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 | 55402 | |
(Address of principal executive offices) | (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: October 31, 2009
Date of reporting period: April 30, 2010
Date of fiscal period end: October 31, 2009
Date of reporting period: April 30, 2010
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.
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
1 | ||||
2 | ||||
8 | ||||
16 | ||||
48 | ||||
52 | ||||
54 | ||||
58 | ||||
90 | ||||
108 |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to 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 2010 SEMIANNUAL REPORT 1
Holdings Summaries
Equity Income Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Chevron | 2 | .9% | ||
Exxon Mobil | 2 | .8 | ||
General Electric | 2 | .6 | ||
Microsoft | 2 | .4 | ||
ConocoPhillips | 2 | .4 | ||
Bank of America | 2 | .4 | ||
Bristol-Myers Squibb | 2 | .1 | ||
Intel | 2 | .0 | ||
Emerson Electric | 1 | .9 | ||
Johnson & Johnson | 1 | .9 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 17 | .8% | ||
Industrials | 13 | .9 | ||
Information Technology | 13 | .3 | ||
Energy | 11 | .7 | ||
Consumer Discretionary | 11 | .3 | ||
Healthcare | 9 | .1 | ||
Consumer Staples | 8 | .0 | ||
Telecommunication Services | 5 | .9 | ||
Materials | 4 | .0 | ||
Utilities | 3 | .9 | ||
Short-Term Investment | 0 | .7 | ||
Other Assets and Liabilities, Net2 | 0 | .4 | ||
100 | .0% | |||
Global Infrastructure Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Enbridge | 3 | .9% | ||
Beijing Enterprises Holdings | 3 | .5 | ||
Spectra Energy | 3 | .4 | ||
Atlantia | 2 | .7 | ||
American Tower, Class A | 2 | .6 | ||
Vinci | 2 | .6 | ||
National Grid – ADR | 2 | .5 | ||
Abertis Infraestructuras | 2 | .4 | ||
ComfortDelGro | 2 | .2 | ||
Asciano Group | 2 | .1 | ||
Country Allocation as of April 30, 20101 (% of net assets)
United States | 17 | .8% | ||
Hong Kong | 14 | .2 | ||
France | 9 | .1 | ||
Australia | 8 | .8 | ||
Singapore | 7 | .6 | ||
Brazil | 7 | .5 | ||
Canada | 6 | .7 | ||
Spain | 6 | .6 | ||
Italy | 3 | .7 | ||
United Kingdom | 3 | .2 | ||
Other | 14 | .4 | ||
Other Assets and Liabilities, Net2 | 0 | .4 | ||
100 | .0% | |||
International Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
U.S. Treasury Bill, 0.111%, 05/20/2010 | 3 | .6% | ||
State Street Institutional Liquid Reserves Fund | 3 | .6 | ||
Nestle | 1 | .8 | ||
Roche Holding | 1 | .7 | ||
Adidas | 1 | .6 | ||
Novartis | 1 | .4 | ||
FANUC | 1 | .3 | ||
Nintendo | 1 | .3 | ||
Canon | 1 | .3 | ||
GlaxoSmithKline | 1 | .2 | ||
Country Allocation as of April 30, 20101 (% of net assets)
Japan | 18 | .7% | ||
United Kingdom | 16 | .4 | ||
France | 8 | .5 | ||
Germany | 7 | .8 | ||
Switzerland | 7 | .0 | ||
Canada | 5 | .6 | ||
Hong Kong | 2 | .9 | ||
United States | 2 | .8 | ||
China | 2 | .4 | ||
Australia | 2 | .3 | ||
Other | 18 | .0 | ||
Short-Term Investments | 7 | .2 | ||
Other Assets and Liabilities, Net2 | 0 | .4 | ||
100 | .0% | |||
1 | Fund holdings and sector/country allocations are subject to change at any time and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure through direct investments and do not reflect the impact of holding derivative instruments, such as futures contracts. See footnote 2 below and the fund’s Schedule of Investments for derivatives held at April 30, 2010. |
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. |
2 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
International Select Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
State Street Institutional Liquid Reserves Fund | 14 | .3% | ||
U.S. Treasury Bill, 0.110%, 05/20/2010 | 3 | .0 | ||
Nestle | 1 | .1 | ||
Roche Holding | 1 | .0 | ||
Adidas | 1 | .0 | ||
Vale – ADR | 1 | .0 | ||
Nintendo | 0 | .9 | ||
Novartis | 0 | .8 | ||
GlaxoSmithKline | 0 | .8 | ||
Canon | 0 | .8 | ||
Country Allocation as of April 30, 20101 (% of net assets)
Japan | 11 | .9% | ||
United Kingdom | 9 | .6 | ||
France | 5 | .7 | ||
Brazil | 5 | .4 | ||
Germany | 5 | .3 | ||
Switzerland | 4 | .4 | ||
Canada | 4 | .3 | ||
China | 3 | .0 | ||
South Korea | 2 | .9 | ||
United States | 2 | .9 | ||
Other | 26 | .9 | ||
Short-Term Investments | 17 | .4 | ||
Other Assets and Liabilities, Net2 | 0 | .3 | ||
100 | .0% | |||
Large Cap Growth Opportunities Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Apple | 7 | .7% | ||
Google, Class A | 2 | .8 | ||
Visa, Class A | 2 | .7 | ||
Hewlett-Packard | 2 | .7 | ||
Priceline.com | 2 | .6 | ||
Cisco Systems | 2 | .6 | ||
Amazon.com | 2 | .5 | ||
Cummins | 1 | .8 | ||
Precision Castparts | 1 | .7 | ||
Schlumberger | 1 | .7 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Information Technology | 34 | .8% | ||
Consumer Discretionary | 22 | .3 | ||
Industrials | 13 | .1 | ||
Healthcare | 10 | .7 | ||
Financials | 7 | .4 | ||
Energy | 5 | .3 | ||
Consumer Staples | 3 | .4 | ||
Materials | 1 | .5 | ||
Telecommunication Services | 1 | .0 | ||
Other Assets and Liabilities, Net2 | 0 | .5 | ||
100 | .0% | |||
Large Cap Select Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Apple | 4 | .1% | ||
Bank of America | 3 | .8 | ||
JPMorgan Chase | 3 | .4 | ||
First American Prime Obligations Fund, Class Z | 3 | .1 | ||
Microsoft | 3 | .0 | ||
Cisco Systems | 2 | .6 | ||
General Electric | 2 | .5 | ||
Goldman Sachs Group | 2 | .5 | ||
Hewlett-Packard | 2 | .4 | ||
Occidental Petroleum | 2 | .3 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Information Technology | 25 | .8% | ||
Consumer Discretionary | 21 | .1 | ||
Financials | 18 | .9 | ||
Energy | 9 | .5 | ||
Industrials | 9 | .4 | ||
Healthcare | 8 | .5 | ||
Consumer Staples | 2 | .1 | ||
Materials | 2 | .0 | ||
Utilities | 1 | .1 | ||
Short-Term Investment | 3 | .1 | ||
Other Assets and Liabilities, Net2 | (1 | .5) | ||
100 | .0% | |||
1 | Fund holdings and country/sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure through direct investments and do not reflect the impact of holding derivative instruments, such as futures contracts. See footnote 2 below and the fund’s Schedule of Investments for derivatives held at April 30, 2010. |
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. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 3
Holdings Summaries
Large Cap Value Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
General Electric | 4 | .6% | ||
JPMorgan Chase | 3 | .7 | ||
Bank of America | 3 | .6 | ||
Occidental Petroleum | 2 | .7 | ||
Wells Fargo | 2 | .6 | ||
AT&T | 2 | .2 | ||
Citigroup | 2 | .2 | ||
Walt Disney | 2 | .1 | ||
DIRECTV, Class A | 2 | .1 | ||
Fifth Third Bancorp | 2 | .1 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 26 | .4% | ||
Energy | 17 | .2 | ||
Consumer Discretionary | 13 | .5 | ||
Industrials | 13 | .4 | ||
Information Technology | 7 | .7 | ||
Healthcare | 6 | .0 | ||
Utilities | 4 | .1 | ||
Materials | 3 | .8 | ||
Consumer Staples | 3 | .7 | ||
Telecommunication Services | 3 | .5 | ||
Short-Term Investment | 0 | .3 | ||
Other Assets and Liabilities, Net2 | 0 | .4 | ||
100 | .0% | |||
Mid Cap Growth Opportunities Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Priceline.com | 2 | .3% | ||
Precision Castparts | 2 | .3 | ||
NetApp | 2 | .1 | ||
Amphenol, Class A | 1 | .9 | ||
Bed Bath & Beyond | 1 | .9 | ||
F5 Networks | 1 | .6 | ||
Coach | 1 | .6 | ||
Dolby Laboratories, Class A | 1 | .6 | ||
Marvell Technology Group | 1 | .6 | ||
Altera | 1 | .5 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Consumer Discretionary | 25 | .5% | ||
Information Technology | 23 | .8 | ||
Industrials | 15 | .8 | ||
Healthcare | 11 | .2 | ||
Financials | 10 | .3 | ||
Energy | 4 | .3 | ||
Materials | 3 | .4 | ||
Consumer Staples | 1 | .9 | ||
Telecommunication Services | 1 | .4 | ||
Short-Term Investment | 0 | .1 | ||
Other Assets and Liabilities, Net2 | 2 | .3 | ||
100 | .0% | |||
Mid Cap Select Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Regions Financial | 2 | .8% | ||
Fifth Third Bancorp | 2 | .6 | ||
WMS Industries | 2 | .5 | ||
KeyCorp | 2 | .4 | ||
Pioneer Natural Resources | 2 | .3 | ||
Whiting Petroleum | 2 | .3 | ||
Altera | 2 | .2 | ||
F5 Networks | 2 | .2 | ||
Unum Group | 2 | .2 | ||
Intuitive Surgical | 2 | .2 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 24 | .7% | ||
Consumer Discretionary | 21 | .2 | ||
Information Technology | 17 | .4 | ||
Industrials | 9 | .3 | ||
Healthcare | 9 | .1 | ||
Energy | 5 | .8 | ||
Materials | 5 | .2 | ||
Utilities | 3 | .3 | ||
Consumer Staples | 3 | .1 | ||
Other Assets and Liabilities, Net2 | 0 | .9 | ||
100 | .0% | |||
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | 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 2010 SEMIANNUAL REPORT
Mid Cap Value Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Fifth Third Bancorp | 2 | .3% | ||
Eaton | 2 | .2 | ||
Albemarle | 2 | .1 | ||
Ameriprise Financial | 2 | .1 | ||
Newfield Exploration | 1 | .9 | ||
Whiting Petroleum | 1 | .9 | ||
Comerica | 1 | .9 | ||
Discover Financial Services | 1 | .9 | ||
Pioneer Natural Resources | 1 | .8 | ||
SunTrust Banks | 1 | .8 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 26 | .9% | ||
Consumer Discretionary | 20 | .0 | ||
Industrials | 9 | .7 | ||
Energy | 9 | .4 | ||
Materials | 8 | .1 | ||
Information Technology | 7 | .4 | ||
Consumer Staples | 6 | .1 | ||
Utilities | 5 | .9 | ||
Healthcare | 4 | .3 | ||
Telecommunication Services | 1 | .0 | ||
Short-Term Investment | 1 | .1 | ||
Other Assets and Liabilities, Net2 | 0 | .1 | ||
100 | .0% | |||
Quantitative Large Cap Core Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
First American Prime Obligations Fund, Class Z | 13 | .7% | ||
Exxon Mobil | 3 | .1 | ||
Microsoft | 2 | .1 | ||
IBM | 1 | .8 | ||
Apple | 1 | .8 | ||
Procter & Gamble | 1 | .6 | ||
Chevron | 1 | .6 | ||
Wal-Mart Stores | 1 | .5 | ||
Bank of America | 1 | .4 | ||
JPMorgan Chase | 1 | .4 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Information Technology | 19 | .3% | ||
Industrials | 11 | .8 | ||
Financials | 10 | .7 | ||
Consumer Discretionary | 9 | .5 | ||
Energy | 9 | .3 | ||
Consumer Staples | 8 | .6 | ||
Materials | 6 | .4 | ||
Healthcare | 5 | .8 | ||
Utilities | 2 | .6 | ||
Telecommunication Services | 1 | .3 | ||
Short-Term Investments | 14 | .9 | ||
Other Assets and Liabilities, Net2 | (0 | .2) | ||
100 | .0% | |||
Real Estate Securities Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Simon Property Group | 9 | .9% | ||
Public Storage | 4 | .7 | ||
Boston Properties | 4 | .4 | ||
Vornado Realty Trust | 3 | .8 | ||
Host Hotels & Resorts | 3 | .8 | ||
Equity Residential Properties Trust | 3 | .3 | ||
Ventas | 3 | .1 | ||
Camden Property Trust | 3 | .0 | ||
Liberty Property Trust | 2 | .7 | ||
Mid-America Apartment Communities | 2 | .5 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Office | 19 | .5% | ||
Apartments | 13 | .9 | ||
Malls | 13 | .1 | ||
Healthcare | 10 | .7 | ||
Community Centers | 10 | .4 | ||
Hotels | 7 | .8 | ||
Industrials | 7 | .1 | ||
Self Storage | 6 | .3 | ||
Diversified | 4 | .9 | ||
Student Housing | 1 | .8 | ||
Infrastructure | 1 | .7 | ||
Net Lease | 1 | .2 | ||
Manufactured Homes | 1 | .0 | ||
Real Estate Service Provider | 0 | .0 | ||
Private Real Estate Company | 0 | .0 | ||
Short-Term Investment | 0 | .6 | ||
100 | .0% | |||
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure through direct investments and do not reflect the impact of holding derivative instruments, such as futures contracts. See footnote 2 below and the fund’s Schedule of Investments for derivatives held at April 30, 2010. |
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. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 5
Holdings Summaries
Small Cap Growth Opportunities Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
First American Prime Obligations Fund, Class Z | 3 | .8% | ||
Wolverine World Wide | 2 | .3 | ||
Brocade Communications Systems | 2 | .0 | ||
Thoratec | 1 | .8 | ||
Neutral Tandem | 1 | .8 | ||
CommScope | 1 | .8 | ||
PMC-Sierra | 1 | .7 | ||
Warnaco Group | 1 | .7 | ||
SonicWALL | 1 | .6 | ||
MICROS Systems | 1 | .6 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Information Technology | 28 | .8% | ||
Healthcare | 23 | .4 | ||
Consumer Discretionary | 16 | .8 | ||
Industrials | 15 | .7 | ||
Energy | 4 | .6 | ||
Financials | 3 | .5 | ||
Telecommunication Services | 3 | .1 | ||
Materials | 0 | .9 | ||
Short-Term Investment | 3 | .8 | ||
Other Assets and Liabilities, Net2 | (0 | .6) | ||
100 | .0% | |||
Small Cap Select Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
First American Prime Obligations Fund, Class Z | 2 | .3% | ||
Umpqua Holdings | 1 | .9 | ||
Progress Software | 1 | .9 | ||
Delphi Financial Group, Class A | 1 | .8 | ||
Thoratec | 1 | .7 | ||
Polycom | 1 | .6 | ||
Collective Brands | 1 | .5 | ||
Coinstar | 1 | .5 | ||
WMS Industries | 1 | .4 | ||
Zoll Medical | 1 | .4 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 19 | .7% | ||
Information Technology | 18 | .1 | ||
Consumer Discretionary | 16 | .3 | ||
Industrials | 15 | .5 | ||
Healthcare | 13 | .2 | ||
Energy | 5 | .9 | ||
Materials | 4 | .6 | ||
Consumer Staples | 1 | .6 | ||
Telecommunication Services | 0 | .8 | ||
Utilities | 0 | .7 | ||
Exchange-Traded Fund | 0 | .7 | ||
Short-Term Investment | 2 | .3 | ||
Other Assets and Liabilities, Net2 | 0 | .6 | ||
100 | .0% | |||
Small Cap Value Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Atlas Air Worldwide Holdings | 1 | .7% | ||
Affiliated Managers Group | 1 | .7 | ||
First Midwest Bancorp | 1 | .6 | ||
Regal-Beloit | 1 | .6 | ||
FirstMerit | 1 | .6 | ||
Sterling Construction | 1 | .5 | ||
GrafTech International | 1 | .5 | ||
TTM Technologies | 1 | .5 | ||
First American Prime Obligations Fund, Class Z | 1 | .5 | ||
WSFS Financial | 1 | .4 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 27 | .9% | ||
Industrials | 18 | .8 | ||
Consumer Discretionary | 15 | .5 | ||
Information Technology | 13 | .1 | ||
Energy | 6 | .1 | ||
Materials | 5 | .7 | ||
Healthcare | 4 | .1 | ||
Utilities | 3 | .5 | ||
Exchange-Traded Funds | 2 | .5 | ||
Telecommunications Service | 1 | .1 | ||
Consumer Staples | 1 | .0 | ||
Short-Term Investment | 1 | .5 | ||
Other Assets and Liabilities, Net2 | (0 | .8) | ||
100 | .0% | |||
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | 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. |
6 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Tactical Market Opportunities Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
First American Prime Obligations Fund, Class Z | 26 | .4% | ||
U.S. Treasury Bond, 4.500%, 08/15/2039 | 14 | .7 | ||
iShares Barclays 1-3 Year Credit Bond Fund | 11 | .3 | ||
U.S. Treasury Bill, 0.099%, 05/20/2010 | 9 | .0 | ||
iShares iBoxx $ High Yield Corporate Bond Fund | 7 | .5 | ||
U.S. Treasury Note, 3.375%, 11/15/2019 | 7 | .2 | ||
iShares JPMorgan USD Emerging Markets Bond Fund | 5 | .0 | ||
iShares iBoxx $ Investment Grade Corporate Bond Fund | 4 | .9 | ||
Market Vectors Poland | 1 | .3 | ||
iShares MSCI Brazil Index Fund | 1 | .0 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Exchange-Traded Funds | 32 | .4% | ||
U.S. Government & Agency Securities | 22 | .0 | ||
Short-Term Investments | 35 | .4 | ||
Other Assets and Liabilities, Net2 | 10 | .2 | ||
100 | .0% | |||
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure through direct investments and do not reflect the impact of holding derivative instruments, such as futures contracts. See footnote 2 below and the fund’s Schedule of Investments for derivatives held at April 30, 2010. |
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. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 7
Expense Examples
Expense Example
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2009 to April 30, 2010.
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.
Equity Income Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,171.30 | $ | 6.41 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,166.40 | $ | 10.42 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.17 | $ | 9.69 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,166.60 | $ | 10.42 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.17 | $ | 9.69 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,169.20 | $ | 7.74 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.20 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,173.10 | $ | 5.06 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.13 | $ | 4.71 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% 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 April 30, 2010 of 17.13%, 16.64%, 16.66%, 16.92%, and 17.31% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
8 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Global Infrastructure Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,098.10 | $ | 6.50 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,094.90 | $ | 10.39 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.88 | $ | 9.99 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,097.80 | $ | 7.80 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,100.60 | $ | 5.21 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 1.50%, and 1.00% 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). |
2 | Based on the actual returns for the six-month period ended April 30, 2010 of 9.81%, 9.49%, 9.78%, and 10.06% for Class A, Class C, Class R, and Class Y, respectively. |
International Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,065.30 | $ | 7.63 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.41 | $ | 7.45 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,062.00 | $ | 11.45 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.69 | $ | 11.18 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,062.40 | $ | 11.45 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.69 | $ | 11.18 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,064.50 | $ | 8.91 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.17 | $ | 8.70 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,066.80 | $ | 6.35 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.65 | $ | 6.21 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% 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 April 30, 2010 of 6.53%, 6.20%, 6.24%, 6.45%, and 6.68% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 9
Expense Examples
International Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,075.20 | $ | 7.67 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.41 | $ | 7.45 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,072.40 | $ | 11.51 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.69 | $ | 11.18 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,074.80 | $ | 8.95 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.17 | $ | 8.70 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,077.00 | $ | 6.39 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.65 | $ | 6.21 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.24%, 1.74%, and 1.24% 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). |
2 | Based on the actual returns for the six-month period ended April 30, 2010 of 7.52%, 7.24%, 7.48%, and 7.70% for Class A, Class C, Class R, and Class Y, respectively. |
Large Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,172.50 | $ | 6.52 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,168.10 | $ | 10.54 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,167.90 | $ | 10.54 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,171.00 | $ | 7.86 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,173.80 | $ | 5.17 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.03 | $ | 4.81 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.46%, and 0.96% 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 April 30, 2010 of 17.25%, 16.81%, 16.79%, 17.10%, and 17.38% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
10 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Large Cap Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,203.10 | $ | 7.21 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.25 | $ | 6.61 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,198.70 | $ | 11.28 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.53 | $ | 10.34 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,201.50 | $ | 8.57 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.01 | $ | 7.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,204.60 | $ | 5.85 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.49 | $ | 5.36 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.32%, 2.07%, 1.57%, and 1.07% 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). |
2 | Based on the actual returns for the six-month period ended April 30, 2010 of 20.31%, 19.87%, 20.15%, and 20.46% for Class A, Class C, Class R, and Class Y, respectively. |
Large Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,137.50 | $ | 6.52 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.70 | $ | 6.16 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,132.90 | $ | 10.47 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.98 | $ | 9.89 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,132.90 | $ | 10.47 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.98 | $ | 9.89 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,135.90 | $ | 7.84 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.46 | $ | 7.40 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,137.60 | $ | 5.19 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.93 | $ | 4.91 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.48%, and 0.98% 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 April 30, 2010 of 13.75%, 13.29%, 13.29%, 13.59%, and 13.76% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 11
Expense Examples
Mid Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,200.10 | $ | 6.71 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.70 | $ | 6.16 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,195.40 | $ | 10.78 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.98 | $ | 9.89 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,195.70 | $ | 10.78 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.98 | $ | 9.89 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,198.80 | $ | 8.07 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.46 | $ | 7.40 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,201.70 | $ | 5.35 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.93 | $ | 4.91 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.48%, and 0.98% 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 April 30, 2010 of 20.01%, 19.54%, 19.57%, 19.88%, and 20.17% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Mid Cap Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,221.60 | $ | 7.77 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.80 | $ | 7.05 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,217.80 | $ | 11.88 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.08 | $ | 10.79 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,216.30 | $ | 11.87 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.08 | $ | 10.79 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,222.60 | $ | 6.39 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.04 | $ | 5.81 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.41%, 2.16%, 2.16%, and 1.16% for Class A, Class B, 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 April 30, 2010 of 22.16%, 21.78%, 21.63%, and 22.26% for Class A, Class B, Class C, and Class Y, respectively. |
12 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Mid Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,225.40 | $ | 6.90 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,221.20 | $ | 11.01 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.88 | $ | 9.99 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,220.80 | $ | 11.01 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.88 | $ | 9.99 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,224.00 | $ | 8.27 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,226.50 | $ | 5.52 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.50%, and 1.00% 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 April 30, 2010 of 22.54%, 22.12%, 22.08%, 22.40%, and 22.65% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Quantitative Large Cap Core Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,153.50 | $ | 3.68 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.37 | $ | 3.46 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,149.60 | $ | 7.67 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.20 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,155.00 | $ | 2.40 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.56 | $ | 2.26 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.69%, 1.44%, and 0.45% 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 April 30, 2010 of 15.35%, 14.96%, and 15.50% for Class A, Class C, and Class Y, respectively. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 13
Expense Examples
Real Estate Securities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,348.60 | $ | 7.22 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.65 | $ | 6.21 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,343.40 | $ | 11.56 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.93 | $ | 9.94 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,343.80 | $ | 11.56 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.93 | $ | 9.94 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,347.60 | $ | 8.67 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.41 | $ | 7.45 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,350.40 | $ | 5.77 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.89 | $ | 4.96 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.24%, 1.99%, 1.99%, 1.49%, and 0.99% 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 April 30, 2010 of 34.86%, 34.34%, 34.38%, 34.76%, and 35.04% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Small Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,319.60 | $ | 8.45 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.50 | $ | 7.35 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,315.10 | $ | 12.74 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.79 | $ | 11.08 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,314.70 | $ | 12.74 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.79 | $ | 11.08 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,317.50 | $ | 9.88 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.27 | $ | 8.60 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,321.20 | $ | 7.02 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% 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 April 30, 2010 of 31.96%, 31.51%, 31.47%, 31.75%, and 32.12% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
14 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Small Cap Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,246.60 | $ | 6.91 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.65 | $ | 6.21 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,242.10 | $ | 11.06 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.93 | $ | 9.94 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,240.50 | $ | 11.05 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.93 | $ | 9.94 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,245.20 | $ | 8.29 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.41 | $ | 7.45 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,247.50 | $ | 5.52 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.89 | $ | 4.96 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.24%, 1.99%, 1.99%, 1.49%, and 0.99% 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 April 30, 2010 of 24.66%, 24.21%, 24.05%, 24.52%, and 24.75% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Small Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,285.60 | $ | 7.59 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.15 | $ | 6.71 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,281.80 | $ | 11.82 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.43 | $ | 10.44 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,284.30 | $ | 9.01 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.91 | $ | 7.95 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,288.80 | $ | 6.19 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.34%, 2.09%, 1.59%, and 1.09% 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 April 30, 2010 of 28.56%, 28.18%, 28.43%, and 28.88% for Class A, Class C, Class R, and Class Y, respectively. |
Tactical Market Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period6 (12/30/09 to | ||||||||||
Value (12/30/09)5 | Value (4/30/10) | 4/30/10) | ||||||||||
Class Y Actual7 | $ | 1,000.00 | $ | 1,013.00 | $ | 3.11 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.35 | $ | 3.11 | ||||||
5 | Inception date of the fund was December 30, 2009. |
6 | Expenses are equal to the fund’s annualized expense ratio for the period December 30, 2009 through April 30, 2010 of 0.94% for Class Y, multiplied by the average account value over the period, multiplied by the number of days since inception/365 (to reflect the period since inception). |
7 | Because the inception date of the fund was December 30, 2009, the information is based on the actual returns for the period December 30, 2009 through April 30, 2010 of 1.30% for Class Y. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 15
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Equity Income Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 98.9% | ||||||||
Consumer Discretionary – 11.3% | ||||||||
Brunswick 6 | 316,324 | $ | 6,611 | |||||
D.R. Horton 6 | 362,562 | 5,326 | ||||||
Darden Restaurants 6 | 214,980 | 9,620 | ||||||
Foot Locker 6 | 537,350 | 8,248 | ||||||
Hasbro | 281,882 | 10,813 | ||||||
Home Depot 6 | 366,137 | 12,907 | ||||||
McDonald’s 6 | 190,927 | 13,478 | ||||||
Thomson Reuters 6 | 156,343 | 5,609 | ||||||
Time Warner | 119,858 | 3,965 | ||||||
Yum! Brands 6 | 295,157 | 12,521 | ||||||
89,098 | ||||||||
Consumer Staples – 8.0% | ||||||||
Altria Group 6 | 328,835 | 6,968 | ||||||
ConAgra Foods | 239,485 | 5,860 | ||||||
Hormel Foods | 182,345 | 7,432 | ||||||
Kraft Foods, Class A | 378,535 | 11,205 | ||||||
Philip Morris International | 194,939 | 9,568 | ||||||
Sysco 6 | 334,855 | 10,561 | ||||||
Unilever NV 6 | 358,714 | 10,855 | ||||||
62,449 | ||||||||
Energy – 11.7% | ||||||||
BP – ADR 6 | 124,724 | 6,504 | ||||||
Chevron 6 | 280,138 | 22,815 | ||||||
ConocoPhillips | 319,220 | 18,895 | ||||||
Enbridge Energy Partners 6 | 29,542 | 1,515 | ||||||
Exterran Partners 6 | 296,886 | 7,511 | ||||||
Exxon Mobil | 326,181 | 22,131 | ||||||
Total – ADR 6 | 230,732 | 12,547 | ||||||
91,918 | ||||||||
Financials – 17.8% | ||||||||
Aflac | 182,836 | 9,317 | ||||||
Annaly Capital Management – REIT | 468,697 | 7,944 | ||||||
Astoria Financial 6 | 541,900 | 8,746 | ||||||
Bank of America | 1,037,517 | 18,499 | ||||||
Charles Schwab | 191,192 | 3,688 | ||||||
DCT Industrial Trust – REIT | 335,670 | 1,766 | ||||||
Fifth Third Bancorp 6 | 449,720 | 6,705 | ||||||
Goldman Sachs Group 6 | 56,195 | 8,160 | ||||||
JPMorgan Chase | 347,854 | 14,812 | ||||||
KeyCorp 6 | 510,586 | 4,605 | ||||||
Liberty Property Trust – REIT | 117,008 | 3,956 | ||||||
Mid-America Apartment Communities – REIT | 91,449 | 5,054 | ||||||
Old Republic International 6 | 498,022 | 7,475 | ||||||
Prudential Financial 6 | 124,618 | 7,921 | ||||||
Redwood Trust – REIT 6 | 242,488 | 4,045 | ||||||
Regions Financial 6 | 839,099 | 7,418 | ||||||
SunTrust Banks 6 | 232,337 | 6,877 | ||||||
Ventas – REIT | 83,760 | 3,956 | ||||||
Wells Fargo | 259,305 | 8,585 | ||||||
139,529 | ||||||||
Healthcare – 9.1% | ||||||||
Abbott Laboratories | 279,359 | 14,292 | ||||||
Bristol-Myers Squibb | 661,437 | 16,729 | ||||||
Covidien | 202,257 | 9,706 | ||||||
Johnson & Johnson 6 | 232,510 | 14,950 | ||||||
McKesson | 57,312 | 3,714 | ||||||
Pfizer | 724,147 | 12,108 | ||||||
71,499 | ||||||||
Industrials – 13.9% | ||||||||
3M | 161,946 | 14,360 | ||||||
Boeing | 106,320 | 7,701 | ||||||
Emerson Electric 6 | 289,665 | 15,129 | ||||||
General Dynamics | 102,451 | 7,823 | ||||||
General Electric | 1,099,012 | 20,727 | ||||||
Hubbell, Class B | 97,918 | 4,550 | ||||||
IESI-BFC 6 | 310,354 | 6,077 | ||||||
Lockheed Martin | 97,648 | 8,289 | ||||||
Manpower | 57,465 | 3,224 | ||||||
United Parcel Service, Class B | 120,200 | 8,311 | ||||||
United Technologies | 174,568 | 13,084 | ||||||
109,275 | ||||||||
Information Technology – 13.3% | ||||||||
Analog Devices | 312,191 | 9,344 | ||||||
Applied Materials 6 | 656,012 | 9,040 | ||||||
Automatic Data Processing | 126,067 | 5,467 | ||||||
Intel | 702,867 | 16,046 | ||||||
Maxim Integrated Products 6 | 517,519 | 10,050 | ||||||
Microsoft | 621,177 | 18,971 | ||||||
Molex, Class A | 334,971 | 6,364 | ||||||
Oracle | 319,398 | 8,253 | ||||||
Paychex | 116,023 | 3,550 | ||||||
QUALCOMM | 237,269 | 9,192 | ||||||
Texas Instruments | 321,691 | 8,367 | ||||||
104,644 | ||||||||
Materials – 4.0% | ||||||||
E.I. Du Pont de Nemours | 207,991 | 8,287 | ||||||
PPG Industries | 116,854 | 8,223 | ||||||
Praxair 6 | 88,734 | 7,433 | ||||||
Weyerhaeuser | 153,501 | 7,601 | ||||||
31,544 | ||||||||
Telecommunication Services – 5.9% | ||||||||
AT&T 6 | 443,236 | 11,551 | ||||||
CenturyTel 6 | 272,880 | 9,308 | ||||||
Qwest Communications International | 2,011,497 | 10,520 | ||||||
Verizon Communications | 187,527 | 5,418 | ||||||
Windstream 6 | 861,851 | 9,523 | ||||||
46,320 | ||||||||
Utilities – 3.9% | ||||||||
American Electric Power | 94,897 | 3,255 | ||||||
CenterPoint Energy | 371,249 | 5,331 | ||||||
PNM Resources 6 | 664,861 | 9,035 | ||||||
Westar Energy 6 | 543,783 | 12,883 | ||||||
30,504 | ||||||||
Total Common Stocks | ||||||||
(Cost $578,578) | 776,780 | |||||||
Short-Term Investment – 0.7% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $5,442) | 5,441,607 | 5,442 | ||||||
The accompanying notes are an integral part of the financial statements.
16 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Equity Income Fund (concluded) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Investment Purchased with Proceeds from Securities Lending – 24.0% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $188,079) | 188,078,768 | $ | 188,079 | |||||
Total Investments 5 – 123.6% | ||||||||
(Cost $772,099) | 970,301 | |||||||
Other Assets and Liabilities, Net – (23.6)% | (185,137 | ) | ||||||
Total Net Assets – 100.0% | $ | 785,164 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $178,120 at April 30, 2010. 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $772,099. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 204,707 | ||
Gross unrealized depreciation | (6,505 | ) | ||
Net unrealized appreciation | $ | 198,202 | ||
ADR – | American Depositary Receipt |
REIT – | Real Estate Investment Trust |
Global Infrastructure Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 99.6% | ||||||||
Australia – 8.8% | ||||||||
APA Group | 106,235 | $ | 354 | |||||
Asciano Group = | 1,616,759 | 2,509 | ||||||
Australian Infrastructure Fund | 358,488 | 651 | ||||||
DUET Group | 251,949 | 411 | ||||||
Intoll Group | 1,501,773 | 1,550 | ||||||
Macquarie Atlas Roads Group = | 265,353 | 240 | ||||||
MAp Group | 479,632 | 1,375 | ||||||
SP AusNet | 616,039 | 503 | ||||||
Spark Infrastructure Group | 286,815 | 319 | ||||||
Transurban Group | 516,920 | 2,433 | ||||||
10,345 | ||||||||
Belgium – 0.3% | ||||||||
Elia System Operator | 9,309 | 354 | ||||||
Brazil – 7.5% | ||||||||
All America Latina Logistica | 230,709 | 2,100 | ||||||
Companhia de Concessoes Rodoviarias | 62,969 | 1,458 | ||||||
Companhia Energetica do Ceara-Coelce, Class A | 30,424 | 458 | ||||||
Companhia de Gas de Sao Paulo, Class A | 14,153 | 272 | ||||||
Companhia Paranaense de Energia-Copel – ADR | 49,027 | 1,014 | ||||||
Companhia de Saneamento de Minas Gerais | 17,948 | 260 | ||||||
Companhia de Transmissao de Energia Electrica Paulista | 61,749 | 1,642 | ||||||
Energias do Brasil | 28,651 | 550 | ||||||
LLX Logistica = | 126,245 | 599 | ||||||
Santos Brasil Participacoes | 36,410 | 351 | ||||||
8,704 | ||||||||
Canada – 6.7% | ||||||||
ATCO, Class I | 954 | 46 | ||||||
Boralex, Class A = | 36,524 | 342 | ||||||
Brookfield Renewable Power | 37,753 | 766 | ||||||
Canadian Utilities, Class A | 11,154 | 498 | ||||||
Enbridge | 93,369 | 4,511 | ||||||
TransCanada | 16,819 | 592 | ||||||
Viterra = | 133,178 | 1,127 | ||||||
7,882 | ||||||||
China – 2.5% | ||||||||
China Communication Services, Class H | 1,533,118 | 770 | ||||||
Dalian Port, Class H | 229,505 | 106 | ||||||
Guangshen Railway – ADR | 44,864 | 869 | ||||||
Hainan Meilan International Airport, Class H | 278,993 | 346 | ||||||
Zhejiang Expressway, Class H | 906,977 | 846 | ||||||
2,937 | ||||||||
France – 9.1% | ||||||||
Aeroports de Paris | 14,729 | 1,212 | ||||||
GDF Suez | 57,108 | 2,031 | ||||||
Groupe Eurotunnel | 54,357 | 496 | ||||||
Rubis | 8,355 | 688 | ||||||
Seche Environnement | 4,116 | 318 | ||||||
Societe des Autoroutes Paris-Rhin-Rhone = | 11,397 | 800 | ||||||
Suez Environnement | 66,480 | 1,441 | ||||||
Veolia Environnement – ADR | 21,201 | 661 | ||||||
Vinci | 54,846 | 3,056 | ||||||
10,703 | ||||||||
Germany – 1.6% | ||||||||
Fraport | 36,767 | 1,906 | ||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 17
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Global Infrastructure Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Hong Kong – 14.2% | ||||||||
Beijing Capital International Airport, Class H = | 1,314,762 | $ | 791 | |||||
Beijing Enterprises Holdings | 627,777 | 4,045 | ||||||
Beijing Enterprises Water Group = | 920,220 | 363 | ||||||
China Everbright International | 3,979,206 | 1,964 | ||||||
China Merchants Holdings International | 639,765 | 2,222 | ||||||
China Resources Gas Group | 257,653 | 382 | ||||||
China Water Affairs Group | 1,570,440 | 629 | ||||||
COSCO Pacific | 777,277 | 1,048 | ||||||
Guangdong Investment | 1,550,927 | 804 | ||||||
Hopewell Holdings | 289,846 | 845 | ||||||
Hutchison Whampoa | 258,926 | 1,777 | ||||||
MTR | 276,696 | 970 | ||||||
New Environmental Energy Holdings = | 1,794,764 | 435 | ||||||
NWS Holdings | 223,088 | 390 | ||||||
16,665 | ||||||||
India – 0.8% | ||||||||
GAIL India – GDR | 16,297 | 929 | ||||||
Italy – 3.7% | ||||||||
Ansaldo STS | 31,043 | 568 | ||||||
Atlantia | 150,253 | 3,198 | ||||||
Snam Rete Gas | 92,205 | 438 | ||||||
Terna-Rete Elettrica Nationale | 40,346 | 164 | ||||||
4,368 | ||||||||
Japan – 2.3% | ||||||||
Airport Facilities | 58,507 | 297 | ||||||
East Japan Railway | 5,512 | 369 | ||||||
Kamigumi | 149,697 | 1,236 | ||||||
Park24 | 30,249 | 339 | ||||||
Tokyo Gas | 92,849 | 395 | ||||||
2,636 | ||||||||
Luxembourg – 0.7% | ||||||||
SES | 34,800 | 798 | ||||||
Mexico – 0.9% | ||||||||
Grupo Aeroportuario del Pacifico – ADR | 23,351 | 827 | ||||||
Grupo Aeroportuario del Sureste – ADR | 4,412 | 244 | ||||||
1,071 | ||||||||
Netherlands – 0.4% | ||||||||
Koninklijke Vopak | 6,024 | 494 | ||||||
New Zealand – 1.7% | ||||||||
Auckland International Airport | 219,873 | 320 | ||||||
Infratil | 151,880 | 189 | ||||||
Port of Tauranga | 249,813 | 1,269 | ||||||
Vector | 148,861 | 232 | ||||||
2,010 | ||||||||
Norway – 0.4% | ||||||||
Hafslund, Class B | 34,847 | 414 | ||||||
Portugal – 1.5% | ||||||||
Brisa Auto-Estradas de Portugal | 115,272 | 817 | ||||||
Redes Energeticas Nacionais | 251,375 | 903 | ||||||
1,720 | ||||||||
Singapore – 7.6% | ||||||||
CitySpring Infrastructure Trust | 706,392 | 310 | ||||||
ComfortDelGro | 2,213,669 | 2,515 | ||||||
Hyflux | 993,201 | 2,493 | ||||||
Hyflux Water Trust | 255,968 | 128 | ||||||
Parkway Life – REIT | 300,883 | 291 | ||||||
Singapore Airport Terminal Services | 256,640 | 522 | ||||||
Singapore Post | 285,521 | 226 | ||||||
Singapore Telecommunications | 726,540 | 1,603 | ||||||
SMRT | 491,076 | 815 | ||||||
8,903 | ||||||||
South Korea – 0.9% | ||||||||
Korea Electric Power – ADR = | 71,931 | 1,082 | ||||||
Spain – 6.6% | ||||||||
Abertis Infraestructuras | 161,244 | 2,808 | ||||||
Acciona | 9,446 | 936 | ||||||
Enagas | 85,012 | 1,705 | ||||||
Ferrovial | 35,944 | 317 | ||||||
Gas Natural | 76,099 | 1,299 | ||||||
Red Electrica | 12,763 | 605 | ||||||
7,670 | ||||||||
Switzerland – 0.4% | ||||||||
BKW FMB Energie | 7,476 | 498 | ||||||
United Kingdom – 3.2% | ||||||||
Balfour Beatty | 120,595 | 510 | ||||||
National Grid – ADR | 59,486 | 2,886 | ||||||
United Utilities Group | 35,015 | 287 | ||||||
3,683 | ||||||||
United States – 17.8% | ||||||||
American Tower, Class A = | 75,266 | 3,072 | ||||||
American Water Works | 91,099 | 1,984 | ||||||
CenterPoint Energy | 13,942 | 200 | ||||||
Chesapeake Utilities | 8,630 | 260 | ||||||
Connecticut Water Service | 15,193 | 360 | ||||||
Covanta Holding = | 4,823 | 84 | ||||||
Crown Castle International = | 12,224 | 463 | ||||||
El Paso | 101,357 | 1,227 | ||||||
Enbridge Energy Management | 9,999 | 514 | ||||||
ICF International = | 30,501 | 706 | ||||||
ITC Holdings | 31,494 | 1,758 | ||||||
Kinder Morgan Management | 24,712 | 1,453 | ||||||
Northeast Utilities | 7,106 | 198 | ||||||
Sempra Energy | 48,969 | 2,408 | ||||||
Southern Union | 23,127 | 604 | ||||||
Spectra Energy | 169,259 | 3,951 | ||||||
Standard Parking = | 63,786 | 1,077 | ||||||
Waste Connections = | 9,055 | 324 | ||||||
Waste Management | 7,337 | 255 | ||||||
20,898 | ||||||||
Total Common Stocks | ||||||||
(Cost $113,303) | 116,670 | |||||||
Total Investments 5 – 99.6% | ||||||||
(Cost $113,303) | 116,670 | |||||||
Other Assets and Liabilities, Net – 0.4% | 483 | |||||||
Total Net Assets – 100.0% | $ | 117,153 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
= | Non-income producing security. |
The accompanying notes are an integral part of the financial statements.
18 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Global Infrastructure Fund (concluded)
5 | On April 30, 2010, the cost of investments for federal income tax purposes was approximately $113,303. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 6,531 | ||
Gross unrealized depreciation | (3,164 | ) | ||
Net unrealized appreciation | $ | 3,367 | ||
ADR – | American Depositary Receipt |
GDR – | Global Depositary Receipt |
REIT – | Real Estate Investment Trust |
At April 30, 2010, sector diversification of the fund was as follows:
% of | ||||||||
Common Stocks | Net Assets | Fair Value | ||||||
Industrials* | 45.6 | % | $ | 53,382 | ||||
Utilities* | 31.7 | 37,162 | ||||||
Energy | 11.4 | 13,350 | ||||||
Telecommunication Services | 5.0 | 5,908 | ||||||
Consumer Discretionary | 2.8 | 3,333 | ||||||
Financials | 1.7 | 1,877 | ||||||
Consumer Staples | 1.0 | 1,127 | ||||||
Healthcare | 0.2 | 291 | ||||||
Transportation | 0.2 | 240 | ||||||
Total Common Stocks | 99.6 | 116,670 | ||||||
Other Assets and Liabilities, Net | 0.4 | 483 | ||||||
Net Assets | 100.0 | % | $ | 117,153 | ||||
* | The fund is significantly invested in these sectors and therefore subject to additional risks. See note 6 in Notes to Financial Statements. |
Global Infrastructure Fund (concluded)
International Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 92.0% | ||||||||
Australia – 2.3% | ||||||||
APA Group | 45,564 | $ | 152 | |||||
Asciano Group = | 644,539 | 1,000 | ||||||
Australian Infrastructure Fund | 145,963 | 265 | ||||||
CSL | 140,403 | 4,196 | ||||||
DUET Group | 111,129 | 181 | ||||||
Intoll Group | 639,760 | 660 | ||||||
Macquarie Atlas Roads Group = | 102,657 | 93 | ||||||
Macquarie Group | 75,389 | 3,438 | ||||||
MAp Group | 190,805 | 547 | ||||||
National Australia Bank | 68,073 | 1,739 | ||||||
Newcrest Mining | 94,440 | 2,851 | ||||||
SP AusNet | 238,251 | 194 | ||||||
Spark Infrastructure Group | 108,036 | 120 | ||||||
Transurban Group | 210,781 | 992 | ||||||
16,428 | ||||||||
Belgium – 0.7% | ||||||||
Anheuser-Busch InBev | 99,126 | 4,809 | ||||||
Elia System Operator | 3,837 | 146 | ||||||
4,955 | ||||||||
Brazil – 1.6% | ||||||||
All America Latina Logistica | 92,358 | 840 | ||||||
Companhia de Concessoes Rodoviarias | 25,272 | 585 | ||||||
Companhia Energetica do Ceara-Coele, Class A | 11,856 | 178 | ||||||
Companhia de Gas de Sao Paulo, Class A | 6,494 | 125 | ||||||
Companhia Paranaense de Energia-Copel – ADR | 19,524 | 404 | ||||||
Companhia de Saneamento de Minas Gerais | 6,467 | 94 | ||||||
Companhia de Transmissao de Energia Electrica Paulista | 24,174 | 643 | ||||||
Energias do Brasil | 12,034 | 231 | ||||||
Itau Unibanco Holding – ADR | 113,772 | 2,467 | ||||||
LLX Logistica = | 52,496 | 249 | ||||||
Petroleo Brasileiro – ADR | 45,223 | 1,919 | ||||||
Santos Brasil Participacoes | 16,792 | 162 | ||||||
Vale – ADR | 95,947 | 2,939 | ||||||
10,836 | ||||||||
Canada – 5.6% | ||||||||
Agrium | 78,870 | 4,922 | ||||||
ATCO, Class I | 368 | 18 | ||||||
Boralex, Class A = | 14,106 | 132 | ||||||
Brookfield Renewable Power | 15,085 | 306 | ||||||
Cameco | 147,866 | 3,639 | ||||||
Canadian Utilities, Class A | 4,402 | 197 | ||||||
Cenovus Energy | 129,919 | 3,820 | ||||||
Enbridge | 37,863 | 1,829 | ||||||
EnCana | 129,449 | 4,282 | ||||||
Inmet Mining | 22,890 | 1,188 | ||||||
Manulife Financial | 182,381 | 3,281 | ||||||
Pan American Silver | 70,500 | 1,867 | ||||||
Shoppers Drug Mart | 77,475 | 2,678 | ||||||
Suncor Energy | 117,862 | 4,027 | ||||||
TMX Group | 105,990 | 3,030 | ||||||
TransCanada | 6,688 | 235 | ||||||
Viterra = | 53,915 | 457 | ||||||
Yamana Gold | 400,794 | 4,357 | ||||||
40,265 | ||||||||
Chile – 0.3% | ||||||||
Sociedad Quimica y Minera de Chile – ADR | 57,263 | 2,061 | ||||||
China – 2.4% | ||||||||
Agile Property Holdings | 2,066,000 | 2,394 | ||||||
China Communication Services, Class H | 603,964 | 303 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 19
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
International Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
China Communications Construction | 1,848,000 | $ | 1,742 | |||||
China Merchants Bank | 831,350 | 2,038 | ||||||
Dalian Port, Class H | 108,176 | 50 | ||||||
Guangshen Railway – ADR | 17,999 | 349 | ||||||
Hainan Meilan International Airport, Class H | 101,154 | 126 | ||||||
Industrial & Commercial Bank of China, Class H | 3,030,000 | 2,208 | ||||||
New Oriental Education & Technology Group – ADR = | 35,482 | 3,320 | ||||||
PetroChina, Class H | 1,798,000 | 2,070 | ||||||
Tencent Holdings | 108,300 | 2,240 | ||||||
Zhejiang Expressway, Class H | 355,642 | 332 | ||||||
17,172 | ||||||||
Denmark – 1.5% | ||||||||
Novo Nordisk, Class B | 60,739 | 4,998 | ||||||
Vestas Wind Systems = | 94,027 | 5,737 | ||||||
10,735 | ||||||||
Finland – 0.8% | ||||||||
Nokia Oyj | 473,127 | 5,784 | ||||||
France – 8.5% | ||||||||
Aeroports de Paris | 5,759 | 474 | ||||||
AXA | 219,028 | 4,353 | ||||||
BNP Paribas | 114,573 | 7,869 | ||||||
Carrefour | 137,472 | 6,738 | ||||||
Electricite de France | 111,688 | 5,986 | ||||||
GDF Suez | 22,792 | 810 | ||||||
Groupe Eurotunnel | 21,119 | 193 | ||||||
Iliad | 59,308 | 5,930 | ||||||
L’oreal | 45,013 | 4,678 | ||||||
Rubis | 3,263 | 269 | ||||||
Sanofi-Aventis | 105,724 | 7,212 | ||||||
Seche Environnement | 1,638 | 126 | ||||||
Societe des Autoroutes Paris-Rhin-Rhone = | 4,455 | 313 | ||||||
Suez Environnement | 26,655 | 578 | ||||||
Total | 118,604 | 6,453 | ||||||
Total – ADR | 62,358 | 3,391 | ||||||
Ubisoft Entertainment = | 344,026 | 4,389 | ||||||
Veolia Environnement – ADR | 8,200 | 256 | ||||||
Vinci | 21,756 | 1,212 | ||||||
61,230 | ||||||||
Germany – 7.8% | ||||||||
Adidas | 193,595 | 11,408 | ||||||
Aixtron | 56,456 | 1,790 | ||||||
Allianz | 55,323 | 6,342 | ||||||
BASF | 33,500 | 1,948 | ||||||
Deutsche Boerse | 50,245 | 3,901 | ||||||
Fraport | 14,843 | 770 | ||||||
Henkel KGAA | 81,190 | 4,353 | ||||||
Metro | 33,010 | 1,984 | ||||||
SAP | 104,338 | 5,034 | ||||||
SAP – ADR | 35,664 | 1,692 | ||||||
Siemens | 56,050 | 5,528 | ||||||
Symrise | 241,950 | 6,155 | ||||||
Wacker Chemie | 36,745 | 5,367 | ||||||
56,272 | ||||||||
Hong Kong – 2.9% | ||||||||
Beijing Capital International Airport, Class H = | 523,259 | 315 | ||||||
Beijing Enterprises Holdings | 252,571 | 1,627 | ||||||
Beijing Enterprises Water Group = | 352,530 | 139 | ||||||
Cheung Kong Holdings | 321,052 | 3,959 | ||||||
China Everbright International | 1,575,756 | 778 | ||||||
China Merchants Holdings International | 257,510 | 894 | ||||||
China Resources Gas Group | 105,909 | 157 | ||||||
China Water Affairs Group | 608,318 | 244 | ||||||
COSCO Pacific | 304,561 | 411 | ||||||
Esprit Holdings | 719,403 | 5,153 | ||||||
Guangdong Investment | 604,497 | 313 | ||||||
Hopewell Holdings | 113,286 | 330 | ||||||
Hutchison Whampoa | 103,273 | 709 | ||||||
Li & Fung | 998,000 | 4,811 | ||||||
MTR | 109,075 | 382 | ||||||
New Environmental Energy Holdings = | 778,570 | 189 | ||||||
NWS Holdings | 85,379 | 149 | ||||||
20,560 | ||||||||
India – 0.4% | ||||||||
GAIL India – GDR | 6,441 | 367 | ||||||
HDFC Bank – ADR | 18,131 | 2,704 | ||||||
3,071 | ||||||||
Ireland – 1.3% | ||||||||
Covidien | 143,760 | 6,899 | ||||||
Experian Group | 244,773 | 2,263 | ||||||
9,162 | ||||||||
Israel – 0.4% | ||||||||
Teva Pharmaceutical Industries – ADR | 52,983 | 3,112 | ||||||
Italy – 1.6% | ||||||||
Ansaldo STS | 94,272 | 1,726 | ||||||
Atlantia | 59,826 | 1,273 | ||||||
Eni | 192,281 | 4,298 | ||||||
Saipem | 104,862 | 3,916 | ||||||
Snam Rete Gas | 38,814 | 184 | ||||||
Terna-Rete Elettrica Nationale | 15,574 | 63 | ||||||
11,460 | ||||||||
Japan – 18.7% | ||||||||
Airport Facilities | 21,989 | 112 | ||||||
Canon | 197,217 | 9,021 | ||||||
East Japan Railway | 2,108 | 141 | ||||||
FANUC | 77,854 | 9,193 | ||||||
Fast Retailing | 26,600 | 4,031 | ||||||
Jupiter Telecommunications | 876 | 887 | ||||||
Kamigumi | 61,135 | 505 | ||||||
Keyence | 16,113 | 3,850 | ||||||
Kose | 175,218 | 4,080 | ||||||
Mitsubishi | 156,478 | 3,707 | ||||||
Mitsubishi UFJ Financial Group | 704,712 | 3,672 | ||||||
Mitsui | 244,395 | 3,673 | ||||||
Mitsui Sumitomo Insurance Group | 144,893 | 4,165 | ||||||
NGK Insulators | 226,000 | 4,454 | ||||||
Nintendo | 27,193 | 9,135 | ||||||
NKSJ Holdings = | 821,250 | 5,963 | ||||||
Nomura Holdings | 665,050 | 4,597 | ||||||
Nomura Research Institute | 218,211 | 5,567 | ||||||
Park24 | 11,281 | 126 | ||||||
SECOM | 78,470 | 3,407 | ||||||
Seven & I Holdings | 296,098 | 7,572 | ||||||
Shin-Etsu Chemical | 65,800 | 3,793 | ||||||
SMC | 20,472 | 2,934 | ||||||
Sony Financial Holdings | 1,968 | 7,097 | ||||||
Sugi Holdings | 181,256 | 4,078 | ||||||
Sumitomo Metal Mining | 335,867 | 4,969 | ||||||
Sumitomo Trust & Banking | 472,512 | 2,857 | ||||||
Suzuki Motor | 242,026 | 5,087 | ||||||
The Bank of Yokohama | 692,947 | 3,603 | ||||||
Tokyo Gas | 35,250 | 150 |
The accompanying notes are an integral part of the financial statements.
20 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
International Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Toyota Motor | 124,200 | $ | 4,799 | |||||
Yamada Denki | 93,800 | 7,335 | ||||||
134,560 | ||||||||
Luxembourg – 0.8% | ||||||||
Millicom International Cellular | 61,520 | 5,431 | ||||||
SES | 13,583 | 311 | ||||||
5,742 | ||||||||
Malaysia – 0.2% | ||||||||
Sime Darby Berhad | 638,492 | 1,749 | ||||||
Mexico – 0.4% | ||||||||
Grupo Aeroportuario del Pacifico – ADR | 9,307 | 329 | ||||||
Grupo Aeroportuario del Sureste – ADR | 1,676 | 93 | ||||||
Wal-Mart de Mexico – ADR | 112,160 | 2,604 | ||||||
3,026 | ||||||||
Netherlands – 1.0% | ||||||||
Heineken | 143,119 | 6,674 | ||||||
Koninklijke Vopak | 2,600 | 213 | ||||||
6,887 | ||||||||
New Zealand – 0.1% | ||||||||
Auckland International Airport | 108,275 | 157 | ||||||
Infratil | 58,753 | 73 | ||||||
Port of Tauranga | 98,544 | 501 | ||||||
Vector | 69,751 | 109 | ||||||
840 | ||||||||
Norway – 0.6% | ||||||||
Hafslund, Class B | 13,015 | 154 | ||||||
Statoil | 185,937 | 4,496 | ||||||
4,650 | ||||||||
Portugal – 0.5% | ||||||||
Brisa Auto-Estradas de Portugal | 45,234 | 320 | ||||||
Energias de Portugal | 730,934 | 2,616 | ||||||
Redes Energeticas Nacionais | 98,513 | 354 | ||||||
3,290 | ||||||||
Russia – 0.3% | ||||||||
Gazprom – ADR | 95,769 | 2,224 | ||||||
Singapore – 1.1% | ||||||||
CitySpring Infrastructure Trust | 284,561 | 125 | ||||||
ComfortDelGro | 900,951 | 1,024 | ||||||
DBS Group Holdings | 415,706 | 4,577 | ||||||
Hyflux | 398,676 | 1,001 | ||||||
Hyflux Water Trust | 127,531 | 64 | ||||||
Parkway Life – REIT | 119,888 | 116 | ||||||
Singapore Airport Terminal Services | 101,434 | 207 | ||||||
Singapore Post | 144,561 | 114 | ||||||
Singapore Telecommunications | 290,685 | 641 | ||||||
SMRT | 194,075 | 322 | ||||||
8,191 | ||||||||
South Africa – 0.3% | ||||||||
MTN Group | 157,910 | 2,323 | ||||||
South Korea – 0.8% | ||||||||
Korea Electric Power – ADR = | 28,456 | 428 | ||||||
Samsung Electronics | 2,372 | 1,803 | ||||||
Samsung Electronics – GDR | 8,396 | 3,216 | ||||||
5,447 | ||||||||
Spain – 1.5% | ||||||||
Abertis Infraestructuras | 63,733 | 1,110 | ||||||
Acciona | 3,786 | 375 | ||||||
Banco Santander | 367,239 | 4,670 | ||||||
Enagas | 33,892 | 680 | ||||||
Ferrovial | 14,599 | 129 | ||||||
Gas Natural | 30,545 | 521 | ||||||
Red Electrica | 5,010 | 237 | ||||||
Telefonica | 140,174 | 3,173 | ||||||
10,895 | ||||||||
Sweden – 1.4% | ||||||||
Atlas Copco, Class A | 303,225 | 4,877 | ||||||
Ericsson | 468,169 | 5,403 | ||||||
10,280 | ||||||||
Switzerland – 7.0% | ||||||||
ABB = | 183,792 | 3,525 | ||||||
BKW FMB Energie | 2,894 | 193 | ||||||
Credit Suisse Group | 83,586 | 3,836 | ||||||
Foster Wheeler = | 175,813 | 5,271 | ||||||
Logitech International = | 193,563 | 3,171 | ||||||
Nestle | 258,941 | 12,670 | ||||||
Novartis | 190,804 | 9,728 | ||||||
Roche Holding | 76,838 | 12,132 | ||||||
50,526 | ||||||||
Thailand – 0.4% | ||||||||
Bangkok Bank | 695,381 | 2,548 | ||||||
United Kingdom – 16.4% | ||||||||
Anglo American = | 86,041 | 3,655 | ||||||
Antofagasta | 89,264 | 1,353 | ||||||
ARM Holdings | 1,909,966 | 7,367 | ||||||
Autonomy = | 300,007 | 8,230 | ||||||
BAE Systems | 331,357 | 1,737 | ||||||
Balfour Beatty | 46,614 | 197 | ||||||
BG Group | 204,696 | 3,460 | ||||||
BHP Billiton | 194,558 | 5,940 | ||||||
BP – ADR | 131,526 | 6,859 | ||||||
British Sky Broadcasting Group | 583,633 | 5,463 | ||||||
Diageo | 420,506 | 7,172 | ||||||
GlaxoSmithKline | 455,270 | 8,450 | ||||||
ICAP | 605,120 | 3,491 | ||||||
National Grid – ADR | 24,073 | 1,168 | ||||||
Prudential | 579,006 | 5,083 | ||||||
Reed Elsevier | 702,365 | 5,499 | ||||||
Rio Tinto PLC | 88,135 | 4,557 | ||||||
Scottish & Southern Energy | 193,787 | 3,214 | ||||||
Smith & Nephew | 477,763 | 4,953 | ||||||
Standard Chartered | 277,942 | 7,414 | ||||||
Tesco | 839,398 | 5,568 | ||||||
United Utilities Group | 14,811 | 121 | ||||||
Vedanta Resources | 195,184 | 7,461 | ||||||
Vodafone Group – ADR | 258,616 | 5,741 | ||||||
WPP | 308,851 | 3,275 | ||||||
117,428 | ||||||||
United States – 2.4% | ||||||||
American Tower, Class A = | 30,037 | 1,226 | ||||||
American Water Works | 36,268 | 790 | ||||||
Bunge | 74,470 | 3,943 | ||||||
CenterPoint Energy | 5,381 | 77 | ||||||
Chesapeake Utilities | 3,554 | 107 | ||||||
Connecticut Water Service | 5,811 | 138 | ||||||
Covanta Holding = | 1,768 | 31 | ||||||
Crown Castle International = | 4,698 | 178 | ||||||
El Paso | 40,662 | 492 | ||||||
Enbridge Energy Management | 4,272 | 220 | ||||||
ICF International = | 13,501 | 313 | ||||||
ITC Holdings | 12,745 | 711 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 21
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
International Fund (continued) | ||||||||
DESCRIPTION | SHARES/PAR | FAIR VALUE > | ||||||
Kinder Morgan Management | 10,042 | $ | 590 | |||||
Northeast Utilities | 2,622 | 73 | ||||||
Philip Morris International | 102,331 | 5,022 | ||||||
Sempra Energy | 19,823 | 975 | ||||||
Southern Union | 9,498 | 248 | ||||||
Spectra Energy | 68,572 | 1,600 | ||||||
Standard Parking = | 25,332 | 428 | ||||||
Waste Connections = | 3,376 | 121 | ||||||
Waste Management | 2,776 | 96 | ||||||
17,379 | ||||||||
Total Common Stocks | ||||||||
(Cost $542,664) | 661,088 | |||||||
Exchange-Traded Fund – 0.4% | ||||||||
United States – 0.4% | ||||||||
iShares MSCI Israel Capped Investable Market Index Fund | ||||||||
(Cost $2,943) | 52,000 | 2,861 | ||||||
Short-Term Investments – 7.2% | ||||||||
Money Market Fund – 3.6% | ||||||||
State Street Institutional Liquid Reserves Fund | ||||||||
0.160% Ω | 25,535,577 | 25,536 | ||||||
U.S. Treasury Obligations – 3.6% | ||||||||
U.S. Treasury Bills | ||||||||
0.111%, 05/20/2010 o | $ | 25,600 | 25,599 | |||||
0.222%, 10/21/2010 o | 500 | 499 | ||||||
26,098 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $51,634) | 51,634 | |||||||
Total Investments 5 – 99.6% | ||||||||
(Cost $597,241) | 715,583 | |||||||
Other Assets and Liabilities, Net – 0.4% | 3,249 | |||||||
Total Net Assets – 100.0% | $ | 718,832 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
Ω | The rate shown is the annualized seven-day effective yield as of April 30, 2010. | |
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. See note 2 in Notes to Financial Statements. | |
5 | On April 30, 2010, the cost of investments for federal income tax purposes was approximately $597,241. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 159,558 | ||
Gross unrealized depreciation | (41,216 | ) | ||
Net unrealized appreciation | $ | 118,342 | ||
ADR – | American Depositary Receipt |
GDR – | Global Depositary Receipt |
REIT – | Real Estate Investment Trust |
International Fund (concluded)
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Settlement | Purchased | Contract | Appreciation | |||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||
Amsterdam Index Futures | May 2010 | 80 | $7,320 | $ | 7 | |||||||||
CAC 40 10 Euro Index Futures | June 2010 | 396 | 19,572 | (565 | ) | |||||||||
DAX Index Futures | June 2010 | 61 | 12,448 | 360 | ||||||||||
Euro Currency Futures | June 2010 | (154 | ) | (25,618) | (130 | ) | ||||||||
FTSE 100 Index Futures | June 2010 | 261 | 21,994 | (369 | ) | |||||||||
FTSE/JSE Top 40 Index Futures | June 2010 | 148 | 5,158 | 4 | ||||||||||
Hang Seng Index Futures | May 2010 | (208 | ) | (27,971) | (327 | ) | ||||||||
IBEX 35 Index Futures | May 2010 | (174 | ) | (23,934) | 2,366 | |||||||||
Japanese Yen Currency Futures | June 2010 | (106 | ) | (14,113) | 624 | |||||||||
Mexican Bolsa Index Futures | June 2010 | (399 | ) | (10,579) | 73 | |||||||||
MSCI Taiwan Stock Index Futures | May 2010 | 253 | 7,223 | (39 | ) | |||||||||
Nikkei 225 Index Futures | June 2010 | 797 | 43,855 | 1,217 | ||||||||||
OMXS30 Index Futures | May 2010 | 1,024 | 14,851 | 258 | ||||||||||
Russell 2000 Mini Index Futures | June 2010 | (253 | ) | (18,102) | (1,098 | ) | ||||||||
S&P 500 Futures | June 2010 | (38 | ) | (11,242) | 5 | |||||||||
S&P TSE 60 Futures | June 2010 | (86 | ) | (12,093) | (185 | ) | ||||||||
SGX MSCI Singapore Index Futures | May 2010 | 149 | 7,625 | 41 | ||||||||||
SPI 200 Futures | June 2010 | 300 | 33,443 | (64 | ) | |||||||||
Swiss Market Index Futures | June 2010 | 372 | 22,777 | (596 | ) | |||||||||
TOPIX Index Futures | June 2010 | 35 | 3,663 | (8 | ) | |||||||||
$ | 1,574 | |||||||||||||
At April 30, 2010, sector diversification of the fund was as follows:
% of | ||||||||
Common Stocks | Net Assets | Fair Value | ||||||
Financials | 15.9 | % | $ | 114,034 | ||||
Consumer Staples | 11.8 | 85,080 | ||||||
Industrials | 11.5 | 82,720 | ||||||
Information Technology | 10.8 | 77,692 | ||||||
Consumer Discretionary | 9.6 | 68,563 | ||||||
Healthcare | 8.6 | 61,796 | ||||||
Energy | 8.4 | 60,265 | ||||||
Materials | 8.2 | 59,228 | ||||||
Utilities | 3.7 | 26,671 | ||||||
Telecommunication Services | 3.5 | 24,946 | ||||||
Transportation | — | 93 | ||||||
Total Common Stocks | 92.0 | 661,088 | ||||||
Total Exchange-Traded Fund | 0.4 | 2,861 | ||||||
Total Short-Term Investments | 7.2 | 51,634 | ||||||
Total Investments | 99.6 | 715,583 | ||||||
Other Assets and Liabilities, Net | 0.4 | 3,249 | ||||||
Net Assets | 100.0 | % | $ | 718,832 | ||||
The accompanying notes are an integral part of the financial statements.
22 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
International Select Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 81.1% | ||||||||
Australia – 2.7% | ||||||||
APA Group | 34,437 | $ | 115 | |||||
Asciano Group = | 494,538 | 768 | ||||||
Australian Infrastructure Fund | 111,495 | 202 | ||||||
BHP Billiton | 116,019 | 4,241 | ||||||
CSL | 119,481 | 3,570 | ||||||
DUET Group | 84,646 | 138 | ||||||
Intoll Group | 490,824 | 507 | ||||||
Macquarie Atlas Roads Group = | 77,085 | 70 | ||||||
Macquarie Group | 61,558 | 2,807 | ||||||
MAp Group | 146,390 | 420 | ||||||
National Australia Bank | 53,467 | 1,366 | ||||||
Newcrest Mining | 74,309 | 2,243 | ||||||
Rio Tinto | 74,239 | 4,851 | ||||||
SP AusNet | 182,794 | 149 | ||||||
Spark Infrastructure Group | 82,865 | 92 | ||||||
Transurban Group | 160,754 | 757 | ||||||
22,296 | ||||||||
Belgium – 0.4% | ||||||||
Anheuser-Busch InBev | 63,224 | 3,067 | ||||||
Elia System Operator | 2,940 | 112 | ||||||
3,179 | ||||||||
Brazil – 5.4% | ||||||||
All America Latina Logistica | 70,859 | 645 | ||||||
Banco do Brasil | 280,800 | 4,845 | ||||||
Cielo | 471,900 | 4,583 | ||||||
AES Tiete | 7,614 | 85 | ||||||
Companhia de Concessoes Rodoviarias | 67,187 | 1,555 | ||||||
Companhia Energetica do Ceara-Coele, Class A | 9,097 | 137 | ||||||
Companhia Energetica de Minas Gerais – ADR | 92,290 | 1,490 | ||||||
Companhia de Gas de Sao Paulo, Class A | 4,983 | 96 | ||||||
Companhia Paranaense de Energia-Copel – ADR | 14,980 | 310 | ||||||
Companhia de Saneamento de Minas Gerais | 4,962 | 72 | ||||||
Companhia Siderurgica Nacional – ADR | 57,800 | 1,078 | ||||||
Companhia de Transmissao de Energia Electrica Paulista | 18,547 | 493 | ||||||
Eletropaulo Metropolitana, Class B | 37,700 | 833 | ||||||
Energias do Brasil | 9,233 | 177 | ||||||
Fertilizantes Fosfatados = | 32,200 | 301 | ||||||
LLX Logistica = | 40,275 | 191 | ||||||
Itau Unibanco Holding – ADR | 179,499 | 3,891 | ||||||
Natura Cosmeticos | 78,800 | 1,673 | ||||||
Petroleo Brasileiro – ADR | 68,297 | 2,898 | ||||||
Ultrapar Participacoes | 2,900 | 137 | ||||||
Usinas Siderurgicas de Minas Gerais, Class A | 120,000 | 3,874 | ||||||
Redecard | 265,530 | 4,384 | ||||||
Santos Brasil Participacoes | 12,887 | 124 | ||||||
Souza Cruz | 67,499 | 2,602 | ||||||
Vale – ADR | 265,617 | 8,136 | ||||||
44,610 | ||||||||
Canada – 4.3% | ||||||||
Agrium | 61,690 | 3,850 | ||||||
ATCO, Class I | 283 | 14 | ||||||
Boralex, Class A = | 10,823 | 101 | ||||||
Brookfield Renewable Power Fund | 11,573 | 235 | ||||||
Cameco | 144,105 | 3,546 | ||||||
Canadian Utilities, Class A | 3,377 | 151 | ||||||
Cenovus Energy | 102,087 | 3,002 | ||||||
Enbridge | 29,046 | 1,403 | ||||||
EnCana | 101,267 | 3,350 | ||||||
First Quantum Minerals | 22,500 | 1,726 | ||||||
Inmet Mining | 16,354 | 849 | ||||||
Inmet Mining | 1,630 | 85 | ||||||
Manulife Financial | 203,305 | 3,657 | ||||||
Pan American Silver | 55,100 | 1,459 | ||||||
Shoppers Drug Mart | 62,732 | 2,168 | ||||||
Suncor Energy | 96,632 | 3,302 | ||||||
TMX Group | 82,900 | 2,370 | ||||||
TransCanada | 5,131 | 181 | ||||||
Viterra = | 41,364 | 350 | ||||||
Yamana Gold | 313,639 | 3,409 | ||||||
35,208 | ||||||||
Chile – 0.3% | ||||||||
Sociedad Quimica y Minera de Chile – ADR | 65,891 | 2,372 | ||||||
China – 3.0% | ||||||||
Agile Property Holdings | 3,112,000 | 3,605 | ||||||
China Communication Services, Class H | 463,376 | 233 | ||||||
China Communications Construction | 2,592,000 | 2,444 | ||||||
China Construction Bank, Class H | 1,231,000 | 1,000 | ||||||
China Merchants Bank | 1,006,900 | 2,468 | ||||||
Dalian Port, Class H | 83,017 | 38 | ||||||
Guangshen Railway – ADR | 13,810 | 268 | ||||||
Hainan Meilan International Airport, Class H | 77,632 | 96 | ||||||
Industrial & Commercial Bank of China, Class H | 3,389,000 | 2,470 | ||||||
NetEase.com – ADR = | 54,000 | 1,883 | ||||||
New Oriental Education & Technology Group – ADR = | 39,959 | 3,739 | ||||||
PetroChina, Class H | 2,018,000 | 2,324 | ||||||
Tencent Holdings | 158,600 | 3,280 | ||||||
Zhejiang Expressway, Class H | 272,875 | 255 | ||||||
�� | 24,103 | |||||||
Denmark – 0.8% | ||||||||
Novo Nordisk, Class B | 36,676 | 3,018 | ||||||
Vestas Wind Systems = | 64,341 | 3,926 | ||||||
6,944 | ||||||||
Egypt – 0.7% | ||||||||
Commercial International Bank | 121,446 | 1,627 | ||||||
Eastern Tobacco | 31,506 | 717 | ||||||
Mobinil | 22,297 | 784 | ||||||
Orascom Construction Industries | 49,720 | 2,418 | ||||||
5,546 | ||||||||
Finland – 0.6% | ||||||||
Nokia Oyj | 370,059 | 4,524 | ||||||
France – 5.7% | ||||||||
Aeroports de Paris | 4,418 | 364 | ||||||
AXA | 164,825 | 3,275 | ||||||
BNP Paribas | 82,705 | 5,681 | ||||||
Carrefour | 108,034 | 5,295 | ||||||
CFAO = | 26,269 | 910 | ||||||
Electricite de France | 81,200 | 4,352 | ||||||
GDF Suez | 17,489 | 622 | ||||||
Groupe Eurotunnel | 16,203 | 148 | ||||||
Iliad | 37,713 | 3,771 | ||||||
L’oreal | 35,379 | 3,677 | ||||||
Rubis | 2,504 | 206 | ||||||
Sanofi-Aventis | 82,679 | 5,640 | ||||||
Seche Environnement | 1,256 | 97 | ||||||
Societe des Autoroutes Paris-Rhin-Rhone = | 3,416 | 240 | ||||||
Suez Environnment | 20,450 | 443 | ||||||
Total | 93,233 | 5,073 | ||||||
Total – ADR | 41,768 | 2,271 | ||||||
Ubisoft Entertainment = | 269,088 | 3,433 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 23
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
International Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Veolia Environnement – ADR | 6,292 | $ | 196 | |||||
Vinci | 16,692 | 930 | ||||||
46,624 | ||||||||
Germany – 5.3% | ||||||||
Adidas | 143,925 | 8,481 | ||||||
Aixtron | 37,293 | 1,182 | ||||||
Allianz | 43,524 | 4,990 | ||||||
BASF | 26,321 | 1,530 | ||||||
Deutsche Boerse | 39,995 | 3,105 | ||||||
Fraport | 11,388 | 590 | ||||||
Henkel KGAA | 63,816 | 3,421 | ||||||
Metro | 25,945 | 1,560 | ||||||
SAP | 82,053 | 3,959 | ||||||
SAP – ADR | 26,951 | 1,279 | ||||||
Siemens | 44,055 | 4,345 | ||||||
Symrise | 190,136 | 4,837 | ||||||
Wacker Chemie | 26,374 | 3,852 | ||||||
43,131 | ||||||||
Hong Kong – 2.1% | ||||||||
Beijing Capital International Airport, Class H = | 401,456 | 241 | ||||||
Beijing Enterprises Holdings | 193,780 | 1,248 | ||||||
Beijing Enterprises Water Group = | 270,472 | 107 | ||||||
Cheung Kong Holdings | 251,182 | 3,098 | ||||||
China Everbright International | 1,208,963 | 597 | ||||||
China Merchants Holdings International | 197,569 | 686 | ||||||
China Resources Gas Group | 81,256 | 121 | ||||||
China Water Affairs Group | 466,729 | 187 | ||||||
COSCO Pacific | 233,669 | 315 | ||||||
Esprit Holdings | 577,246 | 4,135 | ||||||
Guangdong Investment | 463,790 | 240 | ||||||
Hopewell Holdings | 86,912 | 253 | ||||||
Hutchison Whampoa | 79,235 | 544 | ||||||
Li & Fung | 838,000 | 4,040 | ||||||
MTR | 83,687 | 293 | ||||||
New Environmental Energy Holdings = | 597,340 | 145 | ||||||
NWS Holdings | 65,506 | 115 | ||||||
Shougang Concord International Enterprises | 3,954,000 | 714 | ||||||
17,079 | ||||||||
India – 1.4% | ||||||||
Bank of India | 148,268 | 1,260 | ||||||
GAIL India – GDR | 4,942 | 282 | ||||||
HDFC Bank – ADR | 29,661 | 4,423 | ||||||
Infosys Technologies – ADR | 16,800 | 1,006 | ||||||
Jindal Steel & Power | 68,676 | 1,143 | ||||||
Punjab National Bank | 145,381 | 3,377 | ||||||
11,491 | ||||||||
Indonesia – 0.9% | ||||||||
Bank Mandiri | 1,747,700 | 1,107 | ||||||
Indofood Sukses Makmur | 636,900 | 272 | ||||||
Semen Gresik Persero | 1,360,400 | 1,225 | ||||||
Tambang Batubara Bukit Asam | 523,700 | 1,066 | ||||||
Telekomunikasi Indonesia – ADR | 65,300 | 2,267 | ||||||
United Tractors | 620,166 | 1,325 | ||||||
7,262 | ||||||||
Ireland – 0.9% | ||||||||
Covidien | 113,180 | 5,432 | ||||||
Experian Group | 191,413 | 1,770 | ||||||
7,202 | ||||||||
Israel – 0.7% | ||||||||
Cellcom Israel | 7,600 | 230 | ||||||
Israel Chemicals | 166,774 | 1,996 | ||||||
Teva Pharmaceutical Industries – ADR | 53,034 | 3,115 | ||||||
5,341 | ||||||||
Italy – 1.1% | ||||||||
Ansaldo STS | 73,870 | 1,353 | ||||||
Atlantia | 45,899 | 977 | ||||||
Eni | 151,085 | 3,377 | ||||||
Saipem | 78,447 | 2,929 | ||||||
Snam Rete Gas | 29,791 | 141 | ||||||
Terna-Rete Elettrica Nationale | 11,948 | 48 | ||||||
8,825 | ||||||||
Japan – 11.9% | ||||||||
Airport Facilities | 16,871 | 86 | ||||||
Canon | 141,418 | 6,469 | ||||||
East Japan Railway | 1,617 | 108 | ||||||
FANUC | 47,375 | 5,594 | ||||||
Fast Retailing | 18,900 | 2,864 | ||||||
Jupiter Telecommunications | 451 | 456 | ||||||
Kamigumi | 46,904 | 387 | ||||||
Keyence | 12,629 | 3,018 | ||||||
Kose | 127,793 | 2,976 | ||||||
Mitsubishi | 122,405 | 2,900 | ||||||
Mitsubishi UFJ Financial Group | 553,748 | 2,886 | ||||||
Mitsui | 191,240 | 2,874 | ||||||
Mitsui Sumitomo Insurance Group | 115,174 | 3,310 | ||||||
NGK Insulators | 154,000 | 3,035 | ||||||
Nintendo | 21,331 | 7,166 | ||||||
NKSJ Holdings = | 599,460 | 4,352 | ||||||
Nomura Holdings | 522,601 | 3,612 | ||||||
Nomura Research Institute | 171,430 | 4,374 | ||||||
Park24 | 8,655 | 97 | ||||||
SECOM | 61,603 | 2,675 | ||||||
Seven & I Holdings | 231,683 | 5,924 | ||||||
Shin-Etsu Chemical | 47,500 | 2,738 | ||||||
SMC | 16,043 | 2,299 | ||||||
Sony Financial Holdings | 1,060 | 3,823 | ||||||
Sugi Holdings | 142,343 | 3,202 | ||||||
Sumitomo Metal Mining | 263,559 | 3,899 | ||||||
Sumitomo Trust & Banking | 344,566 | 2,084 | ||||||
Suzuki Motor | 189,240 | 3,978 | ||||||
The Bank of Yokohama | 544,087 | 2,829 | ||||||
Tokyo Gas | 27,046 | 115 | ||||||
Toyota Motor | 78,600 | 3,037 | ||||||
Yamada Denki | 43,800 | 3,425 | ||||||
96,592 | ||||||||
Luxembourg – 0.7% | ||||||||
Millicom International Cellular | 50,289 | 4,439 | ||||||
Oriflame Cosmetics – SDR | 17,093 | 969 | ||||||
SES | 10,422 | 239 | ||||||
5,647 | ||||||||
Malaysia – 0.3% | ||||||||
British American Tobacco | 61,800 | 851 | ||||||
Sime Darby Berhad | 499,166 | 1,367 | ||||||
2,218 | ||||||||
Mexico – 1.5% | ||||||||
America Movil, Series L – ADR | 43,200 | 2,224 | ||||||
Desarrolladora Homex – ADR = | 33,000 | 955 | ||||||
Fomento Economico Mexicano – ADR | 37,340 | 1,767 | ||||||
Grupo Aeroportuario del Pacifico – ADR | 7,140 | 253 | ||||||
Grupo Aeroportuario del Sureste – ADR | 1,285 | 71 | ||||||
Grupo Mexico, Series B | 494,250 | 1,299 | ||||||
Grupo Televisa – ADR | 84,000 | 1,745 |
The accompanying notes are an integral part of the financial statements.
24 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
International Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Kimberly-Clark de Mexico, Series A | 168,300 | $ | 976 | |||||
Wal-Mart de Mexico – ADR | 122,544 | 2,845 | ||||||
12,135 | ||||||||
Netherlands – 0.7% | ||||||||
Heineken | 111,953 | 5,220 | ||||||
Koninklijke Vopak | 1,995 | 164 | ||||||
5,384 | ||||||||
New Zealand – 0.1% | ||||||||
Auckland International Airport | 83,036 | 121 | ||||||
Infratil | 45,394 | 57 | ||||||
Port of Tauranga | 75,562 | 384 | ||||||
Vector | 51,574 | 80 | ||||||
642 | ||||||||
Norway – 0.4% | ||||||||
Hafslund, Class B | 9,986 | 118 | ||||||
Statoil | 146,108 | 3,533 | ||||||
3,651 | ||||||||
Pakistan – 0.2% | ||||||||
Oil & Gas Development | 327,400 | 522 | ||||||
Pakistan Petroleum | 391,332 | 918 | ||||||
1,440 | ||||||||
Philippines – 0.4% | ||||||||
Philippine Long Distance Telephone – ADR | 51,400 | 2,891 | ||||||
Portugal – 0.3% | ||||||||
Brisa Auto-Estradas de Portugal | 34,704 | 246 | ||||||
Energias de Portugal | 574,381 | 2,056 | ||||||
Redes Energeticas Nacionais | 75,581 | 271 | ||||||
2,573 | ||||||||
Russia – 1.4% | ||||||||
Gazprom – ADR | 114,448 | 2,657 | ||||||
LUKOIL – ADR | 60,650 | 3,412 | ||||||
Magnit – GDR = ⊡ | 54,471 | 1,024 | ||||||
Mobile TeleSystems – ADR | 37,100 | 2,050 | ||||||
TNK-BP Holding | 499,041 | 1,079 | ||||||
Uralkali – GDR, Class S = | 61,704 | 1,314 | ||||||
11,536 | ||||||||
Singapore – 0.8% | ||||||||
CitySpring Infrastructure Trust | 218,211 | 96 | ||||||
ComfortDelGro | 690,976 | 785 | ||||||
DBS Group Holdings | 326,016 | 3,590 | ||||||
Hyflux | 305,875 | 768 | ||||||
Hyflux Water Trust | 95,339 | 48 | ||||||
Parkway Life – REIT | 91,998 | 89 | ||||||
Singapore Airport Terminal Services | 77,824 | 158 | ||||||
Singapore Post | 113,024 | 89 | ||||||
Singapore Telecommunications | 223,052 | 492 | ||||||
SMRT | 148,899 | 247 | ||||||
6,362 | ||||||||
South Africa – 2.7% | ||||||||
Kumba Iron Ore | 50,473 | 2,382 | ||||||
Massmart Holdings | 70,409 | 1,043 | ||||||
MTN Group | 164,313 | 2,417 | ||||||
Murray & Roberts Holdings | 313,767 | 1,741 | ||||||
Nedbank Group | 161,028 | 2,900 | ||||||
Pretoria Portland Cement | 323,092 | 1,443 | ||||||
Sanlam | 987,607 | 3,227 | ||||||
Shoprite Holdings | 99,342 | 1,055 | ||||||
Standard Bank Group | 176,305 | 2,716 | ||||||
Tiger Brands | 78,691 | 2,004 | ||||||
Truworths International | 161,479 | 1,156 | ||||||
22,084 | ||||||||
South Korea – 2.9% | ||||||||
Hite Brewery | 7,418 | 873 | ||||||
Hyundai Mobis | 8,099 | 1,344 | ||||||
Korea Electric Power – ADR = | 21,831 | 328 | ||||||
Korea Life Insurance = | 136,967 | 1,136 | ||||||
KT&G | 45,460 | 2,291 | ||||||
NHN = | 15,840 | 2,641 | ||||||
Samsung Electronics | 1,863 | 1,417 | ||||||
Samsung Electronics – GDR | 15,325 | 5,869 | ||||||
Samsung Electronics – GDR | 5,650 | 2,158 | ||||||
Shinhan Financial Group – ADR | 46,548 | 3,963 | ||||||
Woongjin Coway | 59,519 | 1,960 | ||||||
23,980 | ||||||||
Spain – 0.9% | ||||||||
Abertis Infraestructuras | 48,897 | 851 | ||||||
Acciona | 2,905 | 288 | ||||||
Banco Santander | 195,484 | 2,486 | ||||||
Enagas | 26,003 | 521 | ||||||
Ferrovial | 11,201 | 99 | ||||||
Gas Natural | 23,436 | 400 | ||||||
Red Electrica | 3,844 | 182 | ||||||
Telefonica | 109,863 | 2,487 | ||||||
7,314 | ||||||||
Sweden – 0.9% | ||||||||
Atlas Copco, Class A | 202,266 | 3,253 | ||||||
Ericsson | 367,883 | 4,246 | ||||||
7,499 | ||||||||
Switzerland – 4.4% | ||||||||
ABB = | 128,743 | 2,470 | ||||||
BKW FMB Energie | 2,220 | 148 | ||||||
Credit Suisse Group | 57,441 | 2,636 | ||||||
Foster Wheeler = | 137,532 | 4,123 | ||||||
Logitech International = | 183,006 | 2,998 | ||||||
Nestle | 175,717 | 8,598 | ||||||
Novartis | 131,373 | 6,698 | ||||||
Roche Holding | 53,800 | 8,494 | ||||||
36,165 | ||||||||
Taiwan – 1.1% | ||||||||
Advanced Semiconductor Engineering | 1,126,233 | 1,100 | ||||||
Hon Hai Precision Industry | 555,105 | 2,606 | ||||||
HTC | 126,250 | 1,692 | ||||||
Taiwan Semiconductor Manufacturing | 1,851,961 | 3,624 | ||||||
9,022 | ||||||||
Thailand – 0.6% | ||||||||
Bangkok Bank | 543,413 | 1,991 | ||||||
Banpu Public | 75,400 | 1,493 | ||||||
Kasikornbank | 372,000 | 1,075 | ||||||
4,559 | ||||||||
Turkey – 1.3% | ||||||||
Akbank T.A.S. | 433,384 | 2,176 | ||||||
Koc Holding | 505,001 | 1,954 | ||||||
Turkcell Iletisim Hizmetleri – ADR | 141,100 | 2,282 | ||||||
Turkiye Is Bankasi, Class C | 1,303,626 | 4,527 | ||||||
10,939 | ||||||||
United Kingdom – 9.6% | ||||||||
Anglo American = | 67,674 | 2,875 | ||||||
Antofagasta | 70,140 | 1,063 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 25
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
International Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
ARM Holdings | 1,173,643 | $ | 4,527 | |||||
Autonomy = | 223,536 | 6,132 | ||||||
BAE Systems | 260,389 | 1,365 | ||||||
Balfour Beatty | 35,765 | 151 | ||||||
BG Group | 166,268 | 2,810 | ||||||
BP – ADR | 103,351 | 5,390 | ||||||
British Sky Broadcasting Group | 365,990 | 3,426 | ||||||
Diageo | 330,433 | 5,636 | ||||||
GlaxoSmithKline | 357,815 | 6,641 | ||||||
ICAP | 474,390 | 2,737 | ||||||
National Grid – ADR | 18,469 | 896 | ||||||
Prudential | 430,489 | 3,779 | ||||||
Reed Elsevier | 549,377 | 4,301 | ||||||
Scottish & Southern Energy | 152,290 | 2,526 | ||||||
Smith & Nephew | 272,595 | 2,826 | ||||||
Standard Chartered | 188,789 | 5,036 | ||||||
Tesco | 513,675 | 3,407 | ||||||
United Utilities Group | 11,364 | 93 | ||||||
Vedanta Resources | 143,027 | 5,467 | ||||||
Vodafone Group – ADR | 203,223 | 4,512 | ||||||
WPP | 241,587 | 2,561 | ||||||
78,157 | ||||||||
United States – 1.7% | ||||||||
American Tower, Class A = | 23,044 | 940 | ||||||
American Water Works | 27,826 | 606 | ||||||
Bunge | 60,700 | 3,214 | ||||||
CenterPoint Energy | 4,128 | 59 | ||||||
Chesapeake Utilities | 2,727 | 82 | ||||||
Connecticut Water Service | 4,457 | 106 | ||||||
Covanta Holding = | 1,356 | 24 | ||||||
Crown Castle International = | 3,605 | 136 | ||||||
El Paso | 31,197 | 378 | ||||||
Enbridge Energy Management | 3,277 | 169 | ||||||
ICF International = | 10,358 | 240 | ||||||
ITC Holdings | 9,778 | 546 | ||||||
Kinder Morgan Management | 7,705 | 453 | ||||||
Northeast Utilities | 2,023 | 56 | ||||||
Philip Morris International | 80,039 | 3,928 | ||||||
Sempra Energy | 15,209 | 748 | ||||||
Southern Union | 7,287 | 190 | ||||||
Spectra Energy | 52,615 | 1,228 | ||||||
Standard Parking = | 19,436 | 328 | ||||||
Waste Connections = | 2,590 | 93 | ||||||
Waste Management | 2,130 | 74 | ||||||
13,598 | ||||||||
Total Common Stocks | �� | |||||||
(Cost $611,855) | 660,125 | |||||||
Exchange-Traded Funds – 1.2% | ||||||||
United States – 1.2% | ||||||||
iShares MSCI Chile Investable Market Index Fund | 60,000 | 3,387 | ||||||
iShares MSCI EAFE Index Fund | 17,553 | 955 | ||||||
iShares MSCI Israel Capped Investable Market Index Fund | 85,000 | 4,676 | ||||||
Vanguard Emerging Markets Fund | 7,322 | 308 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $9,669) | 9,326 | |||||||
Short-Term Investments – 17.4% | ||||||||
Money Market Fund – 14.3% | ||||||||
State Street Institutional Liquid Reserves Fund | ||||||||
0.160% Ω | 116,561,498 | 116,561 | ||||||
U.S. Treasury Obligations – 3.1% | ||||||||
U.S. Treasury Bills | ||||||||
0.110%, 05/20/2010 o | $ | 24,150 | 24,149 | |||||
0.222%, 10/21/2010 o | 650 | 649 | ||||||
24,798 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $141,359) | 141,359 | |||||||
Total Investments 5 – 99.7% | ||||||||
(Cost $762,883) | 810,810 | |||||||
Other Assets and Liabilities, Net – 0.3% | 2,792 | |||||||
Total Net Assets – 100.0% | $ | 813,602 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
⊡ | Security is internally fair valued. As of April 30, 2010, the fair value of this investment was $1,024 or 0.1% of total net assets. See note 2 in Notes to Financial Statements. | |
Ω | The rate shown is the annualized seven-day effective yield as of April 30, 2010. | |
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. See note 2 in Notes to Financial Statements. | |
5 | On April 30, 2010, the cost of investments for federal income tax purposes was approximately $762,883. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 81,789 | ||
Gross unrealized depreciation | (33,862 | ) | ||
Net unrealized appreciation | $ | 47,927 | ||
ADR – | American Depositary Receipt |
GDR – | Global Depositary Receipt |
REIT – | Real Estate Investment Trust |
SDR – | Swedish Depositary Receipt |
The accompanying notes are an integral part of the financial statements.
26 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
International Select Fund (concluded)
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Settlement | Purchased | Contract | Appreciation | |||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||
Amsterdam Index Futures | May 2010 | 106 | $9,699 | $ | 8 | |||||||||
CAC 40 10 Euro Index Futures | June 2010 | 237 | 11,713 | (338 | ) | |||||||||
DAX Index Futures | June 2010 | 27 | 5,510 | 159 | ||||||||||
Dow Jones Euro STOXX 50 Futures | June 2010 | (125 | ) | (4,574) | 104 | |||||||||
Euro Currency Futures | June 2010 | (172 | ) | (28,612) | (147 | ) | ||||||||
FTSE 100 Index Futures | June 2010 | 279 | 23,511 | (397 | ) | |||||||||
FTSE/JSE Top 40 Index Futures | June 2010 | 181 | 6,308 | 2 | ||||||||||
IBEX 35 Index Futures | May 2010 | (156 | ) | (21,458) | 2,121 | |||||||||
Japanese Yen Currency Futures | June 2010 | (103 | ) | (13,713) | 607 | |||||||||
Mexican Bolsa Index Futures | June 2010 | (408 | ) | (10,818) | 55 | |||||||||
MSCI Taiwan Stock Index Futures | May 2010 | 577 | 16,473 | (28 | ) | |||||||||
Nikkei 225 Index Futures | June 2010 | 541 | 29,769 | 753 | ||||||||||
OMXS30 Index Futures | May 2010 | 1,185 | 17,186 | 284 | ||||||||||
Russell 2000 Mini Index Futures | June 2010 | (230 | ) | (16,457) | (998 | ) | ||||||||
S&P 500 Futures | June 2010 | (22 | ) | (6,509) | 3 | |||||||||
S&P TSE 60 Futures | June 2010 | 234 | 32,905 | 665 | ||||||||||
SGX MSCI Singapore Index Futures | May 2010 | 164 | 8,392 | 45 | ||||||||||
SPI 200 Futures | June 2010 | 229 | 25,528 | (49 | ) | |||||||||
STOXX SML200 Futures | June 2010 | (1 | ) | (44) | 1 | |||||||||
Swiss Market Index Futures | June 2010 | 483 | 29,573 | (774 | ) | |||||||||
TOPIX Index Futures | June 2010 | 49 | 5,128 | (25 | ) | |||||||||
$ | 2,051 | |||||||||||||
At April 30, 2010, sector diversification of the fund was as follows:
% of | ||||||||
Common Stocks | Net Assets | Fair Value | ||||||
Financials | 15.7 | % | $ | 127,858 | ||||
Information Technology | 11.0 | 89,550 | ||||||
Consumer Staples | 10.1 | 82,605 | ||||||
Industrials | 8.8 | 71,508 | ||||||
Materials | 8.8 | 71,414 | ||||||
Energy | 7.3 | 59,242 | ||||||
Consumer Discretionary | 7.1 | 57,469 | ||||||
Healthcare | 5.6 | 45,523 | ||||||
Telecommunication Services | 3.9 | 32,155 | ||||||
Utilities | 2.8 | 22,731 | ||||||
Transportation | — | 70 | ||||||
Total Common Stocks | 81.1 | 660,125 | ||||||
Total Exchange-Traded Funds | 1.2 | 9,326 | ||||||
Total Short-Term Investments | 17.4 | 141,359 | ||||||
Total Investments | 99.7 | 810,810 | ||||||
Other Assets and Liabilities, Net | 0.3 | 2,792 | ||||||
Net Assets | 100.00 | % | $ | 813,602 | ||||
Large Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 99.5% | ||||||||
Consumer Discretionary – 22.3% | ||||||||
Amazon.com 6 = | 112,351 | $ | 15,399 | |||||
Bed Bath & Beyond 6 = | 105,848 | 4,865 | ||||||
Best Buy | 137,757 | 6,282 | ||||||
Brunswick 6 | 259,069 | 5,414 | ||||||
Carnival | 191,816 | 7,999 | ||||||
Chipotle Mexican Grill, Class A = | 45,011 | 6,072 | ||||||
Ctrip.com International – ADR = | 112,352 | 4,103 | ||||||
Dick’s Sporting Goods 6 = | 187,235 | 5,450 | ||||||
Dollar Tree = | 100,134 | 6,080 | ||||||
J. Crew Group 6 = | 97,840 | 4,547 | ||||||
lululemon Athletica 6 = | 103,849 | 3,907 | ||||||
Netflix 6 = | 73,409 | 7,251 | ||||||
Nordstrom 6 | 125,266 | 5,177 | ||||||
Polo Ralph Lauren 6 | 76,166 | 6,847 | ||||||
Priceline.com 6 = | 61,002 | 15,986 | ||||||
Target | 93,224 | 5,302 | ||||||
Walt Disney 6 | 196,914 | 7,254 | ||||||
Williams-Sonoma 6 | 276,908 | 7,975 | ||||||
Wynn Resorts 6 | 97,381 | 8,593 | ||||||
134,503 | ||||||||
Consumer Staples – 3.4% | ||||||||
Colgate-Palmolive | 100,030 | 8,412 | ||||||
Costco Wholesale | 77,906 | 4,603 | ||||||
Estee Lauder, Class A 6 | 113,887 | 7,507 | ||||||
20,522 | ||||||||
Energy – 5.3% | ||||||||
Dril-Quip = | 71,458 | 4,139 | ||||||
Occidental Petroleum | 44,391 | 3,936 | ||||||
Pioneer Natural Resources 6 | 108,952 | 6,987 | ||||||
Schlumberger 6 | 142,926 | 10,208 | ||||||
Whiting Petroleum = | 73,582 | 6,647 | ||||||
31,917 | ||||||||
Financials – 7.4% | ||||||||
American Express | 216,824 | 10,000 | ||||||
Bank of America | 327,383 | 5,837 | ||||||
Blackstone Group 6 | 418,871 | 5,856 | ||||||
Comerica 6 | 121,772 | 5,114 | ||||||
Goldman Sachs Group 6 | 20,569 | 2,987 | ||||||
KeyCorp 6 | 593,440 | 5,353 | ||||||
Och-Ziff Capital Management Group, Class A | 217,820 | 3,816 | ||||||
Regions Financial 6 | 629,185 | 5,562 | ||||||
44,525 | ||||||||
Healthcare – 10.7% | ||||||||
Allergan | 124,856 | 7,952 | ||||||
Celgene = | 70,422 | 4,363 | ||||||
Cerner 6 = | 55,517 | 4,714 | ||||||
Edwards Lifesciences 6 = | 53,810 | 5,547 | ||||||
Express Scripts = | 97,061 | 9,719 | ||||||
Medco Health Solutions = | 101,719 | 5,993 | ||||||
Perrigo 6 | 111,729 | 6,819 | ||||||
Teva Pharmaceutical Industries – ADR 6 | 115,848 | 6,804 | ||||||
Thermo Fisher Scientific = | 166,853 | 9,223 | ||||||
Vertex Pharmaceuticals 6 = | 90,343 | 3,502 | ||||||
64,636 | ||||||||
Industrials – 13.1% | ||||||||
3M | 108,225 | 9,596 | ||||||
Boeing | 68,148 | 4,936 | ||||||
Caterpillar 6 | 118,209 | 8,049 | ||||||
Cummins | 152,384 | 11,007 | ||||||
Flowserve | 53,653 | 6,147 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 27
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Large Cap Growth Opportunities Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Goodrich | 84,817 | $ | 6,292 | |||||
Joy Global | 80,653 | 4,582 | ||||||
Manpower | 81,028 | 4,546 | ||||||
Parker Hannifin | 65,688 | 4,544 | ||||||
Precision Castparts | 81,378 | 10,444 | ||||||
United Technologies | 121,375 | 9,097 | ||||||
79,240 | ||||||||
Information Technology ⊳ – 34.8% | ||||||||
Accenture, Class A | 150,916 | 6,586 | ||||||
Amphenol, Class A | 147,504 | 6,816 | ||||||
Apple = | 178,853 | 46,702 | ||||||
Broadcom, Class A | 222,505 | 7,674 | ||||||
Check Point Software Technologies = | 117,868 | 4,199 | ||||||
Cisco Systems = | 576,680 | 15,524 | ||||||
Citrix Systems 6 = | 104,151 | 4,895 | ||||||
Dolby Laboratories, Class A 6 = | 133,934 | 9,204 | ||||||
F5 Networks 6 = | 118,229 | 8,090 | ||||||
Google, Class A = | 32,260 | 16,951 | ||||||
Hewlett-Packard | 309,740 | 16,097 | ||||||
MasterCard, Class A 6 | 26,313 | 6,527 | ||||||
Microsoft | 262,355 | 8,012 | ||||||
NetApp = | 131,539 | 4,561 | ||||||
QUALCOMM | 115,357 | 4,469 | ||||||
Rackspace Hosting 6 = | 169,819 | 3,048 | ||||||
Red Hat 6 = | 165,844 | 4,954 | ||||||
Salesforce.com 6 = | 74,298 | 6,360 | ||||||
Sybase 6 = | 105,790 | 4,589 | ||||||
Visa, Class A 6 | 183,158 | 16,526 | ||||||
Vistaprint 6 = | 73,448 | 3,789 | ||||||
VMware, Class A 6 = | 79,531 | 4,902 | ||||||
210,475 | ||||||||
Materials – 1.5% | ||||||||
Carpenter Technology | 79,504 | 3,122 | ||||||
Cliffs Natural Resources 6 | 96,318 | 6,023 | ||||||
9,145 | ||||||||
Telecommunication Services – 1.0% | ||||||||
American Tower, Class A = | 144,552 | 5,899 | ||||||
Total Common Stocks | ||||||||
(Cost $467,880) | 600,862 | |||||||
Short-Term Investment – 0.0% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $95) | 94,805 | 95 | ||||||
Investment Purchased with Proceeds from Securities Lending – 32.0% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $193,614) | 193,613,851 | 193,614 | ||||||
Total Investments 5 – 131.5% | ||||||||
(Cost $661,589) | 794,571 | |||||||
Other Assets and Liabilities, Net – (31.5)% | (190,281 | ) | ||||||
Total Net Assets – 100.0% | $ | 604,290 | ||||||
Large Cap Growth Opportunities Fund (concluded)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $182,694 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. |
⊳ The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $661,589. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 139,636 | ||
Gross unrealized depreciation | (6,654 | ) | ||
Net unrealized appreciation | $ | 132,982 | ||
ADR – | American Depositary Receipt |
The accompanying notes are an integral part of the financial statements.
28 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Large Cap Select Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 98.4% | ||||||||
Consumer Discretionary – 21.1% | ||||||||
Abercrombie & Fitch, Class A 6 | 50,049 | $ | 2,189 | |||||
Best Buy 6 | 36,541 | 1,666 | ||||||
Brunswick 6 | 112,430 | 2,350 | ||||||
DIRECTV, Class A = | 61,001 | 2,210 | ||||||
Discovery Communications, Class A 6 = | 44,854 | 1,736 | ||||||
Foot Locker | 152,985 | 2,348 | ||||||
J.C. Penney | 48,568 | 1,417 | ||||||
Jarden | 51,533 | 1,655 | ||||||
MGM MIRAGE 6 = | 107,847 | 1,714 | ||||||
Office Depot = | 219,707 | 1,507 | ||||||
OfficeMax 6 = | 46,154 | 877 | ||||||
Stanley Black & Decker | 26,127 | 1,624 | ||||||
Target | 29,596 | 1,683 | ||||||
Walt Disney 6 | 65,362 | 2,408 | ||||||
Williams-Sonoma 6 | 85,030 | 2,449 | ||||||
WMS Industries 6 = | 41,972 | 2,099 | ||||||
29,932 | ||||||||
Consumer Staples – 2.1% | ||||||||
Coca-Cola 6 | 54,947 | 2,937 | ||||||
Energy – 9.5% | ||||||||
Alpha Natural Resources 6 = | 18,901 | 890 | ||||||
Anadarko Petroleum 6 | 27,648 | 1,719 | ||||||
Exxon Mobil 6 | 35,476 | 2,407 | ||||||
Newfield Exploration 6 = | 26,299 | 1,530 | ||||||
Occidental Petroleum 6 | 36,828 | 3,265 | ||||||
Schlumberger 6 | 14,912 | 1,065 | ||||||
Whiting Petroleum 6 = | 28,431 | 2,568 | ||||||
13,444 | ||||||||
Financials – 18.9% | ||||||||
Affiliated Managers Group 6 = | 16,960 | 1,428 | ||||||
Bank of America | 302,115 | 5,387 | ||||||
Comerica 6 | 58,195 | 2,444 | ||||||
Fifth Third Bancorp 6 | 114,142 | 1,702 | ||||||
Goldman Sachs Group 6 | 24,707 | 3,587 | ||||||
JPMorgan Chase 6 | 113,087 | 4,815 | ||||||
KeyCorp 6 | 278,345 | 2,511 | ||||||
Lincoln National 6 | 37,057 | 1,134 | ||||||
Regions Financial 6 | 294,129 | 2,600 | ||||||
SLM = | 104,700 | 1,281 | ||||||
26,889 | ||||||||
Healthcare – 8.5% | ||||||||
Allergan | 21,619 | 1,377 | ||||||
Bristol-Myers Squibb 6 | 65,663 | 1,661 | ||||||
Edwards Lifesciences = | 10,541 | 1,086 | ||||||
McKesson | 27,394 | 1,775 | ||||||
Medco Health Solutions = | 24,673 | 1,454 | ||||||
Mylan 6 = | 60,172 | 1,326 | ||||||
Pfizer | 64,712 | 1,082 | ||||||
Thermo Fisher Scientific = | 43,314 | 2,394 | ||||||
12,155 | ||||||||
Industrials – 9.4% | ||||||||
Caterpillar | 28,746 | 1,957 | ||||||
Eaton | 32,374 | 2,498 | ||||||
General Electric | 190,903 | 3,601 | ||||||
Manpower | 25,327 | 1,421 | ||||||
Timken | 44,536 | 1,567 | ||||||
Tyco International | 58,993 | 2,288 | ||||||
13,332 | ||||||||
Information Technology ⊳ – 25.8% | ||||||||
Analog Devices | 68,722 | 2,057 | ||||||
Apple = | 22,301 | 5,823 | ||||||
Automatic Data Processing | 42,159 | 1,828 | ||||||
Check Point Software Technologies 6 = | 40,888 | 1,456 | ||||||
Ciena 6 = | 77,780 | 1,438 | ||||||
Cisco Systems = | 138,572 | 3,730 | ||||||
eBay = | 73,962 | 1,761 | ||||||
Hewlett-Packard | 65,082 | 3,382 | ||||||
Intel | 74,950 | 1,711 | ||||||
Microsoft | 139,608 | 4,264 | ||||||
QUALCOMM | 55,825 | 2,163 | ||||||
Sybase 6 = | 29,197 | 1,267 | ||||||
Texas Instruments 6 | 71,931 | 1,871 | ||||||
VMware, Class A 6 = | 25,453 | 1,569 | ||||||
Xerox | 213,516 | 2,327 | ||||||
36,647 | ||||||||
Materials – 2.0% | ||||||||
Cliffs Natural Resources 6 | 24,815 | 1,552 | ||||||
Packaging Corporation of America | 15,504 | 383 | ||||||
United States Steel 6 | 15,596 | 853 | ||||||
2,788 | ||||||||
Utilities – 1.1% | ||||||||
CMS Energy 6 | 95,916 | 1,560 | ||||||
Total Common Stocks | ||||||||
(Cost $115,851) | 139,684 | |||||||
Short-Term Investment – 3.1% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $4,313) | 4,313,414 | 4,313 | ||||||
Investment Purchased with Proceeds from Securities Lending – 36.2% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $51,429) | 51,428,910 | 51,429 | ||||||
Total Investments 5 – 137.7% | ||||||||
(Cost $171,593) | 195,426 | |||||||
Other Assets and Liabilities, Net – (37.7)% | (53,466 | ) | ||||||
Total Net Assets – 100.0% | $ | 141,960 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $48,276 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 29
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Large Cap Select Fund (concluded)
5 | On April 30, 2010, the cost of investments for federal income tax purposes was approximately $171,593. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 25,297 | ||
Gross unrealized depreciation | (1,464 | ) | ||
Net unrealized appreciation | $ | 23,833 | ||
Large Cap Value Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 99.3% | ||||||||
Consumer Discretionary – 13.5% | ||||||||
Abercrombie & Fitch, Class A 6 | 45,304 | $ | 1,981 | |||||
Best Buy | 137,513 | 6,271 | ||||||
Darden Restaurants | 125,363 | 5,610 | ||||||
DIRECTV, Class A = | 233,682 | 8,466 | ||||||
Guess? | 16,746 | 768 | ||||||
Home Depot | 139,704 | 4,924 | ||||||
Jarden | 193,860 | 6,227 | ||||||
Macy’s 6 | 214,641 | 4,980 | ||||||
WABCO Holdings = | 176,497 | 5,858 | ||||||
Walt Disney 6 | 231,291 | 8,521 | ||||||
53,606 | ||||||||
Consumer Staples – 3.7% | ||||||||
ConAgra Foods | 196,765 | 4,815 | ||||||
Dr. Pepper Snapple Group | 159,838 | 5,232 | ||||||
Procter & Gamble | 77,962 | 4,846 | ||||||
14,893 | ||||||||
Energy – 17.2% | ||||||||
Alpha Natural Resources 6 = | 95,827 | 4,511 | ||||||
Anadarko Petroleum 6 | 82,436 | 5,124 | ||||||
Apache | 54,255 | 5,521 | ||||||
Cameron International = | 71,922 | 2,838 | ||||||
Chevron | 95,306 | 7,762 | ||||||
Exxon Mobil 6 | 119,208 | 8,088 | ||||||
Newfield Exploration = | 82,347 | 4,792 | ||||||
Occidental Petroleum | 120,515 | 10,685 | ||||||
Pioneer Natural Resources 6 | 101,120 | 6,485 | ||||||
Schlumberger 6 | 85,198 | 6,085 | ||||||
Whiting Petroleum = | 72,326 | 6,533 | ||||||
68,424 | ||||||||
Financials ⊳ – 26.4% | ||||||||
ACE | 98,069 | 5,216 | ||||||
American Express | 141,772 | 6,539 | ||||||
Ameriprise Financial | 131,517 | 6,097 | ||||||
Bank of America | 802,534 | 14,309 | ||||||
Citigroup 6 = | 1,971,899 | 8,617 | ||||||
Comerica 6 | 134,218 | 5,637 | ||||||
Fifth Third Bancorp | 557,937 | 8,319 | ||||||
Goldman Sachs Group 6 | 18,359 | 2,666 | ||||||
JPMorgan Chase | 341,089 | 14,524 | ||||||
PNC Financial Services Group | 88,159 | 5,925 | ||||||
Prudential Financial | 91,419 | 5,811 | ||||||
SunTrust Banks 6 | 202,928 | 6,007 | ||||||
Unum Group | 203,822 | 4,987 | ||||||
Wells Fargo | 311,219 | 10,304 | ||||||
104,958 | ||||||||
Healthcare – 6.0% | ||||||||
AmerisourceBergen 6 | 198,913 | 6,136 | ||||||
Bristol-Myers Squibb 6 | 165,167 | 4,177 | ||||||
Johnson & Johnson | 61,740 | 3,970 | ||||||
Merck | 88,705 | 3,108 | ||||||
Pfizer | 396,744 | 6,634 | ||||||
24,025 | ||||||||
Industrials – 13.4% | ||||||||
BE Aerospace = | 139,678 | 4,150 | ||||||
Boeing 6 | 107,559 | 7,791 | ||||||
Cummins | 61,417 | 4,436 | ||||||
Eaton | 89,651 | 6,917 | ||||||
FedEx 6 | 65,581 | 5,903 |
The accompanying notes are an integral part of the financial statements.
30 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Large Cap Value Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
General Electric | 959,991 | $ | 18,105 | |||||
Timken | 173,867 | 6,117 | ||||||
53,419 | ||||||||
Information Technology – 7.7% | ||||||||
Check Point Software Technologies 6 = | 182,631 | 6,505 | ||||||
Cisco Systems = | 220,217 | 5,928 | ||||||
Hewlett-Packard | 138,420 | 7,194 | ||||||
Intel | 179,456 | 4,097 | ||||||
Xerox | 631,316 | 6,882 | ||||||
30,606 | ||||||||
Materials – 3.8% | ||||||||
Cliffs Natural Resources 6 | 57,990 | 3,626 | ||||||
Dow Chemical 6 | 236,081 | 7,278 | ||||||
International Paper | 152,018 | 4,065 | ||||||
14,969 | ||||||||
Telecommunication Services – 3.5% | ||||||||
AT&T 6 | 331,780 | 8,646 | ||||||
Qwest Communications International | 974,044 | 5,094 | ||||||
13,740 | ||||||||
Utilities – 4.1% | ||||||||
CMS Energy 6 | 309,912 | 5,039 | ||||||
Edison International | 180,494 | 6,204 | ||||||
Sempra Energy | 100,950 | 4,965 | ||||||
16,208 | ||||||||
Total Common Stocks | ||||||||
(Cost $362,280) | 394,848 | |||||||
Short-Term Investment – 0.3% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $1,143) | 1,143,487 | 1,143 | ||||||
Investment Purchased with Proceeds from Securities Lending – 22.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $91,203) | 91,202,564 | 91,203 | ||||||
Total Investments 5 – 122.5% | ||||||||
(Cost $454,626) | 487,194 | |||||||
Other Assets and Liabilities, Net – (22.5)% | (89,650 | ) | ||||||
Total Net Assets – 100.0% | $ | 397,544 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $86,370 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 |
Large Cap Value Fund (concluded)
fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. | ||
5 | On April 30, 2010, the cost of investments for federal income tax purposes was approximately $454,626. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 49,996 | ||
Gross unrealized depreciation | (17,428 | ) | ||
Net unrealized appreciation | $ | 32,568 | ||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 31
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 97.6% | ||||||||
Consumer Discretionary ⊳ – 25.5% | ||||||||
Abercrombie & Fitch, Class A 6 | 470,425 | �� | $ | 20,572 | ||||
AnnTaylor Stores = | 450,079 | 9,767 | ||||||
Bed Bath & Beyond 6 = | 569,785 | 26,187 | ||||||
Brunswick 6 | 810,054 | 16,930 | ||||||
Chipotle Mexican Grill, Class A 6 = | 152,095 | 20,519 | ||||||
Coach 6 | 524,069 | 21,880 | ||||||
Ctrip.com International – ADR = | 182,227 | 6,655 | ||||||
DeVry 6 | 297,479 | 18,560 | ||||||
Dick’s Sporting Goods 6 = | 618,647 | 18,009 | ||||||
Harman International Industries = | 349,363 | 13,793 | ||||||
J.Crew Group 6 = | 230,883 | 10,729 | ||||||
lululemon Athletica 6 = | 241,466 | 9,084 | ||||||
Netflix 6 = | 83,058 | 8,204 | ||||||
Nordstrom 6 | 479,391 | 19,813 | ||||||
Office Depot = | 1,545,838 | 10,604 | ||||||
Polo Ralph Lauren 6 | 155,367 | 13,967 | ||||||
Priceline.com 6 = | 119,583 | 31,337 | ||||||
TJX 6 | 386,272 | 17,900 | ||||||
WABCO Holdings = | 272,901 | 9,058 | ||||||
Williams-Sonoma 6 | 634,548 | 18,275 | ||||||
WMS Industries 6 = | 189,528 | 9,480 | ||||||
Wynn Resorts 6 | 172,861 | 15,253 | ||||||
346,576 | ||||||||
Consumer Staples – 1.9% | ||||||||
Estee Lauder, Class A | 162,997 | 10,745 | ||||||
Whole Foods Market 6 = | 391,445 | 15,274 | ||||||
26,019 | ||||||||
Energy – 4.3% | ||||||||
Alpha Natural Resources 6 = | 295,224 | 13,899 | ||||||
Cameron International = | 287,424 | 11,342 | ||||||
Oceaneering International 6 = | 131,254 | 8,597 | ||||||
Petrohawk Energy = | 476,088 | 10,279 | ||||||
Whiting Petroleum = | 167,236 | 15,106 | ||||||
59,223 | ||||||||
Financials – 10.3% | ||||||||
Affiliated Managers Group 6 = | 217,987 | 18,350 | ||||||
Blackstone Group 6 | 950,302 | 13,285 | ||||||
Comerica 6 | 314,498 | 13,209 | ||||||
Discover Financial Services | 781,729 | 12,086 | ||||||
IntercontinentalExchange 6 = | 90,483 | 10,553 | ||||||
KeyCorp 6 | 1,691,031 | 15,253 | ||||||
PartnerRe | 117,978 | 9,153 | ||||||
Regions Financial 6 | 1,566,637 | 13,849 | ||||||
SLM 6 = | 1,002,109 | 12,266 | ||||||
T. Rowe Price Group 6 | 221,964 | 12,765 | ||||||
TD Ameritrade 6 = | 481,916 | 9,648 | ||||||
140,417 | ||||||||
Healthcare – 11.2% | ||||||||
Alexion Pharmaceuticals = | 247,072 | 13,559 | ||||||
C.R. Bard | 118,248 | 10,232 | ||||||
Cerner 6 = | 127,633 | 10,837 | ||||||
Edwards Lifesciences 6 = | 124,717 | 12,856 | ||||||
Express Scripts = | 172,911 | 17,314 | ||||||
Intuitive Surgical 6 = | 31,844 | 11,482 | ||||||
Mylan 6 = | 794,322 | 17,499 | ||||||
NuVasive 6 = | 387,268 | 16,110 | ||||||
PerkinElmer | 580,712 | 14,547 | ||||||
Perrigo 6 | 271,675 | 16,580 | ||||||
Vertex Pharmaceuticals 6 = | 306,383 | 11,879 | ||||||
152,895 | ||||||||
Industrials – 15.8% | ||||||||
Copa Holdings, Class A | 232,887 | 13,200 | ||||||
Cummins | 182,343 | 13,171 | ||||||
Eaton | 224,008 | 17,284 | ||||||
Expeditors International of Washington 6 | 392,569 | 15,993 | ||||||
Flowserve | 152,971 | 17,527 | ||||||
Joy Global | 333,164 | 18,927 | ||||||
Manpower | 319,831 | 17,943 | ||||||
Parker Hannifin | 258,050 | 17,852 | ||||||
Precision Castparts | 243,150 | 31,206 | ||||||
Rockwell Automation 6 | 224,814 | 13,651 | ||||||
Roper Industries 6 | 309,881 | 18,909 | ||||||
Ryanair Holdings – ADR = | 681,256 | 19,184 | ||||||
214,847 | ||||||||
Information Technology – 23.8% | ||||||||
Altera 6 | 821,553 | 20,835 | ||||||
Amphenol, Class A | 566,784 | 26,191 | ||||||
Analog Devices | 493,136 | 14,759 | ||||||
Check Point Software Technologies 6 = | 394,276 | 14,044 | ||||||
Citrix Systems 6 = | 172,956 | 8,129 | ||||||
Dolby Laboratories, Class A = | 316,030 | 21,717 | ||||||
F5 Networks 6 = | 320,279 | 21,917 | ||||||
Juniper Networks 6 = | 411,921 | 11,703 | ||||||
Lam Research 6 = | 430,110 | 17,441 | ||||||
Marvell Technology Group = | 1,036,837 | 21,411 | ||||||
MasterCard, Class A 6 | 58,804 | 14,586 | ||||||
MicroStrategy, Class A = | 99,396 | 7,614 | ||||||
NetApp 6 = | 806,846 | 27,973 | ||||||
Rackspace Hosting 6 = | 431,302 | 7,742 | ||||||
Red Hat 6 = | 224,745 | 6,713 | ||||||
Salesforce.com 6 = | 137,371 | 11,759 | ||||||
Seagate Technology = | 633,050 | 11,629 | ||||||
SuccessFactors 6 = | 466,054 | 9,754 | ||||||
Sybase 6 = | 461,339 | 20,013 | ||||||
Teradata = | 653,399 | 18,994 | ||||||
VistaPrint NV 6 = | 170,028 | 8,770 | ||||||
323,694 | ||||||||
Materials – 3.4% | ||||||||
Albemarle | 380,648 | 17,380 | ||||||
Carpenter Technology 6 | 452,631 | 17,775 | ||||||
Cliffs Natural Resources 6 | 183,285 | 11,461 | ||||||
46,616 | ||||||||
Telecommunication Services – 1.4% | ||||||||
NII Holdings 6 = | 441,753 | 18,739 | ||||||
Total Common Stocks | ||||||||
(Cost $1,069,303) | 1,329,026 | |||||||
Short-Term Investment – 0.1% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $1,127) | 1,126,554 | 1,127 | ||||||
Investment Purchased with Proceeds from Securities Lending – 40.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $550,334) | 550,334,496 | 550,334 | ||||||
Total Investments 5 – 138.1% | ||||||||
(Cost $1,620,764) | 1,880,487 | |||||||
Other Assets and Liabilities, Net – (38.1)% | (518,971 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,361,516 | ||||||
The accompanying notes are an integral part of the financial statements.
32 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Mid Cap Growth Opportunities Fund (concluded)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $518,774 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $1,620,764. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 275,274 | ||
Gross unrealized depreciation | (15,551 | ) | ||
Net unrealized appreciation | $ | 259,723 | ||
ADR – | American Depositary Receipt |
Mid Cap Select Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 99.1% | ||||||||
Consumer Discretionary – 21.2% | ||||||||
1-800-Flowers.com, Class A = | 142,719 | $ | 408 | |||||
Abercrombie & Fitch, Class A 6 | 16,009 | 700 | ||||||
Bed Bath & Beyond = 6 | 13,141 | 604 | ||||||
Brunswick 6 | 27,211 | 569 | ||||||
Ctrip.com International – ADR = | 11,114 | 406 | ||||||
D.R. Horton 6 | 35,483 | 521 | ||||||
Foot Locker | 39,542 | 607 | ||||||
Interpublic Group of Companies = | 45,737 | 408 | ||||||
Jarden | 21,629 | 695 | ||||||
Liberty Media Capital, Series A = | 13,293 | 588 | ||||||
lululemon Athletica = 6 | 18,607 | 700 | ||||||
Office Depot = | 84,665 | 581 | ||||||
Warnaco Group = | 11,716 | 560 | ||||||
Williams-Sonoma 6 | 25,945 | 747 | ||||||
WMS Industries = 6 | 21,974 | 1,099 | ||||||
9,193 | ||||||||
Consumer Staples – 3.1% | ||||||||
American Italian Pasta, Class A = 6 | 10,791 | 423 | ||||||
Diamond Foods 6 | 16,407 | 701 | ||||||
Estee Lauder, Class A | 3,281 | 216 | ||||||
1,340 | ||||||||
Energy – 5.8% | ||||||||
Alpha Natural Resources = 6 | 10,494 | 494 | ||||||
Pioneer Natural Resources 6 | 15,807 | 1,014 | ||||||
Whiting Petroleum = 6 | 11,184 | 1,010 | ||||||
2,518 | ||||||||
Financials – 24.7% | ||||||||
Affiliated Managers Group = 6 | 7,569 | 637 | ||||||
Ameriprise Financial | 14,217 | 659 | ||||||
Annaly Capital Management – REIT | 31,928 | 541 | ||||||
Comerica | 22,240 | 934 | ||||||
Conseco = | 67,370 | 397 | ||||||
Digital Realty Trust – REIT 6 | 15,144 | 889 | ||||||
Discover Financial Services | 38,266 | 592 | ||||||
Fifth Third Bancorp 6 | 75,769 | 1,130 | ||||||
KeyCorp 6 | 115,416 | 1,041 | ||||||
MFA Financial – REIT | 63,999 | 455 | ||||||
PartnerRe 6 | 9,542 | 740 | ||||||
Regions Financial 6 | 139,084 | 1,230 | ||||||
SLM = 6 | 41,736 | 511 | ||||||
Unum Group | 39,058 | 956 | ||||||
10,712 | ||||||||
Healthcare – 9.1% | ||||||||
C.R. Bard | 5,197 | 450 | ||||||
Hologic = | 26,501 | 474 | ||||||
Humana = | 11,160 | 510 | ||||||
Intuitive Surgical = 6 | 2,614 | 943 | ||||||
MEDNAX = | 11,057 | 607 | ||||||
Vertex Pharmaceuticals = 6 | 12,801 | 496 | ||||||
Zoll Medical = | 15,592 | 476 | ||||||
3,956 | ||||||||
Industrials – 9.3% | ||||||||
Altra Holdings = | 37,394 | 567 | ||||||
American Reprographics = | 54,456 | 544 | ||||||
Flowserve | 5,568 | 638 | ||||||
Joy Global | 14,185 | 806 | ||||||
Manpower | 8,215 | 461 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 33
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Oshkosh = | 16,258 | $ | 628 | |||||
Timken | 10,890 | 383 | ||||||
4,027 | ||||||||
Information Technology – 17.4% | ||||||||
Altera 6 | 38,050 | 965 | ||||||
Amkor Technology = 6 | 91,577 | 691 | ||||||
Check Point Software Technologies = 6 | 12,457 | 444 | ||||||
Computer Sciences = 6 | 9,034 | 473 | ||||||
Digital River = | 14,904 | 416 | ||||||
F5 Networks = 6 | 14,031 | 960 | ||||||
LoopNet = 6 | 48,364 | 546 | ||||||
MICROS Systems = | 14,266 | 530 | ||||||
Plantronics 6 | 16,633 | 552 | ||||||
SonicWALL = | 71,807 | 727 | ||||||
Sybase = | 13,104 | 569 | ||||||
Xerox | 60,276 | 657 | ||||||
7,530 | ||||||||
Materials – 5.2% | ||||||||
Albemarle | 12,387 | 566 | ||||||
Carpenter Technology 6 | 14,681 | 576 | ||||||
Cliffs Natural Resources | 9,492 | 593 | ||||||
Packaging Corporation of America | 21,223 | 525 | ||||||
2,260 | ||||||||
Utilities – 3.3% | ||||||||
CMS Energy 6 | 35,086 | 571 | ||||||
Edison International | 9,520 | 327 | ||||||
Xcel Energy | 25,693 | 559 | ||||||
1,457 | ||||||||
Total Common Stocks | ||||||||
(Cost $35,253) | 42,993 | |||||||
Warrants – 0.0% | ||||||||
Lantronix, Warrants = ¥ ⊡ | ||||||||
(Cost $0) | 746 | — | ||||||
Investment Purchased with Proceeds from Securities Lending – 46.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $20,326) | 20,325,955 | 20,326 | ||||||
Total Investments 5 – 146.0% | ||||||||
(Cost $55,579) | 63,319 | |||||||
Other Assets and Liabilities, Net – (46.0)% | (19,953 | ) | ||||||
Total Net Assets – 100.0% | $ | 43,366 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $19,118 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
¥ | Security considered illiquid. As of April 30, 2010, the fair value of the fund’s investment in securities considered to be illiquid was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. | |
⊡ | Security is internally fair valued. As of April 30, 2010, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. | |
Ω | The rate shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 |
Mid Cap Select Fund (concluded)
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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $55,579. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 8,234 | ||
Gross unrealized depreciation | (494 | ) | ||
Net unrealized appreciation | $ | 7,740 | ||
ADR – | American Depositary Receipt |
REIT – | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
34 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Mid Cap Value Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 98.8% | ||||||||
Consumer Discretionary – 20.0% | ||||||||
Abercrombie & Fitch, Class A 6 | 73,701 | $ | 3,223 | |||||
AnnTaylor Stores = | 293,972 | 6,379 | ||||||
Cablevision Systems, Class A | 306,775 | 8,418 | ||||||
CBS, Class B 6 | 617,230 | 10,005 | ||||||
D.R. Horton 6 | 513,226 | 7,539 | ||||||
Darden Restaurants | 182,442 | 8,164 | ||||||
Foot Locker | 501,089 | 7,692 | ||||||
Interpublic Group of Companies 6 = | 717,383 | 6,392 | ||||||
Jarden | 220,163 | 7,072 | ||||||
Macy’s 6 | 444,815 | 10,320 | ||||||
Magna International, Class A 6 = | 96,242 | 6,319 | ||||||
Mattel | 419,008 | 9,658 | ||||||
OfficeMax = | 361,822 | 6,875 | ||||||
Stanley Black & Decker | 136,247 | 8,468 | ||||||
WABCO Holdings = | 305,186 | 10,129 | ||||||
Whirlpool 6 | 106,269 | 11,569 | ||||||
128,222 | ||||||||
Consumer Staples – 6.1% | ||||||||
ConAgra Foods | 385,897 | 9,443 | ||||||
Del Monte Foods 6 | 406,537 | 6,074 | ||||||
Dr. Pepper Snapple Group | 315,916 | 10,340 | ||||||
JM Smucker | 102,237 | 6,243 | ||||||
Safeway 6 | 283,671 | 6,695 | ||||||
38,795 | ||||||||
Energy – 9.4% | ||||||||
Alpha Natural Resources 6 = | 130,861 | 6,161 | ||||||
Cameron International = | 88,162 | 3,479 | ||||||
Newfield Exploration 6 = | 213,189 | 12,406 | ||||||
Noble Energy 6 | 83,366 | 6,369 | ||||||
Pioneer Natural Resources 6 | 183,223 | 11,750 | ||||||
Spectra Energy 6 | 347,554 | 8,112 | ||||||
Whiting Petroleum = | 135,604 | 12,249 | ||||||
60,526 | ||||||||
Financials ⊳ – 26.9% | ||||||||
Ameriprise Financial 6 | 284,246 | 13,178 | ||||||
Arch Capital Group = | 102,767 | 7,767 | ||||||
BOK Financial | 156,314 | 8,508 | ||||||
Boston Properties – REIT 6 | 79,143 | 6,241 | ||||||
Comerica 6 | 288,962 | 12,136 | ||||||
Discover Financial Services | 768,901 | 11,887 | ||||||
Essex Property Trust – REIT 6 | 78,596 | 8,317 | ||||||
Federal Realty Investment Trust – REIT 6 | 121,070 | 9,370 | ||||||
Fifth Third Bancorp 6 | 990,650 | 14,771 | ||||||
Hartford Financial Services Group 6 | 305,318 | 8,723 | ||||||
Liberty Property Trust – REIT | 194,645 | 6,581 | ||||||
Lincoln National 6 | 324,466 | 9,926 | ||||||
PartnerRe | 102,013 | 7,914 | ||||||
Regions Financial 6 | 1,162,636 | 10,278 | ||||||
SunTrust Banks 6 | 396,657 | 11,741 | ||||||
Unum Group | 424,226 | 10,381 | ||||||
Ventas – REIT 6 | 202,395 | 9,559 | ||||||
Vornado Realty Trust – REIT 6 | 60,481 | 5,042 | ||||||
172,320 | ||||||||
Healthcare – 4.3% | ||||||||
AmerisourceBergen 6 | 287,685 | 8,875 | ||||||
C.R. Bard | 96,136 | 8,319 | ||||||
Mylan 6 = | 310,890 | 6,849 | ||||||
Universal Health Services | 95,051 | 3,528 | ||||||
27,571 | ||||||||
Industrials – 9.7% | ||||||||
BE Aerospace = | 216,970 | 6,446 | ||||||
Cummins | 110,647 | 7,992 | ||||||
Eaton | 184,470 | 14,234 | ||||||
Goodrich | 113,131 | 8,392 | ||||||
Joy Global | 132,999 | 7,556 | ||||||
Timken | 328,011 | 11,539 | ||||||
URS 6 = | 119,069 | 6,114 | ||||||
62,273 | ||||||||
Information Technology – 7.4% | ||||||||
Avnet = | 109,640 | 3,505 | ||||||
Brocade Communications Systems = | 519,824 | 3,374 | ||||||
Check Point Software Technologies 6 = | 260,514 | 9,279 | ||||||
International Rectifier = | 139,963 | 3,222 | ||||||
Micron Technology 6 = | 442,803 | 4,140 | ||||||
Polycom = | 221,464 | 7,209 | ||||||
Tellabs | 884,063 | 8,027 | ||||||
Xerox | 769,232 | 8,385 | ||||||
47,141 | ||||||||
Materials – 8.1% | ||||||||
Albemarle | 290,670 | 13,272 | ||||||
Bemis | 199,182 | 6,057 | ||||||
Cliffs Natural Resources 6 | 141,843 | 8,869 | ||||||
Packaging Corporation of America | 370,179 | 9,155 | ||||||
PPG Industries | 123,886 | 8,718 | ||||||
Steel Dynamics | 357,765 | 5,620 | ||||||
51,691 | ||||||||
Telecommunication Services – 1.0% | ||||||||
Qwest Communications International | 1,233,717 | 6,452 | ||||||
Utilities – 5.9% | ||||||||
CMS Energy 6 | 620,233 | 10,085 | ||||||
Edison International | 303,921 | 10,446 | ||||||
Sempra Energy | 197,539 | 9,715 | ||||||
Xcel Energy | 357,468 | 7,775 | ||||||
38,021 | ||||||||
Total Common Stocks | ||||||||
(Cost $526,232) | 633,012 | |||||||
Short-Term Investment – 1.1% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $7,335) | 7,335,064 | 7,335 | ||||||
Investment Purchased with Proceeds from Securities Lending – 30.3% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $194,169) | 194,169,146 | 194,169 | ||||||
Total Investments 5 – 130.2% | ||||||||
(Cost $727,736) | 834,516 | |||||||
Other Assets and Liabilities, Net – (30.2)% | (193,799 | ) | ||||||
Total Net Assets – 100.0% | $ | 640,717 | ||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 35
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Value Fund (concluded)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $183,051 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $727,736. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 111,818 | ||
Gross unrealized depreciation | (5,038 | ) | ||
Net unrealized appreciation | $ | 106,780 | ||
REIT – | Real Estate Investment Trust |
Quantitative Large Cap Core Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 85.3% | ||||||||
Consumer Discretionary – 9.5% | ||||||||
Amazon.com 6 = | 4,499 | $ | 617 | |||||
American Eagle Outfitters | 2,598 | 44 | ||||||
AutoNation 6 = | 10,264 | 207 | ||||||
Burger King Holdings | 5,798 | 122 | ||||||
Cablevision Systems, Class A | 15,800 | 434 | ||||||
Carnival | 12,401 | 517 | ||||||
Central European Media Enterprises, Class A = | 680 | 23 | ||||||
Clear Channel Outdoor Holdings, Class A = | 13,417 | 155 | ||||||
Comcast, Class A | 19,829 | 391 | ||||||
D.R. Horton 6 | 14,355 | 211 | ||||||
Discovery Communications, Class C = | 9,302 | 310 | ||||||
DreamWorks Animation, Class A = | 5,544 | 220 | ||||||
Expedia 6 | 7,318 | 173 | ||||||
Federal-Mogul = | 5,497 | 105 | ||||||
Foot Locker | 12,755 | 196 | ||||||
Ford Motor 6 = | 57,561 | 749 | ||||||
Fortune Brands | 2,061 | 108 | ||||||
Gap | 19,957 | 493 | ||||||
Hillenbrand | 1,714 | 42 | ||||||
Home Depot 6 | 20,250 | 714 | ||||||
Johnson Controls | 978 | 33 | ||||||
KB HOME 6 | 9,830 | 182 | ||||||
Kohl’s = | 6,998 | 385 | ||||||
Lennar 6 | 7,450 | 148 | ||||||
Liberty Global, Series A = | 1,369 | 37 | ||||||
Liberty Media Capital, Series A = | 8,933 | 395 | ||||||
Liberty Media-Starz, Series A = | 10,001 | 554 | ||||||
Lowe’s | 10,162 | 276 | ||||||
M.D.C. Holdings 6 | 20,542 | 787 | ||||||
Madison Square Garden, Class A = | 10,505 | 218 | ||||||
McDonald’s | 25,721 | 1,816 | ||||||
Mohawk Industries = | 2,698 | 172 | ||||||
New York Times, Class A = | 4,793 | 48 | ||||||
News, Class A | 27,990 | 432 | ||||||
Nordstrom 6 | 4,151 | 172 | ||||||
Panera Bread, Class A = | 5,418 | 422 | ||||||
Penske Automotive Group = | 6,991 | 105 | ||||||
Pulte Homes = | 11,250 | 147 | ||||||
Regal Entertainment Group, Class A | 21,879 | 374 | ||||||
Ross Stores | 9,299 | 521 | ||||||
Sears Holdings = | 881 | 107 | ||||||
Stanley Black & Decker | 2,148 | 133 | ||||||
Staples | 3,267 | 77 | ||||||
Target | 17,419 | 991 | ||||||
Thor Industries | 1,457 | 52 | ||||||
Time Warner | 30,845 | 1,020 | ||||||
Time Warner Cable 6 | 6,054 | 341 | ||||||
TJX 6 | 7,972 | 369 | ||||||
Toll Brothers 6 = | 5,125 | 116 | ||||||
Viacom, Class B = | 12,600 | 445 | ||||||
Walt Disney 6 | 7,044 | 259 | ||||||
Warner Music Group = | 30,980 | 212 | ||||||
Weight Watchers International | 5,343 | 142 | ||||||
Yum! Brands 6 | 19,874 | 843 | ||||||
18,162 | ||||||||
Consumer Staples – 8.6% | ||||||||
Alberto-Culver | 9,819 | 283 | ||||||
Archer-Daniels-Midland | 1,681 | 47 | ||||||
BJ’s Wholesale Club = | 13,974 | 535 | ||||||
Brown-Forman, Class B 6 | 1,703 | 99 | ||||||
Coca-Cola | 33,315 | 1,781 | ||||||
Colgate-Palmolive | 3,727 | 313 |
The accompanying notes are an integral part of the financial statements.
36 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Quantitative Large Cap Core Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Constellation Brands, Class A = | 19,264 | $ | 352 | |||||
Costco Wholesale | 14,120 | 834 | ||||||
CVS Caremark | 13,043 | 482 | ||||||
Dean Foods = | 17,210 | 270 | ||||||
Kimberly-Clark | 8,069 | 494 | ||||||
Kraft Foods, Class A | 16,613 | 492 | ||||||
Kroger 6 | 39,127 | 870 | ||||||
Mead Johnson Nutrition | 5,874 | 303 | ||||||
Molson Coors Brewing, Class B | 3,423 | 152 | ||||||
PepsiCo | 22,108 | 1,442 | ||||||
Procter & Gamble | 50,327 | 3,128 | ||||||
Safeway 6 | 31,019 | 732 | ||||||
Sara Lee | 8,350 | 119 | ||||||
SUPERVALU | 14,145 | 211 | ||||||
Sysco | 3,431 | 108 | ||||||
Tyson Foods, Class A | 10,809 | 212 | ||||||
Walgreen | 6,360 | 223 | ||||||
Wal-Mart Stores | 52,249 | 2,803 | ||||||
16,285 | ||||||||
Energy – 9.3% | ||||||||
Anadarko Petroleum 6 | 8,637 | 537 | ||||||
Apache | 11,294 | 1,149 | ||||||
Chevron | 36,361 | 2,961 | ||||||
Cimarex Energy | 1,333 | 91 | ||||||
Comstock Resources = | 835 | 27 | ||||||
ConocoPhillips | 30,905 | 1,829 | ||||||
Devon Energy | 16,670 | 1,122 | ||||||
El Paso | 4,754 | 58 | ||||||
Exxon Mobil 6 | 88,274 | 5,989 | ||||||
Hess | 54 | 4 | ||||||
Marathon Oil | 4,825 | 155 | ||||||
Noble Energy 6 | 908 | 69 | ||||||
Occidental Petroleum | 13,201 | 1,170 | ||||||
Overseas Shipholding Group 6 | 3,254 | 163 | ||||||
Peabody Energy | 1,066 | 50 | ||||||
Schlumberger 6 | 10,417 | 744 | ||||||
SEACOR Holdings = | 10,813 | 910 | ||||||
Seahawk Drilling = | 18,457 | 308 | ||||||
Teekay | 11,778 | 295 | ||||||
Unit = | 77 | 4 | ||||||
17,635 | ||||||||
Financials – 10.7% | ||||||||
Aflac | 1,496 | 76 | ||||||
American Express | 20,893 | 964 | ||||||
American National Insurance | 1,843 | 203 | ||||||
AON | 2,879 | 122 | ||||||
Apartment Investment & Management – REIT | 26,709 | 599 | ||||||
Associated Banc 6 | 18,324 | 266 | ||||||
Bank of America | 154,778 | 2,760 | ||||||
Bank of New York Mellon | 11,451 | 356 | ||||||
Berkshire Hathaway, Class B = | 3,575 | 275 | ||||||
Camden Property Trust – REIT 6 | 12,879 | 624 | ||||||
CapitalSource | 31,565 | 188 | ||||||
Citigroup = | 366,853 | 1,603 | ||||||
Comerica | 1,332 | 56 | ||||||
Commerce Bancshares 6 | 9,800 | 406 | ||||||
Covanta Holding = | 17,691 | 309 | ||||||
Cullen/Frost Bankers | 2,815 | 167 | ||||||
Equity Residential Properties Trust – REIT | 12,279 | 556 | ||||||
Fifth Third Bancorp 6 | 11,149 | 166 | ||||||
First Citizens Bancshares, Class A | 4,193 | 864 | ||||||
First Horizon National = | 23,649 | 335 | ||||||
Forest City Enterprises, Class A 6 = | 16,152 | 250 | ||||||
Goldman Sachs Group | 2,113 | 307 | ||||||
Hanover Insurance Group | 2,724 | 123 | ||||||
JPMorgan Chase | 63,927 | 2,722 | ||||||
KeyCorp 6 | 15,777 | 142 | ||||||
Leucadia National = | 4,700 | 119 | ||||||
Mack-Cali Realty – REIT | 7,499 | 258 | ||||||
Marsh & McLennan | 3,248 | 79 | ||||||
Marshall & Ilsley | 13,923 | 127 | ||||||
MetLife | 13,062 | 595 | ||||||
OneBeacon Insurance Group, Class A 6 | 8,799 | 143 | ||||||
PNC Financial Services Group | 1,070 | 72 | ||||||
Popular, Inc. 6 = | 14,831 | 58 | ||||||
Rayonier – REIT | 9,166 | 449 | ||||||
Regions Financial | 17,421 | 154 | ||||||
Reinsurance Group of America | 3,880 | 200 | ||||||
Student Loan | 11,910 | 336 | ||||||
Taubman Centers – REIT | 3,422 | 148 | ||||||
TCF Financial 6 | 15,332 | 286 | ||||||
Travelers | 2,277 | 116 | ||||||
Unum Group | 8,703 | 213 | ||||||
Wells Fargo | 70,232 | 2,325 | ||||||
Whitney Holding | 16,963 | 232 | ||||||
Zions Bancorporation | 1,032 | 30 | ||||||
20,379 | ||||||||
Healthcare – 5.8% | ||||||||
Abbott Laboratories | 13,164 | 673 | ||||||
Aetna | 4,594 | 136 | ||||||
Amgen = | 3,870 | 222 | ||||||
Baxter International | 9,904 | 468 | ||||||
Becton, Dickinson & Company | 3,817 | 291 | ||||||
CareFusion = | 151 | 4 | ||||||
CIGNA | 13,346 | 428 | ||||||
DaVita = | 5,366 | 335 | ||||||
Express Scripts = | 3,039 | 304 | ||||||
Health Management Associates, Class A = | 9,047 | 84 | ||||||
Health Net = | 2,290 | 50 | ||||||
Hill-Rom Holdings 6 | 3,625 | 115 | ||||||
Hospira = | 48 | 3 | ||||||
Humana = | 4,626 | 211 | ||||||
Johnson & Johnson | 38,288 | 2,462 | ||||||
Laboratory Corporation of America = | 2,986 | 235 | ||||||
Lifepoint Hospitals = | 1,078 | 41 | ||||||
Lincare Holdings 6 = | 3,190 | 149 | ||||||
Medco Health Solutions = | 6,628 | 391 | ||||||
Medtronic | 14,449 | 631 | ||||||
Merck | 13,819 | 484 | ||||||
Mettler-Toledo International = | 2,357 | 296 | ||||||
Omnicare | 7,995 | 222 | ||||||
Pfizer | 58,524 | 978 | ||||||
Quest Diagnostics, Inc. | 3,596 | 206 | ||||||
Stryker | 812 | 47 | ||||||
Teleflex | 2,364 | 145 | ||||||
Thermo Fisher Scientific = | 2,382 | 132 | ||||||
UnitedHealth Group | 19,247 | 583 | ||||||
VCA Antech = | 944 | 27 | ||||||
WellPoint = | 9,199 | 495 | ||||||
Zimmer Holdings = | 1,705 | 104 | ||||||
10,952 | ||||||||
Industrials – 11.8% | ||||||||
3M | 13,421 | 1,190 | ||||||
AGCO = | 1,508 | 53 | ||||||
Alexander & Baldwin | 1,921 | 68 | ||||||
Alliant Techsystems = | 10,879 | 880 | ||||||
AMETEK | 7,873 | 340 | ||||||
AMR = | 7,411 | 55 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 37
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Quantitative Large Cap Core Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Armstrong World Industries = | 2,757 | $ | 120 | |||||
Boeing 6 | 3,715 | 269 | ||||||
Brinks | 10,163 | 271 | ||||||
Cintas | 3,701 | 101 | ||||||
Continental Airlines, Class B 6 = | 4,973 | 111 | ||||||
Copa Holdings, Class A | 3,296 | 187 | ||||||
Copart 6 = | 6,676 | 238 | ||||||
Crane | 3,179 | 114 | ||||||
Danaher 6 | 12,626 | 1,064 | ||||||
Deere & Company | 4,708 | 282 | ||||||
Delta Air Lines = | 1,174 | 14 | ||||||
Donaldson | 5,365 | 248 | ||||||
Dover | 7,012 | 366 | ||||||
Dun & Bradstreet 6 | 7,435 | 572 | ||||||
FedEx | 5,357 | 482 | ||||||
Gardner Denver | 17,527 | 881 | ||||||
General Dynamics | 1,544 | 118 | ||||||
General Electric | 130,162 | 2,455 | ||||||
Goodrich | 4,976 | 369 | ||||||
Hertz Global Holdings = | 8,389 | 121 | ||||||
Honeywell International | 11,062 | 525 | ||||||
IDEX | 8,947 | 301 | ||||||
Illinois Tool Works | 9,622 | 492 | ||||||
ITT | 169 | 9 | ||||||
Kennametal | 12,203 | 401 | ||||||
Landstar System | 1,876 | 83 | ||||||
Lennox International | 7,407 | 335 | ||||||
Lockheed Martin | 874 | 74 | ||||||
Northrop Grumman 6 | 16,550 | 1,123 | ||||||
Owens Corning = | 5,895 | 205 | ||||||
Pall | 1,980 | 77 | ||||||
Parker Hannifin | 912 | 63 | ||||||
Pentair | 8,449 | 305 | ||||||
Pitney Bowes 6 | 3,603 | 92 | ||||||
Raytheon | 3,085 | 180 | ||||||
Roper Industries 6 | 4,139 | 253 | ||||||
Snap-On | 3,212 | 155 | ||||||
Southwest Airlines | 5,662 | 75 | ||||||
SPX 6 | 2,654 | 185 | ||||||
Stericycle 6 = | 18,894 | 1,113 | ||||||
Union Pacific | 4,118 | 312 | ||||||
United Parcel Service, Class B | 16,221 | 1,122 | ||||||
United Technologies | 19,819 | 1,485 | ||||||
UTi Worldwide | 13,098 | 208 | ||||||
W.W. Grainger 6 | 3,208 | 355 | ||||||
Waste Connections = | 24,702 | 884 | ||||||
Waste Management | 34,142 | 1,184 | ||||||
22,565 | ||||||||
Information Technology – 19.3% | ||||||||
Adobe Systems = | 1,677 | 56 | ||||||
Advanced Micro Devices = | 13,234 | 120 | ||||||
Agilent Technologies = | 12,123 | 440 | ||||||
Akamai Technologies = | 52 | 2 | ||||||
Amdocs = | 18,004 | 575 | ||||||
Amphenol, Class A | 3,806 | 176 | ||||||
Analog Devices | 6,208 | 186 | ||||||
AOL = | 10,267 | 240 | ||||||
Apple = | 12,919 | 3,373 | ||||||
Applied Materials | 24,784 | 342 | ||||||
Arrow Electronics = | 8,585 | 262 | ||||||
Atmel = | 26,346 | 143 | ||||||
Automatic Data Processing | 5,226 | 227 | ||||||
Avnet = | 26,013 | 832 | ||||||
AVX | 31,205 | 482 | ||||||
BMC Software = | 12,640 | 497 | ||||||
CA | 28,256 | 644 | ||||||
Cisco Systems = | 79,362 | 2,136 | ||||||
Computer Sciences = | 586 | 31 | ||||||
Compuware = | 44,115 | 379 | ||||||
Convergys = | 12,843 | 162 | ||||||
Corning | 29,308 | 564 | ||||||
eBay = | 5,791 | 138 | ||||||
EMC = | 10,081 | 192 | ||||||
Fairchild Semiconductor International = | 4,368 | 49 | ||||||
FLIR Systems = | 6,136 | 188 | ||||||
Google, Class A = | 3,713 | 1,951 | ||||||
Harris | 10,459 | 538 | ||||||
Hewitt Associates, Class A = | 1,759 | 72 | ||||||
Hewlett-Packard | 39,729 | 2,065 | ||||||
IAC/InterActive = | 38,422 | 861 | ||||||
IBM 6 | 26,629 | 3,435 | ||||||
Integrated Device Technology = | 7,953 | 53 | ||||||
Intel | 89,593 | 2,045 | ||||||
International Rectifier = | 12,629 | 291 | ||||||
Intersil, Class A | 27,993 | 417 | ||||||
Intuit = | 14,256 | 515 | ||||||
Lender Processing Services | 867 | 33 | ||||||
Linear Technology 6 | 18,802 | 565 | ||||||
Maxim Integrated Products | 351 | 7 | ||||||
McAfee = | 1,761 | 61 | ||||||
Microchip Technology 6 | 5,063 | 148 | ||||||
Micron Technology = | 7,720 | 72 | ||||||
Microsoft | 134,054 | 4,094 | ||||||
Motorola = | 60,229 | 426 | ||||||
National Instruments | 15,163 | 524 | ||||||
Novell = | 47,282 | 265 | ||||||
Novellus Systems 6 = | 10,916 | 286 | ||||||
ON Semiconductor = | 11,059 | 88 | ||||||
Oracle | 60,937 | 1,575 | ||||||
PMC-Sierra = | 11,126 | 98 | ||||||
QUALCOMM | 23,949 | 928 | ||||||
Synopsys = | 35,742 | 812 | ||||||
Tellabs | 29,196 | 265 | ||||||
Texas Instruments 6 | 29,261 | 761 | ||||||
Trimble Navigation = | 1,502 | 49 | ||||||
Varian Semiconductor Equipment Associates = | 2,545 | 84 | ||||||
VeriSign 6 = | 3,494 | 95 | ||||||
Vishay Intertechnology = | 5,838 | 61 | ||||||
Xilinx | 12,210 | 315 | ||||||
Yahoo! 6 = | 16,189 | 268 | ||||||
Zebra Technologies, Class A = | 8,147 | 237 | ||||||
36,796 | ||||||||
Materials – 6.4% | ||||||||
Alcoa | 37,422 | 503 | ||||||
AptarGroup | 6,343 | 273 | ||||||
Ashland | 1,114 | 66 | ||||||
Ball | 10,355 | 551 | ||||||
Bemis | 281 | 9 | ||||||
Cabot Microelectronics | 5,885 | 192 | ||||||
Carpenter Technology 6 | 443 | 17 | ||||||
Celanese, Class A | 13,109 | 419 | ||||||
Compass Minerals International 6 | 2,870 | 216 | ||||||
Crown Holdings = | 30,281 | 787 | ||||||
Cytec Industries | 7,818 | 376 | ||||||
Dow Chemical 6 | 20,209 | 623 | ||||||
E.I. Du Pont de Nemours | 9,679 | 386 | ||||||
Eagle Materials 6 | 1,853 | 59 | ||||||
Eastman Chemical | 2,725 | 182 | ||||||
FMC | 3,254 | 207 | ||||||
Freeport-McMoRan Copper & Gold | 1,680 | 127 |
The accompanying notes are an integral part of the financial statements.
38 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Quantitative Large Cap Core Fund (continued) | ||||||||
DESCRIPTION | SHARES/PAR | FAIR VALUE > | ||||||
Greif, Class A | 4,724 | $ | 280 | |||||
International Flavors & Fragrances | 6,113 | 306 | ||||||
International Paper | 427 | 11 | ||||||
Lubrizol | 1,426 | 129 | ||||||
Monsanto | 5,108 | 322 | ||||||
Nalco Holding | 25,205 | 623 | ||||||
Newmont Mining | 10,480 | 588 | ||||||
Nucor 6 | 4,901 | 222 | ||||||
Owens-Illinois = | 14,579 | 517 | ||||||
Pactiv = | 5,443 | 138 | ||||||
PPG Industries | 5,191 | 365 | ||||||
Praxair | 6,073 | 509 | ||||||
Royal Gold | 8,288 | 424 | ||||||
Scotts Miracle-Gro, Class A | 13,923 | 675 | ||||||
Sealed Air 6 | 12,562 | 270 | ||||||
Temple-Inland | 13,034 | 304 | ||||||
Valhi 6 | 3,099 | 89 | ||||||
Valspar | 15,084 | 472 | ||||||
Weyerhaeuser 6 | 19,440 | 963 | ||||||
12,200 | ||||||||
Telecommunication Services – 1.3% | ||||||||
AT&T 6 | 51,857 | 1,351 | ||||||
Frontier Communications 6 | 14,072 | 112 | ||||||
Level 3 Communications = | 49,169 | 77 | ||||||
Verizon Communications | 34,117 | 986 | ||||||
2,526 | ||||||||
Utilities – 2.6% | ||||||||
AGL Resources | 24,108 | 953 | ||||||
American Water Works | 48,782 | 1,063 | ||||||
Aqua America 6 | 29,424 | 539 | ||||||
Atmos Energy | 24,884 | 736 | ||||||
CMS Energy 6 | 14,162 | 230 | ||||||
Energen | 6,735 | 329 | ||||||
Mirant = | 10,016 | 117 | ||||||
Sempra Energy | 2,786 | 137 | ||||||
UGI | 34,020 | 935 | ||||||
5,039 | ||||||||
Total Common Stocks | ||||||||
(Cost $150,745) | 162,539 | |||||||
Short-Term Investments – 14.9% | ||||||||
Money Market Fund – 13.7% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | 26,003,329 | 26,003 | ||||||
U.S. Treasury Obligation – 1.2% | ||||||||
U.S. Treasury Bill | ||||||||
0.113%, 05/20/2010 o | $ | 2,300 | 2,300 | |||||
Total Short-Term Investments | ||||||||
(Cost $28,303) | 28,303 | |||||||
Investment Purchased with Proceeds from Securities Lending – 13.9% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $26,464) | 26,464,290 | 26,464 | ||||||
Total Investments 5 – 114.1% | ||||||||
(Cost $205,512) | 217,306 | |||||||
Other Assets and Liabilities, Net – (14.1)% | (26,884 | ) | ||||||
Total Net Assets – 100.0% | $ | 190,422 | ||||||
Quantitative Large Cap Core Fund (concluded)
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $25,249 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $205,512. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 16,611 | ||
Gross unrealized depreciation | (4,817 | ) | ||
Net unrealized appreciation | $ | 11,794 | ||
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||||
Settlement | Contracts | Contract | Unrealized | |||||||||||
Description | Month | Purchased | Value | Appreciation | ||||||||||
S&P 500 Futures | June 2010 | 93 | $27,514 | $ | 73 | |||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 39
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Real Estate Securities Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks ⊳ – 99.4% | ||||||||
Apartments – 13.9% | ||||||||
Apartment Investment & Management, Class A 6 ⊲ | 209,969 | $ | 4,705 | |||||
Associated Estates Realty ⊲ | 33,772 | 474 | ||||||
Avalonbay Communities 6 ⊲ | 299,334 | 31,143 | ||||||
BRE Properties 6 ⊲ | 449,737 | 18,781 | ||||||
Camden Property Trust 6 ⊲ | 1,096,784 | 53,117 | ||||||
Equity Residential Properties Trust 6 ⊲ | 1,281,919 | 58,032 | ||||||
Essex Property Trust 6 ⊲ | 272,261 | 28,811 | ||||||
Home Properties 6 ⊲ | 105,605 | 5,247 | ||||||
Mid-America Apartment Communities 6 ⊲ | 790,102 | 43,669 | ||||||
243,979 | ||||||||
Community Centers – 10.4% | ||||||||
Acadia Realty Trust ⊲ | 122,133 | 2,330 | ||||||
Agree Realty ⊲ | 100,715 | 2,581 | ||||||
Developers Diversified Realty 6 ⊲ | 2,355,302 | 28,947 | ||||||
Equity One 6 ⊲ | 920,738 | 17,872 | ||||||
Excel Trust 6 ⊲ = | 170,637 | 2,201 | ||||||
Federal Realty Investment Trust 6 ⊲ | 377,592 | 29,222 | ||||||
Kimco Realty 6 ⊲ | 1,763,971 | 27,500 | ||||||
Kite Realty Group Trust ⊲ | 397,036 | 2,152 | ||||||
Ramco-Gershenson Properties Trust ⊲ | 515,980 | 6,429 | ||||||
Regency Centers 6 ⊲ | 627,541 | 25,761 | ||||||
Saul Centers ⊲ | 109,447 | 4,326 | ||||||
Tanger Factory Outlet Centers ⊲ | 354,435 | 14,744 | ||||||
Urstadt Biddle Properties, Class A ⊲ | 257,907 | 4,348 | ||||||
Weingarten Realty Investors 6 ⊲ | 677,370 | 15,661 | ||||||
184,074 | ||||||||
Diversified – 4.9% | ||||||||
Cousins Properties ⊲ | 133,579 | 1,077 | ||||||
Forest City Enterprises, Class A 6 = | 187,724 | 2,900 | ||||||
Vornado Realty Trust 6 ⊲ | 802,758 | 66,926 | ||||||
Washington Real Estate Investment Trust 6 ⊲ | 487,051 | 15,318 | ||||||
86,221 | ||||||||
Healthcare – 10.7% | ||||||||
Assisted Living Concepts, Class A = | 4,795 | 168 | ||||||
Capital Senior Living = | 494,530 | 2,601 | ||||||
Cogdell Spencer ⊲ | 1,152,620 | 8,737 | ||||||
HCP 6 ⊲ | 1,164,000 | 37,388 | ||||||
Health Care 6 ⊲ | 786,889 | 35,355 | ||||||
Healthcare Realty Trust 6 ⊲ | 39,129 | 945 | ||||||
LTC Properties ⊲ | 439,148 | 12,252 | ||||||
Medical Properties Trust 6 ⊲ | 182,439 | 1,833 | ||||||
Nationwide Health Properties ⊲ | 705,055 | 24,691 | ||||||
OMEGA Healthcare Investors 6 ⊲ | 362,506 | 7,257 | ||||||
Parkway Life ⊲ | 2,466,418 | 2,382 | ||||||
Universal Health Realty Income Trust ⊲ | 49,094 | 1,631 | ||||||
Ventas 6 ⊲ | 1,138,293 | 53,762 | ||||||
189,002 | ||||||||
Hotels – 7.8% | ||||||||
Chatham Lodging Trust ⊲ = | 194,953 | 3,870 | ||||||
Chesapeake Lodging Trust 6 ⊲ = | 180,306 | 3,384 | ||||||
DiamondRock Hospitality 6 ⊲ | 1,080,896 | 11,879 | ||||||
Hersha Hospitality Trust ⊲ | 1,635,033 | 9,434 | ||||||
Host Hotels & Resorts 6 ⊲ | 4,095,347 | 66,590 | ||||||
Hyatt Hotels, Class A = | 52,534 | 2,163 | ||||||
LaSalle Hotel Properties 6 ⊲ | 977,472 | 25,756 | ||||||
Marcus | 395,893 | 5,087 | ||||||
Marriott International, Class A 6 | 133,204 | 4,897 | ||||||
Pebblebrook Hotel Trust ⊲ = | 242,306 | 4,774 | ||||||
137,834 | ||||||||
Industrials – 7.1% | ||||||||
AMB Property ⊲ | 846,613 | 23,587 | ||||||
DCT Industrial Trust 6 ⊲ | 380,370 | 2,001 | ||||||
EastGroup Properties 6 ⊲ | 342,717 | 14,010 | ||||||
First Potomac Realty Trust 6 ⊲ | 716,877 | 11,628 | ||||||
Mapletree Logistics Trust ⊲ | 281,083 | 179 | ||||||
Prologis 6 ⊲ | 3,054,717 | 40,230 | ||||||
PS Business Parks ⊲ | 406,917 | 24,415 | ||||||
Terreno Realty 6 ⊲ = | 423,193 | 7,960 | ||||||
124,010 | ||||||||
Infrastructure – 1.7% | ||||||||
American Tower, Class A = | 491,439 | 20,056 | ||||||
Brookfield Asset Management, Class A 6 | 129,347 | 3,278 | ||||||
Hopewell Holdings | 486 | 1 | ||||||
Standard Parking 6 = | 444,728 | 7,511 | ||||||
30,846 | ||||||||
Malls – 13.1% | ||||||||
Cedar Shopping Centers ⊲ | 318,688 | 2,537 | ||||||
Macerich 6 ⊲ | 610,870 | 27,312 | ||||||
Simon Property Group 6 ⊲ | 1,967,627 | 175,158 | ||||||
Taubman Centers 6 ⊲ | 583,489 | 25,306 | ||||||
230,313 | ||||||||
Manufactured Homes – 1.0% | ||||||||
Equity Lifestyle Properties 6 ⊲ | 330,470 | 18,345 | ||||||
Net Lease – 1.2% | ||||||||
National Retail Properties 6 ⊲ | 905,270 | 21,301 | ||||||
Office – 19.5% | ||||||||
Alexandria Real Estate Equities 6 ⊲ | 336,158 | 23,803 | ||||||
BioMed Realty Trust 6 ⊲ | 962,236 | 17,811 | ||||||
Boston Properties 6 ⊲ | 977,634 | 77,096 | ||||||
Brookfield Properties 6 | 1,598,335 | 25,541 | ||||||
Corporate Office Properties Trust 6 ⊲ | 378,458 | 15,309 | ||||||
Digital Realty Trust 6 ⊲ | 471,614 | 27,684 | ||||||
Douglas Emmett 6 ⊲ | 646,383 | 10,820 | ||||||
DuPont Fabros Technology ⊲ | 324,296 | 7,190 | ||||||
Highwoods Properties 6 ⊲ | 650,033 | 20,782 | ||||||
Kilroy Realty 6 ⊲ | 332,920 | 11,672 | ||||||
Liberty Property Trust ⊲ | 1,391,906 | 47,060 | ||||||
Mack-Cali Realty ⊲ | 849,764 | 29,198 | ||||||
Mission West Properties ⊲ | 259,653 | 1,880 | ||||||
Piedmont Office Realty Trust, Class A ⊲ | 16,596 | 333 | ||||||
SL Green Realty 6 ⊲ | 432,711 | 26,902 | ||||||
343,081 | ||||||||
Real Estate Service Provider – 0.0% | ||||||||
HFF = | 33,588 | 296 | ||||||
Self Storage – 6.3% | ||||||||
Public Storage 6 ⊲ | 859,482 | 83,293 | ||||||
Sovran Self Storage 6 ⊲ | 468,884 | 17,297 | ||||||
U-Store-It Trust ⊲ | 1,235,021 | 10,646 | ||||||
111,236 | ||||||||
Student Housing – 1.8% | ||||||||
American Campus Communities 6 ⊲ | 1,063,555 | 29,960 | ||||||
Education Realty Trust ⊲ | 229,413 | 1,622 | ||||||
31,582 | ||||||||
Total Common Stocks | ||||||||
(Cost $1,464,602) | 1,752,120 | |||||||
Private Real Estate Company – 0.0% | ||||||||
Newcastle Investment Holdings = ¥ ⊡ | ||||||||
(Cost $153) | 35,000 | 56 | ||||||
The accompanying notes are an integral part of the financial statements.
40 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Real Estate Securities Fund (concluded) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Short-Term Investment – 0.6% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $10,200) | 10,200,363 | $ | 10,200 | |||||
Investment Purchased with Proceeds from Securities Lending – 48.2% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $849,724) | 849,723,725 | 849,724 | ||||||
Total Investments 5 – 148.2% | ||||||||
(Cost $2,324,679) | 2,612,100 | |||||||
Other Assets and Liabilities, Net – (48.2)% | (849,823 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,762,277 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
⊳ | The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 6 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $797,830 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
⊲ | Real Estate Investment Trust. As of April 30, 2010, the fair value of these investments was $1,677,621 or 95.2% of total net assets. | |
= | Non-income producing security. | |
¥ | Security considered illiquid. As of April 30, 2010, the fair value of the fund’s investment considered to be illiquid was $56 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. | |
⊡ | Security is internally fair valued. As of April 30, 2010, the fair value of this investment was $56 or 0.0% 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $2,324,679. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 307,428 | ||
Gross unrealized depreciation | (20,007 | ) | ||
Net unrealized appreciation | $ | 287,421 | ||
Small Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 96.8% | ||||||||
Consumer Discretionary – 16.8% | ||||||||
Bally Technologies 6 = | 65,854 | $ | 3,037 | |||||
Big 5 Sporting Goods 6 | 113,904 | 1,931 | ||||||
Gymboree 6 = | 62,807 | 3,086 | ||||||
Panera Bread, Class A 6 = | 24,581 | 1,916 | ||||||
Penske Automotive Group 6 = | 166,327 | 2,492 | ||||||
Red Robin Gourmet Burgers = | 94,933 | 2,317 | ||||||
Texas Roadhouse 6 = | 149,868 | 2,215 | ||||||
Tractor Supply 6 | 41,265 | 2,772 | ||||||
Vitacost.com 6 = | 241,239 | 2,101 | ||||||
Warnaco Group = | 69,689 | 3,334 | ||||||
WMS Industries 6 = | 62,222 | 3,112 | ||||||
Wolverine World Wide 6 | 149,304 | 4,570 | ||||||
32,883 | ||||||||
Energy – 4.6% | ||||||||
Atlas Energy 6 = | 70,591 | 2,547 | ||||||
Comstock Resources = | 60,512 | 1,940 | ||||||
Key Energy Services 6 = | 192,035 | 2,085 | ||||||
Whiting Petroleum 6 = | 28,118 | 2,540 | ||||||
9,112 | ||||||||
Financials – 3.5% | ||||||||
Associated Banc 6 | 134,412 | 1,953 | ||||||
Investment Technology Group = | 144,576 | 2,511 | ||||||
Stifel Financial 6 = | 41,388 | 2,373 | ||||||
6,837 | ||||||||
Healthcare – 23.4% | ||||||||
Acorda Therapeutics 6 = | 60,766 | 2,355 | ||||||
Auxilium Pharmaceuticals 6 = | 60,570 | 2,156 | ||||||
Cubist Pharmaceuticals = | 85,977 | 1,927 | ||||||
Haemonetics 6 = | 41,523 | 2,402 | ||||||
Halozyme Therapeutics 6 = | 218,052 | 1,858 | ||||||
HealthSouth 6 = | 143,299 | 2,932 | ||||||
Human Genome Sciences 6 = | 85,038 | 2,355 | ||||||
ICON – ADR = | 88,204 | 2,573 | ||||||
ICU Medical = | 76,530 | 2,725 | ||||||
LHC Group 6 = | 83,808 | 2,858 | ||||||
Masimo 6 | 78,290 | 1,833 | ||||||
Nektar Therapeutics 6 = | 148,067 | 2,067 | ||||||
NuVasive 6 = | 50,457 | 2,099 | ||||||
Onyx Pharmaceuticals = | 82,360 | 2,378 | ||||||
Owens & Minor | 67,347 | 2,118 | ||||||
Salix Pharmaceuticals 6 = | 68,473 | 2,753 | ||||||
Seattle Genetics = | 145,916 | 1,838 | ||||||
Thoratec 6 = | 79,407 | 3,541 | ||||||
Zoll Medical = | 101,494 | 3,101 | ||||||
45,869 | ||||||||
Industrials – 15.7% | ||||||||
Actuant, Class A 6 | 96,487 | 2,212 | ||||||
BE Aerospace = | 92,902 | 2,760 | ||||||
GrafTech International 6 = | 158,683 | 2,675 | ||||||
HNI 6 | 70,814 | 2,198 | ||||||
Interface, Class A | 231,570 | 3,029 | ||||||
Kaydon 6 | 53,887 | 2,243 | ||||||
MYR Group = | 113,566 | 2,036 | ||||||
Navigant Consulting = | 197,800 | 2,548 | ||||||
Old Dominion Freight Line 6 = | 61,073 | 2,191 | ||||||
Orbital Sciences = | 123,768 | 2,275 | ||||||
Tetra Tech = | 108,533 | 2,643 | ||||||
UAL 6 = | 64,035 | 1,382 | ||||||
Waste Connections = | 71,684 | 2,566 | ||||||
30,758 | ||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 41
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Growth Opportunities Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Information Technology ⊳ – 28.8% | ||||||||
Blackboard 6 = | 48,424 | $ | 2,060 | |||||
Brocade Communications Systems = | 616,054 | 3,998 | ||||||
CommScope = | 105,797 | 3,447 | ||||||
Digital River = | 94,055 | 2,628 | ||||||
Double-Take Software = | 168,412 | 1,810 | ||||||
Kenexa = | 208,346 | 3,127 | ||||||
LoopNet = | 206,088 | 2,325 | ||||||
MICROS Systems = | 86,127 | 3,201 | ||||||
Multi-Fineline Electronix 6 = | 116,631 | 3,023 | ||||||
National Instruments | 71,933 | 2,487 | ||||||
NeuStar, Class A = | 74,850 | 1,832 | ||||||
Perficient 6 = | 161,987 | 2,020 | ||||||
Plantronics 6 | 77,045 | 2,558 | ||||||
PMC-Sierra = | 386,957 | 3,425 | ||||||
Polycom 6 = | 78,317 | 2,549 | ||||||
Quest Software = | 181,651 | 3,184 | ||||||
Rackspace Hosting 6 = | 108,332 | 1,945 | ||||||
SonicWALL = | 318,745 | 3,229 | ||||||
Verigy 6 = | 247,209 | 2,952 | ||||||
VideoPropulsion = ¥ ⊡ | 780,460 | — | ||||||
Virtusa 6 = | 268,323 | 2,761 | ||||||
Vocus 6 = | 117,429 | 2,002 | ||||||
56,563 | ||||||||
Materials – 0.9% | ||||||||
Arch Chemicals 6 | 54,089 | 1,840 | ||||||
Telecommunication Services – 3.1% | ||||||||
Cbeyond 6 = | 172,961 | 2,660 | ||||||
Neutral Tandem 6 = | 208,107 | 3,527 | ||||||
6,187 | ||||||||
Total Common Stocks | ||||||||
(Cost $160,503) | 190,049 | |||||||
Warrants – 0.0% | ||||||||
Hollis-Eden Pharmaceuticals, Warrants = ¥ ⊡ | 70,545 | — | ||||||
Lantronix, Warrants = ¥ ⊡ | 11,236 | — | ||||||
Total Warrants | ||||||||
(Cost $161) | — | |||||||
Short-Term Investment – 3.8% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $7,463) | 7,462,909 | 7,463 | ||||||
Investment Purchased with Proceeds from Securities Lending – 40.1% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $78,730) | 78,729,516 | 78,730 | ||||||
Total Investments 5 – 140.7% | ||||||||
(Cost $246,857) | 276,242 | |||||||
Other Assets and Liabilities, Net – (40.7)% | (79,978 | ) | ||||||
Total Net Assets – 100.0% | $ | 196,264 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $74,851 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. |
Small Cap Growth Opportunities Fund (concluded)
¥ | Security considered illiquid. As of April 30, 2010, the fair value of the fund’s investments considered to be illiquid was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. | |
⊡ | Security is internally fair valued. As of April 30, 2010, the fair value of these investments was $0 or 0.0% 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $246,857. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 33,447 | ||
Gross unrealized depreciation | (4,062 | ) | ||
Net unrealized appreciation | $ | 29,385 | ||
ADR – | American Depositary Receipt |
The accompanying notes are an integral part of the financial statements.
42 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Small Cap Select Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 96.4% | ||||||||
Consumer Discretionary – 16.3% | ||||||||
1-800-Flowers.com, Class A = | 1,889,827 | $ | 5,405 | |||||
Amerigon = 6 | 523,493 | 5,135 | ||||||
Bally Technologies = 6 | 219,369 | 10,117 | ||||||
California Pizza Kitchen = | 259,251 | 5,315 | ||||||
Children’s Place Retail Stores = 6 | 174,695 | 8,005 | ||||||
Coinstar = 6 | 268,632 | 11,917 | ||||||
Collective Brands = 6 | 532,199 | 12,480 | ||||||
DG Fastchannel = | 111,727 | 3,931 | ||||||
Dress Barn = 6 | 291,091 | 8,057 | ||||||
Fossil = 6 | 245,964 | 9,568 | ||||||
Gaylord Entertainment = 6 | 82,325 | 2,778 | ||||||
Panera Bread, Class A = 6 | 143,491 | 11,184 | ||||||
Quiksilver = | 1,040,396 | 5,545 | ||||||
Ryland Group 6 | 100,139 | 2,281 | ||||||
Tractor Supply 6 | 142,254 | 9,555 | ||||||
Warnaco Group = | 223,499 | 10,692 | ||||||
WMS Industries = 6 | 236,758 | 11,843 | ||||||
133,808 | ||||||||
Consumer Staples – 1.6% | ||||||||
Hain Celestial Group = 6 | 441,930 | 8,741 | ||||||
NBTY = | 55,722 | 2,267 | ||||||
Smart Balance = | 314,997 | 2,095 | ||||||
13,103 | ||||||||
Energy – 5.9% | ||||||||
Arena Resources = | 70,448 | 2,602 | ||||||
Comstock Resources = | 103,741 | 3,326 | ||||||
Concho Resources = | 155,167 | 8,816 | ||||||
GMX Resources = 6 | 876,253 | 7,019 | ||||||
James River Coal = 6 | 434,436 | 8,176 | ||||||
L & L Energy = 6 | 135,940 | 1,468 | ||||||
Parker Drilling = 6 | 1,481,012 | 8,190 | ||||||
Whiting Petroleum = 6 | 98,077 | 8,859 | ||||||
48,456 | ||||||||
Financials – 19.7% | ||||||||
Bank of the Ozarks 6 | 244,337 | 9,400 | ||||||
Calamos Asset Management, Class A 6 | 603,413 | 7,513 | ||||||
Cogdell Spencer – REIT | 671,774 | 5,092 | ||||||
Cullen/Frost Bankers 6 | 127,702 | 7,580 | ||||||
CVB Financial 6 | 608,034 | 6,694 | ||||||
Delphi Financial Group, Class A | 548,724 | 15,090 | ||||||
Dime Community Bancshares 6 | 381,447 | 4,863 | ||||||
Evercore Partners, Class A 6 | 48,196 | 1,727 | ||||||
Independent Bank 6 | 339,211 | 8,799 | ||||||
Knight Capital Group, Class A = 6 | 542,036 | 8,429 | ||||||
MGIC Investment = 6 | 1,082,572 | 11,291 | ||||||
Nara Bancorp = | 166,988 | 1,503 | ||||||
National Retail Properties – REIT 6 | 417,462 | 9,823 | ||||||
Piper Jaffray Companies = 6 | 215,628 | 8,487 | ||||||
Platinum Underwriters Holdings | 107,441 | 3,998 | ||||||
PS Business Parks – REIT | 101,967 | 6,118 | ||||||
Senior Housing Properties Trust – REIT 6 | 276,834 | 6,223 | ||||||
TCF Financial 6 | 620,943 | 11,568 | ||||||
Terreno Realty – REIT = | 199,880 | 3,760 | ||||||
Umpqua Holdings 6 | 1,050,192 | 15,690 | ||||||
Waddell & Reed Financial, Class A 6 | 210,228 | 7,804 | ||||||
161,452 | ||||||||
Healthcare – 13.2% | ||||||||
Acorda Therapeutics = 6 | 45,579 | 1,766 | ||||||
Alexion Pharmaceuticals = | 67,912 | 3,727 | ||||||
Amedisys = 6 | 103,785 | 5,976 | ||||||
Auxilium Pharmaceuticals = 6 | 121,014 | 4,308 | ||||||
Cadence Pharmaceuticals = 6 | 442,138 | 4,333 | ||||||
Cepheid = 6 | 85,507 | 1,709 | ||||||
Cubist Pharmaceuticals = | 63,229 | 1,418 | ||||||
Endologix = 6 | 1,489,450 | 6,926 | ||||||
Haemonetics = 6 | 153,775 | 8,897 | ||||||
Hanger Orthopedic Group = | 232,808 | 4,340 | ||||||
Human Genome Sciences = 6 | 123,805 | 3,428 | ||||||
ICON – ADR = | 156,998 | 4,580 | ||||||
Incyte = 6 | 101,290 | 1,359 | ||||||
LHC Group = 6 | 116,903 | 3,986 | ||||||
MEDNAX = | 124,208 | 6,824 | ||||||
Meridian Bioscience | 193,739 | 3,873 | ||||||
Onyx Pharmaceuticals = | 125,440 | 3,622 | ||||||
PDL BioPharma 6 | 142,090 | 827 | ||||||
Regeneron Pharmaceuticals = 6 | 151,878 | 3,877 | ||||||
Salix Pharmaceuticals = 6 | 146,701 | 5,897 | ||||||
Seattle Genetics = | 90,261 | 1,137 | ||||||
Thoratec = 6 | 308,915 | 13,775 | ||||||
Zoll Medical = | 379,966 | 11,608 | ||||||
108,193 | ||||||||
Industrials – 15.5% | ||||||||
Actuant, Class A | 394,725 | 9,051 | ||||||
BE Aerospace = | 360,425 | 10,708 | ||||||
CBIZ = | 733,595 | 5,142 | ||||||
ESCO Technologies 6 | 69,062 | 2,131 | ||||||
GrafTech International = 6 | 645,636 | 10,885 | ||||||
IDEX | 121,424 | 4,080 | ||||||
Interface, Class A | 832,099 | 10,884 | ||||||
Kaydon | 96,545 | 4,019 | ||||||
MasTec = 6 | 666,850 | 8,342 | ||||||
MYR Group = | 418,099 | 7,496 | ||||||
Navigant Consulting = | 801,982 | 10,330 | ||||||
Old Dominion Freight Line = | 248,741 | 8,925 | ||||||
Orbital Sciences = | 513,807 | 9,444 | ||||||
Regal-Beloit | 127,022 | 8,037 | ||||||
UAL = 6 | 193,277 | 4,171 | ||||||
United Rentals = | 339,660 | 4,878 | ||||||
Waste Connections = | 245,742 | 8,795 | ||||||
127,318 | ||||||||
Information Technology – 18.1% | ||||||||
Advanced Analogic Technologies = 6 ◖ | 2,379,893 | 9,044 | ||||||
AsiaInfo Holdings = 6 | 139,338 | 3,959 | ||||||
Aviat Networks = 6 | 1,212,861 | 7,884 | ||||||
Cognex | 248,585 | 5,198 | ||||||
CommVault Systems = 6 | 334,467 | 7,007 | ||||||
DealerTrack Holdings = 6 | 124,788 | 1,903 | ||||||
International Rectifier = | 306,365 | 7,053 | ||||||
Kenexa = | 674,712 | 10,127 | ||||||
Mellanox Technologies = 6 | 359,159 | 8,907 | ||||||
PMC-Sierra = | 446,519 | 3,952 | ||||||
Polycom = 6 | 404,864 | 13,178 | ||||||
Progress Software = | 483,518 | 15,593 | ||||||
Rofin-Sinar Technologies = 6 | 135,400 | 3,596 | ||||||
Smith Micro Software = | 818,086 | 7,764 | ||||||
SonicWALL = | 426,803 | 4,323 | ||||||
SPS Commerce = | 167,200 | 2,257 | ||||||
STEC = 6 | 296,470 | 4,118 | ||||||
Taleo, Class A = | 268,446 | 6,974 | ||||||
Tessera Technologies = 6 | 436,958 | 8,860 | ||||||
TTM Technologies = 6 | 631,264 | 6,856 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 43
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
ValueClick = 6 | 423,399 | $ | 4,353 | |||||
Vocus = | 333,361 | 5,684 | ||||||
148,590 | ||||||||
Materials – 4.6% | ||||||||
Arch Chemicals | 180,707 | 6,146 | ||||||
Buckeye Technologies = | 326,352 | 4,608 | ||||||
Louisiana-Pacific = | 332,076 | 3,905 | ||||||
Rock-Tenn, Class A | 168,686 | 8,704 | ||||||
Schnitzer Steel Industries, Class A 6 | 151,005 | 8,154 | ||||||
Thompson Creek Metals = | 445,117 | 5,707 | ||||||
37,224 | ||||||||
Telecommunication Services – 0.8% | ||||||||
Cogent Communications Group = | 620,646 | 6,337 | ||||||
Utilities – 0.7% | ||||||||
NSTAR 6 | 164,118 | 6,007 | ||||||
Total Common Stocks | ||||||||
(Cost $669,662) | 790,488 | |||||||
Exchange-Traded Fund – 0.7% | ||||||||
SPDR KBW Regional Banking ETF 6 | ||||||||
(Cost $3,520) | 187,438 | 5,235 | ||||||
Warrants – 0.0% | ||||||||
Lantronix, Warrants = ¥ ⊡ | ||||||||
(Cost $0) | 5,143 | — | ||||||
Short-Term Investment – 2.3% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $19,030) | 19,029,528 | 19,030 | ||||||
Investment Purchased with Proceeds from Securities Lending – 33.2% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $272,384) | 272,383,731 | 272,384 | ||||||
Total Investments 5 – 132.6% | ||||||||
(Cost $964,596) | 1,087,137 | |||||||
Other Assets and Liabilities, Net – (32.6)% | (267,405 | ) | ||||||
Total Net Assets – 100.0% | $ | 819,732 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $260,275 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
◖ | A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings of that company represent 5% or more of the outstanding voting securities of the company. Transactions with companies that are or were affiliates during the six-month period ended April 30, 2010 are as follows: |
Beginning | Purchase | Sales | Ending | Dividend | Fair | |||||||||||||||||||||||
Issuer | Cost | Cost | Cost | Cost | Income | Shares | Value | |||||||||||||||||||||
Advanced Analogic Technologies | $ | 12,299 | $ | 684 | $ | — | $ | 12,983 | $ | — | 2,379,893 | $ | 9,044 |
¥ | Security considered illiquid. As of April 30, 2010, the fair value of the fund’s investment in securities considered to be illiquid was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. | |
⊡ | Security is internally fair valued. As of April 30, 2010, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
Small Cap Select Fund (concluded)
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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $964,596. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 153,497 | ||
Gross unrealized depreciation | (30,956 | ) | ||
Net unrealized appreciation | $ | 122,541 | ||
ADR – | American Depositary Receipt |
REIT – | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
44 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Small Cap Value Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 96.8% | ||||||||
Consumer Discretionary – 15.5% | ||||||||
America’s Car-Mart 6 = | 62,346 | $ | 1,579 | |||||
Ameristar Casinos 6 | 119,682 | 2,254 | ||||||
Bally Technologies 6 = | 62,090 | 2,863 | ||||||
Children’s Place Retail Stores 6 = | 53,822 | 2,466 | ||||||
Coinstar 6 = | 47,512 | 2,108 | ||||||
Core-Mark Holding = | 77,881 | 2,377 | ||||||
Domino’s Pizza 6 = | 94,298 | 1,453 | ||||||
Genesco 6 = | 82,408 | 2,743 | ||||||
Group 1 Automotive 6 = | 60,643 | 1,883 | ||||||
Jarden | 66,227 | 2,127 | ||||||
Kirkland’s = | 99,641 | 2,219 | ||||||
OfficeMax 6 = | 118,610 | 2,254 | ||||||
Polaris Industries 6 | 44,565 | 2,637 | ||||||
Ryland Group 6 | 93,728 | 2,135 | ||||||
Sally Beauty Holdings 6 = | 281,343 | 2,687 | ||||||
Tenneco 6 = | 74,470 | 1,919 | ||||||
35,704 | ||||||||
Consumer Staples – 1.0% | ||||||||
Spartan Stores 6 | 147,125 | 2,220 | ||||||
Energy – 6.1% | ||||||||
Berry Petroleum, Class A | 85,819 | 2,778 | ||||||
Complete Production Services = | 135,550 | 2,046 | ||||||
Matrix Service = | 190,821 | 2,028 | ||||||
Natural Gas Services Group = | 86,881 | 1,558 | ||||||
Penn Virginia | 66,483 | 1,696 | ||||||
St. Mary Land & Exploration | 44,066 | 1,773 | ||||||
Swift Energy 6 = | 61,551 | 2,227 | ||||||
14,106 | ||||||||
Financials ⊳ – 27.9% | ||||||||
Affiliated Managers Group 6 = | 45,631 | 3,841 | ||||||
Alexandria Real Estate Equities – REIT 6 | 31,573 | 2,236 | ||||||
American Campus Communities – REIT 6 | 72,343 | 2,038 | ||||||
Apollo Investment 6 | 258,403 | 3,142 | ||||||
Bank of the Ozarks 6 | 48,756 | 1,876 | ||||||
Cardtronics = | 132,599 | 1,848 | ||||||
Cedar Shopping Centers – REIT | 277,456 | 2,209 | ||||||
Cogdell Spencer – REIT | 211,907 | 1,606 | ||||||
Community Bank System 6 | 117,029 | 2,887 | ||||||
Conseco = | 271,666 | 1,603 | ||||||
Delphi Financial Group, Class A 6 | 117,921 | 3,243 | ||||||
DiamondRock Hospitality – REIT 6 | 241,191 | 2,651 | ||||||
First Midwest Bancorp | 248,708 | 3,780 | ||||||
FirstMerit 6 | 152,500 | 3,584 | ||||||
FPIC Insurance Group = | 85,272 | 2,321 | ||||||
Heartland Financial USA 6 | 95,458 | 1,824 | ||||||
Home Properties – REIT | 48,426 | 2,406 | ||||||
IBERIABANK 6 | 43,232 | 2,665 | ||||||
Knight Capital Group, Class A = 6 | 111,153 | 1,728 | ||||||
Mission West Properties – REIT | 235,967 | 1,708 | ||||||
Piper Jaffray Companies = | 65,512 | 2,579 | ||||||
Presidential Life | 101,095 | 1,191 | ||||||
SeaBright Insurance Holdings 6 | 158,813 | 1,728 | ||||||
Texas Capital Bancshares = 6 | 130,217 | 2,591 | ||||||
U-Store-It Trust – REIT | 240,832 | 2,076 | ||||||
Whitney Holding | 125,745 | 1,723 | ||||||
WSFS Financial 6 | 78,602 | 3,310 | ||||||
64,394 | ||||||||
Healthcare – 4.1% | ||||||||
Greatbatch 6 = | 72,274 | 1,614 | ||||||
Hanger Orthopedic Group = | 121,364 | 2,262 | ||||||
ICON – ADR = | 42,496 | 1,240 | ||||||
LHC Group 6 = | 74,344 | 2,535 | ||||||
MEDNAX = | 34,341 | 1,887 | ||||||
9,538 | ||||||||
Industrials – 18.8% | ||||||||
Actuant, Class A | 109,239 | 2,505 | ||||||
Altra Holdings = | 171,141 | 2,595 | ||||||
ATC Technology = | 53,050 | 1,084 | ||||||
Atlas Air Worldwide Holdings 6 = | 71,248 | 3,938 | ||||||
Brady, Class A | 92,149 | 3,166 | ||||||
EMCOR Group = | 105,024 | 2,999 | ||||||
Ennis | 100,739 | 1,863 | ||||||
GrafTech International 6 = | 203,673 | 3,434 | ||||||
Horizon Lines, Class A 6 | 297,398 | 1,627 | ||||||
Interface, Class A | 226,970 | 2,969 | ||||||
Old Dominion Freight Line = | 66,751 | 2,395 | ||||||
PHH 6 = | 96,316 | 2,185 | ||||||
Regal-Beloit | 57,214 | 3,620 | ||||||
SFN Group = | 295,613 | 2,527 | ||||||
Sterling Construction = | 200,659 | 3,512 | ||||||
Triumph Group | 38,747 | 3,005 | ||||||
43,424 | ||||||||
Information Technology – 13.1% | ||||||||
Amkor Technology 6 = | 305,671 | 2,305 | ||||||
Bottomline Technologies = | 84,093 | 1,463 | ||||||
CACI International, Class A = | 20,367 | 966 | ||||||
Kenexa = | 93,920 | 1,410 | ||||||
MKS Instruments = | 99,505 | 2,257 | ||||||
Perficient = | 220,218 | 2,746 | ||||||
Plantronics | 70,467 | 2,340 | ||||||
PMC-Sierra = | 192,212 | 1,701 | ||||||
Polycom 6 = | 100,470 | 3,270 | ||||||
Progress Software = | 82,982 | 2,676 | ||||||
Rogers = | 65,516 | 2,193 | ||||||
TTM Technologies 6 = | 312,639 | 3,395 | ||||||
United Online 6 | 315,960 | 2,518 | ||||||
Virtusa = | 103,111 | 1,061 | ||||||
30,301 | ||||||||
Materials – 5.7% | ||||||||
Arch Chemicals | 55,726 | 1,895 | ||||||
Buckeye Technologies = | 218,267 | 3,082 | ||||||
Commercial Metals | 124,745 | 1,856 | ||||||
Kraton Performance Polymers = | 109,768 | 2,081 | ||||||
Minerals Technologies 6 | 28,794 | 1,662 | ||||||
Rockwood Holdings 6 = | 81,992 | 2,455 | ||||||
13,031 | ||||||||
Telecommunication Services – 1.1% | ||||||||
NTELOS Holdings 6 | 73,208 | 1,437 | ||||||
PAETEC Holding = | 226,152 | 1,126 | ||||||
2,563 | ||||||||
Utilities – 3.5% | ||||||||
El Paso Electric = | 130,785 | 2,779 | ||||||
Northwest Natural Gas 6 | 35,620 | 1,688 | ||||||
Portland General Electric 6 | 77,438 | 1,539 | ||||||
Unitil 6 | 93,777 | 2,071 | ||||||
8,077 | ||||||||
Total Common Stocks | ||||||||
(Cost $188,629) | 223,358 | |||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 45
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Value Fund (concluded) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Exchange-Traded Funds – 2.5% | ||||||||
iShares Dow Jones U.S. Real Estate Index Fund | 60,786 | $ | 3,219 | |||||
SPDR Metals & Mining 6 | 26,466 | 1,476 | ||||||
SPDR S&P Biotech 6 | 15,946 | 962 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $5,825) | 5,657 | |||||||
Short-Term Investment – 1.5% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | ||||||||
(Cost $3,369) | 3,369,332 | 3,369 | ||||||
Investment Purchased with Proceeds from Securities Lending – 30.1% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $69,531) | 69,530,652 | 69,531 | ||||||
Total Investments 5 – 130.9% | ||||||||
(Cost $267,354) | 301,915 | |||||||
Other Assets and Liabilities, Net – (30.9)% | (71,251 | ) | ||||||
Total Net Assets – 100.0% | $ | 230,664 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $65,297 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
⊳ | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
† | 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $267,354. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 43,632 | ||
Gross unrealized depreciation | (9,071 | ) | ||
Net unrealized appreciation | $ | 34,561 | ||
ADR – | American Depositary Receipt |
REIT – | Real Estate Investment Trust |
Tactical Market Opportunities Fund | ||||||||
DESCRIPTION | SHARES/PAR | FAIR VALUE > | ||||||
Exchange-Traded Funds – 32.4% | ||||||||
iShares iBoxx $ Investment Grade Corporate Bond Fund | 1,400 | $ | 150 | |||||
iShares JPMorgan USD Emerging Markets Bond Fund | 1,450 | 151 | ||||||
iShares MSCI Brazil Index Fund | 400 | 29 | ||||||
iShares Barclays 1-3 Year Credit Bond Fund | 3,300 | 344 | ||||||
iShares iBoxx $ High Yield Corporate Bond Fund | 2,550 | 228 | ||||||
iShares MSCI Israel Capped Investable Market Index Fund | 500 | 28 | ||||||
Market Vectors Poland = | 1,500 | 38 | ||||||
Market Vectors Vietnam | 600 | 16 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $969) | 984 | |||||||
U.S. Government & Agency Securities – 22.0% | ||||||||
U.S. Treasuries – 22.0% | ||||||||
U.S. Treasury Bond | ||||||||
4.500%, 08/15/2039 | $ | 450 | 448 | |||||
U.S. Treasury Note | ||||||||
3.375%, 11/15/2019 | 225 | 220 | ||||||
Total U.S. Government & Agency Securities | ||||||||
(Cost $657) | 668 | |||||||
Short-Term Investments – 35.4% | ||||||||
Money Market Fund – 26.4% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | 800,699 | 801 | ||||||
U.S. Treasury Obligation – 9.0% | ||||||||
U.S. Treasury Bill | ||||||||
0.099%, 05/20/2010 o | $ | 275 | 275 | |||||
Total Short-Term Investments | ||||||||
(Cost $1,076) | 1,076 | |||||||
Total Investments 5 – 89.8% | ||||||||
(Cost $2,702) | 2,728 | |||||||
Other Assets and Liabilities, Net – 10.2% | 311 | |||||||
Total Net Assets – 100.0% | $ | 3,039 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. See note 2 in Notes to Financial Statements. | |
5 | On April 30, 2010, the cost of investments for federal income tax purposes was approximately $2,702. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 28 | ||
Gross unrealized depreciation | (2 | ) | ||
Net unrealized appreciation | $ | 26 | ||
The accompanying notes are an integral part of the financial statements.
46 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Tactical Market Opportunities Fund (concluded)
Schedule of Open Futures Contracts
Number of | ||||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||||
Settlement | Purchased | Contract | Appreciation | |||||||||||||
Description | Month | (Sold) | Value | (Depreciation) | ||||||||||||
E-Mini MSCI Emerging Markets Index Futures | June 2010 | 8 | $ | 403 | $ | 1 | ||||||||||
FTSE/JSE Top 40 Index Futures | June 2010 | 3 | 105 | 1 | ||||||||||||
IBEX 35 Index Futures | May 2010 | (1 | ) | (138 | ) | 14 | ||||||||||
Mexican Bolsa Index Futures | June 2010 | (4 | ) | (106 | ) | 1 | ||||||||||
Mexican Peso Futures | June 2010 | 1 | 40 | — | ||||||||||||
Nikkei 225 Index Futures | June 2010 | 1 | 55 | (1 | ) | |||||||||||
OMXS30 Index Futures | May 2010 | 2 | 29 | — | ||||||||||||
Russell 2000 Mini Index Futures | June 2010 | (12 | ) | (859 | ) | (54 | ) | |||||||||
S&P 500 E-Mini Futures | June 2010 | 15 | 888 | 32 | ||||||||||||
$ | (6 | ) | ||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 47
Statements of Assets and Liabilities | April 30, 2010 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Equity | Global | International | Large Cap Growth | |||||||||||||||||||||||
Income Fund | Infrastructure Fund | International Fund | Select Fund | Opportunities Fund | ||||||||||||||||||||||
Unaffiliated investments, at cost | $ | 578,578 | $ | 113,303 | $ | 597,241 | $ | 762,883 | $ | 467,880 | ||||||||||||||||
Affiliated investments, at cost | 5,442 | — | — | — | 95 | |||||||||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 188,079 | — | — | — | 193,614 | |||||||||||||||||||||
Cash denominated in foreign currencies, at cost | — | 39 | 10,965 | 7,259 | — | |||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||
Unaffiliated investments, at fair value* (note 2) | $ | 776,780 | $ | 116,670 | $ | 715,583 | $ | 810,810 | $ | 600,862 | ||||||||||||||||
Affiliated investments, at fair value (note 2) | 5,442 | — | — | — | 95 | |||||||||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at fair value (note 2) | 188,079 | — | — | — | 193,614 | |||||||||||||||||||||
Cash denominated in foreign currencies, at fair value (note 2) | — | 39 | 10,809 | 7,202 | — | |||||||||||||||||||||
Cash | — | — | — | — | 4,173 | |||||||||||||||||||||
Receivable for dividends and interest | 1,157 | 272 | 2,380 | 2,362 | 268 | |||||||||||||||||||||
Receivable for investments sold | — | 8,491 | 10,298 | 8,528 | 15,295 | |||||||||||||||||||||
Receivable for capital shares sold | 3,637 | 894 | 392 | 757 | 96 | |||||||||||||||||||||
Receivable for foreign withholding tax reclaim | — | 2 | 768 | 274 | — | |||||||||||||||||||||
Receivable for variation margin (note 2) | — | — | — | — | — | |||||||||||||||||||||
Receivable from advisor (note 3) | — | — | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 34 | 32 | 34 | 30 | 29 | |||||||||||||||||||||
Total assets | 975,129 | 126,400 | 740,264 | 829,963 | 814,432 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Bank overdraft | — | 208 | 9,118 | 5,247 | — | |||||||||||||||||||||
Payable for investments purchased | — | 8,857 | 10,111 | 9,347 | 15,427 | |||||||||||||||||||||
Payable upon return of securities loaned (note 2) | 188,079 | — | — | — | 193,614 | |||||||||||||||||||||
Payable for capital shares redeemed | 1,226 | 48 | 442 | 333 | 583 | |||||||||||||||||||||
Payable for foreign withholding tax | — | — | — | — | — | |||||||||||||||||||||
Payable for variation margin (note 2) | — | — | 932 | 528 | — | |||||||||||||||||||||
Payable to affiliates (note 3) | 602 | 70 | 736 | 781 | 477 | |||||||||||||||||||||
Payable to custodian (note 3) | — | 36 | 50 | 109 | — | |||||||||||||||||||||
Payable for distribution and shareholder servicing fees | 35 | 14 | 10 | 1 | 21 | |||||||||||||||||||||
Accrued expenses and other liabilities | 23 | 14 | 33 | 15 | 20 | |||||||||||||||||||||
Total liabilities | 189,965 | 9,247 | 21,432 | 16,361 | 210,142 | |||||||||||||||||||||
Net assets | $ | 785,164 | $ | 117,153 | $ | 718,832 | $ | 813,602 | $ | 604,290 | ||||||||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||||||||||||
Portfolio capital | $ | 600,768 | $ | 110,681 | $ | 623,452 | $ | 812,479 | $ | 540,243 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income | 1,675 | 336 | 2,134 | 2,407 | 156 | |||||||||||||||||||||
Accumulated net realized gain (loss) on investments, futures contracts, and foreign currency transactions | (15,481 | ) | 2,769 | (26,450 | ) | (51,175 | ) | (69,091 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||
Investments | 198,202 | 3,367 | 118,342 | 47,927 | 132,982 | |||||||||||||||||||||
Futures contracts | — | — | 1,574 | 2,051 | — | |||||||||||||||||||||
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | — | (220 | ) | (87 | ) | — | |||||||||||||||||||
Net assets | $ | 785,164 | $ | 117,153 | $ | 718,832 | $ | 813,602 | $ | 604,290 | ||||||||||||||||
*Including securities loaned, at value | $ | 178,120 | $ | — | $ | — | $ | — | $ | 182,694 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
48 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Large Cap | Large Cap | Quantitative | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Select | Value | Mid Cap Growth | Mid Cap | Mid Cap | Large Cap | Real Estate | Small Cap Growth | Small Cap | Small Cap | Tactical Market | ||||||||||||||||||||||||||||||||||||||||||||||
Fund | Fund | Opportunities Fund | Select Fund | Value Fund | Core Fund | Securities Fund | Opportunities Fund | Select Fund | Value Fund | Opportunities Fund | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 115,851 | $ | 362,280 | $ | 1,069,303 | $ | 35,253 | $ | 526,232 | $ | 153,045 | $ | 1,464,755 | $ | 160,664 | $ | 660,199 | $ | 194,454 | $ | 1,901 | |||||||||||||||||||||||||||||||||||
4,313 | 1,143 | 1,127 | — | 7,335 | 26,003 | 10,200 | 7,463 | 32,013 | 3,369 | 801 | ||||||||||||||||||||||||||||||||||||||||||||||
51,429 | 91,203 | 550,334 | 20,326 | 194,169 | 26,464 | 849,724 | 78,730 | 272,384 | 69,531 | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 139,684 | $ | 394,848 | $ | 1,329,026 | $ | 42,993 | $ | 633,012 | $ | 164,839 | $ | 1,752,176 | $ | 190,049 | $ | 786,679 | $ | 229,015 | $ | 1,927 | |||||||||||||||||||||||||||||||||||
4,313 | 1,143 | 1,127 | — | 7,335 | 26,003 | 10,200 | 7,463 | 28,074 | 3,369 | 801 | ||||||||||||||||||||||||||||||||||||||||||||||
51,429 | 91,203 | 550,334 | 20,326 | 194,169 | 26,464 | 849,724 | 78,730 | 272,384 | 69,531 | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | 9,150 | — | — | 4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
59 | 427 | 253 | 13 | 169 | 108 | 1,249 | 18 | 563 | 89 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||
2,561 | 11,089 | 33,048 | 549 | 16,531 | — | 21,704 | 1,971 | 26,499 | — | 311 | ||||||||||||||||||||||||||||||||||||||||||||||
149 | 72 | 4,153 | 27 | 487 | 62 | 12,992 | 141 | 1,271 | 236 | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | 12 | ||||||||||||||||||||||||||||||||||||||||||||||
29 | 74 | 36 | 25 | 52 | 35 | 120 | 51 | 40 | 30 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
198,224 | 498,856 | 1,927,127 | 63,933 | 851,755 | 217,515 | 2,648,165 | 278,423 | 1,115,510 | 302,270 | 3,089 | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | 125 | — | — | — | — | — | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
4,491 | 9,354 | 12,231 | — | 15,266 | — | 31,979 | 3,133 | 19,999 | 1,686 | — | ||||||||||||||||||||||||||||||||||||||||||||||
51,429 | 91,203 | 550,334 | 20,326 | 194,169 | 26,464 | 849,724 | 78,730 | 272,384 | 69,531 | — | ||||||||||||||||||||||||||||||||||||||||||||||
202 | 392 | 1,839 | 44 | 1,006 | 47 | 2,717 | 75 | 2,628 | 162 | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | 509 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
121 | 327 | 1,101 | 51 | 535 | 59 | 1,289 | 194 | 657 | 201 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
1 | 15 | 84 | 7 | 42 | — | 157 | 12 | 105 | 10 | — | ||||||||||||||||||||||||||||||||||||||||||||||
20 | 21 | 22 | 14 | 20 | 14 | 19 | 15 | 5 | 16 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
56,264 | 101,312 | 565,611 | 20,567 | 211,038 | 27,093 | 885,888 | 82,159 | 295,778 | 71,606 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 141,960 | $ | 397,544 | $ | 1,361,516 | $ | 43,366 | $ | 640,717 | $ | 190,422 | $ | 1,762,277 | $ | 196,264 | $ | 819,732 | $ | 230,664 | $ | 3,039 | |||||||||||||||||||||||||||||||||||
$ | 215,973 | $ | 468,195 | $ | 1,258,764 | $ | 161,597 | $ | 663,181 | $ | 189,299 | $ | 1,589,229 | $ | 195,792 | $ | 814,482 | $ | 251,380 | $ | 3,000 | |||||||||||||||||||||||||||||||||||
(18 | ) | 847 | (2,717 | ) | (54 | ) | 2,281 | 672 | (288 | ) | (602 | ) | (975 | ) | (688 | ) | 23 | |||||||||||||||||||||||||||||||||||||||
(97,828 | ) | (104,066 | ) | (154,254 | ) | (125,917 | ) | (131,525 | ) | (11,416 | ) | (114,085 | ) | (28,311 | ) | (116,316 | ) | (54,589 | ) | (4 | ) | |||||||||||||||||||||||||||||||||||
23,833 | 32,568 | 259,723 | 7,740 | 106,780 | 11,794 | 287,421 | 29,385 | 122,541 | 34,561 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | 73 | — | — | — | — | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 141,960 | $ | 397,544 | $ | 1,361,516 | $ | 43,366 | $ | 640,717 | $ | 190,422 | $ | 1,762,277 | $ | 196,264 | $ | 819,732 | $ | 230,664 | $ | 3,039 | |||||||||||||||||||||||||||||||||||
$ | 48,276 | $ | 86,370 | $ | 518,774 | $ | 19,118 | $ | 183,051 | $ | 25,249 | $ | 797,830 | $ | 74,851 | $ | 260,275 | $ | 65,297 | $ | — | |||||||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 49
Statements of Assets and Liabilities continued, all dollars are rounded to thousands (000), except per share data
Equity | Global | International | Large Cap Growth | |||||||||||||||||||||||
Income Fund | Infrastructure Fund | International Fund | Select Fund | Opportunities Fund | ||||||||||||||||||||||
Class A1: | ||||||||||||||||||||||||||
Net assets | $ | 118,662 | $ | 46,153 | $ | 28,088 | $ | 3,975 | $ | 63,818 | ||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 9,527 | 5,465 | 2,454 | 437 | 2,251 | |||||||||||||||||||||
Net asset value and redemption price per share | $ | 12.46 | $ | 8.44 | $ | 11.44 | $ | 9.10 | $ | 28.36 | ||||||||||||||||
Maximum offering price per share2 | $ | 13.19 | $ | 8.93 | $ | 12.11 | $ | 9.63 | $ | 30.01 | ||||||||||||||||
Class B3: | ||||||||||||||||||||||||||
Net assets | $ | 6,444 | — | $ | 1,710 | — | $ | 4,103 | ||||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 524 | — | 164 | — | 157 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share4 | $ | 12.28 | — | $ | 10.45 | — | $ | 26.06 | ||||||||||||||||||
Class C1: | ||||||||||||||||||||||||||
Net assets | $ | 7,710 | $ | 5,968 | $ | 2,910 | $ | 627 | $ | 4,379 | ||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 627 | 711 | 267 | 70 | 165 | |||||||||||||||||||||
Net asset value, offering price and redemption price per share4 | $ | 12.30 | $ | 8.39 | $ | 10.90 | $ | 9.03 | $ | 26.64 | ||||||||||||||||
Class R1,5: | ||||||||||||||||||||||||||
Net assets | $ | 198 | $ | 7 | $ | 6 | $ | 21 | $ | 813 | ||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 16 | 1 | — | ** | 2 | 29 | ||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 12.45 | $ | 8.44 | $ | 11.45 | $ | 9.05 | $ | 28.01 | ||||||||||||||||
Class Y: | ||||||||||||||||||||||||||
Net assets | $ | 652,150 | $ | 65,025 | $ | 686,118 | $ | 808,979 | $ | 531,177 | ||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 51,898 | 7,674 | 59,228 | 88,823 | 18,103 | |||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 12.57 | $ | 8.47 | $ | 11.58 | $ | 9.11 | $ | 29.34 | ||||||||||||||||
1 | Share class is not offered by Tactical Market Opportunities Fund. | |
2 | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
3 | No new investments allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See note 1 in Notes to Financial Statements. | |
4 | 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. | |
5 | Share class is not offered by Mid Cap Select Fund and Quantitative Large Cap Core Fund. | |
** | Due to the presentation of the Financial Statements in thousands, the number rounds to zero. |
The accompanying notes are an integral part of the financial statements.
50 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Large | Large | Mid | Mid | Real | Small Cap | Small | Small | Tactical | ||||||||||||||||||||||||||||||||||||||||||||||||
Cap | Cap | Cap Growth | Cap | Mid Cap | Quantitative | Estate | Growth | Cap | Cap | Market | ||||||||||||||||||||||||||||||||||||||||||||||
Select | Value | Opportunities | Select | Value | Large Cap | Securities | Opportunities | Select | Value | Opportunities | ||||||||||||||||||||||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Core Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 3,906 | $ | 58,425 | $ | 280,039 | $ | 14,178 | $ | 82,908 | $ | 225 | $ | 486,981 | $ | 39,307 | $ | 353,742 | $ | 35,274 | — | ||||||||||||||||||||||||||||||||||||
333 | 3,959 | 8,094 | 1,521 | 3,738 | 11 | 29,417 | 2,048 | 29,783 | 3,346 | — | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 11.73 | $ | 14.76 | $ | 34.60 | $ | 9.32 | $ | 22.18 | $ | 20.52 | $ | 16.55 | $ | 19.20 | $ | 11.88 | $ | 10.54 | — | ||||||||||||||||||||||||||||||||||||
$ | 12.41 | $ | 15.62 | $ | 36.61 | $ | 9.86 | $ | 23.47 | $ | 21.71 | $ | 17.51 | $ | 20.32 | $ | 12.57 | $ | 11.15 | — | ||||||||||||||||||||||||||||||||||||
— | $ | 1,737 | $ | 6,577 | $ | 1,600 | $ | 3,477 | — | $ | 3,200 | $ | 2,451 | $ | 5,246 | — | — | |||||||||||||||||||||||||||||||||||||||
— | 122 | 216 | 202 | 166 | — | 198 | 145 | 556 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | $ | 14.22 | $ | 30.40 | $ | 7.94 | $ | 20.93 | — | $ | 16.18 | $ | 16.86 | $ | 9.44 | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 197 | $ | 1,652 | $ | 14,675 | $ | 2,635 | $ | 12,607 | $ | 14 | $ | 36,809 | $ | 1,740 | $ | 19,449 | $ | 2,397 | — | ||||||||||||||||||||||||||||||||||||
18 | 114 | 460 | 305 | 589 | 1 | 2,267 | 98 | 1,795 | 256 | — | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 11.34 | $ | 14.46 | $ | 31.89 | $ | 8.66 | $ | 21.42 | $ | 20.59 | $ | 16.23 | $ | 17.67 | $ | 10.83 | $ | 9.37 | — | ||||||||||||||||||||||||||||||||||||
$ | 84 | $ | 507 | $ | 36,199 | — | $ | 29,727 | — | $ | 85,310 | $ | 1,788 | $ | 33,788 | $ | 3,041 | — | ||||||||||||||||||||||||||||||||||||||
7 | 35 | 1,065 | — | 1,348 | — | 5,100 | 94 | 2,906 | 292 | — | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 11.64 | $ | 14.70 | $ | 34.01 | — | $ | 22.05 | — | $ | 16.73 | $ | 18.92 | $ | 11.63 | $ | 10.40 | — | ||||||||||||||||||||||||||||||||||||||
$ | 137,773 | $ | 335,223 | $ | 1,024,026 | $ | 24,953 | $ | 511,998 | $ | 190,183 | $ | 1,149,977 | $ | 150,978 | $ | 407,507 | $ | 189,952 | $ | 3,039 | |||||||||||||||||||||||||||||||||||
11,698 | 22,598 | 27,542 | 2,570 | 22,945 | 9,255 | 68,720 | 7,311 | 31,628 | 17,531 | 300 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 11.78 | $ | 14.83 | $ | 37.18 | $ | 9.71 | $ | 22.31 | $ | 20.55 | $ | 16.73 | $ | 20.65 | $ | 12.88 | $ | 10.84 | $ | 10.13 | |||||||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 51
Statements of Operations | For the six-month period ended April 30, 2010 (unaudited), all dollars are rounded to thousands (000) |
Large Cap | ||||||||||||||||||||||||||
Global | Growth | |||||||||||||||||||||||||
Equity | Infrastructure | International | International | Opportunities | ||||||||||||||||||||||
Income Fund | Fund | Fund | Select Fund | Fund | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||
Interest from unaffiliated investments | $ | — | $ | 1 | $ | 35 | $ | 83 | $ | — | ||||||||||||||||
Dividends from unaffiliated investments | 12,520 | 1,113 | 7,325 | 7,528 | 2,990 | |||||||||||||||||||||
Dividends from affiliated money market fund | 1 | — | — | — | 1 | |||||||||||||||||||||
Less: Foreign taxes withheld | (157 | ) | (93 | ) | (588 | ) | (587 | ) | (10 | ) | ||||||||||||||||
Securities lending income | 54 | — | — | — | 78 | |||||||||||||||||||||
Total investment income | 12,418 | 1,021 | 6,772 | 7,024 | 3,059 | |||||||||||||||||||||
EXPENSES (note 3): | ||||||||||||||||||||||||||
Investment advisory fees | 2,378 | 393 | 3,674 | 3,570 | 1,879 | |||||||||||||||||||||
Administration fees | 815 | 109 | 838 | 817 | 645 | |||||||||||||||||||||
Transfer agent fees | 130 | 57 | 97 | 52 | 130 | |||||||||||||||||||||
Custodian fees | 18 | 114 | 197 | 398 | 16 | |||||||||||||||||||||
Legal fees | 8 | 8 | 8 | 8 | 8 | |||||||||||||||||||||
Audit fees | 16 | 17 | 17 | 28 | 16 | |||||||||||||||||||||
Registration fees | 25 | 24 | 26 | 32 | 25 | |||||||||||||||||||||
Postage & printing fees | 33 | 2 | 32 | 16 | 25 | |||||||||||||||||||||
Directors’ fees | 15 | 15 | 15 | 15 | 15 | |||||||||||||||||||||
Other expenses | 12 | 10 | 12 | 11 | 11 | |||||||||||||||||||||
Distribution and shareholder servicing fees: | ||||||||||||||||||||||||||
Class A2 | 135 | 42 | 36 | 4 | 76 | |||||||||||||||||||||
Class B3 | 35 | — | 9 | — | 22 | |||||||||||||||||||||
Class C2 | 27 | 22 | 16 | 1 | 22 | |||||||||||||||||||||
Class R2,4 | — | — | — | — | 2 | |||||||||||||||||||||
Total expenses | 3,647 | 813 | 4,977 | 4,952 | 2,892 | |||||||||||||||||||||
Less: Fee waivers (note 3) | (2 | ) | (313 | ) | (361 | ) | (513 | ) | (1 | ) | ||||||||||||||||
Less: Indirect payments from custodian (note 3) | — | — | — | — | — | |||||||||||||||||||||
Total net expenses | 3,645 | 500 | 4,616 | 4,439 | 2,891 | |||||||||||||||||||||
Investment income (loss) – net | 8,773 | 521 | 2,156 | 2,585 | 168 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5): | ||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||
Unaffiliated investments | 13,041 | 4,872 | 34,775 | 21,311 | 44,581 | |||||||||||||||||||||
Futures contracts | — | — | (808 | ) | (1,211 | ) | — | |||||||||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (1 | ) | (4 | ) | (1,203 | ) | (738 | ) | — | |||||||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||||||||||||
Unaffiliated investments | 94,461 | 880 | 9,037 | 20,392 | 47,959 | |||||||||||||||||||||
Affiliated investments | — | — | — | — | — | |||||||||||||||||||||
Futures contracts | — | — | 3,651 | 4,415 | — | |||||||||||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | (1 | ) | (136 | ) | (232 | ) | — | ||||||||||||||||||
Net gain on investments, futures contracts, and foreign currency transactions | 107,501 | 5,747 | 45,316 | 43,937 | 92,540 | |||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 116,274 | $ | 6,268 | $ | 47,472 | $ | 46,522 | $ | 92,708 | ||||||||||||||||
1 | For the period December 30, 2009 (commencement of operations) through April 30, 2010. | |
2 | Class A, Class C, and Class R are not offered by the Tactical Market Opportunities Fund. | |
3 | No new investments allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See note 1 in Notes to Financial Statements. | |
4 | Class R is not offered by Mid Cap Select Fund and Quantitative Large Cap Core Fund. |
The accompanying notes are an integral part of the financial statements.
52 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Large | Large | Mid Cap | Real | Small Cap | Small | Tactical | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cap | Cap | Growth | Mid Cap | Mid Cap | Quantitative | Estate | Growth | Cap | Market | |||||||||||||||||||||||||||||||||||||||||||||||
Select | Value | Opportunities | Select | Value | Large Cap | Securities | Opportunities | Select | Small Cap | Opportunities | ||||||||||||||||||||||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Core Fund | Fund | Fund | Fund | Value Fund | Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | 18 | |||||||||||||||||||||||||||||||||||
969 | 3,692 | 3,831 | 235 | 5,568 | 1,620 | 26,809 | 346 | 2,885 | 1,272 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
— | 1 | 3 | — | 2 | 3 | 6 | 1 | 7 | 1 | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | (8 | ) | — | — | — | (50 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
21 | 33 | 232 | 8 | 57 | 18 | 308 | 115 | 384 | 33 | — | ||||||||||||||||||||||||||||||||||||||||||||||
990 | 3,726 | 4,058 | 243 | 5,627 | 1,642 | 27,073 | 462 | 3,276 | 1,306 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||
477 | 1,290 | 4,494 | 151 | 2,148 | 236 | 4,527 | 814 | 2,574 | 701 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
169 | 445 | 1,426 | 53 | 685 | 182 | 1,437 | 186 | 820 | 228 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
52 | 106 | 185 | 86 | 117 | 41 | 256 | 84 | 135 | 81 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||
5 | 10 | 32 | 2 | 17 | 4 | 33 | 4 | 18 | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||||
8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||
23 | 25 | 27 | 21 | 27 | 19 | 46 | 26 | 31 | 24 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
8 | 20 | 52 | 2 | 28 | 7 | 32 | 5 | 28 | 8 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||
11 | 11 | 12 | 10 | 11 | 10 | 12 | 10 | 11 | 10 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
4 | 71 | 316 | 17 | 122 | — | 458 | 43 | 401 | 39 | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | 10 | 34 | 8 | 17 | — | 15 | 11 | 27 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
1 | 9 | 69 | 13 | 61 | — | 124 | 7 | 90 | 11 | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | 1 | 81 | — | 64 | — | 153 | 4 | 72 | 6 | — | ||||||||||||||||||||||||||||||||||||||||||||||
789 | 2,037 | 6,767 | 402 | 3,336 | 538 | 7,132 | 1,233 | 4,246 | 1,152 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||
— | (1 | ) | (5 | ) | (114 | ) | (2 | ) | (187 | ) | (9 | ) | (177 | ) | (9 | ) | (1 | ) | (57 | ) | ||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
789 | 2,036 | 6,762 | 288 | 3,334 | 351 | 7,123 | 1,056 | 4,237 | 1,151 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
201 | 1,690 | (2,704 | ) | (45 | ) | 2,293 | 1,291 | 19,950 | (594 | ) | (961 | ) | 155 | 23 | ||||||||||||||||||||||||||||||||||||||||||
22,370 | 32,319 | 134,104 | 4,247 | 60,392 | 14,526 | 177,704 | 21,771 | 74,970 | 9,596 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | 849 | — | — | — | — | (29 | ) | |||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (1 | ) | — | — | — | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
5,349 | 18,015 | 103,145 | 4,590 | 62,995 | 5,457 | 199,651 | 24,229 | 88,283 | 41,816 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 1,511 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | 307 | — | — | — | — | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
27,719 | 50,334 | 237,249 | 8,837 | 123,387 | 21,139 | 377,354 | 46,000 | 164,764 | 51,412 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 27,920 | $ | 52,024 | $ | 234,545 | $ | 8,792 | $ | 125,680 | $ | 22,430 | $ | 397,304 | $ | 45,406 | $ | 163,803 | $ | 51,567 | $ | 39 | |||||||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 53
Statements of Changes in Net Assets | all dollars are rounded to thousands (000) |
Global | ||||||||||||||||||||||||||||
Equity | Infrastructure | International | ||||||||||||||||||||||||||
Income Fund | Fund | Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||
4/30/10 | Year Ended | 4/30/10 | Year Ended | 4/30/10 | Year Ended | |||||||||||||||||||||||
(unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income (loss) – net | $ | 8,773 | $ | 20,246 | $ | 521 | $ | 1,028 | $ | 2,156 | $ | 7,837 | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Unaffiliated investments | 13,041 | (14,066 | ) | 4,872 | 2,258 | 34,775 | (59,460 | ) | ||||||||||||||||||||
Futures contracts | — | — | — | — | (808 | ) | (15,635 | ) | ||||||||||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (1 | ) | (1 | ) | (4 | ) | 3 | (1,203 | ) | (2,356 | ) | |||||||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||||||||||||||
Unaffiliated investments | 94,461 | 56,206 | 880 | 7,143 | 9,037 | 197,864 | ||||||||||||||||||||||
Futures contracts | — | — | — | — | 3,651 | 14,698 | ||||||||||||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | — | (1 | ) | 2 | (136 | ) | (314 | ) | |||||||||||||||||||
Net increase in net assets resulting from operations | 116,274 | 62,385 | $ | 6,268 | $ | 10,434 | 47,472 | 142,634 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (1,249 | ) | (3,050 | ) | (423 | ) | (86 | ) | (112 | ) | (236 | ) | ||||||||||||||||
Class B | (58 | ) | (200 | ) | — | — | — | — | ||||||||||||||||||||
Class C | (43 | ) | (114 | ) | (45 | ) | — | — | — | |||||||||||||||||||
Class R | (1 | ) | (9 | ) | — | — | — | — | ||||||||||||||||||||
Class Y | (7,839 | ) | (19,001 | ) | (658 | ) | (262 | ) | (4,307 | ) | (8,282 | ) | ||||||||||||||||
Total distributions | (9,190 | ) | (22,374 | ) | (1,126 | ) | (348 | ) | (4,419 | ) | (8,518 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A2: | ||||||||||||||||||||||||||||
Proceeds from sales | 11,142 | 9,072 | 26,650 | 16,619 | 1,310 | 3,228 | ||||||||||||||||||||||
Reinvestment of distributions | 1,129 | 2,785 | 371 | 67 | 103 | 219 | ||||||||||||||||||||||
Payments for redemptions | (9,316 | ) | (17,930 | ) | (2,674 | ) | (4,091 | ) | (3,028 | ) | (6,232 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 2,955 | (6,073 | ) | 24,347 | 12,595 | (1,615 | ) | (2,785 | ) | |||||||||||||||||||
Class B3: | ||||||||||||||||||||||||||||
Proceeds from sales | 27 | 113 | — | — | 16 | 77 | ||||||||||||||||||||||
Reinvestment of distributions | 55 | 187 | — | — | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | (1,918 | ) | (2,480 | ) | — | — | (405 | ) | (975 | ) | ||||||||||||||||||
Decrease in net assets from Class B transactions | (1,836 | ) | (2,180 | ) | — | — | (389 | ) | (898 | ) | ||||||||||||||||||
Class C2: | ||||||||||||||||||||||||||||
Proceeds from sales | 3,279 | 1,181 | 2,793 | 2,639 | 157 | 331 | ||||||||||||||||||||||
Reinvestment of distributions | 39 | 107 | 40 | — | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | (1,334 | ) | (1,258 | ) | (176 | ) | (32 | ) | (713 | ) | (985 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class C transactions | 1,984 | 30 | 2,657 | 2,607 | (556 | ) | (654 | ) | ||||||||||||||||||||
Class R2,4: | ||||||||||||||||||||||||||||
Proceeds from sales | 117 | 52 | — | 5 | 1 | 1 | ||||||||||||||||||||||
Reinvestment of distributions | 2 | 9 | — | — | — | — | ||||||||||||||||||||||
Payments for redemptions | (65 | ) | (452 | ) | — | — | — | — | ||||||||||||||||||||
Increase (decrease) in net assets from Class R transactions | 54 | (391 | ) | — | 5 | 1 | 1 | |||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 63,349 | 127,721 | 32,605 | 41,075 | 21,533 | 54,320 | ||||||||||||||||||||||
Reinvestment of distributions | 1,805 | 4,494 | 261 | 141 | 2,919 | 5,049 | ||||||||||||||||||||||
Payments for redemptions | (73,260 | ) | (169,842 | ) | (7,395 | ) | (28,216 | ) | (59,668 | ) | (165,305 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (8,106 | ) | (37,627 | ) | 25,471 | 13,000 | (35,216 | ) | (105,936 | ) | ||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (4,949 | ) | (46,241 | ) | 52,475 | 28,207 | (37,775 | ) | (110,272 | ) | ||||||||||||||||||
Increase in net assets from regulatory settlement proceeds (note 8) | — | — | — | — | — | 359 | ||||||||||||||||||||||
Total increase (decrease) in net assets | 102,135 | (6,230 | ) | 57,617 | 38,293 | 5,278 | 24,203 | |||||||||||||||||||||
Net assets at beginning of period | 683,029 | 689,259 | 59,536 | 21,243 | 713,554 | 689,351 | ||||||||||||||||||||||
Net assets at end of period | $ | 785,164 | $ | 683,029 | $ | 117,153 | $ | 59,536 | $ | 718,832 | $ | 713,554 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 1,675 | $ | 2,092 | $ | 336 | $ | 941 | $ | 2,134 | $ | 4,397 | ||||||||||||||||
1 | Commencement of operations. | |
2 | Class A, Class C, and Class R are not offered by the Tactical Market Opportunities Fund. | |
3 | No new investments allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See note 1 in Notes to Financial Statements. | |
4 | Class R is not offered by Mid Cap Select Fund and Quantitative Large Cap Core Fund. |
The accompanying notes are an integral part of the financial statements.
54 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
International | Large Cap Growth | Large Cap | Large Cap | Mid Cap Growth | ||||||||||||||||||||||||||||||||||||||||||
Select Fund | Opportunities Fund | Select Fund | Value Fund | Opportunities Fund | ||||||||||||||||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||||||||||||||||||
4/30/10 | Year Ended | 4/30/10 | Year Ended | 4/30/10 | Year Ended | 4/30/10 | Year Ended | 4/30/10 | Year Ended | |||||||||||||||||||||||||||||||||||||
(unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | |||||||||||||||||||||||||||||||||||||
$ | 2,585 | $ | 4,098 | $ | 168 | $ | 2,104 | $ | 201 | $ | 1,304 | $ | 1,690 | $ | 6,741 | $ | (2,704 | ) | $ | (1,648 | ) | |||||||||||||||||||||||||
21,311 | (45,089 | ) | 44,581 | (66,901 | ) | 22,370 | (49,896 | ) | 32,319 | (81,898 | ) | 134,104 | (161,489 | ) | ||||||||||||||||||||||||||||||||
(1,211 | ) | 4,615 | — | 6,794 | — | — | — | — | — | 15,590 | ||||||||||||||||||||||||||||||||||||
(738 | ) | (1,097 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
20,392 | 138,434 | 47,959 | 121,303 | 5,349 | 61,203 | 18,015 | 81,677 | 103,145 | 340,238 | |||||||||||||||||||||||||||||||||||||
4,415 | 2,599 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
(232 | ) | (53 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
46,522 | 103,507 | 92,708 | 63,300 | 27,920 | 12,611 | 52,024 | 6,520 | 234,545 | 192,691 | |||||||||||||||||||||||||||||||||||||
(7 | ) | (30 | ) | (112 | ) | (59 | ) | (19 | ) | (15 | ) | (728 | ) | (635 | ) | — | — | |||||||||||||||||||||||||||||
— | (2 | ) | — | — | — | — | (10 | ) | (21 | ) | — | — | ||||||||||||||||||||||||||||||||||
— | (1 | ) | — | — | — | — | (7 | ) | (15 | ) | — | — | ||||||||||||||||||||||||||||||||||
— | (1 | ) | — | — | — | — | (4 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||||||||||
(2,439 | ) | (6,078 | ) | (1,994 | ) | (1,833 | ) | (1,121 | ) | (1,109 | ) | (5,078 | ) | (4,702 | ) | — | — | |||||||||||||||||||||||||||||
(2,446 | ) | (6,112 | ) | (2,106 | ) | (1,892 | ) | (1,140 | ) | (1,124 | ) | (5,827 | ) | (5,375 | ) | — | — | |||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||
1,349 | 1,588 | 3,762 | 7,172 | 312 | 856 | 1,166 | 2,954 | 26,690 | 36,041 | |||||||||||||||||||||||||||||||||||||
5 | 25 | 106 | 56 | 17 | 12 | 671 | 579 | — | — | |||||||||||||||||||||||||||||||||||||
(624 | ) | (1,027 | ) | (6,555 | ) | (9,957 | ) | (362 | ) | (1,480 | ) | (5,429 | ) | (9,418 | ) | (24,202 | ) | (51,431 | ) | |||||||||||||||||||||||||||
730 | 586 | (2,687 | ) | (2,729 | ) | (33 | ) | (612 | ) | (3,592 | ) | (5,885 | ) | 2,488 | (15,390 | ) | ||||||||||||||||||||||||||||||
— | 2 | 9 | 42 | — | 3 | — | 15 | 32 | 54 | |||||||||||||||||||||||||||||||||||||
— | 2 | — | — | — | — | 10 | 20 | — | — | |||||||||||||||||||||||||||||||||||||
— | (298 | ) | (1,358 | ) | (1,629 | ) | — | (324 | ) | (793 | ) | (1,394 | ) | (1,434 | ) | (1,623 | ) | |||||||||||||||||||||||||||||
— | (294 | ) | (1,349 | ) | (1,587 | ) | — | (321 | ) | (783 | ) | (1,359 | ) | (1,402 | ) | (1,569 | ) | |||||||||||||||||||||||||||||
391 | 21 | 78 | 481 | 4 | 22 | 57 | 217 | 625 | 2,061 | |||||||||||||||||||||||||||||||||||||
— | 1 | — | — | — | — | 6 | 15 | — | — | |||||||||||||||||||||||||||||||||||||
(15 | ) | (61 | ) | (897 | ) | (845 | ) | (29 | ) | (36 | ) | (649 | ) | (869 | ) | (1,323 | ) | (3,972 | ) | |||||||||||||||||||||||||||
376 | (39 | ) | (819 | ) | (364 | ) | (25 | ) | (14 | ) | (586 | ) | (637 | ) | (698 | ) | (1,911 | ) | ||||||||||||||||||||||||||||
— | 4 | 101 | 225 | 5 | 102 | 169 | 176 | 8,814 | 11,251 | |||||||||||||||||||||||||||||||||||||
— | 1 | — | — | — | — | 5 | 2 | — | — | |||||||||||||||||||||||||||||||||||||
— | (42 | ) | (72 | ) | (114 | ) | (1 | ) | (55 | ) | (50 | ) | (35 | ) | (5,232 | ) | (10,412 | ) | ||||||||||||||||||||||||||||
— | (37 | ) | 29 | 111 | 4 | 47 | 124 | 143 | 3,582 | 839 | ||||||||||||||||||||||||||||||||||||
223,600 | 363,659 | 29,036 | 116,710 | 8,465 | 39,404 | 8,732 | 38,047 | 76,778 | 171,004 | |||||||||||||||||||||||||||||||||||||
704 | 1,729 | 783 | 724 | 527 | 441 | 3,337 | 2,849 | — | — | |||||||||||||||||||||||||||||||||||||
(43,843 | ) | (127,280 | ) | (60,415 | ) | (106,659 | ) | (44,533 | ) | (111,700 | ) | (51,497 | ) | (107,134 | ) | (139,823 | ) | (142,727 | ) | |||||||||||||||||||||||||||
180,461 | 238,108 | (30,596 | ) | 10,775 | (35,541 | ) | (71,855 | ) | (39,428 | ) | (66,238 | ) | (63,045 | ) | 28,277 | |||||||||||||||||||||||||||||||
181,567 | 238,324 | (35,422 | ) | 6,206 | (35,595 | ) | (72,755 | ) | (44,265 | ) | (73,976 | ) | (59,075 | ) | 10,246 | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
225,643 | 335,719 | 55,180 | 67,614 | (8,815 | ) | (61,268 | ) | 1,932 | (72,831 | ) | 175,470 | 202,937 | ||||||||||||||||||||||||||||||||||
587,959 | 252,240 | 549,110 | 481,496 | 150,775 | 212,043 | 395,612 | 468,443 | 1,186,046 | 983,109 | |||||||||||||||||||||||||||||||||||||
$ | 813,602 | $ | 587,959 | $ | 604,290 | $ | 549,110 | $ | 141,960 | $ | 150,775 | $ | 397,544 | $ | 395,612 | $ | 1,361,516 | $ | 1,186,046 | |||||||||||||||||||||||||||
$ | 2,407 | $ | 2,268 | $ | 156 | $ | 2,094 | $ | (18 | ) | $ | 921 | $ | 847 | $ | 4,984 | $ | (2,717 | ) | $ | (13 | ) | ||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 55
Statements of Changes in Net Assets | continued, all dollars are rounded to thousands (000) |
Mid Cap | Mid Cap | Quantitative | ||||||||||||||||||||||||||
Select Fund | Value Fund | Large Cap Core Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||
4/30/10 | Year Ended | 4/30/10 | Year Ended | 4/30/10 | Year Ended | |||||||||||||||||||||||
(unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income (loss) – net | $ | (45 | ) | $ | 297 | $ | 2,293 | $ | 9,075 | $ | 1,291 | $ | 2,193 | |||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Unaffiliated investments | 4,247 | (16,427 | ) | 60,392 | (84,621 | ) | 14,526 | (18,929 | ) | |||||||||||||||||||
Affiliated investments | — | — | — | — | — | — | ||||||||||||||||||||||
Futures contracts | — | 994 | — | — | 849 | 1,549 | ||||||||||||||||||||||
Options written | — | (321 | ) | — | — | — | — | |||||||||||||||||||||
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | — | — | — | — | — | ||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||||||||||||||
Unaffiliated investments | 4,590 | 18,365 | 62,995 | 147,981 | 5,457 | 27,924 | ||||||||||||||||||||||
Affiliated investments | — | — | — | — | — | — | ||||||||||||||||||||||
Futures contracts | — | — | — | — | 307 | (358 | ) | |||||||||||||||||||||
Net increase in net assets resulting from operations | 8,792 | 2,908 | 125,680 | 72,435 | 22,430 | 12,379 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (37 | ) | (4 | ) | (1,055 | ) | (600 | ) | (4 | ) | (1 | ) | ||||||||||||||||
Class B | — | — | (15 | ) | (2 | ) | — | — | ||||||||||||||||||||
Class C | — | — | (46 | ) | (7 | ) | — | — | ||||||||||||||||||||
Class R | — | — | (180 | ) | (90 | ) | — | — | ||||||||||||||||||||
Class Y | (127 | ) | (143 | ) | (6,065 | ) | (2,658 | ) | (2,274 | ) | (1,072 | ) | ||||||||||||||||
Return of capital: | ||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||||||
Class B | — | — | — | — | — | — | ||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||
Class R | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | — | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | (164 | ) | (147 | ) | (7,361 | ) | (3,357 | ) | (2,278 | ) | (1,073 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A2: | ||||||||||||||||||||||||||||
Proceeds from sales | 714 | 1,858 | 9,104 | 29,555 | 9 | 130 | ||||||||||||||||||||||
Reinvestment of distributions | 33 | 3 | 1,027 | 583 | 2 | 1 | ||||||||||||||||||||||
Payments for redemptions | (1,676 | ) | (3,132 | ) | (76,229 | ) | (38,523 | ) | (60 | ) | (20 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (929 | ) | (1,271 | ) | (66,098 | ) | (8,385 | ) | (49 | ) | 111 | |||||||||||||||||
Class B3: | ||||||||||||||||||||||||||||
Proceeds from sales | — | 8 | 1 | 47 | — | — | ||||||||||||||||||||||
Reinvestment of distributions | — | — | 14 | 2 | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | (419 | ) | (917 | ) | (707 | ) | (1,032 | ) | — | — | ||||||||||||||||||
Decrease in net assets from Class B transactions | (419 | ) | (909 | ) | (692 | ) | (983 | ) | — | — | ||||||||||||||||||
Class C2: | ||||||||||||||||||||||||||||
Proceeds from sales | 59 | 190 | 365 | 676 | 10 | — | ||||||||||||||||||||||
Reinvestment of distributions | — | — | 41 | 7 | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | (455 | ) | (894 | ) | (2,246 | ) | (3,112 | ) | — | (6 | ) | |||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (396 | ) | (704 | ) | (1,840 | ) | (2,429 | ) | 10 | (6 | ) | |||||||||||||||||
Class R2,4: | ||||||||||||||||||||||||||||
Proceeds from sales | — | — | 7,552 | 14,902 | — | — | ||||||||||||||||||||||
Reinvestment of distributions | — | — | 180 | 90 | — | — | ||||||||||||||||||||||
Payments for redemptions | — | — | (8,741 | ) | (16,399 | ) | — | (3 | ) | |||||||||||||||||||
Increase (decrease) in net assets from Class R transactions | — | — | (1,009 | ) | (1,407 | ) | — | (3 | ) | |||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 1,713 | 10,760 | 24,723 | 66,387 | 55,036 | 94,121 | ||||||||||||||||||||||
Reinvestment of distributions | 33 | 33 | 4,150 | 1,760 | 899 | 546 | ||||||||||||||||||||||
Payments for redemptions | (8,998 | ) | (25,773 | ) | (49,211 | ) | (92,117 | ) | (32,053 | ) | (49,049 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (7,252 | ) | (14,980 | ) | (20,338 | ) | (23,970 | ) | 23,882 | 45,618 | ||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (8,996 | ) | (17,864 | ) | (89,977 | ) | (37,174 | ) | 23,843 | 45,720 | ||||||||||||||||||
Total increase (decrease) in net assets | (368 | ) | (15,103 | ) | 28,342 | 31,904 | 43,995 | 57,026 | ||||||||||||||||||||
Net assets at beginning of period | 43,734 | 58,837 | 612,375 | 580,471 | 146,427 | 89,401 | ||||||||||||||||||||||
Net assets at end of period | $ | 43,366 | $ | 43,734 | $ | 640,717 | $ | 612,375 | $ | 190,422 | $ | 146,427 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (54 | ) | $ | 155 | $ | 2,281 | $ | 7,349 | $ | 672 | $ | 1,659 | |||||||||||||||
1 | Commencement of operations. | |
2 | Class A, Class C, and Class R are not offered by the Tactical Market Opportunities Fund. | |
3 | No new investments allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. Certain funds do not offer Class B shares. See note 1 in Notes to Financial Statements. | |
4 | Class R is not offered by Mid Cap Select Fund and Quantitative Large Cap Core Fund. |
The accompanying notes are an integral part of the financial statements.
56 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Tactical Market | ||||||||||||||||||||||||||||||||||||||||||
Real Estate | Small Cap Growth | Small Cap | Small Cap | Opportunities | ||||||||||||||||||||||||||||||||||||||
Securities Fund | Opportunities Fund | Select Fund | Value Fund | Fund | ||||||||||||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | 12/30/091 to | ||||||||||||||||||||||||||||||||||||||
4/30/10 | Year Ended | 4/30/10 | Year Ended | 4/30/10 | Year ended | 4/30/10 | Year Ended | 4/30/10 | ||||||||||||||||||||||||||||||||||
(unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | ||||||||||||||||||||||||||||||||||
$ | 19,950 | $ | 28,866 | $ | (594 | ) | $ | (810 | ) | $ | (961 | ) | $ | 105 | $ | 155 | $ | 1,109 | $ | 23 | ||||||||||||||||||||||
177,704 | (162,772 | ) | 21,771 | (5,607 | ) | 74,970 | (93,728 | ) | 9,596 | (37,715 | ) | 28 | ||||||||||||||||||||||||||||||
— | (1,573 | ) | — | — | — | (1,433 | ) | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | (29 | ) | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
(1 | ) | (8 | ) | — | — | — | — | — | — | (3 | ) | |||||||||||||||||||||||||||||||
199,651 | 203,043 | 24,229 | 27,775 | 88,283 | 176,157 | 41,816 | 39,307 | 26 | ||||||||||||||||||||||||||||||||||
— | (4,227 | ) | — | — | 1,511 | 1,710 | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | (6 | ) | |||||||||||||||||||||||||||||||||
397,304 | 63,329 | 45,406 | 21,358 | 163,803 | 82,811 | 51,567 | 2,701 | 39 | ||||||||||||||||||||||||||||||||||
(5,478 | ) | (5,684 | ) | — | — | — | — | (84 | ) | (281 | ) | — | ||||||||||||||||||||||||||||||
(32 | ) | (61 | ) | — | — | — | — | — | (3 | ) | — | |||||||||||||||||||||||||||||||
(307 | ) | (291 | ) | — | — | — | — | — | (7 | ) | — | |||||||||||||||||||||||||||||||
(844 | ) | (899 | ) | — | — | — | — | (1 | ) | (18 | ) | — | ||||||||||||||||||||||||||||||
(13,567 | ) | (16,569 | ) | — | — | (184 | ) | — | (751 | ) | (1,989 | ) | — | |||||||||||||||||||||||||||||
— | (2,077 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | (33 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | (141 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | (356 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | (6,186 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
(20,228 | ) | (32,297 | ) | — | — | (184 | ) | — | (836 | ) | (2,298 | ) | — | |||||||||||||||||||||||||||||
150,489 | 197,810 | 3,024 | 3,534 | 90,841 | 148,270 | 832 | 5,254 | — | ||||||||||||||||||||||||||||||||||
5,076 | 7,096 | — | — | — | — | 81 | 270 | — | ||||||||||||||||||||||||||||||||||
(62,919 | ) | (71,600 | ) | (3,456 | ) | (7,288 | ) | (104,750 | ) | (55,873 | ) | (2,636 | ) | (5,111 | ) | — | ||||||||||||||||||||||||||
92,646 | 133,306 | (432 | ) | (3,754 | ) | (13,909 | ) | 92,397 | (1,723 | ) | 413 | — | ||||||||||||||||||||||||||||||
15 | 51 | 37 | 47 | 5 | 46 | — | 16 | — | ||||||||||||||||||||||||||||||||||
27 | 81 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
(367 | ) | (558 | ) | (217 | ) | (320 | ) | (1,464 | ) | (1,443 | ) | — | (2,690 | ) | — | |||||||||||||||||||||||||||
(325 | ) | (426 | ) | (180 | ) | (273 | ) | (1,459 | ) | (1,397 | ) | — | (2,671 | ) | — | |||||||||||||||||||||||||||
13,784 | 8,357 | 291 | 271 | 584 | 1,427 | 188 | 201 | — | ||||||||||||||||||||||||||||||||||
212 | 338 | — | — | — | — | — | 6 | — | ||||||||||||||||||||||||||||||||||
(1,974 | ) | (2,664 | ) | (292 | ) | (239 | ) | (1,984 | ) | (3,469 | ) | (404 | ) | (499 | ) | — | ||||||||||||||||||||||||||
12,022 | 6,031 | (1 | ) | 32 | (1,400 | ) | (2,042 | ) | (216 | ) | (292 | ) | — | |||||||||||||||||||||||||||||
27,896 | 25,869 | 559 | 1,204 | 6,413 | 7,603 | 629 | 1,693 | — | ||||||||||||||||||||||||||||||||||
844 | 1,255 | — | — | — | — | 1 | 18 | — | ||||||||||||||||||||||||||||||||||
(7,476 | ) | (6,732 | ) | (672 | ) | (314 | ) | (3,673 | ) | (9,240 | ) | (573 | ) | (1,683 | ) | — | ||||||||||||||||||||||||||
21,264 | 20,392 | (113 | ) | 890 | 2,740 | (1,637 | ) | 57 | 28 | — | ||||||||||||||||||||||||||||||||
392,202 | 382,082 | 21,743 | 26,506 | 40,423 | 68,946 | 11,988 | 17,091 | 3,000 | ||||||||||||||||||||||||||||||||||
9,427 | 14,186 | — | — | 133 | — | 634 | 1,747 | — | ||||||||||||||||||||||||||||||||||
(156,577 | ) | (269,156 | ) | (8,619 | ) | (14,191 | ) | (35,571 | ) | (76,685 | ) | (13,755 | ) | (27,723 | ) | — | ||||||||||||||||||||||||||
245,052 | 127,112 | 13,124 | 12,315 | 4,985 | (7,739 | ) | (1,133 | ) | (8,885 | ) | 3,000 | |||||||||||||||||||||||||||||||
370,659 | 286,415 | 12,398 | 9,210 | (9,043 | ) | 79,582 | (3,015 | ) | (11,407 | ) | 3,000 | |||||||||||||||||||||||||||||||
747,735 | 317,447 | 57,804 | 30,568 | 154,576 | 162,393 | 47,716 | (11,004 | ) | 3,039 | |||||||||||||||||||||||||||||||||
1,014,542 | 697,095 | 138,460 | 107,892 | 665,156 | 502,763 | 182,948 | 193,952 | — | ||||||||||||||||||||||||||||||||||
$ | 1,762,277 | $ | 1,014,542 | $ | 196,264 | $ | 138,460 | $ | 819,732 | $ | 665,156 | $ | 230,664 | $ | 182,948 | $ | 3,039 | |||||||||||||||||||||||||
$ | (288 | ) | $ | (10 | ) | $ | (602 | ) | $ | (8 | ) | $ | (975 | ) | $ | 170 | $ | (688 | ) | $ | (7 | ) | $ | 23 | ||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 57
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Equity Income Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.76 | $ | 0.13 | $ | 1.71 | $ | 1.84 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 12.46 | |||||||||||||||||||||||
20093 | 10.09 | 0.29 | 0.71 | 1.00 | (0.33 | ) | — | (0.33 | ) | 10.76 | |||||||||||||||||||||||||||||||
20083 | 16.43 | 0.33 | (5.28 | ) | (4.95 | ) | (0.29 | ) | (1.10 | ) | (1.39 | ) | 10.09 | ||||||||||||||||||||||||||||
20073 | 15.90 | 0.29 | 1.96 | 2.25 | (0.29 | ) | (1.43 | ) | (1.72 | ) | 16.43 | ||||||||||||||||||||||||||||||
20063 | 13.67 | 0.20 | 2.32 | 2.52 | (0.21 | ) | (0.08 | ) | (0.29 | ) | 15.90 | ||||||||||||||||||||||||||||||
20054 | 13.89 | 0.01 | (0.22 | ) | (0.21 | ) | (0.01 | ) | — | (0.01 | ) | 13.67 | |||||||||||||||||||||||||||||
20055 | 12.77 | 0.20 | 1.15 | 1.35 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 13.89 | ||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.61 | $ | 0.09 | $ | 1.67 | $ | 1.76 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 12.28 | |||||||||||||||||||||||
20093 | 9.96 | 0.22 | 0.68 | 0.90 | (0.25 | ) | — | (0.25 | ) | 10.61 | |||||||||||||||||||||||||||||||
20083 | 16.23 | 0.22 | (5.19 | ) | (4.97 | ) | (0.20 | ) | (1.10 | ) | (1.30 | ) | 9.96 | ||||||||||||||||||||||||||||
20073 | 15.75 | 0.17 | 1.94 | 2.11 | (0.20 | ) | (1.43 | ) | (1.63 | ) | 16.23 | ||||||||||||||||||||||||||||||
20063 | 13.57 | 0.09 | 2.30 | 2.39 | (0.13 | ) | (0.08 | ) | (0.21 | ) | 15.75 | ||||||||||||||||||||||||||||||
20054 | 13.79 | — | (0.22 | ) | (0.22 | ) | — | — | — | 13.57 | |||||||||||||||||||||||||||||||
20055 | 12.68 | 0.10 | 1.14 | 1.24 | (0.12 | ) | (0.01 | ) | (0.13 | ) | 13.79 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.63 | $ | 0.08 | $ | 1.69 | $ | 1.77 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 12.30 | |||||||||||||||||||||||
20093 | 9.98 | 0.21 | 0.69 | 0.90 | (0.25 | ) | — | (0.25 | ) | 10.63 | |||||||||||||||||||||||||||||||
20083 | 16.26 | 0.22 | (5.20 | ) | (4.98 | ) | (0.20 | ) | (1.10 | ) | (1.30 | ) | 9.98 | ||||||||||||||||||||||||||||
20073 | 15.78 | 0.17 | 1.94 | 2.11 | (0.20 | ) | (1.43 | ) | (1.63 | ) | 16.26 | ||||||||||||||||||||||||||||||
20063 | 13.59 | 0.10 | 2.30 | 2.40 | (0.13 | ) | (0.08 | ) | (0.21 | ) | 15.78 | ||||||||||||||||||||||||||||||
20054 | 13.81 | — | (0.22 | ) | (0.22 | ) | — | — | — | 13.59 | |||||||||||||||||||||||||||||||
20055 | 12.70 | 0.11 | 1.13 | 1.24 | (0.12 | ) | (0.01 | ) | (0.13 | ) | 13.81 | ||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.76 | $ | 0.11 | $ | 1.70 | $ | 1.81 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | $ | 12.45 | |||||||||||||||||||||||
20093 | 10.08 | 0.28 | 0.68 | 0.96 | (0.28 | ) | — | (0.28 | ) | 10.76 | |||||||||||||||||||||||||||||||
20083 | 16.41 | 0.29 | (5.26 | ) | (4.97 | ) | (0.26 | ) | (1.10 | ) | (1.36 | ) | 10.08 | ||||||||||||||||||||||||||||
20073 | 15.88 | 0.23 | 1.98 | 2.21 | (0.25 | ) | (1.43 | ) | (1.68 | ) | 16.41 | ||||||||||||||||||||||||||||||
20063 | 13.66 | 0.17 | 2.31 | 2.48 | (0.18 | ) | (0.08 | ) | (0.26 | ) | 15.88 | ||||||||||||||||||||||||||||||
20054 | 13.88 | 0.01 | (0.23 | ) | (0.22 | ) | — | — | — | 13.66 | |||||||||||||||||||||||||||||||
20055 | 12.78 | 0.11 | 1.20 | 1.31 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 13.88 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.85 | $ | 0.14 | $ | 1.73 | $ | 1.87 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | 12.57 | |||||||||||||||||||||||
20093 | 10.18 | 0.32 | 0.70 | 1.02 | (0.35 | ) | — | (0.35 | ) | 10.85 | |||||||||||||||||||||||||||||||
20083 | 16.55 | 0.36 | (5.30 | ) | (4.94 | ) | (0.33 | ) | (1.10 | ) | (1.43 | ) | 10.18 | ||||||||||||||||||||||||||||
20073 | 16.00 | 0.33 | 1.98 | 2.31 | (0.33 | ) | (1.43 | ) | (1.76 | ) | 16.55 | ||||||||||||||||||||||||||||||
20063 | 13.76 | 0.24 | 2.33 | 2.57 | (0.25 | ) | (0.08 | ) | (0.33 | ) | 16.00 | ||||||||||||||||||||||||||||||
20054 | 13.98 | 0.01 | (0.21 | ) | (0.20 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | 13.76 | ||||||||||||||||||||||||||||
20055 | 12.85 | 0.24 | 1.15 | 1.39 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 13.98 | ||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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 year indicated. | |
6 | Total return does not include 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.
58 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income (Loss) | 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 | ||||||||||||||||||||||||||||||
17.13 | % | $ | 118,662 | 1.19 | % | 2.20 | % | 1.19 | % | 2.20 | % | 18 | % | |||||||||||||||||||||||
10.32 | 100,059 | 1.19 | 3.00 | 1.19 | 3.00 | 48 | ||||||||||||||||||||||||||||||
(32.51 | ) | 100,824 | 1.17 | 2.45 | 1.17 | 2.45 | 32 | |||||||||||||||||||||||||||||
15.24 | 179,379 | 1.16 | 1.83 | 1.16 | 1.83 | 20 | ||||||||||||||||||||||||||||||
18.66 | 171,814 | 1.18 | 1.40 | 1.18 | 1.40 | 23 | ||||||||||||||||||||||||||||||
(1.53 | ) | 171,998 | 1.20 | 0.70 | 1.20 | 0.70 | — | |||||||||||||||||||||||||||||
10.65 | 176,878 | 1.16 | 1.51 | 1.19 | 1.48 | 27 | ||||||||||||||||||||||||||||||
16.64 | % | $ | 6,444 | 1.94 | % | 1.50 | % | 1.94 | % | 1.50 | % | 18 | % | |||||||||||||||||||||||
9.41 | 7,237 | 1.94 | 2.28 | 1.94 | 2.28 | 48 | ||||||||||||||||||||||||||||||
(32.95 | ) | 9,113 | 1.92 | 1.69 | 1.92 | 1.69 | 32 | |||||||||||||||||||||||||||||
14.40 | 16,893 | 1.91 | 1.09 | 1.91 | 1.09 | 20 | ||||||||||||||||||||||||||||||
17.76 | 19,845 | 1.93 | 0.65 | 1.93 | 0.65 | 23 | ||||||||||||||||||||||||||||||
(1.60 | ) | 21,003 | 1.95 | (0.05 | ) | 1.95 | (0.05 | ) | — | |||||||||||||||||||||||||||
9.86 | 21,639 | 1.91 | 0.78 | 1.94 | 0.75 | 27 | ||||||||||||||||||||||||||||||
16.66 | % | $ | 7,710 | 1.94 | % | 1.43 | % | 1.94 | % | 1.43 | % | 18 | % | |||||||||||||||||||||||
9.41 | 4,921 | 1.94 | 2.23 | 1.94 | 2.23 | 48 | ||||||||||||||||||||||||||||||
(32.95 | ) | 4,625 | 1.92 | 1.69 | 1.92 | 1.69 | 32 | |||||||||||||||||||||||||||||
14.37 | 9,241 | 1.91 | 1.09 | 1.91 | 1.09 | 20 | ||||||||||||||||||||||||||||||
17.80 | 11,225 | 1.93 | 0.68 | 1.93 | 0.68 | 23 | ||||||||||||||||||||||||||||||
(1.59 | ) | 15,313 | 1.95 | (0.05 | ) | 1.95 | (0.05 | ) | — | |||||||||||||||||||||||||||
9.84 | 16,128 | 1.91 | 0.79 | 1.94 | 0.76 | 27 | ||||||||||||||||||||||||||||||
16.92 | % | $ | 198 | 1.44 | % | 1.88 | % | 1.44 | % | 1.88 | % | 18 | % | |||||||||||||||||||||||
9.92 | 122 | 1.45 | 2.94 | 1.45 | 2.94 | 48 | ||||||||||||||||||||||||||||||
(32.64 | ) | 535 | 1.42 | 2.20 | 1.42 | 2.20 | 32 | |||||||||||||||||||||||||||||
14.98 | 940 | 1.41 | 1.48 | 1.41 | 1.48 | 20 | ||||||||||||||||||||||||||||||
18.33 | 511 | 1.43 | 1.14 | 1.57 | 1.00 | 23 | ||||||||||||||||||||||||||||||
(1.55 | ) | 418 | 1.45 | 0.45 | 1.60 | 0.30 | — | |||||||||||||||||||||||||||||
10.33 | 415 | 1.41 | 0.83 | 1.59 | 0.65 | 27 | ||||||||||||||||||||||||||||||
17.31 | % | $ | 652,150 | 0.94 | % | 2.45 | % | 0.94 | % | 2.45 | % | 18 | % | |||||||||||||||||||||||
10.51 | 570,690 | 0.94 | 3.25 | 0.94 | 3.25 | 48 | ||||||||||||||||||||||||||||||
(32.29 | ) | 574,162 | 0.92 | 2.70 | 0.92 | 2.70 | 32 | |||||||||||||||||||||||||||||
15.54 | 1,061,433 | 0.91 | 2.09 | 0.91 | 2.09 | 20 | ||||||||||||||||||||||||||||||
18.89 | 1,129,971 | 0.93 | 1.65 | 0.93 | 1.65 | 23 | ||||||||||||||||||||||||||||||
(1.50 | ) | 1,169,267 | 0.95 | 0.95 | 0.95 | 0.95 | — | |||||||||||||||||||||||||||||
10.94 | 1,206,483 | 0.91 | 1.80 | 0.94 | 1.77 | 27 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 59
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 | ||||||||||||||||||||||||||
Global Infrastructure Fund1 | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
20102 | $ | 7.80 | $ | 0.05 | $ | 0.71 | $ | 0.76 | $ | (0.12 | ) | $ | 8.44 | ||||||||||||||||||
20093 | 6.43 | 0.16 | 1.29 | 1.45 | (0.08 | ) | 7.80 | ||||||||||||||||||||||||
20084 | 10.00 | 0.05 | (3.62 | ) | (3.57 | ) | — | 6.43 | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
20102 | $ | 7.75 | $ | 0.01 | $ | 0.72 | $ | 0.73 | $ | (0.09 | ) | $ | 8.39 | ||||||||||||||||||
20095 | 6.48 | 0.11 | 1.24 | 1.35 | (0.08 | ) | 7.75 | ||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
20102 | $ | 7.78 | $ | 0.03 | $ | 0.73 | $ | 0.76 | $ | (0.10 | ) | $ | 8.44 | ||||||||||||||||||
20095 | 6.48 | 0.14 | 1.24 | 1.38 | (0.08 | ) | 7.78 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
20102 | $ | 7.82 | $ | 0.06 | $ | 0.72 | $ | 0.78 | $ | (0.13 | ) | $ | 8.47 | ||||||||||||||||||
20093 | 6.43 | 0.17 | 1.30 | 1.47 | (0.08 | ) | 7.82 | ||||||||||||||||||||||||
20084 | 10.00 | 0.16 | (3.73 | ) | (3.57 | ) | — | 6.43 | |||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | Commenced operations on December 17, 2007. All ratios for the period ended October 31, 2008 have been annualized, except total return and portfolio turnover. | |
5 | For the period November 3, 2009, when the class of shares was offered, to April 30, 2009 (unaudited). All ratios for the period 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.
60 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
9.81 | % | $ | 46,153 | 1.25 | % | 1.10 | % | 1.97 | % | 0.38 | % | 161 | % | |||||||||||||||||||||||
22.76 | 19,901 | 1.25 | 2.34 | 2.47 | 1.12 | 299 | ||||||||||||||||||||||||||||||
(35.70 | ) | 4,022 | 1.25 | 0.80 | 4.16 | (2.11 | ) | 304 | ||||||||||||||||||||||||||||
9.49 | % | $ | 5,968 | 2.00 | % | 0.34 | % | 2.72 | % | (0.38 | )% | 161 | % | |||||||||||||||||||||||
21.00 | 3,034 | 2.00 | 1.59 | 3.22 | 0.37 | 299 | ||||||||||||||||||||||||||||||
9.78 | % | $ | 7 | 1.50 | % | 0.79 | % | 2.22 | % | 0.07 | % | 161 | % | |||||||||||||||||||||||
21.48 | 6 | 1.50 | 2.15 | 2.72 | 0.93 | 299 | ||||||||||||||||||||||||||||||
10.06 | % | $ | 65,025 | 1.00 | % | 1.33 | % | 1.72 | % | 0.61 | % | 161 | % | |||||||||||||||||||||||
23.14 | 36,595 | 1.00 | 2.57 | 2.22 | 1.35 | 299 | ||||||||||||||||||||||||||||||
(35.70 | ) | 17,221 | 0.99 | 2.18 | 3.90 | (0.73 | ) | 304 | ||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 61
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
International Fund 1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.78 | $ | 0.02 | $ | 0.68 | $ | 0.70 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 11.44 | |||||||||||||||||||||||
20093 | 8.68 | 0.09 | 2.09 | 2.18 | (0.08 | ) | — | (0.08 | ) | 10.78 | |||||||||||||||||||||||||||||||
20083 | 17.15 | 0.26 | (7.14 | ) | (6.88 | ) | (0.14 | ) | (1.45 | ) | (1.59 | ) | 8.68 | ||||||||||||||||||||||||||||
20073 | 14.80 | 0.15 | 2.59 | 2.74 | (0.13 | ) | (0.26 | ) | (0.39 | ) | 17.15 | ||||||||||||||||||||||||||||||
20063 | 12.01 | 0.12 | 2.80 | 2.92 | (0.13 | ) | — | (0.13 | ) | 14.80 | |||||||||||||||||||||||||||||||
20054 | 12.24 | 0.01 | (0.24 | ) | (0.23 | ) | — | — | — | 12.01 | |||||||||||||||||||||||||||||||
20055 | 10.19 | 0.09 | 2.02 | 2.11 | (0.06 | ) | — | (0.06 | ) | 12.24 | |||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.84 | $ | (0.02 | ) | $ | 0.63 | $ | 0.61 | $ | — | $ | — | $ | — | $ | 10.45 | ||||||||||||||||||||||||
20093 | 7.92 | 0.02 | 1.90 | 1.92 | — | — | — | 9.84 | |||||||||||||||||||||||||||||||||
20083 | 15.78 | 0.14 | (6.52 | ) | (6.38 | ) | (0.03 | ) | (1.45 | ) | (1.48 | ) | 7.92 | ||||||||||||||||||||||||||||
20073 | 13.65 | 0.03 | 2.39 | 2.42 | (0.03 | ) | (0.26 | ) | (0.29 | ) | 15.78 | ||||||||||||||||||||||||||||||
20063 | 11.09 | 0.02 | 2.58 | 2.60 | (0.04 | ) | — | (0.04 | ) | 13.65 | |||||||||||||||||||||||||||||||
20054 | 11.31 | — | (0.22 | ) | (0.22 | ) | — | — | — | 11.09 | |||||||||||||||||||||||||||||||
20055 | 9.43 | — | 1.88 | 1.88 | — | — | — | 11.31 | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.26 | $ | (0.02 | ) | $ | 0.66 | $ | 0.64 | $ | — | $ | — | $ | — | $ | 10.90 | ||||||||||||||||||||||||
20093 | 8.25 | 0.02 | 1.99 | 2.01 | — | — | — | 10.26 | |||||||||||||||||||||||||||||||||
20083 | 16.36 | 0.15 | (6.79 | ) | (6.64 | ) | (0.02 | ) | (1.45 | ) | (1.47 | ) | 8.25 | ||||||||||||||||||||||||||||
20073 | 14.13 | 0.03 | 2.48 | 2.51 | (0.02 | ) | (0.26 | ) | (0.28 | ) | 16.36 | ||||||||||||||||||||||||||||||
20063 | 11.47 | 0.02 | 2.67 | 2.69 | (0.03 | ) | — | (0.03 | ) | 14.13 | |||||||||||||||||||||||||||||||
20054 | 11.70 | — | (0.23 | ) | (0.23 | ) | — | — | — | 11.47 | |||||||||||||||||||||||||||||||
20055 | 9.76 | — | 1.94 | 1.94 | — | — | — | 11.70 | |||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.78 | $ | 0.01 | $ | 0.69 | $ | 0.70 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 11.45 | |||||||||||||||||||||||
20093 | 8.67 | 0.07 | 2.11 | 2.18 | (0.07 | ) | — | (0.07 | ) | 10.78 | |||||||||||||||||||||||||||||||
20083 | 17.17 | 0.19 | (7.10 | ) | (6.91 | ) | (0.14 | ) | (1.45 | ) | (1.59 | ) | 8.67 | ||||||||||||||||||||||||||||
20073 | 14.81 | 0.10 | 2.61 | 2.71 | (0.09 | ) | (0.26 | ) | (0.35 | ) | 17.17 | ||||||||||||||||||||||||||||||
20063 | 11.94 | 0.05 | 2.82 | 2.87 | — | — | — | 14.81 | |||||||||||||||||||||||||||||||||
20054 | 12.17 | (0.02 | ) | (0.21 | ) | (0.23 | ) | — | — | — | 11.94 | ||||||||||||||||||||||||||||||
20055 | 10.11 | 0.09 | 1.97 | 2.06 | — | — | — | 12.17 | |||||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.92 | $ | 0.03 | $ | 0.70 | $ | 0.73 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 11.58 | |||||||||||||||||||||||
20093 | 8.81 | 0.11 | 2.12 | 2.23 | (0.12 | ) | — | (0.12 | ) | 10.92 | |||||||||||||||||||||||||||||||
20083 | 17.38 | 0.30 | (7.24 | ) | (6.94 | ) | (0.18 | ) | (1.45 | ) | (1.63 | ) | 8.81 | ||||||||||||||||||||||||||||
20073 | 14.99 | 0.19 | 2.62 | 2.81 | (0.16 | ) | (0.26 | ) | (0.42 | ) | 17.38 | ||||||||||||||||||||||||||||||
20063 | 12.16 | 0.16 | 2.83 | 2.99 | (0.16 | ) | — | (0.16 | ) | 14.99 | |||||||||||||||||||||||||||||||
20054 | 12.39 | 0.01 | (0.24 | ) | (0.23 | ) | — | — | — | 12.16 | |||||||||||||||||||||||||||||||
20055 | 10.31 | 0.12 | 2.05 | 2.17 | (0.09 | ) | — | (0.09 | ) | 12.39 | |||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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 year indicated. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. | |
7 | During the period indicated, the fund received a regulatory settlement, which had no impact on total return. |
The accompanying notes are an integral part of the financial statements.
62 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
6.53 | % | $ | 28,088 | 1.49 | % | 0.36 | % | 1.59 | % | 0.26 | % | 25 | % | |||||||||||||||||||||||
25.29 | 7 | 27,995 | 1.49 | 1.00 | 1.59 | 0.90 | 231 | |||||||||||||||||||||||||||||
(43.82 | ) | 25,342 | 1.49 | 1.92 | 1.54 | 1.87 | 18 | |||||||||||||||||||||||||||||
18.92 | 56,705 | 1.49 | 0.97 | 1.53 | 0.93 | 14 | ||||||||||||||||||||||||||||||
24.50 | 52,489 | 1.51 | 0.89 | 1.54 | 0.86 | 17 | ||||||||||||||||||||||||||||||
(1.88 | ) | 48,439 | 1.51 | 0.58 | 1.55 | 0.54 | — | |||||||||||||||||||||||||||||
20.80 | 48,851 | 1.56 | 0.77 | 1.61 | 0.72 | 74 | ||||||||||||||||||||||||||||||
6.20 | % | $ | 1,710 | 2.24 | % | (0.44 | )% | 2.34 | % | (0.54 | )% | 25 | % | |||||||||||||||||||||||
24.24 | 7 | 1,976 | 2.24 | 0.23 | 2.34 | 0.13 | 231 | |||||||||||||||||||||||||||||
(44.19 | ) | 2,499 | 2.24 | 1.16 | 2.29 | 1.11 | 18 | |||||||||||||||||||||||||||||
18.05 | 6,668 | 2.24 | 0.22 | 2.28 | 0.18 | 14 | ||||||||||||||||||||||||||||||
23.50 | 7,172 | 2.26 | 0.15 | 2.29 | 0.12 | 17 | ||||||||||||||||||||||||||||||
(1.95 | ) | 6,632 | 2.26 | (0.17 | ) | 2.30 | (0.21 | ) | — | |||||||||||||||||||||||||||
19.94 | 6,819 | 2.31 | — | 2.36 | (0.05 | ) | 74 | |||||||||||||||||||||||||||||
6.24 | % | $ | 2,910 | 2.24 | % | (0.43 | )% | 2.34 | % | (0.53 | )% | 25 | % | |||||||||||||||||||||||
24.36 | 7 | 3,269 | 2.24 | 0.24 | 2.34 | 0.14 | 231 | |||||||||||||||||||||||||||||
(44.21 | ) | 3,232 | 2.24 | 1.20 | 2.29 | 1.15 | 18 | |||||||||||||||||||||||||||||
18.09 | 7,173 | 2.24 | 0.20 | 2.28 | 0.16 | 14 | ||||||||||||||||||||||||||||||
23.53 | 8,049 | 2.26 | 0.16 | 2.29 | 0.13 | 17 | ||||||||||||||||||||||||||||||
(1.97 | ) | 7,520 | 2.26 | (0.17 | ) | 2.30 | (0.21 | ) | — | |||||||||||||||||||||||||||
19.88 | 7,915 | 2.31 | (0.01 | ) | 2.36 | (0.06 | ) | 74 | ||||||||||||||||||||||||||||
6.45 | % | $ | 6 | 1.74 | % | 0.14 | % | 1.84 | % | 0.04 | % | 25 | % | |||||||||||||||||||||||
25.39 | 7 | 5 | 1.74 | 0.73 | 1.84 | 0.63 | 231 | |||||||||||||||||||||||||||||
(43.94 | ) | 2 | 1.74 | 1.40 | 1.79 | 1.35 | 18 | |||||||||||||||||||||||||||||
18.66 | 4 | 1.74 | 0.60 | 1.78 | 0.56 | 14 | ||||||||||||||||||||||||||||||
24.04 | 1 | 1.76 | 0.39 | 1.91 | 0.24 | 17 | ||||||||||||||||||||||||||||||
(1.89 | ) | 1 | 1.76 | 0.33 | 1.95 | 0.14 | — | |||||||||||||||||||||||||||||
20.38 | 163 | 1.81 | 0.77 | 2.01 | 0.57 | 74 | ||||||||||||||||||||||||||||||
6.68 | % | $ | 686,118 | 1.24 | % | 0.60 | % | 1.34 | % | 0.50 | % | 25 | % | |||||||||||||||||||||||
25.68 | 7 | 680,309 | 1.24 | 1.25 | 1.34 | 1.15 | 231 | |||||||||||||||||||||||||||||
(43.68 | ) | 658,276 | 1.24 | 2.19 | 1.29 | 2.14 | 18 | |||||||||||||||||||||||||||||
19.23 | 1,670,810 | 1.24 | 1.21 | 1.28 | 1.17 | 14 | ||||||||||||||||||||||||||||||
24.81 | 1,738,254 | 1.26 | 1.16 | 1.29 | 1.13 | 17 | ||||||||||||||||||||||||||||||
(1.86 | ) | 1,516,510 | 1.26 | 0.83 | 1.30 | 0.79 | — | |||||||||||||||||||||||||||||
21.12 | 1,523,057 | 1.31 | 1.07 | 1.36 | 1.02 | 74 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 63
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
International Select Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.48 | $ | 0.02 | $ | 0.62 | $ | 0.64 | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | 9.10 | |||||||||||||||||||||||
20093 | 6.53 | 0.07 | 2.00 | 2.07 | (0.12 | ) | — | (0.12 | ) | 8.48 | |||||||||||||||||||||||||||||||
20083 | 12.15 | 0.15 | (5.52 | ) | (5.37 | ) | (0.06 | ) | (0.19 | ) | (0.25 | ) | 6.53 | ||||||||||||||||||||||||||||
20074 | 10.00 | 0.09 | 2.07 | 2.16 | (0.01 | ) | — | (0.01 | ) | 12.15 | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.42 | $ | — | $ | 0.61 | $ | 0.61 | $ | — | $ | — | $ | — | $ | 9.03 | |||||||||||||||||||||||||
20093 | 6.46 | 0.03 | 1.97 | 2.00 | (0.04 | ) | — | (0.04 | ) | 8.42 | |||||||||||||||||||||||||||||||
20083 | 12.07 | 0.09 | (5.48 | ) | (5.39 | ) | (0.03 | ) | (0.19 | ) | (0.22 | ) | 6.46 | ||||||||||||||||||||||||||||
20074 | 10.00 | 0.03 | 2.04 | 2.07 | — | — | — | 12.07 | |||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.42 | $ | 0.01 | $ | 0.62 | $ | 0.63 | $ | — | $ | — | $ | — | $ | 9.05 | |||||||||||||||||||||||||
20093 | 6.52 | 0.09 | 1.94 | 2.03 | (0.13 | ) | — | (0.13 | ) | 8.42 | |||||||||||||||||||||||||||||||
20083 | 12.12 | 0.08 | (5.46 | ) | (5.38 | ) | (0.03 | ) | (0.19 | ) | (0.22 | ) | 6.52 | ||||||||||||||||||||||||||||
20074 | 10.00 | 0.07 | 2.06 | 2.13 | (0.01 | ) | — | (0.01 | ) | 12.12 | |||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.49 | $ | 0.03 | $ | 0.62 | $ | 0.65 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 9.11 | |||||||||||||||||||||||
20093 | 6.55 | 0.08 | 2.01 | 2.09 | (0.15 | ) | — | (0.15 | ) | 8.49 | |||||||||||||||||||||||||||||||
20083 | 12.17 | 0.17 | (5.52 | ) | (5.35 | ) | (0.08 | ) | (0.19 | ) | (0.27 | ) | 6.55 | ||||||||||||||||||||||||||||
20074 | 10.00 | 0.13 | 2.05 | 2.18 | (0.01 | ) | — | (0.01 | ) | 12.17 | |||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the year indicated. | |
4 | Commenced operations on December 21, 2006. All ratios for the period ended October 31, 2007 have been annualized, except total return and portfolio turnover. | |
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.
64 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return5 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
7.52 | % | $ | 3,975 | 1.49 | % | 0.46 | % | 1.63 | % | 0.32 | % | 23 | % | |||||||||||||||||||||||
32.32 | 3,029 | 1.49 | 1.04 | 1.76 | 0.77 | 64 | ||||||||||||||||||||||||||||||
(45.00 | ) | 1,904 | 1.49 | 1.52 | 1.70 | 1.31 | 63 | |||||||||||||||||||||||||||||
21.58 | 3,228 | 1.49 | 0.95 | 1.89 | 0.55 | 45 | ||||||||||||||||||||||||||||||
7.24 | % | $ | 627 | 2.24 | % | (0.07 | )% | 2.38 | % | (0.21 | )% | 23 | % | |||||||||||||||||||||||
31.43 | 244 | 2.24 | 0.40 | 2.51 | 0.13 | 64 | ||||||||||||||||||||||||||||||
(45.39 | ) | 226 | 2.24 | 0.92 | 2.45 | 0.71 | 63 | |||||||||||||||||||||||||||||
20.75 | 287 | 2.24 | 0.30 | 2.64 | (0.10 | ) | 45 | |||||||||||||||||||||||||||||
7.48 | % | $ | 21 | 1.74 | % | 0.16 | % | 1.88 | % | 0.02 | % | 23 | % | |||||||||||||||||||||||
31.99 | 19 | 1.74 | 1.30 | 2.01 | 1.03 | 64 | ||||||||||||||||||||||||||||||
(45.10 | ) | 48 | 1.74 | 0.90 | 1.95 | 0.69 | 63 | |||||||||||||||||||||||||||||
21.27 | 17 | 1.74 | 0.77 | 2.14 | 0.37 | 45 | ||||||||||||||||||||||||||||||
7.70 | % | $ | 808,979 | 1.24 | % | 0.73 | % | 1.38 | % | 0.59 | % | 23 | % | |||||||||||||||||||||||
32.68 | 584,667 | 1.24 | 1.17 | 1.51 | 0.90 | 64 | ||||||||||||||||||||||||||||||
(44.86 | ) | 249,805 | 1.24 | 1.72 | 1.45 | 1.51 | 63 | |||||||||||||||||||||||||||||
21.78 | 343,161 | 1.24 | 1.36 | 1.64 | 0.96 | 45 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 65
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||||||||||||||
Value | Investment | Gains | Total From | from Net | from Net | Distributions | Value | |||||||||||||||||||||||||||||||||||||||
Beginning | Income | (Losses) on | Investment | Investment | Realized | from Return | Total | End of | ||||||||||||||||||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | of Capital | Distributions | Period | ||||||||||||||||||||||||||||||||||||||
Large Cap Growth Opportunities Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 24.23 | $ | (0.02 | ) | $ | 4.20 | $ | 4.18 | $ | (0.05 | ) | $ | — | $ | — | $ | (0.05 | ) | $ | 28.36 | |||||||||||||||||||||||||
20093 | 21.52 | 0.05 | 2.68 | 2.73 | (0.02 | ) | — | — | (0.02 | ) | 24.23 | |||||||||||||||||||||||||||||||||||
20083 | 36.27 | 0.02 | (11.65 | ) | (11.63 | ) | — | (3.12 | ) | — | (3.12 | ) | 21.52 | |||||||||||||||||||||||||||||||||
20073 | 29.58 | (0.05 | ) | 7.08 | 7.03 | — | (0.34 | ) | — | (0.34 | ) | 36.27 | ||||||||||||||||||||||||||||||||||
20063 | 27.86 | (0.02 | ) | 1.74 | 1.72 | — | — | — | — | 29.58 | ||||||||||||||||||||||||||||||||||||
20054 | 28.02 | (0.01 | ) | (0.15 | ) | (0.16 | ) | — | — | — | — | 27.86 | ||||||||||||||||||||||||||||||||||
20055 | 25.00 | (0.01 | ) | 3.08 | 3.07 | (0.04 | ) | — | (0.01 | ) | (0.05 | ) | 28.02 | |||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 22.31 | $ | (0.11 | ) | $ | 3.86 | $ | 3.75 | $ | — | $ | — | $ | — | $ | — | $ | 26.06 | |||||||||||||||||||||||||||
20093 | 19.93 | (0.09 | ) | 2.47 | 2.38 | — | — | — | — | 22.31 | ||||||||||||||||||||||||||||||||||||
20083 | 34.08 | (0.19 | ) | (10.84 | ) | (11.03 | ) | — | (3.12 | ) | — | (3.12 | ) | 19.93 | ||||||||||||||||||||||||||||||||
20073 | 28.01 | (0.27 | ) | 6.68 | 6.41 | — | (0.34 | ) | — | (0.34 | ) | 34.08 | ||||||||||||||||||||||||||||||||||
20063 | 26.58 | (0.22 | ) | 1.65 | 1.43 | — | — | — | — | 28.01 | ||||||||||||||||||||||||||||||||||||
20054 | 26.75 | (0.03 | ) | (0.14 | ) | (0.17 | ) | — | — | — | — | 26.58 | ||||||||||||||||||||||||||||||||||
20055 | 24.02 | (0.20 | ) | 2.96 | 2.76 | (0.02 | ) | — | (0.01 | ) | (0.03 | ) | 26.75 | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 22.81 | $ | (0.11 | ) | $ | 3.94 | $ | 3.83 | $ | — | $ | — | $ | — | $ | — | $ | 26.64 | |||||||||||||||||||||||||||
20093 | 20.38 | (0.10 | ) | 2.53 | 2.43 | — | — | — | — | 22.81 | ||||||||||||||||||||||||||||||||||||
20083 | 34.77 | (0.19 | ) | (11.08 | ) | (11.27 | ) | — | (3.12 | ) | — | (3.12 | ) | 20.38 | ||||||||||||||||||||||||||||||||
20073 | 28.58 | (0.28 | ) | 6.81 | 6.53 | — | (0.34 | ) | — | (0.34 | ) | 34.77 | ||||||||||||||||||||||||||||||||||
20063 | 27.12 | (0.23 | ) | 1.69 | 1.46 | — | — | — | — | 28.58 | ||||||||||||||||||||||||||||||||||||
20054 | 27.29 | (0.03 | ) | (0.14 | ) | (0.17 | ) | — | — | — | — | 27.12 | ||||||||||||||||||||||||||||||||||
20055 | 24.51 | (0.20 | ) | 3.00 | 2.80 | (0.01 | ) | — | (0.01 | ) | (0.02 | ) | 27.29 | |||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 23.92 | $ | (0.05 | ) | $ | 4.14 | $ | 4.09 | $ | — | $ | — | $ | — | $ | — | $ | 28.01 | |||||||||||||||||||||||||||
20093 | 21.26 | (0.01 | ) | 2.67 | 2.66 | — | — | — | — | 23.92 | ||||||||||||||||||||||||||||||||||||
20083 | 35.97 | (0.05 | ) | (11.54 | ) | (11.59 | ) | — | (3.12 | ) | — | (3.12 | ) | 21.26 | ||||||||||||||||||||||||||||||||
20073 | 29.41 | (0.12 | ) | 7.02 | 6.90 | — | (0.34 | ) | — | (0.34 | ) | 35.97 | ||||||||||||||||||||||||||||||||||
20063 | 27.78 | (0.09 | ) | 1.72 | 1.63 | — | — | — | — | 29.41 | ||||||||||||||||||||||||||||||||||||
20054 | 27.94 | (0.02 | ) | (0.14 | ) | (0.16 | ) | — | — | — | — | 27.78 | ||||||||||||||||||||||||||||||||||
20055 | 24.98 | (0.16 | ) | 3.17 | 3.01 | (0.05 | ) | — | — | (6) | (0.05 | ) | 27.94 | |||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 25.09 | $ | 0.01 | $ | 4.35 | $ | 4.36 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | 29.34 | ||||||||||||||||||||||||||
20093 | 22.31 | 0.11 | 2.77 | 2.88 | (0.10 | ) | — | — | (0.10 | ) | 25.09 | |||||||||||||||||||||||||||||||||||
20083 | 37.42 | 0.10 | (12.07 | ) | (11.97 | ) | (0.02 | ) | (3.12 | ) | — | (3.14 | ) | 22.31 | ||||||||||||||||||||||||||||||||
20073 | 30.48 | 0.03 | 7.30 | 7.33 | (0.05 | ) | (0.34 | ) | — | (0.39 | ) | 37.42 | ||||||||||||||||||||||||||||||||||
20063 | 28.64 | 0.05 | 1.79 | 1.84 | — | — | — | — | 30.48 | |||||||||||||||||||||||||||||||||||||
20054 | 28.79 | (0.01 | ) | (0.14 | ) | (0.15 | ) | — | — | — | — | 28.64 | ||||||||||||||||||||||||||||||||||
20055 | 25.63 | 0.07 | 3.15 | 3.22 | (0.04 | ) | — | (0.02 | ) | (0.06 | ) | 28.79 | ||||||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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 year indicated. | |
6 | Includes a tax return of capital of less than $0.01. | |
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.
66 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
17.25 | % | $ | 63,818 | 1.21 | % | (0.15 | )% | 1.21 | % | (0.15 | )% | 58 | % | |||||||||||||||||||||||
12.73 | 56,963 | 1.22 | 0.24 | 1.22 | 0.24 | 112 | ||||||||||||||||||||||||||||||
(34.81 | ) | 53,430 | 1.20 | 0.07 | 1.20 | 0.07 | 92 | |||||||||||||||||||||||||||||
24.01 | 96,514 | 1.19 | (0.15 | ) | 1.19 | (0.15 | ) | 102 | ||||||||||||||||||||||||||||
6.17 | 90,285 | 1.19 | (0.07 | ) | 1.19 | (0.07 | ) | 94 | ||||||||||||||||||||||||||||
(0.57 | ) | 104,960 | 1.21 | (0.47 | ) | 1.21 | (0.47 | ) | 6 | |||||||||||||||||||||||||||
12.30 | 107,079 | 1.17 | (0.03 | ) | 1.20 | (0.06 | ) | 103 | ||||||||||||||||||||||||||||
16.81 | % | $ | 4,103 | 1.96 | % | (0.88 | )% | 1.96 | % | (0.88 | )% | 58 | % | |||||||||||||||||||||||
11.94 | 4,749 | 1.97 | (0.48 | ) | 1.97 | (0.48 | ) | 112 | ||||||||||||||||||||||||||||
(35.33 | ) | 5,907 | 1.95 | (0.68 | ) | 1.95 | (0.68 | ) | 92 | |||||||||||||||||||||||||||
23.13 | 11,955 | 1.94 | (0.90 | ) | 1.94 | (0.90 | ) | 102 | ||||||||||||||||||||||||||||
5.38 | 13,990 | 1.94 | (0.82 | ) | 1.94 | (0.82 | ) | 94 | ||||||||||||||||||||||||||||
(0.64 | ) | 19,601 | 1.96 | (1.22 | ) | 1.96 | (1.22 | ) | 6 | |||||||||||||||||||||||||||
11.47 | 20,239 | 1.92 | (0.77 | ) | 1.95 | (0.80 | ) | 103 | ||||||||||||||||||||||||||||
16.79 | % | $ | 4,379 | 1.96 | % | (0.89 | )% | 1.96 | % | (0.89 | )% | 58 | % | |||||||||||||||||||||||
11.92 | 4,509 | 1.97 | (0.51 | ) | 1.97 | (0.51 | ) | 112 | ||||||||||||||||||||||||||||
(35.31 | ) | 4,368 | 1.95 | (0.68 | ) | 1.95 | (0.68 | ) | 92 | |||||||||||||||||||||||||||
23.09 | 8,506 | 1.94 | (0.90 | ) | 1.94 | (0.90 | ) | 102 | ||||||||||||||||||||||||||||
5.38 | 8,424 | 1.94 | (0.82 | ) | 1.94 | (0.82 | ) | 94 | ||||||||||||||||||||||||||||
(0.62 | ) | 10,739 | 1.96 | (1.22 | ) | 1.96 | (1.22 | ) | 6 | |||||||||||||||||||||||||||
11.44 | 11,147 | 1.92 | (0.78 | ) | 1.95 | (0.81 | ) | 103 | ||||||||||||||||||||||||||||
17.10 | % | $ | 813 | 1.46 | % | (0.41 | )% | 1.46 | % | (0.41 | )% | 58 | % | |||||||||||||||||||||||
12.51 | 667 | 1.47 | (0.05 | ) | 1.47 | (0.05 | ) | 112 | ||||||||||||||||||||||||||||
(35.00 | ) | 454 | 1.45 | (0.18 | ) | 1.45 | (0.18 | ) | 92 | |||||||||||||||||||||||||||
23.70 | 566 | 1.44 | (0.39 | ) | 1.44 | (0.39 | ) | 102 | ||||||||||||||||||||||||||||
5.87 | 558 | 1.44 | (0.32 | ) | 1.57 | (0.45 | ) | 94 | ||||||||||||||||||||||||||||
(0.57 | ) | 290 | 1.46 | (0.72 | ) | 1.61 | (0.87 | ) | 6 | |||||||||||||||||||||||||||
12.04 | 290 | 1.42 | (0.57 | ) | 1.60 | (0.75 | ) | 103 | ||||||||||||||||||||||||||||
17.38 | % | $ | 531,177 | 0.96 | % | 0.10 | % | 0.96 | % | 0.10 | % | 58 | % | |||||||||||||||||||||||
13.02 | 482,222 | 0.97 | 0.48 | 0.97 | 0.48 | 112 | ||||||||||||||||||||||||||||||
(34.65 | ) | 417,337 | 0.95 | 0.32 | 0.95 | 0.32 | 92 | |||||||||||||||||||||||||||||
24.32 | 749,865 | 0.94 | 0.11 | 0.94 | 0.11 | 102 | ||||||||||||||||||||||||||||||
6.42 | 793,853 | 0.94 | 0.18 | 0.94 | 0.18 | 94 | ||||||||||||||||||||||||||||||
(0.52 | ) | 849,194 | 0.96 | (0.22 | ) | 0.96 | (0.22 | ) | 6 | |||||||||||||||||||||||||||
12.58 | 849,382 | 0.92 | 0.26 | 0.95 | 0.23 | 103 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 67
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Large Cap Select Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.80 | $ | — | $ | 1.99 | $ | 1.99 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 11.73 | |||||||||||||||||||||||
20093 | 8.83 | 0.04 | 0.97 | 1.01 | (0.04 | ) | — | (0.04 | ) | 9.80 | |||||||||||||||||||||||||||||||
20083 | 17.05 | 0.06 | (6.04 | ) | (5.98 | ) | (0.04 | ) | (2.20 | ) | (2.24 | ) | 8.83 | ||||||||||||||||||||||||||||
20073 | 15.18 | 0.03 | 2.12 | 2.15 | (0.03 | ) | (0.25 | ) | (0.28 | ) | 17.05 | ||||||||||||||||||||||||||||||
20063 | 14.30 | 0.06 | 1.48 | 1.54 | (0.06 | ) | (0.60 | ) | (0.66 | ) | 15.18 | ||||||||||||||||||||||||||||||
20054 | 14.47 | — | (0.17 | ) | (0.17 | ) | — | — | — | 14.30 | |||||||||||||||||||||||||||||||
20055 | 12.52 | 0.06 | 2.15 | 2.21 | (0.06 | ) | (0.20 | ) | (0.26 | ) | 14.47 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.46 | $ | (0.04 | ) | $ | 1.92 | $ | 1.88 | $ | — | $ | — | $ | — | $ | 11.34 | ||||||||||||||||||||||||
20093 | 8.56 | (0.02 | ) | 0.93 | 0.91 | (0.01 | ) | — | (0.01 | ) | 9.46 | ||||||||||||||||||||||||||||||
20083 | 16.69 | (0.03 | ) | (5.90 | ) | (5.93 | ) | — | (2.20 | ) | (2.20 | ) | 8.56 | ||||||||||||||||||||||||||||
20073 | 14.95 | (0.09 | ) | 2.08 | 1.99 | — | (0.25 | ) | (0.25 | ) | 16.69 | ||||||||||||||||||||||||||||||
20063 | 14.13 | (0.05 | ) | 1.48 | 1.43 | (0.01 | ) | (0.60 | ) | (0.61 | ) | 14.95 | |||||||||||||||||||||||||||||
20054 | 14.31 | (0.01 | ) | (0.17 | ) | (0.18 | ) | — | — | — | 14.13 | ||||||||||||||||||||||||||||||
20055 | 12.43 | (0.05 | ) | 2.14 | 2.09 | (0.01 | ) | (0.20 | ) | (0.21 | ) | 14.31 | |||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.74 | $ | (0.01 | ) | $ | 1.97 | $ | 1.96 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 11.64 | ||||||||||||||||||||||
20093 | 8.78 | 0.01 | 0.98 | 0.99 | (0.03 | ) | — | (0.03 | ) | 9.74 | |||||||||||||||||||||||||||||||
20083 | 16.97 | 0.03 | (6.00 | ) | (5.97 | ) | (0.02 | ) | (2.20 | ) | (2.22 | ) | 8.78 | ||||||||||||||||||||||||||||
20073 | 15.12 | — | 2.11 | 2.11 | (0.01 | ) | (0.25 | ) | (0.26 | ) | 16.97 | ||||||||||||||||||||||||||||||
20063 | 14.26 | 0.01 | 1.49 | 1.50 | (0.04 | ) | (0.60 | ) | (0.64 | ) | 15.12 | ||||||||||||||||||||||||||||||
20054 | 14.43 | (0.01 | ) | (0.16 | ) | (0.17 | ) | — | — | — | 14.26 | ||||||||||||||||||||||||||||||
20055 | 12.49 | 0.02 | 2.15 | 2.17 | (0.03 | ) | (0.20 | ) | (0.23 | ) | 14.43 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.85 | $ | 0.02 | $ | 1.99 | $ | 2.01 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | 11.78 | |||||||||||||||||||||||
20093 | 8.87 | 0.07 | 0.96 | 1.03 | (0.05 | ) | — | (0.05 | ) | 9.85 | |||||||||||||||||||||||||||||||
20083 | 17.10 | 0.09 | (6.05 | ) | (5.96 | ) | (0.07 | ) | (2.20 | ) | (2.27 | ) | 8.87 | ||||||||||||||||||||||||||||
20073 | 15.22 | 0.07 | 2.13 | 2.20 | (0.07 | ) | (0.25 | ) | (0.32 | ) | 17.10 | ||||||||||||||||||||||||||||||
20063 | 14.33 | 0.10 | 1.49 | 1.59 | (0.10 | ) | (0.60 | ) | (0.70 | ) | 15.22 | ||||||||||||||||||||||||||||||
20054 | 14.49 | — | (0.16 | ) | (0.16 | ) | — | — | — | 14.33 | |||||||||||||||||||||||||||||||
20055 | 12.53 | 0.09 | 2.16 | 2.25 | (0.09 | ) | (0.20 | ) | (0.29 | ) | 14.49 | ||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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 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 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
20.31 | % | $ | 3,906 | 1.32 | % | 0.00 | % | 1.32 | % | 0.00 | % | 64 | % | |||||||||||||||||||||||
11.54 | 3,292 | 1.29 | 0.52 | 1.29 | 0.52 | 185 | ||||||||||||||||||||||||||||||
(39.81 | ) | 3,608 | 1.21 | 0.49 | 1.21 | 0.49 | 210 | |||||||||||||||||||||||||||||
14.36 | 7,998 | 1.19 | 0.20 | 1.19 | 0.20 | 138 | ||||||||||||||||||||||||||||||
11.07 | 7,152 | 1.20 | 0.41 | 1.20 | 0.41 | 112 | ||||||||||||||||||||||||||||||
(1.17 | ) | 5,682 | 1.19 | (0.20 | ) | 1.19 | (0.20 | ) | 8 | |||||||||||||||||||||||||||
17.83 | 5,299 | 1.17 | 0.41 | 1.22 | 0.36 | 176 | ||||||||||||||||||||||||||||||
19.87 | % | $ | 197 | 2.07 | % | (0.74 | )% | 2.07 | % | (0.74 | )% | 64 | % | |||||||||||||||||||||||
10.64 | 186 | 2.05 | (0.23 | ) | 2.05 | (0.23 | ) | 185 | ||||||||||||||||||||||||||||
(40.38 | ) | 180 | 1.96 | (0.26 | ) | 1.96 | (0.26 | ) | 210 | |||||||||||||||||||||||||||
13.45 | 325 | 1.94 | (0.57 | ) | 1.94 | (0.57 | ) | 138 | ||||||||||||||||||||||||||||
10.36 | 248 | 1.95 | (0.35 | ) | 1.95 | (0.35 | ) | 112 | ||||||||||||||||||||||||||||
(1.26 | ) | 180 | 1.94 | (0.95 | ) | 1.94 | (0.95 | ) | 8 | |||||||||||||||||||||||||||
16.91 | 182 | 1.92 | (0.35 | ) | 1.97 | (0.40 | ) | 176 | ||||||||||||||||||||||||||||
20.15 | % | $ | 84 | 1.57 | % | (0.27 | )% | 1.57 | % | (0.27 | )% | 64 | % | |||||||||||||||||||||||
11.31 | 66 | 1.56 | 0.12 | 1.56 | 0.12 | 185 | ||||||||||||||||||||||||||||||
(39.94 | ) | 20 | 1.46 | 0.24 | 1.46 | 0.24 | 210 | |||||||||||||||||||||||||||||
14.09 | 37 | 1.44 | 0.02 | 1.44 | 0.02 | 138 | ||||||||||||||||||||||||||||||
10.79 | 118 | 1.45 | 0.08 | 1.57 | (0.04 | ) | 112 | |||||||||||||||||||||||||||||
(1.18 | ) | 2 | 1.44 | (0.45 | ) | 1.59 | (0.60 | ) | 8 | |||||||||||||||||||||||||||
17.54 | 2 | 1.42 | 0.14 | 1.62 | (0.06 | ) | 176 | |||||||||||||||||||||||||||||
20.46 | % | $ | 137,773 | 1.07 | % | 0.28 | % | 1.07 | % | 0.28 | % | 64 | % | |||||||||||||||||||||||
11.81 | 147,231 | 1.04 | 0.82 | 1.04 | 0.82 | 185 | ||||||||||||||||||||||||||||||
(39.63 | ) | 207,904 | 0.96 | 0.74 | 0.96 | 0.74 | 210 | |||||||||||||||||||||||||||||
14.65 | 449,201 | 0.94 | 0.45 | 0.94 | 0.45 | 138 | ||||||||||||||||||||||||||||||
11.37 | 476,154 | 0.95 | 0.66 | 0.95 | 0.66 | 112 | ||||||||||||||||||||||||||||||
(1.10 | ) | 341,061 | 0.94 | 0.05 | 0.94 | 0.05 | 8 | |||||||||||||||||||||||||||||
18.14 | 329,656 | 0.92 | 0.67 | 0.97 | 0.62 | 176 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 69
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Large Cap Value Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 13.14 | $ | 0.05 | $ | 1.75 | $ | 1.80 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 14.76 | |||||||||||||||||||||||
20093 | 12.88 | 0.18 | 0.22 | 0.40 | (0.14 | ) | — | (0.14 | ) | 13.14 | |||||||||||||||||||||||||||||||
20083 | 22.61 | 0.25 | (7.02 | ) | (6.77 | ) | (0.16 | ) | (2.80 | ) | (2.96 | ) | 12.88 | ||||||||||||||||||||||||||||
20073 | 22.12 | 0.23 | 2.19 | 2.42 | (0.24 | ) | (1.69 | ) | (1.93 | ) | 22.61 | ||||||||||||||||||||||||||||||
20063 | 19.56 | 0.21 | 3.19 | 3.40 | (0.21 | ) | (0.63 | ) | (0.84 | ) | 22.12 | ||||||||||||||||||||||||||||||
20054 | 20.06 | — | (0.50 | ) | (0.50 | ) | — | — | — | 19.56 | |||||||||||||||||||||||||||||||
20055 | 17.21 | 0.17 | 2.85 | 3.02 | (0.17 | ) | — | (0.17 | ) | 20.06 | |||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 12.61 | $ | (0.01 | ) | $ | 1.68 | $ | 1.67 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 14.22 | ||||||||||||||||||||||
20093 | 12.39 | 0.09 | 0.21 | 0.30 | (0.08 | ) | — | (0.08 | ) | 12.61 | |||||||||||||||||||||||||||||||
20083 | 21.92 | 0.11 | (6.77 | ) | (6.66 | ) | (0.07 | ) | (2.80 | ) | (2.87 | ) | 12.39 | ||||||||||||||||||||||||||||
20073 | 21.54 | 0.07 | 2.12 | 2.19 | (0.12 | ) | (1.69 | ) | (1.81 | ) | 21.92 | ||||||||||||||||||||||||||||||
20063 | 19.12 | 0.06 | 3.11 | 3.17 | (0.12 | ) | (0.63 | ) | (0.75 | ) | 21.54 | ||||||||||||||||||||||||||||||
20054 | 19.62 | (0.01 | ) | (0.49 | ) | (0.50 | ) | — | — | — | 19.12 | ||||||||||||||||||||||||||||||
20055 | 16.87 | 0.03 | 2.78 | 2.81 | (0.06 | ) | — | (0.06 | ) | 19.62 | |||||||||||||||||||||||||||||||
Class C | �� | ||||||||||||||||||||||||||||||||||||||||
20102 | $ | 12.81 | $ | (0.01 | ) | $ | 1.71 | $ | 1.70 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 14.46 | ||||||||||||||||||||||
20093 | 12.59 | 0.09 | 0.21 | 0.30 | (0.08 | ) | — | (0.08 | ) | 12.81 | |||||||||||||||||||||||||||||||
20083 | 22.21 | 0.11 | (6.86 | ) | (6.75 | ) | (0.07 | ) | (2.80 | ) | (2.87 | ) | 12.59 | ||||||||||||||||||||||||||||
20073 | 21.81 | 0.07 | 2.14 | 2.21 | (0.12 | ) | (1.69 | ) | (1.81 | ) | 22.21 | ||||||||||||||||||||||||||||||
20063 | 19.35 | 0.06 | 3.15 | 3.21 | (0.12 | ) | (0.63 | ) | (0.75 | ) | 21.81 | ||||||||||||||||||||||||||||||
20054 | 19.85 | (0.01 | ) | (0.49 | ) | (0.50 | ) | — | — | — | 19.35 | ||||||||||||||||||||||||||||||
20055 | 17.07 | 0.03 | 2.81 | 2.84 | (0.06 | ) | — | (0.06 | ) | 19.85 | |||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 13.09 | $ | 0.03 | $ | 1.74 | $ | 1.77 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 14.70 | |||||||||||||||||||||||
20093 | 12.85 | 0.13 | 0.23 | 0.36 | (0.12 | ) | — | (0.12 | ) | 13.09 | |||||||||||||||||||||||||||||||
20083 | 22.57 | 0.20 | (6.99 | ) | (6.79 | ) | (0.13 | ) | (2.80 | ) | (2.93 | ) | 12.85 | ||||||||||||||||||||||||||||
20073 | 22.10 | 0.17 | 2.17 | 2.34 | (0.18 | ) | (1.69 | ) | (1.87 | ) | 22.57 | ||||||||||||||||||||||||||||||
20063 | 19.55 | 0.12 | 3.23 | 3.35 | (0.17 | ) | (0.63 | ) | (0.80 | ) | 22.10 | ||||||||||||||||||||||||||||||
20054 | 20.06 | (0.01 | ) | (0.50 | ) | (0.51 | ) | — | — | — | 19.55 | ||||||||||||||||||||||||||||||
20055 | 17.22 | 0.12 | 2.85 | 2.97 | (0.13 | ) | — | (0.13 | ) | 20.06 | |||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 13.23 | $ | 0.06 | $ | 1.75 | $ | 1.81 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 14.83 | |||||||||||||||||||||||
20093 | 12.95 | 0.21 | 0.23 | 0.44 | (0.16 | ) | — | (0.16 | ) | 13.23 | |||||||||||||||||||||||||||||||
20083 | 22.69 | 0.29 | (7.04 | ) | (6.75 | ) | (0.19 | ) | (2.80 | ) | (2.99 | ) | 12.95 | ||||||||||||||||||||||||||||
20073 | 22.19 | 0.29 | 2.18 | 2.47 | (0.28 | ) | (1.69 | ) | (1.97 | ) | 22.69 | ||||||||||||||||||||||||||||||
20063 | 19.62 | 0.26 | 3.21 | 3.47 | (0.27 | ) | (0.63 | ) | (0.90 | ) | 22.19 | ||||||||||||||||||||||||||||||
20054 | 20.12 | — | (0.50 | ) | (0.50 | ) | — | — | — | 19.62 | |||||||||||||||||||||||||||||||
20055 | 17.26 | 0.22 | 2.86 | 3.08 | (0.22 | ) | — | (0.22 | ) | 20.12 | |||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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 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.
70 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income (Loss) | 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 | ||||||||||||||||||||||||||||||
13.75 | % | $ | 58,425 | 1.23 | % | 0.64 | % | 1.23 | % | 0.64 | % | 68 | % | |||||||||||||||||||||||
3.24 | 55,401 | 1.22 | 1.49 | 1.22 | 1.49 | 68 | ||||||||||||||||||||||||||||||
(34.00 | ) | 60,870 | 1.19 | 1.41 | 1.19 | 1.41 | 90 | |||||||||||||||||||||||||||||
11.60 | 113,223 | 1.17 | 1.05 | 1.17 | 1.05 | 81 | ||||||||||||||||||||||||||||||
17.93 | 115,438 | 1.19 | 1.05 | 1.19 | 1.05 | 55 | ||||||||||||||||||||||||||||||
(2.48 | ) | 118,443 | 1.21 | (0.17 | ) | 1.21 | (0.17 | ) | 2 | |||||||||||||||||||||||||||
17.62 | 121,809 | 1.17 | 0.90 | 1.20 | 0.87 | 61 | ||||||||||||||||||||||||||||||
13.29 | % | $ | 1,737 | 1.98 | % | (0.08 | )% | 1.98 | % | (0.08 | )% | 68 | % | |||||||||||||||||||||||
2.48 | 2,266 | 1.97 | 0.83 | 1.97 | 0.83 | 68 | ||||||||||||||||||||||||||||||
(34.51 | ) | 3,750 | 1.94 | 0.65 | 1.94 | 0.65 | 90 | |||||||||||||||||||||||||||||
10.76 | 7,973 | 1.92 | 0.31 | 1.92 | 0.31 | 81 | ||||||||||||||||||||||||||||||
17.04 | 9,815 | 1.94 | 0.32 | 1.94 | 0.32 | 55 | ||||||||||||||||||||||||||||||
(2.55 | ) | 13,826 | 1.96 | (0.92 | ) | 1.96 | (0.92 | ) | 2 | |||||||||||||||||||||||||||
16.70 | 14,876 | 1.92 | 0.15 | 1.95 | 0.12 | 61 | ||||||||||||||||||||||||||||||
13.29 | % | $ | 1,652 | 1.98 | % | (0.09 | )% | 1.98 | % | (0.09 | )% | 68 | % | |||||||||||||||||||||||
2.47 | 2,016 | 1.97 | 0.76 | 1.97 | 0.76 | 68 | ||||||||||||||||||||||||||||||
(34.46 | ) | 2,643 | 1.94 | 0.66 | 1.94 | 0.66 | 90 | |||||||||||||||||||||||||||||
10.71 | 4,587 | 1.92 | 0.31 | 1.92 | 0.31 | 81 | ||||||||||||||||||||||||||||||
17.05 | 5,174 | 1.94 | 0.30 | 1.94 | 0.30 | 55 | ||||||||||||||||||||||||||||||
(2.52 | ) | 5,399 | 1.96 | (0.92 | ) | 1.96 | (0.92 | ) | 2 | |||||||||||||||||||||||||||
16.75 | 5,710 | 1.92 | 0.15 | 1.95 | 0.12 | 61 | ||||||||||||||||||||||||||||||
13.59 | % | $ | 507 | 1.48 | % | 0.36 | % | 1.48 | % | 0.36 | % | 68 | % | |||||||||||||||||||||||
2.96 | 340 | 1.47 | 1.06 | 1.47 | 1.06 | 68 | ||||||||||||||||||||||||||||||
(34.13 | ) | 174 | 1.44 | 1.18 | 1.44 | 1.18 | 90 | |||||||||||||||||||||||||||||
11.25 | 188 | 1.42 | 0.78 | 1.42 | 0.78 | 81 | ||||||||||||||||||||||||||||||
17.63 | 164 | 1.44 | 0.58 | 1.55 | 0.47 | 55 | ||||||||||||||||||||||||||||||
(2.54 | ) | 7 | 1.46 | (0.42 | ) | 1.61 | (0.57 | ) | 2 | |||||||||||||||||||||||||||
17.34 | 7 | 1.42 | 0.61 | 1.60 | 0.43 | 61 | ||||||||||||||||||||||||||||||
13.76 | % | $ | 335,223 | 0.98 | % | 0.90 | % | 0.98 | % | 0.90 | % | 68 | % | |||||||||||||||||||||||
3.54 | 335,589 | 0.97 | 1.76 | 0.97 | 1.76 | 68 | ||||||||||||||||||||||||||||||
(33.80 | ) | 401,006 | 0.94 | 1.66 | 0.94 | 1.66 | 90 | |||||||||||||||||||||||||||||
11.83 | 726,512 | 0.92 | 1.30 | 0.92 | 1.30 | 81 | ||||||||||||||||||||||||||||||
18.23 | 825,633 | 0.94 | 1.29 | 0.94 | 1.29 | 55 | ||||||||||||||||||||||||||||||
(2.47 | ) | 740,511 | 0.96 | 0.08 | 0.96 | 0.08 | 2 | |||||||||||||||||||||||||||||
17.92 | 764,679 | 0.92 | 1.17 | 0.95 | 1.14 | 61 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 71
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 | Realized | End of | ||||||||||||||||||||||||||
of Period | Loss | Investments | Operations | Gains | Period | ||||||||||||||||||||||||||
Mid Cap Growth Opportunities Fund1 | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
20102 | $ | 28.83 | $ | (0.09 | ) | $ | 5.86 | $ | 5.77 | $ | — | $ | 34.60 | ||||||||||||||||||
20093 | 23.88 | (0.08 | ) | 5.03 | 4.95 | — | 28.83 | ||||||||||||||||||||||||
20083 | 46.57 | (0.16 | ) | (17.86 | ) | (18.02 | ) | (4.67 | ) | 23.88 | |||||||||||||||||||||
20073 | 41.43 | (0.24 | ) | 9.19 | 8.95 | (3.81 | ) | 46.57 | |||||||||||||||||||||||
20063 | 40.77 | (0.11 | ) | 5.04 | 4.93 | (4.27 | ) | 41.43 | |||||||||||||||||||||||
20054 | 41.55 | (0.02 | ) | (0.76 | ) | (0.78 | ) | — | 40.77 | ||||||||||||||||||||||
20055 | 38.19 | (0.24 | ) | 9.65 | 9.41 | (6.05 | ) | 41.55 | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
20102 | $ | 25.43 | $ | (0.19 | ) | $ | 5.16 | $ | 4.97 | $ | — | $ | 30.40 | ||||||||||||||||||
20093 | 21.22 | (0.23 | ) | 4.44 | 4.21 | — | 25.43 | ||||||||||||||||||||||||
20083 | 42.21 | (0.38 | ) | (15.94 | ) | (16.32 | ) | (4.67 | ) | 21.22 | |||||||||||||||||||||
20073 | 38.15 | (0.51 | ) | 8.38 | 7.87 | (3.81 | ) | 42.21 | |||||||||||||||||||||||
20063 | 38.12 | (0.38 | ) | 4.68 | 4.30 | (4.27 | ) | 38.15 | |||||||||||||||||||||||
20054 | 38.87 | (0.05 | ) | (0.70 | ) | (0.75 | ) | — | 38.12 | ||||||||||||||||||||||
20055 | 36.31 | (0.51 | ) | 9.12 | 8.61 | (6.05 | ) | 38.87 | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
20102 | $ | 26.67 | $ | (0.20 | ) | $ | 5.42 | $ | 5.22 | $ | — | $ | 31.89 | ||||||||||||||||||
20093 | 22.26 | (0.24 | ) | 4.65 | 4.41 | — | 26.67 | ||||||||||||||||||||||||
20083 | 44.03 | (0.40 | ) | (16.70 | ) | (17.10 | ) | (4.67 | ) | 22.26 | |||||||||||||||||||||
20073 | 39.65 | (0.53 | ) | 8.72 | 8.19 | (3.81 | ) | 44.03 | |||||||||||||||||||||||
20063 | 39.46 | (0.40 | ) | 4.86 | 4.46 | (4.27 | ) | 39.65 | |||||||||||||||||||||||
20054 | 40.23 | (0.05 | ) | (0.72 | ) | (0.77 | ) | — | 39.46 | ||||||||||||||||||||||
20055 | 37.40 | (0.53 | ) | 9.41 | 8.88 | (6.05 | ) | 40.23 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
20102 | $ | 28.37 | $ | (0.13 | ) | $ | 5.77 | $ | 5.64 | $ | — | $ | 34.01 | ||||||||||||||||||
20093 | 23.56 | (0.14 | ) | 4.95 | 4.81 | — | 28.37 | ||||||||||||||||||||||||
20083 | 46.11 | (0.24 | ) | (17.64 | ) | (17.88 | ) | (4.67 | ) | 23.56 | |||||||||||||||||||||
20073 | 41.15 | (0.34 | ) | 9.11 | 8.77 | (3.81 | ) | 46.11 | |||||||||||||||||||||||
20063 | 40.61 | (0.23 | ) | 5.04 | 4.81 | (4.27 | ) | 41.15 | |||||||||||||||||||||||
20054 | 41.40 | (0.03 | ) | (0.76 | ) | (0.79 | ) | — | 40.61 | ||||||||||||||||||||||
20055 | 38.15 | (0.31 | ) | 9.61 | 9.30 | (6.05 | ) | 41.40 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
20102 | $ | 30.94 | $ | (0.06 | ) | $ | 6.30 | $ | 6.24 | $ | — | $ | 37.18 | ||||||||||||||||||
20093 | 25.57 | (0.02 | ) | 5.39 | 5.37 | — | 30.94 | ||||||||||||||||||||||||
20083 | 49.40 | (0.07 | ) | (19.09 | ) | (19.16 | ) | (4.67 | ) | 25.57 | |||||||||||||||||||||
20073 | 43.62 | (0.14 | ) | 9.73 | 9.59 | (3.81 | ) | 49.40 | |||||||||||||||||||||||
20063 | 42.61 | (0.01 | ) | 5.29 | 5.28 | (4.27 | ) | 43.62 | |||||||||||||||||||||||
20054 | 43.42 | (0.02 | ) | (0.79 | ) | (0.81 | ) | — | 42.61 | ||||||||||||||||||||||
20055 | 39.58 | (0.16 | ) | 10.05 | 9.89 | (6.05 | ) | 43.42 | |||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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 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.
72 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Loss to | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Loss | 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 | ||||||||||||||||||||||||||||||
20.01 | % | $ | 280,039 | 1.23 | % | (0.60 | )% | 1.23 | % | (0.60 | )% | 58 | % | |||||||||||||||||||||||
20.73 | 231,743 | 1.23 | (0.33 | ) | 1.23 | (0.33 | ) | 123 | ||||||||||||||||||||||||||||
(42.75 | ) | 209,052 | 1.22 | (0.43 | ) | 1.22 | (0.43 | ) | 113 | |||||||||||||||||||||||||||
23.36 | 425,995 | 1.21 | (0.56 | ) | 1.21 | (0.56 | ) | 96 | ||||||||||||||||||||||||||||
12.69 | 322,385 | 1.23 | (0.26 | ) | 1.23 | (0.26 | ) | 75 | ||||||||||||||||||||||||||||
(1.88 | ) | 314,830 | 1.23 | (0.72 | ) | 1.23 | (0.72 | ) | 9 | |||||||||||||||||||||||||||
26.25 | 317,906 | 1.21 | (0.62 | ) | 1.24 | (0.65 | ) | 107 | ||||||||||||||||||||||||||||
19.54 | % | $ | 6,577 | 1.98 | % | (1.33 | )% | 1.98 | % | (1.33 | )% | 58 | % | |||||||||||||||||||||||
19.84 | 6,762 | 1.98 | (1.06 | ) | 1.98 | (1.06 | ) | 123 | ||||||||||||||||||||||||||||
(43.18 | ) | 7,241 | 1.97 | (1.18 | ) | 1.97 | (1.18 | ) | 113 | |||||||||||||||||||||||||||
22.47 | 15,820 | 1.96 | (1.31 | ) | 1.96 | (1.31 | ) | 96 | ||||||||||||||||||||||||||||
11.83 | 15,605 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | ||||||||||||||||||||||||||||
(1.93 | ) | 14,586 | 1.98 | (1.47 | ) | 1.98 | (1.47 | ) | 9 | |||||||||||||||||||||||||||
25.29 | 14,922 | 1.96 | (1.40 | ) | 1.99 | (1.43 | ) | 107 | ||||||||||||||||||||||||||||
19.57 | % | $ | 14,675 | 1.98 | % | (1.34 | )% | 1.98 | % | (1.34 | )% | 58 | % | |||||||||||||||||||||||
19.81 | 12,894 | 1.98 | (1.07 | ) | 1.98 | (1.07 | ) | 123 | ||||||||||||||||||||||||||||
(43.16 | ) | 13,011 | 1.97 | (1.18 | ) | 1.97 | (1.18 | ) | 113 | |||||||||||||||||||||||||||
22.42 | 28,891 | 1.96 | (1.31 | ) | 1.96 | (1.31 | ) | 96 | ||||||||||||||||||||||||||||
11.84 | 19,540 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | ||||||||||||||||||||||||||||
(1.91 | ) | 15,435 | 1.98 | (1.47 | ) | 1.98 | (1.47 | ) | 9 | |||||||||||||||||||||||||||
25.27 | 17,079 | 1.96 | (1.40 | ) | 1.99 | (1.43 | ) | 107 | ||||||||||||||||||||||||||||
19.88 | % | $ | 36,199 | 1.48 | % | (0.85 | )% | 1.48 | % | (0.85 | )% | 58 | % | |||||||||||||||||||||||
20.42 | 26,822 | 1.48 | (0.59 | ) | 1.48 | (0.59 | ) | 123 | ||||||||||||||||||||||||||||
(42.88 | ) | 21,246 | 1.47 | (0.69 | ) | 1.47 | (0.69 | ) | 113 | |||||||||||||||||||||||||||
23.06 | 29,490 | 1.46 | (0.81 | ) | 1.46 | (0.81 | ) | 96 | ||||||||||||||||||||||||||||
12.41 | 17,853 | 1.48 | (0.57 | ) | 1.61 | (0.70 | ) | 75 | ||||||||||||||||||||||||||||
(1.91 | ) | 5,502 | 1.48 | (0.97 | ) | 1.63 | (1.12 | ) | 9 | |||||||||||||||||||||||||||
25.95 | 5,501 | 1.46 | (0.77 | ) | 1.64 | (0.95 | ) | 107 | ||||||||||||||||||||||||||||
20.17 | % | $ | 1,024,026 | 0.98 | % | (0.34 | )% | 0.98 | % | (0.34 | )% | 58 | % | |||||||||||||||||||||||
21.00 | 907,825 | 0.98 | (0.09 | ) | 0.98 | (0.09 | ) | 123 | ||||||||||||||||||||||||||||
(42.59 | ) | 732,559 | 0.97 | (0.18 | ) | 0.97 | (0.18 | ) | 113 | |||||||||||||||||||||||||||
23.68 | 1,478,374 | 0.96 | (0.31 | ) | 0.96 | (0.31 | ) | 96 | ||||||||||||||||||||||||||||
12.98 | 1,243,776 | 0.98 | (0.02 | ) | 0.98 | (0.02 | ) | 75 | ||||||||||||||||||||||||||||
(1.86 | ) | 1,238,595 | 0.98 | (0.47 | ) | 0.98 | (0.47 | ) | 9 | |||||||||||||||||||||||||||
26.57 | 1,273,320 | 0.96 | (0.40 | ) | 0.99 | (0.43 | ) | 107 | ||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 73
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 (Loss) | Investments | Operations | Income | Period | ||||||||||||||||||||||||||
Mid Cap Select Fund1,2 | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
20103 | $ | 7.65 | $ | (0.01 | ) | $ | 1.70 | $ | 1.69 | $ | (0.02 | ) | $ | 9.32 | |||||||||||||||||
20094 | 7.00 | 0.03 | 0.62 | 0.65 | — | �� | 7.65 | ||||||||||||||||||||||||
20084 | 10.64 | (0.01 | ) | (3.63 | ) | (3.64 | ) | — | 7.00 | ||||||||||||||||||||||
20074 | 9.57 | (0.02 | ) | 1.09 | 1.07 | — | 10.64 | ||||||||||||||||||||||||
20064 | 8.03 | 0.01 | 1.53 | 1.54 | — | 9.57 | |||||||||||||||||||||||||
20055 | 8.31 | (0.01 | ) | (0.27 | ) | (0.28 | ) | — | 8.03 | ||||||||||||||||||||||
20056 | 7.40 | (0.07 | ) | 0.98 | 0.91 | — | 8.31 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
20103 | $ | 6.52 | $ | (0.04 | ) | $ | 1.46 | $ | 1.42 | $ | — | $ | 7.94 | ||||||||||||||||||
20094 | 6.01 | (0.01 | ) | 0.52 | 0.51 | — | 6.52 | ||||||||||||||||||||||||
20084 | 9.21 | (0.07 | ) | (3.13 | ) | (3.20 | ) | — | 6.01 | ||||||||||||||||||||||
20074 | 8.34 | (0.08 | ) | 0.95 | 0.87 | — | 9.21 | ||||||||||||||||||||||||
20064 | 7.06 | (0.04 | ) | 1.32 | 1.28 | — | 8.34 | ||||||||||||||||||||||||
20055 | 7.31 | (0.01 | ) | (0.24 | ) | (0.25 | ) | — | 7.06 | ||||||||||||||||||||||
20056 | 6.55 | (0.11 | ) | 0.87 | 0.76 | — | 7.31 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
20103 | $ | 7.12 | $ | (0.04 | ) | $ | 1.58 | $ | 1.54 | $ | — | $ | 8.66 | ||||||||||||||||||
20094 | 6.56 | (0.01 | ) | 0.57 | 0.56 | — | 7.12 | ||||||||||||||||||||||||
20084 | 10.04 | (0.08 | ) | (3.40 | ) | (3.48 | ) | — | 6.56 | ||||||||||||||||||||||
20074 | 9.09 | (0.09 | ) | 1.04 | 0.95 | — | 10.04 | ||||||||||||||||||||||||
20064 | 7.69 | (0.05 | ) | 1.45 | 1.40 | — | 9.09 | ||||||||||||||||||||||||
20055 | 7.97 | (0.01 | ) | (0.27 | ) | (0.28 | ) | — | 7.69 | ||||||||||||||||||||||
20056 | 7.14 | (0.12 | ) | 0.95 | 0.83 | — | 7.97 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
20103 | $ | 7.98 | $ | — | $ | 1.77 | $ | 1.77 | $ | (0.04 | ) | $ | 9.71 | ||||||||||||||||||
20094 | 7.31 | 0.06 | 0.64 | 0.70 | (0.03 | ) | 7.98 | ||||||||||||||||||||||||
20084 | 11.09 | 0.01 | (3.79 | ) | (3.78 | ) | — | 7.31 | |||||||||||||||||||||||
20074 | 9.95 | — | 1.15 | 1.15 | (0.01 | ) | 11.09 | ||||||||||||||||||||||||
20064 | 8.34 | 0.04 | 1.57 | 1.61 | — | 9.95 | |||||||||||||||||||||||||
20055 | 8.63 | — | (0.29 | ) | (0.29 | ) | — | 8.34 | |||||||||||||||||||||||
20056 | 7.66 | (0.05 | ) | 1.02 | 0.97 | — | 8.63 | ||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | The financial highlights for Mid Cap Select Fund as set forth herein include the historical financial highlights of the First American Technology Fund. Effective October 3, 2005, the fund’s name and strategy changed. | |
3 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
4 | For the period November 1 to October 31 in the year indicated. | |
5 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
6 | For the period October 1 to September 30 in the year indicated. | |
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.
74 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
22.16 | % | $ | 14,178 | 1.41 | % | (0.29 | )% | 1.94 | % | (0.82 | )% | 75 | % | |||||||||||||||||||||||
9.32 | 12,487 | 1.41 | 0.49 | 1.92 | (0.02 | ) | 186 | |||||||||||||||||||||||||||||
(34.21 | ) | 12,848 | 1.41 | (0.13 | ) | 1.60 | (0.32 | ) | 170 | |||||||||||||||||||||||||||
11.18 | 21,817 | 1.41 | (0.20 | ) | 1.49 | (0.28 | ) | 151 | ||||||||||||||||||||||||||||
19.18 | 26,190 | 1.39 | 0.12 | 1.46 | 0.05 | 110 | ||||||||||||||||||||||||||||||
(3.37 | ) | 22,339 | 1.34 | (0.86 | ) | 1.34 | (0.86 | ) | 80 | |||||||||||||||||||||||||||
12.30 | 23,016 | 1.42 | (0.83 | ) | 1.50 | (0.91 | ) | 197 | ||||||||||||||||||||||||||||
21.78 | % | $ | 1,600 | 2.16 | % | (1.04 | )% | 2.69 | % | (1.57 | )% | 75 | % | |||||||||||||||||||||||
8.49 | 1,691 | 2.16 | (0.20 | ) | 2.67 | (0.71 | ) | 186 | ||||||||||||||||||||||||||||
(34.74 | ) | 2,512 | 2.16 | (0.88 | ) | 2.35 | (1.07 | ) | 170 | |||||||||||||||||||||||||||
10.43 | 6,883 | 2.16 | (0.94 | ) | 2.24 | (1.02 | ) | 151 | ||||||||||||||||||||||||||||
18.13 | 8,689 | 2.14 | (0.58 | ) | 2.21 | (0.65 | ) | 110 | ||||||||||||||||||||||||||||
(3.42 | ) | 10,054 | 2.09 | (1.61 | ) | 2.09 | (1.61 | ) | 80 | |||||||||||||||||||||||||||
11.60 | 10,685 | 2.17 | (1.59 | ) | 2.25 | (1.67 | ) | 197 | ||||||||||||||||||||||||||||
21.63 | % | $ | 2,635 | 2.16 | % | (1.04 | )% | 2.69 | % | (1.57 | )% | 75 | % | |||||||||||||||||||||||
8.54 | 2,526 | 2.16 | (0.24 | ) | 2.67 | (0.75 | ) | 186 | ||||||||||||||||||||||||||||
(34.66 | ) | 3,068 | 2.16 | (0.88 | ) | 2.35 | (1.07 | ) | 170 | |||||||||||||||||||||||||||
10.45 | 5,190 | 2.16 | (0.96 | ) | 2.24 | (1.04 | ) | 151 | ||||||||||||||||||||||||||||
18.21 | 4,986 | 2.14 | (0.64 | ) | 2.21 | (0.71 | ) | 110 | ||||||||||||||||||||||||||||
(3.51 | ) | 4,253 | 2.09 | (1.61 | ) | 2.09 | (1.61 | ) | 80 | |||||||||||||||||||||||||||
11.62 | 4,485 | 2.17 | (1.59 | ) | 2.25 | (1.67 | ) | 197 | ||||||||||||||||||||||||||||
22.26 | % | $ | 24,953 | 1.16 | % | (0.04 | )% | 1.69 | % | (0.57 | )% | 75 | % | |||||||||||||||||||||||
9.62 | 27,030 | 1.16 | 0.81 | 1.67 | 0.30 | 186 | ||||||||||||||||||||||||||||||
(34.08 | ) | 40,409 | 1.16 | 0.12 | 1.35 | (0.07 | ) | 170 | ||||||||||||||||||||||||||||
11.62 | 79,574 | 1.16 | 0.02 | 1.24 | (0.06 | ) | 151 | |||||||||||||||||||||||||||||
19.30 | 67,437 | 1.14 | 0.35 | 1.21 | 0.28 | 110 | ||||||||||||||||||||||||||||||
(3.36 | ) | 31,381 | 1.09 | (0.61 | ) | 1.09 | (0.61 | ) | 80 | |||||||||||||||||||||||||||
12.66 | 33,537 | 1.17 | (0.58 | ) | 1.25 | (0.66 | ) | 197 | ||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 75
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Mid Cap Value Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.28 | $ | 0.06 | $ | 4.04 | $ | 4.10 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 22.18 | |||||||||||||||||||||||
20093 | 16.13 | 0.24 | 1.99 | 2.23 | (0.08 | ) | — | (0.08 | ) | 18.28 | |||||||||||||||||||||||||||||||
20083 | 27.83 | 0.21 | (9.92 | ) | (9.71 | ) | (0.16 | ) | (1.83 | ) | (1.99 | ) | 16.13 | ||||||||||||||||||||||||||||
20073 | 26.65 | 0.14 | 2.78 | 2.92 | (0.16 | ) | (1.58 | ) | (1.74 | ) | 27.83 | ||||||||||||||||||||||||||||||
20063 | 24.04 | 0.14 | 3.89 | 4.03 | (0.16 | ) | (1.26 | ) | (1.42 | ) | 26.65 | ||||||||||||||||||||||||||||||
20054 | 24.88 | (0.01 | ) | (0.83 | ) | (0.84 | ) | — | — | — | 24.04 | ||||||||||||||||||||||||||||||
20055 | 20.09 | 0.13 | 4.76 | 4.89 | (0.10 | ) | — | (0.10 | ) | 24.88 | |||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 17.21 | $ | (0.02 | ) | $ | 3.82 | $ | 3.80 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | 20.93 | ||||||||||||||||||||||
20093 | 15.22 | 0.13 | 1.87 | 2.00 | (0.01 | ) | — | (0.01 | ) | 17.21 | |||||||||||||||||||||||||||||||
20083 | 26.48 | 0.03 | (9.39 | ) | (9.36 | ) | (0.07 | ) | (1.83 | ) | (1.90 | ) | 15.22 | ||||||||||||||||||||||||||||
20073 | 25.50 | (0.05 | ) | 2.65 | 2.60 | (0.04 | ) | (1.58 | ) | (1.62 | ) | 26.48 | |||||||||||||||||||||||||||||
20063 | 23.12 | (0.03 | ) | 3.71 | 3.68 | (0.04 | ) | (1.26 | ) | (1.30 | ) | 25.50 | |||||||||||||||||||||||||||||
20054 | 23.94 | (0.02 | ) | (0.80 | ) | (0.82 | ) | — | — | — | 23.12 | ||||||||||||||||||||||||||||||
20055 | 19.39 | (0.05 | ) | 4.60 | 4.55 | — | — | — | 23.94 | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 17.61 | $ | (0.02 | ) | $ | 3.90 | $ | 3.88 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 21.42 | ||||||||||||||||||||||
20093 | 15.58 | 0.12 | 1.92 | 2.04 | (0.01 | ) | — | (0.01 | ) | 17.61 | |||||||||||||||||||||||||||||||
20083 | 27.05 | 0.03 | (9.60 | ) | (9.57 | ) | (0.07 | ) | (1.83 | ) | (1.90 | ) | 15.58 | ||||||||||||||||||||||||||||
20073 | 26.02 | (0.06 | ) | 2.72 | 2.66 | (0.05 | ) | (1.58 | ) | (1.63 | ) | 27.05 | |||||||||||||||||||||||||||||
20063 | 23.57 | (0.04 | ) | 3.80 | 3.76 | (0.05 | ) | (1.26 | ) | (1.31 | ) | 26.02 | |||||||||||||||||||||||||||||
20054 | 24.40 | (0.02 | ) | (0.81 | ) | (0.83 | ) | — | — | — | 23.57 | ||||||||||||||||||||||||||||||
20055 | 19.77 | (0.03 | ) | 4.66 | 4.63 | — | — | — | 24.40 | ||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.15 | $ | 0.03 | $ | 4.02 | $ | 4.05 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | 22.05 | |||||||||||||||||||||||
20093 | 16.04 | 0.19 | 1.98 | 2.17 | (0.06 | ) | — | (0.06 | ) | 18.15 | |||||||||||||||||||||||||||||||
20083 | 27.72 | 0.15 | (9.87 | ) | (9.72 | ) | (0.13 | ) | (1.83 | ) | (1.96 | ) | 16.04 | ||||||||||||||||||||||||||||
20073 | 26.56 | 0.06 | 2.78 | 2.84 | (0.10 | ) | (1.58 | ) | (1.68 | ) | 27.72 | ||||||||||||||||||||||||||||||
20063 | 24.00 | 0.05 | 3.91 | 3.96 | (0.14 | ) | (1.26 | ) | (1.40 | ) | 26.56 | ||||||||||||||||||||||||||||||
20054 | 24.83 | (0.01 | ) | (0.82 | ) | (0.83 | ) | — | — | — | 24.00 | ||||||||||||||||||||||||||||||
20055 | 20.09 | 0.12 | 4.70 | 4.82 | (0.08 | ) | — | (0.08 | ) | 24.83 | |||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.42 | $ | 0.08 | $ | 4.07 | $ | 4.15 | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | $ | 22.31 | |||||||||||||||||||||||
20093 | 16.24 | 0.28 | 2.01 | 2.29 | (0.11 | ) | — | (0.11 | ) | 18.42 | |||||||||||||||||||||||||||||||
20083 | 27.98 | 0.27 | (9.99 | ) | (9.72 | ) | (0.19 | ) | (1.83 | ) | (2.02 | ) | 16.24 | ||||||||||||||||||||||||||||
20073 | 26.77 | 0.22 | 2.80 | 3.02 | (0.23 | ) | (1.58 | ) | (1.81 | ) | 27.98 | ||||||||||||||||||||||||||||||
20063 | 24.14 | 0.22 | 3.89 | 4.11 | (0.22 | ) | (1.26 | ) | (1.48 | ) | 26.77 | ||||||||||||||||||||||||||||||
20054 | 24.98 | — | (0.84 | ) | (0.84 | ) | — | — | — | 24.14 | |||||||||||||||||||||||||||||||
20055 | 20.17 | 0.18 | 4.78 | 4.96 | (0.15 | ) | — | (0.15 | ) | 24.98 | |||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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 year indicated. | |
6 | Total return does not include 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 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income (Loss) | 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 | ||||||||||||||||||||||||||||||
22.54 | % | $ | 82,908 | 1.25 | % | 0.65 | % | 1.25 | % | 0.65 | % | 65 | % | |||||||||||||||||||||||
13.95 | 130,222 | 1.25 | 1.52 | 1.25 | 1.52 | 106 | ||||||||||||||||||||||||||||||
(37.32 | ) | 124,275 | 1.23 | 0.90 | 1.23 | 0.90 | 93 | |||||||||||||||||||||||||||||
11.47 | 254,342 | 1.22 | 0.58 | 1.22 | 0.58 | 95 | ||||||||||||||||||||||||||||||
17.36 | 156,576 | 1.24 | 0.50 | 1.24 | 0.50 | 70 | ||||||||||||||||||||||||||||||
(3.38 | ) | 56,125 | 1.23 | (0.48 | ) | 1.23 | (0.48 | ) | 10 | |||||||||||||||||||||||||||
24.38 | 54,360 | 1.21 | 0.59 | 1.25 | 0.55 | 101 | ||||||||||||||||||||||||||||||
22.12 | % | $ | 3,477 | 2.00 | % | (0.16 | )% | 2.00 | % | (0.16 | )% | 65 | % | |||||||||||||||||||||||
13.13 | 3,481 | 1.98 | 0.85 | 1.98 | 0.85 | 106 | ||||||||||||||||||||||||||||||
(37.82 | ) | 4,133 | 1.98 | 0.14 | 1.98 | 0.14 | 93 | |||||||||||||||||||||||||||||
10.67 | 8,360 | 1.97 | (0.13 | ) | 1.97 | (0.13 | ) | 95 | ||||||||||||||||||||||||||||
16.45 | 8,590 | 1.99 | (0.17 | ) | 1.99 | (0.17 | ) | 70 | ||||||||||||||||||||||||||||
(3.43 | ) | 9,252 | 1.98 | (1.25 | ) | 1.98 | (1.25 | ) | 10 | |||||||||||||||||||||||||||
23.47 | 10,157 | 1.96 | (0.21 | ) | 2.00 | (0.25 | ) | 101 | ||||||||||||||||||||||||||||
22.08 | % | $ | 12,607 | 2.00 | % | (0.17 | )% | 2.00 | % | (0.17 | )% | 65 | % | |||||||||||||||||||||||
13.10 | 12,040 | 2.00 | 0.80 | 2.00 | 0.80 | 106 | ||||||||||||||||||||||||||||||
(37.80 | ) | 13,154 | 1.98 | 0.14 | 1.98 | 0.14 | 93 | |||||||||||||||||||||||||||||
10.66 | 26,141 | 1.97 | (0.18 | ) | 1.97 | (0.18 | ) | 95 | ||||||||||||||||||||||||||||
16.47 | 18,162 | 1.99 | (0.24 | ) | 1.99 | (0.24 | ) | 70 | ||||||||||||||||||||||||||||
(3.40 | ) | 7,439 | 1.98 | (1.24 | ) | 1.98 | (1.24 | ) | 10 | |||||||||||||||||||||||||||
23.43 | 7,426 | 1.96 | (0.15 | ) | 2.00 | (0.19 | ) | 101 | ||||||||||||||||||||||||||||
22.40 | % | $ | 29,727 | 1.50 | % | 0.33 | % | 1.50 | % | 0.33 | % | 65 | % | |||||||||||||||||||||||
13.63 | 25,664 | 1.50 | 1.21 | 1.50 | 1.21 | 106 | ||||||||||||||||||||||||||||||
(37.47 | ) | 23,423 | 1.49 | 0.64 | 1.49 | 0.64 | 93 | |||||||||||||||||||||||||||||
11.18 | 29,752 | 1.47 | 0.29 | 1.47 | 0.29 | 95 | ||||||||||||||||||||||||||||||
17.06 | 17,724 | 1.49 | 0.15 | 1.61 | 0.03 | 70 | ||||||||||||||||||||||||||||||
(3.34 | ) | 785 | 1.47 | (0.69 | ) | 1.62 | (0.84 | ) | 10 | |||||||||||||||||||||||||||
24.04 | 380 | 1.46 | 0.52 | 1.65 | 0.33 | 101 | ||||||||||||||||||||||||||||||
22.65 | % | $ | 511,998 | 1.00 | % | 0.82 | % | 1.00 | % | 0.82 | % | 65 | % | |||||||||||||||||||||||
14.24 | 440,968 | 1.00 | 1.76 | 1.00 | 1.76 | 106 | ||||||||||||||||||||||||||||||
(37.17 | ) | 415,486 | 0.99 | 1.14 | 0.99 | 1.14 | 93 | |||||||||||||||||||||||||||||
11.79 | 772,178 | 0.97 | 0.86 | 0.97 | 0.86 | 95 | ||||||||||||||||||||||||||||||
17.63 | 728,014 | 0.99 | 0.81 | 0.99 | 0.81 | 70 | ||||||||||||||||||||||||||||||
(3.36 | ) | 598,428 | 0.98 | (0.24 | ) | 0.98 | (0.24 | ) | 10 | |||||||||||||||||||||||||||
24.68 | 621,172 | 0.96 | 0.80 | 1.00 | 0.76 | 101 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 77
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Quantitative Large Cap Core Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.01 | $ | 0.14 | $ | 2.61 | $ | 2.75 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 20.52 | |||||||||||||||||||||||
20093 | 16.56 | 0.31 | 1.29 | 1.60 | (0.15 | ) | — | (0.15 | ) | 18.01 | |||||||||||||||||||||||||||||||
20083 | 26.90 | 0.40 | (10.21 | ) | (9.81 | ) | (0.29 | ) | (0.24 | ) | (0.53 | ) | 16.56 | ||||||||||||||||||||||||||||
20074 | 25.00 | 0.06 | 1.91 | 1.97 | (0.07 | ) | — | (0.07 | ) | 26.90 | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 17.91 | $ | 0.06 | $ | 2.62 | $ | 2.68 | $ | — | $ | — | $ | — | $ | 20.59 | |||||||||||||||||||||||||
20093 | 16.51 | 0.24 | 1.24 | 1.48 | (0.08 | ) | — | (0.08 | ) | 17.91 | |||||||||||||||||||||||||||||||
20083 | 26.88 | 0.23 | (10.20 | ) | (9.97 | ) | (0.16 | ) | (0.24 | ) | (0.40 | ) | 16.51 | ||||||||||||||||||||||||||||
20074 | 25.00 | 0.02 | 1.90 | 1.92 | (0.04 | ) | — | (0.04 | ) | 26.88 | |||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.04 | $ | 0.16 | $ | 2.62 | $ | 2.78 | $ | (0.27 | ) | $ | — | $ | (0.27 | ) | $ | 20.55 | |||||||||||||||||||||||
20093 | 16.57 | 0.35 | 1.29 | 1.64 | (0.17 | ) | — | (0.17 | ) | 18.04 | |||||||||||||||||||||||||||||||
20083 | 26.90 | 0.44 | (10.20 | ) | (9.76 | ) | (0.33 | ) | (0.24 | ) | (0.57 | ) | 16.57 | ||||||||||||||||||||||||||||
20074 | 25.00 | 0.11 | 1.87 | 1.98 | (0.08 | ) | — | (0.08 | ) | 26.90 | |||||||||||||||||||||||||||||||
1 | Per share data calculated using average share method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover. | |
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.
78 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return5 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
15.35 | % | $ | 225 | 0.69 | % | 1.44 | % | 0.93 | % | 1.20 | % | 81 | % | |||||||||||||||||||||||
9.87 | 243 | 0.69 | 1.94 | 1.01 | 1.62 | 75 | ||||||||||||||||||||||||||||||
(37.08 | ) | 118 | 0.70 | 1.77 | 1.18 | 1.29 | 153 | |||||||||||||||||||||||||||||
7.89 | 131 | 0.70 | 0.91 | 1.40 | 0.21 | 55 | ||||||||||||||||||||||||||||||
14.96 | % | $ | 14 | 1.44 | % | 0.60 | % | 1.68 | % | 0.36 | % | 81 | % | |||||||||||||||||||||||
9.05 | 4 | 1.44 | 1.57 | 1.76 | 1.25 | 75 | ||||||||||||||||||||||||||||||
(37.58 | ) | 10 | 1.45 | 0.99 | 1.93 | 0.51 | 153 | |||||||||||||||||||||||||||||
7.69 | 15 | 1.45 | 0.23 | 2.15 | (0.47 | ) | 55 | |||||||||||||||||||||||||||||
15.50 | % | $ | 190,183 | 0.45 | % | 1.64 | % | 0.69 | % | 1.40 | % | 81 | % | |||||||||||||||||||||||
10.13 | 146,180 | 0.44 | 2.19 | 0.76 | 1.87 | 75 | ||||||||||||||||||||||||||||||
(36.93 | ) | 89,270 | 0.45 | 1.99 | 0.93 | 1.51 | 153 | |||||||||||||||||||||||||||||
7.93 | 48,745 | 0.45 | 1.73 | 1.15 | 1.03 | 55 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 79
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 | ||||||||||||||||||||||||||||||||||||||
Real Estate Securities Fund1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 12.44 | $ | 0.21 | $ | 4.11 | $ | 4.32 | $ | (0.21 | ) | $ | — | $ | — | $ | (0.21 | ) | $ | 16.55 | ||||||||||||||||||||||||||
20093 | 12.67 | 0.41 | (0.16 | ) | 0.25 | (0.34 | ) | — | (0.14 | ) | (0.48 | ) | 12.44 | |||||||||||||||||||||||||||||||||
20083 | 23.99 | 0.60 | (8.78 | ) | (8.18 | ) | (0.40 | ) | (2.74 | ) | — | (3.14 | ) | 12.67 | ||||||||||||||||||||||||||||||||
20073 | 26.49 | 0.47 | (0.24 | ) | 0.23 | (0.36 | ) | (2.37 | ) | — | (2.73 | ) | 23.99 | |||||||||||||||||||||||||||||||||
20063 | 21.42 | 0.47 | 7.77 | 8.24 | (0.58 | ) | (2.59 | ) | — | (3.17 | ) | 26.49 | ||||||||||||||||||||||||||||||||||
20054 | 21.81 | 0.03 | (0.42 | ) | (0.39 | ) | — | — | — | — | 21.42 | |||||||||||||||||||||||||||||||||||
20055 | 18.62 | 0.69 | 4.47 | 5.16 | (0.55 | ) | (1.42 | ) | — | (1.97 | ) | 21.81 | ||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 12.17 | $ | 0.16 | $ | 4.01 | $ | 4.17 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | 16.18 | ||||||||||||||||||||||||||
20093 | 12.39 | 0.36 | (0.19 | ) | 0.17 | (0.25 | ) | — | (0.14 | ) | (0.39 | ) | 12.17 | |||||||||||||||||||||||||||||||||
20083 | 23.53 | 0.46 | (8.60 | ) | (8.14 | ) | (0.26 | ) | (2.74 | ) | — | (3.00 | ) | 12.39 | ||||||||||||||||||||||||||||||||
20073 | 26.08 | 0.27 | (0.22 | ) | 0.05 | (0.23 | ) | (2.37 | ) | — | (2.60 | ) | 23.53 | |||||||||||||||||||||||||||||||||
20063 | 21.14 | 0.29 | 7.66 | 7.95 | (0.42 | ) | (2.59 | ) | — | (3.01 | ) | 26.08 | ||||||||||||||||||||||||||||||||||
20054 | 21.53 | 0.01 | (0.40 | ) | (0.39 | ) | — | — | — | — | 21.14 | |||||||||||||||||||||||||||||||||||
20055 | 18.41 | 0.54 | 4.40 | 4.94 | (0.40 | ) | (1.42 | ) | — | (1.82 | ) | 21.53 | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 12.21 | $ | 0.15 | $ | 4.03 | $ | 4.18 | $ | (0.16 | ) | $ | — | $ | — | $ | (0.16 | ) | $ | 16.23 | ||||||||||||||||||||||||||
20093 | 12.44 | 0.34 | (0.17 | ) | 0.17 | (0.26 | ) | — | (0.14 | ) | (0.40 | ) | 12.21 | |||||||||||||||||||||||||||||||||
20083 | 23.62 | 0.45 | (8.63 | ) | (8.18 | ) | (0.26 | ) | (2.74 | ) | — | (3.00 | ) | 12.44 | ||||||||||||||||||||||||||||||||
20073 | 26.17 | 0.26 | (0.21 | ) | 0.05 | (0.23 | ) | (2.37 | ) | — | (2.60 | ) | 23.62 | |||||||||||||||||||||||||||||||||
20063 | 21.21 | 0.28 | 7.70 | 7.98 | (0.43 | ) | (2.59 | ) | — | (3.02 | ) | 26.17 | ||||||||||||||||||||||||||||||||||
20054 | 21.61 | 0.01 | (0.41 | ) | (0.40 | ) | — | — | — | — | 21.21 | |||||||||||||||||||||||||||||||||||
20055 | 18.47 | 0.54 | 4.42 | 4.96 | (0.40 | ) | (1.42 | ) | — | (1.82 | ) | 21.61 | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 12.57 | $ | 0.19 | $ | 4.16 | $ | 4.35 | $ | (0.19 | ) | $ | — | $ | — | $ | (0.19 | ) | $ | 16.73 | ||||||||||||||||||||||||||
20093 | 12.79 | 0.39 | (0.16 | ) | 0.23 | (0.31 | ) | — | (0.14 | ) | (0.45 | ) | 12.57 | |||||||||||||||||||||||||||||||||
20083 | 24.20 | 0.54 | (8.85 | ) | (8.31 | ) | (0.36 | ) | (2.74 | ) | — | (3.10 | ) | 12.79 | ||||||||||||||||||||||||||||||||
20073 | 26.72 | 0.38 | (0.21 | ) | 0.17 | (0.32 | ) | (2.37 | ) | — | (2.69 | ) | 24.20 | |||||||||||||||||||||||||||||||||
20063 | 21.61 | 0.35 | 7.90 | 8.25 | (0.55 | ) | (2.59 | ) | — | (3.14 | ) | 26.72 | ||||||||||||||||||||||||||||||||||
20054 | 22.00 | 0.02 | (0.41 | ) | (0.39 | ) | — | — | — | — | 21.61 | |||||||||||||||||||||||||||||||||||
20055 | 18.80 | 0.72 | 4.43 | 5.15 | (0.53 | ) | (1.42 | ) | — | (1.95 | ) | 22.00 | ||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||
20102 | $ | 12.57 | $ | 0.23 | $ | 4.15 | $ | 4.38 | $ | (0.22 | ) | $ | — | $ | — | $ | (0.22 | ) | $ | 16.73 | ||||||||||||||||||||||||||
20093 | 12.79 | 0.47 | (0.19 | ) | 0.28 | (0.36 | ) | — | (0.14 | ) | (0.50 | ) | 12.57 | |||||||||||||||||||||||||||||||||
20083 | 24.18 | 0.64 | (8.84 | ) | (8.20 | ) | (0.45 | ) | (2.74 | ) | — | (3.19 | ) | 12.79 | ||||||||||||||||||||||||||||||||
20073 | 26.67 | 0.53 | (0.24 | ) | 0.29 | (0.41 | ) | (2.37 | ) | — | (2.78 | ) | 24.18 | |||||||||||||||||||||||||||||||||
20063 | 21.54 | 0.53 | 7.82 | 8.35 | (0.63 | ) | (2.59 | ) | — | (3.22 | ) | 26.67 | ||||||||||||||||||||||||||||||||||
20054 | 21.92 | 0.03 | (0.41 | ) | (0.38 | ) | — | — | — | — | 21.54 | |||||||||||||||||||||||||||||||||||
20055 | 18.71 | 0.74 | 4.49 | 5.23 | (0.60 | ) | (1.42 | ) | — | (2.02 | ) | 21.92 | ||||||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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.
80 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
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 | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
34.86 | % | $ | 486,981 | 1.24 | % | 2.94 | % | 1.24 | % | 2.94 | % | 74 | % | |||||||||||||||||||||||
2.82 | 287,493 | 1.27 | 3.81 | 1.27 | 3.81 | 117 | ||||||||||||||||||||||||||||||
(37.71 | ) | 133,162 | 1.23 | 3.31 | 1.23 | 3.31 | 150 | |||||||||||||||||||||||||||||
0.78 | 203,101 | 1.22 | 1.87 | 1.22 | 1.87 | 210 | ||||||||||||||||||||||||||||||
43.25 | 228,186 | 1.23 | 2.06 | 1.23 | 2.06 | 161 | ||||||||||||||||||||||||||||||
(1.79 | ) | 133,339 | 1.23 | 1.48 | 1.23 | 1.48 | 11 | |||||||||||||||||||||||||||||
28.99 | 135,745 | 1.23 | 3.43 | 1.25 | 3.41 | 118 | ||||||||||||||||||||||||||||||
34.34 | % | $ | 3,200 | 1.99 | % | 2.26 | % | 1.99 | % | 2.26 | % | 74 | % | |||||||||||||||||||||||
2.13 | 2,693 | 2.02 | 3.57 | 2.02 | 3.57 | 117 | ||||||||||||||||||||||||||||||
(38.18 | ) | 3,276 | 1.98 | 2.57 | 1.98 | 2.57 | 150 | |||||||||||||||||||||||||||||
— | 7,391 | 1.97 | 1.12 | 1.97 | 1.12 | 210 | ||||||||||||||||||||||||||||||
42.17 | 7,288 | 1.98 | 1.30 | 1.98 | 1.30 | 161 | ||||||||||||||||||||||||||||||
(1.81 | ) | 4,419 | 1.98 | 0.74 | 1.98 | 0.74 | 11 | |||||||||||||||||||||||||||||
27.98 | 4,700 | 1.98 | 2.69 | 2.00 | 2.67 | 118 | ||||||||||||||||||||||||||||||
34.38 | % | $ | 36,809 | 1.99 | % | 2.16 | % | 1.99 | % | 2.16 | % | 74 | % | |||||||||||||||||||||||
2.09 | 17,632 | 2.02 | 3.26 | 2.02 | 3.26 | 117 | ||||||||||||||||||||||||||||||
(38.19 | ) | 11,458 | 1.98 | 2.56 | 1.98 | 2.56 | 150 | |||||||||||||||||||||||||||||
0.03 | 18,403 | 1.97 | 1.06 | 1.97 | 1.06 | 210 | ||||||||||||||||||||||||||||||
42.16 | 12,281 | 1.98 | 1.25 | 1.98 | 1.25 | 161 | ||||||||||||||||||||||||||||||
(1.85 | ) | 4,669 | 1.98 | 0.75 | 1.98 | 0.75 | 11 | |||||||||||||||||||||||||||||
28.00 | 4,954 | 1.98 | 2.68 | 2.00 | 2.66 | 118 | ||||||||||||||||||||||||||||||
34.76 | % | $ | 85,310 | 1.49 | % | 2.68 | % | 1.49 | % | 2.68 | % | 74 | % | |||||||||||||||||||||||
2.62 | 46,382 | 1.52 | 3.61 | 1.52 | 3.61 | 117 | ||||||||||||||||||||||||||||||
(37.90 | ) | 22,813 | 1.48 | 3.01 | 1.48 | 3.01 | 150 | |||||||||||||||||||||||||||||
0.52 | 18,493 | 1.47 | 1.52 | 1.47 | 1.52 | 210 | ||||||||||||||||||||||||||||||
42.87 | 9,423 | 1.48 | 1.50 | 1.60 | 1.38 | 161 | ||||||||||||||||||||||||||||||
(1.77 | ) | 57 | 1.48 | 1.23 | 1.63 | 1.08 | 11 | |||||||||||||||||||||||||||||
28.60 | 36 | 1.48 | 3.37 | 1.65 | 3.20 | 118 | ||||||||||||||||||||||||||||||
35.04 | % | $ | 1,149,977 | 0.99 | % | 3.21 | % | 0.99 | % | 3.21 | % | 74 | % | |||||||||||||||||||||||
3.11 | 660,342 | 1.02 | 4.39 | 1.02 | 4.39 | 117 | ||||||||||||||||||||||||||||||
(37.56 | ) | 526,386 | 0.98 | 3.51 | 0.98 | 3.51 | 150 | |||||||||||||||||||||||||||||
1.01 | 652,579 | 0.97 | 2.12 | 0.97 | 2.12 | 210 | ||||||||||||||||||||||||||||||
43.58 | 756,868 | 0.98 | 2.31 | 0.98 | 2.31 | 161 | ||||||||||||||||||||||||||||||
(1.73 | ) | 504,655 | 0.98 | 1.74 | 0.98 | 1.74 | 11 | |||||||||||||||||||||||||||||
29.25 | 525,196 | 0.98 | 3.66 | 1.00 | 3.64 | 118 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 81
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 | Realized | End of | ||||||||||||||||||||||||||
of Period | Loss | Investments | Operations | Gains | Period | ||||||||||||||||||||||||||
Small Cap Growth Opportunities Fund1 | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
20102 | $ | 14.55 | $ | (0.07 | ) | $ | 4.72 | $ | 4.65 | $ | — | $ | 19.20 | ||||||||||||||||||
20093 | 11.96 | (0.11 | ) | 2.70 | 2.59 | — | 14.55 | ||||||||||||||||||||||||
20083 | 21.65 | (0.14 | ) | (7.97 | ) | (8.11 | ) | (1.58 | ) | 11.96 | |||||||||||||||||||||
20073 | 20.49 | (0.19 | ) | 2.67 | 2.48 | (1.32 | ) | 21.65 | |||||||||||||||||||||||
20063 | 22.79 | (0.18 | ) | 2.37 | 2.19 | (4.49 | ) | 20.49 | |||||||||||||||||||||||
20054 | 23.75 | (0.02 | ) | (0.94 | ) | (0.96 | ) | — | 22.79 | ||||||||||||||||||||||
20055 | 21.74 | (0.32 | ) | 5.28 | 4.96 | (2.95 | ) | 23.75 | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
20102 | $ | 12.82 | $ | (0.12 | ) | $ | 4.16 | $ | 4.04 | $ | — | $ | 16.86 | ||||||||||||||||||
20093 | 10.62 | (0.18 | ) | 2.38 | 2.20 | — | 12.82 | ||||||||||||||||||||||||
20083 | 19.56 | (0.23 | ) | (7.13 | ) | (7.36 | ) | (1.58 | ) | 10.62 | |||||||||||||||||||||
20073 | 18.76 | (0.31 | ) | 2.43 | 2.12 | (1.32 | ) | 19.56 | |||||||||||||||||||||||
20063 | 21.36 | (0.31 | ) | 2.20 | 1.89 | (4.49 | ) | 18.76 | |||||||||||||||||||||||
20054 | 22.27 | (0.03 | ) | (0.88 | ) | (0.91 | ) | — | 21.36 | ||||||||||||||||||||||
20055 | 20.69 | (0.45 | ) | 4.98 | 4.53 | (2.95 | ) | 22.27 | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
20102 | $ | 13.44 | $ | (0.13 | ) | $ | 4.36 | $ | 4.23 | $ | — | $ | 17.67 | ||||||||||||||||||
20093 | 11.13 | (0.19 | ) | 2.50 | 2.31 | — | 13.44 | ||||||||||||||||||||||||
20083 | 20.41 | (0.24 | ) | (7.46 | ) | (7.70 | ) | (1.58 | ) | 11.13 | |||||||||||||||||||||
20073 | 19.53 | (0.33 | ) | 2.53 | 2.20 | (1.32 | ) | 20.41 | |||||||||||||||||||||||
20063 | 22.05 | (0.32 | ) | 2.29 | 1.97 | (4.49 | ) | 19.53 | |||||||||||||||||||||||
20054 | 23.00 | (0.04 | ) | (0.91 | ) | (0.95 | ) | — | 22.05 | ||||||||||||||||||||||
20055 | 21.28 | (0.48 | ) | 5.15 | 4.67 | (2.95 | ) | 23.00 | |||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
20102 | $ | 14.36 | $ | (0.10 | ) | $ | 4.66 | $ | 4.56 | $ | — | $ | 18.92 | ||||||||||||||||||
20093 | 11.83 | (0.16 | ) | 2.69 | 2.53 | — | 14.36 | ||||||||||||||||||||||||
20083 | 21.49 | (0.17 | ) | (7.91 | ) | (8.08 | ) | (1.58 | ) | 11.83 | |||||||||||||||||||||
20073 | 20.39 | (0.24 | ) | 2.66 | 2.42 | (1.32 | ) | 21.49 | |||||||||||||||||||||||
20063 | 22.75 | (0.23 | ) | 2.36 | 2.13 | (4.49 | ) | 20.39 | |||||||||||||||||||||||
20054 | 23.72 | (0.03 | ) | (0.94 | ) | (0.97 | ) | — | 22.75 | ||||||||||||||||||||||
20055 | 21.74 | (0.48 | ) | 5.41 | 4.93 | (2.95 | ) | 23.72 | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
20102 | $ | 15.63 | $ | (0.06 | ) | $ | 5.08 | $ | 5.02 | $ | — | $ | 20.65 | ||||||||||||||||||
20093 | 12.81 | (0.09 | ) | 2.91 | 2.82 | — | 15.63 | ||||||||||||||||||||||||
20083 | 23.03 | (0.10 | ) | (8.54 | ) | (8.64 | ) | (1.58 | ) | 12.81 | |||||||||||||||||||||
20073 | 21.66 | (0.15 | ) | 2.84 | 2.69 | (1.32 | ) | 23.03 | |||||||||||||||||||||||
20063 | 23.81 | (0.13 | ) | 2.47 | 2.34 | (4.49 | ) | 21.66 | |||||||||||||||||||||||
20054 | 24.81 | (0.02 | ) | (0.98 | ) | (1.00 | ) | — | 23.81 | ||||||||||||||||||||||
20055 | 22.55 | (0.27 | ) | 5.48 | 5.21 | (2.95 | ) | 24.81 | |||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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. | |
7 | During the period indicated, the fund received a regulatory settlement, which had a positive impact on total return of 0.75% for Class A, Class C, and Class Y, 0.79% for Class B, and 0.76% for Class R. | |
8 | During the period indicated, the fund received a regulatory settlement, which had a positive impact on total return of 0.05% for Class A, Class R, and Class Y and 0.06% for Class B and Class C. |
The accompanying notes are an integral part of the financial statements.
82 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Loss to | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Loss | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
31.96 | % | $ | 39,307 | 1.47 | % | (0.90 | )% | 1.69 | % | (1.12 | )% | 72 | % | |||||||||||||||||||||||
21.66 | 30,202 | 1.47 | (0.89 | ) | 1.79 | (1.21 | ) | 169 | ||||||||||||||||||||||||||||
(40.07 | )7 | 29,022 | 1.46 | (0.82 | ) | 1.63 | (0.99 | ) | 138 | |||||||||||||||||||||||||||
12.81 | 8 | 149,231 | 1.47 | (0.89 | ) | 1.59 | (1.01 | ) | 118 | |||||||||||||||||||||||||||
9.91 | 138,786 | 1.47 | (0.88 | ) | 1.58 | (0.99 | ) | 209 | ||||||||||||||||||||||||||||
(4.04 | ) | 78,357 | 1.47 | (1.17 | ) | 1.56 | (1.26 | ) | 14 | |||||||||||||||||||||||||||
24.21 | 84,567 | 1.82 | (1.42 | ) | 1.87 | (1.47 | ) | 190 | ||||||||||||||||||||||||||||
31.51 | % | $ | 2,451 | 2.22 | % | (1.65 | )% | 2.44 | % | (1.87 | )% | 72 | % | |||||||||||||||||||||||
20.72 | 2,025 | 2.22 | (1.64 | ) | 2.54 | (1.96 | ) | 169 | ||||||||||||||||||||||||||||
(40.55 | )7 | 1,978 | 2.21 | (1.57 | ) | 2.38 | (1.74 | ) | 138 | |||||||||||||||||||||||||||
12.03 | 8 | 4,467 | 2.22 | (1.65 | ) | 2.34 | (1.77 | ) | 118 | |||||||||||||||||||||||||||
9.03 | 6,540 | 2.22 | (1.62 | ) | 2.33 | (1.73 | ) | 209 | ||||||||||||||||||||||||||||
(4.09 | ) | 8,271 | 2.22 | (1.93 | ) | 2.31 | (2.02 | ) | 14 | |||||||||||||||||||||||||||
23.27 | 8,760 | 2.57 | (2.16 | ) | 2.62 | (2.21 | ) | 190 | ||||||||||||||||||||||||||||
31.47 | % | $ | 1,740 | 2.22 | % | (1.65 | )% | 2.44 | % | (1.87 | )% | 72 | % | |||||||||||||||||||||||
20.75 | 1,341 | 2.22 | (1.66 | ) | 2.54 | (1.98 | ) | 169 | ||||||||||||||||||||||||||||
(40.53 | )7 | 1,104 | 2.21 | (1.56 | ) | 2.38 | (1.73 | ) | 138 | |||||||||||||||||||||||||||
11.96 | 8 | 2,295 | 2.22 | (1.64 | ) | 2.34 | (1.76 | ) | 118 | |||||||||||||||||||||||||||
9.11 | 2,664 | 2.22 | (1.63 | ) | 2.33 | (1.74 | ) | 209 | ||||||||||||||||||||||||||||
(4.13 | ) | 2,962 | 2.22 | (1.93 | ) | 2.31 | (2.02 | ) | 14 | |||||||||||||||||||||||||||
23.28 | 3,152 | 2.57 | (2.20 | ) | 2.62 | (2.25 | ) | 190 | ||||||||||||||||||||||||||||
31.75 | % | $ | 1,788 | 1.72 | % | (1.17 | )% | 1.94 | % | (1.39 | )% | 72 | % | |||||||||||||||||||||||
21.39 | 1,469 | 1.72 | (1.24 | ) | 2.04 | (1.56 | ) | 169 | ||||||||||||||||||||||||||||
(40.24 | )7 | 433 | 1.72 | (1.04 | ) | 1.89 | (1.21 | ) | 138 | |||||||||||||||||||||||||||
12.56 | 8 | 522 | 1.72 | (1.17 | ) | 1.84 | (1.29 | ) | 118 | |||||||||||||||||||||||||||
9.62 | 1,323 | 1.72 | (1.16 | ) | 1.95 | (1.39 | ) | 209 | ||||||||||||||||||||||||||||
(4.09 | ) | 5 | 1.72 | (1.43 | ) | 1.96 | (1.67 | ) | 14 | |||||||||||||||||||||||||||
24.06 | 5 | 2.07 | (2.14 | ) | 2.27 | (2.34 | ) | 190 | ||||||||||||||||||||||||||||
32.12 | % | $ | 150,978 | 1.22 | % | (0.65 | )% | 1.44 | % | (0.87 | )% | 72 | % | |||||||||||||||||||||||
22.01 | 103,423 | 1.22 | (0.67 | ) | 1.54 | (0.99 | ) | 169 | ||||||||||||||||||||||||||||
(39.97 | )7 | 75,355 | 1.22 | (0.56 | ) | 1.39 | (0.73 | ) | 138 | |||||||||||||||||||||||||||
13.10 | 8 | 154,456 | 1.22 | (0.64 | ) | 1.34 | (0.76 | ) | 118 | |||||||||||||||||||||||||||
10.16 | 182,429 | 1.22 | (0.63 | ) | 1.33 | (0.74 | ) | 209 | ||||||||||||||||||||||||||||
(4.03 | ) | 210,769 | 1.22 | (0.92 | ) | 1.31 | (1.01 | ) | 14 | |||||||||||||||||||||||||||
24.47 | 220,772 | 1.57 | (1.15 | ) | 1.62 | (1.20 | ) | 190 | ||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 83
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Small Cap Select Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.53 | $ | (0.02 | ) | $ | 2.37 | $ | 2.35 | $ | — | $ | — | $ | — | $ | 11.88 | ||||||||||||||||||||||||
20093 | 8.27 | (0.01 | ) | 1.27 | 1.26 | — | — | — | 9.53 | ||||||||||||||||||||||||||||||||
20083 | 14.06 | (0.02 | ) | (4.92 | ) | (4.94 | ) | — | (0.85 | ) | (0.85 | ) | 8.27 | ||||||||||||||||||||||||||||
20073 | 15.12 | (0.02 | ) | 1.04 | 1.02 | — | (2.08 | ) | (2.08 | ) | 14.06 | ||||||||||||||||||||||||||||||
20063 | 15.33 | (0.05 | ) | 3.05 | 3.00 | — | (3.21 | ) | (3.21 | ) | 15.12 | ||||||||||||||||||||||||||||||
20054 | 15.82 | (0.01 | ) | (0.48 | ) | (0.49 | ) | — | — | — | 15.33 | ||||||||||||||||||||||||||||||
20055 | 15.95 | (0.08 | ) | 3.10 | 3.02 | — | (3.15 | ) | (3.15 | ) | 15.82 | ||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 7.60 | $ | (0.05 | ) | $ | 1.89 | $ | 1.84 | $ | — | $ | — | $ | — | $ | 9.44 | ||||||||||||||||||||||||
20093 | 6.64 | (0.05 | ) | 1.01 | 0.96 | — | — | — | 7.60 | ||||||||||||||||||||||||||||||||
20083 | 11.56 | (0.08 | ) | (3.99 | ) | (4.07 | ) | — | (0.85 | ) | (0.85 | ) | 6.64 | ||||||||||||||||||||||||||||
20073 | 12.88 | (0.11 | ) | 0.87 | 0.76 | — | (2.08 | ) | (2.08 | ) | 11.56 | ||||||||||||||||||||||||||||||
20063 | 13.58 | (0.13 | ) | 2.64 | 2.51 | — | (3.21 | ) | (3.21 | ) | 12.88 | ||||||||||||||||||||||||||||||
20054 | 14.02 | (0.02 | ) | (0.42 | ) | (0.44 | ) | — | — | — | 13.58 | ||||||||||||||||||||||||||||||
20055 | 14.56 | (0.17 | ) | 2.78 | 2.61 | — | (3.15 | ) | (3.15 | ) | 14.02 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.73 | $ | (0.05 | ) | $ | 2.15 | $ | 2.10 | $ | — | $ | — | $ | — | $ | 10.83 | ||||||||||||||||||||||||
20093 | 7.63 | (0.06 | ) | 1.16 | 1.10 | — | — | — | 8.73 | ||||||||||||||||||||||||||||||||
20083 | 13.13 | (0.09 | ) | (4.56 | ) | (4.65 | ) | — | (0.85 | ) | (0.85 | ) | 7.63 | ||||||||||||||||||||||||||||
20073 | 14.36 | (0.12 | ) | 0.97 | 0.85 | — | (2.08 | ) | (2.08 | ) | 13.13 | ||||||||||||||||||||||||||||||
20063 | 14.79 | (0.16 | ) | 2.94 | 2.78 | — | (3.21 | ) | (3.21 | ) | 14.36 | ||||||||||||||||||||||||||||||
20054 | 15.28 | (0.02 | ) | (0.47 | ) | (0.49 | ) | — | — | — | 14.79 | ||||||||||||||||||||||||||||||
20055 | 15.60 | (0.19 | ) | 3.02 | 2.83 | — | (3.15 | ) | (3.15 | ) | 15.28 | ||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.34 | $ | (0.03 | ) | $ | 2.32 | $ | 2.29 | $ | — | $ | — | $ | — | $ | 11.63 | ||||||||||||||||||||||||
20093 | 8.12 | (0.03 | ) | 1.25 | 1.22 | — | — | — | 9.34 | ||||||||||||||||||||||||||||||||
20083 | 13.86 | (0.04 | ) | (4.85 | ) | (4.89 | ) | — | (0.85 | ) | (0.85 | ) | 8.12 | ||||||||||||||||||||||||||||
20073 | 14.98 | (0.05 | ) | 1.01 | 0.96 | — | (2.08 | ) | (2.08 | ) | 13.86 | ||||||||||||||||||||||||||||||
20063 | 15.24 | (0.09 | ) | 3.04 | 2.95 | — | (3.21 | ) | (3.21 | ) | 14.98 | ||||||||||||||||||||||||||||||
20054 | 15.73 | (0.01 | ) | (0.48 | ) | (0.49 | ) | — | — | — | 15.24 | ||||||||||||||||||||||||||||||
20055 | 15.91 | (0.08 | ) | 3.05 | 2.97 | — | (3.15 | ) | (3.15 | ) | 15.73 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 10.33 | $ | (0.01 | ) | $ | 2.57 | $ | 2.56 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 12.88 | ||||||||||||||||||||||
20093 | 8.94 | 0.02 | 1.37 | 1.39 | — | — | — | 10.33 | |||||||||||||||||||||||||||||||||
20083 | 15.10 | 0.01 | (5.31 | ) | (5.30 | ) | (0.01 | ) | (0.85 | ) | (0.86 | ) | 8.94 | ||||||||||||||||||||||||||||
20073 | 16.06 | 0.01 | 1.11 | 1.12 | — | (2.08 | ) | (2.08 | ) | 15.10 | |||||||||||||||||||||||||||||||
20063 | 16.06 | (0.01 | ) | 3.22 | 3.21 | — | (3.21 | ) | (3.21 | ) | 16.06 | ||||||||||||||||||||||||||||||
20054 | 16.57 | (0.01 | ) | (0.50 | ) | (0.51 | ) | — | — | — | 16.06 | ||||||||||||||||||||||||||||||
20055 | 16.54 | (0.04 | ) | 3.22 | 3.18 | — | (3.15 | ) | (3.15 | ) | 16.57 | ||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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 year indicated. | |
6 | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
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.
84 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||||
Return7 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||||
24.66 | % | $ | 353,742 | 1.24 | % | (0.35 | )% | 1.24 | % | (0.35 | )% | 54 | % | |||||||||||||||||||||||
15.24 | 295,348 | 1.26 | (0.09 | ) | 1.26 | (0.09 | ) | 99 | ||||||||||||||||||||||||||||
(37.00 | ) | 166,698 | 1.26 | (0.15 | ) | 1.26 | (0.15 | ) | 92 | |||||||||||||||||||||||||||
7.35 | 238,129 | 1.23 | (0.22 | ) | 1.23 | (0.22 | ) | 97 | ||||||||||||||||||||||||||||
22.46 | 222,293 | 1.24 | (0.38 | ) | 1.24 | (0.38 | ) | 111 | ||||||||||||||||||||||||||||
(3.10 | ) | 104,568 | 1.25 | (0.92 | ) | 1.25 | (0.92 | ) | 14 | |||||||||||||||||||||||||||
20.46 | 107,270 | 1.22 | (0.53 | ) | 1.25 | (0.56 | ) | 122 | ||||||||||||||||||||||||||||
24.21 | % | $ | 5,246 | 1.99 | % | (1.11 | )% | 1.99 | % | (1.11 | )% | 54 | % | |||||||||||||||||||||||
14.46 | 5,511 | 2.01 | (0.80 | ) | 2.01 | (0.80 | ) | 99 | ||||||||||||||||||||||||||||
(37.52 | ) | 6,249 | 2.01 | (0.90 | ) | 2.01 | (0.90 | ) | 92 | |||||||||||||||||||||||||||
6.51 | 13,720 | 1.98 | (0.97 | ) | 1.98 | (0.97 | ) | 97 | ||||||||||||||||||||||||||||
21.59 | 15,077 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | ||||||||||||||||||||||||||||
(3.14 | ) | 13,406 | 2.00 | (1.67 | ) | 2.00 | (1.67 | ) | 14 | |||||||||||||||||||||||||||
19.45 | 14,023 | 1.97 | (1.28 | ) | 2.00 | (1.31 | ) | 122 | ||||||||||||||||||||||||||||
24.05 | % | $ | 19,449 | 1.99 | % | (1.10 | )% | 1.99 | % | (1.10 | )% | 54 | % | |||||||||||||||||||||||
14.42 | 16,938 | 2.01 | (0.80 | ) | 2.01 | (0.80 | ) | 99 | ||||||||||||||||||||||||||||
(37.44 | ) | 17,062 | 2.01 | (0.90 | ) | 2.01 | (0.90 | ) | 92 | |||||||||||||||||||||||||||
6.46 | 34,505 | 1.98 | (0.95 | ) | 1.98 | (0.95 | ) | 97 | ||||||||||||||||||||||||||||
21.64 | 18,794 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | ||||||||||||||||||||||||||||
(3.21 | ) | 13,453 | 2.00 | (1.67 | ) | 2.00 | (1.67 | ) | 14 | |||||||||||||||||||||||||||
19.58 | 14,418 | 1.97 | (1.28 | ) | 2.00 | (1.31 | ) | 122 | ||||||||||||||||||||||||||||
24.52 | % | $ | 33,788 | 1.49 | % | (0.60 | )% | 1.49 | % | (0.60 | )% | 54 | % | |||||||||||||||||||||||
15.02 | 24,701 | 1.51 | (0.31 | ) | 1.51 | (0.31 | ) | 99 | ||||||||||||||||||||||||||||
(37.19 | ) | 23,069 | 1.51 | (0.40 | ) | 1.51 | (0.40 | ) | 92 | |||||||||||||||||||||||||||
6.99 | 38,181 | 1.48 | (0.43 | ) | 1.48 | (0.43 | ) | 97 | ||||||||||||||||||||||||||||
22.23 | 2,697 | 1.49 | (0.59 | ) | 1.62 | (0.72 | ) | 111 | ||||||||||||||||||||||||||||
(3.11 | ) | 333 | 1.50 | (1.14 | ) | 1.65 | (1.29 | ) | 14 | |||||||||||||||||||||||||||
20.16 | 312 | 1.47 | (0.53 | ) | 1.65 | (0.71 | ) | 122 | ||||||||||||||||||||||||||||
24.75 | % | $ | 407,507 | 0.99 | % | (0.10 | )% | 0.99 | % | (0.10 | )% | 54 | % | |||||||||||||||||||||||
15.55 | 322,658 | 1.01 | 0.19 | 1.01 | 0.19 | 99 | ||||||||||||||||||||||||||||||
(36.86 | ) | 289,685 | 1.01 | 0.10 | 1.01 | 0.10 | 92 | |||||||||||||||||||||||||||||
7.58 | 691,488 | 0.98 | 0.03 | 0.98 | 0.03 | 97 | ||||||||||||||||||||||||||||||
22.81 | 732,252 | 0.99 | (0.15 | ) | 0.99 | (0.15 | ) | 111 | ||||||||||||||||||||||||||||
(3.08 | ) | 682,088 | 1.00 | (0.67 | ) | 1.00 | (0.67 | ) | 14 | |||||||||||||||||||||||||||
20.73 | 715,496 | 0.97 | (0.28 | ) | 1.00 | (0.31 | ) | 122 | ||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 85
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 | from Net | Value | |||||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Investment | Realized | Total | End of | ||||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Small Cap Value Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.22 | $ | — | $ | 2.34 | $ | 2.34 | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | 10.54 | |||||||||||||||||||||||
20093 | 8.12 | 0.03 | 0.15 | 0.18 | (0.08 | ) | — | (0.08 | ) | 8.22 | |||||||||||||||||||||||||||||||
20083 | 13.52 | 0.08 | (3.97 | ) | (3.89 | ) | (0.14 | ) | (1.37 | ) | (1.51 | ) | 8.12 | ||||||||||||||||||||||||||||
20073 | 15.38 | 0.12 | 0.48 | 0.60 | (0.02 | ) | (2.44 | ) | (2.46 | ) | 13.52 | ||||||||||||||||||||||||||||||
20063 | 16.34 | 0.03 | 2.86 | 2.89 | (0.04 | ) | (3.81 | ) | (3.85 | ) | 15.38 | ||||||||||||||||||||||||||||||
20054 | 16.78 | 0.01 | (0.45 | ) | (0.44 | ) | — | — | — | 16.34 | |||||||||||||||||||||||||||||||
20055 | 16.84 | 0.03 | 2.63 | 2.66 | (0.06 | ) | (2.66 | ) | (2.72 | ) | 16.78 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 7.31 | $ | (0.03 | ) | $ | 2.09 | $ | 2.06 | $ | — | $ | — | $ | — | $ | 9.37 | ||||||||||||||||||||||||
20093 | 7.22 | (0.02 | ) | 0.13 | 0.11 | (0.02 | ) | — | (0.02 | ) | 7.31 | ||||||||||||||||||||||||||||||
20083 | 12.19 | — | (3.54 | ) | (3.54 | ) | (0.06 | ) | (1.37 | ) | (1.43 | ) | 7.22 | ||||||||||||||||||||||||||||
20073 | 14.17 | 0.02 | 0.44 | 0.46 | — | (2.44 | ) | (2.44 | ) | 12.19 | |||||||||||||||||||||||||||||||
20063 | 15.39 | (0.07 | ) | 2.66 | 2.59 | — | (3.81 | ) | (3.81 | ) | 14.17 | ||||||||||||||||||||||||||||||
20054 | 15.82 | — | (0.43 | ) | (0.43 | ) | — | — | — | 15.39 | |||||||||||||||||||||||||||||||
20055 | 16.10 | (0.09 | ) | 2.50 | 2.41 | (0.03 | ) | (2.66 | ) | (2.69 | ) | 15.82 | |||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.10 | $ | (0.01 | ) | $ | 2.31 | $ | 2.30 | $ | — | $ | — | $ | — | $ | 10.40 | ||||||||||||||||||||||||
20093 | 8.00 | 0.01 | 0.15 | 0.16 | (0.06 | ) | — | (0.06 | ) | 8.10 | |||||||||||||||||||||||||||||||
20083 | 13.35 | 0.05 | (3.91 | ) | (3.86 | ) | (0.12 | ) | (1.37 | ) | (1.49 | ) | 8.00 | ||||||||||||||||||||||||||||
20073 | 15.24 | 0.10 | 0.47 | 0.57 | (0.02 | ) | (2.44 | ) | (2.46 | ) | 13.35 | ||||||||||||||||||||||||||||||
20063 | 16.29 | (0.01 | ) | 2.84 | 2.83 | (0.07 | ) | (3.81 | ) | (3.88 | ) | 15.24 | |||||||||||||||||||||||||||||
20054 | 16.74 | 0.01 | (0.46 | ) | (0.45 | ) | — | — | — | 16.29 | |||||||||||||||||||||||||||||||
20055 | 16.83 | (0.01 | ) | 2.64 | 2.63 | (0.06 | ) | (2.66 | ) | (2.72 | ) | 16.74 | |||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 8.45 | $ | 0.01 | $ | 2.42 | $ | 2.43 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 10.84 | |||||||||||||||||||||||
20093 | 8.36 | 0.05 | 0.15 | 0.20 | (0.11 | ) | — | (0.11 | ) | 8.45 | |||||||||||||||||||||||||||||||
20083 | 13.87 | 0.11 | (4.08 | ) | (3.97 | ) | (0.17 | ) | (1.37 | ) | (1.54 | ) | 8.36 | ||||||||||||||||||||||||||||
20073 | 15.71 | 0.16 | 0.49 | 0.65 | (0.05 | ) | (2.44 | ) | (2.49 | ) | 13.87 | ||||||||||||||||||||||||||||||
20063 | 16.62 | 0.07 | 2.90 | 2.97 | (0.07 | ) | (3.81 | ) | (3.88 | ) | 15.71 | ||||||||||||||||||||||||||||||
20054 | 17.06 | 0.01 | (0.45 | ) | (0.44 | ) | — | — | — | 16.62 | |||||||||||||||||||||||||||||||
20055 | 17.05 | 0.07 | 2.67 | 2.74 | (0.07 | ) | (2.66 | ) | (2.73 | ) | 17.06 | ||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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 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.
86 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income (Loss) | 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 | ||||||||||||||||||||||||||||||
28.56 | % | $ | 35,274 | 1.34 | % | (0.04 | )% | 1.34 | % | (0.04 | )% | 37 | % | |||||||||||||||||||||||
2.40 | 29,026 | 1.37 | 0.46 | 1.37 | 0.46 | 73 | ||||||||||||||||||||||||||||||
(31.75 | ) | 28,344 | 1.31 | 0.75 | 1.31 | 0.75 | 49 | |||||||||||||||||||||||||||||
4.18 | 53,498 | 1.26 | 0.90 | 1.26 | 0.90 | 63 | ||||||||||||||||||||||||||||||
20.78 | 57,922 | 1.26 | 0.21 | 1.26 | 0.21 | 96 | ||||||||||||||||||||||||||||||
(2.62 | ) | 46,467 | 1.25 | 0.78 | 1.25 | 0.78 | 15 | |||||||||||||||||||||||||||||
16.78 | 48,128 | 1.24 | 0.19 | 1.26 | 0.17 | 72 | ||||||||||||||||||||||||||||||
28.18 | % | $ | 2,397 | 2.09 | % | (0.79 | )% | 2.09 | % | (0.79 | )% | 37 | % | |||||||||||||||||||||||
1.56 | 2,080 | 2.12 | (0.27 | ) | 2.12 | (0.27 | ) | 73 | ||||||||||||||||||||||||||||
(32.23 | ) | 2,373 | 2.06 | — | 2.06 | — | 49 | |||||||||||||||||||||||||||||
3.42 | 4,006 | 2.01 | 0.14 | 2.01 | 0.14 | 63 | ||||||||||||||||||||||||||||||
19.89 | 4,405 | 2.01 | (0.53 | ) | 2.01 | (0.53 | ) | 96 | ||||||||||||||||||||||||||||
(2.72 | ) | 4,590 | 2.00 | 0.03 | 2.00 | 0.03 | 15 | |||||||||||||||||||||||||||||
15.92 | 4,808 | 1.99 | (0.56 | ) | 2.01 | (0.58 | ) | 72 | ||||||||||||||||||||||||||||
28.43 | % | $ | 3,041 | 1.59 | % | (0.29 | )% | 1.59 | % | (0.29 | )% | 37 | % | |||||||||||||||||||||||
2.14 | 2,327 | 1.62 | 0.19 | 1.62 | 0.19 | 73 | ||||||||||||||||||||||||||||||
(31.90 | ) | 2,159 | 1.56 | 0.50 | 1.56 | 0.50 | 49 | |||||||||||||||||||||||||||||
3.96 | 3,263 | 1.51 | 0.72 | 1.51 | 0.72 | 63 | ||||||||||||||||||||||||||||||
20.44 | 1,849 | 1.51 | (0.09 | ) | 1.63 | (0.21 | ) | 96 | ||||||||||||||||||||||||||||
(2.69 | ) | 4 | 1.50 | 0.59 | 1.65 | 0.44 | 15 | |||||||||||||||||||||||||||||
16.60 | 4 | 1.49 | (0.04 | ) | 1.66 | (0.21 | ) | 72 | ||||||||||||||||||||||||||||
28.88 | % | $ | 189,952 | 1.09 | % | 0.21 | % | 1.09 | % | 0.21 | % | 37 | % | |||||||||||||||||||||||
2.59 | 149,515 | 1.12 | 0.72 | 1.12 | 0.72 | 73 | ||||||||||||||||||||||||||||||
(31.56 | ) | 158,112 | 1.06 | 1.00 | 1.06 | 1.00 | 49 | |||||||||||||||||||||||||||||
4.45 | 302,683 | 1.01 | 1.15 | 1.01 | 1.15 | 63 | ||||||||||||||||||||||||||||||
21.01 | 355,148 | 1.01 | 0.47 | 1.01 | 0.47 | 96 | ||||||||||||||||||||||||||||||
(2.58 | ) | 348,166 | 1.00 | 1.03 | 1.00 | 1.03 | 15 | |||||||||||||||||||||||||||||
17.08 | 363,261 | 0.99 | 0.44 | 1.01 | 0.42 | 72 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 87
Financial Highlights For a share outstanding throughout the indicated periods.
Net Asset | Realized and | Net Asset | |||||||||||||||||||||||||
Value | Net | Unrealized | Total from | Value | |||||||||||||||||||||||
Beginning | Investment | Gains on | Investment | End of | |||||||||||||||||||||||
of Period | Income | Investments | Operations | Period | |||||||||||||||||||||||
Tactical Market Opportunities Fund | |||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||
20101 | $ | 10.00 | $ | 0.08 | $ | 0.05 | $ | 0.13 | $ | 10.13 | |||||||||||||||||
1 | Commenced operations on December 30, 2009. All ratios for the period ended April 30, 2010 have been annualized, except total return and portfolio turnover. | |
2 | Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
88 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income (Loss) | ||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | |||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | |||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | ||||||||||||||||||||||||||||
Return2 | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | ||||||||||||||||||||||||||||
1.30% | $ | 3,039 | 0.94% | 2.30% | 6.66% | (3.42 | )% | 142% | ||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 89
Notes to Financial Statements | (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000) |
1 > | Organization |
Equity Income Fund, Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Select Fund (formerly Small-Mid Cap Core Fund), Mid Cap Value Fund, Quantitative Large Cap Core Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Tactical Market Opportunities 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 April 30, 2010, FAIF offered 38 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 other than Real Estate Securities Fund is a diversified open-end management investment company. Real Estate Securities Fund is a non-diversified, open-end management investment company. From October 3, 2005 to May 4, 2009, Mid Cap Select Fund had different investment strategies and was named Small-Mid Cap Core Fund. Prior thereto, the fund was named Technology Fund, had different investment strategies and also was non-diversified. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.
FAIF offers Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. 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 A and Class C shares are not offered by the Tactical Market Opportunities Fund. Class R shares are not offered by the Mid Cap Select Fund, Quantitative Large Cap Core Fund, and Tactical Market Opportunities Fund. Prior to November 3, 2008, Class C and Class R were not offered by Global Infrastructure Fund. Prior to the close of business on June 30, 2008, each fund except Global Infrastructure Fund, Quantitative Large Cap Core Fund, and Tactical Market Opportunities Fund offered Class B shares. Subsequent to that date, no new or 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 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. 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, then the ask will be the closing price. If the last trade is below the bid, then 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 funds are valued at their respective net asset values on the valuation date.
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 may be valued at their amortized cost, which approximates fair value.
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 stock exchange, whether domestic or foreign, are valued at the last sale price on
90 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
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), 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 internally 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. As of April 30, 2010, International Select Fund, Mid Cap Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Small Cap Select Fund held internally fair valued securities with a total fair value of $1,024, $0, $56, $0, and $0, respectively, or 0.1%, 0.0%, 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of foreign securities held by Global Infrastructure Fund, International Fund, and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American Depositary Receipts, and currency exchange rates that occur between the close of the local market and the close of the New York Stock Exchange. The use of daily fair value pricing by the Global Infrastructure Fund, International Fund, and International Select Fund may cause the net asset value of their shares to differ significantly from the net asset value that would be determined without fair value pricing. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. 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.
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. and foreign securities for which an independent pricing service may be employed for purposes of fair market valuation).
Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the funds’ board of directors.
The valuation levels are not necessarily an indication of the risk associated with investing in these investments.
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 91
Notes to Financial Statements (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
As of April 30, 2010, each fund’s investments were classified as follows:
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Equity Income Fund | ||||||||||||||||
Common Stocks | $ | 776,780 | $ | — | $ | — | $ | 776,780 | ||||||||
Short-Term Investment | 5,442 | — | — | 5,442 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 188,079 | — | — | 188,079 | ||||||||||||
Total Investments | $ | 970,301 | $ | — | $ | — | $ | 970,301 | ||||||||
Global Infrastructure Fund | ||||||||||||||||
Common Stocks | $ | 33,584 | $ | 83,086 | 1 | $ | — | $ | 116,670 | |||||||
Short-Term Investments | — | — | — | — | ||||||||||||
Total Investments | $ | 33,584 | $ | 83,086 | $ | — | $ | 116,670 | ||||||||
1 The Common Stocks Level 2 balance consists of the fair value of the associated Level 2 investments in the following sectors: | ||||||||||||||||
Consumer Discretionary | $ | 3,333 | ||||||||||||||
Consumer Staples | 1,127 | |||||||||||||||
Energy | 498 | |||||||||||||||
Financials | 1,793 | |||||||||||||||
Healthcare | 291 | |||||||||||||||
Industrials | 49,080 | |||||||||||||||
Telecommunication Services | 2,373 | |||||||||||||||
Transportation | 240 | |||||||||||||||
Utilities | 24,351 | |||||||||||||||
$ | 83,086 | |||||||||||||||
International Fund | ||||||||||||||||
Common Stocks | $ | 106,368 | $ | 554,720 | 2 | $ | — | $ | 661,088 | |||||||
Exchange-Traded Fund | 2,861 | — | — | 2,861 | ||||||||||||
Short-Term Investments | 25,536 | 26,098 | — | 51,634 | ||||||||||||
Total Investments | $ | 134,765 | $ | 580,818 | $ | — | $ | 715,583 | ||||||||
2 The Common Stocks Level 2 balance consists of the fair value of the associated Level 2 investments in the following sectors: | ||||||||||||||||
Consumer Discretionary | $ | 65,243 | ||||||||||||||
Consumer Staples | 73,511 | |||||||||||||||
Energy | 32,992 | |||||||||||||||
Financials | 105,551 | |||||||||||||||
Healthcare | 51,785 | |||||||||||||||
Industrials | 75,720 | |||||||||||||||
Information Technology | 72,829 | |||||||||||||||
Materials | 43,082 | |||||||||||||||
Telecommunication Services | 12,370 | |||||||||||||||
Transportation | 93 | |||||||||||||||
Utilities | 21,544 | |||||||||||||||
$ | 554,720 | |||||||||||||||
92 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
International Select Fund | ||||||||||||||||
Common Stocks | $ | 127,078 | $ | 532,023 | 1 | $ | 1,024 | 1 | $ | 660,125 | ||||||
Exchange-Traded Funds | 9,326 | — | — | 9,326 | ||||||||||||
Short-Term Investments | 116,561 | 24,798 | — | 141,359 | ||||||||||||
Total Investments | $ | 252,965 | $ | 556,821 | $ | 1,024 | $ | 810,810 | ||||||||
1 The Common Level 2 and Level 3 balance consists of the fair value of the associated Level 2 and Level 3 investments in the following sectors: | ||||||||||||||||
Consumer Discretionary | $ | 51,030 | ||||||||||||||
Consumer Staples | 70,851 | |||||||||||||||
Financials | 111,900 | |||||||||||||||
Industrials | 66,058 | |||||||||||||||
Information Technology | 82,384 | |||||||||||||||
Materials | 51,110 | |||||||||||||||
Telecommunication Services | 10,184 | |||||||||||||||
Healthcare | 36,976 | |||||||||||||||
Energy | 35,176 | |||||||||||||||
Transportation | 70 | |||||||||||||||
Utilities | 17,308 | |||||||||||||||
$ | 533,047 | |||||||||||||||
Large Cap Growth Opportunities Fund | ||||||||||||||||
Common Stocks | $ | 600,862 | $ | — | $ | — | $ | 600,862 | ||||||||
Short-Term Investment | 95 | — | — | 95 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 193,614 | — | — | 193,614 | ||||||||||||
Total Investments | $ | 794,571 | $ | — | $ | — | $ | 794,571 | ||||||||
Large Cap Select Fund | ||||||||||||||||
Common Stocks | $ | 139,684 | $ | — | $ | — | $ | 139,684 | ||||||||
Short-Term Investment | 4,313 | — | — | 4,313 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 51,429 | — | — | 51,429 | ||||||||||||
Total Investments | $ | 195,426 | $ | — | $ | — | $ | 195,426 | ||||||||
Large Cap Value Fund | ||||||||||||||||
Common Stocks | $ | 394,848 | $ | — | $ | — | $ | 394,848 | ||||||||
Short-Term Investment | 1,143 | — | — | 1,143 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 91,203 | — | — | 91,203 | ||||||||||||
Total Investments | $ | 487,194 | $ | — | $ | — | $ | 487,194 | ||||||||
Mid Cap Growth Opportunities Fund | ||||||||||||||||
Common Stocks | $ | 1,329,026 | $ | — | $ | — | $ | 1,329,026 | ||||||||
Short-Term Investment | 1,127 | — | — | 1,127 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 550,334 | — | — | 550,334 | ||||||||||||
Total Investments | $ | 1,880,487 | $ | — | $ | — | $ | 1,880,487 | ||||||||
Mid Cap Select Fund | ||||||||||||||||
Common Stocks | $ | 42,993 | $ | — | $ | — | $ | 42,993 | ||||||||
Warrants | — | — | — | — | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 20,326 | — | — | 20,326 | ||||||||||||
Total Investments | $ | 63,319 | $ | — | $ | — | $ | 63,319 | ||||||||
Mid Cap Value Fund | ||||||||||||||||
Common Stocks | $ | 633,012 | $ | — | $ | — | $ | 633,012 | ||||||||
Short-Term Investment | 7,335 | — | — | 7,335 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 194,169 | — | — | 194,169 | ||||||||||||
Total Investments | $ | 834,516 | $ | — | $ | — | $ | 834,516 | ||||||||
Quantitative Large Cap Core Fund | ||||||||||||||||
Common Stocks | $ | 162,539 | $ | — | $ | — | $ | 162,539 | ||||||||
Short-Term Investments | 26,003 | 2,300 | — | 28,303 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 26,464 | — | — | 26,464 | ||||||||||||
Total Investments | $ | 215,006 | $ | 2,300 | $ | — | $ | 217,306 | ||||||||
Real Estate Securities Fund | ||||||||||||||||
Common Stocks | $ | 1,752,120 | $ | — | $ | — | $ | 1,752,120 | ||||||||
Private Real Estate Company | — | — | 56 | 56 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 93
Notes to Financial Statements (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Short-Term Investment | 10,200 | — | — | 10,200 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 849,724 | — | — | 849,724 | ||||||||||||
Total Investments | $ | 2,612,044 | $ | — | $ | 56 | $ | 2,612,100 | ||||||||
Small Cap Growth Opportunities Fund | ||||||||||||||||
Common Stocks | $ | 190,049 | $ | — | $ | — | $ | 190,049 | ||||||||
Warrants | — | — | — | — | ||||||||||||
Short-Term Investment | 7,463 | — | — | 7,463 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 78,730 | — | — | 78,730 | ||||||||||||
Total Investments | $ | 276,242 | $ | — | $ | — | $ | 276,242 | ||||||||
Small Cap Select Fund | ||||||||||||||||
Common Stocks | $ | 790,488 | $ | — | $ | — | $ | 790,488 | ||||||||
Exchange-Traded Fund | 5,235 | — | — | 5,235 | ||||||||||||
Warrants | — | — | — | — | ||||||||||||
Short-Term Investment | 19,030 | — | — | 19,030 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 272,384 | — | — | 272,384 | ||||||||||||
Total Investments | $ | 1,087,137 | $ | — | $ | — | $ | 1,087,137 | ||||||||
Small Cap Value Fund | ||||||||||||||||
Common Stocks | $ | 223,358 | $ | — | $ | — | $ | 223,358 | ||||||||
Exchange-Traded Funds | 5,657 | — | — | 5,657 | ||||||||||||
Short-Term Investment | 3,369 | — | — | 3,369 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 69,531 | — | — | 69,531 | ||||||||||||
Total Investments | $ | 301,915 | $ | — | $ | — | $ | 301,915 | ||||||||
Tactical Market Opportunities Fund | ||||||||||||||||
Exchange-Traded Funds | $ | 984 | $ | — | $ | — | $ | 984 | ||||||||
U.S. Government & Agency Securities | — | 668 | — | 668 | ||||||||||||
Short-Term Investments | 801 | 275 | — | 1,076 | ||||||||||||
Total Investments | $ | 1,785 | $ | 943 | $ | — | $ | 2,728 | ||||||||
Refer to each fund’s Schedule of Investments for further sector breakout.
As of April 30, 2010, each fund’s investments in other financial instruments* were classified as follows:
Total Unrealized | ||||||||||||||||
Appreciation | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | (Depreciation) | ||||||||||||
International Fund | $ | 1,574 | $ | — | $ | — | $ | 1,574 | ||||||||
International Select Fund | 2,051 | — | — | 2,051 | ||||||||||||
Quantitative Large Cap Core Fund | 73 | — | — | 73 | ||||||||||||
Tactical Market Opportunities Fund | (6 | ) | — | — | (6 | ) | ||||||||||
* | Other financial instruments are derivative instruments such as futures, 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 for funds which held Level 3 assets as of April 30, 2010:
Global | Real Estate | |||||||||||||||
Infrastructure | International | International | Securities | |||||||||||||
Fund | Fund | Select Fund | Fund | |||||||||||||
Balance as of October 31, 2009 | $ | 332 | $ | 211 | $ | 110 | $ | 111 | ||||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||||
Realized gain (loss) | — | — | — | — | ||||||||||||
Net change in unrealized appreciation or depreciation | — | — | — | (55 | ) | |||||||||||
Net purchases (sales) | — | — | — | — | ||||||||||||
Transfers in and/or (out) of Level 3 | (332 | ) | (211 | ) | 914 | — | ||||||||||
Balance as of April 30, 2010 | $ | — | $ | — | $ | 1,024 | $ | 56 | ||||||||
Net change in unrealized appreciation or depreciation of Level 3 investments held as of April 30, 2010 | $ | — | $ | — | $ | — | $ | (55 | ) | |||||||
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.
94 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Interest income, including accretion of bond discounts and amortization of bond premiums, 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 – Equity Income Fund and Real Estate Securities Fund normally declare and pay income dividends quarterly. Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Select Fund, Mid Cap Value Fund, Quantitative Large Cap Core Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Tactical Market Opportunities Fund normally declare and pay income dividends annually. Distributions are payable in cash or reinvested in additional shares of the funds. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.
Real Estate Securities Fund receives substantial distributions from holdings in real estate investment trusts (“REITs”). Additionally, other funds also invest in REITs. Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund, and other funds that invest in REITs, must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital.
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.
As of April 30, 2010, 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 straddle losses, foreign currency gains and losses, investments in limited partnerships and REITs, and the “mark-to-market” of certain passive foreign investment companies (“PFICs”) for tax purposes. 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 tax 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 funds. The distributions paid during the six-month period ended April 30, 2010, and fiscal year ended October 31, 2009 were as follows:
April 30, 2010 | ||||
Ordinary | ||||
Fund | Income | |||
Equity Income Fund | $ | 9,190 | ||
Global Infrastructure Fund | 1,126 | |||
International Fund | 4,419 | |||
International Select Fund | 2,446 | |||
Large Cap Growth Opportunities Fund | 2,106 | |||
Large Cap Select Fund | 1,140 | |||
Large Cap Value Fund | 5,827 | |||
Mid Cap Select Fund | 164 | |||
Mid Cap Value Fund | 7,361 | |||
Quantitative Large Cap Core Fund | 2,278 | |||
Real Estate Securities Fund | 20,228 | |||
Small Cap Select Fund | 184 | |||
Small Cap Value Fund | 836 | |||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 95
Notes to Financial Statements (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
October 31, 2009 | ||||||||||||
Ordinary | Return of | |||||||||||
Fund | Income | Capital | Total | |||||||||
Equity Income Fund | $ | 22,374 | $ | — | $ | 22,374 | ||||||
Global Infrastructure Fund | 348 | — | 348 | |||||||||
International Fund | 8,518 | — | 8,518 | |||||||||
International Select Fund | 6,112 | — | 6,112 | |||||||||
Large Cap Growth Opportunities Fund | 1,892 | — | 1,892 | |||||||||
Large Cap Select Fund | 1,124 | — | 1,124 | |||||||||
Large Cap Value Fund | 5,375 | — | 5,375 | |||||||||
Mid Cap Select Fund | 147 | — | 147 | |||||||||
Mid Cap Value Fund | 3,357 | — | 3,357 | |||||||||
Quantitative Large Cap Core Fund | 1,073 | — | 1,073 | |||||||||
Real Estate Securities Fund | 23,504 | 8,793 | 32,297 | |||||||||
Small Cap Value Fund | 2,298 | — | 2,298 | |||||||||
As of October 31, 2009, the funds’ most recently completed fiscal year-end, components of accumulated earnings (deficit) on a tax-basis were as follows:
Accumulated | ||||||||||||||||||||
Undistributed | Capital and | Unrealized | Other | Total | ||||||||||||||||
Ordinary | Post-October | Appreciation | Accumulated | Accumulated | ||||||||||||||||
Fund | Income | Losses | (Depreciation) | Gains (Losses) | Earnings (Deficit) | |||||||||||||||
Equity Income Fund | $ | 2,044 | $ | (28,521 | ) | $ | 103,800 | $ | — | $ | 77,323 | |||||||||
Global Infrastructure Fund | 959 | (1,583 | ) | 1,956 | 1 | 1,333 | ||||||||||||||
International Fund | 4,420 | (60,760 | ) | 108,764 | (82 | ) | 52,342 | |||||||||||||
International Select Fund | 2,280 | (66,180 | ) | 20,810 | 145 | (42,945 | ) | |||||||||||||
Large Cap Growth Opportunities Fund | 2,107 | (108,946 | ) | 80,296 | — | (26,543 | ) | |||||||||||||
Large Cap Select Fund | 930 | (118,248 | ) | 16,534 | — | (100,784 | ) | |||||||||||||
Large Cap Value Fund | 4,996 | (126,873 | ) | 5,040 | — | (116,837 | ) | |||||||||||||
Mid Cap Growth Opportunities Fund | — | (283,092 | ) | 151,313 | — | 131,779 | ||||||||||||||
Mid Cap Select Fund | 161 | (129,952 | ) | 2,940 | — | (126,851 | ) | |||||||||||||
Mid Cap Value Fund | 7,361 | (187,782 | ) | 39,649 | — | (140,772 | ) | |||||||||||||
Quantitative Large Cap Core Fund | 1,660 | (26,276 | ) | 5,590 | — | (19,026 | ) | |||||||||||||
Real Estate Securities Fund | — | (210,207 | ) | 6,189 | — | (204,018 | ) | |||||||||||||
Small Cap Growth Opportunities Fund | 1 | (45,755 | ) | 829 | — | (44,925 | ) | |||||||||||||
Small Cap Select Fund | 182 | (178,220 | ) | 19,679 | — | (158,359 | ) | |||||||||||||
Small Cap Value Fund | 3 | (63,423 | ) | (8,017 | ) | — | (71,437 | ) | ||||||||||||
The differences between book and tax basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and investments in limited partnerships, the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market for certain PFICs for tax purposes.
As of October 31, 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 | |||||||||||||||||||||||||||
Equity Income Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,961 | $ | 16,560 | $ | 28,521 | ||||||||||||||||||
Global Infrastructure Fund | — | — | — | — | — | — | 1,583 | — | 1,583 | |||||||||||||||||||||||||||
International Fund | — | — | — | — | — | — | — | 60,760 | 60,760 | |||||||||||||||||||||||||||
International Select Fund | — | — | — | — | — | — | 30,787 | 35,393 | 66,180 | |||||||||||||||||||||||||||
Large Cap Growth Opportunities Fund | — | — | — | — | — | — | 49,626 | 59,320 | 108,946 | |||||||||||||||||||||||||||
Large Cap Select Fund | — | — | — | — | — | — | 63,932 | 54,316 | 118,248 | |||||||||||||||||||||||||||
Large Cap Value Fund | — | — | — | — | — | — | 45,994 | 80,879 | 126,873 | |||||||||||||||||||||||||||
Mid Cap Growth Opportunities Fund | — | — | — | — | — | 131,264 | 151,828 | 283,092 | ||||||||||||||||||||||||||||
Mid Cap Select Fund | 102,106 | 4,320 | — | — | — | — | 7,819 | 15,707 | 129,952 | |||||||||||||||||||||||||||
Mid Cap Value Fund | — | — | — | — | — | — | 101,981 | 85,801 | 187,782 | |||||||||||||||||||||||||||
Quantitative Large Cap Core Fund | — | — | — | — | — | — | 7,444 | 18,832 | 26,276 | |||||||||||||||||||||||||||
Real Estate Securities Fund | — | — | — | — | — | — | 77,591 | 132,616 | 210,207 | |||||||||||||||||||||||||||
Small Cap Growth Opportunities Fund | — | — | — | — | — | — | 34,593 | 11,162 | 45,755 | |||||||||||||||||||||||||||
Small Cap Select Fund | — | — | — | — | — | — | 80,713 | 97,507 | 178,220 | |||||||||||||||||||||||||||
Small Cap Value Fund | — | — | — | — | — | — | 26,329 | 37,094 | 63,423 | |||||||||||||||||||||||||||
96 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
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, forward foreign exchange contracts, 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 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, certain funds 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.
As of April 30, 2010, International Fund, International Select Fund, Quantitative Large Cap Core Fund, and Tactical Market Opportunities Fund held outstanding futures contracts as disclosed in their Schedules of Investments.
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 April 30, 2010, the funds held no investments in outstanding 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 April 30, 2010, the funds held no investments in options purchased.
For the six-month period ended April 30, 2010, the quarterly average gross notional amounts of the derivatives held by the funds were:
Futures/ | Futures/ | |||||||
Fund | Long | Short | ||||||
International Fund | $ | 167,899 | $ | 119,080 | ||||
International Select Fund | 172,385 | 76,447 | ||||||
Quantitative Large Cap Core Fund | 14,420 | — | ||||||
Tactical Market Opportunities Fund | 1,273 | 953 | ||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 97
Notes to Financial Statements (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
As of April 30, 2010, the funds’ fair values of derivative instruments (i.e. futures contracts) categorized by risk exposure were classified as follows:
Statement of | International | Quantitative | Tactical Market | |||||||||||||||
Assets and Liabilities | International | Select | Large Cap Core | Opportunities | ||||||||||||||
Location | Fund | Fund | Fund | Fund | ||||||||||||||
Asset Derivatives | ||||||||||||||||||
Equity Contracts | Receivables, Net Assets – Unrealized Appreciation* | $ | 4,331 | $ | 4,200 | $ | 73 | $ | 49 | |||||||||
Foreign Exchange Contracts | Receivables | 624 | 607 | — | — | |||||||||||||
Balance as of April 30, 2010 | $ | 4,955 | $ | 4,807 | $ | 73 | $ | 49 | ||||||||||
Liability Derivatives | ||||||||||||||||||
Equity Contracts | Payables, Net Assets – Unrealized Depreciation* | $ | 3,251 | $ | 2,609 | $ | — | $ | 55 | |||||||||
Foreign Exchange Contracts | Payables | 130 | 147 | — | — | |||||||||||||
Balance as of April 30, 2010 | $ | 3,381 | $ | 2,756 | $ | — | $ | 55 | ||||||||||
* | 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 April 30, 2010:
Amount of realized gain (loss) on derivatives recognized in income:
International Fund | Futures | |||
Equity Contracts | $ | (928 | ) | |
Foreign Exchange Contracts | 120 | |||
International Select Fund | Futures | |||
Equity Contracts | $ | (1,287 | ) | |
Foreign Exchange Contracts | 76 | |||
Quantitative Large Cap Core Fund | Futures | |||
Equity Contracts | $ | 849 | ||
Tactical Market Opportunities Fund1 | Futures | |||
Equity Contracts | $ | (29 | ) | |
Net change in unrealized appreciation or depreciation on derivatives recognized in income:
International Fund | Futures | |||
Equity Contracts | $ | 3,194 | ||
Foreign Exchange Contracts | 457 | |||
International Select Fund | Futures | |||
Equity Contracts | $ | 3,977 | ||
Foreign Exchange Contracts | 438 | |||
Quantitative Large Cap Core Fund | Futures | |||
Equity Contracts | $ | 307 | ||
Tactical Market Opportunities Fund1 | Futures | |||
Equity Contracts | $ | (6 | ) | |
1 Commenced operations December 30, 2009. For the period December 30, 2009 to April 30, 2010.
FOREIGN CURRENCY TRANSLATION – The books and records of Global Infrastructure Fund, International Fund, International Select Fund, Real Estate Securities Fund, and Tactical Market Opportunities 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. |
98 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The funds do not isolate the portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
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. As of April 30, 2010, Global Infrastructure Fund, International Fund, International Select Fund, and Tactical Market Opportunities Fund held foreign currency holdings consisting of multiple denominations.
FORWARD FOREIGN CURRENCY CONTRACTS – The funds may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the contracts is not recorded because the funds intend to settle the contracts prior to delivery. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The funds realize gains or losses at the time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes.
The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. As of April 30, 2010, the funds held no investments in outstanding forward currency 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 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 the fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of April 30, 2010, the funds held no investments in when-issued or forward-commitment securities.
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 April 30, 2010, Mid Cap Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Small Cap Select Fund held investments in illiquid securities with a total value of $0, $56, $0, and $0, respectively, or 0.0%, 0.0%, 0.0%, and 0.0%, respectively, of total net assets.
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
Dates | Cost | |||||||||||
Mid Cap Select Fund | Shares | Acquired | Basis | |||||||||
Lantronix Warrants | 1 | 5/08 | $ | — | ||||||||
Dates | Cost | |||||||||||
Real Estate Securities Fund | Shares | Acquired | Basis | |||||||||
Newcastle Investment Holdings | 35 | 6/98 | $ | 153 | ||||||||
Dates | Cost | |||||||||||
Small Cap Growth Opportunities Fund | Shares | Acquired | Basis | |||||||||
Hollis-Eden Pharmaceuticals Warrants | 71 | 2/06 | $ | 161 | ||||||||
Lantronix Warrants | 11 | 5/08 | — | |||||||||
VideoPropulsion | 780 | 12/99 | — | |||||||||
Dates | Cost | |||||||||||
Small Cap Select Fund | Shares | Acquired | Basis | |||||||||
Lantronix Warrants | 5 | 6/08 | $ | — | ||||||||
SECURITIES LENDING – In order to generate additional income, a 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
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 99
Notes to Financial Statements (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
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 of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the 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”). As the securities lending agent, U.S. Bank receives fees of up to 25% of each fund’s net income from securities lending transactions and pays half of such fees to FAF advisors for certain securities lending services provided by FAF Advisors. With respect to Global Infrastructure Fund, International Fund, and International Select Fund, a portion of this amount is paid to State Street Bank and Trust (“State Street”) for acting as sub-lending agent. For each fund other than Global Infrastructure Fund, International Fund, and International Select Fund, 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. For Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by State Street.
Securities lending fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2010, were as follows:
Fund | Amount | |||
Equity Income Fund | $ | 14 | ||
Large Cap Growth Opportunities Fund | 23 | |||
Large Cap Select Fund | 5 | |||
Large Cap Value Fund | 7 | |||
Mid Cap Growth Opportunities Fund | 67 | |||
Mid Cap Select Fund | 2 | |||
Mid Cap Value Fund | 13 | |||
Quantitative Large Cap Core Fund | 6 | |||
Real Estate Securities Fund | 79 | |||
Small Cap Growth Opportunities Fund | 42 | |||
Small Cap Select Fund | 127 | |||
Small Cap Value Fund | 11 | |||
Income from securities lending is recorded on the Statements of Operations as securities lending income net of fees paid to U.S. Bank.
SECURITY LITIGATION SETTLEMENTS – Cash from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses. Adjustments made during the six-month period ended April 30, 2010, were as follows:
Fund | Amount | |||
Equity Income Fund | $ | 92 | ||
Large Cap Growth Opportunities Fund | 718 | |||
Large Cap Select Fund | 57 | |||
Large Cap Value Fund | 195 | |||
Mid Cap Growth Opportunities Fund | 591 | |||
Mid Cap Select Fund | 187 | |||
Small Cap Growth Opportunities Fund | 911 | |||
Small Cap Select Fund | 890 | |||
Small Cap Value Fund | 33 | |||
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 April 30, 2010.
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 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 amount 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 April 30, 2010 through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that
100 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
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:
Advisory Fee | ||||||
as a % of Average | ||||||
Fund | Daily Net Assets | |||||
Equity Income Fund* | 0.65 | % | ||||
Global Infrastructure Fund | 0.90 | |||||
International Fund | 1.00 | |||||
International Select Fund | 1.00 | |||||
Large Cap Growth Opportunities Fund* | 0.65 | |||||
Large Cap Select Fund* | 0.65 | |||||
Large Cap Value Fund* | 0.65 | |||||
Mid Cap Growth Opportunities Fund | 0.70 | |||||
Mid Cap Select Fund | 0.70 | |||||
Mid Cap Value Fund | 0.70 | |||||
Real Estate Securities Fund | 0.70 | |||||
Quantitative Large Cap Core Fund | 0.30 | |||||
Small Cap Growth Opportunities Fund | 1.00 | |||||
Small Cap Select Fund | 0.70 | |||||
Small Cap Value Fund | 0.70 | |||||
Tactical Market Opportunities Fund | 0.75 | |||||
* | The advisory fees for Equity Income Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, and Large Cap Value Fund are equal to an annual rate of 0.65% of the average daily net assets up to $3 billion, 0.625% of the average daily net assets on the next $2 billion, and 0.60% of the average daily net assets in excess of $5 billion. |
FAF Advisors has agreed to contractually waive fees and reimburse other fund expenses for the following funds through February 28, 2011, so that total annual fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange-traded funds and other investment companies, as a percentage of average daily net assets, do not exceed the following amounts:
Share Class | ||||||||||||||||||||||
Fund | A | B | C | R | Y | |||||||||||||||||
Global Infrastructure Fund | 1.25 | % | �� | N/A | 2.00 | % | 1.50 | % | 1.00 | % | ||||||||||||
International Fund | 1.49 | 2.24 | % | 2.24 | 1.74 | 1.24 | ||||||||||||||||
International Select Fund | 1.49 | 2.24 | 2.24 | 1.74 | 1.24 | |||||||||||||||||
Mid Cap Select Fund | 1.41 | 2.16 | 2.16 | N/A | 1.16 | |||||||||||||||||
Quantitative Large Cap Core Fund | 0.70 | N/A | 1.45 | N/A | 0.45 | |||||||||||||||||
Small Cap Growth Opportunities Fund | 1.47 | 2.22 | 2.22 | 1.72 | 1.22 | |||||||||||||||||
Tactical Market Opportunities Fund | N/A | N/A | N/A | N/A | 0.95 | |||||||||||||||||
N/A = Not Applicable
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 Advisor’s 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 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.
SUB-ADVISORY FEES – Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) each serve as investment sub-advisor to International Fund pursuant to separate sub-advisory agreements with FAF Advisors. Altrinsic, HGI, and Lazard Asset Management, LLC (“Lazard”) each serve as investment sub-advisor to International Select Fund pursuant to separate sub-advisory agreements with FAF Advisors. Each sub-advisor has discretion to select portfolio securities for its portion of the respective fund. FAF Advisors pays monthly fees to Altrinsic, HGI, and Lazard for the services provided under their respective sub-advisory agreements with FAF Advisors.
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 based on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based on 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.
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 101
Notes to Financial Statements (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund other than Global Infrastructure Fund, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. The fee for each fund (except Global Infrastructure Fund, International Fund, and International Select Fund) is equal to an annual rate of 0.005% of average daily net assets. State Street Bank (“SSB”) serves as the custodian for Global Infrastructure Fund, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. Global Infrastructure Fund, International Fund, and International Select Fund pay SSB various asset-based fees and transaction charges based on the issuer’s country. All fees are computed daily and paid monthly.
Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.
For the six-month period ended April 30, 2010, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows:
Fund | Increased | Decreased | ||||||
Large Cap Growth Opportunities Fund | $ | 2 | $ | — | ||||
Large Cap Select Fund | 2 | — | ||||||
Mid Cap Select Fund | 1 | — | ||||||
Mid Cap Value Fund | 2 | — | ||||||
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 attributable to 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.
Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2010:
Fund | Amount | |||
Equity Income Fund | $ | 114 | ||
Global Infrastructure Fund | 19 | |||
International Fund | 18 | |||
International Select Fund | 3 | |||
Large Cap Growth Opportunities Fund | 51 | |||
Large Cap Select Fund | 3 | |||
Large Cap Value Fund | 43 | |||
Mid Cap Growth Opportunities Fund | 114 | |||
Mid Cap Select Fund | 9 | |||
Mid Cap Value Fund | 30 | |||
Real Estate Securities Fund | 88 | |||
Small Cap Growth Opportunities Fund | 24 | |||
Small Cap Select Fund | 52 | |||
Small Cap Value Fund | 22 | |||
OTHER FEES AND EXPENSES – In addition to 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 April 30, 2010, legal fees and expenses of $49 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 and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.
102 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
For the six-month period ended April 30, 2010, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:
Fund | ||||
Equity Income Fund | $ | 38 | ||
Global Infrastructure Fund | 16 | |||
International Fund | 7 | |||
International Select Fund | 8 | |||
Large Cap Growth Opportunities Fund | 12 | |||
Large Cap Select Fund | 1 | |||
Large Cap Value Fund | 5 | |||
Mid Cap Growth Opportunities Fund | 27 | |||
Mid Cap Select Fund | 3 | |||
Mid Cap Value Fund | 4 | |||
Real Estate Securities Fund | 12 | |||
Small Cap Growth Opportunities Fund | 6 | |||
Small Cap Select Fund | 18 | |||
Small Cap Value Fund | 2 | |||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 103
Notes to Financial Statements (Unaudited as to April 30, 2010), 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:
Equity | Global | International | ||||||||||||||||||||||||||
Income Fund | Infrastructure Fund | Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 925 | 922 | 3,145 | 2,504 | 114 | 357 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 95 | 291 | 89 | 10 | 9 | 26 | ||||||||||||||||||||||
Shares redeemed | (792 | ) | (1,903 | ) | (322 | ) | (587 | ) | (266 | ) | (704 | ) | ||||||||||||||||
Total Class A transactions | 228 | (690 | ) | 2,912 | 1,927 | (143 | ) | (321 | ) | |||||||||||||||||||
Class B:1 | ||||||||||||||||||||||||||||
Shares issued | 2 | 11 | — | — | 2 | 9 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 5 | 20 | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | (165 | ) | (264 | ) | — | — | (39 | ) | (124 | ) | ||||||||||||||||||
Total Class B transactions | (158 | ) | (233 | ) | — | — | (37 | ) | (115 | ) | ||||||||||||||||||
Class C:1 | ||||||||||||||||||||||||||||
Shares issued | 275 | 124 | 336 | 396 | 14 | 39 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 4 | 11 | 4 | — | — | — | ||||||||||||||||||||||
Shares redeemed | (115 | ) | (136 | ) | (21 | ) | (4 | ) | (66 | ) | (112 | ) | ||||||||||||||||
Total Class C transactions | 164 | (1 | ) | 319 | 392 | (52 | ) | (73 | ) | |||||||||||||||||||
Class R:1 | ||||||||||||||||||||||||||||
Shares issued | 10 | 5 | — | 1 | — | — | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | 1 | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | (5 | ) | (48 | ) | — | — | — | — | ||||||||||||||||||||
Total Class R transactions | 5 | (42 | ) | — | 1 | — | — | |||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 5,333 | 13,237 | 3,853 | 6,078 | 1,860 | 6,013 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 151 | 467 | 31 | 22 | 251 | 593 | ||||||||||||||||||||||
Shares redeemed | (6,164 | ) | (17,527 | ) | (888 | ) | (4,098 | ) | (5,184 | ) | (18,994 | ) | ||||||||||||||||
Total Class Y transactions | (680 | ) | (3,823 | ) | 2,996 | 2,002 | (3,073 | ) | (12,388 | ) | ||||||||||||||||||
Net increase (decrease) in capital shares | (441 | ) | (4,789 | ) | 6,227 | 4,322 | (3,305 | ) | (12,897 | ) | ||||||||||||||||||
1 | Class B shares are not offered by the Global Infrastructure Fund. The Global Infrastructure Fund began offering Class C and Class R shares on November 3, 2008. |
International | Large Cap Growth | Large Cap | ||||||||||||||||||||||||||
Select Fund | Opportunities Fund | Select Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 150 | 210 | 141 | 342 | 29 | 99 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1 | 4 | 4 | 3 | 2 | 1 | ||||||||||||||||||||||
Shares redeemed | (71 | ) | (148 | ) | (245 | ) | (478 | ) | (34 | ) | (173 | ) | ||||||||||||||||
Total Class A transactions | 80 | 66 | (100 | ) | (133 | ) | (3 | ) | (73 | ) | ||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | — | — | — | 2 | — | — | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | — | (40 | ) | (56 | ) | (85 | ) | — | (39 | ) | ||||||||||||||||||
Total Class B transactions | — | (40 | ) | (56 | ) | (83 | ) | — | (39 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 42 | 3 | 3 | 25 | — | 3 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | (1 | ) | (9 | ) | (36 | ) | (41 | ) | (2 | ) | (4 | ) | ||||||||||||||||
Total Class C transactions | 41 | (6 | ) | (33 | ) | (16 | ) | (2 | ) | (1 | ) | |||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Shares issued | — | 1 | 4 | 12 | — | 10 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | — | (6 | ) | (3 | ) | (5 | ) | — | (5 | ) | ||||||||||||||||||
Total Class R transactions | — | (5 | ) | 1 | 7 | — | 5 | |||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 24,756 | 50,353 | 1,047 | 5,401 | 736 | 4,793 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 78 | 276 | 28 | 36 | 49 | 56 | ||||||||||||||||||||||
Shares redeemed | (4,891 | ) | (19,878 | ) | (2,191 | ) | (4,929 | ) | (4,040 | ) | (13,346 | ) | ||||||||||||||||
Total Class Y transactions | 19,943 | 30,751 | (1,116 | ) | 508 | (3,255 | ) | (8,497 | ) | |||||||||||||||||||
Net increase (decrease) in capital shares | 20,064 | 30,766 | (1,304 | ) | 283 | (3,260 | ) | (8,605 | ) | |||||||||||||||||||
104 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Large Cap | Mid Cap Growth | Mid Cap | ||||||||||||||||||||||||||
Value Fund | Opportunities Fund | Select Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 82 | 254 | 808 | 1,472 | 85 | 270 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 48 | 50 | — | — | 4 | 1 | ||||||||||||||||||||||
Shares redeemed | (386 | ) | (814 | ) | (752 | ) | (2,187 | ) | (200 | ) | (474 | ) | ||||||||||||||||
Total Class A transactions | (256 | ) | (510 | ) | 56 | (715 | ) | (111 | ) | (203 | ) | |||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | — | 1 | 1 | 3 | — | 1 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1 | 2 | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | (59 | ) | (126 | ) | (51 | ) | (78 | ) | (57 | ) | (160 | ) | ||||||||||||||||
Total Class B transactions | (58 | ) | (123 | ) | (50 | ) | (75 | ) | (57 | ) | (159 | ) | ||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 4 | 20 | 20 | 88 | 8 | 31 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1 | 1 | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | (48 | ) | (74 | ) | (44 | ) | (188 | ) | (58 | ) | (144 | ) | ||||||||||||||||
Total Class C transactions | (43 | ) | (53 | ) | (24 | ) | (100 | ) | (50 | ) | (113 | ) | ||||||||||||||||
Class R:2 | ||||||||||||||||||||||||||||
Shares issued | 12 | 15 | 285 | 464 | — | — | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Shares redeemed | (3 | ) | (2 | ) | (165 | ) | (421 | ) | — | — | ||||||||||||||||||
Total Class R transactions | 9 | 13 | 120 | 43 | — | — | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 611 | 3,340 | 2,220 | 6,379 | 193 | 1,621 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 237 | 246 | — | — | 4 | 5 | ||||||||||||||||||||||
Shares redeemed | (3,625 | ) | (9,176 | ) | (4,016 | ) | (5,692 | ) | (1,014 | ) | (3,765 | ) | ||||||||||||||||
Total Class Y transactions | (2,777 | ) | (5,590 | ) | (1,796 | ) | 687 | (817 | ) | (2,139 | ) | |||||||||||||||||
Net decrease in capital shares | (3,125 | ) | (6,263 | ) | (1,694 | ) | (160 | ) | (1,035 | ) | (2,614 | ) | ||||||||||||||||
2 Class R shares are not offered by the Mid Cap Select Fund.
Quantitative | Real Estate | |||||||||||||||||||||||||||
Mid Cap | Large Cap | Securities | ||||||||||||||||||||||||||
Value Fund | Core Fund | Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued cash distributions | 448 | 1,853 | — | 8 | 10,335 | 18,629 | ||||||||||||||||||||||
Shares issued in lieu of | 51 | 39 | — | — | 333 | 666 | ||||||||||||||||||||||
Shares redeemed | (3,885 | ) | (2,473 | ) | (3 | ) | (1 | ) | (4,359 | ) | (6,699 | ) | ||||||||||||||||
Total Class A transactions | (3,386 | ) | (581 | ) | (3 | ) | 7 | 6,309 | 12,596 | |||||||||||||||||||
Class B:3 | ||||||||||||||||||||||||||||
Shares issued | — | 3 | — | — | 1 | 5 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1 | — | — | — | 2 | 8 | ||||||||||||||||||||||
Shares redeemed | (37 | ) | (72 | ) | — | — | (26 | ) | (56 | ) | ||||||||||||||||||
Total Class B transactions | (36 | ) | (69 | ) | — | — | (23 | ) | (43 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 18 | 44 | 1 | — | 948 | 758 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 1 | — | — | 14 | 33 | ||||||||||||||||||||||
Shares redeemed | (115 | ) | (205 | ) | — | (1 | ) | (139 | ) | (268 | ) | |||||||||||||||||
Total Class C transactions | (95 | ) | (160 | ) | 1 | (1 | ) | 823 | 523 | |||||||||||||||||||
Class R:3 | ||||||||||||||||||||||||||||
Shares issued | 365 | 972 | — | — | 1,874 | 2,407 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 9 | 6 | — | — | 55 | 118 | ||||||||||||||||||||||
Shares redeemed | (440 | ) | (1,025 | ) | — | — | (518 | ) | (619 | ) | ||||||||||||||||||
Total Class R transactions | (66 | ) | (47 | ) | — | — | 1,411 | 1,906 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 1,205 | 4,102 | 2,749 | 5,877 | 26,345 | 36,806 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 205 | 118 | 46 | 36 | 613 | 1,335 | ||||||||||||||||||||||
Shares redeemed | (2,408 | ) | (5,865 | ) | (1,641 | ) | (3,199 | ) | (10,762 | ) | (26,769 | ) | ||||||||||||||||
Total Class Y transactions | (998 | ) | (1,645 | ) | 1,154 | 2,714 | 16,196 | 11,372 | ||||||||||||||||||||
Net increase (decrease) in capital shares | (4,581 | ) | (2,502 | ) | 1,152 | 2,720 | 24,716 | 26,354 | ||||||||||||||||||||
3 Class B and Class R shares are not offered by the Quantitative Large Cap Core Fund.
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 105
Notes to Financial Statements (Unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
Tactical | |||||||||||||||||||||||||||||||||
Market | |||||||||||||||||||||||||||||||||
Small Cap Growth | Small Cap | Small Cap | Opportunities | ||||||||||||||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | Fund | ||||||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | 12/30/09* | |||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | to | |||||||||||||||||||||||||||
4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | 4/30/10 | |||||||||||||||||||||||||||
Class A:4 | |||||||||||||||||||||||||||||||||
Shares issued | 176 | 286 | 8,451 | 17,577 | 88 | 700 | — | ||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | 9 | 37 | — | ||||||||||||||||||||||||||
Shares redeemed | (204 | ) | (637 | ) | (9,657 | ) | (6,751 | ) | (283 | ) | (696 | ) | — | ||||||||||||||||||||
Total Class A transactions | (28 | ) | (351 | ) | (1,206 | ) | 10,826 | (186 | ) | 41 | — | ||||||||||||||||||||||
Class B:4 | |||||||||||||||||||||||||||||||||
Shares issued | 2 | 4 | — | 7 | — | 2 | — | ||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||
Shares redeemed | (15 | ) | (32 | ) | (169 | ) | (223 | ) | — | (423 | ) | — | |||||||||||||||||||||
Total Class B transactions | (13 | ) | (28 | ) | (169 | ) | (216 | ) | — | (420 | ) | — | |||||||||||||||||||||
Class C:4 | |||||||||||||||||||||||||||||||||
Shares issued | 18 | 22 | 59 | 187 | 22 | 31 | — | ||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||
Shares redeemed | (20 | ) | (21 | ) | (205 | ) | (483 | ) | (51 | ) | (76 | ) | — | ||||||||||||||||||||
Total Class C transactions | (2 | ) | 1 | (146 | ) | (296 | ) | (29 | ) | (44 | ) | — | |||||||||||||||||||||
Class R:4 | |||||||||||||||||||||||||||||||||
Shares issued | 34 | 90 | 608 | 941 | 70 | 230 | — | ||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||
Shares redeemed | (42 | ) | (25 | ) | (346 | ) | (1,137 | ) | (65 | ) | (215 | ) | — | ||||||||||||||||||||
Total Class R transactions | (8 | ) | 65 | 262 | (196 | ) | 5 | 17 | — | ||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||
Shares issued | 1,168 | 1,885 | 3,434 | 7,705 | 1,239 | 2,259 | 300 | ||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 11 | — | 68 | 239 | — | ||||||||||||||||||||||||||
Shares redeemed | (474 | ) | (1,149 | ) | (3,047 | ) | (8,879 | ) | (1,466 | ) | (3,723 | ) | — | ||||||||||||||||||||
Total Class Y transactions | 694 | 736 | 398 | (1,174 | ) | (159 | ) | (1,225 | ) | 300 | |||||||||||||||||||||||
Net increase (decrease) in capital shares | 643 | 423 | (861 | ) | 8,944 | (369 | ) | (1,631 | ) | 300 | |||||||||||||||||||||||
* | Commencement of operations. | |
4 | Class A, Class B, Class C, and Class R shares are not offered by the Tactical Market Opportunities Fund. |
Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2010 and the fiscal year ended October 31, 2009, were as follows:
Six-Month | Fiscal | |||||||
Period | Year | |||||||
Ended | Ended | |||||||
Fund | 4/30/10 | 10/31/09 | ||||||
Equity Income Fund | 123 | 83 | ||||||
International Fund | 24 | 60 | ||||||
International Select Fund | — | 38 | ||||||
Large Cap Growth Opportunities Fund | 44 | 47 | ||||||
Large Cap Select Fund | — | 29 | ||||||
Large Cap Value Fund | 46 | 75 | ||||||
Mid Cap Growth Opportunities Fund | 35 | 22 | ||||||
Mid Cap Select Fund | 41 | 107 | ||||||
Mid Cap Value Fund | 23 | 28 | ||||||
Real Estate Securities Fund | 8 | 10 | ||||||
Small Cap Growth Opportunities Fund | 5 | 3 | ||||||
Small Cap Select Fund | 128 | 61 | ||||||
Small Cap Value Fund | — | 359 | ||||||
5 > | Investment Security Transactions |
During the six-month period ended April 30, 2010, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:
Fund | Purchases | Sales | ||||||
Equity Income Fund | $ | 131,189 | $ | 140,546 | ||||
Global Infrastructure Fund | 190,134 | 136,930 | ||||||
International Fund | 171,332 | 197,094 | ||||||
International Select Fund | 261,707 | 132,960 | ||||||
Large Cap Growth Opportunities Fund | 330,336 | 367,887 | ||||||
Large Cap Select Fund | 92,673 | 131,307 | ||||||
Large Cap Value Fund | 266,549 | 315,201 | ||||||
Mid Cap Growth Opportunities Fund | 727,431 | 817,369 | ||||||
Mid Cap Select Fund | 32,039 | 40,833 | ||||||
Mid Cap Value Fund | 390,814 | 487,810 | ||||||
Quantitative Large Cap Core Fund | 126,186 | 120,987 | ||||||
Real Estate Securities Fund | 1,323,347 | 952,575 | ||||||
Small Cap Growth Opportunities Fund | 123,031 | 113,732 | ||||||
Small Cap Select Fund | 382,069 | 395,050 | ||||||
Small Cap Value Fund | 72,724 | 75,013 | ||||||
Tactical Market Opportunities Fund | 4,336 | 2,736 | ||||||
6 > | Sector Risk |
Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks
106 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional, and national basis in the past and that may continue in the future. Global Infrastructure Fund concentrates its investments in infrastructure-related securities of companies in the industrial and utility sectors. The securities of these companies in the industrial and utility sectors have greater exposure to adverse economic, regulatory, political, legal, and other changes affecting the issuers of such securities. As of April 30, 2010, Large Cap Growth Opportunities Fund, Large Cap Select Fund, and Small Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, Large Cap Value Fund, Mid Cap Value Fund, and Small Cap Value Fund each had a significant portion of their assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending. As of the same date, Mid Cap Growth Opportunities Fund had a significant portion of its assets invested in the consumer discretionary sector. The securities of companies in the consumer discretionary sector tend to be more sensitive to economic downturns.
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 > | Regulatory Settlement Proceeds |
International Fund received a total of $359 during the year ended October 31, 2009 from Millennium Partners, as part of a settlement of an administrative proceeding with the Securities and Exchange Commission involving market timing and late trading of mutual funds. The settlement proceeds are presented in the fund’s Statement of Changes in Net Assets for the year ended October 31, 2009. The fund and its affiliates were not involved in the proceedings.
9 > | New Accounting Pronouncement |
On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards 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 reporting entities 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 financial statements.
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 107
Notice to Shareholders | April 30, 2010 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities is available at FirstAmericanFunds.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.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 period 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.
APPROVAL OF TACTICAL MARKET OPPORTUNITIES FUND’S INVESTMENT ADVISORY AGREEMENT
The Board of Directors of Tactical Market Opportunities Fund (the “Board”), which is comprised entirely of independent directors, oversees the management of Tactical Market Opportunities Fund (the “Fund”) and, as required by law, has approved the Fund’s advisory agreement with FAF Advisors, Inc. (“FAF Advisors”).
At a meeting on September 16, 2009, the Board considered information relating to the Fund’s proposed investment advisory agreement with FAF Advisors (the “Agreement”). The Board received materials relating to the Agreement in advance of the meeting.
In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of the services that FAF Advisors proposed to provide to the Fund, (2) the proposed expense structure of the Fund, including the proposed investment advisory fee and comparative advisory fee information, (3) whether fee levels would be adjusted to enable Fund investors to share in potential economies of scale, and (4) other benefits that would accrue to FAF Advisors through its relationship with the Fund. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement. In reapproving advisory agreements, the Board would also generally review and consider a fund’s performance and the profitability of FAF Advisors related to the fund. Because the Fund had not yet commenced operations, however, these factors were not considered.
Based on the terms of the Agreement and the Board’s evaluation of materials provided to it by FAF Advisors, the Board concluded that the Agreement is fair and in the interests of the shareholders of the Fund. In reaching its conclusions, the Board considered the following:
NATURE, QUALITY, AND EXTENT OF INVESTMENT ADVISORY SERVICES
The Board examined the nature, quality and extent of the services that would be provided by FAF Advisors to the Fund. The Board reviewed FAF Advisors’ key personnel who would provide investment management services to the Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for the Fund within the framework of the Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to the Fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund’s investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Fund, including the Fund’s distributor, sub-administrator, transfer agent, and custodian.
The Board also considered that the compliance policies and procedures previously adopted by the Board on behalf of the other First American Funds, as well as the policies and procedures adopted by the Board at the meeting related to the Fund’s potential investment in exchange-traded funds as described in the Fund’s prospectus, are reasonably designed to prevent violations of the federal securities laws by the Fund and its service providers, including FAF Advisors.
108 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Based on the foregoing, the Board concluded that the Fund is likely to benefit from the nature, extent, and quality of the services provided by FAF Advisors under its Agreement.
COSTS OF SERVICES
The Board reviewed the proposed investment advisory fee as compared to fees charged to comparable funds managed by other advisers. In connection with this review, the Board asked FAF Advisors to articulate its pricing philosophy. FAF Advisors responded that it will attempt generally to maintain the Fund’s total operating expenses at a level that approximates the median of a peer group of funds selected by an independent data service. The Board concluded that FAF Advisors’ pricing philosophy is a reasonable one and that the Fund’s proposed advisory fee is reasonable in light of the services to be provided.
ECONOMIES OF SCALE IN PROVIDING INVESTMENT ADVISORY SERVICES
The Board considered whether the Fund’s proposed investment advisory fee reflects the potential for economies of scale for the benefit of Fund shareholders. The Board considered that, although the Fund does not have advisory fee breakpoints in place, the intent of FAF Advisors’ pricing philosophy is generally to keep the Fund’s expense ratio competitive with the median total expense ratio of the Fund’s peer group. Because this median total expense ratio will reflect the effect of any breakpoints in the peer group’s advisory fee schedules, Fund shareholders should receive the benefit of those breakpoints. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the interest of the Fund and its shareholders to approve the Agreement.
OTHER BENEFITS TO FAF ADVISORS
In evaluating the benefits that will accrue to FAF Advisors through its relationship with the Fund, the Board noted that FAF Advisors and certain of its affiliates will serve the Fund in various capacities, including as adviser, administrator, sub-administrator, transfer agent, distributor and custodian, and receive compensation from the Fund in connection with providing services to the Fund. The Board considered that each service provided to the Fund by FAF Advisors or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.
After full consideration of these and other factors, the Board concluded that approval of the Agreement was in the interest of the Fund and its shareholders.
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 109
(This page intentionally left blank.)
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
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.
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 | CUSTODIANS U.S. Bank National Association 60 Livingston Avenue St. Paul, Minnesota 55101 State Street Bank and Trust Company 2 Avenue de Lafayette Boston, Massachusetts 02111 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 6/2010 SAR-STOCK
TABLE OF CONTENTS
1 | ||||
2 | ||||
3 | ||||
5 | ||||
30 | ||||
32 | ||||
33 | ||||
34 | ||||
40 | ||||
48 |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Explanation of Financial Statements
As a shareholder in First American Funds, you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So, we would like to take this opportunity to explain several sections of the shareholder report.
The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are usually presented by type (common stock, bonds, etc.) and by industry classification (banking, communications, etc.). This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to 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 2010 SEMIANNUAL REPORT 1
Holdings Summaries
Equity Index Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
Exxon Mobil | 2 | .9% | ||
First American Prime Obligations Fund, Class Z | 2 | .5 | ||
Apple | 2 | .2 | ||
Microsoft | 2 | .1 | ||
General Electric | 1 | .8 | ||
Proctor & Gamble | 1 | .7 | ||
Bank of America | 1 | .6 | ||
Johnson & Johnson | 1 | .6 | ||
Wells Fargo | 1 | .6 | ||
JPMorgan Chase | 1 | .5 | ||
Sector Allocation as of April 30, 20101 (% of net assets)
Information Technology | 18 | .5% | ||
Financials | 16 | .1 | ||
Healthcare | 11 | .3 | ||
Energy | 10 | .9 | ||
Consumer Staples | 10 | .7 | ||
Industrials | 10 | .5 | ||
Consumer Discretionary | 10 | .3 | ||
Materials | 3 | .4 | ||
Utilities | 3 | .4 | ||
Telecommunication Services | 2 | .7 | ||
Short-Term Investments | 3 | .1 | ||
Other Assets and Liabilities, Net2 | (0 | .9) | ||
100 | .0% | |||
Mid Cap Index Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
First American Prime Obligations Fund, Class Z | 6 | .4% | ||
U.S. Treasury Bill, 0.110%, 05/20/2010 | 0 | .9 | ||
Vertex Pharmaceuticals | 0 | .7 | ||
Cree | 0 | .7 | ||
Newfield Exploration | 0 | .7 | ||
New York Community Bancorp | 0 | .7 | ||
Lubrizol | 0 | .6 | ||
Joy Global | 0 | .5 | ||
Edwards Lifesciences | 0 | .5 | ||
Macerich – REIT | 0 | .5 |
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 19 | .5% | ||
Consumer Discretionary | 14 | .1 | ||
Industrials | 13 | .6 | ||
Information Technology | 13 | .6 | ||
Healthcare | 11 | .3 | ||
Materials | 6 | .1 | ||
Energy | 5 | .8 | ||
Utilities | 5 | .4 | ||
Consumer Staples | 3 | .5 | ||
Telecommunication Services | 0 | .7 | ||
Short-Term Investments | 7 | .3 | ||
Other Assets and Liabilities, Net2 | (0 | .9) | ||
100 | .0% | |||
Small Cap Index Fund
Top 10 Holdings as of April 30, 20101 (% of net assets)
First American Prime Obligations Fund, Class Z | 7 | .5% | ||
U.S. Treasury Bill, 0.109%, 05/20/2010 | 1 | .3 | ||
Human Genome Sciences | 0 | .4 | ||
UAL | 0 | .3 | ||
Tupperware | 0 | .3 | ||
Ares Capital | 0 | .3 | ||
Domtar | 0 | .3 | ||
East West Bancorp | 0 | .3 | ||
Skyworks Solutions | 0 | .2 | ||
E*TRADE Financial | 0 | .2 |
Sector Allocation as of April 30, 20101 (% of net assets)
Financials | 20 | .1% | ||
Information Technology | 16 | .4 | ||
Industrials | 14 | .7 | ||
Consumer Discretionary | 14 | .5 | ||
Healthcare | 13 | .0 | ||
Energy | 4 | .8 | ||
Materials | 4 | .5 | ||
Consumer Staples | 2 | .8 | ||
Utilities | 2 | .8 | ||
Telecommunication Services | 0 | .8 | ||
Short-Term Investments | 8 | .8 | ||
Other Assets and Liabilities, Net2 | (3 | .2) | ||
100 | .0% | |||
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments and do not reflect the impact on sector allocation of holding derivative instruments, such as futures contracts. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at April 30, 2010. |
2 | Investments typically comprise substantially all 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. |
2 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Expense Examples
Expense Example
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2009 to April 30, 2010.
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.
Equity Index Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,154.20 | $ | 3.31 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.72 | $ | 3.11 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,149.50 | $ | 7.30 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,149.70 | $ | 7.30 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,152.00 | $ | 4.64 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.48 | $ | 4.36 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,155.10 | $ | 1.98 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.96 | $ | 1.86 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.62%, 1.37%, 1.37%, 0.87%, and 0.37% 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 April 30, 2010 of 15.42%, 14.95%, 14.97%, 15.20%, and 15.51% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 3
Expense Examples
Mid Cap Index Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,253.10 | $ | 4.13 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.12 | $ | 3.71 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,247.80 | $ | 8.30 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.41 | $ | 7.45 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,252.00 | $ | 5.53 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.89 | $ | 4.96 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,254.40 | $ | 2.74 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.36 | $ | 2.46 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74%, 1.49%, 0.99%, and 0.49% 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). |
2 | Based on the actual returns for the six-month period ended April 30, 2010 of 25.31%, 24.78%, 25.20%, and 25.44% for Class A, Class C, Class R, and Class Y, respectively. |
Small Cap Index Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,278.20 | $ | 4.63 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.73 | $ | 4.11 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,273.00 | $ | 8.85 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.01 | $ | 7.85 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,276.30 | $ | 6.10 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.44 | $ | 5.41 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,280.00 | $ | 3.22 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.97 | $ | 2.86 | ||||||
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.82%, 1.57%, 1.08%, and 0.57% 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 April 30, 2010 of 27.82%, 27.30%, 27.63%, and 28.00% for Class A, Class C, Class R, and Class Y, respectively. |
4 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 97.8% | ||||||||
Consumer Discretionary – 10.3% | ||||||||
Abercrombie & Fitch, Class A 6 | 8,124 | $ | 355 | |||||
Amazon.com 6 = | 30,480 | 4,177 | ||||||
Apollo Group, Class A = | 10,223 | 587 | ||||||
AutoNation 6 = | 8,048 | 163 | ||||||
AutoZone 6 = | 2,787 | 516 | ||||||
Bed Bath & Beyond 6 = | 23,330 | 1,072 | ||||||
Best Buy | 30,524 | 1,392 | ||||||
Big Lots = | 7,360 | 281 | ||||||
Carnival 6 | 39,195 | 1,634 | ||||||
CBS, Class B 6 | 63,091 | 1,023 | ||||||
Coach 6 | 27,978 | 1,168 | ||||||
Comcast, Class A 6 | 252,671 | 4,988 | ||||||
D.R. Horton 6 | 24,630 | 362 | ||||||
Darden Restaurants | 12,238 | 548 | ||||||
DeVry 6 | 5,769 | 360 | ||||||
DIRECTV, Class A = | 84,820 | 3,073 | ||||||
Discovery Communications, Class A 6 = | 26,340 | 1,019 | ||||||
Eastman Kodak 6 = | 23,921 | 146 | ||||||
Expedia 6 | 18,828 | 445 | ||||||
Family Dollar Stores 6 | 12,322 | 487 | ||||||
Ford Motor 6 = | 299,926 | 3,905 | ||||||
Fortune Brands | 12,948 | 679 | ||||||
GameStop, Class A 6 = | 15,399 | 374 | ||||||
Gannett 6 | 22,212 | 378 | ||||||
Gap 6 | 43,232 | 1,069 | ||||||
Genuine Parts | 14,132 | 605 | ||||||
Goodyear Tire & Rubber = | 21,873 | 294 | ||||||
H&R Block 6 | 29,878 | 547 | ||||||
Harley-Davidson 6 | 20,863 | 706 | ||||||
Harman International Industries = | 5,750 | 227 | ||||||
Hasbro | 10,929 | 419 | ||||||
Home Depot 6 | 151,413 | 5,336 | ||||||
International Game Technology | 26,418 | 557 | ||||||
Interpublic Group of Companies 6 = | 42,867 | 382 | ||||||
J.C. Penney | 21,008 | 613 | ||||||
Johnson Controls | 60,589 | 2,035 | ||||||
Kohl’s = | 27,302 | 1,501 | ||||||
Leggett & Platt | 13,219 | 324 | ||||||
Lennar | 14,480 | 288 | ||||||
Limited Brands 6 | 24,922 | 668 | ||||||
Lowe’s | 131,077 | 3,555 | ||||||
Macy’s | 37,489 | 870 | ||||||
Marriott International, Class A 6 | 22,600 | 831 | ||||||
Mattel | 32,382 | 747 | ||||||
McDonald’s | 95,808 | 6,762 | ||||||
McGraw-Hill | 28,110 | 948 | ||||||
New York Times, Class A = | 10,360 | 103 | ||||||
Newell Rubbermaid 6 | 24,736 | 422 | ||||||
News, Class A | 200,651 | 3,094 | ||||||
Nike, Class B 6 | 34,724 | 2,636 | ||||||
Nordstrom 6 | 14,925 | 617 | ||||||
Office Depot = | 24,463 | 168 | ||||||
Omnicom Group | 27,643 | 1,179 | ||||||
O’Reilly Automotive 6 = | 10,219 | 500 | ||||||
Polo Ralph Lauren 6 | 5,095 | 458 | ||||||
Priceline.com 6 = | 4,059 | 1,064 | ||||||
Pulte Homes 6 = | 28,253 | 370 | ||||||
RadioShack | 12,458 | 268 | ||||||
Ross Stores 6 | 11,032 | 618 | ||||||
Scripps Networks Interactive, Class A | 6,545 | 297 | ||||||
Sears Holdings 6 = | 4,357 | 527 | ||||||
Sherwin-Williams 6 | 8,195 | 640 | ||||||
Stanley Black & Decker | 14,406 | 896 | ||||||
Staples | 64,913 | 1,527 | ||||||
Starbucks | 66,195 | 1,720 | ||||||
Starwood Hotels & Resorts Worldwide 6 | 16,635 | 907 | ||||||
Target | 66,990 | 3,810 | ||||||
Tiffany & Company 6 | 11,214 | 544 | ||||||
Time Warner | 102,422 | 3,388 | ||||||
Time Warner Cable 6 | 30,335 | 1,706 | ||||||
TJX | 37,373 | 1,732 | ||||||
Urban Outfitters = | 9,535 | 358 | ||||||
VF 6 | 7,917 | 684 | ||||||
Viacom, Class B = | 54,080 | 1,911 | ||||||
Walt Disney 6 | 174,005 | 6,409 | ||||||
Washington Post, Class B | 114 | 58 | ||||||
Whirlpool 6 | 6,661 | 725 | ||||||
Wyndham Worldwide 6 | 15,923 | 427 | ||||||
Wynn Resorts 6 | 6,148 | 542 | ||||||
Yum! Brands | 41,786 | 1,773 | ||||||
100,494 | ||||||||
Consumer Staples – 10.7% | ||||||||
Altria Group | 185,260 | 3,926 | ||||||
Archer-Daniels-Midland | 60,326 | 1,686 | ||||||
Avon Products | 38,066 | 1,231 | ||||||
Brown-Forman, Class B 6 | 8,927 | 519 | ||||||
Campbell Soup 6 | 15,683 | 562 | ||||||
Clorox | 13,268 | 858 | ||||||
Coca-Cola 6 | 205,258 | 10,971 | ||||||
Coca-Cola Enterprises | 28,455 | 789 | ||||||
Colgate-Palmolive | 43,966 | 3,698 | ||||||
ConAgra Foods | 42,666 | 1,044 | ||||||
Constellation Brands, Class A 6 = | 18,581 | 339 | ||||||
Costco Wholesale | 39,120 | 2,311 | ||||||
CVS Caremark | 123,818 | 4,573 | ||||||
Dean Foods = | 16,842 | 264 | ||||||
Dr. Pepper Snapple Group | 22,628 | 741 | ||||||
Estee Lauder, Class A 6 | 9,738 | 642 | ||||||
General Mills | 29,677 | 2,112 | ||||||
H.J. Heinz | 30,839 | 1,445 | ||||||
Hershey | 17,521 | 824 | ||||||
Hormel Foods | 4,526 | 184 | ||||||
JM Smucker | 11,228 | 686 | ||||||
Kellogg | 24,008 | 1,319 | ||||||
Kimberly-Clark | 37,070 | 2,271 | ||||||
Kraft Foods, Class A | 143,644 | 4,252 | ||||||
Kroger | 61,543 | 1,368 | ||||||
Lorillard | 13,786 | 1,080 | ||||||
McCormick 6 | 12,271 | 486 | ||||||
Mead Johnson Nutrition | 14,441 | 745 | ||||||
Molson Coors Brewing, Class B | 14,511 | 644 | ||||||
PepsiCo | 145,518 | 9,491 | ||||||
Philip Morris International | 167,394 | 8,216 | ||||||
Procter & Gamble | 258,638 | 16,077 | ||||||
Reynolds American | 15,052 | 804 | ||||||
Safeway 6 | 34,832 | 822 | ||||||
Sara Lee | 62,093 | 883 | ||||||
SUPERVALU 6 | 19,343 | 288 | ||||||
Sysco | 52,763 | 1,664 | ||||||
Tyson Foods, Class A 6 | 27,399 | 537 | ||||||
Walgreen | 87,724 | 3,083 | ||||||
Wal-Mart Stores | 189,994 | 10,194 | ||||||
Whole Foods Market 6 = | 13,181 | 514 | ||||||
104,143 | ||||||||
Energy – 10.9% | ||||||||
Anadarko Petroleum 6 | 43,860 | 2,726 | ||||||
Apache | 29,968 | 3,050 | ||||||
Baker Hughes 6 | 38,659 | 1,924 | ||||||
Cabot Oil & Gas | 9,893 | 357 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 5
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Cameron International = | 20,952 | $ | 827 | |||||
Chesapeake Energy | 54,774 | 1,304 | ||||||
Chevron | 178,833 | 14,564 | ||||||
ConocoPhillips | 132,394 | 7,836 | ||||||
CONSOL Energy | 16,849 | 753 | ||||||
Denbury Resources 6 = | 28,429 | 544 | ||||||
Devon Energy | 39,785 | 2,679 | ||||||
Diamond Offshore Drilling | 6,190 | 490 | ||||||
El Paso | 65,336 | 791 | ||||||
EOG Resources 6 | 22,490 | 2,522 | ||||||
Exxon Mobil | 420,404 | 28,523 | ||||||
FMC Technologies 6 = | 10,862 | 735 | ||||||
Halliburton | 80,593 | 2,470 | ||||||
Helmerich & Payne | 8,948 | 363 | ||||||
Hess | 25,933 | 1,648 | ||||||
Marathon Oil | 64,739 | 2,081 | ||||||
Massey Energy | 8,039 | 294 | ||||||
Murphy Oil | 16,408 | 987 | ||||||
Nabors Industries = | 27,350 | 590 | ||||||
National-Oilwell Varco | 37,261 | 1,641 | ||||||
Noble Energy | 15,534 | 1,187 | ||||||
Occidental Petroleum 6 | 72,301 | 6,410 | ||||||
Peabody Energy | 23,931 | 1,118 | ||||||
Pioneer Natural Resources 6 | 11,416 | 732 | ||||||
Range Resources 6 | 14,843 | 709 | ||||||
Rowan = | 10,191 | 304 | ||||||
Schlumberger 6 | 106,550 | 7,609 | ||||||
Smith International | 21,955 | 1,049 | ||||||
Southwestern Energy = | 30,817 | 1,223 | ||||||
Spectra Energy | 54,583 | 1,274 | ||||||
Sunoco 6 | 10,892 | 357 | ||||||
Tesoro 6 | 13,058 | 172 | ||||||
Valero Energy | 50,293 | 1,046 | ||||||
Williams | 51,966 | 1,227 | ||||||
XTO Energy | 51,992 | 2,471 | ||||||
106,587 | ||||||||
Financials – 16.1% | ||||||||
Aflac | 41,774 | 2,129 | ||||||
Allstate | 47,779 | 1,561 | ||||||
American Express | 106,562 | 4,915 | ||||||
American International Group 6 = | 12,014 | 467 | ||||||
Ameriprise Financial | 21,676 | 1,005 | ||||||
AON | 23,762 | 1,009 | ||||||
Apartment Investment & Management – REIT | 10,431 | 234 | ||||||
Assurant | 8,933 | 325 | ||||||
AvalonBay Communities – REIT | 7,557 | 786 | ||||||
Bank of America | 893,296 | 15,927 | ||||||
Bank of New York Mellon | 107,584 | 3,349 | ||||||
BB&T | 61,501 | 2,044 | ||||||
Berkshire Hathaway, Class B 6 = | 147,359 | 11,348 | ||||||
Boston Properties – REIT | 12,374 | 976 | ||||||
Capital One Financial 6 | 40,542 | 1,760 | ||||||
CB Richard Ellis Group 6 = | 24,071 | 417 | ||||||
Charles Schwab | 87,051 | 1,679 | ||||||
Chubb | 29,893 | 1,580 | ||||||
Cincinnati Financial 6 | 14,282 | 406 | ||||||
Citigroup 6 = | 1,749,641 | 7,646 | ||||||
CME Group | 5,934 | 1,949 | ||||||
Comerica | 15,298 | 643 | ||||||
Discover Financial Services | 46,556 | 720 | ||||||
E*TRADE Financial = | 157,639 | 265 | ||||||
Equity Residential Properties Trust – REIT | 25,100 | 1,136 | ||||||
Federated Investors, Class B | 7,603 | 183 | ||||||
Fifth Third Bancorp 6 | 70,797 | 1,056 | ||||||
First Horizon National = | 20,366 | 288 | ||||||
Franklin Resources 6 | 13,210 | 1,528 | ||||||
Genworth Financial, Class A = | 43,550 | 719 | ||||||
Goldman Sachs Group 6 | 46,860 | 6,803 | ||||||
Hartford Financial Services Group 6 | 38,199 | 1,091 | ||||||
HCP – REIT | 26,879 | 863 | ||||||
Health Care – REIT | 8,799 | 395 | ||||||
Host Hotels & Resorts – REIT 6 | 58,162 | 946 | ||||||
Hudson City Bancorp | 44,536 | 593 | ||||||
Huntington Bancshares | 63,790 | 432 | ||||||
IntercontinentalExchange 6 = | 6,555 | 765 | ||||||
Invesco 6 | 38,522 | 886 | ||||||
Janus Capital Group 6 | 16,993 | 239 | ||||||
JPMorgan Chase | 353,775 | 15,064 | ||||||
KeyCorp 6 | 78,193 | 705 | ||||||
Kimco Realty – REIT | 36,402 | 568 | ||||||
Legg Mason | 14,502 | 460 | ||||||
Leucadia National 6 = | 16,004 | 405 | ||||||
Lincoln National 6 | 27,394 | 838 | ||||||
Loew’s | 31,597 | 1,177 | ||||||
M&T Bank 6 | 7,398 | 646 | ||||||
Marsh & McLennan | 47,388 | 1,148 | ||||||
Marshall & Ilsley | 46,898 | 427 | ||||||
MetLife | 72,938 | 3,325 | ||||||
Moody’s 6 | 17,508 | 433 | ||||||
Morgan Stanley | 124,492 | 3,762 | ||||||
NASDAQ OMX Group = | 13,206 | 277 | ||||||
Northern Trust 6 | 21,181 | 1,165 | ||||||
NYSE Euronext | 24,279 | 792 | ||||||
Peoples United Financial | 31,581 | 490 | ||||||
Plum Creek Timber – REIT 6 | 15,169 | 604 | ||||||
PNC Financial Services Group 6 | 46,034 | 3,094 | ||||||
Principal Financial Group 6 | 28,447 | 831 | ||||||
Progressive 6 | 59,799 | 1,201 | ||||||
ProLogis – REIT 6 | 42,225 | 556 | ||||||
Prudential Financial 6 | 41,406 | 2,632 | ||||||
Public Storage – REIT | 12,082 | 1,171 | ||||||
Regions Financial 6 | 106,199 | 939 | ||||||
Simon Property Group – REIT | 25,821 | 2,299 | ||||||
SLM 6 = | 43,178 | 528 | ||||||
State Street | 44,111 | 1,919 | ||||||
SunTrust Banks 6 | 44,464 | 1,316 | ||||||
T. Rowe Price Group 6 | 23,062 | 1,326 | ||||||
Torchmark | 7,377 | 395 | ||||||
Travelers 6 | 45,731 | 2,320 | ||||||
U.S. Bancorp ◖ | 170,374 | 4,561 | ||||||
Unum Group | 29,596 | 724 | ||||||
Ventas – REIT | 14,209 | 671 | ||||||
Vornado Realty Trust – REIT 6 | 14,038 | 1,170 | ||||||
Wells Fargo | 461,316 | 15,274 | ||||||
XL Capital, Class A 6 | 31,875 | 567 | ||||||
Zions Bancorporation | 12,152 | 349 | ||||||
157,192 | ||||||||
Healthcare – 11.3% | ||||||||
Abbott Laboratories | 138,255 | 7,073 | ||||||
Aetna | 38,378 | 1,134 | ||||||
Allergan | 27,383 | 1,744 | ||||||
AmerisourceBergen 6 | 25,145 | 776 | ||||||
Amgen = | 87,201 | 5,003 | ||||||
Baxter International | 53,664 | 2,535 | ||||||
Becton, Dickinson & Company | 20,987 | 1,603 | ||||||
Biogen Idec = | 24,796 | 1,320 | ||||||
Boston Scientific = | 143,526 | 987 | ||||||
Bristol-Myers Squibb | 152,635 | 3,860 | ||||||
C.R. Bard | 8,994 | 778 | ||||||
Cardinal Health | 32,187 | 1,117 |
6 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
CareFusion 6 = | 15,789 | $ | 435 | |||||
Celgene = | 40,936 | 2,536 | ||||||
Cephalon 6 = | 6,318 | 406 | ||||||
Cerner 6 = | 1,528 | 130 | ||||||
CIGNA | 24,485 | 785 | ||||||
Coventry Health Care = | 14,263 | 339 | ||||||
DaVita = | 9,189 | 574 | ||||||
DENTSPLY International 6 | 10,163 | 372 | ||||||
Eli Lilly | 90,359 | 3,160 | ||||||
Express Scripts = | 24,382 | 2,440 | ||||||
Forest Laboratories = | 26,924 | 734 | ||||||
Genzyme 6 = | 23,694 | 1,261 | ||||||
Gilead Sciences = | 80,441 | 3,191 | ||||||
Hospira = | 15,268 | 821 | ||||||
Humana = | 15,102 | 690 | ||||||
Intuitive Surgical 6 = | 3,467 | 1,250 | ||||||
Johnson & Johnson 6 | 245,044 | 15,756 | ||||||
King Pharmaceuticals = | 22,125 | 217 | ||||||
Laboratory Corporation of America 6 = | 9,323 | 733 | ||||||
Life Technologies = | 16,578 | 907 | ||||||
McKesson | 23,988 | 1,555 | ||||||
Medco Health Solutions = | 41,322 | 2,435 | ||||||
Medtronic | 98,363 | 4,298 | ||||||
Merck | 277,402 | 9,720 | ||||||
Millipore = | 4,315 | 458 | ||||||
Mylan 6 = | 27,308 | 602 | ||||||
Patterson Companies 6 | 8,444 | 270 | ||||||
PerkinElmer | 12,549 | 314 | ||||||
Pfizer | 718,623 | 12,015 | ||||||
Quest Diagnostics, Inc. | 13,383 | 765 | ||||||
St. Jude Medical = | 28,978 | 1,183 | ||||||
Stryker | 22,885 | 1,315 | ||||||
Tenet Healthcare = | 38,559 | 241 | ||||||
Thermo Fisher Scientific = | 37,929 | 2,097 | ||||||
UnitedHealth Group | 103,073 | 3,123 | ||||||
Varian Medical Systems 6 = | 11,035 | 622 | ||||||
Waters = | 8,334 | 600 | ||||||
Watson Pharmaceuticals 6 = | 9,490 | 406 | ||||||
WellPoint = | 39,530 | 2,127 | ||||||
Zimmer Holdings = | 18,965 | 1,155 | ||||||
109,968 | ||||||||
Industrials – 10.5% | ||||||||
3M | 63,376 | 5,620 | ||||||
Avery Dennison | 10,052 | 392 | ||||||
Boeing | 67,404 | 4,881 | ||||||
C.H. Robinson Worldwide 6 | 15,001 | 905 | ||||||
Caterpillar 6 | 55,628 | 3,788 | ||||||
Cintas | 12,677 | 345 | ||||||
CSX 6 | 34,931 | 1,958 | ||||||
Cummins | 17,930 | 1,295 | ||||||
Danaher 6 | 23,211 | 1,956 | ||||||
Deere & Company 6 | 37,664 | 2,253 | ||||||
Dover | 14,298 | 747 | ||||||
Dun & Bradstreet 6 | 4,557 | 351 | ||||||
Eaton | 13,053 | 1,007 | ||||||
Emerson Electric | 67,001 | 3,500 | ||||||
Equifax | 11,798 | 396 | ||||||
Expeditors International of Washington 6 | 17,823 | 726 | ||||||
Fastenal 6 | 11,684 | 639 | ||||||
FedEx 6 | 27,863 | 2,508 | ||||||
First Solar 6 = | 4,378 | 628 | ||||||
Flowserve | 5,471 | 627 | ||||||
Fluor | 15,921 | 841 | ||||||
General Dynamics | 34,346 | 2,623 | ||||||
General Electric | 950,090 | 17,919 | ||||||
Goodrich | 11,005 | 816 | ||||||
Honeywell International 6 | 68,079 | 3,232 | ||||||
Illinois Tool Works | 34,447 | 1,760 | ||||||
Iron Mountain 6 | 16,136 | 406 | ||||||
ITT | 16,818 | 935 | ||||||
Jacobs Engineering Group 6 = | 11,093 | 535 | ||||||
L-3 Communications Holdings | 10,293 | 963 | ||||||
Lockheed Martin | 28,081 | 2,384 | ||||||
Masco | 31,947 | 518 | ||||||
Norfolk Southern | 32,916 | 1,953 | ||||||
Northrop Grumman 6 | 26,960 | 1,829 | ||||||
Paccar 6 | 32,430 | 1,509 | ||||||
Pall | 10,451 | 407 | ||||||
Parker Hannifin | 14,318 | 991 | ||||||
Pitney Bowes | 14,842 | 377 | ||||||
Precision Castparts | 12,615 | 1,619 | ||||||
Quanta Services 6 = | 18,704 | 377 | ||||||
R.R. Donnelley & Sons | 20,299 | 436 | ||||||
Raytheon | 33,755 | 1,968 | ||||||
Republic Services | 28,832 | 895 | ||||||
Robert Half International 6 | 13,233 | 362 | ||||||
Rockwell Automation 6 | 12,712 | 772 | ||||||
Rockwell Collins 6 | 14,000 | 910 | ||||||
Roper Industries | 7,131 | 435 | ||||||
Ryder System 6 | 5,601 | 261 | ||||||
Snap-On | 5,382 | 259 | ||||||
Southwest Airlines | 65,900 | 869 | ||||||
Stericycle 6 = | 7,326 | 432 | ||||||
Textron 6 | 24,276 | 554 | ||||||
Union Pacific | 44,993 | 3,404 | ||||||
United Parcel Service, Class B | 88,408 | 6,112 | ||||||
United Technologies | 83,382 | 6,248 | ||||||
W.W. Grainger | 5,482 | 606 | ||||||
Waste Management | 43,359 | 1,504 | ||||||
102,543 | ||||||||
Information Technology – 18.5% | ||||||||
Adobe Systems = | 46,670 | 1,568 | ||||||
Advanced Micro Devices 6 = | 50,273 | 455 | ||||||
Agilent Technologies = | 31,061 | 1,126 | ||||||
Akamai Technologies 6 = | 15,323 | 595 | ||||||
Altera | 26,480 | 672 | ||||||
Amphenol, Class A | 16,815 | 777 | ||||||
Analog Devices | 26,507 | 793 | ||||||
AOL = | 0.273 | — | ||||||
Apple = | 80,745 | 21,085 | ||||||
Applied Materials 6 | 119,598 | 1,648 | ||||||
Autodesk = | 21,136 | 719 | ||||||
Automatic Data Processing | 44,952 | 1,949 | ||||||
BMC Software = | 16,261 | 640 | ||||||
Broadcom, Class A | 38,394 | 1,324 | ||||||
CA | 36,154 | 825 | ||||||
Cisco Systems = | 509,837 | 13,725 | ||||||
Citrix Systems 6 = | 16,369 | 769 | ||||||
Cognizant Technology Solutions, Class A = | 26,496 | 1,356 | ||||||
Computer Sciences = | 13,679 | 717 | ||||||
Compuware = | 23,301 | 200 | ||||||
Corning | 138,810 | 2,672 | ||||||
Dell = | 153,322 | 2,481 | ||||||
eBay = | 100,632 | 2,396 | ||||||
Electronic Arts = | 28,321 | 549 | ||||||
EMC 6 = | 182,784 | 3,475 | ||||||
Fidelity National Information Services | 19,924 | 524 | ||||||
Fiserv = | 14,803 | 756 | ||||||
FLIR Systems = | 13,393 | 410 | ||||||
Google, Class A = | 21,505 | 11,300 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 7
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Harris | 12,746 | $ | 656 | |||||
Hewlett-Packard | 209,619 | 10,894 | ||||||
IBM | 115,669 | 14,921 | ||||||
Intel | 491,882 | 11,229 | ||||||
Intuit 6 = | 27,953 | 1,011 | ||||||
Jabil Circuit | 17,193 | 263 | ||||||
JDS Uniphase = | 21,092 | 274 | ||||||
Juniper Networks 6 = | 46,787 | 1,329 | ||||||
KLA-Tencor 6 | 15,322 | 522 | ||||||
Lexmark International, Class A = | 6,955 | 258 | ||||||
Linear Technology 6 | 20,491 | 616 | ||||||
LSI Logic 6 = | 58,462 | 352 | ||||||
MasterCard, Class A 6 | 8,594 | 2,132 | ||||||
McAfee = | 14,131 | 491 | ||||||
MEMC Electronic Materials 6 = | 20,246 | 263 | ||||||
Microchip Technology 6 | 16,406 | 479 | ||||||
Micron Technology 6 = | 75,747 | 708 | ||||||
Microsoft | 679,437 | 20,749 | ||||||
Molex | 12,071 | 271 | ||||||
Monster Worldwide 6 = | 11,185 | 195 | ||||||
Motorola = | 205,949 | 1,456 | ||||||
National Semiconductor | 18,780 | 278 | ||||||
NetApp 6 = | 30,689 | 1,064 | ||||||
Novell = | 31,012 | 174 | ||||||
Novellus Systems 6 = | 8,537 | 224 | ||||||
NVIDIA 6 = | 49,411 | 777 | ||||||
Oracle | 348,053 | 8,994 | ||||||
Paychex | 28,642 | 876 | ||||||
QLogic = | 11,466 | 222 | ||||||
QUALCOMM | 149,648 | 5,797 | ||||||
Red Hat 6 = | 14,472 | 432 | ||||||
SAIC = | 27,450 | 478 | ||||||
Salesforce.com 6 = | 9,787 | 838 | ||||||
SanDisk = | 20,366 | 812 | ||||||
Symantec = | 73,614 | 1,235 | ||||||
Tellabs | 34,226 | 311 | ||||||
Teradata = | 14,846 | 432 | ||||||
Teradyne 6 = | 15,782 | 193 | ||||||
Texas Instruments | 110,584 | 2,876 | ||||||
Total System Services 6 | 11,052 | 177 | ||||||
VeriSign 6 = | 16,335 | 445 | ||||||
Visa, Class A | 39,749 | 3,586 | ||||||
Western Digital 6 = | 21,273 | 874 | ||||||
Western Union | 60,797 | 1,110 | ||||||
Xerox | 120,383 | 1,312 | ||||||
Xilinx | 24,634 | 635 | ||||||
Yahoo! 6 = | 105,978 | 1,752 | ||||||
180,479 | ||||||||
Materials – 3.4% | ||||||||
Air Products & Chemicals | 18,891 | 1,450 | ||||||
Airgas | 7,489 | 475 | ||||||
AK Steel | 10,189 | 171 | ||||||
Alcoa | 90,781 | 1,220 | ||||||
Allegheny Technologies 6 | 8,744 | 468 | ||||||
Ball | 8,767 | 466 | ||||||
Bemis | 9,952 | 303 | ||||||
CF Industries Holdings | 4,326 | 362 | ||||||
Cliffs Natural Resources | 12,041 | 753 | ||||||
Dow Chemical 6 | 102,427 | 3,159 | ||||||
E.I. Du Pont de Nemours | 80,482 | 3,207 | ||||||
Eastman Chemical 6 | 6,715 | 449 | ||||||
Ecolab | 17,226 | 841 | ||||||
FMC 6 | 5,638 | 359 | ||||||
Freeport-McMoRan Copper & Gold 6 | 38,339 | 2,895 | ||||||
International Flavors & Fragrances 6 | 6,098 | 305 | ||||||
International Paper | 38,565 | 1,031 | ||||||
MeadWestvaco | 15,335 | 417 | ||||||
Monsanto | 48,590 | 3,064 | ||||||
Newmont Mining | 43,524 | 2,441 | ||||||
Nucor 6 | 28,396 | 1,287 | ||||||
Owens-Illinois = | 15,867 | 563 | ||||||
Pactiv = | 11,784 | 299 | ||||||
PPG Industries | 15,609 | 1,098 | ||||||
Praxair | 28,015 | 2,347 | ||||||
Sealed Air 6 | 15,092 | 324 | ||||||
Sigma-Aldrich | 12,322 | 731 | ||||||
Titanium Metals = | 8,243 | 127 | ||||||
United States Steel | 12,766 | 698 | ||||||
Vulcan Materials 6 | 11,250 | 644 | ||||||
Weyerhaeuser | 18,820 | 932 | ||||||
32,886 | ||||||||
Telecommunication Services – 2.7% | ||||||||
American Tower, Class A = | 35,856 | 1,463 | ||||||
AT&T | 525,548 | 13,695 | ||||||
CenturyTel 6 | 26,675 | 910 | ||||||
Frontier Communications 6 | 28,245 | 225 | ||||||
MetroPCS Communications = | 23,632 | 180 | ||||||
Qwest Communications International | 132,495 | 693 | ||||||
Sprint Nextel 6 = | 265,117 | 1,127 | ||||||
Verizon Communications | 252,506 | 7,295 | ||||||
Windstream | 40,691 | 450 | ||||||
26,038 | ||||||||
Utilities – 3.4% | ||||||||
AES = | 62,275 | 718 | ||||||
Allegheny Energy 6 | 16,291 | 355 | ||||||
Ameren | 19,879 | 516 | ||||||
American Electric Power | 42,568 | 1,460 | ||||||
CenterPoint Energy | 33,638 | 483 | ||||||
CMS Energy | 21,382 | 348 | ||||||
Consolidated Edison | 24,917 | 1,126 | ||||||
Constellation Energy Group | 17,906 | 633 | ||||||
Dominion Resources 6 | 53,437 | 2,234 | ||||||
DTE Energy 6 | 15,074 | 726 | ||||||
Duke Energy | 116,587 | 1,956 | ||||||
Edison International | 31,301 | 1,076 | ||||||
Entergy | 16,847 | 1,369 | ||||||
EQT | 12,462 | 542 | ||||||
Exelon | 58,760 | 2,562 | ||||||
FirstEnergy | 27,186 | 1,030 | ||||||
FPL Group 6 | 36,806 | 1,916 | ||||||
Integrys Energy Group 6 | 7,246 | 359 | ||||||
Nicor | 4,123 | 179 | ||||||
NiSource | 25,734 | 419 | ||||||
Northeast Utilities | 14,951 | 415 | ||||||
NRG Energy 6 = | 17,617 | 426 | ||||||
ONEOK | 1,182 | 58 | ||||||
Pepco Holdings | 19,589 | 328 | ||||||
PG&E 6 | 33,066 | 1,448 | ||||||
Pinnacle West Capital | 9,279 | 346 | ||||||
PPL | 33,760 | 836 | ||||||
Progress Energy | 25,249 | 1,008 | ||||||
Public Service Enterprise Group | 45,052 | 1,448 | ||||||
Questar 6 | 16,380 | 786 | ||||||
SCANA | 8,396 | 331 | ||||||
Sempra Energy | 21,994 | 1,082 | ||||||
Southern | 73,050 | 2,525 | ||||||
TECO Energy 6 | 19,511 | 330 | ||||||
Wisconsin Energy | 10,409 | 547 |
8 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES/PAR | FAIR VALUE > | ||||||
Xcel Energy | 43,030 | $ | 936 | |||||
32,857 | ||||||||
Total Common Stocks | ||||||||
(Cost $655,446) | 953,187 | |||||||
Short-Term Investments – 3.1% | ||||||||
Money Market Fund – 2.5% | ||||||||
First American Prime Obligations Fund | ||||||||
0.066% Å Ω | 24,422,349 | 24,422 | ||||||
U.S. Treasury Obligation – 0.6% | ||||||||
U.S. Treasury Bill | ||||||||
0.088%, 05/20/2010 o | $ | 5,400 | 5,400 | |||||
Total Short-Term Investments | ||||||||
(Cost $29,822) | 29,822 | |||||||
Investment Purchased with Proceeds from Securities Lending – 19.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $189,087) | 189,087,183 | 189,087 | ||||||
Total Investments 5 – 120.3% | ||||||||
(Cost $874,355) | 1,172,096 | |||||||
Other Assets and Liabilities, Net – (20.3)% | (197,843 | ) | ||||||
Total Net Assets – 100.0% | $ | 974,253 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $179,064 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
◖ | Investment in affiliated security. FAF Advisors, Inc., which serves as the fund’s advisor, is a subsidiary of U.S. Bank, National Association, which is a subsidiary of U.S. Bancorp. Details of transactions with this affiliated company for the six-month period ended April 30, 2010 were as follows: |
Beginning | Purchase | Sales | Ending | Dividend | Fair | |||||||||||||||||||||||
Issuer | Cost | Cost | Cost | Cost | Income | Shares | Value | |||||||||||||||||||||
U.S. Bancorp | $ | 4,412 | $ | — | $ | 631 | $ | 3,781 | $ | 18 | 170,374 | $ | 4,561 |
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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $874,355. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 398,914 | ||
Gross unrealized depreciation | (101,173 | ) | ||
Net unrealized appreciation | $ | 297,741 | ||
REIT – | Real Estate Investment Trust |
Equity Index Fund (concluded)
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||||
Settlement | Contracts | Contract | Unrealized | |||||||||||
Description | Month | Purchased | Value | Appreciation | ||||||||||
S&P 500 Futures | June 2010 | 71 | $21,005 | $ | 499 | |||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 9
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Index Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 93.6% | ||||||||
Consumer Discretionary – 14.1% | ||||||||
99 Cents Only Stores 6 = | 10,438 | $ | 162 | |||||
Aaron’s 6 | 19,299 | 436 | ||||||
Advance Auto Parts 6 | 22,374 | 1,009 | ||||||
Aeropostale = | 23,899 | 694 | ||||||
American Eagle Outfitters | 49,188 | 827 | ||||||
American Greetings, Class A | 9,876 | 243 | ||||||
AnnTaylor Stores 6 = | 13,928 | 302 | ||||||
Bally Technologies = | 12,982 | 599 | ||||||
Barnes & Noble 6 | 9,358 | 206 | ||||||
Bob Evans Farms | 7,832 | 242 | ||||||
BorgWarner = | 27,669 | 1,199 | ||||||
Boyd Gaming 6 = | 13,055 | 166 | ||||||
Brinker International | 23,993 | 444 | ||||||
Brinks Home Security Holdings = | 10,856 | 455 | ||||||
Burger King Holdings | 20,556 | 434 | ||||||
Career Education = | 16,364 | 479 | ||||||
CarMax 6 = | 52,252 | 1,284 | ||||||
Cheesecake Factory 6 = | 14,269 | 388 | ||||||
Chico’s FAS | 42,186 | 628 | ||||||
Chipotle Mexican Grill, Class A = | 7,504 | 1,012 | ||||||
Coldwater Creek 6 = | 13,734 | 97 | ||||||
Collective Brands = | 15,194 | 356 | ||||||
Corinthian Colleges 6 = | 20,662 | 323 | ||||||
Dick’s Sporting Goods = | 21,763 | 634 | ||||||
Dollar Tree = | 21,202 | 1,287 | ||||||
DreamWorks Animation, Class A = | 17,893 | 710 | ||||||
Dress Barn = | 14,194 | 393 | ||||||
Foot Locker | 37,101 | 570 | ||||||
Fossil = | 10,855 | 422 | ||||||
Gentex 6 | 32,663 | 702 | ||||||
Guess? | 13,677 | 627 | ||||||
Hanesbrands = | 22,471 | 640 | ||||||
Harte-Hanks 6 | 11,303 | 163 | ||||||
International Speedway, Class A 6 | 7,194 | 220 | ||||||
ITT Educational Services = | 7,450 | 753 | ||||||
J. Crew Group 6 = | 13,201 | 613 | ||||||
John Wiley & Sons, Class A | 10,148 | 429 | ||||||
KB HOME 6 | 17,492 | 324 | ||||||
Lamar Advertising, Class A 6 = | 12,623 | 470 | ||||||
Life Time Fitness 6 = | 9,787 | 360 | ||||||
LKQ = | 33,387 | 703 | ||||||
M.D.C. Holdings | 8,911 | 341 | ||||||
Matthews International, Class A | 7,196 | 252 | ||||||
Mohawk Industries 6 = | 13,314 | 849 | ||||||
Netflix 6 = | 10,758 | 1,063 | ||||||
NVR = | 1,420 | 1,020 | ||||||
Panera Bread, Class A 6 = | 7,400 | 577 | ||||||
PetSmart 6 | 29,655 | 981 | ||||||
Phillips-Van Heusen | 13,526 | 852 | ||||||
Regis 6 | 13,545 | 259 | ||||||
Rent-A-Center = | 15,664 | 404 | ||||||
Ryland Group 6 | 10,391 | 237 | ||||||
Saks 6 = | 37,306 | 364 | ||||||
Scholastic 6 | 6,043 | 163 | ||||||
Scientific Games, Class A = | 15,399 | 226 | ||||||
Service International 6 | 59,537 | 535 | ||||||
Sotheby’s Holdings, Class A 6 | 15,867 | 530 | ||||||
Strayer Education 6 | 3,320 | 807 | ||||||
Thor Industries | 8,717 | 311 | ||||||
Timberland, Class A = | 11,008 | 237 | ||||||
Toll Brothers 6 = | 33,238 | 750 | ||||||
Tupperware | 14,938 | 763 | ||||||
Under Armour, Class A 6 = | 8,816 | 298 | ||||||
Warnaco Group = | 10,645 | 509 | ||||||
Wendy’s/Arby’s Group, Class A | 89,309 | 474 | ||||||
Williams-Sonoma | 25,078 | 722 | ||||||
WMS Industries = | 12,531 | 627 | ||||||
36,156 | ||||||||
Consumer Staples – 3.5% | ||||||||
Alberto-Culver | 19,879 | 573 | ||||||
BJ’s Wholesale Club = | 13,167 | 504 | ||||||
Church & Dwight | 16,675 | 1,155 | ||||||
Corn Products International | 17,705 | 637 | ||||||
Energizer Holdings = | 16,462 | 1,006 | ||||||
Flowers Foods | 18,378 | 484 | ||||||
Green Mountain Coffee Roasters 6 = | 8,257 | 600 | ||||||
Hansen Natural = | 17,197 | 758 | ||||||
Lancaster Colony 6 | 4,767 | 262 | ||||||
NBTY = | 14,675 | 597 | ||||||
Ralcorp Holdings = | 13,426 | 893 | ||||||
Ruddick | 9,669 | 342 | ||||||
Smithfield Foods 6 = | 33,405 | 626 | ||||||
Tootsie Roll Industries 6 | 6,533 | 174 | ||||||
Universal 6 | 5,936 | 307 | ||||||
8,918 | ||||||||
Energy – 5.8% | ||||||||
Arch Coal 6 | 38,536 | 1,040 | ||||||
Atwood Oceanics = | 13,421 | 489 | ||||||
Bill Barrett = | 9,164 | 312 | ||||||
Cimarex Energy | 19,857 | 1,352 | ||||||
Comstock Resources = | 11,157 | 358 | ||||||
Exterran Holdings 6 = | 14,820 | 432 | ||||||
Forest Oil = | 26,623 | 780 | ||||||
Frontier Oil 6 | 24,826 | 377 | ||||||
Helix Energy Solutions Group = | 21,741 | 317 | ||||||
Mariner Energy = | 24,156 | 577 | ||||||
Newfield Exploration = | 31,466 | 1,831 | ||||||
Oceaneering International 6 = | 13,013 | 852 | ||||||
Overseas Shipholding Group 6 | 6,257 | 313 | ||||||
Patriot Coal = | 17,984 | 354 | ||||||
Patterson-UTI Energy | 36,436 | 557 | ||||||
Plains Exploration & Production = | 33,030 | 968 | ||||||
Pride International = | 41,433 | 1,257 | ||||||
Quicksilver Resources 6 = | 28,528 | 396 | ||||||
Southern Union | 32,221 | 842 | ||||||
Superior Energy Services = | 18,546 | 502 | ||||||
Tidewater 6 | 12,066 | 647 | ||||||
Unit 6 = | 9,580 | 458 | ||||||
15,011 | ||||||||
Financials – 19.5% | ||||||||
Affiliated Managers Group 6 = | 10,539 | 887 | ||||||
Alexandria Real Estate Equities – REIT 6 | 10,302 | 730 | ||||||
AMB Property – REIT | 39,217 | 1,093 | ||||||
American Financial Group | 18,719 | 551 | ||||||
AmeriCredit = | 23,299 | 558 | ||||||
Apollo Investment | 45,535 | 554 | ||||||
Arthur J. Gallagher | 22,611 | 594 | ||||||
Associated Banc 6 | 40,909 | 594 | ||||||
Astoria Financial 6 | 19,336 | 312 | ||||||
BancorpSouth 6 | 17,409 | 385 | ||||||
Bank of Hawaii 6 | 11,662 | 617 | ||||||
BRE Properties – REIT | 14,810 | 618 | ||||||
Brown & Brown | 27,108 | 546 | ||||||
Camden Property Trust – REIT 6 | 15,210 | 737 | ||||||
Cathay General Bancorp | 17,240 | 213 | ||||||
City National 6 | 10,255 | 639 | ||||||
Commerce Bancshares | 18,043 | 747 | ||||||
Corporate Office Properties Trust – REIT | 13,761 | 557 |
10 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Cousins Properties – REIT 6 | 23,811 | $ | 192 | |||||
Cullen/Frost Bankers | 14,155 | 840 | ||||||
Duke Realty – REIT | 53,123 | 719 | ||||||
Eaton Vance | 27,860 | 982 | ||||||
Equity One – REIT | 8,280 | 161 | ||||||
Essex Property Trust – REIT | 6,687 | 708 | ||||||
Everest Re Group | 14,140 | 1,084 | ||||||
Federal Realty Investment Trust – REIT 6 | 15,291 | 1,183 | ||||||
Fidelity National Financial, Class A 6 | 54,702 | 830 | ||||||
First American | 23,790 | 822 | ||||||
First Niagara Financial Group | 49,754 | 692 | ||||||
FirstMerit 6 | 20,372 | 479 | ||||||
Fulton Financial | 43,813 | 460 | ||||||
Greenhill & Company 6 | 4,863 | 427 | ||||||
Hanover Insurance Group | 12,064 | 543 | ||||||
HCC Insurance Holdings | 26,637 | 724 | ||||||
Highwoods Properties – REIT | 16,807 | 537 | ||||||
Horace Mann Educators | 9,496 | 163 | ||||||
Hospitality Properties Trust – REIT | 29,221 | 774 | ||||||
International Bancshares 6 | 12,295 | 297 | ||||||
Jefferies Group 6 | 29,058 | 791 | ||||||
Jones Lang LaSalle | 9,909 | 782 | ||||||
Liberty Property Trust – REIT | 26,482 | 895 | ||||||
Macerich – REIT 6 | 30,599 | 1,368 | ||||||
Mack-Cali Realty – REIT | 18,580 | 638 | ||||||
Mercury General | 8,444 | 380 | ||||||
MSCI, Class A = | 23,752 | 823 | ||||||
Nationwide Health Properties – REIT | 27,811 | 974 | ||||||
New York Community Bancorp 6 | 102,604 | 1,690 | ||||||
NewAlliance Bancshares | 25,329 | 330 | ||||||
Old Republic International | 57,065 | 857 | ||||||
OMEGA Healthcare Investors – REIT | 21,017 | 421 | ||||||
PacWest Bancorp 6 | 7,058 | 169 | ||||||
Potlatch – REIT | 9,428 | 353 | ||||||
Prosperity Bancshares 6 | 10,980 | 431 | ||||||
Protective Life | 20,299 | 489 | ||||||
Raymond James Financial 6 | 23,432 | 718 | ||||||
Rayonier – REIT | 17,805 | 872 | ||||||
Realty Income – REIT 6 | 24,727 | 811 | ||||||
Regency Centers – REIT 6 | 19,045 | 782 | ||||||
Reinsurance Group of America | 17,261 | 891 | ||||||
SEI Investments | 30,814 | 692 | ||||||
Senior Housing Properties Trust – REIT | 30,117 | 677 | ||||||
SL Green Realty – REIT | 18,579 | 1,155 | ||||||
StanCorp Financial Group | 11,659 | 524 | ||||||
SVB Financial Group 6 = | 9,719 | 478 | ||||||
Synovus Financial 6 | 177,363 | 534 | ||||||
TCF Financial 6 | 26,502 | 494 | ||||||
Transatlantic Holdings | 14,418 | 717 | ||||||
Trustmark 6 | 13,098 | 321 | ||||||
UDR – REIT 6 | 36,821 | 748 | ||||||
Unitrin | 11,840 | 346 | ||||||
Valley National Bancorp 6 | 34,667 | 563 | ||||||
W.R. Berkley 6 | 32,660 | 882 | ||||||
Waddell & Reed Financial, Class A | 20,369 | 756 | ||||||
Washington Federal | 25,866 | 532 | ||||||
Webster Financial | 15,785 | 327 | ||||||
Weingarten Realty Investors – REIT 6 | 24,720 | 572 | ||||||
Westamerica Bancorporation 6 | 6,848 | 402 | ||||||
Wilmington Trust 6 | 20,885 | 362 | ||||||
50,096 | ||||||||
Healthcare – 11.3% | ||||||||
Affymetrix = | 16,793 | 117 | ||||||
Beckman Coulter | 16,259 | 1,015 | ||||||
Bio-Rad Laboratories, Class A = | 4,552 | 508 | ||||||
Charles River Laboratories International = | 15,629 | 523 | ||||||
Community Health Systems = | 21,994 | 899 | ||||||
Covance 6 = | 15,174 | 867 | ||||||
Edwards Lifesciences = | 13,382 | 1,379 | ||||||
Endo Pharmaceuticals Holdings = | 26,744 | 586 | ||||||
Gen-Probe = | 11,939 | 566 | ||||||
Health Management Associates, Class A = | 58,500 | 545 | ||||||
Health Net = | 24,633 | 542 | ||||||
Henry Schein = | 21,393 | 1,294 | ||||||
Hill-Rom Holdings 6 | 14,854 | 471 | ||||||
Hologic 6 = | 60,871 | 1,088 | ||||||
IDEXX Laboratories 6 = | 13,898 | 919 | ||||||
Immucor = | 16,718 | 358 | ||||||
Kindred Healthcare = | 8,826 | 157 | ||||||
Kinetic Concepts = | 14,664 | 635 | ||||||
Lifepoint Hospitals = | 12,994 | 496 | ||||||
Lincare Holdings 6 = | 16,096 | 752 | ||||||
Masimo | 12,300 | 288 | ||||||
Medicis Pharmaceutical, Class A | 13,414 | 340 | ||||||
MEDNAX = | 11,173 | 614 | ||||||
Mettler-Toledo International = | 7,996 | 1,003 | ||||||
Omnicare | 28,311 | 787 | ||||||
OSI Pharmaceuticals = | 13,764 | 808 | ||||||
Owens & Minor | 14,865 | 468 | ||||||
Perrigo | 18,815 | 1,148 | ||||||
Pharmaceutical Product Development | 28,026 | 771 | ||||||
Psychiatric Solutions = | 13,341 | 429 | ||||||
ResMed 6 = | 17,919 | 1,226 | ||||||
STERIS | 14,277 | 475 | ||||||
Techne | 8,832 | 585 | ||||||
Teleflex | 9,422 | 578 | ||||||
Thoratec 6 = | 13,421 | 598 | ||||||
United Therapeutics 6 = | 11,096 | 631 | ||||||
Universal Health Services | 23,290 | 865 | ||||||
Valeant Pharmaceuticals International 6 = | 15,991 | 720 | ||||||
Varian = | 7,032 | 364 | ||||||
VCA Antech 6 = | 20,142 | 573 | ||||||
Vertex Pharmaceuticals = | 47,494 | 1,841 | ||||||
WellCare Health Plans = | 10,012 | 287 | ||||||
29,116 | ||||||||
Industrials – 13.6% | ||||||||
AECOM Technology = | 26,166 | 787 | ||||||
AGCO = | 21,928 | 768 | ||||||
AirTran Holdings 6 = | 30,832 | 163 | ||||||
Alaska Air Group = | 8,365 | 346 | ||||||
Alexander & Baldwin | 9,734 | 346 | ||||||
Alliant Techsystems = | 7,809 | 632 | ||||||
AMETEK | 25,502 | 1,103 | ||||||
BE Aerospace = | 24,208 | 719 | ||||||
Brinks | 11,352 | 302 | ||||||
Bucyrus International 6 | 19,154 | 1,207 | ||||||
Carlisle Companies | 14,527 | 548 | ||||||
Clean Harbors 6 = | 5,407 | 343 | ||||||
Con-way 6 | 11,717 | 455 | ||||||
Copart 6 = | 15,962 | 570 | ||||||
Corporate Executive Board | 7,753 | 213 | ||||||
Corrections Corporation of America = | 27,323 | 566 | ||||||
Crane | 11,097 | 399 | ||||||
Deluxe | 11,692 | 245 | ||||||
Donaldson | 18,305 | 848 | ||||||
Federal Signal | 11,563 | 93 | ||||||
FTI Consulting = | 12,269 | 505 | ||||||
GATX | 10,910 | 356 | ||||||
Graco | 14,213 | 493 | ||||||
Granite Construction 6 | 7,980 | 268 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 11
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Harsco | 19,050 | $ | 590 | |||||
Herman Miller 6 | 13,506 | 287 | ||||||
HNI 6 | 10,670 | 331 | ||||||
Hubbell, Class B | 13,768 | 640 | ||||||
IDEX | 19,144 | 643 | ||||||
J.B. Hunt Transport Services | 20,586 | 759 | ||||||
JetBlue Airways 6 = | 50,849 | 284 | ||||||
Joy Global | 24,380 | 1,385 | ||||||
Kansas City Southern = | 24,179 | 980 | ||||||
KBR | 38,047 | 840 | ||||||
Kennametal | 19,281 | 634 | ||||||
Kirby 6 = | 12,756 | 537 | ||||||
Korn/Ferry International = | 10,830 | 176 | ||||||
Landstar System | 12,171 | 538 | ||||||
Lennox International | 11,738 | 531 | ||||||
Lincoln Electric Holdings | 10,086 | 605 | ||||||
Manpower | 19,446 | 1,091 | ||||||
Mine Safety Appliances | 7,165 | 211 | ||||||
MSC Industrial Direct, Class A | 10,395 | 566 | ||||||
Navigant Consulting = | 11,489 | 148 | ||||||
Nordson | 7,968 | 572 | ||||||
Oshkosh = | 21,204 | 819 | ||||||
Pentair | 23,320 | 843 | ||||||
Regal-Beloit | 8,873 | 561 | ||||||
Rollins | 10,350 | 225 | ||||||
Shaw Group = | 19,823 | 759 | ||||||
SPX 6 | 11,642 | 814 | ||||||
Terex 6 = | 25,617 | 679 | ||||||
Thomas & Betts = | 12,909 | 541 | ||||||
Timken | 18,831 | 662 | ||||||
Towers Watson, Class A | 10,122 | 486 | ||||||
Trinity Industries 6 | 18,805 | 468 | ||||||
United Rentals = | 14,262 | 205 | ||||||
URS = | 19,999 | 1,027 | ||||||
Valmont Industries 6 | 4,735 | 394 | ||||||
Waste Connections = | 19,001 | 680 | ||||||
Werner Enterprises | 9,891 | 222 | ||||||
Westinghouse Air Brake Technologies 6 | 11,281 | 537 | ||||||
Woodward Governor | 13,447 | 431 | ||||||
34,976 | ||||||||
Information Technology – 13.6% | ||||||||
ACI Worldwide = | 8,147 | 153 | ||||||
Acxiom = | 18,713 | 357 | ||||||
ADC Telecommunications 6 = | 22,918 | 184 | ||||||
ADTRAN | 13,433 | 360 | ||||||
Advent Software 6 = | 3,689 | 167 | ||||||
Alliance Data Systems 6 = | 12,604 | 946 | ||||||
ANSYS = | 20,893 | 940 | ||||||
AOL = | 25,223 | 589 | ||||||
Arrow Electronics = | 28,375 | 865 | ||||||
Atmel = | 107,920 | 587 | ||||||
Avnet = | 35,835 | 1,146 | ||||||
Broadridge Financial Solutions | 31,951 | 761 | ||||||
Cadence Design Systems = | 63,656 | 475 | ||||||
Ciena 6 = | 21,924 | 405 | ||||||
CommScope = | 22,327 | 727 | ||||||
Convergys = | 28,592 | 361 | ||||||
Cree = | 25,145 | 1,841 | ||||||
Diebold 6 | 15,656 | 491 | ||||||
Digital River = | 8,725 | 244 | ||||||
DST Systems 6 | 9,633 | 409 | ||||||
Equinix 6 = | 10,706 | 1,078 | ||||||
F5 Networks = | 18,673 | 1,278 | ||||||
FactSet Research Systems 6 | 9,954 | 749 | ||||||
Fair Isaac | 10,991 | 231 | ||||||
Fairchild Semiconductor International = | 29,390 | 330 | ||||||
Gartner, Class A = | 14,178 | 341 | ||||||
Global Payments | 19,102 | 818 | ||||||
Hewitt Associates, Class A = | 19,647 | 805 | ||||||
Informatica = | 21,006 | 525 | ||||||
Ingram Micro, Class A = | 39,234 | 712 | ||||||
Integrated Device Technology = | 39,272 | 260 | ||||||
International Rectifier = | 16,891 | 389 | ||||||
Intersil, Class A 6 | 28,563 | 425 | ||||||
Itron = | 9,487 | 755 | ||||||
Jack Henry & Associates 6 | 19,470 | 497 | ||||||
Lam Research = | 30,037 | 1,218 | ||||||
Lender Processing Services | 22,802 | 861 | ||||||
ManTech International = | 5,236 | 236 | ||||||
Mentor Graphics = | 23,279 | 209 | ||||||
MICROS Systems = | 18,969 | 705 | ||||||
National Instruments | 13,441 | 465 | ||||||
NCR = | 36,608 | 482 | ||||||
NeuStar, Class A = | 17,633 | 431 | ||||||
Palm 6 = | 39,693 | 230 | ||||||
Parametric Technology 6 = | 27,558 | 512 | ||||||
Plantronics | 11,595 | 385 | ||||||
Polycom = | 19,939 | 649 | ||||||
Quest Software = | 13,573 | 238 | ||||||
RF Micro Devices 6 = | 63,571 | 357 | ||||||
Rovi 6 = | 24,528 | 956 | ||||||
Semtech 6 = | 14,412 | 262 | ||||||
Silicon Laboratories 6 = | 10,639 | 514 | ||||||
Solera Holdings 6 | 16,503 | 641 | ||||||
SRA International, Class A 6 = | 11,133 | 257 | ||||||
Sybase 6 = | 19,199 | 833 | ||||||
Synopsys = | 34,569 | 785 | ||||||
Tech Data = | 11,662 | 500 | ||||||
Trimble Navigation = | 28,418 | 930 | ||||||
ValueClick 6 = | 20,671 | 213 | ||||||
Vishay Intertechnology = | 44,269 | 461 | ||||||
Zebra Technologies, Class A = | 13,225 | 384 | ||||||
34,915 | ||||||||
Materials – 6.1% | ||||||||
Albemarle | 21,714 | 992 | ||||||
AptarGroup | 16,056 | 691 | ||||||
Ashland | 18,489 | 1,101 | ||||||
Cabot Microelectronics | 15,508 | 505 | ||||||
Carpenter Technology | 10,416 | 409 | ||||||
Commercial Metals | 26,737 | 398 | ||||||
Cytec Industries | 12,030 | 578 | ||||||
Greif, Class A | 8,113 | 480 | ||||||
Intrepid Potash 6 = | 9,776 | 257 | ||||||
Louisiana Pacific 6 = | 30,049 | 353 | ||||||
Lubrizol | 16,041 | 1,449 | ||||||
Martin Marietta Materials 6 | 10,564 | 1,013 | ||||||
Minerals Technologies | 4,402 | 254 | ||||||
NewMarket | 2,785 | 306 | ||||||
Olin 6 | 18,557 | 390 | ||||||
Packaging Corporation of America | 24,415 | 604 | ||||||
Reliance Steel & Aluminum 6 | 15,209 | 742 | ||||||
RPM International | 32,033 | 707 | ||||||
Scotts Miracle-Gro, Class A | 10,606 | 514 | ||||||
Sensient Technologies | 11,569 | 365 | ||||||
Silgan Holdings | 5,619 | 339 | ||||||
Sonoco Products | 23,694 | 785 | ||||||
Steel Dynamics | 51,237 | 805 | ||||||
Temple-Inland | 25,263 | 589 |
12 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES/PAR | FAIR VALUE > | ||||||
Valspar | 22,898 | $ | 717 | |||||
Worthington Industries 6 | 14,509 | 232 | ||||||
15,575 | ||||||||
Telecommunication Services – 0.7% | ||||||||
Cincinnati Bell = | 53,463 | 180 | ||||||
Syniverse Holdings 6 = | 15,941 | 320 | ||||||
Telephone & Data Systems | 22,512 | 781 | ||||||
tw telecom = | 34,158 | 608 | ||||||
1,889 | ||||||||
Utilities – 5.4% | ||||||||
AGL Resources | 17,978 | 710 | ||||||
Alliant Energy | 27,855 | 953 | ||||||
Aqua America 6 | 32,239 | 591 | ||||||
Atmos Energy | 21,886 | 647 | ||||||
Black Hills 6 | 7,697 | 253 | ||||||
Cleco 6 | 14,344 | 393 | ||||||
DPL | 25,960 | 732 | ||||||
Dynegy, Class A = | 119,480 | 159 | ||||||
Energen | 16,995 | 830 | ||||||
Great Plains Energy | 37,141 | 718 | ||||||
Hawaiian Electric Industries 6 | 21,716 | 507 | ||||||
IDACORP | 11,206 | 404 | ||||||
MDU Resources Group | 43,660 | 926 | ||||||
National Fuel Gas | 19,030 | 990 | ||||||
NSTAR | 23,750 | 869 | ||||||
NV Energy | 55,649 | 695 | ||||||
OGE Energy | 22,904 | 948 | ||||||
PNM Resources | 20,559 | 279 | ||||||
UGI | 25,716 | 707 | ||||||
Vectren | 19,234 | 481 | ||||||
Westar Energy 6 | 25,820 | 612 | ||||||
WGL Holdings | 11,894 | 425 | ||||||
13,829 | ||||||||
Total Common Stocks | ||||||||
(Cost $199,778) | 240,481 | |||||||
Warrants – 0.0% | ||||||||
Krispy Kreme Doughnuts = | ||||||||
(Cost $0) | 1,473 | — | ||||||
Short-Term Investments – 7.3% | ||||||||
Money Market Fund – 6.4% | ||||||||
First American Prime Obligations Fund, Class Z | ||||||||
0.066% Å Ω | 16,528,442 | 16,528 | ||||||
U.S. Treasury Obligation – 0.9% | ||||||||
U.S. Treasury Bill | ||||||||
0.110%, 05/20/2010 o | $ | 2,320 | 2,320 | |||||
Total Short-Term Investments | ||||||||
(Cost $18,848) | 18,848 | |||||||
Investment Purchased with Proceeds from Securities Lending – 22.8% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $58,540) | 58,539,698 | 58,540 | ||||||
Total Investments 5 – 123.7% | ||||||||
(Cost $277,166) | 317,869 | |||||||
Other Assets and Liabilities, Net – (23.7)% | (60,941 | ) | ||||||
Total Net Assets – 100.0% | $ | 256,928 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. |
Mid Cap Index Fund (concluded)
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $55,727 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. 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 for 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $277,166. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 64,572 | ||
Gross unrealized depreciation | (23,869 | ) | ||
Net unrealized appreciation | $ | 40,703 | ||
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||||
Settlement | Contracts | Contract | Unrealized | |||||||||||
Description | Month | Purchased | Value | Appreciation | ||||||||||
S&P Mid Cap 400 E-Mini Futures | June 2010 | 201 | $ | 16,514 | $ | 736 | ||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 13
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks – 94.4% | ||||||||
Consumer Discretionary – 14.5% | ||||||||
1-800-Flowers.com, Class A = | 1,466 | $ | 4 | |||||
99 Cents Only Stores = 6 | 2,859 | 44 | ||||||
AFC Enterprises = | 1,504 | 16 | ||||||
Ambassadors Group | 1,074 | 13 | ||||||
American Apparel = | 1,970 | 6 | ||||||
American Axle & Manufacturing Holdings = 6 | 3,377 | 36 | ||||||
American Greetings, Class A 6 | 2,387 | 59 | ||||||
American Public Education = 6 | 1,107 | 47 | ||||||
America’s Car-Mart = | 583 | 15 | ||||||
Amerigon = 6 | 1,317 | 13 | ||||||
Ameristar Casinos 6 | 1,561 | 29 | ||||||
AnnTaylor Stores = 6 | 3,572 | 78 | ||||||
Arbitron | 1,587 | 49 | ||||||
ArvinMeritor = 6 | 5,606 | 86 | ||||||
Asbury Automotive Group = | 1,962 | 31 | ||||||
Ascent Media = | 859 | 25 | ||||||
Audiovox = | 1,015 | 9 | ||||||
Bally Technologies 6 = | 3,321 | 153 | ||||||
Beazer Homes USA 6 = | 3,770 | 25 | ||||||
Bebe Stores | 1,444 | 12 | ||||||
Belo, Class A | 5,184 | 45 | ||||||
Benihana = | 803 | 5 | ||||||
Big 5 Sporting Goods | 1,341 | 23 | ||||||
Biglari Holdings = 6 | 83 | 32 | ||||||
BJ’s Restaurants = | 1,195 | 29 | ||||||
Blue Nile = 6 | 776 | 42 | ||||||
Bluegreen = | 713 | 4 | ||||||
Blyth 6 | 340 | 20 | ||||||
Bob Evans Farms | 1,803 | 56 | ||||||
Books-A-Million | 429 | 3 | ||||||
Borders Group = 6 | 3,519 | 9 | ||||||
Bridgepoint Education = 6 | 846 | 22 | ||||||
Brookfield Homes = | 523 | 6 | ||||||
Brown Shoe | 2,480 | 47 | ||||||
Brunswick 6 | 5,379 | 112 | ||||||
Buckle 6 | 1,554 | 56 | ||||||
Buffalo Wild Wings = | 1,097 | 45 | ||||||
Build-A-Bear Workshop = | 1,026 | 10 | ||||||
Cabela’s = 6 | 2,434 | 44 | ||||||
California Pizza Kitchen = | 1,176 | 24 | ||||||
Callaway Golf 6 | 3,854 | 36 | ||||||
Capella Education = | 888 | 80 | ||||||
Caribou Coffee = 6 | 417 | 4 | ||||||
Carmike Cinemas = | 670 | 11 | ||||||
Carrols Restaurant Group = | 688 | 5 | ||||||
Carters = | 3,458 | 111 | ||||||
Cato, Class A | 1,621 | 39 | ||||||
Cavco Industries = | 350 | 14 | ||||||
CEC Entertainment = | 1,404 | 55 | ||||||
Charming Shoppes = | 7,038 | 40 | ||||||
Cheesecake Factory = 6 | 3,664 | 100 | ||||||
Cherokee | 464 | 9 | ||||||
Children’s Place Retail Stores = | 1,454 | 67 | ||||||
China Automotive Systems = 6 | 264 | 6 | ||||||
ChinaCast Education = | 1,792 | 12 | ||||||
Christopher & Banks 6 | 2,187 | 21 | ||||||
Churchill Downs 6 | 557 | 21 | ||||||
Cinemark Holdings | 1,684 | 31 | ||||||
Citi Trends = | 896 | 30 | ||||||
CKE Restaurants | 2,989 | 37 | ||||||
CKX = | 3,542 | 21 | ||||||
Coinstar = 6 | 1,840 | 82 | ||||||
Coldwater Creek 6 = | 3,334 | 24 | ||||||
Collective Brands = 6 | 3,906 | 92 | ||||||
Columbia Sportswear | 725 | 40 | ||||||
Conn’s = | 574 | 5 | ||||||
Cooper Tire & Rubber | 3,596 | 76 | ||||||
Core-Mark Holding = | 548 | 17 | ||||||
Corinthian Colleges = 6 | 4,953 | 77 | ||||||
CPI 6 | 306 | 8 | ||||||
Cracker Barrel Old Country Store | 1,379 | 68 | ||||||
Crocs = | 5,110 | 49 | ||||||
Crown Media Holdings, Class A = | 1,579 | 3 | ||||||
CSS Industries | 430 | 9 | ||||||
Dana Holding = | 8,398 | 112 | ||||||
Deckers Outdoor = | 799 | 112 | ||||||
Denny’s = | 5,565 | 19 | ||||||
Destination Maternity = | 287 | 9 | ||||||
Dillard’s, Class A 6 | 3,101 | 87 | ||||||
DineEquity = | 1,073 | 44 | ||||||
Dolan Media = | 1,827 | 22 | ||||||
Domino’s Pizza = | 2,213 | 34 | ||||||
Dorman Products = | 692 | 18 | ||||||
Dover Downs Gaming & Entertainment | 785 | 3 | ||||||
Dress Barn = | 3,421 | 95 | ||||||
Drew Industries = 6 | 1,146 | 29 | ||||||
Drugstore.com = | 4,897 | 18 | ||||||
DSW = 6 | 749 | 23 | ||||||
E.W. Scripps, Class A = | 1,746 | 19 | ||||||
Eastman Kodak = 6 | 16,355 | 100 | ||||||
Einstein Noah Restaurant Group = | 238 | 3 | ||||||
Ethan Allen Interiors 6 | 1,442 | 29 | ||||||
Exide Technologies = | 3,169 | 19 | ||||||
Finish Line, Class A | 2,479 | 40 | ||||||
Fisher Communications = | 377 | 6 | ||||||
Fossil = 6 | 2,860 | 111 | ||||||
Fred’s | 2,322 | 32 | ||||||
Frisch’s Restaurants | 135 | 3 | ||||||
Fuel Systems Solutions = 6 | 835 | 26 | ||||||
Fuqi International = 6 | 746 | 8 | ||||||
Furniture Brands International = 6 | 2,621 | 22 | ||||||
Gaiam, Class A | 1,045 | 9 | ||||||
Gaylord Entertainment = 6 | 2,419 | 82 | ||||||
Genesco = | 1,383 | 46 | ||||||
G-iii Apparel Group = 6 | 795 | 23 | ||||||
Global Sources = 6 | 961 | 7 | ||||||
Grand Canyon Education = | 963 | 23 | ||||||
Great Wolf Resorts = | 1,695 | 5 | ||||||
Group 1 Automotive = 6 | 1,467 | 46 | ||||||
Gymboree = 6 | 1,779 | 87 | ||||||
Harte-Hanks 6 | 2,134 | 31 | ||||||
Haverty Furniture | 1,044 | 17 | ||||||
Hawk = | 334 | 8 | ||||||
Helen of Troy = | 1,769 | 48 | ||||||
hhgregg = | 726 | 21 | ||||||
Hibbett Sports = 6 | 1,696 | 47 | ||||||
Hooker Furniture | 657 | 10 | ||||||
Hot Topic 6 | 2,684 | 21 | ||||||
Hovnanian Enterprises, Class A = 6 | 3,162 | 22 | ||||||
HSN = 6 | 2,423 | 73 | ||||||
Iconix Brand Group = 6 | 4,349 | 75 | ||||||
Interval Leisure Group = | 2,413 | 36 | ||||||
iRobot = 6 | 1,185 | 24 | ||||||
Isle of Capri Casinos = | 918 | 10 | ||||||
J. Crew Group = 6 | 3,067 | 143 | ||||||
Jack in the Box = | 3,444 | 81 | ||||||
Jackson Hewitt Tax Service = 6 | 1,666 | 3 | ||||||
JAKKS Pacific = 6 | 1,703 | 26 | ||||||
Jo-Ann Stores = | 1,612 | 71 | ||||||
Jones Apparel Group | 5,207 | 113 |
14 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Jos. A. Bank Clothiers = 6 | 1,116 | $ | 68 | |||||
Journal Communications, Class A = | 2,456 | 14 | ||||||
K12 = 6 | 1,440 | 34 | ||||||
Kenneth Cole Productions = | 537 | 7 | ||||||
Kirkland’s = | 757 | 17 | ||||||
Knology = | 1,812 | 24 | ||||||
Krispy Kreme Doughnuts = | 3,554 | 13 | ||||||
K-Swiss, Class A = | 1,479 | 18 | ||||||
Lakes Entertainment = | 1,142 | 3 | ||||||
Landry’s Restaurants = | 648 | 15 | ||||||
La-Z-Boy = | 3,139 | 41 | ||||||
LeapFrog Enterprises = 6 | 2,041 | 14 | ||||||
Learning Tree International = | 485 | 8 | ||||||
Life Time Fitness = 6 | 2,456 | 90 | ||||||
Lin TV, Class A = | 1,556 | 11 | ||||||
Lincoln Educational Services = | 591 | 15 | ||||||
Lithia Motors = 6 | 1,255 | 10 | ||||||
Live Nation = 6 | 8,488 | 133 | ||||||
Liz Claiborne = 6 | 5,798 | 51 | ||||||
LodgeNet Interactive = 6 | 1,233 | 8 | ||||||
Luby’s = | 1,169 | 5 | ||||||
Lululemon Athletica = 6 | 2,479 | 93 | ||||||
Lumber Liquidators Holdings = 6 | 881 | 27 | ||||||
M/I Homes = | 1,067 | 17 | ||||||
Mac-Gray | 698 | 8 | ||||||
Maidenform Brands = | 1,306 | 30 | ||||||
Marcus | 1,177 | 15 | ||||||
Marine Products = | 968 | 7 | ||||||
Martha Stewart Living = | 1,615 | 11 | ||||||
Matthews International, Class A | 1,846 | 65 | ||||||
McCormick & Schmick’s Seafood Restaurants = | 905 | 9 | ||||||
Mediacom Communications = 6 | 2,582 | 17 | ||||||
Men’s Wearhouse | 3,176 | 75 | ||||||
Meritage Homes = 6 | 1,910 | 45 | ||||||
Midas = | 855 | 10 | ||||||
Modine Manufacturing = 6 | 2,855 | 40 | ||||||
Monarch Casino & Resort = | 703 | 8 | ||||||
Monro Muffler Brake 6 | 967 | 35 | ||||||
Morgans Hotel Group = | 1,523 | 13 | ||||||
Movado Group = | 987 | 12 | ||||||
Multimedia Games = | 1,625 | 7 | ||||||
National Cinemedia | 2,569 | 49 | ||||||
National Presto Industries | 292 | 33 | ||||||
New York & Company = | 1,324 | 8 | ||||||
NIVS IntelliMedia Technology Group = | 499 | 2 | ||||||
Nobel Learning Communities = | 248 | 2 | ||||||
NutriSystem 6 | 1,872 | 36 | ||||||
O’Charleys = 6 | 1,013 | 10 | ||||||
OfficeMax = | 4,653 | 88 | ||||||
Orbitz Worldwide = | 2,199 | 15 | ||||||
Orient-Express Hotels, Class A = | 5,275 | 72 | ||||||
Outdoor Channel Holdings = | 886 | 6 | ||||||
Overstock.com = 6 | 955 | 18 | ||||||
Oxford Industries | 833 | 18 | ||||||
P.F. Chang’s China Bistro = | 1,406 | 61 | ||||||
Pacific Sunwear of California = | 3,821 | 19 | ||||||
Papa John’s International = 6 | 1,271 | 35 | ||||||
Peet’s Coffee & Tea = 6 | 793 | 31 | ||||||
Pep Boys | 2,969 | 37 | ||||||
Perry Ellis International = 6 | 687 | 17 | ||||||
PetMed Express 6 | 1,380 | 31 | ||||||
Pier 1 Imports = | 6,976 | 58 | ||||||
Pinnacle Entertainment = | 3,662 | 50 | ||||||
Playboy Enterprises, Class B 6 = | 1,374 | 6 | ||||||
Polaris Industries 6 | 1,916 | 113 | ||||||
Pool | 2,949 | 72 | ||||||
Pre-Paid Legal Services 6 = | 482 | 21 | ||||||
Primedia | 1,761 | 6 | ||||||
Princeton Review = | 725 | 2 | ||||||
Quiksilver = | 7,811 | 42 | ||||||
Raser Technologies = 6 | 10,123 | 8 | ||||||
RC2 = | 1,303 | 24 | ||||||
RCN = | 2,205 | 32 | ||||||
Reading International = 6 | 1,057 | 4 | ||||||
Red Lion Hotels = | 811 | 6 | ||||||
Red Robin Gourmet Burgers = | 947 | 23 | ||||||
Regis | 3,483 | 67 | ||||||
Rent-A-Center = | 4,027 | 104 | ||||||
Rentrak = | 575 | 13 | ||||||
Retail Ventures = 6 | 1,693 | 18 | ||||||
Ruby Tuesday = 6 | 3,953 | 44 | ||||||
Rue21 = 6 | 136 | 4 | ||||||
Ruth’s Hospitality Group = | 2,549 | 14 | ||||||
Ryland Group | 2,624 | 60 | ||||||
Saks = 6 | 7,694 | 75 | ||||||
Sally Beauty Holdings = | 5,729 | 55 | ||||||
Scholastic 6 | 1,399 | 38 | ||||||
Sealy = 6 | 2,753 | 10 | ||||||
Shoe Carnival = | 516 | 14 | ||||||
Shuffle Master = | 3,271 | 31 | ||||||
Shutterfly = | 1,145 | 27 | ||||||
Sinclair Broadcast Group, Class A = | 2,843 | 20 | ||||||
Skechers U.S.A., Class A = | 2,021 | 78 | ||||||
Skyline | 389 | 9 | ||||||
Smith & Wesson = 6 | 3,245 | 14 | ||||||
Sonic = 6 | 3,703 | 43 | ||||||
Sonic Automotive, Class A = | 1,858 | 20 | ||||||
Sotheby’s Holdings, Class A 6 | 4,084 | 136 | ||||||
Spartan Motors | 1,978 | 12 | ||||||
Speedway Motorsports | 791 | 13 | ||||||
Sport Supply Group 6 | 562 | 8 | ||||||
Stage Stores | 2,314 | 35 | ||||||
Standard Motor Products | 954 | 10 | ||||||
Standard-Pacific = | 5,846 | 37 | ||||||
Stanley Furniture = 6 | 630 | 6 | ||||||
Stein Mart = | 1,558 | 15 | ||||||
Steiner Leisure = 6 | 920 | 43 | ||||||
Steinway Musical Instruments = | 540 | 10 | ||||||
Steven Madden = | 995 | 58 | ||||||
Stewart Enterprises, Class A 6 | 5,516 | 37 | ||||||
Stoneridge = | 918 | 10 | ||||||
Sturm, Ruger & Company 6 | 1,161 | 19 | ||||||
Superior Industries International | 1,409 | 24 | ||||||
SYMS = | 360 | 3 | ||||||
Systemax | 607 | 14 | ||||||
Talbots = | 1,794 | 30 | ||||||
Tempur-Pedic International = | 4,568 | 154 | ||||||
Tenneco = | 3,595 | 93 | ||||||
Texas Roadhouse = | 3,050 | 45 | ||||||
Timberland, Class A = | 2,779 | 60 | ||||||
Town Sports International Holdings = 6 | 1,183 | 4 | ||||||
Tractor Supply | 2,168 | 146 | ||||||
True Religion Apparel = 6 | 1,552 | 49 | ||||||
Tuesday Morning = | 1,760 | 10 | ||||||
Tupperware | 3,818 | 195 | ||||||
U.S. Auto Parts Network = | 601 | 6 | ||||||
ULTA = | 1,687 | 39 | ||||||
Under Armour, Class A = 6 | 2,020 | 68 | ||||||
Unifi = | 2,449 | 9 | ||||||
UniFirst | 835 | 41 | ||||||
Universal Electronics = | 822 | 17 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 15
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Universal Technical Institute = | 1,313 | $ | 31 | |||||
Universal Travel Group = 6 | 732 | 7 | ||||||
Vail Resorts = 6 | 1,793 | 82 | ||||||
Valassis Communications = | 2,932 | 96 | ||||||
Value Line 6 | 78 | 2 | ||||||
Vitacost.com = | 665 | 6 | ||||||
Vitamin Shoppe = 6 | 257 | 6 | ||||||
Volcom = 6 | 1,151 | 27 | ||||||
Warnaco Group = | 2,792 | 134 | ||||||
West Marine = 6 | 871 | 10 | ||||||
Wet Seal, Class A = | 5,912 | 28 | ||||||
Weyco Group | 424 | 10 | ||||||
Winnebago Industries = 6 | 1,774 | 30 | ||||||
Wolverine World Wide | 3,000 | 92 | ||||||
Wonder Auto Technology = 6 | 1,049 | 12 | ||||||
World Wrestling Entertainment | 1,243 | 23 | ||||||
Youbet.com = | 1,829 | 5 | ||||||
Zale = 6 | 1,875 | 6 | ||||||
Zumiez = 6 | 1,151 | 21 | ||||||
9,975 | ||||||||
Consumer Staples – 2.8% | ||||||||
Agfeed Industries = 6 | 1,845 | 8 | ||||||
Alico | 268 | 7 | ||||||
Alliance One International = 6 | 5,484 | 28 | ||||||
American Dairy = 6 | 591 | 11 | ||||||
American Italian Pasta, Class A = 6 | 1,277 | 50 | ||||||
American Oriental Bioengineering = 6 | 3,762 | 15 | ||||||
Andersons | 1,110 | 40 | ||||||
Arden Group, Class A | 73 | 7 | ||||||
B & G Foods | 2,235 | 23 | ||||||
Boston Beer, Class A = 6 | 457 | 26 | ||||||
Calavo Growers 6 | 562 | 10 | ||||||
Cal-Maine Foods 6 | 761 | 25 | ||||||
Casey’s General Stores 6 | 3,058 | 118 | ||||||
Central Garden & Pet, Class A = | 3,743 | 39 | ||||||
China Sky One Medical = 6 | 636 | 9 | ||||||
China-biotics = 6 | 582 | 10 | ||||||
Chiquita Brands International = 6 | 2,716 | 41 | ||||||
Coca-Cola Bottling | 276 | 15 | ||||||
Darling International = | 5,014 | 48 | ||||||
Diamond Foods 6 | 1,053 | 45 | ||||||
Diedrich Coffee = | 183 | 6 | ||||||
Dole Food = 6 | 1,350 | 15 | ||||||
Elizabeth Arden = | 1,378 | 25 | ||||||
Farmer Brothers | 339 | 6 | ||||||
Fresh Del Monte Produce = | 2,439 | 51 | ||||||
Great Atlantic & Pacific Tea = 6 | 1,990 | 16 | ||||||
Griffin Land & Nurseries | 186 | 6 | ||||||
Hain Celestial Group = 6 | 2,481 | 49 | ||||||
Harbinger Group = | 551 | 4 | ||||||
Heckmann = 6 | 4,879 | 29 | ||||||
HQ Sustainable Maritime Industries = | 538 | 3 | ||||||
Imperial Sugar 6 | 698 | 11 | ||||||
Ingles Markets, Class A | 775 | 13 | ||||||
Inter Parfums | 761 | 13 | ||||||
J&J Snack Foods | 802 | 37 | ||||||
Lancaster Colony | 1,181 | 65 | ||||||
Lance | 1,652 | 38 | ||||||
Lifeway Foods = | 263 | 3 | ||||||
Mannatech 6 | 1,108 | 4 | ||||||
Medifast = 6 | 791 | 25 | ||||||
Nash-Finch | 746 | 26 | ||||||
National Beverage | 528 | 6 | ||||||
Nu Skin Enterprises, Class A 6 | 2,901 | 87 | ||||||
Nutraceutical International = | 664 | 10 | ||||||
Oil-Dri Corporation of America 6 | 313 | 7 | ||||||
Omega Protein = | 996 | 5 | ||||||
Orchids Paper Products = 6 | 491 | 7 | ||||||
Overhill Farms = | 965 | 6 | ||||||
Pantry = | 1,371 | 22 | ||||||
Prestige Brand Holdings = | 1,897 | 19 | ||||||
PriceSmart | 974 | 24 | ||||||
Revlon = 6 | 1,187 | 21 | ||||||
Ruddick | 2,447 | 87 | ||||||
Sanderson Farms 6 | 1,239 | 70 | ||||||
Schiff Nutrition International | 523 | 4 | ||||||
Seneca Foods = | 571 | 19 | ||||||
Smart Balance = | 3,643 | 24 | ||||||
Spartan Stores 6 | 1,354 | 21 | ||||||
Star Scientific = 6 | 4,856 | 9 | ||||||
Susser Holdings = | 421 | 5 | ||||||
Synutra International = 6 | 1,097 | 26 | ||||||
The Female Health 6 | 968 | 6 | ||||||
Tootsie Roll Industries 6 | 1,502 | 40 | ||||||
Treehouse Foods = 6 | 1,923 | 81 | ||||||
United Natural Foods = | 2,618 | 80 | ||||||
Universal 6 | 1,425 | 74 | ||||||
USANA Health Sciences = | 472 | 17 | ||||||
Vector Group 6 | 2,113 | 35 | ||||||
Village Super Market | 371 | 10 | ||||||
WD-40 Company | 962 | 34 | ||||||
Weis Markets | 618 | 23 | ||||||
Winn Dixie Stores = | 3,322 | 42 | ||||||
Zhongpin = 6 | 1,469 | 19 | ||||||
1,960 | ||||||||
Energy – 4.8% | ||||||||
Allis Chalmers Energy = | 3,600 | 14 | ||||||
Alon USA Energy 6 | 605 | 4 | ||||||
Apco Oil & Gas International | 557 | 16 | ||||||
Approach Resources = | 732 | 7 | ||||||
Arena Resources = | 2,331 | 86 | ||||||
Atlas Energy = | 4,118 | 149 | ||||||
ATP Oil & Gas = 6 | 2,395 | 44 | ||||||
Basic Energy Services = | 1,867 | 19 | ||||||
Berry Petroleum, Class A | 3,068 | 99 | ||||||
Bill Barrett = | 2,341 | 80 | ||||||
Bolt Technology = | 468 | 5 | ||||||
Boots & Coots = | 4,768 | 14 | ||||||
BPZ Energy = 6 | 5,644 | 37 | ||||||
Brigham Exploration = 6 | 7,026 | 137 | ||||||
Bristow Group = | 2,003 | 78 | ||||||
Bronco Drilling = 6 | 1,528 | 7 | ||||||
Cal Dive International = | 2,571 | 17 | ||||||
Carbo Ceramics | 1,158 | 85 | ||||||
Carrizo Oil & Gas = | 1,701 | 37 | ||||||
Cheniere Energy = 6 | 3,296 | 14 | ||||||
Clayton Williams Energy = | 358 | 17 | ||||||
Clean Energy Fuels = 6 | 2,171 | 38 | ||||||
Cloud Peak Energy = | 1,852 | 30 | ||||||
Complete Production Services = | 3,557 | 54 | ||||||
Contango Oil & Gas Company = | 764 | 42 | ||||||
Credo Pete = | 429 | 4 | ||||||
Crosstex Energy = 6 | 2,215 | 20 | ||||||
Cubic Energy = | 1,649 | 2 | ||||||
CVR Energy = | 1,348 | 11 | ||||||
Dawson Geophysical = | 474 | 14 | ||||||
Delek US Holdings | 731 | 5 | ||||||
Delta Petroleum = 6 | 10,847 | 17 | ||||||
DHT Maritime | 3,026 | 14 | ||||||
Dril-Quip = | 1,798 | 104 |
16 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Endeavour International = | 6,612 | $ | 11 | |||||
ENGlobal = 6 | 1,526 | 5 | ||||||
Evergreen Energy = 6 | 7,569 | 2 | ||||||
FX Energy = 6 | 2,469 | 11 | ||||||
General Maritime 6 | 2,975 | 24 | ||||||
Geokinetics = | 387 | 3 | ||||||
Georesources = 6 | 441 | 8 | ||||||
Global Industries = | 6,083 | 41 | ||||||
GMX Resources = 6 | 1,880 | 15 | ||||||
Golar LNG | 2,055 | 27 | ||||||
Goodrich Petroleum = 6 | 1,493 | 25 | ||||||
Gran Tierra Energy = | 12,573 | 76 | ||||||
Green Plains Renewable Energy = 6 | 706 | 10 | ||||||
Gulf Island Fabrication | 713 | 17 | ||||||
Gulfmark Offshore, Class A = 6 | 1,311 | 45 | ||||||
Gulfport Energy = | 1,536 | 19 | ||||||
Harvest Natural Resources = 6 | 1,993 | 18 | ||||||
Hercules Offshore = | 6,992 | 28 | ||||||
Hornbeck Offshore Services = | 1,348 | 33 | ||||||
International Coal Group = | 6,618 | 35 | ||||||
Ion Geophysical = | 7,762 | 47 | ||||||
Isramco = | 65 | 4 | ||||||
James River Coal = 6 | 1,684 | 32 | ||||||
Key Energy Services = | 7,536 | 82 | ||||||
Knightsbridge Tankers | 994 | 19 | ||||||
Lufkin Industries | 862 | 73 | ||||||
Matrix Service = | 1,512 | 16 | ||||||
McMoRan Exploration = 6 | 4,928 | 59 | ||||||
Natural Gas Services Group = | 709 | 13 | ||||||
Newpark Resources = | 5,031 | 34 | ||||||
Nordic American Tanker Shipping 6 | 2,573 | 80 | ||||||
Northern Oil & Gas = | 2,350 | 38 | ||||||
Oilsands Quest = 6 | 13,408 | 12 | ||||||
OYO Geospace = | 247 | 12 | ||||||
Panhandle Oil And Gas 6 | 398 | 10 | ||||||
Parker Drilling = 6 | 7,077 | 39 | ||||||
Patriot Coal = | 4,464 | 88 | ||||||
Penn Virginia | 2,767 | 71 | ||||||
Petroleum Development = 6 | 1,173 | 27 | ||||||
PetroQuest Energy = | 3,091 | 18 | ||||||
PHI = 6 | 793 | 16 | ||||||
Pioneer Drilling = 6 | 2,895 | 21 | ||||||
PrimeEnergy = | 51 | 1 | ||||||
Rex Energy = | 1,822 | 24 | ||||||
Rex Stores = 6 | 493 | 8 | ||||||
Rosetta Resources = | 3,188 | 79 | ||||||
RPC | 1,869 | 25 | ||||||
Ship Finance International 6 | 2,653 | 53 | ||||||
Stone Energy = | 2,516 | 41 | ||||||
SulphCo = 6 | 4,141 | 2 | ||||||
Superior Well Services = 6 | 961 | 14 | ||||||
Swift Energy = | 2,281 | 83 | ||||||
Syntroleum = | 3,848 | 9 | ||||||
T-3 Energy Services = | 767 | 23 | ||||||
Teekay Tankers, Class A | 732 | 9 | ||||||
TETRA Technologies = | 4,589 | 56 | ||||||
TGC Industries = | 845 | 3 | ||||||
Toreador Resources = 6 | 1,239 | 11 | ||||||
Union Drilling = | 761 | 5 | ||||||
Uranerz Energy = 6 | 3,159 | 5 | ||||||
Uranium Energy = 6 | 3,395 | 10 | ||||||
USEC = 6 | 6,851 | 41 | ||||||
Vaalco Energy = | 3,605 | 20 | ||||||
Vantage Drilling = 6 | 3,933 | 7 | ||||||
Venoco = | 1,187 | 18 | ||||||
W&T Offshore 6 | 2,071 | 20 | ||||||
Warren Resources = | 4,309 | 15 | ||||||
Western Refining = 6 | 2,483 | 13 | ||||||
Westmoreland Coal = | 516 | 7 | ||||||
Willbros Group = | 2,407 | 30 | ||||||
World Fuel Services 6 | 3,366 | 96 | ||||||
Zion Oil & Gas = 6 | 892 | 6 | ||||||
3,319 | ||||||||
Financials – 20.1% | ||||||||
1st Source 6 | 834 | 16 | ||||||
Abington Bancorp 6 | 1,325 | 13 | ||||||
Acadia Realty Trust – REIT | 2,418 | 46 | ||||||
Advance America Cash Advance Centers | 2,798 | 16 | ||||||
Agree Realty – REIT | 436 | 11 | ||||||
Alexander’s – REIT = 6 | 132 | 42 | ||||||
Alliance Financial 6 | 251 | 8 | ||||||
Ambac Financial Group = 6 | 17,524 | 26 | ||||||
American Campus Communities – REIT 6 | 3,183 | 90 | ||||||
American Capital | 16,913 | 104 | ||||||
American Capital Agency – REIT 6 | 763 | 21 | ||||||
American Equity Investment Life Holding | 3,463 | 36 | ||||||
American National Bankshares | 372 | 8 | ||||||
American Physicians Capital | 669 | 22 | ||||||
American Physicians Service Group 6 | 388 | 9 | ||||||
American Safety Insurance Holdings = | 576 | 9 | ||||||
Ameris Bancorp 6 | 806 | 9 | ||||||
Amerisafe = | 1,150 | 20 | ||||||
Ames National 6 | 349 | 7 | ||||||
Amtrust Financial Services | 1,386 | 19 | ||||||
Anworth Mortgage Asset – REIT 6 | 6,198 | 42 | ||||||
Apollo Commercial Real Estate Finance – REIT | 606 | 11 | ||||||
Apollo Investment | 10,678 | 130 | ||||||
Ares Capital | 11,476 | 182 | ||||||
Argo Group International Holdings 6 | 1,853 | 61 | ||||||
Arrow Financial | 517 | 14 | ||||||
Artio Global Investments | 1,672 | 38 | ||||||
Ashford Hospitality Trust – REIT = 6 | 3,771 | 35 | ||||||
Asset Acceptance Capital = 6 | 966 | 7 | ||||||
Associated Estates Realty – REIT | 1,183 | 17 | ||||||
Assured Guaranty | 7,448 | 161 | ||||||
Astoria Financial | 5,214 | 84 | ||||||
Auburn National Bancorp 6 | 144 | 3 | ||||||
Avatar Holdings = 6 | 475 | 11 | ||||||
Baldwin & Lyons, Class B 6 | 402 | 10 | ||||||
BancFirst | 411 | 18 | ||||||
Banco Latinoamericano de Exportaciones | 1,670 | 24 | ||||||
Bancorp Bank = 6 | 1,208 | 11 | ||||||
Bancorp Rhode Island | 222 | 6 | ||||||
Bank Mutual | 3,041 | 22 | ||||||
Bank of Kentucky Financial | 187 | 4 | ||||||
Bank of Marin Bancorp | 316 | 11 | ||||||
Bank of the Ozarks 6 | 794 | 31 | ||||||
BankFinancial | 1,099 | 11 | ||||||
Banner 6 | 1,206 | 7 | ||||||
Bar Harbor Bankshares | 223 | 7 | ||||||
Beneficial Mutual Bancorp = | 1,775 | 18 | ||||||
Berkshire Hills Bancorp | 836 | 18 | ||||||
BGC Partners, Class A 6 | 2,823 | 18 | ||||||
BioMed Realty Trust – REIT | 6,862 | 127 | ||||||
Blackrock Kelso Capital | 704 | 7 | ||||||
Boston Private Financial Holdings | 4,134 | 33 | ||||||
Bridge Bancorp 6 | 379 | 9 | ||||||
Broadpoint Gleacher Securities = 6 | 3,171 | 14 | ||||||
Brookline Bancorp | 3,346 | 37 | ||||||
Brooklyn Federal Bancorp | 188 | 1 | ||||||
Bryn Mawr Bank 6 | 373 | 7 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 17
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Calamos Asset Management, Class A | 1,416 | $ | 18 | |||||
California First National Bancorp | 112 | 1 | ||||||
Camden National | 465 | 17 | ||||||
Cape Bancorp = 6 | 718 | 5 | ||||||
Capital City Bank Group | 662 | 12 | ||||||
Capital Southwest 6 | 178 | 17 | ||||||
CapLease – REIT | 3,455 | 20 | ||||||
Capstead Mortgage – REIT | 3,873 | 44 | ||||||
Cardinal Financial 6 | 1,642 | 18 | ||||||
Cardtronics = | 816 | 11 | ||||||
Cash America International | 1,802 | 67 | ||||||
Cathay General Bancorp | 4,756 | 59 | ||||||
CBL & Associates Properties – REIT 6 | 8,330 | 122 | ||||||
Cedar Shopping Centers – REIT | 2,510 | 20 | ||||||
Center Bancorp 6 | 753 | 6 | ||||||
Centerstate Banks of Florida 6 | 1,121 | 13 | ||||||
Central Pacific Financial = 6 | 1,626 | 4 | ||||||
Century Bancorp | 215 | 4 | ||||||
Chemical Financial 6 | 1,312 | 31 | ||||||
Chesapeake Lodging Trust – REIT = | 455 | 9 | ||||||
Cheviot Financial | 171 | 2 | ||||||
Chicopee Bancorp = | 393 | 5 | ||||||
China Housing & Land Development = 6 | 1,566 | 5 | ||||||
Citizens = 6 | 2,297 | 16 | ||||||
Citizens & Northern 6 | 717 | 9 | ||||||
Citizens Banking = | 23,787 | 30 | ||||||
Citizens Holding 6 | 243 | 6 | ||||||
City Holdings | 1,106 | 39 | ||||||
Clifton Savings Bancorp 6 | 589 | 6 | ||||||
CNA Surety = | 1,001 | 17 | ||||||
CNB Financial | 527 | 8 | ||||||
CoBiz Financial 6 | 1,784 | 13 | ||||||
Cogdell Spencer – REIT | 1,698 | 13 | ||||||
Cohen & Steers 6 | 1,049 | 28 | ||||||
Colonial Properties Trust – REIT | 3,997 | 63 | ||||||
Colony Financial – REIT 6 | 870 | 17 | ||||||
Columbia Banking System | 1,697 | 38 | ||||||
Community Bank System | 1,991 | 49 | ||||||
Community Trust Bancorp | 871 | 26 | ||||||
Compass Diversified Trust | 1,906 | 28 | ||||||
CompuCredit Holdings | 900 | 5 | ||||||
Conseco = | 15,191 | 90 | ||||||
Consolidated-Tomoka Land | 330 | 11 | ||||||
Cousins Properties – REIT 6 | 4,475 | 36 | ||||||
Cowen Group = | 960 | 5 | ||||||
Crawford & Company = 6 | 1,307 | 6 | ||||||
Credit Acceptance = 6 | 335 | 15 | ||||||
CreXus Investment – REIT | 823 | 11 | ||||||
CVB Financial 6 | 5,177 | 57 | ||||||
Cypress Sharpridge Investments – REIT | 997 | 13 | ||||||
Danvers Bancorp 6 | 967 | 16 | ||||||
DCT Industrial Trust – REIT | 12,347 | 65 | ||||||
Delphi Financial Group, Class A | 2,820 | 78 | ||||||
Developers Diversified Realty – REIT | 12,439 | 153 | ||||||
Diamond Hill Investment Group 6 | 130 | 10 | ||||||
DiamondRock Hospitality – REIT 6 | 7,225 | 79 | ||||||
Dime Community Bancshares 6 | 1,574 | 20 | ||||||
Dollar Financial = 6 | 1,410 | 33 | ||||||
Donegal Group, Class A 6 | 937 | 14 | ||||||
Doral Financial = 6 | 296 | 2 | ||||||
Duff & Phelps, Class A | 989 | 16 | ||||||
DuPont Fabros Technology – REIT | 1,614 | 36 | ||||||
Dynex Capital – REIT | 685 | 6 | ||||||
E*TRADE Financial = | 99,947 | 168 | ||||||
Eagle Bancorp = | 913 | 12 | ||||||
East West Bancorp 6 | 8,917 | 175 | ||||||
Eastern Insurance Holdings 6 | 478 | 5 | ||||||
EastGroup Properties – REIT | 1,448 | 59 | ||||||
Education Realty Trust – REIT | 3,421 | 24 | ||||||
eHealth = | 1,461 | 20 | ||||||
EMC Insurance Group | 349 | 8 | ||||||
Employers Holdings | 2,788 | 46 | ||||||
Encore Capital Group = | 896 | 21 | ||||||
Enstar Group = | 407 | 27 | ||||||
Enterprise Bancorp 6 | 308 | 4 | ||||||
Enterprise Financial Services 6 | 644 | 7 | ||||||
Entertainment Properties Trust – REIT | 2,488 | 109 | ||||||
Epoch Holdings | 774 | 10 | ||||||
Equity Lifestyle Properties – REIT | 1,541 | 86 | ||||||
Equity One – REIT | 2,278 | 44 | ||||||
ESB Financial 6 | 560 | 8 | ||||||
Essa Bancorp 6 | 921 | 12 | ||||||
Evercore Partners, Class A 6 | 877 | 31 | ||||||
Extra Space Storage – REIT | 5,268 | 79 | ||||||
Ezcorp = | 2,633 | 55 | ||||||
F.N.B. | 6,873 | 64 | ||||||
Farmers Capital Bank | 391 | 3 | ||||||
FBL Financial Group, Class A | 927 | 24 | ||||||
FBR Capital Markets = | 1,631 | 8 | ||||||
FelCor Lodging Trust – REIT = | 3,945 | 32 | ||||||
Fifth Street Finance 6 | 2,354 | 30 | ||||||
Financial Institutions | 638 | 10 | ||||||
First Acceptance = | 1,142 | 2 | ||||||
First Bancorp 6 | 532 | 8 | ||||||
First Bancorp – North Carolina | 836 | 14 | ||||||
First Bancorp of Puerto Rico 6 | 4,898 | 10 | ||||||
First Busey | 2,470 | 12 | ||||||
First California Financial Group = | 826 | 3 | ||||||
First Cash Financial Services = | 1,400 | 31 | ||||||
First Commonwealth Financial 6 | 5,188 | 34 | ||||||
First Community Bancshares | 849 | 14 | ||||||
First Defiance Financial 6 | 496 | 7 | ||||||
First Financial | 709 | 21 | ||||||
First Financial Bancorp | 3,503 | 67 | ||||||
First Financial Bankshares 6 | 1,269 | 68 | ||||||
First Financial Holdings | 970 | 14 | ||||||
First Financial Northwest | 1,239 | 8 | ||||||
First Financial Services | 246 | 2 | ||||||
First Industrial Realty Trust – REIT = | 3,188 | 25 | ||||||
First Marblehead = | 3,748 | 13 | ||||||
First Merchants | 1,226 | 11 | ||||||
First Mercury Financial 6 | 819 | 11 | ||||||
First Midwest Bancorp | 4,463 | 68 | ||||||
First of Long Island | 329 | 8 | ||||||
First Potomac Realty Trust – REIT | 2,285 | 37 | ||||||
First South Bancorp 6 | 443 | 6 | ||||||
FirstMerit | 5,033 | 118 | ||||||
Flagstar Bancorp = | 4,698 | 3 | ||||||
Flagstone Reinsurance Holdings | 2,386 | 27 | ||||||
Flushing Financial | 1,836 | 25 | ||||||
Forestar Real Estate Group = | 2,186 | 49 | ||||||
Fox Chase Bancorp = | 345 | 4 | ||||||
FPIC Insurance Group = | 786 | 21 | ||||||
Franklin Street Properties – REIT 6 | 4,072 | 60 | ||||||
GAMCO Investors | 441 | 20 | ||||||
German American Bancorp 6 | 675 | 11 | ||||||
Getty Realty – REIT 6 | 1,252 | 31 | ||||||
GFI Group | 4,116 | 28 | ||||||
Glacier Bancorp 6 | 3,966 | 73 | ||||||
Gladstone Capital | 1,286 | 17 | ||||||
Gladstone Commercial – REIT | 523 | 8 | ||||||
Gladstone Investment 6 | 1,347 | 9 |
18 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Glimcher Realty Trust – REIT 6 | 3,723 | $ | 25 | |||||
Government Properties Income Trust – REIT | 606 | 16 | ||||||
Gramercy Capital – REIT = | 3,791 | 10 | ||||||
Great Southern Bancorp 6 | 612 | 15 | ||||||
Greenlight Capital = | 1,625 | 42 | ||||||
Guaranty Bancorp = | 2,881 | 5 | ||||||
Hallmark Financial Services = 6 | 577 | 7 | ||||||
Hampton Roads Bankshares 6 | 1,125 | 3 | ||||||
Hancock Holding | 1,725 | 71 | ||||||
Harleysville Group | 815 | 26 | ||||||
Harris & Harris Group = | 1,505 | 7 | ||||||
Hatteras Financial – REIT 6 | 2,208 | 59 | ||||||
Healthcare Realty Trust – REIT | 3,420 | 83 | ||||||
Heartland Financial USA 6 | 895 | 17 | ||||||
Hercules Technology Growth Capital | 2,155 | 23 | ||||||
Heritage Financial = | 560 | 9 | ||||||
Hersha Hospitality Trust – REIT | 7,320 | 42 | ||||||
Highwoods Properties – REIT | 4,319 | 138 | ||||||
Hilltop Holdings = | 2,401 | 28 | ||||||
Home Bancorp = | 545 | 8 | ||||||
Home Bancshares | 1,067 | 30 | ||||||
Home Federal Bancorp | 1,019 | 16 | ||||||
Home Properties – REIT | 1,935 | 96 | ||||||
Horace Mann Educators | 2,655 | 46 | ||||||
IBERIABANK | 1,616 | 100 | ||||||
Independence Holdings | 395 | 3 | ||||||
Independent Bank | 1,275 | 33 | ||||||
Infinity Property & Casualty 6 | 831 | 38 | ||||||
Inland Real Estate – REIT 6 | 4,287 | 40 | ||||||
International Assets Holding = 6 | 765 | 12 | ||||||
International Bancshares 6 | 3,179 | 77 | ||||||
Invesco Mortgage Capital – REIT 6 | 1,018 | 21 | ||||||
Investors Bancorp = | 2,905 | 40 | ||||||
Investors Real Estate Trust – REIT | 4,452 | 39 | ||||||
iStar Financial – REIT = 6 | 6,838 | 46 | ||||||
JMP Group 6 | 893 | 7 | ||||||
K Fed Bancorp | 245 | 2 | ||||||
Kansas City Life Insurance 6 | 248 | 8 | ||||||
KBW = | 2,125 | 64 | ||||||
Kearny Financial | 1,168 | 12 | ||||||
Kentucky First Fed Bancorp 6 | 186 | 2 | ||||||
Kilroy Realty – REIT 6 | 2,963 | 104 | ||||||
Kite Realty Group Trust – REIT | 2,822 | 15 | ||||||
Knight Capital Group, Class A = 6 | 5,669 | 88 | ||||||
Kohlberg Capital 6 | 1,116 | 6 | ||||||
LaBranche = | 2,027 | 10 | ||||||
Lakeland Bancorp 6 | 1,430 | 15 | ||||||
Lakeland Financial | 890 | 19 | ||||||
LaSalle Hotel Properties – REIT | 4,217 | 111 | ||||||
Legacy Bancorp | 450 | 4 | ||||||
Lexington Corporate Properties Trust – REIT | 5,879 | 42 | ||||||
Life Partners Holdings 6 | 403 | 9 | ||||||
LTC Properties – REIT | 1,413 | 39 | ||||||
Maiden Holdings | 2,858 | 21 | ||||||
Main Street Capital 6 | 602 | 10 | ||||||
MainSource Financial Group | 1,125 | 9 | ||||||
MarketAxess Holdings | 1,935 | 30 | ||||||
Max Capital Hamilton | 3,242 | 72 | ||||||
MB Financial | 3,029 | 74 | ||||||
MCG Capital | 4,432 | 29 | ||||||
Meadowbrook Insurance Group | 3,503 | 28 | ||||||
Medallion Financial | 806 | 6 | ||||||
Medical Properties Trust – REIT | 6,720 | 68 | ||||||
Mercer Insurance Group | 341 | 6 | ||||||
Merchants Bancshares | 291 | 7 | ||||||
Meridian Interstate Bancorp = | 580 | 7 | ||||||
Metro Bancorp = | 579 | 8 | ||||||
MF Global Holdings = 6 | 5,902 | 54 | ||||||
MFA Mortgage Investments – REIT | 17,094 | 122 | ||||||
MGIC Investment = 6 | 12,092 | 126 | ||||||
Mid-America Apartment Communities – REIT | 1,721 | 95 | ||||||
Midsouth Bancorp | 396 | 6 | ||||||
Mission West Properties – REIT | 891 | 6 | ||||||
Monmouth Real Estate Investment, Class A – REIT | 1,106 | 9 | ||||||
Montpelier Holdings | 4,532 | 75 | ||||||
MVC Capital | 1,371 | 19 | ||||||
Nara Bancorp = | 1,991 | 18 | ||||||
NASB Financial 6 | 288 | 7 | ||||||
National Bankshares 6 | 422 | 11 | ||||||
National Financial Partners = | 2,676 | 41 | ||||||
National Health Investors – REIT 6 | 1,569 | 64 | ||||||
National Interstate | 266 | 6 | ||||||
National Penn Bancshares 6 | 7,628 | 56 | ||||||
National Retail Properties – REIT 6 | 4,874 | 115 | ||||||
National Western Life Insurance, Class A | 151 | 29 | ||||||
Navigators Group = | 650 | 26 | ||||||
NBT Bancorp | 1,990 | 49 | ||||||
Nelnet, Class A | 1,175 | 23 | ||||||
NewAlliance Bancshares | 6,347 | 83 | ||||||
Newstar Financial = | 1,688 | 13 | ||||||
NGP Capital Resources | 1,221 | 9 | ||||||
Northeast Community Bancorp 6 | 359 | 2 | ||||||
Northfield Bancorp 6 | 1,067 | 16 | ||||||
Northrim Bancorp | 387 | 7 | ||||||
NorthStar Realty Finance – REIT 6 | 4,017 | 19 | ||||||
Northwest Bancshares | 2,153 | 27 | ||||||
Norwood Financial | 115 | 3 | ||||||
NYMAGIC | 228 | 5 | ||||||
OceanFirst Financial | 479 | 6 | ||||||
Ocwen Financial = | 3,479 | 40 | ||||||
Ohio Valley Banc 6 | 242 | 5 | ||||||
Old National Bancorp | 5,256 | 70 | ||||||
Old Point Financial | 122 | 2 | ||||||
Old Second Bancorp 6 | 757 | 4 | ||||||
OMEGA Healthcare Investors – REIT 6 | 4,763 | 95 | ||||||
OmniAmerican Bancorp = | 720 | 8 | ||||||
Oppenheimer Holdings | 576 | 17 | ||||||
optionsXpress Holdings = | 2,576 | 46 | ||||||
Oriental Financial Group 6 | 1,994 | 33 | ||||||
Oritani Financial | 704 | 12 | ||||||
Orrstown Financial Services 6 | 384 | 10 | ||||||
Pacific Capital Bancorp = 6 | 2,823 | 5 | ||||||
Pacific Continental 6 | 1,122 | 13 | ||||||
PacWest Bancorp 6 | 1,625 | 39 | ||||||
Park National | 641 | 44 | ||||||
Parkway Properties – REIT | 1,221 | 24 | ||||||
Peapack-Gladstone Financial 6 | 473 | 7 | ||||||
Pebblebrook Hotel Trust – REIT = | 1,122 | 22 | ||||||
PennantPark Investment | 1,530 | 17 | ||||||
Penns Woods Bancorp | 233 | 7 | ||||||
Pennsylvania Real Estate Investment Trust – REIT 6 | 2,331 | 37 | ||||||
Pennymac Mortgage Investment Trust – REIT = 6 | 1,013 | 18 | ||||||
Penson Worldwide = 6 | 1,190 | 11 | ||||||
Peoples Bancorp 6 | 629 | 11 | ||||||
Peoples Financial | 231 | 4 | ||||||
PHH = 6 | 3,316 | 75 | ||||||
Phoenix Companies = | 7,050 | 23 | ||||||
PICO Holdings = | 1,378 | 49 | ||||||
Pinnacle Financial Partners = 6 | 2,002 | 31 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 19
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Piper Jaffray Companies = | 1,201 | $ | 47 | |||||
Platinum Underwriters Holdings | 3,092 | 115 | ||||||
PMA Capital = | 1,906 | 13 | ||||||
PMI Group = 6 | 4,759 | 25 | ||||||
Porter Bancorp | 172 | 2 | ||||||
Portfolio Recovery Associates = | 884 | 59 | ||||||
Post Properties – REIT 6 | 2,920 | 75 | ||||||
Potlatch – REIT | 2,423 | 91 | ||||||
PremierWest Bancorp = 6 | 5,680 | 5 | ||||||
Presidential Life | 1,519 | 18 | ||||||
Primus Guaranty = 6 | 1,293 | 6 | ||||||
PrivateBancorp 6 | 3,208 | 46 | ||||||
ProAssurance = 6 | 1,994 | 122 | ||||||
Prospect Capital | 3,817 | 44 | ||||||
Prosperity Bancshares | 2,812 | 110 | ||||||
Provident Financial Services | 3,471 | 46 | ||||||
Provident New York Bancorp | 2,388 | 25 | ||||||
Prudential Bancorp 6 | 245 | 2 | ||||||
PS Business Parks – REIT | 939 | 56 | ||||||
Pzena Investment Management = | 470 | 4 | ||||||
QC Holdings | 209 | 1 | ||||||
Radian Group 6 | 4,994 | 71 | ||||||
RAIT Financial Trust – REIT = 6 | 5,114 | 21 | ||||||
Ramco-Gershenson Properties Trust – REIT | 1,585 | 20 | ||||||
Redwood Trust – REIT 6 | 4,726 | 79 | ||||||
Renasant 6 | 1,227 | 20 | ||||||
Republic Bancorp, Class A 6 | 604 | 15 | ||||||
Republic First Bancorp = | 437 | 2 | ||||||
Resource America, Class A | 768 | 5 | ||||||
Resource Capital – REIT | 1,846 | 13 | ||||||
Rewards Network | 389 | 5 | ||||||
Riskmetrics Group = | 1,342 | 30 | ||||||
RLI | 1,119 | 65 | ||||||
Rockville Financial | 499 | 6 | ||||||
Roma Financial | 476 | 6 | ||||||
S&T Bancorp 6 | 1,436 | 35 | ||||||
Safeguard Scientifics = | 1,259 | 17 | ||||||
Safety Insurance Group | 803 | 30 | ||||||
Sanders Morris Harris Group | 1,098 | 7 | ||||||
Sandy Spring Bancorp | 1,456 | 25 | ||||||
Santander Bancorp = | 259 | 3 | ||||||
Saul Centers – REIT | 672 | 27 | ||||||
SCBT Financial 6 | 741 | 29 | ||||||
SeaBright Insurance Holdings | 1,197 | 13 | ||||||
Selective Insurance Group | 3,182 | 53 | ||||||
Shore Bancshares | 512 | 7 | ||||||
Sierra Bancorp 6 | 535 | 7 | ||||||
Signature Bank = | 2,475 | 100 | ||||||
Simmons First National, Class A | 1,009 | 28 | ||||||
Smithtown Bancorp 6 | 893 | 4 | ||||||
Solar Capital 6 | 339 | 8 | ||||||
South Financial Group 6 | 12,988 | 10 | ||||||
Southside Bancshares 6 | 823 | 18 | ||||||
Southwest Bancorp 6 | 917 | 13 | ||||||
Sovran Self Storage – REIT | 1,676 | 62 | ||||||
Starwood Property Trust – REIT | 2,446 | 46 | ||||||
State Auto Financial | 866 | 15 | ||||||
State Bancorp 6 | 777 | 8 | ||||||
StellarOne | 1,384 | 21 | ||||||
Sterling Bancorp | 1,617 | 17 | ||||||
Sterling Bancshares 6 | 6,200 | 36 | ||||||
Sterling Financial = 6 | 3,195 | 3 | ||||||
Stewart Information Services | 987 | 11 | ||||||
Stifel Financial = | 1,834 | 105 | ||||||
Strategic Hotels & Resorts – REIT = 6 | 5,791 | 37 | ||||||
Suffolk Bancorp | 629 | 20 | ||||||
Sun Bancorp = | 1,087 | 6 | ||||||
Sun Communities – REIT 6 | 1,465 | 42 | ||||||
Sunstone Hotel Investors – REIT = | 5,920 | 75 | ||||||
Susquehanna Bancshares | 7,838 | 85 | ||||||
SVB Financial Group = 6 | 2,484 | 122 | ||||||
SWS Group | 1,467 | 16 | ||||||
SY Bancorp 6 | 841 | 20 | ||||||
Tanger Factory Outlet Centers – REIT | 2,443 | 102 | ||||||
Tejon Ranch = | 635 | 18 | ||||||
Terreno Realty – REIT = | 271 | 5 | ||||||
Territorial Bancorp | 747 | 14 | ||||||
Texas Capital Bancshares = | 2,172 | 43 | ||||||
Thomas Weisel Partners Group = | 1,177 | 9 | ||||||
TICC Capital | 2,121 | 15 | ||||||
Tompkins Trustco | 553 | 22 | ||||||
Tower Bancorp | 290 | 7 | ||||||
Tower Group | 2,467 | 57 | ||||||
Townebank Portsmouth 6 | 1,208 | 19 | ||||||
TradeStation Group = 6 | 2,031 | 17 | ||||||
Tree.com = | 391 | 4 | ||||||
Triangle Capital 6 | 679 | 10 | ||||||
TriCo Bancshares | 872 | 17 | ||||||
TrustCo Bank Corporation of New York 6 | 4,675 | 31 | ||||||
Trustmark 6 | 3,499 | 86 | ||||||
UMB Financial 6 | 1,963 | 83 | ||||||
UMH Properties – REIT | 534 | 5 | ||||||
Umpqua Holdings 6 | 5,179 | 77 | ||||||
Union First Market Bankshares | 1,567 | 26 | ||||||
United American Indemnity = | 2,038 | 19 | ||||||
United Bankshares 6 | 2,328 | 68 | ||||||
United Community Banks = | 4,949 | 29 | ||||||
United Financial Bancorp | 965 | 13 | ||||||
United Fire & Casualty | 1,323 | 30 | ||||||
United Security Bancshares 6 | 366 | 6 | ||||||
Universal Health Realty Income Trust – REIT | 866 | 29 | ||||||
Universal Insurance Holdings | 805 | 4 | ||||||
Univest Corporation of Pennsylvania 6 | 1,002 | 20 | ||||||
Urstadt Biddle Properties – REIT, Class A | 1,658 | 28 | ||||||
US Global Investors 6 | 800 | 7 | ||||||
U-Store-It Trust – REIT | 4,809 | 41 | ||||||
Viewpoint Financial 6 | 609 | 10 | ||||||
Virtus Investment Partners = | 353 | 9 | ||||||
Walter Investment Management – REIT | 1,389 | 25 | ||||||
Washington Banking 6 | 581 | 8 | ||||||
Washington Real Estate Investment Trust – REIT | 3,413 | 107 | ||||||
Washington Trust Bancorp | 789 | 14 | ||||||
Waterstone Financial = | 389 | 2 | ||||||
Webster Financial | 4,116 | 85 | ||||||
WesBanco 6 | 1,463 | 28 | ||||||
West Bancorporation = 6 | 945 | 8 | ||||||
Westamerica Bancorporation 6 | 1,687 | 99 | ||||||
Western Alliance Bancorp = | 2,796 | 24 | ||||||
Westfield Financial | 1,724 | 16 | ||||||
Westwood Holdings | 342 | 13 | ||||||
Wilber | 354 | 2 | ||||||
Wilshire Bancorp 6 | 1,310 | 14 | ||||||
Winthrop Realty Trust – REIT | 624 | 8 | ||||||
Wintrust Financial | 1,822 | 68 | ||||||
World Acceptance = 6 | 950 | 34 | ||||||
WSFS Financial | 432 | 18 | ||||||
Yadkin Valley Financial 6 | 891 | 4 | ||||||
Zenith National Insurance | 2,178 | 82 | ||||||
13,870 | ||||||||
20 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Healthcare – 13.0% | ||||||||
Abaxis = | 1,335 | $ | 35 | |||||
ABIOMED 6 = | 1,993 | 19 | ||||||
Accelrys = | 1,452 | 10 | ||||||
Accuray = | 2,418 | 16 | ||||||
Acorda Therapeutics = 6 | 2,319 | 90 | ||||||
Acura Pharmaceuticals = 6 | 442 | 2 | ||||||
Adolor = | 2,497 | 5 | ||||||
Affymax = | 1,054 | 25 | ||||||
Affymetrix = | 4,311 | 30 | ||||||
AGA Medical Holdings = 6 | 831 | 13 | ||||||
Air Methods = | 647 | 21 | ||||||
Akorn = 6 | 3,092 | 6 | ||||||
Albany Molecular Research = | 1,421 | 11 | ||||||
Align Technology = 6 | 3,470 | 59 | ||||||
Alkermes = 6 | 5,764 | 75 | ||||||
Alliance Imaging = | 1,601 | 9 | ||||||
Allied Healthcare International = | 2,743 | 8 | ||||||
Allos Therapeutics = 6 | 4,401 | 35 | ||||||
Almost Family = | 486 | 21 | ||||||
Alnylam Pharmaceuticals = 6 | 2,197 | 37 | ||||||
Alphatec Holdings = | 2,363 | 16 | ||||||
AMAG Pharmaceuticals = 6 | 1,268 | 43 | ||||||
Amedisys = 6 | 1,667 | 96 | ||||||
America Service Group | 504 | 9 | ||||||
American Caresource Holding = | 646 | 1 | ||||||
American Dental Partners = | 789 | 10 | ||||||
American Medical Systems = | 4,502 | 81 | ||||||
AMERIGROUP = | 3,138 | 114 | ||||||
Amicus Therapeutics = 6 | 924 | 3 | ||||||
AMN Healthcare Services = | 1,944 | 18 | ||||||
Amsurg, Class A = 6 | 1,869 | 39 | ||||||
Analogic 6 | 780 | 37 | ||||||
AngioDynamics = | 1,490 | 24 | ||||||
Ardea Biosciences = | 813 | 21 | ||||||
Arena Pharmaceuticals = 6 | 6,114 | 20 | ||||||
Ariad Pharmaceuticals = 6 | 6,575 | 23 | ||||||
ArQule = 6 | 2,524 | 16 | ||||||
Array BioPharma = | 4,978 | 18 | ||||||
Aryx Therapeutics = | 1,269 | 1 | ||||||
Assisted Living Concepts, Class A = | 638 | 22 | ||||||
Athenahealth = 6 | 2,043 | 59 | ||||||
Atrion | 81 | 11 | ||||||
ATS Medical = | 2,890 | 12 | ||||||
Auxilium Pharmaceuticals = 6 | 2,820 | 100 | ||||||
AVANIR Pharmaceuticals = | 3,702 | 12 | ||||||
AVI BioPharma = 6 | 5,798 | 8 | ||||||
BioCryst Pharmaceuticals = 6 | 1,483 | 11 | ||||||
Biodel = | 928 | 4 | ||||||
BioDelivery Sciences International = 6 | 575 | 2 | ||||||
Biomimetic Therapeutics = 6 | 777 | 10 | ||||||
Bio-Reference Laboratories = | 1,446 | 34 | ||||||
BioScrip = | 2,551 | 23 | ||||||
Biospecifics Technologies = 6 | 236 | 7 | ||||||
BMP Sunstone = 6 | 1,974 | 11 | ||||||
Bovie Medical = 6 | 1,039 | 5 | ||||||
Bruker BioSciences = | 3,341 | 51 | ||||||
Cadence Pharmaceuticals = 6 | 1,557 | 15 | ||||||
Cambrex = | 1,692 | 7 | ||||||
Cantel Medical | 726 | 14 | ||||||
Capital Senior Living = | 1,382 | 7 | ||||||
Caraco Pharmaceutical Laboratories = | 907 | 6 | ||||||
Cardiac Science = | 1,054 | 2 | ||||||
Cardionet = 6 | 2,337 | 22 | ||||||
Cardiovascular Systems = | 548 | 3 | ||||||
Cardium Therapeutics = 6 | 3,904 | 2 | ||||||
Catalyst Health Solutions = | 2,237 | 95 | ||||||
Celera = 6 | 4,990 | 37 | ||||||
Cell Therapeutics = 6 | 34,785 | 21 | ||||||
Celldex Therapeutics = | 1,509 | 12 | ||||||
Centene = | 2,544 | 58 | ||||||
Cepheid = | 3,533 | 71 | ||||||
Chelsea Therapeutics International = 6 | 1,969 | 8 | ||||||
Chemed | 1,345 | 74 | ||||||
Chindex International = 6 | 812 | 10 | ||||||
Clarient = | 1,823 | 5 | ||||||
Clinical Data = 6 | 657 | 12 | ||||||
Computer Programs & Systems 6 | 538 | 24 | ||||||
Conceptus = 6 | 1,861 | 35 | ||||||
CONMED = 6 | 1,771 | 39 | ||||||
Continucare = 6 | 1,786 | 6 | ||||||
Cornerstone Therapeutics = | 398 | 3 | ||||||
Corvel = | 482 | 16 | ||||||
Cross Country Healthcare = 6 | 1,784 | 18 | ||||||
CryoLife = 6 | 1,618 | 10 | ||||||
Cubist Pharmaceuticals = | 3,514 | 79 | ||||||
Cumberland Pharmaceuticals = | 492 | 5 | ||||||
Curis = 6 | 3,882 | 13 | ||||||
Cutera = | 811 | 9 | ||||||
Cyberonics = | 1,667 | 33 | ||||||
Cynosure = | 518 | 7 | ||||||
Cypress Bioscience = | 2,320 | 12 | ||||||
Cytokinetics = | 2,526 | 8 | ||||||
Cytori Therapeutics = | 1,770 | 10 | ||||||
Delcath Systems = 6 | 1,960 | 30 | ||||||
DepoMed = | 2,969 | 12 | ||||||
DexCom = | 2,800 | 31 | ||||||
Dionex = 6 | 1,066 | 87 | ||||||
Discovery Laboratories = 6 | 9,041 | 5 | ||||||
Durect = 6 | 5,012 | 14 | ||||||
Dyax = 6 | 5,436 | 19 | ||||||
Eclipsys = | 3,425 | 71 | ||||||
Electro Optical Sciences = 6 | 1,076 | 8 | ||||||
Emergency Medical Services = | 1,560 | 82 | ||||||
Emergent Biosolutions = | 995 | 16 | ||||||
Emeritus = 6 | 1,144 | 26 | ||||||
Endologix = 6 | 2,945 | 14 | ||||||
Ensign Group | 671 | 12 | ||||||
Enteromedics = 6 | 929 | — | ||||||
Enzo Biochem = | 1,884 | 11 | ||||||
Enzon = 6 | 3,595 | 38 | ||||||
eResearchTechnology = | 2,513 | 19 | ||||||
ev3 = | 4,539 | 87 | ||||||
Exactech = | 442 | 9 | ||||||
Exelixis = | 6,492 | 38 | ||||||
Genomic Health = | 816 | 13 | ||||||
Genoptix = | 1,028 | 40 | ||||||
Gentiva Health Services = | 1,765 | 51 | ||||||
Geron = 6 | 5,430 | 32 | ||||||
Greatbatch = 6 | 1,414 | 32 | ||||||
GTx = 6 | 1,164 | 4 | ||||||
Haemonetics = 6 | 1,564 | 90 | ||||||
Halozyme Therapeutics = | 4,126 | 35 | ||||||
Hanger Orthopedic Group = | 1,791 | 33 | ||||||
Hansen Medical = | 2,203 | 6 | ||||||
Harvard Bioscience = | 1,497 | 6 | ||||||
Health Grades = | 1,449 | 10 | ||||||
Healthsouth = 6 | 5,652 | 116 | ||||||
Healthspring = | 2,986 | 53 | ||||||
Healthways = | 2,044 | 33 | ||||||
Heartware International = 6 | 329 | 18 | ||||||
Hemispherx Biopharma = 6 | 7,099 | 5 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 21
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Hi-Tech Pharmaceutical = 6 | 494 | $ | 12 | |||||
HMS Holdings = | 1,577 | 84 | ||||||
Human Genome Sciences = 6 | 11,070 | 307 | ||||||
ICU Medical = | 775 | 28 | ||||||
Idenix Pharmaceuticals = | 1,726 | 8 | ||||||
Idera Pharmaceuticals = | 1,318 | 8 | ||||||
Immucor = | 4,295 | 92 | ||||||
ImmunoGen = 6 | 3,480 | 34 | ||||||
Immunomedics = 6 | 3,946 | 14 | ||||||
Impax Laboratories = | 3,700 | 67 | ||||||
Incyte = 6 | 5,247 | 70 | ||||||
Indevus Pharmaceuticals, escrow shares = ¥ ⊡ | 4,270 | — | ||||||
Infinity Pharmaceuticals = | 1,093 | 8 | ||||||
Insmed = 6 | 7,622 | 8 | ||||||
Inspire Pharmaceuticals = | 3,705 | 25 | ||||||
Insulet = 6 | 2,131 | 29 | ||||||
Integra LifeSciences = 6 | 1,149 | 52 | ||||||
InterMune = | 2,691 | 115 | ||||||
Invacare | 1,865 | 49 | ||||||
inVentiv Health = | 2,040 | 47 | ||||||
IPC The Hospitalist = | 982 | 30 | ||||||
IRIS International = | 1,070 | 12 | ||||||
Ironwood Pharmaceuticals = | 837 | 11 | ||||||
Isis Pharmaceuticals = 6 | 5,679 | 61 | ||||||
ISTA Pharmaceuticals = 6 | 2,026 | 8 | ||||||
Javelin Pharmaceuticals = | 2,712 | 6 | ||||||
Kendle International = | 905 | 15 | ||||||
Kensey Nash = | 597 | 14 | ||||||
Kindred Healthcare = | 2,379 | 42 | ||||||
K-V Pharmaceutical, Class A = | 2,272 | 4 | ||||||
Landauer | 548 | 37 | ||||||
Lannett = | 616 | 3 | ||||||
LCA-Vision = | 1,003 | 8 | ||||||
Lexicon Pharmaceuticals = 6 | 9,683 | 16 | ||||||
LHC Group = | 925 | 32 | ||||||
Ligand Pharmaceuticals = | 6,909 | 13 | ||||||
Luminex = | 2,526 | 41 | ||||||
Magellan Health Services = | 2,130 | 90 | ||||||
Mako Surgical = 6 | 1,056 | 15 | ||||||
MannKind = 6 | 3,489 | 24 | ||||||
Map Pharmaceuticals = 6 | 550 | 10 | ||||||
Martek Biosciences = 6 | 2,021 | 45 | ||||||
Masimo | 3,094 | 72 | ||||||
Matrixx Initiatives = 6 | 576 | 3 | ||||||
Maxygen = | 1,542 | 10 | ||||||
MedAssets = | 2,405 | 55 | ||||||
MedCath = | 863 | 9 | ||||||
Medical Action Industries = | 864 | 10 | ||||||
Medicines = 6 | 3,217 | 24 | ||||||
Medicis Pharmaceutical, Class A | 3,588 | 91 | ||||||
Medidata Solutions = | 381 | 6 | ||||||
Medivation = | 1,750 | 20 | ||||||
MedQuist | 558 | 5 | ||||||
Merge Healthcare = | 1,582 | 4 | ||||||
Meridian Bioscience | 2,470 | 49 | ||||||
Merit Medical Systems = | 1,703 | 28 | ||||||
Metabolix = 6 | 1,183 | 15 | ||||||
Metropolitan Health Networks = 6 | 2,463 | 8 | ||||||
Micromet = 6 | 4,074 | 31 | ||||||
Micrus Endovascular = | 905 | 18 | ||||||
Middlebrook Pharmaceutical = 6 | 1,944 | 1 | ||||||
Molecular Insight Pharmaceuticals = 6 | 3,319 | 7 | ||||||
Molina Healthcare = | 813 | 24 | ||||||
Momenta Pharmaceuticals = 6 | 2,393 | 33 | ||||||
MWI Veterinary Supply = | 657 | 28 | ||||||
Myriad Pharmaceuticals = | 1,399 | 7 | ||||||
NABI Biopharmaceuticals = | 3,583 | 20 | ||||||
Nanosphere = | 699 | 4 | ||||||
National Healthcare | 471 | 17 | ||||||
National Research | 97 | 3 | ||||||
Natus Medical = | 1,707 | 29 | ||||||
Nektar Therapeutics = | 5,645 | 79 | ||||||
Neogen = 6 | 1,174 | 31 | ||||||
Neurocrine Biosciences = | 2,234 | 7 | ||||||
NeurogesX = 6 | 630 | 6 | ||||||
Nighthawk Radiology Holdings = 6 | 1,393 | 5 | ||||||
Novamed = 6 | 1,218 | 4 | ||||||
Novavax = 6 | 4,338 | 12 | ||||||
NPS Pharmaceuticals = | 2,745 | 19 | ||||||
NuVasive = 6 | 2,223 | 92 | ||||||
NxStage Medical = | 1,462 | 19 | ||||||
Obagi Medical Products = | 963 | 13 | ||||||
Odyssey Healthcare = 6 | 2,106 | 44 | ||||||
Omeros = | 413 | 2 | ||||||
Omnicell = | 1,846 | 25 | ||||||
Oncogenex Pharmaceuticals = | 244 | 5 | ||||||
Onyx Pharmaceuticals = | 3,765 | 109 | ||||||
Opko Health = | 2,603 | 6 | ||||||
Optimer Pharmaceuticals = 6 | 1,747 | 21 | ||||||
OraSure Technologies = | 2,623 | 17 | ||||||
Orexigen Therapeutics = 6 | 1,605 | 11 | ||||||
Orthofix International = | 1,043 | 36 | ||||||
Orthovita = | 3,880 | 16 | ||||||
Osiris Therapeutics = | 1,022 | 8 | ||||||
Owens & Minor | 3,808 | 120 | ||||||
Oxigene = 6 | 2,247 | 2 | ||||||
Pain Therapeutics = | 2,014 | 12 | ||||||
Palomar Medical Technologies = 6 | 1,061 | 13 | ||||||
Par Pharmaceutical Companies = | 2,026 | 55 | ||||||
PAREXEL = | 3,508 | 83 | ||||||
PDL BioPharma 6 | 7,285 | 42 | ||||||
Pharmasset = 6 | 1,276 | 41 | ||||||
Pharmerica = 6 | 1,860 | 36 | ||||||
Phase Forward = | 2,631 | 44 | ||||||
Poniard Pharmaceuticals = 6 | 1,691 | 2 | ||||||
POZEN = | 1,514 | 16 | ||||||
Progenics Pharmaceutical = | 1,548 | 10 | ||||||
Protalix Biotherapeutics = 6 | 2,109 | 14 | ||||||
PSS World Medical = 6 | 3,629 | 85 | ||||||
Psychiatric Solutions = | 3,430 | 110 | ||||||
Quality Systems 6 | 1,437 | 92 | ||||||
Questcor Pharmaceuticals = | 3,500 | 34 | ||||||
Quidel = | 1,638 | 24 | ||||||
Radnet = 6 | 1,779 | 7 | ||||||
Regeneron Pharmaceuticals = | 3,843 | 98 | ||||||
RehabCare Group = 6 | 1,493 | 43 | ||||||
Repligen = | 1,819 | 6 | ||||||
Repros Therapeutics = 6 | 576 | — | ||||||
Res-Care = | 1,442 | 17 | ||||||
Rigel Pharmaceuticals = | 3,004 | 23 | ||||||
Rochester Medical = | 610 | 7 | ||||||
Rockwell Medical Technologies = 6 | 861 | 5 | ||||||
RTI Biologics = | 3,126 | 12 | ||||||
Salix Pharmaceuticals = 6 | 3,152 | 127 | ||||||
Sangamo BioSciences = | 2,699 | 17 | ||||||
Santarus = 6 | 3,161 | 10 | ||||||
Savient Pharmaceuticals = | 4,017 | 58 | ||||||
Sciclone Pharmaceuticals = 6 | 2,178 | 9 | ||||||
Seattle Genetics = | 5,075 | 64 | ||||||
Select Medical Holdings = | 1,576 | 14 | ||||||
Sequenom = 6 | 3,729 | 23 |
22 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
SIGA Technologies = 6 | 1,843 | $ | 13 | |||||
Sirona Dental Systems = | 1,046 | 44 | ||||||
Skilled Healthcare Group, Class A = | 1,215 | 8 | ||||||
Somanetics = | 711 | 14 | ||||||
SonoSite = 6 | 813 | 27 | ||||||
Spectranetics = | 1,872 | 13 | ||||||
Spectrum Pharmaceuticals = | 2,607 | 13 | ||||||
StemCells = 6 | 6,293 | 7 | ||||||
Stereotaxis = 6 | 1,731 | 8 | ||||||
STERIS | 3,565 | 119 | ||||||
Sucampo Pharmaceuticals = | 656 | 3 | ||||||
Sun Healthcare Group = | 2,658 | 24 | ||||||
Sunrise Senior Living = | 2,950 | 16 | ||||||
SuperGen = 6 | 3,603 | 11 | ||||||
SurModics = 6 | 939 | 17 | ||||||
Symmetry Medical = 6 | 2,183 | 25 | ||||||
Synovis Life Technologies = | 676 | 10 | ||||||
Synta Pharmaceuticals = | 908 | 4 | ||||||
Team Health Holdings = 6 | 240 | 4 | ||||||
The Provident Service = | 748 | 12 | ||||||
Theravance = 6 | 4,032 | 68 | ||||||
Thoratec = 6 | 3,443 | 154 | ||||||
TomoTherapy = | 2,812 | 11 | ||||||
TranS1 = | 662 | 2 | ||||||
Transcend Services = | 382 | 6 | ||||||
Triple-S Management = 6 | 1,253 | 23 | ||||||
U.S. Physical Therapy = | 644 | 11 | ||||||
Universal American Financial = 6 | 1,633 | 25 | ||||||
Utah Medical Products | 195 | 5 | ||||||
Vanda Pharmaceuticals = 6 | 1,626 | 14 | ||||||
Varian = | 1,718 | 89 | ||||||
Vascular Solutions = | 987 | 10 | ||||||
Vical = 6 | 2,573 | 9 | ||||||
ViroPharma = | 4,720 | 60 | ||||||
Virtual Radiologic = 6 | 380 | 5 | ||||||
Vital Images = | 972 | 15 | ||||||
Vivus = 6 | 4,850 | 49 | ||||||
Volcano = | 2,946 | 71 | ||||||
WellCare Health Plans = | 2,575 | 74 | ||||||
West Pharmaceutical Services 6 | 1,997 | 84 | ||||||
Wright Medical Group = 6 | 2,320 | 44 | ||||||
XenoPort = 6 | 1,818 | 19 | ||||||
Young Innovations | 332 | 8 | ||||||
Zoll Medical = | 1,285 | 39 | ||||||
ZymoGenetics = | 2,798 | 17 | ||||||
9,004 | ||||||||
Industrials – 14.7% | ||||||||
3D Systems = 6 | 1,044 | 16 | ||||||
A.O. Smith | 1,338 | 69 | ||||||
AAON 6 | 780 | 19 | ||||||
AAR = | 2,360 | 58 | ||||||
ABM Industries 6 | 2,804 | 60 | ||||||
Acacia Research = | 1,949 | 29 | ||||||
ACCO Brands = | 3,327 | 30 | ||||||
Aceto | 1,511 | 10 | ||||||
Actuant, Class A | 4,129 | 95 | ||||||
Acuity Brands | 2,627 | 119 | ||||||
Administaff | 1,305 | 29 | ||||||
Advanced Battery Technologies = | 3,385 | 12 | ||||||
Advisory Board = | 929 | 31 | ||||||
AeroVironment = 6 | 810 | 21 | ||||||
Air Transport Services Group = | 3,389 | 19 | ||||||
Aircastle | 2,861 | 34 | ||||||
AirTran Holdings = 6 | 8,207 | 43 | ||||||
Alamo Group | 388 | 9 | ||||||
Alaska Air Group = | 2,220 | 92 | ||||||
Albany International, Class A | 1,727 | 44 | ||||||
Allegiant Travel = | 880 | 45 | ||||||
Altra Holdings = | 1,627 | 25 | ||||||
Amerco = | 524 | 33 | ||||||
American Commercial Lines = 6 | 552 | 11 | ||||||
American Railcar Industries 6 | 529 | 9 | ||||||
American Reprographics = | 2,118 | 21 | ||||||
American Science & Engineering | 560 | 42 | ||||||
American Superconductor = 6 | 2,647 | 77 | ||||||
American Woodmark | 760 | 18 | ||||||
Ameron International | 538 | 37 | ||||||
Ampco-Pittsburgh | 485 | 12 | ||||||
Amrep = | 117 | 2 | ||||||
APAC Customer Services = | 1,550 | 9 | ||||||
Apogee Enterprises 6 | 1,682 | 23 | ||||||
Applied Industrial Technology | 2,577 | 79 | ||||||
Applied Signal Technology | 793 | 15 | ||||||
Argan = | 451 | 5 | ||||||
Argon ST = | 789 | 20 | ||||||
Arkansas Best | 1,543 | 47 | ||||||
Ascent Solar Technologies = | 1,140 | 4 | ||||||
Astec Industries = | 1,104 | 37 | ||||||
Astronics = 6 | 564 | 8 | ||||||
ATC Technology = | 1,189 | 24 | ||||||
Atlas Air Worldwide Holdings = | 1,263 | 70 | ||||||
Avis Budget Group = 6 | 6,207 | 94 | ||||||
AZZ | 741 | 30 | ||||||
Badger Meter | 904 | 37 | ||||||
Baldor Electric 6 | 2,840 | 109 | ||||||
Barnes Group | 2,782 | 58 | ||||||
Barrett Business Services | 467 | 7 | ||||||
Beacon Roofing Supply = 6 | 2,749 | 61 | ||||||
Belden | 2,840 | 78 | ||||||
Blount International = | 2,338 | 26 | ||||||
BlueLinx Holdings = 6 | 708 | 4 | ||||||
Bowne & Company | 2,334 | 26 | ||||||
Brady, Class A | 2,921 | 100 | ||||||
Briggs & Stratton 6 | 3,038 | 72 | ||||||
Broadwind Energy = | 2,096 | 8 | ||||||
Builders FirstSource = 6 | 2,566 | 10 | ||||||
CAI International = | 593 | 8 | ||||||
Cascade | 547 | 19 | ||||||
CBIZ = | 2,501 | 18 | ||||||
CDI 6 | 722 | 13 | ||||||
Celadon Group = 6 | 1,347 | 20 | ||||||
Cenveo = | 3,266 | 28 | ||||||
Ceradyne = | 1,532 | 34 | ||||||
Chart Industries = | 1,732 | 40 | ||||||
Chase | 371 | 5 | ||||||
China BAK Battery = 6 | 3,097 | 6 | ||||||
China Fire & Security Group = 6 | 855 | 12 | ||||||
CIRCOR International | 1,035 | 36 | ||||||
CLARCOR 6 | 3,105 | 117 | ||||||
Clean Harbors = 6 | 1,307 | 83 | ||||||
Colfax = 6 | 1,440 | 19 | ||||||
Columbus McKinnon = | 1,161 | 21 | ||||||
Comfort Systems USA | 2,319 | 33 | ||||||
Consolidated Graphics = | 580 | 24 | ||||||
Cornell Companies = | 673 | 18 | ||||||
Corporate Executive Board | 2,079 | 57 | ||||||
CoStar Group = 6 | 1,135 | 50 | ||||||
Courier | 621 | 11 | ||||||
CRA International = 6 | 658 | 15 | ||||||
Cubic | 953 | 36 | ||||||
Curtiss-Wright | 2,758 | 98 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 23
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Deluxe | 2,996 | $ | 63 | |||||
Diamond Management & Technology Consultation | 1,454 | 12 | ||||||
DigitalGlobe = | 898 | 24 | ||||||
Dollar Thrifty Automotive = | 1,724 | 76 | ||||||
Ducommun | 619 | 14 | ||||||
Duoyuan Printing = 6 | 494 | 4 | ||||||
DXP Enterprises = | 650 | 11 | ||||||
Dycom Industries = | 2,347 | 25 | ||||||
Dynamex = | 632 | 11 | ||||||
Dynamic Materials | 783 | 14 | ||||||
DynCorp International = | 1,586 | 27 | ||||||
Eagle Bulk Shipping = 6 | 3,779 | 22 | ||||||
Eastern | 363 | 6 | ||||||
EMCOR Group = | 3,947 | 113 | ||||||
Encore Wire 6 | 1,198 | 27 | ||||||
Ener1 = 6 | 3,081 | 13 | ||||||
Energy Conversion Devices = 6 | 2,789 | 20 | ||||||
Energy Recovery = | 2,046 | 12 | ||||||
EnergySolutions | 4,605 | 33 | ||||||
EnerNOC = 6 | 855 | 25 | ||||||
EnerSys = 6 | 2,461 | 64 | ||||||
Ennis | 1,649 | 30 | ||||||
EnPro Industries = | 1,240 | 39 | ||||||
ESCO Technologies | 1,598 | 49 | ||||||
Esterline Technologies = | 1,810 | 101 | ||||||
Evergreen Solar = 6 | 11,453 | 13 | ||||||
Exponent = | 760 | 23 | ||||||
Federal Signal | 2,969 | 24 | ||||||
Flow International = | 2,777 | 9 | ||||||
Force Protection = | 4,329 | 23 | ||||||
Forward Air | 1,752 | 49 | ||||||
Franklin Covey = | 777 | 6 | ||||||
Franklin Electric 6 | 1,406 | 49 | ||||||
FreightCar America | 728 | 21 | ||||||
FuelCell Energy = 6 | 4,452 | 12 | ||||||
Fuel-Tech = | 1,106 | 8 | ||||||
Furmanite = | 2,118 | 11 | ||||||
Fushi Copperweld = 6 | 1,201 | 13 | ||||||
G&K Services, Class A | 1,085 | 30 | ||||||
Genco Shipping & Trading = 6 | 1,571 | 36 | ||||||
GenCorp = 6 | 3,216 | 20 | ||||||
Generac Holdings = | 464 | 7 | ||||||
Genesee & Wyoming, Class A = 6 | 2,265 | 89 | ||||||
Geo Group = | 3,117 | 66 | ||||||
GeoEye = | 1,132 | 32 | ||||||
Gibraltar Industries = | 1,517 | 23 | ||||||
Global Defense Technology & Systems = | 278 | 4 | ||||||
Gorman-Rupp 6 | 841 | 23 | ||||||
GP Strategies = | 962 | 8 | ||||||
GrafTech International = | 7,333 | 124 | ||||||
Graham | 871 | 16 | ||||||
Granite Construction 6 | 2,089 | 70 | ||||||
Great Lakes Dredge & Dock | 2,316 | 13 | ||||||
Greenbrier Companies = | 1,363 | 22 | ||||||
Griffon = | 2,630 | 37 | ||||||
GT Solar International = 6 | 1,920 | 11 | ||||||
H & E Equipment Services = | 1,665 | 20 | ||||||
Harbin Electric = 6 | 917 | 20 | ||||||
Hawaiian Holdings = | 3,147 | 22 | ||||||
Healthcare Services Group | 2,517 | 54 | ||||||
Heartland Express 6 | 3,006 | 50 | ||||||
HEICO 6 | 1,760 | 76 | ||||||
Heidrick & Struggles International | 1,035 | 27 | ||||||
Heritage Crystal Clean = | 156 | 2 | ||||||
Herley Industries = | 826 | 12 | ||||||
Herman Miller 6 | 3,263 | 69 | ||||||
Hexcel = | 5,887 | 95 | ||||||
Hill International = | 1,516 | 10 | ||||||
HNI 6 | 2,737 | 85 | ||||||
Horizon Lines, Class A | 1,806 | 10 | ||||||
Houston Wire & Cable | 1,077 | 14 | ||||||
Hub Group = | 2,265 | 72 | ||||||
Hurco = 6 | 361 | 7 | ||||||
Huron Consulting Group = | 1,313 | 31 | ||||||
ICF International = | 538 | 12 | ||||||
II-VI = 6 | 1,517 | 54 | ||||||
InnerWorkings = 6 | 1,714 | 10 | ||||||
Insituform Technologies, Class A = | 2,275 | 55 | ||||||
Insteel Industries | 1,068 | 13 | ||||||
Integrated Electrical Services = | 430 | 3 | ||||||
Interface, Class A | 3,099 | 41 | ||||||
Interline Brands = | 1,979 | 41 | ||||||
International Shipholding | 327 | 10 | ||||||
JetBlue Airways = 6 | 15,448 | 86 | ||||||
John Bean Technologies | 1,680 | 31 | ||||||
Kadant = 6 | 780 | 16 | ||||||
Kaman | 1,563 | 43 | ||||||
Kaydon | 1,992 | 83 | ||||||
Kelly Services, Class A = | 1,526 | 25 | ||||||
Kforce = | 1,730 | 24 | ||||||
Kimball International | 1,856 | 15 | ||||||
Knight Transportation | 3,302 | 70 | ||||||
Knoll | 2,837 | 40 | ||||||
Korn Ferry International = | 2,699 | 44 | ||||||
LaBarge = | 769 | 9 | ||||||
Ladish = | 924 | 25 | ||||||
Lawson Products | 212 | 3 | ||||||
Layne Christensen = | 1,186 | 32 | ||||||
LB Foster = | 628 | 19 | ||||||
Lindsay Manufacturing | 751 | 29 | ||||||
LMI Aerospace = | 508 | 9 | ||||||
LSI Industries 6 | 1,050 | 7 | ||||||
M & F Worldwide = | 711 | 22 | ||||||
Marten Transport = | 1,002 | 22 | ||||||
MasTec = 6 | 3,177 | 40 | ||||||
McGrath Rentcorp | 1,446 | 38 | ||||||
Met Pro | 816 | 8 | ||||||
Metalico = | 1,999 | 13 | ||||||
Michael Baker = | 479 | 17 | ||||||
Microvision = 6 | 5,367 | 17 | ||||||
Middleby = 6 | 1,053 | 64 | ||||||
Miller Industries | 984 | 14 | ||||||
Mine Safety Appliances | 1,803 | 53 | ||||||
Mistras Group = | 540 | 6 | ||||||
Mobile Mini = 6 | 2,162 | 36 | ||||||
Moog, Class A = | 2,763 | 103 | ||||||
Mueller Industries | 2,157 | 64 | ||||||
Mueller Water Products, Class A | 9,379 | 52 | ||||||
Multi Color | 606 | 8 | ||||||
Myr Group = | 1,051 | 19 | ||||||
NACCO Industries, Class A 6 | 345 | 30 | ||||||
Navigant Consulting = | 3,043 | 39 | ||||||
NCI Building Systems = | 1,087 | 15 | ||||||
Nordson | 2,048 | 147 | ||||||
North American Galvanizing & Coating = 6 | 774 | 6 | ||||||
Northwest Pipe = | 563 | 14 | ||||||
Odyssey Marine Exploration = 6 | 3,550 | 5 | ||||||
Old Dominion Freight Line = | 1,696 | 61 | ||||||
Omega Flex | 170 | 2 | ||||||
On Assignment = | 2,076 | 15 | ||||||
Orbital Sciences = | 3,403 | 63 |
24 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Orion Energy Systems = 6 | 1,064 | $ | 6 | |||||
Orion Marine Group = | 1,618 | 31 | ||||||
Otter Tail | 2,162 | 48 | ||||||
Pacer International = | 1,963 | 13 | ||||||
Patriot Transportation Holdings = | 88 | 7 | ||||||
Perma-Fix Environmental Services = | 3,294 | 7 | ||||||
Pike Electric = | 918 | 10 | ||||||
PMFG = 6 | 797 | 11 | ||||||
Polypore International = | 1,381 | 24 | ||||||
Portec Rail Products | 406 | 5 | ||||||
Powell Industries = | 474 | 16 | ||||||
Powersecure International = | 1,047 | 12 | ||||||
Preformed Line Products | 147 | 4 | ||||||
Primoris Services 6 | 498 | 4 | ||||||
Quanex Building Products | 2,174 | 41 | ||||||
RailAmerica = | 854 | 11 | ||||||
Raven Industries 6 | 937 | 28 | ||||||
RBC Bearings = | 1,324 | 42 | ||||||
Regal-Beloit | 2,184 | 138 | ||||||
Republic Airways Holdings = 6 | 2,101 | 13 | ||||||
Resources Connection = 6 | 2,737 | 48 | ||||||
Robbins & Myers | 1,643 | 43 | ||||||
Rollins | 2,674 | 58 | ||||||
RSC Holdings = 6 | 2,990 | 27 | ||||||
Rush Enterprises = | 1,953 | 32 | ||||||
Saia = | 824 | 14 | ||||||
Satcon Technology = 6 | 4,284 | 12 | ||||||
Sauer-Danfoss = | 658 | 11 | ||||||
Schawk | 909 | 17 | ||||||
School Specialty = 6 | 1,092 | 26 | ||||||
Seaboard 6 | 18 | 26 | ||||||
SFN Group = | 3,096 | 26 | ||||||
Simpson Manufacturing 6 | 2,324 | 79 | ||||||
SkyWest | 3,393 | 51 | ||||||
Smartheat = | 547 | 5 | ||||||
Standard Parking = | 454 | 8 | ||||||
Standard Register | 918 | 5 | ||||||
Standex International | 726 | 17 | ||||||
Stanley = | 700 | 22 | ||||||
Steelcase, Class A | 4,354 | 36 | ||||||
Sterling Construction = | 805 | 14 | ||||||
Sun Hydraulics 6 | 756 | 21 | ||||||
Sykes Enterprises = | 2,279 | 52 | ||||||
TAL International Group | 923 | 24 | ||||||
TASER International = | 3,668 | 17 | ||||||
Team = | 1,148 | 20 | ||||||
Tecumseh Products, Class A = | 1,126 | 14 | ||||||
Teledyne Technologies = 6 | 2,198 | 96 | ||||||
Tennant | 1,136 | 39 | ||||||
Tetra Tech = | 3,673 | 89 | ||||||
Textainer Group Holdings | 520 | 12 | ||||||
Titan International 6 | 2,146 | 27 | ||||||
Titan Machinery = 6 | 1,057 | 15 | ||||||
Todd Shipyards | 351 | 6 | ||||||
Towers Watson, Class A | 2,600 | 125 | ||||||
Tredegar | 1,802 | 31 | ||||||
Trex = | 940 | 23 | ||||||
Trimas = | 819 | 8 | ||||||
Triumph Group | 1,016 | 79 | ||||||
TrueBlue = | 2,577 | 41 | ||||||
Tutor Perini = | 1,779 | 43 | ||||||
Twin Disc | 485 | 7 | ||||||
UAL = 6 | 10,072 | 217 | ||||||
Ultralife Batteries = | 681 | 3 | ||||||
Ultrapetrol Bahamas = | 1,411 | 9 | ||||||
United Capital = | 101 | 2 | ||||||
United Rentals = 6 | 3,666 | 53 | ||||||
United Stationers = | 1,445 | 88 | ||||||
Universal Forest Products | 1,169 | 49 | ||||||
Universal Truckload Services = | 334 | 6 | ||||||
US Airways Group = | 9,719 | 69 | ||||||
US Ecology | 1,107 | 17 | ||||||
USA Truck = | 474 | 9 | ||||||
Valence Technology = 6 | 3,116 | 3 | ||||||
Viad | 1,214 | 28 | ||||||
Vicor = | 1,136 | 17 | ||||||
Volt Information Sciences = 6 | 843 | 11 | ||||||
VSE | 217 | 9 | ||||||
Waste Services = 6 | 1,078 | 12 | ||||||
Watsco 6 | 1,622 | 96 | ||||||
Watts Water Technologies, Class A | 1,784 | 63 | ||||||
Werner Enterprises | 2,483 | 56 | ||||||
Willis Lease Finance = | 288 | 4 | ||||||
Woodward Governor | 3,677 | 118 | ||||||
YRC Worldwide = 6 | 63,752 | 35 | ||||||
10,109 | ||||||||
Information Technology – 16.4% | ||||||||
3PAR = 6 | 1,675 | 16 | ||||||
ACI Worldwide = | 2,137 | 40 | ||||||
Acme Packet = | 2,370 | 62 | ||||||
Actel = 6 | 1,481 | 23 | ||||||
ActivIdentity = | 2,794 | 8 | ||||||
Actuate = | 2,949 | 17 | ||||||
Acxiom = | 4,140 | 79 | ||||||
Adaptec = | 7,428 | 23 | ||||||
ADC Telecommunications = 6 | 5,892 | 47 | ||||||
ADTRAN | 3,268 | 87 | ||||||
Advanced Analogic Technologies = 6 | 2,475 | 9 | ||||||
Advanced Energy Industries = | 2,012 | 30 | ||||||
Advent Software = 6 | 963 | 44 | ||||||
Agilysys | 1,320 | 14 | ||||||
American Software, Class A | 1,221 | 8 | ||||||
Amkor Technology = 6 | 6,663 | 50 | ||||||
ANADIGICS = | 3,667 | 18 | ||||||
Anaren = | 948 | 14 | ||||||
Ancestry.com = | 371 | 7 | ||||||
Anixter International = 6 | 1,815 | 95 | ||||||
Applied Micro Circuits = | 4,019 | 45 | ||||||
Archipelago Learning = | 330 | 5 | ||||||
Arcsight = | 1,123 | 26 | ||||||
Ariba = | 5,329 | 76 | ||||||
Arris Group = | 7,555 | 93 | ||||||
Art Technology Group = | 9,465 | 41 | ||||||
Aruba Networks = 6 | 3,591 | 45 | ||||||
AsiaInfo Holdings = 6 | 1,763 | 50 | ||||||
Atheros Communications = 6 | 3,912 | 152 | ||||||
ATMI = | 1,880 | 34 | ||||||
Aviat Networks = 6 | 3,598 | 23 | ||||||
Avid Technology = 6 | 1,754 | 26 | ||||||
Bel Fuse | 690 | 16 | ||||||
Benchmark Electronics = | 3,924 | 85 | ||||||
Bigband Networks = | 2,165 | 7 | ||||||
Black Box | 1,069 | 33 | ||||||
Blackbaud | 2,601 | 60 | ||||||
Blackboard = 6 | 1,931 | 82 | ||||||
Blue Coat Systems = 6 | 2,409 | 78 | ||||||
Bottomline Technologies = | 1,529 | 27 | ||||||
Brightpoint = | 3,053 | 25 | ||||||
Brooks Automation = | 3,922 | 38 | ||||||
Cabot Microelectronics = | 1,365 | 52 | ||||||
CACI International, Class A = | 1,765 | 84 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 25
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Callidus Software = | 1,633 | $ | 5 | |||||
Cass Information Systems 6 | 502 | 16 | ||||||
Cavium Networks = 6 | 2,211 | 61 | ||||||
Ceva = | 1,180 | 14 | ||||||
Checkpoint Systems = | 2,307 | 52 | ||||||
China Information Security Technology = | 1,646 | 10 | ||||||
China Security & Surveillance Technology = 6 | 2,677 | 16 | ||||||
China TransInfo Technology = 6 | 528 | 4 | ||||||
CIBER = | 4,191 | 17 | ||||||
Cirrus Logic = | 3,979 | 51 | ||||||
Cogent = | 2,602 | 27 | ||||||
Cognex | 2,364 | 49 | ||||||
Cogo Group = | 1,539 | 11 | ||||||
Coherent = | 1,374 | 52 | ||||||
Cohu | 1,342 | 22 | ||||||
Communications Systems | 382 | 5 | ||||||
CommVault Systems = 6 | 2,487 | 52 | ||||||
Compellent Technologies = 6 | 1,026 | 13 | ||||||
Computer Task Group = | 912 | 9 | ||||||
comScore = | 1,315 | 24 | ||||||
Comtech Telecommunications = | 1,716 | 54 | ||||||
Comverge = | 1,270 | 14 | ||||||
Concur Technologies = | 2,526 | 106 | ||||||
Constant Contact = 6 | 1,462 | 37 | ||||||
CPI International = | 532 | 7 | ||||||
Cray = | 2,085 | 14 | ||||||
CSG Systems International = | 2,143 | 49 | ||||||
CTS 6 | 2,059 | 22 | ||||||
CyberSource = | 4,214 | 108 | ||||||
Cymer = | 1,765 | 60 | ||||||
Daktronics 6 | 1,908 | 16 | ||||||
DDi = | 874 | 7 | ||||||
DealerTrack Holdings = 6 | 2,386 | 36 | ||||||
Deltek = | 1,117 | 9 | ||||||
DemandTec = | 1,200 | 8 | ||||||
DG Fastchannel = | 1,264 | 44 | ||||||
Dice Holdings = | 873 | 8 | ||||||
Digi International = | 1,500 | 16 | ||||||
Digital River = | 2,328 | 65 | ||||||
Diodes = 6 | 1,945 | 42 | ||||||
Divx = | 1,978 | 17 | ||||||
Double-Take Software = | 1,005 | 11 | ||||||
DSP Group = | 1,288 | 11 | ||||||
DTS = | 1,036 | 34 | ||||||
Dynamics Research = | 526 | 8 | ||||||
EarthLink 6 | 6,430 | 58 | ||||||
Ebix = 6 | 1,125 | 18 | ||||||
Echelon = | 1,979 | 19 | ||||||
Electro Rent | 1,187 | 17 | ||||||
Electro Scientific Industries = | 1,628 | 22 | ||||||
Electronics For Imaging = | 3,022 | 39 | ||||||
eLoyalty = | 399 | 3 | ||||||
Emcore = 6 | 4,591 | 6 | ||||||
EMS Technologies = | 948 | 15 | ||||||
Emulex = | 5,058 | 59 | ||||||
Entegris = | 7,932 | 49 | ||||||
Entropic Communications = 6 | 3,219 | 17 | ||||||
Epicor Software = 6 | 3,686 | 34 | ||||||
EPIQ Systems = 6 | 1,956 | 24 | ||||||
ePlus = | 224 | 4 | ||||||
Euronet Worldwide = 6 | 2,966 | 47 | ||||||
Exar = | 2,107 | 16 | ||||||
Exlservice Holdings = 6 | 911 | 15 | ||||||
Extreme Networks = 6 | 5,416 | 18 | ||||||
Fair Isaac | 2,979 | 63 | ||||||
FalconStor Software = 6 | 2,102 | 6 | ||||||
FARO Technologies = | 970 | 24 | ||||||
FEI = | 2,280 | 51 | ||||||
FormFactor = | 3,005 | 45 | ||||||
Forrester Research = | 959 | 31 | ||||||
Fortinet = 6 | 225 | 4 | ||||||
Gartner, Class A = | 3,682 | 89 | ||||||
Global Cash Access Holdings = | 2,463 | 21 | ||||||
Globecomm Systems = | 1,181 | 9 | ||||||
GSE Systems = | 1,153 | 6 | ||||||
GSI Commerce = 6 | 1,691 | 46 | ||||||
GSI Technology = | 1,124 | 7 | ||||||
Hackett Group = | 2,232 | 6 | ||||||
Harmonic = | 5,834 | 40 | ||||||
Heartland Payment Systems | 2,285 | 42 | ||||||
Hittite Microwave = 6 | 1,306 | 67 | ||||||
Hughes Communications = | 543 | 15 | ||||||
ICx Technologies = | 743 | 5 | ||||||
iGATE | 1,395 | 17 | ||||||
Imation = | 1,669 | 18 | ||||||
Imergent | 477 | 3 | ||||||
Immersion = | 1,723 | 10 | ||||||
Infinera = | 5,397 | 49 | ||||||
Infogroup = | 1,938 | 16 | ||||||
Informatica = | 5,314 | 133 | ||||||
Information Services Group = | 1,448 | 5 | ||||||
Infospace = | 1,925 | 20 | ||||||
Innodata Isogen = | 1,307 | 5 | ||||||
Insight Enterprises = | 2,795 | 42 | ||||||
Integral Systems = | 987 | 9 | ||||||
Interactive Intelligence = 6 | 784 | 16 | ||||||
Interdigital = | 2,637 | 73 | ||||||
Intermec = | 3,782 | 43 | ||||||
Internap Network Services = 6 | 3,097 | 18 | ||||||
Internet Brands = 6 | 1,672 | 17 | ||||||
Internet Capital Group = 6 | 2,167 | 21 | ||||||
Intevac = | 1,269 | 18 | ||||||
iPass | 3,071 | 4 | ||||||
IPG Photonics = | 1,409 | 25 | ||||||
Isilon Systems = 6 | 1,575 | 20 | ||||||
Ixia = | 2,304 | 24 | ||||||
IXYS = | 1,367 | 12 | ||||||
J2 Global Communications = 6 | 2,721 | 66 | ||||||
Jack Henry & Associates 6 | 5,073 | 129 | ||||||
JDA Software = | 1,845 | 53 | ||||||
Kenexa = | 1,369 | 21 | ||||||
Keynote Systems | 750 | 8 | ||||||
Kopin = | 4,011 | 17 | ||||||
Kulicke & Soffa = | 4,167 | 34 | ||||||
KVH Industries = 6 | 852 | 13 | ||||||
L-1 Identity Solutions = | 4,562 | 40 | ||||||
Lattice Semiconductor = | 6,542 | 34 | ||||||
Lawson Software = | 8,385 | 65 | ||||||
Limelight Networks = | 2,004 | 8 | ||||||
Lionbridge Technologies = | 3,500 | 19 | ||||||
Liquidity Services = | 916 | 10 | ||||||
Littelfuse = | 1,324 | 56 | ||||||
Liveperson = 6 | 2,517 | 21 | ||||||
LogMeIn = | 452 | 11 | ||||||
LoopNet = | 1,216 | 14 | ||||||
Loral Space & Communications = | 678 | 29 | ||||||
Manhattan Associates = | 1,444 | 41 | ||||||
ManTech International = | 1,335 | 60 | ||||||
Marchex | 1,536 | 8 | ||||||
MAXIMUS 6 | 1,026 | 64 | ||||||
Maxwell Technologies = 6 | 1,368 | 20 | ||||||
Measurement Specialties = | 859 | 14 |
26 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
MEMSIC = | 946 | $ | 3 | |||||
Mentor Graphics = | 5,740 | 52 | ||||||
MercadoLibre = 6 | 1,576 | 79 | ||||||
Mercury Computer Systems = | 1,332 | 17 | ||||||
Methode Electronics, Class A | 2,226 | 25 | ||||||
Micrel | 2,775 | 32 | ||||||
Microsemi = | 4,954 | 82 | ||||||
MicroStrategy = | 552 | 42 | ||||||
Microtune = | 3,089 | 8 | ||||||
MIPS Technologies, Class A = | 2,744 | 14 | ||||||
MKS Instruments = | 3,006 | 68 | ||||||
ModusLink Global Solutions = | 2,814 | 25 | ||||||
MoneyGram International = 6 | 5,033 | 15 | ||||||
Monolithic Power Systems = 6 | 2,066 | 51 | ||||||
Monotype Imaging Holdings = | 1,322 | 14 | ||||||
Move = | 9,405 | 21 | ||||||
MTS Systems | 1,020 | 30 | ||||||
Multi-Fineline Electronix = | 600 | 16 | ||||||
NCI = | 397 | 11 | ||||||
Ness Technologies = | 2,361 | 15 | ||||||
Net 1 UEPS Technologies = | 1,880 | 31 | ||||||
Netezza = 6 | 2,876 | 39 | ||||||
NETGEAR = | 2,056 | 56 | ||||||
Netlogic Microsystems = | 3,103 | 97 | ||||||
NetScout Systems = | 1,714 | 25 | ||||||
NetSuite = | 1,018 | 14 | ||||||
Network Equipment Technologies = | 1,779 | 9 | ||||||
Newport = | 2,109 | 25 | ||||||
NIC | 3,074 | 22 | ||||||
Novatel Wireless = | 1,844 | 13 | ||||||
NVE = | 272 | 13 | ||||||
OmniVision Technologies = | 3,081 | 54 | ||||||
Online Resources = | 1,689 | 8 | ||||||
Opentable = 6 | 184 | 7 | ||||||
Openwave Systems = 6 | 5,081 | 11 | ||||||
Oplink Communications = | 1,249 | 19 | ||||||
OPNET Technologies | 715 | 11 | ||||||
Opnext = | 1,511 | 4 | ||||||
OSI Systems = | 966 | 25 | ||||||
Palm = 6 | 10,083 | 58 | ||||||
PAR Technology = | 495 | 3 | ||||||
Parametric Technology = 6 | 7,066 | 131 | ||||||
Park Electrochemical | 1,183 | 36 | ||||||
ParkerVision = 6 | 2,217 | 4 | ||||||
PC Connection = | 476 | 3 | ||||||
PC Mall = | 600 | 3 | ||||||
PC-Tel = | 1,161 | 8 | ||||||
Pegasystems | 915 | 29 | ||||||
Perficient = | 1,791 | 22 | ||||||
Pericom Semiconductor = | 1,543 | 18 | ||||||
Pervasive Software = | 936 | 5 | ||||||
Phoenix Technologies = | 2,136 | 6 | ||||||
Photronics = 6 | 3,196 | 17 | ||||||
Plantronics | 2,981 | 99 | ||||||
Plexus = | 2,406 | 89 | ||||||
PLX Technology = | 2,237 | 12 | ||||||
Polycom = | 5,092 | 166 | ||||||
Power Integrations 6 | 1,439 | 55 | ||||||
Power-One = 6 | 4,651 | 37 | ||||||
Powerwave Technologies = 6 | 8,048 | 14 | ||||||
Progress Software = | 2,415 | 78 | ||||||
PROS Holdings = | 1,163 | 11 | ||||||
QAD | 871 | 5 | ||||||
Quantum = | 12,818 | 37 | ||||||
Quest Software = | 3,728 | 65 | ||||||
QuinStreet = 6 | 209 | 4 | ||||||
Rackspace Hosting = 6 | 4,050 | 73 | ||||||
Radiant Systems = | 1,673 | 24 | ||||||
RadiSys = | 1,423 | 14 | ||||||
RAE Systems = | 2,475 | 2 | ||||||
RealNetworks = | 4,948 | 21 | ||||||
Renaissance Learning | 562 | 8 | ||||||
RF Micro Devices = 6 | 16,210 | 91 | ||||||
RightNow Technologies = | 1,569 | 26 | ||||||
Rimage = | 525 | 9 | ||||||
Riverbed Technology = 6 | 3,338 | 103 | ||||||
Rofin-Sinar Technologies = 6 | 1,726 | 46 | ||||||
Rogers = | 988 | 33 | ||||||
Rosetta Stone = 6 | 381 | 10 | ||||||
Rubicon Technology = 6 | 771 | 21 | ||||||
Rudolph Technologies = | 1,792 | 17 | ||||||
S1 = | 3,222 | 20 | ||||||
Saba Software = 6 | 1,500 | 8 | ||||||
Sapient | 5,144 | 53 | ||||||
SAVVIS = | 2,186 | 38 | ||||||
ScanSource = 6 | 1,617 | 45 | ||||||
SeaChange International = | 1,795 | 15 | ||||||
Semtech = 6 | 3,617 | 66 | ||||||
ShoreTel = | 2,696 | 18 | ||||||
Sigma Designs = 6 | 1,861 | 22 | ||||||
Silicon Graphics International = | 1,822 | 18 | ||||||
Silicon Image = | 4,560 | 17 | ||||||
Skyworks Solutions = 6 | 10,211 | 172 | ||||||
Smart Modular Technologies = | 2,704 | 19 | ||||||
Smith Micro Software = | 1,890 | 18 | ||||||
Solarwinds = | 739 | 14 | ||||||
Solera Holdings 6 | 4,240 | 165 | ||||||
SonicWALL = | 2,981 | 30 | ||||||
Sonus Networks = | 12,577 | 33 | ||||||
Sourcefire = | 1,350 | 30 | ||||||
Spectrum Control = | 766 | 11 | ||||||
SRA International, Class A = 6 | 2,492 | 58 | ||||||
SRS Labs = | 707 | 7 | ||||||
Stamps.com = | 768 | 8 | ||||||
Standard Microsystems = | 1,286 | 33 | ||||||
StarTek = | 726 | 5 | ||||||
STEC = 6 | 1,585 | 22 | ||||||
Stratasys = 6 | 1,156 | 28 | ||||||
SuccessFactors = 6 | 2,818 | 59 | ||||||
Super Micro Computer = | 1,329 | 19 | ||||||
Supertex = | 626 | 17 | ||||||
Support.com = | 5,337 | 23 | ||||||
Switch & Data Facilities = | 1,194 | 23 | ||||||
Sycamore Networks | 1,173 | 23 | ||||||
Symmetricom = | 2,939 | 19 | ||||||
Symyx Technologies = | 2,079 | 11 | ||||||
Synaptics = 6 | 2,092 | 64 | ||||||
Synchronoss Technologies = 6 | 1,239 | 25 | ||||||
SYNNEX = 6 | 1,174 | 32 | ||||||
Syntel | 785 | 28 | ||||||
Take-Two Interactive Software = | 4,898 | 53 | ||||||
Taleo, Class A = | 2,383 | 62 | ||||||
Technitrol 6 | 2,499 | 13 | ||||||
Techtarget = | 755 | 4 | ||||||
Tekelec = | 4,059 | 74 | ||||||
Telecommunication Systems = | 2,332 | 16 | ||||||
Teletech Holdings = | 1,961 | 32 | ||||||
Terremark Worldwide = | 3,543 | 25 | ||||||
Tessera Technologies = | 2,966 | 60 | ||||||
The Knot = | 1,730 | 14 | ||||||
THQ = | 4,119 | 31 | ||||||
TIBCO Software = 6 | 10,522 | 120 |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 27
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Tier Technologies = | 1,069 | $ | 9 | |||||
TiVo = 6 | 6,647 | 116 | ||||||
TNS = | 1,498 | 39 | ||||||
Travelzoo = | 338 | 7 | ||||||
Trident Microsystems = | 3,838 | 7 | ||||||
TriQuint Semiconductor = | 8,986 | 68 | ||||||
TTM Technologies = 6 | 2,630 | 29 | ||||||
Tyler Technologies = | 1,887 | 32 | ||||||
Ultimate Software Group = 6 | 1,430 | 48 | ||||||
Ultratech = | 1,439 | 21 | ||||||
Unica = | 770 | 7 | ||||||
Unisys = | 2,578 | 72 | ||||||
United Online 6 | 5,098 | 41 | ||||||
Universal Display = 6 | 1,781 | 24 | ||||||
UTStarcom = | 6,904 | 20 | ||||||
ValueClick = 6 | 5,304 | 55 | ||||||
VASCO Data Security International = | 1,600 | 10 | ||||||
Veeco Instruments = 6 | 2,333 | 103 | ||||||
VeriFone Holdings = 6 | 4,400 | 84 | ||||||
ViaSat = | 1,583 | 56 | ||||||
Virage Logic = | 987 | 9 | ||||||
Virtusa = | 805 | 8 | ||||||
Vocus = | 1,011 | 17 | ||||||
Volterra Semiconductor = | 1,375 | 33 | ||||||
Web.com Group = | 1,499 | 7 | ||||||
Websense = | 2,700 | 61 | ||||||
White Electric Designs = ⊡ | 699 | 5 | ||||||
Wright Express = 6 | 2,340 | 79 | ||||||
X-Rite = | 1,581 | 5 | ||||||
Zix = 6 | 3,862 | 10 | ||||||
Zoran = | 3,012 | 29 | ||||||
Zygo = | 901 | 9 | ||||||
11,293 | ||||||||
Materials – 4.5% | ||||||||
A. Schulman | 1,529 | 40 | ||||||
A.M. Castle & Company = | 924 | 13 | ||||||
AEP Industries = | 318 | 9 | ||||||
Allied Nevada Gold = | 3,328 | 61 | ||||||
AMCOL International 6 | 1,593 | 46 | ||||||
American Vanguard 6 | 1,189 | 10 | ||||||
Ampal-American Israel, Class A = | 1,101 | 2 | ||||||
Arch Chemicals | 1,528 | 52 | ||||||
Balchem | 1,581 | 41 | ||||||
Boise = | 2,288 | 16 | ||||||
Brush Engineered Metals = | 1,186 | 35 | ||||||
Buckeye Technologies = | 2,744 | 39 | ||||||
BWAY Holding = | 439 | 9 | ||||||
Calgon Carbon = | 3,337 | 52 | ||||||
Century Aluminum = | 3,428 | 46 | ||||||
China Green Agriculture = 6 | 608 | 8 | ||||||
China Precision Steel = 6 | 1,888 | 4 | ||||||
Clearwater Paper = | 715 | 45 | ||||||
Coeur d’Alene Mines = 6 | 4,915 | 88 | ||||||
Deltic Timber 6 | 647 | 34 | ||||||
Domtar = | 2,533 | 179 | ||||||
Ferro = | 5,210 | 57 | ||||||
General Moly = 6 | 3,885 | 14 | ||||||
General Steel Holdings = 6 | 1,245 | 5 | ||||||
Glatfelter | 3,003 | 44 | ||||||
Graham Packaging = 6 | 1,010 | 12 | ||||||
Graphic Packaging Holding = | 8,706 | 32 | ||||||
H.B. Fuller | 2,988 | 70 | ||||||
Hawkins 6 | 531 | 14 | ||||||
Haynes International 6 | 697 | 25 | ||||||
Headwaters = 6 | 3,088 | 18 | ||||||
Hecla Mining = 6 | 14,266 | 85 | ||||||
Horsehead Holding = | 2,614 | 31 | ||||||
ICO | 1,502 | 13 | ||||||
Innophos Holdings | 1,051 | 30 | ||||||
Innospec = | 1,370 | 18 | ||||||
Kaiser Aluminum 6 | 923 | 37 | ||||||
Kapstone Paper & Packaging = | 1,706 | 22 | ||||||
Koppers Holdings | 1,212 | 34 | ||||||
Kraton Performance Polymers = | 248 | 5 | ||||||
Landec = | 1,601 | 10 | ||||||
Louisiana Pacific = 6 | 7,658 | 90 | ||||||
LSB Industries = 6 | 1,018 | 18 | ||||||
Minerals Technologies | 1,143 | 66 | ||||||
Myers Industries | 1,920 | 21 | ||||||
Neenah Paper | 859 | 15 | ||||||
NewMarket 6 | 688 | 76 | ||||||
NL Industries | 381 | 3 | ||||||
Olin 6 | 4,751 | 100 | ||||||
Olympic Steel | 552 | 18 | ||||||
OM Group = 6 | 1,863 | 70 | ||||||
Omnova Solutions = 6 | 2,674 | 20 | ||||||
Paramount Gold & Silver = 6 | 4,718 | 9 | ||||||
PolyOne = | 5,424 | 61 | ||||||
Quaker Chemical | 630 | 20 | ||||||
Rock-Tenn, Class A | 2,338 | 121 | ||||||
Rockwood Holdings = | 3,005 | 90 | ||||||
RTI International Metals = | 1,831 | 49 | ||||||
Schweitzer-Mauduit International | 1,070 | 61 | ||||||
Sensient Technologies | 2,972 | 94 | ||||||
ShengdaTech = 6 | 1,660 | 11 | ||||||
Silgan Holdings | 1,477 | 89 | ||||||
Solutia = | 7,259 | 128 | ||||||
Spartech = | 1,777 | 25 | ||||||
Stepan 6 | 447 | 34 | ||||||
Stillwater Mining = 6 | 2,471 | 42 | ||||||
STR Holdings = | 744 | 17 | ||||||
Sutor Technology Group = | 413 | 1 | ||||||
Texas Industries | 1,440 | 54 | ||||||
United States Lime & Minerals = | 98 | 4 | ||||||
Universal Stainless & Alloy = | 370 | 9 | ||||||
US Concrete = 6 | 2,226 | 1 | ||||||
US Gold = | 4,864 | 17 | ||||||
W.R. Grace & Company = | 4,400 | 127 | ||||||
Wausau-Mosinee Paper = | 2,580 | 23 | ||||||
Westlake Chemical | 1,082 | 30 | ||||||
Worthington Industries 6 | 3,740 | 60 | ||||||
Zep 6 | 1,288 | 24 | ||||||
Zoltek Companies = 6 | 1,693 | 17 | ||||||
3,120 | ||||||||
Telecommunication Services – 0.8% | ||||||||
Abovenet = | 754 | 38 | ||||||
Alaska Communications Systems Group 6 | 2,694 | 23 | ||||||
Atlantic Tele-Network | 513 | 28 | ||||||
Cbeyond = 6 | 1,404 | 22 | ||||||
Cincinnati Bell = | 13,276 | 45 | ||||||
Cogent Communications Group = | 2,684 | 27 | ||||||
Consolidated Communications Holdings 6 | 1,348 | 25 | ||||||
General Communication, Class A = | 2,979 | 18 | ||||||
Global Crossing = | 1,658 | 25 | ||||||
HickoryTech | 796 | 7 | ||||||
inContact = | 1,650 | 5 | ||||||
Iowa Telecommunication Services | 1,861 | 31 | ||||||
Neutral Tandem = 6 | 2,002 | 34 | ||||||
NTELOS Holdings | 1,751 | 34 | ||||||
PAETEC Holding = | 7,186 | 36 |
28 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Premiere Global Services = 6 | 3,701 | $ | 35 | |||||
Shenandoah Telecommunications | 1,318 | 23 | ||||||
SureWest Communications = | 870 | 7 | ||||||
Syniverse Holdings = 6 | 4,175 | 84 | ||||||
USA Mobility | 1,118 | 16 | ||||||
563 | ||||||||
Utilities – 2.8% | ||||||||
Allete | 1,789 | 65 | ||||||
American States Water | 1,169 | 44 | ||||||
Artesian Resources | 379 | 7 | ||||||
Avista | 3,332 | 72 | ||||||
Black Hills 6 | 2,234 | 73 | ||||||
Cadiz = 6 | 700 | 9 | ||||||
California Water Service Group | 1,199 | 46 | ||||||
Central Vermont Public Service | 674 | 15 | ||||||
CH Energy Group | 963 | 40 | ||||||
Chesapeake Utilities | 568 | 17 | ||||||
Cleco 6 | 3,684 | 101 | ||||||
Connecticut Water Service | 490 | 12 | ||||||
Consolidated Water | 845 | 12 | ||||||
El Paso Electric = | 2,739 | 58 | ||||||
Empire District Electric 6 | 2,083 | 41 | ||||||
IDACORP | 2,875 | 104 | ||||||
Laclede Group | 1,384 | 47 | ||||||
MGE Energy | 1,408 | 52 | ||||||
Middlesex Water Company | 720 | 13 | ||||||
New Jersey Resources | 2,569 | 97 | ||||||
Nicor | 2,548 | 112 | ||||||
Northwest Natural Gas | 1,615 | 77 | ||||||
NorthWestern 6 | 2,088 | 63 | ||||||
Pennichuck | 259 | 6 | ||||||
Piedmont Natural Gas 6 | 4,265 | 118 | ||||||
PNM Resources | 5,282 | 72 | ||||||
Portland General Electric | 4,583 | 91 | ||||||
SJW | 937 | 26 | ||||||
South Jersey Industries | 1,804 | 81 | ||||||
Southwest Gas | 2,726 | 85 | ||||||
Southwest Water 6 | 1,499 | 16 | ||||||
UIL Holdings | 1,718 | 50 | ||||||
UniSource Energy Holding 6 | 2,171 | 72 | ||||||
Unitil | 641 | 14 | ||||||
US Geothermal = | 4,752 | 4 | ||||||
WGL Holdings | 3,057 | 108 | ||||||
York Water | 695 | 10 | ||||||
1,930 | ||||||||
Total Common Stocks | ||||||||
(Cost $51,855) | 65,143 | |||||||
Closed-End Fund – 0.0% | ||||||||
Financials – 0.0% | ||||||||
Kayne Anderson Energy | ||||||||
(Cost $14) | 585 | 9 | ||||||
Warrants = – 0.0% | ||||||||
Greenhunter Energy 6 ¥ ⊡ | 30 | — | ||||||
Krispy Kreme Doughnuts | 210 | — | ||||||
Lantronix ¥ ⊡ | 39 | — | ||||||
Total Warrants | ||||||||
(Cost $—) | — | |||||||
Short-Term Investments – 8.8% | ||||||||
Money Market Fund – 7.5% | ||||||||
First American Prime Obligations Fund | ||||||||
0.066% Å Ω | 5,170,441 | 5,170 | ||||||
U.S. Treasury Obligation – 1.3% | ||||||||
U.S. Treasury Bill | ||||||||
0.109%, 05/20/2010 o | $ | 920 | 920 | |||||
Total Short-Term Investments | ||||||||
(Cost $6,090) | 6,090 | |||||||
Investment Purchased with Proceeds from Securities Lending – 32.0% | ||||||||
Mount Vernon Securities Lending Prime Portfolio | ||||||||
0.167% Ω † | ||||||||
(Cost $22,056) | 22,056,373 | 22,056 | ||||||
Total Investments 5 – 135.2% | ||||||||
(Cost $80,015) | 93,298 | |||||||
Other Assets and Liabilities, Net – (35.2)% | (24,274 | ) | ||||||
Total Net Assets – 100.0% | $ | 69,024 | ||||||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | |
= | Non-income producing security. | |
6 | This security or a portion of this security is out on loan at April 30, 2010. Total loaned securities had a fair value of $20,347 at April 30, 2010. See note 2 in Notes to Financial Statements. | |
¥ | Security considered illiquid. As of April 30, 2010, the fair value of the fund’s investments in securities considered to be illiquid was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. | |
⊡ | Security is internally fair valued. As of April 30, 2010, the fair value of these investments was $5 or 0.0% 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 shown is the annualized seven-day effective yield as of April 30, 2010. | |
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. 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 April 30, 2010, the cost of investments for federal income tax purposes was approximately $80,015. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 21,861 | ||
Gross unrealized depreciation | (8,578 | ) | ||
Net unrealized appreciation | $ | 13,283 | ||
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||||
Settlement | Contracts | Contract | Unrealized | |||||||||||
Description | Month | Purchased | Value | Appreciation | ||||||||||
Russell 2000 Mini Index Futures | June 2010 | 54 | $3,864 | $ | 205 | |||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 29
Statements of Assets and Liabilities | April 30, 2010 (unaudited), all dollars and shares are rounded to thousands (000), except per share data |
Equity | Mid Cap | Small Cap | ||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||
Unaffiliated investments, at cost | $ | 657,065 | $ | 202,098 | $ | 52,789 | ||||||||||
Affiliated investments, at cost | 28,203 | 16,528 | 5,170 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 189,087 | 58,540 | 22,056 | |||||||||||||
ASSETS: | ||||||||||||||||
Unaffiliated investments, at fair value* (note 2) | $ | 954,026 | $ | 242,801 | $ | 66,072 | ||||||||||
Affiliated investments, at fair value (note 2) | 28,983 | 16,528 | 5,170 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at fair value (note 2) | 189,087 | 58,540 | 22,056 | |||||||||||||
Cash | 4 | — | — | |||||||||||||
Receivable for dividends and interest | 980 | 112 | 38 | |||||||||||||
Receivable for investments sold | 73 | 1,396 | 34 | |||||||||||||
Receivable for capital shares sold | 335 | 167 | 87 | |||||||||||||
Receivable from advisor (note 3) | — | — | 12 | |||||||||||||
Prepaid expenses and other assets | 28 | 39 | 36 | |||||||||||||
Total assets | 1,173,516 | 319,583 | 93,505 | |||||||||||||
LIABILITIES: | ||||||||||||||||
Payable upon return of securities loaned (note 2) | 189,087 | 58,540 | 22,056 | |||||||||||||
Payable for investments purchased | 20 | 484 | 257 | |||||||||||||
Payable for capital shares redeemed | 9,210 | 3,087 | 1,905 | |||||||||||||
Payable for variation margin (note 2) | 533 | 407 | 176 | |||||||||||||
Payable to affiliates (note 3) | 312 | 104 | 58 | |||||||||||||
Payable for distribution and shareholder servicing fees | 46 | 16 | 5 | |||||||||||||
Accrued expenses and other liabilities | 55 | 17 | 24 | |||||||||||||
Total liabilities | 199,263 | 62,655 | 24,481 | |||||||||||||
Net assets | $ | 974,253 | $ | 256,928 | $ | 69,024 | ||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||
Portfolio capital | $ | 631,681 | $ | 220,990 | $ | 62,938 | ||||||||||
Undistributed net investment income | 607 | 538 | 110 | |||||||||||||
Accumulated net realized gain (loss) on investments and futures contracts (note 2) | 43,725 | (6,039 | ) | (7,512 | ) | |||||||||||
Net unrealized appreciation of: | ||||||||||||||||
Investments | 297,741 | 40,703 | 13,283 | |||||||||||||
Futures contracts | 499 | 736 | 205 | |||||||||||||
Net assets | $ | 974,253 | $ | 256,928 | $ | 69,024 | ||||||||||
* Including securities loaned, at fair value | $ | 179,064 | $ | 55,727 | $ | 20,347 | ||||||||||
30 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Equity | Mid Cap | Small Cap | ||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 123,830 | $ | 29,320 | $ | 11,692 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 5,742 | 2,476 | 1,165 | |||||||||||||
Net asset value, and redemption price per share | $ | 21.57 | $ | 11.84 | $ | 10.04 | ||||||||||
Maximum offering price per share1 | $ | 22.83 | $ | 12.53 | $ | 10.62 | ||||||||||
Class B2: | ||||||||||||||||
Net assets | $ | 8,938 | — | — | ||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 421 | — | — | |||||||||||||
Net asset value, offering price, and redemption price per share3 | $ | 21.24 | — | — | ||||||||||||
Class C: | ||||||||||||||||
Net assets | $ | 8,891 | $ | 3,323 | $ | 1,678 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 416 | 287 | 173 | |||||||||||||
Net asset value, offering price, and redemption price per share3 | $ | 21.38 | $ | 11.57 | $ | 9.70 | ||||||||||
Class R: | ||||||||||||||||
Net assets | $ | 12,578 | $ | 18,905 | $ | 4,198 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 584 | 1,610 | 428 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 21.52 | $ | 11.74 | $ | 9.82 | ||||||||||
Class Y: | ||||||||||||||||
Net assets | $ | 820,016 | $ | 205,380 | $ | 51,456 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 38,035 | 17,302 | 5,120 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 21.56 | $ | 11.87 | $ | 10.05 | ||||||||||
1 | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
2 | No new or additional investments are allowed in Class B shares, except for permitted exchanges and reinvestment of dividends. 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. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 31
Statements of Operations | For the six-month period ended April 30, 2010 (unaudited), all dollars are rounded to thousands (000) |
Equity | Mid Cap | Small Cap | ||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends from unaffiliated investments | $ | 9,634 | $ | 1,789 | $ | 405 | ||||||||||
Dividends from affiliated investments | 26 | 5 | 1 | |||||||||||||
Interest from unaffiliated investments | 3 | 2 | 1 | |||||||||||||
Securities lending income | 92 | 46 | 44 | |||||||||||||
Total investment income | 9,755 | 1,842 | 451 | |||||||||||||
EXPENSES (note 3): | ||||||||||||||||
Investment advisory fees | 1,230 | 288 | 125 | |||||||||||||
Administration fees | 1,102 | 266 | 110 | |||||||||||||
Transfer agent fees | 164 | 54 | 53 | |||||||||||||
Custodian fees | 26 | 6 | 2 | |||||||||||||
Legal fees | 8 | 8 | 8 | |||||||||||||
Audit fees | 16 | 16 | 16 | |||||||||||||
Registration fees | 26 | 25 | 24 | |||||||||||||
Postage and printing fees | 60 | 10 | 3 | |||||||||||||
Directors’ fees | 15 | 15 | 15 | |||||||||||||
Other expenses | 35 | 20 | 32 | |||||||||||||
Distribution and shareholder servicing fees: | ||||||||||||||||
Class A | 152 | 32 | 13 | |||||||||||||
Class B | 48 | — | — | |||||||||||||
Class C | 44 | 15 | 8 | |||||||||||||
Class R | 29 | 37 | 8 | |||||||||||||
Total expenses | 2,955 | 792 | 417 | |||||||||||||
Less: Fee waivers (note 3) | (873 | ) | (140 | ) | (209 | ) | ||||||||||
Total net expenses | 2,082 | 652 | 208 | |||||||||||||
Investment income – net | 7,673 | 1,190 | 243 | |||||||||||||
REALIZED AND UNREALIZED GAINS – NET (note 5): | ||||||||||||||||
Net realized gain on: | ||||||||||||||||
Unaffiliated investments | 59,046 | 4,687 | 353 | |||||||||||||
Affiliated investments | 112 | — | — | |||||||||||||
Futures contracts | 1,004 | 2,456 | 724 | |||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||
Unaffiliated investments | 73,737 | 42,630 | 13,601 | |||||||||||||
Affiliated investments | 529 | — | — | |||||||||||||
Future contracts | 865 | 1,233 | 527 | |||||||||||||
Net gain on investments and futures contracts | 135,293 | 51,006 | 15,205 | |||||||||||||
Net increase in net assets resulting from operations | $ | 142,966 | $ | 52,196 | $ | 15,448 | ||||||||||
32 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets | all dollars are rounded to thousands (000) |
Equity | Mid Cap | Small Cap | ||||||||||||||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||
Period Ended | Year | Period Ended | Year | Period Ended | Year | |||||||||||||||||||||||
4/30/10 | Ended | 4/30/10 | Ended | 4/30/10 | Ended | |||||||||||||||||||||||
(unaudited) | 10/31/09 | (unaudited) | 10/31/09 | (unaudited) | 10/31/09 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 7,673 | $ | 21,079 | $ | 1,190 | $ | 2,317 | $ | 243 | $ | 531 | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Unaffiliated investments | 59,046 | (381 | ) | 4,687 | (12,559 | ) | 353 | (8,262 | ) | |||||||||||||||||||
Affiliated investments | 112 | (117 | ) | — | — | — | — | |||||||||||||||||||||
Futures contracts | 1,004 | 2,686 | 2,456 | (2,979 | ) | 724 | (288 | ) | ||||||||||||||||||||
Net change in unrealized appreciation or depreciation of: | ||||||||||||||||||||||||||||
Unaffiliated investments | 73,737 | 51,528 | 42,630 | 34,624 | 13,601 | 9,224 | ||||||||||||||||||||||
Affiliated investments | 529 | (1,386 | ) | — | — | — | — | |||||||||||||||||||||
Futures contracts | 865 | 2,540 | 1,233 | 2,869 | 527 | 246 | ||||||||||||||||||||||
Net increase in net assets resulting from operations | 142,966 | 75,949 | 52,196 | 24,272 | 15,448 | 1,451 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (875 | ) | (2,257 | ) | (181 | ) | (115 | ) | (59 | ) | (58 | ) | ||||||||||||||||
Class B | (32 | ) | (149 | ) | — | (5 | ) | — | (3 | ) | ||||||||||||||||||
Class C | (31 | ) | (116 | ) | (2 | ) | (12 | ) | — | (7 | ) | |||||||||||||||||
Class R | (72 | ) | (198 | ) | (77 | ) | (63 | ) | (15 | ) | (11 | ) | ||||||||||||||||
Class Y | (7,009 | ) | (19,546 | ) | (1,705 | ) | (1,368 | ) | (344 | ) | (427 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | (250 | ) | — | — | (883 | ) | — | (868 | ) | |||||||||||||||||||
Class B | (21 | ) | — | — | (80 | ) | — | (97 | ) | |||||||||||||||||||
Class C | (19 | ) | — | — | (204 | ) | — | (207 | ) | |||||||||||||||||||
Class R | (23 | ) | — | — | (581 | ) | — | (185 | ) | |||||||||||||||||||
Class Y | (1,735 | ) | — | — | (9,460 | ) | — | (6,118 | ) | |||||||||||||||||||
Total distributions | (10,067 | ) | (22,266 | ) | (1,965 | ) | (12,771 | ) | (418 | ) | (7,981 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 7,538 | 15,557 | 5,483 | 13,274 | 2,399 | 5,583 | ||||||||||||||||||||||
Reinvestment of distributions | 1,079 | 2,158 | 170 | 920 | 56 | 882 | ||||||||||||||||||||||
Payments for redemptions | (16,104 | ) | (24,174 | ) | (4,642 | ) | (4,446 | ) | (1,802 | ) | (3,361 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (7,487 | ) | (6,459 | ) | 1,011 | 9,748 | 653 | 3,104 | ||||||||||||||||||||
Class B1: | ||||||||||||||||||||||||||||
Proceeds from sales | — | 33 | — | 34 | — | 3 | ||||||||||||||||||||||
Reinvestment of distributions | 52 | 146 | — | 78 | — | 98 | ||||||||||||||||||||||
Payments for redemptions (note 3) | (2,227 | ) | (3,587 | ) | — | (1,187 | ) | — | (644 | ) | ||||||||||||||||||
Decrease in net assets from Class B transactions | (2,175 | ) | (3,408 | ) | — | (1,075 | ) | — | (543 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | 342 | 792 | 290 | 252 | 53 | 141 | ||||||||||||||||||||||
Reinvestment of distributions | 46 | 106 | 2 | 180 | — | 198 | ||||||||||||||||||||||
Payments for redemptions (note 3) | (1,347 | ) | (2,424 | ) | (413 | ) | (929 | ) | (120 | ) | (324 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (959 | ) | (1,526 | ) | (121 | ) | (497 | ) | (67 | ) | 15 | |||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Proceeds from sales | 2,250 | 5,367 | 5,952 | 6,776 | 1,278 | 1,902 | ||||||||||||||||||||||
Reinvestment of distributions | 95 | 198 | 77 | 644 | 15 | 196 | ||||||||||||||||||||||
Payments for redemptions | (2,247 | ) | (5,283 | ) | (2,561 | ) | (4,346 | ) | (406 | ) | (738 | ) | ||||||||||||||||
Increase in net assets from Class R transactions | 98 | 282 | 3,468 | 3,074 | 887 | 1,360 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 51,539 | 170,677 | 26,355 | 41,509 | 6,144 | 13,371 | ||||||||||||||||||||||
Reinvestment of distributions | 4,721 | 9,611 | 838 | 6,315 | 140 | 3,291 | ||||||||||||||||||||||
Payments for redemptions | (176,139 | ) | (352,443 | ) | (26,030 | ) | (70,209 | ) | (9,425 | ) | (22,718 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (119,879 | ) | (172,155 | ) | 1,163 | (22,385 | ) | (3,141 | ) | (6,056 | ) | |||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (130,402 | ) | (183,266 | ) | 5,521 | (11,135 | ) | (1,668 | ) | (2,120 | ) | |||||||||||||||||
Total increase (decrease) in net assets | 2,497 | (129,583 | ) | 55,752 | 366 | 13,362 | (8,650 | ) | ||||||||||||||||||||
Net assets at beginning of period | 971,756 | 1,101,339 | 201,176 | 200,810 | 55,662 | 64,312 | ||||||||||||||||||||||
Net assets at end of period | $ | 974,253 | $ | 971,756 | $ | 256,928 | $ | 201,176 | $ | 69,024 | $ | 55,662 | ||||||||||||||||
Undistributed net investment income at end of period | $ | 607 | $ | 953 | $ | 538 | $ | 1,313 | $ | 110 | $ | 285 | ||||||||||||||||
1 | No new or additional investments are allowed in Class B shares except for permitted exchanges and reinvestment of dividends. See note 1 in Notes to Financial Statements. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 33
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 | ||||||||||||||||||||||||||||||||||
Equity Index Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.86 | $ | 0.14 | $ | 2.76 | $ | 2.90 | $ | (0.15 | ) | $ | (0.04 | ) | $ | (0.19 | ) | $ | 21.57 | ||||||||||||||||||||||
20093 | 17.61 | 0.34 | 1.27 | 1.61 | (0.36 | ) | — | (0.36 | ) | 18.86 | |||||||||||||||||||||||||||||||
20083 | 28.67 | 0.42 | (10.57 | ) | (10.15 | ) | (0.38 | ) | (0.53 | ) | (0.91 | ) | 17.61 | ||||||||||||||||||||||||||||
20073 | 25.80 | 0.37 | 3.16 | 3.53 | (0.36 | ) | (0.30 | ) | (0.66 | ) | 28.67 | ||||||||||||||||||||||||||||||
20063 | 22.59 | 0.33 | 3.21 | 3.54 | (0.33 | ) | — | (0.33 | ) | 25.80 | |||||||||||||||||||||||||||||||
20054 | 23.00 | 0.01 | (0.40 | ) | (0.39 | ) | (0.02 | ) | — | (0.02 | ) | 22.59 | |||||||||||||||||||||||||||||
20055 | 20.91 | 0.34 | 2.09 | 2.43 | (0.34 | ) | — | (0.34 | ) | 23.00 | |||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.58 | $ | 0.06 | $ | 2.71 | $ | 2.77 | $ | (0.07 | ) | $ | (0.04 | ) | $ | (0.11 | ) | $ | 21.24 | ||||||||||||||||||||||
20093 | 17.35 | 0.22 | 1.25 | 1.47 | (0.24 | ) | — | (0.24 | ) | 18.58 | |||||||||||||||||||||||||||||||
20083 | 28.27 | 0.24 | (10.42 | ) | (10.18 | ) | (0.21 | ) | (0.53 | ) | (0.74 | ) | 17.35 | ||||||||||||||||||||||||||||
20073 | 25.47 | 0.17 | 3.11 | 3.28 | (0.18 | ) | (0.30 | ) | (0.48 | ) | 28.27 | ||||||||||||||||||||||||||||||
20063 | 22.31 | 0.15 | 3.17 | 3.32 | (0.16 | ) | — | (0.16 | ) | 25.47 | |||||||||||||||||||||||||||||||
20054 | 22.72 | — | (0.40 | ) | (0.40 | ) | (0.01 | ) | — | (0.01 | ) | 22.31 | |||||||||||||||||||||||||||||
20055 | 20.66 | 0.18 | 2.06 | 2.24 | (0.18 | ) | — | (0.18 | ) | 22.72 | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.70 | $ | 0.06 | $ | 2.73 | $ | 2.79 | $ | (0.07 | ) | $ | (0.04 | ) | $ | (0.11 | ) | $ | 21.38 | ||||||||||||||||||||||
20093 | 17.46 | 0.21 | 1.26 | 1.47 | (0.23 | ) | — | (0.23 | ) | 18.70 | |||||||||||||||||||||||||||||||
20083 | 28.45 | 0.24 | (10.48 | ) | (10.24 | ) | (0.22 | ) | (0.53 | ) | (0.75 | ) | 17.46 | ||||||||||||||||||||||||||||
20073 | 25.62 | 0.17 | 3.14 | 3.31 | (0.18 | ) | (0.30 | ) | (0.48 | ) | 28.45 | ||||||||||||||||||||||||||||||
20063 | 22.44 | 0.15 | 3.19 | 3.34 | (0.16 | ) | — | (0.16 | ) | 25.62 | |||||||||||||||||||||||||||||||
20054 | 22.85 | — | (0.40 | ) | (0.40 | ) | (0.01 | ) | — | (0.01 | ) | 22.44 | |||||||||||||||||||||||||||||
20055 | 20.78 | 0.18 | 2.07 | 2.25 | (0.18 | ) | — | (0.18 | ) | 22.85 | |||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.83 | $ | 0.11 | $ | 2.74 | $ | 2.85 | $ | (0.12 | ) | $ | (0.04 | ) | $ | (0.16 | ) | $ | 21.52 | ||||||||||||||||||||||
20093 | 17.58 | 0.29 | 1.28 | 1.57 | (0.32 | ) | — | (0.32 | ) | 18.83 | |||||||||||||||||||||||||||||||
20083 | 28.63 | 0.35 | (10.54 | ) | (10.19 | ) | (0.33 | ) | (0.53 | ) | (0.86 | ) | 17.58 | ||||||||||||||||||||||||||||
20073 | 25.77 | 0.29 | 3.17 | 3.46 | (0.30 | ) | (0.30 | ) | (0.60 | ) | 28.63 | ||||||||||||||||||||||||||||||
20063 | 22.57 | 0.26 | 3.21 | 3.47 | (0.27 | ) | — | (0.27 | ) | 25.77 | |||||||||||||||||||||||||||||||
20054 | 22.98 | 0.01 | (0.40 | ) | (0.39 | ) | (0.02 | ) | — | (0.02 | ) | 22.57 | |||||||||||||||||||||||||||||
20055 | 20.91 | 0.26 | 2.11 | 2.37 | (0.30 | ) | — | (0.30 | ) | 22.98 | |||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 18.86 | $ | 0.16 | $ | 2.75 | $ | 2.91 | $ | (0.17 | ) | $ | (0.04 | ) | $ | (0.21 | ) | $ | 21.56 | ||||||||||||||||||||||
20093 | 17.61 | 0.38 | 1.27 | 1.65 | (0.40 | ) | — | (0.40 | ) | 18.86 | |||||||||||||||||||||||||||||||
20083 | 28.66 | 0.48 | (10.56 | ) | (10.08 | ) | (0.44 | ) | (0.53 | ) | (0.97 | ) | 17.61 | ||||||||||||||||||||||||||||
20073 | 25.79 | 0.44 | 3.16 | 3.60 | (0.43 | ) | (0.30 | ) | (0.73 | ) | 28.66 | ||||||||||||||||||||||||||||||
20063 | 22.58 | 0.39 | 3.21 | 3.60 | (0.39 | ) | — | (0.39 | ) | 25.79 | |||||||||||||||||||||||||||||||
20054 | 22.99 | 0.02 | (0.41 | ) | (0.39 | ) | (0.02 | ) | — | (0.02 | ) | 22.58 | |||||||||||||||||||||||||||||
20055 | 20.91 | 0.40 | 2.08 | 2.48 | (0.40 | ) | — | (0.40 | ) | 22.99 | |||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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 year indicated. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
34 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Ratio of | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Investment | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income (Loss) | Net Assets | Income (Loss) | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | to Average Net Assets | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | (Excluding Waivers) | Rate | ||||||||||||||||||||||||||||||
15.42 | % | $ | 123,830 | 0.62 | % | 1.36 | % | 0.80 | % | 1.18 | % | 3 | % | |||||||||||||||||||||||
9.51 | 115,213 | 0.62 | 2.03 | 0.79 | 1.86 | 10 | ||||||||||||||||||||||||||||||
(36.35 | ) | 114,654 | 0.62 | 1.74 | 0.78 | 1.58 | 4 | |||||||||||||||||||||||||||||
13.93 | 213,957 | 0.62 | 1.37 | 0.76 | 1.23 | 4 | ||||||||||||||||||||||||||||||
15.76 | 229,185 | 0.62 | 1.36 | 0.77 | 1.21 | 3 | ||||||||||||||||||||||||||||||
(1.70 | ) | 234,629 | 0.62 | 0.69 | 0.79 | 0.52 | — | |||||||||||||||||||||||||||||
11.69 | 238,379 | 0.62 | 1.53 | 0.79 | 1.36 | 4 | ||||||||||||||||||||||||||||||
14.95 | % | $ | 8,938 | 1.37 | % | 0.62 | % | 1.55 | % | 0.44 | % | 3 | % | |||||||||||||||||||||||
8.69 | 9,822 | 1.37 | 1.33 | 1.54 | 1.16 | 10 | ||||||||||||||||||||||||||||||
(36.82 | ) | 12,856 | 1.37 | 0.99 | 1.53 | 0.83 | 4 | |||||||||||||||||||||||||||||
13.05 | 31,343 | 1.37 | 0.63 | 1.51 | 0.49 | 4 | ||||||||||||||||||||||||||||||
14.94 | 43,369 | 1.37 | 0.63 | 1.52 | 0.48 | 3 | ||||||||||||||||||||||||||||||
(1.78 | ) | 56,097 | 1.37 | (0.06 | ) | 1.54 | (0.23 | ) | — | |||||||||||||||||||||||||||
10.86 | 58,857 | 1.37 | 0.79 | 1.54 | 0.62 | 4 | ||||||||||||||||||||||||||||||
14.97 | % | $ | 8,891 | 1.37 | % | 0.61 | % | 1.55 | % | 0.43 | % | 3 | % | |||||||||||||||||||||||
8.69 | 8,661 | 1.37 | 1.31 | 1.54 | 1.14 | 10 | ||||||||||||||||||||||||||||||
(36.83 | ) | 9,784 | 1.37 | 0.99 | 1.53 | 0.83 | 4 | |||||||||||||||||||||||||||||
13.09 | 19,585 | 1.37 | 0.62 | 1.51 | 0.48 | 4 | ||||||||||||||||||||||||||||||
14.93 | 20,714 | 1.37 | 0.62 | 1.52 | 0.47 | 3 | ||||||||||||||||||||||||||||||
(1.78 | ) | 24,195 | 1.37 | (0.05 | ) | 1.54 | (0.22 | ) | — | |||||||||||||||||||||||||||
10.84 | 26,258 | 1.37 | 0.79 | 1.54 | 0.62 | 4 | ||||||||||||||||||||||||||||||
15.20 | % | $ | 12,578 | 0.87 | % | 1.10 | % | 1.05 | % | 0.92 | % | 3 | % | |||||||||||||||||||||||
9.27 | 10,915 | 0.87 | 1.73 | 1.04 | 1.56 | 10 | ||||||||||||||||||||||||||||||
(36.51 | ) | 9,463 | 0.87 | 1.49 | 1.03 | 1.33 | 4 | |||||||||||||||||||||||||||||
13.65 | 7,230 | 0.87 | 1.07 | 1.01 | 0.93 | 4 | ||||||||||||||||||||||||||||||
15.47 | 3,419 | 0.87 | 1.08 | 1.15 | 0.80 | 3 | ||||||||||||||||||||||||||||||
(1.72 | ) | 1,715 | 0.87 | 0.44 | 1.19 | 0.12 | — | |||||||||||||||||||||||||||||
11.38 | 1,663 | 0.87 | 1.14 | 1.19 | 0.82 | 4 | ||||||||||||||||||||||||||||||
15.51 | % | $ | 820,016 | 0.37 | % | 1.62 | % | 0.55 | % | 1.44 | % | 3 | % | |||||||||||||||||||||||
9.78 | 827,145 | 0.37 | 2.31 | 0.54 | 2.14 | 10 | ||||||||||||||||||||||||||||||
(36.18 | ) | 954,582 | 0.37 | 1.99 | 0.53 | 1.83 | 4 | |||||||||||||||||||||||||||||
14.22 | 1,714,008 | 0.37 | 1.62 | 0.51 | 1.48 | 4 | ||||||||||||||||||||||||||||||
16.07 | 1,935,614 | 0.37 | 1.61 | 0.52 | 1.46 | 3 | ||||||||||||||||||||||||||||||
(1.69 | ) | 1,882,517 | 0.37 | 0.94 | 0.54 | 0.77 | — | |||||||||||||||||||||||||||||
11.92 | 1,940,567 | 0.37 | 1.78 | 0.54 | 1.61 | 4 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 35
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 (Loss) | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Mid Cap Index Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.52 | $ | 0.05 | $ | 2.35 | $ | 2.40 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | 11.84 | |||||||||||||||||||||||
20093 | 8.83 | 0.09 | 1.27 | 1.36 | (0.07 | ) | (0.60 | ) | (0.67 | ) | 9.52 | ||||||||||||||||||||||||||||||
20083 | 15.69 | 0.13 | (5.30 | ) | (5.17 | ) | (0.10 | ) | (1.59 | ) | (1.69 | ) | 8.83 | ||||||||||||||||||||||||||||
20073 | 14.25 | 0.15 | 2.08 | 2.23 | (0.13 | ) | (0.66 | ) | (0.79 | ) | 15.69 | ||||||||||||||||||||||||||||||
20063 | 13.52 | 0.11 | 1.55 | 1.66 | (0.11 | ) | (0.82 | ) | (0.93 | ) | 14.25 | ||||||||||||||||||||||||||||||
20054 | 13.82 | — | (0.30 | ) | (0.30 | ) | — | — | — | 13.52 | |||||||||||||||||||||||||||||||
20055 | 11.84 | 0.09 | 2.40 | 2.49 | (0.09 | ) | (0.42 | ) | (0.51 | ) | 13.82 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.28 | $ | 0.01 | $ | 2.29 | $ | 2.30 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 11.57 | |||||||||||||||||||||||
20093 | 8.64 | 0.04 | 1.23 | 1.27 | (0.03 | ) | (0.60 | ) | (0.63 | ) | 9.28 | ||||||||||||||||||||||||||||||
20083 | 15.41 | 0.04 | (5.19 | ) | (5.15 | ) | (0.03 | ) | (1.59 | ) | (1.62 | ) | 8.64 | ||||||||||||||||||||||||||||
20073 | 14.03 | 0.04 | 2.03 | 2.07 | (0.03 | ) | (0.66 | ) | (0.69 | ) | 15.41 | ||||||||||||||||||||||||||||||
20063 | 13.32 | — | 1.55 | 1.55 | (0.02 | ) | (0.82 | ) | (0.84 | ) | 14.03 | ||||||||||||||||||||||||||||||
20054 | 13.63 | (0.01 | ) | (0.30 | ) | (0.31 | ) | — | — | — | 13.32 | ||||||||||||||||||||||||||||||
20055 | 11.70 | (0.01 | ) | 2.38 | 2.37 | (0.02 | ) | (0.42 | ) | (0.44 | ) | 13.63 | |||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.43 | $ | 0.03 | $ | 2.34 | $ | 2.37 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 11.74 | |||||||||||||||||||||||
20093 | 8.76 | 0.07 | 1.26 | 1.33 | (0.06 | ) | (0.60 | ) | (0.66 | ) | 9.43 | ||||||||||||||||||||||||||||||
20083 | 15.60 | 0.10 | (5.27 | ) | (5.17 | ) | (0.08 | ) | (1.59 | ) | (1.67 | ) | 8.76 | ||||||||||||||||||||||||||||
20073 | 14.19 | 0.11 | 2.07 | 2.18 | (0.11 | ) | (0.66 | ) | (0.77 | ) | 15.60 | ||||||||||||||||||||||||||||||
20063 | 13.48 | 0.07 | 1.55 | 1.62 | (0.09 | ) | (0.82 | ) | (0.91 | ) | 14.19 | ||||||||||||||||||||||||||||||
20054 | 13.78 | — | (0.30 | ) | (0.30 | ) | — | — | — | 13.48 | |||||||||||||||||||||||||||||||
20055 | 11.83 | 0.04 | 2.41 | 2.45 | (0.08 | ) | (0.42 | ) | (0.50 | ) | 13.78 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 9.55 | $ | 0.06 | $ | 2.36 | $ | 2.42 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 11.87 | |||||||||||||||||||||||
20093 | 8.84 | 0.12 | 1.27 | 1.39 | (0.08 | ) | (0.60 | ) | (0.68 | ) | 9.55 | ||||||||||||||||||||||||||||||
20083 | 15.70 | 0.17 | (5.31 | ) | (5.14 | ) | (0.13 | ) | (1.59 | ) | (1.72 | ) | 8.84 | ||||||||||||||||||||||||||||
20073 | 14.27 | 0.19 | 2.07 | 2.26 | (0.17 | ) | (0.66 | ) | (0.83 | ) | 15.70 | ||||||||||||||||||||||||||||||
20063 | 13.53 | 0.15 | 1.56 | 1.71 | (0.15 | ) | (0.82 | ) | (0.97 | ) | 14.27 | ||||||||||||||||||||||||||||||
20054 | 13.83 | 0.01 | (0.31 | ) | (0.30 | ) | — | — | — | 13.53 | |||||||||||||||||||||||||||||||
20055 | 11.84 | 0.12 | 2.41 | 2.53 | (0.12 | ) | (0.42 | ) | (0.54 | ) | 13.83 | ||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to October 31. 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 year indicated. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
36 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Ratio of | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Investment | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income (Loss) | Net Assets | Income (Loss) | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | to Average Net Assets | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | (Excluding Waivers) | Rate | ||||||||||||||||||||||||||||||
25.31 | % | $ | 29,320 | 0.74 | % | 0.85 | % | 0.86 | % | 0.73 | % | 6 | % | |||||||||||||||||||||||
17.53 | 22,766 | 0.75 | 1.15 | 0.92 | 0.98 | 18 | ||||||||||||||||||||||||||||||
(36.46 | ) | 11,374 | 0.74 | 1.04 | 0.84 | 0.94 | 15 | |||||||||||||||||||||||||||||
16.32 | 17,868 | 0.75 | 1.02 | 0.81 | 0.96 | 15 | ||||||||||||||||||||||||||||||
12.70 | 14,722 | 0.75 | 0.77 | 0.81 | 0.71 | 7 | ||||||||||||||||||||||||||||||
(2.17 | ) | 14,318 | 0.75 | 0.26 | 0.80 | 0.21 | 1 | |||||||||||||||||||||||||||||
21.43 | 14,827 | 0.75 | 0.68 | 0.82 | 0.61 | 15 | ||||||||||||||||||||||||||||||
24.78 | % | $ | 3,323 | 1.49 | % | 0.11 | % | 1.61 | % | (0.01 | )% | 6 | % | |||||||||||||||||||||||
16.68 | 2,766 | 1.50 | 0.48 | 1.67 | 0.31 | 18 | ||||||||||||||||||||||||||||||
(36.91 | ) | 3,101 | 1.48 | 0.30 | 1.58 | 0.20 | 15 | |||||||||||||||||||||||||||||
15.39 | 5,287 | 1.50 | 0.28 | 1.56 | 0.22 | 15 | ||||||||||||||||||||||||||||||
11.96 | 4,320 | 1.50 | 0.02 | 1.56 | (0.04 | ) | 7 | |||||||||||||||||||||||||||||
(2.27 | ) | 3,388 | 1.50 | (0.49 | ) | 1.55 | (0.54 | ) | 1 | |||||||||||||||||||||||||||
20.60 | 3,533 | 1.50 | (0.08 | ) | 1.57 | (0.15 | ) | 15 | ||||||||||||||||||||||||||||
25.20 | % | $ | 18,905 | 0.99 | % | 0.58 | % | 1.11 | % | 0.46 | % | 6 | % | |||||||||||||||||||||||
17.29 | 12,212 | 1.00 | 0.89 | 1.17 | 0.72 | 18 | ||||||||||||||||||||||||||||||
(36.66 | ) | 8,157 | 1.00 | 0.80 | 1.10 | 0.70 | 15 | |||||||||||||||||||||||||||||
16.01 | 5,913 | 1.00 | 0.78 | 1.06 | 0.72 | 15 | ||||||||||||||||||||||||||||||
12.40 | 4,032 | 1.00 | 0.47 | 1.17 | 0.30 | 7 | ||||||||||||||||||||||||||||||
(2.18 | ) | 131 | 1.00 | 0.01 | 1.20 | (0.19 | ) | 1 | ||||||||||||||||||||||||||||
21.09 | 122 | 1.00 | 0.28 | 1.22 | 0.06 | 15 | ||||||||||||||||||||||||||||||
25.44 | % | $ | 205,380 | 0.49 | % | 1.11 | % | 0.61 | % | 0.99 | % | 6 | % | |||||||||||||||||||||||
17.92 | 163,432 | 0.50 | 1.47 | 0.67 | 1.30 | 18 | ||||||||||||||||||||||||||||||
(36.31 | ) | 177,038 | 0.49 | 1.29 | 0.59 | 1.19 | 15 | |||||||||||||||||||||||||||||
16.52 | 333,784 | 0.50 | 1.29 | 0.56 | 1.23 | 15 | ||||||||||||||||||||||||||||||
13.05 | 333,636 | 0.50 | 1.03 | 0.56 | 0.97 | 7 | ||||||||||||||||||||||||||||||
(2.17 | ) | 342,072 | 0.50 | 0.51 | 0.55 | 0.46 | 1 | |||||||||||||||||||||||||||||
21.82 | 353,354 | 0.50 | 0.92 | 0.57 | 0.85 | 15 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 37
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 (Loss) | Investments | Operations | Income | Realized Gains | Distributions | Period | ||||||||||||||||||||||||||||||||||
Small Cap Index Fund1 | |||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 7.90 | $ | 0.03 | $ | 2.16 | $ | 2.19 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 10.04 | |||||||||||||||||||||||
20093 | 8.91 | 0.06 | 0.27 | 0.33 | (0.07 | ) | (1.27 | ) | (1.34 | ) | 7.90 | ||||||||||||||||||||||||||||||
20083 | 15.37 | 0.13 | (4.88 | ) | (4.75 | ) | (0.10 | ) | (1.61 | ) | (1.71 | ) | 8.91 | ||||||||||||||||||||||||||||
20073 | 16.23 | 0.14 | 1.13 | 1.27 | (0.12 | ) | (2.01 | ) | (2.13 | ) | 15.37 | ||||||||||||||||||||||||||||||
20063 | 14.12 | 0.07 | 2.56 | 2.63 | (0.10 | ) | (0.42 | ) | (0.52 | ) | 16.23 | ||||||||||||||||||||||||||||||
20054 | 14.57 | — | (0.45 | ) | (0.45 | ) | — | — | — | 14.12 | |||||||||||||||||||||||||||||||
20055 | 13.38 | 0.07 | 2.17 | 2.24 | (0.06 | ) | (0.99 | ) | (1.05 | ) | 14.57 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 7.62 | $ | (0.01 | ) | $ | 2.09 | $ | 2.08 | $ | — | $ | — | $ | — | $ | 9.70 | ||||||||||||||||||||||||
20093 | 8.66 | 0.01 | 0.26 | 0.27 | (0.04 | ) | (1.27 | ) | (1.31 | ) | 7.62 | ||||||||||||||||||||||||||||||
20083 | 15.02 | 0.04 | (4.76 | ) | (4.72 | ) | (0.03 | ) | (1.61 | ) | (1.64 | ) | 8.66 | ||||||||||||||||||||||||||||
20073 | 15.92 | 0.03 | 1.10 | 1.13 | (0.02 | ) | (2.01 | ) | (2.03 | ) | 15.02 | ||||||||||||||||||||||||||||||
20063 | 13.88 | (0.04 | ) | 2.51 | 2.47 | (0.01 | ) | (0.42 | ) | (0.43 | ) | 15.92 | |||||||||||||||||||||||||||||
20054 | 14.34 | (0.01 | ) | (0.45 | ) | (0.46 | ) | — | — | — | 13.88 | ||||||||||||||||||||||||||||||
20055 | 13.26 | (0.03 | ) | 2.10 | 2.07 | — | (0.99 | ) | (0.99 | ) | 14.34 | ||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 7.73 | $ | 0.02 | $ | 2.11 | $ | 2.13 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 9.82 | |||||||||||||||||||||||
20093 | 8.76 | 0.04 | 0.26 | 0.30 | (0.06 | ) | (1.27 | ) | (1.33 | ) | 7.73 | ||||||||||||||||||||||||||||||
20083 | 15.16 | 0.10 | (4.81 | ) | (4.71 | ) | (0.08 | ) | (1.61 | ) | (1.69 | ) | 8.76 | ||||||||||||||||||||||||||||
20073 | 16.04 | 0.11 | 1.11 | 1.22 | (0.09 | ) | (2.01 | ) | (2.10 | ) | 15.16 | ||||||||||||||||||||||||||||||
20063 | 13.97 | 0.03 | 2.53 | 2.56 | (0.07 | ) | (0.42 | ) | (0.49 | ) | 16.04 | ||||||||||||||||||||||||||||||
20054 | 14.43 | — | (0.46 | ) | (0.46 | ) | — | — | — | 13.97 | |||||||||||||||||||||||||||||||
20055 | 13.31 | 0.04 | 2.11 | 2.15 | (0.04 | ) | (0.99 | ) | (1.03 | ) | 14.43 | ||||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
20102 | $ | 7.91 | $ | 0.04 | $ | 2.17 | $ | 2.21 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 10.05 | |||||||||||||||||||||||
20093 | 8.92 | 0.09 | 0.25 | 0.34 | (0.08 | ) | (1.27 | ) | (1.35 | ) | 7.91 | ||||||||||||||||||||||||||||||
20083 | 15.37 | 0.16 | (4.88 | ) | (4.72 | ) | (0.12 | ) | (1.61 | ) | (1.73 | ) | 8.92 | ||||||||||||||||||||||||||||
20073 | 16.23 | 0.18 | 1.13 | 1.31 | (0.16 | ) | (2.01 | ) | (2.17 | ) | 15.37 | ||||||||||||||||||||||||||||||
20063 | 14.12 | 0.11 | 2.55 | 2.66 | (0.13 | ) | (0.42 | ) | (0.55 | ) | 16.23 | ||||||||||||||||||||||||||||||
20054 | 14.57 | 0.01 | (0.46 | ) | (0.45 | ) | — | — | — | 14.12 | |||||||||||||||||||||||||||||||
20055 | 13.43 | 0.11 | 2.12 | 2.23 | (0.10 | ) | (0.99 | ) | (1.09 | ) | 14.57 | ||||||||||||||||||||||||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. 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 year indicated. | |
6 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
38 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
The accompanying notes are an integral part of the financial statements.
Ratio of | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Ratio of Net | ||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | Investment | |||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income (Loss) | Net Assets | Income (Loss) | Portfolio | |||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | to Average Net Assets | Turnover | ||||||||||||||||||||||||||||||
Return6 | Period (000) | Net Assets | Net Assets | Waivers) | (Excluding Waivers) | Rate | ||||||||||||||||||||||||||||||
27.82 | % | $ | 11,692 | 0.82 | % | 0.62 | % | 1.49 | % | (0.05 | )% | 1 | % | |||||||||||||||||||||||
6.34 | 8,591 | 0.82 | 0.87 | 1.66 | 0.03 | 22 | ||||||||||||||||||||||||||||||
(34.15 | ) | 6,043 | 0.82 | 1.09 | 1.31 | 0.60 | 19 | |||||||||||||||||||||||||||||
8.56 | 9,109 | 0.83 | 0.92 | 1.12 | 0.63 | 12 | ||||||||||||||||||||||||||||||
19.02 | 10,639 | 0.83 | 0.47 | 1.08 | 0.22 | 17 | ||||||||||||||||||||||||||||||
(3.09 | ) | 10,067 | 0.83 | 0.27 | 1.01 | 0.09 | — | |||||||||||||||||||||||||||||
17.08 | 10,323 | 0.90 | 0.53 | 1.03 | 0.40 | 23 | ||||||||||||||||||||||||||||||
27.30 | % | $ | 1,678 | 1.57 | % | (0.13 | )% | 2.24 | % | (0.80 | )% | 1 | % | |||||||||||||||||||||||
5.60 | 1,380 | 1.57 | 0.17 | 2.41 | (0.67 | ) | 22 | |||||||||||||||||||||||||||||
(34.67 | ) | 1,531 | 1.57 | 0.34 | 2.06 | (0.15 | ) | 19 | ||||||||||||||||||||||||||||
7.78 | 2,916 | 1.58 | 0.17 | 1.87 | (0.12 | ) | 12 | |||||||||||||||||||||||||||||
18.15 | 2,662 | 1.58 | (0.28 | ) | 1.83 | (0.53 | ) | 17 | ||||||||||||||||||||||||||||
(3.21 | ) | 2,068 | 1.58 | (0.48 | ) | 1.76 | (0.66 | ) | — | |||||||||||||||||||||||||||
15.84 | 2,256 | 1.65 | (0.23 | ) | 1.78 | (0.36 | ) | 23 | ||||||||||||||||||||||||||||
27.63 | % | $ | 4,198 | 1.08 | % | 0.36 | % | 1.75 | % | (0.31 | )% | 1 | % | |||||||||||||||||||||||
6.08 | 2,512 | 1.07 | 0.55 | 1.91 | (0.29 | ) | 22 | |||||||||||||||||||||||||||||
(34.33 | ) | 1,121 | 1.08 | 0.87 | 1.57 | 0.38 | 19 | |||||||||||||||||||||||||||||
8.34 | 703 | 1.08 | 0.71 | 1.37 | 0.43 | 12 | ||||||||||||||||||||||||||||||
18.75 | 280 | 1.08 | 0.23 | 1.47 | (0.16 | ) | 17 | |||||||||||||||||||||||||||||
(3.19 | ) | 23 | 1.08 | 0.02 | 1.41 | (0.31 | ) | — | ||||||||||||||||||||||||||||
16.45 | 11 | 1.15 | 0.30 | 1.43 | 0.02 | 23 | ||||||||||||||||||||||||||||||
28.00 | % | $ | 51,456 | 0.57 | % | 0.87 | % | 1.24 | % | 0.20 | % | 1 | % | |||||||||||||||||||||||
6.50 | 43,179 | 0.57 | 1.19 | 1.41 | 0.35 | 22 | ||||||||||||||||||||||||||||||
(33.95 | ) | 54,932 | 0.57 | 1.33 | 1.06 | 0.84 | 19 | |||||||||||||||||||||||||||||
8.84 | 114,343 | 0.58 | 1.16 | 0.87 | 0.87 | 12 | ||||||||||||||||||||||||||||||
19.32 | 135,802 | 0.58 | 0.72 | 0.83 | 0.47 | 17 | ||||||||||||||||||||||||||||||
(3.09 | ) | 153,572 | 0.58 | 0.52 | 0.76 | 0.34 | — | |||||||||||||||||||||||||||||
16.93 | 164,156 | 0.65 | 0.78 | 0.78 | 0.65 | 23 | ||||||||||||||||||||||||||||||
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 39
Notes to Financial Statements | (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000) |
1 > | Organization |
Equity Index Fund, Mid Cap Index Fund, and Small Cap Index 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 April 30, 2010, FAIF offered 38 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. Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund are each diversified open-end management investment companies.
FAIF offers Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. 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. Prior to the close of business on June 30, 2008, each fund offered Class B shares. Subsequent to that date, no new or additional investments are allowed in Class B shares, except for 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 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. 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, then the ask will be the closing price. If the last trade is below the bid, then 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 funds are valued at their respective net asset values on the valuation date.
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 may be valued at their amortized cost, which approximates fair value.
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 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 and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.
When market quotations are not readily available, securities are internally 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. As of April 30, 2010, Small Cap Index Fund held
40 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
internally fair valued securities with a total fair value of $5 or 0.0% of the fund’s 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 is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the funds’ board of directors.
The valuation levels are not necessarily an indication of the risk associated with investing in these investments.
As of April 30, 2010, each fund’s investments were classified as follows:
Total | ||||||||||||||||
Equity Index Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Common Stocks | $ | 953,187 | $ | — | $ | — | $ | 953,187 | ||||||||
Short-Term Investments | 24,422 | 5,400 | — | 29,822 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 189,087 | — | — | 189,087 | ||||||||||||
Total Investments in Securities | $ | 1,166,696 | $ | 5,400 | $ | — | $ | 1,172,096 | ||||||||
Total | ||||||||||||||||
Mid Cap Index Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Common Stocks | $ | 240,481 | $ | — | $ | — | $ | 240,481 | ||||||||
Warrants | — | — | — | — | ||||||||||||
Short-Term Investments | 16,528 | 2,320 | — | 18,848 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 58,540 | — | — | 58,540 | ||||||||||||
Total Investments in Securities | $ | 315,549 | $ | 2,320 | $ | — | $ | 317,869 | ||||||||
Total | ||||||||||||||||
Small Cap Index Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Common Stocks | $ | 65,138 | $ | — | $ | 5 | $ | 65,143 | ||||||||
Closed-End Fund | 9 | — | — | 9 | ||||||||||||
Warrants | — | — | — | — | ||||||||||||
Short-Term Investments | 5,170 | 920 | — | 6,090 | ||||||||||||
Investment Purchased with Proceeds from Securities Lending | 22,056 | — | — | 22,056 | ||||||||||||
Total Investments in Securities | $ | 92,373 | $ | 920 | $ | 5 | $ | 93,298 | ||||||||
Refer to each fund’s Schedule of Investments for further sector breakout.
As of April 30, 2010, each fund’s investments in other financial instruments* were classified as follows:
Total | ||||||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Equity Index Fund | $ | 499 | $ | — | $ | — | $ | 499 | ||||||||
Mid Cap Index Fund | 736 | — | — | 736 | ||||||||||||
Small Cap Index Fund | 205 | — | — | 205 | ||||||||||||
* | Other financial instruments include futures, which are valued at the unrealized appreciation (depreciation) on the instrument. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 41
Notes to Financial Statements | (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000) |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for funds which held Level 3 assets as of April 30, 2010:
Small Cap | ||||
Index Fund | ||||
Balance as of October 31, 2009 | $ | 0 | ||
Realized gain (loss) | — | |||
Net change in unrealized appreciation or depreciation | — | |||
Net purchases (sales) | — | |||
Transfers in and/or out of Level 3 | 5 | |||
Balance as of April 30, 2010 | $ | 5 | ||
Net change in unrealized appreciation or depreciation during the period of Level 3 securities as of April 30, 2010 | 2 | |||
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 normally declared and paid annually for Mid Cap Index Fund and Small Cap Index Fund and quarterly for Equity Index Fund. Distributions are payable in cash or reinvested in additional shares of the fund. 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 taxes is required.
As of April 30, 2010, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. These differences are primarily due to losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open futures contracts, proceeds from securities litigation, and the sale of real estate investment trust securities (“REITs”). To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the period in which the differences arise.
The character of distributions paid during the 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 period or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) are recorded by the funds.
The tax character of distributions paid during the six-month period ended April 30, 2010 (estimated) and fiscal year ended October 31, 2009, were as follows:
April 30, 2010 | ||||||||||||
Ordinary | Long Term | |||||||||||
Fund | Income | Gain | Total | |||||||||
Equity Index Fund | $ | 8,019 | $ | 2,048 | $ | 10,067 | ||||||
Mid Cap Index Fund | 1,965 | — | 1,965 | |||||||||
Small Cap Index Fund | 418 | — | 418 | |||||||||
October 31, 2009 | ||||||||||||
Ordinary | Long Term | |||||||||||
Fund | Income | Gain | Total | |||||||||
Equity Index Fund | $ | 22,266 | $ | — | $ | 22,266 | ||||||
Mid Cap Index Fund | 1,563 | 11,208 | 12,771 | |||||||||
Small Cap Index Fund | 506 | 7,475 | 7,981 | |||||||||
42 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
As of October 31, 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 | Capital and | Unrealized | Total | ||||||||||||||||
Ordinary | Long Term | Post October | Appreciation | Accumulated | ||||||||||||||||
Fund | Income | Capital Gains | Losses | (Depreciation) | Earnings (Deficit) | |||||||||||||||
Equity Index Fund | $ | 966 | $ | 2,047 | $ | — | $ | 206,673 | $ | 209,686 | ||||||||||
Mid Cap Index Fund | 1,323 | — | (11,978 | ) | (3,629 | ) | (14,284 | ) | ||||||||||||
Small Cap Index Fund | 291 | — | (8,379 | ) | (850 | ) | (8,938 | ) | ||||||||||||
The differences between book and tax basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts.
As of October 31, 2009, Mid Cap Index Fund and Small Cap Index Fund had capital loss carryforwards of $11,978 and $8,379 respectively, which if not offset by subsequent capital gains, will expire in 2017.
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 derivatives 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 Statement 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.
The funds’ outstanding futures contracts as of April 30, 2010, are disclosed in the Schedule of Investments.
For the six-month period ended April 30, 2010, the quarterly average gross notional amounts of the derivatives held by the funds were:
Futures/ | ||||
Fund | Long | |||
Equity Index Fund | $ | 26,593 | ||
Mid Cap Index Fund | 15,594 | |||
Small Cap Index Fund | 4,692 | |||
As of April 30, 2010, the funds’ fair values of derivative instruments categorized by risk exposure were classified as follows:
Statement of | ||||||||||||||
Assets and Liabilities | Equity | Mid Cap | Small Cap | |||||||||||
Location | Index Fund | Index Fund | Index Fund | |||||||||||
Asset Derivatives | ||||||||||||||
Equity Contracts | Receivables, Net Assets – Unrealized Appreciation* | $ | 499 | $ | 736 | $ | 205 | |||||||
Balance as of April 30, 2010 | $ | 499 | $ | 736 | $ | 205 | ||||||||
* | 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. |
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 43
Notes to Financial Statements | (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000) |
The effect of derivative instruments on the Statements of Operations for the six-month period ended April 30, 2010:
Amount of realized gain (loss) on derivatives recognized in income:
Equity Index Fund | Futures | |||
Equity Contracts | $ | 1,004 | ||
Mid Cap Index Fund | Futures | |||
Equity Contracts | $ | 2,456 | ||
Small Cap Index Fund | Futures | |||
Equity Contracts | $ | 724 | ||
Change in unrealized appreciation on derivatives recognized in income:
Equity Index Fund | Futures | |||
Equity Contracts | $ | 865 | ||
Mid Cap Index Fund | Futures | |||
Equity Contracts | $ | 1,233 | ||
Small Cap Index Fund | Futures | |||
Equity Contracts | $ | 527 | ||
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. At April 30, 2010, Small Cap Index Fund had investments in illiquid securities with a total value of $0 or 0.0% of total net assets.
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows:
Dates | Cost | |||||||||||
Small Cap Index Fund | Shares | Acquired | Basis | |||||||||
Greenhunter Energy, Warrants | — | * | 6/08 | — | ||||||||
Indevus Pharmaceuticals, Escrow Shares | 4 | 3/09 | — | |||||||||
Lantronix, Warrants | — | * | 5/08 | — | ||||||||
* | Due to the presentation of the financial statements in thousands, this number rounds to zero. |
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 of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the 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”). As the securities lending agent, U.S. Bank receives fees of up to 25% of each fund’s net income from securities lending transactions and pays half of such fees to FAF Advisors for certain securities lending services provided by FAF Advisors. 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 money market fund’s average daily net assets. Securities lending fees paid to U.S. Bank by the funds during the six-month period ended April 30, 2010, were as follows:
Fund | Amount | |||
Equity Index Fund | $ | 25 | ||
Mid Cap Index Fund | 15 | |||
Small Cap Index Fund | 15 | |||
Income from securities lending is recorded on the Statements of Operations as securities lending income net of fees paid to U.S. Bank.
SECURITY LITIGATION SETTLEMENTS – Cash from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses when cash is received. Adjustments made
44 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
during the six-month period ended April 30, 2010, were as follows:
Fund | Amount | |||
Equity Index Fund | $ | 130 | ||
Mid Cap Index Fund | 31 | |||
Small Cap Index Fund | 19 | |||
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 April 30, 2010.
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 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 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 April 30, 2010, through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), 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 Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. FAF Advisors has agreed to contractually waive fees and reimburse other fund expenses through February 28, 2011, so that total annual fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange traded funds and other investment companies, as a percentage of average daily net assets, do not exceed the following amounts:
Share Class | ||||||||||||||||||||||
Fund | A | B | C | R | Y | |||||||||||||||||
Equity Index Fund | 0.62 | % | 1.37 | % | 1.37 | % | 0.87 | % | 0.37 | % | ||||||||||||
Mid Cap Index Fund | 0.75 | N/A | 1.50 | 1.00 | 0.50 | |||||||||||||||||
Small Cap Index Fund | 0.83 | N/A | 1.58 | 1.08 | 0.58 | |||||||||||||||||
N/A = Not Applicable
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 Statement 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 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
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 45
Notes to Financial Statements | (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000) |
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 funds’ custodian 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 the custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the six-month period ended April 30, 2010, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund 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 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 attributable to Class A, Class B, Class C, and Class R shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.
Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2010:
Fund | Amount | |||
Equity Index Fund | $ | 95 | ||
Mid Cap Index Fund | 10 | |||
Small Cap Index Fund | 5 | |||
OTHER FEES AND EXPENSES – In addition to 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 April 30, 2010, legal fees and expenses of $9 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 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 twelve months.
The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.
For the six-month period ended April 30, 2010, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:
Fund | Amount | |||
Equity Index Fund | $ | 26 | ||
Mid Cap Index Fund | 3 | |||
Small Cap Index Fund | 2 | |||
46 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
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:
Equity | Mid Cap | Small Cap | ||||||||||||||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||||||||||||||
Six-Month Period | Year | Six-Month Period | Year | Six-Month Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | 4/30/10 | 10/31/09 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 366 | 950 | 511 | 1,515 | 273 | 765 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 52 | 133 | 16 | 123 | 6 | 130 | ||||||||||||||||||||||
Shares redeemed | (784 | ) | (1,484 | ) | (442 | ) | (535 | ) | (202 | ) | (485 | ) | ||||||||||||||||
Total Class A transactions | (366 | ) | (401 | ) | 85 | 1,103 | 77 | 410 | ||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||
Shares issued | — | 2 | — | 5 | — | 1 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 3 | 9 | — | 11 | — | 15 | ||||||||||||||||||||||
Shares redeemed | (111 | ) | (223 | ) | — | (148 | ) | — | (96 | ) | ||||||||||||||||||
Total Class B transactions | (108 | ) | (212 | ) | — | (132 | ) | — | (80 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | 17 | 48 | 28 | 32 | 6 | 20 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 7 | — | 24 | — | 30 | ||||||||||||||||||||||
Shares redeemed | (66 | ) | (152 | ) | (39 | ) | (117 | ) | (14 | ) | (46 | ) | ||||||||||||||||
Total Class C transactions | (47 | ) | (97 | ) | (11 | ) | (61 | ) | (8 | ) | 4 | |||||||||||||||||
Class R: | ||||||||||||||||||||||||||||
Shares issued | 109 | 338 | 551 | 802 | 147 | 274 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 4 | 12 | 7 | 86 | 2 | 30 | ||||||||||||||||||||||
Shares redeemed | (109 | ) | (308 | ) | (243 | ) | (524 | ) | (46 | ) | (107 | ) | ||||||||||||||||
Total Class R transactions | 4 | 42 | 315 | 364 | 103 | 197 | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 2,484 | 10,499 | 2,494 | 5,103 | 681 | 1,908 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 227 | 593 | 79 | 838 | 16 | 483 | ||||||||||||||||||||||
Shares redeemed | (8,539 | ) | (21,437 | ) | (2,386 | ) | (8,845 | ) | (1,033 | ) | (3,096 | ) | ||||||||||||||||
Total Class Y transactions | (5,828 | ) | (10,345 | ) | 187 | (2,904 | ) | (336 | ) | (705 | ) | |||||||||||||||||
Net increase (decrease) in capital shares | (6,345 | ) | (11,013 | ) | 576 | (1,630 | ) | (164 | ) | (174 | ) | |||||||||||||||||
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 April 30, 2010 and the fiscal year ended October 31, 2009 as follows:
Six-Month | Fiscal | |||||||
Period | Year | |||||||
Ended | Ended | |||||||
Fund | 4/30/10 | 10/31/09 | ||||||
Equity Index Fund | 85 | 131 | ||||||
Mid Cap Index Fund | — | 129 | ||||||
Small Cap Index Fund | — | 84 | ||||||
5 > | Investment Security Transactions |
During the six-month period ended April 30, 2010, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows:
Fund | Purchases | Sales | ||||||
Equity Index Fund | $ | 25,440 | $ | 162,429 | ||||
Mid Cap Index Fund | 24,542 | 11,925 | ||||||
Small Cap Index Fund | 2,087 | 609 | ||||||
6 > | Indemnifications |
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
7 > | New Accounting Pronouncements |
On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards 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 reporting entities 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 financial statements.
FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT 47
Notice to Shareholders | April 30, 2010 (unaudited) |
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available 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 1.800.SEC.0330.
48 FIRST AMERICAN FUNDS 2010 SEMIANNUAL REPORT
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
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.
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 6/2010 SAR-INDEX
2010 Semiannual Report
FIRST AMERICAN FUNDS
QUANTITATIVE LARGE CAP GROWTH FUND
April 30, 2010
TABLE OF CONTENTS
1 | ||||
1 | ||||
2 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
12 | ||||
18 |
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report
Holdings Summary
Top 10 Holdings as of April 30, 2010 1 (% of net assets)
IBM | 4.3 | % | ||
Hewlett-Packard | 2.5 | |||
Johnson & Johnson | 1.8 | |||
Amgen | 1.6 | |||
First American Prime Obligations Fund, Class Z | 1.4 | |||
Philip Morris International | 1.3 | |||
Altria Group | 1.2 | |||
SEACOR Holdings | 1.2 | |||
Medtronic | 1.2 | |||
Texas Instruments | 1.2 |
Sector Allocation as of April 30, 2010 1 (% of net assets)
Information Technology | 29.2 | % | ||
Healthcare | 15.4 | |||
Consumer Discretionary | 12.0 | |||
Industrials | 11.2 | |||
Consumer Staples | 10.2 | |||
Materials | 9.0 | |||
Energy | 5.8 | |||
Financials | 3.1 | |||
Utilities | 1.8 | |||
Telecommunication Services | 0.2 | |||
Short-Term Investments | 2.2 | |||
Other Assets and Liabilities, Net 2 | (0.1 | ) | ||
100.0 | % |
1 | Fund holdings and 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 and do not reflect the impact on sector allocation of holding derivative instruments, such as futures. See note 2 in Notes to Financial Statements and the fund’s Schedule of Investments for derivatives held at April 30, 2010. | |
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. |
Expense Example
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2009 to April 30, 2010.
Actual Expenses
The first line provides the actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value 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 the portfolio to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides the hypothetical account values and hypothetical expenses based on the portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the portfolio’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 portfolio and other funds. To do so, compare 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.
Quantitative Large Cap Growth
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/09 to | ||||||||||
Value (11/01/09) | Value (4/30/10) | 4/30/10) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,152.10 | $ | 3.74 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.32 | $ | 3.51 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,153.50 | $ | 2.40 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.56 | $ | 2.26 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70% and 0.45% 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). | |
4 | Based on the actual returns for the six-month period ended April 30, 2010 of 15.21% and 15.35% for Class A and Class Y, respectively. |
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 1
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Quantitative Large Cap Growth Fund | ||||||||
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Common Stocks - 97.9% | ||||||||
Consumer Discretionary - 12.0% | ||||||||
Aeropostale • | 1,722 | $ | 50 | |||||
Amazon.com • | 16 | 2 | ||||||
American Eagle Outfitters | 2,231 | 37 | ||||||
Autozone • | 194 | 36 | ||||||
Brinks Home Security Holdings • | 631 | 26 | ||||||
Burger King Holdings | 1,839 | 39 | ||||||
Cablevision Systems, Class A | 2,245 | 62 | ||||||
Chico’s FAS | 1,526 | 23 | ||||||
D.R. Horton | 1,106 | 16 | ||||||
Discovery Communications, Class C • | 3,137 | 105 | ||||||
Dollar Tree • | 894 | 54 | ||||||
DreamWorks Animation, Class A • | 1,025 | 41 | ||||||
Expedia | 1,324 | 31 | ||||||
Family Dollar Stores | 520 | 21 | ||||||
Federal-Mogul • | 3,263 | 62 | ||||||
Gap | 3,175 | 78 | ||||||
Garmin | 339 | 13 | ||||||
Hanesbrands • | 3,470 | 99 | ||||||
Lennar | 1,133 | 22 | ||||||
Liberty Media Capital, Series A • | 2,154 | 95 | ||||||
Liberty Media Interactive, Series A • | 1,415 | 22 | ||||||
Liberty Media-Starz, Series A • | 1,475 | 82 | ||||||
Lowe’s | 235 | 6 | ||||||
Madison Square Garden, Class A • | 2,300 | 48 | ||||||
New York Times, Class A • | 3,090 | 31 | ||||||
Nike, Class B | 88 | 7 | ||||||
Nordstrom | 1,427 | 59 | ||||||
Omnicom Group | 858 | 37 | ||||||
Panera Bread, Class A • | 1,689 | 132 | ||||||
Priceline.com • | 179 | 47 | ||||||
RadioShack | 35 | 1 | ||||||
Regal Entertainment Group, Class A | 7,250 | 124 | ||||||
Ross Stores | 2,751 | 154 | ||||||
Signet Jewelers • | 33 | 1 | ||||||
Staples | 2,602 | 61 | ||||||
Starbucks | 2,740 | 71 | ||||||
Thor Industries | 739 | 26 | ||||||
Tiffany & Company | 260 | 13 | ||||||
TRW Automotive Holdings • | 1,467 | 47 | ||||||
Viacom, Class B • | 486 | 17 | ||||||
Weight Watchers International | 1,437 | 38 | ||||||
Yum! Brands | 148 | 6 | ||||||
1,942 | ||||||||
Consumer Staples - 10.2% | ||||||||
Alberto-Culver | 1,417 | 41 | ||||||
Altria Group | 9,389 | 199 | ||||||
Archer-Daniels-Midland | 911 | 25 | ||||||
Avon Products | 2,313 | 75 | ||||||
BJ’s Wholesale Club • | 3,752 | 144 | ||||||
Brown-Forman, Class B | 494 | 29 | ||||||
Campbell Soup | 31 | 1 | ||||||
Colgate-Palmolive | 2,180 | 183 | ||||||
Constellation Brands, Class A • | 2,362 | 43 | ||||||
Dean Foods • | 3,092 | 48 | ||||||
Estee Lauder, Class A | 630 | 41 | ||||||
Kimberly-Clark | 1,083 | 66 | ||||||
Kroger | 455 | 10 | ||||||
Mead Johnson Nutrition | 322 | 17 | ||||||
Molson Coors Brewing, Class B | 766 | 34 | ||||||
NBTY • | 507 | 21 | ||||||
Philip Morris International | 4,110 | 202 | ||||||
Procter & Gamble | 891 | 55 | ||||||
Rite Aid • | 3,866 | 6 | ||||||
Safeway | 4,134 | 98 | ||||||
SUPERVALU | 3,848 | 57 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 2
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Sysco | 1,448 | $ | 46 | |||||
Tyson Foods, Class A | 2,113 | 41 | ||||||
Walgreen | 4,800 | 169 | ||||||
1,651 | ||||||||
Energy - 5.8% | ||||||||
Alpha Natural Resources • | 1,656 | 78 | ||||||
Atwood Oceanics • | 656 | 24 | ||||||
CONSOL Energy | 317 | 14 | ||||||
Denbury Resources • | 26 | 1 | ||||||
Diamond Offshore Drilling | 442 | 35 | ||||||
Dresser-Rand Group • | 4,450 | 157 | ||||||
El Paso | 5,028 | 61 | ||||||
Frontline | 2,851 | 104 | ||||||
Overseas Shipholding Group | 659 | 33 | ||||||
Peabody Energy | 1,056 | 49 | ||||||
SEACOR Holdings • | 2,362 | 199 | ||||||
Teekay | 1,212 | 30 | ||||||
Tidewater | 1,465 | 79 | ||||||
Unit • | 1,510 | 72 | ||||||
936 | ||||||||
Financials - 3.1% | ||||||||
American Express | 543 | 25 | ||||||
Apartment Investment & Management — REIT, Class A | 2,943 | 66 | ||||||
Camden Property Trust — REIT | 2,537 | 123 | ||||||
Commerce Bancshares | 1,583 | 65 | ||||||
First Citizens Bancshares, Class A | 493 | 101 | ||||||
Forest City Enterprises, Class A • | 1,344 | 21 | ||||||
HRPT Properties Trust — REIT | 4,156 | 32 | ||||||
Interactive Brokers Group, Class A • | 1,271 | 22 | ||||||
Leucadia National • | 737 | 19 | ||||||
Whitney Holding | 1,432 | 20 | ||||||
494 | ||||||||
Healthcare - 15.4% | ||||||||
Abbott Laboratories | 3,718 | 190 | ||||||
Aetna | 686 | 20 | ||||||
Allergan | 281 | 18 | ||||||
AmerisourceBergen | 202 | 6 | ||||||
Amgen • | 4,618 | 265 | ||||||
Baxter International | 3,275 | 155 | ||||||
Beckman Coulter | 1,021 | 64 | ||||||
Becton, Dickinson & Company | 2,390 | 183 | ||||||
Biogen Idec • | 995 | 53 | ||||||
Bio-Rad Laboratories, Class A • | 217 | 24 | ||||||
C.R. Bard | 812 | 70 | ||||||
Charles River Laboratories International • | 2,512 | 84 | ||||||
CIGNA | 686 | 22 | ||||||
Covance • | 793 | 45 | ||||||
Coventry Health Care • | 133 | 3 | ||||||
Genzyme • | 127 | 7 | ||||||
Gilead Sciences • | 2,607 | 103 | ||||||
Health Management Associates, Class A • | 8,863 | 83 | ||||||
Henry Schein • | 180 | 11 | ||||||
Hill-Rom Holdings | 2,015 | 64 | ||||||
Hospira • | 230 | 12 | ||||||
Humana • | 339 | 16 | ||||||
Johnson & Johnson | 4,480 | 288 | ||||||
Lincare Holdings • | 1,192 | 56 | ||||||
Medtronic | 4,441 | 194 | ||||||
Mettler-Toledo International • | 1,153 | 145 | ||||||
Patterson Companies | 1,915 | 61 | ||||||
Pharmaceutical Product Development | 132 | 4 | ||||||
St. Jude Medical • | 698 | 28 | ||||||
Stryker | 795 | 46 | ||||||
Techne | 912 | 60 | ||||||
Teleflex | 430 | 26 | ||||||
Tenet Healthcare • | 5,753 | 36 | ||||||
Valeant Pharmaceuticals International • | 1,025 | 46 | ||||||
2,488 | ||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 3
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Industrials - 11.2% | ||||||||
3M | 2,161 | $ | 192 | |||||
Alliant Techsystems • | 1,895 | 153 | ||||||
Armstrong World Industries • | 643 | 28 | ||||||
BE Aerospace • | 889 | 26 | ||||||
Brinks | 2,426 | 65 | ||||||
C.H. Robinson Worldwide | 820 | 50 | ||||||
Carlisle Companies | 426 | 16 | ||||||
Caterpillar | 26 | 2 | ||||||
Copa Holdings, Class A | 1,568 | 89 | ||||||
Copart • | 523 | 19 | ||||||
Deere & Company | 828 | 50 | ||||||
Dover | 1,450 | 76 | ||||||
Dun & Bradstreet | 1,696 | 131 | ||||||
Eaton | 30 | 2 | ||||||
Gardner Denver | 2,831 | 142 | ||||||
Goodrich | 770 | 57 | ||||||
Honeywell International | 3,884 | 184 | ||||||
Illinois Tool Works | 455 | 23 | ||||||
ITT | 249 | 14 | ||||||
Kennametal | 1,138 | 37 | ||||||
MSC Industrial Direct, Class A | 85 | 5 | ||||||
Navistar International • | 670 | 32 | ||||||
Northrop Grumman | 982 | 67 | ||||||
Pitney Bowes | 4,341 | 110 | ||||||
Southwest Airlines | 2,421 | 32 | ||||||
SPX | 376 | 26 | ||||||
Union Pacific | 825 | 62 | ||||||
Verisk Analytics, Class A • | 782 | 22 | ||||||
Waste Connections • | 2,840 | 102 | ||||||
WESCO International • | 10 | — | ||||||
1,814 | ||||||||
Information Technology ⊳ - 29.2% | ||||||||
Agilent Technologies • | 1,539 | 56 | ||||||
Altera | 384 | 10 | ||||||
Amdocs • | 5,081 | 162 | ||||||
Amphenol, Class A | 1,332 | 62 | ||||||
Analog Devices | 3,546 | 106 | ||||||
Applied Materials | 5,393 | 74 | ||||||
Automatic Data Processing | 2,929 | 127 | ||||||
Avnet • | 4,442 | 142 | ||||||
AVX | 5,426 | 84 | ||||||
BMC Software • | 4,517 | 178 | ||||||
CA | 8,185 | 187 | ||||||
Cisco Systems • | 2,110 | 57 | ||||||
Citrix Systems • | 1,576 | 74 | ||||||
Compuware • | 9,008 | 77 | ||||||
Convergys • | 1,579 | 20 | ||||||
Corning | 6,365 | 123 | ||||||
Diebold | 1,179 | 37 | ||||||
Dolby Laboratories, Class A • | 525 | 36 | ||||||
FLIR Systems • | 1,885 | 58 | ||||||
Harris | 2,729 | 140 | ||||||
Hewlett-Packard | 7,816 | 406 | ||||||
IAC/InterActive • | 5,066 | 114 | ||||||
IBM | 5,331 | 688 | ||||||
Ingram Micro, Class A • | 1,385 | 25 | ||||||
Intersil, Class A | 9,766 | 145 | ||||||
Intuit • | 4,612 | 167 | ||||||
Juniper Networks • | 857 | 24 | ||||||
Lender Processing Services | 1,998 | 75 | ||||||
Linear Technology | 4,359 | 131 | ||||||
MasterCard, Class A | 137 | 34 | ||||||
McAfee • | 670 | 23 | ||||||
National Instruments | 2,125 | 73 | ||||||
National Semiconductor | 190 | 3 | ||||||
NetApp • | 379 | 13 | ||||||
Novell • | 4,103 | 23 | ||||||
Red Hat • | 701 | 21 |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 4
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
DESCRIPTION | SHARES | FAIR VALUE > | ||||||
Rovi • | 768 | $ | 30 | |||||
Seagate Technology • | 814 | 15 | ||||||
Sybase • | 1,055 | 46 | ||||||
Synopsys • | 6,273 | 142 | ||||||
Teradata • | 13 | — | ||||||
Texas Instruments | 7,380 | 192 | ||||||
Visa, Class A | 361 | 33 | ||||||
Waters • | 1,221 | 88 | ||||||
WebMD Health, Class A • | 608 | 29 | ||||||
Western Union | 3,789 | 69 | ||||||
Xilinx | 4,318 | 111 | ||||||
Yahoo! • | 5,657 | 94 | ||||||
Zebra Technologies, Class A • | 3,254 | 95 | ||||||
4,719 | ||||||||
Materials - 9.0% | ||||||||
Air Products & Chemicals | 150 | 11 | ||||||
Alcoa | 5,922 | 80 | ||||||
AptarGroup | 1,391 | 60 | ||||||
Cabot | 699 | 23 | ||||||
Celanese, Class A | 2,721 | 87 | ||||||
CF Industries Holdings | 482 | 40 | ||||||
Compass Minerals International | 1,087 | 82 | ||||||
Cytec Industries | 1,554 | 75 | ||||||
Ecolab | 388 | 19 | ||||||
FMC | 650 | 41 | ||||||
International Flavors & Fragrances | 1,407 | 70 | ||||||
Lubrizol | 416 | 38 | ||||||
Mosaic | 512 | 26 | ||||||
Nalco Holding | 4,680 | 116 | ||||||
Owens-Illinois • | 2,907 | 103 | ||||||
Pactiv • | 1,375 | 35 | ||||||
PPG Industries | 836 | 59 | ||||||
Reliance Steel & Aluminum | 283 | 14 | ||||||
Royal Gold | 2,075 | 106 | ||||||
Scotts Miracle-Gro, Class A | 3,231 | 156 | ||||||
Sigma-Aldrich | 58 | 3 | ||||||
Southern Copper | 828 | 25 | ||||||
Temple-Inland | 842 | 20 | ||||||
Valhi | 1,288 | 37 | ||||||
Valspar | 1,313 | 41 | ||||||
Walter Energy | 960 | 78 | ||||||
1,445 | ||||||||
Telecommunication Services - 0.2% | ||||||||
Frontier Communications | 4,622 | 37 | ||||||
Utilities - 1.8% | ||||||||
AGL Resources | 2,876 | 114 | ||||||
Ameren | 65 | 2 | ||||||
American Water Works | 5,067 | 110 | ||||||
SCANA | 662 | 26 | ||||||
Sempra Energy | 593 | 29 | ||||||
Vectren | 236 | 6 | ||||||
287 | ||||||||
Total Common Stocks (Cost $14,168) | 15,813 | |||||||
Short-Term Investments - 2.2% | ||||||||
Money Market Fund - 1.4% | ||||||||
First American Prime Obligations Fund, Class Z 0.066% Å W | 230,427 | 230 | ||||||
U.S. Treasury Obligation - 0.8% | ||||||||
U.S. Treasury Bill | PAR | |||||||
0.106%, 05/20/2010 o | $ | 125 | 125 | |||||
Total Short-Term Investments (Cost $355) | 355 | |||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 5
Schedule of Investments April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Total Investments ▲ - 100.1% (Cost $14,523) | $ | 16,168 | ||
Other Assets and Liabilities, Net — (0.1)% | (10 | ) | ||
Total Net Assets - 100.0% | $ | 16,158 | ||
> | Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements. | ||
• | Non-income producing security. | ||
⊳ | The fund is significantly invested in this sector and therefore subject to additional risks. See note 6 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. | ||
W | The rate shown is the annualized seven-day effective yield as of April 30, 2010. | ||
o | Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of April 30, 2010. See note 2 in Notes to Financial Statements. | ||
▲ | On April 30, 2010, the cost of investments for federal income tax purposes was approximately $14,523. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows: |
Gross unrealized appreciation | $ | 1,926 | ||
Gross unrealized depreciation | (281 | ) | ||
Net unrealized appreciation | $ | 1,645 | ||
REIT — Real Estate Investment Trust
Schedule of Open Futures Contracts
Number of | ||||||||||||||||
Settlement | Contracts | Notional | Unrealized | |||||||||||||
Description | Month | Purchased | Contract Value | Appreciation | ||||||||||||
S&P 500 E-Mini Futures | June 2010 | 5 | $ | 296 | $ | 11 | ||||||||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 6
Statement of Assets And Liabilities
For the six-month period ended April 30, 2010 (unaudited), all dollars are rounded to thousands (000), except per share data
Quantitative | ||||
Large Cap | ||||
Growth Fund | ||||
Unaffiliated investments, at cost | $ | 14,293 | ||
Affiliated money market fund, at cost | 230 | |||
ASSETS: | ||||
Unaffiliated investments, at fair value (note 2) | $ | 15,938 | ||
Affiliated money market fund, at fair value (note 2) | 230 | |||
Cash | 1 | |||
Receivable for dividends and interest | 7 | |||
Receivable from advisor | 5 | |||
Total assets | 16,181 | |||
LIABILITIES: | ||||
Payable to affiliates (note 3) | 17 | |||
Payable for variation margin (note 2) | 5 | |||
Accrued expenses and other liabilities | 1 | |||
Total liabilities | 23 | |||
Net assets | $ | 16,158 | ||
COMPOSITION OF NET ASSETS: | ||||
Portfolio capital | $ | 14,418 | ||
Undistributed net investment income | 78 | |||
Accumulated net realized gain on investments and future contracts (note 2) | 6 | |||
Net unrealized appreciation of: | ||||
Investments | 1,645 | |||
Futures contracts | 11 | |||
Net assets | $ | 16,158 | ||
Class A: | ||||
Net assets | $ | 14 | ||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 1 | |||
Net asset value, and redemption price per share | $ | 23.14 | ||
Maximum offering price per share1 | $ | 24.49 | ||
Class Y: | ||||
Net assets | 16,144 | |||
Shares issued and outstanding ($0.0001 par value - 2 billion authorized) | 697 | |||
Net asset value, offering price, and redemption price per share | $ | 23.16 |
1 | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. |
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 7
Statement of Operations
For the six-month period ended April 30, 2010 (unaudited), all dollars are rounded to thousands (000)
Quantitative | ||||
Large Cap | ||||
Growth Fund | ||||
INVESTMENT INCOME: | ||||
Dividends from unaffiliated investments | $ | 227 | ||
Securities lending income | 3 | |||
Total investment income | 230 | |||
EXPENSES (note 3): | ||||
Investment advisory fees | 40 | |||
Administration fees | 35 | |||
Transfer agent fees | 39 | |||
Custodian fees | 2 | |||
Legal fees | 3 | |||
Audit fees | 1 | |||
Registration fees | 47 | |||
Postage and printing fees | 3 | |||
Directors’ fees | 12 | |||
Other expenses | 11 | |||
Distribution and shareholder servicing fees: | ||||
Class A | — | |||
Total expenses | 193 | ) | ||
Less: Fee waivers (note 3) | (134 | ) | ||
Total net expenses | 59 | |||
Investment income — net | 171 | |||
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FUTURES CONTRACTS — NET (note 5) | ||||
Net realized gain on: | ||||
Investments | 3,486 | ) | ||
Futures contracts | 71 | |||
Net change in unrealized appreciation or depreciation of: | ||||
Investments | 46 | |||
Futures contracts | 33 | |||
Net gain on investments and futures contracts | 3,636 | |||
Net increase in net assets resulting from operations | $ | 3,807 | ||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 8
Statements of Changes In Net Assets all dollars are rounded to thousands (000)
Quantitative | ||||||||
Large Cap | ||||||||
Growth Fund | ||||||||
Six-Month Period Ended 4/30/10 | Year Ended | |||||||
(unaudited) | 10/31/09 | |||||||
OPERATIONS: | ||||||||
Investment income — net | $ | 171 | $ | 60 | ) | |||
Net realized gain (loss) on: | ||||||||
Investments | 3,486 | (3,088 | ) | |||||
Futures contracts | 71 | 120 | ||||||
Net change in unrealized appreciation or depreciation of | ||||||||
Investments | 46 | 6,093 | ) | |||||
Futures contracts | 33 | (22 | ) | |||||
Net increase in net assets resulting from operations | 3,807 | 3,463 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
Investment income — net | ||||||||
Class A | (1 | ) | — | |||||
Class C | — | — | ||||||
Class R | — | — | ||||||
Class Y | (361 | ) | (151 | ) | ||||
Total distributions | (362 | ) | (151 | ) | ||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||
Class A: | ||||||||
Proceeds from sales | 1 | 19 | ||||||
Reinvestment of distributions | 1 | — | ||||||
Payments for redemptions | (61 | ) | (18 | ) | ||||
Increase (decrease) in net assets from Class A transactions | (59 | ) | 1 | |||||
Class C: | ||||||||
Proceeds from sales | — | 13 | ) | |||||
Reinvestment of distributions | — | — | ||||||
Payments for redemptions (note 3) | (29 | ) | (2 | ) | ||||
Increase (decrease) in net assets from Class C transactions | (29 | ) | 11 | |||||
Class R: | ||||||||
Proceeds from sales | — | — | ||||||
Reinvestment of distributions | — | — | ||||||
Payments for redemptions | — | (4 | ) | |||||
Increase (decrease) in net assets from Class R transactions | — | (4 | ) | |||||
Class Y: | ||||||||
Proceeds from sales | 272 | 5,095 | ||||||
Reinvestment of distributions | 300 | 119 | ||||||
Payments for redemptions | (14,193 | ) | (2,158 | ) | ||||
Increase (decrease) in net assets from Class Y transactions | (13,621 | ) | 3,056 | |||||
Increase (decrease) in net assets from capital share transactions | (13,709 | ) | 3,064 | |||||
Total increase (decrease) in net assets | (10,264 | ) | 6,376 | |||||
Net assets at beginning of period | 26,422 | 20,046 | ||||||
Net assets at end of period | $ | 16,158 | $ | 26,422 | ||||
Undistributed net investment income at end of period | $ | 78 | $ | 269 | ||||
The accompanying notes are an integral part of the financial statements.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 9
Financial Highlights For a share outstanding throughout the indicated periods
Six-Month | ||||||||||||||||
Quantitative Large Cap Growth Fund1 | Period Ended | |||||||||||||||
Class A: | 4/30/102 | 10/31/093 | 10/31/083 | 10/31/074 | ||||||||||||
PER-SHARE DATA: | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 20.29 | $ | 17.75 | $ | 27.51 | $ | 25.00 | ||||||||
Net Investment Income | 0.13 | 0.26 | 0.24 | 0.02 | ||||||||||||
Realized and Unrealized Gains (Losses) on Investments | 2.95 | 2.39 | (9.58 | ) | 2.53 | |||||||||||
Total from Investment Operations | 3.08 | 2.65 | (9.34 | ) | 2.55 | |||||||||||
Distributions from Net Investment Income | (0.23 | ) | (0.11 | ) | (0.16 | ) | (0.04 | ) | ||||||||
Distributions from Net Realized Gains | — | — | (0.26 | ) | — | |||||||||||
Total Distributions | (0.23 | ) | (0.11 | ) | (0.42 | ) | (0.04 | ) | ||||||||
Net Asset Value, End of Period | $ | 23.14 | $ | 20.29 | $ | 17.75 | $ | 27.51 | ||||||||
RATIOS / SUPPLEMENTAL DATA: | ||||||||||||||||
Total return5 | 15.21 | % | 15.09 | % | (34.41 | )% | 10.22 | % | ||||||||
Net assets at end of period (000) | $ | 14 | $ | 66 | $ | 56 | $ | 71 | ||||||||
Ratio of expenses to average net assets | 0.70 | % | 0.70 | % | 0.69 | % | 0.70 | % | ||||||||
Ratio of Net Investment Income to Average Net Assets | 1.23 | % | 1.46 | % | 0.99 | % | 0.23 | % | ||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers) | 1.71 | % | 1.91 | % | 2.89 | % | 4.70 | % | ||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | 0.22 | % | 0.25 | % | (1.21 | )% | (3.77 | )% | ||||||||
Portfolio Turnover Rate | 54 | % | 66 | % | 161 | % | 58 | % | ||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover. | |
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.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 10
Financial Highlights For a share outstanding throughout the indicated periods
Six-Month | ||||||||||||||||
Quantitative Large Cap Growth Fund1 | Period Ended | |||||||||||||||
Class Y: | 4/30/102 | 10/31/093 | 10/31/083 | 10/31/074 | ||||||||||||
PER-SHARE DATA: | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 20.33 | $ | 17.76 | $ | 27.52 | $ | 25.00 | ||||||||
Net Investment Income | 0.14 | 0.30 | 0.28 | 0.07 | ||||||||||||
Realized and Unrealized Gains (Losses) on Investments | 2.97 | 2.40 | (9.57 | ) | 2.50 | |||||||||||
Total from Investment Operations | 3.11 | 2.70 | (9.29 | ) | 2.57 | |||||||||||
Distributions from Net Investment Income | (0.28 | ) | (0.13 | ) | (0.21 | ) | (0.05 | ) | ||||||||
Distributions from Net Realized Gains | — | — | (0.26 | ) | — | |||||||||||
Total Distributions | (0.28 | ) | (0.13 | ) | (0.47 | ) | (0.05 | ) | ||||||||
Net Asset Value, End of Period | $ | 23.16 | $ | 20.33 | $ | 17.76 | $ | 27.52 | ||||||||
RATIOS / SUPPLEMENTAL DATA: | ||||||||||||||||
Total Return5 | 15.35 | % | 15.42 | % | (34.27 | )% | 10.29 | % | ||||||||
Net Assets at End of Period (000) | $ | 16,144 | $ | 26,330 | $ | 19,974 | $ | 7,725 | ||||||||
Ratio of Expenses to Average Net Assets | 0.45 | % | 0.45 | % | 0.44 | % | 0.45 | % | ||||||||
Ratio of Net Investment Income to Average Net Assets | 1.34 | % | 1.67 | % | 1.23 | % | 1.07 | % | ||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers) | 1.46 | % | 1.66 | % | 2.64 | % | 4.45 | % | ||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers) | 0.33 | % | 0.46 | % | (0.97 | )% | (2.93 | )% | ||||||||
Portfolio Turnover Rate | 54 | % | 66 | % | 161 | % | 58 | % | ||||||||
1 | Per share data calculated using average shares outstanding method. | |
2 | For the six-month period ended April 30, 2010 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
3 | For the period November 1 to October 31 in the fiscal year indicated. | |
4 | Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover. | |
5 | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 11
Notes to Financial Statements (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
1 > | Organization | |
Quantitative Large Cap Growth Fund (the “fund”) is a mutual fund offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of April 30, 2010, FAIF offered 38 funds, including the fund. 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 fund’s board of directors to create additional funds in the future. The fund is a diversified open-end management investment company. | ||
The fund currently issues Class A and Class Y shares. Class A shares are sold with a front-end sales charge. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. The fund has been closed to new investors since February 26, 2010. Prior to the close of business on March 25, 2010 and April 28, 2009, the fund also issued Class C and Class R Shares, respectively. | ||
The fund’s prospectus provides descriptions of the fund’s investment objective, principal investment strategy, 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 fund are as follows: | ||
SECURITY VALUATIONS – Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund’s 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 fund utilizes 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, then the ask will be the closing price. If the last trade is below the bid, then 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 funds are valued at their respective net asset values on the valuation date. | ||
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 may be valued at their amortized cost, which approximates fair value. | ||
The following investment vehicles, when held by the 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 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 and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available. | ||
When market quotations are not readily available, securities are internally valued at fair value as determined in good faith by procedures established and approved by the fund’s 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 April 30, 2010, Quantitative Large Cap Growth Fund held no internally fair valued securities. |
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 12
Notes to Financial Statements (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
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 is limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management’s fair value procedures established by the fund’s board of directors. | ||
The valuation levels are not necessarily an indication of the risk associated with investing in these investments. | ||
As of April 30, 2010, the fund’s investments were classified as follows: |
Total | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Common Stocks | $ | 15,813 | $ | — | $ | — | $ | 15,813 | ||||||||
Short-Term Investments | 230 | 125 | — | 355 | ||||||||||||
Total Investments | $ | 16,043 | $ | 125 | $ | — | $ | 16,168 | ||||||||
Refer to the fund’s Schedule of Investments for further sector breakout. |
As of April 30, 2010, the fund’s investments in other financial instruments* were classified as follows: |
Total | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Equity Contracts | $ | 11 | $ | — | $ | — | $ | 11 | ||||||||
* | Other financial instruments include futures, which are valued at the unrealized appreciation (depreciation) on the instrument. |
During the six-month period ended April 30, 2010, the fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented. | ||
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the fund records 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 normally declared and paid annually by the fund. Distributions are payable in cash or reinvested in additional shares of the fund. Any net realized capital gains on sales of the fund’s securities are distributed to shareholders at least annually. | ||
FEDERAL TAXES – The fund is treated as a separate taxable entity. The fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required. | ||
As of April 30, 2010, the fund 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 losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open future contracts, proceeds from securities litigation, and the sale of real estate investment trust securities (“REITs”). To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the period in which the differences arise. | ||
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 funds. The distributions paid during the six-month period ended April 30, 2010 (estimated), and the fiscal year ended October 31, 2009, were as follows: |
Ordinary Income | ||||
April 30, 2010 | $ | 362 | ||
October 31, 2009 | 151 | |||
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 13
Notes to Financial Statements (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
As of October 31, 2009, the fund’s most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows: |
Undistributed | Accumulated | Total | ||||||||||||||
Ordinary | Capital and | Unrealized | Accumulated | |||||||||||||
Income | Post-October Losses | Appreciation | Deficit | |||||||||||||
$ | 272 | $ | (3,456 | ) | $ | 1,483 | $ | (1,701 | ) | |||||||
The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts. | ||
As of October 31, 2009, the fund had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows: |
2016 | $ | 313 | ||
2017 | 3,143 | |||
Total | $ | 3,456 | ||
DERIVATIVES – The fund may invest in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. The fund’s investment objective allows the fund to enter into stock index futures. Derivatives may contain various risk 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 fund to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities. | ||
FUTURES TRANSACTIONS – The fund is subject to equity price risk and interest rate risk in the normal course of pursuing its investment objectives. In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, the 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 April 30, 2010, Quantitative Large Cap Growth Fund had outstanding futures contracts as disclosed in its Schedule of Investments. | ||
For the six-month period ended April 30, 2010, the quarterly average gross notional amount of the derivatives held by the fund was $589. | ||
As of April 30, 2010, the fund’s fair values of derivative instruments categorized by risk exposure were classified as follows: |
Statement of Assets and | ||||||
Liabilities Location | ||||||
Asset Derivatives | ||||||
Equity Contracts | Receivables, Net Assets – Unrealized Appreciation* | $ | 11 | |||
Balance as of April 30, 2010 | $ | 11 | ||||
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the fund’s Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. | |
The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2010: | ||
Amount of realized gain on derivatives recognized in income: |
Futures | ||||
Equity Contracts | $ | 71 | ||
Change in unrealized appreciation (depreciation) on derivatives recognized in income: |
Futures | ||||
Equity Contracts | $ | 32 | ||
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 fund’s board of directors as reflecting fair value. The fund intends to invest no more than |
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 14
Notes to Financial Statements (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
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 fund’s 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 fund’s board of directors. At April 30, 2010, Quantitative Large Cap Growth Fund held no investments in illiquid securities. | ||
SECURITIES LENDING – In order to generate additional income, the 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. The 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 of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. | ||
U.S. Bank National Association (“U.S. Bank”), the parent company of the fund’s advisor, serves as the securities lending agent for the fund in transactions involving the lending of portfolio securities on behalf of the fund. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). As the securities lending agent, U.S. Bank receives fees of up to 25% of each fund’s net income from securities lending transactions and pays half of such fees to FAF Advisors for certain securities lending services provided by FAF Advisors. 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. Securities lending fees paid to U.S. Bank by the fund for the six-month period ended April 30, 2010, was $1*. | ||
* | Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to U.S. Bank. |
SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses. The fund did not have any adjustments made for the six-month period ended April 30, 2010. | ||
EXPENSES – Expenses that are directly related to the fund are charged directly to the fund. Other operating expenses are allocated to the fund 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 fund, 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 fund to borrow from, or lend money to, other participating funds. The fund did not have any interfund lending transactions during the six-month period ended April 30, 2010. | ||
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 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 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 April 30, 2010, through the date of issuance of the fund’s financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the fund’s financial statements. |
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages the fund’s assets and furnishes related |
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 15
Notes to Financial Statements (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
office facilities, equipment, research, and personnel. The Agreement requires the fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee is 0.30% for Quantitative Large Cap Growth Fund. FAF Advisors has agreed to contractually waive fees and reimburse other fund expenses through February 28, 2011, so that total annual fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange traded funds and other investment companies, as a percentage of average daily net assets, do not exceed 0.70% and 0.45% for Class A and Class Y, respectively. |
The fund 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 Statement of Operations. |
ADMINISTRATION FEES – FAF Advisors serves as the fund’s administrator pursuant to an administration agreement between FAF Advisors and the fund. 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 fund. These services include various legal, oversight, administrative, and accounting services. The fund pays FAF Advisors administration fees, which are calculated daily and paid monthly, equal to the 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 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 fund 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 fund’s transfer agent pursuant to a transfer agent agreement with FAIF. The fund is charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to the fund based upon the number of accounts within that fund. In addition to these fees, the fund may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. |
CUSTODIAN FEES – U.S. Bank serves as the fund’s custodian pursuant to a custodian agreement with FAIF. The custodian fee charged for the 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 the fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the six-month period ended April 30, 2010, custodian fees for Quantitative Large Cap Growth Fund were increased by $1 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 distributor of the fund pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by the fund under rule 12b-1 of the Investment Company Act, the fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% of the fund’s average daily net assets attributable to Class A shares. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. |
Under the distribution and shareholder servicing agreement, $0* were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2010. |
* | Due to the presentation of the financial statements in thousands, this number rounds to zero. |
OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, the 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 April 30, 2010, legal fees and expenses of $3 were paid to a law firm of which an Assistant Secretary of the fund is a partner. |
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 16
Notes to Financial Statements (unaudited as to April 30, 2010), all dollars and shares are rounded to thousands (000)
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 April 30, 2010, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the fund’s shares was $0*. |
* | Due to the presentation of the financial statements in thousands, this number rounds to zero. |
4 > | Capital Share Transactions |
FAIF has 372 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the fund were as follows: |
Six-Month | Fiscal Year | |||||||
Period Ended | Ended | |||||||
4/30/10 | 10/31/09 | |||||||
Class A: | ||||||||
Shares issued | — | |||||||
Shares issued in lieu of cash distributions | — | 1 | ||||||
Shares redeemed | (2 | ) | — | |||||
Total Class A transactions | (2 | ) | (1 | ) | ||||
Class C: | — | |||||||
Shares issued | — | |||||||
Shares issued in lieu of cash distributions | — | — | ||||||
Shares redeemed | (1 | ) | — | |||||
Total Class C transactions | (1 | ) | — | |||||
Class Y: | — | |||||||
Shares issued | 12 | |||||||
Shares issued in lieu of cash distributions | 14 | 283 | ||||||
Shares redeemed | (624 | ) | 7 | |||||
Total Class Y transactions | (598 | ) | (119 | ) | ||||
Net increase (decrease) in capital shares | (601 | ) | 171 | |||||
5 > | Investment Security Transactions |
During the six-month period ended April 30, 2010, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows: |
Purchases | $ | 13,289 | ||
Sales | 26,548 |
6 > | Sector Risk |
Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. As of April 30, 2010, Quantitative Large Cap Growth Fund had a significant portion of its assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. |
7 > | Indemnifications |
The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. However, the fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. |
8 > | New Accounting Pronouncement |
On January 21, 2010, the Financial Accounting Standards Board issued an Accounting Standards 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 reporting entities 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 financial statements. |
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 17
Notice to Shareholders April 30, 2010 (unaudited)
HOW TO OBTAIN A COPY OF THE PORTFOLIO’S PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures the fund uses to determine how to vote proxies relating to portfolio securities, as well as information regarding how the fund voted proxies relating to portfolio securities, is available without charge upon request by calling 612-303-3447 and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
FORM N-Q HOLDINGS INFORMATION
The 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 fund’s Form N-Q holdings are available without charge (1) upon request by calling 612-303-3447 and (2) on the Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the fund’s Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
QUARTERLY PORTFOLIO HOLDINGS
The fund will make portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The fund will attempt to post such information within 10 business days of the calendar quarter
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 18
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.
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.
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.
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
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
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.
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.
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
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
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.
FIRST AMERICAN FUNDS QUANTITATIVE LARGE CAP GROWTH FUND 2010 Semiannual Report 19
Item 2—Code of Ethics
Not applicable to the semi-annual report.
Item 3—Audit Committee Financial Expert
Not applicable to the semi-annual report.
Item 4—Principal Accountant Fees and Services
Not applicable to the semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6—Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.
Item 11—Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely. |
(b) | There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12—Exhibits
(a)(1) | Not applicable. | |
(a)(2) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto. | |
(a)(3) | Not applicable. | |
(b) | Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
First American Investment Funds, Inc.
By: | /s/ Thomas S. Schreier, Jr. | |||
Thomas S. Schreier, Jr. | ||||
President |
Date: June 24, 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: June 24, 2010
By: | /s/ Charles D. Gariboldi, Jr. | |||
Charles D. Gariboldi, Jr. | ||||
Treasurer |
Date: June 24, 2010