UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03313
First American Funds, Inc.
(Exact name of registrant as specified in charter)
800 Nicollet Mall, Minneapolis, MN | 55402 |
(Address of principal executive offices) | (Zip code) |
Brent G. Smith, 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 period end: August 31
Date of reporting period: February 29, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
2016 SEMIANNUAL REPORT
First American Funds, Inc.
February 29, 2016
Money Market Funds
Government Obligations Fund Prime Obligations Fund Tax Free Obligations Fund Treasury Obligations Fund U.S. Treasury Money Market Fund |
TABLE OF CONTENTS | |||
Explanation of Financial Statements | 1 | ||
Holdings Summaries | 3 | ||
Expense Examples | 4 | ||
| Schedule of Investments | 8 | |
Statements of Assets and Liabilities | 26 | ||
Statements of Operations | 28 | ||
Statements of Changes in Net Assets | 30 | ||
Financial Highlights | 34 | ||
Notes to Financial Statements | 44 | ||
Notice to Shareholders | 56 | ||
An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds. | |||
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE | |||
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semi-annually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are presented by type (certificates of deposit, government agency debt, etc.) and, for Tax Free Obligations Fund, by state. This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and presents the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments as presented in the Schedule of Investments comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, and net investment income ratios. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 1 |
Explanation of Financial Statements
The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.
We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividend information, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.3863 or visit FirstAmericanFunds.com.
2 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
1 | Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liablities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
3 | See note 4 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund. |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 3 |
Expense Example
As a shareholder of one or more of the funds you incur ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from September 1, 2015 to February 29, 2016.
Actual Expenses
For each class of each fund, two lines are presented in the table below - the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare these hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
4 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Government Obligations Fund | |||||||
Beginning Account Value (9/01/15) | Ending Account Value (2/29/16) | Expenses Paid During Period1 (9/01/15 to 2/29/16) | |||||
Class A Actual2 | $1,000.00 | $1,000.03 | $0.99 | ||||
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,023.87 | $1.01 | ||||
Class D Actual2 | $1,000.00 | $1,000.03 | $1.09 | ||||
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,023.77 | $1.11 | ||||
Class Y Actual2 | $1,000.00 | $1,000.03 | $1.09 | ||||
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,023.77 | $1.11 | ||||
Class Z Actual2 | $1,000.00 | $1,000.30 | $0.80 | ||||
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,024.07 | $0.81 | ||||
Institutional Investor Class Actual2 | $1,000.00 | $1,000.08 | $0.99 | ||||
Institutional Investor Class Hypothetical (5% return before expenses) | $1,000.00 | $1,023.87 | $1.01 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.20%, 0.22%, 0.22%, 0.16%, and 0.20% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 29, 2016 of 0.00%, 0.00%, 0.00%, 0.03%, and 0.01% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
Prime Obligations Fund | |||||||
Beginning Account Value (9/01/15) | Ending Account Value (2/29/16) | Expenses Paid During Period3 (9/01/15 to 2/29/16) | |||||
Class A Actual4 | $1,000.00 | $1,000.08 | $1.59 | ||||
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,023.27 | $1.61 | ||||
Class D Actual4 | $1,000.00 | $1,000.08 | $1.54 | ||||
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,023.32 | $1.56 | ||||
Class I Actual4 | $1,000.00 | $1,000.14 | $1.54 | ||||
Class I Hypothetical (5% return before expenses) | $1,000.00 | $1,023.32 | $1.56 | ||||
Class Y Actual4 | $1,000.00 | $1,000.09 | $1.59 | ||||
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,023.27 | $1.61 | ||||
Class Z Actual4 | $1,000.00 | $1,000.67 | $0.99 | ||||
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,023.87 | $1.01 | ||||
Institutional Investor Class Actual4 | $1,000.00 | $1,000.33 | $1.34 | ||||
Institutional Investor Class Hypothetical (5% return before expenses) | $1,000.00 | $1,023.52 | $1.36 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.32%, 0.31%, 0.31%, 0.32%, 0.20%, and 0.27% for Class A, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended February 29, 2016 of 0.01%, 0.01%, 0.01%, 0.01%, 0.07%, and 0.03% for Class A, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively. |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 5 |
Expense Examples (unaudited)
Tax Free Obligations Fund | |||||||
Beginning Account Value (9/01/15) | Ending Account Value (2/29/16) | Expenses Paid During Period1 (9/01/15 to 2/29/16) | |||||
Class A Actual2 | $1,000.00 | $1,000.00 | $0.25 | ||||
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,024.61 | $0.25 | ||||
Class D Actual2 | $1,000.00 | $1,000.00 | $0.25 | ||||
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,024.61 | $0.25 | ||||
Class Y Actual2 | $1,000.00 | $1,000.00 | $0.25 | ||||
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,024.61 | $0.25 | ||||
Class Z Actual2 | $1,000.00 | $1,000.00 | $0.25 | ||||
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,024.61 | $0.25 | ||||
Institutional Investor Class Actual2 | $1,000.00 | $1,000.00 | $0.25 | ||||
Institutional Investor Class Hypothetical (5% return before expenses) | $1,000.00 | $1,024.61 | $0.25 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.05%, 0.05%, 0.05%, 0.05%, and 0.05% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 29, 2016 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
Treasury Obligations Fund | |||||||
Beginning Account Value (9/01/15) | Ending Account Value (2/29/16) | Expenses Paid During Period3 (9/01/15 to 2/29/16) | |||||
Class A Actual4 | $1,000.00 | $1,000.00 | $1.04 | ||||
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,023.82 | $1.06 | ||||
Class D Actual4 | $1,000.00 | $1,000.00 | $1.09 | ||||
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,023.77 | $1.11 | ||||
Class Y Actual4 | $1,000.00 | $1,000.00 | $1.04 | ||||
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,023.82 | $1.06 | ||||
Class Z Actual4 | $1,000.00 | $1,000.26 | $0.80 | ||||
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,024.07 | $0.81 | ||||
Institutional Investor Class Actual4 | $1,000.00 | $1,000.06 | $0.99 | ||||
Institutional Investor Class Hypothetical | |||||||
(5% return before expenses) | $1,000.00 | $1,023.87 | $1.01 | ||||
Reserve Class Actual4 | $1,000.00 | $1,000.00 | $1.04 | ||||
Reserve Class Hypothetical (5% return before expenses) | $1,000.00 | $1,023.82 | $1.06 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.21%, 0.22%, 0.21%, 0.16%, 0.20%, and 0.21% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended February 29, 2016 of 0.00%, 0.00%, 0.00%, 0.03%, 0.01%, and 0.00% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively. |
6 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
U.S. Treasury Money Market Fund | |||||||
Beginning Account Value (9/01/15) | Ending Account Value (2/29/16) | Expenses Paid During Period1 (9/01/15 to 2/29/16) | |||||
Class A Actual2 | $1,000.00 | $1,000.00 | $0.85 | ||||
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,024.02 | $0.86 | ||||
Class D Actual2 | $1,000.00 | $1,000.00 | $0.80 | ||||
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,024.07 | $0.81 | ||||
Class Y Actual2 | $1,000.00 | $1,000.00 | $0.85 | ||||
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,024.02 | $0.86 | ||||
Class Z Actual2 | $1,000.00 | $1,000.14 | $0.70 | ||||
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,024.17 | $0.70 | ||||
Institutional Investor Class Actual2 | $1,000.00 | $1,000.00 | $0.80 | ||||
Institutional Investor Class Hypothetical (5% return before expenses) | $1,000.00 | $1,024.07 | $0.81 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.17%, 0.16%, 0.17%, 0.14%, and 0.16% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 29, 2016 of 0.00%, 0.00%, 0.00%, 0.01%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 7 |
Schedule of Investments | February 29, 2016 (unaudited), all dollars are rounded to thousands (000) |
Government Obligations Fund | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Government Agency Debt – 50.9% | |||||||
Federal Farm Credit Bank | |||||||
0.441%, 03/01/2016 Δ | $ | 27,500 | $ | 27,500 | |||
0.377%, 03/15/2016 Δ | 25,000 | 25,000 | |||||
0.388%, 04/06/2016 Δ | 50,000 | 49,999 | |||||
0.378%, 04/08/2016 Δ | 50,000 | 50,000 | |||||
0.520%, 04/19/2016 Δ | 52,700 | 52,709 | |||||
0.397%, 05/13/2016 Δ | 240,000 | 239,999 | |||||
0.375%, 05/25/2016 | 21,000 | 21,003 | |||||
0.412%, 06/21/2016 Δ | 150,000 | 149,996 | |||||
0.427%, 07/21/2016 ¤ | 50,000 | 49,916 | |||||
0.422%, 07/22/2016 Δ | 100,000 | 100,000 | |||||
0.413%, 09/06/2016 Δ | 200,000 | 200,008 | |||||
0.527%, 11/21/2016 Δ | 30,000 | 30,028 | |||||
0.406%, 12/01/2016 Δ | 50,000 | 50,004 | |||||
0.510%, 02/16/2017 Δ | 25,000 | 25,000 | |||||
0.422%, 02/21/2017 Δ | 150,000 | 150,000 | |||||
0.450%, 03/16/2017 Δ | 119,000 | 118,950 | |||||
0.422%, 03/21/2017 Δ | 25,000 | 24,998 | |||||
0.484%, 03/29/2017 Δ | 25,000 | 25,000 | |||||
0.430%, 03/30/2017 Δ | 50,000 | 50,000 | |||||
0.418%, 04/04/2017 Δ | 45,625 | 45,620 | |||||
0.479%, 04/17/2017 Δ | 75,000 | 75,034 | |||||
0.478%, 05/24/2017 Δ | 28,000 | 27,996 | |||||
0.564%, 08/01/2017 Δ « | 25,000 | 25,000 | |||||
Federal Home Loan Bank | |||||||
0.321%, 03/09/2016 ¤ | 80,621 | 80,615 | |||||
4.875%, 03/11/2016 | 13,600 | 13,617 | |||||
0.340%, 03/14/2016 | 50,000 | 50,000 | |||||
1.125%, 03/15/2016 | 500 | 500 | |||||
0.352%, 03/16/2016 ¤ | 100,000 | 99,985 | |||||
0.370%, 03/18/2016 ¤ | 36,000 | 35,994 | |||||
0.450%, 03/18/2016 | 18,580 | 18,582 | |||||
0.220%, 04/06/2016 ¤ | 40,000 | 39,991 | |||||
0.321%, 04/12/2016 ¤ | 100,000 | 99,963 | |||||
0.237%, 04/13/2016 ¤ | 169,690 | 169,642 | |||||
0.310%, 04/15/2016 | 50,000 | 50,000 | |||||
0.244%, 04/20/2016 ¤ | 300,000 | 299,898 | |||||
0.245%, 04/22/2016 ¤ | 100,000 | 99,965 | |||||
0.351%, 04/26/2016 ¤ | 50,000 | 49,973 | |||||
0.318%, 04/27/2016 ¤ | 166,196 | 166,112 | |||||
0.294%, 04/29/2016 ¤ | 204,200 | 204,102 | |||||
0.371%, 05/02/2016 ¤ | 18,300 | 18,288 | |||||
0.381%, 05/06/2016 ¤ | 50,000 | 49,965 | |||||
0.401%, 05/13/2016 ¤ | 16,390 | 16,377 | |||||
0.391%, 05/18/2016 ¤ | 25,000 | 24,979 | |||||
0.392%, 05/20/2016 ¤ | 57,000 | 56,950 | |||||
0.401%, 05/25/2016 ¤ | 9,215 | 9,206 | |||||
0.391%, 05/27/2016 ¤ | 25,000 | 24,976 | |||||
0.391%, 05/31/2016 ¤ | 75,000 | 74,926 | |||||
0.471%, 06/07/2016 ¤ | 30,000 | 29,962 | |||||
0.400%, 06/17/2016 | 50,000 | 50,000 | |||||
0.416%, 06/24/2016 Δ | 40,000 | 39,998 | |||||
0.463%, 06/24/2016 Δ | 200,000 | 199,996 |
Government Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
0.463%, 06/29/2016 Δ | $ | 150,000 | $ | 150,000 | |||
0.440%, 07/08/2016 | 25,000 | 25,000 | |||||
0.501%, 07/15/2016 ¤ | 47,500 | 47,410 | |||||
0.491%, 07/20/2016 ¤ | 265,600 | 265,094 | |||||
0.457%, 07/21/2016 Δ | 35,000 | 35,000 | |||||
0.377%, 07/22/2016 Δ | 50,000 | 49,989 | |||||
0.501%, 07/22/2016 ¤ | 50,000 | 49,901 | |||||
0.513%, 07/27/2016 ¤ | 140,000 | 139,705 | |||||
0.501%, 07/29/2016 ¤ | 50,000 | 49,896 | |||||
0.520%, 08/04/2016 | 50,000 | 49,997 | |||||
0.520%, 08/12/2016 | 25,000 | 24,999 | |||||
0.532%, 08/15/2016 ¤ | 50,000 | 49,877 | |||||
0.500%, 08/19/2016 | 33,500 | 33,498 | |||||
0.470%, 08/22/2016 | 25,000 | 24,998 | |||||
0.470%, 08/24/2016 | 25,000 | 24,996 | |||||
0.396%, 08/25/2016 Δ | 100,000 | 100,000 | |||||
0.404%, 08/26/2016 Δ | 50,000 | 50,000 | |||||
0.464%, 08/26/2016 Δ | 50,000 | 50,000 | |||||
0.515%, 08/26/2016 Δ | 220,000 | 219,998 | |||||
0.450%, 08/29/2016 | 50,000 | 50,000 | |||||
0.552%, 08/29/2016 ¤ | 25,000 | 24,931 | |||||
0.500%, 09/01/2016 | 50,000 | 49,998 | |||||
0.500%, 09/01/2016 « | 30,000 | 29,996 | |||||
0.510%, 09/09/2016 | 25,000 | 25,000 | |||||
2.000%, 09/09/2016 | 40,000 | 40,338 | |||||
0.481%, 10/17/2016 Δ | 235,000 | 234,988 | |||||
5.125%, 10/19/2016 | 35,900 | 36,918 | |||||
0.501%, 10/27/2016 Δ | 200,000 | 199,980 | |||||
0.375%, 11/02/2016 | 25,000 | 24,957 | |||||
0.384%, 01/09/2017 Δ | 50,000 | 49,998 | |||||
0.381%, 01/17/2017 Δ | 100,000 | 99,933 | |||||
0.519%, 01/23/2017 Δ | 50,000 | 50,000 | |||||
0.481%, 01/30/2017 Δ | 50,000 | 49,993 | |||||
0.484%, 02/03/2017 Δ | 50,000 | 49,978 | |||||
0.485%, 02/07/2017 Δ | 50,000 | 49,975 | |||||
0.560%, 02/08/2017 Δ | 50,000 | 50,000 | |||||
0.558%, 02/10/2017 Δ | 25,000 | 25,000 | |||||
0.397%, 02/14/2017 Δ | 175,000 | 175,000 | |||||
0.482%, 02/14/2017 Δ | 250,000 | 249,946 | |||||
0.483%, 02/17/2017 Δ | 50,000 | 49,979 | |||||
0.521%, 02/17/2017 Δ | 30,000 | 30,000 | |||||
0.558%, 02/17/2017 Δ | 35,000 | 35,000 | |||||
0.522%, 02/22/2017 Δ | 75,000 | 75,000 | |||||
0.424%, 02/28/2017 Δ | 100,000 | 99,998 | |||||
0.415%, 03/02/2017 Δ | 50,000 | 50,000 | |||||
0.362%, 03/08/2017 Δ | 100,000 | 99,997 | |||||
0.431%, 03/17/2017 Δ | 50,000 | 49,997 | |||||
0.523%, 03/27/2017 Δ | 50,000 | 50,000 | |||||
0.447%, 04/21/2017 Δ | 225,000 | 224,940 | |||||
0.569%, 05/19/2017 Δ | 25,000 | 25,000 | |||||
0.581%, 07/27/2017 Δ | 25,000 | 24,996 | |||||
0.609%, 08/25/2017 Δ | 25,000 | 25,000 | |||||
0.615%, 09/01/2017 Δ « | 25,000 | 25,000 | |||||
0.616%, 09/07/2017 Δ « | 25,000 | 25,000 |
The accompanying notes are an integral part of the financial statements. | |
8 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Government Obligations Fund (conl.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Federal Home Loan Mortgage Corporation | |||||||
0.400%, 03/15/2016 | $ | 75,000 | $ | 75,004 | |||
0.295%, 03/16/2016 ¤ | 41,800 | 41,795 | |||||
0.280%, 03/18/2016 ¤ | 50,000 | 49,993 | |||||
0.500%, 05/13/2016 | 67,974 | 67,996 | |||||
0.400%, 05/27/2016 | 16,715 | 16,714 | |||||
2.500%, 05/27/2016 | 13,429 | 13,495 | |||||
0.407%, 06/15/2016 Δ | 75,000 | 74,997 | |||||
0.427%, 07/21/2016 Δ | 50,000 | 49,998 | |||||
2.000%, 08/25/2016 | 61,011 | 61,481 | |||||
0.486%, 08/26/2016 ¤ | 100,000 | 99,760 | |||||
0.390%, 09/02/2016 Δ | 50,000 | 50,000 | |||||
0.875%, 10/14/2016 | 50,000 | 50,082 | |||||
0.507%, 11/14/2016 Δ | 110,000 | 110,006 | |||||
0.750%, 03/09/2017 | 50,000 | 50,000 | |||||
0.437%, 04/20/2017 Δ | 75,000 | 74,987 | |||||
0.562%, 07/21/2017 Δ | 50,000 | 49,993 | |||||
Federal National Mortgage Association | |||||||
0.295%, 03/02/2016 ¤ | 50,000 | 50,000 | |||||
2.250%, 03/15/2016 | 50,000 | 50,038 | |||||
0.341%, 03/16/2016 ¤ | 25,000 | 24,996 | |||||
0.230%, 04/06/2016 ¤ | 40,000 | 39,991 | |||||
0.350%, 06/02/2016 ¤ | 300,000 | 299,729 | |||||
0.401%, 07/19/2016 ¤ | 100,000 | 99,844 | |||||
0.431%, 08/09/2016 ¤ | 100,000 | 99,808 | |||||
0.450%, 08/16/2016 Δ | 9,500 | 9,502 | |||||
0.461%, 08/17/2016 ¤ | 14,749 | 14,717 | |||||
1.250%, 09/28/2016 | 86,190 | 86,620 | |||||
0.449%, 01/26/2017 Δ | 40,000 | 40,006 | |||||
Total Government Agency Debt (Cost $9,337,068) | 9,337,068 | ||||||
Treasury Debt – 1.5% | |||||||
U.S. Treasury Notes | |||||||
0.500%, 06/30/2016 | 225,000 | 225,069 | |||||
0.500%, 08/31/2016 | 50,000 | 49,984 | |||||
Total Treasury Debt (Cost $275,053) | 275,053 | ||||||
Government Agency Repurchase Agreements – 14.6% | |||||||
BNP Paribas Securities Corp | |||||||
0.300%, dated 02/29/2016, matures 03/01/2016, repurchase price $200,002 (collateralized by various government agency obligations: Total market value $204,000) | 200,000 | 200,000 |
Government Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Goldman Sachs & Company | |||||||
0.280%, dated 02/29/2016, matures 03/01/2016, repurchase price $600,005 (collateralized by various government agency obligations: Total market value $612,000) | $ | 600,000 | $ | 600,000 | |||
HSBC Securities (USA) Inc | |||||||
0.280%, dated 02/29/2016, matures 03/01/2016, repurchase price $350,003 (collateralized by various government agency obligations: Total market value $357,003) | 350,000 | 350,000 | |||||
ING Financial Markets LLC | |||||||
0.280%, dated 02/29/2016, matures 03/01/2016, repurchase price $575,004 (collateralized by various government agency obligations: Total market value $586,507) | 575,000 | 575,000 | |||||
Merrill Lynch, Pierce, Fenner & Smith Inc | |||||||
0.300%, dated 02/29/2016, matures 03/01/2016, repurchase price $200,002 (collateralized by various government agency obligations: Total market value $204,000) | 200,000 | 200,000 | |||||
RBC Capital Markets | |||||||
0.290%, dated 02/29/2016, matures 03/01/2016, repurchase price $100,001 (collateralized by various government agency obligations: Total market value $102,005) | 100,000 | 100,000 | |||||
Societe Generale/ New York Branch | |||||||
0.350%, dated 02/29/2016, matures 03/01/2016, repurchase price $650,006 (collateralized by various government agency obligations: Total market value $663,000) | 650,000 | 650,000 | |||||
Total Government Agency Repurchase Agreements (Cost $2,675,000) | 2,675,000 |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 9 |
Schedule of Investments | February 29, 2016 (unaudited), |
all dollars are rounded to thousands (000) |
Government Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Treasury Repurchase Agreements – 33.6% | |||||||
Bank of Nova Scotia/NY | |||||||
0.300%, dated 02/29/2016, matures 03/01/2016, repurchase price $830,574 (collateralized by U.S. Treasury obligations: Total market value $847,232) | $ | 830,567 | $ | 830,567 | |||
BNP Paribas Securities Corp | |||||||
0.290%, dated 02/29/2016, matures 03/01/2016, repurchase price $800,006 (collateralized by U.S. Treasury obligations: Total market value $816,000) | 800,000 | 800,000 | |||||
Credit Agricole Corporate & Investment Bank | |||||||
0.300%, dated 02/29/2016, matures 03/01/2016, repurchase price $1,661,147 (collateralized by U.S. Treasury obligations: Total market value $1,694,465) | 1,661,133 | 1,661,133 | |||||
Federal Reserve Bank of New York | |||||||
0.250%, dated 02/29/2016, matures 03/01/2016, repurchase price $1,175,008 (collateralized by U.S. Treasury obligations: Total market value $1,175,008) | 1,175,000 | 1,175,000 | |||||
HSBC Securities (USA) Inc | |||||||
0.270%, dated 02/29/2016, matures 03/01/2016, repurchase price $250,002 (collateralized by U.S. Treasury obligations: Total market value $255,001) | 250,000 | 250,000 | |||||
ING Financial Markets LLC | |||||||
0.280%, dated 02/25/2016, matures 03/03/2016, repurchase price $300,016 (collateralized by U.S. Treasury obligations: Total market value $306,004) | 300,000 | 300,000 |
Government Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
0.270%, dated 02/26/2016, matures 03/04/2016, repurchase price $300,016 (collateralized by U.S. Treasury obligations: Total market value $306,001) | $ | 300,000 | $ | 300,000 | |||
Societe Generale/ New York Branch | |||||||
0.340%, dated 02/29/2016, matures 03/01/2016, repurchase price $850,008 (collateralized by U.S. Treasury obligations: Total market value $867,000) | 850,000 | 850,000 | |||||
Total Treasury Repurchase Agreements (Cost $6,166,700) | 6,166,700 | ||||||
Total Investments – 100.6% (Cost $18,453,821) | 18,453,821 | ||||||
Other Assets and Liabilities, Net – (0.6)% | (105,001 | ) | |||||
Total Net Assets – 100.0% | $ | 18,348,820 |
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
Δ | Variable rate security – The rate shown is the rate in effect as of February 29, 2016. |
¤ | Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase. |
« | Security purchased on a when-issued basis. On February 29, 2016, the total cost of investments purchased on a when-issued basis was $104,996 or 0.6% of total net assets. |
▲ | On February 29, 2016, the cost of investments for federal income tax purposes was approximately $18,453,821. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
The accompanying notes are an integral part of the financial statements.’
10 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Prime Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Certificates of Deposit – 42.4% | ||||||||
Banco del Estado de Chile/NY | ||||||||
0.370%, 03/01/2016 | $ | 200,000 | $ | 200,000 | ||||
0.400%, 03/07/2016 | 35,000 | 35,000 | ||||||
0.570%, 04/04/2016 | 35,000 | 35,000 | ||||||
0.600%, 04/06/2016 | 25,000 | 25,000 | ||||||
0.570%, 04/13/2016 | 50,000 | 50,000 | ||||||
Bank of Montreal/Chicago | ||||||||
0.370%, 03/02/2016 | 300,000 | 300,000 | ||||||
0.360%, 03/04/2016 | 100,000 | 100,000 | ||||||
0.630%, 05/13/2016 Δ | 30,000 | 30,004 | ||||||
Bank of Nova Scotia/Houston | ||||||||
0.810%, 05/09/2016 Δ | 22,700 | 22,702 | ||||||
0.630%, 05/19/2016 Δ | 36,500 | 36,508 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd/NY | ||||||||
0.380%, 03/01/2016 | 75,000 | 75,000 | ||||||
BNP Paribas/Chicago | ||||||||
0.380%, 03/01/2016 | 275,000 | 275,000 | ||||||
Canadian Imperial Bank of Commerce/NY | ||||||||
0.360%, 03/01/2016 | 275,000 | 275,000 | ||||||
0.600%, 03/18/2016 Δ | 88,750 | 88,755 | ||||||
0.600%, 04/15/2016 Δ | 40,000 | 40,000 | ||||||
0.676%, 05/25/2016 Δ | 25,000 | 25,000 | ||||||
Credit Suisse/NY | ||||||||
0.679%, 03/10/2016 Δ | 50,000 | 50,000 | ||||||
0.570%, 03/29/2016 | 50,000 | 50,002 | ||||||
0.530%, 04/08/2016 | 25,000 | 25,000 | ||||||
0.520%, 04/18/2016 | 25,000 | 25,000 | ||||||
0.700%, 06/09/2016 | 45,000 | 45,000 | ||||||
Dnb NOR Bank ASA/NY | ||||||||
0.390%, 03/21/2016 | 35,000 | 35,000 | ||||||
0.620%, 06/16/2016 | 50,000 | 50,000 | ||||||
DZ Bank/NY | ||||||||
0.440%, 03/09/2016 | 40,000 | 40,000 | ||||||
0.450%, 03/17/2016 | 25,000 | 25,000 | ||||||
0.660%, 03/24/2016 | 25,000 | 25,003 | ||||||
0.610%, 04/06/2016 | 25,000 | 25,000 | ||||||
0.480%, 04/07/2016 | 25,000 | 24,996 | ||||||
0.480%, 04/11/2016 | 15,000 | 15,000 | ||||||
0.670%, 06/06/2016 | 45,000 | 45,001 | ||||||
0.680%, 06/20/2016 | 99,000 | 99,000 | ||||||
0.680%, 06/24/2016 | 50,000 | 50,000 | ||||||
HSBC Bank USA | ||||||||
0.620%, 05/13/2016 Δ | 70,000 | 70,011 | ||||||
0.748%, 06/30/2016 Δ | 25,000 | 25,000 | ||||||
Lloyds Bank PLC/NY | ||||||||
0.640%, 06/17/2016 | 25,000 | 25,000 | ||||||
Mitsubishi UFJ Trust & Banking Corp/NY | ||||||||
0.410%, 03/10/2016 | 50,000 | 50,000 | ||||||
0.430%, 03/14/2016 | 45,000 | 45,000 | ||||||
0.650%, 04/19/2016 | 35,000 | 35,000 | ||||||
0.640%, 05/17/2016 | 25,000 | 25,000 | ||||||
0.680%, 06/02/2016 | 25,000 | 25,000 | ||||||
0.710%, 06/20/2016 | 35,000 | 35,000 | ||||||
0.710%, 06/27/2016 | 25,000 | 25,000 |
Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
National Australia Bank | ||||||||
0.550%, 05/05/2016 | $ | 50,000 | $ | 50,000 | ||||
Nordea Bank Finland Plc/NY | ||||||||
0.380%, 03/21/2016 | 50,000 | 50,000 | ||||||
0.610%, 06/01/2016 | 30,000 | 30,000 | ||||||
0.610%, 06/06/2016 | 25,000 | 25,000 | ||||||
0.610%, 06/09/2016 | 35,000 | 34,999 | ||||||
0.660%, 06/30/2016 | 30,000 | 30,000 | ||||||
Rabobank Nederland NV/NY | ||||||||
0.320%, 03/01/2016 | 50,000 | 50,000 | ||||||
0.390%, 04/04/2016 | 35,000 | 35,000 | ||||||
0.716%, 05/06/2016 | 20,000 | 20,002 | ||||||
0.670%, 06/27/2016 | 50,000 | 50,000 | ||||||
0.670%, 06/27/2016 | 50,000 | 50,000 | ||||||
Skandinaviska Enskilda Banken AB/NY | ||||||||
0.400%, 03/11/2016 | 50,000 | 50,000 | ||||||
0.400%, 03/17/2016 | 30,000 | 30,000 | ||||||
0.400%, 03/24/2016 | 25,000 | 25,000 | ||||||
Sumitomo Mitsui Banking Corp/NY | ||||||||
0.350%, 03/02/2016 | 100,000 | 100,000 | ||||||
0.700%, 03/22/2016 | 25,000 | 25,000 | ||||||
0.650%, 04/12/2016 | 40,000 | 40,000 | ||||||
0.610%, 04/21/2016 | 30,000 | 30,000 | ||||||
0.610%, 04/27/2016 | 25,000 | 25,000 | ||||||
0.698%, 05/27/2016 Δ | 30,000 | 30,001 | ||||||
0.670%, 06/02/2016 | 25,000 | 25,000 | ||||||
0.670%, 06/09/2016 | 25,000 | 25,000 | ||||||
0.670%, 06/16/2016 | 25,000 | 25,000 | ||||||
Svenska Handelsbanken/NY | ||||||||
0.415%, 03/18/2016 | 25,000 | 25,000 | ||||||
0.450%, 03/21/2016 | 50,000 | 50,000 | ||||||
0.405%, 04/04/2016 | 25,000 | 25,000 | ||||||
0.465%, 04/12/2016 | 25,000 | 25,000 | ||||||
0.460%, 04/18/2016 | 40,000 | 40,000 | ||||||
Swedbank/NY | ||||||||
0.360%, 03/02/2016 | 350,000 | 350,000 | ||||||
Toronto-Dominion Bank/NY | ||||||||
0.480%, 03/16/2016 | 25,000 | 25,000 | ||||||
0.520%, 03/17/2016 | 35,000 | 35,000 | ||||||
0.450%, 03/23/2016 | 35,000 | 35,000 | ||||||
0.460%, 04/29/2016 | 35,000 | 35,000 | ||||||
0.820%, 06/23/2016 | 100,000 | 100,052 | ||||||
UBS AG of Stamford | ||||||||
0.648%, 06/06/2016 Δ | 25,000 | 25,000 | ||||||
0.650%, 06/06/2016 | 30,000 | 30,000 | ||||||
0.670%, 06/07/2016 | 50,000 | 50,000 | ||||||
Wells Fargo Bank | ||||||||
0.510%, 03/07/2016 | 51,000 | 51,001 | ||||||
0.580%, 04/19/2016 | 100,000 | 100,000 | ||||||
0.580%, 04/20/2016 | 50,000 | 50,000 | ||||||
0.600%, 04/21/2016 | 25,000 | 25,000 | ||||||
0.630%, 05/03/2016 | 25,000 | 25,000 | ||||||
Total Certificates of Deposit (Cost $4,558,037) | 4,558,037 |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 11 |
Schedule of Investments | February 29, 2016 (unaudited), all dollars are rounded to thousands (000) |
Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Asset Backed Commercial Paper n – 13.9% | ||||||||
Atlantic Asset | ||||||||
Securitization Corp | ||||||||
0.370%, 03/07/2016 ¤ | $ | 50,000 | $ 49,997 | |||||
0.562%, 07/22/2016 Δ | 25,000 | 25,000 | ||||||
Barton Capital LLC | ||||||||
0.347%, 03/01/2016 | 89,000 | 89,000 | ||||||
CAFCO LLC | ||||||||
0.571%, 05/12/2016 ¤ | 25,000 | 24,972 | ||||||
Fairway Finance Corp | ||||||||
0.376%, 03/14/2016 ¤ | 60,000 | 59,992 | ||||||
0.421%, 03/16/2016 ¤ | 25,000 | 24,995 | ||||||
Gotham Funding Corp | ||||||||
0.350%, 03/01/2016 ¤ | 18,416 | 18,416 | ||||||
0.450%, 03/07/2016 ¤ | 35,000 | 34,998 | ||||||
0.581%, 04/18/2016 ¤ | 50,000 | 49,961 | ||||||
Jupiter Securitization Company LLC | ||||||||
0.501%, 05/03/2016 ¤ | 25,000 | 24,978 | ||||||
Kells Funding LLC | ||||||||
0.401%, 03/02/2016 ¤ | 25,000 | 25,000 | ||||||
0.320%, 03/08/2016 ¤ | 80,000 | 79,995 | ||||||
0.401%, 03/15/2016 ¤ | 25,000 | 24,996 | ||||||
0.581%, 04/14/2016 ¤ | 25,000 | 24,982 | ||||||
0.591%, 04/20/2016 ¤ | 20,000 | 19,984 | ||||||
0.591%, 05/04/2016 ¤ | 50,000 | 49,948 | ||||||
0.601%, 05/18/2016 ¤ | 50,000 | 49,935 | ||||||
0.621%, 05/23/2016 ¤ | 8,900 | 8,887 | ||||||
Liberty Street Funding LLC | ||||||||
0.430%, 03/01/2016 ¤ | 25,000 | 25,000 | ||||||
0.511%, 03/07/2016 ¤ | 20,000 | 19,998 | ||||||
0.421%, 03/17/2016 ¤ | 25,000 | 24,995 | ||||||
0.621%, 04/04/2016 ¤ | 25,000 | 24,985 | ||||||
0.601%, 04/13/2016 ¤ | 50,000 | 49,964 | ||||||
0.581%, 04/19/2016 ¤ | 40,000 | 39,969 | ||||||
0.601%, 05/16/2016 ¤ | 27,000 | 26,966 | ||||||
Manhattan Asset Funding Co | ||||||||
0.510%, 03/07/2016 ¤ | 25,000 | 24,998 | ||||||
0.510%, 03/08/2016 ¤ | 25,000 | 24,997 | ||||||
0.520%, 04/11/2016 ¤ | 37,500 | 37,478 | ||||||
Nieuw Amsterdam Receivables | ||||||||
0.430%, 03/15/2016 ¤ | 41,439 | 41,432 | ||||||
0.591%, 04/04/2016 ¤ | 30,000 | 29,983 | ||||||
0.621%, 06/03/2016 ¤ | 25,000 | 24,960 | ||||||
Old Line Funding LLC | ||||||||
0.501%, 03/23/2016 ¤ | 25,000 | 24,992 | ||||||
0.661%, 03/28/2016 ¤ | 30,000 | 29,985 | ||||||
0.651%, 04/15/2016 ¤ | 50,000 | 49,959 | ||||||
0.732%, 04/18/2016 ¤ | 25,000 | 24,976 | ||||||
0.732%, 05/27/2016 ¤ | 30,000 | 29,947 | ||||||
0.722%, 06/03/2016 ¤ | 30,000 | 29,944 | ||||||
0.712%, 06/10/2016 ¤ | 24,000 | 23,952 |
Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Thunder Bay Funding LLC | ||||||||
0.661%, 04/11/2016 ¤ | $ | 50,000 | $ 49,963 | |||||
0.651%, 04/14/2016 ¤ | 25,000 | 24,980 | ||||||
0.722%, 04/15/2016 ¤ | 20,000 | 19,982 | ||||||
0.471%, 04/18/2016 ¤ | 25,000 | 24,984 | ||||||
0.712%, 06/09/2016 ¤ | 40,000 | 39,921 | ||||||
0.698%, 06/29/2016 Δ | 40,000 | 40,000 | ||||||
Total Asset Backed Commercial Paper (Cost $1,495,346) | 1,495,346 | |||||||
Financial Company Commercial Paper – 13.3% | ||||||||
Australia & New Zealand Banking Group LTD | ||||||||
0.611%, 06/01/2016 n ¤ | 25,000 | 24,961 | ||||||
0.611%, 06/02/2016 n ¤ | 30,100 | 30,053 | ||||||
CDP Financial Inc | ||||||||
0.361%, 03/01/2016 n ¤ | 12,000 | 12,000 | ||||||
0.641%, 03/15/2016 n ¤ | 19,050 | 19,045 | ||||||
0.351%, 03/22/2016 n ¤ | 30,000 | 29,994 | ||||||
0.587%, 04/14/2016 n ¤ | 65,000 | 64,954 | ||||||
0.595%, 04/20/2016 n ¤ | 52,000 | 51,957 | ||||||
0.461%, 04/29/2016 n ¤ | 50,000 | 49,962 | ||||||
0.651%, 06/17/2016 n ¤ | 20,000 | 19,961 | ||||||
CPPIB Capital Inc | ||||||||
0.401%, 04/05/2016 n ¤ | 25,000 | 24,990 | ||||||
Credit Suisse/NY | ||||||||
0.551%, 04/11/2016 ¤ | 25,000 | 24,984 | ||||||
ING Funding LLC | ||||||||
0.461%, 03/24/2016 ¤ | 30,000 | 29,991 | ||||||
0.515%, 04/01/2016 ¤ | 70,000 | 69,969 | ||||||
0.601%, 04/04/2016 ¤ | 35,000 | 34,980 | ||||||
0.611%, 04/06/2016 ¤ | 30,000 | 29,982 | ||||||
0.672%, 06/02/2016 ¤ | 15,000 | 14,974 | ||||||
Macquarie Bank LTD | ||||||||
0.420%, 03/01/2016 n ¤ | 30,000 | 30,000 | ||||||
0.421%, 03/04/2016 n ¤ | 50,000 | 49,998 | ||||||
0.681%, 03/18/2016 n ¤ | 20,000 | 19,993 | ||||||
0.668%, 04/08/2016 Δ n | 30,000 | 30,004 | ||||||
0.611%, 04/12/2016 n ¤ | 25,000 | 24,982 | ||||||
0.451%, 04/19/2016 n ¤ | 25,000 | 24,985 | ||||||
0.628%, 05/03/2016 n ¤ | 43,150 | 43,103 | ||||||
National Australia Bank Limited | ||||||||
0.415%, 03/07/2016 n ¤ | 30,000 | 29,998 | ||||||
Nederlandse Waterschapsbank NV | ||||||||
0.581%, 04/14/2016 n ¤ | 50,000 | 49,965 | ||||||
0.621%, 06/16/2016 n ¤ | 50,000 | 49,908 | ||||||
PSP Capital Inc | ||||||||
0.571%, 04/04/2016 n ¤ | 15,000 | 14,992 | ||||||
0.571%, 04/05/2016 n ¤ | 50,000 | 49,972 | ||||||
0.581%, 04/12/2016 n ¤ | 22,000 | 21,985 |
The accompanying notes are an integral part of the financial statements.
12 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
0.591%, 04/14/2016 n ¤ | $ | 25,000 | $ | 24,982 | ||||
0.581%, 04/18/2016 n ¤ | 50,000 | 49,961 | ||||||
0.561%, 04/20/2016 n ¤ | 54,000 | 53,958 | ||||||
0.621%, 06/21/2016 n ¤ | 25,000 | 24,952 | ||||||
Rabobank Nederland NV/NY | ||||||||
0.390%, 03/10/2016 ¤ | 65,000 | 64,994 | ||||||
Siemens Capital Co LLC | ||||||||
0.380%, 03/11/2016 n ¤ | 50,000 | 49,995 | ||||||
Suncorp Metway LTD | ||||||||
0.461%, 03/07/2016 n ¤ | 20,000 | 19,998 | ||||||
0.671%, 04/06/2016 n ¤ | 15,000 | 14,990 | ||||||
0.671%, 04/11/2016 n ¤ | 30,000 | 29,977 | ||||||
0.521%, 04/13/2016 n ¤ | 25,000 | 24,985 | ||||||
0.531%, 04/14/2016 n ¤ | 14,000 | 13,991 | ||||||
0.551%, 04/20/2016 n ¤ | 20,000 | 19,985 | ||||||
0.612%, 05/09/2016 n ¤ | 15,000 | 14,982 | ||||||
0.612%, 05/12/2016 n ¤ | 13,000 | 12,984 | ||||||
0.752%, 06/23/2016 n ¤ | 30,000 | 29,929 | ||||||
Total Financial Company Commercial Paper (Cost $1,423,305) | 1,423,305 | |||||||
Other Notes – 7.6% | ||||||||
Australia & New Zealand Banking Group LTD | ||||||||
3.250%, 03/01/2016 n | 15,225 | 15,225 | ||||||
Credit Agricole, Cayman Islands Branch – Time Deposit | ||||||||
0.300%, 03/01/2016 | 300,247 | 300,247 | ||||||
DnB Bank ASA – Georgetown, Cayman Islands Branch – Time Deposit | ||||||||
0.270%, 03/01/2016 | 150,000 | 150,000 | ||||||
ING Bank NV | ||||||||
4.000%, 03/15/2016 n | 35,000 | 35,047 | ||||||
MassMutual Global Funding II | ||||||||
3.125%, 04/14/2016 n | 12,479 | 12,519 | ||||||
Royal Bank of Canada | ||||||||
0.850%, 03/08/2016 | 7,855 | 7,856 | ||||||
2.875%, 04/19/2016 | 29,810 | 29,902 | ||||||
Skandinaviska Enskilda Banken, Cayman Islands Branch – Time Deposit | ||||||||
0.280%, 03/01/2016 | 175,000 | 175,000 | ||||||
Svenska Handelsbanken AB | ||||||||
0.620%, 03/15/2016 Δ n | 65,000 | 65,000 | ||||||
Wells Fargo Bank | ||||||||
0.632%, 10/14/2016 Δ | 20,000 | 20,000 | ||||||
Total Other Notes (Cost $810,796) | 810,796 |
Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Other Commercial Paper – 5.8% | ||||||||
Coca-Cola Co | ||||||||
0.501%, 03/16/2016 n ¤ | $ | 30,000 | $ | 29,994 | ||||
0.411%, 04/21/2016 n ¤ | 21,000 | 20,988 | ||||||
0.611%, 06/02/2016 n ¤ | 50,000 | 49,921 | ||||||
Exxon Mobil Corp | ||||||||
0.380%, 03/15/2016 ¤ | 50,000 | 49,992 | ||||||
IBM Corp | ||||||||
0.450%, 03/22/2016 n ¤ | 39,150 | 39,140 | ||||||
Total Capital Canada LTD | ||||||||
0.551%, 04/13/2016 n ¤ | 100,000 | 99,934 | ||||||
Toyota Credit Canada Inc | ||||||||
0.431%, 03/07/2016 ¤ | 35,000 | 34,997 | ||||||
0.421%, 04/01/2016 ¤ | 25,000 | 24,991 | ||||||
0.501%, 04/27/2016 ¤ | 25,000 | 24,980 | ||||||
0.642%, 06/23/2016 ¤ | 50,000 | 49,899 | ||||||
Toyota Motor Credit Corp | ||||||||
0.391%, 03/01/2016 | 35,000 | 35,000 | ||||||
0.401%, 03/04/2016 ¤ | 35,000 | 34,999 | ||||||
0.401%, 03/08/2016 ¤ | 35,000 | 34,997 | ||||||
0.411%, 04/11/2016 ¤ | 30,000 | 29,986 | ||||||
0.581%, 04/20/2016 ¤ | 30,000 | 29,976 | ||||||
0.591%, 04/21/2016 ¤ « | 35,000 | 34,971 | ||||||
Total Other Commercial Paper (Cost $624,765) | 624,765 | |||||||
Government Agency Debt – 0.3% | ||||||||
Federal Home Loan Bank | ||||||||
0.400%, 06/17/2016 | ||||||||
(Cost $28,500) | 28,500 | 28,500 | ||||||
Variable Rate Demand Note Δ – 0.1% | ||||||||
Yavapai County Industrial Development Authority Revenue, Drake Cement LLC Project (LOC: Bank of Nova Scotia) | ||||||||
0.380%, 03/07/2016 | ||||||||
(Cost $9,375) | 9,375 | 9,375 | ||||||
Government Agency Repurchase Agreements – 4.7% | ||||||||
Bank of Nova Scotia/NY 0.320%, dated 02/29/2016, matures 03/01/2016, repurchase price $400,004 (collateralized by various government agency obligations: Total market value $408,000) | 400,000 | 400,000 |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 13 |
Schedule of Investments | February 29, 2016 (unaudited), all dollars are rounded to thousands (000) |
Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
RBC Capital Markets LLC 0.300%, dated 02/29/2016, matures 03/01/2016, repurchase price $100,001 (collateralized by various government agency obligations: Total market value $102,000) | $ | 100,000 | $ | 100,000 | ||||
Total Government Agency Repurchase Agreements (Cost $500,000) | 500,000 | |||||||
Treasury Repurchase Agreements – 6.1% | ||||||||
Bank of Nova Scotia/NY 0.300%, dated 02/29/2016, matures 03/01/2016, repurchase price $219,219 (collateralized by U.S. Treasury obligations: Total market value $223,625) | 219,217 | 219,217 | ||||||
Credit Agricole Corporate & Investment Bank 0.300%, dated 02/29/2016, matures 03/01/2016, repurchase price $438,438 (collateralized by U.S. Treasury obligations: Total market value $447,250) | 438,434 | 438,434 | ||||||
Total Treasury Repurchase Agreements (Cost $657,651) | 657,651 | |||||||
Other Repurchase Agreements – 5.8% | ||||||||
BNP Paribas Securities Corp 0.430%, dated 02/29/2016, matures 04/04/2016, repurchase price $120,050 (collateralized by various securities: Total market value $126,000) ¥ | 120,000 | 120,000 |
Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
HSBC Securities (USA) Inc 0.380%, dated 02/29/2016, matures 03/01/2016, repurchase price $120,001 (collateralized by various securities: Total market value $126,003) | $ | 120,000 | $ | 120,000 | ||||
ING Financial Markets LLC 0.380%, dated 02/29/2016, matures 03/01/2016, repurchase price $120,001 (collateralized by various securities: Total market value $141,758) | 135,000 | 135,000 | ||||||
JP Morgan Securities LLC 0.570%, dated 02/29/2016, matures 04/04/2016, repurchase price $150,083 (collateralized by various securities: Total market value $157,502) ¥ | 150,000 | 150,000 | ||||||
Merrill Lynch, Pierce, Fenner & Smith Inc 0.530%, dated 02/29/2016, matures 04/04/2016, repurchase price $100,052 (collateralized by various securities: Total market value $105,000) ¥ | 100,000 | 100,000 | ||||||
Total Other Repurchase Agreements (Cost $625,000) | 625,000 | |||||||
Total Investments ▲ – 100.0% (Cost $10,732,775) | 10,732,775 | |||||||
Other Assets and Liabilities, Net – 0.0% | 402 | |||||||
Total Net Assets – 100.0% | $ | 10,733,177 |
The accompanying notes are an integral part of the financial statements.
14 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Prime Obligations Fund (concl.) |
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
Δ | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2016. |
n | 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. As of February 29, 2016, the value of these investments was $3,016,545 or 28.1% of total net assets. |
¤ | Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase. |
« | Security purchased on a when-issued basis. On February 29, 2016, the total cost of investments purchased on a when-issued basis was $34,971 or 0.3% of total net assets. |
¥ | Security considered illiquid. As of February 29, 2016, the value of these investments was $370,000 or 3.4% of total net assets. See note 2 in notes to Financial Statements. |
▲ | On February 29, 2016, the cost of investments for federal income tax purposes was approximately $10,732,775. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
LOC – Letter of Credit
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 15 |
Schedule of Investments | February 29, 2016 (unaudited), |
all dollars are rounded to thousands (000) |
Tax Free Obligations Fund | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Municipal Debt – 97.2% | |||||||
Alabama – 1.4% | |||||||
The Mobile Downtown | |||||||
Redevelopment Authority | |||||||
Gulf Opportunity Zone | |||||||
Revenue Bonds, | |||||||
Series 2011B (LOC: | |||||||
Wells Fargo Bank) | |||||||
0.020%, 03/07/2016 Δ | $ | 10,455 | $ | 10,455 | |||
Alaska – 0.9% | |||||||
Valdez, Alaska Marine Terminal | |||||||
Revenue Refunding, Exxon | |||||||
Pipeline Company Project, | |||||||
Series 1993A | |||||||
0.010%, 03/01/2016 Δ | 5,795 | 5,795 | |||||
Valdez, Alaska Marine Terminal | |||||||
Revenue Refunding, Exxon | |||||||
Pipeline Company Project, | |||||||
Series 1993C | |||||||
0.010%, 03/01/2016 Δ | 1,080 | 1,080 | |||||
6,875 | |||||||
California – 1.8% | |||||||
California Health Facilities | |||||||
Authority, Catholic | |||||||
Healthcare, Series C (LOC: | |||||||
JPMorgan Chase Bank) | |||||||
0.100%, 03/07/2016 Δ | 14,200 | 14,200 | |||||
Colorado – 2.8% | |||||||
City and County of Denver, | |||||||
Colorado, Multifamily | |||||||
Housing Revenue, Garden | |||||||
Court Community Project, | |||||||
Series 2008 (INS: FNMA) | |||||||
0.020%, 03/07/2016 Δ | 7,195 | 7,195 | |||||
City of Colorado Springs, | |||||||
Colorado Revenue Bonds, | |||||||
Colorado Springs Fine Arts | |||||||
Center Project, Series 2006 | |||||||
(LOC: Wells Fargo Bank) | |||||||
0.070%, 03/07/2016 Δ | 1,455 | 1,455 | |||||
Colorado Educational & | |||||||
Cultural Facilities Authority, | |||||||
National Jewish Federation | |||||||
Bond Program, Series B-5 | |||||||
(LOC: TD Bank) | |||||||
0.010%, 03/01/2016 Δ | 4,800 | 4,800 |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Colorado Educational & | |||||||
Cultural Facilities Authority, | |||||||
The Nature Conservancy, | |||||||
Series 2002A | |||||||
0.010%, 03/07/2016 Δ | $8,094 | $ | 8,094 | ||||
21,544 | |||||||
Connecticut – 0.7% | |||||||
Connecticut Health & | |||||||
Educational Facility | |||||||
Authority Revenue, Yale | |||||||
University, Series V-2 | |||||||
0.010%, 03/01/2016 Δ | 5,000 | 5,000 | |||||
District of Columbia – 1.5% | |||||||
District of Columbia Housing | |||||||
Finance Agency, Multifamily | |||||||
Housing Revenue Bonds, | |||||||
Series 2012 (INS: FHLMC) | |||||||
0.010%, 03/07/2016 Δ | 5,250 | 5,250 | |||||
District of Columbia, | |||||||
Medlantic/Helix Issue, | |||||||
Series 1998A (LOC: PNC | |||||||
Bank) | |||||||
0.010%, 03/07/2016 Δ | 3,555 | 3,555 | |||||
District of Columbia, | |||||||
Progressive Life Center, | |||||||
Series 2008A (LOC: Branch | |||||||
Banking & Trust) | |||||||
0.020%, 03/07/2016 Δ | 3,025 | 3,025 | |||||
11,830 | |||||||
Florida – 1.7% | |||||||
North Broward Hospital | |||||||
District, Series 2008A (LOC: | |||||||
TD Bank) | |||||||
0.010%, 03/07/2016 Δ | 4,585 | 4,585 | |||||
Orange County Health | |||||||
Facilities Authority, Orlando | |||||||
Regional Healthcare, Series | |||||||
2008E (LOC: Branch | |||||||
Banking & Trust) | |||||||
0.020%, 03/07/2016 Δ | 4,300 | 4,300 | |||||
The School Board of | |||||||
Orange County, Florida | |||||||
Certificates of Participation, | |||||||
Series 2008C (LOC: Bank | |||||||
of America) | |||||||
0.020%, 03/07/2016 Δ | 4,130 | 4,130 | |||||
13,015 |
The accompanying notes are an integral part of the financial statements.
16 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Illinois – 13.7% | |||||||
City of Chicago, Second Lien | |||||||
Water Revenue Refunding | |||||||
Bonds, Series 2004-2 | |||||||
(LOC: State Street Bank | |||||||
& Trust Co.) | |||||||
0.030%, 03/07/2016 Δ | $ | 25,775 | $ | 25,775 | |||
City of Chicago, Water | |||||||
Revenue Refunding | |||||||
Bonds, Series 2004-1 | |||||||
(LOC: Bank of Tokyo) | |||||||
0.030%, 03/07/2016 Δ | 9,980 | 9,980 | |||||
Elmhurst, Illinois Revenue | |||||||
Adjustable Bond, Series | |||||||
1988 (LOC: JPMorgan | |||||||
Chase Bank) | |||||||
0.020%, 03/07/2016 Δ | 3,795 | 3,795 | |||||
Illinois Development Finance | |||||||
Authority, American College | |||||||
of Surgeons, Series 1996 | |||||||
(LOC: Northern Trust | |||||||
Company) | |||||||
0.030%, 03/07/2016 Δ | 3,400 | 3,400 | |||||
Illinois Development Finance | |||||||
Authority, Lake Forest | |||||||
Academy, Series 1994 | |||||||
(LOC: Northern Trust | |||||||
Company) | |||||||
0.010%, 03/07/2016 Δ | 6,255 | 6,255 | |||||
Illinois Development Finance | |||||||
Authority, Lake Forest | |||||||
Academy, Series 2000 | |||||||
(LOC: Northern Trust | |||||||
Company) | |||||||
0.010%, 03/07/2016 Δ | 6,000 | 6,000 | |||||
Illinois Educational Facilities | |||||||
Authority, The Newberry | |||||||
Library, Series 1988 (LOC: | |||||||
Northern Trust Company) | |||||||
0.010%, 03/07/2016 Δ | 2,700 | 2,700 | |||||
Illinois Finance Authority, | |||||||
Chicago Horticultural | |||||||
Society, Series 2008 (LOC: | |||||||
Northern Trust Company) | |||||||
0.010%, 03/07/2016 Δ | 9,000 | 9,000 | |||||
Illinois Finance Authority, | |||||||
Presbyterian Homes | |||||||
Lake Forest Place Project, | |||||||
Series 2006 (LOC: Northern | |||||||
Trust Company) | |||||||
0.010%, 03/07/2016 Δ | 9,200 | 9,200 |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Illinois Finance Authority, | |||||||
Richard Driehaus | |||||||
Foundation, Series 2005 | |||||||
(LOC: Northern Trust | |||||||
Company) | |||||||
0.010%, 03/07/2016 Δ | $ | 12,100 | $ | 12,100 | |||
University of Illinois, Health | |||||||
Services Facilities, The | |||||||
Board of Trustees of the | |||||||
University of Illinois, Series | |||||||
1997B (LOC: Wells Fargo | |||||||
Bank) | |||||||
0.010%, 03/07/2016 Δ | 9,200 | 9,200 | |||||
Village of Romeoville, Will | |||||||
County, Illinois, Lewis | |||||||
University, Series 2006 | |||||||
(LOC: Wells Fargo Bank) | |||||||
0.010%, 03/01/2016 Δ | 1,050 | 1,050 | |||||
Warren County, Monmouth | |||||||
College Project, Series | |||||||
2002 (LOC: PNC Bank) | |||||||
0.030%, 03/07/2016 Δ | 7,380 | 7,380 | |||||
105,835 | |||||||
Indiana – 0.4% | |||||||
Indiana Finance Authority, | |||||||
Sisters of St. Francis | |||||||
Health Services, Inc., | |||||||
Series 2008F (LOC: Bank | |||||||
of New York Mellon) | |||||||
0.020%, 03/07/2016 Δ | 3,025 | 3,025 | |||||
Iowa – 0.7% | |||||||
Iowa City Community School | |||||||
District, Services and Use | |||||||
Tax Revenue Bonds, | |||||||
Series 2015 | |||||||
2.000%, 06/01/2016 | 3,950 | 3,966 | |||||
Iowa Finance Authority, | |||||||
Mississippi Valley Regional | |||||||
Blood Center Project, | |||||||
Series 2003 (LOC: | |||||||
Wells Fargo Bank) | |||||||
0.020%, 03/07/2016 Δ | 1,190 | 1,190 | |||||
5,156 | |||||||
Kentucky – 1.1% | |||||||
Kentucky Health Care | |||||||
Facility, Bon Secours | |||||||
Health System, Series | |||||||
2002B (LOC: JPMorgan | |||||||
Chase Bank) | |||||||
0.060%, 03/07/2016 Δ | 8,765 | 8,765 |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 17 |
Schedule of Investments | February 29, 2016 (unaudited), |
all dollars are rounded to thousands (000) |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Louisiana – 5.4% | |||||||
Louisiana Local Government | |||||||
Environmental Facilities | |||||||
and Community | |||||||
Development Authority, | |||||||
NSU Facilities Corporation | |||||||
Project, Series 2007B | |||||||
(INS: FHLB) | |||||||
0.030%, 03/07/2016 Δ | $20,000 | $20,000 | |||||
Louisiana Public Facilities | |||||||
Authority, Revenue Bonds, | |||||||
Dynamic Fuels, LLC | |||||||
Project, Series 2008 | |||||||
(LOC: Bank of America) | |||||||
0.010%, 03/01/2016 Δ | 14,950 | 14,950 | |||||
Louisiana Public Facilities | |||||||
Authority, Revenue | |||||||
Refunding Bonds, | |||||||
Christus Health, Series | |||||||
2009B2 (LOC: Bank of | |||||||
New York Mellon) | |||||||
0.030%, 03/07/2016 Δ | 6,700 | 6,700 | |||||
41,650 | |||||||
Maryland – 4.5% | |||||||
Maryland Health & Higher | |||||||
Educational Facilities | |||||||
Authority, Peninsula | |||||||
Regional Medical | |||||||
Center, Series 1985A | |||||||
(LOC: TD Bank) | |||||||
0.020%, 03/07/2016 Δ | 26,450 | 26,450 | |||||
Maryland Health & Higher | |||||||
Educational Facilities | |||||||
Authority, University of | |||||||
Maryland Medical | |||||||
System, Series 2007A | |||||||
(LOC: Wells Fargo Bank) | |||||||
0.010%, 03/07/2016 Δ | 6,465 | 6,465 | |||||
Prince George’s County, | |||||||
Maryland General | |||||||
Obligation Bonds, | |||||||
Series 2013A | |||||||
4.000%, 03/01/2016 | 1,860 | 1,860 | |||||
34,775 | |||||||
Michigan – 2.9% | |||||||
Michigan Higher Education | |||||||
Facilities Authority, Albion | |||||||
College Project, Series | |||||||
2006 (LOC: JPMorgan | |||||||
Chase Bank) | |||||||
0.010%, 03/07/2016 Δ | 9,410 | 9,410 |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Regents of The University of | |||||||
Michigan, General Revenue | |||||||
Bonds, Series 2012D-1 | |||||||
0.010%, 03/01/2016 Δ | $ | 1,200 | $ | 1,200 | |||
University of Michigan | |||||||
(Commercial Paper) | |||||||
0.030%, 03/17/2016 | 11,510 | 11,510 | |||||
22,120 | |||||||
Minnesota – 11.8% | |||||||
City of Minnetonka, The Cliffs | |||||||
at Ridgedale, Series 1995 | |||||||
(INS: FNMA) | |||||||
0.010%, 03/07/2016 Δ | 8,150 | 8,150 | |||||
City of St. Francis, Minnesota | |||||||
General Obligation | |||||||
Temporary Sewer Revenue | |||||||
Bonds, Series 2015B | |||||||
1.000%, 11/01/2016 | 8,105 | 8,115 | |||||
Eden Prairie Multifamily | |||||||
Housing Revenue, Park at | |||||||
City West Apartments, | |||||||
Series 2001 (INS: FHLMC) | |||||||
0.010%, 03/07/2016 Δ | 14,805 | 14,805 | |||||
Metropolitan Council, | |||||||
General Obligation | |||||||
Bonds, Series 2015A | |||||||
5.000%, 03/01/2016 | 16,050 | 16,050 | |||||
Minnesota Higher Education | |||||||
Facilities Authority, Carleton | |||||||
College, Series Five-G (SPA: | |||||||
JPMorgan Chase Bank) | |||||||
0.080%, 03/07/2016 Δ | 6,000 | 6,000 | |||||
Minnesota Housing Finance | |||||||
Agency, Residential | |||||||
Housing Finance Bonds, | |||||||
Series 2015G (SPA: Royal | |||||||
Bank of Canada) | |||||||
0.010%, 03/07/2016 Δ | 4,500 | 4,500 | |||||
University of Minnesota | |||||||
(Commercial Paper) | |||||||
0.020%, 03/03/2016 | 9,000 | 9,000 | |||||
0.020%, 03/03/2016 | 13,750 | 13,750 | |||||
0.030%, 03/17/2016 | 10,410 | 10,410 | |||||
90,780 | |||||||
Mississippi – 2.5% | |||||||
Jackson County, Mississippi | |||||||
Pollution Control, Chevron | |||||||
U.S.A. Inc. Project, | |||||||
Series 1993 | |||||||
0.010%, 03/01/2016 Δ | 6,000 | 6,000 |
The accompanying notes are an integral part of the financial statements.
18 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Mississippi Business Finance, | |||||||
Gulf Opportunity Zone | |||||||
Industrial Development | |||||||
Revenue, Chevron U.S.A., | |||||||
Series 2007E | |||||||
0.010%, 03/01/2016 Δ | $ | 5,600 | $ | 5,600 | |||
Mississippi Business Finance, | |||||||
Gulf Opportunity Zone | |||||||
Industrial Development | |||||||
Revenue, Chevron U.S.A., | |||||||
Series 2009C | |||||||
0.010%, 03/01/2016 Δ | 1,010 | 1,010 | |||||
Mississippi Business Finance, | |||||||
Gulf Opportunity Zone | |||||||
Industrial Development | |||||||
Revenue, Chevron U.S.A., | |||||||
Series 2009E | |||||||
0.010%, 03/01/2016 Δ | 2,200 | 2,200 | |||||
Mississippi Business Finance, | |||||||
Gulf Opportunity Zone | |||||||
Industrial Development | |||||||
Revenue, Chevron | |||||||
U.S.A., Series 2010F | |||||||
0.010%, 03/07/2016 Δ | 600 | 600 | |||||
Mississippi Business Finance, | |||||||
Gulf Opportunity Zone | |||||||
Industrial Development | |||||||
Revenue, Chevron | |||||||
U.S.A., Series 2010G | |||||||
0.010%, 03/01/2016 Δ | 2,755 | 2,755 | |||||
Mississippi Business Finance, | |||||||
Gulf Opportunity Zone | |||||||
Industrial Development | |||||||
Revenue, Chevron | |||||||
U.S.A., Series 2010H | |||||||
0.010%, 03/01/2016 Δ | 1,200 | 1,200 | |||||
19,365 | |||||||
Missouri – 2.6% | |||||||
Curators University of Missouri | |||||||
(Commercial Paper) | |||||||
0.050%, 03/03/2016 | 20,000 | 20,000 | |||||
Missouri Health & Educational | |||||||
Facilities Authority, The | |||||||
Washington University, | |||||||
Series D (SPA: Wells | |||||||
Fargo Bank) | |||||||
0.010%, 03/01/2016 Δ | 320 | 320 | |||||
20,320 |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
New York – 8.6% | |||||||
Metropolitan Transportation | |||||||
Authority Transportation | |||||||
Revenue Variable Rate | |||||||
Bonds, Series 2015E-2 | |||||||
(LOC: Bank of Tokyo) | |||||||
0.010%, 03/07/2016 Δ | $ | 6,325 | $ | 6,325 | |||
Metropolitan Transportation | |||||||
Authority, Transportation | |||||||
Revenue Bond Anticipation | |||||||
Notes, Series 2015B-1 | |||||||
0.500%, 08/01/2016 | 15,000 | 15,008 | |||||
New York City Health and | |||||||
Hospitals Corporations, | |||||||
Health System Bonds, | |||||||
Series C (LOC: TD Bank) | |||||||
0.010%, 03/07/2016 Δ | 9,300 | 9,300 | |||||
New York State Housing | |||||||
Finance Agency, Dock | |||||||
Street Housing Revenue | |||||||
Bonds, Series 2012A (LOC: | |||||||
Wells Fargo Bank) | |||||||
0.010%, 03/02/2016 Δ | 6,900 | 6,900 | |||||
The City of New York, General | |||||||
Obligation Bonds, Series | |||||||
E-4 (LOC: Bank of America) | |||||||
0.010%, 03/07/2016 Δ | 7,290 | 7,290 | |||||
The City of New York, General | |||||||
Obligation Bonds, Series | |||||||
H-6 (LOC: Bank of America) | |||||||
0.010%, 03/07/2016 Δ | 7,000 | 7,000 | |||||
The City of New York, | |||||||
General Obligation Bonds, | |||||||
Fiscal 2012 Series A-4 | |||||||
(LOC: Bank of Tokyo) | |||||||
0.010%, 03/07/2016 Δ | 15,000 | 15,000 | |||||
66,823 | |||||||
North Carolina – 3.7% | |||||||
City of Charlotte, Charlotte | |||||||
Douglas International | |||||||
Airport, Series 2007B (LOC: | |||||||
Bank of America) | |||||||
0.020%, 03/07/2016 Δ | 1,790 | 1,790 | |||||
North Carolina Capital | |||||||
Facilities Finance Agency, | |||||||
Salem Academy and | |||||||
College Project, Series | |||||||
2005 (LOC: Branch | |||||||
Banking & Trust) | |||||||
0.020%, 03/07/2016 Δ | 5,910 | 5,910 |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 19 |
Schedule of Investments | February 29, 2016 (unaudited), |
all dollars are rounded to thousands (000) |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
State of North Carolina, | |||||||
Capital Improvement | |||||||
Limited Obligation | |||||||
Bonds, Series 2011C | |||||||
5.000%, 05/01/2016 | $ 7,760 | $ | 7,823 | ||||
State of North Carolina, | |||||||
General Obligation | |||||||
Refunding Bonds, | |||||||
Series 2009A | |||||||
5.000%, 03/01/2016 | 10,000 | 10,000 | |||||
Wake County Industrial | |||||||
Facilities & Pollution | |||||||
Control Financing Authority, | |||||||
Wake Enterprises, Series | |||||||
2009 (LOC: Branch | |||||||
Banking & Trust) | |||||||
0.020%, 03/07/2016 Δ | 2,685 | 2,685 | |||||
28,208 | |||||||
Ohio – 1.8% | |||||||
City of Blue Ash, Ursuline | |||||||
Academy of Cincinnati, | |||||||
Series 2008 (LOC: PNC | |||||||
Bank) | |||||||
0.020%, 03/07/2016 Δ | 12,155 | 12,155 | |||||
Franklin County, Health Care | |||||||
Facilities Improvement | |||||||
Revenue, Ohio Presbyterian | |||||||
Retirement Services, Series | |||||||
2006A (LOC: PNC Bank) | |||||||
0.010%, 03/07/2016 Δ | 2,000 | 2,000 | |||||
14,155 | |||||||
South Carolina – 0.2% | |||||||
South Carolina Jobs – | |||||||
Economic Development | |||||||
Authority, Heathwood | |||||||
Hall Episcopal School | |||||||
Project, Series 2001 | |||||||
(LOC: Wells Fargo Bank) | |||||||
0.020%, 03/07/2016 Δ | 1,900 | 1,900 | |||||
Texas – 7.9% | |||||||
Board of Regents of the | |||||||
University of Texas | |||||||
System, Series 2007B | |||||||
0.010%, 03/07/2016 Δ | 10,100 | 10,100 | |||||
Lower Neches Valley | |||||||
Industrial Development | |||||||
Authority, ExxonMobil | |||||||
Project, Series 2010 | |||||||
0.010%, 03/01/2016 Δ | 2,700 | 2,700 |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Lower Neches Valley Industrial | |||||||
Development Authority, | |||||||
ExxonMobil Project, | |||||||
Series 2011 | |||||||
0.010%, 03/01/2016 Δ | $18,515 | $18,515 | |||||
Lower Neches Valley Industrial | |||||||
Development Authority, | |||||||
ExxonMobil Project, | |||||||
Series 2012 | |||||||
0.010%, 03/01/2016 Δ | 1,650 | 1,650 | |||||
Texas A&M University | |||||||
(Commercial Paper) | |||||||
0.060%, 05/02/2016 | 8,000 | 8,000 | |||||
University of Texas | |||||||
(Commercial Paper) | |||||||
0.070%, 03/10/2016 | 20,350 | 20,350 | |||||
61,315 | |||||||
Vermont – 1.0% | |||||||
Vermont State Housing | |||||||
Finance Agency, West Block | |||||||
University of Vermont | |||||||
Apartments, Winooski, | |||||||
Series 2004A (LOC: | |||||||
Sovereign Bank) (LOC: | |||||||
Bank of New York Mellon) | |||||||
0.020%, 03/07/2016 Δ | 7,665 | 7,665 | |||||
Virginia – 6.5% | |||||||
Commonwealth Transportation | |||||||
Board, Virginia | |||||||
Transportation Capital | |||||||
Projects Revenue | |||||||
Bonds, Series 2012 | |||||||
5.000%, 05/15/2016 | 14,725 | 14,870 | |||||
Fairfax County Economic | |||||||
Development Authority, | |||||||
Smithsonian Institution, | |||||||
Series B (SPA: Northern | |||||||
Trust Company) | |||||||
0.010%, 03/07/2016 Δ | 12,000 | 12,000 | |||||
Loudoun County Industrial | |||||||
Development Authority, | |||||||
Howard Hughes Medical | |||||||
Institute, Series 2003E | |||||||
0.010%, 03/07/2016 Δ | 6,635 | 6,635 | |||||
Loudoun County Industrial | |||||||
Development Authority, | |||||||
Howard Hughes Medical | |||||||
Institute, Series 2003F | |||||||
0.010%, 03/07/2016 Δ | 9,820 | 9,820 |
The accompanying notes are an integral part of the financial statements.
20 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Portsmouth Redevelopment & | |||||||
Housing Authority, Phoebus | |||||||
Square Apartments, Series | |||||||
2008 (LOC: FHLMC) | |||||||
0.100%, 03/07/2016 Δ | $ 7,200 | $ | 7,200 | ||||
50,525 | |||||||
Washington – 6.8% | |||||||
City of Seattle, Washington | |||||||
Limited Tax General | |||||||
Obligation Improvement | |||||||
and Refunding Bonds, | |||||||
Series 2014 | |||||||
5.000%, 05/01/2016 | 6,785 | 6,840 | |||||
King County, Washington, | |||||||
Multi-Model Limited Tax | |||||||
General Obligation Bonds, | |||||||
Series A (SPA: State Street | |||||||
Bank & Trust Co.) | |||||||
0.020%, 03/07/2016 Δ | 23,000 | 23,000 | |||||
Tacoma School District No. 10 | |||||||
Pierce County, Washington | |||||||
Unlimited Tax General | |||||||
Obligation and Refunding | |||||||
Bond, 2015 | |||||||
2.000%, 06/01/2016 | 7,540 | 7,574 | |||||
Washington State Housing | |||||||
Finance Commission, | |||||||
Franke Tobey Jones Project, | |||||||
Series 2003 (LOC: Wells | |||||||
Fargo Bank) | |||||||
0.020%, 03/07/2016 Δ | 10,100 | 10,100 | |||||
Washington State Housing | |||||||
Finance Commission, | |||||||
Willow Tree Grove | |||||||
Apartments Project, Series | |||||||
2011 (LOC: FHLMC) | |||||||
0.020%, 03/07/2016 Δ | 4,900 | 4,900 | |||||
52,414 | |||||||
Wisconsin – 4.2% | |||||||
Dane County, Wisconsin | |||||||
General Obligation | |||||||
Promissory Notes, | |||||||
Series 2015A | |||||||
2.000%, 06/01/2016 | 4,575 | 4,594 | |||||
Wisconsin State Health & | |||||||
Educational Facilities | |||||||
Authority, Aurora | |||||||
Health Care, Inc., | |||||||
Series 1999C (LOC: | |||||||
JPMorgan Chase Bank) | |||||||
0.010%, 03/07/2016 Δ | 28,120 | 28,120 | |||||
32,714 |
Tax Free Obligations Fund (cont.) | |||||||
DESCRIPTION | PAR | VALUE > | |||||
Wyoming – 0.1% | |||||||
Unita County, Wyoming | |||||||
Pollution Control, | |||||||
Chevron U.S.A. Inc. | |||||||
Project, Series 1993 | |||||||
0.010%, 03/01/2016 Δ | $560 | $ | 560 | ||||
Total Municipal Debt | |||||||
(Cost $750,989) | 750,989 | ||||||
SHARES | |||||||
Investment Company W – 1.8% | |||||||
Dreyfus Tax Exempt | |||||||
Cash Management | |||||||
Fund, Institutional | |||||||
Shares, 0.010% | |||||||
(Cost $14,000) | 14,000,000 | 14,000 | |||||
Total Investments ▲ – 99.0% | |||||||
(Cost $764,989) | 764,989 | ||||||
Other Assets and Liabilities, Net – 1.0% | 7,901 | ||||||
Total Net Assets – 100.0% | $ | 772,890 |
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
Δ | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2016. |
W | The rate shown is the annualized seven-day effective yield as of February 29, 2016. |
▲ | On February 29, 2016, the cost of investments for federal income tax purposes was approximately $764,989. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
FHLB – | Federal Home Loan Bank |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
INS – | Insured |
LOC – | Letter of Credit |
SPA – | Standby Purchase Agreement |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 21 |
Schedule of Investments | February 29, 2016 (unaudited), all dollars are rounded to thousands (000) |
Treasury Obligations Fund
DESCRIPTION | PAR | VALUE > | |||||
Treasury Debt - 41.5% | |||||||
U.S. Treasury Notes | |||||||
0.375%, 03/15/2016 | $350,000 | $ | 350,014 | ||||
0.250%, 04/15/2016 | 150,000 | 149,979 | |||||
0.375%, 04/30/2016 | 100,000 | 99,988 | |||||
2.000%, 04/30/2016 | 250,000 | 250,679 | |||||
2.625%, 04/30/2016 | 250,000 | 250,934 | |||||
0.500%, 06/30/2016 | 25,000 | 25,007 | |||||
0.625%, 07/15/2016 | 35,000 | 34,997 | |||||
0.500%, 07/31/2016 | 200,000 | 199,941 | |||||
1.500%, 07/31/2016 | 100,000 | 100,427 | |||||
0.500%, 08/31/2016 | 250,000 | 250,105 | |||||
1.000%, 08/31/2016 | 475,000 | 476,092 | |||||
3.000%, 08/31/2016 | 50,000 | 50,663 | |||||
0.875%, 09/15/2016 | 50,000 | 50,090 | |||||
0.500%, 09/30/2016 | 75,000 | 74,971 | |||||
0.625%, 10/15/2016 | 150,000 | 150,086 | |||||
0.373%, 10/31/2016 Δ | 223,000 | 222,894 | |||||
0.375%, 10/31/2016 | 100,000 | 99,885 | |||||
1.000%, 10/31/2016 | 50,000 | 50,148 | |||||
0.404%, 01/31/2017 Δ | 160,000 | 159,996 | |||||
0.397%, 07/31/2017 Δ | 50,000 | 49,962 | |||||
0.488%, 10/31/2017 Δ | 150,000 | 149,878 | |||||
0.592%, 01/31/2018 Δ | 270,000 | 270,188 | |||||
Total Treasury Debt (Cost $3,516,924) | 3,516,924 | ||||||
Treasury Repurchase Agreements - 58.5% | |||||||
Bank of Montreal | |||||||
0.280%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $100,001 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $102,000) | 100,000 | 100,000 | |||||
Bank of Nova Scotia/NY | |||||||
0.300%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $350,219 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $357,143) | 350,216 | 350,216 | |||||
BNP Paribas Securities Corp | |||||||
0.290%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $525,004 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $535,500) | 525,000 | 525,000 |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | |||||
Credit Agricole Corporate & | |||||||
Investment Bank | |||||||
0.300%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $700,439 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $714,286) | $700,433 | $ | 700,433 | ||||
Federal Reserve Bank | |||||||
of New York | |||||||
0.250%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $825,006 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $825,006) | 825,000 | 825,000 | |||||
HSBC Securities (USA) Inc | |||||||
0.270%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $550,004 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $561,002) | 550,000 | 550,000 | |||||
ING Financial Markets LLC | |||||||
0.290%, dated 02/24/2016, | |||||||
matures 03/02/2016, | |||||||
repurchase price $300,017 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $306,002) | 300,000 | 300,000 | |||||
Merrill Lynch, Pierce, | |||||||
Fenner & Smith Inc | |||||||
0.300%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $150,001 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $153,000) | 150,000 | 150,000 | |||||
Societe Generale/ | |||||||
New York Branch | |||||||
0.320%, dated 02/23/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $200,012 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: | |||||||
Total market | |||||||
value $204,000) | 200,000 | 200,000 |
The accompanying notes are an integral part of the financial statements.
22 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Treasury Obligations Fund (concl.)
DESCRIPTION | PAR | VALUE > | |||||
0.340%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $750,007 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: Total | |||||||
market value $765,000) | $750,000 | $ | 750,000 | ||||
TD Securities USA LLC | |||||||
0.300%, dated 02/29/2016, | |||||||
matures 03/01/2016, | |||||||
repurchase price $500,004 | |||||||
(collateralized by U.S. | |||||||
Treasury obligations: Total | |||||||
market value $510,000) | 500,000 | 500,000 | |||||
Total Treasury Repurchase | |||||||
Agreements | |||||||
(Cost $4,950,649) | 4,950,649 | ||||||
Total Investments ▲ – 100.0% | |||||||
(Cost $8,467,573) | 8,467,573 | ||||||
Other Assets and Liabilities, Net – 0.0% | 4,198 | ||||||
Total Net Assets – 100.0% | $ | 8,471,771 |
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
Δ | Variable rate security – The rate shown is the rate in effect as of February 29, 2016. |
▲ | On February 29, 2016, the cost of investments for federal income tax purposes was approximately $8,467,573. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 23 |
Schedule of Investments | February 29, 2016 (unaudited), all dollars are rounded to thousands (000) |
U.S. Treasury Money Market Fund
DESCRIPTION | PAR | VALUE > | |||||
Treasury Debt – 100.0% | |||||||
U.S. Treasury Bills Ä | |||||||
0.155%, 03/03/2016 | $79,676 | $ | 79,675 | ||||
0.229%, 03/10/2016 | 83,308 | 83,303 | |||||
0.242%, 03/17/2016 | 68,217 | 68,209 | |||||
0.242%, 03/24/2016 | 83,095 | 83,082 | |||||
0.251%, 04/07/2016 | 72,961 | 72,942 | |||||
0.264%, 04/14/2016 | 3,021 | 3,020 | |||||
0.248%, 04/21/2016 | 14,909 | 14,904 | |||||
0.248%, 04/28/2016 | 32,308 | 32,295 | |||||
0.283%, 05/05/2016 | 78,194 | 78,153 | |||||
0.273%, 05/12/2016 | 75,000 | 74,958 | |||||
0.288%, 05/19/2016 | 37,927 | 37,903 | |||||
0.312%, 05/26/2016 | 35,000 | 34,973 | |||||
U.S. Treasury Notes | |||||||
0.375%, 03/15/2016 | 4,131 | 4,131 | |||||
0.250%, 04/15/2016 | 46,035 | 46,030 | |||||
0.375%, 04/30/2016 | 90,902 | 90,903 | |||||
0.389%, 04/30/2016 Δ | 15,769 | 15,769 | |||||
2.000%, 04/30/2016 | 27,016 | 27,090 | |||||
0.375%, 05/31/2016 | 19,710 | 19,711 | |||||
3.250%, 05/31/2016 | 7,842 | 7,896 | |||||
0.500%, 06/15/2016 | 3,014 | 3,013 | |||||
0.390%, 07/31/2016 Δ | 5,000 | 5,000 | |||||
0.500%, 07/31/2016 | 4,112 | 4,110 | |||||
1.500%, 07/31/2016 | 10,000 | 10,040 | |||||
0.625%, 08/15/2016 | 4,981 | 4,983 | |||||
0.500%, 08/31/2016 | 2,159 | 2,158 | |||||
1.000%, 08/31/2016 | 12,397 | 12,426 | |||||
0.500%, 09/30/2016 | 7,551 | 7,547 | |||||
0.373%, 10/31/2016 Δ | 27,000 | 26,985 | |||||
0.404%, 01/31/2017 Δ | 10,000 | 10,000 | |||||
0.394%, 04/30/2017 Δ | 30,000 | 30,002 | |||||
0.397%, 07/31/2017 Δ | 27,353 | 27,324 | |||||
0.488%, 10/31/2017 Δ | 15,000 | 14,997 | |||||
Total Treasury Debt | |||||||
(Cost $1,033,532) | 1,033,532 | ||||||
Total Investments ▲ – 100.0% | |||||||
(Cost $1,033,532) | 1,033,532 | ||||||
Other Assets and Liabilities, Net – 0.0% | 325 | ||||||
Total Net Assets – 100.0% | $ | 1,033,857 |
U.S. Treasury Money Market Fund (concl.)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
Ä | Rate shown is effective yield as of February 29, 2016. |
Δ | Variable rate security – The rate shown is the rate in effect as of February 29, 2016. |
▲ | On February 29, 2016, the cost of investments for federal income tax purposes was approximately $1,033,532. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
The accompanying notes are an integral part of the financial statements.
24 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
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Statements of Assets and Liabilities | February 29, 2016 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Government Obligations Fund | Prime Obligations Fund | Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, in securities, at value (note 2) | $ | 9,612,121 | $ | 8,950,124 | $ | 764,989 | $ | 3,516,924 | $ | 1,033,532 | ||||||||||
Repurchase agreements, at value (note 2) | 8,841,700 | 1,782,651 | — | 4,950,649 | — | |||||||||||||||
Cash | 4 | 25 | 7 | 8 | 1 | |||||||||||||||
Receivable for investments sold | — | — | 6,475 | — | — | |||||||||||||||
Receivable for interest | 4,939 | 4,398 | 1,386 | 6,426 | 507 | |||||||||||||||
Receivable for capital shares sold | 1 | 568 | — | — | — | |||||||||||||||
Prepaid expenses and other assets | 94 | 97 | 70 | 69 | 60 | |||||||||||||||
Total assets | 18,458,859 | 10,737,863 | 772,927 | 8,474,076 | 1,034,100 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Dividends payable | 1,106 | 1,177 | — | 351 | 23 | |||||||||||||||
Payable for investments purchased | 104,996 | — | — | — | — | |||||||||||||||
Payable for capital shares redeemed | — | 468 | — | — | — | |||||||||||||||
Payable to affiliates (note 3) | 3,931 | 3,028 | 11 | 1,934 | 191 | |||||||||||||||
Accrued expenses and other liabilities | 6 | 13 | 26 | 20 | 29 | |||||||||||||||
Total liabilities | 110,039 | 4,686 | 37 | 2,305 | 243 | |||||||||||||||
Net assets | $ | 18,348,820 | $ | 10,733,177 | $ | 772,890 | $ | 8,471,771 | $ | 1,033,857 | ||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||||||
Portfolio capital | $ | 18,349,036 | $ | 10,733,182 | $ | 772,890 | $ | 8,471,708 | $ | 1,033,825 | ||||||||||
Undistributed (distributions in excess of) net investment income | (23 | ) | (9 | ) | — | — | — | |||||||||||||
Accumulated net realized gain (loss) on investments (note 2) | (193 | ) | 4 | — | 63 | 32 | ||||||||||||||
Net assets | $ | 18,348,820 | $ | 10,733,177 | $ | 772,890 | $ | 8,471,771 | $ | 1,033,857 | ||||||||||
Class A: | ||||||||||||||||||||
Net assets | $ | 305,226 | $ | 1,531,442 | $ | 52,018 | $ | 339,776 | $ | 40,198 | ||||||||||
Shares issued and outstanding ($0.01 par value – 5 billion authorized per fund*) | 305,228 | 1,531,601 | 52,045 | 339,774 | 40,191 | |||||||||||||||
Net asset value, offering price and redemption price per share | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
26 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Government Obligations Fund | Prime Obligations Fund | Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | ||||||||||||
Class D: | ||||||||||||||||
Net assets | $ | 3,767,732 | $ | 526,402 | $ | 57,441 | $ | 2,160,978 | $ | 82,761 | ||||||
Shares issued and outstanding | ||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 3,767,734 | 526,296 | 57,439 | 2,161,077 | 82,738 | |||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Class I: | ||||||||||||||||
Net assets | $ | — | $ | 712,061 | $ | — | $ | — | $ | — | ||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | — | 712,133 | — | — | — | |||||||||||
Net asset value, offering price and redemption price per share | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||
Class Y: | ||||||||||||||||
Net assets | $ | 6,017,744 | $ | 3,446,127 | $ | 506,747 | $ | 2,455,322 | $ | 570,317 | ||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) | 6,017,814 | 3,446,115 | 506,721 | 2,455,381 | 570,263 | |||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Class Z: | ||||||||||||||||
Net assets | $ | 7,086,284 | $ | 4,198,139 | $ | 150,147 | $ | 2,698,733 | $ | 299,360 | ||||||
Shares issued and outstanding | ||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 7,086,206 | 4,198,234 | 150,127 | 2,698,667 | 299,338 | |||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Institutional Investor Class: | ||||||||||||||||
Net assets | $ | 1,171,834 | $ | 319,006 | $ | 6,537 | $ | 713,231 | $ | 41,221 | ||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) | 1,171,809 | 318,823 | 6,537 | 713,122 | 41,209 | |||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Reserve Class: | ||||||||||||||||
Net assets | $ | — | $ | — | $ | — | $ | 103,731 | $ | — | ||||||
Shares issued and outstanding ($0.01 par value – 5 billion authorized) | — | — | — | 103,778 | — | |||||||||||
Net asset value, offering price and redemption price per share | $ | — | $ | — | $ | — | $ | 1.00 | $ | — |
* 20 billion shares were authorized for U.S. Treasury Money Market Fund. | The accompanying notes are an integral part of the financial statements. |
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 27 |
Statements of Operations | For the six-month period ended February 29, 2016 (unaudited), all dollars and shares are rounded to thousands (000) |
Government Obligations Fund | Prime Obligations Fund | Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | ||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income | $21,078 | $18,363 | $214 | $8,607 | $914 | |||||||||||
Total investment income | 21,078 | 18,363 | 214 | 8,607 | 914 | |||||||||||
EXPENSES (note 3): | ||||||||||||||||
Investment advisory fees | 9,615 | 5,477 | 398 | 4,058 | 542 | |||||||||||
Administration fees and expenses | 12,805 | 7,647 | 555 | 5,454 | 732 | |||||||||||
Transfer agent fees and expenses | 66 | 83 | 64 | 75 | 64 | |||||||||||
Custodian fees | 481 | 274 | 20 | 203 | 27 | |||||||||||
Legal fees | 22 | 23 | 23 | 22 | 22 | |||||||||||
Audit fees | 24 | 24 | 24 | 24 | 24 | |||||||||||
Registration fees | 10 | 24 | 18 | 10 | 7 | |||||||||||
Postage and printing fees | 156 | 88 | 6 | 68 | 9 | |||||||||||
Directors’ fees | 71 | 71 | 71 | 71 | 71 | |||||||||||
Other expenses | 106 | 108 | 54 | 82 | 66 | |||||||||||
Distribution and shareholder servicing (12b-1) fees: | ||||||||||||||||
Class A | 379 | 1,875 | 65 | 410 | 41 | |||||||||||
Class D | 2,696 | 546 | 69 | 1,426 | 83 | |||||||||||
Reserve Class | — | — | — | 273 | — |
28 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Government Obligations Fund | Prime Obligations Fund | Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | ||||||||||||
Shareholder servicing (non 12b-1) fees: | ||||||||||||||||
Class A | 379 | 1,875 | 65 | 410 | 41 | |||||||||||
Class D | 4,493 | 909 | 115 | 2,376 | 138 | |||||||||||
Class I | — | 695 | — | — | — | |||||||||||
Class Y | 7,358 | 4,520 | 617 | 2,806 | 745 | |||||||||||
Institutional Investor Class | 778 | 135 | 4 | 455 | 39 | |||||||||||
Reserve Class | — | — | — | 137 | — | |||||||||||
Total expenses | 39,439 | 24,374 | 2,168 | 18,360 | 2,651 | |||||||||||
Less: Fee waivers (note 3) | (20,934 | ) | (9,562 | ) | (1,954 | ) | (10,516 | ) | (1,776 | ) | ||||||
Total net expenses | 18,505 | 14,812 | 214 | 7,844 | 875 | |||||||||||
Investment income – net | 2,573 | 3,551 | — | 763 | 39 | |||||||||||
Net gain on investments | — | 3 | — | 63 | 38 | |||||||||||
Net increase in net assets resulting from operations | $ | 2,573 | $ | 3,554 | $ | — | $ | 826 | $ | 77 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 29 |
Statements of Changes in Net Assets | all dollars are rounded to thousands (000) |
Government Obligations Fund | Prime Obligations Fund | ||||||||||||
Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | ||||||||||
OPERATIONS: | |||||||||||||
Investment income – net | $ | 2,573 | $ | 1,122 | $ | 3,551 | $ | 2,082 | |||||
Net realized gain on investments | — | 7 | 3 | 31 | |||||||||
Net increase in net assets resulting from operations | 2,573 | 1,129 | 3,554 | 2,113 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||
Investment income – net: | |||||||||||||
Class A | (9 | ) | (16 | ) | (121 | ) | (226 | ) | |||||
Class D | (109 | ) | (181 | ) | (58 | ) | (139 | ) | |||||
Class I | — | — | (97 | ) | (103 | ) | |||||||
Class Y | (178 | ) | (354 | ) | (318 | ) | (617 | ) | |||||
Class Z | (2,163 | ) | (469 | ) | (2,863 | ) | (948 | ) | |||||
Institutional Investor Class | (114 | ) | (102 | ) | (94 | ) | (49 | ) | |||||
Reserve Class | — | — | — | — | |||||||||
Total distributions | (2,573 | ) | (1,122 | ) | (3,551 | ) | (2,082 | ) | |||||
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE: | |||||||||||||
Class A: | |||||||||||||
Proceeds from sales | 610,518 | 772,408 | 1,160,881 | 2,096,003 | |||||||||
Reinvestment of distributions | 2 | 5 | 103 | 188 | |||||||||
Payments for redemptions | (620,944 | ) | (715,092 | ) | (1,118,160 | ) | (1,883,938 | ) | |||||
Increase (decrease) in net assets from Class A transactions | (10,424 | ) | 57,321 | 42,824 | 212,253 | ||||||||
Class D: | |||||||||||||
Proceeds from sales | 4,331,620 | 10,291,490 | 576,004 | 2,352,753 | |||||||||
Reinvestment of distributions | — | — | — | — | |||||||||
Payments for redemptions | (4,749,720 | ) | (8,778,857 | ) | (902,526 | ) | (2,213,335 | ) | |||||
Increase (decrease) in net assets from Class D transactions | (418,100 | ) | 1,512,633 | (326,522 | ) | 139,418 |
30 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Government Obligations Fund | Prime Obligations Fund | ||||||||||||
Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | ||||||||||
Class I: | |||||||||||||
Proceeds from sales | — | — | 1,541,722 | 2,721,264 | |||||||||
Reinvestment of distributions | — | — | 2 | 3 | |||||||||
Payments for redemptions | — | — | (1,499,727 | ) | (2,669,222 | ) | |||||||
Increase in net assets from Class I transactions | — | — | 41,997 | 52,045 | |||||||||
Class Y: | |||||||||||||
Proceeds from sales | 10,114,181 | 18,092,593 | 13,484,201 | 28,638,089 | |||||||||
Reinvestment of distributions | 24 | 47 | 53 | 142 | |||||||||
Payments for redemptions | (10,032,181 | ) | (17,730,646 | ) | (13,749,826 | ) | (28,375,579 | ) | |||||
Increase (decrease) in net assets from Class Y transactions | 82,024 | 361,994 | (265,572 | ) | 262,652 | ||||||||
Class Z: | |||||||||||||
Proceeds from sales | 29,731,167 | 47,613,258 | 20,308,252 | 33,395,129 | |||||||||
Reinvestment of distributions | 86 | 45 | 182 | 42 | |||||||||
Payments for redemptions | (30,955,905 | ) | (45,980,477 | ) | (20,215,002 | ) | (33,185,629 | ) | |||||
Increase (decrease) in net assets from Class Z transactions | (1,224,652 | ) | 1,632,826 | 93,432 | 209,542 | ||||||||
Institutional Investor Class: | |||||||||||||
Proceeds from sales | 16,777,760 | 26,934,126 | 4,233,613 | 6,239,358 | |||||||||
Reinvestment of distributions | — | — | — | — | |||||||||
Payments for redemptions | (17,122,964 | ) | (27,073,056 | ) | (4,166,445 | ) | (6,207,126 | ) | |||||
Increase (decrease) in net assets from Institutional Investor Class transactions | (345,204 | ) | (138,930 | ) | 67,168 | 32,232 | |||||||
Increase (decrease) in net assets from capital share transactions | (1,916,356 | ) | 3,425,844 | (346,673 | ) | 908,142 | |||||||
Total increase (decrease) in net assets | (1,916,356 | ) | 3,425,851 | (346,670 | ) | 908,173 | |||||||
Net assets at beginning of the period | 20,265,176 | 16,839,325 | 11,079,847 | 10,171,674 | |||||||||
Net assets at end of the period | $ | 18,348,820 | $ | 20,265,176 | $ | 10,733,177 | $ | 11,079,847 | |||||
Distributions in excess of net investment income | $ | (23 | ) | $ | (23 | ) | $ | (9 | ) | $ | (9 | ) |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 31 |
Statements of Changes in Net Assets | all dollars are rounded to thousands (000) |
Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | |||||||||||||||||||
Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Investment income – net | $ | — | $ | — | $ | 763 | $ | — | $ | 39 | $ | — | |||||||||
Net realized gain (loss) on investments | — | — | 63 | 329 | 38 | (1 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | — | — | 826 | 329 | 77 | (1 | ) | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||
Class A | — | — | — | — | — | — | |||||||||||||||
Class D | — | — | — | — | — | — | |||||||||||||||
Class Y | — | — | — | — | — | — | |||||||||||||||
Class Z | — | — | (713 | ) | — | (38 | ) | — | |||||||||||||
Institutional Investor Class | — | — | (50 | ) | — | (1 | ) | — | |||||||||||||
Reserve Class | — | — | — | — | — | — | |||||||||||||||
From net realized gains: | |||||||||||||||||||||
Class A | — | — | (1 | ) | — | — | — | ||||||||||||||
Class D | — | — | (6 | ) | — | — | — | ||||||||||||||
Class Y | — | — | (8 | ) | — | — | — | ||||||||||||||
Class Z | — | — | (10 | ) | — | — | — | ||||||||||||||
Institutional Investor Class | — | — | (3 | ) | — | — | — | ||||||||||||||
Reserve Class | — | — | — | — | — | — | |||||||||||||||
Total distributions | — | — | (791 | ) | — | (39 | ) | — | |||||||||||||
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE: | |||||||||||||||||||||
Class A: | |||||||||||||||||||||
Proceeds from sales | 114,120 | 97,325 | 308,967 | 745,716 | 1,044,039 | 2,111,969 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | |||||||||||||||
Payments for redemptions | (111,763 | ) | (150,590 | ) | (284,823 | ) | (785,731 | ) | (1,042,188 | ) | (2,120,212 | ) | |||||||||
Increase (decrease) in net assets from Class A transactions | 2,357 | (53,265 | ) | 24,144 | (40,015 | ) | 1,851 | (8,243 | ) |
32 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | |||||||||||||||||||
Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | Six-Month Period Ended 2/29/2016 (unaudited) | Year Ended 8/31/2015 | ||||||||||||||||
Class D: | |||||||||||||||||||||
Proceeds from sales | 79,514 | 255,786 | 1,825,453 | 5,357,332 | 212,054 | 497,243 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | |||||||||||||||
Payments for redemptions | (150,727 | ) | (183,591 | ) | (1,612,187 | ) | (4,967,257 | ) | (266,426 | ) | (596,738 | ) | |||||||||
Increase (decrease) in net assets from Class D transactions | (71,213 | ) | 72,195 | 213,266 | 390,075 | (54,372 | ) | (99,495 | ) | ||||||||||||
Class Y: | |||||||||||||||||||||
Proceeds from sales | 533,661 | 844,630 | 3,644,521 | 8,860,587 | 480,032 | 1,455,069 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | |||||||||||||||
Payments for redemptions | (487,213 | ) | (788,091 | ) | (3,524,415 | ) | (8,970,375 | ) | (523,865 | ) | (1,178,848 | ) | |||||||||
Increase (decrease) in net assets from Class Y transactions | 46,448 | 56,539 | 120,106 | (109,788 | ) | (43,833 | ) | 276,221 | |||||||||||||
Class Z: | |||||||||||||||||||||
Proceeds from sales | 332,832 | 576,802 | 8,105,594 | 19,175,424 | 571,115 | 1,420,485 | |||||||||||||||
Reinvestment of distributions | — | — | 97 | — | — | — | |||||||||||||||
Payments for redemptions | (330,848 | ) | (562,014 | ) | (8,062,409 | ) | (18,859,122 | ) | (581,044 | ) | (1,375,734 | ) | |||||||||
Increase (decrease) in net assets from Class Z transactions | 1,984 | 14,788 | 43,282 | 316,302 | (9,929 | ) | 44,751 | ||||||||||||||
Institutional Investor Class: | |||||||||||||||||||||
Proceeds from sales | 109,890 | 224,062 | 2,138,969 | 3,080,704 | 48,772 | 143,366 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | |||||||||||||||
Payments for redemptions | (112,557 | ) | (220,448 | ) | (2,551,984 | ) | (2,540,016 | ) | (90,453 | ) | (149,726 | ) | |||||||||
Increase (decrease) in net assets from Institutional Investor Class transactions | (2,667 | ) | 3,614 | (413,015 | ) | 540,688 | (41,681 | ) | (6,360 | ) | |||||||||||
Reserve Class: | |||||||||||||||||||||
Proceeds from sales | — | — | 101,336 | 286,064 | — | — | |||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | |||||||||||||||
Payments for redemptions | — | — | (119,718 | ) | (294,918 | ) | — | — | |||||||||||||
Decrease in net assets from Reserve Class transactions | — | — | (18,382 | ) | (8,854 | ) | — | — | |||||||||||||
Increase (decrease) in net assets from capital share transactions | (23,091 | ) | 93,871 | (30,599 | ) | 1,088,408 | (147,964 | ) | 206,874 | ||||||||||||
Total increase (decrease) in net assets | (23,091 | ) | 93,871 | (30,564 | ) | 1,088,737 | (147,926 | ) | 206,873 | ||||||||||||
Net assets at beginning of the period | 795,981 | 702,110 | 8,502,335 | 7,413,598 | 1,181,783 | 974,910 | |||||||||||||||
Net assets at end of the period | $ | 772,890 | $ | 795,981 | $ | 8,471,771 | $ | 8,502,335 | $ | 1,033,857 | $ | 1,181,783 | |||||||||
Undistributed net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 33 |
Financial Highlights | For a share outstanding throughout the years ended August 31, unless otherwise indicated. |
Net Asset Value Beginning of Period | Net Investment Income | Distributions from Net Investment Income | Net Asset Value End of Period | Total Return3 | Net Assets End of Period (000) | |||||||||||||||||||
Government Obligations Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
20161 | $ | 1.00 | $ | 0.0002 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 305,226 | |||||||||||
2015 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 315,649 | |||||||||||||||||
2014 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 258,329 | |||||||||||||||||
2013 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.02 | 245,783 | |||||||||||||||||
2012 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 247,540 | |||||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 217,973 | ||||||||||||||||||
Class D | ||||||||||||||||||||||||
20161 | $ | 1.00 | $ | 0.0002 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 3,767,732 | |||||||||||
2015 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 4,185,832 | |||||||||||||||||
2014 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 2,673,198 | |||||||||||||||||
2013 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.02 | 2,821,593 | |||||||||||||||||
2012 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 2,703,874 | |||||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 2,176,148 | ||||||||||||||||||
Class Y | ||||||||||||||||||||||||
20161 | $ | 1.00 | $ | 0.0002 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 6,017,744 | |||||||||||
2015 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 5,935,721 | |||||||||||||||||
2014 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 5,573,724 | |||||||||||||||||
2013 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.02 | 6,421,137 | |||||||||||||||||
2012 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 4,731,744 | |||||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 3,843,620 | ||||||||||||||||||
Class Z | ||||||||||||||||||||||||
20161 | $ | 1.00 | $ | 0.0002 | $ | (0.000 | )2 | $ | 1.00 | 0.03 | % | $ | 7,086,284 | |||||||||||
2015 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 8,310,936 | |||||||||||||||||
2014 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 6,678,107 | |||||||||||||||||
2013 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.02 | 6,097,966 | |||||||||||||||||
2012 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 7,601,448 | |||||||||||||||||
2011 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 5,699,924 | |||||||||||||||||
Institutional Investor Class | ||||||||||||||||||||||||
20161 | $ | 1.00 | $ | 0.0002 | $ | (0.000 | )2 | $ | 1.00 | 0.01 | % | $ | 1,171,834 | |||||||||||
2015 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 1,517,038 | |||||||||||||||||
2014 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 1,655,967 | |||||||||||||||||
2013 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.02 | 1,616,619 | |||||||||||||||||
2012 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.01 | 1,180,183 | |||||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 1,217,032 |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized, except total return. |
2 | Rounds to zero. |
3 | Total return would have been lower had certain expenses not been waived. |
34 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |||||||||||||
Government Obligations Fund | ||||||||||||||||
Class A | ||||||||||||||||
20161 | 0.20 | % | 0.01 | % | 0.80 | % | (0.59 | )% | ||||||||
2015 | 0.11 | 0.01 | 0.80 | (0.68 | ) | |||||||||||
2014 | 0.09 | 0.01 | 0.80 | (0.70 | ) | |||||||||||
2013 | 0.14 | 0.02 | 0.80 | (0.64 | ) | |||||||||||
2012 | 0.15 | 0.01 | 0.79 | (0.63 | ) | |||||||||||
2011 | 0.20 | 0.00 | 0.79 | (0.59 | ) | |||||||||||
Class D | ||||||||||||||||
20161 | 0.22 | % | 0.01 | % | 0.65 | % | (0.42 | )% | ||||||||
2015 | 0.11 | 0.01 | 0.66 | (0.54 | ) | |||||||||||
2014 | 0.09 | 0.01 | 0.65 | (0.55 | ) | |||||||||||
2013 | 0.14 | 0.02 | 0.65 | (0.49 | ) | |||||||||||
2012 | 0.16 | 0.01 | 0.65 | (0.48 | ) | |||||||||||
2011 | 0.20 | 0.00 | 0.64 | (0.44 | ) | |||||||||||
Class Y | ||||||||||||||||
20161 | 0.22 | % | 0.01 | % | 0.50 | % | (0.27 | )% | ||||||||
2015 | 0.11 | 0.01 | 0.50 | (0.38 | ) | |||||||||||
2014 | 0.09 | 0.01 | 0.50 | (0.40 | ) | |||||||||||
2013 | 0.14 | 0.02 | 0.50 | (0.34 | ) | |||||||||||
2012 | 0.16 | 0.01 | 0.50 | (0.33 | ) | |||||||||||
2011 | 0.20 | 0.00 | 0.49 | (0.29 | ) | |||||||||||
Class Z | ||||||||||||||||
20161 | 0.16 | % | 0.05 | % | 0.24 | % | (0.03 | )% | ||||||||
2015 | 0.11 | 0.01 | 0.25 | (0.13 | ) | |||||||||||
2014 | 0.09 | 0.01 | 0.25 | (0.15 | ) | |||||||||||
2013 | 0.14 | 0.02 | 0.24 | (0.08 | ) | |||||||||||
2012 | 0.16 | 0.01 | 0.25 | (0.08 | ) | |||||||||||
2011 | 0.19 | 0.01 | 0.25 | (0.05 | ) | |||||||||||
Institutional Investor Class | ||||||||||||||||
20161 | 0.20 | % | 0.01 | % | 0.34 | % | (0.13 | )% | ||||||||
2015 | 0.11 | 0.01 | 0.35 | (0.23 | ) | |||||||||||
2014 | 0.09 | 0.01 | 0.35 | (0.25 | ) | |||||||||||
2013 | 0.14 | 0.02 | 0.34 | (0.18 | ) | |||||||||||
2012 | 0.15 | 0.01 | 0.34 | (0.18 | ) | |||||||||||
2011 | 0.20 | 0.00 | 0.34 | (0.14 | ) |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized. |
The accompanying notes are an integral part of the financial statements.
��
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 35 |
Financial Highlights | For a share outstanding throughout the years ended August 31, unless otherwise indicated. |
Net Asset Value Beginning of Period | Net Investment Income | Distributions from Net Investment Income | Net Asset Value End of Period | Total Return3 | Net Assets End of Period (000) | |||||||||||||
Prime Obligations Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.01 | % | $ 1,531,442 | |||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 1,488,617 | ||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 1,276,361 | ||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 1,285,833 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 1,088,649 | ||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 1,149,814 | ||||||||||||
Class D | ||||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.01 | % | $ 526,402 | |||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 852,924 | ||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 713,504 | ||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 772,701 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 862,131 | ||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 1,085,626 | ||||||||||||
Class I | ||||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.01 | % | $ 712,061 | |||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 670,064 | ||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 618,017 | ||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 583,529 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 1,124,114 | ||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 1,251,541 | ||||||||||||
Class Y | ||||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.01 | % | $3,446,127 | |||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 3,711,698 | ||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 3,449,035 | ||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 3,312,313 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 3,130,035 | ||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 3,374,744 | ||||||||||||
Class Z | ||||||||||||||||||
20161 | $1.00 | $0.001 | $(0.001 | ) | $1.00 | 0.07 | % | $4,198,139 | ||||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 4,104,706 | ||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 3,895,152 | ||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.03 | 3,951,184 | ||||||||||
2012 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.06 | 4,776,543 | ||||||||||
2011 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.07 | 5,649,257 | ||||||||||
Institutional Investor Class | ||||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.03 | % | $ 319,006 | |||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 251,838 | ||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.02 | 219,605 | ||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 255,762 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 252,285 | ||||||||||||
2011 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 423,613 |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized, except total return. |
2 | Rounds to zero. |
3 | Total return would have been lower had certain expenses not been waived. |
36 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |||||||||
Prime Obligations Fund | ||||||||||||
Class A 20161 | 0.32 | % | 0.02 | % | 0.80 | % | (0.46 | )% | ||||
2015 | 0.19 | 0.02 | 0.80 | (0.59 | ) | |||||||
2014 | 0.17 | 0.02 | 0.80 | (0.61 | ) | |||||||
2013 | 0.23 | 0.00 | 0.80 | (0.57 | ) | |||||||
2012 | 0.26 | 0.00 | 0.80 | (0.54 | ) | |||||||
2011 | 0.30 | 0.00 | 0.79 | (0.49 | ) | |||||||
Class D 20161 | 0.31 | % | 0.02 | % | 0.65 | % | (0.32 | )% | ||||
2015 | 0.19 | 0.02 | 0.65 | (0.44 | ) | |||||||
2014 | 0.17 | 0.02 | 0.65 | (0.46 | ) | |||||||
2013 | 0.23 | 0.00 | 0.65 | (0.42 | ) | |||||||
2012 | 0.26 | 0.00 | 0.65 | (0.39 | ) | |||||||
2011 | 0.30 | 0.00 | 0.64 | (0.34 | ) | |||||||
Class I 20161 | 0.31 | % | 0.03 | % | 0.45 | % | (0.11 | )% | ||||
2015 | 0.19 | 0.02 | 0.45 | (0.24 | ) | |||||||
2014 | 0.17 | 0.02 | 0.45 | (0.26 | ) | |||||||
2013 | 0.23 | 0.00 | 0.45 | (0.22 | ) | |||||||
2012 | 0.26 | 0.00 | 0.45 | (0.19 | ) | |||||||
2011 | 0.30 | 0.00 | 0.44 | (0.14 | ) | |||||||
Class Y 20161 | 0.32 | % | 0.02 | % | 0.50 | % | (0.16 | )% | ||||
2015 | 0.19 | 0.02 | 0.50 | (0.29 | ) | |||||||
2014 | 0.17 | 0.02 | 0.50 | (0.31 | ) | |||||||
2013 | 0.23 | 0.00 | 0.50 | (0.27 | ) | |||||||
2012 | 0.26 | 0.00 | 0.50 | (0.24 | ) | |||||||
2011 | 0.30 | 0.00 | 0.49 | (0.19 | ) | |||||||
Class Z 20161 | 0.20 | % | 0.14 | % | 0.25 | % | 0.09 | % | ||||
2015 | 0.18 | 0.02 | 0.24 | (0.04 | ) | |||||||
2014 | 0.17 | 0.02 | 0.25 | (0.06 | ) | |||||||
2013 | 0.20 | 0.03 | 0.25 | (0.02 | ) | |||||||
2012 | 0.20 | 0.06 | 0.25 | 0.01 | ||||||||
2011 | 0.23 | 0.07 | 0.24 | 0.06 | ||||||||
Institutional Investor Class | ||||||||||||
20161 | 0.27 | % | 0.07 | % | 0.35 | % | (0.01 | )% | ||||
2015 | 0.19 | 0.02 | 0.35 | (0.14 | ) | |||||||
2014 | 0.17 | 0.02 | 0.35 | (0.16 | ) | |||||||
2013 | 0.23 | 0.00 | 0.35 | (0.12 | ) | |||||||
2012 | 0.26 | 0.00 | 0.35 | (0.09 | ) | |||||||
2011 | 0.31 | 0.00 | 0.35 | (0.04 | ) |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 37 |
Financial Highlights | For a share outstanding throughout the years ended August 31, unless otherwise indicated. |
Net Asset Value Beginning of Period | Net Investment Income | Distributions from Net Investment Income | Net Asset Value End of Period | Total Return3 | Net Assets End of Period (000) | ||||||||||||||||||
Tax Free Obligations Fund | |||||||||||||||||||||||
Class A | |||||||||||||||||||||||
20161 | $1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $52,018 | |||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 49,660 | |||||||||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 102,926 | |||||||||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 58,571 | |||||||||||||||||
2012 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 89,213 | |||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 71,532 | |||||||||||||||||
Class D | |||||||||||||||||||||||
20161 | $1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $57,441 | |||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 128,655 | |||||||||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 56,460 | |||||||||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 58,998 | |||||||||||||||||
2012 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 48,324 | |||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 33,470 | |||||||||||||||||
Class Y | |||||||||||||||||||||||
20161 | $1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $506,747 | |||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 460,299 | |||||||||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 403,760 | |||||||||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 405,287 | |||||||||||||||||
2012 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 386,307 | |||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 501,167 | |||||||||||||||||
Class Z | |||||||||||||||||||||||
20161 | $1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $150,147 | |||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 148,163 | |||||||||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 133,374 | |||||||||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 90,194 | |||||||||||||||
2012 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 64,071 | |||||||||||||||
2011 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.01 | 104,254 | |||||||||||||||
Institutional Investor Class | |||||||||||||||||||||||
20161 | $1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $6,537 | |||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 9,204 | |||||||||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 5,590 | |||||||||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 5,986 | |||||||||||||||||
2012 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 25,419 | |||||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 19,030 |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized, except total return. |
2 | Rounds to zero. |
3 | Total return would have been lower had certain expenses not been waived or reimbursed (note 3). |
38 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |||||||||
Tax Free Obligations Fund | ||||||||||||
Class A | ||||||||||||
20161 | 0.05 | % | 0.00 | % | 0.85 | % | (0.80 | )% | ||||
2015 | 0.06 | 0.00 | 0.85 | (0.79 | ) | |||||||
2014 | 0.08 | 0.00 | 0.84 | (0.76 | ) | |||||||
2013 | 0.15 | 0.00 | 0.85 | (0.70 | ) | |||||||
2012 | 0.15 | 0.00 | 0.86 | (0.71 | ) | |||||||
2011 | 0.24 | 0.00 | 0.84 | (0.60 | ) | |||||||
Class D | ||||||||||||
20161 | 0.05 | % | 0.00 | % | 0.71 | % | (0.66 | )% | ||||
2015 | 0.06 | 0.00 | 0.70 | (0.64 | ) | |||||||
2014 | 0.09 | 0.00 | 0.70 | (0.61 | ) | |||||||
2013 | 0.15 | 0.00 | 0.70 | (0.55 | ) | |||||||
2012 | 0.15 | 0.00 | 0.71 | (0.56 | ) | |||||||
2011 | 0.24 | 0.00 | 0.69 | (0.45 | ) | |||||||
Class Y | ||||||||||||
20161 | 0.05 | % | 0.00 | % | 0.55 | % | (0.50 | )% | ||||
2015 | 0.06 | 0.00 | 0.55 | (0.49 | ) | |||||||
2014 | 0.08 | 0.00 | 0.54 | (0.46 | ) | |||||||
2013 | 0.14 | 0.00 | 0.55 | (0.41 | ) | |||||||
2012 | 0.14 | 0.00 | 0.55 | (0.41 | ) | |||||||
2011 | 0.24 | 0.00 | 0.53 | (0.29 | ) | |||||||
Class Z | ||||||||||||
20161 | 0.05 | % | 0.00 | % | 0.30 | % | (0.25 | )% | ||||
2015 | 0.06 | 0.00 | 0.30 | (0.24 | ) | |||||||
2014 | 0.08 | 0.00 | 0.29 | (0.21 | ) | |||||||
2013 | 0.14 | 0.00 | 0.30 | (0.16 | ) | |||||||
2012 | 0.14 | 0.00 | 0.31 | (0.17 | ) | |||||||
2011 | 0.24 | 0.01 | 0.28 | (0.03 | ) | |||||||
Institutional Investor Class | ||||||||||||
20161 | 0.05 | % | 0.00 | % | 0.40 | % | (0.35 | )% | ||||
2015 | 0.06 | 0.00 | 0.40 | (0.34 | ) | |||||||
2014 | 0.08 | 0.00 | 0.39 | (0.31 | ) | |||||||
2013 | 0.14 | 0.00 | 0.39 | (0.25 | ) | |||||||
2012 | 0.14 | 0.00 | 0.40 | (0.26 | ) | |||||||
2011 | 0.23 | 0.00 | 0.39 | (0.16 | ) |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 39 |
Financial Highlights | For a share outstanding throughout the years ended August 31, unless otherwise indicated. |
Net Asset Value Beginning of Period | Net Investment Income | Distributions from Net Investment Income | Net Asset Value End of Period | Total Return3 | Net Assets End of Period (000) | |||||||||||
Treasury Obligations Fund | ||||||||||||||||
Class A | ||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.00 | % | $ | 33 9,776 | ||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 315,631 | ||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 355,633 | ||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 401,727 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 470,684 | ||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 569,907 | ||||||||||
Class D | ||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.00 | % | $ | 2,160,978 | ||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 1,947,705 | ||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 1,557,573 | ||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 1,895,037 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 2,110,985 | ||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 2,434,904 | ||||||||||
Class Y | ||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.00 | % | $ | 2,455,322 | ||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 2,335,205 | ||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 2,444,902 | ||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 2,736,848 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 3,671,911 | ||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 4,458,012 | ||||||||||
Class Z | ||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.03 | % | $ | 2,698,733 | ||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 2,655,440 | ||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 2,339,006 | ||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 2,586,359 | ||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 4,183,433 | ||||||||||
2011 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 1,876,278 | ||||||||
Institutional Investor Class | ||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.01 | % | $ | 713,231 | ||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 1,126,241 | ||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 585,522 | ||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 610,495 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 612,335 | ||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 574,347 | ||||||||||
Reserve Class | ||||||||||||||||
20161 | $1.00 | $0.000 | 2 | $(0.000 | )2 | $1.00 | 0.00 | % | $ | 103,731 | ||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 122,113 | ||||||||||
2014 | 1.00 | — | — | 1.00 | 0.00 | 130,962 | ||||||||||
2013 | 1.00 | — | — | 1.00 | 0.00 | 145,412 | ||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 178,247 | ||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 359,434 |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized, except total return. |
2 | Rounds to zero. |
3 | Total return would have been lower had certain expenses not been waived. |
40 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |||||||||
Treasury Obligations Fund | ||||||||||||
Class A | ||||||||||||
20161 | 0.21 | % | 0.00 | % | 0.79 | % | (0.58 | )% | ||||
2015 | 0.09 | 0.00 | 0.80 | (0.71 | ) | |||||||
2014 | 0.08 | 0.00 | 0.80 | (0.72 | ) | |||||||
2013 | 0.13 | 0.00 | 0.79 | (0.66 | ) | |||||||
2012 | 0.11 | 0.00 | 0.79 | (0.68 | ) | |||||||
2011 | 0.17 | 0.00 | 0.79 | (0.62 | ) | |||||||
Class D | ||||||||||||
20161 | 0.22 | % | 0.00 | % | 0.65 | % | (0.43 | )% | ||||
2015 | 0.09 | 0.00 | 0.65 | (0.56 | ) | |||||||
2014 | 0.08 | 0.00 | 0.65 | (0.57 | ) | |||||||
2013 | 0.13 | 0.00 | 0.64 | (0.51 | ) | |||||||
2012 | 0.12 | 0.00 | 0.65 | (0.53 | ) | |||||||
2011 | 0.17 | 0.00 | 0.65 | (0.48 | ) | |||||||
Class Y | ||||||||||||
20161 | 0.21 | % | 0.00 | % | 0.50 | % | (0.29 | )% | ||||
2015 | 0.09 | 0.00 | 0.50 | (0.41 | ) | |||||||
2014 | 0.08 | 0.00 | 0.50 | (0.42 | ) | |||||||
2013 | 0.14 | 0.00 | 0.50 | (0.36 | ) | |||||||
2012 | 0.12 | 0.00 | 0.50 | (0.38 | ) | |||||||
2011 | 0.16 | 0.00 | 0.49 | (0.33 | ) | |||||||
Class Z | ||||||||||||
20161 | 0.16 | % | 0.05 | % | 0.25 | % | (0.04 | )% | ||||
2015 | 0.09 | 0.00 | 0.25 | (0.16 | ) | |||||||
2014 | 0.08 | 0.00 | 0.25 | (0.17 | ) | |||||||
2013 | 0.14 | 0.00 | 0.25 | (0.11 | ) | |||||||
2012 | 0.12 | 0.00 | 0.24 | (0.12 | ) | |||||||
2011 | 0.16 | 0.00 | 0.24 | (0.08 | ) | |||||||
Institutional Investor Class | ||||||||||||
20161 | 0.20 | % | 0.01 | % | 0.35 | % | (0.14 | )% | ||||
2015 | 0.09 | 0.00 | 0.35 | (0.26 | ) | |||||||
2014 | 0.08 | 0.00 | 0.35 | (0.27 | ) | |||||||
2013 | 0.13 | 0.00 | 0.35 | (0.22 | ) | |||||||
2012 | 0.12 | 0.00 | 0.35 | (0.23 | ) | |||||||
2011 | 0.16 | 0.00 | 0.34 | (0.18 | ) | |||||||
Reserve Class | ||||||||||||
20161 | 0.21 | % | 0.00 | % | 1.00 | % | (0.79 | )% | ||||
2015 | 0.09 | 0.00 | 1.00 | (0.91 | ) | |||||||
2014 | 0.08 | 0.00 | 1.00 | (0.92 | ) | |||||||
2013 | 0.13 | 0.00 | 0.99 | (0.86 | ) | |||||||
2012 | 0.11 | 0.00 | 1.00 | (0.89 | ) | |||||||
2011 | 0.17 | 0.00 | 0.99 | (0.82 | ) |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 41 |
Financial Highlights | For a share outstanding throughout the years ended August 31, unless otherwise indicated. |
Net Asset Value Beginning of Period | Net Investment Income | Distributions from Net Investment Income | Net Asset Value End of Period | Total Return3 | Net Assets End of Period (000) | ||||||||||||||
U.S. Treasury Money Market Fund | |||||||||||||||||||
Class A | |||||||||||||||||||
20161 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 40,198 | |||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 38,346 | |||||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 46,589 | |||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 31,118 | |||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 17,741 | |||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 21,468 | |||||||||||||
Class D | |||||||||||||||||||
20161 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 82,761 | |||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 137,129 | |||||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 236,624 | |||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 181,120 | |||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 196,910 | |||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 91,763 | |||||||||||||
Class Y | |||||||||||||||||||
20161 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 570,317 | |||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 614,128 | |||||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 337,908 | |||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 290,125 | |||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 291,805 | |||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 335,769 | |||||||||||||
Class Z | |||||||||||||||||||
20161 | $ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.01 | % | $ | 299,360 | |||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 309,280 | |||||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 264,529 | |||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 163,235 | |||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 60,196 | |||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 77,775 | |||||||||||||
Institutional Investor Class | |||||||||||||||||||
20161 | $ | 1.00 | $ | 0.000 | 2 | $ | (0.000 | )2 | $ | 1.00 | 0.00 | % | $ | 41,221 | |||||
2015 | 1.00 | — | — | 1.00 | 0.00 | 82,900 | |||||||||||||
2014 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 89,260 | |||||||||||
2013 | 1.00 | 0.000 | 2 | (0.000 | )2 | 1.00 | 0.00 | 36,993 | |||||||||||
2012 | 1.00 | — | — | 1.00 | 0.00 | 18,603 | |||||||||||||
2011 | 1.00 | — | — | 1.00 | 0.00 | 16,227 |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized, except total return. |
2 | Rounds to zero. |
3 | Total return would have been lower had certain expenses not been waived. |
42 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers) | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |||||||||
U.S. Treasury Money Market Fund | ||||||||||||
Class A | ||||||||||||
20161 | 0.17 | % | 0.00 | % | 0.83 | % | (0.66 | )% | ||||
2015 | 0.05 | 0.00 | 0.84 | (0.79 | ) | |||||||
2014 | 0.05 | 0.00 | 0.84 | (0.79 | ) | |||||||
2013 | 0.07 | 0.00 | 0.84 | (0.77 | ) | |||||||
2012 | 0.05 | 0.00 | 0.86 | (0.81 | ) | |||||||
2011 | 0.12 | 0.00 | 0.85 | (0.73 | ) | |||||||
Class D | ||||||||||||
20161 | 0.16 | % | 0.00 | % | 0.68 | % | (0.52 | )% | ||||
2015 | 0.05 | 0.00 | 0.69 | (0.64 | ) | |||||||
2014 | 0.05 | 0.00 | 0.69 | (0.64 | ) | |||||||
2013 | 0.08 | 0.00 | 0.70 | (0.62 | ) | |||||||
2012 | 0.06 | 0.00 | 0.71 | (0.65 | ) | |||||||
2011 | 0.11 | 0.00 | 0.70 | (0.59 | ) | |||||||
Class Y | ||||||||||||
20161 | 0.17 | % | 0.00 | % | 0.54 | % | (0.37 | )% | ||||
2015 | 0.05 | 0.00 | 0.54 | (0.49 | ) | |||||||
2014 | 0.05 | 0.00 | 0.54 | (0.49 | ) | |||||||
2013 | 0.08 | 0.00 | 0.55 | (0.47 | ) | |||||||
2012 | 0.05 | 0.00 | 0.56 | (0.51 | ) | |||||||
2011 | 0.10 | 0.00 | 0.55 | (0.45 | ) | |||||||
Class Z | ||||||||||||
20161 | 0.14 | % | 0.00 | % | 0.28 | % | (0.14 | )% | ||||
2015 | 0.05 | 0.00 | 0.29 | (0.24 | ) | |||||||
2014 | 0.05 | 0.00 | 0.29 | (0.24 | ) | |||||||
2013 | 0.07 | 0.00 | 0.29 | (0.22 | ) | |||||||
2012 | 0.05 | 0.00 | 0.31 | (0.26 | ) | |||||||
2011 | 0.10 | 0.00 | 0.31 | (0.21 | ) | |||||||
Institutional Investor Class | ||||||||||||
20161 | 0.16 | % | 0.00 | % | 0.39 | % | (0.23 | )% | ||||
2015 | 0.05 | 0.00 | 0.39 | (0.34 | ) | |||||||
2014 | 0.05 | 0.00 | 0.38 | (0.33 | ) | |||||||
2013 | 0.07 | 0.00 | 0.39 | (0.32 | ) | |||||||
2012 | 0.05 | 0.00 | 0.40 | (0.35 | ) | |||||||
2011 | 0.12 | 0.00 | 0.40 | (0.28 | ) |
1 | For the six-month period ended February 29, 2016 (unaudited). All ratios for the period have been annualized. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 43 |
Notes to Financial Statements | (unaudited as to February 29, 2016), all dollars and shares are rounded to thousands (000) |
1 > Organization
Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Funds, Inc. (“FAF”), which is a member of the First American Family of Funds. FAF is registered under the Investment Company Act of 1940, as amended (“Investment Company Act”), as an open-end investment management company. FAF’s articles of incorporation permit the board of directors to create additional funds in the future.
FAF offers Class A, Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares. Class A shares are not subject to sales charges. Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares are offered only to qualifying institutional investors. Class I shares are offered by Prime Obligations Fund only. Reserve Class shares are offered by Treasury Obligations Fund only.
Each fund’s prospectus provides descriptions of its investment objective, principal investment strategies, and principal risks. All classes of shares of a fund have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to its servicing or distribution arrangements.
2 > Summary of Significant Accounting Policies
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Investment securities held are stated at amortized cost (except for investments in other money market funds), which approximates fair value. Under the amortized cost method any discount or premium is amortized ratably to the final maturity of the security and is included in interest income. Investments in other money market funds are valued at their respective net asset values on the valuation date. In accordance with Rule 2a-7 of the Investment Company Act, the fair values of the securities held in the funds are determined using prices supplied by the funds’ independent pricing services. 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. These values are then compared to the securities’ amortized cost. If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this comparison, which will be determined pursuant to procedures approved by the board of directors. If the difference between the aggregate market price and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds’ administrator will notify the funds’ board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of directors will be convened and the board will determine what action, if any, to take. During the six-month period ended February 29, 2016, the differences between the aggregate market price and the aggregate amortized cost of all securities did not exceed 0.25% for any fund.
44 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
United States generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities with similar interest rates, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.
The fair value levels are not necessarily an indication of the risk associated with investing in these securities.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 45 |
Notes to Financial Statements | (unaudited as to February 29, 2016), all dollars and shares are rounded to thousands (000) |
As of February 29, 2016, each fund’s investments were classified as follows:
Fund | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||
Government Obligations Fund | ||||||||||||
Government Agency Debt | $ | — | $ | 9,337,068 | $— | $ | 9,337,068 | |||||
Treasury Repurchase Agreements | — | 6,166,700 | — | 6,166,700 | ||||||||
Government Agency Repurchase Agreements | — | 2,675,000 | — | 2,675,000 | ||||||||
Treasury Debt | — | 275,053 | — | 275,053 | ||||||||
Total Investments | $ | — | $ | 18,453,821 | $— | $ | 18,453,821 | |||||
Prime Obligations Fund | ||||||||||||
Certificates of Deposit | $ | — | $ | 4,558,037 | $— | $ | 4,558,037 | |||||
Asset Backed Commercial Paper | — | 1,495,346 | — | 1,495,346 | ||||||||
Financial Company Commercial Paper | — | 1,423,305 | — | 1,423,305 | ||||||||
Other Notes | — | 810,796 | — | 810,796 | ||||||||
Treasury Repurchase Agreements | — | 657,651 | — | 657,651 | ||||||||
Other Repurchase Agreements | — | 625,000 | — | 625,000 | ||||||||
Other Commercial Paper | — | 624,765 | — | 624,765 | ||||||||
Government Agency Repurchase Agreements | — | 500,000 | — | 500,000 | ||||||||
Government Agency Debt | — | 28,500 | — | 28,500 | ||||||||
Variable Rate Demand Note | — | 9,375 | — | 9,375 | ||||||||
Total Investments | $ | — | $ | 10,732,775 | $— | $ | 10,732,775 | |||||
Tax Free Obligations Fund | ||||||||||||
Municipal Debt | $ | — | $ | 750,989 | $— | $ | 750,989 | |||||
Investment Company | 14,000 | — | — | 14,000 | ||||||||
Total Investments | $ | 14,000 | $ | 750,989 | $— | $ | 764,989 | |||||
Treasury Obligations Fund | ||||||||||||
Treasury Repurchase Agreements | $ | — | $ | 4,950,649 | $— | $ | 4,950,649 | |||||
Treasury Debt | — | 3,516,924 | — | 3,516,924 | ||||||||
Total Investments | $ | — | $ | 8,467,573 | $— | $ | 8,467,573 | |||||
U.S. Treasury Money Market Fund | ||||||||||||
Treasury Debt | $ | — | $ | 1,033,532 | $— | $ | 1,033,532 | |||||
Total Investments | $ | — | $ | 1,033,532 | $— | $ | 1,033,532 |
Refer to each fund’s Schedule of Investments for further security classification.
During the six-month period ended February 29, 2016, there were no transfers between fair value levels and the portfolios did not hold any securities deemed to be Level 3.
ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors.
46 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
At February 29, 2016, the funds did not hold any restricted securities other than the Rule 144A securities disclosed in the Schedules of Investments. As of February 29, 2016, Prime Obligations Fund has investments in illiquid securities with a total value of $370,000 or 3.4% of total net assets.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis.
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the first business day of the following month.
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Sub-chapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.
As of February 29, 2016, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise.
The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that the income or realized gains were recorded by the fund. The distributions paid during the six-month period ended February 29, 2016 (estimated) and fiscal year ended August 31, 2015 (adjusted by dividends payable as of February 29, 2016 and August 31, 2015) were as follows:
February 29, 2016 | ||||||||||||||||
Fund | Ordinary Income | Tax-Exempt Income | Capital Gain | Total | ||||||||||||
Government Obligations Fund | $1,568 | $— | $— | $1,568 | ||||||||||||
Prime Obligations Fund | 2,657 | — | — | 2,657 | ||||||||||||
Treasury Obligations Fund | 420 | — | 20 | 440 | ||||||||||||
U.S. Treasury Money Market Fund | 16 | — | — | 16 | ||||||||||||
August 31, 2015 | ||||||||||||||||
Fund | Ordinary Income | Tax-Exempt Income | Capital Gain | Total | ||||||||||||
Government Obligations Fund | $1,109 | $— | $— | $1,109 | ||||||||||||
Prime Obligations Fund | 1,938 | — | — | 1,938 |
The funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the funds related to net capital gain to zero for the tax year ended August 31, 2015.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 47 |
Notes to Financial Statements | (unaudited as to February 29, 2016), all dollars and shares are rounded to thousands (000) |
As of August 31, 2015, the funds’ most recent completed fiscal year end, the components of accumulated earnings (deficit) on a tax-basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Tax Exempt Income | Undistributed Long-Term Capital Gains | Accumulated Capital and Post-October Losses | Unrealized Appreciation | Total Accumulated Earnings (Deficit) | ||||||||||||||||||
Government Obligations Fund | $ 78 | $— | $— | $(193 | ) | $— | $(115 | ) | ||||||||||||||||
Prime Obligations Fund | 275 | — | — | — | — | 275 | ||||||||||||||||||
Treasury Obligations Fund | 8 | — | 20 | — | — | 28 | ||||||||||||||||||
U.S. Treasury Money Market Fund | — | — | — | (6 | ) | — | (6 | ) |
The differences between book-basis and tax-basis undistributed/accumulated income, gains, and losses are primarily due to distributions declared but not paid by August 31, 2015.
Under the Regulated Investment Company Modernization Act of 2010, the funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2015, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:
Expiration Year | ||||||||||||||||||||||||||||
Fund | 2016 | 2017 | 2018 | 2019 | 2020 | Indefinite | Total | |||||||||||||||||||||
Government Obligations Fund | $— | $— | $— | $(193 | ) | $— | $— | $(193 | ) | |||||||||||||||||||
U.S. Treasury Money Market Fund | — | — | — | — | — | (5 | ) | (5 | ) |
During the fiscal year ended August 31, 2015, Government Obligations Fund, Prime Obligations Fund, and Treasury Obligations Fund utilized $7, $30, and $301, respectively, of capital loss carryforwards.
U.S. Treasury Money Market Fund incurred a loss of $1 for tax purposes, for the period from November 1, 2014 to August 31, 2015. As permitted by tax regulations, the fund intends to elect to defer and treat this loss as arising in the fiscal year ending August 31, 2016.
REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreements with counterparties whom the funds’ investment advisor deems creditworthy, subject to the seller’s agreement to repurchase such securities from the funds at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the fund, plus interest, at a rate that is negotiated on the basis of current short-term rates.
Securities pledged as collateral for repurchase agreements are held by the custodian bank or maintained in a segregated account by an unaffiliated third-party custodian bank until the maturity of the respective repurchase agreement. Provisions of the repurchase agreements are designed to ensure that the value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the fund may be delayed or limited.
48 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (“SEC”), the funds may enter into repurchase agreements (and other short-term investments) on a joint basis.
The table below shows the offsetting assets and liabilities relating to the repurchase agreements shown on the Statements of Assets and Liabilities.
Gross Amounts Not Offset in the Statements of Assets and Liabilities | ||||||||||||||||||||||||
Assets: | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Assets and Liabilities | Net Amounts Presented in the Statements of Assets and Liabilities | Financial Instruments | Collateral Pledged (Received) | Net Amount1 | ||||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||||||
Government Obligations Fund | $ 8,841,700 | $— | $8,841,700 | $— | $ (8,841,700 | ) | $— | |||||||||||||||||
Prime Obligations Fund | 1,782,651 | — | 1,782,651 | — | (1,782,651 | ) | — | |||||||||||||||||
Treasury Obligations Fund | 4,950,649 | — | 4,950,649 | — | (4,950,649 | ) | — | |||||||||||||||||
$15,575,000 | $— | $15,575,000 | $— | $(15,575,000 | ) | $— |
1 | Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts. |
The table below shows the remaining contractual maturity of the repurchase agreements.
Remaining Contractual Maturity of the Agreements | Overnight and Continuous | Up to 30 Days | 30 to 90 Days | Total | ||||||||||||
Government Obligations Fund | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||
Government Agency | $2,675,000 | $ | — | $ | — | $ | 2,675,000 | |||||||||
Treasury | 6,166,000 | — | — | 6,166,000 | ||||||||||||
Total Borrowings | $8,841,000 | $ | — | $ | — | $ | 8,841,000 | |||||||||
Prime Obligations Fund | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||
Government Agency | $ 500,000 | $ | — | $ | — | $ | 500,000 | |||||||||
Treasury | 657,651 | — | — | 657,651 | ||||||||||||
Other | 255,000 | 370,000 | 625,000 | |||||||||||||
Total Borrowings | $1,412,651 | $ | — | $ | 370,000 | $ | 1,782,651 | |||||||||
Treasury Obligations Fund | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||
Treasury | $4,650,649 | $ | 300,000 | $ | — | $ | 4,950,649 | |||||||||
Total Borrowings | $4,650,649 | $ | 300,000 | $ | — | $ | 4,950,649 |
SECURITIES LENDING – In order to generate additional income, each of the funds, other than U.S. Treasury Money Market Fund, may lend portfolio securities representing up to one-third of the value of its total assets to broker-dealers, banks or other institutional borrowers of securities. Only Government Obligations Fund, Prime Obligations Fund, and Treasury Obligations Fund may do so as a principal investment strategy.
Each fund’s policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then “marked to market” daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 49 |
Notes to Financial Statements | (unaudited as to February 29, 2016), all dollars and shares are rounded to thousands (000) |
the securities or even loss of rights in the collateral should the borrower of the security fail financially. Cash collateral is invested in short-term, high quality U.S. dollar-denominated securities that would be eligible for investment by a money market fund under Rule 2a-7 of the Investment Company Act. As of February 29, 2016, the funds had no securities on loan. The funds did not participate in securities lending during the six-month period ended February 29, 2016.
U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the fund. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with, conditions contained in an exemptive order issued by the SEC. As the securities lending agent, U.S. Bank receives fees of up to 20% of each fund’s net income from securities lending transactions and pays half of such fees to U.S. Bancorp Asset Management, Inc. (“USBAM”) for certain securities lending services provided by USBAM. For the six-month period ended February 29, 2016, no fees were paid to U.S. Bank for serving as the securities lending agent.
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including relative net assets of all funds. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class.
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended February 29, 2016.
DEFERRED COMPENSATION PLAN – Prior to January 1, 2011, non-interested directors of the First American Family of Funds were able to defer receipt of part or all of their annual compensation under a Deferred Compensation Plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. The Plan was terminated effective December 31, 2010. All amounts held in the Plan are 100% vested and outstanding account balances under the Plan are obligations of the funds into which amounts were deferred. Deferred amounts remain in the funds until distributed in accordance with the Plan.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Actual results could differ from those estimates.
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement, USBAM manages each fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each fund to pay USBAM a monthly fee equal, on an annual basis, to 0.10% of the fund’s average daily net assets.
50 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Effective October 30, 2008 for Treasury Obligations Fund and December 22, 2008 for each other fund, the advisor voluntarily agreed to waive or reimburse certain fees and expenses and the board of directors approved the suspension or reduction of 12b-1 fee payments, as needed, in order to maintain a zero or positive yield for each share class of each fund. Effective June 1, 2011 for Class Z shares of Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, the advisor contractually agreed to waive fees and reimburse other fund expenses so that total annual fund operating expenses, after waivers, do not exceed 0.20%. From February 1, 2011 through March 31, 2016, for Class Z shares of Government Obligations Fund, the advisor contractually agreed to waive fees and reimburse other fund expenses so that total annual fund operating expenses, after waivers, did not exceed 0.20%. Effective April 1, 2016, for Class Z shares of Government Obligations Fund, the advisor has contractually agreed to waive fees and reimburse other fund expenses through April 1, 2017, so that total annual fund operating expenses, after waivers, do not exceed 0.18%. These fee waivers and expense reimbursements may be terminated at any time after April 1, 2017, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.
Effective October 30, 2015, the advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2016, so the annual fund operating expenses, after waivers, do not exceed the following amounts:
Share Class | ||||||||||||||||||||||||||||
Fund | A | D | I | Y | Z | Institutional Investor | Reserve | |||||||||||||||||||||
Government Obligations Fund | 0.75 | % | 0.60 | % | N/A | 0.45 | % | 0.20 | %* | 0.30 | % | N/A | ||||||||||||||||
Prime Obligations Fund | 0.75 | % | 0.60 | % | 0.40 | % | 0.45 | % | 0.20 | % | 0.30 | % | N/A | |||||||||||||||
Tax Free Obligations Fund | 0.75 | % | 0.60 | % | N/A | 0.45 | % | 0.20 | % | 0.30 | % | N/A | ||||||||||||||||
Treasury Obligations Fund | 0.75 | % | 0.60 | % | N/A | 0.45 | % | 0.20 | % | 0.30 | % | 0.94 | % | |||||||||||||||
U.S. Treasury Money Market Fund | 0.75 | % | 0.60 | % | N/A | 0.45 | % | 0.20 | % | 0.30 | % | N/A |
* | Effective April 1, 2016, the advisor has contractually agreed to waive fees and reimburse other fund expenses through April 1, 2017, so that total annual fund operating expenses, after waivers, do not exceed 0.18%. These fee waivers and expense reimbursements may be terminated at any time after April 1, 2017, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. |
These contractual waivers and reimbursements will remain in effect through October 31, 2016 (through April 1, 2017 in the case of Class Z shares of Government Obligations Fund), and may not be terminated prior to such time without the approval of the funds’ board of directors. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor. In order to maintain a minimum yield, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20% (0.18% for Class Z shares of Government Obligations Fund effective April 1, 2016), USBAM waived or reimbursed investment advisory fees of $398, $20,and $172 for Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 29, 2016.
ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. USBAM is a subsidiary of U.S. Bank. Both U.S. Bank and
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 51 |
Notes to Financial Statements | (unaudited as to February 29, 2016), all dollars and shares are rounded to thousands (000) |
USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.20% of the aggregate average daily Class A share net assets and 0.15% of the aggregate average daily net assets for all other share classes of all funds, up to $8 billion, 0.185% for Class A shares and 0.135% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.17% for Class A shares and 0.12% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.15% for Class A shares and 0.10% for all other classes of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.
In order to maintain minimum yields for each fund, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20% (0.18% for Class Z shares of Government Obligations Fund effective April 1, 2016), USBAM voluntarily waived or reimbursed administration fees of $6,345, $1,182, $539, $2,944, and $520 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 29, 2016.
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement between USBFS and the funds. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class, based upon the number of accounts within each fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement between U.S. Bank and the funds. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.
For the six-month period ended February 29, 2016, custodian fees were neither increased as a result of overdrafts nor decreased as a result of interest earned.
DISTRIBUTION AND SHAREHOLDER SERVICING (12B - 1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement between Quasar and the funds. Under the distribution agreement and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A shares, Class D shares, and Reserve Class shares, respectively. No distribution or shareholder servicing fees are paid by Institutional Investor Class shares, Class Y shares, Class I shares, or Class Z shares. These fees may
52 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. In order to maintain minimum yields for each fund, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20% (0.18% for Class Z shares of Government Obligations Fund effective April 1, 2016), 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $3,075, $2,421, $134, $2,109, and $124 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 29, 2016.
Under the distribution agreement, no amounts were retained by affiliates of USBAM for the six-month period ended February 29, 2016.
SHAREHOLDER SERVICING ( NON - 12B - 1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class I, Class Y shares, Institutional Investor Class, and Reserve Class shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, Class Y, and Reserve Class shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class I shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Institutional Investor Class shares. In order to maintain minimum yields for each fund, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20% (0.18% for Class Z shares of Government Obligations Fund effective April 1, 2016), USBAM voluntarily waived or reimbursed shareholder servicing fees of $11,514, $5,959, $801, $5,443, and $960 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 29, 2016.
Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 29, 2016 after waivers:
Fund | Amount | |||
Government Obligations Fund | $1,494 | |||
Prime Obligations Fund | 2,175 | |||
Treasury Obligations Fund | 741 | |||
U.S. Treasury Money Market Fund | 3 |
EXPENSE REIMBURSEMENT – In addition to fee waivers, USBAM voluntarily reimbursed expenses of $82 for Tax Free Obligations Fund in order to maintain minimum yields for each share class.
OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 53 |
Notes to Financial Statements | (unaudited as to February 29, 2016), all dollars and shares are rounded to thousands (000) |
4 > | Portfolio Characteristics of the Tax Free Obligations Fund |
The Tax Free Obligations Fund invests in municipal securities. At February 29, 2016, the percentage of portfolio investments by each category was as follows:
Tax Free Obligations Fund | ||||
Weekly Variable Rate Demand Notes | 64.5 | % | ||
Other Municipal Notes & Bonds | 12.9 | |||
Commercial Paper & Put Bonds | 12.4 | |||
Daily Variable Rate Notes & Bonds | 10.2 | |||
100.0 | % |
The Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, tax and revenue anticipation notes, and general obligation bonds. At February 29, 2016, the percentage of total portfolio investments by each revenue source, was as follows:
Tax Free Obligations Fund | ||||
Revenue Bonds | 83.5 | % | ||
General Obligations | 16.5 | |||
100.0 | % |
5 > | Indemnifications |
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown as it would be dependent upon future claims that may be made against the funds. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
6 > | Regulatory Changes |
On July 23, 2014, the SEC voted to amend Rule 2a-7, which governs money market funds. The majority of these amendments, except for certain disclosure enhancements, will not take effect until October 2016. The most significant change is a requirement that institutional prime and institutional municipal money market funds move to a floating net asset value. Government, treasury, retail prime and retail municipal money market funds will continue to use the amortized cost method of valuation and penny rounding in an effort to maintain a stable share price.
On March 30, 2015, the Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund announced that they currently have no intention to rely on the ability to impose redemption gates and liquidity fees, which beginning October 14, 2016 will be elective provisions for government money market funds under the SEC’s money market fund reforms.
On February 22, 2016, the advisor announced that it intends to launch a new money market mutual fund, First American Retail Prime Obligations Fund (“new fund”). The new fund is tentatively scheduled to launch July 18, 2016 and will be open to eligible retail investors (“natural persons”). The new fund will seek to maintain a stable $1.00 per share net asset value (“NAV”). Beginning October 14, 2016, the new fund will be subject to the possibility of liquidity fees and redemption gates, as required by the money market fund reform rules. The current First American Prime Obligations Fund
54 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
(“current fund”) will be renamed First American Institutional Prime Obligations Fund, likely at the time of the launch of the new fund. Beginning October 14, 2016, the current fund will be subject to the possibility of liquidity fees and redemption gates and will transact at a floating NAV which will be calculated out to four decimal places, as required by the amendments. Retail shareholders invested in the current fund will be able to exchange into the new fund at the time of the new fund’s launch. More information will be provided to retail shareholders as the launch date approaches.
Also on February 22, 2016, the advisor announced the intention to designate First American Tax Free Obligations Fund as a retail fund, open only to natural persons. It will be renamed the First American Retail Tax Free Obligations Fund and will continue to seek to maintain a stable $1.00 per share NAV. Beginning October 14, 2016, it will also be subject to the possibility of liquidity fees and redemption gates, as required by the amendments.
The funds’ management will continue to evaluate the impact of the regulatory changes on the funds.
FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT | 55 |
Notice to Shareholders | February 29, 2016 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at www.FirstAmericanFunds.com and on the SEC’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge upon request by calling 800.677.3863.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on Form N-Q. The funds’ Forms N-Q are available without charge upon request (1) by calling 800.677.3863 and (2) on the SEC’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.
WEEKLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a weekly basis.
56 | FIRST AMERICAN FUNDS 2016 SEMIANNUAL REPORT |
Board of Directors | First American Funds, Inc. |
Leonard Kedrowski
Chairperson of First American Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
David Baumgardner
Director of First American Funds, Inc.
Chief Financial Officer of Smyth Companies, LLC
Mark Gaumond
Director of First American Funds, Inc.
Director of Fishers Island Development Corporation
Director of Walsh Park Benevolent Corporation
Roger Gibson
Director of First American Funds, Inc.
Advisor/Consultant of Future Freight™
Richard Riederer
Director of First American Funds, Inc.
Owner and Chief Executive Officer of RKR Consultants, Inc.
James Wade
Director of First American Funds, Inc.
Owner and President of Jim Wade Homes
First American Funds’ Board of Directors is comprised entirely of independent directors.
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. This report is for the information of shareholders of the First American Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. | First American Funds P.O. Box 1330 Minneapolis, MN 55440-1330 | ||
INVESTMENT ADVISOR | CUSTODIAN | INDEPENDENT REGISTERED | |
U.S. Bancorp Asset | U.S. Bank National Association | PUBLIC ACCOUNTING FIRM | |
Management, Inc. | 1555 RiverCenter Drive Suite 302 | Ernst & Young LLP | |
800 Nicollet Mall | Milwaukee, Wisconsin 53212 | 220 South Sixth Street | |
Minneapolis, Minnesota 55402 | Suite 1400 | ||
DISTRIBUTOR | Minneapolis, Minnesota 55402 | ||
ADMINISTRATOR | Quasar Distributors, LLC | ||
U.S. Bancorp Asset | 615 East Michigan Street | COUNSEL | |
Management, Inc. | Milwaukee, Wisconsin 53202 | Ropes & Gray LLP | |
800 Nicollet Mall | 191 North Wacker Drive | ||
Minneapolis, Minnesota 55402 | Chicago, Illinois 60606 | ||
TRANSFER AGENT | |||
U.S. Bancorp Fund | |||
Services, LLC | |||
615 East Michigan Street | |||
Milwaukee, Wisconsin 53202 | |||
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In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.3863 or visit FirstAmericanFunds.com. |
0032-16 4/2016 SAR MONEY
Item 2—Code of Ethics
Not applicable to the semi-annual report.
Item 3—Audit Committee Financial Expert
Not applicable to the semi-annual report.
Item 4—Principal Accountant Fees and Services
Not applicable to the semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable to the semi-annual report.
Item 6—Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.
Item 11—Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of 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-CSR 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12—Exhibits
(a)(1) | Not applicable. |
(a)(2) | 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 of 1940 are filed as exhibits hereto. |
(a)(3) Not applicable.
(b) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 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 Funds, Inc.
By: | /s/ Eric J. Thole |
Eric J. Thole President |
Date: April 20, 2016
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/ Eric J. Thole |
Eric J. Thole President |
Date: April 20, 2016
By: | /s/ Jill M. Stevenson |
Jill M. Stevenson Treasurer |
Date: April 20, 2016