STOCK FUNDS Class A, Class B, and Class C Shares

Transcription

1 December 30, 2005 Prospectus First American Investment Funds, Inc. ASSET CLASS STOCK FUNDS STOCK FUNDS Balanced Fund Equity Income Fund Large Cap Growth Opportunities Fund Large Cap Select Fund Large Cap Value Fund Mid Cap Growth Opportunities Fund Mid Cap Value Fund Small-Mid Cap Core Fund Small Cap Growth Opportunities Fund Small Cap Select Fund Small Cap Value Fund Real Estate Securities Fund International Fund As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the shares of these funds, or determined if the information in this prospectus is accurate or complete. Any statement to the contrary is a criminal offense.

2 FIRST AMERICAN INVESTMENT FUNDS, INC. PROSPECTUS SUPPLEMENT DATED OCTOBER 23, 2006 This supplement updates the following Prospectuses dated December 30, 2005: First American Stock Funds Prospectus (as previously supplemented February 22, March 20, April 24, June 30, and August 9, 2006) First American Stock Funds Class R Shares Prospectus (as previously supplemented February 22, March 20, April 24, and June 30, 2006) First American Stock Funds Class Y Shares Prospectus (as previously supplemented February 22, March 20, April 24, and June 30, 2006) For Class A, B, C, R, and Y shares, this supplement, any previous supplements, and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call FUND. Information regarding the portfolio managers primarily responsible for the management of Large Cap Value Fund and Mid Cap Value Fund (the funds ), which is set forth in each Prospectus under the heading Additional Information Management Portfolio Management, is replaced by the following: Large Cap Value Fund and Mid Cap Value Fund are managed by the advisor s Mid- and Large-Cap Value Team. The members of that team are: Brent D. Mellum, CFA, Senior Equity Portfolio Manager. Mr. Mellum has served as the co-lead manager for the Large Cap Value Fund since April 2004 and the Mid Cap Value Fund since October Mr. Mellum joined FAF Advisors in 1993 and has 13 years of financial industry experience, including 11 years in portfolio management. Kevin V. Earley, CFA, Senior Equity Portfolio Manager. Mr. Earley has served as the co-lead manager for the Mid Cap Value Fund since October 1999 and the Large Cap Value Fund since September Mr. Earley joined FAF Advisors in 1997 and has 19 years of financial industry experience, including seven years in portfolio management. Terry F. Sloan, CFA, Equity Portfolio Manager. Mr. Sloan has served as co-manager for the funds since January He previously was an equity research analyst for FAF Advisors. Prior to joining FAF Advisors in 2004, Mr. Sloan was an equity analyst for the State of Michigan Retirement System. He has five years of financial industry experience. Walter B. Stackow, CFA, Equity Portfolio Manager. Mr. Stackow has served as co-manager for the funds since October Prior to joining FAF Advisors in October 2006, he was a small cap portfolio manager and equity research analyst at Manning & Napier Advisors, Inc. Prior to that, he was a research analyst at G. W. Henssler & Associates, Ltd. Mr. Stackow has eight years of financial industry experience. IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT FUND. PM-LMVAL-STK

3 FIRST AMERICAN INVESTMENT FUNDS, INC. PROSPECTUS SUPPLEMENT DATED AUGUST 9, 2006 This supplement updates the following Prospectuses dated December 30, 2005: First American Stock Funds Prospectus (as previously supplemented February 22, March 20, April 24, and June 30, 2006) First American Index Funds Prospectus First American Income Funds Prospectus (as previously supplemented March 7 and June 22, 2006) First American Tax Free Income Funds Class A and Class C Shares Prospectus Selected First American Funds Class A Shares Prospectus (as previously supplemented February 22, March 7, March 20, April 24, and June 30, 2006) For each Prospectus referenced above, such Prospectus, this supplement, and any previous supplements together constitute a current Prospectus. To request a copy of a Prospectus, please call FUND. The first two bullet points listed in the information on the persons who may purchase the funds Class A shares at net asset value without a sales charge, set forth in the Prospectus under the heading Policies and Services Purchasing and Redeeming Shares Determining Your Share Price Purchasing Class A Shares Without a Sales Charge, are replaced by the following: directors, advisory board members, full-time employees and retirees of the advisor and its affiliates. In addition, the following persons may purchase the funds Class A shares at net asset value without a sales charge: persons who purchase the funds through one-stop mutual fund networks through which the funds are made available. IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT FUND. FAIF-NAV-STK

4 FIRST AMERICAN INVESTMENT FUNDS, INC. PROSPECTUS SUPPLEMENT DATED JUNE 30, 2006 This supplement updates the following Prospectuses dated December 30, 2005: First American Stock Funds Class A, Class B and Class C Shares Prospectus (as previously supplemented February 22, March 20, and April 24, 2006) First American Stock Funds Class R Shares Prospectus (as previously supplemented February 22, March 20, and April 24, 2006) First American Stock Funds Class Y Shares Prospectus (as previously supplemented February 22, March 20, and April 24, 2006) Selected First American Funds Class A Shares Prospectus (as previously supplemented February 22, March 7, March 20, and April 24, 2006) For Class A, B, C, R, and Y shares, this supplement, any previous supplements, and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call FUND. Information set forth in each Prospectus under the heading Fund Summaries Small Cap Growth Opportunities Fund Other Information, is replaced by the following: As previously disclosed, in 2003 FAF Advisors uncovered potentially improper trading of a portfolio security held in the First American Small Cap Growth Opportunities Fund, which occurred in April FAF Advisors reported this matter to the fund s board of directors and to the Securities and Exchange Commission ( SEC ). The Staff of the SEC has investigated the matter and has advised the fund that it intends to recommend that the SEC seek from the fund any economic benefit the fund received (plus prejudgment interest) as a result of the alleged improper trading. If the fund is required to make any such payments, FAF Advisors has agreed to hold the fund harmless and make any such payments itself. Accordingly, this matter is not expected to have any impact on the fund s net asset value. IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT FUND. SCGO-STK

5 FIRST AMERICAN INVESTMENT FUNDS, INC. PROSPECTUS SUPPLEMENT DATED APRIL 24, 2006 This supplement updates the following Prospectuses dated December 30, 2005: First American Stock Funds Class A, Class B and Class C Shares Prospectus (as previously supplemented February 22, 2006 and March 20, 2006) First American Stock Funds Class R Shares Prospectus (as previously supplemented February 22, 2006 and March 20, 2006) First American Stock Funds Class Y Shares Prospectus (as previously supplemented February 22, 2006 and March 20, 2006) Selected First American Funds Class A Shares Prospectus (as previously supplemented February 22, 2006, March 7, 2006, and March 20, 2006) For Class A, B, C, R, and Y shares, this supplement, any previous supplements, and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call FUND. The following individual has been added to the team of portfolio managers primarily responsible for the management of Mid Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund, which is set forth in each Prospectus under the heading Additional Information Management Portfolio Management : Scott Mullinix, CFA, Senior Equity Portfolio Manager. Mr. Mullinix has been a portfolio manager for Mid Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund since joining FAF Advisors in April Prior to joining FAF Advisors, Mr. Mullinix co-managed the Mid Cap Growth product and managed the Premier Portfolio growth and core equity products at Ameriprise Financial. Prior to that, he was a senior research analyst for the retail/consumer products industry at Ameriprise. He has also co-managed a hedge fund for Deephaven LLC in Minneapolis. Mr. Mullinix has 17 years of financial industry experience, including seven years in portfolio management. Information regarding the portfolio managers responsible for the management of Small Cap Select Fund, which is set forth in each Prospectus under the heading Additional Information Management Portfolio Management, is replaced by the following: Small Cap Select Fund. Allen D. Steinkopf, CFA, Equity Portfolio Manager. Mr. Steinkopf has served as the primary portfolio manager for the fund since July Prior to joining FAF Advisors in 2003, Mr. Steinkopf was employed by Advantus Capital Management from 1986 to 2003 where he served as Vice President and Portfolio Manager. He has 13 years of financial industry experience. Troy L. Huff, Equity Portfolio Manager. Mr. Huff has co-managed the fund since April Prior to his appointment as co-manager, he had been an equity research analyst for the Small Cap Select team, where he was responsible for research in all industries within the consumer discretionary and consumer staples sectors. Mr. Huff joined FAF Advisors in 1996 and has 14 years of financial industry experience, including 10 years in investment management and research. IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT FUND. PM-SCS-STK

6 FIRST AMERICAN INVESTMENT FUNDS, INC. PROSPECTUS SUPPLEMENT DATED MARCH 20, 2006 This supplement updates the following Prospectuses dated December 30, 2005: First American Stock Funds Class A, Class B and Class C Shares Prospectus (as previously supplemented February 22, 2006) First American Stock Funds Class R Shares Prospectus (as previously supplemented February 22, 2006) First American Stock Funds Class Y Shares Prospectus (as previously supplemented February 22, 2006) Selected First American Funds Class A Shares Prospectus (as previously supplemented February 22, 2006 and March 7, 2006) For Class A, B, C, R, and Y shares, this supplement, any previous supplements, and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call FUND. Information regarding the portfolio managers primarily responsible for the management of Small Cap Value Fund, which is set forth in each Prospectus under the heading Additional Information Management Portfolio Management, is replaced by the following: Small Cap Value Fund. Karen L. Bowie, CFA, Equity Portfolio Manager. Ms. Bowie has been appointed the primary portfolio manager for the fund. Prior to her appointment as primary portfolio manager, she had been a co-manager of the fund since July Ms. Bowie has more than 22 years of financial industry experience, 13 of which have been with U.S. Bancorp Asset Management in portfolio management, equity research, and fund management. IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT FUND. PM-SCV-STK

7 FIRST AMERICAN INVESTMENT FUNDS, INC. PROSPECTUS SUPPLEMENT DATED FEBRUARY 22, 2006 This supplement updates the following Prospectuses dated December 30, 2005: First American Stock Funds Class A, Class B and Class C Shares Prospectus First American Stock Funds Class R Shares Prospectus First American Stock Funds Class Y Shares Prospectus Selected First American Funds Class A Shares Prospectus For Class A, B, C, R, and Y shares, this supplement and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call FUND. Information regarding the portfolio managers primarily responsible for the management of Mid Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund (the funds ), which is set forth in each Prospectus under the heading Additional Information Management Portfolio Management, is replaced by the following: Mid Cap Growth Opportunities Fund and Large-Cap Growth Opportunities Fund are managed by the advisor s Mid- and Large-Cap Growth Team. The members of that team are: James A. Diedrich, CFA, Senior Equity Portfolio Manager. Mr. Diedrich has been a portfolio manager for the funds since joining U.S. Bancorp Asset Management in February 2006 and acts as the lead portfolio manager for Mid Cap Growth Opportunities Fund. Prior to joining the advisor, Mr. Diedrich was the head of global equity and managed all U.S. and international equity portfolios at St. Paul Companies. Before his tenure with the St. Paul Companies, Mr. Diedrich was a portfolio manager of a U.S. large-cap product at Investment Advisors, Inc. Prior to that, he was an assistant portfolio manager of a corporate equity portfolio at Advantus Capital Management. Mr. Diedrich has been a portfolio manager for 17 years and has 22 years of investment experience. Thomas A. Gunderson, CFA, Senior Equity Portfolio Manager. Mr. Gunderson is the head of the Midand Large-Cap Growth Team. He has been a portfolio manager for the funds since December 2003 and acts as the lead portfolio manager for Large Cap Growth Opportunities Fund. Prior to joining U.S. Bancorp Asset Management in 2003, Mr. Gunderson managed large cap growth portfolios at Advantus Capital Management. Mr. Gunderson has been a portfolio manager for 17 years and has 22 years of financial industry experience. Hal Goldstein, Senior Equity Portfolio Manager. Mr. Goldstein has been a portfolio manager for Mid Cap Growth Opportunities Fund since March 2003 and for Large Cap Growth Opportunities Fund since July Prior to joining U.S. Bancorp Asset Management in 2002, Mr. Goldstein was employed at Lutheran Brotherhood as a portfolio manager, at Shearson Lehman Brothers as manager of institutional equities in Chicago, and at Oppenheimer as an institutional sales person. Mr. Goldstein has 24 years of financial industry experience, including 10 years in portfolio management. IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT FUND. PM-MCGO-STK

8 Table of Contents Fund Summaries Balanced Fund 2 Equity Income Fund 6 Large Cap Growth Opportunities Fund 8 Large Cap Select Fund 10 Large Cap Value Fund 12 Mid Cap Growth Opportunities Fund 14 Mid Cap Value Fund 16 Small-Mid Cap Core Fund 18 Small Cap Growth Opportunities Fund 20 Small Cap Select Fund 22 Small Cap Value Fund 24 Real Estate Securities Fund 26 International Fund 28 More About the Funds Investment Strategies, Risks and Other Fund Matters 30 Policies and Services Purchasing and Redeeming Shares 34 Managing Your Investment 42 Additional Information Management 44 Financial Highlights 47 For More Information Back Cover

9 Fund Summaries Introduction This section of the prospectus describes the objectives of the First American Stock Funds, summarizes the principal investment strategies used by each fund in trying to achieve its objective, and highlights the risks involved with these strategies. It also provides you with information about the performance, fees, and expenses of the funds. An investment in the funds is not a deposit of U.S. Bank National Association and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. This prospectus and the related Statement of Additional Information do not constitute an offer to sell or a solicitation of an offer to buy shares in the funds, nor shall any such shares be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. 1 Prospectus First American Stock Funds

10 Fund Summaries Balanced Fund Objective Balanced Fund s objective is to maximize total return (capital appreciation plus income). Principal Investment Strategies commonly referred to as high-yield securities or junk bonds ). The fund will not invest in securities rated lower than B at the time of purchase or in unrated securities of equivalent quality. Up to 25% of the debt portion of the fund may be invested in Balanced Fund invests in a balanced portfolio of stocks and debt securities of foreign corporations and governments. bonds. The mix of securities will change based on existing and In selecting debt securities for the fund, the advisor uses a topanticipated market conditions. Over the long term, the fund s down approach, which begins with the formulation of a asset mix is likely to average approximately 60% equity general economic outlook. Following this, various sectors and securities and 40% debt securities. Under normal market industries are analyzed and selected for investment. This is conditions, the equity securities portion of the fund s portfolio followed by the selection of individual securities. will be invested primarily (at least 80% of the net assets, plus the amount of any borrowings for investment purposes) in To generate additional income, the fund may invest up to 25% common stocks of large-capitalization companies, mid- of the debt portion of its assets in dollar roll transactions. In a capitalization companies, and small-capitalization companies. dollar roll transaction, the fund sells mortgage-backed securities The advisor will select companies based on a combination of for delivery in the current month while contracting with the both value and growth objectives, seeking companies it believes same party to repurchase similar securities at a future date. offer market opportunity. In selecting stocks, the fund s advisor invests in companies that The fund may utilize the following derivatives: options; futures it believes meet at least two of the following criteria: contracts; options on futures contracts; interest rate caps and floors; interest rate, total return and credit default swap ) attractively valued relative to other companies in the same agreements; and options on the foregoing types of swap industry or market. agreements. The fund may use these derivatives in an attempt ) good or improving fundamentals. to manage market risk, credit risk and yield curve risk, to ) an identifiable catalyst that could increase the value of the manage the effective maturity or duration of securities in the company s stock over the next one or two years. fund s portfolio or for speculative purposes in an effort to increase the fund s yield or to enhance returns. The use of a The fund s advisor generally will sell a stock if any of the derivative is speculative if the fund is primarily seeking to following has occurred: enhance returns, rather than offset the risk of other positions. ) the stock has hit its price target and the company is no When the fund invests in a derivative for speculative purposes, longer attractively valued relative to other companies in the the fund will be fully exposed to the risks of loss of that same industry or market. derivative, which may sometimes be greater than the ) the company s fundamentals have significantly deteriorated. derivative s cost. The fund may not use any derivative to gain ) a catalyst that could decrease the value of the stock has been exposure to a security or type of security that it would be identified, or a previously existing positive catalyst has prohibited by its investment restrictions from purchasing disappeared. directly. ) a better alternative exists in the marketplace. Up to 25% of the equity portion of the fund may be invested in securities of foreign issuers that are either listed on a U.S. stock exchange or represented by American Depositary Receipts. These securities may be of the same type as the fund s permissible investments in United States domestic securities. Under normal market conditions, the debt securities portion of the fund s portfolio will be comprised of securities such as: U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities) including zero coupon bonds; mortgage- and asset-backed securities; and corporate debt obligations. The fund will invest mainly in debt obligations that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the fund s advisor. However, up to 10% of the total assets in the debt portion of the fund s portfolio may be rated lower than investment grade at the time of purchase or unrated and of comparable quality (securities Principal Risks The value of your investment in this fund will change daily, which means you could lose money. The principal risks of investing in this fund include: ) Active Management Risk ) Call Risk ) Common Stock Risk ) Credit Risk ) Derivative Instrument Risk ) Dollar Roll Transaction Risk ) Foreign Security Risk ) Income Risk ) Interest Rate Risk ) Mortgage- and Asset-Backed Securities Risk ) Non-Investment Grade Securities Risk See More About the Funds for a discussion of these risks. 2 Prospectus First American Stock Funds

11 Fund Summaries Balanced Fund continued Fund Performance The following illustrations provide you with information on the fund s volatility and performance. Of course, the fund s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR (Class A) 1, % 18.24% 16.20% 12.31% 4.02% 7.38% 8.44% (8.58)% (12.16)% The bar chart shows you how performance of the fund s Class A shares has varied from year to year. The performance of Class B and Class C shares will be lower due to their higher expenses. Sales charges are not reflected in the chart; if they were, returns would be lower. Best Quarter: The table compares the performance for each share class of the Quarter December 31, % fund over different time periods to that of the fund s Worst Quarter: benchmark indices, which are broad measures of market Quarter September 30, 2001 (9.94)% performance. The performance information reflects sales charges and fund expenses; the benchmarks are unmanaged, AVERAGE ANNUAL Since Since Since have no expenses, and are unavailable for investment. For TOTAL RETURNS Inception One Five Inception Inception Inception Class A shares, the table includes returns both before and after AS OF 12/31/04 2 Date Year Years (Class A) (Class B) (Class C) taxes. For Class B and Class C shares, the table only includes Balanced Fund returns before taxes. After-tax returns for Class B and Class C Class A (return before shares will vary. After-tax returns are calculated using the taxes) 1/9/ % 0.89% 7.73% N/A N/A historical highest individual federal marginal income tax rates Class A (return after taxes and do not reflect the impact of state and local taxes. Actual on distributions) 2.01% (0.64)% 5.73% N/A N/A after-tax returns depend on an investor s tax situation and may Class A (return after taxes differ from those shown. After-tax returns shown are not on distributions and sale of fund shares) 1.60% (0.06)% 5.61% N/A N/A relevant to investors who hold their fund shares through tax- Class B (return before deferred arrangements, such as 401(k) plans or individual taxes) 3/1/ % 0.97% N/A 2.43% N/A retirement accounts. Class C (return before Both the chart and the table assume that all distributions have taxes) 9/24/ % N/A N/A N/A 5.89% been reinvested. Performance reflects fee waivers in effect. If Russell 3000 Index 3 (reflects no deduction for these fee waivers were not in place, performance would be fees, expenses, or taxes) reduced. Lehman Aggregate Bond Index % (1.16)% 12.00% 2.33% 9.19% (reflects no deduction for fees, expenses, or taxes) 4.34% 7.71% 7.58% 6.69% 5.90% 1 Total return for the period from 1/1/05 through 9/30/05 was 6.20%. 2 Performance presented prior to 9/24/01 represents that of Firstar Balanced Growth Fund, a series of Firstar Funds, Inc. which, together with Firstar Balanced Income Fund, merged into the fund on that date. 3 An unmanaged index that measures the performance of the 3,000 largest U.S. companies (98% of the investable U.S. equity market) based on total market capitalization. 4 An unmanaged fixed income index covering the U.S. investment grade fixedrate bond market. The since inception performance of the index for Class A shares is calculated from 1/31/95. 3 Prospectus First American Stock Funds

12 Fund Summaries Balanced Fund continued Fees and Expenses As an investor, you pay fees and expenses to buy and hold shares of the fund. You pay shareholder fees directly when you buy or sell shares. You pay annual fund operating expenses indirectly since they are deducted from fund assets. SHAREHOLDER FEES (fees paid directly from your investment) Class A Class B Class C Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% % 0.00% Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) 0.00% % 1.00% Annual Maintenance Fee only charged to accounts with balances below $500 $50 $50 $50 ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from fund assets) (as a percentage of average net assets) Management Fees 0.65% 0.65% 0.65% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% Other Expenses 0.31% 0.31% 0.31% Total Annual Fund Operating Expenses % 1.96% 1.96% 1 Investors may qualify for reduced sales charges. 2 Class A share investments of $1 million or more on which no front-end sales charge is paid may be subject to a 1% contingent deferred sales charge. 3 Total Annual Fund Operating Expenses are based on the fund s fiscal year September 30, 2005, absent any expense reimbursements or fee waivers. The advisor intends to voluntarily waive fees and reimburse other fund expenses through at least June 30, 2006 so that total operating expenses, after waivers, do not exceed 1.10%, 1.85%, and 1.85%, respectively, for Class A, Class B, and Class C shares. Fee waivers and expense reimbursements will not be terminated prior to that time without the approval of the fund s board of directors. Example This example is int to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year, and that the fund s operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be: Class B Class B Class C Class C assuming assuming no assuming assuming no redemption redemption redemption redemption at end of at end of at end of at end of Class A each period each period each period each period 1 year $667 $699 $199 $299 $199 3 years $913 $1,015 $615 $615 $615 5 years $1,178 $1,257 $1,057 $1,057 $1, years $1,935 $2,091 $2,091 $2,285 $2,285 4 Prospectus First American Stock Funds

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14 Fund Summaries Equity Income Fund Objective Equity Income Fund s objective is long-term growth of capital and income. Principal Investment Strategies Under normal market conditions, Equity Income Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in equity securities of companies which the fund s investment advisor believes are characterized by: ) the ability to pay above average dividends. Fund Performance The following illustrations provide you with information on the fund s volatility and performance. Of course, the fund s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. The bar chart shows you how performance of the fund s Class A shares has varied from year to year. The performance of Class B and Class C shares will be lower due to their higher expenses. Sales charges are not reflected in the chart; if they were, returns would be lower. ) the ability to finance expected growth. The table compares the performance for each share class of the ) strong management. fund over different time periods to that of the fund s The fund will attempt to maintain a dividend that will grow benchmark index, which is a broad measure of market quickly enough to keep pace with inflation. As a result, highercharges and fund expenses; the benchmark is unmanaged, has performance. The performance information reflects sales yielding equity securities will generally represent the core holdings of the fund. However, the fund also may invest in no expenses, and is unavailable for investment. For Class A lower-yielding, higher growth equity securities if the advisor shares, the table includes returns both before and after taxes. believes they will help balance the portfolio. The fund s equity For Class B and Class C shares, the table only includes returns securities include common stocks and preferred stocks, and before taxes. After-tax returns for Class B and Class C shares corporate debt securities which are convertible into common will vary. After-tax returns are calculated using the historical stocks. All securities held by the fund will provide current highest individual federal marginal income tax rates and do not income at the time of purchase. reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ The fund invests in convertible debt securities in pursuit of both from those shown. After-tax returns shown are not relevant to long-term growth of capital and income. The securities investors who hold their fund shares through tax-deferred conversion features provide long-term growth potential, while arrangements, such as 401(k) plans or individual retirement interest payments on the securities provide income. The fund accounts. may invest in convertible debt securities without regard to their ratings, and therefore may hold convertible debt securities which are rated lower than investment grade. In addition, the fund may utilize derivatives such as options, futures contracts, and options on futures contracts in an attempt to manage market or business risk or enhance the fund s return. Up to 25% of the fund s total assets may be invested in securities of foreign issuers which are either listed on a United States stock exchange or represented by American Depositary Receipts. These securities may be of the same type as the fund s permissible investments in United States domestic securities. Principal Risks The value of your investment in this fund will change daily, which means you could lose money. The principal risks of investing in this fund include: ) Active Management Risk ) Common Stock Risk ) Credit Risk ) Derivative Instrument Risk ) Foreign Security Risk ) Interest Rate Risk ) Non-Investment Grade Securities Risk See More About the Funds for a discussion of these risks. 6 Prospectus First American Stock Funds

15 Fund Summaries Equity Income Fund continued Both the chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers in effect. If these fee waivers were not in place, performance would be reduced. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR (Class A) % 19.80% 27.53% % % 3.86% (4.37)% (18.13)% % % 2004 Fees and Expenses As an investor, you pay fees and expenses to buy and hold shares of the fund. You pay shareholder fees directly when you buy or sell shares. You pay annual fund operating expenses indirectly since they are deducted from fund assets. SHAREHOLDER FEES (fees paid directly from your investment) Class A Class B Class C Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% % 0.00% Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) 0.00% % 1.00% Annual Maintenance Fee only charged to accounts with balances below $500 $50 $50 $50 Best Quarter: Quarter June 30, % ANNUAL FUND OPERATING EXPENSES Worst Quarter: (expenses that are deducted from fund assets) Quarter September 30, 2002 (16.75)% (as a percentage of average net assets) Management Fees 0.65% 0.65% 0.65% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% AVERAGE ANNUAL Since Other Expenses 0.29% 0.29% 0.29% TOTAL RETURNS Inception One Five Ten Inception AS OF 12/31/04 Date Year Years Years (Class C) Total Annual Fund Operating Expenses % 1.94% 1.94% Equity Income Fund 1 Investors may qualify for reduced sales charges. Class A (return before taxes) 12/18/ % 2.70% 9.91% N/A 2 Class A share investments of $1 million or more on which no front-end sales charge is paid may be subject to a 1% contingent deferred sales charge. Class A (return after taxes on 3 Total Annual Fund Operating Expenses are based on the fund s fiscal year distributions) 2.23% 1.10% 7.97% N/A September 30, Class A (return after taxes on distributions and sale of fund Example This example is int to help you compare the cost of shares) 1.88% 1.60% 7.75% N/A investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, Class B (return before taxes) 8/15/ % 2.79% 9.76% N/A that your investment has a 5% return each year, and that the fund s Class C (return before taxes) 2/1/ % 3.09% N/A 2.95% operating expenses remain the same. Although your actual costs and Custom Benchmark returns may differ, based on these assumptions your costs would be: Standard & Poor s 500 Dividend Only Stocks 2 Class B Class B Class C Class C (reflects no deduction for fees, assuming assuming no assuming assuming no expenses, or taxes) 11.02% 1.18% 12.54% 2.31% redemption redemption redemption redemption at end of at end of at end of at end of Standard & Poor s 500 Index 3 Class A each period each period each period each period (reflects no deduction for fees, expenses, or taxes) 10.88% (2.30)% 12.07% 0.66% 1 year $665 $697 $197 $297 $197 1 Total return for the period from 1/1/05 through 9/30/05 was 3.00%. 3 years $907 $1,009 $609 $609 $609 2 The S&P 500 Dividend Only Stocks custom benchmark is composed of 5 years $1,168 $1,247 $1,047 $1,047 $1,047 companies in the S&P 500 Index that have an indicated annual dividend. The since inception performance of the index is calculated from 1/31/ years $1,914 $2,070 $2,070 $2,264 $2,264 3 An unmanaged market-capitalization weighted index based on the average weighted performance of 500 widely held large-cap common stocks. 7 Prospectus First American Stock Funds

16 Fund Summaries Large Cap Growth Opportunities Fund Objective Large Cap Growth Opportunities Fund s objective is long-term growth of capital. Principal Investment Strategies Under normal market conditions, Large Cap Growth Opportunities Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment purposes) in common stocks of large-capitalization companies, defined as companies that have market capitalizations within the range of market capitalizations of companies constituting the Russell 1000 Index. This index measures the performance of the 1,000 largest U.S. companies based on total market capitalization. While the market capitalizations of companies in the Russell 1000 Index ranged from approximately $796 million to $358.3 billion as of October 31, 2005, the advisor typically invests in common stocks that have market capitalizations of at least $3 billion at the time of purchase. Fund Performance The following illustrations provide you with information on the fund s volatility and performance. Of course, the fund s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. The bar chart shows you how performance of the fund s Class A shares has varied from year to year. The performance of Class B and Class C shares will be lower due to their higher expenses. Sales charges are not reflected in the chart; if they were, returns would be lower. The table compares the performance for each share class of the fund over different time periods to that of the fund s benchmark index, which is a broad measure of market performance. The performance information reflects sales charges and fund expenses; the benchmark is unmanaged, has no expenses, and is unavailable for investment. For Class A shares, the table includes returns both before and after taxes. For Class B and Class C shares, the table only includes returns The advisor selects companies that it believes exhibit the before taxes. After-tax returns for Class B and Class C shares potential for superior growth based on factors such as: will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not ) above average growth in revenue and earnings. reflect the impact of state and local taxes. Actual after-tax ) strong competitive position. returns depend on an investor s tax situation and may differ from those shown. After-tax returns shown are not relevant to ) strong management. ) sound financial condition. In addition, the fund may utilize derivatives such as options, futures contracts, and options on futures contracts in an attempt to manage market or business risk or enhance the fund s return. Up to 25% of the fund s total assets may be invested in securities of foreign issuers that are either listed on a U.S. stock exchange or represented by American Depositary Receipts. These securities may be of the same type as the fund s permissible investments in U.S. domestic securities. investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Principal Risks The value of your investment in this fund will change daily, which means you could lose money. The principal risks of investing in this fund include: ) Active Management Risk ) Common Stock Risk ) Derivative Instrument Risk ) Foreign Security Risk See More About the Funds for a discussion of these risks. 8 Prospectus First American Stock Funds

17 Fund Summaries Large Cap Growth Opportunities Fund continued Both the chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers in effect. If these fee waivers were not in place, performance would be reduced. Fees and Expenses As an investor, you pay fees and expenses to buy and hold shares of the fund. You pay shareholder fees directly when you buy or sell shares. You pay annual fund operating expenses indirectly since they are deducted from fund assets. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR (Class A) 1,2 SHAREHOLDER FEES (fees paid directly from your investment) Class A Class B Class C 27.63% 30.16% Maximum Sales Charge (Load) Imposed 23.86% on Purchases 17.85% 14.03% (as a percentage of offering price) 8.72% Maximum Deferred Sales Charge (Load) (1.48)% (22.42)% (25.27)% (as a percentage of original purchase price 5.50% % 0.00% or redemption proceeds, whichever is less) 0.00% % 1.00% Annual Maintenance Fee only charged to accounts with balances below $500 $50 $50 $50 ANNUAL FUND OPERATING EXPENSES Best Quarter: (expenses that are deducted from fund assets) Quarter December 31, % (as a percentage of average net assets) Worst Quarter: Management Fees 0.65% 0.65% 0.65% Quarter September 30, 2001 (17.51)% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% Other Expenses 0.30% 0.30% 0.30% Total Annual Fund Operating Expenses % 1.95% 1.95% AVERAGE ANNUAL Since Since Since TOTAL RETURNS Inception One Five Inception Inception Inception 1 Investors may qualify for reduced sales charges. AS OF 12/31/04 2 Date Year Years (Class A) (Class B) (Class C) 2 Class A share investments of $1 million or more on which no front-end sales Large Cap Growth charge is paid may be subject to a 1% contingent deferred sales charge. Opportunities Fund 3 Total Annual Fund Operating Expenses are based on the fund s fiscal year September 30, Class A (return before taxes) 1/9/ % (6.18)% 7.32% N/A N/A Example This example is int to help you compare the cost of Class A (return after taxes investing in the fund with the cost of investing in other mutual funds. on distributions) 2.67% (6.71)% 5.97% N/A N/A It assumes that you invest $10,000 for the time periods indicated, Class A (return after taxes that your investment has a 5% return each year, and that the fund s on distributions and sale of fund shares) 1.78% (5.23)% 5.87% N/A N/A operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be: Class B (return before taxes) 3/1/ % (6.15)% N/A (2.90)% N/A Class B Class B Class C Class C Class C (return before assuming assuming no assuming assuming no taxes) 9/24/ % N/A N/A N/A 3.71% redemption redemption redemption redemption Russell 1000 Growth Index 3 at end of at end of at end of at end of (reflects no deduction for Class A each period each period each period each period fees, expenses, or taxes) 6.30% (9.29)% 9.67% (3.56)% 5.17% 1 year $666 $698 $198 $298 $198 1 Total return for the period from 1/1/05 through 9/30/05 was 2.90%. 3 years $910 $1,012 $612 $612 $612 Performance presented prior to 9/24/01 represents that of the Firstar Large Cap Core Equity Fund, a series of Firstar Funds, Inc. which merged into the 5 years $1,173 $1,252 $1,052 $1,052 $1,052 fund on that date. An unmanaged index that measures the performance of those companies in 10 years $1,925 $2,080 $2,080 $2,275 $2,275 the Russell 1000 Index (a large-cap index) with higher price-to-book ratios and higher forecasted growth values. 9 Prospectus First American Stock Funds

18 Fund Summaries Large Cap Select Fund Objective Principal Risks Large Cap Select Fund s objective is capital appreciation. The value of your investment in this fund will change daily, which means you could lose money. The principal risks of investing in this fund include: Principal Investment Strategies Under normal market conditions, Large Cap Select Fund invests ) Active Management Risk primarily (at least 80% of net assets, plus the amount of any ) Common Stock Risk borrowings for investment purposes) in common stocks of ) Derivative Instrument Risk large-capitalization companies, defined as companies that have market capitalizations within the range of market ) Foreign Security Risk capitalizations of companies constituting the Standard & Poor s See More About the Funds for a discussion of these risks. 500 Index (the S&P 500 Index ). The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, sector representation and other Fund Performance factors. The index tracks the performance of the large cap U.S. The following illustrations provide you with information on the equity market. While the market capitalizations of companies in fund s volatility and performance. Of course, the fund s past the S&P 500 Index ranged from approximately $745 million to performance (before and after taxes) is not necessarily an $358.3 billion as of October 31, 2005, the advisor typically indication of how the fund will perform in the future. invests in common stocks of companies that have market capitalizations of at least $3 billion at the time of purchase. The bar chart is int to show you how performance of the The advisor will select companies based on a combination of fund s Class A shares has varied from year to year. However, both value and growth objectives, seeking companies it believes because the fund was first offered in 2003, only one calendar offers market opportunity. year of performance information is available. The performance of Class B and Class C shares will be lower due to their higher In selecting stocks, the fund s advisor invests in companies that expenses. Sales charges are not reflected in the chart; if they it believes meet at least two of the following criteria: were, returns would be lower. ) attractively valued relative to other companies in the same The table compares the performance for each share class of the industry or market. fund over different time periods to that of the fund s ) good or improving fundamentals. benchmark index, which is a broad measure of market ) an identifiable catalyst that could increase the value of the performance. The performance information reflects sales company s stock over the next one or two years. charges and fund expenses; the benchmark is unmanaged, has no expenses, and is unavailable for investment. For Class A The fund s advisor generally will sell a stock if any of the shares, the table includes returns both before and after taxes. following has occurred: For Class B and Class C shares, the table only includes returns ) the stock has hit its price target and the company is no before taxes. After-tax returns for Class B and Class C shares longer attractively valued relative to other companies in the will vary. After-tax returns are calculated using the historical same industry or market. highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax ) the company s fundamentals have significantly deteriorated. returns depend on an investor s tax situation and may differ ) a catalyst that could decrease the value of the stock has been from those shown. After-tax returns shown are not relevant to identified, or a previously existing positive catalyst has investors who hold their fund shares through tax-deferred disappeared. arrangements, such as 401(k) plans or individual retirement accounts. ) a better alternative exists in the marketplace. In addition, the fund may utilize derivatives such as options, futures contracts, and options on futures contracts in an attempt to manage market or business risk or enhance the fund s return. Up to 25% of the fund s total assets may be invested in securities of foreign issuers which are either listed on the United States stock exchange or represented by American Depository Receipts. These securities may be of the same type as the fund s permissible investments in United States domestic securities. 10 Prospectus First American Stock Funds

19 Fund Summaries Large Cap Select Fund continued Both the chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers in effect. If these fee waivers were not in place, performance would be reduced. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR (Class A) % 2004 Best Quarter: Quarter December 31, % Worst Quarter: Quarter September 30, 2004 (2.85)% Fees and Expenses As an investor, you pay fees and expenses to buy and hold shares of the fund. You pay shareholder fees directly when you buy or sell shares. You pay annual fund operating expenses indirectly since they are deducted from fund assets. SHAREHOLDER FEES (fees paid directly from your investment) Class A Class B Class C Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% % 0.00% Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) 0.00% % 1.00% Annual Maintenance Fee only charged to accounts with balances below $500 $50 $50 $50 ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from fund assets) AVERAGE ANNUAL TOTAL RETURNS Inception One Since (as a percentage of average net assets) AS OF 12/31/04 Date Year Inception Large Cap Select Fund Management Fees 0.65% 0.65% 0.65% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% Class A (return before taxes) 1/31/ % 15.78% Other Expenses 0.32% 0.32% 0.32% Class A (return after taxes on Total Annual Fund Operating Expenses % 1.97% 1.97% distributions) 2.68% 15.22% 1 Investors may qualify for reduced sales charges. Class A (return after taxes on 2 Class A share investments of $1 million or more on which no front-end sales distributions and sale of fund shares) 2.20% 13.26% charge is paid may be subject to a 1% contingent deferred sales charge. Class B (return before taxes) 1/31/ % 15.97% 3 Total Annual Fund Operating Expenses are based on the fund s fiscal year Class C (return before taxes) 1/31/ % 18.27% September 30, Standard & Poor s 500 Index 2 (reflects no Example This example is int to help you compare the cost of deduction for fees, expenses, or taxes) 10.88% 22.08% investing in the fund with the cost of investing in other mutual funds. 1 Total return for the period from 1/1/05 through 9/30/05 was 7.14%. It assumes that you invest $10,000 for the time periods indicated, 2 An unmanaged market-capitalization weighted index based on the average that your investment has a 5% return each year, and that the fund s weighted performance of 500 widely held large-cap common stocks. operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be: Class B Class B Class C Class C assuming assuming no assuming assuming no redemption redemption redemption redemption at end of at end of at end of at end of Class A each period each period each period each period 1 year $667 $700 $200 $300 $200 3 years $916 $1,018 $618 $618 $618 5 years $1,183 $1,262 $1,062 $1,062 $1, years $1,946 $2,102 $2,102 $2,296 $2, Prospectus First American Stock Funds