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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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 (Address of principal executive offices) | 55402 (Zip code) |
Jill M. Stevenson, 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)
(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 28, 2011
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.
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TABLE OF CONTENTS
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Money market funds seek to preserve the value of your investment at $1.00 per share; however, it is possible to lose money by investing in them. Investments are not insured or guaranteed by the FDIC or any other government entity.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. 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 usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). 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 present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, net investment income ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size. The portfolio turnover rate represents the percentage of the fund’s holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase and sale of securities.
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, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.Fund or visit FirstAmericanFunds.com.
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 1
Holdings Summaries
Government Obligations Fund
Portfolio Allocation as of February 28, 20111(% of net assets)
Government Agency Debt | 55 | .1% | ||
Government Agency Repurchase Agreements | 39 | .8 | ||
Treasury Repurchase Agreements | 4 | .3 | ||
Treasury Debt | 1 | .2 | ||
Other Assets and Liabilities, Net2 | (0 | .4) | ||
100 | .0% | |||
Prime Obligations Fund
Portfolio Allocation as of February 28, 20111(% of net assets)
Certificates of Deposit | 29 | .8% | ||
Financial Company Commercial Paper | 15 | .4 | ||
Asset Backed Commercial Paper | 15 | .0 | ||
Other Notes | 10 | .2 | ||
Government Agency Debt | 8 | .2 | ||
Treasury Repurchase Agreements | 7 | .8 | ||
Treasury Debt | 5 | .3 | ||
Government Agency Repurchase Agreement | 3 | .1 | ||
Investment Companies | 2 | .3 | ||
Variable Rate Demand Notes | 2 | .2 | ||
Other Commercial Paper | 0 | .9 | ||
Other Assets and Liabilities, Net2 | (0 | .2) | ||
100 | .0% | |||
Tax Free Obligations Fund
Portfolio Allocation as of February 28, 20111,3(% of net assets)
Municipal Debt | 100 | .5% | ||
Other Assets and Liabilities, Net2 | (0 | .5) | ||
100 | .0% | |||
Treasury Obligations Fund
Portfolio Allocation as of February 28, 20111(% of net assets)
Treasury Repurchase Agreements | 77 | .4% | ||
Treasury Debt | 22 | .6 | ||
100 | .0% | |||
U.S. Treasury Money Market Fund
Portfolio Allocation as of February 28, 20111 (% of net assets)
Treasury Debt | 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 4 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund. |
2 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Expense Examples
Expense Example
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011.
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 this 5% 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.
Government Obligations Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (9/01/10 to | ||||||||||
Value (9/01/10) | Value (2/28/11) | 2/28/11) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.19 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | ||||||
Class D Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.19 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.19 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | ||||||
Class Z Actual2 | $ | 1,000.00 | $ | 1,000.10 | $ | 1.14 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.65 | $ | 1.15 | ||||||
Institutional Investor Class Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.19 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.24%, 0.24%, 0.24%, 0.23%, and 0.24% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.01%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 3
Expense Examples continued
Prime Obligations Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (9/01/10 to | ||||||||||
Value (9/01/10) | Value (2/28/11) | 2/28/11) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.64 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.16 | $ | 1.66 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.69 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.11 | $ | 1.71 | ||||||
Class D Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.64 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.16 | $ | 1.66 | ||||||
Class I Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.64 | ||||||
Class I Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.16 | $ | 1.66 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.64 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.16 | $ | 1.66 | ||||||
Class Z Actual2 | $ | 1,000.00 | $ | 1,000.50 | $ | 1.19 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | ||||||
Institutional Investor Class Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.59 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.21 | $ | 1.61 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.33%, 0.34%, 0.33%, 0.33%, 0.33%, 0.24%, and 0.32% for Class A, Class C, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.05%, and 0.00% for Class A, Class C, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively. |
Tax Free Obligations Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (9/01/10 to | ||||||||||
Value (9/01/10) | Value (2/28/11) | 2/28/11) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.39 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.41 | $ | 1.40 | ||||||
Class D Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.34 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.46 | $ | 1.35 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.39 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.41 | $ | 1.40 | ||||||
Class Z Actual4 | $ | 1,000.00 | $ | 1,000.10 | $ | 1.29 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.51 | $ | 1.30 | ||||||
Institutional Investor Class Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.34 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.46 | $ | 1.35 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.28%, 0.27%, 0.28%, 0.26%, and 0.27% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.01%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
4 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Treasury Obligations Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (9/01/10 to | ||||||||||
Value (9/01/10) | Value (2/28/11) | 2/28/11) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.09 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.70 | $ | 1.10 | ||||||
Class D Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.04 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.75 | $ | 1.05 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.04 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.75 | $ | 1.05 | ||||||
Class Z Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.04 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.75 | $ | 1.05 | ||||||
Institutional Investor Class Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.04 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.75 | $ | 1.05 | ||||||
Reserve Class Actual2 | $ | 1,000.00 | $ | 1,000.00 | $ | 1.09 | ||||||
Reserve Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.70 | $ | 1.10 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.22%, 0.21%, 0.21%, 0.21%, 0.21%, and 0.22% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively. |
U.S. Treasury Money Market Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (9/01/10 to | ||||||||||
Value (9/01/10) | Value (2/28/11) | 2/28/11) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 0.74 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.05 | $ | 0.75 | ||||||
Class D Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 0.74 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.05 | $ | 0.75 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 0.74 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.05 | $ | 0.75 | ||||||
Class Z Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 0.74 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.05 | $ | 0.75 | ||||||
Institutional Investor Class Actual4 | $ | 1,000.00 | $ | 1,000.00 | $ | 0.74 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.05 | $ | 0.75 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.15%, 0.15%, 0.15%, 0.15%, and 0.15% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended February 28, 2011 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 5
Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)
Government Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Government Agency Debt – 55.1% | ||||||||
Federal Farm Credit Bank | ||||||||
0.225%, 08/17/2011 Δ | $ | 50,000 | $ | 50,000 | ||||
0.190%, 12/07/2011 Δ | 116,600 | 116,455 | ||||||
0.250%, 03/23/2012 Δ | 75,000 | 74,968 | ||||||
Federal Home Loan Bank | ||||||||
2.875%, 03/11/2011 | 75,000 | 75,054 | ||||||
3.250%, 03/11/2011 | 75,000 | 75,062 | ||||||
0.350%, 04/18/2011 | 50,000 | 49,999 | ||||||
0.165%, 05/04/2011 ¤ | 150,000 | 149,956 | ||||||
0.170%, 05/06/2011 ¤ | 75,000 | 74,977 | ||||||
0.250%, 05/12/2011 Δ | 45,000 | 45,000 | ||||||
0.180%, 05/26/2011 Δ | 60,000 | 60,001 | ||||||
0.330%, 06/01/2011 Δ | 100,000 | 100,000 | ||||||
0.275%, 06/02/2011 Δ | 100,000 | 100,000 | ||||||
0.163%, 06/07/2011 Δ | 150,000 | 149,984 | ||||||
0.330%, 06/10/2011 Δ | 50,000 | 50,000 | ||||||
0.330%, 06/15/2011 Δ | 99,485 | 99,485 | ||||||
0.168%, 07/20/2011 Δ | 100,000 | 99,988 | ||||||
0.167%, 07/25/2011 Δ | 75,000 | 74,988 | ||||||
0.167%, 07/28/2011 Δ | 95,000 | 94,986 | ||||||
0.174%, 08/12/2011 Δ | 100,000 | 99,964 | ||||||
0.182%, 08/26/2011 Δ | 50,000 | 49,970 | ||||||
3.750%, 09/09/2011 | 70,625 | 71,916 | ||||||
0.216%, 09/15/2011 Δ | 75,000 | 74,967 | ||||||
0.240%, 10/20/2011 Δ | 50,000 | 50,000 | ||||||
0.350%, 11/07/2011 | 60,000 | 60,000 | ||||||
0.340%, 11/15/2011 | 125,000 | 125,000 | ||||||
0.400%, 12/09/2011 | 74,500 | 74,500 | ||||||
0.400%, 12/12/2011 | 75,000 | 75,000 | ||||||
0.450%, 12/14/2011 | 65,000 | 65,000 | ||||||
0.450%, 12/16/2011 | 50,000 | 50,000 | ||||||
0.450%, 12/23/2011 | 81,850 | 81,850 | ||||||
0.500%, 12/28/2011 | 50,000 | 50,000 | ||||||
0.500%, 12/30/2011 | 49,000 | 49,000 | ||||||
0.250%, 01/19/2012 Δ | 100,000 | 100,004 | ||||||
0.223%, 02/01/2012 Δ | 75,000 | 74,977 | ||||||
0.278%, 02/10/2012 Δ | 150,000 | 149,968 | ||||||
0.460%, 02/22/2012 | 35,000 | 35,000 | ||||||
0.430%, 02/22/2012 | 35,000 | 35,000 | ||||||
0.300%, 02/28/2012 Δ | 100,000 | 100,000 | ||||||
0.450%, 03/02/2012 | 50,000 | 50,000 | ||||||
0.450%, 03/06/2012 | 75,000 | 75,000 | ||||||
0.500%, 03/16/2012 | 35,000 | 35,000 | ||||||
0.280%, 03/20/2012 Δ | 50,000 | 49,989 | ||||||
0.275%, 07/24/2012 Δ | 150,000 | 149,947 | ||||||
Federal Home Loan Mortgage Corporation | ||||||||
5.125%, 04/18/2011 | 45,840 | 46,135 | ||||||
0.291%, 04/27/2011 ¤ | 150,000 | 149,931 | ||||||
0.165%, 05/02/2011 ¤ | 100,000 | 99,972 | ||||||
0.161%, 05/09/2011 ¤ | 353,678 | 353,569 | ||||||
0.271%, 06/07/2011 ¤ | 125,000 | 124,908 | ||||||
5.250%, 07/18/2011 | 50,000 | 50,945 | ||||||
0.240%, 08/05/2011 Δ | 80,759 | 80,741 | ||||||
0.400%, 09/22/2011 | 125,000 | 125,000 | ||||||
0.232%, 09/26/2011 Δ | 100,000 | 99,965 | ||||||
0.262%, 10/26/2011 Δ | 50,000 | 49,987 | ||||||
0.290%, 11/07/2011 Δ | 150,000 | 149,969 | ||||||
0.310%, 11/21/2011 Δ | 75,000 | 74,978 | ||||||
1.125%, 12/15/2011 | 50,000 | 50,300 | ||||||
0.150%, 01/25/2012 Δ | 75,000 | 74,945 | ||||||
0.200%, 05/01/2012 Δ | 74,535 | 74,482 | ||||||
0.224%, 08/10/2012 Δ | 120,000 | 119,930 | ||||||
Federal National Mortgage Association | ||||||||
0.160%, 03/14/2011 ¤ | 75,000 | 74,996 | ||||||
0.155%, 03/16/2011 ¤ | 62,958 | 62,954 | ||||||
1.750%, 03/23/2011 | 50,000 | 50,045 | ||||||
0.155%, 03/23/2011 ¤ | 50,000 | 49,995 | ||||||
0.331%, 04/01/2011 ¤ | 50,000 | 49,986 | ||||||
2.750%, 04/11/2011 | 83,376 | 83,607 | ||||||
5.125%, 04/15/2011 | 118,533 | 119,230 | ||||||
0.150%, 04/27/2011 ¤ | 10,713 | 10,710 | ||||||
0.155%, 05/04/2011 ¤ | 40,337 | 40,326 | ||||||
0.160%, 05/25/2011 ¤ | 50,000 | 49,981 | ||||||
4.680%, 06/15/2011 | 29,435 | 29,814 | ||||||
0.174%, 08/11/2011 Δ | 75,000 | 74,983 | ||||||
3.625%, 08/15/2011 | 35,000 | 35,531 | ||||||
1.160%, 09/08/2011 | 25,000 | 25,115 | ||||||
0.282%, 08/23/2012 Δ | 100,000 | 100,045 | ||||||
General Electric Capital (FDIC Insured) | ||||||||
1.800%, 03/11/2011 | 68,955 | 68,989 | ||||||
3.000%, 12/09/2011 | 75,859 | 77,414 | ||||||
JPMorgan Chase & Co. (FDIC Insured) | ||||||||
3.125%, 12/01/2011 | 30,367 | 31,017 | ||||||
Morgan Stanley (FDIC Insured) | ||||||||
3.250%, 12/01/2011 | 25,000 | 25,543 | ||||||
Regions Bank (FDIC Insured) | ||||||||
3.250%, 12/09/2011 | 48,886 | 49,992 | ||||||
State Street Bank & Trust (FDIC Insured) | ||||||||
0.502%, 09/15/2011 Δ | 21,835 | 21,868 | ||||||
Straight-A Funding | ||||||||
0.250%, 03/10/2011 ¤ n | 28,544 | 28,542 | ||||||
0.250%, 03/10/2011 ¤ n | 26,242 | 26,240 | ||||||
0.250%, 03/10/2011 ¤ n | 146,902 | 146,893 | ||||||
0.250%, 04/04/2011 ¤ n | 30,000 | 29,993 | ||||||
0.250%, 04/13/2011 ¤ n | 100,000 | 99,970 | ||||||
0.250%, 04/13/2011 ¤ n | 25,000 | 24,993 | ||||||
0.250%, 04/18/2011 ¤ n | 25,530 | 25,521 | ||||||
0.250%, 05/05/2011 ¤ n | 35,000 | 34,984 | ||||||
0.250%, 05/16/2011 ¤ n | 65,000 | 64,967 | ||||||
Wells Fargo & Co. (FDIC Insured) | ||||||||
1.152%, 12/09/2011 Δ | 50,000 | 50,350 | ||||||
Total Government Agency Debt | ||||||||
(Cost $6,763,306) | 6,763,306 | |||||||
Treasury Debt – 1.2% | ||||||||
U.S. Treasury Notes | ||||||||
1.000%, 10/31/2011 | 50,000 | 50,247 | ||||||
4.500%, 11/30/2011 | 100,000 | 103,120 | ||||||
Total Treasury Debt | ||||||||
(Cost $153,367) | 153,367 | |||||||
Government Agency Repurchase Agreements – 39.8% | ||||||||
Bank of America Securities | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $332,885 (Collateralized by various government agency obligations: Total market value $339,542) | 332,883 | 332,883 | ||||||
Barclays Capital | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $500,003 (Collateralized by various government agency obligations: Total market value $510,000) | 500,000 | 500,000 | ||||||
BNP Paribas Securities | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $2,250,011 (Collateralized by various government agency obligations: Total market value $2,295,000) | 2,250,000 | 2,250,000 |
The accompanying notes are an integral part of the financial statements.
6 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Government Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Goldman Sachs & Co. | ||||||||
0.190%, dated 02/28/2011, matures 03/01/2011 repurchase price $600,003 (Collateralized by various government agency obligations: Total market value $612,001) | $ | 600,000 | $ | 600,000 | ||||
HSBC Securities USA | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $800,004 (Collateralized by various government agency obligations: Total market value $816,004) | 800,000 | 800,000 | ||||||
ING Financial Markets | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $200,001 (Collateralized by various government agency obligations: Total market value $204,003) | 200,000 | 200,000 | ||||||
RBC Capital Markets | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $200,001 (Collateralized by various government agency obligations: Total market value $204,001) | 200,000 | 200,000 | ||||||
Total Government Agency Repurchase Agreements | ||||||||
(Cost $4,882,883) | 4,882,883 | |||||||
Treasury Repurchase Agreements – 4.3% | ||||||||
Credit Suisse Securities USA | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $200,001 (Collateralized by U.S. Treasury Debt: Total market value $204,001) | 200,000 | 200,000 | ||||||
UBS Securities | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011 repurchase price $325,002 (Collateralized by U.S. Treasury Debt: Total market value $331,500) | 325,000 | 325,000 | ||||||
Total Treasury Repurchase Agreements | ||||||||
(Cost $525,000) | 525,000 | |||||||
Total Investments 5 – 100.4% | ||||||||
(Cost $12,324,556) | 12,324,556 | |||||||
Other Assets and Liabilities, Net – (0.4)% | (54,415 | ) | ||||||
Total Net Assets – 100.0% | $ | 12,270,141 | ||||||
Government Obligations Fund (concluded)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of February 28, 2011. | |
¤ | Discounted security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of February 28, 2011, the value of these investments was $482,103 or 3.9% of total net assets. See note 2 in Notes to Financial Statements. | |
5 | On February 28, 2011, the cost of investments for federal income tax purposes was approximately $12,324,556. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 7
Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)
Prime Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Certificates of Deposit – 29.8% | ||||||||
Banco Bilbao Vizcaya Argentaria/NY | ||||||||
0.430%, 03/10/2011 | $ | 50,000 | $ | 50,000 | ||||
0.380%, 03/14/2011 | 25,000 | 25,000 | ||||||
Banco Santander/NY | ||||||||
0.420%, 03/03/2011 | 75,000 | 75,000 | ||||||
Bank of Montreal/Chicago | ||||||||
0.190%, 03/01/2011 | 200,000 | 200,000 | ||||||
0.190%, 03/04/2011 | 150,000 | 150,000 | ||||||
Bank of Nova Scotia/Houston | ||||||||
0.600%, 04/12/2011 | 50,000 | 50,000 | ||||||
0.270%, 05/12/2011 | 100,000 | 100,000 | ||||||
0.340%, 07/07/2011 | 50,000 | 50,000 | ||||||
0.290%, 08/18/2011 Δ | 105,000 | 105,000 | ||||||
0.450%, 08/30/2011 | 50,000 | 50,000 | ||||||
0.330%, 09/29/2011 Δ | 25,000 | 25,000 | ||||||
0.384%, 03/16/2012 Δ | 75,000 | 75,000 | ||||||
Barclays Bank/NY | ||||||||
0.370%, 05/03/2011 | 75,000 | 75,000 | ||||||
0.312%, 07/19/2011 Δ | 75,000 | 75,000 | ||||||
0.653%, 07/19/2011 Δ | 75,000 | 75,000 | ||||||
BNP Paribas/NY | ||||||||
0.510%, 06/08/2011 | 7,000 | 7,001 | ||||||
0.653%, 07/12/2011 Δ | 100,000 | 100,000 | ||||||
0.463%, 07/25/2011 Δ | 100,000 | 100,000 | ||||||
0.503%, 08/04/2011 Δ | 75,000 | 75,000 | ||||||
0.520%, 08/11/2011 | 50,000 | 50,000 | ||||||
0.530%, 08/12/2011 | 50,000 | 50,000 | ||||||
0.670%, 02/06/2012 Δ | 75,000 | 75,000 | ||||||
Canadian Imperial Bank of Commerce/NY | ||||||||
0.250%, 04/27/2011 Δ | 83,600 | 83,600 | ||||||
0.260%, 05/17/2011 Δ | 50,000 | 50,000 | ||||||
0.290%, 08/29/2011 Δ | 100,000 | 100,000 | ||||||
Credit Agricole Corporate & Investment Bank/NY | ||||||||
0.350%, 04/05/2011 | 65,000 | 65,000 | ||||||
0.360%, 05/10/2011 | 50,000 | 50,000 | ||||||
0.325%, 05/25/2011 | 75,000 | 75,000 | ||||||
0.473%, 07/18/2011 Δ | 70,000 | 70,000 | ||||||
0.530%, 08/10/2011 | 50,000 | 50,000 | ||||||
Credit Suisse/NY | ||||||||
0.260%, 04/15/2011 Δ | 150,000 | 150,000 | ||||||
0.304%, 08/10/2011 Δ | 35,000 | 35,000 | ||||||
Deutsche Bank/NY | ||||||||
0.300%, 04/04/2011 | 75,000 | 75,000 | ||||||
0.340%, 07/06/2011 Δ | 115,000 | 115,000 | ||||||
DnB NOR Bank/NY | ||||||||
0.320%, 05/17/2011 | 75,000 | 75,000 | ||||||
0.350%, 08/18/2011 | 50,000 | 50,000 | ||||||
Lloyds TSB Bank/NY | ||||||||
1.263%, 03/07/2011 Δ | 100,000 | 100,000 | ||||||
0.404%, 05/02/2011 Δ | 100,000 | 100,000 | ||||||
0.440%, 07/14/2011 | 75,000 | 75,000 | ||||||
0.440%, 07/26/2011 | 50,000 | 50,000 | ||||||
National Australia Bank/NY | ||||||||
0.296%, 04/15/2011 Δ | 80,250 | 80,250 | ||||||
0.323%, 10/19/2011 Δ | 75,000 | 74,990 | ||||||
0.354%, 01/12/2012 Δ | 40,000 | 40,000 | ||||||
Natixis/NY | ||||||||
0.416%, 08/15/2011 Δ | 165,000 | 165,000 | ||||||
Nordea Bank Finland/NY | ||||||||
0.370%, 07/13/2011 | 50,000 | 50,000 | ||||||
0.360%, 07/26/2011 | 50,000 | 50,000 | ||||||
0.420%, 07/28/2011 | 75,000 | 75,015 | ||||||
0.370%, 07/29/2011 | 75,000 | 75,000 | ||||||
0.410%, 08/26/2011 | 50,000 | 50,017 | ||||||
Rabobank Nederland/NY | ||||||||
0.322%, 04/26/2011 Δ | 9,000 | 9,000 | ||||||
0.380%, 06/08/2011 | 100,000 | 100,000 | ||||||
0.370%, 07/07/2011 | 39,000 | 39,006 | ||||||
0.370%, 08/01/2011 | 42,000 | 42,000 | ||||||
0.470%, 09/01/2011 | 50,000 | 50,000 | ||||||
0.342%, 10/21/2011 Δ | 50,000 | 50,000 | ||||||
Royal Bank of Canada/NY | ||||||||
0.300%, 06/07/2011 Δ | 50,000 | 50,000 | ||||||
0.330%, 08/05/2011 Δ | 50,000 | 50,000 | ||||||
Royal Bank of Scotland/CT | ||||||||
0.410%, 07/14/2011 Δ | 100,000 | 100,000 | ||||||
0.450%, 08/03/2011 | 50,000 | 50,000 | ||||||
0.453%, 10/25/2011 Δ | 128,500 | 128,500 | ||||||
Societe Generale/NY | ||||||||
0.390%, 05/16/2011 | 40,000 | 40,000 | ||||||
0.432%, 07/21/2011 Δ | 70,000 | 70,000 | ||||||
0.515%, 08/15/2011 | 50,000 | 50,001 | ||||||
0.360%, 02/03/2012 Δ | 125,000 | 125,000 | ||||||
Svenska Handelsbanken/NY | ||||||||
0.300%, 04/04/2011 | 60,000 | 60,000 | ||||||
0.360%, 06/13/2011 | 50,000 | 50,000 | ||||||
Toronto Dominion Bank/NY | ||||||||
0.264%, 03/10/2011 | 82,119 | 82,119 | ||||||
0.210%, 03/11/2011 | 150,000 | 150,000 | ||||||
0.332%, 10/28/2011 Δ | 100,000 | 100,000 | ||||||
0.344%, 01/12/2012 Δ | 60,000 | 60,000 | ||||||
UBS/Stamford | ||||||||
0.360%, 05/26/2011 | 50,000 | 50,000 | ||||||
0.400%, 07/05/2011 | 75,000 | 75,000 | ||||||
0.380%, 08/29/2011 | 50,000 | 50,000 | ||||||
Westpac Banking/NY | ||||||||
0.410%, 06/21/2011 | 9,000 | 8,997 | ||||||
0.340%, 07/05/2011 | 50,000 | 50,000 | ||||||
0.350%, 08/29/2011 | 50,000 | 50,000 | ||||||
0.270%, 08/31/2011 Δ | 100,000 | 100,000 | ||||||
Total Certificates of Deposit | ||||||||
(Cost 5,505,496) | 5,505,496 | |||||||
Financial Company Commercial Paper – 15.4% | ||||||||
Australia & New Zealand Banking Group | ||||||||
0.300%, 05/03/2011 n ¤ | 75,000 | 74,961 | ||||||
0.351%, 06/07/2011 n ¤ | 50,000 | 49,952 | ||||||
0.325%, 02/02/2012 Δ n | 50,000 | 50,000 | ||||||
Banco Bilbao Vizcaya Argentaria/London | ||||||||
0.400%, 03/03/2011 n ¤ | 60,000 | 59,999 | ||||||
0.550%, 03/18/2011 n ¤ | 80,000 | 79,979 | ||||||
0.540%, 03/30/2011 n ¤ | 100,000 | 99,957 | ||||||
BNP Paribas Finance | ||||||||
0.481%, 07/01/2011 ¤ | 50,000 | 49,919 | ||||||
Commonwealth Bank of Australia | ||||||||
0.404%, 05/13/2011 Δ n | 60,000 | 60,000 | ||||||
0.340%, 07/29/2011 Δ n | 50,000 | 50,000 | ||||||
Credit Suisse | ||||||||
0.230%, 04/25/2011 ¤ | 20,000 | 19,993 | ||||||
0.331%, 07/05/2011 ¤ | 75,000 | 74,913 | ||||||
0.351%, 07/25/2011 ¤ | 50,000 | 49,929 | ||||||
Danske | ||||||||
0.300%, 03/01/2011 n ¤ | 60,000 | 60,000 | ||||||
0.297%, 03/25/2011 n ¤ | 100,000 | 99,980 | ||||||
0.300%, 04/01/2011 n ¤ | 90,000 | 89,977 | ||||||
0.300%, 04/04/2011 n ¤ | 30,000 | 29,992 | ||||||
Deutsche Bank Financial | ||||||||
0.320%, 04/04/2011 ¤ | 22,650 | 22,643 |
The accompanying notes are an integral part of the financial statements.
8 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Prime Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
DnB NOR Bank | ||||||||
0.321%, 04/26/2011 n ¤ | $ | 20,000 | $ | 19,990 | ||||
0.361%, 06/15/2011 n ¤ | 50,000 | 49,947 | ||||||
0.313%, 08/22/2011 Δ n | 60,000 | 60,000 | ||||||
Eksportfinans | ||||||||
0.180%, 03/01/2011 ¤ | 100,000 | 100,000 | ||||||
General Electric Capital | ||||||||
0.411%, 04/25/2011 ¤ | 25,000 | 24,984 | ||||||
0.401%, 05/23/2011 ¤ | 40,000 | 39,963 | ||||||
0.361%, 06/02/2011 ¤ | 50,000 | 49,954 | ||||||
0.381%, 06/13/2011 ¤ | 70,000 | 69,923 | ||||||
0.401%, 07/19/2011 ¤ | 25,000 | 24,961 | ||||||
0.351%, 09/08/2011 ¤ | 50,000 | 49,907 | ||||||
0.351%, 09/28/2011 ¤ | 50,000 | 49,897 | ||||||
ING (US) Funding | ||||||||
0.210%, 03/08/2011 ¤ | 90,000 | 89,996 | ||||||
0.230%, 03/18/2011 ¤ | 150,000 | 149,984 | ||||||
0.320%, 06/15/2011 ¤ | 75,000 | 74,929 | ||||||
0.320%, 06/29/2011 ¤ | 25,000 | 24,973 | ||||||
National Australia Funding | ||||||||
0.341%, 06/06/2011 n ¤ | 75,000 | 74,931 | ||||||
Novartis Securities Investment | ||||||||
0.250%, 06/13/2011 n ¤ | 75,000 | 74,946 | ||||||
Reckitt Benckiser Treasury Services | ||||||||
0.451%, 07/22/2011 n ¤ | 70,000 | 69,875 | ||||||
0.451%, 07/29/2011 n ¤ | 34,000 | 33,936 | ||||||
0.431%, 08/03/2011 n ¤ | 17,500 | 17,468 | ||||||
0.431%, 08/04/2011 n ¤ | 42,500 | 42,421 | ||||||
Santander | ||||||||
0.570%, 03/09/2011 ¤ | 10,000 | 9,999 | ||||||
0.620%, 03/31/2011 ¤ | 59,000 | 58,970 | ||||||
0.621%, 03/31/2011 ¤ | 110,000 | 109,943 | ||||||
0.621%, 03/31/2011 ¤ | 51,000 | 50,974 | ||||||
Societe Generale | ||||||||
0.531%, 08/15/2011 ¤ | 50,000 | 49,877 | ||||||
Toyota Motor Credit | ||||||||
0.381%, 04/18/2011 ¤ | 150,000 | 149,924 | ||||||
0.371%, 04/20/2011 ¤ | 30,000 | 29,985 | ||||||
0.321%, 07/28/2011 ¤ | 50,000 | 49,934 | ||||||
0.331%, 08/08/2011 ¤ | 25,000 | 24,963 | ||||||
0.337%, 08/15/2011 ¤ | 80,000 | 79,875 | ||||||
UBS Finance | ||||||||
0.336%, 04/01/2011 ¤ | 25,000 | 24,993 | ||||||
Total Financial Company Commercial Paper | ||||||||
(Cost 2,854,616) | 2,854,616 | |||||||
Asset Backed Commercial Paper n ¤ – 15.0% | ||||||||
Atlantic Asset Securitization | ||||||||
0.240%, 03/02/2011 | 40,000 | 40,000 | ||||||
0.240%, 03/08/2011 | 30,000 | 29,999 | ||||||
0.240%, 03/11/2011 | 40,000 | 39,997 | ||||||
0.230%, 03/17/2011 | 40,000 | 39,996 | ||||||
0.250%, 04/01/2011 | 31,500 | 31,493 | ||||||
0.280%, 04/04/2011 | 40,000 | 39,989 | ||||||
Barton Capital | ||||||||
0.240%, 03/07/2011 | 32,509 | 32,508 | ||||||
0.260%, 04/04/2011 | 14,807 | 14,803 | ||||||
0.250%, 04/05/2011 | 92,088 | 92,066 | ||||||
0.250%, 04/11/2011 | 23,295 | 23,288 | ||||||
0.250%, 04/12/2011 | 28,574 | 28,566 | ||||||
Bryant Park Funding | ||||||||
0.230%, 03/10/2011 | 120,000 | 119,993 | ||||||
0.230%, 03/15/2011 | 13,000 | 12,999 | ||||||
0.220%, 03/25/2011 | 40,000 | 39,994 | ||||||
Chariot Funding | ||||||||
0.230%, 03/03/2011 | 50,000 | 49,999 | ||||||
0.235%, 03/07/2011 | 79,000 | 78,997 | ||||||
0.230%, 03/11/2011 | 14,000 | 13,999 | ||||||
0.230%, 03/15/2011 | 40,000 | 39,996 | ||||||
0.250%, 03/21/2011 | 24,100 | 24,097 | ||||||
0.220%, 03/22/2011 | 25,000 | 24,997 | ||||||
Fairway Finance | ||||||||
0.230%, 03/01/2011 | 15,013 | 15,013 | ||||||
0.270%, 03/08/2011 | 26,475 | 26,474 | ||||||
0.250%, 03/09/2011 | 50,000 | 49,997 | ||||||
0.230%, 03/18/2011 | 30,006 | 30,003 | ||||||
0.230%, 03/23/2011 | 52,530 | 52,523 | ||||||
Falcon Asset Securitization | ||||||||
0.230%, 03/10/2011 | 49,000 | 48,997 | ||||||
0.270%, 03/11/2011 | 75,000 | 74,994 | ||||||
0.220%, 03/22/2011 | 50,000 | 49,994 | ||||||
Grampian Funding | ||||||||
0.320%, 05/18/2011 | 90,000 | 89,957 | ||||||
Liberty Street Funding | ||||||||
0.240%, 03/01/2011 | 50,000 | 50,000 | ||||||
0.230%, 03/14/2011 | 25,000 | 24,998 | ||||||
0.230%, 03/16/2011 | 35,000 | 34,997 | ||||||
0.230%, 03/25/2011 | 80,000 | 79,988 | ||||||
0.280%, 03/28/2011 | 25,000 | 24,995 | ||||||
0.250%, 04/25/2011 | 50,000 | 49,981 | ||||||
Old Line Funding | ||||||||
0.250%, 03/02/2011 | 75,000 | 74,999 | ||||||
0.230%, 03/21/2011 | 90,000 | 89,989 | ||||||
0.270%, 04/04/2011 | 40,033 | 40,023 | ||||||
Sheffield Receivables | ||||||||
0.240%, 03/03/2011 | 37,573 | 37,572 | ||||||
0.260%, 03/04/2011 | 30,000 | 29,999 | ||||||
0.240%, 03/09/2011 | 50,000 | 49,997 | ||||||
0.230%, 03/17/2011 | 25,000 | 24,997 | ||||||
0.240%, 04/06/2011 | 30,000 | 29,993 | ||||||
0.240%, 04/12/2011 | 35,000 | 34,990 | ||||||
0.240%, 04/25/2011 | 50,000 | 49,982 | ||||||
Starbird Funding | ||||||||
0.250%, 03/01/2011 | 75,000 | 75,000 | ||||||
0.240%, 03/07/2011 | 35,000 | 34,999 | ||||||
0.310%, 03/15/2011 | 24,054 | 24,051 | ||||||
0.240%, 03/17/2011 | 12,500 | 12,499 | ||||||
0.240%, 03/30/2011 | 50,000 | 49,990 | ||||||
Thames Asset Global Securitization | ||||||||
0.240%, 03/04/2011 | 80,000 | 79,998 | ||||||
0.240%, 03/18/2011 | 9,611 | 9,610 | ||||||
0.240%, 03/21/2011 | 25,000 | 24,997 | ||||||
0.290%, 04/07/2011 | 50,000 | 49,985 | ||||||
Thunder Bay Funding | ||||||||
0.244%, 03/01/2011 | 217,135 | 217,134 | ||||||
0.220%, 03/03/2011 | 20,009 | 20,009 | ||||||
0.280%, 03/17/2011 | 35,694 | 35,690 | ||||||
Variable Funding Capital | ||||||||
0.230%, 03/08/2011 | 40,000 | 39,998 | ||||||
0.230%, 03/29/2011 | 30,000 | 29,995 | ||||||
Windmill Funding | ||||||||
0.240%, 03/07/2011 | 30,000 | 29,999 | ||||||
0.260%, 03/14/2011 | 60,000 | 59,994 | ||||||
Total Asset Backed Commercial Paper | ||||||||
(Cost 2,777,176) | 2,777,176 | |||||||
Other Notes – 10.2% | ||||||||
Australia & New Zealand Banking Group | ||||||||
0.284%, 07/29/2011 Δ n | 100,000 | 99,996 | ||||||
0.523%, 01/23/2012 Δ n | 34,000 | 34,056 |
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 9
Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)
Prime Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Bank of America Securities – Master Note | ||||||||
0.330%, 03/01/2011 Δ | $ | 350,000 | $ | 350,000 | ||||
Branch Bank & Trust/Cayman – Time Deposit | ||||||||
0.120%, 03/01/2011 | 164,154 | 164,154 | ||||||
Commonwealth Bank of Australia | ||||||||
0.374%, 03/26/2012 Δ n | 58,500 | 58,500 | ||||||
Credit Suisse | ||||||||
5.250%, 03/02/2011 | 15,375 | 15,377 | ||||||
Met Life Global Funding | ||||||||
0.552%, 03/15/2011 Δ n | 22,945 | 22,974 | ||||||
National Australia Bank | ||||||||
0.322%, 08/19/2011 Δ n | 50,000 | 50,000 | ||||||
Natixis/Cayman – Time Deposit | ||||||||
0.200%, 03/01/2011 | 200,000 | 200,000 | ||||||
Nordea Bank | ||||||||
0.414%, 06/20/2011 Δ n | 50,000 | 50,000 | ||||||
0.414%, 03/16/2012 Δ n | 150,000 | 150,000 | ||||||
Rabobank Nederland | ||||||||
0.510%, 08/05/2011 Δ n | 65,000 | 65,057 | ||||||
Royal Bank of Canada | ||||||||
0.303%, 03/30/2012 Δ n | 100,000 | 100,000 | ||||||
Svenska Handelsbanken | ||||||||
0.403%, 06/15/2011 Δ n | 85,000 | 85,000 | ||||||
0.412%, 03/09/2012 Δ n | 123,000 | 123,000 | ||||||
Wal-Mart Stores | ||||||||
5.482%, 06/01/2011 | 85,000 | 86,111 | ||||||
Westpac Banking | ||||||||
0.313%, 07/01/2011 n Δ | 75,000 | 75,000 | ||||||
0.344%, 10/14/2011 n Δ | 110,000 | 110,000 | ||||||
0.374%, 03/27/2012 Δ | 50,000 | 50,000 | ||||||
Total Other Notes | ||||||||
(Cost 1,889,225) | 1,889,225 | |||||||
Government Agency Debt – 8.2% | ||||||||
Federal Home Loan Bank | ||||||||
0.163%, 06/07/2011 Δ | 150,000 | 149,984 | ||||||
0.330%, 06/10/2011 Δ | 50,000 | 50,000 | ||||||
0.310%, 06/13/2011 Δ | 100,000 | 100,000 | ||||||
0.330%, 06/15/2011 Δ | 75,000 | 75,000 | ||||||
0.167%, 07/25/2011 Δ | 100,000 | 99,986 | ||||||
0.167%, 07/28/2011 Δ | 95,000 | 94,986 | ||||||
0.174%, 08/12/2011 Δ | 50,000 | 49,991 | ||||||
0.182%, 08/26/2011 Δ | 25,000 | 24,985 | ||||||
0.216%, 09/15/2011 Δ | 75,000 | 74,967 | ||||||
0.340%, 11/15/2011 | 50,000 | 50,000 | ||||||
0.450%, 12/23/2011 | 50,000 | 50,000 | ||||||
0.500%, 12/28/2011 | 50,000 | 50,000 | ||||||
0.300%, 02/28/2012 Δ | 100,000 | 100,000 | ||||||
0.450%, 03/06/2012 | 25,000 | 25,000 | ||||||
Federal Home Loan Mortgage Corporation | ||||||||
0.400%, 09/22/2011 | 100,000 | 100,000 | ||||||
0.262%, 10/26/2011 Δ | 50,000 | 49,987 | ||||||
0.290%, 11/07/2011 Δ | 150,000 | 149,969 | ||||||
0.224%, 08/10/2012 Δ | 55,000 | 54,968 | ||||||
Federal National Mortgage Association | ||||||||
0.174%, 08/11/2011 Δ | 75,000 | 74,983 | ||||||
Straight-A Funding | ||||||||
0.170%, 03/02/2011 n | 10,000 | 10,000 | ||||||
0.170%, 03/03/2011 n | 63,500 | 63,499 | ||||||
0.250%, 04/04/2011 n ¤ | 20,000 | 19,995 | ||||||
Total Government Agency Debt | ||||||||
(Cost 1,518,300) | 1,518,300 | |||||||
Treasury Debt – 5.3% | ||||||||
United States Treasury Note | ||||||||
1.000%, 08/31/2011 | 325,000 | 326,139 | ||||||
4.625%, 08/31/2011 | 50,000 | 51,087 | ||||||
1.000%, 10/31/2011 | 250,000 | 251,249 | ||||||
4.625%, 10/31/2011 | 50,000 | 51,436 | ||||||
0.750%, 11/30/2011 | 150,000 | 150,510 | ||||||
4.500%, 11/30/2011 | 150,000 | 154,684 | ||||||
Total Treasury Debt | ||||||||
(Cost 985,105) | 985,105 | |||||||
Investment Companies Ω – 2.3% | ||||||||
DWS Money Market Series, Institutional Shares, 0.145% | 243,272,000 | 243,272 | ||||||
Goldman Sachs Financial Square Money Market Fund, 0.162% | 147,916,000 | 147,916 | ||||||
HSBC Prime Money Market Fund, 0.118% | 27,989,000 | 27,989 | ||||||
Total Investment Companies | ||||||||
(Cost 419,177) | 419,177 | |||||||
Variable Rate Demand Notes Δ – 2.2% | ||||||||
Chester County Health and Education Revenue, Kendal Crosslands Communities (LOC: Wachovia Bank) | ||||||||
0.240%, 03/07/2011 | $ | 20,935 | 20,935 | |||||
Collier County Health Facilities Authority, The Morrings (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/07/2011 | 34,820 | 34,820 | ||||||
Converse County Pollution Control, Pacificorp (LOC: Wells Fargo Bank) | ||||||||
0.260%, 03/07/2011 | 16,585 | 16,585 | ||||||
Cuyahoga County, Carnegie/89th Garage Project (LOC: JPMorgan Chase Bank) | ||||||||
0.250%, 03/07/2011 | 18,250 | 18,250 | ||||||
Fulton County Development Authority, Catholic Education of North Georgia (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 | 14,200 | 14,200 | ||||||
Green County Industrial Development Authority Educational Facilities Revenue, Blue Ridge School (LOC: Branch Bank & Trust) | ||||||||
0.270%, 03/07/2011 | 4,050 | 4,050 | ||||||
Hawaii State Department Budget & Finance, Series A (LOC: Wells Fargo Bank) (AMT) | ||||||||
0.420%, 03/07/2011 | 6,500 | 6,500 | ||||||
Houston Airport System Revenue, City of Houston (LOC: Barclays Bank) | ||||||||
0.220%, 03/07/2011 | 14,000 | 14,000 | ||||||
Illinois Finance Authority Pollution Control Revenue, Commonwealth Edison (LOC: JPMorgan Chase Bank) | ||||||||
0.260%, 03/07/2011 | 10,100 | 10,100 | ||||||
Illinois Finance Authority, Elmhurst Memorial Healthcare (LOC: Northern Trust) | ||||||||
0.240%, 03/07/2011 | 28,800 | 28,800 | ||||||
Illinois Finance Authority, Loyola University Health Systems, Series A (LOC: JPMorgan Chase Bank) | ||||||||
0.260%, 03/07/2011 | 8,000 | 8,000 | ||||||
Iowa Financial Authority, Mississippi Valley Regional Blood Center (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 | 3,060 | 3,060 | ||||||
Kent Hospital Finance Authority Michigan Revenue (LOC: Bank of America) | ||||||||
0.250%, 03/07/2011 | 2,425 | 2,425 |
The accompanying notes are an integral part of the financial statements.
10 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Prime Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Lake County Industrial Development Authority, Senninger Irrigation (LOC: JPMorgan Chase Bank) (AMT) | ||||||||
0.330%, 03/07/2011 | $ | 1,300 | $ | 1,300 | ||||
Lowell Industrial Development Revenue, Arkansas Democrat-Gazette (LOC: JPMorgan Chase Bank) | ||||||||
0.330%, 03/07/2011 | 2,830 | 2,830 | ||||||
Maryland Health & Higher Education, University of Maryland Medical Systems, Series A (LOC: | ||||||||
Wachovia Bank) (AMT) | ||||||||
0.250%, 03/07/2011 | 5,100 | 5,100 | ||||||
Michigan State Hospital Finance Authority Revenue, McLaren Healthcare, Series B (LOC: JPMorgan Chase Bank) | ||||||||
0.250%, 03/07/2011 | 7,000 | 7,000 | ||||||
Middletown Educational Building Revenue, Christian Academy Louisville (LOC: JPMorgan Chase Bank) | ||||||||
0.280%, 03/07/2011 | 4,010 | 4,010 | ||||||
Minneapolis & St. Paul Housing, Alliance Health Systems, Series C1 (LOC: Wells Fargo) | ||||||||
0.250%, 03/07/2011 | 7,325 | 7,325 | ||||||
Mississippi Business Finance (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 | 10,050 | 10,050 | ||||||
New York State Housing Finance Agency Revenue, Blue Castle Site A Realty (LOC: JPMorgan Chase Bank) (AMT) | ||||||||
0.310%, 03/07/2011 | 6,000 | 6,000 | ||||||
North Carolina Medical Care Commission, Angel Medical Center Project (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 | 5,895 | 5,895 | ||||||
Oakland County Economic Development, Cranbrook Educational Community (LOC: JPMorgan Chase Bank) | ||||||||
0.280%, 03/07/2011 | 19,200 | 19,200 | ||||||
Orange County Health Facilities Authority (LOC: Wells Fargo Bank) | ||||||||
0.230%, 03/07/2011 | 10,620 | 10,620 | ||||||
Philadelphia Pennsylvania School District, Series G (General Obligation) (LOC: Wells Fargo Bank) (INS: STAID) | ||||||||
0.230%, 03/07/2011 | 21,000 | 21,000 | ||||||
South Carolina Economic Revenue Authority, Sisters of Charity Providence (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 | 39,475 | 39,475 | ||||||
Southern California Public Power Authority, Series A (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/07/2011 | 12,850 | 12,850 | ||||||
Suffolk County Industrial Development Agency, Guide Dog Foundation for the Blind (LOC: JPMorgan Chase Bank) | ||||||||
0.260%, 03/07/2011 | 4,940 | 4,940 | ||||||
Suffolk County Industrial Development Agency, Touro College (LOC: JPMorgan Chase Bank) | ||||||||
0.270%, 03/07/2011 | 5,000 | 5,000 | ||||||
Sweetwater County Pollution, PacifiCorp (LOC: Wells Fargo Bank) | ||||||||
0.260%, 03/07/2011 | 5,035 | 5,035 | ||||||
Vermont State Student Assistance (LOC: Lloyds Bank) (AMT) | ||||||||
Series C1 | ||||||||
0.270%, 03/07/2011 | 10,000 | 10,000 | ||||||
Series C2 | ||||||||
0.270%, 03/07/2011 | 9,700 | 9,700 | ||||||
Virginia Small Business Financing, Friendship Foundation (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 | 12,200 | 12,200 | ||||||
Wisconsin State Health & Educational Facilities, Aurora Health Care (LOC: JPMorgan Chase Bank) | ||||||||
0.260%, 03/07/2011 | 19,000 | 19,000 | ||||||
Wisconsin State Health & Educational Facilities, Aurora Sinai Medical Center, Series A (LOC: | ||||||||
JPMorgan Chase Bank) | ||||||||
0.280%, 03/07/2011 | 6,971 | 6,971 | ||||||
Total Variable Rate Demand Notes | ||||||||
(Cost 407,226) | 407,226 | |||||||
Other Commercial Paper n ¤ – 0.9% | ||||||||
Coca-Cola | ||||||||
0.230%, 04/05/2011 | 25,550 | 25,544 | ||||||
Total Capital | ||||||||
0.401%, 09/08/2011 | 96,650 | 96,445 | ||||||
0.401%, 10/04/2011 | 48,000 | 47,884 | ||||||
Total Other Commercial Paper | ||||||||
(Cost 169,873) | 169,873 | |||||||
Treasury Repurchase Agreements – 7.8% | ||||||||
Bank of America Securities | ||||||||
0.170%, dated 02/28/2011, matures 03/01/2011, repurchase price $209,307 (collateralized by U.S. Treasury debt: Total market value $213,492) | 209,306 | 209,306 | ||||||
Barclays Capital | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011, repurchase price $500,003 (collateralized by U.S. Treasury debt: Total market value $510,000) | 500,000 | 500,000 | ||||||
Deutsche Bank Securities | ||||||||
0.170%, dated 02/28/2011, matures 03/01/2011, repurchase price $735,003 (collateralized by U.S. Treasury debt: Total market value $749,700) | 735,000 | 735,000 | ||||||
Total Treasury Repurchase Agreements | ||||||||
(Cost 1,444,306) | 1,444,306 | |||||||
Government Agency Repurchase Agreement – 3.1% | ||||||||
Bank of America Securities | ||||||||
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $567,120 (collateralized by various government agency obligations: Total market value $578,459) | ||||||||
(Cost 567,117) | 567,117 | 567,117 | ||||||
Total Investments 5 – 100.2% | ||||||||
(Cost $18,537,617) | 18,537,617 | |||||||
Other Assets and Liabilities, Net – (0.2)% | (45,875 | ) | ||||||
Total Net Assets – 100.0% | $ | 18,491,742 | ||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 11
Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)
Prime Obligations Fund (concluded)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown in the rate in effect as of February 28, 2011. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers”. As of February 28, 2011, the value of these investments was $5,312,437 or 28.7% of total net assets. | |
¤ | Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase. | |
Ω | The rate shown is the annualized seven-day effective yield as of February 28, 2011. | |
5 | On February 28, 2011, the cost of investments for federal income tax purposes was approximately $18,537,617. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
AMT – | Alternative Minimum Tax. As of February 28, 2011, the total value of securities subject to AMT was $38,600 or 0.2% of total net assets. |
INS – | Insured |
LOC – | Letter of Credit |
STAID – | State Aid Withholding |
Tax Free Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Municipal Debt – 100.5% | ||||||||
Arizona – 2.3% | ||||||||
Arizona Health Facilities Authority, The Terraces (LOC: Sovereign Bank) (LOC: Banco Santander) | ||||||||
0.390%, 03/07/2011 Δ | $ | 10,680 | $ | 10,680 | ||||
Phoenix Industrial Development Authority (LOC: Wells Fargo Bank) | ||||||||
0.350%, 03/07/2011 Δ | 715 | 715 | ||||||
Pima County Industrial Development Authority, Harvest Preparatory Project (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/07/2011 Δ | 8,310 | 8,310 | ||||||
19,705 | ||||||||
Arkansas – 0.7% | ||||||||
Little Rock Residential Housing & Public Facilities Board, Pleasant Woods Project (INS: FNMA) | ||||||||
0.260%, 03/07/2011 Δ | 6,390 | 6,390 | ||||||
California – 0.9% | ||||||||
California Health Facilities Financing Authority, Adventist Health, Series B (LOC: Wells Fargo Bank) | ||||||||
0.150%, 03/01/2011 Δ | 1,300 | 1,300 | ||||||
California Infrastructure & Economic Development, Los Angeles Museum, Series B (LOC: Wells Fargo Bank) | ||||||||
0.170%, 03/01/2011 Δ | 3,000 | 3,000 | ||||||
California Infrastructure & Economic Development, Pacific Gas, Series D (LOC: Wells Fargo Bank) | ||||||||
0.150%, 03/01/2011 Δ | 3,295 | 3,295 | ||||||
7,595 | ||||||||
Colorado – 1.2% | ||||||||
Aurora Children’s Hospital, Series C (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 Δ | 1,165 | 1,165 | ||||||
Colorado Educational & Cultural Facilities, Mesivta L.A. (LOC: Bank of America) | ||||||||
0.240%, 03/07/2011 Δ | 4,630 | 4,630 | ||||||
Colorado Springs Fine Arts Center Project (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 Δ | 5,120 | 5,120 | ||||||
10,915 | ||||||||
Connecticut – 2.3% | ||||||||
Hartford County Metropolitan District (General Obligation) | ||||||||
2.000%, 10/05/2011 | 20,000 | 20,198 | ||||||
District of Columbia – 1.5% | ||||||||
District of Columbia, Georgetown University, Series C (LOC: TD Bank) | ||||||||
0.210%, 03/07/2011 Δ | 9,650 | 9,650 | ||||||
District of Columbia, Progressive Life Center, Series A (LOC: Branch Banking & Trust) | ||||||||
0.270%, 03/07/2011 Δ | 3,525 | 3,525 | ||||||
13,175 | ||||||||
Florida – 4.2% | ||||||||
North Broward Hospital District, Series A (LOC: TD Bank) | ||||||||
0.210%, 03/07/2011 Δ | 10,200 | 10,200 |
The accompanying notes are an integral part of the financial statements.
12 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Orange County Health Facilities Authority, Orlando Regional, Series E (LOC: Branch Banking & Trust) | ||||||||
0.260%, 03/07/2011 Δ | $ | 4,500 | $ | 4,500 | ||||
Orange County School Board, Series C (Certificate of Participation) (LOC: Bank of America) | ||||||||
0.260%, 03/07/2011 Δ | 10,000 | 10,000 | ||||||
Palm Beach County, Pine Crest Preparatory (LOC: Bank of America) | ||||||||
0.300%, 03/07/2011 Δ | 7,625 | 7,625 | ||||||
Palm Beach County, Jewish Community Campus (LOC: Northern Trust) | ||||||||
0.300%, 03/07/2011 Δ | 2,140 | 2,140 | ||||||
Sarasota County Public Hospital District, Sarasota Memorial Hospital, Series A (LOC: Northern Trust) | ||||||||
0.190%, 03/01/2011 Δ | 2,700 | 2,700 | ||||||
37,165 | ||||||||
Idaho – 0.9% | ||||||||
Idaho State | ||||||||
2.000%, 06/30/2011 | 8,000 | 8,042 | ||||||
Illinois – 12.4% | ||||||||
Chicago, Neighborhoods Alive, Series 21B3 (General Obligation) (LOC: Bank of America) | ||||||||
0.210%, 03/01/2011 Δ | 1,280 | 1,280 | ||||||
Chicago, Neighborhoods Alive, Series 21B4 (General Obligation) (LOC: Bank of New York) | ||||||||
0.180%, 03/01/2011 Δ | 1,185 | 1,185 | ||||||
Chicago, Neighborhoods Alive, Series 21B5 (General Obligation) (LOC: Northern Trust) | ||||||||
0.180%, 03/01/2011 Δ | 3,275 | 3,275 | ||||||
Chicago, Wastewater Transmission, Subseries C-3 (LOC: Northern Trust) | ||||||||
0.190%, 03/01/2011 Δ | 2,500 | 2,500 | ||||||
Cook County, Catholic Theological University Project (LOC: Harris Bank) | ||||||||
0.290%, 03/07/2011 Δ | 14,500 | 14,500 | ||||||
Elmhurst Joint Commission Accreditation (LOC: JPMorgan Chase Bank) | ||||||||
0.250%, 03/07/2011 Δ | 7,115 | 7,115 | ||||||
Illinois Finance Development Authority, American College of Surgeons (LOC: Northern Trust) | ||||||||
0.260%, 03/07/2011 Δ | 3,500 | 3,500 | ||||||
Illinois Finance Development Authority, Lyric Opera Chicago Project (LOC: Northern Trust) (LOC: Harris Bank) (LOC: Bank One) | ||||||||
0.260%, 03/07/2011 Δ | 11,900 | 11,900 | ||||||
Illinois Development Finance Authority, Lake Forest Academy (LOC: Northern Trust) | ||||||||
0.270%, 03/07/2011 Δ | 6,255 | 6,255 | ||||||
Illinois Development Finance Authority, St. Paul’s House Project (LOC: LaSalle Bank) | ||||||||
0.290%, 03/07/2011 Δ | 4,315 | 4,315 | ||||||
Illinois Finance Authority, Northwestern University, Series B | ||||||||
0.320%, 03/01/2011 Δ | 32,750 | 32,750 | ||||||
Illinois Finance Authority, Rest Haven Christian, Series C (LOC: Sovereign Bank) (LOC: Banco Santander) | ||||||||
0.390%, 03/07/2011 Δ | 6,465 | 6,465 | ||||||
Illinois Finance Authority, Resurrection Health, Series B (LOC: JPMorgan Chase Bank) | ||||||||
0.270%, 03/01/2011 Δ | 2,900 | 2,900 | ||||||
Illinois Finance Authority, Richard Driehaus Museum (LOC: Northern Trust) | ||||||||
0.270%, 03/07/2011 Δ | 2,000 | 2,000 | ||||||
Illinois Finance Authority, Southern Illinois Healthcare (Bank of Nova Scotia) | ||||||||
0.250%, 03/07/2011 Δ | 4,550 | 4,550 | ||||||
Illinois Health Facilities Authority, Riverside Health Systems (LOC: Bank of America) | ||||||||
0.260%, 03/07/2011 Δ | 4,000 | 4,000 | ||||||
108,490 | ||||||||
Indiana – 6.0% | ||||||||
Indiana Finance Authority Health Systems, Sisters of St. Francis, Series F (LOC: Bank of New York) | ||||||||
0.250%, 03/07/2011 Δ | 4,640 | 4,640 | ||||||
Indiana Finance Authority Health Systems, Sisters of St. Francis, Series H (LOC: JPMorgan Chase Bank) | ||||||||
0.250%, 03/07/2011 Δ | 4,395 | 4,395 | ||||||
Indiana Finance Authority Hospital Revenue, Community Foundation (LOC: Harris Bank) | ||||||||
0.220%, 03/07/2011 Δ | 6,500 | 6,500 | ||||||
Indiana Finance Authority Hospital Revenue, Floyd Memorial Hospital (LOC: Branch Banking & Trust) | ||||||||
0.230%, 03/01/2011 Δ | 7,510 | 7,510 | ||||||
Indiana Health & Educational Facilities Financing Authority, Clarian Health, Series C (LOC: Branch Banking & Trust) | ||||||||
0.210%, 03/07/2011 Δ | 6,850 | 6,850 | ||||||
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series A (LOC: Harris Bank) | ||||||||
0.220%, 03/07/2011 Δ | 7,575 | 7,575 | ||||||
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series B (LOC: Harris Bank) | ||||||||
0.220%, 03/07/2011 Δ | 10,385 | 10,385 | ||||||
Indiana Health Facilities Financing Authority, Bethesda Living Center, Series B (LOC: LaSalle Bank) | ||||||||
0.240%, 03/07/2011 Δ | 4,410 | 4,410 | ||||||
52,265 | ||||||||
Iowa – 3.4% | ||||||||
Iowa Financial Authority, Central College Project (LOC: Wells Fargo Bank) | ||||||||
0.230%, 03/01/2011 Δ | 8,280 | 8,280 | ||||||
Iowa Financial Authority, Regional Blood Center (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 Δ | 705 | 705 | ||||||
Iowa Financial Authority, Wesley Retirement Services (LOC: Wells Fargo Bank) | ||||||||
0.240%, 03/07/2011 Δ | 8,295 | 8,295 | ||||||
Iowa Financial Retirement Authority, Wesley Retirement Services (LOC: Wells Fargo Bank) | ||||||||
0.240%, 03/07/2011 Δ | 4,000 | 4,000 | ||||||
Iowa Higher Education Loan Authority, Private College Project (LOC: Harris Bank) | ||||||||
0.220%, 03/07/2011 Δ | 5,500 | 5,500 | ||||||
Iowa Higher Education Loan Authority, Private College Project (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/01/2011 Δ | 3,200 | 3,200 | ||||||
29,980 | ||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 13
Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Kansas – 1.0% | ||||||||
Olathe Health Facilities Medical Center (LOC: Bank of America) | ||||||||
0.240%, 03/01/2011 Δ | $ | 1,100 | $ | 1,100 | ||||
Prairie Village Revenue, Claridge Court (LOC: LaSalle Bank) | ||||||||
0.240%, 03/07/2011 Δ | 7,260 | 7,260 | ||||||
8,360 | ||||||||
Kentucky – 1.1% | ||||||||
Kentucky Economic Development Finance Authority, Hospital Facilities, Baptist Healthcare, Series B-3 (LOC: Branch Banking & Trust) | ||||||||
0.240%, 03/07/2011 Δ | 9,840 | 9,840 | ||||||
Louisiana – 0.3% | ||||||||
Louisiana Public Facilities Authority, Christus Health, Series B2 (LOC: Bank of New York) | ||||||||
0.210%, 03/07/2011 Δ | 2,500 | 2,500 | ||||||
Maine – 0.6% | ||||||||
City of Falmouth (General Obligation) | ||||||||
1.000%, 06/01/2011 | 5,000 | 5,008 | ||||||
Maryland – 1.3% | ||||||||
Carroll County Revenue, Fairhaven & Copper, Series B (LOC: LaSalle Bank) | ||||||||
0.240%, 03/07/2011 Δ | 1,700 | 1,700 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Series A (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/07/2011 Δ | 9,600 | 9,600 | ||||||
11,300 | ||||||||
Massachusetts – 4.5% | ||||||||
Massachusetts State Development Finance Agency, Boston University, Series U-1 (LOC: Bank of Nova Scotia) | ||||||||
0.200%, 03/07/2011 Δ | 3,130 | 3,130 | ||||||
Massachusetts State Development Finance Agency, Boston University, Series U-2 (LOC: BNP Paribas) | ||||||||
0.220%, 03/07/2011 Δ | 9,000 | 9,000 | ||||||
Massachusetts State Development Finance Agency, Boston University, Series U-3 (LOC: BNP Paribas) | ||||||||
0.220%, 03/07/2011 Δ | 9,555 | 9,555 | ||||||
Massachusetts State Health & Educational Facilities Authority, Henry Heywood, Series C-2 (LOC: TD Banknorth) | ||||||||
0.220%, 03/01/2011 Δ | 6,755 | 6,755 | ||||||
Massachusetts State Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series J-1 | ||||||||
0.200%, 03/07/2011 Δ | 10,650 | 10,650 | ||||||
39,090 | ||||||||
Michigan – 3.3% | ||||||||
Eastern Michigan University, Series A (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/01/2011 Δ | 2,975 | 2,975 | ||||||
Eastern Michigan University, Series B (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/01/2011 Δ | 2,000 | 2,000 | ||||||
University Of Michigan (Commercial Paper) | ||||||||
0.250%, 04/07/2011 | 6,000 | 6,000 | ||||||
0.250%, 04/07/2011 | 18,000 | 18,000 | ||||||
28,975 | ||||||||
Minnesota – 6.4% | ||||||||
Eden Prairie, Multifamily Housing Authority (INS: FHLMC) | ||||||||
0.260%, 03/07/2011 Δ | 14,505 | 14,505 | ||||||
Richfield Independent School District, Series B (General Obligation) (INS: MSDCEP) | ||||||||
1.000%, 09/30/2011 | 10,060 | 10,097 | ||||||
Robbinsdale, North Memorial, Series A2 (LOC: Wells Fargo Bank) | ||||||||
0.230%, 03/01/2011 Δ | 1,750 | 1,750 | ||||||
St. Francis Independent School District #15, Series A (General Obligation) (INS: MSDCEP) | ||||||||
1.000%, 09/15/2011 | 5,000 | 5,016 | ||||||
University Of Minnesota, Series B (Commercial Paper) | ||||||||
0.270%, 04/04/2011 | 7,000 | 7,000 | ||||||
University of Minnesota, Series A | ||||||||
0.260%, 03/07/2011 Δ | 17,400 | 17,400 | ||||||
55,768 | ||||||||
Mississippi – 2.9% | ||||||||
Mississippi Business Finance, Chevron USA | ||||||||
0.200%, 03/07/2011 Δ | 25,000 | 25,000 | ||||||
Missouri – 1.4% | ||||||||
Missouri State Health & Educational Facilities (LOC: JPMorgan Chase Bank) | ||||||||
0.270%, 03/07/2011 Δ | 10,230 | 10,230 | ||||||
Missouri State Health & Educational Facilities, Drury College (LOC: Bank of America) | ||||||||
0.240%, 03/01/2011 Δ | 2,220 | 2,220 | ||||||
12,450 | ||||||||
Montana – 0.8% | ||||||||
Forsyth Pollution Control, PacifiCorp Project (LOC: BNP Paribas) | ||||||||
0.260%, 03/01/2011 Δ | 6,760 | 6,760 | ||||||
Nevada – 1.3% | ||||||||
Reno (LOC: Bank of New York) | ||||||||
0.190%, 03/01/2011 Δ | 11,445 | 11,445 | ||||||
New Hampshire – 0.3% | ||||||||
New Hampshire Health & Educational Facilities Authority, Riverwoods at Exeter (LOC: Bank of America) | ||||||||
0.240%, 03/07/2011 Δ | 3,000 | 3,000 | ||||||
New Jersey – 1.5% | ||||||||
Mercer County Improvement Authority, Atlantic Foundation Project (LOC: Bank of America) | ||||||||
0.280%, 03/01/2011 Δ | 4,250 | 4,250 | ||||||
New Jersey Economic Development Authority, Cedar Crest Village, Series A (LOC: Sovereign Bank) (LOC: Banco Santander) | ||||||||
0.360%, 03/07/2011 Δ | 9,255 | 9,255 | ||||||
13,505 | ||||||||
New York – 5.9% | ||||||||
Metropolitan Transportation Authority, Series B-1 (LOC: Scotiabank) | ||||||||
0.240%, 03/07/2011 Δ | 10,000 | 10,000 | ||||||
Metropolitan Transportation Authority, Series B-2 (LOC: BNP Paribas) | ||||||||
0.240%, 03/07/2011 Δ | 11,665 | 11,665 |
The accompanying notes are an integral part of the financial statements.
14 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Metropolitan Transportation Authority, Series B-3 (LOC: Lloyds TSB) | ||||||||
0.240%, 03/07/2011 Δ | $ | 8,695 | $ | 8,695 | ||||
New York State Power Authority (General Obligation) | ||||||||
0.290%, 09/01/2011 | 5,200 | 5,200 | ||||||
Westchester County Industrial Development Agency, Continuing Care Retirement (LOC: Sovereign Bank) (LOC: Banco Santander) | ||||||||
0.380%, 03/07/2011 Δ | 16,350 | 16,350 | ||||||
51,910 | ||||||||
North Carolina – 2.0% | ||||||||
North Carolina Capital Facilities Finance Agency, Fayetteville University (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 Δ | 9,995 | 9,995 | ||||||
North Carolina Medical Care Community Health Care Facilities, Person Memorial Hospital (LOC: Branch Banking & Trust) | ||||||||
0.270%, 03/07/2011 Δ | 4,360 | 4,360 | ||||||
Wake County, Industrial Facilities & Pollution Control Financing Authority, Wake Enterprises (LOC: Branch Banking & Trust) | ||||||||
0.270%, 03/07/2011 Δ | 3,400 | 3,400 | ||||||
17,755 | ||||||||
Ohio – 4.0% | ||||||||
Franklin County Hospital (SPA: Barclays Bank) | ||||||||
0.250%, 03/07/2011 Δ | 20,000 | 20,000 | ||||||
Ohio State Air Quality Development Authority, Ohio Valley Electric Corporation Project, Series B (LOC: Bank of Nova Scotia) | ||||||||
0.230%, 03/07/2011 Δ | 8,700 | 8,700 | ||||||
Rickenbacker Port Authority Capital Funding | ||||||||
0.340%, 03/07/2011 Δ n | 6,560 | 6,560 | ||||||
35,260 | ||||||||
Oklahoma – 0.8% | ||||||||
Hulbert Economic Development Authority (LOC: Bank of America) | ||||||||
0.290%, 03/07/2011 Δ | 4,000 | 4,000 | ||||||
Oklahoma State Development Finance Authority, Duncan Regional Hospital (LOC: Bank of America) | ||||||||
0.240%, 03/01/2011 Δ | 3,000 | 3,000 | ||||||
7,000 | ||||||||
Pennsylvania – 3.6% | ||||||||
Butler County Industrial Development Authority, Concordia Lutheran, Series A (LOC: Bank of America) | ||||||||
0.240%, 03/07/2011 Δ | 8,285 | 8,285 | ||||||
Delaware County Revenue Authority, Riddle Village Project (LOC: Sovereign Bank) (LOC: Banco Santander) | ||||||||
0.390%, 03/07/2011 Δ | 8,580 | 8,580 | ||||||
Delaware County Revenue Authority, Riddle Village Project, Series A (LOC: Sovereign Bank) (LOC: Banco Santander) | ||||||||
0.390%, 03/07/2011 Δ | 7,720 | 7,720 | ||||||
Lehigh County General Purpose, Phoebe Devitt Homes, Series B (LOC: Sovereign Bank) (LOC: Banco Santander) | ||||||||
0.390%, 03/07/2011 Δ | 2,870 | 2,870 | ||||||
Pennsylvania State, Series 11056 (General Obligation) | ||||||||
0.260%, 03/07/2011 Δ n | 3,775 | 3,775 | ||||||
31,230 | ||||||||
Rhode Island – 0.5% | ||||||||
Rhode Island Health & Educational Building Revenue, Pennfield School (LOC: Sovereign Bank) (LOC: Bank of New York) | ||||||||
0.310%, 03/07/2011 Δ | 4,475 | 4,475 | ||||||
South Carolina – 3.9% | ||||||||
Charleston County School District, Series C (General Obligation) (INS: SCSDE) | ||||||||
1.500%, 03/01/2011 | 8,925 | 8,925 | ||||||
South Carolina Jobs Economic Development Authority, Anmed Health Project, Series C (LOC: Branch Banking & Trust) | ||||||||
0.250%, 03/07/2011 Δ | 4,000 | 4,000 | ||||||
South Carolina Jobs Economic Development Authority, Anmed Health Project, Series D (LOC: Branch Banking & Trust) | ||||||||
0.260%, 03/07/2011 Δ | 3,000 | 3,000 | ||||||
South Carolina Jobs Economic Development Authority, Regional Medical Center, Orangeburg (LOC: Branch Banking & Trust) | ||||||||
0.270%, 03/07/2011 Δ | 3,525 | 3,525 | ||||||
South Carolina Jobs Economic Development Authority, Woodlands at Furman Project, Series C (LOC: Sovereign Bank) (LOC: | ||||||||
Natixis) | ||||||||
0.320%, 03/07/2011 Δ | 10,000 | 10,000 | ||||||
South Carolina Jobs Economic Development Authority, Woodlands at Furman Project, Series D (LOC: Sovereign Bank) (LOC: | ||||||||
Natixis) | ||||||||
0.320%, 03/07/2011 Δ | 5,000 | 5,000 | ||||||
34,450 | ||||||||
Tennessee – 0.2% | ||||||||
Blount County Public Building Authority, Series E8A (LOC: Branch Banking & Trust) | ||||||||
0.270%, 03/07/2011 Δ | 1,400 | 1,400 | ||||||
Texas – 8.5% | ||||||||
Fort Bend Independent School District, Series 2852 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
0.260%, 03/07/2011 Δ n | 895 | 895 | ||||||
Harris County Health Facilities Development, Baylor College Medicine, Series B (LOC: Northern Trust) | ||||||||
0.240%, 03/07/2011 Δ | 2,500 | 2,500 | ||||||
Houston Airport System (LOC: Barclays Bank) | ||||||||
0.220%, 03/07/2011 Δ | 10,350 | 10,350 | ||||||
Hunt County Health Facilities Development, Greenville (LOC: Morgan Guaranty Trust) | ||||||||
0.290%, 03/07/2011 Δ | 4,300 | 4,300 | ||||||
Midland County Health Facilities, Manor Park Project (LOC: Wells Fargo Bank) | ||||||||
0.290%, 03/07/2011 Δ | 15,555 | 15,555 | ||||||
Texas State | ||||||||
2.000%, 08/31/2011 | 30,000 | 30,248 | ||||||
University of Texas, Series A | ||||||||
0.180%, 03/07/2011 Δ | 10,955 | 10,955 | ||||||
74,803 | ||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 15
Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Virginia – 3.4% | ||||||||
Chesapeake Bay Bridge & Tunnel, Series A (LOC: Branch Banking & Trust) | ||||||||
0.270%, 03/07/2011 Δ | $ | 3,750 | $ | 3,750 | ||||
Loudoun County Industrial Development Authority, Howard Hughes Medical, Series A | ||||||||
0.220%, 03/07/2011 Δ | 10,000 | 10,000 | ||||||
Loudoun County Industrial Development Authority, Howard Hughes Medical, Series E | ||||||||
0.220%, 03/07/2011 Δ | 12,235 | 12,235 | ||||||
Loudoun County Industrial Development Authority, Howard Hughes Medical, Series F | ||||||||
0.220%, 03/07/2011 Δ | 3,880 | 3,880 | ||||||
29,865 | ||||||||
Washington – 3.7% | ||||||||
King County (General Obligation) | ||||||||
2.000%, 06/15/2011 | 15,000 | 15,070 | ||||||
Washington State (General Obligation) | ||||||||
0.260%, 03/07/2011 Δ n | 2,755 | 2,755 | ||||||
Washington State Housing Finance Commission, Annie Wright School (LOC: Bank of America) | ||||||||
0.230%, 03/01/2011 Δ | 4,065 | 4,065 | ||||||
Washington State Housing Finance Commission, Emerald Heights (LOC: Bank of America) | ||||||||
0.250%, 03/01/2011 Δ | 8,070 | 8,070 | ||||||
Washington State Housing Financial Nonprofit Revenue, Skyline at First Hill Project, Series C (LOC: Bank of America) | ||||||||
0.240%, 03/07/2011 Δ | 2,800 | 2,800 | ||||||
32,760 | ||||||||
West Virginia – 0.3% | ||||||||
West Virginia State Hospital Finance Authority, United Health, Series B (LOC: JPMorgan Chase Bank) | ||||||||
0.210%, 03/01/2011 Δ | 2,800 | 2,800 | ||||||
Wisconsin – 1.2% | ||||||||
Wisconsin State Health & Educational Facilities, Goodwill Industries (LOC: Wells Fargo Bank) | ||||||||
0.250%, 03/07/2011 Δ | 805 | 805 | ||||||
Wisconsin State Health & Educational Facilities, National Regency (LOC: JPMorgan Chase Bank) | ||||||||
0.240%, 03/01/2011 Δ | 1,450 | 1,450 | ||||||
Wisconsin State Health & Educational Facilities, St. Norbert College (LOC: JPMorgan Chase Bank) | ||||||||
0.270%, 03/07/2011 Δ | 5,735 | 5,735 | ||||||
Wisconsin State Health & Educational Facilities, Watertown Memorial Hospital Project (LOC: Bank One) | ||||||||
0.240%, 03/07/2011 Δ | 2,860 | 2,860 | ||||||
10,850 | ||||||||
Total Municipal Debt | ||||||||
(Cost $881,479) | 881,479 | |||||||
Government Agency Debt – 0.0% | ||||||||
Federal Home Loan Bank | ||||||||
0.070%, 03/01/2011 ¤ | ||||||||
(Cost $269) | 269 | 269 | ||||||
Total Investments 5 – 100.5% | ||||||||
(Cost $881,748) | 881,748 | |||||||
Other Assets and Liabilities, Net – (0.5)% | (4,470 | ) | ||||||
Total Net Assets – 100.0% | $ | 877,278 | ||||||
Tax Free Obligations Fund (concluded)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of February 28, 2010. | |
n | Securities 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 28, 2011, the value of these investments was $13,985 or 1.6% of total net assets. | |
¤ | Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase. | |
5 | On February 28, 2011, the cost of investments for federal income tax purposes was approximately $881,748. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
INS – | Insured |
LOC – | Letter of Credit |
MSDCEP – | Minnesota School District Credit Enhancement Program |
PSF – | Permanent School Fund |
SCSDE – | South Carolina School District Enhancement Program |
SPA – | Standby Purchase Agreement |
The accompanying notes are an integral part of the financial statements.
16 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Treasury Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Treasury Debt – 22.6% | ||||||||
U.S. Treasury Strips | ||||||||
0.153%, 05/15/2011 6 | $ | 25,000 | $ | 24,992 | ||||
0.219%, 08/15/2011 6 | 25,000 | 24,975 | ||||||
0.262%, 11/15/2011 6 | 30,000 | 29,944 | ||||||
U.S. Treasury Notes | ||||||||
0.875%, 04/30/2011 | 100,000 | 100,089 | ||||||
0.875%, 05/31/2011 | 100,000 | 100,148 | ||||||
4.875%, 05/31/2011 | 200,000 | 202,279 | ||||||
1.000%, 08/31/2011 | 500,000 | 501,750 | ||||||
4.625%, 08/31/2011 | 25,000 | 25,544 | ||||||
1.000%, 10/31/2011 | 350,000 | 351,744 | ||||||
4.625%, 10/31/2011 | 100,000 | 102,913 | ||||||
0.750%, 11/30/2011 | 350,000 | 351,230 | ||||||
4.500%, 11/30/2011 | 100,000 | 103,124 | ||||||
4.750%, 01/31/2012 | 200,000 | 208,161 | ||||||
Total Treasury Debt | ||||||||
(Cost $2,126,893) | 2,126,893 | |||||||
Treasury Repurchase Agreements – 77.4% | ||||||||
Bank of America Securities | ||||||||
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $740,697 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $755,508) | 740,694 | 740,694 | ||||||
Barclays Capital | ||||||||
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $600,003 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $612,000) | 600,000 | 600,000 | ||||||
Credit Agricole Securities (USA) | ||||||||
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $1,950,010 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $1,989,000) | 1,950,000 | 1,950,000 | ||||||
Credit Suisse Securities USA | ||||||||
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $300,002 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $306,002) | 300,000 | 300,000 | ||||||
HSBC Securities USA | ||||||||
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $900,004 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $918,002) | 900,000 | 900,000 | ||||||
ING Financial Markets | ||||||||
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $200,001 (Collateralized by U.S. Treasury Debt: Total market value $204,005) | 200,000 | 200,000 | ||||||
RBS Securities | ||||||||
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $1,300,007 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $1,326,000) | 1,300,000 | 1,300,000 | ||||||
Societe Generale, NY | ||||||||
0.170%, dated 2/28/2011, matures 03/01/2011, repurchase price $500,002 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $510,000) | 500,000 | 500,000 | ||||||
UBS Securities | ||||||||
0.180%, dated 2/28/2011, matures 03/01/2011, repurchase price $800,004 (Collateralized by U.S. Treasury Debt: | ||||||||
Total market value $816,000) | 800,000 | 800,000 | ||||||
Total Treasury Repurchase Agreements | ||||||||
(Cost $7,290,694) | 7,290,694 | |||||||
Investments Purchased with Proceeds from Securities Lending † – 0.3% | ||||||||
Treasury Repurchase Agreement – 0.3% | ||||||||
Credit Suisse Securities USA | ||||||||
0.180%, dated 02/28/2011, matures 03/01/2011, repurchase price $31,563 (Collateralized by U.S. Treasury Obligations: | ||||||||
Total market value $32,195) | 31,563 | 31,563 | ||||||
Money Market Fund – 0.0% | ||||||||
Dreyfus Treasury Prime Cash Management Fund Institutional Shares, 0.000% Ω | 861 | 1 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | ||||||||
(Cost $31,564) | 31,564 | |||||||
Total Investments 5 – 100.3% | ||||||||
(Cost $9,449,151) | 9,449,151 | |||||||
Other Assets and Liabilities, Net – (0.3)% | (24,734 | ) | ||||||
Total Net Assets – 100.0% | $ | 9,424,417 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at February 28, 2011. Total loaned securities had a value of $30,926 at February 28, 2011. | |
† | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the invested collateral is monitored on a daily basis. The cash collateral received is invested in U.S. Government securities or other high-grade debt obligations. See note 2 in Notes to Financial Statements. | |
Ω | The rate shown is the annualized seven-day effective yield as of February 28, 2011. | |
5 | On February 28, 2011, the cost of investments for federal income tax purposes was approximately $9,449,151. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 17
Schedule of Investments February 28, 2011 (unaudited), all dollars are rounded to thousands (000)
U.S. Treasury Money Market Fund | ||||||||
DESCRIPTION | PAR | VALUE > | ||||||
Treasury Debt – 100.0% | ||||||||
U.S. Treasury Bills Ä | ||||||||
0.140%, 03/03/2011 | $ | 39,953 | $ | 39,953 | ||||
0.125%, 03/10/2011 | 80,117 | 80,115 | ||||||
0.130%, 03/17/2011 | 44,948 | 44,945 | ||||||
0.128%, 03/24/2011 | 66,994 | 66,989 | ||||||
0.153%, 03/31/2011 | 782 | 782 | ||||||
0.126%, 04/07/2011 | 59,453 | 59,445 | ||||||
0.121%, 04/14/2011 | 64,537 | 64,527 | ||||||
0.125%, 04/15/2011 | 5,000 | 4,999 | ||||||
0.126%, 04/21/2011 | 17,975 | 17,972 | ||||||
0.146%, 04/28/2011 | 15,130 | 15,126 | ||||||
0.139%, 05/05/2011 | 40,000 | 39,990 | ||||||
0.143%, 05/19/2011 | 28,928 | 28,919 | ||||||
0.169%, 06/02/2011 | 1,070 | 1,070 | ||||||
0.172%, 06/09/2011 | 19,508 | 19,499 | ||||||
0.183%, 06/16/2011 | 30,502 | 30,485 | ||||||
0.191%, 06/30/2011 | 16,583 | 16,572 | ||||||
0.173%, 07/14/2011 | 222 | 222 | ||||||
0.183%, 07/21/2011 | 7,854 | 7,848 | ||||||
0.192%, 07/28/2011 | 16,308 | 16,295 | ||||||
0.167%, 08/04/2011 | 9,123 | 9,116 | ||||||
0.145%, 08/18/2011 | 595 | 595 | ||||||
0.170%, 08/25/2011 | 2,783 | 2,781 | ||||||
Total Treasury Debt | ||||||||
(Cost $568,245) | 568,245 | |||||||
Total Investments 5 – 100.0% | ||||||||
(Cost $568,245) | 568,245 | |||||||
Other Assets and Liabilities, Net – 0.0% | (35 | ) | ||||||
Total Net Assets – 100.0% | $ | 568,210 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
Ä | Yield shown is effective yield as of February 28, 2011. | |
5 | On February 28, 2011, the cost of investments for federal income tax purposes was approximately $568,245. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
The accompanying notes are an integral part of the financial statements.
18 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Statements of Assets and Liabilities | February 28, 2011 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Government | Prime | Tax Free | Treasury | U.S. Treasury | ||||||||||||||||||||||
Obligations | Obligations | Obligations | Obligations | Money Market | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||
Investments in securities, at value † (note 2) | $ | 6,916,673 | $ | 16,526,194 | $ | 881,748 | $ | 2,126,893 | $ | 568,245 | ||||||||||||||||
Investments purchased with proceeds from securities lending, at value (note 2) | — | — | — | 31,564 | — | |||||||||||||||||||||
Repurchase agreements, at value (note 2) | 5,407,883 | 2,011,423 | — | 7,290,694 | — | |||||||||||||||||||||
Cash | 1 | — | 1 | — | — | |||||||||||||||||||||
Receivable for interest | 13,771 | 11,199 | 897 | 8,259 | — | |||||||||||||||||||||
Receivable for capital shares sold | 27 | 435 | — | 5 | — | |||||||||||||||||||||
Other prepaid expenses and other assets | 108 | 204 | 12 | 124 | 6 | |||||||||||||||||||||
Total assets | 12,338,463 | 18,549,455 | 882,658 | 9,457,539 | 568,251 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Bank overdraft | — | 25 | — | — | — | |||||||||||||||||||||
Dividends payable | 62 | 470 | — | — | — | |||||||||||||||||||||
Payable for investments purchased | 66,259 | 50,000 | 5,200 | — | — | |||||||||||||||||||||
Payable upon return of securities loaned (note 2) | — | — | — | 31,564 | — | |||||||||||||||||||||
Payable for capital shares redeemed | 24 | 3,463 | — | — | — | |||||||||||||||||||||
Payable to affiliates (note 3) | 1,877 | 3,300 | 164 | 1,223 | 41 | |||||||||||||||||||||
Payable for distribution and shareholder servicing fees | 82 | 437 | 15 | 317 | — | |||||||||||||||||||||
Accrued expenses and other liabilities | 18 | 18 | 1 | 18 | — | |||||||||||||||||||||
Total liabilities | 68,322 | 57,713 | 5,380 | 33,122 | 41 | |||||||||||||||||||||
Net assets | $ | 12,270,141 | $ | 18,491,742 | $ | 877,278 | $ | 9,424,417 | $ | 568,210 | ||||||||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||||||||||||
Portfolio capital | $ | 12,270,159 | $ | 18,491,812 | $ | 877,272 | $ | 9,425,071 | $ | 568,191 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income | 289 | 160 | 6 | (43 | ) | (8 | ) | |||||||||||||||||||
Accumulated net realized gain (loss) on investments (note 2) | (307 | ) | (230 | ) | — | (611 | ) | 27 | ||||||||||||||||||
Net assets | $ | 12,270,141 | $ | 18,491,742 | $ | 877,278 | $ | 9,424,417 | $ | 568,210 | ||||||||||||||||
Class A: | ||||||||||||||||||||||||||
Net assets | $ | 253,364 | $ | 1,308,891 | $ | 74,997 | $ | 613,896 | $ | 41,806 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 5 billion authorized*) | 253,367 | 1,309,073 | 75,023 | 613,922 | 41,801 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Class C: | ||||||||||||||||||||||||||
Net assets | $ | — | $ | 577 | $ | — | $ | — | $ | — | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 1 billion authorized) | — | 576 | — | — | — | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||||||||||
Class D: | ||||||||||||||||||||||||||
Net assets | $ | 2,436,051 | $ | 1,275,623 | $ | 29,520 | $ | 2,464,021 | $ | 105,386 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 2,436,070 | 1,275,534 | 29,516 | 2,464,251 | 105,370 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Class I: | ||||||||||||||||||||||||||
Net assets | $ | — | $ | 2,010,378 | $ | — | $ | — | $ | — | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | — | 2,010,465 | — | — | — | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||||||||||
Class Y: | ||||||||||||||||||||||||||
Net assets | $ | 4,333,498 | $ | 3,568,752 | $ | 571,852 | $ | 4,243,108 | $ | 317,651 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 4,333,603 | 3,568,801 | 571,822 | 4,243,373 | 317,623 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Class Z: | ||||||||||||||||||||||||||
Net assets | $ | 4,097,387 | $ | 9,551,313 | $ | 181,779 | $ | 1,219,975 | $ | 89,748 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 4,097,373 | 9,551,521 | 181,761 | 1,220,147 | 89,737 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Institutional Investor Class: | ||||||||||||||||||||||||||
Net assets | $ | 1,149,841 | $ | 776,208 | $ | 19,130 | $ | 533,322 | $ | 13,619 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 1,149,830 | 776,032 | 19,130 | 533,274 | 13,609 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Reserve Class: | ||||||||||||||||||||||||||
Net assets | $ | — | $ | — | $ | — | $ | 350,095 | $ | — | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 5 billion authorized) | — | — | — | 350,152 | — | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | — | $ | — | $ | 1.00 | $ | — | ||||||||||||||||
† Including securities loaned, at value | $ | — | $ | — | $ | — | $ | 30,926 | $ | — | ||||||||||||||||
* | 20 billion shares were authorized for U.S. Treasury Money Market Fund. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 19
Statements of Operations | For the six-month period ended February 28, 2011 (unaudited), all dollars are rounded to thousands (000) |
Government | Prime | Tax Free | Treasury | U.S. Treasury | ||||||||||||||||||||||
Obligations | Obligations | Obligations | Obligations | Money Market | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||
Interest income | $ | 15,163 | $ | 30,170 | $ | 1,259 | $ | 9,742 | $ | 412 | ||||||||||||||||
Securities lending income (note 2) | 7 | — | — | 90 | — | |||||||||||||||||||||
Total investment income | 15,170 | 30,170 | 1,259 | 9,832 | 412 | |||||||||||||||||||||
EXPENSES (note 3): | ||||||||||||||||||||||||||
Investment advisory fees | 6,267 | 9,159 | 458 | 4,602 | 277 | |||||||||||||||||||||
Administration fees | 8,025 | 11,955 | 606 | 6,040 | 370 | |||||||||||||||||||||
Transfer agent fees | 60 | 132 | 59 | 70 | 59 | |||||||||||||||||||||
Custodian fees | 313 | 458 | 23 | 230 | 14 | |||||||||||||||||||||
Legal fees | 9 | 9 | 9 | 9 | 9 | |||||||||||||||||||||
Audit fees | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Registration fees | 15 | 50 | 22 | 15 | 12 | |||||||||||||||||||||
Postage and printing fees | 98 | 138 | 8 | 61 | 4 | |||||||||||||||||||||
Directors’ fees | 29 | 29 | 29 | 29 | 29 | |||||||||||||||||||||
Other fees and expenses | 69 | 93 | 33 | 70 | 34 | |||||||||||||||||||||
Distribution and shareholder servicing (12b-1) fees: | ||||||||||||||||||||||||||
Class A | 326 | 1,618 | 96 | 888 | 53 | |||||||||||||||||||||
Class B | — | 2 | — | — | — | |||||||||||||||||||||
Class C | — | 7 | — | — | — | |||||||||||||||||||||
Class D | 1,771 | 1,042 | 24 | 1,849 | 89 | |||||||||||||||||||||
Reserve Class | — | — | — | 1,021 | — | |||||||||||||||||||||
Shareholder servicing (non 12b-1) fees: | ||||||||||||||||||||||||||
Class A | 326 | 1,618 | 96 | 888 | 53 | |||||||||||||||||||||
Class D | 2,952 | 1,737 | 40 | 3,081 | 148 | |||||||||||||||||||||
Class I | — | 1,652 | — | — | — | |||||||||||||||||||||
Class Y | 5,693 | 4,385 | 689 | 4,753 | 363 | |||||||||||||||||||||
Reserve Class | — | — | — | 510 | — | |||||||||||||||||||||
Institutional Investor Class | 562 | 404 | 9 | 265 | 13 | |||||||||||||||||||||
Total expenses | 26,531 | 34,504 | 2,217 | 24,397 | 1,543 | |||||||||||||||||||||
Less: Fee waivers (note 3) | (11,700 | ) | (8,817 | ) | (973 | ) | (14,587 | ) | (1,131 | ) | ||||||||||||||||
Total net expenses | 14,831 | 25,687 | 1,244 | 9,810 | 412 | |||||||||||||||||||||
Investment income – net | 339 | 4,483 | 15 | 22 | — | |||||||||||||||||||||
Net gain on investments | 2 | 12 | — | 6 | 8 | |||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 341 | $ | 4,495 | $ | 15 | $ | 28 | $ | 8 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
20 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
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FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 21
Statements of Changes in Net Assets | all dollars are rounded to thousands (000) |
Government | Prime | ||||||||||||||||||
Obligations Fund | Obligations Fund | ||||||||||||||||||
Six-Month | Six-Month | ||||||||||||||||||
Period Ended | Period Ended | ||||||||||||||||||
2/28/11 | Year Ended | 2/28/11 | Year Ended | ||||||||||||||||
(unaudited) | 8/31/10 | (unaudited) | 8/31/10 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income – net | $ | 339 | $ | 2,867 | $ | 4,483 | $ | 13,014 | |||||||||||
Net realized gain (loss) on investments | 2 | 119 | 12 | 176 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 341 | 2,986 | 4,495 | 13,190 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | — | — | — | (33 | ) | ||||||||||||||
Class C | — | — | — | — | |||||||||||||||
Class D | — | — | — | (36 | ) | ||||||||||||||
Class I | — | — | — | (45 | ) | ||||||||||||||
Class Y | — | — | — | (97 | ) | ||||||||||||||
Class Z | (339 | ) | (2,738 | ) | (4,458 | ) | (12,463 | ) | |||||||||||
Institutional Investor Class | — | (129 | ) | (25 | ) | (340 | ) | ||||||||||||
Reserve Class | — | — | — | — | |||||||||||||||
Total distributions | (339 | ) | (2,867 | ) | (4,483 | ) | (13,014 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE: | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 328,234 | 1,357,368 | 1,327,942 | 2,644,701 | |||||||||||||||
Reinvestment of distributions | — | — | 23 | — | |||||||||||||||
Payments for redemptions | (370,309 | ) | (1,592,243 | ) | (1,343,162 | ) | (2,997,343 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | (42,075 | ) | (234,875 | ) | (15,197 | ) | (352,642 | ) | |||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | — | — | — | 740 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | |||||||||||||||
Payments for redemptions | — | — | (1,154 | ) | (1,030 | ) | |||||||||||||
Decrease in net assets from Class B transactions | — | — | (1,154 | ) | (290 | ) | |||||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | — | — | 50 | 1,051 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | |||||||||||||||
Payments for redemptions | — | — | (2,016 | ) | (1,816 | ) | |||||||||||||
Decrease in net assets from Class C transactions | — | — | (1,966 | ) | (765 | ) | |||||||||||||
Class D: | |||||||||||||||||||
Proceeds from sales | 3,871,471 | 9,424,827 | 2,095,912 | 5,203,670 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | |||||||||||||||
Payments for redemptions | (3,961,376 | ) | (9,872,773 | ) | (2,333,430 | ) | (6,163,678 | ) | |||||||||||
�� | |||||||||||||||||||
Increase (decrease) in net assets from Class D transactions | (89,905 | ) | (447,946 | ) | (237,518 | ) | (960,008 | ) | |||||||||||
Class I: | |||||||||||||||||||
Proceeds from sales | — | — | 7,865,234 | 13,682,893 | |||||||||||||||
Reinvestment of distributions | — | — | 1 | 1 | |||||||||||||||
Payments for redemptions | — | — | (7,488,222 | ) | (17,325,045 | ) | |||||||||||||
Increase (decrease) in net assets from Class I transactions | — | — | 377,013 | (3,642,151 | ) | ||||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 14,285,208 | 21,924,830 | 52,061,375 | 88,360,691 | |||||||||||||||
Reinvestment of distributions | — | — | 18 | 16 | |||||||||||||||
Payments for redemptions | (15,093,063 | ) | (23,620,941 | ) | (52,233,701 | ) | (91,869,250 | ) | |||||||||||
Increase (decrease) in net assets from Class Y transactions | (807,855 | ) | (1,696,111 | ) | (172,308 | ) | (3,508,543 | ) | |||||||||||
Class Z: | |||||||||||||||||||
Proceeds from sales | 42,837,129 | 60,736,061 | 19,186,973 | 60,402,827 | |||||||||||||||
Reinvestment of distributions | 130 | 652 | 301 | 1,840 | |||||||||||||||
Payments for redemptions | (43,032,449 | ) | (64,846,723 | ) | (19,244,044 | ) | (64,542,541 | ) | |||||||||||
Decrease in net assets from Class Z transactions | (195,190 | ) | (4,110,010 | ) | (56,770 | ) | (4,137,874 | ) | |||||||||||
Institutional Investor Class: | |||||||||||||||||||
Proceeds from sales | 2,510,125 | 12,166,569 | 4,229,130 | 7,716,104 | |||||||||||||||
Reinvestment of distributions | — | 3 | 1 | 7 | |||||||||||||||
Payments for redemptions | (2,443,119 | ) | (13,958,791 | ) | (4,378,785 | ) | (8,484,233 | ) | |||||||||||
Increase (decrease) in net assets from Institutional Investor Class transactions | 67,006 | (1,792,219 | ) | (149,654 | ) | (768,122 | ) | ||||||||||||
Reserve Class: | |||||||||||||||||||
Proceeds from sales | — | — | — | — | |||||||||||||||
Reinvestment of distributions | — | — | — | — | |||||||||||||||
Payments for redemptions | — | — | — | — | |||||||||||||||
Decrease in net assets from Reserve Class transactions | — | — | — | — | |||||||||||||||
Increase (decrease) in net assets from capital share transactions | (1,068,019 | ) | (8,281,161 | ) | (257,554 | ) | (13,370,395 | ) | |||||||||||
Total increase (decrease) in net assets | (1,068,017 | ) | (8,281,042 | ) | (257,542 | ) | (13,370,219 | ) | |||||||||||
Net assets at beginning of period | 13,338,158 | 21,619,200 | 18,749,284 | 32,119,503 | |||||||||||||||
Net assets at end of period | $ | 12,270,141 | $ | 13,338,158 | $ | 18,491,742 | $ | 18,749,284 | |||||||||||
Undistributed (distributions in excess of) net investment income | $ | 289 | $ | (37 | ) | $ | 160 | $ | 160 | ||||||||||
The accompanying notes are an integral part of the financial statements.
22 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Tax Free | Treasury | U.S. Treasury | ||||||||||||||||||||||||||
Obligations Fund | Obligations Fund | Money Market Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||
2/28/11 | Year Ended | 2/28/11 | Year Ended | 2/28/11 | Year Ended | |||||||||||||||||||||||
(unaudited) | 8/31/10 | (unaudited) | 8/31/10 | (unaudited) | 8/31/10 | |||||||||||||||||||||||
$ | 15 | $ | 165 | $ | 22 | $ | 116 | $ | — | $ | — | |||||||||||||||||
— | 2 | 6 | (541 | ) | 8 | 19 | ||||||||||||||||||||||
15 | 167 | 28 | (425 | ) | 8 | 19 | ||||||||||||||||||||||
— | (4 | ) | — | (8 | ) | — | — | |||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | (1 | ) | — | (26 | ) | — | — | |||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | (28 | ) | — | (33 | ) | — | — | |||||||||||||||||||||
(15 | ) | (131 | ) | (22 | ) | (40 | ) | — | — | |||||||||||||||||||
— | (1 | ) | — | (5 | ) | — | — | |||||||||||||||||||||
— | — | — | (4 | ) | — | — | ||||||||||||||||||||||
(15 | ) | (165 | ) | (22 | ) | (116 | ) | — | — | |||||||||||||||||||
74,113 | 135,792 | 822,947 | 2,054,150 | 23,402 | 116,419 | |||||||||||||||||||||||
2 | — | — | — | — | — | |||||||||||||||||||||||
(73,419 | ) | (186,021 | ) | (1,077,710 | ) | (2,125,820 | ) | (33,086 | ) | (127,125 | ) | |||||||||||||||||
696 | (50,229 | ) | (254,763 | ) | (71,670 | ) | (9,684 | ) | (10,706 | ) | ||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
37,460 | 50,278 | 3,691,939 | 6,239,051 | 196,818 | 607,563 | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
(36,320 | ) | (70,782 | ) | (3,936,690 | ) | (6,941,544 | ) | (207,068 | ) | (625,814 | ) | |||||||||||||||||
1,140 | (20,504 | ) | (244,751 | ) | (702,493 | ) | (10,250 | ) | (18,251 | ) | ||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
1,068,048 | 1,255,154 | 7,820,983 | 13,514,189 | 1,528,286 | 1,810,752 | |||||||||||||||||||||||
1 | — | 1 | — | — | — | |||||||||||||||||||||||
(1,070,056 | ) | (1,434,703 | ) | (6,875,802 | ) | (14,908,262 | ) | (1,526,334 | ) | (1,921,942 | ) | |||||||||||||||||
(2,007 | ) | (179,549 | ) | 945,182 | (1,394,073 | ) | 1,952 | (111,190 | ) | |||||||||||||||||||
247,738 | 1,066,951 | 3,997,604 | 8,081,976 | 199,616 | 259,845 | |||||||||||||||||||||||
— | 5 | 17 | 11 | — | — | |||||||||||||||||||||||
(414,214 | ) | (1,450,172 | ) | (4,176,546 | ) | (8,609,911 | ) | (206,904 | ) | (400,299 | ) | |||||||||||||||||
(166,476 | ) | (383,216 | ) | (178,925 | ) | (527,924 | ) | (7,288 | ) | (140,454 | ) | |||||||||||||||||
168,085 | 133,271 | 1,339,438 | 3,945,889 | 62,071 | 560,488 | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
(161,400 | ) | (136,037 | ) | (1,286,865 | ) | (3,991,175 | ) | (85,648 | ) | (672,943 | ) | |||||||||||||||||
6,685 | (2,766 | ) | 52,573 | (45,286 | ) | (23,577 | ) | (112,455 | ) | |||||||||||||||||||
— | — | 531,055 | 783,113 | — | — | |||||||||||||||||||||||
— | — | 1 | — | — | — | |||||||||||||||||||||||
— | — | (597,314 | ) | (969,065 | ) | — | — | |||||||||||||||||||||
— | — | (66,258 | ) | (185,952 | ) | — | — | |||||||||||||||||||||
(159,962 | ) | (636,264 | ) | 253,058 | (2,927,398 | ) | (48,847 | ) | (393,056 | ) | ||||||||||||||||||
(159,962 | ) | (636,262 | ) | 253,064 | (2,927,939 | ) | (48,839 | ) | (393,037 | ) | ||||||||||||||||||
1,037,240 | 1,673,502 | 9,171,353 | 12,099,292 | 617,049 | 1,010,086 | |||||||||||||||||||||||
$ | 877,278 | $ | 1,037,240 | $ | 9,424,417 | $ | 9,171,353 | $ | 568,210 | $ | 617,049 | |||||||||||||||||
$ | 6 | $ | 88 | $ | (43 | ) | $ | (16 | ) | $ | (8 | ) | $ | (3 | ) | |||||||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 23
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Distributions | Net Asset | ||||||||||||||||||||||||
Value | Net | from Net | Value | |||||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | ||||||||||||||||||||||
of Period | Income | Income | Period | Return4 | ||||||||||||||||||||||
Government Obligations Fund | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.36 | ||||||||||||||||||||
20082 | 1.00 | 0.028 | (0.028 | ) | 1.00 | 2.79 | ||||||||||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.66 | ||||||||||||||||||||
20062 | 1.00 | 0.038 | (0.038 | ) | 1.00 | 3.86 | ||||||||||||||||||||
Class D | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.44 | ||||||||||||||||||||
20082 | 1.00 | 0.029 | (0.029 | ) | 1.00 | 2.95 | ||||||||||||||||||||
20072 | 1.00 | 0.047 | (0.047 | ) | 1.00 | 4.82 | ||||||||||||||||||||
20062 | 1.00 | 0.039 | (0.039 | ) | 1.00 | 4.01 | ||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.55 | ||||||||||||||||||||
20082 | 1.00 | 0.031 | (0.031 | ) | 1.00 | 3.10 | ||||||||||||||||||||
20072 | 1.00 | 0.049 | (0.049 | ) | 1.00 | 4.97 | ||||||||||||||||||||
20062 | 1.00 | 0.041 | (0.041 | ) | 1.00 | 4.17 | ||||||||||||||||||||
Class Z | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | 0.000 | 5 | $ | (0.000 | )5 | $ | 1.00 | 0.01 | % | ||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.04 | |||||||||||||||||||
20092 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.79 | ||||||||||||||||||||
20082 | 1.00 | 0.033 | (0.033 | ) | 1.00 | 3.36 | ||||||||||||||||||||
20072 | 1.00 | 0.051 | (0.051 | ) | 1.00 | 5.23 | ||||||||||||||||||||
20062 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.43 | ||||||||||||||||||||
Institutional Investor Class | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.69 | ||||||||||||||||||||
20082 | 1.00 | 0.032 | (0.032 | ) | 1.00 | 3.25 | ||||||||||||||||||||
20072 | 1.00 | 0.050 | (0.050 | ) | 1.00 | 5.13 | ||||||||||||||||||||
20063 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.03 | ||||||||||||||||||||
1 | For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the fiscal year indicated. | |
3 | For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return. | |
4 | Total return would have been lower had certain expenses not been waived. | |
5 | Rounds to zero. |
The accompanying notes are an integral part of the financial statements.
24 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | ||||||||||||||||||||||
End of | Average | to Average | (Excluding | (Excluding | ||||||||||||||||||||||
Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | ||||||||||||||||||||||
$ | 253,364 | 0.24 | % | 0.00 | % | 0.79 | % | (0.55 | )% | |||||||||||||||||
295,439 | 0.27 | 0.00 | 0.78 | (0.51 | ) | |||||||||||||||||||||
530,312 | 0.67 | 0.31 | 0.79 | 0.19 | ||||||||||||||||||||||
710,680 | 0.75 | 2.58 | 0.78 | 2.55 | ||||||||||||||||||||||
384,673 | 0.75 | 4.56 | 0.78 | 4.53 | ||||||||||||||||||||||
429,573 | 0.75 | 3.96 | 0.80 | 3.91 | ||||||||||||||||||||||
$ | 2,436,051 | 0.24 | % | 0.00 | % | 0.64 | % | (0.40 | )% | |||||||||||||||||
2,525,955 | 0.27 | 0.00 | 0.63 | (0.36 | ) | |||||||||||||||||||||
2,973,885 | 0.59 | 0.40 | 0.65 | 0.34 | ||||||||||||||||||||||
2,628,910 | 0.60 | 2.59 | 0.63 | 2.56 | ||||||||||||||||||||||
1,320,996 | 0.60 | 4.71 | 0.63 | 4.68 | ||||||||||||||||||||||
1,307,002 | 0.60 | 3.90 | 0.65 | 3.85 | ||||||||||||||||||||||
$ | 4,333,498 | 0.24 | % | 0.00 | % | 0.49 | % | (0.25 | )% | |||||||||||||||||
5,141,352 | 0.27 | 0.00 | 0.48 | (0.21 | ) | |||||||||||||||||||||
6,837,427 | 0.48 | 0.52 | 0.50 | 0.50 | ||||||||||||||||||||||
6,935,957 | 0.45 | 2.81 | 0.48 | 2.78 | ||||||||||||||||||||||
3,649,102 | 0.45 | 4.86 | 0.48 | 4.83 | ||||||||||||||||||||||
3,128,539 | 0.45 | 4.17 | 0.50 | 4.12 | ||||||||||||||||||||||
$ | 4,097,387 | 0.23 | % | 0.02 | % | 0.24 | % | 0.01 | % | |||||||||||||||||
4,292,577 | 0.23 | 0.05 | 0.23 | 0.05 | ||||||||||||||||||||||
8,402,541 | 0.24 | 0.59 | 0.24 | 0.59 | ||||||||||||||||||||||
1,915,386 | 0.20 | 3.04 | 0.23 | 3.01 | ||||||||||||||||||||||
784,556 | 0.20 | 5.10 | 0.23 | 5.07 | ||||||||||||||||||||||
434,248 | 0.20 | 4.34 | 0.25 | 4.29 | ||||||||||||||||||||||
$ | 1,149,841 | 0.24 | % | 0.00 | % | 0.34 | % | (0.10 | )% | |||||||||||||||||
1,082,835 | 0.27 | 0.01 | 0.33 | (0.05 | ) | |||||||||||||||||||||
2,875,035 | 0.34 | 0.49 | 0.34 | 0.49 | ||||||||||||||||||||||
461,342 | 0.30 | 3.16 | 0.33 | 3.13 | ||||||||||||||||||||||
442,701 | 0.30 | 5.01 | 0.33 | 4.98 | ||||||||||||||||||||||
19,271 | 0.30 | 4.90 | 0.35 | 4.85 | ||||||||||||||||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 25
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Distributions | Net Asset | ||||||||||||||||||||||||
Value | Net | from Net | Value | |||||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | ||||||||||||||||||||||
of Period | Income | Income | Period | Return4 | ||||||||||||||||||||||
Prime Obligations Fund | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.67 | ||||||||||||||||||||
20082 | 1.00 | 0.031 | (0.031 | ) | 1.00 | 3.17 | ||||||||||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.70 | ||||||||||||||||||||
20062 | 1.00 | 0.038 | (0.038 | ) | 1.00 | 3.88 | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.45 | ||||||||||||||||||||
20082 | 1.00 | 0.027 | (0.027 | ) | 1.00 | 2.71 | ||||||||||||||||||||
20072 | 1.00 | 0.042 | (0.042 | ) | 1.00 | 4.26 | ||||||||||||||||||||
20062 | 1.00 | 0.034 | (0.034 | ) | 1.00 | 3.42 | ||||||||||||||||||||
Class D | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.79 | ||||||||||||||||||||
20082 | 1.00 | 0.033 | (0.033 | ) | 1.00 | 3.32 | ||||||||||||||||||||
20072 | 1.00 | 0.048 | (0.048 | ) | 1.00 | 4.86 | ||||||||||||||||||||
20062 | 1.00 | 0.040 | (0.040 | ) | 1.00 | 4.04 | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.010 | (0.010 | ) | 1.00 | 0.98 | ||||||||||||||||||||
20082 | 1.00 | 0.035 | (0.035 | ) | 1.00 | 3.56 | ||||||||||||||||||||
20072 | 1.00 | 0.050 | (0.050 | ) | 1.00 | 5.10 | ||||||||||||||||||||
20062 | 1.00 | 0.042 | (0.042 | ) | 1.00 | 4.28 | ||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.009 | (0.009 | ) | 1.00 | 0.92 | ||||||||||||||||||||
20082 | 1.00 | 0.034 | (0.034 | ) | 1.00 | 3.48 | ||||||||||||||||||||
20072 | 1.00 | 0.049 | (0.049 | ) | 1.00 | 5.02 | ||||||||||||||||||||
20062 | 1.00 | 0.041 | (0.041 | ) | 1.00 | 4.20 | ||||||||||||||||||||
Class Z | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | 0.001 | $ | (0.001 | ) | $ | 1.00 | 0.05 | % | |||||||||||||||
20102 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.10 | ||||||||||||||||||||
20092 | 1.00 | 0.012 | (0.012 | ) | 1.00 | 1.18 | ||||||||||||||||||||
20082 | 1.00 | 0.037 | (0.037 | ) | 1.00 | 3.77 | ||||||||||||||||||||
20072 | 1.00 | 0.052 | (0.052 | ) | 1.00 | 5.31 | ||||||||||||||||||||
20062 | 1.00 | 0.044 | (0.044 | ) | 1.00 | 4.49 | ||||||||||||||||||||
Institutional Investor Class | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | 0.000 | 5 | $ | (0.000 | )5 | $ | 1.00 | 0.00 | % | ||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.02 | |||||||||||||||||||
20092 | 1.00 | 0.011 | (0.011 | ) | 1.00 | 1.08 | ||||||||||||||||||||
20082 | 1.00 | 0.036 | (0.036 | ) | 1.00 | 3.66 | ||||||||||||||||||||
20072 | 1.00 | 0.051 | (0.051 | ) | 1.00 | 5.20 | ||||||||||||||||||||
20063 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.05 | ||||||||||||||||||||
1 | For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the fiscal year indicated. | |
3 | For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return. | |
4 | Total return would have been lower had certain expenses not been waived. | |
5 | Rounds to zero. |
The accompanying notes are an integral part of the financial statements.
26 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | ||||||||||||||||||||||
End of | Average | to Average | (Excluding | (Excluding | ||||||||||||||||||||||
Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | ||||||||||||||||||||||
$ | 1,308,891 | 0.33 | % | 0.00 | % | 0.79 | % | (0.46 | )% | |||||||||||||||||
1,324,087 | 0.33 | 0.00 | 0.78 | (0.45 | ) | |||||||||||||||||||||
1,676,718 | 0.76 | 0.71 | 0.81 | 0.66 | ||||||||||||||||||||||
2,315,088 | 0.78 | 3.08 | 0.78 | 3.08 | ||||||||||||||||||||||
2,048,485 | 0.78 | 4.60 | 0.78 | 4.60 | ||||||||||||||||||||||
1,707,450 | 0.78 | 3.81 | 0.79 | 3.80 | ||||||||||||||||||||||
$ | 577 | 0.34 | % | 0.00 | % | 1.24 | % | (0.90 | )% | |||||||||||||||||
2,543 | 0.33 | 0.00 | 1.23 | (0.90 | ) | |||||||||||||||||||||
3,312 | 0.98 | 0.43 | 1.26 | 0.15 | ||||||||||||||||||||||
5,060 | 1.23 | 2.65 | 1.23 | 2.65 | ||||||||||||||||||||||
10,545 | 1.23 | 4.18 | 1.23 | 4.18 | ||||||||||||||||||||||
14,486 | 1.23 | 3.41 | 1.24 | 3.40 | ||||||||||||||||||||||
$ | 1,275,623 | 0.33 | % | 0.00 | % | 0.64 | % | (0.31 | )% | |||||||||||||||||
1,513,140 | 0.34 | 0.00 | 0.64 | (0.30 | ) | |||||||||||||||||||||
2,473,134 | 0.64 | 0.71 | 0.66 | 0.69 | ||||||||||||||||||||||
1,936,019 | 0.63 | 3.07 | 0.63 | 3.07 | ||||||||||||||||||||||
1,102,093 | 0.63 | 4.76 | 0.63 | 4.76 | ||||||||||||||||||||||
965,305 | 0.63 | 4.00 | 0.64 | 3.99 | ||||||||||||||||||||||
$ | 2,010,378 | 0.33 | % | 0.00 | % | 0.44 | % | (0.11 | )% | |||||||||||||||||
1,633,364 | 0.34 | 0.00 | 0.43 | (0.09 | ) | |||||||||||||||||||||
5,275,495 | 0.45 | 0.81 | 0.46 | 0.80 | ||||||||||||||||||||||
1,608,965 | 0.40 | 3.49 | 0.43 | 3.46 | ||||||||||||||||||||||
1,652,385 | 0.40 | 4.98 | 0.43 | 4.95 | ||||||||||||||||||||||
1,932,477 | 0.40 | 4.16 | 0.44 | 4.12 | ||||||||||||||||||||||
$ | 3,568,752 | 0.33 | % | 0.00 | % | 0.49 | % | (0.16 | )% | |||||||||||||||||
3,741,060 | 0.34 | 0.00 | 0.48 | (0.14 | ) | |||||||||||||||||||||
7,249,566 | 0.51 | 0.89 | 0.51 | 0.89 | ||||||||||||||||||||||
8,092,898 | 0.48 | 3.35 | 0.48 | 3.35 | ||||||||||||||||||||||
6,189,316 | 0.48 | 4.90 | 0.48 | 4.90 | ||||||||||||||||||||||
5,900,840 | 0.48 | 4.15 | 0.49 | 4.14 | ||||||||||||||||||||||
$ | 9,551,313 | 0.24 | % | 0.09 | % | 0.24 | % | 0.09 | % | |||||||||||||||||
9,608,076 | 0.23 | 0.10 | 0.23 | 0.10 | ||||||||||||||||||||||
13,745,864 | 0.25 | 1.03 | 0.26 | 1.02 | ||||||||||||||||||||||
8,864,378 | 0.20 | 3.49 | 0.23 | 3.46 | ||||||||||||||||||||||
6,100,756 | 0.20 | 5.19 | 0.23 | 5.16 | ||||||||||||||||||||||
5,095,307 | 0.20 | 4.48 | 0.24 | 4.44 | ||||||||||||||||||||||
$ | 776,208 | 0.32 | % | 0.01 | % | 0.33 | % | 0.00 | % | |||||||||||||||||
925,862 | 0.31 | 0.03 | 0.33 | 0.01 | ||||||||||||||||||||||
1,693,975 | 0.35 | 0.95 | 0.36 | 0.94 | ||||||||||||||||||||||
1,354,758 | 0.30 | 3.64 | 0.33 | 3.61 | ||||||||||||||||||||||
777,714 | 0.30 | 5.09 | 0.33 | 5.06 | ||||||||||||||||||||||
228,587 | 0.30 | 4.93 | 0.34 | 4.89 | ||||||||||||||||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 27
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Distributions | Net Asset | ||||||||||||||||||||||||
Value | Net | from Net | Value | |||||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | ||||||||||||||||||||||
of Period | Income | Income | Period | Return4 | ||||||||||||||||||||||
Tax Free Obligations Fund | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.47 | ||||||||||||||||||||
20082 | 1.00 | 0.018 | (0.018 | ) | 1.00 | 1.86 | ||||||||||||||||||||
20072 | 1.00 | 0.029 | (0.029 | ) | 1.00 | 2.94 | ||||||||||||||||||||
20062 | 1.00 | 0.024 | (0.024 | ) | 1.00 | 2.45 | ||||||||||||||||||||
Class D | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.52 | ||||||||||||||||||||
20082 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.01 | ||||||||||||||||||||
20072 | 1.00 | 0.031 | (0.031 | ) | 1.00 | 3.09 | ||||||||||||||||||||
20062 | 1.00 | 0.026 | (0.026 | ) | 1.00 | 2.61 | ||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.59 | ||||||||||||||||||||
20082 | 1.00 | 0.021 | (0.021 | ) | 1.00 | 2.17 | ||||||||||||||||||||
20072 | 1.00 | 0.032 | (0.032 | ) | 1.00 | 3.25 | ||||||||||||||||||||
20062 | 1.00 | 0.027 | (0.027 | ) | 1.00 | 2.76 | ||||||||||||||||||||
Class Z | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | 0.000 | 5 | $ | (0.000 | )5 | $ | 1.00 | 0.01 | % | ||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.03 | |||||||||||||||||||||
20092 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.80 | ||||||||||||||||||||
20082 | 1.00 | 0.024 | (0.024 | ) | 1.00 | 2.42 | ||||||||||||||||||||
20072 | 1.00 | 0.035 | (0.035 | ) | 1.00 | 3.51 | ||||||||||||||||||||
20062 | 1.00 | 0.030 | (0.030 | ) | 1.00 | 3.02 | ||||||||||||||||||||
Institutional Investor Class | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.01 | |||||||||||||||||||
20092 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.70 | ||||||||||||||||||||
20082 | 1.00 | 0.023 | (0.023 | ) | 1.00 | 2.32 | ||||||||||||||||||||
20072 | 1.00 | 0.034 | (0.034 | ) | 1.00 | 3.40 | ||||||||||||||||||||
20063 | 1.00 | 0.014 | (0.014 | ) | 1.00 | 1.37 | ||||||||||||||||||||
1 | For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the fiscal year indicated. | |
3 | For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return. | |
4 | Total return would have been lower had certain expenses not been waived. | |
5 | Rounds to zero. |
The accompanying notes are an integral part of the financial statements.
28 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | ||||||||||||||||||||||
End of | Average | to Average | (Excluding | (Excluding | ||||||||||||||||||||||
Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | ||||||||||||||||||||||
$ | 74,997 | 0.28 | % | 0.00 | % | 0.83 | % | (0.55 | )% | |||||||||||||||||
74,301 | 0.26 | 0.00 | 0.81 | (0.55 | ) | |||||||||||||||||||||
124,530 | 0.63 | 0.60 | 0.83 | 0.40 | ||||||||||||||||||||||
255,762 | 0.75 | 1.80 | 0.79 | 1.76 | ||||||||||||||||||||||
172,416 | 0.75 | 2.90 | 0.80 | 2.85 | ||||||||||||||||||||||
172,800 | 0.75 | 2.43 | 0.80 | 2.38 | ||||||||||||||||||||||
$ | 29,520 | 0.27 | % | 0.00 | % | 0.67 | % | (0.40 | )% | |||||||||||||||||
28,380 | 0.26 | 0.00 | 0.66 | (0.40 | ) | |||||||||||||||||||||
48,884 | 0.57 | 0.64 | 0.68 | 0.53 | ||||||||||||||||||||||
159,924 | 0.60 | 1.75 | 0.64 | 1.71 | ||||||||||||||||||||||
51,119 | 0.60 | 3.05 | 0.65 | 3.00 | ||||||||||||||||||||||
47,306 | 0.60 | 2.60 | 0.65 | 2.55 | ||||||||||||||||||||||
$ | 571,852 | 0.28 | % | 0.00 | % | 0.53 | % | (0.25 | )% | |||||||||||||||||
573,858 | 0.26 | 0.00 | 0.51 | (0.25 | ) | |||||||||||||||||||||
753,405 | 0.49 | 0.69 | 0.53 | 0.65 | ||||||||||||||||||||||
1,281,930 | 0.45 | 2.12 | 0.49 | 2.08 | ||||||||||||||||||||||
1,197,152 | 0.45 | 3.20 | 0.50 | 3.15 | ||||||||||||||||||||||
884,041 | 0.45 | 2.71 | 0.50 | 2.66 | ||||||||||||||||||||||
$ | 181,779 | 0.26 | % | 0.01 | % | 0.27 | % | 0.00 | % | |||||||||||||||||
348,256 | 0.24 | 0.03 | 0.26 | 0.01 | ||||||||||||||||||||||
731,472 | 0.27 | 0.75 | 0.28 | 0.74 | ||||||||||||||||||||||
644,429 | 0.20 | 2.52 | 0.24 | 2.48 | ||||||||||||||||||||||
923,878 | 0.20 | 3.46 | 0.25 | 3.41 | ||||||||||||||||||||||
711,489 | 0.20 | 2.99 | 0.25 | 2.94 | ||||||||||||||||||||||
$ | 19,130 | 0.27 | % | 0.00 | % | 0.37 | % | (0.10 | )% | |||||||||||||||||
12,445 | 0.25 | 0.00 | 0.35 | (0.10 | ) | |||||||||||||||||||||
15,211 | 0.37 | 0.80 | 0.38 | 0.79 | ||||||||||||||||||||||
41,342 | 0.30 | 2.31 | 0.34 | 2.27 | ||||||||||||||||||||||
35,327 | 0.30 | 3.35 | 0.35 | 3.30 | ||||||||||||||||||||||
10,092 | 0.30 | 3.26 | 0.35 | 3.21 | ||||||||||||||||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 29
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Distributions | Net Asset | ||||||||||||||||||||||||
Value | Net | from Net | Value | |||||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | ||||||||||||||||||||||
of Period | Income | Income | Period | Return4 | ||||||||||||||||||||||
Treasury Obligations Fund | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.07 | ||||||||||||||||||||
20082 | 1.00 | 0.023 | (0.023 | ) | 1.00 | 2.30 | ||||||||||||||||||||
20072 | 1.00 | 0.045 | (0.045 | ) | 1.00 | 4.55 | ||||||||||||||||||||
20062 | 1.00 | 0.037 | (0.037 | ) | 1.00 | 3.79 | ||||||||||||||||||||
Class D | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.11 | ||||||||||||||||||||
20082 | 1.00 | 0.024 | (0.024 | ) | 1.00 | 2.45 | ||||||||||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.71 | ||||||||||||||||||||
20062 | 1.00 | 0.039 | (0.039 | ) | 1.00 | 3.95 | ||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||
20111 | $ | 1.00 | �� | $ | — | $ | — | $ | 1.00 | 0.00 | % | |||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.18 | ||||||||||||||||||||
20082 | 1.00 | 0.027 | (0.027 | ) | 1.00 | 2.60 | ||||||||||||||||||||
20072 | 1.00 | 0.048 | (0.048 | ) | 1.00 | 4.86 | ||||||||||||||||||||
20062 | 1.00 | 0.040 | (0.040 | ) | 1.00 | 4.10 | ||||||||||||||||||||
Class Z | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.36 | ||||||||||||||||||||
20082 | 1.00 | 0.028 | (0.028 | ) | 1.00 | 2.86 | ||||||||||||||||||||
20072 | 1.00 | 0.051 | (0.051 | ) | 1.00 | 5.13 | ||||||||||||||||||||
20062 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.36 | ||||||||||||||||||||
Institutional Investor Class | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.28 | ||||||||||||||||||||
20082 | 1.00 | 0.027 | (0.027 | ) | 1.00 | 2.75 | ||||||||||||||||||||
20072 | 1.00 | 0.049 | (0.049 | ) | 1.00 | 5.02 | ||||||||||||||||||||
20063 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.00 | ||||||||||||||||||||
Reserve Class | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | 0.000 | 5 | (0.000 | )5 | 1.00 | 0.00 | |||||||||||||||||||
20092 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.06 | ||||||||||||||||||||
20082 | 1.00 | 0.024 | (0.024 | ) | 1.00 | 2.11 | ||||||||||||||||||||
20072 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.35 | ||||||||||||||||||||
20062 | 1.00 | 0.035 | (0.035 | ) | 1.00 | 3.60 | ||||||||||||||||||||
1 | For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the fiscal year indicated. | |
3 | For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return. | |
4 | Total return would have been lower had certain expenses not been waived. | |
5 | Rounds to zero. |
The accompanying notes are an integral part of the financial statements.
30 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | ||||||||||||||||||||||
End of | Average | to Average | (Excluding | (Excluding | ||||||||||||||||||||||
Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | ||||||||||||||||||||||
$ | 613,896 | 0.22 | % | 0.00 | % | 0.79 | % | (0.57 | )% | |||||||||||||||||
868,658 | 0.20 | 0.00 | 0.78 | (0.58 | ) | |||||||||||||||||||||
940,369 | 0.53 | 0.09 | 0.79 | (0.17 | ) | |||||||||||||||||||||
1,391,961 | 0.75 | 2.34 | 0.78 | 2.31 | ||||||||||||||||||||||
1,719,685 | 0.75 | 4.46 | 0.78 | 4.43 | ||||||||||||||||||||||
1,496,419 | 0.75 | 3.76 | 0.79 | 3.72 | ||||||||||||||||||||||
$ | 2,464,021 | 0.21 | % | 0.00 | % | 0.63 | % | (0.42 | )% | |||||||||||||||||
2,708,770 | 0.20 | 0.00 | 0.63 | (0.43 | ) | |||||||||||||||||||||
3,411,407 | 0.50 | 0.15 | 0.64 | 0.01 | ||||||||||||||||||||||
6,868,518 | 0.60 | 2.45 | 0.63 | 2.42 | ||||||||||||||||||||||
7,232,055 | 0.60 | 4.61 | 0.63 | 4.58 | ||||||||||||||||||||||
6,051,333 | 0.60 | 3.93 | 0.64 | 3.89 | ||||||||||||||||||||||
$ | 4,243,108 | 0.21 | % | 0.00 | % | 0.49 | % | (0.28 | )% | |||||||||||||||||
3,297,924 | 0.20 | 0.00 | 0.48 | (0.28 | ) | |||||||||||||||||||||
4,692,210 | 0.41 | 0.19 | 0.49 | 0.11 | ||||||||||||||||||||||
5,482,050 | 0.45 | 2.62 | 0.48 | 2.59 | ||||||||||||||||||||||
6,143,979 | 0.45 | 4.75 | 0.48 | 4.72 | ||||||||||||||||||||||
5,395,566 | 0.45 | 4.14 | 0.49 | 4.10 | ||||||||||||||||||||||
$ | 1,219,975 | 0.21 | % | 0.00 | % | 0.24 | % | (0.03 | )% | |||||||||||||||||
1,398,900 | 0.20 | 0.00 | 0.23 | (0.03 | ) | |||||||||||||||||||||
1,926,914 | 0.23 | 0.38 | 0.24 | 0.37 | ||||||||||||||||||||||
3,713,560 | 0.20 | 2.74 | 0.23 | 2.71 | ||||||||||||||||||||||
2,596,399 | 0.20 | 4.98 | 0.23 | 4.95 | ||||||||||||||||||||||
877,206 | 0.20 | 4.29 | 0.24 | 4.25 | ||||||||||||||||||||||
$ | 533,322 | 0.21 | % | 0.00 | % | 0.34 | % | (0.13 | )% | |||||||||||||||||
480,749 | 0.20 | 0.00 | 0.33 | (0.13 | ) | |||||||||||||||||||||
526,060 | 0.31 | 0.32 | 0.34 | 0.29 | ||||||||||||||||||||||
766,652 | 0.30 | 2.68 | 0.33 | 2.65 | ||||||||||||||||||||||
693,614 | 0.30 | 4.89 | 0.33 | 4.86 | ||||||||||||||||||||||
437,586 | 0.30 | 4.87 | 0.34 | 4.83 | ||||||||||||||||||||||
$ | 350,095 | 0.22 | % | 0.00 | % | 0.99 | % | (0.77 | )% | |||||||||||||||||
416,352 | 0.20 | 0.00 | 0.98 | (0.78 | ) | |||||||||||||||||||||
602,332 | 0.56 | 0.08 | 0.99 | (0.35 | ) | |||||||||||||||||||||
973,250 | 0.93 | 2.13 | 0.98 | 2.08 | ||||||||||||||||||||||
1,167,569 | 0.94 | 4.27 | 0.98 | 4.23 | ||||||||||||||||||||||
1,361,851 | 0.94 | 3.57 | 0.99 | 3.52 | ||||||||||||||||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 31
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Distributions | Net Asset | ||||||||||||||||||||||||
Value | Net | from Net | Value | |||||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | ||||||||||||||||||||||
of Period | Income | Income | Period | Return4 | ||||||||||||||||||||||
U.S. Treasury Money Market Fund | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.08 | ||||||||||||||||||||
20082 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.00 | ||||||||||||||||||||
20072 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.31 | ||||||||||||||||||||
20062 | 1.00 | 0.035 | (0.035 | ) | 1.00 | 3.56 | ||||||||||||||||||||
Class D | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.12 | ||||||||||||||||||||
20082 | 1.00 | 0.021 | (0.021 | ) | 1.00 | 2.15 | ||||||||||||||||||||
20072 | 1.00 | 0.044 | (0.044 | ) | 1.00 | 4.47 | ||||||||||||||||||||
20062 | 1.00 | 0.037 | (0.037 | ) | 1.00 | 3.71 | ||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.16 | ||||||||||||||||||||
20082 | 1.00 | 0.023 | (0.023 | ) | 1.00 | 2.30 | ||||||||||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.62 | ||||||||||||||||||||
20062 | 1.00 | 0.038 | (0.038 | ) | 1.00 | 3.87 | ||||||||||||||||||||
Class Z | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.27 | ||||||||||||||||||||
20082 | 1.00 | 0.025 | (0.025 | ) | 1.00 | 2.56 | ||||||||||||||||||||
20072 | 1.00 | 0.048 | (0.048 | ) | 1.00 | 4.88 | ||||||||||||||||||||
20062 | 1.00 | 0.041 | (0.041 | ) | 1.00 | 4.15 | ||||||||||||||||||||
Institutional Investor Class | ||||||||||||||||||||||||||
20111 | $ | 1.00 | $ | — | $ | — | $ | 1.00 | 0.00 | % | ||||||||||||||||
20102 | 1.00 | — | — | 1.00 | 0.00 | |||||||||||||||||||||
20092 | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.22 | ||||||||||||||||||||
20082 | 1.00 | 0.024 | (0.024 | ) | 1.00 | 2.46 | ||||||||||||||||||||
20072 | 1.00 | 0.047 | (0.047 | ) | 1.00 | 4.78 | ||||||||||||||||||||
20063 | 1.00 | 0.019 | (0.019 | ) | 1.00 | 1.91 | ||||||||||||||||||||
1 | For the six-month period ended February 28, 2011 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the fiscal year indicated. | |
3 | For the period from March 31, 2006, when the class of shares was first offered, to August 31, 2006. All ratios for the period have been annualized, except total return. | |
4 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
32 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | ||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | |||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | ||||||||||||||||||||||
End of | Average | to Average | (Excluding | (Excluding | ||||||||||||||||||||||
Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | ||||||||||||||||||||||
$ | 41,806 | 0.15 | % | 0.00 | % | 0.84 | % | (0.69 | )% | |||||||||||||||||
51,490 | 0.12 | 0.00 | 0.82 | (0.70 | ) | |||||||||||||||||||||
62,194 | 0.44 | 0.11 | 0.77 | (0.22 | ) | |||||||||||||||||||||
89,497 | 0.75 | 1.64 | 0.80 | 1.59 | ||||||||||||||||||||||
17,727 | 0.75 | 4.25 | 0.82 | 4.18 | ||||||||||||||||||||||
66,783 | 0.75 | 3.96 | 0.84 | 3.87 | ||||||||||||||||||||||
$ | 105,386 | 0.15 | % | 0.00 | % | 0.69 | % | (0.54 | )% | |||||||||||||||||
115,634 | 0.13 | 0.00 | 0.68 | (0.55 | ) | |||||||||||||||||||||
133,882 | 0.42 | 0.16 | 0.64 | (0.06 | ) | |||||||||||||||||||||
321,431 | 0.60 | 2.09 | 0.65 | 2.04 | ||||||||||||||||||||||
230,031 | 0.60 | 4.37 | 0.67 | 4.30 | ||||||||||||||||||||||
188,499 | 0.60 | 3.62 | 0.69 | 3.53 | ||||||||||||||||||||||
$ | 317,651 | 0.15 | % | 0.00 | % | 0.54 | % | (0.39 | )% | |||||||||||||||||
315,695 | 0.12 | 0.00 | 0.52 | (0.40 | ) | |||||||||||||||||||||
426,875 | 0.36 | 0.18 | 0.50 | 0.04 | ||||||||||||||||||||||
570,751 | 0.45 | 2.22 | 0.50 | 2.17 | ||||||||||||||||||||||
462,391 | 0.45 | 4.53 | 0.52 | 4.46 | ||||||||||||||||||||||
355,081 | 0.45 | 3.91 | 0.54 | 3.82 | ||||||||||||||||||||||
$ | 89,748 | 0.15 | % | 0.00 | % | 0.29 | % | (0.14 | )% | |||||||||||||||||
97,034 | 0.14 | 0.00 | 0.27 | (0.13 | ) | |||||||||||||||||||||
237,487 | 0.23 | 0.30 | 0.25 | 0.28 | ||||||||||||||||||||||
219,278 | 0.20 | 2.33 | 0.25 | 2.28 | ||||||||||||||||||||||
117,843 | 0.20 | 4.80 | 0.27 | 4.73 | ||||||||||||||||||||||
124,961 | 0.20 | 4.66 | 0.29 | 4.57 | ||||||||||||||||||||||
$ | 13,619 | 0.15 | % | 0.00 | % | 0.39 | % | (0.24 | )% | |||||||||||||||||
37,196 | 0.12 | 0.00 | 0.37 | (0.25 | ) | |||||||||||||||||||||
149,648 | 0.29 | 0.22 | 0.36 | 0.15 | ||||||||||||||||||||||
125,216 | 0.30 | 1.68 | 0.35 | 1.63 | ||||||||||||||||||||||
2,452 | 0.30 | 4.69 | 0.37 | 4.62 | ||||||||||||||||||||||
16,084 | 0.30 | 4.68 | 0.39 | 4.59 | ||||||||||||||||||||||
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 33
Notes to Financial Statements | (unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000) |
1 > | Organization |
The Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Funds, Inc. (“FAF”), which is a member of the First American Family of Funds. FAF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAF’s articles of incorporation permit the board of directors to create additional funds in the future.
FAF offers Class A, Class C, Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares. Class A shares are not subject to sales charges. During the period, Class B and Class C shares of Prime Obligations Fund were only available pursuant to an exchange for Class B and Class C shares, respectively, of another fund in the First American Family of Funds or certain other unaffiliated funds, or for Class C shares, in establishing a systematic exchange program that would be used to purchase Class C shares of those funds. Effective September 21, 2010, Class B and Class C shares of Prime Obligations Fund closed to new investors and additional investments. There were no Class B shares outstanding at February 28, 2011. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares are offered only to qualifying institutional investors. Class C and Class I shares are not offered by Government Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, or U.S. Treasury Money Market Fund. Reserve Class shares are offered by Treasury Obligations Fund only.
The funds’ prospectuses provide descriptions of each fund’s 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 that class’s servicing or distribution arrangements.
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Investment securities held are stated at amortized cost (except for investments in other money market funds), which approximates fair value. Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income. In accordance with Rule 2a-7 of the Investment Company Act of 1940, the fair values of the securities held in the funds are determined at least once per week using prices supplied by the funds’ independent pricing services. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities. These values are then compared to the securities’ amortized cost. If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this comparison, which will be determined pursuant to procedures approved by the board of directors. If the difference between the aggregate market price and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds’ administrator will notify the funds’ board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of directors will be convened, and the board will determine what action, if any, to take. During the six-month period ended February 28, 2011, the differences between the aggregate market price and the aggregate amortized cost of all securities did not exceed 0.25% for any fund. Investments in other money market funds are valued at their respective net asset values on the valuation date.
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, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or
34 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.
The valuation levels are not necessarily an indication of the risk associated with investing in these securities.
As of February 28, 2011, each fund’s investments were classified as follows:
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Government Obligations Fund | ||||||||||||||||
Government Agency Debt | $ | — | $ | 6,763,306 | $ | — | $ | 6,763,306 | ||||||||
Government Agency Repurchase Agreements | — | 4,882,883 | — | 4,882,883 | ||||||||||||
Treasury Repurchase Agreement | — | 525,000 | — | 525,000 | ||||||||||||
Treasury Debt | — | 153,367 | — | 153,367 | ||||||||||||
Total Investments | $ | — | $ | 12,324,556 | $ | — | $ | 12,324,556 | ||||||||
Prime Obligations Fund | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 5,505,496 | $ | — | $ | 5,505,496 | ||||||||
Financial Company Commercial Paper | — | 2,854,616 | — | 2,854,616 | ||||||||||||
Asset Backed Commercial Paper | — | 2,777,176 | — | 2,777,176 | ||||||||||||
Other Notes | — | 1,889,225 | — | 1,889,225 | ||||||||||||
Government Agency Debt | — | 1,518,300 | — | 1,518,300 | ||||||||||||
Treasury Debt | — | 985,105 | — | 985,105 | ||||||||||||
Investment Companies | 419,177 | — | — | 419,177 | ||||||||||||
Variable Rate Demand Notes | — | 407,226 | — | 407,226 | ||||||||||||
Other Commercial Paper | — | 169,873 | — | 169,873 | ||||||||||||
Treasury Repurchase Agreements | — | 1,444,306 | — | 1,444,306 | ||||||||||||
Government Agency Repurchase Agreement | — | 567,117 | — | 567,117 | ||||||||||||
Total Investments | $ | 419,177 | $ | 18,118,440 | $ | — | $ | 18,537,617 | ||||||||
Tax Free Obligations Fund | ||||||||||||||||
Municipal Debt | $ | — | $ | 881,479 | $ | — | $ | 881,479 | ||||||||
Government Agency Debt | — | 269 | — | 269 | ||||||||||||
Total Investments | $ | — | $ | 881,748 | $ | — | $ | 881,748 | ||||||||
Treasury Obligations Fund | ||||||||||||||||
Treasury Debt | $ | — | $ | 2,126,893 | $ | — | $ | 2,126,893 | ||||||||
Treasury Repurchase Agreements | — | 7,290,694 | — | 7,290,694 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending | 1 | 31,563 | — | 31,564 | ||||||||||||
Total Investments | $ | 1 | $ | 9,449,150 | $ | — | $ | 9,449,151 | ||||||||
U.S. Treasury Money Market Fund | ||||||||||||||||
Treasury Debt | $ | — | $ | 568,245 | $ | — | $ | 568,245 | ||||||||
Total Investments | $ | — | $ | 568,245 | $ | — | $ | 568,245 | ||||||||
Refer to the Schedule of Investments for further security classification.
During the six-month period ended February 28, 2011, there were no significant transfers between valuation levels.
ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At February 28, 2011, the funds did not hold any restricted securities other than the Rule 144A securities disclosed in the Schedules of Investments. None of the funds held illiquid securities at February 28, 2011.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis.
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the first business day of the following month.
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 35
Notes to Financial Statements | (unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000) |
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 Subchapter 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 28, 2011 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 (losses) were recorded by the fund. The distributions paid during the six-month period ended February 28, 2011 (estimated) and fiscal year ended August 31, 2010 (adjusted by dividends payable as of February 28, 2011 and August 31, 2010) were as follows:
February 28, 2011 | ||||||||||||||||
Ordinary | Tax-Exempt | Capital | ||||||||||||||
Fund | Income | Income | Gain | Total | ||||||||||||
Government Obligations Fund | $ | 420 | $ | — | $ | — | $ | 420 | ||||||||
Prime Obligations Fund | 5,657 | — | — | 5,657 | ||||||||||||
Tax Free Obligations Fund | — | 70 | — | 70 | ||||||||||||
Treasury Obligations Fund | 115 | — | — | 115 | ||||||||||||
U.S. Treasury Money Market Fund | — | — | — | — | ||||||||||||
The funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the funds related to net capital gain to zero for the tax year ended August 31, 2010.
August 31, 2010 | ||||||||||||||||
Ordinary | Tax-Exempt | Capital | ||||||||||||||
Fund | Income | Income | Gain | Total | ||||||||||||
Government Obligations Fund | $ | 4,098 | $ | — | $ | — | $ | 4,098 | ||||||||
Prime Obligations Fund | 14,238 | — | — | 14,238 | ||||||||||||
Tax Free Obligations Fund | — | 195 | — | 195 | ||||||||||||
Treasury Obligations Fund | 35 | — | — | 35 | ||||||||||||
U.S. Treasury Money Market Fund | — | — | — | — | ||||||||||||
As of August 31, 2010, the funds’ most recent completed fiscal year end, the components of accumulated earnings (deficit) on a tax-basis were as follows:
Accumulated | Total | |||||||||||||||||||||||
Undistributed | Undistributed | Undistributed | Capital and | Accumulated | ||||||||||||||||||||
Ordinary | Tax Exempt | Long-Term | Post-October | Unrealized | Earnings | |||||||||||||||||||
Fund | Income | Income | Capital Gains | Losses | Appreciation | (Deficit) | ||||||||||||||||||
Government Obligations Fund | $ | 472 | $ | — | $ | — | $ | (326 | ) | $ | — | $ | 146 | |||||||||||
Prime Obligations Fund | 1,864 | — | — | (242 | ) | — | 1,622 | |||||||||||||||||
Tax Free Obligations Fund | — | 75 | — | — | — | 75 | ||||||||||||||||||
Treasury Obligations Fund | 93 | — | — | (617 | ) | — | (524 | ) | ||||||||||||||||
U.S. Treasury Money Market Fund | 21 | — | — | — | — | 21 | ||||||||||||||||||
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, 2010 and the deferral of wash sale losses.
As of August 31, 2010, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:
Expiration Year | ||||||||||||||||||||||||||||||||||||
Fund | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||||||||||
Prime Obligations Fund | $ | — | $ | — | $ | — | $ | — | $ | (170 | ) | $ | — | $ | (72 | ) | $ | — | $ | (242 | ) | |||||||||||||||
Treasury Obligations Fund | — | — | — | (20 | ) | (57 | ) | (540 | ) | — | — | (617 | ) | |||||||||||||||||||||||
36 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Government Obligations Fund incurred a loss of $326 for tax purposes, for the period from November 1, 2009 to August 31, 2010. As permitted by tax regulations, the funds intend to elect to defer and treat those losses as arising in the fiscal year ending August 31, 2011.
REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreements with counterparties whom the funds’ investment advisor deems creditworthy, subject to the seller’s agreement to repurchase such securities from the funds at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the fund plus interest, at a rate that is negotiated on the basis of current short-term rates.
Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Each such fund may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained in a segregated account by the broker’s custodian bank until the maturity of the repurchase agreement. Provisions of the repurchase agreements are designed to ensure that the value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the fund may be delayed or limited.
SECURITIES LENDING – In order to generate additional income, Government Obligations Fund and Treasury Obligations Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. 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 of 1940. As of February 28, 2011, Treasury Obligations Fund had securities on loan with a total value of $30,926.
U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the fund. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). As the securities lending agent, U.S. Bank receives fees of up to 25% of each fund’s net income from securities lending transactions and pays half of such fees to U.S. Bancorp Asset Management, Inc. (USBAM) for certain securities lending services provided by USBAM. For the six-month period ended February 28, 2011, Government Obligations Fund and Treasury Obligations Fund paid $2 and $23, respectively, to U.S. Bank for serving as the securities lending agent. The fund’s income from securities lending is recorded on the Statements of Operations as securities lending income net of fees paid to U.S. Bank.
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 within the First American Family of Funds. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each 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 28, 2011.
DEFERRED COMPENSATION PLAN – Prior to January 1, 2011, non-interested directors of the First American Family of Funds were able to defer receipt of part or all of their annual compensation under a Deferred Compensation Plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. The Plan was terminated effective December 31, 2010. All amounts held in the Plan are 100% vested and outstanding account balances under the Plan are obligations of the funds into which amounts were deferred. Deferred amounts remain in the funds until distributed in accordance with the Plan.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.
EVENTS SUBSEQUENT TO PERIOD END – Management has evaluated fund related events and transactions that
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 37
Notes to Financial Statements | (unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000) |
occurred subsequent to February 28, 2011 through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “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. At September 1, 2008 USBAM had agreed to waive fees and reimburse other fund expenses so that total fund operating expenses (excluding fees paid for participation in the U.S. Department of the Treasury’s Temporary Guarantee Program for Money Market Funds), as a percentage of average daily net assets, would not exceed the following amounts:
Institutional | ||||||||||||||||||||||||||||||||
Fund | A | C | D | I | Y | Z | Investor | Reserve | ||||||||||||||||||||||||
Government Obligations Fund | 0.75 | % | — | % | 0.60 | % | — | % | 0.45 | % | 0.20 | % | 0.30 | % | — | % | ||||||||||||||||
Prime Obligations Fund | 0.78 | 1.23 | 0.63 | 0.40 | 0.48 | 0.20 | 0.30 | — | ||||||||||||||||||||||||
Tax Free Obligations Fund | 0.75 | — | 0.60 | — | 0.45 | 0.20 | 0.30 | — | ||||||||||||||||||||||||
Treasury Obligations Fund | 0.75 | — | 0.60 | — | 0.45 | 0.20 | 0.30 | 0.94 | ||||||||||||||||||||||||
U.S. Treasury Money Market Fund | 0.75 | — | 0.60 | — | 0.45 | 0.20 | 0.30 | — | ||||||||||||||||||||||||
Effective October 30, 2008 for Treasury Obligations Fund and December 22, 2008 for each other fund, the Board of Directors approved the termination of these fee waivers and reimbursements. However, the advisor agreed to waive or reimburse certain fees and expenses and the Board of Directors approved the suspension or reduction of 12b-1 fee payments, as needed, to prevent each fund’s yield for each share class from falling below 0%. In order to maintain this minimum yield, USBAM voluntarily waived or reimbursed investment advisory fees of $139 for U.S. Treasury Money Market Fund during the six-month period ended February 28, 2011. Effective February 1, 2011, the advisor contractually agreed to waive fees and reimburse other fund expenses through January 31, 2012, so that total annual fund operating expenses, after waivers, do not exceed 0.20% for Government Obligations Fund Class Z shares. 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 (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. USBAM is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.20% of the aggregate average daily Class A share net assets and 0.15% of the aggregate average daily net assets for all other share classes of all open-end mutual funds in the First American Family of 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. Effective July 1, 2010, such administration fees are based on the aggregate average daily net assets of all open-end funds in the First American Family of Funds. 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, USBAM voluntarily waived or reimbursed administration fees of $1,064, $91, $64, $2,065, and $273 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2011.
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement with FAF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.
DISTRIBUTION AND SHAREHOLDER SERVICING (12b-1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement with FAF. Under the distribution agreement, and pursuant to a plan adopted by each fund
38 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A shares, Class C shares, Class D shares, and Reserve Class shares, respectively. No distribution or shareholder servicing fees are paid by Institutional Investor Class shares, Class Y shares, Class I shares, or Class Z shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. In order to maintain minimum yields for each fund, 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $2,094, $2,506, $120, $3,559 and $142 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month ended February 28, 2011.
Under the distribution agreement, the following amounts were retained by affiliates of USBAM for the fiscal year ended August 31, 2010:
Fund | Amount | |||
Government Obligations Fund | $ | 1 | ||
Prime Obligations Fund | 115 | |||
Treasury Obligations Fund | 198 | |||
SHAREHOLDER SERVICING (NON-12b-1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class I, Class Y shares, Institutional Investor Class, and Reserve Class shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, Class Y, and Reserve Class shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class I shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Institutional Investor Class shares. In order to maintain minimum yields for each fund, USBAM voluntarily waived or reimbursed shareholder servicing fees of $8,542, $6,220, $789, $8,963, and $577 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2011.
Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 28, 2011 after waivers:
Fund | Amount | |||
Government Obligations Fund | $ | 990 | ||
Prime Obligations Fund | 3,577 | |||
Tax Free Obligations Fund | 45 | |||
Treasury Obligations Fund | 535 | |||
U.S. Treasury Money Market Fund | — | |||
OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended February 28, 2011, legal fees and expenses of $10 were paid to a law firm of which an Assistant Secretary of the funds is a partner.
CONTINGENT DEFERRED SALES CHARGES – A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first twelve months.
The CDSC for Class C shares is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less. For the six-month period ended February 28, 2011, there were no front-end sales charges or CDSCs retained by affiliates of USBAM for distributing shares of Prime Obligations Fund.
4 > | Portfolio Characteristics of the Tax Free Obligations Fund |
The Tax Free Obligations Fund invests in five different types of municipal securities. At February 28, 2011, the percentage of portfolio investments by each category was as follows:
Tax Free | ||||
Obligations | ||||
Fund | ||||
Weekly Variable Rate Demand Notes | 69.3 | % | ||
Daily Variable Rate Demand Notes | 11.3 | |||
Other Municipal Notes & Bonds | 15.9 | |||
Commercial Paper & Put Bonds | 3.5 | |||
100.0 | % | |||
The Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, tax and revenue anticipation notes, and general obligation bonds. At
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 39
Notes to Financial Statements | (unaudited as to February 28, 2011), all dollars and shares are rounded to thousands (000) |
February 28, 2011, the percentage of total portfolio investments by each revenue source, was as follows:
Tax Free | ||||
Obligations | ||||
Fund | ||||
Revenue Bonds | 86.3 | % | ||
General Obligations | 9.4 | |||
Tax and Revenue Anticipation Notes | 4.3 | |||
100.0 | % | |||
The implied credit ratings of all portfolio holdings as a percentage of total value of investments at February 28, 2011, were as follows:
Tax Free | ||||
Obligations | ||||
Standard & Poor’s/Moody’s/Fitch Ratings | Fund | |||
AAA | 42.0 | % | ||
AA | 43.8 | |||
A | 14.2 | |||
100.0 | % | |||
Individual security ratings are based on information from Moody’s Investor Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security the lowest rating is used, unless ratings are provided by all three agencies, in which case the middle rating is used.
5 > | Indemnifications |
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
6 > | New Accounting Pronouncement |
On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standard Update for Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements. The update provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires the funds to disclose purchases, sales, issuances and settlements on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time management is evaluating the implications of the update and the impact to the financial statements.
7 > | Regulated Investment Company Modernization Act |
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act is the first major piece of legislation affecting Regulated Investment Companies (“RICs”) since 1986 and it modernizes several of the federal income and excise tax provisions related to RICs. Some highlights of the enacted provisions are as follows:
New capital losses may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss.
The Modernization Act contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests. Additionally, the Modernization Act exempts RICs from the preferential dividend rule and repealed the 60-day designation requirement for certain types of pay-through income and gains.
Finally, the Modernization Act contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
Except for the simplification provisions related to RIC qualification, the Modernization Act is effective for taxable years beginning after December 22, 2010. The provisions related to RIC qualification are effective for taxable years for which the extended due date of the tax return is after December 22, 2010.
40 FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT
Notice to Shareholders | February 28, 2011 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at www.FirstAmericanFunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.3863.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available without charge upon request (1) by calling 800.677.3863 and (2) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.
MONTHLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a monthly basis. The funds will post such information within 5 business days of the calendar month-end.
FIRST AMERICAN FUNDS 2011 SEMIANNUAL REPORT 41
First American Funds’ Privacy Pledge
We want you to understand what information we collect and how it’s used.
“Nonpublic personal information” is nonpublic information that we obtain while providing financial products or services to you.
Why we collect your information
We gather nonpublic personal information about you and your accounts so that we can:
• | Know who you are and prevent unauthorized access to your information. |
• | Comply with the laws and regulations that govern us. |
The types of information we collect
We may collect the following nonpublic personal information about you:
• | Information about your identity, such as your name, address, and social security number. |
• | Information about your transactions with us. |
• | Information you provide on applications, such as your beneficiaries and banking information, if provided to us. |
Confidentiality and security
We require our service providers to restrict access to nonpublic personal information about you to those employees who need that information in order to provide products or services to you. We also require them to maintain physical, electronic, and procedural safeguards that comply with applicable federal standards and regulations to guard your information.
What information we disclose
We may share all of the nonpublic personal information that we collect about you with our affiliated providers of financial services, including our family of funds and their advisor, and with companies that perform marketing services on our behalf.
We’re permitted by law to disclose nonpublic personal information about you to other third parties in certain circumstances. For example, we may disclose nonpublic personal information about you to affiliated and nonaffiliated third parties to assist us in servicing your account (e.g., mailing of fund-related materials) and to government entities (e.g., IRS for tax purposes).
We’ll continue to adhere to the privacy policies and practices described here even after your account is closed or becomes inactive.
Additional rights and protections
You may have other privacy protections under applicable state laws. To the extent that these state laws apply, we will comply with them when we share information about you. This privacy policy does not apply to your relationship with other financial service providers, such as broker-dealers. We may amend this privacy notice at any time, and we will inform you of changes as required by law.
Our pledge applies to products and services offered by:
• | First American Funds, Inc. |
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
BOARD OF DIRECTORS | First American Funds, Inc. |
Leonard Kedrowski
Chairperson of First American Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
Joseph Strauss
Vice Chairperson of First American Funds, Inc.
Owner and President of Strauss Management Company
Roger Gibson
Director of First American Funds, Inc.
Director of Charterhouse Group, Inc.
Victoria Herget
Director of First American Funds, Inc.
Investment Consultant; Chair of United Educators Insurance Company; former Managing Director of Zurich Scudder Investments
John Kayser
Director of First American Funds, Inc.
Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC
Richard Riederer
Director of First American Funds, Inc.
Owner and Chief Executive Officer of RKR Consultants, Inc.
James Wade
Director of First American Funds, Inc.
Owner and President of Jim Wade Homes
First American Funds’ Board of Directors is comprised entirely of independent directors.
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 prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
INVESTMENT ADVISOR U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 ADMINISTRATOR U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 | CUSTODIAN U.S. Bank National Association 60 Livingston Avenue St. Paul, Minnesota 55101 DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 220 South Sixth Street Suite 1400 Minneapolis, Minnesota 55402 COUNSEL Dorsey & Whitney LLP 50 South Sixth Street Suite 1500 Minneapolis, Minnesota 55402 |
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In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.Fund or visit FirstAmericanFunds.com.
0040-08 4/2011 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.
Item 6—Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.
Item 11—Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely. | |
(b) | There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12—Exhibits
(a)(1) | Not applicable. |
(a)(2) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto. |
(a)(3) | Not applicable. |
(b) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
First American Funds, Inc.
By: | /s/ Joseph M. Ulrey III | |||
President |
Date: April 29, 2011
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/ Joseph M. Ulrey III | |||
President |
Date: April 29, 2011
By: | /s/ Jill M. Stevenson | |||
Treasurer |
Date: April 29, 2011