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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) |
Charles D. Gariboldi, Jr., 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 29, 2008
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
Explanation of Financial Statements | 1 | |||
Holdings Summaries | 2 | |||
Expense Examples | 3 | |||
Schedule of Investments | 6 | |||
Statements of Assets and Liabilities | 20 | |||
Statements of Operations | 21 | |||
Statements of Changes in Net Assets | 22 | |||
Financial Highlights | 26 | |||
Notes to Financial Statements | 36 | |||
Notice to Shareholders | 42 |
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 in securities, 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 2008 Semiannual Report 1
Holdings Summaries
Government Obligations Fund
Portfolio Allocation as of February 29, 20081 (% of net assets)
U.S. Government Agency Obligations | 62 | .4% | ||
Repurchase Agreements | 41 | .8 | ||
Other Assets and Liabilities, Net2 | (4 | .2) | ||
100 | .0% |
Prime Obligations Fund
Portfolio Allocation as of February 29, 20081 (% of net assets)
Commercial Paper | 34 | .9% | ||
Certificates of Deposit | 26 | .7 | ||
Corporate Notes | 11 | .9 | ||
Extendible Floating Rate Corporate Notes | 9 | .1 | ||
Repurchase Agreements | 5 | .6 | ||
Floating Rate Funding Agreements | 3 | .6 | ||
Structured Notes | 2 | .9 | ||
Money Market Fund | 2 | .7 | ||
Master Notes | 1 | .9 | ||
U.S. Government Agency Security | 1 | .0 | ||
Other Assets and Liabilities, Net2 | (0 | .3) | ||
100 | .0% |
Tax Free Obligations Fund
Portfolio Allocation as of February 29, 20081 (% of net assets)
Variable Rate Demand Notes – Weekly | 81 | .0% | ||
Municipal Notes & Bonds | 12 | .4 | ||
Commercial Paper & Put Bonds | 3 | .8 | ||
Money Market Fund | 2 | .6 | ||
Other Assets and Liabilities, Net2 | 0 | .2 | ||
100 | .0% |
Treasury Obligations Fund
Portfolio Allocation as of February 29, 20081 (% of net assets)
Repurchase Agreements | 100 | .1% | ||
Other Assets and Liabilities, Net2 | (0 | .1) | ||
100 | .0% |
U.S. Treasury Money Market Fund
Portfolio Allocation as of February 29, 20081 (% of net assets)
U.S. Treasury Obligations | 97 | .3% | ||
Money Market Fund | 2 | .9% | ||
Other Assets and Liabilities, Net2 | (0 | .2) | ||
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 compromise 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. |
2 First American Funds 2008 Semiannual Report
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 at the beginning of the period and held for the entire period from September 1, 2007 to February 29, 2008.
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 by $1,000 (for example, an $8,600 account value in the fund and class divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare these 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 (9/01/07 to | ||||||||||
Value (9/1/07) | Value (2/29/08) | 2/29/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,018.90 | $ | 3.76 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.13 | $ | 3.77 | ||||||
Class D Actual2 | $ | 1,000.00 | $ | 1,019.70 | $ | 3.01 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.88 | $ | 3.02 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,020.40 | $ | 2.26 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.63 | $ | 2.26 | ||||||
Class Z Actual2 | $ | 1,000.00 | $ | 1,021.70 | $ | 1.01 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | ||||||
Institutional Investor Class Actual2 | $ | 1,000.00 | $ | 1,021.20 | $ | 1.51 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.37 | $ | 1.51 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.30% 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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 29, 2008 of 1.89%, 1.97%, 2.04%, 2.17%, and 2.12% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
First American Funds 2008 Semiannual Report 3
Expense Examples continued
Prime Obligations Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (9/01/07 to | ||||||||||
Value (9/01/07) | Value (2/29/08) | 2/29/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,020.50 | $ | 3.92 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.98 | $ | 3.92 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,018.30 | $ | 6.17 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.75 | $ | 6.17 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,018.30 | $ | 6.17 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.75 | $ | 6.17 | ||||||
Class D Actual2 | $ | 1,000.00 | $ | 1,021.30 | $ | 3.17 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.73 | $ | 3.17 | ||||||
Class I Actual2 | $ | 1,000.00 | $ | 1,022.50 | $ | 2.01 | ||||||
Class I Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.87 | $ | 2.01 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,022.10 | $ | 2.41 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.48 | $ | 2.41 | ||||||
Class Z Actual2 | $ | 1,000.00 | $ | 1,023.50 | $ | 1.01 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | ||||||
Institutional Investor Class Actual2 | $ | 1,000.00 | $ | 1,023.00 | $ | 1.51 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.37 | $ | 1.51 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.78%, 1.23%, 1.23%, 0.63%, 0.40%, 0.48%, 0.20%, and 0.30% for Class A, Class B, 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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 29, 2008 of 2.05%, 1.83%, 1.83%, 2.13%, 2.25%, 2.21%, 2.35%, and 2.30% for Class A, Class B, 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 (9/01/07 to | ||||||||||
Value (9/01/07) | Value (2/29/08) | 2/29/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,012.30 | $ | 3.75 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.13 | $ | 3.77 | ||||||
Class D Actual4 | $ | 1,000.00 | $ | 1,013.10 | $ | 3.00 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.88 | $ | 3.02 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,013.80 | $ | 2.25 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.63 | $ | 2.26 | ||||||
Class Z Actual4 | $ | 1,000.00 | $ | 1,015.10 | $ | 1.00 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | ||||||
Institutional Investor Class Actual4 | $ | 1,000.00 | $ | 1,014.60 | $ | 1.50 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.37 | $ | 1.51 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.30% 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/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended February 29, 2008 of 1.23%, 1.31%, 1.38%, 1.51%, and 1.46% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
4 First American Funds 2008 Semiannual Report
Expense Examples concluded
Treasury Obligations Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (9/01/07 to | ||||||||||
Value (9/01/07) | Value (2/29/08) | 2/29/08) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,016.20 | $ | 3.76 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.13 | $ | 3.77 | ||||||
Class D Actual2 | $ | 1,000.00 | $ | 1,016.90 | $ | 3.01 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.88 | $ | 3.02 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,017.70 | $ | 2.26 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.63 | $ | 2.26 | ||||||
Class Z Actual2 | $ | 1,000.00 | $ | 1,018.90 | $ | 1.00 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | ||||||
Institutional Investor Class Actual2 | $ | 1,000.00 | $ | 1,018.40 | $ | 1.51 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.37 | $ | 1.51 | ||||||
Reserve Class Actual2 | $ | 1,000.00 | $ | 1,015.20 | $ | 4.71 | ||||||
Reserve Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.19 | $ | 4.72 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, 0.30%, and 0.94% 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/366 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended February 29, 2008 of 1.62%, 1.69%, 1.77%, 1.89%, 1.84%, and 1.52% 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 (9/01/07 to | ||||||||||
Value (9/01/07) | Value (2/29/08) | 2/29/08) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,014.50 | $ | 3.76 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.13 | $ | 3.77 | ||||||
Class D Actual4 | $ | 1,000.00 | $ | 1,015.30 | $ | 3.01 | ||||||
Class D Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.88 | $ | 3.02 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,016.00 | $ | 2.26 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.63 | $ | 2.26 | ||||||
Class Z Actual4 | $ | 1,000.00 | $ | 1,017.30 | $ | 1.00 | ||||||
Class Z Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | ||||||
Institutional Investor Class Actual4 | $ | 1,000.00 | $ | 1,016.80 | $ | 1.50 | ||||||
Institutional Investor Class Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.37 | $ | 1.51 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.30% 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/366 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended February 29, 2008 of 1.45%, 1.53%, 1.60%, 1.73%, and 1.68% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
First American Funds 2008 Semiannual Report 5
Schedule of Investments February 29, 2008 (unaudited), all dollars are rounded to thousands (000)
Government Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
U.S. Government Agency Obligations – 62.4% | ||||||||
U.S. Agency Debentures – 62.4% | ||||||||
Federal Agricultural Mortgage Corporation | ||||||||
5.112%, 05/23/2008 (a) | 9,565 | 9,454 | ||||||
Federal Farm Credit Bank | ||||||||
1.356%, 03/03/2008 (a) | 50,000 | 49,995 | ||||||
2.980%, 03/03/2008 (b) | 48,000 | 47,999 | ||||||
2.990%, 03/03/2008 (b) | 97,000 | 96,995 | ||||||
3.050%, 03/03/2008 (b) | 98,500 | 98,500 | ||||||
3.070%, 03/03/2008 (b) | 100,000 | 99,991 | ||||||
3.004%, 03/05/2008 (b) | 1,000 | 1,000 | ||||||
3.010%, 03/23/2008 (b) | 144,100 | 144,100 | ||||||
2.930%, 03/26/2008 (b) | 90,000 | 89,993 | ||||||
5.000%, 05/01/2008 | 10,000 | 10,036 | ||||||
Federal Home Loan Bank | ||||||||
1.356%, 03/03/2008 (a) | 500,000 | 499,945 | ||||||
3.030%, 03/03/2008 (b) | 150,000 | 150,000 | ||||||
3.040%, 03/03/2008 (b) | 100,000 | 100,000 | ||||||
3.090%, 03/03/2008 (b) | 75,000 | 75,000 | ||||||
3.120%, 03/03/2008 (b) | 50,000 | 50,000 | ||||||
3.520%, 03/03/2008 (b) | 70,000 | 69,986 | ||||||
3.550%, 03/03/2008 (b) | 74,500 | 74,488 | ||||||
4.461%, 03/03/2008 (b) | 49,500 | 49,500 | ||||||
3.021%, 03/05/2008 (b) | 199,500 | 199,500 | ||||||
4.149%, 03/12/2008 (b) | 142,500 | 142,500 | ||||||
4.941%, 03/13/2008 (b) | 109,250 | 109,250 | ||||||
4.766%, 03/20/2008 (b) | 100,000 | 99,997 | ||||||
3.834%, 03/22/2008 (b) | 100,000 | 100,000 | ||||||
2.983%, 03/24/2008 (b) | 300,000 | 300,000 | ||||||
3.880%, 04/16/2008 (b) | 110,000 | 109,956 | ||||||
2.925%, 05/05/2008 (b) | 74,000 | 74,000 | ||||||
2.945%, 05/18/2008 (b) | 109,000 | 109,078 | ||||||
4.207%, 05/21/2008 (a) | 23,326 | 23,108 | ||||||
4.215%, 05/28/2008 (a) | 26,000 | 25,736 | ||||||
4.215%, 05/28/2008 (a) | 75,000 | 74,239 | ||||||
2.750%, 06/25/2008 | 75,000 | 75,000 | ||||||
2.850%, 07/01/2008 | 50,000 | 50,000 | ||||||
3.000%, 07/14/2008 | 5,000 | 5,004 | ||||||
5.125%, 07/30/2008 | 8,000 | 8,078 | ||||||
4.500%, 10/24/2008 | 75,000 | 74,989 | ||||||
4.500%, 11/28/2008 | 10,000 | 10,000 | ||||||
4.570%, 11/28/2008 | 49,500 | 49,500 | ||||||
2.900%, 03/05/2009 | 18,000 | 18,000 | ||||||
Federal Home Loan Mortgage Corporation | ||||||||
4.055%, 03/17/2008 (a) (c) | 100,000 | 99,812 | ||||||
4.670%, 03/30/2008 (b) | 149,500 | 149,455 | ||||||
5.750%, 04/15/2008 | 19,500 | 19,533 | ||||||
4.700%, 04/25/2008 | 31,500 | 31,472 | ||||||
4.140%, 05/08/2008 (a) | 230,000 | 228,219 | ||||||
3.996%, 05/30/2008 (a) | 100,000 | 99,016 | ||||||
4.154%, 06/09/2008 (a) | 128,000 | 126,549 | ||||||
5.089%, 06/09/2008 (a) | 17,420 | 17,177 | ||||||
4.250%, 06/23/2008 | 23,247 | 23,175 | ||||||
3.625%, 09/15/2008 | 100,000 | 100,582 | ||||||
4.625%, 12/19/2008 | 47,516 | 48,259 | ||||||
2.850%, 02/13/2009 | 43,000 | 43,000 | ||||||
2.920%, 03/30/2009 | 35,000 | 35,000 | ||||||
Federal National Mortgage Association | ||||||||
1.390%, 03/03/2008 (a) | 150,000 | 149,983 | ||||||
3.090%, 03/03/2008 (b) | 75,000 | 75,000 | ||||||
3.170%, 03/03/2008 (b) | 75,000 | 74,989 | ||||||
4.157%, 03/26/2008 (a) | 210,000 | 209,382 | ||||||
4.219%, 04/30/2008 (a) | 350,000 | 347,556 | ||||||
2.960%, 05/01/2008 | 38,080 | 37,889 | ||||||
Federal National Mortgage Association | ||||||||
2.960%, 05/01/2008 | 111,920 | 111,359 | ||||||
5.064%, 05/12/2008 (a) | 195,000 | 193,050 | ||||||
6.000%, 05/15/2008 | 10,000 | 10,064 | ||||||
5.129%, 05/30/2008 (a) | 25,000 | 24,685 | ||||||
2.720%, 06/02/2008 | 50,500 | 50,153 | ||||||
2.720%, 06/02/2008 | 51,000 | 50,649 | ||||||
2.720%, 06/02/2008 | 118,000 | 117,189 | ||||||
4.180%, 06/04/2008 (a) | 47,462 | 46,947 | ||||||
3.000%, 06/12/2008 | 14,000 | 13,912 | ||||||
2.845%, 06/18/2008 (a) | 100,000 | 99,152 | ||||||
4.179%, 06/27/2008 (a) | 150,000 | 147,989 | ||||||
5.000%, 07/25/2008 | 10,000 | 10,084 | ||||||
2.860%, 07/25/2008 (a) | 19,000 | 18,784 | ||||||
2.831%, 07/30/2008 (a) | 88,000 | 86,978 | ||||||
4.500%, 10/15/2008 | 18,687 | 18,911 | ||||||
Tennessee Valley Authority | ||||||||
5.375%, 11/13/2008 | 33,500 | 34,084 | ||||||
Total U.S. Government Agency Obligations | ||||||||
(Cost $6,324,955) | 6,324,955 | |||||||
Repurchase Agreements – 41.8% | ||||||||
Bank of America | ||||||||
3.000%, dated 02/29/2008, matures 03/03/2008, repurchase price $900,225 (collateralized by U.S. Treasury and Government Agency Obligations: Total market value $918,004) | 900,000 | 900,000 | ||||||
Barclays | ||||||||
3.080%, dated 02/29/2008, matures 03/03/2008, repurchase price $150,038 (collateralized by U.S. Treasury and Government Agency Obligations: Total market value $153,000) | 150,000 | 150,000 | ||||||
BNP Paribas | ||||||||
3.050%, dated 02/29/2008, matures 03/03/2008, repurchase price $2,000,508 (collateralized by U.S. Treasury and Government Agency Obligations: Total market value $2,040,002) | 2,000,000 | 2,000,000 | ||||||
CS First Boston | ||||||||
3.080%, dated 02/29/2008, matures 03/03/2008, repurchase price $525,135 (collateralized by U.S. Treasury and Government Agency Obligations: Total market value $535,500) | 525,000 | 525,000 | ||||||
UBS Warburg | ||||||||
3.050%, dated 02/29/2008, matures 03/03/2008, repurchase price $669,135 (collateralized by U.S. Treasury and Government Agency Obligations: Total market value $682,345) | 668,965 | 668,965 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,243,965) | 4,243,965 | |||||||
Investments Purchased with Proceeds from Securities Lending (d) – 1.0% | ||||||||
Morgan Stanley | ||||||||
3.27%, dated 02/29/2008, matures 03/03/2008, repurchase price $101,962 (collateralized by U.S. Treasury and Government Agency Obligations: Total market value $104,333 | ||||||||
(Cost $101,875) | 101,875 | 101,875 | ||||||
The accompanying notes are an integral part of the financial statements.
6 First American Funds 2008 Semiannual Report
Government Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Total Investments – 105.2% | ||||||||
(Cost $10,670,795) | 10,670,795 | |||||||
Other Assets and Liabilities, Net – (5.2)% | (531,469 | ) | ||||||
Total Net Assets – 100.0% | $ | 10,139,326 | ||||||
(a) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of February 29, 2008. |
(b) | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2008. The date shown is the next reset date. |
(c) | This security or a portion of this security is out on loan at February 29, 2008. Total loaned securities had a market value of $99,812 at February 29, 2008. See note 2 in Notes to Financial Statements. |
(d) | 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 of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. As of February 29, 2008, the cash collateral was invested solely in repurchase agreements. See note 2 in Notes to Financial Statements. |
Prime Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Commercial Paper – 34.9% | ||||||||
Asset-Backed (a) – 21.2% | ||||||||
Atlantic Asset Securitization | ||||||||
4.160%, 03/17/2008 | 40,367 | 40,292 | ||||||
4.150%, 03/27/2008 | 59,633 | 59,454 | ||||||
3.250%, 04/11/2008 | 45,327 | 45,159 | ||||||
3.180%, 04/18/2008 | 27,267 | 27,151 | ||||||
3.180%, 04/25/2008 | 37,840 | 37,656 | ||||||
3.100%, 05/16/2008 | 100,000 | 99,345 | ||||||
3.100%, 05/16/2008 | 27,566 | 27,386 | ||||||
Barton Capital | ||||||||
4.170%, 03/05/2008 | 80,972 | 80,934 | ||||||
4.500%, 03/06/2008 | 41,500 | 41,474 | ||||||
3.950%, 03/07/2008 | 14,645 | 14,635 | ||||||
3.100%, 04/04/2008 | 80,000 | 79,766 | ||||||
3.200%, 05/09/2008 | 103,233 | 102,600 | ||||||
Chariot Funding | ||||||||
4.420%, 04/07/2008 | 25,286 | 25,171 | ||||||
4.420%, 04/07/2008 | 18,177 | 18,106 | ||||||
3.170%, 04/25/2008 | 76,266 | 75,891 | ||||||
3.150%, 05/02/2008 | 88,448 | 87,968 | ||||||
3.120%, 05/07/2008 | 25,153 | 25,007 | ||||||
3.080%, 05/27/2008 | 7,580 | 7,524 | ||||||
3.030%, 06/05/2008 | 75,000 | 74,394 | ||||||
Falcon Asset Securitization Corporation | ||||||||
3.150%, 04/28/2008 | 14,300 | 14,227 | ||||||
3.150%, 05/02/2008 | 67,370 | 67,005 | ||||||
3.050%, 05/06/2008 | 16,052 | 15,962 | ||||||
3.050%, 05/08/2008 | 60,490 | 60,142 | ||||||
Govco | ||||||||
4.850%, 03/12/2008 | 19,550 | 19,521 | ||||||
3.880%, 03/19/2008 | 150,000 | 149,709 | ||||||
3.750%, 04/18/2008 | 50,000 | 49,750 | ||||||
3.000%, 05/15/2008 | 27,500 | 27,328 | ||||||
2.970%, 06/17/2008 | 100,000 | 99,109 | ||||||
Kitty Hawk Funding (Guarantor: Bank of America) | ||||||||
3.270%, 03/05/2008 | 50,000 | 49,982 | ||||||
4.950%, 03/19/2008 | 67,121 | 66,959 | ||||||
4.950%, 03/19/2008 | 10,253 | 10,231 | ||||||
4.950%, 03/19/2008 | 30,795 | 30,745 | ||||||
3.250%, 04/25/2008 | 130,000 | 129,355 | ||||||
3.180%, 04/28/2008 | 69,024 | 68,670 | ||||||
Market Street Funding | ||||||||
4.300%, 03/31/2008 | 22,000 | 21,921 | ||||||
3.100%, 05/09/2008 | 100,000 | 99,406 | ||||||
Old Line Funding | ||||||||
3.600%, 03/03/2008 | 21,883 | 21,879 | ||||||
3.100%, 04/10/2008 | 50,000 | 49,828 | ||||||
3.150%, 04/11/2008 | 45,456 | 45,293 | ||||||
3.150%, 04/18/2008 | 109,294 | 108,835 | ||||||
Ranger Funding | ||||||||
3.250%, 03/10/2008 | 30,680 | 30,655 | ||||||
5.050%, 03/13/2008 | 98,500 | 98,334 | ||||||
3.250%, 03/18/2008 | 48,000 | 47,926 | ||||||
4.970%, 03/19/2008 | 25,000 | 24,942 | ||||||
3.250%, 03/24/2008 | 43,213 | 43,123 | ||||||
3.250%, 04/25/2008 | 100,000 | 99,503 | ||||||
Sheffield Receivables | ||||||||
3.400%, 03/03/2008 | 25,930 | 25,925 | ||||||
3.150%, 03/13/2008 | 84,750 | 84,661 | ||||||
3.850%, 04/04/2008 | 36,000 | 35,869 | ||||||
3.150%, 04/08/2008 | 50,000 | 49,834 | ||||||
3.150%, 04/08/2008 | 35,745 | 35,621 | ||||||
3.900%, 04/18/2008 | 6,575 | 6,541 |
First American Funds 2008 Semiannual Report 7
Schedule of Investments February 29, 2008 (unaudited), all dollars are rounded to thousands (000)
Prime Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Thames Asset Global Securitization | ||||||||
3.300%, 03/03/2008 | $ | 130,000 | $ | 129,976 | ||||
3.200%, 03/05/2008 | 60,000 | 59,979 | ||||||
3.250%, 03/18/2008 | 50,000 | 49,923 | ||||||
3.100%, 05/09/2008 | 34,239 | 34,036 | ||||||
3.130%, 05/14/2008 | 55,000 | 54,648 | ||||||
Three Pillars Funding | ||||||||
3.250%, 03/04/2008 | 40,391 | 40,380 | ||||||
3.170%, 03/07/2008 | 28,644 | 28,629 | ||||||
4.030%, 03/14/2008 | 10,594 | 10,579 | ||||||
3.250%, 03/17/2008 | 73,000 | 72,893 | ||||||
3.350%, 03/28/2008 | 63,259 | 63,100 | ||||||
3.500%, 04/21/2008 | 75,000 | 74,628 | ||||||
Thunder Bay Funding | ||||||||
3.950%, 03/14/2008 | 46,691 | 46,624 | ||||||
3.550%, 03/20/2008 | 20,700 | 20,661 | ||||||
3.120%, 04/01/2008 | 37,329 | 37,229 | ||||||
3.140%, 04/15/2008 | 35,682 | 35,542 | ||||||
3.270%, 04/17/2008 | 51,671 | 51,450 | ||||||
3.150%, 04/18/2008 | 34,795 | 34,649 | ||||||
Tulip Funding | ||||||||
3.150%, 03/11/2008 | 61,389 | 61,335 | ||||||
3.300%, 04/23/2008 | 132,411 | 131,768 | ||||||
3.130%, 05/07/2008 | 20,000 | 19,883 | ||||||
3.130%, 05/07/2008 | 13,700 | 13,621 | ||||||
3.150%, 05/30/2008 | 30,000 | 29,764 | ||||||
3.150%, 05/30/2008 | 75,000 | 74,409 | ||||||
Variable Funding (Guarantor: Wachovia Corp.) | ||||||||
3.900%, 03/14/2008 | 50,000 | 49,930 | ||||||
3.000%, 04/09/2008 | 180,079 | 179,451 | ||||||
Windmill Funding | ||||||||
3.950%, 03/14/2008 | 35,000 | 34,950 | ||||||
3.140%, 03/25/2008 | 40,700 | 40,615 | ||||||
4.230%, 04/04/2008 | 77,400 | 77,091 | ||||||
3.120%, 04/11/2008 | 75,000 | 74,734 | ||||||
4,391,181 | ||||||||
Non Asset-Backed – 13.7% | ||||||||
Allied Irish Bank NY | ||||||||
2.915%, 08/28/2008 | 150,000 | 147,814 | ||||||
Bank of Montreal | ||||||||
2.840%, 09/02/2008 | 100,000 | 98,541 | ||||||
BNP Paribas NY | ||||||||
4.340%, 06/03/2008 | 35,000 | 34,603 | ||||||
4.618%, 06/13/2008 | 100,000 | 98,666 | ||||||
Dexia Bank | ||||||||
3.800%, 03/07/2008 | 200,000 | 199,901 | ||||||
3.145%, 04/25/2008 | 100,000 | 99,520 | ||||||
Eksportfinans | ||||||||
2.950%, 05/08/2008 | 100,000 | 99,443 | ||||||
4.670%, 05/27/2008 | 100,000 | 98,871 | ||||||
4.650%, 05/28/2008 | 125,000 | 123,579 | ||||||
2.750%, 08/13/2008 | 50,000 | 49,370 | ||||||
General Electric Capital Corporation | ||||||||
4.090%, 07/02/2008 | 70,000 | 69,022 | ||||||
HSBC | ||||||||
3.150%, 07/28/2008 | 50,000 | 49,348 | ||||||
JP Morgan | ||||||||
4.789%, 04/01/2008 | 125,000 | 125,054 | ||||||
2.900%, 08/05/2008 | 75,000 | 74,051 | ||||||
2.720%, 08/11/2008 | 100,000 | 98,768 | ||||||
Lehman Brothers | ||||||||
3.150%, 03/03/2008 | 300,000 | 299,947 | ||||||
3.200%, 03/04/2008 | 150,000 | 149,960 | ||||||
Lloyds Bank NY | ||||||||
2.970%, 06/03/2008 | 110,000 | 109,147 | ||||||
Natixis Banques NY | ||||||||
5.050%, 03/07/2008 | 60,000 | 59,949 | ||||||
Rabobank | ||||||||
4.900%, 03/07/2008 | 125,000 | 124,898 | ||||||
3.030%, 03/31/2008 | 19,600 | 19,551 | ||||||
State Street | ||||||||
4.290%, 04/03/2008 | 200,000 | 199,213 | ||||||
2.920%, 04/29/2008 | 50,000 | 49,761 | ||||||
Toyota Motor Credit | ||||||||
2.960%, 06/27/2008 | 100,000 | 99,030 | ||||||
3.940%, 07/07/2008 | 200,000 | 197,198 | ||||||
UBS Finance | ||||||||
4.765%, 05/30/2008 | 50,000 | 49,404 | ||||||
2,824,609 | ||||||||
Total Commercial Paper | ||||||||
(Cost $7,215,790) | 7,215,790 | |||||||
Certificates of Deposit – 26.7% | ||||||||
Abbey National | ||||||||
3.994%, 04/22/2008 | 100,000 | 100,000 | ||||||
Allied Irish Bank NY | ||||||||
4.815%, 05/16/2008 | 100,000 | 100,000 | ||||||
4.850%, 05/27/2008 | 100,000 | 100,000 | ||||||
American Express | ||||||||
4.080%, 07/14/2008 | 100,000 | 100,000 | ||||||
2.940%, 08/19/2008 | 200,000 | 200,000 | ||||||
2.980%, 08/26/2008 | 60,000 | 60,000 | ||||||
Bank of Montreal | ||||||||
4.900%, 05/30/2008 | 100,000 | 100,000 | ||||||
4.870%, 06/06/2008 | 100,000 | 100,000 | ||||||
2.940%, 08/06/2008 | 75,000 | 75,000 | ||||||
Bank Of Nova Scotia | ||||||||
5.010%, 03/04/2008 | 107,200 | 107,200 | ||||||
3.860%, 04/16/2008 | 125,000 | 125,000 | ||||||
3.810%, 04/18/2008 | 100,000 | 100,000 | ||||||
Bank of Scotland | ||||||||
4.810%, 04/21/2008 | 100,000 | 100,000 | ||||||
Barclays Bank NY | ||||||||
5.300%, 05/22/2008 | 100,000 | 100,000 | ||||||
3.980%, 07/11/2008 | 60,000 | 60,000 | ||||||
3.740%, 07/14/2008 | 100,000 | 100,000 | ||||||
3.050%, 08/27/2008 | 100,000 | 100,000 | ||||||
Calyon NY | ||||||||
4.870%, 03/03/2008 | 100,000 | 100,000 | ||||||
3.179%, 03/17/2008 (b) | 100,000 | 100,000 | ||||||
3.010%, 08/25/2008 | 150,000 | 150,000 | ||||||
CIBC NY | ||||||||
3.119%, 03/18/2008 (b) | 100,000 | 99,987 | ||||||
4.820%, 05/21/2008 | 100,000 | 100,000 | ||||||
Credit Suisse First Boston | ||||||||
4.450%, 04/03/2008 | 60,000 | 59,755 | ||||||
5.280%, 05/12/2008 | 100,000 | 100,000 | ||||||
5.270%, 05/19/2008 | 100,000 | 100,000 | ||||||
5.310%, 05/22/2008 | 100,000 | 100,000 | ||||||
Dexia Bank | ||||||||
3.260%, 03/24/2008 | 50,000 | 50,002 | ||||||
3.800%, 04/22/2008 | 105,000 | 105,000 | ||||||
Fortis Bank | ||||||||
2.850%, 08/13/2008 | 250,000 | 250,000 | ||||||
HBOS Treasury NY | ||||||||
5.280%, 05/21/2008 | 100,000 | 100,000 | ||||||
5.310%, 05/22/2008 | 100,000 | 100,000 | ||||||
HSBC | ||||||||
4.230%, 04/10/2008 | 50,000 | 50,002 | ||||||
3.900%, 04/14/2008 | 250,000 | 250,000 |
The accompanying notes are an integral part of the financial statements.
8 First American Funds 2008 Semiannual Report
Prime Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
KBC Bank | ||||||||
3.950%, 03/03/2008 | $ | 100,000 | $ | 100,000 | ||||
Lloyds Bank NY | ||||||||
3.300%, 05/27/2008 | 50,000 | 50,000 | ||||||
3.100%, 07/29/2008 | 88,000 | 88,000 | ||||||
Marshall & Isley | ||||||||
5.110%, 03/10/2008 | 100,000 | 100,000 | ||||||
4.288%, 04/17/2008 (a) (b) | 100,000 | 100,000 | ||||||
Natixis Banques NY | ||||||||
3.030%, 06/09/2008 | 92,000 | 92,000 | ||||||
2.830%, 08/08/2008 | 114,000 | 114,000 | ||||||
2.905%, 08/21/2008 | 100,000 | 100,000 | ||||||
PNC Bank | ||||||||
3.850%, 04/15/2008 | 150,000 | 150,000 | ||||||
4.026%, 04/22/2008 | 100,000 | 100,000 | ||||||
Regions Bank | ||||||||
2.900%, 08/21/2008 | 100,000 | 100,000 | ||||||
Royal Bank of Scotland | ||||||||
5.250%, 05/19/2008 | 100,000 | 100,000 | ||||||
Svenska Handelsbanken NY | ||||||||
3.101%, 03/21/2008 | 95,000 | 95,000 | ||||||
3.109%, 03/30/2008 | 60,000 | 60,000 | ||||||
3.860%, 04/14/2008 | 150,000 | 150,000 | ||||||
Toronto Dominion Bank | ||||||||
4.870%, 06/09/2008 | 125,000 | 125,000 | ||||||
Wachovia Bank | ||||||||
4.800%, 05/23/2008 | 100,000 | 100,000 | ||||||
Westpac Bank NY | ||||||||
4.750%, 03/31/2008 | 60,000 | 60,027 | ||||||
4.950%, 04/07/2008 | 100,000 | 100,000 | ||||||
2.900%, 08/19/2008 | 100,000 | 100,000 | ||||||
Total Certificates of Deposit | ||||||||
(Cost $5,525,973) | 5,525,973 | |||||||
Corporate Notes – 11.9% | ||||||||
3M | ||||||||
5.827%, 12/12/2008 | 150,000 | 151,628 | ||||||
Allstate Global Funding | ||||||||
3.165%, 03/13/2008 (a) (b) | 75,000 | 75,000 | ||||||
Bank of Scotland NY | ||||||||
3.208%, 03/07/2008 (a) (b) | 50,000 | 50,000 | ||||||
BNP Paribas NY | ||||||||
3.120%, 03/26/2008 (a) (b) | 124,000 | 124,000 | ||||||
Commonwealth Bank | ||||||||
4.906%, 03/18/2008 (b) | 45,000 | 45,020 | ||||||
Danske Bank | ||||||||
3.084%, 03/30/2008 (a) (b) | 100,000 | 100,000 | ||||||
Fortis Bank | ||||||||
3.864%, 04/19/2008 (a) (b) | 80,000 | 80,000 | ||||||
Lloyds Bank NY | ||||||||
3.153%, 03/06/2008 (b) | 100,000 | 100,000 | ||||||
Marshall & Isley | ||||||||
3.151%, 03/15/2008 (a) (b) | 50,000 | 50,000 | ||||||
MBIA Global Funding | ||||||||
4.018%, 04/23/2008 (a) (b) (c) | 120,000 | 120,000 | ||||||
Metlife Global Funding | ||||||||
3.235%, 03/27/2008 (a) (b) | 95,000 | 95,000 | ||||||
3.118%, 03/30/2008 (a) (b) | 100,000 | 100,000 | ||||||
Morgan Stanley Dean Witter | ||||||||
3.195%, 03/01/2008 | 75,000 | 75,000 | ||||||
3.214%, 03/28/2008 (a) (b) | 95,000 | 95,000 | ||||||
3.175%, 03/29/2008 (b) | 80,000 | 80,000 | ||||||
PNC Bank | ||||||||
3.464%, 04/23/2008 (b) | 50,000 | 50,000 | ||||||
Procter & Gamble | ||||||||
3.140%, 05/19/2008 (b) | 75,000 | 75,000 | ||||||
Royal Bank of Canada | ||||||||
3.254%, 03/01/2008 (a) (b) | 100,000 | 100,000 | ||||||
3.153%, 03/09/2008 (a) (b) | 179,000 | 179,000 | ||||||
Royal Bank of Scotland | ||||||||
3.121%, 03/21/2008 (a) (b) | 259,000 | 259,000 | ||||||
Societe Generale | ||||||||
3.144%, 03/02/2008 (a) (b) | 94,000 | 93,939 | ||||||
Suntrust Bank | ||||||||
4.809%, 04/02/2008 (b) | 35,000 | 34,999 | ||||||
UBS | ||||||||
3.086%, 03/16/2008 (b) | 100,000 | 100,000 | ||||||
Wachovia Bank | ||||||||
3.070%, 03/01/2008 (b) | 125,000 | 124,418 | ||||||
Westpac Bank NY | ||||||||
4.644%, 05/06/2008 (a) (b) | 100,000 | 99,964 | ||||||
Total Corporate Notes | ||||||||
(Cost $2,456,968) | 2,456,968 | |||||||
Extendible Floating Rate Corporate Notes (b) – 9.1% | ||||||||
Allstate Global Funding | ||||||||
3.339%, 03/20/2008 (a) | 174,000 | 174,000 | ||||||
Bayerische Landesbank NY | ||||||||
3.195%, 03/24/2008 (a) | 350,000 | 350,005 | ||||||
BNP Paribas NY | ||||||||
3.060%, 05/19/2008 (a) | 100,000 | 100,000 | ||||||
BP Capital Markets | ||||||||
5.066%, 03/11/2008 | 149,000 | 149,000 | ||||||
Commonwealth Bank | ||||||||
4.820%, 04/03/2008 (a) | 59,000 | 59,000 | ||||||
Deutsche Bank | ||||||||
4.753%, 03/25/2008 (a) | 150,000 | 150,000 | ||||||
General Electric Capital Corporation | ||||||||
3.185%, 03/10/2008 (a) | 200,000 | 200,000 | ||||||
3.155%, 03/24/2008 | 100,000 | 100,000 | ||||||
Goldman Sachs | ||||||||
3.331%, 05/01/2008 (a) | 100,000 | 100,000 | ||||||
Metlife Global Funding | ||||||||
3.211%, 03/07/2008 (a) | 85,000 | 85,000 | ||||||
Morgan Stanley Dean Witter | ||||||||
3.271%, 03/15/2008 (a) | 100,000 | 100,000 | ||||||
National Australia Bank | ||||||||
3.306%, 05/11/2008 | 75,000 | 75,000 | ||||||
Pricoa Global Funding | ||||||||
4.118%, 05/13/2008 (a) | 50,000 | 50,000 | ||||||
Wells Fargo | ||||||||
3.201%, 03/15/2008 (a) | 100,000 | 100,000 | ||||||
Westlb AG NY | ||||||||
4.880%, 03/30/2008 (a) | 100,000 | 100,000 | ||||||
Total Extendible Floating Rate Corporate Notes | ||||||||
(Cost $1,892,005) | 1,892,005 | |||||||
Floating Rate Funding Agreements (b) – 3.6% | ||||||||
ING Bank | ||||||||
3.340%, 03/26/2008 | 75,000 | 75,000 | ||||||
ING USA Life | ||||||||
3.199%, 03/19/2008 (c) | 150,000 | 150,000 | ||||||
5.071%, 03/15/2008 (c) | 125,000 | 125,000 | ||||||
Metlife | ||||||||
5.221%, 03/07/2008 (c) | 100,000 | 100,000 | ||||||
Transamerica Occidental | ||||||||
3.334%, 03/02/2008 (c) | 225,000 | 225,000 |
First American Funds 2008 Semiannual Report 9
Schedule of Investments February 29, 2008 (unaudited), all dollars are rounded to thousands (000)
Prime Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | VALUE | ||||||
Travelers Insurance Company | ||||||||
5.221%, 03/10/2008 (c) | $ | 80,000 | $ | 80,000 | ||||
Total Floating Rate Funding Agreements | ||||||||
(Cost $755,000) | 755,000 | |||||||
Structured Notes (a) (b) (c) – 2.9% | ||||||||
Carrera Capital Finance | ||||||||
3.070%, 03/01/2008 | 100,000 | 100,000 | ||||||
3.080%, 03/01/2008 | 100,000 | 100,000 | ||||||
3.080%, 03/01/2008 | 75,000 | 75,000 | ||||||
3.080%, 03/01/2008 | 60,000 | 60,000 | ||||||
3.090%, 03/01/2008 | 100,000 | 100,000 | ||||||
Paragon Mortgages | ||||||||
Series 12A, Class A1 | ||||||||
3.111%, 03/15/2008 | 88,460 | 88,460 | ||||||
Series 13A, Class A1 | ||||||||
3.131%, 03/15/2008 | 66,297 | 66,297 | ||||||
Total Structured Notes | ||||||||
(Cost $589,757) | 589,757 | |||||||
Money Market Fund – 2.7% | ||||||||
STIC Liquid Assets Portfolio | ||||||||
(Cost $551,621) | 551,621,000 | 551,621 | ||||||
Master Notes (b) – 1.9% | ||||||||
Bank of America Securities Master Note | ||||||||
3.205%, 03/01/2008 | $ | 50,000 | 50,000 | |||||
Citigroup Global Markets | ||||||||
3.275%, 03/01/2008 | 350,000 | 350,000 | ||||||
Total Master Notes | ||||||||
(Cost $400,000) | 400,000 | |||||||
U.S. Government Agency Security – 1.0% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
3.645%, 06/13/2008 | ||||||||
(Cost $197,894) | 200,000 | 197,894 | ||||||
Repurchase Agreements – 5.6% | ||||||||
Bank of America | ||||||||
3.205%, dated 02/29/2008, matures 03/03/2008, repurchase price $75,020 (collateralized by Various securities: Total market value $78,750) | 75,000 | 75,000 | ||||||
Goldman Sachs | ||||||||
3.215%, dated 02/29/2008, matures 03/03/2008, repurchase price $150,040 (collateralized by Various securities: Total market value $157,500) | 150,000 | 150,000 | ||||||
Goldman Sachs | ||||||||
3.225%, dated 02/29/2008, matures 03/03/2008, repurchase price $100,027 (collateralized by Various securities: Total market value $105,000) | 100,000 | 100,000 | ||||||
UBS Warburg | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $294,165 (collateralized by Various securities: Total market value $300,007) | 294,121 | 294,121 | ||||||
UBS Warburg | ||||||||
3.235%, dated 02/29/2008, matures 03/03/2008, repurchase price $200,054 (collateralized by Various securities: Total market value $210,002) | 200,000 | 200,000 | ||||||
UBS Warburg | ||||||||
3.050%, dated 02/29/2008, matures 03/03/2008, repurchase price $331,119 (collateralized by Various securities: Total market value $337,657) | 331,035 | 331,035 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,150,156) | 1,150,156 | |||||||
Total Investments – 100.3% | ||||||||
(Cost $20,735,164) | 20,735,164 | |||||||
Other Assets and Liabilities, Net – (0.3)% | (63,399 | ) | ||||||
Total Net Assets – 100.0% | $ | 20,671,765 | ||||||
(a) | Securities sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of February 29, 2008, the value of these investments was $8,267,846 or 40.0% of total net assets. |
(b) | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2008. The date shown is the next reset date. |
(c) | Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2008 the value of these investments was $1,389,757 or 6.7% of total net assets. See note 2 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
10 First American Funds 2008 Semiannual Report
Tax Free Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Municipal Bonds – 97.2% | ||||||||
Alabama – 2.2% | ||||||||
Birmingham Public Educational Building Authority, Student Housing UAB II, Series A (LOC: Regions Bank) | ||||||||
3.151%, 03/07/2008 (a) | 6,000 | 6,000 | ||||||
Infirmary Health Systems Special Care Facilities Financing Authority, Series B (LOC: Regions Bank) | ||||||||
3.092%, 03/07/2008 (a) | 15,000 | 15,000 | ||||||
Mobile Educational Building Authority, Spring Hill College (LOC: Regions Bank) | ||||||||
3.002%, 03/07/2008 (a) | 20,000 | 20,000 | ||||||
Washington County Industrial Development Authority (LOC: Regions Bank) | ||||||||
3.191%, 03/07/2008 (a) | 9,250 | 9,250 | ||||||
50,250 | ||||||||
Arizona – 1.7% | ||||||||
Arizona Health Facilities Authority, The Terraces (LOC: Sovereign Bank) (LOC: Lloyd’s Bank) | ||||||||
2.992%, 03/07/2008 (a) | 2,500 | 2,500 | ||||||
Phoenix Industrial Development Authority (LOC: Wells Fargo Bank) | ||||||||
3.151%, 03/07/2008 (a) | 950 | 950 | ||||||
Phoenix, Series 1873 (General Obligation) | ||||||||
3.401%, 03/07/2008 (a) (b) | 1,300 | 1,300 | ||||||
Phoenix, Series H05 (General Obligation) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 2,565 | 2,565 | ||||||
Pima County Industrial Development Authority, Harvest Preparatory Project (LOC: J.P. Morgan Chase Bank) | ||||||||
2.972%, 03/07/2008 (a) | 8,700 | 8,700 | ||||||
Tempe Industrial Development Authority, Friendship Village, Series C (LOC: Sovereign Bank) (LOC: Fortis Bank) | ||||||||
2.992%, 03/07/2008 (a) | 23,900 | 23,900 | ||||||
39,915 | ||||||||
Arkansas – 0.3% | ||||||||
Little Rock Residential Housing & Public Facilities Board, Pleasant Woods Project (INS: FNMA) | ||||||||
3.161%, 03/07/2008 (a) | 6,390 | 6,390 | ||||||
California – 0.0% | ||||||||
California Infrastucture & Economic Development Bank, Goodwill Industries Orange County (LOC: Wells Fargo Bank) | ||||||||
2.982%, 03/07/2008 (a) | 1,100 | 1,100 | ||||||
Colorado – 3.4% | ||||||||
Colorado Educational & Cultural Facilities, Mesivta L.A. (LOC: Bank of America) | ||||||||
3.181%, 03/07/2008 (a) | 5,000 | 5,000 | ||||||
Colorado Educational & Cultural Facilities, Regis Jesuit High School Project (LOC: Wells Fargo Bank) | ||||||||
3.151%, 03/07/2008 (a) | 1,100 | 1,100 | ||||||
Colorado Health Facilities Authority, Adventist Health, Sunbelt, Series B (LOC: Suntrust Bank) | ||||||||
2.972%, 03/07/2008 (a) | 10,730 | 10,730 | ||||||
Colorado Health Facilities Authority, Bethesda Living Centers, Series A (LOC: LaSalle Bank) | ||||||||
2.992%, 03/07/2008 (a) | 4,945 | 4,945 | ||||||
Colorado Health Facilities Authority, Christian Living Community, Series C-1 (LOC: Sovereign Bank) (LOC: Citibank) | ||||||||
2.992%, 03/07/2008 (a) | 7,000 | 7,000 | ||||||
Colorado Health Facilities Authority, Covenant Retirement, Series A (LOC: LaSalle Bank) | ||||||||
3.141%, 03/07/2008 (a) | 3,600 | 3,600 | ||||||
Colorado Health Facilities Authority, Evangelical (LOC: Allied Irish Bank, PLC) | ||||||||
3.032%, 03/07/2008 (a) | 5,300 | 5,300 | ||||||
Colorado Springs Fine Arts Center Project (LOC: Wells Fargo Bank) | ||||||||
3.151%, 03/07/2008 (a) | 1,200 | 1,200 | ||||||
Colorado State Educational Loan Program | ||||||||
3.250%, 08/05/2008 | 40,000 | 40,060 | ||||||
78,935 | ||||||||
Delaware – 0.2% | ||||||||
Delaware State Economic Development Authority, Hospital Billing, Series A (LOC: J.P. Morgan Chase Bank) | ||||||||
3.191%, 03/07/2008 (a) | 5,000 | 5,000 | ||||||
District of Columbia – 0.7% | ||||||||
District of Columbia, American Educational Research (LOC: Wachovia Bank) | ||||||||
3.391%, 03/07/2008 (a) | 7,350 | 7,350 | ||||||
District of Columbia, American Society, Series A (LOC: Wachovia Bank) | ||||||||
3.371%, 03/07/2008 (a) | 10,000 | 10,000 | ||||||
17,350 | ||||||||
Florida – 7.3% | ||||||||
Hillsborough Community College (LOC: Bank of America) | ||||||||
3.371%, 03/07/2008 (a) | 17,300 | 17,300 | ||||||
JEA District Energy System, Series A (LOC: State Street B&T) | ||||||||
2.962%, 03/07/2008 (a) | 2,100 | 2,100 | ||||||
Miami-Dade County Development Authority, Gulliver School Project (LOC: Bank of America) | ||||||||
3.012%, 03/07/2008 (a) | 3,350 | 3,350 | ||||||
Orange County Health Facilities Authority, Adventist Health Systems, Sunbelt (LOC: Suntrust Bank) | ||||||||
2.972%, 03/07/2008 (a) | 44,900 | 44,900 | ||||||
Palm Beach County, Jewish Community Campus (LOC: Northern Trust) | ||||||||
2.882%, 03/07/2008 (a) | 1,500 | 1,500 | ||||||
Palm Beach County Health (Commercial Paper) | ||||||||
0.800%, 10/09/2008 | 19,800 | 19,800 | ||||||
0.800%, 10/09/2008 | 40,000 | 40,000 | ||||||
Seminole County Industrial Development Authority, Masters Academy Project (LOC: Allied Irish Bank, PLC) | ||||||||
2.992%, 03/07/2008 (a) | 2,985 | 2,985 | ||||||
St. Petersburg Health Facilities Authority, Menorah Manor Project (LOC: Suntrust Bank) | ||||||||
3.092%, 03/07/2008 (a) | 6,715 | 6,715 | ||||||
Tampa Prep School Project (LOC: Suntrust Bank) | ||||||||
2.972%, 03/07/2008 (a) | 15,280 | 15,280 | ||||||
Temple Terrace, Lifepath Hospice Project (LOC: Suntrust Bank) | ||||||||
3.241%, 03/07/2008 (a) | 5,800 | 5,800 |
First American Funds 2008 Semiannual Report 11
Schedule of Investments February 29, 2008 (unaudited), all dollars are rounded to thousands (000)
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
UCF Health Facilities, Health Sciences Campus (LOC: Fifth Third Bank) | ||||||||
3.191%, 03/07/2008 (a) | $ | 10,000 | $ | 10,000 | ||||
169,730 | ||||||||
Georgia – 4.1% | ||||||||
Fayette County Development Authority, Catholic School Properties (LOC: Wachovia Bank) | ||||||||
3.351%, 03/07/2008 (a) | 9,960 | 9,960 | ||||||
Fulton County Development Authority, Catholic Education, North Georgia (LOC: Wachovia Bank) | ||||||||
3.371%, 03/07/2008 (a) | 14,170 | 14,170 | ||||||
Fulton County Development Authority, Metro Atlanta YMCA (LOC: Wachovia Bank) | ||||||||
3.371%, 03/07/2008 (a) | 7,355 | 7,355 | ||||||
Fulton County Development Authority, Pace Academy Project (LOC: Bank of America) | ||||||||
2.992%, 03/07/2008 (a) | 1,725 | 1,725 | ||||||
Gordon County Hospital Authority, Adventist Health Systems, Series A (LOC: Suntrust Bank) | ||||||||
2.972%, 03/07/2008 (a) | 1,100 | 1,100 | ||||||
La Grange Development Authority, La Grange College Project (LOC: Suntrust Bank) | ||||||||
3.341%, 03/07/2008 (a) | 25,950 | 25,950 | ||||||
3.241%, 03/07/2008 (a) | 25,010 | 25,010 | ||||||
Thomasville Hospital Authority, J.D. Archbold (LOC: Suntrust Bank) | ||||||||
3.241%, 03/07/2008 (a) (b) | 9,550 | 9,550 | ||||||
94,820 | ||||||||
Idaho – 0.1% | ||||||||
Boise Urban Renewal Agency, Capital City (LOC: Bank of America) | ||||||||
3.161%, 03/07/2008 (a) | 3,340 | 3,340 | ||||||
Illinois – 9.8% | ||||||||
Aurora Economic Development, Aurora Christian School (LOC: Fifth Third Bank) | ||||||||
2.972%, 03/07/2008 (a) | 5,660 | 5,660 | ||||||
Aurora Economic Development, Aurora Christian School, Series B (LOC: Fifth Third Bank) | ||||||||
3.181%, 03/07/2008 (a) | 2,600 | 2,600 | ||||||
Cook County, Catholic Theological University Project (LOC: Harris Trust & Savings) | ||||||||
3.002%, 03/07/2008 (a) | 13,400 | 13,400 | ||||||
Illinois Development Finance Authority (LOC: Northern Trust) | ||||||||
3.181%, 03/07/2008 (a) | 3,500 | 3,500 | ||||||
Illinois Development Finance Authority (LOC: Northern Trust) (LOC: Harris Trust & Savings) (LOC: Bank One) | ||||||||
3.191%, 03/07/2008 (a) | 2,500 | 2,500 | ||||||
Illinois Development Finance Authority, Aurora (LOC: Allied Irish Bank, PLC) | ||||||||
3.251%, 03/07/2008 (a) | 6,740 | 6,740 | ||||||
Illinois Development Finance Authority, Chinese American Service Project (LOC: LaSalle Bank) | ||||||||
2.992%, 03/07/2008 (a) | 4,125 | 4,125 | ||||||
Illinois Development Finance Authority, Lake Forest (LOC: Northern Trust) | ||||||||
3.002%, 03/07/2008 (a) | 6,255 | 6,255 | ||||||
Illinois Development Finance Authority, Solomon Schecter Day Schools (LOC: LaSalle Bank) | ||||||||
2.992%, 03/07/2008 (a) | 4,850 | 4,850 | ||||||
Illinois Development Finance Authority, St. Paul’s House Project (LOC: LaSalle Bank) | ||||||||
3.022%, 03/07/2008 (a) | 4,915 | 4,915 | ||||||
Illinois Development Finance Authority, United Way/Crusade Mercy (LOC: LaSalle Bank) | ||||||||
2.992%, 03/07/2008 (a) | 3,550 | 3,550 | ||||||
Illinois Educational Facilities Authority, Field Museum (LOC: Northern Trust) | ||||||||
3.200%, 03/07/2008 (a) (b) | 7,800 | 7,800 | ||||||
Illinois Finance Authority, Kohl Children’s Museum (LOC: Fifth Third Bank) | ||||||||
3.002%, 03/07/2008 (a) | 6,840 | 6,840 | ||||||
Illinois Finance Authority, Loyola University Health Systems, Series B (LOC: Harris Bank) | ||||||||
2.972%, 03/07/2008 (a) | 15,000 | 15,000 | ||||||
Illinois Finance Authority, Luther Oaks, Series C (LOC: Fifth Third Bank) | ||||||||
2.982%, 03/07/2008 (a) | 6,500 | 6,500 | ||||||
Illinois Finance Authority, Merit School of Music Project (LOC: LaSalle Bank) | ||||||||
2.992%, 03/07/2008 (a) | 3,200 | 3,200 | ||||||
Illinois Finance Authority, North Park University Project (LOC: J.P. Morgan Chase Bank) | ||||||||
3.250%, 03/07/2008 (a) | 13,000 | 13,000 | ||||||
Illinois Finance Authority, Northwestern University, Series B | ||||||||
3.191%, 03/07/2008 (a) | 41,655 | 41,655 | ||||||
Illinois Finance Authority, Rest Haven Christian, Series B (LOC: Sovereign Bank) (LOC: KBC Bank) | ||||||||
2.992%, 03/07/2008 (a) | 21,470 | 21,470 | ||||||
Illinois Finance Authority, Rest Haven Christian, Series C (LOC: Sovereign Bank) (LOC: KBC Bank) | ||||||||
2.992%, 03/07/2008 (a) | 6,890 | 6,890 | ||||||
Illinois Health Facilities, Lutheran Home and Services (LOC: Fifth Third Bank) | ||||||||
3.251%, 03/07/2008 (a) | 13,000 | 13,000 | ||||||
Illinois Health Facilities, Lutheran Home and Services Project (LOC: Allied Irish Bank, PLC) | ||||||||
2.992%, 03/07/2008 (a) | 12,635 | 12,635 | ||||||
Illinois Health Facilities, Series B (LOC: LaSalle Bank) | ||||||||
2.982%, 03/07/2008 (a) | 9,335 | 9,335 | ||||||
Northern Cook County Solid Waste Agency (LOC: Northern Trust) | ||||||||
3.032%, 03/07/2008 (a) | 4,700 | 4,700 | ||||||
Yorkville, MPI Grande Project (LOC: LaSalle Bank) | ||||||||
2.992%, 03/07/2008 (a) | 9,205 | 9,205 | ||||||
229,325 | ||||||||
Indiana – 5.2% | ||||||||
Evansville Economic Development, Good Samaritan Home (LOC: Fifth Third Bank) | ||||||||
3.201%, 03/07/2008 (a) | 6,250 | 6,250 | ||||||
Fort Wayne Industries Economic Development, Lutheran Homes Project (LOC: Fifth Third Bank) | ||||||||
3.251%, 03/07/2008 (a) | 4,715 | 4,715 | ||||||
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series A (LOC: Harris Bank) | ||||||||
2.972%, 03/07/2008 (a) | 7,465 | 7,465 |
The accompanying notes are an integral part of the financial statements.
12 First American Funds 2008 Semiannual Report
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Indiana Health & Educational Facilities Financing Authority, Community Village, Hartsfield, Series B (LOC: Harris Bank) | ||||||||
2.972%, 03/07/2008 (a) | $ | 10,385 | $ | 10,385 | ||||
Indiana Health Facilities Financing Authority, Bethesda Living Center, Series B (LOC: LaSalle Bank) | ||||||||
2.992%, 03/07/2008 (a) | 4,725 | 4,725 | ||||||
Indiana Health Facilities Financing Authority, Major Hospital Project (LOC: J.P. Morgan Chase Bank) | ||||||||
3.042%, 03/07/2008 (a) | 15,700 | 15,700 | ||||||
Indiana Health Facilities Financing Authority, Westview Hospital (LOC: Fifth Third Bank) | ||||||||
3.191%, 03/07/2008 (a) | 11,040 | 11,040 | ||||||
Indianapolis Local Public Improvement Bond Bank, Series 2007-J1 | ||||||||
2.900%, 07/01/2008 | 15,000 | 15,000 | ||||||
Indianapolis Local Public Improvement Bond Bank, Series 2007-J2 | ||||||||
2.950%, 01/08/2009 | 45,000 | 45,000 | ||||||
120,280 | ||||||||
Iowa – 1.3% | ||||||||
Iowa Financial Authority, Health Care Facilities, Unity Healthcare (LOC: Bank of America) | ||||||||
3.181%, 03/07/2008 (a) | 14,505 | 14,505 | ||||||
Iowa Financial Authority, Regional Blood Center (LOC: Wells Fargo Bank) | ||||||||
3.151%, 03/07/2008 (a) | 930 | 930 | ||||||
Iowa Financial Authority, Wesley Retirement Services (LOC: Wells Fargo Bank) | ||||||||
2.972%, 03/07/2008 (a) | 8,670 | 8,670 | ||||||
Iowa Financial Retirement Authority, Wesley Retirement Services (LOC: Wells Fargo Bank) | ||||||||
2.972%, 03/07/2008 (a) | 6,000 | 6,000 | ||||||
30,105 | ||||||||
Kansas – 0.4% | ||||||||
Prairie Village Revenue, Claridge Court (LOC: LaSalle Bank) | ||||||||
2.982%, 03/07/2008 (a) | 8,285 | 8,285 | ||||||
Kentucky – 0.1% | ||||||||
Kentucky Economic Development Finance Authority, Catholic Health, Series A | ||||||||
5.375%, 06/01/2008 | 2,965 | 3,019 | ||||||
Louisiana – 3.1% | ||||||||
Louisiana Public Facilities Authority (LOC: J.P. Morgan Chase Bank) | ||||||||
3.151%, 03/07/2008 (a) | 8,110 | 8,110 | ||||||
Louisiana Public Facilities Authority, Diocese Houma-Thibodaux Project (LOC: Allied Irish Bank, PLC) | ||||||||
3.002%, 03/07/2008 (a) | 5,900 | 5,900 | ||||||
Louisiana Public Facilities Authority, Tiger Athletic Foundation Project (LOC: Regions Bank) | ||||||||
3.022%, 03/07/2008 (a) | 42,115 | 42,115 | ||||||
3.141%, 03/07/2008 (a) | 6,075 | 6,075 | ||||||
St. James Parish Pollution Control (LOC: Bayerische Landesbank) | ||||||||
3.000%, 03/07/2008 (a) | 10,085 | 10,085 | ||||||
72,285 | ||||||||
Maryland – 0.5% | ||||||||
Maryland State Health & Higher Educational Facilities Authority, Series A (LOC: Branch Banking & Trust) (SPA: Branch Banking & Trust) | ||||||||
2.992%, 03/07/2008 (a) | 11,030 | 11,030 | ||||||
Massachusetts – 2.6% | ||||||||
Massachusetts State Development Finance Agency, Judge Rotenburg Center (LOC: Fleet Bank) | ||||||||
2.992%, 03/07/2008 (a) | 5,435 | 5,435 | ||||||
Massachusetts State, Series C (General Obligation) (SPA: State Street B&T) | ||||||||
3.241%, 03/07/2008 (a) | 56,000 | 56,000 | ||||||
61,435 | ||||||||
Michigan – 3.2% | ||||||||
Grand Rapids Economic Development Corporation, St. Dominic Project (LOC: Allied Irish Bank, PLC) | ||||||||
3.201%, 03/07/2008 (a) | 11,400 | 11,400 | ||||||
Kalamazoo Economic Development, Friendship Village (LOC: Fifth Third Bank) | ||||||||
3.002%, 03/07/2008 (a) | 9,015 | 9,015 | ||||||
Michigan Higher Educational Facilities Authority, Albion College (LOC: J.P. Morgan Chase Bank) | ||||||||
2.992%, 03/07/2008 (a) | 39,300 | 39,300 | ||||||
Michigan Municipal Bond Authority Revenue, Series B-2 (LOC: Scotia Bank) | ||||||||
4.500%, 08/20/2008 | 6,300 | 6,323 | ||||||
Michigan State Hospital Finance Authority, Henry Ford Health, Series B (LOC: Landesbank Hessen-THRGN) | ||||||||
2.962%, 03/07/2008 (a) | 1,280 | 1,280 | ||||||
State of Michigan Strategic Fund, Father Gabriel High School Project (LOC: Allied Irish Bank, PLC) | ||||||||
2.992%, 03/07/2008 (a) | 8,250 | 8,250 | ||||||
75,568 | ||||||||
Minnesota – 1.0% | ||||||||
Eden Prairie, Multifamily Housing Authority | ||||||||
3.181%, 03/07/2008 (a) | 14,505 | 14,505 | ||||||
Oak Park Heights Multi-Family, Boutwells Landing (INS: FHLMC) | ||||||||
3.191%, 03/07/2008 (a) | 8,700 | 8,700 | ||||||
23,205 | ||||||||
Mississippi – 0.3% | ||||||||
Mississippi Business Finance, Memphis & Mid-South YMCA (LOC: Wachovia Bank) | ||||||||
3.391%, 03/07/2008 (a) | 6,475 | 6,475 | ||||||
Missouri – 1.0% | ||||||||
Jackson County Industrial Development Authority, YMCA Greater Kansas City (LOC: Bank of America) | ||||||||
3.042%, 03/07/2008 (a) | 7,100 | 7,100 | ||||||
Kansas City Industrial Development Authority, Bethesda Living Center, Series A (LOC: LaSalle Bank) (GTY: Bethesda Associate) | ||||||||
2.992%, 03/07/2008 (a) | 8,940 | 8,940 | ||||||
Missouri State Health & Educational Facilities (LOC: Bank One) | ||||||||
3.092%, 03/07/2008 (a) | 6,765 | 6,765 | ||||||
22,805 | ||||||||
First American Funds 2008 Semiannual Report 13
Schedule of Investments February 29, 2008 (unaudited), all dollars are rounded to thousands (000)
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Montana – 0.4% | ||||||||
Forsyth Pollution Control, Pacificorp Project (LOC: BNP Paribas Bank) | ||||||||
3.989%, 03/01/2008 (a) | $ | 60 | $ | 60 | ||||
Richland County Hospital, Sidney Health Center, Series A (LOC: Allied Irish Bank, PLC) | ||||||||
3.201%, 03/07/2008 (a) | 9,685 | 9,685 | ||||||
9,745 | ||||||||
Nevada – 0.4% | ||||||||
Nevada State Municipal Bond Bank, Projects 65 & R6 (General Obligation) | ||||||||
5.250%, 05/15/2008 | 8,260 | 8,333 | ||||||
New Jersey – 2.3% | ||||||||
Hudson County Improvement Authority (LOC: Bank of New York) | ||||||||
2.932%, 03/07/2008 (a) | 13,735 | 13,735 | ||||||
New Jersey Economic Development Authority, Cedar Crest Village, Series A (LOC: Sovereign Bank) (LOC: Bank of New York) | ||||||||
2.992%, 03/07/2008 (a) | 17,720 | 17,720 | ||||||
New Jersey Economic Development Authority, Cedar Crest Village, Series B (LOC: Sovereign Bank) (LOC: Bank of New York) | ||||||||
2.992%, 03/07/2008 (a) | 23,000 | 23,000 | ||||||
54,455 | ||||||||
New York – 1.2% | ||||||||
New York State Dormitory Authority, Beverwyck (LOC: Fleet Bank) | ||||||||
2.992%, 03/07/2008 (a) | 1,000 | 1,000 | ||||||
New York State Government Assistance, Series G (LOC: Bank of Nova Scotia) | ||||||||
2.872%, 03/07/2008 (a) | 4,600 | 4,600 | ||||||
Oneida County Industrial Development Agency, Preswick Glen Civic Facility (LOC: Sovereign Bank) (LOC: Lloyds TSB Bank) | ||||||||
2.942%, 03/07/2008 (a) | 5,000 | 5,000 | ||||||
Westchester County Industrial Development Agency, Continuing Care Retirement (LOC: Sovereign Bank) (LOC: Natixis Bank) | ||||||||
2.942%, 03/07/2008 (a) | 17,500 | 17,500 | ||||||
28,100 | ||||||||
North Carolina – 2.7% | ||||||||
North Carolina Medical Care Community Health Care Facilities, Angel Medical Center (LOC: Wachovia Bank) | ||||||||
3.371%, 03/07/2008 (a) | 4,345 | 4,345 | ||||||
North Carolina Medical Care Community Health Care Facilities, Carolina Meadows (LOC: Allied Irish Bank, PLC) | ||||||||
3.002%, 03/07/2008 (a) | 15,535 | 15,535 | ||||||
North Carolina Medical Care Community Health Care Facilities, Pennybyrn, Series C (LOC: Bank of America) | ||||||||
2.972%, 03/07/2008 (a) | 23,200 | 23,200 | ||||||
North Carolina Student Housing, Fayetteville University (LOC: Wachovia Bank) | ||||||||
3.371%, 03/07/2008 (a) | 9,260 | 9,260 | ||||||
North Carolina Student Housing, NCCU Real Estate, Series A (LOC: Wachovia Bank) | ||||||||
3.351%, 03/07/2008 (a) | 9,680 | 9,680 | ||||||
62,020 | ||||||||
North Dakota – 0.2% | ||||||||
Mercer County Pollution Control (LOC: LaSalle Bank) | ||||||||
3.092%, 03/07/2008 (a) | 3,600 | 3,600 | ||||||
Ohio – 4.0% | ||||||||
Akron, Bath, and Copley, Summa Health Systems, Series B (LOC: Bank One) | ||||||||
3.062%, 03/07/2008 (a) | 6,005 | 6,005 | ||||||
Cleveland-Cuyahoga County Port Authority (LOC: Fifth Third Bank) | ||||||||
3.191%, 03/07/2008 (a) | 2,425 | 2,425 | ||||||
Dayton-Montgomery County, Caresource Project, Series A (LOC: Fifth Third Bank) | ||||||||
3.191%, 03/07/2008 (a) | 11,000 | 11,000 | ||||||
Franklin County Health Care Facilities, Mother Angeline McCrory Project (LOC: Allied Irish Bank, PLC) | ||||||||
3.201%, 03/07/2008 (a) | 16,150 | 16,150 | ||||||
Franklin County Health Care Facilities, Wesley Glen, Series A (LOC: Fifth Third Bank) | ||||||||
3.171%, 03/07/2008 (a) | 3,960 | 3,960 | ||||||
Franklin County Health Care Facilities, Wesley Glen, Series B (LOC: Fifth Third Bank) | ||||||||
3.171%, 03/07/2008 (a) | 2,120 | 2,120 | ||||||
Franklin County Health Care Facilities, Wesley Ridge Residence, Series C (LOC: Fifth Third Bank) | ||||||||
3.171%, 03/07/2008 (a) | 10,200 | 10,200 | ||||||
Logan County Health Care Facilities (LOC: Fifth Third Bank) | ||||||||
3.201%, 03/07/2008 (a) | 10,015 | 10,015 | ||||||
Middleburg Heights Hospital Improvement Revenue (LOC: Fifth Third Bank) | ||||||||
3.062%, 03/07/2008 (a) | 2,845 | 2,845 | ||||||
Ohio State, Series 1925 (General Obligation) | ||||||||
3.401%, 03/07/2008 (a) (b) | 2,575 | 2,575 | ||||||
Ohio State Water Development Authority, Pollution Control Facilities, Series B (LOC: Wachovia Bank) | ||||||||
2.962%, 03/07/2008 (a) | 3,000 | 3,000 | ||||||
Pike County Health Care Facilities, Hill View (LOC: Fifth Third Bank) | ||||||||
2.972%, 03/07/2008 (a) | 8,180 | 8,180 | ||||||
Rickenbacker Port Authority Capital Funding | ||||||||
3.211%, 03/07/2008 (a) (b) | 6,560 | 6,560 | ||||||
Toledo-Lucas County Port Authority, Series C (LOC: Sovereign Bank) (LOC: Bank of Nova Scotia) | ||||||||
2.972%, 03/07/2008 (a) | 9,075 | 9,075 | ||||||
94,110 | ||||||||
Oklahoma – 0.1% | ||||||||
Oklahoma State Industrials Authority Revenue, American Cancer Society Project (LOC: Bank of America) | ||||||||
3.042%, 03/07/2008 (a) | 2,520 | 2,520 | ||||||
Oregon – 3.0% | ||||||||
Clackamas County Hospital Facilities, Senior Living Facility, Mary’s Woods (LOC: Sovereign Bank) (LOC: KBC Bank) | ||||||||
2.992%, 03/07/2008 (a) | 20,995 | 20,995 | ||||||
Oregon State, Series A (General Obligation) | ||||||||
4.500%, 06/30/2008 | 50,000 | 50,139 | ||||||
71,134 | ||||||||
The accompanying notes are an integral part of the financial statements.
14 First American Funds 2008 Semiannual Report
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Pennsylvania – 7.7% | ||||||||
Beaver County Industrial Development Authority Pollution Control, FirstEnergy Nuclear, Series B (LOC: Wachovia Bank) | ||||||||
2.962%, 03/07/2008 (a) | $ | 30,000 | $ | 30,000 | ||||
Chester County Health & Educational Facilities Retirement Community, Kendal Crosslands Project (LOC: Allied Irish Bank, PLC) | ||||||||
3.002%, 03/07/2008 (a) | 22,555 | 22,555 | ||||||
Cumberland County Municipal Authority, Asbury Obligated Group (LOC: KBC Bank) | ||||||||
2.992%, 03/07/2008 (a) | 20,000 | 20,000 | ||||||
Delaware County Revenue Authority, Riddle Village Project (LOC: Sovereign Bank) (LOC: Lloyds TSB Bank) | ||||||||
2.972%, 03/07/2008 (a) | 33,700 | 33,700 | ||||||
Delaware County Revenue Authority, Riddle Village Project, Series A (LOC: Sovereign Bank) (LOC: Lloyds TSB Bank) | ||||||||
2.972%, 03/07/2008 (a) | 8,110 | 8,110 | ||||||
Delaware Valley Regional Financial Authority, Series D (LOC: Bayerische Landesbank) | ||||||||
2.842%, 03/07/2008 (a) | 15,500 | 15,500 | ||||||
Lebanon County Health Facilities, Health Center, United Church of Christ (LOC: Wachovia Bank) | ||||||||
3.351%, 03/07/2008 (a) | 9,025 | 9,025 | ||||||
Lehigh County General Purpose (GTY: Citibank) | ||||||||
3.211%, 03/07/2008 (a) (b) | 15,965 | 15,965 | ||||||
Lehigh County General Purpose, Phoebe Devitt Homes, Series B (LOC: Sovereign Bank) (LOC: Scotia Bank) | ||||||||
2.972%, 03/07/2008 (a) | 3,455 | 3,455 | ||||||
Luzerne County Convention Center, Series A (LOC: Wachovia Bank) | ||||||||
3.371%, 03/07/2008 (a) | 1,285 | 1,285 | ||||||
Pennsylvania State, Series 11056 (General Obligation) | ||||||||
3.050%, 03/13/2008 (a) (b) | 3,775 | 3,775 | ||||||
Philadelphia Industrial Development Authority, Chestnut Hill Academy (LOC: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) | 2,500 | 2,500 | ||||||
Philadelphia Industrial Development Authority, Girard Estate Aramark (LOC: J.P. Morgan Chase Bank) | ||||||||
3.391%, 03/07/2008 (a) | 3,600 | 3,600 | ||||||
Westmoreland County Industrial Development, Redstone Retirement, Series B (LOC: Sovereign Bank) (LOC: Scotia Bank) | ||||||||
2.982%, 03/07/2008 (a) | 11,000 | 11,000 | ||||||
180,470 | ||||||||
Rhode Island – 0.5% | ||||||||
Rhode Island Health & Education Revenue, Jewish Services Agency (LOC: Sovereign Bank) (LOC: Bank of New York) | ||||||||
2.972%, 03/07/2008 (a) | 11,285 | 11,285 | ||||||
South Carolina – 1.0% | ||||||||
2.992%, 03/07/2008 (a) | 6,500 | 6,500 | ||||||
2.992%, 03/07/2008 (a) | 2,500 | 2,500 | ||||||
South Carolina State Highway, Series B (General Obligation) | ||||||||
5.500%, 04/01/2008 | 14,515 | 14,571 | ||||||
23,571 | ||||||||
Tennessee – 0.9% | ||||||||
Dayton Industrial Development Board Educational Facilities, Bryan College Dormitory Project (LOC: Regions Bank) | ||||||||
3.191%, 03/07/2008 (a) | 4,000 | 4,000 | ||||||
Jefferson City Health & Educational Facilities, Carson Newman College (LOC: Suntrust Bank) | ||||||||
3.241%, 03/07/2008 (a) | 7,000 | 7,000 | ||||||
Met Government Nashville & Davidson (LOC: Societe Generale) | ||||||||
3.201%, 03/07/2008 (a) (b) | 7,035 | 7,035 | ||||||
Rutherford County Industrial Development – Square D Company (LOC: Societe Generale) | ||||||||
3.441%, 03/07/2008 (a) | 4,100 | 4,100 | ||||||
22,135 | ||||||||
Texas – 12.4% | ||||||||
ABN AMRO Munitops Certificates Trust, Series 2002-8 (INS: PSF-Guaranteed) (SPA: ABN AMRO Bank) | ||||||||
3.770%, 05/17/2008 (a) (b) (c) | 11,390 | 11,390 | ||||||
ABN AMRO Munitops Certificates Trust, Series 2006-70 (INS: PSF-Guaranteed) (SPA: ABN AMRO Bank) | ||||||||
3.770%, 05/17/2008 (a) (b) (c) | 6,995 | 6,995 | ||||||
Alamo Heights Independent School District, Series 980 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 13,080 | 13,080 | ||||||
Aldine Independent School District (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.181%, 03/07/2008 (a) (b) | 5,710 | 5,710 | ||||||
Allen Independent School District, Series D33 (General Obligation) (INS: PSF-Guaranteed) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 5,635 | 5,635 | ||||||
Boerne Independent School District #D46 (General Obligation) (INS: PSF-Guaranteed) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 5,295 | 5,295 | ||||||
Brownsville Independent School District, Series 1059-B (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 6,705 | 6,705 | ||||||
Brownsville Independent School District, Series D79 (General Obligation) (INS: PSF-Guaranteed) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 3,810 | 3,810 | ||||||
Crawford Educational Facilities, Prince Peace Christian School (LOC: Wachovia Bank) | ||||||||
2.982%, 03/07/2008 (a) | 5,530 | 5,530 | ||||||
Cypress-Fairbanks Independent School District, Series 2521 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 1,910 | 1,910 | ||||||
Cypress-Fairbanks Independent School District, Series 2538 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 1,730 | 1,730 | ||||||
Dallas Waterworks & Sewer System | ||||||||
3.190%, 03/07/2008 (a) (b) | 17,985 | 17,985 | ||||||
Denton Independent School District (General Obligation) (INS: PSF-Guaranteed) (SPA: Westdeutsche Landesbank) | ||||||||
3.000%, 08/01/2008 | 13,400 | 13,400 |
First American Funds 2008 Semiannual Report 15
Schedule of Investments February 29, 2008 (unaudited), all dollars are rounded to thousands (000)
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Dickinson Independent School District, Series 1517B (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | $ | 1,995 | $ | 1,995 | ||||
Ector County Independent School District, Series 1707 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 10,520 | 10,520 | ||||||
Ector County Independent School District, Series 1708 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 1,110 | 1,110 | ||||||
Georgetown Health Facilities Development, Retirement Facilities, Wesleyan Homes (LOC: Regions Bank) | ||||||||
3.092%, 03/07/2008 (a) | 4,000 | 4,000 | ||||||
Harris County Health Facilities Development, Seven Acres Jewish Senior Care (LOC: J.P. Morgan Chase Bank) | ||||||||
3.201%, 03/07/2008 (a) | 18,605 | 18,605 | ||||||
HFDC Central Texas, Retirement Facility Revenue, Series B (LOC: BNP Paribas) | ||||||||
2.982%, 03/07/2008 (a) | 10,000 | 10,000 | ||||||
HFDC Central Texas, Village De San Antonio, Series C (LOC: Sovereign Bank) (LOC: KBC Bank) | ||||||||
3.002%, 03/07/2008 (a) | 5,200 | 5,200 | ||||||
Houston Higher Education Revenue, Series 1865 | ||||||||
3.401%, 03/07/2008 (a) (b) | 9,235 | 9,235 | ||||||
Houston Independent School District, Series 1078B (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 5,725 | 5,725 | ||||||
Katy Independent School District (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.181%, 03/07/2008 (a) (b) | 6,185 | 6,185 | ||||||
Lake Travis Independent School District, Series 1882 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 5,285 | 5,285 | ||||||
Lewisville Independent School District, Series 1441 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 8,335 | 8,335 | ||||||
Lewisville Independent School District, Series D-34 (General Obligation) (INS: PSF-Guaranteed) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 3,970 | 3,970 | ||||||
Mansfield Independent School District, Series 1332 (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 4,290 | 4,290 | ||||||
Midland County Health Facilities, Manor Park Project (LOC: Wells Fargo Bank) | ||||||||
3.201%, 03/07/2008 (a) | 16,875 | 16,875 | ||||||
Northside Independent School District, Series BR03 (General Obligation) (INS: PSF-Guaranteed) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 2,995 | 2,995 | ||||||
Northwest Independent School District, Series D80 (General Obligation) (INS: PSF-Guaranteed) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 4,340 | 4,340 | ||||||
San Antonio Electric & Gas, Series D65 (SPA: Wachovia Bank) | ||||||||
3.400%, 03/07/2008 (a) (b) | 3,135 | 3,135 | ||||||
San Antonio, Series D71 (General Obligation) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 2,995 | 2,995 | ||||||
San Antonio, Series D85 (General Obligation) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 2,795 | 2,795 | ||||||
Schertz-Cibolo Independent School District, Series D61 (General Obligation) (INS: PSF-Guaranteed) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 4,995 | 4,995 | ||||||
Socorro Independent School District (General Obligation) (INS: PSF-Guaranteed) | ||||||||
3.181%, 03/07/2008 (a) (b) | 1,860 | 1,860 | ||||||
Spring Branch Independent School District, Series 1899 (INS: PSF-Guaranteed) | ||||||||
3.401%, 03/07/2008 (a) (b) | 5,000 | 5,000 | ||||||
Texas A&M University | ||||||||
5.000%, 05/15/2008 | 4,520 | 4,541 | ||||||
Texas State Revenue Anticipation Notes (General Obligation) | ||||||||
4.488%, 08/28/2008 | 39,075 | 39,485 | ||||||
Texas, Series 2481 (General Obligation) | ||||||||
3.401%, 03/07/2008 (a) (b) | 2,200 | 2,200 | ||||||
Travis County Housing Financing, Student Housing, College Houses Project (LOC: Wachovia Bank) | ||||||||
3.141%, 03/07/2008 (a) | 5,425 | 5,425 | ||||||
290,271 | ||||||||
Virginia – 3.8% | ||||||||
Fairfax County Economic Development Authority, The Lorton Arts Foundation (LOC: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) | 14,000 | 14,000 | ||||||
Fairfax County Redevelopment & Housing Authority, Affordable Housing, Series B (INS: County Guaranteed) | ||||||||
3.625%, 10/09/2008 | 49,485 | 49,580 | ||||||
Harrisonburg Industrial Development Authority, Series A (LOC: Sovereign Bank) (LOC: Citibank) | ||||||||
2.982%, 03/07/2008 (a) | 18,545 | 18,545 | ||||||
Prince Williams County Facilities, Series B (Certificate of Participation) (LOC: Wachovia Bank) | ||||||||
3.500%, 03/07/2008 (a) | 6,725 | 6,725 | ||||||
88,850 | ||||||||
Washington – 3.0% | ||||||||
Washington State (General Obligation) | ||||||||
3.201%, 03/07/2008 (a) (b) | 2,800 | 2,800 | ||||||
Washington State Housing Financial Nonprofit Revenue, Judson Park Project (LOC: Sovereign Bank) (LOC: KBC Bank) | �� | |||||||
3.002%, 03/07/2008 (a) | 16,210 | 16,210 | ||||||
Washington State Housing Financial Nonprofit Revenue, Kenney Home Project (LOC: Wells Fargo Bank) | ||||||||
2.972%, 03/07/2008 (a) | 17,620 | 17,620 | ||||||
Washington State Housing Financial Nonprofit Revenue, Open Window School Project (LOC: Bank of America) | ||||||||
2.294%, 03/07/2008 (a) | 6,020 | 6,020 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds 2008 Semiannual Report
Tax Free Obligations Fund (continued) | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Washington State Housing Financial Nonprofit Revenue, Skyline at First Hill Project, Series C (LOC: Bank of America) | ||||||||
2.972%, 03/07/2008 (a) | $ | 1,000 | $ | 1,000 | ||||
Washington State Public Power Supply, Nuclear Project #3, Series 3A-3 (LOC: Morgan Guaranty Trust) | ||||||||
2.972%, 03/07/2008 (a) | 14,500 | 14,500 | ||||||
Washington State, Series 2465 (General Obligation) | ||||||||
3.401%, 03/07/2008 (a) (b) | 5,800 | 5,800 | ||||||
Washington State, Series 2480 (General Obligation) | ||||||||
3.401%, 03/07/2008 (a) (b) | 1,225 | 1,225 | ||||||
Washington State, Series 2519 (General Obligation) | ||||||||
3.401%, 03/07/2008 (a) (b) | 3,195 | 3,195 | ||||||
Washington State, Series D31 (General Obligation) (SPA: Wachovia Bank) | ||||||||
3.341%, 03/07/2008 (a) (b) | 2,700 | 2,700 | ||||||
71,070 | ||||||||
West Virginia – 0.4% | ||||||||
Monongalia County, Trinity Christian School (LOC: Fifth Third Bank) | ||||||||
2.972%, 03/07/2008 (a) | 8,815 | 8,815 | ||||||
West Virginia State Hospital Financing Authority, Pallottine Health, Series A1 (LOC: Fifth Third Bank) | ||||||||
3.151%, 03/07/2008 (a) | 125 | 125 | ||||||
8,940 | ||||||||
Wisconsin – 4.7% | ||||||||
City of Milwaukee (Commercial Paper) | ||||||||
0.000%, 10/09/2008 | 6,000 | 6,000 | ||||||
Wisconsin State Health & Educational Facilities, Aurora Health Care, Series B (LOC: M&I Bank) | ||||||||
3.042%, 03/07/2008 (a) | 45,900 | 45,900 | ||||||
Wisconsin State Health & Educational Facilities, Community Health, Series B (LOC: Fifth Third Bank) | ||||||||
3.171%, 03/07/2008 (a) | 4,675 | 4,675 | ||||||
Wisconsin State Health & Educational Facilities, Goodwill Industries (LOC: Wells Fargo Bank) | ||||||||
3.151%, 03/07/2008 (a) | 100 | 100 | ||||||
Wisconsin State Health & Educational Facilities, Lakeland College (LOC: M&I Bank) | ||||||||
2.972%, 03/07/2008 (a) | 9,000 | 9,000 | ||||||
Wisconsin State Health & Educational Facilities, Marshfield (LOC: Morgan Guaranty) | ||||||||
3.092%, 03/07/2008 (a) | 8,000 | 8,000 | ||||||
Wisconsin State Health & Educational Facilities, Marshfield, Series B (LOC: M&I Bank) | ||||||||
3.002%, 03/07/2008 (a) | 6,500 | 6,500 | ||||||
Wisconsin State Health & Educational Facilities, Oakwood Village (LOC: M&I Bank) | ||||||||
3.002%, 03/07/2008 (a) | 22,070 | 22,070 | ||||||
Wisconsin State Health & Educational Facilities, Sinai Samaritan, Series A (LOC: M&I Bank) | ||||||||
2.972%, 03/07/2008 (a) | 3,360 | 3,360 | ||||||
Wisconsin State Health & Educational Facilities, Watertown Memorial Hospital Project (LOC: Bank One) | ||||||||
2.992%, 03/07/2008 (a) | 3,520 | 3,520 | ||||||
109,125 | ||||||||
Total Municipal Bonds | ||||||||
(Cost $2,270,381) | 2,270,381 | |||||||
Money Market Fund – 2.6% | ||||||||
AIM TFIT-Tax-Free Cash Reserve Portfolio | ||||||||
(Cost $61,746) | 61,745,689 | 61,746 | ||||||
Total Investments – 99.8% | ||||||||
(Cost $2,332,127) | 2,332,127 | |||||||
Other Assets and Liabilities, Net – 0.2% | 3,580 | |||||||
Total Net Assets – 100.0% | $ | 2,335,707 | ||||||
(a) | Variable Rate Security – The rate shown is the rate in effect as of February 29, 2008. The date shown is the next reset date. |
(b) | Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of February 29, 2008, the value of these investments was $240,055 or 10.3% of total net assets. |
(c) | Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2008 the value of these investments was $18,385 or 0.8% of total net assets. See note 2 in Notes to Financial Statements. |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
GTY – | Guarantee Agreement |
INS – | Insured |
LOC – | Letter of Credit |
PLC – | Public Liability Company |
PSF – | Permanent School Fund |
SPA – | Standby Purchase Agreement |
First American Funds 2008 Semiannual Report 17
Schedule of Investments February 29, 2008 (unaudited), all dollars are rounded to thousands (000)
Treasury Obligations Fund | ||||||||
DESCRIPTION | PAR | VALUE | ||||||
Repurchase Agreements – 100.1% | ||||||||
ABN AMRO | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $3,500,525 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $3,570,001) | 3,500,000 | 3,500,000 | ||||||
Bank Of America | ||||||||
1.650%, dated 02/29/2008, matures 03/03/2008, repurchase price $500,069 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $510,000) | 500,000 | 500,000 | ||||||
Barclays | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $3,850,578 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $3,927,000) | 3,850,000 | 3,850,000 | ||||||
Bear Stearns | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $1,500,225 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $1,530,000) | 1,500,000 | 1,500,000 | ||||||
Calyon | ||||||||
1.870%, dated 02/29/2008, matures 03/03/2008, repurchase price $700,109 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $714,001) | 700,000 | 700,000 | ||||||
CS First Boston | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $3,350,503 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $3,417,019) | 3,350,000 | 3,350,000 | ||||||
Deutsche Bank | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $2,600,390 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $2,652,001) | 2,600,000 | 2,600,000 | ||||||
Fortis Bank | ||||||||
1.850%, dated 02/29/2008, matures 03/03/2008, repurchase price $500,077 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $510,000) | 500,000 | 500,000 | ||||||
Goldman Sachs | ||||||||
1.700%, dated 02/29/2008, matures 03/03/2008, repurchase price $100,014 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $102,000) | 100,000 | 100,000 | ||||||
Greenwich Capital | ||||||||
1.850%, dated 02/29/2008, matures 03/03/2008, repurchase price $1,400,216 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $1,428,002) | 1,400,000 | 1,400,000 | ||||||
Merrill Lynch | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $2,500,375 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $2,550,003) | 2,500,000 | 2,500,000 | ||||||
Morgan Stanley | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $150,023 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $153,000) | 150,000 | 150,000 | ||||||
Morgan Stanley | ||||||||
5.230%, dated 02/29/2008, matures 07/18/2008, repurchase price $450,000 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $459,000) (a) | 450,000 | 450,000 | ||||||
UBS Warburg | ||||||||
1.800%, dated 02/29/2008, matures 03/03/2008, repurchase price $1,181,056 | ||||||||
(collateralized by U.S. Treasury Obligations: Total market value $1,204,499) | 1,180,879 | 1,180,879 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $22,280,879) | 22,280,879 | |||||||
Other Assets and Liabilities, Net – (0.1)% | (30,103 | ) | ||||||
Total Net Assets – 100.0% | $ | 22,250,776 | ||||||
(a) | Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2008 the value of these investments was $450,00 or 2.0% of total net assets. See note 2 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
18 First American Funds 2008 Semiannual Report
U.S. Treasury Money Market Fund | ||||||||
DESCRIPTION | PAR/SHARES | VALUE | ||||||
U.S. Treasury Obligations – 97.3% | ||||||||
U.S. Treasury Bill (a) | ||||||||
2.259%, 03/06/2008 | 163,283 | 163,232 | ||||||
2.368%, 03/13/2008 | 130,400 | 130,297 | ||||||
2.130%, 03/20/2008 | 45,000 | 44,949 | ||||||
2.022%, 03/27/2008 | 85,000 | 84,876 | ||||||
3.216%, 04/03/2008 | 64,392 | 64,202 | ||||||
3.169%, 04/10/2008 | 70,000 | 69,754 | ||||||
2.066%, 04/15/2008 | 35,000 | 34,910 | ||||||
2.624%, 04/17/2008 | 108,754 | 108,381 | ||||||
2.727%, 04/24/2008 | 46,314 | 46,125 | ||||||
2.152%, 05/01/2008 | 78,504 | 78,218 | ||||||
2.693%, 05/08/2008 | 40,000 | 39,796 | ||||||
3.155%, 05/15/2008 | 49,729 | 49,402 | ||||||
2.165%, 05/22/2008 | 25,000 | 24,877 | ||||||
3.187%, 05/29/2008 | 20,000 | 19,842 | ||||||
2.889%, 06/19/2008 | 27,307 | 27,066 | ||||||
3.174%, 07/03/2008 | 2,278 | 2,253 | ||||||
3.135%, 07/10/2008 | 25,000 | 24,715 | ||||||
2.070%, 08/21/2008 | 5,102 | 5,051 | ||||||
Total U.S. Treasury Obligations | ||||||||
(Cost $1,017,946) | 1,017,946 | |||||||
Money Market Fund – 2.9% | ||||||||
Goldman Sachs Financial Square Treasury Instruments Fund | ||||||||
(Cost $30,649) | 30,649,062 | 30,649 | ||||||
Total Investments – 100.2% | ||||||||
(Cost $1,048,595) | 1,048,595 | |||||||
Other Assets and Liabilities, Net – (0.2)% | (2,273 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,046,322 | ||||||
(a) | Yield shown is effective yield as of February 29, 2008. |
First American Funds 2008 Semiannual Report 19
Statements of Assets and Liabilities | February 29, 2008 (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, at amortized cost† (note 2) | $ | 6,324,955 | $ | 19,585,008 | $ | 2,332,127 | $ | — | $ | 1,048,595 | ||||||||||||||||
Investments purchased with proceeds from securities lending, at cost (note 2) | 101,875 | — | — | — | — | |||||||||||||||||||||
Repurchase agreements, at amortized cost (note 2) | 4,243,965 | 1,150,156 | — | 22,280,879 | — | |||||||||||||||||||||
Cash | — | 43 | 167 | 4 | — | |||||||||||||||||||||
Receivable for interest | 17,985 | 79,506 | 7,358 | 15,933 | 31 | |||||||||||||||||||||
Receivable for capital shares sold | 78 | 1,539 | — | — | 2 | |||||||||||||||||||||
Prepaid expenses and other assets | 9 | 70 | 14 | 17 | 5 | |||||||||||||||||||||
Total assets | 10,688,867 | 20,816,322 | 2,339,666 | 22,296,833 | 1,048,633 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Bank overdraft | 2 | — | — | — | — | |||||||||||||||||||||
Dividends payable | 23,391 | 61,409 | 3,117 | 37,202 | 1,904 | |||||||||||||||||||||
Payable for investment securities purchased | 420,980 | 75,000 | — | — | — | |||||||||||||||||||||
Payable upon return of securities loaned (note 2) | 101,875 | — | — | — | — | |||||||||||||||||||||
Payable for capital shares redeemed | 7 | 943 | 10 | 5 | — | |||||||||||||||||||||
Payable to affiliates (note 3) | 1,542 | 4,006 | 410 | 3,552 | 174 | |||||||||||||||||||||
Payable for distribution and shareholder servicing fees | 1,689 | 3,179 | 406 | 5,272 | 230 | |||||||||||||||||||||
Accrued expenses and other liabilities | 55 | 20 | 16 | 26 | 3 | |||||||||||||||||||||
Total liabilities | 549,541 | 144,557 | 3,959 | 46,057 | 2,311 | |||||||||||||||||||||
Net assets | $ | 10,139,326 | $ | 20,671,765 | $ | 2,335,707 | $ | 22,250,776 | $ | 1,046,322 | ||||||||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||||||||||||
Portfolio capital | $ | 10,139,396 | $ | 20,671,991 | $ | 2,335,597 | $ | 22,250,935 | $ | 1,046,273 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income | (38 | ) | 162 | (5 | ) | (16 | ) | (4 | ) | |||||||||||||||||
Accumulated net realized gain (loss) on investments (note 2) | (32 | ) | (388 | ) | 115 | (143 | ) | 53 | ||||||||||||||||||
Net assets | $ | 10,139,326 | $ | 20,671,765 | $ | 2,335,707 | $ | 22,250,776 | $ | 1,046,322 | ||||||||||||||||
Class A: | ||||||||||||||||||||||||||
Net assets | $ | 580,125 | $ | 2,193,577 | $ | 194,107 | $ | 2,155,079 | $ | 46,436 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 5 billion authorized*) | 580,128 | 2,193,791 | 194,134 | 2,155,065 | 46,435 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Class B: | ||||||||||||||||||||||||||
Net assets | $ | — | $ | 15,170 | $ | — | $ | — | $ | — | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | — | 15,174 | — | — | — | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||||||||||
Class C: | ||||||||||||||||||||||||||
Net assets | $ | — | $ | 12,699 | $ | — | $ | — | $ | — | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 1 billion authorized) | — | 12,696 | — | — | — | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||||||||||
Class D: | ||||||||||||||||||||||||||
Net assets | $ | 1,620,233 | $ | 1,352,998 | $ | 165,544 | $ | 7,856,613 | $ | 303,769 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 1,620,257 | 1,352,972 | 165,539 | 7,856,703 | 303,753 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Class I: | ||||||||||||||||||||||||||
Net assets | $ | — | $ | 1,725,481 | $ | — | $ | — | $ | — | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | — | 1,725,547 | — | — | — | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||||||||||||
Class Y: | ||||||||||||||||||||||||||
Net assets | $ | 4,679,988 | $ | 7,549,793 | $ | 1,366,705 | $ | 6,708,035 | $ | 491,896 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 4,680,112 | 7,549,756 | 1,366,654 | 6,708,090 | 491,874 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Class Z: | ||||||||||||||||||||||||||
Net assets | $ | 2,541,745 | $ | 6,505,833 | $ | 591,560 | $ | 3,269,161 | $ | 184,969 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 2,541,750 | 6,506,175 | 591,547 | 3,269,170 | 184,959 | |||||||||||||||||||||
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 | $ | 717,235 | $ | 1,316,214 | $ | 17,791 | $ | 1,017,862 | $ | 19,252 | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 20 billion authorized) | 717,235 | 1,316,069 | 17,789 | 1,017,863 | 19,252 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Reserve Class: | ||||||||||||||||||||||||||
Net assets | $ | — | $ | — | $ | — | $ | 1,244,026 | $ | — | ||||||||||||||||
Shares issued and outstanding ($0.01 par value – 5 billion authorized) | — | — | — | 1,244,056 | — | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | — | $ | — | $ | — | $ | 1.00 | $ | — | ||||||||||||||||
† Including securities loaned, at amortized cost | $ | 99,812 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
* | 20 billion shares were authorized for U.S. Treasury Money Market Fund. |
The accompanying notes are an integral part of the financial statements.
20 First American Funds 2008 Semiannual Report
Statements of Operations | For the six-month period ended February 29, 2008 (unaudited), all dollars 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 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||
Interest income | $ | 181,764 | $ | 481,407 | $ | 38,655 | $ | 398,742 | $ | 17,791 | ||||||||||||||||
Securities lending income (note 2) | 214 | — | — | — | — | |||||||||||||||||||||
Total investment income | 181,978 | 481,407 | 38,655 | 398,742 | 17,791 | |||||||||||||||||||||
EXPENSES (note 3): | ||||||||||||||||||||||||||
Investment advisory fees | 4,085 | 9,948 | 1,202 | 10,115 | 494 | |||||||||||||||||||||
Administration fees and expenses | 5,081 | 12,587 | 1,512 | 12,705 | 611 | |||||||||||||||||||||
Transfer agent fees and expenses | 74 | 152 | 64 | 122 | 60 | |||||||||||||||||||||
Custodian fees | 205 | 497 | 61 | 506 | 25 | |||||||||||||||||||||
Legal fees | 7 | 7 | 7 | 8 | 7 | |||||||||||||||||||||
Audit fees | 15 | 16 | 15 | 15 | 15 | |||||||||||||||||||||
Registration fees | 97 | 146 | 27 | 74 | 20 | |||||||||||||||||||||
Postage and printing fees | 27 | 67 | 7 | 106 | 1 | |||||||||||||||||||||
Directors’ fees | 12 | 13 | 12 | 12 | 12 | |||||||||||||||||||||
Other expenses | 32 | 43 | 29 | 42 | 28 | |||||||||||||||||||||
Distribution and shareholder servicing fees – Class A | 1,379 | 5,289 | 487 | 4,875 | 99 | |||||||||||||||||||||
Distribution and shareholder servicing fees – Class B | — | 61 | — | — | — | |||||||||||||||||||||
Distribution and shareholder servicing fees – Class C | — | 53 | — | — | — | |||||||||||||||||||||
Distribution and shareholder servicing fees – Class D | 2,829 | 2,610 | 184 | 14,328 | 646 | |||||||||||||||||||||
Shareholder servicing fees – Class I | — | 1,593 | — | — | — | |||||||||||||||||||||
Shareholder servicing fees – Class Y | 5,094 | 8,293 | 1,613 | 7,896 | 587 | |||||||||||||||||||||
Shareholder servicing fees – Institutional Investor Class | 294 | 928 | 19 | 448 | 3 | |||||||||||||||||||||
Distribution and shareholder servicing fees – Reserve Class | — | — | — | 4,176 | — | |||||||||||||||||||||
Total expenses | 19,231 | 42,303 | 5,239 | 55,428 | 2,608 | |||||||||||||||||||||
Less: Fee waivers (note 3) | (1,338 | ) | (1,540 | ) | (483 | ) | (3,081 | ) | (275 | ) | ||||||||||||||||
Less: Indirect payments from the custodian (note 3) | (3 | ) | (32 | ) | (4 | ) | (11 | ) | — | |||||||||||||||||
Total net expenses | 17,890 | 40,731 | 4,752 | 52,336 | 2,333 | |||||||||||||||||||||
Investment income – net | 164,088 | 440,676 | 33,903 | 346,406 | 15,458 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||||||||||||||||||||||||
Net realized gain (loss) on investments | 6 | (76,547 | ) | 121 | (3 | ) | 54 | |||||||||||||||||||
Reimbursement from affiliate (note 7) | — | 76,565 | — | — | — | |||||||||||||||||||||
Net gain (loss) on investments | 6 | 18 | 121 | (3 | ) | 54 | ||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 164,094 | $ | 440,694 | $ | 34,024 | $ | 346,403 | $ | 15,512 | ||||||||||||||||
First American Funds 2008 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 | ||||||||||||||||||
2/29/08 | Year Ended | 2/29/08 | Year Ended | ||||||||||||||||
(unaudited) | 8/31/07 | (unaudited) | 8/31/07 | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Investment income – net | $ | 164,088 | $ | 286,459 | $ | 440,676 | $ | 894,525 | |||||||||||
Net realized gain (loss) on investments | 6 | (30 | ) | (76,547 | ) | (401 | ) | ||||||||||||
Reimbursement from affiliate (note 7) | — | — | 76,565 | — | |||||||||||||||
Net increase in net assets resulting from operations | 164,094 | 286,429 | 440,694 | 894,124 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||
Investment income – net: | |||||||||||||||||||
Class A | (10,198 | ) | (20,977 | ) | (43,172 | ) | (88,875 | ) | |||||||||||
Class B | — | — | (220 | ) | (443 | ) | |||||||||||||
Class C | — | — | (190 | ) | (441 | ) | |||||||||||||
Class D | (27,622 | ) | (55,340 | ) | (27,556 | ) | (53,117 | ) | |||||||||||
Class I | — | — | (35,583 | ) | (88,913 | ) | |||||||||||||
Class Y | (82,227 | ) | (165,972 | ) | (145,020 | ) | (302,140 | ) | |||||||||||
Class Z | (31,772 | ) | (24,333 | ) | (148,480 | ) | (323,249 | ) | |||||||||||
Institutional Investor Class | (12,275 | ) | (19,793 | ) | (40,465 | ) | (36,921 | ) | |||||||||||
Piper Jaffray Class (note 1) | — | (45 | ) | — | (427 | ) | |||||||||||||
Reserve Class | — | — | — | — | |||||||||||||||
Net realized gain on investments: | |||||||||||||||||||
Class A | — | — | — | — | |||||||||||||||
Class D | — | — | — | — | |||||||||||||||
Class I | — | — | — | — | |||||||||||||||
Class Y | — | — | — | — | |||||||||||||||
Class Z | — | — | — | — | |||||||||||||||
Piper Jaffray Class (note 1) | — | — | — | — | |||||||||||||||
Total distributions | (164,094 | ) | (286,460 | ) | (440,686 | ) | (894,526 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE: | |||||||||||||||||||
Class A: | |||||||||||||||||||
Proceeds from sales | 7,198,869 | 12,962,031 | 2,587,221 | 6,512,356 | |||||||||||||||
Reinvestment of distributions | 1,277 | 2,549 | 34,209 | 60,926 | |||||||||||||||
Payments for redemptions | (7,004,694 | ) | (13,009,478 | ) | (2,476,206 | ) | (6,232,204 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | 195,452 | (44,898 | ) | 145,224 | 341,078 | ||||||||||||||
Class B: | |||||||||||||||||||
Proceeds from sales | — | — | 8,702 | 10,009 | |||||||||||||||
Reinvestment of distributions | — | — | 194 | 379 | |||||||||||||||
Payments for redemptions | — | — | (5,516 | ) | (10,367 | ) | |||||||||||||
Increase in net assets from Class B transactions | — | — | 3,380 | 21 | |||||||||||||||
Class C: | |||||||||||||||||||
Proceeds from sales | — | — | 9,146 | 11,196 | |||||||||||||||
Reinvestment of distributions | — | — | 186 | 363 | |||||||||||||||
Payments for redemptions | — | — | (7,177 | ) | (15,501 | ) | |||||||||||||
Increase (decrease) in net assets from Class C transactions | — | — | 2,155 | (3,942 | ) | ||||||||||||||
The accompanying notes are an integral part of the financial statements.
22 First American Funds 2008 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 | ||||||||||||||||||||||||||
2/29/08 | Year Ended | 2/29/08 | Year Ended | 2/29/08 | Year Ended | |||||||||||||||||||||||
(unaudited) | 8/31/07 | (unaudited) | 8/31/07 | (unaudited) | 8/31/07 | |||||||||||||||||||||||
$ | 33,903 | $ | 69,606 | $ | 346,406 | $ | 826,698 | $ | 15,458 | $ | 37,506 | |||||||||||||||||
121 | 18 | (3 | ) | — | 54 | 34 | ||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
34,024 | 69,624 | 346,403 | 826,698 | 15,512 | 37,540 | |||||||||||||||||||||||
(2,416 | ) | (5,639 | ) | (31,037 | ) | (69,120 | ) | (555 | ) | (1,249 | ) | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
(1,104 | ) | (1,922 | ) | (120,288 | ) | (310,071 | ) | (4,846 | ) | (8,570 | ) | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
(17,639 | ) | (34,365 | ) | (110,518 | ) | (296,240 | ) | (7,499 | ) | (21,712 | ) | |||||||||||||||||
(12,205 | ) | (26,972 | ) | (51,550 | ) | (73,794 | ) | (2,474 | ) | (5,697 | ) | |||||||||||||||||
(539 | ) | (695 | ) | (16,201 | ) | (28,192 | ) | (88 | ) | (278 | ) | |||||||||||||||||
— | (13 | ) | — | (2 | ) | — | — | |||||||||||||||||||||
— | — | (16,823 | ) | (49,279 | ) | — | — | |||||||||||||||||||||
— | (2 | ) | — | — | — | — | ||||||||||||||||||||||
— | (1 | ) | — | — | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | (9 | ) | — | — | — | — | ||||||||||||||||||||||
— | (5 | ) | — | — | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
(33,903 | ) | (69,623 | ) | (346,417 | ) | (826,698 | ) | (15,462 | ) | (37,506 | ) | |||||||||||||||||
283,864 | 421,930 | 3,759,023 | 6,935,788 | 103,133 | 306,528 | |||||||||||||||||||||||
1,615 | 3,504 | 601 | 821 | 70 | 105 | |||||||||||||||||||||||
(263,799 | ) | (425,816 | ) | (3,324,229 | ) | (6,713,343 | ) | (74,495 | ) | (355,690 | ) | |||||||||||||||||
21,680 | (382 | ) | 435,395 | 223,266 | 28,708 | (49,057 | ) | |||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
First American Funds 2008 Semiannual Report 23
Statements of Changes in Net Assets | continued |
Government | Prime | ||||||||||||||||||
Obligations Fund | Obligations Fund | ||||||||||||||||||
Six-Month | Six-Month | ||||||||||||||||||
Period Ended | Period Ended | ||||||||||||||||||
2/29/08 | Year Ended | 2/29/08 | Year Ended | ||||||||||||||||
(unaudited) | 8/31/07 | (unaudited) | 8/31/07 | ||||||||||||||||
Class D: | |||||||||||||||||||
Proceeds from sales | $ | 3,588,702 | $ | 6,929,212 | $ | 14,681,860 | $ | 19,234,917 | |||||||||||
Reinvestment of distributions | — | 5 | 2 | 20 | |||||||||||||||
Payments for redemptions | (3,289,465 | ) | (6,915,217 | ) | (14,431,016 | ) | (19,098,125 | ) | |||||||||||
Increase in net assets from Class D transactions | 299,237 | 14,000 | 250,846 | 136,812 | |||||||||||||||
Class I: | |||||||||||||||||||
Proceeds from sales | — | — | 8,229,338 | 12,090,743 | |||||||||||||||
Reinvestment of distributions | — | — | 990 | 826 | |||||||||||||||
Payments for redemptions | — | — | (8,157,253 | ) | (12,371,612 | ) | |||||||||||||
Increase (decrease) in net assets from Class I transactions | — | — | 73,075 | (280,043 | ) | ||||||||||||||
Class Y: | |||||||||||||||||||
Proceeds from sales | 41,289,074 | 69,354,246 | 23,222,640 | 44,943,620 | |||||||||||||||
Reinvestment of distributions | 20,058 | 34,921 | 39,693 | 74,281 | |||||||||||||||
Payments for redemptions | (40,278,245 | ) | (68,868,585 | ) | (21,901,965 | ) | (44,729,276 | ) | |||||||||||
Increase in net assets from Class Y transactions | 1,030,887 | 520,582 | 1,360,368 | 288,625 | |||||||||||||||
Class Z: | |||||||||||||||||||
Proceeds from sales | 18,426,560 | 21,519,822 | 193,338,672 | 208,049,592 | |||||||||||||||
Reinvestment of distributions | 2,084 | 3,477 | 22,836 | 36,247 | |||||||||||||||
Payments for redemptions | (16,671,455 | ) | (21,172,988 | ) | (192,956,232 | ) | (207,080,260 | ) | |||||||||||
Increase (decrease) in net assets from Class Z transactions | 1,757,189 | 350,311 | 405,276 | 1,005,579 | |||||||||||||||
Institutional Investor Class: | |||||||||||||||||||
Proceeds from sales | 1,235,243 | 3,306,113 | 10,483,119 | 6,891,935 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | |||||||||||||||
Payments for redemptions | (960,710 | ) | (2,882,682 | ) | (9,944,769 | ) | (6,342,803 | ) | |||||||||||
Increase (decrease) in net assets from Institutional Investor Class transactions | 274,533 | 423,431 | 538,350 | 549,132 | |||||||||||||||
Piper Jaffray Class (note 1): | |||||||||||||||||||
Proceeds from sales | — | 1,649 | — | 21,870 | |||||||||||||||
Reinvestment of distributions | — | 366 | — | 3,827 | |||||||||||||||
Payments for redemptions | — | (17,807 | ) | — | (160,238 | ) | |||||||||||||
Decrease in net assets from Piper Jaffray Class transactions | — | (15,792 | ) | — | (134,541 | ) | |||||||||||||
Reserve Class: | |||||||||||||||||||
Proceeds from sales | — | — | — | — | |||||||||||||||
Reinvestment of distributions | — | — | — | — | |||||||||||||||
Payments for redemptions | — | — | — | — | |||||||||||||||
Increase (decrease) in net assets from Reserve Class transactions | — | — | — | — | |||||||||||||||
Increase (decrease) in net assets from capital share transactions | 3,557,298 | 1,247,634 | 2,778,674 | 1,902,721 | |||||||||||||||
Total increase (decrease) in net assets | 3,557,298 | 1,247,603 | 2,778,682 | 1,902,319 | |||||||||||||||
Net assets at beginning of year | 6,582,028 | 5,334,425 | 17,893,083 | 15,990,764 | |||||||||||||||
Net assets at end of year | $ | 10,139,326 | $ | 6,582,028 | $ | 20,671,765 | $ | 17,893,083 | |||||||||||
Undistributed (distributions in excess of) net investment income | $ | (38 | ) | $ | (32 | ) | $ | 162 | $ | 172 | |||||||||
The accompanying notes are an integral part of the financial statements.
24 First American Funds 2008 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 | ||||||||||||||||||||||||||
2/29/08 | Year Ended | 2/29/08 | Year Ended | 2/29/08 | Year Ended | |||||||||||||||||||||||
(unaudited) | 8/31/07 | (unaudited) | 8/31/07 | (unaudited) | 8/31/07 | |||||||||||||||||||||||
$ | 130,961 | $ | 118,655 | $ | 9,206,038 | $ | 32,793,176 | $ | 915,874 | $ | 831,201 | |||||||||||||||||
— | — | 3 | 3 | — | — | |||||||||||||||||||||||
(16,542 | ) | (114,842 | ) | (8,581,478 | ) | (31,612,458 | ) | (842,153 | ) | (789,676 | ) | |||||||||||||||||
114,419 | 3,813 | 624,563 | 1,180,721 | 73,721 | 41,525 | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
2,043,425 | 4,363,608 | 28,041,640 | 81,787,466 | 773,433 | 6,165,783 | |||||||||||||||||||||||
1,841 | 4,234 | 8,649 | 21,148 | 1 | — | |||||||||||||||||||||||
(1,875,780 | ) | (4,054,723 | ) | (27,486,229 | ) | (81,060,201 | ) | (743,952 | ) | (6,058,496 | ) | |||||||||||||||||
169,486 | 313,119 | 564,060 | 748,413 | 29,482 | 107,287 | |||||||||||||||||||||||
2,087,271 | 3,838,274 | 15,638,673 | 19,659,278 | 331,970 | 599,663 | |||||||||||||||||||||||
442 | 1,261 | 13,894 | 6,120 | 43 | — | |||||||||||||||||||||||
(2,420,066 | ) | (3,627,139 | ) | (14,979,802 | ) | (17,946,205 | ) | (264,896 | ) | (606,784 | ) | |||||||||||||||||
(332,353 | ) | 212,396 | 672,765 | 1,719,193 | 67,117 | (7,121 | ) | |||||||||||||||||||||
82,295 | 92,822 | 2,381,925 | 4,740,379 | 26,068 | 123,391 | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
(99,833 | ) | (67,587 | ) | (2,057,676 | ) | (4,484,351 | ) | (9,268 | ) | (137,023 | ) | |||||||||||||||||
(17,538 | ) | 25,235 | 324,249 | 256,028 | 16,800 | (13,632 | ) | |||||||||||||||||||||
— | 336 | — | 26 | — | — | |||||||||||||||||||||||
— | 136 | — | 39 | — | — | |||||||||||||||||||||||
— | (7,497 | ) | — | (881 | ) | — | — | |||||||||||||||||||||
— | (7,025 | ) | — | (816 | ) | — | — | |||||||||||||||||||||
— | — | 1,171,669 | 3,587,276 | — | — | |||||||||||||||||||||||
— | — | 8,177 | 24,074 | — | — | |||||||||||||||||||||||
— | — | (1,103,389 | ) | (3,805,632 | ) | — | — | |||||||||||||||||||||
— | — | 76,457 | (194,282 | ) | — | — | ||||||||||||||||||||||
(44,306 | ) | 547,156 | 2,697,489 | 3,932,523 | 215,828 | 79,002 | ||||||||||||||||||||||
(44,185 | ) | 547,157 | 2,697,475 | 3,932,523 | 215,878 | 79,036 | ||||||||||||||||||||||
2,379,892 | 1,832,735 | 19,553,301 | 15,620,778 | 830,444 | 751,408 | |||||||||||||||||||||||
$ | 2,335,707 | $ | 2,379,892 | $ | 22,250,776 | $ | 19,553,301 | $ | 1,046,322 | $ | 830,444 | |||||||||||||||||
$ | (5 | ) | $ | (5 | ) | $ | (16 | ) | $ | (5 | ) | $ | (4 | ) | $ | — | ||||||||||||
First American Funds 2008 Semiannual Report 25
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Dividends | Net Asset | |||||||||||||||||||||
Value | Net | from Net | Value | ||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | |||||||||||||||||||
of Period | Income | Income | Period | Return8 | |||||||||||||||||||
Government Obligations Fund | |||||||||||||||||||||||
Class A | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.019 | $ | (0.019 | ) | $ | 1.00 | 1.89 | % | ||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.66 | |||||||||||||||||
20062 | 1.00 | 0.038 | (0.038 | ) | 1.00 | 3.86 | |||||||||||||||||
20053 | 1.00 | 0.017 | (0.017 | ) | 1.00 | 1.73 | |||||||||||||||||
20044,5 | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.45 | |||||||||||||||||
20034 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.52 | |||||||||||||||||
Class D | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.019 | $ | (0.019 | ) | $ | 1.00 | 1.97 | % | ||||||||||||
20072 | 1.00 | 0.047 | (0.047 | ) | 1.00 | 4.82 | |||||||||||||||||
20062 | 1.00 | 0.039 | (0.039 | ) | 1.00 | 4.01 | |||||||||||||||||
20053 | 1.00 | 0.019 | (0.019 | ) | 1.00 | 1.87 | |||||||||||||||||
20044 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.60 | |||||||||||||||||
20034 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.78 | |||||||||||||||||
Class Y | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.021 | $ | (0.021 | ) | $ | 1.00 | 2.04 | % | ||||||||||||
20072 | 1.00 | 0.049 | (0.049 | ) | 1.00 | 4.97 | |||||||||||||||||
20062 | 1.00 | 0.041 | (0.041 | ) | 1.00 | 4.17 | |||||||||||||||||
20053 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.01 | |||||||||||||||||
20044 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.75 | |||||||||||||||||
20034 | 1.00 | 0.009 | (0.009 | ) | 1.00 | 0.93 | |||||||||||||||||
Class Z | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.017 | $ | (0.017 | ) | $ | 1.00 | 2.17 | % | ||||||||||||
20072 | 1.00 | 0.051 | (0.051 | ) | 1.00 | 5.23 | |||||||||||||||||
20062 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.43 | |||||||||||||||||
20053 | 1.00 | 0.022 | (0.022 | ) | 1.00 | 2.25 | |||||||||||||||||
20046 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.84 | |||||||||||||||||
Institutional Investor Class | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.018 | $ | (0.018 | ) | $ | 1.00 | 2.12 | % | ||||||||||||
20072 | 1.00 | 0.050 | (0.050 | ) | 1.00 | 5.13 | |||||||||||||||||
20067 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.03 | |||||||||||||||||
1 | For the six-month period ended February 29, 2008 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the year indicated. | |
3 | For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to August 31. All ratios for the period have been annualized, except total return. | |
4 | For the period October 1 to September 30 in the year indicated. | |
5 | On December 1, 2003, existing Class S shares of the fund were designated as Class A shares. | |
6 | For the period from December 1, 2003, when the class of shares was first offered, to September 30, 2004. All ratios for the period have been annualized, except total return. | |
7 | 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. | |
8 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
26 First American Funds 2008 Semiannual Report
Ratio of Net | |||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||
Ratio of Net | Expenses | Income | |||||||||||||||||||||||
Ratio of | Investment | to Average | to Average Net | ||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Assets | |||||||||||||||||||||
End of | Average | to Average | (Excluding | (Excluding | |||||||||||||||||||||
Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | |||||||||||||||||||||
$ | 580,125 | 0.75 | % | 3.70 | % | 0.78 | % | 3.67 | % | ||||||||||||||||
384,673 | 0.75 | 4.56 | 0.78 | 4.53 | |||||||||||||||||||||
429,573 | 0.75 | 3.96 | 0.80 | 3.91 | |||||||||||||||||||||
153,852 | 0.75 | 1.88 | 0.80 | 1.83 | |||||||||||||||||||||
144,764 | 0.75 | 0.45 | 0.80 | 0.40 | |||||||||||||||||||||
60,206 | 0.75 | 0.67 | 0.81 | 0.61 | |||||||||||||||||||||
$ | 1,620,233 | 0.60 | % | 3.92 | % | 0.63 | % | 3.89 | % | ||||||||||||||||
1,320,996 | 0.60 | 4.71 | 0.63 | 4.68 | |||||||||||||||||||||
1,307,002 | 0.60 | 3.90 | 0.65 | 3.85 | |||||||||||||||||||||
1,749,894 | 0.60 | 2.07 | 0.65 | 2.02 | |||||||||||||||||||||
834,112 | 0.60 | 0.60 | 0.65 | 0.55 | |||||||||||||||||||||
902,940 | 0.60 | 0.73 | 0.65 | 0.68 | |||||||||||||||||||||
$ | 4,679,988 | 0.45 | % | 4.04 | % | 0.48 | % | 4.01 | % | ||||||||||||||||
3,649,102 | 0.45 | 4.86 | 0.48 | 4.83 | |||||||||||||||||||||
3,128,539 | 0.45 | 4.17 | 0.50 | 4.12 | |||||||||||||||||||||
2,458,316 | 0.45 | 2.22 | 0.50 | 2.17 | |||||||||||||||||||||
1,702,220 | 0.45 | 0.75 | 0.50 | 0.70 | |||||||||||||||||||||
1,550,445 | 0.45 | 0.93 | 0.51 | 0.87 | |||||||||||||||||||||
$ | 2,541,745 | 0.20 | % | 4.11 | % | 0.23 | % | 4.08 | % | ||||||||||||||||
784,556 | 0.20 | 5.10 | 0.23 | 5.07 | |||||||||||||||||||||
434,248 | 0.20 | 4.34 | 0.25 | 4.29 | |||||||||||||||||||||
419,167 | 0.20 | 2.37 | 0.25 | 2.32 | |||||||||||||||||||||
424,941 | 0.20 | 1.12 | 0.25 | 1.07 | |||||||||||||||||||||
$ | 717,235 | 0.30 | % | 4.17 | % | 0.33 | % | 4.14 | % | ||||||||||||||||
442,701 | 0.30 | 5.01 | 0.33 | 4.98 | |||||||||||||||||||||
19,271 | 0.30 | 4.90 | 0.35 | 4.85 | |||||||||||||||||||||
First American Funds 2008 Semiannual Report 27
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Dividends | Net Asset | |||||||||||||||||||||
Value | Net | from Net | Value | ||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | |||||||||||||||||||
of Period | Income | Income | Period | Return8 | |||||||||||||||||||
Prime Obligations Fund | |||||||||||||||||||||||
Class A | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.020 | $ | (0.020 | ) | $ | 1.00 | 2.05 | %9 | ||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.70 | |||||||||||||||||
20062 | 1.00 | 0.038 | (0.038 | ) | 1.00 | 3.88 | |||||||||||||||||
20053 | 1.00 | 0.017 | (0.017 | ) | 1.00 | 1.75 | |||||||||||||||||
20044,5 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.48 | |||||||||||||||||
20034 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.67 | |||||||||||||||||
Class B | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.018 | $ | (0.018 | ) | $ | 1.00 | 1.83 | %9 | ||||||||||||
20072 | 1.00 | 0.042 | (0.042 | ) | 1.00 | 4.23 | |||||||||||||||||
20062 | 1.00 | 0.034 | (0.034 | ) | 1.00 | 3.42 | |||||||||||||||||
20053 | 1.00 | 0.013 | (0.013 | ) | 1.00 | 1.33 | |||||||||||||||||
20044 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.11 | |||||||||||||||||
20034 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.04 | |||||||||||||||||
Class C | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.018 | $ | (0.018 | ) | $ | 1.00 | 1.83 | %9 | ||||||||||||
20072 | 1.00 | 0.042 | (0.042 | ) | 1.00 | 4.26 | |||||||||||||||||
20062 | 1.00 | 0.034 | (0.034 | ) | 1.00 | 3.42 | |||||||||||||||||
20053 | 1.00 | 0.013 | (0.013 | ) | 1.00 | 1.33 | |||||||||||||||||
20044 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.11 | |||||||||||||||||
20034 | 1.00 | 0.001 | (0.001 | ) | 1.00 | 0.14 | |||||||||||||||||
Class D | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.021 | $ | (0.021 | ) | $ | 1.00 | 2.13 | %9 | ||||||||||||
20072 | 1.00 | 0.048 | (0.048 | ) | 1.00 | 4.86 | |||||||||||||||||
20062 | 1.00 | 0.040 | (0.040 | ) | 1.00 | 4.04 | |||||||||||||||||
20053 | 1.00 | 0.019 | (0.019 | ) | 1.00 | 1.89 | |||||||||||||||||
20044 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.63 | |||||||||||||||||
20034 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.82 | |||||||||||||||||
Class I | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.022 | $ | (0.022 | ) | $ | 1.00 | 2.25 | %9 | ||||||||||||
20072 | 1.00 | 0.050 | (0.050 | ) | 1.00 | 5.10 | |||||||||||||||||
20062 | 1.00 | 0.042 | (0.042 | ) | 1.00 | 4.28 | |||||||||||||||||
20053 | 1.00 | 0.021 | (0.021 | ) | 1.00 | 2.10 | |||||||||||||||||
20044 | 1.00 | 0.009 | (0.009 | ) | 1.00 | 0.86 | |||||||||||||||||
20034 | 1.00 | 0.010 | (0.010 | ) | 1.00 | 1.05 | |||||||||||||||||
Class Y | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.022 | $ | (0.022 | ) | $ | 1.00 | 2.21 | %9 | ||||||||||||
20072 | 1.00 | 0.049 | (0.049 | ) | 1.00 | 5.02 | |||||||||||||||||
20062 | 1.00 | 0.041 | (0.041 | ) | 1.00 | 4.20 | |||||||||||||||||
20053 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.03 | |||||||||||||||||
20044 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.78 | |||||||||||||||||
20034 | 1.00 | 0.010 | (0.010 | ) | 1.00 | 0.97 | |||||||||||||||||
Class Z | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.023 | $ | (0.023 | ) | $ | 1.00 | 2.35 | %9 | ||||||||||||
20072 | 1.00 | 0.052 | (0.052 | ) | 1.00 | 5.31 | |||||||||||||||||
20062 | 1.00 | 0.044 | (0.044 | ) | 1.00 | 4.49 | |||||||||||||||||
20053 | 1.00 | 0.023 | (0.023 | ) | 1.00 | 2.29 | |||||||||||||||||
20044 | 1.00 | 0.011 | (0.011 | ) | 1.00 | 1.06 | |||||||||||||||||
20036 | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.16 | |||||||||||||||||
Institutional Investor Class | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.022 | $ | (0.022 | ) | $ | 1.00 | 2.30 | %9 | ||||||||||||
20072 | 1.00 | 0.051 | (0.051 | ) | 1.00 | 5.20 | |||||||||||||||||
20067 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.05 | |||||||||||||||||
1 | For the six-month period ended February 29, 2008 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the year indicated. | |
3 | For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to August 31. All ratios for the period have been annualized, except total return. | |
4 | For the period October 1 to September 30 in the year indicated. | |
5 | On December 1, 2003, existing Class S shares of the fund were designated as Class A shares. | |
6 | For the period from December 1, 2003, when the class of shares was first offered, to September 30, 2004. All ratios for the period have been annualized, except total return. | |
7 | 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. | |
8 | Total return would have been lower had certain expenses not been waived. | |
9 | The impact on total return due to the reimbursement from affiliate was less than 0.01% (note 7). |
The accompanying notes are an integral part of the financial statements.
28 First American Funds 2008 Semiannual Report
Ratio of | Ratio of Net | ||||||||||||||||||||||||
Ratio of Net | Expenses | Investment | |||||||||||||||||||||||
Ratio of | Investment | to Average | Income | ||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | to Average Net | |||||||||||||||||||||
End of | Average | to Average | (Excluding | Assets (Excluding | |||||||||||||||||||||
Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | |||||||||||||||||||||
$ | 2,193,577 | 0.78 | % | 4.08 | % | 0.78 | % | 4.08 | % | ||||||||||||||||
2,048,485 | 0.78 | 4.60 | 0.78 | 4.60 | |||||||||||||||||||||
1,707,450 | 0.78 | 3.81 | 0.79 | 3.80 | |||||||||||||||||||||
1,143,508 | 0.78 | 1.86 | 0.80 | 1.84 | |||||||||||||||||||||
1,296,169 | 0.78 | 0.50 | 0.80 | 0.48 | |||||||||||||||||||||
120,863 | 0.78 | 0.59 | 0.80 | 0.57 | |||||||||||||||||||||
$ | 15,170 | 1.23 | % | 3.60 | % | 1.23 | % | 3.60 | % | ||||||||||||||||
11,789 | 1.23 | 4.16 | 1.23 | 4.16 | |||||||||||||||||||||
11,769 | 1.23 | 3.40 | 1.24 | 3.39 | |||||||||||||||||||||
10,605 | 1.23 | 1.38 | 1.25 | 1.36 | |||||||||||||||||||||
15,376 | 1.14 | 0.15 | 1.16 | 0.13 | |||||||||||||||||||||
8,079 | 1.36 | 0.10 | 1.38 | 0.08 | |||||||||||||||||||||
$ | 12,699 | 1.23 | % | 3.61 | % | 1.23 | % | 3.61 | % | ||||||||||||||||
10,545 | 1.23 | 4.18 | 1.23 | 4.18 | |||||||||||||||||||||
14,486 | 1.23 | 3.41 | 1.24 | 3.40 | |||||||||||||||||||||
12,551 | 1.23 | 1.39 | 1.25 | 1.37 | |||||||||||||||||||||
19,349 | 1.15 | 0.17 | 1.17 | 0.15 | |||||||||||||||||||||
6,736 | 1.33 | 0.07 | 1.35 | 0.05 | |||||||||||||||||||||
$ | 1,352,998 | 0.63 | % | 4.23 | % | 0.63 | % | 4.23 | % | ||||||||||||||||
1,102,093 | 0.63 | 4.76 | 0.63 | 4.76 | |||||||||||||||||||||
965,305 | 0.63 | 4.00 | 0.64 | 3.99 | |||||||||||||||||||||
686,779 | 0.63 | 2.04 | 0.65 | 2.02 | |||||||||||||||||||||
712,727 | 0.63 | 0.62 | 0.65 | 0.60 | |||||||||||||||||||||
632,464 | 0.63 | 0.80 | 0.65 | 0.78 | |||||||||||||||||||||
$ | 1,725,481 | 0.40 | % | 4.47 | % | 0.43 | % | 4.44 | % | ||||||||||||||||
1,652,385 | 0.40 | 4.98 | 0.43 | 4.95 | |||||||||||||||||||||
1,932,477 | 0.40 | 4.16 | 0.44 | 4.12 | |||||||||||||||||||||
1,979,318 | 0.40 | 2.29 | 0.45 | 2.24 | |||||||||||||||||||||
1,647,456 | 0.40 | 0.87 | 0.45 | 0.82 | |||||||||||||||||||||
1,631,687 | 0.40 | 1.07 | 0.42 | 1.05 | |||||||||||||||||||||
$ | 7,549,793 | 0.48 | % | 4.37 | % | 0.48 | % | 4.37 | % | ||||||||||||||||
6,189,316 | 0.48 | 4.90 | 0.48 | 4.90 | |||||||||||||||||||||
5,900,840 | 0.48 | 4.15 | 0.49 | 4.14 | |||||||||||||||||||||
4,943,677 | 0.48 | 2.18 | 0.50 | 2.16 | |||||||||||||||||||||
5,309,431 | 0.48 | 0.76 | 0.50 | 0.74 | |||||||||||||||||||||
6,830,595 | 0.48 | 0.98 | 0.50 | 0.96 | |||||||||||||||||||||
$ | 6,505,833 | 0.20 | % | 4.66 | % | 0.23 | % | 4.63 | % | ||||||||||||||||
6,100,756 | 0.20 | 5.19 | 0.23 | 5.16 | |||||||||||||||||||||
5,095,307 | 0.20 | 4.48 | 0.24 | 4.44 | |||||||||||||||||||||
3,794,421 | 0.20 | 2.44 | 0.25 | 2.39 | |||||||||||||||||||||
3,377,543 | 0.20 | 1.09 | 0.25 | 1.04 | |||||||||||||||||||||
3,228,365 | 0.20 | 0.97 | 0.22 | 0.95 | |||||||||||||||||||||
$ | 1,316,214 | 0.30 | % | 4.36 | % | 0.33 | % | 4.33 | % | ||||||||||||||||
777,714 | 0.30 | 5.09 | 0.33 | 5.06 | |||||||||||||||||||||
228,587 | 0.30 | 4.93 | 0.34 | 4.89 | |||||||||||||||||||||
First American Funds 2008 Semiannual Report 29
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Dividends | Net Asset | |||||||||||||||||||||
Value | Net | from Net | Value | ||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | |||||||||||||||||||
of Period | Income | Income | Period | Return8 | |||||||||||||||||||
Tax Free Obligations Fund | |||||||||||||||||||||||
Class A | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.012 | $ | (0.012 | ) | $ | 1.00 | 1.23 | % | ||||||||||||
20072 | 1.00 | 0.029 | (0.029 | ) | 1.00 | 2.94 | |||||||||||||||||
20062 | 1.00 | 0.024 | (0.024 | ) | 1.00 | 2.45 | |||||||||||||||||
20053 | 1.00 | 0.012 | (0.012 | ) | 1.00 | 1.22 | |||||||||||||||||
20044,5 | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.35 | |||||||||||||||||
20034 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.45 | |||||||||||||||||
Class D | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.013 | $ | (0.013 | ) | $ | 1.00 | 1.31 | % | ||||||||||||
20072 | 1.00 | 0.031 | (0.031 | ) | 1.00 | 3.09 | |||||||||||||||||
20062 | 1.00 | 0.026 | (0.026 | ) | 1.00 | 2.61 | |||||||||||||||||
20053 | 1.00 | 0.013 | (0.013 | ) | 1.00 | 1.36 | |||||||||||||||||
20044 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.50 | |||||||||||||||||
20034 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.60 | |||||||||||||||||
Class Y | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.014 | $ | (0.014 | ) | $ | 1.00 | 1.38 | % | ||||||||||||
20072 | 1.00 | 0.032 | (0.032 | ) | 1.00 | 3.25 | |||||||||||||||||
20062 | 1.00 | 0.027 | (0.027 | ) | 1.00 | 2.76 | |||||||||||||||||
20053 | 1.00 | 0.015 | (0.015 | ) | 1.00 | 1.50 | |||||||||||||||||
20044 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.65 | |||||||||||||||||
20034 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.76 | |||||||||||||||||
Class Z | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.015 | $ | (0.015 | ) | $ | 1.00 | 1.51 | % | ||||||||||||
20072 | 1.00 | 0.035 | (0.035 | ) | 1.00 | 3.51 | |||||||||||||||||
20062 | 1.00 | 0.030 | (0.030 | ) | 1.00 | 3.02 | |||||||||||||||||
20053 | 1.00 | 0.017 | (0.017 | ) | 1.00 | 1.73 | |||||||||||||||||
20046 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.75 | |||||||||||||||||
Institutional Investor Class | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.015 | $ | (0.015 | ) | $ | 1.00 | 1.46 | % | ||||||||||||
20072 | 1.00 | 0.034 | (0.034 | ) | 1.00 | 3.40 | |||||||||||||||||
20067 | 1.00 | 0.014 | (0.014 | ) | 1.00 | 1.37 | |||||||||||||||||
1 | For the six-month period ended February 29, 2008 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the year indicated. | |
3 | For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to August 31. All ratios for the period have been annualized, except total return. | |
4 | For the period October 1 to September 30 in the year indicated. | |
5 | On December 1, 2003, existing Class S shares of the fund were designated as Class A shares. | |
6 | For the period from December 1, 2003, when the class of shares was first offered, to September 30, 2004. All ratios for the period have been annualized, except total return. | |
7 | 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. | |
8 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
30 First American Funds 2008 Semiannual Report
Ratio of Net | ||||||||||||||||||||||||||
Ratio of Net | Ratio of | Investments | ||||||||||||||||||||||||
Ratio of | Investment | Expenses to | Income | |||||||||||||||||||||||
Net Assets | Expenses to | Income | Average | to Average Net | ||||||||||||||||||||||
End of | Average | to Average | Net Assets | Assets | ||||||||||||||||||||||
Period (000) | Net Assets | Net Assets | (Excluding Waivers) | (Excluding Waivers) | ||||||||||||||||||||||
$ | 194,107 | 0.75 | % | 2.48 | % | 0.79 | % | 2.44 | % | |||||||||||||||||
172,416 | 0.75 | 2.90 | 0.80 | 2.85 | ||||||||||||||||||||||
172,800 | 0.75 | 2.43 | 0.80 | 2.38 | ||||||||||||||||||||||
128,245 | 0.75 | 1.27 | 0.80 | 1.22 | ||||||||||||||||||||||
159,531 | 0.75 | 0.34 | 0.80 | 0.29 | ||||||||||||||||||||||
123,272 | 0.75 | 0.48 | 0.81 | 0.42 | ||||||||||||||||||||||
$ | 165,544 | 0.60 | % | 2.41 | % | 0.64 | % | 2.37 | % | |||||||||||||||||
51,119 | 0.60 | 3.05 | 0.65 | 3.00 | ||||||||||||||||||||||
47,306 | 0.60 | 2.60 | 0.65 | 2.55 | ||||||||||||||||||||||
15,693 | 0.60 | 1.49 | 0.65 | 1.44 | ||||||||||||||||||||||
14,134 | 0.60 | 0.48 | 0.65 | 0.43 | ||||||||||||||||||||||
19,343 | 0.60 | 0.59 | 0.65 | 0.54 | ||||||||||||||||||||||
$ | 1,366,705 | 0.45 | % | 2.73 | % | 0.49 | % | 2.69 | % | |||||||||||||||||
1,197,152 | 0.45 | 3.20 | 0.50 | 3.15 | ||||||||||||||||||||||
884,041 | 0.45 | 2.71 | 0.50 | 2.66 | ||||||||||||||||||||||
875,414 | 0.45 | 1.62 | 0.50 | 1.57 | ||||||||||||||||||||||
768,269 | 0.45 | 0.63 | 0.50 | 0.58 | ||||||||||||||||||||||
880,685 | 0.45 | 0.72 | 0.50 | 0.67 | ||||||||||||||||||||||
$ | 591,560 | 0.20 | % | 3.09 | % | 0.24 | % | 3.05 | % | |||||||||||||||||
923,878 | 0.20 | 3.46 | 0.25 | 3.41 | ||||||||||||||||||||||
711,489 | 0.20 | 2.99 | 0.25 | 2.94 | ||||||||||||||||||||||
606,603 | 0.20 | 1.87 | 0.25 | 1.82 | ||||||||||||||||||||||
485,135 | 0.20 | 0.96 | 0.25 | 0.91 | ||||||||||||||||||||||
$ | 17,791 | 0.30 | % | 2.86 | % | 0.34 | % | 2.82 | % | |||||||||||||||||
35,327 | 0.30 | 3.35 | 0.35 | 3.30 | ||||||||||||||||||||||
10,092 | 0.30 | 3.26 | 0.35 | 3.21 | ||||||||||||||||||||||
First American Funds 2008 Semiannual Report 31
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Dividends | Net Asset | |||||||||||||||||||||
Value | Net | from Net | Value | ||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | |||||||||||||||||||
of Period | Income | Income | Period | Return9 | |||||||||||||||||||
Treasury Obligations Fund | |||||||||||||||||||||||
Class A | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.016 | $ | (0.016 | ) | $ | 1.00 | 1.62 | % | ||||||||||||
20072 | 1.00 | 0.045 | (0.045 | ) | 1.00 | 4.55 | |||||||||||||||||
20062 | 1.00 | 0.037 | (0.037 | ) | 1.00 | 3.79 | |||||||||||||||||
20053 | 1.00 | 0.016 | (0.016 | ) | 1.00 | 1.65 | |||||||||||||||||
20044,5 | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.39 | |||||||||||||||||
20034 | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.56 | |||||||||||||||||
Class D | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.016 | $ | (0.016 | ) | $ | 1.00 | 1.69 | % | ||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.71 | |||||||||||||||||
20062 | 1.00 | 0.039 | (0.039 | ) | 1.00 | 3.95 | |||||||||||||||||
20053 | 1.00 | 0.018 | (0.018 | ) | 1.00 | 1.79 | |||||||||||||||||
20044 | 1.00 | 0.005 | (0.005 | ) | 1.00 | 0.54 | |||||||||||||||||
20034 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.71 | |||||||||||||||||
Class Y | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.017 | $ | (0.017 | ) | $ | 1.00 | 1.77 | % | ||||||||||||
20072 | 1.00 | 0.048 | (0.048 | ) | 1.00 | 4.86 | |||||||||||||||||
20062 | 1.00 | 0.040 | (0.040 | ) | 1.00 | 4.10 | |||||||||||||||||
20053 | 1.00 | 0.019 | (0.019 | ) | 1.00 | 1.93 | |||||||||||||||||
20044 | 1.00 | 0.007 | (0.007 | ) | 1.00 | 0.69 | |||||||||||||||||
20034 | 1.00 | 0.009 | (0.009 | ) | 1.00 | 0.86 | |||||||||||||||||
Class Z | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.018 | $ | (0.018 | ) | $ | 1.00 | 1.89 | % | ||||||||||||
20072 | 1.00 | 0.051 | (0.051 | ) | 1.00 | 5.13 | |||||||||||||||||
20062 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.36 | |||||||||||||||||
20053 | 1.00 | 0.021 | (0.021 | ) | 1.00 | 2.16 | |||||||||||||||||
20046 | 1.00 | 0.008 | (0.008 | ) | 1.00 | 0.80 | |||||||||||||||||
Institutional Investor Class | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.018 | $ | (0.018 | ) | $ | 1.00 | 1.84 | % | ||||||||||||
20072 | 1.00 | 0.049 | (0.049 | ) | 1.00 | 5.02 | |||||||||||||||||
20067 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.00 | |||||||||||||||||
Reserve Class | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.015 | $ | (0.015 | ) | $ | 1.00 | 1.52 | % | ||||||||||||
20072 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.35 | |||||||||||||||||
20062 | 1.00 | 0.035 | (0.035 | ) | 1.00 | 3.60 | |||||||||||||||||
20058 | 1.00 | — | — | 1.00 | 0.01 | ||||||||||||||||||
1 | For the six-month period ended February 29, 2008 (unaudited). All ratios for the period have been annualized, except total return. | |
2 | For the period September 1 to August 31 in the year indicated. | |
3 | For the period October 1, 2004 to August 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to August 31. All ratios for the period have been annualized, except total return. | |
4 | For the period October 1 to September 30 in the year indicated. | |
5 | On December 1, 2003, existing Class S shares of the fund were designated as Class A shares. | |
6 | For the period from December 1, 2003, when the class of shares was first offered, to September 30, 2004. All ratios for the period have been annualized, except total return. | |
7 | 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. | |
8 | Reserve Class shares have been offered since August 31, 2005. All ratios for the period have been annualized, except total return. | |
9 | 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 2008 Semiannual Report
Ratio of Net | ||||||||||||||||||||||||||
Ratio of Net | Ratio of | Investment | ||||||||||||||||||||||||
Ratio of | Investment | Expenses to | Income | |||||||||||||||||||||||
Net Assets | Expenses to | Income | Average | to Average Net | ||||||||||||||||||||||
End of | Average | to Average | Net Assets | Assets | ||||||||||||||||||||||
Period (000) | Net Assets | Net Assets | (Excluding Waivers) | (Excluding Waivers) | ||||||||||||||||||||||
$ | 2,155,079 | 0.75 | % | 3.18 | % | 0.78 | % | 3.15 | % | |||||||||||||||||
1,719,685 | 0.75 | 4.46 | 0.78 | 4.43 | ||||||||||||||||||||||
1,496,419 | 0.75 | 3.76 | 0.79 | 3.72 | ||||||||||||||||||||||
1,174,750 | 0.75 | 1.77 | 0.80 | 1.72 | ||||||||||||||||||||||
1,197,325 | 0.75 | 0.39 | 0.80 | 0.34 | ||||||||||||||||||||||
1,354,195 | 0.75 | 0.57 | 0.80 | 0.52 | ||||||||||||||||||||||
$ | 7,856,613 | 0.60 | % | 3.37 | % | 0.63 | % | 3.34 | % | |||||||||||||||||
7,232,055 | 0.60 | 4.61 | 0.63 | 4.58 | ||||||||||||||||||||||
6,051,333 | 0.60 | 3.93 | 0.64 | 3.89 | ||||||||||||||||||||||
4,779,060 | 0.60 | 1.93 | 0.65 | 1.88 | ||||||||||||||||||||||
4,898,189 | 0.60 | 0.53 | 0.65 | 0.48 | ||||||||||||||||||||||
5,720,129 | 0.60 | 0.68 | 0.65 | 0.63 | ||||||||||||||||||||||
$ | 6,708,035 | 0.45 | % | 3.50 | % | 0.48 | % | 3.47 | % | |||||||||||||||||
6,143,979 | 0.45 | 4.75 | 0.48 | 4.72 | ||||||||||||||||||||||
5,395,566 | 0.45 | 4.14 | 0.49 | 4.10 | ||||||||||||||||||||||
3,178,640 | 0.45 | 2.10 | 0.50 | 2.05 | ||||||||||||||||||||||
2,838,253 | 0.45 | 0.68 | 0.50 | 0.63 | ||||||||||||||||||||||
3,570,394 | 0.45 | 0.85 | 0.51 | 0.79 | ||||||||||||||||||||||
$ | 3,269,161 | 0.20 | % | 3.69 | % | 0.23 | % | 3.66 | % | |||||||||||||||||
2,596,399 | 0.20 | 4.98 | 0.23 | 4.95 | ||||||||||||||||||||||
877,206 | 0.20 | 4.29 | 0.24 | 4.25 | ||||||||||||||||||||||
646,481 | 0.20 | 2.45 | 0.25 | 2.40 | ||||||||||||||||||||||
166,347 | 0.20 | 0.99 | 0.25 | 0.94 | ||||||||||||||||||||||
$ | 1,017,862 | 0.30 | % | 3.62 | % | 0.33 | % | 3.59 | % | |||||||||||||||||
693,614 | 0.30 | 4.89 | 0.33 | 4.86 | ||||||||||||||||||||||
437,586 | 0.30 | 4.87 | 0.34 | 4.83 | ||||||||||||||||||||||
$ | 1,244,026 | 0.94 | % | 3.02 | % | 0.98 | % | 2.98 | % | |||||||||||||||||
1,167,569 | 0.94 | 4.27 | 0.98 | 4.23 | ||||||||||||||||||||||
1,361,851 | 0.94 | 3.57 | 0.99 | 3.52 | ||||||||||||||||||||||
1,033,467 | 0.94 | 2.60 | 1.00 | 2.54 | ||||||||||||||||||||||
First American Funds 2008 Semiannual Report 33
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Dividends | Net Asset | |||||||||||||||||||||
Value | Net | from Net | Value | ||||||||||||||||||||
Beginning | Investment | Investment | End of | Total | |||||||||||||||||||
of Period | Income | Income | Period | Return5 | |||||||||||||||||||
U.S. Treasury Money Market Fund | |||||||||||||||||||||||
Class A | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.014 | $ | (0.014 | ) | $ | 1.00 | 1.45 | |||||||||||||
20072 | 1.00 | 0.043 | (0.043 | ) | 1.00 | 4.31 | |||||||||||||||||
20062 | 1.00 | 0.035 | (0.035 | ) | 1.00 | 3.56 | |||||||||||||||||
20053 | 1.00 | 0.015 | (0.015 | ) | 1.00 | 1.49 | |||||||||||||||||
Class D | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.015 | $ | (0.015 | ) | $ | 1.00 | 1.53 | % | ||||||||||||
20072 | 1.00 | 0.044 | (0.044 | ) | 1.00 | 4.47 | |||||||||||||||||
20062 | 1.00 | 0.037 | (0.037 | ) | 1.00 | 3.71 | |||||||||||||||||
20053 | 1.00 | 0.016 | (0.016 | ) | 1.00 | 1.63 | |||||||||||||||||
Class Y | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.016 | $ | (0.016 | ) | $ | 1.00 | 1.60 | % | ||||||||||||
20072 | 1.00 | 0.046 | (0.046 | ) | 1.00 | 4.62 | |||||||||||||||||
20062 | 1.00 | 0.038 | (0.038 | ) | 1.00 | 3.87 | |||||||||||||||||
20053 | 1.00 | 0.017 | (0.017 | ) | 1.00 | 1.75 | |||||||||||||||||
Class Z | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.017 | $ | (0.017 | ) | $ | 1.00 | 1.73 | % | ||||||||||||
20072 | 1.00 | 0.048 | (0.048 | ) | 1.00 | 4.88 | |||||||||||||||||
20062 | 1.00 | 0.041 | (0.041 | ) | 1.00 | 4.15 | |||||||||||||||||
20053 | 1.00 | 0.020 | (0.020 | ) | 1.00 | 2.00 | |||||||||||||||||
Institutional Investor Class | |||||||||||||||||||||||
20081 | $ | 1.00 | $ | 0.016 | $ | (0.016 | ) | $ | 1.00 | 1.68 | % | ||||||||||||
20072 | 1.00 | 0.047 | (0.047 | ) | 1.00 | 4.78 | |||||||||||||||||
20064 | 1.00 | 0.019 | (0.019 | ) | 1.00 | 1.91 | |||||||||||||||||
1 | For the six-month period ended February 29, 2008 (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 October 25, 2004, when the class of shares was first offered, to August 31, 2005. All ratios for the period have been annualized, except total return. | |
4 | 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. | |
5 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
34 First American Funds 2008 Semiannual Report
Ratio of Net | |||||||||||||||||||||||||
Ratio of Net | Ratio of | Investment | |||||||||||||||||||||||
Ratio of | Investment | Expenses to | Income | ||||||||||||||||||||||
Net Assets | Expenses to | Income | Average | to Average | |||||||||||||||||||||
End of | Average | to Average | Net Assets | Net Assets | |||||||||||||||||||||
Period (000) | Net Assets | Net Assets | (Excluding Waivers) | (Excluding Waivers) | |||||||||||||||||||||
$ | 46,436 | 0.75 | % | 2.81 | % | 0.81 | % | 2.75 | % | ||||||||||||||||
17,727 | 0.75 | 4.25 | 0.82 | 4.18 | |||||||||||||||||||||
66,783 | 0.75 | 3.96 | 0.84 | 3.87 | |||||||||||||||||||||
5,229 | 0.75 | 1.51 | 0.82 | 1.44 | |||||||||||||||||||||
$ | 303,769 | 0.60 | % | 3.00 | % | 0.66 | % | 2.94 | % | ||||||||||||||||
230,031 | 0.60 | 4.37 | 0.67 | 4.30 | |||||||||||||||||||||
188,499 | 0.60 | 3.62 | 0.69 | 3.53 | |||||||||||||||||||||
630,430 | 0.60 | 2.34 | 0.67 | 2.27 | |||||||||||||||||||||
$ | 491,896 | 0.45 | % | 3.20 | % | 0.51 | % | 3.14 | % | ||||||||||||||||
462,391 | 0.45 | 4.53 | 0.52 | 4.46 | |||||||||||||||||||||
355,081 | 0.45 | 3.91 | 0.54 | 3.82 | |||||||||||||||||||||
201,687 | 0.45 | 2.08 | 0.52 | 2.01 | |||||||||||||||||||||
$ | 184,969 | 0.20 | % | 3.31 | % | 0.26 | % | 3.25 | % | ||||||||||||||||
117,843 | 0.20 | 4.80 | 0.27 | 4.73 | |||||||||||||||||||||
124,961 | 0.20 | 4.66 | 0.29 | 4.57 | |||||||||||||||||||||
1 | 0.20 | 2.37 | 0.27 | 2.30 | |||||||||||||||||||||
$ | 19,252 | 0.30 | % | 2.87 | % | 0.36 | % | 2.81 | % | ||||||||||||||||
2,452 | 0.30 | 4.69 | 0.37 | 4.62 | |||||||||||||||||||||
16,084 | 0.30 | 4.68 | 0.39 | 4.59 | |||||||||||||||||||||
First American Funds 2008 Semiannual Report 35
Notes to Financial Statements | (unaudited as to February 29, 2008), all dollars 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 B, Class C, Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares. Prior to December 1, 2003, Class A shares were named Class S shares and Piper Jaffray Class shares were named Class A shares. Effective September 26, 2006, the funds discontinued offering Piper Jaffray Class shares. As of such date, Piper Jaffray Class shares were redeemed or exchanged for Class A shares of the respective fund. Class A shares are not subject to sales charges. Class B and Class C shares of Prime Obligations Fund are 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 in establishing a systematic exchange program that will be used to purchase Class B and Class C shares, respectively, of those funds. Class B shares may be subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Effective at the close of business on or after June 30, 2008, no new or additional investments will be allowed in Class B shares, except for permitted exchanges and any reinvested dividends. Class C shares may be subject to a contingent deferred sales charge for 12 months and will not convert to Class A shares. Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares are offered only to qualifying institutional investors. Class B, 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, 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, which approximates market 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 market 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 29, 2008, the differences between the aggregate market price and the aggregate amortized cost of all securities did not exceed 0.25% for any fund.
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. Each fund intends to invest no more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. 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.
36 First American Funds 2008 Semiannual Report
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis.
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the first business day of the following month.
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in 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.
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 29, 2008 and fiscal year ended August 31, 2007 (adjusted by dividends payable as of February 29, 2008 and August 31, 2007) were as follows:
February 29, 2008 | ||||||||||||
Ordinary | Tax-Exempt | Capital | ||||||||||
Fund | Income | Income | Gain | Total | ||||||||
Government Obligations Fund | $ | 166,705 | $ | — | $ | — | $ | 166,705 | ||||
Prime Obligations Fund | 454,227 | — | — | 454,227 | ||||||||
Tax Free Obligations Fund | 37,528 | — | — | 37,528 | ||||||||
Treasury Obligations Fund | 377,512 | — | — | 377,512 | ||||||||
U.S. Treasury Money Market Fund | 16,436 | — | — | 16,436 | ||||||||
August 31, 2007 | ||||||||||||
Ordinary | Tax-Exempt | Capital | ||||||||||
Fund | Income | Income | Gain | Total | ||||||||
Government Obligations Fund | $ | 283,469 | $ | — | $ | — | $ | 283,469 | ||||
Prime Obligations Fund | 890,465 | — | — | 890,465 | ||||||||
Tax Free Obligations Fund | 90 | 67,750 | — | 67,840 | ||||||||
Treasury Obligations Fund | 820,049 | — | — | 820,049 | ||||||||
U.S. Treasury Money Market Fund | 37,570 | — | — | 37,570 | ||||||||
As of August 31, 2007, the funds’ most recently completed fiscal year end, the components of accumulated earnings (deficit) on a tax-basis were as follows:
Accumulated | ||||||||||||||||||||
Undistributed | Undistributed | Undistributed | Capital and | Unrealized | Total | |||||||||||||||
Ordinary | Tax Exempt | Long Term | Post-October | Appreciation | Accumulated | |||||||||||||||
Fund | Income | Income | Capital Gains | Losses | (Depreciation) | Earnings | ||||||||||||||
Government Obligations Fund | $ | 25,987 | $ | — | $ | — | $ | (38 | ) | $ | — | $ | 25,949 | |||||||
Prime Obligations Fund | 75,175 | — | — | (406 | ) | — | 74,769 | |||||||||||||
Tax Free Obligations Fund | — | 6,746 | — | — | (6 | ) | 6,740 | |||||||||||||
Treasury Obligations Fund | 68,330 | — | — | (140 | ) | — | 68,190 | |||||||||||||
U.S. Treasury Money Market Fund | 2,883 | — | — | (1 | ) | — | 2,882 | |||||||||||||
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, 2007 and the deferral of wash sale losses.
First American Funds 2008 Semiannual Report 37
Notes toFinancial Statements | (unaudited as to February 29, 2008), all dollars are rounded to thousands (000) |
As of August 31, 2007, 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 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | Total | ||||||||||||||||||||
Government Obligations Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8 | $ | 26 | $ | 34 | |||||||||||
Prime Obligations Fund | — | — | — | — | — | — | — | 404 | 404 | ||||||||||||||||||||
Treasury Obligations Fund | 63 | — | — | — | — | — | 20 | 57 | 140 | ||||||||||||||||||||
U.S. Treasury Money Market Fund | — | — | — | — | — | — | — | * | — | * | 1 | ||||||||||||||||||
* | Less than $1 |
Government Obligations Fund and Prime Obligations Fund incurred losses of $4 and $2, respectively, for tax purposes, for the period from November 1, 2006 to August 31, 2007. 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, 2008.
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 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 triparty repurchase agreements. Securities held as collateral for triparty 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 market 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, each fund, other than U.S. Treasury Money Market 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. Currently, only Government Obligations Fund lends its 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 Investment Company Act Rule 2a-7. As of February 29, 2008, Government Obligations Fund had securities on loan with a total market value of $99,812.
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 as a percentage of each fund’s income from securities lending transactions. For the six-month period ended February 29, 2008, Government Obligations Fund paid $71 to U.S. Bank for serving as the securities lending agent.
Each fund’s income from securities lending is recorded on the Statement 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 Securities and Exchange Commission, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended February 29, 2008.
DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of
38 First American Funds 2008 Semiannual Report
open-end First American Funds, preselected by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. 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 U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of net 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.
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors, Inc. (“FAF Advisors”) manages each fund’s assets and furnishes related office facilities, equipment, research and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee equal, on an annual basis, to 0.10% of the fund’s average daily net assets. FAF Advisors has agreed to waive fees and reimburse other fund expenses until October 31, 2008, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:
Share Class | ||||||||||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||||
Fund | A | B | 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 | 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 | — | |||||||||||||||||||||||||||||
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors 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 FAF Advisors 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. During the six-month period ended February 29, 2008, administration fees of $956 were waived on Class Z shares of Prime Obligations Fund.
All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.
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.
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from the custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.
For the six-month period ended February 29, 2008, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows:
Fund | Increased | Decreased | ||||
Government Obligations Fund | $ | 1 | $ | 3 | ||
Prime Obligations Fund | — | 32 | ||||
Tax Free Obligations Fund | 1 | 4 | ||||
Treasury Obligations Fund | — | 11 | ||||
U.S. Treasury Money Market Fund | — | — | ||||
First American Funds 2008 Semiannual Report 39
Notes toFinancial Statements | (unaudited as to February 29, 2008), all dollars are rounded to thousands (000) |
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 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%, 1.00%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A shares, Class B 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.
Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended February 29, 2008:
Fund | Amount | ||
Government Obligations Fund | $ | 1,714 | |
Prime Obligations Fund | 3,293 | ||
Tax Free Obligations Fund | 307 | ||
Treasury Obligations Fund | 10,565 | ||
U.S. Treasury Money Market Fund | 292 | ||
SHAREHOLDER SERVICING (NON-12b-1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with FAF Advisors, under which FAF Advisors 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 FAF Advisors 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. During the six-month period ended February 29, 2008, shareholder servicing fees of $239 and $278 were waived on Class I shares and Institutional Investor Class shares, respectively, of Prime Obligations Fund, and $56 was waived on Reserve Class shares of Treasury Obligations Fund.
Under this shareholder servicing plan and agreement, the following amounts were paid to FAF Advisors for the six-month period ended February 29, 2008:
Fund | Amount | ||
Government Obligations Fund | $ | 7,844 | |
Prime Obligations Fund | 14,576 | ||
Tax Free Obligations Fund | 1,990 | ||
Treasury Obligations Fund | 21,072 | ||
U.S. Treasury Money Market Fund | 1,043 | ||
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 29, 2008, legal fees and expenses of $18 were paid to a law firm of which an Assistant Secretary of the funds is a partner.
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) is imposed on redemptions made in the Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years.
Contingent Deferred Sales Charge | ||||||
as a Percentage of Dollar | ||||||
Year Since Purchase | Amount Subject to Charge | |||||
First | 5.00 | % | ||||
Second | 5.00 | |||||
Third | 4.00 | |||||
Fourth | 3.00 | |||||
Fifth | 2.00 | |||||
Sixth | 1.00 | |||||
Seventh | — | |||||
Eighth | — | |||||
A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first twelve months.
The CDSC for Class B shares and 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 29, 2008, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing shares of Prime Obligations Fund were $16.
Prime Obligations Fund Class B shares converted to Class A shares (reflected as proceeds from sales of Class A shares and payments for redemptions of Class B shares) during the six-month period ended February 29, 2008 and the fiscal year ended August 31, 2007 in the amount of 89,125 and 511,476 shares, respectively.
40 First American Funds 2008 Semiannual Report
4 > | Investment Security Transactions |
The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of the securities for federal income tax purposes at February 29, 2008 were as follows:
Aggregate | Aggregate | |||||||||||
Gross | Gross | Federal | ||||||||||
Unrealized | Unrealized | Income | ||||||||||
Appreciation | Depreciation | Net | Tax Cost | |||||||||
Government Obligations Fund | $ | — | $ | — | $ | — | $ | 10,670,795 | ||||
Prime Obligations Fund | — | — | — | 20,735,164 | ||||||||
Tax Free Obligations Fund | — | — | — | 2,332,127 | ||||||||
Treasury Obligations Fund | — | — | — | 22,280,879 | ||||||||
U.S. Treasury Money Market Fund | — | — | — | 1,048,595 | ||||||||
5 > | Portfolio Characteristics of the Tax Free Obligations Fund |
The Tax Free Obligations Fund invests in four different types of municipal securities. At February 29, 2008, the percentage of portfolio investments by each category was as follows:
Tax Free | ||||||
Obligations | ||||||
Fund | ||||||
Weekly Variable Rate Demand Notes | 81.2 | % | ||||
Municipal Notes & Bonds | 12.4 | |||||
Investment Company | 2.6 | |||||
Commercial Paper & Put Bonds | 3.8 | |||||
100.0 | % | |||||
The Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, tax and revenue anticipation notes, and general obligation bonds. At February 29, 2008, the percentage of portfolio investments in longer-term securities by each revenue source, was as follows:
Tax Free | ||||||
Obligations | ||||||
Fund | ||||||
General Obligations | 44.5 | % | ||||
Revenue Bonds | 41.6 | |||||
Tax and Revenue Anticipation Notes | 13.9 | |||||
100.0 | % | |||||
The implied credit ratings of all portfolio holdings as a percentage of total market value of investments at February 29, 2008, were as follows (unaudited):
Tax Free | ||||||
Obligations | ||||||
Standard & Poor’s/ Moody’s/Fitch Ratings | Fund | |||||
AAA | 37.6 | % | ||||
AA | 62.2 | |||||
A | 0.2 | |||||
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.
6 > | 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.
7 > | Reimbursement from Affiliate |
During October and November of 2007 an affiliate of the funds’ advisor purchased various secured liquidity notes held by Prime Obligations Fund. These notes were purchased for cash at a price equal to the notes’ amortized cost plus accrued interest. The amount shown in the fund’s Statement of Operations as a reimbursement from affiliate is equal to the difference between the fair value of the notes at purchase date and the cash received from the affiliate.
8 > | New Accounting Pronouncements |
On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The funds have adopted FIN 48 and as of February 29, 2008 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.
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of February 29, 2008, the funds do not believe the adoption of FAS 157 will materially impact the amounts reported in the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain measurements reported in the Statement of Operations for a fiscal period.
First American Funds 2008 Semiannual Report 41
Notice toShareholders | February 29, 2008 (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 during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
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 (1) without charge upon request by calling 800.677.FUND 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 1-800-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 attempt to post such information within 10 days of the calendar month-end.
42 First American Funds 2008 Semiannual Report
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Board of Directors First American Funds, Inc.
Virginia Stringer
Chairperson of First American Funds, Inc.
Governance Consultant; former Owner and President of Strategic Management
Resources, Inc.
Benjamin Field III
Director of First American Funds, Inc.
Retired; former Senior Financial Advisor, Senior Vice President,
Chief Financial Officer, and Treasurer of Bemis Company, Inc.
Roger Gibson
Director of First American Funds, Inc.
Director of Charterhouse Group, Inc.
Victoria Herget
Director of First American Funds, Inc.
Investment Consultant; 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
Leonard Kedrowski
Director of First American Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
Richard Riederer
Director of First American Funds, Inc.
Owner and Chief Executive Officer of RKR Consultants, Inc.
Joseph Strauss
Director of First American Funds, Inc.
Owner and President of Strauss Management Company
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.
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Direct fund correspondence to:
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio.
This report is for the information of shareholders of the First American Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current 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.
FAF Advisors, Inc.
800 Nicollet Mall
Minneapolis, Minnesota 55402
ADMINISTRATOR
FAF Advisors, 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 5510
DISTRIBUTOR
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
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
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
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 4/2008 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 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 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 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/ Thomas S. Schreier, Jr. | ||||
Thomas S. Schreier, Jr. | ||||
President |
Date: May 5, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | ||||
/s/ Thomas S. Schreier, Jr. | ||||
Thomas S. Schreier, Jr. | ||||
President |
Date: May 5, 2008
By: | ||||
/s/ Charles D. Gariboldi, Jr. | ||||
Charles D. Gariboldi, Jr. | ||||
Treasurer |
Date: May 5, 2008