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, 2020
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.
The Registrant is filing this amendment to the Form N-CSR for the semi-annual period ended February 29, 2020, originally filed with the Securities and Exchange Commission on April 29, 2020 by the Registrant (811-03313) (Accession Number 0000897101-20-000287), to restate the financial statements of First American Government Obligations Fund (the "Fund") for the semi-annual period ended February 29, 2020 to account for shares issued in excess of amounts authorized by the Fund's board of directors, as described in Note 7 to the financial statements, as a liability.
The effects of this restatement on the Fund's financial statements for the semi-annual period ended February 29, 2020 are described in Note 8 to the financial statements.
The Registrant is refiling the entire report on Form N-CSR for the semi-annual period ended February 29, 2020 by means of this amended Form N-CSR. However, except for the information affected by the restatement as described in Note 8, the information contained herein has not been updated for events or transactions occurring subsequent to the date of the original filing and as a result, such information continues to be current as of the date of the original filing.
TABLE OF CONTENTS |
For Government Obligations, Treasury Obligations and U.S. Treasury Money Market – You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
For Retail Prime Obligations and Retail Tax Free Obligations – You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
For Institutional Prime Obligations – You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
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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 Retail 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 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.
FIRST AMERICAN FUNDS 2020 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 2020 SEMIANNUAL REPORT |
Holdings Summaries (unaudited)
Government Obligations Fund | |||
Portfolio Allocation as of February 29, 20201 (% of net assets) (as restated, note 8) | |||
U.S. Treasury Repurchase Agreements | 49.1 | % | |
U.S. Government Agency Debt | 40.5 | ||
U.S. Government Agency Repurchase Agreements | 8.2 | ||
U.S. Treasury Debt | 6.0 | ||
Investment Companies | 1.0 | ||
Other Assets and Liabilities, Net2 | (4.8 | ) | |
100.0 | % | ||
Institutional Prime Obligations Fund | |||
Portfolio Allocation as of February 29, 20201 (% of net assets) | |||
Certificates of Deposit | 29.0 | % | |
Other Repurchase Agreements | 21.1 | ||
Asset Backed Commercial Paper | 20.2 | ||
Financial Company Commercial Paper | 16.0 | ||
Non-Negotiable Time Deposit | 6.5 | ||
Non-Financial Company Commercial Paper | 5.2 | ||
Variable Rate Demand Notes | 1.1 | ||
Other Instruments | 0.8 | ||
U.S. Treasury Repurchase Agreements | 0.2 | ||
Other Assets and Liabilities, Net2 | (0.1 | ) | |
100.0 | % | ||
Retail Prime Obligations Fund | |||
Portfolio Allocation as of February 29, 20201 (% of net assets) | |||
Certificates of Deposit | 33.0 | % | |
Other Repurchase Agreements | 22.2 | ||
Financial Company Commercial Paper | 13.6 | ||
Non-Negotiable Time Deposits | 11.4 | ||
Asset Backed Commercial Paper | 10.8 | ||
U.S. Treasury Repurchase Agreements | 3.8 | ||
Non-Financial Company Commercial Paper | 3.5 | ||
Other Instruments | 1.2 | ||
Variable Rate Demand Note | 0.6 | ||
Other Assets and Liabilities, Net2 | (0.1 | ) | |
100.0 | % |
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 liabilities 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. |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 3 |
Holdings Summaries (unaudited)
Retail Tax Free Obligations Fund | |||
Portfolio Allocation as of February 29, 20201,3 (% of net assets) | |||
Variable Rate Demand Notes | 64.4 | % | |
Tender Option Bonds | 16.7 | ||
Non-Financial Company Commercial Paper | 12.7 | ||
Other Municipal Securities | 6.1 | ||
Other Assets and Liabilities, Net2 | 0.1 | ||
100.0 | % | ||
Treasury Obligations Fund | |||
Portfolio Allocation as of February 29, 20201 (% of net assets) | |||
U.S. Treasury Repurchase Agreements | 64.8 | % | |
U.S. Treasury Debt | 34.9 | ||
Other Assets and Liabilities, Net2 | 0.3 | ||
100.0 | % | ||
U.S. Treasury Money Market Fund | |||
Portfolio Allocation as of February 29, 20201 (% of net assets) | |||
U.S. Treasury Debt | 100.1 | % | |
Other Assets and Liabilities, Net2 | (0.1 | ) | |
100.0 | % |
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 liabilities 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 5 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund. |
4 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Expense Example
As a shareholder of one or more of the funds you incur ongoing costs, including invest- ment 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, 2019 to February 29, 2020.
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.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 5 |
Expense Examples (unaudited)
Government Obligations Fund (as restated, note 8) | ||||
| Beginning Account | Ending Account | Expenses Paid During | |
Class A Actual2 | $1,000.00 | $1,005.23 | $3.74 | |
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,021.13 | $3.77 | |
Class D Actual2 | $1,000.00 | $1,005.97 | $2.99 | |
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.02 | |
Class P Actual2 | $1,000.00 | $1,008.20 | $0.75 | |
Class P Hypothetical (5% return before expenses) | $1,000.00 | $1,024.12 | $0.75 | |
Class U Actual2 | $1,000.00 | $1,008.38 | $0.60 | |
Class U Hypothetical (5% return before expenses) | $1,000.00 | $1,024.27 | $0.60 | |
Class V Actual2 | $1,000.00 | $1,007.48 | $1.50 | |
Class V Hypothetical (5% return before expenses) | $1,000.00 | $1,023.37 | $1.51 | |
Class X Actual2 | $1,000.00 | $1,008.28 | $0.70 | |
Class X Hypothetical (5% return before expenses) | $1,000.00 | $1,024.17 | $0.70 | |
Class Y Actual2 | $1,000.00 | $1,006.72 | $2.25 | |
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,022.63 | $2.26 | |
Class Z Actual2 | $1,000.00 | $1,008.08 | $1.25 | |
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,023.97 | $1.26 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.15%, 0.12%, 0.30%, 0.14%, 0.45% and 0.25% for Class A, Class D, Class P, Class U, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period). |
2 | Based on the actual returns for the six-month period ended February 29, 2020 of 0.52%, 0.60%, 0.82%, 0.84%, 0.75%, 0.83%, 0.67%, and 0.81% for Class A, Class D, Class P, Class U, Class V, Class X, Class Y, and Class Z, respectively. |
Institutional Prime Obligations Fund | ||||
Beginning Account Value (9/01/2019) | Ending Account Value (2/29/2020) | Expenses Paid During Period3 (9/01/2019 to 2/29/2020) | ||
Class T Actual4 | $1,000.00 | $1,007.96 | $2.00 | |
Class T Hypothetical (5% return before expenses) | $1,000.00 | $1,022.87 | $2.01 | |
Class V Actual4 | $1,000.00 | $1,008.57 | $1.50 | |
Class V Hypothetical (5% return before expenses) | $1,000.00 | $1,023.37 | $1.51 | |
Class Y Actual4 | $1,000.00 | $1,007.71 | $2.25 | |
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,022.63 | $2.26 | |
Class Z Actual4 | $1,000.00 | $1,009.22 | $0.75 | |
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,024.12 | $0.75 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.40%, 0.30%, 0.45%, and 0.15% for Class T, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period). |
4 | Based on the actual returns for the six-month period ended February 29, 2020 of 0.80%, 0.86%, 0.77%, and 0.92% for Class T, Class V, Class Y, and Class Z, respectively. |
6 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Prime Obligations Fund | ||||
| Beginning Account | Ending Account | Expenses Paid During | |
Class A Actual2 | $1,000.00 | $1,006.79 | $3.04 | |
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.07 | |
Class T Actual2 | $1,000.00 | $1,007.84 | $2.05 | |
Class T Hypothetical (5% return before expenses) | $1,000.00 | $1,022.82 | $2.06 | |
Class V Actual2 | $1,000.00 | $1,008.34 | $1.50 | |
Class V Hypothetical (5% return before expenses) | $1,000.00 | $1,023.37 | $1.51 | |
Class X Actual2 | $1,000.00 | $1,009.14 | $0.70 | |
Class X Hypothetical (5% return before expenses) | $1,000.00 | $1,024.17 | $0.70 | |
Class Y Actual2 | $1,000.00 | $1,007.59 | $2.25 | |
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,022.63 | $2.26 | |
Class Z Actual2 | $1,000.00 | $1,008.84 | $1.00 | |
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,023.87 | $1.01 |
1 | Expenses are equal to the fund’s annualized expense ratio the most recent six-month period of 0.61%, 0.40%, 0.30%, 0.14%, 0.45%, and 0.20% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period). |
2 | Based on the actual returns for the six-month period ended February 29, 2020 of 0.68%, 0.78%, 0.83%, 0.91%, 0.76%, and 0.88% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively. |
Retail Tax Free Obligations Fund | ||||
Beginning Account Value (9/01/2019) | Ending Account Value (2/29/2020) | Expenses Paid During Period3 (9/01/2019 to 2/29/2020) | ||
Class A Actual4 | $1,000.00 | $1,002.39 | $3.73 | |
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,021.13 | $3.77 | |
Class V Actual4 | $1,000.00 | $1,004.63 | $1.50 | |
Class V Hypothetical (5% return before expenses) | $1,000.00 | $1,023.37 | $1.51 | |
Class Y Actual4 | $1,000.00 | $1,003.88 | $2.24 | |
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,022.63 | $2.26 | |
Class Z Actual4 | $1,000.00 | $1,005.13 | $1.00 | |
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,023.87 | $1.01 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.30%, 0.45%, and 0.20% for Class A, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period). |
4 | Based on the actual returns for the six-month period ended February 29, 2020 of 0.24%, 0.46%, 0.39%, and 0.51% for Class A, Class V, Class Y, and Class Z, respectively. |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 7 |
Expense Examples (unaudited)
Treasury Obligations Fund | ||||
Beginning Account Value (9/01/2019) | Ending Account Value (2/29/2020) | Expenses Paid During Period1 (9/01/2019 to 2/29/2020) | ||
Class A Actual2 | $1,000.00 | $1,005.23 | $3.74 | |
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,021.13 | $3.77 | |
Class D Actual2 | $1,000.00 | $1,005.98 | $2.99 | |
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.02 | |
Class P Actual2 | $1,000.00 | $1,008.23 | $0.75 | |
Class P Hypothetical (5% return before expenses) | $1,000.00 | $1,024.12 | $0.75 | |
Class V Actual2 | $1,000.00 | $1,007.48 | $1.50 | |
Class V Hypothetical (5% return before expenses) | $1,000.00 | $1,023.37 | $1.51 | |
Class X Actual2 | $1,000.00 | $1,008.28 | $0.70 | |
Class X Hypothetical (5% return before expenses) | $1,000.00 | $1,024.17 | $0.70 | |
Class Y Actual2 | $1,000.00 | $1,006.73 | $2.25 | |
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,022.63 | $2.26 | |
Class Z Actual2 | $1,000.00 | $1,008.08 | $0.90 | |
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,023.97 | $0.91 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.15%, 0.30%, 0.14%, 0.45%, and 0.18% for Class A, Class D, Class P, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period). |
2 | Based on the actual returns for the six-month period ended February 29, 2020 of 0.52%, 0.60%, 0.82%, 0.75%, 0.83%,0.67%, and 0.81% for Class A, Class D, Class P, Class V, Class X, Class Y, and Class Z, respectively. |
U.S. Treasury Money Market Fund | ||||
Beginning Account Value (9/01/2019) | Ending Account Value (2/29/2020) | Expenses Paid During Period3 (9/01/2019 to 2/29/2020) | ||
Class A Actual4 | $1,000.00 | $1,005.01 | $3.74 | |
Class A Hypothetical (5% return before expenses) | $1,000.00 | $1,021.13 | $3.77 | |
Class D Actual4 | $1,000.00 | $1,005.75 | $2.99 | |
Class D Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.02 | |
Class V Actual4 | $1,000.00 | $1,007.25 | $1.50 | |
Class V Hypothetical (5% return before expenses) | $1,000.00 | $1,023.37 | $1.51 | |
Class Y Actual4 | $1,000.00 | $1,006.50 | $2.24 | |
Class Y Hypothetical (5% return before expenses) | $1,000.00 | $1,022.63 | $2.26 | |
Class Z Actual4 | $1,000.00 | $1,007.75 | $1.00 | |
Class Z Hypothetical (5% return before expenses) | $1,000.00 | $1,023.87 | $1.01 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.30%, 0.45%, and 0.20% for Class A, Class D, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period). |
4 | Based on the actual returns for the six-month period ended February 29, 2020 of 0.50%, 0.58%, 0.73%, 0.65%, and 0.78% for Class A, Class D, Class V, Class Y, and Class Z, respectively. |
8 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
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FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 9 |
Schedule of Investments | February 29, 2020 (unaudited), |
Government Obligations Fund (as restated, note 8) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
U.S. Government Agency | ||||||||
Debt – 40.5% | ||||||||
Federal Farm Credit Bank | ||||||||
2.048%, 03/04/2020 € | $ | 16,000 | $ | 15,997 | ||||
1.567% (1 Month LIBOR | ||||||||
USD - 0.080%), | ||||||||
03/19/202 △ | 44,000 | 44,000 | ||||||
2.048%, 03/20/2020 € | 25,000 | 24,973 | ||||||
1.584% (1 Month LIBOR | ||||||||
USD - 0.045%), | ||||||||
03/23/2020 △ | 50,000 | 50,000 | ||||||
1.567% (1 Month LIBOR | ||||||||
USD - 0.060%), | ||||||||
03/25/2020 △ | 50,000 | 50,000 | ||||||
1.533% (1 Month LIBOR | ||||||||
USD - 0.080%), | ||||||||
03/27/2020 △ | 25,000 | 25,000 | ||||||
1.576% (3 Month | ||||||||
U.S. Treasury Money | ||||||||
Market Yield + 0.065%), | ||||||||
05/15/2020 △ | 50,000 | 50,001 | ||||||
1.463% (3 Month LIBOR | ||||||||
USD - 0.220%), | ||||||||
05/22/2020 △ | 50,000 | 49,995 | ||||||
1.553% (1 Month LIBOR | ||||||||
USD - 0.050%), | ||||||||
05/28/2020 △ | 75,000 | 75,000 | ||||||
1.599% (1 Month LIBOR | ||||||||
USD - 0.050%), | ||||||||
05/29/2020 △ | 50,000 | 50,000 | ||||||
1.575% (1 Month LIBOR | ||||||||
USD - 0.080%), | ||||||||
06/01/2020 △ | 222,550 | 222,544 | ||||||
1.765% (3 Month LIBOR | ||||||||
USD - 0.170%), | ||||||||
06/24/2020 △ | 50,000 | 49,995 | ||||||
1.720% (U.S. Federal | ||||||||
Funds Effective | ||||||||
Rate + 0.140%), | ||||||||
07/13/2020 △ | 100,000 | 100,000 | ||||||
1.628%(1MonthLIBOR | ||||||||
USD - 0.030%), | ||||||||
07/16/2020 △ | 101,000 | 100,999 | ||||||
1.637%(1MonthLIBOR | ||||||||
USD - 0.010%), | ||||||||
07/20/2020 △ | 100,000 | 100,000 | ||||||
1.845%, 07/31/2020 € | 25,000 | 24,808 | ||||||
1.648% (1 Month LIBOR | ||||||||
USD - 0.020%), | ||||||||
08/05/2020 △ | 75,000 | 74,998 | ||||||
1.637%, 08/11/2020 € | 175,000 | 173,721 | ||||||
1.556% (3 Month | ||||||||
U.S. Treasury Money | ||||||||
Market Yield + 0.045%), | ||||||||
08/17/2020 △ | 27,000 | 26,999 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.710% (U.S. Federal | ||||||||
Funds Effective | ||||||||
Rate + 0.130%), | ||||||||
08/17/2020 △ | $ | 50,000 | $ | 50,000 | ||||
1.602%, 08/24/2020 € | 100,000 | 99,228 | ||||||
1.705% (U.S. Federal | ||||||||
Funds Effective Rate + | ||||||||
0.125%), 09/04/2020 △ | 50,000 | 50,000 | ||||||
1.770% (3 Month LIBOR | ||||||||
USD - 0.130%), | ||||||||
09/04/2020 △ | 50,000 | 50,000 | ||||||
1.721% (1 Month LIBOR | ||||||||
USD + 0.050%), | ||||||||
09/10/2020 △ | 100,000 | 100,000 | ||||||
1.625% (1 Month LIBOR | ||||||||
USD - 0.040%), | ||||||||
09/11/2020 △ | 50,000 | 50,000 | ||||||
1.440%, 09/25/2020 € | 50,000 | 49,590 | ||||||
1.627% (1 Month LIBOR | ||||||||
USD + 0.000%), | ||||||||
09/25/2020 △ | 79,560 | 79,554 | ||||||
1.637% (1 Month LIBOR | ||||||||
USD + 0.010%), | ||||||||
09/25/2020 △ | 125,000 | 124,995 | ||||||
1.667% (1 Month LIBOR | ||||||||
USD + 0.020%), | ||||||||
10/19/2020 △ | 280,300 | 280,275 | ||||||
1.710% (U.S. Federal | ||||||||
Funds Effective Rate + | ||||||||
0.130%), 10/23/2020 △ | 25,000 | 25,000 | ||||||
1.640% (3 Month LIBOR | ||||||||
USD - 0.135%), | ||||||||
10/29/2020 △ | 50,000 | 49,998 | ||||||
1.770% (FCPR DLY - | ||||||||
2.980%), 11/12/2020 △ | 63,927 | 63,970 | ||||||
1.562%(3MonthLIBOR | ||||||||
USD - 0.130%), | ||||||||
11/16/2020 △ | 75,000 | 74,999 | ||||||
1.618%(1MonthLIBOR | ||||||||
USD + 0.005%), | ||||||||
11/27/2020 △ | 200,000 | 199,995 | ||||||
1.787%(3MonthLIBOR | ||||||||
USD - 0.120%), | ||||||||
11/30/2020 △ | 150,000 | 150,000 | ||||||
1.675%(1MonthLIBOR | ||||||||
USD + 0.025%), | ||||||||
12/14/2020 △ | 50,000 | 49,998 | ||||||
1.668%(1MonthLIBOR | ||||||||
USD + 0.065%), | ||||||||
12/28/2020 △ | 100,000 | 100,000 | ||||||
1.860%(3MonthLIBOR | ||||||||
USD - 0.100%), | ||||||||
12/28/2020 △ | 65,000 | 65,000 | ||||||
1.654%(1MonthLIBOR | ||||||||
USD + 0.005%), | ||||||||
12/29/2020 △ | 125,000 | 125,000 |
The accompanying notes are an integral part of the financial statements.
10 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Government Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.750% (1 Month LIBOR | ||||||||
USD + 0.100%), | ||||||||
12/30/2020 △ | $ | 50,000 | $ | 49,996 | ||||
1.678% (1 Month LIBOR | ||||||||
USD + 0.025%), | ||||||||
01/13/2021 △ | 100,000 | 99,994 | ||||||
1.660% (SOFR + 0.080%), | ||||||||
01/14/2021 △ | 36,000 | 36,000 | ||||||
1.685% (SOFR + 0.105%), | ||||||||
01/15/2021 △ | 40,000 | 40,000 | ||||||
1.718% (1 Month LIBOR | ||||||||
USD + 0.060%), | ||||||||
01/15/2021 △ | 50,000 | 50,000 | ||||||
1.682% (1 Month LIBOR | ||||||||
USD + 0.035%), | ||||||||
01/19/2021 △ | 50,000 | 50,000 | ||||||
1.651% (1 Month LIBOR | ||||||||
USD + 0.035%), | ||||||||
01/26/2021 △ | 25,000 | 24,997 | ||||||
1.643% (1 Month LIBOR | ||||||||
USD + 0.040%), | ||||||||
01/28/2021 △ | 100,000 | 100,000 | ||||||
1.641% (3 Month | ||||||||
U.S. Treasury Money | ||||||||
Market Yield + 0.130%), | ||||||||
02/08/2021 △ | 125,000 | 124,994 | ||||||
1.700% (1 Month LIBOR | ||||||||
USD + 0.035%), | ||||||||
02/11/2021 △ | 125,000 | 125,000 | ||||||
1.708% (1 Month LIBOR | ||||||||
USD + 0.050%), | ||||||||
02/16/2021 △ | 50,000 | 49,977 | ||||||
1.700% (U.S. Federal | ||||||||
Funds Effective Rate + | ||||||||
0.120%), 02/22/2021 △ | 45,000 | 45,000 | ||||||
1.700% (1 Month LIBOR | ||||||||
USD + 0.045%), | ||||||||
03/01/2021 △ | 146,400 | 146,400 | ||||||
1.674% (1 Month LIBOR | ||||||||
USD + 0.015%), | ||||||||
03/17/2021 △ | 75,000 | 75,000 | ||||||
1.700% (SOFR + 0.120%), | ||||||||
03/18/2021 △ | 25,000 | 25,000 | ||||||
1.704% (1 Month LIBOR | ||||||||
USD + 0.045%), | ||||||||
04/16/2021 △ | 75,000 | 75,000 | ||||||
1.657% (1 Month LIBOR | ||||||||
USD + 0.010%), | ||||||||
04/19/2021 △ | 46,100 | 46,082 | ||||||
1.729% (1 Month LIBOR | ||||||||
USD + 0.090%), | ||||||||
04/21/2021 △ | 135,000 | 135,004 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.752% (1 Month LIBOR | ||||||||
USD + 0.090%), | ||||||||
05/04/2021 △ | $ | 50,000 | $ | 49,997 | ||||
1.680% (SOFR + 0.100%), | ||||||||
05/07/2021 △ | 23,000 | 23,000 | ||||||
1.688% (1 Month LIBOR | ||||||||
USD + 0.035%), | ||||||||
05/13/2021 △ | 225,000 | 224,999 | ||||||
1.651% (3 Month | ||||||||
U.S. Treasury Money | ||||||||
Market Yield + 0.140%), | ||||||||
05/28/2021 △ | 25,000 | 25,000 | ||||||
1.690% (U.S. Federal | ||||||||
Funds Effective Rate + | ||||||||
0.110%), 05/28/2021 △ | 25,000 | 25,000 | ||||||
1.695% (1 Month LIBOR | ||||||||
USD + 0.040%), | ||||||||
06/03/2021 △ | 90,000 | 90,000 | ||||||
1.740% (FCPR DLY - | ||||||||
3.010%), 06/07/2021 △ | 175,000 | 175,000 | ||||||
1.660% (SOFR + 0.080%), | ||||||||
06/10/2021 △ | 45,000 | 45,000 | ||||||
1.670% (1 Month LIBOR | ||||||||
USD + 0.020%), | ||||||||
06/14/2021 △ | 135,000 | 134,984 | ||||||
1.815% (1 Month LIBOR | ||||||||
USD + 0.160%), | ||||||||
07/01/2021 △ | 100,000 | 100,000 | ||||||
1.751% (1 Month LIBOR | ||||||||
USD + 0.080%), | ||||||||
07/08/2021 △ | 183,000 | 183,000 | ||||||
1.655% (SOFR + 0.075%), | ||||||||
07/09/2021 △ | 38,000 | 38,000 | ||||||
1.680% (FCPR DLY - | ||||||||
3.070%), 07/19/2021 △ | 50,000 | 50,000 | ||||||
1.696% (1 Month LIBOR | ||||||||
USD + 0.080%), | ||||||||
07/26/2021 △ | 35,000 | 35,000 | ||||||
1.913% (1 Month LIBOR | ||||||||
USD + 0.300%), | ||||||||
07/27/2021 △ | 7,000 | 7,020 | ||||||
1.768% (1 Month LIBOR | ||||||||
USD + 0.100%), | ||||||||
08/05/2021 △ | 75,000 | 75,000 | ||||||
1.733% (1 Month LIBOR | ||||||||
USD + 0.080%), | ||||||||
08/13/2021 △ | 50,000 | 50,000 | ||||||
1.645% (SOFR + 0.065%), | ||||||||
08/20/2021 △ | 26,000 | 26,000 | ||||||
1.609% (1 Month LIBOR | ||||||||
USD - 0.020%), | ||||||||
08/23/2021 △ | 50,000 | 49,993 | ||||||
1.709% (1 Month LIBOR | ||||||||
USD + 0.080%), | ||||||||
08/23/2021 △ | $ | 180,000 | $ | 179,997 |
|
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 11 |
Schedule of Investments | February 29, 2020 (unaudited), |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.704% (1 Month LIBOR | ||||||||
USD + 0.000%), | ||||||||
09/10/2021 △ | $ | 145,500 | $ | 145,478 | ||||
1.655% (SOFR + 0.075%), | ||||||||
09/13/2021 △ | 20,000 | 20,000 | ||||||
1.743% (1 Month LIBOR | ||||||||
USD + 0.090%), | ||||||||
09/13/2021 △ | 23,000 | 23,000 | ||||||
1.822% (1 Month LIBOR | ||||||||
USD + 0.160%), | ||||||||
10/04/2021 △ | 115,000 | 115,000 | ||||||
1.801% (1 Month LIBOR | ||||||||
USD + 0.130%), | ||||||||
10/08/2021 △ | 100,000 | 100,000 | ||||||
1.770% (SOFR + 0.190%), | ||||||||
10/15/2021 △ | 50,000 | 50,000 | ||||||
1.778% (1 Month LIBOR | ||||||||
USD + 0.120%), | ||||||||
10/18/2021 △ | 96,500 | 96,500 | ||||||
1.729% (1 Month LIBOR | ||||||||
USD + 0.100%), | ||||||||
10/22/2021 △ | 17,000 | 17,023 | ||||||
1.790% (SOFR + 0.210%), | ||||||||
10/28/2021 △ | 35,000 | 35,000 | ||||||
1.760% (1 Month LIBOR | ||||||||
USD + 0.105%), | ||||||||
11/02/2021 △ | 160,000 | 160,000 | ||||||
1.651% (3 Month | ||||||||
U.S. Treasury Money | ||||||||
Market Yield +0.140%), | ||||||||
11/08/2021 △ | 39,500 | 39,420 | ||||||
1.748% (1 Month LIBOR | ||||||||
USD + 0.090%), | ||||||||
11/18/2021 △ | 100,000 | 100,000 | ||||||
1.770% (SOFR + 0.190%), | ||||||||
11/18/2021 △ | 47,000 | 47,000 | ||||||
1.781% (1 Month LIBOR | ||||||||
USD + 0.110%), | ||||||||
12/10/2021 △ | 25,000 | 25,000 | ||||||
1.629% (1 Month LIBOR | ||||||||
USD + 0.000%), | ||||||||
12/22/2021 △ | 360,000 | 359,935 | ||||||
1.750% (U.S. Federal | ||||||||
Funds Effective Rate + | ||||||||
0.170%), 01/13/2022 △ | 50,000 | 50,000 | ||||||
Federal Home Loan Bank | ||||||||
1.425%, 03/03/2020 € | 33,620 | 33,617 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
03/06/2020 △ | 129,000 | 129,000 | ||||||
1.592%, 03/16/2020 € | 50,000 | 49,967 | ||||||
1.601%, 03/18/2020 € | 387,235 | 386,946 | ||||||
1.597%, 03/19/2020 € | 120,126 | 120,031 | ||||||
1.556%, 03/20/2020 € | 10,000 | 9,992 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.633%, 03/25/2020 € | $ | 549,775 | $ | 549,185 | ||||
1.645% (SOFR + 0.065%), | ||||||||
03/26/2020 △ | 148,000 | 148,000 | ||||||
1.593% (1 Month LIBOR | ||||||||
USD - 0.020%), | ||||||||
03/27/2020 △ | 100,000 | 100,000 | ||||||
1.611%, 03/27/2020 € | 578,400 | 577,736 | ||||||
1.607%, 03/30/2020 € | 54,091 | 54,022 | ||||||
1.512%, 03/31/2020 € | 400 | 400 | ||||||
1.575%, 04/03/2020 € | 414,970 | 414,374 | ||||||
1.700%, 04/03/2020 | 150,000 | 149,986 | ||||||
1.626% (1 Month LIBOR | ||||||||
USD - 0.040%), | ||||||||
04/06/2020 △ | 100,000 | 100,000 | ||||||
1.607%, 04/09/2020 € | 31,700 | 31,646 | ||||||
1.523%, 04/13/2020 € | 63,550 | 63,435 | ||||||
1.513%, 04/17/2020 € | 1,100 | 1,098 | ||||||
1.586% (3 Month LIBOR | ||||||||
USD - 0.250%), | ||||||||
04/17/2020 △ | 50,000 | 50,000 | ||||||
1.619% (1 Month LIBOR | ||||||||
USD - 0.040%), | ||||||||
04/17/2020 △ | 50,000 | 50,000 | ||||||
1.593%, 04/20/2020 € | 960 | 958 | ||||||
1.564%, 04/22/2020 € | 28,800 | 28,735 | ||||||
1.605% (SOFR + 0.025%), | ||||||||
04/22/2020 △ | 215,000 | 215,003 | ||||||
1.570%, 04/24/2020 € | 150,615 | 150,280 | ||||||
1.454%, 04/28/2020 € | 175,000 | 174,595 | ||||||
1.569%, 04/29/2020 € | 616,794 | 615,230 | ||||||
1.588%, 05/01/2020 € | 1,100,000 | 1,097,080 | ||||||
1.705% (1 Month LIBOR | ||||||||
USD + 0.050%), | ||||||||
05/01/2020 △ | 75,000 | 75,000 | ||||||
1.589%, 05/06/2020 € | 332,135 | 331,181 | ||||||
1.640% (SOFR + 0.060%), | ||||||||
05/06/2020 △ | 91,000 | 91,000 | ||||||
1.592%, 05/08/2020 € | 114,200 | 113,861 | ||||||
1.587%, 05/13/2020 € | 39,000 | 38,876 | ||||||
1.590%, 05/15/2020 € | 176,807 | 176,229 | ||||||
1.600% (SOFR + 0.020%), | ||||||||
05/22/2020 △ | 56,000 | 56,000 | ||||||
1.463%, 05/27/2020 € | 55,000 | 54,808 | ||||||
1.460%, 05/29/2020 € | 481,000 | 479,288 | ||||||
1.600% (SOFR + 0.020%), | ||||||||
06/05/2020 △ | 45,000 | 45,000 | ||||||
1.611% (1 Month LIBOR | ||||||||
USD - 0.060%), | ||||||||
06/10/2020 △ | 150,000 | 150,000 | ||||||
1.690% (SOFR + | ||||||||
0.110%), 06/10/2020 △ | 150,000 | 150,000 | ||||||
1.589% (1 Month LIBOR | ||||||||
USD - 0.070%), | ||||||||
06/15/2020 △ | 75,000 | 75,000 | ||||||
1.940%, 06/18/2020 | 150,000 | 150,000 |
The accompanying notes are an integral part of the financial statements.
12 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.615% (SOFR + 0.035%), | ||||||||
06/19/2020 △ | $ | 50,000 | $ | 50,000 | ||||
1.718% (3 Month LIBOR | ||||||||
USD - 0.210%), | ||||||||
06/22/2020 △ | 50,000 | 50,000 | ||||||
1.592%, 07/06/2020 € | 150,000 | 149,169 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
07/17/2020 △ | 79,000 | 79,000 | ||||||
1.680% (SOFR + 0.100%), | ||||||||
07/17/2020 △ | 150,000 | 150,000 | ||||||
1.655% (SOFR + 0.075%), | ||||||||
07/24/2020 △ | 30,000 | 30,000 | ||||||
1.680% (SOFR + 0.100%), | ||||||||
07/29/2020 △ | 48,000 | 48,000 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
08/05/2020 △ | 138,000 | 138,000 | ||||||
1.643% (3 Month LIBOR | ||||||||
USD - 0.235%), | ||||||||
08/10/2020 △ | 150,000 | 150,000 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
08/21/2020 △ | 50,000 | 50,000 | ||||||
1.620% (SOFR + 0.040%), | ||||||||
08/25/2020 △ | 64,000 | 64,000 | ||||||
1.600% (SOFR + 0.020%), | ||||||||
08/28/2020 △ | 250,000 | 250,000 | ||||||
1.630% (SOFR + 0.030%), | ||||||||
09/04/2020 △ ★ | 175,000 | 175,000 | ||||||
1.594% (1 Month LIBOR | ||||||||
USD - 0.065%), | ||||||||
09/18/2020 △ | 125,000 | 125,000 | ||||||
1.440%, 09/25/2020 € | 25,000 | 24,795 | ||||||
1.605% (SOFR + 0.025%), | ||||||||
09/28/2020 △ | 126,000 | 126,000 | ||||||
1.625% (SOFR + 0.045%), | ||||||||
09/28/2020 △ | 53,000 | 53,000 | ||||||
1.685% (SOFR + 0.105%), | ||||||||
10/01/2020 △ | 55,000 | 55,000 | ||||||
1.700% (SOFR + 0.120%), | ||||||||
10/07/2020 △ | 34,000 | 34,000 | ||||||
1.710% (SOFR + 0.130%), | ||||||||
10/16/2020 △ | 125,000 | 125,000 | ||||||
1.616% (1 Month LIBOR | ||||||||
USD + 0.000%), | ||||||||
10/26/2020 △ | 50,000 | 50,000 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
11/06/2020 △ | 41,000 | 41,000 | ||||||
1.648% (3 Month LIBOR | ||||||||
USD - 0.195%), | ||||||||
11/16/2020 △ | 40,000 | 40,000 | ||||||
1.659% (1 Month LIBOR | ||||||||
USD + 0.000%), | ||||||||
11/16/2020 △ | 75,000 | 75,000 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.702% (3 Month LIBOR | ||||||||
USD - 0.170%), | ||||||||
01/08/2021 △ | $ | 75,000 | $ | 75,000 | ||||
1.630% (SOFR + 0.050%), | ||||||||
01/22/2021 △ | 60,500 | 60,500 | ||||||
1.689% (3 Month LIBOR | ||||||||
USD - 0.105%), | ||||||||
01/25/2021 △ | 50,000 | 50,000 | ||||||
1.630% (SOFR + 0.050%), | ||||||||
01/28/2021 △ | 55,000 | 55,000 | ||||||
1.620% (SOFR + 0.040%), | ||||||||
02/09/2021 △ | 100,000 | 100,000 | ||||||
1.628% (1 Month LIBOR | ||||||||
USD - 0.030%), | ||||||||
02/12/2021 △ | 125,000 | 125,000 | ||||||
1.500%, 02/18/2021 | 74,000 | 74,036 | ||||||
1.615% (SOFR + 0.035%), | ||||||||
02/25/2021 △ | 56,500 | 56,500 | ||||||
1.695% (SOFR + 0.115%), | ||||||||
03/12/2021 △ | 97,000 | 97,000 | ||||||
1.750% (SOFR + 0.170%), | ||||||||
04/09/2021 △ | 74,000 | 74,000 | ||||||
1.703% (3 Month LIBOR | ||||||||
USD - 0.135%), | ||||||||
04/14/2021 △ | 25,000 | 25,000 | ||||||
1.713% (3 Month LIBOR | ||||||||
USD - 0.125%), | ||||||||
04/14/2021 △ | 50,000 | 50,000 | ||||||
1.635% (SOFR + 0.055%), | ||||||||
05/14/2021 △ | 200,000 | 200,000 | ||||||
1.715% (SOFR + 0.135%), | ||||||||
06/04/2021 △ | 100,000 | 100,000 | ||||||
1.655% (SOFR + 0.075%), | ||||||||
06/11/2021 △ | 45,000 | 45,000 | ||||||
1.655% (SOFR + 0.075%), | ||||||||
07/08/2021 △ | 119,000 | 119,000 | ||||||
1.653% (1 Month LIBOR | ||||||||
USD + 0.000%), | ||||||||
07/13/2021 △ | 79,800 | 79,721 | ||||||
1.655% (SOFR + 0.075%), | ||||||||
07/23/2021 △ | 101,000 | 101,000 | ||||||
1.708% (1 Month LIBOR | ||||||||
USD + 0.055%), | ||||||||
08/13/2021 △ | 100,000 | 100,000 | ||||||
1.665% (SOFR + | ||||||||
0.085%), 09/10/2021 △ | 74,000 | 74,000 | ||||||
1.613% (1 Month LIBOR | ||||||||
USD + 0.010%), | ||||||||
09/28/2021 △ | 50,000 | 50,000 | ||||||
1.695% (SOFR + 0.115%), | ||||||||
02/10/2022 △ | 25,000 | 25,000 | ||||||
1.720% (SOFR + 0.120%), | ||||||||
02/28/2022 △ ★ | 86,000 | 86,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 13 |
Schedule of Investments | February 29, 2020 (unaudited), |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Federal Home Loan | ||||||||
Mortgage Corporation | ||||||||
1.688%, 03/05/2020 € | $ | 50,000 | $ | 49,991 | ||||
1.663%, 03/18/2020 € | 175,000 | 174,864 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
08/21/2020 △ | 100,000 | 100,000 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
09/08/2020 △ | 50,000 | 50,000 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
01/12/2021 △ | 200,000 | 200,000 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
01/22/2021 △ | 200,000 | 200,000 | ||||||
1.610% (SOFR + 0.030%), | ||||||||
02/19/2021 △ | 100,000 | 100,000 | ||||||
1.625% (SOFR + 0.045%), | ||||||||
08/27/2021 △ | 100,000 | 100,000 | ||||||
Federal National Mortgage | ||||||||
Association | ||||||||
1.680% (SOFR + 0.100%), | ||||||||
04/30/2020 △ | 80,000 | 80,001 | ||||||
1.640% (SOFR + 0.060%), | ||||||||
07/30/2020 △ | 40,000 | 40,000 | ||||||
1.655% (SOFR + 0.075%), | ||||||||
10/30/2020 △ | 67,000 | 67,000 | ||||||
2.875%, 10/30/2020 | 50,000 | 50,405 | ||||||
1.875%, 12/28/2020 | 96,256 | 96,454 | ||||||
Total U.S. Government | ||||||||
Agency Debt | ||||||||
(Cost $19,965,417) | 19,965,417 | |||||||
U.S. Treasury Debt – 6.0% | ||||||||
U.S. Treasury Bill | ||||||||
1.889%, 03/26/2020 € | 100,000 | 99,871 | ||||||
U.S. Treasury Notes | ||||||||
1.375%, 03/31/2020 | 175,000 | 174,924 | ||||||
1.625%, 07/31/2020 | 25,000 | 24,999 | ||||||
2.000%, 07/31/2020 | 50,000 | 50,078 | ||||||
2.625%, 07/31/2020 | 150,000 | 150,612 | ||||||
1.375%, 08/31/2020 | 100,000 | 99,865 | ||||||
2.125%, 08/31/2020 | 150,000 | 150,352 | ||||||
2.000%, 09/30/2020 | 150,000 | 150,316 | ||||||
2.750%, 09/30/2020 | 325,000 | 327,075 | ||||||
1.750%, 11/15/2020 | 50,000 | 50,047 | ||||||
2.000%, 11/30/2020 | 140,000 | 140,373 | ||||||
2.750%, 11/30/2020 | 205,000 | 206,725 | ||||||
1.750%, 12/31/2020 | 200,000 | 200,282 | ||||||
2.375%, 12/31/2020 | 30,000 | 30,190 | ||||||
2.500%, 12/31/2020 | 240,000 | 241,751 | ||||||
1.626% (3 Month | ||||||||
U.S. Treasury Money | ||||||||
Market Yield + 0.115%), | ||||||||
01/31/2021 △ | 565,000 | 564,779 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR/SHARES | VALUE > | ||||||
1.650% (3 Month | ||||||||
U.S. Treasury | ||||||||
Money Market | ||||||||
Yield + 0.139%), | ||||||||
04/30/2021 △ | $ | 50,000 | $ | 49,968 | ||||
1.811% (3 Month | ||||||||
U.S. Treasury Money | ||||||||
Market Yield+0.300%), | ||||||||
10/31/2021 △ | 225,000 | 225,275 | ||||||
Total U.S. Treasury Debt | ||||||||
(Cost $2,937,482) | 2,937,482 | |||||||
Investment | ||||||||
Companies Ω – 1.0% | ||||||||
BlackRock Liquidity | ||||||||
Funds FedFund | ||||||||
Portfolio, Institutional | ||||||||
Class, 1.493% | 150,000,000 | 150,000 | ||||||
Deutsche Government | ||||||||
Money Market Series | ||||||||
Fund, Institutional | ||||||||
Class, 1.550% | 125,000,000 | 125,000 | ||||||
Goldman Sachs | ||||||||
Financial Square | ||||||||
Money Market | ||||||||
Fund, Institutional | ||||||||
Class, 1.462% | 125,000,000 | 125,000 | ||||||
Invesco Government | ||||||||
& Agency Portfolio, | ||||||||
Institutional Class, | ||||||||
1.496% | 100,000,000 | 100,000 | ||||||
Total Investment Companies | ||||||||
(Cost $500,000) | 500,000 | |||||||
U.S. Government | ||||||||
Agency Repurchase | ||||||||
Agreements – 8.2% | ||||||||
Bank of America | ||||||||
1.600%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $150,020 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 |
The accompanying notes are an integral part of the financial statements.
14 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
BNP Paribas SA | ||||||||
1.600%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $100,013 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $102,000) | $ | 100,000 | $ | 100,000 | ||||
Fixed Income Clearing Corp | ||||||||
1.590%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price | ||||||||
$1,625,215 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $1,657,504) | 1,625,000 | 1,625,000 | ||||||
Goldman Sachs & Co. LLC | ||||||||
1.590%, dated 02/11/2020, | ||||||||
matures 03/11/2020, | ||||||||
repurchase price | ||||||||
$500,640 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $510,000) | 500,000 | 500,000 | ||||||
HSBC Securities (USA) Inc. | ||||||||
1.600%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price | ||||||||
$550,073 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $561,075) | 550,000 | 550,000 | ||||||
ING Financial Markets LLC | ||||||||
1.600%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price | ||||||||
$100,013 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $102,000) | 100,000 | 100,000 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Societe Generale SA | ||||||||
1.600%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price | ||||||||
$125,017 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $127,500) | $ | 125,000 | $ | 125,000 | ||||
TD Securities (USA) LLC | ||||||||
1.600%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price | ||||||||
$900,120 | ||||||||
(collateralized by | ||||||||
various government | ||||||||
agency obligations: | ||||||||
Total market | ||||||||
value $918,000) | 900,000 | 900,000 | ||||||
Total U.S. Government Agency | ||||||||
Repurchase Agreements | ||||||||
(Cost $4,050,000) | 4,050,000 | |||||||
U.S. Treasury Repurchase | ||||||||
Agreements – 49.1% | ||||||||
Bank of Montreal | ||||||||
1.560%, dated | ||||||||
01/10/2020, matures | ||||||||
04/09/2020, repurchase | ||||||||
price $200,780 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,000) | 200,000 | 200,000 | ||||||
1.600%, dated | ||||||||
01/30/2020, matures | ||||||||
04/29/2020, repurchase | ||||||||
price $301,200 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $306,000) | 300,000 | 300,000 | ||||||
Bank of Nova Scotia | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $992,390 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $1,012,104) | 992,259 | 992,259 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 15 |
Schedule of Investments | February 29, 2020 (unaudited), |
all dollars are rounded to thousands (000 omitted) |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Barclays Capital Inc. | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $250,033 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $255,000) | $ | 250,000 | $ | 250,000 | ||||
BNP Paribas SA | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $100,013 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $102,000) | 100,000 | 100,000 | ||||||
1.600%, dated | ||||||||
01/02/2020, matures | ||||||||
04/02/2020, repurchase | ||||||||
price $953,842 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $969,000) | 950,000 | 950,000 | ||||||
1.570%, dated | ||||||||
01/06/2020, matures | ||||||||
04/06/2020, repurchase | ||||||||
price $426,687 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $433,500) | 425,000 | 425,000 | ||||||
1.570%, dated | ||||||||
01/08/2020, matures | ||||||||
04/08/2020, repurchase | ||||||||
price $501,984 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $510,000) | 500,000 | 500,000 | ||||||
1.600%, dated | ||||||||
02/07/2020, matures | ||||||||
05/07/2020, repurchase | ||||||||
price $828,300 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $841,500) | 825,000 | 825,000 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.570%, dated | ||||||||
01/13/2020, matures | ||||||||
05/13/2020, repurchase | ||||||||
price $502,638 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $510,000) | $ | 500,000 | $ | 500,000 | ||||
1.580%, dated | ||||||||
01/14/2020, matures | ||||||||
05/14/2020, repurchase | ||||||||
price $175,929 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $178,500) | 175,000 | 175,000 | ||||||
1.580%, dated | ||||||||
01/14/2020, matures | ||||||||
05/14/2020, repurchase | ||||||||
price $351,859 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,000) | 350,000 | 350,000 | ||||||
Canadian Imperial Bank | ||||||||
of Commerce | ||||||||
1.560%, dated | ||||||||
01/21/2020, matures | ||||||||
03/17/2020, repurchase | ||||||||
price $350,849 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,634) | 350,000 | 350,000 | ||||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/18/2020, repurchase | ||||||||
price $100,097 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $102,027) | 100,000 | 100,000 | ||||||
1.590%, dated | ||||||||
01/30/2020, matures | ||||||||
03/19/2020, repurchase | ||||||||
price $501,082 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $510,721) | 500,000 | 500,000 |
The accompanying notes are an integral part of the financial statements.
16 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.590%, dated | ||||||||
02/24/2020, matures | ||||||||
04/03/2020, repurchase | ||||||||
price $350,603 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,110) | $ | 350,000 | $ | 350,000 | ||||
1.590%, dated | ||||||||
02/06/2020, matures | ||||||||
04/03/2020, repurchase | ||||||||
price $401,007 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $408,451) | 400,000 | 400,000 | ||||||
1.570%, dated | ||||||||
01/22/2020, matures | ||||||||
04/08/2020, repurchase | ||||||||
price $225,756 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $229,900) | 225,000 | 225,000 | ||||||
1.600%, dated | ||||||||
02/03/2020, matures | ||||||||
05/04/2020, repurchase | ||||||||
price $200,809 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,254) | 200,000 | 200,000 | ||||||
1.600%, dated | ||||||||
02/07/2020, matures | ||||||||
05/06/2020, repurchase | ||||||||
price $451,780 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $459,490) | 450,000 | 450,000 | ||||||
Credit Agricole Corporate | ||||||||
& Investment Bank | ||||||||
1.570%, dated | ||||||||
02/24/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $450,137 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $459,000) | 450,000 | 450,000 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.580%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $927,315 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $945,736) | $ | 927,192 | $ | 927,192 | ||||
1.580%, dated | ||||||||
02/27/2020, matures | ||||||||
03/05/2020, repurchase | ||||||||
price $300,092 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $306,000) | 300,000 | 300,000 | ||||||
1.600%, dated | ||||||||
12/10/2020, matures | ||||||||
03/10/2020, repurchase | ||||||||
price $527,123 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $535,500) | 525,000 | 525,000 | ||||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/25/2020, repurchase | ||||||||
price 350,445 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,000) | 350,000 | 350,000 | ||||||
Fixed Income Clearing Corp | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $2,225,295 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $2,269,500) | 2,225,000 | 2,225,000 | ||||||
1.610%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $700,094 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $715,184) | 700,000 | 700,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 17 |
Schedule of Investments | February 29, 2020 (unaudited), |
all dollars are rounded to thousands (000 omitted) |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.610%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $1,600,215 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $1,637,328) | $ | 1,600,000 | $ | 1,600,000 | ||||
HSBC Securities (USA) Inc. | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $325,043 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $331,544) | 325,000 | 325,000 | ||||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/03/2020, repurchase | ||||||||
price $700,215 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $714,188) | 700,000 | 700,000 | ||||||
ING Financial Markets LLC | ||||||||
1.600%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $100,018 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $102,128) | 100,005 | 100,005 | ||||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/03/2020, repurchase | ||||||||
price $350,108 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,000) | 350,000 | 350,000 | ||||||
1.580%, dated | ||||||||
02/26/2020, matures | ||||||||
03/04/2020, repurchase | ||||||||
price $150,046 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.580%, dated | ||||||||
02/27/2020, matures | ||||||||
03/05/2020, repurchase | ||||||||
price $200,061 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,000) | $ | 200,000 | $ | 200,000 | ||||
1.600%, dated | ||||||||
02/07/2020, matures | ||||||||
03/12/2020, repurchase | ||||||||
price $225,340 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $229,500) 8 | 225,000 | 225,000 | ||||||
JP Morgan Securities, LLC | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $150,020 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $153,020) | 150,000 | 150,000 | ||||||
1.590% (SOFR + 0.010%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/29/2020, | ||||||||
repurchase price $325,431 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $331,912) ∞ | 325,000 | 325,000 | ||||||
1.590% (SOFR + 0.010%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/29/2020, | ||||||||
repurchase price $300,398 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $306,381) r ∞ | 300,000 | 300,000 | ||||||
Mizuho Securities USA LLC | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $600,080 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $612,000) | 600,000 | 600,000 |
The accompanying notes are an integral part of the financial statements.
18 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
MUFG Securities Canada Ltd. | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $500,066 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $510,068) | $ | 500,000 | $ | 500,000 | ||||
1.580%, dated | ||||||||
02/27/2020, matures | ||||||||
03/05/2020, repurchase | ||||||||
price $300,092 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $306,054) | 300,000 | 300,000 | ||||||
RBC Dominion Securities Inc. | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $900,119 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $918,000) | 900,000 | 900,000 | ||||||
1.590%, dated | ||||||||
02/04/2020, matures | ||||||||
04/03/2020, repurchase | ||||||||
price $350,912 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,000) | 350,000 | 350,000 | ||||||
1.600%, dated | ||||||||
12/12/2019, matures | ||||||||
03/10/2020, repurchase | ||||||||
price $351,384 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,000) | 350,000 | 350,000 | ||||||
1.600%, dated | ||||||||
02/07/2020, matures | ||||||||
04/08/2020, repurchase | ||||||||
price $451,220 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $459,000) | 450,000 | 450,000 |
Government Obligations Fund (as restated, note 8) (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.590%, dated | ||||||||
02/20/2020, matures | ||||||||
04/20/2020, repurchase | ||||||||
price $300,795 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $306,000) | $ | 300,000 | $ | 300,000 | ||||
1.550%, dated | ||||||||
02/26/2020, matures | ||||||||
05/26/2020, repurchase | �� | |||||||
price $351,356 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,000) | 350,000 | 350,000 | ||||||
Societe Generale SA | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $200,027 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,000) | 200,000 | 200,000 | ||||||
1.600% (OBFR + 0.020%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/06/2020, | ||||||||
repurchase price | ||||||||
$1,125,350 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $1,147,500) 3 | 1,125,000 | 1,125,000 | ||||||
Societe Generale/NY | ||||||||
1.600%, dated | ||||||||
01/31/2020, matures | ||||||||
03/03/2020, repurchase | ||||||||
price $400,569 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $408,000) | 400,000 | 400,000 | ||||||
1.600%, dated | ||||||||
02/06/2020, matures | ||||||||
03/06/2020, repurchase | ||||||||
price $350,451 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $357,000) | 350,000 | 350,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 19 |
Schedule of Investments | February 29, 2020 (unaudited), |
all dollars are rounded to thousands (000 omitted) |
Government Obligations Fund
(as restated, note 8) (concl.)
VALUE > | ||||
Total U.S. Treasury | ||||
Repurchase Agreements | ||||
(Cost $24,219,456) | 24,219,456 | |||
Total Investments – 104.8% | ||||
(Cost $51,672,355) | 51,672,355 | |||
Other Assets and | ||||
Liabilities, Net – (4.8)% | (2,346,666 | ) | ||
Total Net Assets – 100.0% | $ | 49,325,689 |
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
∆ | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020. |
€ | Rate shown is the annualized yield as of February 29, 2020. |
★ | Security purchased on a when-issued basis. On February 29, 2020, the total cost of investments purchased on a when-issued basis was $261,000 or 0.5% of total net assets. |
Ω | The rate shown is the annualized seven-day yield as of February 29, 2020. |
∞ | Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $850,000 or 1.7% of total net assets. See note 2 in Notes to Financial Statements. |
Investment Abbreviations:
FCPR DLY – Federal Reserve Bank Prime Loan Rate
LIBOR – London Interbank Offered Rate
OBFR – Overnight Bank Funding Rate
SOFR – Secured Overnight Financing Rate
USD – U.S. Dollar
The accompanying notes are an integral part of the financial statements.
20 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Institutional Prime | ||||||||
Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Certificates of Deposit – 29.0% | ||||||||
Bancodel Estado de Chile/NY | ||||||||
1.958% (1 Month | ||||||||
LIBOR USD + 0.300%), | ||||||||
04/16/2020 △ | $ | 8,000 | $ | 8,003 | ||||
1.911% (1 Month | ||||||||
LIBOR USD + 0.240%), | ||||||||
07/10/2020 △ | 5,000 | 5,004 | ||||||
1.720% (SOFR + 0.140%), | ||||||||
08/26/2020 △ | 4,000 | 3,999 | ||||||
Bank of Montreal/Chicago | ||||||||
1.815% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
03/02/2020 △ | 5,000 | 5,000 | ||||||
1.825% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
04/03/2020 △ | 5,000 | 5,001 | ||||||
1.710% (1 Month | ||||||||
LIBOR USD + 0.060%), | ||||||||
08/14/2020 △ | 2,000 | 2,000 | ||||||
1.987% (3 Month | ||||||||
LIBOR USD + 0.100%), | ||||||||
12/07/2020 △ | 10,000 | 10,006 | ||||||
1.824% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
01/28/2021 △ | 7,000 | 7,000 | ||||||
1.801% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
02/04/2021 △ | 4,000 | 4,000 | ||||||
Bank of Nova Scotia/Houston | ||||||||
1.859% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
04/24/2020 △ | 6,000 | 6,002 | ||||||
1.865% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
08/03/2020 △ | 5,000 | 5,003 | ||||||
1.833% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
10/13/2020 △ | 5,000 | 5,003 | ||||||
1.910% (3 Month | ||||||||
LIBOR USD + 0.140%), | ||||||||
10/30/2020 △ | 1,500 | 1,501 | ||||||
Banque Nationale de | ||||||||
Paris/Chicago | ||||||||
1.931% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
04/08/2020 △ | 5,000 | 5,001 | ||||||
Canadian Imperial Bank | ||||||||
1.699% (1 Month | ||||||||
LIBOR USD + 0.070%), | ||||||||
08/20/2020 △ | 10,000 | 10,003 |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Cooperatieve Rabobank UA/NY | ||||||||
1.892% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
05/04/2020 △ | $ | 5,000 | $ | 5,002 | ||||
1.855% (1 Month | ||||||||
LIBOR USD + 0.200%), | ||||||||
08/03/2020 △ | 5,000 | 5,003 | ||||||
1.784% (3 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
08/14/2020 △ | 5,000 | 5,002 | ||||||
Credit Suisse/NY | ||||||||
2.105% (3 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
09/15/2020 △ | 10,000 | 10,009 | ||||||
1.760%(SOFR + 0.180%), | ||||||||
11/18/2020 △ | 5,000 | 4,999 | ||||||
HSBC Bank USA NA | ||||||||
2.002% (1 Month | ||||||||
LIBOR USD + 0.340%), | ||||||||
11/04/2020 △ | 5,000 | 5,008 | ||||||
1.875% (3 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
11/20/2020 △ | 5,000 | 5,005 | ||||||
Lloyds Bank Corp Markets/NY | ||||||||
1.972% (1 Month | ||||||||
LIBOR USD + 0.310%), | ||||||||
04/03/2020 △ | 7,000 | 7,002 | ||||||
Mitsubishi UFJ Trust & | ||||||||
Banking Corp/NY | ||||||||
1.928% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
05/05/2020 △ | 5,000 | 5,002 | ||||||
1.718% (3 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
05/27/2020 △ | 2,000 | 2,001 | ||||||
Mizuho Bank Ltd | ||||||||
1.863% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
04/30/2020 △ | 5,000 | 5,002 | ||||||
1.880% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
08/07/2020 △ | 2,000 | 2,002 | ||||||
1.778% (1 Month | ||||||||
LIBOR USD + 0.110%), | ||||||||
09/08/2020 △ | 5,000 | 5,002 | ||||||
National Australia Bank Ltd/NY | ||||||||
1.857% (3 Month | ||||||||
LIBOR USD + 0.120%), | ||||||||
11/06/2020 △ | 3,000 | 3,002 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 21 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Nordea Bank ABP/NY | ||||||||
1.849% (1 Month | ||||||||
LIBOR USD + 0.220%), | ||||||||
03/24/2020 △ | $ | 10,000 | $ | 10,002 | ||||
1.940% (1 Month | ||||||||
LIBOR USD + 0.270%), | ||||||||
07/07/2020 △ | 3,000 | 3,003 | ||||||
1.881% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
08/10/2020 △ | 5,000 | 5,004 | ||||||
1.780%, 01/15/2021 | 5,000 | 5,018 | ||||||
Royal Bank of Canada/NY | ||||||||
1.860% (U.S. Federal | ||||||||
Funds Effective | ||||||||
Rate + 0.280%), | ||||||||
04/24/2020 △ | 5,000 | 5,002 | ||||||
1.789% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
05/22/2020 △ | 5,000 | 5,002 | ||||||
Skandinavinska | ||||||||
Enskilda Bank/NY | ||||||||
1.853% (1 Month | ||||||||
LIBOR USD + 0.200%), | ||||||||
03/13/2020 △ | 5,000 | 5,001 | ||||||
1.781% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
05/11/2020 △ | 5,000 | 5,001 | ||||||
1.836% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
08/06/2020 △ | 4,000 | 4,002 | ||||||
1.780%, 09/15/2020 | 5,000 | 5,014 | ||||||
Sumitomo Mitsui Bank Corp/NY | ||||||||
1.789% (1 Month | ||||||||
LIBOR USD + 0.150%), | ||||||||
08/21/2020 △ | 7,000 | 7,003 | ||||||
1.772% (1 Month | ||||||||
LIBOR USD + 0.110%), | ||||||||
09/04/2020 △ | 5,000 | 5,001 | ||||||
Sumitomo Mitsui Trust/NY | ||||||||
1.735% (1 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
06/03/2020 △ | 10,000 | 10,001 | ||||||
1.705% (1 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
06/15/2020 △ | 10,000 | 10,001 | ||||||
1.697% (1 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
06/19/2020 △ | 5,000 | 5,000 | ||||||
Svenska Handelsbanken/NY | ||||||||
1.823% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
03/27/2020 △ | 10,000 | 10,002 |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.858% (1 Month | ||||||||
LIBOR USD + 0.190%), | ||||||||
05/05/2020 △ | $ | 5,000 | $ | 5,002 | ||||
1.818% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
05/18/2020 △ | 5,000 | 5,001 | ||||||
2.003% (3 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
10/16/2020 △ | 2,000 | 2,002 | ||||||
1.693% (1 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
11/30/2020 △ | 5,000 | 5,001 | ||||||
Toronto Dominion Bank/NY | ||||||||
1.842% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
06/03/2020 △ | 5,000 | 5,000 | ||||||
1.930% (U.S. Federal | ||||||||
Funds Effective | ||||||||
Rate + 0.350%), | ||||||||
08/07/2020 △ | 5,000 | 5,006 | ||||||
2.009% (3 Month | ||||||||
LIBOR USD + 0.100%), | ||||||||
01/04/2021 △ | 5,000 | 5,003 | ||||||
Wells Fargo Bank NA | ||||||||
1.851% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
04/08/2020 △ | 8,000 | 8,001 | ||||||
1.838% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
06/05/2020 △ | 3,000 | 3,001 | ||||||
2.016% (1 Month | ||||||||
LIBOR USD + 0.350%), | ||||||||
11/06/2020 △ | 6,000 | 6,010 | ||||||
2.050% (3 Month | ||||||||
LIBOR USD + 0.150%), | ||||||||
01/15/2021 △ | 10,000 | 10,005 | ||||||
2.020% (3 Month | ||||||||
LIBOR USD + 0.120%), | ||||||||
02/05/2021 △ | 5,000 | 5,000 | ||||||
Westpac Banking Corp/NY | ||||||||
1.869% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
09/21/2020 △ | 10,000 | 10,009 | ||||||
2.037% (3 Month | ||||||||
LIBOR USD + 0.150%), | ||||||||
12/14/2020 △ | 10,000 | 10,010 | ||||||
Total Certificates of Deposit | ||||||||
(Cost $334,500) | 334,675 |
The accompanying notes are an integral part of the financial statements.
22 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Asset Backed | ||||||||
Commercial Paper – 20.2% | ||||||||
Alpine Securitization LLC | ||||||||
1.905% (1 Month | ||||||||
LIBOR USD + 0.250%), | ||||||||
04/01/2020 △ ■ | $ | 6,000 | $ | 6,001 | ||||
1.920%, 05/20/2020 ■ | 6,000 | 6,005 | ||||||
1.680%, 08/10/2020 ■ | 1,000 | 1,001 | ||||||
CAFCO LLC | ||||||||
1.876%, 03/05/2020 ■ € | 5,000 | 4,999 | ||||||
1.622%, 03/10/2020 ■ € | 10,000 | 9,995 | ||||||
Chariot Funding LLC | ||||||||
1.673%, 07/13/2020 ■ € | 10,000 | 9,942 | ||||||
Fairway Finance Corp | ||||||||
1.876%, 05/04/2020 ■ € | 2,600 | 2,592 | ||||||
1.663%, 07/27/2020 ■ € | 10,000 | 9,934 | ||||||
Kells Funding LLC | ||||||||
2.078%, 03/23/2020 ■ € | 8,000 | 7,992 | ||||||
1.703%, 05/26/2020 € | 5,000 | 4,981 | ||||||
1.673%, 06/05/2020 € | 10,000 | 9,958 | ||||||
1.673%, 06/08/2020 ■ € | 10,000 | 9,957 | ||||||
1.612%, 07/27/2020 € | 14,000 | 13,914 | ||||||
Liberty Street Funding LLC | ||||||||
1.795%, 04/30/2020 ■ € | 2,500 | 2,493 | ||||||
Longship Funding LLC | ||||||||
1.602%, 03/02/2020 ■ € | 7,000 | 6,999 | ||||||
1.612%, 03/05/2020 ■ € | 20,000 | 19,995 | ||||||
1.673%, 03/19/2020 ■ € | 10,000 | 9,991 | ||||||
Manhattan Asset Funding Co | ||||||||
1.602%, 03/04/2020 ■ € | 25,000 | 24,994 | ||||||
1.622%, 03/20/2020 ■ € | 10,000 | 9,991 | ||||||
Nieuw Amsterdam Receivables | ||||||||
1.623%, 03/04/2020 ■ € | 6,250 | 6,249 | ||||||
1.592%, 03/06/2020 ■ € | 10,000 | 9,997 | ||||||
Old Line Funding LLC | ||||||||
1.876% (3 Month | ||||||||
LIBOR USD + 0.070%), | ||||||||
04/23/2020 △ ■ | 11,000 | 11,000 | ||||||
1.754%, 08/03/2020 ■ € | 10,000 | 9,933 | ||||||
1.740% (U.S. Federal | ||||||||
Funds Effective | ||||||||
Rate + 0.160%), | ||||||||
08/04/2020 △ ■ | 5,000 | 5,001 | ||||||
1.769% (1 Month | ||||||||
LIBOR USD + 0.140%), | ||||||||
10/22/2020 △ ■ | 5,000 | 5,000 | ||||||
Starbird Funding Corp | ||||||||
1.868% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
03/18/2020 △ ■ | 4,000 | 4,001 |
|
Institutional Prime | ||||||||
Obligations Fund – (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Thunder Bay Funding LLC | ||||||||
1.795%,07/06/2020 ■ € | $ | 5,000 | $ | 4,974 | ||||
1.815%, 07/20/2020 ■ € | 5,000 | 4,969 | ||||||
Total Asset Backed | ||||||||
Commercial Paper | ||||||||
(Cost $232,824) | 232,858 | |||||||
Financial Company | ||||||||
Commercial Paper – 16.0% | ||||||||
ASB Finance Ltd/London | ||||||||
1.871% (1 Month | ||||||||
LIBOR USD + 0.200%), | ||||||||
05/08/2020 △ ■ | 5,000 | 5,002 | ||||||
Banco del Estado de Chile/NY | ||||||||
1.937%, 06/30/2020 ■ € | 5,000 | 4,975 | ||||||
1.754%, 07/28/2020 ■ € | 5,000 | 4,970 | ||||||
1.693%, 08/10/2020 ■ € | 5,000 | 4,968 | ||||||
Bank of Nova Scotia | ||||||||
1.940% (3 Month | ||||||||
LIBOR USD + 0.090%), | ||||||||
02/16/2021 △ ■ | 7,000 | 7,000 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
2.007% (3 Month | ||||||||
LIBOR USD + 0.120%), | ||||||||
12/04/2020 △ ■ | 10,000 | 10,007 | ||||||
Commonwealth Bank of Australia | ||||||||
1.809% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
04/24/2020 △ ■ | 5,000 | 5,001 | ||||||
1.924% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
10/08/2020 △ ■ | 5,000 | 5,001 | ||||||
1.824% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
01/22/2021 △ ■ | 5,000 | 5,001 | ||||||
ING (US) Funding LLC | ||||||||
1.906%, 04/17/2020 ■ € | 4,000 | 3,992 | ||||||
1.976% (1 Month | ||||||||
LIBOR USD + 0.310%), | ||||||||
07/06/2020 △ ■ | 10,000 | 10,010 | ||||||
JP Morgan Securities, LLC | ||||||||
1.807% (1 Month L | ||||||||
IBOR USD + 0.160%), | ||||||||
10/20/2020 △ | 10,000 | 10,004 | ||||||
Lloyds Bank PLC | ||||||||
1.977%, 04/20/2020 € | 3,000 | 2,993 | ||||||
Macquarie Bank Ltd | ||||||||
1.926%, 03/03/2020 ■ € | 5,000 | 4,999 | ||||||
1.906%, 03/09/2020 ■ € | 3,000 | 2,999 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 23 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.862% (3 Month | ||||||||
LIBOR USD + 0.120%), | ||||||||
05/07/2020 △ ■ | $ | 2,000 | $ | 2,001 | ||||
MUFG Bank Ltd/NY | ||||||||
1.906%, 04/01/2020 € | 5,000 | 4,993 | ||||||
National Australia Bank Ltd | ||||||||
1.825% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
04/02/2020 △ ■ | 7,000 | 7,001 | ||||||
1.841% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
05/08/2020 △ ■ | 5,000 | 5,000 | ||||||
1.907% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
06/19/2020 △ ■ | 7,000 | 7,005 | ||||||
Nederlandse Waterschaps | ||||||||
2.044%, 03/02/2020 ■ € | 17,500 | 17,498 | ||||||
1.612%, 05/27/2020 ■ € | 10,000 | 9,960 | ||||||
OntarioTeachers’FinanceTrust | ||||||||
1.957%, 03/27/2020 ■ € | 2,000 | 1,998 | ||||||
1.947%, 04/17/2020 ■ € | 9,000 | 8,981 | ||||||
Sumitomo Mitsui Trust/NY | ||||||||
1.937%, 04/13/2020 ■ € | 5,000 | 4,990 | ||||||
1.957%, 04/17/2020 ■ € | 3,000 | 2,994 | ||||||
Suncorp Metway Ltd | ||||||||
1.947%, 04/27/2020 ■ € | 8,000 | 7,978 | ||||||
1.926%, 05/11/2020 ■ € | 2,200 | 2,192 | ||||||
Svenska Handelsbanken AB | ||||||||
1.916%, 04/20/2020 ■ € | 5,000 | 4,989 | ||||||
Toronto Dominion Bank | ||||||||
1.739% (1 Month | ||||||||
LIBOR USD + 0.100%), | ||||||||
11/17/2020 △ ■ | 10,000 | 10,003 | ||||||
Total Financial Company | ||||||||
Commercial Paper | ||||||||
(Cost $184,436) | 184,505 | |||||||
Non-Negotiable | ||||||||
Time Deposits – 6.5% | ||||||||
Credit Agricole Corporate & | ||||||||
Investment Bank, | ||||||||
Toronto Branch | ||||||||
1.570%, 03/02/2020 | 50,000 | 50,000 | ||||||
DnB Bank ASA, | ||||||||
Cayman Islands | ||||||||
Branch 1.550%, | ||||||||
03/02/2020 | 25,000 | 25,000 | ||||||
Total Non-Negotiable | ||||||||
Time Deposits | ||||||||
(Cost $75,000) | 75,000 |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Non-Financial Company | ||||||||
Commercial Paper – 5.2% | ||||||||
Exxon Mobil Corp | ||||||||
1.602%, 06/29/2020 € | $ | 2,025 | $ | 2,015 | ||||
Novartis Finance Corp | ||||||||
1.572%, 05/18/2020 ■ € | 10,000 | 9,967 | ||||||
Total Capital Canada Ltd | ||||||||
1.602%, 03/02/2020 ■ € | 10,000 | 9,999 | ||||||
Toyota FinanceAustralia Ltd | ||||||||
1.875% (3 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
10/23/2020 △ | 10,000 | 10,003 | ||||||
Toyota Motor Credit Corp | ||||||||
1.855% (1 Month | ||||||||
LIBOR USD + 0.200%), | ||||||||
03/02/2020 △ | 7,000 | 7,000 | ||||||
1.838% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
04/09/2020 △ | 5,000 | 5,001 | ||||||
1.935% (1 Month | ||||||||
LIBOR USD + 0.280%), | ||||||||
06/26/2020 △ | 5,000 | 5,004 | ||||||
1.779% (3 Month | ||||||||
LIBOR USD + 0.100%), | ||||||||
08/21/2020 △ | 7,000 | 7,003 | ||||||
Toyota Motor Finance | ||||||||
Netherlands BV | ||||||||
1.880% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
05/07/2020 △ | 4,000 | 4,002 | ||||||
Total Non-Financial Company | ||||||||
Commercial Paper | ||||||||
(Cost $59,980) | 59,994 | |||||||
Variable Rate Demand | ||||||||
Notes # – 1.1% | ||||||||
Broward County, Florida, | ||||||||
Embraer Aircraft Holding Inc | ||||||||
Project, Series 2007B | ||||||||
(LOC: Citibank) | ||||||||
1.590%, 03/06/2020 | 5,500 | 5,500 | ||||||
Massachusetts Development | ||||||||
Finance Agency, Babson | ||||||||
College Issue, Series 2008B | ||||||||
(LOC: Bank of America) | ||||||||
1.600%, 03/06/2020 | 7,360 | 7,360 | ||||||
Total Variable Rate | ||||||||
Demand Notes | ||||||||
(Cost $12,860) | 12,860 |
The accompanying notes are an integral part of the financial statements.
24 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Other Instruments – 0.8% | ||||||||
Bank of America NA | ||||||||
1.845% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
05/11/2020 △ | $ | 5,000 | $ | 5,001 | ||||
Chevron Corp | ||||||||
2.116% (3 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
03/03/2020 △ | 3,675 | 3,675 | ||||||
Commonwealth Bank of Australia | ||||||||
2.340% (3 Month | ||||||||
LIBOR USD + 0.450%), | ||||||||
03/10/2020 △ ■ | 205 | 205 | ||||||
Exxon Mobil Corp | ||||||||
1.912%, 03/06/2020 | 1,000 | 1,000 | ||||||
Total Other Instruments | ||||||||
(Cost $9,880) | 9,881 | |||||||
Other Repurchase | ||||||||
Agreements – 21.1% | ||||||||
BNP Paribas SA | ||||||||
1.770% (OBFR + 0.190%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $25,004 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $26,250) △ | 25,000 | 25,000 | ||||||
1.950% (OBFR + 0.370%), | ||||||||
dated 02/28/2020, | ||||||||
matures 05/28/2020, | ||||||||
repurchase price $15,073 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $15,750) △ ¥ | 15,000 | 15,000 | ||||||
BofA Securities Inc. | ||||||||
1.960% (OBFR + 0.380%), | ||||||||
dated 02/28/2020, | ||||||||
matures 04/03/2020, | ||||||||
repurchase price $10,019 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $10,500) △ ¥ | 10,000 | 10,000 | ||||||
Credit Suisse Securities (USA) LLC | ||||||||
1.730% (OBFR + 0.150%), | ||||||||
dated 02/25/2020, | ||||||||
matures 03/03/2020, | ||||||||
repurchase price$26,009 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $27,308) △ | 26,000 | 26,000 |
|
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
HSBC Securities (USA) Inc. | ||||||||
1.680% (OBFR + 0.100%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $16,002 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $16,802) △ | $ | 16,000 | $ | 16,000 | ||||
1.780% (OBFR + 0.200%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $7,001 | ||||||||
(collateralized by various | ||||||||
securities: Total market | �� | |||||||
value $7,351) △ | 7,000 | 7,000 | ||||||
ING Financial Markets LLC | ||||||||
1.680% (OBFR + 0.100%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $16,002 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $16,800) △ | 16,000 | 16,000 | ||||||
1.730% (OBFR + 0.150%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $26,004 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $27,300) △ | 26,000 | 26,000 | ||||||
JP Morgan Securities, LLC | ||||||||
1.785% (1 Month LIBOR | ||||||||
USD + 0.270%), dated | ||||||||
02/28/2020, matures | ||||||||
04/03/2020, repurchase | ||||||||
price $15,026 | ||||||||
(collateralized by | ||||||||
various securities: | ||||||||
Total market | ||||||||
value $15,773) △¥ | 15,000 | 15,000 | ||||||
MUFG Securities Americas Inc. | ||||||||
1.710% (OBFR + 0.130%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price$29,004 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $30,450) △ | 29,000 | 29,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 25 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Institutional Prime | ||||||||
Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Societe Generale SA | ||||||||
1.780% (OBFR + 0.200%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $59,009 | ||||||||
(collateralized by various | ||||||||
securities: Total market | ||||||||
value $61,950) △ | $ | 59,000 | $ | 59,000 | ||||
Total Other Repurchase | ||||||||
Agreements | ||||||||
(Cost $244,000) | 244,000 | |||||||
U.S. Treasury Repurchase | ||||||||
Agreements – 0.2% | ||||||||
Bank of Nova Scotia | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $1,041 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $1,061) | 1,041 | 1,041 | ||||||
Credit Agricole Corporate | ||||||||
& Investment Bank | ||||||||
1.580%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $973 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $992) | 972 | 972 | ||||||
Total U.S. Treasury | ||||||||
Repurchase Agreements | ||||||||
(Cost $2,013) | 2,013 | |||||||
Total Investments – 100.1% | ||||||||
(Cost $1,155,493) | 1,155,786 | |||||||
Other Assets and | ||||||||
Liabilities, Net - (0.1)% | (879 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,154,907 |
Institutional Prime
Obligations Fund (concl.)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
△ | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020. |
■ | 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, 2020, the value of these investments was $390,691 or 33.8% of total net assets. |
€ | Rate shown is the annualized yield as of February 29, 2020. |
# | Adjustable Rate Security – The rate is determined by the Remarketing Agent and resets periodically (daily, weekly, monthly, etc.). |
¥ | Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $40,000 or 3.5% of total net assets. See note 2 in Notes to Financial Statements. |
Investment Abbreviations: | |
LOC – Letter of Credit | |
LIBOR – London Interbank Offered Rate | |
OBFR – Overnight Bank Funding Rate | |
SOFR – Secured Overnight Financing Rate | |
USD – U.S. Dollar |
The accompanying notes are an integral part of the financial statements.
26 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Prime Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Certificates of Deposit – 33.0% | ||||||||
Banco del Estado de Chile/NY | ||||||||
1.908% (1 Month | ||||||||
LIBOR USD + 0.240%), | ||||||||
03/05/2020 △ | $ | 10,000 | $ | 10,000 | ||||
1.958% (1 Month | ||||||||
LIBOR USD + 0.300%), | ||||||||
04/16/2020 △ | 12,000 | 12,000 | ||||||
1.911% (1 Month | ||||||||
LIBOR USD + 0.240%), | ||||||||
07/10/2020△ | 10,000 | 10,000 | ||||||
1.908% (1 Month | ||||||||
LIBOR USD + 0.250%), | ||||||||
10/16/2020 △ | 5,000 | 5,000 | ||||||
Bank of Montreal/Chicago | ||||||||
1.815% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
03/02/2020 △ | 15,000 | 15,000 | ||||||
1.825% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
04/03/2020 △ | 10,000 | 10,000 | ||||||
1.710% (1 Month | ||||||||
LIBOR USD + 0.060%), | ||||||||
08/14/2020 △ | 5,000 | 5,000 | ||||||
1.950% (U.S. Federal | ||||||||
Funds Effective Rate + | ||||||||
0.370%), 09/08/2020 △ | 10,000 | 10,000 | ||||||
1.824% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
01/28/2021 △ | 8,000 | 8,000 | ||||||
1.801% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
02/04/2021 △ | 16,000 | 16,000 | ||||||
Bank of Nova Scotia/Houston | ||||||||
1.859% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
04/24/2020 △ | 6,000 | 6,000 | ||||||
1.929% (3 Month | ||||||||
LIBOR USD + 0.110%), | ||||||||
07/20/2020 △ | 15,000 | 15,000 | ||||||
1.833% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
10/13/2020 △ | 10,000 | 10,000 | ||||||
1.837% (3 Month | ||||||||
LIBOR USD + 0.130%), | ||||||||
11/13/2020 △ | 10,000 | 10,000 | ||||||
Banque Nationale de Paris/Chicago | ||||||||
1.931% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
04/08/2020 △ | 10,000 | 10,000 |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Canadian Imperial Bank | ||||||||
1.699% (1 Month | ||||||||
LIBOR USD + 0.070%), | ||||||||
08/20/2020 △ | $ | 20,000 | $ | 20,000 | ||||
Cooperatieve Rabobank UA/NY | ||||||||
1.892% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
05/04/2020 △ | 20,000 | 20,000 | ||||||
1.784% (3 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
08/14/2020 △ | 25,000 | 25,000 | ||||||
Credit Suisse/NY | ||||||||
1.760% (SOFR + 0.180%), | ||||||||
11/18/2020 △ | 15,000 | 15,000 | ||||||
HSBC Bank USA NA | ||||||||
1.888% (1 Month | ||||||||
LIBOR USD + 0.220%), | ||||||||
03/05/2020 △ | 15,000 | 15,000 | ||||||
2.002% (1 Month | ||||||||
LIBOR USD + 0.340%), | ||||||||
11/04/2020 △ | 15,000 | 15,000 | ||||||
1.875% (3 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
11/20/2020 △ | 10,000 | 10,000 | ||||||
Mitsubishi UFJ Trust & | ||||||||
Banking Corp/NY | ||||||||
1.928% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
05/05/2020 △ | 5,000 | 5,000 | ||||||
1.736% (1 Month | ||||||||
LIBOR USD + 0.120%), | ||||||||
05/26/2020 △ | 5,000 | 5,000 | ||||||
1.718% (3 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
05/27/2020 △ | 6,000 | 6,000 | ||||||
Mizuho Bank Ltd/NY | ||||||||
2.161% (3 Month | ||||||||
LIBOR USD + 0.330%), | ||||||||
04/15/2020 △ | 5,000 | 5,002 | ||||||
1.863% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
04/30/2020 △ | 15,000 | 15,000 | ||||||
1.880% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
08/07/2020 △ | 20,000 | 20,000 | ||||||
1.778% (1 Month | ||||||||
LIBOR USD + 0.110%), | ||||||||
09/08/2020 △ | 10,000 | 10,000 | ||||||
National Australia Bank Ltd/NY | ||||||||
1.857% (3 Month | ||||||||
LIBOR USD + 0.120%), | ||||||||
11/06/2020 △ | 10,000 | 10,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 27 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Nordea Bank ABP/NY | ||||||||
1.849% (1 Month | ||||||||
LIBOR USD + 0.220%), | ||||||||
03/24/2020 △ | $ | 15,000 | $ | 15,000 | ||||
1.940% (1 Month | ||||||||
LIBOR USD + 0.270%), | ||||||||
07/07/2020 △ | 6,000 | 6,000 | ||||||
1.881% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
08/10/2020 △ | 9,000 | 9,000 | ||||||
1.780%, 01/15/2021 | 10,000 | 10,000 | ||||||
Royal Bank of Canada/NY | ||||||||
1.860% (U.S. Federal | ||||||||
Funds Effective Rate + | ||||||||
0.280%), 04/24/2020 △ | 10,000 | 10,000 | ||||||
1.789% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
05/22/2020 △ | 10,000 | 10,000 | ||||||
1.871% (1 Month | ||||||||
LIBOR USD + 0.200%), | ||||||||
07/10/2020 △ | 5,000 | 5,000 | ||||||
Skandinavinska Enskilda Bank/NY | ||||||||
1.781% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
05/11/2020 △ | 10,000 | 10,000 | ||||||
1.836% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
08/06/2020 △ | 16,000 | 16,001 | ||||||
1.780%, 09/15/2020 | 15,000 | 15,000 | ||||||
Sumitomo Mitsui Bank Corp/NY | ||||||||
1.925% (1 Month | ||||||||
LIBOR USD + 0.270%), | ||||||||
05/01/2020 △ | 15,000 | 15,000 | ||||||
1.916% (1 Month | ||||||||
LIBOR USD + 0.250%), | ||||||||
05/06/2020 △ | 10,000 | 10,000 | ||||||
2.030% (3 Month | ||||||||
LIBOR USD + 0.070%), | ||||||||
06/30/2020 △ | 20,000 | 20,000 | ||||||
1.789% (1 Month | ||||||||
LIBOR USD + 0.150%), | ||||||||
08/21/2020 △ | 10,000 | 10,000 | ||||||
1.772% (1 Month | ||||||||
LIBOR USD + 0.110%), | ||||||||
09/04/2020 △ | 10,000 | 10,000 | ||||||
Sumitomo Mitsui Trust/NY | ||||||||
1.765% (3 Month | ||||||||
LIBOR USD + 0.070%), | ||||||||
05/20/2020 △ | 11,000 | 11,000 | ||||||
1.735% (1 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
06/03/2020 △ | 10,000 | 10,000 |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
1.735% (1 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
06/15/2020 △ | $ | 20,000 | $ | 20,000 | ||||
1.697% (1 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
06/19/2020 △ | 10,000 | 10,000 | ||||||
Svenska Handelsbanken/NY | ||||||||
1.823% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
03/27/2020 △ | 20,000 | 20,000 | ||||||
1.818% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
05/18/2020 △ | 20,000 | 20,000 | ||||||
2.003% (3 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
10/16/2020 △ | 5,000 | 5,000 | ||||||
1.844% (3 Month | ||||||||
LIBOR USD + 0.110%), | ||||||||
11/09/2020 △ | 20,000 | 20,000 | ||||||
Toronto Dominion Bank/NY | ||||||||
2.000%, 03/17/2020 | 25,000 | 25,000 | ||||||
1.842% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
06/03/2020 △ | 20,000 | 20,000 | ||||||
1.910% (U.S. Federal | ||||||||
Funds Effective | ||||||||
Rate + 0.330%), | ||||||||
08/17/2020 △ | 5,000 | 5,000 | ||||||
2.009% (3 Month | ||||||||
LIBOR USD + 0.100%), | ||||||||
01/04/2021 △ | 10,000 | 10,000 | ||||||
Wells Fargo Bank NA | ||||||||
1.851% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
04/08/2020 △ | 7,000 | 7,000 | ||||||
1.838% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
06/05/2020 △ | 6,000 | 6,000 | ||||||
1.851% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
06/08/2020 △ | 12,000 | 12,000 | ||||||
2.016% (1 Month | ||||||||
LIBOR USD + 0.350%), | ||||||||
11/06/2020 △ | 6,000 | 6,000 | ||||||
2.050% (3 Month | ||||||||
LIBOR USD + 0.150%), | ||||||||
01/15/2021 △ | 20,000 | 20,000 | ||||||
2.020% (3 Month | ||||||||
LIBOR USD + 0.120%), | ||||||||
02/05/2021 △ | 20,000 | 20,000 | ||||||
Westpac Banking Corp/NY | ||||||||
1.869% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
09/21/2020 △ | 25,000 | 25,000 |
The accompanying notes are an integral part of the financial statements.
28 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
2.037% (3 Month | ||||||||
LIBOR USD + 0.150%), | ||||||||
12/14/2020 △ | $ | 20,000 | $ | 20,000 | ||||
Total Certificates of Deposit | ||||||||
(Cost $811,003) | 811,003 | |||||||
Financial Company | ||||||||
Commercial Paper – 13.6% | ||||||||
ANZ New Zealand International Ltd | ||||||||
1.899% (3 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
01/15/2021 △ ■ | 10,000 | 10,000 | ||||||
Australia and New Zealand | ||||||||
Banking Group | ||||||||
1.748% (3 Month | ||||||||
LIBOR USD + 0.110%), | ||||||||
11/27/2020 △ ■ | 18,000 | 18,000 | ||||||
Banco del Estado de Chile/NY | ||||||||
1.937%, 06/30/2020 ■ € | 20,000 | 19,872 | ||||||
1.754%, 07/28/2020 ■ € | 10,000 | 9,928 | ||||||
1.693%, 08/10/2020 ■ € | 5,000 | 4,962 | ||||||
Bank of Nova Scotia | ||||||||
1.773% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
05/27/2020 △ ■ | 10,000 | 10,000 | ||||||
1.940% (3 Month | ||||||||
LIBOR USD + 0.090%), | ||||||||
02/16/2021 △ ■ | 20,000 | 20,000 | ||||||
Commonwealth Bank of Australia | ||||||||
1.809% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
04/24/2020 △ ■ | 10,000 | 10,000 | ||||||
1.924% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
10/08/2020 △ ■ | 15,000 | 15,000 | ||||||
HSBC USA Inc | ||||||||
1.790% (1 Month | ||||||||
LIBOR USD + 0.130%), | ||||||||
08/03/2020 △ ■ | 10,000 | 10,001 | ||||||
1.815% (1 Month | ||||||||
LIBOR USD + 0.160%), | ||||||||
11/03/2020 △ ■ | 10,000 | 10,000 | ||||||
ING (US) Funding LLC | ||||||||
1.906%, 04/17/2020 ■ € | 6,000 | 5,985 | ||||||
1.976% (1 Month | ||||||||
LIBOR USD + 0.310%), | ||||||||
07/06/2020 △ ■ | 20,000 | 20,000 | ||||||
JP Morgan Securities, | ||||||||
2.028% (1 Month | ||||||||
LIBOR USD + 0.370%), | ||||||||
10/15/2020 △ ■ | 4,000 | 4,000 |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Lloyds Bank PLC | ||||||||
1.977%, 04/20/2020 € | $ | 22,000 | $ | 21,940 | ||||
MUFG Bank Ltd/NY | ||||||||
1.906%, 04/01/2020 € | 10,000 | 9,984 | ||||||
National Australia Bank Ltd | ||||||||
1.825% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
04/02/2020 △ ■ | 15,000 | 15,000 | ||||||
1.841% (1 Month | ||||||||
LIBOR USD + 0.170%), | ||||||||
05/08/2020 △ ■ | 10,000 | 10,000 | ||||||
1.907% (1 Month | ||||||||
LIBOR USD + 0.260%), | ||||||||
06/19/2020 △ ■ | 15,000 | 15,000 | ||||||
Nederlandse Waterschaps | ||||||||
1.693%, 05/04/2020 ■ € | 10,000 | 9,970 | ||||||
Ontario Teachers’ Finance Trust | ||||||||
1.947%, 04/17/2020 ■ € | 16,000 | 15,960 | ||||||
Sumitomo Mitsui Trust/NY | ||||||||
1.937%, 04/13/2020 ■ € | 4,000 | 3,991 | ||||||
1.957%, 04/17/2020 ■ € | 7,000 | 6,982 | ||||||
Suncorp Metway Ltd | ||||||||
1.926%, 04/21/2020 ■ € | 10,000 | 9,973 | ||||||
1.947%, 04/27/2020 ■ € | 2,000 | 1,994 | ||||||
1.906%, 05/18/2020 ■ € | 15,000 | 14,939 | ||||||
Svenska Handelsbanken AB/NY | ||||||||
1.876%, 03/18/2020 ■ € | 2,695 | 2,693 | ||||||
Toronto Dominion Bank | ||||||||
1.739% (1 Month | ||||||||
LIBOR USD + 0.100%), | ||||||||
11/17/2020 △ ■ | 15,000 | 15,000 | ||||||
Westpac Securities NZ | ||||||||
Limited/London | ||||||||
1.928% (3 Month | ||||||||
LIBOR USD + 0.050%), | ||||||||
04/09/2020 △ ■ | 12,000 | 12,001 | ||||||
Total Financial Company | ||||||||
Commercial Paper | ||||||||
(Cost $333,175) | 333,175 | |||||||
Non-Negotiable | ||||||||
Time Deposits – 11.4% | ||||||||
Credit Agricole Corporate | ||||||||
& Investment Bank, | ||||||||
Toronto Branch | ||||||||
1.570%, 03/02/2020 | 68,719 | 68,719 | ||||||
DnB Bank ASA, Cayman | ||||||||
Islands Branch | ||||||||
1.550%, 03/02/2020 | 100,000 | 100,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 29 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Natixis SA, Cayman | ||||||||
Islands Branch | ||||||||
1.550%, 03/02/2020 | $ | 110,000 | $ | 110,000 | ||||
Total Non-Negotiable Time Deposits | ||||||||
(Cost $278,719) | 278,719 | |||||||
Asset Backed | ||||||||
Commercial Paper – 10.8% | ||||||||
Alpine Securitization LLC | ||||||||
1.905% (1 Month | ||||||||
LIBOR USD + 0.250%), | ||||||||
04/01/2020 △ ■ | 9,000 | 9,000 | ||||||
1.950%, 04/20/2020 ■ | 15,000 | 15,000 | ||||||
1.920%, 05/20/2020 ■ | 2,000 | 2,000 | ||||||
1.680%, 08/10/2020 ■ | 14,000 | 14,000 | ||||||
CAFCO LLC | ||||||||
1.886%, 05/11/2020 ■ € | 11,000 | 10,960 | ||||||
Chariot Funding LLC | ||||||||
1.673%, 07/13/2020 ■ € | 20,000 | 19,877 | ||||||
Fairway Finance Corp | ||||||||
1.886%, 04/27/2020 ■ € | 24,200 | 24,129 | ||||||
Kells Funding LLC | ||||||||
1.703%, 05/26/2020 € | 10,000 | 9,960 | ||||||
1.673%, 06/05/2020 € | 20,000 | 19,912 | ||||||
1.673%, 06/08/2020 ■ € | 15,000 | 14,932 | ||||||
1.612%, 07/27/2020 € | 36,000 | 35,765 | ||||||
Old Line Funding LLC | ||||||||
1.876% (3 Month | ||||||||
LIBOR USD + 0.070%), | ||||||||
04/23/2020 △ ■ | 6,000 | 6,000 | ||||||
1.754%, 08/03/2020 ■ € | 4,000 | 3,970 | ||||||
1.740% (U.S. Federal | ||||||||
Funds Effective | ||||||||
Rate + 0.160%), | ||||||||
08/04/2020 △ ■ | 25,000 | 25,000 | ||||||
1.769% (1 Month | ||||||||
LIBOR USD + 0.140%), | ||||||||
10/22/2020 △ ■ | 5,000 | 5,000 | ||||||
Starbird Funding Corp | ||||||||
1.868% (1 Month | ||||||||
LIBOR USD + 0.210%), | ||||||||
03/18/2020 △ ■ | 16,000 | 16,000 | ||||||
Thunder Bay Funding LLC | ||||||||
2.078%, 03/20/2020 ■ € | 5,000 | 4,995 | ||||||
1.795%, 07/06/2020 ■ € | 5,000 | 4,969 | ||||||
1.815%, 07/20/2020 ■ € | 25,000 | 24,825 | ||||||
Total Asset Backed | ||||||||
Commercial Paper | ||||||||
(Cost $266,294) | 266,294 |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Non-Financial Company | ||||||||
Commercial Paper – 3.5% | ||||||||
Toyota Finance Australia Ltd | ||||||||
1.875% (3 Month | ||||||||
LIBOR USD + 0.080%), | ||||||||
10/23/2020 △ | $ | 20,000 | $ | 20,000 | ||||
Toyota Motor Credit Corp | ||||||||
1.855% (1 Month | ||||||||
LIBOR USD + 0.200%), | ||||||||
03/02/2020 △ | 23,000 | 23,000 | ||||||
1.838% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
04/09/2020 △ | 15,000 | 15,000 | ||||||
1.935% (1 Month | ||||||||
LIBOR USD + 0.280%), | ||||||||
06/26/2020 △ | 10,000 | 10,000 | ||||||
1.779% (3 Month | ||||||||
LIBOR USD + 0.100%), | ||||||||
08/21/2020 △ | 10,000 | 10,000 | ||||||
Toyota Motor Finance | ||||||||
Netherlands BV | ||||||||
1.880% (1 Month | ||||||||
LIBOR USD + 0.230%), | ||||||||
05/07/2020 △ | 8,000 | 8,000 | ||||||
Total Non-Financial | ||||||||
Company Commercial Paper | ||||||||
(Cost $86,000) | 86,000 | |||||||
Other Instruments –1.2% | ||||||||
Bank of America NA | ||||||||
1.845% (1 Month | ||||||||
LIBOR USD + 0.180%), | ||||||||
05/11/2020 △ | 20,000 | 20,000 | ||||||
Nordea Bank ABP | ||||||||
2.083% (3 Month | ||||||||
LIBOR USD + 0.470%), | ||||||||
05/29/2020 △ ■ | 10,000 | 10,010 | ||||||
Total Other Instruments | ||||||||
(Cost $30,010) | 30,010 | |||||||
Variable Rate | ||||||||
Demand Note # – 0.6% | ||||||||
Mayor and City Council of | ||||||||
Baltimore, Maryland, | ||||||||
Baltimore City Parking | ||||||||
System Facilities, | ||||||||
Series 2008 | ||||||||
(LOC: Bank of America) | ||||||||
1.590%, 03/06/2020 | ||||||||
(Cost $13,900) | 13,900 | 13,900 |
The accompanying notes are an integral part of the financial statements.
30 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Prime Obligations Fund (cont.) | ||||||||
DESCRIPTION |
|
| PAR |
|
|
| VALUE ✇ | |
Other Repurchase |
|
|
|
|
|
|
| |
Agreements – 22.2% |
|
|
|
|
|
|
| |
Bank of America Securities Inc.1.900% (OBFR + 0.320%),dated 02/28/2020,matures 06/02/2020,repurchase price $25,125(collateralized by various securities: Total market value $26,251) △ ∞ |
| $ | 25,000 |
|
| $ | 25,000 | |
BNP Paribas SA1.770% (OBFR + 0.190%),dated 02/28/2020,matures 03/02/2020,repurchase price $80,012(collateralized by various securities: Total market value $84,000) △ |
|
| 80,000 |
|
|
| 80,000 | |
1.950% (OBFR + 0.370%),dated 02/28/2020,matures 05/28/2020,repurchase price $17,083(collateralized by various securities: Total market value $17,850) △ ∞ |
|
| 17,000 |
|
|
| 17,000 | |
Credit Suisse Securities (USA) LLC1.730% (OBFR + 0.150%),dated 02/25/2020,matures 03/03/2020,repurchase price $49,016(collateralized by various securities: Total market value $51,465) △ |
|
| 49,000 |
|
|
| 49,000 | |
1.815%, dated 02/28/2020,matures 04/03/2020,repurchase price $18,032(collateralized by various securities: Total market value $18,903) △ ∞ |
|
| 18,000 |
|
|
| 18,000 | |
HSBC Securities (USA) Inc.1.680% (OBFR + 0.100%),dated 02/28/2020,matures 03/02/2020,repurchase price $32,004(collateralized by various securities: Total market value $33,605) △ |
|
| 32,000 |
|
|
| 32,000 |
Retail Prime Obligations Fund (cont.) | |||||||||
DESCRIPTION |
|
| PAR |
|
|
| VALUE ✇ |
| |
1.780% (OBFR + 0.200%), dated 02/28/2020, matures 03/02/2020, repurchase price $14,002 (collateralized by various securities: Total market value $14,702) △ |
| $ | 14,000 |
|
| $ | 14,000 |
| |
ING Financial Markets LLC 1.680% (OBFR + 0.100%), dated 02/28/2020, matures 03/02/2020, repurchase price $39,005 (collateralized by various securities: Total market value $40,951) △ |
|
| 39,000 |
|
|
| 39,000 |
| |
1.730% (OBFR + 0.150%), dated 02/28/2020, matures 03/02/2020, repurchase price $55,008 (collateralized by various securities: Total market value $57,750) △ |
|
| 55,000 |
|
|
| 55,000 |
| |
JP Morgan Securities, LLC 1.785% (1 Month LIBOR USD + 0.270%), dated 02/28/2020, matures 04/03/2020, repurchase price $30,052 (collateralized by various securities: Total market value $31,547) △ ∞ |
|
| 30,000 |
|
|
| 30,000 |
| |
MUFG Securities Americas Inc. 1.710% (OBFR + 0.130%), dated 02/28/2020, matures 03/02/2020, repurchase price $62,009 (collateralized by various securities: Total market value $65,100) △ |
|
| 62,000 |
|
|
| 62,000 |
| |
Societe Generale SA 1.780% (OBFR + 0.200%), dated 02/28/2020, matures 03/02/2020, repurchase price $123,018 (collateralized by various securities: Total market value $129,151) △ |
|
| 123,000 |
|
|
| 123,000 |
| |
Total Other |
|
|
|
|
|
|
|
| |
Repurchase Agreements |
|
|
|
|
|
|
|
| |
(Cost $544,000) |
|
|
|
|
|
| 544,000 |
|
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 31 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Retail Prime Obligations Fund (cont.) | |||||||||
DESCRIPTION |
|
| PAR |
|
|
| VALUE ✇ |
| |
U.S. Treasury Repurchase |
|
|
|
|
|
|
|
| |
Agreements – 3.8% |
|
|
|
|
|
|
|
| |
Bank of Nova Scotia 1.590%, dated 02/28/2020, matures 03/02/2020, repurchase price $47,767 (collateralized by U.S. Treasury obligations: Total market value $48,716) |
| $ | 47,761 |
|
| $ | 47,761 |
| |
Credit Agricole Corporate &Investment Bank 1.580%, dated 02/28/2020, matures 03/02/2020, repurchase price $44,635 (collateralized by U.S. Treasury obligations: Total market value $45,522) |
|
| 44,629 |
|
|
| 44,629 |
| |
Total U.S. Treasury |
|
|
|
|
|
|
|
| |
Repurchase Agreements |
|
|
|
|
|
|
|
| |
(Cost $92,390) |
|
|
|
|
|
| 92,390 |
| |
Total Investments – 100.1% |
|
|
|
|
|
|
|
| |
(Cost $2,455,491) |
|
|
|
|
|
| 2,455,491 |
| |
Other Assets and Liabilities, Net - (0.1%) |
|
|
|
|
|
| (2,276 | ) | |
Total Net Assets – 100.0% |
|
|
|
|
| $ | 2,453,215 |
|
Retail Prime Obligations Fund (concl.) |
|
✇ | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
△ | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020. |
■ | 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, 2020, the value of these investments was $511,918 or 20.9% of total net assets. |
⊙ | Rate shown is the annualized yield as of February 29, 2020. |
# | Adjustable Rate Security – The rate is determined by the Remarketing Agent and resets periodically (daily, weekly, monthly, etc.). |
∞ | Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $90,000 or 3.7% of total net assets. See note 2 in Notes to Financial Statements. |
Investment Abbreviations:
LOC – Letter of Credit
LIBOR – London Interbank Offered Rate
OBFR – Overnight Bank Funding Rate
SOFR – Secured Overnight Financing Rate
USD – U.S. Dollar
The accompanying notes are an integral part of the financial statements.
32 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Tax Free
Obligations Fund
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Variable Rate |
|
|
|
|
|
|
Demand Notes # – 64.4% |
|
|
|
|
|
|
Alaska – 0.5% |
|
|
|
|
|
|
City of Valdez, Alaska, Exxon Pipeline Company Project, 1993 Series A 1.200%, 03/02/2020 |
| $ | 275 |
| $ | 275 |
City of Valdez, Alaska, Exxon Pipeline Company Project, 1993 Series C 1.200%, 03/02/2020 |
|
| 1,695 |
|
| 1,695 |
|
|
|
|
|
| 1,970 |
Arizona – 7.0% |
|
|
|
|
|
|
Arizona Health Facilities Authority, Banner Health, Series 2008G (LOC: Wells Fargo Bank) 1.140%, 03/06/2020 |
|
| 10,890 |
|
| 10,890 |
Arizona Health Facilities Authority, Catholic Healthcare West Loan Program, 2008 Series A (LOC: JPMorgan Chase Bank) 1.250%, 03/06/2020 |
|
| 9,000 |
|
| 9,000 |
Arizona Health Facilities Authority, Catholic Healthcare West Loan Program, 2008 Series B (LOC: Barclays Bank) 1.180%, 03/06/2020 |
|
| 10,000 |
|
| 10,000 |
|
|
|
|
|
| 29,890 |
Colorado – 0.5% |
|
|
|
|
|
|
Colorado Educational and Cultural Facilities Authority, National Jewish Federation Bond Program (LOC: Bank of America) 1.220%, 03/02/2020 |
|
| 150 |
|
| 150 |
Colorado Educational and Cultural Facilities Authority, National Jewish Federation Bond Program, Series B-5 (LOC: TD Bank) 1.220%, 03/02/2020 |
|
| 2,155 |
|
| 2,155 |
|
|
|
|
|
| 2,305 |
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
District of Columbia – 1.0% |
|
|
|
|
|
|
District of Columbia, Carnegie Endowment for International Peace Issue, Series 2006 (LOC: Wells Fargo Bank) 1.190%, 03/06/2020 |
| $ | 3,885 |
| $ | 3,885 |
District of Columbia, Medlantic/Helix Issue, Series 1998A (LOC: PNC Bank) 1.140%, 03/06/2020 |
|
| 575 |
|
| 575 |
|
|
|
|
|
| 4,460 |
Florida – 1.7% |
|
|
|
|
|
|
Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds, Series 2008 (LOC: TD Bank) 1.150%, 03/06/2020 |
|
| 4,355 |
|
| 4,355 |
Orange County Health Facilities Authority, The Nemours Foundation Project, Series 2009B (LOC: Northern Trust Company) 1.120%, 03/06/2020 |
|
| 2,885 |
|
| 2,885 |
|
|
|
|
|
| 7,240 |
Illinois – 15.1% |
|
|
|
|
|
|
Illinois Education Facilities Authority, Newberry Library, Series 1988 (LOC: Northern Trust Company) 1.250%, 03/06/2020 |
|
| 1,035 |
|
| 1,035 |
Illinois Finance Authority, Elmhurst Memorial Healthcare, Series 2008D (LOC: Bank of America) 1.180%, 03/06/2020 |
|
| 5,000 |
|
| 5,000 |
Illinois Finance Authority, Richard Driehaus Foundation, Series 2005 (LOC: Northern Trust Company) 1.210%, 03/06/2020 |
|
| 12,100 |
|
| 12,100 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 33 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
|
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Illinois Finance Authority, Steppenwolf Theatre Company Project, Series 2019 (LOC: Northern Trust Company) 1.150%, 03/06/2020 |
| $ | 18,000 |
| $ | 18,000 |
Illinois Finance Authority, The Carle Foundation, Series 2009C (LOC: Northern Trust Company) 1.150%, 03/06/2020 |
|
| 6,025 |
|
| 6,025 |
Illinois Finance Authority, The Latin School of Chicago Project, Series 2005A (LOC: JPMorgan Chase Bank) 1.250%, 03/06/2020 |
|
| 8,610 |
|
| 8,610 |
University of Illinois Health Services Facilities System Revenue Bonds, Series 1997B (LOC: Wells Fargo Bank) 1.250%, 03/06/2020 |
|
| 6,000 |
|
| 6,000 |
University of Illinois, UIC South Campus Development Project Revenue Refunding Bonds, Series 2008 (LOC: JPMorgan Chase Bank) 1.250%, 03/06/2020 |
|
| 7,530 |
|
| 7,530 |
|
|
|
|
|
| 64,300 |
Indiana – 0.5% |
|
|
|
|
|
|
Indiana Finance Authority, Parkview Health System Obligated Group, Series 2009C (LOC: Sumitomo Mitsui Banking Corp.) 1.150%, 03/06/2020 |
|
| 2,275 |
|
| 2,275 |
Kentucky – 3.3% |
|
|
|
|
|
|
Louisville/Jefferson County Metro Government, Norton Healthcare, Inc, Series 2011B (LOC: PNC Bank) 1.220%, 03/02/2020 |
|
| 8,625 |
|
| 8,625 |
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Louisville/Jefferson County Metro Government, Norton Healthcare, Inc, Series 2013C (LOC: PNC Bank) 1.150%, 03/06/2020 |
| $ | 5,350 |
| $ | 5,350 |
|
|
|
|
|
| 13,975 |
Louisiana – 4.8% |
|
|
|
|
|
|
Louisiana Public Facilities Authority, CHRISTUS Health, Series 2009B-2 (LOC: Bank of New York Mellon) 1.160%, 03/06/2020 |
|
| 5,100 |
|
| 5,100 |
Louisiana Public Facilities Authority, CHRISTUS Health, Series 2009B-3 (LOC: Bank of New York Mellon) 1.200%, 03/06/2020 |
|
| 3,125 |
|
| 3,125 |
Parish of St. James, Louisiana, Nustar Logistics, L.P. Project, Series 2010B (LOC: MUFG Bank LTD) 1.200%, 03/06/2020 |
|
| 12,070 |
|
| 12,070 |
|
|
|
|
|
| 20,295 |
Minnesota – 7.0% |
|
|
|
|
|
|
City of Minnetonka, The Cliffs at Ridgedale, Series 1995 (GTD: FNMA) 1.230%, 03/06/2020 |
|
| 8,150 |
|
| 8,150 |
Minneapolis and St. Paul Minnesota Housing and Redevelopment Authority, Allina Health C1 (LOC: Wells Fargo Bank) 1.140%, 03/06/2020 |
|
| 7,625 |
|
| 7,625 |
Minnesota Higher Education Facilities Authority, Macalester College, Series Five-Q 1.220%, 03/06/2020 |
|
| 8,525 |
|
| 8,525 |
The accompanying notes are an integral part of the financial statements.
34 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Minnesota Higher Education Facilities Authority, Macalester College, Series Three-Z 1.170%, 03/06/2020 |
| $ | 5,400 |
| $ | 5,400 |
|
|
|
|
|
| 29,700 |
Mississippi – 0.5% |
|
|
|
|
|
|
Mississippi Business Finance Corporation, Chevron U.S.A. Inc. Project, Series 2009B Chevron Corp 1.200%, 03/06/2020 |
|
| 1,310 |
|
| 1,310 |
Mississippi Business Finance Corporation, Coast Electric Power Association (SPA: Natural Rural Utilites Cooperative Finance Corp.) 1.350%, 05/01/2020 |
|
| 1,000 |
|
| 1,000 |
|
|
|
|
|
| 2,310 |
Nevada – 0.6% |
|
|
|
|
|
|
Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series 2008D-1 (LOC: Sumitomo Mitsui Banking Corp.) 1.160%, 03/06/2020 |
|
| 2,475 |
|
| 2,475 |
New York – 1.0% |
|
|
|
|
|
|
New York State Housing Finance Agency, Dock Street Housing Revenue Bonds, 2012 Series A (LOC: Wells Fargo Bank) 1.180%, 03/06/2020 |
|
| 200 |
|
| 200 |
The City of New York General Obligation Bonds, Series 2012A-4 (LOC: MUFG Bank LTD) 1.180%, 03/06/2020 |
|
| 4,200 |
|
| 4,200 |
|
|
|
|
|
| 4,400 |
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Ohio – 4.0% |
|
|
|
|
|
|
City of Blue Ash, Ursuline Academy of Cincinnati, Series 2008 (LOC: PNC Bank) 1.150%, 03/06/2020 |
| $ | 10,025 |
| $ | 10,025 |
County of Hamilton, Ohio, St. Xavier High School Project, Series 2003 (LOC: PNC Bank) 1.150%, 03/06/2020 |
|
| 2,550 |
|
| 2,550 |
State of Ohio, General Obligation Infrastructure Improvement Adjustable Rate Bonds, Series 2001B 1.130%, 03/06/2020 |
|
| 4,400 |
|
| 4,400 |
|
|
|
|
|
| 16,975 |
Rhode Island – 0.8% |
|
|
|
|
|
|
Rhode Island Health and Educational Building Corporation, Brown University Issue, 2005 Series A (SPA: HSBC Bank USA) 1.160%, 03/06/2020 |
|
| 3,550 |
|
| 3,550 |
Tennessee – 0.9% |
|
|
|
|
|
|
The Public Building Authority of Sevier County, Tennessee, Revenue Program B, Series V-C-1 (LOC: Smartbank) (GTD: FHLB) 1.180%, 03/06/2020 |
|
| 3,930 |
|
| 3,930 |
Texas – 4.8% |
|
|
|
|
|
|
City of Houston, Texas, Combined Utility System, Series 2004B-6 (LOC: Sumitomo Mitsui Banking Corp.) 1.150%, 03/06/2020 |
|
| 11,235 |
|
| 11,235 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 35 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
|
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Lower Neches Valley Authority Industrial Development Corporation, ExxonMobil Project, Series 2011 1.200%, 03/02/2020 |
| $ | 3,735 |
| $ | 3,735 |
Tarrant County Cultural Education Facilities Finance Corporation, Methodist Hospitals of Dallas Project, Series 2008A (LOC: TD Bank) 1.190%, 03/02/2020 |
|
| 5,490 |
|
| 5,490 |
|
|
|
|
|
| 20,460 |
Vermont – 0.8% |
|
|
|
|
|
|
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Care Project, Series 2004B (LOC: TD Bank) 1.140%, 03/06/2020 |
|
| 3,600 |
|
| 3,600 |
Virginia – 3.7% |
|
|
|
|
|
|
Industrial Development Authority of Loudoun County, Virginia, Howard Hughes Medical Institute Issue, Series 2003B 1.150%, 03/06/2020 |
|
| 8,615 |
|
| 8,615 |
Portsmouth Redevelopment & Housing Authority, Phoebus Square Apartments, Series 2008 (GTD: FHLMC) 1.160%, 03/06/2020 |
|
| 7,200 |
|
| 7,200 |
|
|
|
|
|
| 15,815 |
Washington – 0.7% |
|
|
|
|
|
|
Washington State Housing Finance Commission, Living Care Centers Project, Series 2000 (LOC: Wells Fargo Bank) 1.150%, 03/06/2020 |
|
| 2,870 |
|
| 2,870 |
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Wisconsin – 5.2% |
|
|
|
|
|
|
Public Finance Authority, WakeMed, Series 2019B (LOC: Barclays Bank) 1.190%, 03/06/2020 |
| $ | 22,000 |
| $ | 22,000 |
Total Variable Rate Demand Notes |
|
|
|
|
| 274,794 |
Tender Option |
|
|
|
|
|
|
Bonds ■ – 16.7% |
|
|
|
|
|
|
Tender Option Bond Trust Floaters, Series 2018 – XF2692 (LOC: Citibank) 1.170%, 03/06/2020 |
|
| 4,190 |
|
| 4,190 |
Tender Option Bond Trust Floaters, Series 2018 – XF2703 (LOC: Citibank) 1.180%, 03/06/2020 |
|
| 4,000 |
|
| 4,000 |
Tender Option Bond Trust Floaters, Series 2018 – XM0694 (LOC: Citibank) 1.180%, 03/06/2020 |
|
| 4,985 |
|
| 4,985 |
Tender Option Bond Trust Floaters, Series 2019 – BAML8004 (LOC: Bank of America) 1.230%, 03/06/2020 |
|
| 12,000 |
|
| 12,000 |
Tender Option Bond Trust Floaters, Series 2019 – C17 (LOC: Royal Bank of Canada) 1.190%, 03/06/2020 |
|
| 2,500 |
|
| 2,500 |
Tender Option Bond Trust Floaters, Series 2019 – E-130 (LOC: Royal Bank of Canada) 1.180%, 03/06/2020 |
|
| 10,000 |
|
| 10,000 |
Tender Option Bond Trust Floaters, Series 2019 – E134 (LOC: Royal Bank of Canada) 1.180%, 03/06/2020 |
|
| 2,500 |
|
| 2,500 |
The accompanying notes are an integral part of the financial statements.
36 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Tender Option Bond Trust Floaters, Series 2019 – G108 (LOC: Royal Bank of Canada) 1.180%, 03/06/2020 |
| $ | 4,750 |
| $ | 4,750 |
Tender Option Bond Trust Floaters, Series 2019 – G109 (LOC: Royal Bank of Canada) 1.350% (SIFMA Municipal Swap Index + 0.200%), 10/01/2020 ∞ ^ |
|
| 7,670 |
|
| 7,670 |
Tender Option Bond Trust Floaters, Series 2019 – G110 (LOC: Royal Bank of Canada) 1.330% (SIFMA Municipal Swap Index + 0.180%), 10/01/2020 ∞ ^ |
|
| 7,000 |
|
| 7,000 |
Tender Option Bond Trust Floaters, Series 2019 – ZF2777 (LOC: Citibank) 1.170%, 03/06/2020 |
|
| 7,500 |
|
| 7,500 |
Tender Option Bond Trust Floaters, Series 2020 – G116 (LOC: Royal Bank of Canada) 1.350% (SIFMA Municipal Swap Index + 0.200%), 03/06/2020 |
|
| 4,000 |
|
| 4,000 |
Total Tender Option Bonds |
|
|
|
|
| 71,095 |
Non-Financial Company Commercial Paper – 12.7% |
|
|
|
|
|
|
Montgomery County, MD |
|
| 8,000 |
|
| 8,000 |
Texas Technical University |
|
| 8,700 |
|
| 8,700 |
University of Michigan |
|
| 8,000 |
|
| 8,000 |
1.120%, 03/03/2020 |
|
| 3,500 |
|
| 3,500 |
University of Minnesota |
|
| 12,028 |
|
| 12,028 |
University of Texas System |
|
| 14,000 |
|
| 14,000 |
Retail Tax Free
Obligations Fund (concl.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
Total Non-Financial Company Commercial Paper (Cost $54,228) |
|
|
|
| $ | 54,228 |
Other Municipal Securities - 6.1% |
|
|
|
|
|
|
Charleston County School District, South Carolina Tax Anticipation Notes of 2019 3.000%, 03/31/2020 |
| $ | 9,235 |
|
| 9,249 |
State of Texas Tax and Revenue Anticipation Notes, Series 2019 4.000%, 08/27/2020 |
|
| 17,000 |
|
| 17,226 |
Total Other Municipal Securities |
|
|
|
|
| 26,475 |
Total Investments – 99.9% |
|
|
|
|
| 426,592 |
Other Assets and Liabilities, Net - 0.1% |
|
|
|
|
| 613 |
Total Net Assets – 100.0% |
|
|
|
| $ | 427,205 |
✇ Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.
# | Adjustable Rate Security – The rate is determined by the Remarketing Agent and resets periodically (daily, weekly, monthly, etc.). |
■ | 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, 2020, the value of these investments was $71,095 or 16.6% of total net assets. |
∞ Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $14,670 or 3.4% of total net assets. See note 2 in Notes to Financial Statements.
^ | The maturity date shown represents the maturity date of the trust, rather than of the underlying bond(s). |
Investment Abbreviations:
FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GTD – Guaranteed
LOC – Letter of Credit
SIFMA – Securities Industry and Financial Markets Association
SPA – Standby Purchase Agreement
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 37 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
|
Treasury Obligations Fund
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
U.S. Treasury Debt – 34.9% |
|
|
|
|
|
|
U.S. Treasury Bills ⊙ |
|
|
|
|
|
|
1.854%, 03/12/2020 |
| $ | 250,000 |
| $ | 249,860 |
1.693%, 04/09/2020 |
|
| 225,000 |
|
| 224,593 |
U.S. Treasury Notes |
|
|
|
|
|
|
1.375%, 03/31/2020 |
|
| 50,000 |
|
| 49,979 |
1.544% (3 Month U.S. Treasury Money Market Yield + 0.033%), 04/30/2020 △ |
|
| 215,000 |
|
| 214,999 |
1.625%, 06/30/2020 |
|
| 100,000 |
|
| 99,981 |
1.554% (3 Month U.S. Treasury Money Market Yield + 0.043%), 07/31/2020 △ |
|
| 410,000 |
|
| 410,002 |
1.625%, 07/31/2020 |
|
| 215,000 |
|
| 214,995 |
2.625%, 07/31/2020 |
|
| 75,000 |
|
| 75,313 |
1.375%, 09/30/2020 |
|
| 100,000 |
|
| 99,846 |
2.000%, 09/30/2020 |
|
| 50,000 |
|
| 50,105 |
2.750%, 09/30/2020 |
|
| 75,000 |
|
| 75,487 |
1.625%, 10/15/2020 |
|
| 50,000 |
|
| 49,999 |
U.S. Treasury Money Market Yield + 0.045%), 10/31/2020 △ |
|
| 480,000 |
|
| 479,867 |
2.000%, 11/30/2020 |
|
| 35,000 |
|
| 35,089 |
2.750%, 11/30/2020 |
|
| 30,000 |
|
| 30,246 |
1.750%, 12/31/2020 |
|
| 50,000 |
|
| 50,107 |
2.375%, 12/31/2020 |
|
| 70,000 |
|
| 70,442 |
2.500%, 12/31/2020 |
|
| 305,000 |
|
| 307,336 |
2.000%, 01/15/2021 |
|
| 50,000 |
|
| 50,250 |
1.626% (3 Month U.S. Treasury Money Market Yield + 0.115%), 01/31/2021 △ |
|
| 650,000 |
|
| 649,861 |
1.650% (3 Month U.S. Treasury Money Market Yield + 0.139%), 04/30/2021 △ |
|
| 475,000 |
|
| 474,893 |
1.731% (3 Month U.S. Treasury Money Market Yield + 0.220%), 07/31/2021 △ |
|
| 455,000 |
|
| 454,994 |
1.811% (3 Month U.S. Treasury Money Market Yield + 0.300%), 10/31/2021 △ |
|
| 375,000 |
|
| 375,480 |
Treasury Obligations Fund (cont.)
DESCRIPTION |
| PAR |
| VALUE ✇ | ||
1.665% (3 Month U.S. Treasury Money Market Yield + 0.154%), 01/31/2022 △ |
| $ | 175,000 |
| $ | 175,113 |
Total U.S. Treasury Debt |
|
|
|
|
| 4,968,837 |
U.S. Treasury Repurchase Agreements – 64.8% |
|
|
|
|
|
|
Bank of America Securities Inc. 1.590%, dated 02/28/2020, matures 03/02/2020, repurchase price $150,020 (collateralized by U.S. Treasury obligations: Total market value $153,000) |
|
| 150,000 |
|
| 150,000 |
Bank of Montreal 1.560%, dated 01/10/2020, matures 04/09/2020, repurchase price $100,390 (collateralized by U.S. Treasury obligations: Total market value $102,000) |
|
| 100,000 |
|
| 100,000 |
1.600%, dated 01/30/2020, matures 04/29/2020, repurchase price $100,400 (collateralized by U.S. Treasury obligations: Total market value $102,000) |
|
| 100,000 |
|
| 100,000 |
Bank of Nova Scotia 1.590%, dated 02/28/2020, matures 03/02/2020, repurchase price $484,004 (collateralized by U.S. Treasury obligations: Total market value $493,619) |
|
| 483,940 |
|
| 483,940 |
The accompanying notes are an integral part of the financial statements.
38 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | ||||||
Barclays Capital Inc. | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $100,013 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $102,000) | $ | 100,000 | $ | 100,000 | ||||
BNP Paribas SA | ||||||||
1.600%, dated | ||||||||
01/02/2020, matures | ||||||||
04/02/2020, repurchase | ||||||||
price $251,011 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $255,000) | 250,000 | 250,000 | ||||||
1.570%, dated | ||||||||
01/06/2020, matures | ||||||||
04/06/2020, repurchase | ||||||||
price $50,198 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $51,000) | 50,000 | 50,000 | ||||||
1.570%, dated | ||||||||
01/08/2020, matures | ||||||||
04/08/2020, repurchase | ||||||||
price $250,992 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $255,000) | 250,000 | 250,000 | ||||||
1.600%, dated | ||||||||
02/07/2020, matures | ||||||||
05/07/2020, repurchase | ||||||||
price $301,200 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $306,000) | 300,000 | 300,000 |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | ||||||
1.570%, dated | ||||||||
01/13/2020, matures | ||||||||
05/13/2020, repurchase | ||||||||
price $150,792 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $153,000) | $ | 150,000 | $ | 150,000 | ||||
1.580%, dated | ||||||||
01/14/2020, matures | ||||||||
05/14/2020, repurchase | ||||||||
price $75,398 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $76,500) | 75,000 | 75,000 | ||||||
1.580%, dated | ||||||||
01/14/2020, matures | ||||||||
05/14/2020, repurchase | ||||||||
price $150,797 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 | ||||||
Canadian Imperial Bank | ||||||||
of Commerce | ||||||||
1.560%, dated | ||||||||
01/21/2020, matures | ||||||||
03/17/2020, repurchase | ||||||||
price $150,364 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $153,272) | 150,000 | 150,000 | ||||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/18/2020, repurchase | ||||||||
price $50,048 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $51,013) | 50,000 | 50,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 39 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | ||||||
1.590%, dated | ||||||||
01/30/2020, matures | ||||||||
03/19/2020, repurchase | ||||||||
price $200,433 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $204,288) | $ | 200,000 | $ | 200,000 | ||||
1.590%, dated | ||||||||
02/24/2020, matures | ||||||||
04/03/2020, repurchase | ||||||||
price $150,258 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $153,047) | 150,000 | 150,000 | ||||||
1.590%, dated | ||||||||
02/06/2020, matures | ||||||||
04/03/2020, repurchase | ||||||||
price $200,504 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $204,225) | 200,000 | 200,000 | ||||||
1.570%, dated | ||||||||
01/22/2020, matures | ||||||||
04/08/2020, repurchase | ||||||||
price $75,252 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $76,634) | 75,000 | 75,000 | ||||||
1.600%, dated | ||||||||
02/03/2020, matures | ||||||||
05/04/2020, repurchase | ||||||||
price $100,404 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $102,127) | 100,000 | 100,000 | ||||||
1.600%, dated | ||||||||
02/07/2020, matures | ||||||||
05/06/2020, repurchase | ||||||||
price $150,593 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $153,163) | 150,000 | 150,000 |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | ||||||
Credit Agricole Corporate | ||||||||
& Investment Bank | ||||||||
1.570%, dated | ||||||||
02/24/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $150,046 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $153,000) | $ | 150,000 | $ | 150,000 | ||||
1.580%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $452,266 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $461,250) | 452,206 | 452,206 | ||||||
1.580%, dated | ||||||||
02/27/2020, matures | ||||||||
03/05/2020, repurchase | ||||||||
price $100,092 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $102,000) | 100,000 | 100,000 | ||||||
1.600%, dated | ||||||||
12/10/2019, matures | ||||||||
03/10/2020, repurchase | ||||||||
price $225,910 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $229,500) | 225,000 | 225,000 | ||||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/25/2020, repurchase | ||||||||
price $150,191 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 |
The accompanying notes are an integral part of the financial statements .
40 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | ||||||
Fixed Income Clearing Corp | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $350,046 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $357,000) | $ | 350,000 | $ | 350,000 | ||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $775,103 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $790,504) | 775,000 | 775,000 | ||||||
1.610%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $300,040 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $309,427) | 300,000 | 300,000 | ||||||
1.610%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $300,041 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $308,088) | 300,001 | 300,001 | ||||||
HSBC Securities (USA) Inc. | ||||||||
1.590%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price $225,030 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $229,530) | 225,000 | 225,000 | ||||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/03/2020, repurchase | ||||||||
price $200,061 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $204,054) | 200,000 | 200,000 |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | ||||||
ING Financial Markets LLC | ||||||||
1.600%, dated | ||||||||
02/28/2020, matures | ||||||||
03/02/2020, repurchase | ||||||||
price 100,018 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $102,127) | $ | 100,005 | $ | 100,005 | ||||
1.580%, dated | ||||||||
02/25/2020, matures | ||||||||
03/03/2020, repurchase | ||||||||
price $50,015 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $51,000) | 50,000 | 50,000 | ||||||
1.580%, dated | ||||||||
02/26/2020, matures | ||||||||
03/04/2020, repurchase | ||||||||
price $50,015 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $51,000) | 50,000 | 50,000 | ||||||
1.580%, dated | ||||||||
02/27/2020, matures | ||||||||
03/05/2020, repurchase | ||||||||
price $100,031 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $102,000) | 100,000 | 100,000 | ||||||
1.600%, dated | ||||||||
02/07/2020, matures | ||||||||
03/12/2020, repurchase | ||||||||
price $75,113 | ||||||||
(collateralized | ||||||||
by U.S. Treasury | ||||||||
obligations: | ||||||||
Total market | ||||||||
value $76,500) ¥ | 75,000 | 75,000 | ||||||
JP Morgan Securities, LLC | ||||||||
1.590% (SOFR + 0.010%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/29/2020, | ||||||||
repurchase price $75,099 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $76,595) △ ¥ | 75,000 | 75,000 |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 41 |
Schedule of Investments | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Treasury Obligations Fund (cont.)
DESCRIPTION | PAR | VALUE > | ||||||
MUFG Securities Canada Ltd. | ||||||||
1.590%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $400,053 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $408,054) | $ | 400,000 | $ | 400,000 | ||||
RBC Dominion Securities Inc. | ||||||||
1.590%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $200,027 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,000) | 200,000 | 200,000 | ||||||
1.590%, dated 02/04/2020, | ||||||||
matures 04/03/2020, | ||||||||
repurchase price $150,391 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 | ||||||
1.600%, dated 12/12/2019, | ||||||||
matures 03/10/2020, | ||||||||
repurchase price $150,593 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 | ||||||
1.600%, dated 02/07/2020, | ||||||||
matures 04/08/2020, | ||||||||
repurchase price $200,542 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,000) | 200,000 | 200,000 | ||||||
1.590%, dated 02/20/2020, | ||||||||
matures 04/20/2020, | ||||||||
repurchase price $200,530 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,000) | 200,000 | 200,000 | ||||||
1.550%, dated 02/26/2020, | ||||||||
matures 05/26/2020, | ||||||||
repurchase price $150,581 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 |
Treasury Obligations Fund (concl.)
DESCRIPTION | PAR | VALUE > | ||||||
Societe Generale SA | ||||||||
1.590%, dated 02/28/2020, | ||||||||
matures 03/02/2020, | ||||||||
repurchase price $100,013 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $102,000) | $ | 100,000 | $ | 100,000 | ||||
1.600% (OBFR + 0.020%), | ||||||||
dated 02/28/2020, | ||||||||
matures 03/06/2020, | ||||||||
repurchase price $400,124 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $408,000) △ | 400,000 | 400,000 | ||||||
Societe Generale/NY | ||||||||
1.600%, dated 01/31/2020, | ||||||||
matures 03/03/2020, | ||||||||
repurchase price $200,284 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $204,000) | 200,000 | 200,000 | ||||||
1.600%, dated 02/06/2020, | ||||||||
matures 03/06/2020, | ||||||||
repurchase price $150,193 | ||||||||
(collateralized by U.S. | ||||||||
Treasury obligations: | ||||||||
Total market | ||||||||
value $153,000) | 150,000 | 150,000 | ||||||
Total U.S. Treasury | ||||||||
Repurchase Agreements | ||||||||
(Cost $9,211,152) | 9,211,152 | |||||||
Total Investments – 99.7% | ||||||||
(Cost $14,179,989) | 14,179,989 | |||||||
Other Assets and Liabilities, Net - 0.3% | 48,860 | |||||||
Total Net Assets – 100.0% | $ | 14,228,849 |
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
€ | Rate shown is the annualized yield as of February 29, 2020. |
△ | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020. |
¥ | Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $150,000 or 1.1% of total net assets. See note 2 in Notes to Financial Statements. |
Investment Abbreviations:
OBFR – Overnight Bank Funding Rate
SOFR – Secured Overnight Financing Rate
The accompanying notes are an integral part of the financial statements .
42 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
U .. S . Treasury Money Market Fund
DESCRIPTION | PAR | VALUE > | ||||||
U.S. Treasury Debt – 100.1% | ||||||||
U.S. Treasury Bills € | ||||||||
1.580%, 03/05/2020 | $ | 66,759 | $ | 66,747 | ||||
1.557%, 03/10/2020 | 56,945 | 56,923 | ||||||
1.581%, 03/12/2020 | 353,475 | 353,307 | ||||||
1.594%, 03/17/2020 | 148,632 | 148,528 | ||||||
1.586%, 03/24/2020 | 20,167 | 20,147 | ||||||
1.562%, 03/26/2020 | 195,000 | 194,791 | ||||||
1.560%, 03/31/2020 | 100,000 | 99,872 | ||||||
1.585%, 04/02/2020 | 60,000 | 59,917 | ||||||
1.570%, 04/07/2020 | 125,000 | 124,801 | ||||||
1.586%, 04/14/2020 | 223,668 | 223,240 | ||||||
1.483%, 04/21/2020 | 113,836 | 113,600 | ||||||
1.558%, 05/14/2020 | 5,000 | 4,984 | ||||||
1.575%, 05/21/2020 | 67,231 | 66,996 | ||||||
1.506%, 05/28/2020 | 92,053 | 91,719 | ||||||
U.S. Treasury Notes | ||||||||
1.544% (3 Month U.S. | ||||||||
Treasury Money Market | ||||||||
Yield + 0.033%), | ||||||||
04/30/20203 △ | 98,809 | 98,810 | ||||||
1.625%, 06/30/2020 | 7,258 | 7,256 | ||||||
2.500%, 06/30/2020 | 31,596 | 31,689 | ||||||
1.554% (3 Month U.S. | ||||||||
Treasury Money Market | ||||||||
Yield + 0.043%), | ||||||||
07/31/20203 △ | 38,343 | 38,338 | ||||||
2.000%, 07/31/2020 | 10,000 | 10,016 | ||||||
1.375%, 09/30/2020 | 10,000 | 9,984 | ||||||
1.556% (3 Month U.S. | ||||||||
Treasury Money Market | ||||||||
Yield + 0.045%), | ||||||||
10/31/20203 | 85,840 | 85,804 | ||||||
1.625%, 11/30/2020 | 4,945 | 4,945 | ||||||
2.750%, 11/30/2020 | 5,000 | 5,042 | ||||||
2.375%, 12/31/2020 | 20,000 | 20,125 | ||||||
1.626% (3 Month U.S. | ||||||||
Treasury Money Market | ||||||||
Yield + 0.115%), | ||||||||
01/31/2021 △ | 58,489 | 58,472 | ||||||
1.650% (3 Month U.S. | ||||||||
Treasury Money Market | ||||||||
Yield + 0.139%), | ||||||||
04/30/2021 △ | 73,000 | 72,978 |
U .. S . Treasury Money Market Fund (concl.)
DESCRIPTION | PAR | VALUE > | ||||||
1.731% (3 Month U.S. | ||||||||
Treasury Money Market | ||||||||
Yield + 0.220%), | ||||||||
07/31/2021 △ | $ | 74,000 | $ | 74,001 | ||||
1.811% (3 Month U.S. | ||||||||
Treasury Money Market | ||||||||
Yield + 0.300%), | ||||||||
10/31/2021 △ | 90,000 | 90,137 | ||||||
Total U.S. Treasury Debt | ||||||||
(Cost $2,233,169) | 2,233,169 | |||||||
Total Investments – 100.1% | ||||||||
(Cost $2,233,169) | 2,233,169 | |||||||
Other Assets and | ||||||||
Liabilities, Net – (0.1)% | (1,844 | ) | ||||||
Total Net Assets – 100.0% | $ | 2,231,325 |
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
€ | Rate shown is the annualized yield as of February 29, 2020. |
△ | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020. |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 43 |
Statements of Assets and Liabilities | February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted), except per share data |
Government Obligations Fund (as restated, note 8) | Institutional Prime Obligations Fund | Retail Prime Obligations Fund | Retail Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | |||||||||||||||||||
Investments in securities, at cost | $ | 23,402,899 | $ | 909,480 | $ | 1,819,101 | $ | 426,592 | $ | 4,968,837 | $ | 2,233,169 | ||||||||||||
Repurchase agreements, at cost | 28,269,456 | 246,013 | 636,390 | — | 9,211,152 | — | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investments, in securities, at value | $ | 23,402,899 | $ | 909,773 | $ | 1,819,101 | $ | 426,592 | $ | 4,968,837 | $ | 2,233,169 | ||||||||||||
Repurchase agreements, at value | 28,269,456 | 246,013 | 636,390 | — | 9,211,152 | — | ||||||||||||||||||
Cash | — | — | 1 | 9 | — | 1 | ||||||||||||||||||
Receivable for investment securities sold | — | — | — | — | 50,000 | — | ||||||||||||||||||
Receivable for interest | 54,031 | 841 | 1,919 | 960 | 17,223 | 1,085 | ||||||||||||||||||
Receivable for capital shares sold | 1 | — | 529 | — | 51 | — | ||||||||||||||||||
Prepaid directors’ retainer | 44 | 10 | 10 | 9 | 19 | 12 | ||||||||||||||||||
Prepaid expenses and other assets | 438 | 80 | 102 | 49 | 163 | 70 | ||||||||||||||||||
Total assets | 51,726,869 | 1,156,717 | 2,458,052 | 427,619 | 14,247,445 | 2,234,337 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Over-issued shares (notes 7 & 8) | 1,886,397 | — | — | — | — | — | ||||||||||||||||||
Dividends payable | 50,904 | 1,511 | 2,842 | 241 | 15,367 | 2,460 | ||||||||||||||||||
Distributions payable to holders of over-issued shares (notes 7 & 8) | 2,476 | — | — | — | — | — | ||||||||||||||||||
Payable for investments purchased | 450,790 | — | — | — | — | — | ||||||||||||||||||
Payable for capital shares redeemed | — | — | 1,125 | — | 38 | — | ||||||||||||||||||
Payable to affiliates (note 3) | 7,055 | 184 | 377 | 62 | 2,034 | 369 | ||||||||||||||||||
Payable for distribution and shareholder services | 3,467 | 87 | 472 | 81 | 1,118 | 154 | ||||||||||||||||||
Accrued expenses and other liabilities | 91 | 28 | 21 | 30 | 39 | 29 | ||||||||||||||||||
Total liabilities | 2,401,180 | 1,810 | 4,837 | 414 | 18,596 | 3,012 | ||||||||||||||||||
Net assets | $ | 49,325,689 | $ | 1,154,907 | $ | 2,453,215 | $ | 427,205 | $ | 14,228,849 | $ | 2,231,325 | ||||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||||||||||
Portfolio capital | $ | 49,325,646 | $ | 1,154,615 | $ | 2,453,213 | $ | 427,214 | $ | 14,228,848 | $ | 2,231,248 | ||||||||||||
Total distributable earings (losses) | 43 | 292 | 2 | (9 | ) | 1 | 77 | |||||||||||||||||
Net assets | $ | 49,325,689 | $ | 1,154,907 | $ | 2,453,215 | $ | 427,205 | $ | 14,228,849 | $ | 2,231,325 | ||||||||||||
Class A: | ||||||||||||||||||||||||
Net assets | $ | 243,399 | $ | — | $ | 499,152 | $ | 30,532 | $ | 275,693 | $ | 38,610 | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 5 billion authorized per fund*) | 243,398 | — | 499,151 | 30,531 | 275,697 | 38,601 | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Class D: | ||||||||||||||||||||||||
Net assets | $ | 3,609,156 | $ | — | $ | — | $ | — | $ | 1,618,471 | $ | 41,724 | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 3,609,137 | — | — | — | 1,618,485 | 41,716 | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | — | $ | — | $ | — | $ | 1.00 | $ | 1.00 |
44 | FIRST AMERICAN FUNDS 2020 ANNUAL REPORT |
Government Obligations Fund (as restated, note 8) | Institutional Prime Obligations Fund | Retail Prime Obligations Fund | Retail Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | |||||||||||||||||||
Class P: | ||||||||||||||||||||||||
Net assets | $ | 60,621 | $ | — | $ | — | $ | — | $ | 242,442 | $ | — | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 60,621 | — | — | — | 242,443 | — | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | — | $ | — | $ | — | $ | 1.00 | $ | — | ||||||||||||
Class T: | ||||||||||||||||||||||||
Net assets | $ | — | $ | 67,968 | $ | 7 | $ | — | �� | $ | — | $ | — | |||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 5 billion authorized per fund**) | — | 67,952 | 7 | — | — | — | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | — | $ | 1.0002 | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||||||
Class U: | ||||||||||||||||||||||||
Net assets | $ | 3,317,821 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 20 billion authorized) | 3,317,801 | — | — | — | — | — | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Class V: | ||||||||||||||||||||||||
Net assets | $ | 2,347,530 | $ | 38,561 | $ | 48,787 | $ | 6,208 | $ | 562,040 | $ | 104,174 | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 2,347,517 | 38,551 | 48,787 | 6,208 | 562,044 | 104,165 | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 1.0003 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Class X: | ||||||||||||||||||||||||
Net assets | $ | 8,936,011 | $ | — | $ | 27,055 | $ | — | $ | 2,777,108 | $ | — | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 8,935,963 | — | 27,055 | — | 2,777,110 | — | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | 1.00 | $ | — | ||||||||||||
Class Y: | ||||||||||||||||||||||||
Net assets | $ | 10,813,749 | $ | 333,180 | $ | 1,295,405 | $ | 325,765 | $ | 2,612,880 | $ | 580,928 | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 10,813,688 | 333,094 | 1,295,404 | 325,756 | 2,612,903 | 580,858 | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 1.0003 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Class Z: | ||||||||||||||||||||||||
Net assets | $ | 19,997,402 | $ | 715,198 | $ | 582,809 | $ | 64,700 | $ | 6,140,215 | $ | 1,465,889 | ||||||||||||
Shares issued and outstanding | ||||||||||||||||||||||||
($0.01 par value – 20 billion authorized per fund) | 19,997,276 | 715,042 | 582,809 | 64,698 | 6,140,256 | 1,465,822 | ||||||||||||||||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 |
* | 20 billion shares were authorized for Retail Prime Obligations Fund and U.S. Treasury Money Market Fund. |
** | 20 billion shares were authorized for Retail Prime Obligations Fund. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 ANNUAL REPORT | 45 |
Statements of Operations | For the six-month period ended February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) |
Government Obligations Fund (as restated, note 8 | Institutional Prime Obligations Fund | Retail Prime Obligations Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income | $ | 437,970 | $ | 12,453 | $ | 25,512 | ||||||
Total investment income | 437,970 | 12,453 | 25,512 | |||||||||
EXPENSES (note 1 and note 3 ): | ||||||||||||
Investment advisory fees | 24,373 | 637 | 1,292 | |||||||||
Administration fees and expenses | 29,652 | 808 | 1,716 | |||||||||
Transfer agent fees and expenses | 203 | 53 | 69 | |||||||||
Custodian fees | 972 | 25 | 51 | |||||||||
Legal fees | 57 | 12 | 15 | |||||||||
Audit fees | 70 | 15 | 16 | |||||||||
Registration fees | 155 | 25 | 47 | |||||||||
Postage and printing fees | 90 | 16 | 31 | |||||||||
Directors’ fees | 301 | 64 | 71 | |||||||||
Distributions to holders of over-issued shares (notes 7 & 8) | 6,018 | — | — | |||||||||
Other expenses | 245 | 52 | 33 | |||||||||
Distribution and shareholder servicing (12b-1) fees: | ||||||||||||
Class A | 308 | — | 630 | |||||||||
Class D | 2,439 | — | — | |||||||||
Shareholder servicing (non 12b-1) fees: | ||||||||||||
Class A | 308 | — | 630 | |||||||||
Class D | 4,139 | — | — | |||||||||
Class T | — | 80 | — | |||||||||
Class V | 1,200 | 18 | 26 | |||||||||
Class Y | 12,807 | 446 | 1,706 | |||||||||
Total expenses | 83,337 | 2,251 | 6,333 | |||||||||
Less: Fee waivers (note 3) | (13,193 | ) | (633 | ) | (1,015 | ) | ||||||
Total net expenses | 70,144 | 1,618 | 5,318 | |||||||||
Investment income – net | 367,826 | 10,835 | 20,194 | |||||||||
Net gain on investments | 66 | 2 | 2 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | — | 286 | — | |||||||||
Net increase in net assets resulting from operations | $ | 367,892 | $ | 11,123 | $ | 20,196 |
46 | FIRST AMERICAN FUNDS 2020 ANNUAL REPORT |
Retail Tax Free | Treasury | U.S. Treasury | ||||||||||
Obligations | Obligations | Money Market | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income | $ | 2,660 | $ | 132,328 | $ | 18,645 | ||||||
Total investment income | 2,660 | 132,328 | 18,645 | |||||||||
EXPENSES (note 1 and note 3 ): | ||||||||||||
Investment advisory fees | 217 | 7,321 | 1,081 | |||||||||
Administration fees and expenses | 280 | 8,954 | 1,328 | |||||||||
Transfer agent fees and expenses | 21 | 82 | 31 | |||||||||
Custodian fees | 9 | 292 | 43 | |||||||||
Legal fees | 11 | 24 | 12 | |||||||||
Audit fees | 14 | 30 | 15 | |||||||||
Registration fees | 29 | 48 | 23 | |||||||||
Postage and printing fees | 17 | 38 | 16 | |||||||||
Directors’ fees | 60 | 131 | 66 | |||||||||
Other expenses | 22 | 104 | 45 | |||||||||
Distribution and shareholder servicing (12b-1) fees: | ||||||||||||
Class A | 37 | 318 | 47 | |||||||||
Class D | — | 1,005 | 33 | |||||||||
Shareholder servicing (non 12b-1) fees: | ||||||||||||
Class A | 37 | 318 | 47 | |||||||||
Class D | — | 1,675 | 55 | |||||||||
Class V | 6 | 295 | 62 | |||||||||
Class Y | 419 | 3,207 | 723 | |||||||||
Total expenses | 1,179 | 23,842 | 3,627 | |||||||||
Less: Fee waivers (note 3) | (238 | ) | (4,010 | ) | (489 | ) | ||||||
Total net expenses | 941 | 19,832 | 3,138 | |||||||||
Investment income – net | 1,719 | 112,496 | 15,507 | |||||||||
Net gain (loss) on investments | — | (1 | ) | 70 | ||||||||
Net increase in net assets resulting from operations | $ | 1,719 | $ | 112,495 | $ | 15,577 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 ANNUAL REPORT | 47 |
Statements of Changes in Net Assets | All dollars are rounded to thousands (000 omitted) |
Government Obligations Fund | Institutional Prime Obligations Fund | Retail Prime Obligations Fund | ||||||||||||||||||||||
Six-Month Period Ended 2/29/2020 (unaudited) (as restated, note 8) | Year Ended 8/31/2019 | Six-Month Period Ended 2/29/2020 (unaudited) | Year Ended 8/31/2019 | Six-Month Period Ended 2/29/2020 (unaudited) | Year Ended 8/31/2019 | |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Investment income — net | $ | 367,826 | $ | 862,879 | $ | 10,835 | $ | 26,695 | $ | 20,194 | $ | 56,668 | ||||||||||||
Net realized gain (loss) on investments | 66 | 367 | 2 | 3 | 2 | (1 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | 286 | (141 | ) | — | — | |||||||||||||||||
Net increase in net assets resulting from operations | 367,892 | 863,246 | 11,123 | 26,557 | 20,196 | 56,667 | ||||||||||||||||||
DISTRIBUTIONS TO SHARE HOLDERS (note 1): | ||||||||||||||||||||||||
Class A | (1,299 | ) | (4,390 | ) | — | — | (3,429 | ) | (11,940 | ) | ||||||||||||||
Class D | (19,778 | ) | (61,923 | ) | — | — | — | — | ||||||||||||||||
Class P | (9,102 | ) | (11,135 | ) | — | — | — | — | ||||||||||||||||
Class T | — | — | (626 | ) | (1,564 | ) | — | (6 | ) | |||||||||||||||
Class U | (22,265 | ) | (30,598 | ) | — | — | — | — | ||||||||||||||||
Class V | (17,701 | ) | (44,677 | ) | (298 | ) | (3,269 | ) | (427 | ) | (953 | ) | ||||||||||||
Class X | (72,572 | ) | (152,124 | ) | — | (132 | ) | (1,008 | ) | (2,827 | ) | |||||||||||||
Class Y | (68,864 | ) | (183,836 | ) | (2,675 | ) | (7,103 | ) | (10,370 | ) | (29,847 | ) | ||||||||||||
Class Z | (156,617 | ) | (374,196 | ) | (7,238 | ) | (14,627 | ) | (4,960 | ) | (11,095 | ) | ||||||||||||
Total distributions | (368,198 | ) | (862,879 | ) | (10,837 | ) | (26,695 | ) | (20,194 | ) | (56,668 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):1 | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from sales | 305,815 | 1,064,115 | — | — | 199,611 | 1,092,937 | ||||||||||||||||||
Reinvestment of distributions | 385 | 1,288 | — | — | 3,035 | 10,262 | ||||||||||||||||||
Payments for redemptions | (301,329 | ) | (1,181,001 | ) | — | — | (210,587 | ) | (1,747,913 | ) | ||||||||||||||
Increase (decrease) in net assets from Class A transactions | 4,871 | (115,598 | ) | — | — | (7,941 | ) | (644,714 | ) | |||||||||||||||
Class D: | ||||||||||||||||||||||||
Proceeds from sales | 4,101,459 | 8,164,864 | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Payments for redemptions | (4,047,948 | ) | (8,716,117 | ) | — | — | — | — | ||||||||||||||||
Increase (decrease) in net assets from Class D transactions | 53,511 | (551,253 | ) | — | — | — | — | |||||||||||||||||
Class P: | ||||||||||||||||||||||||
Proceeds from sales | 3,369,707 | 4,007,362 | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Payments for redemptions | (5,394,781 | ) | (1,921,687 | ) | — | — | — | — | ||||||||||||||||
Increase (decrease) in net assets from Class P transactions | (2,025,074 | ) | 2,085,675 | — | — | — | — |
48 | FIRST AMERICAN FUNDS 2020 ANNUAL REPORT |
Government Obligations Fund | Institutional Prime Obligations Fund | Retail Prime Obligations Fund | ||||||||||||||||||||||
Six-Month Period Ended 2/29/2020 (unaudited) (as restated, note 8) | Year Ended 8/31/2019 | Six-Month Period Ended 2/29/2020 (unaudited) | Year Ended 8/31/2019 | Six-Month Period Ended 2/29/2020 (unaudited) | Year Ended 8/31/2019 | |||||||||||||||||||
Class T: | ||||||||||||||||||||||||
Proceeds from sales | — | — | 112,100 | 248,207 | — | 24 | ||||||||||||||||||
Reinvestment of distributions | — | — | 5 | 13 | — | 6 | ||||||||||||||||||
Payments for redemptions | — | — | (126,575 | ) | (243,485 | ) | — | (1,007 | ) | |||||||||||||||
Increase (decrease) in net assets from Class T transactions | — | — | (14,470 | ) | 4,735 | — | (977 | ) | ||||||||||||||||
Class U: | ||||||||||||||||||||||||
Proceeds from sales | 11,909,126 | 13,469,684 | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Payments for redemptions | (12,131,740 | ) | (10,055,013 | ) | — | — | — | — | ||||||||||||||||
Increase (decrease) in net assets from Class U transactions | (222,614 | ) | 3,414,671 | — | — | — | — | |||||||||||||||||
Class V: | ||||||||||||||||||||||||
Proceeds from sales | 8,117,643 | 12,132,234 | 52,453 | 373,049 | 16,631 | 67,286 | ||||||||||||||||||
Reinvestment of distributions | 761 | 85 | 4 | 8 | — | — | ||||||||||||||||||
Payments for redemptions | (8,085,303 | ) | (11,604,241 | ) | (119,548 | ) | (415,635 | ) | (13,654 | ) | (61,578 | ) | ||||||||||||
Increase (decrease) in net assets from Class V transactions | 33,101 | 528,078 | (67,091 | ) | (42,578 | ) | 2,977 | 5,708 | ||||||||||||||||
Class X: | ||||||||||||||||||||||||
Proceeds from sales | 28,050,226 | 57,081,903 | — | 278,715 | 57,142 | 1,284,525 | ||||||||||||||||||
Reinvestment of distributions | 15,971 | 21,380 | — | — | 24 | 12 | ||||||||||||||||||
Payments for redemptions | (28,998,444 | ) | (53,094,089 | ) | — | (318,733 | ) | (242,982 | ) | (1,090,413 | ) | |||||||||||||
Increase (decrease) in net assets from Class X transactions | (932,247 | ) | 4,009,194 | — | (40,018 | ) | (185,816 | ) | 194,124 | |||||||||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from sales | 17,588,737 | 50,151,654 | 466,770 | 1,334,953 | 634,080 | 1,568,867 | ||||||||||||||||||
Reinvestment of distributions | 6,229 | 16,128 | 17 | 45 | — | 84 | ||||||||||||||||||
Payments for redemptions | (16,742,854 | ) | (49,646,865 | ) | (470,762 | ) | (1,507,492 | ) | (688,916 | ) | (1,519,741 | ) | ||||||||||||
Increase (decrease) in net assets from Class Y transactions | 852,112 | 520,917 | (3,975 | ) | (172,494 | ) | (54,836 | ) | 49,210 | |||||||||||||||
Class Z: | ||||||||||||||||||||||||
Proceeds from sales | 83,545,892 | 295,513,914 | 2,498,002 | 4,115,995 | 411,291 | 1,175,413 | ||||||||||||||||||
Reinvestment of distributions | 13,785 | 25,089 | 152 | 345 | 803 | 1,344 | ||||||||||||||||||
Payments for redemptions | (81,897,887 | ) | (291,884,988 | ) | (2,529,470 | ) | (3,932,527 | ) | (403,837 | ) | (948,729 | ) | ||||||||||||
Increase (decrease) in net assets from Class Z transactions | 1,661,790 | 3,654,015 | (31,316 | ) | 183,813 | 8,257 | 228,028 | |||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (574,550 | ) | 13,545,699 | (116,852 | ) | (66,542 | ) | (237,359 | ) | (168,621 | ) | |||||||||||||
Total increase (decrease) in net assets | (574,856 | ) | 13,546,066 | (116,566 | ) | (66,680 | ) | (237,357 | ) | (168,622 | ) | |||||||||||||
Net assets at beginning of the period | 49,900,545 | 36,354,479 | 1,271,473 | 1,338,153 | 2,690,572 | 2,859,194 | ||||||||||||||||||
Net assets at end of the period | $ | 49,325,689 | $ | 49,900,545 | $ | 1,154,907 | $ | 1,271,473 | $ | 2,453,215 | $ | 2,690,572 |
1 | For further information on Institutional Prime Obligations Fund capital share transactions, see note 4 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 49 |
Statements of Changes in Net Assets all dollars are rounded to thousands (000 omitted)
Retail Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | ||||||||||||||||||||||
Six-Month Period | Six-Month Period | Six-Month Period | ||||||||||||||||||||||
Ended 2/29/2020 | Year Ended | Ended 2/29/2020 | Year Ended | Ended 2/29/2020 | Year Ended | |||||||||||||||||||
(unaudited) | 8/31/2019 | (unaudited) | 8/31/2019 | (unaudited) | 8/31/2019 | |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Investment income – net | $ | 1,719 | $ | 4,376 | $ | 112,496 | $ | 273,821 | $ | 15,507 | $ | 28,160 | ||||||||||||
Net realized gain (loss) on investments | — | (1 | ) | (1 | ) | 17 | 70 | 31 | ||||||||||||||||
Net increase in net assets resulting from operations | 1,719 | 4,375 | 112,495 | 273,838 | 15,577 | 28,191 | ||||||||||||||||||
DISTRIBUTION STOSHAREHOLDERS (note 1): | ||||||||||||||||||||||||
Class A | (72 | ) | (231 | ) | (1,334 | ) | (3,493 | ) | (192 | ) | (773 | ) | ||||||||||||
Class D | — | — | (8,048 | ) | (25,053 | ) | (248 | ) | (742 | ) | ||||||||||||||
Class G | — | — | — | (143 | ) | — | — | |||||||||||||||||
Class P | — | — | (4,984 | ) | (3,314 | ) | — | — | ||||||||||||||||
Class V | (50 | ) | (14 | ) | (4,427 | ) | (12,944 | ) | (906 | ) | (2,270 | ) | ||||||||||||
Class X | — | — | (25,609 | ) | (54,253 | ) | — | — | ||||||||||||||||
Class Y | (1,304 | ) | (3,758 | ) | (17,244 | ) | (46,495 | ) | (3,779 | ) | (13,512 | ) | ||||||||||||
Class Z | (293 | ) | (373 | ) | (50,867 | ) | (128,126 | ) | (10,412 | ) | (10,863 | ) | ||||||||||||
Total distributions | (1,719 | ) | (4,376 | ) | (112,513 | ) | (273,821 | ) | (15,537 | ) | (28,160 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):1 | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from sales | 22,777 | 54,183 | 223,359 | 554,943 | 1,373,223 | 2,454,694 | ||||||||||||||||||
Reinvestment of distributions | 5 | 45 | 157 | 346 | 40 | 126 | ||||||||||||||||||
Payments for redemptions | (23,331 | ) | (57,008 | ) | (193,834 | ) | (495,075 | ) | (1,380,313 | ) | (2,453,007 | ) | ||||||||||||
Increase (decrease) in net assets from Class A transactions | (549 | ) | (2,780 | ) | 29,682 | 60,214 | (7,050 | ) | 1,813 | |||||||||||||||
Class D: | ||||||||||||||||||||||||
Proceeds from sales | — | — | 2,020,885 | 3,755,477 | 387,659 | 771,720 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Payments for redemptions | — | — | (1,770,083 | ) | (3,849,727 | ) | (378,284 | ) | (789,142 | ) | ||||||||||||||
Increase (decrease) in net assets from Class D transactions | — | — | 250,802 | (94,250 | ) | 9,375 | (17,422 | ) | ||||||||||||||||
Class G: | ||||||||||||||||||||||||
Proceeds from sales | — | — | — | 7,233 | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | — | 114 | — | — | ||||||||||||||||||
Payments for redemptions | — | — | — | (86,996 | ) | — | — | |||||||||||||||||
Decrease in net assets from Class G transactions | — | — | — | (79,649 | ) | — | — |
50 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Retail Tax Free Obligations Fund | Treasury Obligations Fund | U.S. Treasury Money Market Fund | ||||||||||||||||||||||
Six-Month Period | Six-Month Period | Six-Month Period | ||||||||||||||||||||||
Ended 2/29/2020 | Year Ended | Ended 2/29/2020 | Year Ended | Ended 2/29/2020 | Year Ended | |||||||||||||||||||
(unaudited) | 8/31/2019 | (unaudited) | 8/31/2019 | (unaudited) | 8/31/2019 | |||||||||||||||||||
Class P: | ||||||||||||||||||||||||
Proceeds from sales | — | — | 2,225,014 | 1,140,470 | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | 1 | 1 | — | — | ||||||||||||||||||
Payments for redemptions | — | — | (2,903,682 | ) | (219,381 | ) | — | — | ||||||||||||||||
Increase (decrease) in net assets from Class P transactions | — | — | (678,667 | ) | 921,090 | — | — | |||||||||||||||||
Class V: | ||||||||||||||||||||||||
Proceeds from sales | 100,904 | 10,210 | 2,871,731 | 6,805,411 | 414,081 | 356,445 | ||||||||||||||||||
Reinvestment of distributions | — | — | 57 | — | 260 | 175 | ||||||||||||||||||
Payments for redemptions | (95,478 | ) | (9,964 | ) | (2,786,507 | ) | (6,744,797 | ) | (416,426 | ) | (308,028 | ) | ||||||||||||
Increase (decrease) in net assets from Class V transactions | 5,426 | 246 | 85,281 | 60,614 | (2,085 | ) | 48,592 | |||||||||||||||||
Class X: | ||||||||||||||||||||||||
Proceeds from sales | — | — | 17,891,086 | 28,767,662 | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | 6,839 | 10,353 | — | — | ||||||||||||||||||
Payments for redemptions | — | — | (18,011,631 | ) | (27,876,332 | ) | — | — | ||||||||||||||||
Increase (decrease) in net assets from Class X transactions | — | — | (113,706 | ) | 901,683 | — | — | |||||||||||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from sales | 252,250 | 606,682 | 9,333,525 | 18,019,653 | 1,237,330 | 2,199,547 | ||||||||||||||||||
Reinvestment of distributions | — | — | 2,273 | 7,641 | 192 | 513 | ||||||||||||||||||
Payments for redemptions | (260,154 | ) | (589,986 | ) | (9,162,092 | ) | (18,280,809 | ) | (1,254,905 | ) | (2,286,682 | ) | ||||||||||||
Increase (decrease) in net assets from Class Y transactions | (7,904 | ) | 16,696 | 173,706 | (253,515 | ) | (17,383 | ) | (86,622 | ) | ||||||||||||||
Class Z: | ||||||||||||||||||||||||
Proceeds from sales | 46,377 | 114,501 | 19,920,093 | 43,059,867 | 5,806,433 | 6,632,773 | ||||||||||||||||||
Reinvestment of distributions | — | 7 | 15,973 | 37,510 | 212 | 497 | ||||||||||||||||||
Payments for redemptions | (31,322 | ) | (85,493 | ) | (20,441,918 | ) | (42,385,545 | ) | (5,122,132 | ) | (6,286,259 | ) | ||||||||||||
Increase (decrease) in net assets from Class Z transactions | 15,055 | 29,015 | (505,852 | ) | 711,832 | 684,513 | 347,011 | |||||||||||||||||
Increase (decrease) in net assets from capital share transactions | 12,028 | 43,177 | (758,754 | ) | 2,228,019 | 667,370 | 293,372 | |||||||||||||||||
Total increase (decrease) in net assets | 12,028 | 43,176 | (758,772 | ) | 2,228,036 | 667,410 | 293,403 | |||||||||||||||||
Net assets at beginning of the period | 415,177 | 372,001 | 14,987,621 | 12,759,585 | 1,563,915 | 1,270,512 | ||||||||||||||||||
Net assets at end of the period | $ | 427,205 | $ | 415,177 | $ | 14,228,849 | $ | 14,987,621 | $ | 2,231,325 | $ | 1,563,915 |
1 | For further information on Institutional Prime Obligations Fund capital share transactions, see note 4 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 51 |
Financial Highlights | For a share outstanding throughout the years ended August 31, unless otherwise indicated. |
Distributions from | ||||||||||||||||||||||||
Net Asset Value | Net Investment | Distributions from Net | Net Realized Gains | Net Asset Value | ||||||||||||||||||||
Beginning of Period | Income | Investment Income | on Investments | End of Period | Total Return3 | |||||||||||||||||||
Government Obligations Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.005 | $ | (0.005 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.52 | % | ||||||||||
2019 | 1.00 | 0.016 | (0.016 | ) | — | 1.00 | 1.62 | |||||||||||||||||
2018 | 1.00 | 0.008 | (0.008 | ) | — | 1.00 | 0.76 | |||||||||||||||||
2017 | 1.00 | 0.001 | (0.001 | ) | (0.000 | )2 | 1.00 | 0.08 | ||||||||||||||||
2016 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 | ||||||||||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 | ||||||||||||||||
Class D | ||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.006 | $ | (0.006 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.60 | % | ||||||||||
2019 | 1.00 | 0.018 | (0.018 | ) | — | 1.00 | 1.77 | |||||||||||||||||
2018 | 1.00 | 0.009 | (0.009 | ) | — | 1.00 | 0.91 | |||||||||||||||||
2017 | 1.00 | 0.002 | (0.002 | ) | (0.000 | )2 | 1.00 | 0.16 | ||||||||||||||||
2016 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 | ||||||||||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 | ||||||||||||||||
Class P | ||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.82 | % | ||||||||||
2019 | 1.00 | 0.022 | (0.022 | ) | — | 1.00 | 2.23 | |||||||||||||||||
20184 | 1.00 | 0.011 | (0.011 | ) | — | 1.00 | 1.08 | |||||||||||||||||
Class U | ||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.84 | % | ||||||||||
2019 | 1.00 | 0.022 | (0.022 | ) | — | 1.00 | 2.26 | |||||||||||||||||
20185 | 1.00 | 0.009 | (0.009 | ) | — | 1.00 | 0.86 | |||||||||||||||||
Class V | ||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.007 | $ | (0.007 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.75 | % | ||||||||||
2019 | 1.00 | 0.021 | (0.021 | ) | — | 1.00 | 2.07 | |||||||||||||||||
2018 | 1.00 | 0.012 | (0.012 | ) | — | 1.00 | 1.21 | |||||||||||||||||
2017 | 1.00 | 0.004 | (0.004 | ) | (0.000 | )2 | 1.00 | 0.41 | ||||||||||||||||
2016 | 1.00 | 0.001 | (0.001 | ) | — | 1.00 | 0.06 | |||||||||||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 |
52 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Distributions from | ||||||||||||||||||||||||
Net Asset Value | Net Investment | Distributions from Net | Net Realized Gains | Net Asset Value | ||||||||||||||||||||
Beginning of Period | Income | Investment Income | on Investments | End of Period | Total Return3 | |||||||||||||||||||
Government Obligations Fund | ||||||||||||||||||||||||
Class X | ||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.83 | % | ||||||||||
2019 | 1.00 | 0.022 | (0.022 | ) | — | 1.00 | 2.24 | |||||||||||||||||
2018 | 1.00 | 0.014 | (0.014 | ) | — | 1.00 | 1.37 | |||||||||||||||||
2017 | 1.00 | 0.006 | (0.006 | ) | (0.000 | )2 | 1.00 | 0.57 | ||||||||||||||||
20166 | 1.00 | 0.001 | (0.001 | ) | — | 1.00 | 0.11 | |||||||||||||||||
Class Y | ||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.007 | $ | (0.007 | ) | $ | 0.000 | )2 | $ | 1.00 | 0.67 | % | ||||||||||
2019 | 1.00 | 0.019 | (0.019 | ) | — | 1.00 | 1.92 | |||||||||||||||||
2018 | 1.00 | 0.011 | (0.011 | ) | — | 1.00 | 1.06 | |||||||||||||||||
2017 | 1.00 | 0.003 | (0.003 | ) | (0.000 | )2 | 1.00 | 0.26 | ||||||||||||||||
2016 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 | ||||||||||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
20201,7 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.81 | % | ||||||||||
2019 | 1.00 | 0.022 | (0.022 | ) | — | 1.00 | 2.20 | |||||||||||||||||
2018 | 1.00 | 0.013 | (0.013 | ) | — | 1.00 | 1.33 | |||||||||||||||||
2017 | 1.00 | 0.005 | (0.005 | ) | (0.000 | )2 | 1.00 | 0.53 | ||||||||||||||||
2016 | 1.00 | 0.001 | (0.001 | ) | — | 1.00 | 0.14 | |||||||||||||||||
2015 | 1.00 | 0.000 | 2 | (0.000 | )2 | — | 1.00 | 0.01 |
1 | For the six-month period ended February 29, 2020 (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. |
4 | Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return. |
5 | Commenced operations on February 26, 2018. All ratios for the period have been annualized, except total return. |
6 | Commenced operations on April 5, 2016. All ratios for the period have been annualized, except total return. |
7 | As restated, note 8. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 53 |
Financial Highlights | For a share outstanding throughout the years ended August 31 , unless otherwise indicated. |
|
| Net Assets |
| Ratio of Expenses |
| Ratio of Net |
| Ratio of Expenses |
| Ratio of Net Investment |
| |||||
Government Obligations Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 243,399 |
|
| 0.75 | % |
| 1.05 | % |
| 0.78 | % |
| 1.02 | % |
2019 |
| 238,531 |
|
| 0.75 |
|
| 1.58 |
|
| 0.77 |
|
| 1.56 |
|
2018 |
| 354,127 |
|
| 0.75 |
|
| 0.76 |
|
| 0.77 |
|
| 0.74 |
|
2017 |
| 313,106 |
|
| 0.62 |
|
| 0.07 |
|
| 0.79 |
|
| (0.10 | ) |
2016 |
| 199,472 |
|
| 0.29 |
|
| 0.01 |
|
| 0.80 |
|
| (0.50 | ) |
2015 |
| 315,649 |
|
| 0.11 |
|
| 0.01 |
|
| 0.80 |
|
| (0.68 | ) |
Class D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 3,609,156 |
|
| 0.60 | % |
| 1.19 | % |
| 0.63 | % |
| 1.16 | % |
2019 |
| 3,555,685 |
|
| 0.60 |
|
| 1.75 |
|
| 0.63 |
|
| 1.72 |
|
2018 |
| 4,106,912 |
|
| 0.60 |
|
| 0.92 |
|
| 0.64 |
|
| 0.88 |
|
2017 |
| 3,195,441 |
|
| 0.54 |
|
| 0.15 |
|
| 0.64 |
|
| 0.05 |
|
2016 |
| 4,020,897 |
|
| 0.31 |
|
| 0.01 |
|
| 0.65 |
|
| (0.33 | ) |
2015 |
| 4,185,832 |
|
| 0.11 |
|
| 0.01 |
|
| 0.66 |
|
| (0.54 | ) |
Class P |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 60,621 |
|
| 0.15 | % |
| 1.80 | % |
| 0.23 | % |
| 1.72 | % |
2019 |
| 2,085,704 |
|
| 0.15 |
|
| 2.19 |
|
| 0.23 |
|
| 2.11 |
|
20184 |
| 20 |
|
| 0.16 |
|
| 1.52 |
|
| 0.23 |
|
| 1.45 |
|
Class U |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 3,317,821 |
|
| 0.12 | % |
| 1.68 | % |
| 0.23 | % |
| 1.57 | % |
2019 |
| 3,540,435 |
|
| 0.12 |
|
| 2.28 |
|
| 0.23 |
|
| 2.17 |
|
20185 |
| 125,744 |
|
| 0.12 |
|
| 1.72 |
|
| 0.24 |
|
| 1.60 |
|
Class V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 2,347,530 |
|
| 0.30 | % |
| 1.50 | % |
| 0.33 | % |
| 1.47 | % |
2019 |
| 2,314,446 |
|
| 0.30 |
|
| 2.06 |
|
| 0.33 |
|
| 2.03 |
|
2018 |
| 1,786,350 |
|
| 0.30 |
|
| 1.20 |
|
| 0.34 |
|
| 1.16 |
|
2017 |
| 1,995,445 |
|
| 0.30 |
|
| 0.41 |
|
| 0.34 |
|
| 0.37 |
|
2016 |
| 1,202,026 |
|
| 0.25 |
|
| 0.05 |
|
| 0.34 |
|
| (0.04 | ) |
2015 |
| 1,517,038 |
|
| 0.11 |
|
| 0.01 |
|
| 0.35 |
|
| (0.23 | ) |
54 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
| Net Assets End of Period (000) |
| Ratio of Expenses |
| Ratio of Net Investment Income to Average Net Assets |
| Ratio of Expenses to Average Net Assets (Excluding Waivers) |
| Ratio of Net Investment |
| |||||
Government Obligations Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 8,936,011 |
|
| 0.14 | % |
| 1.67 | % |
| 0.23 | % |
| 1.58 | % |
2019 |
| 9,868,300 |
|
| 0.14 |
|
| 2.21 |
|
| 0.23 |
|
| 2.12 |
|
2018 |
| 5,859,028 |
|
| 0.14 |
|
| 1.39 |
|
| 0.24 |
|
| 1.29 |
|
2017 |
| 3,553,517 |
|
| 0.14 |
|
| 0.61 |
|
| 0.24 |
|
| 0.51 |
|
20166 |
| 678,224 |
|
| 0.14 |
|
| 0.28 |
|
| 0.24 |
|
| 0.18 |
|
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 10,813,749 |
|
| 0.45 | % |
| 1.34 | % |
| 0.48 | % |
| 1.31 | % |
2019 |
| 9,961,713 |
|
| 0.45 |
|
| 1.91 |
|
| 0.48 |
|
| 1.88 |
|
2018 |
| 9,440,721 |
|
| 0.45 |
|
| 1.06 |
|
| 0.49 |
|
| 1.02 |
|
2017 |
| 8,694,560 |
|
| 0.44 |
|
| 0.28 |
|
| 0.49 |
|
| 0.23 |
|
2016 |
| 7,393,766 |
|
| 0.31 |
|
| 0.01 |
|
| 0.49 |
|
| (0.17 | ) |
2015 |
| 5,935,721 |
|
| 0.11 |
|
| 0.01 |
|
| 0.50 |
|
| (0.38 | ) |
Class Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201,7 | $ | 19,997,402 |
|
| 0.25 | % |
| 1.61 | % |
| 0.30 | % |
| 1.56 | % |
2019 |
| 18,335,731 |
|
| 0.18 |
|
| 2.17 |
|
| 0.23 |
|
| 2.12 |
|
2018 |
| 14,681,577 |
|
| 0.18 |
|
| 1.32 |
|
| 0.24 |
|
| 1.26 |
|
2017 |
| 16,442,191 |
|
| 0.18 |
|
| 0.54 |
|
| 0.24 |
|
| 0.48 |
|
2016 |
| 11,097,264 |
|
| 0.17 |
|
| 0.14 |
|
| 0.24 |
|
| 0.07 |
|
2015 |
| 8,310,936 |
|
| 0.11 |
|
| 0.01 |
|
| 0.25 |
|
| (0.13 | ) |
1 | For the six-month period ended February 29, 2020 (unaudited). All ratios for the period have been annualized, except total return. |
4 | Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return. |
5 | Commenced operations on February 26, 2018. All ratios for the period have been annualized, except total return. |
6 | Commenced operations on April 5, 2016. All ratios for the period have been annualized, except total return. |
7 | As restated, note 8. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 55 |
Financial Highlights | For a share outstanding throughout the years ended August 31 , unless otherwise indicated. |
|
| Net Asset Value Beginning of Period |
| Net Investment |
| Distributions from Net Investment Income |
| Realized and Unrealized (Losses) on Investments |
| Distributions from Net Realized Gains on Investments |
| Net Asset Value End of Period |
| Total Return3 |
| |||||||
Institutional Prime Obligations Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class T |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.0000 |
| $ | 0.0077 |
| $ | (0.0077 | ) | $ | 0.0002 |
| $ | (0.0000) | 2 | $ | 1.0002 |
|
| 0.80 | % |
2019 |
| 1.0001 |
|
| 0.0211 |
|
| (0.0211 | ) |
| (0.0001) |
| — |
|
| 1.0000 |
|
| 2.12 |
| |
2018 |
| 1.0000 |
|
| 0.0134 |
|
| (0.0134 | ) |
| 0.0001 |
|
| — |
|
| 1.0001 |
|
| 1.36 |
|
2017 |
| 1.0000 |
|
| 0.0049 |
|
| (0.0049 | ) |
| 0.0000 | 2 |
| (0.0000) | 2 |
| 1.0000 |
|
| 0.51 |
|
2016 |
| 1.00 |
|
| 0.001 |
|
| (0.001 | ) |
| — |
|
| — |
|
| 1.00 |
|
| 0.05 |
|
2015 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| — |
|
| — |
|
| 1.00 |
|
| 0.02 |
|
Class V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.0000 |
| $ | 0.0082 |
| $ | (0.0082 | ) | $ | 0.0003 |
| $ | (0.0000) | 2 | $ | 1.0003 |
|
| 0.86 | % |
2019 |
| 1.0001 |
|
| 0.0221 |
|
| (0.0221 | ) |
| (0.0001) |
| — |
|
| 1.0000 |
|
| 2.23 |
| |
2018 |
| 1.0000 |
|
| 0.0144 |
|
| (0.0144 | ) |
| 0.0001 |
|
| — |
|
| 1.0001 |
|
| 1.46 |
|
2017 |
| 1.0000 |
|
| 0.0059 |
|
| (0.0059 | ) |
| 0.0000 | 2 |
| (0.0000) | 2 |
| 1.0000 |
|
| 0.60 |
|
2016 |
| 1.00 |
|
| 0.001 |
|
| (0.001 | ) |
| — |
|
| — |
|
| 1.00 |
|
| 0.12 |
|
2015 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| — |
|
| — |
|
| 1.00 |
|
| 0.02 |
|
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.0001 |
| $ | 0.0075 |
| $ | (0.0075 | ) | $ | 0.0002 |
| $ | (0.0000) | 2 | $ | 1.0003 |
|
| 0.77 | % |
2019 |
| 1.0001 |
|
| 0.0206 |
|
| (0.0206 | ) |
| (0.0000) | 2 |
| — |
|
| 1.0001 |
|
| 2.08 |
|
2018 |
| 1.0000 |
|
| 0.0129 |
|
| (0.0129 | ) |
| 0.0001 |
|
| — |
|
| 1.0001 |
|
| 1.30 |
|
2017 |
| 1.0000 |
|
| 0.0044 |
|
| (0.0044 | ) |
| 0.0000 | 2 |
| (0.0000) | 2 |
| 1.0000 |
|
| 0.46 |
|
2016 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| — |
|
| — |
|
| 1.00 |
|
| 0.03 |
|
2015 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| — |
|
| — |
|
| 1.00 |
|
| 0.02 |
|
Class Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.0000 |
| $ | 0.0090 |
| $ | (0.0090 | ) | $ | 0.0002 |
| $ | (0.0000) | 2 | $ | 1.0002 |
|
| 0.92 | % |
2019 |
| 1.0001 |
|
| 0.0238 |
|
| (0.0238 | ) |
| (0.0001) |
| — |
|
| 1.0000 |
|
| 2.39 |
| |
2018 |
| 1.0000 |
|
| 0.0159 |
|
| (0.0159 | ) |
| 0.0001 |
|
| — |
|
| 1.0001 |
|
| 1.61 |
|
2017 |
| 1.0000 |
|
| 0.0069 |
|
| (0.0069 | ) |
| 0.0000 | 2 |
| (0.0000) | 2 |
| 1.0000 |
|
| 0.70 |
|
2016 |
| 1.00 |
|
| 0.002 |
|
| (0.002 | ) |
| — |
|
| — |
|
| 1.00 |
|
| 0.21 |
|
2015 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| — |
|
| — |
|
| 1.00 |
|
| 0.02 |
|
* | Prior to October 14, 2016, the fund was named Prime Obligations Fund. Effective October 14, 2016, the fund is required to round its current net asset value per share to a minimum of the fourth decimal place. |
1 | For the six-month period ended February 29, 2020 (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. |
56 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
| Net Assets End of Period (000) |
| Ratio of Expenses |
| Ratio of Net Investment Income to Average Net Assets |
| Ratio of Expenses to Average Net Assets (Excluding Waivers) |
| Ratio of Net Investment |
| |||||
Institutional Prime Obligations Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class T |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 67,968 |
|
| 0.40 | % |
| 1.56 | % |
| 0.47 | % |
| 1.49 | % |
2019 |
| 82,423 |
|
| 0.40 |
|
| 2.11 |
|
| 0.48 |
|
| 2.03 |
|
2018 |
| 77,695 |
|
| 0.40 |
|
| 1.36 |
|
| 0.50 |
|
| 1.26 |
|
2017 |
| 72,643 |
|
| 0.40 |
|
| 0.38 |
|
| 0.53 |
|
| 0.25 |
|
2016 |
| 431,632 |
|
| 0.35 |
|
| 0.05 |
|
| 0.44 |
|
| (0.04 | ) |
2015 |
| 670,064 |
|
| 0.19 |
|
| 0.02 |
|
| 0.45 |
|
| (0.24 | ) |
Class V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 38,561 |
|
| 0.30 | % |
| 1.67 | % |
| 0.37 | % |
| 1.60 | % |
2019 |
| 105,642 |
|
| 0.30 |
|
| 2.23 |
|
| 0.38 |
|
| 2.15 |
|
2018 |
| 148,228 |
|
| 0.30 |
|
| 1.51 |
|
| 0.40 |
|
| 1.41 |
|
2017 |
| 58,575 |
|
| 0.30 |
|
| 0.51 |
|
| 0.43 |
|
| 0.38 |
|
2016 |
| 184,678 |
|
| 0.28 |
|
| 0.12 |
|
| 0.34 |
|
| 0.06 |
|
2015 |
| 251,838 |
|
| 0.19 |
|
| 0.02 |
|
| 0.35 |
|
| (0.14 | ) |
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 333,180 |
|
| 0.45 | % |
| 1.50 | % |
| 0.52 | % |
| 1.43 | % |
2019 |
| 337,078 |
|
| 0.45 |
|
| 2.06 |
|
| 0.53 |
|
| 1.98 |
|
2018 |
| 509,603 |
|
| 0.45 |
|
| 1.32 |
|
| 0.55 |
|
| 1.22 |
|
2017 |
| 333,617 |
|
| 0.45 |
|
| 0.41 |
|
| 0.59 |
|
| 0.27 |
|
2016 |
| 1,120,546 |
|
| 0.37 |
|
| 0.03 |
|
| 0.50 |
|
| (0.10 | ) |
2015 |
| 3,711,698 |
|
| 0.19 |
|
| 0.02 |
|
| 0.50 |
|
| (0.29 | ) |
Class Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 715,198 |
|
| 0.15 | % |
| 1.81 | % |
| 0.27 | % |
| 1.69 | % |
2019 |
| 746,330 |
|
| 0.14 |
|
| 2.37 |
|
| 0.28 |
|
| 2.23 |
|
2018 |
| 562,601 |
|
| 0.15 |
|
| 1.67 |
|
| 0.30 |
|
| 1.52 |
|
2017 |
| 309,545 |
|
| 0.20 |
|
| 0.52 |
|
| 0.31 |
|
| 0.41 |
|
2016 |
| 3,012,020 |
|
| 0.20 |
|
| 0.21 |
|
| 0.25 |
|
| 0.16 |
|
2015 |
| 4,104,706 |
|
| 0.18 |
|
| 0.02 |
|
| 0.24 |
|
| (0.04 | ) |
* | Prior to October 14, 2016, the fund was named Prime Obligations Fund. Effective October 14, 2016, the fund is required to round its current net asset value per share to a minimum of the fourth decimal place. |
1 | For the six-month period ended February 29, 2020 (unaudited). All ratios for the period have been annualized, except total return. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 57 |
Financial Highlights | For a share outstanding throughout the years ended August 31 , unless otherwise indicated. |
|
| Net Asset Value |
| Net Investment |
| Distributions from Net |
| Net Asset Value |
| Total Return3 |
| |||||
Retail Prime Obligations Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.00 |
| $ | 0.007 |
| $ | (0.007 | ) | $ | 1.00 |
|
| 0.68 | % |
2019 |
| 1.00 |
|
| 0.019 |
|
| (0.019 | ) |
| 1.00 |
|
| 1.95 |
|
2018 |
| 1.00 |
|
| 0.010 |
|
| (0.010 | ) |
| 1.00 |
|
| 1.03 |
|
2017 |
| 1.00 |
|
| 0.003 |
|
| (0.003 | ) |
| 1.00 |
|
| 0.26 |
|
20164 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| 1.00 |
|
| 0.00 |
|
Class T |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.00 |
| $ | 0.008 |
| $ | (0.008 | ) | $ | 1.00 |
|
| 0.78 | % |
2019 |
| 1.00 |
|
| 0.021 |
|
| (0.021 | ) |
| 1.00 |
|
| 2.14 |
|
2018 |
| 1.00 |
|
| 0.014 |
|
| (0.014 | ) |
| 1.00 |
|
| 1.39 |
|
2017 |
| 1.00 |
|
| 0.006 |
|
| (0.006 | ) |
| 1.00 |
|
| 0.60 |
|
20164 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| 1.00 |
|
| 0.03 |
|
Class V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.00 |
| $ | 0.008 |
| $ | (0.008 | ) | $ | 1.00 |
|
| 0.83 | % |
2019 |
| 1.00 |
|
| 0.022 |
|
| (0.022 | ) |
| 1.00 |
|
| 2.24 |
|
2018 |
| 1.00 |
|
| 0.015 |
|
| (0.015 | ) |
| 1.00 |
|
| 1.49 |
|
2017 |
| 1.00 |
|
| 0.007 |
|
| (0.007 | ) |
| 1.00 |
|
| 0.70 |
|
20164 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| 1.00 |
|
| 0.04 |
|
Class X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.00 |
| $ | 0.009 |
| $ | (0.009 | ) | $ | 1.00 |
|
| 0.91 | % |
2019 |
| 1.00 |
|
| 0.024 |
|
| (0.024 | ) |
| 1.00 |
|
| 2.40 |
|
2018 |
| 1.00 |
|
| 0.016 |
|
| (0.016 | ) |
| 1.00 |
|
| 1.65 |
|
20175 |
| 1.00 |
|
| 0.008 |
|
| (0.008 | ) |
| 1.00 |
|
| 0.85 |
|
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.00 |
| $ | 0.008 |
| $ | (0.008 | ) | $ | 1.00 |
|
| 0.76 | % |
2019 |
| 1.00 |
|
| 0.021 |
|
| (0.021 | ) |
| 1.00 |
|
| 2.09 |
|
2018 |
| 1.00 |
|
| 0.013 |
|
| (0.013 | ) |
| 1.00 |
|
| 1.34 |
|
2017 |
| 1.00 |
|
| 0.006 |
|
| (0.006 | ) |
| 1.00 |
|
| 0.55 |
|
20164 |
| 1.00 |
|
| 0.000 | 2 |
| (0.000 | )2 |
| 1.00 |
|
| 0.02 |
|
Class Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20201 | $ | 1.00 |
| $ | 0.009 |
| $ | (0.009 | ) | $ | 1.00 |
|
| 0.88 | % |
2019 |
| 1.00 |
|
| 0.023 |
|
| (0.023 | ) |
| 1.00 |
|
| 2.34 |
|
2018 |
| 1.00 |
|
| 0.016 |
|
| (0.016 | ) |
| 1.00 |
|
| 1.59 |
|
2017 |
| 1.00 |
|
| 0.008 |
|
| (0.008 | ) |
| 1.00 |
|
| 0.80 |
|
20164 |
| 1.00 |
|
| 0.001 |
|
| (0.001 | ) |
| 1.00 |
|
| 0.05 |
|
1 | For the six-month period ended February 29, 2020 (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. |
4 | Commenced operations on July 18, 2016. All ratios for the period have been annualized, except total return. |
5 | Commenced operations on September 8, 2016. All ratios for the period have been annualized, except total return. |
58 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Ratio of Net Investment | |||||||||||||||||||||
Ratio of Expenses | Ratio of Net | Ratio of Expenses | Income (Loss) to | ||||||||||||||||||
Net Assets | to Average | Investment Income to | to Average Net Assets | Average Net Assets | |||||||||||||||||
End of Period (000) | Net Assets | Average Net Assets | (Excluding Waivers) | (Excluding Waivers) | |||||||||||||||||
Retail Prime Obligations Fund | |||||||||||||||||||||
Class A | |||||||||||||||||||||
20201 | $ | 499,152 | 0.61 | % | 1.36 | % | 0.80 | % | 1.17 | % | |||||||||||
2019 | 507,092 | 0.61 | 1.85 | 0.80 | 1.66 | ||||||||||||||||
2018 | 1,151,807 | 0.75 | 1.03 | 0.80 | 0.98 | ||||||||||||||||
2017 | 1,142,089 | 0.74 | 0.27 | 0.82 | 0.19 | ||||||||||||||||
20164 | 831,019 | 0.60 | 0.02 | 0.84 | (0.22 | ) | |||||||||||||||
Class T | |||||||||||||||||||||
20201 | $ | 7 | 0.40 | % | 1.57 | % | 0.40 | % | 1.57 | % | |||||||||||
2019 | 7 | 0.40 | 1.96 | 0.45 | 1.91 | ||||||||||||||||
2018 | 984 | 0.40 | 1.60 | 0.47 | 1.53 | ||||||||||||||||
2017 | 162 | 0.40 | 0.68 | 0.46 | 0.62 | ||||||||||||||||
20164 | 7 | 0.39 | 0.23 | 0.45 | 0.17 | ||||||||||||||||
Class V | |||||||||||||||||||||
20201 | $ | 48,787 | 0.30 | % | 1.67 | % | 0.35 | % | 1.62 | % | |||||||||||
2019 | 45,810 | 0.30 | 2.21 | 0.35 | 2.16 | ||||||||||||||||
2018 | 40,102 | 0.30 | 1.49 | 0.36 | 1.43 | ||||||||||||||||
2017 | 27,939 | 0.30 | 0.75 | 0.36 | 0.69 | ||||||||||||||||
20164 | 10 | 0.30 | 0.33 | 0.42 | 0.21 | ||||||||||||||||
Class X | |||||||||||||||||||||
20201 | $ | 27,055 | 0.14 | % | 1.93 | % | 0.25 | % | 1.82 | % | |||||||||||
2019 | 212,871 | 0.14 | 2.41 | 0.25 | 2.30 | ||||||||||||||||
2018 | 18,748 | 0.14 | 1.63 | 0.26 | 1.51 | ||||||||||||||||
20175 | 29,731 | 0.14 | 0.95 | 0.26 | 0.83 | ||||||||||||||||
Class Y | |||||||||||||||||||||
20201 | $ | 1,295,405 | 0.45 | % | 1.52 | % | 0.50 | % | 1.47 | % | |||||||||||
2019 | 1,350,240 | 0.45 | 2.07 | 0.50 | 2.02 | ||||||||||||||||
2018 | 1,301,030 | 0.45 | 1.34 | 0.51 | 1.28 | ||||||||||||||||
2017 | 1,142,900 | 0.45 | 0.56 | 0.52 | 0.49 | ||||||||||||||||
20164 | 925,567 | 0.45 | 0.17 | 0.54 | 0.08 | ||||||||||||||||
Class Z | |||||||||||||||||||||
20201 | $ | 582,809 | 0.20 | % | 1.77 | % | 0.25 | % | 1.72 | % | |||||||||||
2019 | 574,552 | 0.20 | 2.34 | 0.25 | 2.29 | ||||||||||||||||
2018 | 346,523 | 0.20 | 1.59 | 0.26 | 1.53 | ||||||||||||||||
2017 | 278,460 | 0.20 | 0.82 | 0.26 | 0.76 | ||||||||||||||||
20164 | 48,335 | 0.20 | 0.41 | 0.29 | 0.32 |
1 | For the six-month period ended February 29, 2020 (unaudited), all ratios for the period have been annualized, except total return. |
4 | Commenced operations on July 18, 2016. All ratios for the period have been annualized, except total return. |
5 | Commenced operations on September 8, 2016. All ratios for the period have been annualized, except total return. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 59 |
Financial Highlights | For a share outstanding throughout the years ended August 31 , unless otherwise indicated. |
|
Net Asset Value | Net Investment | Distributions from Net | Net Asset Value | ||||||||||||||||||
Beginning of Period | Income | Investment Income | End of Period | Total Return3 | |||||||||||||||||
Retail Tax Free Obligations Fund* | |||||||||||||||||||||
Class A | |||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.002 | $ | (0.002 | ) | $ | 1.00 | 0.24 | % | ||||||||||
2019 | 1.00 | 0.009 | (0.009 | ) | 1.00 | 0.85 | |||||||||||||||
2018 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.47 | |||||||||||||||
2017 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.05 | |||||||||||||||
2016 | 1.00 | — | — | 1.00 | 0.00 | ||||||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | ||||||||||||||||
Class V | |||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.005 | $ | (0.005 | ) | $ | 1.00 | 0.46 | % | ||||||||||
2019 | 1.00 | 0.013 | (0.013 | ) | 1.00 | 1.31 | |||||||||||||||
2018 | 1.00 | 0.009 | (0.009 | ) | 1.00 | 0.92 | |||||||||||||||
2017 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.46 | |||||||||||||||
2016 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.05 | |||||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | ||||||||||||||||
Class Y | |||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.004 | $ | (0.004 | ) | $ | 1.00 | 0.39 | % | ||||||||||
2019 | 1.00 | 0.012 | (0.012 | ) | 1.00 | 1.16 | |||||||||||||||
2018 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.77 | |||||||||||||||
2017 | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.31 | |||||||||||||||
2016 | 1.00 | 0.0002 | (0.000 | )2 | 1.00 | 0.00 | |||||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 | ||||||||||||||||
Class Z | |||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.005 | $ | (0.005 | ) | $ | 1.00 | 0.51 | % | ||||||||||
2019 | 1.00 | 0.014 | (0.014 | ) | 1.00 | 1.41 | |||||||||||||||
2018 | 1.00 | 0.010 | (0.010 | ) | 1.00 | 1.02 | |||||||||||||||
2017 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.56 | |||||||||||||||
2016 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.09 | |||||||||||||||
2015 | 1.00 | — | — | 1.00 | 0.00 |
* | Prior to October 14, 2016, the fund was named Tax Free Obligations Fund. |
1 | For the six-month period ended February 29, 2020 (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. |
60 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Net Assets End of Period (000) | Ratio of Expenses to Average | 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 | |||||||||||||||||
Retail Tax Free Obligations Fund* | |||||||||||||||||||||
Class A | |||||||||||||||||||||
20201 | $ | 30,532 | 0.75 | % | 0.48 | % | 0.86 | % | 0.37 | % | |||||||||||
2019 | 31,081 | 0.75 | 0.85 | 0.88 | 0.72 | ||||||||||||||||
2018 | 33,861 | 0.75 | 0.47 | 0.87 | 0.35 | ||||||||||||||||
2017 | 32,171 | 0.71 | 0.04 | 0.92 | (0.17 | ) | |||||||||||||||
2016 | 42,974 | 0.20 | 0.00 | 0.86 | (0.66 | ) | |||||||||||||||
2015 | 49,660 | 0.06 | 0.00 | 0.85 | (0.79 | ) | |||||||||||||||
Class V | |||||||||||||||||||||
20201 | $ | 6,208 | 0.30 | % | 0.90 | % | 0.41 | % | 0.79 | % | |||||||||||
2019 | 783 | 0.30 | 1.28 | 0.42 | 1.16 | ||||||||||||||||
2018 | 536 | 0.30 | 0.89 | 0.42 | 0.77 | ||||||||||||||||
2017 | 1,872 | 0.30 | 0.45 | 0.47 | 0.28 | ||||||||||||||||
2016 | 1,702 | 0.14 | 0.03 | 0.41 | (0.24 | ) | |||||||||||||||
2015 | 9,204 | 0.06 | 0.00 | 0.40 | (0.34 | ) | |||||||||||||||
Class Y | |||||||||||||||||||||
20201 | $ | 325,765 | 0.45 | % | 0.78 | % | 0.56 | % | 0.67 | % | |||||||||||
2019 | 333,668 | 0.45 | 1.15 | 0.58 | 1.02 | ||||||||||||||||
2018 | 316,973 | 0.45 | 0.79 | 0.57 | 0.67 | ||||||||||||||||
2017 | 260,044 | 0.45 | 0.31 | 0.62 | 0.14 | ||||||||||||||||
2016 | 289,274 | 0.19 | 0.00 | 0.56 | (0.37 | ) | |||||||||||||||
2015 | 460,299 | 0.06 | 0.00 | 0.55 | (0.49 | ) | |||||||||||||||
Class Z | |||||||||||||||||||||
20201 | 64,700 | 0.20 | % | 1.02 | % | 0.31 | % | 0.91 | % | ||||||||||||
2019 | 49,645 | 0.20 | 1.38 | 0.32 | 1.26 | ||||||||||||||||
2018 | 20,631 | 0.20 | 1.03 | 0.32 | 0.91 | ||||||||||||||||
2017 | 32,401 | 0.20 | 0.55 | 0.37 | 0.38 | ||||||||||||||||
2016 | 62,763 | 0.12 | 0.09 | 0.32 | (0.11 | ) | |||||||||||||||
2015 | 148,163 | 0.06 | 0.00 | 0.30 | (0.24 | ) |
* | Prior to October 14, 2016, the fund was named Tax Free Obligations Fund | |
1 | For the six-month period ended February 29, 2020 (unaudited), all ratios for the period have been annualized, except total return. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 61 |
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 | Distributions from Net Realized Gains on Investments | Net Asset Value End of Period | Total Return3 | ||||||||||||||||||||
Treasury Obligations Fund | |||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.005 | $ | (0.005 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.52 | % | |||||||||||
2019 | 1.00 | 0.016 | (0.016 | ) | — | 1.00 | 1.61 | ||||||||||||||||||
2018 | 1.00 | 0.008 | (0.008 | ) | — | 1.00 | 0.77 | ||||||||||||||||||
2017 | 1.00 | 0.001 | (0.001 | ) | (0.000 | )2 | 1.00 | 0.08 | |||||||||||||||||
2016 | 1.00 | 0.0002 | (0.000 | )2 | (0.000 | )2 | 1.00 | 0.00 | |||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
Class D | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.006 | $ | (0.006 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.60 | % | |||||||||||
2019 | 1.00 | 0.018 | (0.018 | ) | — | 1.00 | 1.77 | ||||||||||||||||||
2018 | 1.00 | 0.009 | (0.009 | ) | — | 1.00 | 0.92 | ||||||||||||||||||
2017 | 1.00 | 0.001 | (0.001 | ) | (0.000 | )2 | 1.00 | 0.15 | |||||||||||||||||
2016 | 1.00 | 0.0002 | (0.000 | )2 | (0.000 | )2 | 1.00 | 0.00 | |||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
Class P | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.82 | % | |||||||||||
2019 | 1.00 | 0.022 | (0.022 | ) | — | 1.00 | 2.23 | ||||||||||||||||||
20184 | 1.00 | 0.011 | (0.011 | ) | — | 1.00 | 1.07 | ||||||||||||||||||
Class V | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.007 | $ | (0.007 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.75 | % | |||||||||||
2019 | 1.00 | 0.021 | (0.021 | ) | — | 1.00 | 2.07 | ||||||||||||||||||
2018 | 1.00 | 0.012 | (0.012 | ) | — | 1.00 | 1.22 | ||||||||||||||||||
2017 | 1.00 | 0.004 | (0.004 | ) | (0.000 | )2 | 1.00 | 0.39 | |||||||||||||||||
2016 | 1.00 | 0.001 | (0.001 | ) | (0.000 | )2 | 1.00 | 0.05 | |||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 |
62 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Net Asset Value Beginning of Period | Net Investment Income | Distributions from Net Investment Income | Distributions from Net Realized Gains on Investments | Net Asset Value End of Period | Total Return3 | ||||||||||||||||||||
Treasury Obligations Fund | |||||||||||||||||||||||||
Class X | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.83 | % | |||||||||||
2019 | 1.00 | 0.022 | (0.022 | ) | — | 1.00 | 2.23 | ||||||||||||||||||
2018 | 1.00 | 0.014 | (0.014 | ) | — | 1.00 | 1.38 | ||||||||||||||||||
2017 | 1.00 | 0.005 | (0.005 | ) | (0.000 | )2 | 1.00 | 0.55 | |||||||||||||||||
20165 | 1.00 | 0.001 | (0.001 | ) | — | 1.00 | 0.10 | ||||||||||||||||||
Class Y | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.007 | $ | (0.007 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.67 | % | |||||||||||
2019 | 1.00 | 0.019 | (0.019 | ) | — | 1.00 | 1.92 | ||||||||||||||||||
2018 | 1.00 | 0.011 | (0.011 | ) | — | 1.00 | 1.07 | ||||||||||||||||||
2017 | 1.00 | 0.003 | (0.003 | ) | (0.000 | )2 | 1.00 | 0.25 | |||||||||||||||||
2016 | 1.00 | 0.0002 | (0.000 | )2 | (0.000 | )2 | 1.00 | 0.00 | |||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
Class Z | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.81 | % | |||||||||||
2019 | 1.00 | 0.022 | (0.022 | ) | — | 1.00 | 2.19 | ||||||||||||||||||
2018 | 1.00 | 0.013 | (0.013 | ) | — | 1.00 | 1.34 | ||||||||||||||||||
2017 | 1.00 | 0.005 | (0.005 | ) | (0.000 | )2 | 1.00 | 0.51 | |||||||||||||||||
2016 | 1.00 | 0.001 | (0.001 | ) | (0.000 | )2 | 1.00 | 0.13 | |||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 |
1 | For the six-month period ended February 29, 2020 (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. |
4 | Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return. |
5 | Commenced operations on April 5, 2016. All ratios for the period have been annualized, except total return. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 63 |
Financial Highlights | For a share outstanding throughout the years ended August 31, unless otherwise indicated. |
Net Assets End of Period (000) | 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 | |||||||||||||||||||||
20201 | $ | 275,693 | 0.75 | % | 1.05 | % | 0.78 | % | 1.02 | % | |||||||||||
2019 | 246,012 | 0.75 | 1.60 | 0.78 | 1.57 | ||||||||||||||||
2018 | 185,799 | 0.75 | 0.75 | 0.79 | 0.71 | ||||||||||||||||
2017 | 239,773 | 0.60 | 0.07 | 0.80 | (0.13 | ) | |||||||||||||||
2016 | 274,237 | 0.30 | 0.00 | 0.80 | (0.50 | ) | |||||||||||||||
2015 | 315,631 | 0.09 | 0.00 | 0.80 | (0.71 | ) | |||||||||||||||
Class D | |||||||||||||||||||||
20201 | $ | 1,618,471 | 0.60 | % | 1.20 | % | 0.63 | % | 1.17 | % | |||||||||||
2019 | 1,367,671 | 0.60 | 1.75 | 0.64 | 1.71 | ||||||||||||||||
2018 | 1,461,918 | 0.60 | 0.92 | 0.64 | 0.88 | ||||||||||||||||
2017 | 1,521,672 | 0.53 | 0.14 | 0.64 | 0.03 | ||||||||||||||||
2016 | 1,970,955 | 0.30 | 0.00 | 0.64 | (0.34 | ) | |||||||||||||||
2015 | 1,947,705 | 0.09 | 0.00 | 0.65 | (0.56 | ) | |||||||||||||||
Class P | |||||||||||||||||||||
20201 | $ | 242,442 | 0.15 | % | 1.73 | % | 0.23 | % | 1.65 | % | |||||||||||
2019 | 921,110 | 0.15 | 2.16 | 0.23 | 2.08 | ||||||||||||||||
20184 | 20 | 0.16 | 1.52 | 0.23 | 1.45 | ||||||||||||||||
Class V | |||||||||||||||||||||
20201 | $ | 562,040 | 0.30 | % | 1.50 | % | 0.33 | % | 1.47 | % | |||||||||||
2019 | 476,759 | 0.30 | 2.07 | 0.34 | 2.03 | ||||||||||||||||
2018 | 416,145 | 0.30 | 1.19 | 0.34 | 1.15 | ||||||||||||||||
2017 | 491,220 | 0.30 | 0.38 | 0.34 | 0.34 | ||||||||||||||||
2016 | 556,817 | 0.24 | 0.04 | 0.35 | (0.07 | ) | |||||||||||||||
2015 | 1,126,241 | 0.09 | 0.00 | 0.35 | (0.26 | ) |
64 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Net Assets End of Period (000) | 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 X | |||||||||||||||||||||
20201 | $ | 2,777,108 | 0.14 | % | 1.66 | % | 0.23 | % | 1.57 | % | |||||||||||
2019 | 2,890,818 | 0.14 | 2.22 | 0.24 | 2.12 | ||||||||||||||||
2018 | 1,989,132 | 0.14 | 1.59 | 0.24 | 1.49 | ||||||||||||||||
2017 | 107,165 | 0.14 | 0.55 | 0.24 | 0.45 | ||||||||||||||||
20165 | 67,258 | 0.14 | 0.26 | 0.25 | 0.15 | ||||||||||||||||
Class Y | |||||||||||||||||||||
20201 | $ | 2,612,880 | 0.45 | % | 1.34 | % | 0.48 | % | 1.31 | % | |||||||||||
2019 | 2,439,178 | 0.45 | 1.90 | 0.49 | 1.86 | ||||||||||||||||
2018 | 2,692,690 | 0.45 | 1.08 | 0.49 | 1.04 | ||||||||||||||||
2017 | 2,577,051 | 0.44 | 0.25 | 0.50 | 0.19 | ||||||||||||||||
2016 | 2,559,849 | 0.29 | 0.00 | 0.49 | (0.20 | ) | |||||||||||||||
2015 | 2,335,205 | 0.09 | 0.00 | 0.50 | (0.41 | ) | |||||||||||||||
Class Z | |||||||||||||||||||||
20201 | $ | 6,140,215 | 0.18 | % | 1.63 | % | 0.23 | % | 1.58 | % | |||||||||||
2019 | 6,646,073 | 0.18 | 2.18 | 0.24 | 2.12 | ||||||||||||||||
2018 | 5,934,233 | 0.18 | 1.34 | 0.24 | 1.28 | ||||||||||||||||
2017 | 4,655,060 | 0.18 | 0.51 | 0.24 | 0.45 | ||||||||||||||||
2016 | 4,152,252 | 0.17 | 0.14 | 0.24 | 0.07 | ||||||||||||||||
2015 | 2,655,440 | 0.09 | 0.00 | 0.25 | (0.16 | ) |
1 | For the six-month period ended February 29, 2020 (unaudited). All ratios for the period have been annualized, except total return. |
4 | Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return. |
5 | Commenced operations on April 5, 2016. All ratios for the period have been annualized, except total return. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 65 |
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 | Distributions from Net Realized Gains on Investments | Net Asset Value End of Period | Total Return3 | ||||||||||||||||||||
U.S. Treasury Money Market Fund | |||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.005 | $ | (0.005 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.50 | % | |||||||||||
2019 | 1.00 | 0.016 | (0.016 | ) | — | 1.00 | 1.57 | ||||||||||||||||||
2018 | 1.00 | 0.007 | (0.007 | ) | — | 1.00 | 0.74 | ||||||||||||||||||
2017 | 1.00 | 0.001 | (0.001 | ) | (0.000 | )2 | 1.00 | 0.06 | |||||||||||||||||
2016 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
Class D | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.006 | $ | (0.006 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.58 | % | |||||||||||
2019 | 1.00 | 0.017 | (0.017 | ) | — | 1.00 | 1.72 | ||||||||||||||||||
2018 | 1.00 | 0.009 | (0.009 | ) | — | 1.00 | 0.89 | ||||||||||||||||||
2017 | 1.00 | 0.001 | (0.001 | ) | (0.000 | )2 | 1.00 | 0.12 | |||||||||||||||||
2016 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
Class V | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.007 | $ | (0.007 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.73 | % | |||||||||||
2019 | 1.00 | 0.020 | (0.020 | ) | — | 1.00 | 2.03 | ||||||||||||||||||
2018 | 1.00 | 0.012 | (0.012 | ) | — | 1.00 | 1.20 | ||||||||||||||||||
2017 | 1.00 | 0.003 | (0.003 | ) | (0.000 | )2 | 1.00 | 0.34 | |||||||||||||||||
2016 | 1.00 | 0.0002 | (0.000 | )2 | — | 1.00 | 0.01 | ||||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
Class Y | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.006 | $ | (0.006 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.65 | % | |||||||||||
2019 | 1.00 | 0.019 | (0.019 | ) | — | 1.00 | 1.87 | ||||||||||||||||||
2018 | 1.00 | 0.010 | (0.010 | ) | — | 1.00 | 1.04 | ||||||||||||||||||
2017 | 1.00 | 0.002 | (0.002 | ) | (0.000 | )2 | 1.00 | 0.21 | |||||||||||||||||
2016 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 | |||||||||||||||||||
Class Z | |||||||||||||||||||||||||
20201 | $ | 1.00 | $ | 0.008 | $ | (0.008 | ) | $ | (0.000 | )2 | $ | 1.00 | 0.78 | % | |||||||||||
2019 | 1.00 | 0.021 | (0.021 | ) | — | 1.00 | 2.13 | ||||||||||||||||||
2018 | 1.00 | 0.013 | (0.013 | ) | — | 1.00 | 1.30 | ||||||||||||||||||
2017 | 1.00 | 0.004 | (0.004 | ) | (0.000 | )2 | 1.00 | 0.44 | |||||||||||||||||
2016 | 1.00 | 0.001 | (0.001 | ) | — | 1.00 | 0.07 | ||||||||||||||||||
2015 | 1.00 | — | — | — | 1.00 | 0.00 |
1 | For the six-month period ended February 29, 2020 (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. |
66 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Net Assets End of Period (000) | 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 | |||||||||||||||||||||
20201 | $ | 38,610 | 0.75 | % | 1.03 | % | 0.80 | % | 0.98 | % | |||||||||||
2019 | 45,660 | 0.75 | 1.57 | 0.81 | 1.51 | ||||||||||||||||
2018 | 43,845 | 0.75 | 0.75 | 0.82 | 0.68 | ||||||||||||||||
2017 | 33,310 | 0.56 | 0.04 | 0.83 | (0.23 | ) | |||||||||||||||
2016 | 90,779 | 0.26 | 0.00 | 0.84 | (0.58 | ) | |||||||||||||||
2015 | 38,346 | 0.05 | 0.00 | 0.84 | (0.79 | ) | |||||||||||||||
Class D | |||||||||||||||||||||
20201 | $ | 41,724 | 0.60 | % | 1.11 | % | 0.64 | % | 1.07 | % | |||||||||||
2019 | 32,349 | 0.60 | 1.70 | 0.66 | 1.64 | ||||||||||||||||
2018 | 49,769 | 0.60 | 0.85 | 0.67 | 0.78 | ||||||||||||||||
2017 | 73,968 | 0.51 | 0.10 | 0.68 | (0.07 | ) | |||||||||||||||
2016 | 94,275 | 0.23 | 0.00 | 0.69 | (0.46 | ) | |||||||||||||||
2015 | 137,129 | 0.05 | 0.00 | 0.69 | (0.64 | ) | |||||||||||||||
Class V | |||||||||||||||||||||
20201 | $ | 104,174 | 0.30 | % | 1.46 | % | 0.35 | % | 1.41 | % | |||||||||||
2019 | 106,254 | 0.30 | 2.03 | 0.36 | 1.97 | ||||||||||||||||
2018 | 57,661 | 0.30 | 1.20 | 0.37 | 1.13 | ||||||||||||||||
2017 | 43,810 | 0.30 | 0.36 | 0.38 | 0.28 | ||||||||||||||||
2016 | 32,435 | 0.21 | 0.01 | 0.39 | (0.17 | ) | |||||||||||||||
2015 | 82,900 | 0.05 | 0.00 | 0.39 | (0.34 | ) | |||||||||||||||
Class Y | |||||||||||||||||||||
20201 | $ | 580,928 | 0.45 | % | 1.30 | % | 0.50 | % | 1.25 | % | |||||||||||
2019 | 598,298 | 0.45 | 1.87 | 0.51 | 1.81 | ||||||||||||||||
2018 | 684,906 | 0.45 | 1.04 | 0.52 | 0.97 | ||||||||||||||||
2017 | 696,466 | 0.43 | 0.21 | 0.53 | 0.11 | ||||||||||||||||
2016 | 612,984 | 0.24 | 0.00 | 0.54 | (0.30 | ) | |||||||||||||||
2015 | 614,128 | 0.05 | 0.00 | 0.54 | (0.49 | ) | |||||||||||||||
Class Z | |||||||||||||||||||||
20201 | $ | 1,465,889 | 0.20 | % | 1.51 | % | 0.24 | % | 1.47 | % | |||||||||||
2019 | 781,354 | 0.20 | 2.10 | 0.26 | 2.04 | ||||||||||||||||
2018 | 434,331 | 0.20 | 1.27 | 0.27 | 1.20 | ||||||||||||||||
2017 | 392,662 | 0.20 | 0.42 | 0.28 | 0.34 | ||||||||||||||||
2016 | 409,806 | 0.17 | 0.07 | 0.28 | (0.04 | ) | |||||||||||||||
2015 | 309,280 | 0.05 | 0.00 | 0.29 | (0.24 | ) |
1 | For the six-month period ended February 29, 2020 (unaudited). All ratios for the period have been annualized, except total return. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 67 |
Notes to Financial Statements | (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted) |
1> | Organization |
Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail 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. U.S. Bancorp Asset Management, Inc. (“USBAM”) is the investment advisor and administrator to each of the funds (the “advisor” and “administrator”) and is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and wholly owned subsidiary of U.S. Bancorp.
Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund qualify as “government money market funds” under Rule 2a-7 of the Investment Company Act and seek to maintain a stable net asset value (“NAV”) per share of one dollar. They are generally not subject to the default liquidity fees and redemption gates that may apply to other money market funds and the board of directors has determined not to impose such fees and gates on these funds.
Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund offer Class A, Class D, Class V, Class Y, and Class Z shares. Additionally, Government Obligations Fund and Treasury Obligations Fund offer Class P and Class X shares, and Government Obligations Fund also offers Class U shares. Effective October 26, 2018, Class G shares were converted to Class A shares of Treasury Obligations Fund.
Retail Prime Obligations Fund and Retail Tax Free Obligations Fund are open to retail investors (“natural persons”) and seek to maintain a stable NAV per share of one dollar. They are subject to the possibility of liquidity fees and redemption gates, as required by Rule 2a-7 of the Investment Company Act. Retail Prime Obligations Fund and Retail Tax Free Obligations Fund offer Class A, Class V, Class Y, and Class Z shares. Retail Prime Obligations Fund also offers Class T and Class X shares.
Institutional Prime Obligations Fund is subject to the possibility of liquidity fees and redemption gates and transacts at a floating NAV that is calculated out to four decimal places, as required by Rule 2a-7 of the Investment Company Act. The fund offers Class T, Class V, Class Y, and Class Z shares. Class X shares closed on October 30, 2018.
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.
68 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
2> | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS
Government Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund
Investment securities held are stated at amortized cost (except for investments in other money market funds which are valued at their most current NAV), 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. In accordance with Rule 2a-7 of the Investment Company Act, the fair value of securities held in the funds are determined using amortized cost, which is compared to prices provided by independent pricing providers.
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 value 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, 2020, the differences between the aggregate market value and the aggregate amortized cost of all securities did not exceed 0.25% for any fund on any day of the period.
Institutional Prime Obligations Fund
The fund prices and transacts its shares at a floating NAV, rounded to the fourth decimal place. The NAV per share of each share class of the fund is calculated at 8:00 a.m., 11:00 a.m., and 2:00 p.m. Central Time on each business day that the fund is open. The fund’s investments for which market quotations are readily available will be valued at market value on the basis of quotations furnished by a pricing service or provided by securities dealers. If market quotations are not readily available, or if the advisor believes that such quotations do not accurately reflect market prices, the fair value of the fund’s investments will be determined in good faith based upon valuation procedures established by the board of directors. Short-term debt obligations maturing in sixty days or less may be valued at amortized cost where the advisor believes that it approximates market value. Shares of other money market funds are valued at their most current NAV.
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.). Also includes securities valued at amortized cost.
Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments).
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 69 |
Notes to Financial Statements | (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted) |
The fair value levels are not necessarily an indication of the risk associated with investing in these securities. As of February 29, 2020, each fund’s investments were classified as follows:
Fund | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||
Government Obligations Fund | ||||||||||||||||
U.S. Treasury Repurchase Agreements | $ | — | $ | 24,219,456 | $ | — | $ | 24,219,456 | ||||||||
U.S. Government Agency Debt | — | 19,965,417 | — | 19,965,417 | ||||||||||||
U.S. Government Agency Repurchase Agreements | — | 4,050,000 | — | 4,050,000 | ||||||||||||
U.S. Treasury Debt | — | 2,937,482 | — | 2,937,482 | ||||||||||||
Investment Companies | 500,000 | — | — | 500,000 | ||||||||||||
Total Investments | $ | 500,000 | $ | 51,172,355 | $ | — | $ | 51,672,355 | ||||||||
Institutional Prime Obligations Fund | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 334,675 | $ | — | $ | 334,675 | ||||||||
Other Repurchase Agreements | — | 244,000 | — | 244,000 | ||||||||||||
Asset Backed Commercial Paper | — | 232,858 | — | 232,858 | ||||||||||||
Financial Company Commercial Paper | — | 184,505 | — | 184,505 | ||||||||||||
Non-Negotiable Time Deposits | — | 75,000 | — | 75,000 | ||||||||||||
Non-Financial Company Commercial Paper | — | 59,994 | — | 59,994 | ||||||||||||
Variable Rate Demand Notes | — | 12,860 | — | 12,860 | ||||||||||||
Other Instruments | — | 9,881 | — | 9,881 | ||||||||||||
U.S. Treasury Repurchase Agreements | — | 2,013 | — | 2,013 | ||||||||||||
Total Investments | $ | — | $ | 1,155,786 | $ | — | $ | 1,155,786 | ||||||||
Retail Prime Obligations Fund | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 811,003 | $ | — | $ | 811,003 | ||||||||
Other Repurchase Agreements | — | 544,000 | — | 544,000 | ||||||||||||
Financial Company Commercial Paper | — | 333,175 | — | 333,175 | ||||||||||||
Non-Negotiable Time Deposits | — | 278,719 | — | 278,719 | ||||||||||||
Asset Backed Commercial Paper | — | 266,294 | — | 266,294 | ||||||||||||
U.S. Treasury Repurchase Agreements | — | 92,390 | — | 92,390 | ||||||||||||
Non-Financial Company Commercial Paper | — | 86,000 | — | 86,000 | ||||||||||||
Other Instruments | — | 30,010 | — | 30,010 | ||||||||||||
Variable Rate Demand Note | — | 13,900 | — | 13,900 | ||||||||||||
Total Investments | $ | — | $ | 2,455,491 | $ | — | $ | 2,455,491 | ||||||||
Retail Tax Free Obligations Fund | ||||||||||||||||
Variable Rate Demand Notes | $ | — | $ | 274,794 | $ | — | $ | 274,794 | ||||||||
Tender Option Bonds | — | 71,095 | — | 71,095 | ||||||||||||
Non-Financial Company Commercial Paper | — | 54,228 | — | 54,228 | ||||||||||||
Other Municipal Securities | — | 26,475 | — | 26,475 | ||||||||||||
Total Investments | $ | — | $ | 426,592 | $ | — | $ | 426,592 | ||||||||
Treasury Obligations Fund | ||||||||||||||||
U.S. Treasury Repurchase Agreements | $ | — | $ | 9,211,152 | $ | — | $ | 9,211,152 | ||||||||
U.S. Treasury Debt | — | 4,968,837 | — | 4,968,837 | ||||||||||||
Total Investments | $ | — | $ | 14,179,989 | $ | — | $ | 14,179,989 | ||||||||
U.S. Treasury Money Market Fund | ||||||||||||||||
U.S. Treasury Debt | $ | — | $ | 2,233,169 | $ | — | $ | 2,233,169 | ||||||||
Total Investments | $ | — | $ | 2,233,169 | $ | — | $ | 2,233,169 |
Refer to each fund’s Schedule of Investments for further security classification.
70 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
During the six-month period ended February 29, 2020, there were no transfers between fair value levels, and the funds’ 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 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.
As of and during the six-month period ended February 29, 2020, the funds did not hold any restricted securities. As of February 29, 2020, Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, and Treasury Obligations Fund had investments in illiquid securities with a total value of $850,000 or 1.7% of total net assets, $40,000 or 3.5% of total net assets, $90,000 or 3.7% of total net assets, $14,670 or 3.4% of total net assets, and $150,000 or 1.1% of total net assets, respectively.
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, 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, 2020, 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.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 71 |
Notes to Financial Statements | (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted) |
The distributions paid during the six-month period ended February 29, 2020 and fiscal year ended August 31, 2019 (adjusted by dividends payable as of February 29, 2020 and August 31, 2019, respectively) were as follows:
February 29, 2020 | ||||||||||||||||
Fund | Ordinary Income | Tax-Exempt Income | Capital Gain | Total | ||||||||||||
Government Obligations Fund | $ | 403,040 | $ | — | $ | 372 | $ | 403,412 | ||||||||
Institutional Prime Obligations Fund | 11,646 | — | 2 | 11,648 | ||||||||||||
Retail Prime Obligations Fund | 21,853 | — | — | 21,853 | ||||||||||||
Retail Tax Free Obligations Fund | — | 1,809 | — | 1,809 | ||||||||||||
Treasury Obligations Fund | 122,237 | — | 17 | 122,254 | ||||||||||||
U.S. Treasury Money Market Fund | 15,143 | — | 30 | 15,173 | ||||||||||||
August 31, 2019 | ||||||||||||||||
Fund | Ordinary Income | Tax-Exempt Income | Capital Gain | Total | ||||||||||||
Government Obligations Fund | $ | 831,312 | $ | — | $ | — | $ | 831,312 | ||||||||
Institutional Prime Obligations Fund | 26,484 | — | — | 26,484 | ||||||||||||
Retail Prime Obligations Fund | 56,264 | — | — | 56,264 | ||||||||||||
Retail Tax Free Obligations Fund | 239 | 4,178 | — | 4,417 | ||||||||||||
Treasury Obligations Fund | 266,710 | — | — | 266,710 | ||||||||||||
U.S. Treasury Money Market Fund | 27,819 | — | — | 27,819 |
Each fund designates as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits related to net capital gain to zero for the tax year ended August 31, 2019.
As of August 31, 2019, the components of accumulated earnings on a tax-basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Tax-Exempt Income | Accumulated Capital Gains (Losses) | Unrealized Appreciation | Total Accumulated Earnings (Deficit) | |||||||||||||||
Government Obligations Fund | $ | 82,944 | $ | — | $ | — | $ | (19 | ) | $ | 82,925 | |||||||||
Institutional Prime Obligations Fund | 2,321 | — | — | 7 | 2,328 | |||||||||||||||
Retail Prime Obligations Fund | 4,502 | — | (1 | ) | — | 4,501 | ||||||||||||||
Retail Tax Free Obligations Fund | — | 336 | (14 | ) | — | 322 | ||||||||||||||
Treasury Obligations Fund | 25,127 | — | — | — | 25,127 | |||||||||||||||
U.S. Treasury Money Market Fund | 2,133 | — | — | — | 2,133 |
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, 2019.
Under current law, the funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Capital losses realized under current law will carry forward retaining their classification as either long-term or short-term losses. As of August 31, 2019, Retail Prime Obligations Fund and Retail Tax Free Obligations Fund had indefinite short-term capital loss carryforwards of $1 and $14, respectively.
72 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreement transactions 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 agreement transactions 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 transaction. 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. Retail Tax Free Obligations Fund did not enter into repurchase agreement transactions during the six-month period ended February 29, 2020.
Pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (“SEC”), each fund may enter into repurchase agreement transactions (and other short- term investments) on a joint basis with certain other funds advised by the advisor.
The table below shows the offsetting assets and liabilities relating to the repurchase agreement transactions 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 | $ | 28,269,456 | $ | — | $ | 28,269,456 | $ | — | $ | (28,269,456 | ) | $ | — | |||||||||||
Institutional Prime Obligations Fund | 246,013 | — | 246,013 | — | (246,013 | ) | — | |||||||||||||||||
Retail Prime Obligations Fund | 636,390 | — | 636,390 | — | (636,390 | ) | — | |||||||||||||||||
Treasury Obligations Fund | 9,211,152 | — | 9,211,152 | — | (9,211,152 | ) | — |
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. |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 73 |
Notes to Financial Statements | (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted) |
The table below shows the remaining contractual maturity of the repurchase agreements:
Remaining Contractual Maturity of the Repurchase Agreements | Overnight and Continuous | Up to 30 Days | 31 to 90 Days | Over 91 Days | Total | |||||||||||||||
Government Obligations Fund | ||||||||||||||||||||
U.S. Government Agency | $ | 3,550,000 | $ | 500,000 | $ | — | $ | — | $ | 4,050,000 | ||||||||||
U.S. Treasury | 10,019,456 | 6,900,000 | 7,300,000 | — | 24,219,456 | |||||||||||||||
Total | $ | 13,569,456 | $ | 7,400,000 | $ | 7,300,000 | $ | — | $ | 28,269,456 | ||||||||||
Institutional Prime Obligations Fund | ||||||||||||||||||||
Other | $ | 178,000 | $ | 26,000 | $ | 40,000 | $ | — | $ | 244,000 | ||||||||||
U.S. Treasury | 2,013 | — | — | — | 2,013 | |||||||||||||||
Total | $ | 180,013 | $ | 26,000 | $ | 40,000 | $ | — | $ | 246,013 | ||||||||||
Retail Prime Obligations Fund | ||||||||||||||||||||
Other | $ | 405,000 | $ | 49,000 | $ | 65,000 | $ | 25,000 | $ | 544,000 | ||||||||||
U.S. Treasury | 92,390 | — | — | — | 92,390 | |||||||||||||||
Total | $ | 497,390 | $ | 49,000 | $ | 65,000 | $ | 25,000 | $ | 636,390 | ||||||||||
Treasury Obligations Fund | ||||||||||||||||||||
U.S. Treasury | $ | 4,086,152 | $ | 2,325,000 | $ | 2,800,000 | $ | — | $ | 9,211,152 | ||||||||||
Total | $ | 4,086,152 | $ | 2,325,000 | $ | 2,800,000 | $ | — | $ | 9,211,152 |
SECURITIES LENDING – In order to generate additional income, each fund (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, Institutional Prime Obligations Fund, Retail 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 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, 2020, the funds had no securities on loan.
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 may pay up to half of such fees to USBAM for certain securities lending services provided by USBAM. For the six-month period ended February 29, 2020, no fees were paid to U.S. Bank for serving as the securities lending agent for the funds, because the funds did not participate in securities lending.
74 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
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, 2020.
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.
The advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2020, so the annual fund operating expenses, after waivers, do not exceed the following amounts:
Share Class | |||||||||
Fund | A | D | P | T | U | V | X | Y | Z |
Government Obligations Fund | 0.75% | 0.60% | 0.18% | N/A | 0.12% | 0.30% | 0.14% | 0.45% | 0.18% |
Institutional Prime Obligations Fund | N/A | N/A | N/A | 0.40% | N/A | 0.30% | N/A | 0.45% | 0.20% |
Retail Prime Obligations Fund | 0.75% | N/A | N/A | 0.40% | N/A | 0.30% | 0.14% | 0.45% | 0.20% |
Retail Tax Free Obligations Fund | 0.75% | N/A | N/A | N/A | N/A | 0.30% | N/A | 0.45% | 0.20% |
Treasury Obligations Fund | 0.75% | 0.60% | 0.18% | N/A | N/A | 0.30% | 0.14% | 0.45% | 0.18% |
U.S. Treasury Money Market Fund | 0.75% | 0.60% | N/A | N/A | N/A | 0.30% | N/A | 0.45% | 0.20% |
These contractual waivers and reimbursements will remain in effect through October 31, 2020 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.
ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“USBGFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBGFS and USBAM. USBGFS is a subsidiary of U.S. Bank. Under the administration agreement,
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 75 |
Notes to Financial Statements | (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted) |
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 to keep total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM voluntarily waived or reimbursed administration fees of $13,193, $633, $971, $238, $4,010, and $489 for Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six- month period ended February 29, 2020.
TRANSFER AGENT FEES – USBGFS serves as the funds’ transfer agent pursuant to a transfer agent agreement between USBGFS 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 pay USBGFS each fund’s pro rata share of an amount equal, on an annual basis, to 0.0008% of the aggregate average daily net assets up to $25 billion, 0.0007% of the aggregate average daily net assets for the next $25 billion, and 0.0005% of the aggregate average daily net assets in excess of $50 billion. The funds may reimburse USBGFS 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. Each fund pays the custodian its pro rata share of an amount equal, on an annual basis, to 0.0045% of the aggregate average daily market value of all securities and cash held in the funds, up to $25 billion, 0.0040% of the aggregate average daily market value of all securities and cash held in the funds for the next $25 billion, and 0.0035% of the aggregate average daily market value of all securities and cash held in the funds in excess of $50 billion. All fees are computed daily and paid monthly.
Under the custodian agreement, the custodian may charge a fee for any cash overdrafts incurred by a particular fund, which increases that fund’s custodian expenses.
For the six-month period ended February 29, 2020, custodian fees were not increased as a result of any overdrafts.
DISTRIBUTION AND SHAREHOLDER SERVICING (12B-1) FEES – Quasar Distributors, LLC (“Quasar”) 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
76 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
rate of up to 0.25% and 0.15% of each fund’s average daily net assets attributable to Class A and Class D, respectively. No distribution or shareholder servicing fees are paid to Quasar by any other share class of the funds. These fees are used by Quasar for the primary purpose of reimbursing broker-dealers for their sale of fund shares.
Under these distribution and shareholder servicing agreements, the following amounts were received by affiliates of USBAM for the six-month period ended February 29, 2020:
Fund | Amount | |||
Government Obligations Fund | $ | 2,720 | ||
Retail Prime Obligations Fund | 619 | |||
Retail Tax Free Obligations Fund | 37 | |||
Treasury Obligations Fund | 1,295 | |||
U.S. Treasury Money Market Fund | 80 |
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 T, Class V, and Class Y 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, and Class Y shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class T shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Class V shares. In order to maintain a minimum yield, or to prevent total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM waived or reimbursed $44 for Retail Prime Obligations Fund, during the six- month period ended February 29, 2020.
Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 29, 2020:
Fund | Amount | |||
Government Obligations Fund | $ | 18,454 | ||
Institutional Prime Obligations Fund | 544 | |||
Retail Prime Obligations Fund | 2,318 | |||
Retail Tax Free Obligations Fund | 462 | |||
Treasury Obligations Fund | 5,495 | |||
U.S. Treasury Money Market Fund | 887 |
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 shareholders reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses.
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 77 |
Notes to Financial Statements | (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted) |
4> | Fund Shares for Institutional Prime Obligations Fund |
Transactions in fund shares for each class of Institutional Prime Obligations Fund were as follows:
Sales | Reinvestments of distributions | Redemptions | Net increase (decrease) | |||||||||||||
Six-Month Period Ended February 29, 2020 | ||||||||||||||||
Class T | 112,091 | 4 | (126,562 | ) | (14,467 | ) | ||||||||||
Class V | 52,445 | 5 | (119,541 | ) | (67,091 | ) | ||||||||||
Class Y | 466,714 | 17 | (470,698 | ) | (3,967 | ) | ||||||||||
Class Z | 2,497,779 | 152 | (2,529,223 | ) | (31,292 | ) | ||||||||||
Year Ended August 31, 2019 | ||||||||||||||||
Class T | 248,182 | 13 | (243,460 | ) | 4,735 | |||||||||||
Class V | 373,026 | 8 | (415,607 | ) | (42,573 | ) | ||||||||||
Class X1 | 278,702 | — | (318,720 | ) | (40,018 | ) | ||||||||||
Class Y | 1,334,817 | 45 | (1,507,339 | ) | (172,477 | ) | ||||||||||
Class Z | 4,115,774 | 345 | (3,932,323 | ) | 183,796 |
1Effective 10/30/2018 Institutional Prime Obligations Fund Class X was closed.
5> | Portfolio Characteristics of the Retail Tax Free Obligations Fund |
The Retail Tax Free Obligations Fund invests in municipal securities. At February 29, 2020, the percentage of portfolio investments by each category was as follows:
Retail Tax Free Obligations Fund | ||||
Weekly Variable Rate Demand Notes | 59.0 | % | ||
Daily Variable Rate Demand Notes | 5.5 | |||
Tender Option Bonds | 16.7 | |||
Commercial Paper & Put Bonds | 12.7 | |||
Other Municipal Notes & Bonds | 6.1 | |||
100.0 | % |
The Retail Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, non-financial company commercial paper, and general obligation bonds. At February 29, 2020, the percentage of total portfolio investments by each revenue source was as follows:
Retail Tax Free Obligations Fund | ||||
Revenue Bonds | 79.9 | % | ||
Non-Financial Company Commercial Paper | 12.7 | |||
General Obligations | 7.4 | |||
100.0 | % |
78 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
6> | 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. |
7> | Government Obligations Fund – Share Issuance | |
Government Obligations Fund (the “fund”) Class Z shares issued shares in excess of amounts authorized by the fund’s board of directors. The fund’s Class Z shares issued shares in excess of amounts authorized beginning in October 2019 and ended September 8, 2021, on which date the articles of amendment to FAF’s articles of incorporation, which authorized the issuance of additional shares, were filed with the Minnesota Secretary of State. The fund’s Class Z shares now has 100 billion shares authorized. |
With respect to all shares of Class Z (including shares previously issued in excess of amounts then-authorized), the fund maintained a $1.00 per share net asset value, and each holder of shares of Class Z (including those holding over-issued shares) received all dividends declared by FAF to which they were entitled and experienced the full economic benefits of being a shareholder of the fund. |
In part to address the over-issuance, the fund’s board of directors has approved, subject to shareholder approval, the reorganization of the fund into a newly created fund (Government Obligations Fund, a series of First American Funds Trust, a Massachusetts business trust (“FAF Trust”)). FAF Trust initially filed registration statements on Form N-1A and Form N-14 on October 27, 2021, and November 18, 2021, respectively. The registration statements are pending SEC staff review and the date of their effectiveness is uncertain. The registration statements are available on the SEC’s website at www.sec.gov. |
8> | Government Obligations Fund – Restatement | |
Subsequent to the issuance of the annual report for the period ended August 31, 2022, Government Obligations Fund (the “fund”) determined the over-issued shares (as such shares are described in note 7 above) should be accounted for as a liability in the fund’s financial statements. Notwithstanding the change in accounting treatment, each holder of shares of the fund’s Class Z shares (including those holding over-issued shares) experienced the full economic benefits of being a shareholder of the fund, as further explained in note 7 above. |
The over-issued shares had previously been treated as portfolio capital in the Statement of Assets and Liabilities for the fund. The fund has restated its statements of assets and liabilities, the schedules of investments, statements of operations, statements of changes in net assets, and financial highlights for the fiscal years ended August 31, 2022, August 31, 2021, and August 31, 2020, and the semiannual periods ended February 28, 2022, February 28, 2021, and February 29, 2020, to treat the over-issued shares as a liability. The restatement adjustments had no effect on the fund’s reported net asset values during the reporting periods. |
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 79 |
Notes to Financial Statements | (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted) |
Because shares of the fund are generally held through omnibus accounts at financial intermediaries authorized to distribute fund shares, the fund and fund management are not able to determine with certainty the holders of fund shares within a given omnibus account that held over-issued shares at any given point in time during the periods subject to the restatement. In preparing the restated financial statements, fund management determined the number of outstanding over-issued shares by accounting for redemptions at the omnibus account level as received during the day, with any over-issued shares being redeemed first, and accounting for subscriptions in the aggregate at the end of the day. This methodology is consistent with the fund's standard operating procedures related to the processing of daily redemptions and subscriptions and was consistently applied for all periods subject to restatement. |
The following summarizes the impact of the restatement and excludes balances that were not restated: |
First American Government Obligations Fund | ||
Statements of Assets and Liabilities | ||
February 29, 2020 | ||
Previously Reported | As Restated | |
Over-issued shares | — | 1,886,397 |
Dividends payable | 53,380 | 50,904 |
Distributions payable to holders of over-issued shares | — | 2,476 |
Total liabilities | 514,783 | 2,401,180 |
Portfolio capital | 51,212,043 | 49,325,646 |
Net assets | 51,212,086 | 49,325,689 |
Class Z: | ||
Net assets | 21,883,799 | 19,997,402 |
Shares issued and outstanding | 21,883,673 | 19,997,276 |
First American Government Obligations Fund | ||
Statements of Operations | ||
For the Six-Month Period Ended February 29, 2020 | ||
Previously Reported | As Restated | |
Distributions to holders of over-issued shares | — | 6,018 |
Total expenses | 77,319 | 83,337 |
Total net expenses | 64,126 | 70,144 |
Investment income – net | 373,844 | 367,826 |
Net increase in net assets resulting from operations | 373,910 | 367,892 |
80 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
First American Government Obligations Fund | ||||
Statements of Changes in Net Assets | ||||
For the Six-Month Period Ended February 29, 2020 | ||||
Previously Reported | As Restated | |||
Net investment income | 373,844 | 367,826 | ||
Net increase in net assets resulting from operations | 373,910 | 367,892 | ||
Distributions to shareholders: | ||||
Class Z | (162,635 | ) | (156,617 | ) |
Total distributions | (374,216 | ) | (368,198 | ) |
Capital share transactions at net asset value of $1.00 per share: | ||||
Class Z: | ||||
Proceeds from sales | 116,595,991 | 83,545,892 | ||
Payments for redemptions | (113,061,589 | ) | (81,897,887 | ) |
Increase in net assets from Class Z transactions | 3,548,187 | 1,661,790 | ||
Increase (decrease) in net assets from capital share transactions | 1,311,847 | (574,550) | ||
Total increase (decrease) in net assets | 1,311,541 | (574,856) | ||
Net assets at end year | 51,212,086 | 49,325,689 |
First American Government Obligations Fund | ||||
Financial Highlights | ||||
February 29, 2020 | ||||
Previously Reported | As Restated | |||
Class Z: | ||||
Net Assets End of Period (000) | 21,883,799 | 19,997,402 | ||
Ratio of Expenses to Average Net Assets | 0.18 | % | 0.25 | % |
Ratio of Expenses to Average Net Assets (Excluding Waivers) | 0.23 | % | 0.30 | % |
9> | Events Subsequent To Period End | |
Management has evaluated fund related events and transactions that occurred subsequent to February 29, 2020, through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacts the amounts or disclosures in the funds’ financial statements. | ||
Effective March 31, 2020, Foreside Financial Group, LLC (“Foreside”) acquired Quasar, from U.S. Bancorp. As a result of the acquisition, Quasar became a wholly-owned broker-dealer subsidiary of Foreside and is no longer affiliated with U.S. Bancorp. The Board of Directors of the funds’ has approved a new Distribution Agreement to enable Quasar to continue serving as the funds’ distributor. | ||
MARKET RISK — Financial markets around the world may experience extreme volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil resulting from major cybersecurity events, geopolitical events (including wars, terror attacks, and disruptions to foreign economic and trade relationships), public health emergencies, measures to address budget deficits, downgrading of sovereign debt, and public sentiment, among other events. Resulting market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. | ||
FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT | 81 |
Notice to Shareholders | February 29, 2020 (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 is included in the statement of additional information for the funds available at www.FirstAmericanFunds.com. Information regarding how the funds voted proxies relating to portfolio securities is available, without charge and upon request, by calling 800.677.3863 and on the SEC’s website at www.sec.gov.
FORM N-MFP INFORMATION
Each month, information about each fund and its portfolio holdings is filed with the SEC on Form N-MFP. These forms will be available on the SEC’s website at www.sec.gov. The funds’ portfolio holdings are also posted on www.FirstAmericanFunds.com as of each month-end. Please see the funds’ current prospectus for more information.
WEEKLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a weekly basis.
82 | FIRST AMERICAN FUNDS 2020 SEMIANNUAL REPORT |
Board of Directors | First American Funds, Inc. |
Mark Gaumond
Chair of First American Funds, Inc.
Director of Booz Allen Hamilton Holding Corporation
Director of Rayonier Advanced Materials, Inc.
Director of Walsh Park Benevolent Corporation
David Baumgardner
Director of First American Funds, Inc.
Chief Financial Officer of Smyth Companies, LLC
Roger Gibson
Director of First American Funds, Inc.
Advisor/Consultant of Future Freight™
Jennifer McPeek, CFA
Director of First American Funds, Inc.
Independent Advisory/Consultant
C. David Myers
Director of First American Funds, Inc.
Director of the Manitowoc Company
Director of the Boler Group
P. Kelly Tompkins
Director of First American Funds, Inc.
Senior Advisor at Dix and Eaton
Leader-in-Residence at Cleveland-Marshall College of Law
First American Funds’ Board of Directors is comprised entirely of independent directors.
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
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 prospec- tus, 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 princi- pal 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.
INVESTMENT ADVISOR | CUSTODIAN | INDEPENDENT REGISTERED |
U.S. Bancorp Asset | U.S. Bank National Association | PUBLIC ACCOUNTING FIRM |
Management, Inc. | 1555 RiverCenter Drive | Ernst & Young LLP |
800 Nicollet Mall | Suite 302 | 220 South Sixth Street |
Minneapolis, Minnesota 55402 | Milwaukee, Wisconsin 53212 | Suite 1400 |
Minneapolis, Minnesota 55402 | ||
DISTRIBUTOR | ||
ADMINISTRATOR | Quasar Distributors, LLC | COUNSEL |
U.S. Bancorp Asset | 111 East Kilbourn Avenue | Ropes & Gray LLP |
Management, Inc. | Suite 1250 | 191 North Wacker Drive |
800 Nicollet Mall | Milwaukee, Wisconsin 53202 | Chicago, Illinois 60606 |
Minneapolis, Minnesota 55402 | ||
TRANSFER AGENT | ||
U.S. Bancorp Fund | ||
Services, LLC | ||
615 East Michigan Street | ||
Milwaukee, Wisconsin 53202 |
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.
0048-20 4/2020 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) | Evaluation of Disclosure Controls and Procedures. The registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Investment Company Act of 1940, as amended (the "Company Act"), is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the registrant's management, including its principal executive officer ("PEO") and principal financial officer ("PFO"), as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the PEO and PFO, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. |
Subsequent to the original filing of the registrant's N-CSR for the semi-annual period ended February 29, 2020, a material weakness in internal controls was identified regarding the over-issuance of authorized shares, which resulted in an overstatement in net assets reported in Government Obligations Fund's financial statements for the semi-annual period ended February 29, 2020. Management previously concluded that the registrant's disclosure controls and procedures were effective as of February 29, 2020, but due to the identification that the over-issued shares should be treated as a liability, it was determined that a material weakness existed in the effectiveness of internal controls related to the registrant's accounting for these over-issued shares. As a result, the registrant has since concluded that its disclosure controls and procedures were not effective as of February 29, 2020. |
A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the registrant's annual or interim financial statements will not be prevented or detected on a timely basis. |
Following the identification and review of the matter described above, the registrant has enhanced the effectiveness of its controls and procedures related to the accounting for authorized shares. |
(b) | Changes in Internal Controls. Management did not make a final determination that the historical accounting was incorrect until January 2023. Consequently, the then-existing control system remained in place such that there were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Company Act) that occurred during the semi-annual period ended February 29, 2020 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)(3) | Not applicable. |
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: May 5, 2023
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: May 5, 2023
By: | /s/ Jill M. Stevenson | |
Jill M. Stevenson | ||
Treasurer |
Date: May 5, 2023