UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03313
First American Funds, Inc.
(Exact name of registrant as specified in charter)
| | |
| 800 Nicollet Mall, Minneapolis, MN | | 55402 |
| (Address of principal executive offices) | | (Zip code) |
Jill M. Stevenson, 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-677-3863
Date of fiscal period end: August 31
Date of reporting period: February 28, 2013
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.
SEMIANNUAL REPORT
February 28, 2013
Money Market
Funds
TABLE OF CONTENTS
An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports 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 (certificates of deposit, government agency debt, etc.) and, for Tax Free Obligations Fund, by state. This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios and net investment income ratios. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size.
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 800.677.3863 or visit FirstAmericanFunds.com.
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 1 |
Government Obligations Fund
Portfolio Allocation as of February 28, 20131 (% of net assets)
| | | | |
Government Agency Debt | | | 53.0% | |
Treasury Repurchase Agreements | | | 25.4 | |
Government Agency Repurchase Agreements | | | 15.9 | |
Treasury Debt | | | 5.6 | |
Other Assets and Liabilities, Net2 | | | 0.1 | |
| | | | | |
| | | | 100.0% | |
Prime Obligations Fund
Portfolio Allocation as of February 28, 20131 (% of net assets)
| | | | |
Certificates of Deposit | | | 23.7% | |
Other Notes | | | 12.4 | |
Government Agency Repurchase Agreements | | | 12.0 | |
Financial Company Commercial Paper | | | 11.6 | |
Asset Backed Commercial Paper | | | 11.4 | |
Government Agency Debt | | | 8.2 | |
Treasury Debt | | | 8.2 | |
Variable Rate Demand Notes | | | 4.8 | |
Treasury Repurchase Agreements | | | 3.3 | |
Other Repurchase Agreements | | | 2.2 | |
Investment Companies | | | 1.5 | |
Other Commercial Paper | | | 1.0 | |
Other Assets and Liabilities, Net2 | | | (0.3) | |
| | | | | |
| | | | 100.0% | |
Tax Free Obligations Fund
Portfolio Allocation as of February 28, 20131,3 (% of net assets)
| | | | |
Municipal Debt | | | 99.9% | |
Other Assets and Liabilities, Net2 | | | 0.1 | |
| | | | | |
| | | | 100.0% | |
Treasury Obligations Fund
Portfolio Allocation as of February 28, 20131 (% of net assets)
| | | | |
Treasury Repurchase Agreements | | | 64.0% | |
Treasury Debt | | | 35.9 | |
Other Assets and Liabilities, Net2 | | | 0.1 | |
| | | | | |
| | | | 100.0% | |
U.S. Treasury Money Market Fund
Portfolio Allocation as of February 28, 20131 (% of net assets)
| 1 | Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security. |
| 2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
| 3 | See note 4 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund. |
| | |
| 2 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
Expense Example
As a shareholder of one or more of the funds, you incur ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from September 1, 2012 to February 28, 2013.
Actual Expenses
For each class of each fund, two lines are presented in the table below – the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare these 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
| | | | | | | | | | | | | | |
| | | | | Beginning Account
Value (9/01/12) | | | Ending Account
Value (2/28/13) | | | Expenses Paid During
Period1 (9/01/12 to
2/28/13) | |
| | | | | |
| | | Class A Actual2 | | $ | 1,000.00 | | | $ | 1,000.08 | | | $ | 0.79 | |
| | | Class A Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.00 | | | $ | 0.80 | |
| | | | | |
| | | Class D Actual2 | | $ | 1,000.00 | | | $ | 1,000.08 | | | $ | 0.84 | |
| | | Class D Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| | | | | |
| | | Class Y Actual2 | | $ | 1,000.00 | | | $ | 1,000.08 | | | $ | 0.84 | |
| | | Class Y Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| | | | | |
| | | Class Z Actual2 | | $ | 1,000.00 | | | $ | 1,000.08 | | | $ | 0.84 | |
| | | Class Z Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| | | | | |
| | | Institutional Investor Class Actual2 | | $ | 1,000.00 | | | $ | 1,000.08 | | | $ | 0.84 | |
| | | Institutional Investor Class Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| 1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.16%, 0.17%, 0.17%, 0.17%, and 0.17% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
| 2 | Based on the actual returns for the six-month period ended February 28, 2013 of 0.01%, 0.01%, 0.01%, 0.01%, and 0.01% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
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| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 3 |
| | | | | | | | | | | | | | |
| | | | | Beginning Account
Value (9/01/12) | | | Ending Account
Value (2/28/13) | | | Expenses Paid During
Period1 (9/01/12 to
2/28/13) | |
| | | | | |
| | | Class A Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1.24 | |
| | | Class A Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.55 | | | $ | 1.25 | |
| | | | | |
| | | Class D Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1.24 | |
| | | Class D Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.55 | | | $ | 1.25 | |
| | | | | |
| | | Class I Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1.24 | |
| | | Class I Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.55 | | | $ | 1.25 | |
| | | | | |
| | | Class Y Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1.24 | |
| | | Class Y Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.55 | | | $ | 1.25 | |
| | | | | |
| | | Class Z Actual2 | | $ | 1,000.00 | | | $ | 1,000.24 | | | $ | 0.99 | |
| | | Class Z Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.80 | | | $ | 1.00 | |
| | | | | |
| | | Institutional Investor Class Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1.24 | |
| | | Institutional Investor Class Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.55 | | | $ | 1.25 | |
| 1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.25%, 0.25%, 0.25%, 0.25%, 0.20%, and 0.25% for Class A, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
| 2 | Based on the actual returns for the six-month period ended February 28, 2013 of 0.00%, 0.00%, 0.00%, 0.00%, 0.02%, and 0.00% for Class A, Class D, Class I, Class Y, Class Z, and Institutional Investor Class, respectively. |
Tax Free Obligations Fund
| | | | | | | | | | | | | | |
| | | | | Beginning Account
Value (9/01/12) | | | Ending Account
Value (2/28/13) | | | Expenses Paid During
Period3 (9/01/12 to
2/28/13) | |
| | | | | |
| | | Class A Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.79 | |
| | | Class A Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.00 | | | $ | 0.80 | |
| | | | | |
| | | Class D Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.79 | |
| | | Class D Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.00 | | | $ | 0.80 | |
| | | | | |
| | | Class Y Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.74 | |
| | | Class Y Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.05 | | | $ | 0.75 | |
| | | | | |
| | | Class Z Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.74 | |
| | | Class Z Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.05 | | | $ | 0.75 | |
| | | | | |
| | | Institutional Investor Class Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.74 | |
| | | Institutional Investor Class Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.05 | | | $ | 0.75 | |
| 3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.16%, 0.16%, 0.15%, 0.15%, and 0.15% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
| 4 | Based on the actual returns for the six-month period ended February 28, 2013 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
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| 4 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
Treasury Obligations Fund
| | | | | | | | | | | | | | |
| | | | | Beginning Account
Value (9/01/12) | | | Ending Account
Value (2/28/13) | | | Expenses Paid During
Period1 (9/01/12 to
2/28/13) | |
| | | | | |
| | | Class A Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.84 | |
| | | Class A Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| | | | | |
| | | Class D Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.84 | |
| | | Class D Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| | | | | |
| | | Class Y Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.84 | |
| | | Class Y Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| | | | | |
| | | Class Z Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.84 | |
| | | Class Z Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| | | | | |
| | | Institutional Investor Class Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.79 | |
| | | Institutional Investor Class Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.00 | | | $ | 0.80 | |
| | | | | |
| | | Reserve Class Actual2 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.84 | |
| | | Reserve Class Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.95 | | | $ | 0.85 | |
| 1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.17%, 0.17%, 0.17%, 0.17%, 0.16%, and 0.17% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
| 2 | Based on the actual returns for the six-month period ended February 28, 2013 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively. |
U.S. Treasury Money Market Fund
| | | | | | | | | | | | | | |
| | | | | Beginning Account
Value (9/01/12) | | | Ending Account
Value (2/28/13) | | | Expenses Paid During
Period3 (9/01/12 to
2/28/13) | |
| | | | | |
| | | Class A Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.45 | |
| | | Class A Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.35 | | | $ | 0.45 | |
| | | | | |
| | | Class D Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.45 | |
| | | Class D Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.35 | | | $ | 0.45 | |
| | | | | |
| | | Class Y Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.45 | |
| | | Class Y Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.35 | | | $ | 0.45 | |
| | | | | |
| | | Class Z Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.45 | |
| | | Class Z Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.35 | | | $ | 0.45 | |
| | | | | |
| | | Institutional Investor Class Actual4 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.45 | |
| | | Institutional Investor Class Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.35 | | | $ | 0.45 | |
| 3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.09%, 0.09%, 0.09%, 0.09%, and 0.09% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
| 4 | Based on the actual returns for the six-month period ended February 28, 2013 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class Y, Class Z, and Institutional Investor Class, respectively. |
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| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 5 |
| | |
| Schedule of Investments | | February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | | | | | |
Government Obligations Fund | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Government Agency Debt – 53.0% | |
Federal Farm Credit Bank | | | | | | | | |
0.180%, 03/27/2013 r | | $ | 125,000 | | | $ | 124,998 | |
0.180%, 04/15/2013 r | | | 25,000 | | | | 25,000 | |
0.172%, 04/17/2013 r | | | 35,000 | | | | 35,002 | |
0.152%, 04/24/2013 r | | | 50,000 | | | | 50,000 | |
0.280%, 06/19/2013 r | | | 50,000 | | | | 49,997 | |
0.123%, 06/27/2013 r | | | 25,000 | | | | 24,998 | |
0.222%, 08/22/2013 r | | | 144,000 | | | | 144,051 | |
0.112%, 08/23/2013 r | | | 50,000 | | | | 49,998 | |
0.174%, 10/28/2013 r | | | 50,000 | | | | 50,000 | |
0.250%, 11/27/2013 | | | 100,000 | | | | 100,012 | |
0.160%, 12/04/2013 r | | | 50,000 | | | | 50,000 | |
0.190%, 12/13/2013 | | | 25,000 | | | | 25,005 | |
0.190%, 12/19/2013 | | | 50,000 | | | | 50,007 | |
0.192%, 12/23/2013 r | | | 48,575 | | | | 48,581 | |
0.152%, 03/24/2014 r | | | 150,000 | | | | 149,959 | |
Federal Home Loan Bank | | | | | | | | |
0.155%, 03/01/2013 | | | 28,000 | | | | 28,000 | |
0.156%, 03/08/2013 | | | 181,000 | | | | 180,995 | |
0.150%, 03/20/2013 | | | 26,494 | | | | 26,492 | |
0.150%, 03/25/2013 | | | 25,000 | | | | 25,000 | |
0.330%, 04/05/2013 r | | | 39,620 | | | | 39,620 | |
0.200%, 04/10/2013 r | | | 50,000 | | | | 50,000 | |
0.200%, 04/11/2013 r | | | 25,000 | | | | 24,999 | |
0.190%, 04/12/2013 r | | | 100,000 | | | | 99,998 | |
0.160%, 04/17/2013 | | | 100,000 | | | | 99,997 | |
0.165%, 04/17/2013 | | | 50,000 | | | | 49,989 | |
0.117%, 04/19/2013 | | | 50,000 | | | | 49,992 | |
0.165%, 04/24/2013 | | | 50,000 | | | | 49,988 | |
0.165%, 04/26/2013 | | | 25,000 | | | | 24,994 | |
0.180%, 04/26/2013 r | | | 85,000 | | | | 84,997 | |
0.225%, 04/30/2013 | | | 50,000 | | | | 49,999 | |
0.190%, 05/15/2013 r | | | 40,000 | | | | 39,999 | |
0.230%, 05/21/2013 | | | 25,000 | | | | 25,000 | |
0.240%, 05/21/2013 | | | 30,000 | | | | 29,999 | |
0.160%, 05/22/2013 | | | 30,000 | | | | 29,989 | |
0.159%, 05/29/2013 | | | 74,100 | | | | 74,071 | |
0.160%, 05/31/2013 | | | 50,000 | | | | 49,980 | |
0.171%, 06/04/2013 r | | | 35,000 | | | | 34,999 | |
0.160%, 06/05/2013 | | | 30,000 | | | | 29,999 | |
0.280%, 06/13/2013 | | | 25,000 | | | | 25,000 | |
0.150%, 06/14/2013 | | | 50,000 | | | | 49,998 | |
0.150%, 06/14/2013 | | | 50,000 | | | | 49,997 | |
0.125%, 06/18/2013 | | | 30,000 | | | | 29,998 | |
0.190%, 06/18/2013 r | | | 50,000 | | | | 49,999 | |
0.170%, 06/27/2013 | | | 25,000 | | | | 24,998 | |
0.110%, 07/16/2013 | | | 30,000 | | | | 29,997 | |
0.120%, 07/22/2013 | | | 30,000 | | | | 29,998 | |
0.120%, 07/22/2013 | | | 25,000 | | | | 24,999 | |
0.142%, 07/25/2013 r | | | 50,000 | | | | 50,000 | |
0.250%, 08/02/2013 | | | 43,780 | | | | 43,774 | |
5.125%, 08/14/2013 ‚ | | | 11,650 | | | | 11,911 | |
0.125%, 08/23/2013 | | | 41,905 | | | | 41,888 | |
0.140%, 08/28/2013 | | | 50,000 | | | | 49,994 | |
0.500%, 08/28/2013 | | | 200,000 | | | | 200,326 | |
0.290%, 08/30/2013 r | | | 100,000 | | | | 100,000 | |
0.141%, 09/10/2013 r | | | 70,000 | | | | 70,001 | |
4.500%, 09/16/2013 | | | 50,450 | | | | 51,653 | |
0.170%, 09/20/2013 | | | 50,000 | | | | 49,999 | |
0.210%, 09/24/2013 | | | 25,000 | | | | 24,998 | |
0.210%, 09/24/2013 | | | 50,000 | | | | 49,999 | |
0.210%, 10/10/2013 | | | 50,000 | | | | 49,999 | |
0.270%, 10/16/2013 r | | | 60,000 | | | | 60,000 | |
3.625%, 10/18/2013 | | | 55,615 | | | | 56,813 | |
0.245%, 11/04/2013 r | | | 150,000 | | | | 149,974 | |
0.230%, 11/08/2013 r | | | 50,000 | | | | 49,986 | |
0.220%, 11/15/2013 r | | | 110,000 | | | | 109,972 | |
0.290%, 11/15/2013 | | | 45,740 | | | | 45,758 | |
0.300%, 11/15/2013 | | | 108,150 | | | | 108,201 | |
| | | | | | | | |
Government Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
0.300%, 11/22/2013 | | $ | 25,000 | | | $ | 25,013 | |
0.250%, 12/04/2013 r | | | 100,000 | | | | 99,977 | |
0.250%, 12/06/2013 r | | | 35,000 | | | | 34,995 | |
0.250%, 12/23/2013 | | | 25,000 | | | | 25,000 | |
0.170%, 12/24/2013 | | | 50,000 | | | | 49,991 | |
0.230%, 01/02/2014 r | | | 135,000 | | | | 134,968 | |
0.255%, 01/15/2014 r | | | 50,000 | | | | 50,000 | |
0.122%, 01/23/2014 r | | | 50,000 | | | | 49,990 | |
0.122%, 01/24/2014 r | | | 70,000 | | | | 69,980 | |
0.118%, 02/03/2014 r | | | 50,000 | | | | 49,986 | |
0.200%, 02/03/2014 r | | | 50,000 | | | | 49,977 | |
0.110%, 02/20/2014 r | | | 24,800 | | | | 24,791 | |
0.157%, 02/28/2014 r | | | 175,000 | | | | 174,983 | |
0.164%, 02/28/2014 r | | | 25,000 | | | | 24,995 | |
0.160%, 03/03/2014 r | | | 50,000 | | | | 49,990 | |
0.180%, 03/05/2014 « | | | 50,000 | | | | 49,991 | |
0.210%, 04/15/2014 r | | | 90,000 | | | | 89,969 | |
0.172%, 06/17/2014 r | | | 125,000 | | | | 124,969 | |
0.183%, 06/27/2014 r | | | 25,000 | | | | 24,997 | |
Federal Home Loan Mortgage Corporation | | | | | | | | |
0.090%, 03/08/2013 | | | 40,000 | | | | 39,999 | |
0.115%, 03/11/2013 | | | 106,250 | | | | 106,247 | |
0.160%, 03/15/2013 | | | 11,000 | | | | 10,999 | |
0.073%, 03/18/2013 | | | 100,000 | | | | 99,997 | |
0.120%, 04/08/2013 | | | 75,000 | | | | 74,990 | |
0.106%, 04/17/2013 | | | 85,000 | | | | 84,988 | |
0.160%, 04/23/2013 | | | 10,500 | | | | 10,497 | |
0.165%, 05/06/2013 | | | 100,000 | | | | 99,970 | |
0.100%, 05/13/2013 | | | 20,690 | | | | 20,686 | |
0.170%, 05/13/2013 | | | 2,000 | | | | 1,999 | |
0.142%, 05/20/2013 | | | 48,002 | | | | 47,987 | |
0.105%, 05/21/2013 | | | 26,050 | | | | 26,044 | |
0.160%, 05/28/2013 | | | 94,000 | | | | 93,963 | |
0.157%, 05/29/2013 | | | 40,300 | | | | 40,284 | |
0.155%, 06/03/2013 | | | 25,000 | | | | 24,990 | |
0.155%, 06/21/2013 | | | 47,000 | | | | 46,977 | |
0.150%, 07/01/2013 | | | 30,000 | | | | 29,985 | |
0.105%, 07/22/2013 | | | 25,000 | | | | 24,990 | |
0.130%, 08/06/2013 | | | 75,000 | | | | 74,957 | |
0.125%, 08/12/2013 | | | 50,000 | | | | 49,972 | |
0.130%, 08/20/2013 | | | 12,300 | | | | 12,292 | |
4.125%, 09/27/2013 | | | 16,985 | | | | 17,374 | |
0.155%, 10/15/2013 | | | 40,000 | | | | 39,961 | |
0.875%, 10/28/2013 | | | 15,833 | | | | 15,901 | |
0.625%, 12/23/2013 | | | 25,000 | | | | 25,089 | |
0.450%, 01/09/2014 | | | 9,000 | | | | 9,022 | |
Federal National Mortgage Association | | | | | | | | |
0.155%, 03/06/2013 | | | 56,100 | | | | 56,099 | |
0.150%, 03/20/2013 | | | 110,000 | | | | 109,991 | |
0.150%, 04/01/2013 | | | 25,000 | | | | 24,997 | |
0.090%, 04/10/2013 | | | 28,700 | | | | 28,697 | |
0.165%, 04/24/2013 | | | 104,996 | | | | 104,970 | |
0.113%, 05/01/2013 | | | 211,329 | | | | 211,289 | |
1.750%, 05/07/2013 | | | 40,000 | | | | 40,117 | |
0.142%, 05/08/2013 | | | 127,400 | | | | 127,366 | |
0.200%, 05/17/2013 | | | 35,000 | | | | 35,008 | |
0.160%, 05/22/2013 | | | 50,000 | | | | 49,982 | |
0.159%, 05/29/2013 | | | 12,500 | | | | 12,495 | |
0.100%, 06/03/2013 | | | 50,000 | | | | 49,987 | |
0.105%, 06/05/2013 | | | 39,155 | | | | 39,144 | |
0.100%, 06/24/2013 | | | 125,000 | | | | 124,960 | |
0.100%, 07/01/2013 | | | 30,000 | | | | 29,990 | |
0.100%, 07/02/2013 | | | 50,000 | | | | 49,983 | |
0.150%, 07/15/2013 | | | 23,286 | | | | 23,273 | |
0.500%, 08/09/2013 | | | 36,053 | | | | 36,100 | |
1.250%, 08/20/2013 | | | 30,000 | | | | 30,154 | |
0.150%, 08/21/2013 | | | 100,000 | | | | 99,928 | |
0.150%, 08/28/2013 | | | 50,000 | | | | 49,962 | |
0.150%, 09/03/2013 | | | 225,000 | | | | 224,826 | |
0.150%, 09/16/2013 | | | 102,165 | | | | 102,080 | |
The accompanying notes are an integral part of the financial statements.
| | |
| 6 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | |
Government Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
1.000%, 09/23/2013 | | $ | 30,000 | | | $ | 30,143 | |
4.625%, 10/15/2013 | | | 70,878 | | | | 72,827 | |
1.050%, 10/22/2013 | | | 22,865 | | | | 22,987 | |
Straight-A Funding ¢ | | | | | | | | |
0.180%, 03/21/2013 | | | 50,000 | | | | 49,995 | |
0.180%, 03/26/2013 | | | 50,039 | | | | 50,033 | |
0.150%, 04/08/2013 | | | 30,000 | | | | 29,995 | |
0.190%, 04/19/2013 | | | 125,000 | | | | 124,968 | |
| | | | | | | | |
Total Government Agency Debt
(Cost $8,244,002) | | | | | | | 8,244,002 | |
| | | | | | | | |
Treasury Debt – 5.6% | | | | | | | | |
U.S. Treasury Notes | | | | | | | | |
1.750%, 04/15/2013 | | | 50,000 | | | | 50,096 | |
0.625%, 04/30/2013 | | | 50,000 | | | | 50,033 | |
1.375%, 05/15/2013 | | | 100,000 | | | | 100,246 | |
3.500%, 05/31/2013 | | | 75,000 | | | | 75,608 | |
3.375%, 06/30/2013 | | | 100,000 | | | | 101,051 | |
3.375%, 07/31/2013 | | | 50,000 | | | | 50,663 | |
0.750%, 08/15/2013 | | | 25,000 | | | | 25,072 | |
4.250%, 08/15/2013 | | | 25,000 | | | | 25,464 | |
2.750%, 10/31/2013 | | | 75,000 | | | | 76,300 | |
4.250%, 11/15/2013 | | | 30,000 | | | | 30,859 | |
0.750%, 12/15/2013 | | | 25,000 | | | | 25,115 | |
0.250%, 01/31/2014 | | | 90,000 | | | | 90,056 | |
1.750%, 01/31/2014 | | | 50,000 | | | | 50,720 | |
1.250%, 02/15/2014 | | | 25,000 | | | | 25,255 | |
1.875%, 02/28/2014 | | | 90,000 | | | | 91,525 | |
| | | | | | | | |
Total Treasury Debt
(Cost $868,063) | | | | | | | 868,063 | |
| | | | | | | | |
Government Agency Repurchase
Agreements – 15.9% | |
BNP Paribas Securities | | | | | | | | |
0.170%, dated 02/28/2013, matures 03/01/2013, repurchase price $700,003 (collateralized by various government agency obligations: Total market value $714,001) | | | 700,000 | | | | 700,000 | |
HSBC Securities (USA) | | | | | | | | |
0.170%, dated 02/28/2013, matures 03/01/2013, repurchase price $300,001 (collateralized by various government agency obligations: Total market value $306,002) | | | 300,000 | | | | 300,000 | |
ING Financial Markets | | | | | | | | |
0.170%, dated 02/28/2013, matures 03/01/2013, repurchase price $150,001 (collateralized by various government agency obligations: Total market value $153,004) | | | 150,000 | | | | 150,000 | |
Merrill Lynch, Pierce, Fenner & Smith | | | | | | | | |
0.140%, dated 02/28/2013, matures 03/01/2013, repurchase price $566,849 (collateralized by various government agency obligations: Total market value $578,184) | | | 566,847 | | | | 566,847 | |
0.140%, dated 02/28/2013, matures 03/07/2013, repurchase price $200,005 (collateralized by various government agency obligations: Total market value $204,002) ¥ | | | 200,000 | | | | 200,000 | |
RBC Capital Markets | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $150,001 (collateralized by various government agency obligations: Total market value $153,003) | | | 150,000 | | | | 150,000 | |
| | | | | | | | |
Government Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
SG Americas Securities | | | | | | | | |
0.170%, dated 02/28/2013, matures 03/01/2013, repurchase price $400,002 (collateralized by various government agency obligations: Total market value $408,004) | | $ | 400,000 | | | $ | 400,000 | |
| | | | | | | | |
Total Government Agency Repurchase Agreements
(Cost $2,466,847) | | | | 2,466,847 | |
| | | | | | | | |
Treasury Repurchase Agreements – 25.4% | |
Bank of Nova Scotia, NY | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $1,350,006 (collateralized by U.S. Treasury obligations: Total market value $1,377,000) | | | 1,350,000 | | | | 1,350,000 | |
Barclays Capital | | | | | | | | |
0.150%, dated 02/28/2013, matures 03/01/2013, repurchase price $300,001 (collateralized by U.S. Treasury obligations: Total market value $306,000) | | | 300,000 | | | | 300,000 | |
Credit Suisse Securities (USA) | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,001) | | | 50,000 | | | | 50,000 | |
HSBC Securities (USA) | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $1,200,005 (collateralized by U.S. Treasury obligations: Total market value $1,224,005) | | | 1,200,000 | | | | 1,200,000 | |
Merrill Lynch, Pierce, Fenner & Smith | | | | | | | | |
0.120%, dated 02/28/2013, matures 03/13/2013, repurchase price $100,004 (collateralized by U.S. Treasury obligations: Total market value $102,000) ¥ | | | 100,000 | | | | 100,000 | |
SG Americas Securities | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $700,003 (collateralized by U.S. Treasury obligations: Total market value $714,001) | | | 700,000 | | | | 700,000 | |
UBS Securities | | | | | | | | |
0.150%, dated 02/28/2013, matures 03/01/2013, repurchase price $250,001 (collateralized by U.S. Treasury obligations: Total market value $255,000) | | | 250,000 | | | | 250,000 | |
| | | | | | | | |
Total Treasury Repurchase Agreements
(Cost $3,950,000) | | | | | | | 3,950,000 | |
| | | | | | | | |
Investment Purchased with Proceeds from Securities Lending † – 0.1% | |
Government Agency Repurchase Agreement – 0.1% | |
Credit Suisse Securities (USA) | | | | | | | | |
0.220%, dated 02/28/2013, matures 03/01/2013, repurchase price $12,189 (collateralized by various government obligations: Total market value $12,434) | | | 12,189 | | | | 12,189 | |
| | | | | | | | |
(Cost $12,189) | | | | | | | | |
Total Investments – 100.0%
(Cost $15,541,101) | | | | | | | 15,541,101 | |
| | | | | | | | |
Other Assets and Liabilities, Net – 0.0% | | | | | | | (4,440 | ) |
| | | | | | | | |
Total Net Assets – 100.0% | | | | | | $ | 15,536,661 | |
| | | | | | | | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 7 |
| | |
| Schedule of Investments | | February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | |
Government Obligations Fund (concluded) |
| | |
| | | | | |
| > | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
| r | Variable Rate Security – The rate shown is the rate in effect as of February 28, 2013. |
| | Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase. |
| ‚ | This security or a portion of this security is out on loan at February 28, 2013. Total loaned securities had a fair value of $11,911 at February 28, 2013. |
| « | Security purchased on a when-issued basis. On February 28, 2013, the total cost of investments purchased on a when-issued basis was $49,991 or 0.3% of total net assets. |
| ¢ | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of February 28, 2013, the value of these investments was $254,991 or 1.6% of total net assets. |
| ¥ | Security considered illiquid. As of February 28, 2013, the value of these investments was $300,000 or 1.9% of total net assets. See note 2 in notes to Financial Statements. |
| † | The fund may loan securities representing up to one third of the fair 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 fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received is invested in U.S. Government securities or other high-grade debt obligations. See note 2 in Notes to Financial Statements. |
| | On February 28, 2013, the cost of investments for federal income tax purposes was approximately $15,541,101. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
| | | | | | | | |
Prime Obligations Fund | | | | | | | | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Certificates of Deposit – 23.7% | |
Banco del Estado de Chile/NY | | | | | | | | |
0.250%, 06/17/2013 | | $ | 50,000 | | | $ | 50,000 | |
0.250%, 06/27/2013 | | | 50,000 | | | | 50,000 | |
Bank of Montreal/Chicago | | | | | | | | |
0.140%, 03/01/2013 | | | 50,000 | | | | 50,000 | |
0.130%, 03/06/2013 | | | 100,000 | | | | 100,000 | |
0.230%, 03/20/2013 | | | 50,000 | | | | 50,000 | |
0.230%, 03/21/2013 | | | 50,000 | | | | 50,000 | |
0.300%, 06/05/2013 | | | 75,000 | | | | 75,000 | |
0.272%, 08/16/2013 r | | | 75,000 | | | | 75,000 | |
Bank of Nova Scotia/Houston | | | | | | | | |
0.299%, 08/06/2013 r | | | 65,000 | | | | 65,000 | |
0.299%, 08/08/2013 r | | | 25,000 | | | | 25,000 | |
0.270%, 10/10/2013 r | | | 25,000 | | | | 25,000 | |
0.723%, 10/18/2013 r | | | 28,600 | | | | 28,676 | |
0.358%, 02/28/2014 r | | | 55,000 | | | | 55,000 | |
Bank of Tokyo-Mitsubishi/NY | | | | | | | | |
0.160%, 03/05/2013 | | | 100,000 | | | | 100,000 | |
0.230%, 04/16/2013 | | | 25,000 | | | | 25,000 | |
0.300%, 07/11/2013 | | | 50,000 | | | | 50,000 | |
Canadian Imperial Bank of Commerce/NY | | | | | | | | |
0.230%, 05/07/2013 r | | | 50,000 | | | | 50,000 | |
0.306%, 05/07/2013 r | | | 15,000 | | | | 15,002 | |
0.610%, 06/03/2013 r | | | 22,000 | | | | 22,018 | |
0.340%, 01/08/2014 r | | | 20,000 | | | | 20,007 | |
Commonwealth Bank of Australia/NY | | | | | | | | |
1.060%, 06/14/2013 r | | | 30,000 | | | | 30,071 | |
Credit Suisse/NY | | | | | | | | |
0.282%, 10/25/2013 r | | | 25,000 | | | | 25,000 | |
Deutsche Bank/NY | | | | | | | | |
0.180%, 03/01/2013 | | | 150,000 | | | | 150,000 | |
0.170%, 03/05/2013 | | | 175,000 | | | | 175,000 | |
0.350%, 07/19/2013 | | | 40,000 | | | | 40,000 | |
Mitsubishi Trust & Banking/NY | | | | | | | | |
0.352%, 04/16/2013 r | | | 40,000 | | | | 40,000 | |
0.330%, 06/20/2013 | | | 20,000 | | | | 20,000 | |
National Australia Bank/NY | | | | | | | | |
0.310%, 08/21/2013 | | | 50,000 | | | | 50,000 | |
Nordea Bank Finland/NY | | | | | | | | |
0.220%, 05/17/2013 | | | 50,000 | | | | 50,000 | |
0.300%, 06/17/2013 | | | 25,000 | | | | 25,000 | |
0.300%, 06/21/2013 | | | 25,000 | | | | 25,000 | |
Rabobank Nederland/NY | | | | | | | | |
0.300%, 08/08/2013 | | | 40,000 | | | | 40,000 | |
0.300%, 08/12/2013 | | | 50,000 | | | | 50,000 | |
0.406%, 03/14/2014 r | | | 40,000 | | | | 40,000 | |
Royal Bank of Canada/NY | | | | | | | | |
0.460%, 03/05/2013 r | | | 75,000 | | | | 75,000 | |
0.370%, 01/30/2014 r | | | 50,000 | | | | 50,000 | |
Skandinaviska Enskilda Banken/NY | | | | | | | | |
0.315%, 06/07/2013 | | | 50,000 | | | | 50,000 | |
0.390%, 08/12/2013 | | | 30,000 | | | | 30,010 | |
Societe Generale/NY | | | | | | | | |
0.180%, 03/01/2013 | | | 150,000 | | | | 150,000 | |
0.170%, 03/05/2013 | | | 100,000 | | | | 100,000 | |
Sumitomo Mitsui Bank/NY | | | | | | | | |
0.150%, 03/07/2013 | | | 115,000 | | | | 115,000 | |
0.250%, 04/03/2013 | | | 50,000 | | | | 50,000 | |
0.470%, 04/12/2013 r | | | 50,000 | | | | 50,000 | |
0.250%, 11/27/2013 r | | | 50,000 | | | | 50,000 | |
Svenska Handelsbanken/NY | | | | | | | | |
0.220%, 04/29/2013 | | | 35,000 | | | | 35,001 | |
0.215%, 05/07/2013 | | | 42,900 | | | | 42,900 | |
Toronto-Dominion Bank/NY | | | | | | | | |
0.320%, 03/15/2013 | | | 25,000 | | | | 25,000 | |
0.240%, 03/27/2013 | | | 40,000 | | | | 40,000 | |
0.240%, 04/19/2013 | | | 50,000 | | | | 50,000 | |
0.300%, 07/26/2013 r | | | 50,000 | | | | 50,000 | |
0.320%, 08/19/2013 | | | 50,000 | | | | 50,000 | |
The accompanying notes are an integral part of the financial statements.
| | |
| 8 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | |
Prime Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Westpac Banking/NY | | | | | | | | |
0.310%, 09/27/2013 | | $ | 25,000 | | | $ | 25,000 | |
| | | | | | | | |
Total Certificates of Deposit
(Cost $2,778,685) | | | | | | | 2,778,685 | |
| | | | | | | | |
Other Notes – 12.4% | | | | | | | | |
Australia & New Zealand Banking Group | | | | | | | | |
0.459%, 04/12/2013 r ¢ | | | 50,000 | | | | 50,000 | |
Berkshire Hathaway Finance | | | | | | | | |
5.000%, 08/15/2013 | | | 17,913 | | | | 18,297 | |
Commonwealth Bank of Australia | | | | | | | | |
1.038%, 03/17/2014 r ¢ | | | 16,150 | | | | 16,269 | |
DnB Bank – Georgetown, Cayman Islands Branch – Time Deposit | | | | | | | | |
0.150%, 03/01/2013 | | | 117,972 | | | | 117,972 | |
HSBC Bank | | | | | | | | |
0.720%, 05/15/2013 r ¢ | | | 31,000 | | | | 31,028 | |
International Bank for Reconstruction & Development | | | | | | | | |
0.500%, 11/26/2013 | | | 20,000 | | | | 20,035 | |
International Finance | | | | | | | | |
0.252%, 04/16/2013 r | | | 9,000 | | | | 9,000 | |
0.526%, 10/28/2013 | | | 87,125 | | | | 87,283 | |
Metropolitan Life Global Funding | | | | | | | | |
5.125%, 04/10/2013 ¢ | | | 23,816 | | | | 23,941 | |
0.475%, 08/09/2013 r ¢ | | | 87,000 | | | | 87,000 | |
Metropolitan Life Institutional Funding | | | | | | | | |
0.375%, 01/10/2014 r ¢ | | | 14,750 | | | | 14,750 | |
National Australia Bank | | | | | | | | |
5.350%, 06/12/2013 ¢ | | | 64,110 | | | | 65,025 | |
New York Life Global Funding | | | | | | | | |
4.650%, 05/09/2013 ¢ | | | 22,082 | | | | 22,267 | |
5.375%, 09/15/2013 ¢ | | | 14,139 | | | | 14,527 | |
1.850%, 12/13/2013 ¢ | | | 3,723 | | | | 3,769 | |
Rabobank Nederland | | | | | | | | |
0.501%, 07/25/2013 r | | | 28,000 | | | | 28,018 | |
Skandinaviska Enskilda Banken/ Cayman Islands Branch – Time Deposit | | | | | | | | |
0.160%, 03/01/2013 | | | 375,000 | | | | 375,000 | |
Svenska Handelsbanken/ Cayman Islands Branch – Time Deposit | | | | | | | | |
0.160%, 03/01/2013 | | | 375,000 | | | | 375,000 | |
Toronto-Dominion Bank/NY | | | | | | | | |
0.251%, 11/15/2013 r | | | 40,000 | | | | 40,000 | |
Total Capital Canada | | | | | | | | |
0.683%, 01/17/2014 r | | | 24,220 | | | | 24,302 | |
Westpac Banking | | | | | | | | |
0.390%, 02/28/2014 r ¢ | | | 35,750 | | | | 35,750 | |
| | | | | | | | |
Total Other Notes
(Cost $1,459,233) | | | | | | | 1,459,233 | |
| | | | | | | | |
Financial Company Commercial
Paper – 11.6% | |
ANZ National International | | | | | | | | |
0.290%, 04/02/2013 ¢ | | | 50,000 | | | | 49,987 | |
0.249%, 05/07/2013 r ¢ | | | 20,000 | | | | 20,000 | |
ASB Finance | | | | | | | | |
0.210%, 03/27/2013 ¢ | | | 65,000 | | | | 64,990 | |
0.230%, 04/05/2013 ¢ | | | 85,000 | | | | 84,981 | |
0.329%, 02/19/2014 ¢ | | | 25,000 | | | | 25,000 | |
Australia & New Zealand Banking Group | | | | | | | | |
0.301%, 10/10/2013 ¢ | | | 65,000 | | | | 64,879 | |
Bank of Nova Scotia | | | | | | | | |
0.215%, 03/11/2013 | | | 18,690 | | | | 18,689 | |
0.321%, 05/13/2013 | | | 25,000 | | | | 24,984 | |
Bank of Tokyo-Mitsubishi/NY | | | | | | | | |
0.150%, 03/01/2013 | | | 125,000 | | | | 125,000 | |
| | | | | | | | |
Prime Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Commonwealth Bank of Australia | | | | | | | | |
0.360%, 11/08/2013 r ¢ | | $ | 25,000 | | | $ | 25,000 | |
0.360%, 11/18/2013 r ¢ | | | 25,000 | | | | 25,000 | |
CPPIB Capital | | | | | | | | |
0.160%, 04/03/2013 ¢ | | | 75,000 | | | | 74,989 | |
0.230%, 07/10/2013 ¢ | | | 65,000 | | | | 64,946 | |
0.250%, 10/10/2013 ¢ | | | 20,000 | | | | 19,969 | |
0.301%, 01/06/2014 ¢ | | | 50,000 | | | | 49,870 | |
0.301%, 01/10/2014 ¢ | | | 40,000 | | | | 39,895 | |
Deutsche Bank Financial | | | | | | | | |
0.351%, 07/22/2013 | | | 30,000 | | | | 29,958 | |
DNB Bank | | | | | | | | |
0.220%, 05/08/2013 ¢ | | | 24,800 | | | | 24,790 | |
0.220%, 05/29/2013 ¢ | | | 50,000 | | | | 49,973 | |
Kreditanstalt fuer Wiederaufbau | | | | | | | | |
0.120%, 03/05/2013 ¢ | | | 19,000 | | | | 19,000 | |
MetLife Short Term Funding | | | | | | | | |
0.341%, 04/09/2013 ¢ | | | 26,760 | | | | 26,750 | |
0.321%, 04/16/2013 ¢ | | | 25,000 | | | | 24,990 | |
0.321%, 04/22/2013 ¢ | | | 25,000 | | | | 24,988 | |
Mitsubishi Trust & Banking/NY | | | | | | | | |
0.310%, 05/20/2013 ¢ | | | 25,000 | | | | 24,983 | |
0.310%, 06/10/2013 ¢ | | | 25,000 | | | | 24,978 | |
National Australia Funding | | | | | | | | |
0.296%, 10/04/2013 ¢ | | | 60,000 | | | | 59,893 | |
Nordea North America | | | | | | | | |
0.250%, 03/04/2013 | | | 25,000 | | | | 24,999 | |
Rabobank USA Financial | | | | | | | | |
0.461%, 03/06/2013 | | | 17,550 | | | | 17,549 | |
0.310%, 03/18/2013 | | | 11,825 | | | | 11,823 | |
0.371%, 04/05/2013 | | | 40,000 | | | | 39,986 | |
Societe Generale NA | | | | | | | | |
0.160%, 03/01/2013 | | | 50,000 | | | | 50,000 | |
Toyota Motor Credit | | | | | | | | |
0.300%, 04/30/2013 | | | 25,000 | | | | 24,988 | |
Westpac Banking | | | | | | | | |
0.560%, 03/04/2013 r ¢ | | | 49,500 | | | | 49,500 | |
0.350%, 11/01/2013 r ¢ | | | 50,000 | | | | 50,000 | |
| | | | | | | | |
Total Financial Company Commercial Paper
(Cost $1,357,327) | | | | 1,357,327 | |
| | | | | | | | |
Asset Backed Commercial Paper ¢ – 11.4% | |
Barton Capital | | | | | | | | |
0.140%, 03/01/2013 | | | 12,000 | | | | 12,000 | |
0.270%, 06/24/2013 r | | | 50,000 | | | | 50,000 | |
Bryant Park Funding | | | | | | | | |
0.170%, 03/11/2013 | | | 50,000 | | | | 49,998 | |
Fairway Finance | | | | | | | | |
0.190%, 03/06/2013 | | | 20,212 | | | | 20,211 | |
0.180%, 03/13/2013 | | | 31,679 | | | | 31,677 | |
0.180%, 05/01/2013 | | | 30,012 | | | | 30,003 | |
Gotham Funding | | | | | | | | |
0.150%, 03/01/2013 | | | 30,000 | | | | 30,000 | |
0.170%, 03/11/2013 | | | 65,169 | | | | 65,166 | |
0.220%, 05/22/2013 | | | 40,000 | | | | 39,980 | |
Kells Funding | | | | | | | | |
0.140%, 03/01/2013 | | | 25,000 | | | | 25,000 | |
0.260%, 08/14/2013 | | | 100,000 | | | | 99,880 | |
0.260%, 08/19/2013 | | | 44,000 | | | | 43,946 | |
0.260%, 08/29/2013 | | | 45,000 | | | | 44,941 | |
0.260%, 08/29/2013 | | | 50,000 | | | | 49,935 | |
0.270%, 10/21/2013 | | | 50,000 | | | | 49,912 | |
Liberty Street Funding | | | | | | | | |
0.110%, 03/01/2013 | | | 20,000 | | | | 20,000 | |
0.160%, 03/07/2013 | | | 25,000 | | | | 24,999 | |
0.160%, 03/13/2013 | | | 25,000 | | | | 24,999 | |
0.180%, 03/18/2013 | | | 55,000 | | | | 54,995 | |
0.220%, 03/25/2013 | | | 22,000 | | | | 21,997 | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 9 |
| | |
| Schedule of Investments | | February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | | | | | |
Prime Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
0.190%, 04/08/2013 | | $ | 50,000 | | | $ | 49,990 | |
0.210%, 04/26/2013 | | | 23,250 | | | | 23,243 | |
Manhattan Asset Funding Company | | | | | | | | |
0.230%, 03/07/2013 | | | 35,000 | | | | 34,999 | |
0.220%, 03/12/2013 | | | 22,000 | | | | 21,999 | |
0.180%, 03/21/2013 | | | 45,000 | | | | 44,995 | |
0.200%, 04/12/2013 | | | 50,000 | | | | 49,988 | |
Nieuw Amsterdam Receivables | | | | | | | | |
0.160%, 03/07/2013 | | | 15,000 | | | | 15,000 | |
0.230%, 03/13/2013 | | | 35,000 | | | | 34,997 | |
0.250%, 05/02/2013 | | | 30,000 | | | | 29,987 | |
0.250%, 05/08/2013 | | | 25,000 | | | | 24,988 | |
0.220%, 05/15/2013 | | | 65,000 | | | | 64,970 | |
Old Line Funding | | | | | | | | |
0.180%, 03/20/2013 | | | 50,000 | | | | 49,995 | |
0.190%, 04/22/2013 | | | 63,000 | | | | 62,983 | |
Thunder Bay Funding | | | | | | | | |
0.190%, 04/22/2013 | | | 35,000 | | | | 34,990 | |
| | | | | | | | |
Total Asset Backed Commercial Paper
(Cost $1,332,763) | | | | | | | 1,332,763 | |
| | | | | | | | |
Government Agency Debt – 8.2% | |
Federal Farm Credit Bank | | | | | | | | |
0.123%, 06/27/2013 r | | | 25,000 | | | | 24,999 | |
0.222%, 08/22/2013 r | | | 50,000 | | | | 50,018 | |
Federal Home Loan Bank | | | | | | | | |
0.330%, 04/05/2013 r | | | 35,000 | | | | 35,000 | |
0.225%, 04/30/2013 | | | 25,000 | | | | 25,000 | |
0.320%, 05/02/2013 r | | | 45,000 | | | | 44,998 | |
0.230%, 05/21/2013 | | | 25,000 | | | | 25,000 | |
0.280%, 06/13/2013 | | | 25,000 | | | | 25,000 | |
0.210%, 09/24/2013 | | | 25,000 | | | | 24,998 | |
0.245%, 11/04/2013 r | | | 50,000 | | | | 49,991 | |
0.230%, 11/08/2013 r | | | 25,000 | | | | 24,993 | |
0.220%, 11/15/2013 r | | | 40,000 | | | | 39,988 | |
0.375%, 11/27/2013 | | | 25,000 | | | | 25,027 | |
0.250%, 12/04/2013 r | | | 50,000 | | | | 49,988 | |
0.250%, 12/06/2013 r | | | 25,000 | | | | 24,996 | |
0.170%, 12/18/2013 | | | 35,000 | | | | 34,996 | |
0.250%, 12/23/2013 | | | 25,000 | | | | 25,000 | |
0.170%, 12/24/2013 | | | 50,000 | | | | 49,991 | |
0.230%, 01/02/2014 r | | | 40,000 | | | | 39,991 | |
0.122%, 01/24/2014 r | | | 30,000 | | | | 29,991 | |
0.118%, 02/03/2014 r | | | 25,000 | | | | 24,993 | |
0.200%, 02/03/2014 r | | | 50,000 | | | | 49,977 | |
0.210%, 04/15/2014 r | | | 35,000 | | | | 34,988 | |
0.169%, 06/05/2014 r | | | 75,000 | | | | 74,981 | |
0.172%, 06/17/2014 r | | | 50,000 | | | | 49,987 | |
0.183%, 06/27/2014 r | | | 75,000 | | | | 74,990 | |
| | | | | | | | |
Total Government Agency Debt
(Cost $959,881) | | | | | | | 959,881 | |
| | | | | | | | |
Treasury Debt – 8.2% | | | | | | | | |
United States Treasury Notes | | | | | | | | |
2.500%, 03/31/2013 | | | 50,000 | | | | 50,094 | |
1.750%, 04/15/2013 | | | 50,000 | | | | 50,096 | |
0.625%, 04/30/2013 | | | 25,000 | | | | 25,017 | |
3.125%, 04/30/2013 | | | 100,000 | | | | 100,487 | |
1.375%, 05/15/2013 | | | 85,000 | | | | 85,208 | |
3.500%, 05/31/2013 | | | 150,000 | | | | 151,216 | |
3.375%, 06/30/2013 | | | 100,000 | | | | 101,052 | |
4.250%, 08/15/2013 | | | 30,000 | | | | 30,557 | |
0.500%, 11/15/2013 | | | 75,000 | | | | 75,151 | |
4.250%, 11/15/2013 | | | 85,000 | | | | 87,431 | |
0.250%, 11/30/2013 | | | 25,000 | | | | 25,005 | |
2.000%, 11/30/2013 | | | 75,000 | | | | 76,005 | |
0.750%, 12/15/2013 | | | 25,000 | | | | 25,106 | |
1.000%, 01/15/2014 | | | 75,000 | | | | 75,545 | |
| | | | | | | | |
Total Treasury Debt
(Cost $957,970) | | | | | | | 957,970 | |
| | | | | | | | |
| | | | | | | | |
Prime Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Variable Rate Demand Notes r – 4.8% | |
Albemarle County Economic Development, Martha Jefferson Hospital, Series 2008A (LOC: Wells Fargo Bank) | | | | | | | | |
0.090%, 03/07/2013 | | $ | 17,250 | | | $ | 17,250 | |
Albemarle County Economic Development, Martha Jefferson Hospital, Series 2008B (LOC: Wells Fargo Bank) | | | | | | | | |
0.090%, 03/07/2013 | | | 16,050 | | | | 16,050 | |
Ascension Parish, Geismar Project, Series 2007 (LOC: FHLB) (LOC: Suntrust Bank) | | | | | | | | |
0.100%, 03/07/2013 | | | 8,700 | | | | 8,700 | |
California Health Facilities Financing Authority, St. Joseph Health System, Series 2011D (LOC: Wells Fargo Bank) | | | | | | | | |
0.100%, 03/07/2013 | | | 10,000 | | | | 10,000 | |
Chicago, Midway Airport Revenue, Series 2010A-1 (LOC: Bank of Montreal) | | | | | | | | |
0.160%, 03/01/2013 | | | 17,000 | | | | 17,000 | |
Converse County Pollution Control, PacifiCorp, Series 1992 (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 22,485 | | | | 22,485 | |
Cumberland County Municipal Authority, Lutheran Services, Series 2003C (LOC: PNC Bank) | | | | | | | | |
0.130%, 03/07/2013 | | | 8,280 | | | | 8,280 | |
Delaware Economic Development Authority, Peninsula United Methodist Homes, Series 2007A (LOC: PNC Bank) | | | | | | | | |
0.120%, 03/01/2013 | | | 8,080 | | | | 8,080 | |
Denver Public Schools, Series 2011A-2 (Certificate of Participation) (LOC: JPMorgan Chase Bank) (Ins: AGM) | | | | | | | | |
0.150%, 03/07/2013 | | | 15,300 | | | | 15,300 | |
Denver Public Schools, Series 2011A-3 (Certificate of Participation) (LOC: Wells Fargo Bank) (AGM) | | | | | | | | |
0.160%, 03/07/2013 | | | 10,000 | | | | 10,000 | |
District of Columbia University, Georgetown University Refunding Revenue, Series 2009B (LOC: TD Bank) | | | | | | | | |
0.090%, 03/07/2013 | | | 13,050 | | | | 13,050 | |
District of Columbia University, Georgetown University Refunding Revenue, Series 2009C (LOC: TD Bank) | | | | | | | | |
0.080%, 03/07/2013 | | | 21,400 | | | | 21,400 | |
Franklin County, Presbyterian Healthcare, Series 2006A (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 18,000 | | | | 18,000 | |
Green County Industrial Development Authority, The Blue Ridge School, Series 2001 (LOC: Branch Banking & Trust) | | | | | | | | |
0.120%, 03/07/2013 | | | 4,155 | | | | 4,155 | |
Hamilton County Hospital Facilities Revenue, Elizabeth Gamble Deaconess Home Association, Series 2002B (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 7,500 | | | | 7,500 | |
Illinois Development Finance Authority, Mount Carmel High School, Series 2003 (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.080%, 03/07/2013 | | | 14,300 | | | | 14,300 | |
Illinois Educational Facilities Authority Revenue, Field Museum of Natural History, Series 1985 (LOC: Northern Trust Company) | | | | | | | | |
0.100%, 03/07/2013 | | | 10,100 | | | | 10,100 | |
Illinois State Toll Highway Authority, Series 2007A-2D (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 8,500 | | | | 8,500 | |
The accompanying notes are an integral part of the financial statements.
| | |
| 10 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | |
Prime Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Indiana Development Finance Authority, Indianapolis Museum of Art, Series 2002 (LOC: Bank One) | | | | | | | | |
0.110%, 03/07/2013 | | $ | 12,000 | | | $ | 12,000 | |
Indiana Finance Authority, Depauw University, Series 2008B (LOC: PNC Bank) | | | | | | | | |
0.100%, 03/07/2013 | | | 8,250 | | | | 8,250 | |
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series 2008H
(LOC: JPMorgan Chase Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 16,700 | | | | 16,700 | |
Indiana Finance Authority, Health System Revenue, Sisters of St. Francis Health Services, Series 2008J
(LOC: Wells Fargo Bank) | | | | | | | | |
0.090%, 03/07/2013 | | | 8,000 | | | | 8,000 | |
Iowa Finance Authority, Mississippi Valley Regional Blood Center, Series 2003
(LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 3,010 | | | | 3,010 | |
Lowell Industrial Development Revenue, Arkansas Democrat-Gazette, Series 2006 (AMT) (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.160%, 03/07/2013 | | | 2,830 | | | | 2,830 | |
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series 2007A (LOC: Wachovia Bank) | | | | | | | | |
0.100%, 03/07/2013 | | | 23,105 | | | | 23,105 | |
Metropolitan Transportation Authority, Series 2008B-1 (LOC: Scotiabank) | | | | | | | | |
0.100%, 03/07/2013 | | | 17,070 | | | | 17,070 | |
Michigan State Hospital Finance Authority, McLaren Healthcare, Series 2008B (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.120%, 03/07/2013 | | | 7,000 | | | | 7,000 | |
Middletown Educational Buildings Revenue, Christian Academy of Louisville, Series 2004 (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.160%, 03/07/2013 | | | 3,435 | | | | 3,435 | |
Mississippi Business Finance Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2007E | | | | | | | | |
0.100%, 03/01/2013 | | | 1,280 | | | | 1,280 | |
Mobile Downtown Redevelopment Authority, Austal USA, Series 2011A (LOC: National Australia Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 4,000 | | | | 4,000 | |
Mobile Downtown Redevelopment Authority, Austal USA, Series 2011B (LOC: Australia –New Zealand Banking Group) | | | | | | | | |
0.110%, 03/07/2013 | | | 8,070 | | | | 8,070 | |
New York State Energy Research & Development, Consolidated Edison Company of New York, Series 2010A (AMT) (LOC: Scotiabank) | | | | | | | | |
0.100%, 03/07/2013 | | | 9,350 | | | | 9,350 | |
New York State Housing Finance Agency, Broadway, Series 2011A (LOC: Wells Fargo Bank) | | | | | | | | |
0.100%, 03/07/2013 | | | 14,900 | | | | 14,900 | |
New York State Housing Finance Agency, Blue Castle Site A Realty, Series 2006A (AMT) (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.140%, 03/07/2013 | | | 6,000 | | | | 6,000 | |
New York State Housing Finance Agency, Gotham West Housing, Series 2011A-1 (LOC: Wells Fargo Bank) | | | | | | | | |
0.100%, 03/07/2013 | | | 26,000 | | | | 26,000 | |
| | | | | | | | |
Prime Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR/SHARES | | | VALUE > | |
North Broward Hospital District,
(LOC: Wells Fargo Bank) (INS: NATL) | | | | | | | | |
0.090%, 03/07/2013 | | $ | 22,275 | | | $ | 22,275 | |
Oakland County Economic Development, Cranbrook Educational Community, Series 2007 (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.120%, 03/07/2013 | | | 18,100 | | | | 18,100 | |
Ohio State Higher Education Facility, Case Western Reserve University, Series 2008A (LOC: PNC Bank) | | | | | | | | |
0.120%, 03/07/2013 | | | 8,450 | | | | 8,450 | |
Parma Hospital Revenue, Parma Community General Hospital, Series 2006A
(LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 4,650 | | | | 4,650 | |
Philadelphia Airport Revenue, Series 2005C1 (AMT) (LOC: TD Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 13,400 | | | | 13,400 | |
Philadelphia Authority for Industrial Development, Multi-Modal Lease Revenue, Series 2007B-3 (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 5,325 | | | | 5,325 | |
Philadelphia Authority for Industrial Development, Newcourtland Elder Services, Series 2003 (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/01/2013 | | | 555 | | | | 555 | |
Philadelphia School District, Series 2010G (General Obligation) (LOC: Wells Fargo Bank) (STAID) | | | | | | | | |
0.090%, 03/07/2013 | | | 21,000 | | | | 21,000 | |
Saint Paul Housing & Redevelopment Authority, Allina Health System, Series 2007C-1 (LOC: Wells Fargo Bank) | | | | | | | | |
0.100%, 03/07/2013 | | | 7,450 | | | | 7,450 | |
Sweetwater County Pollution Control, PacifiCorp, Series 1992A (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 7,035 | | | | 7,035 | |
Sweetwater County Pollution Control, PacifiCorp, Series 1994 (LOC: Wells Fargo Bank) | | | | | | | | |
0.120%, 03/07/2013 | | | 14,250 | | | | 14,250 | |
Uinta County Pollution Control, Chevron U.S.A., Series 1993 | | | | | | | | |
0.090%, 03/01/2013 | | | 8,610 | | | | 8,610 | |
Virginia Small Business Financing Authority, Carilion Clinic, Series 2008B (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/01/2013 | | | 5,045 | | | | 5,045 | |
Virginia Small Business Financing Authority, Friendship Foundation and Subsidiaries, Series 2007 (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 10,600 | | | | 10,600 | |
Virginia Small Business Financing Authority, Hampton University, Series 2008A
(LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 | | | 13,500 | | | | 13,500 | |
| | | | | | | | |
Total Variable Rate Demand Notes
(Cost $561,395) | | | | | | | 561,395 | |
| | | | | | | | |
Investment Companies W – 1.5% | |
Goldman Sachs Financial Square Money Market Fund, Institutional Shares, 0.110% | | | 104,241,000 | | | | 104,241 | |
J.P. Morgan Prime Money Market Fund, Capital Shares, 0.100% | | | 76,742,000 | | | | 76,742 | |
| | | | | | | | |
Total Investment Companies
(Cost $180,983) | | | | | | | 180,983 | |
| | | | | | | | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 11 |
| | |
| Schedule of Investments | | February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | | | | | |
Prime Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Other Commercial Paper – 1.0% | |
Wal-Mart Stores | | | | | | | | |
0.130%, 03/11/2013 ¢ (Cost $114,996) | | $ | 115,000 | | | $ | 114,996 | |
| | | | | | | | |
Government Agency Repurchase
Agreements – 12.0% | |
Bank of Nova Scotia/NY | | | | | | | | |
0.180%, dated 02/28/2013, matures 03/01/2013, repurchase price $650,003 (collateralized by various government agency obligations: Total market value $663,000) | | | 650,000 | | | | 650,000 | |
Goldman Sachs & Co. | | | | | | | | |
0.190%, dated 02/28/2013, matures 03/01/2013, repurchase price $330,002 (collateralized by various government agency obligations: Total market value $336,600) | | | 330,000 | | | | 330,000 | |
ING Financial Markets | | | | | | | | |
0.190%, dated 02/28/2013, matures 03/01/2013, repurchase price $100,001 (collateralized by various government agency obligations: Total market value $102,000) | | | 100,000 | | | | 100,000 | |
Merrill Lynch, Pierce, Fenner & Smith | | | | | | | | |
0.140%, dated 02/28/2013, matures 03/01/2013, repurchase price $33,153 (collateralized by various government agency obligations: Total market value $33,817) | | | 33,153 | | | | 33,153 | |
RBC Capital Markets | | | | | | | | |
0.190%, dated 02/28/2013, matures 03/01/2013, repurchase price $300,002 (collateralized by various government agency obligations: Total market value $306,000) | | | 300,000 | | | | 300,000 | |
| | | | | | | | |
Total Government Agency Repurchase Agreements
(Cost $1,413,153) | | | | 1,413,153 | |
| | | | | | | | |
Treasury Repurchase Agreements – 3.3% | |
Merrill Lynch, Pierce, Fenner & Smith | | | | | | | | |
0.140%, dated 02/28/2013, matures 03/01/2013, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000) | | | 100,000 | | | | 100,000 | |
0.140%, dated 02/28/2013, matures 03/01/2013, repurchase price $282,863 (collateralized by U.S. Treasury obligations: Total market value $288,519) | | | 282,862 | | | | 282,862 | |
| | | | | | | | |
Total Treasury Repurchase Agreements
(Cost $382,862) | | | | | | | 382,862 | |
| | | | | | | | |
| | | | | | | | |
Prime Obligations Fund (concluded) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Other Repurchase Agreements – 2.2% | |
HSBC Securities (USA) | | | | | | | | |
0.260%, dated 02/28/2013, matures 03/01/2013, repurchase price $107,001 (collateralized by various investment grade securities: Total market value $111,095) | | $ | 107,000 | | | $ | 107,000 | |
J.P. Morgan Securities | | | | | | | | |
0.330%, dated 02/28/2013, matures 04/04/2013, repurchase price $150,048 (collateralized by various investment grade securities: Total market value $157,504) ¥ | | | 150,000 | | | | 150,000 | |
| | | | | | | | |
Total Other Repurchase Agreements
(Cost $257,000) | | | | | | | 257,000 | |
| | | | | | | | |
Total Investments – 100.3%
(Cost $11,756,248) | | | | | | | 11,756,248 | |
| | | | | | | | |
Other Assets and Liabilities, Net – (0.3)% | | | | | | | (37,086 | ) |
| | | | | | | | |
Total Net Assets – 100.0% | | | | | | $ | 11,719,162 | |
| | | | | | | | |
| > | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
| r | Variable Rate Security – The rate shown is the rate in effect as of February 28, 2013. |
| ¢ | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of February 28, 2013, the value of these investments was $2,801,436 or 23.9% of total net assets. |
| | Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase. |
| W | The rate shown is the annualized seven-day effective yield as of February 28, 2013. |
| ¥ | Security considered illiquid. As of February 28, 2013, the value of these investments was $150,000 or 1.3% of total net assets. See note 2 in notes to Financial Statements. |
| | On February 28, 2013, the cost of investments for federal income tax purposes was approximately $11,756,248. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
AGM – Assured Guaranty Municipal
| | | | |
| AMT | | – | | Alternative Minimum Tax. As of February 28, 2013, the total value of securities subject to AMT was $31,580 or 0.3% of total net assets. |
FHLB – Federal Home Loan Bank
INS – Insured
LOC – Letter of Credit
NATL – National Public Finance Guarantee Corporation
STAID – State Aid Withholding
The accompanying notes are an integral part of the financial statements.
| | |
| 12 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | |
Tax Free Obligations Fund | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Municipal Debt – 99.9% | | | | | | | | |
Alabama – 0.9% | | | | | | | | |
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA Project, Series 2011B (LOC: Australia & New Zealand Banking Group) | | | | | | | | |
0.110%, 03/07/2013 r | | $ | 6,755 | | | $ | 6,755 | |
| | | | | | | | |
Colorado – 3.8% | | | | | | | | |
Aurora Hospital Revenue, The Children’s Hospital Association, Series 2008C (LOC: Wells Fargo Bank) | | | | | | | | |
0.100%, 03/07/2013 r | | | 1,100 | | | | 1,100 | |
Colorado Educational & Cultural Facilities Authority, The Nature Conservancy, Series 2012 | | | | | | | | |
0.120%, 03/07/2013 r | | | 21,355 | | | | 21,355 | |
Colorado Springs, Colorado Springs Fine Arts Center, Series 2006 (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 3,335 | | | | 3,335 | |
El Paso County, YMCA Pikes Peak Region, Series 2006 (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 4,300 | | | | 4,300 | |
| | | | | | | | |
| | | | | | | 30,090 | |
| | | | | | | | |
Delaware – 0.5% | | | | | | | | |
Delaware Economic Development Authority, Peninsula United Methodist Homes, Series 2007A (LOC: PNC Bank) | | | | | | | | |
0.120%, 03/01/2013 r | | | 4,000 | | | | 4,000 | |
| | | | | | | | |
District of Columbia – 0.4% | | | | | | | | |
District of Columbia, Progressive Life Center, Series 2008A (LOC: Branch Banking & Trust) | | | | | | | | |
0.120%, 03/07/2013 r | | | 3,340 | | | | 3,340 | |
| | | | | | | | |
Florida – 3.3% | | | | | | | | |
Hillsborough Community College Foundation, Series 2006 (LOC: BMO Harris Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 16,805 | | | | 16,805 | |
Orange County Health Facilities Authority, Orlando Regional Healthcare, Series 2008E (LOC: Branch Banking & Trust) | | | | | | | | |
0.110%, 03/07/2013 r | | | 4,500 | | | | 4,500 | |
Sarasota County Public Hospital District, Sarasota Memorial Hospital, Series 2008A (LOC: Northern Trust Company) | | | | | | | | |
0.090%, 03/01/2013 r | | | 4,535 | | | | 4,535 | |
| | | | | | | | |
| | | | | | | 25,840 | |
| | | | | | | | |
Illinois – 11.0% | | | | | | | | |
Chicago, Neighborhoods Alive 21, Series 2002B-4 (General Obligation) (LOC: Bank of New York Mellon) | | | | | | | | |
0.110%, 03/01/2013 r | | | 15,740 | | | | 15,740 | |
Chicago, Neighborhoods Alive 21, Series 2002B-5 (General Obligation) (LOC: Bank of New York Mellon) | | | | | | | | |
0.110%, 03/01/2013 r | | | 12,305 | | | | 12,305 | |
Cook County, Series 2002B (General Obligation) | | | | | | | | |
0.110%, 03/07/2013 r | | | 9,100 | | | | 9,100 | |
Illinois Development Finance Authority, American College of Surgeons, Series 1996 (LOC: Northern Trust Company) | | | | | | | | |
0.110%, 03/07/2013 r | | | 3,500 | | | | 3,500 | |
Illinois Development Finance Authority, Lake Forest Academy, Series 1994 (LOC: Northern Trust Company) | | | | | | | | |
0.110%, 03/07/2013 r | | | 6,255 | | | | 6,255 | |
| | | | | | | | |
Tax Free Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Illinois Development Finance Authority, Lyric Opera of Chicago, Series 1994 (LOC: Northern Trust Company) (LOC: Harris Trust & Savings Bank) (LOC: Bank One) | | | | | | | | |
0.100%, 03/07/2013 r | | $ | 12,400 | | | $ | 12,400 | |
Illinois Educational Facilities Authority, The Newberry Library, Series 1988 (LOC: Northern Trust Company) | | | | | | | | |
0.110%, 03/07/2013 r | | | 3,000 | | | | 3,000 | |
Illinois Finance Authority, Illinois Wesleyan University, Series 2008 (LOC: PNC Bank) | | | | | | | | |
0.120%, 03/07/2013 r | | | 8,900 | | | | 8,900 | |
Illinois Finance Authority, Richard Driehaus Foundation, Series 2005 (LOC: Northern Trust Company) | | | | | | | | |
0.110%, 03/07/2013 r | | | 2,000 | | | | 2,000 | |
Illinois State Toll Highway Authority, Series 2007A-1B (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 9,200 | | | | 9,200 | |
Illinois State Toll Highway Authority, Series 2007A-2D (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 4,000 | | | | 4,000 | |
| | | | | | | | |
| | | | | | | 86,400 | |
| | | | | | | | |
Indiana – 2.9% | | | | | | | | |
Indiana Finance Authority, Indiana University Health System Obligated Group, Series 2011A (LOC: Northern Trust Company) | | | | | | | | |
0.090%, 03/07/2013 r | | | 12,195 | | | | 12,195 | |
Indiana Finance Authority, Sisters of St. Francis Health Services Obligated Group, Series 2008F (LOC: Bank of New York Mellon) | | | | | | | | |
0.090%, 03/07/2013 r | | | 7,330 | | | | 7,330 | |
Lawrenceburg Pollution Control, Indiana Michigan Power Company, Series I (LOC: Bank of Nova Scotia) | | | | | | | | |
0.100%, 03/07/2013 r | | | 3,000 | | | | 3,000 | |
| | | | | | | | |
| | | | | | | 22,525 | |
| | | | | | | | |
Kentucky – 1.2% | | | | | | | | |
City of Russell, Bon Secours Health System, Series 2002B (LOC: JPMorgan Chase Bank) (AGM) | | | | | | | | |
0.140%, 03/07/2013 r | | | 3,275 | | | | 3,275 | |
Warren County, WKU Student Life Foundation, Series 2008 (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.130%, 03/07/2013 r | | | 6,625 | | | | 6,625 | |
| | | | | | | | |
| | | | | | | 9,900 | |
| | | | | | | | |
Louisiana – 7.4% | | | | | | | | |
Ascension Parish, Imtt-Geismar Project, Series 2007 (INS: FHLB) (LOC: Suntrust Bank) | | | | | | | | |
0.100%, 03/07/2013 r | | | 25,000 | | | | 25,000 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, NSU Facilities Corporation Project, Series 2007B (INS: FHLB) | | | | | | | | |
0.360%, 03/07/2013 r | | | 20,000 | | | | 20,000 | |
Louisiana Public Facilities Authority, CHRISTUS Health, Series 2009B-2 (LOC: Bank of New York Mellon) | | | | | | | | |
0.080%, 03/07/2013 r | | | 6,500 | | | | 6,500 | |
Louisiana Public Facilities Authority, Inter-Community Health Care, Series 1999 (LOC: Bank of New York Mellon) (LOC: Capital One) | | | | | | | | |
0.100%, 03/07/2013 r | | | 7,025 | | | | 7,025 | |
| | | | | | | | |
| | | | | | | 58,525 | |
| | | | | | | | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 13 |
| | |
| Schedule of Investments | | February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | | | | | |
Tax Free Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Maryland – 6.3% | | | | | | | | |
Baltimore County, Public Improvement, Series 2012 (General Obligation) | | | | | | | | |
5.000%, 08/01/2013 | | $ | 7,585 | | | $ | 7,738 | |
John Hopkins University, Series A (Commercial Paper) | | | | | | | | |
0.210%, 03/19/2013 | | | 20,965 | | | | 20,965 | |
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series 2007A (LOC: Wachovia Bank) | | | | | | | | |
0.100%, 03/07/2013 r | | | 5,150 | | | | 5,150 | |
Maryland State Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center, Series 1985A (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.100%, 03/07/2013 r | | | 15,750 | | | | 15,750 | |
| | | | | | | | |
| | | | | | | 49,603 | |
| | | | | | | | |
Michigan – 3.1% | | | | | | | | |
University of Michigan, Series B (Commercial Paper) | | | | | | | | |
0.120%, 04/03/2013 | | | 24,000 | | | | 24,000 | |
| | | | | | | | |
Minnesota – 6.2% | | | | | | | | |
Eden Prairie Multifamily Housing Revenue, Park at City West Apartments, Series 2001 (INS: FHLMC) | | | | | | | | |
0.110%, 03/07/2013 r | | | 14,505 | | | | 14,505 | |
Hennepin County, Series 2013A (General Obligation) | | | | | | | | |
3.000%, 12/01/2013 | | | 2,365 | | | | 2,415 | |
St. Cloud, Independent School District No. 742, Series 2012B (General Obligation) (INS: MSDCEP) | | | | | | | | |
1.500%, 08/13/2013 | | | 3,935 | | | | 3,956 | |
St. Francis Independent School District No. 15, Series 2012B (General Obligation) (INS: MSDCEP) | | | | | | | | |
1.500%, 09/07/2013 | | | 5,000 | | | | 5,032 | |
University of Minnesota (Commercial Paper) | | | | | | | | |
0.120%, 04/04/2013 | | | 9,000 | | | | 9,000 | |
0.160%, 07/08/2013 | | | 13,750 | | | | 13,750 | |
| | | | | | | | |
| | | | | | | 48,658 | |
| | | | | | | | |
Mississippi – 3.0% | | | | | | | | |
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2007C | | | | | | | | |
0.090%, 03/01/2013 r | | | 750 | | | | 750 | |
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2009F | | | | | | | | |
0.110%, 03/01/2013 r | | | 160 | | | | 160 | |
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2009G | | | | | | | | |
0.090%, 03/01/2013 r | | | 465 | | | | 465 | |
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2010C | | | | | | | | |
0.110%, 03/07/2013 r | | | 10,000 | | | | 10,000 | |
Mississippi Business Finance, Gulf Opportunity Zone Industrial Development Revenue, Chevron U.S.A., Series 2010G | | | | | | | | |
0.090%, 03/01/2013 r | | | 780 | | | | 780 | |
| | | | | | | | |
Tax Free Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Perry County Mississippi Pollution Control, Leaf River Forest Products, Series 2002
(LOC: Scotia bank) | | | | | | | | |
0.120%, 03/07/2013 r | | $ | 11,425 | | | $ | 11,425 | |
| | | | | | | | |
| | | | | | | 23,580 | |
| | | | | | | | |
Missouri – 5.7% | | | | | | | | |
Missouri State Health & Educational Facilities, SSM Health Care, Series 2010E (LOC: PNC Bank) | | | | | | | | |
0.100%, 03/01/2013 r | | | 13,000 | | | | 13,000 | |
Missouri State Water Pollution Control, Series 2012A (General Obligation) | | | | | | | | |
3.000%, 10/01/2013 | | | 2,175 | | | | 2,210 | |
Missouri State, Fourth State Building, Series 2012A (General Obligation) | | | | | | | | |
3.000%, 10/01/2013 | | | 7,055 | | | | 7,170 | |
University of Missouri (Commercial Paper) | | | | | | | | |
0.140%, 04/04/2013 | | | 22,500 | | | | 22,500 | |
| | | | | | | | |
| | | | | | | 44,880 | |
| | | | | | | | |
Nevada – 2.7% | | | | | | | | |
Clark County Airport System Revenue, Series 2008D-2B (LOC: Royal Bank of Canada) | | | | | | | | |
0.100%, 03/07/2013 r | | | 21,200 | | | | 21,200 | |
| | | | | | | | |
New Jersey – 1.8% | | | | | | | | |
Camden County, Cooper Health System, Series 2004B (LOC: TD Bank) | | | | | | | | |
0.090%, 03/07/2013 r | | | 13,925 | | | | 13,925 | |
| | | | | | | | |
New York – 3.7% | | | | | | | | |
Monroe County Industrial Development Agency, Monroe Community College Association, Series 2002A (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.120%, 03/07/2013 r | | | 11,700 | | | | 11,700 | |
New York City Health and Hospital Corporation, Series 2008C (LOC: TD Bank) | | | | | | | | |
0.100%, 03/07/2013 r | | | 9,300 | | | | 9,300 | |
New York State Energy Research and Development Authority, Orange and Rockland Utilities, Series 1995A (LOC: Wachovia Bank) (AMBAC) | | | | | | | | |
0.170%, 03/07/2013 r | | | 7,700 | | | | 7,700 | |
| | | | | | | | |
| | | | | | | 28,700 | |
| | | | | | | | |
North Carolina – 0.6% | | | | | | | | |
North Carolina Capital Facilities Finance Agency Educational Facilities, Meredith College, Series 2008B (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 1,500 | | | | 1,500 | |
Wake County Industrial Facilities & Pollution Control Financing Authority, Wake Enterprises, Series 2009 (LOC: Branch Banking & Trust) | | | | | | | | |
0.120%, 03/07/2013 r | | | 3,185 | | | | 3,185 | |
| | | | | | | | |
| | | | | | | 4,685 | |
| | | | | | | | |
Ohio – 4.0% | | | | | | | | |
City of Blue Ash, Ursuline Academy of Cincinnati, Series 2008 (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 13,210 | | | | 13,210 | |
Franklin County, Health Care Facilities Improvement Revenue, Ohio Presbyterian Retirement Services, Series 2006A (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 2,000 | | | | 2,000 | |
Lucas County, Series 2012 (General Obligation) | | | | | | | | |
1.000%, 07/18/2013 | | | 2,550 | | | | 2,556 | |
The accompanying notes are an integral part of the financial statements.
| | |
| 14 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | |
Tax Free Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Summit County Port Authority, Summa Enterprises Group, Series 2006
(LOC: PNC Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | $ | 13,395 | | | $ | 13,395 | |
| | | | | | | | |
| | | | | | | 31,161 | |
| | | | | | | | |
Pennsylvania – 2.1% | | | | | | | | |
City of Philadelphia, Series 2009B (LOC: Royal Bank of Canada) (General Obligation) | | | | | | | | |
0.100%, 03/07/2013 r | | | 15,725 | | | | 15,725 | |
Philadelphia Authority for Industrial Development, Newcourtland Elder Services, Series 2003 (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/01/2013 r | | | 1,000 | | | | 1,000 | |
| | | | | | | | |
| | | | | | | 16,725 | |
| | | | | | | | |
Rhode Island – 0.6% | | | | | | | | |
Rhode Island Health & Educational Building Revenue, Pennfield School, Series 2004 (LOC: Sovereign Bank) (LOC: Bank of New York Mellon) | | | | | | | | |
0.200%, 03/07/2013 r | | | 4,350 | | | | 4,350 | |
| | | | | | | | |
South Carolina – 4.0% | | | | | | | | |
Florence County, South Carolina Hospital Revenue, McLeod Regional Medical Center, Series 2010B (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 13,000 | | | | 13,000 | |
South Carolina Jobs-Economic Development Authority, AnMed Health, Series 2009C (LOC: Branch Banking & Trust) | | | | | | | | |
0.100%, 03/07/2013 r | | | 11,800 | | | | 11,800 | |
South Carolina Jobs-Economic Development Authority, AnMed Health, Series 2009D (LOC: Branch Banking & Trust) | | | | | | | | |
0.110%, 03/07/2013 r | | | 6,355 | | | | 6,355 | |
| | | | | | | | |
| | | | | | | 31,155 | |
| | | | | | | | |
Tennessee – 0.2% | | | | | | | | |
Blount County Public Building Authority, Series E-8-A (LOC: Branch Banking & Trust) | | | | | | | | |
0.120%, 03/07/2013 r | | | 1,400 | | | | 1,400 | |
| | | | | | | | |
Texas – 8.8% | | | | | | | | |
Austin County Industrial Development, Justin Industries, Series 1984 (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.130%, 03/07/2013 r | | | 5,000 | | | | 5,000 | |
Gregg County Health Facilities Development Corporation, Good Shepherd Medical Center, Series 2004 (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 10,515 | | | | 10,515 | |
Hunt County Health Facilities Development, Greenville Universal Health Services (LOC: Morgan Guaranty Trust) | | | | | | | | |
0.160%, 03/07/2013 r | | | 4,300 | | | | 4,300 | |
Lower Neches Valley Authority Industrial Development Corporation, ExxonMobil Project, Series 2012 | | | | | | | | |
0.100%, 03/01/2013 r | | | 3,860 | | | | 3,860 | |
State of Texas, Series 2012 | | | | | | | | |
2.500%, 08/30/2013 | | | 20,000 | | | | 20,227 | |
Texas A&M University, Series B
(Commercial Paper) | | | | | | | | |
0.150%, 03/14/2013 | | | 10,000 | | | | 10,000 | |
University of Texas (Commercial Paper) | | | | | | | | |
0.160%, 07/08/2013 | | | 15,316 | | | | 15,316 | |
| | | | | | | | |
| | | | | | | 69,218 | |
| | | | | | | | |
| | | | | | | | |
Tax Free Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Vermont – 1.0% | | | | | | | | |
Vermont State Housing Finance Agency, West Block University of Vermont Apartments, Winooski, Series 2004A (LOC: Sovereign Bank) (LOC: Bank of New York Mellon) | | | | | | | | |
0.150%, 03/07/2013 r | | $ | 7,925 | | | $ | 7,925 | |
| | | | | | | | |
Virginia – 6.7% | | | | | | | | |
Fairfax County Economic Development Authority, Smithsonian Institution, Series 2003B | | | | | | | | |
0.110%, 03/07/2013 r | | | 12,000 | | | | 12,000 | |
Loudoun County Industrial Development Authority, Howard Hughes Medical Center, Series 2003F | | | | | | | | |
0.090%, 03/07/2013 r | | | 4,175 | | | | 4,175 | |
Portsmouth Redevelopment & Housing Authority, Phoebus Square Apartments, Series 2008 (INS: FHLMC) | | | | | | | | |
0.170%, 03/07/2013 r | | | 7,200 | | | | 7,200 | |
Virginia Commonwealth University, Health System Authority, Series 2008A (LOC: Branch Banking & Trust) | | | | | | | | |
0.090%, 03/01/2013 r | | | 5,370 | | | | 5,370 | |
Virginia Small Business Financing Authority Hospital Revenue Bonds, Carilion Clinic Obligated Group, Series 2008B (LOC: PNC Bank) | | | | | | | | |
0.110%, 03/01/2013 r | | | 10,100 | | | | 10,100 | |
Virginia State Commonwealth University, Health System Authority, Series 2008C (LOC: Branch Banking & Trust) | | | | | | | | |
0.100%, 03/01/2013 r | | | 13,820 | | | | 13,820 | |
| | | | | | | | |
| | | | | | | 52,665 | |
| | | | | | | | |
Washington – 5.1% | | | | | | | | |
King County Washington School District No 1, Series A (General Obligation) | | | | | | | | |
5.000%, 12/01/2013 | | | 16,440 | | | | 17,035 | |
Washington State Housing Finance Commission, Franke Tobey Jones Project, Series 2003 (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 3,800 | | | | 3,800 | |
Washington State Housing Finance Commission, The Overlake School Project, Series 2003 (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 5,425 | | | | 5,425 | |
Washington State Housing Finance Commission, Willow Tree Grove Apartments Project, Series 2011 (INS: FHLMC) | | | | | | | | |
0.120%, 03/07/2013 r | | | 5,000 | | | | 5,000 | |
Washington State, Series 2003D (General Obligation) (NATL) | | | | | | | | |
5.000%, 06/01/2013 | | | 9,000 | | | | 9,109 | |
| | | | | | | | |
| | | | | | | 40,369 | |
| | | | | | | | |
Wisconsin – 1.6% | | | | | | | | |
Wisconsin State Health & Educational Facilities Authority, Goodwill Industries of North Central Wisconsin, Series 2005 (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 780 | | | | 780 | |
Wisconsin State Health & Educational Facilities Authority, St. Norbert College, Series 2008 (LOC: JPMorgan Chase Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 11,670 | | | | 11,670 | |
| | | | | | | | |
| | | | | | | 12,450 | |
| | | | | | | | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 15 |
| | |
| Schedule of Investments | | February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | | | | | |
Tax Free Obligations Fund (concluded) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Wyoming – 1.3% | | | | | | | | |
Lincoln County, Pollution Control, PacifiCorp Project, Series 1991 (LOC: Wells Fargo Bank) | | | | | | | | |
0.120%, 03/07/2013 r | | $ | 7,400 | | | $ | 7,400 | |
Sweetwater County Pollution Control, PacifiCorp, Series 1992A (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 700 | | | | 700 | |
Sweetwater County Pollution Control, PacifiCorp Project, Series 1992B (LOC: Wells Fargo Bank) | | | | | | | | |
0.110%, 03/07/2013 r | | | 2,000 | | | | 2,000 | |
| | | | | | | | |
| | | | | | | 10,100 | |
| | | | | | | | |
Total Municipal Debt
(Cost $784,124) | | | | | | | 784,124 | |
| | | | | | | | |
Total Investments – 99.9% | | | | | | | | |
(Cost $784,124) | | | | | | | 784,124 | |
| | | | | | | | |
Other Assets and Liabilities, Net – 0.1% | | | | | | | 692 | |
| | | | | | | | |
Total Net Assets – 100.0% | | | | | | $ | 784,816 | |
| | | | | | | | |
| > | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
| r | Variable Rate Security – The rate shown is the rate in effect as of February 28, 2013. |
| | On February 28, 2013, the cost of investments for federal income tax purposes was approximately $784,124. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
| | | | |
| AMBAC | | – | | American Municipal Bond Assurance Corporation |
| | | | |
| AGM | | – | | Assured Guaranty Municipal |
| | | | |
| FHLB | | – | | Federal Home Loan Banks |
| | | | |
| FHLMC | | – | | Federal Home Loan Mortgage Corporation |
| | | | |
| MSDCEP | | – | | Minnesota School District Enhancement Program |
| | | | |
| NATL | | – | | National Public Finance Guarantee Corporation |
| | | | | | | | |
Treasury Obligations Fund | | | | | | | | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Treasury Debt – 35.9% | |
U.S. Treasury Bills U | | | | | | | | |
0.052%, 03/07/2013 ‚ | | $ | 125,000 | | | $ | 124,999 | |
0.096%, 04/18/2013 ‚ | | | 210,000 | | | | 209,973 | |
0.102%, 05/23/2013 | | | 75,000 | | | | 74,982 | |
0.112%, 05/30/2013 | | | 150,000 | | | | 149,958 | |
U.S. Treasury Notes | | | | | | | | |
0.750%, 03/31/2013 | | | 50,000 | | | | 50,024 | |
2.500%, 03/31/2013 | | | 160,000 | | | | 160,303 | |
1.750%, 04/15/2013 | | | 190,000 | | | | 190,363 | |
0.625%, 04/30/2013 | | | 175,000 | | | | 175,118 | |
3.125%, 04/30/2013 | | | 75,000 | | | | 75,361 | |
1.375%, 05/15/2013 | | | 110,000 | | | | 110,264 | |
3.625%, 05/15/2013 | | | 100,000 | | | | 100,705 | |
0.500%, 05/31/2013 | | | 25,000 | | | | 25,020 | |
3.500%, 05/31/2013 | | | 125,000 | | | | 126,023 | |
3.375%, 06/30/2013 | | | 175,000 | | | | 176,837 | |
0.750%, 08/15/2013 | | | 25,000 | | | | 25,068 | |
4.250%, 08/15/2013 ‚ | | | 100,000 | | | | 101,855 | |
0.500%, 10/15/2013 | | | 125,000 | | | | 125,275 | |
0.250%, 10/31/2013 | | | 180,000 | | | | 180,075 | |
0.500%, 11/15/2013 | | | 225,000 | | | | 225,469 | |
4.250%, 11/15/2013 | | | 25,000 | | | | 25,716 | |
0.250%, 11/30/2013 | | | 25,000 | | | | 25,005 | |
2.000%, 11/30/2013 | | | 25,000 | | | | 25,335 | |
0.750%, 12/15/2013 | | | 25,000 | | | | 25,106 | |
1.000%, 01/15/2014 | | | 175,000 | | | | 176,254 | |
0.250%, 01/31/2014 | | | 100,000 | | | | 100,065 | |
1.750%, 01/31/2014 | | | 75,000 | | | | 76,081 | |
1.875%, 02/28/2014 | | | 130,000 | | | | 132,192 | |
| | | | | | | | |
Total Treasury Debt
(Cost $2,993,426) | | | | | | | 2,993,426 | |
| | | | | | | | |
Treasury Repurchase Agreements – 64.0% | |
Credit Agricole Corporate & Investment Bank | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $1,500,007 (collateralized by U.S. Treasury obligations: Total market value $1,530,001) | | | 1,500,000 | | | | 1,500,000 | |
Credit Suisse Securities (USA) | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $125,001 (collateralized by U.S. Treasury obligations: Total market value $127,501) | | | 125,000 | | | | 125,000 | |
Deutsche Bank Securities | | | | | | | | |
0.180%, dated 02/28/2013, matures 03/01/2013, repurchase price $900,005 (collateralized by U.S. Treasury obligations: Total market value $918,000) | | | 900,000 | | | | 900,000 | |
ING Financial Markets | | | | | | | | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,001) | | | 50,000 | | | | 50,000 | |
Merrill Lynch, Pierce, Fenner & Smith | | | | | | | | |
0.140%, dated 02/28/2013, matures 03/01/2013, repurchase price $117,138 (collateralized by U.S. Treasury obligations: Total market value $119,481) | | | 117,138 | | | | 117,138 | |
0.140%, dated 02/28/2013, matures 03/07/2013, repurchase price $100,003 (collateralized by U.S. Treasury obligations: Total market value $102,000) ¥ | | | 100,000 | | | | 100,000 | |
The accompanying notes are an integral part of the financial statements.
| | |
| 16 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | |
Treasury Obligations Fund (continued) | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
0.120%, dated 02/27/2013, matures 03/13/2013, repurchase price $100,005 (collateralized by U.S. Treasury obligations: Total market value $102,000) ¥ | | $ | 100,000 | | | $ | 100,000 | |
RBC Capital Markets | | | | | | | | |
0.150%, dated 02/28/2013, matures 03/01/2013, repurchase price $150,001 (collateralized by U.S. Treasury obligations: Total market value $153,000) | | | 150,000 | | | | 150,000 | |
RBS Securities | | | | | | | | |
0.140%, dated 02/22/2013, matures 03/01/2013, repurchase price $400,011 (collateralized by U.S. Treasury obligations: Total market value $408,003) | | | 400,000 | | | | 400,000 | |
0.160%, dated 02/28/2013, matures 03/01/2013, repurchase price $400,002 (collateralized by U.S. Treasury obligations: Total market value $408,003) | | | 400,000 | | | | 400,000 | |
SG Americas Securities | | | | | | | | |
0.080%, dated 02/26/2013, matures 03/05/2013, repurchase price $800,012 (collateralized by U.S. Treasury obligations: Total market value $816,000) | | | 800,000 | | | | 800,000 | |
TD Securities (USA) | | | | | | | | |
0.150%, dated 02/28/2013, matures 03/01/2013, repurchase price $700,003 (collateralized by U.S. Treasury obligations: Total market value $714,000) | | | 700,000 | | | | 700,000 | |
| | | | | | | | |
Total Treasury Repurchase Agreements
(Cost $5,342,138) | | | | | | | 5,342,138 | |
| | | | | | | | |
Investments Purchased with Proceeds from Securities Lending † – 4.3% | |
Treasury Repurchase Agreements – 4.3% | |
JPMorgan Securities | | | | | | | | |
0.210%, dated 2/28/2013, matures 03/01/2013, repurchase price $82,259 (collateralized by U.S. Treasury obligations: Total market value $83,905) | | | 82,259 | | | | 82,259 | |
Morgan Stanley & Co. | | | | | | | | |
0.150%, dated 2/28/2013, matures 03/01/2013, repurchase price $280,501 (collateralized by U.S. Treasury obligations: Total market value $286,110) | | | 280,500 | | | | 280,500 | |
| | | | | | | | |
Total Investments Purchased with Proceeds from Securities Lending
(Cost $362,759) | | | | | | | 362,759 | |
| | | | | | | | |
Total Investments – 104.2%
(Cost $8,698,323) | | | | | | | 8,698,323 | |
| | | | | | | | |
Other Assets and Liabilities, Net – (4.2)% | | | | | | | (354,581 | ) |
| | | | | | | | |
Total Net Assets – 100.0% | | | | | | $ | 8,343,742 | |
| | | | | | | | |
| | | | |
Treasury Obligations Fund (concluded) |
| | |
| | | | | |
| > | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
| U | Rate shown is effective yield as of February 28, 2013. |
| ‚ | This security or a portion of this security is out on loan as of February 28, 2013. Total loaned securities had a fair value of $355,610 at February 28, 2013. |
| ¥ | Security considered illiquid. As of February 28, 2013, the value of these investments was $200,000 or 2.4% of total net assets. See note 2 in notes to Financial Statements. |
| † | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the invested collateral is monitored on a daily basis. The cash collateral received is invested in U.S. Government securities or other high-grade debt obligations. See note 2 in Notes to Financial Statements. |
| | On February 28, 2013, the cost of investments for federal income tax purposes was approximately $8,698,323. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 17 |
| | |
| Schedule of Investments | | February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | | | | | |
U.S. Treasury Money Market Fund | |
| | |
| DESCRIPTION | | PAR | | | VALUE > | |
Treasury Debt – 100.0% | |
U.S. Treasury Bills U | | | | | | | | |
0.069%, 03/14/2013 | | $ | 63,119 | | | $ | 63,117 | |
0.064%, 03/21/2013 | | | 46,238 | | | | 46,236 | |
0.076%, 04/04/2013 | | | 125,763 | | | | 125,754 | |
0.077%, 04/11/2013 | | | 27,960 | | | | 27,958 | |
0.083%, 04/18/2013 | | | 115,098 | | | | 115,085 | |
0.084%, 04/25/2013 | | | 137,357 | | | | 137,339 | |
0.081%, 05/02/2013 | | | 51,324 | | | | 51,317 | |
0.078%, 05/09/2013 | | | 51,592 | | | | 51,584 | |
0.107%, 05/23/2013 | | | 48,719 | | | | 48,707 | |
0.105%, 05/30/2013 | | | 7,321 | | | | 7,319 | |
0.078%, 06/13/2013 | | | 5,858 | | | | 5,857 | |
0.108%, 08/08/2013 | | | 1,135 | | | | 1,135 | |
U.S. Treasury Note | | | | | | | | |
1.000%, 07/15/2013 | | | 10,000 | | | | 10,033 | |
| | | | | | | | |
Total Treasury Debt
(Cost $691,441) | | | | | | | 691,441 | |
| | | | | | | | |
Total Investments – 100.0%
(Cost $691,441) | | | | | | | 691,441 | |
| | | | | | | | |
Other Assets and Liabilities, Net – 0.0% | | | | | | | (32 | ) |
| | | | | | | | |
Total Net Assets – 100.0% | | | | | | $ | 691,409 | |
| | | | | | | | |
| > | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
| U | Rate shown is effective yield as of February 28, 2013. |
| | On February 28, 2013, the cost of investments for federal income tax purposes was approximately $691,441. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |
The accompanying notes are an integral part of the financial statements.
| | |
| 18 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | |
| Statements of Assets and Liabilities | | February 28, 2013 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
| | | | | | | | | | | | | | | | | | | | |
| | | Government
Obligations Fund | | | Prime
Obligations Fund | | | Tax Free
Obligations Fund | | | Treasury
Obligations Fund | | | U.S. Treasury
Money Market Fund | |
ASSETS: | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value † (note 2) | | $ | 9,112,065 | | | $ | 9,703,233 | | | $ | 784,124 | | | $ | 2,993,426 | | | $ | 691,441 | |
Investments purchased with proceeds from securities lending, at value (note 2) | | | 12,189 | | | | — | | | | — | | | | 362,759 | | | | — | |
Repurchase agreements, at value (note 2) | | | 6,416,847 | | | | 2,053,015 | | | | — | | | | 5,342,138 | | | | — | |
Cash | | | — | | | | — | | | | 7 | | | | — | | | | 1 | |
Receivable for investments sold | | | 50,849 | | | | — | | | | 400 | | | | — | | | | — | |
Receivable for interest | | | 8,611 | | | | 9,626 | | | | 937 | | | | 9,616 | | | | 13 | |
Receivable for capital shares sold | | | 50 | | | | 153 | | | | — | | | | — | | | | — | |
Prepaid expenses and other assets | | | 73 | | | | 121 | | | | 33 | | | | 31 | | | | 15 | |
Total assets | | | 15,600,684 | | | | 11,766,148 | | | | 785,501 | | | | 8,707,970 | | | | 691,470 | |
LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
Bank overdraft | | | 1 | | | | 3 | | | | — | | | | — | | | | — | |
Dividends payable | | | 188 | | | | 80 | | | | — | | | | — | | | | — | |
Payable for investments purchased | | | 49,991 | | | | 44,941 | | | | 600 | | | | — | | | | — | |
Payable upon return of securities loaned (note 2) | | | 12,189 | | | | — | | | | — | | | | 362,759 | | | | — | |
Payable for capital shares redeemed | | | — | | | | 125 | | | | — | | | | 528 | | | | — | |
Payable to affiliates (note 3) | | | 1,621 | | | | 1,804 | | | | 68 | | | | 898 | | | | 26 | |
Payable for director’s fees | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | |
Accrued expenses and other liabilities | | | 31 | | | | 31 | | | | 15 | | | | 41 | | | | 33 | |
Total liabilities | | | 64,023 | | | | 46,986 | | | | 685 | | | | 364,228 | | | | 61 | |
Net assets | | $ | 15,536,661 | | | $ | 11,719,162 | | | $ | 784,816 | | | $ | 8,343,742 | | | $ | 691,409 | |
COMPOSITION OF NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
Portfolio capital | | $ | 15,536,945 | | | $ | 11,719,340 | | | $ | 784,830 | | | $ | 8,344,275 | | | $ | 691,416 | |
Undistributed (distributions in excess of) net investment income | | | (23 | ) | | | (60 | ) | | | (14 | ) | | | (44 | ) | | | (10 | ) |
Accumulated net realized gain (loss) on investments (note 2) | | | (261 | ) | | | (118 | ) | | | — | | | | (489 | ) | | | 3 | |
Net assets | | $ | 15,536,661 | | | $ | 11,719,162 | | | $ | 784,816 | | | $ | 8,343,742 | | | $ | 691,409 | |
Class A: | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 234,127 | | | $ | 1,194,961 | | | $ | 84,625 | | | $ | 399,929 | | | $ | 15,693 | |
Shares issued and outstanding
($0.01 par value – 5 billion authorized*) | | | 234,130 | | | | 1,195,134 | | | | 84,653 | | | | 399,949 | | | | 15,688 | |
Net asset value, offering price, and redemption price per share | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Class D: | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 3,063,741 | | | $ | 796,380 | | | $ | 56,079 | | | $ | 1,960,793 | | | $ | 174,616 | |
Shares issued and outstanding
($0.01 par value – 20 billion authorized) | | | 3,063,754 | | | | 796,283 | | | | 56,076 | | | | 1,960,996 | | | | 174,598 | |
Net asset value, offering price, and redemption price per share | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Class I: | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | — | | | $ | 725,518 | | | $ | — | | | $ | — | | | $ | — | |
Shares issued and outstanding
($0.01 par value – 20 billion authorized) | | | — | | | | 725,598 | | | | — | | | | — | | | | — | |
Net asset value, offering price, and redemption price per share | | $ | — | | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | — | |
Class Y: | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 5,373,980 | | | $ | 3,130,738 | | | $ | 497,767 | | | $ | 2,972,677 | | | $ | 306,613 | |
Shares issued and outstanding
($0.01 par value – 20 billion authorized) | | | 5,374,073 | | | | 3,130,762 | | | | 497,741 | | | | 2,972,900 | | | | 306,581 | |
Net asset value, offering price, and redemption price per share | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Class Z: | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 5,322,349 | | | $ | 5,520,930 | | | $ | 107,289 | | | $ | 2,221,904 | | | $ | 171,674 | |
Shares issued and outstanding
($0.01 par value – 20 billion authorized) | | | 5,322,295 | | | | 5,521,077 | | | | 107,269 | | | | 2,222,038 | | | | 171,661 | |
Net asset value, offering price, and redemption price per share | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Institutional Investor Class: | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 1,542,464 | | | $ | 350,635 | | | $ | 39,056 | | | $ | 649,802 | | | $ | 22,813 | |
Shares issued and outstanding
($0.01 par value – 20 billion authorized) | | | 1,542,447 | | | | 350,455 | | | | 39,056 | | | | 649,745 | | | | 22,803 | |
Net asset value, offering price, and redemption price per share | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
Reserve Class: | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | — | | | $ | — | | | $ | — | | | $ | 138,637 | | | $ | — | |
Shares issued and outstanding
($0.01 par value – 5 billion authorized) | | | — | | | | — | | | | — | | | | 138,693 | | | | — | |
Net asset value, offering price, and redemption price per share | | $ | — | | | $ | — | | | $ | — | | | $ | 1.00 | | | $ | — | |
† Including securities loaned, at value | | $ | 11,911 | | | $ | — | | | $ | — | | | $ | 355,610 | | | $ | — | |
| * | | 20 billion shares were authorized for U.S. Treasury Money Market Fund. |
The accompanying notes are an integral part of the financial statements.
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 19 |
| | |
| Statements of Operations | | For the six-month period ended February 28, 2013 (unaudited), all dollars are rounded to thousands (000) |
| | | | | | | | | | | | | | | | | | | | |
| | | Government
Obligations Fund | | | Prime
Obligations Fund | | | Tax Free
Obligations Fund | | | Treasury
Obligations Fund | | | U.S. Treasury
Money Market
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
Interest income | | $ | 14,703 | | | $ | 13,901 | | | $ | 553 | | | $ | 7,877 | | | $ | 284 | |
Securities lending income (note 2) | | | 171 | | | | 176 | | | | — | | | | 192 | | | | — | |
Total investment income | | | 14,874 | | | | 14,077 | | | | 553 | | | | 8,069 | | | | 284 | |
EXPENSES (note 3): | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 7,957 | | | | 5,685 | | | | 356 | | | | 4,776 | | | | 308 | |
Administration fees and expenses | | | 10,656 | | | | 7,851 | | | | 498 | | | | 6,456 | | | | 418 | |
Transfer agent fees and expenses | | | 65 | | | | 100 | | | | 66 | | | | 74 | | | | 65 | |
Custodian fees | | | 398 | | | | 284 | | | | 18 | | | | 239 | | | | 15 | |
Legal fees | | | 18 | | | | 18 | | | | 18 | | | | 18 | | | | 18 | |
Audit fees | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 23 | |
Registration fees | | | 18 | | | | 26 | | | | 20 | | | | 11 | | | | 8 | |
Postage and printing fees | | | 140 | | | | 96 | | | | 5 | | | | 95 | | | | 5 | |
Directors’ fees | | | 35 | | | | 35 | | | | 35 | | | | 35 | | | | 35 | |
Other expenses | | | 77 | | | | 91 | | | | 45 | | | | 74 | | | | 49 | |
Distribution and shareholder servicing (12b-1) fees: | | | | | | | | | | | | | | | | | | | | |
Class A | | | 414 | | | | 1,455 | | | | 102 | | | | 539 | | | | 21 | |
Class D | | | 1,910 | | | | 619 | | | | 41 | | | | 1,537 | | | | 146 | |
Reserve Class | | | — | | | | — | | | | — | | | | 408 | | | | — | |
Shareholder servicing (non 12b-1) fees: | | | | | | | | | | | | | | | | | | | | |
Class A | | | 414 | | | | 1,455 | | | | 102 | | | | 539 | | | | 21 | |
Class D | | | 3,184 | | | | 1,031 | | | | 68 | | | | 2,562 | | | | 243 | |
Class I | | | — | | | | 790 | | | | — | | | | — | | | | — | |
Class Y | | | 6,151 | | | | 4,056 | | | | 568 | | | | 3,926 | | | | 366 | |
Reserve Class | | | — | | | | — | | | | — | | | | 204 | | | | — | |
Institutional Investor Class | | | 848 | | | | 137 | | | | 16 | | | | 308 | | | | 11 | |
Total expenses | | | 32,308 | | | | 23,752 | | | | 1,981 | | | | 21,824 | | | | 1,752 | |
Less: Fee waivers (note 3) | | | (18,724 | ) | | | (10,871 | ) | | | (1,428 | ) | | | (13,763 | ) | | | (1,468 | ) |
Total net expenses | | | 13,584 | | | | 12,881 | | | | 553 | | | | 8,061 | | | | 284 | |
Investment income – net | | | 1,290 | | | | 1,196 | | | | — | | | | 8 | | | | — | |
Net gain on investments | | | 84 | | | | 26 | | | | — | | | | 102 | | | | 3 | |
Net increase in net assets resulting from operations | | $ | 1,374 | | | $ | 1,222 | | | $ | — | | | $ | 110 | | | $ | 3 | |
The accompanying notes are an integral part of the financial statements.
| | |
| 20 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
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| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 21 |
| | |
| Statements of Changes in Net Assets | | all dollars are rounded to thousands (000) |
| | | | | | | | | | | | | | | | |
| | | Government Obligations Fund | | | Prime Obligations Fund | |
| | | Six Month Period ended
2/28/2013
(unaudited) | | | Year Ended
8/31/2012 | | | Six Month Period ended
2/28/2013
(unaudited) | | | Year Ended
8/31/2012 | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Investment income – net | | $ | 1,290 | | | $ | 1,299 | | | $ | 1,196 | | | $ | 3,038 | |
Net realized gain (loss) on investments | | | 84 | | | | 15 | | | | 26 | | | | (31 | ) |
Net increase in net assets resulting from operations | | | 1,374 | | | | 1,314 | | | | 1,222 | | | | 3,007 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | | | | | | | | | | | | |
Investment income – net: | | | | | | | | | | | | | | | | |
Class A | | | (27 | ) | | | (20 | ) | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class D | | | (204 | ) | | | (204 | ) | | | — | | | | — | |
Class I | | | — | | | | — | | | | — | | | | — | |
Class Y | | | (394 | ) | | | (377 | ) | | | — | | | | — | |
Class Z | | | (529 | ) | | | (586 | ) | | | (1,196 | ) | | | (3,038 | ) |
Institutional Investor Class | | | (136 | ) | | | (112 | ) | | | — | | | | — | |
Reserve Class | | | — | | | | — | | | | — | | | | — | |
Total distributions | | | (1,290 | ) | | | (1,299 | ) | | | (1,196 | ) | | | (3,038 | ) |
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE: | | | | | | | | | | | | | | | | |
Class A: | | | | | | | | | | | | | | | | |
Proceeds from sales | | | 929,055 | | | | 803,253 | | | | 1,239,108 | | | | 1,892,237 | |
Reinvestment of distributions | | | 2 | | | | 2 | | | | — | | | | — | |
Payments for redemptions | | | (942,471 | ) | | | (773,687 | ) | | | (1,132,799 | ) | | | (1,953,400 | ) |
Increase (decrease) in net assets from Class A transactions | | | (13,414 | ) | | | 29,568 | | | | 106,309 | | | | (61,163 | ) |
Class C: | | | | | | | | | | | | | | | | |
Proceeds from sales | | | — | | | | — | | | | — | | | | — | |
Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Payments for redemptions | | | — | | | | — | | | | — | | | | (528 | ) |
Decrease in net assets from Class C transactions | | | — | | | | — | | | | — | | | | (528 | ) |
Class D: | | | | | | | | | | | | | | | | |
Proceeds from sales | | | 4,098,817 | | | | 8,275,892 | | | | 957,491 | | | | 2,825,209 | |
Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Payments for redemptions | | | (3,738,965 | ) | | | (7,748,163 | ) | | | (1,023,244 | ) | | | (3,048,702 | ) |
Increase (decrease) in net assets from Class D transactions | | | 359,852 | | | | 527,729 | | | | (65,753 | ) | | | (223,493 | ) |
Class I: | | | | | | | | | | | | | | | | |
Proceeds from sales | | | — | | | | — | | | | 2,720,493 | | | | 4,314,033 | |
Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Payments for redemptions | | | — | | | | — | | | | (3,119,091 | ) | | | (4,441,456 | ) |
Decrease in net assets from Class I transactions | | | — | | | | — | | | | (398,598 | ) | | | (127,423 | ) |
Class Y: | | | | | | | | | | | | | | | | |
Proceeds from sales | | | 17,602,920 | | | | 29,382,467 | | | | 11,764,334 | | | | 23,502,554 | |
Reinvestment of distributions | | | 34 | | | | 21 | | | | — | | | | — | |
Payments for redemptions | | | (16,960,746 | ) | | | (28,494,359 | ) | | | (11,763,639 | ) | | | (23,747,254 | ) |
Increase (decrease) in net assets from Class Y transactions | | | 642,208 | | | | 888,129 | | | | 695 | | | | (244,700 | ) |
Class Z: | | | | | | | | | | | | | | | | |
Proceeds from sales | | $ | 26,097,361 | | | $ | 46,023,284 | | | $ | 17,457,664 | | | $ | 31,872,789 | |
Reinvestment of distributions | | | 61 | | | | 56 | | | | 157 | | | | 431 | |
Payments for redemptions | | | (28,376,552 | ) | | | (44,121,841 | ) | | | (16,713,445 | ) | | | (32,745,921 | ) |
Increase (decrease) in net assets from Class Z transactions | | | (2,279,130 | ) | | | 1,901,499 | | | | 744,376 | | | | (872,701 | ) |
Institutional Investor Class: | | | | | | | | | | | | | | | | |
Proceeds from sales | | | 4,700,130 | | | | 5,364,862 | | | | 1,955,873 | | | | 4,463,132 | |
Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Payments for redemptions | | | (4,337,858 | ) | | | (5,401,710 | ) | | | (1,857,523 | ) | | | (4,634,460 | ) |
Increase (decrease) in net assets from Institutional Investor Class transactions | | | 362,272 | | | | (36,848 | ) | | | 98,350 | | | | (171,328 | ) |
Reserve Class: | | | | | | | | | | | | | | | | |
Proceeds from sales | | | — | | | | — | | | | — | | | | — | |
Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Payments for redemptions | | | — | | | | — | | | | — | | | | — | |
Decrease in net assets from Reserve Class transactions | | | — | | | | — | | | | — | | | | — | |
Increase (decrease) in net assets from capital share transactions | | | (928,212 | ) | | | 3,310,077 | | | | 485,379 | | | | (1,701,336 | ) |
Total increase (decrease) in net assets | | | (928,128 | ) | | | 3,310,092 | | | | 485,405 | | | | (1,701,367 | ) |
Net assets at beginning of the period | | | 16,464,789 | | | | 13,154,697 | | | | 11,233,757 | | | | 12,935,124 | |
Net assets at end of the period | | $ | 15,536,661 | | | $ | 16,464,789 | | | $ | 11,719,162 | | | $ | 11,233,757 | |
Undistributed (distributions in excess of) net investment income | | $ | (23 | ) | | $ | (23 | ) | | $ | (60 | ) | | $ | (60 | ) |
The accompanying notes are an integral part of the financial statements.
| | |
| 22 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | | | | | | | | | | | | | | | |
Tax Free Obligations Fund | | | Treasury Obligations Fund | | | U.S. Treasury Money Market Fund | |
Six Month Period ended 2/28/2013 (unaudited) | | | Year Ended 8/31/2012 | | | Six Month Period ended 2/28/2013 (unaudited) | | | Year Ended 8/31/2012 | | | Six Month Period ended 2/28/2013 (unaudited) | | | Year Ended 8/31/2012 | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | — | | | $ | — | | | $ | 8 | | | $ | — | | | $ | — | | | $ | — | |
| | — | | | | 10 | | | | 102 | | | | 27 | | | | 3 | | | | 5 | |
| | — | | | | 10 | | | | 110 | | | | 27 | | | | 3 | | | | 5 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (4 | ) | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | (1 | ) | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | (13 | ) | | | — | | | | — | | | | — | | | | — | |
| | — | | | | (2 | ) | | | (8 | ) | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | (20 | ) | | | (8 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 58,940 | | | | 122,223 | | | | 786,572 | | | | 2,993,441 | | | | 1,027,690 | | | | 2,562,078 | |
| | — | | | | 2 | | | | — | | | | — | | | | — | | | | — | |
| | (63,528 | ) | | | (104,543 | ) | | | (857,333 | ) | | | (3,092,665 | ) | | | (1,029,737 | ) | | | (2,565,805 | ) |
| | (4,588 | ) | | | 17,682 | | | | (70,761 | ) | | | (99,224 | ) | | | (2,047 | ) | | | (3,727 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 77,613 | | | | 110,782 | | | | 2,805,957 | | | | 4,417,238 | | | | 315,031 | | | | 643,439 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (69,858 | ) | | | (95,926 | ) | | | (2,956,173 | ) | | | (4,741,162 | ) | | | (337,325 | ) | | | (538,294 | ) |
| | 7,755 | | | | 14,856 | | | | (150,216 | ) | | | (323,924 | ) | | | (22,294 | ) | | | 105,145 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 562,032 | | | | 898,021 | | | | 6,210,329 | | | | 15,694,642 | | | | 449,443 | | | | 883,971 | |
| | — | | | | 1 | | | | — | | | | — | | | | — | | | | — | |
| | (450,572 | ) | | | (1,012,875 | ) | | | (6,909,597 | ) | | | (16,480,753 | ) | | | (434,637 | ) | | | (927,938 | ) |
| | 111,460 | | | | (114,853 | ) | | | (699,268 | ) | | | (786,111 | ) | | | 14,806 | | | | (43,967 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 361,075 | | | $ | 541,489 | | | $ | 8,613,126 | | | $ | 17,964,188 | | | $ | 333,539 | | | $ | 643,067 | |
| | — | | | | — | | | | 1 | | | | — | | | | — | | | | — | |
| | (317,857 | ) | | | (581,672 | ) | | | (10,574,686 | ) | | | (15,657,042 | ) | | | (222,062 | ) | | | (660,646 | ) |
| | 43,218 | | | | (40,183 | ) | | | (1,961,559 | ) | | | 2,307,146 | | | | 111,477 | | | | (17,579 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | 200,430 | | | | 306,735 | | | | 973,908 | | | | 2,340,178 | | | | 106,748 | | | | 134,508 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (186,793 | ) | | | (300,346 | ) | | | (936,448 | ) | | | (2,302,191 | ) | | | (102,539 | ) | | | (132,132 | ) |
| | 13,637 | | | | 6,389 | | | | 37,460 | | | | 37,987 | | | | 4,209 | | | | 2,376 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 212,332 | | | | 769,569 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | (251,943 | ) | | | (950,757 | ) | | | — | | | | — | |
| | — | | | | — | | | | (39,611 | ) | | | (181,188 | ) | | | — | | | | — | |
| | 171,482 | | | | (116,109 | ) | | | (2,883,955 | ) | | | 954,686 | | | | 106,151 | | | | 42,248 | |
| | 171,482 | | | | (116,119 | ) | | | (2,883,853 | ) | | | 954,713 | | | | 106,154 | | | | 42,253 | |
| | 613,334 | | | | 729,453 | | | | 11,227,595 | | | | 10,272,882 | | | | 585,255 | | | | 543,002 | |
| $ | 784,816 | | | $ | 613,334 | | | $ | 8,343,742 | | | $ | 11,227,595 | | | $ | 691,409 | | | $ | 585,255 | |
| $ | (14 | ) | | $ | (14 | ) | | $ | (44 | ) | | $ | (44 | ) | | $ | (10 | ) | | $ | (10 | ) |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 23 |
| | |
| Financial Highlights | | For a share outstanding throughout the indicated periods. |
| | | | | | | | | | | | | | | | |
| | |
Net Asset Value Beginning of Period | | | Net Investment Income | | | Distributions from Net Investment Income | | | Net Asset Value End of Period | |
Government Obligations Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.004 | | | | (0.004 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.028 | | | | (0.028 | ) | | | 1.00 | |
Class D | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.004 | | | | (0.004 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.029 | | | | (0.029 | ) | | | 1.00 | |
Class Y | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.005 | | | | (0.005 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.031 | | | | (0.031 | ) | | | 1.00 | |
Class Z | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.008 | | | | (0.008 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.033 | | | | (0.033 | ) | | | 1.00 | |
Institutional Investor Class | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.007 | | | | (0.007 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.032 | | | | (0.032 | ) | | | 1.00 | |
| 1 | | For the six-month period ended February 28, 2013 (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. |
| 4 | | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
| | |
| 24 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | | | | | | | | | | | | | | | |
| Total Return4 | | | Net Assets End of Period (000) | | | Ratio of Expenses to Average Net Assets | | | Ratio of Net Investment Income to Average Net Assets | | | Ratio of Expenses to Average Net Assets (Excluding Waivers) | | | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | % | | $ | 234,127 | | | | 0.16 | % | | | 0.02 | % | | | 0.79 | % | | | (0.61 | )% |
| | 0.01 | | | | 247,540 | | | | 0.15 | | | | 0.01 | | | | 0.79 | | | | (0.63 | ) |
| | 0.00 | | | | 217,973 | | | | 0.20 | | | | 0.00 | | | | 0.79 | | | | (0.59 | ) |
| | 0.00 | | | | 295,439 | | | | 0.27 | | | | 0.00 | | | | 0.78 | | | | (0.51 | ) |
| | 0.36 | | | | 530,312 | | | | 0.67 | | | | 0.31 | | | | 0.79 | | | | 0.19 | |
| | 2.79 | | | | 710,680 | | | | 0.75 | | | | 2.58 | | | | 0.78 | | | | 2.55 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | % | | $ | 3,063,741 | | | | 0.17 | % | | | 0.02 | % | | | 0.65 | % | | | (0.46 | )% |
| | 0.01 | | | | 2,703,874 | | | | 0.16 | | | | 0.01 | | | | 0.65 | | | | (0.48 | ) |
| | 0.00 | | | | 2,176,148 | | | | 0.20 | | | | 0.00 | | | | 0.64 | | | | (0.44 | ) |
| | 0.00 | | | | 2,525,955 | | | | 0.27 | | | | 0.00 | | | | 0.63 | | | | (0.36 | ) |
| | 0.44 | | | | 2,973,885 | | | | 0.59 | | | | 0.40 | | | | 0.65 | | | | 0.34 | |
| | 2.95 | | | | 2,628,910 | | | | 0.60 | | | | 2.59 | | | | 0.63 | | | | 2.56 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | % | | $ | 5,373,980 | | | | 0.17 | % | | | 0.02 | % | | | 0.49 | % | | | (0.30 | )% |
| | 0.01 | | | | 4,731,744 | | | | 0.16 | | | | 0.01 | | | | 0.50 | | | | (0.33 | ) |
| | 0.00 | | | | 3,843,620 | | | | 0.20 | | | | 0.00 | | | | 0.49 | | | | (0.29 | ) |
| | 0.00 | | | | 5,141,352 | | | | 0.27 | | | | 0.00 | | | | 0.48 | | | | (0.21 | ) |
| | 0.55 | | | | 6,837,427 | | | | 0.48 | | | | 0.52 | | | | 0.50 | | | | 0.50 | |
| | 3.10 | | | | 6,935,957 | | | | 0.45 | | | | 2.81 | | | | 0.48 | | | | 2.78 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | % | | $ | 5,322,349 | | | | 0.17 | % | | | 0.02 | % | | | 0.24 | % | | | (0.05 | )% |
| | 0.01 | | | | 7,601,448 | | | | 0.16 | | | | 0.01 | | | | 0.25 | | | | (0.08 | ) |
| | 0.01 | | | | 5,699,924 | | | | 0.19 | | | | 0.01 | | | | 0.25 | | | | (0.05 | ) |
| | 0.04 | | | | 4,292,577 | | | | 0.23 | | | | 0.05 | | | | 0.23 | | | | 0.05 | |
| | 0.79 | | | | 8,402,541 | | | | 0.24 | | | | 0.59 | | | | 0.24 | | | | 0.59 | |
| | 3.36 | | | | 1,915,386 | | | | 0.20 | | | | 3.04 | | | | 0.23 | | | | 3.01 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | % | | $ | 1,542,464 | | | | 0.17 | % | | | 0.02 | % | | | 0.34 | % | | | (0.15 | )% |
| | 0.01 | | | | 1,180,183 | | | | 0.15 | | | | 0.01 | | | | 0.34 | | | | (0.18 | ) |
| | 0.00 | | | | 1,217,032 | | | | 0.20 | | | | 0.00 | | | | 0.34 | | | | (0.14 | ) |
| | 0.00 | | | | 1,082,835 | | | | 0.27 | | | | 0.01 | | | | 0.33 | | | | (0.05 | ) |
| | 0.69 | | | | 2,875,035 | | | | 0.34 | | | | 0.49 | | | | 0.34 | | | | 0.49 | |
| | 3.25 | | | | 461,342 | | | | 0.30 | | | | 3.16 | | | | 0.33 | | | | 3.13 | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 25 |
| | |
| Financial Highlights | | For a share outstanding throughout the indicated periods. |
| | | | | | | | | | | | | | | | |
| | | Net Asset Value Beginning of Period | | | Net Investment Income | | | Distributions from Net Investment Income | | | Net Asset Value End of Period | |
Prime Obligations Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.007 | | | | (0.007 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.031 | | | | (0.031 | ) | | | 1.00 | |
Class D | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.008 | | | | (0.008 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.033 | | | | (0.033 | ) | | | 1.00 | |
Class I | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.010 | | | | (0.010 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.035 | | | | (0.035 | ) | | | 1.00 | |
Class Y | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.009 | | | | (0.009 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.034 | | | | (0.034 | ) | | | 1.00 | |
Class Z | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.001 | | | | (0.001 | ) | | | 1.00 | |
20112 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20102 | | | 1.00 | | | | 0.001 | | | | (0.001 | ) | | | 1.00 | |
20092 | | | 1.00 | | | | 0.012 | | | | (0.012 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.037 | | | | (0.037 | ) | | | 1.00 | |
Institutional Investor Class | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.011 | | | | (0.011 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.036 | | | | (0.036 | ) | | | 1.00 | |
| 1 | | For the six-month period ended February 28, 2013 (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. |
| 4 | | 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 2013 SEMIANNUAL REPORT |
| | | | | | | | | | | | | | | | | | | | | | |
| Total Return4 | | | Net Assets End of Period (000) | | | Ratio of Expenses to Average Net Assets | | | Ratio of Net Investment Income to Average Net Assets | | | Ratio of Expenses to Average Net Assets (Excluding Waivers) | | | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 1,194,961 | | | | 0.25 | % | | | 0.00 | % | | | 0.80 | % | | | (0.55 | )% |
| | 0.00 | | | | 1,088,649 | | | | 0.26 | | | | 0.00 | | | | 0.80 | | | | (0.54 | ) |
| | 0.00 | | | | 1,149,814 | | | | 0.30 | | | | 0.00 | | | | 0.79 | | | | (0.49 | ) |
| | 0.00 | | | | 1,324,087 | | | | 0.33 | | | | 0.00 | | | | 0.78 | | | | (0.45 | ) |
| | 0.67 | | | | 1,676,718 | | | | 0.76 | | | | 0.71 | | | | 0.81 | | | | 0.66 | |
| | 3.17 | | | | 2,315,088 | | | | 0.78 | | | | 3.08 | | | | 0.78 | | | | 3.08 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 796,380 | | | | 0.25 | % | | | 0.00 | % | | | 0.65 | % | | | (0.40 | )% |
| | 0.00 | | | | 862,131 | | | | 0.26 | | | | 0.00 | | | | 0.65 | | | | (0.39 | ) |
| | 0.00 | | | | 1,085,626 | | | | 0.30 | | | | 0.00 | | �� | | 0.64 | | | | (0.34 | ) |
| | 0.00 | | | | 1,513,140 | | | | 0.34 | | | | 0.00 | | | | 0.64 | | | | (0.30 | ) |
| | 0.79 | | | | 2,473,134 | | | | 0.64 | | | | 0.71 | | | | 0.66 | | | | 0.69 | |
| | 3.32 | | | | 1,936,019 | | | | 0.63 | | | | 3.07 | | | | 0.63 | | | | 3.07 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 725,518 | | | | 0.25 | % | | | 0.00 | % | | | 0.44 | % | | | (0.19 | )% |
| | 0.00 | | | | 1,124,114 | | | | 0.26 | | | | 0.00 | | | | 0.45 | | | | (0.19 | ) |
| | 0.00 | | | | 1,251,541 | | | | 0.30 | | | | 0.00 | | | | 0.44 | | | | (0.14 | ) |
| | 0.00 | | | | 1,633,364 | | | | 0.34 | | | | 0.00 | | | | 0.43 | | | | (0.09 | ) |
| | 0.98 | | | | 5,275,495 | | | | 0.45 | | | | 0.81 | | | | 0.46 | | | | 0.80 | |
| | 3.56 | | | | 1,608,965 | | | | 0.40 | | | | 3.49 | | | | 0.43 | | | | 3.46 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 3,130,738 | | | | 0.25 | % | | | 0.00 | % | | | 0.50 | % | | | (0.25 | )% |
| | 0.00 | | | | 3,130,035 | | | | 0.26 | | | | 0.00 | | | | 0.50 | | | | (0.24 | ) |
| | 0.00 | | | | 3,374,744 | | | | 0.30 | | | | 0.00 | | | | 0.49 | | | | (0.19 | ) |
| | 0.00 | | | | 3,741,060 | | | | 0.34 | | | | 0.00 | | | | 0.48 | | | | (0.14 | ) |
| | 0.92 | | | | 7,249,566 | | | | 0.51 | | | | 0.89 | | | | 0.51 | | | | 0.89 | |
| | 3.48 | | | | 8,092,898 | | | | 0.48 | | | | 3.35 | | | | 0.48 | | | | 3.35 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.02 | % | | $ | 5,520,930 | | | | 0.20 | % | | | 0.05 | % | | | 0.24 | % | | | 0.01 | % |
| | 0.06 | | | | 4,776,543 | | | | 0.20 | | | | 0.06 | | | | 0.25 | | | | 0.01 | |
| | 0.07 | | | | 5,649,257 | | | | 0.23 | | | | 0.07 | | | | 0.24 | | | | 0.06 | |
| | 0.10 | | | | 9,608,076 | | | | 0.23 | | | | 0.10 | | | | 0.23 | | | | 0.10 | |
| | 1.18 | | | | 13,745,864 | | | | 0.25 | | | | 1.03 | | | | 0.26 | | | | 1.02 | |
| | 3.77 | | | | 8,864,378 | | | | 0.20 | | | | 3.49 | | | | 0.23 | | | | 3.46 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 350,635 | | | | 0.25 | % | | | 0.00 | % | | | 0.35 | % | | | (0.10 | )% |
| | 0.00 | | | | 252,285 | | | | 0.26 | | | | 0.00 | | | | 0.35 | | | | (0.09 | ) |
| | 0.00 | | | | 423,613 | | | | 0.31 | | | | 0.00 | | | | 0.35 | | �� | | (0.04 | ) |
| | 0.02 | | | | 925,862 | | | | 0.31 | | | | 0.03 | | | | 0.33 | | | | 0.01 | |
| | 1.08 | | | | 1,693,975 | | | | 0.35 | | | | 0.95 | | | | 0.36 | | | | 0.94 | |
| | 3.66 | | | | 1,354,758 | | | | 0.30 | | | | 3.64 | | | | 0.33 | | | | 3.61 | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 27 |
| | |
| Financial Highlights | | For a share outstanding throughout the indicated periods. |
| | | | | | | | | | | | | | | | |
| | | Net Asset Value Beginning of Period | | | Net Investment Income | | | Distributions from Net Investment
Income | | | Net Asset Value End of Period | |
Tax Free Obligations Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.004 | | | | (0.004 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.018 | | | | (0.018 | ) | | | 1.00 | |
Class D | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.005 | | | | (0.005 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.020 | | | | (0.020 | ) | | | 1.00 | |
Class Y | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.006 | | | | (0.006 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.021 | | | | (0.021 | ) | | | 1.00 | |
Class Z | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.008 | | | | (0.008 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.024 | | | | (0.024 | ) | | | 1.00 | |
Institutional Investor Class | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.007 | | | | (0.007 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.023 | | | | (0.023 | ) | | | 1.00 | |
| 1 | | For the six-month period ended February 28, 2013 (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. |
| 4 | | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
| | |
| 28 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | | | | | | | | | | | | | | | |
| Total Return4 | | | Net Assets End of Period (000) | | | Ratio of Expenses to Average Net Assets | | | Ratio of Net Investment Income to Average Net Assets | | | Ratio of Expenses to Average Net Assets (Excluding Waivers) | | | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 84,625 | | | | 0.16 | % | | | 0.00 | % | | | 0.85 | % | | | (0.69 | )% |
| | 0.00 | | | | 89,213 | | | | 0.15 | | | | 0.00 | | | | 0.86 | | | | (0.71 | ) |
| | 0.00 | | | | 71,532 | | | | 0.24 | | | | 0.00 | | | | 0.84 | | | | (0.60 | ) |
| | 0.00 | | | | 74,301 | | | | 0.26 | | | | 0.00 | | | | 0.81 | | | | (0.55 | ) |
| | 0.47 | | | | 124,530 | | | | 0.63 | | | | 0.60 | | | | 0.83 | | | | 0.40 | |
| | 1.86 | | | | 255,762 | | | | 0.75 | | | | 1.80 | | | | 0.79 | | | | 1.76 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 56,079 | | | | 0.16 | % | | | 0.00 | % | | | 0.70 | % | | | (0.54 | )% |
| | 0.00 | | | | 48,324 | | | | 0.15 | | | | 0.00 | | | | 0.71 | | | | (0.56 | ) |
| | 0.00 | | | | 33,470 | | | | 0.24 | | | | 0.00 | | | | 0.69 | | | | (0.45 | ) |
| | 0.00 | | | | 28,380 | | | | 0.26 | | | | 0.00 | | | | 0.66 | | | | (0.40 | ) |
| | 0.52 | | | | 48,884 | | | | 0.57 | | | | 0.64 | | | | 0.68 | | | | 0.53 | |
| | 2.01 | | | | 159,924 | | | | 0.60 | | | | 1.75 | | | | 0.64 | | | | 1.71 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 497,767 | | | | 0.15 | % | | | 0.00 | % | | | 0.54 | % | | | (0.39 | )% |
| | 0.00 | | | | 386,307 | | | | 0.14 | | | | 0.00 | | | | 0.55 | | | | (0.41 | ) |
| | 0.00 | | | | 501,167 | | | | 0.24 | | | | 0.00 | | | | 0.53 | | | | (0.29 | ) |
| | 0.00 | | | | 573,858 | | | | 0.26 | | | | 0.00 | | | | 0.51 | | | | (0.25 | ) |
| | 0.59 | | | | 753,405 | | | | 0.49 | | | | 0.69 | | | | 0.53 | | | | 0.65 | |
| | 2.17 | | | | 1,281,930 | | | | 0.45 | | | | 2.12 | | | | 0.49 | | | | 2.08 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 107,289 | | | | 0.15 | % | | | 0.00 | % | | | 0.29 | % | | | (0.14 | )% |
| | 0.00 | | | | 64,071 | | | | 0.14 | | | | 0.00 | | | | 0.31 | | | | (0.17 | ) |
| | 0.01 | | | | 104,254 | | | | 0.24 | | | | 0.01 | | | | 0.28 | | | | (0.03 | ) |
| | 0.03 | | | | 348,256 | | | | 0.24 | | | | 0.03 | | | | 0.26 | | | | 0.01 | |
| | 0.80 | | | | 731,472 | | | | 0.27 | | | | 0.75 | | | | 0.28 | | | | 0.74 | |
| | 2.42 | | | | 644,429 | | | | 0.20 | | | | 2.52 | | | | 0.24 | | | | 2.48 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 39,056 | | | | 0.15 | % | | | 0.00 | % | | | 0.39 | % | | | (0.24 | )% |
| | 0.00 | | | | 25,419 | | | | 0.14 | | | | 0.00 | | | | 0.40 | | | | (0.26 | ) |
| | 0.00 | | | | 19,030 | | | | 0.23 | | | | 0.00 | | | | 0.39 | | | | (0.16 | ) |
| | 0.01 | | | | 12,445 | | | | 0.25 | | | | 0.00 | | | | 0.35 | | | | (0.10 | ) |
| | 0.70 | | | | 15,211 | | | | 0.37 | | | | 0.80 | | | | 0.38 | | | | 0.79 | |
| | 2.32 | | | | 41,342 | | | | 0.30 | | | | 2.31 | | | | 0.34 | | | | 2.27 | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 29 |
| | |
| Financial Highlights | | For a share outstanding throughout the indicated periods. |
| | | | | | | | | | | | | | | | |
| | | Net Asset Value Beginning of Period | | | Net Investment Income | | | Distributions from Net Investment Income | | | Net Asset Value End of Period | |
Treasury Obligations Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.001 | | | | (0.001 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.023 | | | | (0.023 | ) | | | 1.00 | |
Class D | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.001 | | | | (0.001 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.024 | | | | (0.024 | ) | | | 1.00 | |
Class Y | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.002 | | | | (0.002 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.027 | | | | (0.027 | ) | | | 1.00 | |
Class Z | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.004 | | | | (0.004 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.028 | | | | (0.028 | ) | | | 1.00 | |
Institutional Investor Class | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.003 | | | | (0.003 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.027 | | | | (0.027 | ) | | | 1.00 | |
Reserve Class | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | — | | | $ | — | | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | 0.000 | 3 | | | (0.000 | )3 | | | 1.00 | |
20092 | | | 1.00 | | | | 0.001 | | | | (0.001 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.024 | | | | (0.024 | ) | | | 1.00 | |
| 1 | | For the six-month period ended February 28, 2013 (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. |
| 4 | | 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 2013 SEMIANNUAL REPORT |
| | | | | | | | | | | | | | | | | | | | | | |
| Total Return4 | | | Net Assets End of Period (000) | | | Ratio of Expenses to Average Net Assets | | | Ratio of Net Investment Income to Average Net Assets | | | Ratio of Expenses to Average Net Assets (Excluding Waivers) | | | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding
Waivers) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 399,929 | | | | 0.17 | % | | | 0.00 | % | | | 0.80 | % | | | (0.63 | )% |
| | 0.00 | | | | 470,684 | | | | 0.11 | | | | 0.00 | | | | 0.79 | | | | (0.68 | ) |
| | 0.00 | | | | 569,907 | | | | 0.17 | | | | 0.00 | | | | 0.79 | | | | (0.62 | ) |
| | 0.00 | | | | 868,658 | | | | 0.20 | | | | 0.00 | | | | 0.78 | | | | (0.58 | ) |
| | 0.07 | | | | 940,369 | | | | 0.53 | | | | 0.09 | | | | 0.79 | | | | (0.17 | ) |
| | 2.30 | | | | 1,391,961 | | | | 0.75 | | | | 2.34 | | | | 0.78 | | | | 2.31 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 1,960,793 | | | | 0.17 | % | | | 0.00 | % | | | 0.65 | % | | | (0.48 | )% |
| | 0.00 | | | | 2,110,985 | | | | 0.12 | | | | 0.00 | | | | 0.65 | | | | (0.53 | ) |
| | 0.00 | | | | 2,434,904 | | | | 0.17 | | | | 0.00 | | | | 0.65 | | | | (0.48 | ) |
| | 0.00 | | | | 2,708,770 | | | | 0.20 | | | | 0.00 | | | | 0.63 | | | | (0.43 | ) |
| | 0.11 | | | | 3,411,407 | | | | 0.50 | | | | 0.15 | | | | 0.64 | | | | 0.01 | |
| | 2.45 | | | | 6,868,518 | | | | 0.60 | | | | 2.45 | | | | 0.63 | | | | 2.42 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 2,972,677 | | | | 0.17 | % | | | 0.00 | % | | | 0.50 | % | | | (0.33 | )% |
| | 0.00 | | | | 3,671,911 | | | | 0.12 | | | | 0.00 | | | | 0.50 | | | | (0.38 | ) |
| | 0.00 | | | | 4,458,012 | | | | 0.16 | | | | 0.00 | | | | 0.49 | | | | (0.33 | ) |
| | 0.00 | | | | 3,297,924 | | | | 0.20 | | | | 0.00 | | | | 0.48 | | | | (0.28 | ) |
| | 0.18 | | | | 4,692,210 | | | | 0.41 | | | | 0.19 | | | | 0.49 | | | | 0.11 | |
| | 2.60 | | | | 5,482,050 | | | | 0.45 | | | | 2.62 | | | | 0.48 | | | | 2.59 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 2,221,904 | | | | 0.17 | % | | | 0.00 | % | | | 0.24 | % | | | (0.07 | )% |
| | 0.00 | | | | 4,183,433 | | | | 0.12 | | | | 0.00 | | | | 0.24 | | | | (0.12 | ) |
| | 0.00 | | | | 1,876,278 | | | | 0.16 | | | | 0.00 | | | | 0.24 | | | | (0.08 | ) |
| | 0.00 | | | | 1,398,900 | | | | 0.20 | | | | 0.00 | | | | 0.23 | | | | (0.03 | ) |
| | 0.36 | | | | 1,926,914 | | | | 0.23 | | | | 0.38 | | | | 0.24 | | | | 0.37 | |
| | 2.86 | | | | 3,713,560 | | | | 0.20 | | | | 2.74 | | | | 0.23 | | | | 2.71 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 649,802 | | | | 0.16 | % | | | 0.00 | % | | | 0.34 | % | | | (0.18 | )% |
| | 0.00 | | | | 612,335 | | | | 0.12 | | | | 0.00 | | | | 0.35 | | | | (0.23 | ) |
| | 0.00 | | | | 574,347 | | | | 0.16 | | | | 0.00 | | | | 0.34 | | | | (0.18 | ) |
| | 0.00 | | | | 480,749 | | | | 0.20 | | | | 0.00 | | | | 0.33 | | | | (0.13 | ) |
| | 0.28 | | | | 526,060 | | | | 0.31 | | | | 0.32 | | | | 0.34 | | | | 0.29 | |
| | 2.75 | | | | 766,652 | | | | 0.30 | | | | 2.68 | | | | 0.33 | | | | 2.65 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 138,637 | | | | 0.17 | % | | | 0.00 | % | | | 1.00 | % | | | (0.83 | )% |
| | 0.00 | | | | 178,247 | | | | 0.11 | | | | 0.00 | | | | 1.00 | | | | (0.89 | ) |
| | 0.00 | | | | 359,434 | | | | 0.17 | | | | 0.00 | | | | 0.99 | | | | (0.82 | ) |
| | 0.00 | | | | 416,352 | | | | 0.20 | | | | 0.00 | | | | 0.98 | | | | (0.78 | ) |
| | 0.06 | | | | 602,332 | | | | 0.56 | | | | 0.08 | | | | 0.99 | | | | (0.35 | ) |
| | 2.11 | | | | 973,250 | | | | 0.93 | | | | 2.13 | | | | 0.98 | | | | 2.08 | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 31 |
| | |
| Financial Highlights | | For a share outstanding throughout the indicated periods. |
| | | | | | | | | | | | | | | | |
| | | Net Asset Value Beginning of Period | | | Net Investment Income | | | Distributions from Net Investment Income | | | Net Asset Value End of Period | |
U.S. Treasury Money Market Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.001 | | | | (0.001 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.020 | | | | (0.020 | ) | | | 1.00 | |
Class D | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.001 | | | | (0.001 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.021 | | | | (0.021 | ) | | | 1.00 | |
Class Y | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.002 | | | | (0.002 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.023 | | | | (0.023 | ) | | | 1.00 | |
Class Z | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.003 | | | | (0.003 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.025 | | | | (0.025 | ) | | | 1.00 | |
Institutional Investor Class | | | | | | | | | | | | | | | | |
20131 | | $ | 1.00 | | | $ | 0.000 | 3 | | $ | (0.000 | )3 | | $ | 1.00 | |
20122 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20112 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20102 | | | 1.00 | | | | — | | | | — | | | | 1.00 | |
20092 | | | 1.00 | | | | 0.002 | | | | (0.002 | ) | | | 1.00 | |
20082 | | | 1.00 | | | | 0.024 | | | | (0.024 | ) | | | 1.00 | |
| 1 | | For the six-month period ended February 28, 2013 (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. |
| 4 | | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
| | |
| 32 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
| | | | | | | | | | | | | | | | | | | | | | |
| Total Return4 | | | Net Assets End of Period (000) | | | Ratio of Expenses to Average Net Assets | | | Ratio of Net Investment Income to Average Net Assets | | | Ratio of Expenses to Average Net Assets (Excluding Waivers) | | | Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 15,693 | | | | 0.09 | % | | | 0.00 | % | | | 0.85 | % | | | (0.76 | )% |
| | 0.00 | | | | 17,741 | | | | 0.05 | | | | 0.00 | | | | 0.86 | | | | (0.81 | ) |
| | 0.00 | | | | 21,468 | | | | 0.12 | | | | 0.00 | | | | 0.85 | | | | (0.73 | ) |
| | 0.00 | | | | 51,490 | | | | 0.12 | | | | 0.00 | | | | 0.82 | | | | (0.70 | ) |
| | 0.08 | | | | 62,194 | | | | 0.44 | | | | 0.11 | | | | 0.77 | | | | (0.22 | ) |
| | 2.00 | | | | 89,497 | | | | 0.75 | | | | 1.64 | | | | 0.80 | | | | 1.59 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 174,616 | | | | 0.09 | % | | | 0.00 | % | | | 0.70 | % | | | (0.61 | )% |
| | 0.00 | | | | 196,910 | | | | 0.06 | | | | 0.00 | | | | 0.71 | | | | (0.65 | ) |
| | 0.00 | | | | 91,763 | | | | 0.11 | | | | 0.00 | | | | 0.70 | | | | (0.59 | ) |
| | 0.00 | | | | 115,634 | | | | 0.13 | | | | 0.00 | | | | 0.68 | | | | (0.55 | ) |
| | 0.12 | | | | 133,882 | | | | 0.42 | | | | 0.16 | | | | 0.64 | | | | (0.06 | ) |
| | 2.15 | | | | 321,431 | | | | 0.60 | | | | 2.09 | | | | 0.65 | | | | 2.04 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 306,613 | | | | 0.09 | % | | | 0.00 | % | | | 0.55 | % | | | (0.46 | )% |
| | 0.00 | | | | 291,805 | | | | 0.05 | | | | 0.00 | | | | 0.56 | | | | (0.51 | ) |
| | 0.00 | | | | 335,769 | | | | 0.10 | | | | 0.00 | | | | 0.55 | | | | (0.45 | ) |
| | 0.00 | | | | 315,695 | | | | 0.12 | | | | 0.00 | | | | 0.52 | | | | (0.40 | ) |
| | 0.16 | | | | 426,875 | | | | 0.36 | | | | 0.18 | | | | 0.50 | | | | 0.04 | |
| | 2.30 | | | | 570,751 | | | | 0.45 | | | | 2.22 | | | | 0.50 | | | | 2.17 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 171,674 | | | | 0.09 | % | | | 0.00 | % | | | 0.31 | % | | | (0.22 | )% |
| | 0.00 | | | | 60,196 | | | | 0.05 | | | | 0.00 | | | | 0.31 | | | | (0.26 | ) |
| | 0.00 | | | | 77,775 | | | | 0.10 | | | | 0.00 | | | | 0.31 | | | | (0.21 | ) |
| | 0.00 | | | | 97,034 | | | | 0.14 | | | | 0.00 | | | | 0.27 | | | | (0.13 | ) |
| | 0.27 | | | | 237,487 | | | | 0.23 | | | | 0.30 | | | | 0.25 | | | | 0.28 | |
| | 2.56 | | | | 219,278 | | | | 0.20 | | | | 2.33 | | | | 0.25 | | | | 2.28 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.00 | % | | $ | 22,813 | | | | 0.09 | % | | | 0.00 | % | | | 0.39 | % | | | (0.30 | )% |
| | 0.00 | | | | 18,603 | | | | 0.05 | | | | 0.00 | | | | 0.40 | | | | (0.35 | ) |
| | 0.00 | | | | 16,227 | | | | 0.12 | | | | 0.00 | | | | 0.40 | | | | (0.28 | ) |
| | 0.00 | | | | 37,196 | | | | 0.12 | | | | 0.00 | | | | 0.37 | | | | (0.25 | ) |
| | 0.22 | | | | 149,648 | | | | 0.29 | | | | 0.22 | | | | 0.36 | | | | 0.15 | |
| | 2.46 | | | | 125,216 | | | | 0.30 | | | | 1.68 | | | | 0.35 | | | | 1.63 | |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 33 |
| | |
| Notes to Financial Statements | | (unaudited as to February 28, 2013), all dollars and shares are rounded to thousands (000) |
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 (“Investment Company Act”), as an open-end investment management company. FAF’s articles of incorporation permit the board of directors to create additional funds in the future.
FAF offers Class A, Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares. Class A shares are not subject to sales charges. Effective September 21, 2010, Class B and Class C shares of Prime Obligations Fund closed to new investors and additional investments. There were no Class B or Class C shares outstanding at February 28, 2013. Class D, Class I, Class Y, Class Z, Institutional Investor Class, and Reserve Class shares are offered only to qualifying institutional investors. Class I shares are offered by Prime Obligations Fund only. Reserve Class shares are offered by Treasury Obligations Fund only.
Each fund’s prospectus provides descriptions of its investment objective, principal investment strategies, and principal risks. All classes of shares of a fund have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to its servicing or distribution arrangements.
| 2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Investment securities held are stated at amortized cost (except for investments in other money market funds), which approximates fair value. Under the amortized cost method, any discount or premium is amortized ratably to the expected maturity of the security and is included in interest income. Investments in other money market funds are valued at their respective net asset values on the valuation date. In accordance with Rule 2a-7 of the Investment Company Act, the fair values of the securities held in the funds are determined at least once per week using prices supplied by the funds’ independent pricing services. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained
from one or more dealers that make markets in the securities. These values are then compared to the securities’ amortized cost. If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this comparison, which will be determined pursuant to procedures approved by the board of directors. If the difference between the aggregate market price and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds’ administrator will notify the funds’ board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of directors will be convened, and the board will determine what action, if any, to take. During the six-month period ended February 28, 2013, the differences between the aggregate market price and the aggregate amortized cost of all securities did not exceed 0.25% for any fund.
Generally accepted accounting principles (“GAAP”) require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are U.S. Treasury bills and certain money market instruments, including those instruments valued at amortized cost pursuant to Rule 2a-7. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.
| | |
| 34 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
The fair value levels are not necessarily an indication of the risk associated with investing in these securities.
As of February 28, 2013, each fund’s investments were classified as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Level 1 | | | Level 2 | | �� | Level 3 | | | Total Fair Value | |
| Government Obligations Fund | | | | | | | | | | | | | | | | |
Government Agency Debt | | $ | — | | | $ | 8,244,002 | | | $ | — | | | $ | 8,244,002 | |
Treasury Repurchase Agreements | | | — | | | | 3,950,000 | | | | — | | | | 3,950,000 | |
Government Agency Repurchase Agreements | | | — | | | | 2,466,847 | | | | — | | | | 2,466,847 | |
Treasury Debt | | | — | | | | 868,063 | | | | — | | | | 868,063 | |
Investment Purchased with Proceeds from Securities Lending | | | — | | | | 12,189 | | | | — | | | | 12,189 | |
Total Investments | | $ | — | | | $ | 15,541,101 | | | $ | — | | | $ | 15,541,101 | |
| Prime Obligations Fund | | | | | | | | | | | | | | | | |
Certificates of Deposit | | $ | — | | | $ | 2,778,685 | | | $ | — | | | $ | 2,778,685 | |
Other Notes | | | — | | | | 1,459,233 | | | | — | | | | 1,459,233 | |
Government Agency Repurchase Agreements | | | — | | | | 1,413,153 | | | | — | | | | 1,413,153 | |
Financial Company Commercial Paper | | | — | | | | 1,357,327 | | | | — | | | | 1,357,327 | |
Asset Backed Commercial Paper | | | — | | | | 1,332,763 | | | | — | | | | 1,332,763 | |
Government Agency Debt | | | — | | | | 959,881 | | | | — | | | | 959,881 | |
Treasury Debt | | | — | | | | 957,970 | | | | — | | | | 957,970 | |
Variable Rate Demand Notes | | | — | | | | 561,395 | | | | — | | | | 561,395 | |
Treasury Repurchase Agreements | | | — | | | | 382,862 | | | | — | | | | 382,862 | |
Other Repurchase Agreements | | | — | | | | 257,000 | | | | — | | | | 257,000 | |
Investment Companies | | | 180,983 | | | | — | | | | — | | | | 180,983 | |
Other Commercial Paper | | | — | | | | 114,996 | | | | — | | | | 114,996 | |
Total Investments | | $ | 180,983 | | | $ | 11,575,265 | | | $ | — | | | $ | 11,756,248 | |
| Tax Free Obligations Fund | | | | | | | | | | | | | | | | |
Municipal Debt | | $ | — | | | $ | 784,124 | | | $ | — | | | $ | 784,124 | |
Total Investments | | $ | — | | | $ | 784,124 | | | $ | — | | | $ | 784,124 | |
| Treasury Obligations Fund | | | | | | | | | | | | | | | | |
Treasury Repurchase Agreements | | $ | — | | | $ | 5,342,138 | | | $ | — | | | $ | 5,342,138 | |
Treasury Debt | | | — | | | | 2,993,426 | | | | — | | | | 2,993,426 | |
Investments Purchased with Proceeds from Securities Lending | | | — | | | | 362,759 | | | | — | | | | 362,759 | |
Total Investments | | $ | — | | | $ | 8,698,323 | | | $ | — | | | $ | 8,698,323 | |
| U.S. Treasury Money Market Fund | | | | | | | | | | | | | | | | |
Treasury Debt | | $ | — | | | $ | 691,441 | | | $ | — | | | $ | 691,441 | |
Total Investments | | $ | — | | | $ | 691,441 | | | $ | — | | | $ | 691,441 | |
Refer to the Schedule of Investments for further security classification.
During the six-month period ended February 28, 2013, there were no transfers between fair value levels.
ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s
investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At February 28, 2013, the funds did not hold any restricted securities other than the Rule 144A securities disclosed in the Schedules of Investments. As of February 28, 2013, Government Obligations Fund, Prime Obligations Fund, and Treasury Obligations Fund had investments in illiquid securities with a total value of $300,000, $150,000, and $200,000, respectively, or 1.9%, 1.3%, and 2.4% of total net assets, respectively.
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis.
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the first business day of the following month.
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 35 |
| | |
| Notes to Financial Statements | | (unaudited as to February 28, 2013), all dollars and shares are rounded to thousands (000) |
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company (“RIC”) as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.
As of February 28, 2013 the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise.
The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended February 28, 2013 (estimated) and fiscal year ended August 31, 2012 (adjusted by dividends payable as of February 28, 2013 and August 31, 2012) were as follows:
| | | | | | | | | | | | | | | | |
| | | February 28, 2013 | |
| | | | |
| Fund | | Ordinary Income | | | Tax-Exempt Income | | | Capital
Gain | | | Total | |
Government Obligations Fund | | $ | 1,325 | | | $ | — | | | $ | — | | | $ | 1,325 | |
Prime Obligations Fund | | | 1,373 | | | | — | | | | — | | | | 1,373 | |
Treasury Obligations Fund | | | 8 | | | | — | | | | — | | | | 8 | |
The funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the funds related to net capital gain to zero for the tax year ended August 31, 2012.
| | | | | | | | | | | | | | | | |
| | | August 31, 2012 | |
| | | | |
| Fund | | Ordinary Income | | | Tax-Exempt Income | | | Capital
Gain | | | Total | |
Government Obligations Fund | | $ | 1,076 | | | $ | — | | | $ | — | | | $ | 1,076 | |
Prime Obligations Fund | | | 2,947 | | | | — | | | | — | | | | 2,947 | |
Tax Free Obligations Fund | | | — | | | | 20 | | | | — | | | | 20 | |
Treasury Obligations Fund | | | 3 | | | | — | | | | — | | | | 3 | |
As of August 31, 2012, the funds’ most recent completed fiscal year end, the components of accumulated earnings (deficit) on a tax-basis were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Fund | | Undistributed Ordinary Income | | | Undistributed Tax Exempt Income | | | Undistributed Long-Term Capital Gains | | | Accumulated Capital and Post-October Losses | | | Unrealized Appreciation | | | Total
Accumulated
Earnings
(Deficit) | |
Government Obligations Fund | | $ | 222 | | | $ | — | | | $ | — | | | $ | (345 | ) | | $ | — | | | $ | (123 | ) |
Prime Obligations Fund | | | 257 | | | | — | | | | — | | | | (144 | ) | | | — | | | | 113 | |
Tax Free Obligations Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Treasury Obligations Fund | | | — | | | | — | | | | — | | | | (591 | ) | | | — | | | | (591 | ) |
U.S. Treasury Money Market Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
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, 2012 and the deferral of wash sale losses.
Under the Regulated Investment Company Modernization Act of 2010, the funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2012, 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 | | 2014 | | | 2015 | | | 2016 | | | 2017 | | | 2018 | | | 2019 | | | Indefinite Short-Term | | | Total | |
Government Obligations Fund | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (326 | ) | | $ | (19 | ) | | $ | (345 | ) |
Prime Obligations Fund | | | — | | | | (41 | ) | | | — | | | | (72 | ) | | | — | | | | — | | | | (31 | ) | | | (144 | ) |
Treasury Obligations Fund | | | — | | | | (51 | ) | | | — | | | | — | | | | (540 | ) | | | — | | | | — | | | | (591 | ) |
| | |
| 36 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
During the fiscal year ended August 31, 2012, Treasury Obligations Fund utilized $26 of capital loss carryforwards.
REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreements with counterparties whom the funds’ investment advisor deems creditworthy, subject to the seller’s agreement to repurchase such securities from the funds at a mutually agreed upon date and price. The repurchase
price generally equals the price paid by the fund plus interest, at a rate that is negotiated on the basis of current short-term rates.
Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Each such fund may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained in a segregated account by the broker’s custodian bank until the maturity of the repurchase agreement. Provisions of the repurchase agreements are designed to ensure that the value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the fund may be delayed or limited.
SECURITIES LENDING – In order to generate additional income, each of the funds other than U.S. Treasury Money Market Fund may lend portfolio securities representing up to one-third of the value of its total assets to broker-dealers, banks or other institutional borrowers of securities. Only Government Obligations Fund, Prime Obligations Fund and Treasury Obligations Fund do so as a principal investment strategy. Each fund’s policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then “marked to market” daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. Cash collateral is invested in short-term, high quality U.S. dollar-denominated securities that would be eligible for investment by a money market fund under Rule 2a-7 of the Investment Company Act. As of February 28, 2013, Government Obligations Fund and Treasury Obligations Fund had securities on loan with a total value of $11,911 and $355,610 respectively.
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 U.S. Securities and Exchange Commission (“SEC”). As the securities lending agent, U.S.
Bank receives fees of up to 20% of each fund’s net income from securities lending transactions and pays half of such fees to U.S. Bancorp Asset Management, Inc. (“USBAM”) for certain securities lending services provided by USBAM. For the six-month period ended February 28, 2013, Government Obligations Fund, Prime Obligations Fund and Treasury Obligations Fund paid $42, $43 and $48, respectively, to U.S. Bank for serving as the securities lending agent. The fund’s income from securities lending is recorded on the Statements of Operations as securities lending income net of fees paid to U.S. Bank.
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including relative net assets of all funds within the First American Family of Funds. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class.
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended February 28, 2013.
DEFERRED COMPENSATION PLAN – Prior to January 1, 2011, non-interested directors of the First American Family of Funds were able to defer receipt of part or all of their annual compensation under a Deferred Compensation Plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, as designated by each director. The Plan was terminated effective December 31, 2010. All amounts held in the Plan are 100% vested and outstanding account balances under the Plan are obligations of the funds into which amounts were deferred. Deferred amounts remain in the funds until distributed in accordance with the Plan.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.
EVENTS SUBSEQUENT TO PERIOD END – Management has evaluated fund related events and transactions that occurred subsequent to February 28, 2013 through the
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 37 |
| | |
| Notes to Financial Statements | | (unaudited as to February 28, 2013), all dollars and shares are rounded to thousands (000) |
date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement, USBAM manages each fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each fund to pay USBAM a monthly fee equal, on an annual basis, to 0.10% of the fund’s average daily net assets.
Effective October 30, 2008 for Treasury Obligations Fund and December 22, 2008 for each other fund, the advisor voluntarily agreed to waive or reimburse certain fees and expenses and the Board of Directors approved the suspension or reduction of 12b-1 fee payments, as needed, in order to maintain a zero or positive yield for each share class of each fund. Effective February 1, 2011 for Government Obligations Fund Class Z shares and June 1, 2011 for Class Z shares of Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, the advisor contractually agreed to waive fees and reimburse other fund expenses, so that total annual fund operating expenses, after waivers, do not exceed 0.20%. These contractual waivers and reimbursements will remain in effect through October 31, 2013, and may not be terminated prior to such time without the approval of the funds’ board of directors. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor. In order to maintain a minimum yield, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, USBAM waived or reimbursed investment advisory fees of $33 and $242 for Tax Free Obligations Fund and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2013.
ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. USBAM is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.20% of the aggregate average daily Class A share net assets and 0.15% of the aggregate average daily net assets for all other share classes of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.185% for Class A shares
and 0.135% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.17% for Class A shares and 0.12% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.15% for Class A shares and 0.10% for all other classes of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee.
In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. In order to maintain minimum yields for each fund, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, USBAM voluntarily waived or reimbursed administration fees of $5,803, $1,658, $498, $3,740, and $418 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2013.
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAF. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based upon the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement with FAF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.
DISTRIBUTION AND SHAREHOLDER SERVICING (12b-1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement with FAF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A shares, Class D shares, and Reserve Class shares, respectively. No distribution or shareholder servicing fees are paid by Institutional Investor Class shares, Class Y shares, Class I shares, or Class Z shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. In order to maintain minimum yields for each fund, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $2,324, $2,074, $143, $2,484 and $167 for Government Obligations Fund, Prime
| | |
| 38 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2013.
Under the distribution agreement, no amounts were retained by affiliates of USBAM for the six-month period ended February 28, 2013.
SHAREHOLDER SERVICING (NON-12b-1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class I, Class Y shares, Institutional Investor Class, and Reserve Class shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, Class Y, and Reserve Class shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class I shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Institutional Investor Class shares. In order to maintain minimum yields for each fund, or, in the case of Class Z shares, to keep total annual fund operating expenses from exceeding 0.20%, USBAM voluntarily waived or reimbursed shareholder servicing fees of $10,597, $7,139, $754, $7,539, and $641 for Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the six-month period ended February 28, 2013.
Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 28, 2013 after waivers:
| | | | |
| Fund | | Amount | |
Prime Obligations Fund | | $ | 330 | |
OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended February 28, 2013, legal fees and expenses of $10 were paid to a law firm of which a former Assistant Secretary of the funds had served as a partner through December 31, 2012.
| 4 > | Portfolio Characteristics of the Tax Free Obligations Fund |
The Tax Free Obligations Fund invests in municipal securities. At February 28, 2013, the percentage of portfolio investments by each category was as follows:
| | | | |
| | | Tax Free
Obligations Fund | |
Weekly Variable Rate Demand Notes | | | 64.5 | % |
Commercial Paper & Put Bonds | | | 14.8 | |
Daily Variable Rate Demand Notes | | | 11.0 | |
Other Municipal Notes & Bonds | | | 9.7 | |
| | | | 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 28, 2013, the percentage of total portfolio investments by each revenue source, was as follows:
| | | | |
| |
| | | Tax Free
Obligations Fund | |
Revenue Bonds | | | 86.1 | % |
General Obligations | | | 13.9 | |
| | | | 100.0 | % |
5 > Indemnifications
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 39 |
| | |
| Notice to Shareholders | | February 28, 2013 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at www.FirstAmericanFunds.com and on the SEC’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.3863.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on Form N-Q. The funds’ Forms N-Q are available without charge upon request (1) by calling 800.677.3863 and (2) on the SEC’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.
WEEKLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a weekly basis.
| | |
| 40 | | FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT |
First American Funds’ Privacy Policy
We want you to understand what information we collect and how it’s used.
“Nonpublic personal information” is nonpublic information that we obtain while providing financial products or services to you.
How we collect your information
We obtain nonpublic information about you during the account opening process from the applications and other forms you are asked to complete and from the transactions you make with us. We may also receive nonpublic information about you from companies affiliated with us or from other companies that provide services to you. We do not use nonpublic information received from our affiliates for marketing purposes.
Why we collect your information
We gather nonpublic personal information about you and your accounts so that we can:
| • | | Know who you are and prevent unauthorized access to your information. |
| • | | Comply with the laws and regulations that govern us. |
The types of information we collect
We may collect the following nonpublic personal information about you:
| • | | Information about your identity, such as your name, address, and social security number. |
| • | | Information about your transactions with us. |
| • | | Information you provide on applications, such as your beneficiaries and banking information, if provided to us. |
Confidentiality and security
To protect nonpublic personal information about you, we restrict access to such information to only those employees and authorized agents who need to use the information. We maintain physical, electronic, and procedural safeguards to maintain the confidentiality and security of nonpublic information about you. In addition, we require our service providers to restrict access to nonpublic personal information about you to those employees who need that information in order to provide products or services to you. We also require them to maintain physical, electronic, and procedural safeguards that comply with applicable federal standards and regulations to guard your information.
What information we disclose
We may share some or all of the nonpublic personal information that we collect about you with our affiliated providers of financial services, including our family of funds and their advisor, and with companies that perform marketing services on our behalf.
We’re permitted by law to disclose nonpublic personal information about you to other third parties in certain circumstances. For example, we may disclose nonpublic personal information about you to affiliated and nonaffiliated third parties to assist us in servicing your account (e.g., mailing of fund-related materials) and to government entities (e.g., IRS for tax purposes).
We’ll continue to adhere to the privacy policies and practices described here even after your account is closed or becomes inactive.
Additional rights and protections
You may have other privacy protections under applicable state laws. To the extent that these state laws apply, we will comply with them when we share information about you. This privacy policy does not apply to your relationship with other financial service providers, such as broker-dealers. We may amend this privacy notice at any time, and we will inform you of changes as required by law.
Our pledge applies to products and services offered by
| • | | First American Funds, Inc. |
| • | | American Strategic Income Portfolio Inc. |
| • | | American Strategic Income Portfolio Inc. II |
| • | | American Strategic Income Portfolio Inc. III |
| • | | American Select Portfolio Inc. |
| • | | American Municipal Income Portfolio Inc. |
| • | | Minnesota Municipal Income Portfolio Inc. |
| • | | First American Minnesota Municipal Income Fund II, Inc. |
| • | | American Income Fund Inc. |
|
| NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
| | |
| FIRST AMERICAN FUNDS 2013 SEMIANNUAL REPORT | | 41 |
| | |
| Board of Directors | | First American Funds, Inc. |
Leonard Kedrowski
Chairperson of First American Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
Roger Gibson
Director of First American Funds, Inc.
Director of Charterhouse Group, Inc.
John Kayser
Director of First American Funds, Inc.
Retired; former Principal of William Blair & Company, LLC
Richard Riederer
Director of First American Funds, Inc.
Owner and Chief Executive Officer of RKR Consultants, Inc.
James Wade
Director of First American Funds, Inc.
Owner and President of Jim Wade Homes
First American Funds’ Board of Directors is comprised entirely of independent directors.
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.
INVESTMENT ADVISOR
U.S. Bancorp Asset Management, Inc.
800 Nicollet Mall
Minneapolis, Minnesota 55402
ADMINISTRATOR
U.S. Bancorp Asset Management, Inc.
800 Nicollet Mall
Minneapolis, Minnesota 55402
TRANSFER AGENT
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
CUSTODIAN
U.S. Bank National Association
60 Livingston Avenue
St. Paul, Minnesota 55101
DISTRIBUTOR
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
220 South Sixth Street
Suite 1400
Minneapolis, Minnesota 55402
COUNSEL
K&L Gates LLP
70 West Madison Street
Suite 3100
Chicago, IL 60602
In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.3863 or visit FirstAmericanFunds.com.
0056-13 04/2012 SAR MONEY
Item 2—Code of Ethics
Not applicable to the semi-annual report.
Item 3—Audit Committee Financial Expert
Not applicable to the semi-annual report.
Item 4—Principal Accountant Fees and Services
Not applicable to the semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable to the semi-annual report.
Item 6—Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.
Item 11—Controls and Procedures
| (a) | The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely. |
| (b) | There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12—Exhibits
| | |
| (a)(1) | | Not applicable. |
| |
| (a)(2) | | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto. |
| |
| (a)(3) | | Not applicable. |
| |
| (b) | | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| First American Funds, Inc. | | |
| | |
| By: | | /s/ Joseph M. Ulrey III | | |
| | Joseph M. Ulrey III | | |
| | President | | |
Date: April 29, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By: | | /s/ Joseph M. Ulrey III | | |
| | Joseph M. Ulrey III | | |
| | President | | |
Date: April 29, 2013
| | | | |
| By: | | /s/ Jill M. Stevenson | | |
| | Jill M. Stevenson | | |
| | Treasurer | | |
Date: April 29, 2013
