Table of Contents
OMB APPROVAL |
OMB Number: 3235-0570 |
Expires: September 30, 2007 |
Estimated average burden |
hours per response: 19.4 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05309
First American Investment Funds, Inc.
(Exact name of registrant as specified in charter)
800 Nicollet Mall, Minneapolis, MN (Address of principal executive offices) | 55402 (Zip code) |
Charles D. Gariboldi, Jr., 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-677-3863
Date of fiscal period end: June 30, 2009
Date of reporting period: December 31, 2009
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.
Table of Contents
Item 1. Report to Shareholders
Table of Contents
Table of Contents
1 | ||||||||
2 | ||||||||
5 | ||||||||
10 | ||||||||
60 | ||||||||
62 | ||||||||
64 | ||||||||
68 | ||||||||
78 | ||||||||
90 | ||||||||
EX-99.CERT | ||||||||
EX-99.906CERT |
Mutual fund investing involves risk; principal loss is possible.
Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Table of Contents
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, net investment income ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size. The portfolio turnover rate represents the percentage of the fund’s holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase and sale of securities.
The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.
We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds 2009 Semiannual Report 1
Table of Contents
Holdings Summaries
Arizona Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 78 | .2% | ||
General Obligations3 | 14 | .0 | ||
Certificates of Participation3 | 4 | .8 | ||
Short-Term Investment | 1 | .6 | ||
Other Assets and Liabilities, Net4 | 1 | .4 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 10 | .2% | ||
AA | 17 | .3 | ||
A | 40 | .6 | ||
BBB | 22 | .4 | ||
Non-Rated | 9 | .5 | ||
100 | .0% | |||
California Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 66 | .0% | ||
General Obligations3 | 28 | .0 | ||
Certificates of Participation3 | 4 | .5 | ||
Short-Term Investment | 0 | .5 | ||
Other Assets and Liabilities, Net4 | 1 | .0 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 3 | .6% | ||
AA | 23 | .1 | ||
A | 38 | .2 | ||
BBB | 31 | .1 | ||
BB | 0 | .8 | ||
Non-Rated | 3 | .2 | ||
100 | .0% | |||
Colorado Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 70 | .8% | ||
General Obligations3 | 19 | .4 | ||
Certificates of Participation3 | 8 | .9 | ||
Short-Term Investment | 2 | .1 | ||
Other Assets and Liabilities, Net4 | (1 | .2) | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 1 | .4% | ||
AA | 42 | .2 | ||
A | 23 | .3 | ||
BBB | 22 | .4 | ||
Non-Rated | 10 | .7 | ||
100 | .0% | |||
Intermediate Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 65 | .1% | ||
General Obligations3 | 29 | .3 | ||
Certificates of Participation3 | 2 | .0 | ||
Short-Term Investments | 2 | .7 | ||
Other Assets and Liabilities, Net4 | 0 | .9 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 7 | .3% | ||
AA | 30 | .7 | ||
A | 32 | .5 | ||
BBB | 18 | .6 | ||
BB | 0 | .3 | ||
Non-Rated | 10 | .6 | ||
100 | .0% | |||
1 | Sector allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used. |
3 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2009, 10.4%, 1.9%, 6.1%, and 12.6% of net assets in Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, and Intermediate Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues. |
4 | Investments 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. |
2 First American Funds 2009 Semiannual Report
Table of Contents
Minnesota Intermediate Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 68 | .9% | ||
General Obligations3 | 25 | .4 | ||
Certificates of Participation3 | 2 | .4 | ||
Short-Term Investments | 2 | .2 | ||
Other Assets and Liabilities, Net4 | 1 | .1 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 4 | .9% | ||
AA | 34 | .5 | ||
A | 32 | .9 | ||
BBB | 16 | .0 | ||
BB | 2 | .4 | ||
Non-Rated | 9 | .3 | ||
100 | .0% | |||
Minnesota Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 80 | .8% | ||
General Obligations3 | 13 | .1 | ||
Certificate of Participation3 | 1 | .3 | ||
Short-Term Investments | 3 | .7 | ||
Other Assets and Liabilities, Net4 | 1 | .1 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 16 | .5% | ||
AA | 19 | .0 | ||
A | 38 | .6 | ||
BBB | 5 | .9 | ||
BB | 1 | .0 | ||
Non-Rated | 19 | .0 | ||
100 | .0% | |||
Missouri Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 83 | .6% | ||
General Obligations3 | 7 | .3 | ||
Certificates of Participation3 | 6 | .9 | ||
Short-Term Investment | 1 | .2 | ||
Other Assets and Liabilities, Net4 | 1 | .0 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 15 | .8% | ||
AA | 28 | .8 | ||
A | 22 | .8 | ||
BBB | 22 | .7 | ||
BB or lower | 1 | .0 | ||
Non-Rated | 8 | .9 | ||
100 | .0% | |||
Nebraska Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 72 | .2% | ||
General Obligations3 | 23 | .1 | ||
Short-Term Investment | 3 | .7 | ||
Other Assets and Liabilities, Net4 | 1 | .0 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 2 | .8% | ||
AA | 48 | .2 | ||
A | 30 | .1 | ||
BBB | 5 | .3 | ||
BB or Lower | 1 | .8 | ||
Non-Rated | 11 | .8 | ||
100 | .0% | |||
1 | Sector allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used. |
3 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2009, 7.8%, 3.3%, 5.1%, and 3.1% of net assets in Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, and Nebraska Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues. |
4 | Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
First American Funds 2009 Semiannual Report 3
Table of Contents
Holdings Summaries
Ohio Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 58 | .7% | ||
General Obligations3 | 30 | .5 | ||
Certificates of Participation3 | 1 | .7 | ||
Short-Term Investment | 8 | .1 | ||
Other Assets and Liabilities, Net4 | 1 | .0 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 10 | .1% | ||
AA | 45 | .4 | ||
A | 28 | .4 | ||
BBB | 11 | .3 | ||
Non-Rated | 4 | .8 | ||
100 | .0% | |||
Oregon Intermediate Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
General Obligations3 | 46 | .9% | ||
Revenue Bonds3 | 44 | .8 | ||
Certificates of Participation3 | 4 | .7 | ||
Short-Term Investments | 5 | .0 | ||
Other Assets and Liabilities, Net4 | (1 | .4) | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 2 | .0% | ||
AA | 60 | .4 | ||
A | 20 | .3 | ||
BBB | 11 | .9 | ||
Non-Rated | 5 | .4 | ||
100 | .0% | |||
Short Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 48 | .9% | ||
General Obligations3 | 12 | .0 | ||
Certificates of Participation3 | 1 | .8 | ||
Short-Term Investments | 41 | .9 | ||
Other Assets and Liabilities, Net4 | (4 | .6) | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 18 | .4% | ||
AA | 36 | .4 | ||
A | 27 | .7 | ||
BBB | 5 | .8 | ||
BB | 1 | .1 | ||
Non-Rated | 10 | .6 | ||
100 | .0% | |||
Tax Free Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Revenue Bonds3 | 85 | .5% | ||
General Obligations3 | 11 | .3 | ||
Certificates of Participation3 | 0 | .6 | ||
Short-Term Investment | 1 | .5 | ||
Other Assets and Liabilities, Net4 | 1 | .1 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20092 (% of market value)
AAA | 2 | .5% | ||
AA | 24 | .4 | ||
A | 28 | .1 | ||
BBB | 28 | .7 | ||
BB | 2 | .3 | ||
Non-Rated | 14 | .0 | ||
100 | .0% | |||
1 | Sector allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used. |
3 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2009, 8.9%, 8.8%, 1.4%, and 4.8% of net assets in Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues. |
4 | Investments 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. |
4 First American Funds 2009 Semiannual Report
Table of Contents
Expense Examples
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from July 1, 2009 to December 31, 2009.
Actual Expenses
For each class of each fund, two lines are presented in the table below — the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Arizona Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,076.90 | $ | 3.93 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,075.90 | $ | 6.02 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,079.20 | $ | 2.62 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2009 of 7.69%, 7.59%, and 7.92% for Class A, Class C, and Class Y, respectively. |
First American Funds 2009 Semiannual Report 5
Table of Contents
Expense Examples
California Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,067.90 | $ | 3.39 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.93 | $ | 3.31 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,065.20 | $ | 5.99 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,068.70 | $ | 2.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.65%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2009 of 6.79%, 6.52%, and 6.87% for Class A, Class C, and Class Y, respectively. |
Colorado Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,070.80 | $ | 3.91 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,069.90 | $ | 6.00 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,073.00 | $ | 2.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2009 of 7.08%, 6.99%, and 7.30% for Class A, Class C, and Class Y, respectively. |
Intermediate Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period5 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual6 | $ | 1,000.00 | $ | 1,053.10 | $ | 3.88 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual6,7 | $ | 1,000.00 | $ | 1,013.80 | $ | 2.38 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,006.40 | $ | 2.37 | ||||||
Class Y Actual6 | $ | 1,000.00 | $ | 1,053.50 | $ | 3.62 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
5 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.70% for Class A and Class Y, 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). For Class C, the expenses are equal to the class’s annualized expense ratio for the period October 28, 2009 through December 31, 2009 of 1.35%. |
6 | Based on the actual returns for the six-month period ended December 31, 2009 of 5.31% and 5.35% for Class A and Class Y, respectively. For Class C, the actual is based on the return of 1.38% for the period October 28, 2009 through December 31, 2009. |
7 | Class C inception was October 28, 2009. |
6 First American Funds 2009 Semiannual Report
Table of Contents
Minnesota Intermediate Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,052.70 | $ | 3.88 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual2,3 | $ | 1,000.00 | $ | 1,013.50 | $ | 2.38 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,006.40 | $ | 2.37 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,052.20 | $ | 3.62 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.70% for Class A and Class Y, 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). For Class C, the expenses are equal to the class’s annualized expense ratio for the period October 28, 2009 through December 31, 2009 of 1.35%. |
2 | Based on the actual returns for the six-month period ended December 31, 2009 of 5.27% and 5.22% for Class A and Class Y, respectively. For Class C, the actual is based on the return of 1.35% for the period October 28, 2009 through December 31, 2009. |
3 | Class C inception was October 28, 2009. |
Minnesota Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period4 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual5 | $ | 1,000.00 | $ | 1,094.00 | $ | 4.49 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class C Actual5 | $ | 1,000.00 | $ | 1,090.60 | $ | 7.11 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual5 | $ | 1,000.00 | $ | 1,093.90 | $ | 3.69 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
4 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.35%, and 0.70% for Class A, Class C, and Class Y, 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). |
5 | Based on the actual returns for the six-month period ended December 31, 2009 of 9.40%, 9.06%, and 9.39% for Class A, Class C, and Class Y, respectively. |
Missouri Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period6 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual7 | $ | 1,000.00 | $ | 1,072.70 | $ | 4.44 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class C Actual7 | $ | 1,000.00 | $ | 1,070.20 | $ | 7.04 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual7 | $ | 1,000.00 | $ | 1,073.40 | $ | 3.66 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
6 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.35%, and 0.70% for Class A, Class C, and Class Y, 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). |
7 | Based on the actual returns for the six-month period ended December 31, 2009 of 7.27%, 7.02%, and 7.34% for Class A, Class C, and Class Y, respectively. |
First American Funds 2009 Semiannual Report 7
Table of Contents
Expense Examples
Nebraska Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,064.00 | $ | 3.90 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,061.40 | $ | 5.98 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,065.40 | $ | 2.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2009 of 6.40%, 6.14%, and 6.54% for Class A, Class C, and Class Y, respectively. |
Ohio Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,060.30 | $ | 3.89 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,058.10 | $ | 5.97 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,061.60 | $ | 2.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, 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 December 31, 2009 of 6.03%, 5.81%, and 6.16% for Class A, Class C, and Class Y, respectively. |
Oregon Intermediate Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period5 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual6 | $ | 1,000.00 | $ | 1,044.40 | $ | 4.38 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual6 | $ | 1,000.00 | $ | 1,045.20 | $ | 3.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
5 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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). |
6 | Based on the actual returns for the six-month period ended December 31, 2009 of 4.44% and 4.52% for Class A and Class Y, respectively. |
8 First American Funds 2009 Semiannual Report
Table of Contents
Short Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,029.40 | $ | 3.79 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.48 | $ | 3.77 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,030.10 | $ | 3.02 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.23 | $ | 3.01 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74% and 0.59% for Class A and Class Y, 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 December 31, 2009 of 2.94% and 3.01% for Class A and Class Y, respectively. |
Tax Free Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,101.90 | $ | 3.97 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,098.00 | $ | 7.14 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,102.00 | $ | 3.71 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.35%, and 0.70% for Class A, Class C, and Class Y, 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 December 31, 2009 of 10.19%, 9.80%, and 10.20% for Class A, Class C, and Class Y, respectively. |
First American Funds 2009 Semiannual Report 9
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Arizona Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 97.0% | ||||||||
Revenue Bonds – 78.2% | ||||||||
Continuing Care Retirement Communities – 8.7% | ||||||||
Arizona Health Facilities Authority, The Terraces Project | ||||||||
Series A, Pre-refunded 11/15/2013 @ 101 | ||||||||
7.500%, 11/15/2023 ◊ | $ | 200 | $ | 239 | ||||
Illinois Finance Authority, Franciscan Communities, Series A | ||||||||
5.500%, 05/15/2037 | 400 | 270 | ||||||
Illinois Finance Authority, Three Crowns Park Plaza, Series A | ||||||||
5.875%, 02/15/2026 | 100 | 91 | ||||||
Maricopa County Industrial Development Authority, Senior Living Health Care, Immanuel Care, Series A (GNMA) | ||||||||
4.850%, 08/20/2026 | 750 | 757 | ||||||
5.000%, 08/20/2035 | 500 | 489 | ||||||
Tempe Industrial Development Authority, Friendship Village Project, Series A | ||||||||
5.375%, 12/01/2013 | 157 | 149 | ||||||
1,995 | ||||||||
Education – 6.4% | ||||||||
Anderson, Indiana, Economic Development, Anderson University Project | ||||||||
5.000%, 10/01/2032 | 425 | 360 | ||||||
Glendale Industrial Development Authority, Midwestern University | ||||||||
5.250%, 05/15/2014 | 140 | 152 | ||||||
5.000%, 05/15/2031 | 500 | 469 | ||||||
Series A, Pre-refunded 05/15/2011 @ 101 | ||||||||
5.750%, 05/15/2021 ◊ | 250 | 270 | ||||||
Pima County Industrial Development Authority, American Charter Schools Foundation | ||||||||
Series A | ||||||||
5.500%, 07/01/2026 | 275 | 225 | ||||||
1,476 | ||||||||
Healthcare – 24.8% | ||||||||
Arizona Health Facilities Authority, Banner Health | ||||||||
Series A | ||||||||
5.000%, 01/01/2021 | 280 | 287 | ||||||
Series D | ||||||||
5.375%, 01/01/2032 | 150 | 151 | ||||||
Arizona Health Facilities Authority, Blood Systems Incorporated | ||||||||
4.750%, 04/01/2025 | 300 | 297 | ||||||
Arizona Health Facilities Authority, John C. Lincoln Health Network Pre-refunded 12/01/2012 @ 101 | ||||||||
5.750%, 12/01/2032 ◊ | 150 | 170 | ||||||
Glendale Industrial Development Authority | ||||||||
4.625%, 12/01/2027 | 200 | 179 | ||||||
Glendale Industrial Development Authority, John C. Lincoln Health Network | ||||||||
5.000%, 12/01/2032 | 100 | 89 | ||||||
Halifax Florida Hospital, Medical Center, Series A | ||||||||
5.000%, 06/01/2038 | 375 | 339 | ||||||
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project | ||||||||
Series A | ||||||||
5.250%, 02/15/2030 | 400 | 375 | ||||||
Johnson City, Tennessee Health & Educational Facilities Board | ||||||||
Series A, Pre-refunded 07/01/2012 @ 103 | ||||||||
7.500%, 07/01/2025 ◊ | 100 | 113 | ||||||
Maricopa County Hospital, Sun Health Corporation Pre-refunded 04/01/2024 @ 100 | ||||||||
5.000%, 04/01/2025 ◊ | 200 | 232 | ||||||
Maricopa County Industrial Development Authority, Catholic Healthcare West | ||||||||
Series A | ||||||||
5.375%, 07/01/2023 | 500 | 511 | ||||||
5.250%, 07/01/2032 | 100 | 98 | ||||||
Scottsdale Industrial Development Authority, Scottsdale Healthcare Pre-refunded 12/01/2011 @ 101 | ||||||||
5.700%, 12/01/2021 ◊ | 1,000 | 1,103 | ||||||
Series A | ||||||||
5.250%, 09/01/2030 | 350 | 323 | ||||||
University Medical Center Corporation | ||||||||
5.000%, 07/01/2016 | 250 | 259 | ||||||
5.000%, 07/01/2024 | 450 | 439 | ||||||
Yavapai County Industrial Development Authority, Yavapai Regional Medical Center | ||||||||
Series A (RAAI) | ||||||||
5.250%, 08/01/2021 | 375 | 367 | ||||||
6.000%, 08/01/2033 | 100 | 100 | ||||||
Yuma Industrial Development Authority, Yuma Regional Medical Center Escrowed to Maturity (NATL) | ||||||||
5.500%, 08/01/2017 § | 250 | 270 | ||||||
5,702 | ||||||||
Housing – 4.3% | ||||||||
Douglas Community Housing Corporation, Rancho La Perilla, Series A (GNMA) | ||||||||
5.900%, 07/20/2020 | 500 | 511 | ||||||
6.000%, 07/20/2025 | 475 | 486 | ||||||
997 | ||||||||
Lease Revenue – 5.6% | ||||||||
Arizona Game & Fish Department, Administration Building Project | ||||||||
4.500%, 07/01/2032 | 200 | 182 | ||||||
Arizona State University Nanotechnology Project | ||||||||
Series A (AGC) | ||||||||
5.000%, 03/01/2034 | 200 | 206 | ||||||
Mohave County Industrial Development Authority, Correctional Facilities Contract, Mohave Prison Expansion Project | ||||||||
8.000%, 05/01/2025 | 250 | 283 | ||||||
Peoria Municipal Development Authority | ||||||||
5.000%, 07/01/2015 | 310 | 357 | ||||||
Pinal County Industrial Development Authority Correctional Facilities Contract, Florence West Prison Project, Series A (ACA) | ||||||||
5.000%, 10/01/2016 | 250 | 249 | ||||||
1,277 | ||||||||
Miscellaneous – 3.4% | ||||||||
Greater Arizona Development Authority Infrastructure, Series B | ||||||||
5.250%, 08/01/2026 | 750 | 776 | ||||||
Tax Revenue – 14.4% | ||||||||
Gilbert Public Facilities Municipal Property Corporation | ||||||||
5.500%, 07/01/2027 | 500 | 540 | ||||||
Greater Arizona Development Authority, Infrastructure, Pinal County Road Project | ||||||||
Series 1 (NATL) | ||||||||
4.500%, 08/01/2025 | 750 | 742 |
The accompanying notes are an integral part of the financial statements.
10 First American Funds 2009 Semiannual Report
Table of Contents
Arizona Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Marana Municipal Property Corporation | ||||||||
Series A | ||||||||
5.000%, 07/01/2028 | $ | 250 | $ | 263 | ||||
Marana Tangerine Farms Road Improvement District | ||||||||
4.600%, 01/01/2026 | 241 | 213 | ||||||
Peoria Improvement District #0601 | ||||||||
4.250%, 01/01/2022 | 465 | 464 | ||||||
Queen Creek Improvement District #001 | ||||||||
5.000%, 01/01/2020 | 300 | 286 | ||||||
Scottsdale Municipal Property Corporation, Excise Tax, Series C Convertible CABs (AMBAC) | ||||||||
0.000% through 06/30/2013, thereafter 4.550%, 07/01/2021 ◗ | 500 | 449 | ||||||
Yuma Improvement District #68 | ||||||||
4.700%, 01/01/2021 | 365 | 345 | ||||||
3,302 | ||||||||
Utilities – 10.6% | ||||||||
Cottonwood Water (SGI) | ||||||||
5.000%, 07/01/2017 | 250 | 255 | ||||||
Gilbert Water Resources Municipal Property Corporation, Wastewater System Development & Utility | ||||||||
5.000%, 04/01/2017 | 125 | 125 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (AGC) | ||||||||
5.000%, 07/01/2028 | 1,000 | 1,022 | ||||||
Salt Verde Financial Corporation, Gas | ||||||||
5.000%, 12/01/2037 | 550 | 468 | ||||||
Tucson Water, Series 1994-A (NATL) | ||||||||
6.250%, 07/01/2016 | 170 | 199 | ||||||
Yavapai County Industrial Development Authority, Waste Management Incorporated Project, Series A-1 (AMT) | ||||||||
4.900%, 03/01/2028 | 400 | 368 | ||||||
2,437 | ||||||||
Total Revenue Bonds | 17,962 | |||||||
General Obligations – 14.0% | ||||||||
Centerra Community Facilities Distributors | ||||||||
5.500%, 07/15/2029 | 183 | 143 | ||||||
Chandler | ||||||||
4.375%, 07/01/2028 | 500 | 510 | ||||||
Greenlee County School District #18, Morenci School Improvement | ||||||||
5.000%, 07/01/2012 | 165 | 174 | ||||||
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC) (NATL) | ||||||||
5.000%, 07/01/2027 | 1,000 | 1,045 | ||||||
Pinal County Unified School District #1, Florence School Improvement Project of 2006, Series A (FGIC) (NATL) | ||||||||
5.000%, 07/01/2027 | 1,000 | 1,045 | ||||||
Tucson | ||||||||
5.500%, 07/01/2018 | 250 | 291 | ||||||
Total General Obligations | 3,208 | |||||||
Certificates of Participation – 4.8% | ||||||||
Arizona School Facilities Board | ||||||||
5.250%, 09/01/2023 | 500 | 535 | ||||||
Northern Arizona University, Research Projects (AMBAC) | ||||||||
5.000%, 09/01/2023 | 140 | 142 | ||||||
Pinal County | ||||||||
5.000%, 12/01/2014 | 400 | 432 | ||||||
Total Certificates of Participation | 1,109 | |||||||
Total Municipal Bonds | ||||||||
(Cost $22,217) | 22,279 | |||||||
Short-Term Investment – 1.6% | ||||||||
Federated Arizona Municipal Cash Trust | ||||||||
0.010% Ω | ||||||||
(Cost $360) | 359,783 | 360 | ||||||
Total Investments 5 – 98.6% | ||||||||
(Cost $22,577) | 22,639 | |||||||
Other Assets and Liabilities, Net – 1.4% | 332 | |||||||
Total Net Assets – 100.0% | $ | 22,971 | ||||||
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
◗ | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $22,577. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 769 | ||
Gross unrealized depreciation | (707 | ) | ||
Unrealized appreciation | $ | 62 | ||
ACA – | ACA Financial Guaranty Corporation |
AGC – | Assured Guaranty Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to AMT was $368 which represents 1.6% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
GNMA – | Government National Mortgage Association |
NATL – | National Public Finance Guarantee Corporation |
RAAI – | Radian Asset Assurance Inc. |
SGI – | Syncora Guarantee Inc. |
First American Funds 2009 Semiannual Report 11
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
California Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 98.5% | ||||||||
Revenue Bonds – 66.0% | ||||||||
Continuing Care Retirement Communities – 0.9% | ||||||||
Association of Bay Area Governments Financial Authority, Lincoln Glen Manor Senior Citizens (CMI) | ||||||||
6.100%, 02/15/2025 | $ | 250 | $ | 250 | ||||
Illinois Finance Authority, Franciscan Communities, Series A | ||||||||
5.500%, 05/15/2027 | 300 | 229 | ||||||
La Verne, Brethren Hillcrest Homes | ||||||||
Series B (ACA) | ||||||||
5.600%, 02/15/2033 | 500 | 380 | ||||||
859 | ||||||||
Economic Development – 1.1% | ||||||||
Port of Oakland, Series B (NATL) | ||||||||
5.000%, 11/01/2018 | 1,000 | 1,079 | ||||||
Education – 13.3% | ||||||||
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart | ||||||||
Series A, Escrowed to Maturity | ||||||||
5.900%, 06/01/2010 § | 200 | 204 | ||||||
California Educational Facilities Authority | ||||||||
Series B, Escrowed to Maturity | ||||||||
6.000%, 06/01/2010 § | 85 | 87 | ||||||
Series B, Pre-refunded 06/01/2010 @ 101 | ||||||||
6.625%, 06/01/2020 ◊ | 180 | 187 | ||||||
6.625%, 06/01/2020 ◊ | 35 | 36 | ||||||
California Educational Facilities Authority, Claremont Graduate University, Series A | ||||||||
4.750%, 03/01/2020 | 655 | 667 | ||||||
5.000%, 03/01/2020 | 240 | 247 | ||||||
5.000%, 03/01/2023 | 865 | 878 | ||||||
5.125%, 03/01/2028 | 500 | 500 | ||||||
California Educational Facilities Authority, Fresno Pacific University, Series A | ||||||||
6.750%, 03/01/2019 | 380 | 379 | ||||||
California Educational Facilities Authority, Golden Gate University | ||||||||
5.000%, 10/01/2020 | 430 | 390 | ||||||
California Educational Facilities Authority, Lutheran University, Series C | ||||||||
4.750%, 10/01/2015 | 675 | 692 | ||||||
California Educational Facilities Authority, Pitzer College | ||||||||
5.375%, 04/01/2034 | 1,000 | 973 | ||||||
California Educational Facilities Authority, University of Redlands, Series A | ||||||||
5.000%, 10/01/2020 | 1,000 | 1,018 | ||||||
5.000%, 08/01/2028 | 1,000 | 984 | ||||||
California Educational Facilities Authority, University of the Pacific | ||||||||
5.000%, 11/01/2015 | 300 | 327 | ||||||
5.000%, 11/01/2030 | 1,000 | 983 | ||||||
California Educational Facilities Authority, Woodbury University | ||||||||
4.400%, 01/01/2015 | 450 | 425 | ||||||
4.500%, 01/01/2016 | 470 | 439 | ||||||
California Municipal Finance Authority, American Heritage Education Foundation Project | ||||||||
Series A | ||||||||
5.250%, 06/01/2026 | 400 | 346 | ||||||
California Municipal Finance Authority, Biola University | ||||||||
5.000%, 10/01/2018 | 1,000 | 1,004 | ||||||
5.625%, 10/01/2023 | 500 | 513 | ||||||
California Municipal Finance Authority, Loma Linda University | ||||||||
4.250%, 04/01/2018 | 300 | 303 | ||||||
4.375%, 04/01/2019 | 300 | 301 | ||||||
California State University, Series C (NATL) | ||||||||
5.000%, 11/01/2025 | 1,000 | 1,027 | ||||||
California Statewide Communities Development Authority, Viewpoint School (ACA) | ||||||||
4.125%, 10/01/2014 | 405 | 402 | ||||||
13,312 | ||||||||
Healthcare – 16.9% | ||||||||
Association of Bay Area Governments Financial Authority, Children’s Hospital & Research | ||||||||
Series A | ||||||||
4.500%, 12/01/2019 | 425 | 416 | ||||||
4.750%, 12/01/2022 | 350 | 340 | ||||||
California Health Facilities Financing Authority, Adventist Health System West, Series C | ||||||||
5.250%, 03/01/2021 | 500 | 510 | ||||||
California Health Facilities Financing Authority, Casa Colina | ||||||||
5.500%, 04/01/2013 | 350 | 362 | ||||||
California Health Facilities Financing Authority, Catholic Healthcare West, Series G | ||||||||
5.500%, 07/01/2025 | 1,000 | 1,027 | ||||||
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI) | ||||||||
4.750%, 11/01/2019 | 1,760 | 1,711 | ||||||
California Health Facilities Financing Authority, Scripps Health, Series A | ||||||||
5.000%, 10/01/2022 | 200 | 207 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A | ||||||||
5.000%, 08/15/2038 | 250 | 230 | ||||||
California Statewide Communities Development Authority, Adventist Health, Series A | ||||||||
5.000%, 03/01/2030 | 300 | 284 | ||||||
California Statewide Communities Development Authority, Catholic Healthcare West, Series C | ||||||||
5.625%, 07/01/2035 | 1,000 | 1,012 | ||||||
California Statewide Communities Development Authority, Daughters of Charity Health | ||||||||
Series A | ||||||||
5.250%, 07/01/2030 | 100 | 91 | ||||||
Series G | ||||||||
5.250%, 07/01/2013 | 400 | 416 | ||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity | ||||||||
7.250%, 11/15/2011 § | 280 | 301 | ||||||
California Statewide Communities Development Authority, Enloe Medical Center, Series A (CMI) | ||||||||
5.250%, 08/15/2019 | 125 | 128 | ||||||
5.500%, 08/15/2023 | 500 | 508 |
The accompanying notes are an integral part of the financial statements.
12 First American Funds 2009 Semiannual Report
Table of Contents
California Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital | ||||||||
Series A (CMI) | ||||||||
5.000%, 10/01/2020 | $ | 500 | $ | 489 | ||||
5.000%, 10/01/2027 | 400 | 368 | ||||||
Series B (AMBAC) (CMI) | ||||||||
5.200%, 10/01/2037 | 500 | 446 | ||||||
California Statewide Communities Development Authority, Jewish Home (CMI) | ||||||||
4.500%, 11/15/2019 | 560 | 542 | ||||||
5.000%, 11/15/2037 | 500 | 432 | ||||||
California Statewide Communities Development Authority, Redlands Community Hospital | ||||||||
Series A (RAAI) | ||||||||
5.000%, 04/01/2015 | 500 | 515 | ||||||
California Statewide Communities Development Authority, St. Joseph | ||||||||
Series B (FGIC) | ||||||||
5.500%, 07/01/2027 | 1,100 | 1,154 | ||||||
Series C (FGIC) | ||||||||
5.500%, 07/01/2027 | 500 | 525 | ||||||
Loma Linda University Medical Center, Series A | ||||||||
5.000%, 12/01/2015 | 1,000 | 1,000 | ||||||
8.250%, 12/01/2038 | 1,000 | 1,095 | ||||||
Sierra View Health Care District | ||||||||
5.250%, 07/01/2024 | 1,000 | 977 | ||||||
5.300%, 07/01/2026 | 1,000 | 970 | ||||||
Turlock Health Facilities, Emanuel Medical Center | ||||||||
5.000%, 10/15/2024 | 1,000 | 886 | ||||||
16,942 | ||||||||
Housing – 2.3% | ||||||||
Aztec Shops, California Auxiliary Organization, San Diego State University | ||||||||
5.400%, 09/01/2011 | 1,035 | 1,059 | ||||||
California Rural Home Mortgage Finance Authority, Single Family Mortgage | ||||||||
Series B (AMT) (FNMA) (GNMA) | ||||||||
5.650%, 06/01/2010 | 5 | 5 | ||||||
Series D (AMT) (FNMA) (GNMA) | ||||||||
5.250%, 06/01/2010 | 5 | 5 | ||||||
California Statewide Communities Development Authority, UCI East Campus | ||||||||
5.500%, 05/15/2026 | 410 | 402 | ||||||
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT) | ||||||||
5.150%, 12/01/2031 | 1,000 | 796 | ||||||
2,267 | ||||||||
Lease Revenue – 11.1% | ||||||||
Apple Valley Public Financing Authority, Town Hall Annex Project, Series A (AMBAC) | ||||||||
4.500%, 09/01/2017 | 535 | 565 | ||||||
5.000%, 09/01/2027 | 500 | 511 | ||||||
California Public Works Board, California Community Colleges | ||||||||
Series A | ||||||||
4.875%, 12/01/2018 | 200 | 199 | ||||||
Series B | ||||||||
5.500%, 06/01/2019 | 1,035 | 1,054 | ||||||
California Public Works Board, Department of Corrections & Rehabilitation, Series F (FGIC) (NATL) | ||||||||
5.000%, 11/01/2016 | 1,500 | 1,557 | ||||||
California Public Works Board, Department of Mental Health Coalinga, Series A | ||||||||
5.500%, 06/01/2016 | 540 | 565 | ||||||
California Public Works Board, Regents University of California, Series E | ||||||||
5.000%, 04/01/2034 | 1,250 | 1,248 | ||||||
California Public Works Board, Trustees of the California State University, Series J | ||||||||
5.500%, 11/01/2026 | 695 | 684 | ||||||
California Public Works Board, Various Capital Projects, Series G-1 | ||||||||
5.750%, 10/01/2030 | 1,500 | 1,487 | ||||||
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Series A, Convertible CABs (AGM) | ||||||||
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 ◗ | 1,900 | 1,717 | ||||||
Los Angeles Community Redevelopment Agency, Manchester Social Services Project (AMBAC) | ||||||||
5.000%, 09/01/2016 | 1,200 | 1,252 | ||||||
Yuba Levee Financing Authority Project | ||||||||
Series A (AGC) | ||||||||
5.000%, 09/01/2038 | 250 | 244 | ||||||
11,083 | ||||||||
Miscellaneous – 3.3% | ||||||||
California Infrastructure & Economic Development, Salvation Army Western (AMBAC) | ||||||||
4.000%, 09/01/2018 | 350 | 357 | ||||||
Golden West Schools Financing Authority | ||||||||
Series A (NATL) | ||||||||
5.700%, 02/01/2013 | 670 | 748 | ||||||
5.750%, 02/01/2014 | 770 | 878 | ||||||
5.800%, 08/01/2022 | 320 | 367 | ||||||
5.800%, 08/01/2023 | 345 | 397 | ||||||
Series A, Zero Coupon Bond (NATL) | ||||||||
2.391%, 02/01/2012 ¤ | 535 | 509 | ||||||
3,256 | ||||||||
Recreational Facility Authority – 1.2% | ||||||||
California Infrastructure & Economic Development, Performing Arts Center | ||||||||
4.000%, 12/01/2015 | 100 | 103 | ||||||
California State University Fresno Association, Auxiliary Organization Event Center Pre-refunded 07/01/2012 @ 101 | ||||||||
6.000%, 07/01/2022 ◊ | 1,000 | 1,132 | ||||||
1,235 | ||||||||
Tax Revenue – 8.7% | ||||||||
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC) | ||||||||
4.000%, 08/01/2018 | 1,000 | 945 | ||||||
Corona Redevelopment Agency, Tax Allocation, Temescal Canyon Project Area, Series A (AGC) | ||||||||
4.125%, 11/01/2017 | 205 | 208 | ||||||
Grass Valley Redevelopment Agency, Tax Allocation | ||||||||
6.400%, 12/01/2034 | 400 | 403 |
First American Funds 2009 Semiannual Report 13
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
California Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Los Angeles County Community Facilities District #3, Special Tax, Improvement Area B | ||||||||
Series A (AMBAC) | ||||||||
5.250%, 09/01/2018 | $ | 715 | $ | 717 | ||||
Murrieta Community Facilities, Special Tax, District #2, The Oaks Improvement Area | ||||||||
Series A | ||||||||
5.750%, 09/01/2020 | 350 | 327 | ||||||
Norco, Special Tax, Community Facilities District #97-1 (AGC) | ||||||||
4.500%, 10/01/2016 | 260 | 273 | ||||||
4.875%, 10/01/2030 | 500 | 496 | ||||||
Palm Desert Financing Authority, Tax Allocation, Project Area #4, Series A (NATL) | ||||||||
5.000%, 10/01/2029 | 1,000 | 935 | ||||||
Poway Unified School District, Special Tax, Community Facilities District #6 4S Ranch | ||||||||
5.000%, 09/01/2023 | 650 | 615 | ||||||
Rancho Cucamonga Redevelopment Agency, Tax Allocation, Series A (NATL) | ||||||||
4.125%, 09/01/2018 | 310 | 296 | ||||||
5.000%, 09/01/2034 | 500 | 444 | ||||||
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project | ||||||||
Series A (RAAI) | ||||||||
5.000%, 09/01/2016 | 850 | 882 | ||||||
San Francisco City & County Redevelopment Financing Authority, Tax Allocation, Mission Bay North Redevelopment Project, Series B (RAAI) | ||||||||
4.000%, 08/01/2012 | 295 | 300 | ||||||
4.100%, 08/01/2014 | 325 | 325 | ||||||
4.250%, 08/01/2016 | 250 | 241 | ||||||
4.375%, 08/01/2018 | 380 | 355 | ||||||
Sand City Redevelopment Agency, Tax Allocation | ||||||||
Series A (AGC) | ||||||||
4.000%, 11/01/2019 | 315 | 285 | ||||||
Soledad Redevelopment Agency, Tax Allocation | ||||||||
Series A (SGI) | ||||||||
4.500%, 12/01/2016 | 205 | 208 | ||||||
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1 | ||||||||
4.400%, 10/01/2015 | 120 | 112 | ||||||
4.500%, 10/01/2016 | 125 | 113 | ||||||
4.600%, 10/01/2018 | 280 | 240 | ||||||
8,720 | ||||||||
Transportation – 0.9% | ||||||||
Alameda Corridor Transportation Authority Zero Coupon Bond (AMBAC) | ||||||||
4.710%, 10/01/2014 ¤ | 1,000 | 802 | ||||||
Puerto Rico Commonwealth, Highway & Transportation Authority, Series X (IBC) (NATL) | ||||||||
5.500%, 07/01/2015 | 100 | 106 | ||||||
908 | ||||||||
Utilities – 6.3% | ||||||||
Banning Utility Authority, Water Enterprise, Refunding & Improvement Projects (FGIC) (NATL) | ||||||||
5.000%, 11/01/2020 | 1,025 | 1,066 | ||||||
5.000%, 11/01/2023 | 1,040 | 1,068 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management Incorporated Project | ||||||||
Series A-2 (AMT) | ||||||||
5.400%, 04/01/2025 | 500 | 493 | ||||||
Series B (AMT) | ||||||||
5.000%, 07/01/2027 | 500 | 476 | ||||||
Compton Sewer (IBC) (NATL) | ||||||||
5.375%, 09/01/2023 | 1,150 | 1,165 | ||||||
Imperial, Wastewater Treatment Facility (FGIC) (NATL) | ||||||||
5.000%, 10/15/2020 | 1,000 | 1,002 | ||||||
Norco Financing Authority, Enterprise Refunding (AGM) | ||||||||
5.625%, 10/01/2034 | 1,000 | 1,036 | ||||||
6,306 | ||||||||
Total Revenue Bonds | 65,967 | |||||||
General Obligations – 28.0% | ||||||||
Baldwin Park Unified School District, Election of 2002, Zero Coupon Bond (AMBAC) | ||||||||
5.737%, 08/01/2020 ¤ | 1,000 | 550 | ||||||
California | ||||||||
5.000%, 02/01/2024 | 500 | 502 | ||||||
5.125%, 04/01/2024 | 500 | 504 | ||||||
5.625%, 04/01/2026 | 600 | 619 | ||||||
5.500%, 11/01/2039 | 1,000 | 960 | ||||||
Central Unified School District, Election of 2008 | ||||||||
Series A (AGC) | ||||||||
5.625%, 08/01/2033 | 500 | 533 | ||||||
College of the Sequoias, Visalia Area Improvement District #2, Election of 2008 | ||||||||
Series A (AGC) | ||||||||
5.250%, 08/01/2029 | 1,000 | 1,055 | ||||||
Corona-Norco Unified School District, Election of 2006 | ||||||||
Series C, Convertible CABs (AGM) | ||||||||
0.000% through 08/01/2017, | ||||||||
thereafter 6.800%, 08/01/2039 ◗ | 500 | 320 | ||||||
Series B (AGC) | ||||||||
5.375%, 02/01/2034 | 500 | 515 | ||||||
Desert Sands Unified School District, Election of 2001 | ||||||||
5.250%, 08/01/2023 | 350 | 375 | ||||||
Grant Joint Union High School District, Election of 2006, Zero Coupon Bond (AGM) | ||||||||
6.410%, 08/01/2026 ¤ | 300 | 105 | ||||||
Grossmont Union High School District, Election of 2008, Series A | ||||||||
5.500%, 08/01/2031 | 950 | 1,013 | ||||||
Hemet Unified School District, Election of 2006 | ||||||||
Series B (AGC) | ||||||||
5.000%, 08/01/2030 | 600 | 615 | ||||||
Jefferson Union High School District, San Mateo County, Series A (NATL) | ||||||||
6.250%, 02/01/2014 | 300 | 333 | ||||||
6.250%, 08/01/2020 | 460 | 517 | ||||||
Long Beach Unified School District, Election of 2008, Series A | ||||||||
5.500%, 08/01/2029 | 500 | 538 | ||||||
Los Angeles Unified School District, Series D | ||||||||
5.000%, 01/01/2034 | 100 | 100 | ||||||
Los Angeles Unified School District, Election of 2002, Series B (AMBAC) | ||||||||
4.500%, 07/01/2025 | 540 | 524 |
The accompanying notes are an integral part of the financial statements.
14 First American Funds 2009 Semiannual Report
Table of Contents
California Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Lucia Mar Unified School District (FGIC) (NATL) | ||||||||
5.250%, 08/01/2022 | $ | 100 | $ | 107 | ||||
Oakland, Series A (NATL) | ||||||||
5.000%, 01/15/2026 | 435 | 442 | ||||||
Pittsburg Unified School District, Election of 2006, Series B (AGM) | ||||||||
5.500%, 08/01/2034 | 1,155 | 1,210 | ||||||
Pomona Unified School District, Series A (NATL) | ||||||||
6.150%, 08/01/2015 | 500 | 556 | ||||||
5.950%, 02/01/2017 | 855 | 940 | ||||||
Poway Unified School District, Election of 2008, District 2007-1-A, Zero Coupon Bond | ||||||||
6.330%, 08/01/2029 ¤ | 5,000 | 1,475 | ||||||
Puerto Rico Commonwealth, Series B (AGM) | ||||||||
6.500%, 07/01/2015 | 1,000 | 1,145 | ||||||
Puerto Rico Commonwealth, Government Development, Series B | ||||||||
5.000%, 12/01/2014 | 50 | 52 | ||||||
Roseville Joint Union High School District, Election of 2004, Series B (FGIC) (NATL) | ||||||||
5.000%, 08/01/2018 | 200 | 215 | ||||||
San Bernardino Community College District, Election of 2002, Series A | ||||||||
6.500%, 08/01/2027 | 1,265 | 1,484 | ||||||
San Diego Unified School District, Election of 2008, Series A, Convertible CABs | ||||||||
0.000% through 07/01/2019, | ||||||||
thereafter 6.000%, 07/01/2033 ◗ | 2,000 | 1,262 | ||||||
San Mateo Union High School District, Election of 2000, Series B, Zero Coupon Bond (FGIC) (NATL) | ||||||||
4.110%, 09/01/2017 ¤ | 1,000 | 732 | ||||||
Santa Ana Union School District, Election of 2008, Series A | ||||||||
5.250%, 08/01/2028 | 1,000 | 1,021 | ||||||
Santa Barbara Community College District, Election of 2008, Series A | ||||||||
5.250%, 08/01/2027 | 1,000 | 1,068 | ||||||
Tulare Local Health Care District, Election 2005 | ||||||||
Series B | ||||||||
6.375%, 08/01/2025 | 500 | 554 | ||||||
6.500%, 08/01/2026 | 1,005 | 1,115 | ||||||
Victor Valley Community College District, Election of 2008, Series A (AGC) | ||||||||
5.000%, 08/01/2031 | 1,530 | 1,532 | ||||||
Victor Valley Joint Union High School District, Election of 2008, Series A, Convertible CABs (AGC) | ||||||||
0.000% through 08/01/2019, thereafter 5.750%, 08/01/2031 ◗ | 2,000 | 1,149 | ||||||
West Contra Costa Unified School District, Election of 2005, Series B | ||||||||
6.000%, 08/01/2024 | 1,100 | 1,236 | ||||||
West Covina Unified School District, Series A (NATL) | ||||||||
5.350%, 02/01/2020 | 770 | 809 | ||||||
Whittier Unified High School District Zero Coupon Bond | ||||||||
6.730%, 08/01/2034 ¤ | 1,000 | 196 | ||||||
Total General Obligations | 27,978 | |||||||
Certificates of Participation – 4.5% | ||||||||
Escondido, Series A (FGIC) (NATL) | ||||||||
5.625%, 09/01/2020 | 140 | 145 | ||||||
Los Angeles, Sonnenblick del Rio, West Los Angeles (AMBAC) | ||||||||
5.375%, 11/01/2010 | 115 | 117 | ||||||
6.000%, 11/01/2019 | 330 | 339 | ||||||
Oakdale Irrigation District, Water Facilities Project | ||||||||
5.500%, 08/01/2034 | 805 | 835 | ||||||
Pasadena, Series C | ||||||||
4.500%, 02/01/2026 | 50 | 50 | ||||||
Poway (AMBAC) | ||||||||
4.500%, 08/01/2016 | 585 | 616 | ||||||
Ramona Unified School District Convertible CABs (FGIC) (NATL) | ||||||||
0.000% through 05/01/2012, thereafter 5.000%, 05/01/2032 ◗ | 500 | 447 | ||||||
Rowland Water District, Recycled Water Project | ||||||||
5.750%, 12/01/2024 | 565 | 618 | ||||||
5.750%, 12/01/2025 | 480 | 522 | ||||||
6.250%, 12/01/2039 | 500 | 538 | ||||||
Travis Unified School District (FGIC) (NATL) | ||||||||
4.500%, 09/01/2016 | 300 | 301 | ||||||
Total Certificates of Participation | 4,528 | |||||||
Total Municipal Bonds | ||||||||
(Cost $97,766) | 98,473 | |||||||
Short-Term Investment – 0.5% | ||||||||
Blackrock Liquidity Funds | ||||||||
0.190% Ω | ||||||||
(Cost $538) | 537,816 | 538 | ||||||
Total Investments 5 – 99.0% | ||||||||
(Cost $98,304) | 99,011 | |||||||
Other Assets and Liabilities, Net – 1.0% | 1,011 | |||||||
Total Net Assets – 100.0% | $ | 100,022 | ||||||
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
◗ | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $98,304. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 2,582 | ||
Gross unrealized depreciation | (1,875 | ) | ||
Net unrealized appreciation | $ | 707 | ||
ACA – | ACA Financial Guaranty Corporation |
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009 the aggregate fair value of securities subject to the AMT was $1,775, which represents 1.8% of total net assets. |
First American Funds 2009 Semiannual Report 15
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
California Tax Free Fund (concluded)
CMI – | California Mortgage Insurance Program |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
GNMA – | Government National Mortgage Association |
IBC – | International Bank of Commerce |
NATL – | National Public Finance Guarantee Corporation |
RAAI – | Radian Asset Assurance Inc. |
SGI – | Syncora Guarantee Inc. |
Colorado Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 99.1% | ||||||||
Revenue Bonds – 70.8% | ||||||||
Continuing Care Retirement Communities – 2.5% | ||||||||
Colorado Health Facilities Authority, Christian Living Communities Project, Series A | ||||||||
5.250%, 01/01/2014 | $ | 250 | $ | 255 | ||||
5.750%, 01/01/2026 | 100 | 87 | ||||||
Colorado Health Facilities Authority, Covenant Retirement Communities | ||||||||
5.000%, 12/01/2016 | 500 | 502 | ||||||
5.250%, 12/01/2025 | 200 | 185 | ||||||
Series B | ||||||||
6.125%, 12/01/2033 | 350 | 335 | ||||||
Illinois Finance Authority, Franciscan Communities, Series A | ||||||||
5.500%, 05/15/2037 | 225 | 152 | ||||||
Illinois Finance Authority, Three Crowns Park Plaza, Series A | ||||||||
5.875%, 02/15/2026 | 100 | 91 | ||||||
1,607 | ||||||||
Education – 17.9% | ||||||||
Adams State College Auxiliary Facilities Improvement, Series A (STAID) | ||||||||
5.500%, 05/15/2034 | 1,340 | 1,424 | ||||||
5.500%, 05/15/2039 | 1,110 | 1,169 | ||||||
Colorado Educational & Cultural Facilities Authority, Academy Charter School Project | ||||||||
Series A (SMO) | ||||||||
4.625%, 12/15/2028 | 330 | 302 | ||||||
Colorado Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI) | ||||||||
4.750%, 12/01/2014 | 220 | 220 | ||||||
4.750%, 12/01/2015 | 230 | 226 | ||||||
4.850%, 12/01/2025 | 250 | 214 | ||||||
Pre-refunded 12/01/2010 @ 100 (RAAI) | ||||||||
6.000%, 12/01/2016 ◊ | 200 | 209 | ||||||
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project | ||||||||
Series A, Escrowed to Maturity | ||||||||
6.250%, 09/15/2011 § | 120 | 127 | ||||||
Colorado Educational & Cultural Facilities Authority, Charter School | ||||||||
5.625%, 05/01/2040 | 1,000 | 983 | ||||||
Colorado Educational & Cultural Facilities Authority, Charter School, James Irwin Foundation (CIFG) (STAID) | ||||||||
5.000%, 08/01/2027 | 250 | 246 | ||||||
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School | ||||||||
Series A (SMO) | ||||||||
5.000%, 06/15/2018 | 240 | 240 | ||||||
5.000%, 06/15/2019 | 255 | 252 | ||||||
5.000%, 06/15/2020 | 265 | 260 | ||||||
5.250%, 06/15/2029 | 500 | 473 | ||||||
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Escrowed to Maturity | ||||||||
6.375%, 12/01/2011 § | 445 | 476 | ||||||
Colorado Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union) | ||||||||
4.500%, 04/01/2018 | 225 | 230 | ||||||
4.500%, 04/01/2019 | 240 | 243 | ||||||
5.000%, 04/01/2037 | 750 | 726 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds 2009 Semiannual Report
Table of Contents
Colorado Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Colorado Educational & Cultural Facilities Authority, Northwest Nazarene | ||||||||
4.500%, 11/01/2015 | $ | 690 | $ | 688 | ||||
Colorado School Mines Enterprise, Series A | ||||||||
(STAID) | ||||||||
5.000%, 12/01/2029 | 475 | 498 | ||||||
University of Colorado Enterprise System | ||||||||
Series A | ||||||||
5.750%, 06/01/2028 | 335 | 380 | ||||||
5.375%, 06/01/2032 | 500 | 534 | ||||||
University of Colorado Enterprise System, University of Colorado Regents (NATL) | ||||||||
5.000%, 06/01/2032 | 500 | 517 | ||||||
Western State College (STAID) | ||||||||
5.000%, 05/15/2034 | 1,000 | 1,020 | ||||||
11,657 | ||||||||
Healthcare – 20.7% | ||||||||
Aspen Valley Hospital District | ||||||||
4.375%, 10/15/2014 | 560 | 547 | ||||||
Boulder County Longmont United Hospital Project (RAAI) | ||||||||
5.300%, 12/01/2010 | 330 | 335 | ||||||
Colorado Health Facilities Authority, Series B | ||||||||
(AGM) | ||||||||
5.250%, 03/01/2036 | 550 | 549 | ||||||
Colorado Health Facilities Authority, Catholic Health Initiatives | ||||||||
Series A | ||||||||
5.000%, 07/01/2039 | 750 | 735 | ||||||
Series D | ||||||||
5.125%, 10/01/2017 | 500 | 541 | ||||||
6.250%, 10/01/2033 | 500 | 545 | ||||||
Colorado Health Facilities Authority, Evangelical Lutheran | ||||||||
5.000%, 06/01/2016 | 350 | 358 | ||||||
6.900%, 12/01/2025 | 195 | 201 | ||||||
Pre-refunded 12/01/2010 @ 102 | ||||||||
6.900%, 12/01/2025 ◊ | 305 | 329 | ||||||
Series A | ||||||||
5.250%, 06/01/2034 | 230 | 208 | ||||||
Colorado Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A | ||||||||
5.000%, 07/01/2015 | 500 | 486 | ||||||
Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI) | ||||||||
5.250%, 12/01/2013 | 860 | 884 | ||||||
4.625%, 12/01/2024 | 325 | 278 | ||||||
Colorado Health Facilities Authority, National Jewish Medical & Research Center | ||||||||
5.375%, 01/01/2016 | 1,000 | 1,000 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center Project, Series B | ||||||||
5.000%, 09/01/2018 | 500 | 513 | ||||||
Colorado Health Facilities Authority, Portercare Adventist Health Pre-refunded 11/15/2011 @ 101 | ||||||||
6.500%, 11/15/2023 ◊ | 600 | 667 | ||||||
Colorado Health Facilities Authority, Poudre Valley Health Care, Series F | ||||||||
5.000%, 03/01/2025 | 350 | 346 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project | ||||||||
5.500%, 05/15/2028 | 400 | 390 | ||||||
Series A (RAAI) | ||||||||
5.000%, 05/15/2012 | 165 | 169 | ||||||
5.000%, 05/15/2013 | 500 | 513 | ||||||
Colorado Health Facilities Authority, Yampa Valley Medical Center Project | ||||||||
5.000%, 09/15/2013 | 410 | 425 | ||||||
Colorado Health Facilities, NCMC Income Project | ||||||||
Series A (AGM) | ||||||||
5.250%, 05/15/2026 | 1,000 | 1,050 | ||||||
Colorado Health Facilities, Parkview Medical Center Project, Series B | ||||||||
5.000%, 09/01/2029 | 355 | 339 | ||||||
Colorado Springs Hospital | ||||||||
6.250%, 12/15/2033 | 750 | 790 | ||||||
Delta County Memorial Hospital District Enterprise | ||||||||
5.350%, 09/01/2017 | 720 | 724 | ||||||
Denver Health & Hospital Authority, Healthcare | ||||||||
Series A | ||||||||
4.750%, 12/01/2027 | 250 | 218 | ||||||
Halifax Florida Hospital, Medical Center, Series A | ||||||||
5.000%, 06/01/2038 | 325 | 294 | ||||||
13,434 | ||||||||
Housing – 4.9% | ||||||||
Colorado Educational & Cultural Facilities Authority, Student Housing, Campus Village Apartment | ||||||||
5.000%, 06/01/2022 | 810 | 824 | ||||||
5.500%, 06/01/2038 | 120 | 118 | ||||||
Colorado Housing & Finance Authority | ||||||||
Series E-2 (AMT) | ||||||||
7.000%, 02/01/2030 | 30 | 31 | ||||||
Colorado Housing & Finance Authority, Multifamily Project, Series B-4, Class I | ||||||||
5.900%, 04/01/2031 | 95 | 96 | ||||||
Colorado Housing & Finance Authority, Single Family Program, Series B-2 (AMT) | ||||||||
7.100%, 04/01/2017 | 15 | 15 | ||||||
Denver City & County Housing Authority, Capital Funding Program, Three Towers Rehabilitation Project (AGM) (AMT) | ||||||||
4.000%, 05/01/2012 | 270 | 279 | ||||||
4.000%, 11/01/2012 | 270 | 281 | ||||||
4.550%, 11/01/2017 | 1,000 | 1,016 | ||||||
5.200%, 11/01/2027 | 500 | 503 | ||||||
3,163 | ||||||||
Lease Revenue – 0.8% | ||||||||
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY) | ||||||||
5.500%, 07/01/2035 | 500 | 502 | ||||||
Miscellaneous – 2.4% | ||||||||
Colorado Educational & Cultural Facilities Authority | ||||||||
5.250%, 06/01/2021 | 750 | 758 | ||||||
Colorado Educational & Cultural Facilities Authority, Colorado Public Radio | ||||||||
4.900%, 07/01/2010 | 65 | 65 | ||||||
High Plains Metropolitan District | ||||||||
Series B (LOC: Compass Bank) | ||||||||
4.375%, 12/01/2015 | 745 | 746 | ||||||
1,569 | ||||||||
First American Funds 2009 Semiannual Report 17
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Colorado Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Tax Revenue – 2.0% | ||||||||
Lone Tree Sales & Use Tax, Recreational Projects, Series A | ||||||||
5.000%, 12/01/2020 | $ | 340 | $ | 375 | ||||
Park Meadows Business Improvement District, Shared Sales Tax | ||||||||
5.000%, 12/01/2017 | 250 | 228 | ||||||
5.300%, 12/01/2027 | 475 | 378 | ||||||
Superior Open Space Sales & Use Tax | ||||||||
5.000%, 06/01/2026 | 330 | 310 | ||||||
1,291 | ||||||||
Transportation – 9.4% | ||||||||
Denver City & County Airport System, Series A | ||||||||
5.000%, 11/15/2031 | 1,000 | 1,015 | ||||||
E-470 Public Highway Authority | ||||||||
Series B, Zero Coupon Bond (NATL) | ||||||||
5.550%, 09/01/2017 ¤ | 1,575 | 1,035 | ||||||
5.930%, 09/01/2019 ¤ | 960 | 546 | ||||||
6.257%, 09/01/2022 ¤ | 1,000 | 458 | ||||||
Series C, Convertible CABs (NATL) | ||||||||
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 ◗ | 500 | 499 | ||||||
Series D1 (NATL) | ||||||||
5.500%, 09/01/2024 | 300 | 294 | ||||||
Eagle County Air Terminal, Airport Terminal Improvement Project, Series B (AMT) | ||||||||
5.250%, 05/01/2020 | 205 | 171 | ||||||
Northwest Parkway Public Highway Authority Escrowed to Maturity, Convertible CABs (AGM) | ||||||||
0.000% through 06/15/2011, thereafter 5.350%, 06/15/2016 § ◗ | 1,000 | 1,055 | ||||||
Pre-refunded 06/15/2016 @ 100 (AMBAC) | ||||||||
0.000% through 06/15/2011, thereafter 5.700%, 06/15/2021 ◊ ◗ | 1,000 | 1,071 | ||||||
6,144 | ||||||||
Utilities – 10.2% | ||||||||
Arkansas River Power Authority | ||||||||
6.000%, 10/01/2040 | 225 | 224 | ||||||
Aurora Water System, First Lien, Series A | ||||||||
4.750%, 08/01/2026 | 1,000 | 1,031 | ||||||
Broomfield Water Activity Enterprise (NATL) | ||||||||
5.500%, 12/01/2017 | 500 | 522 | ||||||
5.500%, 12/01/2019 | 400 | 418 | ||||||
Colorado Housing & Finance Authority, Solid Waste Disposal, Waste Management Incorporated Project (AMT) | ||||||||
5.700%, 07/01/2018 | 250 | 254 | ||||||
Colorado Springs Utilities, Series C | ||||||||
5.500%, 11/15/2048 | 1,200 | 1,255 | ||||||
Denver City & County Wastewater (FGIC) (NATL) | ||||||||
5.250%, 11/01/2017 | 1,060 | 1,167 | ||||||
Eagle River Water & Sanitation District (AGC) | ||||||||
5.000%, 12/01/2034 | 800 | 819 | ||||||
Public Authority for Colorado Energy Natural Gas | ||||||||
6.250%, 11/15/2028 | 425 | 454 | ||||||
Puerto Rico Electric Power Authority | ||||||||
Series WW | ||||||||
5.250%, 07/01/2025 | 500 | 505 | ||||||
6,649 | ||||||||
Total Revenue Bonds | 46,016 | |||||||
General Obligations – 19.4% | ||||||||
Adams & Arapahoe Counties School District, #28J, Aurora (STAID) | ||||||||
5.500%, 12/01/2021 | 300 | 342 | ||||||
5.500%, 12/01/2025 | 165 | 185 | ||||||
Antelope Water Systems, General Improvement District | ||||||||
4.875%, 12/01/2025 | 175 | 165 | ||||||
Arapahoe County Water & Wastewater Public Improvement District, Series B | ||||||||
4.625%, 12/01/2034 | 750 | 721 | ||||||
Boulder, Larimer & Weld Counties, St. Vrain Valley School District #RE1J (STAID) | ||||||||
5.000%, 12/15/2033 | 2,000 | 2,076 | ||||||
Denver City & County School District #1 | ||||||||
Series A (STAID) | ||||||||
5.000%, 12/01/2028 | 1,000 | 1,085 | ||||||
Denver West Metropolitan School District | ||||||||
4.125%, 12/01/2014 | 150 | 151 | ||||||
4.200%, 12/01/2015 | 480 | 473 | ||||||
Gunnison Watershed School District, #RE1J | ||||||||
Series 2009 (STAID) | ||||||||
5.250%, 12/01/2026 | 1,000 | 1,093 | ||||||
5.250%, 12/01/2033 | 1,800 | 1,901 | ||||||
North Range Metropolitan District #1 (ACA) | ||||||||
4.250%, 12/15/2018 | 395 | 321 | ||||||
Pueblo County School District #60 (STAID) | ||||||||
5.000%, 12/15/2022 | 500 | 564 | ||||||
Puerto Rico Commonwealth | ||||||||
Series A | ||||||||
5.500%, 07/01/2018 | 500 | 517 | ||||||
Series C-7 (NATL) | ||||||||
6.000%, 07/01/2027 | 250 | 258 | ||||||
Puerto Rico Commonwealth, Public Improvement, Series A | ||||||||
5.250%, 07/01/2026 | 375 | 362 | ||||||
Rio Blanco County School District, #RE1, Meeker (STAID) | ||||||||
5.250%, 12/01/2022 | 500 | 555 | ||||||
5.250%, 12/01/2024 | 150 | 165 | ||||||
SBC Metropolitan School District (ACA) | ||||||||
4.250%, 12/01/2015 | 445 | 462 | ||||||
Westglenn Metropolitan School District | ||||||||
6.000%, 12/01/2014 | 1,220 | 1,222 | ||||||
Total General Obligations | 12,618 | |||||||
Certificates of Participation – 8.9% | ||||||||
Broomfield Open Space Park & Recreation Facilities (AMBAC) | ||||||||
5.500%, 12/01/2020 | 800 | 826 | ||||||
Colorado Higher Education Capital Construction Lease | ||||||||
5.500%, 11/01/2019 | 425 | 472 | ||||||
5.500%, 11/01/2027 | 1,720 | 1,834 | ||||||
Colorado Springs, Public Facilities Authority, Old City Hall Project (AGM) | ||||||||
5.500%, 12/01/2020 | 200 | 207 | ||||||
Eagle River Fire Protection District | ||||||||
6.125%, 12/01/2019 | 225 | 236 | ||||||
6.625%, 12/01/2024 | 220 | 237 | ||||||
6.785%, 12/01/2030 | 400 | 431 | ||||||
Garfield County Public Library, Regional Lease Financing Program | ||||||||
5.375%, 12/01/2027 | 835 | 881 |
The accompanying notes are an integral part of the financial statements.
18 First American Funds 2009 Semiannual Report
Table of Contents
Colorado Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Pueblo County, Capital Construction | ||||||||
4.400%, 12/01/2016 | $ | 410 | $ | 423 | ||||
5.000%, 12/01/2024 | 200 | 202 | ||||||
Total Certificates of Participation | 5,749 | |||||||
Total Municipal Bonds | ||||||||
(Cost $62,839) | 64,383 | |||||||
Short-Term Investment – 2.1% | ||||||||
First American Tax Free Obligations Fund, Class Z | ||||||||
0.013% Å Ω | ||||||||
(Cost $1,371) | 1,371,492 | 1,371 | ||||||
Total Investments 5 – 101.2% | ||||||||
(Cost $64,210) | 65,754 | |||||||
Other Assets and Liabilities, Net – (1.2)% | (783 | ) | ||||||
Total Net Assets – 100.0% | $ | 64,971 | ||||||
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
◗ | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. |
Colorado Tax Free Fund (concluded)
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $64,210. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 2,373 | ||
Gross unrealized depreciation | (829 | ) | ||
Net unrealized appreciation | $ | 1,544 | ||
ACA – | ACA Financial Guaranty Corporation |
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to AMT was $2,550 which represents 3.9% of total net assets. |
CIFG – | CDC IXIS Financial Guaranty |
COMGTY – | Commonwealth Guaranty |
FGIC – | Financial Guaranty Insurance Corporation |
LOC – | Letter of Credit |
NATL – | National Public Finance Guarantee Corporation |
RAAI – | Radian Asset Assurance Inc. |
SMO – | State Moral Obligation |
STAID – | State Aid Withholding |
First American Funds 2009 Semiannual Report 19
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 96.4% | ||||||||
Alabama – 1.4% | ||||||||
Revenue Bonds – 1.1% | ||||||||
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project Escrowed to Maturity | ||||||||
8.000%, 07/01/2011 § | $ | 615 | $ | 657 | ||||
Health Care Authority for Baptist Health | ||||||||
Series D | ||||||||
5.000%, 11/15/2015 | 755 | 771 | ||||||
Huntsville Electric System (AGM) | ||||||||
4.000%, 12/01/2018 | 1,130 | 1,181 | ||||||
University of Alabama at Birmingham Hospital | ||||||||
Series A | ||||||||
5.000%, 09/01/2018 | 1,500 | 1,577 | ||||||
5.750%, 09/01/2022 | 4,000 | 4,305 | ||||||
8,491 | ||||||||
General Obligation – 0.3% | ||||||||
Mobile, Series B | ||||||||
5.000%, 02/15/2020 | 2,000 | 2,178 | ||||||
10,669 | ||||||||
Alaska – 0.1% | ||||||||
Revenue Bond – 0.1% | ||||||||
Aleutians East Borough Project, Aleutian Pribilof Islands (ACA) | ||||||||
4.375%, 06/01/2015 | 400 | 370 | ||||||
Arizona – 4.1% | ||||||||
Revenue Bonds – 2.4% | ||||||||
Arizona Game & Fish Department, Administration Building Project | ||||||||
4.500%, 07/01/2015 | 150 | 160 | ||||||
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101 | ||||||||
7.500%, 11/15/2023 ◊ | 3,300 | 3,938 | ||||||
Gilbert Public Facilities Municipal Property Corporation | ||||||||
5.500%, 07/01/2027 | 6,000 | 6,479 | ||||||
Phoenix Street & Highway User Escrowed to Maturity | ||||||||
6.250%, 07/01/2011 § | 900 | 915 | ||||||
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A | ||||||||
5.000%, 09/01/2020 | 1,000 | 969 | ||||||
Tempe Industrial Development Authority, Friendship Village Project, Series A | ||||||||
5.375%, 12/01/2013 | 1,022 | 970 | ||||||
Tucson Airport Authority (AGM) | ||||||||
5.000%, 06/01/2013 | 3,760 | 4,194 | ||||||
17,625 | ||||||||
General Obligations – 1.1% | ||||||||
Coconino & Yavapai Counties Joint Unified School District #9, Sedona School Improvement Project of 2007, Series B | ||||||||
5.375%, 07/01/2028 | 1,350 | 1,445 | ||||||
Gila County United School District #10, Payson School Improvement Project of 2006 | ||||||||
Series A (AMBAC) | ||||||||
5.000%, 07/01/2016 | 1,000 | 1,103 | ||||||
5.000%, 07/01/2017 | 1,050 | 1,154 | ||||||
Maricopa County School District #69, Paradise Valley (NATL) | ||||||||
5.300%, 07/01/2011 | 1,000 | 1,067 | ||||||
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004 | ||||||||
Series B (AGM) | ||||||||
4.750%, 07/01/2018 | 1,150 | 1,256 | ||||||
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC) (NATL) | ||||||||
4.375%, 07/01/2018 | 1,000 | 1,059 | ||||||
4.500%, 07/01/2019 | 1,000 | 1,056 | ||||||
8,140 | ||||||||
Certificate of Participation – 0.6% | ||||||||
Arizona Board of Regents, Series B (AMBAC) | ||||||||
4.500%, 06/01/2018 | 4,120 | 4,321 | ||||||
30,086 | ||||||||
Arkansas – 0.6% | ||||||||
Revenue Bonds – 0.6% | ||||||||
North Little Rock Health Facilities Board, Baptist Health, Series B | ||||||||
5.750%, 12/01/2021 | 1,000 | 1,071 | ||||||
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FGIC) (FHA) (VA) | ||||||||
7.250%, 06/01/2010 § | 380 | 391 | ||||||
University of Arkansas, Fayetteville, Series B | ||||||||
(FGIC) (NATL) | ||||||||
4.500%, 11/01/2016 | 1,500 | 1,628 | ||||||
Washington County Hospital, Regional Medical Center, Series B | ||||||||
5.000%, 02/01/2016 | 1,145 | 1,172 | ||||||
4,262 | ||||||||
California – 9.5% | ||||||||
Revenue Bonds – 5.0% | ||||||||
Alameda Corridor Transportation Authority Zero Coupon Bond (AMBAC) | ||||||||
4.710%, 10/01/2014 ¤ | 2,000 | 1,603 | ||||||
Apple Valley Redevelopment Agency, Tax Allocation, Project Area #2 (AMBAC) | ||||||||
4.500%, 06/01/2018 | 920 | 911 | ||||||
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Children’s Hospital, Series A | ||||||||
4.500%, 12/01/2018 | 1,525 | 1,512 | ||||||
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI) | ||||||||
4.500%, 08/15/2012 | 335 | 344 | ||||||
5.000%, 08/15/2017 | 1,215 | 1,224 | ||||||
California Department of Water Resources and Power Supply, Series H (AGM) | ||||||||
5.000%, 05/01/2022 | 1,000 | 1,067 | ||||||
California Educational Facilities Authority, Lutheran University, Series C | ||||||||
5.000%, 10/01/2024 | 1,000 | 965 | ||||||
California Health Facilities Financing Authority, Adventist Health Systems West, Series C | ||||||||
5.125%, 03/01/2020 | 500 | 511 | ||||||
California Health Facilities Financing Authority, Children’s Hospital of Orange County, Series A | ||||||||
5.750%, 11/01/2018 | 3,000 | 3,181 | ||||||
California Public Works Board, Trustees California State University, Series D | ||||||||
6.000%, 04/01/2025 | 2,245 | 2,314 | ||||||
California Public Works Board, Various Capital Projects, Series G-1 | ||||||||
5.250%, 10/01/2024 | 5,000 | 4,870 |
The accompanying notes are an integral part of the financial statements.
20 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A, | ||||||||
Escrowed to Maturity | ||||||||
7.250%, 11/15/2011 § | $ | 545 | $ | 586 | ||||
California Statewide Communities Development Authority, Health Facilities, Adventist Health | ||||||||
Series A | ||||||||
5.000%, 03/01/2030 | 700 | 662 | ||||||
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital, Series B (AMBAC) (CMI) | ||||||||
5.200%, 10/01/2037 | 1,000 | 891 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series C, | ||||||||
Mandatory Put 06/01/2012 @ 100 | ||||||||
3.850%, 11/01/2029 | 1,055 | 1,101 | ||||||
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) | ||||||||
5.000%, 11/15/2012 | 1,210 | 1,286 | ||||||
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC) | ||||||||
4.250%, 11/01/2033 | 500 | 495 | ||||||
Golden State Tobacco Securitization Corporation Pre-refunded 06/01/2010 @ 100 | ||||||||
5.600%, 06/01/2028 ◊ | 2,450 | 2,503 | ||||||
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Series A, | ||||||||
Convertible CABs (AGM) | ||||||||
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 ◗ | 2,350 | 2,123 | ||||||
Port Oakland, Series B (NATL) | ||||||||
5.000%, 11/01/2018 | 1,470 | 1,586 | ||||||
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI) | ||||||||
5.000%, 09/01/2016 | 575 | 596 | ||||||
South Bayside Waste Management, Shoreway Environmental, Series A | ||||||||
5.250%, 09/01/2024 | 2,500 | 2,559 | ||||||
6.250%, 09/01/2029 | 1,200 | 1,289 | ||||||
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC) | ||||||||
4.250%, 09/01/2026 | 1,100 | 922 | ||||||
Whittier Public Finance Authority, Redevelopment Agency, Tax Allocation | ||||||||
Series A (AMBAC) | ||||||||
5.000%, 11/01/2021 | 995 | 999 | ||||||
Woodland Financial Authority (SGI) | ||||||||
4.700%, 03/01/2019 | 815 | 842 | ||||||
36,942 | ||||||||
General Obligations – 4.5% | ||||||||
ABC Unified School District, Series A (NATL) | ||||||||
4.900%, 02/01/2020 | 1,565 | 1,588 | ||||||
California | ||||||||
5.000%, 02/01/2016 | 1,000 | 1,061 | ||||||
5.000%, 02/01/2017 | 2,000 | 2,104 | ||||||
4.000%, 08/01/2017 | 2,000 | 2,005 | ||||||
5.000%, 11/01/2018 | 245 | 250 | ||||||
5.000%, 08/01/2019 | 500 | 518 | ||||||
5.000%, 02/01/2021 | 1,500 | 1,541 | ||||||
5.000%, 12/01/2023 | 1,000 | 1,004 | ||||||
5.125%, 04/01/2024 | 500 | 505 | ||||||
Pre-refunded 11/01/2011 @ 100 | ||||||||
5.000%, 11/01/2018 ◊ | 15 | 16 | ||||||
California Economic Recovery, Series A | ||||||||
5.000%, 07/01/2020 | 2,000 | 2,114 | ||||||
Desert Sands Unified School District, Election of 2001 | ||||||||
5.250%, 08/01/2023 | 500 | 535 | ||||||
5.000%, 08/01/2024 | 2,000 | 2,093 | ||||||
Grant Joint Union High School District, Election of 2006, Zero Coupon Bond (AGM) | ||||||||
6.410%, 08/01/2026 ¤ | 1,300 | 457 | ||||||
Las Virgenes Unified School District, Election of 2006, Series B, Zero Coupon Bond | ||||||||
6.200%, 08/01/2027 ¤ | 2,015 | 689 | ||||||
Roseville Joint Union High School District | ||||||||
Series E | ||||||||
5.100%, 08/01/2019 | 390 | 402 | ||||||
San Bernardino Community College District, Election of 2002, Series A | ||||||||
6.500%, 08/01/2027 | 1,000 | 1,173 | ||||||
San Mateo Unified High School District | ||||||||
Series B, Zero Coupon Bond (FGIC) (NATL) | ||||||||
4.110%, 09/01/2017 ¤ | 1,000 | 732 | ||||||
Santa Ana Union School District, Election of 2008, Series A | ||||||||
5.250%, 08/01/2028 | 1,000 | 1,021 | ||||||
Santa Monica Community College District, 2002 Election, Series C, Zero Coupon Bond (NATL) | ||||||||
3.760%, 08/01/2016 ¤ | 2,000 | 1,555 | ||||||
Tulare Local Health Care District, Election 2005 | ||||||||
Series B | ||||||||
6.000%, 08/01/2022 | 1,180 | 1,290 | ||||||
6.125%, 08/01/2023 | 1,410 | 1,553 | ||||||
6.250%, 08/01/2024 | 1,585 | 1,749 | ||||||
6.375%, 08/01/2025 | 1,265 | 1,401 | ||||||
6.500%, 08/01/2026 | 500 | 555 | ||||||
Victor Elementary School District, Series A, | ||||||||
Zero Coupon Bond (FGIC) (NATL) | ||||||||
6.037%, 08/01/2023 ¤ | 2,030 | 905 | ||||||
Victor Valley Joint Union High School District, Election of 2008, Series A, Convertible CABs | ||||||||
0.000% through 08/01/2019, thereafter 5.750%, 08/01/2031 ◗ | 3,000 | 1,724 | ||||||
West Contra Costa Unified School District, Election of 2005, Series B | ||||||||
6.000%, 08/01/2025 | 2,500 | 2,806 | ||||||
33,346 | ||||||||
70,288 | ||||||||
Colorado – 8.4% | ||||||||
Revenue Bonds – 7.6% | ||||||||
Adams County Pollution Control, Public Service Company Colorado Project, Series A (NATL) | ||||||||
4.375%, 09/01/2017 | 5,000 | 4,825 | ||||||
Adams State College Auxiliary Facilities Improvement, Series A (STAID) | ||||||||
5.500%, 05/15/2039 | 525 | 553 | ||||||
Arapahoe County, Single Family Mortgage Escrowed to Maturity, Zero Coupon Bond | ||||||||
0.607%, 09/01/2010 § ¤ | 9,320 | 9,283 | ||||||
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project | ||||||||
Series A, Pre-refunded 09/15/2011 @ 100 | ||||||||
6.750%, 09/15/2015 ◊ | 1,200 | 1,323 |
First American Funds 2009 Semiannual Report 21
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School | ||||||||
Series A (SMO) | ||||||||
4.750%, 06/15/2022 | $ | 175 | $ | 164 | ||||
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Escrowed to Maturity | ||||||||
6.375%, 12/01/2011 § | 270 | 289 | ||||||
Pre-refunded 12/01/2011 @ 100 | ||||||||
6.750%, 12/01/2016 ◊ | 1,500 | 1,673 | ||||||
7.250%, 12/01/2021 ◊ | 1,500 | 1,686 | ||||||
Colorado Educational & Cultural Facilities Authority, Pinnacle Charter School Project Escrowed to Maturity | ||||||||
5.250%, 12/01/2011 § | 430 | 456 | ||||||
Colorado Health Facilities Authority, Catholic Health, Series C-7 (AGM) | ||||||||
4.350%, 09/01/2020 | 725 | 725 | ||||||
Colorado Health Facilities Authority, Catholic Health Initiatives, Series D | ||||||||
5.125%, 10/01/2017 | 1,500 | 1,624 | ||||||
Colorado Health Facilities Authority, Christian Living Communities Project, Series A | ||||||||
5.250%, 01/01/2014 | 600 | 613 | ||||||
5.250%, 01/01/2015 | 620 | 630 | ||||||
Colorado Health Facilities Authority, Covenant Retirement Communities | ||||||||
5.000%, 12/01/2016 | 500 | 502 | ||||||
Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI) | ||||||||
4.250%, 12/01/2015 | 1,250 | 1,198 | ||||||
Colorado Health Facilities Authority, NCMC Income Project, Series B | ||||||||
6.000%, 05/15/2026 | 1,000 | 1,108 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center | ||||||||
5.000%, 09/01/2016 | 640 | 673 | ||||||
Colorado Health Facilities Authority, Retirement Facilities, Liberty, Series B, Escrowed to Maturity, Zero Coupon Bond | ||||||||
3.983%, 07/15/2020 § ¤ | 10,000 | 6,599 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI) | ||||||||
5.000%, 05/15/2012 | 500 | 512 | ||||||
5.000%, 05/15/2013 | 405 | 415 | ||||||
Colorado Springs Hospital, Series B (AMBAC) | ||||||||
1.035%, 12/15/2024 Y | 4,775 | 4,775 | ||||||
E-470 Public Highway Authority, Series C, Convertible CABs (NATL) | ||||||||
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 ◗ | 1,500 | 1,499 | ||||||
High Plains Metropolitan District, Series B | ||||||||
(LOC: Compass Bank) | ||||||||
4.375%, 12/01/2015 | 310 | 310 | ||||||
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA) | ||||||||
5.000%, 12/15/2015 | 500 | 492 | ||||||
Mesa County Escrowed to Maturity, Zero Coupon Bond | ||||||||
0.914%, 12/01/2011 § ¤ | 5,500 | 5,405 | ||||||
Montrose Memorial Hospital | ||||||||
5.700%, 12/01/2017 | 2,170 | 2,192 | ||||||
Northwest Parkway Public Highway Authority Convertible CABs, Escrowed to Maturity (AMBAC) | ||||||||
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 ◗ § | 2,250 | 2,363 | ||||||
Platte River Power Authority, Series GG (AGM) | ||||||||
4.500%, 06/01/2017 | 1,725 | 1,904 | ||||||
Walker Field Public Airport Authority Revenue | ||||||||
5.000%, 12/01/2022 | 1,000 | 976 | ||||||
Western State College Revenue (STAID) | ||||||||
5.000%, 05/15/2028 | 570 | 595 | ||||||
5.000%, 05/15/2029 | 500 | 519 | ||||||
55,881 | ||||||||
General Obligations – 0.4% | ||||||||
Adams & Arapahoe Counties School District, #28J, Aurora (STAID) | ||||||||
5.500%, 12/01/2021 | 1,125 | 1,284 | ||||||
North Range Metropolitan District #1 (ACA) | ||||||||
4.300%, 12/15/2019 | 1,000 | 794 | ||||||
Pueblo County School District #60 (STAID) | ||||||||
5.000%, 12/15/2022 | 1,000 | 1,128 | ||||||
3,206 | ||||||||
Certificates of Participation – 0.4% | ||||||||
Colorado Higher Education, Capital Construction Lease Program | ||||||||
5.250%, 11/01/2023 | 1,500 | 1,605 | ||||||
Rangeview Library District Projects (AGC) | ||||||||
4.500%, 12/15/2020 | 1,465 | 1,554 | ||||||
3,159 | ||||||||
62,246 | ||||||||
Connecticut – 0.1% | ||||||||
Revenue Bond – 0.1% | ||||||||
Connecticut Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI) | ||||||||
5.000%, 07/01/2014 | 1,000 | 1,023 | ||||||
Florida – 1.8% | ||||||||
Revenue Bonds – 1.5% | ||||||||
Halifax Hospital Medical Center, Series A | ||||||||
5.250%, 06/01/2026 | 2,250 | 2,245 | ||||||
Highlands County Health Facilities Authority, Adventist Health/Sunbelt, Series A, | ||||||||
Mandatory Put 11/17/2015 @ 100 | ||||||||
6.500%, 11/15/2038 | 2,000 | 2,285 | ||||||
Miami-Dade County Educational Facilities Authority, University of Miami, Series A | ||||||||
5.150%, 04/01/2023 | 2,520 | 2,611 | ||||||
North Brevard County Hospital, Parrish Medical Center Project | ||||||||
5.500%, 10/01/2028 | 2,100 | 2,184 | ||||||
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community | ||||||||
5.250%, 10/01/2013 | 1,400 | 1,449 | ||||||
Vero Beach Electric, Series A (AGM) | ||||||||
4.000%, 12/01/2019 | 350 | 359 | ||||||
11,133 | ||||||||
Certificate of Participation – 0.3% | ||||||||
Clay County School Board, Series B (NATL) | ||||||||
5.000%, 07/01/2018 | 2,205 | 2,294 | ||||||
13,427 | ||||||||
The accompanying notes are an integral part of the financial statements.
22 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Georgia – 1.3% | ||||||||
Revenue Bonds – 1.1% | ||||||||
Atlanta Tax Allocation, Atlantic Station Project (AGC) | ||||||||
4.375%, 12/01/2018 | $ | 2,000 | $ | 2,027 | ||||
Fulton County Residential Care Facilities, Canterbury Court Project, Series A | ||||||||
5.800%, 02/15/2018 | 4,500 | 4,265 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health, Series A | ||||||||
5.250%, 08/01/2023 | 2,000 | 2,013 | ||||||
8,305 | ||||||||
General Obligations – 0.2% | ||||||||
Fayette County School District Convertible CABs (AGM) | ||||||||
0.000% through 09/01/2010, thereafter 4.150%, 03/01/2014 ◗ | 500 | 526 | ||||||
0.000% through 09/01/2010, thereafter 4.250%, 03/01/2015 ◗ | 265 | 279 | ||||||
0.000% through 09/01/2010, thereafter 4.350%, 03/01/2016 ◗ | 300 | 316 | ||||||
1,121 | ||||||||
9,426 | ||||||||
Hawaii – 0.7% | ||||||||
Revenue Bond – 0.7% | ||||||||
Hawaii Department of Budget & Finance, Special Purpose, Series C1 | ||||||||
7.500%, 11/15/2015 | 5,000 | 5,060 | ||||||
Idaho – 0.7% | ||||||||
Revenue Bonds – 0.6% | ||||||||
Idaho Health Facilities Authority, Trinity Health Group, Series B | ||||||||
6.000%, 12/01/2023 | 3,000 | 3,318 | ||||||
University of Idaho, Series B Mandatory Put 04/01/2018 @ 100 (AGM) | ||||||||
4.500%, 04/01/2041 | 1,000 | 1,042 | ||||||
4,360 | ||||||||
Certificate of Participation – 0.1% | ||||||||
Madison County Hospital | ||||||||
5.000%, 09/01/2012 | 500 | 510 | ||||||
4,870 | ||||||||
Illinois – 15.0% | ||||||||
Revenue Bonds – 6.2% | ||||||||
Chicago, Midway Airport Project, Series C | ||||||||
(NATL) | ||||||||
5.500%, 01/01/2014 | 1,300 | 1,471 | ||||||
Granite Single Family Mortgage, Series C, | ||||||||
Escrowed to Maturity | ||||||||
7.750%, 10/01/2011 § | 300 | 329 | ||||||
Illinois Development Finance Authority, Elgin School District, Zero Coupon Bond (AGM) | ||||||||
3.880%, 01/01/2018 ¤ | 2,750 | 2,022 | ||||||
Illinois Development Finance Authority, Elmhurst Community School District #205 Pre-refunded 01/01/2011 @ 100 (AGM) | ||||||||
6.375%, 01/01/2013 ◊ | 1,025 | 1,082 | ||||||
Illinois Development Finance Authority, Midwestern University, Series B, | ||||||||
Pre-refunded 05/15/2011 @ 101 | ||||||||
5.750%, 05/15/2016 ◊ | 350 | 377 | ||||||
Illinois Educational Facilities Authority, Art Institute of Chicago Mandatory Put 03/01/2017 @ 100 | ||||||||
4.750%, 03/01/2030 | 1,000 | 1,064 | ||||||
Mandatory Put 03/01/2016 @ 100 | ||||||||
4.125%, 03/01/2030 | 500 | 515 | ||||||
Illinois Finance Authority, Clare at Water Tower Project, Series A | ||||||||
5.400%, 05/15/2014 ¥ | 1,000 | 502 | ||||||
5.500%, 05/15/2015 ¥ | 1,000 | 502 | ||||||
Illinois Finance Authority, Edward Hospital | ||||||||
Series A (AMBAC) | ||||||||
6.000%, 02/01/2025 | 1,200 | 1,270 | ||||||
6.000%, 02/01/2026 | 1,280 | 1,344 | ||||||
6.000%, 02/01/2028 | 500 | 522 | ||||||
Illinois Finance Authority, Franciscan Communities, Series A | ||||||||
5.500%, 05/15/2027 | 1,000 | 764 | ||||||
Illinois Finance Authority, Friendship Village Schaumburg, Series A | ||||||||
5.000%, 02/15/2015 | 2,500 | 2,318 | ||||||
Illinois Finance Authority, Illinois Institute of Technology | ||||||||
6.500%, 02/01/2023 | 1,000 | 1,040 | ||||||
Illinois Finance Authority, Landing at Plymouth Project, Series A | ||||||||
5.250%, 05/15/2014 | 1,320 | 1,302 | ||||||
Illinois Finance Authority, OSF Healthcare Systems, Series A | ||||||||
7.000%, 11/15/2029 | 4,000 | 4,370 | ||||||
Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A Mandatory Put 06/01/2016 @ 100 (AMBAC) | ||||||||
4.300%, 06/01/2035 | 1,500 | 1,520 | ||||||
Illinois Finance Authority, Roosevelt University | ||||||||
5.250%, 04/01/2022 | 500 | 473 | ||||||
5.750%, 04/01/2024 | 4,000 | 3,916 | ||||||
5.400%, 04/01/2027 | 1,750 | 1,611 | ||||||
Illinois Finance Authority, Rush University Medical Center | ||||||||
Series A | ||||||||
6.750%, 11/01/2024 | 2,000 | 2,241 | ||||||
Series C | ||||||||
6.375%, 11/01/2029 | 1,500 | 1,622 | ||||||
Illinois Finance Authority, Three Crowns Park Plaza, Series A | ||||||||
5.500%, 02/15/2014 | 2,430 | 2,438 | ||||||
Illinois Health Facilities Authority, Evangelical Escrowed to Maturity | ||||||||
6.750%, 04/15/2012 § | 845 | 910 | ||||||
Illinois Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity | ||||||||
10.000%, 01/01/2015 § | 525 | 643 | ||||||
Illinois Sales Tax, Series S | ||||||||
5.100%, 06/15/2010 | 2,000 | 2,043 | ||||||
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC) | ||||||||
0.000% through 06/15/2010, thereafter 4.750%, 06/15/2013 ◗ | 1,405 | 1,498 | ||||||
0.000% through 06/15/2010, thereafter 5.100%, 06/15/2016 ◗ | 1,620 | 1,741 | ||||||
Metropolitan Pier & Exposition Authority, State Sales Tax | ||||||||
Series A (FGIC) (NATL) | ||||||||
5.550%, 12/15/2011 | 675 | 684 |
First American Funds 2009 Semiannual Report 23
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Series B, Convertible CABs (NATL) | ||||||||
0.000% through 06/15/2012, thereafter 5.200%, 06/15/2017 ◗ | $ | 1,000 | $ | 993 | ||||
Southwestern Illinois Development Authority, Anderson Hospital | ||||||||
5.125%, 08/15/2026 | 2,000 | 1,835 | ||||||
Southwestern Illinois Development Authority, Local Government Program, Triad School District #2 (NATL) | ||||||||
5.000%, 10/01/2018 | 1,000 | 1,082 | ||||||
46,044 | ||||||||
General Obligations – 8.8% | ||||||||
Bolingbrook Park District, Series A (CIFG) | ||||||||
4.500%, 01/01/2017 | 1,840 | 1,981 | ||||||
Chicago, Series A, Convertible CABs (NATL) | ||||||||
0.000% through 01/01/2011, thereafter 5.300%, 01/01/2016 ◗ | 2,000 | 2,147 | ||||||
Chicago City Colleges Zero Coupon Bond (FGIC) (NATL) | ||||||||
3.190%, 01/01/2015 ¤ | 7,000 | 5,976 | ||||||
Chicago Park District, Limited Tax | ||||||||
Series B (AMBAC) | ||||||||
5.000%, 01/01/2020 | 5,545 | 5,884 | ||||||
Chicago Project & Refunding | ||||||||
Series A (FGIC) (NATL) | ||||||||
5.250%, 01/01/2011 | 2,345 | 2,452 | ||||||
Series A, Escrowed to Maturity (FGIC) | ||||||||
5.250%, 01/01/2011 § | 2,655 | 2,784 | ||||||
Cook County, Series A (NATL) | ||||||||
6.250%, 11/15/2011 | 1,000 | 1,098 | ||||||
Cook County Community Unit School District #401, Elmwood Park Zero Coupon Bond (AGM) | ||||||||
1.480%, 12/01/2011 ¤ | 3,625 | 3,524 | ||||||
Cook County High School District #205, Thornton Township (AGC) | ||||||||
5.250%, 12/01/2021 | 3,465 | 3,858 | ||||||
Cook County High School District #209, Proviso Township (AGM) | ||||||||
5.000%, 12/01/2016 | 1,000 | 1,130 | ||||||
Cook County School District #102, La Grange Zero Coupon Bond (FGIC) (NATL) | ||||||||
2.310%, 12/01/2013 ¤ | 2,440 | 2,230 | ||||||
Cook County School District #123, Oak Lawn Zero Coupon Bond (NATL) | ||||||||
4.045%, 12/01/2015 ¤ | 2,250 | 1,775 | ||||||
Cook County School District #88, Bellwood | ||||||||
Series B (AGM) | ||||||||
5.000%, 12/01/2017 | 1,675 | 1,813 | ||||||
Elk Grove Village (NATL) | ||||||||
4.125%, 01/01/2019 | 1,000 | 1,041 | ||||||
Grundy & Will Counties Community Unit School District #1 | ||||||||
5.875%, 02/01/2019 | 1,550 | 1,795 | ||||||
5.875%, 02/01/2022 | 2,100 | 2,379 | ||||||
5.875%, 02/01/2024 | 2,545 | 2,854 | ||||||
Illinois, First Series | ||||||||
5.500%, 08/01/2015 | 4,500 | 4,608 | ||||||
Lake County School District #56, Gurnee (FGIC) (NATL) | ||||||||
8.375%, 01/01/2010 | 1,290 | 1,290 | ||||||
Madison & Jersey Counties Unit School District #11, Alton, Zero Coupon Bond (AGM) | ||||||||
4.290%, 12/01/2019 ¤ | 2,100 | 1,379 | ||||||
McCook | ||||||||
5.000%, 12/01/2026 | 500 | 525 | ||||||
5.100%, 12/01/2028 | 1,000 | 1,039 | ||||||
Rockford School District #205 (FGIC) (NATL) | ||||||||
5.000%, 02/01/2014 | 500 | 557 | ||||||
Southwestern Illinois Development Authority, Edwardsville Community (AGM) | ||||||||
5.000%, 12/01/2017 | 1,000 | 1,112 | ||||||
St Clair County, Alternative Revenue Source | ||||||||
4.500%, 10/01/2020 | 1,000 | 1,055 | ||||||
5.000%, 10/01/2022 | 1,100 | 1,194 | ||||||
Will & Grundy Counties Community College, District #525, Joliet Junior College | ||||||||
6.250%, 06/01/2024 | 535 | 638 | ||||||
5.750%, 06/01/2025 | 1,150 | 1,327 | ||||||
5.750%, 06/01/2026 | 310 | 356 | ||||||
Will County School District #86, Joliet Zero Coupon Bond (AGM) | ||||||||
4.030%, 11/01/2017 ¤ | 3,870 | 2,831 | ||||||
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (AGM) | ||||||||
4.360%, 01/01/2017 ¤ | 3,000 | 2,218 | ||||||
64,850 | ||||||||
110,894 | ||||||||
Indiana – 1.3% | ||||||||
Revenue Bonds – 1.1% | ||||||||
Anderson Economic Development, Anderson University Project | ||||||||
5.000%, 10/01/2017 | 710 | 687 | ||||||
Avon Community School Building Corporation, First Mortgage (AMBAC) (STAID) | ||||||||
4.500%, 07/15/2020 | 1,000 | 1,041 | ||||||
Indiana Transportation Finance Authority | ||||||||
Series A (AMBAC) | ||||||||
5.750%, 06/01/2012 | 1,820 | 2,022 | ||||||
Series A, Escrowed to Maturity (AMBAC) | ||||||||
5.750%, 06/01/2012 § | 180 | 192 | ||||||
Indiana University, Series K, | ||||||||
Zero Coupon Bond (NATL) | ||||||||
1.307%, 08/01/2011 ¤ | 250 | 245 | ||||||
Portage Township Multi-School Building Corporation, First Mortgage (NATL) (STAID) | ||||||||
4.000%, 07/15/2018 | 1,250 | 1,310 | ||||||
St. Joseph County Economic Development, Holy Cross Village, Notre Dame Project, Series A | ||||||||
5.750%, 05/15/2016 | 450 | 440 | ||||||
5.550%, 05/15/2019 | 230 | 218 | ||||||
St. Joseph County Hospital Authority, Memorial Health System, Series A (NATL) | ||||||||
4.750%, 08/15/2012 | 1,000 | 1,003 | ||||||
Zionsville Community Schools Building, First Mortgage Pre-refunded 01/15/2012 @ 100 (FGIC) (STAID) | ||||||||
5.750%, 07/15/2015 ◊ | 775 | 855 | ||||||
8,013 | ||||||||
General Obligation – 0.2% | ||||||||
Gary Sanitation District, Special Taxing District (RAAI) | ||||||||
3.750%, 02/01/2011 | 1,260 | 1,266 | ||||||
9,279 | ||||||||
The accompanying notes are an integral part of the financial statements.
24 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Iowa – 1.3% | ||||||||
Revenue Bonds – 1.3% | ||||||||
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A | ||||||||
5.750%, 11/15/2019 | $ | 500 | $ | 465 | ||||
Iowa Higher Education Authority, Private College Facility, Central College Project (RAAI) | ||||||||
5.450%, 10/01/2026 | 1,000 | 969 | ||||||
Iowa Higher Education Authority, Wartburg College Project Pre-refunded 10/01/2012 @ 100 (ACA) | ||||||||
5.500%, 10/01/2028 ◊ | 2,000 | 2,244 | ||||||
Series A | ||||||||
4.700%, 10/01/2016 | 925 | 887 | ||||||
4.750%, 10/01/2017 | 1,100 | 1,047 | ||||||
4.800%, 10/01/2018 | 1,155 | 1,087 | ||||||
5.000%, 10/01/2023 | 1,475 | 1,342 | ||||||
Muscatine Electric Escrowed to Maturity | ||||||||
9.700%, 01/01/2013 § | 1,140 | 1,292 | ||||||
9,333 | ||||||||
Kansas – 3.4% | ||||||||
Revenue Bonds – 2.7% | ||||||||
Johnson County Residual Escrowed to Maturity, Zero Coupon Bond | ||||||||
1.246%, 05/01/2012 § ¤ | 7,500 | 7,286 | ||||||
Kansas Development Finance Authority, Adventist Health | ||||||||
5.500%, 11/15/2023 | 2,200 | 2,347 | ||||||
Kansas Development Finance Authority, Health Facilities, Hays Medical Center, Series L | ||||||||
4.500%, 11/15/2017 | 1,405 | 1,430 | ||||||
Kansas Development Finance Authority, Health Facilities, Stormont-Vail Healthcare Services | ||||||||
Series F | ||||||||
5.000%, 11/15/2021 | 500 | 505 | ||||||
Kansas Development Finance Authority, Hospital Revenue, Adventist/Sunbelt, Series D | ||||||||
5.000%, 11/15/2024 | 1,400 | 1,424 | ||||||
Kansas Development Finance Authority, Kansas State Projects, Series K (NATL) | ||||||||
4.500%, 11/01/2019 | 1,850 | 1,976 | ||||||
La Cygne Environmental Improvement, Kansas City Power & Light (SGI) | ||||||||
4.050%, 03/01/2015 | 1,000 | 1,062 | ||||||
Olathe Health Facilities, Olathe Medical Center | ||||||||
5.125%, 09/01/2021 | 1,000 | 1,035 | ||||||
Olathe Senior Living Facility, Catholic Care Campus, Series A | ||||||||
5.750%, 11/15/2013 | 700 | 716 | ||||||
5.750%, 11/15/2014 | 765 | 781 | ||||||
5.750%, 11/15/2015 | 820 | 829 | ||||||
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA) | ||||||||
6.700%, 06/01/2029 | 210 | 214 | ||||||
19,605 | ||||||||
General Obligations – 0.7% | ||||||||
Johnson County Unified School District #232 | ||||||||
Series A (AGM) | ||||||||
4.250%, 09/01/2016 | 400 | 429 | ||||||
Johnson County Unified School District #512, Shawnee Mission | ||||||||
4.875%, 10/01/2019 | 2,000 | 2,228 | ||||||
Junction City, Series DU (AGM) | ||||||||
4.100%, 09/01/2020 | 1,500 | 1,553 | ||||||
Sedgwick County School District #267 (AMBAC) | ||||||||
5.250%, 11/01/2012 | 1,045 | 1,151 | ||||||
5,361 | ||||||||
24,966 | ||||||||
Kentucky – 0.5% | ||||||||
Revenue Bonds – 0.5% | ||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A-1 (AGC) | ||||||||
5.750%, 12/01/2028 | 2,000 | 2,185 | ||||||
Kentucky Turnpike Authority Escrowed to Maturity | ||||||||
6.000%, 07/01/2011 § | 295 | 314 | ||||||
Louisville/Jefferson County Metropolitan Government College, Bellarmine University | ||||||||
Series A | ||||||||
6.000%, 05/01/2028 | 1,135 | 1,164 | ||||||
3,663 | ||||||||
Louisiana – 0.6% | ||||||||
Revenue Bonds – 0.3% | ||||||||
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT) | ||||||||
6.650%, 01/01/2025 | 475 | 400 | ||||||
St. Tammany Parish Sales Tax, District #3, Sales & Use Tax (CIFG) | ||||||||
5.000%, 06/01/2017 | 1,405 | 1,528 | ||||||
1,928 | ||||||||
General Obligations – 0.3% | ||||||||
Calcasieu Parish School District #23, Public School Improvement | ||||||||
4.600%, 02/15/2020 | 500 | 504 | ||||||
4.800%, 02/15/2022 | 200 | 202 | ||||||
Louisiana, Series B (CIFG) | ||||||||
5.000%, 07/15/2015 | 1,300 | 1,471 | ||||||
2,177 | ||||||||
4,105 | ||||||||
Maine – 0.4% | ||||||||
Revenue Bond – 0.1% | ||||||||
Maine Health & Higher Educational Facilities Authority, Series B (FGIC) (NATL) | ||||||||
4.125%, 07/01/2018 | 740 | 769 | ||||||
General Obligation – 0.3% | ||||||||
Maine Municipal Bond Bank, Series B (AGM) | ||||||||
5.750%, 11/01/2010 | 2,000 | 2,090 | ||||||
2,859 | ||||||||
Maryland – 0.1% | ||||||||
Revenue Bonds – 0.1% | ||||||||
Westminster Educational Facilities, McDaniel College | ||||||||
5.000%, 11/01/2013 | 350 | 379 | ||||||
4.000%, 11/01/2015 | 700 | 716 | ||||||
1,095 | ||||||||
Massachusetts – 2.7% | ||||||||
Revenue Bonds – 2.5% | ||||||||
Massachusetts Bay Transportation Authority | ||||||||
Series A (COMGTY) | ||||||||
6.250%, 03/01/2012 | 1,875 | 2,086 |
First American Funds 2009 Semiannual Report 25
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Massachusetts Bay Transportation Authority, General Transportation System Project | ||||||||
Series C (FGIC) (NATL) | ||||||||
5.750%, 03/01/2010 | $ | 1,100 | $ | 1,110 | ||||
Massachusetts Development Finance Agency, Health Care Facilities, Adventcare Project | ||||||||
Series A | ||||||||
6.650%, 10/15/2028 | 2,500 | 2,221 | ||||||
Massachusetts Health & Educational Facilities Authority, Berkshire Health System | ||||||||
Series F (AGC) | ||||||||
5.000%, 10/01/2015 | 2,000 | 2,141 | ||||||
Massachusetts Health & Educational Facilities Authority, Caregroup, Series E-1 | ||||||||
5.000%, 07/01/2028 | 250 | 239 | ||||||
Massachusetts Health & Educational Facilities Authority, Partners Healthcare System | ||||||||
Series A (NATL) | ||||||||
5.100%, 07/01/2010 | 3,000 | 3,012 | ||||||
Massachusetts Health & Educational Facilities Authority, Suffolk University, Series A | ||||||||
6.000%, 07/01/2024 | 3,000 | 3,148 | ||||||
Massachusetts Port Authority Escrowed to Maturity | ||||||||
13.000%, 07/01/2013 § | 2,485 | 3,070 | ||||||
Massachusetts, Special Obligation, Series A | ||||||||
5.500%, 06/01/2013 | 1,000 | 1,137 | ||||||
18,164 | ||||||||
General Obligation – 0.2% | ||||||||
Springfield, State Qualified Municipal Purpose Loan (AGM) (STAID) | ||||||||
4.500%, 08/01/2020 | 1,400 | 1,477 | ||||||
19,641 | ||||||||
Michigan – 2.1% | ||||||||
Revenue Bonds – 1.5% | ||||||||
Detroit Water Supply System Escrowed to Maturity (FGIC) | ||||||||
6.250%, 07/01/2012 § | 170 | 182 | ||||||
Kalamazoo Hospital Finance Authority, Bronson Hospital, Series A (AGM) | ||||||||
5.000%, 05/15/2020 | 2,675 | 2,755 | ||||||
Michigan Grant Anticipation Bonds (AGM) | ||||||||
4.500%, 09/15/2015 | 1,000 | 1,086 | ||||||
Michigan Hospital Finance Authority, Henry Ford Health Systems, Series A, Pre-refunded 03/01/2013 @ 100 | ||||||||
5.500%, 03/01/2015 ◊ | 3,150 | 3,564 | ||||||
Michigan Municipal Board Authority, Local Government Loan Program, Group A | ||||||||
Series B (AMBAC) | ||||||||
5.000%, 12/01/2018 | 600 | 572 | ||||||
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity | ||||||||
7.000%, 11/01/2015 § | 1,300 | 1,633 | ||||||
Western Michigan University (AGM) | ||||||||
5.000%, 11/15/2023 | 1,300 | 1,384 | ||||||
11,176 | ||||||||
General Obligations – 0.6% | ||||||||
Algonac Community Schools, School Building & Site, Series I (AGM) (MQSBLF) | ||||||||
4.000%, 05/01/2019 | 840 | 856 | ||||||
Constantine Public Schools (MQSBLF) | ||||||||
5.000%, 05/01/2016 | 1,075 | 1,184 | ||||||
Rochester Community School District, Series 1, Pre-refunded 05/01/2010 @ 100 (FGIC) (MQSBLF) | ||||||||
5.375%, 05/01/2011 ◊ | 2,000 | 2,033 | ||||||
4,073 | ||||||||
15,249 | ||||||||
Minnesota – 1.8% | ||||||||
Revenue Bonds – 1.8% | ||||||||
Aitkin Health Care Facilities, Riverwood Healthcare Center | ||||||||
5.375%, 02/01/2017 | 1,590 | 1,602 | ||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (NATL) | ||||||||
5.000%, 01/01/2019 | 1,165 | 1,203 | ||||||
Minneapolis Health Care System, Fairview Health Services, Series A | ||||||||
6.375%, 11/15/2023 | 2,000 | 2,219 | ||||||
Minneapolis Hospital, St. Marys Hospital & Rehabilitation Center Escrowed to Maturity | ||||||||
10.000%, 06/01/2013 § | 550 | 640 | ||||||
Minnesota Agricultural & Economic Development Board, Health Care System | ||||||||
Series A | ||||||||
5.875%, 11/15/2011 | 2,135 | 2,207 | ||||||
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R | ||||||||
5.500%, 05/01/2020 | 1,255 | 1,257 | ||||||
5.500%, 05/01/2021 | 815 | 814 | ||||||
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K | ||||||||
5.000%, 05/01/2012 | 295 | 314 | ||||||
Monticello Big Lake Community Hospital District, Health Care Facilities, Series C | ||||||||
5.250%, 12/01/2011 | 1,010 | 1,029 | ||||||
St. Paul Housing & Redevelopment Authority, Allina Health System | ||||||||
Series A (NATL) | ||||||||
5.000%, 11/15/2019 | 1,235 | 1,280 | ||||||
Series A-1 | ||||||||
5.000%, 11/15/2024 | 1,000 | 995 | ||||||
13,560 | ||||||||
Mississippi – 0.2% | ||||||||
Revenue Bond – 0.2% | ||||||||
Mississippi Hospital Equipment & Facilities Authority, Mississippi Baptist Health Systems | ||||||||
Series A | ||||||||
5.000%, 08/15/2016 | 1,440 | 1,472 | ||||||
Missouri – 2.0% | ||||||||
Revenue Bonds – 1.9% | ||||||||
Grundy County Industrial Development Authority, Health Facilities, Wright Memorial Hospital | ||||||||
5.600%, 09/01/2021 | 1,000 | 984 | ||||||
Hannibal Industrial Development Authority, Health Facilities, Hannibal Regional Hospital | ||||||||
4.350%, 03/01/2014 | 1,405 | 1,416 | ||||||
Kansas City Special Obligation, East Village Project, Series B (AGC) | ||||||||
5.000%, 04/15/2022 | 505 | 549 | ||||||
Missouri Development Finance Board Infrastructure Facilities, Independence Electric System Project, Series D | ||||||||
5.625%, 06/01/2029 | 1,250 | 1,287 |
The accompanying notes are an integral part of the financial statements.
26 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Missouri Development Finance Board Infrastructure Facilities, Independence-Crackerneck Creek, Series B | ||||||||
5.125%, 03/01/2022 | $ | 2,000 | $ | 1,979 | ||||
Missouri Development Finance Board, Midwest Research Institute Project | ||||||||
5.000%, 11/01/2016 | 1,130 | 1,113 | ||||||
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran | ||||||||
Series B | ||||||||
4.350%, 02/01/2015 | 850 | 836 | ||||||
4.375%, 02/01/2016 | 930 | 904 | ||||||
Missouri Joint Municipal Electric Utilities, Commission Power Project, Series A (AMBAC) | ||||||||
5.000%, 01/01/2018 | 2,000 | 2,120 | ||||||
Missouri Joint Municipal Electric Utilities, Commission Power Project, Plum Point Project (NATL) | ||||||||
4.200%, 01/01/2018 | 1,000 | 966 | ||||||
Osage Beach Tax Increment, Prewitts Point Project | ||||||||
4.800%, 05/01/2016 | 1,650 | 1,479 | ||||||
13,633 | ||||||||
Certificate of Participation – 0.1% | ||||||||
Missouri Development Finance Board Infrastructure Facilities, Independence-Centerpoint, Series F | ||||||||
5.375%, 04/01/2024 | 1,000 | 1,009 | ||||||
14,642 | ||||||||
Montana – 0.5% | ||||||||
Revenue Bonds – 0.5% | ||||||||
Montana Facility Finance Authority, Health Care Facilities, Master Loan Program, Northeast Montana, Series B | ||||||||
4.500%, 05/01/2018 | 405 | 424 | ||||||
Montana Facility Finance Authority, Senior Living, St. Johns Lutheran Ministries Project | ||||||||
Series A | ||||||||
5.750%, 05/15/2016 | 1,800 | 1,716 | ||||||
6.000%, 05/15/2025 | 1,675 | 1,481 | ||||||
3,621 | ||||||||
Nebraska – 1.2% | ||||||||
Revenue Bonds – 1.2% | ||||||||
Douglas County Hospital Authority #2, Nebraska Medical Center, Clarkson Regional Health Guaranty (AGC) | ||||||||
5.000%, 11/15/2011 | 2,860 | 2,978 | ||||||
Douglas County Hospital Authority #3, Methodist Health | ||||||||
5.750%, 11/01/2028 | 1,000 | 1,028 | ||||||
Douglas County Zoo Facilities, Omaha’s Henry Doorly Zoo Project | ||||||||
4.750%, 09/01/2017 | 745 | 773 | ||||||
4.750%, 09/01/2018 | 740 | 760 | ||||||
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project | ||||||||
4.000%, 06/01/2018 | 2,000 | 1,877 | ||||||
Nebraska Investment Finance Authority, Great Plains Regional Medical Center Project (RAAI) | ||||||||
4.700%, 11/15/2011 | 500 | 520 | ||||||
4.800%, 11/15/2012 | 500 | 524 | ||||||
4.900%, 11/15/2013 | 600 | 626 | ||||||
9,086 | ||||||||
Nevada – 0.3% | ||||||||
Revenue Bonds – 0.3% | ||||||||
Carson City Hospital, Carson-Tahoe Hospital | ||||||||
5.750%, 09/01/2011 | 550 | 567 | ||||||
5.750%, 09/01/2012 | 580 | 605 | ||||||
Escrowed to Maturity | ||||||||
5.750%, 09/01/2011 § | 450 | 486 | ||||||
5.750%, 09/01/2012 § | 475 | 531 | ||||||
2,189 | ||||||||
New Hampshire – 0.5% | ||||||||
Revenue Bonds – 0.5% | ||||||||
New Hampshire Health & Education Facilities Authority, Covenant Health | ||||||||
5.375%, 07/01/2024 | 1,250 | 1,265 | ||||||
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital | ||||||||
5.500%, 07/01/2025 | 1,000 | 946 | ||||||
New Hampshire Municipal Bond Bank | ||||||||
Series A (NATL) | ||||||||
4.500%, 02/15/2020 | 1,300 | 1,404 | ||||||
3,615 | ||||||||
New Jersey – 0.3% | ||||||||
Revenue Bond – 0.3% | ||||||||
New Jersey Economic Development Authority, Cigarette Tax | ||||||||
5.500%, 06/15/2016 | 2,000 | 2,045 | ||||||
New York – 1.4% | ||||||||
Revenue Bond – 0.6% | ||||||||
Long Island Power Authority, Series B | ||||||||
5.250%, 12/01/2013 | 4,000 | 4,529 | ||||||
General Obligations – 0.8% | ||||||||
New York | ||||||||
Series A | ||||||||
5.750%, 08/01/2015 | 3,220 | 3,523 | ||||||
Series D | ||||||||
5.500%, 06/01/2012 | 2,000 | 2,200 | ||||||
5,723 | ||||||||
10,252 | ||||||||
North Carolina – 2.6% | ||||||||
Revenue Bonds – 2.5% | ||||||||
North Carolina Capital Facilities Finance Agency Education Facilities, Meredith College | ||||||||
5.250%, 06/01/2020 | 900 | 909 | ||||||
North Carolina Eastern Power Agency | ||||||||
Series A (AGC) | ||||||||
5.250%, 01/01/2022 | 1,700 | 1,826 | ||||||
Series D | ||||||||
5.375%, 01/01/2013 | 2,955 | 3,241 | ||||||
North Carolina Medical Care Commission Health Care Facilities, First Mortgage Presbyterian | ||||||||
Series B | ||||||||
4.875%, 10/01/2013 | 2,035 | 2,023 | ||||||
5.000%, 10/01/2014 | 2,120 | 2,109 | ||||||
North Carolina Municipal Power Agency #1, Catawba Electric | ||||||||
Series A | ||||||||
5.000%, 01/01/2026 | 5,940 | 6,180 | ||||||
Series A (AGM) | ||||||||
5.250%, 01/01/2016 | 2,000 | 2,189 | ||||||
18,477 | ||||||||
First American Funds 2009 Semiannual Report 27
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Certificate of Participation – 0.1% | ||||||||
Randolph County (AMBAC) | ||||||||
5.000%, 02/01/2018 | $ | 815 | $ | 890 | ||||
19,367 | ||||||||
North Dakota – 0.2% | ||||||||
Revenue Bond – 0.1% | ||||||||
Ward County Health Care Facility, Trinity Obligated Group | ||||||||
5.000%, 07/01/2014 | 1,180 | 1,200 | ||||||
General Obligation – 0.1% | ||||||||
Mandan, Series D (NATL) | ||||||||
4.000%, 05/01/2017 | 460 | 478 | ||||||
1,678 | ||||||||
Ohio – 1.3% | ||||||||
Revenue Bonds – 0.6% | ||||||||
Lake County Hospital Facilities, Lake Hospital System, Series C | ||||||||
5.500%, 08/15/2024 | 1,230 | 1,201 | ||||||
Miami County Hospital Facilities, Upper Valley Medical Center | ||||||||
5.250%, 05/15/2016 | 750 | 802 | ||||||
Ohio Higher Education Facilities, John Carroll University Project | ||||||||
4.000%, 04/01/2014 | 1,135 | 1,185 | ||||||
4.500%, 04/01/2015 | 1,000 | 1,057 | ||||||
Ohio Water Development Authority Escrowed to Maturity | ||||||||
9.375%, 12/01/2010 § | 95 | 102 | ||||||
4,347 | ||||||||
General Obligations – 0.6% | ||||||||
Barberton City School District (OSDCEP) | ||||||||
4.750%, 12/01/2021 | 1,260 | 1,353 | ||||||
Huber Heights School District | ||||||||
4.750%, 12/01/2025 | 595 | 618 | ||||||
4.750%, 12/01/2026 | 640 | 663 | ||||||
Mason City School District (AGM) | ||||||||
4.375%, 12/01/2019 | 1,095 | 1,175 | ||||||
Richland County, Limited Tax, Correctional Facilities Improvement (AGC) | ||||||||
5.875%, 12/01/2024 | 500 | 560 | ||||||
4,369 | ||||||||
Certificate of Participation – 0.1% | ||||||||
Akron (AGC) | ||||||||
5.000%, 12/01/2015 | �� | 1,000 | 1,121 | |||||
9,837 | ||||||||
Oklahoma – 1.0% | ||||||||
Revenue Bonds – 1.0% | ||||||||
Cherokee County Economic Development Authority, Series A, | ||||||||
Escrowed to Maturity, Zero Coupon Bond (AMBAC) | ||||||||
0.847%, 11/01/2011 § ¤ | 3,340 | 3,289 | ||||||
McClain County Economic Development Authority, Educational Facilities Lease, Newcastle Public Schools Project | ||||||||
5.000%, 09/01/2011 | 345 | 360 | ||||||
5.000%, 09/01/2012 | 355 | 376 | ||||||
4.125%, 09/01/2013 | 250 | 259 | ||||||
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT) | ||||||||
5.750%, 01/01/2023 | 1,430 | 1,099 | ||||||
South Oklahoma City Pre-refunded 02/01/2010 @ 100 | ||||||||
9.750%, 02/01/2013 ◊ | 2,145 | 2,160 | ||||||
7,543 | ||||||||
Oregon – 0.2% | ||||||||
General Obligation – 0.2% | ||||||||
Yamhill County School District #40, McMinnville (AGM) (SBG) | ||||||||
5.000%, 06/15/2019 | 1,415 | 1,556 | ||||||
Pennsylvania – 1.5% | ||||||||
Revenue Bonds – 1.3% | ||||||||
Allegheny County Hospital, University of Pittsburgh Medical Center, Series B | ||||||||
5.000%, 06/15/2018 | 3,000 | 3,191 | ||||||
Delaware County College Authority, Neumann College | ||||||||
5.250%, 10/01/2020 | 535 | 550 | ||||||
5.375%, 10/01/2021 | 565 | 582 | ||||||
Delaware County Hospital Authority, Crozer-Chester Medical Center (RAAI) | ||||||||
5.000%, 12/15/2015 | 1,275 | 1,247 | ||||||
5.000%, 12/15/2017 | 1,405 | 1,317 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care | ||||||||
6.125%, 02/01/2028 | 1,000 | 753 | ||||||
Westmoreland County Industrial Development Authority, Retirement Community, Redstone | ||||||||
Series A | ||||||||
5.375%, 01/01/2014 | 1,100 | 1,094 | ||||||
5.500%, 01/01/2016 | 1,200 | 1,168 | ||||||
9,902 | ||||||||
General Obligations – 0.2% | ||||||||
Bethel Park School District (STAID) | ||||||||
4.125%, 08/01/2020 | 1,315 | 1,335 | ||||||
Ephrata Area School District (FGIC) (NATL) (STAID) | ||||||||
4.500%, 04/15/2018 | 100 | 105 | ||||||
1,440 | ||||||||
11,342 | ||||||||
Puerto Rico – 0.7% | ||||||||
Revenue Bond – 0.2% | ||||||||
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, | ||||||||
Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY) | ||||||||
5.500%, 07/01/2035 | 1,000 | 1,004 | ||||||
General Obligation – 0.5% | ||||||||
Puerto Rico Commonwealth, Public Improvement, Series A | ||||||||
5.000%, 07/01/2020 | 4,000 | 3,934 | ||||||
4,938 | ||||||||
South Carolina – 1.4% | ||||||||
Revenue Bonds – 1.4% | ||||||||
Charleston Educational Excellence Financing Corporation, Charleston County School District Project | ||||||||
5.000%, 12/01/2013 | 2,000 | 2,229 | ||||||
Lexington County Health Services District Pre-refunded 11/01/2013 @ 100 | ||||||||
5.500%, 11/01/2023 ◊ | 2,000 | 2,323 |
The accompanying notes are an integral part of the financial statements.
28 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance | ||||||||
5.000%, 08/01/2018 | $ | 1,000 | $ | 1,001 | ||||
Series A | ||||||||
6.000%, 08/01/2013 | 830 | 897 | ||||||
Series C | ||||||||
6.000%, 08/01/2013 | 2,000 | 2,128 | ||||||
South Carolina Public Service Authority | ||||||||
Series A (NATL) | ||||||||
5.500%, 01/01/2010 | 1,665 | 1,665 | ||||||
10,243 | ||||||||
South Dakota – 1.3% | ||||||||
Revenue Bonds – 1.0% | ||||||||
South Dakota Health & Educational Facilities Authority, Sanford Health | ||||||||
5.000%, 11/01/2024 | 1,000 | 1,018 | ||||||
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGC) | ||||||||
5.125%, 08/01/2028 | 1,500 | 1,584 | ||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | ||||||||
4.750%, 09/01/2011 | 530 | 544 | ||||||
5.000%, 09/01/2012 | 1,000 | 1,041 | ||||||
5.000%, 09/01/2013 | 1,000 | 1,044 | ||||||
5.000%, 09/01/2025 | 1,770 | 1,717 | ||||||
6,948 | ||||||||
Certificate of Participation – 0.3% | ||||||||
Deadwood, Series 2005 (ACA) | ||||||||
5.000%, 11/01/2018 | 2,385 | 2,299 | ||||||
9,247 | ||||||||
Tennessee – 4.5% | ||||||||
Revenue Bonds – 4.2% | ||||||||
Chattanooga Health, Educational & Housing Facilities Board, Catholic Health Initiatives | ||||||||
Series D | ||||||||
6.125%, 10/01/2028 | 2,265 | 2,510 | ||||||
Claiborne County Industrial Development Board, Lincoln Memorial University Project | ||||||||
6.125%, 10/01/2029 | 3,460 | 3,384 | ||||||
Jackson Hospital, Jackson-Madison Project | ||||||||
5.250%, 04/01/2023 | 4,000 | 4,091 | ||||||
Memphis-Shelby Counties Sports Authority, Memphis Arena Project | ||||||||
Series A | ||||||||
5.125%, 11/01/2024 | 4,430 | 4,559 | ||||||
Series B | ||||||||
5.500%, 11/01/2020 | 1,000 | 1,085 | ||||||
5.250%, 11/01/2025 | 1,860 | 1,922 | ||||||
Series C (NATL) | ||||||||
5.000%, 11/01/2017 | 3,175 | 3,398 | ||||||
Metropolitan Government of Nashville & Davidson County, Water Sewer Escrowed to Maturity | ||||||||
6.400%, 04/01/2011 § | 1,030 | 1,106 | ||||||
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare Pre-refunded 09/01/2012 @ 100 | ||||||||
6.000%, 09/01/2016 ◊ | 565 | 639 | ||||||
6.000%, 09/01/2016 ◊ | 935 | 1,057 | ||||||
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health System Project (RAAI) | ||||||||
5.000%, 09/01/2016 | 2,000 | 1,957 | ||||||
Escrowed to Maturity | ||||||||
6.250%, 09/01/2011 § | 1,465 | 1,598 | ||||||
6.250%, 09/01/2012 § | 1,085 | 1,232 | ||||||
Pre-refunded 09/01/2012 @ 101 | ||||||||
6.500%, 09/01/2013 ◊ | 2,215 | 2,527 | ||||||
31,065 | ||||||||
General Obligation – 0.3% | ||||||||
Memphis (NATL) | ||||||||
5.000%, 10/01/2016 | 2,000 | 2,288 | ||||||
33,353 | ||||||||
Texas – 9.8% | ||||||||
Revenue Bonds – 4.1% | ||||||||
Brazos River Harbor Navigation District, Brazoria County Environmental, Dow Chemical Company Project, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT) | ||||||||
5.700%, 05/15/2033 | 1,000 | 1,024 | ||||||
El Paso Water & Sewer, Series A (AGM) | ||||||||
4.000%, 03/01/2018 | 650 | 675 | ||||||
Grapevine Industrial Development Corporation, Air Cargo (AMT) | ||||||||
6.500%, 01/01/2024 | 480 | 402 | ||||||
Gregg County Health Facilities Development, Good Shepherd Medical Center Project | ||||||||
Series A | ||||||||
5.000%, 10/01/2013 | 1,230 | 1,272 | ||||||
Harris County Health Facilities Development Corporation, Memorial Hermann Healthcare System, Series B | ||||||||
7.125%, 12/01/2031 | 1,950 | 2,188 | ||||||
Houston Health Facilities Development Corporation, Buckingham Senior Living Community, Series A, | ||||||||
Pre-refunded 02/15/2014 @ 101 | ||||||||
7.000%, 02/15/2023 ◊ | 2,000 | 2,435 | ||||||
League City Waterworks & Sewer System (AGM) | ||||||||
4.000%, 02/15/2018 | 1,230 | 1,288 | ||||||
4.375%, 02/15/2023 | 1,315 | 1,338 | ||||||
Lubbock Educational Facilities Authority, Lubbock Christian University | ||||||||
5.000%, 11/01/2016 | 1,000 | 1,001 | ||||||
North Texas Tollway Authority, First Tier | ||||||||
Series A | ||||||||
6.000%, 01/01/2024 | 2,500 | 2,682 | ||||||
Series E-3, Mandatory Put 01/01/2016 @ 100 | ||||||||
5.750%, 01/01/2038 | 3,000 | 3,354 | ||||||
Odessa Housing Finance Corporation, Residual Values, Escrowed to Maturity, Zero Coupon Bond (NATL) | ||||||||
1.244%, 06/01/2012 § ¤ | 1,465 | 1,422 | ||||||
San Leanna Educational Facilities Corporation Higher Education, Saint Edwards University Project | ||||||||
5.000%, 06/01/2019 | 575 | 586 | ||||||
Tarrant County Cultural Education Facilities Finance Corporation, Retirement Facility, Northwest Senior Housing, Edgemere Project | ||||||||
Series A | ||||||||
5.750%, 11/15/2014 | 1,235 | 1,267 |
First American Funds 2009 Semiannual Report 29
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Tarrant County Cultural Education Facilities Finance Corporation, Retirement Facility, Senior Living Center Project, Series C-2 | ||||||||
6.500%, 11/15/2014 | $ | 3,000 | $ | 3,000 | ||||
Texas Transportation Commission, First Tier | ||||||||
5.000%, 04/01/2017 | 2,000 | 2,295 | ||||||
Travis County Health Facilities, Development Corporation Retirement Facilities, Querencia Barton Creek Project | ||||||||
5.250%, 11/15/2017 | 1,000 | 936 | ||||||
5.500%, 11/15/2025 | 900 | 781 | ||||||
Tyler Health Facilities Development Corporation, Mother Frances Hospital | ||||||||
5.250%, 07/01/2012 | 1,000 | 1,026 | ||||||
Victoria Utilities Systems (AMBAC) | ||||||||
4.400%, 12/01/2019 | 1,000 | 1,048 | ||||||
30,020 | ||||||||
General Obligations – 5.7% | ||||||||
Alvin Independent School District, Schoolhouse (PSFG) | ||||||||
4.125%, 02/15/2019 | 1,110 | 1,172 | ||||||
Brownsville (NATL) | ||||||||
5.000%, 02/15/2017 | 2,125 | 2,307 | ||||||
Corinth (NATL) | ||||||||
4.500%, 02/15/2019 | 1,180 | 1,247 | ||||||
Dallas (NATL) | ||||||||
4.500%, 02/15/2027 | 5,000 | 5,163 | ||||||
Dallas County Utilities & Reclamation District | ||||||||
Series A (AMBAC) | ||||||||
5.150%, 02/15/2022 | 5,715 | 5,751 | ||||||
El Paso County (NATL) | ||||||||
5.000%, 02/15/2018 | 2,440 | 2,749 | ||||||
Elgin Independent School District, School Building (PSFG) | ||||||||
4.375%, 08/01/2019 | 1,120 | 1,212 | ||||||
Fort Bend Independent School District | ||||||||
4.550%, 02/15/2025 | 2,000 | 2,070 | ||||||
Frisco (AMBAC) | ||||||||
4.500%, 02/15/2016 | 2,045 | 2,261 | ||||||
Pre-refunded 02/15/2011 @ 100 (FGIC) (NATL) | ||||||||
5.000%, 02/15/2018 ◊ | 1,125 | 1,147 | ||||||
5.000%, 02/15/2019 ◊ | 1,675 | 1,705 | ||||||
Giddings Independent School District, School Building (PSFG) | ||||||||
4.250%, 02/15/2019 | 875 | 938 | ||||||
Grand Prairie Independent School District, School Building, Series A (PSFG) | ||||||||
4.500%, 02/15/2018 | 635 | 701 | ||||||
Howard County Junior College District (AMBAC) | ||||||||
4.250%, 02/15/2018 | 715 | 753 | ||||||
Kaufman County (AGM) | ||||||||
5.000%, 02/15/2017 | 1,000 | 1,074 | ||||||
Mansfield Independent School District, School Building (PSFG) | ||||||||
5.000%, 02/15/2022 | 770 | 841 | ||||||
Montgomery County (AGM) | ||||||||
4.000%, 03/01/2017 | 120 | 128 | ||||||
North Harris Montgomery Community College District (FGIC) (NATL) | ||||||||
5.375%, 02/15/2015 | 95 | 103 | ||||||
Northwest Texas Independent School District (PSFG) | ||||||||
4.500%, 02/15/2026 | 1,000 | 1,031 | ||||||
Plano Independent School District, School Building, Series A | ||||||||
5.000%, 02/15/2025 | 1,000 | 1,095 | ||||||
San Angelo, Series A (NATL) | ||||||||
4.400%, 02/15/2019 | 875 | 931 | ||||||
San Antonio | ||||||||
4.125%, 02/01/2019 | 1,000 | 1,055 | ||||||
4.250%, 02/01/2020 | 1,140 | 1,200 | ||||||
Sunnyvale School District, School Building (PSFG) | ||||||||
4.400%, 02/15/2020 | 870 | 933 | ||||||
Teague Independent School District, School Building (PSFG) | ||||||||
5.000%, 02/15/2019 | 2,210 | 2,511 | ||||||
Texas, Water Financial Assistance, Series A | ||||||||
5.000%, 08/01/2017 | 1,500 | 1,724 | ||||||
Victoria Independent School District, School Building (PSFG) | ||||||||
5.000%, 02/15/2018 | 500 | 568 | ||||||
42,370 | ||||||||
72,390 | ||||||||
Utah – 0.6% | ||||||||
Revenue Bonds – 0.6% | ||||||||
Salt Lake & Sandy Metropolitan Water District | ||||||||
Series A (AMBAC) | ||||||||
5.000%, 07/01/2015 | 2,500 | 2,855 | ||||||
South Jordan, Sales Tax Pre-refunded 08/15/2011 @ 100 (AMBAC) | ||||||||
5.500%, 08/15/2018 ◊ | 1,000 | 1,080 | ||||||
Weber Basin Water Conservancy District | ||||||||
Series A (AMBAC) | ||||||||
4.375%, 10/01/2018 | 400 | 428 | ||||||
4,363 | ||||||||
General Obligation – 0.0% | ||||||||
Ashley Valley Water & Sewer Improvement District, Escrowed to Maturity (AMBAC) | ||||||||
10.900%, 01/01/2010 § | 315 | 315 | ||||||
4,678 | ||||||||
Washington – 4.7% | ||||||||
Revenue Bonds – 1.7% | ||||||||
Snohomish County Housing Authority | ||||||||
6.300%, 04/01/2016 | 790 | 795 | ||||||
Washington Health Care Facilities, Washington Health Services | ||||||||
6.250%, 07/01/2024 | 3,125 | 3,266 | ||||||
6.750%, 07/01/2029 | 2,000 | 2,142 | ||||||
Washington Higher Education Facilities Authority, Whitworth University Project | ||||||||
5.125%, 10/01/2024 | 3,250 | 3,231 | ||||||
Washington Housing Finance Commission, Skyline at First Hill Project, Series B | ||||||||
5.100%, 01/01/2013 | 3,000 | 2,924 | ||||||
12,358 | ||||||||
General Obligations – 3.0% | ||||||||
Clark County School District #37, Vancouver (AGM) | ||||||||
5.250%, 12/01/2014 | 1,515 | 1,745 | ||||||
King County School District #401, Highline Public Schools (AGM) (SBG) | ||||||||
5.250%, 12/01/2025 | 500 | 548 | ||||||
King County School District #412, Shoreline (SBG) | ||||||||
5.750%, 12/01/2021 | 265 | 307 |
The accompanying notes are an integral part of the financial statements.
30 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Snohomish County, Limited Tax (NATL) | ||||||||
5.375%, 12/01/2019 | $ | 4,440 | $ | 4,596 | ||||
Pre-refunded 12/01/2011 @ 100 (NATL) | ||||||||
5.375%, 12/01/2019 ◊ | 560 | 609 | ||||||
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC) (NATL) | ||||||||
2.507%, 12/01/2014 ¤ | 5,690 | 5,034 | ||||||
Spokane County School District #81, Spokane (NATL) | ||||||||
5.000%, 06/01/2016 | 1,000 | 1,118 | ||||||
Washington | ||||||||
Series C | ||||||||
5.500%, 07/01/2014 | 2,275 | 2,660 | ||||||
Series S-5, Zero Coupon Bond (FGIC) (NATL) | ||||||||
2.900%, 01/01/2016 ¤ | 3,000 | 2,524 | ||||||
Washington, Various Purpose, Series R-A (AMBAC) | ||||||||
5.000%, 01/01/2025 | 3,000 | 3,251 | ||||||
22,392 | ||||||||
34,750 | ||||||||
Wisconsin – 2.0% | ||||||||
Revenue Bonds – 1.7% | ||||||||
Franklin Solid Waste Disposal, Waste Management Wisconsin Income, Series A Mandatory Put 05/01/2016 @ 100 (AMT) | ||||||||
4.950%, 11/01/2016 | 2,000 | 1,981 | ||||||
Wisconsin Health & Educational Facilities Authority, Aurora Health Care Income, Series A | ||||||||
5.500%, 02/15/2020 | 1,500 | 1,500 | ||||||
Wisconsin Health & Educational Facilities Authority, Childrens Hospital, Series B | ||||||||
4.350%, 08/15/2019 | 1,350 | 1,344 | ||||||
Wisconsin Health & Educational Facilities Authority, Eastcastle Place Income Project | ||||||||
5.750%, 12/01/2019 | 2,000 | 1,949 | ||||||
Wisconsin Health & Educational Facilities Authority, Fort Healthcare Income Project | ||||||||
5.375%, 05/01/2018 | 1,250 | 1,255 | ||||||
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic, Series B | ||||||||
5.500%, 02/15/2013 | 850 | 876 | ||||||
Wisconsin Health & Educational Facilities Authority, Southwest Health Center, Series A | ||||||||
6.125%, 04/01/2024 | 1,500 | 1,499 | ||||||
Wisconsin Health & Educational Facilities Authority, Vernon Memorial Healthcare Income Project | ||||||||
4.650%, 03/01/2015 | 910 | 897 | ||||||
Wisconsin Health & Educational Facilities Authority, Wisconsin Medical College, Series A (NATL) | ||||||||
5.000%, 12/01/2015 | 1,450 | 1,566 | ||||||
12,867 | ||||||||
General Obligation – 0.3% | ||||||||
Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC) | ||||||||
5.125%, 09/01/2016 z | 1,720 | 1,823 | ||||||
14,690 | ||||||||
Wyoming – 0.3% | ||||||||
Revenue Bond – 0.3% | ||||||||
Lincoln County, Pacificorp Project Mandatory Put 06/03/2013 @ 100 (AMT) | ||||||||
4.125%, 11/01/2025 | 2,250 | 2,307 | ||||||
Total Municipal Bonds | ||||||||
(Cost $682,344) | 711,212 | |||||||
Short-Term Investments – 2.7% | ||||||||
Money Market Fund – 1.3% | ||||||||
First American Tax Free Obligations Fund, Class Z, | ||||||||
0.013% Å Ω | 9,301,047 | 9,301 | ||||||
Variable Rate Demand Notes v – 1.4% | ||||||||
Colorado Educational & Cultural Facilities Authority, National Jewish Federation Board Program | ||||||||
Series A-9 (LOC: Bank of America) | ||||||||
0.260%, 09/01/2036 | $ | 300 | 300 | |||||
South Carolina Educational Facilities Authority for Private Nonprofit Institutions, Charleston Southern University Project (LOC: Bank of America) | ||||||||
0.250%, 04/01/2028 | 10,230 | 10,230 | ||||||
10,530 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $19,831) | 19,831 | |||||||
Total Investments 5 – 99.1% | ||||||||
(Cost $702,175) | 731,043 | |||||||
Other Assets and Liabilities, Net – 0.9% | 6,997 | |||||||
Total Net Assets – 100.0% | $ | 738,040 | ||||||
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
◗ | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. | |
Y | Auction rate security. The coupon rate shown represents the rate as of December 31, 2009. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investments considered to be illiquid was $1,004 or 0.1% of total net assets. | |
z | Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
v | Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2009. |
First American Funds 2009 Semiannual Report 31
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund (concluded)
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $702,175. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 35,704 | ||
Gross unrealized depreciation | (6,836 | ) | ||
Net unrealized appreciation | $ | 28,868 | ||
ACA – | ACA Financial Guaranty Corporation |
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $7,213, which represents 1.0% of total net assets. |
CIFG – | CDC IXIS Financial Guaranty |
CMI – | California Mortgage Insurance Program |
COMTGY – | Commonwealth Guaranty |
FGIC – | Financial Guaranty Insurance Corporation |
FHA – | Federal Housing Authority |
GNMA – | Government National Mortgage Association |
LOC – | Letter of Credit |
MQSBLF – | Michigan Qualified School Board Loan Fund Program |
NATL – | National Public Finance Guarantee Corporation |
OSDCEP – | Ohio School District Credit Enhancement Program |
PSFG – | Permanent School Fund Guaranty |
RAAI – | Radian Asset Assurance Inc. |
SBG – | School Board Guaranty |
SGI – | Syncora Guarantee Inc. |
SMO – | State Moral Obligation |
STAID – | State Aid Withholding |
VA – | Veterans Administration |
Minnesota Intermediate Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 96.7% | ||||||||
Revenue Bonds – 68.9% | ||||||||
Continuing Care Retirement Communities – 0.9% | ||||||||
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects | ||||||||
Series A | ||||||||
5.550%, 07/01/2027 | $ | 1,000 | $ | 874 | ||||
Glencoe Health Care Facilities, Glencoe Regional Health Services Project Pre-refunded 04/01/2011 @ 101 | ||||||||
7.400%, 04/01/2021 ◊ | 1,000 | 1,094 | ||||||
1,968 | ||||||||
Economic Development – 1.4% | ||||||||
Minneapolis Community Development Agency | ||||||||
Series G-3, Pre-refunded 12/01/2011 @ 100 | ||||||||
5.350%, 12/01/2021 ◊ | 1,000 | 1,084 | ||||||
Minneapolis Development, Common Bond | ||||||||
Series 1A (AMT) | ||||||||
4.550%, 12/01/2013 | 480 | 509 | ||||||
4.625%, 12/01/2014 | 505 | 533 | ||||||
Minneapolis Supported Development, Common Bond, Series 2A (AMT) | ||||||||
5.125%, 06/01/2022 | 1,000 | 983 | ||||||
3,109 | ||||||||
Education – 14.0% | ||||||||
Minneapolis, The Blake School Project | ||||||||
5.000%, 09/01/2012 | 445 | 466 | ||||||
Minnesota Colleges & Universities, Series A | ||||||||
4.000%, 10/01/2022 | 985 | 1,001 | ||||||
4.000%, 10/01/2023 | 1,755 | 1,772 | ||||||
Minnesota Higher Education Facilities Authority, Augsburg College | ||||||||
Series 4-Y | ||||||||
5.000%, 10/01/2011 | 500 | 501 | ||||||
5.000%, 10/01/2012 | 500 | 500 | ||||||
Series 6-C | ||||||||
4.750%, 05/01/2018 | 1,075 | 1,077 | ||||||
Series 6-J1 | ||||||||
5.000%, 05/01/2013 | 320 | 345 | ||||||
5.000%, 05/01/2016 | 375 | 399 | ||||||
5.000%, 05/01/2020 | 1,295 | 1,329 | ||||||
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R | ||||||||
5.500%, 05/01/2018 | 1,125 | 1,138 | ||||||
5.500%, 05/01/2019 | 1,185 | 1,189 | ||||||
5.500%, 05/01/2024 | 1,050 | 1,025 | ||||||
Minnesota Higher Education Facilities Authority, College of Art & Design | ||||||||
Series 5-K | ||||||||
5.000%, 05/01/2011 | 170 | 175 | ||||||
Series 6-K | ||||||||
5.000%, 05/01/2013 | 310 | 334 | ||||||
5.000%, 05/01/2014 | 320 | 346 | ||||||
5.000%, 05/01/2015 | 340 | 366 | ||||||
5.000%, 05/01/2016 | 355 | 377 | ||||||
5.000%, 05/01/2017 | 370 | 389 | ||||||
Minnesota Higher Education Facilities Authority, St. Benedict College, Series V | ||||||||
4.500%, 03/01/2017 | 1,585 | 1,641 | ||||||
Minnesota Higher Education Facilities Authority, St. Catherine College, Series 5-N1 | ||||||||
5.250%, 10/01/2022 | 500 | 497 |
The accompanying notes are an integral part of the financial statements.
32 First American Funds 2009 Semiannual Report
Table of Contents
Minnesota Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Minnesota Higher Education Facilities Authority, St. John’s University, Series 6-U | ||||||||
4.200%, 10/01/2019 | $ | 290 | $ | 293 | ||||
4.300%, 10/01/2020 | 385 | 388 | ||||||
4.500%, 10/01/2022 | 145 | 147 | ||||||
Minnesota Higher Education Facilities Authority, St. Olaf College, Series 6-O | ||||||||
5.000%, 10/01/2016 | 500 | 546 | ||||||
4.500%, 10/01/2019 | 250 | 252 | ||||||
Minnesota Higher Education Facilities Authority, St. Scholastica College | ||||||||
Series 5-J | ||||||||
5.250%, 12/01/2011 | 210 | 214 | ||||||
Series 6-S | ||||||||
4.375%, 12/01/2016 | 360 | 360 | ||||||
4.500%, 12/01/2017 | 380 | 377 | ||||||
Minnesota Higher Education Facilities Authority, University of St. Thomas | ||||||||
Series 6-I | ||||||||
4.000%, 04/01/2014 | 1,045 | 1,109 | ||||||
Series 6-X | ||||||||
4.500%, 04/01/2021 | 500 | 508 | ||||||
5.000%, 04/01/2024 | 1,250 | 1,307 | ||||||
Series 7-A | ||||||||
4.000%, 10/01/2017 | 1,000 | 1,020 | ||||||
4.500%, 10/01/2018 | 1,000 | 1,043 | ||||||
4.500%, 10/01/2019 | 1,845 | 1,908 | ||||||
Moorhead Educational Facilities, Concordia College, Series A | ||||||||
4.100%, 12/15/2014 | 500 | 525 | ||||||
4.200%, 12/15/2015 | 880 | 917 | ||||||
4.300%, 12/15/2016 | 925 | 955 | ||||||
5.000%, 12/15/2018 | 1,005 | 1,050 | ||||||
5.000%, 12/15/2019 | 1,060 | 1,096 | ||||||
University of Minnesota, Series C | ||||||||
5.000%, 12/01/2019 | 1,000 | 1,142 | ||||||
30,024 | ||||||||
Healthcare ⊳ – 28.2% | ||||||||
Aitkin Health Care Facilities, Riverwood Healthcare Center | ||||||||
5.250%, 02/01/2015 | 735 | 740 | ||||||
Bemidji Health Care Facilities, North County Health Services | ||||||||
4.125%, 09/01/2013 | 300 | 306 | ||||||
4.250%, 09/01/2015 | 500 | 503 | ||||||
5.000%, 09/01/2017 | 500 | 513 | ||||||
5.000%, 09/01/2018 | 1,050 | 1,070 | ||||||
5.000%, 09/01/2019 | 1,110 | 1,122 | ||||||
Cuyuna Range Hospital District | ||||||||
5.000%, 06/01/2016 | 425 | 401 | ||||||
5.000%, 06/01/2017 | 1,340 | 1,345 | ||||||
5.000%, 06/01/2019 | 1,320 | 1,186 | ||||||
Duluth Economic Development Authority, Benedictine Health System-St. Mary’s Pre-refunded 02/15/2014 @ 100 | ||||||||
5.375%, 02/15/2022 ◊ | 2,045 | 2,356 | ||||||
Glencoe Health Care Facilities, Regional Health Services Project | ||||||||
5.000%, 04/01/2013 | 760 | 791 | ||||||
5.000%, 04/01/2014 | 800 | 834 | ||||||
5.000%, 04/01/2015 | 845 | 871 | ||||||
5.000%, 04/01/2017 | 1,815 | 1,837 | ||||||
Maple Grove Health Care Facilities, North Memorial Health Care | ||||||||
4.500%, 09/01/2017 | 1,730 | 1,724 | ||||||
Maple Grove Health Care System, Maple Grove Hospital | ||||||||
5.000%, 05/01/2017 | 1,000 | 1,068 | ||||||
Marshall Medical Center, Avera Marshall Regional Medical Center Project Escrowed to Maturity | ||||||||
4.500%, 11/01/2013 § | 345 | 379 | ||||||
Pre-refunded 11/01/2015 @ 100 | ||||||||
4.750%, 11/01/2020 ◊ | 1,155 | 1,292 | ||||||
Meeker County Hospital Facilities, Memorial Hospital Project | ||||||||
5.625%, 11/01/2022 | 1,000 | 1,002 | ||||||
Minneapolis Health Care System, Allina Health System, Series A, Pre-refunded 11/15/2012 @ 100 | ||||||||
6.000%, 11/15/2023 ◊ | 2,500 | 2,861 | ||||||
5.750%, 11/15/2032 ◊ | 1,300 | 1,479 | ||||||
Minneapolis Health Care System, Fairview Health Services | ||||||||
Series A | ||||||||
6.375%, 11/15/2023 | 4,000 | 4,438 | ||||||
Series A, Escrowed to Maturity | ||||||||
5.000%, 05/15/2012 § | 605 | 665 | ||||||
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project | ||||||||
5.500%, 02/01/2011 | 280 | 288 | ||||||
5.500%, 02/01/2012 | 200 | 209 | ||||||
5.500%, 02/01/2015 | 730 | 758 | ||||||
Minnesota Agricultural & Economic Development Board, Health Care Systems, Series A (NATL) | ||||||||
5.500%, 11/15/2017 | 305 | 306 | ||||||
5.750%, 11/15/2026 | 10 | 10 | ||||||
Monticello-Big Lake Community Hospital District, Health Care Facilities, Series C | ||||||||
5.750%, 12/01/2015 | 2,320 | 2,364 | ||||||
Northfield Hospital | ||||||||
5.000%, 11/01/2013 | 715 | 729 | ||||||
5.000%, 11/01/2014 | 920 | 935 | ||||||
5.500%, 11/01/2017 | 1,080 | 1,090 | ||||||
Plymouth Health Facilities, Westhealth Project | ||||||||
Series A (AGM) | ||||||||
6.200%, 06/01/2011 | 935 | 938 | ||||||
Redwood Falls Hospital Facilities, Redwood Area Hospital Project | ||||||||
5.000%, 12/01/2021 | 1,015 | 1,002 | ||||||
Shakopee Health Care Facilities, St. Francis Regional Medical Center | ||||||||
4.000%, 09/01/2012 | 305 | 308 | ||||||
5.000%, 09/01/2017 | 1,785 | 1,801 | ||||||
St. Cloud Health Care Facilities, CentraCare Health System Project (AGC) | ||||||||
5.375%, 05/01/2031 | 1,000 | 1,034 | ||||||
St. Cloud Health Care Facilities, St. Cloud Hospital Obligation Group, Series A (AGM) | ||||||||
5.750%, 05/01/2026 | 2,500 | 2,542 | ||||||
St. Louis Park Health Care Facilities, Park Nicollet Health Services | ||||||||
5.500%, 07/01/2029 | 1,300 | 1,286 | ||||||
Series C | ||||||||
5.625%, 07/01/2026 | 2,500 | 2,521 | ||||||
St. Paul Housing & Redevelopment Authority, Allina Health System | ||||||||
Series A (NATL) | ||||||||
5.000%, 11/15/2015 | 500 | 534 | ||||||
5.000%, 11/15/2019 | 1,200 | 1,244 |
First American Funds 2009 Semiannual Report 33
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Minnesota Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Series A-1 | ||||||||
5.000%, 11/15/2024 | $ | 3,000 | $ | 2,984 | ||||
St. Paul Housing & Redevelopment Authority, Health Partners Obligated Group Project | ||||||||
5.250%, 05/15/2019 | 1,350 | 1,354 | ||||||
St. Paul Housing & Redevelopment Authority, HealthEast Project | ||||||||
5.150%, 11/15/2020 | 1,840 | 1,676 | ||||||
St. Paul Port Authority, HealthEast Midway Campus, Series A | ||||||||
5.250%, 05/01/2015 | 1,500 | 1,458 | ||||||
5.750%, 05/01/2025 | 2,000 | 1,882 | ||||||
Stillwater Health Care, Health Systems Obligated Group | ||||||||
4.250%, 06/01/2015 | 500 | 510 | ||||||
4.250%, 06/01/2016 | 260 | 263 | ||||||
Todd, Morrison, Cass & Wadena Counties, United Hospital District | ||||||||
4.000%, 12/01/2013 | 400 | 428 | ||||||
Winona Health Care Facilities, Series A | ||||||||
5.300%, 07/01/2017 | 525 | 529 | ||||||
Winona Health Care Facilities, Winona Health Obligated Group | ||||||||
5.000%, 07/01/2020 | 1,000 | 967 | ||||||
60,733 | ||||||||
Housing – 1.3% | ||||||||
Dakota County Housing & Redevelopment Authority, Single Family Mortgages (AMT) (FNMA) (GNMA) | ||||||||
5.125%, 10/01/2020 | 30 | 30 | ||||||
Moorhead Senior Housing, Sheyenne Crossing Project | ||||||||
5.600%, 04/01/2025 | 2,000 | 1,783 | ||||||
Worthington Housing Authority, Meadows Worthington Project, Series A | ||||||||
5.000%, 11/01/2017 | 1,000 | 947 | ||||||
2,760 | ||||||||
Lease Revenue – 3.0% | ||||||||
Andover Economic Development Authority Public Facilities, Community Center Crossover Refunded 02/01/2014 @ 100 | ||||||||
5.000%, 02/01/2019 z | 730 | 804 | ||||||
5.000%, 02/01/2019 z | 495 | 545 | ||||||
Pine County Housing & Redevelopment Authority | ||||||||
Series A | ||||||||
4.500%, 02/01/2016 | 465 | 485 | ||||||
4.500%, 02/01/2017 | 385 | 397 | ||||||
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center | ||||||||
4.500%, 12/01/2019 | 180 | 186 | ||||||
4.500%, 12/01/2020 | 290 | 297 | ||||||
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center | ||||||||
4.000%, 06/01/2012 | 195 | 197 | ||||||
St. Paul Port Authority, Office Building | ||||||||
5.000%, 12/01/2019 | 2,415 | 2,518 | ||||||
Stevens County Housing & Redevelopment Authority Project, Series A | ||||||||
4.000%, 02/01/2018 | 315 | 318 | ||||||
4.000%, 02/01/2019 | 325 | 322 | ||||||
4.100%, 02/01/2020 | 340 | 337 | ||||||
6,406 | ||||||||
Miscellaneous – 1.0% | ||||||||
Seaway Port Authority of Duluth, Cargill Incorporated Project | ||||||||
4.200%, 05/01/2013 | 2,000 | 2,060 | ||||||
Tax Revenue – 1.8% | ||||||||
Hennepin County Sales Tax, Ballpark Project | ||||||||
Series B | ||||||||
4.375%, 12/15/2022 | 555 | 582 | ||||||
5.000%, 12/15/2029 | 1,000 | 1,073 | ||||||
Minneapolis St. Anthony Falls Project | ||||||||
5.000%, 02/01/2017 | 1,040 | 953 | ||||||
5.300%, 02/01/2021 | 570 | 506 | ||||||
Minneapolis Tax Increment, Grant Park Project | ||||||||
5.200%, 02/01/2022 | 1,000 | 858 | ||||||
3,972 | ||||||||
Transportation – 7.4% | ||||||||
Minneapolis & St. Paul Metropolitan Airports Commission | ||||||||
Series A | ||||||||
4.000%, 01/01/2019 | 1,000 | 1,020 | ||||||
5.000%, 01/01/2020 | 1,000 | 1,083 | ||||||
5.000%, 01/01/2021 | 500 | 537 | ||||||
Series A (NATL) | ||||||||
5.000%, 01/01/2019 | 1,000 | 1,033 | ||||||
5.000%, 01/01/2020 | 2,200 | 2,262 | ||||||
Series B (AMBAC) (AMT) | ||||||||
5.000%, 01/01/2020 | 2,125 | 2,122 | ||||||
Series B, Escrowed to Maturity (AMT) (FGIC) (NATL) | ||||||||
5.750%, 01/01/2010 § | 2,380 | 2,380 | ||||||
Series C, Pre-refunded 01/01/2011 @ 100 (FGIC) | ||||||||
5.125%, 01/01/2020 ◊ | 3,095 | 3,238 | ||||||
Minnesota Public Facilities Authority Transportation | ||||||||
5.000%, 03/01/2012 | 970 | 977 | ||||||
Puerto Rico Commonwealth, Highway & Transportation Authority, Series X (IBC) (NATL) | ||||||||
5.500%, 07/01/2013 | 1,250 | 1,336 | ||||||
15,988 | ||||||||
Utilities – 9.9% | ||||||||
Chaska Electric, Series A | ||||||||
5.650%, 10/01/2010 | 760 | 785 | ||||||
4.200%, 10/01/2015 | 1,000 | 1,063 | ||||||
Cohasset Pollution Control, Allete Project (IBCC) (RAAI) | ||||||||
4.950%, 07/01/2022 | 2,230 | 2,252 | ||||||
Litchfield Electric Utilities, Series C (AGC) | ||||||||
5.000%, 02/01/2029 | 500 | 515 | ||||||
Marshall Public Utilities | ||||||||
Series A (AGC) | ||||||||
3.500%, 07/01/2016 | 315 | 320 | ||||||
3.500%, 07/01/2017 | 275 | 275 | ||||||
3.750%, 07/01/2018 | 340 | 338 | ||||||
Series B | ||||||||
3.500%, 07/01/2015 | 500 | 511 | ||||||
Minnesota State Municipal Power Agency | ||||||||
4.125%, 10/01/2017 | 420 | 437 | ||||||
5.250%, 10/01/2022 | 1,000 | 1,071 | ||||||
Northern Municipal Power Agency, Minnesota Electric Systems | ||||||||
Series A (AGC) | ||||||||
5.000%, 01/01/2019 | 1,000 | 1,091 | ||||||
5.000%, 01/01/2021 | 2,000 | 2,146 |
The accompanying notes are an integral part of the financial statements.
34 First American Funds 2009 Semiannual Report
Table of Contents
Minnesota Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Series A (AMBAC) | ||||||||
5.000%, 01/01/2013 | $ | 380 | $ | 415 | ||||
5.000%, 01/01/2017 | 460 | 507 | ||||||
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGC) | ||||||||
5.000%, 07/01/2016 | 500 | 551 | ||||||
Shakopee Public Utilities, Series A (AGM) | ||||||||
4.250%, 02/01/2018 | 295 | 308 | ||||||
Southern Minnesota Municipal Power Agency | ||||||||
Series A (AMBAC) | ||||||||
5.250%, 01/01/2014 | 2,000 | 2,241 | ||||||
Series A, Zero Coupon Bond (NATL) | ||||||||
4.080%, 01/01/2020 ¤ | 3,500 | 2,337 | ||||||
4.210%, 01/01/2021 ¤ | 5,000 | 3,162 | ||||||
Western Minnesota Municipal Power Agency | ||||||||
Series A (AMBAC) | ||||||||
5.500%, 01/01/2011 | 1,000 | 1,004 | ||||||
21,329 | ||||||||
Total Revenue Bonds | 148,349 | |||||||
General Obligations – 25.4% | ||||||||
Anoka County Capital Improvement | ||||||||
Series A | ||||||||
4.100%, 02/01/2018 | 610 | 646 | ||||||
5.000%, 02/01/2020 | 1,000 | 1,122 | ||||||
Series B | ||||||||
4.550%, 01/01/2011 | 1,335 | 1,358 | ||||||
Series C | ||||||||
4.100%, 02/01/2018 | 285 | 309 | ||||||
4.200%, 02/01/2019 | 595 | 638 | ||||||
Series D | ||||||||
5.000%, 02/01/2024 | 500 | 536 | ||||||
Anoka-Hennepin Independent School District #11 Crossover Refunded 02/01/2011 @ 100 (MSDCEP) | ||||||||
5.000%, 02/01/2014 z | 2,000 | 2,071 | ||||||
Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP) | ||||||||
5.000%, 02/01/2012 z | 1,000 | 1,036 | ||||||
5.375%, 02/01/2013 z | 600 | 602 | ||||||
Burnsville Independent School District #191, Alternative Facilities, Series A (MSDCEP) | ||||||||
4.250%, 02/01/2020 | 1,200 | 1,285 | ||||||
Chaska Independent School District #112, School Building, Series A (MSDCEP) (NATL) | ||||||||
4.250%, 02/01/2019 | 1,000 | 1,073 | ||||||
Chatfield Independent School District #227, School Building, Series A (AGM) (MSDCEP) | ||||||||
4.000%, 02/01/2018 | 450 | 488 | ||||||
Dakota County Capital Improvement, Series C | ||||||||
4.850%, 02/01/2010 | 1,000 | 1,004 | ||||||
Dakota County Community Development Agency, Senior Housing Facilities, Series A | ||||||||
4.375%, 01/01/2019 | 510 | 544 | ||||||
4.500%, 01/01/2020 | 215 | 229 | ||||||
Dassel Cokato Independent School District #466, School Building, Series A (MSCDEP) | ||||||||
4.000%, 03/01/2014 | 300 | 327 | ||||||
Duluth DECC Improvement, Series A | ||||||||
4.500%, 02/01/2021 | 1,160 | 1,230 | ||||||
4.500%, 02/01/2022 | 465 | 489 | ||||||
4.625%, 02/01/2024 | 1,100 | 1,150 | ||||||
Duluth Independent School District #709 | ||||||||
Series A (AGM) (MSDCEP) | ||||||||
4.250%, 02/01/2022 | 1,150 | 1,207 | ||||||
Lakeville Independent School District #194 | ||||||||
Series A, Crossover Refunded 02/01/2013 @ 100 (FGIC) (MSDCEP) | ||||||||
5.000%, 02/01/2022 z | 1,260 | 1,379 | ||||||
Mankato, Series A | ||||||||
3.500%, 02/01/2018 | 765 | 789 | ||||||
3.500%, 02/01/2019 | 775 | 789 | ||||||
Minneapolis Special School District #1 (MSDCEP) | ||||||||
4.000%, 02/01/2018 | 1,135 | 1,205 | ||||||
Moorhead Independent School District #152 Crossover Refunded 04/01/2012 @ 100 (FGIC) (MSDCEP) | ||||||||
5.000%, 04/01/2015 z | 3,450 | 3,719 | ||||||
5.000%, 04/01/2016 z | 2,510 | 2,706 | ||||||
Mounds View Independent School District #621, School Building | ||||||||
Series A (MSDCEP) | ||||||||
3.250%, 02/01/2017 | 625 | 640 | ||||||
4.000%, 02/01/2021 | 1,000 | 1,028 | ||||||
4.000%, 02/01/2022 | 750 | 765 | ||||||
Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP) | ||||||||
5.250%, 02/01/2012 z | 1,000 | 1,045 | ||||||
Series A, Crossover Refunded 02/01/2012 @ 100 (MSDCEP) | ||||||||
5.000%, 02/01/2019 z | 2,565 | 2,748 | ||||||
Series A, Crossover Refunded 02/01/2012 @ 100 (MSDCEP) (NATL) | ||||||||
5.000%, 02/01/2018 z | 2,340 | 2,508 | ||||||
New Prague Independent School District #721, School Building, Series A (MSDCEP) (SGI) | ||||||||
3.750%, 02/01/2020 | 525 | 531 | ||||||
3.875%, 02/01/2022 | 475 | 476 | ||||||
Pequot Lakes Independent School District #186 Crossover Refunded 02/01/2012 @ 100 (FGIC) (MSDCEP) | ||||||||
5.125%, 02/01/2018 z | 500 | 539 | ||||||
Perham, Disposal System (AMT) | ||||||||
5.850%, 05/01/2015 | 1,205 | 1,233 | ||||||
Puerto Rico Commonwealth (NATL) | ||||||||
6.000%, 07/01/2014 | 1,605 | 1,743 | ||||||
Series A | ||||||||
5.500%, 07/01/2018 | 1,000 | 1,034 | ||||||
5.500%, 07/01/2018 | 575 | 594 | ||||||
Series A (SGI) | ||||||||
5.500%, 07/01/2017 | 1,000 | 1,036 | ||||||
Puerto Rico Commonwealth, Government Development, Series B | ||||||||
5.000%, 12/01/2014 | 1,000 | 1,032 | ||||||
Robbinsdale Independent School District #281, Alternative Facility, Series B (MSDCEP) | ||||||||
4.500%, 02/01/2021 | 500 | 545 | ||||||
Rochester Wastewater, Series A | ||||||||
4.000%, 12/01/2018 | 1,140 | 1,231 | ||||||
Sauk Rapids Independent School District #47 | ||||||||
Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 89.37 (AGM) (MSDCEP) | ||||||||
1.687%, 02/01/2013 z ¤ | 1,055 | 926 | ||||||
Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 94.63 (AGM) (MSDCEP) | ||||||||
1.687%, 02/01/2012 z ¤ | 1,790 | 1,663 | ||||||
South Washington County, Independent School District #833, Series B (AGM) (MSDCEP) | ||||||||
5.000%, 02/01/2015 | 1,030 | 1,112 |
First American Funds 2009 Semiannual Report 35
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Minnesota Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
St. Cloud Library Sales Tax, Series B (AGM) | ||||||||
4.000%, 02/01/2018 | $ | 1,000 | $ | 1,063 | ||||
St. Michael Independent School District #885 Crossover Refunded 02/01/2012 @ 100 (AGM) (MSDCEP) | ||||||||
5.000%, 02/01/2014 z | 1,190 | 1,277 | ||||||
5.000%, 02/01/2017 z | 1,000 | 1,074 | ||||||
Wright County Jail, Series A (MCCEP) | ||||||||
4.500%, 12/01/2020 | 640 | 694 | ||||||
Zumbrota-Mazeppa Independent School District #2805, Alternative Facilities | ||||||||
Series A (MSDCEP) | ||||||||
4.000%, 02/01/2019 | 200 | 213 | ||||||
Total General Obligations | 54,681 | |||||||
Certificates of Participation – 2.4% | ||||||||
Chaska Independent School District #112 | ||||||||
Series B | ||||||||
4.000%, 12/01/2015 | 545 | 573 | ||||||
4.000%, 12/01/2016 | 525 | 545 | ||||||
4.000%, 12/01/2017 | 590 | 605 | ||||||
4.000%, 12/01/2018 | 415 | 420 | ||||||
Duluth Independent School District #709 | ||||||||
Series B (MSDCEP) | ||||||||
4.000%, 02/01/2019 | 1,890 | 1,983 | ||||||
Northeast Metropolitan Intermediate School District #916 | ||||||||
4.250%, 01/01/2015 | 1,000 | 1,043 | ||||||
Total Certificates of Participation | 5,169 | |||||||
Total Municipal Bonds (Cost $201,557) | 208,199 | |||||||
Short-Term Investments – 2.2% | ||||||||
Money Market Fund – 1.0% | ||||||||
Federated Minnesota Municipal Cash Trust | ||||||||
0.180% Ω | 2,176,199 | 2,176 | ||||||
Variable Rate Demand Note v – 1.2% | ||||||||
Cohasset Power & Light Company Project (LOC: LaSalle Bank) | ||||||||
0.250%, 06/01/2020 | $ | 2,510 | 2,510 | |||||
Total Short-Term Investments | ||||||||
(Cost $4,686) | 4,686 | |||||||
Total Investments 5 – 98.9% | ||||||||
(Cost $206,243) | 212,885 | |||||||
Other Assets and Liabilities, Net – 1.1% | 2,383 | |||||||
Total Net Assets – 100.0% | $ | 215,268 | ||||||
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. | |
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
z | Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
v | Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to |
Minnesota Intermediate Tax Free Fund (concluded)
receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2009. | ||
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $206,243. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 8,278 | ||
Gross unrealized depreciation | (1,636 | ) | ||
Unrealized appreciation | $ | 6,642 | ||
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $7,790, which represents 3.6% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
GNMA – | Government National Mortgage Association |
IBC – | Insured Bond Certificate |
IBCC – | Insured Bond Custodial Certificate |
LOC – | Letter of Credit |
MCCEP – | Minnesota County Credit Enhancement Program |
MSDCEP – | Minnesota School District Credit Enhancement Program |
NATL – | National Public Finance Guarantee Corporation |
RAAI – | Radian Asset Assurance Inc. |
SGI – | Syncora Guarantee Inc. |
The accompanying notes are an integral part of the financial statements.
36 First American Funds 2009 Semiannual Report
Table of Contents
Minnesota Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 95.2% | ||||||||
Revenue Bonds – 80.8% | ||||||||
Continuing Care Retirement Communities – 1.7% | ||||||||
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects | ||||||||
Series A | ||||||||
5.700%, 07/01/2042 | $ | 1,750 | $ | 1,467 | ||||
Golden Valley Covenant Retirement Communities, Series A | ||||||||
5.500%, 12/01/2029 | 1,450 | 1,338 | ||||||
2,805 | ||||||||
Economic Development – 0.9% | ||||||||
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program, Series A (AMT) | ||||||||
5.550%, 08/01/2016 | 500 | 468 | ||||||
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D (AMT) | ||||||||
7.250%, 08/01/2020 | 1,005 | 1,008 | ||||||
1,476 | ||||||||
Education – 9.0% | ||||||||
Baytown Lease, St. Croix Preparatory Academy | ||||||||
Series A | ||||||||
7.000%, 08/01/2038 | 1,500 | 1,384 | ||||||
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R | ||||||||
5.500%, 05/01/2026 | 1,725 | 1,673 | ||||||
5.500%, 05/01/2027 | 820 | 793 | ||||||
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K | ||||||||
5.000%, 05/01/2026 | 30 | 30 | ||||||
Minnesota Higher Education Facilities Authority, University of St. Thomas | ||||||||
Series 6-X | ||||||||
5.250%, 04/01/2039 | 5,000 | 5,081 | ||||||
Series 7-A | ||||||||
5.000%, 10/01/2039 | 2,000 | 1,989 | ||||||
Minnesota Higher Education Facilities Authority,Vermilion Community College Project | ||||||||
Series 3-T | ||||||||
6.000%, 01/01/2013 | 290 | 292 | ||||||
St. Paul Housing & Redevelopment Authority, Community Peace Academy Project, Series A | ||||||||
5.000%, 12/01/2036 | 800 | 628 | ||||||
St. Paul Housing & Redevelopment Authority, St. Paul Academy & Summit School Project | ||||||||
5.000%, 10/01/2024 | 2,000 | 2,083 | ||||||
University of Minnesota, Series C | ||||||||
5.000%, 12/01/2020 | 1,000 | 1,134 | ||||||
15,087 | ||||||||
Healthcare ⊳ – 27.2% | ||||||||
Chippewa County, Montevideo Hospital Project | ||||||||
5.500%, 03/01/2037 | 1,500 | 1,374 | ||||||
Cuyuna Range Hospital District | ||||||||
5.500%, 06/01/2035 | 350 | 289 | ||||||
Duluth Economic Development Authority, Benedictine Health System-St.Mary’s, Pre-refunded 02/15/2014 @ | ||||||||
5.250%, 02/15/2028 ◊ | 1,065 | 1,221 | ||||||
Glencoe Health Care Facilities, Regional Health Services Project | ||||||||
5.000%, 04/01/2031 | 2,000 | 1,804 | ||||||
Maple Grove Health Care Facilities, North Memorial Health Care | ||||||||
5.000%, 09/01/2035 | 2,000 | 1,805 | ||||||
Maple Grove Health Care System, Maple Grove Hospital | ||||||||
4.500%, 05/01/2023 | 1,500 | 1,470 | ||||||
5.250%, 05/01/2025 | 1,000 | 1,029 | ||||||
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A, Pre-refunded 11/01/2013 @ 100 | ||||||||
5.250%, 11/01/2016 ◊ | 305 | 344 | ||||||
5.850%, 11/01/2023 ◊ | 875 | 1,006 | ||||||
Meeker County Hospital Facilities, Memorial Hospital Project | ||||||||
5.750%, 11/01/2027 | 1,000 | 980 | ||||||
Minneapolis Health Care System, Fairview Health Services, Series A | ||||||||
6.625%, 11/15/2028 | 3,000 | 3,371 | ||||||
Minnesota Agricultural & Economic Development Board, Fairview Health Services | ||||||||
Series A | ||||||||
6.375%, 11/15/2029 | 125 | 127 | ||||||
Monticello-Big Lake Community Hospital District, Health Care Facilities, Series C | ||||||||
6.200%, 12/01/2022 | 1,000 | 943 | ||||||
New Hope Housing & Health Care Facilities, Masonic Home North Ridge | ||||||||
5.750%, 03/01/2015 | 1,600 | 1,603 | ||||||
Redwood Falls Hospital Facilities, Redwood Area Hospital Project | ||||||||
5.125%, 12/01/2036 | 2,000 | 1,837 | ||||||
Rochester Health Care & Housing, Samaritan Bethany, Series A | ||||||||
7.375%, 12/01/2041 | 1,100 | 1,082 | ||||||
Shakopee Health Care Facilities, St. Francis Regional Medical Center | ||||||||
5.250%, 09/01/2034 | 2,000 | 1,847 | ||||||
St. Cloud Health Care Facilities, CentraCare Health System Project (AGC) | ||||||||
5.500%, 05/01/2039 | 3,000 | 3,071 | ||||||
St. Louis Park Health Care Facilities, Park Nicollet Health Services | ||||||||
5.750%, 07/01/2039 | 2,000 | 1,967 | ||||||
Series B, Pre-refunded 07/01/2014 @ 100 | ||||||||
5.500%, 07/01/2025 ◊ | 2,000 | 2,321 | ||||||
Series C | ||||||||
5.750%, 07/01/2030 | 1,000 | 1,007 | ||||||
St. Paul Housing & Redevelopment Authority, Allina Health System | ||||||||
Series A (NATL) | ||||||||
5.000%, 11/15/2012 | 2,500 | 2,663 | ||||||
Series A-1 | ||||||||
5.250%, 11/15/2029 | 3,050 | 3,046 | ||||||
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home | ||||||||
5.630%, 10/01/2033 | 2,260 | 1,876 | ||||||
St. Paul Housing & Redevelopment Authority, Gillette Childrens Specialty | ||||||||
5.000%, 02/01/2029 | 2,060 | 1,989 | ||||||
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group Project | ||||||||
5.250%, 05/15/2026 | 2,000 | 1,903 | ||||||
St. Paul Housing & Redevelopment Authority, HealthEast Project | ||||||||
6.000%, 11/15/2030 | 800 | 728 |
First American Funds 2009 Semiannual Report 37
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Minnesota Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
St. Paul Housing & Redevelopment Authority, Regions Hospital Project | ||||||||
5.250%, 05/15/2018 | $ | 500 | $ | 500 | ||||
St. Paul Port Authority, HealthEast Midway Campus | ||||||||
Series A | ||||||||
5.875%, 05/01/2030 | 900 | 808 | ||||||
Series B | ||||||||
6.000%, 05/01/2030 | 1,800 | 1,640 | ||||||
45,651 | ||||||||
Housing – 11.2% | ||||||||
Cottage Grove Senior Housing, PHS/Cottage Grove Inc. Project, Series A | ||||||||
5.000%, 12/01/2031 | 850 | 682 | ||||||
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA) | ||||||||
5.900%, 04/20/2042 | 2,000 | 2,051 | ||||||
Maplewood Multifamily Housing, Carefree Cottages ll, Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA) | ||||||||
4.800%, 04/15/2034 | 2,000 | 2,014 | ||||||
Minneapolis & St. Paul Housing Financing Board, Single Family Mortgage | ||||||||
Series A4 (AMT) (FHLMC) (FNMA) (GNMA) | ||||||||
5.000%, 11/01/2038 | 861 | 824 | ||||||
Minneapolis Housing, Keeler Apartments Project | ||||||||
Series A | ||||||||
5.000%, 10/01/2037 | 1,350 | 1,065 | ||||||
Minneapolis Multifamily Housing, Vantage Flats Project (AMT) (GNMA) | ||||||||
5.200%, 10/20/2048 | 870 | 872 | ||||||
Minnesota Housing Finance Agency, Residential Housing | ||||||||
Series B (AMT) | ||||||||
5.650%, 07/01/2033 | 605 | 608 | ||||||
Series B1-RMK (AMT) | ||||||||
5.350%, 07/01/2033 | 1,285 | 1,286 | ||||||
Series D (AMT) | ||||||||
4.700%, 07/01/2027 | 3,465 | 3,311 | ||||||
Series E | ||||||||
5.100%, 01/01/2040 | 500 | 499 | ||||||
Series F (AMT) | ||||||||
5.400%, 07/01/2030 | 2,105 | 2,112 | ||||||
Minnesota Housing Finance Agency, Single Family Mortgage, Series C (AMT) | ||||||||
6.100%, 07/01/2030 | 265 | 265 | ||||||
Moorhead Senior Housing, Sheyenne Crossing Project | ||||||||
5.650%, 04/01/2041 | 1,620 | 1,349 | ||||||
St. Paul Housing & Redevelopment Authority, Rossy & Richard Shaller, Series A | ||||||||
5.250%, 10/01/2042 | 1,100 | 841 | ||||||
White Bear Lake, Multifamily Housing, Lake Square, Series A (FHA) | ||||||||
6.000%, 08/01/2020 | 1,020 | 1,021 | ||||||
18,800 | ||||||||
Lease Revenue – 4.5% | ||||||||
Lakeville Housing & Redevelopment Authority, Ice Arena Project | ||||||||
4.625%, 02/01/2032 | 585 | 545 | ||||||
New Brighton Economic Development Authority, Public Safety Facility, Series A | ||||||||
4.900%, 02/01/2015 | 850 | 852 | ||||||
5.000%, 02/01/2016 | 895 | 896 | ||||||
5.100%, 02/01/2017 | 900 | 901 | ||||||
Pine County Housing & Redevelopment Authority, Series A | ||||||||
5.000%, 02/01/2028 | 1,000 | 1,000 | ||||||
5.000%, 02/01/2031 | 1,890 | 1,828 | ||||||
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center | ||||||||
4.750%, 12/01/2026 | 500 | 512 | ||||||
St. Paul Port Authority, Regions Hospital Parking Ramp Project, Series 1 | ||||||||
5.000%, 08/01/2036 | 1,375 | 1,071 | ||||||
7,605 | ||||||||
Miscellaneous – 1.1% | ||||||||
Little Canada Commercial Development, RLF Minnesota Project | ||||||||
7.100%, 04/01/2013 | 650 | 650 | ||||||
Seaway Port Authority of Duluth, Cargill Inc. Project | ||||||||
4.200%, 05/01/2013 | 1,130 | 1,164 | ||||||
1,814 | ||||||||
Recreational Facility Authority – 1.1% | ||||||||
Moorhead Golf Course, Series B | ||||||||
5.875%, 12/01/2021 | 2,000 | 1,849 | ||||||
Tax Revenue – 0.2% | ||||||||
Minneapolis St. Anthony Falls Project | ||||||||
5.650%, 02/01/2027 | 400 | 344 | ||||||
Transportation – 5.9% | ||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (AMBAC) | ||||||||
5.000%, 01/01/2017 | 1,000 | 1,101 | ||||||
5.000%, 01/01/2019 | 3,250 | 3,500 | ||||||
5.000%, 01/01/2020 | 5,000 | 5,334 | ||||||
9,935 | ||||||||
Utilities – 18.0% | ||||||||
Chaska Electric, Series A | ||||||||
6.100%, 10/01/2030 | 45 | 45 | ||||||
Minnesota Public Facilities Authority, Clean Water, Series B | ||||||||
5.000%, 03/01/2018 | 2,000 | 2,316 | ||||||
Northern Municipal Power Agency, Minnesota Electric Systems | ||||||||
Series A (AGC) | ||||||||
5.000%, 01/01/2018 | 1,985 | 2,196 | ||||||
Series A (AMBAC) | ||||||||
5.000%, 01/01/2026 | 2,000 | 2,091 | ||||||
Puerto Rico Electric Power Authority | ||||||||
Series SS (NATL) | ||||||||
5.000%, 07/01/2024 | 2,000 | 2,006 | ||||||
Southern Minnesota Municipal Power Agency | ||||||||
Series A, Zero Coupon Bond (NATL) | ||||||||
3.910%, 01/01/2019 ¤ | 4,000 | 2,823 | ||||||
4.210%, 01/01/2021 ¤ | 5,065 | 3,203 | ||||||
4.410%, 01/01/2023 ¤ | 3,000 | 1,702 | ||||||
4.510%, 01/01/2024 ¤ | 11,000 | 5,891 | ||||||
4.580%, 01/01/2025 ¤ | 4,770 | 2,418 | ||||||
4.620%, 01/01/2026 ¤ | 6,300 | 3,034 | ||||||
4.700%, 01/01/2027 ¤ | 2,900 | 1,316 |
The accompanying notes are an integral part of the financial statements.
38 First American Funds 2009 Semiannual Report
Table of Contents
Minnesota Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Western Minnesota Municipal Power Agency Escrowed to Maturity (NATL) | ||||||||
9.750%, 01/01/2016 § | $ | 410 | $ | 562 | ||||
Series A (AMBAC) | ||||||||
5.500%, 01/01/2015 | 550 | 573 | ||||||
30,176 | ||||||||
Total Revenue Bonds | 135,542 | |||||||
General Obligations – 13.1% | ||||||||
Burnsville Independent School District #191, Alternative Facilities, Series A (MSDCEP) | ||||||||
4.500%, 02/01/2022 | 1,430 | 1,527 | ||||||
Hopkins Independent School District #270 | ||||||||
Series B (MSDCEP) | ||||||||
4.000%, 02/01/2026 | 1,000 | 1,004 | ||||||
Minneapolis Sports Arena Project | ||||||||
5.100%, 04/01/2013 | 500 | 502 | ||||||
5.100%, 10/01/2013 | 250 | 251 | ||||||
Minnesota | ||||||||
5.000%, 08/01/2013 | 2,000 | 2,276 | ||||||
Series A | ||||||||
5.000%, 06/01/2018 | 2,000 | 2,335 | ||||||
Series H | ||||||||
5.000%, 11/01/2028 | 5,000 | 5,562 | ||||||
5.000%, 11/01/2029 | 2,510 | 2,777 | ||||||
Minnesota Highway & Various Purpose | ||||||||
5.000%, 08/01/2020 | 3,800 | 4,297 | ||||||
Perham, Disposal System (AMT) | ||||||||
6.000%, 05/01/2022 | 1,500 | 1,515 | ||||||
Total General Obligations | 22,046 | |||||||
Certificate of Participation – 1.3% | ||||||||
Duluth Independent School District #709 | ||||||||
Series B (MSDCEP) | ||||||||
4.000%, 02/01/2019 | 2,000 | 2,098 | ||||||
Total Municipal Bonds | ||||||||
(Cost $157,781) | 159,686 | |||||||
Short-Term Investments – 3.7% | ||||||||
Money Market Fund – 3.6% | ||||||||
Federated Minnesota Municipal Cash Trust | ||||||||
0.180%Ω | 6,039,449 | 6,039 | ||||||
Variable Rate Demand Note v – 0.1% | ||||||||
Brown County, Martin Luther College Project | ||||||||
0.320%, 09/01/2024 | $ | 200 | 200 | |||||
Total Short-Term Investments | ||||||||
(Cost $6,239) | 6,239 | |||||||
Total Investments 5 – 98.9% | ||||||||
(Cost $164,020) | 165,925 | |||||||
Other Assets and Liabilities, Net – 1.1% | 1,859 | |||||||
Total Net Assets – 100.0% | $ | 167,784 | ||||||
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. | |
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. |
Minnesota Tax Free Fund (concluded)
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
v | Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $164,020. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 6,078 | ||
Gross unrealized depreciation | (4,173 | ) | ||
Unrealized appreciation | $ | 1,905 | ||
AGC – Assured Guaranty Corporation
AMBAC – American Municipal Bond Assurance Corporation
AMT – Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $14,283, which represents 8.5% of total net assets.
FHA – Federal Housing Administration
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
MSDCEP – Minnesota School District Credit Enhancement Program
NATL – National Public Finance Guarantee Corporation
First American Funds 2009 Semiannual Report 39
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Missouri Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 97.8% | ||||||||
Revenue Bonds – 83.6% | ||||||||
Continuing Care Retirement Communities – 4.5% | ||||||||
Cole County Industrial Development Authority, Lutheran Services Heisinger Project | ||||||||
5.250%, 02/01/2024 | $ | 2,000 | $ | 1,897 | ||||
Illinois Finance Authority, Franciscan Communities, Series A | ||||||||
5.500%, 05/15/2027 | 500 | 382 | ||||||
Lee’s Summit Industrial Development Authority, Senior Living Facilities, John Knox Village Group, Series A | ||||||||
5.000%, 08/15/2014 | 1,035 | 1,052 | ||||||
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A | ||||||||
5.375%, 02/01/2035 | 1,500 | 1,321 | ||||||
St. Louis County Industrial Development Authority, Friendship Village West, Series A | ||||||||
5.500%, 09/01/2028 | 2,000 | 1,814 | ||||||
6,466 | ||||||||
Education – 4.5% | ||||||||
Curators University System Facilities, Series A | ||||||||
5.000%, 11/01/2033 | 1,000 | 1,036 | ||||||
Lincoln University Auxiliary System (AGC) | ||||||||
5.125%, 06/01/2037 | 1,000 | 1,012 | ||||||
Missouri Development Finance Board, Midwest Research Institute Project | ||||||||
5.000%, 11/01/2017 | 1,185 | 1,148 | ||||||
Missouri Health & Educational Facilities Authority, Washington University, Series A | ||||||||
5.375%, 03/15/2039 | 3,000 | 3,277 | ||||||
6,473 | ||||||||
Healthcare – 23.7% | ||||||||
Boone County Hospital | ||||||||
5.050%, 08/01/2020 | 1,200 | 1,210 | ||||||
5.625%, 08/01/2038 | 2,000 | 2,002 | ||||||
Cape Girardeau County Industrial Development Authority, Health Care Facilities, Southeast Missouri Hospital | ||||||||
5.625%, 06/01/2022 | 245 | 245 | ||||||
Pre-refunded 06/01/2012 @ 100 | ||||||||
5.625%, 06/01/2022 ◊ | 1,255 | 1,391 | ||||||
Cape Girardeau County Industrial Development Authority, Health Care Facilities, St. Francis Medical Center, Series A | ||||||||
5.125%, 06/01/2023 | 250 | 254 | ||||||
5.125%, 06/01/2024 | 200 | 202 | ||||||
5.500%, 06/01/2029 | 500 | 509 | ||||||
5.750%, 06/01/2039 | 2,000 | 2,017 | ||||||
Carthage Hospital | ||||||||
6.000%, 04/01/2038 | 1,000 | 792 | ||||||
Cass County Hospital | ||||||||
5.500%, 05/01/2027 | 2,000 | 1,805 | ||||||
Clinton County Industrial Development Authority, Health Facilities, Cameron Regional Medical Center | ||||||||
5.000%, 12/01/2037 | 1,000 | 691 | ||||||
Grundy County Industrial Development Authority Health Facilities, Wright Memorial Hospital | ||||||||
5.650%, 09/01/2022 | 1,120 | 1,103 | ||||||
5.750%, 09/01/2023 | 1,000 | 985 | ||||||
Hannibal Industrial Development Authority Health Facilities | ||||||||
4.300%, 03/01/2013 | 1,345 | 1,360 | ||||||
5.000%, 03/01/2022 | 1,000 | 964 | ||||||
Indiana Finance Authority Health Systems, Sisters of St. Francis Health | ||||||||
5.250%, 11/01/2024 | 1,000 | 1,017 | ||||||
Joplin Industrial Development Authority Health Facilities, Freeman Health Systems Project | ||||||||
5.500%, 02/15/2024 | 2,000 | 1,978 | ||||||
Missouri Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity | ||||||||
6.750%, 05/15/2012 § | 2,310 | 2,624 | ||||||
Missouri Health & Educational Facilities Authority, Children’s Mercy Hospital | ||||||||
5.625%, 05/15/2039 | 2,500 | 2,510 | ||||||
Missouri Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI) | ||||||||
5.000%, 08/15/2019 | 2,300 | 2,252 | ||||||
Missouri Health & Educational Facilities Authority, Lake Regional Health System Project | ||||||||
5.000%, 02/15/2012 | 515 | 528 | ||||||
Missouri Health & Educational Facilities Authority, SSM Health Care | ||||||||
Series A | ||||||||
5.000%, 06/01/2036 | 2,000 | 2,022 | ||||||
Series B (NATL) | ||||||||
5.000%, 06/01/2018 | 445 | 447 | ||||||
Missouri Health & Educational Facilities Authority, St. Luke’s Health, Series 2003-B (AGM) | ||||||||
5.500%, 11/15/2032 | 2,000 | 2,112 | ||||||
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital | ||||||||
5.625%, 12/01/2035 | 1,000 | 802 | ||||||
St. Louis County Industrial Development Authority, Health Facilities, Ranken-Jordan Project | ||||||||
4.250%, 11/15/2014 | 125 | 122 | ||||||
5.000%, 11/15/2027 | 670 | 523 | ||||||
5.000%, 11/15/2035 | 1,300 | 954 | ||||||
Series A, Pre-refunded 11/15/2013 @ 100 | ||||||||
6.625%, 11/15/2035 ◊ | 500 | 598 | ||||||
34,019 | ||||||||
Housing – 4.2% | ||||||||
Kansas City Industrial Development Authority, Multifamily Housing, Grand Boulevard | ||||||||
Series A (GNMA) | ||||||||
5.300%, 11/20/2049 | 1,290 | 1,288 | ||||||
Missouri Housing Development Commission, Homeownership Loan Program | ||||||||
Series A1 (AMT) (FHLMC) (FNMA) (GNMA) | ||||||||
5.300%, 03/01/2039 | 525 | 529 | ||||||
Series B (AMT) (FNMA) (GNMA) | ||||||||
4.800%, 09/01/2031 | 890 | 877 | ||||||
Series C1 (AMT) (FNMA) (GNMA) | ||||||||
5.000%, 09/01/2037 | 455 | 439 | ||||||
Riverside Industrial Development Authority, Riverside Horizons Project, Series A (ACA) | ||||||||
5.000%, 05/01/2027 | 1,500 | 1,421 | ||||||
University City Industrial Development Authority, Multifamily Canterbury, Series A (GNMA) | ||||||||
5.950%, 12/20/2025 | 1,400 | 1,393 | ||||||
5,947 | ||||||||
Lease Revenue – 15.8% | ||||||||
Cape Girardeau County, Jackson School District #R-2 (NATL) | ||||||||
5.250%, 03/01/2026 | 1,000 | 1,050 | ||||||
Clay County Public Building Authority | ||||||||
Series A (AGM) | ||||||||
5.125%, 05/15/2014 | 2,000 | 2,006 |
The accompanying notes are an integral part of the financial statements.
40 First American Funds 2009 Semiannual Report
Table of Contents
Missouri Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond (AMBAC) | ||||||||
5.680%, 04/15/2027 ¤ | $ | 2,000 | $ | 759 | ||||
Kansas City Special Facilities, MCI Overhaul Base Project, Series G (AMT) | ||||||||
4.750%, 09/01/2028 | 4,000 | 3,554 | ||||||
Missouri Board of Public Buildings, Special Obligation, Series A | ||||||||
5.000%, 10/15/2027 | 1,000 | 1,046 | ||||||
Missouri Board of Public Buildings, State Office Building Special Obligation | ||||||||
Series A | ||||||||
5.125%, 05/01/2026 | 5,000 | 5,132 | ||||||
Series A (NATL) | ||||||||
5.000%, 05/01/2024 | 3,000 | 3,127 | ||||||
Missouri Development Finance Board, Infrastructure Facilities, Branson, Series A | ||||||||
5.000%, 12/01/2017 | 1,000 | 1,012 | ||||||
5.375%, 12/01/2022 | 750 | 755 | ||||||
Missouri Development Finance Board, Infrastructure Facilities, Independence Water System Improvement, Series C | ||||||||
5.750%, 11/01/2029 | 500 | 513 | ||||||
Platte County School District #R-3 (MDDP) | ||||||||
5.000%, 03/01/2028 | 200 | 210 | ||||||
Springfield Public Building, Capital Improvement Program (AMBAC) | ||||||||
5.000%, 03/01/2024 | 2,000 | 2,073 | ||||||
St. Louis Municipal Finance Leasehold, Convention Center Capital Improvement | ||||||||
Series A, Zero Coupon Bond (AGC) | ||||||||
5.620%, 07/15/2026 ¤ | 1,000 | 400 | ||||||
5.680%, 07/15/2027 ¤ | 1,000 | 374 | ||||||
5.730%, 07/15/2028 ¤ | 1,000 | 351 | ||||||
5.795%, 07/15/2029 ¤ | 1,000 | 328 | ||||||
22,690 | ||||||||
Miscellaneous – 2.6% | ||||||||
Kennett Industrial Development Authority, Manac Trailers USA Inc Project (LOC: Regions Bank) (AMT) | ||||||||
4.250%, 03/01/2022 | 1,500 | 1,352 | ||||||
4.250%, 03/01/2024 | 500 | 430 | ||||||
Missouri Development Finance Board, Infrastructure Facilities, Eastland Center Project | ||||||||
Series A | ||||||||
4.250%, 04/01/2015 | 1,010 | 1,048 | ||||||
Sugar Creek Industrial Development, Lafarge North America, Series A (AMT) | ||||||||
5.650%, 06/01/2037 | 1,000 | 868 | ||||||
3,698 | ||||||||
Revolving Funds – 5.8% | ||||||||
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control | ||||||||
Series A | ||||||||
5.750%, 01/01/2029 | 1,000 | 1,158 | ||||||
Series B | ||||||||
5.250%, 01/01/2015 | 1,225 | 1,236 | ||||||
Series C | ||||||||
4.750%, 07/01/2023 | 410 | 440 | ||||||
5.000%, 07/01/2023 | 5,155 | 5,408 | ||||||
8,242 | ||||||||
Tax Revenue – 9.8% | ||||||||
Columbia Special Obligation, Electric Utility Improvement, Series A | ||||||||
5.000%, 10/01/2021 | 400 | 441 | ||||||
5.000%, 10/01/2023 | 445 | 487 | ||||||
5.125%, 10/01/2030 | 500 | 531 | ||||||
Fenton Tax Increment Revenue, Gravois Bluffs Redevelopment Project | ||||||||
5.000%, 04/01/2014 | 1,000 | 1,064 | ||||||
Harrisonville Towne Center Project | ||||||||
4.375%, 11/01/2017 | 340 | 344 | ||||||
4.500%, 11/01/2022 | 715 | 699 | ||||||
Howard Bend Levee District (SGI) | ||||||||
5.500%, 03/01/2026 | 1,745 | 1,784 | ||||||
Jackson County Special Obligation, Harry S Truman Sports Complex (AMBAC) | ||||||||
5.000%, 12/01/2028 | 3,000 | 3,112 | ||||||
Kansas City Tax Increment Financing Commission, Maincor Project, Series A | ||||||||
5.250%, 03/01/2018 | 500 | 486 | ||||||
Missouri Development Finance Board, Independence Centerpoint Project | ||||||||
Series E | ||||||||
5.125%, 04/01/2025 | 1,000 | 1,009 | ||||||
Missouri Development Finance Board, Independence Crackerneck Creek Project, Series B | ||||||||
5.000%, 03/01/2025 | 1,000 | 949 | ||||||
Osage Beach Tax Increment, Prewitt’s Point Project | ||||||||
5.000%, 05/01/2023 | 1,455 | 1,124 | ||||||
Raytown Live Redevelopment Plan, Project #1 | ||||||||
5.125%, 12/01/2031 | 1,000 | 988 | ||||||
Riverside Tax Increment, L-385 Levee Project | ||||||||
5.250%, 05/01/2020 | 1,000 | 1,009 | ||||||
14,027 | ||||||||
Transportation – 3.6% | ||||||||
Missouri Highways & Transportation Commission | ||||||||
Series A, Pre-refunded 02/01/2011 @ 100 | ||||||||
5.250%, 02/01/2020 ◊ | 2,000 | 2,105 | ||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Series K | ||||||||
5.000%, 07/01/2017 | 1,000 | 1,004 | ||||||
St. Louis, Lambert, Series A-1 | ||||||||
6.125%, 07/01/2024 | 2,000 | 2,116 | ||||||
5,225 | ||||||||
Utilities – 9.1% | ||||||||
Carroll County Public Water Supply, District #I | ||||||||
6.000%, 03/01/2039 | 500 | 518 | ||||||
Kansas City Sanitary Sewer System, Series A | ||||||||
5.250%, 01/01/2034 | 2,000 | 2,098 | ||||||
Kansas City Water, Series A | ||||||||
5.250%, 12/01/2032 | 500 | 525 | ||||||
Metropolitan St. Louis Sewer District, Wastewater Systems, Series A | ||||||||
5.750%, 05/01/2038 | 500 | 546 | ||||||
Missouri Development Finance Board, Independence Water System (AMBAC) | ||||||||
5.000%, 11/01/2024 | 1,000 | 1,018 | ||||||
Missouri Joint Municipal Electric Utility Commission, Power Project, Iatan 2 Project | ||||||||
Series A | ||||||||
6.000%, 01/01/2039 | 2,000 | 2,121 | ||||||
Series A (AMBAC) | ||||||||
5.000%, 01/01/2028 | 1,000 | 1,008 | ||||||
Missouri Joint Municipal Electric Utility Commission, Power Project, Plum Point Project (NATL) | ||||||||
5.000%, 01/01/2016 | 1,500 | 1,561 | ||||||
North Central Regional Water Commission, Waterworks Systems | ||||||||
5.000%, 01/01/2037 | 2,070 | 1,742 | ||||||
Puerto Rico Electric Power Authority, Series WW | ||||||||
5.250%, 07/01/2025 | 1,000 | 1,010 | ||||||
St. Joseph Industrial Development Authority, Sewer System Improvements Project | ||||||||
4.750%, 04/01/2020 | 500 | 507 | ||||||
4.750%, 04/01/2021 | 390 | 395 | ||||||
13,049 | ||||||||
Total Revenue Bonds | 119,836 | |||||||
First American Funds 2009 Semiannual Report 41
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Missouri Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
General Obligations – 7.3% | ||||||||
Blue Springs Neighborhood Improvement | ||||||||
5.000%, 02/15/2029 | $ | 850 | $ | 896 | ||||
Jackson County School District #4, Blue Springs | ||||||||
Series A | ||||||||
4.750%, 03/01/2026 | 2,000 | 2,106 | ||||||
Jackson County School District #7, Lee’s Summit | ||||||||
4.750%, 03/01/2027 | 1,000 | 1,057 | ||||||
Jefferson City School District, Series A, Escrowed to Maturity | ||||||||
6.700%, 03/01/2011 § | 525 | 546 | ||||||
North Kansas City School District #74, Direct Deposit Program (MDDP) | ||||||||
5.000%, 03/01/2019 | 275 | 313 | ||||||
Platte County School District #R-3 (NATL) | ||||||||
5.000%, 03/01/2024 | 685 | 722 | ||||||
Puerto Rico Commonwealth, Public Improvement | ||||||||
Series A | ||||||||
5.250%, 07/01/2026 | 1,000 | 967 | ||||||
Richmond Heights, Manhasset Village Neighborhood | ||||||||
4.500%, 04/01/2026 | 690 | 669 | ||||||
St. Charles County, Francis Howell School District, Direct Deposit Program (MDDP) | ||||||||
5.000%, 03/01/2027 | 1,000 | 1,103 | ||||||
Wentzville School District #R-04, Refunding & Improvement, Series A, Zero Coupon Bond (MDDP) | ||||||||
5.120%, 03/01/2026 ¤ | 5,000 | 2,080 | ||||||
Total General Obligations | 10,459 | |||||||
Certificates of Participation – 6.9% | ||||||||
Belton Refunding & Improvement (NATL) | ||||||||
5.250%, 03/01/2029 | 355 | 360 | ||||||
4.375%, 03/01/2019 | 500 | 486 | ||||||
4.500%, 03/01/2022 | 500 | 476 | ||||||
Cottleville | ||||||||
5.125%, 08/01/2026 | 200 | 178 | ||||||
5.250%, 08/01/2031 | 1,700 | 1,444 | ||||||
Hazelwood School District, Energy Improvements Project | ||||||||
4.500%, 03/01/2017 | 515 | 542 | ||||||
4.500%, 03/01/2018 | 445 | 461 | ||||||
Kansas City Metropolitan Junior College District | ||||||||
4.500%, 07/01/2021 | 1,025 | 1,077 | ||||||
Lincoln County Public Water Supply, District #1 | ||||||||
6.750%, 06/15/2035 | 1,500 | 1,559 | ||||||
Missouri School Boards Association, Liberty Public School District #53 (AGM) | ||||||||
5.250%, 03/01/2025 | 1,015 | 1,095 | ||||||
Texas County Justice Center Project (AGC) | ||||||||
4.500%, 12/01/2025 | 1,770 | 1,790 | ||||||
Union, Series A | ||||||||
5.200%, 07/01/2023 | 520 | 512 | ||||||
Total Certificates of Participation | 9,980 | |||||||
Total Municipal Bonds | ||||||||
(Cost $140,268) | 140,275 | |||||||
Short-Term Investment – 1.2% | ||||||||
Money Market Fund – 1.2% | ||||||||
First American Tax Free Obligations Fund, Class Z | ||||||||
0.013% Å Ω | ||||||||
(Cost $1,680) | 1,680,290 | 1,680 | ||||||
Total Investments 5 – 99.0% | ||||||||
(Cost $141,948) | 141,955 | |||||||
Other Assets and Liabilities, Net – 1.0% | 1,465 | |||||||
Total Net Assets – 100.0% | $ | 143,420 | ||||||
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. |
Missouri Tax Free Fund (concluded)
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009 | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $141,948. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 4,504 | ||
Gross unrealized depreciation | (4,497 | ) | ||
Net unrealized appreciation | $ | 7 | ||
ACA – | ACA Financial Guaranty Corporation |
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $8,049, which represents 5.6% of total net assets. |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
GNMA – | Government National Mortgage Association |
LOC – | Letter of Credit |
MDDP – | Missouri Direct Deposit Program |
NATL – | National Public Finance Guarantee Corporation |
RAAI – | Radian Asset Assurance Inc. |
SGI – | Syncora Guarantee Inc. |
The accompanying notes are an integral part of the financial statements.
42 First American Funds 2009 Semiannual Report
Table of Contents
Nebraska Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 95.3% | ||||||||
Revenue Bonds – 72.2% | ||||||||
Continuing Care Retirement Communities – 2.4% | ||||||||
Colorado Health Facilities Authority, Christian Living Communities Project, Series A | ||||||||
5.750%, 01/01/2026 | $ | 100 | $ | 87 | ||||
Illinois Finance Authority, Franciscan Communities, Series A | ||||||||
5.500%, 05/15/2037 | 275 | 186 | ||||||
Illinois Finance Authority, Three Crowns Park Plaza, Series A | ||||||||
5.875%, 02/15/2026 | 200 | 181 | ||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | ||||||||
5.000%, 09/01/2025 | 600 | 582 | ||||||
1,036 | ||||||||
Education – 17.7% | ||||||||
Colorado Educational & Cultural Facilities Authority, Charter School | ||||||||
5.625%, 05/01/2040 | 990 | 973 | ||||||
Missouri Health & Educational Facilities Authority, Washington University, Series A | ||||||||
5.375%, 03/15/2039 | 500 | 546 | ||||||
Nebraska Educational Finance Authority (RAAI) | ||||||||
5.000%, 04/01/2017 | 605 | 608 | ||||||
Nebraska Elementary & Secondary School Finance Authority, Boy’s Town Project | ||||||||
4.750%, 09/01/2028 | 500 | 510 | ||||||
Nebraska Utility Corporation, University of Nebraska, Lincoln Project | ||||||||
5.250%, 01/01/2015 | 1,045 | 1,127 | ||||||
University of Nebraska Facilities Corporation, Medical Center Research Project | ||||||||
5.000%, 02/15/2015 | 500 | 538 | ||||||
University of Nebraska, Lincoln Memorial Stadium, Series A | ||||||||
5.000%, 11/01/2015 | 500 | 537 | ||||||
University of Nebraska, Lincoln Student Fees | ||||||||
5.000%, 07/01/2022 | 750 | 778 | ||||||
University of Nebraska, Omaha Health & Recreation Project | ||||||||
5.000%, 05/15/2033 | 1,000 | 1,036 | ||||||
University of Nebraska, Omaha Student Facilities Project | ||||||||
5.000%, 05/15/2032 | 350 | 362 | ||||||
University of Nebraska, Omaha Student Housing Project | ||||||||
5.000%, 05/15/2023 | 500 | 537 | ||||||
7,552 | ||||||||
Healthcare – 19.7% | ||||||||
Adams County Hospital Authority #1, Mary Lanning Memorial Hospital Project (RAAI) | ||||||||
5.250%, 12/15/2033 | 1,000 | 925 | ||||||
Colorado Health Facilities Authority, Evangelical Lutheran, Series B | ||||||||
5.000%, 06/01/2039 | 500 | 515 | ||||||
Douglas County Hospital Authority #2, Boy’s Town Project | ||||||||
4.750%, 09/01/2028 | 1,000 | 995 | ||||||
Douglas County Hospital Authority #2, Children’s Hospital | ||||||||
6.000%, 08/15/2028 | 1,000 | 1,061 | ||||||
Douglas County Hospital Authority #3, Methodist Health | ||||||||
5.500%, 11/01/2038 | 1,000 | 966 | ||||||
Halifax Florida Hospital, Medical Center, Series A | ||||||||
5.000%, 06/01/2038 | 600 | 542 | ||||||
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project | ||||||||
Series A | ||||||||
5.250%, 02/15/2030 | 600 | 563 | ||||||
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A, Pre-refunded 06/01/2011 @ 100 (AMBAC) | ||||||||
5.000%, 06/01/2019 ◊ | 500 | 532 | ||||||
Madison County Hospital Authority #1, Faith Regional Health Services Project Pre-refunded 01/01/2012 @ 100 (RAAI) | ||||||||
5.500%, 07/01/2021 ◊ | 500 | 545 | ||||||
Nebraska Investment Finance Authority, Great Plains Regional Medical Center Project (RAAI) | ||||||||
5.200%, 11/15/2016 | 250 | 258 | ||||||
5.300%, 11/15/2017 | 805 | 828 | ||||||
Platte County Hospital Authority #1, Columbus Community Hospital Project (RAAI) | ||||||||
5.850%, 05/01/2014 | 650 | 660 | ||||||
8,390 | ||||||||
Housing – 1.3% | ||||||||
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA) | ||||||||
5.150%, 11/20/2022 | 565 | 573 | ||||||
Miscellaneous – 3.1% | ||||||||
Forsyth, Montana, Pollution Control, Northwestern Corporation (AMBAC) | ||||||||
4.650%, 08/01/2023 | 585 | 559 | ||||||
Washington County Wastewater & Solid Waste Disposal Facilities, Cargill Incorporated Project (AMT) | ||||||||
4.850%, 04/01/2035 | 500 | 445 | ||||||
Washington County Wastewater Facilities, Cargill Incorporated Project (AMT) | ||||||||
5.900%, 11/01/2027 | 300 | 305 | ||||||
1,309 | ||||||||
Recreational Facility Authority – 3.2% | ||||||||
Douglas County Zoo Facility, Omaha’s Henry Doorly Zoo Project | ||||||||
4.750%, 09/01/2024 | 1,365 | 1,363 | ||||||
Revolving Funds – 1.4% | ||||||||
Nebraska Investment Finance Authority, Drinking Water System | ||||||||
5.150%, 01/01/2016 | 580 | 585 | ||||||
Tax Revenue – 2.9% | ||||||||
Omaha Special Tax | ||||||||
5.250%, 10/15/2028 | 650 | 703 | ||||||
Series A | ||||||||
5.125%, 02/01/2032 | 500 | 511 | ||||||
1,214 | ||||||||
Utilities – 20.5% | ||||||||
Burt County Public Power District, Electric Systems | ||||||||
4.850%, 07/01/2026 | 335 | 316 | ||||||
Central Plains Energy Project, Nebraska Gas Project #1, Series A | ||||||||
5.250%, 12/01/2021 | 750 | 719 |
First American Funds 2009 Semiannual Report 43
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Nebraska Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Grand Island Electric Systems (NATL) | ||||||||
5.125%, 08/15/2016 | $ | 750 | $ | 794 | ||||
Hastings Electric Systems (AGM) | ||||||||
5.000%, 01/01/2015 | 250 | 263 | ||||||
Lincoln Electric Systems | ||||||||
5.000%, 09/01/2026 | 250 | 262 | ||||||
Municipal Energy Agency of Nebraska, Power Supply Systems, Series A (BHAC) | ||||||||
5.375%, 04/01/2039 | 150 | 159 | ||||||
Nebraska Public Power District, Series B | ||||||||
5.000%, 01/01/2033 | 500 | 516 | ||||||
Omaha Public Power District, Electric Revenue | ||||||||
Series A | ||||||||
5.500%, 02/01/2033 | 1,000 | 1,072 | ||||||
5.500%, 02/01/2035 | 1,200 | 1,281 | ||||||
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGC) | ||||||||
5.000%, 07/01/2025 | 500 | 519 | ||||||
Puerto Rico Electric Power Authority, Series WW | ||||||||
5.250%, 07/01/2025 | 1,000 | 1,010 | ||||||
South Sioux City Combined Electric, Water & Sewer | ||||||||
4.750%, 08/01/2027 | 250 | 231 | ||||||
Southern Nebraska Public Power District, Electric Systems | ||||||||
5.250%, 12/15/2028 | 1,500 | 1,605 | ||||||
8,747 | ||||||||
Total Revenue Bonds | 30,769 | |||||||
General Obligations – 23.1% | ||||||||
Brown County | ||||||||
4.350%, 06/15/2026 | 200 | 200 | ||||||
4.700%, 12/15/2026 | 400 | 401 | ||||||
Buffalo County (AGC) | ||||||||
6.000%, 12/15/2028 | 195 | 212 | ||||||
Douglas County School District #10, Elkhorn Public Schools | ||||||||
6.000%, 06/15/2028 | 500 | 536 | ||||||
Douglas County School District #17, Millard Public Schools | ||||||||
4.000%, 06/15/2017 | 1,000 | 1,053 | ||||||
Douglas County School District #54, Ralston Public Schools (AGM) | ||||||||
5.000%, 12/15/2016 | 845 | 901 | ||||||
La Vista | ||||||||
4.800%, 12/15/2026 | 345 | 346 | ||||||
Lancaster County Correctional Facility, Joint Public Agency Building | ||||||||
2.000%, 12/01/2010 | 1,000 | 1,016 | ||||||
Lancaster County School District #1, Lincoln Public Schools Pre-refunded 01/15/2011 @ 100 | ||||||||
5.250%, 07/15/2019 ◊ | 220 | 231 | ||||||
Lincoln-Lancaster County Public Building Commission, Tax Supported Lease Rental | ||||||||
4.500%, 10/15/2026 | 750 | 760 | ||||||
Madison County School District #2, Norfolk Public Schools (NATL) | ||||||||
5.000%, 12/15/2025 | 1,000 | 1,053 | ||||||
Omaha | ||||||||
5.750%, 10/15/2028 | 450 | 522 | ||||||
Omaha-Douglas Public Building Commission | ||||||||
4.900%, 05/01/2016 | 500 | 526 | ||||||
5.100%, 05/01/2020 | 300 | 314 | ||||||
Puerto Rico Commonwealth, Series C-7 (NATL) | ||||||||
6.000%, 07/01/2027 | 250 | 258 | ||||||
Puerto Rico Commonwealth, Public Improvement, Series A | ||||||||
5.250%, 07/01/2026 | 375 | 362 | ||||||
Saunders County (AGM) | ||||||||
5.000%, 11/01/2030 | 650 | 661 | ||||||
Scotts Bluff County | ||||||||
4.550%, 01/15/2026 | 500 | 503 | ||||||
Total General Obligations | 9,855 | |||||||
Total Municipal Bonds | ||||||||
(Cost $39,474) | 40,624 ; | |||||||
Short-Term Investment – 3.7% | ||||||||
First American Tax Free Obligations Fund, Class Z | ||||||||
0.013% Å Ω | ||||||||
(Cost $1,597) | 1,596,586 | 1,597 | ||||||
Total Investments 5 – 99.0% | ||||||||
(Cost $41,071) | 42,221 | |||||||
Other Assets and Liabilities, Net – 1.0% | 416 | |||||||
Total Net Assets – 100.0% | $ | 42,637 | ||||||
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $41,071. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 1,622 | ||
Gross unrealized depreciation | (472 | ) | ||
Unrealized appreciation | $ | 1,150 | ||
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $750, which represents 1.8% of total net assets. |
BHAC – | Berkshire Hathaway Assurance Corporation |
GNMA – | Government National Mortgage Association |
NATL – | National Public Finance Guarantee Corporation |
RAAI – | Radian Asset Assurance, Inc. |
The accompanying notes are an integral part of the financial statements.
44 First American Funds 2009 Semiannual Report
Table of Contents
Ohio Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 90.9% | ||||||||
Revenue Bonds – 58.7% | ||||||||
Continuing Care Retirement Communities – 2.5% | ||||||||
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian | ||||||||
Series A (RAAI) | ||||||||
5.125%, 07/01/2022 | $ | 500 | $ | 477 | ||||
5.000%, 07/01/2026 | 800 | 616 | ||||||
Hamilton County Health Care, Life Enriching Communities Project, Series A | ||||||||
5.000%, 01/01/2027 | 400 | 352 | ||||||
1,445 | ||||||||
Education – 14.6% | ||||||||
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy | ||||||||
5.000%, 10/01/2025 | 250 | 234 | ||||||
Ohio Higher Educational Facilities, Baldwin-Wallace College Project | ||||||||
5.000%, 12/01/2013 | 750 | 822 | ||||||
Ohio Higher Educational Facilities, College of Wooster Project | ||||||||
5.000%, 09/01/2020 | 400 | 415 | ||||||
Ohio Higher Educational Facilities, John Carroll University Project | ||||||||
5.000%, 04/01/2019 | 1,000 | 1,042 | ||||||
Ohio Higher Educational Facilities, Mount Union College Project | ||||||||
5.000%, 10/01/2031 | 1,000 | 1,000 | ||||||
Ohio Higher Educational Facilities, Ohio Northern University Project | ||||||||
5.000%, 05/01/2026 | 1,000 | 1,012 | ||||||
Ohio Higher Educational Facilities, Otterbein College Project, Series A | ||||||||
5.500%, 12/01/2028 | 500 | 531 | ||||||
Ohio Higher Educational Facilities, University of Dayton Project | ||||||||
5.375%, 12/01/2029 | 645 | 679 | ||||||
Ohio Higher Educational Facilities, Wittenburg University 2005 Project | ||||||||
5.000%, 12/01/2024 | 505 | 465 | ||||||
Ohio Higher Educational Facilities, Xavier University Project Pre-refunded 05/01/2013 @ 100 (FGIC) | ||||||||
5.250%, 05/01/2016 ◊ | 1,000 | 1,129 | ||||||
University of Cincinnati, Series A (FGIC) (NATL) | ||||||||
5.500%, 06/01/2014 | 1,000 | 1,071 | ||||||
8,400 | ||||||||
Healthcare – 12.9% | ||||||||
Akron, Bath & Copley Joint Township Hospital Facilities, Summa Health Systems, Series A, (RAAI) | ||||||||
5.250%, 11/15/2016 | 300 | 307 | ||||||
Fairfield County Hospital Facilities, Fairfield Medical Center Project (RAAI) | ||||||||
5.000%, 06/15/2022 | 345 | 333 | ||||||
Franklin County Hospital Improvement, Nationwide Children’s Hospital Project | ||||||||
5.000%, 11/01/2034 | 750 | 744 | ||||||
Series A | ||||||||
4.750%, 11/01/2023 | 365 | 363 | ||||||
Lake County Hospital Facilities, Lake Hospital System, Series C | ||||||||
5.625%, 08/15/2029 | 750 | 732 | ||||||
Lorain County Hospital, Catholic Healthcare | ||||||||
5.500%, 10/01/2017 | 350 | 363 | ||||||
Lucas County Hospital, Promedica Healthcare | ||||||||
Series D | ||||||||
5.000%, 11/15/2038 | 400 | 395 | ||||||
Miami County Hospital Facilities, Refunding & Improvement, Upper Valley Medical Center | ||||||||
5.250%, 05/15/2026 | 1,000 | 1,005 | ||||||
Montgomery County, Catholic Health Initiatives | ||||||||
Series A | ||||||||
5.000%, 05/01/2039 | 750 | 741 | ||||||
Series D | ||||||||
6.250%, 10/01/2033 | 100 | 109 | ||||||
Ohio Higher Educational Facilities, University Hospitals Health System, Series 2009A | ||||||||
6.750%, 01/15/2039 | 500 | 531 | ||||||
Richland County Hospital Facilities, Medcentral Health System Obligated Group | ||||||||
5.250%, 11/15/2036 | 535 | 502 | ||||||
Ross County Hospital, Adena Health Systems | ||||||||
5.500%, 12/01/2028 | 500 | 510 | ||||||
Scioto County Hospital, Southern Ohio Medical Center | ||||||||
5.750%, 02/15/2038 | 800 | 806 | ||||||
7,441 | ||||||||
Housing – 4.7% | ||||||||
Ohio Housing Finance Agency, Residential Mortgage Backed Securities | ||||||||
Series C (FHLMC) (FNMA) (GNMA) | ||||||||
5.200%, 09/01/2029 | 1,000 | 1,024 | ||||||
Series E (AMT) (FNMA) (GNMA) | ||||||||
4.850%, 09/01/2026 | 645 | 649 | ||||||
Series F (FHLMC) (FNMA) (GNMA) | ||||||||
5.450%, 09/01/2033 | 995 | 1,022 | ||||||
2,695 | ||||||||
Lease Revenue – 3.8% | ||||||||
Cleveland-Cuyahoga County Port Authority, Rita Project (RAAI) | ||||||||
5.000%, 11/15/2019 | 750 | 743 | ||||||
Riversouth Authority, Lazarus Building Redevelopment, Series A | ||||||||
5.750%, 12/01/2027 | 400 | 360 | ||||||
Riversouth Authority, Riverfront Area Redevelopment | ||||||||
Series A | ||||||||
5.250%, 12/01/2017 | 1,000 | 1,088 | ||||||
2,191 | ||||||||
Miscellaneous – 1.8% | ||||||||
Toledo-Lucas County Port Authority Facilities, Cargill Incorporated Project, Series B | ||||||||
4.500%, 12/01/2015 | 1,000 | 1,041 | ||||||
Revolving Funds – 1.9% | ||||||||
Ohio Water Development Authority, Water Pollution Control Pre-refunded 06/01/2012 @ 100 | ||||||||
5.050%, 12/01/2021 ◊ | 1,000 | 1,100 | ||||||
Tax Revenue – 1.8% | ||||||||
Buckeye Tobacco Settlement, Series A-2 | ||||||||
5.875%, 06/01/2030 | 200 | 170 | ||||||
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project | ||||||||
5.250%, 12/01/2023 | 400 | 358 |
First American Funds 2009 Semiannual Report 45
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Ohio Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Virgin Islands Public Finance Authority | ||||||||
Series C | ||||||||
5.000%, 10/01/2017 | $ | 500 | $ | 510 | ||||
1,038 | ||||||||
Transportation – 1.8% | ||||||||
Columbus Regional Airport Authority (NATL) | ||||||||
5.000%, 01/01/2028 | 1,000 | 1,023 | ||||||
Utilities – 12.9% | ||||||||
American Municipal Power, Prairie State Energy Campus Project, Series A | ||||||||
5.000%, 02/15/2031 | 1,000 | 1,026 | ||||||
Columbus Sewer System, Series A | ||||||||
4.250%, 06/01/2030 | 1,000 | 995 | ||||||
Hamilton County Sewer System, Metropolitan Sewer District, Series A (NATL) | ||||||||
5.000%, 12/01/2026 | 930 | 983 | ||||||
Hamilton Electric, Series A (AGM) | ||||||||
4.300%, 10/15/2016 | 1,000 | 1,081 | ||||||
Montgomery County Water, Greater Moraine Beaver (AMBAC) | ||||||||
5.375%, 11/15/2016 | 1,000 | 1,033 | ||||||
Northeast Ohio Regional Sewer District, Wastewater Revenue (NATL) | ||||||||
4.500%, 11/15/2037 | 700 | 673 | ||||||
Ohio Air Quality Development Authority, Firstenergy Generation, Series A | ||||||||
5.700%, 08/01/2020 | 500 | 520 | ||||||
Ohio Water Development Authority, Fresh Water Services, Escrowed to Maturity (AMBAC) | ||||||||
5.800%, 12/01/2011 § | 750 | 751 | ||||||
Puerto Rico Electric Power Authority, Series WW | ||||||||
5.375%, 07/01/2023 | 400 | 413 | ||||||
7,475 | ||||||||
Total Revenue Bonds | $ | 33,849 | ||||||
General Obligations – 30.5% | ||||||||
Cincinnati, Series A | ||||||||
4.500%, 12/01/2029 | $ | 150 | 152 | |||||
Cincinnati City School District, Classroom Construction & Improvement (FGIC) (NATL) | ||||||||
5.250%, 12/01/2019 | 535 | 610 | ||||||
5.250%, 12/01/2027 | 380 | 436 | ||||||
Columbus City School District, School Facilities Construction & Improvement, Series B | ||||||||
5.000%, 12/01/2027 | 1,320 | 1,419 | ||||||
Cuyahoga Falls, Various Purpose | ||||||||
4.250%, 12/01/2034 | 750 | 678 | ||||||
Dayton City School District, School Facilities Construction & Improvement | ||||||||
Series D (FGIC) (NATL) | ||||||||
5.000%, 12/01/2011 | 500 | 536 | ||||||
Franklin County | ||||||||
4.500%, 12/01/2027 | 690 | 725 | ||||||
Gahanna (NATL) | ||||||||
5.000%, 12/01/2027 | 400 | 425 | ||||||
Greene County, General Infrastructure (AMBAC) | ||||||||
5.250%, 12/01/2026 | 1,000 | 1,082 | ||||||
Highland School District Zero Coupon Bond (OSDCEP) | ||||||||
4.377%, 12/01/2022 ¤ | 100 | 57 | ||||||
Highland School District, School Facilities Construction & Improvement (OSDCEP) | ||||||||
5.375%, 12/01/2033 | 1,000 | 1,091 | ||||||
Ohio Common Schools, Series A | ||||||||
5.125%, 09/15/2022 | 1,000 | 1,059 | ||||||
Ohio Higher Education | ||||||||
Series A | ||||||||
5.000%, 08/01/2022 | 1,000 | 1,053 | ||||||
Series A, Pre-refunded 02/01/2011 @ 100 | ||||||||
5.000%, 02/01/2019 ◊ | 1,000 | 1,049 | ||||||
Series B, Pre-refunded 11/01/2011 @ 100 | ||||||||
5.000%, 11/01/2015 ◊ | 1,000 | 1,079 | ||||||
Ohio State Infrastructure Improvement | ||||||||
Series A | ||||||||
5.500%, 02/01/2020 | 1,000 | 1,178 | ||||||
Ohio State Parks & Recreational Facilities | ||||||||
Series II-A (AGM) | ||||||||
5.250%, 02/01/2020 | 1,000 | 1,091 | ||||||
Puerto Rico Commonwealth, Government Development, Series B | ||||||||
5.000%, 12/01/2014 | 260 | 268 | ||||||
Sidney City School District (FGIC) (NATL) | ||||||||
4.375%, 12/01/2027 | 755 | 756 | ||||||
Solon Rebuilding & Improvement | ||||||||
5.000%, 12/01/2021 | 1,000 | 1,096 | ||||||
St. Marys City School District, Construction & Improvement (AGM) (OSDCEP) | ||||||||
5.000%, 12/01/2028 | 600 | 630 | ||||||
Toledo City School District, School Facilities Improvement (AGM) (OSDCEP) | ||||||||
5.000%, 12/01/2014 | 1,000 | 1,104 | ||||||
Total General Obligations | $ | 17,574 | ||||||
Certificates of Participation – 1.7% | ||||||||
Mahoning County Career & Technical Center | ||||||||
Series B | ||||||||
4.750%, 12/01/2036 | 475 | 450 | ||||||
Mayfield County School District, Middle School Project, Series B, Zero Coupon Bond | ||||||||
5.080%, 09/01/2027 ¤ | 435 | 180 | ||||||
5.148%, 09/01/2028 ¤ | 855 | 331 | ||||||
Total Certificates of Participation | 961 | |||||||
Total Municipal Bonds | ||||||||
(Cost $51,186) | 52,384 | |||||||
Short-Term Investment – 8.1% | ||||||||
Federated Ohio Municipal Cash Trust | ||||||||
0.140% Ω | ||||||||
(Cost $4,660) | 4,660,076 | 4,660 | ||||||
Total Investments 5 – 99.0% | ||||||||
(Cost $55,846) | 57,044 | |||||||
Other Assets and Liabilities, Net – 1.0% | 609 | |||||||
Total Net Assets – 100.0% | $ | 57,653 | ||||||
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. |
The accompanying notes are an integral part of the financial statements.
46 First American Funds 2009 Semiannual Report
Table of Contents
Ohio Tax Free Fund (concluded)
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $55,846. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 1,867 | ||
Gross unrealized depreciation | (669 | ) | ||
Net unrealized appreciation | $ | 1,198 | ||
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $649, which represents 1.1% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
GNMA – | Government National Mortgage Association |
NATL – | National Public Finance Guarantee Corporation |
OSDCEP – | Ohio School District Credit Enhancement Program |
RAAI – | Radian Asset Assurance Inc. |
Oregon Intermediate Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 96.4% | ||||||||
Revenue Bonds – 44.8% | ||||||||
Continuing Care Retirement Communities – 2.9% | ||||||||
Clackamas County Hospital Facilities Authority, Robison Jewish Home | ||||||||
5.125%, 10/01/2024 | $ | 1,000 | $ | 802 | ||||
Illinois Finance Authority, Franciscan Communities, Series A | ||||||||
5.500%, 05/15/2027 | 1,000 | 764 | ||||||
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project | ||||||||
6.500%, 12/01/2029 | 1,900 | 1,915 | ||||||
Series A | ||||||||
5.250%, 12/01/2026 | 1,000 | 926 | ||||||
4,407 | ||||||||
Education – 5.0% | ||||||||
Forest Grove Campus Improvement, Pacific University Project | ||||||||
5.750%, 05/01/2024 | 250 | 253 | ||||||
Series A (RAAI) | ||||||||
5.000%, 05/01/2022 | 2,350 | 2,264 | ||||||
Oregon Facilities Authority, Linfield College Project, Series A | ||||||||
5.000%, 10/01/2025 | 1,000 | 1,000 | ||||||
Oregon Facilities Authority, University of Portland Projects, Series A | ||||||||
4.500%, 04/01/2021 | 2,000 | 1,975 | ||||||
Oregon Facilities Authority, Willamette University Projects, Series A | ||||||||
4.300%, 10/01/2021 | 1,085 | 1,056 | ||||||
Oregon Health Sciences, University Revenue | ||||||||
Series A (NATL) | ||||||||
5.250%, 07/01/2022 | 1,000 | 1,017 | ||||||
7,565 | ||||||||
Healthcare – 11.9% | ||||||||
Clackamas County Hospital Facilities Authority, Legacy Health System | ||||||||
5.250%, 02/15/2011 | 2,000 | 2,027 | ||||||
5.375%, 02/15/2012 | 1,000 | 1,012 | ||||||
Series A | ||||||||
5.000%, 07/15/2021 | 1,000 | 1,039 | ||||||
Deschutes County Facilities Authority, Cascade Healthcare | ||||||||
7.375%, 01/01/2023 | 1,500 | 1,744 | ||||||
Series B (AMBAC) | ||||||||
5.000%, 01/01/2016 | 250 | 258 | ||||||
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGC) | ||||||||
4.750%, 09/01/2020 | 1,425 | 1,405 | ||||||
Medford Hospital Facilities Authority, Asante Health System, Series A (NATL) | ||||||||
5.250%, 08/15/2011 | 325 | 326 | ||||||
5.375%, 08/15/2012 | 320 | 321 | ||||||
Multnomah County Hospital Facilities Authority, Adventist Health System/West, Series A | ||||||||
4.500%, 09/01/2021 | 440 | 440 | ||||||
5.000%, 09/01/2021 | 1,875 | 1,946 | ||||||
Multnomah County Hospital Facilities Authority, Providence Health System | ||||||||
5.250%, 10/01/2022 | 1,000 | 1,046 | ||||||
Oregon Facilities Authority, Legacy Health System | ||||||||
Series A | ||||||||
4.250%, 03/15/2017 « | 2,000 | 2,033 | ||||||
4.750%, 03/15/2024 « | 1,000 | 1,002 |
First American Funds 2009 Semiannual Report 47
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Oregon Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Oregon Facilities Authority, Peacehealth, Series A | ||||||||
5.000%, 11/01/2020 | $ | 1,000 | $ | 1,065 | ||||
Salem Hospital Facility Authority, Series A | ||||||||
5.750%, 08/15/2023 | 1,500 | 1,618 | ||||||
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A | ||||||||
5.000%, 03/01/2012 | 690 | 737 | ||||||
18,019 | ||||||||
Housing – 1.7% | ||||||||
Oregon Housing & Community Services | ||||||||
Series A | ||||||||
6.400%, 07/01/2018 | 170 | 170 | ||||||
Series D | ||||||||
4.750%, 07/01/2022 | 1,250 | 1,294 | ||||||
Series E (FHA) | ||||||||
5.750%, 07/01/2013 | 185 | 190 | ||||||
Oregon Housing & Community Services, Single Family, Series A | ||||||||
4.050%, 01/01/2018 | 245 | 247 | ||||||
Portland Housing Authority, Yards Union Station Project (AMT) | ||||||||
4.750%, 05/01/2022 | 705 | 706 | ||||||
2,607 | ||||||||
Lease Revenue – 0.7% | ||||||||
Puerto Rico Public Buildings Authority, Government Facilities | ||||||||
Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY) | ||||||||
5.500%, 07/01/2035 | 1,000 | 1,004 | ||||||
Recreational Facility Authority – 0.7% | ||||||||
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC) | ||||||||
5.750%, 06/15/2015 | 1,000 | 1,028 | ||||||
Tax Revenue – 6.6% | ||||||||
Keizer Assessment Area A | ||||||||
5.200%, 06/01/2031 | 925 | 945 | ||||||
Medford Urban Renewal Agency | ||||||||
4.500%, 06/01/2013 | 1,010 | 1,081 | ||||||
Oregon Department of Administrative Services Lottery, Series A (AGM) | ||||||||
5.000%, 04/01/2012 | 1,050 | 1,061 | ||||||
Portland Economic Development, Broadway Project, Series A | ||||||||
5.125%, 04/01/2016 | 880 | 978 | ||||||
6.250%, 04/01/2023 | 1,355 | 1,542 | ||||||
Portland Urban Renewal & Redevelopment, South Park Blocks, Series B | ||||||||
5.000%, 06/15/2021 | 2,030 | 2,211 | ||||||
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal | ||||||||
4.750%, 06/01/2015 | 280 | 287 | ||||||
Virgin Islands Public Finance Authority, Sub Lien | ||||||||
Series C | ||||||||
5.000%, 10/01/2017 | 1,940 | 1,981 | ||||||
10,086 | ||||||||
Transportation – 5.3% | ||||||||
Oregon Department of Transportation, Highway User Tax, Pre-refunded 11/15/2010 @ 100 | ||||||||
5.125%, 11/15/2014 ◊ | 2,260 | 2,355 | ||||||
Series A | ||||||||
5.000%, 11/15/2024 | 1,000 | 1,066 | ||||||
Series A, Pre-refunded 11/15/2012 @ 100 | ||||||||
5.500%, 11/15/2016 ◊ | 1,000 | 1,127 | ||||||
Portland International Airport | ||||||||
Series 12-A (FGIC) (NATL) | ||||||||
5.250%, 07/01/2011 | 1,165 | 1,169 | ||||||
5.250%, 07/01/2012 | 2,000 | 2,007 | ||||||
Redmond Airport | ||||||||
5.500%, 06/01/2024 | 215 | 214 | ||||||
5.750%, 06/01/2027 | 200 | 198 | ||||||
8,136 | ||||||||
Utilities – 10.0% | ||||||||
Eugene Electric Utilities (AGM) | ||||||||
5.000%, 08/01/2011 | 1,305 | 1,310 | ||||||
Lane County Metropolitan Wastewater Management | ||||||||
5.000%, 11/01/2022 | 1,500 | 1,626 | ||||||
(FGIC) (NATL) | ||||||||
5.000%, 11/01/2021 | 820 | 879 | ||||||
Port of St. Helens Pollution Control, Portland General Electric | ||||||||
4.800%, 04/01/2010 | 2,450 | 2,467 | ||||||
4.800%, 06/01/2010 | 400 | 405 | ||||||
Portland Sewer System, First Lien, Series A | ||||||||
4.750%, 06/15/2024 | 1,000 | 1,065 | ||||||
Portland Sewer System, Second Lien | ||||||||
Series B (NATL) | ||||||||
5.000%, 06/15/2023 | 1,175 | 1,267 | ||||||
Portland Water System, Second Lien | ||||||||
Series A (NATL) | ||||||||
4.375%, 10/01/2024 | 500 | 516 | ||||||
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGC) | ||||||||
5.000%, 07/01/2025 | 1,500 | 1,556 | ||||||
Puerto Rico Electric Power Authority, Series WW | ||||||||
5.375%, 07/01/2023 | 800 | 825 | ||||||
The Dalles Water Revenue (AMBAC) | ||||||||
4.250%, 06/01/2020 | 325 | 335 | ||||||
Washington County Clean Water Services (FGIC) (NATL) | ||||||||
5.125%, 10/01/2014 | 1,790 | 1,886 | ||||||
(NATL) | ||||||||
5.000%, 10/01/2014 | 1,000 | 1,137 | ||||||
15,274 | ||||||||
Total Revenue Bonds | 68,126 | |||||||
General Obligations – 46.9% | ||||||||
Chemeketa Community College District (SBG) | ||||||||
5.500%, 06/15/2024 | 1,000 | 1,139 | ||||||
Escrowed to Maturity (FGIC) | ||||||||
5.500%, 06/01/2013 § | 2,170 | 2,491 | ||||||
Clackamas & Washington Counties School District #3JT, West Linn-Wilsonville (SBG) | ||||||||
4.125%, 06/15/2025 | 1,070 | 1,083 | ||||||
Clackamas Community College District (NATL) | ||||||||
5.000%, 05/01/2019 | 1,145 | 1,252 | ||||||
Clackamas County School District #115 | ||||||||
Series B (NATL) (SBG) | ||||||||
4.500%, 06/15/2021 | 1,975 | 2,091 | ||||||
Clackamas County School District #12, North Clackamas Deferred Interest, | ||||||||
Series B, Convertible CABs (AGM) (SBG) | ||||||||
0.000% through 06/14/2011, thereafter 5.000%, 06/15/2022 ◗ | 3,135 | 3,153 | ||||||
0.000% through 06/15/2011, thereafter 5.000%, 06/15/2027 ◗ | 5,000 | 4,920 |
The accompanying notes are an integral part of the financial statements.
48 First American Funds 2009 Semiannual Report
Table of Contents
Oregon Intermediate Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Clackamas County School District #46, Oregon Trail, Series A (SBG) | ||||||||
5.000%, 06/15/2024 | $ | 1,000 | $ | 1,098 | ||||
Clackamas County School District #7J, Lake Oswego (AGM) | ||||||||
5.250%, 06/01/2025 | 200 | 238 | ||||||
Clackamas County School District #86, Canby (AGM) (SBG) | ||||||||
5.000%, 06/15/2018 | 1,000 | 1,084 | ||||||
5.000%, 06/15/2021 | 1,305 | 1,398 | ||||||
Deschutes & Jefferson Counties School District #2-J, Redmond | ||||||||
Series A (FGIC) (NATL) (SBG) | ||||||||
5.000%, 06/15/2013 | 1,250 | 1,407 | ||||||
Series B Zero Coupon Bond (FGIC) (NATL) (SBG) | ||||||||
4.437%, 06/15/2021 ¤ | 1,000 | 605 | ||||||
Series B, Zero Coupon Bond (SBG) | ||||||||
4.528%, 06/15/2022 ¤ | 3,030 | 1,735 | ||||||
Deschutes County (AGM) | ||||||||
5.000%, 12/01/2014 | 1,755 | 1,944 | ||||||
Deschutes County School District #6 Pre-refunded 06/15/2011 @ 100 (FGIC) (SBG) | ||||||||
5.500%, 06/15/2014 ◊ | 1,725 | 1,849 | ||||||
Hood River County School District (SBG) | ||||||||
5.250%, 06/15/2016 | 1,030 | 1,097 | ||||||
Jackson County School District #549C, Medford (SBG) | ||||||||
5.000%, 06/15/2012 | 2,000 | 2,197 | ||||||
Josephine County Unit School District, Three Rivers (FGIC) (NATL) (SBG) | ||||||||
5.000%, 12/15/2019 | 1,000 | 1,140 | ||||||
Lane County School District #40, Creswell (SBG) | ||||||||
5.000%, 06/15/2011 | 1,120 | 1,143 | ||||||
Linn County Community School District #9, Lebanon, Pre-refunded 06/15/2013 @ 100 (FGIC) (SBG) | ||||||||
5.550%, 06/15/2021 ◊ | 1,000 | 1,151 | ||||||
Marion & Clackamas Counties School District #4J, Silver Falls (NATL) (SBG) | ||||||||
4.500%, 06/15/2022 | 1,305 | 1,377 | ||||||
McMinnville School District #40 (AGM) | ||||||||
5.500%, 06/15/2013 | 1,000 | 1,147 | ||||||
Metro | ||||||||
5.250%, 09/01/2014 | 1,000 | 1,050 | ||||||
5.000%, 06/01/2020 | 1,635 | 1,843 | ||||||
Multnomah County School District #7, Reynolds Pre-refunded 06/15/2011 @ 100 (SBG) | ||||||||
5.625%, 06/15/2015 ◊ | 1,000 | 1,073 | ||||||
Multnomah-Clackamas Counties School District #10JT, Gresham-Barlow (AGM) (SBG) | ||||||||
5.250%, 06/15/2017 | 1,000 | 1,173 | ||||||
Pre-refunded 06/15/2011 @ 100 (AGM) (SBG) | ||||||||
5.500%, 06/15/2013 ◊ | 1,780 | 1,908 | ||||||
Multnomah-Clackamas Counties School District #28JT Zero Coupon Bond (AMBAC) (SBG) | ||||||||
2.369%, 06/01/2016 ¤ | 1,000 | 771 | ||||||
North Lincoln Fire & Rescue District #1 (AGM) | ||||||||
4.250%, 02/01/2018 | 125 | 132 | ||||||
Pacific City Joint Water Sanitation Authority | ||||||||
4.650%, 07/01/2022 | 455 | 446 | ||||||
Portland Community College District | ||||||||
Series A, Pre-refunded 06/01/2011 @ 100 | ||||||||
5.375%, 06/01/2015 ◊ | 1,375 | 1,469 | ||||||
Puerto Rico Commonwealth, Government Development, Series B | ||||||||
5.000%, 12/01/2014 | 1,000 | 1,031 | ||||||
Puerto Rico Public Buildings Authority | ||||||||
Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY) | ||||||||
5.000%, 07/01/2036 | 1,000 | 1,022 | ||||||
Redmond, Terminal Expansion Project | ||||||||
4.000%, 06/01/2021 | 240 | 238 | ||||||
4.250%, 06/01/2023 | 200 | 199 | ||||||
4.375%, 06/01/2024 | 200 | 199 | ||||||
4.625%, 06/01/2029 | 900 | 880 | ||||||
Salem-Keizer School District #24J | ||||||||
Series B, Deferred Interest, Zero Coupon Bond (SBG) | ||||||||
4.528%, 06/15/2022 ¤ | 1,600 | 916 | ||||||
The Dalles | ||||||||
4.000%, 06/01/2017 | 130 | 136 | ||||||
4.000%, 06/01/2018 | 140 | 145 | ||||||
4.000%, 06/01/2019 | 75 | 77 | ||||||
Tualatin Hills Park & Recreation District (FGIC) (NATL) | ||||||||
5.750%, 03/01/2013 | 870 | 995 | ||||||
Umatilla County School District #16R, Pendleton (FGIC) (NATL) | ||||||||
5.250%, 07/01/2014 | 1,540 | 1,740 | ||||||
Wasco County School District #12 | ||||||||
(AGM) (SBG) | ||||||||
5.500%, 06/15/2014 | 1,080 | 1,264 | ||||||
Washington & Clackamas Counties School District #23J, Tigard (FGIC) (NATL) | ||||||||
5.500%, 06/01/2013 | 1,000 | 1,143 | ||||||
Zero Coupon Bond | ||||||||
2.155%, 06/15/2014 ¤ | 1,030 | 936 | ||||||
Washington County | ||||||||
5.000%, 06/01/2022 | 1,525 | 1,661 | ||||||
Washington County School District #48J, Beaverton, Series A (AGM) | ||||||||
5.000%, 06/01/2014 | 1,600 | $ | 1,840 | |||||
5.000%, 06/01/2016 | 1,500 | 1,681 | ||||||
Washington, Multnomah & Yamhill Counties School District #1J | ||||||||
5.000%, 11/01/2014 | 1,000 | 1,142 | ||||||
Washington, Multnomah & Yamhill Counties School District #1J, Hillsboro (NATL) | ||||||||
5.000%, 06/15/2019 | 2,490 | 2,758 | ||||||
Yamhill County School District #29J, Newberg (FGIC) (NATL) (SBG) | ||||||||
5.250%, 06/15/2015 | 1,260 | 1,446 | ||||||
5.250%, 06/15/2016 | 1,835 | 2,103 | ||||||
Yamhill County School District #40, McMinnville (AGM) (SBG) | ||||||||
5.000%, 06/15/2023 | 1,005 | 1,078 | ||||||
Total General Obligations | 71,234 | |||||||
Certificates of Participation – 4.7% | ||||||||
Multnomah County | ||||||||
4.750%, 08/01/2011 | 1,685 | 1,691 | ||||||
Oregon Department of Administrative Services | ||||||||
Series A | ||||||||
4.700%, 05/01/2025 | 1,500 | 1,563 | ||||||
Series A (FGIC) (NATL) | ||||||||
5.000%, 11/01/2018 | 1,060 | 1,147 | ||||||
Series C | ||||||||
5.000%, 11/01/2025 | 2,555 | 2,710 | ||||||
First American Funds 2009 Semiannual Report 49
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Oregon Intermediate Tax Free Fund (concluded) | ||||||||
DESCRIPTION | SHARES/PAR | VALUE | ||||||
Total Certificates of Participation | $ | 7,111 | ||||||
Total Municipal Bonds | ||||||||
(Cost $140,692) | 146,471 | |||||||
Short-Term Investments – 5.0% | ||||||||
Money Market Fund – 5.0% | ||||||||
First American Tax Free Obligations Fund, Class Z | ||||||||
0.013% Å Ω | 7,556,709 | 7,557 | ||||||
U.S. Treasury Obligations – 0.0% | ||||||||
U.S. Treasury Bill o | ||||||||
0.070%, 02/11/2010 | $ | 20 | 20 | |||||
Total Short-Term Investments | ||||||||
(Cost $7,577) | 7,577 | |||||||
Total Investments 5 – 101.4% | ||||||||
(Cost $148,269) | 154,048 | |||||||
Other Assets and Liabilities, Net – (1.4)% | (2,120 | ) | ||||||
Total Net Assets – 100.0% | $ | 151,928 | ||||||
« | Security purchased on a when-issued basis. On December 31, 2009, the total cost of investments purchased on a when-issued basis was $3,024, or 2.0% of total net assets. See note 2 in Notes to Financial Statements. | |
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
◗ | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
o | Yield shown is effective yield as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $148,269. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 6,830 | ||
Gross unrealized depreciation | (1,051 | ) | ||
Net unrealized appreciation | $ | 5,779 | ||
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $706, which represents 0.5% of total net assets. |
COMGTY – | Commonwealth Guaranty |
FGIC – | Financial Guaranty Insurance Corporation |
FHA – | Federal Housing Administration |
NATL – | National Public Finance Guarantee Corporation |
RAAI – | Radian Asset Assurance Inc. |
SBG – | School Bond Guaranty Program |
Short Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 62.7% | ||||||||
Alaska – 0.7% | ||||||||
Revenue Bond – 0.7% | ||||||||
Alaska Railroad Corporation, Capital Grant Receipts (FGIC) (NATL) | ||||||||
5.000%, 08/01/2012 | $ | 1,825 | $ | 1,967 | ||||
Arizona – 1.6% | ||||||||
Revenue Bonds – 1.6% | ||||||||
Maricopa County Hospital, Sun Health Corporation, Escrowed to Maturity | ||||||||
5.000%, 04/01/2011 § | 3,815 | 4,027 | ||||||
Salt River Project, Arizona Agriculture Improvement & Power District Electric Systems, Series A | ||||||||
5.000%, 01/01/2020 | 500 | 560 | ||||||
4,587 | ||||||||
Arkansas – 1.0% | ||||||||
Revenue Bond – 1.0% | ||||||||
North Little Rock Health Facilities Board, Baptist Health, Series B | ||||||||
5.375%, 12/01/2019 | 2,750 | 2,917 | ||||||
California – 3.9% | ||||||||
Revenue Bonds – 0.9% | ||||||||
California Statewide Communities Development Authority, Health Facility, Adventist Health | ||||||||
Series A | ||||||||
5.000%, 03/01/2016 | 2,500 | 2,600 | ||||||
General Obligations – 3.0% | ||||||||
California Economic Recovery, Series A | ||||||||
5.000%, 07/01/2020 | 4,000 | 4,228 | ||||||
Long Beach Community College, Series A | ||||||||
9.850%, 01/15/2013 « | 3,750 | 4,507 | ||||||
8,735 | ||||||||
11,335 | ||||||||
Colorado – 3.7% | ||||||||
Revenue Bonds – 3.7% | ||||||||
Colorado Health Facilities Authority, Catholic Health Initiatives, Series A | ||||||||
5.000%, 07/01/2015 | 3,345 | 3,608 | ||||||
Colorado Health Facilities Authority, Evangelical Lutheran | ||||||||
5.000%, 06/01/2010 | 435 | 440 | ||||||
Series B Mandatory Put 12/01/2014 @ 100 | ||||||||
5.000%, 06/01/2039 | 2,400 | 2,473 | ||||||
Colorado Health Facilities Authority, North Colorado Medical Center Project | ||||||||
Series A (AGM) | ||||||||
5.000%, 05/15/2013 | 1,010 | 1,088 | ||||||
Colorado Health Facilities Authority, Yampa Valley Medical Center Project | ||||||||
5.000%, 09/15/2013 | 1,000 | 1,036 | ||||||
Denver City & County Airport, Series A2 Mandatory Put 05/15/2010 @ 100 (AMT) | ||||||||
5.250%, 11/15/2032 | 2,000 | 2,029 | ||||||
10,674 | ||||||||
District of Columbia – 0.6% | ||||||||
Revenue Bond – 0.6% | ||||||||
District of Columbia, Georgetown University | ||||||||
Series A | ||||||||
5.000%, 04/01/2014 | 1,700 | 1,867 | ||||||
The accompanying notes are an integral part of the financial statements.
50 First American Funds 2009 Semiannual Report
Table of Contents
Short Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Florida – 7.7% | ||||||||
Revenue Bonds – 7.7% | ||||||||
Florida Department of Environmental Protection Preservation, Florida Forever, Series B (NATL) | ||||||||
5.000%, 07/01/2011 | $ | 10,000 | $ | 10,570 | ||||
Florida Hurricane Catastrophe Fund Financial Corporation, Series A | ||||||||
5.250%, 07/01/2012 | 4,000 | 4,304 | ||||||
Highlands County Health Facilities Authority, Adventist Health | ||||||||
5.000%, 11/15/2015 | 1,000 | 1,081 | ||||||
5.000%, 11/15/2016 | 2,000 | 2,142 | ||||||
Miami-Dade County Health Facilities Authority, Miami Children’s Hospital, Series A-1 Mandatory Put 08/01/2011 @ 100 (NATL) | ||||||||
4.125%, 08/01/2046 | 1,000 | 1,024 | ||||||
South Miami Health Facilities Authority, Baptist Health South Florida Group | ||||||||
5.000%, 08/15/2012 | 2,000 | 2,141 | ||||||
Tallahassee Energy Systems (NATL) | ||||||||
5.000%, 10/01/2012 | 1,000 | 1,089 | ||||||
22,351 | ||||||||
Georgia – 1.1% | ||||||||
General Obligation – 1.1% | ||||||||
Georgia, Series B | ||||||||
5.000%, 07/01/2021 | 2,900 | 3,304 | ||||||
Hawaii – 0.5% | ||||||||
Revenue Bond – 0.5% | ||||||||
Hawaii Department of Budget & Finance | ||||||||
Series C1 | ||||||||
7.500%, 11/15/2015 | 1,500 | 1,518 | ||||||
Illinois – 1.5% | ||||||||
Revenue Bonds – 1.5% | ||||||||
Illinois Finance Authority, Clare at Water Tower Project, Series A | ||||||||
5.100%, 05/15/2011 ¥ | 1,000 | 502 | ||||||
Illinois Finance Authority, Illinois Institute of Technology | ||||||||
6.250%, 02/01/2019 | 500 | 524 | ||||||
Illinois Finance Authority, Landing at Plymouth Place Project, Series A | ||||||||
5.000%, 05/15/2011 | 500 | 507 | ||||||
Illinois Finance Authority, Rush University Medical Center, Series A | ||||||||
5.000%, 11/01/2013 | 1,630 | 1,723 | ||||||
5.000%, 11/01/2014 | 1,105 | 1,172 | ||||||
4,428 | ||||||||
Indiana – 1.0% | ||||||||
Revenue Bonds – 1.0% | ||||||||
Anderson Economic Development, Anderson University Project | ||||||||
5.000%, 10/01/2012 | 990 | 1,001 | ||||||
Crown Point, Temps-Wittenberg Village Project | ||||||||
Series C-2 | ||||||||
6.500%, 11/15/2013 | 2,000 | 2,000 | ||||||
3,001 | ||||||||
Iowa – 2.9% | ||||||||
Revenue Bonds – 2.9% | ||||||||
Iowa Higher Education, Private College Facility, Grinnell | ||||||||
2.100%, 12/01/2011 | 4,000 | 4,086 | ||||||
Muscatine Electric, Series A (AMBAC) | ||||||||
5.500%, 01/01/2010 | 4,385 | 4,385 | ||||||
8,471 | ||||||||
Kansas – 2.0% | ||||||||
Revenue Bonds – 2.0% | ||||||||
Olathe Health Facilities, Olathe Medical Center | ||||||||
4.000%, 09/01/2012 | 1,150 | 1,186 | ||||||
Series A, Mandatory Put 03/01/2013 @ 100 | ||||||||
4.125%, 09/01/2037 | 1,350 | 1,401 | ||||||
Wichita Hospital Improvement, Series III A | ||||||||
5.000%, 11/15/2014 | 1,000 | 1,090 | ||||||
5.000%, 11/15/2016 | 1,000 | 1,079 | ||||||
Wichita Hospital, Christi Health System | ||||||||
5.000%, 11/15/2015 | 1,000 | 1,083 | ||||||
5,839 | ||||||||
Louisiana – 0.8% | ||||||||
Revenue Bond – 0.8% | ||||||||
Tangipahoa Parish Hospital Service District #1, North Oaks Medical Center Project, Series A | ||||||||
5.000%, 02/01/2011 | 2,035 | 2,059 | ||||||
Massachusetts – 1.4% | ||||||||
Revenue Bonds – 1.4% | ||||||||
Massachusetts Development Finance Agency, Senior Living Facility, Groves-Lincoln | ||||||||
Series B2 | ||||||||
6.250%, 06/01/2014 | 2,000 | 2,002 | ||||||
Massachusetts Health & Educational Facilities Authority, Northeastern University, Series T-1 Mandatory Put 02/16/2012 @ 100 | ||||||||
4.125%, 10/01/2037 | 2,000 | 2,061 | ||||||
4,063 | ||||||||
Michigan – 0.5% | ||||||||
General Obligation – 0.5% | ||||||||
Warren School District, School Improvement (FGIC) (NATL) | ||||||||
5.000%, 05/01/2012 | 1,200 | 1,292 | ||||||
Minnesota – 6.6% | ||||||||
Revenue Bonds – 2.0% | ||||||||
Minneapolis & St. Paul Housing & Redevelopment Authority, Healthpartners Obligation Group Project | ||||||||
5.250%, 12/01/2012 | 1,000 | 1,040 | ||||||
Minneapolis & St. Paul Metropolitan Apartments | ||||||||
Series B (AMT) | ||||||||
5.000%, 01/01/2015 | 2,500 | 2,696 | ||||||
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R | ||||||||
5.500%, 05/01/2016 | 910 | 926 | ||||||
5.500%, 05/01/2017 | 1,065 | 1,081 | ||||||
St. Paul Port Authority Lease Revenue, HealthEast Midway Campus, Series 3-A | ||||||||
5.000%, 05/01/2010 | 85 | 85 | ||||||
5,828 | ||||||||
General Obligations – 4.6% | ||||||||
Bemidji Temporary Sales Tax | ||||||||
4.500%, 02/01/2012 | 3,000 | 3,111 | ||||||
Edina Independent School District #273 | ||||||||
Series A | ||||||||
1.500%, 02/14/2011 « | 10,000 | 10,112 | ||||||
13,223 | ||||||||
19,051 | ||||||||
First American Funds 2009 Semiannual Report 51
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Short Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Mississippi – 1.2% | ||||||||
Revenue Bond – 1.2% | ||||||||
Mississippi, Series B-1 | ||||||||
4.000%, 07/01/2015 | $ | 3,235 | $ | 3,391 | ||||
Missouri – 1.6% | ||||||||
Revenue Bonds – 1.0% | ||||||||
Missouri Finance Board, Infrastructure Facilities, Water Systems, Series E | ||||||||
4.000%, 11/01/2016 | 2,020 | 2,075 | ||||||
Osage Beach Tax Increment, Prewitt’s Point Project | ||||||||
4.625%, 05/01/2011 | 895 | 883 | ||||||
2,958 | ||||||||
Certificate of Participation – 0.6% | ||||||||
Independence School District, Series C (AGM) | ||||||||
3.250%, 03/01/2014 | 1,750 | 1,753 | ||||||
4,711 | ||||||||
Nebraska – 1.0% | ||||||||
Revenue Bond – 1.0% | ||||||||
Central Plains Energy Project, Nebraska Gas Project #1, Series A | ||||||||
5.250%, 12/01/2021 | 3,000 | 2,878 | ||||||
New Hampshire – 1.6% | ||||||||
Revenue Bonds – 1.6% | ||||||||
New Hampshire Health & Education Facilities Authority, Concord Hospital, Series D2 | ||||||||
5.000%, 05/01/2010 | 1,915 | 1,932 | ||||||
5.000%, 05/01/2011 | 2,585 | 2,664 | ||||||
4,596 | ||||||||
New Mexico – 0.7% | ||||||||
Revenue Bond – 0.7% | ||||||||
New Mexico Educational Assistance Foundation | ||||||||
Series C (AMT) | ||||||||
3.900%, 09/01/2014 | 2,000 | 2,016 | ||||||
New York – 1.3% | ||||||||
General Obligation – 1.3% | ||||||||
New York, Series A | ||||||||
5.000%, 08/01/2011 | 3,435 | 3,666 | ||||||
North Carolina – 0.4% | ||||||||
Revenue Bond – 0.4% | ||||||||
North Carolina Municipal Power Agency, #1 Catawba Electric, Series C | ||||||||
5.000%, 01/01/2021 | 1,000 | 1,069 | ||||||
Oklahoma – 0.4% | ||||||||
Revenue Bond – 0.4% | ||||||||
Tulsa County Individual Educational Facilities Authority, Jenks Public School | ||||||||
5.000%, 09/01/2014 | 1,125 | 1,255 | ||||||
South Carolina – 2.2% | ||||||||
Revenue Bonds – 1.0% | ||||||||
Georgetown County Pollution Control Facilities, International Paper Company Project, Series A | ||||||||
5.125%, 02/01/2012 | 1,500 | 1,521 | ||||||
Richland County Environmental Improvement | ||||||||
Series A | ||||||||
4.600%, 09/01/2012 | 1,000 | 1,009 | ||||||
South Carolina Jobs-Economic Development Authority, Palmetto Health | ||||||||
5.000%, 08/01/2015 | 500 | 515 | ||||||
3,045 | ||||||||
Certificate of Participation – 1.2% | ||||||||
Scago Public Facilities Corporation, Lancaster County Project (AGC) | ||||||||
3.500%, 12/01/2011 | 3,315 | 3,448 | ||||||
6,493 | ||||||||
South Dakota – 0.5% | ||||||||
Revenue Bond – 0.5% | ||||||||
South Dakota Health & Educational Facilities Authority, Sanford Health | ||||||||
4.500%, 11/01/2015 | 1,305 | 1,376 | ||||||
Tennessee – 0.5% | ||||||||
Revenue Bond – 0.5% | ||||||||
Memphis-Shelby Counties Sports Authority, Memphis Arena Project, Series B | ||||||||
5.500%, 11/01/2020 | 1,270 | 1,378 | ||||||
Texas – 6.1% | ||||||||
Revenue Bonds – 4.6% | ||||||||
Dallas Fort Worth International Airport, Series A | ||||||||
5.000%, 11/01/2021 | 1,000 | 1,053 | ||||||
Lower Colorado River Authority (AMBAC) | ||||||||
5.000%, 05/15/2012 | 2,685 | 2,895 | ||||||
Tarrant County Cultural Education Facilities, CC Young Memorial Home, Series B-2 | ||||||||
6.500%, 02/15/2014 | 2,000 | 1,998 | ||||||
Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Hendrick Medical Center, Series A | ||||||||
4.000%, 09/01/2015 | 1,425 | 1,457 | ||||||
4.000%, 09/01/2016 | 1,070 | 1,075 | ||||||
4.375%, 09/01/2018 | 1,355 | 1,338 | ||||||
Tarrant County Cultural Education Facilities, Senior Living Center Project, Series C-2 | ||||||||
6.500%, 11/15/2014 | 2,000 | 2,000 | ||||||
Tyler Health Facilities Development Corporation, East Texas Medical Center, Series A | ||||||||
5.000%, 11/01/2010 | 1,500 | 1,534 | ||||||
13,350 | ||||||||
General Obligation – 1.5% | ||||||||
Texas Public Finance Authority | ||||||||
5.000%, 10/01/2010 | 4,275 | 4,426 | ||||||
17,776 | ||||||||
Virgin Islands – 0.3% | ||||||||
Revenue Bond – 0.3% | ||||||||
Virgin Islands Public Finance Authority, Series B | ||||||||
5.000%, 10/01/2019 | 1,000 | 998 | ||||||
Virginia – 5.5% | ||||||||
Revenue Bonds – 5.5% | ||||||||
Amelia County Industrial Development Authority, Solid Waste Disposal, Waste Management Project Mandatory Put 04/01/2010 @ 100 (AMT) | ||||||||
4.800%, 04/01/2027 | 2,000 | 2,009 | ||||||
Virginia Housing Development Authority, Commonwealth Mortgage, Series D1 (AMT) | ||||||||
4.300%, 01/01/2014 | 7,000 | 7,149 | ||||||
Virginia Public Building Authority, Series A | ||||||||
5.000%, 08/01/2014 | 6,000 | 6,713 | ||||||
15,871 | ||||||||
The accompanying notes are an integral part of the financial statements.
52 First American Funds 2009 Semiannual Report
Table of Contents
Short Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Washington – 0.9% | ||||||||
Revenue Bonds – 0.9% | ||||||||
Washington Health Care Facilities Authority, Central Washington Health Services | ||||||||
5.000%, 07/01/2013 | $ | 1,225 | $ | 1,268 | ||||
5.000%, 07/01/2014 | 1,150 | 1,187 | ||||||
2,455 | ||||||||
Wisconsin – 1.0% | ||||||||
Revenue Bonds – 1.0% | ||||||||
Wisconsin Health & Educational Facilities Authority, Froedtert & Community Health | ||||||||
Series A | ||||||||
5.000%, 04/01/2010 | 1,940 | 1,962 | ||||||
Wisconsin Health & Educational Facilities Authority, St. John’s Communities | ||||||||
5.400%, 09/15/2014 | 1,000 | 992 | ||||||
2,954 | ||||||||
Total Municipal Bonds | ||||||||
(Cost $178,212) | 181,607 | |||||||
Short-Term Investments – 41.9% | ||||||||
Money Market Fund – 12.0% | ||||||||
First American Tax Free Obligations Fund, Class Z | ||||||||
0.013% Å Ω | 35,024,515 | 35,025 | ||||||
Variable Rate Demand Notes v – 29.9% | ||||||||
California Financial Authority, Goodwill Industries – Orange County (LOC: Wells Fargo Bank) | ||||||||
0.220%, 11/01/2018 | $ | 5,545 | 5,545 | |||||
Cleveland-Cuyahoga County Port Authority, Carnegie/89th Garage Project (LOC: JP Morgan) | ||||||||
0.230%, 01/01/2037 | 10,000 | 10,000 | ||||||
Cohasset Power & Light Company Project | ||||||||
Series A (LOC: LaSalle Bank) | ||||||||
0.250%, 06/01/2020 | 5,420 | 5,420 | ||||||
Colorado Educational & Cultural Facilities Authority, Denver Seminary Project (LOC: Wells Fargo Bank) | ||||||||
0.340%, 07/01/2034 | 2,575 | 2,575 | ||||||
Galleria Metropolitan District (LOC: Wells Fargo Bank) | ||||||||
0.320%, 12/01/2029 | 2,010 | 2,010 | ||||||
Glendale Individual Development Authority, Senior Living Facilities, Friendship Retirement Corporation (LOC: Wells Fargo Bank) | ||||||||
0.320%, 01/01/2027 | 5,500 | 5,500 | ||||||
Indiana Finance Authority, Parkview Health Systems, Series C (LOC: Wells Fargo) | ||||||||
0.180%, 11/01/2039 | 10,655 | 10,655 | ||||||
Indiana Health Facilities, Financing Authority, Anthony Wayne Rehabilitation Center (LOC: Wells Fargo) | ||||||||
0.320%, 02/01/2031 | 2,420 | 2,420 | ||||||
Jefferson County, Rocky Mountain Butterfly Project (LOC: Wells Fargo) | ||||||||
0.320%, 06/01/2010 | 1,145 | 1,145 | ||||||
Lake Oswego Redevelopment Agency Tax Increment, Series A (LOC: Wells Fargo Bank) | ||||||||
0.320%, 06/01/2020 | 2,265 | 2,265 | ||||||
Louisiana, Series A (LOC: BNP Paribas) | ||||||||
0.250%, 07/01/2026 | 6,205 | 6,205 | ||||||
Milwaukee Redevelopment Authority, Yankee Hill Apartments (LOC: Wells Fargo Bank) | ||||||||
0.220%, 09/01/2025 | 1,100 | 1,100 | ||||||
Missouri Health & Educational Facilities Authority, Barnes Hospital Project (LOC: JP Morgan) | ||||||||
0.190%, 12/01/2015 | 7,485 | 7,485 | ||||||
South Fulton Municipal Regional Water & Sewer Authority (LOC: Bank of America) | ||||||||
0.250%, 01/01/2033 | 7,000 | 7,000 | ||||||
Washington Health Care Facilities Authority, Southwest Washington Medical Center | ||||||||
Series B (LOC: Bank of America) | ||||||||
0.300%, 09/01/2034 | 6,875 | 6,875 | ||||||
Wisconsin Health & Educational Facilities Authority, Gundersen Lutheran (LOC: Wells Fargo Bank), Series A | ||||||||
0.220%, 05/01/2020 | 6,700 | 6,700 | ||||||
Wisconsin Health & Educational Facilities Authority, Northland College (LOC: Wells Fargo Bank) | ||||||||
0.320%, 10/01/2021 | 3,720 | 3,720 | ||||||
86,620 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $121,645) | 121,645 | |||||||
Total Investments 5 – 104.6% | ||||||||
(Cost $299,857) | 303,252 | |||||||
Other Assets and Liabilities, Net – (4.6)% | (13,367 | ) | ||||||
Total Net Assets – 100.0% | $ | 289,885 | ||||||
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
« | Security purchased on a when-issued basis. On December 31, 2009 the total cost of investments purchased on a when-issued basis was $14,625 or 5.0% of total net assets. See note 2 in Notes to Financial Statements. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investment considered to be illiquid was $502 or 0.2% of total net assets. See note 2 in Notes to Financial Statements. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
v | Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $299,857. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 4,090 | ||
Gross unrealized depreciation | (695 | ) | ||
Unrealized appreciation | $ | 3,395 | ||
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $15,899 which represents 5.5% of total net assets. |
FGIC – | Financial Guarantee Insurance Corporation |
LOC – | Letter of Credit |
NATL – | National Public Finance Guarantee Corporation |
First American Funds 2009 Semiannual Report 53
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Short Tax Free Fund (concluded)
Tax Free Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Municipal Bonds – 97.4% | ||||||||
Alabama – 0.3% | ||||||||
Revenue Bonds – 0.3% | ||||||||
Camden Industrial Development Board, Weyerhaeuser Company | ||||||||
Series A, Pre-refunded 12/01/2013 @ 100 6.125%, 12/01/2024 ◊ | $ | 1,000 | $ | 1,172 | ||||
Series B, Pre-refunded 12/01/2013 @ 100 (AMT) | ||||||||
6.375%, 12/01/2024 ◊ | 350 | 406 | ||||||
1,578 | ||||||||
Alaska – 1.2% | ||||||||
Revenue Bonds – 1.2% | ||||||||
Alaska Energy Authority, Bradley Lake, Third | ||||||||
Series (AGM) | ||||||||
6.000%, 07/01/2010 | 1,000 | 1,025 | ||||||
6.000%, 07/01/2011 | 4,040 | 4,318 | ||||||
5,343 | ||||||||
Arizona – 6.6% | ||||||||
Revenue Bonds – 5.1% | ||||||||
Arizona Health Facilities Authority, The Terraces Project | ||||||||
Series A, Pre-refunded 11/15/2013 @ 101 | ||||||||
7.500%, 11/15/2023 ◊ | 3,000 | 3,580 | ||||||
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A | ||||||||
5.250%, 07/01/2032 | 3,500 | 3,446 | ||||||
Mohave County Industrial Development Authority, Correctional Facilities Contract, Mohave Prison Expansion Project | ||||||||
8.000%, 05/01/2025 | 4,500 | 5,089 | ||||||
Pima County Industrial Development Authority, American Charter Schools Foundation, Series A | ||||||||
5.500%, 07/01/2026 | 3,555 | 2,914 | ||||||
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A | ||||||||
5.000%, 09/01/2022 | 1,000 | 953 | ||||||
5.250%, 09/01/2030 | 2,000 | 1,846 | ||||||
Scottsdale Municipal Property Corporation, Excise Tax, Water and Sewer Development Project, Series A | ||||||||
5.000%, 07/01/2021 | 4,300 | 4,779 | ||||||
Tempe Industrial Development Authority, Friendship Village Project, Series A | ||||||||
5.375%, 12/01/2013 | 1,021 | 969 | ||||||
23,576 | ||||||||
General Obligation – 1.5% | ||||||||
Gila County School District #10, Payson School Improvement Project of 2006 | ||||||||
Series A (AMBAC) | ||||||||
5.250%, 07/01/2022 | 6,630 | 6,952 | ||||||
30,528 | ||||||||
Arkansas – 0.2% | ||||||||
Revenue Bond – 0.2% | ||||||||
Washington County Hospital, Regional Medical Center, Series B | ||||||||
5.000%, 02/01/2030 | 1,000 | 921 | ||||||
California – 8.7% | ||||||||
Revenue Bonds – 4.6% | ||||||||
California Department of Water Resources, Central Valley Project, Series AE | ||||||||
5.000%, 12/01/2021 | 2,000 | 2,230 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management Incorporated Project | ||||||||
Series B (AMT) | ||||||||
5.000%, 07/01/2027 | 2,500 | 2,379 | ||||||
Series C (AMT) | ||||||||
5.125%, 11/01/2023 | 5,000 | 4,852 | ||||||
California Statewide Communities Development Authority, St. Joseph | ||||||||
Series B (FGIC) | ||||||||
5.450%, 07/01/2026 | 1,050 | 1,099 | ||||||
Series C (FGIC) | ||||||||
5.450%, 07/01/2026 | 1,050 | 1,100 | ||||||
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT) | ||||||||
4.900%, 03/01/2023 | 2,500 | 2,443 | ||||||
Loma Linda University Medical Center, Series A | ||||||||
8.250%, 12/01/2038 | 1,500 | 1,643 | ||||||
Southern California Public Power Authority, Transmission Project, Series A | ||||||||
5.000%, 07/01/2020 | 4,000 | 4,311 | ||||||
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT) | ||||||||
5.000%, 12/01/2022 | 1,000 | 876 | ||||||
20,933 | ||||||||
General Obligations – 4.1% | ||||||||
California | ||||||||
5.500%, 11/01/2039 | 4,000 | 3,841 | ||||||
Los Rios Community College District, Election of 2002, Series D | ||||||||
5.375%, 08/01/2034 | 8,000 | 8,147 | ||||||
Poway Unified School District, Election of 2008, District 2007-1-A, Zero Coupon Bond | ||||||||
5.917%, 08/01/2023 ¤ | 3,775 | 1,710 | ||||||
Victor Valley Joint Union High School District, Election of 2008, Series A, Convertible CABs (AGC), 0.000% through 08/01/2019, thereafter 5.750%, 08/01/2031 ◗ | 5,000 | 2,873 | ||||||
Westminster School District | ||||||||
Series A1, Zero Coupon Bond (AGC) | ||||||||
5.840%, 08/01/2026 ¤ | 2,485 | 957 | ||||||
6.000%, 08/01/2028 ¤ | 1,405 | 468 | ||||||
6.090%, 08/01/2029 ¤ | 2,920 | 902 | ||||||
18,898 | ||||||||
39,831 | ||||||||
Colorado – 2.1% | ||||||||
Revenue Bonds – 1.9% | ||||||||
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Pre-refunded 12/01/2011 @ 100 | ||||||||
7.250%, 12/01/2021 ◊ | 1,500 | 1,686 | ||||||
Colorado Health Facilities Authority, Covenant Retirement Communities, Series B | ||||||||
6.125%, 12/01/2033 | 1,150 | 1,101 | ||||||
Colorado Health Facilities Authority, Evangelical Lutheran | ||||||||
5.900%, 10/01/2027 | 2,500 | 2,535 | ||||||
5.000%, 06/01/2029 | 2,000 | 1,835 |
The accompanying notes are an integral part of the financial statements.
54 First American Funds 2009 Semiannual Report
Table of Contents
Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Colorado Housing & Finance Authority, Solid Waste Disposal, Waste Management Incorporated Project (AMT) | ||||||||
5.700%, 07/01/2018 | $ | 1,590 | $ | 1,618 | ||||
8,775 | ||||||||
General Obligation – 0.2% | ||||||||
Antelope Water Systems General Improvement District | ||||||||
5.125%, 12/01/2035 | 1,000 | 882 | ||||||
9,657 | ||||||||
Delaware – 1.3% | ||||||||
Revenue Bond – 1.3% | ||||||||
Delaware Transportation Authority | ||||||||
5.000%, 07/01/2019 | 5,000 | 5,772 | ||||||
Florida – 4.6% | ||||||||
Revenue Bonds – 4.0% | ||||||||
Halifax Hospital Medical Center, Series B1 (AGM) | ||||||||
5.500%, 06/01/2038 | 6,000 | 6,008 | ||||||
Palm Beach County Health Facilities Authority Retirement Community, Acts Retirement Life | ||||||||
Series A | ||||||||
4.500%, 11/15/2036 | 10,000 | 7,767 | ||||||
Palm Beach County Health Facilities Authority, Waterford Project | ||||||||
5.875%, 11/15/2037 | 5,700 | 4,827 | ||||||
18,602 | ||||||||
Certificate of Participation – 0.6% | ||||||||
Palm Beach County School Board (FGIC) (NATL) | ||||||||
5.000%, 08/01/2018 | 2,415 | 2,599 | ||||||
21,201 | ||||||||
Georgia – 1.5% | ||||||||
Revenue Bonds – 1.5% | ||||||||
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT) | ||||||||
5.125%, 03/01/2026 | 2,300 | 2,189 | ||||||
Fulton County Residential Care Facilities, Canterbury Court Project, Series A | ||||||||
6.125%, 02/15/2026 | 1,500 | 1,345 | ||||||
6.125%, 02/15/2034 | 2,500 | 2,127 | ||||||
Georgia Municipal Electric Authority Power | ||||||||
Series BB (NATL) | ||||||||
5.250%, 01/01/2025 | 1,000 | 1,068 | ||||||
6,729 | ||||||||
Hawaii – 0.5% | ||||||||
Revenue Bonds – 0.5% | ||||||||
Hawaii Department of Budget & Finance, Special Purpose, 15 Craigside Project, Series A | ||||||||
8.750%, 11/15/2029 | 1,000 | 1,067 | ||||||
9.000%, 11/15/2044 | 1,250 | 1,325 | ||||||
2,392 | ||||||||
Idaho – 0.2% | ||||||||
Revenue Bond – 0.2% | ||||||||
Idaho Health Facilities Authority, Trinity Health Group, Series B | ||||||||
6.250%, 12/01/2033 | 750 | 816 | ||||||
Illinois – 6.3% | ||||||||
Revenue Bonds – 5.8% | ||||||||
Bolingbrook, Residential Mortgages Escrowed to Maturity (FGIC) (VEREX) | ||||||||
7.500%, 08/01/2010 § | 510 | 531 | ||||||
Illinois Finance Authority, Illinois Institute of Technology | ||||||||
7.125%, 02/01/2034 | 3,500 | 3,648 | ||||||
Illinois Finance Authority, Landing at Plymouth Place Project, Series A | ||||||||
6.000%, 05/15/2037 | 2,300 | 1,817 | ||||||
Illinois Finance Authority, Roosevelt University | ||||||||
6.250%, 04/01/2029 | 2,000 | 1,973 | ||||||
5.500%, 04/01/2037 | 2,800 | 2,425 | ||||||
Illinois Finance Authority, Rush University Medical Center | ||||||||
Series A | ||||||||
7.250%, 11/01/2030 | 3,680 | 4,175 | ||||||
Series C | ||||||||
6.625%, 11/01/2039 | 1,265 | 1,368 | ||||||
Illinois Finance Authority, Silver Cross Hospital | ||||||||
5.500%, 08/15/2030 | 3,230 | 2,893 | ||||||
Illinois Health Facilities Authority, Covenant Retirement Communities | ||||||||
5.875%, 12/01/2031 | 4,500 | 4,164 | ||||||
Series A (RAAI) | ||||||||
5.500%, 12/01/2022 | 4,000 | 3,801 | ||||||
Northern Illinois University, Auxiliary Facilities Systems (FGIC) (NATL) | ||||||||
5.700%, 04/01/2016 | 120 | 120 | ||||||
26,915 | ||||||||
General Obligation – 0.5% | ||||||||
Chicago Illinois Board of Education, Series C | ||||||||
5.000%, 12/01/2020 | 2,000 | 2,147 | ||||||
29,062 | ||||||||
Indiana – 2.3% | ||||||||
Revenue Bonds – 2.3% | ||||||||
Indiana Health & Educational Facilities Financing Authority, Community Foundation | ||||||||
5.500%, 03/01/2037 | 2,830 | 2,696 | ||||||
Indiana Municipal Power Agency, Power Supply | ||||||||
Series B (NATL) | ||||||||
6.000%, 01/01/2012 | 1,000 | 1,083 | ||||||
Indiana Transportation Finance Authority | ||||||||
Series A (AMBAC) | ||||||||
5.750%, 06/01/2012 | 2,000 | 2,222 | ||||||
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (GTY: Federal Express) (AMT) | ||||||||
5.100%, 01/15/2017 | 3,000 | 2,980 | ||||||
Portage Economic Development, Ameriplex Project | ||||||||
5.000%, 07/15/2023 | 1,000 | 964 | ||||||
5.000%, 01/15/2027 | 775 | 722 | ||||||
10,667 | ||||||||
Iowa – 0.1% | ||||||||
Revenue Bond – 0.1% | ||||||||
Muscatine Electric, Escrowed to Maturity | ||||||||
6.700%, 01/01/2013 § | 530 | 575 | ||||||
First American Funds 2009 Semiannual Report 55
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Kansas – 1.5% | ||||||||
Revenue Bonds – 1.5% | ||||||||
Kansas Department of Transportation, Series B2 | ||||||||
5.000%, 09/01/2022 | $ | 500 | $ | 561 | ||||
Kansas Development Finance Authority, Adventist Health System | ||||||||
5.500%, 11/15/2029 | 4,500 | 4,624 | ||||||
Olathe Senior Living Facility, Catholic Care Campus, Series A | ||||||||
6.000%, 11/15/2038 | 2,000 | 1,646 | ||||||
6,831 | ||||||||
Louisiana – 0.8% | ||||||||
Revenue Bonds – 0.8% | ||||||||
Jefferson Parish, Home Mortgage Authority Escrowed to Maturity (FGIC) (FHA) (VA) | ||||||||
7.100%, 08/01/2011 § | 1,000 | 1,094 | ||||||
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT) | ||||||||
4.700%, 11/01/2036 | 3,000 | 2,476 | ||||||
3,570 | ||||||||
Maryland – 1.3% | ||||||||
General Obligation – 1.3% | ||||||||
Prince Georges County Public Improvement | ||||||||
5.000%, 07/15/2017 | 5,000 | 5,814 | ||||||
Massachusetts – 1.8% | ||||||||
Revenue Bonds – 1.8% | ||||||||
Massachusetts Development Finance Agency, Health Care Facilities, Adventcare, Series A | ||||||||
6.750%, 10/15/2037 | 2,850 | 2,443 | ||||||
Massachusetts Development Finance Agency, Senior Living Facility, Groves-Lincoln | ||||||||
Series A | ||||||||
7.875%, 06/01/2044 | 1,000 | 982 | ||||||
Series B2 | ||||||||
6.250%, 06/01/2014 | 1,000 | 1,001 | ||||||
Massachusetts Health & Educational Facilities Authority, Suffolk University, Series A | ||||||||
5.750%, 07/01/2039 | 3,000 | 2,958 | ||||||
Massachusetts Health & Educational Facilities Authority, UMass Memorial Issue, Series D | ||||||||
5.000%, 07/01/2033 | 1,000 | 879 | ||||||
8,263 | ||||||||
Michigan – 2.7% | ||||||||
Revenue Bonds – 2.7% | ||||||||
Kalamazoo Hospital Financial Authority, Bronson Hospital (AGM) | ||||||||
5.000%, 05/15/2026 | 7,665 | 7,790 | ||||||
Michigan Hospital Financial Authority, McLaren Health Care, Series A | ||||||||
5.250%, 05/15/2018 | 1,000 | 1,047 | ||||||
Royal Oak Hospital Finance Authority, William Beaumont Hospital | ||||||||
8.000%, 09/01/2029 | 3,000 | 3,505 | ||||||
12,342 | ||||||||
Minnesota – 7.0% | ||||||||
Revenue Bonds – 7.0% | ||||||||
Chippewa County, Montevideo Hospital Project | ||||||||
5.500%, 03/01/2037 | 3,000 | 2,747 | ||||||
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects | ||||||||
Series A | ||||||||
5.700%, 07/01/2042 | 2,790 | 2,340 | ||||||
Cuyuna Range Hospital District | ||||||||
5.200%, 06/01/2025 | 1,000 | 893 | ||||||
5.000%, 06/01/2029 | 1,500 | 1,355 | ||||||
Minneapolis Healthcare System, Fairview Health Services, Series A | ||||||||
6.625%, 11/15/2028 | 3,000 | 3,371 | ||||||
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A | ||||||||
6.375%, 11/15/2029 | 95 | 96 | ||||||
Monticello, Big Lake Community Hospital | ||||||||
Series C | ||||||||
6.200%, 12/01/2022 | 2,995 | 2,825 | ||||||
Shakopee Health Care Facilities, St. Francis Regional Medical Center | ||||||||
5.250%, 09/01/2034 | 1,000 | 923 | ||||||
St. Paul Housing & Redevelopment Authority, Allina Health System, Series A (NATL) | ||||||||
5.000%, 11/15/2019 | 4,500 | 4,666 | ||||||
St. Paul Housing & Redevelopment Authority, Health Care Facilities, HealthPartners Obligated Group Project | ||||||||
5.250%, 05/15/2026 | 1,500 | 1,427 | ||||||
5.250%, 05/15/2036 | 3,900 | 3,482 | ||||||
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project | ||||||||
5.250%, 11/15/2014 | 990 | 983 | ||||||
6.000%, 11/15/2025 | 2,000 | 1,923 | ||||||
6.000%, 11/15/2030 | 2,000 | 1,821 | ||||||
6.000%, 11/15/2035 | 1,000 | 885 | ||||||
St. Paul Sales Tax, Series B (SGI) | ||||||||
5.650%, 11/01/2017 | 2,290 | 2,370 | ||||||
32,107 | ||||||||
Mississippi – 1.5% | ||||||||
Revenue Bond – 1.5% | ||||||||
Mississippi Development Bank Special Obligation, Jackson Public School District (AGM) | ||||||||
5.500%, 04/01/2020 | 6,350 | 6,988 | ||||||
Missouri – 2.3% | ||||||||
Revenue Bonds – 2.3% | ||||||||
Bi-State Development Agency, Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project (AGM) | ||||||||
5.250%, 07/01/2027 | 3,185 | 3,452 | ||||||
St. Louis Industrial Development Authority, Sewer and Solid Waste Disposal Facilities (AMT) | ||||||||
4.875%, 03/01/2032 | 8,000 | 7,046 | ||||||
10,498 | ||||||||
The accompanying notes are an integral part of the financial statements.
56 First American Funds 2009 Semiannual Report
Table of Contents
Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Montana – 1.0% | ||||||||
Revenue Bonds – 1.0% | ||||||||
Forsyth Pollution Control, Northwestern Corporation (AMBAC) | ||||||||
4.650%, 08/01/2023 | $ | 2,500 | $ | 2,390 | ||||
Montana Facility Finance Authority, Senior Living, St. John’s Lutheran, Ministries Project, Series A | ||||||||
6.125%, 05/15/2036 | 2,500 | 2,054 | ||||||
4,444 | ||||||||
Nebraska – 4.5% | ||||||||
Revenue Bonds – 4.5% | ||||||||
Central Plains Energy Project, Nebraska Gas Project #1, Series A | ||||||||
5.250%, 12/01/2021 | 5,000 | 4,797 | ||||||
Nebraska Public Power District, Series B | ||||||||
5.000%, 01/01/2020 | 2,750 | 2,986 | ||||||
Washington County Wastewater Facilities, Cargill Incorporated Project (AMT) | ||||||||
5.900%, 11/01/2027 | 1,700 | 1,727 | ||||||
4.850%, 04/01/2035 | 12,500 | 11,116 | ||||||
20,626 | ||||||||
Nevada – 1.9% | ||||||||
Revenue Bonds – 1.9% | ||||||||
Carson City Hospital, Carson-Tahoe Hospital | ||||||||
5.750%, 09/01/2031 | 2,740 | 2,613 | ||||||
Pre-refunded 09/01/2012 @ 101 | ||||||||
5.750%, 09/01/2031 ◊ | 2,260 | 2,549 | ||||||
Clark County Industrial Development, Southwest Gas Corporation Project | ||||||||
Series A (AMBAC) (AMT) | ||||||||
5.250%, 07/01/2034 | 4,000 | 3,543 | ||||||
Series A (AMT) (FGIC) | ||||||||
4.750%, 09/01/2036 | 80 | 65 | ||||||
8,770 | ||||||||
New Hampshire – 0.4% | ||||||||
Revenue Bonds – 0.4% | ||||||||
New Hampshire Health & Educational Facilities Authority, Covenant Health | ||||||||
5.375%, 07/01/2024 | 1,250 | 1,265 | ||||||
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital | ||||||||
5.875%, 07/01/2034 | 800 | 746 | ||||||
2,011 | ||||||||
North Carolina – 0.8% | ||||||||
Revenue Bonds – 0.8% | ||||||||
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian | ||||||||
Series B | ||||||||
5.200%, 10/01/2021 | 1,500 | 1,446 | ||||||
North Carolina Medical Care Community Health Care Facilities, Pennybyrn at Maryfield, Series A | ||||||||
6.000%, 10/01/2023 | 2,800 | 2,283 | ||||||
3,729 | ||||||||
North Dakota – 0.2% | ||||||||
General Obligations – 0.2% | ||||||||
West Fargo, Series A (AGC) | ||||||||
4.000%, 05/01/2017 | 550 | 566 | ||||||
4.000%, 05/01/2018 | 540 | 552 | ||||||
1,118 | ||||||||
Ohio – 2.0% | ||||||||
Revenue Bonds – 2.0% | ||||||||
Cincinnati Water System Pre-refunded 06/01/2011 @ 100 | ||||||||
5.000%, 12/01/2020 ◊ | 125 | 133 | ||||||
Lake County Hospital Facilities, Lake Hospital System, Series C | ||||||||
5.625%, 08/15/2029 | 3,250 | 3,172 | ||||||
Miami County Hospital Facilities, Refunding & Improvement, Upper Valley Medical Center | ||||||||
5.250%, 05/15/2026 | 1,000 | 1,005 | ||||||
Ohio Higher Educational Facility, Baldwin-Wallace College Project | ||||||||
5.125%, 12/01/2017 | 1,490 | 1,563 | ||||||
5.250%, 12/01/2019 | 1,540 | 1,601 | ||||||
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project | ||||||||
5.250%, 12/01/2023 | 2,000 | 1,788 | ||||||
9,262 | ||||||||
Oregon – 0.3% | ||||||||
Revenue Bond – 0.3% | ||||||||
Gilliam County Solid Waste Disposal, Waste Management Project (AMT) | ||||||||
5.250%, 07/01/2029 | 1,500 | 1,391 | ||||||
Pennsylvania – 3.7% | ||||||||
Revenue Bonds – 3.7% | ||||||||
Delaware County Authority College, Neumann College | ||||||||
6.125%, 10/01/2034 | 1,000 | 1,030 | ||||||
Erie County Industrial Development Authority, International Paper Company Project | ||||||||
Series A (AMT) | ||||||||
5.000%, 11/01/2018 | 1,350 | 1,301 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care | ||||||||
6.250%, 02/01/2035 | 2,090 | 1,521 | ||||||
Pennsylvania Community, Series E | ||||||||
Convertible CABs | ||||||||
0.000% through 12/01/2017, thereafter 6.375%, 12/01/2038 ◗ | 8,000 | 4,975 | ||||||
Pennsylvania Economic Development Authority, Allegheny Energy Supply | ||||||||
7.000%, 07/15/2039 | 5,000 | 5,391 | ||||||
State Public School Building Authority, Delaware County Community College Project (AGM) | ||||||||
5.000%, 10/01/2024 | 1,600 | 1,721 | ||||||
Westmoreland County Industrial Development Authority, Redstone Retirement Community | ||||||||
Series A | ||||||||
5.750%, 01/01/2026 | 1,200 | 1,014 | ||||||
16,953 | ||||||||
Puerto Rico – 2.4% | ||||||||
Revenue Bond – 2.2% | ||||||||
Puerto Rico Electric Power Authority | ||||||||
Series VV (NATL) | ||||||||
5.250%, 07/01/2029 | 10,000 | 10,085 | ||||||
General Obligations – 0.2% | ||||||||
Puerto Rico Commonwealth, Series A | ||||||||
5.000%, 07/01/2027 | 550 | 514 |
First American Funds 2009 Semiannual Report 57
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Puerto Rico Commonwealth, Public Improvement (NATL) | ||||||||
5.750%, 07/01/2026 | $ | 500 | $ | 514 | ||||
1,028 | ||||||||
11,113 | ||||||||
South Carolina – 1.1% | ||||||||
Revenue Bonds – 0.5% | ||||||||
Georgetown County Environmental Improvement, International Paper, Series A (AMT) | ||||||||
5.550%, 12/01/2029 | 700 | 630 | ||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A | ||||||||
6.125%, 08/01/2023 | 1,250 | 1,283 | ||||||
Series C, Pre-refunded 08/01/2013 @ 100 | ||||||||
6.375%, 08/01/2034 ◊ | 135 | 159 | ||||||
2,072 | ||||||||
General Obligation – 0.6% | ||||||||
South Carolina Infrastructure, Series A | ||||||||
3.000%, 10/01/2024 | 3,000 | 2,823 | ||||||
4,895 | ||||||||
South Dakota – 3.4% | ||||||||
Revenue Bonds – 3.4% | ||||||||
Sioux Falls, Dow Rummel Village Project | ||||||||
Series A, Pre-refunded 11/15/2012 @ 100 | ||||||||
6.625%, 11/15/2023 ◊ | 2,270 | 2,623 | ||||||
South Dakota Economic Development Finance Authority, Pooled Loan DTS Project, Series A (AMT) | ||||||||
5.500%, 04/01/2019 | 1,055 | 1,063 | ||||||
South Dakota Economic Development Finance Authority, Pooled Loan Program – Davis Family | ||||||||
Series 4A (AMT) | ||||||||
6.000%, 04/01/2029 | 1,400 | 1,430 | ||||||
South Dakota Economic Development Finance Authority, Pooled Loan Program – Spearfish Forest, Series A (AMT) | ||||||||
5.875%, 04/01/2028 | 2,000 | 2,052 | ||||||
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGC) | ||||||||
5.500%, 08/01/2038 | 7,000 | 7,311 | ||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | ||||||||
5.000%, 09/01/2031 | 1,250 | 1,149 | ||||||
15,628 | ||||||||
Tennessee – 2.3% | ||||||||
Revenue Bonds – 2.0% | ||||||||
Claiborne County Industrial Development Board, Lincoln Memorial University Project | ||||||||
6.625%, 10/01/2039 | 3,000 | 2,956 | ||||||
Johnson City Health & Educational Facilities Board, Mountain States Health, Series A, Pre-refunded 07/01/2012 @ 103 | ||||||||
7.500%, 07/01/2033 ◊ | 2,500 | 2,830 | ||||||
Shelby County Health, Educational, & Housing Facilities Board, Methodist Healthcare Pre-refunded 09/01/2012 @ 100 | ||||||||
6.500%, 09/01/2021 ◊ | 1,125 | 1,287 | ||||||
6.500%, 09/01/2021 ◊ | 1,875 | 2,144 | ||||||
9,217 | ||||||||
General Obligation – 0.3% | ||||||||
Shelby County | ||||||||
5.000%, 04/01/2020 | 1,000 | 1,146 | ||||||
10,363 | ||||||||
Texas – 13.2% | ||||||||
Revenue Bonds – 10.8% | ||||||||
Abilene Health Facilities Development, Sears Methodist Retirement Project | ||||||||
5.875%, 11/15/2018 | 500 | 478 | ||||||
Series A | ||||||||
5.875%, 11/15/2018 | 2,500 | 2,389 | ||||||
Brazos County Health Facilities, Franciscan Services Corporation, St. Joseph Regional | ||||||||
5.000%, 01/01/2023 | 3,635 | 3,574 | ||||||
Crawford Education Facilities, University of St. Thomas Project | ||||||||
5.250%, 10/01/2022 | 1,300 | 1,257 | ||||||
5.375%, 10/01/2027 | 1,750 | 1,651 | ||||||
Dallas Area Rapid Transit Sales Tax, Senior Lien | ||||||||
5.000%, 12/01/2018 | 2,000 | 2,285 | ||||||
Harris County Health Facilities Development Corporation, Memorial Hermann Healthcare System, Series B | ||||||||
7.250%, 12/01/2035 | 2,000 | 2,243 | ||||||
La Vernia Higher Education Finance Corporation, Kipp Incorporated, Series A (GTY) | ||||||||
6.250%, 08/15/2039 | 1,500 | 1,496 | ||||||
Lubbock Educational Facilities Authority, Lubbock Christian University | ||||||||
5.125%, 11/01/2027 | 1,000 | 901 | ||||||
5.250%, 11/01/2037 | 2,500 | 2,125 | ||||||
North Texas Tollway Authority, First Tier | ||||||||
Series E3 Mandatory Put 01/01/2016 @ 100 | ||||||||
5.750%, 01/01/2038 | 4,500 | 5,031 | ||||||
Red River Authority Sewer & Solidwaste Disposal, Excel Corporation Project (AMT) | ||||||||
6.100%, 02/01/2022 | 3,775 | 3,856 | ||||||
San Antonio Electric & Gas | ||||||||
5.000%, 02/01/2025 | 4,000 | 4,305 | ||||||
Series A | ||||||||
5.250%, 02/01/2025 | 10,000 | 11,031 | ||||||
San Marcos Waterworks & Wastewater Systems (AGM) | ||||||||
5.000%, 08/15/2026 | 1,000 | 1,054 | ||||||
Tarrant County Cultural Education Facilities Finance Corporation, Retirement Facility, Northwest Senior Housing, Edgemere Project, Series A | ||||||||
6.000%, 11/15/2026 | 1,600 | 1,482 | ||||||
Travis County Health Facilities, Querencia Barton Creek Project | ||||||||
5.500%, 11/15/2025 | 1,300 | 1,128 | ||||||
5.650%, 11/15/2035 | 4,100 | 3,247 | ||||||
49,533 | ||||||||
General Obligations – 2.4% | ||||||||
Fort Bend Independent School District Escrowed to Maturity (PSFG) | ||||||||
5.000%, 02/15/2014 § | 500 | 574 | ||||||
Humble Independent School District | ||||||||
Series A (AGC) | ||||||||
5.250%, 02/15/2022 | 2,635 | 2,902 | ||||||
San Marcos Certificates of Obligation (AGM) | ||||||||
5.000%, 08/15/2025 | 1,000 | 1,065 |
The accompanying notes are an integral part of the financial statements.
58 First American Funds 2009 Semiannual Report
Table of Contents
Tax Free Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
5.000%, 08/15/2027 | $ | 1,000 | $ | 1,056 | ||||
Texas Transportation Commission, Mobility Fund | ||||||||
5.000%, 04/01/2028 | 5,000 | 5,316 | ||||||
10,913 | ||||||||
60,446 | ||||||||
Utah – 1.0% | ||||||||
Revenue Bonds – 1.0% | ||||||||
Intermountain Power Agency, Utah Power Supply | ||||||||
Series A (AMBAC) | ||||||||
6.500%, 07/01/2011 | 365 | 396 | ||||||
Series A, Escrowed to Maturity (AMBAC) | ||||||||
6.500%, 07/01/2011 § | 635 | 691 | ||||||
Uintah County Municipal Building Authority, Lease Revenue | ||||||||
5.500%, 06/01/2037 | 3,400 | 3,469 | ||||||
4,556 | ||||||||
Vermont – 0.2% | ||||||||
Revenue Bond – 0.2% | ||||||||
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A | ||||||||
5.250%, 05/01/2026 | 1,000 | 859 | ||||||
Virginia – 0.2% | ||||||||
Revenue Bond – 0.2% | ||||||||
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA) | ||||||||
5.850%, 12/01/2020 | 1,000 | 1,032 | ||||||
Washington – 1.7% | ||||||||
Revenue Bonds – 1.7% | ||||||||
Washington Health Care Facilities Authority, Central Washington Health Services | ||||||||
6.250%, 07/01/2024 | 2,000 | 2,090 | ||||||
7.000%, 07/01/2039 | 2,000 | 2,115 | ||||||
Washington Higher Education Facilities Authority, Whitworth University Project | ||||||||
5.375%, 10/01/2029 | 3,000 | 2,976 | ||||||
Washington Public Power Supply System, Nuclear Project #3, Series B | ||||||||
7.125%, 07/01/2016 | 600 | 752 | ||||||
7,933 | ||||||||
Wisconsin – 1.5% | ||||||||
Revenue Bonds – 1.5% | ||||||||
Wisconsin Health & Educational Facilities Authority, Beaver Dam Community Hospitals | ||||||||
Series A | ||||||||
6.750%, 08/15/2034 | 2,000 | 1,974 | ||||||
Wisconsin Health & Educational Facilities Authority, Children’s Hospital of Wisconsin | ||||||||
5.250%, 08/15/2024 | 2,000 | 2,093 | ||||||
Wisconsin Health & Educational Facilities Authority, Eastcastle Place Incorporated Project | ||||||||
6.000%, 12/01/2024 | 1,000 | 915 | ||||||
Wisconsin Health & Educational Facilities Authority, New Castle Place Project, Series A | ||||||||
7.000%, 12/01/2031 | 2,000 | 1,883 | ||||||
6,865 | ||||||||
Wyoming – 0.8% | ||||||||
Revenue Bonds – 0.8% | ||||||||
Teton County Hospital District, St. John’s Medical Center | ||||||||
6.750%, 12/01/2022 | 2,100 | 2,100 | ||||||
6.750%, 12/01/2027 | 1,500 | 1,434 | ||||||
3,534 | ||||||||
Total Municipal Bonds | ||||||||
(Cost $448,930) | 447,013 | |||||||
Short-Term Investment – 1.5% | ||||||||
First American Tax Free Obligations Fund, Class Z | ||||||||
0.013% Å Ω | ||||||||
(Cost $7,253) | 7,252,655 | 7,253 | ||||||
Total Investments 5 – 98.9% | ||||||||
(Cost $456,183) | 454,266 | |||||||
Other Assets and Liabilities, Net – 1.1% | 4,878 | |||||||
Total Net Assets – 100.0% | $ | 459,144 | ||||||
◊ | Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
◗ | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. | |
§ | Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $456,183. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 16,105 | ||
Gross unrealized depreciation | (18,022 | ) | ||
Net unrealized depreciation | $ | (1,917 | ) | |
AGC – | Assured Guaranty Corporation |
AGM – | Assured Guaranty Municipal Corporation |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2009, the aggregate fair value of securities subject to the AMT was $56,471 which represents 12.3% total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FHA – | Federal Housing Administration |
FNMA – | Federal National Mortgage Association |
GTY – | Guaranty Agreement |
NATL – | National Public Finance Guarantee Corporation |
PSFG – | Permanent School Fund Guarantee |
RAAI – | Radian Asset Assurance Inc. |
SGI – | Syncora Guarantee Inc. |
VA – | Veterans Administration |
VEREX – | Verex Assurance |
First American Funds 2009 Semiannual Report 59
Table of Contents
Statements of Assets and Liabilities | December 31, 2009 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Minnesota | ||||||||||||||||||||||||||
Arizona | California | Colorado | Intermediate | Intermediate | ||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||
Unaffiliated investments, at cost | $ | 22,577 | $ | 98,304 | $ | 62,839 | $ | 692,874 | $ | 206,243 | ||||||||||||||||
Affiliated money market fund, at cost | — | — | 1,371 | 9,301 | — | |||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||
Unaffiliated investments, at fair value (note 2) | $ | 22,639 | $ | 99,011 | $ | 64,383 | $ | 721,742 | $ | 212,885 | ||||||||||||||||
Affiliated money market fund, at fair value (note 2) | — | — | 1,371 | 9,301 | — | |||||||||||||||||||||
Receivable for dividends and interest | 409 | 1,452 | 491 | 8,836 | 2,730 | |||||||||||||||||||||
Receivable for investments sold | — | — | 102 | 285 | — | |||||||||||||||||||||
Receivable for capital shares sold | — | 16 | 2 | 783 | 500 | |||||||||||||||||||||
Receivable from advisor (note 3) | 8 | — | 2 | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 4 | 6 | 6 | 32 | 9 | |||||||||||||||||||||
Total assets | 23,060 | 100,485 | 66,357 | 740,979 | 216,124 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Dividends payable | 67 | 318 | 195 | 2,236 | 588 | |||||||||||||||||||||
Payable for investments purchased | — | — | 845 | — | — | |||||||||||||||||||||
Payable for investments purchased on a when-issued basis | — | — | — | — | — | |||||||||||||||||||||
Payable for capital shares redeemed | 1 | 77 | 291 | 231 | 119 | |||||||||||||||||||||
Payable to affiliates (note 3) | 16 | 42 | 28 | 442 | 124 | |||||||||||||||||||||
Payable for distribution and shareholder servicing fees | 2 | 4 | 4 | 2 | 2 | |||||||||||||||||||||
Accrued expenses and other liabilities | 3 | 22 | 23 | 28 | 23 | |||||||||||||||||||||
Total liabilities | 89 | 463 | 1,386 | 2,939 | 856 | |||||||||||||||||||||
Net assets | $ | 22,971 | $ | 100,022 | $ | 64,971 | $ | 738,040 | $ | 215,268 | ||||||||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||||||||||||
Portfolio capital | $ | 23,023 | $ | 99,184 | $ | 63,299 | $ | 708,685 | $ | 208,481 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income | (6 | ) | 62 | 76 | 557 | 125 | ||||||||||||||||||||
Accumulated net realized gain (loss) on investments (note 2) | (108 | ) | 69 | 52 | (70 | ) | 20 | |||||||||||||||||||
Net unrealized appreciation (depreciation) of investments | 62 | 707 | 1,544 | 28,868 | 6,642 | |||||||||||||||||||||
Net assets | $ | 22,971 | $ | 100,022 | $ | 64,971 | $ | 738,040 | $ | 215,268 | ||||||||||||||||
Class A: | ||||||||||||||||||||||||||
Net assets | $ | 6,399 | $ | 16,626 | $ | 11,364 | $ | 44,518 | $ | 28,695 | ||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 599 | 1,553 | 1,137 | 4,119 | 2,868 | |||||||||||||||||||||
Net asset value and redemption price per share | $ | 10.69 | $ | 10.71 | $ | 9.99 | $ | 10.81 | $ | 10.00 | ||||||||||||||||
Maximum offering price per share1 | $ | 11.16 | $ | 11.19 | $ | 10.43 | $ | 11.06 | $ | 10.23 | ||||||||||||||||
Class C: | ||||||||||||||||||||||||||
Net assets | $ | 1,504 | $ | 4,139 | $ | 3,021 | $ | 428 | $ | 928 | ||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 141 | 386 | 303 | 39 | 93 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share2 | $ | 10.68 | $ | 10.72 | $ | 9.97 | $ | 10.85 | $ | 10.02 | ||||||||||||||||
Class Y: | ||||||||||||||||||||||||||
Net assets | $ | 15,068 | $ | 79,257 | $ | 50,586 | $ | 693,094 | $ | 185,645 | ||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 1,408 | 7,401 | 5,050 | 64,281 | 18,669 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 10.70 | $ | 10.71 | $ | 10.02 | $ | 10.78 | $ | 9.94 | ||||||||||||||||
1 | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges, see note 1 in Notes to Financial Statements. | |
2 | Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
60 First American Funds 2009 Semiannual Report
Table of Contents
Oregon | ||||||||||||||||||||||||||||||||||||
Minnesota | Missouri | Nebraska | Ohio | Intermediate | Short | |||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||
$ | 164,020 | $ | 140,268 | $ | 39,474 | $ | 55,846 | $ | 140,712 | $ | 264,832 | $ | 448,930 | |||||||||||||||||||||||
— | 1,680 | 1,597 | — | 7,557 | 35,025 | 7,253 | ||||||||||||||||||||||||||||||
$ | 165,925 | $ | 140,275 | $ | 40,624 | $ | 57,044 | $ | 146,491 | $ | 268,227 | $ | 447,013 | |||||||||||||||||||||||
— | 1,680 | 1,597 | — | 7,557 | 35,025 | 7,253 | ||||||||||||||||||||||||||||||
2,070 | 1,960 | 518 | 535 | 1,279 | 2,172 | 6,844 | ||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
212 | 70 | 41 | 265 | 128 | 458 | 233 | ||||||||||||||||||||||||||||||
— | — | 8 | 4 | — | — | — | ||||||||||||||||||||||||||||||
18 | 8 | 8 | 7 | 6 | 16 | 23 | ||||||||||||||||||||||||||||||
168,225 | 143,993 | 42,796 | 57,855 | 155,461 | 305,898 | 461,366 | ||||||||||||||||||||||||||||||
279 | 462 | 115 | 157 | 390 | 387 | 1,573 | ||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
— | — | — | — | 3,024 | 14,625 | — | ||||||||||||||||||||||||||||||
23 | — | — | — | 8 | 843 | 339 | ||||||||||||||||||||||||||||||
96 | 84 | 19 | 22 | 85 | 134 | 275 | ||||||||||||||||||||||||||||||
20 | 3 | 3 | 1 | 3 | 1 | 4 | ||||||||||||||||||||||||||||||
23 | 24 | 22 | 22 | 23 | 23 | 31 | ||||||||||||||||||||||||||||||
441 | 573 | 159 | 202 | 3,533 | 16,013 | 2,222 | ||||||||||||||||||||||||||||||
$ | 167,784 | $ | 143,420 | $ | 42,637 | $ | 57,653 | $ | 151,928 | $ | 289,885 | $ | 459,144 | |||||||||||||||||||||||
$ | 167,295 | $ | 142,773 | $ | 42,156 | $ | 57,004 | $ | 146,997 | $ | 288,114 | $ | 469,827 | |||||||||||||||||||||||
19 | 114 | 19 | 23 | 23 | (180 | ) | 798 | |||||||||||||||||||||||||||||
(1,435 | ) | 526 | (688 | ) | (572 | ) | (871 | ) | (1,444 | ) | (9,564 | ) | ||||||||||||||||||||||||
1,905 | 7 | 1,150 | 1,198 | 5,779 | 3,395 | (1,917 | ) | |||||||||||||||||||||||||||||
$ | 167,784 | $ | 143,420 | $ | 42,637 | $ | 57,653 | $ | 151,928 | $ | 289,885 | $ | 459,144 | |||||||||||||||||||||||
$ | 92,799 | $ | 22,301 | $ | 6,324 | $ | 1,438 | $ | 21,662 | $ | 6,700 | $ | 40,746 | |||||||||||||||||||||||
8,673 | 1,924 | 616 | 139 | 2,159 | 676 | 3,921 | ||||||||||||||||||||||||||||||
$ | 10.70 | $ | 11.59 | $ | 10.27 | $ | 10.31 | $ | 10.03 | $ | 9.92 | $ | 10.39 | |||||||||||||||||||||||
$ | 11.17 | $ | 12.10 | $ | 10.73 | $ | 10.77 | $ | 10.26 | $ | 10.15 | $ | 10.85 | |||||||||||||||||||||||
$ | 24,389 | $ | 1,033 | $ | 3,498 | $ | 505 | — | — | $ | 4,086 | |||||||||||||||||||||||||
2,290 | 89 | 344 | 50 | — | — | 395 | ||||||||||||||||||||||||||||||
$ | 10.65 | $ | 11.56 | $ | 10.18 | $ | 10.16 | — | — | $ | 10.34 | |||||||||||||||||||||||||
$ | 50,596 | $ | 120,086 | $ | 32,815 | $ | 55,710 | $ | 130,266 | $ | 283,185 | $ | 414,312 | |||||||||||||||||||||||
4,736 | 10,354 | 3,198 | 5,405 | 12,984 | 28,551 | 39,828 | ||||||||||||||||||||||||||||||
$ | 10.68 | $ | 11.60 | $ | 10.26 | $ | 10.31 | $ | 10.03 | $ | 9.92 | $ | 10.40 | |||||||||||||||||||||||
First American Funds 2009 Semiannual Report 61
Table of Contents
Statements of Operations | For the six-month period ended December 31, 2009 (unaudited), all dollars are rounded to thousands (000) |
Minnesota | ||||||||||||||||||||||||||
Arizona | California | Colorado | Intermediate | Intermediate | ||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||
Interest from unaffiliated investments | $ | 567 | $ | 2,499 | $ | 1,658 | $ | 17,256 | $ | 4,608 | ||||||||||||||||
Dividends from unaffiliated money market fund | — | 1 | — | — | — | |||||||||||||||||||||
Dividends from affiliated money market fund | — | — | — | 8 | — | |||||||||||||||||||||
Total investment income | 567 | 2,500 | 1,658 | 17,264 | 4,608 | |||||||||||||||||||||
EXPENSES (note 3): | ||||||||||||||||||||||||||
Investment advisory fees | 58 | 250 | 165 | 1,810 | 522 | |||||||||||||||||||||
Administration fees | 29 | 116 | 78 | 820 | 238 | |||||||||||||||||||||
Transfer agent fees | 41 | 42 | 42 | 31 | 31 | |||||||||||||||||||||
Custodian fees | 1 | 3 | 2 | 18 | 5 | |||||||||||||||||||||
Legal fees | 8 | 8 | 8 | 8 | 8 | |||||||||||||||||||||
Audit fees | 2 | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Registration fees | 5 | 4 | 4 | 17 | 5 | |||||||||||||||||||||
Postage & printing fees | 1 | 3 | 2 | 21 | 6 | |||||||||||||||||||||
Directors’ fees | 15 | 15 | 15 | 15 | 15 | |||||||||||||||||||||
Other expenses | 14 | 10 | 10 | 11 | 10 | |||||||||||||||||||||
Distribution and shareholder servicing fees: | ||||||||||||||||||||||||||
Class A | 8 | 21 | 14 | 52 | 32 | |||||||||||||||||||||
Class C | 5 | 13 | 10 | — | — | |||||||||||||||||||||
Total expenses | 187 | 503 | 368 | 2,821 | 890 | |||||||||||||||||||||
Less: Fee waivers (note 3) | (116 | ) | (227 | ) | (179 | ) | (285 | ) | (152 | ) | ||||||||||||||||
Total net expenses | 71 | 276 | 189 | 2,536 | 738 | |||||||||||||||||||||
Investment income – net | 496 | 2,224 | 1,469 | 14,728 | 3,870 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5): | ||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||
Investments | 6 | 265 | 547 | 387 | 36 | |||||||||||||||||||||
Futures contracts | — | — | — | — | — | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||||||||||||
Investments | 1,205 | 4,036 | 2,557 | 21,617 | 6,564 | |||||||||||||||||||||
Net gain on investments and futures contracts | 1,211 | 4,301 | 3,104 | 22,004 | 6,600 | |||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 1,707 | $ | 6,525 | $ | 4,573 | $ | 36,732 | $ | 10,470 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
62 First American Funds 2009 Semiannual Report
Table of Contents
Oregon | ||||||||||||||||||||||||||||||||||||
Minnesota | Missouri | Nebraska | Ohio | Intermediate | Short | |||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||
$ | 3,913 | $ | 3,806 | $ | 994 | $ | 1,147 | $ | 3,106 | $ | 3,033 | $ | 12,881 | |||||||||||||||||||||||
3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
— | 1 | — | — | 2 | 6 | 2 | ||||||||||||||||||||||||||||||
3,916 | 3,807 | 994 | 1,147 | 3,108 | 3,039 | 12,883 | ||||||||||||||||||||||||||||||
404 | 374 | 104 | 128 | 362 | 568 | 1,126 | ||||||||||||||||||||||||||||||
185 | 172 | 50 | 61 | 165 | 257 | 511 | ||||||||||||||||||||||||||||||
41 | 41 | 41 | 41 | 30 | 30 | 41 | ||||||||||||||||||||||||||||||
4 | 4 | 1 | 1 | 4 | 6 | 11 | ||||||||||||||||||||||||||||||
8 | 8 | 8 | 8 | 8 | 8 | 8 | ||||||||||||||||||||||||||||||
18 | 18 | 18 | 18 | 18 | 18 | 18 | ||||||||||||||||||||||||||||||
5 | 5 | 5 | 4 | 3 | 14 | 19 | ||||||||||||||||||||||||||||||
5 | 5 | 2 | 1 | 4 | 5 | 13 | ||||||||||||||||||||||||||||||
15 | 15 | 15 | 15 | 15 | 15 | 15 | ||||||||||||||||||||||||||||||
10 | 10 | 10 | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||||||||
114 | 29 | 8 | 2 | 21 | 8 | 47 | ||||||||||||||||||||||||||||||
75 | 3 | 10 | 1 | — | — | 13 | ||||||||||||||||||||||||||||||
884 | 684 | 272 | 290 | 640 | 939 | 1,832 | ||||||||||||||||||||||||||||||
(176 | ) | (141 | ) | (150 | ) | (159 | ) | (124 | ) | (264 | ) | (237 | ) | |||||||||||||||||||||||
708 | 543 | 122 | 131 | 516 | 675 | 1,595 | ||||||||||||||||||||||||||||||
3,208 | 3,264 | 872 | 1,016 | 2,592 | 2,364 | 11,288 | ||||||||||||||||||||||||||||||
(96 | ) | 935 | (69 | ) | — | 44 | 2,398 | (1,971 | ) | |||||||||||||||||||||||||||
— | — | — | — | 4 | — | — | ||||||||||||||||||||||||||||||
10,939 | 6,407 | 1,733 | 1,897 | 3,488 | 1,336 | 33,337 | ||||||||||||||||||||||||||||||
10,843 | 7,342 | 1,664 | 1,897 | 3,536 | 3,734 | 31,366 | ||||||||||||||||||||||||||||||
$ | 14,051 | $ | 10,606 | $ | 2,536 | $ | 2,913 | $ | 6,128 | $ | 6,098 | $ | 42,654 | |||||||||||||||||||||||
First American Funds 2009 Semiannual Report 63
Table of Contents
Statements of Changes in Net Assets all dollars are rounded to thousands (000)
Arizona | California | Colorado | ||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||
12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | |||||||||||||||||||||||
(unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 496 | $ | 1,143 | $ | 2,224 | $ | 3,079 | $ | 1,469 | $ | 2,049 | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments | 6 | 48 | 265 | 82 | 547 | 145 | ||||||||||||||||||||||
Futures contracts | — | (75 | ) | — | — | — | — | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||||||||||||||
Investments | 1,205 | (767 | ) | 4,036 | (3,078 | ) | 2,557 | (872 | ) | |||||||||||||||||||
Futures contracts | — | 1 | — | — | — | — | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,707 | 350 | 6,525 | 83 | 4,573 | 1,322 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (137 | ) | (287 | ) | (355 | ) | (622 | ) | (225 | ) | (367 | ) | ||||||||||||||||
Class C | (29 | ) | (59 | ) | (74 | ) | (115 | ) | (54 | ) | (123 | ) | ||||||||||||||||
Class Y | (339 | ) | (809 | ) | (1,726 | ) | (2,343 | ) | (1,066 | ) | (1,611 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | — | — | (44 | ) | — | (101 | ) | (46 | ) | |||||||||||||||||||
Class C | — | — | (11 | ) | — | (27 | ) | (24 | ) | |||||||||||||||||||
Class Y | — | — | (211 | ) | — | (455 | ) | (132 | ) | |||||||||||||||||||
Total distributions | (505 | ) | (1,155 | ) | (2,421 | ) | (3,080 | ) | (1,928 | ) | (2,303 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 240 | 397 | 1,159 | 4,306 | 679 | 877 | ||||||||||||||||||||||
Fund merger (note 8) | — | — | — | 4,782 | — | 5,874 | ||||||||||||||||||||||
Reinvestment of distributions | 38 | 80 | 245 | 398 | 252 | 323 | ||||||||||||||||||||||
Payments for redemptions | (628 | ) | (573 | ) | (1,901 | ) | (4,585 | ) | (1,110 | ) | (1,135 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (350 | ) | (96 | ) | (497 | ) | 4,901 | (179 | ) | 5,939 | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | 10 | 170 | 558 | 1,946 | 169 | 598 | ||||||||||||||||||||||
Reinvestment of distributions | 16 | 36 | 58 | 81 | 61 | 118 | ||||||||||||||||||||||
Payments for redemptions (note 3) | (65 | ) | (80 | ) | (704 | ) | (327 | ) | (221 | ) | (494 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (39 | ) | 126 | (88 | ) | 1,700 | 9 | 222 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 2,044 | 5,993 | 7,433 | 11,939 | 5,089 | 1,672 | ||||||||||||||||||||||
Fund merger (note 8) | — | — | — | 54,350 | — | 42,389 | ||||||||||||||||||||||
Reinvestment of distributions | 35 | 111 | 58 | 65 | 126 | 87 | ||||||||||||||||||||||
Payments for redemptions | (2,161 | ) | (8,692 | ) | (9,085 | ) | (16,902 | ) | (8,219 | ) | (8,391 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (82 | ) | (2,588 | ) | (1,594 | ) | 49,452 | (3,004 | ) | 35,757 | ||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (471 | ) | (2,558 | ) | (2,179 | ) | 56,053 | (3,174 | ) | 41,918 | ||||||||||||||||||
Total increase (decrease) in net assets | 731 | (3,363 | ) | 1,925 | 53,056 | (529 | ) | 40,937 | ||||||||||||||||||||
Net assets at beginning of period | 22,240 | 25,603 | 98,097 | 45,041 | 65,500 | 24,563 | ||||||||||||||||||||||
Net assets at end of period | $ | 22,971 | $ | 22,240 | $ | 100,022 | $ | 98,097 | $ | 64,971 | $ | 65,500 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (6 | ) | $ | 3 | $ | 62 | $ | (7 | ) | $ | 76 | $ | (48 | ) | |||||||||||||
1 | The fund began offering Class C on October 28, 2009. |
The accompanying notes are an integral part of the financial statements.
64 First American Funds 2009 Semiannual Report
Table of Contents
Minnesota | ||||||||||||||||||||||||||||||||||||||||||||||
Intermediate | Intermediate | Minnesota | Missouri | Nebraska | ||||||||||||||||||||||||||||||||||||||||||
Tax Free Fund1 | Tax Free Fund1 | Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||||||||||||||||||
12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | |||||||||||||||||||||||||||||||||||||
(unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | |||||||||||||||||||||||||||||||||||||
$ | 14,728 | $ | 28,489 | $ | 3,870 | $ | 7,724 | $ | 3,208 | $ | 6,466 | $ | 3,264 | $ | 6,579 | $ | 872 | $ | 1,719 | |||||||||||||||||||||||||||
387 | (457 | ) | 36 | 277 | (96 | ) | (810 | ) | 935 | 685 | (69 | ) | (202 | ) | ||||||||||||||||||||||||||||||||
— | — | — | — | — | (154 | ) | — | — | — | (245 | ) | |||||||||||||||||||||||||||||||||||
21,617 | (2,077 | ) | 6,564 | (1,942 | ) | 10,939 | (6,522 | ) | 6,407 | (4,614 | ) | 1,733 | (344 | ) | ||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
36,732 | 25,955 | 10,470 | 6,059 | 14,051 | (1,020 | ) | 10,606 | 2,650 | 2,536 | 928 | ||||||||||||||||||||||||||||||||||||
(775 | ) | (1,243 | ) | (440 | ) | (936 | ) | (1,834 | ) | (3,870 | ) | (463 | ) | (955 | ) | (118 | ) | (253 | ) | |||||||||||||||||||||||||||
— | — | (2 | ) | — | (406 | ) | (735 | ) | (17 | ) | (21 | ) | (54 | ) | (90 | ) | ||||||||||||||||||||||||||||||
(13,024 | ) | (28,122 | ) | (3,221 | ) | (6,863 | ) | (980 | ) | (1,856 | ) | (2,642 | ) | (5,710 | ) | (664 | ) | (1,415 | ) | |||||||||||||||||||||||||||
— | (22 | ) | (14 | ) | (67 | ) | (6 | ) | (519 | ) | (168 | ) | (51 | ) | — | — | ||||||||||||||||||||||||||||||
— | — | — | — | (1 | ) | (109 | ) | (8 | ) | (1 | ) | — | — | |||||||||||||||||||||||||||||||||
— | (483 | ) | (90 | ) | (447 | ) | (3 | ) | (234 | ) | (918 | ) | (283 | ) | — | — | ||||||||||||||||||||||||||||||
(13,799 | ) | (29,870 | ) | (3,767 | ) | (8,313 | ) | (3,230 | ) | (7,323 | ) | (4,216 | ) | (7,021 | ) | (836 | ) | (1,758 | ) | |||||||||||||||||||||||||||
13,796 | 12,873 | 6,284 | 9,912 | 6,218 | 11,454 | 1,534 | 2,562 | 1,178 | 1,265 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
497 | 899 | 325 | 687 | 1,161 | 2,771 | 372 | 517 | 75 | 166 | |||||||||||||||||||||||||||||||||||||
(6,041 | ) | (6,277 | ) | (1,730 | ) | (9,326 | ) | (8,051 | ) | (23,953 | ) | (3,342 | ) | (2,921 | ) | (1,037 | ) | (1,154 | ) | |||||||||||||||||||||||||||
8,252 | 7,495 | 4,879 | 1,273 | (672 | ) | (9,728 | ) | (1,436 | ) | 158 | 216 | 277 | ||||||||||||||||||||||||||||||||||
429 | — | 928 | — | 3,412 | 4,451 | 398 | 342 | 931 | 819 | |||||||||||||||||||||||||||||||||||||
— | — | 2 | — | 300 | 585 | 16 | 17 | 32 | 47 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | (1,327 | ) | (3,560 | ) | (175 | ) | (2 | ) | (173 | ) | (66 | ) | |||||||||||||||||||||||||||||||
429 | — | 930 | — | 2,385 | 1,476 | 239 | 357 | 790 | 800 | |||||||||||||||||||||||||||||||||||||
96,439 | 174,306 | 23,452 | 39,545 | 8,964 | 17,375 | 16,614 | 29,215 | 3,086 | 7,086 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
1,098 | 2,666 | 91 | 279 | 39 | 100 | 172 | 190 | 52 | 91 | |||||||||||||||||||||||||||||||||||||
(68,523 | ) | (161,514 | ) | (16,246 | ) | (41,124 | ) | (3,553 | ) | (18,223 | ) | (21,604 | ) | (43,791 | ) | (2,328 | ) | (5,323 | ) | |||||||||||||||||||||||||||
29,014 | 15,458 | 7,297 | (1,300 | ) | 5,450 | (748 | ) | (4,818 | ) | (14,386 | ) | 810 | 1,854 | |||||||||||||||||||||||||||||||||
37,695 | 22,953 | 13,106 | (27 | ) | 7,163 | (9,000 | ) | (6,015 | ) | (13,871 | ) | 1,816 | 2,931 | |||||||||||||||||||||||||||||||||
60,628 | 19,038 | 19,809 | (2,281 | ) | 17,984 | (17,343 | ) | 375 | (18,242 | ) | 3,516 | 2,101 | ||||||||||||||||||||||||||||||||||
677,412 | 658,374 | 195,459 | 197,740 | 149,800 | 167,143 | 143,045 | 161,287 | 39,121 | 37,020 | |||||||||||||||||||||||||||||||||||||
$ | 738,040 | $ | 677,412 | $ | 215,268 | $ | 195,459 | $ | 167,784 | $ | 149,800 | $ | 143,420 | $ | 143,045 | $ | 42,637 | $ | 39,121 | |||||||||||||||||||||||||||
$ | 557 | $ | (372 | ) | $ | 125 | $ | (82 | ) | $ | 19 | $ | 31 | $ | 114 | $ | (28 | ) | $ | 19 | $ | (17 | ) | |||||||||||||||||||||||
First American Funds 2009 Semiannual Report 65
Table of Contents
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
Oregon | |||||||||||||||||||||||||||||||||||||
Ohio | Intermediate | Short | |||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||||||||||
12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | ||||||||||||||||||||||||||||||
(unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | ||||||||||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||||||||||||
Investment income – net | $ | 1,016 | $ | 2,020 | $ | 2,592 | $ | 4,843 | $ | 2,364 | $ | 4,528 | $ | 11,288 | $ | 21,396 | |||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||||||||||||
Investments | — | (353 | ) | 44 | (498 | ) | 2,398 | 34 | (1,971 | ) | (5,558 | ) | |||||||||||||||||||||||||
Futures contracts | — | (195 | ) | 4 | (324 | ) | — | (2,092 | ) | — | (676 | ) | |||||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of: | |||||||||||||||||||||||||||||||||||||
Investments | 1,897 | (255 | ) | 3,488 | 1,808 | 1,336 | 2,012 | 33,337 | (24,517 | ) | |||||||||||||||||||||||||||
Futures contracts | — | 2 | — | 3 | — | 70 | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,913 | 1,219 | 6,128 | 5,832 | 6,098 | 4,552 | 42,654 | (9,355 | ) | ||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||||||||||||
Class A | (25 | ) | (31 | ) | (292 | ) | (256 | ) | (62 | ) | (68 | ) | (876 | ) | (1,662 | ) | |||||||||||||||||||||
Class C | (7 | ) | (10 | ) | — | — | — | — | (78 | ) | (138 | ) | |||||||||||||||||||||||||
Class Y | (944 | ) | (2,005 | ) | (2,276 | ) | (4,645 | ) | (2,475 | ) | (4,419 | ) | (9,527 | ) | (19,833 | ) | |||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | — | (51 | ) | ||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | (5 | ) | ||||||||||||||||||||||||||||
Class Y | — | — | — | — | — | — | — | (587 | ) | ||||||||||||||||||||||||||||
Total distributions | (976 | ) | (2,046 | ) | (2,568 | ) | (4,901 | ) | (2,537 | ) | (4,487 | ) | (10,481 | ) | (22,276 | ) | |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | |||||||||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||||
Proceeds from sales | 420 | 425 | 10,630 | 6,281 | 3,341 | 1,472 | 4,393 | 6,423 | |||||||||||||||||||||||||||||
Fund merger (note 8) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Reinvestment of distributions | 22 | 24 | 206 | 141 | 31 | 49 | 595 | 1,203 | |||||||||||||||||||||||||||||
Payments for redemptions | (106 | ) | (36 | ) | (489 | ) | (1,497 | ) | (140 | ) | (435 | ) | (2,176 | ) | (5,718 | ) | |||||||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 336 | 413 | 10,347 | 4,925 | 3,232 | 1,086 | 2,812 | 1,908 | |||||||||||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||||
Proceeds from sales | 94 | 266 | — | — | — | — | 572 | 967 | |||||||||||||||||||||||||||||
Reinvestment of distributions | 2 | 5 | — | — | — | — | 44 | 68 | |||||||||||||||||||||||||||||
Payments for redemptions (note 3) | (8 | ) | (117 | ) | — | — | — | — | (243 | ) | (550 | ) | |||||||||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | 88 | 154 | — | — | — | — | 373 | 485 | |||||||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||||
Proceeds from sales | 11,546 | 6,084 | 28,031 | 25,178 | 149,377 | 99,972 | 42,221 | 98,620 | |||||||||||||||||||||||||||||
Fund merger (note 8) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Reinvestment of distributions | 99 | 294 | 45 | 87 | 190 | 216 | 404 | 749 | |||||||||||||||||||||||||||||
Payments for redemptions | (2,583 | ) | (9,288 | ) | (20,977 | ) | (26,966 | ) | (48,801 | ) | (65,306 | ) | (38,605 | ) | (137,800 | ) | |||||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | 9,062 | (2,910 | ) | 7,099 | (1,701 | ) | 100,766 | 34,882 | 4,020 | (38,431 | ) | ||||||||||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | 9,486 | (2,343 | ) | 17,446 | 3,224 | 103,998 | 35,968 | 7,205 | (36,038 | ) | |||||||||||||||||||||||||||
Total increase (decrease) in net assets | 11,423 | (3,170 | ) | 21,006 | 4,155 | 107,559 | 36,033 | 39,378 | (67,669 | ) | |||||||||||||||||||||||||||
Net assets at beginning of period | 46,230 | 49,400 | 130,922 | 126,767 | 182,326 | 146,293 | 419,766 | 487,435 | |||||||||||||||||||||||||||||
Net assets at end of period | $ | 57,653 | $ | 46,230 | $ | 151,928 | $ | 130,922 | $ | 289,885 | $ | 182,326 | $ | 459,144 | $ | 419,766 | |||||||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 23 | $ | (17 | ) | $ | 23 | $ | (1 | ) | $ | (180 | ) | $ | (7 | ) | $ | 798 | $ | (9 | ) | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
66 First American Funds 2009 Semiannual Report
Table of Contents
(This page intentionally left blank.)
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | Distributions | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | from Net | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Arizona Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.14 | $ | 0.22 | $ | 0.56 | $ | 0.78 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | 10.69 | |||||||||||||||||||||||
20092 | 10.43 | 0.45 | (0.29 | ) | 0.16 | (0.45 | ) | — | (0.45 | ) | 10.14 | ||||||||||||||||||||||||||||||
20082 | 10.79 | 0.45 | (0.33 | ) | 0.12 | (0.45 | ) | (0.03 | ) | (0.48 | ) | 10.43 | |||||||||||||||||||||||||||||
20072 | 10.85 | 0.46 | (0.01 | ) | 0.45 | (0.45 | ) | (0.06 | ) | (0.51 | ) | 10.79 | |||||||||||||||||||||||||||||
20063 | 11.19 | 0.33 | (0.25 | ) | 0.08 | (0.33 | ) | (0.09 | ) | (0.42 | ) | 10.85 | |||||||||||||||||||||||||||||
20054 | 11.42 | 0.46 | (0.07 | ) | 0.39 | (0.49 | ) | (0.13 | ) | (0.62 | ) | 11.19 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.12 | $ | 0.20 | $ | 0.56 | $ | 0.76 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.68 | |||||||||||||||||||||||
20092 | 10.41 | 0.41 | (0.29 | ) | 0.12 | (0.41 | ) | — | (0.41 | ) | 10.12 | ||||||||||||||||||||||||||||||
20082 | 10.78 | 0.41 | (0.34 | ) | 0.07 | (0.41 | ) | (0.03 | ) | (0.44 | ) | 10.41 | |||||||||||||||||||||||||||||
20072 | 10.84 | 0.41 | (0.01 | ) | 0.40 | (0.40 | ) | (0.06 | ) | (0.46 | ) | 10.78 | |||||||||||||||||||||||||||||
20063 | 11.18 | 0.30 | (0.25 | ) | 0.05 | (0.30 | ) | (0.09 | ) | (0.39 | ) | 10.84 | |||||||||||||||||||||||||||||
20054 | 11.41 | 0.42 | (0.08 | ) | 0.34 | (0.44 | ) | (0.13 | ) | (0.57 | ) | 11.18 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.14 | $ | 0.23 | $ | 0.57 | $ | 0.80 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 10.70 | |||||||||||||||||||||||
20092 | 10.43 | 0.47 | (0.28 | ) | 0.19 | (0.48 | ) | — | (0.48 | ) | 10.14 | ||||||||||||||||||||||||||||||
20082 | 10.80 | 0.47 | (0.33 | ) | 0.14 | (0.48 | ) | (0.03 | ) | (0.51 | ) | 10.43 | |||||||||||||||||||||||||||||
20072 | 10.85 | 0.48 | — | 0.48 | (0.47 | ) | (0.06 | ) | (0.53 | ) | 10.80 | ||||||||||||||||||||||||||||||
20063 | 11.19 | 0.35 | (0.25 | ) | 0.10 | (0.35 | ) | (0.09 | ) | (0.44 | ) | 10.85 | |||||||||||||||||||||||||||||
20054 | 11.43 | 0.50 | (0.09 | ) | 0.41 | (0.52 | ) | (0.13 | ) | (0.65 | ) | 11.19 | |||||||||||||||||||||||||||||
California Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.27 | $ | 0.23 | $ | 0.47 | $ | 0.70 | $ | (0.23 | ) | $ | (0.03 | ) | $ | (0.26 | ) | $ | 10.71 | ||||||||||||||||||||||
20092 | 10.71 | 0.46 | (0.44 | ) | 0.02 | (0.46 | ) | — | (0.46 | ) | 10.27 | ||||||||||||||||||||||||||||||
20082 | 10.98 | 0.46 | (0.23 | ) | 0.23 | (0.46 | ) | (0.04 | ) | (0.50 | ) | 10.71 | |||||||||||||||||||||||||||||
20072 | 10.96 | 0.45 | 0.06 | 0.51 | (0.45 | ) | (0.04 | ) | (0.49 | ) | 10.98 | ||||||||||||||||||||||||||||||
20063 | 11.24 | 0.33 | (0.26 | ) | 0.07 | (0.33 | ) | (0.02 | ) | (0.35 | ) | 10.96 | |||||||||||||||||||||||||||||
20054 | 11.40 | 0.44 | (0.05 | ) | 0.39 | (0.44 | ) | (0.11 | ) | (0.55 | ) | 11.24 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.28 | $ | 0.21 | $ | 0.46 | $ | 0.67 | $ | (0.20 | ) | $ | (0.03 | ) | $ | (0.23 | ) | $ | 10.72 | ||||||||||||||||||||||
20092 | 10.72 | 0.41 | (0.44 | ) | (0.03 | ) | (0.41 | ) | — | (0.41 | ) | 10.28 | |||||||||||||||||||||||||||||
20082 | 10.99 | 0.40 | (0.22 | ) | 0.18 | (0.41 | ) | (0.04 | ) | (0.45 | ) | 10.72 | |||||||||||||||||||||||||||||
20072 | 10.97 | 0.41 | 0.05 | 0.46 | (0.40 | ) | (0.04 | ) | (0.44 | ) | 10.99 | ||||||||||||||||||||||||||||||
20063 | 11.25 | 0.30 | (0.26 | ) | 0.04 | (0.30 | ) | (0.02 | ) | (0.32 | ) | 10.97 | |||||||||||||||||||||||||||||
20054 | 11.41 | 0.40 | (0.05 | ) | 0.35 | (0.40 | ) | (0.11 | ) | (0.51 | ) | 11.25 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.27 | $ | 0.24 | $ | 0.46 | $ | 0.70 | $ | (0.23 | ) | $ | (0.03 | ) | $ | (0.26 | ) | $ | 10.71 | ||||||||||||||||||||||
20092 | 10.71 | 0.48 | (0.45 | ) | 0.03 | (0.47 | ) | — | (0.47 | ) | 10.27 | ||||||||||||||||||||||||||||||
20082 | 10.98 | 0.48 | (0.23 | ) | 0.25 | (0.48 | ) | (0.04 | ) | (0.52 | ) | 10.71 | |||||||||||||||||||||||||||||
20072 | 10.97 | 0.47 | 0.05 | 0.52 | (0.47 | ) | (0.04 | ) | (0.51 | ) | 10.98 | ||||||||||||||||||||||||||||||
20063 | 11.25 | 0.35 | (0.26 | ) | 0.09 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 10.97 | |||||||||||||||||||||||||||||
20054 | 11.40 | 0.47 | (0.04 | ) | 0.43 | (0.47 | ) | (0.11 | ) | (0.58 | ) | 11.25 | |||||||||||||||||||||||||||||
1 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
2 | For the period July 1 to June 30 in the fiscal year indicated. | |
3 | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
4 | For the period October 1 to September 30 in the fiscal year indicated. | |
5 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
68 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income to | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return5 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
7.69 | % | $ | 6,399 | 0.75 | % | 4.16 | % | 1.76 | % | 3.15 | % | — | % | |||||||||||||||||||||||
1.75 | 6,410 | 0.75 | 4.51 | 1.76 | 3.50 | 18 | ||||||||||||||||||||||||||||||
1.10 | 6,705 | 0.75 | 4.20 | 1.63 | 3.32 | 30 | ||||||||||||||||||||||||||||||
4.12 | 8,359 | 0.75 | 4.11 | 1.64 | 3.22 | 25 | ||||||||||||||||||||||||||||||
0.73 | 9,041 | 0.75 | 4.02 | 1.47 | 3.30 | 47 | ||||||||||||||||||||||||||||||
3.49 | 9,547 | 0.75 | 4.14 | 1.18 | 3.71 | 20 | ||||||||||||||||||||||||||||||
7.59 | % | $ | 1,504 | 1.15 | % | 3.76 | % | 2.16 | % | 2.75 | % | — | % | |||||||||||||||||||||||
1.35 | 1,462 | 1.15 | 4.11 | 2.16 | 3.10 | 18 | ||||||||||||||||||||||||||||||
0.61 | 1,376 | 1.15 | 3.79 | 2.03 | 2.91 | 30 | ||||||||||||||||||||||||||||||
3.71 | 1,541 | 1.15 | 3.70 | 2.12 | 2.73 | 25 | ||||||||||||||||||||||||||||||
0.42 | 1,358 | 1.15 | 3.62 | 2.22 | 2.55 | 47 | ||||||||||||||||||||||||||||||
3.08 | 1,628 | 1.15 | 3.74 | 1.93 | 2.96 | 20 | ||||||||||||||||||||||||||||||
7.92 | % | $ | 15,068 | 0.50 | % | 4.41 | % | 1.51 | % | 3.40 | % | — | % | |||||||||||||||||||||||
2.00 | 14,368 | 0.50 | 4.75 | 1.51 | 3.74 | 18 | ||||||||||||||||||||||||||||||
1.26 | 17,522 | 0.50 | 4.45 | 1.38 | 3.57 | 30 | ||||||||||||||||||||||||||||||
4.48 | 19,329 | 0.50 | 4.36 | 1.39 | 3.47 | 25 | ||||||||||||||||||||||||||||||
0.92 | 15,614 | 0.50 | 4.27 | 1.22 | 3.55 | 47 | ||||||||||||||||||||||||||||||
3.65 | 14,035 | 0.50 | 4.39 | 0.93 | 3.96 | 20 | ||||||||||||||||||||||||||||||
6.79 | % | $ | 16,626 | 0.65 | % | 4.34 | % | 1.19 | % | 3.80 | % | 8 | % | |||||||||||||||||||||||
0.29 | 16,417 | 0.65 | 4.51 | 1.28 | 3.88 | 27 | ||||||||||||||||||||||||||||||
2.11 | 12,076 | 0.67 | 4.19 | 1.46 | 3.40 | 45 | ||||||||||||||||||||||||||||||
4.62 | 11,375 | 0.75 | 4.00 | 1.46 | 3.29 | 36 | ||||||||||||||||||||||||||||||
0.63 | 10,783 | 0.75 | 3.99 | 1.34 | 3.40 | 24 | ||||||||||||||||||||||||||||||
3.50 | 11,888 | 0.75 | 3.88 | 1.15 | 3.48 | 14 | ||||||||||||||||||||||||||||||
6.52 | % | $ | 4,139 | 1.15 | % | 3.85 | % | 1.59 | % | 3.41 | % | 8 | % | |||||||||||||||||||||||
(0.21 | ) | 4,064 | 1.15 | 4.01 | 1.68 | 3.48 | 27 | |||||||||||||||||||||||||||||
1.61 | 2,480 | 1.15 | 3.68 | 1.85 | 2.98 | 45 | ||||||||||||||||||||||||||||||
4.17 | 1,507 | 1.15 | 3.60 | 1.98 | 2.77 | 36 | ||||||||||||||||||||||||||||||
0.33 | 3,592 | 1.15 | 3.60 | 2.09 | 2.66 | 24 | ||||||||||||||||||||||||||||||
3.11 | 3,068 | 1.15 | 3.47 | 1.90 | 2.72 | 14 | ||||||||||||||||||||||||||||||
6.87 | % | $ | 79,257 | 0.50 | % | 4.49 | % | 0.94 | % | 4.05 | % | 8 | % | |||||||||||||||||||||||
0.44 | 77,616 | 0.50 | 4.62 | 1.03 | 4.09 | 27 | ||||||||||||||||||||||||||||||
2.28 | 30,485 | 0.50 | 4.36 | 1.20 | 3.66 | 45 | ||||||||||||||||||||||||||||||
4.78 | 24,835 | 0.50 | 4.25 | 1.21 | 3.54 | 36 | ||||||||||||||||||||||||||||||
0.82 | 21,767 | 0.50 | 4.24 | 1.09 | 3.65 | 24 | ||||||||||||||||||||||||||||||
3.85 | 19,556 | 0.50 | 4.12 | 0.90 | 3.72 | 14 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 69
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | Distributions | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | from Net | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Colorado Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.60 | $ | 0.22 | $ | 0.46 | $ | 0.68 | $ | (0.20 | ) | $ | (0.09 | ) | $ | (0.29 | ) | $ | 9.99 | ||||||||||||||||||||||
20092 | 10.28 | 0.41 | (0.56 | ) | (0.15 | ) | (0.45 | ) | (0.08 | ) | (0.53 | ) | 9.60 | ||||||||||||||||||||||||||||
20082 | 10.61 | 0.48 | (0.33 | ) | 0.15 | (0.45 | ) | (0.03 | ) | (0.48 | ) | 10.28 | |||||||||||||||||||||||||||||
20072 | 10.73 | 0.46 | (0.02 | ) | 0.44 | (0.48 | ) | (0.08 | ) | (0.56 | ) | 10.61 | |||||||||||||||||||||||||||||
20063 | 11.30 | 0.35 | (0.26 | ) | 0.09 | (0.34 | ) | (0.32 | ) | (0.66 | ) | 10.73 | |||||||||||||||||||||||||||||
20054 | 11.52 | 0.49 | (0.11 | ) | 0.38 | (0.51 | ) | (0.09 | ) | (0.60 | ) | 11.30 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.57 | $ | 0.19 | $ | 0.48 | $ | 0.67 | $ | (0.18 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | 9.97 | ||||||||||||||||||||||
20092 | 10.26 | 0.41 | (0.61 | ) | (0.20 | ) | (0.41 | ) | (0.08 | ) | (0.49 | ) | 9.57 | ||||||||||||||||||||||||||||
20082 | 10.59 | 0.42 | (0.31 | ) | 0.11 | (0.41 | ) | (0.03 | ) | (0.44 | ) | 10.26 | |||||||||||||||||||||||||||||
20072 | 10.71 | 0.42 | (0.02 | ) | 0.40 | (0.44 | ) | (0.08 | ) | (0.52 | ) | 10.59 | |||||||||||||||||||||||||||||
20063 | 11.28 | 0.32 | (0.27 | ) | 0.05 | (0.30 | ) | (0.32 | ) | (0.62 | ) | 10.71 | |||||||||||||||||||||||||||||
20054 | 11.50 | 0.43 | (0.10 | ) | 0.33 | (0.46 | ) | (0.09 | ) | (0.55 | ) | 11.28 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.62 | $ | 0.23 | $ | 0.47 | $ | 0.70 | $ | (0.21 | ) | $ | (0.09 | ) | $ | (0.30 | ) | $ | 10.02 | ||||||||||||||||||||||
20092 | 10.29 | 0.44 | (0.58 | ) | (0.14 | ) | (0.45 | ) | (0.08 | ) | (0.53 | ) | 9.62 | ||||||||||||||||||||||||||||
20082 | 10.63 | 0.49 | (0.32 | ) | 0.17 | (0.48 | ) | (0.03 | ) | (0.51 | ) | 10.29 | |||||||||||||||||||||||||||||
20072 | 10.75 | 0.50 | (0.03 | ) | 0.47 | (0.51 | ) | (0.08 | ) | (0.59 | ) | 10.63 | |||||||||||||||||||||||||||||
20063 | 11.32 | 0.37 | (0.26 | ) | 0.11 | (0.36 | ) | (0.32 | ) | (0.68 | ) | 10.75 | |||||||||||||||||||||||||||||
20054 | 11.53 | 0.51 | (0.09 | ) | 0.42 | (0.54 | ) | (0.09 | ) | (0.63 | ) | 11.32 | |||||||||||||||||||||||||||||
Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.46 | $ | 0.22 | $ | 0.33 | $ | 0.55 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.81 | |||||||||||||||||||||||
20092 | 10.51 | 0.45 | (0.03 | ) | 0.42 | (0.46 | ) | (0.01 | ) | (0.47 | ) | 10.46 | |||||||||||||||||||||||||||||
20082 | 10.63 | 0.44 | (0.09 | ) | 0.35 | (0.43 | ) | (0.04 | ) | (0.47 | ) | 10.51 | |||||||||||||||||||||||||||||
20072 | 10.63 | 0.44 | 0.01 | 0.45 | (0.44 | ) | (0.01 | ) | (0.45 | ) | 10.63 | ||||||||||||||||||||||||||||||
20063 | 10.92 | 0.32 | (0.26 | ) | 0.06 | (0.32 | ) | (0.03 | ) | (0.35 | ) | 10.63 | |||||||||||||||||||||||||||||
20054 | 11.18 | 0.44 | (0.19 | ) | 0.25 | (0.45 | ) | (0.06 | ) | (0.51 | ) | 10.92 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20095 | $ | 10.76 | $ | 0.06 | $ | 0.09 | $ | 0.15 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 10.85 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 10.43 | $ | 0.22 | $ | 0.34 | $ | 0.56 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 10.78 | |||||||||||||||||||||||
20092 | 10.49 | 0.45 | (0.04 | ) | 0.41 | (0.46 | ) | (0.01 | ) | (0.47 | ) | 10.43 | |||||||||||||||||||||||||||||
20082 | 10.61 | 0.44 | (0.08 | ) | 0.36 | (0.44 | ) | (0.04 | ) | (0.48 | ) | 10.49 | |||||||||||||||||||||||||||||
20072 | 10.61 | 0.45 | 0.01 | 0.46 | (0.45 | ) | (0.01 | ) | (0.46 | ) | 10.61 | ||||||||||||||||||||||||||||||
20063 | 10.90 | 0.33 | (0.26 | ) | 0.07 | (0.33 | ) | (0.03 | ) | (0.36 | ) | 10.61 | |||||||||||||||||||||||||||||
20054 | 11.16 | 0.46 | (0.19 | ) | 0.27 | (0.47 | ) | (0.06 | ) | (0.53 | ) | 10.90 | |||||||||||||||||||||||||||||
1 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
2 | For the period July 1 to June 30 in the year indicated. | |
3 | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
4 | For the period October 1 to September 30 in the year indicated. | |
5 | Commenced operations on October 28, 2009. All ratios for the period October 28, 2009 to December 31, 2009 have been annualized, except total return and portfolio turnover. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
70 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income to | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income to | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
7.08 | % | $ | 11,364 | 0.75 | % | 4.28 | % | 1.29 | % | 3.74 | % | 13 | % | |||||||||||||||||||||||
(1.20 | ) | 11,088 | 0.75 | 4.58 | 1.45 | 3.88 | 41 | |||||||||||||||||||||||||||||
1.52 | 5,815 | 0.75 | 4.40 | 1.80 | 3.35 | 49 | ||||||||||||||||||||||||||||||
4.13 | 8,788 | 0.75 | 4.27 | 1.75 | 3.27 | 47 | ||||||||||||||||||||||||||||||
0.77 | 8,507 | 0.75 | 4.30 | 1.52 | 3.53 | 35 | ||||||||||||||||||||||||||||||
3.36 | 8,362 | 0.75 | 4.23 | 1.18 | 3.80 | 30 | ||||||||||||||||||||||||||||||
6.99 | % | $ | 3,021 | 1.15 | % | 3.88 | % | 1.69 | % | 3.34 | % | 13 | % | |||||||||||||||||||||||
(1.70 | ) | 2,891 | 1.15 | 4.19 | 1.85 | 3.49 | 41 | |||||||||||||||||||||||||||||
1.12 | 2,859 | 1.15 | 3.98 | 2.20 | 2.93 | 49 | ||||||||||||||||||||||||||||||
3.72 | 2,888 | 1.15 | 3.87 | 2.24 | 2.78 | 47 | ||||||||||||||||||||||||||||||
0.47 | 3,007 | 1.15 | 3.90 | 2.27 | 2.78 | 35 | ||||||||||||||||||||||||||||||
2.95 | 3,423 | 1.15 | 3.83 | 1.93 | 3.05 | 30 | ||||||||||||||||||||||||||||||
7.30 | % | $ | 50,586 | 0.50 | % | 4.53 | % | 1.04 | % | 3.99 | % | 13 | % | |||||||||||||||||||||||
(0.85 | ) | 51,521 | 0.50 | 4.81 | 1.20 | 4.11 | 41 | |||||||||||||||||||||||||||||
1.67 | 15,889 | 0.50 | 4.63 | 1.55 | 3.58 | 49 | ||||||||||||||||||||||||||||||
4.39 | 13,477 | 0.50 | 4.51 | 1.50 | 3.51 | 47 | ||||||||||||||||||||||||||||||
0.96 | 10,181 | 0.50 | 4.58 | 1.27 | 3.81 | 35 | ||||||||||||||||||||||||||||||
3.70 | 8,363 | 0.50 | 4.48 | 0.93 | 4.05 | 30 | ||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||
5.31 | % | $ | 44,518 | 0.75 | % | 4.03 | % | 1.02 | % | 3.76 | % | 6 | % | |||||||||||||||||||||||
4.09 | 35,017 | 0.75 | 4.29 | 1.02 | 4.02 | 13 | ||||||||||||||||||||||||||||||
3.33 | 27,554 | 0.77 | 4.10 | 1.02 | 3.85 | 19 | ||||||||||||||||||||||||||||||
4.27 | 29,687 | 0.85 | 4.08 | 1.02 | 3.91 | 27 | ||||||||||||||||||||||||||||||
0.56 | 32,521 | 0.85 | 3.95 | 1.05 | 3.75 | 15 | ||||||||||||||||||||||||||||||
2.31 | 34,658 | 0.85 | 3.98 | 1.05 | 3.78 | 15 | ||||||||||||||||||||||||||||||
1.38 | % | $ | 428 | 1.35 | % | 3.85 | % | 1.42 | % | 3.78 | % | 6 | % | |||||||||||||||||||||||
5.35 | % | $ | 693,094 | 0.70 | % | 4.07 | % | 0.77 | % | 4.00 | % | 6 | % | |||||||||||||||||||||||
4.05 | 642,395 | 0.70 | 4.34 | 0.77 | 4.27 | 13 | ||||||||||||||||||||||||||||||
3.41 | 630,820 | 0.70 | 4.17 | 0.77 | 4.10 | 19 | ||||||||||||||||||||||||||||||
4.43 | 554,618 | 0.70 | 4.23 | 0.77 | 4.16 | 27 | ||||||||||||||||||||||||||||||
0.67 | 596,306 | 0.70 | 4.10 | 0.80 | 4.00 | 15 | ||||||||||||||||||||||||||||||
2.47 | 641,141 | 0.70 | 4.13 | 0.80 | 4.03 | 15 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 71
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | Distributions | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | from Net | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.67 | $ | 0.18 | $ | 0.33 | $ | 0.51 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.18 | ) | $ | 10.00 | ||||||||||||||||||||||
20092 | 9.75 | 0.38 | (0.05 | ) | 0.33 | (0.38 | ) | (0.03 | ) | (0.41 | ) | 9.67 | |||||||||||||||||||||||||||||
20082 | 9.83 | 0.39 | (0.05 | ) | 0.34 | (0.39 | ) | (0.03 | ) | (0.42 | ) | 9.75 | |||||||||||||||||||||||||||||
20072 | 9.88 | 0.39 | (0.01 | ) | 0.38 | (0.38 | ) | (0.05 | ) | (0.43 | ) | 9.83 | |||||||||||||||||||||||||||||
20063 | 10.16 | 0.29 | (0.22 | ) | 0.07 | (0.29 | ) | (0.06 | ) | (0.35 | ) | 9.88 | |||||||||||||||||||||||||||||
20054 | 10.34 | 0.39 | (0.15 | ) | 0.24 | (0.39 | ) | (0.03 | ) | (0.42 | ) | 10.16 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20095 | $ | 9.94 | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | (0.05 | ) | $ | (0.01 | ) | $ | (0.06 | ) | $ | 10.02 | ||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.62 | $ | 0.18 | $ | 0.32 | $ | 0.50 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.18 | ) | $ | 9.94 | ||||||||||||||||||||||
20092 | 9.69 | 0.39 | (0.04 | ) | 0.35 | (0.39 | ) | (0.03 | ) | (0.42 | ) | 9.62 | |||||||||||||||||||||||||||||
20082 | 9.78 | 0.39 | (0.05 | ) | 0.34 | (0.40 | ) | (0.03 | ) | (0.43 | ) | 9.69 | |||||||||||||||||||||||||||||
20072 | 9.83 | 0.40 | — | 0.40 | (0.40 | ) | (0.05 | ) | (0.45 | ) | 9.78 | ||||||||||||||||||||||||||||||
20063 | 10.11 | 0.30 | (0.22 | ) | 0.08 | (0.30 | ) | (0.06 | ) | (0.36 | ) | 9.83 | |||||||||||||||||||||||||||||
20054 | 10.29 | 0.40 | (0.15 | ) | 0.25 | (0.40 | ) | (0.03 | ) | (0.43 | ) | 10.11 | |||||||||||||||||||||||||||||
Minnesota Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.98 | $ | 0.17 | $ | 0.72 | $ | 0.89 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 10.70 | |||||||||||||||||||||||
20092 | 10.48 | 0.43 | (0.44 | ) | (0.01 | ) | (0.43 | ) | (0.06 | ) | (0.49 | ) | 9.98 | ||||||||||||||||||||||||||||
20082 | 10.93 | 0.44 | (0.38 | ) | 0.06 | (0.45 | ) | (0.06 | ) | (0.51 | ) | 10.48 | |||||||||||||||||||||||||||||
20072 | 10.97 | 0.46 | (0.02 | ) | 0.44 | (0.45 | ) | (0.03 | ) | (0.48 | ) | 10.93 | |||||||||||||||||||||||||||||
20063 | 11.21 | 0.35 | (0.21 | ) | 0.14 | (0.35 | ) | (0.03 | ) | (0.38 | ) | 10.97 | |||||||||||||||||||||||||||||
20054 | 11.23 | 0.45 | 0.03 | 0.48 | (0.45 | ) | (0.05 | ) | (0.50 | ) | 11.21 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.94 | $ | 0.19 | $ | 0.71 | $ | 0.90 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 10.65 | |||||||||||||||||||||||
20092 | 10.44 | 0.38 | (0.44 | ) | (0.06 | ) | (0.38 | ) | (0.06 | ) | (0.44 | ) | 9.94 | ||||||||||||||||||||||||||||
20082 | 10.89 | 0.40 | (0.39 | ) | 0.01 | (0.40 | ) | (0.06 | ) | (0.46 | ) | 10.44 | |||||||||||||||||||||||||||||
20072 | 10.93 | 0.42 | (0.02 | ) | 0.40 | (0.41 | ) | (0.03 | ) | (0.44 | ) | 10.89 | |||||||||||||||||||||||||||||
20063 | 11.17 | 0.31 | (0.20 | ) | 0.11 | (0.32 | ) | (0.03 | ) | (0.35 | ) | 10.93 | |||||||||||||||||||||||||||||
20054 | 11.19 | 0.41 | 0.03 | 0.44 | (0.41 | ) | (0.05 | ) | (0.46 | ) | 11.17 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.97 | $ | 0.22 | $ | 0.71 | $ | 0.93 | $ | (0.22 | ) | $ | — | $ | (0.22 | ) | $ | 10.68 | |||||||||||||||||||||||
20092 | 10.47 | 0.44 | (0.44 | ) | — | (0.44 | ) | (0.06 | ) | (0.50 | ) | 9.97 | |||||||||||||||||||||||||||||
20082 | 10.92 | 0.46 | (0.38 | ) | 0.08 | (0.47 | ) | (0.06 | ) | (0.53 | ) | 10.47 | |||||||||||||||||||||||||||||
20072 | 10.96 | 0.48 | (0.01 | ) | 0.47 | (0.48 | ) | (0.03 | ) | (0.51 | ) | 10.92 | |||||||||||||||||||||||||||||
20063 | 11.20 | 0.36 | (0.20 | ) | 0.16 | (0.37 | ) | (0.03 | ) | (0.40 | ) | 10.96 | |||||||||||||||||||||||||||||
20054 | 11.22 | 0.48 | 0.03 | 0.51 | (0.48 | ) | (0.05 | ) | (0.53 | ) | 11.20 | ||||||||||||||||||||||||||||||
Missouri Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 11.11 | $ | 0.25 | $ | 0.55 | $ | 0.80 | $ | (0.23 | ) | $ | (0.09 | ) | $ | (0.32 | ) | $ | 11.59 | ||||||||||||||||||||||
20092 | 11.40 | 0.47 | (0.26 | ) | 0.21 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 11.11 | |||||||||||||||||||||||||||||
20082 | 11.72 | 0.46 | (0.29 | ) | 0.17 | (0.46 | ) | (0.03 | ) | (0.49 | ) | 11.40 | |||||||||||||||||||||||||||||
20072 | 11.76 | 0.45 | 0.05 | 0.50 | (0.45 | ) | (0.09 | ) | (0.54 | ) | 11.72 | ||||||||||||||||||||||||||||||
20063 | 12.14 | 0.34 | (0.29 | ) | 0.05 | (0.34 | ) | (0.09 | ) | (0.43 | ) | 11.76 | |||||||||||||||||||||||||||||
20054 | 12.32 | 0.45 | (0.12 | ) | 0.33 | (0.45 | ) | (0.06 | ) | (0.51 | ) | 12.14 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 11.08 | $ | 0.22 | $ | 0.56 | $ | 0.78 | $ | (0.21 | ) | $ | (0.09 | ) | $ | (0.30 | ) | $ | 11.56 | ||||||||||||||||||||||
20092 | 11.36 | 0.43 | (0.25 | ) | 0.18 | (0.43 | ) | (0.03 | ) | (0.46 | ) | 11.08 | |||||||||||||||||||||||||||||
20082 | 11.69 | 0.41 | (0.30 | ) | 0.11 | (0.41 | ) | (0.03 | ) | (0.44 | ) | 11.36 | |||||||||||||||||||||||||||||
20072 | 11.73 | 0.41 | 0.04 | 0.45 | (0.40 | ) | (0.09 | ) | (0.49 | ) | 11.69 | ||||||||||||||||||||||||||||||
20063 | 12.12 | 0.30 | (0.30 | ) | — | (0.30 | ) | (0.09 | ) | (0.39 | ) | 11.73 | |||||||||||||||||||||||||||||
20054 | 12.29 | 0.40 | (0.11 | ) | 0.29 | (0.40 | ) | (0.06 | ) | (0.46 | ) | 12.12 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 11.12 | $ | 0.26 | $ | 0.55 | $ | 0.81 | $ | (0.24 | ) | $ | (0.09 | ) | $ | (0.33 | ) | $ | 11.60 | ||||||||||||||||||||||
20092 | 11.40 | 0.49 | (0.24 | ) | 0.25 | (0.50 | ) | (0.03 | ) | (0.53 | ) | 11.12 | |||||||||||||||||||||||||||||
20082 | 11.73 | 0.48 | (0.30 | ) | 0.18 | (0.48 | ) | (0.03 | ) | (0.51 | ) | 11.40 | |||||||||||||||||||||||||||||
20072 | 11.76 | 0.48 | 0.06 | 0.54 | (0.48 | ) | (0.09 | ) | (0.57 | ) | 11.73 | ||||||||||||||||||||||||||||||
20063 | 12.15 | 0.36 | (0.30 | ) | 0.06 | (0.36 | ) | (0.09 | ) | (0.45 | ) | 11.76 | |||||||||||||||||||||||||||||
20054 | 12.32 | 0.48 | (0.11 | ) | 0.37 | (0.48 | ) | (0.06 | ) | (0.54 | ) | 12.15 | |||||||||||||||||||||||||||||
1 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
2 | For the period July 1 to June 30 in the fiscal year indicated. | |
3 | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
4 | For the period October 1 to September 30 in the fiscal year indicated. | |
5 | Commenced operations on October 28, 2009. All ratios for the period October 28, 2009 to December 31, 2009 have been annualized, except total return and portfolio turnover. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
72 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income to | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
5.27 | % | $ | 28,695 | 0.75 | % | 3.67 | % | 1.07 | % | 3.35 | % | 5 | % | |||||||||||||||||||||||
3.53 | 23,019 | 0.75 | 4.00 | 1.07 | 3.68 | 18 | ||||||||||||||||||||||||||||||
3.53 | 22,059 | 0.77 | 3.95 | 1.07 | 3.65 | 15 | ||||||||||||||||||||||||||||||
3.87 | 21,153 | 0.85 | 3.86 | 1.07 | 3.64 | 18 | ||||||||||||||||||||||||||||||
0.74 | 26,526 | 0.85 | 3.85 | 1.08 | 3.62 | 11 | ||||||||||||||||||||||||||||||
2.33 | 32,326 | 0.85 | 3.78 | 1.06 | 3.57 | 15 | ||||||||||||||||||||||||||||||
1.35 | % | $ | 928 | 1.35 | % | 3.43 | % | 1.47 | % | 3.31 | % | 5 | % | |||||||||||||||||||||||
5.22 | % | $ | 185,645 | 0.70 | % | 3.71 | % | 0.82 | % | 3.59 | % | 5 | % | |||||||||||||||||||||||
3.71 | 172,440 | 0.70 | 4.04 | 0.82 | 3.92 | 18 | ||||||||||||||||||||||||||||||
3.51 | 175,681 | 0.70 | 4.02 | 0.82 | 3.90 | 15 | ||||||||||||||||||||||||||||||
4.05 | 168,920 | 0.70 | 4.01 | 0.82 | 3.89 | 18 | ||||||||||||||||||||||||||||||
0.85 | 175,485 | 0.70 | 4.00 | 0.83 | 3.87 | 11 | ||||||||||||||||||||||||||||||
2.50 | 197,251 | 0.70 | 3.93 | 0.81 | 3.82 | 15 | ||||||||||||||||||||||||||||||
9.40 | % | $ | 92,799 | 0.85 | % | 4.00 | % | 1.11 | % | 3.74 | % | 17 | % | |||||||||||||||||||||||
0.07 | 87,218 | 0.85 | 4.32 | 1.11 | 4.06 | 28 | ||||||||||||||||||||||||||||||
0.54 | 102,089 | 0.87 | 4.14 | 1.10 | 3.91 | 37 | ||||||||||||||||||||||||||||||
4.05 | 106,732 | 0.95 | 4.10 | 1.10 | 3.95 | 20 | ||||||||||||||||||||||||||||||
1.28 | 101,142 | 0.95 | 4.15 | 1.10 | 4.00 | 11 | ||||||||||||||||||||||||||||||
4.42 | 106,783 | 0.95 | 4.04 | 1.06 | 3.93 | 16 | ||||||||||||||||||||||||||||||
9.06 | % | $ | 24,389 | 1.35 | % | 3.50 | % | 1.51 | % | 3.34 | % | 17 | % | |||||||||||||||||||||||
(0.42 | ) | 20,489 | 1.35 | 3.82 | 1.51 | 3.66 | 28 | |||||||||||||||||||||||||||||
0.06 | 20,061 | 1.35 | 3.63 | 1.50 | 3.48 | 37 | ||||||||||||||||||||||||||||||
3.65 | 14,221 | 1.35 | 3.69 | 1.58 | 3.46 | 20 | ||||||||||||||||||||||||||||||
0.98 | 10,359 | 1.35 | 3.75 | 1.85 | 3.25 | 11 | ||||||||||||||||||||||||||||||
4.02 | 9,841 | 1.35 | 3.64 | 1.81 | 3.18 | 16 | ||||||||||||||||||||||||||||||
9.39 | % | $ | 50,596 | 0.70 | % | 4.15 | % | 0.86 | % | 3.99 | % | 17 | % | |||||||||||||||||||||||
0.23 | 42,093 | 0.70 | 4.47 | 0.86 | 4.31 | 28 | ||||||||||||||||||||||||||||||
0.71 | 44,993 | 0.70 | 4.32 | 0.85 | 4.17 | 37 | ||||||||||||||||||||||||||||||
4.31 | 56,181 | 0.70 | 4.35 | 0.85 | 4.20 | 20 | ||||||||||||||||||||||||||||||
1.47 | 48,760 | 0.70 | 4.40 | 0.85 | 4.25 | 11 | ||||||||||||||||||||||||||||||
4.69 | 46,471 | 0.70 | 4.29 | 0.81 | 4.18 | 16 | ||||||||||||||||||||||||||||||
7.27 | % | $ | 22,301 | 0.85 | % | 4.24 | % | 1.12 | % | 3.97 | % | 7 | % | |||||||||||||||||||||||
2.01 | 22,766 | 0.95 | 4.25 | 1.12 | 4.08 | 17 | ||||||||||||||||||||||||||||||
1.44 | 23,135 | 0.95 | 3.92 | 1.10 | 3.77 | 20 | ||||||||||||||||||||||||||||||
4.23 | 24,945 | 0.95 | 3.78 | 1.10 | 3.63 | 33 | ||||||||||||||||||||||||||||||
0.38 | 26,972 | 0.95 | 3.74 | 1.09 | 3.60 | 20 | ||||||||||||||||||||||||||||||
2.74 | 30,188 | 0.95 | 3.65 | 1.06 | 3.54 | 19 | ||||||||||||||||||||||||||||||
7.02 | % | $ | 1,033 | 1.35 | % | 3.74 | % | 1.52 | % | 3.57 | % | 7 | % | |||||||||||||||||||||||
1.70 | 757 | 1.35 | 3.85 | 1.52 | 3.68 | 17 | ||||||||||||||||||||||||||||||
0.95 | 406 | 1.35 | 3.53 | 1.50 | 3.38 | 20 | ||||||||||||||||||||||||||||||
3.84 | 518 | 1.35 | 3.35 | 1.57 | 3.13 | 33 | ||||||||||||||||||||||||||||||
0.00 | 214 | 1.35 | 3.34 | 1.84 | 2.85 | 20 | ||||||||||||||||||||||||||||||
2.42 | 190 | 1.35 | 3.25 | 1.81 | 2.79 | 19 | ||||||||||||||||||||||||||||||
7.34 | % | $ | 120,086 | 0.70 | % | 4.39 | % | 0.87 | % | 4.22 | % | 7 | % | |||||||||||||||||||||||
2.36 | 119,522 | 0.70 | 4.49 | 0.87 | 4.32 | 17 | ||||||||||||||||||||||||||||||
1.60 | 137,746 | 0.70 | 4.17 | 0.85 | 4.02 | 20 | ||||||||||||||||||||||||||||||
4.58 | 130,644 | 0.70 | 4.03 | 0.85 | 3.88 | 33 | ||||||||||||||||||||||||||||||
0.49 | 138,394 | 0.70 | 3.99 | 0.84 | 3.85 | 20 | ||||||||||||||||||||||||||||||
3.08 | 151,710 | 0.70 | 3.90 | 0.81 | 3.79 | 19 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 73
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | Distributions | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | from Net | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Nebraska Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.84 | $ | 0.21 | $ | 0.42 | $ | 0.63 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.27 | |||||||||||||||||||||||
20092 | 10.06 | 0.43 | (0.21 | ) | 0.22 | (0.44 | ) | — | (0.44 | ) | 9.84 | ||||||||||||||||||||||||||||||
20082 | 10.30 | 0.42 | (0.20 | ) | 0.22 | (0.41 | ) | (0.05 | ) | (0.46 | ) | 10.06 | |||||||||||||||||||||||||||||
20072 | 10.33 | 0.42 | 0.02 | 0.44 | (0.42 | ) | (0.05 | ) | (0.47 | ) | 10.30 | ||||||||||||||||||||||||||||||
20063 | 10.58 | 0.31 | (0.24 | ) | 0.07 | (0.30 | ) | (0.02 | ) | (0.32 | ) | 10.33 | |||||||||||||||||||||||||||||
20054 | 10.66 | 0.39 | (0.05 | ) | 0.34 | (0.42 | ) | — | (0.42 | ) | 10.58 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.76 | $ | 0.19 | $ | 0.41 | $ | 0.60 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 10.18 | |||||||||||||||||||||||
20092 | 9.99 | 0.39 | (0.22 | ) | 0.17 | (0.40 | ) | — | (0.40 | ) | 9.76 | ||||||||||||||||||||||||||||||
20082 | 10.23 | 0.38 | (0.20 | ) | 0.18 | (0.37 | ) | (0.05 | ) | (0.42 | ) | 9.99 | |||||||||||||||||||||||||||||
20072 | 10.26 | 0.37 | 0.02 | 0.39 | (0.37 | ) | (0.05 | ) | (0.42 | ) | 10.23 | ||||||||||||||||||||||||||||||
20063 | 10.50 | 0.27 | (0.22 | ) | 0.05 | (0.27 | ) | (0.02 | ) | (0.29 | ) | 10.26 | |||||||||||||||||||||||||||||
20054 | 10.58 | 0.35 | (0.06 | ) | 0.29 | (0.37 | ) | — | (0.37 | ) | 10.50 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.83 | $ | 0.22 | $ | 0.42 | $ | 0.64 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 10.26 | |||||||||||||||||||||||
20092 | 10.06 | 0.45 | (0.22 | ) | 0.23 | (0.46 | ) | — | (0.46 | ) | 9.83 | ||||||||||||||||||||||||||||||
20082 | 10.30 | 0.44 | (0.19 | ) | 0.25 | (0.44 | ) | (0.05 | ) | (0.49 | ) | 10.06 | |||||||||||||||||||||||||||||
20072 | 10.33 | 0.44 | 0.02 | 0.46 | (0.44 | ) | (0.05 | ) | (0.49 | ) | 10.30 | ||||||||||||||||||||||||||||||
20063 | 10.58 | 0.32 | (0.23 | ) | 0.09 | (0.32 | ) | (0.02 | ) | (0.34 | ) | 10.33 | |||||||||||||||||||||||||||||
20054 | 10.66 | 0.43 | (0.07 | ) | 0.36 | (0.44 | ) | — | (0.44 | ) | 10.58 | ||||||||||||||||||||||||||||||
Ohio Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.90 | $ | 0.19 | $ | 0.40 | $ | 0.59 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 10.31 | |||||||||||||||||||||||
20092 | 10.02 | 0.40 | (0.12 | ) | 0.28 | (0.40 | ) | — | (0.40 | ) | 9.90 | ||||||||||||||||||||||||||||||
20082 | 10.20 | 0.39 | (0.15 | ) | 0.24 | (0.39 | ) | (0.03 | ) | (0.42 | ) | 10.02 | |||||||||||||||||||||||||||||
20072 | 10.17 | 0.38 | 0.05 | 0.43 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 10.20 | ||||||||||||||||||||||||||||||
20063 | 10.42 | 0.29 | (0.25 | ) | 0.04 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 10.17 | |||||||||||||||||||||||||||||
20054 | 10.52 | 0.36 | (0.06 | ) | 0.30 | (0.36 | ) | (0.04 | ) | (0.40 | ) | 10.42 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.76 | $ | 0.17 | $ | 0.39 | $ | 0.56 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 10.16 | |||||||||||||||||||||||
20092 | 9.89 | 0.37 | (0.13 | ) | 0.24 | (0.37 | ) | — | (0.37 | ) | 9.76 | ||||||||||||||||||||||||||||||
20082 | 10.07 | 0.35 | (0.15 | ) | 0.20 | (0.35 | ) | (0.03 | ) | (0.38 | ) | 9.89 | |||||||||||||||||||||||||||||
20072 | 10.05 | 0.33 | 0.05 | 0.38 | (0.34 | ) | (0.02 | ) | (0.36 | ) | 10.07 | ||||||||||||||||||||||||||||||
20063 | 10.32 | 0.25 | (0.26 | ) | (0.01 | ) | (0.25 | ) | (0.01 | ) | (0.26 | ) | 10.05 | ||||||||||||||||||||||||||||
20054 | 10.41 | 0.32 | (0.05 | ) | 0.27 | (0.32 | ) | (0.04 | ) | (0.36 | ) | 10.32 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.90 | $ | 0.21 | $ | 0.40 | $ | 0.61 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.31 | |||||||||||||||||||||||
20092 | 10.01 | 0.42 | (0.10 | ) | 0.32 | (0.43 | ) | — | (0.43 | ) | 9.90 | ||||||||||||||||||||||||||||||
20082 | 10.19 | 0.41 | (0.15 | ) | 0.26 | (0.41 | ) | (0.03 | ) | (0.44 | ) | 10.01 | |||||||||||||||||||||||||||||
20072 | 10.17 | 0.41 | 0.04 | 0.45 | (0.41 | ) | (0.02 | ) | (0.43 | ) | 10.19 | ||||||||||||||||||||||||||||||
20063 | 10.43 | 0.30 | (0.25 | ) | 0.05 | (0.30 | ) | (0.01 | ) | (0.31 | ) | 10.17 | |||||||||||||||||||||||||||||
20054 | 10.53 | 0.38 | (0.05 | ) | 0.33 | (0.39 | ) | (0.04 | ) | (0.43 | ) | 10.43 | |||||||||||||||||||||||||||||
Oregon Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.77 | $ | 0.18 | $ | 0.25 | $ | 0.43 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 10.03 | |||||||||||||||||||||||
20092 | 9.68 | 0.36 | 0.09 | 0.45 | (0.36 | ) | — | (0.36 | ) | 9.77 | |||||||||||||||||||||||||||||||
20082 | 9.72 | 0.35 | (0.02 | ) | 0.33 | (0.36 | ) | (0.01 | ) | (0.37 | ) | 9.68 | |||||||||||||||||||||||||||||
20072 | 9.78 | 0.37 | (0.02 | ) | 0.35 | (0.37 | ) | (0.04 | ) | (0.41 | ) | 9.72 | |||||||||||||||||||||||||||||
20063 | 10.07 | 0.27 | (0.25 | ) | 0.02 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 9.78 | |||||||||||||||||||||||||||||
20054 | 10.30 | 0.36 | (0.19 | ) | 0.17 | (0.36 | ) | (0.04 | ) | (0.40 | ) | 10.07 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.77 | $ | 0.18 | $ | 0.26 | $ | 0.44 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 10.03 | |||||||||||||||||||||||
20092 | 9.68 | 0.37 | 0.10 | 0.47 | (0.38 | ) | — | (0.38 | ) | 9.77 | |||||||||||||||||||||||||||||||
20082 | 9.72 | 0.37 | (0.03 | ) | 0.34 | (0.37 | ) | (0.01 | ) | (0.38 | ) | 9.68 | |||||||||||||||||||||||||||||
20072 | 9.78 | 0.38 | (0.02 | ) | 0.36 | (0.38 | ) | (0.04 | ) | (0.42 | ) | 9.72 | |||||||||||||||||||||||||||||
20063 | 10.07 | 0.28 | (0.25 | ) | 0.03 | (0.28 | ) | (0.04 | ) | (0.32 | ) | 9.78 | |||||||||||||||||||||||||||||
20054 | 10.30 | 0.38 | (0.19 | ) | 0.19 | (0.38 | ) | (0.04 | ) | (0.42 | ) | 10.07 | |||||||||||||||||||||||||||||
1 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
2 | For the period July 1 to June 30 in the fiscal year indicated. | |
3 | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
4 | For the period October 1 to September 30 in the fiscal year indicated. | |
5 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
74 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income to | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return5 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
6.40 | % | $ | 6,324 | 0.75 | % | 4.02 | % | 1.47 | % | 3.30 | % | 1 | % | |||||||||||||||||||||||
2.33 | 5,847 | 0.75 | 4.41 | 1.50 | 3.66 | 34 | ||||||||||||||||||||||||||||||
2.19 | 5,689 | 0.75 | 4.06 | 1.47 | 3.34 | 22 | ||||||||||||||||||||||||||||||
4.24 | 7,091 | 0.75 | 3.97 | 1.44 | 3.28 | 39 | ||||||||||||||||||||||||||||||
0.65 | 6,910 | 0.75 | 3.89 | 1.30 | 3.34 | 35 | ||||||||||||||||||||||||||||||
3.20 | 7,136 | 0.75 | 3.78 | 1.12 | 3.41 | 21 | ||||||||||||||||||||||||||||||
6.14 | % | $ | 3,498 | 1.15 | % | 3.62 | % | 1.87 | % | 2.90 | % | 1 | % | |||||||||||||||||||||||
1.84 | 2,585 | 1.15 | 4.02 | 1.90 | 3.27 | 34 | ||||||||||||||||||||||||||||||
1.81 | 1,798 | 1.15 | 3.65 | 1.87 | 2.93 | 22 | ||||||||||||||||||||||||||||||
3.86 | 1,559 | 1.15 | 3.56 | 1.92 | 2.79 | 39 | ||||||||||||||||||||||||||||||
0.46 | 1,487 | 1.15 | 3.49 | 2.05 | 2.59 | 35 | ||||||||||||||||||||||||||||||
2.81 | 1,565 | 1.15 | 3.38 | 1.87 | 2.66 | 21 | ||||||||||||||||||||||||||||||
6.54 | % | $ | 32,815 | 0.50 | % | 4.26 | % | 1.22 | % | 3.54 | % | 1 | % | |||||||||||||||||||||||
2.48 | 30,689 | 0.50 | 4.67 | 1.25 | 3.92 | 34 | ||||||||||||||||||||||||||||||
2.45 | 29,533 | 0.50 | 4.31 | 1.22 | 3.59 | 22 | ||||||||||||||||||||||||||||||
4.51 | 32,502 | 0.50 | 4.22 | 1.19 | 3.53 | 39 | ||||||||||||||||||||||||||||||
0.85 | 31,347 | 0.50 | 4.14 | 1.05 | 3.59 | 35 | ||||||||||||||||||||||||||||||
3.45 | 32,418 | 0.50 | 4.03 | 0.87 | 3.66 | 21 | ||||||||||||||||||||||||||||||
6.03 | % | $ | 1,438 | 0.75 | % | 3.75 | % | 1.37 | % | 3.13 | % | — | % | |||||||||||||||||||||||
2.99 | 1,048 | 0.75 | 4.09 | 1.39 | 3.45 | 12 | ||||||||||||||||||||||||||||||
2.38 | 635 | 0.75 | 3.81 | 1.39 | 3.17 | 12 | ||||||||||||||||||||||||||||||
4.28 | 808 | 0.75 | 3.70 | 1.41 | 3.04 | 33 | ||||||||||||||||||||||||||||||
0.40 | 841 | 0.75 | 3.60 | 1.28 | 3.07 | 11 | ||||||||||||||||||||||||||||||
2.86 | 988 | 0.75 | 3.41 | 1.11 | 3.05 | 13 | ||||||||||||||||||||||||||||||
5.81 | % | $ | 505 | 1.15 | % | 3.34 | % | 1.77 | % | 2.72 | % | — | % | |||||||||||||||||||||||
2.52 | 399 | 1.15 | 3.68 | 1.79 | 3.04 | 12 | ||||||||||||||||||||||||||||||
2.00 | 255 | 1.15 | 3.39 | 1.78 | 2.76 | 12 | ||||||||||||||||||||||||||||||
3.81 | 187 | 1.15 | 3.29 | 1.90 | 2.54 | 33 | ||||||||||||||||||||||||||||||
(0.08 | ) | 209 | 1.15 | 3.22 | 2.03 | 2.34 | 11 | |||||||||||||||||||||||||||||
2.58 | 174 | 1.15 | 3.01 | 1.86 | 2.30 | 13 | ||||||||||||||||||||||||||||||
6.16 | % | $ | 55,710 | 0.50 | % | 3.99 | % | 1.12 | % | 3.37 | % | — | % | |||||||||||||||||||||||
3.36 | 44,783 | 0.50 | 4.35 | 1.14 | 3.71 | 12 | ||||||||||||||||||||||||||||||
2.63 | 48,510 | 0.50 | 4.06 | 1.14 | 3.42 | 12 | ||||||||||||||||||||||||||||||
4.44 | 42,223 | 0.50 | 3.94 | 1.16 | 3.28 | 33 | ||||||||||||||||||||||||||||||
0.49 | 40,606 | 0.50 | 3.85 | 1.03 | 3.32 | 11 | ||||||||||||||||||||||||||||||
3.12 | 41,104 | 0.50 | 3.66 | 0.86 | 3.30 | 13 | ||||||||||||||||||||||||||||||
4.44 | % | $ | 21,662 | 0.85 | % | 3.46 | % | 1.11 | % | 3.20 | % | 5 | % | |||||||||||||||||||||||
4.77 | 10,963 | 0.85 | 3.70 | 1.12 | 3.43 | 19 | ||||||||||||||||||||||||||||||
3.39 | 5,967 | 0.85 | 3.64 | 1.12 | 3.37 | 15 | ||||||||||||||||||||||||||||||
3.54 | 7,895 | 0.85 | 3.71 | 1.12 | 3.44 | 43 | ||||||||||||||||||||||||||||||
0.16 | 9,456 | 0.85 | 3.62 | 1.11 | 3.36 | 13 | ||||||||||||||||||||||||||||||
1.67 | 9,356 | 0.85 | 3.56 | 1.06 | 3.35 | 20 | ||||||||||||||||||||||||||||||
4.52 | % | $ | 130,266 | 0.70 | % | 3.60 | % | 0.86 | % | 3.44 | % | 5 | % | |||||||||||||||||||||||
4.92 | 119,959 | 0.70 | 3.84 | 0.87 | 3.67 | 19 | ||||||||||||||||||||||||||||||
3.54 | 120,800 | 0.70 | 3.78 | 0.87 | 3.61 | 15 | ||||||||||||||||||||||||||||||
3.70 | 109,357 | 0.70 | 3.86 | 0.87 | 3.69 | 43 | ||||||||||||||||||||||||||||||
0.28 | 111,344 | 0.70 | 3.77 | 0.86 | 3.61 | 13 | ||||||||||||||||||||||||||||||
1.82 | 133,613 | 0.70 | 3.71 | 0.81 | 3.60 | 20 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 75
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total From | from Net | Distributions | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | from Net | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Short Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.74 | $ | 0.11 | $ | 0.18 | $ | 0.29 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 9.92 | |||||||||||||||||||||||
20092 | 9.79 | 0.28 | (0.07 | ) | 0.21 | (0.26 | ) | — | (0.26 | ) | 9.74 | ||||||||||||||||||||||||||||||
20082 | 9.70 | 0.30 | 0.10 | 0.40 | (0.31 | ) | — | (0.31 | ) | 9.79 | |||||||||||||||||||||||||||||||
20072 | 9.68 | 0.28 | 0.03 | 0.31 | (0.29 | ) | — | (0.29 | ) | 9.70 | |||||||||||||||||||||||||||||||
20063 | 9.78 | 0.19 | (0.09 | ) | 0.10 | (0.20 | ) | — | (0.20 | ) | 9.68 | ||||||||||||||||||||||||||||||
20054 | 9.96 | 0.24 | (0.17 | ) | 0.07 | (0.25 | ) | — | (0.25 | ) | 9.78 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.74 | $ | 0.11 | $ | 0.18 | $ | 0.29 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 9.92 | |||||||||||||||||||||||
20092 | 9.79 | 0.27 | (0.05 | ) | 0.22 | (0.27 | ) | — | (0.27 | ) | 9.74 | ||||||||||||||||||||||||||||||
20082 | 9.70 | 0.31 | 0.10 | 0.41 | (0.32 | ) | — | (0.32 | ) | 9.79 | |||||||||||||||||||||||||||||||
20072 | 9.68 | 0.31 | 0.01 | 0.32 | (0.30 | ) | — | (0.30 | ) | 9.70 | |||||||||||||||||||||||||||||||
20063 | 9.78 | 0.21 | (0.10 | ) | 0.11 | (0.21 | ) | — | (0.21 | ) | 9.68 | ||||||||||||||||||||||||||||||
20054 | 9.96 | 0.26 | (0.18 | ) | 0.08 | (0.26 | ) | — | (0.26 | ) | 9.78 | ||||||||||||||||||||||||||||||
Tax Free Fund | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.65 | $ | 0.25 | $ | 0.73 | $ | 0.98 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 10.39 | |||||||||||||||||||||||
20092 | 10.26 | 0.48 | (0.59 | ) | (0.11 | ) | (0.48 | ) | (0.02 | ) | (0.50 | ) | 9.65 | ||||||||||||||||||||||||||||
20082 | 10.77 | 0.45 | (0.46 | ) | (0.01 | ) | (0.44 | ) | (0.06 | ) | (0.50 | ) | 10.26 | ||||||||||||||||||||||||||||
20072 | 10.86 | 0.45 | — | 0.45 | (0.45 | ) | (0.09 | ) | (0.54 | ) | 10.77 | ||||||||||||||||||||||||||||||
20063 | 11.10 | 0.35 | (0.20 | ) | 0.15 | (0.35 | ) | (0.04 | ) | (0.39 | ) | 10.86 | |||||||||||||||||||||||||||||
20054 | 11.18 | 0.47 | 0.03 | 0.50 | (0.47 | ) | (0.11 | ) | (0.58 | ) | 11.10 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.61 | $ | 0.23 | $ | 0.71 | $ | 0.94 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 10.34 | |||||||||||||||||||||||
20092 | 10.21 | 0.42 | (0.57 | ) | (0.15 | ) | (0.43 | ) | (0.02 | ) | (0.45 | ) | 9.61 | ||||||||||||||||||||||||||||
20082 | 10.72 | 0.39 | (0.45 | ) | (0.06 | ) | (0.39 | ) | (0.06 | ) | (0.45 | ) | 10.21 | ||||||||||||||||||||||||||||
20072 | 10.81 | 0.40 | 0.01 | 0.41 | (0.41 | ) | (0.09 | ) | (0.50 | ) | 10.72 | ||||||||||||||||||||||||||||||
20063 | 11.05 | 0.32 | (0.20 | ) | 0.12 | (0.32 | ) | (0.04 | ) | (0.36 | ) | 10.81 | |||||||||||||||||||||||||||||
20054 | 11.13 | 0.42 | 0.03 | 0.45 | (0.42 | ) | (0.11 | ) | (0.53 | ) | 11.05 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20091 | $ | 9.66 | $ | 0.26 | $ | 0.72 | $ | 0.98 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 10.40 | |||||||||||||||||||||||
20092 | 10.27 | 0.49 | (0.59 | ) | (0.10 | ) | (0.49 | ) | (0.02 | ) | (0.51 | ) | 9.66 | ||||||||||||||||||||||||||||
20082 | 10.78 | 0.46 | (0.46 | ) | — | (0.45 | ) | (0.06 | ) | (0.51 | ) | 10.27 | |||||||||||||||||||||||||||||
20072 | 10.87 | 0.48 | — | 0.48 | (0.48 | ) | (0.09 | ) | (0.57 | ) | 10.78 | ||||||||||||||||||||||||||||||
20063 | 11.11 | 0.37 | (0.20 | ) | 0.17 | (0.37 | ) | (0.04 | ) | (0.41 | ) | 10.87 | |||||||||||||||||||||||||||||
20054 | 11.19 | 0.50 | 0.02 | 0.52 | (0.49 | ) | (0.11 | ) | (0.60 | ) | 11.11 | ||||||||||||||||||||||||||||||
1 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized , except total return and portfolio turnover. | |
2 | For the period July 1 to June 30 in the fiscal year indicated. | |
3 | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
4 | For the period October 1 to September 30 in the fiscal year indicated. | |
5 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
76 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income to | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return5 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
2.94 | % | $ | 6,700 | 0.74 | % | 1.93 | % | 1.07 | % | 1.60 | % | 29 | % | |||||||||||||||||||||||
2.17 | 3,376 | 0.75 | 2.71 | 1.11 | 2.35 | 70 | ||||||||||||||||||||||||||||||
4.17 | 2,308 | 0.75 | 3.05 | 1.11 | 2.69 | 58 | ||||||||||||||||||||||||||||||
3.22 | 2,410 | 0.75 | 2.94 | 1.08 | 2.61 | 57 | ||||||||||||||||||||||||||||||
1.02 | 3,321 | 0.75 | 2.65 | 1.08 | 2.32 | 22 | ||||||||||||||||||||||||||||||
0.67 | 4,103 | 0.75 | 2.46 | 1.06 | 2.15 | 37 | ||||||||||||||||||||||||||||||
3.01 | % | $ | 283,185 | 0.59 | % | 2.09 | % | 0.82 | % | 1.86 | % | 29 | % | |||||||||||||||||||||||
2.32 | 178,950 | 0.60 | 2.84 | 0.86 | 2.58 | 70 | ||||||||||||||||||||||||||||||
4.33 | 143,985 | 0.60 | 3.20 | 0.86 | 2.94 | 58 | ||||||||||||||||||||||||||||||
3.37 | 161,468 | 0.60 | 3.09 | 0.83 | 2.86 | 57 | ||||||||||||||||||||||||||||||
1.13 | 235,900 | 0.60 | 2.80 | 0.83 | 2.57 | 22 | ||||||||||||||||||||||||||||||
0.83 | 329,647 | 0.60 | 2.62 | 0.81 | 2.41 | 37 | ||||||||||||||||||||||||||||||
10.19 | % | $ | 40,746 | 0.75 | % | 4.98 | % | 1.04 | % | 4.69 | % | 11 | % | |||||||||||||||||||||||
(0.80 | ) | 35,276 | 0.75 | 5.07 | 1.04 | 4.78 | 34 | |||||||||||||||||||||||||||||
(0.05 | ) | 35,557 | 0.78 | 4.28 | 1.02 | 4.04 | 52 | |||||||||||||||||||||||||||||
4.16 | 37,760 | 0.95 | 4.08 | 1.03 | 4.00 | 31 | ||||||||||||||||||||||||||||||
1.37 | 36,519 | 0.95 | 4.28 | 1.06 | 4.17 | 13 | ||||||||||||||||||||||||||||||
4.51 | 38,205 | 0.95 | 4.20 | 1.06 | 4.09 | 8 | ||||||||||||||||||||||||||||||
9.80 | % | $ | 4,086 | 1.35 | % | 4.38 | % | 1.44 | % | 4.29 | % | 11 | % | |||||||||||||||||||||||
(1.30 | ) | 3,442 | 1.35 | 4.48 | 1.44 | 4.39 | 34 | |||||||||||||||||||||||||||||
(0.61 | ) | 3,104 | 1.35 | 3.72 | 1.43 | 3.64 | 52 | |||||||||||||||||||||||||||||
3.76 | 2,495 | 1.35 | 3.67 | 1.51 | 3.51 | 31 | ||||||||||||||||||||||||||||||
1.06 | 2,210 | 1.35 | 3.87 | 1.81 | 3.41 | 13 | ||||||||||||||||||||||||||||||
4.13 | 2,712 | 1.35 | 3.80 | 1.81 | 3.34 | 8 | ||||||||||||||||||||||||||||||
10.20 | % | $ | 414,312 | 0.70 | % | 5.02 | % | 0.79 | % | 4.93 | % | 11 | % | |||||||||||||||||||||||
(0.75 | ) | 381,048 | 0.70 | 5.10 | 0.79 | 5.01 | 34 | |||||||||||||||||||||||||||||
0.04 | 448,774 | 0.70 | 4.36 | 0.78 | 4.28 | 52 | ||||||||||||||||||||||||||||||
4.42 | 539,360 | 0.70 | 4.32 | 0.78 | 4.24 | 31 | ||||||||||||||||||||||||||||||
1.57 | 455,910 | 0.70 | 4.53 | 0.81 | 4.42 | 13 | ||||||||||||||||||||||||||||||
4.77 | 436,303 | 0.70 | 4.45 | 0.81 | 4.34 | 8 | ||||||||||||||||||||||||||||||
Table of Contents
Notes toFinancial Statements | (unaudited as to December 31, 2009), all dollars and shares are rounded to thousands (000) |
1 > | Organization |
Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2009, FAIF offered 41 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund are each diversified open-end management investment companies. Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.
The funds offer Class A, Class C, and Class Y shares. Class A shares of Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund are sold with a maximum front-end sales charge of 4.25%. Class A shares of Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund are sold with a maximum front-end sales charge of 2.25%. Class C shares may be subject to a contingent deferred sales charge of 1.00% for 12 months. Class C shares are not offered by Oregon Intermediate Tax Free Fund and Short Tax Free Fund. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.
The funds’ prospectuses provide descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares in a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’s servicing or distribution arrangements.
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. 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 or from a widely-used quotation system. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates fair value. Investments in open-end funds are valued at their respective net asset values on the valuation date.
The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a domestic stock exchange are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than foreign currency forward contracts), swaps, and over-the-counter options on securities and indices are valued at the quotations received from an independent pricing service, if available.
When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ 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 an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities
78 First American Funds 2009 Semiannual Report
Table of Contents
will be valued at fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without fair value pricing. As of December 31, 2009, the funds held no internally fair valued securities.
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.).
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 are 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 funds’ board of directors.
The valuation levels are not necessarily an indication of the risk associated with investing in these investments.
As of December 31, 2009, each fund’s investments were classified as follows:
Total | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Arizona Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 17,962 | $ | — | $ | 17,962 | ||||||||
General Obligations | — | 3,208 | — | 3,208 | ||||||||||||
Certificates of Participation | — | 1,109 | — | 1,109 | ||||||||||||
Short-Term Investment | 360 | — | — | 360 | ||||||||||||
Total Investments | $ | 360 | $ | 22,279 | $ | — | $ | 22,639 | ||||||||
California Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 65,967 | $ | — | $ | 65,967 | ||||||||
General Obligations | — | 27,978 | — | 27,978 | ||||||||||||
Certificates of Participation | — | 4,528 | — | 4,528 | ||||||||||||
Short-Term Investment | 538 | — | — | 538 | ||||||||||||
Total Investments | $ | 538 | $ | 98,473 | $ | — | $ | 99,011 | ||||||||
Colorado Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 46,016 | $ | — | $ | 46,016 | ||||||||
General Obligations | — | 12,618 | — | 12,618 | ||||||||||||
Certificates of Participation | — | 5,749 | — | 5,749 | ||||||||||||
Short-Term Investment | 1,371 | — | — | 1,371 | ||||||||||||
Total Investments | $ | 1,371 | $ | 64,383 | $ | — | $ | 65,754 | ||||||||
Intermediate Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 479,636 | $ | — | $ | 479,636 | ||||||||
General Obligations | — | 215,973 | — | 215,973 | ||||||||||||
Certificates of Participation | — | 15,603 | — | 15,603 | ||||||||||||
Short-Term Investments | 9,301 | 10,530 | — | 19,831 | ||||||||||||
Total Investments | $ | 9,301 | $ | 721,742 | $ | — | $ | 731,043 | ||||||||
Minnesota Intermediate Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 148,349 | $ | — | $ | 148,349 | ||||||||
General Obligations | — | 54,681 | — | 54,681 | ||||||||||||
Certificates of Participation | — | 5,169 | — | 5,169 | ||||||||||||
Short-Term Investments | 2,176 | 2,510 | — | 4,686 | ||||||||||||
Total Investments | $ | 2,176 | $ | 210,709 | $ | — | $ | 212,885 | ||||||||
Minnesota Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 135,542 | $ | — | $ | 135,542 | ||||||||
General Obligations | — | 22,046 | — | 22,046 | ||||||||||||
Certificate of Participation | — | 2,098 | — | 2,098 | ||||||||||||
Short-Term Investments | 6,039 | 200 | — | 6,239 | ||||||||||||
Total Investments | $ | 6,039 | $ | 159,886 | $ | — | $ | 165,925 | ||||||||
First American Funds 2009 Semiannual Report 79
Table of Contents
Notes toFinancial Statements | (unaudited as to December 31, 2009), all dollars and shares are rounded to thousands (000) |
Total | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Missouri Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 119,836 | $ | — | $ | 119,836 | ||||||||
General Obligations | — | 10,459 | — | 10,459 | ||||||||||||
Certificates of Participation | — | 9,980 | — | 9,980 | ||||||||||||
Short-Term Investment | 1,680 | — | — | 1,680 | ||||||||||||
Total Investments | $ | 1,680 | $ | 140,275 | $ | — | $ | 141,955 | ||||||||
Nebraska Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 30,769 | $ | — | $ | 30,769 | ||||||||
General Obligations | — | 9,855 | — | 9,855 | ||||||||||||
Short-Term Investment | 1,597 | — | — | 1,597 | ||||||||||||
Total Investments | $ | 1,597 | $ | 40,624 | $ | — | $ | 42,221 | ||||||||
Ohio Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 33,849 | $ | — | $ | 33,849 | ||||||||
General Obligations | — | 17,574 | — | 17,574 | ||||||||||||
Certificates of Participation | — | 961 | — | 961 | ||||||||||||
Short-Term Investment | 4,660 | — | — | 4,660 | ||||||||||||
Total Investments | $ | 4,660 | $ | 52,384 | $ | — | $ | 57,044 | ||||||||
Oregon Intermediate Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 68,126 | $ | — | $ | 68,126 | ||||||||
General Obligations | — | 71,234 | — | 71,234 | ||||||||||||
Certificates of Participation | — | 7,111 | — | 7,111 | ||||||||||||
Short-Term Investments | 7,557 | 20 | — | 7,577 | ||||||||||||
Total Investments | $ | 7,557 | $ | 146,491 | $ | — | $ | 154,048 | ||||||||
Short Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 141,760 | $ | — | $ | 141,760 | ||||||||
General Obligations | — | 34,646 | — | 34,646 | ||||||||||||
Certificates of Participation | — | 5,201 | — | 5,201 | ||||||||||||
Short-Term Investments | 35,025 | 86,620 | — | 121,645 | ||||||||||||
Total Investments | $ | 35,025 | $ | 268,227 | $ | — | $ | 303,252 | ||||||||
Tax Free Fund | ||||||||||||||||
Revenue Bonds | $ | — | $ | 392,693 | $ | — | $ | 392,693 | ||||||||
General Obligations | — | 51,721 | — | 51,721 | ||||||||||||
Certificate of Participation | — | 2,599 | — | 2,599 | ||||||||||||
Short-Term Investment | 7,253 | — | — | 7,253 | ||||||||||||
Total Investments | $ | 7,253 | $ | 447,013 | $ | — | $ | 454,266 | ||||||||
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 premiums and accretion of bond discounts, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the sales price and the underlying cost of the security on the transaction date.
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 the net asset value on the last business day of each month. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income or excise taxes is required.
As of December 31, 2009, 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 the 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. These differences are primarily due to book and tax differences for straddle loss deferrals, classification of dividends paid by the funds, and tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.
80 First American Funds 2009 Semiannual Report
Table of Contents
The character of distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2009 (estimated) and the fiscal year ended June 30, 2009 (adjusted by dividends payable as of December 31, 2009 and June 30, 2009) were as follows:
December 31, 2009 | ||||||||||||||||
Tax Exempt | Ordinary | Long Term | ||||||||||||||
Fund | Income | Income | Gain | Total | ||||||||||||
Arizona Tax Free Fund | $ | 510 | $ | — | $ | — | $ | 510 | ||||||||
California Tax Free Fund | 2,145 | — | 266 | 2,411 | ||||||||||||
Colorado Tax Free Fund | 1,349 | — | 583 | 1,932 | ||||||||||||
Intermediate Tax Free Fund | 13,721 | — | — | 13,721 | ||||||||||||
Minnesota Intermediate Tax Free Fund | 3,612 | — | 104 | 3,716 | ||||||||||||
Minnesota Tax Free Fund | 3,225 | — | 10 | 3,235 | ||||||||||||
Missouri Tax Free Fund | 3,151 | — | 1,094 | 4,245 | ||||||||||||
Nebraska Tax Free Fund | 842 | — | — | 842 | ||||||||||||
Ohio Tax Free Fund | 967 | — | — | 967 | ||||||||||||
Oregon Intermediate Tax Free Fund | 2,578 | — | — | 2,578 | ||||||||||||
Short Tax Free Fund | 2,508 | — | — | 2,508 | ||||||||||||
Tax Free Fund | 10,587 | — | — | 10,587 | ||||||||||||
June 30, 2009 | ||||||||||||||||
Tax Exempt | Ordinary | Long Term | ||||||||||||||
Fund | Income | Income | Gain | Total | ||||||||||||
Arizona Tax Free Fund | $ | 1,159 | $ | — | $ | — | $ | 1,159 | ||||||||
California Tax Free Fund | 2,894 | — | — | 2,894 | ||||||||||||
Colorado Tax Free Fund | 1,960 | 67 | 139 | 2,166 | ||||||||||||
Intermediate Tax Free Fund | 29,152 | 307 | 201 | 29,660 | ||||||||||||
Minnesota Intermediate Tax Free Fund | 7,840 | 13 | 514 | 8,367 | ||||||||||||
Minnesota Tax Free Fund | 6,482 | 2 | 862 | 7,346 | ||||||||||||
Missouri Tax Free Fund | 6,705 | 62 | 273 | 7,040 | ||||||||||||
Nebraska Tax Free Fund | 1,745 | — | — | 1,745 | ||||||||||||
Ohio Tax Free Fund | 2,045 | — | — | 2,045 | ||||||||||||
Oregon Intermediate Tax Free Fund | 4,872 | 4 | — | 4,876 | ||||||||||||
Short Tax Free Fund | 4,466 | — | — | 4,466 | ||||||||||||
Tax Free Fund | 21,627 | 26 | 643 | 22,296 | ||||||||||||
As of June 30, 2009, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax-basis were as follows:
Accumulated | ||||||||||||||||||||||||
Undistributed | Undistributed | Undistributed | Capital and | Unrealized | Total | |||||||||||||||||||
Ordinary | Tax Exempt | Long Term | Post-October | Appreciation | Accumulated | |||||||||||||||||||
Fund | Income | Income | Capital Gains | Losses | (Depreciation) | Earnings (Deficit) | ||||||||||||||||||
Arizona Tax Free Fund | $ | 6 | $ | 77 | $ | — | $ | (78 | ) | $ | (1,180 | ) | $ | (1,175 | ) | |||||||||
California Tax Free Fund | 15 | 301 | 71 | — | (3,329 | ) | (2,942 | ) | ||||||||||||||||
Colorado Tax Free Fund | 9 | 157 | 87 | — | (1,013 | ) | (760 | ) | ||||||||||||||||
Intermediate Tax Free Fund | 377 | 1,419 | — | (457 | ) | 7,251 | 8,590 | |||||||||||||||||
Minnesota Intermediate Tax Free Fund | 20 | 444 | 88 | — | 78 | 630 | ||||||||||||||||||
Minnesota Tax Free Fund | 34 | 289 | 10 | (1,166 | ) | (9,206 | ) | (10,039 | ) | |||||||||||||||
Missouri Tax Free Fund | 4 | 467 | 686 | — | (6,400 | ) | (5,243 | ) | ||||||||||||||||
Nebraska Tax Free Fund | 6 | 105 | — | (375 | ) | (826 | ) | (1,090 | ) | |||||||||||||||
Ohio Tax Free Fund | — | 138 | — | (477 | ) | (794 | ) | (1,133 | ) | |||||||||||||||
Oregon Intermediate Tax Free Fund | 16 | 390 | — | (632 | ) | 2,005 | 1,779 | |||||||||||||||||
Short Tax Free Fund | 11 | 349 | — | (3,423 | ) | 1,640 | (1,423 | ) | ||||||||||||||||
Tax Free Fund | 198 | 1,479 | — | (7,043 | ) | (35,804 | ) | (41,170 | ) | |||||||||||||||
The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses deferred due to straddles.
First American Funds 2009 Semiannual Report 81
Table of Contents
Notes toFinancial Statements | (unaudited as to December 31, 2009), all dollars and shares are rounded to thousands (000) |
As of June 30, 2009, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the funds’ fiscal year-ends as follows:
Expiration Year | ||||||||||||||||||||||||||||||||||||
Fund | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Total | |||||||||||||||||||||||||||
Arizona Tax Free Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33 | $ | 45 | $ | 78 | ||||||||||||||||||
Intermediate Tax Free Fund | — | — | — | — | — | — | — | 256 | 256 | |||||||||||||||||||||||||||
Nebraska Tax Free Fund | — | — | — | — | — | — | 25 | 333 | 358 | |||||||||||||||||||||||||||
Ohio Tax Free Fund | — | — | — | — | — | — | — | 225 | 225 | |||||||||||||||||||||||||||
Oregon Intermediate Tax Free Fund | — | — | — | — | — | — | 38 | 551 | 589 | |||||||||||||||||||||||||||
Short Tax Free Fund | — | — | — | 153 | 550 | 1,144 | — | 312 | 2,159 | |||||||||||||||||||||||||||
Certain funds incurred a loss for tax purposes for the period from November 1, 2008 to June 30, 2009. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending June 30, 2010. The following funds had deferred losses:
Fund | Amount | |||
Intermediate Tax Free Fund | $ | 201 | ||
Minnesota Tax Free Fund | 1,166 | |||
Nebraska Tax Free Fund | 17 | |||
Ohio Tax Free Fund | 252 | |||
Oregon Intermediate Tax Free Fund | 43 | |||
Short Tax Free Fund | 1,264 | |||
Tax Free Fund | 7,043 | |||
DERIVATIVES – The funds may invest in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. The funds’ investment objectives allow the funds to enter into various types of derivative contracts, including, but not limited to, futures contracts. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the funds to gains or losses in excess of the amounts shown on the Statements of Assets and Liabilities.
FUTURES TRANSACTIONS – The funds are subject to interest rate risk in the normal course of pursuing their investment objectives. In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, each fund may enter into futures contracts. Upon entering into a futures contract, a fund is required to deposit cash or pledge U.S. Government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.
Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the funds’ Statements of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes. During the six-month period ended December 31, 2009, Oregon Intermediate Tax Free Fund held interest rate futures contracts. The gains or losses recognized on these interest rate futures contracts are disclosed in the fund’s Statement of Operations. For the six-month period ended December 31, 2009, the quarterly average gross notional amounts for long and short contracts for the fund was $0. As of December 31, 2009, the funds held no outstanding futures contracts.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of December 31, 2009, the following funds had outstanding commitments to purchase securities on a when-issued or forward-commitment basis:
Fund | Cost | |||
Oregon Intermediate Tax Free Fund | $ | 3,024 | ||
Short Tax Free Fund | 14,625 | |||
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
82 First American Funds 2009 Semiannual Report
Table of Contents
within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its total net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. As of December 31, 2009, Intermediate Tax Free Fund and Short Tax Free Fund held investments in illiquid securities with a total fair value of $1,004 and $502, respectively, or 0.1% and 0.2%, respectively, of total net assets.
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
Dates | Cost | |||||||||||
Intermediate Tax Free Fund | Par | Acquired | Basis | |||||||||
Illinois Finance Authority, Clare at Water Tower Project, Series A | $ | 1,000 | 11/05 | $ | 993 | |||||||
Illinois Finance Authority, Clare at Water Tower Project, Series A | 1,000 | 11/05 | 992 | |||||||||
Dates | Cost | |||||||||||
Short Tax Free Fund | Par | Acquired | Basis | |||||||||
Illinois Finance Authority, Clare at Water Tower Project, Series A | $ | 1,000 | 11/05 | $ | 997 | |||||||
INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters may provide investment leverage. The market values of inverse floaters will generally be more volatile than those of fixed-rate, tax-exempt securities. Therefore, to the extent the funds invest in inverse floaters, the net asset value of the funds’ shares may be more volatile than if the funds did not invest in such securities. As of and for the six-month period ended December 31, 2009, the funds held no investments in inverse floaters.
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 evenly across all funds, allocated based on relative net assets of all funds within the First American Family of Funds, or a combination of both methods. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class.
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the Securities and Exchange Commission, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended December 31, 2009.
DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds as designated by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of 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 December 31, 2009, through February 22, 2010, the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee equal, on an annual basis, to 0.50% of the fund’s average daily net assets. FAF Advisors has agreed to waive fees and reimburse other fund expenses at least
First American Funds 2009 Semiannual Report 83
Table of Contents
Notes toFinancial Statements | (unaudited as to December 31, 2009), all dollars and shares are rounded to thousands (000) |
through June 30, 2010, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:
Share Class | ||||||||||||||
Fund | A | C | Y | |||||||||||
Arizona Tax Free Fund | 0.75 | % | 1.15 | % | 0.50 | % | ||||||||
California Tax Free Fund | 0.65 | * | 1.15 | 0.50 | ||||||||||
Colorado Tax Free Fund | 0.75 | 1.15 | 0.50 | |||||||||||
Intermediate Tax Free Fund1 | 0.75 | * | 1.35 | 0.70 | ||||||||||
Minnesota Intermediate Tax Free Fund1 | 0.75 | * | 1.35 | 0.70 | ||||||||||
Minnesota Tax Free Fund | 0.85 | * | 1.35 | 0.70 | ||||||||||
Missouri Tax Free Fund | 0.85 | * | 1.35 | 0.70 | ||||||||||
Nebraska Tax Free Fund | 0.75 | 1.15 | 0.50 | |||||||||||
Ohio Tax Free Fund | 0.75 | 1.15 | 0.50 | |||||||||||
Oregon Intermediate Tax Free Fund | 0.85 | NA | 0.70 | |||||||||||
Short Tax Free Fund | 0.75 | NA | 0.60 | |||||||||||
Tax Free Fund | 0.75 | * | 1.35 | 0.70 | ||||||||||
NA = Not Applicable
1 | The fund began offering Class C on October 28, 2009. |
* | Prior to September 1, 2007, FAF Advisors had contractually agreed to waive fees and reimburse other fund expenses so that the total annual Class A operating expenses, after waivers by the advisor and the distributor, did not exceed 0.75%, 0.85%, 0.85%, 0.95%, and 0.95% of average daily net assets for California Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, and Tax Free Fund, respectively. Prior to June 18, 2009, FAF Advisors had contractually agreed to waive fees and reimburse other fund expenses so that the total annual Class A operating expenses, after waivers by the advisor and the distributor, did not exceed 0.95% of average daily net assets for Missouri Tax Free Fund. |
The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in “Fee waivers” in the Statements of Operations.
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% 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 FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. 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 custodian for each fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.
For the six-month period ended December 31, 2009, custodian fees were not increased as a result of overdrafts and were not decreased as a result of interest earned.
DISTRIBUTION AND SHAREHOLDER SERVICING (12B-1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 0.65% of each fund’s average daily net assets of Class A and Class C shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.
Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund. Effective September 1, 2007, FAF Advisors is waiving an additional
84 First American Funds 2009 Semiannual Report
Table of Contents
amount of Class A 12b-1 fees equal to 0.10%, 0.10%, 0.10%, 0.10%, and 0.20% of average daily net assets of Class A shares for California Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, and Tax Free Fund, respectively. Effective June 18, 2009, FAF Advisors is waiving an additional amount of Class A 12b-1 fees equal to 0.10% of average daily net assets of Class A shares for Missouri Tax Free Fund.
For the six-month period ended December 31, 2009, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows:
Fund | Amount | |||
Intermediate Tax Free Fund | $ | 21 | ||
Minnesota Intermediate Tax Free Fund | 13 | |||
Oregon Intermediate Tax Free Fund | 9 | |||
Short Tax Free Fund | 3 | |||
Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2009:
Fund | Amount | |||
Arizona Tax Free Fund | $ | 1 | ||
California Tax Free Fund | 23 | |||
Colorado Tax Free Fund | 8 | |||
Intermediate Tax Free Fund | 15 | |||
Minnesota Intermediate Tax Free Fund | 11 | |||
Minnesota Tax Free Fund | 58 | |||
Missouri Tax Free Fund | 25 | |||
Nebraska Tax Free Fund | 7 | |||
Ohio Tax Free Fund | 2 | |||
Oregon Intermediate Tax Free Fund | 9 | |||
Short Tax Free Fund | 2 | |||
Tax Free Fund | 19 | |||
OTHER FEES AND 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 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 December 31, 2009, legal fees and expenses of $27 were paid to a law firm of which an Assistant Secretary of the funds is a partner.
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.
For the six-month period ended December 31, 2009, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:
Fund | Amount | |||
Arizona Tax Free Fund | $ | — | ||
California Tax Free Fund | 33 | |||
Colorado Tax Free Fund | 8 | |||
Intermediate Tax Free Fund | 41 | |||
Minnesota Intermediate Tax Free Fund | 73 | |||
Minnesota Tax Free Fund | 113 | |||
Missouri Tax Free Fund | 38 | |||
Nebraska Tax Free Fund | 29 | |||
Ohio Tax Free Fund | 8 | |||
Oregon Intermediate Tax Free Fund | 119 | |||
Short Tax Free Fund | 5 | |||
Tax Free Fund | 15 | |||
First American Funds 2009 Semiannual Report 85
Table of Contents
Notes toFinancial Statements | (unaudited as to December 31, 2009), all dollars and shares are rounded to thousands (000) |
4 > | Capital Share Transactions |
FAIF has 372 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:
Arizona | California | Colorado | ||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 23 | 39 | 108 | 417 | 68 | 59 | ||||||||||||||||||||||
Shares issued from merger | — | — | — | 459 | — | 614 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 4 | 8 | 23 | 39 | 25 | 34 | ||||||||||||||||||||||
Shares redeemed | (60 | ) | (58 | ) | (177 | ) | (444 | ) | (111 | ) | (118 | ) | ||||||||||||||||
Total Class A transactions | (33 | ) | (11 | ) | (46 | ) | 471 | (18 | ) | 589 | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 1 | 17 | 52 | 189 | 17 | 63 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 3 | 6 | 8 | 6 | 12 | ||||||||||||||||||||||
Shares redeemed | (6 | ) | (8 | ) | (67 | ) | (33 | ) | (22 | ) | (52 | ) | ||||||||||||||||
Total Class C transactions | (3 | ) | 12 | (9 | ) | 164 | 1 | 23 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 193 | 609 | 693 | 1,184 | 509 | 264 | ||||||||||||||||||||||
Shares issued from merger | — | — | — | 5,217 | — | 4,418 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 3 | 11 | 5 | 6 | 12 | 10 | ||||||||||||||||||||||
Shares redeemed | (205 | ) | (882 | ) | (858 | ) | (1,693 | ) | (827 | ) | (879 | ) | ||||||||||||||||
Total Class Y transactions | (9 | ) | (262 | ) | (160 | ) | 4,714 | (306 | ) | 3,813 | ||||||||||||||||||
Net increase (decrease) in capital shares | (45 | ) | (261 | ) | (215 | ) | 5,349 | (323 | ) | 4,425 | ||||||||||||||||||
Minnesota | ||||||||||||||||||||||||||||
Intermediate | Intermediate | Minnesota | ||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 1,280 | 1,244 | 631 | 1,026 | 594 | 1,152 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 46 | 87 | 33 | 72 | 110 | 283 | ||||||||||||||||||||||
Shares redeemed | (556 | ) | (604 | ) | (175 | ) | (982 | ) | (769 | ) | (2,438 | ) | ||||||||||||||||
Total Class A transactions | 770 | 727 | 489 | 116 | (65 | ) | (1,003 | ) | ||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 39 | — | 93 | — | 326 | 448 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | 29 | 60 | ||||||||||||||||||||||
Shares redeemed | — | — | — | — | (127 | ) | (368 | ) | ||||||||||||||||||||
Total Class C transactions | 39 | — | 93 | — | 228 | 140 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 8,992 | 16,958 | 2,377 | 4,173 | 846 | 1,806 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 102 | 258 | 9 | 29 | 4 | 10 | ||||||||||||||||||||||
Shares redeemed | (6,384 | ) | (15,803 | ) | (1,644 | ) | (4,400 | ) | (337 | ) | (1,892 | ) | ||||||||||||||||
Total Class Y transactions | 2,710 | 1,413 | 742 | (198 | ) | 513 | (76 | ) | ||||||||||||||||||||
Net increase (decrease) in capital shares | 3,519 | 2,140 | 1,324 | (82 | ) | 676 | (939 | ) | ||||||||||||||||||||
86 First American Funds 2009 Semiannual Report
Table of Contents
Missouri | Nebraska | Ohio | ||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 133 | 242 | 116 | 129 | 42 | 44 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 32 | 47 | 7 | 17 | 2 | 3 | ||||||||||||||||||||||
Shares redeemed | (290 | ) | (270 | ) | (101 | ) | (117 | ) | (11 | ) | (4 | ) | ||||||||||||||||
Total Class A transactions | (125 | ) | 19 | 22 | 29 | 33 | 43 | |||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 35 | 31 | 93 | 87 | 9 | 27 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 1 | 3 | 5 | — | 1 | ||||||||||||||||||||||
Shares redeemed | (16 | ) | — | (17 | ) | (7 | ) | — | (13 | ) | ||||||||||||||||||
Total Class C transactions | 21 | 32 | 79 | 85 | 9 | 15 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 1,447 | 2,680 | 300 | 732 | 1,124 | 624 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 15 | 18 | 5 | 9 | 10 | 30 | ||||||||||||||||||||||
Shares redeemed | (1,860 | ) | (4,026 | ) | (228 | ) | (556 | ) | (253 | ) | (975 | ) | ||||||||||||||||
Total Class Y transactions | (398 | ) | (1,328 | ) | 77 | 185 | 881 | (321 | ) | |||||||||||||||||||
Net increase (decrease) in capital shares | (502 | ) | (1,277 | ) | 178 | 299 | 923 | (263 | ) | |||||||||||||||||||
Oregon | ||||||||||||||||||||||||||||
Intermediate | Short | |||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | 12/31/09 | 6/30/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 1,065 | 645 | 340 | 152 | 422 | 677 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 21 | 14 | 3 | 5 | 58 | 128 | ||||||||||||||||||||||
Shares redeemed | (49 | ) | (154 | ) | (14 | ) | (46 | ) | (214 | ) | (617 | ) | ||||||||||||||||
Total Class A transactions | 1,037 | 505 | 329 | 111 | 266 | 188 | ||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | — | — | — | — | 56 | 106 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | 5 | 7 | ||||||||||||||||||||||
Shares redeemed | — | — | — | — | (24 | ) | (59 | ) | ||||||||||||||||||||
Total Class C transactions | — | — | — | — | 37 | 54 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 2,800 | 2,596 | 15,094 | 10,407 | 4,126 | 10,641 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 5 | 9 | 19 | 22 | 39 | 81 | ||||||||||||||||||||||
Shares redeemed | (2,099 | ) | (2,804 | ) | (4,936 | ) | (6,768 | ) | (3,769 | ) | (14,997 | ) | ||||||||||||||||
Total Class Y transactions | 706 | (199 | ) | 10,177 | 3,661 | 396 | (4,275 | ) | ||||||||||||||||||||
Net increase (decrease) in capital shares | 1,743 | 306 | 10,506 | 3,772 | 699 | (4,033 | ) | |||||||||||||||||||||
Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash.
5 > | Investment Security Transactions |
During the six-month period ended December 31, 2009, purchases of securities and proceeds from sales of securities, other than government securities and temporary investments in short-term securities, were as follows:
Fund | Purchases | Sales | ||||||
Arizona Tax Free Fund | $ | — | $ | 327 | ||||
California Tax Free Fund | 7,403 | 9,268 | ||||||
Colorado Tax Free Fund | 8,121 | 11,844 | ||||||
Intermediate Tax Free Fund | 81,197 | 38,508 | ||||||
Minnesota Intermediate Tax Free Fund | 21,140 | 10,165 | ||||||
Minnesota Tax Free Fund | 28,254 | 26,699 | ||||||
Missouri Tax Free Fund | 9,716 | 16,899 | ||||||
Nebraska Tax Free Fund | 1,051 | 528 | ||||||
Ohio Tax Free Fund | 5,760 | — | ||||||
Oregon Intermediate Tax Free Fund | 23,561 | 6,282 | ||||||
Short Tax Free Fund | 156,175 | 61,288 | ||||||
Tax Free Fund | 54,472 | 49,063 | ||||||
6 > | Concentration of Credit Risk |
Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free
First American Funds 2009 Semiannual Report 87
Table of Contents
Notes toFinancial Statements | (unaudited as to December 31, 2009), all dollars and shares are rounded to thousands (000) |
Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund invest in debt instruments of municipal issuers in specific states. Although these funds monitor investment concentration, the issuers’ ability to meet their obligations may be affected by economic developments in the specific state or region. Additionally, each state has various guidelines relating to the tax treatment of the income distributed from each fund.
As of December 31, 2009, Minnesota Intermediate Tax Free Fund and Minnesota Tax Free Fund each had a significant portion of their assets invested in the healthcare sector. The healthcare sector may be more greatly impacted by investment performance, financing costs, demand for elective procedures, bad debt experience, and government reimbursement rates. However, within the healthcare sector, the funds hold bonds that are pre-refunded or escrowed to maturity issues. These bonds are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest, and therefore, reduce the risk.
7 > | 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.
8 > | Fund Mergers |
As of the close of business on January 16, 2009, California Tax Free Fund and Colorado Tax Free Fund acquired the assets and assumed the liabilities of California Intermediate Tax Free Fund and Colorado Intermediate Tax Free Fund, respectively. Each acquiring fund was deemed to be the accounting survivor in each acquisition. The reorganizations were completed after shareholders approved the mergers on December 30, 2008.
The mergers were accomplished by tax free exchanges as detailed below:
California Tax Free Fund | Class A | Class C | Class Y | Total | ||||||||||||
Net assets of California Intermediate Tax Free Fund | $ | 4,782 | — | $ | 54,350 | $ | 59,132 | |||||||||
California Intermediate Tax Free Fund shares exchanged | 481 | — | 5,458 | 5,939 | ||||||||||||
California Tax Free Fund shares issued | 459 | — | 5,217 | 5,676 | ||||||||||||
Net assets of California Tax Free Fund immediately before the merger | $ | 13,536 | $ | 2,718 | $ | 22,462 | $ | 38,716 | ||||||||
Net assets of California Tax Free Fund immediately after the merger | $ | 18,318 | $ | 2,718 | $ | 76,812 | $ | 97,848 | ||||||||
Colorado Tax Free Fund | Class A | Class C | Class Y | Total | ||||||||||||
Net assets of Colorado Intermediate Tax Free Fund | $ | 5,874 | — | $ | 42,389 | $ | 48,263 | |||||||||
Colorado Intermediate Tax Free Fund shares exchanged | 577 | — | 4,170 | 4,747 | ||||||||||||
Colorado Tax Free Fund shares issued | 614 | — | 4,418 | 5,032 | ||||||||||||
Net assets of Colorado Tax Free Fund immediately before the merger | $ | 4,995 | $ | 2,897 | $ | 15,034 | $ | 22,926 | ||||||||
Net assets of Colorado Tax Free Fund immediately after the merger | $ | 10,869 | $ | 2,897 | $ | 57,423 | $ | 71,189 | ||||||||
The components of California Intermediate Tax Free Fund’s and Colorado Intermediate Tax Free Fund’s net assets prior to adjustments for any permanent book-to-tax differences at the merger date were as follows:
Undistributed | Accumulated | |||||||||||||||||||
Portfolio | Net Investment | Net Realized | Net Unrealized | |||||||||||||||||
Total Net Assets | Capital | Income | Gain (Loss) | Appreciation | ||||||||||||||||
California Intermediate Tax Free Fund | $ | 59,132 | $ | 59,023 | $ | 33 | $ | (10 | ) | $ | 86 | |||||||||
Colorado Intermediate Tax Free Fund | 48,263 | 47,655 | 18 | 4 | 586 | |||||||||||||||
9 > | Subsequent Event |
Effective at the close of business on January 29, 2010, the Arizona Tax Free Fund merged with the Tax Free Fund. The Tax Free Fund is the accounting survivor.
10 > | New Accounting Pronouncements |
On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standard Update for Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements. The update provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires the funds to disclose i) the input and valuation techniques used to measure fair value, for both recurring and nonrecurring fair value measurements for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim
88 First American Funds 2009 Semiannual Report
Table of Contents
and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time management is evaluating the implications of the update and the impact to the financial statements.
First American Funds 2009 Semiannual Report 89
Table of Contents
Notice toShareholders | December 31, 2009 (unaudited) |
RESULTS OF A SPECIAL MEETING
A special meeting of the shareholders of Arizona Tax Free Fund was held on January 22, 2010, for shareholders of record as of November 25, 2009, to vote on the following proposal, the results of which are provided below.
To approve an Agreement and Plan of Reorganization for the fund providing for the reorganization of the fund into Tax Free Fund, including the amendment to FAIF’s Amended and Restated Articles of Incorporation necessary to effect the reorganization:
For | Against | Abstain | ||
1,611,844 | 9,560 | 25,855 | ||
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 firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available without charge (1) upon request by calling 800.677.FUND and (2) on the Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.
QUARTERLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 business days of the calendar quarter end.
Table of Contents
Board of Directors First American Investment Funds, Inc.
Virginia Stringer
Chairperson of First American Investment Funds, Inc.
Governance Consultant; Chair Emeritus of Saint Paul Riverfront Corporation;
former Owner and President of Strategic Management Resources, Inc.
Benjamin Field III
Director of First American Investment Funds, Inc.
Retired; former Senior Financial Advisor, Senior Vice President,
Chief Financial Officer, and Treasurer of Bemis Company, Inc.
Roger Gibson
Director of First American Investment Funds, Inc.
Director of Charterhouse Group, Inc.
Victoria Herget
Director of First American Investment Funds, Inc.
Investment Consultant; Chair of United Educators Insurance Company;
former Managing Director of Zurich Scudder Investments
John Kayser
Director of First American Investment Funds, Inc.
Retired; former Principal, Chief Financial Officer, and Chief Administrative
Officer of William Blair & Company, LLC
Leonard Kedrowski
Director of First American Investment Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
Richard Riederer
Director of First American Investment Funds, Inc.
Owner and Chief Executive Officer of RKR Consultants, Inc.
Joseph Strauss
Director of First American Investment Funds, Inc.
Owner and President of Strauss Management Company
James Wade
Director of First American Investment Funds, Inc.
Owner and President of Jim Wade Homes
First American Investment Funds’ Board of Directors is comprised entirely of
independent directors.
independent directors.
Table of Contents
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 Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
INVESTMENT ADVISOR FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 ADMINISTRATOR FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 | CUSTODIAN U.S. Bank National Association 60 Livingston Avenue St. Paul, Minnesota 55101 DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 220 South Sixth Street Suite 1400 Minneapolis, Minnesota 55402 COUNSEL Dorsey & Whitney LLP 50 South Sixth Street Suite 1500 Minneapolis, Minnesota 55402 |
In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
0058-10 2/2010 SAR-TAXFREEINCOME
Table of Contents
Table of Contents
1 | ||||
2 | ||||
5 | ||||
9 | ||||
50 | ||||
54 | ||||
56 | ||||
60 | ||||
70 | ||||
87 |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Table of Contents
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.
The Statement of Assets and Liabilities lists the assets and liabilities of the fund and present the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments, as presented in the Schedule of Investments, comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.
The Statement of Operations details the dividends and interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.
The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.
The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, net investment income ratios, and portfolio turnover rates. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. Expense ratios can vary across funds for a number of reasons, including differences in advisory fees and the average shareholder account size. The portfolio turnover rate represents the percentage of the fund’s holdings that have changed over the course of the period, and gives an idea of how long the fund holds onto a particular security. A 100% turnover rate implies that an amount equal to the value of the entire portfolio is turned over in a year through the purchase and sale of securities.
The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.
We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividends, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds 2009 Semiannual Report 1
Table of Contents
Holdings Summaries
Core Bond Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Corporate Bonds | 49 | .6% | ||
U.S. Government Agency Mortgage-Backed Securities | 19 | .9 | ||
Asset-Backed Securities | 19 | .8 | ||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 3 | .8 | ||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 2 | .9 | ||
U.S. Government & Agency Securities | 1 | .5 | ||
Preferred Stock | 0 | .0 | ||
Short-Term Investments | 4 | .5 | ||
Other Assets and Liabilities, Net2 | (2 | .0) | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
AAA | 37 | .9% | ||
AA | 7 | .4 | ||
A | 18 | .8 | ||
BBB | 27 | .5 | ||
BB or Lower | 8 | .4 | ||
100 | .0% | |||
High Income Bond Fund
Sector Allocation as of December 31, 20091 (% of net assets)
High Yield Corporate Bonds | 79 | .4% | ||
Investment Grade Corporate Bonds | 5 | .5 | ||
Convertible Securities | 3 | .1 | ||
Preferred Stocks | 2 | .9 | ||
Exchange-Traded Funds | 2 | .1 | ||
Closed-End Funds | 1 | .3 | ||
Common Stocks | 0 | .9 | ||
Asset-Backed Securities | 0 | .3 | ||
Short-Term Investments | 3 | .1 | ||
Other Assets and Liabilities, Net2 | 1 | .4 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
A | 7 | .0% | ||
BBB | 4 | .9 | ||
BB | 29 | .6 | ||
B | 40 | .2 | ||
CCC | 18 | .3 | ||
100 | .0% | |||
Inflation Protected Securities Fund
Sector Allocation as of December 31, 20091 (% of net assets)
U.S. Government & Agency Securities | 87 | .1% | ||
Corporate Bonds | 5 | .7 | ||
Asset-Backed Securities | 3 | .8 | ||
U.S. Government Agency Mortgage-Backed Security | 1 | .0 | ||
Municipal Bond | 0 | .5 | ||
Convertible Security | 0 | .1 | ||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security | 0 | .1 | ||
Exchange-Traded Fund | 0 | .1 | ||
Preferred Stock | 0 | .0 | ||
Short-Term Investments | 1 | .1 | ||
Other Assets and Liabilities, Net2 | 0 | .5 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
AAA | 92 | .0% | ||
AA | 0 | .7 | ||
A | 2 | .5 | ||
BBB | 1 | .4 | ||
BB | 3 | .4 | ||
100 | .0% | |||
1 | Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments in cash market securities and do not reflect the impact on sector allocation of holding derivative instruments, such as credit default swap agreements. See footnote 2 below and the fund’s Schedule of Investments for derivatives held as of December 31, 2009. |
2 | Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 | Reflects ratings provided by Moody’s Investors Service, Standard & Poor’s, and/or Fitch or, in the case of unrated securities and derivatives, a credit quality determination by the fund’s investment advisor. Credit quality percentages reflect both the fund’s direct investments in securities and the fund’s credit default swap agreements. Credit default swaps are weighted using the notional market value of the swap. |
2 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Government Bond Fund
Sector Allocation as of December 31, 20091 (% of net assets)
U.S. Government & Agency Securities | 88 | .8% | ||
Asset-Backed Securities | 5 | .1 | ||
U.S. Government Agency Mortgage-Backed Securities | 2 | .8 | ||
Corporate Bonds | 1 | .1 | ||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security | 1 | .1 | ||
Short-Term Investments | 0 | .3 | ||
Other Assets and Liabilities, Net2 | 0 | .8 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
AAA | 99 | .5% | ||
AA | 0 | .5 | ||
100 | .0% | |||
Intermediate Term Bond Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Corporate Bonds | 57 | .0% | ||
Asset-Backed Securities | 22 | .1 | ||
U.S. Government & Agency Securities | 6 | .7 | ||
U.S. Government Agency Mortgage-Backed Securities | 6 | .5 | ||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 2 | .6 | ||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 1 | .7 | ||
Municipal Bond | 0 | .2 | ||
Preferred Stock | 0 | .0 | ||
Short-Term Investments | 3 | .4 | ||
Other Assets and Liabilities, Net2 | (0 | .2) | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
AAA | 37 | .0% | ||
AA | 10 | .2 | ||
A | 21 | .6 | ||
BBB | 29 | .3 | ||
BB or lower | 1 | .9 | ||
100 | .0% | |||
Short Term Bond Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Corporate Bonds | 39 | .8% | ||
Asset-Backed Securities | 30 | .5 | ||
U.S. Government Agency Mortgage-Backed Securities | 12 | .2 | ||
U.S. Government & Agency Securities | 7 | .9 | ||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 4 | .3 | ||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 3 | .2 | ||
Short-Term Investments | 2 | .0 | ||
Other Assets and Liabilities, Net2 | 0 | .1 | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
AAA | 55 | .9% | ||
AA | 8 | .8 | ||
A | 11 | .6 | ||
BBB | 18 | .5 | ||
BB or lower | 5 | .2 | ||
100 | .0% | |||
1 | Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments in cash market securities and do not reflect the impact on sector allocation of holding derivative instruments, such as credit default swap agreements. See footnote 2 below and the fund’s Schedule of Investments for derivatives held as of December 31, 2009. |
2 | Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 | Reflects ratings provided by Moody’s Investors Service, Standard & Poor’s, and/or Fitch or, in the case of unrated securities and derivatives, a credit quality determination by the fund’s investment advisor. Credit quality percentages reflect both the fund’s direct investments in securities and the fund’s credit default swap agreements. Credit default swaps are weighted using the notional market value of the swap. |
First American Funds 2009 Semiannual Report 3
Table of Contents
Holdings Summaries
Total Return Bond Fund
Sector Allocation as of December 31, 20091 (% of net assets)
Corporate Bonds | 63 | .8% | ||
Asset-Backed Securities | 14 | .4 | ||
U.S. Government Agency Mortgage-Backed Securities | 11 | .1 | ||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 3 | .4 | ||
Preferred Stocks | 0 | .4 | ||
U.S. Government & Agency Securities | 0 | .3 | ||
Municipal Bond | 0 | .2 | ||
Convertible Security | 0 | .2 | ||
Short-Term Investments | 7 | .3 | ||
Other Assets and Liabilities, Net2 | (1 | .1) | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
AAA | 25 | .4% | ||
AA | 4 | .5 | ||
A | 20 | .8 | ||
BBB | 32 | .0 | ||
BB or lower | 17 | .3 | ||
100 | .0% | |||
U.S. Government Mortgage Fund
Sector Allocation as of December 31, 20091 (% of net assets)
U.S. Government Agency Mortgage-Backed Securities | 84 | .3% | ||
Asset-Backed Securities | 8 | .9 | ||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 4 | .3 | ||
U.S. Government & Agency Securities | 2 | .0 | ||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 1 | .8 | ||
Corporate Bond | 0 | .6 | ||
Short-Term Investments | 24 | .0 | ||
Other Assets and Liabilities, Net2 | (25 | .9) | ||
100 | .0% | |||
Bond Credit Quality as of December 31, 20093 (% of market value)
AAA | 92 | .4% | ||
AA | 3 | .9 | ||
A | 0 | .4 | ||
BBB | 3 | .3 | ||
100 | .0% | |||
1 | Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments in cash market securities and do not reflect the impact on sector allocation of holding derivative instruments, such as credit default swap agreements. See footnote 2 below and the fund’s Schedule of Investments for derivatives held as of December 31, 2009. |
2 | Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as 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 | Reflects ratings provided by Moody’s Investors Service, Standard & Poor’s, and/or Fitch or, in the case of unrated securities and derivatives, a credit quality determination by the fund’s investment advisor. Credit quality percentages reflect both the fund’s direct investments in securities and the fund’s credit default swap agreements. Credit default swaps are weighted using the notional market value of the swap. |
4 First American Funds 2009 Semiannual Report
Table of Contents
Expense Examples
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from July 1, 2009 to December 31, 2009.
Actual Expenses
For each class of each fund, two lines are presented in the table below — the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Core Bond Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,120.10 | $ | 5.08 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | $ | 4.84 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,116.00 | $ | 9.07 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.64 | $ | 8.64 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,116.40 | $ | 9.07 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.64 | $ | 8.64 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,118.10 | $ | 6.41 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.16 | $ | 6.11 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,121.60 | $ | 3.74 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2009 of 12.01%, 11.60%, 11.64%, 11.81%, and 12.16% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds 2009 Semiannual Report 5
Table of Contents
Expense Examples
High Income Bond Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,219.90 | $ | 6.15 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.66 | $ | 5.60 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,215.30 | $ | 10.33 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.88 | $ | 9.40 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,215.00 | $ | 10.33 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.88 | $ | 9.40 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,217.20 | $ | 7.54 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,219.70 | $ | 4.76 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2009 of 21.99%, 21.53%, 21.50%, 21.72%, and 21.97% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Inflation Protected Securities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,055.60 | $ | 4.40 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,051.90 | $ | 8.28 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.14 | $ | 8.13 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,055.10 | $ | 5.70 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.66 | $ | 5.60 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,057.30 | $ | 3.11 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | $ | 3.06 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R, and Class Y, 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 December 31, 2009 of 5.56%, 5.19%, 5.51%, and 5.73% for Class A, Class C, Class R, and Class Y, respectively. |
6 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Government Bond Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,012.50 | $ | 3.80 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual,2,3 | $ | 1,000.00 | $ | 992.70 | $ | 2.80 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,005.96 | $ | 2.81 | ||||||
Class R Actual,2,3 | $ | 1,000.00 | $ | 993.50 | $ | 1.92 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,006.84 | $ | 1.94 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,013.20 | $ | 3.04 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | $ | 3.06 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, 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). For Class C and Class R, the expenses are equal to that class’s annualized expense ratio for the period October 28, 2009 through December 31, 2009 of 1.60% and 1.10%, respectively. |
2 | Based on the actual returns for the six-month period ended December 31, 2009 of 1.25% and 1.32% for Class A and Class Y, respectively. The actual is based on returns of -0.73% and -0.65% for the period October 28, 2009 through December 31, 2009 for Class C and Class R, respectively. |
3 | Class C and Class R inception was October 28, 2009. |
Intermediate Term Bond Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period4 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual5 | $ | 1,000.00 | $ | 1,090.80 | $ | 4.48 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual5 | $ | 1,000.00 | $ | 1,092.00 | $ | 3.69 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 | ||||||
4 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, 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). |
5 | Based on the actual returns for the six-month period ended December 31, 2009 of 9.08% and 9.20% for Class A and Class Y, respectively. |
Short Term Bond Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period6 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual7 | $ | 1,000.00 | $ | 1,048.40 | $ | 3.87 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual7,8 | $ | 1,000.00 | $ | 1,005.80 | $ | 2.81 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,005.96 | $ | 2.81 | ||||||
Class Y Actual7 | $ | 1,000.00 | $ | 1,049.10 | $ | 3.10 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | $ | 3.06 | ||||||
6 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, 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). For Class C, the expenses are equal to the class’s annualized expense ratio for the period October 28, 2009 through December 31, 2009 of 1.60%. |
7 | Based on the actual returns for the six-month period ended December 31, 2009 of 4.84% and 4.91% for Class A and Class Y, respectively. For Class C, the actual is based on the return of 0.58% for the period October 28, 2009 through December 31, 2009. |
8 | Class C inception was October 28, 2009. |
First American Funds 2009 Semiannual Report 7
Table of Contents
Expense Examples
Total Return Bond Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,158.60 | $ | 5.22 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.37 | $ | 4.89 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,153.70 | $ | 9.50 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,155.20 | $ | 9.51 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,154.90 | $ | 6.79 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,159.90 | $ | 4.08 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.96%, 1.75%, 1.75%, 1.25%, and 0.75% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2009 of 15.86%, 15.37%, 15.52%, 15.49%, and 15.99% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
U.S. Government Mortgage Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (7/01/09 to | ||||||||||
Value (7/01/09) | Value (12/31/09) | 12/31/09) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,049.10 | $ | 4.85 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.47 | $ | 4.79 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,045.10 | $ | 8.71 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.69 | $ | 8.59 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,045.40 | $ | 8.71 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.69 | $ | 8.59 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,047.90 | $ | 6.14 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.21 | $ | 6.06 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,050.40 | $ | 3.57 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.73 | $ | 3.52 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.94%, 1.69%, 1.69%, 1.19%, and 0.69% for Class A, Class B, Class C, Class R, and Class Y, 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 December 31, 2009 of 4.91%, 4.51%, 4.54%, 4.79%, and 5.04% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
8 First American Funds 2009 Semiannual Report
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Core Bond Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Corporate Bonds – 49.6% | ||||||||
Banking – 9.9% | ||||||||
Bank of America | ||||||||
5.750%, 12/01/2017 6 | $ | 8,035 | $ | 8,228 | ||||
5.650%, 05/01/2018 6 | 9,975 | 10,131 | ||||||
8.000%, 12/29/2049 Δ | 8,730 | 8,405 | ||||||
BB&T | ||||||||
6.850%, 04/30/2019 6 | 4,860 | 5,451 | ||||||
Citigroup | ||||||||
6.125%, 11/21/2017 | 5,430 | 5,473 | ||||||
8.500%, 05/22/2019 | 3,500 | 4,042 | ||||||
Citigroup Capital XXI | ||||||||
8.300%, 12/21/2077 Δ | 8,545 | 8,225 | ||||||
Credit Suisse New York | ||||||||
5.300%, 08/13/2019 ¬ | 4,600 | 4,724 | ||||||
Fifth Third Bancorp | ||||||||
6.250%, 05/01/2013 6 | 2,620 | 2,698 | ||||||
First National Bank of Chicago | ||||||||
8.080%, 01/05/2018 | 1,248 | 1,370 | ||||||
HSBC Holdings | ||||||||
6.800%, 06/01/2038 6 ¬ | 6,370 | 6,913 | ||||||
JPMorgan Chase | ||||||||
5.150%, 10/01/2015 | 8,115 | 8,404 | ||||||
Series 1 | ||||||||
7.900%, 04/29/2049 Δ | 9,800 | 10,108 | ||||||
JPMorgan Chase Capital XX | ||||||||
Series T | ||||||||
6.550%, 09/29/2066 | 2,510 | 2,300 | ||||||
JPMorgan Chase Capital XXII | ||||||||
Series V | ||||||||
6.450%, 02/02/2037 | 2,110 | 1,936 | ||||||
Lloyds Banking Group | ||||||||
6.267%, 11/29/2049 Δ ¬ ª n | 4,120 | 2,472 | ||||||
National City Preferred Capital Trust I | ||||||||
12.000%, 12/29/2049 Δ | 1,935 | 2,229 | ||||||
Rabobank Nederland | ||||||||
11.000%, 06/30/2049 Δ ¬ n | 1,000 | 1,219 | ||||||
Sovereign Bank | ||||||||
8.750%, 05/30/2018 | 3,675 | 4,246 | ||||||
UBS Preferred Funding Trust V | ||||||||
6.243%, 05/29/2049 Δ | 2,525 | 1,976 | ||||||
Wells Fargo | ||||||||
Series I | ||||||||
3.750%, 10/01/2014 | 5,800 | 5,783 | ||||||
Series K | ||||||||
7.980%, 03/29/2049 Δ | 6,630 | 6,647 | ||||||
Wells Fargo Bank | ||||||||
5.950%, 08/26/2036 | 3,415 | 3,333 | ||||||
Wells Fargo Capital X | ||||||||
5.950%, 12/15/2086 | 2,760 | 2,401 | ||||||
Wells Fargo Capital XIII | ||||||||
Series GMTN | ||||||||
7.700%, 12/29/2049 Δ | 9,600 | 9,312 | ||||||
Wells Fargo Capital XV | ||||||||
9.750%, 12/29/2049 6Δ | 3,305 | 3,536 | ||||||
131,562 | ||||||||
Basic Industry – 4.2% | ||||||||
AK Steel | ||||||||
7.750%, 06/15/2012 | 2,000 | 2,020 | ||||||
Arcelormittal | ||||||||
6.125%, 06/01/2018 ¬ | 6,200 | 6,397 | ||||||
Celulosa Arauco y Constitucion | ||||||||
5.625%, 04/20/2015 6 ¬ | 3,000 | 3,136 | ||||||
Georgia-Pacific | ||||||||
7.125%, 01/15/2017 n | 1,500 | 1,519 | ||||||
Incitec Pivot Finance | ||||||||
6.000%, 12/10/2019 n | 3,830 | 3,790 | ||||||
International Paper | ||||||||
8.700%, 06/15/2038 | 2,300 | 2,799 | ||||||
Newmont Mining | ||||||||
5.125%, 10/01/2019 | 5,000 | 5,002 | ||||||
6.250%, 10/01/2039 | 6,000 | 6,007 | ||||||
Rio Tinto Finance U.S.A. | ||||||||
6.500%, 07/15/2018 ¬ | 3,385 | 3,718 | ||||||
Southern Copper | ||||||||
7.500%, 07/27/2035 | 2,640 | 2,616 | ||||||
Teck Cominco Limited | ||||||||
6.125%, 10/01/2035 ¬ | 2,785 | 2,493 | ||||||
U.S. Steel | ||||||||
7.000%, 02/01/2018 | 3,650 | 3,575 | ||||||
Vale Overseas | ||||||||
5.625%, 09/15/2019 ¬ | 1,000 | 1,010 | ||||||
6.875%, 11/10/2039 ¬ | 3,895 | 3,921 | ||||||
Vedanta Resources | ||||||||
9.500%, 07/18/2018 ¬ n | 2,055 | 2,086 | ||||||
Yara International | ||||||||
7.875%, 06/11/2019 ¬ n | 5,000 | 5,709 | ||||||
55,798 | ||||||||
Brokerage – 5.5% | ||||||||
Bear Stearns | ||||||||
7.250%, 02/01/2018 | 3,750 | 4,304 | ||||||
Goldman Sachs Capital II | ||||||||
5.793%, 12/29/2049 Δ | 2,415 | 1,872 | ||||||
Goldman Sachs Group | ||||||||
6.150%, 04/01/2018 | 13,020 | 13,938 | ||||||
7.500%, 02/15/2019 6 | 6,000 | 6,995 | ||||||
6.750%, 10/01/2037 | 3,685 | 3,787 | ||||||
Merrill Lynch | ||||||||
6.050%, 05/16/2016 | 9,935 | 10,024 | ||||||
Series MTN | ||||||||
6.150%, 04/25/2013 | 7,020 | 7,513 | ||||||
Morgan Stanley | ||||||||
5.375%, 10/15/2015 | 8,270 | 8,545 | ||||||
Series MTN | ||||||||
6.625%, 04/01/2018 6 | 15,160 | 16,391 | ||||||
73,369 | ||||||||
Capital Goods – 1.2% | ||||||||
Boeing | ||||||||
6.875%, 03/15/2039 | 3,560 | 4,146 | ||||||
Caterpillar | ||||||||
8.250%, 12/15/2038 6 | 2,630 | 3,510 | ||||||
Caterpillar Financial | ||||||||
Series MTN | ||||||||
7.150%, 02/15/2019 | 4,730 | 5,470 | ||||||
Siemens Financiering | ||||||||
6.125%, 08/17/2026 ¬ n | 3,070 | 3,253 | ||||||
16,379 | ||||||||
Communications – 5.7% | ||||||||
AT&T | ||||||||
6.550%, 02/15/2039 6 | 5,530 | 5,827 | ||||||
British Sky Broadcasting | ||||||||
6.100%, 02/15/2018 ¬ n | 3,450 | 3,655 | ||||||
9.500%, 11/15/2018 ¬ n | 1,500 | 1,923 | ||||||
British Telecom | ||||||||
5.950%, 01/15/2018 ¬ | 5,345 | 5,432 | ||||||
Comcast | ||||||||
6.300%, 11/15/2017 | 6,142 | 6,721 | ||||||
Deutsche Telekom | ||||||||
6.750%, 08/20/2018 ¬ | 3,055 | 3,420 |
First American Funds 2009 Semiannual Report 9
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Core Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
DirecTV Holdings | ||||||||
5.875%, 10/01/2019 n | $ | 5,385 | $ | 5,477 | ||||
Embarq | ||||||||
7.082%, 06/01/2016 6 | 2,575 | 2,844 | ||||||
News America | ||||||||
6.900%, 03/01/2019 6 | 3,500 | 3,944 | ||||||
6.650%, 11/15/2037 6 | 3,590 | 3,792 | ||||||
Rogers Communications | ||||||||
6.800%, 08/15/2018 ¬ | 7,220 | 8,086 | ||||||
Sprint Nextel | ||||||||
6.000%, 12/01/2016 6 | 2,000 | 1,825 | ||||||
Telecom Italia Capital | ||||||||
7.175%, 06/18/2019 ¬ | 4,740 | 5,284 | ||||||
Telefonica Emisiones | ||||||||
7.045%, 06/20/2036 ¬ | 5,000 | 5,709 | ||||||
Time Warner Cable | ||||||||
8.750%, 02/14/2019 6 | 2,000 | 2,438 | ||||||
6.750%, 06/15/2039 6 | 2,410 | 2,524 | ||||||
Verizon Communications | ||||||||
6.900%, 04/15/2038 | 5,870 | 6,506 | ||||||
75,407 | ||||||||
Consumer Cyclical – 1.9% | ||||||||
Home Depot | ||||||||
5.875%, 12/16/2036 | 3,570 | 3,446 | ||||||
International Game Technology | ||||||||
7.500%, 06/15/2019 | 3,000 | 3,251 | ||||||
R.R. Donnelley & Sons | ||||||||
11.250%, 02/01/2019 6 | 1,500 | 1,872 | ||||||
Target | ||||||||
7.000%, 01/15/2038 6 | 4,285 | 4,999 | ||||||
Viacom | ||||||||
6.875%, 04/30/2036 | 4,105 | 4,439 | ||||||
Whirlpool | ||||||||
Series MTN | ||||||||
5.500%, 03/01/2013 | 4,905 | 5,051 | ||||||
Wyndham Worldwide | ||||||||
6.000%, 12/01/2016 | 2,500 | 2,329 | ||||||
25,387 | ||||||||
Consumer Non Cyclical – 2.8% | ||||||||
Altria Group | ||||||||
9.950%, 11/10/2038 | 6,055 | 7,893 | ||||||
Anheuser-Busch InBev | ||||||||
8.200%, 01/15/2039 6 n | 3,850 | 4,868 | ||||||
Boston Scientific | ||||||||
6.000%, 01/15/2020 | 1,885 | 1,926 | ||||||
Bunge Limited Finance | ||||||||
8.500%, 06/15/2019 | 5,000 | 5,700 | ||||||
ConAgra Foods | ||||||||
7.000%, 04/15/2019 | 2,090 | 2,365 | ||||||
Constellation Brands | ||||||||
7.250%, 05/15/2017 6 | 1,000 | 1,014 | ||||||
HCA | ||||||||
9.250%, 11/15/2016 | 1,090 | 1,170 | ||||||
Kraft Foods | ||||||||
6.500%, 08/11/2017 | 3,455 | 3,749 | ||||||
Lorillard Tobacco | ||||||||
8.125%, 06/23/2019 | 3,350 | 3,683 | ||||||
Smithfield Foods | ||||||||
7.000%, 08/01/2011 6 | 1,600 | 1,596 | ||||||
UnitedHealth Group | ||||||||
6.875%, 02/15/2038 6 | 3,185 | 3,292 | ||||||
37,256 | ||||||||
Electric – 2.1% | ||||||||
Dynegy Holdings | ||||||||
7.750%, 06/01/2019 6 | 2,200 | 1,908 | ||||||
Majapahit Holding | ||||||||
7.750%, 01/20/2020 6 ¬ n | 1,800 | 1,886 | ||||||
MidAmerican Energy Holdings | ||||||||
6.125%, 04/01/2036 | 5,185 | 5,310 | ||||||
Ohio Power | ||||||||
Series K | ||||||||
6.000%, 06/01/2016 | 4,100 | 4,347 | ||||||
Pacific Gas & Electric | ||||||||
5.400%, 01/15/2040 | 5,665 | 5,421 | ||||||
Taqa Abu Dhabi National Energy | ||||||||
6.165%, 10/25/2017 ¬ n | 1,900 | 1,807 | ||||||
Transalta | ||||||||
6.650%, 05/15/2018 ¬ | 3,470 | 3,618 | ||||||
Virginia Electric Power | ||||||||
5.950%, 09/15/2017 | 2,880 | 3,121 | ||||||
27,418 | ||||||||
Energy – 5.1% | ||||||||
Anadarko Petroleum | ||||||||
8.700%, 03/15/2019 6 | 6,500 | 8,085 | ||||||
Canadian National Resources | ||||||||
5.900%, 02/01/2018 ¬ | 3,355 | 3,606 | ||||||
Canadian Oil Sands | ||||||||
7.750%, 05/15/2019 ¬ n | 4,690 | 5,291 | ||||||
Cenovus Energy | ||||||||
5.700%, 10/15/2019 6 ¬ n | 3,000 | 3,129 | ||||||
Cloud Peak Energy Resources | ||||||||
8.500%, 12/15/2019 6 n | 2,000 | 2,040 | ||||||
ConocoPhillips | ||||||||
6.500%, 02/01/2039 | 4,215 | 4,678 | ||||||
Forest Oil | ||||||||
7.250%, 06/15/2019 | 2,500 | 2,469 | ||||||
Marathon Oil | ||||||||
5.900%, 03/15/2018 | 1,945 | 2,049 | ||||||
7.500%, 02/15/2019 | 3,500 | 4,039 | ||||||
Nexen | ||||||||
6.400%, 05/15/2037 ¬ | 3,475 | 3,501 | ||||||
Petrobras International Finance | ||||||||
6.875%, 01/20/2040 ¬ | 2,495 | 2,564 | ||||||
Petro-Canada | ||||||||
6.800%, 05/15/2038 ¬ | 3,235 | 3,566 | ||||||
Pride International | ||||||||
8.500%, 06/15/2019 6 | 1,000 | 1,155 | ||||||
Smith International | ||||||||
9.750%, 03/15/2019 | 6,375 | 8,075 | ||||||
Suncor Energy | ||||||||
6.100%, 06/01/2018 6 ¬ | 4,000 | 4,292 | ||||||
Talisman Energy | ||||||||
7.750%, 06/01/2019 ¬ | 4,000 | 4,698 | ||||||
Weatherford International | ||||||||
7.000%, 03/15/2038 ¬ | 1,755 | 1,779 | ||||||
XTO Energy | ||||||||
6.375%, 06/15/2038 | 2,450 | 2,749 | ||||||
67,765 | ||||||||
Finance – 3.6% | ||||||||
American Express | ||||||||
8.125%, 05/20/2019 | 4,210 | 4,989 | ||||||
American Express Credit | ||||||||
Series C | ||||||||
7.300%, 08/20/2013 | 2,230 | 2,506 | ||||||
Capital One Bank | ||||||||
8.800%, 07/15/2019 6 | 5,780 | 6,830 |
The accompanying notes are an integral part of the financial statements.
10 First American Funds 2009 Semiannual Report
Table of Contents
Core Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Capital One Capital V | ||||||||
10.250%, 08/15/2039 | $ | 2,550 | $ | 2,964 | ||||
Countrywide Financial | ||||||||
6.250%, 05/15/2016 | 4,390 | 4,465 | ||||||
Credit Agricole | ||||||||
6.637%, 05/29/2049 Δ ¬ n | 3,270 | 2,649 | ||||||
General Electric Capital | ||||||||
Series GMTN | ||||||||
6.000%, 08/07/2019 | 1,500 | 1,557 | ||||||
Series MTN | ||||||||
6.875%, 01/10/2039 6 | 4,915 | 5,076 | ||||||
International Lease Finance | ||||||||
6.375%, 03/25/2013 | 3,855 | 3,170 | ||||||
Rockies Express Pipeline | ||||||||
7.500%, 07/15/2038 6 n | 2,635 | 2,998 | ||||||
SLM | ||||||||
Series MTN | ||||||||
5.400%, 10/25/2011 | 2,010 | 2,008 | ||||||
Transcapitalinvest | ||||||||
5.670%, 03/05/2014 ¬ n | 8,475 | 8,539 | ||||||
47,751 | ||||||||
Insurance – 3.6% | ||||||||
Allied World Assurance | ||||||||
7.500%, 08/01/2016 ¬ | 6,480 | 6,920 | ||||||
Allstate | ||||||||
7.450%, 05/16/2019 | 4,000 | 4,647 | ||||||
American International Group | ||||||||
8.175%, 05/15/2068 Δ | 3,360 | 2,218 | ||||||
Genworth Financial | ||||||||
Series MTN | ||||||||
6.515%, 05/22/2018 | 3,940 | 3,606 | ||||||
Hartford Financial Services Group | ||||||||
Series MTN | ||||||||
6.000%, 01/15/2019 | 5,860 | 5,706 | ||||||
Lincoln National | ||||||||
8.750%, 07/01/2019 | 4,795 | 5,479 | ||||||
MetLife | ||||||||
6.750%, 06/01/2016 6 | 3,400 | 3,807 | ||||||
7.717%, 02/15/2019 6 | 2,095 | 2,462 | ||||||
MetLife Capital Trust IV | ||||||||
7.875%, 12/15/2067 6 n | 3,735 | 3,716 | ||||||
Prudential Financial | ||||||||
5.900%, 03/17/2036 | 2,500 | 2,324 | ||||||
Series MTN | ||||||||
6.625%, 12/01/2037 6 | 4,590 | 4,705 | ||||||
ZFS Finance USA Trust V | ||||||||
6.500%, 05/09/2067 Δ n | 2,755 | 2,328 | ||||||
47,918 | ||||||||
Natural Gas – 0.7% | ||||||||
Duke Energy | ||||||||
5.050%, 09/15/2019 | 3,430 | 3,419 | ||||||
Kinder Morgan Energy Partners | ||||||||
Series MTN | ||||||||
6.950%, 01/15/2038 | 3,060 | 3,261 | ||||||
NGPL Pipeco | ||||||||
7.119%, 12/15/2017 n | 2,640 | 2,913 | ||||||
9,593 | ||||||||
Other Utility – 0.2% | ||||||||
American Water Capital | ||||||||
6.085%, 10/15/2017 | 3,105 | 3,244 | ||||||
Real Estate – 0.9% | ||||||||
Health Care Properties – REIT | ||||||||
Series MTN | ||||||||
6.300%, 09/15/2016 | 5,475 | 5,344 | ||||||
Prologis 2006 – REIT | ||||||||
5.750%, 04/01/2016 | 6,835 | 6,420 | ||||||
11,764 | ||||||||
Technology – 0.6% | ||||||||
Chartered Semiconductor | ||||||||
6.375%, 08/03/2015 ¬ | 1,715 | 1,710 | ||||||
Computer Sciences | ||||||||
6.500%, 03/15/2018 | 3,835 | 4,185 | ||||||
National Semiconductor | ||||||||
6.600%, 06/15/2017 | 2,345 | 2,402 | ||||||
8,297 | ||||||||
Transportation – 1.6% | ||||||||
American Airlines | ||||||||
10.375%, 07/02/2019 | 2,500 | 2,762 | ||||||
Series 2001-1, Class A-2 | ||||||||
6.817%, 11/23/2012 6 | 2,500 | 2,400 | ||||||
Continental Airlines | ||||||||
Series 1997-1, Class A | ||||||||
7.461%, 10/01/2016 | 2,507 | 2,381 | ||||||
Series 2007-1, Class C | ||||||||
7.339%, 04/19/2014 6 | 1,300 | 1,183 | ||||||
Delta Airlines | ||||||||
Series 2001-1, Class B | ||||||||
7.711%, 03/18/2013 6 | 2,305 | 2,271 | ||||||
Series 2002-1, Class G-1 | ||||||||
6.718%, 07/02/2024 | 1,207 | 1,050 | ||||||
Erac USA Finance | ||||||||
6.375%, 10/15/2017 n | 2,945 | 2,975 | ||||||
Norfolk Southern | ||||||||
5.900%, 06/15/2019 | 5,000 | 5,339 | ||||||
United Airlines | ||||||||
9.750%, 01/15/2017 | 1,000 | 1,020 | ||||||
21,381 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $618,975) | 660,289 | |||||||
U.S. Government Agency Mortgage-Backed Securities – 19.9% | ||||||||
Adjustable Rate Δ – 2.7% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
3.570%, 05/01/2025, # 846757 | 188 | 193 | ||||||
3.529%, 04/01/2029, # 847190 | 1,031 | 1,055 | ||||||
3.434%, 03/01/2030, # 847180 | 1,396 | 1,437 | ||||||
3.639%, 07/01/2030, # 847240 | 1,769 | 1,803 | ||||||
3.294%, 06/01/2031, # 846984 | 671 | 679 | ||||||
5.774%, 07/01/2036, # 1K1238 | 8,357 | 8,775 | ||||||
Federal National Mortgage Association Pool | ||||||||
3.182%, 08/01/2030, # 555843 | 3,984 | 4,075 | ||||||
3.167%, 03/01/2031, # 545359 | 274 | 282 | ||||||
3.225%, 09/01/2033, # 725553 | 1,499 | 1,523 | ||||||
5.251%, 11/01/2034, # 735054 | 6,806 | 7,227 | ||||||
5.848%, 09/01/2037, # 946441 | 8,078 | 8,578 | ||||||
Government National Mortgage Association Pool | ||||||||
3.625%, 08/20/2023, # 008259 | 1 | 1 | ||||||
35,628 | ||||||||
Fixed Rate – 17.2% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
4.500%, 03/01/2018, # P10023 | 1,789 | 1,861 | ||||||
4.500%, 05/01/2018, # P10032 | 3,421 | 3,562 |
First American Funds 2009 Semiannual Report 11
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Core Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
6.500%, 01/01/2028, # G00876 | $ | 713 | $ | 772 | ||||
6.500%, 11/01/2028, # C00676 | 1,399 | 1,515 | ||||||
6.500%, 12/01/2028, # C00689 | 1,021 | 1,105 | ||||||
6.500%, 04/01/2029, # C00742 | 595 | 644 | ||||||
6.500%, 07/01/2031, # A17212 | 2,245 | 2,428 | ||||||
6.000%, 11/01/2033, # A15521 | 2,210 | 2,362 | ||||||
7.000%, 08/01/2037, # H09059 | 5,612 | 6,082 | ||||||
5.929%, 09/01/2037, # 1G2163 | 7,491 | 7,956 | ||||||
7.000%, 09/01/2037, # H01292 | 2,671 | 2,895 | ||||||
Federal National Mortgage Association Pool | ||||||||
3.790%, 07/01/2013, # 386314 | 10,354 | 10,639 | ||||||
5.500%, 02/01/2014, # 440780 | 942 | 1,004 | ||||||
7.000%, 02/01/2015, # 535206 | 240 | 256 | ||||||
7.000%, 08/01/2016, # 591038 | 404 | 440 | ||||||
5.500%, 12/01/2017, # 673010 | 2,332 | 2,483 | ||||||
6.000%, 10/01/2022, # 254513 | 2,464 | 2,651 | ||||||
5.500%, 01/01/2025, # 255575 | 6,286 | 6,651 | ||||||
7.000%, 04/01/2026, # 340798 | 235 | 261 | ||||||
7.000%, 05/01/2026, # 250551 | 280 | 312 | ||||||
6.000%, 08/01/2027, # 256852 | 6,377 | 6,807 | ||||||
6.500%, 02/01/2029, # 252255 | 1,281 | 1,388 | ||||||
6.500%, 12/01/2031, # 254169 | 2,905 | 3,117 | ||||||
6.000%, 04/01/2032, # 745101 | 5,640 | 5,950 | ||||||
7.000%, 07/01/2032, # 254379 | 1,790 | 1,985 | ||||||
7.000%, 07/01/2032, # 545813 | 782 | 871 | ||||||
7.000%, 07/01/2032, # 545815 | 495 | 552 | ||||||
6.000%, 09/01/2032, # 254447 | 2,801 | 2,993 | ||||||
6.000%, 03/01/2033, # 688330 | 5,082 | 5,432 | ||||||
5.500%, 04/01/2033, # 694605 | 5,718 | 6,010 | ||||||
6.500%, 05/01/2033, # 555798 | 3,844 | 4,157 | ||||||
5.500%, 07/01/2033, # 709446 | 7,569 | 7,956 | ||||||
5.500%, 10/01/2033, # 555800 | 4,367 | 4,590 | ||||||
6.000%, 11/01/2033, # 772130 | 546 | 583 | ||||||
6.000%, 11/01/2033, # 772256 | 840 | 897 | ||||||
5.000%, 03/01/2034, # 725248 | 2,711 | 2,793 | ||||||
5.000%, 03/01/2034, # 725250 | 5,017 | 5,169 | ||||||
5.000%, 06/01/2034, # 782909 | 1 | 1 | ||||||
6.500%, 06/01/2034, # 735273 | 6,325 | 6,835 | ||||||
6.000%, 10/01/2034, # 781776 | 1,356 | 1,446 | ||||||
6.000%, 08/01/2036, # 885536 | 2,839 | 3,016 | ||||||
6.000%, 09/01/2036, # 900555 | 4,848 | 5,201 | ||||||
5.500%, 04/01/2037, # 918883 | 5,857 | 6,138 | ||||||
6.000%, 06/01/2037, # 944340 | 4,220 | 4,477 | ||||||
6.500%, 08/01/2037, # 256845 | 2,057 | 2,205 | ||||||
6.000%, 09/01/2037, # 256890 | 4,925 | 5,207 | ||||||
5.000%, 03/01/2038, # 973241 | 19,457 | 19,988 | ||||||
5.000%, 05/01/2038, # 983077 | 3,580 | 3,678 | ||||||
6.000%, 06/01/2038, # 889706 | 700 | 743 | ||||||
6.000%, 08/01/2038, # 257307 | 4,332 | 4,592 | ||||||
5.500%, 01/01/2039, # 995258 | 11,669 | 12,228 | ||||||
5.500%, 01/13/2039 « | 33,970 | 35,557 | ||||||
Government National Mortgage Association Pool | ||||||||
7.500%, 11/15/2030, # 537699 | 273 | 307 | ||||||
228,748 | ||||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $256,219) | 264,376 | |||||||
Asset-Backed Securities – 19.8% | ||||||||
Automotive – 1.2% | ||||||||
BMW Vehicle Owner Trust | ||||||||
Series 2006-A, Class A4 | ||||||||
5.070%, 08/25/2011 | 1,648 | 1,658 | ||||||
Capital One Prime Auto Receivables Trust | ||||||||
Series 2006-1, Class A4 | ||||||||
5.010%, 11/15/2011 | 537 | 538 | ||||||
Ford Credit Auto Owner Trust | ||||||||
Series 2009-A, Class A3A | ||||||||
3.960%, 05/15/2013 | 6,500 | 6,710 | ||||||
Harley-Davidson Motorcycle Trust | ||||||||
Series 2005-4, Class A2 | ||||||||
4.850%, 06/15/2012 | 2,785 | 2,827 | ||||||
Honda Auto Receivables Owner Trust | ||||||||
Series 2006-3, Class A4 | ||||||||
5.110%, 04/15/2012 | 1,285 | 1,303 | ||||||
Nissan Auto Receivables Owner Trust | ||||||||
Series 2006-B, Class A4 | ||||||||
5.220%, 11/15/2011 | 534 | 538 | ||||||
Series 2007-B, Class A3 | ||||||||
5.030%, 05/16/2011 | 521 | 526 | ||||||
USAA Auto Owner Trust | ||||||||
Series 2008-1, Class A3 | ||||||||
4.160%, 04/16/2012 | 1,972 | 2,003 | ||||||
16,103 | ||||||||
Credit Cards – 3.5% | ||||||||
American Express Issuance Trust | ||||||||
Series 2005-1, Class C | ||||||||
0.563%, 08/15/2011 Δ | 4,125 | 4,077 | ||||||
Bank of America Credit Card Trust | ||||||||
Series 2008-A1, Class A1 | ||||||||
0.813%, 04/15/2013 Δ | 3,000 | 2,993 | ||||||
Capital One Multi-Asset Execution Trust | ||||||||
Series 2005-A3, Class A3 | ||||||||
4.050%, 03/15/2013 | 4,500 | 4,553 | ||||||
Series 2006-14A, Class A | ||||||||
0.243%, 08/15/2013 Δ | 3,900 | 3,882 | ||||||
Chase Issuance Trust | ||||||||
Series 2008-A9, Class A9 | ||||||||
4.260%, 05/15/2013 | 5,000 | 5,198 | ||||||
Discover Card Master Trust | ||||||||
Series 2007-A1, Class A1 | ||||||||
5.650%, 03/16/2020 | 5,185 | 5,572 | ||||||
Series 2007-C1, Class C1 | ||||||||
0.553%, 01/15/2013 Δ | 4,150 | 4,103 | ||||||
Series 2008-A3, Class A3 | ||||||||
5.100%, 10/15/2013 | 5,000 | 5,231 | ||||||
Discover Card Master Trust I | ||||||||
Series 2003-4, Class B2 | ||||||||
0.663%, 05/15/2013 Δ | 697 | 686 | ||||||
Series 2005-4, Class B1 | ||||||||
0.483%, 06/18/2013 Δ | 1,430 | 1,404 | ||||||
MBNA Master Credit Card Trust | ||||||||
Series 2000-E, Class A | ||||||||
7.800%, 10/15/2012 | 1,000 | 1,025 | ||||||
Washington Mutual Master Note Trust | ||||||||
Series 2007-A1, Class A1 | ||||||||
0.263%, 03/17/2014 Δ n | 6,750 | 6,744 | ||||||
Series 2007-C1, Class C1 | ||||||||
0.633%, 05/15/2014 Δ n | 575 | 572 | ||||||
46,040 | ||||||||
Equipment Leases – 0.4% | ||||||||
GE Equipment Small Ticket | ||||||||
Series 2009-1, Class A1 | ||||||||
0.382%, 11/15/2010 n | 5,557 | 5,559 | ||||||
Home Equity – 0.5% | ||||||||
Amresco Residential Security Mortgage | ||||||||
Series 1997-3, Class A9 | ||||||||
6.960%, 03/25/2027 ¥ | 42 | 39 |
The accompanying notes are an integral part of the financial statements.
12 First American Funds 2009 Semiannual Report
Table of Contents
Core Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Countrywide Asset-Backed Certificates | ||||||||
Series 2003-SC1, Class M2 | ||||||||
2.481%, 09/25/2023 Δ | $ | 766 | $ | 335 | ||||
Series 2007-1, Class 2A-1 | ||||||||
0.281%, 07/25/2037 Δ | 6,908 | 6,499 | ||||||
6,873 | ||||||||
Manufactured Housing – 0.2% | ||||||||
Green Tree Financial | ||||||||
Series 2008-MH1, Class A1 | ||||||||
7.000%, 04/25/2038 n | 2,742 | 2,792 | ||||||
Other – 13.7% | ||||||||
Banc of America Commercial Mortgage | ||||||||
Series 2004-5, Class A3 | ||||||||
4.561%, 11/10/2041 | 6,515 | 6,557 | ||||||
Series 2006-2, Class A4 | ||||||||
5.738%, 05/10/2045 Δ | 4,085 | 4,014 | ||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
Series 2005-PW10, Class A4 | ||||||||
5.405%, 12/11/2040 Δ | 6,640 | 6,507 | ||||||
Series 2007-T28, Class D | ||||||||
5.991%, 09/11/2042 Δ n ¥ | 3,165 | 772 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
Series 2008-C7, Class AJ | ||||||||
6.095%, 12/10/2049 Δ ¥ | 4,950 | 2,293 | ||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||||||
Series 2007-CD4, Class A2B | ||||||||
5.205%, 12/11/2049 | 4,700 | 4,802 | ||||||
Series 2007-CD5, Class A4 | ||||||||
5.886%, 11/15/2044 | 620 | 555 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
Series 2004-RS1, Class A | ||||||||
5.648%, 03/03/2041 ¬ n ¥ | 4,353 | 3,229 | ||||||
Series 2006-CN2A, Class A2FX | ||||||||
5.449%, 02/05/2019 n | 9,225 | 9,069 | ||||||
Crown Castle Towers | ||||||||
Series 2005-1A, Class B | ||||||||
4.878%, 06/15/2035 n | 5,765 | 5,823 | ||||||
GE Capital Commercial Mortgage Corporation | ||||||||
Series 2005-C3, Class A2 | ||||||||
4.853%, 07/10/2045 | 11,590 | 11,626 | ||||||
Greenwich Capital Commercial Funding | ||||||||
Series 2003-C1, Class A2 | ||||||||
3.285%, 07/05/2035 | 5,300 | 5,319 | ||||||
Series 2007-GG11, Class AJ | ||||||||
6.003%, 12/10/2049 Δ ¥ | 5,400 | 2,693 | ||||||
GS Mortgage Securities II | ||||||||
Series 2006-RR2, Class A1 | ||||||||
5.681%, 06/23/2046 n ¥ | 4,288 | 1,308 | ||||||
Series 2007-GG10, Class A4 | ||||||||
5.805%, 08/10/2045 Δ | 13,070 | 11,223 | ||||||
JPMorgan Chase Commercial Mortgage Securities | ||||||||
Series 2009-IWST, Class A2 | ||||||||
5.633%, 12/05/2019 n | 7,495 | 7,424 | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||
Series 2004-C2, Class A4 | ||||||||
4.367%, 03/15/2036 | 6,000 | 5,843 | ||||||
Series 2005-C7, Class A2 | ||||||||
5.103%, 11/15/2030 | 5,585 | 5,616 | ||||||
Series 2007-C7, Class AM | ||||||||
6.166%, 09/15/2045 Δ | 4,775 | 3,503 | ||||||
Merrill Lynch Mortgage Trust | ||||||||
Series 2005-CIP1, Class C | ||||||||
5.131%, 07/12/2038 Δ ¥ | 3,102 | 1,627 | ||||||
Series 2005-LC1, Class AM | ||||||||
5.265%, 01/12/2044 Δ | 5,938 | 4,960 | ||||||
Series 2008-C1, Class A4 | ||||||||
5.690%, 02/12/2051 | 7,820 | 6,855 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
Series 2007-8, Class AM | ||||||||
5.957%, 08/12/2049 Δ | 7,670 | 5,603 | ||||||
Morgan Stanley Capital I | ||||||||
Series 2006-IQ12, Class A4 | ||||||||
5.332%, 12/15/2043 | 4,485 | 4,162 | ||||||
Series 2007-HQ11, Class A4 | ||||||||
5.447%, 02/12/2044 | 9,400 | 8,238 | ||||||
Morgan Stanley Dean Witter Capital I | ||||||||
Series 2002-TOP7, Class A2 | ||||||||
5.980%, 01/15/2039 | 7,505 | 7,859 | ||||||
RBSSP Resecuritization Trust | ||||||||
Series 2009-10, Class 8A1 | ||||||||
0.381%, 05/26/2036 Δ n | 5,985 | 5,583 | ||||||
Series 2009-11, Class 4A1 | ||||||||
1.981%, 12/26/2037 Δ n | 2,416 | 2,429 | ||||||
Series 2009-11, Class 5A1 | ||||||||
0.311%, 06/26/2037 Δ n | 2,924 | 2,851 | ||||||
Series 2009-8, Class 3A1 | ||||||||
0.371%, 03/26/2037 Δ n | 3,538 | 3,412 | ||||||
Series 2009-9, Class 9A1 | ||||||||
0.451%, 09/26/2037 Δ n | 6,702 | 6,206 | ||||||
Small Business Administration | ||||||||
Series 2006-P10B, Class 1 | ||||||||
5.681%, 08/10/2016 | 9,621 | 10,253 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2005-C19, Class A5 | ||||||||
4.661%, 05/15/2044 | 9,660 | 9,693 | ||||||
Series 2007-C33, Class AJ | ||||||||
5.901%, 02/15/2051 Δ ¥ | 4,945 | 2,141 | ||||||
Series 2007-C34, Class AJ | ||||||||
5.952%, 05/15/2046 Δ ¥ | 5,184 | 2,569 | ||||||
182,617 | ||||||||
Utilities – 0.3% | ||||||||
PG&E Energy Recovery Funding | ||||||||
Series 2005-2, Class A2 | ||||||||
5.030%, 03/25/2014 | 3,713 | 3,889 | ||||||
Total Asset-Backed Securities | ||||||||
(Cost $280,883) | 263,873 | |||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 3.8% | ||||||||
Adjustable Rate Δ – 1.7% | ||||||||
Citigroup Mortgage Loan Trust | ||||||||
Series 2005-7, Class 2A1A | ||||||||
4.861%, 09/25/2035 | 4,912 | 4,153 | ||||||
Countrywide Home Loans | ||||||||
Series 2004-2, Class 2A1 | ||||||||
5.282%, 02/25/2034 | 1,732 | 1,703 | ||||||
Indymac Index Mortgage Loan Trust | ||||||||
Series 2005-AR1, Class 4A1 | ||||||||
3.886%, 03/25/2035 | 1,555 | 1,076 | ||||||
JPMorgan Alternative Loan Trust | ||||||||
Series 2007-S1, Class A1 | ||||||||
0.511%, 04/25/2047 | 3,922 | 2,165 | ||||||
JPMorgan Mortgage Trust | ||||||||
Series 2005-A1, Class 3A2 | ||||||||
5.019%, 02/25/2035 | 4,235 | 2,530 | ||||||
Series 2006-A7, Class 3A4 | ||||||||
5.942%, 01/25/2037 | 1,139 | 307 |
First American Funds 2009 Semiannual Report 13
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Core Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Structured Adjustable Rate Mortgage Loan Trust | ||||||||
Series 2004-11, Class A | ||||||||
3.864%, 08/25/2034 | $ | 382 | $ | 290 | ||||
Wachovia Mortgage Loan Trust | ||||||||
Series 2005-B, Class 1A1 | ||||||||
3.586%, 10/20/2035 | 5,497 | 4,136 | ||||||
Washington Mutual | ||||||||
Series 2007-HY2, Class 3A2 | ||||||||
5.841%, 09/25/2036 | 1,808 | 343 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2005-AR13, Class A1 | ||||||||
5.314%, 05/25/2035 | 1,591 | 1,362 | ||||||
Series 2006-AR1, Class 2A2 | ||||||||
5.535%, 03/25/2036 | 4,814 | 4,498 | ||||||
22,563 | ||||||||
Fixed Rate – 2.1% | ||||||||
Banc of America Funding | ||||||||
Series 2007-4, Class 1A2 | ||||||||
5.500%, 06/25/2037 ¥ | 1,871 | 462 | ||||||
Banc of America Mortgage Securities | ||||||||
Series 2003-6, Class 1A30 | ||||||||
4.750%, 08/25/2033 | 2,198 | 2,198 | ||||||
Countrywide Alternative Loan Trust | ||||||||
Series 2004-2CB, Class 1A1 | ||||||||
4.250%, 03/25/2034 | 1,356 | 1,291 | ||||||
Series 2004-J1, Class 1A1 | ||||||||
6.000%, 02/25/2034 | 586 | 573 | ||||||
Series 2006-19CB, Class A15 | ||||||||
6.000%, 08/25/2036 | 2,991 | 2,412 | ||||||
Credit Suisse First Boston Mortgage Securities | ||||||||
Series 2003-8, Class DB1 | ||||||||
6.256%, 04/25/2033 | 4,187 | 3,614 | ||||||
GMAC Mortgage Corporation Loan Trust | ||||||||
Series 2006-J1, Class A1 | ||||||||
5.750%, 04/25/2036 | 3,415 | 2,937 | ||||||
GSMPS Mortgage Loan Trust | ||||||||
Series 2003-1, Class B1 | ||||||||
6.890%, 03/25/2043 ¥ | 762 | 516 | ||||||
Lehman Brothers Mortgage Trust | ||||||||
Series 2008-6, Class 1A1 | ||||||||
6.552%, 07/25/2047 | 7,166 | 6,206 | ||||||
Master Alternative Loans Trust | ||||||||
Series 2004-1, Class 3A1 | ||||||||
7.000%, 01/25/2034 | 1,013 | 1,019 | ||||||
Series 2005-2, Class 1A3 | ||||||||
6.500%, 03/25/2035 | 2,300 | 1,866 | ||||||
Residential Asset Mortgage Products | ||||||||
Series 2004-SL4, Class A3 | ||||||||
6.500%, 07/25/2032 | 1,781 | 1,747 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2005-14, Class 2A1 | ||||||||
5.500%, 12/25/2035 | 1,501 | 1,376 | ||||||
Series 2007-2, Class 1A8 | ||||||||
5.750%, 03/25/2037 | 2,660 | 2,217 | ||||||
Westam Mortgage Financial | ||||||||
Series 11, Class A | ||||||||
6.360%, 08/26/2020 ¥ | 42 | 42 | ||||||
28,476 | ||||||||
Total Collateralized Mortgage Obligation-Private Mortgage-Backed Securities | ||||||||
(Cost $60,387) | 51,039 | |||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.9% | ||||||||
Fixed Rate – 2.8% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 1022, Class J | ||||||||
6.000%, 12/15/2020 | 27 | 27 | ||||||
Series 162, Class F | ||||||||
7.000%, 05/15/2021 | 75 | 82 | ||||||
Series 1790, Class A | ||||||||
7.000%, 04/15/2022 | 47 | 50 | ||||||
Series 188, Class H | ||||||||
7.000%, 09/15/2021 | 142 | 155 | ||||||
Series 2763, Class TA | ||||||||
4.000%, 03/15/2011 | 3,595 | 3,645 | ||||||
Series 2901, Class UB | ||||||||
5.000%, 03/15/2033 | 5,000 | 5,139 | ||||||
Series 6, Class C | ||||||||
9.050%, 06/15/2019 | 15 | 16 | ||||||
Federal National Mortgage Association | ||||||||
Series 1988-24, Class G | ||||||||
7.000%, 10/25/2018 | 35 | 38 | ||||||
Series 1989-44, Class H | ||||||||
9.000%, 07/25/2019 | 32 | 36 | ||||||
Series 1989-90, Class E | ||||||||
8.700%, 12/25/2019 | 5 | 5 | ||||||
Series 1990-102, Class J | ||||||||
6.500%, 08/25/2020 | 28 | 30 | ||||||
Series 1990-105, Class J | ||||||||
6.500%, 09/25/2020 | 255 | 281 | ||||||
Series 1990-30, Class E | ||||||||
6.500%, 03/25/2020 | 23 | 25 | ||||||
Series 1990-61, Class H | ||||||||
7.000%, 06/25/2020 | 25 | 27 | ||||||
Series 1990-72, Class B | ||||||||
9.000%, 07/25/2020 | 20 | 23 | ||||||
Series 1991-56, Class M | ||||||||
6.750%, 06/25/2021 | 82 | 88 | ||||||
Series 1992-120, Class C | ||||||||
6.500%, 07/25/2022 | 28 | 30 | ||||||
Series 2003-3, Class BC | ||||||||
5.000%, 02/25/2018 | 14,030 | 14,862 | ||||||
Series 2005-44, Class PC | ||||||||
5.000%, 11/25/2027 | 5,900 | 6,174 | ||||||
Series 2005-62, Class JE | ||||||||
5.000%, 06/25/2035 | 6,694 | 7,018 | ||||||
37,751 | ||||||||
Z-Bonds x – 0.1% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 1118, Class Z | ||||||||
8.250%, 07/15/2021 | 46 | 51 | ||||||
Federal National Mortgage Association | ||||||||
Series 1991-134, Class Z | ||||||||
7.000%, 10/25/2021 | 170 | 186 | ||||||
Series 1996-35, Class Z | ||||||||
7.000%, 07/25/2026 | 830 | 913 | ||||||
1,150 | ||||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $36,443) | 38,901 | |||||||
The accompanying notes are an integral part of the financial statements.
14 First American Funds 2009 Semiannual Report
Table of Contents
Core Bond Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
U.S. Government & Agency Securities – 1.5% | ||||||||
U.S. Treasuries – 1.5% | ||||||||
U.S. Treasury Notes | ||||||||
0.875%, 02/28/2011 6 | $ | 2,245 | $ | 2,250 | ||||
1.000%, 08/31/2011 6 | 4,865 | 4,867 | ||||||
2.250%, 05/31/2014 6 | 2,315 | 2,299 | ||||||
2.625%, 06/30/2014 6 | 2,650 | 2,669 | ||||||
3.375%, 11/15/2019 6 | 8,000 | 7,695 | ||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $19,792) | 19,780 | |||||||
Preferred Stock – 0.0% | ||||||||
Sovereign – 0.0% | ||||||||
Fannie Mae | ||||||||
Series S = | ||||||||
(Cost $5,173) | 218,000 | 240 | ||||||
Short-Term Investments – 4.5% | ||||||||
Money Market Fund – 4.3% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.049% Å Ω | 56,763,727 | 56,764 | ||||||
U.S. Treasury Obligations – 0.2% | ||||||||
U.S. Treasury Bills o | ||||||||
0.229%, 02/11/2010 | $ | 2,850 | 2,849 | |||||
0.169%, 06/03/2010 | 125 | 125 | ||||||
2,974 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $59,738) | 59,738 | |||||||
Investment Purchased with Proceeds from Securities Lending – 9.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.213% Ω † | ||||||||
(Cost $125,219) | 125,219,361 | 125,219 | ||||||
Total Investments 5 – 111.4% | ||||||||
(Cost $1,462,829) | 1,483,455 | |||||||
Other Assets and Liabilities, Net – (11.4)% | (152,372 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,331,083 | ||||||
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $121,888 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
¬ | Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2009, the fair value of foreign securities was $143,344 or 10.8% of total net assets. | |
ª | Security in default at December 31, 2009. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the fair value of these investments was $140,015 or 10.5% of total net assets. See note 2 in Notes to Financial Statements. | |
« | Security purchased on a when-issued basis. On December 31, 2009, the total cost of investments purchased on a when-issued basis was $35,944 or 2.7% of total net assets. See note 2 in Notes to Financial Statements. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investments considered to be illiquid was $17,691 or 1.3% of total net assets. See note 2 in Notes to Financial Statements. |
Core Bond Fund (continued)
x | Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows. | |
= | Non-income producing security. | |
o | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the annualized effective yield as of December 31, 2009. See note 2 in Notes to Financial Statements. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
† | 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $1,462,829. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 68,543 | ||
Gross unrealized depreciation | (47,917 | ) | ||
Net unrealized appreciation | $ | 20,626 | ||
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Settlement | Purchased | Contract | Appreciation | |||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | March 2010 | 79 | $ | 17,085 | $ | (83 | ) | |||||||
U.S. Treasury 5 Year Note Futures | March 2010 | 399 | 45,639 | (748 | ) | |||||||||
U.S. Treasury 10 Year Note Futures | March 2010 | (322 | ) | (37,176 | ) | 896 | ||||||||
U.S. Treasury Long Bond Futures | March 2010 | (268 | ) | (30,921 | ) | 1,360 | ||||||||
$ | 1,425 | |||||||||||||
Credit Default Swap Agreements
Credit Default Swaps on Corporate Issues
Sell Protection1
Implied | ||||||||||||||||||||||
Credit | ||||||||||||||||||||||
Spread at | ||||||||||||||||||||||
Reference | Receive | Expiration | December 31, | Notional | Unrealized | |||||||||||||||||
Counterparty | Entity | Fixed Rate | Date | 20092 | Amount3 | Appreciation | ||||||||||||||||
JPMorgan | General Electric Capital Corporation | 5.000% | 06/20/2014 | 1.578% | $ | 10,000 | $ | 2,155 | ||||||||||||||
First American Funds 2009 Semiannual Report 15
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Core Bond Fund (concluded)
Credit Default Swaps on Credit Indices
Sell Protection1
Reference | Receive | Expiration | Notional | Unrealized | ||||||||||||||
Counterparty | Index | Fixed Rate | Date | Amount3 | Appreciation | |||||||||||||
Deutsche Bank | Markit CDX HVOL11 Index | 3.850% | 12/20/2013 | $ | 5,993 | $ | 457 | |||||||||||
JPMorgan | Markit iTraxx Asia ex-Japan Index | 6.500% | 06/20/2013 | 1,800 | 125 | |||||||||||||
JPMorgan | Markit iTraxx Asia ex-Japan Index | 5.000% | 12/20/2013 | 3,600 | 861 | |||||||||||||
UBS | Markit iTraxx Asia ex-Japan Index | 6.500% | 06/20/2013 | 2,900 | 178 | |||||||||||||
UBS | Markit iTraxx Asia ex-Japan Index | 5.000% | 12/20/2013 | 1,000 | 230 | |||||||||||||
$ | 1,851 | |||||||||||||||||
1 | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. | |
2 | Implied credit spreads, represented in absolute terms, utilized in determining the Credit Default Swap Agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment /performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the reference entity. | |
3 | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||||
JPMorgan | 3-Month LIBOR | Receive | 1.255% | 11/03/2011 | $ | 33,000 | $ | (39 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 1.358% | 09/25/2011 | 35,000 | (235 | ) | |||||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.001% | 08/03/2014 | 14,000 | (279 | ) | |||||||||||||||||
UBS | 3-Month LIBOR | Receive | 4.045% | 11/14/2018 | 8,000 | (175 | ) | |||||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.460% | 09/15/2019 | 8,000 | 227 | ||||||||||||||||||
$ | (501 | ) | ||||||||||||||||||||||
High Income Bond Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
High Yield Corporate Bonds – 79.4% | ||||||||
Banking – 0.4% | ||||||||
ABN AMRO | ||||||||
6.523%, 12/29/2049 Δ n | $ | 1,000 | $ | 840 | ||||
Credit Suisse First Boston | ||||||||
8.000%, 11/06/2015 n ¬ | 500 | 335 | ||||||
1,175 | ||||||||
Basic Industry – 9.9% | ||||||||
AbitibiBowater | ||||||||
9.000%, 08/01/2009 ª | 500 | 123 | ||||||
AK Steel | ||||||||
7.750%, 06/15/2012 | 800 | 808 | ||||||
Aleris International | ||||||||
10.000%, 12/15/2016 ª | 1,000 | 5 | ||||||
Berry Plastics | ||||||||
5.034%, 02/15/2015 Δ | 1,500 | 1,371 | ||||||
10.250%, 03/01/2016 | 1,000 | 880 | ||||||
Boise Cascade | ||||||||
7.125%, 10/15/2014 | 1,300 | 1,172 | ||||||
Boise Paper Holdings | ||||||||
9.000%, 11/01/2017 n 6 | 1,100 | 1,140 | ||||||
Cascades | ||||||||
7.750%, 12/15/2017 n ¬ | 1,500 | 1,515 | ||||||
Cellu Tissue Holdings | ||||||||
11.500%, 06/01/2014 | 1,000 | 1,110 | ||||||
Crown Cork & Seal | ||||||||
7.375%, 12/15/2026 | 895 | 830 | ||||||
Drummond | ||||||||
9.000%, 10/15/2014 n | 750 | 787 | ||||||
Exopack Holding | ||||||||
11.250%, 02/01/2014 | 1,000 | 1,016 | ||||||
Georgia Gulf | ||||||||
9.000%, 01/15/2017 n | 1,300 | 1,313 | ||||||
Griffin Coal Mining | ||||||||
9.500%, 12/01/2016 n ¬ ª 6 | 650 | 384 | ||||||
Hexion US Finance | ||||||||
9.750%, 11/15/2014 6 | 1,500 | 1,470 | ||||||
Huntsman International | ||||||||
7.875%, 11/15/2014 | 2,000 | 1,955 | ||||||
Intertape Polymer Group | ||||||||
8.500%, 08/01/2014 | 1,850 | 1,584 | ||||||
Millar Western Forest | ||||||||
7.750%, 11/15/2013 ¬ | 1,700 | 1,241 | ||||||
Newark Group | ||||||||
9.750%, 03/15/2014 ª ¥ | 800 | 391 | ||||||
Nortek | ||||||||
11.000%, 12/01/2013 | 1,004 | 1,050 | ||||||
Nova Chemicals | ||||||||
3.649%, 11/15/2013 Δ ¬ | 2,000 | 1,830 | ||||||
Olin | ||||||||
8.875%, 08/15/2019 | 2,100 | 2,252 | ||||||
PE Paper Escrow | ||||||||
12.000%, 08/01/2014 n ¬ | 1,500 | 1,657 | ||||||
Solo Cup | ||||||||
10.500%, 11/01/2013 n | 1,000 | 1,065 | ||||||
Teck Resources | ||||||||
10.750%, 05/15/2019 ¬ | 2,000 | 2,390 | ||||||
USG | ||||||||
9.500%, 01/15/2018 | 1,000 | 1,030 | ||||||
Vedanta Resources | ||||||||
8.750%, 01/15/2014 n ¬ | 2,160 | 2,209 | ||||||
Verso Paper Holdings | ||||||||
Series B | ||||||||
9.125%, 08/01/2014 6 | 250 | 239 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds 2009 Semiannual Report
Table of Contents
High Income Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Weyerhaeuser | ||||||||
7.375%, 03/15/2032 | $ | 1,000 | $ | 948 | ||||
33,765 | ||||||||
Brokerage – 0.5% | ||||||||
E *Trade Financial | ||||||||
12.500%, 11/30/2017 | 1,593 | 1,810 | ||||||
Capital Goods – 4.1% | ||||||||
Ball | ||||||||
7.125%, 09/01/2016 | 1,775 | 1,819 | ||||||
BE Aerospace | ||||||||
8.500%, 07/01/2018 | 1,500 | 1,590 | ||||||
Case New Holland | ||||||||
7.750%, 09/01/2013 n 6 | 1,000 | 1,022 | ||||||
Corporativo Javer | ||||||||
13.000%, 08/04/2014 n ¬ | 1,150 | 1,231 | ||||||
Desarrolladora Homex | ||||||||
9.500%, 12/11/2019 n ¬ | 1,350 | 1,353 | ||||||
Hawker Beechcraft Acquisition | ||||||||
9.750%, 04/01/2017 | 700 | 434 | ||||||
Owens-Brockway | ||||||||
7.375%, 05/15/2016 6 | 1,250 | 1,291 | ||||||
Spirit Aerosystems | ||||||||
7.500%, 10/01/2017 n | 1,300 | 1,281 | ||||||
Terex | ||||||||
7.375%, 01/15/2014 | 1,500 | 1,517 | ||||||
Transdigm | ||||||||
7.750%, 07/15/2014 n | 1,000 | 1,015 | ||||||
United Rentals North America | ||||||||
10.875%, 06/15/2016 6 | 1,250 | 1,359 | ||||||
13,912 | ||||||||
Communications – 9.9% | ||||||||
Belo | ||||||||
7.250%, 09/15/2027 | 1,950 | 1,541 | ||||||
Central European Media Entertainment | ||||||||
3.500%, 03/15/2013 n ¬ | 1,400 | 1,067 | ||||||
Citizens Communications | ||||||||
9.000%, 08/15/2031 | 1,300 | 1,277 | ||||||
Clear Channel Communications | ||||||||
4.900%, 05/15/2015 | 1,000 | 572 | ||||||
6.875%, 06/15/2018 | 2,910 | 1,579 | ||||||
Clear Channel Worldwide | ||||||||
9.250%, 12/15/2017 n | 1,300 | 1,339 | ||||||
Clearwire Communications | ||||||||
12.000%, 12/01/2015 n | 1,500 | 1,523 | ||||||
12.000%, 12/01/2015 n | 1,000 | 1,015 | ||||||
Crown Castle International | ||||||||
9.000%, 01/15/2015 | 1,250 | 1,331 | ||||||
CSC Holdings | ||||||||
8.500%, 04/15/2014 n 6 | 1,500 | 1,598 | ||||||
8.625%, 02/15/2019 n 6 | 1,000 | 1,076 | ||||||
Fairpoint Communications | ||||||||
Series I | ||||||||
13.125%, 04/02/2018 ª | 1,043 | 110 | ||||||
Frontier Communications | ||||||||
8.250%, 05/01/2014 | 1,750 | 1,824 | ||||||
Gannett | ||||||||
9.375%, 11/15/2017 n | 1,050 | 1,084 | ||||||
Intelsat Bermuda | ||||||||
11.250%, 02/04/2017 n ¬ | 1,500 | 1,504 | ||||||
Intelsat Jackson Holdings | ||||||||
11.250%, 06/15/2016 ¬ | 1,000 | 1,082 | ||||||
8.500%, 11/01/2019 n ¬ | 1,500 | 1,545 | ||||||
Level 3 Financing | ||||||||
12.250%, 03/15/2013 | 500 | 530 | ||||||
Nielsen Finance | ||||||||
11.500%, 05/01/2016 | 600 | 670 | ||||||
0.000% through 08/01/11, thereafter 12.500%, 08/01/2016 6 | 550 | 502 | ||||||
NII Capital | ||||||||
10.000%, 08/15/2016 n | 1,750 | 1,833 | ||||||
Qwest Communications International | ||||||||
8.000%, 10/01/2015 n | 3,000 | 3,083 | ||||||
SBA Telecommunications | ||||||||
8.000%, 08/15/2016 n | 1,250 | 1,306 | ||||||
Sprint Nextel | ||||||||
8.375%, 08/15/2017 | 2,000 | 2,040 | ||||||
Windstream | ||||||||
7.875%, 11/01/2017 n | 1,750 | 1,728 | ||||||
XM Satellite Radio | ||||||||
13.000%, 08/01/2014 n 6 | 750 | 815 | ||||||
Young Broadcasting | ||||||||
10.000%, 03/01/2011 ª | 500 | 2 | ||||||
33,576 | ||||||||
Consumer Cyclical – 16.0% | ||||||||
Allison Transmission | ||||||||
11.000%, 11/01/2015 n | 1,000 | 1,050 | ||||||
11.250%, 11/01/2015 n | 795 | 831 | ||||||
AMC Entertainment | ||||||||
8.750%, 06/01/2019 | 1,000 | 1,020 | ||||||
American Axle & Manufacturing | ||||||||
7.875%, 03/01/2017 | 1,100 | 930 | ||||||
Ameristar Casinos | ||||||||
9.250%, 06/01/2014 n | 1,000 | 1,037 | ||||||
Blockbuster | ||||||||
11.750%, 10/01/2014 n | 500 | 475 | ||||||
Bon-Ton Department Stores | ||||||||
10.250%, 03/15/2014 6 | 1,250 | 1,153 | ||||||
Boyd Gaming | ||||||||
6.750%, 04/15/2014 6 | 1,000 | 901 | ||||||
Burlington Coat Factory | ||||||||
14.500%, 10/15/2014 | 750 | 750 | ||||||
Chukchansi Economic | ||||||||
8.000%, 11/15/2013 n | 1,000 | 730 | ||||||
Denny’s | ||||||||
10.000%, 10/01/2012 | 750 | 767 | ||||||
Exide Technologies | ||||||||
10.500%, 03/15/2013 | 1,000 | 1,012 | ||||||
Fontainebleau Las Vegas | ||||||||
11.000%, 06/15/2015 n ª | 1,000 | 10 | ||||||
Ford Motor Credit | ||||||||
7.500%, 08/01/2012 | 1,000 | 1,008 | ||||||
8.000%, 12/15/2016 | 2,000 | 2,003 | ||||||
General Motors | ||||||||
8.250%, 07/15/2023 ª | 3,750 | 994 | ||||||
Geo Group | ||||||||
7.750%, 10/15/2017 n | 1,300 | 1,331 | ||||||
Giti Tire | ||||||||
12.250%, 01/26/2012 ¬ | 700 | 615 | ||||||
Goodyear Tire & Rubber | ||||||||
10.500%, 05/15/2016 6 | 1,500 | 1,657 | ||||||
Greektown Holdings | ||||||||
Series Pool #392484 | ||||||||
10.750%, 12/01/2013 n ª | 30 | 5 | ||||||
Hanesbrands | ||||||||
3.831%, 12/15/2014 Δ | 1,250 | 1,183 | ||||||
8.000%, 12/15/2016 6 | 1,000 | 1,019 | ||||||
Harrahs | ||||||||
11.250%, 06/01/2017 n | 1,000 | 1,046 | ||||||
10.000%, 12/15/2018 n | 1,000 | 803 |
First American Funds 2009 Semiannual Report 17
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
High Income Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Host Hotels & Resorts | ||||||||
Series Q | ||||||||
6.750%, 06/01/2016 6 | $ | 1,000 | $ | 995 | ||||
JCPenney | ||||||||
7.400%, 04/01/2037 | 600 | 596 | ||||||
Kar Holdings | ||||||||
8.750%, 05/01/2014 | 900 | 928 | ||||||
Limited Brands | ||||||||
8.500%, 06/15/2019 n | 1,500 | 1,631 | ||||||
M/I Homes | ||||||||
6.875%, 04/01/2012 | 1,000 | 942 | ||||||
Macys Retail Holdings | ||||||||
8.000%, 07/15/2012 | 850 | 897 | ||||||
McJunkin Red Man | ||||||||
9.500%, 12/15/2016 n 6 | 800 | 782 | ||||||
MGM Mirage | ||||||||
8.375%, 02/01/2011 6 | 1,400 | 1,327 | ||||||
7.625%, 01/15/2017 | 1,000 | 777 | ||||||
Navistar International | ||||||||
8.250%, 11/01/2021 | 1,000 | 1,025 | ||||||
Neiman Marcus Group | ||||||||
10.375%, 10/15/2015 6 | 700 | 686 | ||||||
Oxford Industries | ||||||||
11.375%, 07/15/2015 | 1,000 | 1,100 | ||||||
Pinnacle Entertainment I | ||||||||
7.500%, 06/15/2015 | 1,000 | 920 | ||||||
Quintiles Transnational | ||||||||
9.500%, 12/30/2014 n | 500 | 502 | ||||||
Realogy | ||||||||
10.500%, 04/15/2014 | 1,000 | 865 | ||||||
11.000%, 04/15/2014 6 | 1,059 | 873 | ||||||
Rite Aid | ||||||||
10.375%, 07/15/2016 | 3,000 | 3,180 | ||||||
Royal Caribbean Cruises | ||||||||
7.000%, 06/15/2013 ¬ | 1,325 | 1,322 | ||||||
Sally Holdings | ||||||||
10.500%, 11/15/2016 6 | 1,300 | 1,397 | ||||||
Sealy Mattress | ||||||||
10.875%, 04/15/2016 n | 1,000 | 1,113 | ||||||
Seminole Hard Rock Entertainment | ||||||||
2.754%, 03/15/2014 Δ n | 1,000 | 824 | ||||||
Snoqualmie Entertainment | ||||||||
9.125%, 02/01/2015 n | 1,000 | 530 | ||||||
Tenneco | ||||||||
8.125%, 11/15/2015 | 650 | 657 | ||||||
Toys R Us | ||||||||
10.750%, 07/15/2017 n 6 | 2,000 | 2,190 | ||||||
Trimas | ||||||||
9.750%, 12/15/2017 n 6 | 1,000 | 981 | ||||||
TRW Automotive | ||||||||
8.875%, 12/01/2017 n | 1,000 | 1,040 | ||||||
Wendy’s/Arby’s Restaurants | ||||||||
10.000%, 07/15/2016 | 850 | 927 | ||||||
Wyndham Worldwide | ||||||||
6.000%, 12/01/2016 | 1,900 | 1,770 | ||||||
Wynn Las Vegas | ||||||||
Series EXCH | ||||||||
6.625%, 12/01/2014 6 | 1,455 | 1,406 | ||||||
54,513 | ||||||||
Consumer Non Cyclical – 9.2% | ||||||||
Albertson’s | ||||||||
8.700%, 05/01/2030 | 1,000 | 970 | ||||||
Alliance One International | ||||||||
10.000%, 07/15/2016 n 6 | 1,000 | 1,050 | ||||||
Apria Healthcare Group I | ||||||||
12.375%, 11/01/2014 n | 1,450 | 1,595 | ||||||
Biomet | ||||||||
10.375%, 10/15/2017 | 1,000 | 1,085 | ||||||
Cardinal Health | ||||||||
9.500%, 04/15/2015 | 788 | 711 | ||||||
Ciliandra P Fin | ||||||||
10.750%, 12/08/2011 n ¬ | 1,250 | 1,283 | ||||||
Community Health Systems | ||||||||
8.875%, 07/15/2015 6 | 1,000 | 1,035 | ||||||
Dole Foods | ||||||||
13.875%, 03/15/2014 n | 790 | 950 | ||||||
Great Atlantic & Pacific Tea | ||||||||
11.375%, 08/01/2015 n | 750 | 789 | ||||||
HCA | ||||||||
6.750%, 07/15/2013 6 | 1,000 | 985 | ||||||
6.375%, 01/15/2015 | 1,000 | 944 | ||||||
7.875%, 02/15/2020 n 6 | 1,920 | 1,999 | ||||||
Health Management Association | ||||||||
6.125%, 04/15/2016 6 | 550 | 516 | ||||||
Ingles Markets | ||||||||
8.875%, 05/15/2017 | 1,250 | 1,300 | ||||||
JBS USA | ||||||||
11.625%, 05/01/2014 n | 1,300 | 1,472 | ||||||
Marfrig Overseas | ||||||||
9.625%, 11/16/2016 n ¬ | 1,000 | 1,005 | ||||||
National Mentor Holdings | ||||||||
11.250%, 07/01/2014 | 1,000 | 1,020 | ||||||
Revlon Consumer Products | ||||||||
9.750%, 11/15/2015 n | 1,350 | 1,394 | ||||||
Reynolds Group | ||||||||
7.750%, 10/15/2016 n 6 | 1,250 | 1,278 | ||||||
Smithfield Foods | ||||||||
10.000%, 07/15/2014 n | 1,465 | 1,589 | ||||||
7.750%, 07/01/2017 6 | 1,500 | 1,384 | ||||||
Stater Brothers Holdings | ||||||||
7.750%, 04/15/2015 | 1,000 | 1,015 | ||||||
Supervalu | ||||||||
8.000%, 05/01/2016 | 1,250 | 1,269 | ||||||
Surgical Care Affiliates | ||||||||
8.875%, 07/15/2015 n | 1,368 | 1,245 | ||||||
Tenet Healthcare | ||||||||
7.375%, 02/01/2013 6 | 1,600 | 1,604 | ||||||
10.000%, 05/01/2018 n | 1,500 | 1,680 | ||||||
31,167 | ||||||||
Electric – 4.6% | ||||||||
AES | ||||||||
8.750%, 05/15/2013 n | 1,500 | 1,538 | ||||||
AES Red Oak | ||||||||
Series B | ||||||||
9.200%, 11/30/2029 | 1,500 | 1,406 | ||||||
Calpine Construction | ||||||||
8.000%, 06/01/2016 n | 1,500 | 1,545 | ||||||
CMS Energy | ||||||||
1.234%, 01/15/2013 Δ | 2,500 | 2,250 | ||||||
Dynegy Holdings | ||||||||
7.750%, 06/01/2019 6 | 1,000 | 867 | ||||||
Energy Future Holdings | ||||||||
9.750%, 10/15/2019 6 | 1,000 | 997 | ||||||
Energy Future Intermediate Holdings | ||||||||
9.750%, 10/15/2019 6 | 1,000 | 997 | ||||||
Majapahit Holding | ||||||||
7.750%, 10/17/2016 n ¬ | 1,000 | 1,059 | ||||||
8.000%, 08/07/2019 n ¬ | 1,000 | 1,055 |
The accompanying notes are an integral part of the financial statements.
18 First American Funds 2009 Semiannual Report
Table of Contents
High Income Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Mirant Americas Generation | ||||||||
8.500%, 10/01/2021 6 | $ | 750 | $ | 712 | ||||
NRG Energy | ||||||||
7.375%, 02/01/2016 | 1,000 | 1,001 | ||||||
8.500%, 06/15/2019 | 2,250 | 2,307 | ||||||
15,734 | ||||||||
Energy – 8.6% | ||||||||
Aquilex Holdings | ||||||||
11.125%, 12/15/2016 n | 850 | 848 | ||||||
Arch Coal | ||||||||
8.750%, 08/01/2016 n | 1,750 | 1,851 | ||||||
Atlas Energy | ||||||||
12.125%, 08/01/2017 | 2,300 | 2,611 | ||||||
Berry Petroleum | ||||||||
10.250%, 06/01/2014 | 750 | 816 | ||||||
Chesapeake Energy | ||||||||
9.500%, 02/15/2015 6 | 1,350 | 1,482 | ||||||
Cloud Peak Energy Resources | ||||||||
8.250%, 12/15/2017 n | 1,250 | 1,250 | ||||||
Concho Resources | ||||||||
8.625%, 10/01/2017 | 1,550 | 1,627 | ||||||
Connacher Oil & Gas | ||||||||
10.250%, 12/15/2015 n ¬ 6 | 1,000 | 915 | ||||||
Forest Oil | ||||||||
8.500%, 02/15/2014 n | 1,500 | 1,567 | ||||||
Gibson Energy | ||||||||
11.750%, 05/27/2014 n ¬ | 1,000 | 1,085 | ||||||
Headwaters | ||||||||
11.375%, 11/01/2014 n | 1,000 | 1,042 | ||||||
Holly | ||||||||
9.875%, 06/15/2017 n | 1,250 | 1,316 | ||||||
Indo Integrated Energy II | ||||||||
9.750%, 11/05/2016 n ¬ 6 | 750 | 754 | ||||||
Linn Energy | ||||||||
11.750%, 05/15/2017 n | 500 | 561 | ||||||
Mariner Energy | ||||||||
11.750%, 06/30/2016 | 1,000 | 1,115 | ||||||
8.000%, 05/15/2017 | 1,000 | 960 | ||||||
Opti Canada | ||||||||
9.000%, 12/15/2012 n ¬ 6 | 1,250 | 1,278 | ||||||
Pacific Rubiales Energy | ||||||||
8.750%, 11/10/2016 n ¬ | 1,300 | 1,365 | ||||||
Petrohawk Energy | ||||||||
9.125%, 07/15/2013 | 1,500 | 1,567 | ||||||
Petroplus Finance | ||||||||
9.375%, 09/15/2019 n ¬ | 1,250 | 1,244 | ||||||
Range Resources | ||||||||
7.375%, 07/15/2013 | 1,300 | 1,323 | ||||||
Sabine Pass LNG | ||||||||
7.500%, 11/30/2016 | 745 | 620 | ||||||
Sandridge Energy | ||||||||
9.875%, 05/15/2016 n 6 | 1,350 | 1,421 | ||||||
Stone Energy | ||||||||
6.750%, 12/15/2014 | 900 | 803 | ||||||
29,421 | ||||||||
Finance – 3.1% | ||||||||
Cemex Finance | ||||||||
9.500%, 12/14/2016 n | 1,300 | 1,362 | ||||||
CIT Group | ||||||||
7.000%, 05/01/2016 | 1,000 | 880 | ||||||
Country Garden Holdings | ||||||||
11.750%, 09/10/2014 n ¬ | 1,000 | 1,000 | ||||||
Glen Meadow | ||||||||
6.505%, 02/12/2067 Δ n | 2,000 | 1,470 | ||||||
GMAC | ||||||||
6.625%, 05/15/2012 n | 1,000 | 980 | ||||||
6.750%, 12/01/2014 n | 1,800 | 1,710 | ||||||
ILFC E-Capital Trust I | ||||||||
5.900%, 12/21/2065 Δ n | 2,000 | 1,040 | ||||||
Nuveen Investments | ||||||||
10.500%, 11/15/2015 | 750 | 680 | ||||||
Pinnacle Foods Finance | ||||||||
9.250%, 04/01/2015 n 6 | 1,050 | 1,066 | ||||||
Residential Capital | ||||||||
8.500%, 05/15/2010 6 | 500 | 475 | ||||||
10,663 | ||||||||
Industrial Other – 1.0% | ||||||||
Casella Waste Systems | ||||||||
11.000%, 07/15/2014 n | 1,175 | 1,272 | ||||||
Goodman Global Group | ||||||||
11.765%, 12/15/2014 n ¤ | 1,000 | 567 | ||||||
Lupatech Finance | ||||||||
9.875%, 07/10/2049 n ¬ | 750 | 630 | ||||||
RBS Global & Rexnord | ||||||||
9.500%, 08/01/2014 | 1,000 | 1,003 | ||||||
3,472 | ||||||||
Insurance – 2.0% | ||||||||
American International Group | ||||||||
8.175%, 05/15/2068 Δ | 2,000 | 1,320 | ||||||
6.250%, 03/15/2087 Δ 6 | 3,800 | 2,090 | ||||||
Genworth Financial | ||||||||
6.150%, 11/15/2066 Δ | 2,700 | 1,910 | ||||||
Liberty Mutual Group | ||||||||
10.750%, 06/15/2088 Δ n 6 | 1,400 | 1,484 | ||||||
6,804 | ||||||||
Natural Gas – 3.1% | ||||||||
Copano Energy | ||||||||
7.750%, 06/01/2018 | 750 | 752 | ||||||
El Paso | ||||||||
7.875%, 06/15/2012 6 | 1,200 | 1,243 | ||||||
El Paso Energy | ||||||||
Series GMTN | ||||||||
7.375%, 12/15/2012 | 1,750 | 1,798 | ||||||
Enterprise Products | ||||||||
8.375%, 08/01/2066 Δ | 1,505 | 1,468 | ||||||
7.000%, 06/01/2067 Δ | 1,000 | 885 | ||||||
Knight | ||||||||
6.500%, 09/01/2012 | 1,481 | 1,540 | ||||||
Plains Exploration & Production | ||||||||
7.750%, 06/15/2015 | 1,500 | 1,526 | ||||||
Southern Union | ||||||||
7.200%, 11/01/2066 Δ | 1,600 | 1,368 | ||||||
10,580 | ||||||||
Real Estate – 1.2% | ||||||||
CB Richard Ellis | ||||||||
11.625%, 06/15/2017 | 1,000 | 1,110 | ||||||
China Properties Group | ||||||||
9.125%, 05/04/2014 n ¬ | 750 | 581 | ||||||
Developers Diversified Realty – REIT | ||||||||
9.625%, 03/15/2016 | 1,300 | 1,357 | ||||||
Lippo Karawaci Finance | ||||||||
8.875%, 03/09/2011 ¬ | 1,000 | 984 | ||||||
4,032 | ||||||||
First American Funds 2009 Semiannual Report 19
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
High Income Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Technology – 1.5% | ||||||||
First Data | ||||||||
9.875%, 09/24/2015 6 | $ | 1,500 | $ | 1,399 | ||||
Freescale Semiconductor | ||||||||
9.125%, 12/15/2014 6 | 2,062 | 1,822 | ||||||
Unisys | ||||||||
12.750%, 10/15/2014 n | 750 | 866 | ||||||
14.250%, 09/15/2015 n 6 | 1,000 | 1,165 | ||||||
5,252 | ||||||||
Transportation – 4.3% | ||||||||
Airtran Airways | ||||||||
10.410%, 04/01/2017 n | 1,208 | 1,063 | ||||||
American Airlines | ||||||||
Series 2001-1 | ||||||||
7.379%, 11/23/2017 | 1,187 | 926 | ||||||
Series 2001-1, Class A-2 | ||||||||
6.817%, 11/23/2012 | 1,625 | 1,560 | ||||||
Series 2001-2, Class B | ||||||||
8.608%, 10/01/2012 | 820 | 771 | ||||||
BLT Finance BV | ||||||||
7.500%, 05/15/2014 n ¬ | 700 | 413 | ||||||
Continental Airlines | ||||||||
Series 1997-1, Class A | ||||||||
7.461%, 10/01/2016 | 907 | 862 | ||||||
Series 1998-3 | ||||||||
7.020%, 05/01/2017 | 506 | 465 | ||||||
Series 2007-1, Class C | ||||||||
7.339%, 04/19/2014 | 1,000 | 910 | ||||||
Delta Airlines | ||||||||
12.250%, 03/15/2015 n | 1,000 | 1,000 | ||||||
Series 2001-1, Class B | ||||||||
7.711%, 03/18/2013 6 | 2,100 | 2,069 | ||||||
Series 2002-1, Class G-1 | ||||||||
6.718%, 07/02/2024 | 1,509 | 1,313 | ||||||
Series 2007-1, Class C | ||||||||
8.954%, 08/10/2014 | 433 | 381 | ||||||
Northwest Airlines | ||||||||
Series 2002-1, Class C2 | ||||||||
9.055%, 11/20/2013 | 749 | 659 | ||||||
United Airlines | ||||||||
10.400%, 11/01/2016 | 1,500 | 1,580 | ||||||
Series 2007-1, Class A | ||||||||
6.636%, 01/02/2024 | 910 | 774 | ||||||
14,746 | ||||||||
Total High Yield Corporate Bonds | ||||||||
(Cost $259,509) | 270,622 | |||||||
Investment Grade Corporate Bonds – 5.5% | ||||||||
Basic Industry – 0.6% | ||||||||
Owens Corning | ||||||||
6.500%, 12/01/2016 | 1,400 | 1,434 | ||||||
Southern Copper | ||||||||
7.500%, 07/27/2035 | 750 | 743 | ||||||
2,177 | ||||||||
Communications – 0.7% | ||||||||
Centennial Communication | ||||||||
6.040%, 01/01/2013 Δ | 2,295 | 2,295 | ||||||
Consumer Cyclical – 0.3% | ||||||||
Arcos Dorados | ||||||||
7.500%, 10/01/2019 n ¬ | 1,000 | 991 | ||||||
Consumer Non Cyclical – 0.4% | ||||||||
CVS Caremark | ||||||||
6.302%, 06/01/2062 Δ | 1,750 | 1,509 | ||||||
Energy – 0.8% | ||||||||
Encana | ||||||||
6.500%, 02/01/2038 ¬ | 750 | 817 | ||||||
Gaz Capital | ||||||||
6.212%, 11/22/2016 n ¬ | 2,000 | 1,915 | ||||||
2,732 | ||||||||
Finance – 1.2% | ||||||||
Capital One Capital V | ||||||||
10.250%, 08/15/2039 | 1,000 | 1,163 | ||||||
Discover Financial Services | ||||||||
10.250%, 07/15/2019 | 750 | 877 | ||||||
General Electric Capital | ||||||||
6.375%, 11/15/2067 Δ | 2,150 | 1,865 | ||||||
3,905 | ||||||||
Insurance – 0.3% | ||||||||
XL Capital | ||||||||
Series E | ||||||||
6.500%, 12/31/2049 Δ | 1,500 | 1,132 | ||||||
Real Estate – 1.0% | ||||||||
Brandywine Operating Partnership – REIT | ||||||||
5.750%, 04/01/2012 | 1,500 | 1,529 | ||||||
Hospitality Properties Trust – REIT | ||||||||
7.875%, 08/15/2014 | 1,750 | 1,807 | ||||||
3,336 | ||||||||
Transportation – 0.2% | ||||||||
Con-way | ||||||||
6.700%, 05/01/2034 | 1,000 | 785 | ||||||
Total Investment Grade Corporate Bonds | ||||||||
(Cost $17,629) | 18,862 | |||||||
Convertible Securities – 3.1% | ||||||||
Basic Industry – 0.8% | ||||||||
Freeport-McMoran Copper & Gold | 1,000 | 115 | ||||||
Massey Energy | ||||||||
3.250%, 08/01/2015 | $ | 800 | 699 | |||||
Peabody Energy | ||||||||
4.750%, 12/15/2066 | $ | 1,750 | 1,768 | |||||
2,582 | ||||||||
Consumer Discretionary – 0.2% | ||||||||
Ford Motor Capital Trust II | 13,000 | 518 | ||||||
Consumer Non Cyclical – 0.5% | ||||||||
Archer Daniels Midland | 16,500 | 719 | ||||||
Bunge Limited Æ | 9,425 | 860 | ||||||
1,579 | ||||||||
Finance – 0.3% | ||||||||
FelCor Lodging Trust | 8,000 | 87 | ||||||
Wells Fargo | ||||||||
Series L | 1,100 | 1,010 | ||||||
1,097 | ||||||||
Insurance – 0.3% | ||||||||
American Equity Investment Life | ||||||||
5.250%, 12/06/2024 | $ | 1,250 | 1,192 | |||||
Real Estate – 0.3% | ||||||||
American Real Estate | ||||||||
4.000%, 08/15/2013 Δ | $ | 1,250 | 1,038 | |||||
Technology – 0.5% | ||||||||
Hutchinson Technology | ||||||||
3.250%, 01/15/2026 | $ | 1,000 | 804 |
The accompanying notes are an integral part of the financial statements.
20 First American Funds 2009 Semiannual Report
Table of Contents
High Income Bond Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Micron Technology | ||||||||
1.875%, 06/01/2014 | $ | 1,000 | $ | 962 | ||||
1,766 | ||||||||
Transportation – 0.2% | ||||||||
Horizon Lines | ||||||||
4.250%, 08/15/2012 | $ | 750 | 609 | |||||
Total Convertible Securities | ||||||||
(Cost $9,509) | 10,381 | |||||||
Preferred Stocks – 2.9% | ||||||||
Banking – 0.3% | ||||||||
Bank of America | ||||||||
Series MER | 34,500 | 847 | ||||||
Communications – 0.2% | ||||||||
US Cellular | 32,000 | 797 | ||||||
Energy – 0.3% | ||||||||
Constellation Energy Group | ||||||||
Series A | 25,000 | 646 | ||||||
Nexen | ||||||||
Series B ¬ | 10,600 | 262 | ||||||
908 | ||||||||
Finance – 0.8% | ||||||||
Bank of America | ||||||||
Series 5 6 | 93,000 | 1,686 | ||||||
Freddie Mac = | 39,322 | 40 | ||||||
Prudential Financial | 25,000 | 664 | ||||||
Regions Financing Trust III | 7,300 | 169 | ||||||
Royal Bank Scotland Group ¬ | 25,000 | 323 | ||||||
2,882 | ||||||||
Insurance – 0.7% | ||||||||
Aspen Insurance Holdings | ||||||||
Series A ¬ | 50,000 | 1,110 | ||||||
Endurance Specialty Holdings | ||||||||
Series A ¬ | 29,400 | 672 | ||||||
Renaissancere Holdings | ||||||||
Series D ¬ 6 | 21,440 | 450 | ||||||
2,232 | ||||||||
Real Estate – 0.6% | ||||||||
American Home Mortgage Investments – REIT | ||||||||
Series B ¥ = | 10,000 | — | ||||||
Ashford Hospitality Trust — REIT | ||||||||
Series D | 7,500 | 135 | ||||||
Duke Realty – REIT | ||||||||
Series O | 36,600 | 900 | ||||||
First Industrial Realty Trust – REIT | ||||||||
Series J | 14,000 | 236 | ||||||
Hospitality Properties Trust – REIT | ||||||||
Series C | 20,000 | 425 | ||||||
National Retail Properties – REIT | ||||||||
Series C 6 | 12,600 | 302 | ||||||
1,998 | ||||||||
Transportation – 0.0% | ||||||||
Delta Air Contingent Value = | 8,000 | 113 | ||||||
Total Preferred Stocks | ||||||||
(Cost $10,613) | 9,777 | |||||||
Exchange-Traded Funds – 2.1% | ||||||||
PowerShares Emerging Markets Sovereign Debt Portfolio 6 | 44,500 | 1,136 | ||||||
PowerShares Financial Preferred Portfolio 6 | 65,000 | 1,060 | ||||||
SPDR Barclays Capital High Yield Bond Fund 6 | 103,000 | 4,006 | ||||||
SPDR DB International Government Inflation-Protected Bond Fund | 13,900 | $ | 776 | |||||
SPDR S&P Homebuilders 6 | 15,700 | 237 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $6,624) | 7,215 | |||||||
Closed-End Funds – 1.3% | ||||||||
DCA Total Return Fund | 69,900 | 168 | ||||||
Franklin Templeton Limited Duration Income Trust | 141,100 | 1,689 | ||||||
Highland Credit Strategies Fund | 163,000 | 1,030 | ||||||
ING Clarion Global Real Estate Income Fund | 65,000 | 414 | ||||||
Nuveen Equity Premium Opportunity Fund 6 | 56,600 | 747 | ||||||
Nuveen Multi-Strategy Income and Growth Fund | 72,000 | 539 | ||||||
Total Closed-End Funds | ||||||||
(Cost $4,239) | 4,587 | |||||||
Common Stocks – 0.9% | ||||||||
Banking – 0.2% | ||||||||
Bank of America 6 | 33,610 | 506 | ||||||
Basic Industry – 0.1% | ||||||||
Georgia Gulf ¥ = ⊡ | 13,588 | 233 | ||||||
Nortek = | 1,000 | 35 | ||||||
268 | ||||||||
Communications – 0.0% | ||||||||
Viatel Holding Bermuda ¬ ¥ = ⊡ | 1 | — | ||||||
Consumer Discretionary – 0.1% | ||||||||
Target | 8,700 | 421 | ||||||
Energy – 0.3% | ||||||||
Pengrowth Energy Trust ¬ 6 | 67,000 | 645 | ||||||
Provident Energy Trust ¬ | 22,000 | 148 | ||||||
TransCanada ¬ 6 | 9,000 | 309 | ||||||
1,102 | ||||||||
Finance – 0.1% | ||||||||
Citigroup | 54,153 | 179 | ||||||
Real Estate – 0.1% | ||||||||
Macerich – REIT 6 | 10,941 | 394 | ||||||
Technology – 0.0% | ||||||||
Magnachip Semiconductor Escrow = ⊡ | 22,874 | 9 | ||||||
Total Common Stocks | ||||||||
(Cost $3,291) | 2,879 | |||||||
Asset-Backed Securities – 0.3% | ||||||||
Manufactured Housing – 0.0% | ||||||||
Green Tree Financial | ||||||||
Series 1998-1, Class A4 | ||||||||
6.040%, 11/01/2029 ¥ | $ | 6 | 6 | |||||
Other – 0.3% | ||||||||
Exum | ||||||||
Series 2007-1A, Class C | ||||||||
3.351%, 03/22/2014 Δ n ¥ ⊡ | 1,054 | 537 | ||||||
Series 2007-2A, Class C | ||||||||
3.751%, 06/22/2014 Δ n ¥ ⊡ | 1,080 | 563 | ||||||
1,100 | ||||||||
Total Asset-Backed Securities | ||||||||
(Cost $2,140) | 1,106 | |||||||
Short-Term Investments – 3.1% | ||||||||
Money Market Fund – 3.0% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.049% Å Ω | 10,321,006 | 10,321 | ||||||
First American Funds 2009 Semiannual Report 21
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
High Income Bond Fund (concluded) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
U.S. Treasury Obligation – 0.1% | ||||||||
U.S. Treasury Bill | ||||||||
0.330%, 02/11/2010 | $ | 200 | $ | 200 | ||||
Total Short-Term Investments | ||||||||
(Cost $10,521) | 10,521 | |||||||
Investment Purchased with Proceeds from Securities Lending – 15.6% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.213% Ω † | ||||||||
(Cost $52,985) | 52,985,304 | $ | 52,985 | |||||
Total Investments 5 – 114.2% | ||||||||
(Cost $377,060) | 388,935 | |||||||
Other Assets and Liabilities, Net – (14.2)% | (48,225 | ) | ||||||
Total Net Assets – 100.0% | $ | 340,710 | ||||||
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the value of these investments was $115,272 or 33.8% of total net assets. See note 2 in Notes to Financial Statements. | |
¬ | Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2009, the fair value of foreign securities was $43,573 or 12.8% of total net assets. | |
ª | Security in default at December 31, 2009. | |
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $51,689 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
¥ | Security considered illiquid. As of December 31, 2009, the value of the fund’s investments considered to be illiquid was $1,730 or 0.5% of total net assets. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
⊡ | Security is internally fair valued. As of December 31, 2009, the fair value of these investments was $1,342 or 0.4% of total net assets. See note 2 in Notes to Financial Statements. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
† | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $377,060. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 24,315 | ||
Gross unrealized depreciation | (12,440 | ) | ||
Unrealized appreciation | $ | 11,875 | ||
REIT – Real Estate Investment Trust
High Income Bond Fund (concluded)
Inflation Protected Securities Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
U.S. Government & Agency Securities – 87.1% | ||||||||
U.S. Treasuries – 84.7% | ||||||||
U.S. Treasury Bonds | ||||||||
2.375%, 01/15/2025 ◄ | $ | 12,013 | $ | 12,676 | ||||
2.000%, 01/15/2026 ◄ | 4,112 | 4,129 | ||||||
2.375%, 01/15/2027 ◄ | 2,733 | 2,877 | ||||||
1.750%, 01/15/2028 ◄ | 258 | 247 | ||||||
3.625%, 04/15/2028 ◄ 6 | 8,955 | 11,069 | ||||||
2.500%, 01/15/2029 ◄ | 906 | 972 | ||||||
3.875%, 04/15/2029 ◄ | 9,632 | 12,395 | ||||||
4.375%, 11/15/2039 | 250 | 239 | ||||||
U.S. Treasury Notes | ||||||||
3.500%, 01/15/2011 ◄ | 3,509 | 3,640 | ||||||
2.375%, 04/15/2011 ◄ 6 | 10,728 | 11,045 | ||||||
1.125%, 01/15/2012 6 | 900 | 899 | ||||||
2.000%, 04/15/2012 ◄ 6 | 533 | 557 | ||||||
3.000%, 07/15/2012 ◄ 6 | 4,869 | 5,235 | ||||||
1.875%, 07/15/2013 ◄ | 4,649 | 4,897 | ||||||
2.000%, 01/15/2014 ◄ 6 | 6,885 | 7,281 | ||||||
2.000%, 07/15/2014 ◄ 6 | 6,996 | 7,411 | ||||||
2.375%, 10/31/2014 6 | 1,750 | 1,731 | ||||||
1.625%, 01/15/2015 ◄ | 5,038 | 5,239 | ||||||
1.875%, 07/15/2015 ◄ | 5,296 | 5,580 | ||||||
2.000%, 01/15/2016 ◄ | 3,812 | 4,026 | ||||||
2.500%, 07/15/2016 ◄ | 4,405 | 4,797 | ||||||
2.375%, 01/15/2017 ◄ | 3,596 | 3,884 | ||||||
2.625%, 07/15/2017 ◄ | 4,407 | 4,846 | ||||||
1.625%, 01/15/2018 ◄ | 1,032 | 1,056 | ||||||
1.375%, 07/15/2018 ◄ | 1,474 | 1,477 | ||||||
2.125%, 01/15/2019 ◄ 6 | 3,358 | 3,561 | ||||||
1.875%, 07/15/2019 ◄ | 4,166 | 4,324 | ||||||
126,090 | ||||||||
U.S. Agency Debentures – 2.4% | ||||||||
Federal Home Loan Bank | ||||||||
2.000%, 11/09/2012 6 | 1,385 | 1,377 | ||||||
1.500%, 01/16/2013 6 | 760 | 750 | ||||||
Federal Home Loan Mortgage Corporation | ||||||||
1.375%, 01/09/2013 | 750 | 737 | ||||||
Federal National Mortgage Association | ||||||||
0.875%, 01/12/2012 6 | 765 | 759 | ||||||
3,623 | ||||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $128,414) | 129,713 | |||||||
Corporate Bonds – 5.7% | ||||||||
Basic Industry – 1.6% | ||||||||
AK Steel | ||||||||
7.750%, 06/15/2012 | 200 | 202 | ||||||
FMG Finance | ||||||||
10.000%, 09/01/2013 n ¬ | 500 | 520 | ||||||
Georgia-Pacific | ||||||||
7.125%, 01/15/2017 n | 150 | 152 | ||||||
Griffin Coal Mining | ||||||||
9.500%, 12/01/2016 6 n ª ¬ | 200 | 118 | ||||||
Southern Copper | ||||||||
7.500%, 07/27/2035 | 950 | 941 | ||||||
USG | ||||||||
9.500%, 01/15/2018 | 100 | 103 | ||||||
Vedanta Resources | ||||||||
9.500%, 07/18/2018 n ¬ | 400 | 406 | ||||||
2,442 | ||||||||
The accompanying notes are an integral part of the financial statements.
22 First American Funds 2009 Semiannual Report
Table of Contents
Inflation Protected Securities Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Capital Goods – 0.2% | ||||||||
Ball | ||||||||
7.125%, 09/01/2016 | $ | 225 | $ | 231 | ||||
Consumer Non Cyclical – 0.3% | ||||||||
HCA | ||||||||
9.250%, 11/15/2016 | 100 | 108 | ||||||
Smithfield Foods | ||||||||
7.000%, 08/01/2011 6 | 275 | 274 | ||||||
382 | ||||||||
Electric – 0.1% | ||||||||
Majapahit Holding | ||||||||
7.750%, 01/20/2020 6 n ¬ | 200 | 210 | ||||||
Energy – 0.4% | ||||||||
Cloud Peak Energy Resources | ||||||||
8.250%, 12/15/2017 n | 200 | 200 | ||||||
Concho Resources | ||||||||
8.625%, 10/01/2017 | 200 | 210 | ||||||
Pacific Rubiales Energy | ||||||||
8.750%, 11/10/2016 n ¬ | 200 | 210 | ||||||
620 | ||||||||
Insurance – 1.2% | ||||||||
Allstate Life Global Funding Trust | ||||||||
Series MTN | ||||||||
0.870%, 03/01/2010 Δ | 900 | 899 | ||||||
Pacific Life Global Funding | ||||||||
3.980%, 02/06/2016 n Δ | 1,000 | 935 | ||||||
1,834 | ||||||||
Sovereigns – 1.4% | ||||||||
Australian Government | ||||||||
5.750%, 04/15/2012 ¬ | AUD 800 | 735 | ||||||
Canadian Government | ||||||||
1.500%, 03/01/2012 ¬ | CAD 800 | 763 | ||||||
Norwegian Government | ||||||||
6.500%, 05/15/2013 ¬ | NOK 3,300 | 630 | ||||||
2,128 | ||||||||
Transportation – 0.5% | ||||||||
American Airlines | ||||||||
Series 2001-1, Class A-2 | ||||||||
6.817%, 11/23/2012 6 | $ | 200 | 192 | |||||
Continental Airlines | ||||||||
Series 1997-1, Class A | ||||||||
7.461%, 10/01/2016 | 132 | 125 | ||||||
Series 2007-1, Class C | ||||||||
7.339%, 04/19/2014 6 | 200 | 182 | ||||||
Delta Airlines | ||||||||
Series 2001-1, Class B | ||||||||
7.711%, 03/18/2013 6 | 200 | 197 | ||||||
696 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $8,577) | 8,543 | |||||||
Asset-Backed Securities – 3.8% | ||||||||
Credit Cards – 0.8% | ||||||||
Discover Card Master Trust | ||||||||
Series 2007-C1, Class C1 | ||||||||
0.553%, 01/15/2013 Δ | 500 | 494 | ||||||
Washington Mutual Master Note Trust | ||||||||
Series 2007-C1, Class C1 | ||||||||
0.633%, 05/15/2014 n Δ | 625 | 622 | ||||||
1,116 | ||||||||
Other – 3.0% | ||||||||
GMAC Commercial Mortgage Securities | ||||||||
Series 2003-C3, Class A2 | ||||||||
4.223%, 04/10/2040 | 684 | 689 | ||||||
Greenwich Capital Commercial Funding | ||||||||
Series 2007-GG11, Class A4 | ||||||||
5.736%, 12/10/2049 | 1,000 | 887 | ||||||
Series 2007-GG11, Class AJ | ||||||||
6.003%, 12/10/2049 Δ ¥ | 1,670 | 833 | ||||||
GS Mortgage Securities II | ||||||||
Series 2007-GG10, Class A4 | ||||||||
5.805%, 08/10/2045 6 Δ | 1,245 | 1,069 | ||||||
Merrill Lynch Mortgage Trust | ||||||||
Series 2008-C1, Class A4 | ||||||||
5.690%, 02/12/2051 | 380 | 333 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2007-C33, Class AJ | ||||||||
5.902%, 02/15/2051 Δ ¥ | 1,000 | 433 | ||||||
Series 2007-C34, Class AJ | ||||||||
5.952%, 05/15/2046 Δ ¥ | 500 | 248 | ||||||
4,492 | ||||||||
Total Asset-Backed Securities | ||||||||
(Cost $7,247) | 5,608 | |||||||
U.S. Government Agency Mortgage-Backed Security – 1.0% | ||||||||
Fixed Rate – 1.0% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
3.000% 01/21/2014 | ||||||||
(Cost $1,515) | 1,510 | 1,512 | ||||||
Municipal Bond – 0.5% | ||||||||
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B | ||||||||
6.950% 09/01/2016 | ||||||||
(Cost $760) | 760 | 727 | ||||||
Convertible Security – 0.1% | ||||||||
Consumer Non Cyclical – 0.1% | ||||||||
Bunge Limited | ||||||||
(Cost $195) | 1,700 | 155 | ||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security – 0.1% | ||||||||
Fixed Rate – 0.1% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 2763, Class TA | ||||||||
4.000% 03/15/2011 | ||||||||
(Cost $125) | $ | 125 | 127 | |||||
Exchange-Traded Fund – 0.1% | ||||||||
iShares iBoxx $ High Yield Corporate Bond Fund 6 | ||||||||
(Cost $76) | 1,000 | 88 | ||||||
Preferred Stock – 0.0% | ||||||||
Sovereign – 0.0% | ||||||||
Fannie Mae | ||||||||
Series S | ||||||||
(Cost $400) | 16,000 | 18 | ||||||
Short-Term Investments – 1.1% | ||||||||
Money Market Fund – 0.9% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.049% Å Ω | 1,273,952 | 1,274 | ||||||
First American Funds 2009 Semiannual Report 23
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Inflation Protected Securities Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
U.S. Treasury Obligations – 0.2% | ||||||||
U.S. Treasury Bills o | ||||||||
0.223%, 02/11/2010 | $ | 330 | $ | 330 | ||||
0.109%, 05/06/2010 | 30 | 30 | ||||||
0.169%, 06/03/2010 | 60 | 60 | ||||||
420 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $1,694) | 1,694 | |||||||
Investment Purchased with Proceeds from Securities Lending – 31.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio 0.213% Ω † | ||||||||
(Cost $47,489) | 47,488,709 | 47,489 | ||||||
Total Investments 5 – 131.4% | ||||||||
(Cost $196,492) | 195,674 | |||||||
Other Assets and Liabilities, Net – (31.4)% | (46,708 | ) | ||||||
Total Net Assets – 100.0% | $ | 148,966 | ||||||
◄ | U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. | |
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $46,419 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the fair value of these investments was $3,373 or 2.3% of total net assets. See note 2 in Notes to Financial Statements. | |
ª | Security in default at December 31, 2009. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
¬ | Foreign security fair values are stated in U.S. Dollars. For debt securities, principal amounts are denominated in U.S. Dollars unless otherwise noted. As of December 31, 2009, the fair value of foreign securities was $3,592 or 2.4% of total net assets. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investments considered to be illiquid was $1,514 or 1.0% of total net assets. See note 2 in Notes to Financial Statements. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
o | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of December 31, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $196,492. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 2,580 | ||
Gross unrealized depreciation | (3,398 | ) | ||
Unrealized depreciation | $ | (818 | ) | |
Inflation Protected Securities Fund (concluded)
Schedule of Open Futures Contracts
Number of | Notional | Unrealized | ||||||||||||
Settlement | Contracts | Contract | Appreciation | |||||||||||
Description | Month | Purchased | Value | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | March 2010 | 19 | $4,109 | $ | 1 | |||||||||
U.S. Treasury 5 Year Note Futures | March 2010 | 7 | 801 | (15 | ) | |||||||||
U.S. Treasury 10 Year Note Futures | March 2010 | 46 | 5,311 | (111 | ) | |||||||||
U.S. Treasury Long Bond Futures | March 2010 | 39 | 4,500 | (163 | ) | |||||||||
$ | (288 | ) | ||||||||||||
Credit Default Swap Agreement
Credit Default Swap on Credit Indices
Sell Protection1
Reference | Receive | Expiration | Notional | Unrealized | ||||||||||||||
Counterparty | Index | Fixed Rate | Date | Amount2 | Appreciation | |||||||||||||
UBS | Markit iTraxx Asia ex-Japan Index | 6.500% | 06/20/2013 | $ | 1,300 | $ | 66 | |||||||||||
1 | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. | |
2 | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
JPMorgan | 3-Month LIBOR | Receive | 1.255% | 11/03/11 | $ | 4,000 | $ | (5 | ) | |||||||||||||
UBS | 3-Month LIBOR | Receive | 1.358% | 09/25/11 | 4,000 | (27 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.001% | 08/03/14 | 2,000 | (31 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 4.045% | 11/14/18 | 1,000 | (22 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.460% | 09/15/19 | 1,000 | 29 | ||||||||||||||||
$ | (56 | ) | ||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
24 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Government Bond Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
U.S. Government & Agency Securities – 88.8% | ||||||||
U.S. Agency Debentures – 42.9% | ||||||||
Federal Farm Credit Bank | ||||||||
2.250%, 07/01/2010 | $ | 1,365 | $ | 1,378 | ||||
5.250%, 09/13/2010 | 1,000 | 1,031 | ||||||
5.750%, 01/18/2011 | 1,800 | 1,896 | ||||||
4.875%, 02/18/2011 | 1,000 | 1,047 | ||||||
3.875%, 08/25/2011 6 | 3,600 | 3,763 | ||||||
2.250%, 04/24/2012 | 905 | 920 | ||||||
2.125%, 06/18/2012 | 1,130 | 1,144 | ||||||
4.500%, 10/17/2012 | 1,565 | 1,677 | ||||||
1.875%, 12/07/2012 | 2,035 | 2,035 | ||||||
3.875%, 10/07/2013 | 1,350 | 1,427 | ||||||
2.625%, 04/17/2014 | 1,400 | 1,395 | ||||||
3.000%, 09/22/2014 | 700 | 702 | ||||||
4.875%, 01/17/2017 | 1,025 | 1,091 | ||||||
Federal Home Loan Bank | ||||||||
4.875%, 03/12/2010 | 870 | 878 | ||||||
5.125%, 09/10/2010 | 900 | 929 | ||||||
4.250%, 06/10/2011 | 1,500 | 1,567 | ||||||
1.875%, 06/20/2012 | 2,000 | 2,014 | ||||||
1.750%, 08/22/2012 | 1,025 | 1,026 | ||||||
1.625%, 09/26/2012 | 515 | 513 | ||||||
1.500%, 01/16/2013 6 | 1,000 | 986 | ||||||
Federal Home Loan Mortgage Corporation | ||||||||
1.375%, 01/09/2013 | 2,100 | 2,064 | ||||||
Federal National Mortgage Association | ||||||||
0.875%, 01/12/2012 6 | 1,000 | 992 | ||||||
Tennessee Valley Authority | ||||||||
0.805%, 01/15/2010 ¤ | 1,135 | 1,135 | ||||||
5.625%, 01/18/2011 | 2,000 | 2,104 | ||||||
6.790%, 05/23/2012 | 3,175 | 3,557 | ||||||
6.000%, 03/15/2013 | 2,725 | 3,049 | ||||||
40,320 | ||||||||
U.S. Treasuries – 45.9% | ||||||||
U.S. Treasury Bonds | ||||||||
8.750%, 05/15/2017 | 1,135 | 1,534 | ||||||
9.125%, 05/15/2018 6 | 560 | 786 | ||||||
9.000%, 11/15/2018 | 1,125 | 1,580 | ||||||
8.875%, 02/15/2019 | 830 | 1,160 | ||||||
8.125%, 08/15/2019 | 1,105 | 1,487 | ||||||
8.500%, 02/15/2020 6 | 1,250 | 1,732 | ||||||
8.750%, 08/15/2020 | 2,850 | 4,032 | ||||||
U.S. Treasury Notes | ||||||||
0.875%, 04/15/2010 ◄ | 285 | 286 | ||||||
3.375%, 07/31/2013 | 4,215 | 4,425 | ||||||
4.750%, 05/15/2014 6 | 9,050 | 9,958 | ||||||
2.375%, 08/31/2014 6 | 9,120 | 9,053 | ||||||
4.250%, 11/15/2014 6 | 2,000 | 2,154 | ||||||
7.500%, 11/15/2016 6 | 2,265 | 2,854 | ||||||
4.250%, 11/15/2017 | 1,355 | 1,420 | ||||||
3.875%, 05/15/2018 | 750 | 762 | ||||||
43,223 | ||||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $82,720) | 83,543 | |||||||
Asset-Backed Securities – 5.1% | ||||||||
Automotive – 2.1% | ||||||||
Ally Auto Receivables Trust | ||||||||
Series 2009-A, Class A3 | ||||||||
2.330%, 06/17/2013 n | 500 | 505 | ||||||
Bank of America Auto Trust | ||||||||
Series 2009-2A, Class A2 | ||||||||
1.160%, 02/15/2012 n | 500 | 501 | ||||||
Ford Credit Auto Owner Trust | ||||||||
Series 2009-D, Class A2 | ||||||||
1.210%, 01/15/2012 | 500 | 501 | ||||||
Nissan Auto Lease Trust | ||||||||
Series 2009-B, Class A3 | ||||||||
2.070%, 01/15/2015 | 500 | 503 | ||||||
2,010 | ||||||||
Other – 3.0% | ||||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
Series 2005-T20, Class A4A | ||||||||
5.149%, 10/12/2042 | 550 | 540 | ||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||||||
Series 2007-CD5, Class A4 | ||||||||
5.886%, 11/15/2044 | 550 | 492 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
Series 2005-LP5, Class A4 | ||||||||
4.982%, 05/10/2043 | 550 | 546 | ||||||
Morgan Stanley Capital I | ||||||||
Series 2006-IQ12, Class A4 | ||||||||
5.332%, 12/15/2043 | 500 | 464 | ||||||
Small Business Administration | ||||||||
Series 2005-P10A, Class 1 | ||||||||
4.638%, 02/10/2015 | 754 | 786 | ||||||
2,828 | ||||||||
Total Asset-Backed Securities | ||||||||
(Cost $4,805) | 4,838 | |||||||
U.S. Government Agency Mortgage-Backed Securities – 2.8% | ||||||||
Adjustable Rate Δ – 1.7% | ||||||||
Federal National Mortgage Association Pool | ||||||||
4.622%, 03/01/2035, #819652 | 777 | 803 | ||||||
3.092%, 07/01/2036, #886034 | 751 | 784 | ||||||
1,587 | ||||||||
Fixed Rate – 1.1% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
2.000%, 11/05/2012 | 1,000 | 998 | ||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $2,582) | 2,585 | |||||||
Corporate Bonds – 1.1% | ||||||||
Finance – 1.1% | ||||||||
GMAC | ||||||||
1.750%, 10/30/2012 | 510 | 507 | ||||||
Private Export Funding | ||||||||
3.050%, 10/15/2014 | 550 | 546 | ||||||
Total Corporate Bonds | ||||||||
(Cost $1,059) | 1,053 | |||||||
First American Funds 2009 Semiannual Report 25
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Government Bond Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security – 1.1% | ||||||||
Fixed Rate – 1.1% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 2629, Class BO | ||||||||
3.250% 03/15/2018 | ||||||||
(Cost $1,009) | $ | 990 | $ | 1,011 | ||||
Short-Term Investments – 0.3% | ||||||||
Money Market Fund – 0.2% | ||||||||
First American U.S. Treasury Money Market Fund, Class Z | ||||||||
0.000% Å Ω | 243,006 | 243 | ||||||
U.S. Treasury Obligations – 0.1% | ||||||||
U.S. Treasury Bills o | ||||||||
0.078%, 02/11/2010 | $ | 60 | 60 | |||||
0.180%, 02/25/2010 | 20 | 20 | ||||||
80 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $323) | 323 | |||||||
Investment Purchased with Proceeds from Securities Lending – 34.7% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.213%, Ω † | ||||||||
(Cost $32,619) | 32,618,998 | 32,619 | ||||||
Total Investments 5 – 133.9% | ||||||||
(Cost $125,117) | 125,972 | |||||||
Other Assets and Liabilities, Net – (33.9)% | (31,860 | ) | ||||||
Total Net Assets – 100.0% | $ | 94,112 | ||||||
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $31,865 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
◄ | U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the fair value of these investments was $1,006 or 1.1% of total net assets. See note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
o | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of December 31, 2009. 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 of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
Intermediate Government Bond Fund (concluded)
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $125,117. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 1,462 | ||
Gross unrealized depreciation | (607 | ) | ||
Net unrealized appreciation | $ | 855 | ||
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Settlement | Purchased | Contract | Appreciation | |||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | March 2010 | 58 | $12,543 | $ | 49 | |||||||||
U.S. Treasury 5 Year Note Futures | March 2010 | (29 | ) | (3,317) | (55 | ) | ||||||||
U.S. Treasury 10 Year Note Futures | March 2010 | 9 | 1,039 | (4 | ) | |||||||||
U.S. Treasury Long Bond Futures | March 2010 | 4 | 462 | (17 | ) | |||||||||
$ | (27 | ) | ||||||||||||
The accompanying notes are an integral part of the financial statements.
26 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Term Bond Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Corporate Bonds – 57.0% | ||||||||
Banking – 9.9% | ||||||||
Bank of America | ||||||||
5.750%, 12/01/2017 6 | $ | 4,015 | $ | 4,111 | ||||
5.650%, 05/01/2018 6 | 5,745 | 5,835 | ||||||
8.000%, 12/29/2049 Δ | 4,310 | 4,149 | ||||||
Citigroup | ||||||||
5.500%, 10/15/2014 | 2,935 | 2,972 | ||||||
6.125%, 11/21/2017 | 4,590 | 4,627 | ||||||
6.125%, 05/15/2018 | 1,100 | 1,106 | ||||||
8.500%, 05/22/2019 | 3,000 | 3,464 | ||||||
Citigroup Capital XXI | ||||||||
8.300%, 12/21/2077 Δ | 1,475 | 1,420 | ||||||
Comerica Bank | ||||||||
5.750%, 11/21/2016 | 3,245 | 3,140 | ||||||
Credit Suisse New York | ||||||||
5.500%, 05/01/2014 ¬ | 2,825 | 3,066 | ||||||
Deutsche Bank | ||||||||
3.875%, 08/18/2014 ¬ | 3,205 | 3,273 | ||||||
Fifth Third Bancorp | ||||||||
6.250%, 05/01/2013 6 | 1,495 | 1,539 | ||||||
Fifth Third Bank | ||||||||
Series BKNT | ||||||||
4.200%, 02/23/2010 | 1,250 | 1,255 | ||||||
JPMorgan Chase | ||||||||
4.650%, 06/01/2014 | 2,755 | 2,902 | ||||||
5.150%, 10/01/2015 | 3,290 | 3,407 | ||||||
Series 1 | ||||||||
7.900%, 04/29/2049 Δ | 4,085 | 4,214 | ||||||
JPMorgan Chase Capital XXII | ||||||||
Series V | ||||||||
6.450%, 02/02/2037 | 1,750 | 1,606 | ||||||
KeyCorp | ||||||||
6.500%, 05/14/2013 | 1,000 | 1,032 | ||||||
National City Preferred Capital Trust I | ||||||||
12.000%, 12/29/2049 Δ | 975 | 1,123 | ||||||
North Fork Bancorp | ||||||||
5.875%, 08/15/2012 | 3,130 | 3,248 | ||||||
Royal Bank of Scotland | ||||||||
6.400%, 10/21/2019 6 ¬ | 1,000 | 997 | ||||||
Sovereign Bank | ||||||||
8.750%, 05/30/2018 | 2,040 | 2,357 | ||||||
UBS Preferred Funding Trust V | ||||||||
6.243%, 05/29/2049 Δ | 1,170 | 915 | ||||||
Wachovia | ||||||||
5.750%, 06/15/2017 6 | 1,450 | 1,508 | ||||||
Wells Fargo | ||||||||
4.375%, 01/31/2013 | 1,840 | 1,911 | ||||||
Series I | ||||||||
3.750%, 10/01/2014 | 3,135 | 3,126 | ||||||
Series K | ||||||||
7.980%, 03/29/2049 Δ | 3,365 | 3,373 | ||||||
Wells Fargo Capital XIII | ||||||||
Series GMTN | ||||||||
7.700%, 12/29/2049 Δ | 3,545 | 3,439 | ||||||
Wells Fargo Capital XV | ||||||||
9.750%, 12/29/2049 6 Δ | 1,760 | 1,883 | ||||||
76,998 | ||||||||
Basic Industry – 3.2% | ||||||||
Arcelormittal | ||||||||
5.375%, 06/01/2013 ¬ | 7,835 | 8,268 | ||||||
Celulosa Arauco Constitucion | ||||||||
5.625%, 04/20/2015 ¬ | 2,000 | 2,091 | ||||||
E.I. Du Pont de Nemours | ||||||||
5.000%, 01/15/2013 | 1,315 | 1,408 | ||||||
Incitec Pivot Finance | ||||||||
6.000%, 12/10/2019 n | 2,255 | 2,231 | ||||||
Newmont Mining | ||||||||
5.125%, 10/01/2019 | 3,720 | 3,722 | ||||||
Rio Tinto Financial | ||||||||
5.875%, 07/15/2013 6 ¬ | 3,300 | 3,561 | ||||||
U.S. Steel | ||||||||
7.000%, 02/01/2018 | 1,750 | 1,714 | ||||||
Vale Overseas | ||||||||
6.250%, 01/11/2016 ¬ | 1,415 | 1,482 | ||||||
24,477 | ||||||||
Brokerage – 4.9% | ||||||||
Goldman Sachs Capital II | ||||||||
5.793%, 12/31/2049 Δ | 1,165 | 903 | ||||||
Goldman Sachs Group | ||||||||
6.150%, 04/01/2018 | 11,900 | 12,739 | ||||||
7.500%, 02/15/2019 | 1,525 | 1,778 | ||||||
Merrill Lynch | ||||||||
6.050%, 05/16/2016 | 4,625 | 4,667 | ||||||
Series MTN | ||||||||
6.150%, 04/25/2013 | 1,860 | 1,991 | ||||||
6.400%, 08/28/2017 | 1,500 | 1,578 | ||||||
Morgan Stanley | ||||||||
5.375%, 10/15/2015 | 6,550 | 6,768 | ||||||
Series MTN | ||||||||
6.625%, 04/01/2018 | 6,700 | 7,243 | ||||||
37,667 | ||||||||
Capital Goods – 1.3% | ||||||||
Boeing | ||||||||
6.000%, 03/15/2019 | 2,670 | 2,898 | ||||||
4.875%, 02/15/2020 | 1,850 | 1,855 | ||||||
Caterpillar Financial | ||||||||
Series MTN | ||||||||
7.150%, 02/15/2019 | 2,565 | 2,966 | ||||||
John Deere Capital | ||||||||
Series MTN | ||||||||
4.500%, 04/03/2013 | 1,990 | 2,089 | ||||||
9,808 | ||||||||
Communications – 6.3% | ||||||||
AT&T | ||||||||
5.800%, 02/15/2019 6 | 3,350 | 3,571 | ||||||
British Sky Broadcasting | ||||||||
6.100%, 02/15/2018 6 ¬ n | 1,845 | 1,955 | ||||||
British Telecom | ||||||||
5.950%, 01/15/2018 6 ¬ | 2,415 | 2,455 | ||||||
Comcast | ||||||||
6.300%, 11/15/2017 | 6,315 | 6,910 | ||||||
Deutsche Telekom | ||||||||
5.875%, 08/20/2013 ¬ | 6,560 | 7,099 | ||||||
DirecTV Holdings | ||||||||
5.875%, 10/01/2019 n | 2,820 | 2,868 | ||||||
Embarq | ||||||||
7.082%, 06/01/2016 6 | 1,170 | 1,292 | ||||||
News America | ||||||||
5.650%, 08/15/2020 6 n | 2,000 | 2,083 | ||||||
Rogers Communications | ||||||||
6.800%, 08/15/2018 ¬ | 1,390 | 1,557 | ||||||
Telecom Italia Capital | ||||||||
7.175%, 06/18/2019 ¬ | 2,570 | 2,865 | ||||||
Time Warner Cable | ||||||||
8.250%, 02/14/2014 | 2,000 | 2,337 | ||||||
6.750%, 07/01/2018 6 | 2,025 | 2,225 |
First American Funds 2009 Semiannual Report 27
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Verizon Communications | ||||||||
5.250%, 04/15/2013 6 | $ | 4,905 | $ | 5,288 | ||||
8.750%, 11/01/2018 6 | 3,270 | 4,084 | ||||||
Vodafone Group | ||||||||
5.450%, 06/10/2019 6 ¬ | 1,950 | 2,019 | ||||||
48,608 | ||||||||
Consumer Cyclical – 3.3% | ||||||||
American Honda Finance | ||||||||
Series MTN | ||||||||
4.625%, 04/02/2013 n | 3,660 | 3,760 | ||||||
Home Depot | ||||||||
5.875%, 12/16/2036 | 1,775 | 1,713 | ||||||
McDonald’s | ||||||||
Series MTN | ||||||||
5.350%, 03/01/2018 | 1,740 | 1,866 | ||||||
Target | ||||||||
5.125%, 01/15/2013 | 6,025 | 6,542 | ||||||
Viacom | ||||||||
5.625%, 09/15/2019 6 | 5,000 | 5,221 | ||||||
Whirlpool | ||||||||
Series MTN | ||||||||
5.500%, 03/01/2013 | 3,165 | 3,259 | ||||||
Yum! Brands | ||||||||
8.875%, 04/15/2011 | 2,740 | 2,965 | ||||||
25,326 | ||||||||
Consumer Non Cyclical – 6.2% | ||||||||
Altria Group | ||||||||
9.700%, 11/10/2018 6 | 3,000 | 3,709 | ||||||
Anheuser-Busch InBev | ||||||||
7.750%, 01/15/2019 n | 3,450 | 4,039 | ||||||
Baxter International | ||||||||
4.500%, 08/15/2019 | 1,500 | 1,501 | ||||||
ConAgra Foods | ||||||||
5.875%, 04/15/2014 | 2,595 | 2,828 | ||||||
Covidien International | ||||||||
5.450%, 10/15/2012 ¬ | 2,240 | 2,424 | ||||||
Express Scripts | ||||||||
6.250%, 06/15/2014 | 3,000 | 3,273 | ||||||
Genentech | ||||||||
4.750%, 07/15/2015 | 1,650 | 1,766 | ||||||
General Mills | ||||||||
5.650%, 02/15/2019 | 6,085 | 6,454 | ||||||
Kellogg | ||||||||
4.450%, 05/30/2016 | 2,620 | 2,698 | ||||||
Kraft Foods | ||||||||
6.500%, 08/11/2017 | 1,225 | 1,329 | ||||||
Lorillard Tobacco | ||||||||
8.125%, 06/23/2019 6 | 1,815 | 1,995 | ||||||
Reynolds American | ||||||||
7.625%, 06/01/2016 | 5,000 | 5,451 | ||||||
Roche Holdings | ||||||||
6.000%, 03/01/2019 n | 2,100 | 2,308 | ||||||
Schering-Plough | ||||||||
5.300%, 12/01/2013 | 4,595 | 5,050 | ||||||
UnitedHealth Group | ||||||||
4.875%, 02/15/2013 | 2,965 | 3,102 | ||||||
47,927 | ||||||||
Electric – 2.3% | ||||||||
FirstEnergy Solutions | ||||||||
6.050%, 08/15/2021 | 500 | 504 | ||||||
MidAmerican Energy Holdings | ||||||||
5.875%, 10/01/2012 | 3,445 | 3,752 | ||||||
National Rural Utilities | ||||||||
10.375%, 11/01/2018 | 3,100 | 4,108 | ||||||
Ohio Power | ||||||||
Series K | ||||||||
6.000%, 06/01/2016 | 2,100 | 2,226 | ||||||
PPL Energy Supply | ||||||||
6.300%, 07/15/2013 | 2,000 | 2,154 | ||||||
Taqa Abu Dhabi National Energy | ||||||||
6.165%, 10/25/2017 ¬ n | 1,115 | 1,061 | ||||||
Virginia Electric Power | ||||||||
5.950%, 09/15/2017 | 3,780 | 4,096 | ||||||
17,901 | ||||||||
Energy – 5.4% | ||||||||
Anadarko Petroleum | ||||||||
5.950%, 09/15/2016 | 4,000 | 4,327 | ||||||
Canadian National Resources | ||||||||
5.900%, 02/01/2018 ¬ | 660 | 709 | ||||||
Cenovus Energy | ||||||||
5.700%, 10/15/2019 ¬ n | 2,870 | 2,994 | ||||||
ConocoPhillips | ||||||||
6.000%, 01/15/2020 6 | 3,280 | 3,634 | ||||||
Dolphin Energy | ||||||||
5.888%, 06/15/2019 ¬ n | 1,980 | 2,000 | ||||||
Hess | ||||||||
8.125%, 02/15/2019 6 | 2,750 | 3,316 | ||||||
Marathon Oil | ||||||||
5.900%, 03/15/2018 | 1,420 | 1,496 | ||||||
7.500%, 02/15/2019 | 2,060 | 2,378 | ||||||
Nexen | ||||||||
5.650%, 05/15/2017 ¬ | 4,180 | 4,347 | ||||||
Suncor Energy | ||||||||
6.100%, 06/01/2018 6 ¬ | 1,275 | 1,368 | ||||||
Talisman Energy | ||||||||
7.750%, 06/01/2019 ¬ | 2,500 | 2,936 | ||||||
Weatherford International | ||||||||
5.950%, 06/15/2012 | 3,690 | 3,949 | ||||||
Woodside Finance | ||||||||
4.500%, 11/10/2014 ¬ n | 1,880 | 1,897 | ||||||
XTO Energy | ||||||||
4.625%, 06/15/2013 6 | 3,000 | 3,190 | ||||||
5.650%, 04/01/2016 | 3,295 | 3,601 | ||||||
42,142 | ||||||||
Finance – 5.3% | ||||||||
American Express | ||||||||
7.250%, 05/20/2014 6 | 4,125 | 4,655 | ||||||
American Express Centurion | ||||||||
Series BKNT | ||||||||
5.550%, 10/17/2012 | 2,035 | 2,176 | ||||||
American Express Credit | ||||||||
Series C | ||||||||
7.300%, 08/20/2013 | 2,405 | 2,703 | ||||||
Capital One Bank USA | ||||||||
8.800%, 07/15/2019 6 | 3,140 | 3,710 | ||||||
Capital One Financial | ||||||||
6.150%, 09/01/2016 | 1,775 | 1,783 | ||||||
Countrywide Financial | ||||||||
6.250%, 05/15/2016 | 2,395 | 2,436 | ||||||
Credit Agricole | ||||||||
6.637%, 05/29/2049 Δ ¬ n | 1,330 | 1,077 | ||||||
General Electric Capital | ||||||||
4.800%, 05/01/2013 6 | 6,235 | 6,517 | ||||||
Series A | ||||||||
3.750%, 11/14/2014 | 2,500 | 2,496 | ||||||
Series MTN | ||||||||
5.625%, 09/15/2017 | 3,955 | 4,075 |
The accompanying notes are an integral part of the financial statements.
28 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
International Lease Finance | ||||||||
6.375%, 03/25/2013 6 | $ | 2,635 | $ | 2,167 | ||||
Private Export Funding | ||||||||
3.050%, 10/15/2014 | 575 | 571 | ||||||
Rockies Express Pipeline | ||||||||
6.850%, 07/15/2018 n | 2,000 | 2,210 | ||||||
Transcapitalinvest | ||||||||
5.670%, 03/05/2014 ¬ n | 4,125 | 4,156 | ||||||
40,732 | ||||||||
Industrial Other – 0.6% | ||||||||
Johnson Controls | ||||||||
5.250%, 01/15/2011 6 | 4,720 | 4,953 | ||||||
Insurance – 3.2% | ||||||||
Allied World Assurance | ||||||||
7.500%, 08/01/2016 ¬ | 3,040 | 3,246 | ||||||
American International Group | ||||||||
8.250%, 08/15/2018 | 3,000 | 2,817 | ||||||
Hartford Financial Services Group | ||||||||
Series MTN | ||||||||
6.000%, 01/15/2019 | 3,055 | 2,975 | ||||||
Lincoln National | ||||||||
8.750%, 07/01/2019 6 | 2,720 | 3,108 | ||||||
Met Life Global Funding I | ||||||||
5.125%, 04/10/2013 n | 3,730 | 3,951 | ||||||
MetLife | ||||||||
7.717%, 02/15/2019 6 | 1,170 | 1,375 | ||||||
Pacific Life Global Funding | ||||||||
5.150%, 04/15/2013 n | 2,205 | 2,304 | ||||||
Prudential Financial | ||||||||
5.100%, 09/20/2014 | 3,235 | 3,373 | ||||||
ZFS Finance USA Trust V | ||||||||
6.500%, 05/09/2067 Δ n | 1,530 | 1,293 | ||||||
24,442 | ||||||||
Natural Gas – 0.3% | ||||||||
Kinder Morgan Energy Partners | ||||||||
5.000%, 12/15/2013 | 2,560 | 2,687 | ||||||
Other Utility – 0.2% | ||||||||
American Water Capital | ||||||||
6.085%, 10/15/2017 | 1,420 | 1,484 | ||||||
Real Estate – 1.3% | ||||||||
Health Care – REIT | ||||||||
5.875%, 05/15/2015 | 3,775 | 3,696 | ||||||
Health Care Properties – REIT | ||||||||
Series MTN | ||||||||
6.300%, 09/15/2016 | 3,190 | 3,114 | ||||||
Prologis 2006 – REIT | ||||||||
5.750%, 04/01/2016 | 3,525 | 3,311 | ||||||
10,121 | ||||||||
Sovereign – 0.2% | ||||||||
United Mexican States | ||||||||
5.625%, 01/15/2017 ¬ | 1,400 | 1,459 | ||||||
Technology – 0.7% | ||||||||
Chartered Semiconductor | ||||||||
5.750%, 08/03/2010 ¬ | 1,500 | 1,499 | ||||||
Computer Sciences | ||||||||
6.500%, 03/15/2018 | 3,490 | 3,809 | ||||||
5,308 | ||||||||
Transportation – 2.4% | ||||||||
AEP Texas Central | ||||||||
Series A-2 | ||||||||
4.980%, 07/01/2015 | 9,685 | 10,262 | ||||||
CSX | ||||||||
6.250%, 03/15/2018 | 3,465 | 3,731 | ||||||
Erac USA Finance | ||||||||
6.375%, 10/15/2017 n | 1,445 | 1,460 | ||||||
Union Pacific | ||||||||
5.750%, 11/15/2017 | 3,320 | 3,503 | ||||||
18,956 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $413,087) | 440,996 | |||||||
Asset-Backed Securities – 22.1% | ||||||||
Automotive – 4.6% | ||||||||
Ally Auto Receivables Trust | ||||||||
Series 2009-A, Class A3 | ||||||||
2.330%, 06/17/2013 n | 3,000 | 3,027 | ||||||
Bank of America Auto Trust | ||||||||
Series 2009-2A, Class A2 | ||||||||
1.160%, 02/15/2012 n | 2,635 | 2,641 | ||||||
Capital One Prime Auto Receivables Trust | ||||||||
Series 2006-2, Class A4 | ||||||||
4.940%, 07/15/2012 | 2,499 | 2,545 | ||||||
Series 2007-2, Class A3 | ||||||||
4.890%, 01/15/2012 | 1,075 | 1,090 | ||||||
Ford Credit Auto Owner Trust | ||||||||
Series 2009-A, Class A3A | ||||||||
3.960%, 05/15/2013 | 4,000 | 4,129 | ||||||
Harley-Davidson Motorcycle Trust | ||||||||
Series 2005-4, Class A2 | ||||||||
4.850%, 06/15/2012 | 1,612 | 1,637 | ||||||
Hertz Vehicle Financing | ||||||||
Series 2009-2A, Class A1 | ||||||||
4.260%, 03/25/2014 n | 5,000 | 4,983 | ||||||
Huntington Auto Trust | ||||||||
Series 2009-1A, Class A2 | ||||||||
3.480%, 07/15/2011 n | 3,375 | 3,396 | ||||||
Nissan Auto Receivables Owner Trust | ||||||||
Series 2007-B, Class A4 | ||||||||
5.160%, 03/15/2014 | 5,500 | 5,762 | ||||||
USAA Auto Owner Trust | ||||||||
Series 2006-2, Class A4 | ||||||||
5.370%, 02/15/2012 | 1,804 | 1,825 | ||||||
Series 2007-1, Class A3 | ||||||||
5.430%, 10/15/2011 | 502 | 507 | ||||||
Series 2007-2, Class A3 | ||||||||
4.900%, 02/15/2012 | 353 | 357 | ||||||
Series 2008-1, Class A3 | ||||||||
4.160%, 04/16/2012 | 1,315 | 1,335 | ||||||
Wachovia Auto Loan Owner Trust | ||||||||
Series 2006-2, Class A4 | ||||||||
5.230%, 03/20/2012 n | 1,304 | 1,318 | ||||||
World Omni Auto Receivables Trust | ||||||||
Series 2007-B, Class A3A | ||||||||
5.280%, 01/17/2012 | 575 | 584 | ||||||
35,136 | ||||||||
Credit Cards – 6.0% | ||||||||
American Express Issuance Trust | ||||||||
Series 2005-1, Class C | ||||||||
1.525%, 08/15/2011 Δ | 1,930 | 1,907 | ||||||
Bank of America Credit Card Trust | ||||||||
Series 2007-A8, Class A8 | ||||||||
5.590%, 11/17/2014 | 5,855 | 6,270 | ||||||
Series 2008-A1, Class A1 | ||||||||
0.813%, 04/15/2013 Δ | 2,500 | 2,494 |
First American Funds 2009 Semiannual Report 29
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Cabela’s Master Credit Card Trust | ||||||||
Series 2008-1A, Class A2 | ||||||||
1.083%, 12/15/2013 Δ n | $ | 2,910 | $ | 2,904 | ||||
Capital One Multi-Asset Execution Trust | ||||||||
Series 2005-A3, Class A3 | ||||||||
4.050%, 03/15/2013 | 2,500 | 2,530 | ||||||
Series 2008-3A, Class A3 | ||||||||
5.050%, 02/15/2016 | 4,795 | 5,146 | ||||||
Chase Issuance Trust | ||||||||
Series 2008-A9, Class A9 | ||||||||
4.260%, 05/15/2013 | 3,000 | 3,119 | ||||||
Citibank Credit Card Issuance Trust | ||||||||
Series 2006-A4, Class A4 | ||||||||
5.450%, 05/10/2013 | 11,195 | 11,783 | ||||||
Discover Card Master Trust | ||||||||
Series 2007-A1, Class A1 | ||||||||
5.650%, 03/16/2020 | 3,530 | 3,794 | ||||||
Series 2007-C1, Class C1 | ||||||||
0.553%, 01/15/2013 Δ | 1,940 | 1,918 | ||||||
Washington Mutual Master Note Trust | ||||||||
Series 2007-A1, Class A1 | ||||||||
0.263%, 03/17/2014 Δ n | 3,750 | 3,746 | ||||||
Series 2007-C1, Class C1 | ||||||||
0.633%, 05/15/2014 Δ n | 795 | 791 | ||||||
46,402 | ||||||||
Equipment Leases – 0.9% | ||||||||
Caterpillar Financial Asset Trust | ||||||||
Series 2007-A, Class A3A | ||||||||
5.340%, 06/25/2012 | 2,236 | 2,276 | ||||||
GE Equipment Small Ticket | ||||||||
Series 2009-1, Class A1 | ||||||||
0.382%, 11/15/2010 n | 4,763 | 4,765 | ||||||
7,041 | ||||||||
Home Equity – 0.3% | ||||||||
Amresco Residential Security Mortgage | ||||||||
Series 1997-3, Class A9 | ||||||||
6.960%, 03/25/2027 ¥ | 28 | 27 | ||||||
Contimortgage Home Equity Loan Trust | ||||||||
Series 1997-2, Class A9 | ||||||||
7.900%, 04/15/2028 ¥ | 21 | 20 | ||||||
Countrywide Asset-Backed Certificates | ||||||||
Series 2003-5, Class AF5 | ||||||||
5.739%, 02/25/2034 | 3,373 | 2,502 | ||||||
2,549 | ||||||||
Manufactured Housing – 0.3% | ||||||||
Green Tree Financial | ||||||||
Series 1996-9, Class A5 | ||||||||
7.200%, 01/15/2028 ¥ | 90 | 90 | ||||||
Series 2008-MH1, Class A1 | ||||||||
7.000%, 04/25/2038 n | 1,473 | 1,500 | ||||||
Origen Manufactured Housing | ||||||||
Series 2005-A, Class A2 | ||||||||
4.490%, 05/15/2018 | 1,041 | 1,033 | ||||||
2,623 | ||||||||
Other – 8.6% | ||||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
Series 2005-PW10, Class A4 | ||||||||
5.405%, 12/11/2040 Δ | 4,000 | 3,920 | ||||||
Series 2007-PW15, Class A2 | ||||||||
5.205%, 02/11/2044 | 3,605 | 3,652 | ||||||
Series 2007-T28, Class D | ||||||||
5.991%, 09/11/2042 Δ n ¥ | 1,470 | 358 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
Series 2008-C7, Class AJ | ||||||||
6.095%, 12/10/2049 Δ ¥ | 2,145 | 994 | ||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||||||
Series 2007-CD4, Class A2B | ||||||||
5.205%, 12/11/2049 | 2,340 | 2,391 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
Series 2004-RS1, Class A | ||||||||
5.648%, 03/03/2041 ¬ n ¥ | 2,348 | 1,742 | ||||||
Series 2006-CN2A, Class A2FX | ||||||||
5.449%, 02/05/2019 n | 5,040 | 4,955 | ||||||
Crown Castle Towers | ||||||||
Series 2005-1A, Class B | ||||||||
4.878%, 06/15/2035 n | 3,465 | 3,500 | ||||||
Greenwich Capital Commercial Funding | ||||||||
Series 2003-C1, Class A2 | ||||||||
3.285%, 07/05/2035 | 1,870 | 1,877 | ||||||
Series 2007-GG11, Class AJ | ||||||||
6.003%, 12/10/2049 Δ ¥ | 2,345 | 1,170 | ||||||
GS Mortgage Securities II | ||||||||
Series 2006-GG6, Class A2 | ||||||||
5.506%, 04/10/2038 | 3,845 | 3,896 | ||||||
Series 2006-RR2, Class A1 | ||||||||
5.681%, 06/23/2046 n ¥ | 2,233 | 681 | ||||||
Series 2007-GG10, Class A4 | ||||||||
5.805%, 08/10/2045 | 6,000 | 5,152 | ||||||
JPMorgan Chase Commercial Mortgage Securities | ||||||||
Series 2009-IWST, Class A2 | ||||||||
5.633%, 12/05/2019 Δ n | 4,400 | 4,359 | ||||||
Merrill Lynch Mortgage Trust | ||||||||
Series 2005-CIP1, Class C | ||||||||
5.131%, 07/12/2038 ¥ Δ | 1,455 | 763 | ||||||
RBSSP Resecuritization Trust | ||||||||
Series 2009-11, Class 4A1 | ||||||||
1.981%, 12/26/2037 Δ n | 1,421 | 1,429 | ||||||
Series 2009-11, Class 5A1 | ||||||||
0.311%, 06/26/2037 Δ n | 1,715 | 1,672 | ||||||
Series 2009-13, Class 5A1 | ||||||||
0.331%, 11/25/2036 n | 3,790 | 3,615 | ||||||
Series 2009-8, Class 3A1 | ||||||||
0.371%, 03/26/2037 Δ n | 1,937 | 1,868 | ||||||
Series 2009-9, Class 9A1 | ||||||||
0.451%, 09/26/2037 Δ n | 3,634 | 3,365 | ||||||
Small Business Administration | ||||||||
Series 2006-P10A, Class 1 | ||||||||
5.408%, 02/10/2016 | 4,145 | 4,396 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2007-C30, Class A3 | ||||||||
5.246%, 12/15/2043 | 5,940 | 5,739 | ||||||
Series 2007-C33, Class AJ | ||||||||
5.901%, 02/15/2051 Δ ¥ | 2,315 | 1,002 | ||||||
Series 2007-C34, Class A2 | ||||||||
5.569%, 05/15/2046 | 3,830 | 3,903 | ||||||
Series 2007-C34, Class AJ | ||||||||
5.952%, 05/15/2046 Δ ¥ | 505 | 250 | ||||||
66,649 | ||||||||
Utilities – 1.4% | ||||||||
CenterPoint Energy Transition | ||||||||
Series 2008-A, Class A1 | ||||||||
4.192%, 02/01/2017 | 5,571 | 5,834 |
The accompanying notes are an integral part of the financial statements.
30 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
PG&E Energy Recovery Funding | ||||||||
Series 2005-1, Class A3 | ||||||||
4.140%, 09/25/2012 | $ | 4,725 | $ | 4,800 | ||||
10,634 | ||||||||
Total Asset-Backed Securities | ||||||||
(Cost $175,510) | 171,034 | |||||||
U.S. Government & Agency Securities – 6.7% | ||||||||
U.S. Agency Debentures – 1.9% | ||||||||
Federal Agricultural Mortgage Corporation | ||||||||
5.500%, 07/15/2011 6 n | 13,900 | 14,677 | ||||||
U.S. Treasuries – 4.8% | ||||||||
U.S. Treasury Note | ||||||||
0.875%, 02/28/2011 6 | 5,360 | 5,373 | ||||||
0.875%, 05/31/2011 6 | 16,550 | 16,570 | ||||||
1.000%, 08/31/2011 | 2,680 | 2,681 | ||||||
1.375%, 10/15/2012 6 | 3,950 | 3,928 | ||||||
2.625%, 06/30/2014 6 | 3,090 | 3,113 | ||||||
2.375%, 08/31/2014 6 | 1,905 | 1,891 | ||||||
3.625%, 08/15/2019 6 | 3,360 | 3,303 | ||||||
36,859 | ||||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $50,796) | 51,536 | |||||||
U.S. Government Agency Mortgage-Backed Securities – 6.5% | ||||||||
Adjustable Rate Δ – 3.8% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
3.505%, 01/01/2028, # 786281 | 740 | 753 | ||||||
3.529%, 04/01/2029, # 847190 | 965 | 987 | ||||||
3.433%, 10/01/2030, # 847209 | 2,552 | 2,606 | ||||||
3.671%, 05/01/2031, # 847161 | 897 | 918 | ||||||
3.582%, 09/01/2033, # 847210 | 2,293 | 2,349 | ||||||
Federal National Mortgage Association Pool | ||||||||
3.332%, 09/01/2033, # 725111 | 1,398 | 1,427 | ||||||
4.622%, 03/01/2035, # 819652 | 5,165 | 5,335 | ||||||
2.501%, 12/01/2035, # 848390 | 2,107 | 2,119 | ||||||
3.092%, 07/01/2036, # 886034 | 5,557 | 5,801 | ||||||
2.985%, 09/01/2036, # 995949 | 3,545 | 3,702 | ||||||
2.994%, 12/01/2039 « | 3,410 | 3,524 | ||||||
29,521 | ||||||||
Fixed Rate – 2.7% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series K001, Class A3 | ||||||||
5.469%, 01/25/2012 | 2,170 | 2,273 | ||||||
Federal National Mortgage Association Pool | ||||||||
4.000%, 07/01/2018, # 357414 | 6,239 | 6,397 | ||||||
4.000%, 05/01/2020, # AD0107 | 6,103 | 6,237 | ||||||
4.000%, 03/01/2022, # 890134 | 5,971 | 6,103 | ||||||
21,010 | ||||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $50,478) | 50,531 | |||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.6% | ||||||||
Fixed Rate – 2.6% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 1167, Class E | ||||||||
7.500%, 11/15/2021 | 17 | 17 | ||||||
Series 1286, Class A | ||||||||
6.000%, 05/15/2022 | 46 | 49 | ||||||
Series 2750, Class HE | ||||||||
5.000%, 02/15/2019 | 5,930 | 6,288 | ||||||
Series 2763, Class TA | ||||||||
4.000%, 03/15/2011 | 2,434 | 2,468 | ||||||
Series 2780, Class QC | ||||||||
4.500%, 03/15/2017 | 6,447 | 6,603 | ||||||
Series 3555, Class EA | ||||||||
4.000%, 12/15/2014 | 4,833 | 4,996 | ||||||
Federal National Mortgage Association | ||||||||
Series 1990-89, Class K | ||||||||
6.500%, 07/25/2020 | 13 | 14 | ||||||
Total Collateralized Mortgage Obligation — U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $19,605) | 20,435 | |||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 1.7% | ||||||||
Adjustable RateΔ – 1.4% | ||||||||
CS First Boston Mortgage Securities | ||||||||
Series 2003-AR24, Class 2A4 | ||||||||
3.377%, 10/25/2033 | 5,528 | 4,604 | ||||||
Structured Mortgage Loan Trust | ||||||||
Series 2004-11, Class A | ||||||||
3.453%, 08/25/2034 | 264 | 200 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2003-J, Class 2A5 | ||||||||
4.435%, 10/25/2033 | 4,102 | 4,003 | ||||||
Series 2005-AR13, Class A1 | ||||||||
5.312%, 05/25/2035 | 2,598 | 2,224 | ||||||
11,031 | ||||||||
Fixed Rate – 0.3% | ||||||||
Banc of America Mortgage Securities | ||||||||
Series 2005-5, Class 1A21 | ||||||||
5.000%, 06/25/2035 | 12 | 12 | ||||||
Countrywide Alternative Loan Trust | ||||||||
Series 2004-2CB, Class 1A1 | ||||||||
4.250%, 03/25/2034 | 920 | 876 | ||||||
Series 2006-19CB, Class A15 | ||||||||
6.000%, 08/25/2036 | 1,407 | 1,135 | ||||||
Westam Mortgage Financial | ||||||||
Series 11, Class A | ||||||||
6.360%, 08/26/2020 ¥ | 20 | 20 | ||||||
2,043 | ||||||||
Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities | ||||||||
(Cost $13,986) | 13,074 | |||||||
Municipal Bond – 0.2% | ||||||||
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B | ||||||||
6.950% 09/01/2016 | ||||||||
(Cost $1,620) | 1,620 | 1,549 | ||||||
Preferred Stock – 0.0% | ||||||||
Sovereign – 0.0% | ||||||||
Fannie Mae | ||||||||
Series S | ||||||||
(Cost $2,472) | 104,000 | 114 | ||||||
First American Funds 2009 Semiannual Report 31
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Term Bond Fund (continued) | ||||||||
DESCRIPTION | SHARES/PAR | FAIR VALUE | ||||||
Short-Term Investments – 3.4% | ||||||||
Money Market Fund – 3.3% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.049% Å Ω | 25,275,857 | $ | 25,276 | |||||
U.S. Treasury Obligations – 0.1% | ||||||||
U.S. Treasury Bills o | ||||||||
0.289%, 02/11/2010 | $ | 820 | 820 | |||||
0.169%, 06/03/2010 | 255 | 254 | ||||||
1,074 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $26,350) | 26,350 | |||||||
Investment Purchased with Proceeds from Securities Lending – 14.6% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.213% Ω† | ||||||||
(Cost $112,730) | 112,730,174 | 112,730 | ||||||
Total Investments – 114.8% | ||||||||
(Cost $866,634) | 888,349 | |||||||
Other Assets and Liabilities, Net – (14.8)% | (114,811 | ) | ||||||
Total Net Assets – 100.0% | $ | 773,538 | ||||||
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $109,727 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
¬ | Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2009, the fair value of foreign securities was $73,603 or 9.5% of total net assets. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the value of these investments was $114,939 or 14.9% of total net assets. See note 2 in Notes to Financial Statements. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investments considered to be illiquid was $7,117 or 0.9% of total net assets. See note 2 in notes to Financial Statements. | |
« | Security purchased on a when-issued basis. On December 31, 2009 the total cost of investments purchased on a when-issued basis was $3,522 or 0.5% of total net assets. See note 2 in Notes to Financial Statements. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
o | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of December 31, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
Intermediate Term Bond Fund (concluded)
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $866,634. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 36,235 | ||
Gross unrealized depreciation | (14,520 | ) | ||
Net unrealized appreciation | $ | 21,715 | ||
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Settlement | Purchased | Contract | Appreciation | |||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | March 2010 | 397 | $ | 85,857 | $ | (420 | ) | |||||||
U.S. Treasury 5 Year Note Futures | March 2010 | 233 | 26,651 | (481 | ) | |||||||||
U.S. Treasury 10 Year Note Futures | March 2010 | 57 | 6,581 | (131 | ) | |||||||||
U.S. Treasury Long Bond Futures | March 2010 | (32 | ) | (3,692 | ) | 118 | ||||||||
$ | (914 | ) | ||||||||||||
Credit Default Swap Agreement
Credit Default Swap on Credit Indices
Sell Protection1
Receive | ||||||||||||||||||
Reference | Fixed | Expiration | Notional | Unrealized | ||||||||||||||
Counterparty | Index | Rate | Date | Amount2 | Appreciation | |||||||||||||
Deutsche Bank | Markit CDX HVOL11 Index | 3.850% | 12/20/2013 | $ | 3,770 | $ | 287 | |||||||||||
1 | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. | |
2 | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
JPMorgan | 3-Month LIBOR | Receive | 1.255% | 11/03/2011 | $ | 20,000 | $ | (24 | ) | |||||||||||||
UBS | 3-Month LIBOR | Receive | 1.358% | 09/25/2011 | 19,000 | (127 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.001% | 08/03/2014 | 8,000 | (159 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 4.045% | 11/14/2018 | 4,000 | (87 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.460% | 09/15/2019 | 4,000 | 113 | ||||||||||||||||
$ | (284 | ) | ||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
32 First American Funds 2009 Semiannual Report
Table of Contents
Short Term Bond Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Corporate Bonds – 39.8% | ||||||||
Banking – 8.7% | ||||||||
Bank of America | ||||||||
7.800%, 02/15/2010 | $ | 2,500 | $ | 2,518 | ||||
2.100%, 04/30/2012 6 | 1,500 | 1,514 | ||||||
Bank One | ||||||||
7.875%, 08/01/2010 | 2,700 | 2,815 | ||||||
BB&T | ||||||||
5.700%, 04/30/2014 | 1,000 | 1,083 | ||||||
Series MTN | ||||||||
3.850%, 07/27/2012 | 260 | 269 | ||||||
Citigroup | ||||||||
2.125%, 04/30/2012 | 1,500 | 1,516 | ||||||
5.300%, 10/17/2012 6 | 2,500 | 2,605 | ||||||
5.850%, 07/02/2013 | 1,000 | 1,039 | ||||||
5.500%, 10/15/2014 | 2,000 | 2,025 | ||||||
Credit Suisse | ||||||||
4.875%, 08/15/2010 | 1,500 | 1,541 | ||||||
Credit Suisse New York | ||||||||
5.500%, 05/01/2014 ¬ | 1,000 | 1,085 | ||||||
Deutsche Bank | ||||||||
3.875%, 08/18/2014 ¬ | 2,000 | 2,042 | ||||||
European Investment Bank | ||||||||
1.750%, 09/14/2012 | 5,000 | 4,984 | ||||||
Fifth Third Bank | ||||||||
Series BKNT | ||||||||
4.200%, 02/23/2010 | 1,000 | 1,004 | ||||||
HSBC Finance | ||||||||
6.750%, 05/15/2011 | 2,345 | 2,478 | ||||||
JPMorgan Chase | ||||||||
2.200%, 06/15/2012 | 1,500 | 1,521 | ||||||
5.125%, 09/15/2014 | 2,000 | 2,109 | ||||||
3.700%, 01/20/2015 6 | 2,000 | 2,006 | ||||||
Key Bank | ||||||||
3.200%, 06/15/2012 | 1,500 | 1,557 | ||||||
KeyCorp | ||||||||
Series MTN | ||||||||
6.500%, 05/14/2013 | 1,000 | 1,032 | ||||||
KFW | ||||||||
Series GMTN | ||||||||
4.750%, 05/15/2012 ¬ | 5,000 | 5,357 | ||||||
National City | ||||||||
4.000%, 02/01/2011 6 | 1,000 | 1,019 | ||||||
Royal Bank of Scotland | ||||||||
4.875%, 08/25/2014 6 ¬ n | 1,900 | 1,926 | ||||||
Wells Fargo | ||||||||
Series AI | ||||||||
4.750%, 02/09/2015 | 2,000 | 2,040 | ||||||
Series I | ||||||||
3.750%, 10/01/2014 | 2,000 | 1,994 | ||||||
49,079 | ||||||||
Basic Industry – 2.4% | ||||||||
Arcelormittal | ||||||||
5.375%, 06/01/2013 ¬ | 1,900 | 2,005 | ||||||
BHP Billiton Finance | ||||||||
5.500%, 04/01/2014 ¬ | 1,000 | 1,097 | ||||||
Dow Chemical | ||||||||
4.850%, 08/15/2012 | 1,000 | 1,051 | ||||||
E. I. du Pont de Nemours | ||||||||
3.250%, 01/15/2015 | 2,600 | 2,576 | ||||||
Georgia-Pacific | ||||||||
8.125%, 05/15/2011 | 500 | 525 | ||||||
Noranda | ||||||||
7.250%, 07/15/2012 ¬ | 2,000 | 2,158 | ||||||
Potash Corporation of Saskatchewan | ||||||||
3.750%, 09/30/2015 ¬ | 1,500 | 1,493 | ||||||
Rio Tinto Financial | ||||||||
8.950%, 05/01/2014 ¬ | 1,000 | 1,198 | ||||||
United States Steel | ||||||||
5.650%, 06/01/2013 | 1,000 | 995 | ||||||
Vedanta Resources | ||||||||
9.500%, 07/18/2018 ¬ n | 420 | 426 | ||||||
13,524 | ||||||||
Brokerage – 2.4% | ||||||||
Goldman Sachs Group | ||||||||
6.875%, 01/15/2011 | 3,000 | 3,181 | ||||||
1.625%, 07/15/2011 6 | 1,580 | 1,594 | ||||||
3.625%, 08/01/2012 6 | 1,625 | 1,674 | ||||||
Merrill Lynch | ||||||||
5.450%, 02/05/2013 | 1,250 | 1,315 | ||||||
Morgan Stanley | ||||||||
4.000%, 01/15/2010 6 | 2,000 | 2,002 | ||||||
2.250%, 03/13/2012 | 1,525 | 1,549 | ||||||
4.200%, 11/20/2014 | 2,000 | 2,001 | ||||||
13,316 | ||||||||
Capital Goods – 0.5% | ||||||||
Case New Holland | ||||||||
7.750%, 09/01/2013 6 n | 1,000 | 1,022 | ||||||
Northrop Grumman | ||||||||
3.700%, 08/01/2014 | 1,707 | 1,714 | ||||||
2,736 | ||||||||
Communications – 4.2% | ||||||||
American Tower | ||||||||
4.625%, 04/01/2015 n | 2,000 | 2,023 | ||||||
AT&T | ||||||||
7.300%, 11/15/2011 | 1,500 | 1,652 | ||||||
6.700%, 11/15/2013 | 2,000 | 2,256 | ||||||
British Telecom | ||||||||
5.150%, 01/15/2013 ¬ | 1,000 | 1,043 | ||||||
Comcast | ||||||||
5.300%, 01/15/2014 | 1,000 | 1,067 | ||||||
Deutsche Telekom | ||||||||
5.875%, 08/20/2013 ¬ | 2,000 | 2,164 | ||||||
DirecTV Holdings | ||||||||
7.625%, 05/15/2016 | 1,000 | 1,092 | ||||||
News America | ||||||||
5.300%, 12/15/2014 6 | 1,000 | 1,081 | ||||||
Sprint Capital | ||||||||
8.375%, 03/15/2012 | 2,000 | 2,070 | ||||||
TCM Sub | ||||||||
3.550%, 01/15/2015 n | 1,000 | 980 | ||||||
Telecom Italia Capital | ||||||||
4.950%, 09/30/2014 ¬ | 1,540 | 1,596 | ||||||
Time Warner Cable | ||||||||
5.400%, 07/02/2012 | 1,250 | 1,336 | ||||||
8.250%, 02/14/2014 | 1,025 | 1,198 | ||||||
Verizon New England | ||||||||
6.500%, 09/15/2011 | 1,500 | 1,599 | ||||||
Verizon Wireless | ||||||||
3.750%, 05/20/2011 | 1,000 | 1,031 | ||||||
Vodafone Airtouch | ||||||||
7.750%, 02/15/2010 ¬ | 1,500 | 1,511 | ||||||
23,699 | ||||||||
First American Funds 2009 Semiannual Report 33
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Short Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Consumer Cyclical – 1.9% | ||||||||
Best Buy | ||||||||
6.750%, 07/15/2013 | $ | 1,000 | $ | 1,099 | ||||
Home Depot | ||||||||
5.250%, 12/16/2013 | 2,000 | 2,141 | ||||||
Macy’s Retail Holdings | ||||||||
5.350%, 03/15/2012 | 1,700 | 1,736 | ||||||
Staples | ||||||||
9.750%, 01/15/2014 6 | 1,000 | 1,219 | ||||||
Target | ||||||||
4.000%, 06/15/2013 | 1,000 | 1,042 | ||||||
Viacom | ||||||||
4.375%, 09/15/2014 6 | 1,000 | 1,031 | ||||||
Whirlpool | ||||||||
8.000%, 05/01/2012 | 1,000 | 1,083 | ||||||
Yum! Brands | ||||||||
8.875%, 04/15/2011 | 1,260 | 1,363 | ||||||
10,714 | ||||||||
Consumer Non Cyclical – 5.9% | ||||||||
Altria Group | ||||||||
8.500%, 11/10/2013 6 | 2,000 | 2,311 | ||||||
Anheuser-Busch InBev | ||||||||
3.000%, 10/15/2012 n | 750 | 753 | ||||||
7.200%, 01/15/2014 n | 1,000 | 1,134 | ||||||
Boston Scientific | ||||||||
4.500%, 01/15/2015 | 1,000 | 1,002 | ||||||
CareFusion | ||||||||
4.125%, 08/01/2012 n | 600 | 619 | ||||||
ConAgra Foods | ||||||||
5.875%, 04/15/2014 | 1,950 | 2,125 | ||||||
Covidien International | ||||||||
5.150%, 10/15/2010 ¬ | 3,000 | 3,093 | ||||||
Dr. Pepper Snapple Group | ||||||||
2.350%, 12/21/2012 | 870 | 871 | ||||||
Eli Lilly & Co. | ||||||||
3.550%, 03/06/2012 | 1,000 | 1,041 | ||||||
Express Scripts | ||||||||
5.250%, 06/15/2012 6 | 1,000 | 1,062 | ||||||
Genentech | ||||||||
4.750%, 07/15/2015 | 2,000 | 2,141 | ||||||
Kraft Foods | ||||||||
5.625%, 11/01/2011 | 1,500 | 1,593 | ||||||
6.000%, 02/11/2013 | 1,500 | 1,609 | ||||||
Kroger | ||||||||
5.500%, 02/01/2013 | 2,000 | 2,136 | ||||||
McKesson | ||||||||
6.500%, 02/15/2014 | 2,105 | 2,328 | ||||||
MedcoHealth Solutions | ||||||||
6.125%, 03/15/2013 | 1,500 | 1,605 | ||||||
Miller Brewing | ||||||||
5.500%, 08/15/2013 ¬ n | 2,000 | 2,130 | ||||||
Pfizer | ||||||||
4.450%, 03/15/2012 | 1,000 | 1,058 | ||||||
Smithfield Foods | ||||||||
7.000%, 08/01/2011 6 | 320 | 319 | ||||||
St. Jude Medical | ||||||||
3.750%, 07/15/2014 | 690 | 698 | ||||||
UnitedHealth Group | ||||||||
4.875%, 02/15/2013 | 1,500 | 1,569 | ||||||
Watson Pharmaceuticals | ||||||||
5.000%, 08/15/2014 | 2,000 | 2,042 | ||||||
33,239 | ||||||||
Electric – 1.2% | ||||||||
Arizona Public Service | ||||||||
6.375%, 10/15/2011 | 2,000 | 2,141 | ||||||
MidAmerican Energy Holdings | ||||||||
5.875%, 10/01/2012 | 1,555 | 1,694 | ||||||
National Rural Utilities Cooperative Finance | ||||||||
2.625%, 09/16/2012 | 950 | 956 | ||||||
4.750%, 03/01/2014 | 1,000 | 1,062 | ||||||
Nevada Power | ||||||||
6.500%, 04/15/2012 | 1,000 | 1,072 | ||||||
6,925 | ||||||||
Energy – 2.6% | ||||||||
Anadarko Petroleum | ||||||||
5.950%, 09/15/2016 | 2,000 | 2,164 | ||||||
ConocoPhillips | ||||||||
4.750%, 02/01/2014 | 900 | 966 | ||||||
Husky Energy | ||||||||
5.900%, 06/15/2014 ¬ | 1,000 | 1,090 | ||||||
Marathon Global Funding | ||||||||
6.000%, 07/01/2012 ¬ | 1,000 | 1,080 | ||||||
Marathon Oil | ||||||||
8.375%, 05/01/2012 ¬ | 1,000 | 1,119 | ||||||
Pride International | ||||||||
7.375%, 07/15/2014 | 1,000 | 1,033 | ||||||
Shell International Finance | ||||||||
3.250%, 09/22/2015 ¬ | 1,180 | 1,181 | ||||||
Smith International | ||||||||
8.625%, 03/15/2014 | 1,000 | 1,156 | ||||||
Valero Energy | ||||||||
6.875%, 04/15/2012 | 1,000 | 1,092 | ||||||
Weatherford International | ||||||||
5.150%, 03/15/2013 ¬ | 1,500 | 1,571 | ||||||
Woodside Finance | ||||||||
4.500%, 11/10/2014 ¬ n | 1,250 | 1,261 | ||||||
XTO Energy | ||||||||
5.300%, 06/30/2015 | 1,000 | 1,095 | ||||||
14,808 | ||||||||
Finance – 4.4% | ||||||||
American Express Travel | ||||||||
5.250%, 11/21/2011 n | 2,450 | 2,569 | ||||||
Ameriprise Financial | ||||||||
5.350%, 11/15/2010 | 29 | 30 | ||||||
Capital One Bank | ||||||||
6.500%, 06/13/2013 | 1,500 | 1,612 | ||||||
Countrywide Financial | ||||||||
Series MTNA | ||||||||
4.500%, 06/15/2010 | 2,000 | 2,033 | ||||||
General Electric Capital | ||||||||
2.200%, 06/08/2012 | 1,510 | 1,531 | ||||||
3.500%, 08/13/2012 6 | 1,565 | 1,598 | ||||||
4.800%, 05/01/2013 6 | 1,000 | 1,045 | ||||||
Series A | ||||||||
3.750%, 11/14/2014 | 3,000 | 2,995 | ||||||
Series MTN | ||||||||
5.250%, 10/19/2012 | 3,000 | 3,193 | ||||||
GMAC | ||||||||
1.750%, 10/30/2012 | 3,680 | 3,656 | ||||||
2.200%, 12/19/2012 | 1,750 | 1,761 | ||||||
ILFC E-Capital Trust I | ||||||||
5.900%, 12/21/2065 n Δ | 1,000 | 520 | ||||||
International Lease Finance | ||||||||
5.000%, 04/15/2010 | 2,525 | 2,487 | ||||||
25,030 | ||||||||
The accompanying notes are an integral part of the financial statements.
34 First American Funds 2009 Semiannual Report
Table of Contents
Short Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Industrial Other – 0.7% | ||||||||
Thermo Fisher Scientific | ||||||||
3.250%, 11/18/2014 n | $ | 1,625 | $ | 1,593 | ||||
Tyco Electronics | ||||||||
6.000%, 10/01/2012 ¬ | 2,430 | 2,578 | ||||||
4,171 | ||||||||
Insurance – 1.4% | ||||||||
Allstate Life Global Funding Trust | ||||||||
5.375%, 04/30/2013 | 1,500 | 1,601 | ||||||
Hartford Financial Services Group | ||||||||
5.250%, 10/15/2011 | 1,000 | 1,032 | ||||||
Metropolitan Life Global Funding I | ||||||||
2.875%, 09/17/2012 n | 1,900 | 1,915 | ||||||
Prudential Financial | ||||||||
Series MTN | ||||||||
3.625%, 09/17/2012 | 2,600 | 2,639 | ||||||
Series MTNB | ||||||||
4.500%, 07/15/2013 | 1,000 | 1,011 | ||||||
8,198 | ||||||||
Natural Gas – 1.0% | ||||||||
Consolidated Natural Gas | ||||||||
Series C | ||||||||
6.250%, 11/01/2011 | 1,575 | 1,695 | ||||||
Duke Energy | ||||||||
3.950%, 09/15/2014 | 1,500 | 1,520 | ||||||
Ras Laffan | ||||||||
4.500%, 09/30/2012 ¬ n | 500 | 517 | ||||||
Transocean | ||||||||
5.250%, 03/15/2013 ¬ | 2,000 | 2,143 | ||||||
5,875 | ||||||||
Real Estate – 0.6% | ||||||||
HCP – REIT | ||||||||
Series MTN | ||||||||
5.625%, 02/28/2013 6 | 1,000 | 1,003 | ||||||
iStar Financial – REIT | ||||||||
6.000%, 12/15/2010 | 1,500 | 1,245 | ||||||
Prologis – REIT | ||||||||
5.500%, 03/01/2013 | 1,000 | 989 | ||||||
3,237 | ||||||||
Technology – 0.7% | ||||||||
Analog Devices | ||||||||
5.000%, 07/01/2014 | 1,000 | 1,043 | ||||||
Chartered Semiconductor | ||||||||
5.750%, 08/03/2010 ¬ | 1,500 | 1,500 | ||||||
Motorola | ||||||||
8.000%, 11/01/2011 | 1,200 | 1,283 | ||||||
3,826 | ||||||||
Transportation – 1.2% | ||||||||
American Airlines | ||||||||
Series 01-1 | ||||||||
6.817%, 11/23/2012 | 800 | 768 | ||||||
CSX | ||||||||
5.750%, 03/15/2013 | 1,500 | 1,623 | ||||||
Delta Airlines | ||||||||
Series 11B | ||||||||
7.711%, 03/18/2013 | 900 | 887 | ||||||
FedEx | ||||||||
7.375%, 01/15/2014 | 1,000 | 1,135 | ||||||
United Airlines | ||||||||
10.400%, 11/01/2016 | 1,000 | 1,054 | ||||||
United Parcel Service | ||||||||
3.875%, 04/01/2014 6 | 1,000 | 1,039 | ||||||
6,506 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $220,003) | 224,883 | |||||||
Asset-Backed Securities – 30.5% | ||||||||
Automotive – 7.9% | ||||||||
Ally Auto Receivables Trust | ||||||||
Series 2009-A, Class A3 | ||||||||
2.330%, 06/17/2013 n | 2,500 | 2,522 | ||||||
AmeriCredit Prime Automobile Receivables Trust | ||||||||
Series 2009-1, Class A1 | ||||||||
0.331%, 11/15/2010 | 2,403 | 2,403 | ||||||
Bank of America Auto Trust | ||||||||
Series 2008-1A, Class A3A | ||||||||
4.970%, 09/20/2012 n | 4,610 | 4,752 | ||||||
BMW Vehicle Owner Trust | ||||||||
Series 2006-A, Class A4 | ||||||||
5.070%, 08/25/2011 | 740 | 745 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
Series 2007-3, Class A4 | ||||||||
5.210%, 03/17/2014 | 2,500 | 2,619 | ||||||
Series 2008-1, Class A3A | ||||||||
3.860%, 08/15/2012 | 892 | 910 | ||||||
Capital One Prime Auto Receivables Trust | ||||||||
Series 2006-2, Class A4 | ||||||||
4.940%, 07/15/2012 | 1,562 | 1,591 | ||||||
Series 2007-2, Class A3 | ||||||||
4.890%, 01/15/2012 | 860 | 871 | ||||||
Series 2007-2, Class A4 | ||||||||
5.060%, 06/15/2014 | 2,500 | 2,594 | ||||||
Chase Manhattan Auto Owner Trust | ||||||||
Series 2006-B, Class A4 | ||||||||
5.110%, 04/15/2014 | 1,309 | 1,339 | ||||||
DaimlerChrysler Auto Trust | ||||||||
Series 2006-C, Class A4 | ||||||||
4.980%, 11/08/2011 | 595 | 600 | ||||||
Series 2008-A, Class A3A | ||||||||
3.700%, 06/08/2012 | 1,296 | 1,317 | ||||||
Ford Credit Auto Owner Trust | ||||||||
Series 2009-A, Class A3A | ||||||||
3.960%, 05/15/2013 | 1,750 | 1,807 | ||||||
Harley-Davidson Motorcycle Trust | ||||||||
Series 2006-1, Class A2 | ||||||||
5.040%, 10/15/2012 n | 1,115 | 1,145 | ||||||
Hertz Vehicle Financing | ||||||||
Series 2009-2A, Class A1 | ||||||||
4.260%, 03/25/2014 n | 3,000 | 2,990 | ||||||
Huntington Auto Trust | ||||||||
Series 2009-1A, Class A2 | ||||||||
3.480%, 07/15/2011 n | 1,625 | 1,635 | ||||||
JPMorgan Auto Receivables Trust | ||||||||
Series 2006-A, Class A4 | ||||||||
5.140%, 12/15/2014 n | 1,908 | 1,966 | ||||||
Series 2007-A, Class A3 | ||||||||
5.190%, 02/15/2011 n | 181 | 181 | ||||||
Nissan Auto Lease Trust | ||||||||
Series 2009-B, Class A3 | ||||||||
2.070%, 01/15/2015 | 1,585 | 1,594 | ||||||
Nissan Auto Receivables Owner Trust | ||||||||
Series 2008-B, Class A3 | ||||||||
4.460%, 04/15/2012 | 1,600 | 1,640 |
First American Funds 2009 Semiannual Report 35
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Short Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Series 2009-A, Class A2 | ||||||||
2.940%, 07/15/2011 | $ | 3,000 | $ | 3,027 | ||||
USAA Auto Owner Trust | ||||||||
Series 2006-2, Class A4 | ||||||||
5.370%, 02/15/2012 | 863 | 873 | ||||||
Volkswagen Auto Lease Trust | ||||||||
Series 2009-A, Class A3 | ||||||||
3.410%, 04/16/2012 | 3,000 | 3,075 | ||||||
Wachovia Auto Loan Owner Trust | ||||||||
Series 2006-2, Class A4 | ||||||||
5.230%, 03/20/2012 n | 724 | 732 | ||||||
Wachovia Auto Owner Trust | ||||||||
Series 2007-A, Class A3 | ||||||||
5.390%, 09/20/2011 | 716 | 724 | ||||||
World Omni Auto Receivables Trust | ||||||||
Series 2006-A, Class A4 | ||||||||
5.030%, 10/17/2011 | 177 | 179 | ||||||
Series 2007-B, Class A3A | ||||||||
5.280%, 01/17/2012 | 787 | 800 | ||||||
44,631 | ||||||||
Credit Cards – 8.0% | ||||||||
American Express Issuance Trust | ||||||||
Series 2005-1, Class C | ||||||||
0.563%, 08/15/2011 Δ | 905 | 895 | ||||||
Series 2008-2, Class A | ||||||||
4.020%, 01/18/2011 | 800 | 803 | ||||||
Bank of America Credit Card Trust | ||||||||
Series 2008-A1, Class A1 | ||||||||
0.813%, 04/15/2013 Δ | 5,231 | 5,219 | ||||||
Cabela’s Master Credit Card Trust | ||||||||
Series 2008-1A, Class A2 | ||||||||
1.083%, 12/15/2013 n Δ | 1,415 | 1,412 | ||||||
Capital One Multi-Asset Execution Trust | ||||||||
Series 2005-A3, Class A3 | ||||||||
4.050%, 03/15/2013 | 5,716 | 5,784 | ||||||
Series 2008-3A, Class A3 | ||||||||
5.050%, 02/15/2016 | 2,750 | 2,951 | ||||||
Series 2008-A1, Class A | ||||||||
0.983%, 11/15/2012 Δ | 1,265 | 1,265 | ||||||
Series 2008-A5, Class A5 | ||||||||
4.850%, 02/15/2014 | 2,400 | 2,505 | ||||||
Chase Issuance Trust | ||||||||
Series 2008-A9, Class A9 | ||||||||
4.260%, 05/15/2013 | 2,000 | 2,079 | ||||||
Series 2009-A5, Class A5 | ||||||||
1.033%, 06/15/2012 Δ | 2,000 | 2,006 | ||||||
Citibank Credit Card Issuance Trust | ||||||||
Series 2006-A4, Class A4 | ||||||||
5.450%, 05/10/2013 | 5,245 | 5,521 | ||||||
Discover Card Master Trust | ||||||||
Series 2007-C1, Class C1 | ||||||||
0.553%, 01/15/2013 Δ | 885 | 875 | ||||||
Series 2008-A3, Class A3 | ||||||||
5.100%, 10/15/2013 | 2,655 | 2,778 | ||||||
Discover Card Master Trust I | ||||||||
Series 2003-4, Class B2 | ||||||||
0.663%, 05/15/2013 Δ | 185 | 182 | ||||||
Series 2005-4, Class B1 | ||||||||
0.483%, 06/18/2013 Δ | 380 | 373 | ||||||
MBNA Credit Card Master Note Trust | ||||||||
Series 2005-A3, Class A3 | ||||||||
4.100%, 10/15/2012 | 1,825 | 1,846 | ||||||
Series 2005-A6, Class A6 | ||||||||
4.500%, 01/15/2013 | 1,165 | 1,189 | ||||||
Washington Mutual Master Note Trust | ||||||||
Series 2007-A1, Class A1 | ||||||||
0.263%, 03/17/2014 n Δ | 2,500 | 2,498 | ||||||
Series 2007-A4, Class A4 | ||||||||
5.200%, 10/15/2014 n | 3,000 | 3,095 | ||||||
Series 2007-C1, Class C1 | ||||||||
0.633%, 05/15/2014 n Δ | 1,855 | 1,845 | ||||||
45,121 | ||||||||
Equipment Leases – 1.4% | ||||||||
Caterpillar Financial Asset Trust | ||||||||
Series 2007-A, Class A3A | ||||||||
5.340%, 06/25/2012 | 1,046 | 1,065 | ||||||
CNH Equipment Trust | ||||||||
Series 2008-A, Class A4A | ||||||||
4.930%, 08/15/2014 | 2,496 | 2,585 | ||||||
GE Equipment Small Ticket | ||||||||
Series 2009-1, Class A1 | ||||||||
0.382%, 11/15/2010 n | 3,969 | 3,971 | ||||||
MBNA Practice Solutions Owner Trust | ||||||||
Series 2005-2, Class A4 | ||||||||
4.470%, 06/15/2013 n | 203 | 205 | ||||||
7,826 | ||||||||
Home Equity – 1.2% | ||||||||
Countrywide Asset-Backed Certificates | ||||||||
Series 2003-5, Class AF5 | ||||||||
5.739%, 02/25/2034 | 1,913 | 1,419 | ||||||
Series 2007-1, Class 2A1 | ||||||||
0.281%, 07/25/2037 Δ | 4,764 | 4,482 | ||||||
Equivantage Home Equity Loan Trust | ||||||||
Series 1996-1, Class A | ||||||||
6.550%, 10/25/2025 ¥ | 21 | 20 | ||||||
Series 1996-4, Class A | ||||||||
7.250%, 01/25/2028 ¥ | 178 | 155 | ||||||
IMC Home Equity Loan Trust | ||||||||
Series 1998-3, Class A7 | ||||||||
7.220%, 08/20/2029 ¥ | 1,318 | 920 | ||||||
6,996 | ||||||||
Manufactured Housing – 0.5% | ||||||||
Green Tree Financial | ||||||||
Series 2008-MH1, Class A1 | ||||||||
7.000%, 04/25/2038 n | 633 | 644 | ||||||
Origen Manufactured Housing | ||||||||
Series 2005-A, Class A2 | ||||||||
4.490%, 05/15/2018 | 309 | 307 | ||||||
Series 2005-B, Class A2 | ||||||||
5.247%, 12/15/2018 | 1,711 | 1,721 | ||||||
2,672 | ||||||||
Other – 9.8% | ||||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
Series 2002-TOP6, Class A1 | ||||||||
5.920%, 10/15/2036 | 654 | 666 | ||||||
Series 2005-PW10, Class A4 | ||||||||
5.405%, 12/11/2040 | 5,000 | 4,900 | ||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||||||
Series 2007-CD4, Class A2B | ||||||||
5.205%, 12/11/2049 | 1,385 | 1,415 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
Series 2004-RS1, Class A | ||||||||
5.648%, 03/03/2041 ¬ n ¥ | 1,241 | 921 |
The accompanying notes are an integral part of the financial statements.
36 First American Funds 2009 Semiannual Report
Table of Contents
Short Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Series 2005-LP5, Class A4 | ||||||||
4.982%, 05/10/2043 Δ | $ | 2,500 | $ | 2,482 | ||||
Crown Castle Towers | ||||||||
Series 2005-1A, Class B | ||||||||
4.878%, 06/15/2035 n | 2,438 | 2,462 | ||||||
GE Capital Commercial Mortgage Corporation | ||||||||
Series 2001-2, Class A2 | ||||||||
5.850%, 08/11/2033 | 1,264 | 1,276 | ||||||
Series 2001-3, Class A2 | ||||||||
6.070%, 06/10/2038 | 3,250 | 3,404 | ||||||
GMAC Commercial Mortgage Securities | ||||||||
Series 2004-C1, Class A2 | ||||||||
4.100%, 03/10/2038 | 1,447 | 1,454 | ||||||
Greenwich Capital Commercial Funding | ||||||||
Series 2005-GG5, Class A2 | ||||||||
5.117%, 04/10/2037 | 4,345 | 4,362 | ||||||
GS Commercial Mortgage | ||||||||
Series 2007-GG10 | ||||||||
5.690%, 08/10/2045 | 1,197 | 1,225 | ||||||
GS Mortgage Securities II | ||||||||
Series 2007-GG10, Class A4 | ||||||||
5.805%, 08/10/2045 6 Δ | 1,500 | 1,288 | ||||||
JPMorgan Chase Commercial Mortgage Securities | ||||||||
Series 2001-CIB2, Class A3 | ||||||||
6.429%, 04/15/2035 | 7,905 | 8,233 | ||||||
Morgan Stanley Dean Witter Capital I | ||||||||
Series 2002-TOP7, Class A2 | ||||||||
5.980%, 01/15/2039 | 4,555 | 4,770 | ||||||
RBSSP Resecuritization Trust | ||||||||
Series 2009-10, Class 8A1 | ||||||||
0.381%, 05/26/2036 n Δ | 1,904 | 1,776 | ||||||
Series 2009-11, Class 4A1 | ||||||||
1.984%, 12/26/2037 n Δ | 858 | 863 | ||||||
Series 2009-11, Class 5A1 | ||||||||
0.311%, 06/26/2037 n Δ | 1,041 | 1,015 | ||||||
Series 2009-13, Class 5A1 | ||||||||
0.331%, 11/25/2036 n Δ | 2,610 | 2,489 | ||||||
Series 2009-8, Class 3A1 | ||||||||
0.376%, 03/26/2037 n Δ | 1,008 | 972 | ||||||
Series 2009-9, Class 9A1 | ||||||||
0.451%, 09/26/2037 n Δ | 1,970 | 1,824 | ||||||
Small Business Administration | ||||||||
Series 2005-P10A, Class 1 | ||||||||
4.638%, 02/10/2015 | 3,445 | 3,588 | ||||||
Series 2006-P10A, Class 1 | ||||||||
5.408%, 02/10/2016 | 2,017 | 2,139 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2007-C30, Class A3 | ||||||||
5.246%, 12/15/2043 | 1,739 | 1,680 | ||||||
55,204 | ||||||||
Utilities – 1.7% | ||||||||
CenterPoint Energy | ||||||||
Series 2005-A, Class A2 | ||||||||
4.970%, 08/01/2014 | 3,649 | 3,803 | ||||||
Oncor Electric Delivery Transition Bond Company | ||||||||
Series 2003-1, Class A2 | ||||||||
4.030%, 02/15/2012 | 406 | 407 | ||||||
Peco Energy Transition Trust | ||||||||
Series 2001-A, Class A1 | ||||||||
6.520%, 12/31/2010 | 2,240 | 2,296 | ||||||
PG&E Energy Recovery Funding | ||||||||
Series 2005-2, Class A2 | ||||||||
5.030%, 03/25/2014 | 1,512 | 1,584 | ||||||
PSE&G Transition Funding | ||||||||
Series 2001-1, Class A6 | ||||||||
6.610%, 06/15/2015 | 1,190 | 1,320 | ||||||
9,410 | ||||||||
Total Asset-Backed Securities | ||||||||
(Cost $165,765) | 171,860 | |||||||
U.S. Government Agency Mortgage-Backed Securities – 12.2% | ||||||||
Adjustable Rate Δ – 9.3% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
3.232%, 12/01/2026, #786591 | 421 | 428 | ||||||
3.451%, 01/01/2029, #846946 | 400 | 409 | ||||||
3.097%, 10/01/2029, #786853 | 261 | 269 | ||||||
4.672%, 04/01/2030, #972055 | 307 | 315 | ||||||
3.551%, 05/01/2030, #847014 | 238 | 241 | ||||||
2.991%, 06/01/2031, #847367 | 173 | 177 | ||||||
2.951%, 08/01/2032, #847331 | 2,293 | 2,340 | ||||||
3.229%, 09/01/2032, #847652 | 1,288 | 1,314 | ||||||
3.330%, 10/01/2032, #847063 | 210 | 217 | ||||||
2.801%, 05/01/2033, #780456 | 878 | 900 | ||||||
2.719%, 10/01/2033, #780911 | 1,517 | 1,560 | ||||||
4.720%, 03/01/2036, #848193 | 4,000 | 4,139 | ||||||
3.368%, 08/01/2036, #1L1462 | 1,124 | 1,142 | ||||||
Federal National Mortgage Association Pool | ||||||||
4.000%, 12/01/2019, #AA5298 | 2,046 | 2,098 | ||||||
4.500%, 04/01/2024, #AA4312 | 4,715 | 4,856 | ||||||
3.123%, 11/01/2025, #433988 | 545 | 555 | ||||||
3.263%, 10/01/2030, #847241 | 1,582 | 1,615 | ||||||
4.542%, 06/01/2031, #625338 | 219 | 225 | ||||||
5.053%, 12/01/2031, #535363 | 1,343 | 1,405 | ||||||
3.153%, 03/01/2032, #545791 | 34 | 34 | ||||||
3.165%, 05/01/2032, #634948 | 141 | 144 | ||||||
3.355%, 05/01/2032, #545717 | 365 | 377 | ||||||
3.076%, 10/01/2032, #661645 | 89 | 91 | ||||||
2.858%, 12/01/2032, #671884 | 276 | 282 | ||||||
2.920%, 04/01/2034, #AD0486 | 3,221 | 3,296 | ||||||
3.376%, 04/01/2034, #775389 | 215 | 224 | ||||||
3.723%, 06/01/2034, #725721 | 1,397 | 1,444 | ||||||
2.952%, 07/01/2034, #795242 | 2,137 | 2,224 | ||||||
2.700%, 11/01/2034, #797182 | 2,082 | 2,144 | ||||||
4.623%, 03/01/2035, #819652 | 3,493 | 3,607 | ||||||
5.090%, 08/01/2035, #838958 | 2,129 | 2,234 | ||||||
2.501%, 12/01/2035, #848390 | 2,107 | 2,118 | ||||||
3.092%, 07/01/2036, #886034 | 3,210 | 3,351 | ||||||
3.546%, 08/01/2036, #555369 | 245 | 254 | ||||||
2.985%, 09/01/2036, #995949 | 2,322 | 2,425 | ||||||
2.994%, 12/01/2039 « | 2,425 | 2,506 | ||||||
Government National Mortgage Association Pool | ||||||||
3.625%, 08/20/2021, #008824 | 135 | 138 | ||||||
3.625%, 07/20/2022, #008006 | 192 | 197 | ||||||
3.625%, 09/20/2025, #008699 | 104 | 107 | ||||||
4.375%, 04/20/2026, #008847 | 84 | 86 | ||||||
3.625%, 08/20/2027, #080106 | 29 | 30 | ||||||
4.375%, 01/20/2028, #080154 | 45 | 47 | ||||||
4.375%, 05/20/2029, #080283 | 122 | 126 | ||||||
3.875%, 11/20/2030, #080469 | 209 | 213 | ||||||
4.375%, 04/20/2031, #080507 | 83 | 85 | ||||||
3.625%, 08/20/2031, #080535 | 265 | 271 | ||||||
4.500%, 02/20/2032, #080580 | 75 | 77 | ||||||
52,337 | ||||||||
First American Funds 2009 Semiannual Report 37
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Short Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Fixed Rate – 2.9% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series K001, Class A3 | ||||||||
5.469%, 01/25/2012 | $ | 1,206 | $ | 1,263 | ||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
4.500%, 05/01/2018, #G11618 | 3,855 | 4,020 | ||||||
4.500%, 04/01/2022, #M30035 | 2,308 | 2,372 | ||||||
Federal National Mortgage Association Pool | ||||||||
5.500%, 05/01/2012, #254340 | 292 | 304 | ||||||
5.000%, 03/01/2013, #254682 | 234 | 241 | ||||||
4.000%, 12/01/2013, #255039 | 1,842 | 1,887 | ||||||
4.000%, 05/01/2020, #AD0107 | 3,205 | 3,275 | ||||||
4.000%, 03/01/2022, #890134 | 3,183 | 3,253 | ||||||
16,615 | ||||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $68,686) | 68,952 | |||||||
U.S. Government & Agency Securities – 7.9% | ||||||||
U.S. Agency Debentures – 3.1% | ||||||||
Federal Home Loan Bank | ||||||||
2.750%, 06/18/2010 | 755 | 764 | ||||||
1.625%, 07/27/2011 | 5,550 | 5,603 | ||||||
2.250%, 04/13/2012 | 6,000 | 6,108 | ||||||
1.500%, 01/16/2013 6 | 5,400 | 5,324 | ||||||
17,799 | ||||||||
U.S. Treasuries – 4.8% | ||||||||
U.S. Treasury Notes | ||||||||
0.875%, 04/15/2010 6 ◄ | 3,423 | 3,435 | ||||||
4.625%, 10/31/2011 6 | 6,235 | 6,640 | ||||||
0.750%, 11/30/2011 | 3,000 | 2,980 | ||||||
1.125%, 12/15/2011 6 | 6,340 | 6,342 | ||||||
4.125%, 08/31/2012 6 | 7,015 | 7,500 | ||||||
26,897 | ||||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $44,537) | 44,696 | |||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 4.3% | ||||||||
Fixed Rate – 4.3% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 1022, Class J | ||||||||
6.000%, 12/15/2020 | 27 | 27 | ||||||
Series 2629, Class BO | ||||||||
3.250%, 03/15/2018 | 3,788 | 3,868 | ||||||
Series 2763, Class TA | ||||||||
4.000%, 03/15/2011 | 1,779 | 1,803 | ||||||
Series 2780, Class QC | ||||||||
4.500%, 03/15/2017 | 3,160 | 3,236 | ||||||
Series 2843, Class BH | ||||||||
4.000%, 01/15/2018 | 3,893 | 3,996 | ||||||
Series 3555, Class EA | ||||||||
4.000%, 12/15/2014 | 1,540 | 1,592 | ||||||
Series 3591, Class NA | ||||||||
1.250%, 10/15/2012 | 3,707 | 3,709 | ||||||
Federal National Mortgage Association | ||||||||
3.450%, 07/05/2014 ¤ | 4,000 | 3,428 | ||||||
Series 1992-150, Class MA | ||||||||
5.500%, 09/25/2022 | 72 | 77 | ||||||
Series 2004-90, Class GA | ||||||||
4.350%, 03/25/2034 | 2,282 | 2,368 | ||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security | ||||||||
(Cost $23,794) | 24,104 | |||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 3.2% | ||||||||
Adjustable Rate Δ – 1.3% | ||||||||
Citigroup Mortgage Loan Trust | ||||||||
Series 2005-7, Class 2A1A | ||||||||
4.862%, 09/25/2035 | 1,657 | 1,401 | ||||||
Countrywide Home Loans | ||||||||
Series 2004-2, Class 2A1 | ||||||||
5.272%, 02/25/2034 | 349 | 343 | ||||||
GSR Mortgage Loan Trust | ||||||||
Series 2005-AR1, Class B1 | ||||||||
4.823%, 01/25/2035 ¥ | 1,974 | 230 | ||||||
Indymac Index Mortgage Loan Trust | ||||||||
Series 2005-AR1, Class 4A1 | ||||||||
5.172%, 03/25/2035 | 547 | 378 | ||||||
JPMorgan Mortgage Trust | ||||||||
Series 2006-A7, Class 3A4 | ||||||||
5.946%, 01/25/2037 | 570 | 154 | ||||||
Sequoia Mortgage Trust | ||||||||
Series 2007-1, Class 2A1 | ||||||||
5.824%, 02/20/2047 | 785 | 586 | ||||||
Structured Mortgage Loan Trust | ||||||||
Series 2004-11, Class A | ||||||||
3.860%, 08/25/2034 | 208 | 158 | ||||||
Washington Mutual | ||||||||
Series 2007-HY2, Class 3A2 | ||||||||
5.841%, 09/25/2036 | 732 | 139 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2005-AR13, Class A1 | ||||||||
5.312%, 05/25/2035 | 2,458 | 2,105 | ||||||
Series 2006-AR14, Class 2A3 | ||||||||
6.063%, 10/25/2036 | 2,293 | 1,560 | ||||||
7,054 | ||||||||
Fixed Rate – 1.9% | ||||||||
Citigroup Mortgage Loan Trust | ||||||||
Series 2005-WF1, Class A2 | ||||||||
4.490%, 02/25/2035 | 492 | 462 | ||||||
Countrywide Alternative Loan Trust | ||||||||
Series 2006-19CB, Class A15 | ||||||||
6.000%, 08/25/2036 | 1,685 | 1,359 | ||||||
GMAC Commercial Mortgage Securities | ||||||||
Series 2003-C2, Class A2 | ||||||||
5.485%, 05/10/2040 | 3,500 | 3,620 | ||||||
GMAC Mortgage Corporation Loan Trust | ||||||||
Series 2006-J1, Class A1 | ||||||||
5.750%, 04/25/2036 | 1,464 | 1,259 | ||||||
Master Alternative Loans Trust | ||||||||
Series 2004-13, Class 10A1 | ||||||||
8.000%, 01/25/2035 | 540 | 464 | ||||||
Thornburg Mortgage Securities Trust | ||||||||
Series 2007-4, Class 3A1 | ||||||||
6.201%, 09/25/2037 | 1,948 | 1,556 |
The accompanying notes are an integral part of the financial statements.
38 First American Funds 2009 Semiannual Report
Table of Contents
Short Term Bond Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2006-3, Class A1 | ||||||||
5.500%, 03/25/2036 | $ | 772 | $ | 650 | ||||
Series 2007-2, Class 1A8 | ||||||||
5.750%, 03/25/2037 | 1,953 | 1,628 | ||||||
10,998 | ||||||||
Total Collateralized Mortgage Obligation-Private Mortgage-Backed Securities | ||||||||
(Cost $23,936) | 18,052 | |||||||
Short-Term Investments – 2.0% | ||||||||
Money Market Fund – 1.9% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.049% Å Ω | 10,589,583 | 10,590 | ||||||
U.S. Treasury Obligations – 0.1% | ||||||||
U.S. Treasury Bills o | ||||||||
0.330%, 02/11/2010 | $ | 600 | 599 | |||||
0.222%, 07/29/2010 | 85 | 85 | ||||||
684 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $11,274) | 11,274 | |||||||
Investment Purchased with Proceeds from Securities Lending – 9.3% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.213% Ω † | ||||||||
(Cost $52,801) | 52,801,343 | 52,801 | ||||||
Total Investments 5 – 109.2% | ||||||||
(Cost $610,796) | 616,622 | |||||||
Other Assets and Liabilities, Net – (9.2)% | (52,164 | ) | ||||||
Total Net Assets – 100.0% | $ | 564,458 | ||||||
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $51,553 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
¬ | Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2009, the fair value of foreign securities was $45,285 or 8.0% of total net assets. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the fair value of these investments was $61,303 or 10.9% of total net assets. See note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investments considered to be illiquid was $2,246 or 0.4% of total net assets. See note 2 in Notes to Financial Statements. | |
« | Security purchased on a when-issued basis. On December 31, 2009, the total cost of investments purchased on a when-issued basis was $2,505 or 0.4% of total net assets. See note 2 in Notes to Financial Statements. | |
◄ | U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. | |
¤ | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2009. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
o | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of December 31, 2009. See note 2 in Notes to Financial Statements. |
Short Term Bond Fund (concluded)
† | 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $610,796. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 13,027 | ||
Gross unrealized depreciation | (7,201 | ) | ||
Net unrealized appreciation | $ | 5,826 | ||
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Notional | ||||||||||||||||
Number of | Contract | |||||||||||||||
Contracts | Unrealized | |||||||||||||||
Settlement | Purchased | Appreciation | ||||||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||||
U.S. Treasury 2 Year Note Futures | March 2010 | 81 | $ | 17,518 | $ | (83 | ) | |||||||||
U.S. Treasury 5 Year Note Futures | March 2010 | (517 | ) | (59,136 | ) | 881 | ||||||||||
U.S. Treasury 10 Year Note Futures | March 2010 | (7 | ) | (808 | ) | 20 | ||||||||||
U.S. Treasury Long Bond Futures | March 2010 | (4 | ) | (462 | ) | 16 | ||||||||||
$ | 834 | |||||||||||||||
Credit Default Swap Agreements
Credit Default Swaps on Credit Indices
Sell Protection1
Reference | Receive | Expiration | Notional | Unrealized | ||||||||||||||
Counterparty | Index | Fixed Rate | Date | Amount2 | Appreciation | |||||||||||||
Markit iTraxx Asia | ||||||||||||||||||
JPMorgan | ex-Japan Index | 6.500% | 06/20/2013 | $ | 600 | $ | 41 | |||||||||||
Markit iTraxx Asia | ||||||||||||||||||
UBS | ex-Japan Index | 6.500% | 06/20/2013 | 1,700 | 88 | |||||||||||||
$ | 129 | |||||||||||||||||
1 | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. | |
2 | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
JPMorgan | 3-Month LIBOR | Receive | 1.255% | 11/03/2011 | $ | 24,000 | $ | (28 | ) | |||||||||||||
UBS | 3-Month LIBOR | Receive | 1.358% | 09/25/2011 | 11,000 | (74 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.001% | 08/03/2014 | 4,000 | (80 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 4.045% | 11/14/2018 | 2,000 | (44 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.460% | 09/15/2019 | 2,000 | 57 | ||||||||||||||||
$ | (169 | ) | ||||||||||||||||||||
First American Funds 2009 Semiannual Report 39
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Total Return Bond Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Corporate Bonds – 63.8% | ||||||||
Banking – 11.1% | ||||||||
Bank of America | ||||||||
5.750%, 12/01/2017 6 | $ | 1,460 | $ | 1,495 | ||||
5.650%, 05/01/2018 | 2,495 | 2,534 | ||||||
8.000%, 12/29/2049 Δ | 5,885 | 5,666 | ||||||
BB&T | ||||||||
6.850%, 04/30/2019 6 | 2,125 | 2,383 | ||||||
Citigroup | ||||||||
6.125%, 11/21/2017 | 2,360 | 2,379 | ||||||
8.500%, 05/22/2019 | 2,130 | 2,459 | ||||||
6.125%, 08/25/2036 6 | 6,245 | 5,356 | ||||||
6.875%, 03/05/2038 6 | 2,550 | 2,545 | ||||||
Citigroup Capital XXI | ||||||||
8.300%, 12/21/2077 Δ | 5,835 | 5,616 | ||||||
Fifth Third Bancorp | ||||||||
6.250%, 05/01/2013 6 | 2,010 | 2,070 | ||||||
HSBC Holdings | ||||||||
6.800%, 06/01/2038 ¬ | 3,020 | 3,278 | ||||||
JPMorgan Chase | ||||||||
Series 1 | ||||||||
7.900%, 04/29/2049 Δ | 5,005 | 5,162 | ||||||
JPMorgan Chase Capital XX | ||||||||
Series T | ||||||||
6.550%, 09/29/2066 | 6,825 | 6,255 | ||||||
Key Bank | ||||||||
7.413%, 05/06/2015 | 1,485 | 1,515 | ||||||
KeyCorp | ||||||||
6.500%, 05/14/2013 | 450 | 465 | ||||||
Lloyds Banking Group | ||||||||
6.267%, 11/29/2049 Δ n ª ¬ | 2,060 | 1,236 | ||||||
National City Preferred Capital Trust I | ||||||||
12.000%, 12/29/2049 Δ | 885 | 1,020 | ||||||
Royal Bank of Scotland | ||||||||
6.400%, 10/21/2019 6 ¬ | 2,100 | 2,093 | ||||||
Sovereign Bank | ||||||||
8.750%, 05/30/2018 | 2,350 | 2,715 | ||||||
UBS Preferred Funding Trust V | ||||||||
6.243%, 05/29/2049 Δ | 4,265 | 3,337 | ||||||
Wells Fargo | ||||||||
Series I | ||||||||
3.750%, 10/01/2014 | 2,000 | 1,994 | ||||||
Series K | ||||||||
7.980%, 03/29/2049 Δ | 5,315 | 5,328 | ||||||
Wells Fargo Bank | ||||||||
5.950%, 08/26/2036 | 710 | 693 | ||||||
Wells Fargo Capital X | ||||||||
5.950%, 12/15/2086 | 1,230 | 1,070 | ||||||
Wells Fargo Capital XIII | ||||||||
Series GMTN | ||||||||
7.700%, 12/29/2049 Δ | 6,280 | 6,092 | ||||||
74,756 | ||||||||
Basic Industry – 6.0% | ||||||||
Arcelormittal | ||||||||
5.375%, 06/01/2013 ¬ | 3,145 | 3,319 | ||||||
6.125%, 06/01/2018 ¬ | 3,155 | 3,255 | ||||||
Braskem Finance | ||||||||
7.250%, 06/05/2018 6 n ¬ | 1,470 | 1,496 | ||||||
Celulosa Arauco Y Constitucion | ||||||||
8.625%, 08/15/2010 6 ¬ | 1,500 | 1,571 | ||||||
FMG Finance | ||||||||
10.000%, 09/01/2013 n ¬ | 1,130 | 1,175 | ||||||
Freeport-McMoran Copper & Gold | ||||||||
8.375%, 04/01/2017 | 1,595 | 1,746 | ||||||
Georgia-Pacific | ||||||||
7.125%, 01/15/2017 n | 1,055 | 1,068 | ||||||
Griffin Coal Mining | ||||||||
9.500%, 12/01/2016 6 n ª ¬ | 740 | 438 | ||||||
Incitec Pivot Finance | ||||||||
6.000%, 12/10/2019 n | 1,915 | 1,895 | ||||||
International Paper | ||||||||
7.500%, 08/15/2021 | 1,580 | 1,770 | ||||||
International Paper | ||||||||
8.700%, 06/15/2038 | 1,545 | 1,880 | ||||||
Inversiones CMPC | ||||||||
6.125%, 11/05/2019 n ¬ | 1,280 | 1,269 | ||||||
Newmont Mining | ||||||||
6.250%, 10/01/2039 | 6,325 | 6,333 | ||||||
Nova Chemicals | ||||||||
8.375%, 11/01/2016 n ¬ | 1,050 | 1,066 | ||||||
Rio Tinto Finance U.S.A. | ||||||||
6.500%, 07/15/2018 ¬ | 2,325 | 2,554 | ||||||
Southern Copper | ||||||||
7.500%, 07/27/2035 | 1,265 | 1,253 | ||||||
Teck Cominco Limited | ||||||||
6.125%, 10/01/2035 ¬ | 1,575 | 1,410 | ||||||
U.S. Steel | ||||||||
7.000%, 02/01/2018 | 2,250 | 2,204 | ||||||
USG | ||||||||
9.500%, 01/15/2018 | 1,150 | 1,184 | ||||||
Vale Overseas | ||||||||
6.875%, 11/10/2039 6 ¬ | 1,990 | 2,003 | ||||||
Vedanta Resources | ||||||||
9.500%, 07/18/2018 n ¬ | 1,400 | 1,421 | ||||||
40,310 | ||||||||
Brokerage – 5.4% | ||||||||
Goldman Sachs Capital II | ||||||||
5.793%, 12/29/2049 Δ | 8,975 | 6,956 | ||||||
Goldman Sachs Group | ||||||||
6.150%, 04/01/2018 | 3,140 | 3,361 | ||||||
6.750%, 10/01/2037 | 6,085 | 6,255 | ||||||
Merrill Lynch | ||||||||
6.050%, 05/16/2016 | 5,235 | 5,282 | ||||||
Series MTN | ||||||||
6.400%, 08/28/2017 | 1,265 | 1,331 | ||||||
Morgan Stanley | ||||||||
5.375%, 10/15/2015 | 3,895 | 4,024 | ||||||
7.300%, 05/13/2019 | 3,820 | 4,290 | ||||||
Series MTN | ||||||||
6.625%, 04/01/2018 | 4,625 | 5,000 | ||||||
36,499 | ||||||||
Capital Goods – 1.2% | ||||||||
Boeing | ||||||||
6.875%, 03/15/2039 6 | 1,665 | 1,939 | ||||||
Case New Holland | ||||||||
7.750%, 09/01/2013 6 n | 1,260 | 1,288 | ||||||
Caterpillar Financial | ||||||||
Series MTN | ||||||||
7.150%, 02/15/2019 | 2,550 | 2,949 | ||||||
Martin Marietta Material | ||||||||
6.600%, 04/15/2018 | 850 | 875 | ||||||
Siemens Financiering | ||||||||
6.125%, 08/17/2026 n ¬ | 1,350 | 1,430 | ||||||
8,481 | ||||||||
The accompanying notes are an integral part of the financial statements.
40 First American Funds 2009 Semiannual Report
Table of Contents
Total Return Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Communications – 4.4% | ||||||||
American Tower | ||||||||
4.625%, 04/01/2015 6 n | $ | 1,885 | $ | 1,906 | ||||
AT&T | ||||||||
6.550%, 02/15/2039 6 | 1,510 | 1,591 | ||||||
British Sky Broadcasting | ||||||||
6.100%, 02/15/2018 n ¬ | 1,975 | 2,092 | ||||||
British Telecom | ||||||||
5.950%, 01/15/2018 ¬ | 2,050 | 2,084 | ||||||
Comcast | ||||||||
6.300%, 11/15/2017 | 735 | 805 | ||||||
6.400%, 05/15/2038 | 1,630 | 1,678 | ||||||
DirecTV Holdings | ||||||||
5.875%, 10/01/2019 6 n | 2,595 | 2,639 | ||||||
Embarq | ||||||||
7.082%, 06/01/2016 | 1,545 | 1,707 | ||||||
News America | ||||||||
6.650%, 11/15/2037 6 | 1,600 | 1,690 | ||||||
NII Capital | ||||||||
10.000%, 08/15/2016 n | 800 | 838 | ||||||
Rogers Communications | ||||||||
6.800%, 08/15/2018 ¬ | 1,135 | 1,271 | ||||||
Sprint Nextel | ||||||||
6.000%, 12/01/2016 6 | 1,200 | 1,095 | ||||||
TCM Sub | ||||||||
3.550%, 01/15/2015 n | 870 | 852 | ||||||
Telecom Italia Capital | ||||||||
7.175%, 06/18/2019 ¬ | 2,250 | 2,508 | ||||||
Telefonica Emisiones | ||||||||
7.045%, 06/20/2036 ¬ | 1,065 | 1,216 | ||||||
Time Warner Cable | ||||||||
6.750%, 06/15/2039 6 | 1,515 | 1,587 | ||||||
Verizon Communications | ||||||||
6.900%, 04/15/2038 | 2,620 | 2,904 | ||||||
Vimpelcom | ||||||||
8.375%, 04/30/2013 n ¬ | 1,435 | 1,517 | ||||||
29,980 | ||||||||
Consumer Cyclical – 2.1% | ||||||||
Ford Motor Credit | ||||||||
7.500%, 08/01/2012 | 800 | 807 | ||||||
Galaxy Entertainment | ||||||||
9.875%, 12/15/2012 n ¬ | 575 | 575 | ||||||
Giti Tire | ||||||||
12.250%, 01/26/2012 ¬ | 500 | 439 | ||||||
Home Depot | ||||||||
5.875%, 12/16/2036 | 1,540 | 1,486 | ||||||
Navistar International | ||||||||
8.250%, 11/01/2021 | 950 | 974 | ||||||
Shimao Property Holdings | ||||||||
8.000%, 12/01/2016 n ¬ | 620 | 566 | ||||||
Target | ||||||||
7.000%, 01/15/2038 | 2,280 | 2,660 | ||||||
Toys R Us Property II | ||||||||
8.500%, 12/01/2017 n | 1,080 | 1,099 | ||||||
Viacom | ||||||||
6.875%, 04/30/2036 | 1,975 | 2,136 | ||||||
Wendy’s/Arby’s Restaurants | ||||||||
10.000%, 07/15/2016 | 950 | 1,035 | ||||||
Whirlpool | ||||||||
Series MTN | ||||||||
5.500%, 03/01/2013 | 2,360 | 2,430 | ||||||
14,207 | ||||||||
Consumer Non Cyclical – 3.2% | ||||||||
Altria Group | ||||||||
9.950%, 11/10/2038 | 3,960 | 5,162 | ||||||
Anheuser-Busch InBev | ||||||||
8.200%, 01/15/2039 n | 2,135 | 2,700 | ||||||
Apria Healthcare Group I | ||||||||
11.250%, 11/01/2014 6 n | 950 | 1,043 | ||||||
Boston Scientific | ||||||||
6.000%, 01/15/2020 | 955 | 976 | ||||||
CVS Caremark | ||||||||
6.302%, 06/01/2062 Δ | 2,660 | 2,294 | ||||||
Kraft Foods | ||||||||
6.500%, 08/11/2017 | 1,235 | 1,340 | ||||||
Lorillard Tobacco | ||||||||
8.125%, 06/23/2019 6 | 1,590 | 1,748 | ||||||
Pfizer | ||||||||
7.200%, 03/15/2039 | 645 | 788 | ||||||
Roche Holdings | ||||||||
6.000%, 03/01/2019 n | 900 | 989 | ||||||
Smithfield Foods | ||||||||
7.000%, 08/01/2011 6 | 1,870 | 1,865 | ||||||
UnitedHealth Group | ||||||||
6.875%, 02/15/2038 6 | 1,395 | 1,442 | ||||||
Watson Pharmaceuticals | ||||||||
6.125%, 08/15/2019 | 1,260 | 1,300 | ||||||
21,647 | ||||||||
Electric – 2.1% | ||||||||
Dynegy Holdings | ||||||||
7.750%, 06/01/2019 6 | 875 | 759 | ||||||
ISA Capital Brasil | ||||||||
8.800%, 01/30/2017 6 n ¬ | 1,150 | 1,236 | ||||||
Majapahit Holding | ||||||||
7.750%, 10/17/2016 n ¬ | 1,850 | 1,959 | ||||||
MidAmerican Energy Holdings | ||||||||
6.125%, 04/01/2036 | 2,630 | 2,694 | ||||||
NRG Energy | ||||||||
7.375%, 02/01/2016 | 650 | 651 | ||||||
Ohio Power | ||||||||
Series K | ||||||||
6.000%, 06/01/2016 | 1,685 | 1,786 | ||||||
Taqa Abu Dhabi National Energy | ||||||||
6.165%, 10/25/2017 n ¬ | 965 | 918 | ||||||
Transalta | ||||||||
6.650%, 05/15/2018 ¬ | 2,305 | 2,403 | ||||||
Virginia Electric Power | ||||||||
5.950%, 09/15/2017 | 1,550 | 1,680 | ||||||
14,086 | ||||||||
Energy – 7.4% | ||||||||
Amerada Hess | ||||||||
7.125%, 03/15/2033 6 | 1,950 | 2,183 | ||||||
Anadarko Petroleum | ||||||||
8.700%, 03/15/2019 6 | 2,915 | 3,626 | ||||||
Canadian National Resources | ||||||||
5.900%, 02/01/2018 ¬ | 1,370 | 1,472 | ||||||
Canadian Oil Sands | ||||||||
7.750%, 05/15/2019 n ¬ | 2,170 | 2,448 | ||||||
Cenovus Energy | ||||||||
6.750%, 11/15/2039 n ¬ | 2,230 | 2,431 | ||||||
Chesapeake Energy | ||||||||
9.500%, 02/15/2015 6 | 705 | 774 | ||||||
Cloud Peak Energy Resources | ||||||||
8.250%, 12/15/2017 n | 1,270 | 1,270 |
First American Funds 2009 Semiannual Report 41
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Total Return Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
ConocoPhillips | ||||||||
6.500%, 02/01/2039 | $ | 3,915 | $ | 4,345 | ||||
Halliburton | ||||||||
7.450%, 09/15/2039 | 1,715 | 2,122 | ||||||
Headwaters | ||||||||
11.375%, 11/01/2014 n | 795 | 829 | ||||||
Indo Integrated Energy II | ||||||||
9.750%, 11/05/2016 6 n ¬ | 1,100 | 1,105 | ||||||
Lukoil International Finance | ||||||||
6.356%, 06/07/2017 n ¬ | 670 | 658 | ||||||
6.656%, 06/07/2022 n ¬ | 2,585 | 2,469 | ||||||
Marathon Oil | ||||||||
5.900%, 03/15/2018 | 1,175 | 1,238 | ||||||
Mariner Energy | ||||||||
7.500%, 04/15/2013 | 1,330 | 1,323 | ||||||
Nexen | ||||||||
6.400%, 05/15/2037 ¬ | 2,240 | 2,257 | ||||||
Petrobras International Finance | ||||||||
6.875%, 01/20/2040 ¬ | 1,770 | 1,819 | ||||||
Petro-Canada | ||||||||
6.800%, 05/15/2038 ¬ | 1,570 | 1,731 | ||||||
Petroplus Finance | ||||||||
9.375%, 09/15/2019 6 n ¬ | 1,215 | 1,209 | ||||||
Pioneer Natural Resource | ||||||||
6.650%, 03/15/2017 | 1,445 | 1,425 | ||||||
Pride International | ||||||||
8.500%, 06/15/2019 6 | 725 | 837 | ||||||
Smith International | ||||||||
9.750%, 03/15/2019 | 2,955 | 3,743 | ||||||
Suncor Energy | ||||||||
6.100%, 06/01/2018 6 ¬ | 1,700 | 1,824 | ||||||
Talisman Energy | ||||||||
7.750%, 06/01/2019 ¬ | 2,110 | 2,478 | ||||||
Weatherford International | ||||||||
7.000%, 03/15/2038 ¬ | 1,260 | 1,277 | ||||||
Whiting Petroleum | ||||||||
7.000%, 02/01/2014 | 1,115 | 1,119 | ||||||
XTO Energy | ||||||||
6.375%, 06/15/2038 | 1,640 | 1,840 | ||||||
49,852 | ||||||||
Finance – 5.7% | ||||||||
American Express | ||||||||
8.125%, 05/20/2019 | 1,860 | 2,204 | ||||||
American Express Credit | ||||||||
Series C | ||||||||
7.300%, 08/20/2013 | 2,470 | 2,776 | ||||||
Capital One Bank | ||||||||
8.800%, 07/15/2019 6 | 2,810 | 3,321 | ||||||
Capital One Capital V | ||||||||
10.250%, 08/15/2039 | 1,580 | 1,837 | ||||||
Capital One Financial | ||||||||
6.150%, 09/01/2016 | 2,265 | 2,275 | ||||||
Country Garden Holding | ||||||||
11.750%, 09/10/2014 n ¬ | 1,710 | 1,710 | ||||||
Countrywide Financial | ||||||||
6.250%, 05/15/2016 | 2,885 | 2,935 | ||||||
Credit Agricole | ||||||||
6.637%, 05/29/2049 Δ n ¬ | 2,190 | 1,774 | ||||||
General Electric Capital | ||||||||
Series GMTN | ||||||||
6.000%, 08/07/2019 | 1,000 | 1,038 | ||||||
Series MTN | ||||||||
6.875%, 01/10/2039 6 | 4,705 | 4,859 | ||||||
ILFC E-Capital Trust I | ||||||||
5.900%, 12/21/2065 Δ n | 2,815 | 1,464 | ||||||
International Lease Finance | ||||||||
6.375%, 03/25/2013 | 2,615 | 2,150 | ||||||
Janus Capital Group | ||||||||
6.700%, 06/15/2017 | 1,700 | 1,602 | ||||||
Rockies Express Pipeline | ||||||||
7.500%, 07/15/2038 n | 1,760 | 2,002 | ||||||
RSHB Capital | ||||||||
7.750%, 05/29/2018 6 n ¬ | 2,120 | 2,317 | ||||||
SLM | ||||||||
Series MTN | ||||||||
5.400%, 10/25/2011 | 1,020 | 1,019 | ||||||
Transcapitalinvest | ||||||||
5.670%, 03/05/2014 n ¬ | 3,490 | 3,516 | ||||||
38,799 | ||||||||
Insurance – 5.3% | ||||||||
Allied World Assurance | ||||||||
7.500%, 08/01/2016 ¬ | 3,070 | 3,278 | ||||||
American International Group | ||||||||
8.175%, 05/15/2068 Δ | 1,620 | 1,069 | ||||||
Chubb | ||||||||
5.750%, 05/15/2018 6 | 2,460 | 2,612 | ||||||
Genworth Financial | ||||||||
Series MTN | ||||||||
6.515%, 05/22/2018 | 2,640 | 2,416 | ||||||
Hartford Financial Services Group | ||||||||
Series MTN | ||||||||
6.000%, 01/15/2019 | 3,535 | 3,442 | ||||||
Liberty Mutual Group | ||||||||
7.000%, 03/15/2037 Δ n | 1,705 | 1,313 | ||||||
Lincoln National | ||||||||
8.750%, 07/01/2019 | 2,395 | 2,737 | ||||||
MetLife | ||||||||
6.750%, 06/01/2016 6 | 1,600 | 1,791 | ||||||
7.717%, 02/15/2019 6 | 1,135 | 1,334 | ||||||
MetLife Capital Trust IV | ||||||||
7.875%, 12/15/2067 n | 2,220 | 2,209 | ||||||
Pacific Life Insurance | ||||||||
9.250%, 06/15/2039 n | 2,700 | 3,118 | ||||||
Prudential Financial | ||||||||
5.500%, 03/15/2016 | 1,650 | 1,652 | ||||||
7.375%, 06/15/2019 | 2,100 | 2,354 | ||||||
5.900%, 03/17/2036 | 1,555 | 1,446 | ||||||
ZFS Finance USA Trust V | ||||||||
6.500%, 05/09/2067 Δ n | 5,495 | 4,643 | ||||||
35,414 | ||||||||
Natural Gas – 0.7% | ||||||||
Enterprise Products | ||||||||
8.375%, 08/01/2066 Δ | 860 | 839 | ||||||
Kinder Morgan Energy Partners | ||||||||
Series MTN | ||||||||
6.950%, 01/15/2038 | 1,920 | 2,046 | ||||||
NGPL Pipeco | ||||||||
7.119%, 12/15/2017 n | 1,585 | 1,749 | ||||||
Southern Union | ||||||||
7.200%, 11/01/2066 Δ | 545 | 466 | ||||||
5,100 | ||||||||
Other Utility – 0.3% | ||||||||
American Water Capital | ||||||||
6.085%, 10/15/2017 | 1,730 | 1,808 | ||||||
The accompanying notes are an integral part of the financial statements.
42 First American Funds 2009 Semiannual Report
Table of Contents
Total Return Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Real Estate – 1.2% | ||||||||
Health Care Properties – REIT | ||||||||
Series MTN | ||||||||
6.300%, 09/15/2016 | $ | 2,760 | $ | 2,694 | ||||
Lippo Karawaci Finance | ||||||||
8.875%, 03/09/2011 ¬ | 1,000 | 984 | ||||||
Prologis 2006 – REIT | ||||||||
5.750%, 04/01/2016 | 3,395 | 3,189 | ||||||
Simon Property Group – REIT | ||||||||
10.350%, 04/01/2019 | 760 | 954 | ||||||
7,821 | ||||||||
Sovereign – 3.8% | ||||||||
Australian Government | ||||||||
5.750%, 04/15/2012 ¬ | AUD 7,300 | 6,709 | ||||||
Bundesrepublic Deutschland | ||||||||
Series 09 | ||||||||
3.500%, 07/04/2019 ¬ | EUR 4,600 | 6,691 | ||||||
Canadian Government | ||||||||
1.500%, 03/01/2012 ¬ | CAD 7,200 | 6,863 | ||||||
Federal Republic of Brazil | ||||||||
5.625%, 01/07/2041 6 ¬ | $ | 2,520 | 2,375 | |||||
Norwegian Government | ||||||||
6.500%, 05/15/2013 ¬ | NOK 14,500 | 2,768 | ||||||
25,406 | ||||||||
Technology – 1.1% | ||||||||
Chartered Semiconductor | ||||||||
6.375%, 08/03/2015 ¬ | $ | 380 | 379 | |||||
Computer Sciences | ||||||||
6.500%, 03/15/2018 | 2,485 | 2,712 | ||||||
LG Electronics | ||||||||
5.000%, 06/17/2010 n ¬ ¥ | 785 | 795 | ||||||
National Semiconductor | ||||||||
6.600%, 06/15/2017 | 3,245 | 3,324 | ||||||
7,210 | ||||||||
Transportation – 2.8% | ||||||||
American Airlines | ||||||||
Series 2001-1, Class A-2 | ||||||||
6.817%, 11/23/2012 | 1,385 | 1,330 | ||||||
Series 2001-2, Class B | ||||||||
8.608%, 10/01/2012 | 1,350 | 1,269 | ||||||
Canadian Pacific Railroad | ||||||||
6.500%, 05/15/2018 ¬ | 1,840 | 1,988 | ||||||
Continental Airlines | ||||||||
Series 1997-1, Class A | ||||||||
7.461%, 10/01/2016 | 412 | 392 | ||||||
Series 2007-1, Class C | ||||||||
7.339%, 04/19/2014 | 2,095 | 1,906 | ||||||
CSX | ||||||||
7.375%, 02/01/2019 | 1,995 | 2,279 | ||||||
Delta Airlines | ||||||||
Series 2001-1, Class B | ||||||||
7.711%, 03/18/2013 6 | 1,096 | 1,079 | ||||||
Series 2002-1, Class G-1 | ||||||||
6.718%, 07/02/2024 | 1,431 | 1,245 | ||||||
Erac USA Finance | ||||||||
6.375%, 10/15/2017 n | 1,915 | 1,934 | ||||||
Union Pacific | ||||||||
6.125%, 02/15/2020 | 3,175 | 3,437 | ||||||
United Airlines | ||||||||
10.400%, 11/01/2016 | 1,720 | 1,813 | ||||||
18,672 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $405,886) | 430,048 | |||||||
Asset-Backed Securities – 14.4% | ||||||||
Credit Cards – 1.7% | ||||||||
American Express Issuance Trust | ||||||||
Series 2005-1, Class C | ||||||||
0.563%, 08/15/2011 Δ | 2,250 | 2,224 | ||||||
Discover Card Master Trust I | ||||||||
Series 2003-4, Class B2 | ||||||||
0.663%, 05/15/2013 Δ | 380 | 374 | ||||||
Series 2005-4, Class B1 | ||||||||
0.483%, 06/18/2013 Δ | 790 | 775 | ||||||
Series 2007-A1, Class A1 | ||||||||
5.650%, 03/16/2020 | 3,655 | 3,928 | ||||||
Series 2007-C1, Class C1 | ||||||||
0.553%, 01/15/2013 Δ | 2,370 | 2,343 | ||||||
Washington Mutual Master Note Trust | ||||||||
Series 2007-C1, Class C1 | ||||||||
0.633%, 05/15/2014 Δ n | 2,150 | 2,139 | ||||||
11,783 | ||||||||
Home Equity – 0.0% | ||||||||
GRMT Mortgage Loan Trust | ||||||||
Series 2001-1A, Class M1 | ||||||||
8.272%, 07/20/2031 n ¥ | 134 | 109 | ||||||
Manufactured Housing – 0.4% | ||||||||
Green Tree Financial | ||||||||
Series 1996-8, Class A7 | ||||||||
8.050%, 10/15/2027 Δ | 176 | 179 | ||||||
Series 2008-MH1, Class A1 | ||||||||
7.000%, 04/25/2038 n | 1,956 | 1,993 | ||||||
Origen Manufactured Housing | ||||||||
Series 2005-A, Class A2 | ||||||||
4.490%, 05/15/2018 | 243 | 241 | ||||||
2,413 | ||||||||
Other – 12.3% | ||||||||
Banc of America Commercial Mortgage | ||||||||
Series 2006-2, Class A4 | ||||||||
5.738%, 05/10/2045 Δ | 785 | 771 | ||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
Series 2005-PW10, Class A4 | ||||||||
5.405%, 12/11/2040 Δ | 3,325 | 3,259 | ||||||
Series 2007-T28, Class D | ||||||||
5.991%, 09/11/2042 Δ n ¥ | 1,780 | 434 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
Series 2008-C7, Class AJ | ||||||||
6.095%, 12/10/2049 Δ ¥ | 1,595 | 739 | ||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||||||
Series 2007-CD4, Class A2B | ||||||||
5.205%, 12/11/2049 | 1,360 | 1,390 | ||||||
Series 2007-CD5, Class A4 | ||||||||
5.886%, 11/15/2044 | 5,650 | 5,058 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
Series 2004-RS1, Class A | ||||||||
5.648%, 03/03/2041 n ¬ ¥ | 2,184 | 1,620 | ||||||
Series 2006-CN2A, Class A2FX | ||||||||
5.449%, 02/05/2019 n | 1,805 | 1,775 | ||||||
Crown Castle Towers | ||||||||
Series 2005-1A, Class B | ||||||||
4.878%, 06/15/2035 n | 3,920 | 3,959 | ||||||
GE Capital Commercial Mortgage Corporation | ||||||||
Series 2005-C3, Class A2 | ||||||||
4.853%, 07/10/2045 | 7,405 | 7,428 | ||||||
Greenwich Capital Commercial Funding | ||||||||
Series 2003-C1, Class A2 | ||||||||
3.285%, 07/05/2035 | 561 | 563 |
First American Funds 2009 Semiannual Report 43
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Total Return Bond Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
Series 2005-GG5, Class A2 | ||||||||
5.117%, 04/10/2037 | $ | 3,805 | $ | 3,820 | ||||
Series 2007-GG11, Class AJ | ||||||||
6.003%, 12/10/2049 Δ ¥ | 3,255 | 1,624 | ||||||
GS Mortgage Securities II | ||||||||
Series 2006-GG6, Class A2 | ||||||||
5.506%, 04/10/2038 | 3,305 | 3,349 | ||||||
Series 2006-GG8, Class A4 | ||||||||
5.560%, 11/10/2039 | 3,135 | 2,745 | ||||||
Series 2006-RR2, Class A1 | ||||||||
5.681%, 06/23/2046 n ¥ | 1,507 | 460 | ||||||
Series 2007-GG10, Class A4 | ||||||||
5.805%, 08/10/2045 6 Δ | 13,665 | 11,733 | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||
Series 2004-C2, Class A4 | ||||||||
4.367%, 03/15/2036 | 4,000 | 3,895 | ||||||
Series 2005-C7, Class A2 | ||||||||
5.103%, 11/15/2030 | 2,500 | 2,514 | ||||||
Series 2007-C7, Class AM | ||||||||
6.166%, 09/15/2045 Δ | 3,160 | 2,318 | ||||||
Merrill Lynch Mortgage Trust | ||||||||
Series 2005-CIP1, Class C | ||||||||
5.131%, 07/12/2038 Δ ¥ | 1,730 | 908 | ||||||
Series 2005-LC1, Class AM | ||||||||
5.265%, 01/12/2044 Δ | 3,500 | 2,923 | ||||||
Series 2008-C1, Class A4 | ||||||||
5.690%, 02/12/2051 | 5,540 | 4,856 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
Series 2007-8, Class AM | ||||||||
5.957%, 08/12/2049 Δ | 4,400 | 3,214 | ||||||
Morgan Stanley Capital I | ||||||||
Series 2003-IQ6, Class A4 | ||||||||
4.970%, 12/15/2041 | 5,112 | 5,116 | ||||||
Series 2006-IQ12, Class A4 | ||||||||
5.332%, 12/15/2043 | 4,025 | 3,735 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
Series 2007-C33, Class AJ | ||||||||
5.901%, 02/15/2051 Δ ¥ | 2,745 | 1,188 | ||||||
Series 2007-C34, Class AJ | ||||||||
5.952%, 05/15/2046 Δ ¥ | 2,905 | 1,440 | ||||||
82,834 | ||||||||
Total Asset-Backed Securities | ||||||||
(Cost $107,162) | 97,139 | |||||||
U.S. Government Agency Mortgage-Backed Securities – 11.1% | ||||||||
Adjustable RateΔ – 0.8% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
4.137%, 10/01/2029, # 1L0117 | 698 | 722 | ||||||
3.639%, 07/01/2030, # 847240 | 750 | 764 | ||||||
3.497%, 05/01/2033, # 847411 | 535 | 546 | ||||||
5.774%, 07/01/2036, # 1K1238 | 2,214 | 2,325 | ||||||
Federal National Mortgage Association Pool | ||||||||
3.117%, 09/01/2033, # 725553 | 313 | 318 | ||||||
3.200%, 01/01/2035, # 745548 | 768 | 790 | ||||||
5,465 | ||||||||
Fixed Rate – 10.3% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
6.500%, 07/01/2031, # A17212 | 1,519 | 1,643 | ||||||
7.000%, 08/01/2037, # H09059 | 3,077 | 3,335 | ||||||
Federal National Mortgage Association Pool | ||||||||
5.500%, 02/01/2025, # 255628 | 1,823 | 1,929 | ||||||
5.500%, 10/01/2025, # 255956 | 6,726 | 7,111 | ||||||
6.000%, 04/01/2032, # 745101 | 536 | 566 | ||||||
5.500%, 06/01/2033, # 843435 | 764 | 804 | ||||||
5.000%, 03/01/2034, # 725205 | 906 | 933 | ||||||
5.000%, 03/01/2034, # 725250 | 811 | 836 | ||||||
6.000%, 03/01/2034, # 745324 | 1,164 | 1,246 | ||||||
5.500%, 09/01/2034, # 725773 | 1,321 | 1,389 | ||||||
6.500%, 04/01/2036, # 831377 | 969 | 1,040 | ||||||
6.500%, 04/01/2036, # 852909 | 592 | 636 | ||||||
6.500%, 08/01/2036, # 893318 | 1,298 | 1,393 | ||||||
6.500%, 09/01/2036, # 897129 | 2,697 | 2,894 | ||||||
5.500%, 04/01/2037, # 918883 | 1,435 | 1,504 | ||||||
6.000%, 06/01/2037, # 944340 | 1,801 | 1,911 | ||||||
6.000%, 09/01/2037, # 256890 | 2,271 | 2,400 | ||||||
5.000%, 05/01/2038, # 963258 | 6,482 | 6,659 | ||||||
6.000%, 08/01/2038, # 257307 | 1,987 | 2,106 | ||||||
5.500%, 11/01/2038, # AA0005 | 5,581 | 5,848 | ||||||
5.500%, 12/01/2038, # AA0889 | 6,434 | 6,742 | ||||||
5.500%, 01/15/2040 « | 10,010 | 10,478 | ||||||
6.000%, 01/15/2040 « | 5,420 | 5,740 | ||||||
69,143 | ||||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $72,864) | 74,608 | |||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 3.4% | ||||||||
Adjustable RateΔ – 1.1% | ||||||||
Citigroup Mortgage Loan Trust | ||||||||
Series 2005-7, Class 2A1A | ||||||||
4.861%, 09/25/2035 | 850 | 719 | ||||||
Countrywide Home Loans | ||||||||
Series 2004-2, Class 2A1 | ||||||||
5.282%, 02/25/2034 | 955 | 939 | ||||||
GSR Mortgage Loan Trust | ||||||||
Series 2005-AR1, Class B1 | ||||||||
4.267%, 01/25/2035 ¥ | 2,018 | 235 | ||||||
Indymac Index Mortgage Loan Trust | ||||||||
Series 2005-AR1, Class 4A1 | ||||||||
3.886%, 03/25/2035 | 629 | 435 | ||||||
JPMorgan Alternative Loan Trust | ||||||||
Series 2007-S1, Class A1 | ||||||||
0.511%, 04/25/2047 | 2,338 | 1,291 | ||||||
JPMorgan Mortgage Trust | ||||||||
Series 2006-A7, Class 3A4 | ||||||||
5.942%, 01/25/2037 | 2,034 | 548 | ||||||
Wachovia Mortgage Loan Trust | ||||||||
Series 2005-B, Class 1A1 | ||||||||
3.587%, 10/20/2035 | 895 | 673 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2006-AR1, Class 2A2 | ||||||||
5.535%, 03/25/2036 | 2,358 | 2,203 | ||||||
7,043 | ||||||||
Fixed Rate – 2.3% | ||||||||
Bank of America Alternative Loan Trust | ||||||||
Series 2007-1, Class 2A2 | ||||||||
6.456%, 04/25/2037 ¥ | 2,216 | 601 | ||||||
Citigroup Mortgage Loan Trust | ||||||||
Series 2005-WF1, Class A2 | ||||||||
4.490%, 11/25/2034 | 148 | 139 | ||||||
Countrywide Alternative Loan Trust | ||||||||
Series 2004-24CB, Class 2A1 | ||||||||
5.000%, 11/25/2019 | 1,111 | 1,050 |
The accompanying notes are an integral part of the financial statements.
44 First American Funds 2009 Semiannual Report
Table of Contents
Total Return Bond Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Series 2006-19CB, Class A15 | ||||||||
6.000%, 08/25/2036 | $ | 1,573 | $ | 1,268 | ||||
GSMPS Mortgage Loan Trust | ||||||||
Series 2003-1, Class B1 | ||||||||
6.890%, 03/25/2043 ¥ | 2,707 | 1,831 | ||||||
GSR Mortgage Loan Trust | ||||||||
Series 2005-4F, Class B1 | ||||||||
5.731%, 05/25/2035 ¥ | 2,199 | 1,195 | ||||||
Impac Secured Assets | ||||||||
Series 2000-3, Class M1 | ||||||||
8.000%, 10/25/2030 ¥ | 2,409 | 2,063 | ||||||
Lehman Brothers Mortgage Trust | ||||||||
Series 2008-6, Class 1A1 | ||||||||
6.552%, 07/25/2047 | 5,140 | 4,452 | ||||||
Residential Accredit Loans | ||||||||
Series 2005-QS12, Class A7 | ||||||||
5.500%, 08/25/2035 | 1,907 | 1,644 | ||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||
Series 2004-RA3, Class 2A | ||||||||
6.354%, 08/25/2038 | 1,467 | 1,454 | ||||||
15,697 | ||||||||
Total Collateralized Mortgage Obligation-Private Mortgage-Backed Securities | ||||||||
(Cost $31,470) | 22,740 | |||||||
Preferred Stocks – 0.4% | ||||||||
Banking – 0.1% | ||||||||
Bank of America | ||||||||
Series MER | 15,471 | 379 | ||||||
Insurance – 0.3% | ||||||||
Aspen Insurance Holdings | ||||||||
Series A ¬ | 84,500 | 1,876 | ||||||
Sovereign – 0.0% | ||||||||
Fannie Mae | ||||||||
Series S | 217,000 | 239 | ||||||
Total Preferred Stocks | ||||||||
(Cost $7,637) | 2,494 | |||||||
U.S. Government & Agency Securities – 0.3% | ||||||||
U.S. Treasuries – 0.3% | ||||||||
U.S. Treasury Note | ||||||||
2.250%, 05/31/2014 6 | $ | 615 | 611 | |||||
3.625%, 08/15/2019 6 | 1,570 | 1,544 | ||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $2,192) | 2,155 | |||||||
Municipal Bond – 0.2% | ||||||||
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B | ||||||||
6.950% 09/01/2016 | ||||||||
(Cost $1,530) | 1,530 | 1,463 | ||||||
Convertible Security – 0.2% | ||||||||
Communications – 0.2% | ||||||||
Central European Media Entertainment | ||||||||
3.500% 03/15/2013 6 n ¬ | ||||||||
(Cost $887) | 1,475 | 1,125 | ||||||
Short-Term Investments – 7.3% | ||||||||
Money Market Fund – 6.6% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.049% Å Ω | 44,337,146 | 44,337 | ||||||
U.S. Treasury Obligation – 0.7% | ||||||||
U.S. Treasury Bill | ||||||||
0.201%, 02/11/2010 o | 4,850 | 4,849 | ||||||
Total Short-Term Investments | ||||||||
(Cost $49,186) | 49,186 | |||||||
Investment Purchased with Proceeds from Securities Lending – 8.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.213% Ω † | ||||||||
(Cost $59,833) | 59,833,230 | 59,833 | ||||||
Total Investments 5 – 110.0% | ||||||||
(Cost $738,647) | 740,791 | |||||||
Other Assets and Liabilities, Net – (10.0)% | (67,210 | ) | ||||||
Total Net Assets – 100.0% | $ | 673,581 | ||||||
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $58,406 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the fair value of these investments was $89,288 or 13.3% of total net assets. See note 2 in Notes to Financial Statements. | |
ª | Security in default at December 31, 2009. | |
¬ | Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2009, the fair value of foreign securities was $117,744 or 17.5% total net assets. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investments considered to be illiquid was $15,242 or 2.3% of total net assets. See note 2 in Notes to Financial Statements. | |
« | Security purchased on a when-issued basis. On December 31, 2009 the total cost of investments purchased on a when-issued basis was $16,477 or 2.4% of total net assets. See note 2 in Notes to Financial Statements. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
o | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the annualized effective yield as of December 31, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. | |
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $738,647. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 36,292 | ||
Gross unrealized depreciation | (34,148 | ) | ||
Net unrealized appreciation | $ | 2,144 | ||
REIT – | Real Estate Investment Trust |
First American Funds 2009 Semiannual Report 45
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Total Return Bond Fund (concluded)
Schedule of Open Futures Contracts
Number of | ||||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||||
Settlement | Purchased | Contract | Appreciation | |||||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||||
Australian Dollar Currency Futures | March 2010 | 58 | $ | 5,172 | $ | (34 | ) | |||||||||
Canadian Dollar Currency Futures | March 2010 | 28 | 2,677 | 20 | ||||||||||||
U.S. Treasury 5 Year Note Futures | March 2010 | (355 | ) | (40,606 | ) | 849 | ||||||||||
U.S. Treasury 10 Year Note Futures | March 2010 | (315 | ) | (36,368 | ) | 1,126 | ||||||||||
U.S. Treasury Long Bond Futures | March 2010 | (194 | ) | (22,383 | ) | 990 | ||||||||||
$ | 2,951 | |||||||||||||||
Credit Default Swap Agreements
Credit Default Swaps on Credit Indices
Sell Protection1
Receive | ||||||||||||||||||
Reference | Fixed | Expiration | Notional | Unrealized | ||||||||||||||
Counterparty | Index | Rate | Date | Amount2 | Appreciation | |||||||||||||
Deutsche Bank | Markit CDX HVOL11 Index | 3.850% | 12/20/2013 | $ | 6,767 | $ | 518 | |||||||||||
JPMorgan | Markit iTraxx Asia ex-Japan Index | 6.500% | 06/20/2013 | 9,600 | 665 | |||||||||||||
JPMorgan | Markit CDX HVOL11 Index | 3.850% | 12/20/2013 | 1,837 | 137 | |||||||||||||
UBS | Markit iTraxx Asia ex-Japan Index | 6.500% | 06/20/2013 | 13,200 | 839 | |||||||||||||
$ | 2,159 | |||||||||||||||||
1 | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. | |
2 | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
JPMorgan | 3-Month LIBOR | Receive | 3.476% | 9/15/2019 | $ | 4,000 | $ | 108 | ||||||||||||||
UBS | 3-Month LIBOR | Receive | 3.001% | 8/3/2014 | 7,000 | (139 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 4.045% | 11/14/2018 | 5,000 | (110 | ) | |||||||||||||||
UBS | 3-Month LIBOR | Receive | 2.610% | 1/12/2019 | 19,000 | 1,619 | ||||||||||||||||
$ | 1,478 | |||||||||||||||||||||
Total Return Bond Fund (concluded)
U.S. Government Mortgage Fund | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
U.S. Government Agency Mortgage-Backed Securities – 84.3% | ||||||||
Adjustable Rate Δ – 13.2% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
2.718%, 09/01/2033, # 780836 | $ | 1,201 | $ | 1,223 | ||||
4.720%, 03/01/2036, # 848193 | 995 | 1,029 | ||||||
5.563%, 05/01/2037, # 1H1396 | 2,046 | 2,165 | ||||||
Federal National Mortgage Association Pool | ||||||||
2.920%, 04/01/2034, # AD0486 | 2,023 | 2,070 | ||||||
2.501%, 12/01/2035, # 848390 | 790 | 795 | ||||||
3.092%, 07/01/2036, # 886034 | 811 | 847 | ||||||
2.985%, 09/01/2036, # 995949 | 929 | 970 | ||||||
5.441%, 03/01/2037, # 914224 | 1,958 | 2,067 | ||||||
5.429%, 04/01/2037, # 913187 | 1,530 | 1,600 | ||||||
2.994%, 12/01/2039 « | 455 | 470 | ||||||
13,236 | ||||||||
Fixed Rate – 71.1% | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||
7.000%, 07/01/2011, # E20252 | 4 | 5 | ||||||
7.500%, 09/01/2012, # G10735 | 37 | 39 | ||||||
6.000%, 10/01/2013, # E72802 | 89 | 95 | ||||||
5.500%, 01/01/2014, # E00617 | 332 | 348 | ||||||
7.000%, 09/01/2014, # E00746 | 60 | 64 | ||||||
6.500%, 01/01/2028, # G00876 | 227 | 246 | ||||||
7.500%, 01/01/2030, # C35768 | 35 | 39 | ||||||
6.500%, 03/01/2031, # G01244 | 414 | 449 | ||||||
Federal National Mortgage Association Pool | ||||||||
7.000%, 11/01/2011, # 250738 | 3 | 3 | ||||||
7.000%, 11/01/2011, # 349630 | 1 | 1 | ||||||
7.000%, 11/01/2011, # 351122 | 5 | 5 | ||||||
6.000%, 04/01/2013, # 425550 | 53 | 56 | ||||||
6.500%, 08/01/2013, # 251901 | 42 | 45 | ||||||
6.000%, 11/01/2013, # 556195 | 72 | 77 | ||||||
7.000%, 10/01/2014, # 252799 | 40 | 44 | ||||||
5.500%, 04/01/2016, # 580516 | 321 | 342 | ||||||
6.500%, 07/01/2017, # 254373 | 473 | 514 | ||||||
7.000%, 07/01/2017, # 254414 | 495 | 538 | ||||||
5.500%, 12/01/2017, # 673010 | 326 | 348 | ||||||
5.500%, 04/01/2018, # 695765 | 435 | 464 | ||||||
4.500%, 05/01/2018, # 254720 | 1,642 | 1,712 | ||||||
5.500%, 09/01/2019, # 725793 | 1,999 | 2,131 | ||||||
6.000%, 01/01/2022, # 254179 | 385 | 414 | ||||||
6.500%, 06/01/2022, # 254344 | 386 | 419 | ||||||
7.000%, 09/01/2031, # 596680 | 620 | 681 | ||||||
6.500%, 12/01/2031, # 254169 | 581 | 623 | ||||||
6.000%, 04/01/2032, # 745101 | 1,760 | 1,857 | ||||||
6.500%, 06/01/2032, # 596712 | 1,495 | 1,603 | ||||||
6.000%, 08/01/2032, # 656269 | 432 | 456 | ||||||
6.000%, 03/01/2034, # 745324 | 1,729 | 1,850 | ||||||
6.500%, 08/01/2036, # 887017 | 6,180 | 6,632 | ||||||
7.000%, 06/01/2037, # 928519 | 3,799 | 4,168 | ||||||
5.500%, 06/01/2038, # 995018 | 6,014 | 6,307 | ||||||
5.500%, 06/01/2039, # 995959 | 10,975 | 11,501 | ||||||
5.000%, 01/15/2040 « | 15,730 | 16,141 | ||||||
6.000%, 01/15/2040 « | 8,285 | 8,774 | ||||||
Government National Mortgage Association Pool | ||||||||
8.000%, 10/15/2010, # 414750 | 3 | 3 | ||||||
7.500%, 12/15/2022, # 347332 | 56 | 62 | ||||||
7.000%, 09/15/2027, # 455304 | 16 | 18 | ||||||
6.500%, 07/15/2028, # 780825 | 408 | 441 | ||||||
6.500%, 08/20/2031, # 003120 | 153 | 166 | ||||||
7.500%, 12/15/2031, # 570134 | 148 | 167 |
The accompanying notes are an integral part of the financial statements.
46 First American Funds 2009 Semiannual Report
Table of Contents
U.S. Government Mortgage Fund (continued) | ||||||||
DESCRIPTION | PAR | FAIR VALUE | ||||||
6.000%, 09/15/2034, # 633605 6 | $ | 1,529 | $ | 1,628 | ||||
71,476 | ||||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||
(Cost $83,864) | 84,712 | |||||||
Asset-Backed Securities – 8.9% | ||||||||
Credit Cards – 0.7% | ||||||||
American Express Issuance Trust | ||||||||
Series 2005-1, Class C | ||||||||
0.563%, 08/15/2011 Δ | 355 | 351 | ||||||
Discover Card Master Trust | ||||||||
Series 2007-C1, Class C1 | ||||||||
0.553%, 01/15/2013 Δ | 375 | 371 | ||||||
722 | ||||||||
Equipment Leases – 0.5% | ||||||||
CNH Equipment Trust | ||||||||
Series 2009-C, Class A2 | ||||||||
0.950%, 08/15/2012 | 500 | 500 | ||||||
Home Equity – 0.0% | ||||||||
GRMT Mortgage Loan Trust | ||||||||
Series 2001-1A, Class M1 | ||||||||
8.272%, 07/20/2031 ¥ n | 45 | 36 | ||||||
Manufactured Housing – 0.6% | ||||||||
Origen Manufactured Housing | ||||||||
Series 2005-B, Class M1 | ||||||||
5.990%, 01/15/2037 | 750 | 613 | ||||||
Other – 6.0% | ||||||||
Greenwich Capital Commercial Funding | ||||||||
Series 2007-GG11, Class A4 | ||||||||
5.736%, 12/10/2049 | 1,470 | 1,305 | ||||||
Series 2007-GG9, Class A4 | ||||||||
5.444%, 03/10/2039 | 1,000 | 884 | ||||||
GS Mortgage Securities II | ||||||||
Series 2007-GG10, Class A4 | ||||||||
5.805%, 08/10/2045 Δ 6 | 1,970 | 1,692 | ||||||
JPMorgan Chase Commercial Mortgage Securities | ||||||||
Series 2009-IWST, Class A2 | ||||||||
5.633%, 12/05/2027 Δ n | 605 | 599 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
Series 2007-8, Class AM | ||||||||
5.957%, 08/12/2049 Δ | 600 | 438 | ||||||
Morgan Stanley Capital I | ||||||||
Series 2006-IQ12, Class A4 | ||||||||
5.332%, 12/15/2043 | 650 | 603 | ||||||
Small Business Administration | ||||||||
Series 2005-P10B, Class 1 | ||||||||
4.940%, 08/10/2015 | 443 | 466 | ||||||
5,987 | ||||||||
Utilities – 1.1% | ||||||||
CenterPoint Energy Transition | ||||||||
Series 2008-A, Class A1 | ||||||||
4.192%, 02/01/2020 | 1,072 | 1,123 | ||||||
Total Asset-Backed Securities | ||||||||
(Cost $9,750) | 8,981 | |||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 4.3% | ||||||||
Fixed Rate – 4.3% | ||||||||
GSMPS Mortgage Loan Trust | ||||||||
Series 2003-1, Class B1 | ||||||||
6.875%, 03/25/2043 ¥ | 897 | 607 | ||||||
GSR Mortgage Loan Trust | ||||||||
Series 2005-4F, Class B1 | ||||||||
5.733%, 05/25/2035 ¥ | 1,319 | 717 | ||||||
Impac Secured Assets | ||||||||
Series 2000-3, Class M1 | ||||||||
8.000%, 10/25/2030 ¥ | 414 | 355 | ||||||
Lehman Brothers Mortgage Trust | ||||||||
Series 2008-6, Class 1A1 | ||||||||
6.551%, 07/25/2047 | 668 | 578 | ||||||
Master Alternative Loans Trust | ||||||||
Series 2005-2, Class 1A3 | ||||||||
6.500%, 03/25/2035 | 551 | 447 | ||||||
Residential Accredit Loans | ||||||||
Series 2003-QS12, Class M1 | ||||||||
5.000%, 06/25/2018 ¥ | 703 | 528 | ||||||
Residential Asset Mortgage Products | ||||||||
Series 2004-SL4, Class A3 | ||||||||
6.500%, 07/25/2032 | 930 | 912 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2007-9, Class 1A4 | ||||||||
5.500%, 07/25/2037 | 600 | 224 | ||||||
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | ||||||||
(Cost $5,830) | 4,368 | |||||||
U.S. Government & Agency Securities – 2.0% | ||||||||
U.S. Agency Debentures – 2.0% | ||||||||
Federal Home Loan Bank | ||||||||
1.500%, 01/16/2013 6 | 1,000 | 986 | ||||||
Federal National Mortgage Association | ||||||||
0.875%, 01/12/2012 6 | 1,030 | 1,022 | ||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $2,027) | 2,008 | |||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.8% | ||||||||
Fixed Rate – 1.8% | ||||||||
Federal Home Loan Mortgage Corporation | ||||||||
Series 2382, Class DA | ||||||||
5.500%, 10/15/2030 | 59 | 60 | ||||||
Series 2843, Class BH | ||||||||
4.000%, 01/15/2018 | 973 | 999 | ||||||
Federal National Mortgage Association | ||||||||
Series 2002-W1, Class 2A | ||||||||
7.500%, 02/25/2042 | 616 | 695 | ||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $1,710) | 1,754 | |||||||
First American Funds 2009 Semiannual Report 47
Table of Contents
Schedule of Investments December 31, 2009 (unaudited), all dollars are rounded to thousands (000)
U.S. Government Mortgage Fund (continued) | ||||||||
DESCRIPTION | PAR/SHARES | FAIR VALUE | ||||||
Corporate Bond – 0.6% | ||||||||
Finance – 0.6% | ||||||||
GMAC | ||||||||
1.750% 10/30/2012 | ||||||||
(Cost $560) | $ | 560 | $ | 556 | ||||
Short-Term Investments – 24.0% | ||||||||
Money Market Fund – 23.7% | ||||||||
First American Government Obligations Fund, Class Z | ||||||||
0.000% Å Ω | 23,862,377 | 23,862 | ||||||
U.S. Treasury Obligations – 0.3% | ||||||||
U.S. Treasury Bills o | ||||||||
0.330%, 02/11/2010 | $ | 150 | 150 | |||||
0.169%, 06/03/2010 | 150 | 150 | ||||||
300 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $24,162) | 24,162 | |||||||
Investment Purchased with Proceeds from Securities Lending – 5.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.213% Ω † | ||||||||
(Cost $5,401) | 5,400,515 | 5,401 | ||||||
Total Investments 5 – 131.3% | ||||||||
(Cost $133,304) | 131,942 | |||||||
Other Assets and Liabilities, Net – (31.3)% | (31,434 | ) | ||||||
Total Net Assets – 100.0% | $ | 100,508 | ||||||
Δ | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2009. | |
« | Security purchased on a when-issued basis. On December 31, 2009 the total cost of investments purchased on a when-issued basis was $25,700 or 25.6% of total net assets. See note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at December 31, 2009. Total loaned securities had a fair value of $5,318 at December 31, 2009. See note 2 in Notes to Financial Statements. | |
¥ | Security considered illiquid. As of December 31, 2009, the fair value of the fund’s investments considered to be illiquid was $2,243 or 2.2% of total net assets. See note 2 in Notes to Financial Statements. | |
n | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2009, the fair value of these investments was $635 or 0.6% of total net assets. See note 2 in Notes to Financial Statements. | |
Å | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements. | |
Ω | The rate quoted is the annualized seven-day effective yield as of December 31, 2009. | |
o | Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the annualized effective yield as of December 31, 2009. 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 by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
U.S. Government Mortgage Fund (concluded)
5 | On December 31, 2009, the cost of investments for federal income tax purposes was approximately $133,304. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 1,670 | ||
Gross unrealized depreciation | (3,032 | ) | ||
Net unrealized depreciation | $ | (1,362 | ) | |
Schedule of Open Futures Contract
Number of | Notional | |||||||||||||
Settlement | Contracts | Contract | Unrealized | |||||||||||
Description | Month | Purchased | Value | Depreciation | ||||||||||
U.S. Treasury 5 Year Note Futures | March 2010 | 38 | $4,347 | $ | (72 | ) | ||||||||
Interest Rate Swap Agreement
Pay/ | ||||||||||||||||||||||
Floating | Receive | |||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Unrealized | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | Depreciation | ||||||||||||||||
UBS | 3-Month LIBOR | Receive | 4.045% | 11/14/2018 | $ | 1,000 | $ | (22 | ) | |||||||||||||
The accompanying notes are an integral part of the financial statements.
48 First American Funds 2009 Semiannual Report
Table of Contents
(This page intentionally left blank.)
Table of Contents
Statements ofAssets and Liabilities | December 31, 2009 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data |
Inflation | ||||||||||||||||
Core | High Income | Protected | ||||||||||||||
Bond Fund | Bond Fund | Securities Fund | ||||||||||||||
Unaffiliated investments, at cost | $ | 1,280,846 | $ | 313,754 | $ | 147,729 | ||||||||||
Affiliated money market fund, at cost | 56,764 | 10,321 | 1,274 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 125,219 | 52,985 | 47,489 | |||||||||||||
ASSETS: | ||||||||||||||||
Unaffiliated investments, at fair value* (note 2) | $ | 1,301,472 | $ | 325,629 | $ | 146,911 | ||||||||||
Affiliated money market fund, at fair value (note 2) | 56,764 | 10,321 | 1,274 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at fair value (note 2) | 125,219 | 52,985 | 47,489 | |||||||||||||
Cash | — | 47 | 14 | |||||||||||||
Receivable for dividends and interest | 12,777 | 6,453 | 1,302 | |||||||||||||
Receivable for investments sold | 442 | 1,425 | — | |||||||||||||
Receivable for capital shares sold | 267 | 621 | 94 | |||||||||||||
Receivable for variation margin (note 2) | 130 | — | — | |||||||||||||
Receivable for swap agreements | — | — | 29 | |||||||||||||
Unrealized appreciation of swap agreements | 4,233 | — | 95 | |||||||||||||
Prepaid expenses and other assets | 35 | 27 | 30 | |||||||||||||
Total assets | 1,501,339 | 397,508 | 197,238 | |||||||||||||
LIABILITIES: | ||||||||||||||||
Bank overdraft | 173 | — | — | |||||||||||||
Dividends payable | 3,982 | 2,080 | 285 | |||||||||||||
Payable upon return of securities loaned (note 2) | 125,219 | 52,985 | 47,489 | |||||||||||||
Payable for investments purchased | — | 1,246 | — | |||||||||||||
Payable for investments purchased on a when-issued basis | 35,944 | — | — | |||||||||||||
Payable for capital shares redeemed | 1,585 | 216 | 267 | |||||||||||||
Payable for variation margin | — | — | 38 | |||||||||||||
Payable for swap agreements | 1,785 | — | 9 | |||||||||||||
Unrealized depreciation of swap agreements | 728 | — | 85 | |||||||||||||
Payable to affiliates (note 3) | 792 | 238 | 70 | |||||||||||||
Payable for distribution and shareholder servicing fees | 27 | 14 | 5 | |||||||||||||
Accrued expenses and other liabilities | 21 | 19 | 24 | |||||||||||||
Total liabilities | 170,256 | 56,798 | 48,272 | |||||||||||||
Net assets | $ | 1,331,083 | $ | 340,710 | $ | 148,966 | ||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||
Portfolio capital | 1,372,084 | 367,440 | 163,270 | |||||||||||||
Undistributed (distributions in excess of) net investment income | 104 | 196 | 2,052 | |||||||||||||
Accumulated net realized gain (loss) on investments, future contracts, foreign currency transactions, options written, and swap agreements (note 2) | (66,661 | ) | (38,801 | ) | (15,259 | ) | ||||||||||
Net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | 20,626 | 11,875 | (818 | ) | ||||||||||||
Futures contracts | 1,425 | — | (288 | ) | ||||||||||||
Swap agreements | 3,505 | — | 10 | |||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | — | (1 | ) | ||||||||||||
Net assets | $ | 1,331,083 | $ | 340,710 | $ | 148,966 | ||||||||||
* Including securities loaned, at fair value | $ | 121,888 | $ | 51,689 | $ | 46,419 | ||||||||||
The accompanying notes are an integral part of the financial statements.
50 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate | ||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | ||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | ||||||||||||||||||||||
$ | 92,255 | $ | 728,628 | $ | 547,405 | $ | 634,477 | $ | 104,041 | |||||||||||||||||
243 | 25,276 | 10,590 | 44,337 | 23,862 | ||||||||||||||||||||||
32,619 | 112,730 | 52,801 | 59,833 | 5,401 | ||||||||||||||||||||||
$ | 93,110 | $ | 750,343 | $ | 553,231 | $ | 636,621 | $ | 102,679 | |||||||||||||||||
243 | 25,276 | 10,590 | 44,337 | 23,862 | ||||||||||||||||||||||
32,619 | 112,730 | 52,801 | 59,833 | 5,401 | ||||||||||||||||||||||
— | — | — | — | 2 | ||||||||||||||||||||||
883 | 8,104 | 4,221 | 7,981 | 378 | ||||||||||||||||||||||
— | 47 | 86 | 10,086 | 6,368 | ||||||||||||||||||||||
10 | 198 | 2,789 | 97 | 43 | ||||||||||||||||||||||
— | — | 139 | 373 | — | ||||||||||||||||||||||
— | — | 39 | 168 | — | ||||||||||||||||||||||
— | 400 | 186 | 3,886 | — | ||||||||||||||||||||||
36 | 18 | 32 | 37 | 11 | ||||||||||||||||||||||
126,901 | 897,116 | 624,114 | 763,419 | 138,744 | ||||||||||||||||||||||
— | 1 | 18 | — | — | ||||||||||||||||||||||
81 | 2,120 | 1,040 | 2,218 | 337 | ||||||||||||||||||||||
32,619 | 112,730 | 52,801 | 59,833 | 5,401 | ||||||||||||||||||||||
— | 3,615 | 2,489 | 10,008 | 6,343 | ||||||||||||||||||||||
— | 3,522 | 2,505 | 16,477 | 25,700 | ||||||||||||||||||||||
25 | 455 | 285 | 353 | 357 | ||||||||||||||||||||||
5 | 148 | — | — | 11 | ||||||||||||||||||||||
— | 102 | — | 232 | — | ||||||||||||||||||||||
— | 397 | 226 | 249 | 22 | ||||||||||||||||||||||
36 | 464 | 269 | 434 | 58 | ||||||||||||||||||||||
1 | 3 | 11 | 7 | 7 | ||||||||||||||||||||||
22 | 21 | 12 | 27 | — | ||||||||||||||||||||||
32,789 | 123,578 | 59,656 | 89,838 | 38,236 | ||||||||||||||||||||||
$ | 94,112 | $ | 773,538 | $ | 564,458 | $ | 673,581 | $ | 100,508 | |||||||||||||||||
93,175 | 782,431 | 581,809 | 756,570 | 115,571 | ||||||||||||||||||||||
(59 | ) | (317 | ) | (308 | ) | (172 | ) | (128 | ) | |||||||||||||||||
168 | (29,380 | ) | (23,663 | ) | (91,545 | ) | (13,479 | ) | ||||||||||||||||||
855 | 21,715 | 5,826 | 2,144 | (1,362 | ) | |||||||||||||||||||||
(27 | ) | (914 | ) | 834 | 2,951 | (72 | ) | |||||||||||||||||||
— | 3 | (40 | ) | 3,637 | (22 | ) | ||||||||||||||||||||
— | — | — | (4 | ) | — | |||||||||||||||||||||
$ | 94,112 | $ | 773,538 | $ | 564,458 | $ | 673,581 | $ | 100,508 | |||||||||||||||||
31,865 | $ | 109,727 | $ | 51,553 | $ | 58,406 | $ | 5,318 | ||||||||||||||||||
First American Funds 2009 Semiannual Report 51
Table of Contents
Statements ofAssets and Liabilities | December 31, 2009 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data |
Inflation | ||||||||||||||||
Core | High Income | Protected | ||||||||||||||
Bond Fund | Bond Fund | Securities Fund | ||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 91,299 | $ | 34,022 | $ | 6,827 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 8,324 | 4,064 | 678 | |||||||||||||
Net asset value and redemption price per share | $ | 10.97 | $ | 8.37 | $ | 10.06 | ||||||||||
Maximum offering price per share1 | $ | 11.46 | $ | 8.74 | $ | 10.51 | ||||||||||
Class B2: | ||||||||||||||||
Net assets | $ | 5,075 | $ | 2,047 | — | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 467 | 246 | — | |||||||||||||
Net asset value, offering price, and redemption price per share3 | $ | 10.87 | $ | 8.32 | — | |||||||||||
Class C: | ||||||||||||||||
Net assets | $ | 3,765 | $ | 6,020 | $ | 4,239 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 345 | 723 | 425 | |||||||||||||
Net asset value per share3 | $ | 10.93 | $ | 8.33 | $ | 9.98 | ||||||||||
Class R: | ||||||||||||||||
Net assets | $ | 422 | $ | 295 | $ | 1,354 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 38 | 35 | 135 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 11.02 | $ | 8.52 | $ | 10.04 | ||||||||||
Class Y: | ||||||||||||||||
Net assets | $ | 1,230,522 | $ | 298,326 | $ | 136,546 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 112,234 | 35,626 | 13,553 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 10.96 | $ | 8.37 | $ | 10.07 | ||||||||||
1 | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges, see note 1 in Notes to Financial Statements. | |
2 | No new or additional investments are allowed in Class B Shares. See note 1 in Notes to Financial Statements. | |
3 | Class B and Class C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
52 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate | ||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | ||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | ||||||||||||||||||||||
$ | 7,791 | $ | 27,574 | $ | 83,623 | $ | 17,719 | $ | 10,537 | |||||||||||||||||
916 | 2,730 | 8,411 | 1,746 | 1,048 | ||||||||||||||||||||||
$ | 8.51 | $ | 10.10 | $ | 9.94 | $ | 10.15 | $ | 10.05 | |||||||||||||||||
$ | 8.71 | $ | 10.33 | $ | 10.17 | $ | 10.60 | $ | 10.50 | |||||||||||||||||
— | — | — | $ | 1,653 | $ | 2,702 | ||||||||||||||||||||
— | — | — | 164 | 268 | ||||||||||||||||||||||
— | — | — | $ | 10.10 | $ | 10.07 | ||||||||||||||||||||
$ | 1 | — | $ | 844 | $ | 3,941 | $ | 2,004 | ||||||||||||||||||
— | — | 84 | 391 | 200 | ||||||||||||||||||||||
$ | 8.51 | — | $ | 9.97 | $ | 10.09 | $ | 10.01 | ||||||||||||||||||
$ | 1 | — | — | $ | 398 | $ | 545 | |||||||||||||||||||
— | — | — | 39 | 55 | ||||||||||||||||||||||
$ | 8.51 | — | — | $ | 10.19 | $ | 10.03 | |||||||||||||||||||
$ | 86,319 | $ | 745,964 | $ | 479,991 | $ | 649,870 | $ | 84,720 | |||||||||||||||||
10,143 | 74,155 | 48,258 | 64,059 | 8,427 | ||||||||||||||||||||||
$ | 8.51 | $ | 10.06 | $ | 9.95 | $ | 10.14 | $ | 10.05 | |||||||||||||||||
First American Funds 2009 Semiannual Report 53
Table of Contents
Statements ofOperations | For the six-month period ended December 31, 2009 (unaudited), all dollars are rounded to thousands (000) |
Inflation | ||||||||||||||||
Core | High Income | Protected | ||||||||||||||
Bond Fund | Bond Fund | Securities Fund | ||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest from unaffiliated investments | $ | 41,205 | $ | 12,938 | $ | 3,551 | ||||||||||
Dividends from unaffiliated investments | 85 | 992 | 24 | |||||||||||||
Dividends from affiliated money market fund | 27 | 11 | 6 | |||||||||||||
Less: Foreign taxes withheld | — | (5 | ) | — | ||||||||||||
Securities lending income | 83 | 87 | 38 | |||||||||||||
Total investment income | 41,400 | 14,023 | 3,619 | |||||||||||||
EXPENSES (note 3): | ||||||||||||||||
Investment advisory fees | 3,453 | 1,014 | 404 | |||||||||||||
Administration fees | 1,536 | 338 | 184 | |||||||||||||
Transfer agent fees | 111 | 68 | 51 | |||||||||||||
Custodian fees | 34 | 7 | 4 | |||||||||||||
Legal fees | 8 | 8 | 8 | |||||||||||||
Audit fees | 20 | 20 | 20 | |||||||||||||
Registration fees | 24 | 24 | 23 | |||||||||||||
Postage and printing fees | 35 | 5 | 5 | |||||||||||||
Directors’ fees | 15 | 15 | 15 | |||||||||||||
Other expenses | 12 | 10 | 10 | |||||||||||||
Distribution and shareholder servicing fees: | ||||||||||||||||
Class A | 112 | 39 | 8 | |||||||||||||
Class B | 28 | 11 | — | |||||||||||||
Class C | 19 | 28 | 15 | |||||||||||||
Class R | 1 | 1 | 3 | |||||||||||||
Total expenses | 5,408 | 1,588 | 750 | |||||||||||||
Less: Fee waivers (note 3) | (432 | ) | (284 | ) | (243 | ) | ||||||||||
Total net expenses | 4,976 | 1,304 | 507 | |||||||||||||
Investment income – net | 36,424 | 12,719 | 3,112 | |||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (9,121 | ) | 8,986 | 224 | ||||||||||||
Futures contracts | (491 | ) | 67 | 531 | ||||||||||||
Swap agreements | 1,836 | — | 25 | |||||||||||||
Options written | — | — | — | |||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (3 | ) | — | — | ||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||
Investments | 125,803 | 33,499 | 5,251 | |||||||||||||
Futures contracts | 2,575 | 8 | (292 | ) | ||||||||||||
Swap agreements | 2,280 | — | 153 | |||||||||||||
Options written | — | — | — | |||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | — | (1 | ) | ||||||||||||
Net gain on investments, futures contracts, swap agreements, options written, and foreign currency transactions. | 122,879 | 42,560 | 5,891 | |||||||||||||
Net increase in net assets resulting from operations | $ | 159,303 | $ | 55,279 | $ | 9,003 | ||||||||||
The accompanying notes are an integral part of the financial statements.
54 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate | ||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | ||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | ||||||||||||||||||||||
$ | 1,535 | $ | 20,608 | $ | 9,993 | $ | 22,181 | $ | 2,738 | |||||||||||||||||
— | 37 | — | 196 | — | ||||||||||||||||||||||
1 | 10 | 10 | 18 | 5 | ||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||
8 | 58 | 38 | 35 | 4 | ||||||||||||||||||||||
1,544 | 20,713 | 10,041 | 22,430 | 2,747 | ||||||||||||||||||||||
264 | 1,955 | 1,166 | 2,035 | 282 | ||||||||||||||||||||||
125 | 896 | 534 | 765 | 139 | ||||||||||||||||||||||
32 | 31 | 51 | 63 | 63 | ||||||||||||||||||||||
3 | 19 | 11 | 17 | 3 | ||||||||||||||||||||||
8 | 8 | 8 | 8 | 8 | ||||||||||||||||||||||
20 | 20 | 20 | 20 | 3 | ||||||||||||||||||||||
18 | 14 | 18 | 23 | 33 | ||||||||||||||||||||||
4 | 19 | 10 | 15 | 3 | ||||||||||||||||||||||
15 | 15 | 15 | 15 | 15 | ||||||||||||||||||||||
10 | 11 | 10 | 11 | 15 | ||||||||||||||||||||||
11 | 33 | 95 | 21 | 13 | ||||||||||||||||||||||
— | — | — | 9 | 15 | ||||||||||||||||||||||
— | — | 1 | 17 | 10 | ||||||||||||||||||||||
— | — | — | 1 | 7 | ||||||||||||||||||||||
510 | 3,021 | 1,939 | 3,020 | 609 | ||||||||||||||||||||||
(187 | ) | (276 | ) | (490 | ) | (442 | ) | (173 | ) | |||||||||||||||||
323 | 2,745 | 1,449 | 2,578 | 436 | ||||||||||||||||||||||
1,221 | 17,968 | 8,592 | 19,852 | 2,311 | ||||||||||||||||||||||
9 | (6,206 | ) | (5,583 | ) | (8,325 | ) | (1,375 | ) | ||||||||||||||||||
57 | 1,580 | (71 | ) | (5,420 | ) | 44 | ||||||||||||||||||||
— | 604 | 715 | 3,300 | (16 | ) | |||||||||||||||||||||
— | — | — | 1,266 | — | ||||||||||||||||||||||
— | — | — | (4 | ) | — | |||||||||||||||||||||
244 | 53,401 | 15,546 | 81,494 | 4,712 | ||||||||||||||||||||||
(27 | ) | 242 | 1,015 | 4,630 | (77 | ) | ||||||||||||||||||||
— | 184 | 166 | 3,280 | 5 | ||||||||||||||||||||||
— | — | — | (88 | ) | — | |||||||||||||||||||||
— | — | — | (5 | ) | — | |||||||||||||||||||||
283 | 49,805 | 11,788 | 80,128 | 3,293 | ||||||||||||||||||||||
$ | 1,504 | $ | 67,773 | $ | 20,380 | $ | 99,980 | $ | 5,604 | |||||||||||||||||
First American Funds 2009 Semiannual Report 55
Table of Contents
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
Inflation | ||||||||||||||||||||||||||||
Core | High Income | Protected | ||||||||||||||||||||||||||
Bond Fund | Bond Fund | Securities Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||
12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | |||||||||||||||||||||||
(unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 36,424 | $ | 84,630 | $ | 12,719 | $ | 19,353 | $ | 3,112 | $ | 5,307 | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments | (9,121 | ) | (44,797 | ) | 8,986 | (41,280 | ) | 224 | (6,928 | ) | ||||||||||||||||||
Futures contracts | (491 | ) | (8,565 | ) | 67 | 1,291 | 531 | 568 | ||||||||||||||||||||
Swap agreements | 1,836 | (3,086 | ) | — | 1,530 | 25 | 667 | |||||||||||||||||||||
Options written | — | (56 | ) | — | — | — | (11 | ) | ||||||||||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (3 | ) | (80 | ) | — | — | — | 7 | ||||||||||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||||||||||||||
Investments | 125,803 | (53,547 | ) | 33,499 | (2,227 | ) | 5,251 | (11,535 | ) | |||||||||||||||||||
Futures contracts | 2,575 | (1,120 | ) | 8 | 121 | (292 | ) | (183 | ) | |||||||||||||||||||
Swap agreements | 2,280 | 2,856 | — | (242 | ) | 153 | (157 | ) | ||||||||||||||||||||
Options written | — | — | — | — | — | — | ||||||||||||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | (2 | ) | — | — | (1 | ) | 7 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 159,303 | (23,767 | ) | 55,279 | (21,454 | ) | 9,003 | (12,258 | ) | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (2,228 | ) | (5,156 | ) | (1,295 | ) | (2,415 | ) | (41 | ) | (91 | ) | ||||||||||||||||
Class B | (120 | ) | (363 | ) | (84 | ) | (245 | ) | — | — | ||||||||||||||||||
Class C | (80 | ) | (213 | ) | (216 | ) | (512 | ) | (17 | ) | (6 | ) | ||||||||||||||||
Class R | (11 | ) | (20 | ) | (12 | ) | (23 | ) | (8 | ) | (28 | ) | ||||||||||||||||
Class Y | (33,492 | ) | (80,122 | ) | (10,749 | ) | (16,979 | ) | (985 | ) | (7,681 | ) | ||||||||||||||||
Realized gain on investments – net: | ||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||||||
Class B | — | — | — | — | — | — | ||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||
Class R | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | — | — | — | — | — | — | ||||||||||||||||||||||
Return of capital: | ||||||||||||||||||||||||||||
Class A | — | — | — | — | — | (53 | ) | |||||||||||||||||||||
Class B | — | — | — | — | — | — | ||||||||||||||||||||||
Class C | — | — | — | — | — | (9 | ) | |||||||||||||||||||||
Class R | — | — | — | — | — | (15 | ) | |||||||||||||||||||||
Class Y | — | — | — | — | — | (2,696 | ) | |||||||||||||||||||||
Total distributions | (35,931 | ) | (85,874 | ) | (12,356 | ) | (20,174 | ) | (1,051 | ) | (10,579 | ) | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
56 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate | ||||||||||||||||||||||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | ||||||||||||||||||||||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | ||||||||||||||||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||||||||||||||||||
12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | |||||||||||||||||||||||||||||||||||||
(unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | |||||||||||||||||||||||||||||||||||||
$ | 1,221 | $ | 2,827 | $ | 17,968 | $ | 38,187 | $ | 8,592 | $ | 16,150 | $ | 19,852 | $ | 59,524 | $ | 2,311 | $ | 6,492 | |||||||||||||||||||||||||||
9 | 2,409 | (6,206 | ) | (15,230 | ) | (5,583 | ) | (5,134 | ) | (8,325 | ) | (61,203 | ) | (1,375 | ) | 215 | ||||||||||||||||||||||||||||||
57 | — | 1,580 | (4,487 | ) | (71 | ) | 987 | (5,420 | ) | (9,842 | ) | 44 | (2,943 | ) | ||||||||||||||||||||||||||||||||
— | — | 604 | 2,045 | 715 | 1,358 | 3,300 | (14,144 | ) | (16 | ) | 93 | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | (11 | ) | 1,266 | 915 | — | — | ||||||||||||||||||||||||||||||||||||
— | — | — | — | — | (15 | ) | (4 | ) | 264 | — | — | |||||||||||||||||||||||||||||||||||
244 | 768 | 53,401 | (14,219 | ) | 15,546 | (3,864 | ) | 81,494 | (41,674 | ) | 4,712 | (1,965 | ) | |||||||||||||||||||||||||||||||||
(27 | ) | — | 242 | (789 | ) | 1,015 | (55 | ) | 4,630 | 1,035 | (77 | ) | 38 | |||||||||||||||||||||||||||||||||
— | — | 184 | 1,031 | 166 | (227 | ) | 3,280 | 1,386 | 5 | (297 | ) | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (88 | ) | (408 | ) | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (5 | ) | 19 | — | — | ||||||||||||||||||||||||||||||||||||
1,504 | 6,004 | 67,773 | 6,538 | 20,380 | 9,189 | 99,980 | (64,128 | ) | 5,604 | 1,633 | ||||||||||||||||||||||||||||||||||||
(108 | ) | (257 | ) | (593 | ) | (1,326 | ) | (1,392 | ) | (2,560 | ) | (479 | ) | (946 | ) | (220 | ) | (528 | ) | |||||||||||||||||||||||||||
— | — | — | — | — | — | (45 | ) | (125 | ) | (49 | ) | (149 | ) | |||||||||||||||||||||||||||||||||
— | — | — | — | (1 | ) | — | (89 | ) | (182 | ) | (36 | ) | (95 | ) | ||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (10 | ) | (24 | ) | (50 | ) | (102 | ) | |||||||||||||||||||||||||||||||||
(1,217 | ) | (2,457 | ) | (17,656 | ) | (39,603 | ) | (7,431 | ) | (12,651 | ) | (19,935 | ) | (57,528 | ) | (2,050 | ) | (5,901 | ) | |||||||||||||||||||||||||||
(151 | ) | — | — | — | — | — | — | (234 | ) | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | (37 | ) | — | — | ||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | (45 | ) | — | — | ||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | (4 | ) | — | — | ||||||||||||||||||||||||||||||||||||
(1,692 | ) | — | — | — | — | — | — | (14,120 | ) | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
(3,168 | ) | (2,714 | ) | (18,249 | ) | (40,929 | ) | (8,824 | ) | (15,211 | ) | (20,558 | ) | (73,245 | ) | (2,405 | ) | (6,775 | ) | |||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 57
Table of Contents
Statements ofChanges in Net Assets | all dollars are rounded to thousands (000) |
Inflation | ||||||||||||||||||||||||||||
Core | High Income | Protected | ||||||||||||||||||||||||||
Bond Fund | Bond Fund | Securities Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||
12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | |||||||||||||||||||||||
(unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | |||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 6,340 | 10,085 | 8,220 | 16,377 | 2,177 | 3,292 | ||||||||||||||||||||||
Reinvestment of distributions | 1,724 | 3,991 | 897 | 1,572 | 34 | 110 | ||||||||||||||||||||||
Payments for redemptions | (6,812 | ) | (19,007 | ) | (5,517 | ) | (13,646 | ) | (1,106 | ) | (1,048 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 1,252 | (4,931 | ) | 3,600 | 4,303 | 1,105 | 2,354 | |||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Proceeds from sales | 43 | 381 | 149 | 123 | — | — | ||||||||||||||||||||||
Reinvestment of distributions | 111 | 335 | 58 | 159 | — | — | ||||||||||||||||||||||
Payments for redemptions | (1,364 | ) | (2,011 | ) | (661 | ) | (1,022 | ) | — | — | ||||||||||||||||||
Decrease in net assets from Class B transactions | (1,210 | ) | (1,295 | ) | (454 | ) | (740 | ) | — | — | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | 472 | 963 | 729 | 491 | 2,830 | 1,321 | ||||||||||||||||||||||
Reinvestment of distributions | 66 | 176 | 108 | 267 | 15 | 9 | ||||||||||||||||||||||
Payments for redemptions | (791 | ) | (1,459 | ) | (720 | ) | (1,062 | ) | (125 | ) | (287 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (253 | ) | (320 | ) | 117 | (304 | ) | 2,720 | 1,043 | |||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Proceeds from sales | 72 | 151 | 43 | 105 | 80 | 317 | ||||||||||||||||||||||
Reinvestment of distributions | 10 | 20 | 5 | 8 | 8 | 43 | ||||||||||||||||||||||
Payments for redemptions | (103 | ) | (36 | ) | (65 | ) | (3 | ) | (58 | ) | (204 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class R transactions | (21 | ) | 135 | (17 | ) | 110 | 30 | 156 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 129,656 | 475,310 | 101,625 | 62,943 | 15,601 | 46,823 | ||||||||||||||||||||||
Reinvestment of distributions | 10,187 | 23,742 | 851 | 1,716 | 170 | 2,129 | ||||||||||||||||||||||
Payments for redemptions | (303,641 | ) | (586,834 | ) | (23,142 | ) | (49,948 | ) | (54,220 | ) | (137,643 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (163,798 | ) | (87,782 | ) | 79,334 | 14,711 | (38,449 | ) | (88,691 | ) | ||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (164,030 | ) | (94,193 | ) | 82,580 | 18,080 | (34,594 | ) | (85,138 | ) | ||||||||||||||||||
Total increase (decrease) in net assets | (40,658 | ) | (203,834 | ) | 125,503 | (23,548 | ) | (26,642 | ) | (107,975 | ) | |||||||||||||||||
Net assets at beginning of period | 1,371,741 | 1,575,575 | 215,207 | 238,755 | 175,608 | 283,583 | ||||||||||||||||||||||
Net assets at end of period | $ | 1,331,083 | $ | 1,371,741 | $ | 340,710 | $ | 215,207 | $ | 148,966 | $ | 175,608 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 104 | $ | (389 | ) | $ | 196 | $ | (167 | ) | $ | 2,052 | $ | (9 | ) | |||||||||||||
The accompanying notes are an integral part of the financial statements.
58 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate | ||||||||||||||||||||||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | ||||||||||||||||||||||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | ||||||||||||||||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||||||||||||||||||
12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | 12/31/09 | Year Ended | |||||||||||||||||||||||||||||||||||||
(unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | (unaudited) | 6/30/09 | |||||||||||||||||||||||||||||||||||||
2,302 | 15,012 | 4,036 | 3,133 | 21,983 | 16,921 | 4,363 | 3,930 | 842 | 2,136 | |||||||||||||||||||||||||||||||||||||
236 | 206 | 484 | 1,092 | 1,082 | 1,947 | 371 | 924 | 186 | 446 | |||||||||||||||||||||||||||||||||||||
(5,106 | ) | (11,591 | ) | (2,458 | ) | (7,402 | ) | (7,146 | ) | (11,765 | ) | (2,804 | ) | (5,068 | ) | (928 | ) | (3,339 | ) | |||||||||||||||||||||||||||
(2,568 | ) | 3,627 | 2,062 | (3,177 | ) | 15,919 | 7,103 | 1,930 | (214 | ) | 100 | (757 | ) | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 57 | 230 | 17 | 110 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 37 | 131 | 42 | 127 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (367 | ) | (758 | ) | (454 | ) | (824 | ) | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (273 | ) | (397 | ) | (395 | ) | (587 | ) | |||||||||||||||||||||||||||||||||
1 | — | — | — | 843 | — | 979 | 1,198 | 182 | 435 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | 2 | — | 67 | 166 | 28 | 78 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (262 | ) | (1,819 | ) | (382 | ) | (569 | ) | |||||||||||||||||||||||||||||||||
1 | — | — | — | 845 | — | 784 | (455 | ) | (172 | ) | (56 | ) | ||||||||||||||||||||||||||||||||||
1 | — | — | — | — | — | 94 | 442 | 1,492 | 1,871 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 10 | 28 | 48 | 101 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (426 | ) | (130 | ) | (3,483 | ) | (1,122 | ) | |||||||||||||||||||||||||||||||||
1 | — | — | — | — | — | (322 | ) | 340 | (1,943 | ) | 850 | |||||||||||||||||||||||||||||||||||
14,588 | 109,739 | 103,027 | 197,327 | 227,909 | 134,155 | 75,179 | 299,711 | 5,772 | 13,315 | |||||||||||||||||||||||||||||||||||||
1,735 | 1,341 | 4,500 | 10,867 | 1,842 | 3,778 | 5,364 | 22,461 | 356 | 1,102 | |||||||||||||||||||||||||||||||||||||
(29,730 | ) | (76,536 | ) | (134,011 | ) | (217,486 | ) | (74,341 | ) | (75,622 | ) | (140,737 | ) | (622,967 | ) | (20,334 | ) | (37,112 | ) | |||||||||||||||||||||||||||
(13,407 | ) | 34,544 | (26,484 | ) | (9,292 | ) | 155,410 | 62,311 | (60,194 | ) | (300,795 | ) | (14,206 | ) | (22,695 | ) | ||||||||||||||||||||||||||||||
(15,973 | ) | 38,171 | (24,422 | ) | (12,469 | ) | 172,174 | 69,414 | (58,075 | ) | (301,521 | ) | (16,616 | ) | (23,245 | ) | ||||||||||||||||||||||||||||||
(17,637 | ) | 41,461 | 25,102 | (46,860 | ) | 183,730 | 63,392 | 21,347 | (438,894 | ) | (13,417 | ) | (28,387 | ) | ||||||||||||||||||||||||||||||||
111,749 | 70,288 | 748,436 | 795,296 | 380,728 | 317,336 | 652,234 | 1,091,128 | 113,925 | 142,312 | |||||||||||||||||||||||||||||||||||||
$ | 94,112 | $ | 111,749 | $ | 773,538 | $ | 748,436 | $ | 564,458 | $ | 380,728 | $ | 673,581 | $ | 652,234 | $ | 100,508 | $ | 113,925 | |||||||||||||||||||||||||||
$ | (59 | ) | $ | 45 | $ | (317 | ) | $ | (36 | ) | $ | (308 | ) | $ | (76 | ) | $ | (172 | ) | $ | 534 | $ | (128 | ) | $ | (34 | ) | |||||||||||||||||||
First American Funds 2009 Semiannual Report 59
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | Distributions | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | from Net | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Core Bond Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20092 | $ | 10.04 | $ | 0.27 | $ | 0.93 | $ | 1.20 | $ | (0.27 | ) | $ | — | $ | (0.27 | ) | $ | 10.97 | |||||||||||||||||||||||
20093 | 10.86 | 0.61 | (0.81 | ) | (0.20 | ) | (0.62 | ) | — | (0.62 | ) | 10.04 | |||||||||||||||||||||||||||||
20083 | 10.79 | 0.51 | 0.05 | 0.56 | (0.49 | ) | — | (0.49 | ) | 10.86 | |||||||||||||||||||||||||||||||
20073 | 10.71 | 0.47 | 0.09 | 0.56 | (0.48 | ) | — | (0.48 | ) | 10.79 | |||||||||||||||||||||||||||||||
20064 | 11.15 | 0.33 | (0.37 | ) | (0.04 | ) | (0.33 | ) | (0.07 | ) | (0.40 | ) | 10.71 | ||||||||||||||||||||||||||||
20055 | 11.27 | 0.40 | (0.09 | ) | 0.31 | (0.42 | ) | (0.01 | ) | (0.43 | ) | 11.15 | |||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.95 | $ | 0.23 | $ | 0.92 | $ | 1.15 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | 10.87 | |||||||||||||||||||||||
20093 | 10.77 | 0.54 | (0.81 | ) | (0.27 | ) | (0.55 | ) | — | (0.55 | ) | 9.95 | |||||||||||||||||||||||||||||
20083 | 10.70 | 0.42 | 0.06 | 0.48 | (0.41 | ) | — | (0.41 | ) | 10.77 | |||||||||||||||||||||||||||||||
20073 | 10.63 | 0.38 | 0.09 | 0.47 | (0.40 | ) | — | (0.40 | ) | 10.70 | |||||||||||||||||||||||||||||||
20064 | 11.07 | 0.26 | (0.36 | ) | (0.10 | ) | (0.27 | ) | (0.07 | ) | (0.34 | ) | 10.63 | ||||||||||||||||||||||||||||
20055 | 11.19 | 0.31 | (0.09 | ) | 0.22 | (0.33 | ) | (0.01 | ) | (0.34 | ) | 11.07 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20092 | $ | 10.00 | $ | 0.23 | $ | 0.93 | $ | 1.16 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | 10.93 | |||||||||||||||||||||||
20093 | 10.83 | 0.54 | (0.82 | ) | (0.28 | ) | (0.55 | ) | — | (0.55 | ) | 10.00 | |||||||||||||||||||||||||||||
20083 | 10.75 | 0.43 | 0.06 | 0.49 | (0.41 | ) | — | (0.41 | ) | 10.83 | |||||||||||||||||||||||||||||||
20073 | 10.67 | 0.38 | 0.10 | 0.48 | (0.40 | ) | — | (0.40 | ) | 10.75 | |||||||||||||||||||||||||||||||
20064 | 11.12 | 0.26 | (0.37 | ) | (0.11 | ) | (0.27 | ) | (0.07 | ) | (0.34 | ) | 10.67 | ||||||||||||||||||||||||||||
20055 | 11.24 | 0.31 | (0.09 | ) | 0.22 | (0.33 | ) | (0.01 | ) | (0.34 | ) | 11.12 | |||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20092 | $ | 10.09 | $ | 0.25 | $ | 0.94 | $ | 1.19 | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | $ | 11.02 | |||||||||||||||||||||||
20093 | 10.89 | 0.59 | (0.79 | ) | (0.20 | ) | (0.60 | ) | — | (0.60 | ) | 10.09 | |||||||||||||||||||||||||||||
20083 | 10.81 | 0.49 | 0.05 | 0.54 | (0.46 | ) | — | (0.46 | ) | 10.89 | |||||||||||||||||||||||||||||||
20073 | 10.73 | 0.44 | 0.09 | 0.53 | (0.45 | ) | — | (0.45 | ) | 10.81 | |||||||||||||||||||||||||||||||
20064 | 11.17 | 0.31 | (0.36 | ) | (0.05 | ) | (0.32 | ) | (0.07 | ) | (0.39 | ) | 10.73 | ||||||||||||||||||||||||||||
20055 | 11.30 | 0.38 | (0.10 | ) | 0.28 | (0.40 | ) | (0.01 | ) | (0.41 | ) | 11.17 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20092 | $ | 10.03 | $ | 0.28 | $ | 0.93 | $ | 1.21 | $ | (0.28 | ) | $ | — | $ | (0.28 | ) | $ | 10.96 | |||||||||||||||||||||||
20093 | 10.86 | 0.64 | (0.82 | ) | (0.18 | ) | (0.65 | ) | — | (0.65 | ) | 10.03 | |||||||||||||||||||||||||||||
20083 | 10.78 | 0.54 | 0.06 | 0.60 | (0.52 | ) | — | (0.52 | ) | 10.86 | |||||||||||||||||||||||||||||||
20073 | 10.70 | 0.49 | 0.10 | 0.59 | (0.51 | ) | — | (0.51 | ) | 10.78 | |||||||||||||||||||||||||||||||
20064 | 11.15 | 0.35 | (0.38 | ) | (0.03 | ) | (0.35 | ) | (0.07 | ) | (0.42 | ) | 10.70 | ||||||||||||||||||||||||||||
20055 | 11.27 | 0.42 | (0.08 | ) | 0.34 | (0.45 | ) | (0.01 | ) | (0.46 | ) | 11.15 | |||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period July 1 to June 30 in the fiscal year indicated. | |
4 | For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
60 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
12.01 | % | $ | 91,299 | 0.95 | % | 5.04 | % | 1.01 | % | 4.98 | % | 42 | % | |||||||||||||||||||||||
(1.37 | ) | 82,373 | 0.95 | 6.34 | 1.02 | 6.27 | 160 | |||||||||||||||||||||||||||||
5.24 | 94,571 | 0.95 | 4.63 | 1.01 | 4.57 | 131 | ||||||||||||||||||||||||||||||
5.26 | 102,723 | 0.95 | 4.25 | 1.01 | 4.19 | 137 | ||||||||||||||||||||||||||||||
(0.34 | ) | 134,845 | 0.95 | 3.98 | 1.03 | 3.90 | 139 | |||||||||||||||||||||||||||||
2.75 | 161,410 | 0.95 | 3.51 | 1.05 | 3.41 | 208 | ||||||||||||||||||||||||||||||
11.60 | % | $ | 5,075 | 1.70 | % | 4.30 | % | 1.76 | % | 4.24 | % | 42 | % | |||||||||||||||||||||||
(2.12 | ) | 5,780 | 1.70 | 5.59 | 1.77 | 5.52 | 160 | |||||||||||||||||||||||||||||
4.50 | 7,733 | 1.70 | 3.87 | 1.76 | 3.81 | 131 | ||||||||||||||||||||||||||||||
4.41 | 9,634 | 1.70 | 3.50 | 1.76 | 3.44 | 137 | ||||||||||||||||||||||||||||||
(0.91 | ) | 13,819 | 1.70 | 3.23 | 1.78 | 3.15 | 139 | |||||||||||||||||||||||||||||
2.00 | 17,078 | 1.70 | 2.76 | 1.80 | 2.66 | 208 | ||||||||||||||||||||||||||||||
11.64 | % | $ | 3,765 | 1.70 | % | 4.30 | % | 1.76 | % | 4.24 | % | 42 | % | |||||||||||||||||||||||
(2.21 | ) | 3,693 | 1.70 | 5.59 | 1.77 | 5.52 | 160 | |||||||||||||||||||||||||||||
4.57 | 4,383 | 1.70 | 3.89 | 1.76 | 3.83 | 131 | ||||||||||||||||||||||||||||||
4.48 | 4,567 | 1.70 | 3.50 | 1.76 | 3.44 | 137 | ||||||||||||||||||||||||||||||
(1.01 | ) | 5,183 | 1.70 | 3.22 | 1.78 | 3.14 | 139 | |||||||||||||||||||||||||||||
1.99 | 7,266 | 1.70 | 2.76 | 1.80 | 2.66 | 208 | ||||||||||||||||||||||||||||||
11.81 | % | $ | 422 | 1.20 | % | 4.67 | % | 1.26 | % | 4.61 | % | 42 | % | |||||||||||||||||||||||
(1.43 | ) | 406 | 1.20 | 6.11 | 1.27 | 6.04 | 160 | |||||||||||||||||||||||||||||
5.06 | 289 | 1.20 | 4.42 | 1.26 | 4.36 | 131 | ||||||||||||||||||||||||||||||
4.99 | 65 | 1.20 | 4.01 | 1.29 | 3.92 | 137 | ||||||||||||||||||||||||||||||
(0.51 | ) | 34 | 1.20 | 3.77 | 1.43 | 3.54 | 139 | |||||||||||||||||||||||||||||
2.51 | 16 | 1.20 | 3.37 | 1.45 | 3.12 | 208 | ||||||||||||||||||||||||||||||
12.16 | % | $ | 1,230,522 | 0.70 | % | 5.30 | % | 0.76 | % | 5.24 | % | 42 | % | |||||||||||||||||||||||
(1.22 | ) | 1,279,489 | 0.70 | 6.57 | 0.77 | 6.50 | 160 | |||||||||||||||||||||||||||||
5.60 | 1,468,599 | 0.70 | 4.88 | 0.76 | 4.82 | 131 | ||||||||||||||||||||||||||||||
5.53 | 1,530,750 | 0.70 | 4.50 | 0.76 | 4.44 | 137 | ||||||||||||||||||||||||||||||
(0.24 | ) | 1,680,105 | 0.70 | 4.24 | 0.78 | 4.16 | 139 | |||||||||||||||||||||||||||||
3.01 | 1,725,850 | 0.70 | 3.77 | 0.80 | 3.67 | 208 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 61
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | Distributions | from | Value | |||||||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | from Net | Return of | Total | End of | ||||||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Realized Gains | Capital | Distributions | Period | ||||||||||||||||||||||||||||||||||||||
High Income Bond Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 7.15 | $ | 0.34 | $ | 1.21 | $ | 1.55 | $ | (0.33 | ) | $ | — | $ | — | $ | (0.33 | ) | $ | 8.37 | ||||||||||||||||||||||||||
20093 | 8.65 | 0.73 | (1.47 | ) | (0.74 | ) | (0.76 | ) | — | — | (0.76 | ) | 7.15 | |||||||||||||||||||||||||||||||||
20083 | 9.61 | 0.71 | (0.97 | ) | (0.26 | ) | (0.70 | ) | — | — | (0.70 | ) | 8.65 | |||||||||||||||||||||||||||||||||
20073 | 9.22 | 0.65 | 0.38 | 1.03 | (0.64 | ) | — | — | (0.64 | ) | 9.61 | |||||||||||||||||||||||||||||||||||
20064 | 9.41 | 0.49 | (0.20 | ) | 0.29 | (0.48 | ) | — | — | (0.48 | ) | 9.22 | ||||||||||||||||||||||||||||||||||
20055 | 9.45 | 0.66 | (0.04 | ) | 0.62 | (0.66 | ) | — | — | 7 | (0.66 | ) | 9.41 | |||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 7.11 | $ | 0.31 | $ | 1.20 | $ | 1.51 | $ | (0.30 | ) | $ | — | $ | — | $ | (0.30 | ) | $ | 8.32 | ||||||||||||||||||||||||||
20093 | 8.61 | 0.68 | (1.47 | ) | (0.79 | ) | (0.71 | ) | — | — | (0.71 | ) | 7.11 | |||||||||||||||||||||||||||||||||
20083 | 9.57 | 0.63 | (0.96 | ) | (0.33 | ) | (0.63 | ) | — | — | (0.63 | ) | 8.61 | |||||||||||||||||||||||||||||||||
20073 | 9.18 | 0.57 | 0.39 | 0.96 | (0.57 | ) | — | — | (0.57 | ) | 9.57 | |||||||||||||||||||||||||||||||||||
20064 | 9.37 | 0.43 | (0.19 | ) | 0.24 | (0.43 | ) | — | — | (0.43 | ) | 9.18 | ||||||||||||||||||||||||||||||||||
20055 | 9.41 | 0.58 | (0.03 | ) | 0.55 | (0.59 | ) | — | — | 7 | (0.59 | ) | 9.37 | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 7.12 | $ | 0.31 | $ | 1.20 | $ | 1.51 | $ | (0.30 | ) | $ | — | $ | — | $ | (0.30 | ) | $ | 8.33 | ||||||||||||||||||||||||||
20093 | 8.62 | 0.68 | (1.47 | ) | (0.79 | ) | (0.71 | ) | — | — | (0.71 | ) | 7.12 | |||||||||||||||||||||||||||||||||
20083 | 9.58 | 0.63 | (0.96 | ) | (0.33 | ) | (0.63 | ) | — | — | (0.63 | ) | 8.62 | |||||||||||||||||||||||||||||||||
20073 | 9.19 | 0.57 | 0.39 | 0.96 | (0.57 | ) | — | — | (0.57 | ) | 9.58 | |||||||||||||||||||||||||||||||||||
20064 | 9.38 | 0.43 | (0.19 | ) | 0.24 | (0.43 | ) | — | — | (0.43 | ) | 9.19 | ||||||||||||||||||||||||||||||||||
20055 | 9.42 | 0.58 | (0.03 | ) | 0.55 | (0.59 | ) | — | — | 7 | (0.59 | ) | 9.38 | |||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 7.28 | $ | 0.34 | $ | 1.22 | $ | 1.56 | $ | (0.32 | ) | $ | — | $ | — | $ | (0.32 | ) | $ | 8.52 | ||||||||||||||||||||||||||
20093 | 8.79 | 0.73 | (1.49 | ) | (0.76 | ) | (0.75 | ) | — | — | (0.75 | ) | 7.28 | |||||||||||||||||||||||||||||||||
20083 | 9.75 | 0.69 | (0.98 | ) | (0.29 | ) | (0.67 | ) | — | — | (0.67 | ) | 8.79 | |||||||||||||||||||||||||||||||||
20073 | 9.35 | 0.62 | 0.40 | 1.02 | (0.62 | ) | — | — | (0.62 | ) | 9.75 | |||||||||||||||||||||||||||||||||||
20064 | 9.53 | 0.49 | (0.20 | ) | 0.29 | (0.47 | ) | — | — | (0.47 | ) | 9.35 | ||||||||||||||||||||||||||||||||||
20055 | 9.60 | 0.62 | (0.04 | ) | 0.58 | (0.65 | ) | — | — | 7 | (0.65 | ) | 9.53 | |||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 7.16 | $ | 0.35 | $ | 1.20 | $ | 1.55 | $ | (0.34 | ) | $ | — | $ | — | $ | (0.34 | ) | $ | 8.37 | ||||||||||||||||||||||||||
20093 | 8.66 | 0.75 | (1.47 | ) | (0.72 | ) | (0.78 | ) | — | — | (0.78 | ) | 7.16 | |||||||||||||||||||||||||||||||||
20083 | 9.62 | 0.73 | (0.97 | ) | (0.24 | ) | (0.72 | ) | — | — | (0.72 | ) | 8.66 | |||||||||||||||||||||||||||||||||
20073 | 9.23 | 0.67 | 0.39 | 1.06 | (0.67 | ) | — | — | (0.67 | ) | 9.62 | |||||||||||||||||||||||||||||||||||
20064 | 9.42 | 0.51 | (0.20 | ) | 0.31 | (0.50 | ) | — | — | (0.50 | ) | 9.23 | ||||||||||||||||||||||||||||||||||
20055 | 9.46 | 0.68 | (0.03 | ) | 0.65 | (0.69 | ) | — | — | 7 | (0.69 | ) | 9.42 | |||||||||||||||||||||||||||||||||
Inflation Protected Securities Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.59 | $ | 0.17 | $ | 0.36 | $ | 0.53 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | 10.06 | ||||||||||||||||||||||||||
20093 | 10.20 | 0.14 | (0.37 | ) | (0.23 | ) | (0.26 | ) | — | (0.12 | ) | (0.38 | ) | 9.59 | ||||||||||||||||||||||||||||||||
20083 | 9.43 | 0.54 | 0.76 | 1.30 | (0.53 | ) | — | — | (0.53 | ) | 10.20 | |||||||||||||||||||||||||||||||||||
20073 | 9.54 | 0.39 | (0.16 | ) | 0.23 | (0.34 | ) | — | — | (0.34 | ) | 9.43 | ||||||||||||||||||||||||||||||||||
20064 | 10.12 | 0.38 | (0.55 | ) | (0.17 | ) | (0.40 | ) | (0.01 | ) | — | (0.41 | ) | 9.54 | ||||||||||||||||||||||||||||||||
20056 | 10.00 | 0.51 | (0.02 | ) | 0.49 | (0.37 | ) | — | — | (0.37 | ) | 10.12 | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.53 | $ | 0.10 | $ | 0.39 | $ | 0.49 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | 9.98 | ||||||||||||||||||||||||||
20093 | 10.18 | 0.11 | (0.43 | ) | (0.32 | ) | (0.21 | ) | — | (0.12 | ) | (0.33 | ) | 9.53 | ||||||||||||||||||||||||||||||||
20083 | 9.41 | 0.48 | 0.75 | 1.23 | (0.46 | ) | — | — | (0.46 | ) | 10.18 | |||||||||||||||||||||||||||||||||||
20073 | 9.53 | 0.33 | (0.18 | ) | 0.15 | (0.27 | ) | — | — | (0.27 | ) | 9.41 | ||||||||||||||||||||||||||||||||||
20064 | 10.11 | 0.31 | (0.53 | ) | (0.22 | ) | (0.35 | ) | (0.01 | ) | — | (0.36 | ) | 9.53 | ||||||||||||||||||||||||||||||||
20056 | 10.00 | 0.40 | 0.02 | 0.42 | (0.31 | ) | — | — | (0.31 | ) | 10.11 | |||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.58 | $ | 0.16 | $ | 0.36 | $ | 0.52 | $ | (0.06 | ) | $ | — | $ | — | $ | (0.06 | ) | $ | 10.04 | ||||||||||||||||||||||||||
20093 | 10.20 | 0.13 | (0.39 | ) | (0.26 | ) | (0.24 | ) | — | (0.12 | ) | (0.36 | ) | 9.58 | ||||||||||||||||||||||||||||||||
20083 | 9.43 | 0.52 | 0.75 | 1.27 | (0.50 | ) | — | — | (0.50 | ) | 10.20 | |||||||||||||||||||||||||||||||||||
20073 | 9.55 | 0.33 | (0.13 | ) | 0.20 | (0.32 | ) | — | — | (0.32 | ) | 9.43 | ||||||||||||||||||||||||||||||||||
20064 | 10.13 | 0.38 | (0.56 | ) | (0.18 | ) | (0.39 | ) | (0.01 | ) | — | (0.40 | ) | 9.55 | ||||||||||||||||||||||||||||||||
20056 | 10.00 | 0.43 | 0.05 | 0.48 | (0.35 | ) | — | — | (0.35 | ) | 10.13 | |||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.59 | $ | 0.19 | $ | 0.36 | $ | 0.55 | $ | (0.07 | ) | $ | — | $ | — | $ | (0.07 | ) | $ | 10.07 | ||||||||||||||||||||||||||
20093 | 10.20 | 0.23 | (0.45 | ) | (0.22 | ) | (0.27 | ) | — | (0.12 | ) | (0.39 | ) | 9.59 | ||||||||||||||||||||||||||||||||
20083 | 9.43 | 0.56 | 0.76 | 1.32 | (0.55 | ) | — | — | (0.55 | ) | 10.20 | |||||||||||||||||||||||||||||||||||
20073 | 9.55 | 0.40 | (0.16 | ) | 0.24 | (0.36 | ) | — | — | (0.36 | ) | 9.43 | ||||||||||||||||||||||||||||||||||
20064 | 10.13 | 0.42 | (0.57 | ) | (0.15 | ) | (0.42 | ) | (0.01 | ) | — | (0.43 | ) | 9.55 | ||||||||||||||||||||||||||||||||
20056 | 10.00 | 0.51 | 0.01 | 0.52 | (0.39 | ) | — | — | (0.39 | ) | 10.13 | |||||||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period July 1 through June 30 in the fiscal year indicated. | |
4 | For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 through September 30 in the fiscal year indicated. | |
6 | Commenced operations on October 1, 2004. All ratios for the period ended September 30, 2005 have been annualized, except total return and portfolio turnover. | |
7 | Includes a tax return of capital of less than $0.01. | |
8 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
62 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return8 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
21.99 | % | $ | 34,022 | 1.10 | % | 8.58 | % | 1.30 | % | 8.38 | % | 59 | % | |||||||||||||||||||||||
(7.26 | ) | 25,696 | 1.10 | 10.79 | 1.36 | 10.53 | 108 | |||||||||||||||||||||||||||||
(2.84 | ) | 24,420 | 1.10 | 7.74 | 1.31 | 7.53 | 100 | |||||||||||||||||||||||||||||
11.46 | 28,932 | 1.10 | 6.74 | 1.30 | 6.54 | 101 | ||||||||||||||||||||||||||||||
3.14 | 29,573 | 1.10 | 6.94 | 1.29 | 6.75 | 68 | ||||||||||||||||||||||||||||||
6.74 | 34,144 | 1.02 | 6.88 | 1.27 | 6.63 | 77 | ||||||||||||||||||||||||||||||
21.53 | % | $ | 2,047 | 1.85 | % | 7.85 | % | 2.05 | % | 7.65 | % | 59 | % | |||||||||||||||||||||||
(7.99 | ) | 2,157 | 1.85 | 9.92 | 2.11 | 9.66 | 108 | |||||||||||||||||||||||||||||
(3.57 | ) | 3,496 | 1.85 | 6.97 | 2.06 | 6.76 | 100 | |||||||||||||||||||||||||||||
10.67 | 4,814 | 1.85 | 6.00 | 2.05 | 5.80 | 101 | ||||||||||||||||||||||||||||||
2.57 | 5,988 | 1.85 | 6.19 | 2.04 | 6.00 | 68 | ||||||||||||||||||||||||||||||
5.97 | 7,191 | 1.77 | 6.13 | 2.02 | 5.88 | 77 | ||||||||||||||||||||||||||||||
21.50 | % | $ | 6,020 | 1.85 | % | 7.84 | % | 2.05 | % | 7.64 | % | 59 | % | |||||||||||||||||||||||
(7.98 | ) | 5,038 | 1.85 | 9.98 | 2.11 | 9.72 | 108 | |||||||||||||||||||||||||||||
(3.57 | ) | 6,490 | 1.85 | 6.97 | 2.06 | 6.76 | 100 | |||||||||||||||||||||||||||||
10.66 | 8,522 | 1.85 | 5.98 | 2.05 | 5.78 | 101 | ||||||||||||||||||||||||||||||
2.56 | 9,873 | 1.85 | 6.19 | 2.04 | 6.00 | 68 | ||||||||||||||||||||||||||||||
5.96 | 13,403 | 1.77 | 6.13 | 2.02 | 5.88 | 77 | ||||||||||||||||||||||||||||||
21.72 | % | $ | 295 | 1.35 | % | 8.34 | % | 1.55 | % | 8.14 | % | 59 | % | |||||||||||||||||||||||
(7.49 | ) | 265 | 1.35 | 10.72 | 1.61 | 10.46 | 108 | |||||||||||||||||||||||||||||
(3.04 | ) | 185 | 1.35 | 7.37 | 1.56 | 7.16 | 100 | |||||||||||||||||||||||||||||
11.12 | 186 | 1.35 | 6.38 | 1.56 | 6.17 | 101 | ||||||||||||||||||||||||||||||
3.09 | 73 | 1.35 | 6.82 | 1.69 | 6.48 | 68 | ||||||||||||||||||||||||||||||
6.23 | 4 | 1.33 | 6.31 | 1.73 | 5.91 | 77 | ||||||||||||||||||||||||||||||
21.97 | % | $ | 298,326 | 0.85 | % | 8.84 | % | 1.05 | % | 8.64 | % | 59 | % | |||||||||||||||||||||||
(7.01 | ) | 182,051 | 0.85 | 10.93 | 1.11 | 10.67 | �� | 108 | ||||||||||||||||||||||||||||
(2.59 | ) | 204,164 | 0.85 | 7.99 | 1.06 | 7.78 | 100 | |||||||||||||||||||||||||||||
11.73 | 232,998 | 0.85 | 6.98 | 1.05 | 6.78 | 101 | ||||||||||||||||||||||||||||||
3.34 | 205,382 | 0.85 | 7.19 | 1.04 | 7.00 | 68 | ||||||||||||||||||||||||||||||
7.01 | 207,610 | 0.77 | 7.13 | 1.02 | 6.88 | 77 | ||||||||||||||||||||||||||||||
5.56 | % | $ | 6,827 | 0.85 | % | 3.38 | % | 1.15 | % | 3.08 | % | 28 | % | |||||||||||||||||||||||
(2.18 | ) | 5,439 | 0.85 | 1.52 | 1.10 | 1.27 | 24 | |||||||||||||||||||||||||||||
14.01 | 3,294 | 0.85 | 5.40 | 1.08 | 5.17 | 71 | ||||||||||||||||||||||||||||||
2.41 | 2,712 | 0.85 | 4.09 | 1.06 | 3.88 | 90 | ||||||||||||||||||||||||||||||
(1.69 | ) | 5,042 | 0.85 | 5.20 | 1.08 | 4.97 | 85 | |||||||||||||||||||||||||||||
4.93 | 6,917 | 0.85 | 5.04 | 1.09 | 4.80 | 23 | ||||||||||||||||||||||||||||||
5.19 | % | $ | 4,239 | 1.60 | % | 2.05 | % | 1.90 | % | 1.75 | % | 28 | % | |||||||||||||||||||||||
(3.03 | ) | 1,406 | 1.59 | 1.19 | 1.84 | 0.94 | 24 | |||||||||||||||||||||||||||||
13.20 | 365 | 1.60 | 4.82 | 1.83 | 4.59 | 71 | ||||||||||||||||||||||||||||||
1.53 | 348 | 1.60 | 3.44 | 1.81 | 3.23 | 90 | ||||||||||||||||||||||||||||||
(2.26 | ) | 552 | 1.60 | 4.29 | 1.83 | 4.06 | 85 | |||||||||||||||||||||||||||||
4.18 | 855 | 1.60 | 3.98 | 1.84 | 3.74 | 23 | ||||||||||||||||||||||||||||||
5.51 | % | $ | 1,354 | 1.10 | % | 3.24 | % | 1.40 | % | 2.94 | % | 28 | % | |||||||||||||||||||||||
(2.43 | ) | 1,262 | 1.10 | 1.34 | 1.35 | 1.09 | 24 | |||||||||||||||||||||||||||||
13.73 | 1,175 | 1.10 | 5.21 | 1.33 | 4.98 | 71 | ||||||||||||||||||||||||||||||
2.09 | 822 | 1.10 | 3.45 | 1.31 | 3.24 | 90 | ||||||||||||||||||||||||||||||
(1.80 | ) | 1 | 1.10 | 5.17 | 1.48 | 4.79 | 85 | |||||||||||||||||||||||||||||
4.81 | 1 | 1.10 | 4.22 | 1.49 | 3.83 | 23 | ||||||||||||||||||||||||||||||
5.73 | % | $ | 136,546 | 0.60 | % | 3.91 | % | 0.90 | % | 3.61 | % | 28 | % | |||||||||||||||||||||||
(2.03 | ) | 167,501 | 0.60 | 2.48 | 0.85 | 2.23 | 24 | |||||||||||||||||||||||||||||
14.29 | 278,749 | 0.60 | 5.64 | 0.83 | 5.41 | 71 | ||||||||||||||||||||||||||||||
2.56 | 273,312 | 0.60 | 4.21 | 0.81 | 4.00 | 90 | ||||||||||||||||||||||||||||||
(1.50 | ) | 317,977 | 0.60 | 5.73 | 0.83 | 5.50 | 85 | |||||||||||||||||||||||||||||
5.24 | 269,412 | 0.60 | 5.05 | 0.84 | 4.81 | 23 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 63
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | from Net | from | Value | |||||||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Return of | Total | End of | ||||||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Gains | Capital | Distributions | Period | ||||||||||||||||||||||||||||||||||||||
Intermediate Government Bond Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 8.67 | $ | 0.10 | $ | 0.01 | $ | 0.11 | $ | (0.10 | ) | $ | (0.17 | ) | $ | — | $ | (0.27 | ) | $ | 8.51 | |||||||||||||||||||||||||
20093 | 8.42 | 0.19 | 0.25 | 0.44 | (0.19 | ) | — | — | (0.19 | ) | 8.67 | |||||||||||||||||||||||||||||||||||
20083 | 8.00 | 0.28 | 0.43 | 0.71 | (0.29 | ) | — | — | (0.29 | ) | 8.42 | |||||||||||||||||||||||||||||||||||
20073 | 7.99 | 0.31 | 0.06 | 0.37 | (0.33 | ) | — | (0.03 | ) | (0.36 | ) | 8.00 | ||||||||||||||||||||||||||||||||||
20064 | 8.26 | 0.22 | (0.22 | ) | — | (0.22 | ) | (0.05 | ) | — | (0.27 | ) | 7.99 | |||||||||||||||||||||||||||||||||
20055 | 8.82 | 0.27 | (0.15 | ) | 0.12 | (0.28 | ) | (0.40 | ) | — | (0.68 | ) | 8.26 | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||
20096 | $ | 8.76 | $ | 0.02 | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.17 | ) | $ | — | $ | (0.19 | ) | $ | 8.51 | |||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||
20096 | $ | 8.76 | $ | 0.03 | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.17 | ) | $ | — | $ | (0.20 | ) | $ | 8.51 | |||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 8.67 | $ | 0.10 | $ | 0.02 | $ | 0.12 | $ | (0.11 | ) | $ | (0.17 | ) | $ | — | $ | (0.28 | ) | $ | 8.51 | |||||||||||||||||||||||||
20083 | 8.42 | 0.21 | 0.25 | 0.46 | (0.21 | ) | — | — | (0.21 | ) | 8.67 | |||||||||||||||||||||||||||||||||||
20083 | 8.00 | 0.30 | 0.42 | 0.72 | (0.30 | ) | — | — | (0.30 | ) | 8.42 | |||||||||||||||||||||||||||||||||||
20073 | 7.99 | 0.32 | 0.06 | 0.38 | (0.34 | ) | — | (0.03 | ) | (0.37 | ) | 8.00 | ||||||||||||||||||||||||||||||||||
20064 | 8.25 | 0.22 | (0.20 | ) | 0.02 | (0.23 | ) | (0.05 | ) | — | (0.28 | ) | 7.99 | |||||||||||||||||||||||||||||||||
20055 | 8.82 | 0.28 | (0.16 | ) | 0.12 | (0.29 | ) | (0.40 | ) | — | (0.69 | ) | 8.25 | |||||||||||||||||||||||||||||||||
Intermediate Term Bond Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.47 | $ | 0.22 | $ | 0.64 | $ | 0.86 | $ | (0.23 | ) | $ | — | $ | — | $ | (0.23 | ) | $ | 10.10 | ||||||||||||||||||||||||||
20093 | 9.90 | 0.48 | (0.40 | ) | 0.08 | (0.51 | ) | — | — | (0.51 | ) | 9.47 | ||||||||||||||||||||||||||||||||||
20083 | 9.73 | 0.44 | 0.14 | 0.58 | (0.41 | ) | — | — | (0.41 | ) | 9.90 | |||||||||||||||||||||||||||||||||||
20073 | 9.68 | 0.41 | 0.05 | 0.46 | (0.41 | ) | — | — | (0.41 | ) | 9.73 | |||||||||||||||||||||||||||||||||||
20064 | 9.99 | 0.29 | (0.27 | ) | 0.02 | (0.30 | ) | (0.03 | ) | — | (0.33 | ) | 9.68 | |||||||||||||||||||||||||||||||||
20055 | 10.25 | 0.34 | (0.17 | ) | 0.17 | (0.33 | ) | (0.10 | ) | — | (0.43 | ) | 9.99 | |||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.43 | $ | 0.23 | $ | 0.63 | $ | 0.86 | $ | (0.23 | ) | $ | — | $ | — | $ | (0.23 | ) | $ | 10.06 | ||||||||||||||||||||||||||
20093 | 9.87 | 0.49 | (0.40 | ) | 0.09 | (0.53 | ) | — | — | (0.53 | ) | 9.43 | ||||||||||||||||||||||||||||||||||
20083 | 9.70 | 0.45 | 0.15 | 0.60 | (0.43 | ) | — | — | (0.43 | ) | 9.87 | |||||||||||||||||||||||||||||||||||
20073 | 9.65 | 0.42 | 0.06 | 0.48 | (0.43 | ) | — | — | (0.43 | ) | 9.70 | |||||||||||||||||||||||||||||||||||
20064 | 9.96 | 0.30 | (0.27 | ) | 0.03 | (0.31 | ) | (0.03 | ) | — | (0.34 | ) | 9.65 | |||||||||||||||||||||||||||||||||
20055 | 10.22 | 0.36 | (0.17 | ) | 0.19 | (0.35 | ) | (0.10 | ) | — | (0.45 | ) | 9.96 | |||||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period July 1 to June 30 in the fiscal year indicated. | |
4 | For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | Commenced operations on October 28, 2009. All ratios for the period October 28, 2009 to December 31, 2009 have been annualized, except total return and portfolio turnover. | |
7 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
64 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
1.25 | % | $ | 7,791 | 0.75 | % | 2.17 | % | 1.20 | % | 1.72 | % | 53 | % | |||||||||||||||||||||||
5.30 | 10,496 | 0.75 | 2.22 | 1.15 | 1.82 | 133 | ||||||||||||||||||||||||||||||
8.90 | 6,504 | 0.75 | 3.32 | 1.33 | 2.74 | 118 | ||||||||||||||||||||||||||||||
4.68 | 1,619 | 0.75 | 3.80 | 1.46 | 3.09 | 84 | ||||||||||||||||||||||||||||||
0.06 | 1,689 | 0.75 | 3.56 | 1.26 | 3.05 | 70 | ||||||||||||||||||||||||||||||
1.40 | 1,970 | 0.75 | 3.21 | 1.09 | 2.87 | 161 | ||||||||||||||||||||||||||||||
(0.73 | )% | $ | 1 | 1.60 | % | 1.42 | % | 1.95 | % | 1.07 | % | 53 | % | |||||||||||||||||||||||
(0.65 | )% | $ | 1 | 1.10 | % | 1.96 | % | 1.45 | % | 1.61 | % | 53 | % | |||||||||||||||||||||||
1.32 | % | $ | 86,319 | 0.60 | % | 2.33 | % | 0.95 | % | 1.98 | % | 53 | % | |||||||||||||||||||||||
5.46 | 101,253 | 0.60 | 2.41 | 0.90 | 2.11 | 133 | ||||||||||||||||||||||||||||||
9.07 | 63,784 | 0.60 | 3.60 | 1.08 | 3.12 | 118 | ||||||||||||||||||||||||||||||
4.84 | 37,705 | 0.60 | 3.94 | 1.21 | 3.33 | 84 | ||||||||||||||||||||||||||||||
0.30 | 42,781 | 0.60 | 3.70 | 1.01 | 3.29 | 70 | ||||||||||||||||||||||||||||||
1.43 | 69,349 | 0.60 | 3.34 | 0.84 | 3.10 | 161 | ||||||||||||||||||||||||||||||
9.08 | % | $ | 27,574 | 0.85 | % | 4.44 | % | 1.02 | % | 4.27 | % | 27 | % | |||||||||||||||||||||||
1.21 | 23,905 | 0.85 | 5.25 | 1.01 | 5.09 | 41 | ||||||||||||||||||||||||||||||
6.02 | 28,364 | 0.85 | 4.38 | 1.01 | 4.22 | 102 | ||||||||||||||||||||||||||||||
4.80 | 30,655 | 0.85 | 4.07 | 1.01 | 3.91 | 110 | ||||||||||||||||||||||||||||||
0.23 | 38,296 | 0.75 | 3.88 | 1.03 | 3.60 | 113 | ||||||||||||||||||||||||||||||
1.69 | 48,426 | 0.75 | 3.39 | 1.05 | 3.09 | 118 | ||||||||||||||||||||||||||||||
9.20 | % | $ | 745,964 | 0.70 | % | 4.60 | % | 0.77 | % | 4.53 | % | 27 | % | |||||||||||||||||||||||
1.26 | 724,531 | 0.70 | 5.39 | 0.76 | 5.33 | 41 | ||||||||||||||||||||||||||||||
6.20 | 766,932 | 0.70 | 4.53 | 0.76 | 4.47 | 102 | ||||||||||||||||||||||||||||||
4.98 | 752,984 | 0.70 | 4.22 | 0.76 | 4.16 | 110 | ||||||||||||||||||||||||||||||
0.34 | 899,175 | 0.60 | 4.03 | 0.78 | 3.85 | 113 | ||||||||||||||||||||||||||||||
1.85 | 1,074,624 | 0.60 | 3.55 | 0.80 | 3.35 | 118 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 65
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | from Net | from | Value | |||||||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Return of | Total | End of | ||||||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Gains | Capital | Distributions | Period | ||||||||||||||||||||||||||||||||||||||
Short Term Bond Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.66 | $ | 0.18 | $ | 0.29 | $ | 0.47 | $ | (0.19 | ) | $ | — | $ | — | $ | (0.19 | ) | $ | 9.94 | ||||||||||||||||||||||||||
20093 | 9.89 | 0.46 | (0.26 | ) | 0.20 | (0.43 | ) | — | — | (0.43 | ) | 9.66 | ||||||||||||||||||||||||||||||||||
20083 | 9.90 | 0.45 | (0.03 | ) | 0.42 | (0.43 | ) | — | — | (0.43 | ) | 9.89 | ||||||||||||||||||||||||||||||||||
20073 | 9.83 | 0.36 | 0.09 | 0.45 | (0.38 | ) | — | — | (0.38 | ) | 9.90 | |||||||||||||||||||||||||||||||||||
20064 | 9.93 | 0.23 | (0.06 | ) | 0.17 | (0.27 | ) | — | — | (0.27 | ) | 9.83 | ||||||||||||||||||||||||||||||||||
20055 | 10.11 | 0.27 | (0.16 | ) | 0.11 | (0.29 | ) | — | — | 7 | (0.29 | ) | 9.93 | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||
20096 | $ | 9.95 | $ | 0.04 | $ | 0.02 | $ | 0.06 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | $ | 9.97 | ||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.67 | $ | 0.18 | $ | 0.29 | $ | 0.47 | $ | (0.19 | ) | $ | — | $ | — | $ | (0.19 | ) | $ | 9.95 | ||||||||||||||||||||||||||
20093 | 9.89 | 0.48 | (0.25 | ) | 0.23 | (0.45 | ) | — | — | (0.45 | ) | 9.67 | ||||||||||||||||||||||||||||||||||
20083 | 9.91 | 0.46 | (0.03 | ) | 0.43 | (0.45 | ) | — | — | (0.45 | ) | 9.89 | ||||||||||||||||||||||||||||||||||
20073 | 9.83 | 0.37 | 0.10 | 0.47 | (0.39 | ) | — | — | (0.39 | ) | 9.91 | |||||||||||||||||||||||||||||||||||
20064 | 9.93 | 0.24 | (0.06 | ) | 0.18 | (0.28 | ) | — | — | (0.28 | ) | 9.83 | ||||||||||||||||||||||||||||||||||
20055 | 10.11 | 0.28 | (0.16 | ) | 0.12 | (0.29 | ) | — | (0.01 | ) | (0.30 | ) | 9.93 | |||||||||||||||||||||||||||||||||
Total Return Bond Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.01 | $ | 0.28 | $ | 1.15 | $ | 1.43 | $ | (0.29 | ) | $ | — | $ | — | $ | (0.29 | ) | $ | 10.15 | ||||||||||||||||||||||||||
20093 | 9.90 | 0.64 | (0.74 | ) | (0.10 | ) | (0.63 | ) | (0.16 | ) | — | (0.79 | ) | 9.01 | ||||||||||||||||||||||||||||||||
20083 | 9.83 | 0.49 | 0.05 | 0.54 | (0.47 | ) | — | — | (0.47 | ) | 9.90 | |||||||||||||||||||||||||||||||||||
20073 | 9.86 | 0.45 | (0.02 | ) | 0.43 | (0.46 | ) | — | — | (0.46 | ) | 9.83 | ||||||||||||||||||||||||||||||||||
20064 | 10.18 | 0.31 | (0.33 | ) | (0.02 | ) | (0.30 | ) | — | — | (0.30 | ) | 9.86 | |||||||||||||||||||||||||||||||||
20055 | 10.25 | 0.43 | (0.07 | ) | 0.36 | (0.43 | ) | — | — | (0.43 | ) | 10.18 | ||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 8.97 | $ | 0.24 | $ | 1.14 | $ | 1.38 | $ | (0.25 | ) | $ | — | $ | — | $ | (0.25 | ) | $ | 10.10 | ||||||||||||||||||||||||||
20093 | 9.86 | 0.58 | (0.74 | ) | (0.16 | ) | (0.57 | ) | (0.16 | ) | — | (0.73 | ) | 8.97 | ||||||||||||||||||||||||||||||||
20083 | 9.80 | 0.41 | 0.05 | 0.46 | (0.40 | ) | — | — | (0.40 | ) | 9.86 | |||||||||||||||||||||||||||||||||||
20073 | 9.82 | 0.38 | (0.02 | ) | 0.36 | (0.38 | ) | — | — | (0.38 | ) | 9.80 | ||||||||||||||||||||||||||||||||||
20064 | 10.14 | 0.25 | (0.32 | ) | (0.07 | ) | (0.25 | ) | — | — | (0.25 | ) | 9.82 | |||||||||||||||||||||||||||||||||
20055 | 10.21 | 0.35 | (0.07 | ) | 0.28 | (0.35 | ) | — | — | (0.35 | ) | 10.14 | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 8.96 | $ | 0.24 | $ | 1.14 | $ | 1.38 | $ | (0.25 | ) | $ | — | $ | — | $ | (0.25 | ) | $ | 10.09 | ||||||||||||||||||||||||||
20093 | 9.84 | 0.58 | (0.73 | ) | (0.15 | ) | (0.57 | ) | (0.16 | ) | — | (0.73 | ) | 8.96 | ||||||||||||||||||||||||||||||||
20083 | 9.78 | 0.42 | 0.04 | 0.46 | (0.40 | ) | — | — | (0.40 | ) | 9.84 | |||||||||||||||||||||||||||||||||||
20073 | 9.80 | 0.37 | (0.01 | ) | 0.36 | (0.38 | ) | — | — | (0.38 | ) | 9.78 | ||||||||||||||||||||||||||||||||||
20064 | 10.12 | 0.25 | (0.32 | ) | (0.07 | ) | (0.25 | ) | — | — | (0.25 | ) | 9.80 | |||||||||||||||||||||||||||||||||
20055 | 10.20 | 0.35 | (0.07 | ) | 0.28 | (0.36 | ) | — | — | (0.36 | ) | 10.12 | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.07 | $ | 0.19 | $ | 1.20 | $ | 1.39 | $ | (0.27 | ) | $ | — | $ | — | $ | (0.27 | ) | $ | 10.19 | ||||||||||||||||||||||||||
20093 | 9.95 | 0.62 | (0.73 | ) | (0.11 | ) | (0.61 | ) | (0.16 | ) | — | (0.77 | ) | 9.07 | ||||||||||||||||||||||||||||||||
20083 | 9.88 | 0.47 | 0.05 | 0.52 | (0.45 | ) | — | — | (0.45 | ) | 9.95 | |||||||||||||||||||||||||||||||||||
20073 | 9.90 | 0.43 | (0.02 | ) | 0.41 | (0.43 | ) | — | — | (0.43 | ) | 9.88 | ||||||||||||||||||||||||||||||||||
20064 | 10.23 | 0.30 | (0.34 | ) | (0.04 | ) | (0.29 | ) | — | — | (0.29 | ) | 9.90 | |||||||||||||||||||||||||||||||||
20055 | 10.29 | 0.41 | (0.07 | ) | 0.34 | (0.40 | ) | — | — | (0.40 | ) | 10.23 | ||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20092 | $ | 9.01 | $ | 0.29 | $ | 1.14 | $ | 1.43 | $ | (0.30 | ) | $ | — | $ | — | $ | (0.30 | ) | $ | 10.14 | ||||||||||||||||||||||||||
20093 | 9.89 | 0.66 | (0.73 | ) | (0.07 | ) | (0.65 | ) | (0.16 | ) | — | (0.81 | ) | 9.01 | ||||||||||||||||||||||||||||||||
20083 | 9.83 | 0.52 | 0.04 | 0.56 | (0.50 | ) | — | — | (0.50 | ) | 9.89 | |||||||||||||||||||||||||||||||||||
20073 | 9.85 | 0.47 | (0.01 | ) | 0.46 | (0.48 | ) | — | — | (0.48 | ) | 9.83 | ||||||||||||||||||||||||||||||||||
20064 | 10.17 | 0.33 | (0.33 | ) | — | (0.32 | ) | — | — | (0.32 | ) | 9.85 | ||||||||||||||||||||||||||||||||||
20055 | 10.24 | 0.46 | (0.07 | ) | 0.39 | (0.46 | ) | — | — | (0.46 | ) | 10.17 | ||||||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period July 1 to June 30 in the fiscal year indicated. | |
4 | For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | Commenced operations on October 28, 2009. All ratios for the period October 28, 2009 to December 31, 2009 have been annualized, except total return and portfolio turnover. | |
7 | Includes a tax return of capital of less than $0.01. | |
8 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
66 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return8 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
4.84 | % | $ | 83,623 | 0.75 | % | 3.57 | % | 1.04 | % | 3.28 | % | 27 | % | |||||||||||||||||||||||
2.22 | 65,704 | 0.74 | 4.87 | 1.06 | 4.55 | 54 | ||||||||||||||||||||||||||||||
4.30 | 59,933 | 0.74 | 4.48 | 1.05 | 4.17 | 55 | ||||||||||||||||||||||||||||||
4.60 | 66,722 | 0.75 | 3.61 | 1.04 | 3.32 | 47 | ||||||||||||||||||||||||||||||
1.75 | 78,771 | 0.75 | 3.11 | 1.04 | 2.82 | 60 | ||||||||||||||||||||||||||||||
1.08 | 97,863 | 0.75 | 2.68 | 1.05 | 2.38 | 64 | ||||||||||||||||||||||||||||||
0.58 | % | $ | 844 | 1.60 | % | 2.47 | % | 1.79 | % | 2.28 | % | 27 | % | |||||||||||||||||||||||
4.91 | % | $ | 479,991 | 0.60 | % | 3.71 | % | 0.79 | % | 3.52 | % | 27 | % | |||||||||||||||||||||||
2.48 | 315,024 | 0.59 | 5.02 | 0.81 | 4.80 | 54 | ||||||||||||||||||||||||||||||
4.35 | 257,403 | 0.59 | 4.62 | 0.80 | 4.41 | 55 | ||||||||||||||||||||||||||||||
4.86 | 311,131 | 0.60 | 3.74 | 0.79 | 3.55 | 47 | ||||||||||||||||||||||||||||||
1.87 | 454,665 | 0.60 | 3.26 | 0.79 | 3.07 | 60 | ||||||||||||||||||||||||||||||
1.23 | 625,392 | 0.60 | 2.83 | 0.80 | 2.63 | 64 | ||||||||||||||||||||||||||||||
15.86 | % | $ | 17,719 | 0.96 | % | 5.65 | % | 1.13 | % | 5.48 | % | 56 | % | |||||||||||||||||||||||
0.16 | 13,948 | 1.00 | 7.58 | 1.13 | 7.45 | 147 | ||||||||||||||||||||||||||||||
5.51 | 15,567 | 0.99 | 4.87 | 1.11 | 4.75 | 124 | ||||||||||||||||||||||||||||||
4.36 | 13,198 | 1.00 | 4.48 | 1.13 | 4.35 | 180 | ||||||||||||||||||||||||||||||
(0.17 | ) | 15,522 | 1.00 | 4.14 | 1.17 | 3.97 | 166 | |||||||||||||||||||||||||||||
3.57 | 19,113 | 1.00 | 4.20 | 1.25 | 3.95 | 285 | ||||||||||||||||||||||||||||||
15.37 | % | $ | 1,653 | 1.75 | % | 4.87 | % | 1.88 | % | 4.74 | % | 56 | % | |||||||||||||||||||||||
(0.58 | ) | 1,719 | 1.75 | 6.84 | 1.88 | 6.71 | 147 | |||||||||||||||||||||||||||||
4.65 | 2,384 | 1.74 | 4.13 | 1.86 | 4.01 | 124 | ||||||||||||||||||||||||||||||
3.69 | 2,272 | 1.75 | 3.74 | 1.88 | 3.61 | 180 | ||||||||||||||||||||||||||||||
(0.74 | ) | 3,657 | 1.75 | 3.40 | 1.92 | 3.23 | 166 | |||||||||||||||||||||||||||||
2.81 | 4,395 | 1.75 | 3.45 | 2.00 | 3.20 | 285 | ||||||||||||||||||||||||||||||
15.52 | % | $ | 3,941 | 1.75 | % | 4.85 | % | 1.88 | % | 4.72 | % | 56 | % | |||||||||||||||||||||||
(0.48 | ) | 2,778 | 1.75 | 6.77 | 1.88 | 6.64 | 147 | |||||||||||||||||||||||||||||
4.66 | 3,673 | 1.74 | 4.22 | 1.86 | 4.10 | 124 | ||||||||||||||||||||||||||||||
3.70 | 1,792 | 1.75 | 3.73 | 1.88 | 3.60 | 180 | ||||||||||||||||||||||||||||||
(0.74 | ) | 2,501 | 1.75 | 3.40 | 1.92 | 3.23 | 166 | |||||||||||||||||||||||||||||
2.71 | 2,858 | 1.75 | 3.46 | 2.00 | 3.21 | 285 | ||||||||||||||||||||||||||||||
15.49 | % | $ | 398 | 1.25 | % | 3.78 | % | 1.38 | % | 3.65 | % | 56 | % | |||||||||||||||||||||||
0.02 | 681 | 1.25 | 7.39 | 1.38 | 7.26 | 147 | ||||||||||||||||||||||||||||||
5.22 | 293 | 1.24 | 4.66 | 1.36 | 4.54 | 124 | ||||||||||||||||||||||||||||||
4.20 | 219 | 1.25 | 4.22 | 1.44 | 4.03 | 180 | ||||||||||||||||||||||||||||||
(0.44 | ) | 14 | 1.25 | 4.05 | 1.57 | 3.73 | 166 | |||||||||||||||||||||||||||||
3.40 | 3 | 1.25 | 3.98 | 1.65 | 3.58 | 285 | ||||||||||||||||||||||||||||||
15.99 | % | $ | 649,870 | 0.75 | % | 5.87 | % | 0.88 | % | 5.74 | % | 56 | % | |||||||||||||||||||||||
0.52 | 633,108 | 0.75 | 7.77 | 0.88 | 7.64 | 147 | ||||||||||||||||||||||||||||||
5.67 | 1,069,211 | 0.74 | 5.15 | 0.86 | 5.03 | 124 | ||||||||||||||||||||||||||||||
4.73 | 851,513 | 0.75 | 4.71 | 0.88 | 4.58 | 180 | ||||||||||||||||||||||||||||||
0.02 | 378,338 | 0.75 | 4.43 | 0.92 | 4.26 | 166 | ||||||||||||||||||||||||||||||
3.83 | 278,777 | 0.75 | 4.43 | 1.00 | 4.18 | 285 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 67
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | ||||||||||||||||||||||||||||
Value | Net | Gains | Total from | from Net | Value | ||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | End of | ||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Period | ||||||||||||||||||||||||||
U.S. Government Mortgage Fund1 | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
20092 | $ | 9.78 | $ | 0.20 | $ | 0.28 | $ | 0.48 | $ | (0.21 | ) | $ | 10.05 | ||||||||||||||||||
20093 | 10.14 | 0.50 | (0.34 | ) | 0.16 | (0.52 | ) | 9.78 | |||||||||||||||||||||||
20083 | 10.22 | 0.47 | (0.07 | ) | 0.40 | (0.48 | ) | 10.14 | |||||||||||||||||||||||
20073 | 10.18 | 0.46 | 0.05 | 0.51 | (0.47 | ) | 10.22 | ||||||||||||||||||||||||
20064 | 10.53 | 0.33 | (0.32 | ) | 0.01 | (0.36 | ) | 10.18 | |||||||||||||||||||||||
20055 | 10.72 | 0.41 | (0.14 | ) | 0.27 | (0.46 | ) | 10.53 | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
20092 | $ | 9.80 | $ | 0.16 | $ | 0.28 | $ | 0.44 | $ | (0.17 | ) | $ | 10.07 | ||||||||||||||||||
20093 | 10.16 | 0.42 | (0.34 | ) | 0.08 | (0.44 | ) | 9.80 | |||||||||||||||||||||||
20083 | 10.24 | 0.40 | (0.08 | ) | 0.32 | (0.40 | ) | 10.16 | |||||||||||||||||||||||
20073 | 10.20 | 0.38 | 0.05 | 0.43 | (0.39 | ) | 10.24 | ||||||||||||||||||||||||
20064 | 10.54 | 0.27 | (0.31 | ) | (0.04 | ) | (0.30 | ) | 10.20 | ||||||||||||||||||||||
20055 | 10.74 | 0.33 | (0.15 | ) | 0.18 | (0.38 | ) | 10.54 | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
20092 | $ | 9.74 | $ | 0.16 | $ | 0.28 | $ | 0.44 | $ | (0.17 | ) | $ | 10.01 | ||||||||||||||||||
20093 | 10.10 | 0.42 | (0.33 | ) | 0.09 | (0.45 | ) | 9.74 | |||||||||||||||||||||||
20083 | 10.18 | 0.40 | (0.08 | ) | 0.32 | (0.40 | ) | 10.10 | |||||||||||||||||||||||
20073 | 10.15 | 0.38 | 0.04 | 0.42 | (0.39 | ) | 10.18 | ||||||||||||||||||||||||
20064 | 10.49 | 0.27 | (0.31 | ) | (0.04 | ) | (0.30 | ) | 10.15 | ||||||||||||||||||||||
20055 | 10.68 | 0.33 | (0.14 | ) | 0.19 | (0.38 | ) | 10.49 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
20092 | $ | 9.76 | $ | 0.19 | $ | 0.28 | $ | 0.47 | $ | (0.20 | ) | $ | 10.03 | ||||||||||||||||||
20093 | 10.12 | 0.47 | (0.34 | ) | 0.13 | (0.49 | ) | 9.76 | |||||||||||||||||||||||
20083 | 10.21 | 0.46 | (0.10 | ) | 0.36 | (0.45 | ) | 10.12 | |||||||||||||||||||||||
20073 | 10.17 | 0.43 | 0.06 | 0.49 | (0.45 | ) | 10.21 | ||||||||||||||||||||||||
20064 | 10.51 | 0.31 | (0.31 | ) | — | (0.34 | ) | 10.17 | |||||||||||||||||||||||
20055 | 10.72 | 0.37 | (0.14 | ) | 0.23 | (0.44 | ) | 10.51 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
20092 | $ | 9.78 | $ | 0.21 | $ | 0.28 | $ | 0.49 | $ | (0.22 | ) | $ | 10.05 | ||||||||||||||||||
20093 | 10.14 | 0.52 | (0.34 | ) | 0.18 | (0.54 | ) | 9.78 | |||||||||||||||||||||||
20083 | 10.22 | 0.50 | (0.08 | ) | 0.42 | (0.50 | ) | 10.14 | |||||||||||||||||||||||
20073 | 10.19 | 0.48 | 0.05 | 0.53 | (0.50 | ) | 10.22 | ||||||||||||||||||||||||
20064 | 10.53 | 0.35 | (0.31 | ) | 0.04 | (0.38 | ) | 10.19 | |||||||||||||||||||||||
20055 | 10.73 | 0.43 | (0.14 | ) | 0.29 | (0.49 | ) | 10.53 | |||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended December 31, 2009 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
3 | For the period July 1 to June 30 in the fiscal year indicated. | |
4 | For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
5 | For the period October 1 to September 30 in the fiscal year indicated. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
68 First American Funds 2009 Semiannual Report
Table of Contents
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | ||||||||||||||||||||||||||||||||||
Investment | to Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Ratio of Expenses | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
4.91 | % | $ | 10,537 | 0.94 | % | 3.92 | % | 1.25 | % | 3.61 | % | 133 | % | |||||||||||||||||||||||
1.74 | 10,149 | 0.95 | 5.10 | 1.23 | 4.82 | 331 | ||||||||||||||||||||||||||||||
3.90 | 11,295 | 0.95 | 4.60 | 1.18 | 4.37 | 325 | ||||||||||||||||||||||||||||||
5.07 | 13,785 | 0.95 | 4.41 | 1.16 | 4.20 | 303 | ||||||||||||||||||||||||||||||
0.09 | 16,059 | 0.95 | 4.27 | 1.11 | 4.11 | 220 | ||||||||||||||||||||||||||||||
2.59 | 24,504 | 0.95 | 3.80 | 1.08 | 3.67 | 251 | ||||||||||||||||||||||||||||||
4.51 | % | $ | 2,702 | 1.69 | % | 3.18 | % | 2.00 | % | 2.87 | % | 133 | % | |||||||||||||||||||||||
0.98 | 3,014 | 1.70 | 4.36 | 1.98 | 4.08 | 331 | ||||||||||||||||||||||||||||||
3.12 | 3,737 | 1.70 | 3.86 | 1.93 | 3.63 | 325 | ||||||||||||||||||||||||||||||
4.26 | 4,920 | 1.70 | 3.66 | 1.91 | 3.45 | 303 | ||||||||||||||||||||||||||||||
(0.38 | ) | 6,595 | 1.70 | 3.52 | 1.86 | 3.36 | 220 | |||||||||||||||||||||||||||||
1.72 | 7,926 | 1.70 | 3.05 | 1.83 | 2.92 | 251 | ||||||||||||||||||||||||||||||
4.54 | % | $ | 2,004 | 1.69 | % | 3.18 | % | 2.00 | % | 2.87 | % | 133 | % | |||||||||||||||||||||||
0.99 | 2,120 | 1.70 | 4.36 | 1.98 | 4.08 | 331 | ||||||||||||||||||||||||||||||
3.14 | 2,259 | 1.70 | 3.86 | 1.93 | 3.63 | 325 | ||||||||||||||||||||||||||||||
4.19 | 3,077 | 1.70 | 3.67 | 1.91 | 3.46 | 303 | ||||||||||||||||||||||||||||||
(0.38 | ) | 5,127 | 1.70 | 3.52 | 1.86 | 3.36 | 220 | |||||||||||||||||||||||||||||
1.82 | 6,585 | 1.70 | 3.05 | 1.83 | 2.92 | 251 | ||||||||||||||||||||||||||||||
4.79 | % | $ | 545 | 1.19 | % | 3.74 | % | 1.50 | % | 3.43 | % | 133 | % | |||||||||||||||||||||||
1.49 | 2,386 | 1.20 | 4.87 | 1.48 | 4.59 | 331 | ||||||||||||||||||||||||||||||
3.54 | 1,585 | 1.20 | 4.44 | 1.43 | 4.21 | 325 | ||||||||||||||||||||||||||||||
4.82 | 204 | 1.20 | 4.17 | 1.41 | 3.96 | 303 | ||||||||||||||||||||||||||||||
0.04 | 7 | 1.20 | 4.04 | 1.51 | 3.73 | 220 | ||||||||||||||||||||||||||||||
2.18 | 3 | 1.20 | 3.42 | 1.48 | 3.14 | 251 | ||||||||||||||||||||||||||||||
5.04 | % | $ | 84,720 | 0.69 | % | 4.18 | % | 1.00 | % | 3.87 | % | 133 | % | |||||||||||||||||||||||
2.00 | 96,256 | 0.70 | 5.35 | 0.98 | 5.07 | 331 | ||||||||||||||||||||||||||||||
4.16 | 123,436 | 0.70 | 4.85 | 0.93 | 4.62 | 325 | ||||||||||||||||||||||||||||||
5.23 | 133,960 | 0.70 | 4.66 | 0.91 | 4.45 | 303 | ||||||||||||||||||||||||||||||
0.38 | 140,407 | 0.70 | 4.52 | 0.86 | 4.36 | 220 | ||||||||||||||||||||||||||||||
2.75 | 158,230 | 0.70 | 4.05 | 0.83 | 3.92 | 251 | ||||||||||||||||||||||||||||||
First American Funds 2009 Semiannual Report 69
Table of Contents
Notes toFinancial Statements | unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000) |
1 > | Organization |
Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2009, FAIF offered 41 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Each fund is a diversified open-end management investment company.
The funds may offer Class A, Class C, Class R, and Class Y shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class C and Class R shares are not currently offered by Intermediate Term Bond Fund. Class R shares are not currently offered by Short Term Bond Fund. Prior to the close of business on June 30, 2008, each fund except Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund offered Class B shares. Subsequent to that additional investments are allowed in Class B shares, except through permitted exchanges and any reinvested dividends. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years.
The funds’ prospectus provides descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares in a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’ servicing or distribution arrangements.
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows:
SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask price will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Investments in open-end mutual funds are valued at their respective net asset values on the valuation date. Investments in closed-end mutual funds are valued at their reported closing prices on the national securities exchange on which they trade.
Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. 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 or from a widely used quotation system. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchanges on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.
The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and
70 First American Funds 2009 Semiannual Report
Table of Contents
currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than foreign currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s exchange rate, and the 30-, 60-, 90-, 180-, and 360-day forward rates provided by an independent pricing service.
When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ 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 an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of December 31, 2009, High Income Bond Fund held fair value securities with a value of $1,342, or 0.4%, of total net assets.
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.).
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 are 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 funds’ board of directors.
The valuation levels are not necessarily an indication of the risk associated with investing in these investments.
As of December 31, 2009, each fund’s investments were classified as follows:
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Core Bond Fund | ||||||||||||||||
Corporate Bonds | $ | — | $ | 650,805 | $ | 9,484 | $ | 660,289 | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 264,376 | — | 264,376 | ||||||||||||
Asset-Backed Securities | — | 253,513 | 10,360 | 263,873 | ||||||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | — | 51,039 | — | 51,039 | ||||||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | — | 38,901 | — | 38,901 | ||||||||||||
U.S. Government & Agency Securities | — | 19,780 | — | 19,780 | ||||||||||||
Preferred Stock | 240 | — | — | 240 | ||||||||||||
Short-Term Investments | 181,983 | 2,974 | — | 184,957 | ||||||||||||
Total Investments | $ | 182,223 | $ | 1,281,388 | $ | 19,844 | $ | 1,483,455 | ||||||||
High Income Bond Fund | ||||||||||||||||
High Yield Corporate Bonds | $ | — | $ | 261,531 | $ | 9,091 | $ | 270,622 | ||||||||
Investment Grade Corporate Bonds | — | 18,862 | — | 18,862 | ||||||||||||
Convertible Securities | 3,309 | 7,072 | — | 10,381 | ||||||||||||
Preferred Stocks | 9,777 | — | — | 9,777 | ||||||||||||
Exchange-Traded Funds | 7,215 | — | — | 7,215 | ||||||||||||
Closed-End Funds | 4,587 | — | — | 4,587 | ||||||||||||
Common Stocks | 2,637 | — | 242 | 2,879 | ||||||||||||
Asset-Backed Securities | — | 6 | 1,100 | 1,106 | ||||||||||||
Short-Term Investments | 63,306 | 200 | — | 63,506 | ||||||||||||
Total Investments | $ | 90,831 | $ | 287,671 | $ | 10,433 | $ | 388,935 | ||||||||
First American Funds 2009 Semiannual Report 71
Table of Contents
Notes toFinancial Statements | unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000) |
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Inflation Protected Securities Fund | ||||||||||||||||
U.S. Government & Agency Securities | $ | — | $ | 129,713 | $ | — | $ | 129,713 | ||||||||
Corporate Bonds | — | 8,221 | 322 | 8,543 | ||||||||||||
Asset-Backed Securities | — | 5,608 | — | 5,608 | ||||||||||||
U.S. Government Agency Mortgage-Backed Security | — | 1,512 | — | 1,512 | ||||||||||||
Municipal Bond | — | 727 | — | 727 | ||||||||||||
Convertible Security | 155 | — | — | 155 | ||||||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security | — | 127 | — | 127 | ||||||||||||
Exchange-Traded Fund | 88 | — | — | 88 | ||||||||||||
Preferred Stock | 18 | — | — | 18 | ||||||||||||
Short-Term Investments | 48,763 | 420 | — | 49,183 | ||||||||||||
Total Investments | $ | 49,024 | $ | 146,328 | $ | 322 | $ | 195,674 | ||||||||
Intermediate Government Bond Fund | ||||||||||||||||
U.S. Government & Agency Securities | $ | — | $ | 83,543 | $ | — | $ | 83,543 | ||||||||
Asset-Backed Securities | — | 4,838 | — | 4,838 | ||||||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 2,585 | — | 2,585 | ||||||||||||
Corporate Bonds | — | 1,053 | — | 1,053 | ||||||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security | — | 1,011 | — | 1,011 | ||||||||||||
Short-Term Investments | 32,862 | 80 | — | 32,942 | ||||||||||||
Total Investments | $ | 32,862 | $ | 93,110 | $ | — | $ | 125,972 | ||||||||
Intermediate Term Bond Fund | ||||||||||||||||
Corporate Bonds | $ | — | $ | 440,996 | $ | — | $ | 440,996 | ||||||||
Asset-Backed Securities | — | 161,496 | 9,538 | 171,034 | ||||||||||||
U.S. Government & Agency Securities | — | 51,536 | — | 51,536 | ||||||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 47,007 | 3,524 | 50,531 | ||||||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | — | 20,435 | — | 20,435 | ||||||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | — | 13,074 | — | 13,074 | ||||||||||||
Municipal Bond | — | 1,549 | — | 1,549 | ||||||||||||
Preferred Stocks | 114 | — | — | 114 | ||||||||||||
Short-Term Investments | 138,006 | 1,074 | — | 139,080 | ||||||||||||
Total Investments | $ | 138,120 | $ | 737,167 | $ | 13,062 | $ | 888,349 | ||||||||
Short Term Bond Fund | ||||||||||||||||
Corporate Bonds | $ | — | $ | 222,942 | $ | 1,941 | $ | 224,883 | ||||||||
Asset-Backed Securities | — | 165,988 | 5,872 | 171,860 | ||||||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 66,446 | 2,506 | 68,952 | ||||||||||||
U.S. Government & Agency Securities | — | 44,696 | — | 44,696 | ||||||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | — | 24,104 | — | 24,104 | ||||||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | — | 18,052 | — | 18,052 | ||||||||||||
Short-Term Investments | 63,391 | 684 | — | 64,075 | ||||||||||||
Total Investments | $ | 63,391 | $ | 542,912 | $ | 10,319 | $ | 616,622 | ||||||||
Total Return Bond Fund | ||||||||||||||||
Corporate Bonds | $ | — | $ | 424,250 | $ | 5,798 | $ | 430,048 | ||||||||
Asset-Backed Securities | — | 91,100 | 6,039 | 97,139 | ||||||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 74,608 | — | 74,608 | ||||||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | — | 22,740 | — | 22,740 | ||||||||||||
Preferred Stocks | 2,494 | — | — | 2,494 | ||||||||||||
U.S. Government & Agency Securities | — | 2,155 | — | 2,155 | ||||||||||||
Municipal Bond | — | 1,463 | — | 1,463 | ||||||||||||
Convertible Security | — | 1,125 | — | 1,125 | ||||||||||||
Short-Term Investments | 104,170 | 4,849 | — | 109,019 | ||||||||||||
Total Investments | $ | 106,664 | $ | 622,290 | $ | 11,837 | $ | 740,791 | ||||||||
72 First American Funds 2009 Semiannual Report
Table of Contents
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
U.S. Government Mortgage Fund | ||||||||||||||||
U.S. Government Agency Mortgage-Backed Securities | $ | — | $ | 84,242 | $ | 470 | $ | 84,712 | ||||||||
Asset-Backed Securities | — | 8,981 | — | 8,981 | ||||||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | — | 4,368 | — | 4,368 | ||||||||||||
U.S. Government & Agency Securities | — | 2,008 | �� | — | 2,008 | |||||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | — | 1,754 | — | 1,754 | ||||||||||||
Corporate Bond | — | 556 | — | 556 | ||||||||||||
Short-Term Investments | 29,263 | 300 | — | 29,563 | ||||||||||||
Total Investments | $ | 29,263 | $ | 102,209 | $ | 470 | $ | 131,942 | ||||||||
As of December 31, 2009, each fund’s investments in other financial instruments* were classified as follows:
Total Unrealized | ||||||||||||||||
Appreciation | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | (Depreciation) | ||||||||||||
Core Bond Fund | $ | 1,425 | $ | 3,505 | $ | — | $ | 4,930 | ||||||||
Inflation Protected Securities Fund | (288 | ) | 10 | — | (278 | ) | ||||||||||
Intermediate Government Bond Fund | (27 | ) | — | — | (27 | ) | ||||||||||
Intermediate Term Bond Fund | (914 | ) | 3 | — | (911 | ) | ||||||||||
Short Term Bond Fund | 834 | (40 | ) | — | 794 | |||||||||||
Total Return Bond Fund | 2,951 | 3,637 | — | 6,588 | ||||||||||||
U.S. Government Mortgage Fund | (72 | ) | (22 | ) | — | (94 | ) | |||||||||
* | Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Inflation | Intermediate | U.S. | ||||||||||||||||||||||||||
Core | High Income | Protected | Term | Short Term | Total Return | Government | ||||||||||||||||||||||
Bond | Bond | Securities | Bond | Bond | Bond | Mortgage | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
Balance as of June 30, 2009 | $ | 27,756 | $ | 4,741 | $ | 84 | $ | 12,824 | $ | 9,564 | $ | 7,668 | $ | — | ||||||||||||||
Accrued discounts/premiums | 43 | 85 | 2 | — | 2 | 53 | — | |||||||||||||||||||||
Realized gain (loss) | 179 | 2 | — | — | — | — | — | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation | 1,154 | (29 | ) | 15 | 499 | 275 | 809 | — | ||||||||||||||||||||
Net purchases (sales) | (12,050 | ) | 5,634 | 221 | (261 | ) | 2,478 | 3,307 | 470 | |||||||||||||||||||
Transfers in and/or out of Level 3 | 2,762 | — | — | — | (2,000 | ) | — | — | ||||||||||||||||||||
Balance as of December 31, 2009 | $ | 19,844 | $ | 10,433 | $ | 322 | $ | 13,062 | $ | 10,319 | $ | 11,837 | $ | 470 | ||||||||||||||
Net change in unrealized appreciation or depreciation during the period of Level 3 securities as of December 31, 2009 | 1,039 | (29 | ) | 15 | 425 | 232 | 809 | — | ||||||||||||||||||||
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the sales price and the underlying cost of the security on the transaction date.
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 last business day of each month. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income or excise taxes is required.
As of December 31, 2009, 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 the 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. These differences are primarily due to deferred wash sale and
First American Funds 2009 Semiannual Report 73
Table of Contents
Notes toFinancial Statements | unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000) |
straddle losses, paydowns on pass through obligations, expiration of capital loss carryforwards, tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark-to-market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.
The character of distributions made during the year from net investment income may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income was recorded by the fund. The distributions paid during the six-month period ended December 31, 2009 (estimated) and fiscal year ended June 30, 2009 (adjusted by dividends payable as of December 31, 2009 and June 30, 2009 ) were as follows:
December 31, 2009 | ||||||||
Ordinary | Long-Term | |||||||
Fund | Income | Gain | ||||||
Core Bond Fund | $ | 36,082 | $ | — | ||||
High Income Bond Fund | 11,691 | — | ||||||
Inflation Protected Securities Fund | 766 | — | ||||||
Intermediate Government Bond Fund | 2,473 | 708 | ||||||
Intermediate Term Bond Fund | 18,290 | — | ||||||
Short Term Bond Fund | 8,831 | — | ||||||
Total Return Bond Fund | 21,209 | — | ||||||
U.S. Government Mortgage Fund | 2,390 | — | ||||||
June 30, 2009 | ||||||||||||||||
Ordinary | Long Term | Return of | Total | |||||||||||||
Fund | Income | Gain | Capital | Income | ||||||||||||
Core Bond Fund | $ | 87,252 | $ | — | $ | — | $ | 87,252 | ||||||||
High Income Bond Fund | 20,185 | — | — | 20,185 | ||||||||||||
Inflation Protected Securities Fund | 9,065 | — | 2,773 | 11,838 | ||||||||||||
Intermediate Government Bond Fund | 2,682 | — | — | 2,682 | ||||||||||||
Intermediate Term Bond Fund | 40,934 | — | — | 40,934 | ||||||||||||
Short Term Bond Fund | 14,988 | — | — | 14,988 | ||||||||||||
Total Return Bond Fund | 74,167 | 188 | — | 74,355 | ||||||||||||
U.S. Government Mortgage Fund | 6,869 | — | — | 6,869 | ||||||||||||
As of June 30, 2009, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:
Accumulated | Total | |||||||||||||||||||
Undistributed | Undistributed | Capital and | Unrealized | Accumulated | ||||||||||||||||
Ordinary | Long Term | Post-October | Appreciation | Earnings | ||||||||||||||||
Fund | Income | Capital Gains | Losses | Depreciation | Deficit | |||||||||||||||
Core Bond Fund | $ | 5,530 | $ | — | $ | (54,556 | ) | $ | (111,201 | ) | $ | (160,227 | ) | |||||||
High Income Bond Fund | 1,252 | — | (47,326 | ) | (22,156 | ) | (68,230 | ) | ||||||||||||
Inflation Protected Securities Fund | — | — | (14,948 | ) | (7,300 | ) | (22,248 | ) | ||||||||||||
Intermediate Government Bond Fund | 1,858 | 255 | — | 590 | 2,703 | |||||||||||||||
Intermediate Term Bond Fund | 2,541 | — | (22,888 | ) | (35,900 | ) | (56,247 | ) | ||||||||||||
Short Term Bond Fund | 1,016 | — | (17,740 | ) | (11,127 | ) | (27,851 | ) | ||||||||||||
Total Return Bond Fund | 4,845 | — | (79,025 | ) | (85,353 | ) | (159,533 | ) | ||||||||||||
U.S. Government Mortgage Fund | 296 | — | (11,796 | ) | (6,432 | ) | (17,932 | ) | ||||||||||||
The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and straddles, tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark-to-market adjustments made under Section 311(e) of the Taxpayer Relief Act of 1997.
74 First American Funds 2009 Semiannual Report
Table of Contents
As of June 30, 2009, 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 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Total | |||||||||||||||||||||||||||
Core Bond Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 994 | $ | — | $ | 25,107 | $ | 26,101 | ||||||||||||||||||
High Income Bond Fund | — | 1,250 | — | — | — | — | 1,453 | 26,214 | 28,917 | |||||||||||||||||||||||||||
Inflation Protected Securities Fund | — | — | — | — | 256 | 5,928 | 953 | 4,724 | 11,861 | |||||||||||||||||||||||||||
Intermediate Term Bond Fund | — | — | — | — | — | 3,607 | — | 11,744 | 15,351 | |||||||||||||||||||||||||||
Short Term Bond Fund | — | — | — | 1,315 | 8,101 | 7,433 | — | 839 | 17,688 | |||||||||||||||||||||||||||
Total Return Bond Fund | — | — | — | — | — | — | — | 41,302 | 41,302 | |||||||||||||||||||||||||||
U.S. Government Mortgage Fund | — | — | 3,145 | 1,293 | 555 | 1,629 | 2,446 | 165 | 9,233 | |||||||||||||||||||||||||||
Certain funds incurred a loss for tax purposes for the period from November 1, 2008 to June 30, 2009. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending June 30, 2010. The following funds had deferred losses:
Fund | Amount | |||
Core Bond Fund | $ | 28,455 | ||
High Income Bond Fund | 18,409 | |||
Inflation Protected Securities Fund | 3,087 | |||
Intermediate Term Bond Fund | 7,537 | |||
Short Term Bond Fund | 52 | |||
Total Return Bond Fund | 37,723 | |||
U.S. Government Mortgage Fund | 2,563 | |||
DERIVATIVES – The funds may invest in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. The funds’ investments objectives allow the funds to enter into various types of derivative contracts, including, but not limited to, futures contracts, foreign exchange contracts, credit default swaps, interest rate swaps, total return swaps, currency swaps, and purchased and written options. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the funds to gains or losses in excess of the amounts shown on the Statements of Assets and Liabilities.
FUTURES TRANSACTIONS – The funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. In order to gain exposure or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, each fund may enter into futures contracts. Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. Government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract.
Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.
As of December 31, 2009, the following funds had outstanding futures contracts as disclosed in their Schedule of Investments: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.
SWAP AGREEMENTS – The funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The funds may enter into credit default, interest rate, and total return swap agreements to manage exposure to credit and interest rate risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.
Swap agreements are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap agreement is recorded as realized gain or loss in the Statements of
First American Funds 2009 Semiannual Report 75
Table of Contents
Notes toFinancial Statements unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000)
Operations. Net periodic payments received by the funds are included as part of interest from unaffiliated investments on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.
Credit Default Swaps
The funds are subject to credit risk in the normal course of pursuing their investment objectives. Each fund may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the reference entity or index. As a seller of protection on credit default swap agreements, a fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a fund would effectively add leverage to its portfolio because, in addition to its total net assets, a fund would be subject to investment exposure on the notional amount of the swap.
If a fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity, other deliverable obligations or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
If a fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity, other deliverable obligations or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2009 for which a fund is the seller of protection are disclosed in the footnotes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective reference entity or index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a fund for the same reference entity or entities. As of December 31, 2009, the following funds had outstanding credit default swap agreements as disclosed in their Schedule of Investments: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, and Total Return Bond Fund.
Interest Rate Swaps
The funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, each fund may enter into interest rate swap contracts. Interest rate swap agreements involve the exchange by a fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal.
76 First American Funds 2009 Semiannual Report
Table of Contents
Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets.
The funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that that amount is positive. This risk is mitigated by having a master netting arrangement between the fund and the counterparty and by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty. As of December 31, 2009, the following funds had outstanding interest rate swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.
Total Return Swaps
Certain funds may enter into total return swap agreements. In a total return swap, one party agrees to pay the other the “total return” of a defined underlying asset during a specified period, in return for periodic payments based on a fixed or variable interest rate (or, less frequently, the total return from other underlying assets). A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined baskets of loans and mortgages. To the extent the total return of the underlying asset exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. As of December 31, 2009, no funds had outstanding total return swap agreements.
Currency Swaps.
Certain funds may enter into currency swaps. A currency swap is an agreement between two parties to exchange equivalent fixed amounts in two different currencies for a fixed period of time. The exchange of currencies at the inception date of the contract takes place at the current spot rate. Such an agreement may provide that, for the duration of the swap, each party pays interest to the other on the received amount at an agreed upon fixed or floating interest rate. When the contract ends, the parties re-exchange the currencies at the initial exchange rate, a specified rate, or the then current spot rate. Some currency swaps may not provide for exchanging currencies, but only for exchanging interest cash flows. As of December 31, 2009, no funds had outstanding currency swap agreements.
OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of December 31, 2009, no funds held written options.
Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of December 31, 2009, no funds held purchased options.
For the six-month period ended December 31, 2009, the quarterly average gross notional amounts of the derivatives held by the funds were:
Credit | Interest | |||||||||||||||||||||||
Futures/ | Futures/ | Default | Rate | Options | Options | |||||||||||||||||||
Fund | Long | Short | Swaps | Swaps | Written – Call | Written – Put | ||||||||||||||||||
Core Bond Fund | $ | 151,724 | $ | 146,596 | $ | 34,431 | $ | 57,000 | $ | — | $ | — | ||||||||||||
High Income Bond Fund | 36,300 | — | — | — | — | — | ||||||||||||||||||
Inflation Protected Securities Fund | 12,564 | 387 | 1,300 | 7,000 | — | — |
First American Funds 2009 Semiannual Report 77
Table of Contents
Notes toFinancial Statements unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000)
Credit | Interest | |||||||||||||||||||||||
Futures/ | Futures/ | Default | Rate | Options | Options | |||||||||||||||||||
Fund | Long | Short | Swaps | Swaps | Written – Call | Written – Put | ||||||||||||||||||
Intermediate Government Bond Fund | 4,721 | 1,802 | — | — | — | — | ||||||||||||||||||
Intermediate Term Bond Fund | 131,875 | 20,769 | 8,657 | 31,333 | — | — | ||||||||||||||||||
Short Term Bond Fund | 68,080 | 40,805 | 21,900 | 21,333 | — | — | ||||||||||||||||||
Total Return Bond Fund | 14,214 | 162,147 | 47,735 | 37,000 | 331 | 236 | ||||||||||||||||||
U.S. Government Mortgage Fund | 3,110 | 3,869 | — | 1,000 | — | — | ||||||||||||||||||
As of December 31, 2009, the funds’ fair values of derivative instruments categorized by risk exposure were classified as follows:
Inflation | Intermediate | Intermediate | Short | Total | U.S. | |||||||||||||||||||||||||
Statement of | Core | Protected | Government | Term | Term | Return | Government | |||||||||||||||||||||||
Assets and Liabilities | Bond | Securities | Bond | Bond | Bond | Bond | Mortgage | |||||||||||||||||||||||
Location | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||||||||||
Foreign Exchange Contracts | Receivables, Net Assets – Unrealized Appreciation* | $ | — | $ | — | $ | $ | — | $ | — | $ | 20 | $ | — | ||||||||||||||||
Interest Rate Contracts | Receivables, Net Assets – Unrealized Appreciation* | 2,483 | 30 | 49 | 231 | 974 | 4,692 | — | ||||||||||||||||||||||
Credit Contracts | Receivables, Unrealized Appreciation | 4,006 | 66 | — | 287 | 129 | 2,159 | — | ||||||||||||||||||||||
Balance as of December 31, 2009 | $ | 6,489 | $ | 96 | $ | 49 | $ | 518 | $ | 1,103 | $ | 6,871 | $ | — | ||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||||||||
Foreign Exchange Contracts | Payables, Net Assets – Unrealized Depreciation* | $ | — | $ | — | $ | $ | — | $ | — | $ | 34 | $ | |||||||||||||||||
Interest Rate Contracts | Payables, Net Assets – Unrealized Depreciation* | 1,559 | 374 | 76 | 1,429 | 309 | 249 | 94 | ||||||||||||||||||||||
Balance as of December 31, 2009 | $ | 1,559 | $ | 374 | $ | 76 | $ | 1,429 | $ | 309 | $ | 283 | $ | 94 | ||||||||||||||||
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the funds’ Schedule of Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities. |
The effect of derivative instruments on the Statements of Operations for the six-month period ended December 31, 2009:
Amount of realized gain (loss) on derivatives recognized in income:
Core Bond Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | (694 | ) | $ | (52 | ) | $ | (746 | ) | |||
Credit Contracts | — | 1,888 | 1,888 | |||||||||
Foreign Exchange Contracts | 203 | — | 203 | |||||||||
High Income Bond Fund | Futures | Swaps | Total | |||||||||||||
Interest Rate Contracts | $ | 67 | $ | — | $ | 67 | ||||||||||
Inflation Protected Securities Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | 485 | $ | — | $ | 485 | ||||||
Credit Contracts | — | 25 | 25 | |||||||||
Foreign Exchange Contracts | 46 | — | 46 | |||||||||
Intermediate Government Bond Fund | Futures | Swaps | Total | |||||||||||||
Interest Rate Contracts | $ | 57 | $ | — | $ | 57 | ||||||||||
Intermediate Term Bond Fund | Futures | Swaps | Total | |||||||||||||
Interest Rate Contracts | $ | 1,580 | $ | (41 | ) | $ | 1,539 | |||||||||
Credit Contracts | — | 645 | 645 | |||||||||||||
Short Term Bond Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | — | $ | (17 | ) | $ | (17 | ) | ||||
Credit Contracts | (93 | ) | 732 | 639 | ||||||||
Foreign Exchange Contracts | 22 | — | 22 | |||||||||
78 First American Funds 2009 Semiannual Report
Table of Contents
Total Return Bond Fund | Options | Futures | Swaps | Total | ||||||||||||
Interest Rate Contracts | $ | 972 | $ | (6,693 | ) | $ | (169 | ) | $ | (5,890 | ) | |||||
Credit Contracts | — | — | 3,469 | 3,469 | ||||||||||||
Foreign Exchange Contracts | — | 1,273 | — | 1,273 | ||||||||||||
U.S. Government Mortgage Fund | Futures | Swaps | Total | |||||||||||||
Interest Rate Contracts | $ | 44 | $ | (16 | ) | $ | 28 | |||||||||
Change in unrealized appreciation (depreciation) on derivatives recognized in income:
Core Bond Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | 2,397 | $ | (284 | ) | $ | 2,113 | |||||
Credit Contracts | — | 2,564 | 2,564 | |||||||||
Foreign Exchange Contracts | 178 | — | 178 | |||||||||
High Income Bond Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | 8 | $ | — | $ | 8 | ||||||
Inflation Protected Securities Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | (292 | ) | $ | (29 | ) | $ | (292 | ) | |||
Credit Contracts | — | 182 | 153 | |||||||||
Intermediate Government Bond Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | (27 | ) | $ | — | $ | (27 | ) | ||||
Intermediate Term Bond Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | 242 | $ | (176 | ) | $ | 66 | |||||
Credit Contracts | — | 360 | 360 | |||||||||
Short Term Bond Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | 986 | $ | (115 | ) | $ | 871 | |||||
Credit Contracts | — | 281 | 281 | |||||||||
Foreign Exchange Contracts | 29 | — | 29 | |||||||||
Total Return Bond Fund | Options | Futures | Swaps | Total | ||||||||||||
Interest Rate Contracts | $ | (88 | ) | $ | 4,135 | $ | (108 | ) | $ | 3,939 | ||||||
Credit Contracts | — | — | 3,388 | 3,388 | ||||||||||||
Foreign Exchange Contracts | — | 495 | — | 495 | ||||||||||||
U.S. Government Mortgage Fund | Futures | Swaps | Total | |||||||||
Interest Rate Contracts | $ | (77 | ) | $ | 5 | $ | (72 | ) | ||||
INFLATION-INDEXED BONDS – The funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.
FOREIGN CURRENCY TRANSLATION – The books and records of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, and Total Return Bond Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis:
• | market value of investment securities, assets, and liabilities are translated at the current rate of exchange; and | |
• | purchases and sales of investment securities, income, and expenses are translated at the relevant rates of exchange prevailing on the respective dates of such transactions. |
The funds do not isolate the portion of gains and losses on investments in debt securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. The funds isolate the
First American Funds 2009 Semiannual Report 79
Table of Contents
Notes toFinancial Statements unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000)
effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations pursuant to the federal income tax regulations. Such amounts are categorized as foreign currency gain(loss) for both financial reporting and income tax reporting purposes.
The funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.
For the six-month period ended December 31, 2009, Inflation Protected Securities Fund and Total Return Bond Fund had non-U.S. dollar denominated investments with a total value of $2,128 and $19,031 or 1.4% and 2.8%, respectively, of total net assets.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of December 31, 2009, Core Bond Fund, Intermediate Term Bond, Short Term Bond, Total Return Bond Fund, and U.S. Government Mortgage Fund had when-issued or forward-commitment securities outstanding with a total cost of $35,944, $3,522, $2,505, $16,477 and $25,700, respectively.
In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to “rollover” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the six-month period ended December 31, 2009, the funds had no outstanding dollar roll transactions.
ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its total net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. As of December 31, 2009, Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund had investments in illiquid securities with a total value of $17,691, $1,730, $1,514, $7,117, $2,246, $15,242, and $2,243, respectively, or 1.3%, 0.5%, 1.0%, 0.9%, 0.4% 2.3%, and 2.2%, respectively, of total net assets.
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
Dates | Cost | |||||||||||
Core Bond Fund | Par | Acquired | Basis | |||||||||
Amresco Residential Security Mortgage, Series 1997-3, Class A9 | $ | 42 | 10/02 | $ | 42 | |||||||
Banc of America Funding, Series 2007-4, Class 1A2 | 1,871 | 9/07 | 1,795 | |||||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class D | 3,165 | 10/07 | 2,992 | |||||||||
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class AJ | 4,950 | 4/08 | 3,849 | |||||||||
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A | 4,353 | 2/07 | 4,231 | |||||||||
Greenwich Capital Commercial Funding, Series 2007-GG11, Class AJ | 5,400 | 10/07 | 5,425 | |||||||||
GS Mortgage Securities II, Series 2006-RR2, Class A1 | 4,288 | 7/06 | 4,206 | |||||||||
GSMPS Mortgage Loan Trust, Series 2003-1, Class B1 | 762 | 5/09 | 171 | |||||||||
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class C | 3,102 | 10/07 | 2,960 | |||||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ | 4,945 | 9/07 | 4,963 | |||||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class AJ | 5,184 | 11/07 | 5,207 | |||||||||
Westam Mortgage Financial, Series 11, Class A | 42 | 9/97 | 41 | |||||||||
80 First American Funds 2009 Semiannual Report
Table of Contents
Shares/ | Dates | Cost | ||||||||||
High Income Bond Fund | Par | Acquired | Basis | |||||||||
American Home Mortgage Investments, Series B | 10 | 7/07 | $ | 190 | ||||||||
Exum, Series 2007-1A, Class C | $ | 1,054 | 2/07-12/09 | 1,054 | ||||||||
Exum, Series 2007-2A, Class C | $ | 1,080 | 4/07-12/09 | 1,080 | ||||||||
Georgia Gulf | 14 | 10/09 | 182 | |||||||||
Green Tree Financial, Series 1998-1, Class A4 | $ | 6 | 5/99 | 6 | ||||||||
Newark Group | $ | 800 | 6/05 | 765 | ||||||||
Viatel Holding Bermuda | 1 | 6/08 | — | * | ||||||||
* | Due to the presentation of the financial statements in thousands, the number rounds to zero. |
Date | Cost | |||||||||||
Inflation Protected Securities Fund | Par | Acquired | Basis | |||||||||
Greenwich Capital Commercial Funding, Series 2007-GG11, Class AJ | $ | 1,670 | 10/07 | $ | 1,678 | |||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ | 1,000 | 10/07 | 1,006 | |||||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class AJ | 500 | 11/07 | 502 | |||||||||
Date | Cost | |||||||||||
Intermediate Term Bond Fund | Par | Acquired | Basis | |||||||||
Amresco Residential Security Mortgage, Series 1997-3, Class A9 | $ | 28 | 10/02 | $ | 29 | |||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class D | 1,470 | 10/07 | 1,390 | |||||||||
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class AJ | 2,145 | 4/08 | 1,675 | |||||||||
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A | 2,348 | 2/07 | 2,283 | |||||||||
Contimortgage Home Equity Loan Trust, Series 1997-2, Class A9 | 21 | 10/02 | 22 | |||||||||
Green Tree Financial, Series 1996-9, Class A5 | 90 | 4/00 | 89 | |||||||||
Greenwich Capital Commercial Funding, Series 2007-GG11, Class AJ | 2,345 | 10/07 | 2,356 | |||||||||
GS Mortgage Securities II, Series 2006-RR2, Class A1 | 2,233 | 7/06 | 2,190 | |||||||||
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class C | 1,455 | 10/07 | 1,388 | |||||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ | 2,315 | 9/07 | 2,323 | |||||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class AJ | 505 | 11/07 | 507 | |||||||||
Westam Mortgage Financial, Series 11, Class A | 20 | 11/97 | 20 | |||||||||
Date | Cost | |||||||||||
Short Term Bond Fund | Par | Acquired | Basis | |||||||||
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A | $ | 1,241 | 2/07 | $ | 1,207 | |||||||
Equivantage Home Equity Loan Trust, Series 1996-1, Class A | 21 | 2/99 | 21 | |||||||||
Equivantage Home Equity Loan Trust, Series 1996-4, Class A | 178 | 1/00 | 175 | |||||||||
GSR Mortgage Loan Trust, Series 2005-AR1, Class B1 | 1,974 | 5/06 | 1,913 | |||||||||
IMC Home Equity Loan Trust, Series 1998-3, Class A7 | 1,318 | 10/02 | 1,382 | |||||||||
Date | Cost | |||||||||||
Total Return Bond Fund | Par | Acquired | Basis | |||||||||
Bank of America Alternative Loan Trust Series 2007-1, Class 2A2 | $ | 2,216 | 9/07 | $ | 2,169 | |||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class D | 1,780 | 10/07 | 1,683 | |||||||||
Citigroup Commercial Mortgage Trust Series 2008-C7, Class AJ | 1,595 | 4/08 | 1,244 | |||||||||
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A | 2,184 | 2/07 | 2,123 | |||||||||
Greenwich Capital Commercial Funding Series 2007-GG11, Class AJ | 3,255 | 10/07 | 3,270 | |||||||||
GRMT Mortgage Loan Trust, Series 2001-1A, Class M1 | 134 | 5/01 | 134 | |||||||||
GSMPS Mortgage Loan Trust, Series 2003-1, Class B1 | 2,707 | 12/06 | 2,801 | |||||||||
GSR Mortgage Loan Trust, Series 2005-4F, Class B1 | 2,199 | 5/06 | 2,087 | |||||||||
GSR Mortgage Loan Trust, Series 2005-AR1, Class B1 | 2,018 | 5/06 | 1,956 | |||||||||
GS Mortgage Securities II, Series 2006-RR2, Class A1 | 1,507 | 7/06 | 1,478 | |||||||||
Impac Secured Assets, Series 2000-3, Class M1 | 2,409 | 3/08 | 2,062 | |||||||||
LG Electronics | 785 | 6/05 | 781 | |||||||||
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class C | 1,730 | 10/07 | 1,651 | |||||||||
Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ | 2,745 | 9/07 | 2,755 | |||||||||
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class AJ | 2,905 | 11/07 | 2,918 | |||||||||
Date | Cost | |||||||||||
U.S. Government Mortgage Fund | Par | Acquired | Basis | |||||||||
GRMT Mortgage Loan Trust, Series 2001-1A, Class M1 | $ | 45 | 9/02 | $ | 46 | |||||||
GSMPS Mortgage Loan Trust, Series 2003-1, Class B1 | 897 | 12/06 | 928 | |||||||||
GSR Mortgage Loan Trust, Series 2005-4F, Class B1 | 1,319 | 5/06 | 1,252 | |||||||||
Impac Secured Assets, Series 2000-3, Class M1 | 414 | 3/08 | 355 | |||||||||
Residential Accredit Loans, Series 2003-QS12, Class M1 | 703 | 11/05 | 685 | |||||||||
SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower 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. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions or 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. 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
First American Funds 2009 Semiannual Report 81
Table of Contents
Notes toFinancial Statements unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000)
transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets in this money market fund. Securities lending fees paid to U.S. Bank by the funds during the six-month period ended December 31, 2009, were as follows:
Fund | Amount | |||
Core Bond Fund | $ | 34 | ||
High Income Bond Fund | 32 | |||
Inflation Protected Securities Fund | 16 | |||
Intermediate Government Bond | 5 | |||
Intermediate Term Bond Fund | 25 | |||
Short Term Bond Fund | 16 | |||
Total Return Bond Fund | 15 | |||
U.S. Government Mortgage Fund | 2 | |||
Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to U.S. Bank.
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including evenly across all funds, allocated based on relative net assets of all funds within the First American Family of Funds, or a combination of both methods. 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 December 31, 2009.
DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds, as designated by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of 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 FISCAL YEAR END – Management has evaluated fund related events and transactions that occurred subsequent to December 31, 2009, through February 22, 2010, the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for each fund is as follows:
Fund | ||||||
Core Bond Fund | 0.50 | % | ||||
High Income Bond Fund | 0.70 | |||||
Inflation Protected Securities Fund | 0.50 | |||||
Intermediate Government Bond Fund | 0.50 | |||||
Intermediate Term Bond Fund | 0.50 | |||||
Short Term Bond Fund | 0.50 | |||||
Total Return Bond Fund | 0.60 | |||||
U.S. Government Mortgage Fund | 0.50 | |||||
FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2010, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:
Share Class | ||||||||||||||||||||||
Fund | A | B | C | R | Y | |||||||||||||||||
Core Bond Fund | 0.95 | % | 1.70 | % | 1.70 | % | 1.20 | % | 0.70 | % | ||||||||||||
High Income Bond Fund | 1.10 | 1.85 | 1.85 | 1.35 | 0.85 | |||||||||||||||||
Inflation Protected Securities Fund | 0.85 | NA | 1.60 | 1.10 | 0.60 | |||||||||||||||||
Intermediate Government Bond Fund1 | 0.75 | NA | 1.60 | 1.10 | 0.60 | |||||||||||||||||
Intermediate Term Bond Fund | 0.85 | NA | NA | NA | 0.70 | |||||||||||||||||
Short Term Bond Fund2 | 0.75 | NA | 1.60 | NA | 0.60 | |||||||||||||||||
Total Return Bond Fund | 0.89 | * | 1.75 | 1.75 | 1.25 | 0.75 | ||||||||||||||||
U.S. Government Mortgage Fund | 0.95 | 1.70 | 1.70 | 1.20 | 0.70 | |||||||||||||||||
NA = Not Applicable
1 | The fund began offering Class C and Class R on October 28, 2009. | |
2 | The fund began offering Class C on October 28, 2009. | |
* | Prior to October 28, 2009, FAF Advisors had contractually agreed to waive fees and reimburse other fund expenses so that the total annual |
82 First American Funds 2009 Semiannual Report
Table of Contents
Class A operating expenses after waivers by the advisor and the distributor, did not exceed 1.00% of average daily net assets. |
The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in “Fee waivers” in the Statements of Operations.
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% 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 FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. 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 custodian for each fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.
For the six-month period ended December 31, 2009, custodian fees were not increased as a result of overdrafts and were not decreased as a result of interest earned.
DISTRIBUTION AND SHAREHOLDER SERVICING (12B-1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00%, and 0.50% of each fund’s average daily net assets of the Class A, Class B, Class C, and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.
Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund. Effective October 28, 2009, FAF Advisors is waiving an additional amount of Class A 12b-1 fees equal to 0.11% of average daily net assets of Class A shares for Total Return Bond Fund.
For the six-month period ended December 31, 2009, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows:
Fund | Amount | |||
Intermediate Government Bond Fund | $ | 5 | ||
Intermediate Term Bond Fund | 13 | |||
Short Term Bond Fund | 38 | |||
Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2009:
Fund | Amount | |||
Core Bond Fund | $ | 70 | ||
High Income Bond Fund | 16 | |||
Inflation Protected Securities Fund | 17 | |||
Intermediate Government Bond Fund | 2 | |||
Intermediate Term Bond Fund | 11 | |||
Short Term Bond Fund | 30 | |||
Total Return Bond Fund | 23 | |||
U.S. Government Mortgage Fund | 16 | |||
OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees,
First American Funds 2009 Semiannual Report 83
Table of Contents
Notes toFinancial Statements unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000)
custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying 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 December 31, 2009, legal fees and expenses of $18 were paid to a law firm of which an Assistant Secretary of the funds is a partner.
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) is imposed on redemptions made in the Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years.
CDSC as a Percentage | ||||||
of Dollar Amount | ||||||
Year Since Purchase | Subject to Charge | |||||
First | 5.00 | % | ||||
Second | 5.00 | |||||
Third | 4.00 | |||||
Fourth | 3.00 | |||||
Fifth | 2.00 | |||||
Sixth | 1.00 | |||||
Seventh | — | |||||
Eighth | — | |||||
A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first 12 months.
The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less.
For the six-month period ended December 31, 2009, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:
Fund | Amount | |||
Core Bond Fund | $ | 39 | ||
High Income Bond Fund | 23 | |||
Inflation Protected Securities Fund | 46 | |||
Intermediate Term Bond Fund | 38 | |||
Short Term Bond Fund | 145 | |||
Total Return Bond Fund | 45 | |||
U.S. Government Mortgage Fund | 9 | |||
4 > | Capital Share Transactions |
FAIF has 372 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:
Inflation | ||||||||||||||||||||||||||||
Core | High Income | Protected | ||||||||||||||||||||||||||
Bond Fund | Bond Fund | Securities Fund | ||||||||||||||||||||||||||
Year | Year | Year | ||||||||||||||||||||||||||
Six-Month Period | Ended | Six-Month Period | Ended | Six-Month Period | Ended | |||||||||||||||||||||||
Ended 12/31/09 | 6/30/09 | Ended 12/31/09 | 6/30/09 | Ended 12/31/09 | 6/30/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 593 | 1,052 | 1,056 | 2,674 | 220 | 345 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 160 | 415 | 112 | 238 | 3 | 12 | ||||||||||||||||||||||
Shares redeemed | (635 | ) | (1,968 | ) | (696 | ) | (2,143 | ) | (112 | ) | (113 | ) | ||||||||||||||||
Total Class A transactions | 118 | (501 | ) | 472 | 769 | 111 | 244 | |||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | 4 | 40 | 20 | 19 | — | — | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 10 | 35 | 7 | 24 | — | — | ||||||||||||||||||||||
Shares redeemed | (128 | ) | (212 | ) | (84 | ) | (146 | ) | — | — | ||||||||||||||||||
Total Class B transactions | (114 | ) | (137 | ) | (57 | ) | (103 | ) | — | — | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 45 | 100 | 94 | 76 | 289 | 141 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 6 | 18 | 13 | 41 | 2 | 1 | ||||||||||||||||||||||
Shares redeemed | (75 | ) | (154 | ) | (92 | ) | (162 | ) | (13 | ) | (31 | ) | ||||||||||||||||
Total Class C transactions | (24 | ) | (36 | ) | 15 | (45 | ) | 278 | 111 | |||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Shares issued | 7 | 16 | 6 | 15 | 8 | 34 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1 | 2 | 1 | 1 | 1 | 5 | ||||||||||||||||||||||
Shares redeemed | (10 | ) | (4 | ) | (8 | ) | (1 | ) | (6 | ) | (22 | ) | ||||||||||||||||
Total Class R transactions | (2 | ) | 14 | (1 | ) | 15 | 3 | 17 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 12,162 | 50,362 | 12,978 | 9,209 | 1,573 | 4,880 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 946 | 2,469 | 106 | 259 | 17 | 224 | ||||||||||||||||||||||
Shares redeemed | (28,381 | ) | (60,581 | ) | (2,897 | ) | (7,617 | ) | (5,495 | ) | (14,964 | ) | ||||||||||||||||
Total Class Y transactions | (15,273 | ) | (7,750 | ) | 10,187 | 1,851 | (3,905 | ) | (9,860 | ) | ||||||||||||||||||
Net increase (decrease) in capital shares | (15,295 | ) | (8,410 | ) | 10,616 | 2,487 | (3,513 | ) | (9,488 | ) | ||||||||||||||||||
84 First American Funds 2009 Semiannual Report
Table of Contents
Intermediate | ||||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | ||||||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||||||||||||
Year | Year | Year | ||||||||||||||||||||||||||
Six-Month Period | Ended | Six-Month Period | Ended | Six-Month Period | Ended | |||||||||||||||||||||||
Ended 12/31/09 | 6/30/09 | Ended 12/31/09 | 6/30/09 | Ended 12/31/09 | 6/30/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 264 | 1,743 | 406 | 346 | 2,224 | 1,786 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 27 | 24 | 48 | 120 | 109 | 205 | ||||||||||||||||||||||
Shares redeemed | (585 | ) | (1,330 | ) | (248 | ) | (806 | ) | (721 | ) | (1,253 | ) | ||||||||||||||||
Total Class A transactions | (294 | ) | 437 | 206 | (340 | ) | 1,612 | 738 | ||||||||||||||||||||
Class C:1 | ||||||||||||||||||||||||||||
Shares issued | — | — | — | — | 84 | — | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | ||||||||||||||||||||||
Total Class C transactions | — | — | — | — | 84 | — | ||||||||||||||||||||||
Class R:1 | ||||||||||||||||||||||||||||
Shares issued | — | — | — | — | — | — | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | ||||||||||||||||||||||
Total Class R transactions | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 1,673 | 12,740 | 10,409 | 21,980 | 22,995 | 14,211 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 200 | 155 | 451 | 1,202 | 186 | 398 | ||||||||||||||||||||||
Shares redeemed | (3,407 | ) | (8,797 | ) | (13,512 | ) | (24,094 | ) | (7,507 | ) | (8,043 | ) | ||||||||||||||||
Total Class Y transactions | (1,534 | ) | 4,098 | (2,652 | ) | (912 | ) | 15,674 | 6,566 | |||||||||||||||||||
Net increase (decrease) in capital shares | (1,828 | ) | 4,535 | (2,446 | ) | (1,252 | ) | 17,370 | 7,304 | |||||||||||||||||||
1 | Class C and Class R shares were not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund during the fiscal year ended June 30, 2009. Intermediate Government Bond Fund began offering Class C and Class R shares on October 28, 2009. Short Term Bond Fund began offering Class C shares on October 28, 2009. |
Total Return | U.S. Government | ||||||||||||||||||
Bond Fund | Mortgage Fund | ||||||||||||||||||
Year | Year | ||||||||||||||||||
Six-Month Period | Ended | Six-Month Period | Ended | ||||||||||||||||
Ended 12/31/09 | 6/30/09 | Ended 12/31/09 | 6/30/09 | ||||||||||||||||
Class A: | |||||||||||||||||||
Shares issued | 445 | 468 | 85 | 221 | |||||||||||||||
Shares issued in lieu of cash distributions | 37 | 112 | 18 | 46 | |||||||||||||||
Shares redeemed | (284 | ) | (605 | ) | (93 | ) | (343 | ) | |||||||||||
Total Class A transactions | 198 | (25 | ) | 10 | (76 | ) | |||||||||||||
Class B: | |||||||||||||||||||
Shares issued | 6 | 26 | 1 | 12 | |||||||||||||||
Shares issued in lieu of cash distributions | 4 | 16 | 4 | 13 | |||||||||||||||
Shares redeemed | (38 | ) | (92 | ) | (45 | ) | (85 | ) | |||||||||||
Total Class B transactions | (28 | ) | (50 | ) | (40 | ) | (60 | ) | |||||||||||
Class C: | |||||||||||||||||||
Shares issued | 100 | 138 | 18 | 45 | |||||||||||||||
Shares issued in lieu of cash distributions | 7 | 20 | 3 | 8 | |||||||||||||||
Shares redeemed | (26 | ) | (221 | ) | (39 | ) | (59 | ) | |||||||||||
Total Class C transactions | 81 | (63 | ) | (18 | ) | (6 | ) | ||||||||||||
Class R: | |||||||||||||||||||
Shares issued | 10 | 56 | 150 | 194 | |||||||||||||||
Shares issued in lieu of cash distributions | 1 | 4 | 5 | 10 | |||||||||||||||
Shares redeemed | (47 | ) | (14 | ) | (344 | ) | (117 | ) | |||||||||||
Total Class R transactions | (36 | ) | 46 | (189 | ) | 87 | |||||||||||||
Class Y: | |||||||||||||||||||
Shares issued | 7,637 | 34,364 | 575 | 1,376 | |||||||||||||||
Shares issued in lieu of cash distributions | 543 | 2,723 | 35 | 114 | |||||||||||||||
Shares redeemed | (14,403 | ) | (74,865 | ) | (2,023 | ) | (3,824 | ) | |||||||||||
Total Class Y transactions | (6,223 | ) | (37,778 | ) | (1,413 | ) | (2,334 | ) | |||||||||||
Net increase (decrease) in capital shares | (6,008 | ) | (37,870 | ) | (1,650 | ) | (2,389 | ) | |||||||||||
First American Funds 2009 Semiannual Report 85
Table of Contents
Notes toFinancial Statements unaudited as to December 31, 2009, all dollars and shares are rounded to thousands (000)
Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash. Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended December 31, 2009 and the fiscal year ended June 30, 2009, were as follows:
Six-Month | Year | |||||||
Period Ended | Ended | |||||||
Fund | 12/31/09 | 6/30/09 | ||||||
Core Bond Fund | 92 | 63 | ||||||
High Income Bond Fund | 43 | 26 | ||||||
Total Return Bond Fund | 26 | 16 | ||||||
U.S. Government Mortgage Fund | 11 | 1 | ||||||
5 > | Investment Security Transactions |
During the six-month period ended December 31, 2009, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:
U.S. Government | Other Investment | |||||||||||||||
Securities | Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Core Bond Fund | $ | 405,920 | $ | 492,009 | $ | 172,346 | $ | 337,662 | ||||||||
High Income Bond Fund | 23 | — | 239,502 | 161,213 | ||||||||||||
Inflation Protected Securities Fund | 37,593 | 72,032 | 4,755 | 2,511 | ||||||||||||
Intermediate Government Bond Fund | 47,460 | 67,561 | 5,905 | — | ||||||||||||
Intermediate Term Bond Fund | 79,242 | 15,678 | 122,381 | 196,787 | ||||||||||||
Short Term Bond Fund | 93,721 | 54,315 | 199,683 | 66,047 | ||||||||||||
Total Return Bond Fund | 265,087 | 289,779 | 106,146 | 180,370 | ||||||||||||
U.S. Government Mortgage Fund | 150,817 | 169,739 | 3,871 | 14,862 | ||||||||||||
6 > | Options Written |
Transactions in options written for the six-month period ended December 31, 2009, were as follows:
Put Options Written | Call Options Written | |||||||||||||||
Number of | Premium | Number of | Premium | |||||||||||||
Total Return Bond Fund | Contracts | Amount | Contracts | Amount | ||||||||||||
Balance at June 30, 2009 | 749 | $ | 571 | 612 | $ | 329 | ||||||||||
Opened | 1,240 | 548 | 1,233 | 784 | ||||||||||||
Expired | (103 | ) | (47 | ) | — | — | ||||||||||
Closed | (1,886 | ) | (1,072 | ) | (1,845 | ) | (1,113 | ) | ||||||||
Balance at December 31, 2009 | — | $ | — | — | $ | — | ||||||||||
7 > | Concentration of Risks |
Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, and Total Return Bond Fund invest in lower-rated (e.g., rated Ba or lower by Moody’s or BB or lower by Standard & Poor’s or Fitch) corporate and foreign debt obligations, which are commonly referred to as “junk bonds.” Lower-rated securities will usually offer higher yields than higher-rated securities. However, there is more risk associated with these investments. These lower-rated bonds may be more susceptible to real or perceived adverse economic conditions than investment grade bonds. Lower-rated securities tend to have more price volatility and carry more risk to principal than higher-rated securities.
8 > | 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.
9 > | Subsequent Event |
Effective at the close of business on January 29, 2010, the U.S. Government Mortgage Fund merged with the Intermediate Government Bond Fund. The Intermediate Government Bond Fund is the accounting survivor.
10 > | New Accounting Pronouncements |
On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standard Update for Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements. The update provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires the funds to disclose i) the input and valuation techniques used to measure fair value, for both recurring and nonrecurring fair value measurements for Level 2 or Level 3 positions ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements on a gross basis in the Level 3 rollforward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time management is evaluating the implications of the update and the impact to the financial statements.
86 First American Funds 2009 Semiannual Report
Table of Contents
Notice toShareholders | December 31, 2009 (unaudited) |
RESULTS OF A SPECIAL MEETING
A special meeting of the shareholders of U.S. Government Mortgage Fund was held on January 21, 2010, for shareholders of record as of November 25, 2009, to vote on the following proposal, the results of which are provided below.
To approve an Agreement and Plan of Reorganization for the fund providing for the reorganization of the fund into Intermediate Government Bond Fund, including the amendment to FAIF’s Amended and Restated Articles of Incorporation necessary to effect the reorganization:
For | Against | Abstain | ||
7,575,981 | 8,250 | 39,884 | ||
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 firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge upon request by calling 800.677.FUND.
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available without charge (1) upon request by calling 800.677.FUND and (2) on the Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.
QUARTERLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 business days of the calendar quarter-end.
First American Funds 2009 Semiannual Report 87
Table of Contents
Board of Directors First American Investment Funds, Inc.
Virginia Stringer
Chairperson of First American Investment Funds, Inc.
Governance Consultant; Chair Emeritus of Saint Paul Riverfront Corporation; former Owner and President of Strategic Management Resources, Inc.
Benjamin Field III
Director of First American Investment Funds, Inc.
Retired; former Senior Financial Advisor, Senior Vice President,
Chief Financial Officer, and Treasurer of Bemis Company, Inc.
Roger Gibson
Director of First American Investment Funds, Inc.
Director of Charterhouse Group, Inc.
Victoria Herget
Director of First American Investment Funds, Inc.
Investment Consultant; Chair of United Educators Insurance Company; former
Managing Director of Zurich Scudder Investments
John Kayser
Director of First American Investment Funds, Inc.
Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC
Leonard Kedrowski
Director of First American Investment Funds, Inc.
Owner and President of Executive and Management Consulting, Inc.
Richard Riederer
Director of First American Investment Funds, Inc.
Owner and Chief Executive Officer of RKR Consultants, Inc.
Joseph Strauss
Director of First American Investment Funds, Inc.
Owner and President of Strauss Management Company
James Wade
Director of First American Investment Funds, Inc.
Owner and President of Jim Wade Homes
First American Investment Funds’ Board of Directors is comprised entirely of
independent directors.
independent directors.
Table of Contents
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 Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
INVESTMENT ADVISOR FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 ADMINISTRATOR FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402 TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 | CUSTODIAN U.S. Bank National Association 60 Livingston Avenue St. Paul, Minnesota 55101 DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 220 South Sixth Street Suite 1400 Minneapolis, Minnesota 55402 COUNSEL Dorsey & Whitney LLP 50 South Sixth Street Suite 1500 Minneapolis, Minnesota 55402 |
In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
0058-10 2/2010 SAR-INCOME
Table of Contents
Item 2—Code of Ethics
Not applicable to semi-annual report.
Item 3—Audit Committee Financial Expert
Not applicable to semi-annual report.
Item 4—Principal Accountant Fees and Services
Not applicable to semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6—Schedule of Investments
This schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this Item.
Item 11—Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and |
Table of Contents
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.
Table of Contents
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 Investment Funds, Inc.
By: /s/ Thomas S. Schreier, Jr.
Thomas S. Schreier, Jr.
President
Date: March 1, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Thomas S. Schreier, Jr.
Thomas S. Schreier, Jr.
President
Date: March 1, 2010
By: Charles D. Gariboldi, Jr.
Charles D. Gariboldi, Jr.
Treasurer
Date: March 1, 2010