series A, Callable 12/01/07 @ 101 (MBIA) 5.800%, 12/01/16 350 375 COLORADO TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- Morgan County School District #RE-3, Callable 12/01/09 @ 100 (AMBAC) 4.800%, 12/01/18 $ 250 $ 243 Mountain Village Metropolitan District, Callable 12/01/07 @ 101 (MBIA) 5.200%, 12/01/17 200 204 Pitkin County School District #1, Aspen (FGIC) 4.000%, 12/01/05 230 233 Pueblo County School District #70, Callable 12/01/09 @ 100 (FGIC) 6.000%, 12/01/18 100 109 Puerto Rico Commonwealth, Public Improvements, Callable 07/01/05 @ 101 6.000%, 07/01/29 200 211 ----------- TOTAL GENERAL OBLIGATIONS 4,512 ----------- CERTIFICATES OF PARTICIPATION -- 20.8% Arapahoe County Building Finance Authority, Callable 02/15/10 @ 100 (AMBAC) 5.250%, 02/15/21 650 655 5.250%, 02/15/19 400 405 Broomfield Open Space Park & Recreation Facilities, Callable 12/01/10 @ 100 (AMBAC) 5.500%, 12/01/20 800 831 Colorado Springs Old City Hall Project, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/17 200 209 5.500%, 12/01/20 200 207 Denver City & County, 2000 West 3rd Ave Property, Series A, Callable 12/01/11 @ 100 (AMBAC) 4.500%, 12/01/12 250 250 5.100%, 12/01/19 500 501 Denver City & County, Series A, Callable 05/01/10 @ 100 (MBIA) 5.500%, 05/01/17 400 420 Eagle County, Callable 12/01/09 @ 101 (MBIA) 5.400%, 12/01/18 300 309 Fremont County Lease, Callable 12/15/07 @ 101 (MBIA) (MLO) 5.300%, 12/15/17 250 256 Garfield County, Callable 12/01/09 @ 101 (AMBAC) 5.750%, 12/01/19 300 319 ----------- TOTAL CERTIFICATES OF PARTICIPATION 4,362 ----------- TOTAL MUNICIPAL BONDS (Cost $19,042) 20,125 ----------- RELATED PARTY MONEY MARKET FUND -- 2.3% First American Tax Free Obligations Fund (C) 481,126 481 ----------- TOTAL RELATED PARTY MONEY MARKET FUND (Cost $481) 481 ----------- TOTAL INVESTMENTS -- 98.5% (Cost $19,523) 20,606 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 1.5% 320 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 15) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) COLORADO TAX FREE FUND (CONCLUDED) DESCRIPTION VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 1,565,196 outstanding shares $ 16,171 Portfolio Capital--Class C ($.0001 par value-- 2 billion authorized) based on 91,077 outstanding shares 979 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 259,995 outstanding shares 2,645 Undistributed net investment income 31 Accumulated net realized gain on investments 17 Net unrealized appreciation of investments 1,083 ----------- NET ASSETS -- 100.0% $ 20,926 ----------- Net asset value and redemption price per share--Class A $ 10.92 Maximum sales charge of 2.50% (D) 0.27 ----------- Offering price per share--Class A $ 11.19 ----------- Net asset value and redemption price per share--Class C (E) $ 10.91 Maximum sales charge of 1.00% (F) 0.11 ----------- Offering price per share--Class C $ 11.02 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.94 ----------- (A)The rate shown is the effective yield at time of purchase. (B)Variable rate security--the rate shown is the rate in effect as of March 31, 2001. (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%. ACA--American Capital Access AG--Asset Guaranty AMBAC--American Municipal Bond Assurance Corporation AMT--Alternative Minimum Tax. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $938,658, which represents 4.5% of net assets. FGIC--Financial Guaranty Insurance Corporation FSA--Financial Security Assurance GNMA--Government National Mortgage Association MBIA--Municipal Bond Insurance Association MLO--Municipal Lease Obligation STAID--State Aid Withholding WF--Wells Fargo INTERMEDIATE TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 98.3% ALABAMA -- 1.3% Alabama State Docks Department, Callable 10/01/08 @ 102 (RB) (MBIA) 5.250%, 10/01/10 $ 3,000 $ 3,228 Jefferson County Sewer, Series A (RB) (FGIC) 5.375%, 02/01/06 1,200 1,278 ----------- 4,506 ----------- ALASKA -- 2.5% Alaska State Housing Finance Corporation, Series A (RB) 5.900%, 12/01/04 700 748 Alaska State Housing Finance Corporation, Series A (RB) (MBIA) 4.950%, 12/01/02 615 628 5.350%, 06/01/06 610 641 Alaska State Housing Finance Corporation, Series A, Callable 06/01/04 @ 102 (RB) 5.400%, 12/01/23 3,000 3,027 Alaska State Housing Finance Corporation, Series A, Callable 12/01/05 @ 102 (RB) (MBIA) 5.400%, 12/01/08 2,000 2,117 Alaska State Industrial Development & Export Authority, Callable 04/01/03 @ 102 (RB) 5.950%, 04/01/06 800 838 Anchorage, Electric Utility (RB) (MBIA) 5.500%, 12/01/02 700 724 ----------- 8,723 ----------- ARIZONA -- 1.4% Maricopa County School District #69, Paradise Valley (GO) (MBIA) 5.300%, 07/01/11 1,000 1,081 Phoenix, Series A (GO) 5.550%, 07/01/09 1,000 1,101 Pima County (GO) 6.000%, 07/01/02 800 827 Tempe Unified High School District #213, Series C, Callable 07/01/06 @ 101 (GO) (MBIA) 4.000%, 07/01/12 2,060 1,964 ----------- 4,973 ----------- CALIFORNIA -- 1.9% Azusa Redevelopment Agency, Single Family Mortgages, Series A, Escrowed to Maturity (RB) (FNMA) 6.400%, 10/01/02 1,000 1,050 Bakersfield Convention Center Expansion Project, Callable 04/01/07 @ 101 (COP) (MLO) (MBIA) 5.400%, 04/01/09 1,000 1,082 Mountain View Los Altos School District, Series B, Callable 05/01/07 @ 102 (GO) 6.500%, 05/01/17 2,000 2,300 Orange County Transportation Authority, Callable 02/15/02 @ 102 (RB) 5.700%, 02/15/03 200 208 5.750%, 02/15/04 1,000 1,039 The accompanying notes are an integral part of the financial statements. (16 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- San Jose Airport, Callable 03/01/03 @ 102 (RB) (MBIA) 6.100%, 03/01/06 $ 1,000 $ 1,068 ----------- 6,747 ----------- COLORADO -- 5.8% Boulder, Larimer, & Weld Counties School District #R-1, Vrain Valley, Series A, Callable 12/15/02 @ 101 (GO) (MBIA) 5.600%, 12/15/05 1,000 1,041 Colorado Department of Transportation (RB) (AMBAC) 6.000%, 06/15/08 3,000 3,356 Colorado State Educational & Cultural Facilities, Bromley East Charter School Project, Series A, Callable 09/15/11 @ 100 (RB) 6.750%, 09/15/15 1,200 1,209 Colorado State Educational & Cultural Facilities, Classical Academy Charter School Project, Callable 12/01/11 @ 100 (RB) 6.750%, 12/01/16 1,500 1,476 7.250%, 12/01/21 1,500 1,512 Colorado State Health Facilities Authority, Zero Coupon Bond, Escrowed to Maturity (RB) 5.500%, 07/15/20 (A) 10,000 2,804 Colorado State Housing Finance Authority, Series A-2, Callable 05/01/06 @ 105 (RB) 7.150%, 11/01/14 1,010 1,127 Greenwood Metropolitan District, Arapahoe County, Callable 12/01/02 @ 100 (GO) (FSA) 7.300%, 12/01/06 2,000 2,126 Greenwood South Metropolitan District, Arapahoe County, Callable 12/01/02 @ 100 (GO) (MBIA) 7.250%, 12/01/06 1,500 1,593 Jefferson County School District #R-1 (GO) (MBIA) 6.500%, 12/15/11 2,000 2,369 Jefferson County, Callable 12/01/02 @ 102 (COP) (MLO) (MBIA) 6.650%, 12/01/08 500 535 University of Colorado, Partially Pre-refunded 05/07/01 @ 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 1,079 ----------- 20,252 ----------- DELAWARE -- 1.2% Delaware State, Callable 05/07/01 @ 102 (GO) 6.350%, 04/01/03 1,000 1,022 Delaware Transportation Authority, Callable 05/07/01 @ 100 (RB) 7.500%, 07/01/02 1,000 1,003 New Castle County, Callable 10/01/03 @ 102 (GO) 5.300%, 10/01/05 2,000 2,114 ----------- 4,139 ----------- INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- DISTRICT OF COLUMBIA -- 0.1% District of Columbia, Series A, Callable 05/07/01 @ 102 (GO) (MBIA) 6.300%, 06/01/01 $ 425 $ 427 ----------- FLORIDA -- 0.8% Greater Orlando Aviation Authority, Airport Facilities (RB) (AMT) (FGIC) 5.250%, 10/01/09 1,815 1,935 Lee County Industrial Development Authority, Shell Point Village Health Project, Series A (RB) 5.500%, 11/15/08 1,000 985 ----------- 2,920 ----------- HAWAII -- 1.3% Hawaii State Airport Systems, Series B (RB) (AMT) (FGIC) 6.250%, 07/01/06 2,000 2,196 Hawaii State Harbor Systems, Series A (RB) (AMT) (FSA) 5.250%, 07/01/08 2,270 2,394 ----------- 4,590 ----------- IDAHO -- 0.3% Ada & Canyon Counties, Joint School District #2, Pre-refunded 07/30/05 @ 101 (GO) 5.500%, 07/30/11 (B) 1,000 1,082 ----------- ILLINOIS -- 17.0% Chicago Water, Zero Coupon Bond (RB) (FGIC) 6.776%, 11/01/08 (A) 5,150 3,696 7.122%, 11/01/09 (A) 6,450 4,394 Chicago, City Colleges, Zero Coupon Bond (GO) (FGIC) 5.900%, 01/01/15 (A) 10,000 5,003 Chicago, Series A, Zero Coupon Bond (GO) (MBIA) 3.489%, 01/01/16 (A) 1,000 605 Chicago, Midway Airport Project, Series C (RB) (MBIA) 5.500%, 01/01/14 1,300 1,400 Chicago, Park District, Parking Facilities Authority (RB) (ACA) 5.250%, 01/01/03 1,075 1,097 5.500%, 01/01/08 3,585 3,749 Chicago, Series A (GO) (FGIC) 5.250%, 01/01/11 5,000 5,330 Chicago, Single Family Mortgages, Series A, Callable 03/01/06 @ 103 (RB) (AMT) (FHLMC) (FNMA) (GNMA) 5.250%, 03/01/13 240 245 Cook County (GO) (MBIA) 7.250%, 11/01/07 2,000 2,314 Cook County Community Unit School District #401, Elkwood Park, Zero Coupon Bond (GO) (FSA) 5.800%, 12/01/11 (A) 3,625 2,208 Cook County Community Unit School District #65, Evanston, Series A (GO) (FSA) 6.375%, 05/01/09 3,000 3,438 De Kalb, Single Family Mortgages, Series A (RB) (AMT) (GNMA) 7.000%, 12/01/01 210 212 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 17) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Illinois State Development Finance Authority, Elmhurst Community School, Callable 01/01/11 @ 100 (RB) (FSA) 6.375%, 01/01/13 $ 1,025 $ 1,180 Illinois State Development Finance Authority, Solid Waste Disposal, Waste Management Project (RB) (AMT) 5.850%, 02/01/07 1,000 1,009 Illinois State Educational Facilities Authority, Northwestern University, Mandatory Put 11/01/08 @ 100 (RB) 4.950%, 11/01/32 2,050 2,137 Illinois State Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/06 @ 100 (RB) 4.700%, 03/01/30 4,500 4,613 Illinois State Health Facilities Authority (RB) 6.500%, 02/15/06 1,130 1,222 Illinois State Health Facilities Authority, Alexian Brothers Health System (RB) (FSA) 5.000%, 01/01/06 1,500 1,566 Illinois State Sales Tax (RB) 6.000%, 06/15/09 2,500 2,808 Illinois State Sales Tax, Series S (RB) 5.100%, 06/15/10 2,000 2,122 Illinois State, Callable 06/01/09 @ 101 (GO) (FGIC) 5.375%, 06/01/10 2,000 2,164 Lake County, Illinois Community School District #50, Woodland, Series A, Callable 12/01/08 @ 100 (GO) (FGIC) 5.000%, 12/01/09 1,000 1,047 McHenry & Lake Counties Community High School District #156, Callable 01/01/11 @ 100 (GO) (FGIC) 5.000%, 01/01/13 2,320 2,387 Metropolitan Pier & Exposition Authority, Illinois State Sales Tax, Series A, Zero Coupon Bond (RB) (FGIC) 5.000%, 06/15/09 (A) 1,500 1,039 Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series A, Callable 12/15/09 @ 101 (RB) (FGIC) 5.550%, 12/15/11 1,000 1,091 Winnebago County School District #122, Harlem- Loves Park, Zero Coupon Bond (GO) (FSA) 5.200%, 01/01/17 (A) 3,000 1,324 ----------- 59,400 ----------- INDIANA -- 2.3% Franklin Township Independent School Building Corporation (RB) 5.750%, 07/15/09 1,235 1,374 Indiana State Educational Facilities Authority, St. Joseph's College Project (RB) 6.100%, 10/01/09 1,660 1,737 Indiana State Educational Facilities Authority, St. Joseph's College Project, Callable 10/01/09 @ 102 (RB) 6.600%, 10/01/14 1,410 1,477 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Indiana State Housing Finance Authority, Series B-1, Callable 07/01/05 @ 102 (RB) 6.150%, 07/01/17 $ 1,085 $ 1,112 Indiana University, Series K, Zero Coupon Bond (RB) (MBIA) 5.360%, 08/01/11 (A) 3,750 2,313 ----------- 8,013 ----------- IOWA -- 1.1% Salix Pollution Control, Interstate Power Company, Mandatory Put 01/01/04 @ 100 (RB) 4.200%, 01/01/13 3,700 3,700 ----------- KANSAS -- 1.4% Butler County Public Building Authority (RB) (MBIA) 6.375%, 10/01/10 1,000 1,167 Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (RB) (GNMA) 6.700%, 06/01/29 2,260 2,501 Sedgwick County School District #267 (GO) (AMBAC) 5.250%, 11/01/12 1,045 1,122 ----------- 4,790 ----------- KENTUCKY -- 0.6% Kentucky Economic Development Finance Authority, Norton Healthcare, Series A, Callable 10/01/10 @ 101 (RB) 6.250%, 10/01/12 2,000 2,056 ----------- MAINE -- 0.6% Maine Municipal Bond Bank, Series B (GO) (FSA) 5.750%, 11/01/10 2,000 2,239 ----------- MASSACHUSETTS -- 3.7% Massachusetts Bay Transportation Authority, Series A (RB) 6.250%, 03/01/12 1,875 2,180 Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (RB) (FGIC) 5.750%, 03/01/10 2,100 2,332 Massachusetts State Commonwealth, Special Obligation, Series A (RB) 5.500%, 06/01/13 1,000 1,099 Massachusetts State Development Finance Agency, Briarwood, Series B, Callable 12/01/10 @ 100 (RB) 7.875%, 12/01/15 2,500 2,508 Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A, Callable 07/01/07 @ 101 (RB) (MBIA) 5.100%, 07/01/10 3,000 3,148 Massachusetts State Housing Finance Agency, Series 41 (RB) 5.350%, 12/01/02 485 490 Massachusetts State Housing Finance Agency, Series A, Callable 04/01/03 @ 102 (RB) 6.300%, 10/01/13 1,000 1,051 ----------- 12,808 ----------- The accompanying notes are an integral part of the financial statements. (18 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MICHIGAN -- 5.5% Detroit (GO) (AMT) (FSA) 5.750%, 04/01/09 $ 1,255 $ 1,367 Lakeshore, Public Schools, Callable 05/01/11 @ 100 (GO) 5.000%, 05/01/12 1,260 1,313 Michigan Municipal Bond Authority, Clean Water Revolving Fund (RB) 5.500%, 10/01/09 2,500 2,745 Michigan State Building Authority Series I, Callable 10/01/06 @ 102 (RB) (AMBAC) 5.050%, 10/01/09 270 275 Michigan State Hospital Finance Authority, Ascension Health Credit, Series B, Mandatory Put 11/15/05 @ 100 (RB) 5.200%, 11/15/33 3,000 3,065 Michigan State Housing Development Authority, Green Hill Project, Callable 07/15/04 @ 102 (RB) (FNMA) 5.125%, 07/15/08 1,980 1,999 Oakland University, Callable 05/15/05 @ 102 (RB) (MBIA) 5.600%, 05/15/10 1,000 1,068 Rochester Community School District, Series I, Callable 05/01/10 @100 (GO) (FGIC) 5.375%, 05/01/11 2,000 2,152 Wayne Charter County Airport, Series A, Callable 12/01/08 @ 101 (RB) (AMT) (MBIA) 5.250%, 12/01/09 5,000 5,300 ----------- 19,284 ----------- MINNESOTA -- 5.3% Anoka County, Resource Recovery, Northern States Power Project (RB) 4.350%, 12/01/04 2,200 2,249 Bloomington Port Authority, Mall of America Project, Series A, Pre-refunded 08/01/01 @ 100 (RB) (FSA) 5.450%, 02/01/09 (B) 80 81 Minneapolis, Hennepin Avenue Project, Series C, Escrowed to Maturity (GO) 6.200%, 03/01/02 800 822 Minneapolis & St. Paul Housing & Redevelopment Authority, Health One Obligated Group, Series A, Pre-refunded 08/15/02 @ 102 (RB) (MBIA) 7.400%, 08/15/05 (B) 600 614 Minneapolis & St. Paul Metropolitan Airports Commission, Series B (RB) (AMT) (FGIC) 5.750%, 01/01/10 1,000 1,087 Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (RB) (AMT) (AMBAC) 5.375%, 01/01/10 3,000 3,166 Minneapolis & St. Paul Metropolitan Areas Transit Council, Series A (GO) 5.000%, 02/01/07 1,000 1,058 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Northern Minnesota Municipal Power Agency, Series A, Pre-refunded 01/01/03 @ 102 (RB) (AMBAC) 5.700%, 01/01/05 (B) $ 1,000 $ 1,058 Robbinsdale, Minnesota Independent School District #281 (GO) (MSDCEP) 5.000%, 02/01/09 1,250 1,320 Robbinsdale, Minnesota Independent School District #281, Callable 02/01/09 @ 100 (GO) (MSDCEP) 5.250%, 02/01/12 1,435 1,513 St. Paul Housing & Redevelopment Authority, Tax Increment Revenue, Callable 08/01/06 @ 102.5 (AMBAC) 6.400%, 02/01/07 1,195 1,343 6.400%, 08/01/07 1,205 1,366 6.450%, 08/01/08 1,275 1,442 6.500%, 02/01/09 1,315 1,484 ----------- 18,603 ----------- MISSOURI -- 1.2% Kansas City School District Building Authority, Capital Improvements Project, Series A, Callable 05/07/01 @ 102 (RB) (MLO) (FGIC) 6.400%, 02/01/02 2,000 2,045 St. Louis Industrial Development Authority, Convention Center Project, Series A, Callable 12/15/10 @ 102 (RB) (AMT) 7.000%, 12/15/15 2,000 2,098 ----------- 4,143 ----------- NEBRASKA -- 3.0% Buffalo County Hospital Authority #1, Good Samaritan Hospital Project, Callable 05/07/01 @ 101, Escrowed to Maturity (RB) 6.375%, 11/01/03 80 84 Douglas County Hospital Authority #1, Immanuel Medical Center (RB) (AMBAC) 4.600%, 09/01/04 1,255 1,291 Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (RB) (AMBAC) 4.800%, 09/01/08 1,400 1,453 Douglas County School District (GO) 4.750%, 12/15/07 (C) 1,200 1,256 Municipal Energy Agency of Nebraska, Series A (RB) (AMBAC) 5.450%, 04/01/02 750 767 Nebraska Educational Finance Authority, Creighton University Project, Callable 01/01/06 @ 101 (RB) (AMBAC) 5.600%, 01/01/07 2,500 2,692 Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (RB) 6.000%, 02/01/06 1,275 1,385 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 19) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Omaha Northwest Library Facilities Corporation, Callable 08/15/07 @ 102 (RB) (MLO) 5.250%, 08/15/12 $ 975 $ 1,028 Omaha, Pre-refunded 09/01/01 @ 102 (GO) 5.900%, 09/01/02 (B) 500 516 ----------- 10,472 ----------- NEVADA -- 0.6% Clark County School District, Building & Renovation, Series B, Callable 06/15/07 @ 101 (GO) (FGIC) 5.750%, 06/15/08 1,000 1,092 Washoe County School District, Callable 08/01/02 @ 101 (GO) (MBIA) 5.700%, 08/01/03 1,000 1,038 ----------- 2,130 ----------- NEW JERSEY -- 1.2% New Jersey State (GO) 5.900%, 08/01/02 1,000 1,035 New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.500%, 06/15/08 2,000 2,186 New Jersey State Turnpike Authority, Series A, Callable 05/07/01 @ 102 (RB) (AMBAC) 6.750%, 01/01/08 1,000 1,023 ----------- 4,244 ----------- NEW MEXICO -- 0.7% Albuquerque Joint Water & Sewer Systems, Series A (RB) 5.250%, 07/01/09 2,200 2,361 Farmington Utility Systems, Callable 05/07/01 @ 100, Escrowed to Maturity (RB) 10.000%, 01/01/02 130 136 ----------- 2,497 ----------- NEW YORK -- 1.4% Hempstead Town Industrial Development Agency, Callable 12/01/06 @ 102 (RB) (MBIA) 5.000%, 12/01/08 2,000 2,115 New York State Dormitory Authority, Mental Health Services Facilities, Callable 08/15/10 @ 100 (RB) (FSA) 5.750%, 02/15/11 1,200 1,336 New York State Environmental Facilities Corporation, Pollution Control, Callable 11/15/04 @102 (RB) 6.400%, 05/15/06 1,250 1,384 ----------- 4,835 ----------- NORTH DAKOTA -- 0.4% Fargo Health Systems, Meritcare Obligated Group, Series A (RB) (FSA) 5.000%, 06/01/09 715 750 North Dakota State Industrial Commission, Lignite Program, Series A (RB) 5.750%, 11/15/05 500 526 North Dakota State Student Loan, Series A, Callable 05/07/01 @ 101 (RB) (AMBAC) 6.900%, 07/01/01 5 5 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- North Dakota State Student Loan, Series A, Escrowed to Maturity (RB) 6.100%, 07/01/01 $ 25 $ 25 ----------- 1,306 ----------- OHIO -- 2.8% Franklin County Health Care, Friendship Village, Callable 08/15/08 @ 101 (RB) 5.250%, 08/15/18 2,000 1,590 Lorain County Hospital Revenue, Catholic Healthcare Partners, Series B, Callable 09/01/07 @ 102 (RB) (MBIA) 5.375%, 09/01/09 1,000 1,078 Ohio State Building Authority, Administration Building Fund Project, Series A, Callable 10/01/08 @ 101 (RB) (MLO) 5.250%, 10/01/09 3,000 3,229 Ohio State Building Authority, Adult Correctional Facilities Project, Series A (RB) (MLO) (MBIA) 5.500%, 10/01/04 1,000 1,064 Richland County Hospital Facilities, Series A (RB) 5.450%, 11/15/04 690 711 5.500%, 11/15/05 725 750 5.550%, 11/15/06 765 793 5.650%, 11/15/08 595 617 ----------- 9,832 ----------- OKLAHOMA -- 3.1% Oklahoma County Housing Finance Authority, Series B, Zero Coupon Bond, Pre-refunded 03/01/06 @ 56.92 (RB) 5.740%, 07/01/12 (A) (B) 3,690 1,715 Oklahoma Housing Finance Agency, Series A-2, Callable 05/01/05 @ 100 (RB) (FNMA) 5.500%, 11/01/25 3,000 3,075 Tulsa County Independent School District #9 (GO) 5.750%, 06/01/04 2,000 2,130 Tulsa Educational Facilities Authority, Holland Hall School Project, Series B, Callable 12/01/08 @ 101 (RB) 4.600%, 12/01/09 1,195 1,192 Tulsa Metropolitan Utility Authority, Callable 09/01/05 @ 102 (RB) 5.600%, 09/01/06 1,000 1,083 Tulsa Municipal Airport Trust, Series A, Callable 12/01/04 @ 100 (RB) (AMT) 5.800%, 06/01/35 1,500 1,522 ----------- 10,717 ----------- OREGON -- 2.3% Lane County School District #19, Springfield, Pre-refunded 10/15/04 @ 101 (GO) (MBIA) 5.900%, 10/15/06 (B) 1,000 1,088 Lane County School District #52, Bethel (GO) (SBGT) 5.500%, 06/15/09 1,000 1,091 Polk, Marion & Benton Counties, School District #13-J (GO) (FGIC) 5.500%, 12/01/04 1,015 1,083 The accompanying notes are an integral part of the financial statements. (20 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Portland Community College District, Series A, Pre-refunded 07/01/02 @ 100 (GO) 6.000%, 07/01/12 (B) $ 500 $ 517 Washington County Criminal Justice Facilities, Pre-refunded 12/01/04 @ 100 (GO) 5.625%, 12/01/05 (B) 900 965 Washington County Unified Sewer Agency, Series 1 (RB) (FGIC) 5.750%, 10/01/08 2,000 2,214 Yamhill County School District #40 (GO) (FGIC) 5.375%, 06/01/04 1,000 1,055 ----------- 8,013 ----------- PENNSYLVANIA -- 2.0% Erie County Prison Authority, Pre-refunded 11/01/01 @ 100 (RB) (MLO) (MBIA) 6.600%, 11/01/02 (B) 1,000 1,020 6.700%, 11/01/03 (B) 1,000 1,020 Governor Mifflin School District, Pre-refunded 02/01/02 @ 100 (GO) (AMBAC) 6.500%, 02/01/13 (B) 2,000 2,055 Montgomery County, Industrial Development Authority, PECO Energy Project, Series A, Mandatory Put 10/01/04 @ 100 (RB) 5.200%, 10/01/30 2,000 2,026 Northumberland County, Commonwealth Lease, Pre-refunded 10/15/01 @100 (RB) (MLO) (MBIA) 6.600%, 10/15/02 (B) 1,000 1,019 ----------- 7,140 ----------- PUERTO RICO -- 0.4% Puerto Rico Electric Power Authority, Series AA (RB) (MBIA) 6.000%, 07/01/06 1,000 1,113 Puerto Rico Housing Finance Corporation, Single Family Mortgages, Series A (RB) (AMT) (GNMA) 6.000%, 02/01/02 110 112 ----------- 1,225 ----------- RHODE ISLAND -- 0.3% Rhode Island Depositors Economic Protection Corporation, Series A (RB) (FSA) 6.250%, 08/01/03 1,000 1,064 ----------- SOUTH CAROLINA -- 0.5% South Carolina State Public Service Authority, Series A (RB) (MBIA) 5.500%, 01/01/10 1,665 1,816 ----------- SOUTH DAKOTA -- 1.3% Deadwood, South Dakota (COP) 5.500%, 11/01/07 800 841 5.600%, 11/01/08 845 893 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement (RB) 5.500%, 09/01/04 $ 640 $ 635 5.650%, 09/01/05 665 660 5.800%, 09/01/06 735 726 5.900%, 09/01/07 755 745 ----------- 4,500 ----------- TENNESSEE -- 0.1% Shelby County Health, Educational & Housing Facilities Board, St. Jude's Children's Research (RB) 5.000%, 07/01/09 500 522 ----------- TEXAS -- 5.1% Abilene Health Facilities Development, Sears Methodist Retirement, Series A (RB) 5.100%, 11/15/05 1,115 1,069 5.250%, 11/15/06 1,175 1,120 5.300%, 11/15/07 1,000 936 5.350%, 11/15/08 1,300 1,212 Dallas-Fort Worth International Airport Facility Improvement Corporation, American Airlines, Series B, Mandatory Put 11/01/05 @ 100 (RB) (AMT) 6.050%, 05/01/29 2,000 2,052 Galveston County Special Tax Revenue, Pre-refunded 08/01/01 @ 100 (GO) (MBIA) 6.400%, 02/01/05 (B) 185 187 Galveston County Special Tax Revenue, Pre-refunded 08/01/01 @ 100, Escrowed to Maturity (GO) (MBIA) 6.400%, 02/01/05 (B) 315 346 Houston Housing Finance Corporation, Single Family Mortgages, Series A-1, Callable 12/01/06 @ 102 (RB) 8.000%, 06/01/14 585 631 Irving Independent School District, Series A, Zero Coupon Bond (GO) (PSFG) 5.000%, 02/15/09 (A) 6,190 4,360 North Central Health Facilities Authority, Retirement Facility, Series A (RB) 7.000%, 11/15/10 4,000 3,912 Nueces County Housing Finance Corporation, Dolphins Landing Apartments Project, Series A, Callable 07/01/10 @ 102 (RB) 6.750%, 07/01/20 1,910 1,935 ----------- 17,760 ----------- UTAH -- 1.0% Salt Lake County Municipal Building Authority, Series A (RB) (MLO) 6.000%, 10/01/03 525 555 Utah State Housing Finance Agency, Single Family Mortgages (RB) (FHA) (VA) 6.350%, 01/01/02 35 35 5.650%, 07/01/06 305 314 Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1, Callable 07/01/05 @102 (RB) (FHA) (VA) 6.300%, 01/01/18 710 750 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 21) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R, Callable 07/01/06 @ 102 (RB) (FHA) (VA) 5.950%, 07/01/08 $ 1,665 $ 1,799 ----------- 3,453 ----------- VIRGINIA -- 1.6% Riverside Regional Jail Authority, Callable 07/01/05 @ 102 (RB) (MBIA) 5.700%, 07/01/08 905 979 Riverside Regional Jail Authority, Pre-refunded 07/01/05 @ 102 (RB) (MBIA) 5.700%, 07/01/08 (B) 1,095 1,202 Virginia State Housing Development Authority, Series D, Callable 07/01/05 @ 102 (RB) 6.100%, 01/01/14 1,110 1,176 Virginia State Housing Development Authority, Series H (RB) 6.200%, 07/01/04 1,000 1,027 Virginia State Peninsula Regional Jail Authority, Callable 10/01/05 @ 101 (RB) (MBIA) 5.300%, 10/01/09 1,000 1,057 ----------- 5,441 ----------- WASHINGTON -- 12.5% Clark County Public Utility District #1, Callable 07/01/01 @ 102 (RB) (FGIC) 6.100%, 01/01/02 750 766 Clark County School District #37, Vancouver (GO) (FSA) 5.250%, 12/01/14 1,515 1,617 Clark County School District #37, Vancouver, Callable 12/01/02 @ 100 (GO) 6.100%, 12/01/04 1,000 1,043 Conservation & Renewable Energy Systems, Washington Conservation Project (RB) 5.650%, 10/01/03 700 735 Grant County Public Utility District #2, Series A (RB) 5.750%, 01/01/02 670 682 Island County School District #206, South Widbey, Callable 12/01/04 @ 100 (GO) (AMBAC) 5.750%, 12/01/06 700 744 King County Public Hospital District #4, Callable 12/01/02 @ 100 (GO) 5.800%, 12/01/03 910 942 King County School District #403, Renton, Pre-refunded 12/01/02 @ 101 (GO) 6.050%, 12/01/03 (B) 875 922 King County School District #408, Auburn (GO) 6.200%, 12/01/02 515 538 King County School District #415, Kent, Pre-refunded 06/01/04 @ 100 (GO) (AMBAC) 6.450%, 06/01/06 (B) 920 1,000 King County, Series B, Callable 12/01/07 @ 102 (GO) 5.850%, 12/01/13 3,000 3,282 Kitsap County School District #401, Central Kitsap, Pre-refunded 12/01/02 @ 101 (GO) 6.625%, 12/01/08 (B) 750 797 Pierce County School District #320, Sumner (GO) 6.000%, 12/01/06 1,000 1,068 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Pierce County School District #401, Peninsula, Series A (GO) 5.950%, 12/01/01 $ 640 $ 651 Pierce County School District #403, Bethel, Callable 12/01/01 @ 100 (GO) 6.200%, 12/01/02 1,285 1,308 Pierce County School District #403, Bethel, Callable 12/01/02 @ 100 (GO) 6.350%, 12/01/04 500 523 Port Seattle Passenger Facility Charge, Series B (RB) (AMT) (AMBAC) 5.000%, 12/01/07 1,000 1,042 Port Tacoma, Series A (GO) 6.300%, 06/01/01 790 794 Snohomish County Housing Authority, Callable 04/01/06 @ 100 (RB) 6.300%, 04/01/16 1,035 1,067 Snohomish County Public Utilities District #1, Callable 11/01/01 @ 100 (RB) 5.850%, 11/01/17 1,000 1,001 Snohomish County School District #2, Everett, Callable 12/01/03 @ 102 (GO) (MBIA) 6.000%, 12/01/06 850 910 Snohomish County School District #2, Everett, Pre-refunded 12/01/03 @ 102 (GO) (MBIA) 6.000%, 12/01/06 (B) 950 1,031 Snohomish County School District #2, Everett, Series A, Callable 06/01/01 @ 100 (GO) 6.700%, 06/01/02 1,200 1,207 Snohomish County School District #6, Mukilteo (GO) 6.250%, 12/01/01 900 918 Snohomish County School District #6, Mukilteo, Pre-refunded 06/01/01 @ 100 (GO) 6.800%, 12/01/04 (B) 900 905 Snohomish County Solid Waste, Pre-refunded 12/01/01 @ 102 (GO) (MBIA) 6.800%, 12/01/03 (B) 650 678 South Columbia Basin Irrigation District (RB) 5.800%, 12/01/01 500 509 Spokane County Regional Solid Waste Management, Callable 12/01/02 @ 102 (RB) (AMBAC) 6.400%, 12/01/03 800 849 Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (GO) (FGIC) 5.030%, 12/01/14 (A) 8,690 4,424 Spokane County School District #81, Spokane (GO) 5.900%, 12/01/02 1,000 1,042 Spokane County Sewer, Callable 06/01/02 @ 100 (RB) 6.150%, 06/01/05 1,470 1,516 Tacoma Electric Systems, Callable 01/01/02 @ 102 (RB) (AMBAC) 6.000%, 01/01/06 1,215 1,261 Tacoma Electric Systems, Pre-refunded 01/01/04 @ 100 (AMBAC) 6.000%, 01/01/06 (B) 185 197 Tacoma Utility, Pre-refunded 12/01/01 @ 101 (RB) (MBIA) 6.200%, 12/01/03 (B) 575 592 The accompanying notes are an integral part of the financial statements. (22 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- Tacoma, Series A, Callable 07/01/02 @ 100 (GO) 5.900%, 07/01/03 $ 600 $ 617 Thurston County School District #111, Olympia, Pre-refunded 12/01/02 @ 100 (GO) 6.700%, 12/01/03 (B) 1,000 1,055 Washington State Housing Finance, Hearthstone Project, Callable 01/01/05 @ 102 (RB) 6.000%, 01/01/10 810 875 Washington State Housing Finance, Single Family Mortgages, Callable 07/01/01 @ 102 (RB) (FNMA) (GNMA) 6.700%, 07/01/02 125 127 Washington State Public Power Supply System, Nuclear Project #2, Series A, Callable 07/01/06 @ 102 (RB) (AMBAC) 5.700%, 07/01/11 1,000 1,078 Washington State, Series C (GO) 5.500%, 07/01/14 2,275 2,481 Washington State, Series R-92 (GO) 6.200%, 09/01/01 1,000 1,013 ----------- 43,807 ----------- WISCONSIN -- 2.5% Hartford Promisory Notes, Callable 09/01/08 @ 100 (GO) (FSA) 5.250%, 09/01/09 1,575 1,679 Milwaukee County, Series A, Callable 09/01/02 @ 100 (GO) 5.550%, 09/01/03 1,700 1,749 5.875%, 09/01/07 500 516 Walworth County Promisory Notes, Callable 04/01/08 @ 100 (GO) 5.500%, 04/01/09 1,500 1,617 Wisconsin State Health & Education Facilities Authority, Aurora Health Care, Series A, Callable 02/15/09 @ 101 (RB) 5.500%, 02/15/20 1,500 1,318 Wisconsin State Health & Education Facilities Authority, Monroe Clinic (RB) 4.450%, 02/15/06 925 903 4.700%, 02/15/09 1,060 1,006 ----------- 8,788 ----------- WYOMING -- 0.2% Sweetwater County, Pacific Power & Light Project, Pre-refunded 12/01/01 @ 100 (RB) (B) 6.500%, 12/01/07 700 715 ----------- TOTAL MUNICIPAL BONDS (Cost $330,755) 343,672 ----------- RELATED PARTY MONEY MARKET FUND -- 0.7% First American Tax Free Obligations Fund (D) 2,457,621 2,458 ----------- TOTAL RELATED PARTY MONEY MARKET FUND (Cost $2,458) 2,458 ----------- TOTAL INVESTMENTS -- 99.0% (Cost $333,213) 346,130 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 1.0% 3,638 ----------- INTERMEDIATE TAX FREE FUND (CONCLUDED) DESCRIPTION VALUE (000) -------------------------------------------------------------------------------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 858,549 outstanding shares $ 9,435 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 31,536,478 outstanding shares 329,252 Undistributed net investment income 161 Accumulated net realized loss on investments (1,997) Net unrealized appreciation of investments 12,917 ----------- NET ASSETS -- 100.0% $ 349,768 ----------- Net asset value and redemption price per share--Class A $ 10.81 Maximum sales charge of 2.50% (E) 0.27 ----------- Offering price per share--Class A $ 11.08 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.80 ----------- (A)The rate shown is the effective yield at the time of purchase. (B)Pre-refunded issues are typically backed by U.S. Government obligations or municipal bonds. These bonds mature at the call date and price indicated. (C)At March 31, 2001, the cost of securities purchased on a when issued basis was: Douglas County School District, of $1,248,516. (D)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. (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. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $25,736,646 which represents 7.4% of net assets. COP--Certificate 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 MLO--Municipal Lease Obligation MSDCEP--Minnesota School District Credit Enhancement Program PSFG--Permanent School Fund Guaranty RB--Revenue Bond SBGT--School Board Guaranty Trust VA--Veterans Administration FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 23) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) MINNESOTA INTERMEDIATE TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 99.1% REVENUE BONDS -- 53.7% AUTHORITY -- 1.3% St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2 6.700%, 08/01/07 $ 1,800 $ 1,788 St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 6.875%, 08/01/10 1,685 1,682 ----------- 3,470 ----------- BUILDING -- 0.6% Washington County Housing & Redevelopment Authority, Jail Facility, Callable 02/01/03 @ 100 (MBIA) (MLO) 5.400%, 02/01/08 1,580 1,616 ----------- ECONOMIC DEVELOPMENT -- 1.6% Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT) 6.500%, 08/01/08 1,335 1,385 Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B, Pre-refunded 08/01/04 @100 (AMT) (A) 5.500%, 08/01/10 1,525 1,609 Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT) 6.625%, 08/01/08 1,210 1,264 ----------- 4,258 ----------- EDUCATION -- 3.4% Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4 4.500%, 10/01/06 505 508 4.850%, 10/01/09 520 524 Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4, Callable 10/01/09 @ 100 5.000%, 10/01/11 500 501 5.000%, 10/01/12 500 496 Minnesota State Higher Education Facilities Authority, Carleton College, Series 3, Callable 05/01/06 @ 100 5.750%, 11/01/12 1,375 1,463 Minnesota State Higher Education Facilities Authority, St. Benedict College, Callable 03/01/07 @ 100 4.875%, 03/01/08 1,000 1,014 5.100%, 03/01/11 2,885 2,904 Minnesota State Higher Education Facilities Authority, St. John's University, Series 5-I 5.000%, 10/01/11 455 475 MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Minnesota State Higher Education Facilities Authority, St. John's University, Series 5-I, Callable 10/01/11 @ 100 5.000%, 10/01/12 $ 480 $ 496 Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Callable 04/01/08 @ 100 5.250%, 04/01/12 385 400 ----------- 8,781 ----------- HEALTHCARE -- 11.5% Austin Housing & Redevelopment Authority, Gerard Project Health Care Facilities, Callable 09/01/09 @ 102 6.625%, 09/01/19 1,540 1,409 Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 5.500%, 06/01/10 435 402 5.650%, 06/01/12 940 856 Duluth Economic Development Authority, Health Care Facility, Escrowed to Maturity (AMBAC) 6.100%, 11/01/04 250 272 Duluth Economic Development Authority, Health Care Facility, Pre-refunded 11/01/02 @ 102 (AMBAC) 6.100%, 11/01/04 (A) 650 691 Glencoe Health Care Facilities, Callable 04/01/11 @ 101 7.400%, 04/01/21 (D) 1,000 1,000 Hastings Health Care Facility, Regina Medical Center, Callable 09/15/08 @ 100 (ACA) 5.000%, 09/15/13 500 472 Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A, Callable 11/15/03 @ 102 (AMBAC) 5.000%, 11/15/13 1,000 1,011 Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A (MBIA) 5.000%, 02/15/10 3,815 4,004 Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.400%, 11/15/08 1,000 1,084 5.500%, 11/15/17 1,500 1,555 5.750%, 11/15/26 500 521 New Hope Housing & Health Care Facilities, Masonic Home North Ridge 5.000%, 03/01/04 330 324 5.100%, 03/01/05 550 535 5.200%, 03/01/06 645 624 5.300%, 03/01/07 685 659 New Hope Housing & Health Care Facilities, Masonic Home North Ridge, Callable 03/01/09 @ 102 5.500%, 03/01/10 500 469 Plymouth Health Facilities, Westhealth Project, Series A, Callable 06/01/04 @ 102 (CGIC) (FSA) 6.200%, 06/01/11 1,360 1,481 The accompanying notes are an integral part of the financial statements. (24 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Rochester, St. Mary's Hospital, Escrowed to Maturity, Callable 10/01/01 @ 100 5.750%, 10/01/07 $ 1,895 $ 2,010 St. Cloud Health Care (FSA) 5.500%, 05/01/07 500 542 5.500%, 05/01/08 1,450 1,576 St. Louis Park Health Care Facilities, Callable 07/01/03 @ 102 (AMBAC) 4.600%, 07/01/05 6,000 6,074 St. Paul Housing & Redevelopment Authority, Health Care Facility, Regions Hospital Project 5.000%, 05/15/06 1,000 984 5.000%, 05/15/08 1,195 1,151 ----------- 29,706 ----------- HOUSING -- 4.6% Coon Rapids Multifamily Housing, Woodland North Apartments, Callable 12/01/03 @ 100 (FHA) 5.625%, 12/01/09 380 384 Coon Rapids Single Family Housing, Callable 09/01/04 @ 102 5.900%, 09/01/06 330 336 Dakota County Housing & Redevelopment Authority, Single Family Mortgages, Callable 04/01/04 @ 102 (AMT) (FNMA) 6.250%, 10/01/04 600 616 Dakota County Housing & Redevelopment Authority, Single Family Mortgages, Callable 10/01/07 @ 101.5 (AMT) (GNMA) 5.125%, 10/01/20 855 872 Dakota County Housing & Redevelopment Authority, South St. Paul, Callable 05/07/01 @ 100 (FHA) (GNMA) (VA) 7.250%, 03/01/06 215 216 Dakota, Washington & Stearns Counties Housing & Redevelopment Authority, Single Family Mortgages, Series A, Callable 03/01/04 @ 102 (AMT) (FNMA) 6.000%, 09/01/04 55 56 6.500%, 09/01/10 120 123 Minneapolis & St. Paul Housing Finance Board, Single Family Mortgages, Series A, Callable 10/01/05 @ 100 (AMT) (FHA) (GNMA) (VA) 7.875%, 12/01/12 85 85 Minneapolis Mortgage, Zero Coupon Bond, Callable 10/01/05 @ 100 7.103%, 10/01/12 (B) 2,950 1,395 Minnesota State Housing Finance Agency, Rental Housing, Series D (MBIA) 5.050%, 08/01/03 775 792 5.150%, 08/01/04 750 773 Minnesota State Housing Finance Agency, Rental Housing, Series D, Callable 02/01/05 @ 102 (MBIA) 5.450%, 08/01/07 2,345 2,456 Minnesota State Housing Finance Agency, Single Family Mortgages, Series B, Callable 07/01/09 @ 100 (AMT) 5.550%, 07/01/24 1,000 1,048 Minnesota State Housing Finance Agency, Single Family Mortgages, Series C, Callable 05/07/01 @ 102 (FHA) (VA) 6.600%, 07/01/02 65 66 MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable 06/01/04 @ 102 5.750%, 06/01/16 $ 1,360 $ 1,153 South St. Paul Housing & Redevelopment Authority, Single Family Mortgages, Callable 09/01/03 @ 100 (FNMA) 5.100%, 09/01/07 720 745 St. Louis Park Housing & Redevelopment Authority, Single Family Mortgages, Callable 05/07/01 @ 100 (GNMA) 6.500%, 10/20/03 99 101 Vadnais Heights, Single Family Mortgages 5.500%, 11/01/04 400 408 6.000%, 11/01/09 235 243 ----------- 11,868 ----------- IMPROVEMENTS -- 0.2% Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.450%, 06/01/12 550 596 ----------- POLLUTION CONTROL -- 2.5% Minnesota State Public Facilities Authority, Water Pollution Control, Callable 03/01/07 @ 100 5.000%, 03/01/09 2,000 2,089 Minnesota State Public Facilities Authority, Water Pollution Control, Series A, Callable 03/01/08 @ 100 4.500%, 03/01/10 3,700 3,757 Minnesota State Public Facilities Authority, Water Pollution Control, Series B, Callable 05/07/01 @ 102 6.350%, 03/01/03 500 511 ----------- 6,357 ----------- TAX REVENUE -- 6.0% Bloomington Port Authority, Mall of America Project, Series A (FSA) 4.900%, 02/01/09 1,000 1,048 Bloomington Port Authority, Mall of America Project, Series A, Pre-refunded 08/01/01 @ 100 (FSA) 5.450%, 02/01/09 (A) 185 186 Minneapolis Community Development Agency, Zero Coupon Bond (MBIA) 6.240%, 03/01/02 (B) 5,000 4,847 St. Paul Housing & Redevelopment Authority, Callable 08/01/06 @ 102.5 (AMBAC) 6.450%, 02/01/08 1,240 1,402 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 4,203 St. Paul Housing & Redevelopment Authority, Downtown & Seventh Place Project, Escrowed to Maturity, Callable 09/01/03 @ 100 (AMBAC) 5.350%, 09/01/07 1,500 1,614 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 25) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- St. Paul Port Authority, Energy Park, Tax Increment (FSA) 5.000%, 02/01/08 $ 2,100 $ 2,214 ----------- 15,514 ----------- TRANSPORTATION -- 4.1% Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (AMBAC) 5.500%, 01/01/07 2,140 2,276 Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) 5.750%, 01/01/10 2,880 3,129 Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMT) (AMBAC) 5.500%, 01/01/09 2,500 2,672 Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/09 @ 101 (AMT) (FGIC) 5.625%, 01/01/14 1,000 1,052 Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA) 5.500%, 07/01/13 1,250 1,393 ----------- 10,522 ----------- UTILITIES -- 17.9% Anoka County Resource Recovery, Northern States Power 4.400%, 12/01/05 2,000 2,049 Chaska Electric, Series A 5.500%, 10/01/06 610 649 5.550%, 10/01/07 645 689 5.600%, 10/01/08 680 730 5.650%, 10/01/09 720 778 5.650%, 10/01/10 760 821 Minnesota State Public Facilities Authority, Drinking Water, Series B, Callable 03/01/09 @ 100 5.125%, 03/01/19 2,000 2,016 Northern Minnesota Municipal Power Agency, Electric Systems (FSA) 5.500%, 01/01/07 2,000 2,158 5.500%, 01/01/08 2,115 2,291 Northern Minnesota Municipal Power Agency, Electric Systems, Series A (AMBAC) 5.500%, 01/01/03 2,500 2,588 Northern Minnesota Municipal Power Agency, Electric Systems, Series A, Pre-refunded 01/01/03 @ 102 (AMBAC) 5.600%, 01/01/04 (A) 1,900 2,007 5.900%, 01/01/07 (A) 1,800 1,911 Rochester Electric Utility, Callable 12/01/10 @ 100 5.000%, 12/01/16 1,150 1,157 Southern Minnesota Municipal Power Agency, Series A, Callable 01/01/03 @ 102 (FGIC) 5.000%, 01/01/06 1,500 1,558 Southern Minnesota Municipal Power Agency, Series A, Callable 01/01/09 @ 101 (AMBAC) 5.000%, 01/01/11 1,270 1,332 MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 5.257%, 01/01/20 (B) $ 3,500 $ 1,312 5.275%, 01/01/21 (B) 5,000 1,769 Southern Minnesota Municipal Power Agency, Series B, Callable 01/01/04 @ 102 (MBIA) 4.850%, 01/01/07 1,875 1,947 St. Cloud Water & Sewer, Series A 6.000%, 08/01/02 1,000 1,023 St. Paul Sewer, Callable 06/01/03 @ 100 (AMBAC) 5.350%, 12/01/04 3,000 3,111 5.450%, 12/01/05 5,000 5,182 Western Minnesota Municipal Power Agency, Callable 01/01/03 @ 100 (AMBAC) 6.500%, 01/01/04 1,980 2,025 Western Minnesota Municipal Power Agency, Series A, Callable 01/01/06 @ 102 (AMBAC) 5.500%, 01/01/11 5,000 5,328 5.500%, 01/01/13 2,000 2,113 ----------- 46,544 ----------- TOTAL REVENUE BONDS 139,232 ----------- GENERAL OBLIGATIONS -- 40.3% Anoka County Capital Improvements, Series B 4.550%, 01/01/11 1,960 1,985 Anoka County Capital Improvements, Series C, Callable 02/01/02 @ 100 5.550%, 02/01/05 2,000 2,030 Anoka-Hennepin Independent School District #11, Series A, (MSDCEP) 5.000%, 02/01/09 1,775 1,871 Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/10 @ 100 (MSDCEP) 5.300%, 02/01/12 1,000 1,064 5.375%, 02/01/13 600 637 Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/12 1,000 1,043 Anoka-Hennepin Independent School District #11, Series C, Callable 02/01/03 @ 100 (FGIC) (MSDCEP) 4.875%, 02/01/07 3,300 3,352 Becker Tax Increment, Series D, Callable 08/01/04 @ 100 (AMT) (MBIA) 6.000%, 08/01/07 3,955 4,070 Bloomington Independent School District #271, Series B, Callable 02/01/10 @ 100 (MSDCEP) 5.250%, 02/01/11 1,000 1,070 Burnsville Independent School District #191, Series A (MSDCEP) 5.000%, 02/01/08 300 317 Burnsville Independent School District #191, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/09 1,225 1,286 Chaska Independent School District #112, Series A (MSDCEP) 4.800%, 02/01/10 1,120 1,166 The accompanying notes are an integral part of the financial statements. (26 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Dakota County Capital Improvements, Series C 4.850%, 02/01/10 $ 1,000 $ 1,044 Eden Prairie Water & Sewer, Series A, Zero Coupon Bond 4.459%, 12/01/06 (B) 2,090 1,657 Forest Lake Independent School District #831, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/09 1,115 1,170 Fridley School District #14, Callable 02/01/05 @ 100 (FSA) 5.350%, 02/01/26 5,000 5,044 Hastings Independent School District #200, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/11 1,095 1,138 Lakeville Independent School District #194, Callable 02/01/09 @ 100 (MSDCEP) 5.000%, 02/01/16 2,000 2,021 Lakeville Independent School District #194, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.125%, 02/01/22 5,000 5,004 Mankato, Series A, Callable 02/01/09 @ 100 (FSA) 4.750%, 02/01/11 705 727 Minneapolis & St. Paul Metropolitan Airports Commission, Series 8, Callable 01/01/02 @ 100 (AMT) 6.100%, 01/01/03 1,500 1,527 6.350%, 01/01/04 2,500 2,549 Minneapolis School District #1 (MSDCEP) 4.500%, 02/01/08 1,450 1,489 Minneapolis School District #1, Callable 02/01/06 @ 100 (MSDCEP) 5.000%, 02/01/07 1,000 1,045 5.000%, 02/01/07 1,025 1,071 Minneapolis, Series B, Callable 09/01/05 @ 100 5.050%, 03/01/06 6,000 6,317 Minneapolis, Series C, Callable 04/01/02 @ 102 6.150%, 10/01/05 2,400 2,513 Minneapolis, Series C, Pre-refunded 03/01/02 @ 100 6.250%, 03/01/03 (A) 1,000 1,028 6.350%, 03/01/04 (A) 1,200 1,235 Minnesota State Public Improvements, Callable 11/01/06 @ 100 5.000%, 11/01/08 1,000 1,066 Minnesota State, Callable 08/01/07 @ 100 4.800%, 08/01/11 2,160 2,223 4.850%, 08/01/12 4,920 5,044 Mounds View Independent School District #621, Series A (MSDCEP) 5.250%, 02/01/10 1,230 1,321 Mounds View Independent School District #621, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.250%, 02/01/12 1,000 1,066 5.350%, 02/01/16 1,000 1,043 North St. Paul Independent School District #622, Series A, Callable 02/01/07 @100 (MSDCEP) 5.125%, 02/01/25 2,000 1,993 Olmstead County Resource Recovery, Series A, Callable 02/01/02 @ 100 5.800%, 02/01/04 1,500 1,529 Osseo Independent School District #279, Crossover refunded 02/01/03 @ 100 (FGIC) 5.400%, 02/01/05 (C) 1,525 1,579 Pipestone-Jasper Independent School District #2689, Callable 3/01/09 @100 (FGIC) 5.400%, 03/01/13 1,095 1,166 MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Puerto Rico Commonwealth (MBIA) 6.000%, 07/01/14 $ 1,605 $ 1,864 Red Wing Independent School District #256, Series A, Crossover refunded 02/01/03 @ 100 5.250%, 02/01/05 (C) 1,010 1,040 Richfield Independent School District #280 (FGIC) 4.550%, 02/01/03 3,110 3,139 Robbinsdale Independent School District #281 (MSDCEP) 5.000%, 02/01/08 1,000 1,056 Rochester Independent School District #535, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/15 1,595 1,626 Rosemount Independent School District #196, Series A, Crossover refunded 06/01/04 @ 100 5.625%, 06/01/07 (C) 1,400 1,485 Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 94.63 (FSA) 5.573%, 02/01/12 (B) 1,790 1,058 Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 89.37 (FSA) 5.700%, 02/01/13 (B) 1,055 583 Savage, Series A (FGIC) 5.200%, 02/01/05 1,000 1,053 Savage, Series A, Callable 02/01/06 @ 100 (FGIC) 5.350%, 02/01/07 1,000 1,061 5.500%, 02/01/08 1,000 1,062 South Washington County, Minnesota Independent School District #833, Series A 5.500%, 02/01/09 500 544 St. Louis Park Independent School District #283, Callable 02/01/09 @ 100 (MSDCEP) 5.250%, 02/01/10 1,500 1,600 5.600%, 02/01/15 725 771 St. Paul Independent School District #625, Series B, Callable 02/01/04 @ 100 5.800%, 02/01/07 1,000 1,053 St. Paul Independent School District #625, Series C (MLO) 5.850%, 02/01/07 1,000 1,056 Stillwater Independent School District #834, Callable 02/01/02 @ 100 (FGIC) 5.200%, 02/01/03 2,000 2,029 Stillwater Independent School District #834, Callable 02/01/09 @100 (MSDCEP) 4.750%, 02/01/11 2,140 2,199 Virgin Islands Special Tax, Pre-refunded 10/01/01 @102 7.750%, 10/01/06 (A) 265 275 Washington County, Raymie Johnson Apartments, Series C, Callable 01/01/04 @ 100 (FGIC) 6.000%, 01/01/10 1,340 1,417 West St. Paul Independent School District #197, Zero Coupon Bond (MBIA) 5.896%, 02/01/05 (B) 2,000 1,721 Willmar Independent School District #347, Series A, Callable 02/01/06 @ 100 (MSDCEP) 5.150%, 02/01/09 1,160 1,209 Willmar Independent School District #347, Series C, Crossover refunded 02/01/02 @ 100 (AMBAC) 6.150%, 02/01/09 (C) 1,000 1,024 ----------- TOTAL GENERAL OBLIGATIONS 104,425 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 27) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) MINNESOTA INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- CERTIFICATES OF PARTICIPATION -- 5.1% Eden Prairie Housing & Redevelopment Authority, Series A, Callable 12/01/10 @ 100 (MLO) 5.000%, 12/01/11 $ 255 $ 268 Hennepin County Lease Revenue (MLO) 4.650%, 11/15/08 1,275 1,320 Hennepin County Lease Revenue, Callable 11/15/08 @ 100 (MLO) 5.375%, 11/15/09 2,280 2,452 Minneapolis Special School District #1, Series A (MLO) 4.375%, 02/01/07 1,000 1,020 Minneapolis Special School District #1, Series A, Pre-refunded 02/01/06 @ 100 (MBIA) (MLO) 5.900%, 02/01/11 (A) 2,150 2,352 Minneapolis Special School District #1, Series B, Callable 02/01/03 @ 100 (AMBAC) (MLO) 5.400%, 02/01/04 2,000 2,063 5.500%, 02/01/05 2,000 2,062 St. Paul Science Museum, Escrowed to Maturity (MLO) 7.500%, 12/15/01 154 158 Stearns County Housing & Redevelopment Authority, Series A, Callable 02/01/08 @ 100 (FSA) (MLO) 4.950%, 02/01/09 1,540 1,610 ----------- TOTAL CERTIFICATES OF PARTICIPATION 13,305 ----------- TOTAL MUNICIPAL BONDS (Cost $246,624) 256,962 ----------- MONEY MARKET FUND -- 0.3% Federated Minnesota Municipal Cash Trust 878,410 878 ----------- TOTAL MONEY MARKET FUND (Cost $878) 878 ----------- TOTAL INVESTMENTS -- 99.4% (Cost $247,502) 257,840 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 0.6% 1,550 ----------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 1,142,759 outstanding shares 11,544 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 24,598,552 outstanding shares 237,970 Distribution in excess of net investment income (65) Accumulated net realized loss on investments (397) Net unrealized appreciation of investments 10,338 ----------- NET ASSETS -- 100.0% $ 259,390 ----------- Net asset value and redemption price per share--Class A $ 10.11 Maximum sales charge of 2.50% (E) 0.25 ----------- Offering price per share--Class A $ 10.36 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.08 ----------- MINNESOTA INTERMEDIATE TAX FREE FUND (CONCLUDED) -------------------------------------------------------------------------------- (A)Pre-refunded issues are typically backed by U.S. Government obligations or municipal bonds. These bonds mature at the call date and price indicated. (B)The rate shown is the effective yield at the time of the purchase. (C)Crossover refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. (D)At March 31, 2001, the cost of securities purchased on a when issued basis was: Glencoe Health Care Facilities of $1,000,000. (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. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $24,334,515 which represents 9.4% of net assets. 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 The accompanying notes are an integral part of the financial statements. (28 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 MINNESOTA TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 97.5% REVENUE BONDS -- 73.2% AUTHORITY -- 1.9% Minnesota Agricultural & Economic Development Board, Series B, Callable 08/01/08 @ 102 7.250%, 08/01/20 $ 1,000 $ 1,043 St. Paul Port Authority, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 7.375%, 08/01/29 2,000 1,978 ----------- 3,021 ----------- BUILDING -- 0.8% Hastings Housing & Redevelopment Authority, Crossover refunded 02/01/03 @ 100 (MLO) (A) 6.500%, 02/01/14 1,000 1,054 Washington County, Housing & Redevelopment Authority, Jail Facility 5.000%, 02/01/03 255 262 ----------- 1,316 ----------- ECONOMIC DEVELOPMENT -- 6.6% Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project, Callable 08/01/10 @ 102 6.625%, 08/01/25 1,500 1,553 Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project, Callable 12/01/08 @ 102 (AMBAC) 5.000%, 12/01/15 900 914 Minnesota Agricultural & Economic Development Board, Health Care System, Series A, Callable 11/15/10 @ 101 6.375%, 11/15/29 5,000 5,235 Minnesota Agricultural & Economic Development Board, Small Business Development, Series C, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20 1,385 1,391 Minnesota Agricultural & Economic Development Board, Small Business Development, Series D, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20 1,120 1,096 ----------- 10,189 ----------- EDUCATION -- 8.1% Minneapolis Gateway Project, Series A, Callable 12/01/07 @ 100 5.250%, 12/01/17 1,000 1,015 Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4-F1, Callable 05/01/06 @ 102 6.250%, 05/01/23 1,500 1,553 Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1, Callable 05/01/06 @ 100 5.750%, 11/01/12 1,050 1,117 Minnesota State Higher Education Facilities Authority, Carleton College, Callable 11/01/07 @ 100 5.400%, 11/01/15 1,500 1,555 MINNESOTA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Callable 5/01/10 @ 100 6.625%, 05/01/20 $ 1,000 $ 1,033 Minnesota State Higher Education Facilities Authority, College of St. Benedict, Series 3-W, Callable 03/01/04 @ 100 6.200%, 03/01/14 460 475 6.375%, 03/01/20 140 144 Minnesota State Higher Education Facilities Authority, College of St. Benedict, Series 3-W, Pre-refunded 03/01/04 @ 100 6.200%, 03/01/14 (B) 655 702 6.375%, 03/01/20 (B) 360 387 Minnesota State Higher Education Facilities Authority, St. John's University, Series 4-L, Callable 10/01/07 @ 100 5.350%, 10/01/17 500 507 Minnesota State Higher Education Facilities Authority, St. Johns University, Series 5-I, Callable 10/01/11 @ 100 5.250%, 10/01/21 1,750 1,750 5.250%, 10/01/26 1,000 993 Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4-A1, Callable 10/01/06 @ 100 5.625%, 10/01/21 500 512 Minnesota State Higher Education Facilities Authority, Vermillion Community College, Callable 01/01/04 @ 102 5.750%, 01/01/13 710 737 ----------- 12,480 ----------- HEALTHCARE -- 16.3% Chicago Health Facilities Authority, Callable 07/01/05 @ 102 7.300%, 07/01/25 400 405 Cuyana Range Hospital District, Series A, Callable 06/01/07 @ 102 6.000%, 06/01/29 3,000 2,439 Duluth Economic Development Authority, Health Care Facilities, Pre-refunded 11/01/02 @ 100 (AMBAC) 6.300%, 11/01/22 (B) 145 155 Fergus Falls Health Care Facilities Authority, Series A, Callable 11/01/04 @ 102 7.000%, 11/01/19 1,000 962 Glencoe, Regional Health Services Project, Callable 04/01/11 @ 101 7.500%, 04/01/31 (G) 1,000 1,000 Glencoe Hospital Board, Callable 08/01/04 @ 102 6.750%, 04/01/16 1,100 1,027 Golden Valley, Covenant Retirement Communities, Series A, Callable 12/01/09 @ 101 5.500%, 12/01/29 1,750 1,604 Litchfield Health Care Facilities, Pre-refunded 08/01/01 @ 102 8.750%, 08/01/20 (B) 500 519 Minneapolis & St. Paul Housing & Redevelopment Authority, Health Care System, Group Health Plan, Callable 12/01/04 @100 6.900%, 10/15/22 3,000 3,004 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 29) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) MINNESOTA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Minneapolis & St. Paul Housing & Redevelopment Authority, Series A (FSA) 5.600%, 08/15/12 $ 250 $ 264 Minneapolis Nursing Home, Pre-refunded 05/01/01 @ 100 8.000%, 05/01/21 (B) 250 251 Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A, Callable 02/15/10 @ 101 (MBIA) 5.250%, 02/15/15 2,000 2,057 Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.500%, 11/15/11 500 540 5.500%, 11/15/17 1,000 1,037 Monticello, Big Lake Community Hospital, Series A 4.700%, 12/01/03 125 125 Monticello, Big Lake Community Hospital, Series A, Callable 12/01/09 @ 100 5.750%, 12/01/19 1,000 925 New Hope, Housing & Healthcare Facilities Authority 4.600%, 03/01/02 700 695 Olmstead County, Hiawatha Homes Project, Callable 07/01/03 @ 102 6.500%, 07/01/16 205 188 Rochester Health Care Facilities Authority, Mayo Foundation, Series A, Callable 05/15/08 @ 101 5.500%, 11/15/27 3,500 3,569 Roseau Area Hospital District, Pre-refunded 10/01/01 @ 100 7.200%, 10/01/11 (B) 230 234 7.200%, 10/01/12 (B) 250 255 7.200%, 10/01/13 (B) 250 255 St. Cloud Health Care, St. Cloud Hospital Obligation Group, Series A, Callable 05/01/10 @ 101 5.750%, 05/01/26 2,500 2,633 St. Paul Housing & Redevelopment Authority, Callable 05/15/09 @ 100 5.250%, 05/15/18 1,000 892 Worthington, Series A, Callable 12/01/02 @ 100 6.500%, 12/01/10 380 365 ----------- 25,400 ----------- HOUSING -- 14.8% Austin Housing & Redevelopment Authority, Series A, Callable 01/01/06 @ 102 7.250%, 01/01/26 500 512 Coon Rapids Multifamily Housing, Margaret Place, Callable 11/01/07 @ 102 6.250%, 05/01/18 500 479 Coon Rapids Multifamily Housing, Woodland North Apartments, Callable 12/01/03 @ 100 (FHA) 5.625%, 12/01/09 795 804 Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project, Callable 04/20/11 @ 102 (GNMA) 5.900%, 04/20/42 2,000 2,065 MINNESOTA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Dakota County Housing & Redevelopment Authority, Series A, Callable 05/07/01 @ 101 (GNMA) 8.100%, 09/01/12 $ 185 $ 187 Eden Prairie Multifamily Housing, Lincoln Park Project, Series A-1, Callable 12/20/10 @ 103.5 (GNMA) 6.400%, 12/20/20 1,000 1,059 Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A, Callable 02/20/07 @ 104 5.700%, 08/20/22 1,000 1,032 Fairmont Senior Housing Mortgage, Callable 07/01/02 @ 102 (GNMA) 8.500%, 07/01/15 900 927 Hopkins Elderly Housing, Series A, Callable 10/20/07 @ 102 (GNMA) 5.600%, 11/20/17 500 506 Hopkins, Multifamily Housing Renaissance Project, Callable 04/01/07 @102 6.250%, 04/01/15 500 518 Maple Grove Multifamily Housing (WF) 3.450%, 11/01/31 (C) 1,200 1,200 Minneapolis Multifamily Housing, Churchill Project, Callable 10/01/11 @ 102 (FHA) 7.050%, 10/01/22 750 772 Minneapolis Multifamily Housing, Seward Towers Project, Callable 05/07/01 @ 102 (GNMA) 7.375%, 12/20/30 1,370 1,403 Minnesota State Housing Development Service, Callable 02/01/02 @ 102 7.050%, 08/01/27 500 517 Minnesota State Housing Finance Agency, Single Family Mortgage, Series C, Callable 07/01/09 @ 100 (AMT) 6.100%, 07/01/30 1,000 1,034 Moorhead Economic Development Authority, Series B, Callable 06/01/04 @ 102 6.000%, 06/01/29 1,900 1,554 Roseville Housing Facilities Authority, Pre-refunded 10/01/03 @ 102 7.125%, 10/01/13 (B) 2,000 2,206 St. Anthony Housing & Redevelopment Authority, Callable 05/20/06 @ 102 (GNMA) (FHA) 6.250%, 11/20/25 1,500 1,549 St. Louis Park Multifamily Housing, Callable 11/01/08 @ 102 (GNMA) (FHA) 5.250%, 11/01/20 500 492 St. Louis Park Multifamily Housing, Callable 12/01/05 @ 102 (FHA) 6.250%, 12/01/28 500 517 St. Paul Housing & Redevelopment Authority, Como Lake Project, Series B, Callable 05/07/01 @ 100 (FHA) (D) 7.013%, 03/01/26 1,500 1,495 Washington County, Housing & Redevelopment Authority, Briar Pond Project, Series A, Callable 08/20/09 @ 100 5.600%, 08/20/34 1,000 1,009 The accompanying notes are an integral part of the financial statements. (30 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 MINNESOTA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- White Bear Lake, Lake Square Housing, Series A, Callable 02/01/07 @ 102 (FHA) 6.000%, 08/01/20 $ 1,020 $ 1,052 ----------- 22,889 ----------- IMPROVEMENTS -- 4.9% Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.875%, 06/01/27 7,000 7,559 ----------- INDUSTRIAL DEVELOPMENT -- 1.2% Little Canada Commercial Development, Callable 04/01/03 @ 100 (MLO) 7.100%, 04/01/13 1,580 1,586 Shakopee Commercial Development 7.000%, 06/01/01 15 15 7.000%, 12/01/01 15 15 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 25 7.500%, 06/01/08 20 20 7.500%, 12/01/08 25 25 ----------- 1,876 ----------- POLLUTION CONTROL -- 2.0% Minnesota State Public Facilities Authority, Water Pollution Control, Series A, Callable 03/01/08 @ 100 4.750%, 03/01/18 1,000 973 Minnesota State Public Facilities Authority, Water Pollution Control, Series B, Callable 03/01/09 @ 100 5.125%, 03/01/15 2,000 2,052 ----------- 3,025 ----------- RECREATIONAL AUTHORITY -- 0.9% Moorhead, Series A, Pre-refunded 12/01/01 @ 100 7.750%, 12/01/15 (B) 1,165 1,200 Moorhead, Series B 5.000%, 12/01/02 125 125 ----------- 1,325 ----------- SCHOOL DISTRICT -- 2.5% Golden Valley Breck School, Callable 10/01/09 @ 100 5.750%, 10/01/14 1,000 1,074 Victoria Private School Facility, Holy Family Catholic High School, Series A, Callable 09/01/09 @ 100 5.850%, 09/01/24 2,000 1,912 5.875%, 09/01/29 1,000 953 ----------- 3,939 ----------- MINNESOTA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- TAX REVENUE -- 0.2% Duluth Economic Development Authority 8.000%, 08/01/08 $ 315 $ 367 ----------- TRANSPORTATION -- 2.1% Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Callable 01/01/10 @ 101 (FGIC) 5.750%, 01/01/32 3,000 3,190 ----------- UTILITIES -- 10.9% Chaska Electric, Series A, Callable 10/01/10 @ 100 6.100%, 10/01/30 5,000 5,241 Rochester Electric Utility, Callable 12/01/10 @ 100 5.250%, 12/01/24 3,000 3,016 5.250%, 12/01/30 2,000 2,000 Southern Minnesota Municipal Power Agency, Series A, Callable 01/01/03 @ 102 (MBIA) 5.000%, 01/01/12 1,000 1,018 Southern Minnesota Municipal Power Agency, Series A, Power Supply Systems, Zero Coupon Bond (MBIA) 5.800%, 01/01/25 (E) 3,700 1,049 Southern Minnesota Municipal Power Agency, Series A, Pre-refunded 07/01/16 @ 100 (MBIA) 5.750%, 01/01/18 (B) 850 898 Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 5.151%, 01/01/27 (E) 3,000 763 Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA) 9.750%, 01/01/16 410 623 Western Minnesota Municipal Power Agency, Callable 01/01/11 @ 100 (AMBAC) 5.500%, 01/01/14 1,545 1,656 5.500%, 01/01/15 550 585 ----------- 16,849 ----------- TOTAL REVENUE BONDS 113,425 ----------- GENERAL OBLIGATIONS -- 23.3% Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/10 @ 100 (FSA) (MSDCEP) 5.750%, 02/01/17 1,000 1,073 Becker Independent School District #726, Series A, Callable 02/01/10 @ 100 (FSA) (MSDCEP) 6.000%, 02/01/21 1,000 1,098 Bloomington Independent School District #271, Series B, Callable 02/01/10 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/20 1,000 996 Burnsville Independent School District #191, Series A, Callable 02/01/06 @ 100 (MSDCEP) 4.875%, 02/01/13 1,450 1,468 Chaska Independent School District #112, Series A, Callable 02/01/09 @ 100 (FSA) (MSDCEP) 5.700%, 02/01/18 1,000 1,064 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 31) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) MINNESOTA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Chaska Independent School District #112, Series B, Crossover refunded 02/01/06 @ 100 (MSDCEP) 5.875%, 02/01/11 (A) $ 1,000 $ 1,090 6.000%, 02/01/16 (A) 5,525 6,055 Columbia Heights Independent School District #13, Crossover refunded 02/01/07 @ 100 (MSDCEP) 5.250%, 02/01/15 (A) 1,000 1,025 Delano Independent School District #879, Series A, Callable 02/01/11 @ 100 (FSA) (MSDCEP) 5.875%, 02/01/25 1,000 1,089 Hennepin County, Series A, Callable 12/01/10 @ 100 4.250%, 12/01/12 1,000 981 Hennepin County, Series B 3.350%, 12/01/20 (C) 1,090 1,090 Hennepin County, Series C 3.350%, 12/01/10 (C) 1,000 1,000 Lakeville Independent School District #194, Callable 02/01/09 @ 100 (MSDCEP) 5.000%, 02/01/17 1,000 1,006 Minneapolis 3.350%, 12/01/10 (C) 1,300 1,300 Minneapolis Sports Arena, Callable 04/01/08 @ 100 5.100%, 04/01/13 500 517 5.100%, 10/01/13 250 258 Minneapolis Sports Arena, Series B, Callable 09/01/05 @ 100 5.200%, 03/01/13 400 412 Minneapolis, Series B, Callable 05/01/01 @ 100 2.250%, 12/01/07 (C) 300 300 North St. Paul Independent School District #622, Series B, Callable 05/01/06 @ 100 (MSDCEP) 5.850%, 05/01/17 500 525 Osseo Independent School District #279, Series A, Callable 02/01/10 @ 100 5.250%, 02/01/21 3,000 3,042 Sauk Rapids Independent School District #47, Series A, Callable 02/01/11 @ 100 (MBIA) 5.750%, 02/01/23 2,000 2,138 Shakopee Independent School District #7, Callable 02/01/08 @ 100 4.625%, 02/01/16 2,250 2,188 South Washington County Independent School District #833, Callable 06/01/05 @ 100 (MLO) 5.850%, 06/01/15 500 524 St. Cloud, Series A, Crossover refunded 02/01/02 @ 100 7.920%, 08/01/13 (A) (F) 1,700 1,747 St. Louis Park Independent School District #283, Callable 02/01/09 @ 100 (MSDCEP) 5.700%, 02/01/17 2,000 2,123 Wayzata Independent School District #284, Series A, Callable 02/01/07 @ 100 5.500%, 02/01/17 2,000 2,068 ----------- TOTAL GENERAL OBLIGATIONS 36,177 ----------- MINNESOTA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- CERTIFICATES OF PARTICIPATION -- 1.0% Hennepin County, Series A, Pre-refunded 11/15/01 @ 100 (MLO) 6.750%, 05/15/11 (B) $ 575 $ 588 6.800%, 05/15/17 (B) 400 409 South Washington County Independent School District #833, Series A, Callable 12/01/06 @ 100 (MLO) 5.250%, 12/01/14 500 508 ----------- TOTAL CERTIFICATES OF PARTICIPATION 1,505 ----------- TOTAL MUNICIPAL BONDS (Cost $145,390) 151,107 ----------- MONEY MARKET FUND -- 2.4% Federated Minnesota Municipal Cash Trust 3,753,342 3,753 ----------- TOTAL MONEY MARKET FUND (Cost $3,753) 3,753 ----------- TOTAL INVESTMENTS -- 99.9% (Cost $149,143) 154,860 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 0.1% 97 ----------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 9,457,246 outstanding shares 98,510 Portfolio Capital--Class C ($.0001 par value-- 2 billion authorized) based on 308,461 outstanding shares 3,382 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 4,372,660 outstanding shares 47,136 Undistributed net investment income 199 Accumulated net realized gain on investments 13 Net unrealized appreciation of investments 5,717 ----------- NET ASSETS -- 100.0% $ 154,957 ----------- Net asset value and redemption price per share--Class A $ 10.96 Maximum sales charge of 2.50% (H) 0.27 ----------- Offering price per share--Class A $ 11.23 ----------- Net asset value and redemption price per share--Class C $ 10.94 Maximum sales charge of 1.00% (I) 0.11 ----------- Offering price per share--Class C (J) $ 11.05 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.95 ----------- The accompanying notes are an integral part of the financial statements. (32 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 MINNESOTA TAX FREE FUND (CONCLUDED) -------------------------------------------------------------------------------- (A)Crossover refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. (B)Pre-refunded issues are typically backed by U.S. Government obligations or municipal bonds. These bonds mature at the call date and price indicated. (C)Variable Rate Security--the rate shown is the rate in effect as of March 31, 2001. (D)Security currently in partial default and is only 93.5% guaranteed. The effective interest rate is 7.013%. (E)The rate shown is the effective yield at the time of purchase. (F)Inverse Floating Rate Security--security pays interest at rates that increase (decrease) in the same magnitude as, or in a multiple of, a decrease (increase) in the market rate paid. (G)At March 31, 2001, the cost of securities purchased on a when issued basis was: Glencoe Regional Health Services, of $1,000,000. (H)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 2.50%. (I)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 1.00%. (J)Class C has a contingent deferred sales charge. For a description of a possible redemption charge, see the notes to the financial statements. AMBAC--American Municipal Bond Assurance Corporation AMT--Alternative Minimum Tax. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $3,521,117, which represents 2.3% of net assets. 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 WF--Wells Fargo NEBRASKA TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 112.5% REVENUE BONDS -- 83.3% EDUCATION -- 31.9% Nebhelp Student Loan, Series A, Callable 05/02/01 @ 100 (MBIA) 3.600%, 12/01/15 $ 110 $ 110 Nebhelp Student Loan, Series B, Callable 05/02/01 @ 100 (MBIA) 3.600%, 12/01/15 455 455 Nebhelp Student Loan, Series C, Callable 05/02/01 @ 100 (MBIA) 3.600%, 12/01/15 110 110 Nebhelp Student Loan, Series D, Callable 05/02/01 @ 100 (MBIA) 3.600%, 12/01/15 100 100 Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 5.250%, 12/15/15 1,270 1,242 5.350%, 12/15/18 2,040 1,972 Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC) 5.000%, 09/01/09 500 527 Nebraska Educational Finance Authority, Creighton University Project, Series B, Callable 09/01/09 @ 100 (AMBAC) 4.700%, 09/01/14 315 314 Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 6.000%, 02/01/06 750 815 University of Nebraska, Lincoln Parking Project, Callable 08/01/05 @ 102 5.100%, 06/01/09 735 767 ----------- 6,412 ----------- HEALTHCARE -- 11.2% Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) 4.900%, 09/01/09 1,500 1,563 Platte County Hospital Authority #1, Columbus Community Hospital Project, Callable 05/01/10 @ 101 (AG) 5.850%, 05/01/14 650 690 ----------- 2,253 ----------- HOUSING -- 4.9% Nebraska Investment Finance Authority, Single Family Housing, Series A, Callable 03/01/11 @ 100 (AMT) 5.150%, 03/01/16 (B) 1,000 996 ----------- PUBLIC FACILITIES -- 13.2% Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable 09/01/09 @ 100 5.650%, 09/01/11 1,000 1,081 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 33) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) NEBRASKA TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Omaha Northwest Library Facilities, Omaha Public Library Projects, Callable 08/15/07 @ 102 5.250%, 08/15/12 $ 1,500 $ 1,582 ----------- 2,663 ----------- UTILITIES -- 22.1% Hastings Electric Systems, Callable 05/01/11 @ 100 (FSA) 5.000%, 01/01/16 (B) 2,000 2,017 Municipal Energy Agency of Nebraska, Series A, Callable 04/01/02 @ 102 (AMBAC) 5.600%, 04/01/03 750 780 Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/09 @ 100 5.150%, 01/01/16 580 582 Nebraska Public Power District, Series B, Callable 01/01/08 @ 101 (MBIA) 5.250%, 01/01/10 1,000 1,065 ----------- 4,444 ----------- TOTAL REVENUE BONDS 16,768 ----------- GENERAL OBLIGATIONS -- 22.8% Douglas County 5.000%, 07/01/10 (B) 1,000 1,056 Lancaster County School District #1, Lincoln Public Schools, Callable 01/15/11 @ 100 5.250%, 07/15/19 220 223 5.250%, 01/15/21 455 461 Omaha, Series A 6.500%, 12/01/18 825 988 Omaha, Series B, Callable 12/01/03 @ 100 5.250%, 12/01/25 750 750 Platte County, Callable 03/15/06 @ 101 (FSA) 4.850%, 12/15/15 200 201 4.900%, 12/15/15 300 300 Thurston County School District, Callable 03/15/06 @ 101 (FSA) 5.200%, 12/15/20 600 604 ----------- TOTAL GENERAL OBLIGATIONS 4,583 ----------- CERTIFICATES OF PARTICIPATION -- 6.4% Western Nebraska Community College, Callable 10/15/07 @ 100 4.700%, 10/15/10 (B) 295 294 4.800%, 10/15/11 (B) 195 194 4.900%, 10/15/12 (B) 250 249 5.000%, 10/15/13 (B) 300 298 5.100%, 10/15/14 (B) 250 249 ----------- TOTAL CERTIFICATES OF PARTICIPATION 1,284 ----------- TOTAL MUNICIPAL BONDS (Cost $22,516) 22,635 ----------- NEBRASKA TAX FREE FUND (CONCLUDED) DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- RELATED PARTY MONEY MARKET FUND -- 12.1% First American Tax Free Obligations Fund (A) 2,422,701 $ 2,423 ----------- TOTAL RELATED PARTY MONEY MARKET FUND (Cost $2,423) 2,423 ----------- TOTAL INVESTMENTS -- 124.6% (Cost $24,939) 25,058 ----------- OTHER ASSETS AND LIABILITIES, NET: -- (24.6%) (4,942) ----------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 317,638 outstanding shares 3,182 Portfolio Capital--Class C ($.0001 par value-- 2 billion authorized) based on 1 outstanding share -- Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 1,679,696 outstanding shares 16,821 Distribution in excess of net investment income (6) Net unrealized appreciation of investments 119 ----------- NET ASSETS -- 100.0% $ 20,116 ----------- Net asset value and redemption price per share--Class A $ 10.07 Maximum sales charge of 2.50% (C) 0.25 ----------- Offering price per share--Class A $ 10.32 ----------- Net asset value and redemption price per share--Class C $ 10.05 Maximum sales charge of 1.00% (D) 0.10 ----------- Offering price per share--Class C (E) $ 10.15 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.07 ----------- (A)This money market fund is advised by U.S. Bank National Association who also serves as Advisor for this Fund. See also notes to the financial statements. (B)At March 31, 2001, the cost of securities purchased on a when issued basis was: Douglas County, of $1,059,100, Hastings Electric Systems, of $2,015,660, Nebraska Investment Finance Authority, Single Family Housing Project, Series A, of $1,000,000, and Western Nebraska Community College of $1,290,000. (C)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 2.50%. (D)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 1.00%. (E)Class C has a contingent deferred sales charge. For a description of a possible redemption charge, see the notes to financial statements. AG--Asset Guaranty AMBAC--American Municipal Bond Assurance Corporation AMT--Alternative Minimum Tax. As of March 31, 2001, the aggregate market value of securities subject to the AMT was $996,250, which represents 4.0% of net assets. FSA--Financial Security Association MBIA--Municipal Bond Insurance Association The accompanying notes are an integral part of the financial statements. (34 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 OREGON INTERMEDIATE TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 98.3% REVENUE BONDS -- 43.8% BUILDING -- 0.6% Oregon State Fair & Exposition Center, Callable 10/01/01 @ 103 (AG) 5.400%, 10/01/06 $ 1,010 $ 1,047 ----------- EDUCATION -- 5.4% Multnomah County Educational Facilities, University of Portland Educational Facilities, Callable 04/01/07 @ 102 (AMBAC) 5.750%, 04/01/10 2,245 2,457 Multnomah County Educational Facilities, University of Portland Educational Facilities, Callable 04/01/10 @ 100 5.700%, 04/01/15 1,000 1,029 Oregon State Health, Housing, Educational & Cultural Facilities Authority, George Fox University, Series A, Callable 03/01/07 @ 102 (BA) 5.400%, 03/01/09 395 425 5.450%, 03/01/10 415 445 Oregon State Health, Housing, Educational & Cultural Facilities Authority, Lewis & Clark College (MBIA) 5.250%, 10/01/02 550 566 5.300%, 10/01/03 630 658 Oregon State Health, Housing, Educational & Cultural Facilities Authority, Reed College, Series A, Callable 07/01/06 @ 102 5.375%, 07/01/15 2,000 2,060 Salem Educational Facilities, Willamette University 5.500%, 04/01/04 500 528 Salem Educational Facilities, Willamette University, Callable 04/01/04 @ 101 5.700%, 04/01/05 500 532 ----------- 8,700 ----------- HEALTHCARE -- 5.9% Clackamas County Health Facilities Authority, Series A, Callable 03/01/02 @ 102 (MBIA) 5.900%, 03/01/03 885 922 Clackamas County Hospital Facilities Authority, Health Systems, Callable 08/15/09 @ 101 5.250%, 02/15/11 2,000 2,107 5.375%, 02/15/12 1,000 1,055 Clackamas County Hospital Facilities Authority, Mary's Woods, Series A, Callable 05/15/09 @ 102 6.125%, 05/15/13 1,000 988 Clackamas County Hospital Facilities Authority, Sisters of Providence, Series A, Callable 04/01/02 @ 102 6.200%, 10/01/02 680 705 Douglas County Hospital Facilities Authority, Catholic Health, Series B (MBIA) 5.500%, 11/15/04 505 537 Medford Hospital Facilities Authority, Asante Health Systems, Callable 08/15/08 @ 101 (MBIA) 5.250%, 08/15/11 1,000 1,060 5.375%, 08/15/12 1,000 1,062 OREGON INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Salem Hospital Facilities Authority, Callable 08/15/08 @ 101 5.250%, 08/15/14 $ 1,000 $ 1,027 ----------- 9,463 ----------- HOUSING -- 5.0% Oregon State Housing & Community Services, Series A, Callable 07/01/03 @ 102 4.900%, 07/01/05 1,075 1,114 5.750%, 07/01/12 2,490 2,545 Oregon State Housing & Community Services, Series A, Callable 07/01/04 @ 102 6.400%, 07/01/18 910 960 Oregon State Housing & Community Services, Series A, Callable 07/01/06 @ 102 6.000%, 07/01/16 1,165 1,230 Oregon State Housing & Community Services, Series E, Callable 01/01/10 @ 100 (FHA) 5.750%, 07/01/13 890 954 Portland Housing Authority, Riverwood Project, Pre-refunded 01/01/06 @ 100 (A) 6.000%, 01/01/11 1,170 1,279 ----------- 8,082 ----------- IMPROVEMENTS -- 2.0% Oregon State Department of Administrative Services Lottery, Series A, Callable 04/01/10 @ 100 (FSA) 5.000%, 04/01/12 1,050 1,096 Oregon State Department of Administrative Services Lottery, Series B (FSA) 5.250%, 04/01/08 2,000 2,140 ----------- 3,236 ----------- MUNICIPAL BOND BANK -- 0.4% Oregon State Economic Development Department, Callable 01/01/02 @ 102 4.850%, 01/01/04 555 571 ----------- POLLUTION CONTROL -- 2.1% Baker County Pollution Control, Ash Grove Cement West Project, Callable 07/01/01 @ 100 (SBA) 5.850%, 07/01/01 300 302 5.950%, 07/01/02 315 317 6.050%, 07/01/03 335 337 Port of St. Helens Pollution Control, Portland General Electric 4.800%, 04/01/10 2,450 2,520 ----------- 3,476 ----------- TAX REVENUE -- 1.3% Portland Urban Renewal & Redevelopment, Convention Center, Series A, Callable 06/15/10 @ 101 (AMBAC) 5.750%, 06/15/15 1,000 1,090 Tri-County Metropolitan Transportation District, Series A, Callable 08/01/02 @ 101 5.450%, 08/01/04 1,000 1,034 ----------- 2,124 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 35) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) OREGON INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- TRANSPORTATION -- 7.3% Oregon State Department of Transportation, Highway User Tax, Callable 11/15/10 @ 100 5.125%, 11/15/14 $ 2,260 $ 2,334 Oregon State Department of Transportation, Regional Light Rail Fund, Callable 06/01/04 @ 102 (MBIA) 6.000%, 06/01/05 2,000 2,170 Port Morrow, Callable 06/01/05 @ 100 6.250%, 06/01/15 1,500 1,509 Port Portland Airport, Series 12-A, Callable 01/01/09 @ 101 (FGIC) 5.250%, 07/01/11 1,165 1,239 5.250%, 07/01/12 2,000 2,110 Port Portland Airport, Series 9-A, Pre-refunded 07/01/01 @ 102 (FGIC) 5.400%, 07/01/04 (A) 1,775 1,820 Tri-County Metropolitan Transportation District, Series 1 (MGT) 4.900%, 06/01/09 500 524 ----------- 11,706 ----------- UTILITIES -- 13.8% Clackamas County Service District #1, Callable 10/01/06 @ 100 6.200%, 10/01/09 700 771 Emerald Peoples Utility District (FGIC) 7.200%, 11/01/02 1,235 1,308 Eugene Electric Utilities, Callable 08/01/06 @ 100 (FSA) 5.375%, 08/01/11 1,195 1,253 Eugene Electric Utilities, Callable 08/01/07 @ 100 (FSA) 5.000%, 08/01/11 1,305 1,351 Eugene Electric Utilities, Callable 08/01/08 @ 100 (FSA) 4.800%, 08/01/13 1,190 1,206 Eugene Electric Utilities, Series B, Callable 05/07/01 @ 100.50 (MBIA) 4.750%, 08/01/12 670 672 4.900%, 08/01/14 475 476 Gresham Sewer, Callable 06/01/02 @ 102 5.250%, 06/01/05 500 518 Marion County Solid Waste & Electric, Ogden Martin System Project (AMBAC) 5.500%, 10/01/06 1,400 1,517 Portland Sewer Systems, Series A, Callable 06/01/07 @ 100 (FGIC) 5.000%, 06/01/09 2,250 2,352 5.000%, 06/01/15 2,000 2,025 Portland Sewer Systems, Series B, Callable 04/01/02 @ 102 (FGIC) 5.500%, 04/01/04 600 623 Salem Water & Sewer (MBIA) 6.000%, 06/01/06 1,135 1,249 Tualatin Valley Water District, Callable 06/01/08 @ 100 (FSA) 5.000%, 06/01/12 1,000 1,033 OREGON INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Washington County Unified Sewer Agency, Callable 10/01/06 @ 101 (FGIC) 5.200%, 10/01/09 $ 1,300 $ 1,374 Washington County Unified Sewer Agency, Series 1 (AMBAC) 5.700%, 10/01/04 1,250 1,337 Washington County Unified Sewer Agency, Series 1 (FGIC) 5.750%, 10/01/08 1,000 1,107 Washington County Unified Sewer Agency, Series 1, Pre-refunded 10/01/04 @ 100 (AMBAC) 5.800%, 10/01/05 (A) 2,000 2,150 ----------- 22,322 ----------- TOTAL REVENUE BONDS 70,727 ----------- GENERAL OBLIGATIONS -- 48.2% Beaverton Limited Tax, Series B, Callable 04/01/02 @ 100 5.000%, 04/01/03 900 914 Chemeketa Oregon Community College, Pre-refunded 06/01/06 @ 100 (FGIC) 5.650%, 06/01/09 (A) 1,000 1,090 Chemeketa Oregon Community College (FGIC) 5.500%, 06/01/13 2,170 2,378 Clackamas & Washington Counties Joint School District #3, Callable 06/01/07 @ 100 (FGIC) 5.000%, 06/01/16 1,000 1,010 Clackamas & Washington Counties Joint School District #3, Series A, Callable 10/01/02 @ 101 5.650%, 10/01/05 235 244 Clackamas & Washington Counties Joint School District #3, Pre-refunded 08/01/02 @ 100 5.600%, 08/01/03 (A) 1,000 1,030 Clackamas County Fire District #1, Callable 06/01/11 @ 100 5.000%, 06/01/13 1,655 1,719 Clackamas County Limited Tax Assessment, Callable 11/01/01 @ 100 6.000%, 05/01/10 1,000 1,000 Clackamas County School District #12, North Clackamas, Callable 06/01/03 @ 101 4.650%, 06/01/05 1,025 1,054 Clackamas County School District #12, North Clackamas, Callable 06/01/09 @ 100 (FGIC) 5.250%, 06/01/12 2,000 2,121 Clackamas County School District #86, Canby, Callable 06/15/10 @ 100 (SBG) 5.500%, 06/15/15 1,835 1,944 Deschutes & Jefferson Counties School District #2, Redmond, Pre-refunded 06/01/03 @ 100 (MBIA) 5.400%, 06/01/05 (A) 1,000 1,042 Deschutes County, Callable 12/01/06 @ 100 (MBIA) 5.250%, 12/01/09 1,000 1,057 Eugene Public Safety Facilities, Callable 06/01/06 @ 100 (FGIC) 5.700%, 06/01/16 1,295 1,359 The accompanying notes are an integral part of the financial statements. (36 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 OREGON INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Hood River County School District, Callable 06/15/11 @ 100 (SBG) 5.250%, 06/15/16 $ 1,030 $ 1,062 Josephine County School District #7 (FGIC) 5.750%, 06/01/06 1,525 1,665 Lane County School District #40, Creswell, Callable 06/15/10 @ 100 (SBG) 5.000%, 06/15/11 1,120 1,176 Lane County School District #52, Bethel, Callable 06/15/10 @ 100 (SBG) 5.350%, 06/15/11 1,285 1,384 Lincoln City, Series A, Callable 08/01/01 @ 100 (AMBAC) 5.000%, 02/01/03 305 307 Lincoln County School District (FGIC) 6.000%, 06/15/06 1,055 1,164 Marion & Polk Counties School District #24-J, Salem, Pre-refunded 10/01/02 @ 100 5.600%, 10/01/04 (A) 635 657 5.700%, 10/01/05 (A) 660 684 5.800%, 10/01/06 (A) 715 742 Marion County School District #7-J, Silverton, Callable 06/01/04 @ 101 (FSA) 5.600%, 06/01/06 860 914 Metropolitan Open Spaces Program, Series A, Callable 09/01/03 @ 102 5.000%, 09/01/04 1,025 1,071 Metropolitan Service District, Oregon Convention Center Project, Series A, Callable 05/07/01 @ 101 6.000%, 07/01/02 1,300 1,322 6.250%, 01/01/13 500 508 Metropolitan, Washington Park Zoo, Series A 6.000%, 01/15/05 1,215 1,312 Metropolitan, Washington Park Zoo, Series A, Callable 01/15/07 @ 100 5.250%, 01/15/10 1,000 1,051 Morrow County School District #1 (MBIA) 5.500%, 06/01/04 795 841 5.500%, 06/01/05 835 894 Multnomah County School District #3, Park Rose, Callable 12/01/05 @ 100 (FGIC) 5.600%, 12/01/07 780 834 Multnomah County School District #40 5.250%, 06/01/04 1,000 1,050 Multnomah County School District #7, Reynolds (AMBAC) 5.500%, 06/01/06 1,000 1,078 Multnomah County School District #7, Reynolds, Callable 06/15/11 @ 100 (SBG) 5.625%, 06/15/15 1,000 1,076 Multnomah County, Callable 04/01/09 @ 100 4.500%, 10/01/13 2,000 1,984 Multnomah County, Series A, Callable 04/01/10 @ 100 5.000%, 04/01/11 1,000 1,049 5.125%, 04/01/13 2,445 2,546 Oregon State 6.000%, 08/01/02 2,100 2,175 6.000%, 02/01/03 1,000 1,046 Oregon State Alternative Energy, Private Act, Callable 07/01/04 @ 100 5.300%, 07/01/05 900 943 Oregon State Board of Higher Education, Series A, Callable 08/01/09 @ 101 5.500%, 08/01/15 1,255 1,334 OREGON INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Oregon State Pollution Control, Series A, Callable 11/01/07 @ 100 4.875%, 11/01/11 $ 455 $ 471 Oregon State Pollution Control, Series C, Callable 06/01/03 @ 100 5.625%, 06/01/13 195 200 Polk, Marion & Benton Counties School District #13-J (FGIC) 5.500%, 12/01/03 955 1,006 Polk, Marion & Benton Counties School District #13-J, Callable 12/01/04 @ 101 (FGIC) 5.500%, 12/01/05 570 610 Port Portland, Series A 4.500%, 03/01/06 1,000 1,031 Portland Community College District, Series A, Pre-refunded 07/01/02 @ 100 6.000%, 07/01/12 (A) 1,500 1,550 Portland Emergency Facilities, Series A, Callable 06/01/09 @ 100 5.000%, 06/01/12 1,060 1,105 Salem-Keizer School District #24-J, Callable 06/01/08 @ 100 (FSA) 5.100%, 06/01/12 2,000 2,086 Salem-Keizer School District #24-J, Callable 06/01/09 @ 100 (SBG) 5.250%, 06/01/12 1,000 1,055 Salem-Keizer School District #24J, Callable 06/01/09 @ 100 (SBG) 5.000%, 06/01/16 1,795 1,812 Tri-County Metropolitan Transportation District, Light Rail Extension, Series A, Callable 07/01/09 @ 101 5.250%, 07/01/10 1,115 1,199 5.250%, 07/01/12 1,000 1,061 Tualatin Hills Park & Recreational District (FGIC) 5.750%, 03/01/13 870 972 Washington & Clackamas Counties School District #23-J, Tigard (FGIC) 5.750%, 06/01/06 1,055 1,152 Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond 5.281%, 06/01/11 (B) 435 273 5.281%, 06/15/14 (B) 1,030 543 Washington County Criminal Justice Facilities, Pre-refunded 12/01/04 @ 100 5.625%, 12/01/05 (A) 850 911 6.000%, 12/01/13 (A) 1,000 1,085 Washington County School District #15, Forest Grove, Pre-refunded 06/01/04 @ 101 (FGIC) 5.800%, 06/01/06 (A) 575 619 Washington County School District #3, Hillsboro (MBIA) 5.750%, 11/01/04 800 859 Washington County School District #48-J, Beaverton, Callable 08/01/08 @ 100 5.250%, 08/01/10 2,000 2,125 Washington County School District #88-J, Sherwood, Callable 06/01/05 @ 100 (FSA) 5.700%, 06/01/06 1,000 1,073 Washington, Multnomah & Yamhill Counties School District #1-J 5.000%, 11/01/14 1,000 1,045 Washington, Multnomah & Yamhill Counties School District #1-J, Callable 06/01/09 @ 100 5.250%, 06/01/12 1,185 1,248 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 37) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) OREGON INTERMEDIATE TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Wilsonville, Callable 07/01/01 @ 100 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 1,015 1,041 Yamhill County School District #29-J, Newberg, Callable 06/01/04 @ 101 (FSA) 5.600%, 06/01/06 630 670 Yamhill County School District #40, McMinnville (FGIC) 6.000%, 06/01/08 600 673 ----------- TOTAL GENERAL OBLIGATIONS 77,760 ----------- CERTIFICATES OF PARTICIPATION -- 6.3% Multnomah County, Callable 08/01/08 @ 101 (MLO) 4.750%, 08/01/11 2,200 2,258 Multnomah County, Health Facilities Lease, Series A, Callable 07/01/03 @ 101 (MLO) 5.100%, 07/01/04 925 964 Multnomah County, Juvenile Justice Project, Series A, Pre-refunded 08/01/02 @ 101 (MLO) 5.700%, 08/01/03 (A) 675 703 Oregon State Department of Administrative Services, Series A (AMBAC) (MLO) 5.500%, 05/01/07 1,000 1,084 Oregon State Department of Administrative Services, Series A, Callable 05/01/09 @ 101 (AMBAC) (MLO) 5.000%, 05/01/14 1,000 1,024 Oregon State Department of Administrative Services, Series A, Callable 11/01/05 @ 101 (MBIA) (MLO) 5.000%, 11/01/06 1,350 1,429 Oregon State Department of Administrative Services, Series B, Callable 11/01/07 @ 101 (AMBAC) (MLO) 5.000%, 11/01/11 840 876 Oregon State Department of Administrative Services, Series C, Callable 05/01/06 @ 101 (MBIA) (MLO) 5.750%, 05/01/07 1,635 1,781 ----------- TOTAL CERTIFICATES OF PARTICIPATION 10,119 ----------- TOTAL MUNICIPAL BONDS (Cost $152,216) 158,606 ----------- OREGON INTERMEDIATE TAX FREE FUND (CONCLUDED) DESCRIPTION SHARES VALUE (000) -------------------------------------------------------------------------------- RELATED PARTY MONEY MARKET FUND -- 0.1% First American Tax Free Obligations Fund (C) 226,821 $ 227 ----------- TOTAL RELATED PARTY MONEY MARKET FUND (Cost $227) 227 ----------- TOTAL INVESTMENTS -- 98.4% (Cost $152,443) 158,833 ----------- OTHER ASSETS AND LIABILITIES, NET: -- 1.6% 2,540 ----------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 474,113 outstanding shares 4,677 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 15,523,324 outstanding shares 151,003 Undistributed net investment income 109 Accumulated net realized loss on investments (806) Net unrealized appreciation of investments 6,390 ----------- NET ASSETS -- 100.0% $ 161,373 ----------- Net asset value and redemption price per share--Class A $ 10.08 Maximum sales charge of 2.50% (D) 0.25 ----------- Offering price per share--Class A $ 10.33 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.09 ----------- (A)Pre-refunded issues are typically backed by U.S. Government obligations or municipal bonds. These bonds mature at the call date and price indicated. (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 BA--Bank of America FGIC--Financial Guaranty Insurance Corporation FHA--Federal Housing Administration 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 The accompanying notes are an integral part of the financial statements. (38 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 TAX FREE FUND DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- MUNICIPAL BONDS -- 96.6% ALASKA -- 0.9% Alaska State Housing Finance Authority, Series A, Callable 06/01/07 @ 102 (RB) (MBIA) 5.900%, 12/01/19 $ 1,000 $ 1,036 ----------- ARIZONA -- 4.0% Casa Grande, Industrial Development Authority, Aztec Pulp & Paper Products, Callable 04/04/01 @ 100 (RB) (AMT) (BA) 3.450%, 08/01/25 400 400 Glendale Industrial Development Authority, Senior Living Facilities, Callable 05/01/01 @ 100 (RB) (WF) 3.500%, 12/01/14 (D) 400 400 Maricopa County Industrial Development Authority, Bay Club at Mesa Cove Project, Series A, Callable 09/01/10 @ 103 (RB) (MBIA) 5.800%, 09/01/35 1,000 1,033 Maricopa County School District #4 (GO) (FSA) 5.250%, 07/01/04 2,000 2,103 Navajo County Arizona Unified School District #32, Blue Ridge, (FSA) 5.000%, 07/01/12 (E) 700 734 ----------- 4,670 ----------- CALIFORNIA -- 0.4% California State, Callable 04/01/09 @ 101 (GO) 4.750%, 04/01/22 500 475 ----------- COLORADO -- 7.1% Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Callable 09/15/11 @ 100 (RB) 7.250%, 09/15/30 2,000 2,001 Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Callable 12/01/11 @ 100 (RB) 7.250%, 12/01/21 1,500 1,512 Colorado State Health Facilities Authority, Parkview Medical Center Project, Callable 09/01/11 @ 100 (RB) 6.500%, 09/01/20 1,000 989 La Junta Hospital, Arkansas Valley Medical Center Project, Callable 04/01/09 @ 101 (RB) 6.000%, 04/01/19 1,000 912 Montrose County Health Care, Pre-refunded 11/01/02 @ 102 (RB) 8.250%, 11/01/19 (B) 1,000 1,092 The E-470 Public Highway Authority, Series B, Zero Coupon Bond (RB) (MBIA) 5.470%, 09/01/32 (A) 10,000 1,829 ----------- 8,335 ----------- FLORIDA -- 2.1% Clay County Development Authority, Cargill Project, Callable 03/01/02 @ 102 (RB) 6.400%, 03/01/11 300 315 TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Florida State Board of Education, Series A, Callable 06/01/09 @ 101 (GO) (FGIC) 4.500%, 06/01/23 $ 2,450 $ 2,209 ----------- 2,524 ----------- GEORGIA -- 0.9% Georgia Municipal Electric Authority Power, Series BB (RB) (MBIA) 5.250%, 01/01/25 1,000 1,030 ----------- ILLINOIS -- 7.9% Illinois State Development Finance Authority, Pollution Control, Series A, Callable 07/01/06 @ 102 (RB) 7.375%, 07/01/21 500 543 Illinois State Development Finance Authority, Solid Waste Disposal, Waste Management Project (RB) (AMT) 5.850%, 02/01/07 1,000 1,009 Illinois State Educational Facilities Authority, Augustana College, Callable 10/01/07 @ 100 (RB) (CLE) 5.875%, 10/01/17 500 523 Illinois State Educational Facilities Authority, Augustana College, Callable 10/01/08 @ 100 (RB) 5.250%, 10/01/18 1,000 946 Illinois State Health Facilities Authority, Hospital Sisters Services, Pre-refunded 06/07/02 @ 102 (RB) (MBIA) 9.947%, 06/19/15 (B) (C) 1,000 1,111 Illinois State Toll Highway Authority, Series A (RB) 6.300%, 01/01/12 1,000 1,148 Illinois State University Improvements, Pre-refunded 02/01/02 @ 100 (COP) (MLO) 7.550%, 02/01/16 (B) 110 114 7.600%, 02/01/17 (B) 115 119 7.700%, 02/01/20 (B) 100 104 7.700%, 02/01/22 (B) 100 104 Rock Island, Friendship Manor Project (RB) 7.000%, 06/01/06 1,100 1,091 Rock Island, Friendship Manor Project, Callable 06/01/03 @ 102 (RB) 7.200%, 06/01/13 400 398 Rockford Multifamily Housing, Rivers Edge Apartments, Series A, Callable 01/20/08 @ 102 (RB) (GNMA) (AMT) 5.875%, 01/20/38 1,215 1,221 Southern Illinois University, Housing & Auxiliary, Zero Coupon Bond, Series A (RB) (MBIA) 5.500%, 04/01/20 (A) 2,280 830 ----------- 9,261 ----------- INDIANA -- 4.5% Hammond Multiple School Building, Series B, Escrowed to Maturity (RB) (MLO) 6.000%, 01/15/13 1,000 1,128 Indiana State Educational Facilities Authority, St. Joseph's College Project, Callable 10/01/09 @ 102 (RB) 7.000%, 10/01/29 1,000 1,042 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 39) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Indiana State Municipal Power Agency, Power Supply, Series B (RB) (MBIA) 6.000%, 01/01/11 $ 1,000 $ 1,127 6.000%, 01/01/12 1,000 1,129 Lake County Redevelopment Authority (RB) (MBIA) (MLO) 6.500%, 02/01/16 800 881 ----------- 5,307 ----------- IOWA -- 2.3% Scott County, Ridgecrest Village Project, Series A, Callable 11/15/10 @ 101 (RB) 7.250%, 11/15/26 2,750 2,666 ----------- LOUISIANA -- 0.9% New Orleans, Ad Valorem Property Tax (GO) (FGIC) 5.500%, 12/01/15 1,000 1,084 ----------- MASSACHUSETTS -- 3.1% Massachusetts Bay Transportation Authority, Series A, Callable 03/01/09 @ 101 (RB) (FGIC) 5.750%, 03/01/21 2,000 2,132 Massachusetts State Housing Finance Agency, Series D, Callable 07/01/10 @ 101 (RB) (AMBAC) (AMT) 5.500%, 07/01/13 1,500 1,557 ----------- 3,689 ----------- MICHIGAN -- 1.3% Black River Public School Academy, Callable 02/01/10 @ 100 (COP) 7.250%, 02/01/30 950 981 Lakeview Community School, Pre-refunded 05/01/07 @ 100 (GO) (FGIC) 5.750%, 05/01/16 (B) 500 550 ----------- 1,531 ----------- MINNESOTA -- 15.7% Austin Housing & Redevelopment Authority, Gerard Project Health Care Facilities, Callable 09/01/09 @ 102 (RB) 6.625%, 09/01/29 1,000 896 Chaska Electric, Series A, Callable 10/01/10 @ 100 (RB) 6.100%, 10/01/30 1,000 1,048 Cuyana Range Hospital District, Series A, Callable 06/01/07 @ 102 (RB) 6.000%, 06/01/29 1,000 813 Eden Prairie Multifamily Housing, Callable 01/20/08 @ 102 (RB) (GNMA) 5.500%, 01/20/18 500 507 Fergus Falls Health Care Facilities Authority, Series A, Callable 11/01/04 @ 102 (RB) 7.000%, 11/01/19 500 481 TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Glencoe Hospital Board, Callable 08/01/04 @ 102 (RB) 6.750%, 04/01/16 $ 485 $ 453 Glencoe Health Care Services Facilities Project, Callable 04/01/11 @ 101 (RB) 7.500%, 04/01/31 (E) 1,000 1,000 Hopkins, Multifamily Housing Renaissance Project, Callable 04/01/07 @102 (RB) 6.250%, 04/01/15 500 518 Maple Grove Multifamily Housing (RB) (WF) 3.450%, 11/01/31 850 850 Minnesota Agriculture & Economic Development Board, Evangelical Lutheran Project, Callable 08/01/10 @ 102 (RB) 6.625%, 08/01/25 2,000 2,071 Minnesota Agriculture & Economic Development Board, Health Care System, Series A, Callable 11/15/10 @ 101 (RB) 6.375%, 11/15/29 3,000 3,141 New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge, Callable 03/01/09 @ 102 (RB) 5.750%, 03/01/15 2,000 1,814 Rochester Health Care Facilities Authority, Series H, Callable 11/15/02 @ 104 (RB) 8.168%, 11/15/15 (C) 1,000 1,079 Roseville Housing Facilities Authority, Pre-refunded 10/01/03 @ 102 (RB) 7.125%, 10/01/13 (B) 1,000 1,103 St. Anthony Housing & Redevelopment Authority, Callable 05/20/06 @ 102 (RB) (FHA) (GNMA) 6.250%, 11/20/25 1,000 1,032 St. Paul Housing & Redevelopment Authority, Como Lake Project, Series B, Callable 05/07/01 @ 100 (RB) (FHA) 7.500%, 03/01/26 500 498 Victoria Private School Facility, Holy Family Catholic High School, Series A, Callable 09/01/09 @ 100 (RB) 5.850%, 09/01/24 1,200 1,147 ----------- 18,451 ----------- MISSOURI -- 3.0% Kansas City Industrial Development Authority, Kingswood Retirement Facility, Series A, Callable 11/15/08 @ 102 (RB) 5.375%, 11/15/09 2,670 2,468 St. Louis Industrial Development Authority, Callable 12/15/10 @ 102 (RB) (AMT) 7.000%, 12/15/15 1,000 1,049 ----------- 3,517 ----------- NEBRASKA -- 4.4% Douglas County (GO) 5.000%, 07/01/09 (E) 2,000 2,113 Hastings Electric Systems, Callable 05/01/11 @ 100 (RB) (FSA) 5.000%, 01/01/15 (E) 2,000 2,032 The accompanying notes are an integral part of the financial statements. (40 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- Nebraska Public Power Supply Systems, Series C, Pre-refunded 07/01/04 @ 101 (RB) 4.750%, 01/01/07 (B) $ 1,000 $ 1,047 ----------- 5,192 ----------- NEW JERSEY -- 1.8% New Jersey State, Series E (GO) 5.000%, 07/15/04 2,000 2,092 ----------- NEW MEXICO -- 0.4% New Mexico State Finance Authority, Mortgage-Backed Security, Series D (RB) 6.200%, 07/01/15 445 447 ----------- NEW YORK -- 3.4% Long Island Power Authority, New York Electric, Light & Power Improvements, Series A, Callable 06/01/08 @ 101 (RB) (AMBAC) 5.250%, 12/01/26 1,000 1,004 New York City Transitional Financial Authority, Series A, Callable 02/15/10 @ 101 (RB) 5.375%, 02/15/23 1,000 1,022 New York, Sub-Series B-3 (GO) (MSG) 3.100%, 08/15/18 (A) 1,950 1,950 ----------- 3,976 ----------- NORTH DAKOTA -- 5.2% Fargo Health Systems, Meritcare Obligated, Series A, Callable 06/01/10 @101 (RB) (FSA) 5.600%, 06/01/21 2,000 2,063 Mercer County Pollution Control, Antelope Valley Station (RB) (AMBAC) 7.200%, 06/30/13 3,300 4,039 ----------- 6,102 ----------- PUERTO RICO -- 0.5% Puerto Rico Public Improvements, Callable 07/01/10 @ 100 (GO) (MBIA) 5.750%, 07/01/26 500 538 ----------- SOUTH DAKOTA -- 3.5% 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 1,001 South Dakota Housing Development Authority, Series H, Callable 05/01/10 @ 100 (RB) (FHA) 5.900%, 05/01/28 2,000 2,064 South Dakota State Health & Educational Facilities Authority, Callable 07/01/06 @ 102 (RB) (MBIA) 6.000%, 07/01/14 1,000 1,075 ----------- 4,140 ----------- TENNESSEE -- 1.7% Johnson City Health & Educational Facilities Authority, Series A, Callable 07/01/12 @ 103 (RB) 7.500%, 07/01/33 2,000 2,001 ----------- TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- TEXAS -- 12.2% Abilene Health Facilities Development, Sears Retirement Project, Series A, Callable 11/15/08 @ 101 (RB) 5.875%, 11/15/18 $ 1,500 $ 1,269 Bexar County Housing Finance Authority, American Opportunity Housing, Series A, Callable 01/01/11 @ 102 (RB) (MBIA) 5.800%, 01/01/31 2,000 2,039 Fort Bend Independent School District, Escrowed to Maturity, Pre-refunded 02/15/05 @ 100, (GO) 5.000%, 02/15/14 (B) 500 522 North Central Health Facility Development Corporation, Northwest Senior Housing, Series A, Callable 11/15/09 @ 102 (RB) 7.250%, 11/15/19 1,000 974 7.500%, 11/15/29 1,000 986 North Central Health Facility Development Corporation, Presbyterian Healthcare Residence, Pre-refunded 06/19/01 @ 104 (RB) (MBIA) 9.495%, 06/22/21 (B) (C) 1,000 1,054 Nueces County Housing Financial Corporation, Dolphins Landing Apartments Project, Series A, Callable 7/01/10 @ 102 (RB) 6.875%, 07/01/30 1,860 1,888 Remington Municipal Utility District #1, Series A Callable 09/01/08 @ 100 (GO) 5.800%, 09/01/25 1,000 1,039 Spring Branch Independent School District, Callable 02/01/10 @ 100 (GO) 5.750%, 02/01/25 2,400 2,532 Tarrant County Housing Financial Corporation Multifamily Housing, Fair Oaks, Callable 07/01/10 @ 102 (RB) 6.750%, 07/01/20 500 513 6.875%, 07/01/30 1,000 1,027 Texas 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 26 8.450%, 08/01/08 55 56 Texas 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 ----------- 14,428 ----------- FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 41) STATEMENTS OF NET ASSETS March 31, 2001 (unaudited) TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000) VALUE (000) -------------------------------------------------------------------------------- UTAH -- 1.0% Intermountain Power Agency, Utah Power Supply, Series A, (RB) (AMBAC) 6.500%, 07/01/11 $ 365 $ 425 Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (RB) (AMBAC) 6.500%, 07/01/11 (B) 635 752 ----------- 1,177 ----------- VIRGINIA -- 0.9% Arlington County Industrial Development Authority, Berkeley Apartments, Callable 12/01/10 @ 102 (RB) (AMT) (FNMA) 5.850%, 12/01/20 1,000 1,035 ----------- WASHINGTON -- 2.2% Washington State Health Care Facilities Authority, Fred Hutchinson Cancer Center (RB) (MGT) 3.750%, 01/01/18 (D) 500 500 Washington State Health Care Facilities Authority, Fred Hutchinson Cancer Center (RB) (AMBAC) 3.750%, 01/01/29 (D) 385 385 Washington State Public Power Supply, Nuclear Project #3, Series A, Callable 07/01/07 @ 102 (RB) (FSA) 5.250%, 07/01/16 1,000 1,017 Washington State Public Power Supply, Nuclear Project #3, Series B (RB) 7.125%, 07/01/16 600 738 ----------- 2,640 ----------- WEST VIRGINIA -- 1.0% West Virginia State, Series D (GO) (FGIC) 6.500%, 11/01/26 1,000 1,196 ----------- WISCONSIN -- 4.3% Amery, Apple River Hospital Project, Callable 06/01/08 @ 100 (RB) 5.700%, 06/01/13 1,440 1,416 Wisconsin State Health & Education Facilities Authority, Attic Angel Obligation Group, Callable 11/15/08 @ 102 (RB) 5.750%, 11/15/27 1,000 800 Wisconsin State Health & Education Facilities Authority, Aurora Health Care, Series A, Callable 02/15/09 @ 101 (RB) 5.500%, 02/15/20 1,000 879 Wisconsin State Health & Education Facilities Authority, Beloit Memorial Hospital, Callable 07/01/03 @ 102 (RB) 5.800%, 07/01/09 555 546 TAX FREE FUND (CONTINUED) DESCRIPTION PAR (000)/SHARES VALUE (000) -------------------------------------------------------------------------------- Wisconsin State Health & Education Facilities Authority, Franciscan Skemp Medical Center, Callable 11/15/05 @ 102 (RB) 6.125%, 11/15/15 $ 1,000 $ 1,050 Wisconsin State Health & Education Facilities Authority, Monroe Clinic, Callable 02/15/09 @ 101 (RB) 5.375%, 02/15/22 500 440 ----------- 5,131 ----------- TOTAL MUNICIPAL BONDS (Cost $109,141) 113,671 ----------- MONEY MARKET FUNDS -- 7.0% Federated Tax Free Money Market 2,853,101 2,853 First American Tax Free Obligations Fund (F) 5,422,394 5,422 ----------- TOTAL MONEY MARKET FUNDS (Cost $8,275) 8,275 ----------- TOTAL INVESTMENTS -- 103.6% (Cost $117,416) 121,946 ----------- OTHER ASSETS AND LIABILITIES, NET -- (3.6%) (4,188) ----------- NET ASSETS: Portfolio Capital--Class A ($.0001 par value-- 2 billion authorized) based on 3,419,400 outstanding shares 34,961 Portfolio Capital--Class C ($.0001 par value-- 2 billion authorized) based on 30,349 outstanding shares 324 Portfolio Capital--Class Y ($.0001 par value-- 2 billion authorized) based on 7,405,682 outstanding shares 78,488 Undistributed net investment income 77 Accumulated net realized loss on investments (622) Net unrealized appreciation of investments 4,530 ----------- NET ASSETS -- 100.0% $ 117,758 ----------- Net asset value and redemption price per share--Class A $ 10.84 Maximum sales charge of 2.50% (H) 0.28 ----------- Offering price per share--Class A $ 11.12 ----------- Net asset value and redemption price per share--Class C (I) $ 10.81 Maximum sales charge of 1.00% (J) 0.11 ----------- Offering price per share--Class C $ 10.92 ----------- Net asset value, offering price, and redemption price per share--Class Y $ 10.85 ----------- The accompanying notes are an integral part of the financial statements. (42 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 TAX FREE FUND (CONCLUDED) -------------------------------------------------------------------------------- (A)The rate shown is the effective yield at the time of purchase. (B)Pre-refunded issues are typically backed by U.S. Government obligations or municipal bonds. These bonds mature at the call date indicated. (C)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. (D)Variable Rate Security--the rate shown is the rate in effect as of March 31, 2001. (E)As of March 31, 2001, the cost of securities purchased on a when issued basis was: Douglas County, of $2,118,900, Glencoe Regional Health Services Project, of $1,000,000, Hastings Electric Systems, of $2,031,460, and Navajo County Unified School District #32, of $733,621. (F)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. (H)The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 2.50%. (I)Class C has a contingent deferred sales charge. For a description of a possible redemption charge, see the notes to the financial statements. (J)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. As of March 31, 2001, the aggregate market value of the securities subject to the AMT was $7,272,000 which represents 6.0% of the net assets. BA--Bank of America 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 MSG--Morgan Stanley Guaranty RB--Revenue Bond WF--Wells Fargo FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 43) STATEMENTS OF OPERATIONS for the six months ended March 31, 2001 (unaudited), in thousands
CALIFORNIA COLORADO ARIZONA INTERMEDIATE CALIFORNIA INTERMEDIATE TAX FREE FUND TAX FREE FUND TAX FREE FUND TAX FREE FUND ------------------------------------------ ------------- ------------- ------------- ------------- INVESTMENT INCOME: Interest $ 474 $ 1,170 $ 595 $ 1,476 Dividends -- -- -- -- ------------------------------------------ ------------ ------------ ------------ ------------ TOTAL INVESTMENT INCOME 474 1,170 595 1,476 ========================================== ============ ============ ============ ============ EXPENSES: Investment advisory fees 61 164 84 194 Administrator fees 10 25 13 30 Transfer agent fees 31 24 31 63 Custodian fees 3 7 4 8 Directors' fees -- -- -- -- Registration fees -- -- -- -- Professional fees -- 1 -- 1 Printing 1 1 1 2 Distribution fees - Class A 18 3 21 5 Distribution fees - Class C 1 -- -- -- Other 1 1 1 3 ------------------------------------------ ------------ ------------ ------------ ------------ TOTAL EXPENSES 126 226 155 306 ========================================== ============ ============ ============ ============ Less: Waiver of investment advisory fees (108) (60) (134) (107) Waiver of distribution fees - Class A -- (3) -- (5) Waiver of distribution fees - Class C -- -- -- -- ------------------------------------------ ------------ ------------ ------------ ------------ TOTAL WAIVERS (108) (63) (134) (112) ========================================== ============ ============ ============ ============ TOTAL NET EXPENSES 18 163 21 194 ========================================== ============ ============ ============ ============ INVESTMENT INCOME - NET 456 1,007 574 1,282 ========================================== ============ ============ ============ ============ REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS - NET: Net realized gain on investments 17 20 -- 51 Net change in unrealized appreciation or depreciation of investments 685 1,153 819 1,791 ------------------------------------------ ------------ ------------ ------------ ------------ NET GAIN ON INVESTMENTS 702 1,173 819 1,842 ========================================== ============ ============ ============ ============ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,158 $ 2,180 $ 1,393 $ 3,124 ========================================== ============ ============ ============ ============
(1) Fund commenced operations on February 28, 2001. The accompanying notes are an integral part of the financial statements. (44 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001
MINNESOTA OREGON COLORADO INTERMEDIATE INTERMEDIATE MINNESOTA NEBRASKA INTERMEDIATE TAX FREE FUND TAX FREE FUND TAX FREE FUND TAX FREE FUND TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND ------------- ------------- ------------- ------------- --------------- ------------- ------------- $ 479 $ 9,789 $ 6,651 $ 4,390 $ 68 $ 4,079 $ 3,214 -- -- -- 43 -- -- 7 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 479 9,789 6,651 4,433 68 4,079 3,221 ============ ============ ============ ============ ============ ============ ============ 62 1,300 899 519 10 565 371 9 202 140 80 2 88 58 31 31 29 54 -- 25 46 3 56 38 22 -- 24 16 -- 2 1 1 -- 1 1 -- 4 3 1 -- 2 1 -- 6 4 2 -- 2 2 1 11 8 4 -- 5 2 18 12 15 125 1 6 43 2 -- -- 13 -- -- 1 1 9 8 5 -- 6 2 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 127 1,633 1,145 826 13 724 543 ============ ============ ============ ============ ============ ============ ============ (108) (321) (232) (169) (8) (152) (131) -- (12) (15) -- -- (6) -- (1) -- -- (5) -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ ------------ (109) (333) (247) (174) (8) (158) (131) ============ ============ ============ ============ ============ ============ ============ 18 1,300 898 652 5 566 412 ============ ============ ============ ============ ============ ============ ============ 461 8,489 5,753 3,781 63 3,513 2,809 ============ ============ ============ ============ ============ ============ ============ 17 1,036 184 514 -- 146 327 762 10,547 8,057 3,985 119 5,466 3,135 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 779 11,583 8,241 4,499 119 5,612 3,462 ============ ============ ============ ============ ============ ============ ============ $ 1,240 $ 20,072 $ 13,994 $ 8,280 $ 182 $ 9,125 $ 6,271 ============ ============ ============ ============ ============ ============ ============
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 45) STATEMENTS OF CHANGES IN NET ASSETS in thousands
CALIFORNIA ARIZONA INTERMEDIATE TAX FREE FUND (1) TAX FREE FUND ---------------------------------------------------------------------- ------------------------- -------------------------- 10/1/00 2/1/00 10/1/00 10/1/99 to to to to 3/31/01 9/30/00 3/31/01 9/30/00 ---------------------------------------------------------------------- ----------- ---------- ----------- ----------- (unaudited) (unaudited) OPERATIONS: Investment income - net $ 456 $ 308 $ 1,007 $ 1,910 Net realized gain (loss) on investments 17 (3) 20 (122) Net change in unrealized appreciation or depreciation of investments 685 275 1,153 769 ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Net increase in net assets resulting from operations 1,158 580 2,180 2,557 ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Investment income - net: Class A (353) (246) (50) (77) Class C (6) (1) -- -- Class Y (81) (61) (961) (1,833) Net realized gain on investments: Class A -- -- -- -- Class C -- -- -- -- Class Y -- -- -- -- ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Total distributions (440) (308) (1,011) (1,910) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- CAPITAL SHARE TRANSACTIONS (3): Class A: Proceeds from sales 5,252 9,541 252 1,845 Reinvestment of distributions 342 239 37 60 Payments for redemptions (1,596) (330) (202) (1,642) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase (decrease) in net assets from Class A transactions 3,998 9,450 87 263 ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Class C: Proceeds from sales 684 21 -- -- Reinvestment of distributions 7 -- -- -- Payments for redemptions (15) -- -- -- ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase in net assets from Class C transactions 676 21 -- -- ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Class Y: Proceeds from sales 999 4,405 2,441 9,128 Reinvestment of distributions 1 4 -- 5 Payments for redemptions (80) (1,792) (2,561) (7,948) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase (decrease) in net assets from Class Y transactions 920 2,617 (120) 1,185 ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase (decrease) in net assets from capital share transactions 5,594 12,088 (33) 1,448 ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Total increase (decrease) in net assets 6,312 12,360 1,136 2,095 NET ASSETS AT BEGINNING OF PERIOD 12,360 -- 45,606 43,511 ====================================================================== ========== ========== ========== ========== NET ASSETS AT END OF PERIOD (4) $ 18,672 $ 12,360 $ 46,742 $ 45,606 ====================================================================== ========== ========== ========== ==========
[WIDE TABLE CONTINUED FROM ABOVE]
COLORADO CALIFORNIA INTERMEDIATE TAX FREE FUND (1) TAX FREE FUND ---------------------------------------------------------------------- -------------------------- -------------------------- 10/1/00 2/1/00 10/1/00 10/1/99 to to to to 3/31/01 9/30/00 3/31/01 9/30/00 ---------------------------------------------------------------------- ----------- ----------- ----------- ----------- (unaudited) (unaudited) OPERATIONS: Investment income - net $ 574 $ 287 $ 1,282 $ 2,761 Net realized gain (loss) on investments -- (1) 51 (648) Net change in unrealized appreciation or depreciation of investments 819 489 1,791 378 ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Net increase in net assets resulting from operations 1,393 775 3,124 2,491 ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Investment income - net: Class A (399) (151) (93) (210) Class C (1) -- -- -- Class Y (173) (133) (1,232) (2,556) Net realized gain on investments: Class A -- -- -- -- Class C -- -- -- -- Class Y -- -- -- (1) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Total distributions (573) (284) (1,325) (2,767) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- CAPITAL SHARE TRANSACTIONS (3): Class A: Proceeds from sales 15,150 6,886 2,960 1,912 Reinvestment of distributions 379 139 59 114 Payments for redemptions (2,922) (1,235) (685) (3,255) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase (decrease) in net assets from Class A transactions 12,607 5,790 2,334 (1,229) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Class C: Proceeds from sales 201 34 -- -- Reinvestment of distributions 1 -- -- -- Payments for redemptions -- -- -- -- ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase in net assets from Class C transactions 202 34 -- -- ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Class Y: Proceeds from sales 3,573 6,580 2,379 7,571 Reinvestment of distributions -- 7 1 4 Payments for redemptions (418) (2,073) (7,928) (11,669) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase (decrease) in net assets from Class Y transactions 3,155 4,514 (5,548) (4,094) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Increase (decrease) in net assets from capital share transactions 15,964 10,338 (3,214) (5,323) ---------------------------------------------------------------------- ---------- ---------- ---------- ---------- Total increase (decrease) in net assets 16,784 10,829 (1,415) (5,599) NET ASSETS AT BEGINNING OF PERIOD 10,829 -- 56,370 61,969 ====================================================================== ========== ========== ========== ========== NET ASSETS AT END OF PERIOD (4) $ 27,613 $ 10,829 $ 54,955 $ 56,370 ====================================================================== ========== ========== ========== ==========
(1)Fund commenced operations on February 1, 2000. (2)Fund commenced operations on February 28, 2001. (3)See note 4 in Notes to Financial Statements for additional information. (4)Includes undistributed (distributions in excess of) net investment income (000) of $16 and $0 for Arizona Tax Free Fund, $15 and $19 for California Intermediate Tax Free Fund, $4 and $3 for California Tax Free Fund, $(39) and $4 for Colorado Intermediate Tax Free Fund, $31 and $7 for Colorado Tax Free Fund, $161 and $0 for Intermediate Tax Free Fund, $(65) and $29 for Minnesota Intermediate Tax Free Fund, $199 and $250 for Minnesota Tax Free Fund, $(6) and $0 for Nebraska Tax Free Fund, $109 and $80 for Oregon Intermediate Tax Free Fund, and $77 and $60 for Tax Free Fund, at March 31, 2001, and September 30, 2000, respectively. The accompanying notes are an integral part of the financial statements. (46 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001
MINNESOTA COLORADO INTERMEDIATE INTERMEDIATE TAX FREE FUND (1) TAX FREE FUND TAX FREE FUND ------------------------------ ------------------------------ ------------------------------ 10/1/00 2/1/00 10/1/00 10/1/99 10/1/00 10/1/99 to to to to to to 3/31/01 9/30/00 3/31/01 9/30/00 3/31/01 9/30/00 ------------- ------------- ------------- ------------- ------------ ------------- (unaudited) (unaudited) (unaudited) $ 461 $ 297 $ 8,489 $ 18,729 $ 5,753 $ 12,410 17 4 1,036 (2,046) 184 (581) 762 321 10,547 2,552 8,057 611 ------------ ------------ ------------ ------------ ------------ ------------ 1,240 622 20,072 19,235 13,994 12,440 ------------ ------------ ------------ ------------ ------------ ------------ (362) (221) (218) (416) (267) (571) (9) (2) -- -- -- -- (66) (67) (8,110) (18,458) (5,580) (11,861) (3) -- -- -- -- (15) -- -- -- -- -- -- (1) -- -- -- -- (292) ------------ ------------ ------------ ------------ ------------ ------------ (441) (290) (8,328) (18,874) (5,847) (12,739) ------------ ------------ ------------ ------------ ------------ ------------ 9,746 8,453 3,754 4,194 974 3,245 359 216 155 275 187 349 (1,751) (852) (3,925) (6,169) (2,461) (5,731) ------------ ------------ ------------ ------------ ------------ ------------ 8,354 7,817 (16) (1,700) (1,300) (2,137) ------------ ------------ ------------ ------------ ------------ ------------ 817 151 -- -- -- -- 9 2 -- -- -- -- -- -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ 826 153 -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ 374 5,297 14,516 56,759 16,225 39,739 1 2 539 1,614 128 344 (82) (2,947) (61,288) (125,938) (20,632) (75,230) ------------ ------------ ------------ ------------ ------------ ------------ 293 2,352 (46,233) (67,565) (4,279) (35,147) ------------ ------------ ------------ ------------ ------------ ------------ 9,473 10,322 (46,249) (69,265) (5,579) (37,284) ------------ ------------ ------------ ------------ ------------ ------------ 10,272 10,654 (34,505) (68,904) 2,568 (37,583) 10,654 -- 384,273 453,177 256,822 294,405 ============ ============ ============ ============ ============ ============ $ 20,926 $ 10,654 $ 349,768 $ 384,273 $ 259,390 $ 256,822 ============ ============ ============ ============ ============ ============
[WIDE TABLE CONTINUED FROM ABOVE]
NEBRASKA OREGON MINNESOTA TAX FREE INTERMEDIATE TAX FREE FUND FUND (2) TAX FREE FUND TAX FREE FUND ------------------------------ ------------- ------------------------------ ------------------------------ 10/1/00 10/1/99 2/28/01 10/1/00 10/1/99 10/1/00 10/1/99 to to to to to to to 3/31/01 9/30/00 3/31/01 3/31/01 9/30/00 3/31/01 9/30/00 ------------- ------------- ------------- ------------- ------------- ------------- ------------- (unaudited) (unaudited) (unaudited) (unaudited) $ 3,781 $ 7,019 $ 63 $ 3,513 $ 7,763 $ 2,809 $ 3,906 514 (485) -- 146 (952) 327 (604) 3,985 (241) 119 5,466 1,116 3,135 847 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 8,280 6,293 182 9,125 7,927 6,271 4,149 ------------ ------------ ------------ ------------ ------------ ------------ ------------ (2,550) (4,933) (11) (97) (147) (870) (1,486) (64) (89) (58) -- -- (5) (4) (1,218) (1,918) -- (3,387) (7,557) (1,917) (2,373) -- -- -- -- (1) -- -- -- -- -- -- -- -- -- -- -- -- -- (35) -- -- ------------ ------------ ------------ ------------ ------------ ------------ ------------ (3,832) (6,940) (69) (3,484) (7,740) (2,792) (3,863) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 13,049 13,716 3,275 1,570 2,273 12,119 1,751 2,411 4,713 11 37 76 832 1,396 (8,775) (31,757) (104) (289) (1,085) (4,080) (8,734) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 6,685 (13,328) 3,182 1,318 1,264 8,871 (5,587) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 1,440 788 -- -- -- 191 80 50 54 -- -- -- 5 5 (221) (479) -- -- -- (15) (55) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 1,269 363 -- -- -- 181 30 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 9,203 31,588 16,924 6,465 23,880 18,703 58,159 196 465 -- 174 446 83 137 (3,736) (8,703) (103) (15,652) (42,766) (3,289) (15,162) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 5,663 23,350 16,821 (9,013) (18,440) 15,497 43,134 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 13,617 10,385 20,003 (7,695) (17,176) 24,549 37,577 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 18,065 9,738 20,116 (2,054) (16,989) 28,028 37,863 136,892 127,154 -- 163,427 180,416 89,730 51,867 ============ ============ ============ ============ ============ ============ ============ $ 154,957 $ 136,892 $ 20,116 $ 161,373 $ 163,427 $ 117,758 $ 89,730 ============ ============ ============ ============ ============ ============ ============
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 47) FINANCIAL HIGHLIGHTS For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
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 ----------- ------------ ------------- ------------ -------------- ARIZONA TAX FREE FUND(1) Class A 2001* (unaudited) $ 10.45 $ 0.27 $ 0.44 $ (0.26) $ -- 2000 10.00 0.36 0.45 (0.36) -- Class C 2001* (unaudited) $ 10.44 $ 0.26 $ 0.44 $ (0.25) $ -- 2000 10.00 0.34 0.44 (0.34) -- Class Y 2001* (unaudited) $ 10.45 $ 0.28 $ 0.44 $ (0.27) $ -- 2000 10.00 0.37 0.45 (0.37) -- CALIFORNIA INTERMEDIATE TAX FREE FUND Class A 2001* (unaudited) $ 10.02 $ 0.22 $ 0.26 $ (0.22) $ -- 2000 9.89 0.43 0.13 (0.43) -- 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 2001* (unaudited) $ 10.04 $ 0.22 $ 0.25 $ (0.22) $ -- 2000 9.89 0.43 0.15 (0.43) -- 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 2001* (unaudited) $ 10.66 $ 0.25 $ 0.37 $ (0.25) $ -- 2000 10.00 0.35 0.66 (0.35) -- Class C 2001* (unaudited) $ 10.66 $ 0.23 $ 0.38 $ (0.23) $ -- 2000 10.00 0.32 0.66 (0.32) -- Class Y 2001* (unaudited) $ 10.66 $ 0.26 $ 0.37 $ (0.26) $ -- 2000 10.00 0.37 0.65 (0.36) -- COLORADO INTERMEDIATE TAX FREE FUND Class A 2001* (unaudited) $ 10.28 $ 0.25 $ 0.34 $ (0.25) $ -- 2000 10.32 0.48 (0.04) (0.48) -- 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) Class Y 2001* (unaudited) $ 10.26 $ 0.25 $ 0.33 $ (0.25) $ -- 2000 10.29 0.48 (0.03) (0.48) -- 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) COLORADO TAX FREE FUND(1) Class A 2001* (unaudited) $ 10.42 $ 0.27 $ 0.49 $ (0.26) $ -- 2000 10.00 0.35 0.42 (0.35) -- Class C 2001* (unaudited) $ 10.41 $ 0.24 $ 0.50 $ (0.24) $ -- 2000 10.00 0.34 0.41 (0.34) -- Class Y 2001* (unaudited) $ 10.43 $ 0.28 $ 0.50 $ (0.27) $ -- 2000 10.00 0.37 0.42 (0.36) -- ------- -------- ------- ------- ------- -------
+Returns are for the period indicated and have not been annualized. *For the six months ended March 31, 2001. All ratios for the period 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. (48 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001
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 ----------- ------------ -------------- ------------- -------------- ------------- ------------------ ---------- $ 10.90 6.78%+ $14,262 0.25% 5.14% 1.45% 3.94% 9% 10.45 8.21+ 9,668 0.25 5.31 1.80 3.76 27 $ 10.89 6.73%+ $ 704 0.65% 4.78% 2.14% 3.29% 9% 10.44 7.88+ 22 0.65 4.95 2.72 2.88 27 $ 10.90 7.00%+ $ 3,706 0.00% 5.38% 1.18% 4.20% 9% 10.45 8.36+ 2,670 0.00 5.53 1.53 4.00 27 $ 10.28 4.72%+ $ 2,486 0.70% 4.31% 1.21% 3.80% 4% 10.02 5.84 2,344 0.70 4.35 1.18 3.87 23 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 $ 10.29 4.83%+ $44,256 0.70% 4.31% 0.96% 4.05% 4% 10.04 6.05 43,262 0.70 4.36 0.93 4.13 23 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 $ 11.03 5.89%+ $19,216 0.25% 4.72% 1.37% 3.60% 0% 10.66 10.23+ 6,029 0.25 5.20 1.85 3.60 12 $ 11.04 5.78%+ $ 238 0.65% 4.39% 1.79% 3.25% 0% 10.66 9.95+ 34 0.65 5.12 2.25 3.52 12 $ 11.03 6.00%+ $ 8,159 0.00% 4.96% 1.12% 3.84% 0% 10.66 10.38+ 4,766 0.00 5.42 1.59 3.83 12 $ 10.62 5.80%+ $ 5,921 0.70% 4.64% 1.34% 4.00% 16% 10.28 4.40 3,485 0.70 4.66 1.25 4.11 42 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 $ 10.59 5.71%+ $49,034 0.70% 4.64% 1.09% 4.25% 16% 10.26 4.51 52,885 0.70 4.66 1.00 4.36 42 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 $ 10.92 7.37%+ $17,088 0.25% 5.13% 1.45% 3.93% 13% 10.42 7.80+ 8,068 0.25 5.28 1.80 3.73 36 $ 10.91 7.20%+ $ 994 0.65% 4.73% 2.16% 3.22% 13% 10.41 7.52+ 156 0.65 4.92 2.58 2.99 36 $ 10.94 7.58%+ $ 2,844 0.00% 5.37% 1.19% 4.18% 13% 10.43 8.05+ 2,430 0.00 5.47 1.53 3.94 36 -------- ------ ------- ---- ---- ---- ---- --
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 49) FINANCIAL HIGHLIGHTS For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
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 ----------- ------------ ------------- ------------ -------------- INTERMEDIATE TAX FREE FUND Class A 2001* (unaudited) $ 10.48 $ 0.25 $ 0.32 $ (0.24) $ -- 2000 10.45 0.48 0.04 (0.49) -- 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) Class Y 2001* (unaudited) $ 10.46 $ 0.25 $ 0.33 $ (0.24) $ -- 2000 10.43 0.48 0.04 (0.49) -- 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) MINNESOTA INTERMEDIATE TAX FREE FUND Class A 2001* (unaudited) $ 9.80 $ 0.22 $ 0.32 $ (0.23) $ -- 2000 9.79 0.45 0.02 (0.45) (0.01) 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) Class Y 2001* (unaudited) $ 9.76 $ 0.22 $ 0.33 $ (0.23) $ -- 2000 9.76 0.45 0.01 (0.45) (0.01) 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) MINNESOTA TAX FREE FUND (B) Class A 2001* (unaudited) $ 10.64 $ 0.27 $ 0.33 $ (0.28) $ -- 2000 10.70 0.55 (0.06) (0.55) -- 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) -- Class C 2001* (unaudited) $ 10.62 $ 0.27 $ 0.31 $ (0.26) $ -- 2000 10.69 0.53 (0.09) (0.51) -- 1999(1) 11.38 0.37 (0.71) (0.35) -- Class Y 2001* (unaudited) $ 10.63 $ 0.28 $ 0.33 $ (0.29) $ -- 2000 10.69 0.58 (0.07) (0.57) -- 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) -- NEBRASKA TAX FREE FUND (3) Class A 2001* (unaudited) $ 10.00 $ 0.03 $ 0.08 $ (0.04) $ -- Class C 2001* (unaudited) $ 10.00 $ 0.03 $ 0.05 $ (0.03) $ -- Class Y 2001* (unaudited) $ 10.00 $ 0.03 $ 0.08 $ (0.04) $ -- ------- -------- ------- ------- ------- -------
+Returns are for the period indicated and have not been annualized. *For the six months ended March 31, 2001. All ratios for the period have been annualized. (A)Excluding sales charges. (B)The financial highlights for the Minnesota 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. The assets of the Piper Minnesota Tax-Exempt Fund were acquired by Minnesota Tax Free Fund on July 31, 1998. In connection with this acquisition, (i) Class A shares of the Piper Minnesota Tax-Exempt Fund were exchanged for Class A shares of the Minnesota Tax Free Fund, (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 Incorporated 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)Commenced operations on February 28, 2001. All ratios for the period have been annualized. The accompanying notes are an integral part of the financial statements. (50 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001
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 ----------- ------------ -------------- ------------- -------------- ------------- ------------------ ---------- $ 10.81 5.49%+ $ 9,283 0.70% 4.58% 1.12% 4.16% 6% 10.48 5.10 8,994 0.70 4.61 1.12 4.19 29 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 $ 10.80 5.60%+ $340,485 0.70% 4.57% 0.87% 4.40% 6% 10.46 5.11 375,279 0.70 4.62 0.87 4.45 29 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 $ 10.11 5.53%+ $ 11,556 0.70% 4.48% 1.13% 4.05% 6% 9.80 4.94 12,469 0.70 4.59 1.12 4.17 18 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 $ 10.08 5.65%+ $247,834 0.70% 4.48% 0.88% 4.30% 6% 9.76 5.04 244,353 0.70 4.59 0.87 4.42 18 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 $ 10.96 5.65%+ $103,693 0.95% 5.03% 1.18% 4.80% 11% 10.64 4.75 93,995 0.95 5.22 1.17 5.00 34 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 $ 10.94 5.48%+ $ 3,375 1.35% 4.62% 1.93% 4.04% 11% 10.62 4.25 2,037 1.35 4.83 1.77 4.41 34 10.69 (3.03)+ 1,682 1.35 4.70 1.87 4.18 15 $ 10.95 5.79%+ $ 47,889 0.70% 5.28% 0.93% 5.05% 11% 10.63 5.00 40,860 0.70 5.49 0.93 5.26 34 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 $ 10.07 1.06%+ $ 3,199 0.55% 4.13% 1.37% 3.31% 0% $ 10.05 0.82%+ $ -- 0.95% --% 1.86% --% 0% $ 10.07 1.07%+ $ 16,917 0.30% 4.38% 0.86% 3.82% 0% ---- -------- ------ -------- ---- ---- ---- ---- --
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 51) FINANCIAL HIGHLIGHTS For a share outstanding throughout the periods ended September 30, unless otherwise indicated.
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 ----------- ------------ ------------- ------------ -------------- OREGON INTERMEDIATE TAX FREE FUND Class A 2001* (unaudited) $ 9.74 $ 0.22 $ 0.33 $ (0.21) $ -- 2000 9.72 0.43 0.02 (0.43) -- 1999(2) 10.23 0.29 (0.51) (0.29) -- Class Y 2001* (unaudited) $ 9.74 $ 0.22 $ 0.34 $ (0.21) $ -- 2000 9.72 0.43 0.02 (0.43) -- 1999 10.24 0.43 (0.49) (0.43) (0.03) 1998 10.05 0.45 0.21 (0.45) (0.02) 1997(3) 10.00 0.07 0.05 (0.07) -- TAX FREE FUND (B) Class A 2001* (unaudited) $ 10.49 $ 0.27 $ 0.35 $ (0.27) $ -- 2000 10.54 0.53 (0.05) (0.53) -- 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) -- Class C 2001* (unaudited) $ 10.46 $ 0.25 $ 0.35 $ (0.25) $ -- 2000 10.52 0.50 (0.07) (0.49) -- 1999(1) 11.34 0.35 (0.82) (0.35) -- Class Y 2001* (unaudited) $ 10.49 $ 0.28 $ 0.36 $ (0.28) $ -- 2000 10.54 0.56 (0.06) (0.55) -- 1999 11.54 0.57 (0.86) (0.58) (0.13) 1998(4) 11.31 0.10 0.22 (0.09) -- ------- ------- ------- ------- ------- -------
+Returns are for the period indicated and have not been annualized. *For the six months ended March 31, 2001. All ratios for the period have been annualized. (A)Excluding sales charges. (B)The financial highlights for the Tax Free Fund as set forth herein include the historical financial highlights of the Piper National Tax-Exempt Fund Class A shares. The assets of the Piper National Tax-Exempt Fund were acquired by Tax Free Fund on July 31, 1998. In connection with this acquisition, Class A shares of the Piper National Tax-Exempt Fund were exchanged for Class A shares of the Tax Free Fund. On July 31, 1998 the Fund's advisor changed from Piper Capital Management Incorporated 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 A shares have been offered since February 1, 1999. All ratios for the period have been annualized. (3)Commenced operations on August 8, 1997. All ratios for the period have been annualized. (4)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. (52 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001
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 ----------- ------------ -------------- ------------- -------------- ------------- ------------------ ---------- $ 10.08 5.85%+ $ 4,781 0.70% 4.35% 1.35% 3.70% 6% 9.74 4.79 3,303 0.70 4.47 1.13 4.04 18 9.72 (2.22)+ 2,005 0.70 4.37 1.12 3.95 13 $ 10.09 5.74%+ $156,592 0.70% 4.35% 1.10% 3.95% 6% 9.74 4.78 160,124 0.70 4.47 0.88 4.29 18 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 $ 10.84 5.97%+ $ 37,071 0.95% 5.13% 1.20% 4.88% 15% 10.49 4.75 27,061 0.95 5.18 1.19 4.94 15 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 $ 10.81 5.80%+ $ 328 1.35% 4.73% 1.95% 4.14% 15% 10.46 4.26 139 1.35 4.80 1.79 4.36 15 10.52 (4.23)+ 110 1.35 4.54 1.93 3.96 21 $ 10.85 6.19%+ $ 80,359 0.70% 5.37% 0.95% 5.12% 15% 10.49 5.00 62,530 0.70 5.47 0.95 5.22 15 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 ---- -------- ------ -------- ---- ---- ---- ---- --
FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 53) NOTES TO FINANCIAL STATEMENTS March 31, 2001 (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, Nebraska 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 Fund, Health Sciences Fund, Technology Fund, Emerging Markets Fund, and Mid Cap Growth Fund are also mutual 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 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 C shares are sold with a front-end sales charge and are subject to a contingent deferred sales charge for 18 months. Class Y shares have no sales charge and are offered only to qualifying institutional investors. 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 the Funds' 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 formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. 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. (54 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 Net investment income and net realized gains or losses may differ for financial statement and tax purposes because of temporary or permanent book-to-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. As of September 30, 2000, the following funds have capital loss carryforwards (000): AMOUNT EXPIRATION DATE --------------------------------------------------------------------------- California Intermediate Tax Free $ 81 2008 Colorado Intermediate Tax Free 75 2008 Intermediate Tax Free 1,405 2008 Minnesota Intermediate Tax Free 239 2008 Minnesota Tax Free 248 2008 Oregon Intermediate Tax Free 98 2008 Tax Free 370 2008 --------------------------------------------------------------------------- Arizona Tax Free, California Intermediate Tax Free, California Tax Free, Colorado Intermediate Tax Free, Intermediate Tax Free, Minnesota Intermediate Tax Free, Minnesota Tax Free, Oregon Intermediate Tax Free, and Tax Free Fund incurred losses in the amount of $3,000, $104,000, $1,000, $643,000, $1,627,000, $338,000, $254,000, $854,000, and $579,000 from November 1, 1999 to September 30, 2000, respectively. As permitted by tax regulations, the Funds intend to elect to defer and treat these losses as arising in the fiscal year ending September 30, 2001. 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, 2001, the Arizona Tax Free, Intermediate Tax Free, Minnesota Intermediate Tax Free, Minnesota Tax Free, Nebraska Tax Free, and the Tax Free Funds had outstanding when-issued commitments of $259,375, $1,248,516, $1,000,000, $1,000,000, $5,364,760, and $5,883,981, respectively. INVERSE FLOATERS - As part of their investment strategy, the Funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate ("inverse floaters"). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floaters may be characterized as derivative securities and may subject the fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market value of such securities will generally be more volatile than that of fixed rate, tax-exempt securities. To the extent the Funds invest in inverse floaters, the net asset value of the Funds' shares may be more volatile than if the Funds did not invest in such securities. At March 31, 2001, the Minnesota Tax Free Fund and Tax Free Fund had investments in inverse floaters with a value of $1,746,750 and $3,243,750, respectively, which represent 1.1% and 2.8%, respectively, of each fund's net assets. EXPENSES - Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses are 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 accounting principles generally accepted in the United States, 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. FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 55) NOTES TO FINANCIAL STATEMENTS March 31, 2001 (unaudited) 3 > FEES AND EXPENSES ADVISORY FEES - Pursuant to an investment advisory agreement (the "Agreement"), U.S. Bancorp Piper Jaffray Asset Management, Inc. (the "Advisor"), a subsidiary of U.S. Bank National Association ("U.S. Bank") and its predecessor, First American Asset Management, 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 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 described in the prospectuses. 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 - Pursuant to an administration agreement, U.S. Bank provides administrative services, including certain legal and shareholder services to the First American Family of Funds. Under this arrangement, 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 - SEI Investments Mutual Funds Services ("SIMFS") serves as sub-administrator and assists U.S. Bank in providing sub-administration services for the Funds. For these services, U.S. Bank compensates SIMFS monthly at an annual rate equal to 0.05% of aggregate average daily net assets of FAIF. In addition, SIMFS 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 fee of $50,000 per Fund (the oldest 38 Funds are excluded). U.S. Bank paid SIMFS $5,415,000 in aggregate from October 1, 2000 through March 31, 2001 for the First American Family of Funds. For the Funds included in this semiannual report the amounts paid to SIMFS for the six month period were as follows (000): --------------------------------------------------------------------------- Arizona Tax Free Fund $ 6 California Intermediate Tax Free Fund 15 California Tax Free Fund 8 Colorado Intermediate Tax Free Fund 18 Colorado Tax Free Fund 6 Intermediate Tax Free Fund 121 Minnesota Intermediate Tax Free Fund 83 Minnesota Tax Free Fund 48 Nebraska Tax Free Fund 1 Oregon Intermediate Tax Free Fund 52 Tax Free Fund 34 --------------------------------------------------------------------------- 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, 2001 (000): U.S. BANCORP U.S. BANK U.S. BANK PIPER JAFFRAY TRUST --------------------------------------------------------------------------- Arizona Tax Free Fund $ 7 $ 9 $ -- California Tax Free Fund 11 10 -- Colorado Tax Free Fund 4 14 -- Minnesota Tax Free Fund 57 56 -- Tax Free Fund 20 19 -- --------------------------------------------------------------------------- (56 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 TRANSFER AGENT FEES - U.S. Bank serves as transfer agent and dividend disbursement agent. As the servicing agent, U.S. Bank was paid $5,605,228 in aggregate for the six months ended March 31, 2001 for the First American Family of Funds. For the six months ended March 31, 2001, fees paid to U.S. Bank for the funds included in this report were as follows (000): --------------------------------------------------------------------------- Arizona Tax Free Fund $14 California Intermediate Tax Free Fund 10 California Tax Free Fund 14 Colorado Intermediate Tax Free Fund 10 Colorado Tax Free Fund 14 Intermediate Tax Free Fund 19 Minnesota Intermediate Tax Free Fund 16 Minnesota Tax Free Fund 32 Nebraska Tax Free Fund -- Oregon Intermediate Tax Free Fund 13 Tax Free Fund 23 --------------------------------------------------------------------------- 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 period ended March 31, 2001, legal fees and expenses were paid to a law firm of which the Assistant Secretaries of the Funds are partners. SALES CHARGES - A contingent deferred sales charge ("CDSC") of 1.00% is imposed on redemptions made in the Class C shares for the first 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, 2001, sales charges retained by SIDCO for distributing the First American Family of Funds' shares were approximately $86,000. FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 57) NOTES TO FINANCIAL STATEMENTS March 31, 2001 (unaudited) 4 > CAPITAL SHARE TRANSACTIONS Capital share transactions for the Funds were as follows (000):
CALIFORNIA COLORADO ARIZONA INTERMEDIATE CALIFORNIA INTERMEDIATE TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND(1) TAX FREE FUND --------------------- --------------------- --------------------- --------------------- 10/1/00 2/1/00 10/1/00 10/1/99 10/1/00 2/1/00 10/1/00 10/1/99 to to to to to to to to 3/31/01 9/30/00 3/31/01 9/30/00 3/31/01 9/30/00 3/31/01 9/30/00 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- (unaudited) (unaudited) (unaudited) (unaudited) Class A: Shares issued 499 934 24 189 1,407 670 279 188 Shares issued in lieu of cash distributions 32 23 4 6 35 13 6 11 Shares redeemed (147) (32) (20) (167) (266) (117) (66) (319) --------------------------------------------- ------ ------ ------ ------ ------ ------ ------ ------ TOTAL CLASS A TRANSACTIONS 384 925 8 28 1,176 566 219 (120) ============================================= ====== ====== ====== ====== ====== ====== ====== ====== Class C: Shares issued 63 2 -- -- 19 3 -- -- Shares issued in lieu of cash distributions 1 -- -- -- -- -- -- -- Shares redeemed (1) -- -- -- -- -- -- -- --------------------------------------------- ------ ------ ------ ------ ------ ------ ------ ------ TOTAL CLASS C TRANSACTIONS 63 2 -- -- 19 3 -- -- ============================================= ====== ====== ====== ====== ====== ====== ====== ====== Class Y: Shares issued 92 431 241 924 331 651 227 745 Shares issued in lieu of cash distributions -- -- -- 1 -- 1 -- -- Shares redeemed (7) (176) (251) (807) (38) (205) (755) (1,150) --------------------------------------------- ------ ------ ------ ------ ------ ------ ------ ------ TOTAL CLASS Y TRANSACTIONS 85 255 (10) 118 293 447 (528) (405) ============================================= ====== ====== ====== ====== ====== ====== ====== ====== NET INCREASE (DECREASE) IN CAPITAL SHARES 532 1,182 (2) 146 1,488 1,016 (309) (525) ============================================= ====== ====== ====== ====== ====== ====== ====== ======
MINNESOTA COLORADO INTERMEDIATE INTERMEDIATE MINNESOTA TAX FREE FUND(1) TAX FREE FUND TAX FREE FUND TAX FREE FUND --------------------- --------------------- --------------------- --------------------- 10/1/00 2/1/00 10/1/00 10/1/99 10/1/00 10/1/99 10/1/00 10/1/99 to to to to to to to to 3/31/01 9/30/00 3/31/01 9/30/00 3/31/01 9/30/00 3/31/01 9/30/00 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- (unaudited) (unaudited) (unaudited) (unaudited) Class A: Shares issued 919 837 355 404 97 334 1,210 1,301 Shares issued in lieu of cash distributions 33 21 15 27 19 36 223 449 Shares redeemed (162) (83) (369) (598) (246) (592) (809) (3,017) --------------------------------------------- ------- ------- ------- ------- ------- ------- ------- ------- TOTAL CLASS A TRANSACTIONS 790 775 1 (167) (130) (222) 624 (1,267) ============================================= ======= ======= ======= ======= ======= ======= ======= ======= Class C: Shares issued 75 15 -- -- -- -- 131 75 Shares issued in lieu of cash distributions 1 -- -- -- -- -- 5 5 Shares redeemed -- -- -- -- -- -- (20) (45) --------------------------------------------- ------- ------- ------- ------- ------- ------- ------- ------- TOTAL CLASS C TRANSACTIONS 76 15 -- -- -- -- 116 35 ============================================= ======= ======= ======= ======= ======= ======= ======= ======= Class Y: Shares issued 35 524 1,359 5,497 1,634 4,120 857 3,002 Shares issued in lieu of cash distributions -- -- 51 157 13 36 18 44 Shares redeemed (8) (291) (5,736) (12,200) (2,079) (7,800) (346) (825) --------------------------------------------- ------- ------- ------- ------- ------- ------- ------- ------- TOTAL CLASS Y TRANSACTIONS 27 233 (4,326) (6,546) (432) (3,644) 529 2,221 ============================================= ======= ======= ======= ======= ======= ======= ======= ======= NET INCREASE (DECREASE) IN CAPITAL SHARES 893 1,023 (4,325) (6,713) (562) (3,866) 1,269 989 ============================================= ======= ======= ======= ======= ======= ======= ======= =======
NEBRASKA OREGON TAX FREE INTERMEDIATE FUND(2) TAX FREE FUND TAX FREE FUND ---------- --------------------- --------------------- 2/28/01 10/1/00 10/1/99 10/1/00 10/1/99 to to to to to 3/31/01 3/31/01 9/30/00 3/31/01 9/30/00 ---------- ---------- ---------- ---------- ---------- (unaudited)(unaudited) (unaudited) Class A: Shares issued 327 160 237 1,143 169 Shares issued in lieu of cash distributions 1 4 8 78 135 Shares redeemed (10) (29) (112) (382) (846) ---------------------------------------------- ------ ------ ------ ------ ------ TOTAL CLASS A TRANSACTIONS 318 135 133 839 (542) ============================================== ====== ====== ====== ====== ====== Class C: Shares issued -- -- -- 17 8 Shares issued in lieu of cash distributions -- -- -- 1 -- Shares redeemed -- -- -- (1) (5) ---------------------------------------------- ------ ------ ------ ------ ------ TOTAL CLASS C TRANSACTIONS -- -- -- 17 3 ============================================== ====== ====== ====== ====== ====== Class Y: Shares issued 1,690 648 2,481 1,746 5,630 Shares issued in lieu of cash distributions -- 18 46 8 13 Shares redeemed (10) (1,581) (4,444) (307) (1,474) ---------------------------------------------- ------ ------ ------ ------ ------ TOTAL CLASS Y TRANSACTIONS 1,680 (915) (1,917) 1,447 4,169 ============================================== ====== ====== ====== ====== ====== NET INCREASE (DECREASE) IN CAPITAL SHARES 1,998 (780) (1,784) 2,303 3,630 ============================================== ====== ====== ====== ====== ======
(1)Fund commenced operations on February 1, 2000. (2)Fund commenced operations on February 28, 2001. (58 FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 5 > INVESTMENT SECURITY TRANSACTIONS During the six months ended March 31, 2001, 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 $ 6,975 $ 1,555 California Intermediate Tax Free Fund 2,022 2,159 California Tax Free Fund 14,875 20 Colorado Intermediate Tax Free Fund 8,638 10,500 Colorado Tax Free Fund 11,134 2,071 Intermediate Tax Free Fund 21,251 67,445 Minnesota Intermediate Tax Free Fund 13,928 18,846 Minnesota Tax Free Fund 23,885 15,240 Nebraska Tax Free Fund 21,745 -- Oregon Intermediate Tax Free Fund 10,385 17,990 Tax Free Fund 30,752 15,054 ---------------------------------------------------------------------------
At March 31, 2001, the total cost of securities for Federal income tax purposes was the same as amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation for securities held by the Funds at March 31, 2001, is as follows (000):
AGGREGATE GROSS AGGREGATE GROSS APPRECIATION DEPRECIATION NET --------------------------------------------------------------------------- Arizona Tax Free Fund $ 960 $ -- $ 960 California Intermediate Tax Free Fund 2,418 -- 2,418 California Tax Free Fund 1,308 -- 1,308 Colorado Intermediate Tax Free Fund 3,144 74 3,070 Colorado Tax Free Fund 1,097 14 1,083 Intermediate Tax Free Fund 14,659 1,742 12,917 Minnesota Intermediate Tax Free Fund 11,001 663 10,338 Minnesota Tax Free Fund 6,772 1,055 5,717 Nebraska Tax Free Fund 132 13 119 Oregon Intermediate Tax Free Fund 6,435 45 6,390 Tax Free Fund 5,193 663 4,530 ---------------------------------------------------------------------------
6 > CONCENTRATION OF CREDIT RISK The Arizona Tax Free Fund, California Intermediate Tax Free, California Tax Free, Colorado Intermediate Tax Free, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Nebraska Tax Free Fund, and Oregon Intermediate Tax Free Fund invest in debt instruments of municipal issuers in specific states. Although these Funds monitor investment concentration, the issuers' ability to meet their obligations may be affected by economic developments in a specific state or region. The rating of long-term securities as a percentage of total value of investments at March 31, 2001, 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 57% 61% 49% 55% 56% AA/Aa 22 16 22 13 18 A/A 6 10 7 14 6 BBB/Baa 3 12 10 7 16 D -- -- -- -- -- NR 12 1 12 11 4 ----------------------------------------------------------------------- 100% 100% 100% 100% 100% ----------------------------------------------------------------------------------
STANDARD & MINNESOTA OREGON POOR'S/ INTERMEDIATE INTERMEDIATE MINNESOTA NEBRASKA INTERMEDIATE MOODY'S TAX FREE TAX FREE TAX FREE TAX FREE TAX FREE TAX FREE RATINGS: FUND FUND FUND FUND FUND FUND ---------------------------------------------------------------------------------- AAA/Aaa 55% 63% 31% 43% 50% 38% AA/Aa 20 23 25 17 38 10 A/A 14 3 17 13 9 15 BBB/Baa 5 4 5 -- 1 12 D -- -- 1 -- -- -- NR 6 7 21 27 2 25 ----------------------------------------------------------------------- 100% 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 > PARENT COMPANY ACQUISITION On October 4, 2000, U.S. Bancorp, the parent company of the Funds' investment advisor, announced that it had entered into an agreement to be acquired by Firstar Corporation. On February 27, 2001, this acquisition became effective. The new company is called U.S. Bancorp. FIRST AMERICAN FUNDS SEMIANNUAL REPORT 2001 59) (This page has been left blank intentionally.) 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. [LOGO] FIRST AMERICAN FUNDS(R) THE POWER OF DISCIPLINED INVESTING(R) DIRECT FUND CORRESPONDENCE TO: 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 and are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. Further, there is no assurance that certain securities will remain in or out of each fund's portfolio. For a prospectus containing more information on First American Funds, including investment policies, fees, and expenses, please contact your investment professional, call Investor Services at 800-637-2548, or visit us on the web at www.firstamericanfunds.com. Please read the prospectus carefully before you invest or send money. INVESTMENT ADVISOR U.S. BANCORP PIPER JAFFRAY ASSET MANAGEMENT, INC. 601 Second Avenue South Minneapolis, Minnesota 55402 (On May 2, 2001, First American Asset Management, a division of U.S. Bank National Association, which had served as advisor to the First American Funds, was consolidated into U.S. Bancorp Piper Jaffray Asset Management, Inc.) ADMINISTRATOR U.S. BANK NATIONAL ASSOCIATION 601 Second Avenue South Minneapolis, MN 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 SEI IS NOT AN AFFILIATE OF U.S. BANK 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 -------------------------------------------------------------------------------- FIRST AMERICAN FUNDS Prsrt. Std. c/o Fulfillment Agent, American Financial Printing Inc. U.S. Postage 404 Industrial Boulevard, N.E. PAID Minneapolis, MN 55413 Permit No. 26388 Mpls, MN 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 800-637-2548. 2027-01 5/2001 T/FSAR