N-Q 1 a05-12462_3nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-05309

 

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

800 Nicollet Mall Minneapolis, MN

55402

(Address of principal executive offices)

(Zip code)

Charles D. Gariboldi 800 Nicollet Mall Minneapolis, MN 55402

(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

800-677-3863

 

 

Date of fiscal year end:

9/30/05

 

 

Date of reporting period:

06/30/05

 

 



 

Schedule of INVESTMENTS June 30, 2005

(unaudited)

 

Arizona Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 97.0%

 

 

 

 

 

Revenue Bonds - 71.2%

 

 

 

 

 

Continuing Care Retirement Communities - 1.8%

 

 

 

 

 

Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101

 

 

 

 

 

7.500%, 11/15/23

 

$

200

 

$

208

 

Tempe Industrial Development Authority, Friendship Village Project, Series A

 

 

 

 

 

5.375%, 12/01/13

 

200

 

206

 

 

 

 

 

414

 

 

 

 

 

 

 

Education - 8.0%

 

 

 

 

 

Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/09 @ 102

 

 

 

 

 

5.850%, 02/01/19 (a)

 

1,000

 

1,112

 

Glendale Industrial Development Authority, Callable 05/15/11 @ 101

 

 

 

 

 

5.750%, 05/15/21

 

250

 

274

 

Glendale Industrial Development Authority, Midwestern University

 

 

 

 

 

5.250%, 05/15/14

 

140

 

153

 

University of Arizona Board of Regents, Series A, Callable 12/01/09 @ 100 (FGIC)

 

 

 

 

 

5.800%, 06/01/24

 

150

 

168

 

University of Arizona Parking & Student Housing Authority, Callable 06/01/09 @ 100 (AMBAC)

 

 

 

 

 

5.750%, 06/01/19

 

140

 

155

 

 

 

 

 

1,862

 

 

 

 

 

 

 

Healthcare - 21.4%

 

 

 

 

 

Arizona Health Facilities Authority, Blood Systems Inc., Callable 04/01/14 @ 100

 

 

 

 

 

4.750%, 04/01/25

 

300

 

302

 

Arizona Health Facilities Authority, John C. Lincoln Health Network, Callable 12/01/12 @ 101

 

 

 

 

 

5.750%, 12/01/32

 

150

 

161

 

Glendale Industrial Development Authority, Callable 12/01/15 @ 100

 

 

 

 

 

4.625%, 12/01/27

 

200

 

195

 

Johnson City, Tennessee Health & Elderly Facilities Authority, Callable 07/01/12 @ 103

 

 

 

 

 

7.500%, 07/01/25

 

100

 

120

 

Maricopa County Hospital, Sun Health Corporation, Callable 04/01/15 @ 100

 

 

 

 

 

5.000%, 04/01/25

 

200

 

206

 

Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A, Callable 07/01/14 @ 100

 

 

 

 

 

5.375%, 07/01/23

 

500

 

533

 

Mesa Industrial Development Authority, Discovery Health Systems, Series A, Callable 01/01/10 @ 101 (MBIA)

 

 

 

 

 

5.750%, 01/01/25

 

500

 

562

 

5.625%, 01/01/29

 

500

 

559

 

Scottsdale Industrial Development Authority, Scottsdale Healthcare, Callable 12/01/11 @ 101

 

 

 

 

 

5.700%, 12/01/21

 

1,000

 

1,083

 

University Medical Center Corporation, Callable 07/01/14 @ 100

 

 

 

 

 

5.000%, 07/01/24

 

500

 

513

 

Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A, Callable 08/01/13 @ 100 (RAAI)

 

 

 

 

 

5.250%, 08/01/21

 

375

 

399

 

6.000%, 08/01/33

 

100

 

109

 

Yuma Industrial Development Authority, Yuma Regional Medical Center, Callable 08/01/07 @ 102 (MBIA)

 

 

 

 

 

5.500%, 08/01/17

 

250

 

268

 

 

 

 

 

5,010

 

 



 

Housing - 6.6%

 

 

 

 

 

Arizona State University West Campus Housing LLC, Arizona Student Housing Revenue, Callable 07/01/15 @ 100 (AMBAC)

 

 

 

 

 

4.500%, 07/01/35

 

500

 

498

 

Douglas Community Housing Corporation, Rancho La Perilla, Callable 01/20/10 @ 102 (GNMA)

 

 

 

 

 

5.900%, 07/20/20

 

500

 

530

 

6.000%, 07/20/25

 

475

 

503

 

Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A, Callable 06/01/10 @ 102 (FHLMC) (FNMA) (GNMA)

 

 

 

 

 

5.875%, 06/01/16

 

20

 

20

 

 

 

 

 

1,551

 

 

 

 

 

 

 

Lease Revenue - 2.9%

 

 

 

 

 

Navajo County Municipal Property Corporation, Jail Facility (ACA)

 

 

 

 

 

5.625%, 07/01/09

 

310

 

334

 

Scottsdale Municipal Property Corporation, Excise Tax, Series C, Callable 07/01/17 @ 100 (AMBAC)

 

 

 

 

 

0.000%, 07/01/21 (b)

 

500

 

352

 

 

 

 

 

686

 

 

 

 

 

 

 

Miscellaneous - 5.7%

 

 

 

 

 

Arizona Student Loan Acquisition Authority, Series A, Callable 11/01/09 @ 102 (AMT)

 

 

 

 

 

5.900%, 05/01/24

 

100

 

107

 

Greater Arizona Infrastructure Development Authority, Series A, Callable 08/01/08 @ 102 (MBIA)

 

 

 

 

 

5.625%, 08/01/20

 

200

 

218

 

Greater Arizona Infrastructure Development Authority, Series A, Callable 08/01/15 @ 100 (MBIA)

 

 

 

 

 

4.250%, 08/01/24

 

200

 

200

 

Greater Arizona Infrastructure Development Authority, Series B, Callable 08/01/14 @ 100

 

 

 

 

 

5.250%, 08/01/26

 

750

 

805

 

 

 

 

 

1,330

 

 

 

 

 

 

 

Tax Revenue - 9.5%

 

 

 

 

 

Arizona School Facilities Board, State School Improvement, Callable 07/01/12 @ 100

 

 

 

 

 

5.250%, 07/01/16

 

750

 

834

 

5.250%, 07/01/20

 

250

 

275

 

Oro Valley, Excise Tax, Callable 07/01/10 @ 101 (AMBAC)

 

 

 

 

 

5.200%, 07/01/14

 

400

 

441

 

Phoenix Civic Improvements, Excise Tax, Callable 07/01/09 @ 101

 

 

 

 

 

5.750%, 07/01/16

 

300

 

331

 

Tempe, Excise Tax, Series A, Callable 07/01/09 @ 100

 

 

 

 

 

5.625%, 07/01/20

 

300

 

325

 

 

 

 

 

2,206

 

 

 

 

 

 

 

Transportation - 7.8%

 

 

 

 

 

Arizona State Transportation Highway Board, Series A

 

 

 

 

 

5.000%, 07/01/09

 

400

 

431

 

Phoenix Civic Improvements, Series B, Callable 07/01/12 @ 100 (AMT) (FGIC)

 

 

 

 

 

5.250%, 07/01/21

 

250

 

266

 

5.250%, 07/01/27

 

750

 

794

 

Tucson Street & Highway Improvements, Series 1994-E, Callable 07/01/10 @ 100 (FGIC)

 

 

 

 

 

5.000%, 07/01/18

 

300

 

328

 

 

 

 

 

1,819

 

 



 

Utilities - 7.5%

 

 

 

 

 

Chandler Water & Sewer Improvements, Callable 07/01/10 @ 101 (FSA)

 

 

 

 

 

5.800%, 07/01/17

 

250

 

285

 

Gilbert Water Municipal Property Wastewater System & Utility, Callable 04/01/08 @ 100

 

 

 

 

 

5.000%, 04/01/17

 

375

 

377

 

Mesa Utility System Revenue, Callable 07/01/15 @ 100 (FSA)

 

 

 

 

 

4.125%, 07/01/28

 

500

 

483

 

Puerto Rico Electric Power Authority, Series X, Callable 07/01/05 @ 100

 

 

 

 

 

5.500%, 07/01/25

 

100

 

100

 

Tucson Water, Series 1994-A (MBIA)

 

 

 

 

 

6.250%, 07/01/16

 

170

 

210

 

Yavapai Industrial Development Authority, Waste Management Project, Series A-2, Mandatory Put 03/01/08 @ 100 (AMT)

 

 

 

 

 

4.450%, 03/01/28

 

300

 

304

 

 

 

 

 

1,759

 

Total Revenue Bonds

 

 

 

16,637

 

 

 

 

 

 

 

General Obligations - 21.7%

 

 

 

 

 

Centerra Community Facilities Distributors, Callable 07/15/15 @ 100

 

 

 

 

 

5.500%, 07/15/29

 

200

 

202

 

Chandler Public & Recreational Improvements, Callable 07/01/10 @ 101

 

 

 

 

 

5.800%, 07/01/18

 

250

 

281

 

Greenlee County School District, #18, Morenci

 

 

 

 

 

5.000%, 07/01/12

 

165

 

174

 

Maricopa County School District #80, Chandler, Callable 07/01/15 @ 100 (MBIA)

 

 

 

 

 

4.200%, 07/01/24

 

250

 

249

 

Peoria, Callable 04/01/09 @ 100 (FGIC)

 

 

 

 

 

5.400%, 04/01/15

 

100

 

108

 

5.000%, 04/01/18

 

575

 

609

 

5.000%, 04/01/19

 

125

 

133

 

Phoenix, Callable 07/01/07 @ 102

 

 

 

 

 

5.250%, 07/01/20

 

250

 

264

 

Phoenix, Callable 07/01/10 @ 100

 

 

 

 

 

5.250%, 07/01/19

 

350

 

381

 

5.375%, 07/01/25

 

750

 

814

 

Pinal County Unified School District #43, Apache, Series A, Callable 07/01/15 @ 100 (MBIA)

 

 

 

 

 

5.000%, 07/01/24

 

100

 

108

 

Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY)

 

 

 

 

 

5.250%, 07/01/33

 

400

 

430

 

Scottsdale, Pre-refunded 07/01/09 @ 100

 

 

 

 

 

5.500%, 07/01/22 (a)

 

250

 

274

 

Tucson

 

 

 

 

 

5.500%, 07/01/18

 

250

 

291

 

Yavapai County Community College, Callable 07/01/14 @ 100 (AMBAC)

 

 

 

 

 

4.500%, 07/01/24

 

500

 

510

 

Yuma & La Paz Counties, Arizona Community College District, Arizona Western College, Callable 07/01/15 @ 100 (FSA)

 

 

 

 

 

4.250%, 07/01/25 (c)

 

250

 

249

 

Total General Obligations

 

 

 

5,077

 

 

 

 

 

 

 

Certificates of Participation - 4.1%

 

 

 

 

 

El Mirage, Callable 08/01/05 @ 100

 

 

 

 

 

6.900%, 08/01/16

 

110

 

110

 

Pinal County

 

 

 

 

 

5.000%, 12/01/14

 

400

 

435

 

Tucson, Callable 07/01/08 @ 100 (MBIA)

 

 

 

 

 

5.500%, 07/01/15

 

200

 

213

 

University of Arizona, Callable 06/01/15 @ 100 (AMBAC)

 

 

 

 

 

4.250%, 06/01/22

 

190

 

188

 

Total Certificates of Participation

 

 

 

946

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $20,964)

 

 

 

22,660

 

 



 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Money Market Fund - 1.8%

 

 

 

 

 

Federated Arizona Municipal Money Market Fund

 

415,808

 

416

 

Total Money Market Fund
(Cost $416)

 

 

 

416

 

 

 

 

 

 

 

Affiliated Money Market Fund - 0.5%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (d)

 

125,162

 

125

 

Total Affiliated Money Market Fund
(Cost $125)

 

 

 

125

 

Total Investments - 99.3% 
(Cost $21,505)

 

 

 

23,201

 

Other Assets and Liabilities, Net - 0.7%

 

 

 

164

 

Total Net Assets - 100.0%

 

 

 

$

23,365

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

 

 

(b)

 

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed is the rate in effect as of June 30, 2005.

 

 

 

(c)

 

Security purchased on a when-issued basis. On June 30, 2005, the total cost of investments purchased on a when-issued basis was $245,845 or 1.1% of total net assets.

 

 

 

(d)

 

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

 

 

ACA - American Capital Access

AMBAC - American Municipal Bond Assurance Corporation

AMT-

Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to AMT was $1,470,918 which represents 6.3% of total net assets.

Cl - Class

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

RAAI - Radian Asset Assurance Inc.

 



 

Schedule of INVESTMENTS June 30, 2005

(unaudited)

 

California Intermediate Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 95.9%

 

 

 

 

 

Revenue Bonds - 62.8%

 

 

 

 

 

Continuing Care Retirement Communities - 6.0%

 

 

 

 

 

ABAG Financial Authority, O’Connor Woods (ACA)

 

 

 

 

 

5.250%, 11/01/05

 

$

500

 

$

504

 

ABAG Financial Authority, Odd Fellows Home of California (CMI)

 

 

 

 

 

4.950%, 08/15/07

 

500

 

520

 

California Health Facilities Financing Authority, Paradise Valley Estates (CMI)

 

 

 

 

 

4.125%, 01/01/10

 

500

 

516

 

4.375%, 01/01/12

 

540

 

564

 

California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)

 

 

 

 

 

5.000%, 11/15/12

 

500

 

543

 

La Verne, Brethren Hillcrest Homes, Series B, Callable 02/15/13 @ 101 (ACA)

 

 

 

 

 

5.600%, 02/15/33

 

500

 

533

 

 

 

 

 

3,180

 

 

 

 

 

 

 

Education - 10.5%

 

 

 

 

 

ABAG Financial Authority, Schools of the Sacred Heart, Series A

 

 

 

 

 

5.800%, 06/01/08

 

200

 

213

 

California Educational Facilities Authority, Golden Gate University, Callable 10/01/15 @ 100

 

 

 

 

 

5.000%, 10/01/20

 

505

 

525

 

California Educational Facilities Authority, Lutheran University, Series C, Callable 10/01/14 @ 100

 

 

 

 

 

4.750%, 10/01/15

 

675

 

717

 

California Educational Facilities Authority, University of Pacific, Callable 11/01/14 @ 100

 

 

 

 

 

5.000%, 11/01/20

 

435

 

466

 

California Educational Facilities Authority, University of Redlands, Series A, Callable 10/01/15 @ 100

 

 

 

 

 

 

5.000%, 10/01/20 (a)

 

500

 

534

 

California State Higher Educational Facilities Authority, Fresno Pacific University, Series A

 

 

 

 

 

5.650%, 03/01/07

 

380

 

393

 

5.750%, 03/01/08

 

400

 

422

 

California State Higher Educational Facilities Authority, Occidental College Project, Pre-refunded 10/01/07 @ 102 (MBIA)

 

 

 

 

 

5.300%, 10/01/10 (b)

 

500

 

537

 

California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B

 

 

 

 

 

6.000%, 06/01/10

 

495

 

547

 

California State Higher Educational Facilities Authority, University of Redlands, Series A

 

 

 

 

 

5.550%, 06/01/09

 

225

 

244

 

California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/10 @ 101

 

 

 

 

 

5.700%, 06/01/11 (b)

 

250

 

277

 

5.750%, 06/01/12 (b)

 

260

 

286

 

California Statewide Communities Development Authority, Viewpoint Schools (ACA)

 

 

 

 

 

4.125%, 10/01/14

 

405

 

409

 

 

 

 

 

5,570

 

 



 

Healthcare - 15.3%

 

 

 

 

 

California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100

 

 

 

 

 

5.500%, 04/01/13

 

300

 

322

 

California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/14 @ 100

 

 

 

 

 

4.950%, 07/01/26

 

450

 

479

 

California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI)

 

 

 

 

 

4.750%, 11/01/19

 

1,200

 

1,250

 

California Health Facilities Financing Authority, Valleycare Medical Center, Series A, Callable 05/01/12 @ 100 (CMI)

 

 

 

 

 

4.625%, 05/01/13

 

300

 

316

 

4.800%, 05/01/14

 

715

 

758

 

California State Health Facilities Authority, Casa de las Campanas, Series A, Callable 08/01/08 @ 100 (CMI)

 

 

 

 

 

5.375%, 08/01/09

 

250

 

265

 

California Statewide Communities Development Authority, Daughters of Charity Health, Series G

 

 

 

 

 

5.250%, 07/01/13

 

500

 

549

 

California Statewide Communities Development Authority, Elder Care Alliance, Series A

 

 

 

 

 

7.250%, 11/15/11

 

500

 

504

 

California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/12 @ 100

 

 

 

 

 

3.850%, 11/01/29

 

1,000

 

1,004

 

California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC)

 

 

 

 

 

5.000%, 06/01/12

 

150

 

157

 

Marysville Hospital, Fremont Rideout Health Project, Series A, Callable 07/01/08 @ 103 (AMBAC)

 

 

 

 

 

5.000%, 01/01/10

 

500

 

537

 

Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A

 

 

 

 

 

5.500%, 11/15/09

 

650

 

704

 

Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A, Callable 07/01/07 @ 102 (MBIA)

 

 

 

 

 

5.125%, 07/01/08

 

500

 

531

 

Turlock California Health Facilities Revenue, Emanuel Medical Center, Callable 10/15/14 @ 100

 

 

 

 

 

5.000%, 10/15/24

 

700

 

718

 

 

 

 

 

8,094

 

 

 

 

 

 

 

Housing - 4.1%

 

 

 

 

 

ABAG Financial Authority, Archstone Redwood Housing Project, Series A

 

 

 

 

 

5.300%, 10/01/08

 

500

 

528

 

Aztec Shops, California State Auxiliary Organization, San Diego State University, Callable 09/01/10 @ 101

 

 

 

 

 

5.400%, 09/01/11

 

1,035

 

1,120

 

California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (FNMA) (GNMA)

 

 

 

 

 

5.250%, 06/01/10

 

20

 

20

 

California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/09 @ 100

 

 

 

 

 

5.200%, 12/01/29

 

500

 

530

 

 

 

 

 

2,198

 

 

 

 

 

 

 

Lease Revenue - 4.6%

 

 

 

 

 

California State Public Works Board, California Community Colleges, Series A, Callable 12/01/09 @ 101 (MLO)

 

 

 

 

 

4.875%, 12/01/18

 

200

 

209

 

California State Public Works Board, Department of Corrections, Series A (AMBAC) (MLO)

 

 

 

 

 

6.000%, 01/01/06

 

545

 

554

 

California State Public Works Board, Department of Health Services, Callable 11/01/09 @ 101 (MBIA) (MLO)

 

 

 

 

 

5.200%, 11/01/12

 

500

 

542

 

California State Public Works Board, Department of Mental Health, Callable 06/01/14 @ 100

 

 

 

 

 

5.500%, 06/01/16

 

540

 

609

 

Los Angeles Municipal Improvement Corporation, Sanitation Equipment, Series A (FSA) (MLO)

 

 

 

 

 

6.000%, 02/01/07

 

500

 

526

 

 

 

 

 

2,440

 

 



 

Miscellaneous - 3.2%

 

 

 

 

 

Children’s Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity

 

 

 

 

 

5.000%, 07/01/08 (c)

 

250

 

265

 

Golden West Schools Financing Authority, Series A (MBIA)

 

 

 

 

 

5.700%, 02/01/13

 

720

 

831

 

5.750%, 02/01/14

 

520

 

608

 

 

 

 

 

1,704

 

 

 

 

 

 

 

Recreational Facility Authority - 1.1%

 

 

 

 

 

California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/12 @ 101

 

 

 

 

 

6.000%, 07/01/22 (b)

 

500

 

585

 

 

 

 

 

 

 

Tax Revenue - 1.8%

 

 

 

 

 

Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102

 

 

 

 

 

6.100%, 10/01/12

 

165

 

172

 

Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100

 

 

 

 

 

5.750%, 09/01/20

 

250

 

263

 

West Covina Redevelopment Agency, Fashion Plaza Project

 

 

 

 

 

5.125%, 09/01/05

 

300

 

301

 

William S. Hart Joint School Financing Authority, Special Tax, Callable 09/01/05 @ 102 (FSA)

 

 

 

 

 

6.100%, 09/01/06

 

200

 

205

 

 

 

 

 

941

 

 

 

 

 

 

 

Transportation - 4.5%

 

 

 

 

 

Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)

 

 

 

 

 

4.650%, 10/01/14 (d)

 

1,000

 

700

 

San Francisco Bay Area Transportation Financing Authority, Bridge Toll (ACA)

 

 

 

 

 

5.500%, 08/01/05

 

690

 

692

 

San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA)

 

 

 

 

 

5.500%, 05/01/08

 

500

 

532

 

San Francisco City & County International Airports Commission, SFO Fuel, Series A (AMT) (FSA)

 

 

 

 

 

5.250%, 01/01/07

 

450

 

466

 

 

 

 

 

2,390

 

 

 

 

 

 

 

Utilities - 11.7%

 

 

 

 

 

California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT)

 

 

 

 

 

4.100%, 09/01/14

 

750

 

755

 

California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series B, Callable 07/01/15 @ 100 (AMT)

 

 

 

 

 

5.000%, 07/01/27 (a)

 

250

 

250

 

California State Department of Water, Central Valley Project, Series O, Pre-refunded 12/01/05 @ 101

 

 

 

 

 

5.000%, 12/01/12 (b)

 

500

 

510

 

California State Department of Water, Central Valley Project, Series P, Pre-refunded 06/01/06 @ 101

 

 

 

 

 

5.300%, 12/01/07 (b)

 

750

 

776

 

California State Department of Water, Series A, Callable 05/01/12 @ 101

 

 

 

 

 

5.875%, 05/01/16

 

500

 

569

 

Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/09 @ 101 (MBIA)

 

 

 

 

 

5.200%, 11/01/11 (b)

 

405

 

447

 

Imperial, Wastewater Treatment Facility, Callable 10/15/11 @ 102 (FGIC)

 

 

 

 

 

5.000%, 10/15/20

 

1,000

 

1,073

 

 



 

Metropolitan Water District of Southern California, Series B, Callable 07/01/06 @ 102 (MBIA)

 

 

 

 

 

4.875%, 07/01/10

 

190

 

198

 

5.000%, 07/01/14

 

295

 

308

 

Metropolitan Water District of Southern California, Series B, Pre-refunded 07/01/06 @ 102 (MBIA)

 

 

 

 

 

4.875%, 07/01/10 (b)

 

135

 

141

 

5.000%, 07/01/14 (b)

 

205

 

214

 

Richmond Wastewater Systems, Callable 08/01/09 @ 102 (FGIC)

 

 

 

 

 

5.200%, 08/01/11

 

500

 

550

 

Whittier Utility Authority, Callable 06/01/13 @ 100 (MBIA)

 

 

 

 

 

4.400%, 06/01/17

 

305

 

315

 

4.500%, 06/01/18

 

65

 

67

 

 

 

 

 

6,173

 

Total Revenue Bonds

 

 

 

33,275

 

 

 

 

 

 

 

General Obligations - 25.5%

 

 

 

 

 

A B C California Unified School District, Series A (MBIA)

 

 

 

 

 

4.600%, 02/01/16

 

400

 

434

 

Alisal Unified School District, Series C, Zero Coupon Bond (FGIC)

 

 

 

 

 

5.050%, 08/01/08 (d)

 

860

 

785

 

Bassett Unified School District, Capital Appreciation-Election 2004-A, Zero Coupon Bond (FSA)

 

 

 

 

 

4.470%, 08/01/16 (d)

 

450

 

286

 

4.540%, 08/01/17 (d)

 

500

 

301

 

California State, Callable 08/01/13 @ 100

 

 

 

 

 

5.000%, 02/01/17

 

1,000

 

1,084

 

California State, Callable 04/01/14 @ 100

 

 

 

 

 

5.125%, 04/01/24

 

500

 

535

 

Foothill-De Anza Community College District, Callable 08/01/10 @ 101

 

 

 

 

 

6.000%, 08/01/11

 

300

 

344

 

Franklin McKinley California School District, Capital Appreciation Election 2004, Series A, Zero Coupon Bond (FGIC)

 

 

 

 

 

4.820%, 08/01/16 (d)

 

475

 

300

 

Fresno Unified School District, Series A (MBIA)

 

 

 

 

 

6.050%, 08/01/11

 

500

 

581

 

Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA)

 

 

 

 

 

5.000%, 02/01/12 (d)

 

535

 

423

 

Grant Joint Unified High School District, Callable 08/01/15 @ 100 (FSA)

 

 

 

 

 

5.000%, 08/01/16

 

810

 

904

 

Jefferson Union High School District, San Mateo County, Series A (MBIA)

 

 

 

 

 

6.250%, 02/01/14

 

300

 

362

 

Lemon Grove School District, Election of 1998-B, Zero Coupon Bond (FSA)

 

 

 

 

 

3.329%, 11/01/20 (d)

 

375

 

192

 

Montebello Unified School District, Zero Coupon Bond (MBIA)

 

 

 

 

 

5.680%, 08/01/21 (d)

 

700

 

343

 

Oxnard School District (MBIA)

 

 

 

 

 

5.000%, 08/01/05

 

600

 

601

 

Paramount Unified School District, Callable 09/01/15 @ 100 (FSA)

 

 

 

 

 

4.000%, 09/01/16

 

500

 

513

 

Pomona School District, Series A (MBIA)

 

 

 

 

 

5.450%, 02/01/06

 

250

 

254

 

5.500%, 08/01/06

 

250

 

258

 

Pomona School District, Series A, Callable 08/01/11 @ 103 (MBIA)

 

 

 

 

 

6.150%, 08/01/15

 

500

 

592

 

Puerto Rico Commonwealth, Series B (FSA)

 

 

 

 

 

6.500%, 07/01/15

 

1,000

 

1,255

 

Roseville Joint Union High School District, Callable 08/01/11 @ 101

 

 

 

 

 

5.200%, 08/01/20

 

600

 

646

 

San Juan Unified School District, Zero Coupon Bond (FSA)

 

 

 

 

 

5.420%, 08/01/16 (d)

 

390

 

246

 

 



 

San Mateo County Community College District, Series A, Zero Coupon Bond (FGIC)

 

 

 

 

 

5.300%, 09/01/17 (d)

 

760

 

457

 

San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC)

 

 

 

 

 

5.150%, 09/01/17 (d)

 

1,000

 

601

 

Walnut Valley Unified School District, Series A, Pre-refunded 08/01/10 @ 102 (FSA)

 

 

 

 

 

5.000%, 08/01/12 (b)

 

255

 

281

 

West Covina Unified School District, Series A (MBIA)

 

 

 

 

 

5.350%, 02/01/20

 

770

 

895

 

Total General Obligations

 

 

 

13,473

 

 

 

 

 

 

 

Certificates of Participation - 7.6%

 

 

 

 

 

Bakersfield Convention Center Expansion Project, Callable 04/01/07 @ 101 (MBIA) (MLO)

 

 

 

 

 

5.500%, 04/01/10

 

250

 

264

 

Grossmont Unified High School District, Pre-refunded 09/01/08 @ 102 (FSA) (MLO)

 

 

 

 

 

5.400%, 09/01/13 (b)

 

300

 

329

 

Kern County Board of Education, Series A, Callable 05/01/08 @ 102 (MBIA) (MLO)

 

 

 

 

 

5.200%, 05/01/12

 

905

 

977

 

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) (MLO)

 

 

 

 

 

5.375%, 11/01/10

 

500

 

556

 

Paradise Unified School District, Measure M Project, Series A, Callable 09/01/05 @ 102 (AMBAC) (MLO)

 

 

 

 

 

5.250%, 09/01/07

 

300

 

307

 

Poway California, Callable 08/01/15 @ 100 (AMBAC)

 

 

 

 

 

4.500%, 08/01/16

 

585

 

622

 

San Buenaventura Wastewater Revenue, Callable 03/01/14 @ 100 (MBIA)

 

 

 

 

 

4.000%, 03/01/16

 

500

 

510

 

West Covina Civic Center Project, Pre-refunded 09/01/05 @ 102 (FSA) (MLO)

 

 

 

 

 

5.250%, 09/01/07 (b)

 

250

 

256

 

Total Certificates of Participation

 

 

 

4,032

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $47,809)

 

 

 

50,780

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Money Market Funds - 3.3%

 

 

 

 

 

Federated California Municipal Cash Trust

 

802,113

 

802

 

Provident California Money Fund

 

969,954

 

970

 

 

 

 

 

 

 

Total Money Market Funds
(Cost $1,772)

 

 

 

1,772

 

Total Investments - 99.2% 
(Cost $49,581)

 

 

 

52,552

 

Other Assets and Liabilities, Net - 0.8%

 

 

 

432

 

Total Net Assets - 100.0%

 

 

 

$

52,984

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Security purchased on a when-issued basis. On June 30, 2005, the total cost of investments purchased on a when-issued basis was $782,535 or 1.5% of total net assets.

 

 

 

(b)

 

Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

 

 

(c)

 

Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.

 

 

 

(d)

 

The rate shown is the effective yield at the time of purchase.

 



 

ABAG - Association of Bay Area Governments

ACA - American Capital Access

AMBAC - American Municipal Bond Assurance Corporation

AMT -

 

Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $2,003,052 or 3.8% of total 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

MLO - Municipal Lease Obligation

 



 

Schedule of INVESTMENTS June 30, 2005

(unaudited)

 

California Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 95.0%

 

 

 

 

 

Revenue Bonds - 64.5%

 

 

 

 

 

Continuing Care Retirement Community - 0.9%

 

 

 

 

 

ABAG Finance Authority, Lincoln Glen Manor Senior Citizens, Callable 02/15/08 @ 101 (CMI)

 

 

 

 

 

6.100%, 02/15/25

 

$

250

 

$

266

 

 

 

 

 

 

 

Education - 11.5%

 

 

 

 

 

ABAG Financial Authority, Schools of the Sacred Heart, Series A

 

 

 

 

 

5.900%, 06/01/10

 

200

 

220

 

California Educational Facilities Authority, University of Redlands, Series A, Callable 10/01/15 @ 100

 

 

 

 

 

5.000%, 10/01/20 (a)

 

500

 

534

 

California State Higher Educational Facilities Authority, Fresno Pacific University, Series A

 

 

 

 

 

5.550%, 03/01/06

 

250

 

254

 

California State Higher Educational Facilities Authority, Fresno Pacific University, Series A, Callable 03/01/10 @ 101

 

 

 

 

 

6.750%, 03/01/19

 

380

 

419

 

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

 

238

 

California State Higher Educational Facilities Authority, University of Redlands, Series A,
Pre-refunded 06/01/10 @ 101

 

 

 

 

 

5.950%, 06/01/15 (b)

 

310

 

340

 

California State University Foundation, Monterey Bay, Callable 06/01/11 @ 100 (MBIA)

 

 

 

 

 

5.300%, 06/01/22

 

500

 

543

 

University of California, Series K, Callable 09/01/08 @ 101

 

 

 

 

 

5.000%, 09/01/20

 

1,000

 

1,055

 

 

 

 

 

3,603

 

 

 

 

 

 

 

Healthcare - 10.5%

 

 

 

 

 

California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100

 

 

 

 

 

5.500%, 04/01/13

 

50

 

54

 

California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI)

 

 

 

 

 

4.750%, 11/01/19

 

560

 

583

 

California Statewide Communities Development Authority, Daughters of Charity Health, Series A, Callable 07/01/15 @ 100

 

 

 

 

 

5.250%, 07/01/30

 

100

 

106

 

California Statewide Communities Development Authority, Elder Care Alliance, Series A

 

 

 

 

 

7.250%, 11/15/11

 

250

 

252

 

California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/12 @ 100

 

 

 

 

 

3.850%, 11/01/29

 

400

 

402

 

California Statewide Communities Development Authority, Kaiser Permanente, Series D, Mandatory Put 03/01/07 @ 100

 

 

 

 

 

4.350%, 11/01/36

 

250

 

254

 

California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC)

 

 

 

 

 

5.000%, 06/01/12

 

350

 

367

 

California Statewide Communities Development Authority, Redlands Community Hospital, Series A, (RAAI)

 

 

 

 

 

5.000%, 04/01/15

 

500

 

543

 

 



 

Puerto Rico Industrial Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A

 

 

 

 

 

5.500%, 11/15/08

 

400

 

428

 

Turlock California Health Facilities Revenue, Emanuel Medical Center, Callable 10/15/14 @ 100

 

 

 

 

 

5.000%, 10/15/24

 

300

 

308

 

 

 

 

 

3,297

 

 

 

 

 

 

 

Housing - 4.8%

 

 

 

 

 

Aztec Shops, California State Auxiliary Organization, San Diego State University

 

 

 

 

 

5.200%, 09/01/08

 

455

 

478

 

California State Department of Veterans Affairs, Series C, Callable 01/09/11 @ 101 (AMT)

 

 

 

 

 

5.500%, 12/01/19

 

460

 

492

 

California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA)

 

 

 

 

 

5.650%, 06/01/10

 

15

 

15

 

California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100

 

 

 

 

 

5.250%, 06/01/29

 

500

 

524

 

 

 

 

 

1,509

 

 

 

 

 

 

 

Lease Revenue - 3.7%

 

 

 

 

 

California State Public Works Board, California Community Colleges, Series B, Callable 06/01/14 @ 100

 

 

 

 

 

5.500%, 06/01/19

 

1,035

 

1,162

 

 

 

 

 

 

 

Miscellaneous - 7.5%

 

 

 

 

 

Golden West Schools Financing Authority, Series A (MBIA)

 

 

 

 

 

5.750%, 02/01/14

 

250

 

292

 

5.800%, 08/01/22

 

320

 

391

 

5.800%, 08/01/23

 

345

 

423

 

Sacramento City Financing Authority, Pre-refunded 06/01/10 @ 101 (MLO)

 

 

 

 

 

5.400%, 06/01/18 (b)

 

455

 

510

 

5.500%, 06/01/23 (b)

 

645

 

726

 

 

 

 

 

2,342

 

 

 

 

 

 

 

Recreational Facility Authority - 1.9%

 

 

 

 

 

California State University Fresno Association, Auxiliary Organization Event Center,
Pre-refunded 07/01/12 @ 101

 

 

 

 

 

6.000%, 07/01/22 (b)

 

500

 

585

 

 

 

 

 

 

 

Revolving Fund - 0.8%

 

 

 

 

 

California Statewide Communities Development Authority Water & Wastewater Revenue, Pooled Financing Project, Series 2004A, Callable 10/01/13 @ 101 (FSA)

 

 

 

 

 

5.000%, 10/01/16

 

215

 

237

 

 

 

 

 

 

 

Tax Revenue - 5.9%

 

 

 

 

 

Grass Valley Community Redevelopment Agency, Tax Allocation, Callable 12/01/08 @ 102

 

 

 

 

 

6.400%, 12/01/34

 

400

 

444

 

Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102

 

 

 

 

 

6.100%, 10/01/12

 

250

 

260

 

Los Angeles, Callable 03/01/10 @ 101

 

 

 

 

 

5.625%, 03/01/19

 

200

 

221

 

Los Angeles County Community Facilities District #3, Series A, Special Tax, Callable 09/01/10 @ 100 (AMBAC)

 

 

 

 

 

5.250%, 09/01/18

 

715

 

780

 

Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100

 

 

 

 

 

5.750%, 09/01/20

 

125

 

132

 

 

 

 

 

1,837

 

 



 

Transportation - 1.2%

 

 

 

 

 

Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA)

 

 

 

 

 

5.500%, 07/01/15

 

100

 

117

 

San Francisco Airport Commission, SFO Fuel Company, Callable 01/01/08 @ 102 (AMT) (FSA)

 

 

 

 

 

5.625%, 01/01/12

 

250

 

269

 

 

 

 

 

386

 

 

 

 

 

 

 

Utilities - 15.8%

 

 

 

 

 

California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series A-2, Callable 04/01/15 @ 101 (AMT)

 

 

 

 

 

5.400%, 04/01/25

 

500

 

521

 

California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series B, Callable 07/01/15 @ 100 (AMT)

 

 

 

 

 

5.000%, 07/01/27 (a)

 

250

 

250

 

California State Department of Water, Series W (FSA)

 

 

 

 

 

5.500%, 12/01/14

 

450

 

523

 

Compton Sewer Authority, Callable 09/01/08 @ 102 (MBIA)

 

 

 

 

 

5.375%, 09/01/23

 

1,150

 

1,242

 

Contra Costa Water Authority, Series A, Callable 10/01/12 @ 100 (FGIC)

 

 

 

 

 

5.000%, 10/01/20

 

340

 

365

 

Los Angeles County Sanitation District’s Filing Authority, Capital Projects, Series A, Callable 10/01/15 @ 100 (MBIA)

 

 

 

 

 

4.000%, 10/01/16

 

175

 

180

 

Los Angeles Power System, Series A, Subseries A-1 (MBIA)

 

 

 

 

 

5.000%, 07/01/12

 

1,225

 

1,355

 

South Bayside Waste Management Authority, Callable 03/01/09 @ 102 (AMBAC)

 

 

 

 

 

5.750%, 03/01/20

 

150

 

165

 

West Kern County Water District, Callable 06/01/10 @ 101

 

 

 

 

 

5.200%, 06/01/14

 

320

 

338

 

 

 

 

 

4,939

 

Total Revenue Bonds

 

 

 

20,163

 

 

 

 

 

 

 

General Obligations - 25.7%

 

 

 

 

 

Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/10 @ 70.92 (FGIC)

 

 

 

 

 

5.560%, 08/01/16 (b) (c)

 

700

 

424

 

Bassett Unified School District, Capital Appreciation-Election 2004-A, Zero Coupon Bond (FSA)

 

 

 

 

 

4.610%, 08/01/18 (c)

 

550

 

315

 

California State, Pre-refunded 10/01/10 @ 100

 

 

 

 

 

5.250%, 10/01/19 (b)

 

460

 

510

 

5.250%, 10/01/19 (b)

 

140

 

151

 

California State, Callable 02/01/13 @ 100

 

 

 

 

 

5.000%, 02/01/24

 

700

 

736

 

Glendora Unified School District, Series A, Callable 09/01/10 @ 101 (FSA)

 

 

 

 

 

5.350%, 09/01/20

 

340

 

371

 

5.375%, 09/01/25

 

1,000

 

1,088

 

Jefferson Union High School District, San Mateo County, Series A (MBIA)

 

 

 

 

 

6.250%, 08/01/20

 

460

 

581

 

Pleasant Valley School District, Ventura County, Series A (MBIA)

 

 

 

 

 

5.850%, 02/01/19

 

250

 

303

 

Pomona Unified School District, Series A (MBIA)

 

 

 

 

 

5.950%, 02/01/17

 

855

 

1,033

 

Sacramento Unified School District, Series A, Pre-refunded 07/01/09 @ 102

 

 

 

 

 

5.750%, 07/01/17 (b)

 

400

 

451

 

Vallejo City Unified School District, Series A (MBIA)

 

 

 

 

 

5.900%, 08/01/21

 

350

 

430

 

Ventura County Community College District, Series A, Callable 08/01/12 @ 101 (MBIA)

 

 

 

 

 

5.000%, 08/01/18

 

910

 

993

 

Wiseburn School District, Series A, Pre-refunded 08/01/10 @ 100 (FGIC)

 

 

 

 

 

5.250%, 08/01/22 (b)

 

600

 

665

 

Total General Obligations

 

 

 

8,051

 

 



 

Certificates of Participation - 4.8%

 

 

 

 

 

Escondido, Series A, Callable 09/01/10 @ 101 (FGIC)

 

 

 

 

 

5.625%, 09/01/20

 

300

 

333

 

Los Angeles, Sonnenblick del Rio Senior Lien, Callable 11/01/10 @ 101 (AMBAC)

 

 

 

 

 

6.000%, 11/01/19

 

330

 

378

 

Ridgecrest Civic Center Project, Callable 03/01/09 @ 101

 

 

 

 

 

6.250%, 03/01/21

 

250

 

267

 

Westlands Water District Revenue, Series A, Callable 03/01/15 @ 100 (MBIA)

 

 

 

 

 

5.000%, 09/01/30

 

500

 

533

 

Total Certificates of Participation

 

 

 

1,511

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $27,574)

 

 

 

29,725

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Money Market Funds - 6.2%

 

 

 

 

 

Federated California Municipal Cash Trust

 

988,922

 

989

 

Provident California Money Fund

 

931,265

 

931

 

 

 

 

 

 

 

Total Money Market Funds
(Cost $1,920)

 

 

 

1,920

 

Total Investments - 101.2% 
(Cost $29,494)

 

 

 

31,645

 

Other Assets and Liabilities, Net - (1.2)%

 

 

 

(367

)

Total Net Assets - 100.0%

 

 

 

$

31,278

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Security purchased on a when-issued basis. On June 30, 2005, the total cost of invesments purchased on a when-issued basis was $782,535 or 2.5% of total net assets.

 

 

 

(b)

 

Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

 

 

(c)

 

The rate shown is the effective yield at the time of purchase.

 

 

 

ABAG - Association of Bay Area Governments

AMBAC - American Municipal Bond Assurance Corporation

AMT -

 

Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $1,546,723, which represents 5.0% of total 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

MLO - Municipal Lease Obligation

RAAI - Radian Asset Assurance Inc.

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Colorado Intermediate Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 98.1%

 

 

 

 

 

Revenue Bonds - 77.0%

 

 

 

 

 

Education - 8.3%

 

 

 

 

 

Colorado Springs Revenue, Colorado College Project

 

 

 

 

 

4.000%, 06/01/13

 

$

250

 

$

259

 

Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project

 

 

 

 

 

6.250%, 09/15/11

 

370

 

401

 

Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity

 

 

 

 

 

6.375%, 12/01/11 (a)

 

800

 

880

 

Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Callable 11/01/09 @ 100

 

 

 

 

 

6.850%, 11/01/16

 

440

 

506

 

Colorado State Educational & Cultural Facilities Authority, University of Denver (MBIA)

 

 

 

 

 

4.250%, 03/01/13

 

2,000

 

2,112

 

 

 

 

 

4,158

 

 

 

 

 

 

 

Healthcare - 21.2%

 

 

 

 

 

Colorado State Health Facilities Authority, Boulder Hospital (MBIA)

 

 

 

 

 

4.875%, 10/01/09

 

500

 

534

 

5.000%, 10/01/10

 

500

 

542

 

Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A

 

 

 

 

 

5.000%, 03/01/12

 

500

 

543

 

Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102

 

 

 

 

 

6.900%, 12/01/25

 

350

 

395

 

Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A

 

 

 

 

 

4.200%, 06/01/13

 

200

 

204

 

Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100

 

 

 

 

 

5.375%, 01/01/16

 

700

 

715

 

Colorado State Health Facilities Authority, North Colorado Medical Center Project (FSA)

 

 

 

 

 

5.000%, 05/15/09

 

1,000

 

1,069

 

Colorado State Health Facilities Authority, Parkview Medical Center

 

 

 

 

 

5.500%, 09/01/07

 

250

 

260

 

5.750%, 09/01/08

 

250

 

266

 

5.500%, 09/01/09

 

500

 

535

 

Colorado State Health Facilities Authority, Poudre Valley Healthcare, Pre-refunded 12/01/09 @ 101 (FSA)

 

 

 

 

 

5.750%, 12/01/10 (b)

 

1,000

 

1,118

 

Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101

 

 

 

 

 

5.300%, 09/15/09

 

250

 

257

 

Colorado State Health Facilities Authority, The Devereux Foundation, Callable 11/01/12 @ 100 (RAAI)

 

 

 

 

 

4.200%, 11/01/13

 

80

 

82

 

 



 

Colorado State Health Facilities Authority, Vail Medical Center, Callable 01/15/12 @ 100

 

 

 

 

 

5.750%, 01/15/22

 

800

 

858

 

Colorado State Health Facilities Authority, Vail Valley Medical Center Project

 

 

 

 

 

5.000%, 01/15/13

 

300

 

316

 

Delta County Memorial Hospital District, Callable 09/01/13 @ 100

 

 

 

 

 

5.350%, 09/01/17

 

500

 

526

 

La Junta Hospital, Arkansas Valley Regional Medical Center Project

 

 

 

 

 

5.200%, 04/01/06

 

300

 

303

 

5.300%, 04/01/07

 

320

 

327

 

5.400%, 04/01/08

 

335

 

346

 

5.500%, 04/01/09

 

355

 

371

 

Montrose Memorial Hospital

 

 

 

 

 

5.300%, 12/01/13

 

260

 

269

 

Montrose Memorial Hospital, Callable 12/01/13 @ 102

 

 

 

 

 

5.450%, 12/01/14

 

390

 

407

 

University of Colorado Hospital Authority, Callable 11/15/11 @ 100

 

 

 

 

 

5.000%, 11/15/14

 

300

 

316

 

 

 

 

 

10,559

 

 

 

 

 

 

 

Housing - 1.5%

 

 

 

 

 

Beacon Metropolitan District, Series B (LOC: Compass Bank)

 

 

 

 

 

4.375%, 12/01/15

 

745

 

750

 

 

 

 

 

 

 

Miscellaneous - 6.5%

 

 

 

 

 

Colorado State Educational & Cultural Facilities Authority, Colorado Public Radio

 

 

 

 

 

4.800%, 07/01/09

 

250

 

261

 

4.900%, 07/01/10

 

265

 

279

 

Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100

 

 

 

 

 

5.250%, 06/01/13

 

700

 

757

 

Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100

 

 

 

 

 

5.125%, 12/01/17

 

900

 

941

 

Jefferson County, Metropolitan YMCA Project, Series A, Pre-refunded 08/01/05 @ 100

 

 

 

 

 

7.500%, 08/01/08 (b)

 

1,000

 

1,004

 

 

 

 

 

3,242

 

 

 

 

 

 

 

Recreational Facility Authority - 0.5%

 

 

 

 

 

Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101

 

 

 

 

 

6.100%, 12/15/09

 

210

 

223

 

 

 

 

 

 

 

Tax Revenue - 7.8%

 

 

 

 

 

Boulder County Sales & Use Tax (FGIC)

 

 

 

 

 

5.750%, 12/15/05

 

870

 

882

 

Boulder County Sales & Use Tax, Escrowed to Maturity (FGIC)

 

 

 

 

 

5.750%, 12/15/05 (a)

 

130

 

132

 

Douglas County Sales & Use Tax (FSA)

 

 

 

 

 

6.000%, 10/15/09

 

200

 

224

 

Larimer County Sales & Use Tax (AMBAC)

 

 

 

 

 

5.000%, 12/15/10

 

460

 

503

 

Longmont Sales & Use Tax, Callable 11/15/10 @ 100

 

 

 

 

 

5.500%, 11/15/15

 

500

 

553

 

Longmont Sales & Use Tax, Callable 11/15/10 @ 101 (AMBAC)

 

 

 

 

 

4.875%, 11/15/18

 

1,000

 

1,073

 

Westminster Sales & Use Tax, Series A, Callable 12/01/07 @ 102 (FGIC)

 

 

 

 

 

5.250%, 12/01/11

 

500

 

536

 

 

 

 

 

3,903

 

 



 

Transportation - 14.4%

 

 

 

 

 

Colorado Department of Transportation (AMBAC)

 

 

 

 

 

6.000%, 06/15/10

 

1,000

 

1,133

 

Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC)

 

 

 

 

 

5.250%, 06/15/15 (c)

 

2,000

 

1,695

 

5.350%, 06/15/16 (c)

 

1,000

 

855

 

Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA)

 

 

 

 

 

5.000%, 06/15/14 (c)

 

750

 

631

 

The E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA)

 

 

 

 

 

5.250%, 09/01/17 (c)

 

1,575

 

942

 

6.400%, 09/01/19 (c)

 

960

 

519

 

5.650%, 09/01/20 (c)

 

500

 

257

 

5.396%, 09/01/22 (c)

 

1,620

 

751

 

The E-470 Public Highway Authority, Series C, Zero Coupon Bond (MBIA)

 

 

 

 

 

4.250%, 09/01/17 (c) (d)

 

500

 

407

 

 

 

 

 

7,190

 

 

 

 

 

 

 

Utilities - 16.8%

 

 

 

 

 

Arapahoe County Water & Wastewater Authority, Escrowed to Maturity

 

 

 

 

 

5.550%, 12/01/06 (a)

 

140

 

145

 

5.650%, 12/01/07 (a)

 

150

 

159

 

5.750%, 12/01/08 (a)

 

160

 

173

 

Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/09 @ 100

 

 

 

 

 

6.000%, 12/01/11 (b)

 

185

 

206

 

Boulder Water & Sewer

 

 

 

 

 

5.750%, 12/01/10

 

1,545

 

1,747

 

Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA)

 

 

 

 

 

5.500%, 12/01/17

 

500

 

558

 

Colorado Springs, Series A (VRDO)

 

 

 

 

 

2.220%, 11/01/29 (d)

 

300

 

300

 

Colorado State Water Resources & Power Development Authority, Drinking Water Revenue, Revolving Fund, Series A

 

 

 

 

 

5.500%, 09/01/17

 

500

 

583

 

Colorado State Water Resources & Power Development Authority, Fountain Utilities-Enterprise Project, Series C (GTY)

 

 

 

 

 

3.875%, 12/01/15

 

100

 

102

 

4.000%, 12/01/16

 

185

 

189

 

Colorado State Water Resource & Power Development Authority, Small Water Resources, Series A, Callable 11/01/10 @ 100 (FGIC)

 

 

 

 

 

5.700%, 11/01/15

 

100

 

112

 

Denver City & County Wastewater, Callable 11/01/12 @ 100 (FGIC)

 

 

 

 

 

5.250%, 11/01/17

 

1,260

 

1,396

 

High Plains Metropolitan District, Series B (LOC: Compass Bank)

 

 

 

 

 

4.375%, 12/01/15

 

1,000

 

1,007

 

Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA)

 

 

 

 

 

5.375%, 06/01/17

 

875

 

928

 

Ute Water Conservancy District (MBIA)

 

 

 

 

 

6.000%, 06/15/09

 

680

 

756

 

 

 

 

 

8,361

 

Total Revenue Bonds

 

 

 

38,386

 

 



 

General Obligations - 15.5%

 

 

 

 

 

Arapahoe County School District #5, Cherry Creek, Pre-refunded 12/15/09 @ 100 (STAID)

 

 

 

 

 

5.500%, 12/15/11 (b)

 

1,000

 

1,098

 

Boulder, Larimer & Weld Counties, St. Vrain Valley School District, Callable 12/15/13 @ 100 (MBIA) (STAID)

 

 

 

 

 

5.250%, 12/15/14

 

1,000

 

1,126

 

Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID)

 

 

 

 

 

4.230%, 12/15/15

 

1,255

 

827

 

Elbert County School District #C-1, Elizabeth

 

 

 

 

 

5.150%, 12/01/08 (c)

 

500

 

536

 

Garfield County School District #RE-2, Callable 12/01/12 @ 100 (FSA) (STAID)

 

 

 

 

 

5.250%, 12/01/19

 

1,530

 

1,697

 

Jefferson County School District #R-001 (MBIA) (STAID)

 

 

 

 

 

6.250%, 12/15/09

 

1,000

 

1,133

 

Westglenn Metropolitan District, Callable 12/01/09 @ 100

 

 

 

 

 

6.000%, 12/01/14

 

1,220

 

1,301

 

Total General Obligations

 

 

 

7,718

 

 

 

 

 

 

 

Certificates of Participation - 5.6%

 

 

 

 

 

Colorado Springs Public Facility Authority, Old City Hall Project (FSA) (MLO)

 

 

 

 

 

5.000%, 12/01/10

 

200

 

218

 

Englewood Civic Center Project, Callable 12/01/08 @ 100 (MBIA) (MLO)

 

 

 

 

 

4.900%, 06/01/13

 

585

 

618

 

Garfield County Building (AMBAC) (MLO)

 

 

 

 

 

5.750%, 12/01/09

 

400

 

445

 

Garfield County Building Corporation, Callable 12/01/09 @ 101 (AMBAC) (MLO)

 

 

 

 

 

5.300%, 12/01/11

 

400

 

438

 

Westminster Recreational Facilities, Callable 09/01/09 @ 101 (MBIA) (MLO)

 

 

 

 

 

5.200%, 09/01/10

 

1,000

 

1,088

 

Total Certificates of Participation

 

 

 

2,807

 

 

 

 

 

 

 

Total Municipal Bonds (Cost $45,310)

 

 

 

48,911

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Affiliated Money Market Fund - 1.3%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (e)

 

646,915

 

647

 

 

 

 

 

 

 

Total Affiliated Money Market Fund (Cost $647)

 

 

 

647

 

 

 

 

 

 

 

Total Investments - 99.4%
(Cost $45,957)

 

 

 

49,558

 

Other Assets and Liabilities, Net - 0.6%

 

 

 

309

 

Total Net Assets - 100.0%

 

 

 

$

49,867

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.

 



 

(b)

 

Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

 

 

(c)

 

The rate shown is the effective yield at the time of purchase.

 

 

 

(d)

 

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

 

 

 

(e)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

AMBAC - American Municipal Bond Assurance Corporation

Cl - Class

FGIC - Financial Guaranty Insurance Corporation

FSA - Financial Security Assurance

GTY - Assured Guaranty

LOC - Letter of Credit

MBIA - Municipal Bond Insurance Association

MLO - Municipal Lease Obligation

RAAI - Radian Asset Assurance Inc.

STAID - State Aid Withholding

VRDO -

Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on June 30, 2005. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specific intervals not exceeding one year, on up to 30 days notice. Maturity date shown represents final maturity.

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Colorado Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 101.2%

 

 

 

 

 

Revenue Bonds - 76.9%

 

 

 

 

 

Continuting Care Retirement Community - 1.8%

 

 

 

 

 

Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101

 

 

 

 

 

6.125%, 12/01/33

 

$

350

 

$

384

 

 

 

 

 

 

 

Education - 11.7%

 

 

 

 

 

Colorado Springs Revenue, Colorado College Project, Callable 06/01/15 @ 100

 

 

 

 

 

4.375%, 06/01/26

 

400

 

398

 

4.500%, 06/01/32

 

500

 

497

 

Colorado State Board of Agriculture, Auxiliary Facility Systems, Callable 03/01/07 @ 101 (AMBAC)

 

 

 

 

 

5.125%, 03/01/17

 

200

 

209

 

Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project, Callable 12/01/10 @ 100 (RAAI)

 

 

 

 

 

6.000%, 12/01/16

 

200

 

225

 

Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity

 

 

 

 

 

6.375%, 12/01/11 (a)

 

550

 

605

 

Colorado State Educational & Cultural Facilities Authority, University of Denver Project, Callable 03/01/11 @ 100 (AMBAC)

 

 

 

 

 

5.350%, 03/01/20

 

500

 

543

 

 

 

 

 

2,477

 

 

 

 

 

 

 

Healthcare - 18.7%

 

 

 

 

 

Boulder County Longmont United Hospital Project (RAAI)

 

 

 

 

 

5.300%, 12/01/10

 

330

 

359

 

Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102

 

 

 

 

 

6.900%, 12/01/25

 

150

 

169

 

Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A, Callable 06/01/14 @ 100

 

 

 

 

 

5.250%, 06/01/34

 

230

 

241

 

Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100

 

 

 

 

 

5.375%, 01/01/16

 

300

 

307

 

Colorado State Health Facilities Authority, Parkview Medical Center

 

 

 

 

 

5.600%, 09/01/11

 

300

 

326

 

Colorado State Health Facilities Authority, Portercare Adventist Project, Callable 11/15/11 @ 101

 

 

 

 

 

6.500%, 11/15/23

 

600

 

673

 

Colorado State Health Facilities Authority, Poudre Valley Health Care, Series F, Callable 03/01/15 @ 100

 

 

 

 

 

5.000%, 03/01/25

 

350

 

362

 

Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101

 

 

 

 

 

5.300%, 09/15/09

 

250

 

257

 

Colorado State Health Facilities Authority, Vail Valley Medical Center Project, Callable 01/15/15 @ 100

 

 

 

 

 

5.000%, 01/15/20

 

250

 

261

 

Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100

 

 

 

 

 

5.800%, 01/15/27

 

500

 

535

 

Delta County Memorial Hospital District, Callable 09/01/13 @ 100

 

 

 

 

 

5.350%, 09/01/17

 

220

 

231

 

La Junta, Arkansas Valley Regional Medical Center Project, Callable 04/01/09 @ 101

 

 

 

 

 

6.100%, 04/01/24

 

100

 

106

 

Montrose Memorial Hospital, Callable 12/01/13 @ 102

 

 

 

 

 

6.375%, 12/01/23

 

130

 

143

 

 

 

 

 

3,970

 

 



 

Housing - 6.2%

 

 

 

 

 

Burlingame Housing, Multi Family Revenue, Housing Project, Callable 11/01/15 @ 100 (MBIA)

 

 

 

 

 

4.500%, 11/01/29

 

750

 

749

 

Colorado State Housing Finance Authority, Multifamily Project, Class I, Series B-4, Callable 10/01/10 @ 100

 

 

 

 

 

5.900%, 04/01/31

 

100

 

106

 

Colorado State Housing Finance Authority, Series E-2, Callable 08/01/10 @ 105 (AMT)

 

 

 

 

 

7.000%, 02/01/30

 

70

 

73

 

Colorado State Housing Finance Authority, Single Family Housing Program, Series A-2, Callable 10/01/09 @ 105 (AMT)

 

 

 

 

 

7.450%, 10/01/16

 

15

 

15

 

Colorado State Housing Finance Authority, Single Family Housing Program, Series B-2, Callable 04/01/10 @ 105 (AMT)

 

 

 

 

 

7.100%, 04/01/17

 

40

 

40

 

El Paso County, Series D, Zero Coupon Bond, Escrowed to Maturity (AMT) (FSA) (GNMA)

 

 

 

 

 

6.000%, 07/01/11 (a) (b)

 

400

 

321

 

 

 

 

 

1,304

 

 

 

 

 

 

 

Miscellaneous - 4.2%

 

 

 

 

 

Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100

 

 

 

 

 

5.250%, 06/01/21

 

750

 

790

 

Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07
@ 100

 

 

 

 

 

5.125%, 12/01/17

 

100

 

105

 

 

 

 

 

895

 

 

 

 

 

 

 

Recreational Facility Authority - 1.0%

 

 

 

 

 

Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101

 

 

 

 

 

6.100%, 12/15/09

 

200

 

212

 

 

 

 

 

 

 

Tax Revenue - 3.5%

 

 

 

 

 

Douglas County Sales & Use Tax, Callable 10/15/10 @ 100 (FSA)

 

 

 

 

 

5.625%, 10/15/20

 

200

 

221

 

Highlands Ranch Metropolitan District #2, Callable 06/15/06 @ 101 (FSA)

 

 

 

 

 

5.000%, 06/15/16

 

200

 

206

 

Larimer County Sales & Use Tax, Callable 12/15/10 @ 100 (AMBAC)

 

 

 

 

 

5.625%, 12/15/18

 

100

 

111

 

Mountain Village Metropolitan District, San Miguel County, Callable 12/01/07 @ 101 (MBIA)

 

 

 

 

 

5.200%, 12/01/17

 

200

 

212

 

 

 

 

 

750

 

 

 

 

 

 

 

Transportation - 13.4%

 

 

 

 

 

Denver City & County Airport, Series E, Callable 11/15/07 @ 101 (MBIA)

 

 

 

 

 

5.250%, 11/15/23

 

500

 

527

 

Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC)

 

 

 

 

 

5.250%, 06/15/15 (b)

 

500

 

424

 

Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA)

 

 

 

 

 

5.000%, 06/15/14 (b)

 

750

 

631

 

Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond, Callable 06/15/16 @ 100 (AMBAC)

 

 

 

 

 

5.700%, 06/15/21 (b)

 

1,000

 

847

 

The E-470 Public Highway Authority, Series C, Zero Coupon Bond (MBIA)

 

 

 

 

 

4.250%, 09/01/17 (b)

 

500

 

407

 

 

 

 

 

2,836

 

 

 

 

 

 

 

Utilities - 16.4%

 

 

 

 

 

Arapahoe County Water & Wastewater (MBIA)

 

 

 

 

 

5.000%, 12/01/26

 

250

 

265

 

Boulder Water & Sewer, Callable 12/01/10 @ 100

 

 

 

 

 

5.700%, 12/01/19

 

300

 

334

 

Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA)

 

 

 

 

 

5.500%, 12/01/19

 

400

 

446

 

Colorado Housing & Finance Authority, Waste Disposal Management Income Project

 

 

 

 

 

5.700%, 07/01/18

 

250

 

266

 

Colorado Water Resources Power Development Authority, Clean Water Revenue, Series A, Callable 09/01/15 @ 100

 

 

 

 

 

4.500%, 09/01/26

 

400

 

406

 

 



 

Denver City & County Water, Callable 12/01/15 @ 100 (FSA)

 

 

 

 

 

4.250%, 12/01/25

 

500

 

497

 

Fort Collins Wastewater Utility Enterprise, Callable 12/01/10 @ 100 (FSA)

 

 

 

 

 

5.500%, 12/01/20

 

300

 

330

 

High Plains Metropolitan District, Series B (LOC: Compass Bank)

 

 

 

 

 

4.375%, 12/01/15

 

400

 

403

 

Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA)

 

 

 

 

 

5.375%, 06/01/17

 

500

 

530

 

 

 

 

 

3,477

 

Total Revenue Bonds

 

 

 

16,305

 

 

 

 

 

 

 

General Obligations - 7.7%

 

 

 

 

 

Arapahoe County School District #5, Cherry Creek, Callable 12/15/09 @ 100 (STAID)

 

 

 

 

 

5.500%, 12/15/19

 

550

 

604

 

Beacon Metropolitan District, Series B (LOC: Compass Bank)

 

 

 

 

 

4.375%, 12/01/15

 

400

 

403

 

Boulder Open Space Acquisition, Callable 08/15/10 @ 100

 

 

 

 

 

5.450%, 08/15/16

 

350

 

385

 

El Paso County School District #49, Falcon, Series A, Callable 12/01/09 @ 105 (FSA) (STAID)

 

 

 

 

 

6.000%, 12/01/18

 

200

 

233

 

Total General Obligations

 

 

 

1,625

 

 

 

 

 

 

 

Certificates of Participation - 16.6%

 

 

 

 

 

Arapahoe County Building Finance Authority, Callable 02/15/10 @ 100 (AMBAC)

 

 

 

 

 

5.250%, 02/15/19

 

400

 

432

 

5.250%, 02/15/21

 

650

 

695

 

Broomfield Open Space Park & Recreation Facilities, Callable 12/01/10 @ 100 (AMBAC)

 

 

 

 

 

5.500%, 12/01/20

 

800

 

877

 

Colorado Springs Old City Hall Project, Callable 12/01/10 @ 100 (FSA)

 

 

 

 

 

5.500%, 12/01/17

 

200

 

221

 

5.500%, 12/01/20

 

200

 

219

 

Denver City & County, Series A, Callable 05/01/10 @ 100 (MBIA)

 

 

 

 

 

5.500%, 05/01/17

 

400

 

436

 

Eagle County, Callable 12/01/09 @ 101 (MBIA)

 

 

 

 

 

5.400%, 12/01/18

 

300

 

326

 

Garfield County, Callable 12/01/09 @ 101 (AMBAC)

 

 

 

 

 

5.750%, 12/01/19

 

300

 

333

 

Total Certificates of Participation

 

 

 

3,539

 

 

 

 

 

 

 

Total Municipal Bonds (Cost $19,607)

 

 

 

21,469

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Affiliated Money Market Fund - 0.4%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (c)

 

88,157

 

 

88

 

 

 

 

 

 

 

Total Affiliated Money Market Fund (Cost $88)

 

 

 

88

 

 

 

 

 

 

 

Total Investments - 101.6%
(Cost $19,695)

 

 

 

21,557

 

Other Assets and Liabilities, Net - (1.6)%

 

 

 

(346

)

Total Net Assets - 100.0%

 

 

 

$

21,211

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.

 

 

 

(b)

 

The rate shown is the effective yield at the time of purchase.

 

 

 

(c)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

AMBAC - American Municipal Bond Assurance Corporation

AMT -

Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $449,320, which represents 2.1% of total net assets.

Cl - Class

FSA - Financial Security Assurance

GNMA - Government National Mortgage Association

LOC - Letter of Credit

 



 

MBIA - Municipal Bond Insurance Association

RAAI - Radian Asset Assurance Inc.

STAID - State Aid Withholding

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Intermediate Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds — 99.0%

 

 

 

 

 

Alabama — 0.8%

 

 

 

 

 

Alabama State Docks Department, Callable 10/01/08 @ 102 (MBIA) (RB)

 

 

 

 

 

5.250%, 10/01/10

 

$

3,000

 

$

3,258

 

Anniston, Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity (RB)

 

 

 

 

 

8.000%, 07/01/11 (a)

 

1,400

 

1,649

 

West Jefferson Amusement & Public Park Authority, First Mortgage, Visionland Alabama Project, Pre-refunded 12/01/06 @ 102 (RB)

 

 

 

 

 

7.500%, 12/01/08 (b)

 

705

 

737

 

 

 

 

 

5,644

 

 

 

 

 

 

 

Alaska — 0.6%

 

 

 

 

 

Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB)

 

 

 

 

 

6.000%, 07/01/10

 

2,610

 

2,943

 

Alaska State Housing Finance Corporation, Series A, Callable 12/01/05 @ 102 (MBIA) (RB)

 

 

 

 

 

5.400%, 12/01/08

 

1,000

 

1,026

 

 

 

 

 

3,969

 

 

 

 

 

 

 

Arizona — 2.3%

 

 

 

 

 

Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 (RB)

 

 

 

 

 

7.500%, 11/15/23

 

3,300

 

3,439

 

Arizona State Municipal Financing Program, Escrowed to Maturity (COP) (MLO)

 

 

 

 

 

8.750%, 08/01/07 (a)

 

1,500

 

1,680

 

Arizona State Municipal Financing Program, Series 15, Escrowed to Maturity (COP) (MLO)

 

 

 

 

 

8.750%, 08/01/07 (a)

 

2,085

 

2,334

 

Maricopa County School District #69, Paradise Valley (GO) (MBIA)

 

 

 

 

 

5.300%, 07/01/11

 

1,000

 

1,114

 

Maricopa County Unified School District #097, Deer Valley School Improvements Project of 2004, Series A (FSA) (GO)

 

 

 

 

 

4.000%, 07/01/16

 

1,000

 

1,023

 

Phoenix Street & Highway User (RB)

 

 

 

 

 

6.500%, 07/01/09

 

180

 

183

 

6.250%, 07/01/11

 

900

 

916

 

Tempe Industrial Development Authority, Friendship Village Project, Series A (RB)

 

 

 

 

 

5.375%, 12/01/13

 

1,300

 

1,337

 

Tucson Airport Authority (FSA) (RB)

 

 

 

 

 

5.000%, 06/01/13

 

2,760

 

3,041

 

 

 

 

 

15,067

 

 

 

 

 

 

 

Arkansas — 0.6%

 

 

 

 

 

Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FHA) (RB) (VA)

 

 

 

 

 

7.250%, 06/01/10 (a)

 

2,030

 

2,184

 

University of Arkansas, Fayetteville, Series B, Callable 11/01/15 @ 100 (FGIC) (RB)

 

 

 

 

 

4.500%, 11/01/16

 

2,000

 

2,135

 

 

 

 

 

4,319

 

 

 

 

 

 

 

California — 5.4%

 

 

 

 

 

ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI) (RB)

 

 

 

 

 

4.500%, 08/15/12

 

335

 

348

 

ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance, Callable 08/15/14 @ 100 (CMI) (RB)

 

 

 

 

 

5.000%, 08/15/17

 

1,215

 

1,276

 

ABAG Financial Authority, Archstone Redwood Housing Project, Series A (RB)

 

 

 

 

 

5.300%, 10/01/08

 

290

 

306

 

ABC Unified School District, Series A (GO) (MBIA)

 

 

 

 

 

4.900%, 02/01/20

 

1,615

 

1,797

 

Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) (RB)

 

 

 

 

 

4.650%, 10/01/14 (c)

 

2,000

 

1,400

 

California Educational Facilities Authority, Lutheran University, Series C, Callable 10/01/14 @ 100 (RB)

 

 

 

 

 

5.000%, 10/01/24

 

1,000

 

1,043

 

 



 

California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT) (RB)

 

 

 

 

 

4.100%, 09/01/14

 

250

 

252

 

California State, Callable 08/01/13 @ 100 (GO)

 

 

 

 

 

5.000%, 02/01/16

 

1,000

 

1,087

 

5.000%, 02/01/17

 

2,000

 

2,167

 

California State, Callable 11/01/11 @ 100 (GO)

 

 

 

 

 

5.000%, 11/01/18

 

5,000

 

5,320

 

California State, Callable 02/01/14 @ 100 (GO)

 

 

 

 

 

5.000%, 02/01/21

 

1,500

 

1,604

 

California State, Callable 04/01/14 @ 100 (GO)

 

 

 

 

 

5.125%, 04/01/24

 

500

 

535

 

California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB)

 

 

 

 

 

5.875%, 05/01/16

 

2,000

 

2,276

 

California State Economic Recovery, Series A (FGIC) (GO)

 

 

 

 

 

5.250%, 07/01/14

 

1,000

 

1,137

 

California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 (RB)

 

 

 

 

 

5.250%, 06/01/29

 

1,000

 

1,047

 

California Statewide Communities Development Authority, Elder Care Alliance, Series A (RB)

 

 

 

 

 

7.250%, 11/15/11

 

1,450

 

1,463

 

California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/12 @ 100 (RB)

 

 

 

 

 

3.850%, 11/01/29

 

1,180

 

1,185

 

California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/11 @ 100 (RB)

 

 

 

 

 

3.450%, 04/01/35

 

500

 

495

 

California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) (RB)

 

 

 

 

 

5.000%, 11/15/12

 

1,210

 

1,313

 

Golden State Tobacco Securitization, Callable 06/01/10 @ 100 (GO) (MLO)

 

 

 

 

 

5.600%, 06/01/28

 

2,450

 

2,652

 

Golden State Tobacco Securitization, Series B (RB) (MLO)

 

 

 

 

 

5.000%, 06/01/12

 

1,000

 

1,095

 

Grant Joint Unified High School District, Callable 08/01/15 @ 100 (FSA) (GO)

 

 

 

 

 

5.000%, 08/01/16

 

1,000

 

1,116

 

Placentia-Yorba Linda Unified School District, Callable 08/01/14 @ 100 (FGIC) (GO)

 

 

 

 

 

5.000%, 08/01/16

 

500

 

553

 

Roseville Joint Unified High School District, Callable 08/01/11 @ 101 (GO)

 

 

 

 

 

5.100%, 08/01/19

 

390

 

418

 

San Marcos, Escrowed to Maturity, Zero Coupon Bond (COP) (MLO)

 

 

 

 

 

4.890%, 02/15/06 (a) (c)

 

1,085

 

1,068

 

San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) (GO)

 

 

 

 

 

5.150%, 09/01/17 (c)

 

1,000

 

601

 

Victor Elementary School District, Series A, Zero Coupon Bond (FGIC) (GO)

 

 

 

 

 

5.660%, 08/01/23 (c)

 

2,030

 

898

 

Woodland Financial Authority, Callable 03/01/13 @ 102 (RB) (MLO) (XLCA)

 

 

 

 

 

4.700%, 03/01/19

 

815

 

852

 

4.800%, 03/01/20

 

855

 

900

 

 

 

 

 

36,204

 

 

 

 

 

 

 

Colorado — 7.0%

 

 

 

 

 

Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond (RB)

 

 

 

 

 

3.340%, 09/01/10 (a) (c)

 

9,320

 

7,856

 

Colorado Department of Transportation (AMBAC) (RB)

 

 

 

 

 

6.000%, 06/15/08

 

3,000

 

3,265

 

Colorado Health Facilities Authority, Parkview Medical Center, Callable 09/01/13 @ 100 (RB)

 

 

 

 

 

5.000%, 09/01/16

 

640

 

669

 

Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/11 @ 100 (RB)

 

 

 

 

 

6.750%, 09/15/15 (b)

 

1,200

 

1,406

 

Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity (RB)

 

 

 

 

 

6.375%, 12/01/11 (a)

 

795

 

875

 

Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB)

 

 

 

 

 

6.750%, 12/01/16 (b)

 

1,500

 

1,796

 

7.250%, 12/01/21 (b)

 

1,500

 

1,836

 

 



 

Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project (RB)

 

 

 

 

 

5.250%, 12/01/11

 

1,335

 

1,435

 

Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A (RB)

 

 

 

 

 

5.000%, 03/01/12

 

745

 

809

 

Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond (RB)

 

 

 

 

 

5.500%, 07/15/20 (a) (c)

 

10,000

 

5,204

 

Colorado State Housing Finance Authority, Series A-2, Callable 05/01/06 @ 105 (RB)

 

 

 

 

 

7.150%, 11/01/14

 

95

 

96

 

Colorado Water Resources & Power Development Authority, Drinking Water, Revolving Fund, Series A (RB)

 

 

 

 

 

5.500%, 09/01/17

 

1,000

 

1,166

 

Denver City & County School District #1, Callable 12/01/13 @ 100 (FSA) (GO) (STAID)

 

 

 

 

 

4.000%, 12/01/14

 

4,545

 

4,710

 

Douglas County School District #RE-1, Douglas & Elbert Counties (FGIC) (GO) (STAID)

 

 

 

 

 

5.500%, 12/15/14

 

1,000

 

1,160

 

El Paso County School District #2, Harrison, Callable 12/01/11 @ 100 (FGIC) (GO) (STAID)

 

 

 

 

 

5.500%, 12/01/16

 

1,280

 

1,431

 

High Plains Metropolitan District, Series B (LOC: Compass Bank) (RB)

 

 

 

 

 

4.375%, 12/01/15

 

385

 

388

 

Jefferson County School District #R-1 (GO) (MBIA)

 

 

 

 

 

6.500%, 12/15/11

 

4,975

 

5,899

 

Loveland, Escrowed to Maturity (GO)

 

 

 

 

 

8.875%, 11/01/05 (a)

 

390

 

398

 

Mesa County, Escrowed to Maturity, Zero Coupon Bond (RB)

 

 

 

 

 

3.539%, 12/01/11 (a) (c)

 

5,500

 

4,395

 

Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB)

 

 

 

 

 

5.700%, 12/01/17

 

2,170

 

2,284

 

 

 

 

 

47,078

 

 

 

 

 

 

 

Connecticut — 0.9%

 

 

 

 

 

Connecticut State Health & Educational Facilties Authority, Griffin Hospital, Series B (RAAI) (RB)

 

 

 

 

 

5.000%, 07/01/14

 

1,185

 

1,293

 

Mashantucket Western Pequot Tribe, Series A, Callable 09/01/06 @ 102, Pre-refunded 09/01/07 @ 101 (RB)

 

 

 

 

 

6.400%, 09/01/11 (b) (d)

 

4,170

 

4,478

 

 

 

 

 

5,771

 

 

 

 

 

 

 

Florida — 1.3%

 

 

 

 

 

Celebration Community Development District, Florida Special Assessment, Callable 05/01/10 @ 100 (MBIA) (RB)

 

 

 

 

 

4.000%, 05/01/16

 

1,735

 

1,748

 

Greater Orlando Aviation Authority, Airport Facilities (AMT) (FGIC) (RB)

 

 

 

 

 

5.250%, 10/01/09

 

1,815

 

1,952

 

Lee County Industrial Development Authority, Shell Point Village Health Project, Series A (RB)

 

 

 

 

 

5.500%, 11/15/08

 

1,000

 

1,049

 

Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community (RB)

 

 

 

 

 

5.250%, 10/01/13

 

1,400

 

1,497

 

Tampa Excise Tax, Callable 10/01/05 @ 100 (RB)

 

 

 

 

 

6.125%, 04/01/08

 

2,000

 

2,096

 

 

 

 

 

8,342

 

 

 

 

 

 

 

Georgia — 0.2%

 

 

 

 

 

Cherokee County Water & Sewer Authority, Escrowed to Maturity, Callable 08/01/05 @ 101.50 (MBIA) (RB)

 

 

 

 

 

11.250%, 08/01/07 (a)

 

1,445

 

1,582

 

 

 

 

 

 

 

Hawaii — 0.7%

 

 

 

 

 

Hawaii State Airport System, Series B (AMT) (FGIC) (RB)

 

 

 

 

 

6.250%, 07/01/06

 

2,000

 

2,066

 

Hawaii State Harbor System, Series A (AMT) (FSA) (RB)

 

 

 

 

 

5.250%, 07/01/08

 

2,270

 

2,413

 

 

 

 

 

4,479

 

 

 

 

 

 

 

Idaho — 0.2%

 

 

 

 

 

Ada & Canyon Counties, Joint School District #2, Pre-refunded 07/30/05 @ 101 (GO)

 

 

 

 

 

5.500%, 07/30/11 (b)

 

1,000

 

1,012

 

 



 

Illinois — 18.7%

 

 

 

 

 

Bolingbrook, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond (FGIC) (GO)

 

 

 

 

 

4.950%, 01/01/06 (a) (c)

 

1,000

 

987

 

Champaign County Community Unit School District #004 (GO)

 

 

 

 

 

8.250%, 01/01/09

 

1,315

 

1,534

 

Chicago, City Colleges, Zero Coupon Bond (FGIC) (GO)

 

 

 

 

 

5.900%, 01/01/15 (c)

 

10,000

 

6,870

 

Chicago, Midway Airport Project, Series C (MBIA) (RB)

 

 

 

 

 

5.500%, 01/01/14

 

1,300

 

1,466

 

Chicago, Park District, Parking Facilities Authority, Escrowed to Maturity (ACA) (RB)

 

 

 

 

 

5.500%, 01/01/08 (a)

 

3,585

 

3,810

 

Chicago, Project & Refunding (FSA) (GO)

 

 

 

 

 

5.500%, 01/01/13

 

1,000

 

1,133

 

Chicago, Project & Refunding, Series A (FGIC) (GO)

 

 

 

 

 

5.250%, 01/01/11

 

5,000

 

5,503

 

Chicago, Single Family Mortgages, Series A, Callable 03/01/06 @ 103 (AMT) (FHLMC) (FNMA) (GNMA) (RB)

 

 

 

 

 

5.250%, 03/01/13

 

30

 

30

 

Chicago Water, Zero Coupon Bond (FGIC) (RB)

 

 

 

 

 

6.776%, 11/01/08 (c)

 

5,150

 

4,633

 

5.260%, 11/01/09 (c)

 

6,450

 

5,590

 

Cook County Community Unit School District #65, Evanston, Series A (FSA) (GO)

 

 

 

 

 

6.375%, 05/01/09

 

3,000

 

3,360

 

Cook County Community Unit School District #102, Zero Coupon Bond (FGIC) (GO)

 

 

 

 

 

5.200%, 12/01/13 (c)

 

2,440

 

1,753

 

Cook County Community High School District #219, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

4.900%, 12/01/07 (c)

 

1,560

 

1,449

 

Cook County Community Unit School District #401, Elmwood Park, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

5.800%, 12/01/11 (c)

 

3,625

 

2,864

 

Cook County, Escrowed to Maturity (MBIA) (GO)

 

 

 

 

 

7.250%, 11/01/07 (a)

 

2,000

 

2,103

 

Cook County High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

4.900%, 12/01/06 (c)

 

2,265

 

2,174

 

Cook County School District #088, Bellwood, Series B, Callable 12/01/14 @ 100 (FSA) (GO)

 

 

 

 

 

5.000%, 12/01/17

 

1,675

 

1,838

 

Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA) (GO)

 

 

 

 

 

5.100%, 12/01/15 (c)

 

2,250

 

1,467

 

Cook County, Series A (MBIA) (GO)

 

 

 

 

 

6.250%, 11/15/11

 

1,000

 

1,165

 

Du Page County Community High School District #94, West Chicago (FSA) (GO)

 

 

 

 

 

7.250%, 11/01/09

 

1,780

 

2,071

 

Granite Single Family Mortgage (RB)

 

 

 

 

 

7.750%, 10/01/11

 

700

 

809

 

Illinois Development Finance Authority, Midwestern University, Series B, Callable 05/15/11 @ 101 (RB)

 

 

 

 

 

5.750%, 05/15/16

 

350

 

380

 

Illinois Finance Authority, Peoples Gas, Light, and Coke Co., Series A, Mandatory Put 06/01/16 @ 100 (AMBAC) (RB)

 

 

 

 

 

4.300%, 06/01/35

 

2,000

 

2,036

 

Illinois Finance Authority, Resurrection Health Care, Mandatory Put 07/01/09 @ 100 (RB)

 

 

 

 

 

3.750%, 05/15/15

 

910

 

913

 

Illinois Finance Authority, Friendship Village, Schaumburg, Series A (RB)

 

 

 

 

 

5.000%, 02/15/15 (f)

 

2,500

 

2,510

 

Illinois Health Facilities Authority, St. Benedict, Series 2003A-2, Callable 11/15/05 @ 100 (RB)

 

 

 

 

 

5.750%, 11/15/15

 

2,750

 

2,752

 

Illinois State (AMBAC) (COP) (MLO)

 

 

 

 

 

6.000%, 07/01/06

 

1,000

 

1,032

 

Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond (RB)

 

 

 

 

 

5.210%, 01/01/18 (c)

 

2,750

 

1,616

 

Illinois State Development Finance Authority, Elmhurst Community School #205, Callable 01/01/11 @ 100 (FSA) (RB)

 

 

 

 

 

6.375%, 01/01/13

 

1,025

 

1,190

 

Illinois State Development Finance Authority, Waste Management Project (AMT) (RB)

 

 

 

 

 

5.850%, 02/01/07

 

1,000

 

1,036

 

Illinois State Educational Facilities Authority, Loyola University of Chicago, Series A, Escrowed to Maturity (RB)

 

 

 

 

 

7.000%, 07/01/07 (a)

 

1,000

 

1,061

 

Illinois State Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/06 @ 100 (RB)

 

 

 

 

 

4.700%, 03/01/30

 

4,500

 

4,549

 

 



 

Illinois State, First Series, Callable 08/01/10 @ 100 (GO)

 

 

 

 

 

5.500%, 08/01/15

 

4,500

 

4,947

 

Illinois State Health Facilities Authority (RB)

 

 

 

 

 

6.500%, 02/15/06

 

1,130

 

1,153

 

Illinois State Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB)

 

 

 

 

 

3.875%, 12/01/08

 

1,000

 

1,018

 

4.350%, 12/01/10

 

1,605

 

1,667

 

Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity (RB)

 

 

 

 

 

6.750%, 04/15/12 (a)

 

1,320

 

1,533

 

Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity, Callable until 12/31/14 @ 100 (RB)

 

 

 

 

 

10.000%, 01/01/15 (a)

 

740

 

982

 

Illinois State Sales Tax (RB)

 

 

 

 

 

6.000%, 06/15/09

 

2,500

 

2,775

 

5.100%, 06/15/10

 

2,000

 

2,179

 

Kane, Cook & Du Page Counties School District #46, Elgin, Callable 01/01/15 @ 100 (FSA) (GO)

 

 

 

 

 

4.000%, 01/01/16

 

1,660

 

1,684

 

Kane County School District #129, Aurora West Side, Series A (GO) (MBIA)

 

 

 

 

 

6.500%, 02/01/07

 

1,000

 

1,057

 

Lake County Community School District #50, Woodland, Series A, Callable 12/01/08 @ 100 (FGIC) (GO)

 

 

 

 

 

5.000%, 12/01/09

 

1,000

 

1,067

 

Lake County Community Unit School District #50, Woodland (GO) (MBIA)

 

 

 

 

 

8.500%, 01/01/07

 

1,460

 

1,580

 

Lake County Community Unit School District #60, Waukegan, Series B (FSA) (GO)

 

 

 

 

 

6.000%, 12/01/07

 

2,785

 

2,992

 

7.500%, 12/01/08

 

3,640

 

4,166

 

Lake County School District #56, Gurnee (FGIC) (GO)

 

 

 

 

 

8.375%, 01/01/10

 

1,290

 

1,564

 

Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

5.350%, 12/01/19 (c)

 

2,100

 

1,115

 

Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 06/15/06 @ 102 (AMBAC) (RB)

 

 

 

 

 

6.000%, 06/15/07

 

750

 

787

 

Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 12/15/09 @ 101 (FGIC) (RB)

 

 

 

 

 

5.550%, 12/15/11

 

675

 

747

 

Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC) (RB)

 

 

 

 

 

5.000%, 06/15/09 (a) (c)

 

1,465

 

1,294

 

Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Pre-refunded 06/15/06 @ 102 (AMBAC) (RB)

 

 

 

 

 

6.000%, 06/15/07 (b)

 

250

 

263

 

Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Zero Coupon Bond (FGIC) (RB)

 

 

 

 

 

5.000%, 06/15/09 (c)

 

35

 

31

 

Morton Grove Residential Housing, Escrowed to Maturity (MBIA) (RB)

 

 

 

 

 

7.350%, 09/01/09 (a) (d)

 

5,570

 

6,483

 

Rockford School District #205 (FGIC) (GO)

 

 

 

 

 

5.000%, 02/01/14

 

500

 

553

 

Springfield Electric Revenue (MBIA) (RB)

 

 

 

 

 

6.000%, 03/01/06

 

1,050

 

1,073

 

St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO)

 

 

 

 

 

6.000%, 10/01/11

 

1,000

 

1,129

 

Will County School District #86, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

5.600%, 11/01/17 (c)

 

3,870

 

2,292

 

Winnebago & Boone Counties School District #205, Series C, Partially Escrowed to Maturity (FGIC) (GO)

 

 

 

 

 

6.000%, 02/01/08 (a)

 

5,065

 

5,456

 

Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

5.200%, 01/01/17 (c)

 

3,000

 

1,841

 

 

 

 

 

125,112

 

 

 

 

 

 

 

Indiana — 1.8%

 

 

 

 

 

Crown Point Multi-School Building, First Mortgage (MBIA) (RB) (MLO)

 

 

 

 

 

7.625%, 01/15/08

 

1,000

 

1,111

 

Evansville Vanderburgh, Public Leasing, Pre-refunded 01/15/12 @ 100 (MBIA) (RB) (MLO)

 

 

 

 

 

5.750%, 07/15/18 (b)

 

1,000

 

1,145

 

Franklin Township Independent School Building Corporation, Escrowed to Maturity (RB)

 

 

 

 

 

5.750%, 07/15/09 (a)

 

1,235

 

1,365

 

 



 

Gary Sanitation District, Special Tax District (GO) (RAAI)

 

 

 

 

 

3.750%, 02/01/11

 

1,260

 

1,273

 

Indiana State Housing Authority, Series B-1, Callable 07/01/05 @ 102 (RB)

 

 

 

 

 

6.150%, 07/01/17

 

280

 

284

 

Indiana Transportation Finance Authority, Escrowed to Maturity, Callable 06/01/11 @ 100 (RB)

 

 

 

 

 

5.750%, 06/01/12 (a)

 

180

 

203

 

Indiana Transportation Finance Authority, Series A (AMBAC) (RB)

 

 

 

 

 

5.750%, 06/01/12

 

1,820

 

2,085

 

Indiana University, Series K, Zero Coupon Bond (MBIA) (RB)

 

 

 

 

 

5.360%, 08/01/11 (c)

 

750

 

603

 

St. Joseph County Hospital, Callable 02/15/08 @ 101 (MBIA) (RB)

 

 

 

 

 

4.750%, 08/15/12

 

1,000

 

1,040

 

St. Joseph County Independent Hospital Authority, Health Facilities Revenue, Madison Center Obligated Group Project, Callable 02/15/15 @ 100 (RB)

 

 

 

 

 

5.250%, 02/15/28

 

2,295

 

2,338

 

Zionsville Community Schools Building, First Mortgage Bonds, Callable 01/15/12 @ 100 (FGIC) (RB) (MLO) (STAID)

 

 

 

 

 

5.750%, 07/15/15

 

775

 

870

 

 

 

 

 

12,317

 

 

 

 

 

 

 

Iowa — 0.9%

 

 

 

 

 

Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A, Callable 11/15/09 @ 100 (RB)

 

 

 

 

 

5.750%, 11/15/19

 

500

 

510

 

Iowa Higher Education Authority, Callable 10/01/12 @ 100 (ACA) (RB)

 

 

 

 

 

5.500%, 10/01/28

 

2,000

 

2,129

 

Iowa Higher Education Authority, Central College (RB)

 

 

 

 

 

5.450%, 10/01/26

 

1,000

 

1,066

 

Muscatine Electric, Escrowed to Maturity, Callable 07/01/05 @ 100 (RB)

 

 

 

 

 

9.700%, 01/01/13 (a)

 

1,970

 

2,489

 

 

 

 

 

6,194

 

 

 

 

 

 

 

Kansas — 1.3%

 

 

 

 

 

Butler County Public Building Authority (MBIA) (RB) (MLO)

 

 

 

 

 

6.375%, 10/01/10

 

1,000

 

1,152

 

Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond, Callable 05/01/12 @ 100 (RB)

 

 

 

 

 

3.800%, 05/01/12 (a) (c)

 

7,500

 

5,891

 

Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA) (RB)

 

 

 

 

 

6.700%, 06/01/29

 

585

 

593

 

Sedgwick County School District #267 (AMBAC) (GO)

 

 

 

 

 

5.250%, 11/01/12

 

1,045

 

1,175

 

 

 

 

 

8,811

 

 

 

 

 

 

 

Kentucky — 0.8%

 

 

 

 

 

Hopkinsville Water & Sewer Revenue, Series A, Callable 10/01/15 @ 100 (AMBAC) (RB)

 

 

 

 

 

4.000%, 10/01/16

 

1,275

 

1,302

 

Kentucky State Turnpike Authority, Escrowed to Maturity (RB)

 

 

 

 

 

7.200%, 07/01/09 (a)

 

1,065

 

1,152

 

Kentucky State Turnpike Authority, Escrowed to Maturity, Callable until 06/30/11 @ 100 (RB)

 

 

 

 

 

6.000%, 07/01/11 (a)

 

730

 

791

 

Louisville Water, Escrowed to Maturity (RB)

 

 

 

 

 

6.000%, 11/15/07 (a)

 

1,250

 

1,335

 

Louisville Water, Escrowed to Maturity, Callable until 10/31/07 @ 101 (RB)

 

 

 

 

 

6.375%, 11/01/07 (a)

 

1,000

 

1,044

 

 

 

 

 

5,624

 

 

 

 

 

 

 

Louisiana — 0.3%

 

 

 

 

 

Louisiana Local Government Environmental Facilities, Community Development Authority, Callable 01/01/12 @ 101 (AMT) (RB)

 

 

 

 

 

6.650%, 01/01/25

 

795

 

850

 

St. Tammany Parish Wide School District #12 (FSA) (GO)

 

 

 

 

 

4.000%, 03/01/16

 

1,390

 

1,424

 

 

 

 

 

2,274

 

 

 

 

 

 

 

Maine — 0.3%

 

 

 

 

 

Maine Municipal Bond Bank, Series B (FSA) (GO)

 

 

 

 

 

5.750%, 11/01/10

 

2,000

 

2,259

 

 

 

 

 

 

 

Massachusetts — 4.1%

 

 

 

 

 

Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB)

 

 

 

 

 

6.500%, 09/01/35

 

2,000

 

2,019

 

Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC) (RB)

 

 

 

 

 

5.750%, 03/01/10

 

2,100

 

2,342

 

 



 

Massachusetts Bay Transportation Authority, Series A (RB)

 

 

 

 

 

6.250%, 03/01/12

 

1,875

 

2,190

 

Massachusetts State Commonwealth, Special Obligation, Series A (RB)

 

 

 

 

 

5.500%, 06/01/13

 

1,000

 

1,141

 

Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A, Callable 07/01/07 @ 101 (MBIA) (RB)

 

 

 

 

 

5.100%, 07/01/10

 

3,000

 

3,147

 

Massachusetts State, Multi-Family Housing, Escrowed to Maturity, Callable 10/01/05 @ 100 (FHA) (RB)

 

 

 

 

 

6.350%, 04/01/08 (a)

 

620

 

622

 

Massachusetts State Port Authority (RB)

 

 

 

 

 

5.750%, 07/01/12

 

1,000

 

1,136

 

Massachusetts State Port Authority, Escrowed to Maturity, Callable until 06/30/13 @ 100 (RB)

 

 

 

 

 

13.000%, 07/01/13 (a)

 

4,270

 

6,023

 

Massachusetts State, Series A, Pre-refunded 01/01/11 @ 100 (GO)

 

 

 

 

 

5.125%, 01/01/16 (b)

 

3,000

 

3,281

 

Massachusetts State, Series B, Pre-refunded 05/01/10 @ 100 (GO)

 

 

 

 

 

5.000%, 05/01/12 (b)

 

5,000

 

5,412

 

 

 

 

 

27,313

 

 

 

 

 

 

 

Michigan — 5.0%

 

 

 

 

 

Chippewa Valley Schools, Callable 05/01/12 @ 100 (GO) (MQSBLF)

 

 

 

 

 

5.500%, 05/01/14

 

1,775

 

1,993

 

Constantine Public Schools, Callable 11/01/12 @ 100 (GO) (MQSBLF)

 

 

 

 

 

5.000%, 05/01/16

 

1,075

 

1,174

 

Detroit (AMT) (FSA) (GO)

 

 

 

 

 

5.750%, 04/01/09

 

1,255

 

1,369

 

Detroit Water Supply, Escrowed to Maturity, Callable until 06/30/12 @ 100 (FGIC) (RB)

 

 

 

 

 

6.250%, 07/01/12 (a)

 

285

 

321

 

Lakeshore Public Schools, Callable 05/01/11 @ 100 (GO)

 

 

 

 

 

5.000%, 05/01/12

 

1,160

 

1,259

 

Lakeview Public Schools, Callable 05/01/11 @ 100 (GO)

 

 

 

 

 

5.000%, 05/01/14

 

1,985

 

2,150

 

Michigan State Hospital Finance Authority, Ascension Health Credit, Series B, Mandatory Put 11/15/05 @ 100 (RB)

 

 

 

 

 

5.200%, 11/15/33

 

3,000

 

3,026

 

Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Callable 03/01/13 @ 100 (RB)

 

 

 

 

 

5.500%, 03/01/15

 

3,500

 

3,828

 

Michigan State Hospital Finance Authority, Henry Ford Hospital, Escrowed to Maturity, Callable until 04/30/08 @ 100 (RB)

 

 

 

 

 

9.000%, 05/01/08 (a)

 

3,540

 

3,913

 

Michigan State Housing Development Authority, Green Hill Project, Callable until 07/14/05 @ 102 (FNMA) (RB)

 

 

 

 

 

5.125%, 07/15/08

 

1,435

 

1,451

 

Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB)

 

 

 

 

 

3.800%, 06/01/14

 

2,200

 

2,214

 

Northville Public Schools, Series II, Callable 05/01/15 @ 100 (FSA) (GO) (MQSBLF)

 

 

 

 

 

4.000%, 05/01/18 (f)

 

1,475

 

1,481

 

Rochester Community School District, Series 1, Pre-refunded 05/01/10 @ 100 (FGIC) (GO)

 

 

 

 

 

5.375%, 05/01/11 (b)

 

2,000

 

2,203

 

Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity, Callable until 10/31/05 @ 101(RB)

 

 

 

 

 

7.000%, 11/01/15 (a)

 

1,300

 

1,634

 

Wayne Charter County Airport, Series A, Callable 12/01/08 @ 101 (AMT) (MBIA) (RB)

 

 

 

 

 

5.250%, 12/01/09

 

5,000

 

5,354

 

 

 

 

 

33,370

 

 

 

 

 

 

 

Minnesota — 3.4%

 

 

 

 

 

Minnesota Agriculture & Economic Development Board, Health Care Systems, Series A, Callable 11/15/10 @ 101 (RB)

 

 

 

 

 

5.875%, 11/15/11

 

2,135

 

2,377

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) (RB)

 

 

 

 

 

5.750%, 01/01/10

 

1,000

 

1,098

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT) (RB)

 

 

 

 

 

5.375%, 01/01/10

 

3,000

 

3,170

 

Minneapolis Hospital & Rehabilitation, Escrowed to Maturity (RB)

 

 

 

 

 

10.000%, 06/01/13 (a)

 

925

 

1,187

 

 



 

Monticello, Big Lake Community Hospital District, Health Care Facilities, Series C (RB)

 

 

 

 

 

5.250%, 12/01/11

 

1,940

 

2,017

 

Moorhead Independent School District #152, Callable 04/01/12 @ 100 (FGIC) (GO) (MSDCEP)

 

 

 

 

 

5.000%, 04/01/13

 

1,270

 

1,395

 

Robbinsdale Independent School District #281 (GO) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/09

 

1,250

 

1,338

 

Robbinsdale Independent School District #281, Callable 02/01/09 @ 100 (GO) (MSDCEP)

 

 

 

 

 

5.250%, 02/01/12

 

1,435

 

1,543

 

South Washington County Independent School District #833, Series A, Callable 02/01/10 @ 100 (GO) (MSDCEP)

 

 

 

 

 

5.300%, 02/01/11

 

1,000

 

1,092

 

St. Paul Housing & Redevelopment Authority, Callable 08/01/06 @ 102.50 (AMBAC) (RB)

 

 

 

 

 

6.400%, 02/01/07

 

1,195

 

1,262

 

6.400%, 08/01/07

 

1,205

 

1,281

 

6.500%, 02/01/09

 

1,315

 

1,400

 

St. Paul Port Authority Hotel, Pre-refunded 08/01/08 @ 100 (RB)

 

 

 

 

 

8.050%, 08/01/21 (b)

 

2,335

 

2,666

 

St. Paul Port Authority, Office Building at Cedar St.-03-12 (MLO) (RB)

 

 

 

 

 

4.000%, 12/01/11

 

1,045

 

1,088

 

 

 

 

 

22,914

 

 

 

 

 

 

 

Mississippi — 0.3%

 

 

 

 

 

Madison County School District, Series A (FGIC) (GO)

 

 

 

 

 

4.000%, 09/01/15

 

1,790

 

1,843

 

 

 

 

 

 

 

Missouri — 0.2%

 

 

 

 

 

Joplin Individual Development Authority Health Facilities, Freeman Health System Project (RB)

 

 

 

 

 

4.125%, 02/15/09

 

750

 

760

 

Missouri State Environmental Improvement & Energy Resource Authority, Series B (RB)

 

 

 

 

 

5.250%, 01/01/16

 

675

 

774

 

 

 

 

 

1,534

 

 

 

 

 

 

 

Nebraska — 2.4%

 

 

 

 

 

Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) (RB)

 

 

 

 

 

4.800%, 09/01/08

 

1,400

 

1,475

 

Douglas County Hospital Authority #002, Medical Center (GTY) (RB)

 

 

 

 

 

5.000%, 11/15/11

 

2,860

 

3,074

 

Douglas County Zoo Facilities Revenue, Omaha’s Henry Doorly Zoo Project, Callable until 08/31/17 @ 100 (RB)

 

 

 

 

 

4.750%, 09/01/17

 

745

 

781

 

Douglas County Zoo Facilities Revenue, Omaha’s Henry Doorly Zoo Project, Callable until 08/31/18 @ 100 (RB)

 

 

 

 

 

4.750%, 09/01/18

 

740

 

772

 

Lincoln-Lancaster County Public Building, Tax Supported Lease Rental, Callable 04/15/15 @ 100 (MLO)

 

 

 

 

 

4.500%, 10/15/15

 

1,020

 

1,092

 

Nebraska Educational Finance Authority, Creighton University Project, Callable 01/01/06 @ 101 (AMBAC) (RB)

 

 

 

 

 

5.600%, 01/01/07

 

2,500

 

2,560

 

Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (MLO) (RB)

 

 

 

 

 

6.000%, 02/01/06

 

1,275

 

1,299

 

Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI) (RB)

 

 

 

 

 

4.700%, 11/15/11

 

500

 

530

 

Nebraska Investment Financial Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI) (RB)

 

 

 

 

 

4.800%, 11/15/12

 

500

 

531

 

4.900%, 11/15/13

 

600

 

638

 

Omaha Northwest Library Facilities, Callable 08/15/07 @ 102 (MLO) (RB)

 

 

 

 

 

5.250%, 08/15/12

 

975

 

1,044

 

Omaha Tax Allocation, Convention Center Hotel Redevelopment, Series A, Callable 12/15/14 @100 (RB)

 

 

 

 

 

5.000%, 12/15/19

 

2,380

 

2,436

 

 

 

 

 

16,232

 

 

 

 

 

 

 

Nevada — 1.9%

 

 

 

 

 

Carson City, Carson-Tahoe Hospital Project (RB)

 

 

 

 

 

5.750%, 09/01/11

 

1,000

 

1,093

 

5.750%, 09/01/12

 

1,055

 

1,161

 

Clark County School District, Building & Renovation, Series B, Pre-refunded 06/15/07 @ 101 (FGIC) (GO)

 

 

 

 

 

5.750%, 06/15/08 (b)

 

1,000

 

1,067

 

Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B, Callable 11/15/14 @ 100 (RB)

 

 

 

 

 

6.750%, 11/15/23

 

2,150

 

2,253

 

 



 

Nevada State, Pre-refunded 06/01/08 @ 100 (GO)

 

 

 

 

 

5.250%, 06/01/11 (b)

 

3,000

 

3,200

 

Washoe County, Escrowed to Maturity, Callable 08/01/05 @ 100 (GO)

 

 

 

 

 

9.875%, 08/01/09 (a)

 

3,455

 

3,959

 

 

 

 

 

12,733

 

 

 

 

 

 

 

New Hampshire — 0.5%

 

 

 

 

 

New Hampshire Health & Educational Facilities Authority, Callable 07/01/14 @ 100 (RB)

 

 

 

 

 

5.375%, 07/01/24

 

1,250

 

1,334

 

New Hampshire Health & Educational Facilities Authority, Southern New Hampshire Medical Center, Series A (RAAI) (RB)

 

 

 

 

 

5.000%, 10/01/13

 

790

 

854

 

New Hampshire State Health & Educational Facilities Authority, Speare Memorial Hospital, Callable 07/01/15 @ 100 (RB)

 

 

 

 

 

5.500%, 07/01/25

 

1,000

 

1,039

 

 

 

 

 

3,227

 

 

 

 

 

 

 

New Jersey — 1.0%

 

 

 

 

 

New Jersey Economic Development Authority, Cigarette Tax (RB)

 

 

 

 

 

5.500%, 06/15/16

 

2,000

 

2,239

 

New Jersey Health Care Facilities, Capital Health Systems, Series A (RB)

 

 

 

 

 

5.500%, 07/01/12

 

1,500

 

1,638

 

New Jersey State Transportation Trust Fund Authority, Series A (RB)

 

 

 

 

 

5.500%, 06/15/08

 

2,000

 

2,137

 

New Jersey State Turnpike Authority, Escrowed to Maturity (RB)

 

 

 

 

 

6.750%, 01/01/09 (a)

 

820

 

834

 

 

 

 

 

6,848

 

 

 

 

 

 

 

New Mexico — 0.8%

 

 

 

 

 

Farmington, Pre-refunded 07/01/05 @ 100 (RB)

 

 

 

 

 

9.875%, 01/01/13 (b)

 

5,160

 

5,161

 

 

 

 

 

 

 

New York — 2.7%

 

 

 

 

 

Hempstead Town Industrial Development Agency, Callable 12/01/06 @ 102 (MBIA) (RB)

 

 

 

 

 

5.000%, 12/01/08

 

2,000

 

2,094

 

Long Island Power Authority, Series B (RB)

 

 

 

 

 

5.250%, 12/01/13

 

4,000

 

4,453

 

New York, Series A, Callable 08/01/12 @ 100 (GO)

 

 

 

 

 

5.750%, 08/01/15

 

3,220

 

3,615

 

New York, Series C, Callable 03/15/12 @ 100 (GO)

 

 

 

 

 

5.500%, 03/15/14

 

3,000

 

3,313

 

New York, Series D (GO)

 

 

 

 

 

5.500%, 06/01/12

 

2,000

 

2,235

 

New York, Series G (GO) (XLCA)

 

 

 

 

 

5.500%, 08/01/12

 

2,000

 

2,255

 

New York State Dormitory Authority Revenue, Supported Debt, 2005 Mental Health, Series D, Callable until 02/14/11 @ 100 (RB)

 

 

 

 

 

5.750%, 02/15/11

 

50

 

56

 

New York State Environmental Facilities, Pollution Control, Series D-02, Callable until 11/14/05 @ 102 (RB)

 

 

 

 

 

6.400%, 05/15/06

 

225

 

230

 

 

 

 

 

18,251

 

 

 

 

 

 

 

North Carolina — 0.8%

 

 

 

 

 

North Carolina Eastern Power Agency, Series D (RB)

 

 

 

 

 

5.375%, 01/01/13

 

2,955

 

3,236

 

North Carolina Power Agency #1, Series A, Callable 01/01/13 @ 100 (FSA) (RB)

 

 

 

 

 

5.250%, 01/01/16

 

2,000

 

2,201

 

 

 

 

 

5,437

 

 

 

 

 

 

 

North Dakota — 0.2%

 

 

 

 

 

Fargo Health Systems, Meritcare Obligated Group, Series A (FSA) (RB)

 

 

 

 

 

5.000%, 06/01/09

 

715

 

764

 

North Dakota State Industrial Commission, Lignite Program, Series A (RB)

 

 

 

 

 

5.750%, 11/15/05

 

330

 

333

 

 

 

 

 

1,097

 

 

 

 

 

 

 

Ohio — 1.2%

 

 

 

 

 

Hamilton Electric Revenue, Series A (FSA) (RB)

 

 

 

 

 

4.100%, 10/15/14

 

1,500

 

1,561

 

Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B, Callable 09/01/07 @ 102 (MBIA) (RB)

 

 

 

 

 

5.375%, 09/01/09

 

1,000

 

1,067

 

Ohio State Water Development Authority, Escrowed to Maturity, Callable 12/01/05 @ 100 (RB)

 

 

 

 

 

9.375%, 12/01/10 (a)

 

2,010

 

2,281

 

 



 

Ohio Water Development Authority, Callable 06/01/15 @ 100 (MBIA) (RB)

 

 

 

 

 

4.200%, 12/01/22 (f)

 

1,020

 

1,018

 

Richland County Hospital Facilities, Series A (RB)

 

 

 

 

 

5.500%, 11/15/05

 

725

 

732

 

5.550%, 11/15/06

 

765

 

790

 

5.650%, 11/15/08

 

595

 

638

 

 

 

 

 

8,087

 

 

 

 

 

 

 

Oklahoma — 2.4%

 

 

 

 

 

Cherokee County Economic, Zero Coupon Bond, Escrowed to Maturity (AMBAC) (RB)

 

 

 

 

 

5.610%, 11/01/11 (a) (c)

 

3,340

 

2,678

 

Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project, Callable until 09/30/14 @ 101 (AMT) (RB)

 

 

 

 

 

5.750%, 01/01/23

 

1,430

 

1,448

 

Oklahoma County Housing Finance Authority, Series B, Zero Coupon Bond, Pre-refunded 03/01/06 @ 56.92 (RB)

 

 

 

 

 

5.740%, 07/01/12 (b) (c)

 

3,690

 

2,063

 

Oklahoma Housing Finance Agency, Series A-2, Callable 09/01/05 @ 100, Mandatory Put 11/05/05 @ 100 (FNMA) (RB)

 

 

 

 

 

5.500%, 11/01/25

 

3,000

 

3,006

 

South Oklahoma City, Callable until 01/31/13 @ 100, Pre-refunded 02/01/10 @ 100 (RB)

 

 

 

 

 

9.750%, 02/01/13 (b)

 

3,570

 

4,311

 

Tulsa Educational Facilities Authority, Holland Hall School Project, Series B, Callable 12/01/08 @ 101 (RB)

 

 

 

 

 

4.600%, 12/01/09

 

1,195

 

1,254

 

Tulsa Metropolitan Utility Authority, Callable 09/01/05 @ 102 (RB)

 

 

 

 

 

5.600%, 09/01/06

 

1,000

 

1,025

 

 

 

 

 

15,785

 

 

 

 

 

 

 

Oregon — 1.9%

 

 

 

 

 

Clackamas County School District #108, Estacada (FSA) (GO) (SBG)

 

 

 

 

 

5.250%, 06/15/17

 

1,205

 

1,380

 

Clackamas County School District #7J, Lake Oswego, Callable 06/01/11 @ 100 (GO)

 

 

 

 

 

5.375%, 06/01/14

 

3,105

 

3,445

 

Lane County School District #52, Bethel (GO) (SBG)

 

 

 

 

 

5.500%, 06/15/09

 

1,000

 

1,093

 

Linn County Community School District #9, Lebanon, (FGIC) (GO) (SBG)

 

 

 

 

 

5.250%, 06/15/22

 

1,175

 

1,356

 

Morrow County School District #001 (FSA) (GO) (SBG)

 

 

 

 

 

5.250%, 06/15/16

 

1,245

 

1,422

 

Multnomah County School District #007, Reynolds (GO) (MBIA) (SBG)

 

 

 

 

 

5.000%, 06/15/13

 

1,400

 

1,554

 

Oregon State Department, Administrative Services, Series E, Callable 11/01/12 @ 100 (COP) (FSA) (MLO)

 

 

 

 

 

5.000%, 11/01/14

 

2,170

 

2,395

 

 

 

 

 

12,645

 

 

 

 

 

 

 

Pennsylvania — 0.9%

 

 

 

 

 

Central Greene School District, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond, Callable 05/31/06 @ 78.123 (GO) (MBIA) (STAID)

 

 

 

 

 

4.690%, 12/01/07 (a) (c)

 

2,000

 

1,864

 

Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI) (RB)

 

 

 

 

 

5.000%, 12/15/15

 

1,275

 

1,382

 

Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center, Callable 12/15/15 @ 100 (RAAI) (RB)

 

 

 

 

 

5.000%, 12/15/17

 

1,405

 

1,510

 

Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project, Callable 02/01/15 @ 100 (RB)

 

 

 

 

 

6.125%, 02/01/28

 

1,000

 

1,058

 

 

 

 

 

5,814

 

 

 

 

 

 

 

Puerto Rico — 0.3%

 

 

 

 

 

Puerto Rico Electric Power Authority, Escrowed to Maturity, Series AA (MBIA) (RB)

 

 

 

 

 

6.000%, 07/01/06 (a)

 

150

 

155

 

Puerto Rico Electric Power Authority, Un-refunded Balance, Series AA (MBIA) (RB)

 

 

 

 

 

6.000%, 07/01/06

 

850

 

879

 

Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) (GO)

 

 

 

 

 

5.250%, 07/01/33

 

1,000

 

1,076

 

 

 

 

 

2,110

 

 



South Carolina — 1.4%

 

 

 

 

 

Charleston EDL Excellence Finance, Charleston County School District Project (RB)

 

 

 

 

 

5.000%, 12/01/13

 

2,000

 

2,196

 

Lexington County Health Services District Inc., Lexington Medical Center, Callable 11/01/13 @ 100 (RB)

 

 

 

 

 

5.500%, 11/01/23

 

2,000

 

2,140

 

South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A (RB)

 

 

 

 

 

6.000%, 08/01/13

 

1,000

 

1,116

 

South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (RB)

 

 

 

 

 

6.000%, 08/01/13

 

2,000

 

2,232

 

South Carolina State Public Service Authority, Series A (MBIA) (RB)

 

 

 

 

 

5.500%, 01/01/10

 

1,665

 

1,835

 

 

 

 

 

9,519

 

 

 

 

 

 

 

South Dakota — 1.1%

 

 

 

 

 

Deadwood (ACA) (COP) (MLO)

 

 

 

 

 

5.500%, 11/01/07

 

800

 

840

 

5.600%, 11/01/08

 

845

 

902

 

South Dakota State Health & Educational Facilities Authority, Sioux Valley Hospital (RB)

 

 

 

 

 

5.250%, 11/01/08

 

900

 

955

 

South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement (RB)

 

 

 

 

 

5.650%, 09/01/05

 

665

 

667

 

5.800%, 09/01/06

 

735

 

749

 

5.900%, 09/01/07

 

755

 

780

 

4.750%, 09/01/11

 

530

 

551

 

5.000%, 09/01/12

 

1,000

 

1,056

 

South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement Community, Callable 09/01/12 @ 101 (RB)

 

 

 

 

 

5.000%, 09/01/13

 

1,000

 

1,052

 

 

 

 

 

7,552

 

 

 

 

 

 

 

Tennessee — 2.1%

 

 

 

 

 

Knoxville, Series A (GO)

 

 

 

 

 

5.000%, 05/01/16

 

1,030

 

1,156

 

Memphis (MBIA) (GO)

 

 

 

 

 

5.000%, 10/01/16

 

2,000

 

2,241

 

Metropolitan Government Nashville & Davidson County, Escrowed to Maturity, Callable 10/01/05 @ 102 (RB)

 

 

 

 

 

6.400%, 04/01/11 (a)

 

1,030

 

1,205

 

Shelby County Health Educational & Housing Facilities Board, Escrowed to Maturity, Callable 09/01/12 @ 100 (RB)

 

 

 

 

 

6.000%, 09/01/16 (a)

 

565

 

663

 

Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/12 @ 100, Callable 09/01/12 @ 100 (RB)

 

 

 

 

 

6.000%, 09/01/16 (b)

 

935

 

1,091

 

Shelby County Health, Educational & Housing Facilities Board, St. Jude’s Children’s Research (RB)

 

 

 

 

 

5.000%, 07/01/09

 

500

 

524

 

Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project (RB)

 

 

 

 

 

6.250%, 09/01/11

 

1,465

 

1,637

 

6.250%, 09/01/12

 

1,085

 

1,224

 

Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/12 @ 101 (RB)

 

 

 

 

 

6.500%, 09/01/13

 

2,215

 

2,529

 

Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/13 @ 100 (RAAI) (RB)

 

 

 

 

 

5.000%, 09/01/16

 

2,000

 

2,130

 

 

 

 

 

14,400

 

 

 

 

 

 

 

Texas — 9.1%

 

 

 

 

 

Abilene Health Facilities Development, Sears Methodist Retirement, Series A (RB)

 

 

 

 

 

5.100%, 11/15/05

 

1,115

 

1,118

 

5.250%, 11/15/06

 

1,175

 

1,187

 

5.300%, 11/15/07

 

1,000

 

1,026

 

5.350%, 11/15/08

 

1,300

 

1,347

 

Amarillo Independent School District (GO) (PSFG)

 

 

 

 

 

7.000%, 02/01/06

 

1,035

 

1,060

 

Austin, Callable 09/01/11 @ 100 (GO)

 

 

 

 

 

5.000%, 09/01/13

 

4,510

 

4,925

 

Bexar County, Zero Coupon Bond (GO) (MBIA)

 

 

 

 

 

3.780%, 06/15/06 (c)

 

1,000

 

974

 

Brazos River Authority, Electric Company Project, Series 1999-B, Mandatory Put 04/01/13 @ 100 (AMT) (RB)

 

 

 

 

 

6.750%, 09/01/34

 

2,000

 

2,290

 

Brazos River Authority, Electric Company Project, Series C, Mandatory Put 11/01/11 @ 100 (AMT) (RB)

 

 

 

 

 

5.750%, 05/01/36

 

1,585

 

1,696

 

 



 

Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/12 @ 100 (AMT) (RB)

 

 

 

 

 

5.700%, 05/15/33

 

1,000

 

1,091

 

Cypress-Fairbanks Independent School District, Pre-refunded 02/15/10 @ 100 (PSFG) (GO)

 

 

 

 

 

5.500%, 02/15/18 (b)

 

4,000

 

4,423

 

Donna Independent School District, Callable 02/15/15 @ 100 (GO) (GTY) (PSFG)

 

 

 

 

 

5.000%, 02/15/19

 

1,440

 

1,566

 

Frisco, Callable 02/05/11 @ 100 (FGIC) (GO)

 

 

 

 

 

5.000%, 02/15/18

 

1,125

 

1,212

 

5.000%, 02/15/19

 

1,675

 

1,805

 

Grapevine Industrial Development, Air Cargo, Callable 01/01/12 @ 101 (AMT) (RB)

 

 

 

 

 

6.500%, 01/01/24

 

495

 

520

 

Grapevine-Colleyville Independent School District (GO) (PSFG)

 

 

 

 

 

8.250%, 06/15/07

 

1,440

 

1,586

 

Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A (RB)

 

 

 

 

 

5.750%, 10/01/09

 

2,895

 

3,092

 

Houston Airport Systems, Escrowed to Maturity (RB)

 

 

 

 

 

8.200%, 07/01/05 (a)

 

215

 

215

 

Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/14 @ 101 (RB)

 

 

 

 

 

7.000%, 02/15/23

 

2,000

 

2,199

 

Irving Independent School District, Series A, Zero Coupon Bond (GO) (PSFG)

 

 

 

 

 

5.000%, 02/15/09 (c)

 

5,000

 

4,448

 

Kaufman County, Callable 02/15/12 @ 100 (FSA) (GO)

 

 

 

 

 

5.000%, 02/15/17

 

1,000

 

1,081

 

Keller Independent School District, Callable 08/15/11 @ 100 (GO) (PSFG)

 

 

 

 

 

5.375%, 08/15/14

 

2,000

 

2,220

 

Mission Independent School District (GO) (GTY) (PSFG)

 

 

 

 

 

5.000%, 02/15/15

 

1,430

 

1,585

 

North Harris Montgomery Community College District, Callable 02/15/12 @ 100 (FGIC) (GO)

 

 

 

 

 

5.375%, 02/15/15

 

2,535

 

2,806

 

Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond, Callable 12/01/05 @ 60.057 (MBIA) (RB)

 

 

 

 

 

3.780%, 06/01/12 (a) (c)

 

1,465

 

1,141

 

Port Houston Authority, Harris County, Series B, Callable 10/01/11 @ 100 (AMT) (FGIC) (GO)

 

 

 

 

 

5.500%, 10/01/12

 

2,405

 

2,649

 

Richardson Hospital Authority (RB)

 

 

 

 

 

5.500%, 12/01/13

 

1,290

 

1,418

 

Richardson Hospital Authority, Callable 12/01/13 @100 (RB)

 

 

 

 

 

5.500%, 12/01/14

 

1,310

 

1,428

 

Sam Rayburn Municipal Power Agency, Callable until 08/31/10 @ 100, Partially Pre-refunded 09/01/09 @ 100 (MBIA) (RB)

 

 

 

 

 

6.000%, 09/01/10 (b)

 

1,420

 

1,581

 

San Antonio Electric & Gas, Series A, Callable 02/01/09 @ 101 (RB)

 

 

 

 

 

5.250%, 02/01/13

 

2,135

 

2,308

 

Santa Fe Independent School District, Callable 02/15/13 @ 100 (GO) (GTY) (PSFG)

 

 

 

 

 

4.250%, 02/15/15

 

1,365

 

1,416

 

Texas State Public Finance Authority, Parks & Wildlife Projects, Callable until 07/31/08 @ 100 (AMBAC) (MLO) (RB)

 

 

 

 

 

6.000%, 08/01/08

 

1,000

 

1,070

 

Tyler Health Facilities, Mother Frances Hospital (RB)

 

 

 

 

 

5.250%, 07/01/12

 

1,000

 

1,081

 

United Independent School District (GO) (PSFG)

 

 

 

 

 

5.000%, 08/15/15

 

1,000

 

1,111

 

 

 

 

 

60,675

 

 

 

 

 

 

 

Utah — 0.9%

 

 

 

 

 

Ashley Valley Water & Sewer, Escrowed to Maturity, Callable 07/01/05 @ 102 (AMBAC) (GO)

 

 

 

 

 

10.900%, 01/01/10 (a)

 

1,310

 

1,564

 

Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC) (RB)

 

 

 

 

 

5.000%, 07/01/15

 

2,500

 

2,777

 

South Jordan, Sales Tax, Callable 08/15/11 @ 100 (AMBAC) (RB)

 

 

 

 

 

5.500%, 08/15/18

 

1,000

 

1,112

 

Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1, Callable 07/01/05 @ 102 (FHA) (RB) (VA)

 

 

 

 

 

6.300%, 01/01/18

 

75

 

76

 

Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R, Callable 07/01/06 @ 102 (FHA) (RB) (VA)

 

 

 

 

 

5.950%, 07/01/08

 

670

 

697

 

 

 

 

 

6,226

 

 



 

Virginia — 0.8%

 

 

 

 

 

Richmond Industrial Development Authority, Government Facilities (AMBAC) (RB)

 

 

 

 

 

5.000%, 07/15/18

 

1,845

 

2,065

 

Riverside Regional Jail Authority, Callable 07/01/05 @ 102 (MBIA) (RB)

 

 

 

 

 

5.700%, 07/01/08

 

905

 

925

 

Riverside Regional Jail Authority, Pre-refunded 07/01/05 @ 102 (MBIA) (RB)

 

 

 

 

 

5.700%, 07/01/08 (b)

 

1,095

 

1,117

 

Virginia State Peninsula Regional Jail Authority, Pre-refunded 10/01/05 @ 101 (MBIA) (RB)

 

 

 

 

 

5.300%, 10/01/09 (b)

 

1,000

 

1,017

 

 

 

 

 

5,124

 

 

 

 

 

 

 

Washington — 4.6%

 

 

 

 

 

Clark County School District #37, Vancouver (FSA) (GO)

 

 

 

 

 

5.250%, 12/01/14

 

1,515

 

1,715

 

Energy Northwest, Washington Wind Project, Series A, Pre-refunded 01/01/07 @ 103 (RB)

 

 

 

 

 

5.100%, 07/01/09 (b)

 

1,850

 

1,964

 

5.200%, 07/01/10 (b)

 

1,950

 

2,073

 

Energy Northwest, Wind Project, Callable 07/01/14 @ 100 (MBIA) (RB)

 

 

 

 

 

4.500%, 07/01/15

 

1,000

 

1,063

 

King County (AMBAC) (GO)

 

 

 

 

 

5.000%, 12/01/12

 

2,000

 

2,206

 

King County, Series B, Callable 12/01/07 @ 102 (GO)

 

 

 

 

 

5.850%, 12/01/13

 

2,035

 

2,219

 

King County, Series B, Pre-refunded 12/01/07 @ 102 (GO)

 

 

 

 

 

5.850%, 12/01/13 (b)

 

965

 

1,052

 

Pierce County School District #320, Sumner (GO)

 

 

 

 

 

6.000%, 12/01/06

 

255

 

262

 

Port Seattle Passenger Facility Charge, Series B (AMBAC) (AMT) (RB)

 

 

 

 

 

5.000%, 12/01/07

 

1,000

 

1,045

 

Snohomish County, Callable 12/01/11 @ 100 (GO) (MBIA)

 

 

 

 

 

5.375%, 12/01/19

 

5,000

 

5,535

 

Snohomish County Housing Authority, Callable 04/01/06 @ 100 (RB)

 

 

 

 

 

6.300%, 04/01/16

 

1,035

 

1,047

 

Spokane County School District #081, Callable 06/01/15 @ 100 (GO) (MBIA) (SBG)

 

 

 

 

 

0.000%, 06/01/16 (e)

 

1,000

 

907

 

Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC) (GO)

 

 

 

 

 

5.030%, 12/01/14 (c)

 

5,690

 

3,912

 

Washington State Public Power Supply System, Nuclear Project #2, Series A, Callable 07/01/06 @ 102 (AMBAC) (RB)

 

 

 

 

 

5.700%, 07/01/11

 

1,000

 

1,048

 

Washington State, Series C (GO)

 

 

 

 

 

5.500%, 07/01/14

 

2,275

 

2,611

 

Washington State, Series S-5, Zero Coupon Bond (FGIC) (GO)

 

 

 

 

 

5.830%, 01/01/16 (c)

 

3,000

 

1,949

 

 

 

 

 

30,608

 

 

 

 

 

 

 

West Virginia — 0.3%

 

 

 

 

 

Brooke Pleasants & Tyler Wetzel Counties, Single Family Mortgage, Escrowed to Maturity (RB)

 

 

 

 

 

7.400%, 08/15/10 (a)

 

1,675

 

2,010

 

 

 

 

 

 

 

Wisconsin — 2.3%

 

 

 

 

 

Door County, Series A, Callable 09/01/11 @ 100 (FGIC) (GO)

 

 

 

 

 

5.125%, 09/01/16

 

1,720

 

1,880

 

Middleton-Cross Plains Area School District (FSA) (GO)

 

 

 

 

 

5.000%, 04/01/16

 

1,195

 

1,331

 

Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A, Callable 02/15/09 @ 101 (RB)

 

 

 

 

 

5.500%, 02/15/20

 

1,500

 

1,556

 

Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project, Callable 12/01/11 @ 100 (RB)

 

 

 

 

 

5.750%, 12/01/19

 

2,000

 

2,008

 

Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project, Callable 05/01/14 @ 100 (RB)

 

 

 

 

 

5.375%, 05/01/18

 

1,250

 

1,337

 

Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B (RB)

 

 

 

 

 

6.250%, 02/15/09

 

500

 

541

 

Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB)

 

 

 

 

 

5.500%, 02/15/13

 

850

 

909

 

 



 

Wisconsin State Health & Educational Facilities Authority, Monroe Clinic (RB)

 

 

 

 

 

4.450%, 02/15/06

 

925

 

933

 

Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB)

 

 

 

 

 

6.125%, 04/01/24

 

1,500

 

1,521

 

Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services (RB)

 

 

 

 

 

5.750%, 08/15/11

 

645

 

718

 

Wisconsin State Health & Educational Facilities Authority, Wisconsin Medical College, Callable 12/01/14 @ 100 (RB)

 

 

 

 

 

5.000%, 12/01/15

 

1,450

 

1,602

 

Wisconsin State Health & Educational Facilties Authority, Vernon Memorial Healthcare Project (RB)

 

 

 

 

 

4.650%, 03/01/15

 

1,150

 

1,165

 

 

 

 

 

15,501

 

 

 

 

 

 

 

Wyoming — 0.3%

 

 

 

 

 

Lincoln County, Pacificorp Project, Mandatory Put 06/03/13 @ 100 (AMT) (RB)

 

 

 

 

 

4.125%, 11/01/25

 

2,250

 

2,232

 

 

 

 

 

 

 

Convertible Bonds - 2.0%

 

 

 

 

 

Chicago, Series A, Convertible, Zero Coupon Bond (GO) (MBIA)

 

 

 

 

 

3.489%, 01/01/16 (c)

 

2,000

 

1,724

 

Cook County High School District #209, Proviso Township, Convertible, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

4.210%, 12/01/16 (c)

 

1,000

 

982

 

The E-470 Public Highway Authority, Series C, Convertible, Zero Coupon Bond (MBIA) (RB)

 

 

 

 

 

4.250%, 09/01/17 (c)

 

1,500

 

1,222

 

Fayette County School District, Convertible, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

4.150%, 03/01/14 (c)

 

500

 

413

 

4.250%, 03/01/15 (c)

 

265

 

219

 

4.350%, 03/01/16 (c)

 

300

 

248

 

Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond (AMBAC) (RB)

 

 

 

 

 

4.750%, 06/15/13 (c)

 

1,405

 

1,218

 

Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond, Callable 06/15/15 @ 101 (AMBAC) (RB)

 

 

 

 

 

5.100%, 06/15/16 (c)

 

1,620

 

1,432

 

Metropolitan Pier & Exposition Authority, State Sales Tax, Convertible, Zero Coupon Bond (FGIC) (MBIA) (RB)

 

 

 

 

 

5.200%, 06/15/17 (c)

 

1,000

 

791

 

Miami-Dade County Special Obligations, Capital Appreciation & Income, Series A, Convertible, Zero Coupon Bond, Callable 10/01/17 @ 100 (MBIA) (RB)

 

 

 

 

 

4.420%, 10/01/21 (c) (e)

 

1,410

 

1,014

 

Montgomery BMC Special Care Facilities Finance Authority, Series A-2, Convertible, Zero Coupon, Callable 11/15/14 @ 100 (MBIA) (RB)

 

 

 

 

 

4.400%, 11/15/16 (c)

 

2,000

 

1,916

 

Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) (RB)

 

 

 

 

 

5.250%, 06/15/15 (c)

 

2,750

 

2,330

 

 

 

 

 

13,509

 

 

 

 

 

 

 

Total Municipal Bonds (Cost $620,795)

 

 

 

663,815

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Affiliated Money Market Fund — 0.3%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (g)

 

2,142,037

 

 

2,142

 

 

 

 

 

 

 

Total Affiliated Money Market Fund (Cost $2,142)

 

 

 

2,142

 

 

 

 

 

 

 

Total Investments - 99.3%
(Cost $622,937)

 

 

 

665,957

 

Other Assets and Liabilities, Net - 0.7%

 

 

 

4,360

 

Total Net Assets - 100.0%

 

 

 

$

670,317

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.

 

 

 

(b)

 

Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

 

 

(c)

 

The rate shown is the effective yield at the time of purchase.

 



 

(d)

 

Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the funds’ board of directors. As of June 30, 2005, the value of these investments was $10,961,754 or 1.6% of total net assets.

 

 

 

(e)

 

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future dates(s). The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(f)

 

Security purchased on a when-issued basis. On June 30, 2005, the total cost of investments purchased on a when-issued basis was $4,946,292, or 0.7% of total net assets.

 

 

 

(g)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

ABAG - Association of Bay Area Governments

ACA - American Capital Access

AMBAC - American Municipal Bond Assurance Corporation

AMT -

Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $34,577,528, which represents 5.2% of total net assets.

Cl - Class

CMI - California Mortgage Insurance Program

COMGTY - Commonwealth Guaranty

COP - Certificate of Participation

FGIC - Financial Guaranty Insurance Corporation

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

GTY - Assured Guaranty

LOC - Line of Credit

MBIA - Municipal Bond Insurance Association

MLO - Municipal Lease Obligation

MQSBLF - Michigan Qualified School Board Loan Fund Program

MSDCEP - Minnesota School District Credit Enhancement Program

PSFG - Permanent School Fund Guarantee

RAAI - Radian Asset Assurance Inc.

RB - Revenue Bond

SBG - School Bond Guaranty

STAID - State Aid Withholding

VA - Veterans Administration

XLCA - XL Capital Assurance Inc.

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Minnesota Intermediate Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 99.0%

 

 

 

 

 

Revenue Bonds - 56.0%

 

 

 

 

 

Continuing Care Retirement Community - 0.5%

 

 

 

 

 

Sauk Rapids Health Care & Housing Facilities, Good Shepherd Lutheran Home, Callable 01/01/12 @ 101

 

 

 

 

 

5.750%, 01/01/21

 

$

1,175

 

$

1,226

 

 

 

 

 

 

 

Economic Development - 1.6%

 

 

 

 

 

Minneapolis Community Development Agency, Series G-3, Callable 12/01/11 @ 100

 

 

 

 

 

5.350%, 12/01/21

 

1,000

 

1,067

 

Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT)

 

 

 

 

 

6.500%, 08/01/08

 

1,335

 

1,411

 

Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT)

 

 

 

 

 

6.625%, 08/01/08

 

1,210

 

1,283

 

 

 

 

 

3,761

 

 

 

 

 

 

 

Education - 5.6%

 

 

 

 

 

Minneapolis, The Blake School Project, Callable 09/01/11 @ 100

 

 

 

 

 

5.000%, 09/01/12

 

445

 

478

 

Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4

 

 

 

 

 

4.500%, 10/01/06

 

505

 

513

 

4.850%, 10/01/09

 

520

 

547

 

Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4, Callable 10/01/09 @ 100

 

 

 

 

 

5.000%, 10/01/11

 

500

 

524

 

5.000%, 10/01/12

 

500

 

522

 

Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-C, Callable 05/01/14 @ 100

 

 

 

 

 

4.750%, 05/01/18

 

1,075

 

1,121

 

Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1,
Pre-refunded 05/01/06 @ 100

 

 

 

 

 

5.750%, 11/01/12 (a)

 

1,375

 

1,411

 

Minnesota State Higher Education Facilities Authority, Minneapolis College of Art and Design

 

 

 

 

 

5.000%, 05/01/11

 

250

 

264

 

Minnesota State Higher Education Facilities Authority, St. Benedict College, Callable 03/01/07 @ 100

 

 

 

 

 

4.875%, 03/01/08

 

1,000

 

1,022

 

5.100%, 03/01/11

 

2,885

 

2,941

 

Minnesota State Higher Education Facilities Authority, St. Benedict College, Series 5-W

 

 

 

 

 

4.200%, 03/01/12

 

345

 

357

 

Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1, Callable 10/01/12 @ 100

 

 

 

 

 

5.250%, 10/01/22

 

1,500

 

1,582

 

Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5 (MBIA)

 

 

 

 

 

5.000%, 10/01/11

 

255

 

279

 

Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5, Callable 10/01/11 @ 100 (MBIA)

 

 

 

 

 

5.000%, 10/01/12

 

480

 

518

 

Minnesota State Higher Education Facilities Authority, University of St. Thomas, Callable 10/01/14 @ 100

 

 

 

 

 

5.250%, 10/01/19

 

530

 

580

 

Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Callable 04/01/08 @ 100

 

 

 

 

 

5.250%, 04/01/12

 

385

 

402

 

 

 

 

 

13,061

 

 



 

Healthcare - 17.0%

 

 

 

 

 

Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102

 

 

 

 

 

5.500%, 06/01/10

 

435

 

442

 

5.650%, 06/01/12

 

940

 

952

 

Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100

 

 

 

 

 

5.375%, 02/15/22

 

2,045

 

2,185

 

Glencoe Health Care Facilities, Callable 04/01/11 @ 101

 

 

 

 

 

7.400%, 04/01/21

 

1,000

 

1,094

 

Hastings Health Care Facility, Regina Medical Center, Callable 09/15/08 @ 100 (ACA)

 

 

 

 

 

5.000%, 09/15/13

 

500

 

516

 

Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A, Callable until 11/14/13 @ 101 (AMBAC)

 

 

 

 

 

5.000%, 11/15/13

 

1,000

 

1,008

 

Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100

 

 

 

 

 

6.000%, 11/15/23

 

2,500

 

2,759

 

5.750%, 11/15/32

 

1,300

 

1,403

 

Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity

 

 

 

 

 

5.000%, 05/15/12 (b)

 

605

 

663

 

Minneapolis Healthcare System, Fairview Health Services, Series B (MBIA)

 

 

 

 

 

4.500%, 05/15/11

 

1,170

 

1,242

 

Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A (MBIA)

 

 

 

 

 

5.000%, 02/15/10

 

3,815

 

4,107

 

Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project

 

 

 

 

 

5.500%, 02/01/11

 

280

 

302

 

5.500%, 02/01/12

 

200

 

217

 

Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project, Callable 02/01/12 @ 101

 

 

 

 

 

5.500%, 02/01/15

 

730

 

785

 

Minnesota Agricultural & Economic Development Board, Fairview Healthcare Systems, Series A, Pre-refunded 11/15/07 @ 102 (MBIA)

 

 

 

 

 

5.500%, 11/15/17 (a)

 

1,195

 

1,292

 

5.750%, 11/15/26 (a)

 

490

 

533

 

Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA)

 

 

 

 

 

5.400%, 11/15/08

 

1,000

 

1,073

 

Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A, Callable 11/15/07 @ 102 (MBIA)

 

 

 

 

 

5.500%, 11/15/17

 

305

 

327

 

5.750%, 11/15/26

 

10

 

11

 

Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100

 

 

 

 

 

5.750%, 12/01/15

 

2,320

 

2,423

 

Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable until 05/31/06 @ 101

 

 

 

 

 

5.750%, 06/01/16

 

1,360

 

1,370

 

New Hope Housing & Health Care Facilities, Masonic Home North Ridge

 

 

 

 

 

5.200%, 03/01/06

 

645

 

652

 

5.300%, 03/01/07

 

685

 

702

 

New Hope Housing & Health Care Facilities, Masonic Home North Ridge, Callable 03/01/09 @ 102

 

 

 

 

 

5.500%, 03/01/10

 

500

 

525

 

Plymouth Health Facilities, Westhealth Project, Series A, Callable until 05/31/06 @ 101 (FSA)

 

 

 

 

 

6.200%, 06/01/11

 

1,360

 

1,377

 

Rochester, St. Mary’s Hospital, Escrowed to Maturity, Callable 10/01/05 @ 100

 

 

 

 

 

5.750%, 10/01/07 (b)

 

825

 

851

 

St. Cloud Health Care (FSA)

 

 

 

 

 

5.500%, 05/01/07

 

500

 

524

 

5.500%, 05/01/08

 

1,450

 

1,548

 

St. Paul Port Authority, Healtheast Midway Campus, Series A

 

 

 

 

 

5.250%, 05/01/15

 

1,500

 

1,500

 

St. Paul Port Authority, Healtheast Midway Campus, Series A, Callable 05/01/15 @ 100

 

 

 

 

 

5.750%, 05/01/25

 

2,000

 

2,018

 

 



 

Shakopee Health Care Facilities, St. Francis Regional Medical Center

 

 

 

 

 

4.000%, 09/01/12

 

305

 

310

 

Shakopee Health Care Facilities, St. Francis Regional Medical Center, Callable 09/01/14 @ 100

 

 

 

 

 

5.000%, 09/01/17

 

1,785

 

1,874

 

Stillwater Healthcare, Health Systems Obligation Group

 

 

 

 

 

4.250%, 06/01/15

 

300

 

307

 

Stillwater Healthcare, Health Systems Obligation Group, Callable 06/01/15 @ 100

 

 

 

 

 

4.250%, 06/01/16

 

760

 

770

 

Todd, Morrison, Cass & Wadena Counties, United Hospital District

 

 

 

 

 

4.250%, 12/01/12

 

425

 

437

 

4.000%, 12/01/13

 

400

 

403

 

Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102

 

 

 

 

 

5.300%, 07/01/17

 

525

 

551

 

5.350%, 07/01/18

 

590

 

621

 

 

 

 

 

39,674

 

 

 

 

 

 

 

Housing - 1.1%

 

 

 

 

 

Dakota County Housing & Redevelopment Authority, Single Family Mortgages, Callable 10/01/07 @ 101.50 (AMT) (FNMA) (GNMA)

 

 

 

 

 

5.125%, 10/01/20

 

119

 

119

 

Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA)

 

 

 

 

 

3.050%, 06/15/34

 

1,150

 

1,139

 

Minneapolis Mortgage, Callable 10/01/05 @ 100

 

 

 

 

 

3.607%, 10/01/12

 

583

 

300

 

Minnesota State Housing Finance Agency, Rental Housing, Series D, Callable until 01/31/06 @ 102 (MBIA)

 

 

 

 

 

5.450%, 08/01/07

 

285

 

291

 

Minnesota State Housing Finance Agency, Single Family Mortgages, Series B, Callable 07/01/09 @ 100

 

 

 

 

 

5.550%, 07/01/24

 

595

 

600

 

South St. Paul Housing & Redevelopment Authority, Single Family Mortgages, Callable until 08/31/05 @ 101 (FNMA)

 

 

 

 

 

5.100%, 09/01/07

 

70

 

70

 

 

 

 

 

2,519

 

 

 

 

 

 

 

Lease Revenue - 3.4%

 

 

 

 

 

Andover Economic Development Authority, Andover Community Center, Callable 02/01/14 @ 100

 

 

 

 

 

5.000%, 02/01/19

 

1,225

 

1,297

 

Eden Prairie Housing & Redevelopment Authority, Series A, Callable 12/01/10 @ 100 (MLO)

 

 

 

 

 

5.000%, 12/01/11

 

255

 

277

 

St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center, Callable 06/01/10 @ 100

 

 

 

 

 

4.000%, 06/01/12

 

2,000

 

2,044

 

St. Paul Port Authority, Office Building, Callable 12/01/12 @ 100 (MLO)

 

 

 

 

 

5.000%, 12/01/19

 

2,415

 

2,630

 

Stearns County Housing & Redevelopment Authority, Series A, Callable 02/01/08 @ 100 (FSA) (MLO)

 

 

 

 

 

4.950%, 02/01/09

 

1,540

 

1,616

 

 

 

 

 

7,864

 

 

 

 

 

 

 

Miscellaneous - 0.9%

 

 

 

 

 

Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100

 

 

 

 

 

5.450%, 06/01/12

 

550

 

605

 

Seaway Port Authority of Duluth, Cargill Inc. Project

 

 

 

 

 

4.200%, 05/01/13

 

1,500

 

1,545

 

 

 

 

 

2,150

 

 

 

 

 

 

 

Recreational Facility Authority - 1.4%

 

 

 

 

 

St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2

 

 

 

 

 

6.700%, 08/01/07

 

1,395

 

1,414

 

St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103

 

 

 

 

 

7.375%, 08/01/10

 

1,685

 

1,774

 

 

 

 

 

3,188

 

 



 

Revolving Funds - 2.3%

 

 

 

 

 

Minnesota State Public Facilities Authority, Drinking Water, Series B, Callable 03/01/09 @ 100

 

 

 

 

 

5.125%, 03/01/19

 

2,000

 

2,137

 

Minnesota State Public Facilities Authority, Water Pollution Control, Callable 03/01/07 @ 100

 

 

 

 

 

5.000%, 03/01/09

 

590

 

611

 

Minnesota State Public Facilities Authority, Water Pollution Control, Pre-refunded 03/01/07 @ 100

 

 

 

 

 

5.000%, 03/01/09 (a)

 

1,410

 

1,462

 

Minnesota State Public Facilities Authority, Water Pollution Control, Series A, Callable 03/01/10 @ 100

 

 

 

 

 

4.000%, 03/01/11

 

1,000

 

1,037

 

 

 

 

 

5,247

 

 

 

 

 

 

 

Tax Revenue - 2.1%

 

 

 

 

 

Bloomington Port Authority, Mall of America Project, Series A (FSA)

 

 

 

 

 

4.900%, 02/01/09

 

1,000

 

1,067

 

Childrens Trust Fund, Puerto Rico, Tobacco Settlement

 

 

 

 

 

4.000%, 05/15/12

 

500

 

502

 

Minneapolis, St. Anthony Falls Project, Callable until 01/31/17 @ 102

 

 

 

 

 

5.000%, 02/01/17

 

1,040

 

1,047

 

St. Paul Port Authority, Energy Park, Tax Increment, Escrowed to Maturity (FSA)

 

 

 

 

 

5.000%, 02/01/08 (b)

 

2,100

 

2,185

 

 

 

 

 

4,801

 

 

 

 

 

 

 

Transportation - 6.7%

 

 

 

 

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Callable 01/01/13 @ 100 (MBIA)

 

 

 

 

 

5.000%, 01/01/20

 

2,200

 

2,380

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC)

 

 

 

 

 

5.750%, 01/01/10

 

2,880

 

3,162

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT)

 

 

 

 

 

5.500%, 01/01/09

 

2,500

 

2,658

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/09 @ 101 (AMT) (FGIC)

 

 

 

 

 

5.625%, 01/01/14

 

1,000

 

1,078

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Callable 01/01/15 @ 100 (FGIC)

 

 

 

 

 

4.000%, 01/01/16

 

430

 

437

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Callable 01/01/11 @ 100 (FGIC)

 

 

 

 

 

5.125%, 01/01/20

 

3,095

 

3,308

 

Minnesota Public Facilities Authority Tranportation, Callable 03/01/10 @ 100

 

 

 

 

 

5.000%, 03/01/12

 

970

 

1,043

 

Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA)

 

 

 

 

 

5.500%, 07/01/13

 

1,250

 

1,421

 

 

 

 

 

15,487

 

 

 

 

 

 

 

Utilities - 13.4%

 

 

 

 

 

Chaska Electric, Series A

 

 

 

 

 

5.600%, 10/01/08

 

680

 

730

 

5.650%, 10/01/09

 

720

 

786

 

5.650%, 10/01/10

 

760

 

840

 

4.000%, 10/01/12

 

500

 

511

 

4.200%, 10/01/15

 

1,000

 

1,023

 

Chaska Electric, Series A, Pre-refunded 10/01/10 @ 100

 

 

 

 

 

5.400%, 10/01/11 (a)

 

805

 

893

 

5.500%, 10/01/12 (a)

 

845

 

942

 

Cohasset Pollution Control, College Allete Project, Callable 07/01/14 @ 100 (RAAI)

 

 

 

 

 

4.950%, 07/01/22

 

2,230

 

2,309

 

Northern Minnesota Municipal Power Agency, Electric System (FSA)

 

 

 

 

 

5.500%, 01/01/08

 

2,090

 

2,225

 

Princeton Public Utility System, Callable 04/01/12 @ 100

 

 

 

 

 

4.100%, 04/01/15

 

450

 

455

 

Rochester Electric Utility, Callable 12/01/10 @ 100

 

 

 

 

 

5.000%, 12/01/16

 

1,150

 

1,219

 

Southern Minnesota Municipal Power Agency, Series A (AMBAC)

 

 

 

 

 

5.250%, 01/01/14

 

3,415

 

3,857

 

 



 

Southern Minnesota Municipal Power Agency, Series A, Callable 01/01/09 @ 101 (AMBAC)

 

 

 

 

 

5.000%, 01/01/11

 

1,270

 

1,361

 

Southern Minnesota Municipal Power Agency, Series A, Escrowed to Maturity, Callable until 12/31/05 @ 100 (FGIC)

 

 

 

 

 

5.000%, 01/01/06 (b)

 

995

 

1,007

 

Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)

 

 

 

 

 

5.257%, 01/01/20 (c)

 

3,500

 

1,872

 

5.275%, 01/01/21 (c)

 

5,000

 

2,547

 

Western Minnesota Municipal Power Agency, Series A, Callable 01/01/06 @ 102 (AMBAC)

 

 

 

 

 

5.500%, 01/01/11

 

5,000

 

5,169

 

5.500%, 01/01/13

 

2,000

 

2,067

 

Western Minnesota Municipal Power Agency, Series A, Callable 01/01/11 @ 100 (AMBAC)

 

 

 

 

 

5.500%, 01/01/12

 

1,360

 

1,515

 

 

 

 

 

31,328

 

 

 

 

 

 

 

Total Revenue Bonds

 

 

 

130,306

 

 

 

 

 

 

 

General Obligations - 40.1%

 

 

 

 

 

Anoka County Capital Improvements, Series B

 

 

 

 

 

4.550%, 01/01/11

 

1,960

 

2,078

 

Anoka-Hennepin Independent School District #11, Callable 02/01/11 @ 100 (MSDCEP)

 

 

 

 

 

5.000%, 02/01/14

 

2,000

 

2,176

 

Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/10 @ 100 (MSDCEP)

 

 

 

 

 

5.300%, 02/01/12

 

1,000

 

1,097

 

5.375%, 02/01/13

 

600

 

660

 

Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/11 @ 100 (MSDCEP)

 

 

 

 

 

5.000%, 02/01/12

 

2,845

 

3,094

 

Bloomington Independent School District #271, Series B, Callable 02/01/10 @ 100 (MSDCEP)

 

 

 

 

 

5.250%, 02/01/11

 

1,000

 

1,090

 

Buffalo Independent School District #877, Series B (FSA) (MSDCEP)

 

 

 

 

 

4.500%, 02/01/13

 

325

 

350

 

Burnsville Independent School District #191, Series A, Callable 02/01/08 @ 100 (MSDCEP)

 

 

 

 

 

5.000%, 02/01/09

 

1,225

 

1,288

 

Cambridge Independent School District #911, Series A, Callable 02/01/15 @ 100 (MSDCEP)

 

 

 

 

 

4.000%, 02/01/16

 

1,060

 

1,088

 

Cambridge Independent School District #911, Series B, Zero Coupon Bond, Callable 02/01/18 @ 87 (MSDCEP)

 

 

 

 

 

4.710%, 02/01/21 (c)

 

645

 

324

 

Centennial Independent School District #12, Series A, Callable 02/01/12 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/14

 

1,040

 

1,140

 

Chaska Independent School District #112, Series A (MSDCEP)

 

 

 

 

 

4.800%, 02/01/10

 

1,120

 

1,203

 

Crow Wing County, Series A (MBIA)

 

 

 

 

 

4.500%, 02/01/14

 

1,480

 

1,598

 

Dakota County Capital Improvements, Series C

 

 

 

 

 

4.850%, 02/01/10

 

1,000

 

1,078

 

Elk River Independent School District #728, Series A, Callable 02/01/11 @ 100 (MBIA) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/18

 

1,000

 

1,078

 

Farmington Independent School District #192, Callable 06/01/13 @ 100 (MSDCEP)

 

 

 

 

 

4.000%, 06/01/16

 

2,830

 

2,894

 

Hastings Independent School District #200, Series A, Callable 02/01/08 @ 100 (MSDCEP)

 

 

 

 

 

5.000%, 02/01/11

 

1,095

 

1,154

 

Lakeville Independent School District #194, Callable 02/01/09 @ 100 (MSDCEP)

 

 

 

 

 

5.000%, 02/01/16

 

2,000

 

2,117

 

Lakeville Independent School District #194, Series A, Callable 02/01/08 @ 100 (MSDCEP)

 

 

 

 

 

5.125%, 02/01/22

 

1,000

 

1,054

 

Lakeville Independent School District #194, Series A, Callable 02/01/13 @ 100 (FGIC) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/22

 

2,435

 

2,639

 

 



 

Minneapolis, Callable 12/01/11 @ 100

 

 

 

 

 

5.000%, 12/01/12

 

3,600

 

3,951

 

Minneapolis & St. Paul Metropolitan Council, Waste Water Treatment, Series A, Callable 03/01/11 @ 100

 

 

 

 

 

5.000%, 03/01/13

 

1,890

 

2,105

 

Minneapolis School District #1 (MSDCEP)

 

 

 

 

 

4.500%, 02/01/08

 

1,450

 

1,512

 

Minnesota State, Callable 08/01/07 @ 100

 

 

 

 

 

4.800%, 08/01/11

 

2,010

 

2,090

 

4.850%, 08/01/12

 

4,420

 

4,601

 

Moorhead Independent School District #152 (MSDCEP)

 

 

 

 

 

5.000%, 04/01/12

 

1,220

 

1,346

 

Moorhead Independent School District #152, Callable 04/01/12 @ 100 (FGIC) (MSDCEP)

 

 

 

 

 

5.000%, 04/01/15

 

3,450

 

3,754

 

5.000%, 04/01/16

 

2,510

 

2,728

 

Moorhead Independent School District #152, Callable 04/01/14 @ 100 (MSDCEP)

 

 

 

 

 

4.000%, 04/01/15

 

1,100

 

1,138

 

Mounds View Independent School District #621, Series A (MSDCEP)

 

 

 

 

 

5.250%, 02/01/10

 

1,230

 

1,347

 

Mounds View Independent School District #621, Series A, Callable 02/01/11 @ 100 (MSDCEP)

 

 

 

 

 

5.250%, 02/01/12

 

1,000

 

1,098

 

5.350%, 02/01/16

 

1,000

 

1,103

 

Mounds View Independent School District #621, Series A, Callable 02/01/12 @ 100 (MBIA) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/18

 

2,340

 

2,536

 

5.000%, 02/01/19

 

2,565

 

2,780

 

Northfield Independent School District #659, Callable 02/01/11 @ 100 (MSDCEP)

 

 

 

 

 

4.600%, 02/01/13

 

1,100

 

1,174

 

5.000%, 02/01/15

 

1,295

 

1,406

 

Pequot Lakes Independent School District #186, Callable 02/01/12 @ 100 (FGIC) (MSDCEP)

 

 

 

 

 

5.125%, 02/01/18

 

500

 

546

 

Perham, Callable 05/01/11 @ 100 (AMT)

 

 

 

 

 

5.850%, 05/01/15

 

1,205

 

1,287

 

Pipestone-Jasper Independent School District #2689, Callable 03/01/09 @ 100 (FGIC) (MSDCEP)

 

 

 

 

 

5.400%, 03/01/13

 

1,095

 

1,188

 

Puerto Rico Commonwealth (MBIA)

 

 

 

 

 

6.000%, 07/01/14

 

1,605

 

1,928

 

Puerto Rico Commonwealth, Series A (XLCA)

 

 

 

 

 

5.500%, 07/01/17

 

1,000

 

1,173

 

Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/08 @ 100

 

 

 

 

 

5.000%, 07/01/18

 

1,000

 

1,047

 

Ramsey County, Series D

 

 

 

 

 

5.000%, 02/01/14

 

2,000

 

2,241

 

Robbinsdale Independent School District #281, Callable 02/01/09 @ 100 (MBIA) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/16

 

1,000

 

1,060

 

Robbinsdale Independent School District #281, Callable 02/01/12 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/19

 

1,160

 

1,257

 

5.000%, 02/01/20

 

1,215

 

1,298

 

Rochester Independent School District #535, Series A, Callable 02/01/11 @ 100 (MSDCEP)

 

 

 

 

 

5.000%, 02/01/15

 

1,595

 

1,731

 

St. Louis Park Independent School District #283, Callable 02/01/09 @ 100 (MSDCEP)

 

 

 

 

 

5.250%, 02/01/10

 

1,500

 

1,614

 

5.600%, 02/01/15

 

725

 

782

 

St. Michael Independent School District #885, Callable 02/01/12 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/14

 

1,690

 

1,852

 

5.000%, 02/01/17

 

1,000

 

1,084

 

St. Paul, Series A, Callable 03/01/09 @ 100

 

 

 

 

 

5.000%, 03/01/10

 

1,180

 

1,261

 

Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 89.37 (FSA) (MSDCEP)

 

 

 

 

 

5.700%, 02/01/13 (c)

 

1,055

 

766

 

 



 

Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 94.63 (FSA)

 

 

 

 

 

5.753%, 02/01/12 (c)

 

1,790

 

1,384

 

Savage, Series A, Callable 02/01/06 @ 100 (FGIC)

 

 

 

 

 

5.500%, 02/01/08

 

1,000

 

1,016

 

South Washington County, Independent School District #833, Series A (MSDCEP)

 

 

 

 

 

5.500%, 02/01/09

 

500

 

544

 

South Washington County, Independent School District #833, Series B, Callable 02/01/12 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

5.000%, 02/01/15

 

1,030

 

1,119

 

Stillwater Independent School District #834, Callable 02/01/09 @ 100 (MSDCEP)

 

 

 

 

 

4.750%, 02/01/11

 

2,140

 

2,255

 

Worthington Independent School District #518, Callable 02/01/14 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

4.000%, 02/01/16

 

1,045

 

1,070

 

Total General Obligations

 

 

 

93,372

 

 

 

 

 

 

 

Certificates of Participation - 2.9%

 

 

 

 

 

Hennepin County (MLO)

 

 

 

 

 

4.650%, 11/15/08

 

1,000

 

1,056

 

Hennepin County, Callable 11/15/08 @ 100 (MLO)

 

 

 

 

 

5.375%, 11/15/09

 

2,280

 

2,449

 

Minneapolis Special School District #1, Series A, Pre-refunded 02/01/06 @ 100 (MBIA) (MLO)

 

 

 

 

 

5.900%, 02/01/11 (a)

 

2,150

 

2,191

 

Northeast Metropolitan Intermediate School District #916, Callable 01/01/14 @ 100 (MLO)

 

 

 

 

 

4.250%, 01/01/15

 

1,000

 

1,018

 

Total Certificates of Participation

 

 

 

6,714

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $217,899)

 

 

 

230,392

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Money Market Fund - 0.4%

 

 

 

 

 

Federated Minnesota Municipal Cash Trust

 

1,083,846

 

 

1,084

 

 

 

 

 

 

 

Total Money Market Fund
(Cost $1,084)

 

 

 

1,084

 

 

 

 

 

 

 

Total Investments - 99.4%
(Cost $218,983)

 

 

 

231,476

 

Other Assets and Liabilities, Net - 0.6%

 

 

 

1,305

 

Total Net Assets - 100.0%

 

 

 

$

232,781

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

 

 

(b)

 

Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.

 

 

 

(c)

 

The rate shown is the effective yield at the time of purchase.

 

 

 

 

 

ACA - American Capital Access

 

 

AMBAC - American Municipal Bond Assurance Corporation

 

 

AMT -           Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $12,137,498, which represents 5.2% of total net assets.

 

 

FGIC - Financial Guaranty Insurance Corporation

 

 

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

 

 

RAAI - Radian Asset Assurance Inc.

 

 

XLCA - XL Capital Assurance Inc.

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Minnesota Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 96.2%

 

 

 

 

 

Revenue Bonds - 78.3%

 

 

 

 

 

Continuing Care Retirement Communities - 1.7%

 

 

 

 

 

Golden Valley, Covenant Retirement Communities, Series A, Callable 12/01/09 @ 101

 

 

 

 

 

5.500%, 12/01/29

 

$

1,750

 

$

1,832

 

Sauk Rapids Health Care & Housing Facilities, Good Shepherd Lutheran Home, Callable 01/01/12 @ 101

 

 

 

 

 

6.000%, 01/01/34

 

900

 

944

 

 

 

 

 

2,776

 

 

 

 

 

 

 

Economic Development - 4.6%

 

 

 

 

 

Minneapolis Community Development, Series G-3, Callable 12/01/11 @ 100

 

 

 

 

 

5.450%, 12/01/31

 

3,250

 

3,467

 

Minnesota Agricultural & Economic Development Board, Small Business Development, Series B, Callable 08/01/08 @ 102 (AMT)

 

 

 

 

 

7.250%, 08/01/20

 

1,000

 

1,077

 

Minnesota Agricultural & Economic Development Board, Small Business Development, Series C, Callable 08/01/08 @ 102 (AMT)

 

 

 

 

 

7.250%, 08/01/20

 

1,385

 

1,473

 

Minnesota Agricultural & Economic Development Board, Small Business Development, Series D, Callable 08/01/08 @ 102 (AMT)

 

 

 

 

 

7.250%, 08/01/20

 

1,120

 

1,191

 

Minnesota Agriculture & Economic Development Board, Minnesota Small Business Program, Series A, Callable 08/01/10 @ 100 (AMT)

 

 

 

 

 

5.550%, 08/01/16

 

500

 

520

 

 

 

 

 

7,728

 

 

 

 

 

 

 

Education - 5.8%

 

 

 

 

 

Golden Valley, The Breck School, Callable 10/01/09 @ 100

 

 

 

 

 

5.750%, 10/01/14

 

1,000

 

1,093

 

Minneapolis, The Blake School Project, Callable 09/01/11 @ 100

 

 

 

 

 

5.450%, 09/01/21

 

2,000

 

2,141

 

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, Pre-refunded 11/01/07 @ 100

 

 

 

 

 

5.400%, 11/01/15 (a)

 

1,500

 

1,589

 

Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1,
Pre-refunded 05/01/06 @ 100

 

 

 

 

 

5.750%, 11/01/12 (a)

 

1,050

 

1,077

 

Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Callable 05/01/10 @ 100

 

 

 

 

 

6.625%, 05/01/20

 

1,000

 

1,098

 

Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T, Callable 07/01/05 @ 100

 

 

 

 

 

5.750%, 01/01/13

 

525

 

530

 

University of Minnesota, Series A

 

 

 

 

 

5.500%, 07/01/21

 

500

 

592

 

 

 

 

 

9,673

 

 

 

 

 

 

 

Healthcare - 25.1%

 

 

 

 

 

Bemidji Hospital Facilities, North Country Health Services, Callable 09/01/06 @ 102

 

 

 

 

 

5.625%, 09/01/15

 

1,600

 

1,663

 

Chisago Health Facilities Authority, Pleasant Heights Project, Callable 07/01/05 @ 102

 

 

 

 

 

7.300%, 07/01/25

 

400

 

408

 

Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102

 

 

 

 

 

6.000%, 06/01/29

 

3,000

 

3,003

 

 



 

Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100

 

 

 

 

 

5.250%, 02/15/28

 

1,000

 

1,052

 

5.250%, 02/15/33

 

1,000

 

1,049

 

Fergus Falls Health Care Facilities Authority, Broen Memorial Home, Series A, Callable until 10/31/05 @ 102

 

 

 

 

 

7.000%, 11/01/19

 

1,000

 

1,012

 

Fergus Falls Health Care Facilities Authority, Lake Region Hospital, Long Term Care Facilities Project, Callable 12/01/05 @ 102

 

 

 

 

 

6.500%, 12/01/25

 

2,000

 

2,056

 

Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Callable 04/01/11 @ 101

 

 

 

 

 

7.500%, 04/01/31

 

1,700

 

1,843

 

Marshall Minnesota Medical Center, Weiner Memorial Medical Center Project, Series A, Callable 11/01/13 @ 100

 

 

 

 

 

5.250%, 11/01/16

 

305

 

328

 

5.850%, 11/01/23

 

875

 

964

 

Minneapolis & St. Paul Housing & Redevelopment Authority, Children’s Health, Series A, Pre-refunded 08/15/05 @ 102 (FSA)

 

 

 

 

 

5.600%, 08/15/12 (a)

 

250

 

256

 

Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100

 

 

 

 

 

6.000%, 11/15/23

 

1,500

 

1,656

 

5.750%, 11/15/32

 

2,400

 

2,589

 

Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A, Callable 02/15/10 @ 101 (MBIA)

 

 

 

 

 

5.250%, 02/15/15

 

2,000

 

2,171

 

Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA)

 

 

 

 

 

5.500%, 11/15/11

 

500

 

537

 

Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A, Callable 11/15/07 @ 102 (MBIA)

 

 

 

 

 

5.500%, 11/15/17

 

205

 

220

 

Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A, Callable 11/15/10 @ 101

 

 

 

 

 

6.375%, 11/15/29

 

125

 

138

 

Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A,
Pre-refunded 11/15/07 @ 102 (MBIA)

 

 

 

 

 

5.500%, 11/15/17 (a)

 

795

 

860

 

Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A,
Pre-refunded 11/15/10 @ 101

 

 

 

 

 

6.375%, 11/15/29 (a)

 

3,875

 

4,511

 

Monticello, Big Lake Community Hospital, Series A, Callable 12/01/09 @ 100

 

 

 

 

 

5.750%, 12/01/19

 

1,000

 

1,025

 

Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100

 

 

 

 

 

6.200%, 12/01/22

 

1,000

 

1,069

 

Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable until 05/31/06 @ 101

 

 

 

 

 

6.000%, 06/01/29

 

1,900

 

1,915

 

New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge, Callable 03/01/09 @ 102

 

 

 

 

 

5.750%, 03/01/15

 

1,600

 

1,678

 

Olmstead County, Hiawatha Homes Project, Callable 07/01/05 @ 100

 

 

 

 

 

6.500%, 07/01/16

 

170

 

170

 

Stillwater Healthcare, Health Systems Obligation Group, Callable 06/01/15 @ 100

 

 

 

 

 

5.000%, 06/01/35

 

1,000

 

1,036

 

St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B, Callable 07/01/14 @ 100

 

 

 

 

 

5.500%, 07/01/25

 

2,000

 

2,160

 

St. Paul Housing & Redevelopment Authority, Regions Hospital, Callable 05/15/09 @ 100

 

 

 

 

 

5.250%, 05/15/18

 

500

 

515

 

St. Paul Port Authority, Healtheast Midway Campus, Series A, Callable 05/01/15 @ 100

 

 

 

 

 

5.875%, 05/01/30

 

900

 

907

 

St. Paul Port Authority, Healtheast Midway Campus, Series B, Callable 05/01/15 @ 100

 

 

 

 

 

6.000%, 05/01/30

 

1,800

 

1,817

 

 



 

Shakopee Health Care Facilities, St. Francis Regional Medical Center, Callable 09/01/14 @ 100

 

 

 

 

 

5.250%, 09/01/34

 

2,000

 

2,090

 

Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102

 

 

 

 

 

6.000%, 07/01/34

 

1,000

 

1,076

 

 

 

 

 

41,774

 

 

 

 

 

 

 

Housing - 12.1%

 

 

 

 

 

Austin Housing & Redevelopment Authority, Courtyard Residence Project, Series A, Callable 01/01/06 @ 102

 

 

 

 

 

7.250%, 01/01/26

 

500

 

513

 

Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project, Callable 04/20/11 @ 102 (GNMA)

 

 

 

 

 

5.900%, 04/20/42

 

2,000

 

2,149

 

Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A, Callable 02/20/07 @ 104

 

 

 

 

 

5.700%, 08/20/22

 

1,000

 

1,056

 

Eden Prairie Multifamily Housing, Preserve Place, Callable 01/20/08 @ 102 (GNMA)

 

 

 

 

 

5.500%, 01/20/18

 

500

 

522

 

Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA)

 

 

 

 

 

3.050%, 06/15/34

 

2,000

 

1,981

 

Hopkins Elderly Housing, St. Theresa Project, Series A, Callable 11/20/07 @ 102 (GNMA)

 

 

 

 

 

5.600%, 11/20/17

 

500

 

522

 

Hopkins Multifamily Housing, Renaissance Project, Callable 04/01/07 @ 102

 

 

 

 

 

6.250%, 04/01/15

 

500

 

522

 

Maplewood Multifamily Housing, Carefree Cottages II, Callable 04/15/14 @ 100 (AMT) (FNMA)

 

 

 

 

 

4.800%, 04/15/34

 

2,000

 

2,028

 

Minnesota State Housing Finance Agency, Residential Housing, Series B, Callable 07/01/11 @ 100 (AMT)

 

 

 

 

 

5.650%, 07/01/33

 

995

 

1,043

 

Minnesota State Housing Finance Agency, Residential Housing, Series B-1-RMK, Callable 07/01/11 @ 100 (AMT)

 

 

 

 

 

5.350%, 07/01/33

 

1,390

 

1,437

 

Minnesota State Housing Finance Agency, Residential Housing, Series F, Callable 07/01/11 @ 100 (AMT)

 

 

 

 

 

5.400%, 07/01/30

 

2,770

 

2,874

 

Minnesota State Housing Finance Agency, Series A, Callable 08/01/11 @ 100

 

 

 

 

 

3.850%, 02/01/13

 

1,430

 

1,448

 

Minnesota State Housing Finance Agency, Single Family Mortgage, Series C, Callable 07/01/09 @ 100 (AMT)

 

 

 

 

 

6.100%, 07/01/30

 

495

 

501

 

St. Anthony Housing & Redevelopment Authority, Chandler Place Project, Callable 05/20/06 @ 102 (FHA) (GNMA)

 

 

 

 

 

6.250%, 11/20/25

 

1,500

 

1,570

 

St. Louis Park, Multifamily Housing, Knollwood Apartments, Callable 12/01/05 @ 102 (FHA)

 

 

 

 

 

6.250%, 12/01/28

 

500

 

513

 

St. Louis Park, Multifamily Housing, Park Ridge Apartments, Callable 11/01/08 @ 102 (FHA) (GNMA)

 

 

 

 

 

5.250%, 11/01/20

 

500

 

521

 

White Bear Lake, Lake Square Housing, Lake Square, Series A, Callable 02/01/07 @ 102 (FHA)

 

 

 

 

 

6.000%, 08/01/20

 

1,020

 

1,059

 

 

 

 

 

20,259

 

 

 

 

 

 

 

Lease Revenue - 3.4%

 

 

 

 

 

New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A, Callable 02/01/10 @ 100

 

 

 

 

 

4.900%, 02/01/15

 

850

 

889

 

5.000%, 02/01/16

 

895

 

936

 

5.100%, 02/01/17

 

900

 

943

 

Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100

 

 

 

 

 

5.750%, 08/01/27

 

1,000

 

1,108

 

St. Paul Port Authority, Office Building at Robert St.-3-11

 

 

 

 

 

4.000%, 12/01/13

 

1,695

 

1,753

 

 

 

 

 

5,629

 

 



 

Miscellaneous - 6.0%

 

 

 

 

 

Little Canada Commercial Development, RLF Minnesota Project, Callable 10/01/05 @ 100 (MLO)

 

 

 

 

 

7.100%, 04/01/13

 

1,150

 

1,154

 

Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100

 

 

 

 

 

5.875%, 06/01/27

 

7,000

 

7,735

 

Seaway Port Authority of Duluth, Cargill Inc. Project

 

 

 

 

 

4.200%, 05/01/13

 

1,130

 

1,164

 

 

 

 

 

10,053

 

 

 

 

 

 

 

Recreational Facility Authority - 2.5%

 

 

 

 

 

Moorhead, Golf Course, Series B, Callable 12/01/08 @ 100

 

 

 

 

 

5.875%, 12/01/21

 

2,000

 

2,056

 

St. Paul Port Authority, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103

 

 

 

 

 

7.375%, 08/01/29

 

2,000

 

2,107

 

 

 

 

 

4,163

 

 

 

 

 

 

 

Tax Revenue - 0.3%

 

 

 

 

 

Duluth Economic Development Authority

 

 

 

 

 

8.000%, 08/01/08

 

180

 

189

 

Minneapolis, St. Anthony Falls Project, Callable 03/01/12 @ 102

 

 

 

 

 

5.750%, 02/01/27

 

300

 

303

 

 

 

 

 

492

 

 

 

 

 

 

 

Transportation - 2.7%

 

 

 

 

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Pre-refunded 01/01/10 @ 101 (FGIC)

 

 

 

 

 

5.750%, 01/01/32 (a)

 

3,000

 

3,369

 

Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/15 @ 100 (AMBAC) (AMT)

 

 

 

 

 

5.000%, 01/01/19

 

1,000

 

1,090

 

 

 

 

 

4,459

 

 

 

 

 

 

 

Utilities - 14.1%

 

 

 

 

 

Chaska Electric, Series A, Callable 10/01/10 @ 100

 

 

 

 

 

6.100%, 10/01/30

 

45

 

50

 

Chaska Electric, Series A, Pre-refunded 10/01/10 @ 100

 

 

 

 

 

6.100%, 10/01/30 (a)

 

4,955

 

5,665

 

Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)

 

 

 

 

 

6.650%, 01/01/19 (b)

 

4,000

 

2,246

 

6.700%, 01/01/24 (b)

 

12,000

 

5,258

 

5.800%, 01/01/25 (b)

 

7,000

 

2,928

 

5.600%, 01/01/26 (b)

 

8,300

 

3,300

 

5.151%, 01/01/27 (b)

 

3,000

 

1,131

 

Western Minnesota Municipal Power Agency, Callable 01/01/11 @ 100 (AMBAC)

 

 

 

 

 

5.500%, 01/01/14

 

1,545

 

1,715

 

5.500%, 01/01/15

 

550

 

606

 

Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA)

 

 

 

 

 

9.750%, 01/01/16 (c)

 

410

 

616

 

 

 

 

 

23,515

 

 

 

 

 

 

 

Total Revenue Bonds

 

 

 

130,521

 

 

 

 

 

 

 

General Obligations - 17.9%

 

 

 

 

 

Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/10 @ 100 (MSDCEP)

 

 

 

 

 

5.750%, 02/01/17 (d)

 

1,000

 

1,116

 

Becker Independent School District #726, Series A, Crossover Refunded 02/01/10 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

6.000%, 02/01/21 (d)

 

1,000

 

1,123

 

Chaska Independent School District #112, Series A, Crossover Refunded 02/01/09 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

5.700%, 02/01/18 (d)

 

1,000

 

1,093

 

Chaska Independent School District #112, Series B, Crossover Refunded 02/01/06 @ 100 (MSDCEP)

 

 

 

 

 

5.875%, 02/01/11 (d)

 

1,000

 

1,018

 

6.000%, 02/01/16 (d)

 

3,025

 

3,082

 

Columbia Heights Independent School District #13, Crossover Refunded 02/01/07 @ 100 (MSDCEP)

 

 

 

 

 

5.250%, 02/01/15 (d)

 

1,000

 

1,034

 

 



 

Delano Independent School District #879, Series A, Callable 02/01/11 @ 100 (FSA) (MSDCEP)

 

 

 

 

 

5.875%, 02/01/25

 

1,000

 

1,116

 

Minneapolis Sports Arena, Callable 04/01/08 @ 100

 

 

 

 

 

5.100%, 04/01/13

 

500

 

528

 

5.100%, 10/01/13

 

250

 

264

 

Minneapolis Sports Arena, Series B, Callable 09/01/05 @ 100

 

 

 

 

 

5.200%, 03/01/13

 

400

 

402

 

Minnesota State

 

 

 

 

 

4.000%, 08/01/11

 

9,000

 

9,427

 

North St. Paul Independent School District #622, Series B, Crossover Refunded 05/01/06 @ 100 (MSDCEP)

 

 

 

 

 

5.850%, 05/01/17 (d)

 

500

 

512

 

Perham, Disposal System, Callable 05/01/11 @ 100 (AMT)

 

 

 

 

 

6.000%, 05/01/22

 

1,500

 

1,611

 

Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY)

 

 

 

 

 

5.250%, 07/01/33

 

1,000

 

1,076

 

St. Louis Park Independent School District #283, Crossover Refunded 02/01/09 @ 100 (MSDCEP)

 

 

 

 

 

5.700%, 02/01/17 (d)

 

2,000

 

2,164

 

Sauk Rapids Independent School District #47, Series A, Callable 02/01/11 @ 100 (MBIA)

 

 

 

 

 

5.750%, 02/01/23

 

2,000

 

2,225

 

Wayzata Independent School District #284, Series A, Crossover Refunded 02/01/07 @ 100

 

 

 

 

 

5.500%, 02/01/17 (d)

 

2,000

 

2,075

 

Total General Obligations

 

 

 

29,866

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $149,192)

 

 

 

160,387

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Money Market Fund - 2.6%

 

 

 

 

 

Federated Minnesota Municipal Cash Trust

 

4,288,967

 

4,289

 

 

 

 

 

 

 

Total Money Market Fund
(Cost $4,289)

 

 

 

4,289

 

 

 

 

 

 

 

Total Investments - 98.8%
(Cost $153,481)

 

 

 

164,676

 

Other Assets and Liabilities, Net - 1.2%

 

 

 

2,074

 

Total Net Assets - 100.0%

 

 

 

$

166,750

 

 


+                 Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

(a)          Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

(b)         The rate shown is the effective yield at the time of purchase.

 

(c)          Escrowed to Maturity issues are typically backed by U.S. Government obligations.  If callable, these bonds may still be subject to call at the call date and price indicated.

 

(d)         Crossover Refunded securities are backed by the credit of the refunding issuer.  These bonds mature at the call date and price indicated.

 

AMBAC - American Municipal Bond Assurance Corporation

AMT -         Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $16,826,590, which represents 10.1% of total net assets.

COMGTY - Commonwealth Guaranty

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

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Missouri Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 98.9%

 

 

 

 

 

Revenue Bonds - 73.0%

 

 

 

 

 

Continuing Care Retirement Communities - 2.1%

 

 

 

 

 

Cole County Industrial Development Authority, Lutheran Services Heisinger Project, Callable 02/01/14 @ 100

 

 

 

 

 

5.250%, 02/01/24

 

$

2,000

 

$

2,097

 

Illinois Financing Authority, Friendship Village, Schaumburg, Series A, Callable 02/15/15 @ 100

 

 

 

 

 

5.375%, 02/15/25 (a)

 

1,800

 

1,786

 

 

 

 

 

3,883

 

 

 

 

 

 

 

Education - 9.3%

 

 

 

 

 

Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project, Callable 11/01/11 @ 100

 

 

 

 

 

5.000%, 11/01/19

 

2,540

 

2,761

 

Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 06/15/11 @ 100

 

 

 

 

 

5.125%, 06/15/41

 

2,150

 

2,254

 

Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 02/15/13 @ 100

 

 

 

 

 

5.000%, 02/15/33

 

1,000

 

1,058

 

Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 02/15/15 @ 100

 

 

 

 

 

5.000%, 02/15/19

 

1,465

 

1,608

 

Northwest Missouri State University Housing, Callable 06/01/13 @ 100 (MBIA)

 

 

 

 

 

5.000%, 06/01/16

 

650

 

708

 

University of Missouri, Pre-refunded 11/01/07 @ 101

 

 

 

 

 

5.500%, 11/01/21 (b)

 

3,000

 

3,213

 

5.800%, 11/01/27 (b)

 

5,000

 

5,389

 

 

 

 

 

16,991

 

 

 

 

 

 

 

Healthcare - 15.3%

 

 

 

 

 

Boone County Hospital, Callable 08/01/12 @ 100

 

 

 

 

 

5.050%, 08/01/20

 

1,200

 

1,253

 

Boone County Hospital, Callable 08/01/14 @ 100

 

 

 

 

 

5.000%, 08/01/16

 

670

 

715

 

Cape Girardeau County Authority, Southeast Missouri Hospital Association, Callable 06/01/12 @ 100

 

 

 

 

 

5.625%, 06/01/22

 

1,500

 

1,587

 

Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project, Callable 02/15/15 @ 102

 

 

 

 

 

5.500%, 02/15/24

 

2,000

 

2,149

 

Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity

 

 

 

 

 

6.750%, 05/15/12 (c)

 

3,310

 

3,998

 

Missouri State Health & Educational Facilities Authority, Freeman Hospital Project, Series A, Callable 02/15/06 @ 100 (FSA)

 

 

 

 

 

5.375%, 02/15/14

 

1,000

 

1,012

 

Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI)

 

 

 

 

 

4.250%, 08/15/13

 

735

 

765

 

Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital, Callable 08/15/14 @ 100 (RAAI)

 

 

 

 

 

5.000%, 08/15/19

 

2,300

 

2,436

 

Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project

 

 

 

 

 

5.000%, 02/15/12

 

515

 

542

 

Missouri State Health & Educational Facilities Authority, SSM Health Care System, Series A, Callable 06/01/08 @ 101 (MBIA)

 

 

 

 

 

5.000%, 06/01/12

 

2,000

 

2,102

 

5.000%, 06/01/18

 

2,000

 

2,078

 

Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A

 

 

 

 

 

5.000%, 11/15/14

 

3,000

 

3,303

 

North Kansas City Hospital, Series A, Callable 11/15/13 @ 100 (FSA)

 

 

 

 

 

5.000%, 11/15/21

 

250

 

268

 

St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Callable 11/15/13 @ 100

 

 

 

 

 

6.625%, 11/15/35

 

500

 

514

 

 



 

University Health Facilities, University of Missouri Health System, Series A, Callable 11/01/06 @ 102 (AMBAC)

 

 

 

 

 

5.600%, 11/01/26

 

5,000

 

5,248

 

 

 

 

 

27,970

 

 

 

 

 

 

 

Housing - 0.8%

 

 

 

 

 

University City Industrial Development Authority, Multifamily Housing, Series A, Callable 12/20/05 @ 102

 

 

 

 

 

5.950%, 12/20/25

 

1,400

 

1,436

 

 

 

 

 

 

 

Lease Revenue - 14.3%

 

 

 

 

 

Clay County, Public Building Authority, Callable 05/15/08 @ 100 (MLO)

 

 

 

 

 

5.125%, 05/15/14

 

2,000

 

2,116

 

Jackson County, Public Building Corporation, Callable 12/01/14 @ 100

 

 

 

 

 

5.000%, 12/01/19

 

2,060

 

2,235

 

5.000%, 12/01/25

 

1,000

 

1,065

 

Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond

 

 

 

 

 

5.260%, 04/15/27 (d)

 

2,000

 

727

 

Missouri State Board of Public Buildings, Series A, Callable 10/15/13 @ 100

 

 

 

 

 

5.000%, 10/15/27

 

1,000

 

1,066

 

Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MLO)

 

 

 

 

 

5.000%, 05/01/17

 

1,000

 

1,080

 

Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MBIA) (MLO)

 

 

 

 

 

5.000%, 05/01/23

 

2,000

 

2,133

 

5.000%, 05/01/24

 

5,130

 

5,467

 

5.125%, 05/01/26

 

5,000

 

5,296

 

Missouri State Financial Board Infrastructure Facilities, Branson, Series A, Callable 12/01/12 @ 100 (MLO)

 

 

 

 

 

5.000%, 12/01/17

 

1,000

 

1,048

 

5.375%, 12/01/22

 

750

 

792

 

Springfield Public Building, Capital Improvement Project, Callable 03/01/14 @ 100 (AMBAC)

 

 

 

 

 

5.000%, 03/01/24

 

2,000

 

2,133

 

St. Louis Missouri Junior College District Building Corporation (AMBAC)

 

 

 

 

 

4.000%, 03/01/14

 

330

 

341

 

St. Louis Missouri Junior College District Building Corporation, Callable 03/01/15 @ 100 (AMBAC)

 

 

 

 

 

4.100%, 03/01/16

 

600

 

615

 

 

 

 

 

26,114

 

 

 

 

 

 

 

Miscellaneous - 1.6%

 

 

 

 

 

Missouri Financial Board Cultural Facilities, Nelson Gallery Foundation, Series A, Callable 12/01/11 @ 100

 

 

 

 

 

5.250%, 12/01/14

 

1,000

 

1,108

 

Platte County Industrial Development Transportation Authority (MLO)

 

 

 

 

 

4.000%, 12/01/14

 

780

 

802

 

Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT)

 

 

 

 

 

5.650%, 06/01/37

 

1,000

 

1,045

 

 

 

 

 

2,955

 

 

 

 

 

 

 

Revolving Funds - 14.1%

 

 

 

 

 

Missouri State Enviornmental Improvement & Energy Resources Authority, Series A, State Revolving Fund, Pre-refunded 07/01/10 @ 100

 

 

 

 

 

5.500%, 07/01/16 (b)

 

1,875

 

2,088

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, Drinking Water, Callable 07/01/08 @ 101

 

 

 

 

 

5.000%, 01/01/19

 

2,200

 

2,333

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program, Callable 07/01/10 @ 100.

 

 

 

 

 

5.500%, 07/01/16

 

620

 

682

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/09 @ 101

 

 

 

 

 

5.250%, 01/01/15

 

2,180

 

2,343

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/13 @ 100

 

 

 

 

 

5.500%, 07/01/14

 

2,000

 

2,272

 

5.500%, 07/01/18

 

1,400

 

1,580

 

 



 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, State Revolving Fund Program, Callable 01/01/13 @ 100

 

 

 

 

 

5.000%, 01/01/17

 

600

 

652

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program

 

 

 

 

 

5.375%, 07/01/14

 

2,400

 

2,763

 

5.375%, 07/01/15

 

1,500

 

1,734

 

5.375%, 07/01/16

 

2,000

 

2,324

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program, Callable 07/01/11 @ 100

 

 

 

 

 

5.000%, 07/01/23

 

6,655

 

7,124

 

 

 

 

 

25,895

 

 

 

 

 

 

 

Tax Revenue - 0.6%

 

 

 

 

 

Riverside Tax Increment Revenue, L-385 Levee Project, Callable 05/01/15 @ 100

 

 

 

 

 

5.250%, 05/01/20

 

1,000

 

1,038

 

 

 

 

 

 

 

Transportation - 9.3%

 

 

 

 

 

Missouri State Highways & Transportation Road, Series A

 

 

 

 

 

5.000%, 02/01/11

 

5,000

 

5,474

 

Missouri State Highways & Transportation Road, Series A, Callable 02/01/11 @ 100

 

 

 

 

 

5.250%, 02/01/20

 

5,000

 

5,396

 

Missouri State Highways & Transportation Road, Series A, Callable 02/01/12 @ 100

 

 

 

 

 

5.125%, 02/01/17

 

1,000

 

1,091

 

5.000%, 02/01/22

 

3,725

 

3,976

 

St. Louis Airport, Capital Improvement Program, Series A, Callable 07/01/12 @ 100 (MBIA)

 

 

 

 

 

5.375%, 07/01/21

 

1,000

 

1,094

 

 

 

 

 

17,031

 

 

 

 

 

 

 

Utilities - 5.6%

 

 

 

 

 

Kansas City Water, Series A, Callable 12/01/08 @ 101

 

 

 

 

 

5.000%, 12/01/11

 

4,390

 

4,703

 

Kansas City Water, Series B, Callable 12/01/06 @ 101

 

 

 

 

 

5.000%, 12/01/16

 

2,200

 

2,278

 

Metropolitan St. Louis Sewer District, Series A, Callable 05/01/14 @ 100 (MBIA)

 

 

 

 

 

5.000%, 05/01/23

 

1,075

 

1,156

 

Missouri State Development Financial Board, Independence Water Systems, Callable 11/01/14 @ 100 (AMBAC)

 

 

 

 

 

5.000%, 11/01/24

 

1,000

 

1,073

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Kansas City Power & Light

 

 

 

 

 

4.000%, 01/02/12

 

1,000

 

1,023

 

 

 

 

 

10,233

 

Total Revenue Bonds

 

 

 

133,546

 

 

 

 

 

 

 

General Obligations - 24.0%

 

 

 

 

 

Chesterfield, Callable until 02/14/17 @ 100

 

 

 

 

 

4.000%, 02/15/17

 

1,680

 

1,720

 

Columbia School District, Callable 03/01/07 @ 100

 

 

 

 

 

6.300%, 03/01/11

 

365

 

385

 

Hazelwood School District, Missouri: Direct Deposit Program, Series A, Callable 03/01/15 @ 100 (FGIC) (STAID)

 

 

 

 

 

5.000%, 03/01/17

 

1,820

 

2,017

 

Independence School District, Missouri Direct Deposit Program, Callable 03/01/13 @ 100 (MBIA) (STAID)

 

 

 

 

 

5.000%, 03/01/20

 

1,240

 

1,345

 

Jefferson City School District, Series A

 

 

 

 

 

6.700%, 03/01/11

 

1,000

 

1,137

 

Missouri State, Fourth State Building, Series A, Pre-refunded 08/01/06 @ 100

 

 

 

 

 

5.400%, 08/01/09 (b)

 

2,000

 

2,060

 

Missouri State Water Pollution Control, Series A, Pre-refunded 08/01/06 @ 100

 

 

 

 

 

5.750%, 08/01/18 (b)

 

2,085

 

2,155

 

North Kansas City School District, Callable 03/01/11 @ 100

 

 

 

 

 

5.000%, 03/01/16

 

1,265

 

1,366

 

O’Fallon, Callable 03/01/14 @ 100 (AMBAC)

 

 

 

 

 

4.000%, 03/01/15

 

1,125

 

1,164

 

Platte County School District #R-3, Callable 03/01/14 @ 100 (MBIA)

 

 

 

 

 

5.000%, 03/01/24

 

1,000

 

1,073

 

Puerto Rico Municipal Finance Agency, Callable 08/01/09 @ 101

 

 

 

 

 

5.500%, 08/01/23

 

3,000

 

3,267

 

 



 

Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY)

 

 

 

 

 

5.250%, 07/01/33

 

1,000

 

1,076

 

Riverview Gardens School District, Missouri Direct Deposit Program, Callable 04/01/14 @ 100 (FSA) (STAID)

 

 

 

 

 

4.000%, 04/01/16

 

1,000

 

1,018

 

St. Charles County, Francis Howell School District, Missouri Direct Deposit Program (FGIC) (STAID)

 

 

 

 

 

5.250%, 03/01/18

 

2,095

 

2,405

 

St. Joseph School District, Missouri Direct Deposit Program (FSA) (STAID)

 

 

 

 

 

5.250%, 03/01/17

 

1,500

 

1,725

 

St. Louis County

 

 

 

 

 

5.000%, 02/01/12

 

3,250

 

3,598

 

St. Louis County Rockwood School District #R-6, Callable 02/01/11 @ 100

 

 

 

 

 

5.000%, 02/01/13

 

3,000

 

3,264

 

St. Louis County Rockwood School District #R-6, Series A, Callable 02/01/13 @ 100

 

 

 

 

 

5.000%, 02/01/14

 

2,000

 

2,208

 

St. Louis County School District, Series A (FSA)

 

 

 

 

 

5.000%, 03/01/14

 

2,000

 

2,229

 

St. Louis County School District, Series A, Callable 03/01/14 @ 100

 

 

 

 

 

5.000%, 03/01/16

 

1,000

 

1,102

 

St. Louis Public Safety, Pre-refunded 08/15/09 @ 100 (FGIC)

 

 

 

 

 

5.125%, 02/15/17 (b)

 

4,185

 

4,531

 

Wentzville School District #R-4, Callable 03/01/08 @ 100 (FSA)

 

 

 

 

 

5.100%, 03/01/18

 

3,000

 

3,147

 

Total General Obligations

 

 

 

43,992

 

 

 

 

 

 

 

Certificates of Participation - 1.9%

 

 

 

 

 

 

 

 

 

 

 

Fenton, Callable 09/01/13 @ 100 (MBIA) (MLO)

 

 

 

 

 

3.900%, 09/01/15

 

1,275

 

1,284

 

Mehlville School District #R-9 (FSA)

 

 

 

 

 

5.000%, 09/01/15

 

2,000

 

2,221

 

Total Certificates of Participation

 

 

 

3,505

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $170,529)

 

 

 

181,043

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 0.6%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (e)

 

1,149,532

 

 

1,150

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $1,150)

 

 

 

1,150

 

 

 

 

 

 

 

Total Investments - 99.5%
(Cost $171,679)

 

 

 

182,193

 

Other Assets and Liabilities, Net - 0.5%

 

 

 

817

 

Total Net Assets - 100.0%

 

 

 

$

183,010

 

 


+                 Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

(a)          Security purchased on a when-issued basis. On June 30, 2005 the total cost of investments purchased on a when-issued basis was $1,776,692 or 1.0% of total net assets.

 

(b)         Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

(c)          Escrowed to Maturity issues are typically backed by U.S. Government obligations.  If callable, these bonds may still be subject to call at the call date and price indicated.

 

(d)         The rate shown is the effective yield at the time of purchase.

 

(e)          Investment in affiliated security.  This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

AMBAC - American Municipal Bond Assurance Corporation

AMT -         Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $1,045,170, which represents 0.6% of total net assets.

Cl - Class

COMGTY - Commonwealth Guaranty

FGIC - Financial Guaranty Insurance Corporation

FSA - Financial Security Assurance

MBIA - Municipal Bond Insurance Association

MLO - Municipal Lease Obligation

RAAI - Radian Asset Assurance Inc.

STAID - State Aid Withholding

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Nebraska Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 98.8%

 

 

 

 

 

Revenue Bonds - 74.3%

 

 

 

 

 

Education - 18.7%

 

 

 

 

 

Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100

 

 

 

 

 

5.350%, 12/15/18

 

$

650

 

$

673

 

Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC)

 

 

 

 

 

5.000%, 09/01/09

 

500

 

532

 

Nebraska Educational Finance Authority, Midland Lutheran College Project, Callable 10/01/10 @ 100

 

 

 

 

 

5.200%, 10/01/20

 

350

 

360

 

Nebraska Educational Finance Authority, Wesleyan University Project, Callable 04/01/12 @ 100 (RAAI)

 

 

 

 

 

5.000%, 04/01/17

 

605

 

638

 

Nebraska Utility Corporation, University of Nebraska, Lincoln Project, Callable 01/01/12 @ 100

 

 

 

 

 

5.250%, 01/01/15

 

1,045

 

1,149

 

University of Nebraska Facilities, Medical Center Research Project, Callable 02/15/12 @ 100

 

 

 

 

 

5.000%, 02/15/15

 

500

 

540

 

University of Nebraska Facility Corporation, Deferred Maintenance Project, Callable 07/15/08 @ 100

 

 

 

 

 

5.250%, 07/15/11

 

1,000

 

1,063

 

University of Nebraska, Lincoln Memorial Stadium Project, Series A, Callable 05/01/14 @ 100

 

 

 

 

 

5.000%, 11/01/15

 

500

 

543

 

University of Nebraska, Lincoln Project, Callable 06/01/15 @ 100

 

 

 

 

 

4.500%, 06/01/25 (a)

 

500

 

504

 

University of Nebraska, Lincoln Student Fees, Callable 01/01/13 @ 100

 

 

 

 

 

5.000%, 07/01/22

 

750

 

794

 

University of Nebraska, Omaha Student Housing Project, Callable 11/24/13 @ 100

 

 

 

 

 

5.000%, 05/15/23

 

500

 

540

 

 

 

 

 

7,336

 

 

 

 

 

 

 

Healthcare - 16.0%

 

 

 

 

 

Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC)

 

 

 

 

 

4.900%, 09/01/09

 

750

 

791

 

Douglas County Hospital Authority #2, Nebraska Medical Center

 

 

 

 

 

5.000%, 11/15/16

 

700

 

755

 

Lancaster County Hospital Authority, BryanLGH Medical Center Project, Callable 06/01/11 @ 100 (AMBAC)

 

 

 

 

 

5.000%, 06/01/19

 

500

 

527

 

5.125%, 06/01/21

 

1,200

 

1,269

 

Madison County Hospital Authority #1, Faith Regional Health Services Project, Callable 01/01/12 @ 100 (RAAI)

 

 

 

 

 

5.500%, 07/01/21

 

1,000

 

1,072

 

Nebraska Investment Finance Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI)

 

 

 

 

 

5.200%, 11/15/16

 

250

 

267

 

5.300%, 11/15/17

 

805

 

863

 

Platte County Hospital Authority #1, Columbus Community Hospital Project, Callable 05/01/10 @ 101 (RAAI)

 

 

 

 

 

5.850%, 05/01/14

 

650

 

711

 

 

 

 

 

6,255

 

 



 

Housing - 4.1%

 

 

 

 

 

Nebraska Investment Finance Authority, Multifamily Housing (GNMA)

 

 

 

 

 

4.625%, 07/20/12

 

410

 

423

 

Nebraska Investment Finance Authority, Single Family Housing, Series A, Callable 03/01/11 @ 100 (AMT)

 

 

 

 

 

5.150%, 03/01/16

 

445

 

460

 

Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments, Callable 10/01/11 @ 100 (GNMA)

 

 

 

 

 

5.150%, 11/20/22

 

695

 

724

 

 

 

 

 

1,607

 

 

 

 

 

 

 

Lease Revenue - 1.9%

 

 

 

 

 

Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (MLO)

 

 

 

 

 

6.000%, 02/01/06

 

750

 

764

 

 

 

 

 

764

 

 

 

 

 

 

 

Miscellaneous - 0.9%

 

 

 

 

 

Washington County Wastewater Facilities, Cargill Project, Callable 11/01/12 @ 101

 

 

 

 

 

5.900%, 11/01/27

 

300

 

331

 

 

 

 

 

 

 

Recreational Facility Authority - 9.2%

 

 

 

 

 

Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Pre-refunded 09/01/09 @100

 

 

 

 

 

5.650%, 09/01/11 (b)

 

1,000

 

1,102

 

Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable 04/13/15 @ 100

 

 

 

 

 

4.750%, 09/01/24

 

1,115

 

1,131

 

Omaha Convention Hotel Corporation, Series A, Callable 04/01/12 @ 100 (AMBAC)

 

 

 

 

 

5.500%, 04/01/16

 

275

 

307

 

5.125%, 04/01/26

 

1,000

 

1,059

 

 

 

 

 

3,599

 

 

 

 

 

 

 

Revolving Funds - 3.8%

 

 

 

 

 

Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/09 @ 100

 

 

 

 

 

4.500%, 01/01/10

 

115

 

119

 

5.150%, 01/01/16

 

580

 

604

 

Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/12 @ 100

 

 

 

 

 

4.750%, 07/01/19

 

750

 

778

 

 

 

 

 

1,501

 

 

 

 

 

 

 

Tax Revenue - 2.4%

 

 

 

 

 

Omaha Special Tax Revenue, Series A, Callable 02/01/12 @ 101

 

 

 

 

 

5.125%, 02/01/32

 

500

 

533

 

Omaha Tax Allocation, Convention Center Hotel Redevelopment, Series A, Callable 12/15/14 @100

 

 

 

 

 

5.000%, 12/15/19

 

400

 

409

 

 

 

 

 

942

 

 

 

 

 

 

 

Utilities - 17.3%

 

 

 

 

 

Alliance Electrical Systems, Callable 06/15/08 @ 100 (AMBAC)

 

 

 

 

 

5.000%, 12/15/14

 

260

 

274

 

5.100%, 12/15/15

 

460

 

486

 

Cuming County Public Power District, Callable 05/15/06 @ 100

 

 

 

 

 

5.600%, 05/15/21

 

250

 

253

 

Elkhorn Rural Public Power District Electrical Systems, Callable 03/01/15 @ 100 (AMBAC)

 

 

 

 

 

4.750%, 09/01/25

 

600

 

624

 

Grand Island Electrical Systems, Callable 06/27/11 @ 100 (MBIA)

 

 

 

 

 

5.125%, 08/15/16

 

750

 

818

 

Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA)

 

 

 

 

 

5.000%, 01/01/15

 

1,000

 

1,083

 

5.000%, 01/01/16

 

750

 

811

 

 



 

Lincoln Electrical Systems, Callable 09/01/11 @ 100

 

 

 

 

 

5.000%, 09/01/15

 

500

 

544

 

Lincoln Electrical Systems, Callable 09/01/13 @ 100

 

 

 

 

 

5.000%, 09/01/26

 

250

 

266

 

Loup River Public Power District, Callable 12/01/09 @ 100 (AMBAC)

 

 

 

 

 

4.000%, 12/01/12

 

500

 

513

 

Omaha Public Power District, Series A, Callable 02/01/10 @ 100

 

 

 

 

 

5.000%, 02/01/17

 

155

 

168

 

5.200%, 02/01/22

 

630

 

688

 

Omaha Public Power Electrical Systems, Escrowed to Maturity

 

 

 

 

 

6.200%, 02/01/17 (c)

 

210

 

251

 

 

 

 

 

6,779

 

Total Revenue Bonds

 

 

 

29,114

 

 

 

 

 

 

 

General Obligations - 21.1%

 

 

 

 

 

Dawson County School District, Callable 06/15/06 @ 102

 

 

 

 

 

5.100%, 12/15/16

 

365

 

381

 

Douglas County School District #017, Millard Public Schools, Series A, Callable 05/15/10 @100 (FSA)

 

 

 

 

 

4.500%, 06/15/25

 

750

 

755

 

Douglas County School District #54, Ralston Public Schools, Callable 08/15/11 @ 100 (FSA)

 

 

 

 

 

5.000%, 12/15/16

 

845

 

917

 

Lancaster County School District #1, Lincoln Public Schools, Callable 01/15/11 @ 100

 

 

 

 

 

5.250%, 07/15/19

 

220

 

240

 

Lancaster County School District #1, Lincoln Public Schools, Callable 07/15/12 @ 100

 

 

 

 

 

5.000%, 01/15/17

 

750

 

817

 

Lincoln County School District #001, North Platte Public Schools, Callable 05/04/15 @100 (FSA)

 

 

 

 

 

4.250%, 12/15/20

 

500

 

508

 

Lincoln Storm Sewer & Drainage Systems, Callable 06/01/15 @ 100

 

 

 

 

 

4.250%, 06/01/25

 

250

 

250

 

Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental, Callable 08/18/14 @ 100

 

 

 

 

 

5.000%, 12/01/22

 

900

 

972

 

Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental, Callable 04/15/15 @ 100

 

 

 

 

 

4.500%, 10/15/26

 

750

 

758

 

Omaha, Series A

 

 

 

 

 

6.500%, 12/01/18

 

825

 

1,063

 

Omaha-Douglas Public Building, Callable 05/01/11 @ 100

 

 

 

 

 

4.900%, 05/01/16

 

500

 

532

 

5.100%, 05/01/20

 

300

 

322

 

Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY)

 

 

 

 

 

5.250%, 07/01/33

 

700

 

753

 

Total General Obligations

 

 

 

8,268

 

 

 

 

 

 

 

Certificates of Participation - 3.4%

 

 

 

 

 

Western Nebraska Community College, Callable 10/15/07 @ 100

 

 

 

 

 

4.700%, 10/15/10

 

295

 

303

 

4.800%, 10/15/11

 

195

 

200

 

4.900%, 10/15/12

 

250

 

256

 

5.000%, 10/15/13

 

300

 

307

 

5.100%, 10/15/14

 

250

 

256

 

Total Certificates of Participation

 

 

 

1,322

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $36,637)

 

 

 

38,704

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 1.2%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (d)

 

472,568

 

473

 

 



 

Total Affiliated Money Market Fund
(Cost $473)

 

473

 

 

 

 

 

Total Investments - 100.0%
(Cost $37,110)

 

39,177

 

Other Assets and Liabilities, Net - (0.0)%

 

(9

)

Total Net Assets - 100.0%

 

$

39,168

 

 


+    Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

(a)  Security purchased on a when-issued basis.  On June 30, 2005, the total cost of investments purchased on a when-issued basis was $505,560 or 1.3% of total net assets.

 

(b)  Pre-refunded issues are typically backed by U.S. Government obligations.  These bonds mature at the call date and price indicated.

 

(c)  Escrowed to Maturity issues are typically backed by U.S. Government obligations.  If callable, these bonds may still be subject to call at the call date and price indicated.

 

(d)  Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

AMBAC - American Municipal Bond Assurance Corporation

AMT -           Alternative Minimum Tax.  As of June 30, 2005, the aggregate market value of securities subject to the AMT was $460,250, which represents 1.2% of total net assets.

Cl - Class

COMGTY - Commonwealth Guaranty

FSA - Financial Security Assurance

GNMA - Government National Mortgage Association

MBIA - Municipal Bond Insurance Association

MLO - Municipal Lease Obligation

RAAI - Radian Asset Assurance Inc.

 



 

Schedule of INVESTMENTS June 30, 2005

(unaudited)

 

Oregon Intermediate Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 98.9%

 

 

 

 

 

Revenue Bonds - 31.3%

 

 

 

 

 

Continuing Care Retirement Communities - 1.4%

 

 

 

 

 

Clackamas County Hospital Facilities Authority, Mary’s Woods, Series A, Callable 05/15/09 @ 102

 

 

 

 

 

6.125%, 05/15/13

 

$

1,000

 

$

1,064

 

Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes, Callable 11/15/05 @ 104

 

 

 

 

 

8.000%, 11/15/26

 

900

 

936

 

 

 

 

 

2,000

 

 

 

 

 

 

 

Economic Development - 1.0%

 

 

 

 

 

Port Morrow, Callable until 05/31/15 @ 100

 

 

 

 

 

6.250%, 06/01/15

 

1,500

 

1,502

 

 

 

 

 

 

 

Education - 5.2%

 

 

 

 

 

Multnomah County Educational Facilities, University of Portland, Callable 04/01/07 @ 102 (AMBAC)

 

 

 

 

 

5.750%, 04/01/10

 

2,245

 

2,397

 

5.700%, 04/01/15

 

1,000

 

1,067

 

Oregon State Facilities Authority, Linfield College Project, Series A, Callable 10/01/15 @ 100

 

 

 

 

 

5.000%, 10/01/25

 

1,000

 

1,037

 

Oregon State Health, Housing, Educational & Cultural Facilities Authority, George Fox University, Series A, Pre-refunded 03/01/07 @ 102 (BA)

 

 

 

 

 

5.400%, 03/01/09 (c)

 

395

 

420

 

5.450%, 03/01/10 (c)

 

415

 

441

 

Oregon State Health, Housing, Educational & Cultural Facilities Authority, Reed College, Series A, Callable 07/01/06 @ 102

 

 

 

 

 

5.375%, 07/01/15

 

2,000

 

2,070

 

 

 

 

 

7,432

 

 

 

 

 

 

 

Healthcare - 5.8%

 

 

 

 

 

Clackamas County Hospital Facilities Authority, Legacy Health Systems, Callable 08/15/09 @ 101

 

 

 

 

 

5.250%, 02/15/11

 

2,000

 

2,156

 

5.375%, 02/15/12

 

1,000

 

1,076

 

Medford Hospital Facilities Authority, Asante Health Systems, Callable 08/15/08 @ 101 (MBIA)

 

 

 

 

 

5.250%, 08/15/11

 

1,000

 

1,070

 

5.375%, 08/15/12

 

1,000

 

1,073

 

Multnomah County Hospital Facilities Authority, Providence Health Systems, Callable 10/01/14 @ 100

 

 

 

 

 

5.250%, 10/01/22

 

1,000

 

1,086

 

Salem Hospital Facilities Authority, Callable 08/15/08 @ 101

 

 

 

 

 

5.250%, 08/15/14

 

1,000

 

1,061

 

Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A

 

 

 

 

 

5.000%, 03/01/12

 

690

 

749

 

 

 

 

 

8,271

 

 



 

Housing - 1.3%

 

 

 

 

 

Oregon State Housing & Community Services, Series A

 

 

 

 

 

4.900%, 07/01/05

 

1,075

 

1,075

 

Oregon State Housing & Community Services, Series A, Callable until 06/30/06 @ 101

 

 

 

 

 

6.400%, 07/01/18

 

315

 

318

 

Oregon State Housing & Community Services, Series A, Callable 07/01/06 @ 102

 

 

 

 

 

6.000%, 07/01/16

 

40

 

41

 

Oregon State Housing & Community Services, Series E, Callable 01/01/10 @ 100 (FHA)

 

 

 

 

 

5.750%, 07/01/13

 

440

 

444

 

 

 

 

 

1,878

 

 

 

 

 

 

 

Recreational Facility Authority - 0.8%

 

 

 

 

 

Portland Urban Renewal & Redevelopment, Convention Center, Series A, Callable 06/15/10 @ 101 (AMBAC)

 

 

 

 

 

5.750%, 06/15/15

 

1,000

 

1,123

 

 

 

 

 

 

 

Tax Revenue - 3.3%

 

 

 

 

 

Medford Urban Renewal Agency, Callable 01/01/13 @ 101

 

 

 

 

 

4.500%, 06/01/13

 

1,010

 

1,061

 

Oregon State Department of Administrative Services Lottery, Series A, Callable 04/01/10 @ 100 (FSA)

 

 

 

 

 

5.000%, 04/01/12

 

1,050

 

1,131

 

Oregon State Department of Transportation, Highway User Tax, Pre-refunded 11/15/10 @ 100

 

 

 

 

 

5.125%, 11/15/14 (c)

 

2,260

 

2,487

 

 

 

 

 

4,679

 

 

 

 

 

 

 

Transportation - 4.5%

 

 

 

 

 

Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/12 @ 100

 

 

 

 

 

5.500%, 11/15/16 (c)

 

1,000

 

1,140

 

Oregon State Department of Transportation, Highway User Tax, Series A, Callable 11/15/14 @ 100

 

 

 

 

 

5.000%, 11/15/24

 

1,325

 

1,428

 

Port Portland Airport, Series 12-A, Callable 01/01/09 @ 101 (FGIC)

 

 

 

 

 

5.250%, 07/01/11

 

1,165

 

1,251

 

5.250%, 07/01/12

 

2,000

 

2,146

 

Tri-County Metropolitan Transportation District, Series 1 (MGT)

 

 

 

 

 

4.900%, 06/01/09

 

500

 

530

 

 

 

 

 

6,495

 

 

 

 

 

 

 

Utilities - 8.0%

 

 

 

 

 

Eugene Electric Utilities, Callable 08/01/06 @ 100 (FSA)

 

 

 

 

 

5.375%, 08/01/11

 

1,195

 

1,228

 

Eugene Electric Utilities, Callable 08/01/07 @ 100 (FSA)

 

 

 

 

 

5.000%, 08/01/11

 

1,305

 

1,360

 

Eugene Electric Utilities, Callable 08/01/08 @ 100 (FSA)

 

 

 

 

 

4.800%, 08/01/13

 

690

 

724

 

 



 

Port of St. Helens Pollution Control, Portland General Electric

 

 

 

 

 

4.800%, 04/01/10

 

2,450

 

2,511

 

4.800%, 06/01/10

 

400

 

410

 

Tualatin Valley Water District, Callable 06/01/08 @ 100 (FSA)

 

 

 

 

 

5.000%, 06/01/12

 

1,000

 

1,055

 

Washington County Clean Water Services (MBIA)

 

 

 

 

 

5.000%, 10/01/14

 

1,000

 

1,119

 

Washington County Clean Water Services, Callable 10/01/11 @ 100 (FGIC)

 

 

 

 

 

5.125%, 10/01/14

 

1,790

 

1,966

 

Washington County Unified Sewer Agency, Series 1 (FGIC)

 

 

 

 

 

5.750%, 10/01/08

 

1,000

 

1,089

 

 

 

 

 

11,462

 

Total Revenue Bonds

 

 

 

44,842

 

 

 

 

 

 

 

General Obligations - 61.5%

 

 

 

 

 

Chemeketa Community College District, Escrowed to Maturity (FGIC)

 

 

 

 

 

5.500%, 06/01/13 (a)

 

2,170

 

2,482

 

Clackamas & Washington Counties School District #3, Linn-Wilsonville District, Series A, Zero Coupon Bond (FGIC)

 

 

 

 

 

4.415%, 06/15/15 (b)

 

4,000

 

2,702

 

Clackamas County School District #7, Lake Oswego, Callable 06/01/11 @ 100

 

 

 

 

 

5.500%, 06/01/12

 

1,240

 

1,390

 

Clackamas County School District #86, Canby, Pre-refunded 06/15/10 @ 100 (SBG)

 

 

 

 

 

5.500%, 06/15/15 (c)

 

1,835

 

2,040

 

Clackamas County School District #86, Canby, Callable 06/15/15 @ 100 (FSA)

 

 

 

 

 

5.000%, 06/15/24

 

1,500

 

1,623

 

Columbia County School District #502, Zero Coupon Bond (FGIC)

 

 

 

 

 

3.900%, 06/01/12 (b)

 

1,530

 

1,189

 

5.000%, 06/01/16 (b)

 

1,000

 

645

 

Deschutes & Jefferson Counties School District #2, Pre-refunded 06/15/11 @ 100

 

 

 

 

 

5.500%, 06/15/14 (c)

 

1,725

 

1,941

 

Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG)

 

 

 

 

 

5.000%, 06/15/13

 

1,250

 

1,388

 

Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG)

 

 

 

 

 

5.090%, 06/15/21 (b)

 

1,000

 

498

 

Deschutes County, Callable 12/01/12 @ 100 (FSA)

 

 

 

 

 

5.000%, 12/01/14

 

1,755

 

1,938

 

Eugene Public Safety Facilities, Callable 06/01/06 @ 100 (FGIC)

 

 

 

 

 

5.700%, 06/01/16

 

1,295

 

1,329

 

Hood River County School District, Callable 06/15/11 @ 100 (SBG)

 

 

 

 

 

5.250%, 06/15/16

 

1,030

 

1,131

 

Jackson County School District #6, Central Point, Callable 06/15/14 @ 100 (FSA) (SBG)

 

 

 

 

 

5.250%, 06/15/16

 

1,140

 

1,288

 

Jackson County School District #549, Medford (SBG)

 

 

 

 

 

5.000%, 06/15/12

 

2,000

 

2,205

 

Josephine County Unit School District Three Rivers (FGIC) (SBG)

 

 

 

 

 

5.000%, 12/15/17

 

1,000

 

1,123

 

 



 

Lake Oswego (MBIA)

 

 

 

 

 

5.250%, 06/01/13

 

1,035

 

1,167

 

Lane & Douglas Counties School District #97-J (FGIC) (SBG)

 

 

 

 

 

5.375%, 06/15/16

 

1,235

 

1,428

 

Lane County School District #4, Eugene (FGIC)

 

 

 

 

 

5.000%, 07/01/11

 

1,785

 

1,962

 

Lane County School District #40, Creswell, Callable 06/15/10 @ 100 (SBG)

 

 

 

 

 

5.000%, 06/15/11

 

1,120

 

1,212

 

Lane County School District #52, Bethel, Pre-refunded 06/15/10 @ 100 (SBG)

 

 

 

 

 

5.350%, 06/15/11 (c)

 

1,285

 

1,420

 

Linn Benton Community College District, Zero Coupon Bond (FGIC) (SBG)

 

 

 

 

 

4.000%, 06/15/08 (b)

 

985

 

899

 

4.210%, 06/15/09 (b)

 

1,000

 

881

 

Linn County Community School District, Pre-refunded 06/15/13 @ 100 (FGIC) (SBG)

 

 

 

 

 

5.550%, 06/15/21 (c)

 

1,000

 

1,149

 

Marion & Polk Counties School District #7-J, Silverton, Callable until 05/31/06 @ 100.50 (FSA)

 

 

 

 

 

5.600%, 06/01/06

 

860

 

875

 

Marion County School District #103C Woodburn, Series B, Zero Coupon Bond (FGIC)

 

 

 

 

 

3.700%, 11/01/11 (b)

 

2,210

 

1,768

 

McMinnville School District #40 (FSA)

 

 

 

 

 

5.500%, 06/15/12

 

620

 

704

 

5.500%, 06/15/13

 

1,000

 

1,141

 

Metro, Callable 09/01/10 @ 102

 

 

 

 

 

5.250%, 09/01/14

 

1,000

 

1,116

 

Metropolitan, Washington Park Zoo, Series A, Pre-refunded 01/15/07 @ 100

 

 

 

 

 

5.250%, 01/15/10 (c)

 

1,000

 

1,036

 

Morrow County School District #1 (FSA) (SBG)

 

 

 

 

 

5.000%, 06/15/14

 

1,155

 

1,286

 

Multnomah County School District #7, Reynolds, Callable 06/01/10 @ 100 (MBIA)

 

 

 

 

 

5.000%, 06/01/21

 

1,545

 

1,643

 

Multnomah County School District #7, Reynolds, Pre-refunded 06/15/11 @ 100 (SBG)

 

 

 

 

 

5.625%, 06/15/15 (c)

 

1,000

 

1,132

 

Multnomah County, Series A, Pre-refunded 04/01/10 @ 100

 

 

 

 

 

5.000%, 04/01/11 (c)

 

1,000

 

1,086

 

5.125%, 04/01/13 (c)

 

2,445

 

2,669

 

Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded
06/15/11 @ 100 (FSA) (SBG)

 

 

 

 

 

5.500%, 06/15/13 (c)

 

1,780

 

2,003

 

Multnomah-Clackamas County School District #10JT, Gresham-Barlow, (FSA) (SBG)

 

 

 

 

 

5.250%, 06/15/17

 

1,000

 

1,149

 

Multnomah-Clackamas County School District #10JT, Gresham-Barlow, Pre-refunded 06/15/11 @ 100 (FSA) (SBG)

 

 

 

 

 

5.500%, 06/15/12 (c)

 

1,000

 

1,125

 

Multnomah-Clackamas County School District #28-302, Centennial, Pre-refunded
06/15/11 @ 100 (FGIC) (SBG)

 

 

 

 

 

5.500%, 06/15/14 (c)

 

1,500

 

1,688

 

Oregon State Board of Higher Education, Series A, Callable 08/01/09 @ 101

 

 

 

 

 

5.500%, 08/01/15

 

1,255

 

1,382

 

 



 

Oregon State Pollution Control, Series A, Callable 11/01/07 @ 100

 

 

 

 

 

4.875%, 11/01/11

 

455

 

474

 

Portland Community College Services, Pre-refunded 06/01/11 @ 100

 

 

 

 

 

5.375%, 06/01/15 (c)

 

1,375

 

1,537

 

Portland Emergency Facilities, Series A, Callable 06/01/09 @ 100

 

 

 

 

 

5.000%, 06/01/12

 

1,060

 

1,133

 

Puerto Rico Public Buildings Authority, Series J, Callable 07/01/12 @ 100 (AMBAC) (COMGTY)

 

 

 

 

 

5.000%, 07/01/36

 

1,000

 

1,096

 

Rogue Community College District, Callable 06/15/15 @ 100 (MBIA) (SBG)

 

 

 

 

 

5.000%, 06/15/22

 

1,000

 

1,087

 

Salem-Keizer School District #24-J, Callable 06/01/08 @ 100 (FSA)

 

 

 

 

 

5.100%, 06/01/12

 

2,000

 

2,116

 

Salem-Keizer School District #24-J, Pre-refunded 06/01/09 @ 100 (SBG)

 

 

 

 

 

5.250%, 06/01/12 (c)

 

1,000

 

1,084

 

Tri-County Metropolitan Transportation District, Light Rail Extension, Series A, Callable 07/01/09 @ 101

 

 

 

 

 

5.250%, 07/01/10

 

1,115

 

1,218

 

5.250%, 07/01/12

 

1,000

 

1,089

 

Tualatin Hills Park & Recreation District (FGIC)

 

 

 

 

 

5.750%, 03/01/13

 

870

 

1,008

 

Umatilla County School District #016-R, Pendleton (FGIC)

 

 

 

 

 

5.000%, 07/01/11

 

1,000

 

1,099

 

5.250%, 07/01/14

 

1,540

 

1,750

 

Wasco County School District #12

 

 

 

 

 

5.500%, 06/15/14

 

1,080

 

1,247

 

Washington & Clackamas Counties School District #23-J, Tigard (FGIC)

 

 

 

 

 

5.250%, 06/01/11

 

1,335

 

1,483

 

5.500%, 06/01/13

 

1,000

 

1,145

 

Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond

 

 

 

 

 

5.820%, 06/15/14 (b)

 

1,030

 

726

 

Washington County, Callable 06/01/11 @ 100

 

 

 

 

 

5.500%, 06/01/14

 

2,305

 

2,584

 

Washington County School District #48-J, Beaverton, Pre-refunded 08/01/08 @ 100

 

 

 

 

 

5.250%, 08/01/10 (c)

 

2,000

 

2,140

 

Washington County School District #48-J, Beaverton, Series B (FSA)

 

 

 

 

 

5.000%, 06/01/09

 

1,115

 

1,199

 

Washington, Multnomah & Yamhill Counties School District #1-J

 

 

 

 

 

5.000%, 11/01/14

 

1,000

 

1,120

 

Washington, Multnomah & Yamhill Counties School District #1-J (FGIC)

 

 

 

 

 

5.250%, 06/15/14

 

1,115

 

1,266

 

Washington, Multnomah & Yamhill Counties School District #1-J, Pre-refunded
06/01/09 @ 100

 

 

 

 

 

5.250%, 06/01/12 (c)

 

1,185

 

1,276

 

Wilsonville, Callable 06/01/08 @ 100

 

 

 

 

 

5.000%, 12/01/10

 

255

 

256

 

Yamhill County School District #29-J, Newberg (FGIC) (SBG)

 

 

 

 

 

5.250%, 06/15/15

 

2,010

 

2,295

 

Total General Obligations

 

 

 

88,261

 

 



 

Certificates of Participation - 6.1%

 

 

 

 

 

Multnomah County, Pre-refunded 08/01/08 @ 101

 

 

 

 

 

4.750%, 08/01/11 (c)

 

515

 

548

 

Multnomah County, Callable 08/01/08 @ 101 (MLO)

 

 

 

 

 

4.750%, 08/01/11

 

1,685

 

1,776

 

Oregon State Department of Administrative Services, Series A (AMBAC) (MLO)

 

 

 

 

 

5.500%, 05/01/07

 

1,000

 

1,049

 

Oregon State Department of Administrative Services, Series A, Callable 05/01/09 @ 101 (AMBAC) (MLO)

 

 

 

 

 

5.000%, 05/01/14

 

1,240

 

1,335

 

Oregon State Department of Administrative Services, Series A, Callable 05/01/13 @ 100 (FSA)

 

 

 

 

 

5.000%, 05/01/14

 

1,200

 

1,322

 

Oregon State Department of Administrative Services, Series B, Callable 11/01/07 @ 101 (AMBAC) (MLO)

 

 

 

 

 

5.000%, 11/01/11

 

840

 

887

 

Oregon State Department of Administrative Services, Series B, Callable 05/01/14 @ 100 (FSA)

 

 

 

 

 

5.000%, 05/01/18

 

1,680

 

1,838

 

Total Certificates of Participation

 

 

 

8,755

 

Total Municipal Bonds
(Cost $134,669)

 

 

 

141,858

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 0.2%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (d)

 

342,559

 

343

 

Total Affiliated Money Market Fund
(Cost $343)

 

 

 

343

 

 

 

 

 

 

 

Total Investments - 99.1%
(Cost $135,012)

 

 

 

142,201

 

Other Assets and Liabilities, Net - 0.9%

 

 

 

1,246

 

Total Net Assets - 100.0%

 

 

 

$

143,447

 

 


+                 Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

(a)          Escrowed to Maturity issues are typically backed by U.S. Government obligations.  If callable, these bonds may still be subject to call at the call date and price indicated.

 

(b)         The rate shown is the effective yield at the time of purchase.

 

(c)          Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

(d)         Investment in affiliated security.  This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

AMBAC - American Municipal Bond Assurance Corporation

BA - Bank of America

Cl - Class

COMGTY - Commonwealth Guaranty

FGIC - Financial Guaranty Insurance Corporation

FHA - Federal Housing Authority

FSA - Financial Security Assurance

 



 

MBIA - Municipal Bond Insurance Association

MGT - Morgan Guaranty Trust

MLO - Municipal Lease Obligation

SBG - School Board Guaranty

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Ohio Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds - 96.2%

 

 

 

 

 

Revenue Bonds - 48.2%

 

 

 

 

 

Continuing Care Retirement Communities - 4.0%

 

 

 

 

 

Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A, Callable 07/01/12 @ 100 (RAAI)

 

 

 

 

 

5.125%, 07/01/22

 

$

500

 

$

523

 

Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A, Callable 07/01/15 @ 100

 

 

 

 

 

5.000%, 07/01/26

 

800

 

828

 

Toledo-Lucas County Port Authority Facilities, St. Mary Woods Project, Series A, Callable 05/15/10 @ 100

 

 

 

 

 

6.000%, 05/15/24

 

400

 

405

 

 

 

 

 

1,756

 

 

 

 

 

 

 

Economic Development - 0.6%

 

 

 

 

 

Summit County Port Authority Board Funding Program, Garfield Heights Project, Series A, Callable 05/15/14 @ 102

 

 

 

 

 

5.250%, 05/15/23

 

250

 

255

 

 

 

 

 

 

 

Education - 10.6%

 

 

 

 

 

Ohio State Higher Educational Facilities, Baldwin-Wallace College Project

 

 

 

 

 

5.000%, 12/01/13

 

750

 

804

 

Ohio State Higher Educational Facilities, Wittenburg University Project, Callable
12/01/15 @100

 

 

 

 

 

5.000%, 12/01/24

 

505

 

521

 

Ohio State Higher Educational Facilities, Xavier University Project, Callable
05/01/13 @ 100 (FGIC)

 

 

 

 

 

5.250%, 05/01/16

 

1,000

 

1,109

 

Ohio State University, Series B, Callable 06/01/13 @ 100

 

 

 

 

 

5.250%, 06/01/16

 

1,000

 

1,111

 

University of Cincinnati, Series A, Callable 06/01/11 @ 101 (FGIC)

 

 

 

 

 

5.500%, 06/01/14

 

1,000

 

1,124

 

 

 

 

 

4,669

 

 

 

 

 

 

 

Healthcare - 7.6%

 

 

 

 

 

Akron, Bath and Copley Joint Township Hospital Facilities, Summa Health Services, Series A, Callable 11/15/14 @ 100 (RAAI)

 

 

 

 

 

5.250%, 11/15/16

 

800

 

873

 

Erie County Hospital Facilities, Firelands Regional Medical Center, Series A, Callable
08/15/12 @ 101

 

 

 

 

 

5.500%, 08/15/22

 

500

 

532

 

Fairfield County Hospital Facilities, Fairfield Medical Center, Callable 06/15/12 @ 100 (RAAI)

 

 

 

 

 

5.000%, 06/15/22

 

500

 

519

 

Hamilton County Hospital Facilities, Children’s Medical Center, Series F (FGIC)

 

 

 

 

 

5.200%, 05/15/09

 

1,000

 

1,060

 

Lorain County Hospital, Catholic Healthcare, Callable 10/01/12 @ 100

 

 

 

 

 

5.500%, 10/01/17

 

350

 

380

 

 

 

 

 

3,364

 

 

 

 

 

 

 

Lease Revenue - 6.9%

 

 

 

 

 

Cleveland-Cuyahoga County Port Authority, Rita Project, Callable 11/15/14 @100 (RAAI)

 

 

 

 

 

5.000%, 11/15/19

 

750

 

799

 

Ohio State Building Authority, State Facility, Administration Building Fund, Series A, Callable 04/01/12 @ 100 (FSA)

 

 

 

 

 

5.500%, 04/01/16

 

1,000

 

1,116

 

Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A, Callable 06/01/14 @ 100

 

 

 

 

 

5.250%, 12/01/17

 

1,000

 

1,116

 

 

 

 

 

3,031

 

 



 

Miscellaneous - 3.5%

 

 

 

 

 

Cleveland-Cuyahoga County Port Authority, Carnegie & 96th Building Project

 

 

 

 

 

2.350%, 01/01/33

 

500

 

500

 

Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B

 

 

 

 

 

4.500%, 12/01/15

 

1,000

 

1,045

 

 

 

 

 

1,545

 

 

 

 

 

 

 

Revolving Funds - 4.8%

 

 

 

 

 

Ohio State Water Development Authority, Escrowed to Maturity, Callable 08/01/05 @ 100 (AMBAC)

 

 

 

 

 

5.800%, 12/01/11 (a)

 

1,000

 

1,022

 

Ohio State Water Development Authority, Water Pollution Control, Pre-refunded
06/01/12 @ 100

 

 

 

 

 

5.050%, 12/01/21 (b)

 

1,000

 

1,109

 

 

 

 

 

2,131

 

 

 

 

 

 

 

Tax Revenue - 1.0%

 

 

 

 

 

Toledo Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102

 

 

 

 

 

5.250%, 12/01/23

 

400

 

419

 

 

 

 

 

 

 

Transportation - 2.4%

 

 

 

 

 

Ohio State Turnpike Commission, Series A, Pre-refunded 02/15/06 @ 102 (MBIA)

 

 

 

 

 

5.700%, 02/15/13 (b)

 

1,000

 

1,039

 

 

 

 

 

 

 

Utilities - 6.8%

 

 

 

 

 

Butler County Waterworks, Water District, Callable 12/01/15 @ 100 (AMBAC)

 

 

 

 

 

4.000%, 12/01/18

 

795

 

802

 

Hamilton Electrical Systems, Series A, Callable 10/15/15 @ 101

 

 

 

 

 

4.300%, 10/15/16

 

1,000

 

1,049

 

Montgomery County Water, Greater Moraine Beaver, Callable 11/15/12 @ 100 (AMBAC)

 

 

 

 

 

5.375%, 11/15/16

 

1,000

 

1,118

 

 

 

 

 

2,969

 

Total Revenue Bonds

 

 

 

21,178

 

 

 

 

 

 

 

General Obligations - 44.9%

 

 

 

 

 

Cincinnati, Callable 12/01/11 @ 100

 

 

 

 

 

5.000%, 12/01/16

 

1,000

 

1,089

 

5.000%, 12/01/17

 

1,000

 

1,088

 

Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC)

 

 

 

 

 

5.000%, 12/01/11

 

1,000

 

1,102

 

Dublin City School District, Callable 12/01/14 @ 100

 

 

 

 

 

5.500%, 12/01/16

 

1,000

 

1,149

 

Dublin, Refunding & Improvement, Series A, Callable 12/01/09 @ 101

 

 

 

 

 

5.250%, 12/01/14

 

1,000

 

1,097

 

Greater Cleveland Regional Transportation Authority, Pre-refunded 12/01/06 @ 101 (FGIC)

 

 

 

 

 

5.650%, 12/01/16 (b)

 

1,000

 

1,051

 

Ohio State Common Schools, Series A, Callable 03/15/12 @ 100

 

 

 

 

 

5.125%, 09/15/22

 

1,750

 

1,886

 

Ohio State Higher Education, Series A, Callable 02/01/11 @ 100

 

 

 

 

 

5.000%, 02/01/19

 

1,000

 

1,078

 

Ohio State Higher Education, Series A, Callable 02/01/12 @ 100

 

 

 

 

 

5.000%, 08/01/22

 

1,000

 

1,068

 

Ohio State Higher Education, Series B, Callable 11/01/11 @ 100

 

 

 

 

 

5.000%, 11/01/15

 

1,000

 

1,089

 

Ohio State Infrastructure Improvement, Series A

 

 

 

 

 

5.500%, 02/01/20

 

1,000

 

1,187

 

 



 

Ohio State Parks & Recreational Facilities, Series II-A, Callable 02/01/15 @ 100

 

 

 

 

 

5.250%, 02/01/20

 

1,000

 

1,112

 

Revere Local School District (FSA)

 

 

 

 

 

5.000%, 12/01/12

 

1,150

 

1,273

 

Solon, Callable 12/01/12 @ 100

 

 

 

 

 

5.000%, 12/01/21

 

1,000

 

1,075

 

Springfield City School District, Callable 12/01/11 @ 102 (FGIC)

 

 

 

 

 

5.200%, 12/01/23

 

1,000

 

1,106

 

Summit County, Series R (FGIC)

 

 

 

 

 

5.500%, 12/01/21

 

1,000

 

1,191

 

Toledo City School District, School Facilities Improvement, Callable 12/01/13 @ 100 (FSA)

 

 

 

 

 

5.000%, 12/01/14

 

1,000

 

1,108

 

Total General Obligations

 

 

 

19,749

 

 

 

 

 

 

 

Certificate of Participation - 3.1%

 

 

 

 

 

Midview Local School District, School Buildings Facilities Project, Callable 05/01/13 @ 100

 

 

 

 

 

5.250%, 11/01/17

 

1,270

 

1,383

 

Total Certificate of Participation

 

 

 

1,383

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $40,346)

 

 

 

42,310

 

 

 

 

SHARES

 

VALUE (000)+

 

Money Market Fund - 2.8%

 

 

 

 

 

Federated Ohio Municipal Cash Trust

 

1,223,870

 

1,224

 

 

 

 

 

 

 

Total Money Market Fund
(Cost $1,224)

 

 

 

1,224

 

 

 

 

 

 

 

Total Investments - 99.0%
(Cost $41,570)

 

 

 

43,534

 

Other Assets and Liabilities, Net - 1.0%

 

 

 

455

 

Total Net Assets - 100.0%

 

 

 

$

43,989

 

 


+                 Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

(a)          Escrowed to Maturity issues are typically backed by U.S. Government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.

 

(b)         Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

AMBAC - American Municipal Bond Assurance Corporation

FGIC - Financial Guaranty Insurance Corporation

FSA - Financial Security Assurance

MBIA - Municipal Bond Insurance Association

RAAI - Radian Asset Assurance Inc.

 



 

Schedule of INVESTMENTS June 30, 2005
(unaudited)

 

Short Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds — 96.9%

 

 

 

 

 

Alabama 2.2%

 

 

 

 

 

Foley Utilities Board, Escrowed to Maturity, Callable 09/01/05 @ 100 (RB)

 

 

 

 

 

6.000%, 03/01/07 (a)

 

$

1,500

 

$

1,580

 

Homewood Warrant, Sewer 7, Escrowed to Maturity, Callable until 02/28/07 @ 100

 

 

 

 

 

6.125%, 03/01/07 (a)

 

1,340

 

1,414

 

Jefferson County Limited Obligation School Warrant, Series A (RB)

 

 

 

 

 

5.000%, 01/01/08

 

3,500

 

3,662

 

Mobile Warrant, Escrowed to Maturity, Callable until 02/14/07 @ 100 (GO)

 

 

 

 

 

6.200%, 02/15/07 (a)

 

1,280

 

1,349

 

 

 

 

 

8,005

 

 

 

 

 

 

 

Arizona 6.8%

 

 

 

 

 

Arizona State Funding Program, Series 15, Escrowed to Maturity (COP)

 

 

 

 

 

8.750%, 08/01/06 (a)

 

2,115

 

2,251

 

8.750%, 08/01/06 (a)

 

1,410

 

1,501

 

Glendale Industrial Development Authority (RB)

 

 

 

 

 

4.250%, 05/15/08

 

1,240

 

1,271

 

Maricopa County Hospital, Sun Health Corp. (RB)

 

 

 

 

 

5.000%, 04/01/11

 

3,815

 

4,034

 

Salt River Project, Agricultural Improvement & Power District

 

 

 

 

 

5.000%, 12/01/09

 

5,500

 

5,936

 

Salt River Project, Agricultural Improvement & Power District Electrical Systems, Series A (RB)

 

 

 

 

 

5.250%, 01/01/06

 

2,250

 

2,280

 

Scottsdale Water & Sewer, Project of 1989, Series E (RB)

 

 

 

 

 

7.000%, 07/01/08

 

1,370

 

1,529

 

Tempe Industrial Development Authority, Series A (RB)

 

 

 

 

 

4.500%, 12/01/06

 

1,000

 

1,007

 

University Medical Center (PUFG) (RB)

 

 

 

 

 

5.000%, 07/01/07

 

300

 

310

 

5.000%, 07/01/08

 

700

 

733

 

5.000%, 07/01/09

 

500

 

528

 

Yavapai County Industrial Development Authority, Waste Management Project, Series A-1, Mandatory Put 03/01/06 @ 100 (AMT) (GTY) (RB)

 

 

 

 

 

3.650%, 03/01/28

 

3,100

 

3,102

 

 

 

 

 

24,482

 

 

 

 

 

 

 

California 5.1%

 

 

 

 

 

California State (GO)

 

 

 

 

 

5.000%, 06/01/07

 

5,000

 

5,202

 

5.000%, 02/01/08

 

5,000

 

5,258

 

5.000%, 02/01/08

 

1,000

 

1,052

 

California State Public Works Board, Series A (RB)

 

 

 

 

 

5.000%, 06/01/09

 

3,900

 

4,169

 

California Statewide Community Development Authority, Daughters of Charity Health (RB)

 

 

 

 

 

5.000%, 07/01/09

 

500

 

532

 

Contra Costa Transportation Authority, Series A, Escrowed to Maturity, Callable until
02/28/07 @ 100 (RB)

 

 

 

 

 

6.875%, 03/01/07 (a)

 

2,065

 

2,153

 

 

 

 

 

18,366

 

 



 

Colorado 1.6%

 

 

 

 

 

Colorado Health Facilities Authority, Vail Valley Medical Center Project (RB)

 

 

 

 

 

4.000%, 01/15/07

 

500

 

505

 

Denver City & County Airport, Series E (AMT) (RB) (XLCA)

 

 

 

 

 

5.000%, 11/15/07

 

5,000

 

5,209

 

 

 

 

 

5,714

 

 

 

 

 

 

 

Florida 0.9%

 

 

 

 

 

Escambia County Health Facilities Authority, Ascension Health Credit, Series A (RB)

 

 

 

 

 

5.000%, 11/15/06

 

815

 

838

 

Highlands County Health Facilities Authority, The Adventist Health System, Series B (RB)

 

 

 

 

 

3.750%, 11/15/06

 

2,605

 

2,630

 

 

 

 

 

3,468

 

 

 

 

 

 

 

Georgia 0.6%

 

 

 

 

 

Cartersville Development Authority, Sewer Facilities, Anheuser Busch (AMT) (RB)

 

 

 

 

 

5.625%, 05/01/09

 

2,075

 

2,233

 

 

 

 

 

 

 

Idaho 0.4%

 

 

 

 

 

Idaho Falls, Escrowed to Maturity, Callable 10/01/05 @ 100 (RB)

 

 

 

 

 

10.250%, 04/01/06 (a)

 

375

 

395

 

Idaho Falls, Pre-refunded 04/01/07 @ 100 (RB)

 

 

 

 

 

10.375%, 04/01/13 (b)

 

1,075

 

1,208

 

 

 

 

 

1,603

 

 

 

 

 

 

 

Illinois 7.5%

 

 

 

 

 

Champaign County Community Unit School District #4 (GO)

 

 

 

 

 

8.300%, 01/01/07

 

1,120

 

1,207

 

Chicago O’Hare International Airport, 2nd Lien, Passenger Facilities, Series C (MBIA) (RB)

 

 

 

 

 

5.750%, 01/01/09

 

1,000

 

1,089

 

Chicago Park District, Callable until 05/14/06 @ 101 (GO)

 

 

 

 

 

6.350%, 11/15/08

 

135

 

138

 

Chicago Sales Tax Revenue (RB)

 

 

 

 

 

5.000%, 01/01/11

 

3,165

 

3,444

 

Cook County Community High School District #218, Partially Escrowed to Maturity, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

2.630%, 12/01/05 (a) (c)

 

1,760

 

1,741

 

Cook County Consolidated High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO)

 

 

 

 

 

2.070%, 12/01/05 (c)

 

2,265

 

2,240

 

Cook County High School District #209, Proviso Township (FSA) (GO)

 

 

 

 

 

2.650%, 12/01/08 (d)

 

1,485

 

1,396

 

Illinois Development Finance Authority, People’s Gas, Light & Coke, Series B, Mandatory Put 02/01/08 @ 100 (AMBAC) (RB)

 

 

 

 

 

3.050%, 02/01/33 (e)

 

3,000

 

2,989

 

Illinois Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/08 @ 100 (RB)

 

 

 

 

 

3.100%, 03/01/34

 

2,000

 

1,984

 

Illinois Finance Authority, DePaul University, Series A (RB)

 

 

 

 

 

5.000%, 10/01/07

 

1,000

 

1,041

 

5.000%, 10/01/09

 

1,000

 

1,065

 

5.000%, 10/01/09

 

1,355

 

1,443

 

Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB)

 

 

 

 

 

3.375%, 12/01/06

 

1,365

 

1,371

 

Illinois Health Facilities Authority, University of Chicago, Hospital & Health (MBIA) (RB)

 

 

 

 

 

5.000%, 08/15/06

 

1,000

 

1,024

 

5.000%, 08/15/07

 

1,000

 

1,043

 

Illinois State Toll Highway Authority, Pre-refunded 07/01/06 @ 100, Callable until
12/31/09 @ 100 (RB)

 

 

 

 

 

6.750%, 01/01/10 (b)

 

30

 

31

 

Lake County Community Unit School District #60, Waukegan, Series A (FSA) (GO)

 

 

 

 

 

6.000%, 12/01/05

 

1,115

 

1,131

 

Lake County School District #112, Highland Park (GO)

 

 

 

 

 

9.000%, 12/01/06

 

1,655

 

1,793

 

9.000%, 12/01/07

 

1,000

 

1,138

 

 

 

 

 

27,308

 

 



 

Indiana 3.0%

 

 

 

 

 

Gary Sanitation District, Special Tax District (GO) (RAAI)

 

 

 

 

 

3.500%, 02/01/07

 

1,105

 

1,113

 

Indiana Health Facility Financing Authority, Ascension Health Credit (RB)

 

 

 

 

 

5.000%, 05/01/09

 

7,000

 

7,451

 

Indiana State Development Finance Authority, Waste Management Income Project, Mandatory Put 10/01/05 @ 100 (AMT) (RB)

 

 

 

 

 

2.700%, 10/01/31

 

1,000

 

998

 

New Albany & Floyd County School Building (FSA) (RB)

 

 

 

 

 

5.000%, 01/15/10

 

1,310

 

1,412

 

 

 

 

 

10,974

 

 

 

 

 

 

 

Iowa 0.1%

 

 

 

 

 

Scott County, Ridgecrest Village (RB)

 

 

 

 

 

4.000%, 11/15/06

 

500

 

499

 

 

 

 

 

 

 

Kansas 1.4%

 

 

 

 

 

Augusta Electric Generating & Distribution System, Escrowed to Maturity, Callable
11/15/05 @ 100 (RB)

 

 

 

 

 

6.700%, 11/15/07 (a)

 

1,440

 

1,473

 

Burlington Pollution Control, Kansas Gas & Electric Company Project, Series B, Callable 06/01/06 @ 100, Mandatory Put 06/01/06 @ 100 (RB)

 

 

 

 

 

2.650%, 06/01/31 (e)

 

2,500

 

2,497

 

La Cygne Environmental, Kansas City Power & Light, Mandatory Put 09/01/05 @ 100 (RB)

 

 

 

 

 

2.250%, 03/01/18 (e)

 

1,000

 

998

 

 

 

 

 

4,968

 

 

 

 

 

 

 

Kentucky 0.2%

 

 

 

 

 

Kentucky State Turnpike Authority, Escrowed to Maturity, Callable until 06/30/07 @ 100 (RB)

 

 

 

 

 

6.125%, 07/01/07 (a)

 

325

 

335

 

Owensboro Electric, Light & Power, Escrowed to Maturity, Callable 07/01/05 @ 100 (RB)

 

 

 

 

 

6.850%, 01/01/08 (a)

 

445

 

469

 

 

 

 

 

804

 

 

 

 

 

 

 

Louisiana 3.3%

 

 

 

 

 

Louisiana State Health & Education Authority, Lambeth House Project, Pre-refunded
10/01/06 @ 102 (RB)

 

 

 

 

 

9.000%, 10/01/26 (b)

 

1,000

 

1,096

 

Louisiana State, Series A (GO)

 

 

 

 

 

5.000%, 08/01/09

 

8,000

 

8,617

 

Tangipahoa Parish Hospital Service District #1, North Oaks Medical Center Project (RB)

 

 

 

 

 

5.000%, 02/01/11

 

2,035

 

2,169

 

 

 

 

 

11,882

 

 

 

 

 

 

 

Massachusetts 0.9%

 

 

 

 

 

Massachusetts State, Series E (GO)

 

 

 

 

 

5.500%, 01/01/09

 

3,000

 

3,247

 

 

 

 

 

 

 

Michigan 4.4%

 

 

 

 

 

Michigan Municipal Bond Authority, Series A, Escrowed to Maturity, Callable until
09/30/05 @ 100 (RB)

 

 

 

 

 

6.150%, 10/01/05 (a)

 

1,500

 

1,514

 

Michigan State Hospital Finance Authority, Genesys Health System, Series A, Pre-refunded 10/01/05 @ 100 (RB)

 

 

 

 

 

7.500%, 10/01/27 (b)

 

6,620

 

6,701

 

Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity, Callable until 04/30/09 @ 100 (RB)

 

 

 

 

 

7.125%, 05/01/09 (a)

 

320

 

347

 

Michigan State Hospital Finance Authority, Henry Ford Health System, Series A (RB)

 

 

 

 

 

5.000%, 03/01/06

 

1,000

 

1,013

 

Michigan State Hospital Finance Authority, Marquette General Hospital Obligated Group (RB)

 

 

 

 

 

5.000%, 05/15/10

 

1,205

 

1,280

 

5.000%, 05/15/11

 

1,000

 

1,065

 

 



 

Michigan State Hospital Finance Authority, Oakwood Obligated Group (RB)

 

 

 

 

 

5.000%, 11/01/06

 

1,000

 

1,026

 

Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB)

 

 

 

 

 

3.800%, 06/01/14 (e)

 

1,800

 

1,812

 

Michigan Strategic Fund Limited Obligation, Ford Motor Company Project, Series A (RB)

 

 

 

 

 

7.100%, 02/01/06

 

1,085

 

1,101

 

 

 

 

 

15,859

 

 

 

 

 

 

 

Minnesota 3.4%

 

 

 

 

 

Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) (RB)

 

 

 

 

 

3.050%, 06/15/34 (e)

 

2,000

 

1,981

 

Minneapolis Convention Center, Series A (GO) (SPA)

 

 

 

 

 

2.150%, 12/01/14 (e)

 

1,000

 

1,000

 

Minneapolis Healthcare System, Allina Health System, Series A

 

 

 

 

 

5.000%, 11/15/06

 

1,895

 

1,944

 

Minneapolis Library (GO)

 

 

 

 

 

2.150%, 12/01/32 (e)

 

1,200

 

1,200

 

Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L2 (RB) (SPA)

 

 

 

 

 

2.150%, 11/01/12 (e)

 

2,325

 

2,325

 

Minnesota State Higher Education Facilities Authority, Carleton College, Series 5-G (RB) (SPA)

 

 

 

 

 

2.150%, 11/01/29 (e)

 

450

 

450

 

Minnesota State Higher Education Facilities Authority, Series 4S, Mandatory Put 04/01/08 @ 100 (RB)

 

 

 

 

 

4.600%, 04/01/28 (e)

 

1,200

 

1,243

 

Monticello, Big Lake Community Hospital District, Series C (RB)

 

 

 

 

 

4.250%, 12/01/07

 

1,275

 

1,277

 

Northwestern Mutual Life Insurance Co. Tax-Exempt Mortgage Trust #1 (RB)

 

 

 

 

 

7.605%, 02/15/09 (e)

 

34

 

34

 

St. Paul Port Authority Lease Revenue, Healtheast Midway Campus (RB)

 

 

 

 

 

5.000%, 05/01/10

 

700

 

705

 

 

 

 

 

12,159

 

 

 

 

 

 

 

Mississippi 0.9%

 

 

 

 

 

Mississippi State, Escrowed to Maturity (GO)

 

 

 

 

 

6.200%, 02/01/08 (a)

 

3,045

 

3,260

 

 

 

 

 

 

 

Missouri 2.0%

 

 

 

 

 

Boone County Hospital (RB)

 

 

 

 

 

5.000%, 08/01/06

 

2,925

 

2,986

 

Little Blue Valley Sewer District, Escrowed to Maturity, Callable until 09/30/07 @ 100 (RB)

 

 

 

 

 

5.500%, 10/01/07 (a)

 

1,000

 

1,060

 

Missouri State Development Finance Board, Branson, Series A (RB)

 

 

 

 

 

5.000%, 12/01/05

 

1,000

 

1,008

 

Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Associated Electric CoOp, Thomas Hill

 

 

 

 

 

5.500%, 12/01/06

 

1,000

 

1,039

 

St. Louis International Airport, Series A (FSA) (RB)

 

 

 

 

 

5.000%, 07/01/07

 

1,100

 

1,147

 

 

 

 

 

7,240

 

 

 

 

 

 

 

Nebraska 1.2%

 

 

 

 

 

Douglas County Hospital Authority #002, Nebraska Medical Center (GTY) (RB)

 

 

 

 

 

5.000%, 11/15/07

 

1,000

 

1,042

 

5.000%, 11/15/08

 

1,000

 

1,054

 

Nebraska Investment Finance Authority, Catholic Health Initiatives, Series A (RB)

 

 

 

 

 

5.500%, 12/01/07

 

2,000

 

2,115

 

 

 

 

 

4,211

 

 



 

Nevada 1.6%

 

 

 

 

 

Clark County Pollution Control, Series A, Mandatory Put 03/02/09 @ 100 (AMT) (RB)

 

 

 

 

 

3.250%, 06/01/31 (e)

 

3,000

 

2,960

 

Clark County Pollution Control, Series C, Mandatory Put 03/02/09 @ 100 (AMT) (RB)

 

 

 

 

 

3.250%, 06/01/31 (e)

 

3,000

 

2,960

 

 

 

 

 

5,920

 

 

 

 

 

 

 

New Jersey 5.8%

 

 

 

 

 

New Jersey Economic Development Authority, Arbor Glen Project, Series A, Pre-refunded 05/15/06 @ 102 (RB)

 

 

 

 

 

8.000%, 05/15/12 (b)

 

1,820

 

1,928

 

New Jersey Economic Development Authority, Cigarette Tax (RB)

 

 

 

 

 

5.000%, 06/15/07

 

2,000

 

2,067

 

New Jersey Economic Development Authority, United Methodist Homes, Pre-refunded 07/01/05 @ 102 (RB)

 

 

 

 

 

7.500%, 07/01/20 (b)

 

4,255

 

4,341

 

New Jersey Health Care Facilities Financing Authority, Capital Health Systems, Series A (RB)

 

 

 

 

 

5.000%, 07/01/07

 

2,465

 

2,540

 

5.000%, 07/01/08

 

1,585

 

1,650

 

New Jersey State Transportation Corporation, Sub-Federal Transportation Administrative Grants, Series B (COP)

 

 

 

 

 

5.000%, 09/15/06

 

2,025

 

2,076

 

New Jersey State Transportation System, Series C (RB)

 

 

 

 

 

5.000%, 06/15/09

 

3,490

 

3,725

 

New Jersey State Turnpike Authority, Escrowed to Maturity (RB)

 

 

 

 

 

6.750%, 01/01/09 (a)

 

2,585

 

2,630

 

 

 

 

 

20,957

 

 

 

 

 

 

 

New Mexico 1.2%

 

 

 

 

 

Farmington, Pre-refunded 07/01/05 @ 100 (RB)

 

 

 

 

 

9.875%, 01/01/13 (b)

 

1,260

 

1,260

 

Sandoval County Incentive Payment (RB)

 

 

 

 

 

4.250%, 12/01/06

 

3,000

 

3,055

 

 

 

 

 

4,315

 

 

 

 

 

 

 

New York 7.9%

 

 

 

 

 

Long Island Power Authority, Series B (RB)

 

 

 

 

 

5.000%, 12/01/06

 

3,700

 

3,814

 

Monroe County Airport Authority, Greater Rochester International (AMT) (MBIA) (RB)

 

 

 

 

 

5.000%, 01/01/09

 

1,175

 

1,241

 

New York, Series G (GO)

 

 

 

 

 

5.000%, 08/01/08

 

1,615

 

1,710

 

New York, Series H (GO)

 

 

 

 

 

4.000%, 08/01/08

 

1,675

 

1,724

 

New York, Series O (GO)

 

 

 

 

 

5.000%, 06/01/09

 

11,960

 

12,765

 

New York State Dormitory Authority, Mental Health, Series F-1 (RB)

 

 

 

 

 

5.000%, 02/15/07

 

2,000

 

2,064

 

New York State Dormitory Authority, Rochester General Hospital (RB)

 

 

 

 

 

5.000%, 12/01/10

 

1,970

 

2,118

 

Port Authority of New York & New Jersey (AMT) (RB)

 

 

 

 

 

5.000%, 07/15/07

 

3,125

 

3,251

 

 

 

 

 

28,687

 

 

 

 

 

 

 

North Carolina 2.3%

 

 

 

 

 

North Carolina Medical Care Commission, Health Care Facilities, Series A (RB)

 

 

 

 

 

2.500%, 11/01/07

 

1,000

 

984

 

North Carolina Medical Care Commission, Novant Health Obligated Group, Series A (RB)

 

 

 

 

 

5.000%, 11/01/07

 

5,325

 

5,569

 

University North Carolina Chapel Hill, University Hospital, Series A (RB)

 

 

 

 

 

5.000%, 02/01/10

 

1,060

 

1,132

 

5.000%, 02/01/11

 

500

 

538

 

 

 

 

 

8,223

 

 



 

Ohio 1.7%

 

 

 

 

 

Allen County Economic Development, Young Men’s Christian Association, Mandatory Put 04/14/08 @ 100 (RB)

 

 

 

 

 

3.000%, 04/15/18 (e)

 

5,000

 

4,977

 

Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project (RB)

 

 

 

 

 

3.000%, 12/01/06

 

1,090

 

1,087

 

 

 

 

 

6,064

 

 

 

 

 

 

 

Oklahoma 0.6%

 

 

 

 

 

Oklahoma Development Finance Authority, Conocophillips Company Project, Mandatory Put 12/01/05 @ 100 (AMT) (GTY) (RB)

 

 

 

 

 

2.420%, 12/01/38 (e)

 

1,000

 

998

 

Ponca City Utility Authority, Escrowed to Maturity, Callable until 06/30/08 @ 100 (RB)

 

 

 

 

 

6.000%, 07/01/08 (a)

 

1,110

 

1,210

 

 

 

 

 

2,208

 

 

 

 

 

 

 

Pennsylvania 2.8%

 

 

 

 

 

Chartiers Valley Industrial & Commercial Development Authority, Friendship Village South, Series A (RB)

 

 

 

 

 

2.750%, 08/15/05

 

400

 

400

 

3.150%, 08/15/06

 

400

 

398

 

3.450%, 08/15/07

 

300

 

298

 

Hampden Township Sewer Authority, Escrowed to Maturity, Callable until 03/31/07 @ 100 (RB)

 

 

 

 

 

6.150%, 04/01/07 (a)

 

905

 

942

 

Pennsylvania Higher Education Facilities Authority, University of Pennsylvania, Health Systems, Series B (RB)

 

 

 

 

 

5.000%, 08/15/08

 

5,000

 

5,250

 

Pittsburgh, Series A (GO) (MBIA)

 

 

 

 

 

5.000%, 09/01/09

 

1,515

 

1,623

 

Ringgold School District Authority, Escrowed to Maturity, Callable until 01/14/08 @ 100 (RB)

 

 

 

 

 

6.700%, 01/15/08 (a)

 

995

 

1,059

 

 

 

 

 

9,970

 

 

 

 

 

 

 

Puerto Rico 3.6%

 

 

 

 

 

Puerto Rico Commonwealth, Highway Transportation Authority, Series AA (RB)

 

 

 

 

 

5.000%, 07/01/07

 

7,200

 

7,481

 

Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/08 @ 100 (GO)

 

 

 

 

 

5.000%, 07/01/18 (e)

 

4,250

 

4,450

 

Puerto Rico Electric Power Authority, Series 00 (RB)

 

 

 

 

 

4.000%, 07/01/07

 

1,000

 

1,020

 

 

 

 

 

12,951

 

 

 

 

 

 

 

South Carolina 2.3%

 

 

 

 

 

Charleston County Hospital Facilities, Carealliance Health Services, Series A (RB)

 

 

 

 

 

5.000%, 08/15/06

 

2,210

 

2,257

 

5.000%, 08/15/07

 

700

 

726

 

Piedmont Municipal Power Agency, Subseries B-3 (AMBAC) (RB) (VRDO)

 

 

 

 

 

2.300%, 01/01/34

 

1,000

 

1,000

 

South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (RB)

 

 

 

 

 

4.500%, 08/01/06

 

660

 

667

 

South Carolina State Ports Authority (AMT) (FSA) (RB)

 

 

 

 

 

5.500%, 07/01/07

 

3,330

 

3,498

 

 

 

 

 

8,148

 

 

 

 

 

 

 

South Dakota 0.9%

 

 

 

 

 

Sioux Falls Health Facilities, Dow Rummel Village Project, Series B, Mandatory Put
11/15/07 @ 100, Callable 11/15/07 @ 100 (RB)

 

 

 

 

 

4.750%, 11/15/33

 

1,675

 

1,678

 

South Dakota Housing Development Authority, Homeownership Mortgage, Series I (AMT) (RB)

 

 

 

 

 

2.850%, 05/01/06

 

1,600

 

1,598

 

 

 

 

 

3,276

 

 

 

 

 

 

 

Tennessee 0.4%

 

 

 

 

 

Sullivan County Health Educational & Housing Facilities, Wellmont Health Systems Project (RB)

 

 

 

 

 

4.500%, 09/01/06

 

1,500

 

1,514

 

 



 

Texas 15.2%

 

 

 

 

 

Austin, Escrowed to Maturity (GO)

 

 

 

 

 

8.500%, 07/01/05 (a)

 

1,500

 

1,500

 

Brazos River Authority, Utilities Electric Co., Series B, Mandatory Put 06/19/06 @ 100 (AMT) (RB)

 

 

 

 

 

5.050%, 06/01/30 (e)

 

1,730

 

1,758

 

Donna Independent School District (GO)

 

 

 

 

 

4.000%, 02/15/11

 

1,505

 

1,561

 

Gulf Coast Waste Disposal Authority, Series C, Mandatory Put 05/01/06 @ 100 (AMT) (RB)

 

 

 

 

 

3.200%, 05/01/28

 

4,000

 

3,979

 

Houston Airport Systems, Escrowed to Maturity (RB)

 

 

 

 

 

8.200%, 07/01/05 (a)

 

455

 

455

 

Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/09 @ 100 (RB)

 

 

 

 

 

4.900%, 02/15/10

 

1,020

 

1,023

 

Jefferson County Health Facilities Development Authority, Baptist Hospitals (AMBAC) (FHA) (RB)

 

 

 

 

 

4.200%, 08/15/07

 

1,450

 

1,487

 

Laredo Independent School District (GO) (PSFG)

 

 

 

 

 

6.750%, 08/01/08

 

2,150

 

2,386

 

Lubbock Health Facilities Development, St. Joseph Health Systems (FSA) (RB)

 

 

 

 

 

5.000%, 07/01/07

 

7,100

 

7,392

 

North Central Taxes Health Facility Development, Baylor Health Care Systems Project (RB)

 

 

 

 

 

5.500%, 05/15/06

 

3,500

 

3,577

 

5.500%, 05/15/07

 

1,000

 

1,043

 

Northside Independent School District, Series B, Callable 08/01/05 @ 100, Mandatory Put 08/01/06 @ 100 (GO) (PSFG)

 

 

 

 

 

2.450%, 08/01/33 (e)

 

6,800

 

6,766

 

Pflugerville Independent School District (GO)

 

 

 

 

 

5.000%, 08/15/09

 

1,595

 

1,715

 

Richardson Hospital Authority (RB)

 

 

 

 

 

4.000%, 12/01/06

 

1,165

 

1,177

 

5.000%, 12/01/07

 

1,230

 

1,274

 

San Antonio (GO)

 

 

 

 

 

3.000%, 02/01/06

 

1,680

 

1,683

 

San Antonio, Escrowed to Maturity (GO)

 

 

 

 

 

3.000%, 02/01/06 (a)

 

20

 

20

 

Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity, Callable until 11/30/08 @ 100 (RB)

 

 

 

 

 

8.500%, 12/01/08 (a)

 

670

 

734

 

Tarrant Regional Water District (FSA) (RB)

 

 

 

 

 

5.000%, 03/01/08

 

2,275

 

2,397

 

Texas State Turnpike Authority (RB)

 

 

 

 

 

5.000%, 06/01/08

 

7,000

 

7,406

 

Texas Tax & Revenue Anticipation Notes

 

 

 

 

 

3.000%, 08/31/05

 

4,000

 

4,003

 

Tyler Health Facilities Development, Mother Frances Hospital (RB)

 

 

 

 

 

5.000%, 07/01/07

 

575

 

594

 

United Independent School District (GO) (PSFG)

 

 

 

 

 

8.000%, 08/15/05

 

1,075

 

1,082

 

 

 

 

 

55,012

 

 

 

 

 

 

 

Utah 0.5%

 

 

 

 

 

Utah State Board, University of Utah Hospital, Series A (MBIA) (RB)

 

 

 

 

 

5.000%, 08/01/09 (f)

 

1,855

 

1,986

 

 

 

 

 

 

 

Virgin Islands 0.4%

 

 

 

 

 

Virgin Islands Public Finance Authority (RB)

 

 

 

 

 

4.000%, 10/01/05

 

1,500

 

1,504

 

 

 

 

 

 

 

Virginia 0.7%

 

 

 

 

 

Chesapeake Hospital Authority, Chesapeake General Hospital, Series A (RB)

 

 

 

 

 

5.000%, 07/01/07

 

2,300

 

2,375

 

 



 

Washington 1.0%

 

 

 

 

 

Portland & Seattle Intermediate Lien, Series A (RB)

 

 

 

 

 

5.000%, 03/01/10 (f)

 

2,000

 

2,164

 

Washington State Housing Finance Commission, Presbyterian Ministries, Series A, Pre-refunded 07/01/06 @ 102 (RB)

 

 

 

 

 

6.850%, 07/01/21 (b)

 

1,390

 

1,475

 

 

 

 

 

3,639

 

 

 

 

 

 

 

West Virginia 0.8%

 

 

 

 

 

Putnam County Pollution Control, Appalachian Power Company Project, Series E, Mandatory Put 11/01/06 @ 100 (RB)

 

 

 

 

 

2.800%, 05/01/19 (e)

 

3,000

 

2,967

 

 

 

 

 

 

 

Wisconsin 1.3%

 

 

 

 

 

Wisconsin State Health & Educational Facilities Authority, Childrens Hospital of Wisconsin, Series A (RB)

 

 

 

 

 

4.500%, 08/15/08

 

1,500

 

1,561

 

Wisconsin State Health & Educational Facilities Authority, Froedtert & Community Health, Series A (RB)

 

 

 

 

 

5.000%, 04/01/10

 

1,000

 

1,072

 

Wisconsin State Health & Educational Facilities Authority, Gundersen Lutheran, Series A (FSA) (RB)

 

 

 

 

 

5.000%, 02/15/08

 

1,000

 

1,050

 

Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Series A (RB)

 

 

 

 

 

5.000%, 08/15/07

 

1,000

 

1,038

 

 

 

 

 

4,721

 

 

 

 

 

 

 

Total Municipal Bonds
(Cost $349,848)

 

 

 

350,719

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund 3.0%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (g)

 

10,930,883

 

10,931

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $10,931)

 

 

 

10,931

 

 

 

 

 

 

 

Total Investments - 99.9%
(Cost $360,779)

 

 

 

361,650

 

Other Assets and Liabilities, Net - 0.1%

 

 

 

315

 

Total Net Assets - 100.0%

 

 

 

$

361,965

 

 


+                 Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

(a)          Escrowed to Maturity issues are typically backed by U.S. Government obligations.  If callable, these bonds may still be subject to call at the call date and price indicated.

 

(b)         Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

(c)          The rate shown is the effective yield at the time of purchase.

 

(d)         Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s).  The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

(e)          Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

 

(f)            Security purchased on a when-issued basis.  On June 30, 2005, the total cost of investments purchased on a when-issued basis was $4,134,969 or 1.1% of total net assets.

 

(g)         Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

AMBAC - American Municipal Bond Assurance Corporation

AMT - Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $35,765,068, which represents 9.9% of total net assets.

Cl - Class

COP - Certificate of Participation

FNMA - Federal National Mortgage Association

FSA - Financial Security Assurance

 



 

GO - General Obligation

GTY - Assured Guaranty

MBIA - Municipal Bond Insurance Association

PSFG - Permanent School Fund Guarantee

PUFG - Permanent University Fund Guarantee

RAAI - Radian Asset Assurance Inc.

RB - Revenue Bond

SPA - Standby Purchase Agreement

VRDO - Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year.  The interest rate, whichi s based on specific, or an index of, market interest rates, and is subject to change periodically.  This instrument may also have a demand feature which allows the reovery of principal at any time, or at specific intervals not exceeding one year, on up to 30 days notice.  Maturity date shown represents final maturity.

XLCA - XL Capital Assurance Inc.

 



 

Schedule of INVESTMENTS June 30, 2005

(unaudited)

 

Tax Free Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Municipal Bonds — 98.4%

 

 

 

 

 

Alabama — 0.9%

 

 

 

 

 

Bessemer Water Revenue, Callable 07/01/06 @ 102 (AMBAC) (RB)

 

 

 

 

 

5.750%, 07/01/16

 

$

2,500

 

$

2,620

 

Camden Industrial Development Board Weyerhauser Company, Series A, Callable 12/01/13 @ 100 (RB)

 

 

 

 

 

6.125%, 12/01/24

 

1,000

 

1,116

 

Camden Industrial Development Board Weyerhauser Company, Series B, Callable 12/01/13 @ 100 (AMT) (RB)

 

 

 

 

 

6.375%, 12/01/24

 

350

 

385

 

 

 

 

 

4,121

 

 

 

 

 

 

 

Alaska — 1.9%

 

 

 

 

 

Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB)

 

 

 

 

 

6.000%, 07/01/10

 

1,000

 

1,128

 

6.000%, 07/01/11

 

4,040

 

4,620

 

Alaska State Housing Finance Corporation, Series A, Callable 12/01/05 @ 105 (MBIA) (RB)

 

 

 

 

 

5.700%, 12/01/11

 

505

 

518

 

Alaska State Housing Finance Corporation, Series A, Callable 06/01/07 @ 102 (MBIA) (RB)

 

 

 

 

 

5.900%, 12/01/19

 

695

 

724

 

Anchorage, Series B, Callable 07/01/12 @ 100 (MBIA) (GO)

 

 

 

 

 

5.000%, 07/01/22

 

2,000

 

2,143

 

 

 

 

 

9,133

 

 

 

 

 

 

 

Arizona — 1.8%

 

 

 

 

 

Arizona Health Facilities Authority, The Terraces Project, Series A, Callable
11/15/13 @ 101 (RB)

 

 

 

 

 

7.500%, 11/15/23

 

3,000

 

3,127

 

Arizona State Transportation Board, Callable 07/01/09 @ 100 (RB)

 

 

 

 

 

6.000%, 07/01/12

 

3,830

 

4,274

 

Tempe Industrial Development Authority, Friendship Village Project, Series A (RB)

 

 

 

 

 

5.375%, 12/01/13

 

1,300

 

1,337

 

 

 

 

 

8,738

 

 

 

 

 

 

 

California — 7.6%

 

 

 

 

 

Alameda Corridor Transportation Authority, Series A, Zero Coupon Bond (AMBAC) (RB)

 

 

 

 

 

5.720%, 10/01/30 (a)

 

8,000

 

2,418

 

California State, Callable 04/01/09 @ 101 (GO)

 

 

 

 

 

4.750%, 04/01/22

 

500

 

511

 

California State, Callable 02/01/13 @ 100 (GO)

 

 

 

 

 

5.000%, 02/01/21

 

5,500

 

5,842

 

California State, Callable 02/01/14 @ 100 (GO)

 

 

 

 

 

5.000%, 02/01/33

 

2,000

 

2,104

 

California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series B, Callable 07/01/15 @ 100 (AMT) (RB)

 

 

 

 

 

5.000%, 07/01/27 (b)

 

2,500

 

2,500

 

 



 

California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB)

 

 

 

 

 

5.375%, 05/01/22

 

4,500

 

4,915

 

California State Public Works Board Mental Health-Coalinga, Series A, Callable 06/01/14 @ 100 (RB)

 

 

 

 

 

5.500%, 06/01/19

 

3,000

 

3,368

 

California Statewide Communities Development Authority, Los Angeles Jewish Home, Callable 11/01/13 @ 100 (CMI) (RB)

 

 

 

 

 

5.250%, 11/15/23

 

4,000

 

4,282

 

Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT) (RB)

 

 

 

 

 

4.900%, 03/01/23

 

2,500

 

2,541

 

Golden State Tobacco Securitization, Series B, Callable 06/01/13 @ 100 (RB)

 

 

 

 

 

5.500%, 06/01/33

 

6,940

 

7,665

 

 

 

 

 

36,146

 

 

 

 

 

 

 

Colorado — 4.8%

 

 

 

 

 

Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) (RB)

 

 

 

 

 

5.700%, 07/01/29

 

1,590

 

1,691

 

Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB)

 

 

 

 

 

7.250%, 12/01/21 (c)

 

1,500

 

1,836

 

Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101 (RB)

 

 

 

 

 

6.125%, 12/01/33

 

1,150

 

1,262

 

Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 10/01/12 @ 100 (RB)

 

 

 

 

 

5.900%, 10/01/27

 

2,500

 

2,713

 

Colorado State Health Facilities Authority, Parkview Medical Center, Callable 09/01/11 @ 100 (RB)

 

 

 

 

 

6.500%, 09/01/20

 

1,000

 

1,110

 

Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 (RB)

 

 

 

 

 

5.800%, 01/15/27

 

1,500

 

1,605

 

E-470 Public Highway Authority, Capital Appreciation, Series A, Zero Coupon Bond (MBIA) (RB)

 

 

 

 

 

5.350%, 09/01/34 (a)

 

19,000

 

4,682

 

E 470 Public Highway Authority, Capital Appreciation, Series B, Zero Coupon Bond (MBIA) (RB)

 

 

 

 

 

5.110%, 09/01/26 (a)

 

5,385

 

2,022

 

La Junta Hospital, Arkansas Valley Medical Center Project, Callable 04/01/09 @ 101 (RB)

 

 

 

 

 

6.000%, 04/01/19

 

1,000

 

1,059

 

Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB)

 

 

 

 

 

6.000%, 12/01/28

 

1,000

 

1,058

 

6.000%, 12/01/33

 

1,000

 

1,049

 

Northwest Parkway Public Highway Authority, Zero Coupon Bond (AMBAC) (RB)

 

 

 

 

 

6.290%, 06/15/29 (a)

 

10,000

 

2,644

 

 

 

 

 

22,731

 

 

 

 

 

 

 

Florida — 2.8%

 

 

 

 

 

Capital Trust Agency, Fort Lauderdale Project, Callable 01/01/14 @ 101 (AMT) (RB)

 

 

 

 

 

5.750%, 01/01/32

 

1,000

 

1,015

 

Florida State Department of Transportation, Alligator Alley, Callable 07/01/07 @ 101 (FGIC) (RB)

 

 

 

 

 

5.125%, 07/01/13

 

1,280

 

1,348

 

 



 

Florida State Department of Transportation, Right-of-Way, Callable 07/01/06 @ 101 (GO)

 

 

 

 

 

5.250%, 07/01/17

 

5,525

 

5,707

 

Palm Beach County, Park & Recreational Facilities, Callable 11/01/06 @ 102 (FSA) (RB)

 

 

 

 

 

5.250%, 11/01/16

 

5,000

 

5,252

 

 

 

 

 

13,322

 

 

 

 

 

 

 

Georgia — 2.7%

 

 

 

 

 

Fulton County Developement Authority, Maxon Atlantic Station, Series A (AMT) (RB)

 

 

 

 

 

5.125%, 03/01/26

 

2,300

 

2,306

 

Fulton County Residential Care Facilities, Canterbury Court Project, Series A, Callable 02/15/14 @ 101 (RB)

 

 

 

 

 

6.125%, 02/15/26

 

1,500

 

1,549

 

6.125%, 02/15/34

 

2,500

 

2,544

 

Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Project, Callable 05/15/11 @ 100 (RB)

 

 

 

 

 

5.500%, 05/15/31

 

5,000

 

5,231

 

Georgia Municipal Electric Authority Power, Series BB (MBIA) (RB)

 

 

 

 

 

5.250%, 01/01/25

 

1,000

 

1,156

 

 

 

 

 

12,786

 

 

 

 

 

 

 

Hawaii — 1.8%

 

 

 

 

 

Hawaii State, Series CN, Callable 03/01/07 @ 102 (FGIC) (GO)

 

 

 

 

 

5.500%, 03/01/14

 

8,000

 

8,515

 

 

 

 

 

 

 

Illinois — 11.3%

 

 

 

 

 

Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC) (RB)

 

 

 

 

 

7.500%, 08/01/10 (d)

 

1,080

 

1,204

 

Cook County, Series A (MBIA) (GO)

 

 

 

 

 

6.250%, 11/15/12

 

9,090

 

10,709

 

Cook County Community School District #97, Oak Park, Series B (FGIC) (GO)

 

 

 

 

 

9.000%, 12/01/11

 

2,235

 

2,952

 

Illinois Development Finance Authority, Adventist Health System, Callable
11/15/09 @ 101 (RB)

 

 

 

 

 

5.500%, 11/15/29

 

5,000

 

5,219

 

Illinois Financial Authority, Friendship Village Schaumburg, Series A, Callable 02/15/15 @ 100 (RB)

 

 

 

 

 

5.375%, 02/15/25 (b)

 

1,700

 

1,687

 

Illinois Health Facilities Authority, Condell Medical Center, Callable 05/15/12 @ 100 (RB)

 

 

 

 

 

5.500%, 05/15/32

 

2,500

 

2,609

 

Illinois Health Facilities Authority, Covenant Retirement Communities, Callable 12/01/11 @ 101 (RB)

 

 

 

 

 

5.875%, 12/01/31

 

4,500

 

4,747

 

Illinois Health Facilities Authority, Covenant Retirement Communities, Series A, Callable 12/01/12 @ 100 (RAAI) (RB)

 

 

 

 

 

5.500%, 12/01/22

 

4,000

 

4,292

 

Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Callable 08/15/11 @ 101 (RB)

 

 

 

 

 

7.375%, 08/15/31

 

3,000

 

3,230

 

Illinois State, Callable 05/01/06 @ 102 (MBIA) (GO)

 

 

 

 

 

5.750%, 05/01/21

 

1,410

 

1,471

 

Illinois State, Callable 02/01/07 @ 101 (FGIC) (GO)

 

 

 

 

 

5.250%, 02/01/13

 

1,400

 

1,465

 

Illinois State Development Finance Authority, Pollution Control Illinois Power Company Project, Series A, Pre-refunded 07/01/06 @ 102 (RB)

 

 

 

 

 

7.375%, 07/01/21 (c)

 

500

 

532

 

 



 

Illinois State Development Finance Authority, Waste Management Project (AMT) (RB)

 

 

 

 

 

5.850%, 02/01/07

 

1,000

 

1,036

 

Illinois State Educational Facilities Authority, Augustana College, Pre-refunded 10/01/07 @ 100 (CLE) (RB)

 

 

 

 

 

5.875%, 10/01/17 (c)

 

500

 

534

 

Illinois State Educational Facilities Authority, Augustana College, Pre-refunded 10/01/08 @ 100 (RB)

 

 

 

 

 

5.250%, 10/01/18 (c)

 

1,000

 

1,068

 

Illinois State Toll Highway Authority, Series A (RB)

 

 

 

 

 

6.300%, 01/01/12

 

1,000

 

1,165

 

McHenry County Community Unit, School District #20 Woodstock, Series A, Pre-refunded 01/01/08 @ 100 (FSA) (GO)

 

 

 

 

 

5.850%, 01/01/16 (c)

 

560

 

596

 

Metropolitan Pier & Exposition Authority, McCormick Place, Illinois Dedicated State Tax, Class B, Zero Coupon Bond (MBIA) (RB)

 

 

 

 

 

5.650%, 06/15/22 (a)

 

5,000

 

3,118

 

Northern Illinois University, Auxiliary Facilities Systems, Partially Pre-refunded 04/01/07 @ 100 (FGIC) (RB)

 

 

 

 

 

5.700%, 04/01/16 (c)

 

1,000

 

1,045

 

Rock Island, Friendship Manor Project (RB)

 

 

 

 

 

7.000%, 06/01/06

 

260

 

260

 

Rockford Multifamily Housing, Rivers Edge Apartments, Series A, Callable
01/20/08 @ 102 (AMT) (GNMA) (RB)

 

 

 

 

 

5.875%, 01/20/38

 

1,215

 

1,258

 

Southern Illinois University, Housing & Auxiliary, Series A, Zero Coupon Bond (MBIA) (RB)

 

 

 

 

 

5.500%, 04/01/20 (a)

 

2,280

 

1,195

 

St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO)

 

 

 

 

 

6.000%, 10/01/11

 

2,020

 

2,281

 

 

 

 

 

53,673

 

 

 

 

 

 

 

Indiana — 3.4%

 

 

 

 

 

Crown Point, Multi-School Building Corporation, First Mortgage (MBIA) (RB)

 

 

 

 

 

7.875%, 01/15/06

 

2,630

 

2,701

 

Indiana State Municipal Power Agency, Power Supply, Series B (MBIA) (RB)

 

 

 

 

 

6.000%, 01/01/11

 

1,000

 

1,135

 

6.000%, 01/01/12

 

1,000

 

1,149

 

Indiana Transportation Finance Authority, Series A (AMBAC) (RB)

 

 

 

 

 

5.750%, 06/01/12

 

3,185

 

3,648

 

Indianapolis Airport Authority, Special Facilities, Federal Express Corporattion Project (AMT) (GTY) (RB)

 

 

 

 

 

5.100%, 01/15/17

 

3,000

 

3,176

 

Lake County Redevelopment Authority, Callable until 01/31/06 @ 102 (MBIA) (MLO) (RB)

 

 

 

 

 

6.500%, 02/01/16

 

800

 

818

 

St. Joseph County Industries Hospital Authority, Madison Center Obligation Group Project, Callable 02/15/15 @ 100 (RB)

 

 

 

 

 

5.250%, 02/15/28

 

3,500

 

3,566

 

 

 

 

 

16,193

 

 

 

 

 

 

 

Iowa — 1.0%

 

 

 

 

 

Iowa Higher Education Loan Authority, Central College Project, Callable 10/01/11 @ 100 (RAAI) (RB)

 

 

 

 

 

5.500%, 10/01/31

 

1,500

 

1,599

 

Iowa Higher Education Loan Authority, Private College Facility - Simpson College, Callable 12/01/10 @102 (RB)

 

 

 

 

 

5.100%, 12/01/35

 

2,000

 

2,002

 

Muscatine Electric, Escrowed to Maturity, Callable until 12/31/12 @ 100 (RB)

 

 

 

 

 

6.700%, 01/01/13 (d)

 

920

 

1,039

 

 

 

 

 

4,640

 

 



 

Louisiana — 1.5%

 

 

 

 

 

Baton Rouge Sales & Use Tax, Public Improvements, Series A, Callable
08/01/08 @ 101.50 (FGIC) (RB)

 

 

 

 

 

5.250%, 08/01/15

 

2,030

 

2,186

 

Jefferson Parish, Drain Sales Tax (AMBAC) (RB)

 

 

 

 

 

5.000%, 11/01/11

 

1,000

 

1,100

 

Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity, Callable until 07/31/11 @ 100 (FGIC) (FHA) (RB)

 

 

 

 

 

7.100%, 08/01/11 (d)

 

1,000

 

1,182

 

Lafayette, Public Improvement Sales Tax, Series B (FGIC) (RB)

 

 

 

 

 

7.000%, 03/01/08

 

1,000

 

1,103

 

Louisiana Public Facilities Authority, Tulane University of Louisiana, Series A-1, Callable 11/15/07 @ 102 (MBIA) (RB)

 

 

 

 

 

5.100%, 11/15/14

 

1,500

 

1,602

 

 

 

 

 

7,173

 

 

 

 

 

 

 

Massachusetts — 0.5%

 

 

 

 

 

Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB)

 

 

 

 

 

6.500%, 09/01/35

 

2,500

 

2,523

 

 

 

 

 

 

 

Michigan — 2.1%

 

 

 

 

 

Haslett Public School District, Pre-refunded 05/01/07 @ 100 (MBIA) (GO)

 

 

 

 

 

5.700%, 05/01/16 (c)

 

1,200

 

1,264

 

Kent Hospital Financial Authority, Metropolitan Hospital Project, Series A, Callable 07/01/15 @ 100 (RB)

 

 

 

 

 

5.250%, 07/01/30

 

2,000

 

2,057

 

Lanse Creuse, Public Schools, Pre-refunded 05/01/07 @ 100 (AMBAC) (GO)

 

 

 

 

 

5.250%, 05/01/16 (c)

 

1,000

 

1,045

 

Thornapple Kellogg School Building & Site, Callable 11/01/12 @ 100 (MQSBLF) (GO)

 

 

 

 

 

5.500%, 05/01/14

 

1,485

 

1,671

 

5.500%, 05/01/16

 

1,810

 

2,036

 

Ypsilanti School District, Pre-refunded 05/01/07 @ 100 (FGIC) (GO)

 

 

 

 

 

5.600%, 05/01/12 (c)

 

2,000

 

2,103

 

 

 

 

 

10,176

 

 

 

 

 

 

 

Minnesota — 4.6%

 

 

 

 

 

Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 (RB)

 

 

 

 

 

6.000%, 06/01/29

 

650

 

651

 

Fergus Falls Health Care Facilities Authority, Series A, Callable until 10/31/05 @ 102 (RB)

 

 

 

 

 

7.000%, 11/01/19

 

150

 

152

 

Minneapolis Health Care System, Fairview Health Services, Series A, Pre-refunded 05/15/12 @ 101 (RB)

 

 

 

 

 

5.625%, 05/15/32 (c)

 

7,000

 

7,992

 

Minnesota Agricultural & Economic Developement Board, Health Care System, Series A, Callable 11/15/10 @ 101 (RB)

 

 

 

 

 

6.375%, 11/15/29

 

95

 

105

 

Minnesota Agricultural & Economic Developement Board, Health Care System, Series A, Pre-refunded 11/15/10 @ 101 (RB)

 

 

 

 

 

6.375%, 11/15/29 (c)

 

2,905

 

3,382

 

Minnesota State Housing Finance Agency, Single Family Housing (AMT) (RB)

 

 

 

 

 

4.400%, 07/01/07

 

1,420

 

1,452

 

Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 (RB)

 

 

 

 

 

6.200%, 12/01/22

 

2,995

 

3,201

 

 



 

Shakopee Health Care Facilities St. Francis Regional Medical Center, Callable 09/01/14 @100 (RB)

 

 

 

 

 

5.250%, 09/01/34

 

1,000

 

1,045

 

Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) (RB)

 

 

 

 

 

4.550%, 01/01/24 (a)

 

6,745

 

2,955

 

St. Anthony Housing & Redevelopment Authority Chandler Place Project, Callable 05/20/06 @ 102 (FHA) (GNMA) (RB)

 

 

 

 

 

6.250%, 11/20/25

 

1,000

 

1,047

 

 

 

 

 

21,982

 

 

 

 

 

 

 

Missouri — 0.8%

 

 

 

 

 

Cape Girardeau County Authority, Southeast Missouri Hospital, Callable 06/01/12 @ 100 (RB)

 

 

 

 

 

5.750%, 06/01/32

 

2,500

 

2,638

 

Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT) (RB)

 

 

 

 

 

5.650%, 06/01/37

 

1,000

 

1,045

 

 

 

 

 

3,683

 

 

 

 

 

 

 

Nebraska — 1.9%

 

 

 

 

 

Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable until 08/31/24 @ 100 (RB)

 

 

 

 

 

4.750%, 09/01/24

 

3,000

 

3,042

 

Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA) (RB)

 

 

 

 

 

5.000%, 01/01/15

 

1,000

 

1,083

 

Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 (RB)

 

 

 

 

 

5.250%, 12/15/15

 

500

 

520

 

5.350%, 12/15/18

 

540

 

559

 

Nebraska Educational Finance Authority, Midland Lutheran College, Series A, Callable 09/15/13 @ 100 (RB)

 

 

 

 

 

5.600%, 09/15/29

 

1,800

 

1,813

 

Washington County Wastewater Facilities, Cargill Project, Callable 11/01/12 @ 101 (RB)

 

 

 

 

 

5.900%, 11/01/27

 

1,700

 

1,878

 

 

 

 

 

8,895

 

 

 

 

 

 

 

Nevada — 2.5%

 

 

 

 

 

Carson City, Carson-Tahoe Hospital Project, Callable 09/01/12 @ 101 (RB)

 

 

 

 

 

5.750%, 09/01/31

 

5,000

 

5,294

 

Clark County Industrial Development, Southwest Gas Corporation Project, Series A, Callable 07/01/14 @ 100 (AMBAC) (AMT) (RB)

 

 

 

 

 

5.250%, 07/01/34

 

4,000

 

4,259

 

Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B, Callable 11/15/14 @ 100 (RB)

 

 

 

 

 

6.750%, 11/15/23

 

2,300

 

2,410

 

 

 

 

 

11,963

 

 

 

 

 

 

 

New Hampshire — 0.5%

 

 

 

 

 

New Hampshire Health & Educational Facilities Authority, Covenant Health, Callable 07/01/14 @ 100 (RB)

 

 

 

 

 

5.375%, 07/01/24

 

1,250

 

1,334

 

New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital, Callable 07/01/15 @ 100 (RB)

 

 

 

 

 

5.875%, 07/01/34

 

800

 

842

 

 

 

 

 

2,176

 

 

 

 

 

 

 

New Jersey — 0.8%

 

 

 

 

 

Camden County, Municipal Utilities Authority Sewer Revenue Refunding, Series C, Callable 07/15/08 @ 101 (FGIC) (GO)

 

 

 

 

 

5.100%, 07/15/12

 

3,500

 

3,741

 

 



 

New York — 0.8%

 

 

 

 

 

New York, Series C, Callable 03/15/12 @ 100 (GO)

 

 

 

 

 

5.250%, 03/15/32

 

3,590

 

3,828

 

 

 

 

 

 

 

North Dakota — 0.5%

 

 

 

 

 

North Dakota State Board of Higher Education, Bismark State College, Callable 05/01/15 @ 100 (RB)

 

 

 

 

 

5.350%, 05/01/30

 

2,500

 

2,519

 

 

 

 

 

 

 

Ohio — 1.8%

 

 

 

 

 

Cincinnati Water System, Callable 06/01/11 @ 100 (RB)

 

 

 

 

 

5.000%, 12/01/20

 

125

 

133

 

Cleveland Waterworks, Series H, Pre-refunded 01/01/06 @ 102 (MBIA) (RB)

 

 

 

 

 

5.750%, 01/01/16 (c)

 

1,460

 

1,512

 

Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102 (GO)

 

 

 

 

 

5.250%, 12/01/23

 

2,000

 

2,096

 

Ohio State Higher Education, Series B, Callable 11/01/11 @ 100 (GO)

 

 

 

 

 

5.000%, 11/01/16

 

1,500

 

1,632

 

Ohio State Higher Educational Facility, Baldwin-Wallace College Project, Callable 06/01/14 @ 100 (RB)

 

 

 

 

 

5.125%, 12/01/17

 

1,490

 

1,586

 

5.250%, 12/01/19

 

1,540

 

1,640

 

 

 

 

 

8,599

 

 

 

 

 

 

 

Oregon — 1.5%

 

 

 

 

 

Washington County Unified Sewer Agency, Series 1 (FGIC) (RB)

 

 

 

 

 

5.750%, 10/01/10

 

6,110

 

6,894

 

 

 

 

 

 

 

Pennsylvania — 1.8%

 

 

 

 

 

Chester Upland School Authority, Series A, Callable 09/01/07 @ 100 (FSA) (RB)

 

 

 

 

 

5.250%, 09/01/17

 

2,000

 

2,093

 

Erie County Industrial Development Authority, International Paper Company Project, Series A, Callable 11/01/14 @ 100 (AMT) (RB)

 

 

 

 

 

5.000%, 11/01/18

 

1,350

 

1,381

 

Pennsylvania State, Callable 03/15/07 @ 101.50 (AMBAC) (GO)

 

 

 

 

 

5.125%, 09/15/11

 

5,000

 

5,258

 

 

 

 

 

8,732

 

 

 

 

 

 

 

Puerto Rico — 2.4%

 

 

 

 

 

Puerto Rico Electric Power Authority, Series RR, Callable 07/01/15 @ 100 (CIFG) (RB)

 

 

 

 

 

5.000%, 07/01/29

 

5,000

 

5,370

 

Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) (GO)

 

 

 

 

 

5.250%, 07/01/33

 

4,000

 

4,303

 

Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100 (RB)

 

 

 

 

 

5.750%, 08/01/27

 

1,000

 

1,108

 

Puerto Rico Public Improvements, Pre-refunded 07/01/10 @ 100 (MBIA) (GO)

 

 

 

 

 

5.750%, 07/01/26 (c)

 

500

 

560

 

 

 

 

 

11,341

 

 

 

 

 

 

 

Rhode Island — 1.1%

 

 

 

 

 

Rhode Island State, Series A, Pre-refunded 08/01/07 @ 101 (MBIA) (GO)

 

 

 

 

 

5.125%, 08/01/12 (c)

 

5,055

 

5,347

 

 



 

South Carolina — 1.0%

 

 

 

 

 

Lexington County Health Services District, Lexington Medical Center, Callable 11/01/13 @ 100 (RB)

 

 

 

 

 

5.500%, 11/01/23

 

2,000

 

2,140

 

South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A, Callable 08/01/13 @ 100 (RB)

 

 

 

 

 

6.125%, 08/01/23

 

1,250

 

1,385

 

South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Callable 08/01/13 @ 100 (RB)

 

 

 

 

 

6.375%, 08/01/34

 

1,250

 

1,399

 

 

 

 

 

4,924

 

 

 

 

 

 

 

South Dakota — 2.1%

 

 

 

 

 

Sioux Falls, Dow Rummel Village Project, Series A, Callable 11/15/12 @ 100 (RB)

 

 

 

 

 

6.625%, 11/15/23

 

2,200

 

2,277

 

Sioux Falls School District #49-5, Series B, Callable 07/01/16 @ 100 (GO)

 

 

 

 

 

4.750%, 07/01/20

 

510

 

543

 

South Dakota Economic Development Finance Authority, DTS Project, Series A, Callable 04/01/09 @ 102 (AMT) (RB)

 

 

 

 

 

5.500%, 04/01/19

 

1,055

 

1,113

 

South Dakota Economic Development Finance Authority, Pooled Loan Project - Davis Family, Series 4-A, Callable 04/01/14 @ 100 (AMT) (RB)

 

 

 

 

 

6.000%, 04/01/29

 

1,400

 

1,494

 

South Dakota State Health & Educational Facilities Authority Avera Health (AMBAC) (RB)

 

 

 

 

 

2.680%, 07/01/24 (e)

 

4,360

 

4,360

 

 

 

 

 

9,787

 

 

 

 

 

 

 

Tennessee — 2.7%

 

 

 

 

 

Johnson City Health & Educational Facilities Authority Mountain States Health, Series A, Callable 07/01/12 @ 103 (RB)

 

 

 

 

 

7.500%, 07/01/33

 

2,500

 

2,990

 

Shelby County Health, Educational & Housing Facilities Board Methodist Healthcare, Pre-refunded 09/01/12 @ 100 (RB)

 

 

 

 

 

6.500%, 09/01/21 (c)

 

1,125

 

1,339

 

Shelby County Health, Educational & Housing Facilities Board Methodist Healthcare, Pre-refunded 09/01/12 @ 100 (RB)

 

 

 

 

 

6.500%, 09/01/21 (c)

 

1,875

 

2,246

 

Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Callable 09/01/12 @ 101 (RB)

 

 

 

 

 

6.250%, 09/01/32

 

5,500

 

6,081

 

 

 

 

 

12,656

 

 

 

 

 

 

 

Texas — 15.1%

 

 

 

 

 

Abilene Health Facilities Development, Sears Methodist Retirement Project, Callable 05/15/09 @ 101 (RB)

 

 

 

 

 

5.875%, 11/15/18

 

500

 

511

 

6.000%, 11/15/29

 

2,000

 

2,017

 

Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/08 @ 101 (RB)

 

 

 

 

 

5.875%, 11/15/18

 

2,500

 

2,551

 

Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/13 @ 101 (RB)

 

 

 

 

 

7.000%, 11/15/33

 

4,000

 

4,325

 

Bexar County Housing Finance Authority, American Opportunity Housing, Series A, Callable 01/01/11 @ 102 (MBIA) (RB)

 

 

 

 

 

5.800%, 01/01/31

 

2,000

 

2,113

 

Brazos River Authority PCR-Texas Utility Company, Callable 04/01/13 @ 101 (AMT) (RB)

 

 

 

 

 

7.700%, 04/01/33

 

2,500

 

2,972

 

 



 

Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put
05/15/12 @ 100 (AMT) (RB)

 

 

 

 

 

5.700%, 05/15/33

 

2,500

 

2,728

 

Crawford Education Facilities, University of St. Thomas Project, Callable
10/01/12 @ 100 (RB)

 

 

 

 

 

5.250%, 10/01/22

 

1,300

 

1,346

 

5.375%, 10/01/27

 

1,750

 

1,823

 

Cypress-Fairbanks Independent School District, Pre-refunded 02/15/10 @ 100 (PSFG) (GO)

 

 

 

 

 

5.500%, 02/15/18 (c)

 

5,000

 

5,529

 

Fort Bend Independent School District, Escrowed to Maturity, Callable until 02/15/13 @ 100 (PSFG) (GO)

 

 

 

 

 

5.000%, 02/15/14 (d)

 

500

 

557

 

Harris County Health Facilities Development, Memorial Hospital Systems Project, Series A, Callable 06/01/07 @ 102 (MBIA) (RB)

 

 

 

 

 

5.500%, 06/01/17

 

8,000

 

8,486

 

Laredo Independent School District (PSFG) (GO)

 

 

 

 

 

6.750%, 08/01/09

 

2,290

 

2,606

 

Red River Authority Sewer & Solidwaste Disposal Excel Corporation Project, Callable 02/01/12 @ 101 (AMT) (RB)

 

 

 

 

 

6.100%, 02/01/22

 

3,775

 

4,018

 

Remington Municipal Utility District #1, Series A, Callable 09/01/08 @ 100 (RAAI) (GO)

 

 

 

 

 

5.800%, 09/01/25

 

1,000

 

1,065

 

Richardson Hospital Authority Richardson Regional Hospital, Callable
12/01/13 @ 100 (RB)

 

 

 

 

 

6.000%, 12/01/34

 

9,500

 

10,294

 

San Antonio Independent School District, Pre-refunded 08/15/08 @ 100 (PSFG) (GO)

 

 

 

 

 

5.125%, 08/15/14 (c)

 

6,000

 

6,401

 

Spring Branch Independent School District, Pre-refunded 02/01/10 @ 100 (PSFG) (GO)

 

 

 

 

 

5.750%, 02/01/25 (c)

 

2,400

 

2,670

 

Texas Employment Community, Callable 07/15/05 @ 100 (MLO) (COP)

 

 

 

 

 

8.300%, 08/01/05

 

45

 

45

 

8.350%, 02/01/06

 

20

 

20

 

8.350%, 08/01/06

 

50

 

50

 

8.400%, 08/01/07

 

25

 

25

 

8.450%, 08/01/08

 

55

 

55

 

Texas Employment Community, Emnora Lane Project (MLO) (COP)

 

 

 

 

 

7.900%, 11/01/05

 

25

 

25

 

8.000%, 11/01/06

 

30

 

31

 

8.050%, 05/01/07

 

20

 

20

 

Texas State, Water Development, Callable 08/01/06 @ 100 (GO)

 

 

 

 

 

5.400%, 08/01/21

 

6,750

 

6,914

 

Texas Water Development Board, Series A, Callable 07/15/06 @ 100 (RB)

 

 

 

 

 

5.500%, 07/15/10

 

2,500

 

2,571

 

 

 

 

 

71,768

 

 

 

 

 

 

 

Utah — 0.3%

 

 

 

 

 

Intermountain Power Agency, Utah Power Supply, Series A (AMBAC) (RB)

 

 

 

 

 

6.500%, 07/01/11

 

365

 

428

 

Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC) (RB)

 

 

 

 

 

6.500%, 07/01/11 (d)

 

635

 

749

 

 

 

 

 

1,177

 

 



 

Virginia — 0.2%

 

 

 

 

 

Arlington County Industrial Development Authority, Berkeley Apartments, Callable 12/01/10 @ 102 (AMT) (FNMA) (RB)

 

 

 

 

 

5.850%, 12/01/20

 

1,000

 

1,076

 

 

 

 

 

 

 

Washington — 6.3%

 

 

 

 

 

Energy Northwest, Washington Wind Project, Pre-refunded 01/01/07 @ 103 (RB)

 

 

 

 

 

5.600%, 07/01/15 (c)

 

4,640

 

4,959

 

King County, Series F, Callable 12/01/07 @ 100 (GO)

 

 

 

 

 

5.125%, 12/01/14

 

5,000

 

5,254

 

King County School District #415, Pre-refunded 12/01/07 @ 100 (MBIA) (GO)

 

 

 

 

 

5.350%, 12/01/16 (c)

 

4,050

 

4,294

 

Snohomish County Public Utilities District #1, Escrowed to Maturity, Callable 10/01/05 @ 100 (RB)

 

 

 

 

 

6.750%, 01/01/12 (d)

 

1,000

 

1,140

 

Washington State, Series C, Callable 01/01/07 @ 100 (GO)

 

 

 

 

 

5.500%, 01/01/17

 

4,190

 

4,340

 

Washington State Motor Vehicle Fuel Tax, Series D, Pre-refunded 01/01/07 @ 100 (FGIC) (GO)

 

 

 

 

 

5.375%, 01/01/22 (c)

 

8,000

 

8,313

 

Washington State Public Power Supply System, Nuclear Project #3, Series A, Callable 07/01/07 @ 102 (FSA) (RB)

 

 

 

 

 

5.250%, 07/01/16

 

1,000

 

1,060

 

Washington State Public Power Supply System, Nuclear Project #3, Series B (RB)

 

 

 

 

 

7.125%, 07/01/16

 

600

 

774

 

 

 

 

 

30,134

 

 

 

 

 

 

 

Wisconsin — 4.8%

 

 

 

 

 

Amery, Apple River Hospital Project, Callable 06/01/08 @ 100 (RB)

 

 

 

 

 

5.700%, 06/01/13

 

1,440

 

1,476

 

Wisconsin State, Series C, Pre-refunded 05/01/07 @ 100 (FGIC) (GO)

 

 

 

 

 

5.500%, 05/01/10 (c)

 

2,095

 

2,199

 

Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Callable 11/15/08 @ 102 (RB)

 

 

 

 

 

5.750%, 11/15/27

 

1,000

 

979

 

Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A, Callable 08/15/14 @ 100 (RB)

 

 

 

 

 

6.750%, 08/15/34

 

1,000

 

1,058

 

Wisconsin State Health & Educational Facilities Authority, Beloit Memorial Hospital, Callable until 07/01/08 @ 100 (RB)

 

 

 

 

 

5.800%, 07/01/09

 

555

 

556

 

Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project, Callable 12/01/11 @ 100 (RB)

 

 

 

 

 

6.000%, 12/01/24

 

1,000

 

1,019

 

Wisconsin State Health & Educational Facilities Authority, Franciscan Skemp Medical Center, Callable 11/15/05 @ 102 (RB)

 

 

 

 

 

6.125%, 11/15/15

 

1,000

 

1,031

 

Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB)

 

 

 

 

 

6.000%, 02/15/25

 

3,500

 

3,762

 

Wisconsin State Health & Educational Facilities Authority, Meriter Hospital, Callable 12/01/06 @ 102 (MBIA) (RB)

 

 

 

 

 

6.000%, 12/01/17

 

2,000

 

2,118

 

Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A, Callable 12/01/11 @ 101 (RB)

 

 

 

 

 

7.000%, 12/01/31

 

2,000

 

2,062

 

 



 

Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB)

 

 

 

 

 

6.250%, 04/01/34

 

2,000

 

2,023

 

Wisconsin State Health & Educational Facilities Authority, Synergy Health, Callable 08/15/13 @ 100 (RB)

 

 

 

 

 

6.000%, 11/15/23

 

1,500

 

1,645

 

Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Callable 02/15/12 @ 100 (RB)

 

 

 

 

 

5.750%, 08/15/30

 

2,500

 

2,690

 

 

 

 

 

22,618

 

 

 

 

 

 

 

Wyoming — 0.8%

 

 

 

 

 

Teton County Hospital District, St. John’s Medical Center, Callable 06/01/12 @ 101 (RB)

 

 

 

 

 

6.750%, 12/01/22

 

2,100

 

2,193

 

6.750%, 12/01/27

 

1,500

 

1,549

 

 

 

 

 

3,742

 

Total Municipal Bonds
(Cost $432,026)

 

 

 

467,452

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund — 1.2%

 

 

 

 

 

First American Tax Free Obligations Fund, Cl Z (f)

 

5,752,082

 

5,752

 

Total Affiliated Money Market Fund
(Cost $5,752)

 

 

 

5,752

 

 

 

 

 

 

 

Total Investments - 99.6%
(Cost $437,778)

 

 

 

473,204

 

Other Assets and Liabilities, Net - 0.4%

 

 

 

1,804

 

Total Net Assets - 100.0%

 

 

 

$

475,008

 

 


+                                         Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

(a)                                  The rate shown is the effective yield at the time of purchase.

 

(b)                                 Security purchased on a when-issued basis.  On June 30, 2005, the total cost of investments purchased on a when-issued basis was $4,177,987 or 0.9% of total net assets.

 

(c)                                  Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated.

 

(d)                                 Escrowed to Maturity issues are typically backed by U.S. Government obligations.  If callable, these bonds may still be subject to call at the call date and price indicated.

 

(e)                                  Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

 

(f)                                    Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

AMBAC - American Municipal Bond Assurance Corporation

AMT - Alternative Minimum Tax. As of June 30, 2005, the aggregate market value of securities subject to the AMT was $39,969,712, which represents 8.4% of total net assets.

CIFG - CIFG Assurance North America

Cl - Class

CLE - Connie Lee Insurance Company

CMI - California Mortgage Insurance Program

COMGTY - Commonwealth Guaranty

COP - Certificate of Participation

FGIC - Financial Guaranty Insurance Corporation

FHA - Federal Housing Authority

 



 

FNMA - Federal National Mortgage Association

FSA - Financial Security Assurance

GNMA - Government National Mortgage Association

GO - General Obligation

GTY - Assured Guaranty

MBIA - Municipal Bond Insurance Association

MLO - Municipal Lease Obligation

MQSBLF - Michigan Qualified School Board Loan Fund Program

PSFG - Permanent School Fund Guarantee

RAAI - Radian Asset Assurance Inc.

RB - Revenue Bond

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Real Estate Securities Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks (a) - 97.5%

 

 

 

 

 

Real Estate Investments Trusts - 97.5%

 

 

 

 

 

Apartments - 14.7%

 

 

 

 

 

American Campus Communities

 

271,320

 

6,154

 

Apartment Investment & Management

 

80,130

 

3,279

 

Archstone-Smith Trust (b)

 

337,820

 

13,047

 

Avalonbay Communities (b)

 

167,650

 

13,546

 

Camden Property Trust (b)

 

359,984

 

19,349

 

Education Realty Trust * (b)

 

484,050

 

8,858

 

Equity Residential Properties Trust (b)

 

433,580

 

15,964

 

Essex Property Trust (b)

 

57,540

 

4,779

 

Home Properties (b)

 

145,210

 

6,247

 

Mid-America Apartment Communities

 

54,470

 

2,474

 

United Dominion Realty Trust

 

84,650

 

2,036

 

 

 

 

 

95,733

 

Community Centers - 11.5%

 

 

 

 

 

Agree Realty

 

86,330

 

2,611

 

Developers Diversified Realty (b)

 

360,003

 

16,546

 

Equity One

 

255,170

 

5,792

 

Federal Realty Investment Trust (b)

 

147,100

 

8,679

 

Kimco Realty (b)

 

299,740

 

17,658

 

Kite Realty Group Trust

 

106,810

 

1,602

 

Pan Pacific Retail Properties (b)

 

147,180

 

9,770

 

Regency Centers (b)

 

172,010

 

9,839

 

Saul Centers

 

57,060

 

2,074

 

 

 

 

 

74,571

 

Diversified - 7.5%

 

 

 

 

 

Cousins Properties

 

182,820

 

5,408

 

Forest City Enterprises, Cl A

 

158,150

 

11,229

 

Trizec Properties (b)

 

703,400

 

14,469

 

Vornado Realty Trust (b)

 

223,380

 

17,960

 

 

 

 

 

49,066

 

Health Care - 2.3%

 

 

 

 

 

Healthcare Realty Trust

 

76,410

 

2,950

 

Ventas (b)

 

400,320

 

12,090

 

 

 

 

 

15,040

 

Hotels - 10.2%

 

 

 

 

 

Ashford Hospitality Trust *

 

200,080

 

2,161

 

Eagle Hospitality Property Trust

 

408,030

 

3,717

 

Great Wolf Resorts *

 

274,950

 

5,620

 

Hersha Hospitality Trust

 

387,420

 

3,696

 

Hilton Hotels

 

467,940

 

11,160

 

Host Marriott * (b)

 

895,870

 

15,678

 

La Quinta *

 

599,320

 

5,592

 

Marriott International, Cl A (b)

 

95,690

 

6,528

 

Starwood Hotels & Resorts Worldwide (b)

 

138,840

 

8,132

 

Winston Hotels

 

393,660

 

4,433

 

 

 

 

 

66,717

 

Industrials - 11.5%

 

 

 

 

 

AMB Property (b)

 

210,870

 

9,158

 

Catellus Development

 

322,610

 

10,582

 

Centerpoint Properties Trust (b)

 

178,110

 

7,534

 

First Potomac Realty Trust

 

148,440

 

3,681

 

Liberty Property Trust

 

90,240

 

3,999

 

Prologis (b)

 

771,340

 

31,039

 

 

 

 

 

 

 

PS Business Parks (b)

 

199,180

 

8,854

 

 

 

 

 

74,847

 

 



 

Malls - 12.2%

 

 

 

 

 

CBL & Associates Properties

 

75,030

 

3,231

 

General Growth Properties (b)

 

553,050

 

22,725

 

Macerich

 

67,890

 

4,552

 

Mills (b)

 

167,560

 

10,186

 

Simon Property Group (b)

 

532,740

 

38,618

 

 

 

 

 

79,312

 

Office - 20.2%

 

 

 

 

 

Alexandria Real Estate Equities

 

88,460

 

6,497

 

Arden Realty

 

137,140

 

4,934

 

BioMed Realty Trust (b)

 

411,240

 

9,808

 

Boston Properties (b)

 

259,230

 

18,146

 

Brandywine Realty Trust (b)

 

380,520

 

11,663

 

Brascan

 

152,920

 

5,835

 

Brookfield Properties (b)

 

722,465

 

20,807

 

Duke Realty

 

206,830

 

6,548

 

Equity Office Properties Trust (b)

 

289,230

 

9,573

 

Kilroy Realty (b)

 

208,190

 

9,887

 

Mack-Cali Realty

 

38,410

 

1,740

 

Maguire Properties (b)

 

231,020

 

6,547

 

Pennsylvania (b)

 

124,300

 

5,904

 

Prentiss Properties Trust

 

180,180

 

6,566

 

SL Green Realty

 

105,160

 

6,783

 

 

 

 

 

131,238

 

Self Storage - 3.2%

 

 

 

 

 

Public Storage (b)

 

325,760

 

20,604

 

 

 

 

 

 

 

Specialty Real Estate - 4.2%

 

 

 

 

 

Capital Automotive (b)

 

158,740

 

6,059

 

Columbia Equity Trust *

 

197,450

 

3,031

 

Equity Lifestyle Properties (b)

 

150,830

 

5,997

 

Newcastle Investment

 

106,060

 

3,198

 

Northstar Realty Finance

 

515,500

 

5,408

 

Spirit Finance (b)

 

285,660

 

3,356

 

 

 

 

 

27,049

 

Total Real Estate Investment Trusts

 

 

 

634,177

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

(Cost $518,918)

 

 

 

634,177

 

 

 

 

 

 

 

Private Real Estate Companies - 0.0%

 

 

 

 

 

Beacon Capital * (c)(d)

 

33,750

 

88

 

Newcastle Investment Holdings * (c)(d)

 

35,000

 

210

 

Wyndham International * (c)(d)

 

2,315

 

52

 

Wyndham Voting Trust * (c)(d)

 

1,325

 

30

 

 

 

 

 

 

 

Total Private Real Estate Companies

 

 

 

 

 

(Cost $813)

 

 

 

380

 

 

 

 

 

 

 

Affiliated Money Market Fund - 2.3%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (e)

 

14,963,362

 

14,963

 

 

 

 

 

 

 

Total Affiliated Money Market Fund

 

 

 

 

 

(Cost $14,963)

 

 

 

14,963

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (f) - 43.8%

 

 

 

(Cost $284,685)

 

 

 

284,685

 

 

 

 

 

 

 

Total Investments - 143.6%

 

 

 

 

 

(Cost $819,379)

 

 

 

934,205

 

Other Assets and Liabilities, Net - (43.6)%

 

 

 

(283,710

)

Total Net Assets - 100.0%

 

 

 

$

650,495

 

 



 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (d).

*

 

Non-income producing security

(a)

 

The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks.

(b)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $276,688,093 at June 30, 2005.

(c)

 

Security is considered illiquid or restricted. As of June 30, 2005, the value of these investments was $379,731 or 0.1% of total net assets.

(d)

 

Security is fair valued. As of June 30, 2005, the fair value of these investments was $379,731 or 0.1% of total net assets.

(e)

 

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(f)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

Cl -

 

Class

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Technology Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks (a) — 93.9%

 

 

 

 

 

Aerospace & Defense — 9.5%

 

 

 

 

 

Alliant Techsystems * (b)

 

10,110

 

$

714

 

Aviall * (b)

 

25,590

 

808

 

Embraer-Empresa Brasileira de Aeronautica, ADR *

 

23,710

 

784

 

Engineered Support Systems

 

20,265

 

726

 

Esterline Technologies *

 

21,430

 

859

 

General Dynamics

 

6,810

 

746

 

L-3 Communications Holdings (b)

 

10,040

 

769

 

Lockheed Martin (b)

 

11,700

 

759

 

Moog, Cl A *

 

20,475

 

645

 

MTC Technologies *

 

21,990

 

810

 

 

 

 

 

7,620

 

Biotechnology — 0.9%

 

 

 

 

 

Appelera - Applied Biosystems Group

 

37,500

 

738

 

 

 

 

 

 

 

Communications Equipment — 12.3%

 

 

 

 

 

ADTRAN

 

46,050

 

1,139

 

Anaren *

 

56,380

 

741

 

Brooktrout *

 

70,710

 

789

 

Cisco Systems * (b)

 

40,810

 

780

 

Juniper Networks * (b)

 

33,250

 

837

 

L.M. Ericsson Telephone * (b)

 

21,520

 

688

 

Motorola

 

49,450

 

903

 

NETGEAR * (b)

 

81,070

 

1,508

 

QUALCOMM

 

20,840

 

688

 

Research in Motion * (b)

 

9,410

 

694

 

Scientific-Atlanta (b)

 

19,000

 

632

 

Westell Technologies, Cl A *

 

65,000

 

389

 

 

 

 

 

9,788

 

Computers & Peripherals — 8.8%

 

 

 

 

 

Apple Computer *

 

17,170

 

632

 

Dell *

 

19,050

 

753

 

EMC *

 

138,670

 

1,901

 

IBM

 

8,170

 

606

 

Komag * (b)

 

32,450

 

921

 

Logitech International * (b)

 

11,870

 

757

 

NCR *

 

20,970

 

736

 

Western Digital *

 

55,820

 

749

 

 

 

 

 

7,055

 

Diversified Telecommunications Services — 1.5%

 

 

 

 

 

Premiere Global Services *

 

108,160

 

1,221

 

 

 

 

 

 

 

Electronic Equipment & Instruments — 13.1%

 

 

 

 

 

Amphenol, Cl A *

 

37,570

 

1,509

 

Benchmark Electronics * (b)

 

22,890

 

696

 

Coherent *

 

21,570

 

777

 

Electro Scientific Industries *

 

38,180

 

683

 

Flextronics International * (b)

 

59,770

 

790

 

Jabil Circuit * (b)

 

25,480

 

783

 

Methode Electronics, Cl A

 

61,130

 

726

 

MTS Systems

 

26,420

 

887

 

Multi-Fineline Electronix *

 

20,970

 

386

 

Orbotech *

 

31,382

 

674

 

Par Technology * (b)

 

42,010

 

1,344

 

Paxar * (b)

 

36,210

 

643

 

SYNNEX *

 

31,160

 

546

 

 

 

 

 

10,444

 

 

 

 

 

 

 

Health Care Equipment & Supplies — 5.0%

 

 

 

 

 

PerkinElmer

 

81,170

 

1,534

 

STERIS *

 

29,640

 

764

 

Viasys Healthcare *

 

37,030

 

836

 

West Pharmaceutical Services

 

30,680

 

861

 

 

 

 

 

3,995

 

 



 

Hotels, Restaurants & Leisure — 1.5%

 

 

 

 

 

Scientific Games, Cl A *

 

42,740

 

1,151

 

 

 

 

 

 

 

Internet Software & Services — 1.7%

 

 

 

 

 

Google * (b)

 

4,682

 

1,377

 

 

 

 

 

 

 

IT Services — 6.4%

 

 

 

 

 

Anteon International * (b)

 

18,170

 

829

 

Carreker *

 

80,000

 

438

 

CGI Group *

 

116,390

 

702

 

Infosys Technologies (b)

 

9,800

 

759

 

ManTech International *

 

30,420

 

944

 

Perot Systems, Cl A *

 

57,800

 

822

 

VeriFone Holdings *

 

38,560

 

627

 

 

 

 

 

5,121

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment — 17.4%

 

 

 

 

 

Analog Devices (b)

 

52,810

 

1,970

 

Applied Materials * (b)

 

45,430

 

735

 

Broadcom, Cl A * (b)

 

26,970

 

958

 

Cohu

 

42,630

 

855

 

Entegris *

 

74,400

 

737

 

Freescale Semiconductor *

 

42,156

 

893

 

Integrated Device Technology *

 

64,440

 

693

 

IXYS *

 

61,700

 

875

 

Marvell Technology Group * (b)

 

19,560

 

744

 

Maxim Integrated Products

 

30,700

 

1,173

 

OmniVision Technologies * (b)

 

47,634

 

647

 

Silicon Image *

 

144,270

 

1,480

 

Texas Instruments (b)

 

75,254

 

2,112

 

 

 

 

 

13,872

 

Software — 15.0%

 

 

 

 

 

Adobe Systems (b)

 

65,110

 

1,863

 

Actuate *

 

267,800

 

501

 

Borland Software *

 

98,040

 

672

 

Captiva Software *

 

66,900

 

966

 

Compuware *

 

105,640

 

760

 

Geac Computer *

 

85,560

 

745

 

Hummingbird *

 

35,170

 

753

 

Hyperion Solutions * (b)

 

16,780

 

675

 

Ilog, ADR * (b)

 

54,515

 

701

 

Intuit *

 

16,880

 

761

 

Parametric Technology *

 

134,100

 

856

 

PLATO Learning *

 

66,291

 

489

 

Reynolds & Reynolds, Cl A

 

27,080

 

732

 

SPSS *

 

43,120

 

828

 

Sybase *

 

39,030

 

716

 

 

 

 

 

12,018

 

Wireless Telecommunications Services — 0.8%

 

 

 

 

 

Centennial Communications, Cl A *

 

43,510

 

604

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

(Cost $70,921)

 

 

 

75,004

 

 

 

 

 

 

 

Investment Company — 2.2%

 

 

 

 

 

Nasdaq-100 Index Tracking Stock (b)

 

48,080

 

1,769

 

 

 

 

 

 

 

Total Investment Company

 

 

 

 

 

(Cost $1,858)

 

 

 

1,769

 

 

 

 

 

 

 

Affiliated Money Market Fund — 2.3%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (c)

 

1,810,455

 

1,810

 

 

 

 

 

 

 

Total Affiliated Money Market Fund

 

 

 

 

 

(Cost $1,810)

 

 

 

1,810

 

 



 

Investments Purchased with Proceeds from Securities Lending (d) - 28.9%

 

 

 

(Cost $23,123)

 

 

 

23,123

 

 

 

 

 

 

 

Total Investments — 127.3%

 

 

 

 

 

(Cost $97,712)

 

 

 

101,706

 

Other Assets and Liabilities, Net — (27.3)%

 

 

 

(21,787

)

Total Net Assets — 100.0%

 

 

 

$

79,919

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

*

Non-income producing security

(a)

The fund is primarily invested in the technology sector and therefore is subject to additional risks.

(b)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $22,125,234 at June 30, 2005.

(c)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(d)

The Fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR -

American Depository Receipt

Cl -

Class

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

International Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Foreign Common Stocks — 95.8%

 

 

 

 

 

Australia — 1.1%

 

 

 

 

 

BHP Billiton

 

1,100,000

 

$

15,015

 

 

 

 

 

 

 

Belgium — 2.1%

 

 

 

 

 

Dexia (a)

 

790,000

 

17,372

 

Fortis

 

450,000

 

12,449

 

 

 

 

 

29,821

 

Brazil — 1.3%

 

 

 

 

 

Companhia Vale do Rio Doce, ADR

 

600,000

 

17,568

 

Petroleo Brasileiro, ADR * (a)

 

22,900

 

1,194

 

 

 

 

 

18,762

 

 

 

 

 

 

 

Finland — 1.2%

 

 

 

 

 

Nokia Oyj

 

1,050,000

 

17,473

 

 

 

 

 

 

 

France — 10.5%

 

 

 

 

 

Axa (a)

 

704,000

 

17,530

 

BNP Paribas (a)

 

301,900

 

20,622

 

Compagnie de Saint-Gobain (a)

 

430,000

 

23,787

 

Dassault Systemes (a)

 

250,000

 

12,086

 

Lafarge (a)

 

140,000

 

12,727

 

Total (a)

 

269,490

 

63,067

 

 

 

 

 

149,819

 

Germany — 6.0%

 

 

 

 

 

BASF (a)

 

160,000

 

10,591

 

Bayerische Motoren Werke (BMW) (a)

 

459,600

 

20,912

 

Deutsche Post (a)

 

600,000

 

13,951

 

SAP (a)

 

71,750

 

12,439

 

Schering (a)

 

200,600

 

12,356

 

Siemens

 

213,000

 

15,493

 

 

 

 

 

85,742

 

Great Britain — 29.2%

 

 

 

 

 

Allied Domecq

 

1,200,000

 

14,483

 

Aviva

 

1,000,000

 

11,103

 

Barclays

 

2,725,000

 

27,010

 

BG Group

 

2,750,000

 

22,577

 

British Land

 

900,000

 

14,100

 

Centrica

 

3,170,542

 

13,129

 

GlaxoSmithKline

 

1,575,000

 

38,056

 

HSBC (a)

 

2,626,800

 

41,988

 

Kingfisher

 

2,995,000

 

13,139

 

Morrison Supermarket

 

5,815,000

 

19,311

 

National Grid Transco

 

1,600,000

 

15,464

 

Reckitt Benckiser

 

524,378

 

15,403

 

Royal Bank of Scotland

 

1,064,000

 

32,035

 

Smith & Nephew

 

1,302,363

 

12,803

 

Standard Chartered

 

1,213,000

 

22,098

 

 



 

Tesco

 

5,000,000

 

28,484

 

Vodafone

 

17,435,000

 

42,387

 

Wolseley

 

1,210,000

 

25,364

 

WPP Group

 

999,603

 

10,238

 

 

 

 

 

419,172

 

Hong Kong — 0.8%

 

 

 

 

 

Esprit Holdings

 

1,564,500

 

11,282

 

Far East Pharmaceutical Technology * (b) (c)

 

2,836,000

 

 

Peregrine Investment Holdings * (b) (c)

 

142,000

 

 

 

 

 

 

11,282

 

Ireland — 0.7%

 

 

 

 

 

Bank of Ireland

 

650,000

 

10,550

 

 

 

 

 

 

 

Italy — 4.0%

 

 

 

 

 

Eni (a)

 

1,925,800

 

49,488

 

Mediaset (a)

 

662,400

 

7,792

 

 

 

 

 

57,280

 

Japan — 18.0%

 

 

 

 

 

Aeon Credit Service

 

176,400

 

11,010

 

Canon (a)

 

423,600

 

22,204

 

Chugai Pharmaceutical (a)

 

863,000

 

13,289

 

Credit Saison

 

260,000

 

8,606

 

Daikin Industries (a)

 

400,000

 

9,964

 

Fanuc

 

130,000

 

8,224

 

Hirose Electric

 

55,000

 

6,027

 

Honda Motor

 

232,200

 

11,405

 

Hoya

 

120,000

 

13,787

 

Matsushita Electric Industrial (a)

 

550,000

 

8,313

 

Mitsubishi (a)

 

979,800

 

13,251

 

Mitsubishi Tokyo Financial Group

 

2,524

 

21,277

 

Nikko Cordial

 

1,500,000

 

6,554

 

Nippon Oil

 

925

 

6

 

Nitto Denko

 

248,700

 

14,171

 

Secom

 

220,000

 

9,439

 

Sharp

 

500,000

 

7,780

 

Shin-Etsu Chemical

 

250,000

 

9,459

 

SMC (a)

 

94,600

 

10,256

 

Sumitomo (a)

 

1,802,000

 

14,369

 

Takefuji

 

100,000

 

6,731

 

Toyota Motor

 

466,400

 

16,645

 

Yamanouchi Pharmeceutical

 

448,200

 

15,266

 

 

 

 

 

258,033

 

Mexico — 0.5%

 

 

 

 

 

Fomento Economico Mexicano, ADR (a)

 

130,000

 

7,744

 

 

 

 

 

 

 

Netherlands — 4.6%

 

 

 

 

 

ABN AMRO (a)

 

725,000

 

17,814

 

ING Groep

 

425,000

 

11,947

 

Philips Electronics

 

490,000

 

12,344

 

Reed Elsevier

 

895,000

 

12,456

 

Wolters Kluwer

 

619,700

 

11,830

 

 

 

 

 

66,391

 

South Korea — 1.2%

 

 

 

 

 

Samsung Electronics

 

23,830

 

11,286

 

SK Telecom, ADR (a)

 

250,000

 

5,100

 

 

 

 

 

16,386

 

 



 

Spain — 3.0%

 

 

 

 

 

Altadis (a)

 

335,000

 

14,017

 

Banco Bilbano Vizcaya Argentaria (a)

 

884,400

 

13,590

 

Telefonica (a)

 

977,184

 

15,943

 

 

 

 

 

43,550

 

 

 

 

 

 

 

Sweden — 1.0%

 

 

 

 

 

Ericsson *

 

4,535,000

 

14,468

 

 

 

 

 

 

 

Switzerland — 10.6%

 

 

 

 

 

Adecco (a)

 

354,600

 

16,086

 

Holcim

 

290,000

 

17,613

 

Nestle

 

85,560

 

21,855

 

Novartis

 

557,100

 

26,446

 

Roche

 

220,600

 

27,831

 

UBS (a)

 

362,500

 

28,255

 

Zurich Financial Services

 

84,500

 

14,492

 

 

 

 

 

152,578

 

 

 

 

 

 

 

Total Foreign Common Stocks

 

 

 

 

 

(Cost $1,274,285)

 

 

 

1,374,066

 

 

 

 

 

 

 

Investment Company - 4.0%

 

 

 

 

 

State Street GA Prime

 

57,170,000

 

57,170

 

 

 

 

 

 

 

Toal Investment Company

 

 

 

 

 

(Cost $57,170)

 

 

 

57,170

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending - 22.7%

 

 

 

 

State Street Navigator Prime

 

325,338,559

 

325,339

 

 

 

 

 

 

 

Total Investments Purchased with Proceeds from Securities Lending

 

 

 

 

 

(Cost $325,339)

 

 

 

325,339

 

 

 

 

 

 

 

Total Investments - 122.5%

 

 

 

 

 

(Cost $1,656,794)

 

 

 

1,756,575

 

Other Assets and Liabilities, Net - (22.5)%

 

 

 

(322,637

)

Total Net Assets - 100.0%

 

 

 

$

1,433,938

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service but where an active market exists are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The fund is supplied with information from an unaffiliated third party with respect to the fair value of foreign securities. Price movements in future contracts and American Depository Receipts and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by the fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchange on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (c).

*

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $309,638,546 at June 30, 2005.

(b)

Security is considered illiquid or restricted. As of June 30, 2005, the value of these investments was $0 or 0.0% of total net assets.

(c)

Security is fair valued. As of June 30, 2005, the fair value of these investments was $0 or 0.0% of total net assets.

ADR -

American Depository Receipt

 



 

At June 30, 2005, sector diversification of the fund was as follows:

 

 

 

% of

 

 

 

 

 

Net Assets

 

VALUE (000)

 

Foreign Common Stock

 

 

 

 

 

Banking

 

14.5

%

$

209,795

 

Energy

 

11.5

 

164,925

 

Diversified Financials

 

10.7

 

153,856

 

Pharmaceutical & Biotechnology

 

9.3

 

133,244

 

Consumer Discretionary

 

8.4

 

121,111

 

Technology

 

6.3

 

89,881

 

Telecommunication Services

 

5.7

 

80,903

 

Capital Goods

 

5.2

 

73,981

 

Materials

 

4.7

 

66,804

 

Retailing

 

4.2

 

60,934

 

Automobiles & Components

 

3.4

 

48,962

 

Commercial Services & Supplies

 

3.2

 

45,366

 

Food & Beverage

 

2.5

 

36,338

 

Insurance

 

1.8

 

25,595

 

Manufacturing

 

1.7

 

23,787

 

Industrials

 

1.0

 

13,951

 

Health Care

 

0.9

 

12,803

 

Media

 

0.8

 

11,830

 

Total Foreign Common Stocks

 

95.8

 

1,374,066

 

Total Investment Company

 

4.0

 

57,170

 

Total Investments Purchased with Proceeds from Securities Lending

 

22.7

 

325,339

 

Total Investments

 

122.5

 

1,756,575

 

Other Assets and Liabilities, Net

 

(22.5

)

(322,637

)

Net Assets

 

100.0

%

$

1,433,938

 

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Small Cap Growth Opportunities

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 94.2%

 

 

 

 

 

Consumer Discretionary - 18.8%

 

 

 

 

 

Build-A-Bear Workshop * (a)

 

80,160

 

$

1,880

 

Cheesecake Factory * (a)

 

123,340

 

4,284

 

Cosi *

 

427,007

 

2,938

 

Dave & Buster’s *

 

22,930

 

423

 

GTECH Holdings

 

187,820

 

5,492

 

Lakes Entertainment * (a)

 

297,684

 

4,554

 

Landry’s Restaurants (a)

 

120,050

 

3,612

 

Marvel Enterprises * (a)

 

196,640

 

3,878

 

MTR Gaming Group *

 

270,021

 

3,143

 

Pacific Sunwear of California * (a)

 

209,800

 

4,823

 

Petco Animal Supplies * (a)

 

124,990

 

3,665

 

Scientific Games, Cl A * (a)

 

208,230

 

5,608

 

Spanish Broadcasting System * (a)

 

958,044

 

9,571

 

ValueVision Media * (a)

 

228,620

 

2,746

 

 

 

 

 

56,617

 

Energy - 7.2%

 

 

 

 

 

Compton Petroleum *

 

627,940

 

5,714

 

Comstock Resources * (a)

 

60,845

 

1,539

 

Grey Wolf * (a)

 

297,970

 

2,208

 

Helmerich & Payne (a)

 

45,560

 

2,138

 

Hydril * (a)

 

29,470

 

1,602

 

Lone Star Technologies * (a)

 

44,360

 

2,018

 

McMoRan Exploration * (a)

 

88,080

 

1,718

 

Pioneer Drilling *

 

125,340

 

1,913

 

Willbros Group * (a)

 

198,990

 

2,849

 

 

 

 

 

21,699

 

Financials - 7.8%

 

 

 

 

 

Cullen/Frost Bankers (a)

 

122,180

 

5,822

 

East West Bancorp (a)

 

121,900

 

4,095

 

Investors Financial Services

 

79,240

 

2,997

 

Scottish Annuity & Life (a)

 

91,560

 

2,219

 

Sunstone Hotel Investors *

 

232,860

 

5,649

 

Triad Guaranty * (a)

 

53,840

 

2,713

 

 

 

 

 

23,495

 

Health Care - 19.8%

 

 

 

 

 

AMN Healthcare Services * (a)

 

154,220

 

2,318

 

Andrx Group *

 

112,760

 

2,290

 

Caliper Life Sciences *

 

337,280

 

1,889

 

Connetics * (a)

 

224,140

 

3,954

 

Cutera *

 

193,495

 

3,357

 

Digene * (a)

 

85,070

 

2,355

 

Dyax *

 

746,523

 

3,524

 

Encore Medical * (a)

 

1,678,880

 

9,318

 

Gentiva Health Services *

 

263,287

 

4,702

 

IDX Systems * (a)

 

60,330

 

1,818

 

Martek Bioscience * (a)

 

68,970

 

2,617

 

Medicines * (a)

 

84,540

 

1,977

 

OraSure Technologies *

 

166,990

 

1,668

 

Protein Design Labs * (a)

 

149,200

 

3,015

 

Rigel Pharmaceuticals *

 

141,415

 

2,817

 

 



 

Salix Pharmaceuticals * (a)

 

322,920

 

5,703

 

Telik * (a)

 

98,910

 

1,608

 

Watson Pharmaceuticals * (a)

 

75,700

 

2,237

 

Xenogen *

 

574,140

 

2,153

 

 

 

 

 

59,320

 

Industrials - 11.3%

 

 

 

 

 

AMETEK

 

57,730

 

2,416

 

Aries Maritime Transport * (a)

 

356,150

 

4,452

 

CLARCOR

 

125,890

 

3,682

 

Energy Conversion Devices *

 

225,140

 

5,039

 

ESCO Technologies * (a)

 

34,050

 

3,432

 

Mercury Computer Systems * (a)

 

75,910

 

2,078

 

Navigant Consulting *

 

372,480

 

6,578

 

Resources Connection * (a)

 

199,450

 

4,633

 

Toro

 

39,200

 

1,513

 

 

 

 

 

33,823

 

Information Technology (b) - 28.5%

 

 

 

 

 

ADTRAN (a)

 

110,920

 

2,750

 

Altiris *

 

249,850

 

3,668

 

Applied Films *

 

136,880

 

3,504

 

Avocent * (a)

 

149,280

 

3,902

 

Digitas * (a)

 

475,355

 

5,424

 

DSP Group *

 

181,680

 

4,337

 

Embarcadero Technologies *

 

903,890

 

5,071

 

Emulex * (a)

 

157,660

 

2,879

 

Integrated Device Technology *

 

475,240

 

5,109

 

Jack Henry & Associates (a)

 

200,180

 

3,665

 

Kronos *

 

124,890

 

5,044

 

Lipman Electronic Engineering

 

78,710

 

2,422

 

M-Systems Flash Disk Pioneers * (a)

 

163,150

 

3,128

 

Maximus *

 

85,050

 

3,001

 

MPS Group *

 

314,260

 

2,960

 

NIC *

 

508,590

 

2,350

 

Plantronics * (a)

 

88,440

 

3,216

 

Polycom * (a)

 

357,340

 

5,328

 

Quest Software * (a)

 

463,160

 

6,313

 

Silicon Image *

 

368,090

 

3,777

 

TIBCO Software *

 

602,050

 

3,937

 

Tridium, Cl B (c) (d)

 

278,500

 

122

 

Varian Semiconductor Equipment Associates * (a)

 

96,210

 

3,560

 

VideoPropulsion * (c) (d)

 

809,856

 

 

 

 

 

 

85,467

 

Telecommunication Services - 0.8%

 

 

 

 

 

General Communication * (a)

 

242,626

 

2,394

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

(Cost $268,296)

 

 

 

282,815

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 3.5%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (e)

 

10,317,946

 

10,318

 

 

 

 

 

 

 

Total Affiliated Money Market Fund

 

 

 

 

 

(Cost $10,318)

 

 

 

10,318

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (f) - 45.2%

 

 

 

(Cost $135,656)

 

 

 

135,656

 

 

 

 

 

 

 

Total Investments - 142.9%

 

 

 

 

 

(Cost $414,270)

 

 

 

428,789

 

Other Assets and Liabilities, Net - (42.9)%

 

 

 

(128,619

)

Total Net Assets - 100.0%

 

 

 

$

300,170

 

 



 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (d).

  *

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $128,053,432 at June 30, 2005.

(b)

The fund is significantly invested in this sector and therefore is subject to additional risks.

(c)

Security is considered illiquid or restricted. As of June 30, 2005, the value of these investments was $122,540 or 0.0% of total net assets.

(d)

Security is fair valued. As of June 30, 2005, the fair value of these investments was $122,540 or 0.0% of total net assets.

(e)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(f)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

Cl -

Class

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Small Cap Select

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 97.8%

 

 

 

 

 

Consumer Discretionary - 16.2%

 

 

 

 

 

CBRL Group (a)

 

214,420

 

$

8,332

 

Gray Television (a)

 

578,180

 

6,973

 

Kerzner International * (a)

 

99,390

 

5,660

 

La Quinta * (a)

 

1,311,170

 

12,233

 

Marvel Enterprises * (a)

 

599,130

 

11,815

 

Men’s Wearhouse * (a)

 

182,370

 

6,279

 

Nautilus (a)

 

178,480

 

5,087

 

Petco Animal Supplies * (a)

 

292,570

 

8,578

 

Ruby Tuesday (a)

 

268,700

 

6,959

 

Scientific Games, Cl A * (a)

 

627,540

 

16,900

 

Sports Authority * (a)

 

285,330

 

9,074

 

Station Casinos (a)

 

92,170

 

6,120

 

Thomas Nelson

 

297,100

 

6,465

 

Too * (a)

 

607,290

 

14,192

 

Volcom *

 

28,090

 

752

 

WCI Communities * (a)

 

196,020

 

6,279

 

 

 

 

 

131,698

 

Consumer Staples - 1.3%

 

 

 

 

 

NBTY * (a)

 

410,940

 

10,660

 

 

 

 

 

 

 

Energy - 6.6%

 

 

 

 

 

Bill Barrett * (a)

 

138,890

 

4,108

 

Cal Dive International *

 

39,530

 

2,070

 

Compton Petroleum *

 

159,440

 

1,451

 

ENSCO International (a)

 

241,070

 

8,618

 

Houston Exploration *

 

80,770

 

4,285

 

Hydril *

 

37,550

 

2,041

 

St. Mary Land & Exploration

 

75,670

 

2,193

 

Spinnaker Exploration * (a)

 

97,050

 

3,444

 

Tesoro Petroleum *

 

120,420

 

5,602

 

Ultra Petroleum * (a)

 

164,560

 

4,996

 

Western Gas Resources

 

120,800

 

4,216

 

W-H Energy Services * (a)

 

422,800

 

10,540

 

 

 

 

 

53,564

 

Financials - 20.0%

 

 

 

 

 

Advanta, Cl B (a)

 

342,335

 

9,640

 

Affiliated Managers Group * (a)

 

61,240

 

4,185

 

Alexandria Real Estate Equities

 

114,110

 

8,381

 

American Campus Communities

 

115,490

 

2,619

 

AmerUS Group, Cl A (a)

 

239,670

 

11,516

 

BioMed Realty Trust (REIT)

 

166,420

 

3,969

 

Cullen/Frost Bankers (a)

 

259,980

 

12,388

 

East West Bancorp (a)

 

239,420

 

8,042

 

First Financial Bankshares

 

90,320

 

3,057

 

First Niagara Financial Group

 

327,290

 

4,772

 

GATX (a)

 

358,990

 

12,385

 

Glacier Bancorp

 

87,225

 

2,279

 

Innkeepers USA Trust (REIT) (a)

 

448,280

 

6,697

 

Investors Financial Services (a)

 

307,860

 

11,643

 

Kite Realty Group Trust (REIT)

 

423,010

 

6,345

 

 



 

Lasalle Hotel Properties (REIT)

 

195,110

 

6,402

 

Maguire Properties (REIT) (a)

 

524,800

 

14,873

 

Platinum Underwriter Holdings

 

264,620

 

8,420

 

SL Green Realty (REIT)

 

198,020

 

12,772

 

SVB Financial Group * (a)

 

246,020

 

11,784

 

 

 

 

 

162,169

 

Health Care - 12.4%

 

 

 

 

 

Abgenix * (a)

 

369,260

 

3,168

 

American Healthways * (a)

 

206,490

 

8,728

 

Caliper Life Sciences * (a)

 

647,770

 

3,628

 

Curis *

 

45,558

 

178

 

Cutera *

 

39,346

 

683

 

ImmunoGen * (a)

 

430,870

 

2,495

 

Neurocrine Biosciences * (a)

 

155,760

 

6,551

 

Palomar Medical Technologies *

 

28,110

 

672

 

Pediatrix Medical Group * (a)

 

198,130

 

14,570

 

Per-Se Technologies * (a)

 

410,890

 

8,637

 

Protein Design Labs * (a)

 

336,990

 

6,810

 

Salix Pharmaceuticals * (a)

 

208,210

 

3,677

 

Sierra Health Services * (a)

 

228,320

 

16,316

 

SonoSite * (a)

 

304,660

 

9,457

 

Sybron Dental Specialties *

 

178,190

 

6,704

 

Symmetry Medical *

 

116,990

 

2,754

 

Varian * (a)

 

156,370

 

5,909

 

 

 

 

 

100,937

 

Industrials - 16.6%

 

 

 

 

 

AirTran * (a)

 

1,110,040

 

10,246

 

American Reprographics *

 

281,550

 

4,530

 

Applied Signal Technology

 

269,758

 

5,136

 

Chicago Bridge & Iron

 

637,140

 

14,565

 

CLARCOR

 

66,130

 

1,934

 

EGL * (a)

 

819,980

 

16,662

 

Global Power Equipment Group * (a)

 

245,250

 

1,950

 

Kennametal (a)

 

228,920

 

10,496

 

KVH Industries * (a)

 

858,220

 

7,938

 

Labor Ready * (a)

 

631,570

 

14,722

 

Manitowoc (a)

 

97,710

 

4,008

 

Mercury Computer Systems * (a)

 

333,240

 

9,121

 

NCI Building Systems * (a)

 

214,910

 

7,049

 

Power-One *

 

1,302,520

 

8,219

 

Roper Industries (a)

 

167,800

 

11,976

 

Terex * (a)

 

147,790

 

5,823

 

 

 

 

 

134,375

 

Information Technology - 20.3%

 

 

 

 

 

ADC Telecommunications * (a)

 

656,260

 

14,287

 

Aeroflex * (a)

 

473,254

 

3,975

 

ATI Technologies *

 

309,330

 

3,666

 

Benchmark Electronics * (a)

 

275,900

 

8,393

 

BISYS Group * (a)

 

819,990

 

12,251

 

Carreker *

 

614,680

 

3,368

 

Digitas * (a)

 

794,600

 

9,066

 

Entegris * (a)

 

430,810

 

4,265

 

Hyperion Solutions * (a)

 

156,471

 

6,296

 

Itron *

 

105,800

 

4,727

 

Logitech International * (a)

 

202,300

 

12,903

 

Mattson Technology *

 

187,500

 

1,343

 

Openwave Systems * (a)

 

502,560

 

8,242

 

Packeteer *

 

748,518

 

10,555

 

SAFENET * (a)

 

439,420

 

14,967

 

Silicon Image * (a)

 

1,367,010

 

14,026

 

Sonic Solutions *

 

112,310

 

2,089

 

Stellent * (a)

 

1,172,529

 

8,794

 

The9, ADR * (a)

 

573,300

 

14,929

 

TIBCO Software * (a)

 

907,410

 

5,934

 

Varian Semiconductor Equipment Associates *

 

3,170

 

117

 

 

 

 

 

164,193

 

 



 

Materials - 3.5%

 

 

 

 

 

Century Aluminum * (a)

 

564,510

 

11,516

 

Hercules *

 

317,900

 

4,498

 

Olin (a)

 

659,640

 

12,032

 

 

 

 

 

28,046

 

Telecommunication Services - 0.9%

 

 

 

 

 

Alamosa Holdings * (a)

 

193,783

 

2,694

 

General Communication * (a)

 

480,630

 

4,744

 

 

 

 

 

7,438

 

Total Common Stocks

 

 

 

 

 

(Cost $712,092)

 

 

 

793,080

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 2.9%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (b)

 

23,727,824

 

23,728

 

 

 

 

 

 

 

Total Affiliated Money Market Fund

 

 

 

 

 

(Cost $23,728)

 

 

 

23,728

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (c) - 49.2%

 

 

 

(Cost $398,861)

 

 

 

398,861

 

 

 

 

 

 

 

Total Investments - 149.9%

 

 

 

 

 

(Cost $1,134,681)

 

 

 

1,215,669

 

Other Assets and Liabilities, Net - (49.9)%

 

 

 

(404,989

)

Total Net Assets - 100.0%

 

 

 

$

810,680

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

  *

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $381,985,869 at June 30, 2005.

(b)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(c)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR -

American Depository Receipt

Cl -

Class

REIT -

Real Estate Investment Trust

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Small Cap Value Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 99.3%

 

 

 

 

 

Consumer Discretionary - 12.5%

 

 

 

 

 

ADVO (a)

 

57,775

 

$

1,840

 

Aeropostale *

 

61,730

 

2,074

 

American Axle & Manufacturing (a)

 

176,220

 

4,453

 

Aztar * (a)

 

87,830

 

3,008

 

Fairmont Hotels & Resorts (a)

 

95,920

 

3,341

 

La Quinta * (a)

 

520,850

 

4,860

 

Lin TV, Cl A * (a)

 

157,210

 

2,184

 

Linens ‘N Things * (a)

 

136,050

 

3,219

 

Men’s Wearhouse * (a)

 

121,385

 

4,179

 

Payless ShoeSource * (a)

 

182,920

 

3,512

 

Ruby Tuesday (a)

 

125,370

 

3,247

 

Scientific Games, Cl A * (a)

 

133,100

 

3,584

 

Stanley Furniture

 

83,938

 

2,062

 

Steiner Leisure *

 

169,710

 

6,291

 

Thomas Nelson

 

149,930

 

3,262

 

WCI Communities *

 

32,920

 

1,054

 

 

 

 

 

52,170

 

Consumer Staples - 1.5%

 

 

 

 

 

Dean Foods *

 

57,300

 

2,019

 

Elizabeth Arden *

 

173,480

 

4,058

 

TreeHouse Foods *

 

11,460

 

327

 

 

 

 

 

6,404

 

Energy - 6.9%

 

 

 

 

 

Brigham Exploration *

 

266,380

 

2,433

 

Cimarex Energy *

 

51,990

 

2,023

 

Forest Oil *

 

59,830

 

2,513

 

Global Industries * (a)

 

354,060

 

3,010

 

Hornbeck Offshore Services *

 

54,890

 

1,487

 

Newfield Exploration *

 

95,060

 

3,792

 

Range Resources

 

183,320

 

4,931

 

TODCO *

 

191,910

 

4,926

 

Tsakos Energy Navigation (a)

 

97,070

 

3,763

 

 

 

 

 

28,878

 

Financials (b) - 31.3%

 

 

 

 

 

American Capital Strategies

 

127,180

 

4,592

 

Astoria Financial (a)

 

166,825

 

4,750

 

Capitol Bancorp

 

166,860

 

5,608

 

CBL & Associates Properties (REIT) (a)

 

129,420

 

5,574

 

City National (a)

 

77,580

 

5,563

 

Corporate Office Properties Trust (REIT)

 

182,150

 

5,364

 

Donegal Group, Cl A

 

155,466

 

3,103

 

Equity One (REIT) (a)

 

193,140

 

4,384

 

First Midwest Bancorp (a)

 

73,110

 

2,571

 

First Potomac Realty Trust (REIT) (a)

 

195,930

 

4,859

 

First Republic Bank - California

 

255,120

 

9,013

 

FPIC Insurance Group *

 

71,390

 

2,094

 

IBERIABANK

 

57,250

 

3,527

 

Investors Financial Services (a)

 

104,040

 

3,935

 

Knight Trading Group * (a)

 

453,600

 

3,456

 

Lexington Corporate Properties Trust (REIT) (a)

 

203,456

 

4,946

 

 



 

Newcastle Investment (REIT)

 

102,830

 

3,100

 

Philadelphia Consolidated Holding * (a)

 

40,940

 

3,470

 

Platinum Underwriter Holdings

 

180,190

 

5,734

 

Preferred Bank Los Angeles

 

73,010

 

2,899

 

Protective Life

 

105,110

 

4,438

 

Radian Group (a)

 

91,938

 

4,341

 

Redwood Trust (REIT) (a)

 

90,160

 

4,652

 

RLI

 

46,880

 

2,091

 

Sky Financial Group

 

154,060

 

4,341

 

Sterling Bancshares (a)

 

376,210

 

5,854

 

Texas Capital Bancshares * (a)

 

129,420

 

2,555

 

Umpqua Holdings (a)

 

232,710

 

5,478

 

Universal American Financial * (a)

 

213,970

 

4,840

 

Windrose Medical Properties Trust (REIT)

 

290,120

 

4,070

 

 

 

 

 

131,202

 

Health Care - 4.9%

 

 

 

 

 

Arrow International

 

121,570

 

3,878

 

CNS

 

134,590

 

3,075

 

Cooper (a)

 

53,020

 

3,227

 

Pediatrix Medical Group * (a)

 

80,650

 

5,931

 

Serologicals * (a)

 

157,380

 

3,344

 

Vertex Pharmaceuticals *

 

69,560

 

1,171

 

 

 

 

 

20,626

 

Industrials - 20.2%

 

 

 

 

 

Alliant Techsystems * (a)

 

57,355

 

4,049

 

Artesyn Technologies * (a)

 

636,650

 

5,539

 

Brady, Cl A (a)

 

147,410

 

4,570

 

Briggs & Stratton (a)

 

59,120

 

2,047

 

CLARCOR (a)

 

269,300

 

7,877

 

Dycom Industries * (a)

 

150,180

 

2,975

 

ESCO Technologies *

 

82,130

 

8,279

 

ExpressJet Holdings * (a)

 

255,840

 

2,177

 

G&K Services, Cl A

 

55,380

 

2,090

 

Genlyte Group * (a)

 

61,220

 

2,984

 

Kennametal

 

68,300

 

3,132

 

Landstar * (a)

 

90,830

 

2,736

 

Mercury Computer Systems * (a)

 

200,730

 

5,494

 

Moog, Cl A * (a)

 

169,245

 

5,330

 

NCO Group * (a)

 

232,500

 

5,029

 

Oshkosh Truck

 

29,670

 

2,323

 

Pacer International * (a)

 

169,100

 

3,685

 

Pentair

 

126,340

 

5,409

 

Simpson Manufacturing

 

67,740

 

2,069

 

Terex *

 

49,550

 

1,952

 

Toro (a)

 

126,990

 

4,903

 

 

 

 

 

84,649

 

Information Technology - 8.6%

 

 

 

 

 

Actel *

 

174,170

 

2,421

 

Aeroflex *

 

80,250

 

674

 

BISYS Group *

 

558,430

 

8,343

 

Entegris * (a)

 

210,990

 

2,089

 

Fairchild Semiconductor International *

 

68,600

 

1,012

 

Gateway * (a)

 

570,900

 

1,884

 

Hypercom *

 

533,890

 

3,454

 

MKS Instruments * (a)

 

82,400

 

1,392

 

NETGEAR * (a)

 

200,290

 

3,725

 

Open Text * (a)

 

101,830

 

1,442

 

Skyworks Solutions *

 

55,860

 

412

 

Verifone Holdings *

 

181,070

 

2,942

 

Xyratex *

 

390,090

 

6,050

 

 

 

 

 

35,840

 

 



 

Materials - 7.0%

 

 

 

 

 

AptarGroup

 

41,280

 

2,097

 

Crown Holdings *

 

198,900

 

2,830

 

FMC * (a)

 

87,770

 

4,927

 

Foundation Coal Holdings * (a)

 

78,440

 

2,035

 

Georgia Gulf

 

112,230

 

3,485

 

Gibraltar Industries

 

138,180

 

2,562

 

Louisiana Pacific (a)

 

144,410

 

3,550

 

Minerals Technologies (a)

 

53,530

 

3,297

 

Quanex (a)

 

48,930

 

2,594

 

Silgan Holdings *

 

33,440

 

1,881

 

 

 

 

 

29,258

 

Telecommunication Services - 0.8%

 

 

 

 

 

General Communication * (a)

 

331,540

 

3,272

 

 

 

 

 

 

 

Utilities - 5.6%

 

 

 

 

 

AGL Resources

 

67,250

 

2,599

 

Black Hills (a)

 

108,430

 

3,996

 

CMS Energy * (a)

 

229,060

 

3,450

 

New Jersey Resources

 

61,120

 

2,949

 

NSTAR (a)

 

146,180

 

4,507

 

PNM Resources (a)

 

122,745

 

3,536

 

Westar Energy

 

107,360

 

2,580

 

 

 

 

 

23,617

 

Total Common Stocks

 

 

 

 

 

(Cost $307,226)

 

 

 

415,916

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 0.7%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (c)

 

3,184,623

 

3,185

 

 

 

 

 

 

 

Total Affiliated Money Market Fund

 

 

 

 

 

(Cost $3,185)

 

 

 

3,185

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (d) - 40.4%

 

 

 

(Cost $169,064)

 

 

 

169,064

 

 

 

 

 

 

 

Total Investments - 140.4%

 

 

 

 

 

(Cost $479,475)

 

 

 

588,165

 

Other Assets and Liabilities, Net - (40.4)%

 

 

 

(169,154

)

Total Net Assets - 100.0%

 

 

 

$

419,011

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

  *

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $161,264,136 at June 30, 2005.

(b)

The fund is significantly invested in this sector and therefore is subject to additional risks.

(c)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(d)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

Cl -

Class

REIT -

Real Estate Investment Trust

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Mid Cap Growth Opportunities

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 99.6%

 

 

 

 

 

Consumer Discretionary - 18.5%

 

 

 

 

 

Blockbuster, Cl B

 

675,380

 

$

5,795

 

Coldwater Creek * (a)

 

762,193

 

18,986

 

Fortune Brands (a)

 

175,250

 

15,562

 

Gaylord Entertainment * (a)

 

587,650

 

27,320

 

Harman International Industries

 

122,790

 

9,990

 

Harrah’s Entertainment (a)

 

281,270

 

20,271

 

Hot Topic * (a)

 

334,940

 

6,404

 

Marriott International, Cl A (a)

 

297,110

 

20,269

 

Marvel Enterprises * (a)

 

899,385

 

17,736

 

P.F. Chang’s China Bistro * (a)

 

253,610

 

14,958

 

Polaris Industries (a)

 

87,110

 

4,704

 

Scientific Games, Cl A * (a)

 

1,370,010

 

36,894

 

Starwood Hotels & Resorts Worldwide (a)

 

433,600

 

25,396

 

Station Casinos (a)

 

444,830

 

29,537

 

Texas Roadhouse, Cl A * (a)

 

321,090

 

11,158

 

XM Satellite Radio * (a)

 

221,140

 

7,444

 

 

 

 

 

272,424

 

Consumer Staples - 3.8%

 

 

 

 

 

Bunge Limited (a)

 

233,150

 

14,782

 

Corn Products International

 

1,020,420

 

24,245

 

Hershey Foods (a)

 

271,810

 

16,879

 

 

 

 

 

55,906

 

Energy - 9.6%

 

 

 

 

 

Apache

 

187,804

 

12,132

 

National-Oilwell * (a)

 

638,480

 

30,353

 

Newfield Exploration *

 

550,490

 

21,959

 

Premcor * (a)

 

199,870

 

14,826

 

Smith International * (a)

 

148,900

 

9,485

 

Southwestern Energy *

 

158,660

 

7,454

 

Weatherford International * (a)

 

508,390

 

29,476

 

XTO Energy (a)

 

478,686

 

16,271

 

 

 

 

 

141,956

 

Financials - 5.8%

 

 

 

 

 

Ameritrade Holding * (a)

 

806,759

 

14,998

 

Calamos Asset Management * (a)

 

285,970

 

7,790

 

Chicago Mercantile Exchage (a)

 

43,110

 

12,739

 

Investors Financial Services (a)

 

975,215

 

36,883

 

Legg Mason (a)

 

133,770

 

13,927

 

 

 

 

 

86,337

 

Health Care - 19.5%

 

 

 

 

 

Aetna

 

472,640

 

39,144

 

American Healthways * (a)

 

375,590

 

15,876

 

C.R. Bard

 

94,160

 

6,263

 

Caremark Rx * (a)

 

334,940

 

14,912

 

Cooper (a)

 

162,800

 

9,908

 

DENTSPLY International (a)

 

433,070

 

23,386

 

Fisher Scientific International * (a)

 

670,790

 

43,534

 

PacifiCare Health Systems * (a)

 

272,420

 

19,464

 

PerkinElmer

 

2,251,500

 

42,553

 

Quest Diagnostics (a)

 

316,880

 

16,880

 

St. Jude Medical *

 

243,750

 

10,630

 

Thermo Electron *

 

1,110,980

 

29,852

 

Zimmer Holdings * (a)

 

198,780

 

15,141

 

 

 

 

 

287,543

 

 



 

Industrials - 17.0%

 

 

 

 

 

Dun & Bradstreet * (a)

 

630,490

 

38,870

 

Dycom Industries * (a)

 

796,390

 

15,777

 

Kennametal (a)

 

215,260

 

9,870

 

L-3 Communications Holdings (a)

 

528,220

 

40,451

 

Monster Worldwide * (a)

 

830,550

 

23,820

 

MSC Industrial Direct (a)

 

619,510

 

20,908

 

Pentair

 

355,750

 

15,230

 

Power-One * (a)

 

1,467,460

 

9,260

 

Republic Services (a)

 

662,585

 

23,860

 

Roper Industries

 

103,750

 

7,405

 

Stericycle * (a)

 

480,210

 

24,164

 

UTI Worldwide (a)

 

311,200

 

21,666

 

 

 

 

 

251,281

 

Information Technology - 24.8%

 

 

 

 

 

Adobe Systems (a)

 

1,031,500

 

29,522

 

Altera * (a)

 

1,188,480

 

23,556

 

Amphenol, Cl A * (a)

 

301,180

 

12,098

 

Analog Devices

 

288,260

 

10,755

 

Apple Computer * (a)

 

661,220

 

24,340

 

Autodesk (a)

 

346,470

 

11,908

 

Cogent * (a)

 

533,270

 

15,224

 

Cognizant Technology Solutions * (a)

 

301,990

 

14,233

 

Cognos * (a)

 

453,520

 

15,483

 

Cypress Semiconductor * (a)

 

242,750

 

3,056

 

Freescale Semiconductor *

 

334,040

 

7,018

 

Hyperion Solutions * (a)

 

324,930

 

13,075

 

iVillage * (a)

 

1,010,114

 

6,040

 

Linear Technology

 

409,160

 

15,012

 

Macromedia *

 

204,940

 

7,833

 

Marvell Technology Group * (a)

 

215,750

 

8,207

 

MEMC Electronic Materials * (a)

 

1,319,040

 

20,801

 

Microchip Technology

 

481,140

 

14,251

 

NCR * (a)

 

2,079,700

 

73,039

 

Research in Motion * (a)

 

306,130

 

22,577

 

VeriSign * (a)

 

610,850

 

17,568

 

 

 

 

 

365,596

 

Materials - 0.6%

 

 

 

 

 

Freeport-McMorran Copper & Gold, Cl B (a)

 

221,560

 

8,295

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

(Cost $1,198,046)

 

 

 

1,469,338

 

 

 

 

 

 

 

Affiliated Money Market Fund - 2.0%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (b)

 

30,391,858

 

30,392

 

 

 

 

 

 

 

Total Affiliated Money Market Fund

 

 

 

30,392

 

(Cost $30,392)

 

 

 

 

 

 

 

 

 

 

 

Investments Purchased with Proceeds from

 

 

 

 

 

Securities Lending (c) - 48.7%

 

 

 

 

 

(Cost $717,973)

 

 

 

717,973

 

 

 

 

 

 

 

Total Investments - 150.3%

 

 

 

 

 

(Cost $1,946,411)

 

 

 

2,217,703

 

Other Assets and Liabilities, Net - (50.3)%

 

 

 

(742,246

)

Total Net Assets - 100.0%

 

 

 

$

1,475,457

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

  *

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $691,263,058 at June 30, 2005.

(b)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(c)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

Cl -

Class

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Mid Cap Value Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 99.2%

 

 

 

 

 

Consumer Discretionary - 15.7%

 

 

 

 

 

American Axle & Manufacturing

 

131,830

 

$

3,331

 

Black & Decker (a)

 

87,540

 

7,865

 

BorgWarner (a)

 

142,490

 

7,647

 

Federated Department Stores (a)

 

186,340

 

13,655

 

Fortune Brands (a)

 

103,560

 

9,196

 

Harrah’s Entertainment (a)

 

94,310

 

6,797

 

Hilton Hotels

 

292,860

 

6,985

 

Lennar (a)

 

131,000

 

8,312

 

Liz Claiborne

 

179,950

 

7,155

 

Nordstrom (a)

 

161,800

 

10,997

 

Sherwin Williams

 

314,860

 

14,827

 

 

 

 

 

96,767

 

Consumer Staples - 6.5%

 

 

 

 

 

Albertson’s (a)

 

219,150

 

4,532

 

Archer-Daniels-Midland

 

299,990

 

6,414

 

Bunge Limited (a)

 

99,350

 

6,299

 

Clorox

 

119,780

 

6,674

 

Kroger * (a)

 

528,160

 

10,051

 

Pilgrim’s Pride (a)

 

174,800

 

5,966

 

 

 

 

 

39,936

 

Energy - 7.2%

 

 

 

 

 

Ashland (a)

 

118,790

 

8,537

 

EOG Resources (a)

 

80,900

 

4,595

 

GlobalSantaFe (a)

 

156,800

 

6,397

 

National-Oilwell *

 

165,270

 

7,857

 

Newfield Exploration *

 

271,840

 

10,844

 

Premcor

 

86,940

 

6,449

 

 

 

 

 

44,679

 

Financials (b) - 28.1%

 

 

 

 

 

ACE

 

231,610

 

10,388

 

Ambac Financial Group (a)

 

93,770

 

6,541

 

Astoria Financial

 

227,810

 

6,486

 

Bear Stearns (a)

 

122,500

 

12,733

 

Boston Properties (REIT) (a)

 

113,570

 

7,950

 

City National (a)

 

52,440

 

3,761

 

Comerica

 

111,700

 

6,456

 

Cullen/Frost Bankers

 

97,100

 

4,627

 

Developers Diversified Realty (REIT) (a)

 

171,100

 

7,864

 

Equity Office Properties Trust (REIT) (a)

 

235,280

 

7,788

 

Genworth Financial

 

390,940

 

11,818

 

KeyCorp

 

193,910

 

6,428

 

Lincoln National

 

152,310

 

7,146

 

Marshall & Ilsley (a)

 

205,950

 

9,155

 

MGIC Investment (a)

 

124,420

 

8,115

 

North Fork Bancorp

 

223,249

 

6,271

 

Northern Trust (a)

 

196,860

 

8,975

 

 



 

Principal Financial Group

 

147,190

 

6,167

 

Prologis (a)

 

139,060

 

5,596

 

Simon Property Group (REIT) (a)

 

91,914

 

6,663

 

Synovus Financial (a)

 

263,950

 

7,567

 

Vornado Realty Trust (REIT)

 

81,170

 

6,526

 

W.R. Berkley

 

237,092

 

8,459

 

 

 

 

 

173,480

 

Health Care - 5.4%

 

 

 

 

 

CIGNA

 

81,350

 

8,707

 

Community Health Systems * (a)

 

255,330

 

9,649

 

Health Net * (a)

 

182,660

 

6,970

 

PerkinElmer

 

439,780

 

8,312

 

 

 

 

 

33,638

 

Industrials - 7.5%

 

 

 

 

 

American Standard *

 

146,040

 

6,122

 

Eaton

 

181,910

 

10,896

 

Joy Global

 

135,995

 

4,568

 

Kennametal (a)

 

141,670

 

6,496

 

Norfolk Southern

 

257,820

 

7,982

 

Republic Services

 

281,800

 

10,148

 

 

 

 

 

46,212

 

Information Technology - 10.1%

 

 

 

 

 

Amphenol, Cl A *

 

268,550

 

10,788

 

Computer Sciences * (a)

 

203,820

 

8,907

 

Harris

 

243,500

 

7,600

 

Ingram Micro *

 

262,240

 

4,107

 

Lucent Technologies * (a)

 

1,035,120

 

3,012

 

National Semiconductor (a)

 

491,070

 

10,818

 

NCR *

 

242,160

 

8,505

 

Xerox * (a)

 

602,620

 

8,310

 

 

 

 

 

62,047

 

Materials - 5.6%

 

 

 

 

 

Eastman Chemical

 

83,970

 

4,631

 

MeadWestvaco

 

211,470

 

5,930

 

Pactiv *

 

429,210

 

9,262

 

Phelps Dodge (a)

 

71,660

 

6,629

 

Rohm & Haas (a)

 

168,430

 

7,805

 

 

 

 

 

34,257

 

Utilities - 13.1%

 

 

 

 

 

Alliant Energy (a)

 

220,630

 

6,211

 

Constellation Energy

 

221,290

 

12,766

 

DPL (a)

 

360,330

 

9,891

 

DTE Energy (a)

 

171,040

 

7,999

 

Edison International

 

120,000

 

4,866

 

Entergy

 

83,340

 

6,296

 

PG&E * (a)

 

343,810

 

12,907

 

PPL

 

154,380

 

9,167

 

Progress Energy (a)

 

106,130

 

4,801

 

Sempra Energy

 

137,760

 

5,691

 

 

 

 

 

80,595

 

 

 

 

 

 

 

Total Common Stocks
(Cost $510,933)

 

 

 

611,611

 

 

 

 

 

 

 

Affiliated Money Market Fund - 3.3%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (c)

 

20,365,999

 

20,366

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $20,366)

 

 

 

20,366

 

 



 

Investments Purchased with Proceeds from Securities Lending (d) - 38.2%
(Cost $235,209)

 

 

 

235,209

 

 

 

 

 

 

 

Total Investments - 140.7%
(Cost $766,508)

 

 

 

867,186

 

Other Assets and Liabilities, Net - (40.7)%

 

 

 

(250,907

)

Total Net Assets - 100.0%

 

 

 

$

616,279

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

*

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $227,633,294 at June 30, 2005.

(b)

The fund is significantly invested in this industry sector and therefore is subject to additional risks.

(c)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(d)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

Cl -

Class

REIT -

Real Estate Investment Trust

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Large Cap Growth Opportunities

 

DESCRIPTION

 

SHARES (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 99.1%

 

 

 

 

 

Consumer Discretionary - 13.2%

 

 

 

 

 

Coach * (a)

 

265,020

 

$

8,897

 

Harrah’s Entertainment (a)

 

123,140

 

8,875

 

J.C. Penney (a)

 

179,490

 

9,438

 

Kohl’s * (a)

 

138,040

 

7,718

 

Lowe’s (a)

 

290,950

 

16,939

 

McGraw-Hill (a)

 

245,560

 

10,866

 

Omnicom Group (a)

 

207,400

 

16,563

 

Staples (a)

 

590,935

 

12,599

 

Station Casinos

 

114,090

 

7,576

 

Target (a)

 

490,000

 

26,661

 

 

 

 

 

126,132

 

Consumer Staples - 7.7%

 

 

 

 

 

Constellation Brands, CI A * (a)

 

158,340

 

4,671

 

Gillette

 

63,010

 

3,190

 

PepsiCo

 

356,310

 

19,216

 

Procter & Gamble (a)

 

584,550

 

30,835

 

Walgreen (a)

 

343,290

 

15,788

 

 

 

 

 

73,700

 

Energy - 5.2%

 

 

 

 

 

Apache

 

236,650

 

15,288

 

ConocoPhillips

 

251,820

 

14,477

 

Exxon Mobil

 

244,050

 

14,026

 

Nabors Industries * (a)

 

99,430

 

6,027

 

 

 

 

 

49,818

 

Financials - 11.3%

 

 

 

 

 

Allstate

 

164,300

 

9,817

 

American Express

 

304,250

 

16,195

 

Bank of America

 

224,440

 

10,237

 

Capital One Financial (a)

 

79,300

 

6,345

 

Goldman Sachs Group

 

173,880

 

17,739

 

Investors Financial Services (a)

 

392,070

 

14,828

 

Legg Mason (a)

 

85,550

 

8,907

 

Lehman Brothers Holdings

 

98,120

 

9,741

 

Wells Fargo

 

241,230

 

14,855

 

 

 

 

 

108,664

 

Health Care - 22.2%

 

 

 

 

 

Aetna

 

242,760

 

20,105

 

Alcon (a)

 

102,190

 

11,174

 

Caremark Rx * (a)

 

302,356

 

13,461

 

Genentech * (a)

 

135,190

 

10,853

 

Guidant (a)

 

122,760

 

8,262

 

Johnson & Johnson (a)

 

448,660

 

29,163

 

Medtronic

 

400,010

 

20,716

 

PerkinElmer

 

448,360

 

8,474

 

Pfizer

 

506,080

 

13,958

 

 



 

St. Jude Medical *

 

356,140

 

15,531

 

UnitedHealth Group (a)

 

332,660

 

17,345

 

Wyeth Pharmaceuticals

 

521,280

 

23,197

 

Zimmer Holdings * (a)

 

268,919

 

20,484

 

 

 

 

 

212,723

 

Industrials - 9.9%

 

 

 

 

 

Danaher (a)

 

223,650

 

11,706

 

Dun & Bradstreet *

 

135,690

 

8,365

 

General Electric

 

647,050

 

22,420

 

Pentair (a)

 

297,990

 

12,757

 

United Parcel Service, Cl B (a)

 

195,840

 

13,544

 

United Technologies

 

359,240

 

18,447

 

UTi Worldwide

 

103,170

 

7,183

 

 

 

 

 

94,422

 

Information Technology (b) - 29.6%

 

 

 

 

 

Accenture * (a)

 

142,940

 

3,240

 

Adobe Systems (a)

 

261,960

 

7,497

 

Altera * (a)

 

234,600

 

4,650

 

Amphenol, Cl A * (a)

 

208,610

 

8,380

 

Analog Devices (a)

 

223,310

 

8,332

 

Apple Computer *

 

250,520

 

9,222

 

Autodesk

 

170,530

 

5,861

 

Dell *

 

631,720

 

24,959

 

EMC *

 

733,820

 

10,061

 

Google * (a)

 

19,520

 

5,742

 

Intel

 

1,129,560

 

29,436

 

Juniper Networks * (a)

 

299,980

 

7,553

 

Linear Technology (a)

 

200,020

 

7,339

 

Marvell Technology Group * (a)

 

116,510

 

4,432

 

Microchip Technology (a)

 

233,090

 

6,904

 

Microsoft

 

820,550

 

20,382

 

Motorola

 

703,640

 

12,848

 

NCR *

 

630,610

 

22,147

 

Oracle *

 

1,182,080

 

15,603

 

Paychex

 

469,440

 

15,276

 

QUALCOMM

 

280,550

 

9,261

 

Research in Motion * (a)

 

147,410

 

10,871

 

Texas Instruments (a)

 

767,870

 

21,554

 

Yahoo! *

 

327,760

 

11,357

 

 

 

 

 

282,907

 

 

 

 

 

 

 

Total Common Stocks
(Cost $877,785)

 

 

 

948,366

 

 

 

 

SHARES (000)

 

VALUE (000)+

 

Affiliated Money Market Fund - 1.3%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (c)

 

12,641,662

 

$

12,642

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $12,642)

 

 

 

12,642

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (d) - 40.2%
(Cost $384,210)

 

384,210

 

$

384,210

 

 

 

 

 

 

 

 

Total Investments - 140.6%
(Cost $1,274,637)

 

 

 

1,345,218

 

Other Assets and Liabilities, Net - (40.6)%

 

 

 

(388,507

)

Total Net Assets - 100.0%

 

 

 

$

956,711

 

 



 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

*

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $369,943,824 at June 30, 2005.

(b)

The fund is significantly invested in this industry sector and therefore is subject to additional risks.

(c)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(d)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

Cl -

Class

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Large Cap Select Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 96.8%

 

 

 

 

 

Consumer Discretionary - 15.3%

 

 

 

 

 

Coach * (a)

 

82,010

 

$

2,753

 

Comcast, Cl A * (a)

 

131,390

 

4,034

 

Harrah’s Entertainment (a)

 

47,720

 

3,439

 

Hilton Hotels

 

115,970

 

2,766

 

J.C. Penney (a)

 

81,700

 

4,296

 

Nordstrom (a)

 

29,630

 

2,014

 

Omnicom Group (a)

 

50,990

 

4,072

 

Sherwin Williams

 

75,290

 

3,545

 

Starbucks *

 

45,860

 

2,369

 

Station Casinos

 

42,590

 

2,828

 

Time Warner *

 

374,580

 

6,259

 

 

 

 

 

38,375

 

Consumer Staples - 3.2%

 

 

 

 

 

PepsiCo

 

48,310

 

2,605

 

Procter & Gamble (a)

 

103,038

 

5,435

 

 

 

 

 

8,040

 

Energy - 11.4%

 

 

 

 

 

Amerada Hess

 

50,430

 

5,371

 

Apache

 

85,542

 

5,526

 

ConocoPhillips

 

83,570

 

4,804

 

Exxon Mobil

 

82,950

 

4,767

 

Halliburton (a)

 

63,986

 

3,060

 

National-Oilwell *

 

106,590

 

5,067

 

 

 

 

 

28,595

 

Financials - 18.1%

 

 

 

 

 

ACE

 

115,340

 

5,173

 

Allstate

 

69,732

 

4,166

 

Bank of America

 

168,268

 

7,675

 

Capital One Financial (a)

 

38,430

 

3,075

 

Goldman Sachs Group

 

78,111

 

7,969

 

Investors Financial Services (a)

 

54,200

 

2,050

 

Lehman Brothers Holdings (a)

 

55,530

 

5,513

 

Wells Fargo

 

155,490

 

9,575

 

 

 

 

 

45,196

 

Health Care - 13.3%

 

 

 

 

 

Amgen *

 

87,440

 

5,287

 

Johnson & Johnson (a)

 

163,581

 

10,633

 

Teva Pharmaceutical Industries, ADR (a)

 

69,420

 

2,162

 

UnitedHealth Group (a)

 

81,398

 

4,244

 

Varian Medical Systems * (a)

 

72,430

 

2,704

 

Wyeth Pharmaceuticals

 

182,270

 

8,111

 

 

 

 

 

33,141

 

Industrials - 9.4%

 

 

 

 

 

3M (a)

 

44,954

 

3,250

 

Eaton (a)

 

34,100

 

2,043

 

Emerson Electric

 

56,690

 

3,551

 

General Electric

 

229,558

 

7,954

 

Pentair

 

66,570

 

2,850

 

United Parcel Service, Cl B (a)

 

56,840

 

3,931

 

 

 

 

 

23,579

 

 



 

Information Technology - 22.2%

 

 

 

 

 

Accenture * (a)

 

121,900

 

2,763

 

Adobe Systems (a)

 

75,190

 

2,152

 

Amphenol, Cl A * (a)

 

68,330

 

2,745

 

Analog Devices (a)

 

59,840

 

2,233

 

Autodesk

 

74,270

 

2,553

 

Dell *

 

100,262

 

3,961

 

EMC *

 

329,330

 

4,515

 

Intel

 

392,036

 

10,216

 

Motorola

 

274,380

 

5,010

 

NCR * (a)

 

78,997

 

2,774

 

Oracle *

 

469,440

 

6,197

 

QUALCOMM

 

92,796

 

3,063

 

Symantec * (a)

 

185,520

 

4,033

 

Texas Instruments (a)

 

121,260

 

3,404

 

 

 

 

 

55,619

 

Telecommunication Services - 2.7%

 

 

 

 

 

Verizon Communications (a)

 

197,208

 

6,814

 

 

 

 

 

 

 

Utilities - 1.2%

 

 

 

 

 

PG&E * (a)

 

78,230

 

2,937

 

 

 

 

 

 

 

Total Common Stocks
(Cost $233,498)

 

 

 

242,296

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 3.1%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (b)

 

7,780,458

 

 

7,781

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $7,781)

 

 

 

7,781

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (c) - 36.4%
(Cost $91,210)

 

91,210

 

 

91,210

 

 

 

 

 

 

 

Total Investments - 136.3%
(Cost $332,489)

 

 

 

341,287

 

Other Assets and Liabilities, Net - (36.3)%

 

 

 

(90,869

)

Total Net Assets - 100.0%

 

 

 

$

250,418

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

*

Non-income producing security

(a)

This security or a portion of this securiy is out on loan at June 30, 2005. Total loaned securities had a market value of $87,697,402 at June 30, 2005.

(b)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(c)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR -

American Depository Receipt

Cl -

Class

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Large Cap Value Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 99.8%

 

 

 

 

 

Consumer Discretionary - 10.7%

 

 

 

 

 

Comcast, Cl A * (a)

 

498,870

 

$

15,315

 

Federated Department Stores (a)

 

228,280

 

16,728

 

Harrah’s Entertainment (a)

 

137,420

 

9,904

 

Hilton Hotels

 

407,000

 

9,707

 

Sherwin Williams

 

397,320

 

18,710

 

Time Warner *

 

1,459,080

 

24,381

 

 

 

 

 

94,745

 

Consumer Staples - 5.0%

 

 

 

 

 

Altria Group

 

239,530

 

15,488

 

Clorox

 

136,300

 

7,595

 

Colgate-Palmolive

 

210,490

 

10,506

 

General Mills (a)

 

222,280

 

10,401

 

 

 

 

 

43,990

 

Energy - 15.9%

 

 

 

 

 

Apache

 

168,984

 

10,916

 

BP, ADR

 

290,020

 

18,091

 

ConocoPhillips

 

400,750

 

23,039

 

EOG Resources (a)

 

244,850

 

13,908

 

Exxon Mobil

 

726,894

 

41,775

 

Halliburton (a)

 

289,250

 

13,832

 

National-Oilwell * (a)

 

248,830

 

11,829

 

Valero Energy (a)

 

93,210

 

7,374

 

 

 

 

 

140,764

 

Financials (b) - 30.3%

 

 

 

 

 

ACE (a)

 

352,040

 

15,789

 

Allstate

 

253,140

 

15,125

 

Bank of America

 

855,056

 

38,999

 

Capital One Financial (a)

 

124,870

 

9,991

 

Citigroup

 

702,312

 

32,468

 

Fannie Mae

 

152,630

 

8,914

 

Freddie Mac

 

103,190

 

6,731

 

Genworth Financial

 

477,970

 

14,449

 

Goldman Sachs Group (a)

 

202,000

 

20,608

 

Lehman Brothers Holdings (a)

 

211,080

 

20,956

 

Marshall & Ilsley (a)

 

185,010

 

8,224

 

Merrill Lynch

 

217,700

 

11,976

 

MGIC Investment (a)

 

138,690

 

9,045

 

North Fork Bancorp (a)

 

375,080

 

10,536

 

Northern Trust (a)

 

231,340

 

10,547

 

Wachovia

 

172,230

 

8,543

 

Wells Fargo

 

414,660

 

25,535

 

 

 

 

 

268,436

 

 



 

Health Care - 10.1%

 

 

 

 

 

Caremark Rx * (a)

 

102,610

 

4,568

 

CIGNA

 

97,500

 

10,435

 

HCA

 

208,680

 

11,826

 

Johnson & Johnson (a)

 

103,910

 

6,754

 

Merck

 

309,780

 

9,541

 

Pfizer

 

694,350

 

19,150

 

Wyeth Pharmaceuticals

 

602,050

 

26,791

 

 

 

 

 

89,065

 

Industrials - 6.3%

 

 

 

 

 

Eaton (a)

 

161,100

 

9,650

 

Emerson Electric

 

291,120

 

18,233

 

General Electric

 

383,100

 

13,274

 

Tyco International (a)

 

494,770

 

14,447

 

 

 

 

 

55,604

 

Information Technology - 8.7%

 

 

 

 

 

Hewlett-Packard

 

797,280

 

18,744

 

Motorola

 

744,430

 

13,593

 

National Semiconductor (a)

 

431,520

 

9,506

 

NCR * (a)

 

342,320

 

12,022

 

Texas Instruments (a)

 

474,110

 

13,308

 

Xerox *

 

682,440

 

9,411

 

 

 

 

 

76,584

 

Materials - 5.6%

 

 

 

 

 

Dow Chemical (a)

 

466,280

 

20,763

 

MeadWestvaco

 

307,660

 

8,627

 

Phelps Dodge (a)

 

129,790

 

12,006

 

Weyerhaeuser (a)

 

135,110

 

8,600

 

 

 

 

 

49,996

 

Telecommunication Services - 3.4%

 

 

 

 

 

BellSouth (a)

 

454,330

 

12,072

 

Verizon Communications (a)

 

529,272

 

18,286

 

 

 

 

 

30,358

 

Utilities - 3.8%

 

 

 

 

 

Entergy (a)

 

232,070

 

17,533

 

PG&E * (a)

 

422,610

 

15,865

 

 

 

 

 

33,398

 

 

 

 

 

 

 

Total Common Stocks
(Cost $766,656)

 

 

 

882,940

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 0.3%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (c)

 

2,267,477

 

 

2,267

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $2,267)

 

 

 

2,267

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (d) - 32.0%
(Cost $283,538)

 

283,538

 

283,538

 

 

 

 

 

 

 

Total Investments - 132.1%
(Cost $1,052,461)

 

 

 

1,168,745

 

Other Assets and Liabilities, Net - (32.1)%

 

 

 

(284,213

)

Total Net Assets - 100.0%

 

 

 

$

884,532

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

*

Non-income producing security

 



 

(a)

This security or a poriton of this security is out on loan at June, 30, 2005. Total loaned securities had a market value of $272,657,352 at June 30, 2005.

(b)

The fund is significantly invested in this industry sector and therefore is subject to additional risks.

(c)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc. which also serves as advisor to this fund.

(d)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR -

American Depository Receipt

Cl -

Class

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Equity Income Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 97.5%

 

 

 

 

 

Consumer Discretionary - 7.6%

 

 

 

 

 

Gannett (a)

 

412,480

 

$

29,340

 

Harrah’s Entertainment (a)

 

312,980

 

22,556

 

Home Depot

 

408,600

 

15,895

 

McDonald’s

 

606,620

 

16,834

 

Starwood Hotels & Resorts Worldwide (a)

 

453,270

 

26,548

 

 

 

 

 

111,173

 

Consumer Staples - 9.5%

 

 

 

 

 

Altria Group (a)

 

378,170

 

24,452

 

Colgate-Palmolive

 

404,780

 

20,203

 

General Mills (a)

 

301,920

 

14,127

 

H.J. Heinz

 

418,940

 

14,839

 

PepsiCo

 

267,690

 

14,436

 

Procter & Gamble (a)

 

256,950

 

13,554

 

Wal-Mart Stores (a)

 

772,570

 

37,238

 

 

 

 

 

138,849

 

Energy - 12.1%

 

 

 

 

 

Apache (a)

 

239,880

 

15,496

 

Baker Hughes (a)

 

206,540

 

10,567

 

BP, ADR

 

409,286

 

25,531

 

Chevron (a)

 

359,480

 

20,102

 

ConocoPhillips

 

458,700

 

26,371

 

Exxon Mobil

 

887,562

 

51,008

 

Halliburton (a)

 

204,840

 

9,795

 

Royal Dutch Petroleum, ADR (a)

 

142,030

 

9,218

 

Schlumberger (a)

 

112,970

 

8,579

 

 

 

 

 

176,667

 

Financials - 18.7%

 

 

 

 

 

Alliance Capital Management Holding

 

382,280

 

17,868

 

AMB Property (REIT)

 

206,440

 

8,966

 

American International Group

 

267,910

 

15,566

 

Apartment Investment & Management (a)

 

330,640

 

13,530

 

Bank of America

 

779,478

 

35,552

 

Citigroup

 

871,691

 

40,298

 

Duke Realty (REIT) (a)

 

177,922

 

5,633

 

Fannie Mae

 

33,260

 

1,942

 

Goldman Sachs Group (a)

 

75,160

 

7,668

 

J.P. Morgan Chase

 

717,950

 

25,358

 

Merrill Lynch (a)

 

248,310

 

13,660

 

 



 

Morgan Stanley

 

206,490

 

10,834

 

Northern Trust (a)

 

172,505

 

7,864

 

Partners Trust Financial Group

 

400,240

 

4,275

 

State Street

 

428,580

 

20,679

 

Wachovia

 

555,785

 

27,567

 

Wells Fargo

 

254,210

 

15,654

 

 

 

 

 

272,914

 

Health Care - 12.6%

 

 

 

 

 

Abbott Laboratories

 

521,660

 

25,567

 

Baxter International

 

476,640

 

17,683

 

HCA (a)

 

210,090

 

11,906

 

Johnson & Johnson (a)

 

446,090

 

28,996

 

McKesson HBOC

 

360,620

 

16,152

 

Medtronic

 

151,790

 

7,861

 

Pfizer

 

1,070,232

 

29,517

 

Teva Pharmaceutical Industries, ADR (a)

 

271,310

 

8,449

 

Wyeth

 

831,540

 

37,003

 

 

 

 

 

183,134

 

Industrials - 10.6%

 

 

 

 

 

3M (a)

 

254,910

 

18,430

 

Avery Dennison (a)

 

151,834

 

8,041

 

Emerson Electric (a)

 

234,580

 

14,692

 

General Dynamics

 

162,250

 

17,773

 

General Electric

 

1,147,640

 

39,766

 

Honeywell International (a)

 

590,190

 

21,619

 

Ingersoll-Rand, Cl A

 

218,670

 

15,602

 

United Parcel Service, Cl B (a)

 

267,260

 

18,484

 

 

 

 

 

154,407

 

Information Technology - 12.0%

 

 

 

 

 

Analog Devices (a)

 

199,690

 

7,450

 

Automatic Data Processing

 

262,170

 

11,003

 

IBM

 

458,840

 

34,046

 

Intel

 

1,071,450

 

27,922

 

Microsoft

 

1,819,160

 

45,188

 

Motorola

 

1,189,810

 

21,726

 

QUALCOMM (a)

 

333,350

 

11,004

 

SAP, ADR (a)

 

179,650

 

7,779

 

Texas Instruments (a)

 

331,860

 

9,315

 

 

 

 

 

175,433

 

Materials - 6.2%

 

 

 

 

 

Bemis (a)

 

611,700

 

16,234

 

Dow Chemical

 

208,450

 

9,282

 

E.I. DuPont de Nemours

 

302,060

 

12,992

 

Ecolab

 

223,770

 

7,241

 

Engelhard

 

194,060

 

5,541

 

Praxair (a)

 

581,420

 

27,094

 

Weyerhaeuser (a)

 

176,639

 

11,243

 

 

 

 

 

89,627

 

 



 

Telecommunication Services - 4.4%

 

 

 

 

 

ALLTEL (a)

 

282,480

 

17,593

 

BellSouth (a)

 

506,710

 

13,463

 

SBC Communications (a)

 

642,190

 

15,252

 

Verizon Communications (a)

 

509,240

 

17,594

 

 

 

 

 

63,902

 

Utilities - 3.8%

 

 

 

 

 

Alliant Energy

 

593,830

 

16,716

 

Cinergy (a)

 

409,590

 

18,358

 

Xcel Energy

 

1,049,960

 

20,495

 

 

 

 

 

55,569

 

Total Common Stocks
(Cost $1,168,042)

 

 

 

1,421,675

 

 

 

 

PAR (000)

 

VALUE (000)+

 

Convertible Corporate Bonds - 1.3%

 

 

 

 

 

Liberty Media

 

 

 

 

 

Callable 04/05/08 @ 100

 

 

 

 

 

0.750%, 03/30/23 (a)(b)

 

$

14,812

 

15,717

 

Medarex

 

 

 

 

 

Callable 05/20/09 @ 100.64

 

 

 

 

 

2.250%, 05/15/11 (a)(b)

 

3,934

 

3,445

 

 

 

 

 

 

 

Total Convertible Corporate Bonds
(Cost $20,402)

 

 

 

19,162

 

 

 

 

 

 

 

Convertible Preferred Stock - 0.5%

 

 

 

 

 

Freeport-McMoran Copper & Gold

 

 

 

 

 

5.500%, 12/31/49 (b)

 

7,483

 

6,910

 

 

 

 

 

 

 

Total Convertible Preferred Stock
(Cost $7,248)

 

 

 

6,910

 

 

 

 

SHARES

 

VALUE (000)

 

Affiliated Money Market Fund - 0.6%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (c)

 

9,341,783

 

9,342

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $9,342)

 

 

 

9,342

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (d) - 25.7%
(Cost $375,767)

 

 

 

375,767

 

 

 

 

 

 

 

Total Investments - 125.6%
(Cost $1,580,801)

 

 

 

1,832,856

 

Other Assets and Liabilities, Net - (25.6)%

 

 

 

(373,930

)

Total Net Assets - 100.0%

 

 

 

$

1,458,926

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $361,067,816 at June 30, 2005.

 



 

(b)

Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the funds’ board of directors. As of June 30, 2005, the value of these investments was $26,071,999 or 1.8% of total net assets.

(c)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(d)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR -

American Depository Receipt

Cl -

Class

REIT -

Real Estate Investment Trust

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Balanced Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Common Stocks - 63.3%

 

 

 

 

 

Consumer Discretionary - 10.1%

 

 

 

 

 

CBRL Group (a)

 

5,960

 

$

232

 

Coach *(a)

 

79,790

 

2,679

 

Comcast, Cl A *(a)

 

127,833

 

3,924

 

Gray Television (a)

 

16,100

 

194

 

Harrah’s Entertainment (a)

 

46,430

 

3,346

 

Hilton Hotels

 

112,840

 

2,691

 

J.C. Penney

 

79,490

 

4,180

 

Kerzner International *

 

2,720

 

155

 

La Quinta (REIT) *(a)

 

36,510

 

341

 

Marvel Enterprises *(a)

 

16,685

 

329

 

Men’s Wearhouse *(a)

 

5,075

 

175

 

Nautilus Group (a)

 

4,970

 

142

 

Nordstrom (a)

 

28,830

 

1,960

 

Omnicom Group (a)

 

49,610

 

3,962

 

PETCO Animal Supplies *(a)

 

8,140

 

239

 

Ruby Tuesday (a)

 

7,470

 

193

 

Scientific Games, Cl A *(a)

 

17,470

 

470

 

Sherwin Williams

 

73,254

 

3,450

 

Sports Authority *(a)

 

7,940

 

252

 

Starbucks *

 

44,620

 

2,305

 

Station Casinos

 

44,000

 

2,922

 

Thomas Nelson

 

8,260

 

180

 

Time Warner *

 

364,457

 

6,090

 

Too *(a)

 

16,910

 

395

 

WCI Communities *(a)

 

5,460

 

175

 

 

 

 

 

40,981

 

Consumer Staples - 2.0%

 

 

 

 

 

NBTY *(a)

 

11,440

 

297

 

PepsiCo

 

47,008

 

2,535

 

Procter & Gamble (a)

 

100,254

 

5,288

 

 

 

 

 

8,120

 

Energy - 7.2%

 

 

 

 

 

Amerada Hess (a)

 

49,070

 

5,226

 

Apache

 

83,228

 

5,377

 

Bill Barrett *(a)

 

3,870

 

114

 

Cal Dive International *(a)

 

1,110

 

58

 

Compton Petroleum *

 

4,430

 

40

 

ConocoPhillips

 

81,310

 

4,675

 

ENSCO International

 

6,700

 

240

 

Exxon Mobil

 

80,705

 

4,638

 

Halliburton (a)

 

62,258

 

2,977

 

Houston Exploration *

 

2,240

 

119

 

Hydril *(a)

 

1,060

 

58

 

National-Oilwell *

 

103,707

 

4,930

 

St. Mary Land & Exploration

 

2,110

 

61

 

Spinnaker Exploration *(a)

 

2,700

 

96

 

Tesoro Petroleum *

 

3,350

 

156

 

Ultra Petroleum *

 

4,586

 

139

 

Western Gas Resources

 

3,360

 

117

 

W-H Energy Services *(a)

 

11,770

 

293

 

 

 

 

 

29,314

 

Financials - 11.9%

 

 

 

 

 

ACE

 

112,220

 

5,033

 

Advanta, Cl B

 

9,525

 

268

 

Affiliated Managers Group *(a)

 

1,700

 

116

 

Alexandria Real Estate Equities

 

3,190

 

234

 

 



 

Allstate

 

67,850

 

4,054

 

American Campus Communities

 

3,180

 

72

 

AmerUS Group, Cl A (a)

 

6,670

 

321

 

Bank of America

 

163,720

 

7,467

 

BioMed Realty Trust

 

4,680

 

112

 

Capital One Financial (a)

 

37,390

 

2,992

 

Cullen/Frost Bankers

 

7,230

 

345

 

East West Bancorp (a)

 

6,660

 

224

 

First Financial Bankshares

 

2,516

 

85

 

First Niagara Financial Group (a)

 

9,110

 

133

 

GATX (a)

 

9,990

 

345

 

Glacier Bancorp

 

2,422

 

63

 

Goldman Sachs Group (a)

 

76,002

 

7,754

 

Innkeepers USA Trust (REIT) (a)

 

12,480

 

186

 

Investors Financial Services (a)

 

61,300

 

2,318

 

Kite Realty Group Trust

 

11,770

 

177

 

Lasalle Hotel Properties (REIT)

 

5,430

 

178

 

Lehman Brothers Holdings (a)

 

54,030

 

5,364

 

Maguire Properties

 

14,610

 

414

 

Platinum Underwriter Holdings

 

7,380

 

235

 

SL Green Realty

 

5,510

 

355

 

SVB Financial Group *(a)

 

6,850

 

328

 

Wells Fargo

 

151,290

 

9,316

 

 

 

 

 

48,489

 

Health Care - 8.6%

 

 

 

 

 

Abgenix *(a)

 

10,400

 

89

 

American Healthways *(a)

 

5,740

 

243

 

Amgen *

 

85,080

 

5,144

 

Caliper Life Sciences *(a)

 

18,030

 

101

 

Curis *

 

1,260

 

5

 

Cutera *

 

1,110

 

19

 

ImmunoGen *

 

12,230

 

71

 

Johnson & Johnson (a)

 

159,160

 

10,345

 

Neurocrine Biosciences *

 

4,370

 

183

 

Palomar Medical Technologies *

 

780

 

19

 

Pediatrix Medical Group *(a)

 

5,510

 

405

 

Per-Se Technologies *(a)

 

11,440

 

240

 

Protein Design Labs *(a)

 

9,370

 

189

 

Salix Pharmaceuticals *(a)

 

5,790

 

102

 

Sierra Health Services *(a)

 

6,390

 

457

 

SonoSite *(a)

 

8,480

 

263

 

Sybron Dental Specialties *(a)

 

4,960

 

187

 

Symmetry Medical *

 

3,250

 

77

 

Teva Pharmaceutical Industries, ADR (a)

 

67,549

 

2,103

 

UnitedHealth Group (a)

 

79,196

 

4,129

 

Varian *

 

4,350

 

164

 

Varian Medical Systems *(a)

 

70,470

 

2,631

 

Wyeth

 

177,351

 

7,892

 

 

 

 

 

35,058

 

Industrials - 6.5%

 

 

 

 

 

3M (a)

 

43,740

 

3,162

 

AirTran Holdings *(a)

 

30,580

 

282

 

American Reprographics *

 

7,840

 

126

 

Applied Signal Technology

 

7,499

 

143

 

Chicago Bridge & Iron

 

17,740

 

406

 

CLARCOR

 

1,880

 

55

 

Eaton

 

33,181

 

1,988

 

EGL *(a)

 

22,830

 

464

 

Emerson Electric

 

55,157

 

3,454

 

General Electric

 

223,354

 

7,739

 

Global Power Equipment Group *(a)

 

6,830

 

54

 

Kennametal (a)

 

6,370

 

292

 

KVH Industries *(a)

 

23,890

 

222

 

Labor Ready *(a)

 

17,580

 

410

 

Manitowoc (a)

 

2,710

 

111

 

Mercury Computer Systems *(a)

 

9,280

 

254

 

NCI Building Systems *(a)

 

5,980

 

196

 

Pentair

 

64,770

 

2,773

 

 



 

Power-One *

 

36,270

 

229

 

Roper Industries

 

4,670

 

333

 

Terex *(a)

 

4,110

 

162

 

United Parcel Service, Cl B (a)

 

55,300

 

3,825

 

Volcom

 

770

 

21

 

 

 

 

 

26,701

 

Information Technology - 14.4%

 

 

 

 

 

Accenture *(a)

 

118,600

 

2,689

 

ADC Telecommunications *(a)

 

18,270

 

398

 

Adobe Systems (a)

 

73,160

 

2,094

 

Aeroflex *(a)

 

13,170

 

111

 

Amphenol, Cl A *

 

66,490

 

2,671

 

Analog Devices (a)

 

58,222

 

2,172

 

ATI Technologies *

 

8,610

 

102

 

Autodesk (a)

 

72,260

 

2,484

 

Benchmark Electronics *(a)

 

7,680

 

234

 

BISYS Group *(a)

 

22,850

 

341

 

Carreker *

 

17,110

 

94

 

Dell *

 

97,551

 

3,854

 

Digitas *(a)

 

22,120

 

252

 

EMC *

 

320,420

 

4,393

 

Entegris *(a)

 

11,990

 

119

 

Hyperion Solutions *(a)

 

4,352

 

175

 

Intel

 

381,433

 

9,940

 

Itron *

 

2,960

 

132

 

Logitech International *(a)

 

5,630

 

359

 

Mattson Technology *

 

5,210

 

37

 

Motorola

 

266,965

 

4,875

 

NCR *

 

76,855

 

2,700

 

Openwave Systems *(a)

 

13,990

 

229

 

Oracle *

 

456,743

 

6,029

 

Packeteer *

 

20,839

 

294

 

QUALCOMM

 

90,287

 

2,980

 

SAFENET *(a)

 

12,270

 

418

 

Silicon Image *

 

38,060

 

391

 

Sonic Solutions *

 

3,110

 

58

 

Stellent *(a)

 

32,648

 

245

 

Symantec *(a)

 

180,510

 

3,924

 

Texas Instruments (a)

 

117,986

 

3,312

 

The9, ADR *(a)

 

15,960

 

416

 

TIBCO Software *(a)

 

25,260

 

165

 

Varian Semiconductor Equipment Associates *(a)

 

90

 

3

 

 

 

 

 

58,690

 

Materials - 0.2%

 

 

 

 

 

Century Aluminum *(a)

 

15,710

 

320

 

Hercules *(a)

 

8,850

 

125

 

Olin (a)

 

18,370

 

335

 

 

 

 

 

780

 

Telecommunication Services - 1.7%

 

 

 

 

 

Alamosa Holdings *(a)

 

5,393

 

75

 

General Communication *(a)

 

13,373

 

132

 

Verizon Communications (a)

 

191,882

 

6,630

 

 

 

 

 

6,837

 

Utilities - 0.7%

 

 

 

 

 

PG&E *

 

76,117

 

2,857

 

 

 

 

 

 

 

Total Common Stocks
(Cost $234,983)

 

 

 

257,827

 

 

 

 

 

 

 

Investment Companies - 6.4%

 

 

 

 

 

iShares MSCI EAFE Index Fund (a)

 

336,100

 

17,608

 

iShares MSCI Emerging Markets Index Fund *(a)

 

44,000

 

3,150

 

iShares MSCI EMU Index Fund

 

8,300

 

591

 

iShares MSCI Pacific ex-Japan Index Fund

 

10,600

 

998

 

iShares MSCI Japan Index Fund (a)

 

270,000

 

2,738

 

iShares S&P Europe 350 Index Fund *(a)

 

15,800

 

1,177

 

 

 

 

 

 

 

Total Investment Companies
(Cost $25,916)

 

 

 

26,262

 

 



 

 

 

PAR (000)

 

VALUE (000)+

 

U.S. Government Agency Mortgage-Backed Securities - 9.4%

 

 

 

 

 

Adjustable Rate (b) - 0.6%

 

 

 

 

 

FHLMC Pool

 

 

 

 

 

4.366%, 01/01/28, #786281

 

$

469

 

482

 

FNMA Pool

 

 

 

 

 

4.116%, 04/01/18, #070009

 

62

 

63

 

4.431%, 09/01/33, #725553

 

1,104

 

1,131

 

5.290%, 11/01/34, #735054

 

931

 

950

 

 

 

 

 

2,626

 

Fixed Rate - 8.8%

 

 

 

 

 

FHLMC Pool

 

 

 

 

 

6.500%, 04/01/08, #E00225

 

20

 

20

 

7.000%, 04/01/08, #E46044

 

11

 

12

 

4.000%, 10/01/10, #M80855

 

1,088

 

1,074

 

5.500%, 03/01/13, #E00546

 

181

 

186

 

4.500%, 05/01/18, #P10032

 

504

 

508

 

6.500%, 11/01/28, #C00676

 

711

 

737

 

7.000%, 12/01/29, #G01091

 

147

 

155

 

6.500%, 07/01/31, #A17212 (d)

 

530

 

549

 

6.000%, 05/01/32, #C01361

 

156

 

160

 

FNMA Pool

 

 

 

 

 

5.500%, 03/01/06, #424411

 

70

 

70

 

3.790%, 07/01/13, #386314

 

1,384

 

1,335

 

6.000%, 09/01/17, #653368

 

389

 

402

 

5.000%, 07/01/18, #555621

 

1,572

 

1,591

 

5.000%, 12/01/18, #725012

 

2,158

 

2,183

 

4.500%, 06/01/19, #045181

 

431

 

429

 

5.000%, 11/01/19, #725934 (a)

 

366

 

370

 

4.500%, 06/01/20, #828929 (a)

 

1,075

 

1,071

 

6.000%, 10/01/22, #254513 (a)

 

652

 

673

 

5.500%, 10/01/24, #255456

 

1,215

 

1,238

 

5.500%, 12/01/24, #357662

 

991

 

1,009

 

5.500%, 02/01/25, #255628 (a)

 

1,178

 

1,200

 

7.000%, 04/01/29, #323681

 

155

 

163

 

6.500%, 12/01/31, #254169 (a)

 

647

 

669

 

6.500%, 05/01/32, #640032

 

1,103

 

1,142

 

7.000%, 07/01/32, #545815 (a)

 

319

 

337

 

6.000%, 09/01/32, #254447 (a)

 

530

 

544

 

6.000%, 01/01/33, #676647

 

1,017

 

1,043

 

5.500%, 04/01/33, #694605 (a)

 

1,332

 

1,350

 

5.500%, 06/01/33, #709033 (a)

 

586

 

594

 

5.500%, 07/01/33, #728667 (a)

 

738

 

749

 

5.500%, 08/01/33, #733380 (a)

 

1,510

 

1,532

 

6.000%, 11/01/33, #772256 (a)

 

286

 

293

 

6.000%, 11/01/33, #772130

 

247

 

253

 

5.500%, 12/01/33, #756202 (a)

 

873

 

886

 

5.500%, 05/01/34, #357571 (a)

 

981

 

994

 

6.500%, 06/01/34, #735273 (a)

 

1,227

 

1,270

 

5.000%, 07/01/34, #000TBA (d)

 

5,485

 

5,483

 

6.000%, 10/01/34, #781776

 

942

 

966

 

4.500%, 03/01/35, #819357

 

1,115

 

1,091

 

GNMA Pool

 

 

 

 

 

6.500%, 10/20/10, #002108

 

49

 

52

 

7.500%, 06/15/27, #447728

 

19

 

21

 

7.500%, 09/15/27, #455516

 

13

 

14

 

7.000%, 04/15/29, #506639

 

220

 

233

 

6.000%, 11/15/33, #00GNMA (a)

 

1,081

 

1,115

 

 

 

 

 

35,766

 

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $38,329)

 

 

 

38,392

 

 



 

Corporate Bonds - 6.3%

 

 

 

 

 

Banking - 0.2%

 

 

 

 

 

Chuo Mitsui Trust & Banking

 

 

 

 

 

Callable 4/15/15 @ 100

 

 

 

 

 

5.506%, 12/31/49 (a)(c)(e)

 

365

 

356

 

Mizuho Financial Group

 

 

 

 

 

5.790%, 04/15/14 (c)

 

410

 

434

 

 

 

 

 

790

 

Basic Industry - 0.5%

 

 

 

 

 

Abitibi-Consolidated

 

 

 

 

 

8.550%, 08/01/10

 

300

 

312

 

Allegheny Technologies

 

 

 

 

 

8.375%, 12/15/11

 

275

 

286

 

Celulosa Arauco Y Constitucion

 

 

 

 

 

5.625%, 04/20/15 (c)

 

230

 

235

 

Falconbridge

 

 

 

 

 

7.350%, 06/05/12

 

320

 

358

 

Georgia Pacific

 

 

 

 

 

7.700%, 06/15/15

 

290

 

332

 

PolyOne

 

 

 

 

 

10.625%, 05/15/10

 

300

 

318

 

Tembec Industries

 

 

 

 

 

8.500%, 02/01/11

 

250

 

192

 

Weyerhaeuser

 

 

 

 

 

6.750%, 03/15/12

 

75

 

82

 

 

 

 

 

2,115

 

Brokerage - 0.3%

 

 

 

 

 

Lazard

 

 

 

 

 

7.125%, 05/15/15 (c)

 

665

 

675

 

Merrill Lynch, Series B

 

 

 

 

 

5.360%, 02/01/07

 

420

 

429

 

 

 

 

 

1,104

 

Capital Goods - 0.2%

 

 

 

 

 

Case New Holland

 

 

 

 

 

9.250%, 08/01/11 (c)

 

250

 

264

 

Hutchison Whampoa International

 

 

 

 

 

7.450%, 11/24/33 (c)

 

260

 

309

 

Owens-Illinois

 

 

 

 

 

8.100%, 05/15/07

 

325

 

338

 

 

 

 

 

911

 

Communications - 1.1%

 

 

 

 

 

America Movil SA De CV

 

 

 

 

 

6.375%, 03/01/35

 

235

 

226

 

British Telecommunications

 

 

 

 

 

8.875%, 12/15/30

 

170

 

240

 

Clear Channel Communications

 

 

 

 

 

5.500%, 09/15/14 (a)

 

865

 

819

 

Dex Media West

 

 

 

 

 

9.875%, 08/15/13

 

221

 

253

 

News American

 

 

 

 

 

7.700%, 10/30/25

 

600

 

730

 

Qwest

 

 

 

 

 

8.875%, 03/15/12 (c)

 

550

 

597

 

Sprint Capital

 

 

 

 

 

8.375%, 03/15/12

 

900

 

1,086

 

Telecom Italia Capital

 

 

 

 

 

6.375%, 11/15/33

 

285

 

310

 

Time Warner

 

 

 

 

 

8.375%, 07/15/33

 

270

 

360

 

 

 

 

 

4,621

 

Consumer Cyclical - 0.5%

 

 

 

 

 

Centex

 

 

 

 

 

4.550%, 11/01/10

 

485

 

479

 

DaimlerChrysler

 

 

 

 

 

4.875%, 06/15/10

 

230

 

229

 

6.500%, 11/15/13 (a)

 

240

 

260

 

Duty Free International

 

 

 

 

 

7.000%, 07/01/05 (f)(g)(h)

 

605

 

24

 

General Motors Acceptance

 

 

 

 

 

5.625%, 05/15/09 (a)

 

400

 

372

 

Harrahs Operating Company

 

 

 

 

 

5.625%, 06/01/15 (c)

 

350

 

355

 

Park Place Entertainment

 

 

 

 

 

8.125%, 05/15/11

 

300

 

344

 

 

 

 

 

2,063

 

 



 

Consumer Non Cyclical - 0.5%

 

 

 

 

 

Albertson’s

 

 

 

 

 

7.500%, 02/15/11

 

520

 

586

 

Delhaize America

 

 

 

 

 

9.000%, 04/15/31 (a)

 

290

 

363

 

Kraft Foods

 

 

 

 

 

4.625%, 11/01/06

 

670

 

674

 

RJ Reynolds Tobacco Holdings

 

 

 

 

 

6.500%, 07/15/10 (c)

 

460

 

460

 

 

 

 

 

2,083

 

Electric - 0.4%

 

 

 

 

 

CMS Energy

 

 

 

 

 

8.500%, 04/15/11 (a)

 

400

 

446

 

Duke Capital

 

 

 

 

 

5.668%, 08/15/14 (a)

 

370

 

385

 

Exelon

 

 

 

 

 

4.900%, 06/15/15

 

290

 

290

 

Nevada Power

 

 

 

 

 

Callable 08/15/08 @ 104.5

 

 

 

 

 

9.000%, 08/15/13

 

105

 

118

 

TXU Energy

 

 

 

 

 

7.000%, 03/15/13

 

260

 

289

 

5.550%, 11/15/14 (c)

 

260

 

250

 

 

 

 

 

1,778

 

Energy - 0.7%

 

 

 

 

 

Bluewater Financial

 

 

 

 

 

Callable 2/15/07 @ 105.125

 

 

 

 

 

10.250%, 02/15/12

 

300

 

322

 

Chesapeake Energy

 

 

 

 

 

7.000%, 08/15/14

 

235

 

249

 

CNOOC Finance

 

 

 

 

 

5.500%, 05/21/33 (c)

 

280

 

272

 

Encana

 

 

 

 

 

6.500%, 08/15/34

 

170

 

197

 

Gazprom International

 

 

 

 

 

7.201%, 02/01/20 (c)

 

350

 

375

 

Kerr McGee

 

 

 

 

 

6.950%, 07/01/24

 

435

 

449

 

Nexen

 

 

 

 

 

5.875%, 03/10/35

 

270

 

272

 

Petrobras International Finance

 

 

 

 

 

7.750%, 09/15/14

 

310

 

325

 

Petro-Canada

 

 

 

 

 

5.350%, 07/15/33

 

190

 

182

 

 

 

 

 

2,643

 

Finance Companies - 0.1%

 

 

 

 

 

American General Finance

 

 

 

 

 

5.875%, 07/14/06

 

400

 

408

 

 

 

 

 

 

 

Insurance - 0.2%

 

 

 

 

 

Axis Capital Holdings

 

 

 

 

 

5.750%, 12/01/14

 

400

 

413

 

Marsh & McLennan Companies

 

 

 

 

 

5.375%, 07/15/14

 

425

 

424

 

 

 

 

 

837

 

Natural Gas - 0.1%

 

 

 

 

 

El Paso Natural Gas

 

 

 

 

 

7.625%, 08/01/10

 

300

 

317

 

 

 

 

 

 

 

Sovereigns - 1.1%

 

 

 

 

 

Federal Republic of Brazil

 

 

 

 

 

8.250%, 01/20/34

 

315

 

304

 

PEMEX Project Funding Master Trust

 

 

 

 

 

7.375%, 12/15/14

 

560

 

624

 

Republic of Turkey

 

 

 

 

 

9.000%, 06/30/11

 

340

 

386

 

7.375%, 02/05/25 (a)

 

275

 

270

 

 



 

Republic of Venezuela

 

 

 

 

 

8.500%, 10/08/14

 

1,005

 

1,043

 

Russian Federation

 

 

 

 

 

5.000%, 03/31/30 (c)

 

430

 

478

 

United Mexican States

 

 

 

 

 

5.875%, 01/15/14

 

340

 

352

 

6.625%, 03/03/15 (a)(e)

 

950

 

1,038

 

 

 

 

 

4,495

 

Technology - 0.2%

 

 

 

 

 

Ciena

 

 

 

 

 

3.750%, 02/01/08

 

120

 

106

 

Corning

 

 

 

 

 

Zero Coupon Bond

 

 

 

 

 

Callable 11/08/05 @ 81.95

 

 

 

 

 

2.000%, 11/08/15 (i)

 

260

 

207

 

LG Electronics

 

 

 

 

 

5.000%, 06/17/10 (c)

 

340

 

339

 

 

 

 

 

652

 

Transportation - 0.1%

 

 

 

 

 

Hertz

 

 

 

 

 

7.625%, 06/01/12

 

275

 

272

 

 

 

 

 

 

 

Yankee Corporate - 0.1%

 

 

 

 

 

Tengizcheveroil

 

 

 

 

 

6.124%, 11/15/14 (c)

 

370

 

383

 

 

 

 

 

 

 

Total Corporate Bonds
(Cost $25,692)

 

 

 

25,472

 

 

 

 

 

 

 

Asset-Backed Securities - 5.0%

 

 

 

 

 

Automobiles - 0.7%

 

 

 

 

 

Bank One Auto Receivable

 

 

 

 

 

Series 2003-1, Cl A3

 

 

 

 

 

1.820%, 09/20/07

 

1,118

 

1,111

 

Capital Auto Receivables Asset Trust

 

 

 

 

 

Series 2004-1, Cl A3

 

 

 

 

 

2.000%, 11/15/07

 

330

 

325

 

Ford Credit Auto Trust

 

 

 

 

 

Series 2005-B, Cl A3

 

 

 

 

 

4.170%, 01/15/09

 

780

 

782

 

Nissan Auto Receivables Trust

 

 

 

 

 

Series 2003-B, Cl A3

 

 

 

 

 

1.510%, 08/15/07

 

297

 

296

 

Series 2005-B, Cl A2

 

 

 

 

 

3.750%, 09/17/07

 

430

 

430

 

 

 

 

 

2,944

 

Commercial - 2.1%

 

 

 

 

 

Bank of America Commercial Mortgage

 

 

 

 

 

Series 2004-5, Cl A3

 

 

 

 

 

4.561%, 11/10/41

 

710

 

715

 

Bear Stearns Asset Backed Securities

 

 

 

 

 

Series 2004-T14, Cl A4

 

 

 

 

 

5.200%, 01/12/41

 

205

 

215

 

Commercial Mortgage

 

 

 

 

 

Series 2004-CNL, Cl A1

 

 

 

 

 

3.440%, 09/15/14 (b)

 

780

 

778

 

Series 2005-LP5, Cl A2

 

 

 

 

 

4.630%, 05/10/43

 

925

 

935

 

Deutsche Mortgage and Asset Receiving

 

 

 

 

 

Series 1998-C1, Cl A2

 

 

 

 

 

6.538%, 06/15/31

 

579

 

604

 

Global Signal Trust

 

 

 

 

 

Series 2004-2A, Cl A

 

 

 

 

 

4.232%, 12/15/14

 

750

 

745

 

GMAC Commercial Mortgage

 

 

 

 

 

Series 2004-C2, Cl A1

 

 

 

 

 

3.896%, 08/10/38

 

717

 

713

 

GS Mortgage Securities

 

 

 

 

 

4.602%, 08/10/38

 

1,500

 

1,519

 

 



 

LB-UBS

 

 

 

 

 

Series 2003-C3, Cl A2

 

 

 

 

 

3.086%, 05/15/27

 

1,280

 

1,240

 

Merrill Lynch Mortgage Investors

 

 

 

 

 

6.310%, 11/15/26

 

264

 

266

 

Nomura Asset Securities

 

 

 

 

 

Series 1998-D6, Cl A1B

 

 

 

 

 

6.590%, 03/15/30

 

750

 

793

 

 

 

 

 

8,523

 

Credit Cards - 0.9%

 

 

 

 

 

Citibank Credit Card Issuance Trust

 

 

 

 

 

Series 2003-A2

 

 

 

 

 

2.700%, 01/15/08

 

400

 

398

 

Series 2003-A5, Cl A5

 

 

 

 

 

2.500%, 04/07/08

 

625

 

619

 

MBNA Master Trust

 

 

 

 

 

Series 2001-A1, Cl A1

 

 

 

 

 

5.750%, 10/15/08

 

635

 

645

 

Series 2005-A1, Cl A1

 

 

 

 

 

4.200%, 09/15/10

 

1,130

 

1,137

 

Providian Gateway Master Trust

 

 

 

 

 

Series 2004-DA, Cl A

 

 

 

 

 

3.350%, 09/15/11

 

975

 

960

 

 

 

 

 

3,759

 

Equipment Leases - 0.4%

 

 

 

 

 

Caterpillar Financial Trust

 

 

 

 

 

Series 2005-A, Cl A2

 

 

 

 

 

3.660%, 12/26/07 (f)

 

410

 

409

 

CNH

 

 

 

 

 

Series 2003-B, Cl A3B

 

 

 

 

 

2.470%, 01/15/08 (c)

 

1,230

 

1,220

 

 

 

 

 

1,629

 

Home Equity - 0.4%

 

 

 

 

 

Contimortgage

 

 

 

 

 

7.120%, 08/15/28

 

17

 

18

 

Countrywide Financial

 

 

 

 

 

Series 2003-BC1, Cl A1

 

 

 

 

 

1.850%, 03/25/33 (b)

 

148

 

150

 

First Franklin Mortgage

 

 

 

 

 

Series 2004-FFB, Cl A3

 

 

 

 

 

4.264%, 06/25/24

 

240

 

239

 

New Century Home Equity Loan Trust

 

 

 

 

 

Series 2004-4, Cl A4

 

 

 

 

 

3.594%, 02/25/35 (b)

 

950

 

951

 

Saxon Asset Securities Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.584%, 03/25/35 (b)

 

115

 

115

 

 

 

 

 

1,473

 

Other - 0.5%

 

 

 

 

 

GRP AG Real Estate Asset Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.960%, 03/25/09 (c)(e)(f)

 

165

 

166

 

Series 2005-1, Cl A

 

 

 

 

 

4.850%, 01/25/35 (c)(e)

 

403

 

403

 

William Street Funding

 

 

 

 

 

Series 2004-4, Cl A

 

 

 

 

 

1.930%, 09/23/10 (c)(f)

 

1,200

 

1,201

 

Series 2005-1, Cl A

 

 

 

 

 

3.041%, 01/23/11 (c)(f)

 

465

 

465

 

 

 

 

 

2,235

 

Total Asset-Backed Securities
(Cost $20,628)

 

 

 

20,563

 

 



 

U.S. Government & Agency Securities - 4.2%

 

 

 

 

 

U. S. Agency Debentures - 1.1%

 

 

 

 

 

FHLB

 

 

 

 

 

4.430%, 04/07/08, Callable 04/07/06 @ 100 (a)

 

2,400

 

2,407

 

FHLMC

 

 

 

 

 

3.250%, 11/02/07, Callable 11/02/05 @ 100 (a)

 

270

 

265

 

FNMA

 

 

 

 

 

6.125%, 03/15/12 (a)

 

280

 

313

 

5.250%, 08/01/12 (a)

 

720

 

752

 

5.000%, 07/01/25, (b) (d)

 

590

 

590

 

 

 

 

 

4,327

 

U.S. Treasuries - 3.1%

 

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

 

6.250%, 08/15/23 (a)

 

1,500

 

1,871

 

2.375%, 01/15/25 (a)(j)

 

1,125

 

1,231

 

6.875%, 08/15/25 (a)

 

900

 

1,212

 

5.250%, 11/15/28 (a)

 

1,400

 

1,601

 

5.250%, 02/15/29 (a)

 

1,460

 

1,672

 

5.375%, 02/15/31 (a)

 

1,660

 

1,961

 

U.S. Treasury Notes

 

 

 

 

 

3.500%, 05/31/07

 

765

 

763

 

1.625%, 01/15/15 (a)(j)

 

2,466

 

2,456

 

 

 

 

 

12,767

 

Total U.S. Government & Agency Securities
(Cost $16,297)

 

 

 

17,094

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed Securities - 3.6%

 

 

 

 

 

Adjustable Rate - 1.6% (b)

 

 

 

 

 

IMPAC Mortgage Holdings

 

 

 

 

 

3.694%, 12/25/33

 

612

 

615

 

MLCC Mortgage Investors

 

 

 

 

 

Series 2003-H, Cl A3A

 

 

 

 

 

4.735%, 01/25/29 (f)

 

337

 

343

 

Series 2004-B, Cl A3

 

 

 

 

 

4.648%, 05/25/29

 

628

 

661

 

Morgan Stanley Loan Trust

 

 

 

 

 

Series 2004-9, Cl 1A

 

 

 

 

 

6.294%, 11/25/34

 

707

 

726

 

Sequoia Mortgage Trust

 

 

 

 

 

Series 2004-5, Cl A1

 

 

 

 

 

4.647%, 06/20/34 (f)

 

770

 

787

 

Series 2004-7, Cl A2

 

 

 

 

 

3.899%, 08/20/34

 

628

 

635

 

Structured Adjustable Rate Mortgage Loan Trust

 

 

 

 

 

Series 2004-11, Cl A

 

 

 

 

 

4.782%, 08/25/34 (f)

 

381

 

388

 

Thornburg Mortgage Trust

 

 

 

 

 

Series 2005-2, Cl A1

 

 

 

 

 

3.546%, 07/25/45 (f)

 

840

 

840

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

Series 2003-D, Cl A1

 

 

 

 

 

4.840%, 02/25/33

 

574

 

586

 

Series 2004-N, Cl A3

 

 

 

 

 

4.126%, 08/25/34

 

1,080

 

1,073

 

 

 

 

 

6,654

 

Fixed Rate - 2.0%

 

 

 

 

 

Bank of America Mortgage Backed Securities

 

 

 

 

 

Series 2003-6, Cl 1A30

 

 

 

 

 

4.750%, 08/25/33

 

585

 

586

 

Series 2004-G, Cl 2A3

 

 

 

 

 

4.232%, 08/25/34

 

810

 

803

 

Countrywide Alternative Loan Trust

 

 

 

 

 

Series 2004-2CB, Cl 1A1

 

 

 

 

 

4.250%, 03/25/34

 

664

 

661

 

Series 2004-24CB, Cl 1A1

 

 

 

 

 

6.000%, 11/25/34

 

604

 

616

 

GMAC Commercial Mortgage

 

 

 

 

 

Series 2004-J5, Cl A7

 

 

 

 

 

6.500%, 01/25/35

 

701

 

724

 

 



 

Master Alternative Loans Trust

 

 

 

 

 

Series 2005-2, Cl 1A3

 

 

 

 

 

6.500%, 03/25/35

 

612

 

629

 

Master Asset Securitization Trust

 

 

 

 

 

Series 2003-6, Cl 1A3

 

 

 

 

 

5.000%, 07/25/18

 

914

 

915

 

Residential Asset Mortgage Products

 

 

 

 

 

Series 2004-SL4, Cl A3

 

 

 

 

 

6.500%, 07/25/32

 

491

 

506

 

Residential Asset Security Trust

 

 

 

 

 

Series 2002-A12, Cl 1A1

 

 

 

 

 

5.200%, 11/25/32

 

222

 

221

 

Washington Mutual

 

 

 

 

 

Series 2003-S10, Cl A2

 

 

 

 

 

5.000%, 10/25/18

 

1,126

 

1,132

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

Series 2003-14, Cl A1

 

 

 

 

 

4.750%, 12/25/18

 

723

 

721

 

Series 2004-EE, Cl B1

 

 

 

 

 

3.989%, 1/25/35

 

612

 

606

 

Westam Mortgage Financial

 

 

 

 

 

Series 11, Cl A

 

 

 

 

 

6.360%, 08/26/20

 

2

 

2

 

 

 

 

 

8,122

 

Total CMO - Private Mortgage-Backed Securities
(Cost $14,821)

 

 

 

14,776

 

 

 

 

 

 

 

CMO - U.S. Government Agency Mortgage-Backed Securities - 1.1%

 

 

 

 

 

Fixed Rate - 1.1%

 

 

 

 

 

FHLMC REMIC

 

 

 

 

 

Series 85, Cl C

 

 

 

 

 

8.600%, 01/15/21

 

115

 

115

 

Series 1136, Cl H

 

 

 

 

 

6.000%, 09/15/21

 

105

 

105

 

Series 2763, Cl TA

 

 

 

 

 

4.000%, 03/15/11

 

812

 

804

 

Series T-060, Cl 1A4B

 

 

 

 

 

5.343%, 03/25/44

 

815

 

821

 

FNMA

 

 

 

 

 

Series 1989-2, Cl D

 

 

 

 

 

8.800%, 01/25/19

 

7

 

8

 

Series 1989-37, Cl G

 

 

 

 

 

8.000%, 07/25/19

 

127

 

135

 

Series 1990-30, Cl E

 

 

 

 

 

6.500%, 03/25/20

 

57

 

59

 

Series 1990-63, Cl H

 

 

 

 

 

9.500%, 06/25/20

 

25

 

27

 

Series 1990-89, Cl K

 

 

 

 

 

6.500%, 07/25/20

 

6

 

7

 

Series 1990-105, Cl J

 

 

 

 

 

6.500%, 09/25/20

 

87

 

90

 

Series 1996-21, Cl PK

 

 

 

 

 

6.000%, 02/25/11

 

333

 

339

 

Series 2005-44, Cl PC

 

 

 

 

 

5.000%, 11/25/27

 

1,139

 

1,148

 

Series 2005-47, Cl HK

 

 

 

 

 

4.500%, 06/25/20

 

935

 

921

 

GNMA

 

 

 

 

 

Series 3, Cl F

 

 

 

 

 

6.500%, 06/17/20

 

11

 

11

 

 

 

 

 

4,590

 

Total CMO - U.S. Government Agency Mortgage-Backed Securities
(Cost $4,620)

 

 

 

4,590

 

 

 

 

 

 

 

Treasury Obligation - 0.0%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.820%, 08/04/05 (k)

 

25

 

25

 

 

 

 

 

 

 

Total Treasury Obligation
(Cost $25)

 

 

 

25

 

 



 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 1.8%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (l)

 

7,286,685

 

7,287

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $7,287)

 

 

 

7,287

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (m) - 34.1%
(Cost $138,858)

 

 

138,858

 

 

 

 

 

 

 

Total Investments - 135.2%
(Cost $527,456)

 

 

 

551,146

 

Other Assets and Liabilities, Net - (35.2)%

 

 

 

(143,667

)

Total Net Assets - 100.0%

 

 

 

$

407,479

 

 


+

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (h).

*

Non-income producing security

(a)

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $134,047,242 at June 30, 2005.

(b)

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

(c)

Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the funds’ board of directors. As of June 30, 2005, the value of these investments was $10,501,477 or 2.6% of total net assets.

(d)

Security purchased on a when-issued basis. On June 30, 2005, the total cost of investments purchased on a when-issued basis was $6,613,639 or 1.6% of total net assets.

(e)

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of June 30, 2005.

(f)

Security is considered illiquid or restricted. As of June 30, 2004, the value of these investments was $4,624,980 or 1.1% of total net assets.

(g)

Security is currently in default.

(h)

Security is fair valued. As of June 30, 2005, the fair value of this investment was $24,215 or 0.0% of total net assets.

(i)

The rate shown is the effective yield at time of purchase.

(j)

U.S. Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(k)

Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase.

(l)

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(m)

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR -

American Depositary Receipt

Cl -

Class

CMO -

Collateralized Mortgage Obligation

FHLMC -

Federal Home Loan Mortgage Corporation

FNMA -

Federal National Mortgage Association

GNMA -

Government National Mortgage Association

REIT -

Real Estate Investment Trust

REMIC -

Real Estate Mortgage Investment Conduit

 

Schedule of Open Futures Contracts

 

Description

 

Number of
Contracts
Purchased
(Sold)

 

Market Value
Covered By
Contracts (000)

 

Settlement
Month

 

Unrealized
Appreciation
(Depreciation)
(000)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 10 year Futures

 

(24

)

$

(2,723

)

Sept. 05

 

$

(26

)

U.S. Treasury Long Bond Futures

 

5

 

594

 

Sept. 05

 

13

 

 

 

 

 

 

 

 

 

$

(13

)

 



 

Credit Default Swap Agreement outstanding at June 30, 2005

 

 

 

 

 

 

 

 

 

 

 

Notional

 

Unrealized

 

 

 

Reference

 

Buy/Sell

 

Pay/Receive

 

Expiration

 

Amount

 

Appreciation

 

Counterparty

 

Entity

 

Protection

 

Fixed Rate

 

Date

 

(000)

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX EM 3

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

Sell

 

2.10

%

6/20/10

 

2,000

 

$

39

 

Citigroup

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA IG Hvol4

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

Sell

 

0.90

%

6/20/10

 

1,000

 

1

 

Deutsche Bank

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA IG Hvol4

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

Sell

 

0.90

%

6/20/10

 

2,500

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

$

46

 

 



 

Schedule of INVESTMENTS June 30, 2005 (Unaudited)

 

Equity Index Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

Common Stocks - 99.1%

 

 

 

 

 

Consumer Discretionary - 10.9%

 

 

 

 

 

AutoNation * (a)

 

37,580

 

$

771

 

Autozone * (a)

 

13,884

 

1,284

 

Bed Bath & Beyond * (a)

 

60,813

 

2,541

 

Best Buy

 

60,733

 

4,163

 

Big Lots * (a)

 

23,598

 

312

 

Black & Decker (a)

 

16,069

 

1,444

 

Brunswick

 

19,043

 

825

 

Carnival (a)

 

105,463

 

5,753

 

Centex (a)

 

25,894

 

1,830

 

Circuit City Stores

 

42,225

 

730

 

Clear Channel Communications

 

103,735

 

3,209

 

Coach * (a)

 

74,876

 

2,514

 

Comcast, Cl A * (a)

 

456,185

 

14,005

 

Cooper Tire & Rubber

 

5,009

 

93

 

D.R. Horton

 

44,376

 

1,668

 

Dana

 

30,046

 

451

 

Darden Restaurants

 

28,549

 

942

 

Delphi

 

117,113

 

545

 

Dillards, Cl A

 

14,572

 

341

 

Dollar General

 

61,385

 

1,250

 

Dow Jones & Company (a)

 

14,432

 

512

 

Eastman Kodak (a)

 

57,931

 

1,555

 

Family Dollar Stores

 

34,578

 

902

 

Federated Department Stores (a)

 

35,335

 

2,589

 

Ford Motor (a)

 

374,536

 

3,835

 

Fortune Brands

 

29,365

 

2,608

 

Gannett (a)

 

51,784

 

3,683

 

Gap

 

150,751

 

2,977

 

General Motors (a)

 

116,750

 

3,969

 

Genuine Parts

 

35,378

 

1,454

 

Goodyear Tire & Rubber * (a)

 

35,443

 

528

 

Harley-Davidson (a)

 

59,932

 

2,973

 

Harrah’s Entertainment (a)

 

32,242

 

2,324

 

Hasbro

 

32,537

 

676

 

Hilton Hotels

 

77,148

 

1,840

 

Home Depot

 

447,016

 

17,389

 

International Game Technology

 

70,520

 

1,985

 

Interpublic Group of Companies * (a)

 

86,231

 

1,050

 

J.C. Penney

 

59,602

 

3,134

 

Johnson Controls

 

38,346

 

2,160

 

Jones Apparel Group (a)

 

24,879

 

772

 

KB HOME (a)

 

16,506

 

1,258

 

Knight-Ridder

 

16,253

 

997

 

Kohl’s * (a)

 

68,633

 

3,837

 

Leggett & Platt

 

38,577

 

1,025

 

Limited (a)

 

83,012

 

1,778

 

Liz Claiborne (a)

 

22,194

 

882

 

Lowe’s (a)

 

157,301

 

9,158

 

Marriott International, Cl A (a)

 

41,151

 

2,807

 

Mattel (a)

 

83,745

 

1,533

 

May Department Stores (a)

 

62,090

 

2,494

 

Maytag (a)

 

16,592

 

260

 

McDonald’s

 

257,858

 

7,156

 

McGraw-Hill (a)

 

77,312

 

3,421

 

New York Times, Cl A

 

30,215

 

941

 

Newell Rubbermaid (a)

 

55,478

 

1,323

 

News (a)

 

564,940

 

9,141

 

Nike, Cl B (a)

 

44,339

 

3,840

 

Nordstrom (a)

 

25,478

 

1,732

 

Office Depot *

 

62,644

 

1,431

 

Officemax

 

13,626

 

406

 

Omnicom Group (a)

 

38,241

 

3,054

 

Pulte

 

27,000

 

2,275

 

RadioShack

 

33,473

 

776

 

Reebok International (a)

 

12,183

 

510

 

Sears Holdings * (a)

 

23,029

 

3,451

 

Sherwin Williams

 

30,922

 

1,456

 

Snap-On

 

11,798

 

405

 

Stanley Works

 

16,749

 

763

 

Staples (a)

 

152,311

 

3,247

 

Starbucks *

 

81,696

 

4,220

 

Starwood Hotels & Resorts Worldwide (a)

 

41,780

 

2,447

 

 



 

Target (a)

 

195,895

 

10,659

 

Tiffany & Company (a)

 

29,821

 

977

 

Time Warner *

 

936,818

 

15,654

 

TJX (a)

 

98,424

 

2,397

 

Toys ‘R’ Us * (a)

 

43,131

 

1,142

 

Tribune (a)

 

60,631

 

2,133

 

Univision Communications, Cl A * (a)

 

59,543

 

1,640

 

V.F.

 

17,938

 

1,026

 

Viacom, Cl B

 

334,308

 

10,705

 

Visteon *

 

26,367

 

159

 

Walt Disney

 

413,193

 

10,404

 

Wendy’s International

 

22,947

 

1,093

 

Whirlpool (a)

 

13,558

 

951

 

Yum! Brands (a)

 

58,944

 

3,070

 

 

 

 

 

243,620

 

Consumer Staples - 9.9%

 

 

 

 

 

Alberto-Culver, Cl B

 

17,326

 

751

 

Albertson’s

 

74,012

 

1,531

 

Altria Group

 

421,911

 

27,281

 

Anheuser-Busch (a)

 

161,730

 

7,399

 

Archer-Daniels-Midland (a)

 

131,773

 

2,817

 

Avon Products

 

95,506

 

3,615

 

Brown-Forman, Cl B

 

10,246

 

619

 

Campbell Soup (a)

 

66,054

 

2,032

 

Clorox

 

31,303

 

1,744

 

Coca-Cola

 

460,451

 

19,224

 

Coca-Cola Enterprises

 

49,067

 

1,080

 

Colgate-Palmolive

 

108,042

 

5,392

 

ConAgra Foods (a)

 

107,163

 

2,482

 

Constellation Brands, CI A *

 

11,285

 

333

 

Costco Wholesale * (a)

 

101,370

 

4,543

 

CVS (a)

 

161,230

 

4,687

 

General Mills

 

67,645

 

3,165

 

Gillette (a)

 

202,100

 

10,232

 

H.J. Heinz

 

71,100

 

2,518

 

Hershey Foods (a)

 

44,234

 

2,747

 

Kellogg

 

70,652

 

3,140

 

Kimberly-Clark

 

97,327

 

6,092

 

Kroger * (a)

 

150,448

 

2,863

 

McCormick

 

28,200

 

922

 

Molson Coors Brewing

 

16,016

 

993

 

Pepsi Bottling

 

39,873

 

1,141

 

PepsiCo

 

344,060

 

18,555

 

Procter & Gamble (a)

 

503,428

 

26,556

 

Reynolds American (a)

 

22,120

 

1,743

 

Safeway * (a)

 

92,935

 

2,099

 

Sara Lee

 

159,764

 

3,165

 

SUPERVALU

 

27,071

 

883

 

Sysco

 

134,930

 

4,883

 

UST (a)

 

33,746

 

1,541

 

Walgreen (a)

 

208,032

 

9,567

 

Wal-Mart Stores

 

628,517

 

30,295

 

Wrigley, William Jr. (a)

 

39,843

 

2,743

 

 

 

 

 

221,373

 

Energy -  8.7%

 

 

 

 

 

Amerada Hess (a)

 

16,460

 

1,753

 

Anadarko Petroleum (a)

 

47,954

 

3,939

 

Apache (a)

 

66,768

 

4,313

 

Ashland (a)

 

13,639

 

980

 

Baker Hughes (a)

 

67,666

 

3,462

 

BJ Services (a)

 

33,293

 

1,747

 

Burlington Resources

 

78,424

 

4,332

 

ChevronTexaco (a)

 

423,984

 

23,709

 

ConocoPhillips (a)

 

278,248

 

15,996

 

Devon Energy (a)

 

98,232

 

4,978

 

El Paso (a)

 

134,167

 

1,546

 

EOG Resources (a)

 

47,602

 

2,704

 

Exxon Mobil

 

1,307,372

 

75,135

 

Halliburton (a)

 

100,805

 

4,820

 

Kerr-McGee

 

23,235

 

1,773

 

Kinder Morgan (a)

 

19,716

 

1,640

 

Marathon Oil (a)

 

69,074

 

3,686

 

Nabors Industries * (a)

 

30,220

 

1,832

 

National-Oilwell Varco * (a)

 

30,795

 

1,464

 

Noble * (a)

 

27,023

 

1,662

 

Occidental Petroleum (a)

 

80,804

 

6,216

 

Rowan * (a)

 

21,173

 

629

 

Schlumberger (a)

 

119,734

 

9,093

 

Sunoco (a)

 

14,006

 

1,592

 

Transocean * (a)

 

69,192

 

3,734

 

Unocal

 

53,874

 

3,504

 

Valero Energy (a)

 

52,090

 

4,121

 

Williams (a)

 

113,902

 

2,164

 

XTO Energy

 

71,060

 

2,415

 

 

 

 

 

194,939

 

 



 

Financials - 20.2%

 

 

 

 

 

ACE

 

57,210

 

2,566

 

AFLAC (a)

 

103,277

 

4,470

 

Allstate (a)

 

141,517

 

8,456

 

Ambac Financial Group (a)

 

22,009

 

1,535

 

American Express

 

238,257

 

12,682

 

American International Group (a)

 

530,190

 

30,804

 

AmSouth Bancorp (a)

 

70,906

 

1,844

 

AON (a)

 

63,257

 

1,584

 

Apartment Investment & Management

 

19,958

 

817

 

Archstone-Smith Trust (a)

 

37,220

 

1,437

 

Bank of America

 

833,862

 

38,032

 

Bank of New York (a)

 

156,979

 

4,518

 

BB&T (a)

 

110,386

 

4,412

 

Bear Stearns (a)

 

22,091

 

2,296

 

Capital One Financial (a)

 

50,793

 

4,064

 

Charles Schwab (a)

 

249,424

 

2,813

 

Chubb (a)

 

37,908

 

3,245

 

Cincinnati Financial

 

32,372

 

1,281

 

CIT Group (a)

 

41,662

 

1,790

 

Citigroup

 

1,062,724

 

49,130

 

Comerica

 

35,440

 

2,048

 

Compass Bancshares (a)

 

10,210

 

459

 

Countrywide Financial (a)

 

115,918

 

4,476

 

E*TRADE Financial *

 

76,250

 

1,067

 

Equity Office Properties Trust (REIT)

 

82,537

 

2,732

 

Equity Residential Properties Trust (REIT) (a)

 

58,516

 

2,155

 

Fannie Mae

 

198,132

 

11,571

 

Federated Investors, Cl B

 

19,580

 

588

 

Fifth Third Bancorp

 

113,705

 

4,686

 

First Horizon National (a)

 

25,435

 

1,073

 

Franklin Resources

 

36,525

 

2,812

 

Freddie Mac (a)

 

139,807

 

9,120

 

Golden West Financial (a)

 

56,494

 

3,637

 

Goldman Sachs Group (a)

 

86,410

 

8,816

 

Hartford Financial Services Group

 

59,249

 

4,431

 

Huntington Bancshares (a)

 

46,242

 

1,116

 

J.P. Morgan Chase

 

720,891

 

25,462

 

Janus Capital Group (a)

 

48,381

 

728

 

Jefferson-Pilot

 

27,533

 

1,388

 

KeyCorp (a)

 

83,686

 

2,774

 

Lehman Brothers Holdings (a)

 

56,267

 

5,586

 

Lincoln National

 

35,935

 

1,686

 

Loew’s

 

30,386

 

2,355

 

M & T Bank

 

16,970

 

1,785

 

Marsh & McLennan

 

107,632

 

2,981

 

Marshall & Ilsley (a)

 

43,317

 

1,925

 

MBIA (a)

 

29,309

 

1,738

 

MBNA

 

258,973

 

6,775

 

Mellon Financial

 

87,066

 

2,498

 

Merrill Lynch (a)

 

191,796

 

10,551

 

Metlife (a)

 

151,513

 

6,809

 

MGIC Investment (a)

 

20,058

 

1,308

 

Moody’s (a)

 

56,188

 

2,526

 

Morgan Stanley

 

223,263

 

11,715

 

National City

 

120,895

 

4,125

 

North Fork Bancorp (a)

 

96,127

 

2,700

 

Northern Trust (a)

 

44,646

 

2,035

 

Plum Creek Timber (REIT) (a)

 

37,576

 

1,364

 

PNC Financial Services

 

56,631

 

3,084

 

Principal Financial Group

 

65,440

 

2,742

 

Progressive (a)

 

40,598

 

4,011

 

Prologis (a)

 

37,650

 

1,515

 

Providian Financial * (a)

 

58,669

 

1,034

 

Prudential Financial (a)

 

104,430

 

6,857

 

Regions Financial (a)

 

94,882

 

3,215

 

SAFECO

 

25,345

 

1,377

 

Simon Property Group (REIT) (a)

 

45,276

 

3,282

 

SLM (a)

 

85,350

 

4,336

 

Sovereign Bancorp (a)

 

70,832

 

1,582

 

St. Paul Travelers Companies

 

134,576

 

5,320

 

State Street

 

71,895

 

3,469

 

SunTrust Banks (a)

 

65,954

 

4,764

 

Synovus Financial (a)

 

60,939

 

1,747

 

T. Rowe Price Group

 

25,596

 

1,602

 

Torchmark

 

21,187

 

1,106

 

U.S. Bancorp (b)

 

380,014

 

11,096

 

UnumProvident (a)

 

61,157

 

1,120

 

Wachovia (a)

 

326,867

 

16,213

 

Washington Mutual (a)

 

177,726

 

7,232

 

Wells Fargo

 

343,108

 

21,129

 

XL Capital Limited, Cl A

 

27,619

 

2,055

 

Zions Bancorporation

 

18,140

 

1,334

 

 

 

 

 

450,599

 

 



 

Health Care - 13.3%

 

 

 

 

 

Abbott Laboratories

 

317,028

 

15,538

 

Aetna (a)

 

60,674

 

5,025

 

Allergan (a)

 

26,396

 

2,250

 

AmerisourceBergen (a)

 

21,444

 

1,483

 

Amgen * (a)

 

256,593

 

15,514

 

Applied Biosystems Group - Applera

 

39,908

 

785

 

Bausch & Lomb (a)

 

10,532

 

874

 

Baxter International

 

124,113

 

4,605

 

Becton, Dickinson & Company

 

51,343

 

2,694

 

Biogen IDEC * (a)

 

70,112

 

2,415

 

Biomet (a)

 

51,067

 

1,769

 

Boston Scientific *

 

152,544

 

4,119

 

Bristol-Myers Squibb

 

394,724

 

9,860

 

C.R. Bard

 

19,560

 

1,301

 

Cardinal Health

 

89,973

 

5,181

 

Caremark Rx * (a)

 

91,340

 

4,066

 

Chiron * (a)

 

24,210

 

845

 

CIGNA

 

28,738

 

3,076

 

Eli Lilly (a)

 

229,074

 

12,762

 

Express Scripts * (a)

 

31,160

 

1,557

 

Fisher Scientific International * (a)

 

23,123

 

1,501

 

Forest Laboratories, Cl A * (a)

 

70,593

 

2,743

 

Genzyme * (a)

 

50,667

 

3,045

 

Gilead Sciences * (a)

 

88,010

 

3,872

 

Guidant (a)

 

64,414

 

4,335

 

HCA (a)

 

85,747

 

4,859

 

Health Management Associates, Cl A (a)

 

48,491

 

1,269

 

Hospira *

 

31,590

 

1,232

 

Humana * (a)

 

32,688

 

1,299

 

IMS Health

 

47,223

 

1,170

 

Johnson & Johnson (a)

 

604,039

 

39,263

 

King Pharmaceuticals *

 

48,739

 

508

 

Laboratory Corporation of America Holdings * (a)

 

28,171

 

1,406

 

Manor Care (a)

 

18,008

 

715

 

McKesson HBOC

 

59,828

 

2,680

 

Medco Health Solutions * (a)

 

54,673

 

2,917

 

MedImmune * (a)

 

50,518

 

1,350

 

Medtronic

 

246,048

 

12,743

 

Merck (a)

 

453,943

 

13,981

 

Millipore *

 

10,137

 

575

 

Mylan Laboratories

 

54,620

 

1,051

 

PerkinElmer

 

24,958

 

472

 

Pfizer

 

1,530,855

 

42,221

 

Quest Diagnostics

 

37,296

 

1,987

 

Schering-Plough (a)

 

297,053

 

5,662

 

St. Jude Medical *

 

71,228

 

3,106

 

Stryker (a)

 

78,908

 

3,753

 

Tenet Healthcare * (a)

 

93,778

 

1,148

 

Thermo Electron *

 

32,815

 

882

 

UnitedHealth Group (a)

 

262,538

 

13,689

 

Watson Pharmaceuticals * (a)

 

22,137

 

654

 

WellPoint Health Networks *

 

120,982

 

8,425

 

Wyeth Pharmaceuticals

 

271,142

 

12,066

 

Zimmer Holdings * (a)

 

50,516

 

3,848

 

 

 

 

 

296,146

 

Industrials - 11.3%

 

 

 

 

 

3M (a)

 

159,670

 

11,544

 

Allied Waste Industries *

 

43,835

 

348

 

American Power Conversion

 

35,201

 

830

 

American Standard *

 

36,347

 

1,524

 

Apollo Group, Cl A * (a)

 

31,183

 

2,439

 

Avery Dennison (a)

 

21,765

 

1,153

 

Boeing (a)

 

171,635

 

11,328

 

Burlington Northern Santa Fe

 

76,608

 

3,607

 

Caterpillar (a)

 

69,427

 

6,617

 

Cendant

 

215,228

 

4,815

 

Cintas

 

28,016

 

1,081

 

Cooper Industries

 

18,890

 

1,207

 

CSX

 

43,254

 

1,845

 

Cummins (a)

 

8,460

 

631

 

Danaher (a)

 

55,982

 

2,930

 

Deere & Company

 

50,595

 

3,313

 

Delta Air Lines * (a)

 

29,783

 

112

 

Dover

 

35,362

 

1,286

 

Eaton

 

30,376

 

1,820

 

Emerson Electric (a)

 

85,441

 

5,351

 

Equifax

 

28,367

 

1,013

 

FedEx

 

60,571

 

4,907

 

Fluor

 

16,511

 

951

 

General Dynamics

 

39,873

 

4,368

 

 



 

General Electric

 

2,164,121

 

74,987

 

Goodrich

 

24,305

 

996

 

H & R Block (a)

 

36,323

 

2,119

 

Honeywell International (a)

 

173,892

 

6,370

 

Illinois Tool Works

 

60,193

 

4,796

 

Ingersoll-Rand, Cl A

 

35,054

 

2,501

 

ITT Industries

 

18,676

 

1,823

 

L-3 Communications Holdings (a)

 

21,181

 

1,622

 

Lockheed Martin

 

81,333

 

5,276

 

Masco

 

94,576

 

3,004

 

Monster Worldwide * (a)

 

24,035

 

689

 

Navistar International *

 

13,822

 

442

 

Norfolk Southern

 

79,098

 

2,449

 

Northrop Grumman

 

71,204

 

3,934

 

Paccar

 

35,352

 

2,404

 

Pall (a)

 

25,095

 

762

 

Parker Hannifin

 

23,883

 

1,481

 

Pitney Bowes

 

39,657

 

1,727

 

R.R. Donnelley & Sons

 

43,571

 

1,504

 

Raytheon

 

90,211

 

3,529

 

Robert Half International * (a)

 

33,000

 

824

 

Rockwell Automation

 

34,906

 

1,700

 

Rockwell Collins (a)

 

35,929

 

1,713

 

Ryder System

 

12,791

 

468

 

Southwest Airlines (a)

 

153,986

 

2,145

 

Textron

 

27,686

 

2,100

 

Tyco International

 

407,655

 

11,904

 

Union Pacific

 

52,306

 

3,389

 

United Parcel Service, Cl B (a)

 

226,181

 

15,643

 

United Technologies (a)

 

214,246

 

11,002

 

W.W. Grainger

 

18,413

 

1,009

 

Waste Management

 

115,570

 

3,275

 

 

 

 

 

252,607

 

Information Technology - 15.5%

 

 

 

 

 

ADC Telecommunications * (a)

 

23,226

 

506

 

Adobe Systems (a)

 

101,394

 

2,902

 

Advanced Micro Devices * (a)

 

78,826

 

1,367

 

Affiliated Computer Services, Cl A * (a)

 

26,590

 

1,359

 

Agilent Technologies *

 

87,467

 

2,013

 

Altera * (a)

 

77,322

 

1,533

 

Analog Devices (a)

 

76,543

 

2,856

 

Andrew * (a)

 

32,295

 

412

 

Apple Computer * (a)

 

167,344

 

6,160

 

Applied Materials * (a)

 

340,868

 

5,515

 

Applied Micro Circuits *

 

63,962

 

164

 

Autodesk (a)

 

47,402

 

1,629

 

Automatic Data Processing

 

120,911

 

5,075

 

Avaya * (a)

 

98,298

 

818

 

BMC Software *

 

46,184

 

829

 

Broadcom, Cl A * (a)

 

59,540

 

2,114

 

CIENA *

 

119,419

 

250

 

Cisco Systems * (a)

 

1,325,089

 

25,322

 

Citrix Systems * (a)

 

35,093

 

760

 

Computer Associates International (a)

 

111,902

 

3,075

 

Computer Sciences *

 

37,831

 

1,653

 

Compuware *

 

80,546

 

579

 

Comverse Technology * (a)

 

39,719

 

939

 

Convergys * (a)

 

32,790

 

466

 

Corning * (a)

 

294,843

 

4,900

 

Dell * (a)

 

492,550

 

19,461

 

eBay * (a)

 

236,936

 

7,821

 

Electronic Arts * (a)

 

63,558

 

3,598

 

Electronic Data Systems (a)

 

98,608

 

1,898

 

EMC *

 

496,700

 

6,810

 

First Data

 

170,179

 

6,831

 

Fiserv * (a)

 

39,136

 

1,681

 

Freescale Semiconductor *

 

79,617

 

1,686

 

Gateway * (a)

 

60,421

 

199

 

Hewlett-Packard

 

588,694

 

13,840

 

IBM (a)

 

337,449

 

25,039

 

Intel

 

1,265,720

 

32,985

 

Intuit * (a)

 

41,433

 

1,869

 

Jabil Circuit * (a)

 

40,077

 

1,232

 

JDS Uniphase * (a)

 

301,489

 

458

 

KLA-Tencor * (a)

 

39,374

 

1,721

 

Lexmark International Group, Cl A * (a)

 

26,125

 

1,694

 

Linear Technology (a)

 

62,249

 

2,284

 

LSI Logic *

 

78,618

 

667

 

Lucent Technologies * (a)

 

907,273

 

2,640

 

Maxim Integrated Products (a)

 

66,448

 

2,539

 

Mercury Interactive * (a)

 

18,312

 

702

 

Micron Technology *

 

123,311

 

1,259

 

Microsoft

 

2,007,112

 

49,857

 

Molex

 

30,146

 

785

 

 



 

Motorola

 

495,568

 

9,049

 

National Semiconductor (a)

 

74,958

 

1,651

 

NCR * (a)

 

38,686

 

1,359

 

Network Appliance * (a)

 

73,435

 

2,076

 

Novell * (a)

 

78,979

 

490

 

Novellus Systems * (a)

 

30,420

 

752

 

NVIDIA * (a)

 

33,901

 

906

 

Oracle *

 

860,459

 

11,358

 

Parametric Technology *

 

56,329

 

359

 

Paychex

 

76,175

 

2,479

 

PMC-Sierra * (a)

 

36,151

 

337

 

QLogic * (a)

 

19,053

 

588

 

QUALCOMM (a)

 

333,654

 

11,014

 

Sabre Holdings, Cl A (a)

 

29,030

 

579

 

Sanmina - SCI *

 

109,232

 

597

 

Scientific-Atlanta (a)

 

31,015

 

1,032

 

Siebel Systems *

 

107,135

 

953

 

Solectron *

 

198,833

 

754

 

Sun Microsystems * (a)

 

688,424

 

2,568

 

SunGard Data Systems *

 

57,701

 

2,029

 

Symantec * (a)

 

147,498

 

3,207

 

Symbol Technologies

 

49,253

 

486

 

Tektronix

 

17,160

 

399

 

Tellabs * (a)

 

92,746

 

807

 

Teradyne * (a)

 

39,506

 

473

 

Texas Instruments (a)

 

344,650

 

9,674

 

Unisys *

 

67,467

 

427

 

VERITAS Software *

 

88,622

 

2,162

 

Waters *

 

24,529

 

912

 

Xerox * (a)

 

194,771

 

2,686

 

Xilinx (a)

 

70,351

 

1,794

 

Yahoo! * (a)

 

264,536

 

9,166

 

 

 

 

 

345,875

 

Materials - 2.8%

 

 

 

 

 

Air Products and Chemicals

 

45,946

 

2,771

 

Alcoa (a)

 

177,434

 

4,636

 

Allegheny Technologies

 

17,216

 

380

 

Ball

 

22,412

 

806

 

Bemis (a)

 

21,610

 

574

 

Dow Chemical

 

188,030

 

8,373

 

E.I. DuPont de Nemours

 

202,489

 

8,709

 

Eastman Chemical

 

15,407

 

850

 

Ecolab

 

45,366

 

1,468

 

Engelhard

 

24,543

 

701

 

Freeport-McMoran Copper & Gold, Cl B (a)

 

36,341

 

1,361

 

Georgia-Pacific (a)

 

52,546

 

1,671

 

Great Lakes Chemical

 

3,714

 

117

 

Hercules * (a)

 

22,418

 

317

 

International Flavors & Fragrances (a)

 

14,709

 

533

 

International Paper (a)

 

99,790

 

3,015

 

Louisiana Pacific (a)

 

22,125

 

544

 

MeadWestvaco

 

33,851

 

949

 

Monsanto

 

53,643

 

3,373

 

Newmont Mining (a)

 

87,793

 

3,427

 

NuCor

 

32,570

 

1,486

 

Pactiv *

 

31,839

 

687

 

Phelps Dodge

 

19,536

 

1,807

 

PPG Industries (a)

 

34,827

 

2,186

 

Praxair (a)

 

65,890

 

3,070

 

Rohm & Haas (a)

 

39,263

 

1,819

 

Sealed Air * (a)

 

17,166

 

855

 

Sigma-Aldrich

 

14,313

 

802

 

Temple-Inland

 

23,658

 

879

 

United States Steel (a)

 

23,194

 

797

 

Vulcan Materials (a)

 

20,542

 

1,335

 

Weyerhaeuser (a)

 

48,088

 

3,061

 

 

 

 

 

63,359

 

Telecommunication Services - 3.1%

 

 

 

 

 

ALLTEL (a)

 

60,752

 

3,784

 

AT&T (a)

 

161,472

 

3,074

 

BellSouth (a)

 

368,124

 

9,781

 

CenturyTel (a)

 

26,713

 

925

 

Citizens Communications * (a)

 

68,511

 

921

 

Nextel Communications, Cl A * (a)

 

228,953

 

7,397

 

Qwest Communications International * (a)

 

340,188

 

1,262

 

SBC Communications (a)

 

672,116

 

15,963

 

Sprint (a)

 

298,756

 

7,496

 

Verizon Communications (a)

 

562,617

 

19,438

 

 

 

 

 

70,041

 

Utilities - 3.4%

 

 

 

 

 

AES * (a)

 

132,884

 

2,177

 

Allegheny Energy * (a)

 

33,070

 

834

 

Ameren (a)

 

39,037

 

2,159

 

 



 

American Electric Power (a)

 

79,861

 

2,944

 

Calpine * (a)

 

111,503

 

379

 

CenterPoint Energy (a)

 

61,823

 

817

 

Cinergy (a)

 

36,884

 

1,653

 

CMS Energy * (a)

 

39,779

 

599

 

Consolidated Edison (a)

 

46,545

 

2,180

 

Constellation Energy

 

33,748

 

1,947

 

Dominion Resources (a)

 

65,523

 

4,809

 

DTE Energy (a)

 

34,020

 

1,591

 

Duke Energy (a)

 

195,827

 

5,822

 

Dynegy * (a)

 

75,746

 

368

 

Edison International

 

65,877

 

2,671

 

Entergy (a)

 

46,083

 

3,482

 

Exelon (a)

 

135,904

 

6,976

 

FirstEnergy (a)

 

66,698

 

3,209

 

FPL Group (a)

 

73,540

 

3,093

 

KeySpan

 

32,046

 

1,304

 

NICOR

 

8,328

 

343

 

NiSource

 

53,137

 

1,314

 

People’s Energy

 

3,240

 

141

 

PG&E *

 

85,174

 

3,197

 

Pinnacle West Capital (a)

 

18,462

 

821

 

PPL

 

37,074

 

2,201

 

Progress Energy

 

49,831

 

2,254

 

Progress Energy-CVO (c) (d)

 

7,906

 

1

 

Public Service Enterprises

 

48,031

 

2,921

 

Sempra Energy

 

46,205

 

1,909

 

Southern (a)

 

151,412

 

5,249

 

TECO Energy (a)

 

37,942

 

717

 

TXU

 

52,212

 

4,338

 

Xcel Energy

 

79,740

 

1,557

 

 

 

 

 

75,977

 

Total Common Stocks

 

 

 

 

 

(Cost $1,701,669)

 

 

 

2,214,536

 

 

 

 

PAR (000)

 

VALUE (000)+

 

Short Term Investments - 1.0%

 

 

 

 

 

U.S. Treasury Obligation - 0.2%

 

 

 

 

 

U.S. Treasury Bill (a) (e)

 

 

 

 

 

3.035%, 09/01/05

 

$

4,610

 

4,586

 

Total U.S. Treasury Obligation

 

 

 

4,586

 

 

 

 

SHARES

 

 

 

Affiliated Money Market Fund - 0.8%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (b) (f)

 

18,460,589

 

18,461

 

Total Affiliated Money Market Fund

 

 

 

18,461

 

 

 

 

 

 

 

Total Short-Term Investments

 

 

 

 

 

(Cost $23,047)

 

 

 

23,047

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending - 36.2%

 

 

 

 

 

(Cost $808,297) (g)

 

 

 

808,297

 

 

 

 

 

 

 

Total Investments - 136.3%

 

 

 

 

 

(Cost $2,533,013)

 

 

 

3,045,880

 

Other Assets and Liabilities, Net - (36.3)%

 

 

 

(810,857

)

Total Net Assets - 100.0%

 

 

 

$

2,235,023

 

 


*                                 Non-income producing security

+                                 Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (d).

(a)                                  This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $776,070,214 at June 30, 2005.

(b)                                 Investments in affiliated securities.  As of June 30, 2005, the market value of these investments was $29,556,998 or 1.3% of total net assets.

(c)                                  Security considered illiquid investment. As of June 30, 2005, the market value of this investment was $949 or 0.0% of total net assets.

(d)                                 Security is fair valued. As of June 30, 2005, the fair value of this investment was $949 or 0.0% of total net assets.

(e)                                  Security has been deposited as initial margin on open futures contracts.  Yield shown is effective yield at date of purchase.

(f)                                    This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(g)                                 The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations.  The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

Cl - Class

CVO - Contingent Value Obligation

REIT - Real Estate Investment Trust

 

Schedule of Open Futures Contracts

 

Description

 

Number of
Contracts

 

Market Value
Covered By
Contracts (000)

 

Settlement
Month

 

Unrealized
Appreciation
(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P 500 Index Futures Contracts purchased

 

57

 

$

17,037

 

Sept. 05

 

$

(207

)

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Mid Cap Index Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

Common Stocks - 98.4%

 

 

 

 

 

Consumer Discretionary - 17.9%

 

 

 

 

 

99 Cents Only Stores *

 

19,906

 

$

253

 

Abercrombie & Fitch (a)

 

29,342

 

2,016

 

Advanced Auto Parts *

 

24,760

 

1,598

 

Aeropostale * (a)

 

18,745

 

630

 

American Eagle Outfitters (a)

 

44,548

 

1,365

 

American Greetings, Cl A *

 

23,270

 

617

 

AnnTaylor Stores *

 

24,450

 

594

 

Applebee’s International

 

27,300

 

723

 

ArvinMeritor

 

23,563

 

419

 

Bandag

 

5,225

 

241

 

Barnes & Noble *

 

21,248

 

824

 

Belo, Cl A

 

36,404

 

873

 

BLYTH

 

11,854

 

332

 

Bob Evans Farms

 

11,678

 

272

 

Borders Group

 

25,280

 

640

 

BorgWarner (a)

 

18,918

 

1,015

 

Boyd Gaming (a)

 

20,773

 

1,062

 

Brinker International *

 

29,224

 

1,170

 

Callaway Golf

 

23,608

 

364

 

CarMax * (a)

 

35,049

 

934

 

Catalina Marketing, Cl C * (a)

 

16,399

 

417

 

CBRL Group (a)

 

16,221

 

630

 

Cheesecake Factory * (a)

 

26,190

 

910

 

Chico’s FAS * (a)

 

62,070

 

2,128

 

Claire’s Stores

 

33,304

 

801

 

D.R. Horton

 

98,474

 

3,704

 

Dollar Tree Stores *

 

38,064

 

914

 

Emmis Communications, Cl A *

 

11,154

 

197

 

Entercom Communications *

 

15,261

 

508

 

Foot Locker

 

52,416

 

1,427

 

Furniture Brands International

 

17,874

 

386

 

Gentex (a)

 

52,298

 

952

 

GTECH Holdings

 

39,002

 

1,140

 

Harman International Industries

 

21,440

 

1,744

 

Harte-Hanks

 

24,143

 

718

 

Hovnanian Enterprises, Cl A * (a)

 

16,000

 

1,043

 

International Speedway, Cl A

 

14,350

 

807

 

Krispy Kreme Doughnuts * (a)

 

21,147

 

147

 

Lear (a)

 

22,670

 

825

 

Lee Enterprises

 

15,799

 

633

 

Lennar (a)

 

48,882

 

3,102

 

Media General, Cl A

 

8,063

 

522

 

Michaels Stores (a)

 

45,670

 

1,889

 

Modine Manufacturing

 

10,841

 

353

 

Mohawk Industries * (a)

 

19,786

 

1,632

 

Neiman Marcus Group

 

16,433

 

1,593

 

O’Reilly Automotive *

 

36,240

 

1,080

 

 



 

Outback Steakhouse (a)

 

22,244

 

1,006

 

Pacific Sunwear of California *

 

25,150

 

578

 

Payless ShoeSource * (a)

 

22,938

 

440

 

PETsMART (a)

 

48,888

 

1,484

 

Pier 1 Imports (a)

 

28,924

 

410

 

Reader’s Digest Association, Cl A

 

34,948

 

577

 

Regis

 

14,940

 

584

 

Rent-A-Center *

 

24,000

 

559

 

Ross Stores (a)

 

49,660

 

1,436

 

Ruby Tuesday (a)

 

21,870

 

566

 

Ryland Group (a)

 

16,600

 

1,259

 

Saks * (a)

 

46,951

 

891

 

Scholastic * (a)

 

12,587

 

485

 

Thor Industries

 

15,390

 

484

 

Timberland, Cl A *

 

20,814

 

806

 

Toll Brothers * (a)

 

18,809

 

1,910

 

Tupperware (a)

 

18,680

 

437

 

Urban Outfitters *

 

20,300

 

1,151

 

Valassis Communications * (a)

 

17,267

 

640

 

Washington Post, Cl B

 

2,044

 

1,707

 

Westwood One *

 

28,753

 

587

 

Williams-Sonoma * (a)

 

39,251

 

1,553

 

 

 

 

 

65,694

 

Consumer Staples - 4.6%

 

 

 

 

 

BJ’s Wholesale Club * (a)

 

23,393

 

760

 

Church and Dwight

 

21,015

 

761

 

Constellation Brands, CI A * (a)

 

69,122

 

2,039

 

Dean Foods *

 

52,409

 

1,847

 

Energizer Holdings *

 

24,364

 

1,515

 

Hormel Foods

 

29,887

 

877

 

JM Smucker

 

20,344

 

955

 

Lancaster Colony (a)

 

10,405

 

447

 

PepsiAmericas

 

31,628

 

812

 

Ruddick

 

15,094

 

385

 

Smithfield Foods *

 

33,729

 

920

 

Tootsie Roll Industries

 

14,330

 

419

 

TreeHouse Foods *

 

10,482

 

299

 

Tyson Foods, Cl A

 

101,993

 

1,815

 

Universal

 

8,944

 

392

 

Whole Foods Market (a)

 

21,984

 

2,601

 

 

 

 

 

16,844

 

Energy - 7.5%

 

 

 

 

 

Cooper Cameron * (a)

 

18,500

 

1,148

 

ENSCO International

 

50,871

 

1,819

 

FMC Technologies *

 

23,024

 

736

 

Forest Oil *

 

18,694

 

785

 

Grant Prideco *

 

41,601

 

1,100

 

Hanover Compressor * (a)

 

26,747

 

308

 

Helmerich & Payne (a)

 

17,823

 

836

 

Murphy Oil (a)

 

58,620

 

3,062

 

Newfield Exploration *

 

41,934

 

1,673

 

Noble Energy

 

28,420

 

2,150

 

Overseas Shipholding Group

 

11,675

 

696

 

Patterson-UTI Energy (a)

 

57,586

 

1,603

 

Pioneer Natural Resources (a)

 

49,092

 

2,066

 

Plains Exploration & Production *

 

26,600

 

945

 

Pogo Producing

 

21,238

 

1,103

 

Pride International *

 

46,669

 

1,199

 

Smith International * (a)

 

35,314

 

2,249

 

Tidewater (a)

 

20,418

 

778

 

Weatherford International * (a)

 

45,880

 

2,660

 

Western Gas Resources

 

21,430

 

748

 

 

 

 

 

27,664

 

 



 

Financials - 17.8%

 

 

 

 

 

A.G. Edwards

 

25,721

 

1,161

 

Allmerica Financial *

 

17,922

 

665

 

AMB Property (a)

 

27,926

 

1,213

 

American Financial Group

 

18,896

 

633

 

AmeriCredit * (a)

 

51,435

 

1,312

 

AmerUS Group, Cl A (a)

 

12,960

 

623

 

Arthur J. Gallagher

 

29,701

 

806

 

Associated Banc-Corp (a)

 

43,587

 

1,467

 

Astoria Financial (a)

 

36,207

 

1,031

 

Astoria Financial Fractional Shares (b)(c)

 

 

 

Bank of Hawaii

 

17,832

 

905

 

Brown & Brown

 

20,860

 

937

 

City National (a)

 

14,058

 

1,008

 

Colonial BancGroup

 

48,215

 

1,064

 

Commerce Bancorp (a)

 

53,424

 

1,619

 

Cullen/Frost Bankers (a)

 

16,500

 

786

 

Developers Diversified Realty (REIT) (a)

 

36,300

 

1,668

 

Eaton Vance (a)

 

45,180

 

1,080

 

Everest Re Group (a)

 

18,643

 

1,734

 

Fidelity National Financial (a)

 

58,748

 

2,097

 

First American

 

27,473

 

1,103

 

FirstMerit (a)

 

28,396

 

741

 

GATX (a)

 

16,589

 

572

 

Greater Bay Bancorp

 

17,521

 

462

 

HCC Insurance Holdings

 

22,825

 

864

 

Hibernia, Cl A

 

52,214

 

1,732

 

Highwoods Properties (REIT)

 

17,840

 

531

 

Horace Mann Educators

 

14,543

 

274

 

Hospitality Properties Trust (REIT)

 

21,285

 

938

 

Independence Community Bank (a)

 

26,526

 

980

 

IndyMac Bancorp (a)

 

20,862

 

850

 

Investors Financial Services (a)

 

22,378

 

846

 

Jefferies Group (a)

 

17,340

 

657

 

LaBranche *

 

19,105

 

120

 

Legg Mason (a)

 

36,871

 

3,839

 

Leucadia National (a)

 

31,186

 

1,205

 

Liberty Property Trust (REIT) (a)

 

28,730

 

1,273

 

Macerich (REIT)

 

20,200

 

1,354

 

Mack-Cali Realty (REIT)

 

18,860

 

854

 

Mercantile Bankshares (a)

 

26,665

 

1,374

 

MoneyGram International

 

29,819

 

570

 

New Plan Excel Realty Trust (REIT)

 

34,558

 

939

 

New York Community Bancorp (a)

 

82,184

 

1,489

 

Ohio Casualty *

 

20,919

 

506

 

Old Republic International

 

61,397

 

1,553

 

PMI Group (a)

 

32,074

 

1,250

 

Protective Life

 

23,381

 

987

 

Radian Group

 

30,443

 

1,438

 

Raymond James Financial

 

23,485

 

663

 

Rayonier (a)

 

16,810

 

891

 

Regency Centers (a)

 

21,150

 

1,210

 

SVB Financial Group * (a)

 

12,222

 

585

 

SEI Investments

 

26,017

 

972

 

StanCorp Financial Group

 

9,568

 

733

 

 



 

TCF Financial (a)

 

43,334

 

1,121

 

Texas Regional Bancshares, Cl A

 

11,120

 

339

 

United Dominion Realty Trust (REIT)

 

45,200

 

1,087

 

Unitrin

 

19,404

 

953

 

W.R. Berkley

 

40,222

 

1,435

 

Waddell & Reed Financial

 

28,311

 

524

 

Washington Federal

 

29,607

 

696

 

Webster Financial

 

17,863

 

834

 

Weingarten Realty Investors (a)

 

28,866

 

1,132

 

Westamerica Bancorporation

 

10,749

 

568

 

Wilmington Trust

 

21,559

 

776

 

 

 

 

 

65,629

 

Health Care - 11.7%

 

 

 

 

 

Advanced Medical Optics *

 

21,599

 

859

 

Apria Healthcare Group *

 

16,388

 

568

 

Barr Pharmaceuticals * (a)

 

30,399

 

1,482

 

Beckman Coulter

 

20,463

 

1,301

 

Cephalon * (a)

 

19,420

 

773

 

Charles River Laboratories International * (a)

 

21,824

 

1,053

 

Community Health Systems * (a)

 

19,567

 

739

 

Covance *

 

21,114

 

947

 

Coventry Health Care * (a)

 

35,980

 

2,546

 

Cytyc *

 

37,620

 

830

 

DENTSPLY International (a)

 

25,489

 

1,376

 

Edwards Lifesciences *

 

20,011

 

861

 

Gen-Probe *

 

16,940

 

614

 

Health Net * (a)

 

37,694

 

1,438

 

Henry Schein * (a)

 

28,264

 

1,174

 

Hillenbrand Industries

 

19,527

 

987

 

INAMED *

 

12,060

 

808

 

Invitrogen * (a)

 

17,403

 

1,449

 

IVAX * (a)

 

74,105

 

1,593

 

Lifepoint Hospitals * (a)

 

16,344

 

826

 

Lincare Holdings * (a)

 

33,786

 

1,380

 

Martek Bioscience * (a)

 

10,970

 

416

 

Millennium Pharmaceuticals * (a)

 

103,018

 

955

 

Omnicare (a)

 

35,174

 

1,492

 

PacifiCare Health Systems * (a)

 

29,490

 

2,107

 

Par Pharmaceutical Companies * (a)

 

11,410

 

363

 

Patterson Companies * (a)

 

46,192

 

2,082

 

Perrigo

 

28,337

 

395

 

Protein Design Labs * (a)

 

35,528

 

718

 

Renal Care *

 

22,790

 

1,051

 

Sepracor * (a)

 

35,385

 

2,123

 

STERIS *

 

23,273

 

600

 

Techne *

 

12,990

 

596

 

Triad Hospitals * (a)

 

27,084

 

1,480

 

Universal Health Services (a)

 

19,640

 

1,221

 

Valeant Pharmaceuticals International

 

31,016

 

547

 

Varian (a)

 

11,682

 

441

 

Varian Medical Systems * (a)

 

45,736

 

1,707

 

VCA Antech * (a)

 

26,012

 

631

 

Vertex Pharmaceuticals *

 

31,171

 

525

 

 

 

 

 

43,054

 

Industrials - 12.4%

 

 

 

 

 

Adesa

 

30,867

 

672

 

AGCO *

 

30,876

 

590

 

AirTran Holdings * (a)

 

30,230

 

279

 

Alaska Air Group * (a)

 

8,571

 

255

 

 



 

Alexander & Baldwin

 

14,666

 

680

 

Alliant Techsystems * (a)

 

12,690

 

896

 

AMETEK

 

23,070

 

965

 

Banta

 

8,463

 

384

 

Brinks

 

19,102

 

688

 

C. H. Robinson Worldwide (a)

 

28,679

 

1,669

 

Career Education * (a)

 

34,516

 

1,264

 

Carlisle Companies

 

10,479

 

719

 

ChoicePoint *

 

29,870

 

1,196

 

CNF

 

17,396

 

781

 

Copart *

 

26,977

 

642

 

Corinthian Colleges *

 

30,450

 

389

 

Corporate Executive Board

 

8,488

 

665

 

Crane

 

18,480

 

486

 

Deluxe (a)

 

17,600

 

715

 

DeVry * (a)

 

21,812

 

434

 

Donaldson

 

25,788

 

782

 

Dun & Bradstreet *

 

23,392

 

1,442

 

Dycom Industries * (a)

 

17,013

 

337

 

Education Management *

 

22,780

 

768

 

Expeditors International of Washington

 

35,887

 

1,788

 

Fastenal (a)

 

22,888

 

1,402

 

Federal Signal

 

15,428

 

241

 

Flowserve *

 

18,776

 

568

 

Graco

 

23,275

 

793

 

Granite Construction

 

12,763

 

359

 

Harsco

 

14,484

 

790

 

Herman Miller (a)

 

24,294

 

749

 

HNI

 

18,020

 

922

 

Hubbell, Cl B

 

20,467

 

903

 

ITT Educational Services *

 

15,470

 

826

 

J.B. Hunt Transport Services *

 

45,206

 

872

 

Jacobs Engineering Group *

 

19,976

 

1,124

 

JetBlue Airways * (a)

 

32,810

 

671

 

Kelly Services, Cl A

 

9,136

 

262

 

Kennametal (a)

 

12,803

 

587

 

Korn/Ferry International * (a)

 

12,055

 

214

 

Laureate Education * (a)

 

16,504

 

790

 

Manpower

 

30,374

 

1,208

 

Nordson

 

10,999

 

377

 

Pentair

 

33,916

 

1,452

 

Precision Castparts (a)

 

22,135

 

1,724

 

Quanta Services * (a)

 

32,774

 

288

 

Republic Services

 

43,875

 

1,580

 

Rollins

 

15,664

 

314

 

Sequa, Cl A *

 

2,824

 

187

 

Sotheby’s Holdings, Cl A *

 

12,926

 

177

 

SPX (a)

 

25,304

 

1,163

 

Stericycle * (a)

 

15,160

 

763

 

Swift Transportation * (a)

 

21,253

 

495

 

Tecumseh Products, Cl A

 

5,351

 

147

 

Teleflex

 

12,897

 

766

 

Thomas & Betts *

 

19,873

 

561

 

Trinity Industries (a)

 

13,078

 

419

 

United Rentals * (a)

 

24,386

 

493

 

Werner Enterprises

 

21,260

 

418

 

Yellow Roadway * (a)

 

19,150

 

973

 

York International (a)

 

13,988

 

532

 

 

 

 

 

45,596

 

 



 

Information Technology - 13.6%

 

 

 

 

 

3Com *

 

127,764

 

465

 

Activision *

 

67,613

 

1,117

 

Acxiom

 

29,050

 

607

 

ADTRAN

 

22,996

 

570

 

Advent Software *

 

8,967

 

182

 

Alliance Data Systems * (a)

 

20,110

 

816

 

Amphenol, Cl A *

 

29,790

 

1,197

 

Anteon International * (a)

 

9,890

 

451

 

Arrow Electronics *

 

39,010

 

1,060

 

Atmel *

 

151,167

 

358

 

Avnet * (a)

 

40,573

 

914

 

Avocent * (a)

 

16,774

 

438

 

BISYS Group *

 

40,482

 

605

 

Cabot Microelectronics * (a)

 

8,350

 

242

 

Cadence Design Systems * (a)

 

91,026

 

1,243

 

CDW (a)

 

23,870

 

1,363

 

Ceridian *

 

50,037

 

975

 

Certegy

 

21,047

 

804

 

CheckFree *

 

27,778

 

946

 

Cognizant Technology Solutions * (a)

 

45,370

 

2,138

 

CommScope * (a)

 

16,996

 

296

 

Credence Systems * (a)

 

32,475

 

294

 

Cree * (a)

 

25,693

 

654

 

CSG Systems International *

 

17,491

 

332

 

Cypress Semiconductor * (a)

 

43,474

 

547

 

Diebold (a)

 

23,742

 

1,071

 

DST Systems * (a)

 

25,443

 

1,191

 

F5 Networks *

 

12,590

 

595

 

Fair Isaac (a)

 

23,220

 

848

 

Fairchild Semiconductor International, Cl A * (a)

 

40,238

 

594

 

Gartner, Cl A * (a)

 

28,738

 

305

 

Harris

 

44,712

 

1,395

 

Imation

 

10,195

 

395

 

Integrated Circuit Systems *

 

23,670

 

489

 

Integrated Device Technology *

 

35,947

 

386

 

International Rectifier * (a)

 

22,483

 

1,073

 

Intersil, Cl A

 

50,681

 

951

 

Jack Henry & Associates (a)

 

27,122

 

497

 

Keane *

 

18,804

 

258

 

KEMET * (a)

 

29,336

 

185

 

Lam Research * (a)

 

46,934

 

1,358

 

Lattice Semiconductor * (a)

 

38,189

 

170

 

LTX *

 

20,595

 

102

 

Macromedia *

 

25,199

 

963

 

Macrovision *

 

16,748

 

377

 

McAfee * (a)

 

54,533

 

1,428

 

McDATA, Cl A *

 

51,934

 

208

 

Mentor Graphics * (a)

 

25,701

 

263

 

Micrel * (a)

 

25,775

 

297

 

Microchip Technology (a)

 

69,479

 

2,058

 

MPS Group *

 

35,095

 

331

 

National Instruments (a)

 

22,400

 

475

 

Newport *

 

14,567

 

202

 

Plantronics * (a)

 

16,284

 

592

 

Plexus *

 

14,535

 

207

 

Polycom * (a)

 

33,091

 

493

 

Powerwave Technologies * (a)

 

33,469

 

342

 

Reynolds & Reynolds, Cl A

 

19,813

 

536

 

 



 

RF Micro Devices *

 

63,091

 

343

 

RSA Security * (a)

 

23,420

 

269

 

SanDisk * (a)

 

60,780

 

1,442

 

Semtech *

 

24,910

 

415

 

Silicon Laboratories * (a)

 

15,050

 

394

 

Storage Technology *

 

35,879

 

1,302

 

Sybase *

 

30,789

 

565

 

Synopsys * (a)

 

48,776

 

813

 

Tech Data *

 

19,566

 

716

 

Titan *

 

28,529

 

649

 

Transaction Systems Architects, Cl A * (a)

 

11,691

 

288

 

TriQuint Semiconductor *

 

46,314

 

154

 

UTStarcom * (a)

 

35,030

 

262

 

Vishay Intertechnology *

 

59,516

 

706

 

Western Digital *

 

71,670

 

962

 

Wind River Systems *

 

26,050

 

408

 

Zebra Technology, Cl A * (a)

 

24,160

 

1,058

 

 

 

 

 

49,995

 

Materials - 5.0%

 

 

 

 

 

Airgas

 

24,492

 

604

 

Albemarle

 

15,593

 

569

 

Arch Coal (a)

 

21,244

 

1,157

 

Bowater (a)

 

18,735

 

606

 

Cabot

 

20,774

 

686

 

Crompton

 

39,301

 

556

 

Cytec Industries

 

13,593

 

541

 

Ferro

 

14,230

 

283

 

FMC * (a)

 

12,534

 

704

 

Glatfelter

 

12,572

 

156

 

Longview Fibre *

 

17,345

 

356

 

Lubrizol

 

22,468

 

944

 

Lyondell Chemical (a)

 

73,000

 

1,929

 

Martin Marietta Materials

 

16,228

 

1,122

 

Minerals Technologies (a)

 

6,963

 

429

 

Olin (a)

 

23,635

 

431

 

Packaging Corporation of America

 

27,340

 

576

 

Peabody Energy

 

39,138

 

2,037

 

Potlatch (a)

 

10,088

 

528

 

RPM

 

39,492

 

721

 

Scotts *

 

9,200

 

655

 

Sensient Technologies (a)

 

16,456

 

339

 

Sonoco Products

 

33,217

 

880

 

Steel Dynamics

 

14,620

 

384

 

Valspar

 

17,304

 

836

 

Worthington Industries

 

26,560

 

420

 

 

 

 

 

18,449

 

Telecommunication Services - 0.5%

 

 

 

 

 

Cincinnati Bell *

 

82,583

 

355

 

Telephone & Data Systems (a)

 

18,027

 

736

 

Telephone & Data Systems Special Shares (a)

 

18,027

 

691

 

 

 

 

 

1,782

 

Utilities - 7.4%

 

 

 

 

 

AGL Resources

 

25,237

 

975

 

Alliant Energy (a)

 

38,905

 

1,095

 

Aqua America

 

31,895

 

949

 

Aquila * (a)

 

81,595

 

295

 

Black Hills (a)

 

11,027

 

406

 

DPL (a)

 

43,323

 

1,189

 

Duquesne Light Holdings

 

25,910

 

484

 

 



 

Energy East

 

49,472

 

1,434

 

Equitable Resources

 

20,427

 

1,389

 

Great Plains Energy (a)

 

25,023

 

798

 

Hawaiian Electric Industries

 

27,378

 

734

 

IDACORP (a)

 

14,162

 

434

 

MDU Resources Group

 

40,833

 

1,150

 

National Fuel Gas

 

26,153

 

756

 

Northeast Utilities

 

43,230

 

902

 

NSTAR (a)

 

35,422

 

1,092

 

OGE Energy (a)

 

27,481

 

795

 

ONEOK (a)

 

34,818

 

1,137

 

Pepco Holdings (a)

 

63,273

 

1,515

 

PNM Resources (a)

 

23,059

 

664

 

Puget Energy (a)

 

33,667

 

787

 

Questar

 

28,384

 

1,870

 

SCANA

 

37,828

 

1,616

 

Sierra Pacific Resources * (a)

 

39,544

 

492

 

Vectren

 

25,810

 

742

 

Westar Energy

 

29,254

 

703

 

WGL Holdings

 

15,292

 

514

 

Wisconsin Energy

 

39,409

 

1,537

 

WPS Resources

 

12,637

 

711

 

 

 

 

 

27,165

 

Total Common Stocks

 

 

 

 

 

(Cost $297,874)

 

 

 

361,872

 

 

 

 

PAR (000)

 

VALUE (000)+

 

Short-Term Investments - 1.9%

 

 

 

 

 

U.S. Treasury Obligation - 0.4%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

3.035%, 09/01/05 (d)

 

$

1,500

 

1,492

 

Total U.S. Treasury Obligation

 

 

 

1,492

 

 

 

 

SHARES

 

 

 

Affiliated Money Market Fund - 1.5%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (e)

 

5,572,815

 

5,573

 

Total Affiliated Money Market Fund

 

 

 

5,573

 

 

 

 

 

 

 

Total Short-Term Investments
(Cost $7,065)

 

 

 

7,065

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending - 41.0%
(Cost $150,843) (f)

 

 

 

$

150,843

 

 

 

 

 

 

 

Total Investments - 141.3%
(Cost $455,782)

 

 

 

519,780

 

Other Assets and Liabilities, Net - (41.3)%

 

 

 

(151,866

)

Total Net Assets - 100.0%

 

 

 

$

367,914

 

 


*                                 Non-income producing security

+                                 Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (c).

(a)                                  This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $144,895,326 at June 30, 2005.

(b)                                 Security considered illiquid investment under guidelines established by the Board of Directors. As of June 30, 2005, the value of this investment was $0 or 0.0% of total net assets.

(c)                                  Security is fair valued. As of June 30, 2005, the fair value of this investment was $0 or 0.0% of total net assets.

(d)                                 Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase.

 



 

(e)                                  Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(f)                                    The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

Schedule of Open Futures Contracts

 

Description

 

Number of
Contracts

 

Market Value
Covered By
Contracts (000)

 

Settlement
Month

 

Unrealized
Appreciation (000)

 

 

 

 

 

 

 

 

 

 

 

S&P Mid Cap 400 Futures Contracts purchased

 

17

 

$

5,851

 

Sept. 05

 

$

45

 

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Small Cap Index Fund

 

DESCRIPTION

 

SHARES

 

VALUE (000)+

 

Common Stocks - 98.1%

 

 

 

 

 

Consumer Discretionary - 15.3%

 

 

 

 

 

1-800 Contacts *

 

1,198

 

$

23

 

1-800 Flowers *

 

3,695

 

26

 

4Kids Entertainment *

 

2,306

 

46

 

99 Cents Only Stores *

 

6,380

 

81

 

A.C. Moore Arts & Crafts *

 

2,296

 

73

 

Aaron Rents

 

6,223

 

155

 

ADVO (a)

 

5,063

 

161

 

Aeropostale * (a)

 

8,321

 

280

 

AFC Enterprises

 

2,980

 

39

 

Aftermarket Technology *

 

2,223

 

39

 

Alliance Gaming * (a)

 

8,585

 

120

 

Alloy *

 

5,405

 

28

 

Ambassadors Group

 

1,336

 

50

 

American Axle & Manufacturing Holdings

 

5,520

 

139

 

America’s Car-Mart *

 

1,413

 

32

 

Ameristar Casinos *

 

3,810

 

99

 

Andersons

 

1,000

 

36

 

Arbitron *

 

5,080

 

218

 

Arctic Cat

 

2,294

 

47

 

Argosy Gaming *

 

4,003

 

187

 

ArvinMeritor

 

11,390

 

203

 

Asbury Automotive Group *

 

1,870

 

29

 

Audible *

 

3,610

 

63

 

Avatar Holdings *

 

770

 

39

 

Aztar * (a)

 

5,670

 

194

 

Bandag

 

1,894

 

87

 

Bassett Furniture

 

1,652

 

31

 

Beasley Broadcast Group *

 

568

 

8

 

Big 5 Sporting Goods *

 

3,379

 

96

 

Big Lots *

 

15,540

 

206

 

BJs Restaurants *

 

1,810

 

37

 

Blair

 

1,359

 

54

 

Blockbuster, Cl A (a)

 

26,720

 

244

 

Blount International *

 

3,276

 

55

 

Blue Nile * (a)

 

1,650

 

54

 

Bluegreen *

 

2,850

 

50

 

BLYTH

 

3,180

 

89

 

Bob Evans Farms

 

5,832

 

136

 

Bombay Company *

 

5,931

 

34

 

Bon-Ton Stores

 

610

 

12

 

Brookfield Homes

 

2,487

 

113

 

Brookstone *

 

3,343

 

63

 

Brown Shoe

 

3,023

 

118

 

Buckle

 

1,088

 

48

 

Buffalo Wild Wings *

 

950

 

30

 

Build-A-Bear Workshop * (a)

 

1,510

 

35

 

Building Materials Holding

 

2,241

 

155

 

 



 

Burlington Coat Factory

 

2,840

 

121

 

Cabelas * (a)

 

3,590

 

77

 

Cache *

 

1,590

 

26

 

California Coastal Communities *

 

1,180

 

41

 

California Pizza Kitchen *

 

3,141

 

86

 

Callaway Golf

 

11,045

 

170

 

Carmike Cinemas *

 

1,462

 

45

 

Carters *

 

2,370

 

138

 

Casual Male Retail Group *

 

4,692

 

34

 

Catalina Marketing, Cl C * (a)

 

8,560

 

218

 

Cato, Cl A

 

4,797

 

99

 

CEC Entertainment *

 

5,856

 

246

 

Champion Enterprise * (a)

 

11,570

 

115

 

Charles & Colvard

 

2,279

 

56

 

Charlotte Russe Holding *

 

1,938

 

24

 

Charming Shoppes *

 

18,889

 

176

 

Charter Communications, Cl A * (a)

 

44,044

 

52

 

Cherokee

 

1,144

 

40

 

Children’s Place Retail Stores * (a)

 

2,918

 

136

 

Christopher & Banks (a)

 

6,167

 

113

 

Churchill Downs

 

1,277

 

54

 

Citadel Broadcasting *

 

6,580

 

75

 

Citi Trends *

 

580

 

10

 

CKE Restaurants *

 

8,632

 

120

 

Coachmen Industries

 

2,354

 

29

 

Coldwater Creek * (a)

 

5,487

 

137

 

Comstock Homebuilding, Cl A *

 

660

 

16

 

Conns *

 

1,160

 

28

 

Cooper Tire & Rubber

 

9,296

 

173

 

Corinthian Colleges * (a)

 

13,640

 

174

 

Cost Plus *

 

3,646

 

91

 

Courier

 

1,609

 

62

 

Cox Radio *

 

3,970

 

63

 

Crown Media Holdings, Cl A *

 

2,428

 

23

 

CSK Auto *

 

7,607

 

127

 

CSS Industries

 

947

 

32

 

Cumulus Media, Cl A *

 

8,165

 

96

 

Dave & Busters *

 

1,850

 

34

 

Deb Shops

 

279

 

8

 

Deckers Outdoor *

 

1,490

 

37

 

Denny’s * (a)

 

13,600

 

68

 

Design Within Reach *

 

690

 

12

 

DeVry * (a)

 

8,000

 

159

 

DHB Industries *

 

3,957

 

33

 

Dixie Group *

 

1,610

 

28

 

Dominos Pizza

 

3,650

 

81

 

Dover Downs Gaming & Entertainment

 

1,149

 

15

 

Dover Motorsports

 

2,601

 

16

 

Dress Barn *

 

3,454

 

78

 

Drew Industries *

 

1,190

 

54

 

Drugstore.com *

 

10,240

 

43

 

Earle M. Jorgensen *

 

2,720

 

22

 

Electronics Boutique Holdings *

 

1,937

 

123

 

Emmis Communications, Cl A * (a)

 

5,928

 

105

 

Entercom Communications *

 

5,410

 

180

 

Entravision Communications *

 

9,030

 

70

 

Escalade *

 

1,310

 

18

 

Ethan Allen Interiors

 

5,390

 

181

 

Finish Line, Cl A *

 

6,160

 

117

 

 



 

Fisher Communications *

 

1,007

 

48

 

Fleetwood Enterprises * (a)

 

8,948

 

91

 

Fossil *

 

7,260

 

165

 

Fred’s (a)

 

6,426

 

107

 

FTD Group *

 

2,200

 

25

 

Furniture Brands International

 

8,100

 

175

 

Gamestop *

 

6,130

 

183

 

Gaylord Entertainment * (a)

 

5,409

 

251

 

Gemstar-TV Guide International *

 

36,930

 

133

 

Genesco *

 

3,637

 

135

 

Goody’s Family Clothing

 

3,142

 

23

 

Gray Television (a)

 

7,491

 

90

 

Great Wolf Resorts *

 

3,780

 

77

 

Group 1 Automotive *

 

3,252

 

78

 

GSI Commerce *

 

3,730

 

62

 

Guess? *

 

2,483

 

41

 

Guitar Center * (a)

 

4,107

 

240

 

Gymboree *

 

5,097

 

70

 

Handleman

 

3,693

 

61

 

Harris Interactive *

 

8,780

 

43

 

Hartmarx *

 

3,800

 

38

 

Haverty Furniture

 

3,097

 

46

 

Hayes Lemmerz International *

 

4,500

 

32

 

Hibbett Sporting Goods * (a)

 

3,393

 

128

 

Hollinger International

 

9,576

 

96

 

Hooker Furniture

 

1,146

 

20

 

Hot Topic *

 

7,476

 

143

 

IHOP

 

3,319

 

144

 

Innovo Group *

 

3,810

 

8

 

Insight Communications *

 

7,295

 

81

 

Insight Enterprises *

 

7,947

 

160

 

Interface, Cl A *

 

7,388

 

59

 

Isle of Capri Casinos *

 

2,235

 

59

 

J. Jill Group *

 

2,963

 

41

 

Jack in the Box * (a)

 

5,991

 

227

 

JAKKS Pacific *

 

4,227

 

81

 

Jarden *

 

4,538

 

245

 

Jo-Ann Stores *

 

3,147

 

83

 

JOS A Bank Clothiers * (a)

 

1,705

 

74

 

Journal Communications

 

3,370

 

57

 

Journal Register *

 

7,004

 

123

 

K2 *

 

6,935

 

88

 

Kellwood (a)

 

4,169

 

112

 

Kenneth Cole Productions

 

1,395

 

43

 

Keystone Automotive Industries *

 

2,533

 

63

 

Kimball International

 

3,192

 

42

 

Krispy Kreme Doughnuts * (a)

 

8,980

 

62

 

K-Swiss, Cl A

 

4,252

 

138

 

La Quinta (REIT) * (a)

 

27,222

 

254

 

Lakes Entertainment *

 

2,560

 

39

 

Landry’s Restaurants (a)

 

2,988

 

90

 

La-Z-Boy (a)

 

8,780

 

128

 

LeapFrog Enterprises * (a)

 

4,580

 

52

 

Levitt, Cl A *

 

2,559

 

77

 

Libbey

 

2,178

 

34

 

Liberty

 

2,158

 

79

 

Life Time Fitness *

 

2,830

 

93

 

Lifetime Hoan

 

1,200

 

23

 

Lin TV, Cl A * (a)

 

4,477

 

62

 

 



 

Linens ‘N Things * (a)

 

6,859

 

162

 

Lithia Motors

 

2,385

 

69

 

LKQ *

 

2,430

 

66

 

LodgeNet Entertainment *

 

2,432

 

40

 

Lodgian *

 

5,040

 

52

 

Lone Star Steakhouse & Saloon

 

1,834

 

56

 

Luby’s *

 

3,390

 

41

 

M/I Homes

 

1,991

 

108

 

Magna Entertainment * (a)

 

6,288

 

35

 

Marcus

 

3,288

 

70

 

Marine Products

 

2,160

 

31

 

MarineMax *

 

1,937

 

61

 

Martha Stewart Living * (a)

 

2,916

 

85

 

Maytag (a)

 

11,090

 

174

 

McCormick & Schmick’s Seafood Restaurants *

 

1,140

 

18

 

Media General, Cl A

 

2,650

 

172

 

Mediacom Communications *

 

10,958

 

75

 

Midas *

 

2,582

 

59

 

Mikohn Gaming *

 

3,440

 

51

 

Modine Manufacturing

 

3,968

 

129

 

Monaco Coach

 

4,359

 

75

 

Monarch Casino & Resort *

 

2,080

 

46

 

Monro Muffler Brake *

 

1,563

 

46

 

Morningstar *

 

1,280

 

36

 

Movado Group

 

2,538

 

48

 

Movie Gallery (a)

 

4,095

 

108

 

MTR Gaming Group *

 

3,874

 

45

 

Multimedia Games * (a)

 

3,944

 

43

 

National Presto Industries *

 

783

 

35

 

Nautilus Group (a)

 

4,775

 

136

 

Navarre * (a)

 

3,710

 

30

 

Navigant International * (a)

 

2,337

 

34

 

NetFlix * (a)

 

5,490

 

90

 

New York & Company *

 

1,690

 

36

 

Noble International

 

1,060

 

25

 

NutriSystems *

 

3,320

 

49

 

Oakley

 

3,449

 

59

 

O’Charley’s *

 

3,541

 

63

 

OshKosh B’ Gosh, Cl A

 

1,111

 

29

 

Outdoor Channel Holdings *

 

2,170

 

30

 

Overstock.com * (a)

 

1,934

 

69

 

Oxford Industries

 

2,216

 

95

 

P.F. Chang’s China Bistro * (a)

 

4,201

 

248

 

Pacific Sunwear of California * (a)

 

10,550

 

243

 

Palm Harbor Homes *

 

1,584

 

30

 

Papa John’s International *

 

1,812

 

72

 

Party City *

 

1,908

 

23

 

Payless ShoeSource * (a)

 

10,068

 

193

 

Pep Boys - Manny Moe & Jack

 

8,290

 

112

 

Perry Ellis International *

 

885

 

21

 

PETCO Animal Supplies * (a)

 

7,990

 

234

 

Phillips Van-Heusen

 

4,025

 

132

 

Pier 1 Imports (a)

 

11,420

 

162

 

Pinnacle Entertainment *

 

6,640

 

130

 

Playboy Enterprises, Cl B *

 

3,264

 

42

 

Prestige Brand Holdings *

 

4,680

 

91

 

Priceline.com * (a)

 

3,916

 

91

 

PRIMEDIA *

 

22,191

 

90

 

ProQuest *

 

3,927

 

129

 

 



 

Provide Commerce *

 

1,200

 

26

 

Quantum Fuel Systems Technologies Worldwide *

 

6,780

 

34

 

R&B *

 

1,490

 

21

 

Radio One *

 

12,550

 

160

 

RARE Hospitality International *

 

5,669

 

173

 

RC2 *

 

2,751

 

103

 

RCN *

 

3,430

 

79

 

Reader’s Digest Association, Cl A

 

14,940

 

247

 

Red Robin Gourmet Burgers *

 

1,996

 

124

 

Regent Communication *

 

5,813

 

34

 

Regis

 

6,100

 

238

 

Rent-Way *

 

4,376

 

43

 

Restoration Hardware *

 

4,393

 

36

 

Retail Ventures *

 

2,210

 

30

 

Riviera Holdings *

 

1,270

 

29

 

Ruby Tuesday (a)

 

8,490

 

220

 

Russ Berrie and Company

 

489

 

6

 

Russell

 

4,775

 

98

 

Ryans Restaurant Group *

 

6,972

 

98

 

Saga Communications, Cl A *

 

2,474

 

35

 

Salem Communications *

 

1,600

 

32

 

Sauer-Danfoss

 

1,680

 

30

 

Scholastic * (a)

 

5,040

 

194

 

Select Comfort *

 

6,078

 

130

 

Sharper Image *

 

1,960

 

25

 

Shoe Carnival *

 

1,228

 

27

 

Shopko *

 

4,496

 

109

 

Shuffle Master * (a)

 

5,833

 

163

 

Sinclair Broadcast Group, Cl A *

 

7,468

 

68

 

Six Flags *

 

15,524

 

72

 

Skechers USA *

 

3,312

 

47

 

Skyline

 

1,134

 

45

 

Sonic Automotive, Cl A

 

4,525

 

96

 

Source Interlink Companies *

 

3,281

 

41

 

Spanish Broadcasting System *

 

6,168

 

62

 

Speedway Motorsports

 

2,468

 

90

 

Sports Authority * (a)

 

3,654

 

116

 

Stage Stores *

 

3,078

 

134

 

Stamps.com *

 

2,268

 

43

 

Standard Motor Products

 

2,008

 

27

 

Stanley Furniture

 

1,874

 

46

 

Steak ‘N Shake *

 

3,988

 

74

 

Stein Mart *

 

4,130

 

91

 

Steinway Musical Instruments *

 

1,124

 

33

 

Steven Madden *

 

1,929

 

34

 

Strattec Security *

 

618

 

34

 

Stride Rite

 

6,103

 

84

 

Sturm, Ruger & Company

 

2,121

 

18

 

Sunterra *

 

3,100

 

50

 

Superior Industrial International (a)

 

3,664

 

87

 

Systemax *

 

1,610

 

11

 

Talbots

 

2,790

 

91

 

TBC *

 

3,297

 

89

 

Technical Olympic USA *

 

1,921

 

47

 

Tenneco Automotive *

 

6,882

 

115

 

Texas Roadhouse, Cl A * (a)

 

2,430

 

84

 

Thomas Nelson

 

1,678

 

37

 

Thor Industries (a)

 

6,028

 

189

 

TiVo * (a)

 

8,550

 

57

 

 



 

Too * (a)

 

5,651

 

132

 

Tractor Supply * (a)

 

5,108

 

251

 

Trans World Entertainment *

 

3,625

 

43

 

Triarc, Cl B

 

5,962

 

89

 

Tuesday Morning *

 

4,299

 

136

 

Tupperware (a)

 

7,893

 

184

 

UniFirst

 

1,506

 

61

 

United Auto Group

 

3,200

 

95

 

Universal Electronics *

 

2,331

 

39

 

Vail Resorts *

 

3,773

 

106

 

Valassis Communications *

 

6,790

 

252

 

ValueVision Media * (a)

 

3,000

 

36

 

Visteon *

 

20,572

 

124

 

Warnaco Group, Cl A *

 

7,269

 

169

 

WCI Communities * (a)

 

5,555

 

178

 

WESCO International *

 

4,643

 

146

 

West Marine *

 

2,238

 

40

 

Wet Seal, Cl A *

 

6,430

 

44

 

William Lyon Homes * (a)

 

371

 

36

 

Wilsons The Leather Experts *

 

2,840

 

19

 

Winnebago Industries

 

4,332

 

142

 

WMS Industries * (a)

 

3,237

 

109

 

Wolverine World Wide

 

8,676

 

208

 

World Wrestling Entertainment

 

380

 

4

 

WPT Enterprises *

 

1,590

 

31

 

Xerium Technologies *

 

2,010

 

24

 

Yankee Candle *

 

7,702

 

247

 

Zale * (a)

 

7,574

 

240

 

Zumiez *

 

470

 

14

 

 

 

 

 

27,168

 

Consumer Staples - 3.1%

 

 

 

 

 

Alico *

 

593

 

30

 

Alliance One International

 

12,612

 

76

 

American Italian Pasta * (a)

 

2,674

 

56

 

Arden Group, Cl A

 

216

 

17

 

Boston Beer, Cl A *

 

410

 

9

 

Casey’s General Stores

 

8,209

 

163

 

Central European Distribution *

 

1,947

 

73

 

Central Garden & Pet *

 

2,816

 

138

 

Chattem *

 

2,693

 

111

 

Chiquita Brands International * (a)

 

6,165

 

169

 

Coca-Cola Bottling

 

664

 

34

 

Corn Products International

 

11,272

 

268

 

Darling International *

 

11,020

 

41

 

Delta & Pine Land

 

6,307

 

158

 

Elizabeth Arden *

 

3,739

 

87

 

Farmer Brothers

 

1,130

 

25

 

Flowers Foods

 

5,419

 

192

 

Gold Kist *

 

6,830

 

147

 

Great Atlantic & Pacific Tea * (a)

 

2,758

 

80

 

Green Mountain Coffee Roasters *

 

660

 

22

 

Hain Celestial Group *

 

4,303

 

84

 

Hansen Natural *

 

1,000

 

85

 

Ingles Markets, Cl A

 

1,710

 

24

 

Inter Parfums (a)

 

841

 

16

 

J&J Snack Foods *

 

1,044

 

55

 

John B. Sanfilippo & Son *

 

1,048

 

24

 

Lancaster Colony (a)

 

3,880

 

167

 

Lance

 

4,278

 

74

 

 



 

Longs Drug Stores

 

4,608

 

198

 

M & F Worldwide *

 

1,695

 

23

 

Mannatech

 

2,370

 

45

 

Maui Land & Pineapple *

 

542

 

21

 

Nash-Finch

 

2,055

 

75

 

National Beverage *

 

1,300

 

10

 

Natures Sunshine Product

 

1,748

 

30

 

NBTY * (a)

 

7,670

 

199

 

NeighborCare *

 

6,171

 

205

 

Nu Skin Enterprises (a)

 

8,623

 

201

 

Pantry *

 

2,170

 

84

 

Parlux Fragrances *

 

940

 

26

 

Pathmark Stores *

 

5,021

 

44

 

Peets Coffee & Tea *

 

1,964

 

65

 

Performance Food Group *

 

7,700

 

233

 

Playtex Products *

 

5,800

 

62

 

Ralcorp Holdings *

 

4,882

 

201

 

Revlon *

 

24,357

 

75

 

Ruddick

 

5,509

 

141

 

Sanderson Farms

 

2,142

 

97

 

Seaboard

 

58

 

97

 

Smart & Final *

 

2,085

 

26

 

Spartan Stores *

 

3,120

 

46

 

Star Scientific * (a)

 

4,897

 

22

 

Tiens Biotech Group USA *

 

620

 

4

 

Tootsie Roll Industries

 

2,830

 

83

 

Topps

 

5,913

 

59

 

United Natural Foods * (a)

 

6,504

 

198

 

Universal

 

3,744

 

164

 

Usana Health Sciences *

 

1,678

 

71

 

Vector Group

 

3,995

 

74

 

WD-40 Company

 

2,496

 

70

 

Weis Markets

 

1,091

 

42

 

Wild Oats Markets * (a)

 

4,669

 

53

 

 

 

 

 

5,469

 

Energy - 5.2%

 

 

 

 

 

Atlas America *

 

380

 

14

 

ATP Oil & Gas *

 

2,720

 

64

 

Atwood Oceanics * (a)

 

1,961

 

121

 

Berry Petroleum, Cl A

 

3,015

 

159

 

Bill Barrett * (a)

 

1,430

 

42

 

Bois d’Arc Energy *

 

2,020

 

30

 

Brigham Exploration *

 

4,230

 

39

 

Cabot Oil & Gas

 

7,336

 

255

 

Cal Dive International * (a)

 

6,278

 

329

 

Callon Petroleum *

 

2,090

 

31

 

Carbo Ceramics

 

2,079

 

164

 

Carrizo Oil & Gas *

 

2,820

 

48

 

Cheniere Energy *

 

7,640

 

238

 

Cimarex Energy * (a)

 

12,911

 

502

 

Clayton Williams Energy *

 

844

 

25

 

Comstock Resources *

 

5,783

 

146

 

Crosstex Energy

 

350

 

17

 

Delta Petroleum *

 

3,330

 

47

 

Dril-Quip *

 

1,083

 

31

 

Edge Petroleum *

 

2,160

 

34

 

Encore Acquisition *

 

3,997

 

164

 

Endeavour International *

 

8,420

 

31

 

Energy Partners *

 

4,170

 

109

 

 



 

Foundation Coal Holdings * (a)

 

3,760

 

98

 

Frontier Oil

 

8,384

 

246

 

FX Energy * (a)

 

5,160

 

57

 

Gasco Energy *

 

9,630

 

36

 

Giant Industries *

 

1,760

 

63

 

Global Industries *

 

13,343

 

113

 

Goodrich Petroleum *

 

1,530

 

31

 

Grey Wolf * (a)

 

30,933

 

229

 

Gulf Island Fabrication

 

686

 

14

 

GulfMark Offshore *

 

2,407

 

66

 

Hanover Compressor * (a)

 

12,613

 

145

 

Harvest Natural Resources *

 

5,996

 

66

 

Holly

 

3,250

 

152

 

Hornbeck Offshore Services *

 

1,320

 

36

 

Houston Exploration *

 

3,686

 

196

 

Hydril * (a)

 

2,642

 

144

 

Input/Output * (a)

 

10,628

 

67

 

James River Coal *

 

1,780

 

62

 

KCS Energy *

 

8,163

 

142

 

KFX * (a)

 

8,846

 

126

 

Lone Star Technologies * (a)

 

4,724

 

215

 

Lufkin Industries

 

2,396

 

86

 

Maritrans

 

1,280

 

35

 

Markwest Hydrocarbon

 

850

 

20

 

Maverick Tube * (a)

 

6,436

 

192

 

McMoRan Exploration * (a)

 

2,994

 

58

 

Meridian Resource *

 

10,160

 

49

 

Mission Resources *

 

6,660

 

54

 

Newpark Resources *

 

13,758

 

103

 

NGP Capital Resources *

 

2,700

 

40

 

NS Group *

 

3,337

 

108

 

Oceaneering International * (a)

 

4,094

 

158

 

Offshore Logistics *

 

3,372

 

111

 

Oil States International *

 

4,851

 

122

 

Pacific Ethanol *

 

1,690

 

17

 

Parallel Petroleum *

 

4,680

 

41

 

Parker Drilling *

 

15,735

 

110

 

Penn Virginia

 

3,044

 

136

 

Petrocorp Escrow Shares (b)

 

2,005

 

 

PetroHawk Energy * (a)

 

3,550

 

38

 

Petroleum Developement *

 

2,715

 

86

 

Petroquest Energy *

 

6,110

 

40

 

Pioneer Drilling Company *

 

4,290

 

65

 

Remington Oil & Gas *

 

3,607

 

129

 

Resource America, Cl A

 

2,477

 

95

 

RPC

 

2,382

 

40

 

St. Mary Land & Exploration

 

9,536

 

276

 

Seabulk International *

 

972

 

21

 

SEACOR Holdings * (a)

 

2,859

 

184

 

Spinnaker Exploration * (a)

 

4,189

 

149

 

Stone Energy *

 

3,842

 

188

 

Superior Energy Services *

 

10,217

 

182

 

Swift Energy * (a)

 

4,695

 

168

 

Syntroleum *

 

5,870

 

60

 

Tetra Technologies *

 

3,067

 

98

 

Tipperary *

 

2,710

 

17

 

TODCO *

 

6,090

 

156

 

Toreador Resources *

 

2,130

 

52

 

TransMontaigne *

 

3,788

 

40

 

 



 

Tri Valley *

 

3,940

 

55

 

Universal Compression Holdings *

 

2,815

 

102

 

Veritas DGC * (a)

 

5,588

 

155

 

W&T Offshore

 

1,430

 

34

 

Warren Resources *

 

2,830

 

30

 

W-H Energy Services * (a)

 

4,086

 

102

 

Whiting Petroleum *

 

4,540

 

165

 

World Fuel Services

 

3,684

 

86

 

 

 

 

 

9,197

 

Financials - 21.8%

 

 

 

 

 

1st Source

 

1,968

 

45

 

21st Century Insurance Group

 

3,694

 

55

 

Aames Investment

 

6,890

 

67

 

ABC Bancorp

 

1,956

 

35

 

Acadia Realty Trust

 

4,452

 

83

 

Accredited Home Lenders Holdings *

 

2,775

 

122

 

Ace Cash Express * (a)

 

1,500

 

38

 

Advance America Cash Advance Centers

 

10,730

 

172

 

Advanta, Cl B (a)

 

3,278

 

92

 

Affirmative Insurance

 

1,560

 

25

 

Affordable Residential Communities

 

4,120

 

55

 

Alabama National

 

2,178

 

142

 

Alexander’s (REIT) *

 

377

 

94

 

Alexandria Real Estate Equities

 

3,234

 

238

 

Alfa

 

5,506

 

81

 

AMCORE Financial

 

3,171

 

95

 

Amegy Bancorp (a)

 

11,268

 

252

 

American Campus Communities

 

2,010

 

46

 

American Equity Investment Life Holding

 

3,590

 

43

 

American Home Mortgage Investment (REIT)

 

5,791

 

202

 

American Physicians Capital *

 

1,423

 

53

 

American West Bancorp *

 

1,708

 

34

 

Ames National

 

130

 

14

 

AMLI Residential Properties Trust (REIT)

 

3,849

 

120

 

Anchor Bancorp

 

3,288

 

99

 

Anthracite Capital (REIT)

 

7,993

 

95

 

Anworth Mortgage Asset (REIT)

 

7,452

 

73

 

Apollo Investment

 

10,350

 

191

 

Arbor Realty Trust

 

1,170

 

34

 

Archipelago Holdings * (a)

 

3,960

 

154

 

Ares Capital

 

3,760

 

67

 

Argonaut Group *

 

3,846

 

89

 

Arrow Financial

 

1,483

 

41

 

Ashford Hospitality Trust

 

4,540

 

49

 

Asta Funding

 

1,550

 

43

 

Baldwin & Lyons, Cl B

 

1,340

 

32

 

Banc - Alabama *

 

2,010

 

21

 

BancFirst

 

538

 

47

 

Bancorp Bank *

 

1,322

 

23

 

BancorpSouth

 

11,450

 

270

 

BancTrust Financial Group

 

1,427

 

28

 

Bank Mutual

 

8,584

 

95

 

Bank of Granite

 

2,259

 

43

 

Bank of the Ozarks

 

1,774

 

58

 

BankAtlantic Bancorp

 

7,096

 

134

 

BankUnited Financial *

 

4,458

 

121

 

Banner

 

1,677

 

47

 

Bedford Property Investors (REIT)

 

2,421

 

56

 

Berkshire Hills Bancorp

 

894

 

30

 

 



 

Beverly Hills Bancorp

 

2,210

 

24

 

BFC Financial *

 

1,438

 

12

 

Bimini Mortgage Management

 

3,150

 

44

 

BioMed Realty Trust (a)

 

5,240

 

125

 

BKF Capital Group *

 

1,020

 

39

 

Boston Private Financial

 

4,555

 

115

 

Boykin Lodging (REIT) *

 

1,420

 

19

 

Brandywine Realty Trust (REIT) (a)

 

7,937

 

243

 

Bristol West Holdings *

 

2,520

 

46

 

Brookline Bancorp

 

9,852

 

160

 

Calamos Asset Management *

 

3,870

 

105

 

Camden National

 

1,288

 

42

 

Capital Automotive (a)

 

6,086

 

232

 

Capital City Bank Group

 

1,594

 

64

 

Capital Corporation of the West

 

1,497

 

42

 

Capital Crossing Bank *

 

710

 

24

 

Capital Lease Funding

 

3,780

 

41

 

Capital Southwest

 

460

 

41

 

Capital Trust

 

1,960

 

65

 

Capitol Bancorp

 

1,701

 

57

 

Cardinal Financial *

 

1,970

 

18

 

Cascade Bancorp

 

2,775

 

58

 

Cash America International

 

4,733

 

95

 

Cathay General Bancorp

 

6,006

 

202

 

Cedar Shopping Centers

 

3,160

 

47

 

Center Financial

 

1,602

 

40

 

Central Coast Bancorp *

 

1,866

 

34

 

Central Pacific Financial

 

4,757

 

169

 

Ceres Group *

 

5,030

 

31

 

Charter Financial

 

665

 

23

 

CharterMac

 

6,767

 

149

 

Chemical Financial

 

4,194

 

139

 

Chittenden

 

7,556

 

206

 

Citizens *

 

5,630

 

34

 

Citizens Banking

 

6,471

 

196

 

Citizens Northern

 

310

 

10

 

City Bank

 

1,288

 

40

 

City Holdings

 

2,790

 

102

 

Clark *

 

2,695

 

39

 

Clifton Savings Bancorp

 

2,290

 

24

 

CNA Surety *

 

2,596

 

39

 

Coastal Financial

 

2,590

 

38

 

CoBiz

 

2,145

 

39

 

Cohen & Steers

 

1,250

 

26

 

Collegiate Funding Services *

 

1,330

 

19

 

Colonial Properties Trust (REIT)

 

4,703

 

207

 

Colony Bankcorp

 

820

 

25

 

Columbia Bancorp - Maryland

 

969

 

35

 

Columbia Banking System

 

2,628

 

65

 

Commercial Capital Bancorp *

 

6,066

 

101

 

Commercial Federal

 

5,737

 

193

 

Commercial Net Lease Realty (REIT)

 

8,616

 

176

 

Community Bank System

 

4,510

 

110

 

Community Banks

 

1,781

 

46

 

Community Trust Bancorp

 

1,957

 

64

 

CompuCredit * (a)

 

3,112

 

107

 

Consolidated-Tomoka Land

 

943

 

81

 

Corporate Office Properties Trust (REIT)

 

4,349

 

128

 

Correctional Properties Trust (REIT)

 

1,834

 

52

 

 



 

Corus Bankshares

 

2,596

 

144

 

Cousins Properties

 

5,990

 

177

 

Crawford & Company

 

2,143

 

16

 

Credit Acceptance *

 

1,780

 

27

 

Criimi Mae (REIT) *

 

2,340

 

51

 

CRT Properties

 

4,700

 

128

 

CVB Financial

 

7,643

 

150

 

Danielson Holding *

 

14,871

 

181

 

Delphi Financial Group

 

4,121

 

182

 

Delta Financial

 

1,620

 

15

 

DiamondRock Hospitality

 

1,300

 

15

 

Digital Realty Trust

 

1,330

 

23

 

Dime Community Bancshares

 

5,034

 

77

 

Direct General (a)

 

2,640

 

49

 

Donegal Group, Cl A

 

1,400

 

28

 

Doral Financial

 

11,930

 

197

 

EastGroup Properties (REIT)

 

3,501

 

147

 

ECC Capital (REIT) *

 

9,580

 

64

 

Education Realty Trust (REIT) * (a)

 

3,180

 

58

 

E-Loan *

 

8,230

 

27

 

EMC Insurance Group

 

1,018

 

18

 

Encore Capital Group *

 

2,020

 

34

 

Enstar Group *

 

572

 

39

 

Enterprise Financial Services

 

1,160

 

27

 

Entertainment Properties Trust (REIT)

 

4,174

 

192

 

Equity Inns (REIT) (a)

 

8,422

 

112

 

Equity Lifestyle Properties (a)

 

2,836

 

113

 

Equity One (REIT) (a)

 

5,668

 

129

 

eSPEED, Cl A *

 

3,729

 

33

 

EuroBancshares *

 

1,350

 

22

 

Extra Space Storage

 

3,720

 

53

 

F.N.B (a)

 

8,420

 

165

 

F.N.B. - Virginia

 

1,207

 

34

 

Farmers Capital Bank

 

1,005

 

35

 

FBL Financial Group, Cl A

 

2,072

 

57

 

Federal Agricultural Mortgage, Cl C

 

1,406

 

31

 

FelCor Lodging Trust (REIT) *

 

7,505

 

109

 

Fidelity Bankshares

 

3,387

 

90

 

Fieldstone Investment (REIT) *

 

7,752

 

112

 

Financial Federal *

 

2,884

 

111

 

Financial Institutions

 

1,345

 

24

 

First Acceptance *

 

3,410

 

32

 

First Bancorp - North Carolina

 

1,861

 

41

 

First Bancorp of Puerto Rico

 

5,130

 

206

 

First Busey

 

2,214

 

43

 

First Cash Financial Services *

 

1,960

 

42

 

First Charter

 

4,995

 

110

 

First Citizens Bancshares, Cl A

 

1,015

 

147

 

First Commonwealth Financial - Pennsylvania

 

10,483

 

144

 

First Community Bancorp

 

2,175

 

103

 

First Community Bancshares - Nevada

 

1,670

 

54

 

First Financial - Indiana

 

2,258

 

65

 

First Financial Bancorp - Ohio

 

5,284

 

100

 

First Financial Bankshares

 

3,040

 

103

 

First Financial Holdings

 

2,007

 

60

 

First Indiana

 

1,741

 

52

 

First Industrial Realty Trust (REIT)

 

6,644

 

265

 

First Merchants

 

3,090

 

77

 

First Midwest Bancorp (a)

 

6,850

 

241

 

 



 

First Niagara Financial Group (a)

 

19,805

 

289

 

First Oak Brook Bancshares

 

1,121

 

32

 

First Place Financial

 

2,274

 

46

 

First Potomac Realty Trust (REIT) (a)

 

2,470

 

61

 

First Regional Bancorp *

 

360

 

24

 

First Republic Bank - California

 

3,249

 

115

 

First State Bancorp - New Mexico

 

2,548

 

49

 

FirstBank Fractional Shares (b) (c)

 

 

 

FirstFed Financial *

 

2,833

 

169

 

Flagstar Bancorp (a)

 

5,244

 

99

 

Flushing Financial

 

2,824

 

52

 

FPIC Insurance Group *

 

1,340

 

39

 

Franklin Bank *

 

1,770

 

33

 

Fremont General

 

9,740

 

237

 

Frontier Financial

 

4,048

 

102

 

Gabelli Asset Management

 

1,103

 

49

 

Gables Residential Trust (REIT)

 

4,389

 

190

 

GATX (a)

 

7,517

 

259

 

GB&T Bancshares

 

1,707

 

41

 

Getty Realty (REIT)

 

2,929

 

81

 

GFI Group *

 

510

 

18

 

Glacier Bancorp

 

5,110

 

134

 

Gladstone Capital

 

1,582

 

37

 

Glenborough Realty Trust (REIT)

 

4,834

 

100

 

Glimcher Realty Trust (REIT)

 

5,922

 

164

 

GMH Communities Trust

 

4,820

 

67

 

Gold Banc

 

6,686

 

97

 

Government Properties Trust

 

3,220

 

31

 

Gramercy Capital

 

1,570

 

38

 

Great American Financial Resources

 

1,270

 

25

 

Great Southern Bancorp

 

1,726

 

54

 

Greater Bay Bancorp

 

7,678

 

202

 

Greenhill & Company

 

1,590

 

64

 

Hancock Holding

 

4,638

 

160

 

Hanmi Financial

 

4,916

 

82

 

Harbor Florida Bancshares

 

3,474

 

130

 

Harleysville Group

 

2,158

 

45

 

Harleysville National

 

4,428

 

103

 

Harris & Harris Group *

 

2,590

 

31

 

Heartland Financial USA

 

1,660

 

32

 

Heritage Commerce *

 

1,780

 

33

 

Heritage Property Investment Trust (REIT)

 

3,574

 

125

 

Hersha Hospitality Trust

 

3,040

 

29

 

Highland Hospitality

 

5,770

 

60

 

Highwoods Properties (REIT)

 

8,072

 

240

 

Hilb, Rogal & Hobbs (a)

 

5,112

 

176

 

Home Properties (REIT) (a)

 

4,726

 

203

 

HomeBanc

 

7,010

 

64

 

Horace Mann Educators

 

6,807

 

128

 

Horizon Financial

 

1,750

 

39

 

Hudson United Bancorp

 

3,550

 

128

 

IBERIABANK

 

1,050

 

65

 

IMPAC Mortgage Holdings (REIT) (a)

 

11,287

 

211

 

Independence Holdings

 

765

 

13

 

Independent Bank

 

2,457

 

69

 

Independent Bank - Michigan

 

3,097

 

88

 

Infinity Property & Casualty

 

3,449

 

120

 

Inland Real Estate

 

8,100

 

130

 

Innkeepers USA Trust (REIT) (a)

 

6,191

 

92

 

 



 

Integra Bank

 

2,552

 

58

 

Interchange Financial Services

 

2,754

 

51

 

International Securities Exchange *

 

1,690

 

42

 

Investment Technology Group *

 

5,945

 

125

 

Investors Real Estate Trust (REIT)

 

7,096

 

69

 

Irwin Financial

 

2,925

 

65

 

ITLA Capital *

 

888

 

48

 

Jones Lang LaSalle *

 

5,232

 

231

 

Kansas City Life Insurance

 

138

 

7

 

Kearny Financial *

 

3,281

 

39

 

Kilroy Realty (REIT) (a)

 

4,331

 

206

 

Kite Realty Group Trust

 

3,230

 

48

 

KMG America *

 

3,170

 

32

 

KNBT Bancorp

 

5,100

 

77

 

Knight Capital Group * (a)

 

16,111

 

123

 

LaBranche *

 

8,830

 

56

 

Lakeland Bancorp

 

2,862

 

45

 

Lakeland Financial

 

972

 

40

 

LandAmerica Financial Group

 

2,918

 

173

 

Lasalle Hotel Properties (REIT)

 

4,918

 

161

 

Lexington Corporate Properties Trust (REIT)

 

8,039

 

195

 

LTC Properties (REIT)

 

2,458

 

51

 

Luminent Mortgage Capital

 

6,090

 

66

 

Macatawa Bank

 

1,659

 

58

 

MAF Bancorp

 

3,953

 

169

 

Maguire Properties

 

5,670

 

161

 

Main Street Banks

 

2,471

 

63

 

MainSource Financial Group

 

1,633

 

30

 

MarketAxess Holdings *

 

3,460

 

39

 

Marlin Business Services *

 

990

 

20

 

MB Financial

 

3,217

 

128

 

MBT Financial

 

2,408

 

46

 

MCG Capital

 

5,531

 

94

 

Mercantile Bank

 

1,201

 

53

 

MeriStar Hospitality (REIT) *

 

13,121

 

113

 

Metris *

 

8,750

 

127

 

MFA Mortgage Investments (REIT) (a)

 

13,238

 

99

 

Mid-America Apartment Communities (REIT)

 

2,243

 

102

 

Midland

 

1,512

 

53

 

Mid-State Bancshares

 

3,932

 

109

 

Midwest Banc Holdings

 

1,799

 

35

 

MoneyGram International

 

12,560

 

240

 

MortgageIT Holdings

 

2,430

 

44

 

Nara Bancorp

 

3,068

 

45

 

NASB Financial

 

510

 

22

 

Nasdaq Stock Market *

 

6,690

 

126

 

National Financial Partners

 

5,480

 

214

 

National Health Investors (REIT)

 

3,641

 

102

 

National Interstate *

 

40

 

1

 

National Penn Bancshares

 

5,742

 

143

 

National Western Life Insurance, Cl A *

 

361

 

70

 

Nationwide Health Properties (REIT)

 

10,059

 

237

 

Navigators Group *

 

1,432

 

50

 

NBT Bancorp

 

4,865

 

115

 

NetB@nk

 

7,741

 

72

 

NewAlliance Bancshares

 

14,530

 

204

 

Newcastle Investment (REIT)

 

6,039

 

182

 

Northern Empire Bancshares *

 

1,200

 

37

 

Northstar Realty Finance

 

2,870

 

30

 

 



 

Northwest Bancorp

 

3,149

 

67

 

NovaStar Financial (REIT) (a)

 

3,952

 

155

 

OceanFirst Financial

 

1,493

 

34

 

Ocwen Financial *

 

6,070

 

41

 

Ohio Casualty *

 

10,072

 

244

 

Old National Bancorp

 

10,243

 

219

 

Old Second Bancorp

 

2,236

 

65

 

Omega Financial

 

1,905

 

59

 

OMEGA Healthcare Investors (REIT)

 

8,026

 

103

 

optionsXpress Holdings *

 

3,440

 

52

 

Oriental Financial Group

 

3,241

 

49

 

Origen Financial

 

1,370

 

10

 

Orleans Homebuilders *

 

396

 

9

 

Pacific Capital Bancorp

 

7,586

 

281

 

Park National

 

1,820

 

201

 

Parkway Properties (REIT)

 

1,871

 

94

 

Partners Trust Financial Group

 

5,159

 

55

 

Peapack-Gladstone Financial

 

1,209

 

33

 

PennFed Financial Services

 

1,452

 

25

 

PennRock Financial Savings

 

1,283

 

46

 

Pennsylvania (REIT) (a)

 

5,245

 

249

 

Pennsylvania Commerce Bancorp *

 

660

 

22

 

Peoples Bancorp - Ohio

 

1,401

 

37

 

PFF Bancorp

 

3,105

 

94

 

Phoenix Companies

 

14,287

 

170

 

Pinnacle Financial Partners *

 

1,090

 

26

 

Piper Jaffray Companies *

 

3,310

 

101

 

Placer Sierra Bancshares

 

970

 

26

 

PMA Capital *

 

4,509

 

40

 

Post Properties (REIT)

 

6,348

 

229

 

Premierwest Bancorp *

 

1,970

 

29

 

Prentiss Properties Trust (REIT)

 

6,779

 

247

 

Presidential Life

 

3,553

 

61

 

PrivateBancorp

 

2,742

 

97

 

ProAssurance *

 

4,298

 

179

 

Prosperity Bancshares

 

2,766

 

79

 

Provident Bankshares

 

4,940

 

158

 

Provident Financial Holdings

 

842

 

24

 

Provident Financial Services

 

11,646

 

205

 

Provident New York Bancorp

 

6,091

 

74

 

PS Business Parks (REIT) (a)

 

2,629

 

117

 

QC Holdings *

 

830

 

12

 

R&G Financial

 

4,641

 

82

 

RAIT Investment Trust (REIT)

 

3,837

 

115

 

Ramco-Gershenson Properties Trust (REIT)

 

2,376

 

70

 

Redwood Trust (REIT) (a)

 

2,962

 

153

 

Renasant

 

1,497

 

46

 

Republic Bancorp

 

10,595

 

159

 

Republic Bancorp, Cl A - Kentucky

 

1,426

 

31

 

RLI

 

3,733

 

166

 

Rockville Financial *

 

1,310

 

16

 

S&T Bancorp

 

3,952

 

143

 

Safety Insurance Group

 

1,669

 

56

 

Sanders Morris Harris Group

 

2,010

 

35

 

Sandy Spring Bancorp

 

2,422

 

85

 

Santander Bancorp

 

876

 

22

 

Saul Centers (REIT)

 

2,191

 

80

 

Saxon Capital

 

8,190

 

140

 

SCBT Financial

 

1,353

 

43

 

 



 

SeaBright Insurance Holdings *

 

1,210

 

14

 

Seacoast Banking

 

1,932

 

38

 

Security Bank

 

1,556

 

36

 

Selective Insurance Group

 

4,597

 

228

 

Senior Housing Properties Trust (REIT) (a)

 

8,946

 

169

 

Sierra Bancorp

 

550

 

12

 

Signature Bank *

 

1,040

 

25

 

Simmons First National, Cl A

 

2,449

 

66

 

Sizeler Property Investors (REIT)

 

2,770

 

37

 

Southside Bancshares

 

1,635

 

34

 

Southwest Bancorp - Oklahoma

 

1,784

 

37

 

Sovran Self Storage (REIT)

 

2,481

 

113

 

Spirit Finance (a)

 

10,610

 

125

 

State Auto Financial

 

2,248

 

70

 

State Bancorp

 

1,350

 

31

 

State Financial Services, Cl A

 

962

 

39

 

Sterling Bancorp

 

2,696

 

58

 

Sterling Bancshares (a)

 

7,474

 

116

 

Sterling Financial - Pennsylvania

 

4,483

 

96

 

Sterling Financial - Washington *

 

3,784

 

142

 

Stewart Information Services

 

2,840

 

119

 

Stifel Financial *

 

1,206

 

29

 

Strategic Hotel Capital

 

4,480

 

81

 

Suffolk Bancorp

 

1,816

 

59

 

Summit Financial Group

 

770

 

25

 

Sun Bancorp - New Jersey *

 

1,698

 

35

 

Sun Communities (REIT)

 

2,428

 

90

 

Sunstone Hotel Investors *

 

3,280

 

80

 

Susquehanna Bancshares

 

6,993

 

172

 

SVB Financial Group * (a)

 

5,325

 

255

 

SWS Group

 

2,541

 

44

 

SY Bancorp

 

1,976

 

45

 

Tanger Factory Outlet Centers (REIT)

 

4,540

 

122

 

Tarragon Realty Investors * (a)

 

1,779

 

45

 

Taubman Centers (REIT)

 

7,607

 

259

 

Taylor Capital Group

 

646

 

25

 

Tejon Ranch *

 

1,267

 

65

 

Texas Capital Bancshares * (a)

 

3,540

 

70

 

Texas Regional Bancshares, Cl A

 

6,852

 

209

 

TierOne

 

3,101

 

84

 

Tompkins Trustco

 

1,278

 

55

 

Tower Group

 

2,520

 

39

 

Town & Country Trust (REIT) (a)

 

2,910

 

83

 

Tradestation Group *

 

3,131

 

27

 

Trammell Crow *

 

5,464

 

132

 

Triad Guaranty * (a)

 

1,559

 

79

 

TriCo Bancshares

 

1,870

 

42

 

TrustCo Bank Corporation of New York

 

12,217

 

160

 

Trustmark

 

7,090

 

207

 

Trustreet Properties (REIT)

 

8,962

 

149

 

UCBH Holdings

 

12,080

 

196

 

UICI * (a)

 

5,753

 

171

 

UMB Financial

 

2,519

 

144

 

Umpqua Holdings

 

7,295

 

172

 

Union Bankshares

 

1,448

 

56

 

United Bankshares

 

5,610

 

200

 

United Community Banks

 

4,746

 

123

 

United Community Financial

 

4,503

 

49

 

United Fire & Casualty

 

2,408

 

107

 

 



 

United PanAm Financial *

 

774

 

21

 

United Security Bancshares

 

870

 

27

 

Universal American Financial * (a)

 

4,453

 

101

 

Universal Health Realty Income Trust (REIT)

 

1,958

 

75

 

Univest Corporation of Pennsylvania

 

1,905

 

57

 

Unizan Financial

 

3,628

 

97

 

Urstadt Biddle Properties, Cl A (REIT)

 

3,514

 

61

 

USB Holding

 

1,886

 

44

 

USB Holding Company Fractional Share (b) (c)

 

 

 

USI Holdings *

 

5,879

 

76

 

U-Store-It-Trust

 

4,700

 

90

 

Vineyard National Bancorp

 

1,170

 

37

 

Virginia Commerce Bancorp *

 

1,420

 

35

 

Virginia Financial Group

 

1,199

 

42

 

W Holding Company

 

14,060

 

144

 

Waddell & Reed Financial

 

9,870

 

183

 

Washington Real Estate Investment Trust (REIT)

 

6,967

 

217

 

Washington Trust Bancorp

 

2,203

 

61

 

WesBanco

 

3,146

 

94

 

West Bancorp

 

2,815

 

53

 

West Coast Bancorp - Oregon

 

2,507

 

61

 

Westamerica Bancorporation

 

4,070

 

215

 

Western Sierra Bancorp *

 

1,072

 

36

 

Westfield Financial

 

540

 

13

 

Wilshire Bancorp

 

2,310

 

33

 

Winston Hotels (REIT)

 

3,870

 

44

 

Wintrust Financial

 

3,535

 

185

 

World Acceptance *

 

2,684

 

81

 

WSFS Financial

 

1,001

 

55

 

Yardville National Bancorp

 

1,454

 

52

 

Zenith National Insurance (a)

 

1,774

 

120

 

ZipRealty *

 

770

 

10

 

 

 

 

 

38,676

 

Health Care - 12.5%

 

 

 

 

 

Aastrom Biosciences * (a)

 

15,270

 

48

 

Abaxis *

 

2,910

 

32

 

Abgenix * (a)

 

13,347

 

115

 

ABIOMED *

 

2,540

 

22

 

Acadia Pharmaceuticals *

 

2,450

 

21

 

Adeza Biomedical *

 

630

 

11

 

Adolor *

 

6,371

 

59

 

Advanced Neuromodulation Systems *

 

3,299

 

131

 

Advisory Board * (a)

 

2,948

 

144

 

Albany Molecular Research *

 

3,875

 

54

 

Alderwoods Group *

 

6,671

 

96

 

Alexion Pharmaceuticals *

 

4,442

 

102

 

Align Technology *

 

8,687

 

64

 

Alkermes * (a)

 

13,708

 

181

 

Alliance Imaging *

 

2,104

 

22

 

Allied Healthcare International *

 

4,560

 

32

 

Allscripts Healthcare Solutions * (a)

 

4,570

 

76

 

Alpharma, Cl A

 

6,423

 

93

 

AMEDISYS * (a)

 

2,160

 

79

 

America Service Group *

 

1,770

 

28

 

American Dental Partners *

 

1,190

 

29

 

American Healthways * (a)

 

4,752

 

201

 

American Medical Systems *

 

9,106

 

188

 

American Retirement *

 

4,150

 

61

 

AMICAS *

 

6,740

 

31

 

 



 

AMN Healthcare Services *

 

1,915

 

29

 

Amsurg, Cl A * (a)

 

4,968

 

138

 

Amylin Pharmaceuticals * (a)

 

15,630

 

327

 

Analogic

 

1,879

 

95

 

Andrx Group *

 

10,980

 

223

 

Angiodynamics *

 

350

 

8

 

Animas *

 

1,050

 

21

 

Antigenetics * (a)

 

4,236

 

23

 

Applera *

 

11,059

 

121

 

Apria Healthcare Group *

 

7,350

 

255

 

Arena Pharmaceuticals *

 

5,290

 

36

 

Ariad Pharmaceuticals *

 

8,724

 

58

 

Arqule *

 

4,730

 

31

 

Array Biopharma *

 

5,340

 

34

 

Arrow International

 

3,086

 

98

 

Arthrocare *

 

3,507

 

123

 

Aspect Medical Systems *

 

2,047

 

61

 

AtheroGenics * (a)

 

6,080

 

97

 

AVANIR Pharmaceuticals *

 

16,130

 

45

 

Barrier Therapeutics *

 

1,350

 

11

 

Bentley Pharmaceuticals *

 

2,565

 

28

 

Beverly Enterprises *

 

16,934

 

216

 

Bioenvision *

 

5,070

 

37

 

BioMarin Pharmaceutical *

 

10,744

 

80

 

Bio-Rad Laboratories, Cl A *

 

2,900

 

172

 

Bio-Reference Labs *

 

1,400

 

19

 

BioScrip *

 

5,540

 

33

 

Biosite *

 

2,158

 

119

 

Bone Care International *

 

2,607

 

86

 

Bruker BioSciences *

 

3,570

 

14

 

Caliper Life Sciences *

 

4,110

 

23

 

Candela *

 

3,208

 

34

 

Cantel Medical *

 

1,690

 

28

 

Caraco Pharmaceutical Laboratories *

 

1,510

 

13

 

Cell Genesys * (a)

 

7,457

 

40

 

Cell Therapeutics * (a)

 

10,266

 

28

 

Centene *

 

6,652

 

223

 

Cepheid *

 

6,965

 

51

 

Chemed

 

3,974

 

162

 

CNS

 

2,120

 

48

 

Computer Programs & Systems

 

1,089

 

41

 

CONMED *

 

4,886

 

150

 

Connetics * (a)

 

5,160

 

91

 

Conor Medsystems *

 

1,330

 

20

 

Corixa *

 

10,013

 

44

 

Corvel *

 

1,056

 

27

 

Cotherix *

 

1,880

 

19

 

Cross Country Healthcare *

 

3,833

 

65

 

Cubist Pharmaceuticals *

 

8,163

 

108

 

CuraGen * (a)

 

7,184

 

37

 

Curis *

 

7,970

 

31

 

CV Therapeutics * (a)

 

5,899

 

132

 

Cyberonics *

 

3,149

 

137

 

Cypress Biosciences *

 

4,900

 

65

 

Datascope

 

1,916

 

64

 

deCODE Genetics *

 

8,010

 

75

 

Dendreon * (a)

 

9,483

 

50

 

Dendrite International *

 

5,924

 

82

 

DexCom *

 

700

 

9

 

 



 

Diagnostic Products

 

3,638

 

172

 

Digene * (a)

 

2,342

 

65

 

Discovery Laboratories *

 

8,889

 

65

 

Diversa *

 

3,947

 

21

 

DJ Orthopedics *

 

2,982

 

82

 

DOV Pharmaceutical *

 

3,416

 

64

 

Durect * (a)

 

5,064

 

26

 

DUSA Pharmaceuticals *

 

2,500

 

23

 

Eclipsys *

 

5,991

 

84

 

Emageon *

 

1,310

 

18

 

Encore Medical * (a)

 

6,280

 

35

 

Encysive Pharmaceuticals * (a)

 

9,366

 

101

 

Enzo Biochem *

 

4,228

 

76

 

Enzon *

 

7,197

 

47

 

EPIX Medical *

 

3,807

 

34

 

eResearch Technology *

 

7,303

 

98

 

Exelixis *

 

10,959

 

81

 

Eyetech Pharmaceuticals *

 

5,080

 

64

 

First Horizon Pharmaceutical *

 

4,380

 

83

 

FoxHollow Technologies * (a)

 

1,930

 

74

 

Genesis HealthCare *

 

2,975

 

138

 

Genitope *

 

3,580

 

46

 

Gentiva Health Services *

 

3,843

 

69

 

Geron * (a)

 

9,014

 

70

 

GTx *

 

910

 

9

 

Haemonetics *

 

3,361

 

137

 

HealthExtras *

 

3,119

 

63

 

HealthTronics *

 

5,080

 

66

 

Hi-Tech Pharmacal *

 

770

 

25

 

Hologic *

 

3,483

 

138

 

Hooper Holmes

 

9,553

 

40

 

Horizon Health *

 

790

 

18

 

Human Genome Sciences *

 

19,590

 

227

 

ICOS *

 

8,760

 

185

 

ICU Medical *

 

1,761

 

57

 

Idenix Pharmaceuticals *

 

980

 

21

 

IDX Systems *

 

3,403

 

103

 

I-Flow *

 

3,030

 

50

 

Illumina *

 

4,850

 

59

 

Immucor * (a)

 

7,342

 

213

 

ImmunoGen *

 

6,107

 

35

 

Impax Laboratories *

 

7,635

 

120

 

Incyte *

 

11,375

 

81

 

Inspire Pharmaceuticals *

 

6,759

 

57

 

Integra LifeSciences * (a)

 

3,388

 

99

 

InterMune *

 

4,787

 

62

 

IntraLase *

 

1,290

 

25

 

Introgen Therapeutics *

 

2,760

 

18

 

Intuitive Surgical *

 

5,503

 

257

 

Invacare

 

4,309

 

191

 

Inverness Medical Innovations *

 

2,240

 

61

 

IRIS International *

 

2,460

 

44

 

Isis Pharmaceuticals *

 

8,646

 

34

 

Ista Pharmaceuticals *

 

1,760

 

15

 

Kensey Nash *

 

1,588

 

48

 

Keryx Biopharmaceuticals *

 

3,610

 

48

 

Kindred Healthcare *

 

4,326

 

171

 

K-V Pharmaceutical, Cl A * (a)

 

5,957

 

100

 

Kyphon *

 

3,880

 

135

 

 



 

LabOne * (a)

 

2,798

 

111

 

Laserscope * (a)

 

3,021

 

125

 

LCA-Vision

 

2,750

 

133

 

Lexicon Genetics *

 

10,568

 

52

 

LifeCell *

 

4,740

 

75

 

Lifeline Systems *

 

1,852

 

59

 

Ligand Pharmaceuticals * (a)

 

12,133

 

84

 

Luminex *

 

4,475

 

44

 

Magellan Health Services *

 

4,420

 

156

 

MannKind *

 

2,160

 

22

 

Marshall Edwards * (a)

 

1,200

 

9

 

Martek Biosciences * (a)

 

4,710

 

179

 

Matria Healthcare *

 

2,580

 

83

 

Matthews International, Cl A

 

5,283

 

206

 

Maxygen *

 

3,755

 

26

 

Medarex *

 

17,104

 

142

 

MedCath *

 

1,010

 

28

 

Medicines * (a)

 

7,834

 

183

 

Medicis Pharmaceutical, Cl A (a)

 

7,710

 

245

 

Mentor (a)

 

4,562

 

189

 

Merge Technologies *

 

1,830

 

34

 

Meridian Bioscience

 

1,680

 

32

 

Merit Medical Systems *

 

3,910

 

60

 

MGI Pharma *

 

10,000

 

218

 

Micro Therapeutics *

 

1,961

 

8

 

Mine Safety Appliances

 

3,876

 

179

 

Molecular Devices *

 

2,600

 

56

 

Molina Healthcare *

 

1,730

 

77

 

Momenta Pharmaceuticals *

 

1,020

 

20

 

Myogen *

 

3,180

 

22

 

Myriad Genetics *

 

5,033

 

79

 

NABI Biopharmaceuticals *

 

9,451

 

144

 

Nanogen *

 

7,970

 

31

 

Nastech Pharmaceutical *

 

2,700

 

38

 

National Healthcare *

 

1,123

 

40

 

NDCHealth *

 

5,918

 

106

 

Nektar Therapeutics *

 

12,740

 

215

 

NeoPharm *

 

2,872

 

29

 

Neurocrine Biosciences * (a)

 

4,980

 

209

 

Neurogen *

 

4,170

 

28

 

Neurometrix *

 

860

 

17

 

New River Pharmaceuticals *

 

910

 

27

 

Nitromed *

 

2,470

 

48

 

Northfield Laboratories *

 

3,880

 

56

 

Noven Pharmaceuticals *

 

3,898

 

68

 

NPS Pharmaceuticals *

 

6,112

 

69

 

NuVasive *

 

1,290

 

21

 

Nuvelo *

 

6,089

 

47

 

OCA * (a)

 

7,046

 

13

 

Occulogix *

 

1,410

 

12

 

Odyssey Healthcare *

 

5,725

 

83

 

Onyx Pharmaceuticals * (a)

 

5,297

 

126

 

Option Care *

 

3,315

 

47

 

OraSure Technologies *

 

6,624

 

66

 

Orchid Cellmark *

 

3,670

 

40

 

Owens & Minor

 

5,478

 

177

 

Pain Therapeutics *

 

5,347

 

36

 

PainCare Holdings *

 

6,480

 

28

 

Palomar Medical Technologies * (a)

 

2,540

 

61

 

 



 

Par Pharmaceutical Companies * (a)

 

5,620

 

179

 

PAREXEL International * (a)

 

4,291

 

85

 

Pediatrix Medical Group * (a)

 

3,437

 

253

 

Penwest Pharmaceuticals *

 

3,263

 

39

 

Perrigo

 

12,353

 

172

 

Per-Se Technologies *

 

3,653

 

77

 

Pharmion *

 

3,680

 

85

 

PolyMedica

 

4,386

 

156

 

POZEN *

 

4,002

 

33

 

PRA International *

 

1,380

 

37

 

Priority Healthcare, Cl B *

 

4,818

 

122

 

Progenics Pharmaceutical *

 

1,965

 

41

 

PSS World Medical *

 

11,251

 

140

 

Psychiatric Solutions *

 

2,680

 

131

 

Radiation Therapy Services *

 

1,180

 

31

 

Regeneron Pharmaceutical *

 

6,330

 

53

 

RehabCare Group *

 

2,705

 

72

 

Renovis *

 

2,900

 

44

 

Res-Care *

 

2,910

 

39

 

Rigel Pharmaceuticals *

 

2,280

 

45

 

Salix Pharmaceuticals * (a)

 

6,005

 

106

 

Savient Pharmaceuticals *

 

9,120

 

40

 

Seattle Genetics *

 

5,207

 

28

 

Senomyx *

 

3,160

 

52

 

Serologicals *

 

5,220

 

111

 

SFBC International *

 

2,324

 

90

 

Somanetics *

 

1,530

 

34

 

SonoSite * (a)

 

2,456

 

76

 

Specialty Laboratories *

 

1,331

 

11

 

StemCells * (a)

 

9,380

 

39

 

Stereotaxis *

 

900

 

7

 

STERIS *

 

11,470

 

296

 

Stewart Enterprises, Cl A *

 

16,754

 

110

 

Stratagene *

 

1,110

 

10

 

Sunrise Senior Living * (a)

 

2,660

 

144

 

SuperGen *

 

8,300

 

41

 

SurModics *

 

2,367

 

103

 

Sybron Dental Specialties * (a)

 

6,329

 

238

 

Symbion *

 

1,790

 

43

 

Symmetry Medical *

 

1,340

 

32

 

Tanox *

 

3,962

 

46

 

Telik *

 

7,928

 

129

 

Tercica *

 

950

 

8

 

Thoratec *

 

7,364

 

113

 

Transkaryotic Therapies * (a)

 

4,338

 

159

 

Trimeris *

 

2,604

 

26

 

TriPath Imaging *

 

4,594

 

39

 

TriZetto Group *

 

5,242

 

73

 

U.S. Physical Therapy *

 

1,780

 

34

 

United Surgical Partners *

 

4,612

 

240

 

United Therapeutics * (a)

 

3,184

 

153

 

Varian * (a)

 

5,121

 

194

 

Ventana Medical Systems *

 

4,496

 

181

 

Ventiv Health *

 

3,210

 

62

 

Vertex Pharmaceuticals *

 

14,245

 

240

 

ViaCell *

 

1,260

 

13

 

Viasys Healthcare *

 

5,058

 

114

 

Vicuron Pharmaceuticals * (a)

 

8,432

 

235

 

ViroLogic *

 

18,240

 

45

 

 



 

VistaCare, Cl A *

 

1,502

 

28

 

Vital Images * (a)

 

1,840

 

33

 

Vital Signs

 

951

 

41

 

VNUS Medical Technologies *

 

910

 

11

 

WellCare Group * (a)

 

2,220

 

79

 

West Pharmaceutical Services

 

4,872

 

137

 

Wilson Greatbatch Technologies *

 

3,569

 

85

 

Wright Medical Group *

 

4,431

 

118

 

Young Innovations

 

780

 

29

 

Zoll Medical *

 

1,539

 

39

 

ZymoGenetics *

 

3,237

 

57

 

 

 

 

 

22,127

 

Industrials - 14.2%

 

 

 

 

 

3D Systems *

 

1,820

 

44

 

A.O. Smith

 

2,734

 

73

 

A.S.V. *

 

1,302

 

53

 

AAON *

 

1,459

 

26

 

AAR *

 

5,377

 

84

 

ABM Industries

 

6,167

 

120

 

ABX Air *

 

8,760

 

71

 

Accuride *

 

1,650

 

18

 

Actuant, Cl A *

 

4,404

 

211

 

Acuity Brands

 

6,996

 

180

 

Administaff *

 

2,947

 

70

 

AGCO *

 

12,780

 

244

 

AirTran Holdings * (a)

 

13,820

 

128

 

Alamo Group

 

920

 

17

 

Alaska Air Group * (a)

 

4,075

 

121

 

Albany International, Cl A

 

4,377

 

141

 

Amerco *

 

1,550

 

83

 

America West Holdings, Cl B * (a)

 

5,858

 

35

 

American Ecology

 

1,810

 

32

 

American Reprographics *

 

950

 

15

 

American Science & Engineering *

 

1,230

 

55

 

American Superconductor *

 

4,160

 

38

 

American Woodmark

 

1,784

 

54

 

Ameron International

 

1,373

 

51

 

Angelica

 

1,489

 

36

 

Apogee Enterprises

 

4,582

 

70

 

Applied Industrial Technology

 

4,285

 

138

 

Applied Signal Technology

 

1,656

 

32

 

ARGON ST *

 

1,310

 

47

 

Arkansas Best

 

3,616

 

115

 

Armor Holdings * (a)

 

4,813

 

191

 

Artesyn Technologies * (a)

 

5,736

 

50

 

Asset Acceptance Capital *

 

1,310

 

34

 

Astec Industries *

 

2,301

 

53

 

Aviall *

 

4,245

 

134

 

Badger Meter

 

840

 

35

 

Baldor Electric

 

5,037

 

122

 

Banta

 

3,802

 

172

 

Barnes Group

 

2,514

 

83

 

BE Aerospace *

 

9,220

 

144

 

Beacon Roofing Supply *

 

2,300

 

60

 

BlueLinx Holdings

 

980

 

10

 

Bowne & Company

 

5,842

 

84

 

Brady, Cl A (a)

 

6,050

 

188

 

Briggs & Stratton

 

6,420

 

222

 

Bright Horizons Family Solutions *

 

4,330

 

176

 

 



 

Bucyrus International

 

2,580

 

98

 

C&D Technologies

 

4,216

 

39

 

Cascade

 

1,776

 

77

 

Casella Waste Systems *

 

3,279

 

39

 

CDI

 

1,127

 

25

 

Central Parking

 

3,089

 

42

 

Century Business Services *

 

10,541

 

43

 

Cenveo *

 

7,360

 

56

 

Ceradyne *

 

3,994

 

96

 

Circor International

 

2,564

 

63

 

CLARCOR

 

8,314

 

243

 

Clean Harbors *

 

2,530

 

55

 

Coinstar *

 

4,058

 

92

 

Color Kinetics *

 

670

 

7

 

Comfort Systems USA *

 

6,420

 

42

 

Commercial Vehicle Group *

 

1,650

 

29

 

COMSYS IT Partners *

 

1,890

 

32

 

Consolidated Graphics *

 

1,697

 

69

 

Continental Airlines, Cl B *

 

10,001

 

133

 

Corrections Corporation of America *

 

5,871

 

230

 

CoStar Group *

 

2,676

 

117

 

Covenant Transport, Cl A *

 

1,453

 

19

 

CRA International *

 

1,699

 

91

 

Crane

 

6,630

 

174

 

Cubic

 

2,610

 

46

 

CUNO *

 

2,746

 

196

 

Curtiss-Wright

 

3,436

 

185

 

Delta Air Lines * (a)

 

20,170

 

76

 

DiamondCluster, Cl A *

 

3,900

 

44

 

Dollar Thrifty Automotive *

 

3,885

 

148

 

DRS Technologies *

 

3,954

 

203

 

Duratek *

 

1,700

 

39

 

Dycom Industries * (a)

 

7,323

 

145

 

Dynamex *

 

1,740

 

30

 

Dynamic Materials

 

410

 

16

 

EDO

 

2,611

 

78

 

Educate *

 

2,990

 

42

 

EGL *

 

6,469

 

131

 

Electro Rent *

 

3,005

 

44

 

ElkCorp

 

3,292

 

94

 

EMCOR Group *

 

2,328

 

114

 

Encore Wire *

 

2,644

 

31

 

Energy Conversion Devices * (a)

 

3,469

 

78

 

EnerSys * (a)

 

5,360

 

73

 

Engineered Support Systems

 

5,571

 

200

 

Ennis Business Forms

 

4,271

 

77

 

EnPro Industries *

 

3,456

 

100

 

ESCO Technologies *

 

1,901

 

192

 

Essex *

 

2,690

 

62

 

Esterline Technologies *

 

3,758

 

151

 

Evergreen Solar *

 

5,920

 

38

 

Exponent *

 

1,000

 

29

 

ExpressJet Holdings * (a)

 

6,366

 

54

 

Federal Signal

 

8,026

 

125

 

Flanders *

 

2,180

 

20

 

Florida East Coast Industries, Cl A

 

3,779

 

164

 

Flowserve *

 

8,290

 

251

 

Forward Air * (a)

 

5,299

 

150

 

Franklin Electric

 

2,642

 

102

 

 



 

Freightcar America *

 

2,290

 

45

 

Frontier Airlines *

 

5,929

 

61

 

Frozen Food Express Industries *

 

2,250

 

25

 

FTI Consulting * (a)

 

6,985

 

146

 

FuelCell Energy * (a)

 

6,930

 

71

 

G&K Services, Cl A

 

2,561

 

97

 

Gardner Denver *

 

3,508

 

123

 

Gehl Company *

 

1,010

 

39

 

GenCorp *

 

7,938

 

153

 

General Binding *

 

1,001

 

22

 

General Cable *

 

6,449

 

96

 

Genesee & Wyoming, Cl A *

 

2,966

 

81

 

Genlyte Group * (a)

 

3,982

 

194

 

Geo Group *

 

1,382

 

35

 

GEVITY HR

 

3,952

 

79

 

Global Power Equipment Group * (a)

 

5,645

 

45

 

Gorman-Rupp

 

1,543

 

33

 

Granite Construction

 

5,465

 

154

 

Greenbrier Companies *

 

947

 

26

 

Greg Manning Auctions * (a)

 

840

 

10

 

Griffon * (a)

 

4,069

 

90

 

Healthcare Services Group

 

3,945

 

79

 

Heartland Express

 

7,447

 

145

 

HEICO

 

3,252

 

76

 

Heidrick & Struggles International *

 

2,790

 

73

 

Herley Industries *

 

1,910

 

35

 

Hexcel *

 

6,004

 

102

 

Hub Group *

 

2,550

 

64

 

Hudson Highland Group *

 

3,330

 

52

 

Hughes Supply

 

9,110

 

256

 

Huron Consulting Group *

 

940

 

22

 

Huttig Building Products *

 

2,110

 

23

 

II-VI * (a)

 

3,738

 

69

 

IKON Office Solutions

 

14,990

 

143

 

Imagistics International *

 

2,781

 

78

 

Innovative Solutions and Support *

 

1,160

 

39

 

Insituform Technologies, Cl A *

 

4,458

 

71

 

Interline Brands *

 

2,090

 

41

 

Intermagnetics General *

 

4,586

 

141

 

Interpool

 

1,220

 

26

 

Ionatron *

 

3,620

 

31

 

Jackson Hewitt Tax Service

 

6,180

 

146

 

Jacuzzi Brands *

 

12,579

 

135

 

JLG Industries (a)

 

7,920

 

218

 

John H. Harland

 

4,625

 

176

 

Kadant *

 

2,383

 

52

 

Kaman

 

3,402

 

61

 

Kansas City Southern Industries *

 

12,310

 

248

 

Kaydon (a)

 

4,633

 

129

 

Kelly Services, Cl A

 

2,866

 

82

 

Kennametal (a)

 

5,690

 

261

 

Kforce *

 

4,260

 

36

 

Kirby *

 

3,610

 

163

 

Knight Transportation *

 

6,012

 

146

 

Knoll *

 

640

 

11

 

Korn/Ferry International * (a)

 

5,216

 

93

 

LaBarge *

 

1,510

 

27

 

Labor Ready *

 

6,792

 

158

 

Lawson Products

 

830

 

32

 

 



 

Layne Christensen *

 

1,640

 

33

 

Learning Tree International *

 

1,465

 

18

 

LECG *

 

2,180

 

46

 

Lennox International

 

7,396

 

157

 

Lincoln Electric Holdings

 

5,524

 

183

 

Lindsay Manufacturing

 

1,895

 

45

 

LSI Industries

 

3,292

 

46

 

Manitowoc (a)

 

4,924

 

202

 

Marten Transport *

 

1,530

 

32

 

MascoTech Escrow Shares (b)

 

9,571

 

 

MasTec *

 

3,917

 

34

 

McGrath Rentcorp

 

3,218

 

76

 

Medis Technologies * (a)

 

2,167

 

36

 

Mercury Computer Systems * (a)

 

3,541

 

97

 

Mesa Air Group * (a)

 

5,292

 

36

 

Middleby *

 

610

 

32

 

Mobile Mini *

 

2,400

 

83

 

Moog, Cl A *

 

5,077

 

160

 

MTC Technologies *

 

1,204

 

44

 

Mueller Industries

 

5,721

 

155

 

NACCO Industries, Cl A

 

785

 

84

 

Navigant Consulting *

 

7,618

 

135

 

NCI Building Systems * (a)

 

3,255

 

107

 

NCO Group * (a)

 

4,507

 

97

 

Nordson

 

4,431

 

152

 

Northwest Airlines * (a)

 

12,924

 

59

 

NuCo2 *

 

1,380

 

35

 

Odyssey Marine Exploration *

 

5,360

 

27

 

Old Dominion Freight Lines *

 

2,750

 

74

 

Orbital Sciences *

 

8,694

 

86

 

Overnite

 

4,000

 

172

 

Pacer International *

 

4,590

 

100

 

Perini *

 

1,716

 

28

 

PHH *

 

7,000

 

180

 

Pico Holdings *

 

1,336

 

40

 

Pinnacle Airlines *

 

3,240

 

28

 

Plug Power * (a)

 

8,085

 

55

 

Portfolio Recovery Associates *

 

2,023

 

85

 

Powell Industries *

 

1,137

 

21

 

Power-One *

 

10,490

 

66

 

Pre-Paid Legal Services * (a)

 

1,634

 

73

 

PRG-Schultz International *

 

6,840

 

19

 

Quanta Services * (a)

 

15,561

 

137

 

RailAmerica *

 

6,137

 

73

 

Raven Industries

 

2,588

 

61

 

Regal-Beloit (a)

 

3,673

 

107

 

Reliance Steel & Aluminum

 

4,306

 

160

 

Republic Airways Holdings *

 

830

 

12

 

Resources Connection * (a)

 

7,592

 

176

 

Robbins & Myers

 

1,811

 

39

 

Rollins

 

4,885

 

98

 

Rush Enterprises *

 

3,100

 

41

 

Schawk

 

1,511

 

38

 

School Specialty *

 

3,717

 

173

 

SCS Transportation *

 

2,481

 

44

 

Sequa, Cl A *

 

1,036

 

69

 

Shaw Group * (a)

 

12,482

 

268

 

SI International *

 

1,100

 

33

 

Simpson Manufacturing

 

6,028

 

184

 

 



 

SIRVA *

 

3,520

 

30

 

SkyWest

 

8,679

 

158

 

Sotheby’s Holdings, Cl A *

 

6,122

 

84

 

SOURCECORP *

 

2,692

 

53

 

Spherion *

 

10,076

 

66

 

Standard Register

 

1,973

 

31

 

Standex International

 

1,969

 

56

 

Stewart & Stevenson Services

 

4,795

 

109

 

Strayer Education (a)

 

2,427

 

209

 

Sun Hydraulics

 

670

 

24

 

Sypris Solutions

 

1,128

 

14

 

Tecumseh Products, Cl A

 

2,678

 

73

 

Teledyne Technologies *

 

5,420

 

177

 

Teletech Holdings *

 

6,279

 

51

 

Tennant

 

1,103

 

39

 

Tetra Tech *

 

9,182

 

124

 

The Providence Service *

 

1,420

 

35

 

Thomas Industries

 

2,423

 

97

 

Titan International (a)

 

1,950

 

27

 

Tredegar

 

4,619

 

72

 

Trex *

 

1,718

 

44

 

Trinity Industries (a)

 

6,125

 

196

 

Triumph Group *

 

2,642

 

92

 

TRM *

 

1,620

 

27

 

TurboChef Technologies *

 

1,920

 

34

 

U.S. Xpress Enterprises *

 

974

 

12

 

UAP Holding *

 

4,630

 

77

 

Ultralife Batteries *

 

2,340

 

38

 

United Industrial

 

1,774

 

63

 

United Rentals * (a)

 

9,186

 

186

 

United Stationers *

 

4,976

 

244

 

Universal Forest Products

 

2,636

 

109

 

Universal Technical Institute *

 

2,630

 

87

 

URS * (a)

 

5,508

 

206

 

USA Truck *

 

770

 

19

 

Valence Technology * (a)

 

6,263

 

18

 

Valmont Industries

 

2,288

 

59

 

Vertrue * (a)

 

852

 

33

 

Viad

 

2,620

 

74

 

Vicor *

 

3,192

 

43

 

Volt Information Sciences *

 

1,322

 

31

 

Wabash National * (a)

 

5,115

 

124

 

Wabtec

 

6,586

 

141

 

Walter Industries (a)

 

5,450

 

219

 

Washington Group International * (a)

 

4,143

 

212

 

Waste Connections *

 

5,281

 

197

 

Waste Industries USA

 

880

 

12

 

Waste Services *

 

9,570

 

37

 

Water Pik Technologies *

 

1,660

 

32

 

Watsco

 

3,219

 

137

 

Watson Wyatt & Company Holdings *

 

5,188

 

133

 

Watts Water Technologies, Cl A

 

3,965

 

133

 

Werner Enterprises

 

7,870

 

155

 

Woodward Governor

 

1,619

 

136

 

World Air Holdings *

 

3,530

 

41

 

York International (a)

 

6,294

 

239

 

 

 

 

 

25,084

 

 



 

Information Technology - 17.5%

 

 

 

 

 

3Com *

 

53,400

 

194

 

Actel *

 

4,294

 

60

 

Acxiom

 

13,330

 

278

 

Adaptec *

 

17,920

 

70

 

ADE * (a)

 

1,580

 

44

 

Adtran

 

9,170

 

227

 

Advanced Digital Information *

 

10,491

 

80

 

Advanced Energy Industries *

 

3,476

 

27

 

Advent Software *

 

3,578

 

72

 

Aeroflex * (a)

 

10,838

 

91

 

Agile Software *

 

8,707

 

55

 

Agilysys

 

4,309

 

68

 

Airspan Networks *

 

5,140

 

29

 

Altiris *

 

3,414

 

50

 

AMIS Holdings *

 

5,210

 

69

 

Amkor Technology * (a)

 

15,030

 

68

 

Anaren *

 

3,048

 

40

 

Anixter International *

 

4,203

 

156

 

Ansoft *

 

1,093

 

26

 

ANSYS * (a)

 

5,048

 

179

 

Anteon International * (a)

 

4,430

 

202

 

Applied Digital Solutions * (a)

 

9,360

 

31

 

Applied Films * (a)

 

2,458

 

63

 

Applied Micro Circuits *

 

46,210

 

118

 

aQuantive * (a)

 

7,797

 

138

 

Ariba *

 

10,362

 

60

 

Arris Group *

 

13,184

 

115

 

AsiaInfo Holdings *

 

5,892

 

32

 

Aspect Communication *

 

6,784

 

76

 

Aspen Technology *

 

6,891

 

36

 

Asyst Technologies *

 

7,837

 

35

 

Atari *

 

7,279

 

20

 

Atheros Communications *

 

3,740

 

30

 

Atmel *

 

63,050

 

149

 

ATMI *

 

5,660

 

164

 

Audiovox *

 

2,868

 

44

 

August Technology *

 

2,960

 

34

 

Autobytel *

 

6,932

 

33

 

Avocent * (a)

 

6,800

 

178

 

Axcelis Technologies *

 

16,321

 

112

 

Bankrate *

 

1,420

 

29

 

BearingPoint * (a)

 

27,520

 

202

 

BEI Technologies

 

1,851

 

49

 

Bel Fuse

 

1,900

 

58

 

Belden CDT (a)

 

7,069

 

150

 

Bell Microproducts *

 

4,340

 

41

 

Benchmark Electronics * (a)

 

6,259

 

190

 

Black Box

 

2,475

 

88

 

Blackbaud

 

1,340

 

18

 

Blackboard *

 

2,010

 

48

 

Blue Coat Systems *

 

1,720

 

51

 

Borland Software *

 

13,259

 

91

 

Bottomline Technologies *

 

1,930

 

29

 

Brightpoint *

 

2,950

 

65

 

Brocade Communications Systems * (a)

 

42,600

 

165

 

Brooks Automation * (a)

 

7,405

 

110

 

Cabot Microelectronics * (a)

 

4,072

 

118

 

Catapult Communications *

 

1,185

 

20

 

CCC Information Services Group *

 

1,310

 

31

 

C-COR.net *

 

7,728

 

53

 

 



 

Checkpoint Systems *

 

5,671

 

100

 

CIBER *

 

8,511

 

68

 

Ciena *

 

85,830

 

179

 

Cirrus Logic *

 

14,082

 

75

 

Click Commerce *

 

1,240

 

28

 

CMGI *

 

73,381

 

139

 

CNET Networks * (a)

 

20,602

 

242

 

Cogent *

 

2,800

 

80

 

Cognex

 

6,209

 

163

 

Coherent *

 

4,958

 

179

 

Cohu

 

3,578

 

72

 

CommScope * (a)

 

8,176

 

142

 

Comtech Telecommunications *

 

3,505

 

114

 

Concur Technologies *

 

4,368

 

46

 

Conexant Systems *

 

70,680

 

114

 

Covansys *

 

3,620

 

47

 

Credence Systems * (a)

 

12,331

 

112

 

CSG Systems International *

 

8,384

 

159

 

CTS

 

5,514

 

68

 

CyberGuard *

 

2,856

 

17

 

CyberSource *

 

4,560

 

33

 

Cymer *

 

6,037

 

159

 

Cypress Semiconductor * (a)

 

19,760

 

249

 

Daktronics *

 

2,406

 

48

 

Digi International *

 

3,580

 

42

 

Digital Insight * (a)

 

5,764

 

138

 

Digital River * (a)

 

5,539

 

176

 

Digitas * (a)

 

11,919

 

136

 

Diodes *

 

1,191

 

37

 

Dionex *

 

3,054

 

133

 

Ditech Communications *

 

4,680

 

30

 

Dot Hill Systems *

 

7,241

 

38

 

DoubleClick * (a)

 

16,910

 

142

 

DSP Group *

 

4,250

 

101

 

DTS *

 

2,800

 

50

 

E.piphany *

 

12,683

 

44

 

EarthLink *

 

20,092

 

174

 

Echelon *

 

4,674

 

32

 

eCollege.com *

 

2,654

 

32

 

eFunds *

 

7,743

 

139

 

Electro Scientific Industries *

 

4,700

 

84

 

Electronics for Imaging * (a)

 

8,407

 

177

 

EMCORE *

 

5,550

 

23

 

Emulex * (a)

 

12,460

 

228

 

EndWave *

 

1,020

 

49

 

Entegris * (a)

 

6,279

 

62

 

Entrust *

 

10,609

 

51

 

Epicor Software *

 

6,928

 

91

 

EPIQ Systems *

 

2,281

 

37

 

Equinix *

 

2,310

 

100

 

Euronet Worldwide *

 

4,299

 

125

 

Exar *

 

6,827

 

102

 

Excel Technologies *

 

1,995

 

48

 

Extreme Networks * (a)

 

17,729

 

73

 

FactSet Research Systems

 

5,020

 

180

 

Fairchild Semiconductor International, *

 

16,420

 

242

 

FalconStor Software * (a)

 

4,403

 

29

 

Fargo Electronics *

 

1,900

 

38

 

FARO Technologies *

 

1,760

 

48

 

 



 

FEI *

 

3,586

 

82

 

FileNet *

 

6,139

 

154

 

Finisar * (a)

 

27,604

 

29

 

FormFactor *

 

4,630

 

122

 

Forrester Research *

 

2,275

 

41

 

Foundry Networks *

 

16,690

 

144

 

Gartner, Cl A *

 

10,592

 

112

 

Gateway * (a)

 

36,570

 

121

 

Genesis Microchip * (a)

 

5,352

 

99

 

Glenayre Technologies *

 

10,040

 

38

 

Global Imaging Systems *

 

3,522

 

112

 

GlobeTel Communications * (a)

 

9,570

 

27

 

Greenfield Online *

 

1,530

 

19

 

Harmonic *

 

11,790

 

57

 

Helix Technology

 

4,293

 

57

 

Homestore *

 

18,853

 

38

 

HouseValues * (a)

 

950

 

17

 

Hutchinson Technology *

 

3,789

 

146

 

Hypercom *

 

8,501

 

55

 

Identix *

 

14,484

 

73

 

iGATE *

 

3,474

 

12

 

Imation

 

5,040

 

195

 

Infocrossing * (a)

 

2,620

 

33

 

Informatica *

 

14,078

 

118

 

InfoSpace *

 

5,240

 

173

 

infoUSA *

 

5,310

 

62

 

Integral Systems

 

1,560

 

35

 

Integrated Circuit Systems *

 

9,310

 

192

 

Integrated Device Technology *

 

15,770

 

170

 

Integrated Silicon Solution *

 

5,956

 

44

 

InterDigital Communications *

 

8,020

 

140

 

Intergraph *

 

4,615

 

159

 

Intermix Media *

 

4,020

 

34

 

International DisplayWorks *

 

6,270

 

50

 

Internet Capital Group *

 

6,350

 

47

 

Internet Security Systems *

 

6,329

 

128

 

Inter-Tel

 

3,430

 

64

 

Intervideo *

 

1,430

 

21

 

InterVoice *

 

5,997

 

52

 

Interwoven *

 

6,748

 

51

 

Intevac *

 

2,790

 

29

 

Intrado *

 

2,879

 

43

 

iPass *

 

7,370

 

45

 

iPayment *

 

1,755

 

64

 

Itron *

 

3,493

 

156

 

iVillage * (a)

 

5,890

 

35

 

Ixia *

 

4,415

 

86

 

IXYS *

 

3,134

 

44

 

J2 Global Communications *

 

3,090

 

106

 

Jack Henry & Associates

 

9,460

 

173

 

JAMDAT Mobile * (a)

 

1,360

 

38

 

JDA Software *

 

4,295

 

49

 

Jupitermedia *

 

2,820

 

48

 

Kanbay International *

 

2,970

 

69

 

Keane * (a)

 

8,288

 

114

 

Keithley Instruments

 

2,099

 

32

 

KEMET *

 

12,974

 

82

 

Keynote Systems *

 

2,568

 

30

 

Komag * (a)

 

4,589

 

130

 

 



 

Kopin *

 

11,697

 

60

 

Kronos *

 

5,102

 

206

 

Kulicke & Soffa *

 

8,485

 

67

 

Landauer

 

1,092

 

57

 

Lattice Semiconductor * (a)

 

18,883

 

84

 

Lawson Software * (a)

 

9,272

 

48

 

Leadis Technology *

 

1,000

 

8

 

LeCroy *

 

1,380

 

19

 

Lexar Media * (a)

 

11,624

 

57

 

Lionbridge Technologies *

 

7,777

 

53

 

Littelfuse *

 

3,366

 

94

 

Lo-Jack *

 

2,540

 

45

 

LTX *

 

10,164

 

50

 

Macrovision *

 

8,100

 

183

 

Magma Design Automation *

 

4,113

 

34

 

Majesco Entertainment Company *

 

2,430

 

16

 

Manhattan Associates *

 

4,394

 

84

 

ManTech International *

 

2,806

 

87

 

MapInfo * (a)

 

3,370

 

35

 

Marchex * (a)

 

2,970

 

45

 

MatrixOne *

 

8,436

 

42

 

Mattson Technology *

 

6,661

 

48

 

Maximus *

 

3,067

 

108

 

Maxtor *

 

37,980

 

197

 

McDATA, Cl A *

 

19,290

 

77

 

Measurement Specialties *

 

1,780

 

41

 

Mentor Graphics * (a)

 

12,535

 

128

 

Methode Electronics, Cl A

 

5,468

 

65

 

Metrologic Instruments *

 

1,748

 

22

 

Micrel * (a)

 

10,589

 

122

 

Micromuse *

 

12,850

 

73

 

Micros Systems * (a)

 

5,290

 

237

 

Microsemi * (a)

 

9,856

 

185

 

MicroStrategy * (a)

 

2,218

 

118

 

Microtune *

 

8,580

 

43

 

Midway Games * (a)

 

2,669

 

29

 

MIPS Technologies, Cl A *

 

6,840

 

49

 

MKS Instruments * (a)

 

5,409

 

91

 

Mobility Electronics *

 

4,120

 

38

 

Monolithic Power Systems *

 

2,590

 

23

 

Motive *

 

1,780

 

18

 

MPS Group *

 

17,260

 

163

 

MRO Software *

 

3,265

 

48

 

MRV Communications *

 

17,620

 

38

 

MTS Systems

 

2,968

 

100

 

Multi-Fineline Electronix *

 

1,000

 

18

 

Mykrolis *

 

6,881

 

98

 

Ness Technologies *

 

2,270

 

24

 

NETGEAR * (a)

 

4,650

 

86

 

NetIQ *

 

8,188

 

93

 

Netlogic Microsystems *

 

1,570

 

28

 

NetRatings *

 

2,069

 

28

 

NetScout Systems *

 

3,957

 

26

 

Newport *

 

5,989

 

83

 

NIC *

 

5,199

 

24

 

Niku *

 

1,410

 

29

 

Novatel Wireless *

 

4,360

 

54

 

OmniVision Technologies * (a)

 

9,132

 

124

 

ON Semiconductor * (a)

 

20,145

 

93

 

 



 

Online Resources *

 

3,170

 

36

 

Open Solutions *

 

2,190

 

44

 

Openwave Systems * (a)

 

10,326

 

169

 

Oplink Communications *

 

17,841

 

31

 

Opsware *

 

9,619

 

49

 

OSI Systems *

 

2,433

 

38

 

Packeteer *

 

5,480

 

77

 

Palm *

 

6,269

 

187

 

PAR Technology *

 

600

 

19

 

Parametric Technology *

 

41,662

 

266

 

Park Electrochemical

 

2,914

 

73

 

Paxar *

 

5,769

 

102

 

PDF Solutions *

 

2,438

 

32

 

PEC Solutions * (b)

 

1,916

 

30

 

Pegasus Solutions *

 

3,614

 

40

 

Pegasystems *

 

1,884

 

11

 

Pericom Semiconductor *

 

3,692

 

30

 

Perot Systems, Cl A *

 

12,482

 

177

 

Phase Forward *

 

1,330

 

9

 

Phoenix Technologies *

 

3,730

 

29

 

Photon Dynamics *

 

2,778

 

57

 

Photronics * (a)

 

5,426

 

127

 

Pinnacle Systems *

 

11,488

 

63

 

Pixelworks *

 

6,756

 

58

 

Plantronics (a)

 

6,780

 

247

 

Plexus *

 

7,184

 

102

 

PLX Technology *

 

3,590

 

36

 

PMC-Sierra * (a)

 

27,050

 

252

 

Polycom *

 

13,660

 

204

 

PortalPlayer *

 

1,670

 

35

 

Power Integrations *

 

4,601

 

99

 

Powerwave Technologies * (a)

 

14,940

 

153

 

Presstek *

 

4,290

 

49

 

Progress Software *

 

4,613

 

139

 

QAD *

 

2,134

 

16

 

Quality Systems *

 

1,118

 

53

 

Quantum *

 

30,074

 

89

 

Quest Software * (a)

 

8,161

 

111

 

Radiant Systems *

 

3,440

 

39

 

RadiSys * (a)

 

3,126

 

50

 

Rambus * (a)

 

14,920

 

200

 

RealNetworks * (a)

 

18,470

 

92

 

Redback Networks *

 

5,206

 

33

 

Renaissance Learning

 

1,273

 

26

 

RF Micro Devices *

 

30,517

 

166

 

RightNow Technologies *

 

1,050

 

13

 

Rimage *

 

1,420

 

30

 

Rofin-Sinar Technologies *

 

2,495

 

82

 

Rogers *

 

2,686

 

109

 

RSA Security * (a)

 

11,376

 

131

 

Rudolph Technologies * (a)

 

2,142

 

31

 

S1 *

 

11,585

 

55

 

SAFENET * (a)

 

3,902

 

133

 

Sapient * (a)

 

12,936

 

103

 

ScanSoft *

 

13,475

 

51

 

ScanSource *

 

1,900

 

82

 

SeaChange International *

 

4,085

 

29

 

Secure Computing *

 

5,936

 

65

 

SeeBeyond Technologies *

 

8,274

 

35

 

 



 

Semitool *

 

2,713

 

26

 

Semtech *

 

9,780

 

163

 

SERENA Software * (a)

 

3,806

 

73

 

SigmaTel *

 

5,010

 

86

 

Silicon Image *

 

12,480

 

128

 

Silicon Laboratories *

 

6,410

 

168

 

Silicon Storage Technology *

 

13,684

 

55

 

SiRF Technology Holdings *

 

4,180

 

74

 

Skyworks Solutions * (a)

 

25,238

 

186

 

Sohu.com * (a)

 

3,687

 

81

 

Sonic Solutions * (a)

 

3,120

 

58

 

SonicWALL *

 

8,989

 

48

 

Sonus Networks *

 

37,220

 

178

 

Spatialight * (a)

 

3,920

 

22

 

SpectraLink

 

3,179

 

33

 

SPSS *

 

2,367

 

45

 

SS&C Technologies

 

2,264

 

72

 

SSA Global Technologies *

 

1,370

 

16

 

Standard Microsystems *

 

3,072

 

72

 

StarTek

 

825

 

14

 

Stellent *

 

3,421

 

26

 

StorageNetworks * (b) (c)

 

15,089

 

 

Stratasys *

 

1,531

 

50

 

Superior Essex *

 

2,220

 

39

 

Supertex *

 

1,482

 

26

 

Supportsoft *

 

6,057

 

31

 

Sycamore Networks *

 

26,473

 

91

 

Sykes Enterprises *

 

4,179

 

40

 

Symmetricom *

 

7,491

 

78

 

Synaptics *

 

3,782

 

81

 

SYNNEX *

 

1,090

 

19

 

Syntel

 

1,224

 

20

 

TALX

 

2,848

 

82

 

TASER International * (a)

 

9,160

 

92

 

Technitrol *

 

6,074

 

86

 

Tekelec *

 

8,143

 

137

 

Telkonet *

 

5,330

 

26

 

Terayon Communications *

 

11,149

 

34

 

Terremark Worldwide *

 

5,010

 

35

 

Tessera Technologies *

 

6,600

 

221

 

ThermoGenesis *

 

7,450

 

32

 

THQ * (a)

 

6,255

 

183

 

TIBCO Software *

 

32,360

 

212

 

TNS *

 

1,090

 

25

 

Transaction Systems Architects, Cl A * (a)

 

6,211

 

153

 

TranSwitch * (a)

 

15,540

 

32

 

Travelzoo *

 

350

 

11

 

Trident Microsystems *

 

3,130

 

71

 

TriQuint Semiconductor *

 

22,792

 

76

 

TTM Technologies *

 

6,188

 

47

 

Tyler Technologies *

 

6,122

 

46

 

Ulticom *

 

1,730

 

18

 

Ultimate Software Group *

 

2,740

 

45

 

Ultratech *

 

3,535

 

65

 

United Online *

 

8,747

 

95

 

Universal Display *

 

3,471

 

36

 

UNOVA * (a)

 

7,876

 

210

 

UTStarcom * (a)

 

15,020

 

112

 

ValueClick *

 

13,129

 

162

 

 



 

Varian Semiconductor Equipment Associates * (a)

 

5,961

 

221

 

Vasco Data Security International *

 

3,590

 

35

 

Veeco Instruments *

 

4,317

 

70

 

VeriFone Holdings *

 

3,730

 

61

 

Verint Systems *

 

1,946

 

63

 

Verity *

 

4,558

 

40

 

ViaSat *

 

3,474

 

71

 

Vignette *

 

4,741

 

53

 

Viisage Technology *

 

5,100

 

23

 

Virage Logic *

 

2,040

 

21

 

Vitesse Semiconductor * (a)

 

36,045

 

75

 

Volterra Semiconductor *

 

1,400

 

21

 

WebEx Communications * (a)

 

5,004

 

132

 

webMethods *

 

7,716

 

43

 

Websense *

 

3,767

 

181

 

WebSideStory *

 

1,350

 

20

 

Westell Technologies, Cl A *

 

8,212

 

49

 

Wind River Systems *

 

11,658

 

183

 

Witness Systems *

 

3,670

 

67

 

Wright Express *

 

6,730

 

124

 

X-Rite

 

3,494

 

40

 

Zhone Technologies *

 

9,049

 

30

 

Zoran *

 

7,126

 

95

 

 

 

 

 

31,017

 

Materials - 4.5%

 

 

 

 

 

A. Schulman

 

4,808

 

86

 

A.M. Castle & Company *

 

1,570

 

24

 

AK Steel Holdings *

 

16,465

 

106

 

Aleris International *

 

4,290

 

97

 

Alpha Natural Resources *

 

4,420

 

106

 

AMCOL International

 

3,430

 

64

 

American Vanguard (a)

 

1,660

 

35

 

Arch Chemicals

 

3,886

 

97

 

Balchem

 

1,150

 

35

 

Bowater (a)

 

7,560

 

245

 

Brush Engineered Metals *

 

3,161

 

45

 

Buckeye Technologies *

 

4,819

 

38

 

Calgon Carbon

 

5,659

 

50

 

Cambrex

 

4,355

 

83

 

Caraustar Industries *

 

4,746

 

50

 

Carpenter Technology

 

3,685

 

191

 

Century Aluminum * (a)

 

3,092

 

63

 

Chesapeake

 

3,103

 

65

 

Cleveland-Cliffs * (a)

 

3,508

 

203

 

Coeur D’Alene Mines *

 

35,997

 

131

 

Commercial Metals

 

9,068

 

216

 

Compass Minerals International *

 

2,520

 

59

 

Deltic Timber

 

1,649

 

63

 

Eagle Materials (a)

 

2,753

 

255

 

Ferro

 

6,880

 

137

 

Georgia Gulf

 

4,680

 

145

 

Gibraltar Industries

 

3,609

 

67

 

Glatfelter

 

4,780

 

59

 

GrafTech International *

 

15,970

 

69

 

Graphic Packaging *

 

11,130

 

41

 

Great Lakes Chemical

 

7,565

 

238

 

Greif, Cl A

 

2,140

 

131

 

H.B. Fuller

 

4,532

 

154

 

Headwaters *

 

6,595

 

227

 

 



 

Hecla Mining * (a)

 

18,035

 

82

 

Hercules * (a)

 

17,924

 

254

 

Kronos Worldwide

 

530

 

16

 

Longview Fibre *

 

8,526

 

175

 

MacDermid

 

4,504

 

140

 

Mercer International *

 

4,300

 

31

 

Metal Management

 

2,890

 

56

 

Metals USA *

 

3,040

 

58

 

Minerals Technologies (a)

 

3,075

 

189

 

Myers Industries

 

4,008

 

50

 

Neenah Paper

 

1,460

 

45

 

NewMarket Group *

 

2,281

 

34

 

NL Industries *

 

1,319

 

20

 

NN

 

2,815

 

36

 

Octel

 

2,072

 

37

 

Olin (a)

 

10,675

 

195

 

OM Group *

 

4,730

 

117

 

Oregon Steel Mills *

 

5,620

 

97

 

Pioneer Companies *

 

1,700

 

37

 

PolyOne *

 

15,209

 

101

 

Potlatch (a)

 

4,347

 

227

 

Quanex (a)

 

3,757

 

199

 

Roanoke Electric Steel

 

1,670

 

28

 

Rock-Tenn, Cl A

 

4,877

 

62

 

Royal Gold (a)

 

2,766

 

56

 

RTI International Metals *

 

3,535

 

111

 

Ryerson Tull (a)

 

3,822

 

55

 

Schnitzer Steel Industries, Cl A

 

3,220

 

76

 

Schweitzer-Mauduit International

 

2,504

 

78

 

Sensient Technologies (a)

 

7,456

 

154

 

Silgan Holdings *

 

1,828

 

103

 

Spartech

 

4,190

 

75

 

Steel Dynamics

 

5,624

 

148

 

Steel Technologies

 

1,670

 

28

 

Stepan

 

250

 

6

 

Stillwater Mining *

 

6,704

 

50

 

Symyx Technologies *

 

4,616

 

129

 

Terra Industries *

 

11,340

 

77

 

Texas Industries

 

3,479

 

196

 

Titanium Metals * (a)

 

850

 

48

 

USEC

 

12,911

 

189

 

W.R. Grace & Company * (a)

 

10,779

 

84

 

Wausau-Mosinee Paper

 

6,913

 

83

 

Wellman

 

5,327

 

54

 

Westlake Chemical

 

1,980

 

49

 

Wheeling-Pittsburgh *

 

1,460

 

22

 

Worthington Industries

 

8,900

 

141

 

Zoltek Companies *

 

1,610

 

18

 

 

 

 

 

7,991

 

Telecommunication Services - 1.3%

 

 

 

 

 

Alaska Communications Systems Holdings *

 

1,660

 

16

 

Arbinet-thexchange *

 

480

 

3

 

Broadwing * (a)

 

9,855

 

46

 

Centennial Communications, Cl A *

 

2,956

 

41

 

Cincinnati Bell *

 

40,171

 

173

 

Cogent Communications Group *

 

790

 

5

 

Commonwealth Telephone Enterprises *

 

3,555

 

149

 

CT Communications

 

3,010

 

39

 

Dobson Communications, Cl A * (a)

 

18,369

 

78

 

 



 

FairPoint Communications

 

4,190

 

68

 

General Communication * (a)

 

7,582

 

75

 

Golden Telecom (a)

 

2,715

 

83

 

Hungarian Telephone & Cable *

 

580

 

10

 

IDT *

 

8,720

 

115

 

InPhonic *

 

2,320

 

36

 

Iowa Telecommunications Services

 

3,220

 

60

 

Level 3 Communications * (a)

 

104,140

 

211

 

Neon Communications * (b) (c)

 

34,093

 

 

North Pittsburgh

 

2,529

 

49

 

Premiere Global Services *

 

10,501

 

119

 

Price Communications *

 

6,156

 

106

 

SBA Communications *

 

11,047

 

149

 

Shenandoah Telecommunications

 

1,094

 

43

 

SureWest Communications

 

2,126

 

55

 

Syniverse Holdings *

 

1,650

 

23

 

Talk America Holdings *

 

4,451

 

45

 

Time Warner Telecom, Cl A *

 

8,283

 

49

 

U.S. Unwired *

 

21,810

 

127

 

UbiquiTel *

 

11,740

 

96

 

USA Mobility *

 

3,982

 

117

 

Valor Communications Group

 

4,600

 

63

 

Wireless Facilities * (a)

 

7,903

 

50

 

 

 

 

 

2,299

 

Utilities - 2.7%

 

 

 

 

 

ALLETE

 

4,300

 

215

 

American States Water

 

2,514

 

74

 

Aquila * (a)

 

36,282

 

131

 

Avista

 

7,275

 

135

 

Black Hills (a)

 

5,328

 

196

 

California Water Service

 

2,842

 

107

 

Calpine * (a)

 

80,890

 

275

 

Cascade Natural Gas

 

1,876

 

38

 

Central Vermont Public Service

 

1,775

 

33

 

CH Energy Group

 

2,512

 

122

 

CLECO

 

7,935

 

171

 

Connecticut Water Service

 

1,323

 

33

 

Duquesne Light Holdings

 

11,730

 

219

 

El Paso Electric *

 

7,946

 

162

 

Empire District Electric

 

3,869

 

93

 

EnergySouth

 

1,129

 

31

 

IDACORP (a)

 

6,327

 

194

 

Infrasource Services *

 

1,440

 

15

 

Laclede Group

 

3,171

 

101

 

MGE Energy

 

3,297

 

120

 

Middlesex Water

 

1,889

 

37

 

New Jersey Resources

 

4,118

 

199

 

NICOR (a)

 

5,330

 

219

 

Northwest Natural Gas

 

4,131

 

158

 

NorthWestern

 

5,340

 

168

 

Ormat Technologies

 

1,210

 

23

 

Otter Tail

 

4,366

 

119

 

People’s Energy

 

5,270

 

229

 

Sierra Pacific Resources * (a)

 

17,637

 

220

 

SJW

 

1,078

 

51

 

South Jersey Industries

 

2,236

 

137

 

Southern Union Company Fractional Share (b) (c)

 

 

 

Southwest Gas

 

5,645

 

144

 

Southwest Water

 

3,215

 

38

 

 



 

UIL Holdings

 

2,202

 

118

 

UniSource Energy Holding

 

5,183

 

159

 

WGL Holdings (a)

 

7,300

 

246

 

 

 

 

 

4,730

 

Total Common Stocks

 

 

 

 

 

(Cost $144,295)

 

 

 

173,758

 

 

 

 

PAR (000)

 

VALUE (000)+

 

Short-Term Investments - 1.7%

 

 

 

 

 

U.S. Treasury Obligation - 0.2%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.925%, 09/01/05 (d)

 

$

300

 

299

 

Total U.S. Treasury Obligation

 

 

 

299

 

 

 

 

SHARES

 

 

 

Affiliated Money Market Fund - 1.5%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (e)

 

2,701,324

 

2,701

 

Total Affiliated Money Market Fund

 

 

 

2,701

 

 

 

 

 

 

 

Total Short-Term Investments

 

 

 

 

 

(Cost $3,000)

 

 

 

3,000

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending - 23.0%

 

 

 

 

 

(Cost $40,704) (f)

 

 

 

40,704

 

 

 

 

 

 

 

Total Investments - 122.8%

 

 

 

 

 

(Cost $187,999)

 

 

 

217,462

 

Other Assets and Liabilities, Net - (22.8)%

 

 

 

(40,344

)

Total Net Assets - 100.0%

 

 

 

$

177,118

 

 


  *           Non-income producing security

  +           Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (c).

(a)          This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $38,453,362 at June 30, 2005.

(b)         Securities considered illiquid.  As of June 30, 2005, the value of these investments was $29,698 or 0.0% of total net assets.

(c)          Securities are fair valued. As of June 30, 2005, the fair value of these investments was $0 or 0.0% of total net assets.

(d)         Security has been deposited as initial margin on open futures contracts.  Yield shown is effective yield at date of purchase.

(e)          Investment in affiliated security.  This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

(f)            The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations.  The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

Cl - Class

REIT - Real Estate Investment Trust

 

Schedule of Open Futures Contracts

 

Description

 

Number of
Contracts

 

Market Value
Covered By
Contracts (000)

 

Settlement
Month

 

Unrealized
Appreciation
(000)

 

 

 

 

 

 

 

 

 

 

 

Russell 2000 Index Futures Contracts purchased

 

9

 

$

2,894

 

Sept. 05

 

$

66

 

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Core Bond Fund

 

DESCRIPTION

 

 

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

 

 

U.S. Government Agency Mortgage-Backed Securities - 31.6%

 

 

 

 

 

 

 

Adjustable Rate (a) - 2.7%

 

 

 

 

 

 

 

FHLMC

 

 

 

 

 

 

 

4.211%, 05/01/25, #846757

 

 

 

$

449

 

$

460

 

4.070%, 04/01/29, #847190 (b)

 

 

 

3,869

 

3,973

 

4.429%, 03/01/30, #847180

 

 

 

5,041

 

5,192

 

4.407%, 07/01/30, #847240

 

 

 

5,404

 

5,503

 

4.231%, 06/01/31, #846984(b)

 

 

 

2,572

 

2,612

 

FNMA Pool

 

 

 

 

 

 

 

4.376%, 08/01/30, #555843

 

 

 

12,445

 

12,810

 

4.799%, 03/01/31, #545359

 

 

 

2,040

 

2,096

 

4.431%, 09/01/33, #725553

 

 

 

4,335

 

4,442

 

5.290%, 11/01/34, #735054

 

 

 

14,469

 

14,756

 

 

 

 

 

 

 

51,844

 

Fixed Rate - 28.9%

 

 

 

 

 

 

 

FHLMC Gold Pool

 

 

 

 

 

 

 

4.000%, 10/01/10, #M80855

 

 

 

14,483

 

14,296

 

4.500%, 03/01/18, #P10023

 

 

 

3,394

 

3,422

 

4.500%, 05/01/18, #P10032

 

 

 

7,214

 

7,268

 

5.000%, 05/01/18, #E96700

 

 

 

13,346

 

13,512

 

6.500%, 01/01/28, #G00876

 

 

 

1,985

 

2,063

 

6.500%, 11/01/28, #C00676

 

 

 

3,698

 

3,836

 

6.500%, 12/01/28, #C00689

 

 

 

2,598

 

2,693

 

6.500%, 04/01/29, #C00742

 

 

 

1,559

 

1,616

 

6.500%, 07/01/31, #A17212 (c)

 

 

 

8,191

 

8,489

 

6.000%, 11/01/33, #A15521

 

 

 

5,816

 

5,964

 

FNMA Pool

 

 

 

 

 

 

 

7.750%, 06/01/08, #001464

 

 

 

11

 

11

 

3.790%, 07/01/13, #386314

 

 

 

25,951

 

25,041

 

5.500%, 02/01/14, #440780 (b)

 

 

 

3,931

 

4,041

 

7.000%, 02/01/15, #535206

 

 

 

1,049

 

1,101

 

7.000%, 08/01/16, #591038 (b)

 

 

 

2,482

 

2,605

 

5.500%, 12/01/17, #673010

 

 

 

7,105

 

7,298

 

5.000%, 06/01/18, #555545 (b)

 

 

 

9,962

 

10,086

 

5.000%, 11/01/18, #750989 (b)

 

 

 

23,537

 

23,815

 

4.500%, 01/01/19, #755666

 

 

 

5,409

 

5,393

 

5.000%, 11/01/19, #725934 (b)

 

 

 

4,660

 

4,715

 

4.500%, 06/01/20, #828929 (b)

 

 

 

6,850

 

6,822

 

6.000%, 10/01/22, #254513 (b)

 

 

 

6,780

 

7,003

 

5.500%, 10/01/24, #255456

 

 

 

16,162

 

16,466

 

5.500%, 01/01/25, #255575

 

 

 

13,714

 

13,972

 

5.500%, 02/01/25, #255628 (b)

 

 

 

18,664

 

19,015

 

7.000%, 04/01/26, #340798

 

 

 

733

 

774

 

7.000%, 05/01/26, #250551

 

 

 

752

 

795

 

6.500%, 02/01/29, #252255

 

 

 

3,156

 

3,271

 

6.500%, 12/01/31, #254169 (b)

 

 

 

10,242

 

10,604

 

7.000%, 07/01/32, #254379 (b)

 

 

 

4,920

 

5,190

 

7.000%, 07/01/32, #545813 (b)

 

 

 

2,196

 

2,316

 

7.000%, 07/01/32, #545815 (b)

 

 

 

1,419

 

1,497

 

6.000%, 09/01/32, #254447 (b)

 

 

 

7,597

 

7,797

 

6.000%, 03/01/33, #688330 (b)

 

 

 

10,992

 

11,282

 

5.500%, 04/01/33, #694605 (b)

 

 

 

13,316

 

13,504

 

6.500%, 05/01/33, #555798

 

 

 

10,520

 

10,891

 

5.500%, 06/01/33, #709033 (b)

 

 

 

14,430

 

14,634

 

5.500%, 07/01/33, #709446 (b)

 

 

 

15,963

 

16,189

 

5.500%, 07/01/33, #728667

 

 

 

6,274

 

6,363

 

5.500%, 08/01/33, #733380 (b)

 

 

 

15,104

 

15,317

 

6.000%, 11/01/33, #772130

 

 

 

1,131

 

1,160

 

6.000%, 11/01/33, #772256 (b)

 

 

 

1,615

 

1,657

 

5.500%, 12/01/33, #756202 (b)

 

 

 

10,565

 

10,711

 

6.000%, 12/01/33, #756200

 

 

 

6,898

 

7,074

 

5.000%, 03/01/34, #725248

 

 

 

5,018

 

5,027

 

5.500%, 05/01/34, #357571 (b)

 

 

 

16,972

 

17,184

 

6.500%, 06/01/34, #735273 (b)

 

 

 

16,187

 

16,754

 

5.500%, 10/01/34, #255411

 

 

 

3,104

 

3,146

 

6.000%, 10/01/34, #781776

 

 

 

3,118

 

3,198

 

6.500%, 10/01/34, #803797 (b)

 

 

 

10,004

 

10,355

 

4.500%, 03/01/35, #819357

 

 

 

14,115

 

13,805

 

 



 

FNMA TBA (c)

 

 

 

 

 

 

 

5.000%, 07/01/25

 

 

 

9,210

 

9,210

 

5.000%, 07/01/34

 

 

 

92,650

 

92,621

 

5.500%, 07/01/34

 

 

 

18,830

 

19,077

 

GNMA Pool

 

 

 

 

 

 

 

3.750%, 08/20/23, #008259 (a)

 

 

 

3

 

3

 

7.500%, 11/15/30, #537699 (b)

 

 

 

1,091

 

1,168

 

6.000%, 11/15/33, #612374 (b)

 

 

 

12,713

 

13,112

 

 

 

 

 

 

 

556,229

 

 

 

 

 

 

 

 

 

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $608,088)

 

 

 

 

 

608,073

 

 

 

 

 

 

 

 

 

U.S. Government & Agency Securities - 23.4%

 

 

 

 

 

 

 

U.S. Agency Debentures - 5.2%

 

 

 

 

 

 

 

FHLB

 

 

 

 

 

 

 

4.430%, 04/07/08, Callable 04/07/06 @ 100 (b)

 

 

 

 

37,210

 

 

37,322

 

FHLMC

 

 

 

 

 

 

 

3.250%, 11/02/07, Callable 11/02/05 @ 100 (b)

 

 

 

24,540

 

24,084

 

4.375%, 03/01/10, Callable 03/01/06 @ 100 (b)

 

 

 

19,000

 

18,965

 

FNMA

 

 

 

 

 

 

 

6.125%, 03/15/12 (b)

 

 

 

9,200

 

10,281

 

5.250%, 08/01/12 (b)

 

 

 

9,065

 

9,472

 

 

 

 

 

 

 

100,124

 

U.S. Treasuries - 18.2%

 

 

 

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

 

 

 

8.750%, 08/15/20 (b)

 

 

 

6,300

 

9,487

 

6.250%, 08/15/23 (b)

 

 

 

33,500

 

41,786

 

2.375%, 01/15/25 (b) (d)

 

 

 

17,593

 

19,253

 

5.500%, 08/15/28 (b)

 

 

 

15,000

 

17,686

 

5.250%, 11/15/28

 

 

 

14,170

 

16,207

 

5.250%, 02/15/29 (b)

 

 

 

35,155

 

40,263

 

5.375%, 02/15/31

 

 

 

26,630

 

31,448

 

U.S. Treasury Notes

 

 

 

 

 

 

 

1.875%, 01/31/06

 

 

 

39,825

 

39,470

 

3.500%, 05/31/07

 

 

 

12,150

 

12,114

 

3.500%, 12/15/09 (b)

 

 

 

15,660

 

15,518

 

4.000%, 03/15/10 (b)

 

 

 

28,460

 

28,776

 

3.875%, 05/15/10 (b)

 

 

 

7,955

 

8,004

 

4.000%, 02/15/14 (b)

 

 

 

10,000

 

10,070

 

1.625%, 01/15/15 (b) (d)

 

 

 

38,158

 

38,009

 

4.000%, 02/15/15 (b)

 

 

 

2,780

 

2,792

 

4.125%, 05/15/15 (b)

 

 

 

18,905

 

19,186

 

 

 

 

 

 

 

350,069

 

 

 

 

 

 

 

 

 

Total U.S. Government & Agency Securities
(Cost $436,986)

 

 

 

 

 

450,193

 

 

 

 

 

 

 

 

 

Asset-Backed Securities - 17.3%

 

 

 

 

 

 

 

Automotive - 1.7%

 

 

 

 

 

 

 

Capital Auto Receivables Asset Trust

 

 

 

 

 

 

 

Series 2004-1, Cl A3

 

 

 

 

 

 

 

2.000%, 11/15/07

 

 

 

9,300

 

9,169

 

Ford Credit Auto Owner Trust

 

 

 

 

 

 

 

Series 2005-B, Cl A3

 

 

 

 

 

 

 

4.170%, 01/15/09

 

 

 

9,825

 

9,854

 

Nissan Auto Receivables Owner Trust

 

 

 

 

 

 

 

Series 2003-B, Cl A3

 

 

 

 

 

 

 

1.510%, 08/15/07

 

 

 

7,852

 

7,803

 

Series 2005-B, Cl A2

 

 

 

 

 

 

 

3.750%, 09/17/07

 

 

 

6,765

 

6,761

 

 

 

 

 

 

 

33,587

 

Commercial - 6.8%

 

 

 

 

 

 

 

Bank of America Commercial Mortgage

 

 

 

 

 

 

 

Series 2004-5, Cl A3

 

 

 

 

 

 

 

4.561%, 11/10/41

 

 

 

14,830

 

14,943

 

Bank of America - First Union NB Commercial Mortgages

 

 

 

 

 

 

 

Series 2001-3, Cl A1

 

 

 

 

 

 

 

4.890%, 04/11/37

 

 

 

7,568

 

7,664

 

Commercial Mortgage

 

 

 

 

 

 

 

Series 2004-CNL, Cl A1

 

 

 

 

 

 

 

3.440%, 09/15/14 (a)

 

 

 

11,740

 

11,713

 

Series 2005-LP5, Cl A2

 

 

 

 

 

 

 

4.630%, 05/10/43

 

 

 

14,180

 

14,334

 

Deutsche Mortgage and Asset Recieving

 

 

 

 

 

 

 

Series 1998-C1, Cl A2

 

 

 

 

 

 

 

6.538%, 06/15/31

 

 

 

8,533

 

8,903

 

 



 

Global Signal Trust

 

 

 

 

 

 

 

Series 2004-2A, Cl A

 

 

 

 

 

 

 

4.232%, 12/15/14

 

 

 

11,480

 

11,395

 

GMAC Commercial Mortgage Securities

 

 

 

 

 

 

 

Series 2004-C2, Cl A1

 

 

 

 

 

 

 

3.896%, 08/10/38

 

 

 

10,576

 

10,506

 

Greenwich Capital Commercial Funding

 

 

 

 

 

 

 

Series 2003-C1, Cl A2

 

 

 

 

 

 

 

3.285%, 07/05/35

 

 

 

14,170

 

13,706

 

LB-UBS Commercial Mortgage Trust

 

 

 

 

 

 

 

Series 2003-C3, Cl A2

 

 

 

 

 

 

 

3.086%, 05/15/27

 

 

 

19,520

 

18,910

 

Morgan Stanley Capital Investments

 

 

 

 

 

 

 

Series 1999-FNV1, Cl A1

 

 

 

 

 

 

 

6.120%, 03/15/31

 

 

 

4,827

 

4,923

 

Nomura Asset Securities

 

 

 

 

 

 

 

Series 1998-D6, Cl A1B

 

 

 

 

 

 

 

6.590%, 03/15/30

 

 

 

12,400

 

13,107

 

 

 

 

 

 

 

130,104

 

Credit Card - 4.4%

 

 

 

 

 

 

 

American Express Credit Account

 

 

 

 

 

 

 

Series 2004-4, Cl C

 

 

 

 

 

 

 

3.445%, 03/15/12 (a) (e)

 

 

 

4,500

 

4,509

 

Capital One Multi-Asset Execution Trust

 

 

 

 

 

 

 

Series 2003-A3, Cl A3

 

 

 

 

 

 

 

3.470%, 05/16/11 (a)

 

 

 

20,840

 

20,989

 

Chase Issuance Trust

 

 

 

 

 

 

 

Series 2005-A3, Cl A

 

 

 

 

 

 

 

3.240%, 10/17/11 (a)

 

 

 

10,000

 

10,017

 

MBNA Credit Card Master Note Trust

 

 

 

 

 

 

 

Series 2001-A1, Cl A1

 

 

 

 

 

 

 

5.750%, 10/15/08

 

 

 

9,124

 

9,273

 

Series 2003-C6, Cl C6

 

 

 

 

 

 

 

4.400%, 12/15/10 (a)

 

 

 

4,800

 

4,895

 

Series 2005-A1, Cl A1

 

 

 

 

 

 

 

4.200%, 09/15/10

 

 

 

14,285

 

14,373

 

Providian Gateway Master Trust

 

 

 

 

 

 

 

Series 2004-DA, Cl A

 

 

 

 

 

 

 

3.350%, 09/15/11 (e)

 

 

 

15,310

 

15,069

 

Sears Credit Account Master Trust

 

 

 

 

 

 

 

Series 2002-4, Cl A

 

 

 

 

 

 

 

3.350%, 08/18/09 (a)

 

 

 

6,135

 

6,135

 

 

 

 

 

 

 

85,260

 

Equipment Leases - 1.3%

 

 

 

 

 

 

 

Caterpillar Financial Asset Trust

 

 

 

 

 

 

 

Series 2005-A, Cl A2

 

 

 

 

 

 

 

3.660%, 12/26/07 (f)

 

 

 

10,545

 

10,525

 

CNH Equipment Trust

 

 

 

 

 

 

 

Series 2003-B, Cl A3B

 

 

 

 

 

 

 

2.470%, 01/15/08

 

 

 

14,633

 

14,515

 

 

 

 

 

 

 

25,040

 

Home Equity - 1.5%

 

 

 

 

 

 

 

Amresco Residential Security Mortgage

 

 

 

 

 

 

 

Series 1997-3, Cl A9

 

 

 

 

 

 

 

6.960%, 03/25/27

 

 

 

1,282

 

1,252

 

Contimortgage Home Equity Loan Trust

 

 

 

 

 

 

 

Series 1997-3, Cl A8

 

 

 

 

 

 

 

7.580%, 08/15/28

 

 

 

1,077

 

1,093

 

Countrywide Asset - Backed Certificates

 

 

 

 

 

 

 

Series 2003-BC1, Cl A1

 

 

 

 

 

 

 

3.714%, 03/25/33 (a) (g)

 

 

 

2,181

 

2,223

 

Series 2003-SC1, Cl M2

 

 

 

 

 

 

 

4.814%, 09/25/23 (a) (g)

 

 

 

5,000

 

5,022

 

First Franklin Mortgage Loan

 

 

 

 

 

 

 

Series 2004-FFB, Cl A3

 

 

 

 

 

 

 

4.264%, 06/25/24

 

 

 

4,265

 

4,253

 

Residential Asset Securities

 

 

 

 

 

 

 

2004-KS3, Cl A2B2

 

 

 

 

 

 

 

3.520%, 04/25/34 (a) (g)

 

 

 

10,000

 

10,019

 

Saxon Asset Securities Trust

 

 

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

 

 

3.584%, 03/25/35 (a) (g)

 

 

 

4,786

 

4,800

 

 

 

 

 

 

 

28,662

 

Other - 1.6%

 

 

 

 

 

 

 

GRP/AG Real Estate Asset Trust

 

 

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

 

 

3.960%, 03/25/09 (e) (f) (g)

 

 

 

513

 

516

 

Series 2004-2, Cl A

 

 

 

 

 

 

 

4.210%, 07/25/34 (e) (g)

 

 

 

2,669

 

2,645

 

 



 

Series 2005-1, Cl A

 

 

 

 

 

 

 

4.850%, 01/25/35 (e) (g)

 

 

 

6,482

 

6,486

 

William Street Funding

 

 

 

 

 

 

 

Series 2004-4, Cl A

 

 

 

 

 

 

 

3.812%, 09/23/10 (a) (e) (f)

 

 

 

14,890

 

14,906

 

Series 2005-1, Cl A

 

 

 

 

 

 

 

3.431%, 01/23/11 (a) (e) (f)

 

 

 

5,870

 

5,870

 

 

 

 

 

 

 

30,423

 

 

 

 

 

 

 

 

 

Total Asset-Backed Securities
(Cost $334,464)

 

 

 

 

 

333,076

 

 

 

 

 

 

 

 

 

Corporate Bonds - 13.0%

 

 

 

 

 

 

 

Banking - 0.7%

 

 

 

 

 

 

 

Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100

 

 

 

 

 

 

 

5.506%, 12/31/49 (e) (g)

 

 

 

 

4,345

 

 

4,239

 

First National Bank of Chicago

 

 

 

 

 

 

 

8.080%, 01/05/18

 

 

 

1,484

 

1,793

 

Mizuho Finance

 

 

 

 

 

 

 

5.790%, 04/15/14 (b) (e)

 

 

 

6,230

 

6,602

 

 

 

 

 

 

 

12,634

 

Basic Industry - 0.7%

 

 

 

 

 

 

 

Celulosa Arauco Constitucion

 

 

 

 

 

 

 

5.625%, 04/20/15 (e)

 

 

 

3,000

 

3,064

 

Falconbridge

 

 

 

 

 

 

 

7.350%, 06/05/12

 

 

 

5,135

 

5,740

 

Weyerhaeuser

 

 

 

 

 

 

 

6.750%, 03/15/12

 

 

 

5,120

 

5,611

 

 

 

 

 

 

 

14,415

 

Brokerage - 0.8%

 

 

 

 

 

 

 

Merrill Lynch, Series B

 

 

 

 

 

 

 

5.360%, 02/01/07

 

 

 

6,355

 

6,485

 

Morgan Stanley

 

 

 

 

 

 

 

4.750%, 04/01/14

 

 

 

9,825

 

9,685

 

 

 

 

 

 

 

16,170

 

Capital Goods - 0.2%

 

 

 

 

 

 

 

Hutchison Whampoa International

 

 

 

 

 

 

 

7.450%, 11/24/33 (e)

 

 

 

3,900

 

4,628

 

 

 

 

 

 

 

 

 

Communications - 2.2%

 

 

 

 

 

 

 

America Movil SA De CV

 

 

 

 

 

 

 

6.375%, 03/01/35

 

 

 

2,980

 

2,868

 

AT&T Broadband

 

 

 

 

 

 

 

8.375%, 03/15/13

 

 

 

6,165

 

7,505

 

British Telecommunications Plc

 

 

 

 

 

 

 

8.875%, 12/15/30

 

 

 

2,145

 

3,034

 

Clear Channel Communications

 

 

 

 

 

 

 

5.500%, 09/15/14 (b)

 

 

 

6,875

 

6,513

 

News America Holdings

 

 

 

 

 

 

 

7.700%, 10/30/25

 

 

 

4,015

 

4,883

 

Sprint Capital

 

 

 

 

 

 

 

8.375%, 03/15/12 (b)

 

 

 

7,135

 

8,606

 

Time Warner Entertainment

 

 

 

 

 

 

 

8.375%, 07/15/33

 

 

 

4,200

 

5,600

 

Verizon Wireless

 

 

 

 

 

 

 

5.375%, 12/15/06

 

 

 

3,300

 

3,361

 

 

 

 

 

 

 

42,370

 

Consumer Cyclical - 1.1%

 

 

 

 

 

 

 

Centex

 

 

 

 

 

 

 

4.550%, 11/01/10

 

 

 

8,150

 

8,054

 

DaimlerChrysler

 

 

 

 

 

 

 

4.875%, 06/15/10

 

 

 

3,735

 

3,717

 

6.500%, 11/15/13 (b)

 

 

 

3,450

 

3,733

 

Duty Free International

 

 

 

 

 

 

 

7.000%, 07/01/05 (f) (h) (i)

 

 

 

2,256

 

90

 

Harrah’s

 

 

 

 

 

 

 

5.625%, 06/01/15 (b) (e)

 

 

 

5,670

 

5,757

 

 

 

 

 

 

 

21,351

 

Consumer Non Cyclical - 1.0%

 

 

 

 

 

 

 

Albertson’s

 

 

 

 

 

 

 

7.500%, 02/15/11

 

 

 

8,500

 

9,572

 

Kraft Foods

 

 

 

 

 

 

 

4.625%, 11/01/06 (b)

 

 

 

9,850

 

9,915

 

 

 

 

 

 

 

19,487

 

Electric - 1.7%

 

 

 

 

 

 

 

Duke Capital

 

 

 

 

 

 

 

5.668%, 08/15/14 (b)

 

 

 

6,265

 

6,516

 

 



 

Exelon

 

 

 

 

 

 

 

4.900%, 06/15/15

 

 

 

4,665

 

4,668

 

MidAmerican Energy Holdings

 

 

 

 

 

 

 

5.875%, 10/01/12 (b)

 

 

 

8,845

 

9,396

 

TXU Energy

 

 

 

 

 

 

 

7.000%, 03/15/13 (b)

 

 

 

10,330

 

11,501

 

 

 

 

 

 

 

32,081

 

Energy - 1.0%

 

 

 

 

 

 

 

CNOOC Finance

 

 

 

 

 

 

 

5.500%, 05/21/33 (e)

 

 

 

3,515

 

3,411

 

Encana

 

 

 

 

 

 

 

6.500%, 08/15/34

 

 

 

2,940

 

3,405

 

Gazprom International

 

 

 

 

 

 

 

7.201%, 02/01/20 (e)

 

 

 

5,170

 

5,545

 

Nexen

 

 

 

 

 

 

 

5.875%, 03/10/35

 

 

 

4,140

 

4,176

 

Petro-Canada

 

 

 

 

 

 

 

5.350%, 07/15/33

 

 

 

3,310

 

3,165

 

 

 

 

 

 

 

19,702

 

Finance Companies - 0.8%

 

 

 

 

 

 

 

American General

 

 

 

 

 

 

 

5.875%, 07/14/06

 

 

 

6,105

 

6,221

 

Capital One Bank

 

 

 

 

 

 

 

4.875%, 05/15/08

 

 

 

5,500

 

5,578

 

4.250%, 12/01/08

 

 

 

3,955

 

3,966

 

 

 

 

 

 

 

15,765

 

Foreign Agencies - 0.2%

 

 

 

 

 

 

 

KFW Bankengruppe

 

 

 

 

 

 

 

3.250%, 07/16/07

 

 

 

3,860

 

3,822

 

 

 

 

 

 

 

 

 

Insurance - 0.7%

 

 

 

 

 

 

 

Axis Capital Holdings

 

 

 

 

 

 

 

5.750%, 12/01/14

 

 

 

6,710

 

6,935

 

Marsh & McLennan

 

 

 

 

 

 

 

5.375%, 07/15/14

 

 

 

6,690

 

6,682

 

 

 

 

 

 

 

13,617

 

Natural Gas - 0.3%

 

 

 

 

 

 

 

Duke Energy Field Services

 

 

 

 

 

 

 

7.875%, 08/16/10

 

 

 

4,200

 

4,824

 

 

 

 

 

 

 

 

 

Sovereigns - 1.1%

 

 

 

 

 

 

 

Pemex Project

 

 

 

 

 

 

 

9.125%, 10/13/10

 

 

 

5,995

 

7,032

 

Pemex Project Funding Master Trust

 

 

 

 

 

 

 

7.375%, 12/15/14 (b)

 

 

 

2,680

 

2,988

 

Russian Federation

 

 

 

 

 

 

 

5.000%, 03/31/30 (e) (g)

 

 

 

5,140

 

5,715

 

United Mexican States

 

 

 

 

 

 

 

5.875%, 01/15/14

 

 

 

5,465

 

5,656

 

 

 

 

 

 

 

21,391

 

Transportation - 0.2%

 

 

 

 

 

 

 

Hertz

 

 

 

 

 

 

 

7.625%, 06/01/12

 

 

 

3,300

 

3,260

 

Northwest Airlines

 

 

 

 

 

 

 

Series 1997-1, Cl 1C

 

 

 

 

 

 

 

7.039%, 1/2/06 (f)

 

 

 

55

 

47

 

 

 

 

 

 

 

3,307

 

Yankee Corporations - 0.3%

 

 

 

 

 

 

 

Tengizcheveroil Finance

 

 

 

 

 

 

 

6.124%, 11/15/14 (e)

 

 

 

4,655

 

4,820

 

 

 

 

 

 

 

 

 

Total Corporate Bonds
(Cost $248,358)

 

 

 

 

 

250,384

 

 

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed Securities - 12.2%

 

 

 

 

 

 

 

Adjustable Rate (a) - 5.6%

 

 

 

 

 

 

 

Granite Mortgages

 

 

 

 

 

 

 

Series 2003-1, Cl 1C

 

 

 

 

 

 

 

4.590%, 01/20/43 (f) (g)

 

 

 

7,000

 

7,217

 

MLCC Mortgage Investors

 

 

 

 

 

 

 

Series 2003-G, Cl A3

 

 

 

 

 

 

 

4.828%, 01/25/29 (f)

 

 

 

10,643

 

10,896

 

Series 2003-H, Cl A3A

 

 

 

 

 

 

 

4.920%, 01/25/29 (f)

 

 

 

3,085

 

3,147

 

Series 2004-B, Cl A3

 

 

 

 

 

 

 

4.670%, 05/25/29

 

 

 

9,019

 

9,495

 

 



 

Morgan Stanley Mortgage Loan Trust

 

 

 

 

 

 

 

Series 2004-9, Cl 1A

 

 

 

 

 

 

 

6.294%, 11/25/34

 

 

 

12,030

 

12,352

 

Sequoia Mortgage Trust

 

 

 

 

 

 

 

Series 2004-4, Cl X1

 

 

 

 

 

 

 

0.800%, 05/20/34 (a) (j)

 

 

 

231,801

 

2,480

 

Series 2004-5, Cl A1

 

 

 

 

 

 

 

4.670%, 06/20/34 (f)

 

 

 

11,214

 

11,467

 

Series 2004-7, Cl A2

 

 

 

 

 

 

 

4.370%, 08/20/34

 

 

 

9,625

 

9,741

 

Structured Mortgage Loan Trust

 

 

 

 

 

 

 

Series 2004-11, Cl A

 

 

 

 

 

 

 

5.150%, 08/25/34 (f)

 

 

 

5,587

 

5,699

 

Thornburg Mortgage Securities Trust

 

 

 

 

 

 

 

Series 2005-2, Cl A1

 

 

 

 

 

 

 

3.546%, 07/25/45

 

 

 

11,620

 

11,620

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

 

 

Series 2003-D, Cl A1

 

 

 

 

 

 

 

4.840%, 02/25/33

 

 

 

7,348

 

7,495

 

Series 2004-N, Cl A3

 

 

 

 

 

 

 

4.120%, 08/25/34

 

 

 

16,045

 

15,942

 

 

 

 

 

 

 

107,551

 

Fixed Rate - 6.6%

 

 

 

 

 

 

 

Bank of America Mortgage Securities

 

 

 

 

 

 

 

Series 2003-6, Cl 1A30

 

 

 

 

 

 

 

4.750%, 08/25/33

 

 

 

7,350

 

7,361

 

Series 2004-G, Cl 2A3

 

 

 

 

 

 

 

4.232%, 08/25/34

 

 

 

12,370

 

12,261

 

Countrywide Alternative Loan Trust

 

 

 

 

 

 

 

Series 2004-2CB, Cl 1A1

 

 

 

 

 

 

 

4.250%, 03/25/34

 

 

 

8,706

 

8,669

 

Series 2004-24CB, Cl 1A1

 

 

 

 

 

 

 

6.000%, 11/25/34

 

 

 

9,494

 

9,691

 

GMAC Mortgage Corporation Loan Trust

 

 

 

 

 

 

 

Series 2004-J5, Cl A7

 

 

 

 

 

 

 

6.500%, 01/25/35

 

 

 

10,989

 

11,350

 

Master Alternative Loans Trust

 

 

 

 

 

 

 

Series 2005-2, Cl 1A3

 

 

 

 

 

 

 

6.500%, 03/25/35

 

 

 

7,353

 

7,565

 

Master Asset Securitization Trust

 

 

 

 

 

 

 

Series 2003-6, Cl 3A1

 

 

 

 

 

 

 

5.000%, 07/25/18

 

 

 

11,529

 

11,534

 

Residential Asset Mortgage Products

 

 

 

 

 

 

 

Series 2003-SL1, Cl M1

 

 

 

 

 

 

 

7.318%, 04/25/31

 

 

 

8,787

 

9,289

 

Series 2004-SL4, Cl A3

 

 

 

 

 

 

 

6.500%, 07/25/32

 

 

 

6,123

 

6,317

 

Residential Asset Securitization Trust

 

 

 

 

 

 

 

Series 2002-A12, Cl 1A1

 

 

 

 

 

 

 

5.200%, 11/25/32

 

 

 

2,646

 

2,631

 

Washington Mutual

 

 

 

 

 

 

 

Series 2003-S10, Cl A2

 

 

 

 

 

 

 

5.000%, 10/25/18

 

 

 

12,494

 

12,557

 

Series 2004-S3, Cl 3A3

 

 

 

 

 

 

 

6.000%, 07/25/34

 

 

 

7,000

 

7,282

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

 

 

Series 2003-14, Cl A1

 

 

 

 

 

 

 

4.750%, 12/25/18

 

 

 

11,120

 

11,089

 

Series 2004-EE, Cl B1

 

 

 

 

 

 

 

3.988%, 01/25/35

 

 

 

8,695

 

8,610

 

Westam Mortgage Financial

 

 

 

 

 

 

 

Series 11, Cl A

 

 

 

 

 

 

 

6.360%, 08/26/20

 

 

 

112

 

112

 

 

 

 

 

 

 

126,318

 

 

 

 

 

 

 

 

 

Total CMO - Private Mortgage-Backed Securities
(Cost $234,319)

 

 

 

 

 

233,869

 

 



 

CMO - U.S. Government Agency Mortgage-Backed Securities - 3.5%

 

 

 

 

 

Fixed Rate - 3.4%

 

 

 

 

 

 

 

FHLMC REMIC

 

 

 

 

 

 

 

Series 6, Cl C

 

 

 

 

 

 

 

9.050%, 06/15/19

 

 

 

48

 

50

 

Series 162, Cl F

 

 

 

 

 

 

 

7.000%, 05/15/21

 

 

 

200

 

200

 

Series 188, Cl H

 

 

 

 

 

 

 

7.000%, 09/15/21

 

 

 

425

 

424

 

Series 1022, Cl J

 

 

 

 

 

 

 

6.000%, 12/15/20

 

 

 

64

 

64

 

Series 1723, Cl PJ

 

 

 

 

 

 

 

7.000%, 02/15/24

 

 

 

1,734

 

1,743

 

Series 1790, Cl A

 

 

 

 

 

 

 

7.000%, 04/15/22

 

 

 

172

 

178

 

Series 1998-M1, Cl A2

 

 

 

 

 

 

 

6.250%, 01/25/08

 

 

 

3,613

 

3,730

 

Series 2763, Cl TA

 

 

 

 

 

 

 

4.000%, 03/15/11

 

 

 

12,786

 

12,662

 

Series 2910, Cl BE

 

 

 

 

 

 

 

4.500%, 12/15/19

 

 

 

10,702

 

10,557

 

Series 2981, Cl BC

 

 

 

 

 

 

 

4.500%, 05/15/20

 

 

 

5,000

 

4,928

 

Series T-060, Cl 1A4B

 

 

 

 

 

 

 

5.343%, 03/25/44

 

 

 

11,410

 

11,492

 

FNMA REMIC

 

 

 

 

 

 

 

Series 1988-24, Cl G

 

 

 

 

 

 

 

7.000%, 10/25/18

 

 

 

107

 

111

 

Series 1989-44, Cl H

 

 

 

 

 

 

 

9.000%, 07/25/19

 

 

 

89

 

96

 

Series 1989-90, Cl E

 

 

 

 

 

 

 

8.700%, 12/25/19

 

 

 

16

 

17

 

Series 1990-30, Cl E

 

 

 

 

 

 

 

6.500%, 03/25/20

 

 

 

57

 

59

 

Series 1990-61, Cl H

 

 

 

 

 

 

 

7.000%, 06/25/20

 

 

 

60

 

63

 

Series 1990-72, Cl B

 

 

 

 

 

 

 

9.000%, 07/25/20

 

 

 

50

 

54

 

Series 1990-102, Cl J

 

 

 

 

 

 

 

6.500%, 08/25/20

 

 

 

64

 

66

 

Series 1990-105, Cl J

 

 

 

 

 

 

 

6.500%, 09/25/20

 

 

 

666

 

689

 

Series 1991-56, Cl M

 

 

 

 

 

 

 

6.750%, 06/25/21

 

 

 

262

 

272

 

Series 1992-120, Cl C

 

 

 

 

 

 

 

6.500%, 07/25/22

 

 

 

99

 

102

 

Series 2005-44, Cl PC

 

 

 

 

 

 

 

5.000%, 11/25/27

 

 

 

18,520

 

18,676

 

 

 

 

 

 

 

66,233

 

Z-Bonds (k) - 0.1%

 

 

 

 

 

 

 

FHLMC REMIC

 

 

 

 

 

 

 

Series 1118, Cl Z

 

 

 

 

 

 

 

8.250%, 07/15/21

 

 

 

99

 

99

 

FNMA REMIC

 

 

 

 

 

 

 

Series 1991-134, Cl Z

 

 

 

 

 

 

 

7.000%, 10/25/21

 

 

 

451

 

470

 

Series 1996-35, Cl Z

 

 

 

 

 

 

 

7.000%, 07/25/26

 

 

 

2,044

 

2,104

 

 

 

 

 

 

 

2,673

 

 

 

 

 

 

 

 

 

Total CMO - U.S. Government Agency Mortgage-Backed Securities
(Cost $69,214)

 

 

 

68,906

 

 

 

 

 

 

 

 

 

Commercial Paper - 1.6%

 

 

 

 

 

 

 

Chesham Finance

 

 

 

 

 

 

 

3.200%, 07/14/05

 

 

 

 

15,000

 

 

14,982

 

Thames Asset Global

 

 

 

 

 

 

 

3.150%, 07/14/05

 

 

 

15,000

 

14,983

 

 

 

 

 

 

 

 

 

Total Commercial Paper
(Cost $29,965)

 

 

 

 

 

29,965

 

 



 

Treasury Obligations - 0.0%

 

 

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

 

 

2.783%, 08/04/05 (l)

 

 

 

 

210

 

 

210

 

 

 

 

 

 

 

 

 

Total Treasury Obligations
(Cost $209)

 

 

 

 

 

210

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

 

 

Affiliated Money Market Fund - 0.2%

 

 

 

 

 

 

 

First American Prime Obligations Fund, Cl Z   (m)

 

 

 

4,616,692

 

 

4,617

 

 

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $4,617)

 

 

 

 

 

4,617

 

 

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (n) - 37.1%
(Cost $715,325)

 

 

 

 

 

 

715,325

 

 

 

 

 

 

 

 

 

Total Investments - 139.9%
(Cost $2,681,545)

 

 

 

 

 

2,694,618

 

Other Assets and Liabilities, Net - (39.9)%

 

 

 

 

 

(769,020)

 

Total Net Assets - 100.0%

 

 

 

 

 

$

 1,925,598

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (h).

(a)

 

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005. The date shown is the next reset date.

(b)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a value of $700,919,361 at June 30, 2005.

(c)

 

Security purchased on a when-issued basis. On June 30, 2005, the total cost of investments purchased on a when-issued basis was $129,397,321 or 6.7% of total net assets.

(d)

 

U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(e)

 

Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2005, the value of these investments was $93,780,644 or 4.9% of total net assets.

(f)

 

Securities considered illiquid. As of June 30, 2005, the value of these investments was $70,378,816 or 3.7% of total net assets.

(g)

 

Delayed Interest (Step Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(h)

 

Security is fair valued. As of June 30, 2005, the fair value of these investments was $90,227, or 0% of total net assets.

(i)

 

Security currently in default.

(j)

 

Interest only- Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of June 30, 2005.

(k)

 

Z-Bonds - Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.

(l)

 

Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase.

(m)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

(n)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government Securities, or other high grade debt obligations. The cash collateral is invested in various short term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

Cl - Class

CMO - Collateralized Mortgage Obligation

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

REIMC - Real Estate Mortgage Investment Conduit

TBA - To Be Announced

 



 

Schedule of Open Futures Contracts

 

Description

 

Number of
Contracts
Purchased
(Sold)

 

Market Value
Covered By
Contracts
(000)

 

Settlement
Month

 

Unrealized
Appreciation
(000)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 2 year Futures

 

87

 

$

18,069

 

Sept. 05

 

$

11

 

U.S. Treasury 10 year Futures

 

40

 

4,539

 

Sept. 05

 

38

 

 

 

 

 

 

 

 

 

$

49

 

 

Credit Default Swap Agreements outstanding at June 30, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

 

Notional

 

Appreciation

 

 

 

Reference

 

Buy/Sell

 

Pay/Receive

 

Expiration

 

Amount

 

(Depreciation)

 

Counterparty

 

Entity

 

Protection

 

Fixed Rate

 

Date

 

(000)

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

Dow Jones CDX

 

 

 

 

 

 

 

 

 

 

 

 

 

IG Hvol4 Index

 

Sell

 

0.90

%

6/20/10

 

$

44,000

 

$

177

 

Deutsche Bank

 

Dow Jones CDX

 

 

 

 

 

 

 

 

 

 

 

 

 

IG Hvol4 Index

 

Sell

 

0.90

%

6/20/10

 

2,000

 

(8

)

JP Morgan

 

Dow Jones CDX

 

 

 

 

 

 

 

 

 

 

 

 

 

IG Hvol4 Index

 

Sell

 

0.90

%

6/20/10

 

29,000

 

133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

302

 

 



 

 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

High Income Bond Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

High Yield Corporate Bonds - 89.0%

 

 

 

 

 

Banking - 0.2%

 

 

 

 

 

Chevy Chase Bank, Callable 12/01/08 @ 103.44

 

 

 

 

 

6.875%, 12/01/13 (a)

 

$

500

 

$

522

 

 

 

 

 

 

 

Basic Industry - 10.1%

 

 

 

 

 

Abitibi-Consolidated

 

 

 

 

 

8.550%, 08/01/10 (b) (c)

 

2,750

 

2,860

 

Allegheny Technologies

 

 

 

 

 

8.375%, 12/15/11

 

1,550

 

1,612

 

Chaparral Steel, Callable 07/15/09 @ 105

 

 

 

 

 

10.000%, 07/15/13 (d)

 

1,000

 

1,004

 

Equistar Chemicals, Callable 05/01/07 @ 105.31

 

 

 

 

 

10.625%, 05/01/11

 

1,000

 

1,110

 

Freeport-McMorran Copper & Gold

 

 

 

 

 

5.500%, 01/01/50

 

1

 

462

 

Geon

 

 

 

 

 

7.500%, 12/15/15 (a)

 

1,000

 

920

 

Georgia-Pacific

 

 

 

 

 

8.875%, 05/15/31

 

1,800

 

2,232

 

Gerdau Ameristeel, Callable 07/15/07 @ 105.38

 

 

 

 

 

10.375%, 07/15/11 (b)

 

1,000

 

1,090

 

Huntsman ICI Chemicals, Callable 07/15/08 @ 105

 

 

 

 

 

11.500%, 07/15/12

 

1,320

 

1,534

 

IMC Global, Series B

 

 

 

 

 

10.875%, 06/01/08

 

1,000

 

1,124

 

International Wire Group, Callable 10/15/07 @ 105.38

 

 

 

 

 

10.000%, 10/15/11

 

546

 

542

 

Invista, Callable 05/01/08 @ 104.63

 

 

 

 

 

9.250%, 05/01/12 (b) (d)

 

1,000

 

1,094

 

James River Coal, Callable 06/01/09 @ 104.69

 

 

 

 

 

9.375%, 06/01/12 (c)

 

1,000

 

1,025

 

Mercer International, Callable 02/15/09 @ 104.63

 

 

 

 

 

9.250%, 02/15/13 (b)

 

1,000

 

795

 

Neenah Paper, Callable 11/15/09 @ 103.69

 

 

 

 

 

7.375%, 11/15/14 (d)

 

1,000

 

970

 

Newark Group, Callable 03/15/09 @104.88

 

 

 

 

 

9.750%, 03/15/14

 

800

 

742

 

Norske Skog Canada, Series D, Callable 06/15/06 @ 104.31

 

 

 

 

 

8.625%, 06/15/11 (b)

 

700

 

721

 

OM Group, Callable 12/15/06 @ 104.63

 

 

 

 

 

9.250%, 12/15/11

 

1,000

 

1,005

 

Resolution Performance, Callable 11/15/05 @ 106.75

 

 

 

 

 

13.500%, 11/15/10

 

1,000

 

1,077

 

Stone Container, Callable 07/01/07 @ 104.19

 

 

 

 

 

8.375%, 07/01/12 (c)

 

1,000

 

1,010

 

Tembec Industries

 

 

 

 

 

8.500%, 02/01/11 (b)

 

1,070

 

821

 

Witco

 

 

 

 

 

6.875%, 02/01/26

 

1,500

 

1,481

 

 

 

 

 

25,231

 

Brokerage - 0.8%

 

 

 

 

 

E*Trade Financial, Callable 06/15/08 @ 104

 

 

 

 

 

8.000%, 06/15/11

 

750

 

791

 

Lazard

 

 

 

 

 

7.125%, 05/15/15 (d)

 

1,250

 

1,270

 

 

 

 

 

2,061

 

Capital Goods - 7.5%

 

 

 

 

 

Allied Waste North America,

 

 

 

 

 

Callable 04/15/08 @ 103.94

 

 

 

 

 

7.875%, 04/15/13

 

1,000

 

1,017

 

Callable 02/15/09 @ 103.06

 

 

 

 

 

6.125%, 02/15/14 (c)

 

1,000

 

922

 

Callable 03/15/10 @ 103.63

 

 

 

 

 

7.250%, 03/15/15 (d)

 

1,000

 

962

 

Bombardier

 

 

 

 

 

6.750%, 05/01/12 (b) (c) (d)

 

1,000

 

945

 

Case New Holland, Callable 08/01/07 @ 104.63

 

 

 

 

 

9.250%, 08/01/11 (d)

 

2,000

 

2,115

 

Compression Polymers, Callable 07/01/09 @ 105.25

 

 

 

 

 

10.500%, 07/01/13 (a) (d)

 

750

 

763

 

Crown Cork & Seal

 

 

 

 

 

7.375%, 12/15/26

 

1,000

 

900

 

Crown European Holdings, Callable 03/01/07 @ 104.75

 

 

 

 

 

9.500%, 03/01/11 (b)

 

1,000

 

1,107

 

Graham Packaging, Callable 10/15/09 @ 104.94

 

 

 

 

 

9.875%, 10/15/14 (c) (d)

 

1,500

 

1,500

 

Greif Brothers, Callable 08/01/07 @ 104.44

 

 

 

 

 

8.875%, 08/01/12

 

700

 

752

 

 



 

L-3 Communications, Callable 01/15/10 @ 102.94

 

 

 

 

 

5.875%, 01/15/15

 

1,000

 

972

 

Nortek, Callable 09/01/09 @ 104.25

 

 

 

 

 

8.500%, 09/01/14

 

500

 

462

 

Owens-Brockway Glass Container, Callable 02/15/06 @ 104.44

 

 

 

 

 

8.875%, 02/15/09

 

1,000

 

1,067

 

Owens-Illinois

 

 

 

 

 

8.100%, 05/15/07

 

1,000

 

1,040

 

Sequa

 

 

 

 

 

9.000%, 08/01/09

 

1,000

 

1,100

 

Terex, Callable 01/15/09 @ 103.69

 

 

 

 

 

7.375%, 01/15/14

 

500

 

521

 

Texas Industries, Callable 06/15/07 @ 105.13

 

 

 

 

 

10.250%, 06/15/11 (a)

 

800

 

927

 

United Rentals of North America,

 

 

 

 

 

Callable 02/15/08 @ 103.25

 

 

 

 

 

6.500%, 02/15/12

 

1,000

 

984

 

Callable 02/15/09 @ 103.50

 

 

 

 

 

7.000%, 02/15/14 (c)

 

750

 

716

 

 

 

 

 

18,772

 

Communications - 17.3%

 

 

 

 

 

Alamosa Delaware, Callable 07/31/07 @ 105.50

 

 

 

 

 

11.000%, 07/31/10

 

650

 

731

 

American Tower, Callable until 01/31/06 @ 104.69

 

 

 

 

 

9.375%, 02/01/09

 

42

 

44

 

AT&T

 

 

 

 

 

9.050%, 11/15/11 (e)

 

947

 

1,090

 

9.750%, 11/15/31 (e)

 

1,000

 

1,294

 

CCO Holdings, Callable 12/15/06 @ 102

 

 

 

 

 

7.535%, 12/15/10 (d) (f)

 

1,000

 

970

 

Centennial Communications, Callable 06/15/08 @ 105.06

 

 

 

 

 

10.125%, 06/15/13

 

500

 

564

 

Charter Communications Holdings

 

 

 

 

 

8.000%, 04/30/12 (d)

 

2,000

 

2,000

 

Callable 09/15/08 @ 105.12

 

 

 

 

 

10.250%, 09/15/10

 

1,000

 

1,012

 

Citizens Communications

 

 

 

 

 

9.250%, 05/15/11

 

1,000

 

1,115

 

CSC Holdings

 

 

 

 

 

7.875%, 02/15/18

 

500

 

490

 

Series B

 

 

 

 

 

7.625%, 04/01/11

 

1,000

 

995

 

Dex Media, Callable 11/15/08 @ 104.50

 

 

 

 

 

0.000%, 11/15/13 (g)

 

1,000

 

805

 

Dex Media East, Callable 11/15/07 @ 106.06

 

 

 

 

 

12.125%, 11/15/12

 

324

 

388

 

Dex Media West, Callable 08/15/08 @ 104.94

 

 

 

 

 

9.875%, 08/15/13

 

500

 

572

 

DirecTV Holdings, Callable 03/15/08 @ 104.19

 

 

 

 

 

8.375%, 03/15/13

 

298

 

329

 

Dobson Cellular Systems, Callable 11/01/08 @ 104.94

 

 

 

 

 

9.875%, 11/01/12 (d)

 

1,000

 

1,052

 

Echostar

 

 

 

 

 

6.625%, 10/01/14 (d)

 

2,000

 

1,975

 

Horizon PCS, Callable 07/15/08 @ 105.69

 

 

 

 

 

11.375%, 07/15/12 (d)

 

900

 

1,003

 

Houghton Mifflin,

 

 

 

 

 

Callable 02/01/08 @ 104.94

 

 

 

 

 

9.875%, 02/01/13 (c)

 

1,000

 

1,075

 

Callable 10/15/08 @ 105.75

 

 

 

 

 

0.000%, 10/15/13 (c) (g)

 

1,000

 

727

 

Insight Midwest, Callable 11/01/05 @ 105.25

 

 

 

 

 

10.500%, 11/01/10 (d)

 

500

 

532

 

Intelsat Bermuda, Callable until 7/4/06 @102.00

 

 

 

 

 

7.805%, 01/15/12 (d)

 

1,000

 

1,017

 

Callable 01/15/10 @ 104.31

 

 

 

 

 

8.625%, 01/15/15 (b) (c) (d)

 

1,000

 

1,052

 

Liberty Media, Callable until 02/15/30 @ 100

 

 

 

 

 

3.750%, 02/15/30 (d) (h)

 

1,000

 

590

 

MCI,

 

 

 

 

 

Callable until 4/30/06 @ 102.45

 

 

 

 

 

5.908%, 05/01/07 (g)

 

1,000

 

1,012

 

Callable 05/01/09 @ 103.37

 

 

 

 

 

8.735%, 05/01/14 (g)

 

1,500

 

1,682

 

Nextel Communications,

 

 

 

 

 

Callable 08/01/08 @ 103.69

 

 

 

 

 

7.375%, 08/01/15

 

500

 

540

 

Callable 03/15/09 @ 102.98

 

 

 

 

 

5.950%, 03/15/14 (c)

 

2,500

 

2,597

 

Nextel Partners, Callable 07/01/07 @ 104.06

 

 

 

 

 

8.125%, 07/01/11

 

1,000

 

1,087

 

Panamsat, Callable 08/15/09 @ 104.50

 

 

 

 

 

9.000%, 08/15/14

 

649

 

707

 

 



 

Primedia, Callable 05/15/06 @ 104.44

 

 

 

 

 

8.875%, 05/15/11

 

800

 

840

 

Qwest

 

 

 

 

 

9.125%, 03/15/12 (d)

 

2,000

 

2,170

 

Quest, Callable until 06/14/06 @ 102.35

 

 

 

 

 

7.500%, 06/15/23

 

1,000

 

920

 

Qwest Services, Callable 12/15/06 @ 106.75

 

 

 

 

 

13.500%, 12/15/10 (d)

 

2,000

 

2,310

 

R. H. Donnelley Finance, Callable 12/15/07 @ 105.44

 

 

 

 

 

10.875%, 12/15/12 (d)

 

1,000

 

1,165

 

Rogers Cable

 

 

 

 

 

6.250%, 06/15/13 (b)

 

1,000

 

997

 

Rogers Wireless

 

 

 

 

 

6.375%, 03/01/14 (b)

 

1,000

 

1,015

 

7.500%, 03/15/15 (b)

 

1,000

 

1,085

 

Shaw Communications

 

 

 

 

 

8.250%, 04/11/10 (b)

 

1,000

 

1,115

 

Sinclair Broadcast Group, Callable 03/15/07 @ 104

 

 

 

 

 

8.000%, 03/15/12

 

1,000

 

1,025

 

Time Warner Telecommunications Holdings, Callable 02/15/09 @ 104.62

 

 

 

 

 

9.250%, 02/15/14 (c)

 

1,000

 

970

 

Triton PCS, Callable 02/01/06 @ 104.69

 

 

 

 

 

9.375%, 02/01/11

 

1,000

 

715

 

 

 

 

 

43,374

 

Consumer Cyclical - 16.4%

 

 

 

 

 

AMC Entertainment, Callable 03/01/09 @ 104

 

 

 

 

 

8.000%, 03/01/14 (c)

 

1,000

 

885

 

Arvinmeritor

 

 

 

 

 

8.750%, 03/01/12 (c)

 

500

 

522

 

Asbury Automotive Group, Callable 06/15/07 @ 104.50

 

 

 

 

 

9.000%, 06/15/12

 

1,000

 

1,022

 

Beazer Homes USA, Callable 04/15/07 @ 104.19

 

 

 

 

 

8.375%, 04/15/12

 

1,000

 

1,070

 

Buffets, Callable 07/15/06 @ 105.63

 

 

 

 

 

11.250%, 07/15/10

 

500

 

500

 

D. R. Horton

 

 

 

 

 

5.000%, 01/15/09

 

500

 

500

 

Dominos, Series B, Callable 07/01/07 @ 104.13

 

 

 

 

 

8.250%, 07/01/11

 

547

 

588

 

Dura Operating, Series B, Callable 04/15/07 @ 104.31

 

 

 

 

 

8.625%, 04/15/12 (c)

 

1,000

 

905

 

Felcor Lodging (REIT)

 

 

 

 

 

8.500%, 06/01/11

 

500

 

545

 

General Motors Acceptance

 

 

 

 

 

5.625%, 05/15/09 (c)

 

2,000

 

1,861

 

6.750%, 12/01/14

 

3,000

 

2,693

 

8.000%, 11/01/31

 

1,000

 

900

 

Glenoit, Callable 08/15/05 @ 100

 

 

 

 

 

11.000%, 04/15/07 (a) (i) (j)

 

100

 

 

Goodyear Tire & Rubber

 

 

 

 

 

7.857%, 08/15/11 (c)

 

1,000

 

970

 

Host Marriott, Callable 11/01/08 @ 103.56 (REIT)

 

 

 

 

 

7.125%, 11/01/13 (c)

 

1,000

 

1,040

 

IMAX, Callable 12/01/07 @ 104.81

 

 

 

 

 

9.625%, 12/01/10 (b)

 

1,000

 

1,051

 

Inn of the Mountain Gods Resort, Callable 11/15/07 @ 106

 

 

 

 

 

12.000%, 11/15/10 (c)

 

1,000

 

1,142

 

Isle of Capri Casinos, Callable 03/01/09 @ 103.50

 

 

 

 

 

7.000%, 03/01/14

 

1,000

 

1,005

 

J.C. Penney

 

 

 

 

 

7.950%, 04/01/17

 

1,000

 

1,150

 

Jean Coutu Group, Callable 08/01/09 @ 104.25

 

 

 

 

 

8.500%, 08/01/14 (b) (c)

 

1,000

 

982

 

KB Home

 

 

 

 

 

5.750%, 02/01/14 (c)

 

1,000

 

987

 

Landrys Restaurants, Callable 12/15/09 @ 103.75

 

 

 

 

 

7.500%, 12/15/14 (d)

 

1,000

 

970

 

Levi Strauss & Co., Callable 01/15/10 @ 104.88

 

 

 

 

 

9.750%, 01/15/15

 

1,000

 

993

 

M/I Homes

 

 

 

 

 

6.875%, 04/01/12 (d)

 

1,000

 

980

 

Meristar Hospitality

 

 

 

 

 

9.125%, 01/15/11

 

1,000

 

1,040

 

MGM Mirage

 

 

 

 

 

8.375%, 02/01/11 (c)

 

2,000

 

2,175

 

Mohegan Tribal Gaming, Callable 02/15/10 @ 103.44

 

 

 

 

 

6.875%, 02/15/15 (d)

 

250

 

256

 

Movie Gallery, Callable 05/01/08 @ 105.50

 

 

 

 

 

11.000%, 05/01/12 (d)

 

500

 

525

 

Oxford Industries, Callable 06/01/07 @ 104.44

 

 

 

 

 

8.875%, 06/01/11

 

500

 

535

 

Park Place Entertainment

 

 

 

 

 

8.875%, 09/15/08

 

1,000

 

1,105

 

7.875%, 03/15/10

 

1,000

 

1,108

 

 



 

Penn National Gaming, Callable 03/15/06 @ 104.44

 

 

 

 

 

8.875%, 03/15/10

 

1,000

 

1,073

 

Royal Caribbean Cruises

 

 

 

 

 

8.000%, 05/15/10 (b)

 

1,000

 

1,110

 

Russell, Callable 05/01/06 @ 104.63

 

 

 

 

 

9.250%, 05/01/10

 

500

 

529

 

Saks

 

 

 

 

 

7.500%, 12/01/10

 

500

 

500

 

Service Corporation International

 

 

 

 

 

7.700%, 04/15/09

 

1,000

 

1,073

 

Six Flags, Callable 04/15/08 @ 104.88

 

 

 

 

 

9.750%, 04/15/13 (c)

 

1,000

 

940

 

Tenneco Automotive, Callable 11/15/09 @ 104.31

 

 

 

 

 

8.625%, 11/15/14 (c) (d)

 

1,000

 

1,005

 

Toys R Us

 

 

 

 

 

7.375%, 10/15/18

 

1,000

 

805

 

Visteon

 

 

 

 

 

7.000%, 03/10/14

 

500

 

414

 

Warnaco, Callable 06/15/08 @ 104.44

 

 

 

 

 

8.875%, 06/15/13

 

500

 

548

 

Warner Music Group

 

 

 

 

 

7.375%, 04/15/14

 

1,000

 

1,013

 

WCI Communities, Callable 05/01/07 @ 104.56

 

 

 

 

 

9.125%, 05/01/12

 

1,000

 

1,048

 

Wynn Las Vegas, Callable 12/01/09 @ 103.31

 

 

 

 

 

6.625%, 12/01/14 (d)

 

1,000

 

970

 

 

 

 

 

41,033

 

Consumer NonCyclical - 7.6%

 

 

 

 

 

Del Monte, Callable 12/15/07 @ 104.31

 

 

 

 

 

8.625%, 12/15/12

 

1,000

 

1,100

 

Delhaize America

 

 

 

 

 

9.000%, 04/15/31 (c)

 

1,000

 

1,252

 

Dole Foods, Callable 03/15/07 @ 104.44

 

 

 

 

 

8.875%, 03/15/11

 

356

 

380

 

Fisher Scientific International, Callable 08/15/09 @ 103.38

 

 

 

 

 

6.750%, 08/15/14 (d)

 

500

 

524

 

HCA

 

 

 

 

 

5.750%, 03/15/14

 

1,000

 

994

 

HCA Columbia Healthcare

 

 

 

 

 

8.750%, 09/01/10

 

2,000

 

2,278

 

Healthsouth

 

 

 

 

 

7.625%, 06/01/12

 

1,000

 

973

 

Iasis Healthcare Capital, Callable 06/15/09 @ 104.38

 

 

 

 

 

8.750%, 06/15/14

 

1,000

 

1,085

 

R.J. Reynolds Tobacco

 

 

 

 

 

6.500%, 07/15/10 (d)

 

1,000

 

1,000

 

Rayovac, Callable 02/01/10 @ 103.69

 

 

 

 

 

7.375%, 02/01/15 (d)

 

1,000

 

968

 

Revlon Consumer Products, Callable 04/01/08 @ 104.75

 

 

 

 

 

9.500%, 04/01/11 (d)

 

1,000

 

950

 

Roundy’s, Callable 06/15/07 @ 104.44

 

 

 

 

 

8.875%, 06/15/12

 

1,000

 

1,035

 

Sealy Mattress, Callable 06/15/09 @ 104.13

 

 

 

 

 

8.250%, 06/15/14

 

750

 

756

 

Stater Brothers Holdings, Callable 06/15/08 @ 104.06

 

 

 

 

 

8.125%, 06/15/12

 

1,000

 

978

 

Swift & Co., Callable 10/01/06 @ 106.25

 

 

 

 

 

12.500%, 01/01/10

 

750

 

837

 

Tenet Healthcare

 

 

 

 

 

6.500%, 06/01/12 (c)

 

1,000

 

953

 

9.250%, 02/01/15 (d)

 

1,000

 

1,040

 

Triad Hospitals, Callable 11/15/08 @ 103.50

 

 

 

 

 

7.000%, 11/15/13

 

1,000

 

1,030

 

U.S. Oncology, Callable 08/15/08 @ 104.50

 

 

 

 

 

9.000%, 08/15/12 (d)

 

750

 

803

 

 

 

 

 

18,936

 

Electric - 9.4%

 

 

 

 

 

AES

 

 

 

 

 

9.375%, 09/15/10 (c)

 

1,000

 

1,130

 

AES Red Oak, Series B

 

 

 

 

 

9.200%, 11/30/29

 

1,000

 

1,132

 

Allegheny Energy Supply

 

 

 

 

 

8.250%, 04/15/12 (c) (d) (e)

 

1,500

 

1,669

 

Aventine Renewable Energy, Callable 12/15/06 @ 103

 

 

 

 

 

9.410%, 12/15/11 (c) (d) (f)

 

500

 

480

 

Calpine,

 

 

 

 

 

Callable 07/15/07 @ 104.25

 

 

 

 

 

8.500%, 07/15/10 (c) (d)

 

1,000

 

770

 

Callable 04/01/08 @ 103.5

 

 

 

 

 

8.861%, 04/01/10 (f)

 

2,000

 

1,960

 

Callable 10/01/09 @ 104.81

 

 

 

 

 

9.625%, 09/30/14 (a) (c) (d)

 

1,000

 

1,000

 

CMS Energy

 

 

 

 

 

8.500%, 04/15/11 (c)

 

1,185

 

1,321

 

 



 

DPL Capital Trust II

 

 

 

 

 

8.125%, 09/01/31 (c)

 

1,000

 

1,148

 

Dynegy-Roseton Danskamme, Series B

 

 

 

 

 

7.670%, 11/08/16

 

2,000

 

1,920

 

Empresa Nacional de Electricidad

 

 

 

 

 

8.350%, 08/01/13 (b)

 

1,000

 

1,163

 

Mission Energy Holdings

 

 

 

 

 

13.500%, 07/15/08

 

1,750

 

2,078

 

Reliant Energy, Callable 12/15/09 @ 103.38

 

 

 

 

 

6.750%, 12/15/14

 

1,500

 

1,470

 

Sierra Pacific Resources, Callable 03/15/09 @ 104.31

 

 

 

 

 

8.625%, 03/15/14

 

1,500

 

1,656

 

Teco Energy

 

 

 

 

 

7.200%, 05/01/11

 

1,000

 

1,081

 

TXU Corporation

 

 

 

 

 

5.550%, 11/15/14 (c) (d)

 

2,500

 

2,401

 

Utilicorp Canada Finance

 

 

 

 

 

7.750%, 06/15/11 (b)

 

1,000

 

1,030

 

 

 

 

 

23,409

 

Energy - 4.5%

 

 

 

 

 

Bluewater Finance, Callable 02/15/07 @ 105.13

 

 

 

 

 

10.250%, 02/15/12 (b)

 

1,000

 

1,073

 

Chesapeake Energy, Callable 08/15/09 @ 103.50

 

 

 

 

 

7.000%, 08/15/14

 

1,000

 

1,060

 

EXCO Resources, Callable 01/15/07 @ 105.44

 

 

 

 

 

7.250%, 01/15/11

 

1,000

 

990

 

J. Ray McDermott, Callable 12/15/08 @ 105.50

 

 

 

 

 

11.000%, 12/15/13 (b) (d)

 

1,000

 

1,120

 

Lone Star Technologies, Callable 06/01/06 @ 104.50

 

 

 

 

 

9.000%, 06/01/11

 

1,000

 

1,055

 

North American Energy Partners, Callable 12/01/07 @104.38

 

 

 

 

 

8.750%, 12/01/11

 

500

 

425

 

Ocean Rig Norway, Callable 7/1/09 @ 104.19

 

 

 

 

 

8.375%, 07/01/13 (c) (d)

 

500

 

508

 

Parker Drilling, Series B, Callable until 11/14/05 @ 105.06

 

 

 

 

 

10.125%, 11/15/09 (c)

 

287

 

302

 

Petrobras International Financie

 

 

 

 

 

7.750%, 09/15/14 (b)

 

1,500

 

1,571

 

Petroleum Geo-Services, Callable 11/05/07 @ 105.00

 

 

 

 

 

10.000%, 11/05/10 (a) (b)

 

1,000

 

1,123

 

Range Resources, Callable 07/15/08 @ 103.69

 

 

 

 

 

7.375%, 07/15/13 (a)

 

1,000

 

1,065

 

United Refining, Callable 08/15/08 @ 105.25

 

 

 

 

 

10.500%, 08/15/12

 

1,000

 

1,028

 

 

 

 

 

11,320

 

Finance - 0.1%

 

 

 

 

 

Finova Group

 

 

 

 

 

7.500%, 11/15/09

 

610

 

271

 

 

 

 

 

 

 

Industrial Other - 0.3%

 

 

 

 

 

Amsted Industries, Callable 10/15/07 @ 105.13

 

 

 

 

 

10.250%, 10/15/11 (d)

 

800

 

856

 

Diamond Brands Operating, Callable until 04/14/06 @ 101.69

 

 

 

 

 

10.125%, 04/15/08 (a) (i) (j)

 

50

 

 

 

 

 

 

856

 

Insurance - 1.2%

 

 

 

 

 

Fairfax Financial Holdings

 

 

 

 

 

7.750%, 04/26/12 (b)

 

1,000

 

950

 

First American Capital Trust I

 

 

 

 

 

8.500%, 04/15/12

 

750

 

841

 

Ohio Casualty

 

 

 

 

 

7.300%, 06/15/14

 

1,000

 

1,106

 

 

 

 

 

2,897

 

Miscellaneous - 4.7%

 

 

 

 

 

Dow Jones

 

 

 

 

 

6.375%, 12/29/09 (c) (d)

 

5,000

 

5,075

 

Series 4-T3

 

 

 

 

 

8.000%, 06/29/10 (c) (d)

 

4,500

 

4,565

 

Series 4-T1

 

 

 

 

 

8.250%, 06/29/10 (c) (d)

 

2,000

 

2,007

 

 

 

 

 

11,647

 

 

 

 

 

 

 

Natural Gas - 3.7%

 

 

 

 

 

El Paso

 

 

 

 

 

6.375%, 02/01/09

 

1,000

 

983

 

El Paso Natural Gas, Callable 08/01/07 @ 103.81

 

 

 

 

 

7.625%, 08/01/10

 

1,400

 

1,477

 

Enterprise Products

 

 

 

 

 

5.600%, 10/15/14

 

1,000

 

1,030

 

Sonat

 

 

 

 

 

6.750%, 10/01/07

 

1,000

 

1,004

 

Suburban Propane Partners, Callable 12/15/08 @ 103.44

 

 

 

 

 

6.875%, 12/15/13 (d)

 

1,000

 

950

 

Tennessee Gas Pipeline

 

 

 

 

 

7.500%, 04/01/17 (c)

 

1,500

 

1,635

 

 



 

Williams

 

 

 

 

 

7.750%, 06/15/31 (c)

 

2,000

 

2,205

 

 

 

 

 

9,284

 

Sovereigns - 2.2%

 

 

 

 

 

Federal Republic of Brazil

 

 

 

 

 

10.250%, 06/17/13 (b)

 

350

 

408

 

Government of Jamaica

 

 

 

 

 

10.625%, 06/20/17 (b) (c)

 

1,000

 

1,098

 

Republic of Panama

 

 

 

 

 

7.250%, 03/15/15 (b)

 

500

 

543

 

Republic of Phillipines

 

 

 

 

 

9.875%, 01/15/19 (b) (c)

 

600

 

650

 

Republic of Turkey

 

 

 

 

 

9.000%, 06/30/11 (b)

 

500

 

567

 

7.375%, 02/05/25 (b) (c)

 

1,400

 

1,377

 

Republic of Venezuela

 

 

 

 

 

8.500%, 10/08/14 (b)

 

850

 

882

 

 

 

 

 

5,525

 

Technology - 3.1%

 

 

 

 

 

Avnet

 

 

 

 

 

9.750%, 02/15/08

 

1,000

 

1,114

 

Freescale Semiconductor, Callable 07/15/08 @ 103.44

 

 

 

 

 

6.875%, 07/15/11 (c)

 

1,000

 

1,063

 

Hynix Semiconductor, Callable 07/01/09 @ 105.25

 

 

 

 

 

9.875%, 07/01/12 (d)

 

500

 

500

 

Iron Mountain, Callable 04/01/06 @ 104.31

 

 

 

 

 

8.625%, 04/01/13

 

500

 

518

 

Lucent Technologies

 

 

 

 

 

5.500%, 11/15/08 (c)

 

1,000

 

998

 

Nortel Networks

 

 

 

 

 

6.125%, 02/15/06 (b)

 

1,000

 

1,006

 

Sanmina-Sci, Callable 03/01/09 @ 103.38

 

 

 

 

 

6.750%, 03/01/13 (c) (d)

 

1,000

 

955

 

Xerox

 

 

 

 

 

9.750%, 01/15/09

 

500

 

569

 

7.200%, 04/01/16

 

1,000

 

1,088

 

 

 

 

 

7,811

 

Transportation - 1.5%

 

 

 

 

 

Air Jamaica

 

 

 

 

 

9.375%, 07/08/15 (a) (d)

 

500

 

505

 

Continental Airlines, Series 2001-1, Cl B

 

 

 

 

 

7.033%, 12/15/12 (a)

 

668

 

561

 

Delta Air Lines

 

 

 

 

 

7.900%, 12/15/09

 

1,000

 

358

 

Series 2000-1, Cl B

 

 

 

 

 

7.920%, 11/18/10 (a)

 

1,000

 

540

 

Laidlaw International, Callable 06/15/07 @ 105.38

 

 

 

 

 

10.750%, 06/15/11

 

750

 

879

 

Northwest Airlines

 

 

 

 

 

7.875%, 03/15/08 (c)

 

1,000

 

435

 

Progress Rail Services, Callable 04/01/08 @ 107.75

 

 

 

 

 

7.750%, 04/01/12 (d)

 

500

 

508

 

 

 

 

 

3,786

 

 

 

 

 

 

 

Total High Yield Corporate Bonds
(Cost $223,195)

 

 

 

222,544

 

 

 

 

 

 

 

Corporate Bonds - 3.5%

 

 

 

 

 

Basic Industry - 0.8%

 

 

 

 

 

Glencore Funding

 

 

 

 

 

6.000%, 04/15/14 (d)

 

1,000

 

945

 

Vale Overseas

 

 

 

 

 

8.250%, 01/17/34

 

1,000

 

1,094

 

 

 

 

 

2,039

 

Consumer Cyclical - 1.2%

 

 

 

 

 

Ford Motor

 

 

 

 

 

7.450%, 07/16/31 (c)

 

1,000

 

830

 

Ford Motor Credit

 

 

 

 

 

5.800%, 01/12/09 (c)

 

1,000

 

959

 

7.000%, 10/01/13 (c)

 

1,000

 

968

 

 

 

 

 

2,757

 

Sovereigns - 0.6%

 

 

 

 

 

Russian Federation

 

 

 

 

 

5.000%, 03/31/30 (d) (g)

 

1,400

 

1,557

 

 



 

Transportation - 0.4%

 

 

 

 

 

American Airlines, Series 1999-1, Cl A2

 

 

 

 

 

7.024%, 04/15/11 (a)

 

1,000

 

1,033

 

 

 

 

 

 

 

Yankee Corporations - 0.5%

 

 

 

 

 

Tengizcheveroil Finance

 

 

 

 

 

6.124%, 11/15/14 (d)

 

1,250

 

1,294

 

 

 

 

 

 

 

Total Corporate Bonds
(Cost $7,363)

 

 

 

8,680

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed

 

 

 

 

 

Security - 2.8%

 

 

 

 

 

Fixed Rate - 2.8%

 

 

 

 

 

GMAC Commercial Mortgage Securities

 

 

 

 

 

Series 2003-C3, Cl A2

 

 

 

 

 

4.223%, 04/10/40

 

7,000

 

6,999

 

Total CMO - Private

 

 

 

 

 

Mortgage-Backed Security
(Cost $7,037)

 

 

 

6,999

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Preferred Stocks - 0.6%

 

 

 

 

 

United States - 0.6%

 

 

 

 

 

Alamosa Holdings, Series B, Callable 11/10/06 @ 312.50

 

1,000

 

1,032

 

iStar Financial, Series G, Callable 12/19/08 @ 25 (REIT)

 

20,000

 

510

 

Nebco Evans Holdings (PIK) (a) (j) (k)

 

300

 

 

Pegasus Communications Fractional Shares (a) (j) (k)

 

15,109

 

 

 

 

 

 

 

 

Total Preferred Stocks
(Cost $831)

 

 

 

1,542

 

 

 

 

 

 

 

Common Stocks - 0.1%

 

 

 

 

 

Bermuda - 0.0%

 

 

 

 

 

Viatel Holdings (a) (j) (k)

 

338

 

 

 

 

 

 

 

 

Canada - 0.0%

 

 

 

 

 

Manitoba Telecom Services

 

40

 

1

 

 

 

 

 

 

 

United States - 0.1%

 

 

 

 

 

NII Holdings, Cl B (k)

 

1,869

 

120

 

 

 

 

 

 

 

Total Common Stocks 
(Cost $148)

 

 

 

121

 

 

 

 

 

 

 

 

 

PAR (000)

 

VALUE (000)+

 

Asset-Backed Security - 0.0%

 

 

 

 

 

Manufactured Housing - 0.0%

 

 

 

 

 

Green Tree Financial

 

 

 

 

 

Series 1998-1, Cl A1

 

 

 

 

 

6.040%, 11/01/29 (a)

 

$

13

 

13

 

 

 

 

 

 

 

Total Asset-Backed Security 
(Cost $13)

 

 

 

13

 

 

 

 

 

 

 

U.S. Government Agency Mortgage-Backed

 

 

 

 

 

Security - 0.0%

 

 

 

 

 

Fixed Rate - 0.0%

 

 

 

 

 

FNMA Pool

 

 

 

 

 

6.695%, 08/01/05, #109031

 

35

 

35

 

 

 

 

 

 

 

Total U.S. Government Agency

 

 

 

 

 

Mortgage-Backed Security
(Cost $35)

 

 

 

35

 

 

 

 

 

 

 

Treasury Obligation - 0.0%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.820%, 08/04/05 (l)

 

40

 

40

 

 

 

 

 

 

 

Total Treasury Obligation
(Cost $40)

 

 

 

40

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Warrant - -0.0%

 

 

 

 

 

Sterling Chemical Holdings, Expires 08/15/08 (a) (d) (j) (k)

 

100

 

 

 

 

 

 

 

 

Total Warrant
(Cost $3)

 

 

 

 

 

 

 

 

 

 

Affiliated Money Market Fund - 1.4%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (m)

 

3,597,382

 

3,597

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $3,597)

 

 

 

3,597

 

 



 

Investments Purchased with Proceeds from

 

 

 

 

 

Securities Lending - 22.9%
(Cost $57,269) (n)

 

 

 

57,269

 

 

 

 

 

 

 

Total Investments - 121.9%
(Cost $299,531)

 

 

 

305,031

 

Other Assets and Liabilities, Net - (21.9)%

 

 

 

(54,821

)

Total Net Assets - 100.0%

 

 

 

$

250,210

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (j).

(a)

 

Securities considered illiquid. As of June 30, 2005, the value of these investments was $8,971,504 or 3.6% of total net assets.

(b)

 

Represents a foreign high yield (non-investment grade) bond. On June 30, 2005, the value of these investments was $32,401,675, which represents 12.9% of total net assets.

(c)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a value of $55,778,372 at June 30, 2005.

(d)

 

Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2005, the value of these investments was $64,114,174 or 25.6% of total net assets.

(e)

 

Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor’s and Moody’s Investor Service. The rate disclosed represents the coupon rate in effect as of June 30, 2005.

(f)

 

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

(g)

 

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of June 30, 2005.

(h)

 

Security is convertible into shares of Sprint PCS common stock.

(i)

 

Security currently in default.

(j)

 

Security is fair valued. As of June 30, 2005, the fair value of these investments was $0 or 0.0% of total net assets.

(k)

 

Non-income producing security.

(l)

 

Security has been deposited as intial margin on open futures contracts. Yield shown is effective yield at date of purchase.

(m)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

(n)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

 

 

 

Cl - Class

FNMA - Federal National Mortgage Association

PIK - Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

REIT - Real Estate Investment Trust

 

Schedule of Open Futures Contracts

 

Description

 

Number of
Contracts
Purchased
(Sold)

 

Market Value
Covered By
Contracts (000)

 

Settlement
Month

 

Unrealized
Appreciation
(Depreciation) (000)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 5 year Futures

 

(62

)

$

(6,751

)

Sept. 05

 

$

(2

)

U.S. Treasury 10 year Futures

 

(67

)

(7,602

)

Sept. 05

 

(18

)

U.S. Treasury Long Bond Futures

 

56

 

6,650

 

Sept. 05

 

136

 

 

 

 

 

 

 

 

 

$

116

 

 

Credit Default Swap Agreements outstanding as June 30, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

Reference

 

Buy/Sell

 

Pay/Receive

 

Expiration

 

Notional

 

Appreciation/

 

Counterparty

 

Entity

 

Protection

 

Fixed Rate

 

Date

 

Amount (000)

 

(Depreciation) (000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA HY4

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

Index

 

Sell

 

3.60

%

6/20/10

 

$

4,950

 

$

23

 

 

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA HY4

 

 

 

 

 

 

 

 

 

 

 

J.P. Morgan

 

Index

 

Sell

 

3.60

%

6/20/10

 

1,980

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

$

22

 

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Inflation Protected Securities Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

U.S. Government & Agency Securities - 92.2%

 

 

 

 

 

U.S. Agency Debentures - 1.5%

 

 

 

 

 

BECCS, Callable 05/15/06 @ 100

 

 

 

 

 

0.000%, 05/15/11 (a)

 

$

1,000

 

$

970

 

FHLMC

 

 

 

 

 

5.250%, 11/05/12, Callable 11/05/07 @ 100 (b)

 

500

 

507

 

FNMA

 

 

 

 

 

4.200%, 03/24/08, Callable 03/24/06 @ 100 (b)

 

2,250

 

2,250

 

 

 

 

 

3,727

 

U.S. Treasuries (c) - 90.7%

 

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

 

2.375%, 01/15/25

 

21,520

 

23,551

 

3.625%, 04/15/28 (b)

 

19,968

 

26,835

 

3.875%, 04/15/29

 

16,007

 

22,499

 

U.S. Treasury Notes

 

 

 

 

 

3.375%, 01/15/07

 

16,025

 

16,534

 

3.625%, 01/15/08

 

18,486

 

19,557

 

3.875%, 01/15/09 (b)

 

15,541

 

16,903

 

4.250%, 01/15/10 (b)

 

11,506

 

12,950

 

0.875%, 04/15/10 (b)

 

13,864

 

13,520

 

3.500%, 01/15/11 (b)

 

6,511

 

7,218

 

3.000%, 07/15/12 (b)

 

9,198

 

10,097

 

1.875%, 07/15/13 (b)

 

5,561

 

5,679

 

2.000%, 01/15/14 (b)

 

7,371

 

7,591

 

2.000%, 07/15/14

 

17,882

 

18,421

 

1.625%, 01/15/15

 

24,581

 

24,485

 

 

 

 

 

225,840

 

 

 

 

 

 

 

Total U.S. Government & Agency Securities
(Cost $228,637)

 

 

 

229,567

 

 

 

 

 

 

 

Corporate Bonds - 2.6%

 

 

 

 

 

Miscellaneous - 2.0%

 

 

 

 

 

Dow Jones, Series 3-1

 

 

 

 

 

8.250%, 06/29/10 (b) (d)

 

 

4,990

 

 

5,009

 

 

 

 

 

 

 

Sovereigns - 0.6%

 

 

 

 

 

Republic of Philippines

 

 

 

 

 

8.250%, 01/15/14

 

500

 

505

 

Republic of Turkey

 

 

 

 

 

9.000%, 06/30/11

 

500

 

567

 

Republic of Venezuela

 

 

 

 

 

8.500%, 10/08/14

 

300

 

311

 

 

 

 

 

1,383

 

 

 

 

 

 

 

Total Corporate Bonds
(Cost $6,250)

 

 

 

6,392

 

 

 

 

 

 

 

Asset-Backed Securities - 1.8%

 

 

 

 

 

Commercial - 1.4%

 

 

 

 

 

Deutsche Mortgage and Asset Recieving

 

 

 

 

 

Series 1998-C1, Cl A2

 

 

 

 

 

6.538%, 06/15/31

 

419

 

438

 

Greenwich Capital Commercial Funding, Series 2005-GG3, Cl A2

 

 

 

 

 

4.305%, 08/10/42

 

2,000

 

1,999

 

GS Mortgage Securities II

 

 

 

 

 

Series 2003-C1, Cl A2A

 

 

 

 

 

3.590%, 01/10/40

 

500

 

492

 

Nomura Asset Securities

 

 

 

 

 

Series 1998-D6, Cl A1B

 

 

 

 

 

6.590%, 03/15/30

 

500

 

529

 

 

 

 

 

3,458

 

 



 

Other - 0.4%

 

 

 

 

 

GRP/AG Real Estate Asset Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.960%, 03/25/09 (a) (d) (e)

 

124

 

125

 

Series 2005-1, Cl A

 

 

 

 

 

4.850%, 01/25/35 (a) (d)

 

801

 

802

 

 

 

 

 

927

 

 

 

 

 

 

 

Total Asset-Backed Securities
(Cost $4,401)

 

 

 

4,385

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed Security - 0.8%

 

 

 

 

 

Fixed Rate - 0.8%

 

 

 

 

 

GMAC Commercial Mortgage Securities

 

 

 

 

 

Series 2003-C3 Cl A2

 

 

 

 

 

4.223%, 04/10/40

 

2,000

 

2,000

 

 

 

 

 

 

 

Total CMO - Private Mortgage-Backed Security
(Cost $2,014)

 

 

 

2,000

 

 

 

 

 

 

 

CMO - U.S. Government Agency Mortgage-Backed Securities - 0.5%

 

 

 

 

 

Fixed Rate - 0.5%

 

 

 

 

 

FHLMC Gold Pool

 

 

 

 

 

4.000%, 10/01/10, #M80855

 

930

 

918

 

FHLMC REMIC

 

 

 

 

 

Series 2763, Cl TA

 

 

 

 

 

4.000%, 03/15/11

 

446

 

441

 

 

 

 

 

 

 

Total CMO - U.S. Government Agency Mortgage-Backed Securities
(Cost $1,377)

 

 

 

1,359

 

 

 

 

 

 

 

Treasury Obligation - 0.0%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.820%, 08/04/05 (f)

 

 

30

 

$

30

 

 

 

 

 

 

 

Total Treasury Obligation
(Cost $30)

 

 

 

30

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Affiliated Money Market Fund - 0.9%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (g)

 

2,246,243

 

 

2,246

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $2,246)

 

 

 

2,246

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (h) - 40.4%
(Cost $100,700)

 

 

 

100,700

 

 

 

 

 

 

 

Total Investments - 139.2%
(Cost $345,655)

 

 

 

346,679

 

Other Assets and Liabilities, Net - (39.2)%

 

 

 

(97,595

)

Total Net Assets - 100.0%

 

 

 

$

249,084

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(b)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a value of $98,560,299 at June 30, 2005.

 

 

 

(c)

 

U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

 



 

(d)

 

Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the funds’ board of directors. As of June 30, 2005, the value of these investments was $5,935,231 or 2.4% of total net assets.

 

 

 

(e)

 

Security considered illiquid. As of June 30, 2005, the value of these investments was $124,704 or 0.5% of total net assets.

 

 

 

(f)

 

Security has been deposited as inital margin on open futures contracts. Yield shown is effective yield at date of purchase.

 

 

 

(g)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

 

 

(h)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

Cl - Class

CMO - Collateralized Mortgage Obligation

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

REMIC - Real Estate Mortgage Investment Conduit

 

Schedule of Open Futures Contract

 

 

 

Number of

 

Market Value

 

 

 

 

 

 

 

Contracts

 

Covered By

 

Settlement

 

Unrealized

 

Description

 

(Sold)

 

Contracts (000)

 

Month

 

(Depreciation) (000)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 10 year Futures

 

(13

)

$

(1,475

)

September 05

 

$

(6

)

 

 

 

 

 

 

 

 

$

(6

)

 

Credit Default Swap Agreement outstanding as June 30, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

Reference

 

Buy/Sell

 

Pay/Receive

 

Expiration

 

Notional

 

Appreciation

 

Counterparty

 

Entity

 

Protection

 

Fixed Rate

 

Date

 

Amount (000)

 

(Depreciation) (000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX EM 3

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

Index

 

Sell

 

2.10

%

6/20/10

 

$

4,000

 

$

78

 

 

 

 

 

 

 

 

 

 

 

 

 

$

78

 

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Intermediate Government Bond Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

U.S. Government & Agency Securities - 95.8%

 

 

 

 

 

U.S. Agency Debentures - 66.7%

 

 

 

 

 

FFCB

 

 

 

 

 

2.500%, 11/15/05

 

$

1,750

 

$

1,743

 

2.375%, 10/02/06

 

3,750

 

3,686

 

1.875%, 01/16/07

 

1,895

 

1,841

 

3.250%, 06/15/07

 

3,700

 

3,660

 

2.625%, 09/17/07

 

3,750

 

3,652

 

3.000%, 12/17/07

 

1,805

 

1,768

 

5.750%, 01/18/11

 

1,800

 

1,946

 

FHLB

 

 

 

 

 

2.125%, 05/15/06

 

3,000

 

2,960

 

3.000%, 05/15/06

 

2,900

 

2,883

 

2.875%, 05/22/06

 

2,550

 

2,532

 

5.250%, 08/15/06

 

3,000

 

3,048

 

2.875%, 02/15/07

 

3,100

 

3,054

 

3.500%, 05/15/07

 

850

 

845

 

Callable 04/07/06 @ 100 4.430%, 04/07/08

 

2,000

 

2,006

 

Callable 5/16/06 @ 100 4.250%, 05/16/08

 

1,600

 

1,599

 

Callable 6/13/06 @100 4.100%, 06/13/08

 

1,590

 

1,585

 

TVA

 

 

 

 

 

5.375%, 11/13/08

 

3,475

 

3,630

 

5.625%, 01/18/11

 

3,450

 

3,708

 

6.790%, 05/23/12

 

3,175

 

3,670

 

4.375%, 06/15/15

 

2,655

 

2,674

 

 

 

 

 

52,490

 

U.S. Treasuries - 29.1%

 

 

 

 

 

U.S. Treasury Bond (STRIPS)

 

 

 

 

 

0.000%, 11/15/11 (a)

 

1,670

 

1,592

 

U.S. Treasury Bonds

 

 

 

 

 

1.875%, 01/31/06

 

2,970

 

2,943

 

12.750%, 11/15/10

 

2,335

 

2,416

 

13.250%, 05/15/14

 

2,400

 

3,223

 

11.750%, 11/15/14

 

2,575

 

3,407

 

9.250%, 02/15/16

 

800

 

1,160

 

7.250%, 05/15/16

 

1,275

 

1,634

 

9.125%, 05/15/18

 

1,250

 

1,871

 

8.125%, 08/15/19

 

1,075

 

1,524

 

8.750%, 05/15/20

 

1,350

 

2,026

 

U.S. Treasury Notes

 

 

 

 

 

3.625%, 01/15/10

 

1,100

 

1,095

 

 

 

 

 

22,891

 

 

 

 

 

 

 

Total U.S. Government & Agency Securities
(Cost $75,698)

 

 

 

75,381

 

 

 

 

 

 

 

Treasury Obligation - 3.1%

 

 

 

 

 

U.S. Inflation Index Bond

 

 

 

 

 

1.625%, 01/15/15 (b)

 

2,471

 

2,461

 

 

 

 

 

 

 

Total Treasury Obligation
(Cost $2,461)

 

 

 

2,461

 

 



 

 

 

SHARES (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Affiliated Money Market Fund - 0.7%

 

 

 

 

 

First American U.S. Treasury Money Market Fund, Cl Z (c)

 

571,571

 

 

572

 

 

 

 

 

 

 

Total Affiliated Money Market Fund
(Cost $572)

 

 

 

572

 

 

 

 

 

 

 

Total Investments - 99.6%
(Cost $78,731)

 

 

 

78,414

 

Other Assets and Liabilities, Net - 0.4%

 

 

 

288

 

Total Net Assets - 100.0%

 

 

 

$

78,702

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Principal only - Represents securities that entitle holders to receive only principal payments on the underlying mortgages. The yield to maturity of a principal only is sensitive to the rate of principal payments on the underlying mortgage assets. A slow (rapid) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The zero coupon rate represents the lack of interest as part of payments received.

 

 

 

(b)

 

U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

 

 

 

(c)

 

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Mangement, Inc., which also serves as advisor for this fund.

 

Cl - Class

FFCB - Federal Farm Credit Bank

FHLB - Federal Home Loan Bank

TVA - Tennesse Valley Authority

STRIPS - Separate Trading of Registered Interest and Principal of Securities

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Intermediate Term Bond Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

U.S. Government & Agency Securities - 29.9%

 

 

 

 

 

U.S. Agency Debentures - 10.6%

 

 

 

 

 

FHLB

 

 

 

 

 

Callable 04/07/06 @ 100, 4.430%, 04/07/08 (a)

 

$

24,000

 

$

24,072

 

FHLMC

 

 

 

 

 

Callable 11/02/05 @ 100, 3.250%, 11/02/07 (a)

 

13,595

 

13,343

 

Callable 06/23/06 @ 100, 4.250%, 06/23/08 (a)

 

11,800

 

11,807

 

Callable 03/01/06 @ 100, 4.375%, 03/01/10 (a)

 

12,260

 

12,237

 

FNMA

 

 

 

 

 

Callable 11/22/05 @ 100, 3.000%, 11/22/06 (a)

 

23,845

 

23,566

 

Callable 11/17/05 @ 100, 3.875%, 11/17/08

 

13,000

 

12,899

 

7.250%, 01/15/10 (a)

 

11,170

 

12,662

 

6.125%, 03/15/12 (a)

 

7,020

 

7,845

 

5.250%, 08/01/12 (a)

 

5,990

 

6,259

 

 

 

 

 

124,690

 

U.S. Treasuries - 19.3%

 

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

 

1.875%, 01/31/06 (a)

 

16,885

 

16,735

 

9.250%, 02/15/16 (a)

 

8,725

 

12,649

 

7.250%, 05/15/16 (a)

 

10,200

 

13,069

 

9.125%, 05/15/18 (a)

 

8,685

 

13,002

 

8.750%, 05/15/20 (a)

 

18,000

 

27,011

 

U.S. Treasury Notes

 

 

 

 

 

3.500%, 12/15/09 (a)

 

22,400

 

22,197

 

3.625%, 01/15/10 (a)

 

11,255

 

11,204

 

3.500%, 02/15/10 (a)

 

12,560

 

12,436

 

4.000%, 03/15/10 (a)

 

10,775

 

10,895

 

3.875%, 05/15/10 (a)

 

5,130

 

5,161

 

1.625%, 01/15/15 (a) (b)

 

36,462

 

36,319

 

4.000%, 02/15/15 (a)

 

30,810

 

30,940

 

4.125%, 05/15/15 (a)

 

15,685

 

15,918

 

 

 

 

 

227,536

 

 

 

 

 

 

 

Total U.S. Government & Agency Securities (Cost $347,848)

 

 

 

352,226

 

 

 

 

 

 

 

Asset-Backed Securities - 24.4%

 

 

 

 

 

Automotive - 3.1%

 

 

 

 

 

Capital Auto Receivables Asset Trust

 

 

 

 

 

Series 2004-1, Cl A3

 

 

 

 

 

2.000%, 11/15/07

 

11,560

 

11,398

 

Nissan Auto Receivables Owner Trust

 

 

 

 

 

Series 2005-A, Cl A2

 

 

 

 

 

3.220%, 07/16/07

 

10,850

 

10,816

 

Series 2005-B, Cl A2

 

 

 

 

 

3.750%, 09/17/07

 

4,255

 

4,252

 

USAA Auto Owner Trust

 

 

 

 

 

Series 2003-1, Cl A4

 

 

 

 

 

2.040%, 02/16/10

 

1,495

 

1,469

 

WFS Financial Owner Trust

 

 

 

 

 

Series 2004-4, Cl A3

 

 

 

 

 

2.980%, 09/17/09

 

9,170

 

9,034

 

 

 

 

 

36,969

 

Commercial - 8.7%

 

 

 

 

 

Banc of America Commercial Mortgage

 

 

 

 

 

Series 2004-4, Cl A4

 

 

 

 

 

4.502%, 07/10/42

 

9,185

 

9,229

 

Bank of America Commercial Mortgage

 

 

 

 

 

Series 2004-5, Cl A3

 

 

 

 

 

4.561%, 11/10/41

 

10,050

 

10,126

 

Commercial Mortgage

 

 

 

 

 

Series 2004-CNL, Cl A1

 

 

 

 

 

3.440%, 09/15/14 (c) (e)

 

7,455

 

7,438

 

Deutsche Mortgage and Asset Receiving

 

 

 

 

 

Series 1998-C1, Cl A2

 

 

 

 

 

6.538%, 06/15/31

 

5,916

 

6,173

 

Global Signal Trust

 

 

 

 

 

Series 2004-2A, Cl A

 

 

 

 

 

4.232%, 12/15/14 (e)

 

7,390

 

7,336

 

GMAC Commercial Mortgage Securities

 

 

 

 

 

Series 2004-C2, Cl A1

 

 

 

 

 

3.896%, 08/10/38

 

7,312

 

7,264

 

 



 

Greenwich Capital Commercial Funding

 

 

 

 

 

Series 2003-C1, Cl A2

 

 

 

 

 

3.285%, 07/05/35

 

5,000

 

4,836

 

Series 2004-GG1, Cl A7

 

 

 

 

 

5.317%, 06/10/36

 

2,690

 

2,837

 

GS Mortgage Securities II

 

 

 

 

 

Series 2003-C1, Cl A2A

 

 

 

 

 

3.590%, 01/10/40

 

13,840

 

13,608

 

Series 2004-GG2, Cl A1

 

 

 

 

 

3.109%, 08/10/38

 

6,886

 

6,848

 

Morgan Stanley Capital Investments

 

 

 

 

 

Series 1999-FNV1, Cl A1

 

 

 

 

 

6.120%, 03/15/31

 

2,364

 

2,411

 

Nomura Asset Securities

 

 

 

 

 

Series 1998-D6, Cl A1B

 

 

 

 

 

6.590%, 03/15/30

 

11,675

 

12,341

 

Wachovia Bank Commercial Mortgage Trust

 

 

 

 

 

Series 2005-C19, Cl A2

 

 

 

 

 

4.516%, 05/15/44 (d)

 

12,175

 

12,245

 

 

 

 

 

102,692

 

Credit Card - 5.4%

 

 

 

 

 

American Express Credit Account

 

 

 

 

 

Series 2004-4, Cl C

 

 

 

 

 

3.690%, 03/15/12 (c) (e)

 

3,100

 

3,106

 

Capital One Multi-Asset Execution Trust

 

 

 

 

 

Series 2003-A6, Cl A6

 

 

 

 

 

4.510%, 08/17/09

 

7,500

 

7,415

 

Citibank Credit Card Issuance Trust

 

 

 

 

 

Series 2004-A4, Cl A4

 

 

 

 

 

3.200%, 08/24/09

 

10,065

 

9,909

 

Fleet Credit Card Master Trust

 

 

 

 

 

Series 2001-B, Cl A

 

 

 

 

 

5.600%, 12/15/08

 

10,820

 

10,979

 

MBNA Credit Card Master Note Trust

 

 

 

 

 

Series 2001-A1, Cl A1

 

 

 

 

 

5.750%, 10/15/08

 

5,830

 

5,926

 

Series 2003-A1, Cl A1

 

 

 

 

 

3.300%, 07/15/10

 

12,560

 

12,356

 

Series 2003-C6, Cl C6

 

 

 

 

 

4.400%, 12/15/10 (c)

 

3,200

 

3,263

 

Providian Gateway Master Trust

 

 

 

 

 

Series 2004-DA, Cl A

 

 

 

 

 

3.350%, 09/15/11

 

10,355

 

10,192

 

 

 

 

 

63,146

 

Equipment Leases - 1.4%

 

 

 

 

 

Caterpillar Financial Asset Trust

 

 

 

 

 

Series 2005-A, Cl A2

 

 

 

 

 

3.660%, 12/26/07 (d)

 

6,725

 

6,712

 

CNH Equipment Trust

 

 

 

 

 

Series 2003-B, Cl A3B

 

 

 

 

 

2.470%, 01/15/08

 

9,258

 

9,183

 

 

 

 

 

15,895

 

Home Equity - 4.2%

 

 

 

 

 

Amresco Residential Security Mortgage

 

 

 

 

 

Series 1997-3, Cl A9

 

 

 

 

 

6.960%, 03/25/27

 

875

 

854

 

Contimortgage Home Equity Loan Trust

 

 

 

 

 

Series 1997-2, Cl A9

 

 

 

 

 

7.090%, 04/15/28

 

566

 

567

 

Series 1997-3, Cl A9

 

 

 

 

 

7.120%, 08/15/28

 

245

 

248

 

Countrywide

 

 

 

 

 

Series 2003-BC1, Cl A1

 

 

 

 

 

3.714%, 03/25/33 (c) (f)

 

1,512

 

1,541

 

Equity One

 

 

 

 

 

Series 2003-4, Cl AF3

 

 

 

 

 

3.531%, 11/25/33

 

18,915

 

18,840

 

First Franklin Mortgage Loan

 

 

 

 

 

Series 2004-FFB, Cl A3

 

 

 

 

 

4.264%, 06/25/24

 

3,090

 

3,081

 

Household Home Equity Loan Trust

 

 

 

 

 

Series 2002-3, Cl A

 

 

 

 

 

3.710%, 07/20/32 (c)

 

5,725

 

5,732

 

Residential Asset Mortgage Products

 

 

 

 

 

Series 2004-RS4, Cl AI2

 

 

 

 

 

3.247%, 09/25/25

 

9,535

 

9,463

 

Residential Funding Mortgage Securities

 

 

 

 

 

Series 2004-HI2, Cl A3

 

 

 

 

 

4.270%, 11/25/16

 

5,435

 

5,423

 

 



 

Saxon Asset Securities Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.584%, 03/25/35 (c) (f)

 

3,807

 

3,817

 

 

 

 

 

49,566

 

Manufactured Housing - 0.0%

 

 

 

 

 

Green Tree Financial

 

 

 

 

 

Series 1996-9, Cl A5

 

 

 

 

 

7.200%, 01/15/28

 

275

 

275

 

 

 

 

 

 

 

Other - 1.6%

 

 

 

 

 

GRP/AG Real Estate Asset Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.960%, 03/25/09 (d) (e) (f)

 

678

 

682

 

Series 2004-2, Cl A

 

 

 

 

 

4.210%, 07/25/34 (e) (f)

 

1,335

 

1,323

 

Series 2005-1, Cl A

 

 

 

 

 

4.850%, 01/25/35 (e) (f)

 

4,040

 

4,042

 

William Street Funding

 

 

 

 

 

Series 2004-4, Cl A

 

 

 

 

 

3.812%, 09/23/10 (c) (d) (e)

 

9,405

 

9,415

 

Series 2005-1, Cl A

 

 

 

 

 

3.431%, 01/23/11 (c) (d) (e)

 

2,900

 

2,900

 

 

 

 

 

18,362

 

 

 

 

 

 

 

Total Asset-Backed Securities (Cost $289,389)

 

 

 

286,905

 

 

 

 

 

 

 

Corporate Bonds - 23.9%

 

 

 

 

 

Banking - 1.1%

 

 

 

 

 

Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100

 

 

 

 

 

5.506%, 12/31/49 (e) (f)

 

 

2,840

 

 

2,771

 

Credit Suisse First Boston

 

 

 

 

 

3.875%, 01/15/09

 

6,270

 

6,207

 

Mizuho Finance

 

 

 

 

 

5.790%, 04/15/14 (e)

 

4,150

 

4,398

 

 

 

 

 

13,376

 

Basic Industry - 0.5%

 

 

 

 

 

Alcan

 

 

 

 

 

5.200%, 01/15/14

 

4,160

 

4,292

 

Celulosa Arauco Constitucion

 

 

 

 

 

5.625%, 04/20/15 (e)

 

2,000

 

2,043

 

 

 

 

 

6,335

 

Brokerage - 0.8%

 

 

 

 

 

Merrill Lynch, Series B

 

 

 

 

 

5.360%, 02/01/07

 

4,280

 

4,367

 

Morgan Stanley

 

 

 

 

 

4.750%, 04/01/14 (a)

 

5,760

 

5,678

 

 

 

 

 

10,045

 

Capital Goods - 0.9%

 

 

 

 

 

Hutchison Whampoa International

 

 

 

 

 

6.250%, 01/24/14 (a) (e)

 

5,245

 

5,643

 

Waste Management

 

 

 

 

 

6.875%, 05/15/09

 

4,880

 

5,271

 

 

 

 

 

10,914

 

Communications - 4.1%

 

 

 

 

 

America Movil SA

 

 

 

 

 

5.750%, 01/15/15

 

3,255

 

3,312

 

AT&T Broadband

 

 

 

 

 

8.375%, 03/15/13

 

4,345

 

5,289

 

Clear Channel Communications

 

 

 

 

 

5.500%, 09/15/14 (a)

 

4,360

 

4,130

 

Deutsche Telecom

 

 

 

 

 

8.500%, 06/15/10

 

3,690

 

4,305

 

France Telecom

 

 

 

 

 

8.000%, 03/01/11 (g)

 

5,855

 

6,801

 

News America

 

 

 

 

 

6.625%, 01/09/08

 

5,820

 

6,150

 

Sprint Capital

 

 

 

 

 

8.375%, 03/15/12

 

4,545

 

5,482

 

Telecom De Puerto Rico

 

 

 

 

 

6.650%, 05/15/06

 

4,000

 

4,082

 

Verizon Global Funding

 

 

 

 

 

7.250%, 12/01/10

 

3,750

 

4,254

 

6.875%, 06/15/12

 

3,925

 

4,450

 

 

 

 

 

48,255

 

Consumer Cyclical - 1.0%

 

 

 

 

 

Centex

 

 

 

 

 

4.550%, 11/01/10

 

5,565

 

5,499

 

DaimlerChrysler

 

 

 

 

 

6.500%, 11/15/13 (a)

 

2,230

 

2,413

 

 



 

Harrah’s

 

 

 

 

 

5.625%, 06/01/15 (e)

 

3,535

 

3,589

 

 

 

 

 

11,501

 

Consumer NonCyclical - 2.2%

 

 

 

 

 

Albertson’s

 

 

 

 

 

7.500%, 02/15/11

 

5,310

 

5,979

 

Conagra Foods

 

 

 

 

 

7.875%, 09/15/10

 

4,260

 

4,895

 

General Mills

 

 

 

 

 

6.000%, 02/15/12 (a)

 

3,471

 

3,776

 

Kraft Foods

 

 

 

 

 

4.625%, 11/01/06

 

6,750

 

6,795

 

Kroger

 

 

 

 

 

7.450%, 03/01/08

 

4,000

 

4,284

 

 

 

 

 

25,729

 

Electric - 3.2%

 

 

 

 

 

Consumers Energy, Series B

 

 

 

 

 

5.375%, 04/15/13 (a)

 

3,580

 

3,714

 

DTE Energy

 

 

 

 

 

7.050%, 06/01/11

 

4,600

 

5,166

 

Duke Capital

 

 

 

 

 

5.668%, 08/15/14 (a)

 

4,040

 

4,202

 

FPL Group Capital

 

 

 

 

 

7.625%, 09/15/06

 

4,540

 

4,725

 

MidAmerican Energy Holdings

 

 

 

 

 

3.500%, 05/15/08

 

4,600

 

4,482

 

National Rural Utilities

 

 

 

 

 

5.750%, 08/28/09

 

3,850

 

4,055

 

Pacific Gas & Electric

 

 

 

 

 

4.200%, 03/01/11

 

2,065

 

2,032

 

Southern California Edison

 

 

 

 

 

5.000%, 01/15/14

 

2,000

 

2,050

 

TXU Energy

 

 

 

 

 

7.000%, 03/15/13

 

6,895

 

7,677

 

 

 

 

 

38,103

 

Energy - 1.2%

 

 

 

 

 

CNOOC Finance 2002

 

 

 

 

 

6.375%, 03/08/12 (e)

 

4,365

 

4,768

 

Encana

 

 

 

 

 

6.300%, 11/01/11

 

5,115

 

5,572

 

Gazprom International

 

 

 

 

 

7.201%, 02/01/20 (e)

 

3,500

 

3,754

 

 

 

 

 

14,094

 

Finance Companies - 1.5%

 

 

 

 

 

American General

 

 

 

 

 

5.875%, 07/14/06 (a)

 

4,085

 

4,163

 

Capital One Bank

 

 

 

 

 

5.750%, 09/15/10

 

7,000

 

7,406

 

MBNA America Bank

 

 

 

 

 

4.625%, 08/03/09 (a)

 

5,760

 

5,844

 

 

 

 

 

17,413

 

Foreign Agencies - 1.0%

 

 

 

 

 

KFW Bankengruppe

 

 

 

 

 

3.250%, 07/16/07

 

11,500

 

11,387

 

 

 

 

 

 

 

Insurance - 1.6%

 

 

 

 

 

Aon

 

 

 

 

 

6.200%, 01/15/07

 

5,750

 

5,967

 

Axis Capital Holdings

 

 

 

 

 

5.750%, 12/01/14

 

4,410

 

4,558

 

Fund American Companies

 

 

 

 

 

5.875%, 05/15/13

 

4,190

 

4,345

 

Marsh & McLennan

 

 

 

 

 

5.375%, 07/15/14

 

4,220

 

4,215

 

 

 

 

 

19,085

 

Miscellaneous - 1.1%

 

 

 

 

 

Core Investment Grade Trust

 

 

 

 

 

4.659%, 11/30/07 (f)

 

12,712

 

12,797

 

 

 

 

 

 

 

Natural Gas - 1.0%

 

 

 

 

 

Duke Energy Field Services

 

 

 

 

 

7.875%, 08/16/10

 

10,000

 

11,485

 

 

 

 

 

 

 

REITS - 0.8%

 

 

 

 

 

Colonial Realty

 

 

 

 

 

4.750%, 02/01/10

 

4,915

 

4,881

 

Mack-Cali Realty (REIT)

 

 

 

 

 

7.250%, 03/15/09

 

4,500

 

4,917

 

 

 

 

 

9,798

 

 



 

Sovereigns - 1.4%

 

 

 

 

 

Pemex Project Funding Master Trust

 

 

 

 

 

7.375%, 12/15/14

 

7,355

 

8,201

 

Russian Federation

 

 

 

 

 

5.000%, 03/31/30 (e) (f)

 

3,370

 

3,747

 

United Mexican States

 

 

 

 

 

5.875%, 01/15/14

 

4,525

 

4,683

 

 

 

 

 

16,631

 

Transportation - 0.2%

 

 

 

 

 

Hertz

 

 

 

 

 

7.625%, 06/01/12

 

2,000

 

1,976

 

 

 

 

 

 

 

Yankee Corporations - 0.3%

 

 

 

 

 

Tengizcheveroil Finance

 

 

 

 

 

6.124%, 11/15/14 (e)

 

3,095

 

3,204

 

 

 

 

 

 

 

Total Corporate Bonds (Cost $278,924)

 

 

 

282,128

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed Securities - 13.1%

 

 

 

 

 

Adjustable Rate (c)- 11.0%

 

 

 

 

 

CS First Boston Mortgage Securities

 

 

 

 

 

Series 2003-AR24, Cl 2A4

 

 

 

 

 

4.058%, 10/25/33

 

13,390

 

14,131

 

Granite Mortgages

 

 

 

 

 

Series 2003-1, Cl 1C

 

 

 

 

 

4.120%, 01/20/43 (d) (f)

 

4,500

 

4,640

 

IMPAC CMB Trust

 

 

 

 

 

Series 2003-12, Cl A1

 

 

 

 

 

3.694%, 12/25/33 (f)

 

4,589

 

4,607

 

MLCC Mortgage Investors

 

 

 

 

 

Series 2003-G, Cl A3

 

 

 

 

 

4.828%, 01/25/29 (d)

 

7,827

 

8,013

 

Series 2003-H, Cl A3A

 

 

 

 

 

4.916%, 01/25/29 (d)

 

4,291

 

4,376

 

Series 2004-B, Cl A3

 

 

 

 

 

4.670%, 05/25/29

 

6,078

 

6,399

 

Sequoia Mortgage Trust

 

 

 

 

 

Series 2004-5, Cl A1

 

 

 

 

 

4.665%, 06/20/34 (d)

 

7,689

 

7,862

 

Series 2004-7, Cl A1

 

 

 

 

 

4.375%, 08/20/34

 

6,622

 

6,702

 

Structured Mortgage Loan Trust

 

 

 

 

 

Series 2004-11, Cl A

 

 

 

 

 

5.151%, 08/25/34 (d)

 

3,861

 

3,938

 

Thornburg Mortgage Securities Trust

 

 

 

 

 

Series 2005-2, Cl A1

 

 

 

 

 

3.546%, 07/25/45 (d)

 

8,105

 

8,105

 

Washington Mutual

 

 

 

 

 

Series 2003-AR10, Cl A6

 

 

 

 

 

4.073%, 10/25/33

 

10,560

 

10,589

 

Series 2004-AR4, Cl A6

 

 

 

 

 

3.808%, 06/25/34

 

13,305

 

13,180

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

Series 2003-J, Cl 2A5

 

 

 

 

 

4.453%, 10/25/33

 

11,500

 

11,495

 

Series 2004-E, Cl A5

 

 

 

 

 

3.662%, 05/25/34 (d)

 

9,010

 

9,010

 

Series 2004-EE, Cl B1

 

 

 

 

 

3.989%, 01/25/35

 

5,753

 

5,697

 

Series 2004-N, Cl A3

 

 

 

 

 

4.123%, 08/25/34

 

11,108

 

11,037

 

 

 

 

 

129,781

 

Fixed Rate - 2.1%

 

 

 

 

 

Banc of America Commercial Mortgage

 

 

 

 

 

Series 2004-4, Cl A3

 

 

 

 

 

4.128%, 07/10/42

 

8,715

 

8,683

 

Bank of America Mortgage Securities

 

 

 

 

 

Series 2003-6, Cl 1A29

 

 

 

 

 

4.250%, 08/25/33

 

9,000

 

8,998

 

Countrywide Alternative Loan Trust

 

 

 

 

 

Series 2004-2CB, Cl 1A1

 

 

 

 

 

4.250%, 03/25/34

 

5,910

 

5,885

 

Salomon Brothers Mortgage Securities

 

 

 

 

 

Series 1986-1, Cl A

 

 

 

 

 

6.000%, 12/25/11

 

158

 

158

 

Sequoia Mortgage Trust

 

 

 

 

 

Series 2004-4, Cl X1

 

 

 

 

 

0.800%, 05/20/34 (h)

 

130,517

 

1,396

 

Westam Mortgage Financial

 

 

 

 

 

Series 11, Cl A

 

 

 

 

 

6.360%, 08/25/20

 

66

 

66

 

 

 

 

 

25,186

 

Total CMO - Private Mortgage-Backed Securities (Cost $153,801)

 

 

 

154,967

 

 



 

U.S. Government Agency Mortgage-Backed Securities - 3.7%

 

 

 

 

 

Adjustable Rate (c)- 2.2%

 

 

 

 

 

FHLMC

 

 

 

 

 

4.070%, 04/01/29, #847190

 

3,621

 

 

3,718

 

FHLMC Pool

 

 

 

 

 

4.280%, 01/01/28, #786281

 

3,319

 

3,411

 

4.033%, 10/01/30, #847209

 

6,355

 

6,539

 

4.161%, 05/01/31, #847161

 

1,732

 

1,780

 

4.180%, 09/01/33, #847210 (a)

 

5,141

 

5,306

 

FNMA Pool

 

 

 

 

 

4.579%, 09/01/33, #725111 (a)

 

4,650

 

4,805

 

 

 

 

 

25,559

 

Fixed Rate - 1.5%

 

 

 

 

 

FHLMC Gold Pool

 

 

 

 

 

5.500%, 09/01/06, #G40394

 

305

 

306

 

4.000%, 10/01/10, #M80855

 

7,912

 

7,810

 

FNMA Pool

 

 

 

 

 

6.000%, 07/01/06, #252632

 

152

 

153

 

3.790%, 07/01/13, #386314

 

9,972

 

9,622

 

 

 

 

 

17,891

 

 

 

 

 

 

 

Total U.S. Government Agency Mortgage-Backed Securities (Cost $43,991)

 

 

 

43,450

 

 

 

 

 

 

 

CMO - U.S. Government Agency Mortgage-Backed Securities - 3.3%

 

 

 

 

 

Fixed Rate - 3.3%

 

 

 

 

 

FHLMC REMIC

 

 

 

 

 

Series 1167, Cl E

 

 

 

 

 

7.500%, 11/15/21

 

42

 

42

 

Series 1286, Cl A

 

 

 

 

 

6.000%, 05/15/22

 

145

 

145

 

Series 1634, Cl PH

 

 

 

 

 

6.000%, 11/15/22

 

500

 

501

 

Series 2763, Cl TA

 

 

 

 

 

4.000%, 03/15/11

 

8,580

 

8,496

 

Series 2893

 

 

 

 

 

5.000%, 12/15/27

 

11,590

 

11,828

 

Series T-60, Cl 1A4B

 

 

 

 

 

5.343%, 03/25/44

 

7,738

 

7,794

 

FNMA REMIC

 

 

 

 

 

Series 1990-89, Cl K

 

 

 

 

 

6.500%, 07/25/20

 

30

 

31

 

Series 2004-76, Cl CE

 

 

 

 

 

4.500%, 02/25/21

 

9,670

 

9,711

 

 

 

 

 

 

 

Total CMO - U.S. Government Agency Mortgage-Backed Securities
(Cost $38,874)

 

 

 

38,548

 

 

 

 

 

 

 

Treasury Obligation - 0.0%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.275%, 08/04/05 (i)

 

 

35

 

 

35

 

 

 

 

 

 

 

Total Treasury Obligation (Cost $35)

 

 

 

35

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Affiliated Money Market Fund - 0.9%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (j)

 

10,456,455

 

 

10,456

 

 

 

 

 

 

 

Total Affiliated Money Market Fund (Cost $10,457)

 

 

 

10,456

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending (k) - 31.9%
(Cost $375,110)

 

 

 

 

375,110

 

 

 

 

 

 

 

Total Investments - 131.1%
(Cost $1,538,429)

 

 

 

1,543,825

 

Other Assets and Liabilities, Net - (31.1)%

 

 

 

(366,248

)

Total Net Assets - 100.0%

 

 

 

$

1,177,577

 

 



 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a value of $367,336,934 at June 30, 2005.

 

 

 

(b)

 

U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

 

 

 

(c)

 

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

 

 

 

(d)

 

Securities considered illiquid. As of June 30, 2005, the value of these investments was $77,898,355 or 6.6% of total net assets.

 

 

 

(e)

 

Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2005, the value of these investments was $70,140,474 or 6.0% of total net assets.

 

 

 

(f)

 

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future dates. The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(g)

 

Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor’s and Moody’s Investors Service. The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(h)

 

Interest only - Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(i)

 

Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase.

 

 

 

(j)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

 

 

(k)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

Cl - Class

CMO - Collateralized Mortgage Obligation

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

 

Schedule of Open Futures Contracts

 

 

 

Number of

 

Market Value

 

 

 

 

 

 

 

Contracts

 

Covered By

 

Settlement

 

Unrealized

 

Description

 

Purchased

 

Contracts (000)

 

Month

 

Appreciation (000)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 2 year Futures

 

98

 

$

10,177

 

Sept. 05

 

$

6

 

 

 

 

 

 

 

 

 

$

6

 

 

Credit Default Swap Agreements outstanding as June 30, 2005

 

 

 

Reference

 

Buy/Sell

 

Pay/Receive

 

Expiration

 

Notional

 

Unrealized

 

Counterparty

 

Entity

 

Protection

 

Fixed Rate

 

Date

 

Amount (000)

 

Appreciation (000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA IG Hvol4

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

Sell

 

0.90

%

6/20/10

 

$

24,000

 

$

107

 

Citigroup

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA IG Hvol4

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

Sell

 

0.90

%

6/20/10

 

12,000

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112

 

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

Short Term Bond Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Corporate Bonds - 29.8%

 

 

 

 

 

Banking - 2.8%

 

 

 

 

 

Credit Suisse First Boston

 

 

 

 

 

7.750%, 05/15/06 (a)

 

$

7,350

 

$

7,572

 

J.P. Morgan Chase

 

 

 

 

 

6.875%, 01/15/07

 

4,000

 

4,176

 

Key Bank

 

 

 

 

 

7.125%, 08/15/06

 

4,000

 

4,137

 

Wachovia

 

 

 

 

 

6.875%, 09/15/05

 

7,000

 

7,045

 

 

 

 

 

22,930

 

Basic Industry - 0.3%

 

 

 

 

 

Potash

 

 

 

 

 

7.125%, 06/15/07

 

2,075

 

2,180

 

 

 

 

 

 

 

Brokerage - 1.5%

 

 

 

 

 

Bear Stearns

 

 

 

 

 

6.500%, 05/01/06

 

5,900

 

6,019

 

Goldman Sachs

 

 

 

 

 

7.250%, 10/01/05 (a)

 

3,000

 

3,026

 

Merrill Lynch, Series B

 

 

 

 

 

6.130%, 05/16/06

 

3,655

 

3,721

 

 

 

 

 

12,766

 

Capital Goods - 2.5%

 

 

 

 

 

Boeing Capital

 

 

 

 

 

5.650%, 05/15/06

 

3,483

 

3,531

 

Hanson Overseas

 

 

 

 

 

6.750%, 09/15/05

 

8,000

 

8,041

 

Tyco International

 

 

 

 

 

6.375%, 02/15/06

 

4,830

 

4,900

 

Waste Management

 

 

 

 

 

6.500%, 11/15/08

 

3,800

 

4,030

 

 

 

 

 

20,502

 

Communications - 6.1%

 

 

 

 

 

Alltel

 

 

 

 

 

4.656%, 05/17/07

 

7,000

 

7,052

 

AT&T Wireless Services

 

 

 

 

 

7.350%, 03/01/06

 

5,000

 

5,106

 

Comcast Cable Communications

 

 

 

 

 

6.200%, 11/15/08

 

4,000

 

4,235

 

Cox Communications

 

 

 

 

 

7.750%, 08/15/06

 

4,000

 

4,154

 

Deutsche Telecom

 

 

 

 

 

8.500%, 06/15/10

 

5,000

 

5,833

 

Motorola

 

 

 

 

 

4.608%, 11/16/07

 

4,000

 

4,013

 

Sprint Capital

 

 

 

 

 

6.125%, 11/15/08

 

4,000

 

4,217

 

Telecom De Puerto Rico

 

 

 

 

 

6.650%, 05/15/06

 

10,000

 

10,204

 

Telefonos De Mexico SA

 

 

 

 

 

4.750%, 01/27/10 (a)

 

5,000

 

4,990

 

 

 

 

 

49,804

 

Consumer Cyclical - 3.4%

 

 

 

 

 

Ford Motor Credit

 

 

 

 

 

6.875%, 02/01/06

 

4,000

 

4,032

 

6.625%, 06/16/08 (b)

 

5,000

 

4,953

 

General Motors Acceptance

 

 

 

 

 

6.750%, 01/15/06

 

9,000

 

9,072

 

Lennar

 

 

 

 

 

7.625%, 03/01/09

 

3,500

 

3,848

 

May Department Stores

 

 

 

 

 

3.950%, 07/15/07

 

2,000

 

1,985

 

Time Warner

 

 

 

 

 

6.150%, 05/01/07 (b)

 

4,000

 

4,136

 

 

 

 

 

28,026

 

Consumer NonCyclical - 2.9%

 

 

 

 

 

Bunge LTD Finance

 

 

 

 

 

4.375%, 12/15/08

 

5,000

 

5,010

 

 



 

Gillette, Callable 10/15/05 @ 100

 

 

 

 

 

3.500%, 10/15/07

 

6,000

 

5,939

 

Kraft Foods

 

 

 

 

 

4.625%, 11/01/06

 

5,500

 

5,536

 

Tyson Foods

 

 

 

 

 

7.250%, 10/01/06

 

4,000

 

4,142

 

Wellpoint

 

 

 

 

 

3.750%, 12/14/07

 

3,000

 

2,960

 

 

 

 

 

23,587

 

Electric - 3.0%

 

 

 

 

 

Calenergy

 

 

 

 

 

7.630%, 10/15/07

 

6,255

 

6,672

 

Constellation Energy Group

 

 

 

 

 

6.350%, 04/01/07

 

4,275

 

4,423

 

DTE Energy

 

 

 

 

 

6.450%, 06/01/06

 

5,000

 

5,098

 

National Rural Utilities

 

 

 

 

 

6.000%, 05/15/06

 

4,000

 

4,069

 

Pepco Holdings

 

 

 

 

 

3.750%, 02/15/06

 

4,600

 

4,593

 

 

 

 

 

24,855

 

Finance Companies - 3.3%

 

 

 

 

 

American General Finance

 

 

 

 

 

5.910%, 06/12/06

 

1,000

 

1,016

 

Countrywide Home Loan

 

 

 

 

 

2.875%, 02/15/07

 

8,000

 

7,838

 

International Lease Finance

 

 

 

 

 

3.125%, 05/03/07

 

4,000

 

3,927

 

MBNA America Bank

 

 

 

 

 

6.500%, 06/20/06

 

8,000

 

8,170

 

Residential Capital

 

 

 

 

 

6.375%, 06/30/10

 

6,000

 

6,051

 

 

 

 

 

27,002

 

Insurance - 0.5%

 

 

 

 

 

Aon

 

 

 

 

 

6.200%, 01/15/07

 

4,375

 

4,540

 

 

 

 

 

 

 

Natural Gas - 1.1%

 

 

 

 

 

Atmos Energy

 

 

 

 

 

4.000%, 10/15/09

 

3,995

 

3,907

 

Duke Energy Field Services

 

 

 

 

 

5.750%, 11/15/06

 

4,915

 

5,009

 

 

 

 

 

8,916

 

REITS - 1.0%

 

 

 

 

 

First Industrial

 

 

 

 

 

5.250%, 06/15/09

 

3,000

 

3,045

 

Simon Property Group

 

 

 

 

 

6.375%, 11/15/07

 

5,000

 

5,218

 

 

 

 

 

8,263

 

Sovereigns - 0.5%

 

 

 

 

 

PEMEX Project Funding Master Trust

 

 

 

 

 

6.125%, 08/15/08

 

4,000

 

4,150

 

 

 

 

 

 

 

Supranationals - 0.6%

 

 

 

 

 

Corporacion Andina De Fomento

 

 

 

 

 

7.250%, 03/01/07

 

5,000

 

5,211

 

 

 

 

 

 

 

Technology - 0.3%

 

 

 

 

 

Deluxe

 

 

 

 

 

3.500%, 10/01/07

 

2,500

 

2,446

 

 

 

 

 

 

 

Total Corporate Bonds

 

 

 

 

 

(Cost $246,913)

 

 

 

245,178

 

 

 

 

 

 

 

Asset-Backed Securities - 29.5%

 

 

 

 

 

Automotive - 8.6%

 

 

 

 

 

AESOP Funding II

 

 

 

 

 

Series 2003-2A, Cl A1

 

 

 

 

 

2.740%, 06/20/07 (a)

 

10,000

 

9,916

 

Auto Bond Receivables Trust

 

 

 

 

 

Series 1993-I, Cl A

 

 

 

 

 

6.125%, 11/15/21 (c) (d) (e)

 

106

 

 

BMW Vehicle Owner Trust

 

 

 

 

 

Series 2003-A, Cl A3

 

 

 

 

 

1.940%, 02/25/07

 

1,360

 

1,356

 

Capital One Auto Finance Trust

 

 

 

 

 

Series 2003-A, Cl A4A

 

 

 

 

 

2.470%, 01/15/10

 

7,000

 

6,884

 

 



 

Ford Credit Auto Owner Trust

 

 

 

 

 

Series 2005-B, Cl A3

 

 

 

 

 

4.170%, 01/15/09

 

10,000

 

10,030

 

Harley-Davidson Motorcycle Trust

 

 

 

 

 

Series 2003-2, Cl A2

 

 

 

 

 

2.070%, 02/15/11

 

7,000

 

6,859

 

Honda Auto Receivables Owner Trust

 

 

 

 

 

Series 2002-4, Cl A4

 

 

 

 

 

2.700%, 03/17/08

 

3,500

 

3,484

 

Nissan Auto Lease Trust

 

 

 

 

 

Series 2002-A, Cl A3B

 

 

 

 

 

2.560%, 08/15/07 (a)

 

1,181

 

1,180

 

Nissan Auto Receivables Owner Trust

 

 

 

 

 

Series 2005-A, Cl A2

 

 

 

 

 

3.220%, 07/16/07

 

8,975

 

8,947

 

Series 2002-C, Cl A4

 

 

 

 

 

3.330%, 01/15/08

 

4,600

 

4,587

 

Toyota Auto Receivables Owner Trust

 

 

 

 

 

Series 2003-B, Cl A4

 

 

 

 

 

2.790%, 01/15/10

 

2,000

 

1,969

 

Series 2003-A, Cl A4

 

 

 

 

 

2.200%, 03/15/10

 

4,000

 

3,950

 

Wells Fargo Financial Auto Owner Trust

 

 

 

 

 

Series 2004-A, Cl A3

 

 

 

 

 

2.060%, 06/16/08

 

7,000

 

6,936

 

WFS Financial Owner Trust

 

 

 

 

 

Series 2004-3, Cl A3

 

 

 

 

 

3.300%, 03/17/09

 

5,000

 

4,968

 

 

 

 

 

71,066

 

Commercial - 1.5%

 

 

 

 

 

Global Signal Trust

 

 

 

 

 

Series 2004-2A, Cl A

 

 

 

 

 

4.232%, 12/15/14 (a)

 

6,380

 

6,333

 

GS Mortgage Securities

 

 

 

 

 

Series 2004-C1, Cl A1

 

 

 

 

 

3.659%, 10/10/28

 

5,926

 

5,809

 

 

 

 

 

12,142

 

Credit Cards - 9.1%

 

 

 

 

 

American Express Credit Account

 

 

 

 

 

Series 2004-4, Cl C

 

 

 

 

 

3.690%, 03/15/12 (a) (f)

 

2,400

 

2,405

 

Capital One Master Trust

 

 

 

 

 

Series 2001-3A, Cl C

 

 

 

 

 

4.370%, 03/16/09 (a) (f)

 

2,000

 

2,011

 

Series 2001-5, Cl A

 

 

 

 

 

5.300%, 06/15/09

 

4,000

 

4,063

 

Series 2001-8A, Cl A

 

 

 

 

 

4.600%, 08/17/09

 

6,000

 

6,054

 

Capital One Multi-Asset Execution Trust

 

 

 

 

 

Series 2003-A6, Cl A6

 

 

 

 

 

2.950%, 08/17/09

 

7,000

 

6,920

 

Citibank Credit Card Issurance Trust

 

 

 

 

 

Series 2004-A1, Cl A1

 

 

 

 

 

2.550%, 01/20/09

 

800

 

784

 

Discover Card Master Trust I

 

 

 

 

 

Series 2000-9, Cl A

 

 

 

 

 

6.350%, 07/15/08

 

2,000

 

2,027

 

Series 2001-6, Cl A

 

 

 

 

 

5.750%, 12/15/08

 

5,000

 

5,089

 

Series 2005-1, Cl B

 

 

 

 

 

3.370%, 09/15/10

 

9,000

 

9,011

 

Fleet Credit Card Master Trust

 

 

 

 

 

Series 2001-B, Cl A

 

 

 

 

 

5.600%, 12/15/08

 

3,000

 

3,044

 

Fleet Credit Card Master Trust II

 

 

 

 

 

Series 2000-C, Cl A

 

 

 

 

 

7.020%, 02/15/08

 

3,190

 

3,202

 

Series 2003-A, Cl A

 

 

 

 

 

2.400%, 07/15/08

 

8,500

 

8,442

 

MBNA Credit Card Master Note Trust

 

 

 

 

 

Series 2001-A1, Cl A1

 

 

 

 

 

5.750%, 10/15/08

 

8,500

 

8,639

 

Series 2005-A1, Cl A1

 

 

 

 

 

4.200%, 09/15/10

 

10,000

 

10,061

 

Providian Gateway Master Trust

 

 

 

 

 

Series 2004-DA, Cl A

 

 

 

 

 

3.350%, 09/15/11 (a)

 

2,625

 

2,584

 

Sears Credit Account Master Trust

 

 

 

 

 

Series 1999-3, Cl A

 

 

 

 

 

6.450%, 11/17/09

 

417

 

419

 

 

 

 

 

74,755

 



 

Equipment Leases - 1.5%

 

 

 

 

 

CIT Equipment Collateral

 

 

 

 

 

Series 2004-VT1, Cl A3

 

 

 

 

 

2.200%, 03/20/08

 

7,400

 

7,306

 

CNH Equipment Trust

 

 

 

 

 

Series 2004-A, Cl A3B

 

 

 

 

 

2.940%, 10/15/08 (c)

 

4,700

 

4,631

 

 

 

 

 

11,937

 

Home Equity - 4.4%

 

 

 

 

 

Advanta Mortgage Loan Trust

 

 

 

 

 

Series 2000-2, Cl A4

 

 

 

 

 

7.930%, 04/25/23 (g)

 

73

 

73

 

Centex Home Equity

 

 

 

 

 

Series 2000-C, Cl A4

 

 

 

 

 

7.720%, 05/25/29

 

1,017

 

1,020

 

Series 2003-C, Cl AV

 

 

 

 

 

3.610%, 09/25/33 (f)

 

1,256

 

1,258

 

Emergent Home Equity Loan Trust

 

 

 

 

 

Series 1997-3, Cl A5

 

 

 

 

 

7.290%, 10/20/28

 

1,270

 

1,268

 

Equivantage Home Equity Loan Trust

 

 

 

 

 

Series 1996-1, Cl A

 

 

 

 

 

6.550%, 10/25/25

 

275

 

272

 

Series 1996-4, Cl A

 

 

 

 

 

7.250%, 01/25/28

 

743

 

743

 

First Franklin Mortgage Loan

 

 

 

 

 

Series 2004-FFB, Cl A3

 

 

 

 

 

4.264%, 06/25/24

 

2,530

 

2,523

 

GMAC Mortgage Corporation Loan Trust

 

 

 

 

 

Series 2004-HE2, Cl M1

 

 

 

 

 

3.950%, 10/25/33 (g)

 

4,850

 

4,699

 

Home Equity Mortgage Trust

 

 

 

 

 

Series 2004-2, Cl B1

 

 

 

 

 

5.210%, 08/25/34 (f) (g)

 

2,200

 

2,208

 

Series 2004-5, Cl B1

 

 

 

 

 

5.750%, 02/25/35

 

2,000

 

1,981

 

Series 2004-6, Cl M2

 

 

 

 

 

5.321%, 04/25/35 (g)

 

1,500

 

1,474

 

Household Home Equity Loan Trust

 

 

 

 

 

Series 2003-1, Cl A

 

 

 

 

 

3.610%, 10/20/32 (f)

 

1,201

 

1,204

 

IMC Home Equity Loan Trust

 

 

 

 

 

Series 1998-3, Cl A7

 

 

 

 

 

6.720%, 08/20/29 (g)

 

2,656

 

2,657

 

New Century Home Equity Loan Trust

 

 

 

 

 

Series 1997-NC6, Cl A7

 

 

 

 

 

7.190%, 01/25/29 (g)

 

1,673

 

1,672

 

Residential Funding Mortgage Securities

 

 

 

 

 

Series 2004-HI2, Cl A3

 

 

 

 

 

4.270%, 11/25/16

 

5,000

 

4,989

 

Saxon Asset Securities Trust

 

 

 

 

 

Series 2001-1, Cl AF5

 

 

 

 

 

6.853%, 03/25/32 (g)

 

184

 

184

 

Series 2004-1, Cl M1

 

 

 

 

 

3.620%, 03/25/35 (f) (g)

 

8,000

 

8,045

 

 

 

 

 

36,270

 

Other - 1.5%

 

 

 

 

 

Crown Castle Towers

 

 

 

 

 

Series 2005-1A, Cl D

 

 

 

 

 

5.612%, 06/15/35

 

8,000

 

7,947

 

GRP/AG Real Estate Asset Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.960%, 03/25/09 (a) (c) (g)

 

331

 

332

 

Series 2004-2, Cl A

 

 

 

 

 

4.210%, 07/25/34 (a) (g)

 

1,335

 

1,323

 

Series 2005-1, Cl A

 

 

 

 

 

4.850%, 01/25/35 (a)

 

2,902

 

2,904

 

 

 

 

 

12,506

 

Utilities - 2.9%

 

 

 

 

 

Detroit Edison Securitization Funding

 

 

 

 

 

Series 2001-1, Cl A3

 

 

 

 

 

5.875%, 03/01/10

 

5,000

 

5,135

 

Massachusetts RRB Special Purpose Trust

 

 

 

 

 

Series 1999-1, Cl A4

 

 

 

 

 

6.910%, 09/15/09

 

5,200

 

5,373

 

 



 

Peco Energy Transition Trust

 

 

 

 

 

Series 1999-A, Cl A6

 

 

 

 

 

6.050%, 03/01/09

 

9,315

 

9,509

 

Public Service New Hampshire Funding

 

 

 

 

 

Series 2001-1, Cl A2

 

 

 

 

 

5.730%, 11/01/10

 

3,365

 

3,464

 

 

 

 

 

23,481

 

Total Asset-Backed Securities
(Cost $245,192)

 

 

 

242,157

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed Securities - 17.7%

 

 

 

 

 

Adjustable Rate - 8.9% (f)

 

 

 

 

 

Granite Mortgages

 

 

 

 

 

Series 2004-3, Cl 1C

 

 

 

 

 

4.020%, 09/20/44 (c) (g)

 

3,000

 

3,009

 

Merrill Lynch Mortgage Investors

 

 

 

 

 

Series 2003-C, Cl A1

 

 

 

 

 

3.640%, 06/25/28 (g)

 

9,041

 

9,040

 

MLCC Mortgage Investors

 

 

 

 

 

Series 2004-B, Cl A1

 

 

 

 

 

3.560%, 05/25/29 (g)

 

2,802

 

2,796

 

Series 2004-B, Cl A3

 

 

 

 

 

4.670%, 05/25/29

 

6,353

 

6,688

 

Sequoia Mortgage Trust

 

 

 

 

 

Series 2003-2, Cl A1

 

 

 

 

 

3.590%, 06/20/33 (g)

 

5,281

 

5,284

 

Series 2004-4, Cl B2

 

 

 

 

 

4.160%, 05/20/34 (g)

 

4,350

 

4,343

 

Series 2004-7, Cl A2

 

 

 

 

 

4.375%, 08/20/34

 

3,950

 

3,998

 

Structured Mortgage Loan Trust

 

 

 

 

 

Series 2004-11, Cl A

 

 

 

 

 

5.151%, 08/25/34 (c)

 

3,045

 

3,106

 

Washington Mutual

 

 

 

 

 

Series 2003-AR3, Cl A5

 

 

 

 

 

3.927%, 04/25/33

 

7,850

 

7,883

 

Series 2003-AR10, Cl A6

 

 

 

 

 

4.073%, 10/25/33

 

5,000

 

5,014

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

Series 2004-E, Cl A5

 

 

 

 

 

3.662%, 05/25/34 (c)

 

5,868

 

5,868

 

Series 2004-N, Cl A3

 

 

 

 

 

4.123%, 08/25/34

 

7,000

 

6,955

 

Series 2004-EE, Cl 3A1

 

 

 

 

 

3.988%, 12/25/34 (c)

 

9,264

 

9,187

 

 

 

 

 

73,171

 

Fixed Rate - 8.8%

 

 

 

 

 

Banc of America Commercial Mortgage

 

 

 

 

 

Series 2004-2, Cl A1

 

 

 

 

 

2.764%, 11/10/38

 

6,661

 

6,467

 

Series 2004-4, Cl A2

 

 

 

 

 

4.041%, 07/10/42

 

7,475

 

7,431

 

Bank of America Mortgage Securities

 

 

 

 

 

Series 2004-F, Cl 2A2

 

 

 

 

 

4.021%, 07/25/34

 

7,200

 

7,163

 

Bear Stearns Commercial Mortgage Securities

 

 

 

 

 

Series 2004-T14, Cl A1

 

 

 

 

 

3.570%, 01/12/41

 

5,165

 

5,082

 

Citigroup Mortgage Loan Trust

 

 

 

 

 

Series 2005-WF1, Cl A2

 

 

 

 

 

4.490%, 02/25/35

 

6,650

 

6,659

 

Commercial Mortgage

 

 

 

 

 

Series 2004-LB3A, Cl A1

 

 

 

 

 

3.765%, 07/10/37

 

6,666

 

6,613

 

GMAC Commercial Mortgage Securities

 

 

 

 

 

Series 2004-C1, Cl A2

 

 

 

 

 

4.100%, 03/10/38

 

4,000

 

3,959

 

Greenwich Capital Commercial Funding

 

 

 

 

 

Series 2004-GG1, Cl A2

 

 

 

 

 

3.835%, 06/10/36

 

6,362

 

6,307

 

IMPAC Secured Assets

 

 

 

 

 

Series 2004-2, Cl A2

 

 

 

 

 

3.926%, 08/25/34

 

5,000

 

4,979

 

LB-UBS Commercial Mortgage Trust

 

 

 

 

 

Series 2004-C2, Cl A1

 

 

 

 

 

2.946%, 03/15/29

 

7,291

 

7,034

 

Merrill Lynch Mortgage Investors

 

 

 

 

 

Series 2003-A5, Cl 2A3

 

 

 

 

 

3.246%, 08/25/33

 

2,188

 

2,178

 

 



 

Mortgage Capital Funding

 

 

 

 

 

Series 1997-MC1, Cl A3

 

 

 

 

 

7.288%, 07/20/27

 

2,306

 

2,390

 

Residential Accredited Loans

 

 

 

 

 

Series 2003-QS17, Cl CB7

 

 

 

 

 

5.500%, 09/25/33

 

3,696

 

3,722

 

Residential Asset Securitization Trust

 

 

 

 

 

Series 2002-A12, Cl 1A1

 

 

 

 

 

5.200%, 11/25/32

 

2,370

 

2,357

 

 

 

 

 

72,341

 

Total CMO - Private Mortgage-Backed Securities
(Cost $146,593)

 

 

 

145,512

 

 

 

 

 

 

 

U.S. Government & Agency Securities - 9.9%

 

 

 

 

 

U.S. Agency Debentures - 5.0%

 

 

 

 

 

FHLMC

 

 

 

 

 

Callable 06/02/05 @ 100

 

 

 

 

 

2.280%, 06/02/06 (b)

 

7,000

 

6,906

 

Callable 11/02/05 @ 100

 

 

 

 

 

3.250%, 11/02/07 (b)

 

11,000

 

10,796

 

FNMA

 

 

 

 

 

4.000%, 09/02/08 (b)

 

10,000

 

9,968

 

4.250%, 05/15/09 (b)

 

13,500

 

13,630

 

 

 

 

 

41,300

 

U.S. Treasuries - 4.9%

 

 

 

 

 

U.S. Treasury Bond (STRIPS)

 

 

 

 

 

0.000%, 11/15/11 (b) (h)

 

11,200

 

10,677

 

U.S. Treasury Notes

 

 

 

 

 

3.750%, 05/15/08 (b)

 

11,005

 

11,029

 

3.875%, 01/15/09 (b) (i)

 

16,608

 

18,064

 

 

 

 

 

39,770

 

 

 

 

 

 

 

Total U.S. Government & Agency Securities
(Cost $81,929)

 

 

 

81,070

 

 

 

 

 

 

 

U.S. Government Agency Mortgage-Backed Securities - 7.7%

 

 

 

 

 

Adjustable Rate - 4.2% (f)

 

 

 

 

 

FHLMC Pool

 

 

 

 

 

4.380%, 12/01/26, #756591 (b)

 

1,390

 

1,428

 

4.125%, 01/01/29, #846946 (b)

 

1,141

 

1,172

 

4.116%, 05/01/30, #847014 (b)

 

1,069

 

1,076

 

4.470%, 10/01/32, #847063 (b)

 

1,398

 

1,425

 

4.233%, 05/01/33, #780456 (b)

 

2,963

 

2,972

 

FNMA Pool

 

 

 

 

 

4.338%, 02/01/28, #415285

 

486

 

491

 

4.234%, 10/01/30, #847241 (b)

 

5,067

 

5,206

 

5.230%, 12/01/31, #535363 (b)

 

2,655

 

2,695

 

4.738%, 03/01/32, #545791

 

466

 

475

 

4.498%, 10/01/32, #661645

 

2,068

 

2,068

 

4.659%, 12/01/32, #671884 (b)

 

4,042

 

4,069

 

4.789%, 04/01/34, #775389 (b)

 

2,198

 

2,237

 

4.278%, 07/01/34, #795242

 

4,648

 

4,660

 

3.836%, 08/01/36, #555369 (b)

 

2,755

 

2,791

 

GNMA Pool

 

 

 

 

 

3.750%, 08/20/21, #8824

 

394

 

400

 

3.750%, 07/20/22, #8006 (b)

 

460

 

467

 

3.750%, 09/20/25, #8699

 

246

 

249

 

3.375%, 04/20/26, #8847

 

258

 

261

 

3.750%, 08/20/27, #80106

 

81

 

82

 

4.375%, 01/20/28, #80154

 

135

 

138

 

4.500%, 02/20/32, #80580 (b)

 

408

 

418

 

 

 

 

 

34,780

 

Fixed Rate - 3.5%

 

 

 

 

 

FHLMC Gold Pool

 

 

 

 

 

5.500%, 10/01/06, #M90680

 

147

 

149

 

FHLMC Pool

 

 

 

 

 

7.750%, 07/01/09, #184513

 

10

 

10

 

5.226%, 04/01/30, #972055 (b)

 

967

 

1,000

 

4.045%, 08/01/32, #847331 (b)

 

8,934

 

9,182

 

FNMA Pool

 

 

 

 

 

6.195%, 06/01/07, #410601 (b)

 

4,915

 

5,038

 

6.625%, 09/15/09 (b)

 

2,900

 

3,196

 

5.500%, 05/01/12, #254340 (b)

 

1,866

 

1,927

 

4.368%, 11/01/25, #433988 (b)

 

1,288

 

1,319

 

4.589%, 06/01/31, #625338 (b)

 

971

 

1,000

 

5.454%, 05/01/32, #634948 (b)

 

792

 

807

 

GNMA Pool

 

 

 

 

 

3.375%, 05/20/29, #80283 (b)

 

717

 

726

 

3.375%, 06/20/29, #80291 (b)

 

1,246

 

1,261

 

 



 

3.875%, 11/20/30, #80469 (b)

 

779

 

787

 

3.375%, 04/20/31, #80507 (b)

 

455

 

460

 

3.500%, 08/20/31, #80535 (b)

 

1,601

 

1,616

 

 

 

 

 

28,478

 

 

 

 

 

 

 

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $63,887)

 

 

 

63,258

 

 

 

 

 

 

 

CMO - U.S. Government Agency Mortgage-Backed Securities - 4.7%

 

 

 

 

 

Fixed Rate - 4.7%

 

 

 

 

 

FHLMC REMIC

 

 

 

 

 

Series 2822, Cl VM

 

 

 

 

 

5.000%, 04/15/10

 

4,290

 

4,309

 

Series 2763, Cl TA

 

 

 

 

 

4.000%, 03/15/11

 

6,225

 

6,164

 

Series 2634, Cl LA

 

 

 

 

 

3.000%, 05/15/12

 

100

 

100

 

Series 1022, Cl J

 

 

 

 

 

6.000%, 12/15/20

 

63

 

63

 

Series 2738, Cl UA

 

 

 

 

 

3.570%, 12/15/23 (b)

 

5,500

 

5,442

 

Series 2589, Cl GK

 

 

 

 

 

4.000%, 03/15/26 (b)

 

4,800

 

4,793

 

Series 2748, Cl ZT

 

 

 

 

 

5.500%, 05/15/24

 

5,000

 

5,008

 

Series 2893

 

 

 

 

 

5.000%, 12/15/27

 

6,367

 

6,498

 

FNMA REMIC

 

 

 

 

 

Series 2004-76, Cl CE

 

 

 

 

 

4.500%, 02/25/21

 

6,000

 

6,025

 

Series 1992-150, Cl MA

 

 

 

 

 

5.500%, 09/25/22

 

182

 

182

 

 

 

 

 

38,584

 

 

 

 

 

 

 

Total CMO - U.S. Government Agency Mortgage-Backed Securities
(Cost $38,917)

 

 

 

38,584

 

 

 

 

 

 

 

Treasury Obligation - 0.0%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.870%, 08/04/05 (j)

 

425

 

424

 

Total Treasury Obligation
(Cost $424)

 

 

 

424

 

 

 

 

 

 

 

 

 

SHARES

 

 

 

Affiliated Money Market Fund - 0.2%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (k)

 

1,249,468

 

1,249

 

Total Affiliated Money Market Fund
(Cost $1,249)

 

 

 

1,249

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending - 19.2%
(Cost $157,689) (l)

 

 

 

157,689

 

 

 

 

 

 

 

Total Investments - 118.7%
(Cost $982,793)

 

 

 

975,121

 

Other Assets and Liabilities, Net - (18.7)%

 

 

 

(153,538

)

Total Net Assets - 100.0%

 

 

 

$

821,583

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held fair valued securities disclosed in footnote (d).

 

 

 

(a)

 

Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2005, the value of these investments was $44,575,467 or 5.4% of total net assets.

 

 

 

(b)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a value of $153,943,124 at June 30, 2005.

 

 

 

(c)

 

Securities considered illiquid. As of June 30, 2005, the value of these investments was $26,133,894 or 3.2% of total net assets.

 

 

 

(d)

 

Security is fair valued. As of June 30, 2005, the fair value of these investments was $0 or 0% of total net assets.

 

 

 

(e)

 

Security currently in default.

 



 

(f)

 

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

 

 

 

(g)

 

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(h)

 

Principal only - Represents securities that entitle holders to receive only principal payments on the underlying mortgages. The yield to maturity of a principal only is sensitive to the rate of principal payments on the underlying mortgage assets. A slow (rapid) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The zero coupon rate represents the lack of interest as part of payments received.

 

 

 

(i)

 

U.S. Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

 

 

 

(j)

 

Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase.

 

 

 

(k)

 

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

 

 

(l)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

 

 

Cl - Class

CMO - Collateralized Mortgage Obligation

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Gonvernment National Mortgage Association

REITS - Real Estate Investment Trusts

REMIC - Real Estate Mortgage Investment Conduit

STRIPS - Separate Trading of Registered Interest and Principal of Securities

 

Schedule of Open Futures Contracts

 

 

 

Number of

 

Market Value

 

 

 

Unrealized

 

 

 

 

 

 

 

Contracts

 

Covered By

 

 

 

Appreciation

 

 

 

 

 

 

 

Purchased

 

Contracts

 

Settlement

 

(Depreciation)

 

 

 

 

 

Description

 

(Sold)

 

 (000)

 

Month

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 2 year Futures

 

200

 

$

20,769

 

Sept. 05

 

$

12

 

 

 

 

 

U.S. Treasury 5 year Futures

 

(662

)

(72,086

)

Sept. 05

 

(55

)

 

 

 

 

 

 

 

 

 

 

 

 

$

(43

)

 

 

 

 

 

Credit Default Swap Agreements outstanding at June 30, 2005

 

 

 

 

 

 

 

 

 

 

 

Notional

 

Unrealized

 

 

 

Reference

 

Buy/Sell

 

Pay/Receive

 

Expiration

 

Amount

 

Appreciation

 

Counterparty

 

Entity

 

Protection

 

Fixed Rate

 

Date

 

(000)

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Bank

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA IG Hvo14

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

Sell

 

0.90

%

6/20/10

 

$

5,000

 

$

35

 

JP Morgan

 

Dow Jones

 

 

 

 

 

 

 

 

 

 

 

 

 

CDX NA IG Hvol4

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

Sell

 

0.90

%

6/20/10

 

12,000

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

$

87

 

 

Interest Rate Swap Agreements outstanding at June 30, 2005

 

 

 

Floating

 

 

 

 

 

 

 

Notional

 

Unrealized

 

 

 

Rate

 

Pay/Receive

 

 

 

Expiration

 

Amount

 

Depreciation

 

Counterparty

 

Index

 

Floating Rate

 

Fixed Rate

 

Date

 

(000)

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

3-Month

 

 

 

 

 

 

 

 

 

 

 

 

 

LIBOR

 

Pay

 

3.568

%

1/11/07

 

$

142,000

 

$

(845

)

UBS

 

3-Month

 

 

 

 

 

 

 

 

 

 

 

 

 

LIBOR

 

Pay

 

3.806

%

1/13/08

 

25,000

 

(136

)

 

 

 

 

 

 

 

 

 

 

 

 

$

(981

)

 



 

Schedule of INVESTMENTS June 30, 2005 (Unaudited)

 

Total Return Bond Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

Corporate Bonds - 31.5%

 

 

 

 

 

Banking - 3.3%

 

 

 

 

 

CBA Capital Trust I, Callable 06/30/15 @ 100

 

 

 

 

 

5.805%, 12/31/49 (a)

 

$

985

 

$

1,040

 

Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100

 

 

 

 

 

5.506%, 12/31/49 (a) (b)

 

575

 

561

 

HSBC Capital Funding, Callable 06/30/10 @ 100

 

 

 

 

 

9.547%, 12/31/49 (a)

 

1,190

 

1,450

 

ING Capital Funding Trust III, Callable 12/31/10 @ 100

 

 

 

 

 

8.439%, 12/12/49

 

1,500

 

1,775

 

Mizuho Finance (Cayman)

 

 

 

 

 

5.790%, 04/15/14 (a)

 

800

 

848

 

SOC General Real Estate, Callable 09/30/07 @ 100

 

 

 

 

 

7.640%, 12/29/49 (a) (c)

 

1,465

 

1,560

 

Wells Fargo, Callable 12/15/06 @ 103.98

 

 

 

 

 

7.960%, 12/15/26

 

2,000

 

2,162

 

 

 

 

 

9,396

 

Basic Industry - 1.8%

 

 

 

 

 

Abitibi-Consolidated

 

 

 

 

 

8.550%, 08/01/10

 

500

 

520

 

Allegheny Technologies

 

 

 

 

 

8.375%, 12/15/11

 

500

 

520

 

Celulosa Arauco Y Constitucion

 

 

 

 

 

8.625%, 08/15/10

 

1,500

 

1,744

 

Falconbridge

 

 

 

 

 

7.350%, 06/05/12

 

755

 

844

 

Georgia-Pacific

 

 

 

 

 

7.700%, 06/15/15

 

500

 

572

 

Polyone

 

 

 

 

 

8.875%, 05/01/12

 

500

 

496

 

Tembec Industries

 

 

 

 

 

8.500%, 02/01/11 (d)

 

480

 

368

 

 

 

 

 

5,064

 

Brokerage - 1.2%

 

 

 

 

 

Bear Stearns

 

 

 

 

 

7.800%, 08/15/07

 

1,950

 

2,092

 

Lazard Group

 

 

 

 

 

7.125%, 05/15/15 (a)

 

1,325

 

1,346

 

 

 

 

 

3,438

 

Capital Goods - 0.4%

 

 

 

 

 

Case New Holland, Callable 08/01/07 @ 104.63

 

 

 

 

 

9.250%, 08/01/11 (a)

 

495

 

523

 

Owens-Illinois

 

 

 

 

 

8.100%, 05/15/07

 

500

 

520

 

 

 

 

 

1,043

 

 

 

 

 

 

 

Communications - 5.3%

 

 

 

 

 

Alltel

 

 

 

 

 

4.656%, 05/17/07

 

2,000

 

2,015

 

AT&T

 

 

 

 

 

7.300%, 11/15/11

 

473

 

544

 

AT&T Broadband

 

 

 

 

 

8.375%, 03/15/13

 

1,000

 

1,217

 

Clear Channel Communications

 

 

 

 

 

5.500%, 09/15/14

 

1,000

 

947

 

Deutsche Telecom

 

 

 

 

 

8.500%, 06/15/10

 

1,480

 

1,727

 

Dex Media West, Callable 08/15/08 @ 104.94

 

 

 

 

 

9.875%, 08/15/13

 

500

 

572

 

News America Holdings

 

 

 

 

 

7.750%, 01/20/24

 

680

 

823

 

Qwest

 

 

 

 

 

8.875%, 03/15/12 (a)

 

1,000

 

1,085

 

Sprint Capital

 

 

 

 

 

8.375%, 03/15/12

 

970

 

1,170

 

Telefonos De Mexico SA de CV (Telmex), Series L

 

 

 

 

 

4.750%, 01/27/10 (a)

 

1,000

 

998

 

Time Warner Entertainment

 

 

 

 

 

8.375%, 07/15/33

 

720

 

960

 

Verizon Wireless

 

 

 

 

 

5.375%, 12/15/06

 

2,980

 

3,035

 

 

 

 

 

15,093

 

 



 

 

Consumer Cyclical - 1.4%

 

 

 

 

 

Centex

 

 

 

 

 

4.550%, 11/01/10

 

1,250

 

1,235

 

DaimlerChrysler

 

 

 

 

 

4.875%, 06/15/10

 

550

 

547

 

General Motors Acceptance

 

 

 

 

 

5.625%, 05/15/09 (e)

 

900

 

838

 

Harrah’s

 

 

 

 

 

5.625%, 06/01/15 (a)

 

835

 

848

 

Park Place Entertainment

 

 

 

 

 

8.125%, 05/15/11

 

500

 

573

 

 

 

 

 

4,041

 

Consumer Non Cyclical - 2.1%

 

 

 

 

 

Albertson’s

 

 

 

 

 

7.500%, 02/15/11

 

1,260

 

1,419

 

CIGNA

 

 

 

 

 

7.400%, 05/15/07

 

2,500

 

2,640

 

Delhaize America

 

 

 

 

 

9.000%, 04/15/31 (e)

 

590

 

739

 

R.J. Reynolds Tobacco

 

 

 

 

 

6.500%, 07/15/10 (a) (f)

 

1,250

 

1,250

 

 

 

 

 

6,048

 

Electric - 2.2%

 

 

 

 

 

CMS Energy

 

 

 

 

 

8.500%, 04/15/11 (d)

 

1,000

 

1,115

 

Exelon

 

 

 

 

 

4.900%, 06/15/15

 

690

 

690

 

FPL Group Capital

 

 

 

 

 

7.625%, 09/15/06

 

1,975

 

2,056

 

MidAmerican Energy Holdings

 

 

 

 

 

5.875%, 10/01/12 (e)

 

990

 

1,052

 

Nevada Power, Callable 08/15/08 @ 104.50

 

 

 

 

 

9.000%, 08/15/13

 

175

 

196

 

TXU Energy

 

 

 

 

 

7.000%, 03/15/13

 

550

 

612

 

5.550%, 11/15/14 (a) (e)

 

600

 

576

 

 

 

 

 

6,297

 

Energy - 1.6%

 

 

 

 

 

Chesapeake Energy, Callable 08/15/09 @ 103.50

 

 

 

 

 

7.000%, 08/15/14

 

500

 

530

 

Encana Holdings Finance

 

 

 

 

 

5.800%, 05/01/14

 

1,000

 

1,072

 

Gazprom International

 

 

 

 

 

7.201%, 02/01/20 (a)

 

1,000

 

1,073

 

Kerr-McGee

 

 

 

 

 

6.950%, 07/01/24

 

800

 

825

 

Petrobras International Finance

 

 

 

 

 

7.750%, 09/15/14

 

730

 

765

 

Petro-Canada

 

 

 

 

 

5.350%, 07/15/33

 

500

 

478

 

 

 

 

 

4,743

 

Finance Companies - 1.8%

 

 

 

 

 

Capital One Bank

 

 

 

 

 

4.250%, 12/01/08

 

1,500

 

1,504

 

CIT Group

 

 

 

 

 

5.500%, 11/30/07

 

3,500

 

3,603

 

 

 

 

 

5,107

 

 

 

 

 

 

 

Insurance - 0.7%

 

 

 

 

 

Axis Capital Holdings

 

 

 

 

 

5.750%, 12/01/14

 

1,000

 

1,034

 

Marsh & McLennan

 

 

 

 

 

5.375%, 07/15/14

 

955

 

954

 

 

 

 

 

1,988

 

Miscellaneous - 5.4%

 

 

 

 

 

Dow Jones, Series 4-T1

 

 

 

 

 

8.250%, 06/29/10 (a) (e)

 

8,250

 

8,281

 

Dow Jones, Series 4-T3

 

 

 

 

 

8.000%, 06/29/10 (a) (e)

 

7,000

 

7,101

 

 

 

 

 

15,382

 

 

 

 

 

 

 

Natural Gas - 1.0%

 

 

 

 

 

Duke Energy Field Services

 

 

 

 

 

7.875%, 08/16/10

 

980

 

1,125

 

El Paso Natural Gas

 

 

 

 

 

Series A, Callable 08/01/07 @ 103.81

 

 

 

 

 

7.625%, 08/01/10

 

500

 

528

 

Teppco Partners

 

 

 

 

 

7.625%, 02/15/12

 

1,000

 

1,141

 

 

 

 

 

2,794

 

Sovereigns - 2.6%

 

 

 

 

 

Federal Republic of Brazil

 

 

 

 

 

8.250%, 01/20/34

 

1,000

 

966

 

Pemex Project

 

 

 

 

 

9.125%, 10/13/10

 

1,150

 

1,349

 

 



 

 

Republic of Philippines

 

 

 

 

 

9.500%, 02/02/30

 

1,200

 

1,242

 

Republic of Turkey

 

 

 

 

 

7.375%, 02/05/25 (e)

 

925

 

910

 

Republic of Venezuela

 

 

 

 

 

8.500%, 10/08/14

 

1,135

 

1,178

 

Russian Federation

 

 

 

 

 

5.000%, 03/31/30 (a) (b)

 

1,000

 

1,112

 

United Mexican States

 

 

 

 

 

5.875%, 01/15/14

 

750

 

776

 

 

 

 

 

7,533

 

Technology - 0.3%

 

 

 

 

 

LG Electronics

 

 

 

 

 

5.000%, 06/17/10 (a)

 

785

 

784

 

 

 

 

 

 

 

Yankee Corporations - 0.4%

 

 

 

 

 

Tengizcheveroil Finance

 

 

 

 

 

6.124%, 11/15/14 (a)

 

1,250

 

1,294

 

Total Corporate Bonds
(Cost $87,978)

 

 

 

90,045

 

 

 

 

 

 

 

U.S. Government Agency Mortgage-Backed Securities - 27.4%

 

 

 

 

 

Adjustable Rate (c) - 2.8%

 

 

 

 

 

FHLMC Pool

 

 

 

 

 

4.918%, 10/01/29, #1L0117 (g)

 

1,833

 

1,891

 

4.117%, 07/01/30, #847240

 

2,291

 

2,333

 

4.148%, 05/01/33, #847411

 

1,474

 

1,508

 

FNMA Pool

 

 

 

 

 

5.290%, 11/01/34, #735054

 

2,154

 

2,197

 

 

 

 

 

7,929

 

Fixed Rate - 24.6%

 

 

 

 

 

FHLMC Pool

 

 

 

 

 

5.000%, 09/01/18, #E99575

 

1,466

 

1,483

 

6.500%, 07/01/31, #A17212 (g)

 

5,542

 

5,744

 

FNMA Pool

 

 

 

 

 

5.500%, 12/01/18, #735575

 

2,666

 

2,739

 

4.500%, 06/01/20, #828929 (e)

 

11,000

 

10,955

 

5.500%, 02/01/25, #255628 (e)

 

3,847

 

3,920

 

5.500%, 09/01/34, #725773 (g)

 

2,996

 

3,037

 

4.500%, 03/01/35, #819357

 

2,000

 

1,956

 

FNMA TBA

 

 

 

 

 

5.000%, 07/01/34 (g)

 

13,500

 

13,496

 

5.500%, 07/01/34 (g)

 

21,185

 

21,463

 

6.000%, 07/01/34 (g)

 

5,400

 

5,535

 

 

 

 

 

70,328

 

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $78,192)

 

 

 

78,257

 

 

 

 

 

 

 

Asset-Backed Securities - 17.2%

 

 

 

 

 

Automotive - 2.9%

 

 

 

 

 

Capital Auto Receivables Asset Trust

 

 

 

 

 

Series 2004-1, Cl A3

 

 

 

 

 

2.000%, 11/15/07

 

2,000

 

1,972

 

Nissan Auto Receivables Owner Trust

 

 

 

 

 

Series 2005-B, Cl A2

 

 

 

 

 

3.750%, 09/17/07

 

960

 

959

 

USAA Auto Owner Trust

 

 

 

 

 

Series 2003-1, Cl A4

 

 

 

 

 

2.040%, 02/16/10

 

5,500

 

5,402

 

 

 

 

 

8,333

 

Commercial - 3.0%

 

 

 

 

 

Commercial Mortgage Pass-Through Certificates

 

 

 

 

 

Series 2004-CNL, Cl A1

 

 

 

 

 

3.440%, 09/15/14 (c)

 

1,930

 

1,926

 

Series 2005-LP5, Cl A2

 

 

 

 

 

4.630%, 05/10/43

 

2,750

 

2,780

 

Greenwich Capital Commercial Funding

 

 

 

 

 

Series 2003-C1, Cl A2

 

 

 

 

 

3.285%, 07/05/35

 

1,500

 

1,451

 

Nomura Asset Securities

 

 

 

 

 

Series 1998-D6, Cl A1B

 

 

 

 

 

6.590%, 03/15/30

 

2,325

 

2,458

 

 

 

 

 

8,615

 

Credit Cards - 6.7%

 

 

 

 

 

Capital One Master Trust

 

 

 

 

 

Series 2001-8A, Cl A

 

 

 

 

 

4.600%, 08/17/09

 

2,800

 

2,825

 

Capital One Multi-Asset Execution Trust

 

 

 

 

 

Series 2003-A3, Cl A3

 

 

 

 

 

3.470%, 05/16/11 (c)

 

2,915

 

2,936

 

Chase Issuance Trust

 

 

 

 

 

Series 2005-A3, Cl A

 

 

 

 

 

3.240%, 10/17/11 (c)

 

5,000

 

5,009

 

 



 

 

Citibank Credit Card Issuance Trust

 

 

 

 

 

Series 2003-A5, Cl A5

 

 

 

 

 

2.500%, 04/07/08

 

2,210

 

2,188

 

MBNA Credit Card Master Note Trust

 

 

 

 

 

Series 2001-A1, Cl A1

 

 

 

 

 

5.750%, 10/15/08

 

5,630

 

5,722

 

Providian Gateway Master Trust

 

 

 

 

 

Series 2004-DA, Cl A

 

 

 

 

 

3.350%, 09/15/11

 

620

 

610

 

 

 

 

 

19,290

 

Equipment Leases - 0.7%

 

 

 

 

 

Caterpillar Financial Asset Trust

 

 

 

 

 

Series 2004-A, Cl A3

 

 

 

 

 

3.130%, 01/26/09

 

1,900

 

1,882

 

 

 

 

 

 

 

Home Equity - 3.2%

 

 

 

 

 

Ace Securities

 

 

 

 

 

Series 2003-OP1, Cl M3

 

 

 

 

 

4.964%, 12/25/33 (c)

 

1,500

 

1,511

 

GRMT Mortgage Loan Trust

 

 

 

 

 

Series 2001-1A, Cl M1

 

 

 

 

 

7.772%, 07/20/31

 

595

 

615

 

Residential Asset Securities

 

 

 

 

 

Series 2004-KS3, Cl A2B2

 

 

 

 

 

3.524%, 04/25/34 (b) (c)

 

7,000

 

7,013

 

 

 

 

 

9,139

 

Manufactured Housing - 0.2%

 

 

 

 

 

Green Tree Financial

 

 

 

 

 

Series 1996-8, Cl A7

 

 

 

 

 

8.050%, 10/15/27

 

579

 

628

 

 

 

 

 

 

 

Other - 0.5%

 

 

 

 

 

GRP/AG Real Estate Asset Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.960%, 03/25/09 (a) (b) (f)

 

372

 

374

 

Series 2005-1, Cl A

 

 

 

 

 

4.850%, 01/25/35 (a) (b)

 

948

 

949

 

 

 

 

 

1,323

 

Total Asset-Backed Securities
(Cost $49,130)

 

 

 

49,210

 

 

 

 

 

 

 

U.S. Government & Agency Securities - 15.0%

 

 

 

 

 

U.S. Agency Debentures - 2.3%

 

 

 

 

 

FHLB

 

 

 

 

 

4.430%, 04/07/08, Callable 04/07/06 @ 100 (e)

 

5,000

 

5,015

 

FNMA TBA

 

 

 

 

 

5.000%, 07/01/25 (g)

 

1,370

 

1,370

 

 

 

 

 

6,385

 

U.S. Treasuries - 12.7%

 

 

 

 

 

U.S. Inflation Index Bond

 

 

 

 

 

1.625%, 01/15/15 (e)

 

5,594

 

5,572

 

2.375%, 01/15/25 (e)

 

2,838

 

3,106

 

U.S. Treasury Bonds

 

 

 

 

 

6.250%, 08/15/23 (e)

 

5,900

 

7,359

 

5.500%, 08/15/28 (e)

 

2,400

 

2,830

 

5.250%, 02/15/29 (e)

 

4,900

 

5,612

 

5.375%, 02/15/31 (e)

 

4,970

 

5,869

 

U.S. Treasury Notes

 

 

 

 

 

3.625%, 04/30/07 (e)

 

275

 

275

 

3.500%, 05/31/07

 

1,740

 

1,735

 

3.750%, 05/15/08 (e)

 

2,500

 

2,505

 

4.000%, 02/15/15 (e)

 

750

 

753

 

4.125%, 05/15/15 (e)

 

710

 

721

 

 

 

 

 

36,337

 

Total U.S. Government & Agency Securities
(Cost $42,304)

 

 

 

42,722

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed Securities - 9.3%

 

 

 

 

 

Adjustable Rate (c)- 2.1%

 

 

 

 

 

MLCC Mortgage Investors

 

 

 

 

 

Series 2003-H, Cl A3A

 

 

 

 

 

4.920%, 01/25/29 (b) (f)

 

2,173

 

2,216

 

Series 2005-A, Cl A1

 

 

 

 

 

3.54%, 03/25/30

 

1,980

 

1,983

 

Thornburg Mortgage Securities Trust

 

 

 

 

 

Series 2005-2, Cl A1

 

 

 

 

 

3.550%, 07/25/45 (f)

 

1,950

 

1,950

 

 

 

 

 

6,149

 

Fixed Rate - 7.2%

 

 

 

 

 

Bank of America Mortgage Securities

 

 

 

 

 

Series 2004-11, Cl 1A8

 

 

 

 

 

5.500%, 01/25/35

 

4,250

 

4,372

 

Citigroup Mortgage Loan Trust

 

 

 

 

 

Series 2005-WF1, Cl A2

 

 

 

 

 

4.490%, 02/25/35

 

2,000

 

2,003

 

 



 

Countrywide Alternative Loan Trust

 

 

 

 

 

Series 2004-24CB, Cl 2A1

 

 

 

 

 

5.000%, 11/25/19

 

2,903

 

2,914

 

GE Capital Commercial Mortgage Corporation

 

 

 

 

 

Series 2004-C1, Cl A2

 

 

 

 

 

3.915%, 11/10/38

 

3,000

 

2,941

 

GMAC Commercial Mortgage Securities

 

 

 

 

 

Series 2003-C3, Cl A2

 

 

 

 

 

4.223%, 04/10/40

 

3,000

 

3,000

 

GS Mortgage Securities Corporation II

 

 

 

 

 

Series 2004-GG2, Cl A6

 

 

 

 

 

5.396%, 08/10/38 (f)

 

1,250

 

1,329

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

Series 2004-8, Cl A1

 

 

 

 

 

5.000%, 08/25/19

 

3,987

 

3,917

 

 

 

 

 

20,476

 

Total CMO - Private Mortgage-Backed Securities

 

 

 

 

 

(Cost $26,905)

 

 

 

26,625

 

 

 

 

 

 

 

Commercial Paper - 5.2%

 

 

 

 

 

Chesham Finance

 

 

 

 

 

3.200%, 07/14/05

 

5,000

 

4,994

 

Moat Funding

 

 

 

 

 

3.180%, 07/12/05

 

5,000

 

4,995

 

Thames Asset Global

 

 

 

 

 

3.150%, 07/14/05

 

5,000

 

4,995

 

Total Commercial Paper

 

 

 

 

 

(Cost $14,984)

 

 

 

14,984

 

 

 

 

 

 

 

CMO - U.S. Government Agency Mortgage-Backed Securities - 2.8%

 

 

 

 

 

Fixed Rate - 2.8%

 

 

 

 

 

FHLMC REMIC

 

 

 

 

 

Series 2893, Cl PB

 

 

 

 

 

5.000%, 12/15/27

 

3,000

 

3,061

 

FNMA REMIC

 

 

 

 

 

Series 2005-44, Cl PC

 

 

 

 

 

5.000%, 11/25/27

 

2,750

 

2,773

 

Series 2005-47, Cl HK

 

 

 

 

 

4.500%, 06/25/20

 

2,253

 

2,218

 

 

 

 

 

8,052

 

Total CMO - U.S. Government Agency Mortgage-Backed Securities

 

 

 

 

 

(Cost $7,804)

 

 

 

8,052

 

 

 

 

 

 

 

U.S. Treasury Obligation - 0.1%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.810%, 08/04/05 (h)

 

 

425

 

$

424

 

 

 

 

 

 

 

Total U.S. Treasury Obligation

 

 

 

 

 

(Cost $424)

 

 

 

424

 

 

 

 

SHARES

 

VALUE (000)+

 

Affiliated Money Market Fund - 4.4%

 

 

 

 

 

First American Prime Obligations Fund, Cl Z (i)

 

12,447,129

 

$

12,447

 

Total Affiliated Money Market Fund

 

 

 

 

 

(Cost $12,447)

 

 

 

12,447

 

Investments Purchased with Proceeds from

 

 

 

 

 

Securities Lending - 25.5%

 

 

 

 

 

(Cost $72,788) (j)

 

 

 

72,788

 

Total Investments - 138.4%

 

 

 

 

 

(Cost $392,956)

 

 

 

395,554

 

Other Assets and Liabilities, Net - (38.4)%

 

 

 

(109,830

)

Total Net Assets - 100.0%

 

 

 

$

285,724

 

 

+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2005, the value of these investments was $33,051,501 or 11.6% of total net assets.

 

 

 

(b)

 

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future dates. The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(c)

 

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

 

 

 

(d)

 

Represents a foreign high yield (non-investment grade) bond. On June 30, 2005, the value of these investments was $368,400, which represents 0.1% of total net assets.

 

 

 

(e)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a market value of $71,328,435 at June 30, 2005.

 

 

 

(f)

 

Security is considered illiquid. As of June 30, 2005, the value of these investments was $7,119,373 or 2.5% of total net assets.

 

 

 

(g)

 

Security purchased on a when-issued basis. On June 30, 2005, the total cost of investments purchased on a when-issued basis was $52,535,964 or 18.4% of total net assets.

 

 

 

(h)

 

Security has been deposited as initial margin on open futures contracts. Rate shown is the rate in effect at June 30, 2005.

 

 

 

(i)

 

Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund.

 

 

 

(j)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

 

 

 

 

Cl - Class

 

 

CMO - Collateralized Mortgage Obligation

 

 

FHLB - Federal Home Loan Bank

 

 

FHLMC - Federal Home Loan Mortgage Corporation

 

 

FNMA - Federal National Mortgage Association

 

 

REIT - Real Estate Investment Trust

 

 

REMIC - Real Estate Mortgage Investment Conduit

 

 

TBA - To Be Announced

 

Schedule of Open Futures Contracts

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Market Value

 

 

 

Unrealized

 

 

 

 

 

 

 

Purchased

 

Covered By

 

Settlement

 

Appreciation

 

 

 

 

 

Description

 

(Sold)

 

Contracts (000)

 

Month

 

(Depreciation) (000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 2 Year Futures

 

71

 

$

14,746

 

September 05

 

$

9

 

 

 

 

 

U.S. Treasury 5 Year Futures

 

(250

)

(27,223

)

September 05

 

(4

)

 

 

 

 

U.S. Treasury 10 Year Futures

 

21

 

2,383

 

September 05

 

23

 

 

 

 

 

U.S. Treasury Long Bond Futures

 

(11

)

(1,307

)

September 05

 

(21

)

 

 

 

 

British Pound Futures

 

61

 

6,810

 

September 05

 

(109

)

 

 

 

 

Euro Currency Futures

 

29

 

4,400

 

September 05

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

$

(110

)

 

 

 

 

 

Credit Default Swap Agreements outstanding at June 30, 2005:

 

 

 

 

 

 

 

 

 

 

 

Notional

 

Unrealized

 

 

 

Reference

 

Buy/Sell

 

Pay/Receive

 

Expiration

 

Amount

 

Appreciation

 

Counterparty

 

Entity

 

Protection

 

Fixed Rate

 

Date

 

(000)

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

Dow Jones CDX

 

 

 

 

 

 

 

 

 

 

 

 

 

IG EM3 Index

 

Sell

 

2.10

%

6/20/2010

 

$

9,000

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

Dow Jones CDX

 

 

 

 

 

 

 

 

 

 

 

 

 

IG Hvol4 Index

 

Sell

 

0.90

%

6/20/2010

 

4,000

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Bank

 

Dow Jones CDX

 

 

 

 

 

 

 

 

 

 

 

 

 

IG Hvol4 Index

 

Sell

 

0.90

%

6/20/2010

 

3,500

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

226

 

 

Interest Rate Swap Agreements outstanding at June 30, 2005:

 

 

 

Floating

 

 

 

 

 

 

 

Notional

 

Unrealized

 

 

 

Rate

 

Pay/Receive

 

Fixed

 

Expiration

 

Amount

 

(Depreciation)

 

Counterparty

 

Index

 

Floating Rate

 

Rate

 

Date

 

(000)

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

3-Month

 

 

 

 

 

 

 

 

 

 

 

 

 

Libor

 

Pay

 

4.37

%

6/20/2015

 

$

11,300

 

$

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

$

(23

)

 



 

Schedule of INVESTMENTS June 30, 2005 (unaudited)

 

U.S. Government Mortgage Fund

 

DESCRIPTION

 

PAR (000)

 

VALUE (000)+

 

 

 

 

 

 

 

U.S. Government Agency Mortgage-Backed Securities - 84.3%

 

 

 

 

 

Adjustable Rate - 1.9% (a)

 

 

 

 

 

FNMA Pool

 

 

 

 

 

4.366%, 08/01/27, #545271

 

$

2,388

 

$

2,458

 

4.789%, 04/01/34, #775389 (b)

 

1,422

 

1,448

 

 

 

 

 

3,906

 

Fixed Rate - 82.4%

 

 

 

 

 

FHLMC Gold Pool

 

 

 

 

 

8.500%, 03/01/06, #E00022

 

3

 

3

 

7.500%, 04/01/08, #E45929

 

17

 

18

 

7.000%, 07/01/11, #E20252

 

50

 

52

 

7.000%, 11/01/11, #E65619

 

4

 

5

 

7.500%, 09/01/12, #G10735

 

232

 

244

 

5.500%, 05/01/13, #G10814

 

261

 

268

 

6.000%, 10/01/13, #E72802

 

459

 

475

 

5.500%, 01/01/14, #E00617

 

1,365

 

1,404

 

7.000%, 09/01/14, #E00746

 

248

 

259

 

5.000%, 04/01/20, #B18125

 

4,737

 

4,792

 

6.000%, 03/01/21, #CP0428

 

622

 

643

 

6.000%, 09/01/22, #C90580

 

946

 

977

 

6.500%, 01/01/28, #G00876

 

632

 

656

 

6.500%, 11/01/28, #C00676

 

1,308

 

1,357

 

7.500%, 01/01/30, #C35768

 

111

 

119

 

6.500%, 03/01/31, #G01244

 

984

 

1,021

 

7.000%, 06/01/32, #C68248

 

445

 

469

 

5.000%, 09/01/33, #C01622

 

2,552

 

2,558

 

FNMA Pool

 

 

 

 

 

7.000%, 11/01/11, #250738

 

25

 

26

 

7.000%, 11/01/11, #349630

 

17

 

18

 

7.000%, 11/01/11, #351122

 

24

 

25

 

6.000%, 04/01/13, #425550

 

262

 

271

 

6.500%, 08/01/13, #251901

 

222

 

231

 

6.000%, 11/01/13, #556195

 

365

 

376

 

7.000%, 07/01/14, #252637

 

379

 

397

 

7.000%, 10/01/14, #252799

 

167

 

176

 

5.500%, 04/01/16, #580516

 

1,100

 

1,130

 

6.500%, 07/01/17, #254373

 

1,361

 

1,418

 

7.000%, 07/01/17, #254414

 

1,353

 

1,420

 

5.500%, 12/01/17, #673010

 

995

 

1,022

 

5.000%, 04/01/18, #685197

 

3,306

 

3,347

 

5.500%, 04/01/18, #695765

 

1,222

 

1,255

 

4.500%, 05/01/18, #254720

 

5,271

 

5,256

 

5.000%, 07/01/18, #555621

 

1,887

 

1,909

 

5.000%, 11/01/18, #750989

 

3,898

 

3,945

 

4.500%, 06/01/20, #828929 (b)

 

4,450

 

4,432

 

6.500%, 06/01/22, #254344

 

1,019

 

1,061

 

6.000%, 10/01/22, #254513

 

1,173

 

1,212

 

5.500%, 10/01/24, #255456

 

2,750

 

2,802

 

5.500%, 12/01/24, #357662

 

2,564

 

2,612

 

5.500%, 02/01/25, #255628 (b)

 

4,809

 

4,899

 

7.000%, 12/01/27, #313941

 

789

 

834

 

7.000%, 09/01/31, #596680

 

1,627

 

1,716

 

6.500%, 12/01/31, #254169

 

2,048

 

2,121

 

6.500%, 06/01/32, #596712

 

4,267

 

4,417

 

6.500%, 07/01/32, #545759

 

2,181

 

2,257

 

7.000%, 07/01/32, #545813

 

549

 

579

 

7.000%, 07/01/32, #545815 (b)

 

497

 

524

 

6.000%, 08/01/32, #656269

 

1,326

 

1,371

 

5.500%, 03/01/33, #689109 (b)

 

3,383

 

3,431

 

5.500%, 04/01/33, #703392 (b)

 

3,853

 

3,907

 

5.500%, 05/01/33, #704523

 

2,956

 

2,998

 

5.500%, 07/01/33, #726520 (b)

 

3,762

 

3,815

 

5.500%, 07/01/33, #728667 (b)

 

2,399

 

2,433

 

4.500%, 08/01/33, #555680

 

2,556

 

2,511

 

5.000%, 08/01/33, #736158

 

3,373

 

3,378

 

5.500%, 08/01/33, #728855

 

2,434

 

2,469

 

5.500%, 08/01/33, #733380 (b)

 

3,021

 

3,063

 

5.000%, 09/01/33, #734566

 

4,186

 

4,191

 

5.000%, 10/01/33, #747533 (b)

 

3,485

 

3,491

 

5.500%, 12/01/33, #756202 (b)

 

2,382

 

2,415

 

6.000%, 01/01/34, #763687

 

3,374

 

3,460

 

 



 

5.500%, 04/01/34, #774999

 

1,343

 

1,362

 

6.500%, 06/01/34, #735273 (b)

 

3,068

 

3,175

 

4.500%, 09/01/34, #725866

 

1,454

 

1,425

 

FNMA TBA

 

 

 

 

 

5.000%, 07/01/19 (c)

 

2,120

 

2,143

 

5.000%, 07/01/34 (c)

 

3,340

 

3,339

 

5.500%, 07/01/34 (c)

 

19,085

 

19,335

 

6.000%, 07/01/34 (c)

 

8,155

 

8,359

 

GNMA Pool

 

 

 

 

 

8.000%, 01/15/07, #315126

 

6

 

6

 

9.000%, 11/15/09, #359559

 

36

 

38

 

8.000%, 10/15/10, #414750

 

86

 

91

 

6.500%, 07/15/13, #462638

 

555

 

581

 

7.500%, 12/15/22, #347332

 

111

 

119

 

7.000%, 09/15/27, #455304

 

29

 

31

 

6.500%, 07/15/28, #780825

 

1,084

 

1,137

 

6.500%, 08/20/31, #3120

 

509

 

531

 

7.500%, 12/15/31, #570134

 

443

 

474

 

6.500%, 02/15/32, #569621

 

676

 

706

 

6.000%, 03/15/33, #603520

 

1,492

 

1,539

 

6.000%, 06/15/33, #553314 (b)

 

2,583

 

2,665

 

5.500%, 07/15/33, #553367 (b)

 

1,322

 

1,352

 

5.500%, 08/15/33, #604567 (b)

 

5,049

 

5,163

 

6.000%, 11/15/33, #612374 (b)

 

1,699

 

1,752

 

6.000%, 07/15/34, #631574 (b)

 

1,612

 

1,663

 

6.000%, 09/15/34, #633605 (b)

 

2,753

 

2,840

 

 

 

 

 

169,767

 

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $173,034)

 

 

 

173,673

 

 

 

 

 

 

 

CMO - Private Mortgage-Backed Securities - 19.3%

 

 

 

 

 

Adjustable Rate - 0.6% (a)

 

 

 

 

 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

Series 2003-D, Cl A1

 

 

 

 

 

4.842%, 02/25/33

 

1,148

 

1,171

 

 

 

 

 

 

 

Fixed Rate - 18.7%

 

 

 

 

 

Bank of America Mortgage Securities

 

 

 

 

 

Series 2004-11 Cl 1A8

 

 

 

 

 

5.500%, 01/25/35

 

980

 

1,008

 

Chase Mortgage Finance Corporation

 

 

 

 

 

Series 2003-S10, Cl A1

 

 

 

 

 

4.750%, 11/25/18

 

3,645

 

3,630

 

Countrywide Alternative Loan Trust

 

 

 

 

 

Series 2004-24CB, Cl 1A1

 

 

 

 

 

6.000%, 11/25/34

 

2,551

 

2,604

 

GMAC Mortgage Corporation Loan Trust

 

 

 

 

 

Series 2004-J5, Cl A7

 

 

 

 

 

6.500%, 01/25/35

 

2,362

 

2,440

 

Master Alternative Loans Trust

 

 

 

 

 

Series 2005-2, Cl 1A3

 

 

 

 

 

6.500%, 03/25/35

 

1,760

 

1,811

 

Master Asset Securitization Trust

 

 

 

 

 

Series 2003-6, Cl 3A1

 

 

 

 

 

5.000%, 07/25/18

 

1,275

 

1,275

 

Morgan Stanley Mortgage Loan Trust

 

 

 

 

 

Series 2004-9, Cl 1A

 

 

 

 

 

6.296%, 11/25/34

 

2,587

 

2,656

 

Residential Asset Mortgage Products

 

 

 

 

 

Series 2003-SL1, Cl M1

 

 

 

 

 

7.318%, 04/25/31

 

2,874

 

3,038

 

Series 2004-SL4, Cl A3

 

 

 

 

 

6.500%, 07/25/32

 

2,792

 

2,881

 

Residential Funding Mortgage Securitization Trust

 

 

 

 

 

Series 2003-S8, Cl A1

 

 

 

 

 

5.000%, 05/25/18

 

3,349

 

3,366

 

Sequoia Mortgage Trust

 

 

 

 

 

Series 2004-5, Cl X1

 

 

 

 

 

0.800%, 06/20/34 (d)

 

86,003

 

936

 

Washington Mutual

 

 

 

 

 

Series 2003-S10, Cl A2

 

 

 

 

 

5.000%, 10/25/18

 

3,003

 

3,019

 

Series 2003-S13, Cl 21A1

 

 

 

 

 

4.500%, 12/25/18

 

2,504

 

2,488

 

Series 2004-S3, Cl 3A3

 

 

 

 

 

6.000%, 07/25/34

 

1,200

 

1,248

 

Washington Mutual MSC Mortgage

 

 

 

 

 

Series 2003-MS9, Cl CB1

 

 

 

 

 

7.442%, 04/25/33

 

1,697

 

1,786

 

 



 

Wells Fargo Mortgage Backed Securities Trust

 

 

 

 

 

Series 2003-14, Cl A1

 

 

 

 

 

4.750%, 12/25/18

 

4,413

 

4,400

 

 

 

 

 

38,586

 

Total CMO - Private Mortgage-Backed Securities
(Cost $39,786)

 

 

 

39,757

 

 

 

 

 

 

 

Asset-Backed Securities - 4.3%

 

 

 

 

 

Commercial - 1.2%

 

 

 

 

 

Bank of America Commercial Mortgage

 

 

 

 

 

Series 2005-1, Cl A3

 

 

 

 

 

4.877%, 11/10/42

 

2,500

 

2,559

 

 

 

 

 

 

 

Credit Cards - 2.4%

 

 

 

 

 

Chase Issuance Trust

 

 

 

 

 

Series 2005-A3, Cl A

 

 

 

 

 

3.240%, 10/17/11 (a)

 

5,000

 

5,009

 

 

 

 

 

 

 

Home Equity - 0.1%

 

 

 

 

 

GRMT Mortgage Loan Trust

 

 

 

 

 

Series 2001-1A, Cl M1

 

 

 

 

 

7.772%, 07/20/31 (f)

 

198

 

205

 

 

 

 

 

 

 

Manufactured Housing - 0.4%

 

 

 

 

 

Vanderbilt Mortgage Finance

 

 

 

 

 

Series 1999-B, Cl 1A4

 

 

 

 

 

6.545%, 04/07/18

 

855

 

865

 

 

 

 

 

 

 

Other - 0.2%

 

 

 

 

 

GRP/AG Real Estate Asset Trust

 

 

 

 

 

Series 2004-1, Cl A

 

 

 

 

 

3.960%, 03/25/09 (e)(f)(g)

 

331

 

332

 

 

 

 

 

 

 

Total Asset-Backed Securities
(Cost $8,934)

 

 

 

8,970

 

 

 

 

 

 

 

CMO - U.S. Government Agency Mortgage-Backed Securities - 2.1%

 

 

 

 

 

Fixed Rate - 2.1%

 

 

 

 

 

FHLMC REMIC

 

 

 

 

 

Series 2382, Cl DA

 

 

 

 

 

5.500%, 10/15/30

 

524

 

531

 

FNMA REMIC

 

 

 

 

 

Series 2004-29, Cl WG

 

 

 

 

 

4.500%, 05/25/19

 

2,000

 

1,935

 

Series 2002-W1, Cl 2A

 

 

 

 

 

7.500%, 02/25/42

 

1,685

 

1,782

 

Total CMO - U.S. Government Agency Mortgage-Backed Securities
(Cost $4,170)

 

 

 

4,248

 

 

 

 

 

 

 

U.S. Treasury Obligation - 0.0%

 

 

 

 

 

U.S. Treasury Bill

 

 

 

 

 

2.870%, 08/04/05 (h)

 

45

 

45

 

Total U.S. Treasury Obligation
(Cost $45)

 

 

 

45

 

 

 

 

 

 

 

 

 

SHARES

 

VALUE (000)+

 

 

 

 

 

 

 

Affiliated Money Market Fund - 3.3%

 

 

 

 

 

First American Government Obligations Fund, Cl Z (i)

 

6,802,648

 

6,803

 

Total Affiliated Money Market Fund
(Cost $6,803)

 

 

 

6,803

 

 

 

 

 

 

 

Investments Purchased with Proceeds from Securities Lending - 26.1%
(Cost $53,748) (j)

 

 

 

53,748

 

 

 

 

 

 

 

Total Investments - 139.4%
(Cost $286,520)

 

 

 

287,244

 

Other Assets and Liabilities, Net - (39.4)%

 

 

 

(81,122

)

Total Net Assets - 100.0%

 

 

 

$

206,122

 

 


+

 

Security valuations for the fund’s investments are furnished by one or more independent pricing services that have been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of June 30, 2005, the fund held no fair valued securities.

 

 

 

(a)

 

Variable Rate Security - The rate shown is the rate in effect as of June 30, 2005.

 

 

 

(b)

 

This security or a portion of this security is out on loan at June 30, 2005. Total loaned securities had a value of $52,501,720 at June 30, 2005.

 



 

(c)

 

Security purchased on a when-issued basis. On June 30, 2005, the total cost of investments purchased on a when-issued basis was $33,160,986 or 16.1% of total net assets.

 

 

 

(d)

 

Interest only - Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(e)

 

Security considered illiquid. As of June 30, 2005, the value of this investment was $537,699 or 0.3% of total net assets.

 

 

 

(f)

 

Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” This security has been determined to be liquid under the guidelines established by the fund’s board of directors. As of June 30, 2005, the value of this investment was $332,543 or 0.2% of total net assets.

 

 

 

(g)

 

Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of June 30, 2005.

 

 

 

(h)

 

Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase.

 

 

 

(i)

 

Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund.

 

 

 

(j)

 

The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

 

 

 

Cl - Class

CMO - Collateralized Mortgage Obligation

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

REMIC - Real Estate Mortgage Investment Conduit

TBA - To Be Announced

 

Schedule of Open Futures Contracts

 

 

 

Number of

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

Contracts

 

Market Value

 

 

 

Appreciation

 

 

 

 

 

 

 

Purchased

 

Covered By

 

Settlement

 

(Depreciation)

 

 

 

 

 

Description

 

(Sold)

 

Contracts (000)

 

Month

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 2 year Futures

 

(72

)

$

(7,477

)

Sept. 05

 

(5

)

 

 

 

 

U.S. Treasury 5 year Futures

 

(8

)

(871

)

Sept. 05

 

 

 

 

 

 

U.S. Treasury 10 year Futures

 

5

 

567

 

Sept. 05

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

Interest Rate Swap Agreement outstanding at June 30, 2005

 

 

 

Floating

 

 

 

 

 

 

 

Notional

 

Unrealized

 

 

 

Rate

 

Pay/Receive

 

 

 

Expiration

 

Amount

 

Depreciation

 

Counterparty

 

Index

 

Floating Rate

 

Fixed Rate

 

Date

 

(000)

 

(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup

 

3-Month

 

 

 

 

 

 

 

 

 

 

 

 

 

Libor

 

Receive

 

4.37

%

6/13/15

 

2,500

 

$

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

$

(5

)

 



Item 2—Controls and Procedures

 

(a)  The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported timely.

 

(b)  There were no changes in the registrant’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3 – Exhibits

 

Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.

 

 



Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

First American Investment Funds, Inc.

 

By:

/s/ Thomas S. Schreier, Jr.

 

Thomas S. Schreier, Jr.

President

 

Date: August 29, 2005

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ Thomas S. Schreier, Jr.

 

 

Thomas S. Schreier, Jr.

President

 

Date: August 29, 2005

 

By:

/s/ Charles D. Gariboldi

 

 

Charles D. Gariboldi

Treasurer

 

Date: August 29, 2005