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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05309
First American Investment Funds, Inc.
(Exact name of registrant as specified in charter)
800 Nicollet Mall, Minneapolis, MN (Address of principal executive offices) | 55402 (Zip code) |
Charles D. Gariboldi, Jr., 800 Nicollet Mall, Minneapolis, MN 55402
(Name and address of agent for service)
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-677-3863
Date of fiscal period end: June 30
Date of reporting period: December 31, 2006
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
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Item 1. Report to Shareholders
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16 | ||||||||
70 | ||||||||
72 | ||||||||
74 | ||||||||
80 | ||||||||
90 | ||||||||
100 | ||||||||
Certification | ||||||||
Certification |
Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
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First American Funds Online |
@ firstamericanfunds.com | ||
Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets. |
Online features and functionality include: |
- | The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds |
- | The ability to educate yourself through market and investment strategy commentaries |
We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds Semiannual Report 2006 1
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Arizona Tax Free FUND
Expense Example
As a shareholder of the Arizona Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,043.80 | $ | 3.86 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,040.80 | $ | 5.92 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,045.10 | $ | 2.58 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 78.9% | |||
General Obligations5 | 14.6 | |||
Certificates of Participation5 | 4.6 | |||
Short-Term Investments | 0.6 | |||
Other Assets and Liabilities, Net6 | 1.3 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 40.3% | |||
AA | 13.1 | |||
A | 15.1 | |||
BBB | 21.6 | |||
BB | 0.9 | |||
Non-rated | 9.0 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.38%, 4.08%, and 4.51% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 9.8% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
2 First American Funds Semiannual Report 2006
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California Intermediate Tax Free FUND
Expense Example
As a shareholder of the California Intermediate Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,038.50 | $ | 4.37 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,039.20 | $ | 3.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 71.1% | |||
General Obligations5 | 19.1 | |||
Certificates of Participation5 | 8.0 | |||
Short-Term Investment | 0.9 | |||
Other Assets and Liabilities, Net6 | 0.9 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 57.5% | |||
AA | 5.1 | |||
A | 19.2 | |||
BBB | 15.6 | |||
Non-rated | 2.6 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.85% and 3.92% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 9.5% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
First American Funds Semiannual Report 2006 3
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California Tax Free FUND
Expense Example
As a shareholder of the California Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,046.00 | $ | 3.87 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,043.50 | $ | 5.92 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,047.20 | $ | 2.58 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 81.7% | |||
General Obligations5 | 10.8 | |||
Certificates of Participation5 | 4.2 | |||
Short-Term Investments | 1.0 | |||
Other Assets and Liabilities, Net6 | 2.3 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 48.4% | |||
AA | 14.8 | |||
A | 16.3 | |||
BBB | 16.8 | |||
Non-rated | 3.7 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.60%, 4.35%, and 4.72% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 17.1% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
4 First American Funds Semiannual Report 2006
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Colorado Intermediate Tax Free fund
Expense Example
As a shareholder of the Colorado Intermediate Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,038.70 | $ | 4.37 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,039.60 | $ | 3.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 73.2% | |||
General Obligations5 | 20.1 | |||
Certificates of Participation5 | 5.3 | |||
Short-Term Investment | 1.3 | |||
Other Assets and Liabilities, Net6 | 0.1 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 43.1% | |||
AA | 17.3 | |||
A | 16.0 | |||
BBB | 15.0 | |||
BB | 0.7 | |||
Non-rated | 7.9 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.87% and 3.96% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 10.0% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
First American Funds Semiannual Report 2006 5
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Colorado Tax Free FUND
Expense Example
As a shareholder of the Colorado Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,041.80 | $ | 3.86 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class ?C? Actual2 | $ | 1,000.00 | $ | 1,039.80 | $ | 5.91 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class ?Y? Actual2 | $ | 1,000.00 | $ | 1,043.00 | $ | 2.57 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 78.5% | |||
Certificates of Participation5 | 11.1 | |||
General Obligations5 | 9.2 | |||
Short-Term Investments | 0.7 | |||
Other Assets and Liabilities, Net6 | 0.5 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 42.7% | |||
AA | 11.2 | |||
A | 22.6 | |||
BBB | 18.3 | |||
Non-rated | 5.2 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.18%, 3.98%, and 4.30% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 8.5% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
6 First American Funds Semiannual Report 2006
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Intermediate Tax Free FUND
Expense Example
As a shareholder of the Intermediate Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,038.80 | $ | 4.37 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,039.70 | $ | 3.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 66.3% | |||
General Obligations5 | 31.3 | |||
Certificates of Participation5 | 2.5 | |||
Short-Term Investment | 0.2 | |||
Other Assets and Liabilities, Net6 | (0.3) | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 54.1% | |||
AA | 10.6 | |||
A | 14.0 | |||
BBB | 11.3 | |||
BB | 0.9 | |||
Non-rated | 9.1 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.88% and 3.97% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 22.2% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
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Minnesota Intermediate Tax Free FUND
Expense Example
As a shareholder of the Minnesota Intermediate Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,037.40 | $ | 4.37 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,038.40 | $ | 3.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 66.4 | % | ||
General Obligations5 | 32.2 | |||
Certificate of Participation5 | 0.5 | |||
Short-Term Investments | 0.8 | |||
Other Assets and Liabilities, Net6 | 0.1 | |||
100.0 | % |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 37.4 | % | ||
AA | 17.0 | |||
A | 18.0 | |||
BBB | 14.1 | |||
BB | 2.7 | |||
Non-rated | 10.8 | |||
100.0 | % |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.74% and 3.84% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 7.8% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
8 First American Funds Semiannual Report 2006
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Minnesota Tax Free fund
Expense Example
As a shareholder of the Minnesota Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,044.10 | $ | 4.89 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | $ | 4.84 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,041.20 | $ | 6.95 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,044.50 | $ | 3.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 89.2% | |||
General Obligations5 | 7.7 | |||
Short-Term Investments | 2.2 | |||
Other Assets and Liabilities, Net6 | 0.9 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 32.3% | |||
AA | 8.3 | |||
A | 25.7 | |||
BBB | 10.1 | |||
BB | 2.2 | |||
Non-rated | 21.4 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.41%, 4.12%, and 4.45% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 12.9% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
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Missouri Tax Free fund
Expense Example
As a shareholder of the Missouri Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,042.50 | $ | 4.89 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | $ | 4.84 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,040.70 | $ | 6.94 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,043.80 | $ | 3.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 77.7% | |||
General Obligations5 | 16.3 | |||
Certificates of Participation5 | 5.6 | |||
Short-Term Investments | 0.4 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 57.7% | |||
AA | 17.4 | |||
A | 6.9 | |||
BBB | 8.0 | |||
BB | 1.2 | |||
Non-rated | 8.8 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.25%, 4.07%, and 4.38% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 19.6% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
10 First American Funds Semiannual Report 2006
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Nebraska Tax Free FUND
Expense Example
As a shareholder of the Nebraska Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,042.00 | $ | 3.86 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,040.20 | $ | 5.91 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,042.40 | $ | 2.57 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 76.0% | |||
General Obligations5 | 19.6 | |||
Certificates of Participation5 | 3.3 | |||
Short-Term Investments | 0.8 | |||
Other Assets and Liabilities, Net6 | 0.3 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 29.4% | |||
AA | 31.2 | |||
A | 17.4 | |||
BBB | 4.7 | |||
Non-rated | 17.3 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.20%, 4.02%, and 4.24% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 0.6% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
First American Funds Semiannual Report 2006 11
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Ohio Tax Free FUND
Expense Example
As a shareholder of the Ohio Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,044.10 | $ | 3.86 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,041.60 | $ | 5.92 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.41 | $ | 5.85 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,044.50 | $ | 2.58 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.68 | $ | 2.55 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 58.4 | % | ||
General Obligations5 | 35.9 | |||
Certificate of Participation5 | 3.2 | |||
Short-Term Investments | 2.0 | |||
Other Assets and Liabilities, Net6 | 0.5 | |||
100.0 | % |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 36.3 | % | ||
AA | 34.9 | |||
A | 22.0 | |||
BBB | 5.8 | |||
Non-rated | 1.0 | |||
100.0 | % |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.41%, 4.16%, and 4.45% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 5.0% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
12 First American Funds Semiannual Report 2006
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Oregon Intermediate Tax Free FUND
Expense Example
As a shareholder of the Oregon Intermediate Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,035.60 | $ | 4.36 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,037.50 | $ | 3.59 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
General Obligations5 | 53.8% | |||
Revenue Bonds5 | 37.9 | |||
Certificates of Participation5 | 6.1 | |||
Short-Term Investments | 1.7 | |||
Other Assets and Liabilities, Net6 | 0.5 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 60.7% | |||
AA | 24.4 | |||
A | 5.7 | |||
BBB | 4.9 | |||
Non-rated | 4.3 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.56% and 3.75% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 20.5% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
First American Funds Semiannual Report 2006 13
Table of Contents
Short Tax Free fund
Expense Example
As a shareholder of the Short Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,021.50 | $ | 3.82 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,022.20 | $ | 3.06 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | $ | 3.06 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 86.9% | |||
General Obligations5 | 13.2 | |||
Short-Term Investment | 0.2 | |||
Other Assets and Liabilities, Net6 | (0.3) | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 38.6% | |||
AA | 20.9 | |||
A | 19.6 | |||
BBB | 14.8 | |||
BB | 0.3 | |||
Non-rated | 5.8 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 2.15% and 2.22% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 6.6% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
14 First American Funds Semiannual Report 2006
Table of Contents
Tax Free fund
Expense Example
As a shareholder of the Tax Free Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,043.30 | $ | 4.89 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | $ | 4.84 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,041.40 | $ | 6.95 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,044.60 | $ | 3.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Revenue Bonds5 | 78.5% | |||
General Obligations5 | 19.5 | |||
Certificates of Participation5 | 0.8 | |||
Short-Term Investments | 1.4 | |||
Other Assets and Liabilities, Net6 | (0.2) | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 34.8% | |||
AA | 8.4 | |||
A | 21.5 | |||
BBB | 18.6 | |||
BB | 1.0 | |||
Non-rated | 15.7 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.33%, 4.14%, and 4.46% for Class A, Class C, and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two agencies, the lower rating is used. If only one agency provides a rating, that rating is used. |
5 | These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments. As of December 31, 2006, 14.4% of the fund’s net assets were pre-refunded or escrowed to maturity issues. |
6 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
First American Funds Semiannual Report 2006 15
Table of Contents
Schedule of Investments December 31, 2006 (unaudited), all dollars are rounded to thousands (000)
Arizona Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 98.1% | |||||||||
Revenue Bonds – 78.9% | |||||||||
Continuing Care Retirement Communities – 7.2% | |||||||||
Arizona Health Facilities Authority, The Terraces Project, Series A | |||||||||
7.500%, 11/15/2023 | $ | 200 | $ | 226 | |||||
Illinois Finance Authority, Three Crowns Park Plaza, Series A | |||||||||
5.875%, 02/15/2026 | 100 | 105 | |||||||
Maricopa County Industrial Development Authority, Senior Living Health Care Revenue, Immanuel Care, Series A (GNMA) | |||||||||
4.850%, 08/20/2026 | 750 | 770 | |||||||
North Carolina Community Health Care Facilities, Presbyterian Homes | |||||||||
5.400%, 10/01/2027 | 270 | 280 | |||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | |||||||||
5.000%, 09/01/2025 | 400 | 412 | |||||||
Tempe Industrial Development Authority, Friendship Village Project, Series A | |||||||||
5.375%, 12/01/2013 | 200 | 203 | |||||||
1,996 | |||||||||
Education – 7.2% | |||||||||
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/2009 @ 102 | |||||||||
5.850%, 02/01/2019 (a) | 1,000 | 1,062 | |||||||
Glendale Industrial Development Authority, Midwestern University | |||||||||
5.250%, 05/15/2014 | 140 | 149 | |||||||
Glendale Industrial Development Authority, Midwestern University, Series A | |||||||||
5.750%, 05/15/2021 | 250 | 268 | |||||||
Northern Arizona University (FGIC) | |||||||||
4.500%, 06/01/2031 | 250 | 251 | |||||||
Pima County, Industrial Development Authority, Education Revenue, Paradise Education Center Project | |||||||||
5.875%, 06/01/2022 | 250 | 258 | |||||||
1,988 | |||||||||
Healthcare – 21.1% | |||||||||
Arizona Health Facilities Authority, Blood Systems Incorporated | |||||||||
4.750%, 04/01/2025 | 300 | 303 | |||||||
Arizona Health Facilities Authority, John C. Lincoln Health Network | |||||||||
5.750%, 12/01/2032 | 150 | 160 | |||||||
Glendale Industrial Development Authority | |||||||||
4.625%, 12/01/2027 | 200 | 197 | |||||||
Halifax Medical Center, Florida Hospital Revenue, Series A | |||||||||
5.000%, 06/01/2038 | 375 | 383 | |||||||
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A | |||||||||
5.250%, 02/15/2030 | 400 | 425 | |||||||
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A | |||||||||
5.000%, 07/01/2020 | 130 | 131 | |||||||
Iowa Hospital Revenue, Washington County Hospital Project | |||||||||
5.375%, 07/01/2026 | 250 | 258 | |||||||
Johnson City, Tennessee Health & Elderly Facilities Authority | |||||||||
7.500%, 07/01/2025 | 100 | 117 | |||||||
Maricopa County Hospital, Sun Health Corporation | |||||||||
5.000%, 04/01/2025 | 200 | 206 | |||||||
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A | |||||||||
5.375%, 07/01/2023 | 500 | 530 | |||||||
Maricopa County Industrial Development Authority, Mayo Clinic | |||||||||
5.000%, 11/15/2031 | 500 | 526 | |||||||
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Pre-refunded 12/01/2011 @ 101 | |||||||||
5.700%, 12/01/2021 (a) | 1,000 | 1,097 | |||||||
University Medical Center Corporation, Hospital Revenue | |||||||||
5.000%, 07/01/2016 | 250 | 262 | |||||||
5.000%, 07/01/2024 | 500 | 515 | |||||||
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A (RAAI) | |||||||||
5.250%, 08/01/2021 | 375 | 397 | |||||||
6.000%, 08/01/2033 | 100 | 108 | |||||||
Yuma Industrial Development Authority, Yuma Regional Medical Center, Escrowed to Maturity (MBIA) | |||||||||
5.500%, 08/01/2017 (b) | 250 | 258 | |||||||
5,873 | |||||||||
Housing – 3.7% | |||||||||
Douglas Community Housing Corporation, Rancho La Perilla, Series A (GNMA) | |||||||||
5.900%, 07/20/2020 | 500 | 526 | |||||||
6.000%, 07/20/2025 | 475 | 498 | |||||||
Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A (FHLMC) (FNMA) (GNMA) | |||||||||
5.875%, 06/01/2016 | 5 | 5 | |||||||
1,029 | |||||||||
Lease Revenue – 3.8% | |||||||||
Arizona Game & Fish Department, Administration Building Project (MLO) | |||||||||
4.500%, 07/01/2032 | 200 | 194 | |||||||
Nogales Municipal Development Authority (MBIA) (MLO) | |||||||||
4.500%, 06/01/2031 | 250 | 251 | |||||||
Peoria Municipal Development Authority (MLO) | |||||||||
5.000%, 07/01/2015 | 310 | 337 | |||||||
Pinal County Industrial Development Authority Correctional Facilities Contract, Florence West Prison Project, Series A (ACA) (MLO) | |||||||||
5.000%, 10/01/2016 | 250 | 263 | |||||||
1,045 | |||||||||
Miscellaneous – 5.0% | |||||||||
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA) | |||||||||
5.500%, 06/01/2036 | 250 | 267 | |||||||
Arizona Student Loan Acquisition Authority, Series A (AMT) | |||||||||
5.900%, 05/01/2024 | 100 | 106 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds Semiannual Report 2006
Table of Contents
Arizona Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Greater Arizona Infrastructure Development Authority, Series A (MBIA) | |||||||||
5.625%, 08/01/2020 | $ | 200 | $ | 210 | |||||
Greater Arizona Infrastructure Development Authority, Series B | |||||||||
5.250%, 08/01/2026 | 750 | 796 | |||||||
1,379 | |||||||||
Tax Revenue – 11.2% | |||||||||
Greater Arizona Development Authority, Infrastructure Revenue, Pinal County Road Project, Series 1 (MBIA) | |||||||||
4.500%, 08/01/2025 | 750 | 755 | |||||||
Marana, Tangerine Farms Road Improvement District | |||||||||
4.600%, 01/01/2026 | 250 | 249 | |||||||
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B | |||||||||
5.625%, 03/01/2036 | 135 | 140 | |||||||
Phoenix Civic Improvements, Excise Tax Revenue | |||||||||
5.750%, 07/01/2016 | 300 | 317 | |||||||
Queen Creek Improvement District #001 | |||||||||
5.000%, 01/01/2020 | 300 | 307 | |||||||
Scottsdale Municipal Property Corporation, Excise Tax Revenue, Convertible CABs, Series C (AMBAC) | |||||||||
0.000% through 06/30/2013, thereafter 4.550%, 07/01/2021 (c) | 500 | 374 | |||||||
Tempe, Excise Tax Revenue, Series A, Pre-refunded 07/01/2009 @ 100 | |||||||||
5.625%, 07/01/2020 (a) | 300 | 313 | |||||||
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment | |||||||||
5.000%, 02/01/2026 | 270 | 281 | |||||||
Yuma Improvement District #68 | |||||||||
4.700%, 01/01/2021 | 365 | 372 | |||||||
3,108 | |||||||||
Transportation – 5.3% | |||||||||
Arizona State Transportation Highway Board, Series A | |||||||||
5.000%, 07/01/2009 | 400 | 413 | |||||||
Phoenix Civic Improvements, Series B (AMT) (FGIC) | |||||||||
5.250%, 07/01/2021 | 250 | 262 | |||||||
5.250%, 07/01/2027 | 750 | 785 | |||||||
1,460 | |||||||||
Utilities – 14.4% | |||||||||
Cottonwood Water Revenue (XLCA) | |||||||||
5.000%, 07/01/2017 | 250 | 270 | |||||||
Gilbert Water Municipal Property Wastewater System & Utility | |||||||||
5.000%, 04/01/2017 | 375 | 377 | |||||||
Glendale Water & Sewer Revenue (FGIC) | |||||||||
5.000%, 07/01/2019 | 1,000 | 1,079 | |||||||
Mesa Utility System Revenue (FGIC) | |||||||||
4.250%, 07/01/2025 | 750 | 737 | |||||||
4.500%, 07/01/2028 | 635 | 638 | |||||||
Tucson Water, Series 1994-A (MBIA) | |||||||||
6.250%, 07/01/2016 | 170 | 203 | |||||||
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-1 (AMT) | |||||||||
4.900%, 03/01/2028 (d) | 400 | 407 | |||||||
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-2, Mandatory Put 03/01/2008 @ 100 (AMT) | |||||||||
4.450%, 03/01/2028 | 300 | 301 | |||||||
4,012 | |||||||||
Total Revenue Bonds | 21,890 | ||||||||
General Obligations – 14.6% | |||||||||
California State | |||||||||
4.750%, 02/01/2024 | 100 | 103 | |||||||
Centerra Community Facilities Distributors | |||||||||
5.500%, 07/15/2029 | 196 | 202 | |||||||
Chandler Public & Recreational Improvements | |||||||||
5.800%, 07/01/2018 | 250 | 268 | |||||||
Greenlee County School District #18, Morenci | |||||||||
5.000%, 07/01/2012 | 165 | 170 | |||||||
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA) | |||||||||
4.750%, 07/01/2018 | 250 | 266 | |||||||
Peoria (FGIC) | |||||||||
5.400%, 04/01/2015 | 100 | 104 | |||||||
5.000%, 04/01/2018 | 575 | 590 | |||||||
5.000%, 04/01/2019 | 125 | 128 | |||||||
Phoenix | |||||||||
5.250%, 07/01/2019 | 350 | 366 | |||||||
5.250%, 07/01/2020 | 250 | 257 | |||||||
5.375%, 07/01/2025 | 750 | 789 | |||||||
Puerto Rico Commonwealth, Government Development, Series B | |||||||||
5.000%, 12/01/2014 | 250 | 266 | |||||||
Tucson | |||||||||
5.500%, 07/01/2018 | 250 | 283 | |||||||
Tucson (MBIA) | |||||||||
4.250%, 07/01/2018 | 250 | 255 | |||||||
Total General Obligations | 4,047 | ||||||||
Certificates of Participation – 4.6% | |||||||||
Arizona Board of Regents, Northern Arizona University Projects (AMBAC) | |||||||||
4.500%, 09/01/2030 | 500 | 502 | |||||||
Northern Arizona University, Research Projects (AMBAC) (MLO) | |||||||||
5.000%, 09/01/2023 | 140 | 149 | |||||||
Pinal County (MLO) | |||||||||
5.000%, 12/01/2014 | 400 | 424 | |||||||
Tucson (MBIA) (MLO) | |||||||||
5.500%, 07/01/2015 | 200 | 205 | |||||||
Total Certificates of Participation | 1,280 | ||||||||
Total Municipal Bonds (Cost $26,071) | 27,217 | ||||||||
First American Funds Semiannual Report 2006 17
Table of Contents
Schedule of Investments continued
Short-Term Investments – 0.6% | |||||||||
Money Market Fund – 0.5% | |||||||||
Federated Arizona Municipal Money Market Fund | 131,425 | $ | 131 | ||||||
U.S. Treasury Obligation – 0.1% | |||||||||
U.S. Treasury Bill | |||||||||
5.011%, 01/11/2007 (e) | $ | 35 | 35 | ||||||
Total Short-Term Investments (Cost $166) | 166 | ||||||||
Total Investments – 98.7% (Cost $26,237) | 27,383 | ||||||||
Other Assets and Liabilities, Net – 1.3% | 369 | ||||||||
Total Net Assets – 100.0% | $ | 27,752 | |||||||
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(b) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(c) | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. |
(d) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
(e) | Yield shown is effective yield as of December 31, 2006. |
ACA – | American Capital Access |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to AMT was $1,861 which represents 6.7% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
XLCA – | XL Capital Assurance Inc. |
California Intermediate Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 98.2% | |||||||||
Revenue Bonds – 71.1% | |||||||||
Continuing Care Retirement Communities – 4.4% | |||||||||
Association of Bay Area Governments Financial Authority, Odd Fellows Home of California (CMI) | |||||||||
4.950%, 08/15/2007 | $ | 500 | $ | 504 | |||||
California Health Facilities Financing Authority, Paradise Valley Estates (CMI) | |||||||||
4.125%, 01/01/2010 | 500 | 504 | |||||||
4.375%, 01/01/2012 | 540 | 550 | |||||||
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) | |||||||||
5.000%, 11/15/2012 | 500 | 527 | |||||||
La Verne, Brethren Hillcrest Homes, Series B (ACA) | |||||||||
5.600%, 02/15/2033 | 500 | 532 | |||||||
2,617 | |||||||||
Education – 9.6% | |||||||||
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A | |||||||||
5.800%, 06/01/2008 | 200 | 204 | |||||||
California Educational Facilities Authority, Golden Gate University | |||||||||
5.000%, 10/01/2020 | 505 | 528 | |||||||
California Educational Facilities Authority, Lutheran University, Series C | |||||||||
4.750%, 10/01/2015 | 675 | 703 | |||||||
California Educational Facilities Authority, University of Redlands, Series A | |||||||||
5.000%, 10/01/2020 | 500 | 525 | |||||||
California Educational Facilities Authority, University of the Pacific | |||||||||
5.000%, 11/01/2015 | 300 | 325 | |||||||
California Educational Facilities Authority, Woodbury University | |||||||||
4.400%, 01/01/2015 | 450 | 452 | |||||||
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A | |||||||||
5.650%, 03/01/2007 | 380 | 381 | |||||||
5.750%, 03/01/2008 | 400 | 406 | |||||||
California State Higher Educational Facilities Authority, Occidental College Project, Pre-refunded 10/01/2007 @ 102 (MBIA) | |||||||||
5.300%, 10/01/2010 (a) | 500 | 517 | |||||||
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Partially Escrowed to Maturity | |||||||||
6.000%, 06/01/2010 (b) | 495 | 522 | |||||||
California State Higher Educational Facilities Authority, University of Redlands, Series A, Escrowed to Maturity | |||||||||
5.550%, 06/01/2009 (b) | 225 | 235 | |||||||
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101 | |||||||||
5.700%, 06/01/2011 (a) | 250 | 269 | |||||||
5.750%, 06/01/2012 (a) | 260 | 280 | |||||||
California Statewide Communities Development Authority, Viewpoint Schools (ACA) | |||||||||
4.125%, 10/01/2014 | 405 | 403 | |||||||
5,750 | |||||||||
The accompanying notes are an integral part of the financial statements.
18 First American Funds Semiannual Report 2006
Table of Contents
California Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Healthcare – 14.6% | |||||||||
California Health Facilities Financing Authority, Casa Colina | |||||||||
5.500%, 04/01/2013 | $ | 300 | $ | 317 | |||||
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/2014 @ 100 | |||||||||
4.950%, 07/01/2026 | 450 | 476 | |||||||
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI) | |||||||||
4.750%, 11/01/2019 | 1,200 | 1,235 | |||||||
California Health Facilities Financing Authority, Valleycare Medical Center, Series A (CMI) | |||||||||
4.625%, 05/01/2013 | 300 | 309 | |||||||
4.800%, 05/01/2014 | 715 | 740 | |||||||
California State Health Facilities Authority, Casa de las Campanas, Series A (CMI) | |||||||||
5.375%, 08/01/2009 | 250 | 256 | |||||||
California Statewide Communities Development Authority, Daughters of Charity Health, Series G | |||||||||
5.250%, 07/01/2013 | 500 | 531 | |||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity | |||||||||
7.250%, 11/15/2011 (b) | 430 | 467 | |||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100 | |||||||||
3.850%, 11/01/2029 | 1,000 | 992 | |||||||
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation (AMBAC) | |||||||||
5.000%, 06/01/2012 | 150 | 152 | |||||||
Iowa Hospital Revenue, Washington County Hospital Project | |||||||||
5.000%, 07/01/2014 | 250 | 254 | |||||||
Loma Linda University Medical Center, Hospital Revenue, Series A | |||||||||
5.000%, 12/01/2015 | 600 | 635 | |||||||
Marysville Hospital, Fremont Rideout Health Project, Series A (AMBAC) | |||||||||
5.000%, 01/01/2010 | 500 | 517 | |||||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A | |||||||||
5.500%, 11/15/2009 | 650 | 676 | |||||||
Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A (MBIA) | |||||||||
5.125%, 07/01/2008 | 500 | 511 | |||||||
Turlock California Health Facilities Revenue, Emanuel Medical Center (MLO) | |||||||||
5.000%, 10/15/2024 | 700 | 722 | |||||||
8,790 | |||||||||
Housing – 3.5% | |||||||||
Association of Bay Area Governments Financial Authority, Archstone Redwood Housing Project, Series A | |||||||||
5.300%, 10/01/2008 | 500 | 509 | |||||||
Aztec Shops, California State Auxiliary Organization, San Diego State University | |||||||||
5.400%, 09/01/2011 | 1,035 | 1,089 | |||||||
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA) | |||||||||
5.250%, 06/01/2010 | 10 | 10 | |||||||
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/2009 @ 100 | |||||||||
5.200%, 12/01/2029 | 500 | 515 | |||||||
2,123 | |||||||||
Lease Revenue – 8.6% | |||||||||
California State Public Works Board, California Community Colleges, Series A (MLO) | |||||||||
4.875%, 12/01/2018 | 200 | 206 | |||||||
California State Public Works Board, Department of Corrections & Rehabilitation, Series F (FGIC)(MLO) | |||||||||
5.000%, 11/01/2016 | 1,750 | 1,919 | |||||||
California State Public Works Board, Department of Health Services (MBIA) (MLO) | |||||||||
5.200%, 11/01/2012 | 500 | 526 | |||||||
California State Public Works Board, Department of Mental Health (MLO) | |||||||||
5.500%, 06/01/2016 | 540 | 599 | |||||||
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA) (MLO) | |||||||||
0.000% through 05/31/2010, thereafter 4.550%, 06/01/2022 (c) | 150 | 131 | |||||||
Lincoln Public Financing Authority, Lease Revenue, City Hall Project (AMBAC)(MLO) | |||||||||
4.250%, 08/01/2017 | 155 | 159 | |||||||
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project (AMBAC) (MLO) | |||||||||
5.000%, 09/01/2016 | 1,500 | 1,630 | |||||||
5,170 | |||||||||
Miscellaneous – 5.1% | |||||||||
California Infrastructure & Economic Development, Salvation Army Western (AMBAC) | |||||||||
4.000%, 09/01/2018 | 1,000 | 1,002 | |||||||
Children’s Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity | |||||||||
5.000%, 07/01/2008 (b) | 250 | 256 | |||||||
Golden West Schools Financing Authority, Series A (MBIA) | |||||||||
5.700%, 02/01/2013 | 720 | 801 | |||||||
5.750%, 02/01/2014 | 520 | 587 | |||||||
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA) | |||||||||
3.780%, 02/01/2012 (d) | 535 | 442 | |||||||
3,088 | |||||||||
Recreational Facility Authority – 0.9% | |||||||||
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101 | |||||||||
6.000%, 07/01/2022 (a) | 500 | 563 | |||||||
First American Funds Semiannual Report 2006 19
Table of Contents
Schedule of Investments continued
California Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Tax Revenue – 11.3% | |||||||||
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC) | |||||||||
4.000%, 08/01/2018 | $ | 1,365 | $ | 1,372 | |||||
Dinuba Redevelopment Agency, Tax Allocation, Merged City Redevelopment Project #2 (AMBAC) | |||||||||
4.250%, 09/01/2015 | 275 | 284 | |||||||
Long Beach Community Facilities District #5, Towne Center Special Tax | |||||||||
6.100%, 10/01/2012 | 165 | 169 | |||||||
Manteca Redevelopment Agency, Tax Allocation, Sub-Amended Merged Project Area (XLCA) | |||||||||
4.000%, 10/01/2019 | 605 | 596 | |||||||
Murrieta Community Facilities District #2, The Oaks Area | |||||||||
5.750%, 09/01/2020 | 250 | 266 | |||||||
Norco, Special Tax, Community Facilities District #97-1 (AGTY) | |||||||||
4.500%, 10/01/2016 | 260 | 271 | |||||||
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA) | |||||||||
4.750%, 10/01/2013 | 655 | 697 | |||||||
4.400%, 10/01/2018 | 250 | 258 | |||||||
Poway Unified School District, Special Tax, Community Facilities District #6-4 | |||||||||
5.000%, 09/01/2023 | 400 | 405 | |||||||
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI) | |||||||||
5.000%, 09/01/2016 | 500 | 534 | |||||||
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI) | |||||||||
4.000%, 08/01/2012 | 295 | 297 | |||||||
4.100%, 08/01/2014 | 325 | 328 | |||||||
4.250%, 08/01/2016 | 250 | 253 | |||||||
Shafter Community Development Agency, Tax Allocation Revenue, Community Development Project Area #1, Series A (FSA) | |||||||||
4.250%, 11/01/2017 | 180 | 185 | |||||||
Southern California Logistics Airport Authority (XLCA) | |||||||||
4.250%, 12/01/2018 | 285 | 289 | |||||||
Upland Community Redevelopment Agency, Tax Allocation, Merged Project, Series A (AMBAC) | |||||||||
4.250%, 09/01/2015 | 190 | 197 | |||||||
4.250%, 09/01/2016 | 195 | 201 | |||||||
4.000%, 09/01/2019 | 220 | 218 | |||||||
6,820 | |||||||||
Transportation – 2.8% | |||||||||
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) | |||||||||
3.905%, 10/01/2014 (d) | 1,000 | 741 | |||||||
San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA) | |||||||||
5.500%, 05/01/2008 | 500 | 512 | |||||||
San Francisco City & County International Airports Commission, SFO Fuel, Series A (AMT) (FSA) | |||||||||
5.250%, 01/01/2007 | 450 | 450 | |||||||
1,703 | |||||||||
Utilities – 10.3% | |||||||||
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC) | |||||||||
5.000%, 11/01/2020 | 1,025 | 1,110 | |||||||
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT) | |||||||||
4.100%, 09/01/2014 | 750 | 748 | |||||||
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT) (AGTY) | |||||||||
5.000%, 07/01/2027 | 250 | 258 | |||||||
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series A, Mandatory Put 04/01/2013 @ 100 (XLCA) | |||||||||
4.100%, 04/01/2028 | 500 | 512 | |||||||
California Statewide Communities Development Authority, Water Revenue, Series B (FSA) | |||||||||
4.250%, 10/01/2017 | 635 | 653 | |||||||
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/2009 @ 101 (MBIA) | |||||||||
5.200%, 11/01/2011 (a) | 405 | 428 | |||||||
Imperial, Wastewater Treatment Facility (FGIC) | |||||||||
5.000%, 10/15/2020 | 1,000 | 1,058 | |||||||
Metropolitan Water District of Southern California, Series B, Pre-refunded 01/01/2007 @ 102 (MBIA) | |||||||||
4.875%, 07/01/2010 (a) | 190 | 194 | |||||||
Richmond Wastewater Systems, Pre-refunded 08/01/2009 @ 102 (FGIC) | |||||||||
5.200%, 08/01/2011 (a) | 500 | 531 | |||||||
Signal Hill, Water Revenue (MBIA) | |||||||||
4.375%, 11/01/2018 | 345 | 357 | |||||||
Whittier Utility Authority (MBIA) | |||||||||
4.400%, 06/01/2017 | 305 | 313 | |||||||
4.500%, 06/01/2018 | 65 | 67 | |||||||
6,229 | |||||||||
Total Revenue Bonds | 42,853 | ||||||||
General Obligations – 19.1% | |||||||||
Alisal Union School District, Series C, Zero Coupon Bond (FGIC) | |||||||||
3.593%, 08/01/2008 (d) | 860 | 813 | |||||||
Baldwin Park Unified School District Election 2002, Zero Coupon Bond (AMBAC) | |||||||||
4.490%, 08/01/2020 (d) | 1,000 | 542 |
The accompanying notes are an integral part of the financial statements.
20 First American Funds Semiannual Report 2006
Table of Contents
California Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
California State | |||||||||
5.000%, 02/01/2017 | $ | 1,000 | $ | 1,066 | |||||
5.125%, 04/01/2024 | 500 | 533 | |||||||
California State, Water Reservoir Development, Series Q | |||||||||
4.750%, 03/01/2020 | 200 | 200 | |||||||
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC) | |||||||||
4.370%, 08/01/2019 (d) | 400 | 230 | |||||||
Foothill-De Anza Community College District | |||||||||
6.000%, 08/01/2011 | 300 | 327 | |||||||
Fresno Unified School District, Series A (MBIA) | |||||||||
6.050%, 08/01/2011 | 500 | 551 | |||||||
Jefferson Union High School District, San Mateo County, Series A (MBIA) | |||||||||
6.250%, 02/01/2014 | 300 | 348 | |||||||
Los Angeles Unified School District Election of 2005, Series C (AMBAC) | |||||||||
5.000%, 07/01/2015 | 1,000 | 1,094 | |||||||
Pomona Unified School District, Series A (MBIA) | |||||||||
6.150%, 08/01/2015 | 500 | 566 | |||||||
Puerto Rico Commonwealth, Series B (FSA) | |||||||||
6.500%, 07/01/2015 | 1,000 | 1,199 | |||||||
Roseville Joint Union High School District, Election of 2004, Series B (FGIC) | |||||||||
5.000%, 08/01/2018 | 550 | 597 | |||||||
Roseville Joint Union High School District, Series E | |||||||||
5.200%, 08/01/2020 | 600 | 634 | |||||||
San Diego Community College, District Election of 2002 (FSA) | |||||||||
5.000%, 05/01/2019 | 1,000 | 1,080 | |||||||
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) | |||||||||
4.130%, 09/01/2017 (d) | 1,000 | 646 | |||||||
Walnut Valley Unified School District, Series A, Pre-refunded 08/01/2010 @ 102 (FSA) | |||||||||
5.000%, 08/01/2012 (a) | 255 | 273 | |||||||
West Covina Unified School District, Series A (MBIA) | |||||||||
5.350%, 02/01/2020 | 770 | 845 | |||||||
Total General Obligations | 11,544 | ||||||||
Certificates of Participation – 8.0% | |||||||||
Bakersfield Convention Center Expansion Project, Pre-refunded 04/01/2007 @ 101 (MBIA) (MLO) | |||||||||
5.500%, 04/01/2010 (a) | 250 | 254 | |||||||
California Special Districts Association Financial Corporation, Vector Control District, Series TT (XLCA) (MLO) | |||||||||
4.000%, 06/01/2015 | 190 | 193 | |||||||
4.000%, 06/01/2016 | 195 | 198 | |||||||
Cawelo Water District (AMBAC) (MLO) | |||||||||
4.375%, 03/01/2024 | 400 | 400 | |||||||
Grossmont Unified High School District, Pre-refunded 09/01/2008 @ 102 (FSA) (MLO) | |||||||||
5.400%, 09/01/2013 (a) | 300 | 315 | |||||||
Kern County Board of Education, Series A (MBIA) (MLO) | |||||||||
4.300%, 06/01/2016 | 500 | 518 | |||||||
Kern County Board of Education, Series A (MBIA) (MLO) | |||||||||
5.200%, 05/01/2012 | 325 | 338 | |||||||
Kern County Board of Education, Series A, Pre-refunded 05/01/2008 @ 102 (MBIA) (MLO) | |||||||||
5.200%, 05/01/2012 (a) | 580 | 604 | |||||||
Los Angeles County Schools, Regionalized Business Services Financing Project, Series A (MLO) | |||||||||
5.000%, 09/01/2008 | 200 | 204 | |||||||
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC) (MLO) | |||||||||
5.375%, 11/01/2010 | 405 | 421 | |||||||
Paradise Unified School District, Measure M Project, Series A (AMBAC) (MLO) | |||||||||
5.250%, 09/01/2007 | 300 | 303 | |||||||
Poway California (MLO) | |||||||||
4.500%, 08/01/2016 | 585 | 613 | |||||||
Travis Unified School District (FGIC) (MLO) | |||||||||
4.500%, 09/01/2016 | 425 | 447 | |||||||
Total Certificates of Participation | 4,808 | ||||||||
Total Municipal Bonds (Cost $57,291) | 59,205 | ||||||||
Short-Term Investment – 0.9% | |||||||||
Blackrock Liquidity Funds (Cost $558) | 557,899 | 558 | |||||||
Total Investments – 99.1% (Cost $57,849) | 59,763 | ||||||||
Other Assets and Liabilities, Net – 0.9% | 521 | ||||||||
Total Net Assets – 100.0% | $ | 60,284 | |||||||
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(b) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(c) | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. |
(d) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
ACA – | American Capital Access |
AGTY – | Assured Guaranty |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $1,978 or 3.3% of total net assets. |
CMI – | California Mortgage Insurance Program |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
XLCA – | XL Capital Assurance Inc. |
First American Funds Semiannual Report 2006 21
Table of Contents
Schedule of Investments continued
California Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 96.7% | |||||||||
Revenue Bonds – 81.7% | |||||||||
Continuing Care Retirement Community – 0.7% | |||||||||
Association of Bay Area Governments Finance Authority, Lincoln Glen Manor Senior Citizens (CMI) | |||||||||
6.100%, 02/15/2025 | $ | 250 | $ | 257 | |||||
Education – 13.8% | |||||||||
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A | |||||||||
5.900%, 06/01/2010 | 200 | 210 | |||||||
California Educational Facilities Authority, University of Redlands, Series A | |||||||||
5.000%, 10/01/2020 | 500 | 525 | |||||||
California Educational Facilities Authority, University of the Pacific | |||||||||
5.000%, 11/01/2030 | 1,000 | 1,050 | |||||||
California Educational Facilities Authority, Woodbury University | |||||||||
4.500%, 01/01/2016 | 470 | 475 | |||||||
California Municipal Financing Authority, Education Revenue, American Heritage Education Foundation Project, Series A | |||||||||
5.250%, 06/01/2026 | 400 | 419 | |||||||
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A | |||||||||
6.750%, 03/01/2019 | 380 | 408 | |||||||
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Partially Pre-refunded 06/01/2010 @ 101 | |||||||||
6.625%, 06/01/2020 (a) | 215 | 232 | |||||||
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101 | |||||||||
5.950%, 06/01/2015 (a) | 310 | 336 | |||||||
California State University Foundation, Monterey Bay, Pre-refunded 06/01/2011 @ 100 (MBIA) | |||||||||
5.300%, 06/01/2022 (a) | 500 | 536 | |||||||
University of California, Series K, Pre-refunded 09/01/2008 @ 101 | |||||||||
5.000%, 09/01/2020 (a) | 1,000 | 1,034 | |||||||
5,225 | |||||||||
Healthcare – 11.2% | |||||||||
California Health Facilities Financing Authority, Casa Colina | |||||||||
5.500%, 04/01/2013 | 50 | 53 | |||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | |||||||||
5.000%, 11/15/2015 | 500 | 532 | |||||||
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI) | |||||||||
4.750%, 11/01/2019 | 560 | 576 | |||||||
California Statewide Communities Development Authority, Adventist Health, Series A | |||||||||
5.000%, 03/01/2030 | 300 | 311 | |||||||
California Statewide Communities Development Authority, Daughters of Charity Healthcare, Series A | |||||||||
5.250%, 07/01/2030 | 100 | 105 | |||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity | |||||||||
7.250%, 11/15/2011 (b) | 215 | 234 | |||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100 | |||||||||
3.850%, 11/01/2029 | 400 | 397 | |||||||
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation (AMBAC) | |||||||||
5.000%, 06/01/2012 | 350 | 355 | |||||||
California Statewide Communities Development Authority, Redlands Community Hospital, Series A (RAAI) | |||||||||
5.000%, 04/01/2015 | 500 | 534 | |||||||
Loma Linda University Medical Center, Hospital Revenue, Series A | |||||||||
5.000%, 12/01/2015 | 400 | 423 | |||||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A | |||||||||
5.500%, 11/15/2008 | 400 | 411 | |||||||
Turlock California Health Facilities Revenue, Emanuel Medical Center (MLO) | |||||||||
5.000%, 10/15/2024 | 300 | 309 | |||||||
4,240 | |||||||||
Housing – 5.9% | |||||||||
Aztec Shops, California State Auxiliary Organization, San Diego University | |||||||||
5.200%, 09/01/2008 | 455 | 463 | |||||||
California State Department of Veterans Affairs, Series C (AMT) | |||||||||
5.500%, 12/01/2019 | 180 | 190 | |||||||
California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA) | |||||||||
5.650%, 06/01/2010 | 5 | 5 | |||||||
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/2008 @ 100 | |||||||||
5.250%, 06/01/2029 | 500 | 507 | |||||||
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT) | |||||||||
5.150%, 12/01/2031 | 1,000 | 1,046 | |||||||
2,211 | |||||||||
Lease Revenue – 7.9% | |||||||||
California State Public Works Board, California Community Colleges, Series B (MLO) | |||||||||
5.500%, 06/01/2019 | 1,035 | 1,146 | |||||||
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA) (MLO) | |||||||||
0.000% through 05/31/2010, thereafter | |||||||||
4.550%, 06/01/2022 (c) | 1,250 | 1,094 | |||||||
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project (AMBAC) (MLO) | |||||||||
5.000%, 09/01/2016 | 700 | 761 | |||||||
3,001 | |||||||||
The accompanying notes are an integral part of the financial statements.
22 First American Funds Semiannual Report 2006
Table of Contents
California Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Miscellaneous – 10.6% | |||||||||
California Infrastructure & Economic Development, Salvation Army Western (AMBAC) | |||||||||
4.000%, 09/01/2018 | $ | 680 | $ | 681 | |||||
Golden West Schools Financing Authority, Glendora Unified School District (MBIA) | |||||||||
5.500%, 09/01/2019 | 910 | 1,048 | |||||||
Golden West Schools Financing Authority, Series A (MBIA) | |||||||||
5.750%, 02/01/2014 | 250 | 282 | |||||||
5.800%, 08/01/2022 | 320 | 386 | |||||||
5.800%, 08/01/2023 | 345 | 418 | |||||||
Sacramento City Financing Authority, Pre-refunded 06/01/2010 @ 101 (MLO) | |||||||||
5.400%, 06/01/2018 (a) | 455 | 487 | |||||||
5.500%, 06/01/2023 (a) | 645 | 692 | |||||||
3,994 | |||||||||
Recreational Facility Authority – 1.5% | |||||||||
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101 | |||||||||
6.000%, 07/01/2022 (a) | 500 | 563 | |||||||
Tax Revenue – 17.3% | |||||||||
Grass Valley Community Redevelopment Agency, Tax Allocation | |||||||||
6.400%, 12/01/2034 | 400 | 424 | |||||||
Irvine Unified School District Financing Authority, Special Tax Group II, Series A | |||||||||
5.000%, 09/01/2026 | 225 | 226 | |||||||
Long Beach Community Facilities District #5, Towne Center Special Tax | |||||||||
6.100%, 10/01/2012 | 250 | 256 | |||||||
Los Angeles | |||||||||
5.625%, 03/01/2019 | 200 | 213 | |||||||
Los Angeles County Community Facilities District #3, Special Tax, Series A (AMBAC) | |||||||||
5.250%, 09/01/2018 | 715 | 752 | |||||||
Murrieta Community Facilities District #2, The Oaks Area | |||||||||
5.750%, 09/01/2020 | 125 | 133 | |||||||
Norco, Special Tax, Community Facilities District #97-1 (AGTY) | |||||||||
4.875%, 10/01/2030 | 500 | 516 | |||||||
Ohio County, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B | |||||||||
5.625%, 03/01/2036 | 155 | 161 | |||||||
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA) | |||||||||
5.000%, 10/01/2029 | 1,000 | 1,063 | |||||||
Poway Unified School District, Special Tax, Community Facilities District #6-4 | |||||||||
5.000%, 09/01/2023 | 250 | 253 | |||||||
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI) | |||||||||
5.000%, 09/01/2016 | 350 | 374 | |||||||
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI) | |||||||||
4.300%, 08/01/2017 | 365 | 369 | |||||||
4.375%, 08/01/2018 | 380 | 384 | |||||||
San Jose Redevelopment Agency, Tax Allocation, Merged Area Redevelopment Project, Series C (MBIA) | |||||||||
4.250%, 08/01/2030 | 1,000 | 951 | |||||||
Solana Beach Public Financing Authority, Assessment Revenue | |||||||||
5.000%, 09/02/2026 | 100 | 100 | |||||||
Stockton Public Financing Revenue, Assessment Districts, Senior Lien, Series A (RAAI) | |||||||||
4.375%, 09/02/2020 | 365 | 363 | |||||||
6,538 | |||||||||
Transportation – 1.0% | |||||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA) | |||||||||
5.500%, 07/01/2015 | 100 | 113 | |||||||
San Francisco Airport Commission, SFO Fuel Company (AMT) (FSA) | |||||||||
5.625%, 01/01/2012 | 250 | 259 | |||||||
372 | |||||||||
Utilities – 11.8% | |||||||||
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC) | |||||||||
5.000%, 11/01/2023 | 1,190 | 1,279 | |||||||
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series A-2 (AMT) | |||||||||
5.400%, 04/01/2025 | 500 | 532 | |||||||
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT) (AGTY) | |||||||||
5.000%, 07/01/2027 | 250 | 258 | |||||||
California State, Pre-refunded 10/01/2010 @ 100 | |||||||||
5.250%, 10/01/2019 (a) | 460 | 487 | |||||||
5.250%, 10/01/2019 (a) | 35 | 37 | |||||||
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC) | |||||||||
4.250%, 11/01/2033 | 500 | 517 | |||||||
Compton Sewer Authority (MBIA) | |||||||||
5.375%, 09/01/2023 | 1,150 | 1,203 | |||||||
South Bayside Waste Management Authority (AMBAC) | |||||||||
5.750%, 03/01/2020 | 150 | 159 | |||||||
4,472 | |||||||||
Total Revenue Bonds | 30,873 | ||||||||
General Obligations – 10.8% | |||||||||
Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/2010 @ 70.92 (FGIC) | |||||||||
3.680%, 08/01/2016 (a) (d) | 700 | 436 | |||||||
California State | |||||||||
5.250%, 10/01/2019 | 105 | 110 | |||||||
5.000%, 02/01/2024 | 700 | 734 | |||||||
Glendora Unified School District, Series A, Pre-refunded 09/01/2010 @ 101 (FSA) | |||||||||
5.350%, 09/01/2020 (a) | 340 | 364 |
First American Funds Semiannual Report 2006 23
Table of Contents
Schedule of Investments continued
California Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR/SHARES | VALUE | |||||||
Jefferson Union High School District, San Mateo County, Series A (MBIA) | |||||||||
6.250%, 08/01/2020 | $ | 460 | $ | 569 | |||||
Pomona Unified School District, Series A (MBIA) | |||||||||
5.950%, 02/01/2017 | 855 | 1,007 | |||||||
Puerto Rico Commonwealth, Government Development, Series B | |||||||||
5.000%, 12/01/2014 | 200 | 213 | |||||||
Puerto Rico Commonwealth, Public Improvements, Series A (FGIC) | |||||||||
5.500%, 07/01/2019 | 200 | 231 | |||||||
Sacramento Unified School District, Series A, Pre-refunded 07/01/2009 @ 102 | |||||||||
5.750%, 07/01/2017 (a) | 400 | 429 | |||||||
Total General Obligations | 4,093 | ||||||||
Certificates of Participation – 4.2% | |||||||||
Cawelo Water District (AMBAC) (MLO) | |||||||||
4.375%, 03/01/2024 | 300 | 300 | |||||||
Escondido, Series A (FGIC) (MLO) | |||||||||
5.625%, 09/01/2020 | 300 | 322 | |||||||
Los Angeles, Sonnenblick del Rio Senior Lien (AMBAC) (MLO) | |||||||||
6.000%, 11/01/2019 | 330 | 360 | |||||||
Ridgecrest Civic Center Project, Pre-refunded 03/01/2009 @ 101 (MLO) | |||||||||
6.250%, 03/01/2021 (a) | 250 | 266 | |||||||
West Kern County Water District, Pre-refunded 06/01/2010 @ 101 (MLO) | |||||||||
5.200%, 06/01/2014 (a) | 320 | 339 | |||||||
Total Certificates of Participation | 1,587 | ||||||||
Total Municipal Bonds (Cost $34,888) | 36,553 | ||||||||
Short-Term Investments – 1.0% | |||||||||
Money Market Fund – 1.0% | |||||||||
Blackrock Liquidity Funds | 362,008 | 362 | |||||||
U.S. Treasury Obligation – 0.0% | |||||||||
U.S. Treasury Bill | |||||||||
5.040%, 01/11/2007 (e) | $ | 10 | 10 | ||||||
Total Short-Term Investments (Cost $372) | 372 | ||||||||
Total Investments – 97.7% (Cost $35,260) | 36,925 | ||||||||
Other Assets and Liabilities, Net – 2.3% | 873 | ||||||||
Total Net Assets – 100.0% | $ | 37,798 | |||||||
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call and price indicated. |
(b) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(c) | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. |
(d) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(e) | Yield shown is effective yield as of December 31, 2006. |
AGTY – | Assured Guaranty |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $2,290 or 6.1% of total net assets. |
CMI – | California Mortgage Insurance Program |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
The accompanying notes are an integral part of the financial statements.
24 First American Funds Semiannual Report 2006
Table of Contents
Colorado Intermediate Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 98.6% | |||||||||
Revenue Bonds – 73.2% | |||||||||
Continuing Care Retirement Communities – 1.9% | |||||||||
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A | |||||||||
5.250%, 01/01/2014 | $ | 250 | $ | 257 | |||||
Colorado State Health Facilities Authority, Covenant Retirement Communities | |||||||||
5.000%, 12/01/2016 | 500 | 522 | |||||||
779 | |||||||||
Education – 5.1% | |||||||||
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Project, Series A (CIFG) | |||||||||
4.000%, 06/15/2017 | 200 | 200 | |||||||
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Escrowed to Maturity | |||||||||
6.250%, 09/15/2011 (a) | 280 | 294 | |||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity | |||||||||
6.375%, 12/01/2011 (a) | 605 | 644 | |||||||
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Pre-refunded 11/01/2009 @ 100 | |||||||||
6.850%, 11/01/2016 (b) | 440 | 477 | |||||||
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project | |||||||||
4.500%, 11/01/2015 | 550 | 540 | |||||||
2,155 | |||||||||
Healthcare – 23.3% | |||||||||
Colorado State Health Facilities Authority, Adventist Health, Sunbelt, Series E | |||||||||
5.000%, 11/15/2012 | 500 | 526 | |||||||
Colorado State Health Facilities Authority, Boulder Hospital (MBIA) | |||||||||
5.000%, 10/01/2010 | 500 | 522 | |||||||
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A, Escrowed to Maturity | |||||||||
5.000%, 03/01/2012 (a) | 500 | 530 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Project, Series A | |||||||||
4.200%, 06/01/2013 | 200 | 200 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Project | |||||||||
5.000%, 06/01/2016 | 250 | 264 | |||||||
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI) | |||||||||
5.250%, 12/01/2013 | 860 | 926 | |||||||
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project | |||||||||
5.375%, 01/01/2016 | 700 | 711 | |||||||
Colorado State Health Facilities Authority, Parkview Medical Center | |||||||||
5.500%, 09/01/2007 | 250 | 253 | |||||||
5.750%, 09/01/2008 | 250 | 257 | |||||||
5.500%, 09/01/2009 | 500 | 518 | |||||||
Colorado State Health Facilities Authority, Steamboat Springs Health Project | |||||||||
5.300%, 09/15/2009 | 160 | 161 | |||||||
Colorado State Health Facilities Authority, The Devereux Foundation (RAAI) | |||||||||
4.200%, 11/01/2013 | 80 | 81 | |||||||
Colorado State Health Facilities Authority, Vail Valley Medical Center Project | |||||||||
5.000%, 01/15/2013 | 300 | 313 | |||||||
5.750%, 01/15/2022 | 800 | 850 | |||||||
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI) | |||||||||
5.000%, 05/15/2012 | 165 | 173 | |||||||
5.000%, 05/15/2013 | 500 | 528 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran | |||||||||
6.900%, 12/01/2025 | 135 | 150 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102 | |||||||||
6.900%, 12/01/2025 (b) | 215 | 243 | |||||||
Delta County Memorial Hospital District | |||||||||
5.350%, 09/01/2017 | 500 | 519 | |||||||
La Junta County Hospital, Arkansas Valley Regional Medical Center Project | |||||||||
5.400%, 04/01/2008 | 335 | 338 | |||||||
5.500%, 04/01/2009 | 355 | 361 | |||||||
Montrose Memorial Hospital | |||||||||
5.300%, 12/01/2013 | 260 | 271 | |||||||
5.450%, 12/01/2014 | 390 | 411 | |||||||
University of Colorado Hospital Authority | |||||||||
5.000%, 11/15/2014 | 300 | 310 | |||||||
Washington County Iowa Hospital, Washington County Hospital Project | |||||||||
5.125%, 07/01/2016 | 350 | 359 | |||||||
9,775 | |||||||||
Miscellaneous – 6.5% | |||||||||
Colorado Educational & Cultural Facilities Authority, Colorado Public Radio | |||||||||
4.800%, 07/01/2009 | 250 | 253 | |||||||
4.900%, 07/01/2010 | 265 | 271 | |||||||
Colorado Educational & Cultural Facilities Authority, National Conference of State Legislatures | |||||||||
5.250%, 06/01/2013 | 700 | 736 | |||||||
Colorado Educational & Cultural Facilities Authority, Frontier Academy (CIFG) | |||||||||
4.000%, 06/01/2015 | 565 | 568 | |||||||
Denver City & County, Helen G. Bonfils Foundation Project, Series B | |||||||||
5.125%, 12/01/2017 | 900 | 909 | |||||||
2,737 | |||||||||
Recreational Facility Authority – 0.5% | |||||||||
Hyland Hills Metropolitan Park & Recreation District, Series A | |||||||||
6.100%, 12/15/2009 | 210 | 214 | |||||||
Revolving Fund – 0.1% | |||||||||
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A (FGIC) | |||||||||
5.700%, 11/01/2015 | 55 | 59 | |||||||
First American Funds Semiannual Report 2006 25
Table of Contents
Schedule of Investments continued
Colorado Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Tax Revenue – 5.8% | |||||||||
Caldwell Idaho Urban Renewal Agency Revenue, Series A (RAAI) | |||||||||
4.000%, 03/01/2018 | $ | 560 | $ | 546 | |||||
Larimer County Sales & Use Tax (AMBAC) | |||||||||
5.000%, 12/15/2010 | 460 | 483 | |||||||
Longmont Sales & Use Tax, Pre-refunded 11/15/2010 @ 100 | |||||||||
5.500%, 11/15/2015 (b) | 500 | 533 | |||||||
Superior Open Space Sales & Use Tax | |||||||||
4.500%, 06/01/2013 | 100 | 101 | |||||||
4.600%, 06/01/2014 | 225 | 229 | |||||||
Westminster Sales & Use Tax, Series A (FGIC) | |||||||||
5.250%, 12/01/2011 | 500 | 517 | |||||||
2,409 | |||||||||
Transportation – 16.9% | |||||||||
Colorado Department of Transportation (AMBAC) | |||||||||
6.000%, 06/15/2010 | 1,000 | 1,076 | |||||||
E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA) | |||||||||
4.150%, 09/01/2017 (c) | 1,575 | 1,016 | |||||||
4.260%, 09/01/2019 (c) | 960 | 563 | |||||||
4.360%, 09/01/2022 (c) | 1,000 | 509 | |||||||
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA) | |||||||||
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 (d) | 500 | 431 | |||||||
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT) | |||||||||
5.250%, 05/01/2020 | 200 | 203 | |||||||
Northwest Parkway Public Highway Authority, Convertible CABs (FSA) | |||||||||
0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (d) | 750 | 654 | |||||||
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC) | |||||||||
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (d) | 2,000 | 1,761 | |||||||
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC) | |||||||||
0.000% through 06/15/2011, thereafter 5.350%, 06/15/2016 (d) | 1,000 | 891 | |||||||
7,104 | |||||||||
Utilities – 13.1% | |||||||||
Arapahoe County Water & Wastewater Authority, Escrowed to Maturity | |||||||||
5.750%, 12/01/2008 (a) | 160 | 166 | |||||||
Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/2009 @ 100 | |||||||||
6.000%, 12/01/2011 (b) | 185 | 197 | |||||||
Boulder Water & Sewer | |||||||||
5.750%, 12/01/2010 | 1,545 | 1,664 | |||||||
Broomfield Water Activity Enterprise (MBIA) | |||||||||
5.500%, 12/01/2017 | 500 | 536 | |||||||
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A, Pre-refunded 11/01/2010 @ 100 (FGIC) | |||||||||
5.700%, 11/01/2015 (b) | 45 | 48 | |||||||
Denver City & County Wastewater (FGIC) | |||||||||
5.250%, 11/01/2017 | 1,260 | 1,353 | |||||||
Inverness Water & Sanitation District, Arapahoe & Douglas Counties, Series A (RAAI) | |||||||||
4.250%, 12/01/2016 | 600 | 612 | |||||||
Platte River Power Authority, Series DD (MBIA) | |||||||||
5.375%, 06/01/2017 | 875 | 898 | |||||||
5,474 | |||||||||
Total Revenue Bonds | 30,706 | ||||||||
General Obligations – 20.1% | |||||||||
Arapahoe County School District #5, Cherry Creek, Pre-refunded 12/15/2009 @ 100 (STAID) | |||||||||
5.500%, 12/15/2011 (b) | 1,000 | 1,053 | |||||||
Cordillera Metropolitan School District, Eagle County (RAAI) | |||||||||
5.000%, 12/01/2013 | 620 | 657 | |||||||
Denver West Metropolitan School District | |||||||||
4.125%, 12/01/2014 | 150 | 148 | |||||||
4.200%, 12/01/2015 | 480 | 472 | |||||||
Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID) | |||||||||
4.009%, 12/15/2015 (c) | 585 | 410 | |||||||
Garfield County School District #RE-2 (FSA) (STAID) | |||||||||
5.250%, 12/01/2019 | 1,530 | 1,644 | |||||||
High Plains Metropolitan District, Series B (LOC: Compass Bank) | |||||||||
4.375%, 12/01/2015 | 900 | 917 | |||||||
Jefferson County School District #R-001 (MBIA) (STAID) | |||||||||
6.250%, 12/15/2009 | 1,000 | 1,073 | |||||||
SBC Metropolitan School District (ACA) | |||||||||
4.250%, 12/01/2015 | 445 | 440 | |||||||
West Metro Fire Protection District, Series A (MBIA) | |||||||||
4.750%, 12/01/2014 | 335 | 358 | |||||||
Westglenn Metropolitan District | |||||||||
6.000%, 12/01/2014 | 1,220 | 1,270 | |||||||
Total General Obligations | 8,442 | ||||||||
Certificates of Participation – 5.3% | |||||||||
Aims Junior College (MBIA) (MLO) | |||||||||
4.000%, 12/15/2011 | 500 | 507 | |||||||
4.100%, 12/15/2017 | 525 | 529 | |||||||
Garfield County Building Corporation (AMBAC) (MLO) | |||||||||
5.300%, 12/01/2011 | 400 | 420 | |||||||
Glendale (MLO) (XLCA) | |||||||||
4.500%, 12/01/2017 | 200 | 208 | |||||||
Pueblo County, Capital Construction (MLO) | |||||||||
4.400%, 12/01/2016 | 410 | 410 | |||||||
Snowmass Village (FSA) (MLO) | |||||||||
4.000%, 12/01/2017 | 150 | 150 | |||||||
Total Certificates of Participation | 2,224 | ||||||||
Total Municipal Bonds (Cost $39,474) | 41,372 | ||||||||
The accompanying notes are an integral part of the financial statements.
26 First American Funds Semiannual Report 2006
Table of Contents
Colorado Intermediate Tax Free Fund (concluded) | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Short-Term Investment – 1.3% | |||||||||
First American Tax Free Obligations Fund, Class Z (e) | |||||||||
(Cost $558) | 558,587 | $ | 558 | ||||||
Total Investments – 99.9% (Cost $40,032) | 41,930 | ||||||||
Other Assets and Liabilities, Net – 0.1% | 36 | ||||||||
Total Net Assets – 100.0% | $ | 41,966 | |||||||
(a) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(b) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(c) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(d) | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. |
(e) | 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. |
ACA – | American Capital Access |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $203, which represents 0.5% of net assets. |
CIFG – | CDC IXIS Financial Guaranty |
FGIC – | Financial Guaranty Insurance Corporation |
FSA – | Financial Security Assurance |
LOC – | Letter of Credit |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
STAID – | State Aid Withholding |
XLCA – | XL Capital Assurance Inc. |
Colorado Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 98.8% | |||||||||
Revenue Bonds – 78.5% | |||||||||
Continuing Care Retirement Communities – 5.8% | |||||||||
Colorado Health Facilities, Christian Living Communities, Series A | |||||||||
5.750%, 01/01/2026 | $ | 100 | $ | 105 | |||||
Colorado State Health Facilities Authority, Covenant Retirement Communities | |||||||||
5.250%, 12/01/2025 | 200 | 209 | |||||||
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B | |||||||||
6.125%, 12/01/2033 | 350 | 382 | |||||||
Illinois Finance Authority, Three Crowns Park Plaza, Series A | |||||||||
5.875%, 02/15/2026 | 100 | 106 | |||||||
North Carolina Community Health Care Facilities, Presbyterian Homes | |||||||||
5.400%, 10/01/2027 | 220 | 228 | |||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | |||||||||
5.000%, 09/01/2025 | 325 | 335 | |||||||
1,365 | |||||||||
Education – 6.4% | |||||||||
Colorado Educational & Cultural Facilities Authority, Academy Charter School Project, Series A | |||||||||
4.625%, 12/15/2028 | 330 | 331 | |||||||
Colorado State Board of Agriculture, Auxiliary Facility Systems (AMBAC) | |||||||||
5.125%, 03/01/2017 | 200 | 202 | |||||||
Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project (RAAI) | |||||||||
6.000%, 12/01/2016 | 200 | 214 | |||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity | |||||||||
6.375%, 12/01/2011 (a) | 425 | 452 | |||||||
Colorado State Educational & Cultural Facilities Authority, Northwest Nazarene Project | |||||||||
4.500%, 11/01/2015 | 300 | 295 | |||||||
1,494 | |||||||||
Healthcare – 24.8% | |||||||||
Boulder County Longmont United Hospital Project (RAAI) | |||||||||
5.300%, 12/01/2010 | 330 | 347 | |||||||
Colorado Health Facilities, Catholic Heath Initiatives, Series A | |||||||||
5.000%, 09/01/2026 | 250 | 263 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A | |||||||||
5.250%, 06/01/2034 | 230 | 240 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Project | |||||||||
5.000%, 06/01/2016 | 300 | 317 | |||||||
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI) | |||||||||
4.625%, 12/01/2024 | 325 | 327 | |||||||
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project | |||||||||
5.375%, 01/01/2016 | 300 | 305 |
First American Funds Semiannual Report 2006 27
Table of Contents
Schedule of Investments continued
Colorado Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Colorado State Health Facilities Authority, Parkview Medical Center | |||||||||
5.600%, 09/01/2011 | $ | 300 | $ | 319 | |||||
Colorado State Health Facilities Authority, Portercare Adventist Project, Pre-refunded 11/15/2011 @ 101 | |||||||||
6.500%, 11/15/2023 (b) | 600 | 678 | |||||||
Colorado State Health Facilities Authority, Poudre Valley Health Care, Series F | |||||||||
5.000%, 03/01/2025 | 350 | 361 | |||||||
Colorado State Health Facilities Authority, Steamboat Springs Health Project | |||||||||
5.300%, 09/15/2009 | 155 | 156 | |||||||
Colorado State Health Facilities Authority, Vail Valley Medical Center | |||||||||
5.000%, 01/15/2020 | 250 | 261 | |||||||
5.800%, 01/15/2027 | 500 | 531 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran | |||||||||
6.900%, 12/01/2025 | 60 | 67 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102 | |||||||||
6.900%, 12/01/2025 (b) | 90 | 102 | |||||||
Delta County Memorial Hospital District | |||||||||
5.350%, 09/01/2017 | 220 | 228 | |||||||
Halifax Medical Center, Florida Hospital Revenue, Series A | |||||||||
5.000%, 06/01/2038 | 325 | 332 | |||||||
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A | |||||||||
5.000%, 07/01/2020 | 100 | 101 | |||||||
Iowa Hospital Revenue, Washington County Hospital Project | |||||||||
5.375%, 07/01/2026 | 225 | 233 | |||||||
La Junta, Arkansas Valley Regional Medical Center Project | |||||||||
6.100%, 04/01/2024 | 100 | 104 | |||||||
Montrose Memorial Hospital | |||||||||
6.375%, 12/01/2023 | 130 | 146 | |||||||
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital | |||||||||
5.250%, 06/01/2036 | 100 | 104 | |||||||
University of Alabama at Birmingham, Hospital Revenue, Series A | |||||||||
4.500%, 09/01/2031 | 250 | 248 | |||||||
5,770 | |||||||||
Housing – 4.1% | |||||||||
Burlingame Housing, Multifamily Revenue, Housing Project (MBIA) | |||||||||
4.500%, 11/01/2029 | 750 | 753 | |||||||
Colorado State Housing & Finance Authority, Multifamily Project, Class I, Series B-4 | |||||||||
5.900%, 04/01/2031 | 100 | 104 | |||||||
Colorado State Housing & Finance Authority, Series E-2 (AMT) | |||||||||
7.000%, 02/01/2030 | 50 | 52 | |||||||
Colorado State Housing & Finance Authority, Single Family Housing Program, Series A-2 (AMT) | |||||||||
7.450%, 10/01/2016 | 5 | 5 | |||||||
Colorado State Housing & Finance Authority, Single Family Housing Program, Series B-2 (AMT) | |||||||||
7.100%, 04/01/2017 | 30 | 31 | |||||||
945 | |||||||||
Lease Revenue – 2.1% | |||||||||
Lakeville Minnesota Housing & Redevelopment Authority, Ice Arena Project | |||||||||
4.625%, 02/01/2032 | 500 | 494 | |||||||
Miscellaneous – 4.7% | |||||||||
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA) | |||||||||
5.500%, 06/01/2036 | 200 | 213 | |||||||
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures | |||||||||
5.250%, 06/01/2021 | 750 | 781 | |||||||
Denver City & County, Helen G. Bonfils Foundation Project, Series B | |||||||||
5.125%, 12/01/2017 | 100 | 101 | |||||||
1,095 | |||||||||
Recreational Facility Authority – 2.1% | |||||||||
Denver Convention Center, Hotel Authority Revenue (XLCA) | |||||||||
4.500%, 12/01/2025 | 500 | 502 | |||||||
Tax Revenue – 5.1% | |||||||||
Douglas County Sales & Use Tax Revenue (FSA) | |||||||||
5.625%, 10/15/2020 | 200 | 213 | |||||||
Larimer County Sales & Use Tax (AMBAC) | |||||||||
5.625%, 12/15/2018 | 100 | 107 | |||||||
Mountain Village Metropolitan District, San Miguel County (MBIA) | |||||||||
5.200%, 12/01/2017 | 200 | 204 | |||||||
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B | |||||||||
5.625%, 03/01/2036 | 100 | 104 | |||||||
Superior Open Space Sales & Use Tax | |||||||||
5.000%, 06/01/2026 | 330 | 339 | |||||||
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment | |||||||||
5.000%, 02/01/2026 | 210 | 218 | |||||||
1,185 | |||||||||
Transportation – 13.6% | |||||||||
Denver City & County Airport, Series E (MBIA) | |||||||||
5.250%, 11/15/2023 | 500 | 511 | |||||||
E-470 Public Highway Authority, Series A (MBIA) | |||||||||
5.000%, 09/01/2018 | 500 | 542 | |||||||
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT) | |||||||||
5.250%, 05/01/2020 | 110 | 112 | |||||||
Northwest Parkway Public Highway Authority, Convertible CABs (FSA) | |||||||||
0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 (c) | 750 | 654 | |||||||
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC) | |||||||||
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 (c) | 500 | 440 |
The accompanying notes are an integral part of the financial statements.
28 First American Funds Semiannual Report 2006
Table of Contents
Colorado Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC) | |||||||||
0.000% through 06/15/2011, thereafter 5.700%, 06/15/2021 (c) | $ | 1,000 | $ | 901 | |||||
3,160 | |||||||||
Utilities – 9.8% | |||||||||
Arapahoe County Water & Wastewater (MBIA) (MLO) | |||||||||
5.000%, 12/01/2026 | 250 | 263 | |||||||
Boulder Water & Sewer | |||||||||
5.700%, 12/01/2019 | 300 | 320 | |||||||
Broomfield Water Activity Enterprise (MBIA) | |||||||||
5.500%, 12/01/2019 | 400 | 428 | |||||||
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) | |||||||||
5.700%, 07/01/2018 | 250 | 276 | |||||||
Fort Collins Wastewater Utility Enterprise (FSA) | |||||||||
5.500%, 12/01/2020 | 300 | 319 | |||||||
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care | |||||||||
5.375%, 10/01/2026 | 150 | 152 | |||||||
Platte River Power Authority, Series DD (MBIA) | |||||||||
5.375%, 06/01/2017 | 500 | 513 | |||||||
2,271 | |||||||||
Total Revenue Bonds | 18,281 | ||||||||
General Obligations – 9.2% | |||||||||
Antelope Water System | |||||||||
4.875%, 12/01/2025 | 175 | 177 | |||||||
Boulder Open Space Acquisition | |||||||||
5.450%, 08/15/2016 | 350 | 370 | |||||||
Castlewood Ranch (XLCA) | |||||||||
4.250%, 12/01/2029 | 350 | 338 | |||||||
Douglas County School District #RE1, Douglas & Elbert Counties, Series B (STAID) | |||||||||
5.000%, 12/15/2015 | 200 | 219 | |||||||
El Paso County School District #49, Falcon, Series A, Pre-refunded 12/01/2009 @ 105 (FSA) (STAID) | |||||||||
6.000%, 12/01/2018 (b) | 200 | 222 | |||||||
Highlands Ranch Metropolitan School District #2 (FSA) | |||||||||
5.000%, 06/15/2016 | 20 | 20 | |||||||
Midcities Metropolitan School District #2 (RAAI) | |||||||||
5.125%, 12/01/2030 | 200 | 212 | |||||||
Puerto Rico Commonwealth, Government Development, Series B | |||||||||
5.000%, 12/01/2014 | 200 | 213 | |||||||
SBC Metropolitan District (ACA) | |||||||||
5.000%, 12/01/2025 | 115 | 119 | |||||||
Vista Ridge Metropolitan School District, Limited Tax, Series A (RAAI) | |||||||||
4.500%, 12/01/2031 | 250 | 242 | |||||||
Total General Obligations | 2,132 | ||||||||
Certificates of Participation – 11.1% | |||||||||
Arapahoe County Building Finance Authority, Pre-refunded 02/15/2010 @ 100 (AMBAC) (MLO) | |||||||||
5.250%, 02/15/2021 (b) | 200 | 209 | |||||||
Broomfield County Open Space Park & Recreation Facilities (AMBAC) (MLO) | |||||||||
5.500%, 12/01/2020 | 800 | 848 | |||||||
Broomfield County, Westminster Open Space Foundation | |||||||||
4.625%, 12/01/2025 | 330 | 335 | |||||||
Colorado Springs Old City Hall Project (FSA) (MLO) | |||||||||
5.500%, 12/01/2017 | 200 | 212 | |||||||
5.500%, 12/01/2020 | 200 | 212 | |||||||
Garfield County, Pre-refunded 12/01/2009 @ 101 (AMBAC) (MLO) | |||||||||
5.750%, 12/01/2019 (b) | 300 | 320 | |||||||
Pueblo County, Capital Construction (MLO) | |||||||||
5.000%, 12/01/2024 | 200 | 209 | |||||||
Snowmass Village (FSA) | |||||||||
4.250%, 12/01/2026 | 250 | 243 | |||||||
Total Certificates of Participation | 2,588 | ||||||||
Total Municipal Bonds (Cost $21,736) | 23,001 | ||||||||
Short-Term Investments – 0.7% | |||||||||
Money Market Fund – 0.6% | |||||||||
First American Tax Free Obligations Fund, Class Z (d) | 142,094 | 142 | |||||||
U.S. Treasury Obligation – 0.1% | |||||||||
U.S. Treasury Bill | |||||||||
5.012%, 01/11/2007(e) | $ | 25 | 25 | ||||||
Total Short Term Investments (Cost $167) | 167 | ||||||||
Total Investments – 99.5% (Cost $21,903) | 23,168 | ||||||||
Other Assets and Liabilities, Net – 0.5% | 116 | ||||||||
Total Net Assets – 100.0% | $ | 23,284 | |||||||
(a) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(b) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(c) | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. |
(d) | 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. |
(e) | Yield shown is effective yield as of December 31, 2006. |
ACA – | American Capital Access |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $476, which represents 2.0% of net assets. |
FSA – | Financial Security Assurance |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
STAID – | State Aid Withholding |
XLCA – | XL Capital Assurance Inc. |
First American Funds Semiannual Report 2006 29
Table of Contents
Schedule of Investments continued
Intermediate Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 100.1% | |||||||||
Alabama – 1.3% | |||||||||
Revenue Bonds – 1.3% | |||||||||
Alabama State Docks Department, Pre-refunded 10/01/2008 @ 102 (MBIA) | |||||||||
5.250%, 10/01/2010 (a) | $ | 3,000 | $ | 3,140 | |||||
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity | |||||||||
8.000%, 07/01/2011 (b) | 1,400 | 1,540 | |||||||
Health Care Authority for Baptist Health, Series D | |||||||||
5.000%, 11/15/2015 | 800 | 840 | |||||||
Montgomery BMC Special Care Facilities Finance Authority, Baptist Health, Convertible CABs, Series A-2, Pre-refunded 11/15/2014 @ 100 (MBIA) | |||||||||
0.000% through 11/15/2007, | |||||||||
thereafter 5.000%, 11/15/2016 (a) (c) | 2,000 | 2,058 | |||||||
University of Alabama at Birmingham, Hospital Revenue, Series A | |||||||||
4.000%, 09/01/2016 | 500 | 490 | |||||||
8,068 | |||||||||
Alaska – 0.1% | |||||||||
Revenue Bond – 0.1% | |||||||||
Aleutians East Burough Project, Aleutian Pribilof Islands (ACA) | |||||||||
4.375%, 06/01/2015 | 400 | 400 | |||||||
Arizona – 2.3% | |||||||||
Revenue Bonds – 1.9% | |||||||||
Arizona Game & Fish Department, AGF Administration Building Project (MLO) | |||||||||
4.500%, 07/01/2015 | 250 | 257 | |||||||
4.125%, 07/01/2017 | 365 | 359 | |||||||
Arizona Health Facilities Authority, The Terraces Project, Series A | |||||||||
7.500%, 11/15/2023 | 3,300 | 3,727 | |||||||
Phoenix Street & Highway User | |||||||||
6.500%, 07/01/2009 | 180 | 182 | |||||||
6.250%, 07/01/2011 | 900 | 909 | |||||||
Tempe Industrial Development Authority, Friendship Village Project, Series A | |||||||||
5.375%, 12/01/2013 | 1,300 | 1,318 | |||||||
Tucson Airport Authority (FSA) | |||||||||
5.000%, 06/01/2013 | 3,760 | 4,013 | |||||||
Tucson Water Revenue (MBIA) | |||||||||
4.000%, 07/01/2017 | 1,250 | 1,255 | |||||||
12,020 | |||||||||
General Obligations – 0.4% | |||||||||
Maricopa County School District #69, Paradise Valley (MBIA) | |||||||||
5.300%, 07/01/2011 | 1,000 | 1,068 | |||||||
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA) | |||||||||
4.750%, 07/01/2018 | 1,150 | 1,223 | |||||||
2,291 | |||||||||
Certificate of Participation – 0.0% | |||||||||
Northern Arizona University, Research Projects (AMBAC) (MLO) | |||||||||
4.250%, 09/01/2016 | 130 | 133 | |||||||
14,444 | |||||||||
Arkansas – 1.0% | |||||||||
Revenue Bonds – 1.0% | |||||||||
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FHA) (VA) | |||||||||
7.250%, 06/01/2010 (b) | 1,675 | 1,773 | |||||||
University of Arkansas, Fayetteville, Series B (FGIC) | |||||||||
4.500%, 11/01/2016 | 2,000 | 2,094 | |||||||
University of Arkansas, UAMS Campus (FGIC) | |||||||||
5.000%, 03/01/2015 | 1,000 | 1,084 | |||||||
Washington County Hospital Revenue, Regional Medical Center, Series B | |||||||||
5.000%, 02/01/2016 | 1,145 | 1,203 | |||||||
6,154 | |||||||||
California – 5.4% | |||||||||
Revenue Bonds – 2.8% | |||||||||
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) | |||||||||
3.905%, 10/01/2014 (d) | 2,000 | 1,482 | |||||||
Association of Bay Area Governments Financial Authority, Archstone Redwood Housing Project, Series A | |||||||||
5.300%, 10/01/2008 | 290 | 295 | |||||||
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI) | |||||||||
4.500%, 08/15/2012 | 335 | 342 | |||||||
5.000%, 08/15/2017 | 1,215 | 1,271 | |||||||
California Educational Facilities Authority, Lutheran University, Series C | |||||||||
5.000%, 10/01/2024 | 1,000 | 1,042 | |||||||
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT) | |||||||||
4.100%, 09/01/2014 | 250 | 249 | |||||||
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/2008 @ 100 | |||||||||
5.250%, 06/01/2029 | 1,000 | 1,015 | |||||||
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity | |||||||||
7.250%, 11/15/2011 (b) | 1,245 | 1,353 | |||||||
California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A | |||||||||
5.000%, 03/01/2030 | 700 | 725 | |||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100 | |||||||||
3.850%, 11/01/2029 | 1,180 | 1,170 | |||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/2011 @ 100 | |||||||||
3.450%, 04/01/2035 | 500 | 490 | |||||||
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) | |||||||||
5.000%, 11/15/2012 | 1,210 | 1,276 | |||||||
Dinuba Redevelopment Agency, Tax Allocation, Merged City Redevelopment Project #2 (AMBAC) | |||||||||
4.250%, 09/01/2016 | 320 | 330 |
The accompanying notes are an integral part of the financial statements.
30 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Golden State Tobacco Securitization, California Tobacco Settlement, Series A, Convertible CABs (FSA) (MLO) | |||||||||
0.000% through 06/01/2010, | |||||||||
thereafter 4.550%, 06/01/2022 (c) | $ | 1,600 | $ | 1,401 | |||||
Golden State Tobacco Securitization, Series B, Pre-refunded 06/01/2010 @ 100 (MLO) | |||||||||
5.600%, 06/01/2028 (a) | 2,450 | 2,606 | |||||||
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI) | |||||||||
5.000%, 09/01/2016 | 575 | 615 | |||||||
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC) | |||||||||
4.250%, 09/01/2026 | 1,400 | 1,360 | |||||||
Woodland Financial Authority (MLO) (XLCA) | |||||||||
4.700%, 03/01/2019 | 815 | 850 | |||||||
17,872 | |||||||||
General Obligations – 2.6% | |||||||||
ABC Unified School District, Series A (MBIA) | |||||||||
4.900%, 02/01/2020 | 1,565 | 1,714 | |||||||
California State | |||||||||
5.000%, 02/01/2016 | 1,000 | 1,063 | |||||||
5.000%, 02/01/2017 | 2,000 | 2,132 | |||||||
5.000%, 11/01/2018 | 5,000 | 5,241 | |||||||
5.000%, 02/01/2021 | 1,500 | 1,580 | |||||||
5.125%, 04/01/2024 | 500 | 533 | |||||||
Chabot-Las Positas Community College District, Election of 2004-B, Zero Coupon Bond (AMBAC) | |||||||||
4.370%, 08/01/2019 (d) | 1,390 | 799 | |||||||
Roseville Joint Unified High School District | |||||||||
5.100%, 08/01/2019 | 390 | 411 | |||||||
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) | |||||||||
4.130%, 09/01/2017 (d) | 1,000 | 646 | |||||||
Santa Monica Community College District, Capital Appreciation, 2002 Election, Series C, Zero Coupon Bond (MBIA) | |||||||||
4.052%, 08/01/2016 (d) | 2,000 | 1,357 | |||||||
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC) | |||||||||
4.380%, 08/01/2023 (d) | 2,030 | 989 | |||||||
16,465 | |||||||||
34,337 | |||||||||
Colorado – 9.8% | |||||||||
Revenue Bonds – 7.1% | |||||||||
Adams County Pollution Control Revenue, Public Service Company Colorado Project, Series A (MBIA) | |||||||||
4.375%, 09/01/2017 | 5,000 | 5,102 | |||||||
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond | |||||||||
3.790%, 09/01/2010 (b) (d) | 9,320 | 8,120 | |||||||
Colorado Department of Transportation (AMBAC) | |||||||||
6.000%, 06/15/2008 | 3,000 | 3,102 | |||||||
Colorado Health Facilities Authority, Parkview Medical Center | |||||||||
5.000%, 09/01/2016 | 640 | 665 | |||||||
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/2011 @ 100 | |||||||||
6.750%, 09/15/2015 (a) | 1,200 | 1,337 | |||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity | |||||||||
6.375%, 12/01/2011 (b) | 600 | 638 | |||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100 | |||||||||
6.750%, 12/01/2016 (a) | 1,500 | 1,702 | |||||||
7.250%, 12/01/2021 (a) | 1,500 | 1,734 | |||||||
Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project, Escrowed to Maturity | |||||||||
5.250%, 12/01/2011 (b) | 1,005 | 1,048 | |||||||
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A, Escrowed to Maturity | |||||||||
5.000%, 03/01/2012 (b) | 745 | 789 | |||||||
Colorado State Health Facilities Authority, Christian Living Communities Project, Series A | |||||||||
5.250%, 01/01/2014 | 600 | 617 | |||||||
5.250%, 01/01/2015 | 620 | 637 | |||||||
Colorado State Health Facilities Authority, Covenant Retirement Communities | |||||||||
5.000%, 12/01/2016 | 500 | 522 | |||||||
Colorado State Health Facilities Authority, Longmont United Hospital, Series B (RAAI) | |||||||||
4.250%, 12/01/2015 | 1,250 | 1,266 | |||||||
Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond | |||||||||
4.300%, 07/15/2020 (b) (d) | 10,000 | 5,620 | |||||||
Colorado State Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI) | |||||||||
5.000%, 05/15/2012 | 500 | 525 | |||||||
5.000%, 05/15/2013 | 405 | 428 | |||||||
Colorado State Housing Finance Authority, Series A-2 | |||||||||
7.150%, 11/01/2014 | 40 | 40 | |||||||
Denver City & County Airport Revenue, Series A (FGIC) | |||||||||
4.000%, 11/15/2016 | 315 | 317 | |||||||
E-470 Public Highway Authority, Convertible CABs, Series C (MBIA) | |||||||||
0.000% through 09/01/2011, | |||||||||
thereafter 5.000%, 09/01/2017 (c) | 1,500 | 1,292 | |||||||
Mesa County, Escrowed to Maturity, Zero Coupon Bond | |||||||||
3.830%, 12/01/2011 (b) (d) | 5,500 | 4,563 | |||||||
Montrose Memorial Hospital | |||||||||
5.700%, 12/01/2017 | 2,170 | 2,327 | |||||||
Northwest Parkway Public Highway Authority, Convertible CABs (AMBAC) | |||||||||
0.000% through 06/15/2011, | |||||||||
thereafter 5.250%, 06/15/2015 (c) | 2,750 | 2,422 | |||||||
44,813 | |||||||||
General Obligations – 2.4% | |||||||||
Denver City & County School District #1 (FSA) (STAID) | |||||||||
4.000%, 12/01/2014 | 4,545 | 4,617 | |||||||
El Paso County School District #2, Harrison (FGIC) (STAID) | |||||||||
5.500%, 12/01/2016 | 1,280 | 1,382 | |||||||
El Paso County School District #49, Falcon (MBIA) | |||||||||
5.000%, 12/01/2017 | 1,000 | 1,092 |
First American Funds Semiannual Report 2006 31
Table of Contents
Schedule of Investments continued
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
High Plains Metropolitan District, Series B (LOC: Compass Bank) | |||||||||
4.375%, 12/01/2015 | $ | 350 | $ | 356 | |||||
Jefferson County School District #R-1 (MBIA) | |||||||||
6.500%, 12/15/2011 | 5,100 | 5,742 | |||||||
Midcities Metropolitan District #2 (RAAI) | |||||||||
4.875%, 12/01/2016 | 385 | 408 | |||||||
Vista Ridge Metropolitan School District, Limited Tax, Series A (RAAI) | |||||||||
4.125%, 12/01/2017 | 715 | 707 | |||||||
4.250%, 12/01/2018 | 745 | 740 | |||||||
15,044 | |||||||||
Certificates of Participation – 0.3% | |||||||||
Aims Junior College District (MBIA)(MLO) | |||||||||
4.250%, 12/15/2016 | 500 | 514 | |||||||
Colorado State Department of Corrections, State Penitentiary II Project, Series B (AMBAC) (MLO) | |||||||||
5.000%, 03/01/2014 | 1,250 | 1,341 | |||||||
1,855 | |||||||||
61,712 | |||||||||
Connecticut – 0.9% | |||||||||
Revenue Bonds – 0.9% | |||||||||
Connecticut State Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI) | |||||||||
5.000%, 07/01/2014 | 1,185 | 1,265 | |||||||
Mashantucket Western Pequot Tribe, Series A, Pre-refunded 09/01/2007 @ 101 | |||||||||
6.400%, 09/01/2011 (a) (e) | 4,170 | 4,289 | |||||||
5,554 | |||||||||
Florida – 0.8% | |||||||||
Revenue Bonds – 0.4% | |||||||||
Lee County Industrial Development Authority, Shell Point Village Health Project, Series A | |||||||||
5.500%, 11/15/2008 | 1,000 | 1,020 | |||||||
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community | |||||||||
5.250%, 10/01/2013 | 1,400 | 1,467 | |||||||
2,487 | |||||||||
Certificate of Participation – 0.4% | |||||||||
Clay County School Board, Series B (MBIA) (MLO) | |||||||||
5.000%, 07/01/2018 | 2,205 | 2,362 | |||||||
4,849 | |||||||||
Georgia – 0.2% | |||||||||
Revenue Bond – 0.1% | |||||||||
Cherokee County Water & Sewer Authority, Escrowed to Maturity (MBIA) | |||||||||
11.250%, 08/01/2007 (b) | 600 | 626 | |||||||
General Obligations – 0.1% | |||||||||
Fayette County School District, Convertible CABs (FSA) | |||||||||
0.000% through 09/01/2010, | |||||||||
thereafter 4.150%, 03/01/2014 (c) | 500 | 431 | |||||||
Fayette County School District, Convertible CABs (FSA) | |||||||||
0.000% through 09/01/2010, | |||||||||
thereafter 4.250%, 03/01/2015 (c) | 265 | 229 | |||||||
Fayette County School District, Convertible CABs (FSA) | |||||||||
0.000% through 09/01/2010, | |||||||||
thereafter 4.350%, 03/01/2016 (c) | 300 | 260 | |||||||
920 | |||||||||
1,546 | |||||||||
Idaho – 0.2% | |||||||||
Certificates of Participation – 0.2% | |||||||||
Madison County Hospital Revenue (MLO) | |||||||||
5.000%, 09/01/2012 | 500 | 524 | |||||||
5.250%, 09/01/2015 | 295 | 317 | |||||||
5.250%, 09/01/2016 | 500 | 541 | |||||||
1,382 | |||||||||
Illinois – 17.5% | |||||||||
Revenue Bonds – 8.6% | |||||||||
Chicago, Midway Airport Project, Series C (MBIA) | |||||||||
5.500%, 01/01/2014 | 1,300 | 1,429 | |||||||
Chicago, Park District, Parking Facilities Authority, Escrowed to Maturity (ACA) | |||||||||
5.500%, 01/01/2008 (b) | 3,585 | 3,653 | |||||||
Chicago, Single Family Mortgages, Series A (AMT) (FHLMC) (FNMA) (GNMA) | |||||||||
5.250%, 03/01/2013 | 10 | 10 | |||||||
Chicago Water, Zero Coupon Bond (FGIC) | |||||||||
3.733%, 11/01/2008 (d) | 5,150 | 4,811 | |||||||
3.760%, 11/01/2009 (d) | 6,450 | 5,803 | |||||||
Granite Single Family Mortgage, Series A, Escrowed to Maturity | |||||||||
7.750%, 10/01/2011 (b) | 560 | 621 | |||||||
Illinois Development Finance Authority, Midwestern University, Series B | |||||||||
5.750%, 05/15/2016 | 350 | 372 | |||||||
Illinois Finance Authority, Clare at Water Tower Project, Series A | |||||||||
5.400%, 05/15/2014 | 1,000 | 1,014 | |||||||
5.500%, 05/15/2015 | 1,000 | 1,016 | |||||||
Illinois Finance Authority, Friendship Village Schaumburg, Series A | |||||||||
5.000%, 02/15/2015 | 2,500 | 2,520 | |||||||
Illinois Finance Authority, Landing at Plymouth Project, Series A | |||||||||
5.250%, 05/15/2014 | 1,320 | 1,336 | |||||||
Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC) | |||||||||
4.300%, 06/01/2035 | 2,000 | 2,048 | |||||||
Illinois Health Facilities Authority, St. Benedict, Series 2003A-2 | |||||||||
5.750%, 11/15/2015 | 2,750 | 2,751 | |||||||
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC) | |||||||||
0.000% through 06/15/2010, | |||||||||
thereafter 4.750%, 06/15/2013 (c) | 1,405 | 1,259 | |||||||
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC) | |||||||||
0.000% through 06/15/2010, | |||||||||
thereafter 5.100%, 06/15/2016 (c) | 1,620 | 1,492 | |||||||
Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond | |||||||||
4.180%, 01/01/2018 (d) | 2,750 | 1,744 | |||||||
Illinois State Development Finance Authority, Elmhurst Community School #205, Pre-refunded 01/01/2011 @ 100 (FSA) | |||||||||
6.375%, 01/01/2013 (a) | 1,025 | 1,127 |
The accompanying notes are an integral part of the financial statements.
32 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Illinois State Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) | |||||||||
4.350%, 12/01/2010 | $ | 1,605 | $ | 1,632 | |||||
Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity | |||||||||
6.750%, 04/15/2012 (b) | 1,320 | 1,447 | |||||||
Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity | |||||||||
10.000%, 01/01/2015 (b) | 695 | 866 | |||||||
Illinois State Sales Tax | |||||||||
6.000%, 06/15/2009 | 2,500 | 2,638 | |||||||
5.100%, 06/15/2010 | 2,000 | 2,092 | |||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A (FGIC) | |||||||||
5.550%, 12/15/2011 | 675 | 716 | |||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Convertible CABs, Series B | |||||||||
0.000% through 06/15/2012, | |||||||||
thereafter 5.200%, 06/15/2017 (c) | 1,000 | 830 | |||||||
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC) | |||||||||
3.710%, 06/15/2009 (b) (d) | 1,465 | 1,338 | |||||||
Morton Grove, Residential Housing, Escrowed to Maturity (MBIA) | |||||||||
7.350%, 09/01/2009 (b) | 5,570 | 6,091 | |||||||
Southwestern Illinois Development Authority Revenue, Anderson Hospital | |||||||||
5.125%, 08/15/2026 | 2,000 | 2,073 | |||||||
Southwestern Illinois Development Authority Revenue, Local Government, Triad School District 2 (MBIA) | |||||||||
4.250%, 10/01/2017 | 350 | 357 | |||||||
5.000%, 10/01/2018 | 1,000 | 1,085 | |||||||
54,171 | |||||||||
General Obligations – 8.9% | |||||||||
Champaign County Community Unit School District #004 | |||||||||
8.250%, 01/01/2009 | 1,315 | 1,427 | |||||||
Chicago, City Colleges, Zero Coupon Bond (FGIC) | |||||||||
3.980%, 01/01/2015 (d) | 10,000 | 7,294 | |||||||
Chicago, Convertible CABs, Series A (MBIA) | |||||||||
0.000% through 01/01/2011, | |||||||||
thereafter 5.300%, 01/01/2016 (c) | 2,000 | 1,796 | |||||||
Chicago, Project & Refunding (FSA) | |||||||||
5.500%, 01/01/2013 | 1,000 | 1,093 | |||||||
Chicago, Project & Refunding, Series A (FGIC) | |||||||||
5.250%, 01/01/2011 | 5,000 | 5,286 | |||||||
Cook County Community Unit School District #65, Evanston, Series A (FSA) | |||||||||
6.375%, 05/01/2009 | 3,000 | 3,180 | |||||||
Cook County Community Unit School District #102, La Grange, Zero Coupon Bond (FGIC) | |||||||||
3.910%, 12/01/2013 (d) | 2,440 | 1,866 | |||||||
Cook County Community Unit School District #401, Elmwood Park, Zero Coupon Bond (FSA) | |||||||||
3.840%, 12/01/2011 (d) | 3,625 | 3,006 | |||||||
Cook County School District #088, Bellwood, Series B (FSA) | |||||||||
5.000%, 12/01/2017 | 1,675 | 1,797 | |||||||
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA) | |||||||||
4.018%, 12/01/2015 (d) | 2,250 | 1,578 | |||||||
Cook County School District #209, Proviso Township, Convertible CABs (FSA) | |||||||||
0.000% through 12/01/2007, | |||||||||
thereafter 5.000%, 12/01/2016 (c) | 1,000 | 1,036 | |||||||
Cook County, Series A (MBIA) | |||||||||
6.250%, 11/15/2011 | 1,000 | 1,111 | |||||||
Du Page County Community High School District #94, West Chicago (FSA) | |||||||||
7.250%, 11/01/2009 | 1,780 | 1,946 | |||||||
Evanston | |||||||||
4.000%, 01/01/2019 | 1,555 | 1,536 | |||||||
Illinois State, First Series | |||||||||
5.500%, 08/01/2015 | 4,500 | 4,762 | |||||||
Lake County Community Unit School District #60, Waukegan, Series B (FSA) | |||||||||
7.500%, 12/01/2008 | 3,640 | 3,896 | |||||||
Lake County School District #56, Gurnee (FGIC) | |||||||||
8.375%, 01/01/2010 | 1,290 | 1,456 | |||||||
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA) | |||||||||
4.280%, 12/01/2019 (d) | 2,100 | 1,215 | |||||||
Rockford School District #205 (FGIC) | |||||||||
5.000%, 02/01/2014 | 500 | 537 | |||||||
St. Clair County (FGIC) | |||||||||
6.000%, 10/01/2011 | 1,000 | 1,078 | |||||||
Will County School District #86, Joliet, Zero Coupon Bond (FSA) | |||||||||
4.170%, 11/01/2017 (d) | 3,870 | 2,474 | |||||||
Winnebago & Boone Counties School District #205, Series C, Partially Escrowed to Maturity (FGIC) | |||||||||
6.000%, 02/01/2008 (b) | 5,065 | 5,193 | |||||||
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA) | |||||||||
4.170%, 01/01/2017 (d) | 3,000 | 1,985 | |||||||
56,548 | |||||||||
110,719 | |||||||||
Indiana – 1.9% | |||||||||
Revenue Bonds – 1.7% | |||||||||
Crown Point Multi-School Building, First Mortgage (MBIA) (MLO) | |||||||||
7.625%, 01/15/2008 | 1,000 | 1,040 | |||||||
Evansville Vanderburgh, Public Leasing, Pre-refunded 01/15/2012 @ 100 (MBIA) (MLO) | |||||||||
5.750%, 07/15/2018 (a) | 1,000 | 1,094 | |||||||
Franklin Township Independent School Building Corporation, Escrowed to Maturity | |||||||||
5.750%, 07/15/2009 (b) | 1,235 | 1,300 | |||||||
Indiana Transportation Finance Authority, Escrowed to Maturity | |||||||||
5.750%, 06/01/2012 (b) | 180 | 195 | |||||||
Indiana Transportation Finance Authority, Series A (AMBAC) | |||||||||
5.750%, 06/01/2012 | 1,820 | 2,002 | |||||||
Indiana University, Series K, Zero Coupon Bond (MBIA) | |||||||||
3.830%, 08/01/2011 (d) | 250 | 210 | |||||||
St. Joseph County Hospital Authority (MBIA) | |||||||||
4.750%, 08/15/2012 | 1,000 | 1,020 |
First American Funds Semiannual Report 2006 33
Table of Contents
Schedule of Investments continued
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
St. Joseph County Independent Economic Development Revenue, Holy Cross Village, Notre Dame Project, Series A | |||||||||
5.750%, 05/15/2016 | $ | 450 | $ | 472 | |||||
5.550%, 05/15/2019 | 230 | 234 | |||||||
St. Joseph County Independent Hospital Authority, Health Facilities Revenue, Madison Center Obligation Group Project | |||||||||
5.250%, 02/15/2028 | 2,295 | 2,351 | |||||||
Zionsville Community Schools Building, First Mortgage Bonds, Pre-refunded 01/15/2012 @ 100 (FGIC) (MLO) (STAID) | |||||||||
5.750%, 07/15/2015 (a) | 775 | 848 | |||||||
�� | 10,766 | ||||||||
General Obligation – 0.2% | |||||||||
Gary Sanitation District, Special Tax District (RAAI) | |||||||||
3.750%, 02/01/2011 | 1,260 | 1,252 | |||||||
12,018 | |||||||||
Iowa – 2.8% | |||||||||
Revenue Bonds – 2.8% | |||||||||
Iowa Finance Authority Health Facilities Revenue, Care Initiatives Project, Series A | |||||||||
5.250%, 07/01/2013 | 1,250 | 1,295 | |||||||
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A | |||||||||
5.750%, 11/15/2019 | 500 | 506 | |||||||
Iowa Higher Education Authority, Central College | |||||||||
5.450%, 10/01/2026 | 1,000 | 1,054 | |||||||
Iowa Higher Education Authority, Grand View College | |||||||||
4.500%, 10/01/2015 | 200 | 202 | |||||||
4.600%, 10/01/2017 | 300 | 303 | |||||||
4.700%, 10/01/2019 | 405 | 409 | |||||||
4.750%, 10/01/2024 | 1,000 | 1,003 | |||||||
Iowa Higher Education Authority, Wartburg College Project, Pre-refunded 10/01/2012 @ 100 (ACA) (MBIA) | |||||||||
5.500%, 10/01/2028 (a) | 2,000 | 2,178 | |||||||
Iowa Higher Education Authority, Wartburg College Project, Series A | |||||||||
4.700%, 10/01/2016 | 925 | 946 | |||||||
4.750%, 10/01/2017 | 1,100 | 1,125 | |||||||
4.800%, 10/01/2018 | 1,155 | 1,182 | |||||||
5.000%, 10/01/2023 | 1,475 | 1,512 | |||||||
Iowa State University, Science & Technology University Revenue, Dorm ISU (AMBAC) | |||||||||
4.000%, 07/01/2013 | 595 | 607 | |||||||
4.000%, 07/01/2014 | 650 | 662 | |||||||
Muscatine Electric, Escrowed to Maturity | |||||||||
9.700%, 01/01/2013 (b) | 1,790 | 2,100 | |||||||
Xenia Rural Water Revenue (CIFG) | |||||||||
4.000%, 12/01/2015 | 1,240 | 1,249 | |||||||
4.000%, 12/01/2016 | 1,500 | 1,505 | |||||||
17,838 | |||||||||
Kansas – 2.8% | |||||||||
Revenue Bonds – 2.0% | |||||||||
Butler County Public Building Authority (MBIA) (MLO) | |||||||||
6.375%, 10/01/2010 | 1,000 | 1,091 | |||||||
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond | |||||||||
3.830%, 05/01/2012 (b) (d) | 7,500 | 6,125 | |||||||
Kansas State Development Finance Authority, Health Facilities Revenue, Hays Medical Center, Series L | |||||||||
4.500%, 11/15/2017 | 1,405 | 1,420 | |||||||
La Cygne Environmental Improvement Revenue, Kansas City Power & Light (XLCA) | |||||||||
4.050%, 03/01/2015 | 1,000 | 1,016 | |||||||
Olathe Senior Living Facility Revenue, Catholic Care Campus, Series A | |||||||||
5.750%, 11/15/2013 | 700 | 728 | |||||||
5.750%, 11/15/2014 | 765 | 799 | |||||||
5.750%, 11/15/2015 | 820 | 858 | |||||||
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA) | |||||||||
6.700%, 06/01/2029 | 375 | 379 | |||||||
12,416 | |||||||||
General Obligations – 0.8% | |||||||||
Johnson County School District #231, Series B (AMBAC) | |||||||||
4.000%, 10/01/2012 | 585 | 594 | |||||||
4.000%, 10/01/2017 | 1,500 | 1,505 | |||||||
Johnson County Unified School District #232, Series A (FSA) | |||||||||
4.250%, 09/01/2016 | 2,000 | 2,057 | |||||||
Sedgwick County School District #267 (AMBAC) | |||||||||
5.250%, 11/01/2012 | 1,045 | 1,132 | |||||||
5,288 | |||||||||
17,704 | |||||||||
Kentucky – 0.6% | |||||||||
Revenue Bonds – 0.6% | |||||||||
Kentucky State Turnpike Authority, Escrowed to Maturity | |||||||||
7.200%, 07/01/2009 (b) | 690 | 723 | |||||||
6.000%, 07/01/2011 (b) | 540 | 568 | |||||||
Louisville Water, Escrowed to Maturity | |||||||||
6.375%, 11/01/2007 (b) | 1,000 | 1,023 | |||||||
6.000%, 11/15/2007 (b) | 1,250 | 1,274 | |||||||
3,588 | |||||||||
Louisiana – 0.8% | |||||||||
Revenue Bonds – 0.6% | |||||||||
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT) | �� | ||||||||
6.650%, 01/01/2025 | 730 | 784 | |||||||
Louisiana Public Facilities Authority, Pennington Medical Foundation Project | |||||||||
5.000%, 07/01/2021 | 1,000 | 1,049 | |||||||
St. Tammany Parish Sales Tax Revenue, District #03, Sales & Use Tax (CIFG) | |||||||||
5.000%, 06/01/2017 | 1,405 | 1,529 | |||||||
3,362 | |||||||||
The accompanying notes are an integral part of the financial statements.
34 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
General Obligation – 0.2% | |||||||||
Louisiana, Series B (CIFG) | |||||||||
5.000%, 07/15/2015 | $ | 1,300 | $ | 1,404 | |||||
4,766 | |||||||||
Maine – 0.3% | |||||||||
General Obligation – 0.3% | |||||||||
Maine Municipal Bond Bank, Series B (FSA) | |||||||||
5.750%, 11/01/2010 | 2,000 | 2,151 | |||||||
Maryland – 0.3% | |||||||||
Revenue Bonds – 0.3% | |||||||||
Maryland State Department of Transportation | |||||||||
4.250%, 02/15/2017 | 1,000 | 1,027 | |||||||
Westminster Educational Facilities Revenue, McDaniel College | |||||||||
5.000%, 11/01/2013 | 350 | 370 | |||||||
4.000%, 11/01/2015 | 700 | 690 | |||||||
2,087 | |||||||||
Massachusetts – 3.5% | |||||||||
Revenue Bonds – 3.0% | |||||||||
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT) | |||||||||
6.500%, 09/01/2035 | 1,975 | 2,045 | |||||||
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC) | |||||||||
5.750%, 03/01/2010 | 2,100 | 2,231 | |||||||
Massachusetts Bay Transportation Authority, Series A | |||||||||
6.250%, 03/01/2012 | 1,875 | 2,095 | |||||||
Massachusetts State Commonwealth, Special Obligation, Series A | |||||||||
5.500%, 06/01/2013 | 1,000 | 1,100 | |||||||
Massachusetts State Health & Educational Authority Revenue, Berkshire Health System, Series F (AGTY) | |||||||||
5.000%, 10/01/2015 | 2,000 | 2,159 | |||||||
Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A (MBIA) | |||||||||
5.100%, 07/01/2010 | 3,000 | 3,050 | |||||||
Massachusetts State Port Authority | |||||||||
5.750%, 07/01/2012 | 1,000 | 1,098 | |||||||
Massachusetts State Port Authority, Escrowed to Maturity | |||||||||
13.000%, 07/01/2013 (b) | 3,680 | 4,864 | |||||||
Massachusetts State, Multifamily Housing, Escrowed to Maturity (FHA) | |||||||||
6.350%, 04/01/2008 (b) | 430 | 432 | |||||||
19,074 | |||||||||
General Obligation – 0.5% | |||||||||
Massachusetts State, Series A, Pre-refunded 01/01/2011 @ 100 | |||||||||
5.125%, 01/01/2016 (a) | 3,000 | 3,159 | |||||||
22,233 | |||||||||
Michigan – 4.4% | |||||||||
Revenue Bonds – 2.3% | |||||||||
Detroit Water Supply, Escrowed to Maturity (FGIC) | |||||||||
6.250%, 07/01/2012 (b) | 285 | 305 | |||||||
Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Pre-refunded 03/01/2013 @ 100 | |||||||||
5.500%, 03/01/2015 (a) | 3,500 | 3,836 | |||||||
Michigan State Hospital Finance Authority, Henry Ford Hospital, Escrowed to Maturity | |||||||||
9.000%, 05/01/2008 (b) | 2,470 | 2,573 | |||||||
Michigan State Housing Development Authority, Green Hill Project (FNMA) | |||||||||
5.125%, 07/15/2008 | 850 | 851 | |||||||
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity | |||||||||
7.000%, 11/01/2015 (b) | 1,300 | 1,573 | |||||||
Wayne Charter County Airport, Series A (AMT) (MBIA) | |||||||||
5.250%, 12/01/2009 | 5,000 | 5,181 | |||||||
14,319 | |||||||||
General Obligations – 2.1% | |||||||||
Chippewa Valley Schools, Pre-refunded 05/01/2012 @ 100 (MQSBLF) | |||||||||
5.500%, 05/01/2014 (a) | 1,775 | 1,932 | |||||||
Constantine Public Schools (MQSBLF) | |||||||||
5.000%, 05/01/2016 | 1,075 | 1,141 | |||||||
Detroit (AMT) (FSA) | |||||||||
5.750%, 04/01/2009 | 1,255 | 1,310 | |||||||
Lakeshore Public Schools (MQSBLF) | |||||||||
5.000%, 05/01/2012 | 1,160 | 1,220 | |||||||
Lakeview Public Schools (MQSBLF) | |||||||||
5.000%, 05/01/2014 | 1,985 | 2,080 | |||||||
Rochester Community School District, Series 1, Pre-refunded 05/01/2010 @ 100 (FGIC) | |||||||||
5.375%, 05/01/2011 (a) | 2,000 | 2,107 | |||||||
South Lyon Community Schools (FGIC) | |||||||||
4.000%, 05/01/2018 | 1,400 | 1,387 | |||||||
Woodhaven Brownstown School District (FSA) (MQSBLF) | |||||||||
5.000%, 05/01/2014 | 2,000 | 2,157 | |||||||
13,334 | |||||||||
27,653 | |||||||||
Minnesota – 3.1% | |||||||||
Revenue Bonds – 2.8% | |||||||||
Aitkin Health Care Facilities, Riverwood Healthcare Center | |||||||||
5.375%, 02/01/2017 | 1,590 | 1,631 | |||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT) | |||||||||
5.375%, 01/01/2010 | 3,000 | 3,077 | |||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) | |||||||||
5.750%, 01/01/2010 | 1,000 | 1,057 | |||||||
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity | |||||||||
10.000%, 06/01/2013 (b) | 850 | 1,022 | |||||||
Minnesota Agricultural & Economic Development Board, Health Care Systems, Series A | |||||||||
5.875%, 11/15/2011 | 2,135 | 2,288 | |||||||
Minnesota State Higher Education Facilities Revenue, College of Art & Design, Series 6-K | |||||||||
5.000%, 05/01/2012 | 295 | 306 |
First American Funds Semiannual Report 2006 35
Table of Contents
Schedule of Investments continued
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Minnesota State Municipal Power Agency, Electric Revenue | |||||||||
4.375%, 10/01/2025 | $ | 1,800 | $ | 1,767 | |||||
Monticello Big Lake Community Hospital District, Health Care Facilities, Series C | |||||||||
5.250%, 12/01/2011 | 1,940 | 2,026 | |||||||
Northfield Hospital Revenue | |||||||||
5.000%, 11/01/2012 | 785 | 813 | |||||||
St. Paul Housing & Redevelopment Authority (AMBAC) | |||||||||
6.500%, 02/01/2009 | 1,315 | 1,351 | |||||||
St. Paul Port Authority Hotel, Pre-refunded 08/01/2008 @ 100 | |||||||||
8.050%, 08/01/2021 (a) | 2,335 | 2,493 | |||||||
17,831 | |||||||||
General Obligations – 0.3% | |||||||||
Hopkins Independent School District #270, School Building, Series C (FSA) (MSDCEP) | |||||||||
4.000%, 02/01/2020 | 1,000 | 980 | |||||||
Prior Lake Independent School District #719, School Building, Series B (MBIA) (MSDCEP) | |||||||||
4.000%, 02/01/2020 (f) | 1,070 | 1,053 | |||||||
2,033 | |||||||||
19,864 | |||||||||
Mississippi – 0.1% | |||||||||
Revenue Bond – 0.1% | |||||||||
Mississippi Development Bank Special Obligation, Hattiesburg Water & Sewer (AMBAC) | |||||||||
4.125%, 08/01/2017 | 425 | 430 | |||||||
Missouri – 1.6% | |||||||||
Revenue Bonds – 1.4% | |||||||||
Hannibal Industrial Development Authority, Health Facilities Revenue, Hannibal Regional Hospital | |||||||||
4.350%, 03/01/2014 | 1,405 | 1,416 | |||||||
Joplin Individual Development Authority Health Facilities, Freeman Health System Project | |||||||||
4.125%, 02/15/2009 | 750 | 749 | |||||||
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Iatan 2 Project, Series A (AMBAC) | |||||||||
5.000%, 01/01/2014 | 2,065 | 2,224 | |||||||
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA) | |||||||||
4.200%, 01/01/2018 | 1,000 | 1,012 | |||||||
Missouri State Health & Educational Facilities Revenue, Senior Living Facilities, Lutheran, Series B | |||||||||
4.350%, 02/01/2015 | 850 | 852 | |||||||
4.375%, 02/01/2016 | 930 | 929 | |||||||
Osage Beach Tax Increment, Prewitts Project | |||||||||
4.800%, 05/01/2016 | 1,650 | 1,639 | |||||||
8,821 | |||||||||
Certificates of Participation – 0.2% | |||||||||
Texas County, Justice Center Project (AGTY) (MLO) | |||||||||
4.250%, 12/01/2015 | 625 | 639 | |||||||
4.150%, 12/01/2018 | 560 | 558 | |||||||
1,197 | |||||||||
10,018 | |||||||||
Montana – 0.9% | |||||||||
Revenue Bonds – 0.9% | |||||||||
Montana Facilities Financial Authority, Health Care Facilities Revenue, Master Loan Project, North Montgomery Group Project | |||||||||
4.500%, 10/01/2014 | 435 | 453 | |||||||
Montana Financial Authority Revenue, Senior Living, St. Johns Lutheran, Series A | |||||||||
5.750%, 05/15/2016 | 1,800 | 1,855 | |||||||
6.000%, 05/15/2025 | 1,675 | 1,734 | |||||||
Montana State Board of Regents Higher Education Revenue, Montana State University, Series K (AMBAC) | |||||||||
4.250%, 11/15/2018 | 1,350 | 1,370 | |||||||
5,412 | |||||||||
Nebraska – 1.4% | |||||||||
Revenue Bonds – 1.3% | |||||||||
Douglas County Hospital Authority #002, Nebraska Medical Center, Clarkson Regional Health Guaranty (GTY) | |||||||||
5.000%, 11/15/2011 | 2,860 | 2,978 | |||||||
Douglas County Zoo Facilities Revenue, Omaha’s Henry Doory Zoo Project | |||||||||
4.750%, 09/01/2017 | 745 | 770 | |||||||
4.750%, 09/01/2018 | 740 | 763 | |||||||
Lancaster County Hospital Authority #1, Hospital Revenue, BryanLGH Medical Center Project | |||||||||
4.000%, 06/01/2018 | 2,000 | 1,947 | |||||||
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI) | |||||||||
4.700%, 11/15/2011 | 500 | 517 | |||||||
4.800%, 11/15/2012 | 500 | 521 | |||||||
4.900%, 11/15/2013 | 600 | 627 | |||||||
8,123 | |||||||||
General Obligation – 0.1% | |||||||||
Lincoln-Lancaster County Public Building, Tax Supported Lease Rental (MLO) | |||||||||
4.500%, 10/15/2015 | 1,020 | 1,067 | |||||||
9,190 | |||||||||
Nevada – 1.1% | |||||||||
Revenue Bonds – 0.7% | |||||||||
Carson City, Carson-Tahoe Hospital Project | |||||||||
5.750%, 09/01/2011 | 1,000 | 1,055 | |||||||
5.750%, 09/01/2012 | 1,055 | 1,123 | |||||||
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B | |||||||||
6.750%, 11/15/2023 | 2,150 | 2,196 | |||||||
4,374 | |||||||||
General Obligation – 0.4% | |||||||||
Washoe County, Escrowed to Maturity | |||||||||
9.875%, 08/01/2009 (b) | 2,265 | 2,477 | |||||||
6,851 | |||||||||
The accompanying notes are an integral part of the financial statements.
36 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
New Hampshire – 0.4% | |||||||||
Revenue Bonds – 0.4% | |||||||||
New Hampshire Health & Education Facilities Authority | |||||||||
5.375%, 07/01/2024 | $ | 1,250 | $ | 1,335 | |||||
New Hampshire State Health & Educational Facilities Authority, Speare Memorial Hospital | |||||||||
5.500%, 07/01/2025 | 1,000 | 1,042 | |||||||
2,377 | |||||||||
New Jersey – 1.0% | |||||||||
Revenue Bonds – 1.0% | |||||||||
New Jersey Economic Development Authority, Cigarette Tax | |||||||||
5.500%, 06/15/2016 | 2,000 | 2,185 | |||||||
New Jersey Health Care Facilities, Capital Health Systems, Series A | |||||||||
5.500%, 07/01/2012 | 1,500 | 1,598 | |||||||
New Jersey State Transportation Trust Fund Authority, Series A | |||||||||
5.500%, 06/15/2008 | 2,000 | 2,051 | |||||||
New Jersey State Turnpike Authority, Escrowed to Maturity | |||||||||
6.750%, 01/01/2009 (b) | 605 | 605 | |||||||
6,439 | |||||||||
New York – 3.1% | |||||||||
Revenue Bonds – 1.3% | |||||||||
Hempstead Town Industrial Development Agency (MBIA) | |||||||||
5.000%, 12/01/2008 | 2,000 | 2,042 | |||||||
Long Island Power Authority, New York Electric System Revenue, Series D (MBIA) | |||||||||
5.000%, 09/01/2014 | 2,000 | 2,158 | |||||||
Long Island Power Authority, Series B | |||||||||
5.250%, 12/01/2013 | 4,000 | 4,348 | |||||||
8,548 | |||||||||
General Obligations – 1.8% | |||||||||
New York, Series A | |||||||||
5.750%, 08/01/2015 | 3,220 | 3,522 | |||||||
New York, Series C | |||||||||
5.500%, 03/15/2014 | 3,000 | 3,228 | |||||||
New York, Series D | |||||||||
5.500%, 06/01/2012 | 2,000 | 2,163 | |||||||
New York, Series G (XLCA) | |||||||||
5.500%, 08/01/2012 | 2,000 | 2,178 | |||||||
11,091 | |||||||||
19,639 | |||||||||
North Carolina – 2.1% | |||||||||
Revenue Bonds – 1.9% | |||||||||
North Carolina Eastern Power Agency, Series D | |||||||||
5.375%, 01/01/2013 | 2,955 | 3,168 | |||||||
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage Presbyterian, Series B | |||||||||
4.875%, 10/01/2013 | 2,035 | 2,068 | |||||||
5.000%, 10/01/2014 | 2,120 | 2,171 | |||||||
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage, Salemtowne | |||||||||
5.000%, 10/01/2014 | 1,115 | 1,142 | |||||||
4.625%, 10/01/2015 | 620 | 615 | |||||||
5.000%, 10/01/2016 | 1,065 | 1,085 | |||||||
North Carolina Power Agency #1, Series A (FSA) | |||||||||
5.250%, 01/01/2016 | 2,000 | 2,154 | |||||||
12,403 | |||||||||
Certificate of Participation – 0.2% | |||||||||
Sampson County (FSA) (MLO) | |||||||||
5.000%, 06/01/2017 | 1,000 | 1,091 | |||||||
13,494 | |||||||||
North Dakota – 0.2% | |||||||||
Revenue Bond – 0.2% | |||||||||
Ward County Health Care Facilities Revenue, Trinity Obligated Group | |||||||||
5.000%, 07/01/2014 | 1,180 | 1,235 | |||||||
Ohio – 1.7% | |||||||||
Revenue Bonds – 1.0% | |||||||||
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B (MBIA) | |||||||||
5.375%, 09/01/2009 | 1,000 | 1,030 | |||||||
Miami County Hospital Facilities, Upper Valley Medical Center | |||||||||
5.250%, 05/15/2016 | 750 | 801 | |||||||
Ohio State Higher Education Facilities Revenue, John Carroll University Project | |||||||||
4.000%, 04/01/2014 | 1,135 | 1,142 | |||||||
4.500%, 04/01/2015 | 1,000 | 1,040 | |||||||
4.300%, 04/01/2018 | 550 | 553 | |||||||
Ohio State Water Development Authority, Escrowed to Maturity | |||||||||
9.375%, 12/01/2010 (b) | 1,110 | 1,221 | |||||||
Richland County Hospital Facilities, Series A | |||||||||
5.650%, 11/15/2008 | 595 | 614 | |||||||
6,401 | |||||||||
General Obligations – 0.5% | |||||||||
Hilliard School District, Series A (MBIA) | |||||||||
5.000%, 12/01/2017 | 1,260 | 1,377 | |||||||
Lakota Local School District (FSA) | |||||||||
4.200%, 12/01/2017 | 220 | 224 | |||||||
Westerville City School District (XLCA) | |||||||||
4.000%, 12/01/2019 | 2,000 | 1,962 | |||||||
3,563 | |||||||||
Certificate of Participation – 0.2% | |||||||||
Akron (AGTY) (MLO) | |||||||||
5.000%, 12/01/2015 | 1,000 | 1,067 | |||||||
11,031 | |||||||||
First American Funds Semiannual Report 2006 37
Table of Contents
Schedule of Investments continued
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Oklahoma – 1.8% | |||||||||
Revenue Bonds – 1.8% | |||||||||
Cherokee County Economic, Escrowed to Maturity, Zero Coupon Bond (AMBAC) | |||||||||
3.780%, 11/01/2011 (b) (d) | $ | 3,340 | $ | 2,786 | |||||
McClain County Economic Development Authority, Educational Facilities Lease Revenue, Newcastle Public Schools Project (MLO) | |||||||||
5.000%, 09/01/2009 | 510 | 521 | |||||||
5.000%, 09/01/2011 | 345 | 357 | |||||||
5.000%, 09/01/2012 | 355 | 370 | |||||||
4.125%, 09/01/2013 | 250 | 250 | |||||||
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT) | |||||||||
5.750%, 01/01/2023 | 1,430 | 1,488 | |||||||
Pottawatomie County Educational Facilities Lease Revenue, Shawnee Public Schools Project (MLO) | |||||||||
5.000%, 09/01/2011 | 1,000 | 1,039 | |||||||
South Oklahoma City, Pre-refunded 02/01/2010 @ 100 | |||||||||
9.750%, 02/01/2013 (a) | 3,270 | 3,673 | |||||||
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B | |||||||||
4.600%, 12/01/2009 | 1,195 | 1,218 | |||||||
11,702 | |||||||||
Oregon – 0.8% | |||||||||
Revenue Bond – 0.0% | |||||||||
Tri-County Metropolitan Transportation District, Payroll Tax & Grant (MBIA) | |||||||||
4.000%, 05/01/2014 | 200 | 201 | |||||||
General Obligations – 0.4% | |||||||||
Clackamas County School District #108, Estacada (FSA) (SBG) | |||||||||
5.250%, 06/15/2017 | 1,205 | 1,348 | |||||||
Lane County School District #52, Bethel (SBG) | |||||||||
5.500%, 06/15/2009 | 1,000 | 1,045 | |||||||
2,393 | |||||||||
Certificate of Participation – 0.4% | |||||||||
Oregon State Department of Administrative Services, Series E (FSA) (MLO) | |||||||||
5.000%, 11/01/2014 | 2,170 | 2,313 | |||||||
4,907 | |||||||||
Pennsylvania – 1.5% | |||||||||
Revenue Bonds – 1.0% | |||||||||
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI) | |||||||||
5.000%, 12/15/2015 | 1,275 | 1,365 | |||||||
5.000%, 12/15/2017 | 1,405 | 1,496 | |||||||
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project | |||||||||
6.125%, 02/01/2028 | 1,000 | 1,063 | |||||||
Westmoreland County Independent Development Authority Revenue, Retirement Community, Redstone, Series A | |||||||||
5.375%, 01/01/2014 | 1,100 | 1,133 | |||||||
5.500%, 01/01/2016 | 1,200 | 1,251 | |||||||
6,308 | |||||||||
General Obligations – 0.5% | |||||||||
Central Greene School District, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond (MBIA) (STAID) | |||||||||
3.630%, 12/01/2007 (b) (d) | 2,000 | 1,935 | |||||||
Ephrata Area School District (FGIC) (STAID) | |||||||||
4.500%, 04/15/2018 | 1,500 | 1,558 | |||||||
3,493 | |||||||||
9,801 | |||||||||
South Carolina – 1.5% | |||||||||
Revenue Bonds – 1.5% | |||||||||
Charleston EDL Excellence Finance, Charleston County School District Project (MLO) | |||||||||
5.000%, 12/01/2013 | 2,000 | 2,131 | |||||||
Lexington County Health Services District, Lexington Medical Center | |||||||||
5.500%, 11/01/2023 | 2,000 | 2,129 | |||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A | |||||||||
6.000%, 08/01/2013 | 1,000 | 1,108 | |||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C | |||||||||
6.000%, 08/01/2013 | 2,000 | 2,217 | |||||||
South Carolina State Public Service Authority, Series A (MBIA) | |||||||||
5.500%, 01/01/2010 | 1,665 | 1,753 | |||||||
9,338 | |||||||||
South Dakota – 1.3% | |||||||||
Revenue Bonds – 0.7% | |||||||||
South Dakota State Health & Educational Facilities Authority, Sioux Valley Hospital | |||||||||
5.250%, 11/01/2008 | 900 | 921 | |||||||
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement | |||||||||
5.900%, 09/01/2007 | 755 | 765 | |||||||
4.750%, 09/01/2011 | 530 | 546 | |||||||
5.000%, 09/01/2012 | 1,000 | 1,046 | |||||||
5.000%, 09/01/2013 | 1,000 | 1,049 | |||||||
4,327 | |||||||||
Certificates of Participation – 0.6% | |||||||||
Deadwood (ACA) (MLO) | |||||||||
5.500%, 11/01/2007 | 800 | 810 | |||||||
5.600%, 11/01/2008 | 845 | 869 | |||||||
5.000%, 11/01/2018 | 2,385 | 2,478 | |||||||
4,157 | |||||||||
8,484 | |||||||||
Tennessee – 2.6% | |||||||||
Revenue Bonds – 2.3% | |||||||||
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity | |||||||||
6.400%, 04/01/2011 (b) | 1,030 | 1,140 | |||||||
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100 | |||||||||
6.000%, 09/01/2016 (a) | 1,500 | 1,678 | |||||||
Shelby County Health, Educational & Housing Facilities Board, St. Jude’s Children’s Research | |||||||||
5.000%, 07/01/2009 | 400 | 407 | |||||||
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project (RAAI) | |||||||||
5.000%, 09/01/2016 | 2,000 | 2,109 |
The accompanying notes are an integral part of the financial statements.
38 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Escrowed to Maturity | |||||||||
6.250%, 09/01/2011 (b) | $ | 1,465 | $ | 1,609 | |||||
6.250%, 09/01/2012 (b) | 1,085 | 1,213 | |||||||
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101 | |||||||||
6.500%, 09/01/2013 (a) | 2,215 | 2,522 | |||||||
Tennessee Energy Acquisition Corporation, Gas Revenue, Series A | |||||||||
5.000%, 09/01/2014 | 3,500 | 3,748 | |||||||
14,426 | |||||||||
General Obligation – 0.3% | |||||||||
Memphis (MBIA) | |||||||||
5.000%, 10/01/2016 | 2,000 | 2,191 | |||||||
16,617 | |||||||||
Texas – 8.4% | |||||||||
Revenue Bonds – 3.9% | |||||||||
Abilene Health Facilities Development, Sears Methodist Retirement, Series A | |||||||||
5.300%, 11/15/2007 | 1,000 | 1,009 | |||||||
5.350%, 11/15/2008 | 1,300 | 1,325 | |||||||
Brazos River Authority, Electric Company Project, Series 1999-B, Mandatory Put 04/01/2013 @ 100 (AMT) | |||||||||
6.750%, 09/01/2034 | 2,000 | 2,215 | |||||||
Brazos River Authority, Electric Company Project, Series C, Mandatory Put 11/01/2011 @ 100 (AMT) | |||||||||
5.750%, 05/01/2036 | 1,585 | 1,681 | |||||||
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT) | |||||||||
5.700%, 05/15/2033 | 1,000 | 1,061 | |||||||
El Paso Water & Sewer Revenue, Series A (FSA) | |||||||||
4.000%, 03/01/2017 | 1,640 | 1,637 | |||||||
4.000%, 03/01/2018 | 650 | 643 | |||||||
Grapevine Industrial Development, Air Cargo (AMT) | |||||||||
6.500%, 01/01/2024 | 490 | 528 | |||||||
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A | |||||||||
5.750%, 10/01/2009 | 2,895 | 2,986 | |||||||
5.000%, 10/01/2013 | 1,230 | 1,284 | �� | ||||||
Houston Health Facilities Development, Buckingham Senior Living Community, Series A | |||||||||
7.000%, 02/15/2023 | 2,000 | 2,238 | |||||||
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond (MBIA) | |||||||||
3.860%, 06/01/2012 (b) (d) | 1,465 | 1,191 | |||||||
San Antonio Electric & Gas, Series A | |||||||||
5.250%, 02/01/2013 | 2,135 | 2,220 | |||||||
Tarrant County Cultural Education Financial Corporation Retirement Facilities, Northwest Senior Housing, Edgemere Project, Series A | |||||||||
5.750%, 11/15/2014 | 1,235 | 1,302 | |||||||
Travis County Health Facilities, Development Retirement Facilities Revenue, Querencia Barton Creek Project | |||||||||
5.250%, 11/15/2017 | 1,000 | 1,013 | |||||||
5.500%, 11/15/2025 | 900 | 920 | |||||||
Tyler Health Facilities, Mother Frances Hospital | |||||||||
5.250%, 07/01/2012 | 1,000 | 1,051 | |||||||
24,304 | |||||||||
General Obligations – 4.5% | |||||||||
Austin | |||||||||
5.000%, 09/01/2013 | 4,510 | 4,760 | |||||||
Brownsville (MBIA) | |||||||||
5.000%, 02/15/2017 | 2,125 | 2,280 | |||||||
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/2010 @ 100 (PSFG) | |||||||||
5.500%, 02/15/2018 (a) | 4,000 | 4,215 | |||||||
Frisco (FGIC) | |||||||||
5.000%, 02/15/2018 | 1,125 | 1,173 | |||||||
5.000%, 02/15/2019 | 1,675 | 1,746 | |||||||
Irving Independent School District, Series A, Zero Coupon Bond (PSFG) | |||||||||
3.745%, 02/15/2009 (d) | 5,000 | 4,620 | |||||||
Kaufman County (FSA) | |||||||||
5.000%, 02/15/2017 | 1,000 | 1,052 | |||||||
Keller Independent School District (PSFG) | |||||||||
5.375%, 08/15/2014 | 235 | 251 | |||||||
North Harris Montgomery Community College District (FGIC) | |||||||||
5.375%, 02/15/2015 | 2,535 | 2,725 | |||||||
Port Houston Authority, Harris County, Series B (AMT) (FGIC) | |||||||||
5.500%, 10/01/2012 | 2,405 | 2,573 | |||||||
San Antonio | |||||||||
4.125%, 02/01/2019 | 1,000 | 993 | |||||||
4.250%, 02/01/2020 | 1,140 | 1,140 | |||||||
United Independent School District (PSFG) | |||||||||
5.000%, 08/15/2015 | 1,000 | 1,083 | |||||||
28,611 | |||||||||
52,915 | |||||||||
Utah – 0.9% | |||||||||
Revenue Bonds – 0.7% | |||||||||
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC) | |||||||||
5.000%, 07/01/2015 | 2,500 | 2,705 | |||||||
South Jordan, Sales Tax, Pre-refunded 08/15/2011 @ 100 (AMBAC) | |||||||||
5.500%, 08/15/2018 (a) | 1,000 | 1,078 | |||||||
Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1 (FHA) (VA) | |||||||||
6.300%, 01/01/2018 | 20 | 21 | |||||||
Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R (FHA) (VA) | |||||||||
5.950%, 07/01/2008 | 380 | 388 | |||||||
4,192 | |||||||||
General Obligation – 0.2% | |||||||||
Ashley Valley Water & Sewer, Escrowed to Maturity (AMBAC) | |||||||||
10.900%, 01/01/2010 (b) | 1,095 | 1,212 | |||||||
5,404 | |||||||||
First American Funds Semiannual Report 2006 39
Table of Contents
Schedule of Investments continued
Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Virginia – 0.5% | |||||||||
Revenue Bonds – 0.5% | |||||||||
Richmond Industrial Development Authority, Government Facilities (AMBAC) (MLO) | |||||||||
5.000%, 07/15/2018 | $ | 1,795 | $ | 1,968 | |||||
Riverside Regional Jail Authority (MBIA) | |||||||||
5.700%, 07/01/2008 | 905 | 914 | |||||||
2,882 | |||||||||
Washington – 4.1% | |||||||||
Revenue Bonds – 0.6% | |||||||||
Energy Northwest, Washington Wind Project, Series A, Pre-refunded 01/01/2007 @ 103 | |||||||||
5.200%, 07/01/2010 (a) | 1,950 | 2,009 | |||||||
Energy Northwest, Wind Project (MBIA) | |||||||||
4.500%, 07/01/2015 | 1,000 | 1,041 | |||||||
Snohomish County Housing Authority | |||||||||
6.300%, 04/01/2016 | 1,035 | 1,039 | |||||||
4,089 | |||||||||
General Obligations – 3.5% | |||||||||
Clark County School District #37, Vancouver (FSA) | |||||||||
5.250%, 12/01/2014 | 1,515 | 1,663 | |||||||
King County (AMBAC) | |||||||||
5.000%, 12/01/2012 | 2,000 | 2,134 | |||||||
King County, Series B, Pre-refunded 12/01/2007 @ 102 | |||||||||
5.850%, 12/01/2013 (a) | 3,000 | 3,119 | |||||||
Snohomish County (MBIA) | |||||||||
5.375%, 12/01/2019 | 5,000 | 5,341 | |||||||
Spokane County School District #081, Spokane, Convertible CABs (MBIA) | |||||||||
0.000% through 12/01/2008, | |||||||||
thereafter 5.000%, 06/01/2016 (c) | 1,000 | 970 | |||||||
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC) | |||||||||
3.978%, 12/01/2014 (d) | 5,690 | 4,165 | |||||||
Washington State, Series C | |||||||||
5.500%, 07/01/2014 | 2,275 | 2,525 | |||||||
Washington State, Series S-5, Zero Coupon Bond (FGIC) | |||||||||
4.060%, 01/01/2016 (d) | 3,000 | 2,089 | |||||||
22,006 | |||||||||
26,095 | |||||||||
West Virginia – 0.3% | |||||||||
Revenue Bond – 0.3% | |||||||||
Brooke Pleasants & Tyler Wetzel Counties, Single Family Mortgage, Escrowed to Maturity | |||||||||
7.400%, 08/15/2010 (b) | 1,675 | 1,881 | |||||||
Wisconsin – 2.4% | |||||||||
Revenue Bonds – 2.1% | |||||||||
Franklin Solid Waste Disposal Revenue, Waste Management Wisconsin, Series A, Mandatory Put 05/01/2016 @ 100 (AMT) | |||||||||
4.950%, 11/01/2016 | 2,000 | 2,088 | |||||||
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A | |||||||||
5.500%, 02/15/2020 | 1,500 | 1,555 | |||||||
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project | |||||||||
5.750%, 12/01/2019 | 2,000 | 2,037 | |||||||
Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project | |||||||||
5.375%, 05/01/2018 | 1,250 | 1,332 | |||||||
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B | |||||||||
6.250%, 02/15/2009 | 500 | 522 | |||||||
5.500%, 02/15/2013 | 850 | 899 | |||||||
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A | |||||||||
6.125%, 04/01/2024 | 1,500 | 1,584 | |||||||
Wisconsin State Health & Educational Facilities Authority, Vernon Memorial Healthcare Project | |||||||||
4.650%, 03/01/2015 | 1,150 | 1,159 | |||||||
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services | |||||||||
5.750%, 08/15/2011 | 645 | 689 | |||||||
Wisconsin State Health & Educational Facilities Authority, Wisconsin Medical College | |||||||||
5.000%, 12/01/2015 | 1,450 | 1,560 | |||||||
13,425 | |||||||||
General Obligation – 0.3% | |||||||||
Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC) | |||||||||
5.125%, 09/01/2016 (g) | 1,720 | 1,813 | |||||||
15,238 | |||||||||
Wyoming – 0.4% | |||||||||
Revenue Bond – 0.4% | |||||||||
Lincoln County, Pacificorp Project, Mandatory Put 06/03/2012 @ 100 (AMT) | |||||||||
4.125%, 11/01/2025 | 2,250 | 2,241 | |||||||
Total Municipal Bonds (Cost $604,594) | 632,688 | ||||||||
Short Term Investment – 0.2% | |||||||||
First American Tax Free Obligations Fund, Class Z (h) | |||||||||
(Cost $1,604) | 1,603,755 | 1,604 | |||||||
Total Investments – 100.3% (Cost $606,198) | 634,292 | ||||||||
Other Assets and Liabilities, Net – (0.3)% | (2,146 | ) | |||||||
Total Net Assets – 100.0% | $ | 632,146 | |||||||
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(b) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(c) | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. |
(d) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(e) | Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the funds’ board of directors. As of December 31, 2006, the value of these investments was $4,289 or 0.7% of total net assets. |
(f) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $1,055 or 0.2% of total net assets. See note 2 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
40 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Tax Free Fund (concluded)
(g) | Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. |
(h) | 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. |
ACA – | American Capital Access |
AGTY – | Assured Guaranty |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $27,588, which represents 4.4% of total net assets. |
CIFG – | CDC IXIS Financial Guaranty |
CMI – | California Mortgage Insurance Program |
FGIC – | Financial Guaranty Insurance Corporation |
FHA – | Federal Housing Authority |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
GTY – | Guaranty |
LOC – | Letter of Credit |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
MQSBLF – | Michigan Qualified School Board Loan Fund Program |
MSDCEP – | Minnesota School District Credit Enhancement Program |
PSFG – | Permanent School Fund Guarantee |
RAAI – | Radian Asset Assurance Inc. |
SBG – | School Board Guaranty |
STAID – | State Aid Withholding |
VA – | Veterans Administration |
XLCA – | XL Capital Assurance Inc. |
Minnesota Intermediate Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 99.1% | |||||||||
Revenue Bonds – 66.4% | |||||||||
Economic Development – 1.7% | |||||||||
Minneapolis Community Development Agency, Series G-3, Pre-refunded 12/01/2011 @ 100 | |||||||||
5.350%, 12/01/2021 (a) | $ | 1,000 | $ | 1,074 | |||||
Minneapolis Development Revenue, Common Bond, Series 1A (AMT) | |||||||||
4.550%, 12/01/2013 | 480 | 485 | |||||||
4.625%, 12/01/2014 | 505 | 512 | |||||||
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT) | |||||||||
6.500%, 08/01/2008 | 710 | 728 | |||||||
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT) | |||||||||
6.625%, 08/01/2008 | 645 | 662 | |||||||
3,461 | |||||||||
Education – 9.6% | |||||||||
Minneapolis, The Blake School Project | |||||||||
5.000%, 09/01/2012 | 445 | 465 | |||||||
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4 | |||||||||
4.850%, 10/01/2009 | 520 | 530 | |||||||
5.000%, 10/01/2011 | 500 | 511 | |||||||
5.000%, 10/01/2012 | 500 | 510 | |||||||
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-C | |||||||||
4.750%, 05/01/2018 | 1,075 | 1,100 | |||||||
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-J1 | |||||||||
5.000%, 05/01/2013 | 320 | 334 | |||||||
5.000%, 05/01/2016 | 375 | 393 | |||||||
5.000%, 05/01/2020 | 1,295 | 1,344 | |||||||
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K | |||||||||
5.000%, 05/01/2013 | 310 | 323 | |||||||
5.000%, 05/01/2014 | 320 | 335 | |||||||
5.000%, 05/01/2015 | 340 | 358 | |||||||
5.000%, 05/01/2016 | 355 | 373 | |||||||
5.000%, 05/01/2017 | 370 | 388 | |||||||
Minnesota State Higher Education Facilities Authority, Minneapolis College of Art and Design, Series 5-K | |||||||||
5.000%, 05/01/2011 | 250 | 256 | |||||||
Minnesota State Higher Education Facilities Authority, St. Benedict College | |||||||||
5.100%, 03/01/2011 | 2,885 | 2,906 | |||||||
Minnesota State Higher Education Facilities Authority, St. Benedict College, Series 5-W | |||||||||
4.200%, 03/01/2012 | 345 | 348 | |||||||
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1 | |||||||||
5.250%, 10/01/2022 | 1,500 | 1,563 | |||||||
Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5-I, Escrowed to Maturity (MBIA) | |||||||||
5.000%, 10/01/2011 (b) | 255 | 270 | |||||||
Minnesota State Higher Education Facilities Authority, St. John’s University, Series 5-I, Pre-refunded 10/01/2011 @ 100 (MBIA) | |||||||||
5.000%, 10/01/2012 (a) | 480 | 507 |
First American Funds Semiannual Report 2006 41
Table of Contents
Schedule of Investments continued
Minnesota Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Pre-refunded 04/01/2008 @ 100 | |||||||||
5.250%, 04/01/2012 (a) | $ | 385 | $ | 393 | |||||
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 6-I | |||||||||
4.000%, 04/01/2014 | 1,045 | 1,056 | |||||||
Moorhead Educational Facilities, Concordia College, Series A | |||||||||
4.100%, 12/15/2014 | 845 | 858 | |||||||
4.200%, 12/15/2015 | 880 | 898 | |||||||
4.300%, 12/15/2016 | 925 | 944 | |||||||
5.000%, 12/15/2018 | 1,005 | 1,078 | |||||||
5.000%, 12/15/2019 | 1,060 | 1,132 | |||||||
19,173 | |||||||||
Healthcare – 26.8% | |||||||||
Aitkin Health Care Facilities, Riverwood Healthcare Center | |||||||||
5.250%, 02/01/2015 | 735 | 750 | |||||||
Bemidji Health Care Facilities, North County Health Services | |||||||||
4.125%, 09/01/2013 | 300 | 302 | |||||||
4.250%, 09/01/2014 | 485 | 491 | |||||||
4.250%, 09/01/2015 | 500 | 505 | |||||||
5.000%, 09/01/2017 | 500 | 533 | |||||||
5.000%, 09/01/2018 | 1,050 | 1,116 | |||||||
5.000%, 09/01/2019 | 1,110 | 1,176 | |||||||
Cuyuna Range Hospital District | |||||||||
5.000%, 06/01/2016 | 425 | 437 | |||||||
5.000%, 06/01/2019 | 1,320 | 1,348 | |||||||
Cuyuna Range Hospital District, Series A | |||||||||
5.500%, 06/01/2010 | 435 | 444 | |||||||
5.650%, 06/01/2012 | 940 | 960 | |||||||
Duluth Economic Development Authority, Benedictine Health System | |||||||||
5.375%, 02/15/2022 | 2,045 | 2,173 | |||||||
Glencoe Health Care Facilities, Pre-refunded 04/01/2011 @ 101 | |||||||||
7.400%, 04/01/2021 (a) | 1,000 | 1,137 | |||||||
Glencoe Health Care Facilities, Regional Health Services Project | |||||||||
5.000%, 04/01/2013 | 760 | 792 | |||||||
5.000%, 04/01/2014 | 800 | 840 | |||||||
5.000%, 04/01/2015 | 845 | 885 | |||||||
5.000%, 04/01/2017 | 1,815 | 1,893 | |||||||
Hastings Health Care Facility, Regina Medical Center (ACA) | |||||||||
5.000%, 09/15/2013 | 500 | 506 | |||||||
Inver Grove Heights Nursing Home Revenue, Presbyterian Homes Care | |||||||||
5.000%, 10/01/2016 | 430 | 430 | |||||||
Maple Grove Health Care Facilities, North Memorial | |||||||||
4.500%, 09/01/2017 | 1,730 | 1,755 | |||||||
Marshall Medical Center Gross Revenue, Avera Marshall Regional Medical Center Project | |||||||||
4.500%, 11/01/2013 | 345 | 351 | |||||||
4.750%, 11/01/2020 | 1,155 | 1,172 | |||||||
Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A (AMBAC) | |||||||||
5.000%, 11/15/2013 | 1,000 | 1,008 | |||||||
Minneapolis Healthcare System, Allina Health System, Series A | |||||||||
6.000%, 11/15/2023 | 2,500 | 2,760 | |||||||
5.750%, 11/15/2032 | 1,300 | 1,405 | |||||||
Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity | |||||||||
5.000%, 05/15/2012 (b) | 605 | 643 | |||||||
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A (MBIA) | |||||||||
5.000%, 02/15/2010 | 2,000 | 2,077 | |||||||
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project | |||||||||
5.500%, 02/01/2011 | 280 | 294 | |||||||
5.500%, 02/01/2012 | 200 | 212 | |||||||
5.500%, 02/01/2015 | 730 | 775 | |||||||
Minnesota Agricultural & Economic Development Board, Fairview Healthcare Systems, Series A (MBIA) | |||||||||
5.500%, 11/15/2017 | 305 | 315 | |||||||
5.750%, 11/15/2026 | 10 | 10 | |||||||
Minnesota Agricultural & Economic Development Board, Fairview Healthcare Systems, Series A, Pre-refunded 11/15/2007 @ 102 (MBIA) | |||||||||
5.750%, 11/15/2026 (a) | 490 | 509 | |||||||
Monticello, Big Lake Community Hospital, Series C | |||||||||
5.750%, 12/01/2015 | 2,320 | 2,419 | |||||||
New Hope Housing & Health Care Facilities, Masonic Home North Ridge | |||||||||
5.300%, 03/01/2007 | 685 | 686 | |||||||
5.500%, 03/01/2010 | 500 | 512 | |||||||
Northfield Hospital Revenue | |||||||||
5.000%, 11/01/2011 | 375 | 387 | |||||||
5.000%, 11/01/2013 | 880 | 914 | |||||||
5.000%, 11/01/2014 | 920 | 956 | |||||||
5.500%, 11/01/2017 | 1,080 | 1,166 | |||||||
Northfield Housing & Redevelopment Authority, Northfield Retirement Center, Series B | |||||||||
5.125%, 12/01/2026 | 750 | 736 | |||||||
Plymouth Health Facilities, Westhealth Project, Series A (FSA) | |||||||||
6.200%, 06/01/2011 | 1,360 | 1,363 | |||||||
Redwood Falls Hospital Facilities Revenue | |||||||||
5.000%, 12/01/2021 | 1,015 | 1,033 | |||||||
Rochester, St. Mary’s Hospital, Escrowed to Maturity | |||||||||
5.750%, 10/01/2007 (b) | 285 | 289 | |||||||
Shakopee Health Care Facilities, St. Francis Regional Medical Center | |||||||||
4.000%, 09/01/2012 | 305 | 304 | |||||||
5.000%, 09/01/2017 | 1,785 | 1,868 | |||||||
St. Cloud Health Care, St. Cloud Hospital Obligated Group (FSA) | |||||||||
5.500%, 05/01/2008 | 1,450 | 1,486 | |||||||
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group | |||||||||
5.250%, 05/15/2019 | 1,000 | 1,065 | |||||||
St. Paul Housing & Redevelopment Authority, HealthEast Project | |||||||||
5.150%, 11/15/2020 | 1,790 | 1,838 | |||||||
St. Paul Port Authority, HealthEast Midway Campus, Series A (MLO) | |||||||||
5.250%, 05/01/2015 | 1,500 | 1,527 | |||||||
5.750%, 05/01/2025 | 2,000 | 2,074 |
The accompanying notes are an integral part of the financial statements.
42 First American Funds Semiannual Report 2006
Table of Contents
Minnesota Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Stillwater Health Care, Health Systems Obligation Group | |||||||||
4.250%, 06/01/2015 | $ | 300 | $ | 301 | |||||
4.250%, 06/01/2016 | 760 | 757 | |||||||
Todd, Morrison, Cass & Wadena Counties, United Hospital District | |||||||||
4.250%, 12/01/2012 | 425 | 428 | |||||||
4.000%, 12/01/2013 | 400 | 398 | |||||||
Winona Health Care Facilities, Series A | |||||||||
5.300%, 07/01/2017 | 525 | 552 | |||||||
5.350%, 07/01/2018 | 590 | 621 | |||||||
53,684 | |||||||||
Housing – 1.3% | |||||||||
Dakota County Housing & Redevelopment Authority, Single Family Mortgages (AMT) (FNMA) (GNMA) | |||||||||
5.125%, 10/01/2020 | 62 | 62 | |||||||
Minnesota State Housing Finance Agency, Rental Housing, Series D (MBIA) | |||||||||
5.450%, 08/01/2007 | 235 | 235 | |||||||
Minnesota State Housing Finance Agency, Single Family Mortgages, Series B (AMT) | |||||||||
5.550%, 07/01/2024 | 335 | 338 | |||||||
Moorhead Senior Housing Revenue, Sheyenne Crossing Project | |||||||||
5.600%, 04/01/2025 | 2,000 | 2,040 | |||||||
South St. Paul Housing & Redevelopment Authority, Single Family Mortgages (FNMA) | |||||||||
5.100%, 09/01/2007 | 10 | 10 | |||||||
2,685 | |||||||||
Lease Revenue – 3.9% | |||||||||
Andover Economic Development Authority, Andover Community Center (MLO) | |||||||||
5.000%, 02/01/2019 | 1,225 | 1,286 | |||||||
Eden Prairie Housing & Redevelopment Authority, Series A (MLO) | |||||||||
5.000%, 12/01/2011 | 255 | 268 | |||||||
Lakeville Housing & Redevelopment Authority, Lease Revenue, Ice Arena Project (MLO) | |||||||||
4.500%, 02/01/2021 | 840 | 845 | |||||||
Pine County Housing & Redevelopment Authority, Series A (MLO) | |||||||||
4.500%, 02/01/2015 | 440 | 448 | |||||||
4.500%, 02/01/2016 | 465 | 472 | |||||||
4.500%, 02/01/2017 | 385 | 388 | |||||||
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center (MLO) | |||||||||
4.000%, 06/01/2012 | 1,500 | 1,510 | |||||||
St. Paul Port Authority, Office Building (MLO) | |||||||||
5.000%, 12/01/2019 | 2,415 | 2,558 | |||||||
7,775 | |||||||||
Miscellaneous – 1.7% | |||||||||
Commissioner of Iron Range Resources & Rehabilitation, Minnesota Educational Facilities (MSDCEP) (XLCA) | |||||||||
4.500%, 10/01/2018 | 1,180 | 1,218 | |||||||
Minnesota State Retirement Systems Building | |||||||||
5.450%, 06/01/2012 | 550 | 580 | |||||||
Seaway Port Authority of Duluth, Cargill Income Project | |||||||||
4.200%, 05/01/2013 | 1,500 | 1,513 | |||||||
3,311 | |||||||||
Recreational Facility Authority – 1.2% | |||||||||
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Escrowed to Maturity | |||||||||
6.700%, 08/01/2007 (b) | 495 | 503 | |||||||
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103 | |||||||||
6.875%, 08/01/2010 (a) | 1,685 | 1,804 | |||||||
2,307 | |||||||||
Revolving Funds – 1.3% | |||||||||
Minnesota Public Facilities Authority, Drinking Water, Series B, Pre-refunded 03/01/2009 @ 100 | |||||||||
5.125%, 03/01/2019 (a) | 2,000 | 2,065 | |||||||
Minnesota Public Facilities Authority, Water Pollution Control | |||||||||
5.000%, 03/01/2009 | 590 | 592 | |||||||
2,657 | |||||||||
Tax Revenue – 3.0% | |||||||||
Childrens Trust Fund, Puerto Rico, Tobacco Settlement | |||||||||
4.000%, 05/15/2012 | 500 | 495 | |||||||
Minneapolis Tax Increment Revenue, Grant Park Project | |||||||||
5.200%, 02/01/2022 | 1,000 | 1,005 | |||||||
Minneapolis, St. Anthony Falls Project | |||||||||
5.000%, 02/01/2017 | 1,040 | 1,039 | |||||||
5.300%, 02/01/2021 | 570 | 580 | |||||||
St. Anthony Housing & Redevelopment Authority, Silver Lake Village Project | |||||||||
5.000%, 08/01/2015 | 855 | 867 | |||||||
St. Paul Port Authority, Energy Park, Tax Increment, Escrowed to Maturity (FSA) | |||||||||
5.000%, 02/01/2008 (b) | 2,100 | 2,115 | |||||||
6,101 | |||||||||
Transportation – 6.0% | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA) | |||||||||
5.000%, 01/01/2020 | 2,200 | 2,331 | |||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) | |||||||||
5.750%, 01/01/2010 | 2,880 | 3,043 | |||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) Pre-refunded 01/01/2011 @ 100 | |||||||||
5.625%, 01/01/2014(a) | 1,000 | 1,039 | |||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series C (FGIC) Pre-refunded 01/01/2011 @ 100 | |||||||||
5.125%, 01/01/2020(a) | 3,095 | 3,263 | |||||||
Minnesota Public Facilities Authority Transportation | |||||||||
5.000%, 03/01/2012 | 970 | 1,007 | |||||||
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA) | |||||||||
5.500%, 07/01/2013 | 1,250 | 1,354 | |||||||
12,037 | |||||||||
First American Funds Semiannual Report 2006 43
Table of Contents
Schedule of Investments continued
Minnesota Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Utilities – 9.9% | |||||||||
Chaska Electric, Series A | |||||||||
5.600%, 10/01/2008 | $ | 680 | $ | 700 | |||||
5.650%, 10/01/2009 | 720 | 753 | |||||||
5.650%, 10/01/2010 | 760 | 805 | |||||||
4.000%, 10/01/2012 | 500 | 503 | |||||||
4.200%, 10/01/2015 | 1,000 | 1,013 | |||||||
Cohasset Pollution Control, Allete Project (RAAI) | |||||||||
4.950%, 07/01/2022 | 2,230 | 2,298 | |||||||
Princeton Public Utility System | |||||||||
4.100%, 04/01/2015 | 450 | 450 | |||||||
Rochester Electric Utility | |||||||||
5.000%, 12/01/2016 | 1,150 | 1,194 | |||||||
Shakopee Public Utilities, Series A (FSA) | |||||||||
4.250%, 02/01/2018 | 295 | 299 | |||||||
Southern Minnesota Municipal Power Agency, Series A (AMBAC) | |||||||||
5.000%, 01/01/2011 | 1,270 | 1,313 | |||||||
5.250%, 01/01/2014 | 3,415 | 3,728 | |||||||
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) | |||||||||
4.240%, 01/01/2020 (c) | 3,500 | 2,028 | |||||||
4.280%, 01/01/2021 (c) | 5,000 | 2,763 | |||||||
Western Minnesota Municipal Power Agency, Series A (AMBAC) | |||||||||
5.500%, 01/01/2011 | 1,000 | 1,036 | |||||||
5.500%, 01/01/2012 | 1,000 | 1,067 | |||||||
19,950 | |||||||||
Total Revenue Bonds | 133,141 | ||||||||
General Obligations – 32.2% | |||||||||
Anoka County Capital Improvements, Series B | |||||||||
4.550%, 01/01/2011 | 1,960 | 2,007 | |||||||
Anoka County Capital Improvements, Series D | |||||||||
4.000%, 02/01/2018 | 200 | 199 | |||||||
Anoka-Hennepin Independent School District #11 (MSDCEP) | |||||||||
5.000%, 02/01/2014 | 2,000 | 2,098 | |||||||
Anoka-Hennepin Independent School District #11, Series A (MSDCEP) | |||||||||
5.000%, 02/01/2012 | 1,000 | 1,050 | |||||||
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP) | |||||||||
5.375%, 02/01/2013 (d) | 600 | 630 | |||||||
Bloomington Independent School District #271, Series B, Crossover Refunded 02/01/2010 @ 100 (MSDCEP) | |||||||||
5.250%, 02/01/2011 (d) | 1,000 | 1,045 | |||||||
Buffalo Independent School District #877, Series B (FSA) (MSDCEP) | |||||||||
4.500%, 02/01/2013 | 325 | 340 | |||||||
Cambridge Independent School District #911, Series A (MSDCEP) | |||||||||
4.000%, 02/01/2016 | 1,060 | 1,070 | |||||||
Centennial Independent School District #12, Series A (FSA) (MSDCEP) | |||||||||
5.000%, 02/01/2014 | 1,040 | 1,101 | |||||||
Crow Wing County, Series A (MBIA) | |||||||||
4.500%, 02/01/2014 | 1,480 | 1,552 | |||||||
Dakota County, Capital Improvements, Series C | |||||||||
4.850%, 02/01/2010 | 1,000 | 1,036 | |||||||
Foley Independent School District #51, School Building, Series A (MSDCEP) | |||||||||
4.000%, 02/01/2017 | 1,140 | 1,148 | |||||||
Kingsland Independent School District #2137, School Building, Series A (FSA) (MSDCEP) | |||||||||
4.125%, 02/01/2020 | 515 | 512 | |||||||
Lake Superior Independent School District #381, Series C (FSA) (MSDCEP) | |||||||||
4.000%, 10/01/2017 | 1,000 | 1,005 | |||||||
Lakeville Independent School District #194 (MSDCEP) | |||||||||
5.000%, 02/01/2016 | 2,000 | 2,050 | |||||||
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2008 @ 100 (MSDCEP) | |||||||||
5.125%, 02/01/2022 (d) | 1,000 | 1,016 | |||||||
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2013 @ 100 (FGIC) (MSDCEP) | |||||||||
5.000%, 02/01/2022 (d) | 2,435 | 2,592 | |||||||
Moorhead Independent School District #152 (MSDCEP) | |||||||||
5.000%, 04/01/2012 | 1,220 | 1,297 | |||||||
4.000%, 04/01/2015 | 1,100 | 1,116 | |||||||
Moorhead Independent School District #152, Crossover Refunded 04/01/2012 @ 100 (FGIC) (MSDCEP) | |||||||||
5.000%, 04/01/2015 (d) | 3,450 | 3,657 | |||||||
5.000%, 04/01/2016 (d) | 2,510 | 2,661 | |||||||
Mounds View Independent School District #621, Series A (MBIA) (MSDCEP) | |||||||||
5.000%, 02/01/2018 | 2,340 | 2,463 | |||||||
5.000%, 02/01/2019 | 2,565 | 2,700 | |||||||
Mounds View Independent School District #621, Series A (MSDCEP) | |||||||||
5.250%, 02/01/2010 | 1,230 | 1,289 | |||||||
Mounds View Independent School District #621, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP) | |||||||||
5.250%, 02/01/2012 (d) | 1,000 | 1,057 | |||||||
5.350%, 02/01/2016 (d) | 1,000 | 1,061 | |||||||
Northfield Independent School District #659 (MSDCEP) | |||||||||
4.600%, 02/01/2013 | 1,100 | 1,141 | |||||||
5.000%, 02/01/2015 | 1,295 | 1,364 | |||||||
Pequot Lakes Independent School District #186, Crossover Refunded 02/01/2012 @ 100 (FGIC) (MSDCEP) | |||||||||
5.125%, 02/01/2018 (d) | 500 | 532 | |||||||
Perham (AMT) | |||||||||
5.850%, 05/01/2015 | 1,205 | 1,261 | |||||||
Pipestone-Jasper Independent School District #2689, Crossover Refunded 03/01/2009 @ 100 (FGIC) (MSDCEP) | |||||||||
5.400%, 03/01/2013 (d) | 1,095 | 1,136 | |||||||
Prior Lake Independent School District #719, School Building, Series A (FSA) (MSDCEP) | |||||||||
4.000%, 02/01/2020 (e) | 680 | 669 | |||||||
Prior Lake Independent School District #719, School Building, Series B (MBIA) (MSDCEP) | |||||||||
4.000%, 02/01/2020 (e) | 1,000 | 984 | |||||||
Puerto Rico Commonwealth (MBIA) | |||||||||
6.000%, 07/01/2014 | 1,605 | 1,844 | |||||||
Puerto Rico Commonwealth, Government Development, Series B | |||||||||
5.000%, 12/01/2014 | 1,000 | 1,065 | |||||||
Puerto Rico Commonwealth, Series A (XLCA) | |||||||||
5.500%, 07/01/2017 | 1,000 | 1,139 |
The accompanying notes are an integral part of the financial statements.
44 First American Funds Semiannual Report 2006
Table of Contents
Minnesota Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR/SHARES | VALUE | |||||||
Ramsey County, Series D | |||||||||
5.000%, 02/01/2014 | $ | 2,000 | $ | 2,166 | |||||
Robbinsdale Independent School District #281, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP) | |||||||||
5.000%, 02/01/2020 (d) | 1,215 | 1,286 | |||||||
Rochester Independent School District #535, Series A (MSDCEP) | |||||||||
5.000%, 02/01/2015 | 1,595 | 1,673 | |||||||
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 89.37 (FSA) (MSDCEP) | |||||||||
4.030%, 02/01/2013 (c) (d) | 1,055 | 801 | |||||||
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 94.63 (FSA) (MSDCEP) | |||||||||
4.030%, 02/01/2012 (c) (d) | 1,790 | 1,439 | |||||||
South Washington County, Independent School District #833, Series B (FSA) (MSDCEP) | |||||||||
5.000%, 02/01/2015 | 1,030 | 1,089 | |||||||
St. Louis Park Independent School District #283, Crossover Refunded 02/01/2009 @ 100 (MSDCEP) | |||||||||
5.250%, 02/01/2010 (d) | 1,000 | 1,031 | |||||||
5.600%, 02/01/2015 (d) | 725 | 752 | |||||||
St. Michael Independent School District #885, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP) | |||||||||
5.000%, 02/01/2014 (d) | 1,690 | 1,789 | |||||||
5.000%, 02/01/2017 (d) | 1,000 | 1,058 | |||||||
Stillwater Independent School District #834 (MSDCEP) | |||||||||
4.750%, 02/01/2011 | 2,140 | 2,186 | |||||||
Stillwater Independent School District #834, Series A (FSA) (MSDCEP) | |||||||||
4.500%, 02/01/2015 | 505 | 525 | |||||||
Total General Obligations | 64,682 | ||||||||
Certificate of Participation – 0.5% | |||||||||
Northeast Metropolitan Intermediate School District #916 (MLO) | |||||||||
4.250%, 01/01/2015 | 1,000 | 1,009 | |||||||
Total Municipal Bonds (Cost $191,497) | 198,832 | ||||||||
Short-Term Investments – 0.8% | |||||||||
Blackrock Liquidity Funds | 47,829 | 48 | |||||||
Federated Minnesota Municipal Cash Trust | 1,454,162 | 1,454 | |||||||
Total Short-Term Investments (Cost $1,502) | 1,502 | ||||||||
Total Investments – 99.9% (Cost $192,999) | 200,334 | ||||||||
Other Assets and Liabilities, Net – 0.1% | 217 | ||||||||
Total Net Assets – 100.0% | $ | 200,551 | |||||||
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(b) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(c) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(d) | Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. |
(e) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $1,656 or 0.8% of total net assets. See note 2 in Notes to Financial Statements. |
ACA – | American Capital Access |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $8,130, which represents 4.1% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
MSDCEP – | Minnesota School District Credit Enhancement Program |
RAAI – | Radian Asset Assurance Inc. |
XLCA – | XL Capital Assurance Inc. |
First American Funds Semiannual Report 2006 45
Table of Contents
Schedule of Investments continued
Minnesota Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 96.9% | |||||||||
Revenue Bonds – 89.2% | |||||||||
Continuing Care Retirement Communities – 2.1% | |||||||||
Colorado Health Facilities, Christian Living Communities, Series A | |||||||||
5.750%, 01/01/2026 | $ | 500 | $ | 526 | |||||
5.750%, 01/01/2037 | 300 | 314 | |||||||
Golden Valley, Covenant Retirement Communities, Series A | |||||||||
5.500%, 12/01/2029 | 1,750 | 1,815 | |||||||
Prior Lake Senior Housing Revenue, Shepards Path Senior Housing, Series B | |||||||||
5.700%, 08/01/2036 | 1,000 | 1,030 | |||||||
3,685 | |||||||||
Economic Development – 4.5% | |||||||||
Minneapolis Community Development, Series G-3, Pre-refunded 12/01/2011 @ 100 | |||||||||
5.450%, 12/01/2031 (a) | 3,250 | 3,504 | |||||||
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program, Series A (AMT) | |||||||||
5.550%, 08/01/2016 | 500 | 510 | |||||||
Minnesota Agricultural & Economic Development Board, Small Business Development, Series B (AMT) | |||||||||
7.250%, 08/01/2020 | 1,000 | 1,051 | |||||||
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C (AMT) | |||||||||
7.250%, 08/01/2020 | 1,385 | 1,456 | |||||||
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D (AMT) | |||||||||
7.250%, 08/01/2020 | 1,120 | 1,178 | |||||||
7,699 | |||||||||
Education – 6.9% | |||||||||
Golden Valley, The Breck School | |||||||||
5.750%, 10/01/2014 | 1,000 | 1,047 | |||||||
Minneapolis, The Blake School Project | |||||||||
5.450%, 09/01/2021 | 2,000 | 2,109 | |||||||
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Pre-refunded 05/01/2010 @ 100 | |||||||||
6.625%, 05/01/2020 (a) | 1,000 | 1,069 | |||||||
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 6-K | |||||||||
5.000%, 05/01/2026 | 1,750 | 1,811 | |||||||
Minnesota State Higher Education Facilities Authority, St. John University, Series 6-G | |||||||||
5.000%, 10/01/2022 | 1,000 | 1,065 | |||||||
4.500%, 10/01/2026 | 1,000 | 1,006 | |||||||
Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T | |||||||||
6.000%, 01/01/2013 | 470 | 474 | |||||||
Moorhead Educational Facilities, Concordia College, Series A | |||||||||
5.000%, 12/15/2021 | 1,070 | 1,139 | |||||||
5.000%, 12/15/2024 | 1,240 | 1,313 | |||||||
St. Paul Housing & Redevelopment Authority, Community Peace Academy, Series A | |||||||||
5.000%, 12/01/2036 | 800 | 810 | |||||||
11,843 | |||||||||
Healthcare – 29.7% | |||||||||
Aitkin Health Care Facilities, Riverwood Healthcare Center | |||||||||
5.500%, 02/01/2024 | 1,050 | 1,079 | |||||||
Cuyuna Range Hospital District | |||||||||
5.500%, 06/01/2035 | 350 | 359 | |||||||
Cuyuna Range Hospital District, Series A | |||||||||
6.000%, 06/01/2029 | 3,000 | 3,063 | |||||||
Duluth Economic Development Authority, Benedictine Health System | |||||||||
5.250%, 02/15/2028 | 1,000 | 1,052 | |||||||
5.250%, 02/15/2033 | 1,660 | 1,735 | |||||||
Fergus Falls Health Care Facilities Authority, Broen Memorial Home, Series A | |||||||||
7.000%, 11/01/2019 | 1,000 | 1,001 | |||||||
Glencoe Health Care Services Facilities Project, Glencoe Regional Health | |||||||||
5.000%, 04/01/2020 | 500 | 518 | |||||||
5.000%, 04/01/2025 | 1,000 | 1,033 | |||||||
5.000%, 04/01/2031 | 1,500 | 1,540 | |||||||
Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Pre-refunded 04/01/2011 @ 101 | |||||||||
7.500%, 04/01/2031 (a) | 1,700 | 1,939 | |||||||
Madelia Hospital Revenue, Medelia Community Hospital Project | |||||||||
5.250%, 10/01/2031 | 500 | 503 | |||||||
5.300%, 10/01/2036 | 600 | 606 | |||||||
Maple Grove Health Care Facilities, North Memorial Health Care | |||||||||
5.000%, 09/01/2035 | 2,000 | 2,074 | |||||||
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A | |||||||||
5.250%, 11/01/2016 | 305 | 322 | |||||||
5.850%, 11/01/2023 | 875 | 955 | |||||||
Minneapolis Healthcare System, Allina Health System, Series A | |||||||||
6.000%, 11/15/2023 | 1,500 | 1,656 | |||||||
5.750%, 11/15/2032 | 2,400 | 2,595 | |||||||
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A | |||||||||
6.375%, 11/15/2029 | 125 | 135 | |||||||
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A (MBIA) | |||||||||
5.500%, 11/15/2011 | 500 | 517 | |||||||
5.500%, 11/15/2017 | 205 | 212 | |||||||
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Pre-refunded 11/15/2010 @ 101 | |||||||||
6.375%, 11/15/2029 (a) | 3,875 | 4,276 | |||||||
Monticello, Big Lake Community Hospital, Series A | |||||||||
5.750%, 12/01/2019 | 1,000 | 1,020 | |||||||
Monticello, Big Lake Community Hospital, Series C | |||||||||
6.200%, 12/01/2022 | 1,000 | 1,053 | |||||||
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge | |||||||||
5.750%, 03/01/2015 | 1,600 | 1,655 | |||||||
Northfield Housing & Redevelopment Authority, Northfield Retirement Project, Series A | |||||||||
5.375%, 12/01/2036 | 1,000 | 994 |
The accompanying notes are an integral part of the financial statements.
46 First American Funds Semiannual Report 2006
Table of Contents
Minnesota Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Redwood Falls Hospital Revenue, Redwood Area Hospital Project | |||||||||
5.125%, 12/01/2036 | $ | 3,000 | $ | 3,055 | |||||
Rochester Health Care Facilities, Mayo Clinic | |||||||||
5.000%, 11/15/2031 | 1,000 | 1,053 | |||||||
Shakopee Health Care Facilities, St. Francis Regional Medical Center | |||||||||
5.250%, 09/01/2034 | 2,000 | 2,097 | |||||||
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B | |||||||||
5.500%, 07/01/2025 | 2,000 | 2,155 | |||||||
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home | |||||||||
5.630%, 10/01/2033 | 2,325 | 2,394 | |||||||
St. Paul Housing & Redevelopment Authority, Health Partners Obligated Group | |||||||||
5.250%, 05/15/2026 | 2,000 | 2,115 | |||||||
St. Paul Housing & Redevelopment Authority, HealthEast Project | |||||||||
6.000%, 11/15/2030 | 800 | 883 | |||||||
St. Paul Housing & Redevelopment Authority, Regions Hospital | |||||||||
5.250%, 05/15/2018 | 500 | 510 | |||||||
St. Paul Port Authority, HealthEast Midway Campus, Series A (MLO) | |||||||||
5.875%, 05/01/2030 | 900 | 931 | |||||||
St. Paul Port Authority, HealthEast Midway Campus, Series B (MLO) | |||||||||
6.000%, 05/01/2030 | 1,800 | 1,864 | |||||||
Stillwater Health Care, Health Systems Obligation Group | |||||||||
5.000%, 06/01/2035 | 1,000 | 1,038 | |||||||
Winona Health Care Facilities, Series A | |||||||||
6.000%, 07/01/2034 | 1,000 | 1,093 | |||||||
51,080 | |||||||||
Housing – 12.7% | |||||||||
Cottage Grove Senior Housing Revenue, PHS/Cottage Grove Inc. Project, Series A | |||||||||
5.000%, 12/01/2031 | 850 | 843 | |||||||
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA) | |||||||||
5.900%, 04/20/2042 | 2,000 | 2,129 | |||||||
Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A | |||||||||
5.700%, 08/20/2022 | 1,000 | 1,041 | |||||||
Eden Prairie Multifamily Housing, Preserve Place (GNMA) | |||||||||
5.500%, 01/20/2018 | 500 | 515 | |||||||
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @100 (AMT) (FNMA) | |||||||||
3.050%, 06/15/2034 | 2,000 | 1,955 | |||||||
Hopkins Elderly Housing, St. Theresa Project, Series A (GNMA) | |||||||||
5.600%, 11/20/2017 | 500 | 515 | |||||||
Hopkins Multifamily Housing, Renaissance Project | |||||||||
6.250%, 04/01/2015 | 500 | 513 | |||||||
Maplewood Multifamily Housing, Carefree Cottages ll, Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA) | |||||||||
4.800%, 04/15/2034 | 2,000 | 2,028 | |||||||
Minneapolis & St. Paul Housing Financing Board, Single Family, Series A4 (AMT) (FHLMC) (FNMA) (GNMA) | |||||||||
5.000%, 11/01/2038 | 1,000 | 1,025 | |||||||
Minnesota State Housing Finance Agency, Rental Housing, Series A | |||||||||
3.850%, 02/01/2013 | 1,430 | 1,434 | |||||||
Minnesota State Housing Finance Agency, Residential Housing, Series B (AMT) | |||||||||
4.750%, 07/01/2026 | 1,000 | 1,010 | |||||||
5.650%, 07/01/2033 | 750 | 778 | |||||||
Minnesota State Housing Finance Agency, Residential Housing, Series B1-RMK (AMT) | |||||||||
5.350%, 07/01/2033 | 1,385 | 1,425 | |||||||
Minnesota State Housing Finance Agency, Residential Housing, Series F (AMT) | |||||||||
5.400%, 07/01/2030 | 2,380 | 2,455 | |||||||
Minnesota State Housing Finance Agency, Single Family Mortgage, Series C (AMT) | |||||||||
6.100%, 07/01/2030 | 400 | 414 | |||||||
Moorhead Senior Housing Revenue, Sheyenne Crossing Project | |||||||||
5.650%, 04/01/2041 | 1,620 | 1,640 | |||||||
Pine City Health Care & Housing Revenue, North Branch, Series A (GNMA) | |||||||||
5.000%, 10/20/2047 | 550 | 571 | |||||||
St. Louis Park, Multifamily Housing, Park Ridge Apartments (FHA) (GNMA) | |||||||||
5.250%, 11/01/2020 | 500 | 517 | |||||||
White Bear Lake, Multifamily Housing, Lake Square, Series A (FHA) | |||||||||
6.000%, 08/01/2020 | 1,020 | 1,042 | |||||||
21,850 | |||||||||
Lease Revenue – 5.8% | |||||||||
Anoka County Housing & Redevelopment Authority, Ice Arena, Series A (MLO) | |||||||||
4.450%, 03/15/2026 | 1,000 | 996 | |||||||
Lakeville Housing & Redevelopment Authority, Ice Arena Project (MLO) | |||||||||
4.500%, 02/01/2026 | 1,000 | 990 | |||||||
4.625%, 02/01/2032 | 585 | 577 | |||||||
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A (MLO) | |||||||||
4.900%, 02/01/2015 | 850 | 873 | |||||||
5.000%, 02/01/2016 | 895 | 921 | |||||||
5.100%, 02/01/2017 | 900 | 927 | |||||||
Pine County Housing & Redevelopment Authority, Series A (MLO) | |||||||||
5.000%, 02/01/2028 | 1,000 | 1,033 | |||||||
5.000%, 02/01/2031 | 1,890 | 1,948 | |||||||
St. Paul Port Authority, Office Building at Robert St.-3-11 (MLO) | |||||||||
4.000%, 12/01/2013 | 1,695 | 1,717 | |||||||
9,982 | |||||||||
First American Funds Semiannual Report 2006 47
Table of Contents
Schedule of Investments continued
Minnesota Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Miscellaneous – 5.6% | |||||||||
Little Canada Commercial Development, RLF Minnesota Project (MLO) | |||||||||
5.000%, 04/01/2013 | $ | 1,040 | $ | 1,043 | |||||
Minnesota State Retirement Systems Building | |||||||||
5.875%, 06/01/2027 | 7,000 | 7,469 | |||||||
Seaway Port Authority of Duluth, Cargill Income Project | |||||||||
4.200%, 05/01/2013 | 1,130 | 1,139 | |||||||
9,651 | |||||||||
Recreational Facility Authority – 2.5% | |||||||||
Moorhead, Golf Course, Series B | |||||||||
5.875%, 12/01/2021 | 2,000 | 2,033 | |||||||
St. Paul Port Authority, Radisson Kellogg Project, Series 2, Pre-refunded 08/01/2008 @ 103 | |||||||||
7.375%, 08/01/2029 (a) | 2,000 | 2,172 | |||||||
4,205 | |||||||||
Tax Revenue – 2.0% | |||||||||
Duluth Economic Development Authority | |||||||||
8.000%, 08/01/2008 | 120 | 125 | |||||||
Minneapolis, St. Anthony Falls Project | |||||||||
5.650%, 02/01/2027 | 400 | 408 | |||||||
5.750%, 02/01/2027 | 300 | 309 | |||||||
Puerto Rico Commonwealth Infrastructure Financing Authority, Series B | |||||||||
5.000%, 07/01/2031 | 1,500 | 1,574 | |||||||
St. Anthony Housing & Redevelopment Authority, Silver Lake Village | |||||||||
5.625%, 02/01/2031 | 1,000 | 1,022 | |||||||
3,438 | |||||||||
Transportation – 2.5% | |||||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Pre-refunded 01/01/2010 @ 101 (FGIC) | |||||||||
5.750%, 01/01/2032 (a) | 3,000 | 3,204 | |||||||
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT) | |||||||||
5.000%, 01/01/2019 | 1,000 | 1,059 | |||||||
4,263 | |||||||||
Utilities – 14.9% | |||||||||
Chaska Electric, Series A | |||||||||
6.100%, 10/01/2030 | 45 | 48 | |||||||
Chaska Electric, Series A, Pre-refunded 10/01/2010 @ 100 | |||||||||
6.100%, 10/01/2030 (a) | 4,955 | 5,375 | |||||||
Minnesota Municipal Power Agency, Electricity Revenue | |||||||||
5.000%, 10/01/2035 | 500 | 521 | |||||||
Puerto Rico Electric Power Authority, Series SS (MBIA) | |||||||||
5.000%, 07/01/2024 | 2,000 | 2,147 | |||||||
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) | |||||||||
4.200%, 01/01/2019 (b) | 4,000 | 2,429 | |||||||
4.340%, 01/01/2024 (b) | 12,000 | 5,782 | |||||||
4.340%, 01/01/2025 (b) | 7,000 | 3,231 | |||||||
4.360%, 01/01/2026 (b) | 8,300 | 3,657 | |||||||
4.360%, 01/01/2027 (b) | 3,000 | 1,266 | |||||||
Western Minnesota Municipal Power Agency (AMBAC) | |||||||||
5.500%, 01/01/2015 | 550 | 586 | |||||||
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA) | |||||||||
9.750%, 01/01/2016 (c) | 410 | 584 | |||||||
25,626 | |||||||||
Total Revenue Bonds | 153,322 | ||||||||
General Obligations – 7.7% | |||||||||
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP) | |||||||||
5.750%, 02/01/2017 (d) | 1,000 | 1,061 | |||||||
Becker Independent School District #726, Series A, Crossover Refunded 02/01/2010 @ 100 (FSA) (MSDCEP) | |||||||||
6.000%, 02/01/2021 (d) | 1,000 | 1,067 | |||||||
Brooklyn Center Independent School District #286, Series A (MSDCEP) | |||||||||
4.500%, 02/01/2029 | 1,135 | 1,141 | |||||||
Chaska Independent School District #112, Series A, Crossover Refunded 02/01/2009 @ 100 (FSA) (MSDCEP) | |||||||||
5.700%, 02/01/2018 (d) | 1,000 | 1,042 | |||||||
Delano Independent School District #879, Series A, Crossover Refunded 02/01/2011 @ 100 (FSA) (MSDCEP) | |||||||||
5.875%, 02/01/2025 (d) | 1,000 | 1,081 | |||||||
Minneapolis Sports Arena | |||||||||
5.100%, 04/01/2013 | 500 | 509 | |||||||
5.100%, 10/01/2013 | 250 | 254 | |||||||
Perham, Disposal System (AMT) | |||||||||
6.000%, 05/01/2022 | 1,500 | 1,580 | |||||||
Sauk Rapids Independent School District #47, Series A, Crossover Refunded 02/01/2011 @ 100 (MBIA) (MSDCEP) | |||||||||
5.750%, 02/01/2023 (d) | 2,000 | 2,153 | |||||||
St. Louis Park Independent School District #283, Crossover Refunded 02/01/2009 @ 100 (MSDCEP) | |||||||||
5.700%, 02/01/2017 (d) | 2,000 | 2,077 | |||||||
St. Michael Independent School District #885, Series A (FSA) (MSDCEP) | |||||||||
4.750%, 02/01/2028 | 1,200 | 1,251 | |||||||
Total General Obligations | 13,216 | ||||||||
Total Municipal Bonds (Cost $157,342) | 166,538 | ||||||||
Short-Term Investments – 2.2% | |||||||||
Money Market Fund – 2.1% | |||||||||
Federated Minnesota Municipal Cash Trust | 3,681,011 | 3,681 | |||||||
U.S. Treasury Obligation – 0.1% | |||||||||
U.S. Treasury Bill | |||||||||
4.968%, 01/11/2007 (e) | $ | 115 | 115 | ||||||
Total Short-Term Investments (Cost $3,796) | 3,796 | ||||||||
Total Investments – 99.1% (Cost $161,138) | 170,334 | ||||||||
Other Assets and Liabilities, Net – 0.9% | 1,619 | ||||||||
Total Net Assets – 100.0% | $ | 171,953 | |||||||
The accompanying notes are an integral part of the financial statements.
48 First American Funds Semiannual Report 2006
Table of Contents
Minnesota Tax Free Fund (concluded)
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(b) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(c) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(d) | Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. |
(e) | Yield shown is effective yield as of December 31, 2006. |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $17,924, which represents 10.4% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FHA – | Federal Housing Authority |
FHLMC – | Federal Home Loan Mortgage Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
MSDCEP – | Minnesota School District Credit Enhancement Program |
Missouri Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 99.6% | |||||||||
Revenue Bonds – 77.7% | |||||||||
Continuing Care Retirement Communities – 3.5% | |||||||||
Cole County Industrial Development Authority, Lutheran Services Heisinger Project | |||||||||
5.250%, 02/01/2024 | $ | 2,000 | $ | 2,090 | |||||
Illinois Financing Authority, Friendship Village, Schaumburg, Series A | |||||||||
5.375%, 02/15/2025 | 1,800 | 1,832 | |||||||
Missouri State Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A | |||||||||
5.375%, 02/01/2035 | 1,500 | 1,571 | |||||||
5,493 | |||||||||
Education – 7.1% | |||||||||
Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project | |||||||||
5.000%, 11/01/2019 | 2,540 | 2,668 | |||||||
Missouri State Health & Educational Facilities Authority, Washington University, Series A | |||||||||
5.000%, 02/15/2019 | 1,465 | 1,575 | |||||||
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Pre-refunded 06/15/2011 @ 100 | |||||||||
5.125%, 06/15/2041 (a) | 2,150 | 2,275 | |||||||
Missouri State Health & Educational Facilities Authority, Washington University, Series B | |||||||||
4.250%, 01/15/2035 (b) | 685 | 659 | |||||||
University of Missouri, Pre-refunded 11/01/2007 @ 101 | |||||||||
5.800%, 11/01/2027 (a) | 4,000 | 4,111 | |||||||
11,288 | |||||||||
Healthcare – 16.3% | |||||||||
Barton County Hospital Revenue | |||||||||
5.375%, 07/01/2027 | 1,000 | 1,020 | |||||||
Boone County Hospital | |||||||||
5.050%, 08/01/2020 | 1,200 | 1,237 | |||||||
Cape Girardeau County Authority, Southeast Missouri Hospital Association | |||||||||
5.625%, 06/01/2022 | 1,500 | 1,574 | |||||||
Carthage Hospital Revenue | |||||||||
6.000%, 04/01/2038 | 1,000 | 1,021 | |||||||
Hannibal Industrial Development Authority Health Facilities | |||||||||
4.300%, 03/01/2013 | 1,345 | 1,354 | |||||||
5.000%, 03/01/2022 | 1,000 | 1,039 | |||||||
Hermann Area Hospital District Revenue | |||||||||
5.100%, 09/01/2031 | 1,000 | 990 | |||||||
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project | |||||||||
5.500%, 02/15/2024 | 2,000 | 2,158 | |||||||
Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity | |||||||||
6.750%, 05/15/2012 (c) | 3,310 | 3,795 | |||||||
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI) | |||||||||
4.250%, 08/15/2013 | 735 | 748 | |||||||
5.000%, 08/15/2019 | 2,300 | 2,420 | |||||||
Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project | |||||||||
5.000%, 02/15/2012 | 515 | 535 |
First American Funds Semiannual Report 2006 49
Table of Contents
Schedule of Investments continued
Missouri Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Missouri State Health & Educational Facilities Authority, SSM Health, Series A, Pre-refunded 06/01/2008 @ 101 (MBIA) | |||||||||
5.000%, 06/01/2018 (a) | $ | 1,555 | $ | 1,601 | |||||
Missouri State Health & Educational Facilities Authority, SSM Health, Series B (MBIA) | |||||||||
5.000%, 06/01/2018 | 445 | 456 | |||||||
Missouri State Health & Educational Facilities Authority, St. Lukes Episcopal | |||||||||
5.000%, 12/01/2017 (b) | 1,000 | 1,059 | |||||||
Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A | |||||||||
5.000%, 11/15/2014 | 3,000 | 3,222 | |||||||
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital | |||||||||
5.625%, 12/01/2035 | 1,000 | 1,018 | |||||||
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A | |||||||||
6.625%, 11/15/2035 | 500 | 523 | |||||||
25,770 | |||||||||
Housing – 3.1% | |||||||||
Missouri State Housing Development Commission, Homeownership Loan Program, Series B (AMT) (GNMA) (FNMA) | |||||||||
4.800%, 09/01/2031 | 2,500 | 2,524 | |||||||
Missouri State Housing Development Commission, Homeownership Loan Program, Series C1 (AMT) (GNMA) (FNMA) | |||||||||
5.000%, 09/01/2037 | 1,000 | 1,023 | |||||||
University City Industrial Development Authority, Multifamily Housing, Series A (GNMA) | |||||||||
5.950%, 12/20/2025 | 1,400 | 1,416 | |||||||
4,963 | |||||||||
Lease Revenue – 16.2% | |||||||||
Clay County, Public Building Authority (MLO) | |||||||||
5.125%, 05/15/2014 | 2,000 | 2,038 | |||||||
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond (MLO) | |||||||||
4.420%, 04/15/2027 (d) | 2,000 | 824 | |||||||
Kansas City Special Facilities Revenue, MCI Overhaul Base Project, Series G (AMT) (MLO) | |||||||||
4.750%, 09/01/2028 | 4,000 | 4,030 | |||||||
Missouri State Board of Public Buildings, Series A (MLO) | |||||||||
5.000%, 10/15/2027 | 1,000 | 1,055 | |||||||
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A (MBIA) (MLO) | |||||||||
5.000%, 05/01/2023 | 2,000 | 2,084 | |||||||
5.000%, 05/01/2024 | 5,130 | 5,345 | |||||||
5.125%, 05/01/2026 | 5,000 | 5,220 | |||||||
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A (MLO) | |||||||||
5.000%, 05/01/2017 | 1,000 | 1,045 | |||||||
Missouri State Financial Board Infrastructure Facilities, Branson, Series A (MLO) | |||||||||
5.000%, 12/01/2017 | 1,000 | 1,030 | |||||||
5.375%, 12/01/2022 | 750 | 782 | |||||||
Springfield Public Building, Capital Improvement Project (AMBAC) (MLO) | |||||||||
5.000%, 03/01/2024 | 2,000 | 2,111 | |||||||
25,564 | |||||||||
Miscellaneous – 1.4% | |||||||||
Platte County Industrial Development Transportation Authority (MLO) | |||||||||
4.000%, 12/01/2014 | 780 | 788 | |||||||
St. Louis Industrial Development Authority, St. Louis Science Center, Series A (RAAI) | |||||||||
4.000%, 02/15/2014 | 315 | 318 | |||||||
Sugar Creek, Lafarge North America, Series A (AMT) | |||||||||
5.650%, 06/01/2037 | 1,000 | 1,060 | |||||||
2,166 | |||||||||
Revolving Funds – 12.3% | |||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Series A, State Revolving Fund Program, Pre-refunded 07/01/2010 @ 100 | |||||||||
5.500%, 07/01/2016 (a) | 1,875 | 1,989 | |||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program | |||||||||
5.500%, 07/01/2016 | 620 | 656 | |||||||
4.750%, 07/01/2020 | 2,000 | 2,116 | |||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water | |||||||||
5.500%, 07/01/2014 | 2,000 | 2,192 | |||||||
5.250%, 01/01/2015 | 2,180 | 2,262 | |||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program | |||||||||
5.375%, 07/01/2016 | 2,000 | 2,253 | |||||||
5.000%, 07/01/2023 | 6,655 | 6,955 | |||||||
4.750%, 07/01/2025 | 1,000 | 1,043 | |||||||
19,466 | |||||||||
Tax Revenue – 5.5% | |||||||||
Belton Increment Tax Revenue, Town Center Project | |||||||||
5.500%, 03/01/2020 | 250 | 254 | |||||||
5.625%, 03/01/2025 | 600 | 609 | |||||||
Branson Industrial Development Authority Tax Increment Revenue, Branson Landing Retail Project | |||||||||
5.500%, 06/01/2029 | 1,000 | 1,021 | |||||||
Brentwood Tax Increment Revenue, Brentwood Square Project | |||||||||
4.125%, 05/01/2011 | 250 | 248 | |||||||
Fenton Tax Increment Revenue, Gravois Bluffs Redevelopment Project | |||||||||
5.000%, 04/01/2014 | 1,000 | 1,048 | |||||||
Howard Bend Levee District (XLCA) | |||||||||
5.500%, 03/01/2026 | 1,745 | 2,042 | |||||||
Osage Beach Tax Increment Revenue, Prewitt’s Point Project | |||||||||
5.000%, 05/01/2023 | 1,455 | 1,445 |
The accompanying notes are an integral part of the financial statements.
50 First American Funds Semiannual Report 2006
Table of Contents
Missouri Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Riverside Tax Increment Revenue, L-385 Levee Project (MLO) | |||||||||
5.250%, 05/01/2020 | $ | 1,000 | $ | 1,035 | |||||
St. Joseph Industrial Development Authority, Tax Increment Revenue, Shoppes at North Village Project | |||||||||
5.375%, 11/01/2023 | 1,000 | 1,015 | |||||||
8,717 | |||||||||
Transportation – 6.5% | |||||||||
Missouri State Highways & Transportation Road, Series A, Pre-refunded 02/01/2011 @ 100 | |||||||||
5.250%, 02/01/2020 (a) | 5,000 | 5,303 | |||||||
Missouri State Highways & Transportation Road, Series A, Pre-refunded 02/01/2012 @ 100 | |||||||||
5.000%, 02/01/2022 (a) | 3,725 | 3,958 | |||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Series K | |||||||||
5.000%, 07/01/2017 | 1,000 | 1,064 | |||||||
10,325 | |||||||||
Utilities – 5.8% | |||||||||
Kansas City Water, Series B | |||||||||
5.000%, 12/01/2016 | 2,200 | 2,224 | |||||||
Metropolitan St. Louis Sewer District, Series A (MBIA) | |||||||||
5.000%, 05/01/2023 | 1,075 | 1,141 | |||||||
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA) | |||||||||
5.000%, 01/01/2016 | 1,500 | 1,635 | |||||||
Missouri State Development Financial Board, Independence Water System (AMBAC) | |||||||||
5.000%, 11/01/2024 | 1,000 | 1,063 | |||||||
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Kansas City Power & Light | |||||||||
4.000%, 01/02/2012 | 1,000 | 996 | |||||||
North Central Regional Water Commission, Waterworks Systems Revenue | |||||||||
5.000%, 01/01/2037 | 2,070 | 2,045 | |||||||
9,104 | |||||||||
Total Revenue Bonds | 122,856 | ||||||||
General Obligations – 16.3% | |||||||||
Columbia School District, Crossover Refunded 03/01/2007 @ 100 | |||||||||
6.300%, 03/01/2011 (e) | 365 | 367 | |||||||
Jackson County School District #7, Lee’s Summit (MBIA) (MDDP) | |||||||||
4.250%, 03/01/2016 | 1,100 | 1,133 | |||||||
Jefferson City School District, Series A (MDDP) | |||||||||
6.700%, 03/01/2011 | 1,000 | 1,075 | |||||||
Miller County School District #2 (FSA) | |||||||||
5.000%, 03/01/2017 | 1,000 | 1,088 | |||||||
North Kansas City School District #74 (MDDP) | |||||||||
5.000%, 03/01/2022 | 1,000 | 1,080 | |||||||
Platte County School District #R-3 (MBIA) | |||||||||
5.000%, 03/01/2024 | 685 | 726 | |||||||
Platte County School District #R-3, Pre-refunded 03/01/2014 @ 100 (MBIA) | |||||||||
5.000%, 03/01/2024 (a) | 315 | 341 | |||||||
Puerto Rico Municipal Finance Agency, Pre-refunded 08/01/2009 @ 101 | |||||||||
5.500%, 08/01/2023 (a) | 3,000 | 3,175 | |||||||
Richmond Heights, Manhasset Village Neighborhood | |||||||||
4.500%, 04/01/2026 | 690 | 674 | |||||||
St. Charles Community College (MBIA) | |||||||||
5.250%, 02/15/2018 | 1,390 | 1,561 | |||||||
St. Charles County, Francis Howell School District (FGIC) (MDDP) | |||||||||
5.250%, 03/01/2018 | 2,095 | 2,349 | |||||||
St. Joseph School District (FSA) (MDDP) | |||||||||
5.250%, 03/01/2017 | 1,500 | 1,675 | |||||||
St. Louis County | |||||||||
5.000%, 02/01/2012 | 3,250 | 3,458 | |||||||
St. Louis County Public Safety, Pre-refunded 08/15/2009 @ 100 (FGIC) | |||||||||
5.125%, 02/15/2017 (a) | 4,185 | 4,347 | |||||||
St. Louis County Rockwood School District #R-6, Series A | |||||||||
5.000%, 02/01/2014 | 2,000 | 2,140 | |||||||
St. Louis County School District, Series A | |||||||||
5.000%, 03/01/2016 | 500 | 537 | |||||||
Total General Obligations | 25,726 | ||||||||
Certificates of Participation – 5.6% | |||||||||
Cottleville (MLO) | |||||||||
5.125%, 08/01/2026 | 200 | 203 | |||||||
5.250%, 08/01/2031 | 1,100 | 1,121 | |||||||
Gladstone, Series A (XLCA) (MLO) | |||||||||
4.000%, 06/01/2018 | 775 | 766 | |||||||
Hazelwood School District, Energy Improvements Project (MLO) | |||||||||
4.200%, 03/01/2013 | 405 | 410 | |||||||
4.500%, 03/01/2017 | 515 | 529 | |||||||
4.500%, 03/01/2018 | 445 | 455 | |||||||
Ozark Community Center Project (MLO) | |||||||||
4.800%, 09/01/2023 | 500 | 496 | |||||||
Taney County (MBIA) (MLO) | |||||||||
4.000%, 04/01/2016 | 635 | 639 | |||||||
Texas County Justice Center Project (AGTY) (MLO) | |||||||||
4.500%, 12/01/2025 | 3,660 | 3,680 | |||||||
Union, Series A (MLO) | |||||||||
5.200%, 07/01/2023 | 520 | 535 | |||||||
Total Certificates of Participation | 8,834 | ||||||||
Total Municipal Bonds (Cost $151,455) | 157,416 | ||||||||
Short-Term Investments – 0.4% | |||||||||
Money Market Fund – 0.4% | |||||||||
First American Tax Free Obligations Fund, Class Z (f) | 592,939 | 593 | |||||||
U.S. Treasury Obligation – 0.0% | |||||||||
U.S. Treasury Bill | |||||||||
4.900%, 01/11/2007 (g) | $ | 35 | 35 | ||||||
Total Short-Term Investments (Cost $628) | 628 | ||||||||
Total Investments – 100.0% (Cost $152,083) | 158,044 | ||||||||
Other Assets and Liabilities, Net – 0.0% | (40 | ) | |||||||
Total Net Assets – 100.0% | $ | 158,004 | |||||||
First American Funds Semiannual Report 2006 51
Table of Contents
Schedule of Investments continued
Missouri Tax Free Fund (concluded)
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(b) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $1,728 or 1.1% of total net assets. See note 2 in Notes to Financial Statements. |
(c) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(d) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(e) | Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated. |
(f) | 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. |
(g) | Yield shown is effective yield as of December 31, 2006. |
AGTY – | Assured Guaranty |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $8,637, which represents 5.5% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MDDP – | Missouri Direct Deposit Program |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
XLCA – | XL Capital Assurance Inc. |
Nebraska Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 98.9% | |||||||||
Revenue Bonds – 76.0% | |||||||||
Continuing Care Retirement Communities – 3.5% | |||||||||
Colorado Health Facilities, Christian Living Communities, Series A | |||||||||
5.750%, 01/01/2026 | $ | 100 | $ | 105 | |||||
Illinois Finance Authority, Three Crowns Park Plaza, Series A | |||||||||
5.875%, 02/15/2026 | 200 | 211 | |||||||
North Carolina Community Health Care Facilities, Presbyterian Homes | |||||||||
5.400%, 10/01/2027 | 410 | 425 | |||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | |||||||||
5.000%, 09/01/2025 | 600 | 618 | |||||||
1,359 | |||||||||
Education – 15.9% | |||||||||
Nebraska Educational Finance Authority, Concordia University Project | |||||||||
5.350%, 12/15/2018 | 650 | 662 | |||||||
Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC) | |||||||||
5.000%, 09/01/2009 | 500 | 511 | |||||||
Nebraska Educational Finance Authority, Midland Lutheran College Project | |||||||||
5.200%, 10/01/2020 | 350 | 359 | |||||||
Nebraska Educational Finance Authority, Wesleyan University Project (RAAI) | |||||||||
5.000%, 04/01/2017 | 605 | 630 | |||||||
Nebraska Utility Corporation, University of Nebraska, Lincoln Project | |||||||||
5.250%, 01/01/2015 | 1,045 | 1,116 | |||||||
University of Nebraska Facility Corporation, Medical Center Research Project | |||||||||
5.000%, 02/15/2015 | 500 | 528 | |||||||
University of Nebraska, Kearney Student Fees | |||||||||
5.000%, 07/01/2030 | 500 | 527 | |||||||
University of Nebraska, Lincoln Memorial Stadium Project, Series A | |||||||||
5.000%, 11/01/2015 | 500 | 532 | |||||||
University of Nebraska, Lincoln Student Fees | |||||||||
5.000%, 07/01/2022 | 750 | 785 | |||||||
University of Nebraska, Omaha Student Housing Project | |||||||||
5.000%, 05/15/2023 | 500 | 530 | |||||||
6,180 | |||||||||
Healthcare – 24.8% | |||||||||
Douglas County Hospital Authority #2, Girls & Boys Town Project | |||||||||
4.500%, 09/01/2030 | 1,000 | 988 | |||||||
Douglas County Hospital Authority #2, Nebraska Medical Center | |||||||||
5.000%, 11/15/2016 | 700 | 745 | |||||||
Halifax Medical Center, Florida, Hospital Revenue, Series A | |||||||||
5.000%, 06/01/2038 | 600 | 613 | |||||||
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A | |||||||||
5.250%, 02/15/2030 | 600 | 638 | |||||||
Inver Grove Heights, Minnesota, Nursing Home Revenue, Presbyterian Homes Care | |||||||||
5.500%, 10/01/2033 | 275 | 279 |
The accompanying notes are an integral part of the financial statements.
52 First American Funds Semiannual Report 2006
Table of Contents
Nebraska Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A | |||||||||
5.000%, 07/01/2020 | $ | 200 | $ | 202 | |||||
Iowa Hospital Revenue, Washington County Hospital Project | |||||||||
5.375%, 07/01/2026 | 400 | 414 | |||||||
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project | |||||||||
4.250%, 06/01/2022 | 600 | 583 | |||||||
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A (AMBAC) | |||||||||
5.000%, 06/01/2019 | 500 | 519 | |||||||
5.125%, 06/01/2021 | 1,200 | 1,249 | |||||||
Madison County Hospital Authority #1, Faith Regional Health Services Project (RAAI) | |||||||||
5.500%, 07/01/2021 | 1,000 | 1,064 | |||||||
Nebraska Investment Finance Authority, Great Plains Regional Medical Center (RAAI) | |||||||||
5.200%, 11/15/2016 | 250 | 263 | |||||||
5.300%, 11/15/2017 | 805 | 851 | |||||||
New Hampshire Health & Educational Facilities Authority, The Memorial Hospital | |||||||||
5.250%, 06/01/2036 | 150 | 156 | |||||||
Platte County Hospital Authority #1, Columbus Community Hospital Project (RAAI) | |||||||||
5.850%, 05/01/2014 | 650 | 693 | |||||||
University of Alabama at Birmingham, Hospital Revenue, Series A | |||||||||
4.500%, 09/01/2031 | 400 | 396 | |||||||
9,653 | |||||||||
Housing – 5.7% | |||||||||
Nebraska Investment Finance Authority, Single Family Housing, Series A (AMT) | |||||||||
5.150%, 03/01/2016 | 340 | 350 | |||||||
Nebraska Investment Finance Authority, Single Family Housing, Series C (AMT) | |||||||||
4.400%, 09/01/2020 | 680 | 680 | |||||||
Nebraska Investment Finance Authority, Single Family Housing, Series D (AMT) | |||||||||
4.950%, 09/01/2026 | 500 | 512 | |||||||
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA) | |||||||||
5.150%, 11/20/2022 | 655 | 678 | |||||||
2,220 | |||||||||
Miscellaneous – 1.9% | |||||||||
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA) | |||||||||
5.500%, 06/01/2036 | 400 | 427 | |||||||
Washington County Wastewater Facilities, Cargill Income Project (AMT) | |||||||||
5.900%, 11/01/2027 | 300 | 326 | |||||||
753 | |||||||||
Recreational Facility Authority – 6.3% | |||||||||
Douglas County Zoo Facility, Omaha Henry Doory Zoo Project | |||||||||
4.750%, 09/01/2024 | 1,365 | 1,388 | |||||||
Omaha Convention Hotel Corporation, Series A (AMBAC) | |||||||||
5.125%, 04/01/2026 | 1,000 | 1,052 | |||||||
2,440 | |||||||||
Revolving Funds – 1.5% | |||||||||
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund | |||||||||
5.150%, 01/01/2016 | 580 | 593 | |||||||
Tax Revenue – 2.9% | |||||||||
Ohio County, West Virginia, Special District Excise Tax Revenue, Fort Henry Economic Development, Series B | |||||||||
5.625%, 03/01/2036 | 200 | 207 | |||||||
Omaha Special Tax Revenue, Series A | |||||||||
5.125%, 02/01/2032 | 500 | 526 | |||||||
Vanderburgh County, Indiana, Industrial Redevelopment Commission, Tax Increment | |||||||||
5.000%, 02/01/2026 | 400 | 416 | |||||||
1,149 | |||||||||
Utilities – 13.5% | |||||||||
Alliance Electrical Systems (AMBAC) | |||||||||
5.000%, 12/15/2014 | 260 | 265 | |||||||
5.100%, 12/15/2015 | 460 | 469 | |||||||
Burt County Public Power District Electric Systems | |||||||||
4.850%, 07/01/2026 | 335 | 339 | |||||||
Cuming County Public Power District Electric Systems | |||||||||
3.900%, 12/01/2014 | 130 | 129 | |||||||
Grand Island Electrical Systems (MBIA) | |||||||||
5.125%, 08/15/2016 | 750 | 792 | |||||||
Hastings Electrical Systems (FSA) | |||||||||
5.000%, 01/01/2015 | 250 | 262 | |||||||
Lincoln Electrical Systems | |||||||||
5.000%, 09/01/2015 | 500 | 527 | |||||||
5.000%, 09/01/2026 | 250 | 263 | |||||||
Omaha Public Power District, Nebraska City, Series A (AMBAC) | |||||||||
4.550%, 02/01/2026 | 750 | 759 | |||||||
Omaha Public Power Electrical Systems, Escrowed to Maturity | |||||||||
6.200%, 02/01/2017 (a) | 210 | 243 | |||||||
Omaha Sanitation & Sewer (MBIA) | |||||||||
4.250%, 11/15/2029 | 1,250 | 1,211 | |||||||
5,259 | |||||||||
Total Revenue Bonds | 29,606 | ||||||||
General Obligations – 19.6% | |||||||||
Brown County | |||||||||
4.350%, 06/15/2026 (b) | 200 | 197 | |||||||
4.700%, 12/15/2026 | 400 | 403 | |||||||
Douglas County School District #10, Elkhorn Public Schools | |||||||||
4.500%, 07/15/2026 | 500 | 503 | |||||||
Douglas County School District #17, Millard Public Schools, Series A (FSA) | |||||||||
4.500%, 06/15/2025 | 250 | 251 | |||||||
Douglas County School District #54, Ralston Public Schools (FSA) | |||||||||
5.000%, 12/15/2016 | 845 | 889 | |||||||
Hayes County School District #79 | |||||||||
4.550%, 11/15/2022 | 170 | 171 | |||||||
4.600%, 11/15/2023 | 180 | 181 | |||||||
La Vista | |||||||||
4.800%, 12/15/2026 | 345 | 348 | |||||||
La Vista, Off-Street Parking | |||||||||
4.700%, 04/15/2025 | 500 | 502 |
First American Funds Semiannual Report 2006 53
Table of Contents
Schedule of Investments continued
Nebraska Tax Free Fund (concluded) | |||||||||
DESCRIPTION | PAR/SHARES | VALUE | |||||||
Lancaster County School District #1, Lincoln Public Schools | |||||||||
5.000%, 01/15/2017 | $ | 750 | $ | 793 | |||||
5.250%, 07/15/2019 | 220 | 232 | |||||||
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental | |||||||||
4.500%, 10/15/2026 | 750 | 752 | |||||||
Omaha-Douglas Public Building | |||||||||
4.900%, 05/01/2016 | 500 | 522 | |||||||
5.100%, 05/01/2020 | 300 | 315 | |||||||
Puerto Rico Commonwealth, Government Development, Series B | |||||||||
5.000%, 12/01/2014 | 400 | 426 | |||||||
Saunders County (FSA) | |||||||||
5.000%, 11/01/2030 | 650 | 671 | |||||||
Scotts Bluff County | |||||||||
4.550%, 01/15/2026 | 500 | 505 | |||||||
Total General Obligation Bonds | 7,661 | ||||||||
Certificates of Participation – 3.3% | |||||||||
Western Nebraska Community College (MLO) | |||||||||
4.700%, 10/15/2010 | 295 | 297 | |||||||
4.800%, 10/15/2011 | 195 | 196 | |||||||
4.900%, 10/15/2012 | 250 | 252 | |||||||
5.000%, 10/15/2013 | 300 | 302 | |||||||
5.100%, 10/15/2014 | 250 | 252 | |||||||
1,299 | |||||||||
Total Municipal Bonds (Cost $37,321) | 38,566 | ||||||||
Short-Term Investments – 0.8% | |||||||||
Money Market Fund – 0.7% | |||||||||
First American Tax Free Obligations Fund, Class Z (c) | 248,206 | 248 | |||||||
U.S. Treasury Obligation – 0.1% | |||||||||
U.S. Treasury Bill | |||||||||
5.014%, 01/11/2007 (d) | $ | 50 | 50 | ||||||
Total Short Term Investments (Cost $298) | 298 | ||||||||
Total Investments – 99.7% (Cost $37,619) | 38,864 | ||||||||
Other Assets and Liabilities, Net – 0.3% | 111 | ||||||||
Total Net Assets – 100.0% | $ | 38,975 | |||||||
(a) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(b) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $197 or 0.5% of total net assets. See note 2 in Notes to Financial Statements. |
(c) | 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. |
(d) | Yield shown is effective yield as of December 31, 2006. |
ACA – | American Capital Access |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $1,868, which represents 4.8% of total net assets. |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
Ohio Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 97.5% | |||||||||
Revenue Bonds – 58.4% | |||||||||
Continuing Care Retirement Community – 6.1% | |||||||||
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A | |||||||||
5.000%, 07/01/2026 | $ | 800 | $ | 825 | |||||
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A (RAAI) | |||||||||
5.125%, 07/01/2022 | 500 | 521 | |||||||
Hamilton County Health Care, Ref-Life Enriching Communities Project, Series A | |||||||||
5.000%, 01/01/2027 | 400 | 408 | |||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | |||||||||
5.000%, 09/01/2025 | 400 | 412 | |||||||
Toledo-Lucas County Port Authority Facilities, St. Mary Woods Project, Series A | |||||||||
6.000%, 05/15/2024 | 400 | 410 | |||||||
2,576 | |||||||||
Education – 17.5% | |||||||||
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy | |||||||||
5.000%, 10/01/2025 | 250 | 262 | |||||||
Ohio State Higher Educational Facilities, Baldwin-Wallace College Project | |||||||||
5.000%, 12/01/2013 | 750 | 782 | |||||||
Ohio State Higher Educational Facilities, College of Wooster Project | |||||||||
5.000%, 09/01/2020 | 400 | 422 | |||||||
Ohio State Higher Educational Facilities, Mount Union College Project | |||||||||
5.000%, 10/01/2031 | 1,000 | 1,044 | |||||||
Ohio State Higher Educational Facilities, Ohio Northern University Project | |||||||||
5.000%, 05/01/2026 | 1,000 | 1,054 | |||||||
Ohio State Higher Educational Facilities, Wittenburg University Project | |||||||||
5.000%, 12/01/2024 | 505 | 520 | |||||||
Ohio State Higher Educational Facilities, Xavier University Project (FGIC) | |||||||||
5.250%, 05/01/2016 | 1,000 | 1,074 | |||||||
Ohio State University, Series B | |||||||||
5.250%, 06/01/2016 | 1,000 | 1,085 | |||||||
University of Cincinnati, Series A (FGIC) | |||||||||
5.500%, 06/01/2014 | 1,000 | 1,080 | |||||||
7,323 | |||||||||
Healthcare – 11.5% | |||||||||
Akron, Bath & Copley Joint Township Hospital Facilities, Summa Health Systems, Series A (RAAI) | |||||||||
5.250%, 11/15/2016 | 800 | 862 | |||||||
Butler County Hospital Facilities, Cincinnati Children’s Hospital, Series K (FGIC) | |||||||||
4.250%, 05/15/2030 | 500 | 479 | |||||||
Erie County Hospital Facilities, Firelands Regional Medical Center, Series A | |||||||||
5.500%, 08/15/2022 | 500 | 531 | |||||||
Fairfield County Hospital Facilities, Fairfield Medical Center (RAAI) | |||||||||
5.000%, 06/15/2022 | 500 | 517 |
The accompanying notes are an integral part of the financial statements.
54 First American Funds Semiannual Report 2006
Table of Contents
Ohio Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Hamilton County Hospital Facilities, Children’s Medical Center, Series F (FGIC) | |||||||||
5.200%, 05/15/2009 | $ | 1,000 | $ | 1,019 | |||||
Lorain County Hospital, Catholic Healthcare | |||||||||
5.500%, 10/01/2017 | 350 | 376 | |||||||
Miami County Hospital Facilities, Upper Valley Medical Center | |||||||||
5.250%, 05/15/2018 | 125 | 133 | |||||||
5.250%, 05/15/2026 | 250 | 264 | |||||||
Richland County Hospital Facilities, Medcentral Health Systems | |||||||||
5.250%, 11/15/2036 | 600 | 636 | |||||||
4,817 | |||||||||
Housing – 2.4% | |||||||||
Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series E (AMT) (FNMA) (GNMA) | |||||||||
4.850%, 09/01/2026 | 1,000 | 1,021 | |||||||
Lease Revenue – 7.1% | |||||||||
Cleveland-Cuyahoga County Port Authority, Rita Project (MLO) (RAAI) | |||||||||
5.000%, 11/15/2019 | 750 | 789 | |||||||
Ohio State Building Authority, State Facility, Administration Building Fund, Series A (FSA) (MLO) | |||||||||
5.500%, 04/01/2016 | 1,000 | 1,083 | |||||||
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A (MLO) | |||||||||
5.250%, 12/01/2017 | 1,000 | 1,084 | |||||||
2,956 | |||||||||
Miscellaneous – 2.8% | |||||||||
Aleutians East Burough Project, Aleutian Pribilof Islands, Alaska (ACA) | |||||||||
5.500%, 06/01/2036 | 150 | 160 | |||||||
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B | |||||||||
4.500%, 12/01/2015 | 1,000 | 1,024 | |||||||
1,184 | |||||||||
Revolving Funds – 5.0% | |||||||||
Ohio State Water Development Authority, Escrowed to Maturity (AMBAC) | |||||||||
5.800%, 12/01/2011 (a) | 1,000 | 1,018 | |||||||
Ohio State Water Development Authority, Water Pollution Control, Pre-refunded 06/01/2012 @ 100 | |||||||||
5.050%, 12/01/2021 (b) | 1,000 | 1,068 | |||||||
2,086 | |||||||||
Tax Revenue – 1.0% | |||||||||
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project | |||||||||
5.250%, 12/01/2023 | 400 | 420 | |||||||
Utilities – 5.0% | |||||||||
Hamilton Electric Systems, Series A | |||||||||
4.300%, 10/15/2016 | 1,000 | 1,029 | |||||||
Montgomery County Water, Greater Moraine Beaver (AMBAC) | |||||||||
5.375%, 11/15/2016 | 1,000 | 1,083 | |||||||
2,112 | |||||||||
Total Revenue Bonds | 24,495 | ||||||||
General Obligations – 35.9% | |||||||||
Cincinnati | |||||||||
5.000%, 12/01/2016 | 1,000 | 1,056 | |||||||
5.000%, 12/01/2017 | 1,000 | 1,051 | |||||||
Cincinnati School District, Classroom Construction & Improvement | |||||||||
5.250%, 12/01/2019 | 535 | 607 | |||||||
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC) | |||||||||
5.000%, 12/01/2011 | 500 | 530 | |||||||
Ohio State Common Schools, Series A (FGIC) | |||||||||
5.125%, 09/15/2022 | 1,750 | 1,848 | |||||||
Ohio State Higher Education, Series A | |||||||||
5.000%, 02/01/2019 | 1,000 | 1,043 | |||||||
5.000%, 08/01/2022 | 1,000 | 1,047 | |||||||
Ohio State Higher Education, Series B | |||||||||
5.000%, 11/01/2015 | 1,000 | 1,055 | |||||||
Ohio State Higher Educational Facilities, John Carroll University Project | |||||||||
5.000%, 04/01/2019 | 1,000 | 1,066 | |||||||
Ohio State Infrastructure Improvement, Series A | |||||||||
5.500%, 02/01/2020 | 1,000 | 1,161 | |||||||
Ohio State Parks & Recreational Facilities, Series II-A | |||||||||
5.250%, 02/01/2020 | 1,000 | 1,089 | |||||||
Puerto Rico Commonwealth, Government Development, Series B | |||||||||
5.000%, 12/01/2014 | 260 | 277 | |||||||
Solon | |||||||||
5.000%, 12/01/2021 | 1,000 | 1,060 | |||||||
Springfield City School District (FGIC) | |||||||||
5.200%, 12/01/2023 | 1,000 | 1,076 | |||||||
Toledo City School District, School Facilities Improvement (FSA) | |||||||||
5.000%, 12/01/2014 | 1,000 | 1,075 | |||||||
Total General Obligations | 15,041 | ||||||||
Certificate of Participation – 3.2% | |||||||||
Midview Local School District, School Buildings Facilities Project (MLO) | |||||||||
5.250%, 11/01/2017 | 1,270 | 1,352 | |||||||
Total Municipal Bonds (Cost $39,603) | 40,888 | ||||||||
Short-Term Investments – 2.0% | |||||||||
Money Market Fund – 1.9% | |||||||||
Federated Ohio Municipal Cash Trust | 778,648 | 779 | |||||||
U.S. Treasury Obligation – 0.1% | |||||||||
U.S. Treasury Bill | |||||||||
4.931%, 01/11/2007 (c) | $ | 25 | 25 | ||||||
Total Short Term Investments (Cost $804) | 804 | ||||||||
Total Investments – 99.5% (Cost $40,407) | 41,692 | ||||||||
Other Assets and Liabilities, Net – 0.5% | 242 | ||||||||
Total Net Assets – 100.0% | $ | 41,934 | |||||||
(a) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(b) | Pre-refunded issues are typically backed by U.S. Government obligations. These bonds mature at the call date and price indicated. |
(c) | Security has been deposited as initial margin on open futures contract. Yield shown is effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements. |
First American Funds Semiannual Report 2006 55
Table of Contents
Schedule of Investments continued
Ohio Tax Free Fund (concluded)
ACA – | American Capital Access |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006 the aggregate market value of securities subject to the AMT was $1,021, which represents 2.4% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||||||
Contracts | Contract | Settlement | Unrealized | |||||||||||||
Description | Sold | Value | Month | Appreciation | ||||||||||||
U.S. Treasury 10 Year Note Futures | (20 | ) | $ | (2,149 | ) | March 2007 | $ | 23 | ||||||||
Oregon Intermediate Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 97.8% | |||||||||
Revenue Bonds – 37.9% | |||||||||
Continuing Care Retirement Communities – 3.2% | |||||||||
Clackamas County Hospital Facilities Authority, Mary’s Woods, Series A, Pre-refunded 05/15/2009 @ 102 | |||||||||
6.125%, 05/15/2013 (a) | $ | 1,000 | $ | 1,075 | |||||
Clackamas County Hospital Facilities Authority, Robison Jewish Home | |||||||||
5.125%, 10/01/2024 | 1,000 | 1,022 | |||||||
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project, Series A | |||||||||
5.250%, 12/01/2026 | 1,000 | 1,031 | |||||||
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes | |||||||||
8.000%, 11/15/2026 | 890 | 906 | |||||||
4,034 | |||||||||
Economic Development – 1.2% | |||||||||
Port Morrow | |||||||||
6.250%, 06/01/2015 | 1,500 | 1,501 | |||||||
Education – 4.3% | |||||||||
Forest Grove Campus Improvement, Pacific University Project, Series A (RAAI) | |||||||||
5.000%, 05/01/2022 | 3,130 | 3,289 | |||||||
Multnomah County Educational Facilities, University of Portland (AMBAC) | |||||||||
5.700%, 04/01/2015 | 1,000 | 1,047 | |||||||
Oregon State Facilities Authority, Linfield College Project, Series A | |||||||||
5.000%, 10/01/2025 | 1,000 | 1,039 | |||||||
5,375 | |||||||||
Healthcare – 7.9% | |||||||||
Clackamas County Hospital Facilities Authority, Legacy Health Systems | |||||||||
5.250%, 02/15/2011 | 2,000 | 2,090 | |||||||
5.375%, 02/15/2012 | 1,000 | 1,044 | |||||||
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGTY) | |||||||||
4.750%, 09/01/2020 | 2,025 | 2,119 | |||||||
Medford Hospital Facilities Authority, Asante Health Systems, Series A (MBIA) | |||||||||
5.250%, 08/15/2011 | 325 | 335 | |||||||
5.375%, 08/15/2012 | 320 | 330 | |||||||
Multnomah County Hospital Facilities Authority, Providence Health Systems | |||||||||
5.250%, 10/01/2022 | 1,000 | 1,072 | |||||||
Salem Hospital Facilities Authority, Pre-refunded 08/15/2008 @ 101 | |||||||||
5.250%, 08/15/2014 (a) | 1,000 | 1,036 | |||||||
Salem Hospital Facilities Authority, Salem Hospital Project, Series A | |||||||||
5.000%, 08/15/2027 | 1,000 | 1,054 | |||||||
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A | |||||||||
5.000%, 03/01/2012 | 690 | 727 | |||||||
9,807 | |||||||||
Housing – 2.1% | |||||||||
Oregon State Housing & Community Services, Series A | |||||||||
6.000%, 07/01/2016 | 5 | 5 | |||||||
6.400%, 07/01/2018 | 220 | 222 |
The accompanying notes are an integral part of the financial statements.
56 First American Funds Semiannual Report 2006
Table of Contents
Oregon Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Oregon State Housing & Community Services, Series E (FHA) | |||||||||
5.750%, 07/01/2013 | $ | 325 | $ | 330 | |||||
Oregon State Housing & Community Services, Single Family, Series A | |||||||||
4.050%, 01/01/2018 | 355 | 356 | |||||||
Portland Housing Authority, Pearl Court Project (AMT) | |||||||||
4.000%, 01/01/2011 | 230 | 229 | |||||||
4.050%, 01/01/2012 | 235 | 234 | |||||||
4.100%, 01/01/2013 | 245 | 244 | |||||||
4.150%, 01/01/2014 | 200 | 199 | |||||||
4.200%, 01/01/2015 | 270 | 269 | |||||||
4.250%, 01/01/2016 | 280 | 279 | |||||||
4.300%, 01/01/2017 | 290 | 289 | |||||||
2,656 | |||||||||
Recreational Facility Authority – 0.9% | |||||||||
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC) | |||||||||
5.750%, 06/15/2015 | 1,000 | 1,074 | |||||||
Tax Revenue – 2.4% | |||||||||
Medford Urban Renewal Agency | |||||||||
4.500%, 06/01/2013 | 1,010 | 1,039 | |||||||
Oregon State Department of Administrative Services Lottery, Series A (FSA) | |||||||||
5.000%, 04/01/2012 | 1,050 | 1,091 | |||||||
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal | |||||||||
4.750%, 06/01/2015 | 280 | 292 | |||||||
Tri-County Metropolitan Transportation District, Series 1, Escrowed to Maturity (MGT) | |||||||||
4.900%, 06/01/2009 (b) | 500 | 515 | |||||||
2,937 | |||||||||
Transportation – 7.5% | |||||||||
Oregon State Department of Transportation, Highway User Tax, Pre-refunded 11/15/2010 @ 100 | |||||||||
5.125%, 11/15/2014 (a) | 2,260 | 2,379 | |||||||
Oregon State Department of Transportation, Highway User Tax, Series A | |||||||||
5.000%, 11/15/2020 | 1,085 | 1,162 | |||||||
5.000%, 11/15/2024 | 1,325 | 1,411 | |||||||
Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2012 @ 100 | |||||||||
5.500%, 11/15/2016 (a) | 1,000 | 1,097 | |||||||
Portland International Airport, Series 12-A (FGIC) | |||||||||
5.250%, 07/01/2011 | 1,165 | 1,209 | |||||||
5.250%, 07/01/2012 | 2,000 | 2,068 | |||||||
9,326 | |||||||||
Utilities – 8.4% | |||||||||
Eugene Electric Utilities (FSA) | |||||||||
5.000%, 08/01/2011 | 1,305 | 1,315 | |||||||
4.800%, 08/01/2013 | 690 | 701 | |||||||
Lane County Metropolitan Wastewater Management (FGIC) | |||||||||
5.000%, 11/01/2021 | 820 | 887 | |||||||
Port of St. Helens Pollution Control, Portland General Electric | |||||||||
4.800%, 04/01/2010 | 2,450 | 2,461 | |||||||
4.800%, 06/01/2010 | 400 | 402 | |||||||
Portland Water Systems, Second Lien, Series A (MBIA) | |||||||||
4.375%, 10/01/2024 | 1,635 | 1,645 | |||||||
Washington County Clean Water Services (MBIA) | |||||||||
5.000%, 10/01/2014 | 1,000 | 1,084 | |||||||
Washington County Clean Water Services (FGIC) | |||||||||
5.125%, 10/01/2014 | 1,790 | 1,895 | |||||||
10,390 | |||||||||
Total Revenue Bonds | 47,100 | ||||||||
General Obligations – 53.8% | |||||||||
Chemeketa Community College District, Escrowed to Maturity (FGIC) | |||||||||
5.500%, 06/01/2013 (b) | 2,170 | 2,394 | |||||||
Clackamas Community College District (MBIA) | |||||||||
5.000%, 05/01/2019 | 1,145 | 1,242 | |||||||
Clackamas County School District #7, Lake Oswego, Pre-refunded 06/01/2011 @ 100 | |||||||||
5.500%, 06/01/2012 (a) | 1,240 | 1,331 | |||||||
Clackamas County School District #7J, Lake Oswego (FSA) | |||||||||
5.250%, 06/01/2025 | 200 | 230 | |||||||
Clackamas County School District #86, Canby (FSA) (SBG) | |||||||||
5.000%, 06/15/2018 | 1,000 | 1,081 | |||||||
5.000%, 06/15/2021 | 1,305 | 1,402 | |||||||
Clackamas County School District #86, Canby, Pre-refunded 06/15/2010 @ 100 (SBG) | |||||||||
5.500%, 06/15/2015 (a) | 1,835 | 1,944 | |||||||
Clackamas County School District #115, Series A, Zero Coupon Bond (MBIA) (SBG) | |||||||||
4.588%, 06/15/2024 (c) | 2,430 | 1,100 | |||||||
Clackamas County School District #115, Series B (MBIA) (SBG) | |||||||||
4.500%, 06/15/2021 | 1,975 | 2,027 | |||||||
Columbia River Fire & Rescue District (AMBAC) | |||||||||
5.000%, 01/01/2029 | 465 | 501 | |||||||
Deschutes & Jefferson Counties School District #2, Pre-refunded 06/15/2011 @ 100 | |||||||||
5.500%, 06/15/2014 (a) | 1,725 | 1,855 | |||||||
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG) | |||||||||
5.000%, 06/15/2013 | 1,250 | 1,342 | |||||||
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG) | |||||||||
4.260%, 06/15/2021 (c) | 1,000 | 544 | |||||||
Deschutes County (FSA) | |||||||||
5.000%, 12/01/2014 | 1,755 | 1,872 | |||||||
Hood River County School District (SBG) | |||||||||
5.250%, 06/15/2016 | 1,030 | 1,093 | |||||||
Jackson County School District #549, Medford (SBG) | |||||||||
5.000%, 06/15/2012 | 2,000 | 2,128 | |||||||
Lake Oswego (MBIA) | |||||||||
5.250%, 06/01/2013 | 1,035 | 1,127 | |||||||
Lane & Douglas Counties School District #97-J (FGIC) (SBG) | |||||||||
5.375%, 06/15/2016 | 1,235 | 1,388 | |||||||
Lane County School District #19, Springfield, Zero Coupon Bond (FSA) (SBG) | |||||||||
4.502%, 06/15/2024 (c) | 2,555 | 1,166 | |||||||
Lane County School District #40, Creswell (SBG) | |||||||||
5.000%, 06/15/2011 | 1,120 | 1,168 |
First American Funds Semiannual Report 2006 57
Table of Contents
Schedule of Investments continued
Oregon Intermediate Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Lane County School District #52, Bethel, Pre-refunded 06/15/2010 @ 100 (SBG) | |||||||||
5.350%, 06/15/2011 (a) | $ | 1,285 | $ | 1,355 | |||||
Linn County Community School District, Pre-refunded 06/15/2013 @ 100 (FGIC) (SBG) | |||||||||
5.550%, 06/15/2021 (a) | 1,000 | 1,108 | |||||||
McMinnville School District #40 (FSA) | |||||||||
5.500%, 06/15/2012 | 620 | 676 | |||||||
5.500%, 06/15/2013 | 1,000 | 1,100 | |||||||
Metro | |||||||||
5.250%, 09/01/2014 | 1,000 | 1,070 | |||||||
Morrow County School District #1 (FSA) (SBG) | |||||||||
5.000%, 06/15/2014 | 605 | 653 | |||||||
Multnomah County, Series A, Pre-refunded 04/01/2010 @ 100 | |||||||||
5.125%, 04/01/2013 (a) | 1,000 | 1,045 | |||||||
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/2011 @ 100 (SBG) | |||||||||
5.625%, 06/15/2015 (a) | 1,000 | 1,081 | |||||||
Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded 06/15/2011 @ 100 (FSA) (SBG) | |||||||||
5.500%, 06/15/2013 (a) | 1,780 | 1,914 | |||||||
Multnomah-Clackamas County School District #10JT, Gresham-Barlow (FSA) (SBG) | |||||||||
5.250%, 06/15/2017 | 1,000 | 1,119 | |||||||
Multnomah-Clackamas County School District #28-302, Centennial, Pre-refunded 06/15/2011 @ 100 (FGIC) (SBG) | |||||||||
5.500%, 06/15/2014 (a) | 1,500 | 1,613 | |||||||
Multnomah-Clackamas County School District #28JT, Zero Coupon Bond (AMBAC) | |||||||||
4.023%, 06/01/2016 (c) | 1,000 | 683 | |||||||
Oregon State Board of Higher Education, Series D | |||||||||
5.000%, 08/01/2020 | 1,000 | 1,066 | |||||||
Oregon State Pollution Control, Series A | |||||||||
4.875%, 11/01/2011 | 455 | 459 | |||||||
Portland Community College Services, Pre-refunded 06/01/2011 @ 100 | |||||||||
5.375%, 06/01/2015 (a) | 1,375 | 1,471 | |||||||
Portland Emergency Facilities, Series A | |||||||||
5.000%, 06/01/2012 | 1,060 | 1,091 | |||||||
Puerto Rico Commonwealth, Government Development, Series B | |||||||||
5.000%, 12/01/2014 | 1,000 | 1,065 | |||||||
Puerto Rico Public Buildings Authority, Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY) | |||||||||
5.000%, 07/01/2036 | 1,000 | 1,063 | |||||||
Salem-Keizer School District #24-J (FSA) | |||||||||
5.100%, 06/01/2012 | 2,000 | 2,039 | |||||||
Salem-Keizer School District #24-J, Pre-refunded 06/01/2009 @ 100 (SBG) | |||||||||
5.250%, 06/01/2012 (a) | 1,000 | 1,039 | |||||||
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A | |||||||||
5.250%, 07/01/2012 | 1,000 | 1,045 | |||||||
Tualatin Hills Park & Recreation District (FGIC) | |||||||||
5.750%, 03/01/2013 | 870 | 968 | |||||||
Umatilla County School District #016-R, Pendleton (FGIC) | |||||||||
5.250%, 07/01/2014 | 1,540 | 1,692 | |||||||
Wasco County School District #12 | |||||||||
5.500%, 06/15/2014 | 1,080 | 1,202 | |||||||
Washington, Multnomah & Yamill Counties School District #1-J | |||||||||
5.000%, 11/01/2014 | 1,000 | 1,085 | |||||||
Washington, Multnomah & Yamill Counties School District #1-J, Pre-refunded 06/01/2009 @ 100 | |||||||||
5.250%, 06/01/2012 (a) | 1,185 | 1,231 | |||||||
Washington & Clackamas Counties School District #23-J, Tigard (FGIC) | |||||||||
5.500%, 06/01/2013 | 1,000 | 1,103 | |||||||
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond | |||||||||
3.908%, 06/15/2014 (c) | 1,030 | 772 | |||||||
Washington County | |||||||||
5.000%, 06/01/2022 | 2,000 | 2,178 | |||||||
Washington County School District #48-J, Beaverton, Series A (FSA) | |||||||||
5.000%, 06/01/2016 | 1,500 | 1,623 | |||||||
Wilsonville | |||||||||
5.000%, 12/01/2010 | 110 | 111 | |||||||
Yamill County School District #29-J, Newberg (FGIC) (SBG) | |||||||||
5.250%, 06/15/2015 | 2,010 | 2,225 | |||||||
5.250%, 06/15/2016 | 1,835 | 2,045 | |||||||
Total General Obligations | 66,925 | ||||||||
Certificates of Participation – 6.1% | |||||||||
Multnomah County (MLO) | |||||||||
4.750%, 08/01/2011 | 1,685 | 1,727 | |||||||
Oregon State Department of Administrative Services, Series A (AMBAC) (MLO) | |||||||||
5.000%, 05/01/2014 | 1,240 | 1,286 | |||||||
Oregon State Department of Administrative Services, Series A (FSA) (MLO) | |||||||||
5.000%, 05/01/2014 | 1,200 | 1,279 | |||||||
Oregon State Department of Administrative Services, Series A (FGIC) (MLO) | |||||||||
5.000%, 11/01/2018 | 1,060 | 1,156 | |||||||
Oregon State Department of Administrative Services, Series B (AMBAC) (MLO) | |||||||||
5.000%, 11/01/2011 | 315 | 321 | |||||||
Oregon State Department of Administrative Services, Series B (FSA) (MLO) | |||||||||
5.000%, 05/01/2018 | 1,680 | 1,790 | |||||||
Total Certificates of Participation | 7,559 | ||||||||
Total Municipal Bonds (Cost $118,265) | 121,584 | ||||||||
Short-Term Investments – 1.7% | |||||||||
Money Market Fund – 1.7% | |||||||||
First American Tax Free Obligations Fund, Class Z (d) | 2,137,566 | 2,138 | |||||||
U.S. Treasury Obligation – 0.0% | |||||||||
U.S. Treasury Bill | |||||||||
4.900%, 01/11/2007 (e) | $ | 10 | 10 | ||||||
Total Short-Term Investments (Cost $2,148) | 2,148 | ||||||||
Total Investments – 99.5% (Cost $120,413) | 123,732 | ||||||||
Other Assets and Liabilities, Net – 0.5% | 609 | ||||||||
Total Net Assets – 100.0% | $ | 124,341 | |||||||
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
The accompanying notes are an integral part of the financial statements.
58 First American Funds Semiannual Report 2006
Table of Contents
Oregon Intermediate Tax Free Fund (concluded)
(b) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(c) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(d) | 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. |
(e) | Yield shown is the effective yield as of December 31, 2006. |
AGTY – Assured Guaranty
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $1,743, which represents 1.4% of total net assets. |
COMGTY – | Commonwealth Guaranty |
FGIC – | Financial Guaranty Insurance Corporation |
FHA – | Federal Housing Authority |
FSA – | Financial Security Assurance |
MBIA – | Municipal Bond Insurance Association |
MGT – | Morgan Guaranty Trust |
MLO – | Municipal Lease Obligation |
RAAI – | Radian Asset Assurance Inc. |
SBG – | School Board Guaranty |
Short Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 100.1% | |||||||||
Alabama – 0.6% | |||||||||
General Obligation – 0.6% | |||||||||
Mobile Warrant, Escrowed to Maturity | |||||||||
6.200%, 02/15/2007 (a) | $ | 1,280 | $ | 1,284 | |||||
Arizona – 3.3% | |||||||||
Revenue Bonds – 3.3% | |||||||||
Glendale Industrial Development Authority | |||||||||
4.250%, 05/15/2008 | 1,240 | 1,245 | |||||||
Maricopa County Hospital, Sun Health Corporation | |||||||||
5.000%, 04/01/2011 | 3,815 | 3,945 | |||||||
University Medical Center (PUFG) | |||||||||
5.000%, 07/01/2007 | 300 | 301 | |||||||
5.000%, 07/01/2008 | 700 | 709 | |||||||
5.000%, 07/01/2009 | 500 | 511 | |||||||
6,711 | |||||||||
California – 3.4% | |||||||||
Revenue Bonds – 0.8% | |||||||||
California Statewide Community Development Authority, Daughters of Charity Health | |||||||||
5.000%, 07/01/2009 | 500 | 512 | |||||||
Contra Costa Transportation Authority, Series A, Escrowed to Maturity | |||||||||
6.875%, 03/01/2007 (a) | 1,070 | 1,076 | |||||||
1,588 | |||||||||
General Obligation – 2.6% | |||||||||
California State | |||||||||
5.000%, 09/01/2011 | 5,000 | 5,285 | |||||||
6,873 | |||||||||
Colorado – 0.7% | |||||||||
Revenue Bonds – 0.7% | |||||||||
Colorado Health Facilities Authority, Covenant Retirement Communities | |||||||||
4.500%, 12/01/2009 | 500 | 505 | |||||||
Colorado Health Facilities Authority, Evangelical Lutheran | |||||||||
5.000%, 06/01/2010 | 435 | 448 | |||||||
Colorado Health Facilities Authority, Vail Valley Medical Center Project | |||||||||
4.000%, 01/15/2007 | 500 | 500 | |||||||
1,453 | |||||||||
District of Columbia – 0.3% | |||||||||
General Obligation – 0.3% | |||||||||
District of Columbia, Series A | |||||||||
5.000%, 06/01/2007 | 630 | 634 | |||||||
Florida – 13.1% | |||||||||
Revenue Bonds – 13.1% | |||||||||
Florida Hurricane Catastrophe Fund Financial Corporation, Series A | |||||||||
5.000%, 07/01/2010 | 15,000 | 15,656 | |||||||
Florida State Department of Environmental Protection Preservation, Florida Forever, Series B (MBIA) | |||||||||
5.000%, 07/01/2011 | 10,000 | 10,535 | |||||||
26,191 | |||||||||
First American Funds Semiannual Report 2006 59
Table of Contents
Schedule of Investments continued
Short Tax Free Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
Georgia – 1.1% | ||||||||||
Revenue Bond – 1.1% | ||||||||||
Cartersville Development Authority, Sewer Facilities, Anheuser Busch (AMT) | ||||||||||
5.625%, 05/01/2009 | $ | 2,075 | $ | 2,154 | ||||||
Illinois – 7.8% | ||||||||||
Revenue Bonds – 6.6% | ||||||||||
Chicago Sales Tax Revenue | ||||||||||
5.000%, 01/01/2011 | 3,165 | 3,317 | ||||||||
Illinois Educational Facilities Authority, Art Institute of Chicago, Pre-refunded 03/01/2008 @ 100 | ||||||||||
3.100%, 03/01/2034 (b) | 565 | 560 | ||||||||
Illinois Educational Facilities Authority, Art Institute of Chicago, Unrefunded, Mandatory Put 03/01/2008 @ 100 | ||||||||||
3.100%, 03/01/2034 | 1,435 | 1,419 | ||||||||
Illinois Development Finance Authority, People’s Gas, Light & Coke, Series B, Mandatory Put 02/01/2008 @ 100 (AMBAC) | ||||||||||
3.050%, 02/01/2033 | 3,000 | 2,977 | ||||||||
Illinois Finance Authority, Clare at Watertower Project, Series A | ||||||||||
5.100%, 05/15/2011 | 1,000 | 998 | ||||||||
Illinois Finance Authority, DePaul University, Series A | ||||||||||
5.000%, 10/01/2007 | 1,000 | 1,009 | ||||||||
5.000%, 10/01/2009 | 2,355 | 2,421 | ||||||||
Illinois Finance Authority, Landing at Plymouth Project, Series A | ||||||||||
5.000%, 05/15/2011 | 500 | 500 | ||||||||
13,201 | ||||||||||
General Obligations – 1.2% | ||||||||||
Cook County High Schol District #209, | ||||||||||
Convertible CABs (FSA) 0.000% through 11/30/2007, thereafter 4.000%, 12/01/2008 (c) | 1,485 | 1,451 | ||||||||
Lake County School District #112, Highland Park | ||||||||||
9.000%, 12/01/2007 | 1,000 | 1,047 | ||||||||
2,498 | ||||||||||
15,699 | ||||||||||
Indiana – 3.6% | ||||||||||
Revenue Bond – 3.6% | ||||||||||
Indiana Health Facility Financing Authority, Ascension Health Credit | ||||||||||
5.000%, 05/01/2009 | 7,000 | 7,208 | ||||||||
Iowa – 0.5% | ||||||||||
Revenue Bond – 0.5% | ||||||||||
Iowa Finance Authority Health Facilities, Care Initiatives Project, Series A | ||||||||||
5.000%, 07/01/2009 | 1,000 | 1,013 | ||||||||
Kansas – 0.7% | ||||||||||
Revenue Bond – 0.7% | ||||||||||
Augusta Electric Generating & Distribution System, Escrowed to Maturity | ||||||||||
6.700%, 11/15/2007 (a) | 1,440 | 1,458 | ||||||||
Kentucky – 0.2% | ||||||||||
Revenue Bonds – 0.2% | ||||||||||
Kentucky State Turnpike Authority, Escrowed to Maturity | ||||||||||
6.125%, 07/01/2007 (a) | 115 | 117 | ||||||||
Owensboro Electric, Light & Power, Escrowed to Maturity | ||||||||||
6.850%, 01/01/2008 (a) | 305 | 309 | ||||||||
426 | ||||||||||
Louisiana – 1.1% | ||||||||||
Revenue Bond – 1.1% | ||||||||||
Tangipahoa Parish Hospital District #1, North Oaks Medical Center Project | ||||||||||
5.000%, 02/01/2011 | 2,035 | 2,107 | ||||||||
Michigan – 0.1% | ||||||||||
Revenue Bond – 0.1% | ||||||||||
Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity | ||||||||||
7.125%, 05/01/2009 (a) | 245 | 255 | ||||||||
Minnesota – 2.4% | ||||||||||
Revenue Bonds – 2.4% | ||||||||||
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA) | ||||||||||
3.050%, 06/15/2034 | 2,000 | 1,954 | ||||||||
Minnesota Municipal Power Agency | ||||||||||
4.500%, 10/01/2010 | 1,000 | 1,026 | ||||||||
Minnesota State Higher Education Facilities Authority, Series 4S, Mandatory Put 04/01/2008 @ 100 (LOC: Allied Irish Bank) | ||||||||||
4.600%, 04/01/2028 (d) | 815 | 822 | ||||||||
Monticello, Big Lake Community Hospital District, Series C | ||||||||||
4.250%, 12/01/2007 | 440 | 441 | ||||||||
Northwestern Mutual Life Insurance Company Tax-Exempt Mortgage Trust #1 (LOC: Credit Suisse First Boston) | ||||||||||
7.605%, 02/01/2009 (d) | 16 | 16 | ||||||||
St. Paul Port Authority Lease Revenue, HealthEast Midway Campus (MLO) | ||||||||||
5.000%, 05/01/2010 | 555 | 560 | ||||||||
4,819 | ||||||||||
Mississippi – 1.5% | ||||||||||
General Obligation – 1.5% | ||||||||||
Mississippi State, Escrowed to Maturity | ||||||||||
6.200%, 02/01/2008 (a) | 2,980 | 3,045 | ||||||||
Missouri – 2.6% | ||||||||||
Revenue Bond – 1.9% | ||||||||||
Illinois Missouri Bi-state Development Agency, Metropolitan District, Mandatory Put 10/01/2009 @ 100 (LOC: JP Morgan Chase Bank) | ||||||||||
3.950%, 10/01/2035 | 2,500 | 2,514 | ||||||||
Osage Beach Tax Increment, Prewitt’s Point Project | ||||||||||
4.625%, 05/01/2011 | 1,290 | 1,283 | ||||||||
3,797 | ||||||||||
The accompanying notes are an integral part of the financial statements.
60 First American Funds Semiannual Report 2006
Table of Contents
Short Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
General Obligations – 0.7% | |||||||||
Blue Springs Neighborhood Improvements, Series A | |||||||||
4.125%, 03/01/2009 | $ | 1,500 | $ | 1,501 | |||||
5,298 | |||||||||
Nebraska – 1.0% | |||||||||
Revenue Bonds – 1.0% | |||||||||
Douglas County Hospital Authority #002, Nebraska Medical Center (GTY) | |||||||||
5.000%, 11/15/2007 | 1,000 | 1,009 | |||||||
5.000%, 11/15/2008 | 1,000 | 1,019 | |||||||
2,028 | |||||||||
Nevada – 2.9% | |||||||||
Revenue Bonds – 2.9% | |||||||||
Clark County Pollution Control, Series A, Mandatory Put 03/02/2009 @ 100 (AMT) | |||||||||
3.250%, 06/01/2031 | 3,000 | 2,928 | |||||||
Clark County Pollution Control, Series C, Mandatory Put 03/02/2009 @ 100 (AMT) | |||||||||
3.250%, 06/01/2031 | 3,000 | 2,928 | |||||||
5,856 | |||||||||
New Jersey – 4.0% | |||||||||
Revenue Bonds – 4.0% | |||||||||
New Jersey Economic Development Authority, Cigarette Tax | |||||||||
5.000%, 06/15/2007 | 2,000 | 2,010 | |||||||
New Jersey Healthcare Facilities Financing Authority, Capital Health Systems, Series A | |||||||||
5.000%, 07/01/2007 | 2,465 | 2,478 | |||||||
5.000%, 07/01/2008 | 1,585 | 1,607 | |||||||
New Jersey State Turnpike Authority, Escrowed to Maturity | |||||||||
6.750%, 01/01/2009 (a) | 1,895 | 1,894 | |||||||
7,989 | |||||||||
New Mexico – 1.0% | |||||||||
Revenue Bond – 1.0% | |||||||||
Gallup Pollution Control, Tri-state Generation (AMBAC) | |||||||||
5.000%, 08/15/2010 | 1,910 | 1,989 | |||||||
New York – 4.5% | |||||||||
Revenue Bonds – 2.7% | |||||||||
Monroe County Airport Authority, Greater Rochester International (AMT) (MBIA) | |||||||||
5.000%, 01/01/2009 | 1,175 | 1,203 | |||||||
New York State Dormitory Authority, Rochester General Hospital | |||||||||
5.000%, 12/01/2010 | 1,970 | 2,053 | |||||||
New York Urban Development, Correctional & Youth Facilities, Series A, Mandatory Put 01/01/2009 @ 100 (MLO) | |||||||||
5.250%, 01/01/2021 | 2,000 | 2,059 | |||||||
5,315 | |||||||||
General Obligation – 1.8% | |||||||||
New York, Series A | |||||||||
5.000%, 08/01/2011 | 3,435 | 3,613 | |||||||
8,928 | |||||||||
North Carolina – 2.3% | |||||||||
Revenue Bonds – 2.3% | |||||||||
North Carolina Medical Care Commission, Health Care Facilities, 1st Mortgage Presbyterian, Series B | |||||||||
5.000%, 10/01/2007 | 410 | 412 | |||||||
5.000%, 10/01/2008 | 1,530 | 1,545 | |||||||
North Carolina Medical Care Commission, Health Care Facilities, Series A | |||||||||
2.500%, 11/01/2007 | 1,000 | 989 | |||||||
University North Carolina Chapel Hill, University Hospital, Series A | |||||||||
5.000%, 02/01/2010 | 1,060 | 1,098 | |||||||
5.000%, 02/01/2011 | 500 | 522 | |||||||
4,566 | |||||||||
Ohio – 2.5% | |||||||||
Revenue Bond – 2.5% | |||||||||
Allen County Economic Development, Young Men’s Christian Association, Mandatory Put 04/14/2008 @ 100 | |||||||||
3.000%, 04/15/2018 (d) | 5,000 | 4,947 | |||||||
Oklahoma – 0.6% | |||||||||
Revenue Bond – 0.6% | |||||||||
Ponca City Utility Authority, Escrowed to Maturity | |||||||||
6.000%, 07/01/2008 (a) | 1,110 | 1,150 | |||||||
Oregon – 7.9% | |||||||||
Revenue Bond – 7.9% | |||||||||
Oregon State Department of Administrative Services (FSA) | |||||||||
5.000%, 09/01/2011 | 15,000 | 15,862 | |||||||
Pennsylvania – 3.5% | |||||||||
Revenue Bonds – 3.5% | |||||||||
Chartiers Valley Industrial & Commercial Development Authority, Friendship Village South, Series A | |||||||||
3.450%, 08/15/2007 | 300 | 298 | |||||||
Hampden Township Sewer Authority, Escrowed to Maturity | |||||||||
6.150%, 04/01/2007 (a) | 760 | 764 | |||||||
Pennsylvania Higher Education Facilities Authority, University of Pennsylvania, Health Systems, Series B | |||||||||
5.000%, 08/15/2008 | 5,000 | 5,088 | |||||||
Ringgold School District Authority, Escrowed to Maturity | |||||||||
6.700%, 01/15/2008 (a) | 815 | 831 | |||||||
6,981 | |||||||||
Puerto Rico – 2.2% | |||||||||
General Obligation – 2.2% | |||||||||
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/2008 @ 100 | |||||||||
5.000%, 07/01/2018 | 4,250 | 4,315 | |||||||
South Carolina – 0.4% | |||||||||
Revenue Bond – 0.4% | |||||||||
Charleston County Hospital Facilities, Carealliance Health Services, Series A | |||||||||
5.000%, 08/15/2007 | 700 | 704 | |||||||
First American Funds Semiannual Report 2006 61
Table of Contents
Schedule of Investments continued
Short Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
South Dakota – 4.6% | |||||||||
Revenue Bonds – 4.6% | |||||||||
Sioux Falls Health Facilities, Dow Rummel Village Project, Series B, Mandatory Put 11/15/2007 @ 100 | |||||||||
4.750%, 11/15/2033 | $ | 1,675 | $ | 1,686 | |||||
South Dakota State Health & Educational Facilities Authority, Avera Health | |||||||||
4.000%, 07/01/2031 | 7,500 | 7,500 | |||||||
9,186 | |||||||||
Tennessee – 0.8% | |||||||||
Revenue Bond – 0.8% | |||||||||
Clarksville Natural Gas Acquisition Corporation | |||||||||
5.000%, 12/15/2008 | 1,500 | 1,538 | |||||||
Texas – 12.8% | |||||||||
Revenue Bonds – 12.0% | |||||||||
Brazos River Harbor Naval District, Brazoria County Environmental, Dow Chemical Project, Series A-3, Mandatory Put 05/15/2007 @ 100 (AMT) | |||||||||
4.950%, 05/15/2033 | 3,000 | 3,012 | |||||||
Dallas Fort Worth International Airport, Series A (AMT) | |||||||||
5.000%, 11/01/2007 | 1,500 | 1,513 | |||||||
Houston Health Facilities Development, Buckingham Senior Living Community, Series A | |||||||||
4.900%, 02/15/2010 | 1,020 | 1,030 | |||||||
Richardson Hospital Authority | |||||||||
5.000%, 12/01/2007 | 1,230 | 1,240 | |||||||
San Antonio Electric & Gas | |||||||||
5.250%, 02/01/2010 | 5,000 | 5,227 | |||||||
Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity | |||||||||
8.500%, 12/01/2008 (a) | 365 | 386 | |||||||
Texas State Public Finance Authority (FGIC) | |||||||||
5.000%, 02/01/2010 | 10,650 | 11,059 | |||||||
Tyler Health Facilities Development, Mother Frances Hospital | |||||||||
5.000%, 07/01/2007 | 575 | 578 | |||||||
24,045 | |||||||||
General Obligation – 0.8% | |||||||||
Donna Independent School District | |||||||||
4.000%, 02/15/2011 | 1,505 | 1,521 | |||||||
25,566 | |||||||||
Virginia – 1.0% | |||||||||
Revenue Bond – 1.0% | |||||||||
Virginia State Housing Development Authority (AMT) | |||||||||
3.600%, 01/01/2009 | 2,000 | 1,994 | |||||||
Washington – 1.0% | |||||||||
Revenue Bond – 1.0% | |||||||||
Washington State Higher Educational Facilities Authority, University Puget Sound Project, Series A, Mandatory Put 04/01/2008 @ 100 (LOC: Bank of America) | |||||||||
5.000%, 10/01/2030 | 2,000 | 2,031 | |||||||
West Virginia – 1.6% | |||||||||
Revenue Bond – 1.6% | |||||||||
West Virginia Commerce of Highways, Special Surface Transportation, Series A (FSA) | |||||||||
4.000%, 09/01/2011 | 3,250 | 3,291 | |||||||
Wisconsin – 2.5% | |||||||||
Revenue Bonds – 1.0% | |||||||||
Wisconsin State Health & Educational Facilities Authority, Froedtert & Community Health, Series A | |||||||||
5.000%, 04/01/2010 | 1,000 | 1,036 | |||||||
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Series A | |||||||||
5.000%, 08/15/2007 | 1,000 | 1,006 | |||||||
2,042 | |||||||||
General Obligation – 1.5% | |||||||||
Wisconsin State Certificates of Participation, Master Lease, Series A (MLO) | |||||||||
5.000%, 09/01/2011 | 2,885 | 3,039 | |||||||
5,081 | |||||||||
Total Municipal Bonds (Cost $201,184) | 200,630 | ||||||||
Short-Term Investment – 0.2% | |||||||||
First American Tax Free Obligations Fund, Class Z (e) | |||||||||
(Cost $392) | 392,357 | 392 | |||||||
Total Investments – 100.3% (Cost $201,576) | 201,022 | ||||||||
Other Assets and Liabilities, Net – (0.3)% | (664 | ) | |||||||
Total Net Assets – 100.0% | $ | 200,358 | |||||||
(a) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(b) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(c) | Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity. |
(d) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
(e) | 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. |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $17,686, which represents 8.8% of total net assets. |
FGIC – | Financial Guaranty Insurance Corporation |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GTY – | Assured Guaranty |
LOC – | Letter of Credit |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
PUFG – | Permanent University Fund Guarantee |
The accompanying notes are an integral part of the financial statements.
62 First American Funds Semiannual Report 2006
Table of Contents
Tax Free Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Municipal Bonds – 98.8% | |||||||||
Alabama – 0.7% | |||||||||
Revenue Bonds – 0.7% | |||||||||
Bessemer Water Revenue (AMBAC) | |||||||||
5.750%, 07/01/2016 | $ | 2,500 | $ | 2,554 | |||||
Camden Industrial Development Board, Weyerhauser Company, Series A | |||||||||
6.125%, 12/01/2024 | 1,000 | 1,107 | |||||||
Camden Industrial Development Board, Weyerhauser Company, Series B (AMT) | |||||||||
6.375%, 12/01/2024 | 350 | 384 | |||||||
4,045 | |||||||||
Alaska – 1.5% | |||||||||
Revenue Bonds – 1.1% | |||||||||
Alaska Energy Authority, Bradley Lake, Third Series (FSA) | |||||||||
6.000%, 07/01/2010 | 1,000 | 1,074 | |||||||
6.000%, 07/01/2011 | 4,040 | 4,414 | |||||||
Alaska State Housing Finance Corporation, Series A (MBIA) | |||||||||
5.900%, 12/01/2019 | 695 | 705 | |||||||
6,193 | |||||||||
General Obligation – 0.4% | |||||||||
Anchorage, Series B (MBIA) | |||||||||
5.000%, 07/01/2022 | 2,000 | 2,102 | |||||||
8,295 | |||||||||
Arizona – 1.3% | |||||||||
Revenue Bonds – 1.3% | |||||||||
Arizona Health Facilities Authority, The Terraces Project, Series A | |||||||||
7.500%, 11/15/2023 | 3,000 | 3,388 | |||||||
Maricopa County Industrial Development Authority, Mayo Clinic | |||||||||
5.000%, 11/15/2031 | 500 | 526 | |||||||
Maricopa County Industrial Development Authority, Senior Living Healthcare Revenue, Immanuel Care, Series A (GNMA) | |||||||||
4.850%, 08/20/2026 | 1,760 | 1,806 | |||||||
Tempe Industrial Development Authority, Friendship Village Project, Series A | |||||||||
5.375%, 12/01/2013 | 1,300 | 1,318 | |||||||
7,038 | |||||||||
Arkansas – 0.3% | |||||||||
Revenue Bond – 0.3% | |||||||||
Washington County Arkansas Hospital, Regional Medical Center, Series B | |||||||||
5.000%, 02/01/2030 | 1,500 | 1,541 | |||||||
California – 12.5% | |||||||||
Revenue Bonds – 7.1% | |||||||||
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT)(AGTY) | |||||||||
5.000%, 07/01/2027 | 2,500 | 2,583 | |||||||
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series C (AMT) | |||||||||
5.125%, 11/01/2023 | 5,000 | 5,252 | |||||||
California State Department of Water, Series A, Pre-refunded 05/01/2012 @ 101 | |||||||||
5.375%, 05/01/2022 (a) | 4,500 | 4,933 | |||||||
California State Public Works Board Mental Health-Coalinga, Series A (MLO) | |||||||||
5.500%, 06/01/2019 | 3,000 | 3,320 | |||||||
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) | |||||||||
5.250%, 11/15/2023 | 4,000 | 4,236 | |||||||
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT) | |||||||||
4.900%, 03/01/2023 | 2,500 | 2,601 | |||||||
Golden State Tobacco Securitization, Series B, Pre-refunded 06/01/2013 @ 100 | |||||||||
5.500%, 06/01/2033 (a) | 6,940 | 7,673 | |||||||
University of California, Series J | |||||||||
4.000%, 05/15/2010 (b) | 6,105 | 6,190 | |||||||
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT) | |||||||||
5.000%, 12/01/2022 | 1,000 | 1,028 | |||||||
37,816 | |||||||||
General Obligations – 5.4% | |||||||||
California State | |||||||||
5.000%, 02/01/2021 | 5,500 | 5,791 | |||||||
4.750%, 04/01/2022 | 500 | 508 | |||||||
5.000%, 09/01/2027 | 10,000 | 10,606 | |||||||
4.500%, 03/01/2030 | 10,000 | 9,971 | |||||||
5.000%, 02/01/2033 | 2,000 | 2,087 | |||||||
28,963 | |||||||||
66,779 | |||||||||
Colorado – 3.6% | |||||||||
Revenue Bonds – 3.4% | |||||||||
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) | |||||||||
5.700%, 07/01/2018 | 1,590 | 1,757 | |||||||
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100 | |||||||||
7.250%, 12/01/2021 (a) | 1,500 | 1,734 | |||||||
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B | |||||||||
6.125%, 12/01/2033 | 1,150 | 1,255 | |||||||
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities | |||||||||
5.900%, 10/01/2027 | 2,500 | 2,720 | |||||||
5.000%, 06/01/2029 | 2,000 | 2,059 | |||||||
Colorado State Health Facilities Authority, Parkview Medical Center | |||||||||
6.500%, 09/01/2020 | 1,000 | 1,096 | |||||||
Colorado State Health Facilities Authority, Vail Valley Medical Center | |||||||||
5.800%, 01/15/2027 | 1,500 | 1,592 | |||||||
La Junta Hospital, Arkansas Valley Medical Center Project | |||||||||
6.000%, 04/01/2019 | 1,000 | 1,040 | |||||||
Montrose Memorial Hospital | |||||||||
6.000%, 12/01/2028 | 1,000 | 1,085 | |||||||
6.000%, 12/01/2033 | 1,000 | 1,083 | |||||||
Northwest Parkway Public Highway Authority, Zero Coupon Bond (AMBAC) | |||||||||
4.410%, 06/15/2029 (c) | 10,000 | 2,754 | |||||||
18,175 | |||||||||
First American Funds Semiannual Report 2006 63
Table of Contents
Schedule of Investments continued
Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
General Obligation – 0.2% | |||||||||
Antelope Water Systems General Improvement District | |||||||||
5.125%, 12/01/2035 | $ | 1,000 | $ | 1,016 | |||||
19,191 | |||||||||
Florida – 2.9% | |||||||||
Revenue Bonds – 2.9% | |||||||||
Capital Trust Agency, Fort Lauderdale Project (AMT) | |||||||||
5.750%, 01/01/2032 | 1,000 | 1,045 | |||||||
Florida Hurricane Catastrophe Fund Financial Corporation, Series A | |||||||||
5.000%, 07/01/2010 | 5,000 | 5,219 | |||||||
Florida State Department of Transportation, Alligator Alley (FGIC) | |||||||||
5.125%, 07/01/2013 | 1,280 | 1,302 | |||||||
Palm Beach County Health Facilities Authority Retirement Community, Acts Retirement Life, Series A | |||||||||
4.500%, 11/15/2036 | 8,000 | 7,794 | |||||||
15,360 | |||||||||
Georgia – 2.4% | |||||||||
Revenue Bonds – 2.4% | |||||||||
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT) | |||||||||
5.125%, 03/01/2026 | 2,300 | 2,345 | |||||||
Fulton County Residential Care Facilities, Canterbury Court Project, Series A | |||||||||
6.125%, 02/15/2026 | 1,500 | 1,589 | |||||||
6.125%, 02/15/2034 | 2,500 | 2,642 | |||||||
Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Project | |||||||||
5.500%, 05/15/2031 | 5,000 | 5,215 | |||||||
Georgia Municipal Electric Authority Power, Series BB (MBIA) | |||||||||
5.250%, 01/01/2025 | 1,000 | 1,147 | |||||||
12,938 | |||||||||
Idaho – 0.4% | |||||||||
Certificates of Participation – 0.4% | |||||||||
Madison County Hospital | |||||||||
5.250%, 09/01/2026 | 1,000 | 1,064 | |||||||
5.250%, 09/01/2030 | 1,000 | 1,059 | |||||||
2,123 | |||||||||
Illinois – 9.0% | |||||||||
Revenue Bonds – 5.9% | |||||||||
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC) | |||||||||
7.500%, 08/01/2010 (d) | 880 | 945 | |||||||
Illinois Development Finance Authority, Adventist Health System, Pre-refunded 11/15/2009 @ 101 | |||||||||
5.500%, 11/15/2029 (a) | 5,000 | 5,303 | |||||||
Illinois Financial Authority, Clare At Water Tower Project, Series A | |||||||||
6.000%, 05/15/2025 | 2,350 | 2,449 | |||||||
Illinois Financial Authority, Friendship Village Schaumburg, Series A | |||||||||
5.375%, 02/15/2025 | 1,700 | 1,731 | |||||||
Illinois Financial Authority, Landing at Plymouth Place Project, Series A | |||||||||
6.000%, 05/15/2037 | 2,300 | 2,450 | |||||||
Illinois Financial Authority, Luther Oaks Project, Series A | |||||||||
6.000%, 08/15/2039 | 2,000 | 2,108 | |||||||
Illinois Health Facilities Authority, Covenant Retirement Communities | |||||||||
5.875%, 12/01/2031 | 4,500 | 4,739 | |||||||
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) | |||||||||
5.500%, 12/01/2022 | 4,000 | 4,287 | |||||||
Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Pre-refunded 08/15/2011 @ 101 | |||||||||
7.375%, 08/15/2031 (a) | 3,000 | 3,480 | |||||||
Illinois State Development Finance Authority, Waste Management Incorporated Project (AMT) | |||||||||
5.850%, 02/01/2007 | 1,000 | 1,002 | |||||||
Illinois State Toll Highway Authority, Series A | |||||||||
6.300%, 01/01/2012 | 1,000 | 1,113 | |||||||
Northern Illinois University, Auxiliary Facilities Systems, Partially Pre-refunded 04/01/2007 @ 100 (FGIC) | |||||||||
5.700%, 04/01/2016 (a) | 1,000 | 1,005 | |||||||
Rockford Multifamily Housing, Rivers Edge Apartments, Series A (AMT) (GNMA) | |||||||||
5.875%, 01/20/2038 | 1,215 | 1,246 | |||||||
31,858 | |||||||||
General Obligations – 3.1% | |||||||||
Cook County, Series A (MBIA) | |||||||||
6.250%, 11/15/2012 | 9,090 | 10,273 | |||||||
Cook County Community School District #97, Oak Park, Series B (FGIC) | |||||||||
9.000%, 12/01/2011 | 2,235 | 2,752 | |||||||
Illinois State (FGIC) | |||||||||
5.250%, 02/01/2013 | 1,400 | 1,416 | |||||||
St. Clair County (FGIC) | |||||||||
6.000%, 10/01/2011 | 2,020 | 2,177 | |||||||
16,618 | |||||||||
48,476 | |||||||||
Indiana – 2.8% | |||||||||
Revenue Bonds – 2.8% | |||||||||
Indiana Health & Educational Facilities Hospital Financing Authority, Clarian Health Obligation Group, Series A | |||||||||
5.000%, 02/15/2039 | 700 | 722 | |||||||
Indiana State Municipal Power Agency, Power Supply, Series B (MBIA) | |||||||||
6.000%, 01/01/2011 | 1,000 | 1,085 | |||||||
6.000%, 01/01/2012 | 1,000 | 1,103 | |||||||
Indiana Transportation Finance Authority, Series A (AMBAC) | |||||||||
5.750%, 06/01/2012 | 3,185 | 3,503 | |||||||
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AMT) (AGTY) | |||||||||
5.100%, 01/15/2017 | 3,000 | 3,168 | |||||||
Portage Economic Development, Ameriplex Project | |||||||||
5.000%, 07/15/2023 | 1,000 | 1,024 | |||||||
5.000%, 01/15/2027 | 775 | 788 | |||||||
St. Joseph County Industries Hospital Authority, Madison Center Obligation Group Project | |||||||||
5.250%, 02/15/2028 | 3,500 | 3,586 | |||||||
14,979 | |||||||||
The accompanying notes are an integral part of the financial statements.
64 First American Funds Semiannual Report 2006
Table of Contents
Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Iowa – 2.8% | |||||||||
Revenue Bonds – 2.8% | |||||||||
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A | |||||||||
5.000%, 07/01/2020 | $ | 1,570 | $ | 1,584 | |||||
Iowa Higher Education Loan Authority, Central College Project (RAAI) | |||||||||
5.500%, 10/01/2031 | 1,500 | 1,583 | |||||||
Iowa Higher Education Loan Authority, Private College Facility – Simpson College | |||||||||
5.100%, 12/01/2035 | 2,000 | 2,044 | |||||||
Iowa Higher Education Loan Authority, Wartburg College, Series A | |||||||||
5.100%, 10/01/2025 | 1,635 | 1,679 | |||||||
Iowa Hospital Revenue, Washington County Hospital Project | |||||||||
5.375%, 07/01/2026 | 650 | 672 | |||||||
Muscatine Electric, Escrowed to Maturity | |||||||||
6.700%, 01/01/2013 (d) | 830 | 895 | |||||||
Washington County, Hospital Revenue | |||||||||
5.500%, 07/01/2032 | 1,250 | 1,300 | |||||||
Xenia Rural Water District (CIFG) | |||||||||
4.625%, 12/01/2036 | 5,000 | 5,010 | |||||||
14,767 | |||||||||
Kansas – 0.4% | |||||||||
Revenue Bond – 0.4% | |||||||||
Olathe Senior Living Facility, Catholic Care Campus, Series A | |||||||||
6.000%, 11/15/2038 | 2,000 | 2,137 | |||||||
Louisiana – 1.8% | |||||||||
Revenue Bonds – 1.8% | |||||||||
Baton Rouge Sales & Use Tax, Public Improvements, Series A (FGIC) | |||||||||
5.250%, 08/01/2015 | 2,030 | 2,104 | |||||||
Jefferson Parish, Drain Sales Tax (AMBAC) | |||||||||
5.000%, 11/01/2011 | 1,000 | 1,052 | |||||||
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity (FGIC) (FHA) | |||||||||
7.100%, 08/01/2011 (d) | 1,000 | 1,121 | |||||||
Lafayette, Public Improvement Sales Tax, Series B (FGIC) | |||||||||
7.000%, 03/01/2008 | 1,000 | 1,037 | |||||||
Louisiana Public Facilities Authority, Tulane University of Louisiana, Series A-1 (MBIA) | |||||||||
5.100%, 11/15/2014 | 1,500 | 1,544 | |||||||
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT) | |||||||||
4.700%, 11/01/2036 | 3,000 | 2,981 | |||||||
9,839 | |||||||||
Massachusetts – 0.7% | |||||||||
Revenue Bonds – 0.7% | |||||||||
Boston Industrial Development Financing Authority, Crosstown Center Project (AMT) | |||||||||
6.500%, 09/01/2035 | 2,470 | 2,557 | |||||||
Massachusetts State Health & Educational Facilities Authority, U Mass Memorial Issue, Series D | |||||||||
5.000%, 07/01/2033 | 1,000 | 1,018 | |||||||
3,575 | |||||||||
Michigan – 1.1% | |||||||||
Revenue Bond – 0.4% | |||||||||
Kent Hospital Financial Authority, Metropolitan Hospital Project, Series A | |||||||||
5.250%, 07/01/2030 | 2,000 | 2,079 | |||||||
General Obligations – 0.7% | |||||||||
Thornapple Kellogg School Building & Site (MQSBLF) | |||||||||
5.500%, 05/01/2014 | 1,485 | 1,619 | |||||||
5.500%, 05/01/2016 | 1,810 | 1,973 | |||||||
3,592 | |||||||||
5,671 | |||||||||
Minnesota – 6.1% | |||||||||
Revenue Bonds – 6.1% | |||||||||
Cuyuna Range Hospital District | |||||||||
5.200%, 06/01/2025 | 1,000 | 1,022 | |||||||
Cuyuna Range Hospital District, Series A | |||||||||
6.000%, 06/01/2029 | 650 | 664 | |||||||
Duluth Economic Development Authority, Benedictine Health System | |||||||||
5.250%, 02/15/2033 | 3,500 | 3,658 | |||||||
Fergus Falls Health Care Facilities Authority, Series A | |||||||||
7.000%, 11/01/2019 | 150 | 150 | |||||||
Maple Grove Health Care Facilities, North Memorial Health Care | |||||||||
4.250%, 09/01/2025 | 1,000 | 971 | |||||||
Minneapolis Healthcare System, Fairview Health Services, Series A, Pre-refunded 05/15/2012 @ 101 | |||||||||
5.625%, 05/15/2032 (a) | 7,000 | 7,709 | |||||||
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A | |||||||||
6.375%, 11/15/2029 | 95 | 103 | |||||||
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A, Pre-refunded 11/15/2010 @ 101 | |||||||||
6.375%, 11/15/2029 (a) | 2,905 | 3,206 | |||||||
Monticello, Big Lake Community Hospital, Series C | |||||||||
6.200%, 12/01/2022 | 2,995 | 3,153 | |||||||
Shakopee Health Care Facilities St. Francis Regional Medical Center | |||||||||
5.250%, 09/01/2034 | 1,000 | 1,048 | |||||||
Southern Minnesota Municipal Power Agency, Capital Appreciation, Series A, Zero Coupon Bond (MBIA) | |||||||||
4.280%, 01/01/2021 (c) | 5,000 | 2,763 | |||||||
4.320%, 01/01/2023 (c) | 3,000 | 1,514 | |||||||
4.340%, 01/01/2024 (c) | 2,245 | 1,082 | |||||||
St. Paul Housing & Redevelopment Authority, Health Care Facilities, Healthpartners Obligated Group Project | |||||||||
5.250%, 05/15/2026 | 1,500 | 1,586 | |||||||
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project | |||||||||
5.250%, 11/15/2014 | 990 | 1,030 | |||||||
Stillwater Health Care, Health System Obligation Group | |||||||||
5.000%, 06/01/2035 | 3,000 | 3,114 | |||||||
32,773 | |||||||||
First American Funds Semiannual Report 2006 65
Table of Contents
Schedule of Investments continued
Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Missouri – 0.2% | |||||||||
Revenue Bond – 0.2% | |||||||||
Sugar Creek, Lafarge North America, Series A (AMT) | |||||||||
5.650%, 06/01/2037 | $ | 1,000 | $ | 1,059 | |||||
Montana – 1.2% | |||||||||
Revenue Bonds – 1.2% | |||||||||
Forsyth Pollution Control, Northwestern Corporation | |||||||||
4.650%, 08/01/2023 | 3,500 | 3,596 | |||||||
Montana Facilities Financial Authority, Senior Living St. John’s Lutheran, Series A | |||||||||
6.125%, 05/15/2036 | 2,500 | 2,617 | |||||||
6,213 | |||||||||
Nebraska – 3.7% | |||||||||
Revenue Bonds – 3.7% | |||||||||
Douglas County Zoo Facility, Omaha Henry Doory Zoo Project | |||||||||
4.750%, 09/01/2024 | 2,750 | 2,797 | |||||||
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project | |||||||||
4.250%, 06/01/2022 | 4,200 | 4,084 | |||||||
Nebraska Educational Finance Authority, Concordia University Project | |||||||||
5.250%, 12/15/2015 | 500 | 510 | |||||||
5.350%, 12/15/2018 | 540 | 550 | |||||||
Nebraska Educational Finance Authority, Midland Lutheran College, Series A | |||||||||
5.600%, 09/15/2029 | 1,800 | 1,874 | |||||||
Omaha Metropolitan Utilities, Water Revenue, Series A | |||||||||
4.250%, 12/01/2021 | 1,500 | 1,495 | |||||||
Omaha Sanitation & Sewer (MBIA) | |||||||||
4.250%, 11/15/2029 | 6,750 | 6,536 | |||||||
Washington County Wastewater Facilities, Cargill Project (AMT) | |||||||||
5.900%, 11/01/2027 | 1,700 | 1,850 | |||||||
19,696 | |||||||||
Nevada – 3.1% | |||||||||
Revenue Bonds – 3.1% | |||||||||
Carson City, Carson-Tahoe Hospital Project | |||||||||
5.750%, 09/01/2031 | 5,000 | 5,280 | |||||||
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMBAC) (AMT) | |||||||||
5.250%, 07/01/2034 | 4,000 | 4,239 | |||||||
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (FGIC) (AMT) | |||||||||
4.750%, 09/01/2036 | 4,000 | 4,025 | |||||||
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B | |||||||||
6.000%, 11/15/2023 | 750 | 766 | |||||||
6.750%, 11/15/2023 | 2,300 | 2,350 | |||||||
16,660 | |||||||||
New Hampshire – 0.4% | |||||||||
Revenue Bonds – 0.4% | |||||||||
New Hampshire Health & Educational Facilities Authority Covenant Health | |||||||||
5.375%, 07/01/2024 | 1,250 | 1,335 | |||||||
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital | |||||||||
5.875%, 07/01/2034 | 800 | 846 | |||||||
2,181 | |||||||||
New Jersey – 0.7% | |||||||||
Revenue Bond – 0.7% | |||||||||
Camden County, Municipal Utilities Authority Sewer Revenue Refunding, Series C (FGIC) | |||||||||
5.100%, 07/15/2012 | 3,500 | 3,607 | |||||||
New York – 2.9% | |||||||||
Revenue Bond – 2.2% | |||||||||
Liberty Development Corporation, Goldman Sachs Headquarters | |||||||||
5.250%, 10/01/2035 | 10,000 | 11,577 | |||||||
General Obligation – 0.7% | |||||||||
New York, Series C, Pre-refunded 03/15/2012 @ 100 | |||||||||
5.250%, 03/15/2032 (a) | 3,590 | 3,867 | |||||||
15,444 | |||||||||
North Carolina – 1.8% | |||||||||
Revenue Bonds – 1.8% | |||||||||
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B | |||||||||
5.000%, 10/01/2015 | 500 | 511 | |||||||
5.200%, 10/01/2021 | 2,000 | 2,059 | |||||||
North Carolina Medical Care Community Health Care Facilities, Pennybyrn at Maryfield, Series A | |||||||||
6.000%, 10/01/2023 | 4,700 | 4,968 | |||||||
North Carolina Medical Care Community Health Care Facilities, Presbyterian Homes | |||||||||
5.400%, 10/01/2027 | 2,100 | 2,177 | |||||||
9,715 | |||||||||
North Dakota – 0.5% | |||||||||
Revenue Bond – 0.5% | |||||||||
North Dakota State Board of Higher Education, Bismarck State College | |||||||||
5.350%, 05/01/2030 | 2,500 | 2,553 | |||||||
Ohio – 2.3% | |||||||||
Revenue Bonds – 1.2% | |||||||||
Cincinnati Water System, Pre-refunded 06/01/2011 @ 100 | |||||||||
5.000%, 12/01/2020 (a) | 125 | 132 | |||||||
Miami County Hospital Facilities, Upper Valley Medical Center | |||||||||
5.250%, 05/15/2026 | 1,000 | 1,058 | |||||||
Ohio State Higher Educational Facility, Baldwin-Wallace College Project | |||||||||
5.125%, 12/01/2017 | 1,490 | 1,556 | |||||||
5.250%, 12/01/2019 | 1,540 | 1,613 | |||||||
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project | |||||||||
5.250%, 12/01/2023 | 2,000 | 2,100 | |||||||
6,459 | |||||||||
The accompanying notes are an integral part of the financial statements.
66 First American Funds Semiannual Report 2006
Table of Contents
Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
General Obligation – 1.1% | |||||||||
Cincinnati School District, Classroom Construction & Improvement (FGIC) | |||||||||
5.250%, 12/01/2019 | $ | 5,000 | $ | 5,675 | |||||
12,134 | |||||||||
Oklahoma – 0.6% | |||||||||
Revenue Bonds – 0.6% | |||||||||
Norman Regional Hospital Authority | |||||||||
5.375%, 09/01/2029 | 1,000 | 1,056 | |||||||
5.375%, 09/01/2036 | 2,325 | 2,445 | |||||||
3,501 | |||||||||
Oregon – 4.0% | |||||||||
Revenue Bonds – 4.0% | |||||||||
Gilliam County Solid Waste Disposal, Waste Management Project (AMT) | |||||||||
5.250%, 07/01/2029 | 1,500 | 1,565 | |||||||
Oregon State Department of Administrative Services (FSA) | |||||||||
5.000%, 09/01/2011 | 12,500 | 13,218 | |||||||
Washington County Unified Sewer Agency, Series 1 (FGIC) | |||||||||
5.750%, 10/01/2010 | 6,110 | 6,558 | |||||||
21,341 | |||||||||
Pennsylvania – 2.4% | |||||||||
Revenue Bonds – 0.4% | |||||||||
Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT) | |||||||||
5.000%, 11/01/2018 | 1,350 | 1,375 | |||||||
Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A | |||||||||
5.750%, 01/01/2026 | 1,200 | 1,265 | |||||||
2,640 | |||||||||
General Obligations – 2.0% | |||||||||
Chester Upland School Authority, Series A (FSA) | |||||||||
5.250%, 09/01/2017 | 2,000 | 2,020 | |||||||
Montgomery County, Series C | |||||||||
4.250%, 12/15/2031 | 3,500 | 3,387 | |||||||
Pennsylvania State (AMBAC) | |||||||||
5.125%, 09/15/2011 | 5,000 | 5,089 | |||||||
10,496 | |||||||||
13,136 | |||||||||
Puerto Rico – 1.9% | |||||||||
Revenue Bonds – 1.8% | |||||||||
Puerto Rico Commonwealth Infrastructure Financing Authority, Series B | |||||||||
5.000%, 07/01/2031 | 4,000 | 4,197 | |||||||
Puerto Rico Electric Power Authority, Series RR (CIFG) | |||||||||
5.000%, 07/01/2029 | 5,000 | 5,306 | |||||||
9,503 | |||||||||
General Obligation – 0.1% | |||||||||
Puerto Rico Public Improvements (MBIA) | |||||||||
5.750%, 07/01/2026 | 500 | 534 | |||||||
10,037 | |||||||||
South Carolina – 2.4% | |||||||||
Revenue Bonds – 1.4% | |||||||||
Georgetown County Environmental Improvement, International Paper, Series A (AMT) | |||||||||
5.550%, 12/01/2029 | 700 | 736 | |||||||
Lexington County Health Services District, Lexington Medical Center | |||||||||
5.500%, 11/01/2023 | 2,000 | 2,129 | |||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A | |||||||||
6.125%, 08/01/2023 | 1,250 | 1,393 | |||||||
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Pre-refunded 08/01/2013 @ 100 | |||||||||
6.375%, 08/01/2034 (a) | 1,250 | 1,440 | |||||||
South Carolina State Public Service Authority, Santee Cooper, Series A | |||||||||
5.000%, 01/01/2030 | 2,000 | 2,128 | |||||||
7,826 | |||||||||
General Obligation – 1.0% | |||||||||
Lexington School District #2, Brookland-Cayce School District Project, Series B (CIFG) (MLO) | |||||||||
4.750%, 12/01/2031 | 5,000 | 5,141 | |||||||
12,967 | |||||||||
South Dakota – 1.8% | |||||||||
Revenue Bonds – 1.3% | |||||||||
Sioux Falls, Dow Rummel Village Project, Series A, Pre-refunded 11/15/2012 @ 100 | |||||||||
6.625%, 11/15/2023 (a) | 2,200 | 2,494 | |||||||
South Dakota Economic Development Finance Authority, DTS Project, Series A (AMT) | |||||||||
5.500%, 04/01/2019 | 1,055 | 1,093 | |||||||
South Dakota Economic Development Finance Authority, Pooled Loan Project – Davis Family, Series 4-A (AMT) | |||||||||
6.000%, 04/01/2029 | 1,400 | 1,449 | |||||||
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community | |||||||||
5.000%, 09/01/2025 | 645 | 664 | |||||||
5.000%, 09/01/2031 | 1,250 | 1,280 | |||||||
6,980 | |||||||||
General Obligation – 0.1% | |||||||||
Sioux Falls School District #49-5, Series B | |||||||||
4.750%, 07/01/2020 | 510 | 536 | |||||||
Certificate of Participation – 0.4% | |||||||||
Deadwood (ACA) (MLO) | |||||||||
5.000%, 11/01/2020 | 2,000 | 2,061 | |||||||
9,577 | |||||||||
First American Funds Semiannual Report 2006 67
Table of Contents
Schedule of Investments continued
Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Tennessee – 2.3% | |||||||||
Revenue Bonds – 2.3% | |||||||||
Johnson City Health & Educational Facilities Authority Mountain States Health, Series A | |||||||||
7.500%, 07/01/2033 | $ | 2,500 | $ | 2,918 | |||||
Shelby County Health, Educational & Housing Facilities Board Methodist Healthcare, Pre-refunded 09/01/2012 @ 100 | |||||||||
6.500%, 09/01/2021 (a) | 3,000 | 3,431 | |||||||
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101 | |||||||||
6.250%, 09/01/2032 (a) | 5,500 | 6,193 | |||||||
12,542 | |||||||||
Texas – 9.6% | |||||||||
Revenue Bonds – 7.4% | |||||||||
Abilene Health Facilities Development, Sears Methodist Retirement Project | |||||||||
5.875%, 11/15/2018 | 500 | 514 | |||||||
6.000%, 11/15/2029 | 2,000 | 2,051 | |||||||
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A | |||||||||
5.875%, 11/15/2018 | 2,500 | 2,557 | |||||||
7.000%, 11/15/2033 | 4,000 | 4,436 | |||||||
Bexar County Housing Finance Authority, American Opportunity Housing, Colinas LLC Project, Series A (MBIA) | |||||||||
5.800%, 01/01/2031 | 2,000 | 2,102 | |||||||
Brazos River Authority PCR-Texas Utility Company (AMT) | |||||||||
7.700%, 04/01/2033 | 2,500 | 2,936 | |||||||
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT) | |||||||||
5.700%, 05/15/2033 | 2,500 | 2,653 | |||||||
Crawford Education Facilities, University of St. Thomas Project | |||||||||
5.250%, 10/01/2022 | 1,300 | 1,331 | |||||||
5.375%, 10/01/2027 | 1,750 | 1,805 | |||||||
Harris County Health Facilities Development, Memorial Hospital Systems Project, Series A (MBIA) | |||||||||
5.500%, 06/01/2017 | 8,000 | 8,209 | |||||||
Red River Authority Sewer & Solidwaste Disposal Excel Corporation Project (AMT) | |||||||||
6.100%, 02/01/2022 | 3,775 | 4,028 | |||||||
Tarrant County Cultural Education Retirement Facilities, Northwest Senior Housing Edgemere Project, Series A | |||||||||
6.000%, 11/15/2026 | 1,600 | 1,723 | |||||||
Texas Water Development Board, Series A | |||||||||
5.500%, 07/15/2010 | 2,500 | 2,504 | |||||||
Travis County Health Facilities, Querencia Barton Creek Project | |||||||||
5.500%, 11/15/2025 | 1,300 | 1,328 | |||||||
5.650%, 11/15/2035 | 1,100 | 1,132 | |||||||
39,309 | |||||||||
General Obligations – 2.2% | |||||||||
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/2010 @ 100 (PSFG) | |||||||||
5.500%, 02/15/2018 (a) | 5,000 | 5,269 | |||||||
Fort Bend Independent School District, Escrowed to Maturity (PSFG) | |||||||||
5.000%, 02/15/2014 (d) | 500 | 541 | |||||||
Laredo Independent School District (PSFG) | |||||||||
6.750%, 08/01/2009 | 2,290 | 2,461 | |||||||
Remington Municipal Utility District #1, Series A, Pre-refunded 09/01/2008 @ 100 (RAAI) | |||||||||
5.800%, 09/01/2025 (a) | 1,000 | 1,036 | |||||||
Spring Branch Independent School District, Pre-refunded 02/01/2010 @ 100 (PSFG) | |||||||||
5.750%, 02/01/2025 (a) | 2,400 | 2,540 | |||||||
11,847 | |||||||||
51,156 | |||||||||
Utah – 0.2% | |||||||||
Revenue Bonds – 0.2% | |||||||||
Intermountain Power Agency, Utah Power Supply, Series A, (AMBAC) | |||||||||
6.500%, 07/01/2011 | 365 | 406 | |||||||
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC) | |||||||||
6.500%, 07/01/2011 (d) | 635 | 709 | |||||||
1,115 | |||||||||
Vermont – 0.2% | |||||||||
Revenue Bond – 0.2% | |||||||||
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A | |||||||||
5.250%, 05/01/2026 | 1,000 | 1,017 | |||||||
Virginia – 0.2% | |||||||||
Revenue Bond – 0.2% | |||||||||
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA) | |||||||||
5.850%, 12/01/2020 | 1,000 | 1,067 | |||||||
Washington – 3.0% | |||||||||
Revenue Bonds – 0.5% | |||||||||
Snohomish County Public Utilities District #1, Escrowed to Maturity | |||||||||
6.750%, 01/01/2012 (d) | 1,000 | 1,080 | |||||||
Washington State Public Power Supply System, Nuclear Project #3, Series A (FSA) | |||||||||
5.250%, 07/01/2016 | 1,000 | 1,027 | |||||||
Washington State Public Power Supply System, Nuclear Project #3, Series B | |||||||||
7.125%, 07/01/2016 | 600 | 747 | |||||||
2,854 | |||||||||
General Obligations – 2.5% | |||||||||
King County, Series F | |||||||||
5.125%, 12/01/2014 | 5,000 | 5,064 | |||||||
Washington State Motor Vehicle Fuel Tax, Series D, Pre-refunded 01/01/2007 @ 100 (FGIC) | |||||||||
5.375%, 01/01/2022 (a) | 8,000 | 8,001 | |||||||
13,065 | |||||||||
15,919 | |||||||||
Wisconsin – 2.4% | |||||||||
Revenue Bonds – 2.4% | |||||||||
Amery, Apple River Hospital Project, Pre-refunded 06/01/2008 @ 100 | |||||||||
5.700%, 06/01/2013 (a) | 1,440 | 1,482 | |||||||
Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Pre-refunded 11/17/2008 @ 102 | |||||||||
5.750%, 11/15/2027 (a) | 1,000 | 1,054 |
The accompanying notes are an integral part of the financial statements.
68 First American Funds Semiannual Report 2006
Table of Contents
Tax Free Fund (continued) | |||||||||
DESCRIPTION | PAR/SHARES | VALUE | |||||||
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A | |||||||||
6.750%, 08/15/2034 | $ | 1,000 | $ | 1,094 | |||||
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project | |||||||||
6.000%, 12/01/2024 | 1,000 | 1,035 | |||||||
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B | |||||||||
6.000%, 02/15/2025 | 3,500 | 3,776 | |||||||
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A | |||||||||
7.000%, 12/01/2031 | 2,000 | 2,090 | |||||||
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A | |||||||||
6.250%, 04/01/2034 | 2,000 | 2,118 | |||||||
12,649 | |||||||||
Wyoming – 0.7% | |||||||||
Revenue Bonds – 0.7% | |||||||||
Teton County Hospital District, St. John’s Medical Center | |||||||||
6.750%, 12/01/2022 | 2,100 | 2,251 | |||||||
6.750%, 12/01/2027 | 1,500 | 1,602 | |||||||
3,853 | |||||||||
Total Municipal Bonds (Cost $501,777) | 528,666 | ||||||||
Short-Term Investments – 1.4% | |||||||||
Money Market Fund – 1.3% | |||||||||
First American Tax Free Obligations Fund, Class Z (e) | 7,015,302 | 7,015 | |||||||
U.S. Treasury Obligation – 0.1% | |||||||||
U.S. Treasury Bill | |||||||||
4.923%, 01/11/2007 (f) | $ | 285 | 285 | ||||||
Total Short-Term Investments (Cost $7,300) | 7,300 | ||||||||
Total Investments – 100.2% (Cost $509,077) | 535,966 | ||||||||
Other Assets and Liabilities, Net – (0.2)% | (774 | ) | |||||||
Total Net Assets – 100.0% | $ | 535,192 | |||||||
(a) | Pre-refunded issues are typically backed by U.S. government obligations. These bonds mature at the call date and price indicated. |
(b) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investment purchased on a when-issued basis was $6,203 or 1.2% of total net assets. See note 2 in Notes to Financial Statements. |
(c) | Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2006. |
(d) | Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call prior to maturity. |
(e) | 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. |
(f) | Yield shown is the effective yield as of December 31, 2006. |
ACA – | American Capital Access |
AGTY – | Assured Guaranty |
AMBAC – | American Municipal Bond Assurance Corporation |
AMT – | Alternative Minimum Tax. As of December 31, 2006, the aggregate market value of securities subject to the AMT was $56,024, which represents 10.5% of total net assets. |
CIFG – | CDC IXIS Financial Guaranty |
CMI – | California Mortgage Insurance Program |
FGIC – | Financial Guaranty Insurance Corporation |
FHA – | Federal Housing Authority |
FNMA – | Federal National Mortgage Association |
FSA – | Financial Security Assurance |
GNMA – | Government National Mortgage Association |
MBIA – | Municipal Bond Insurance Association |
MLO – | Municipal Lease Obligation |
MQSBLF – | Michigan Qualified School Board Loan Fund Program |
PSFG – | Permanent School Fund Guarantee |
RAAI – | Radian Asset Assurance Inc. |
First American Funds Semiannual Report 2006 69
Table of Contents
Statements of Assets and Liabilities December 31, 2006 (unaudited), all dollars and shares are rounded to thousands (000), except per share data
California | Colorado | ||||||||||||||||||||||||||
Arizona | Intermediate | California | Intermediate | Colorado | |||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||
Investments in unaffiliated securities, at cost | $ | 26,237 | $ | 57,849 | $ | 35,260 | $ | 39,474 | $ | 21,761 | |||||||||||||||||
Investments in affiliated money market fund, at cost | — | — | — | 558 | 142 | ||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||
Investments in unaffiliated securities, at value (note 2) | $ | 27,383 | $ | 59,763 | $ | 36,925 | $ | 41,372 | $ | 23,026 | |||||||||||||||||
Investments in affiliated money market fund, at value (note 2) | — | — | — | 558 | 142 | ||||||||||||||||||||||
Receivable for dividends and interest | 471 | 749 | 443 | 265 | 188 | ||||||||||||||||||||||
Receivable for investment securities sold | — | — | 483 | — | — | ||||||||||||||||||||||
Receivable for capital shares sold | — | 6 | 82 | 1 | 3 | ||||||||||||||||||||||
Receivable for variation margin | — | — | — | — | — | ||||||||||||||||||||||
Receivable from advisor | 9 | — | 6 | — | 9 | ||||||||||||||||||||||
Prepaid expenses and other assets | 10 | 9 | 10 | 9 | 9 | ||||||||||||||||||||||
Total assets | 27,873 | 60,527 | 37,949 | 42,205 | 23,377 | ||||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||
Dividends payable | 76 | 184 | 101 | 129 | 48 | ||||||||||||||||||||||
Payable for investment securities purchased | — | — | — | — | — | ||||||||||||||||||||||
Payable for investment securities purchased on a when-issued basis | — | — | — | — | — | ||||||||||||||||||||||
Payable for capital shares redeemed | — | — | 3 | 62 | — | ||||||||||||||||||||||
Payable to affiliates (note 3) | 13 | 29 | 15 | 18 | 12 | ||||||||||||||||||||||
Payable for distribution and shareholder servicing fees | 3 | 1 | 3 | 1 | 4 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 29 | 29 | 29 | 29 | 29 | ||||||||||||||||||||||
Total liabilities | 121 | 243 | 151 | 239 | 93 | ||||||||||||||||||||||
Net assets | $ | 27,752 | $ | 60,284 | $ | 37,798 | $ | 41,966 | $ | 23,284 | |||||||||||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||||||||||||||
Portfolio capital | $ | 26,543 | $ | 58,337 | $ | 36,059 | $ | 39,923 | $ | 21,948 | |||||||||||||||||
Undistributed net investment income | 28 | 25 | 38 | 44 | 36 | ||||||||||||||||||||||
Accumulated net realized gain (loss) on investments (note 2) | 35 | 8 | 36 | 101 | 35 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) of investments | 1,146 | 1,914 | 1,665 | 1,898 | 1,265 | ||||||||||||||||||||||
Net unrealized appreciation on futures contracts | — | — | — | — | — | ||||||||||||||||||||||
Net assets | $ | 27,752 | $ | 60,284 | $ | 37,798 | $ | 41,966 | $ | 23,284 | |||||||||||||||||
Class A: | |||||||||||||||||||||||||||
Net assets | $ | 8,541 | $ | 5,991 | $ | 10,616 | $ | 7,388 | $ | 9,187 | |||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 773 | 584 | 947 | 703 | 846 | ||||||||||||||||||||||
Net asset value and redemption price per share | $ | 11.05 | $ | 10.26 | $ | 11.21 | $ | 10.51 | $ | 10.86 | |||||||||||||||||
Maximum offering price per share (1) | $ | 11.54 | $ | 10.50 | $ | 11.71 | $ | 10.75 | $ | 11.34 | |||||||||||||||||
Class C: | |||||||||||||||||||||||||||
Net assets | $ | 1,444 | — | $ | 2,118 | — | $ | 3,093 | |||||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 131 | — | 189 | — | 285 | ||||||||||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 11.03 | — | $ | 11.22 | — | $ | 10.84 | |||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Net assets | $ | 17,767 | $ | 54,293 | $ | 25,064 | $ | 34,578 | $ | 11,004 | |||||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 1,608 | 5,281 | 2,234 | 3,298 | 1,011 | ||||||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 11.05 | $ | 10.28 | $ | 11.22 | $ | 10.49 | $ | 10.88 | |||||||||||||||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges, see note 1 in Notes to Financial Statements. | |
�� | ||
(2) | Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
70 First American Funds Semiannual Report 2006
Table of Contents
Minnesota | Oregon | ||||||||||||||||||||||||||||||||||||||||||||||
Intermediate | Intermediate | Minnesota | Missouri | Nebraska | Ohio | Intermediate | Short | ||||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||||||||||||||
$ | 604,594 | $ | 192,999 | $ | 161,138 | $ | 151,490 | $ | 37,371 | $ | 40,407 | $ | 118,275 | $ | 201,184 | $ | 502,062 | ||||||||||||||||||||||||||||||
1,604 | — | — | 593 | 248 | — | 2,138 | 392 | 7,015 | |||||||||||||||||||||||||||||||||||||||
$ | 632,688 | $ | 200,334 | $ | 170,334 | $ | 157,451 | $ | 38,616 | $ | 41,692 | $ | 121,594 | $ | 200,630 | $ | 528,951 | ||||||||||||||||||||||||||||||
1,604 | — | — | 593 | 248 | — | 2,138 | 392 | 7,015 | |||||||||||||||||||||||||||||||||||||||
7,603 | 2,874 | 2,076 | 2,244 | 501 | 385 | 1,020 | 3,193 | 6,970 | |||||||||||||||||||||||||||||||||||||||
26 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
139 | 109 | 116 | 58 | 5 | — | 40 | — | 653 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | 3 | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 6 | 5 | — | — | — | |||||||||||||||||||||||||||||||||||||||
21 | 9 | 10 | 9 | 9 | 9 | 9 | 22 | 27 | |||||||||||||||||||||||||||||||||||||||
642,081 | 203,326 | 172,536 | 160,355 | 39,385 | 42,094 | 124,801 | 204,237 | 543,616 | |||||||||||||||||||||||||||||||||||||||
1,947 | 594 | 339 | 476 | 116 | 115 | 364 | 507 | 1,722 | |||||||||||||||||||||||||||||||||||||||
3,486 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
1,055 | 1,656 | — | 1,728 | 197 | — | — | — | 6,203 | |||||||||||||||||||||||||||||||||||||||
3,043 | 380 | 100 | 24 | 51 | — | — | 3,244 | 149 | |||||||||||||||||||||||||||||||||||||||
369 | 112 | 91 | 87 | 15 | 16 | 66 | 97 | 306 | |||||||||||||||||||||||||||||||||||||||
4 | 3 | 24 | 6 | 2 | — | 1 | — | 9 | |||||||||||||||||||||||||||||||||||||||
31 | 30 | 29 | 30 | 29 | 29 | 29 | 31 | 35 | |||||||||||||||||||||||||||||||||||||||
9,935 | 2,775 | 583 | 2,351 | 410 | 160 | 460 | 3,879 | 8,424 | |||||||||||||||||||||||||||||||||||||||
$ | 632,146 | $ | 200,551 | $ | 171,953 | $ | 158,004 | $ | 38,975 | $ | 41,934 | $ | 124,341 | $ | 200,358 | $ | 535,192 | ||||||||||||||||||||||||||||||
$ | 602,856 | $ | 192,901 | $ | 162,333 | $ | 151,797 | $ | 37,653 | $ | 40,628 | $ | 120,799 | $ | 202,724 | $ | 507,781 | ||||||||||||||||||||||||||||||
777 | 139 | 141 | 96 | 36 | 33 | 196 | 181 | 63 | |||||||||||||||||||||||||||||||||||||||
419 | 176 | 283 | 150 | 41 | (35 | ) | 27 | (1,993 | ) | 459 | |||||||||||||||||||||||||||||||||||||
28,094 | 7,335 | 9,196 | 5,961 | 1,245 | 1,285 | 3,319 | (554 | ) | 26,889 | ||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | 23 | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 632,146 | $ | 200,551 | $ | 171,953 | $ | 158,004 | $ | 38,975 | $ | 41,934 | $ | 124,341 | $ | 200,358 | $ | 535,192 | ||||||||||||||||||||||||||||||
$ | 30,905 | $ | 24,715 | $ | 107,860 | $ | 26,858 | $ | 6,965 | $ | 917 | $ | 8,662 | $ | 3,145 | $ | 38,095 | ||||||||||||||||||||||||||||||
2,856 | 2,470 | 9,633 | 2,248 | 663 | 88 | 874 | 323 | 3,461 | |||||||||||||||||||||||||||||||||||||||
$ | 10.82 | $ | 10.01 | $ | 11.20 | $ | 11.95 | $ | 10.51 | $ | 10.41 | $ | 9.91 | $ | 9.75 | $ | 11.01 | ||||||||||||||||||||||||||||||
$ | 11.07 | $ | 10.24 | $ | 11.70 | $ | 12.48 | $ | 10.98 | $ | 10.87 | $ | 10.14 | $ | 9.97 | $ | 11.50 | ||||||||||||||||||||||||||||||
— | — | $ | 12,143 | $ | 304 | $ | 1,399 | $ | 190 | — | — | $ | 2,217 | ||||||||||||||||||||||||||||||||||
— | — | 1,089 | 26 | 134 | 18 | — | — | 202 | |||||||||||||||||||||||||||||||||||||||
— | — | $ | 11.15 | $ | 11.92 | $ | 10.44 | $ | 10.28 | — | — | $ | 10.96 | ||||||||||||||||||||||||||||||||||
$ | 601,241 | $ | 175,836 | $ | 51,950 | $ | 130,842 | $ | 30,611 | $ | 40,827 | $ | 115,679 | $ | 197,213 | $ | 494,880 | ||||||||||||||||||||||||||||||
55,667 | 17,659 | 4,646 | 10,945 | 2,914 | 3,925 | 11,667 | 20,232 | 44,908 | |||||||||||||||||||||||||||||||||||||||
$ | 10.80 | $ | 9.96 | $ | 11.18 | $ | 11.95 | $ | 10.50 | $ | 10.40 | $ | 9.92 | $ | 9.75 | $ | 11.02 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 71
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Statements of Operations For the six-month period ended December 31, 2006 (unaudited), all dollars are rounded to thousands (000)
California | Colorado | ||||||||||||||||||||||||||
Arizona | Intermediate | California | Intermediate | Colorado | |||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||||||
Interest from unaffiliated securities | $ | 667 | $ | 1,330 | $ | 902 | $ | 1,041 | $ | 569 | |||||||||||||||||
Dividends from affiliated money market fund | — | — | — | 3 | 8 | ||||||||||||||||||||||
Total investment income | 667 | 1,330 | 902 | 1,044 | 577 | ||||||||||||||||||||||
EXPENSES (note 3): | |||||||||||||||||||||||||||
Investment advisory fees | 69 | 147 | 95 | 107 | 57 | ||||||||||||||||||||||
Administration fees | 34 | 70 | 46 | 51 | 29 | ||||||||||||||||||||||
Transfer agent fees | 39 | 29 | 39 | 29 | 39 | ||||||||||||||||||||||
Custodian fees | 1 | 2 | 1 | 1 | 1 | ||||||||||||||||||||||
Professional fees | 21 | 21 | 21 | 21 | 21 | ||||||||||||||||||||||
Registration fees | 5 | 4 | 4 | 4 | 4 | ||||||||||||||||||||||
Postage and printing fees | — | (1) | 1 | 1 | 1 | — | (1) | ||||||||||||||||||||
Directors’ fees | 8 | 8 | 8 | 8 | 8 | ||||||||||||||||||||||
Other expenses | 9 | 9 | 9 | 9 | 9 | ||||||||||||||||||||||
Distribution and shareholder servicing fees – Class A | 11 | 6 | 14 | 11 | 11 | ||||||||||||||||||||||
Distribution and shareholder servicing fees – Class C | 6 | — | 10 | — | 13 | ||||||||||||||||||||||
Total expenses | 203 | 297 | 248 | 242 | 192 | ||||||||||||||||||||||
Less: Fee waivers (note 3) | (118 | ) | (87 | ) | (131 | ) | (86 | ) | (113 | ) | |||||||||||||||||
Less: Indirect payments from custodian (note 3) | — | (1) | — | (1) | — | (1) | — | (1) | — | (1) | |||||||||||||||||
Total net expenses | 85 | 210 | 117 | 156 | 79 | ||||||||||||||||||||||
Investment income – net | 582 | 1,120 | 785 | 888 | 498 | ||||||||||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5): | |||||||||||||||||||||||||||
Net realized gain (loss) on investments | 99 | 102 | 95 | 137 | 55 | ||||||||||||||||||||||
Net realized gain (loss) on futures contracts | (15 | ) | — | 7 | — | (5 | ) | ||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 522 | 1,004 | 842 | 619 | 405 | ||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | (10 | ) | — | — | — | (15 | ) | ||||||||||||||||||||
Net gain on investments | 596 | 1,106 | 944 | 756 | 440 | ||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 1,178 | $ | 2,226 | $ | 1,729 | $ | 1,644 | $ | 938 | |||||||||||||||||
(1) | 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.
72 First American Funds Semiannual Report 2006
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Minnesota | Oregon | ||||||||||||||||||||||||||||||||||||||||||||||
Intermediate | Intermediate | Minnesota | Missouri | Nebraska | Ohio | Intermediate | Short | ||||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||||||||||||||
$ | 15,760 | $ | 4,775 | $ | 4,242 | $ | 3,797 | $ | 938 | $ | 936 | $ | 2,827 | $ | 4,012 | $ | 13,086 | ||||||||||||||||||||||||||||||
101 | — | — | 22 | 7 | — | 20 | 52 | 165 | |||||||||||||||||||||||||||||||||||||||
15,861 | 4,775 | 4,242 | 3,819 | 945 | 936 | 2,847 | 4,064 | 13,251 | |||||||||||||||||||||||||||||||||||||||
1,609 | 510 | 422 | 407 | 100 | 106 | 308 | 563 | 1,301 | |||||||||||||||||||||||||||||||||||||||
745 | 237 | 196 | 190 | 48 | 51 | 144 | 261 | 600 | |||||||||||||||||||||||||||||||||||||||
31 | 30 | 41 | 39 | 39 | 38 | 29 | 29 | 40 | |||||||||||||||||||||||||||||||||||||||
16 | 5 | 4 | 4 | 1 | 2 | 3 | 7 | 13 | |||||||||||||||||||||||||||||||||||||||
24 | 22 | 22 | 22 | 21 | 21 | 22 | 22 | 23 | |||||||||||||||||||||||||||||||||||||||
13 | 4 | 5 | 5 | 5 | 4 | 4 | 14 | 18 | |||||||||||||||||||||||||||||||||||||||
13 | 4 | 3 | 3 | 1 | 1 | 2 | 4 | 10 | |||||||||||||||||||||||||||||||||||||||
12 | 9 | 8 | 8 | 8 | 8 | 8 | 9 | 11 | |||||||||||||||||||||||||||||||||||||||
10 | 9 | 10 | 10 | 9 | 9 | 9 | 9 | 10 | |||||||||||||||||||||||||||||||||||||||
41 | 32 | 132 | 34 | 9 | 1 | 12 | 4 | 48 | |||||||||||||||||||||||||||||||||||||||
— | — | 47 | 1 | 6 | 1 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||
2,514 | 862 | 890 | 723 | 247 | 242 | 541 | 922 | 2,083 | |||||||||||||||||||||||||||||||||||||||
(235 | ) | (129 | ) | (131 | ) | (117 | ) | (133 | ) | (134 | ) | (103 | ) | (242 | ) | (204 | ) | ||||||||||||||||||||||||||||||
— | (1) | — | (1) | — | (1) | — | (1) | — | (1) | — | — | (1 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
2,279 | 733 | 759 | 606 | 114 | 108 | 438 | 679 | 1,877 | |||||||||||||||||||||||||||||||||||||||
13,582 | 4,042 | 3,483 | 3,213 | 831 | 828 | 2,409 | 3,385 | 11,374 | |||||||||||||||||||||||||||||||||||||||
1,258 | 331 | 398 | 736 | 89 | 16 | 283 | (757 | ) | 2,731 | ||||||||||||||||||||||||||||||||||||||
— | — | (94 | ) | 5 | (27 | ) | (10 | ) | 3 | — | (124 | ) | |||||||||||||||||||||||||||||||||||
10,108 | 3,287 | 3,381 | 3,051 | 818 | 1,005 | 1,735 | 2,276 | 8,289 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | (20 | ) | 23 | — | — | — | ||||||||||||||||||||||||||||||||||||||
11,366 | 3,618 | 3,685 | 3,792 | 860 | 1,034 | 2,021 | 1,519 | 10,896 | |||||||||||||||||||||||||||||||||||||||
$ | 24,948 | $ | 7,660 | $ | 7,168 | $ | 7,005 | $ | 1,691 | $ | 1,862 | $ | 4,430 | $ | 4,904 | $ | 22,270 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 73
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Statements of Changes in Net Assets all dollars are rounded to thousands (000)
California | ||||||||||||||||||||||||||||
Arizona | Intermediate | |||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | |||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | |||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 582 | $ | 817 | $ | 943 | $ | 1,120 | $ | 1,623 | $ | 2,007 | ||||||||||||||||
Net realized gain on investments | 99 | 94 | 215 | 102 | 207 | 174 | ||||||||||||||||||||||
Net realized gain (loss) on futures contracts | (15 | ) | — | — | — | — | — | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 522 | (713 | ) | (401 | ) | 1,004 | (1,353 | ) | (809 | ) | ||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | (10 | ) | 10 | — | — | — | — | |||||||||||||||||||||
Net increase in net assets resulting from operations | 1,178 | 208 | 757 | 2,226 | 477 | 1,372 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (173 | ) | (284 | ) | (412 | ) | (81 | ) | (115 | ) | (142 | ) | ||||||||||||||||
Class C | (25 | ) | (39 | ) | (64 | ) | — | — | — | |||||||||||||||||||
Class Y | (363 | ) | (487 | ) | (516 | ) | (1,030 | ) | (1,509 | ) | (1,860 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | (44 | ) | (80 | ) | (99 | ) | (30 | ) | (14 | ) | (25 | ) | ||||||||||||||||
Class C | (8 | ) | (11 | ) | (18 | ) | — | — | — | |||||||||||||||||||
Class Y | (91 | ) | (119 | ) | (113 | ) | (271 | ) | (160 | ) | (331 | ) | ||||||||||||||||
Total distributions | (704 | ) | (1,020 | ) | (1,222 | ) | (1,412 | ) | (1,798 | ) | (2,358 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 218 | 1,018 | 2,145 | 2,651 | 972 | 1,367 | ||||||||||||||||||||||
Reinvestment of distributions | 76 | 302 | 422 | 60 | 77 | 120 | ||||||||||||||||||||||
Payments for redemptions | (957 | ) | (1,534 | ) | (1,831 | ) | (198 | ) | (1,460 | ) | (852 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (663 | ) | (214 | ) | 736 | 2,513 | (411 | ) | 635 | |||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | 69 | 125 | 201 | — | — | — | ||||||||||||||||||||||
Reinvestment of distributions | 24 | 45 | 65 | — | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | (32 | ) | (394 | ) | (192 | ) | — | — | — | |||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | 61 | (224 | ) | 74 | — | — | — | |||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 3,025 | 5,805 | 5,175 | 3,465 | 9,187 | 6,384 | ||||||||||||||||||||||
Reinvestment of distributions | 90 | 117 | 73 | 54 | 47 | 80 | ||||||||||||||||||||||
Payments for redemptions | (1,248 | ) | (3,869 | ) | (499 | ) | (1,729 | ) | (5,573 | ) | (3,209 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | 1,867 | 2,053 | 4,749 | 1,790 | 3,661 | 3,255 | ||||||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | 1,265 | 1,615 | 5,559 | 4,303 | 3,250 | 3,890 | ||||||||||||||||||||||
Total increase (decrease) in net assets | 1,739 | 803 | 5,094 | 5,117 | 1,929 | 2,904 | ||||||||||||||||||||||
Net assets at beginning of period | 26,013 | 25,210 | 20,116 | 55,167 | 53,238 | 50,334 | ||||||||||||||||||||||
Net assets at end of period | $ | 27,752 | $ | 26,013 | $ | 25,210 | $ | 60,284 | $ | 55,167 | $ | 53,238 | ||||||||||||||||
Undistributed net investment income at end of period | $ | 28 | $ | 7 | $ | — | $ | 25 | $ | 16 | $ | 17 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
74 First American Funds Semiannual Report 2006
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Colorado | ||||||||||||||||||||||||||||||||||||||||
California | Intermediate | Colorado | ||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | Period Ended | Fiscal | |||||||||||||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | ||||||||||||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | ||||||||||||||||||||||||||||||||
$ | 785 | $ | 1,075 | $ | 1,189 | $ | 888 | $ | 1,412 | $ | 2,004 | $ | 498 | $ | 708 | $ | 937 | |||||||||||||||||||||||
95 | 45 | 66 | 137 | 293 | 284 | 55 | 158 | 586 | ||||||||||||||||||||||||||||||||
7 | 8 | — | — | — | — | (5 | ) | 3 | — | |||||||||||||||||||||||||||||||
842 | (895 | ) | (182 | ) | 619 | (1,489 | ) | (1,134 | ) | 405 | (714 | ) | (804 | ) | ||||||||||||||||||||||||||
— | — | — | — | — | — | (15 | ) | 15 | — | |||||||||||||||||||||||||||||||
1,729 | 233 | 1,073 | 1,644 | 216 | 1,154 | 938 | 170 | 719 | ||||||||||||||||||||||||||||||||
(214 | ) | (344 | ) | (400 | ) | (175 | ) | (346 | ) | (577 | ) | (196 | ) | (275 | ) | (420 | ) | |||||||||||||||||||||||
(39 | ) | (91 | ) | (60 | ) | — | — | — | (60 | ) | (91 | ) | (153 | ) | ||||||||||||||||||||||||||
(511 | ) | (632 | ) | (744 | ) | (703 | ) | (1,055 | ) | (1,500 | ) | (245 | ) | (310 | ) | (419 | ) | |||||||||||||||||||||||
(33 | ) | (23 | ) | (89 | ) | (58 | ) | (74 | ) | (44 | ) | (69 | ) | (271 | ) | (77 | ) | |||||||||||||||||||||||
(7 | ) | (6 | ) | (13 | ) | — | — | — | (24 | ) | (98 | ) | (30 | ) | ||||||||||||||||||||||||||
(79 | ) | (36 | ) | (149 | ) | (271 | ) | (209 | ) | (125 | ) | (83 | ) | (217 | ) | (70 | ) | |||||||||||||||||||||||
(883 | ) | (1,132 | ) | (1,455 | ) | (1,207 | ) | (1,684 | ) | (2,246 | ) | (677 | ) | (1,262 | ) | (1,169 | ) | |||||||||||||||||||||||
907 | 1,708 | 4,192 | 199 | 88 | 4,258 | 840 | 1,620 | 303 | ||||||||||||||||||||||||||||||||
141 | 249 | 383 | 159 | 276 | 428 | 232 | 460 | 421 | ||||||||||||||||||||||||||||||||
(1,471 | ) | (2,773 | ) | (2,086 | ) | (2,667 | ) | (3,840 | ) | (4,917 | ) | (495 | ) | (1,468 | ) | (2,770 | ) | |||||||||||||||||||||||
(423 | ) | (816 | ) | 2,489 | (2,309 | ) | (3,476 | ) | (231 | ) | 577 | 612 | (2,046 | ) | ||||||||||||||||||||||||||
379 | 1,135 | 1,840 | — | — | — | 73 | 132 | 485 | ||||||||||||||||||||||||||||||||
33 | 58 | 65 | — | — | — | 74 | 178 | 172 | ||||||||||||||||||||||||||||||||
(1,954 | ) | (585 | ) | (109 | ) | — | — | — | (98 | ) | (556 | ) | (950 | ) | ||||||||||||||||||||||||||
(1,542 | ) | 608 | 1,796 | — | — | — | 49 | (246 | ) | (293 | ) | |||||||||||||||||||||||||||||
3,882 | 7,852 | 6,071 | 4,111 | 4,709 | 6,325 | 1,639 | 4,754 | 1,391 | ||||||||||||||||||||||||||||||||
38 | 30 | 33 | 58 | 57 | 53 | 31 | 33 | 15 | ||||||||||||||||||||||||||||||||
(1,145 | ) | (5,145 | ) | (2,349 | ) | (2,569 | ) | (5,572 | ) | (8,784 | ) | (968 | ) | (2,514 | ) | (2,293 | ) | |||||||||||||||||||||||
2,775 | 2,737 | 3,755 | 1,600 | (806 | ) | (2,406 | ) | 702 | 2,273 | (887 | ) | |||||||||||||||||||||||||||||
810 | 2,529 | 8,040 | (709 | ) | (4,282 | ) | (2,637 | ) | 1,328 | 2,639 | (3,226 | ) | ||||||||||||||||||||||||||||
1,656 | 1,630 | 7,658 | (272 | ) | (5,750 | ) | (3,729 | ) | 1,589 | 1,547 | (3,676 | ) | ||||||||||||||||||||||||||||
36,142 | 34,512 | 26,854 | 42,238 | 47,988 | 51,717 | 21,695 | 20,148 | 23,824 | ||||||||||||||||||||||||||||||||
$ | 37,798 | $ | 36,142 | $ | 34,512 | $ | 41,966 | $ | 42,238 | $ | 47,988 | $ | 23,284 | $ | 21,695 | $ | 20,148 | |||||||||||||||||||||||
$ | 38 | $ | 17 | $ | 9 | $ | 44 | $ | 34 | $ | 23 | $ | 36 | $ | 39 | $ | 7 | |||||||||||||||||||||||
First American Funds Semiannual Report 2006 75
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Statements of Changes in Net Assets continued
Minnesota | ||||||||||||||||||||||||||||
Intermediate | Intermediate | |||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | |||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | |||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 13,582 | $ | 20,171 | $ | 27,443 | $ | 4,042 | $ | 6,441 | $ | 9,362 | ||||||||||||||||
Net realized gain on investments | 1,258 | 881 | 1,758 | 331 | 874 | 1,370 | ||||||||||||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | — | — | — | ||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 10,108 | (16,513 | ) | (13,264 | ) | 3,287 | (5,474 | ) | (4,978 | ) | ||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | — | — | — | — | — | — | ||||||||||||||||||||||
Net increase in net assets resulting from operations | 24,948 | 4,539 | 15,937 | 7,660 | 1,841 | 5,754 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (622 | ) | (1,012 | ) | (1,423 | ) | (486 | ) | (843 | ) | (1,267 | ) | ||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | (12,183 | ) | (19,466 | ) | (26,720 | ) | (3,482 | ) | (5,686 | ) | (8,038 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | (42 | ) | (85 | ) | (194 | ) | (124 | ) | (183 | ) | (114 | ) | ||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | (798 | ) | (1,527 | ) | (3,485 | ) | (892 | ) | (1,195 | ) | (683 | ) | ||||||||||||||||
Total distributions | (13,645 | ) | (22,090 | ) | (31,822 | ) | (4,984 | ) | (7,907 | ) | (10,102 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 2,352 | 3,630 | 7,869 | 237 | 2,992 | 5,677 | ||||||||||||||||||||||
Reinvestment of distributions | 479 | 824 | 1,256 | 368 | 738 | 1,026 | ||||||||||||||||||||||
Payments for redemptions | (5,026 | ) | (5,699 | ) | (8,912 | ) | (2,778 | ) | (8,720 | ) | (8,801 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (2,195 | ) | (1,245 | ) | 213 | (2,173 | ) | (4,990 | ) | (2,098 | ) | |||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | — | — | — | — | — | — | ||||||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | — | — | — | — | — | — | ||||||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 54,472 | 84,989 | 111,544 | 9,524 | 17,422 | 16,162 | ||||||||||||||||||||||
Reinvestment of distributions | 1,314 | 2,325 | 3,541 | 213 | 352 | 335 | ||||||||||||||||||||||
Payments for redemptions | (61,575 | ) | (115,490 | ) | (96,251 | ) | (11,700 | ) | (34,284 | ) | (32,427 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (5,789 | ) | (28,176 | ) | 18,834 | (1,963 | ) | (16,510 | ) | (15,930 | ) | |||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (7,984 | ) | (29,421 | ) | 19,047 | (4,136 | ) | (21,500 | ) | (18,028 | ) | |||||||||||||||||
Total increase (decrease) in net assets | 3,319 | (46,972 | ) | 3,162 | (1,460 | ) | (27,566 | ) | (22,376 | ) | ||||||||||||||||||
Net assets at beginning of period | 628,827 | 675,799 | 672,637 | 202,011 | 229,577 | 251,953 | ||||||||||||||||||||||
Net assets at end of period | $ | 632,146 | $ | 628,827 | $ | 675,799 | $ | 200,551 | $ | 202,011 | $ | 229,577 | ||||||||||||||||
Undistributed net investment income at end of period | $ | 777 | $ | — | $ | 46 | $ | 139 | $ | 65 | $ | 153 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
76 First American Funds Semiannual Report 2006
Table of Contents
Minnesota | Missouri | Nebraska | ||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | Period Ended | Fiscal | |||||||||||||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | ||||||||||||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | ||||||||||||||||||||||||||||||||
$ | 3,483 | $ | 5,120 | $ | 6,796 | $ | 3,213 | $ | 5,183 | $ | 6,983 | $ | 831 | $ | 1,243 | $ | 1,528 | |||||||||||||||||||||||
398 | 382 | 399 | 736 | 622 | 1,283 | 89 | 153 | 67 | ||||||||||||||||||||||||||||||||
(94 | ) | 51 | — | 5 | — | — | (27 | ) | 8 | — | ||||||||||||||||||||||||||||||
3,381 | (3,439 | ) | 20 | 3,051 | (4,893 | ) | (2,964 | ) | 818 | (1,126 | ) | (332 | ) | |||||||||||||||||||||||||||
— | — | — | — | — | — | (20 | ) | 20 | — | |||||||||||||||||||||||||||||||
7,168 | 2,114 | 7,215 | 7,005 | 912 | 5,302 | 1,691 | 298 | 1,263 | ||||||||||||||||||||||||||||||||
(2,090 | ) | (3,313 | ) | (4,455 | ) | (494 | ) | (811 | ) | (1,038 | ) | (137 | ) | (204 | ) | (239 | ) | |||||||||||||||||||||||
(206 | ) | (285 | ) | (361 | ) | (5 | ) | (5 | ) | (7 | ) | (24 | ) | (41 | ) | (65 | ) | |||||||||||||||||||||||
(1,102 | ) | (1,648 | ) | (1,939 | ) | (2,649 | ) | (4,402 | ) | (5,959 | ) | (653 | ) | (991 | ) | (1,277 | ) | |||||||||||||||||||||||
(282 | ) | (259 | ) | (552 | ) | (199 | ) | (217 | ) | (140 | ) | (33 | ) | (11 | ) | — | ||||||||||||||||||||||||
(32 | ) | (25 | ) | (49 | ) | (2 | ) | (2 | ) | (1 | ) | (7 | ) | (3 | ) | — | ||||||||||||||||||||||||
(140 | ) | (115 | ) | (210 | ) | (972 | ) | (1,080 | ) | (783 | ) | (142 | ) | (49 | ) | — | ||||||||||||||||||||||||
(3,852 | ) | (5,645 | ) | (7,566 | ) | (4,321 | ) | (6,517 | ) | (7,928 | ) | (996 | ) | (1,299 | ) | (1,581 | ) | |||||||||||||||||||||||
10,435 | 12,726 | 8,058 | 1,126 | 798 | 4,587 | 290 | 780 | 3,144 | ||||||||||||||||||||||||||||||||
1,504 | 2,905 | 4,005 | 340 | 524 | 621 | 92 | 117 | 113 | ||||||||||||||||||||||||||||||||
(7,298 | ) | (19,024 | ) | (20,033 | ) | (2,007 | ) | (3,624 | ) | (1,714 | ) | (446 | ) | (952 | ) | (989 | ) | |||||||||||||||||||||||
4,641 | (3,393 | ) | (7,970 | ) | (541 | ) | (2,302 | ) | 3,494 | (64 | ) | (55 | ) | 2,268 | ||||||||||||||||||||||||||
2,344 | 1,999 | 933 | 82 | 25 | 2 | 97 | 158 | 411 | ||||||||||||||||||||||||||||||||
161 | 289 | 384 | 7 | 6 | 8 | 21 | 31 | 47 | ||||||||||||||||||||||||||||||||
(937 | ) | (1,559 | ) | (1,841 | ) | (3 | ) | (1 | ) | (34 | ) | (231 | ) | (229 | ) | (736 | ) | |||||||||||||||||||||||
1,568 | 729 | (524 | ) | 86 | 30 | (24 | ) | (113 | ) | (40 | ) | (278 | ) | |||||||||||||||||||||||||||
7,099 | 11,180 | 8,746 | 6,824 | 14,690 | 22,140 | 1,984 | 4,187 | 7,132 | ||||||||||||||||||||||||||||||||
111 | 158 | 211 | 226 | 279 | 279 | 66 | 75 | 93 | ||||||||||||||||||||||||||||||||
(5,043 | ) | (7,977 | ) | (5,285 | ) | (16,855 | ) | (23,600 | ) | (21,183 | ) | (3,337 | ) | (4,541 | ) | (4,286 | ) | |||||||||||||||||||||||
2,167 | 3,361 | 3,672 | (9,805 | ) | (8,631 | ) | 1,236 | (1,287 | ) | (279 | ) | 2,939 | ||||||||||||||||||||||||||||
8,376 | 697 | (4,822 | ) | (10,260 | ) | (10,903 | ) | 4,706 | (1,464 | ) | (374 | ) | 4,929 | |||||||||||||||||||||||||||
11,692 | (2,834 | ) | (5,173 | ) | (7,576 | ) | (16,508 | ) | 2,080 | (769 | ) | (1,375 | ) | 4,611 | ||||||||||||||||||||||||||
160,261 | 163,095 | 168,268 | 165,580 | 182,088 | 180,008 | 39,744 | 41,119 | 36,508 | ||||||||||||||||||||||||||||||||
$ | 171,953 | $ | 160,261 | $ | 163,095 | $ | 158,004 | $ | 165,580 | $ | 182,088 | $ | 38,975 | $ | 39,744 | $ | 41,119 | |||||||||||||||||||||||
$ | 141 | $ | 56 | $ | 182 | $ | 96 | $ | 31 | $ | 66 | $ | 36 | $ | 19 | $ | 12 | |||||||||||||||||||||||
First American Funds Semiannual Report 2006 77
Table of Contents
Statements of Changes in Net Assets continued
Oregon | ||||||||||||||||||||||||||||
Ohio | Intermediate | |||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | |||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | |||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | |||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Investment income – net | $ | 828 | $ | 1,194 | $ | 1,552 | $ | 2,409 | $ | 3,714 | $ | 5,287 | ||||||||||||||||
Net realized gain (loss) on investments | 16 | 36 | 58 | 283 | 255 | 590 | ||||||||||||||||||||||
Net realized gain (loss) on futures contracts | (10 | ) | 9 | — | 3 | — | — | |||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 1,005 | (1,077 | ) | (282 | ) | 1,735 | (3,575 | ) | (3,269 | ) | ||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 23 | — | — | — | — | — | ||||||||||||||||||||||
Net increase in net assets resulting from operations | 1,862 | 162 | 1,328 | 4,430 | 394 | 2,608 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||
Class A | (15 | ) | (24 | ) | (36 | ) | (162 | ) | (268 | ) | (317 | ) | ||||||||||||||||
Class C | (4 | ) | (5 | ) | (4 | ) | — | — | — | |||||||||||||||||||
Class Y | (792 | ) | (1,178 | ) | (1,524 | ) | (2,118 | ) | (3,398 | ) | (4,973 | ) | ||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||
Class A | (2 | ) | (1 | ) | (3 | ) | (36 | ) | (42 | ) | (30 | ) | ||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | (84 | ) | (40 | ) | (130 | ) | (478 | ) | (514 | ) | (481 | ) | ||||||||||||||||
Total distributions | (897 | ) | (1,248 | ) | (1,697 | ) | (2,794 | ) | (4,222 | ) | (5,801 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Proceeds from sales | 128 | 152 | 253 | 70 | 2,798 | 2,055 | ||||||||||||||||||||||
Reinvestment of distributions | 9 | 15 | 25 | 115 | 197 | 226 | ||||||||||||||||||||||
Payments for redemptions | (79 | ) | (291 | ) | (480 | ) | (1,113 | ) | (2,604 | ) | (1,426 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 58 | (124 | ) | (202 | ) | (928 | ) | 391 | 855 | |||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Proceeds from sales | 1 | 80 | 110 | — | — | — | ||||||||||||||||||||||
Reinvestment of distributions | 1 | 2 | 1 | — | — | — | ||||||||||||||||||||||
Payments for redemptions (note 3) | (26 | ) | (42 | ) | (55 | ) | — | — | — | |||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (24 | ) | 40 | 56 | — | — | — | |||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Proceeds from sales | 2,935 | 4,878 | 8,183 | 6,744 | 9,313 | 19,409 | ||||||||||||||||||||||
Reinvestment of distributions | 150 | 182 | 238 | 299 | 352 | 405 | ||||||||||||||||||||||
Payments for redemptions | (3,806 | ) | (4,500 | ) | (6,200 | ) | (4,210 | ) | (28,397 | ) | (21,076 | ) | ||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (721 | ) | 560 | 2,221 | 2,833 | (18,732 | ) | (1,262 | ) | |||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (687 | ) | 476 | 2,075 | 1,905 | (18,341 | ) | (407 | ) | |||||||||||||||||||
Total increase (decrease) in net assets | 278 | (610 | ) | 1,706 | 3,541 | (22,169 | ) | (3,600 | ) | |||||||||||||||||||
Net assets at beginning of period | 41,656 | 42,266 | 40,560 | 120,800 | 142,969 | 146,569 | ||||||||||||||||||||||
Net assets at end of period | $ | 41,934 | $ | 41,656 | $ | 42,266 | $ | 124,341 | $ | 120,800 | $ | 142,969 | ||||||||||||||||
Undistributed net investment income at end of period | $ | 33 | $ | 16 | $ | 29 | $ | 196 | $ | 67 | $ | 19 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
78 First American Funds Semiannual Report 2006
Table of Contents
Short | ||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | |||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | |||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | |||||||||||||||||||||||
$ | 3,385 | $ | 5,998 | $ | 10,162 | $ | 11,374 | $ | 16,568 | $ | 20,609 | |||||||||||||||||
(757 | ) | (611 | ) | (387 | ) | 2,731 | 2,831 | 1,085 | ||||||||||||||||||||
— | — | — | (124 | ) | — | — | ||||||||||||||||||||||
2,276 | (2,031 | ) | (6,969 | ) | 8,289 | (11,649 | ) | (206 | ) | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
4,904 | 3,356 | 2,806 | 22,270 | 7,750 | 21,488 | |||||||||||||||||||||||
(46 | ) | (79 | ) | (134 | ) | (795 | ) | (1,170 | ) | (1,623 | ) | |||||||||||||||||
— | — | — | (41 | ) | (72 | ) | (105 | ) | ||||||||||||||||||||
(3,277 | ) | (6,055 | ) | (10,086 | ) | (10,556 | ) | (15,430 | ) | (18,782 | ) | |||||||||||||||||
— | — | — | (307 | ) | (122 | ) | (379 | ) | ||||||||||||||||||||
— | — | — | (18 | ) | (9 | ) | (28 | ) | ||||||||||||||||||||
— | — | — | (3,975 | ) | (1,492 | ) | (4,002 | ) | ||||||||||||||||||||
(3,323 | ) | (6,134 | ) | (10,220 | ) | (15,692 | ) | (18,295 | ) | (24,919 | ) | |||||||||||||||||
84 | 1,175 | 2,110 | 3,672 | 4,203 | 4,259 | |||||||||||||||||||||||
41 | 64 | 104 | 790 | 1,055 | 1,669 | |||||||||||||||||||||||
(323 | ) | (1,984 | ) | (4,320 | ) | (3,391 | ) | (6,155 | ) | (7,589 | ) | |||||||||||||||||
(198 | ) | (745 | ) | (2,106 | ) | 1,071 | (897 | ) | (1,661 | ) | ||||||||||||||||||
— | — | — | 79 | 30 | 277 | |||||||||||||||||||||||
— | — | — | 42 | 74 | 126 | |||||||||||||||||||||||
— | — | — | (142 | ) | (554 | ) | (352 | ) | ||||||||||||||||||||
— | — | — | (21 | ) | (450 | ) | 51 | |||||||||||||||||||||
13,143 | 32,598 | 67,779 | 65,175 | 80,167 | 69,526 | |||||||||||||||||||||||
249 | 439 | 676 | 1,183 | 902 | 1,078 | |||||||||||||||||||||||
(53,638 | ) | (124,043 | ) | (150,873 | ) | (33,433 | ) | (51,758 | ) | (47,832 | ) | |||||||||||||||||
(40,246 | ) | (91,006 | ) | (82,418 | ) | 32,925 | 29,311 | 22,772 | ||||||||||||||||||||
(40,444 | ) | (91,751 | ) | (84,524 | ) | 33,975 | 27,964 | 21,162 | ||||||||||||||||||||
(38,863 | ) | (94,529 | ) | (91,938 | ) | 40,553 | 17,419 | 17,731 | ||||||||||||||||||||
239,221 | 333,750 | 425,688 | 494,639 | 477,220 | 459,489 | |||||||||||||||||||||||
$ | 200,358 | $ | 239,221 | $ | 333,750 | $ | 535,192 | $ | 494,639 | $ | 477,220 | |||||||||||||||||
$ | 181 | $ | 119 | $ | 255 | $ | 63 | $ | 81 | $ | 185 | |||||||||||||||||
First American Funds Semiannual Report 2006 79
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Arizona Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.85 | $ | 0.23 | $ | 0.25 | $ | (0.22 | ) | $ | (0.06 | ) | $ | 11.05 | |||||||||||||||||||
2006 (2) | 11.19 | 0.33 | (0.25 | ) | (0.33 | ) | (0.09 | ) | 10.85 | ||||||||||||||||||||||||
2005 (3) | 11.42 | 0.46 | (0.07 | ) | (0.49 | ) | (0.13 | ) | 11.19 | ||||||||||||||||||||||||
2004 (3) | 11.33 | 0.49 | 0.12 | (0.47 | ) | (0.05 | ) | 11.42 | |||||||||||||||||||||||||
2003 (3) | 11.41 | 0.46 | (0.06 | ) | (0.45 | ) | (0.03 | ) | 11.33 | ||||||||||||||||||||||||
2002 (3) | 10.99 | 0.48 | 0.44 | (0.48 | ) | (0.02 | ) | 11.41 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.84 | $ | 0.21 | $ | 0.23 | $ | (0.19 | ) | $ | (0.06 | ) | $ | 11.03 | |||||||||||||||||||
2006 (2) | 11.18 | 0.30 | (0.25 | ) | (0.30 | ) | (0.09 | ) | 10.84 | ||||||||||||||||||||||||
2005 (3) | 11.41 | 0.42 | (0.08 | ) | (0.44 | ) | (0.13 | ) | 11.18 | ||||||||||||||||||||||||
2004 (3) | 11.31 | 0.43 | 0.14 | (0.42 | ) | (0.05 | ) | 11.41 | |||||||||||||||||||||||||
2003 (3) | 11.40 | 0.42 | (0.08 | ) | (0.40 | ) | (0.03 | ) | 11.31 | ||||||||||||||||||||||||
2002 (3) | 10.98 | 0.44 | 0.44 | (0.44 | ) | (0.02 | ) | 11.40 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.85 | $ | 0.24 | $ | 0.25 | $ | (0.23 | ) | $ | (0.06 | ) | $ | 11.05 | |||||||||||||||||||
2006 (2) | 11.19 | 0.35 | (0.25 | ) | (0.35 | ) | (0.09 | ) | 10.85 | ||||||||||||||||||||||||
2005 (3) | 11.43 | 0.50 | (0.09 | ) | (0.52 | ) | (0.13 | ) | 11.19 | ||||||||||||||||||||||||
2004 (3) | 11.33 | 0.50 | 0.15 | (0.50 | ) | (0.05 | ) | 11.43 | |||||||||||||||||||||||||
2003 (3) | 11.41 | 0.48 | (0.06 | ) | (0.47 | ) | (0.03 | ) | 11.33 | ||||||||||||||||||||||||
2002 (3) | 10.99 | 0.51 | 0.44 | (0.51 | ) | (0.02 | ) | 11.41 | |||||||||||||||||||||||||
California Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.11 | $ | 0.19 | $ | 0.20 | $ | (0.19 | ) | $ | (0.05 | ) | $ | 10.26 | |||||||||||||||||||
2006 (2) | 10.35 | 0.28 | (0.20 | ) | (0.29 | ) | (0.03 | ) | 10.11 | ||||||||||||||||||||||||
2005 (3) | 10.55 | 0.39 | (0.13 | ) | (0.39 | ) | (0.07 | ) | 10.35 | ||||||||||||||||||||||||
2004 (3) | 10.64 | 0.40 | (0.05 | ) | (0.41 | ) | (0.03 | ) | 10.55 | ||||||||||||||||||||||||
2003 (3) | 10.80 | 0.41 | (0.14 | ) | (0.41 | ) | (0.02 | ) | 10.64 | ||||||||||||||||||||||||
2002 (3) | 10.41 | 0.42 | 0.39 | (0.42 | ) | — | 10.80 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.13 | $ | 0.20 | $ | 0.20 | $ | (0.20 | ) | $ | (0.05 | ) | $ | 10.28 | |||||||||||||||||||
2006 (2) | 10.37 | 0.30 | (0.21 | ) | (0.30 | ) | (0.03 | ) | 10.13 | ||||||||||||||||||||||||
2005 (3) | 10.57 | 0.40 | (0.13 | ) | (0.40 | ) | (0.07 | ) | 10.37 | ||||||||||||||||||||||||
2004 (3) | 10.66 | 0.41 | (0.05 | ) | (0.42 | ) | (0.03 | ) | 10.57 | ||||||||||||||||||||||||
2003 (3) | 10.81 | 0.43 | (0.14 | ) | (0.42 | ) | (0.02 | ) | 10.66 | ||||||||||||||||||||||||
2002 (3) | 10.43 | 0.43 | 0.38 | (0.43 | ) | — | 10.81 | ||||||||||||||||||||||||||
California Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.96 | $ | 0.23 | $ | 0.28 | $ | (0.22 | ) | $ | (0.04 | ) | $ | 11.21 | |||||||||||||||||||
2006 (2) | 11.24 | 0.33 | (0.26 | ) | (0.33 | ) | (0.02 | ) | 10.96 | ||||||||||||||||||||||||
2005 (3) | 11.40 | 0.44 | (0.05 | ) | (0.44 | ) | (0.11 | ) | 11.24 | ||||||||||||||||||||||||
2004 (3) | 11.40 | 0.46 | 0.08 | (0.46 | ) | (0.08 | ) | 11.40 | |||||||||||||||||||||||||
2003 (3) | 11.63 | 0.47 | (0.16 | ) | (0.47 | ) | (0.07 | ) | 11.40 | ||||||||||||||||||||||||
2002 (3) | 11.17 | 0.48 | 0.50 | (0.47 | ) | (0.05 | ) | 11.63 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.97 | $ | 0.21 | $ | 0.27 | $ | (0.19 | ) | $ | (0.04 | ) | $ | 11.22 | |||||||||||||||||||
2006 (2) | 11.25 | 0.30 | (0.26 | ) | (0.30 | ) | (0.02 | ) | 10.97 | ||||||||||||||||||||||||
2005 (3) | 11.41 | 0.40 | (0.05 | ) | (0.40 | ) | (0.11 | ) | 11.25 | ||||||||||||||||||||||||
2004 (3) | 11.41 | 0.41 | 0.09 | (0.42 | ) | (0.08 | ) | 11.41 | |||||||||||||||||||||||||
2003 (3) | 11.64 | 0.43 | (0.16 | ) | (0.43 | ) | (0.07 | ) | 11.41 | ||||||||||||||||||||||||
2002 (3) | 11.18 | 0.42 | 0.52 | (0.43 | ) | (0.05 | ) | 11.64 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.97 | $ | 0.24 | $ | 0.28 | $ | (0.23 | ) | $ | (0.04 | ) | $ | 11.22 | |||||||||||||||||||
2006 (2) | 11.25 | 0.35 | (0.26 | ) | (0.35 | ) | (0.02 | ) | 10.97 | ||||||||||||||||||||||||
2005 (3) | 11.40 | 0.47 | (0.04 | ) | (0.47 | ) | (0.11 | ) | 11.25 | ||||||||||||||||||||||||
2004 (3) | 11.40 | 0.48 | 0.09 | (0.49 | ) | (0.08 | ) | 11.40 | |||||||||||||||||||||||||
2003 (3) | 11.63 | 0.49 | (0.15 | ) | (0.50 | ) | (0.07 | ) | 11.40 | ||||||||||||||||||||||||
2002 (3) | 11.17 | 0.49 | 0.52 | (0.50 | ) | (0.05 | ) | 11.63 | |||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
(2) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period October 1 to September 30 in the year indicated. | |
(4) | 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 Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income to | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average Net | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (4) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
4.38 | % | $ | 8,541 | 0.75 | % | 4.10 | % | 1.60 | % | 3.25 | % | 10 | % | ||||||||||||||||||||||||
0.73 | 9,041 | 0.75 | 4.02 | 1.47 | 3.30 | 47 | |||||||||||||||||||||||||||||||
3.49 | 9,547 | 0.75 | 4.14 | 1.18 | 3.71 | 20 | |||||||||||||||||||||||||||||||
5.50 | 9,008 | 0.75 | 4.16 | 1.12 | 3.79 | 21 | |||||||||||||||||||||||||||||||
3.61 | 11,928 | 0.75 | 4.03 | 1.09 | 3.69 | 37 | |||||||||||||||||||||||||||||||
8.69 | 12,413 | 0.75 | 4.40 | 1.37 | 3.78 | 30 | |||||||||||||||||||||||||||||||
4.08 | % | $ | 1,444 | 1.15 | % | 3.70 | % | 2.17 | % | 2.68 | % | 10 | % | ||||||||||||||||||||||||
0.42 | 1,358 | 1.15 | 3.62 | 2.22 | 2.55 | 47 | |||||||||||||||||||||||||||||||
3.08 | 1,628 | 1.15 | 3.74 | 1.93 | 2.96 | 20 | |||||||||||||||||||||||||||||||
5.17 | 1,588 | 1.15 | 3.76 | 1.87 | 3.04 | 21 | |||||||||||||||||||||||||||||||
3.10 | 1,857 | 1.15 | 3.63 | 1.84 | 2.94 | 37 | |||||||||||||||||||||||||||||||
8.28 | 2,910 | 1.15 | 4.00 | 2.12 | 3.03 | 30 | |||||||||||||||||||||||||||||||
4.51 | % | $ | 17,767 | 0.50 | % | 4.35 | % | 1.35 | % | 3.50 | % | 10 | % | ||||||||||||||||||||||||
0.92 | 15,614 | 0.50 | 4.27 | 1.22 | 3.55 | 47 | |||||||||||||||||||||||||||||||
3.65 | 14,035 | 0.50 | 4.39 | 0.93 | 3.96 | 20 | |||||||||||||||||||||||||||||||
5.85 | 9,520 | 0.50 | 4.42 | 0.87 | 4.05 | 21 | |||||||||||||||||||||||||||||||
3.86 | 9,244 | 0.50 | 4.28 | 0.84 | 3.94 | 37 | |||||||||||||||||||||||||||||||
8.95 | 10,656 | 0.50 | 4.64 | 1.12 | 4.02 | 30 | |||||||||||||||||||||||||||||||
3.85 | % | $ | 5,991 | 0.85 | % | 3.63 | % | 1.24 | % | 3.24 | % | 10 | % | ||||||||||||||||||||||||
0.78 | 3,441 | 0.85 | 3.73 | 1.22 | 3.36 | 21 | |||||||||||||||||||||||||||||||
2.51 | 3,946 | 0.85 | 3.71 | 1.10 | 3.46 | 29 | |||||||||||||||||||||||||||||||
3.36 | 3,381 | 0.85 | 3.78 | 1.06 | 3.57 | 20 | |||||||||||||||||||||||||||||||
2.58 | 4,262 | 0.85 | 3.86 | 1.06 | 3.65 | 17 | |||||||||||||||||||||||||||||||
8.01 | 4,870 | 0.85 | 4.01 | 1.14 | 3.72 | 23 | |||||||||||||||||||||||||||||||
3.92 | % | $ | 54,293 | 0.70 | % | 3.82 | % | 0.99 | % | 3.53 | % | 10 | % | ||||||||||||||||||||||||
0.88 | 51,726 | 0.70 | 3.89 | 0.97 | 3.62 | 21 | |||||||||||||||||||||||||||||||
2.66 | 49,292 | 0.70 | 3.86 | 0.85 | 3.71 | 29 | |||||||||||||||||||||||||||||||
3.51 | 46,953 | 0.70 | 3.93 | 0.81 | 3.82 | 20 | |||||||||||||||||||||||||||||||
2.83 | 44,600 | 0.70 | 4.02 | 0.81 | 3.91 | 17 | |||||||||||||||||||||||||||||||
8.05 | 45,212 | 0.70 | 4.16 | 0.89 | 3.97 | 23 | |||||||||||||||||||||||||||||||
4.60 | % | $ | 10,616 | 0.75 | % | 3.98 | % | 1.43 | % | 3.30 | % | 19 | % | ||||||||||||||||||||||||
0.63 | 10,783 | 0.75 | 3.99 | 1.34 | 3.40 | 24 | |||||||||||||||||||||||||||||||
3.50 | 11,888 | 0.75 | 3.88 | 1.15 | 3.48 | 14 | |||||||||||||||||||||||||||||||
4.93 | 9,513 | 0.75 | 4.03 | 1.09 | 3.69 | 16 | |||||||||||||||||||||||||||||||
2.85 | 11,143 | 0.75 | 4.16 | 1.08 | 3.83 | 20 | |||||||||||||||||||||||||||||||
9.10 | 12,954 | 0.75 | 4.26 | 1.31 | 3.70 | 33 | |||||||||||||||||||||||||||||||
4.35 | % | $ | 2,118 | 1.15 | % | 3.55 | % | 2.03 | % | 2.67 | % | 19 | % | ||||||||||||||||||||||||
0.33 | 3,592 | 1.15 | 3.60 | 2.09 | 2.66 | 24 | |||||||||||||||||||||||||||||||
3.11 | 3,068 | 1.15 | 3.47 | 1.90 | 2.72 | 14 | |||||||||||||||||||||||||||||||
4.52 | 1,294 | 1.15 | 3.65 | 1.84 | 2.96 | 16 | |||||||||||||||||||||||||||||||
2.45 | 1,101 | 1.15 | 3.75 | 1.83 | 3.07 | 20 | |||||||||||||||||||||||||||||||
8.69 | 1,115 | 1.15 | 3.86 | 2.06 | 2.95 | 33 | |||||||||||||||||||||||||||||||
4.72 | % | $ | 25,064 | 0.50 | % | 4.23 | % | 1.18 | % | 3.55 | % | 19 | % | ||||||||||||||||||||||||
0.82 | 21,767 | 0.50 | 4.24 | 1.09 | 3.65 | 24 | |||||||||||||||||||||||||||||||
3.85 | 19,556 | 0.50 | 4.12 | 0.90 | 3.72 | 14 | |||||||||||||||||||||||||||||||
5.19 | 16,047 | 0.50 | 4.29 | 0.84 | 3.95 | 16 | |||||||||||||||||||||||||||||||
3.11 | 15,243 | 0.50 | 4.40 | 0.83 | 4.07 | 20 | |||||||||||||||||||||||||||||||
9.36 | 11,853 | 0.50 | 4.51 | 1.06 | 3.95 | 33 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 81
Table of Contents
Financial Highlights continued
Realized and | ||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | from | Value | ||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | Return of | End of | ||||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Capital | Period | ||||||||||||||||||||||||||||||
Colorado Intermediate Tax Free Fund | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.40 | $ | 0.22 | $ | 0.18 | $ | (0.21 | ) | $ | (0.08 | ) | $ | — | $ | 10.51 | ||||||||||||||||||||
2006 (2) | 10.74 | 0.32 | (0.28 | ) | (0.32 | ) | (0.06 | ) | — | 10.40 | ||||||||||||||||||||||||||
2005 (3) | 10.98 | 0.42 | (0.19 | ) | (0.43 | ) | (0.04 | ) | — | 10.74 | ||||||||||||||||||||||||||
2004 (3) | 11.08 | 0.45 | (0.11 | ) | (0.44 | ) | — | — | 10.98 | |||||||||||||||||||||||||||
2003 (3) | 11.12 | 0.41 | (0.02 | ) | (0.43 | ) | — | — | 11.08 | |||||||||||||||||||||||||||
2002 (3) | 10.79 | 0.47 | 0.32 | (0.46 | ) | — | — | 11.12 | ||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.38 | $ | 0.22 | $ | 0.19 | $ | (0.22 | ) | $ | (0.08 | ) | $ | — | $ | 10.49 | ||||||||||||||||||||
2006 (2) | 10.72 | 0.33 | (0.28 | ) | (0.33 | ) | (0.06 | ) | — | 10.38 | ||||||||||||||||||||||||||
2005 (3) | 10.95 | 0.43 | (0.18 | ) | (0.44 | ) | (0.04 | ) | — | 10.72 | ||||||||||||||||||||||||||
2004 (3) | 11.05 | 0.46 | (0.11 | ) | (0.45 | ) | — | — | 10.95 | |||||||||||||||||||||||||||
2003 (3) | 11.10 | 0.43 | (0.03 | ) | (0.45 | ) | — | — | 11.05 | |||||||||||||||||||||||||||
2002 (3) | 10.76 | 0.49 | 0.33 | (0.48 | ) | — | — | 11.10 | ||||||||||||||||||||||||||||
Colorado Tax Free Fund | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.73 | $ | 0.23 | $ | 0.22 | $ | (0.24 | ) | $ | (0.08 | ) | $ | — | $ | 10.86 | ||||||||||||||||||||
2006 (2) | 11.30 | 0.35 | (0.26 | ) | (0.34 | ) | (0.32 | ) | — | 10.73 | ||||||||||||||||||||||||||
2005 (3) | 11.52 | 0.49 | (0.11 | ) | (0.51 | ) | (0.09 | ) | — | 11.30 | ||||||||||||||||||||||||||
2004 (3) | 11.57 | 0.51 | 0.02 | (0.50 | ) | (0.08 | ) | — | 11.52 | |||||||||||||||||||||||||||
2003 (3) | 11.65 | 0.50 | (0.10 | ) | (0.48 | ) | — | — | 11.57 | |||||||||||||||||||||||||||
2002 (3) | 11.09 | 0.48 | 0.56 | (0.47 | ) | (0.01 | ) | — | 11.65 | |||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.71 | $ | 0.22 | $ | 0.21 | $ | (0.22 | ) | $ | (0.08 | ) | $ | — | $ | 10.84 | ||||||||||||||||||||
2006 (2) | 11.28 | 0.32 | (0.27 | ) | (0.30 | ) | (0.32 | ) | — | 10.71 | ||||||||||||||||||||||||||
2005 (3) | 11.50 | 0.43 | (0.10 | ) | (0.46 | ) | (0.09 | ) | — | 11.28 | ||||||||||||||||||||||||||
2004 (3) | 11.56 | 0.44 | 0.03 | (0.45 | ) | (0.08 | ) | — | 11.50 | |||||||||||||||||||||||||||
2003 (3) | 11.63 | 0.44 | (0.08 | ) | (0.43 | ) | — | — | 11.56 | |||||||||||||||||||||||||||
2002 (3) | 11.08 | 0.44 | 0.56 | (0.44 | ) | (0.01 | ) | — | 11.63 | |||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.75 | $ | 0.25 | $ | 0.22 | $ | (0.26 | ) | $ | (0.08 | ) | $ | — | $ | 10.88 | ||||||||||||||||||||
2006 (2) | 11.32 | 0.37 | (0.26 | ) | (0.36 | ) | (0.32 | ) | — | 10.75 | ||||||||||||||||||||||||||
2005 (3) | 11.53 | 0.51 | (0.09 | ) | (0.54 | ) | (0.09 | ) | — | 11.32 | ||||||||||||||||||||||||||
2004 (3) | 11.59 | 0.52 | 0.03 | (0.53 | ) | (0.08 | ) | — | 11.53 | |||||||||||||||||||||||||||
2003 (3) | 11.67 | 0.51 | (0.09 | ) | (0.50 | ) | — | — | 11.59 | |||||||||||||||||||||||||||
2002 (3) | 11.10 | 0.48 | 0.60 | (0.50 | ) | (0.01 | ) | — | 11.67 | |||||||||||||||||||||||||||
Intermediate Tax Free Fund | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.63 | $ | 0.23 | $ | 0.18 | $ | (0.21 | ) | $ | (0.01 | ) | $ | — | $ | 10.82 | ||||||||||||||||||||
2006 (2) | 10.92 | 0.32 | (0.26 | ) | (0.32 | ) | (0.03 | ) | — | 10.63 | ||||||||||||||||||||||||||
2005 (3) | 11.18 | 0.44 | (0.19 | ) | (0.45 | ) | (0.06 | ) | — | 10.92 | ||||||||||||||||||||||||||
2004 (3) | 11.30 | 0.44 | (0.10 | ) | (0.45 | ) | (0.01 | ) | — | 11.18 | ||||||||||||||||||||||||||
2003 (3) | 11.32 | 0.44 | (0.03 | ) | (0.43 | ) | — | — | 11.30 | |||||||||||||||||||||||||||
2002 (3) | 10.95 | 0.43 | 0.40 | (0.43 | ) | — | (0.03 | ) | 11.32 | |||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.61 | $ | 0.23 | $ | 0.19 | $ | (0.22 | ) | $ | (0.01 | ) | $ | — | $ | 10.80 | ||||||||||||||||||||
2006 (2) | 10.90 | 0.33 | (0.26 | ) | (0.33 | ) | (0.03 | ) | — | 10.61 | ||||||||||||||||||||||||||
2005 (3) | 11.16 | 0.46 | (0.19 | ) | (0.47 | ) | (0.06 | ) | — | 10.90 | ||||||||||||||||||||||||||
2004 (3) | 11.28 | 0.46 | (0.11 | ) | (0.46 | ) | (0.01 | ) | — | 11.16 | ||||||||||||||||||||||||||
2003 (3) | 11.30 | 0.46 | (0.03 | ) | (0.45 | ) | — | — | 11.28 | |||||||||||||||||||||||||||
2002 (3) | 10.93 | 0.44 | 0.40 | (0.44 | ) | — | (0.03 | ) | 11.30 | |||||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(2) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period October 1 to September 30 in the year indicated. | |
(4) | 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.
82 First American Funds Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income to | |||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average Net | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return (4) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
3.87 | % | $ | 7,388 | 0.85 | % | 4.03 | % | 1.33 | % | 3.55 | % | 18 | % | ||||||||||||||||||||||
0.37 | 9,577 | 0.85 | 4.02 | 1.27 | 3.60 | 17 | |||||||||||||||||||||||||||||
2.11 | 13,426 | 0.85 | 3.85 | 1.10 | 3.60 | 20 | |||||||||||||||||||||||||||||
3.12 | 13,969 | 0.85 | 4.00 | 1.06 | 3.79 | 4 | |||||||||||||||||||||||||||||
3.64 | 22,555 | 0.85 | 3.79 | 1.06 | 3.58 | 14 | |||||||||||||||||||||||||||||
7.56 | 15,244 | 0.85 | 4.48 | 1.11 | 4.22 | 15 | |||||||||||||||||||||||||||||
3.96 | % | $ | 34,578 | 0.70 | % | 4.18 | % | 1.08 | % | 3.80 | % | 18 | % | ||||||||||||||||||||||
0.49 | 32,661 | 0.70 | 4.18 | 1.02 | 3.86 | 17 | |||||||||||||||||||||||||||||
2.36 | 34,562 | 0.70 | 4.01 | 0.85 | 3.86 | 20 | |||||||||||||||||||||||||||||
3.29 | 37,748 | 0.70 | 4.15 | 0.81 | 4.04 | 4 | |||||||||||||||||||||||||||||
3.71 | 47,854 | 0.70 | 3.94 | 0.81 | 3.83 | 14 | |||||||||||||||||||||||||||||
7.83 | 48,398 | 0.70 | 4.60 | 0.86 | 4.44 | 15 | |||||||||||||||||||||||||||||
4.18 | % | $ | 9,187 | 0.75 | % | 4.29 | % | 1.71 | % | 3.33 | % | 16 | % | ||||||||||||||||||||||
0.77 | 8,507 | 0.75 | 4.30 | 1.52 | 3.53 | 35 | |||||||||||||||||||||||||||||
3.36 | 8,362 | 0.75 | 4.23 | 1.18 | 3.80 | 30 | |||||||||||||||||||||||||||||
4.71 | 10,598 | 0.75 | 4.25 | 1.09 | 3.91 | 12 | |||||||||||||||||||||||||||||
3.53 | 13,843 | 0.75 | 4.23 | 1.07 | 3.91 | 14 | |||||||||||||||||||||||||||||
9.72 | 19,633 | 0.75 | 4.32 | 1.30 | 3.77 | 22 | |||||||||||||||||||||||||||||
3.98 | % | $ | 3,093 | 1.15 | % | 3.89 | % | 2.29 | % | 2.75 | % | 16 | % | ||||||||||||||||||||||
0.47 | 3,007 | 1.15 | 3.90 | 2.27 | 2.78 | 35 | |||||||||||||||||||||||||||||
2.95 | 3,423 | 1.15 | 3.83 | 1.93 | 3.05 | 30 | |||||||||||||||||||||||||||||
4.21 | 3,787 | 1.15 | 3.85 | 1.84 | 3.16 | 12 | |||||||||||||||||||||||||||||
3.23 | 4,284 | 1.15 | 3.83 | 1.82 | 3.16 | 14 | |||||||||||||||||||||||||||||
9.23 | 3,705 | 1.15 | 3.95 | 2.05 | 3.05 | 22 | |||||||||||||||||||||||||||||
4.30 | % | $ | 11,004 | 0.50 | % | 4.54 | % | 1.46 | % | 3.58 | % | 16 | % | ||||||||||||||||||||||
0.96 | 10,181 | 0.50 | 4.58 | 1.27 | 3.81 | 35 | |||||||||||||||||||||||||||||
3.70 | 8,363 | 0.50 | 4.48 | 0.93 | 4.05 | 30 | |||||||||||||||||||||||||||||
4.87 | 9,439 | 0.50 | 4.51 | 0.84 | 4.17 | 12 | |||||||||||||||||||||||||||||
3.78 | 9,516 | 0.50 | 4.49 | 0.82 | 4.17 | 14 | |||||||||||||||||||||||||||||
10.07 | 9,244 | 0.50 | 4.59 | 1.05 | 4.04 | 22 | |||||||||||||||||||||||||||||
3.88 | % | $ | 30,905 | 0.85 | % | 4.08 | % | 1.02 | % | 3.91 | % | 14 | % | ||||||||||||||||||||||
0.56 | 32,521 | 0.85 | 3.95 | 1.05 | 3.75 | 15 | |||||||||||||||||||||||||||||
2.31 | 34,658 | 0.85 | 3.98 | 1.05 | 3.78 | 15 | |||||||||||||||||||||||||||||
3.06 | 35,276 | 0.85 | 3.98 | 1.05 | 3.78 | 10 | |||||||||||||||||||||||||||||
3.74 | 34,231 | 0.85 | 3.91 | 1.05 | 3.71 | 15 | |||||||||||||||||||||||||||||
7.78 | 29,838 | 0.85 | 3.87 | 1.03 | 3.69 | 28 | |||||||||||||||||||||||||||||
3.97 | % | $ | 601,241 | 0.70 | % | 4.23 | % | 0.77 | % | 4.16 | % | 14 | % | ||||||||||||||||||||||
0.67 | 596,306 | 0.70 | 4.10 | 0.80 | 4.00 | 15 | |||||||||||||||||||||||||||||
2.47 | 641,141 | 0.70 | 4.13 | 0.80 | 4.03 | 15 | |||||||||||||||||||||||||||||
3.22 | 637,361 | 0.70 | 4.13 | 0.80 | 4.03 | 10 | |||||||||||||||||||||||||||||
3.90 | 696,994 | 0.70 | 4.05 | 0.80 | 3.95 | 15 | |||||||||||||||||||||||||||||
7.95 | 485,592 | 0.70 | 4.04 | 0.78 | 3.96 | 28 | |||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 83
Table of Contents
Financial Highlights continued
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Minnesota Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 9.88 | $ | 0.19 | $ | 0.18 | $ | (0.19 | ) | $ | (0.05 | ) | $ | 10.01 | |||||||||||||||||||
2006 (2) | 10.16 | 0.29 | (0.22 | ) | (0.29 | ) | (0.06 | ) | 9.88 | ||||||||||||||||||||||||
2005 (3) | 10.34 | 0.39 | (0.15 | ) | (0.39 | ) | (0.03 | ) | 10.16 | ||||||||||||||||||||||||
2004 (3) | 10.44 | 0.39 | (0.08 | ) | (0.39 | ) | (0.02 | ) | 10.34 | ||||||||||||||||||||||||
2003 (3) | 10.51 | 0.40 | (0.04 | ) | (0.41 | ) | (0.02 | ) | 10.44 | ||||||||||||||||||||||||
2002 (3) | 10.21 | 0.43 | 0.29 | (0.42 | ) | — | 10.51 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 9.83 | $ | 0.20 | $ | 0.18 | $ | (0.20 | ) | $ | (0.05 | ) | $ | 9.96 | |||||||||||||||||||
2006 (2) | 10.11 | 0.30 | (0.22 | ) | (0.30 | ) | (0.06 | ) | 9.83 | ||||||||||||||||||||||||
2005 (3) | 10.29 | 0.40 | (0.15 | ) | (0.40 | ) | (0.03 | ) | 10.11 | ||||||||||||||||||||||||
2004 (3) | 10.40 | 0.41 | (0.10 | ) | (0.40 | ) | (0.02 | ) | 10.29 | ||||||||||||||||||||||||
2003 (3) | 10.46 | 0.42 | (0.03 | ) | (0.43 | ) | (0.02 | ) | 10.40 | ||||||||||||||||||||||||
2002 (3) | 10.17 | 0.45 | 0.27 | (0.43 | ) | — | 10.46 | ||||||||||||||||||||||||||
Minnesota Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.97 | $ | 0.23 | $ | 0.25 | $ | (0.22 | ) | $ | (0.03 | ) | $ | 11.20 | |||||||||||||||||||
2006 (2) | 11.21 | 0.35 | (0.21 | ) | (0.35 | ) | (0.03 | ) | 10.97 | ||||||||||||||||||||||||
2005 (3) | 11.23 | 0.45 | 0.03 | (0.45 | ) | (0.05 | ) | 11.21 | |||||||||||||||||||||||||
2004 (3) | 11.34 | 0.44 | (0.01 | ) | (0.45 | ) | (0.09 | ) | 11.23 | ||||||||||||||||||||||||
2003 (3) | 11.39 | 0.48 | (0.05 | ) | (0.45 | ) | (0.03 | ) | 11.34 | ||||||||||||||||||||||||
2002 (3) | 11.06 | 0.47 | 0.34 | (0.47 | ) | (0.01 | ) | 11.39 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.93 | $ | 0.21 | $ | 0.24 | $ | (0.20 | ) | $ | (0.03 | ) | $ | 11.15 | |||||||||||||||||||
2006 (2) | 11.17 | 0.31 | (0.20 | ) | (0.32 | ) | (0.03 | ) | 10.93 | ||||||||||||||||||||||||
2005 (3) | 11.19 | 0.41 | 0.03 | (0.41 | ) | (0.05 | ) | 11.17 | |||||||||||||||||||||||||
2004 (3) | 11.31 | 0.39 | (0.01 | ) | (0.41 | ) | (0.09 | ) | 11.19 | ||||||||||||||||||||||||
2003 (3) | 11.36 | 0.43 | (0.04 | ) | (0.41 | ) | (0.03 | ) | 11.31 | ||||||||||||||||||||||||
2002 (3) | 11.04 | 0.43 | 0.33 | (0.43 | ) | (0.01 | ) | 11.36 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.96 | $ | 0.24 | $ | 0.25 | $ | (0.24 | ) | $ | (0.03 | ) | $ | 11.18 | |||||||||||||||||||
2006 (2) | 11.20 | 0.36 | (0.20 | ) | (0.37 | ) | (0.03 | ) | 10.96 | ||||||||||||||||||||||||
2005 (3) | 11.22 | 0.48 | 0.03 | (0.48 | ) | (0.05 | ) | 11.20 | |||||||||||||||||||||||||
2004 (3) | 11.33 | 0.47 | (0.01 | ) | (0.48 | ) | (0.09 | ) | 11.22 | ||||||||||||||||||||||||
2003 (3) | 11.38 | 0.51 | (0.05 | ) | (0.48 | ) | (0.03 | ) | 11.33 | ||||||||||||||||||||||||
2002 (3) | 11.05 | 0.49 | 0.35 | (0.50 | ) | (0.01 | ) | 11.38 | |||||||||||||||||||||||||
Missouri Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 11.76 | $ | 0.23 | $ | 0.27 | $ | (0.22 | ) | $ | (0.09 | ) | $ | 11.95 | |||||||||||||||||||
2006 (2) | 12.14 | 0.34 | (0.29 | ) | (0.34 | ) | (0.09 | ) | 11.76 | ||||||||||||||||||||||||
2005 (3) | 12.32 | 0.45 | (0.12 | ) | (0.45 | ) | (0.06 | ) | 12.14 | ||||||||||||||||||||||||
2004 (3) | 12.37 | 0.45 | (0.02 | ) | (0.45 | ) | (0.03 | ) | 12.32 | ||||||||||||||||||||||||
2003 (3) | 12.47 | 0.45 | (0.04 | ) | (0.45 | ) | (0.06 | ) | 12.37 | ||||||||||||||||||||||||
2002 (3) | 12.05 | 0.46 | 0.47 | (0.47 | ) | (0.04 | ) | 12.47 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 11.73 | $ | 0.20 | $ | 0.28 | $ | (0.20 | ) | $ | (0.09 | ) | $ | 11.92 | |||||||||||||||||||
2006 (2) | 12.12 | 0.30 | (0.30 | ) | (0.30 | ) | (0.09 | ) | 11.73 | ||||||||||||||||||||||||
2005 (3) | 12.29 | 0.40 | (0.11 | ) | (0.40 | ) | (0.06 | ) | 12.12 | ||||||||||||||||||||||||
2004 (3) | 12.35 | 0.40 | (0.03 | ) | (0.40 | ) | (0.03 | ) | 12.29 | ||||||||||||||||||||||||
2003 (3) | 12.46 | 0.40 | (0.04 | ) | (0.41 | ) | (0.06 | ) | 12.35 | ||||||||||||||||||||||||
2002 (3) | 12.05 | 0.41 | 0.48 | (0.44 | ) | (0.04 | ) | 12.46 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 11.76 | $ | 0.24 | $ | 0.28 | $ | (0.24 | ) | $ | (0.09 | ) | $ | 11.95 | |||||||||||||||||||
2006 (2) | 12.15 | 0.36 | (0.30 | ) | (0.36 | ) | (0.09 | ) | 11.76 | ||||||||||||||||||||||||
2005 (3) | 12.32 | 0.48 | (0.11 | ) | (0.48 | ) | (0.06 | ) | 12.15 | ||||||||||||||||||||||||
2004 (3) | 12.38 | 0.48 | (0.03 | ) | (0.48 | ) | (0.03 | ) | 12.32 | ||||||||||||||||||||||||
2003 (3) | 12.48 | 0.49 | (0.05 | ) | (0.48 | ) | (0.06 | ) | 12.38 | ||||||||||||||||||||||||
2002 (3) | 12.06 | 0.48 | 0.48 | (0.50 | ) | (0.04 | ) | 12.48 | |||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(2) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period October 1 to September 30 in the year indicated. | |
(4) | 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 Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income to | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average Net | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (4) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
3.74 | % | $ | 24,715 | 0.85 | % | 3.83 | % | 1.06 | % | 3.62 | % | 12 | % | ||||||||||||||||||||||||
0.74 | 26,526 | 0.85 | 3.85 | 1.08 | 3.62 | 11 | |||||||||||||||||||||||||||||||
2.33 | 32,326 | 0.85 | 3.78 | 1.06 | 3.57 | 15 | |||||||||||||||||||||||||||||||
3.03 | 35,047 | 0.85 | 3.77 | 1.05 | 3.57 | 8 | |||||||||||||||||||||||||||||||
3.55 | 31,044 | 0.85 | 3.85 | 1.05 | 3.65 | 15 | |||||||||||||||||||||||||||||||
7.23 | 19,914 | 0.85 | 4.27 | 1.03 | 4.09 | 15 | |||||||||||||||||||||||||||||||
3.84 | % | $ | 175,836 | 0.70 | % | 3.98 | % | 0.81 | % | 3.87 | % | 12 | % | ||||||||||||||||||||||||
0.85 | 175,485 | 0.70 | 4.00 | 0.83 | 3.87 | 11 | |||||||||||||||||||||||||||||||
2.50 | 197,251 | 0.70 | 3.93 | 0.81 | 3.82 | 15 | |||||||||||||||||||||||||||||||
3.10 | 216,906 | 0.70 | 3.92 | 0.80 | 3.82 | 8 | |||||||||||||||||||||||||||||||
3.82 | 238,958 | 0.70 | 4.01 | 0.80 | 3.91 | 15 | |||||||||||||||||||||||||||||||
7.31 | 251,597 | 0.70 | 4.41 | 0.78 | 4.33 | 15 | |||||||||||||||||||||||||||||||
4.41 | % | $ | 107,860 | 0.95 | % | 4.08 | % | 1.09 | % | 3.94 | % | 8 | % | ||||||||||||||||||||||||
1.28 | 101,142 | 0.95 | 4.15 | 1.10 | 4.00 | 11 | |||||||||||||||||||||||||||||||
4.42 | 106,783 | 0.95 | 4.04 | 1.06 | 3.93 | 16 | |||||||||||||||||||||||||||||||
3.94 | 114,981 | 0.95 | 3.87 | 1.05 | 3.77 | 25 | |||||||||||||||||||||||||||||||
3.90 | 125,916 | 0.95 | 4.25 | 1.06 | 4.14 | 23 | |||||||||||||||||||||||||||||||
7.23 | 135,607 | 0.95 | 4.22 | 1.09 | 4.08 | 26 | |||||||||||||||||||||||||||||||
4.12 | % | $ | 12,143 | 1.35 | % | 3.68 | % | 1.66 | % | 3.37 | % | 8 | % | ||||||||||||||||||||||||
0.98 | 10,359 | 1.35 | 3.75 | 1.85 | 3.25 | 11 | |||||||||||||||||||||||||||||||
4.02 | 9,841 | 1.35 | 3.64 | 1.81 | 3.18 | 16 | |||||||||||||||||||||||||||||||
3.45 | 10,387 | 1.35 | 3.47 | 1.80 | 3.02 | 25 | |||||||||||||||||||||||||||||||
3.51 | 11,951 | 1.35 | 3.85 | 1.81 | 3.39 | 23 | |||||||||||||||||||||||||||||||
7.10 | 11,703 | 1.35 | 3.80 | 1.84 | 3.31 | 26 | |||||||||||||||||||||||||||||||
4.45 | % | $ | 51,950 | 0.70 | % | 4.33 | % | 0.84 | % | 4.19 | % | 8 | % | ||||||||||||||||||||||||
1.47 | 48,760 | 0.70 | 4.40 | 0.85 | 4.25 | 11 | |||||||||||||||||||||||||||||||
4.69 | 46,471 | 0.70 | 4.29 | 0.81 | 4.18 | 16 | |||||||||||||||||||||||||||||||
4.20 | 42,900 | 0.70 | 4.12 | 0.80 | 4.02 | 25 | |||||||||||||||||||||||||||||||
4.16 | 47,858 | 0.70 | 4.50 | 0.81 | 4.39 | 23 | |||||||||||||||||||||||||||||||
7.84 | 54,638 | 0.70 | 4.47 | 0.84 | 4.33 | 26 | |||||||||||||||||||||||||||||||
4.25 | % | $ | 26,858 | 0.95 | % | 3.73 | % | 1.09 | % | 3.59 | % | 12 | % | ||||||||||||||||||||||||
0.38 | 26,972 | 0.95 | 3.74 | 1.09 | 3.60 | 20 | |||||||||||||||||||||||||||||||
2.74 | 30,188 | 0.95 | 3.65 | 1.06 | 3.54 | 19 | |||||||||||||||||||||||||||||||
3.60 | 27,114 | 0.95 | 3.68 | 1.05 | 3.58 | 15 | |||||||||||||||||||||||||||||||
3.45 | 28,141 | 0.95 | 3.69 | 1.06 | 3.58 | 20 | |||||||||||||||||||||||||||||||
7.99 | 26,496 | 0.95 | 3.81 | 1.06 | 3.70 | 25 | |||||||||||||||||||||||||||||||
4.07 | % | $ | 304 | 1.35 | % | 3.33 | % | 1.66 | % | 3.02 | % | 12 | % | ||||||||||||||||||||||||
0.00 | 214 | 1.35 | 3.34 | 1.84 | 2.85 | 20 | |||||||||||||||||||||||||||||||
2.42 | 190 | 1.35 | 3.25 | 1.81 | 2.79 | 19 | |||||||||||||||||||||||||||||||
3.11 | 218 | 1.35 | 3.28 | 1.80 | 2.83 | 15 | |||||||||||||||||||||||||||||||
3.05 | 279 | 1.35 | 3.30 | 1.81 | 2.84 | 20 | |||||||||||||||||||||||||||||||
7.58 | 21 | 1.35 | 3.28 | 1.81 | 2.82 | 25 | |||||||||||||||||||||||||||||||
4.38 | % | $ | 130,842 | 0.70 | % | 3.99 | % | 0.84 | % | 3.85 | % | 12 | % | ||||||||||||||||||||||||
0.49 | 138,394 | 0.70 | 3.99 | 0.84 | 3.85 | 20 | |||||||||||||||||||||||||||||||
3.08 | 151,710 | 0.70 | 3.90 | 0.81 | 3.79 | 19 | |||||||||||||||||||||||||||||||
3.77 | 152,676 | 0.70 | 3.93 | 0.80 | 3.83 | 15 | |||||||||||||||||||||||||||||||
3.71 | 168,094 | 0.70 | 3.94 | 0.81 | 3.83 | 20 | |||||||||||||||||||||||||||||||
8.25 | 142,344 | 0.70 | 4.06 | 0.81 | 3.95 | 25 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 85
Table of Contents
Financial Highlights continued
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Nebraska Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.33 | $ | 0.21 | $ | 0.23 | $ | (0.21 | ) | $ | (0.05 | ) | $ | 10.51 | |||||||||||||||||||
2006 (2) | 10.58 | 0.31 | (0.24 | ) | (0.30 | ) | (0.02 | ) | 10.33 | ||||||||||||||||||||||||
2005 (3) | 10.66 | 0.39 | (0.05 | ) | (0.42 | ) | — | 10.58 | |||||||||||||||||||||||||
2004 (3) | 10.66 | 0.41 | 0.03 | (0.40 | ) | (0.04 | ) | 10.66 | |||||||||||||||||||||||||
2003 (3) | 10.70 | 0.41 | (0.04 | ) | (0.40 | ) | (0.01 | ) | 10.66 | ||||||||||||||||||||||||
2002 (3) | 10.20 | 0.41 | 0.49 | (0.40 | ) | — | 10.70 | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.26 | $ | 0.19 | $ | 0.22 | $ | (0.18 | ) | $ | (0.05 | ) | $ | 10.44 | |||||||||||||||||||
2006 (2) | 10.50 | 0.27 | (0.22 | ) | (0.27 | ) | (0.02 | ) | 10.26 | ||||||||||||||||||||||||
2005 (3) | 10.58 | 0.35 | (0.06 | ) | (0.37 | ) | — | 10.50 | |||||||||||||||||||||||||
2004 (3) | 10.58 | 0.35 | 0.04 | (0.35 | ) | (0.04 | ) | 10.58 | |||||||||||||||||||||||||
2003 (3) | 10.63 | 0.36 | (0.04 | ) | (0.36 | ) | (0.01 | ) | 10.58 | ||||||||||||||||||||||||
2002 (3) | 10.14 | 0.36 | 0.50 | (0.37 | ) | — | 10.63 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.33 | $ | 0.22 | $ | 0.22 | $ | (0.22 | ) | $ | (0.05 | ) | $ | 10.50 | |||||||||||||||||||
2006 (2) | 10.58 | 0.32 | (0.23 | ) | (0.32 | ) | (0.02 | ) | 10.33 | ||||||||||||||||||||||||
2005 (3) | 10.66 | 0.43 | (0.07 | ) | (0.44 | ) | — | 10.58 | |||||||||||||||||||||||||
2004 (3) | 10.65 | 0.43 | 0.04 | (0.42 | ) | (0.04 | ) | 10.66 | |||||||||||||||||||||||||
2003 (3) | 10.69 | 0.43 | (0.03 | ) | (0.43 | ) | (0.01 | ) | 10.65 | ||||||||||||||||||||||||
2002 (3) | 10.19 | 0.43 | 0.50 | (0.43 | ) | — | 10.69 | ||||||||||||||||||||||||||
Ohio Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.17 | $ | 0.19 | $ | 0.26 | $ | (0.19 | ) | $ | (0.02 | ) | $ | 10.41 | |||||||||||||||||||
2006 (2) | 10.42 | 0.29 | (0.25 | ) | (0.28 | ) | (0.01 | ) | 10.17 | ||||||||||||||||||||||||
2005 (3) | 10.52 | 0.36 | (0.06 | ) | (0.36 | ) | (0.04 | ) | 10.42 | ||||||||||||||||||||||||
2004 (3) | 10.54 | 0.36 | 0.07 | (0.35 | ) | (0.10 | ) | 10.52 | |||||||||||||||||||||||||
2003 (3) | 10.58 | 0.36 | (0.03 | ) | (0.37 | ) | — | 10.54 | |||||||||||||||||||||||||
2002 (4) | 10.00 | 0.15 | 0.59 | (0.16 | ) | — | 10.58 | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.05 | $ | 0.11 | $ | 0.31 | $ | (0.17 | ) | $ | (0.02 | ) | $ | 10.28 | |||||||||||||||||||
2006 (2) | 10.32 | 0.25 | (0.26 | ) | (0.25 | ) | (0.01 | ) | 10.05 | ||||||||||||||||||||||||
2005 (3) | 10.41 | 0.32 | (0.05 | ) | (0.32 | ) | (0.04 | ) | 10.32 | ||||||||||||||||||||||||
2004 (3) | 10.44 | 0.29 | 0.09 | (0.31 | ) | (0.10 | ) | 10.41 | |||||||||||||||||||||||||
2003 (3) | 10.57 | 0.32 | (0.12 | ) | (0.33 | ) | — | 10.44 | |||||||||||||||||||||||||
2002 (4) | 10.00 | 0.13 | 0.58 | (0.14 | ) | — | 10.57 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.17 | $ | 0.21 | $ | 0.24 | $ | (0.20 | ) | $ | (0.02 | ) | $ | 10.40 | |||||||||||||||||||
2006 (2) | 10.43 | 0.30 | (0.25 | ) | (0.30 | ) | (0.01 | ) | 10.17 | ||||||||||||||||||||||||
2005 (3) | 10.53 | 0.38 | (0.05 | ) | (0.39 | ) | (0.04 | ) | 10.43 | ||||||||||||||||||||||||
2004 (3) | 10.55 | 0.38 | 0.07 | (0.37 | ) | (0.10 | ) | 10.53 | |||||||||||||||||||||||||
2003 (3) | 10.57 | 0.39 | (0.02 | ) | (0.39 | ) | — | 10.55 | |||||||||||||||||||||||||
2002 (4) | 10.00 | 0.16 | 0.58 | (0.17 | ) | — | 10.57 | ||||||||||||||||||||||||||
Oregon Intermediate Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 9.78 | $ | 0.19 | $ | 0.16 | $ | (0.18 | ) | $ | (0.04 | ) | $ | 9.91 | |||||||||||||||||||
2006 (2) | 10.07 | 0.27 | (0.25 | ) | (0.27 | ) | (0.04 | ) | 9.78 | ||||||||||||||||||||||||
2005 (3) | 10.30 | 0.36 | (0.19 | ) | (0.36 | ) | (0.04 | ) | 10.07 | ||||||||||||||||||||||||
2004 (3) | 10.43 | 0.37 | (0.05 | ) | (0.37 | ) | (0.08 | ) | 10.30 | ||||||||||||||||||||||||
2003 (3) | 10.49 | 0.37 | (0.03 | ) | (0.38 | ) | (0.02 | ) | 10.43 | ||||||||||||||||||||||||
2002 (3) | 10.18 | 0.40 | 0.31 | (0.40 | ) | — | 10.49 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 9.78 | $ | 0.20 | $ | 0.17 | $ | (0.19 | ) | $ | (0.04 | ) | $ | 9.92 | |||||||||||||||||||
2006 (2) | 10.07 | 0.28 | (0.25 | ) | (0.28 | ) | (0.04 | ) | 9.78 | ||||||||||||||||||||||||
2005 (3) | 10.30 | 0.38 | (0.19 | ) | (0.38 | ) | (0.04 | ) | 10.07 | ||||||||||||||||||||||||
2004 (3) | 10.43 | 0.39 | (0.05 | ) | (0.39 | ) | (0.08 | ) | 10.30 | ||||||||||||||||||||||||
2003 (3) | 10.49 | 0.40 | (0.05 | ) | (0.39 | ) | (0.02 | ) | 10.43 | ||||||||||||||||||||||||
2002 (3) | 10.18 | 0.42 | 0.31 | (0.42 | ) | — | 10.49 | ||||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
(2) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period October 1 to September 30 in the year indicated. | |
(4) | For the period from April 30, 2002, when the class of shares was first offered, to September 30, 2002. All ratios for the period 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.
86 First American Funds Semiannual Report 2006
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Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income to | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average Net | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (5) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
4.20 | % | $ | 6,965 | 0.75 | % | 3.96 | % | 1.41 | % | 3.30 | % | 12 | % | ||||||||||||||||||||||||
0.65 | 6,910 | 0.75 | 3.89 | 1.30 | 3.34 | 35 | |||||||||||||||||||||||||||||||
3.20 | 7,136 | 0.75 | 3.78 | 1.12 | 3.41 | 21 | |||||||||||||||||||||||||||||||
4.18 | 4,925 | 0.75 | 3.82 | 1.08 | 3.49 | 17 | |||||||||||||||||||||||||||||||
3.57 | 4,869 | 0.75 | 3.87 | 1.07 | 3.55 | 15 | |||||||||||||||||||||||||||||||
9.09 | 4,904 | 0.75 | 3.98 | 1.29 | 3.44 | 35 | |||||||||||||||||||||||||||||||
4.02 | % | $ | 1,399 | 1.15 | % | 3.56 | % | 1.99 | % | 2.72 | % | 12 | % | ||||||||||||||||||||||||
0.46 | 1,487 | 1.15 | 3.49 | 2.05 | 2.59 | 35 | |||||||||||||||||||||||||||||||
2.81 | 1,565 | 1.15 | 3.38 | 1.87 | 2.66 | 21 | |||||||||||||||||||||||||||||||
3.80 | 1,861 | 1.15 | 3.42 | 1.83 | 2.74 | 17 | |||||||||||||||||||||||||||||||
3.10 | 1,657 | 1.15 | 3.46 | 1.82 | 2.79 | 15 | |||||||||||||||||||||||||||||||
8.66 | 982 | 1.15 | 3.57 | 2.04 | 2.68 | 35 | |||||||||||||||||||||||||||||||
4.24 | % | $ | 30,611 | 0.50 | % | 4.21 | % | 1.16 | % | 3.55 | % | 12 | % | ||||||||||||||||||||||||
0.85 | 31,347 | 0.50 | 4.14 | 1.05 | 3.59 | 35 | |||||||||||||||||||||||||||||||
3.45 | 32,418 | 0.50 | 4.03 | 0.87 | 3.66 | 21 | |||||||||||||||||||||||||||||||
4.54 | 29,722 | 0.50 | 4.07 | 0.83 | 3.74 | 17 | |||||||||||||||||||||||||||||||
3.82 | 28,120 | 0.50 | 4.11 | 0.82 | 3.79 | 15 | |||||||||||||||||||||||||||||||
9.37 | 27,348 | 0.50 | 4.22 | 1.04 | 3.68 | 35 | |||||||||||||||||||||||||||||||
4.41 | % | $ | 917 | 0.75 | % | 3.67 | % | 1.38 | % | 3.04 | % | 10 | % | ||||||||||||||||||||||||
0.40 | 841 | 0.75 | 3.60 | 1.28 | 3.07 | 11 | |||||||||||||||||||||||||||||||
2.86 | 988 | 0.75 | 3.41 | 1.11 | 3.05 | 13 | |||||||||||||||||||||||||||||||
4.16 | 1,200 | 0.75 | 3.43 | 1.08 | 3.10 | 19 | |||||||||||||||||||||||||||||||
3.22 | 849 | 0.75 | 3.52 | 1.09 | 3.18 | 22 | |||||||||||||||||||||||||||||||
7.42 | 453 | 0.75 | 3.25 | 1.23 | 2.77 | 3 | |||||||||||||||||||||||||||||||
4.16 | % | $ | 190 | 1.15 | % | 3.27 | % | 1.96 | % | 2.46 | % | 10 | % | ||||||||||||||||||||||||
(0.08 | ) | 209 | 1.15 | 3.22 | 2.03 | 2.34 | 11 | ||||||||||||||||||||||||||||||
2.58 | 174 | 1.15 | 3.01 | 1.86 | 2.30 | 13 | |||||||||||||||||||||||||||||||
3.69 | 120 | 1.15 | 3.03 | 1.83 | 2.35 | 19 | |||||||||||||||||||||||||||||||
1.95 | 215 | 1.15 | 3.08 | 1.84 | 2.39 | 22 | |||||||||||||||||||||||||||||||
7.13 | 1 | 1.15 | 3.01 | 1.98 | 2.18 | 3 | |||||||||||||||||||||||||||||||
4.45 | % | $ | 40,827 | 0.50 | % | 3.92 | % | 1.13 | % | 3.29 | % | 10 | % | ||||||||||||||||||||||||
0.49 | 40,606 | 0.50 | 3.85 | 1.03 | 3.32 | 11 | |||||||||||||||||||||||||||||||
3.12 | 41,104 | 0.50 | 3.66 | 0.86 | 3.30 | 13 | |||||||||||||||||||||||||||||||
4.42 | 39,240 | 0.50 | 3.68 | 0.82 | 3.36 | 19 | |||||||||||||||||||||||||||||||
3.65 | 39,465 | 0.50 | 3.78 | 0.84 | 3.44 | 22 | |||||||||||||||||||||||||||||||
7.41 | 38,083 | 0.50 | 3.74 | 0.98 | 3.26 | 3 | |||||||||||||||||||||||||||||||
3.56 | % | $ | 8,662 | 0.85 | % | 3.78 | % | 1.11 | % | 3.52 | % | 18 | % | ||||||||||||||||||||||||
0.16 | 9,456 | 0.85 | 3.62 | 1.11 | 3.36 | 13 | |||||||||||||||||||||||||||||||
1.67 | 9,356 | 0.85 | 3.56 | 1.06 | 3.35 | 20 | |||||||||||||||||||||||||||||||
3.20 | 8,700 | 0.85 | 3.62 | 1.05 | 3.42 | 12 | |||||||||||||||||||||||||||||||
3.31 | 8,189 | 0.85 | 3.67 | 1.05 | 3.47 | 17 | |||||||||||||||||||||||||||||||
7.23 | 7,030 | 0.85 | 3.95 | 1.05 | 3.75 | 18 | |||||||||||||||||||||||||||||||
3.75 | % | $ | 115,679 | 0.70 | % | 3.92 | % | 0.86 | % | 3.76 | % | 18 | % | ||||||||||||||||||||||||
0.28 | 111,344 | 0.70 | 3.77 | 0.86 | 3.61 | 13 | |||||||||||||||||||||||||||||||
1.82 | 133,613 | 0.70 | 3.71 | 0.81 | 3.60 | 20 | |||||||||||||||||||||||||||||||
3.35 | 137,869 | 0.70 | 3.77 | 0.80 | 3.67 | 12 | |||||||||||||||||||||||||||||||
3.46 | 146,244 | 0.70 | 3.82 | 0.80 | 3.72 | 17 | |||||||||||||||||||||||||||||||
7.39 | 151,928 | 0.70 | 4.10 | 0.80 | 4.00 | 18 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 87
Table of Contents
Financial Highlights continued
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Short Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 9.68 | $ | 0.14 | $ | 0.07 | $ | (0.14 | ) | $ | — | $ | 9.75 | ||||||||||||||||||||
2006 (2) | 9.78 | 0.19 | (0.09 | ) | (0.20 | ) | — | 9.68 | |||||||||||||||||||||||||
2005 (3) | 9.96 | 0.24 | (0.17 | ) | (0.25 | ) | — | 9.78 | |||||||||||||||||||||||||
2004 (3) | 10.18 | 0.26 | (0.17 | ) | (0.25 | ) | (0.06 | ) | 9.96 | ||||||||||||||||||||||||
2003 (4) | 10.00 | 0.26 | 0.19 | (0.27 | ) | — | 10.18 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 9.68 | $ | 0.15 | $ | 0.07 | $ | (0.15 | ) | $ | — | $ | 9.75 | ||||||||||||||||||||
2006 (2) | 9.78 | 0.21 | (0.10 | ) | (0.21 | ) | — | 9.68 | |||||||||||||||||||||||||
2005 (3) | 9.96 | 0.26 | (0.18 | ) | (0.26 | ) | — | 9.78 | |||||||||||||||||||||||||
2004 (3) | 10.18 | 0.27 | (0.17 | ) | (0.26 | ) | (0.06 | ) | 9.96 | ||||||||||||||||||||||||
2003 (4) | 10.00 | 0.28 | 0.18 | (0.28 | ) | — | 10.18 | ||||||||||||||||||||||||||
Tax Free Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.86 | $ | 0.23 | $ | 0.24 | $ | (0.23 | ) | $ | (0.09 | ) | $ | 11.01 | |||||||||||||||||||
2006 (2) | 11.10 | 0.35 | (0.20 | ) | (0.35 | ) | (0.04 | ) | 10.86 | ||||||||||||||||||||||||
2005 (3) | 11.18 | 0.47 | 0.03 | (0.47 | ) | (0.11 | ) | 11.10 | |||||||||||||||||||||||||
2004 (3) | 11.28 | 0.47 | 0.02 | (0.48 | ) | (0.11 | ) | 11.18 | |||||||||||||||||||||||||
2003 (3) | 11.44 | 0.47 | (0.03 | ) | (0.47 | ) | (0.13 | ) | 11.28 | ||||||||||||||||||||||||
2002 (3) | 10.99 | 0.47 | 0.44 | (0.46 | ) | — | 11.44 | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.81 | $ | 0.21 | $ | 0.24 | $ | (0.21 | ) | $ | (0.09 | ) | $ | 10.96 | |||||||||||||||||||
2006 (2) | 11.05 | 0.32 | (0.20 | ) | (0.32 | ) | (0.04 | ) | 10.81 | ||||||||||||||||||||||||
2005 (3) | 11.13 | 0.42 | 0.03 | (0.42 | ) | (0.11 | ) | 11.05 | |||||||||||||||||||||||||
2004 (3) | 11.24 | 0.43 | — | (0.43 | ) | (0.11 | ) | 11.13 | |||||||||||||||||||||||||
2003 (3) | 11.40 | 0.42 | (0.02 | ) | (0.43 | ) | (0.13 | ) | 11.24 | ||||||||||||||||||||||||
2002 (3) | 10.96 | 0.42 | 0.45 | (0.43 | ) | — | 11.40 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) | $ | 10.87 | $ | 0.24 | $ | 0.24 | $ | (0.24 | ) | $ | (0.09 | ) | $ | 11.02 | |||||||||||||||||||
2006 (2) | 11.11 | 0.37 | (0.20 | ) | (0.37 | ) | (0.04 | ) | 10.87 | ||||||||||||||||||||||||
2005 (3) | 11.19 | 0.50 | 0.02 | (0.49 | ) | (0.11 | ) | 11.11 | |||||||||||||||||||||||||
2004 (3) | 11.29 | 0.50 | 0.01 | (0.50 | ) | (0.11 | ) | 11.19 | |||||||||||||||||||||||||
2003 (3) | 11.45 | 0.50 | (0.03 | ) | (0.50 | ) | (0.13 | ) | 11.29 | ||||||||||||||||||||||||
2002 (3) | 11.00 | 0.49 | 0.45 | (0.49 | ) | — | 11.45 | ||||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios have been annualized, except total return and portfolio turnover. | |
(2) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period October 1 to September 30 in the year indicated. | |
(4) | For the period from October 25, 2002, when the class of shares was first offered, to September 30, 2003. All ratios for the period 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.
88 First American Funds Semiannual Report 2006
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Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income to | |||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average Net | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return (5) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
2.15 | % | $ | 3,145 | 0.75 | % | 2.88 | % | 1.08 | % | 2.55 | % | 38 | % | ||||||||||||||||||||||
1.02 | 3,321 | 0.75 | 2.65 | 1.08 | 2.32 | 22 | |||||||||||||||||||||||||||||
0.67 | 4,103 | 0.75 | 2.46 | 1.06 | 2.15 | 37 | |||||||||||||||||||||||||||||
0.90 | 6,329 | 0.75 | 2.55 | 1.05 | 2.25 | 30 | |||||||||||||||||||||||||||||
4.54 | 6,448 | 0.75 | 2.67 | 1.05 | 2.37 | 54 | |||||||||||||||||||||||||||||
2.22 | % | $ | 197,213 | 0.60 | % | 3.04 | % | 0.83 | % | 2.81 | % | 38 | % | ||||||||||||||||||||||
1.13 | 235,900 | 0.60 | 2.80 | 0.83 | 2.57 | 22 | |||||||||||||||||||||||||||||
0.83 | 329,647 | 0.60 | 2.62 | 0.81 | 2.41 | 37 | |||||||||||||||||||||||||||||
1.05 | 419,359 | 0.60 | 2.70 | 0.80 | 2.50 | 30 | |||||||||||||||||||||||||||||
4.66 | 396,918 | 0.60 | 3.00 | 0.80 | 2.80 | 54 | |||||||||||||||||||||||||||||
4.33 | % | $ | 38,095 | 0.95 | % | 4.14 | % | 1.03 | % | 4.06 | % | 16 | % | ||||||||||||||||||||||
1.37 | 36,519 | 0.95 | 4.28 | 1.06 | 4.17 | 13 | |||||||||||||||||||||||||||||
4.51 | 38,205 | 0.95 | 4.20 | 1.06 | 4.09 | 8 | |||||||||||||||||||||||||||||
4.45 | 40,156 | 0.95 | 4.18 | 1.05 | 4.08 | 23 | |||||||||||||||||||||||||||||
4.06 | 42,942 | 0.95 | 4.21 | 1.05 | 4.11 | 23 | |||||||||||||||||||||||||||||
8.56 | 43,708 | 0.95 | 4.20 | 1.02 | 4.13 | 39 | |||||||||||||||||||||||||||||
4.14 | % | $ | 2,217 | 1.35 | % | 3.74 | % | 1.60 | % | 3.49 | % | 16 | % | ||||||||||||||||||||||
1.06 | 2,210 | 1.35 | 3.87 | 1.81 | 3.41 | 13 | |||||||||||||||||||||||||||||
4.13 | 2,712 | 1.35 | 3.80 | 1.81 | 3.34 | 8 | |||||||||||||||||||||||||||||
3.92 | 2,682 | 1.35 | 3.77 | 1.80 | 3.32 | 23 | |||||||||||||||||||||||||||||
3.67 | 4,880 | 1.35 | 3.81 | 1.80 | 3.36 | 23 | |||||||||||||||||||||||||||||
8.14 | 6,199 | 1.35 | 3.82 | 1.77 | 3.40 | 39 | |||||||||||||||||||||||||||||
4.46 | % | $ | 494,880 | 0.70 | % | 4.39 | % | 0.78 | % | 4.31 | % | 16 | % | ||||||||||||||||||||||
1.57 | 455,910 | 0.70 | 4.53 | 0.81 | 4.42 | 13 | |||||||||||||||||||||||||||||
4.77 | 436,303 | 0.70 | 4.45 | 0.81 | 4.34 | 8 | |||||||||||||||||||||||||||||
4.71 | 416,651 | 0.70 | 4.43 | 0.80 | 4.33 | 23 | |||||||||||||||||||||||||||||
4.31 | 460,634 | 0.70 | 4.46 | 0.80 | 4.36 | 23 | |||||||||||||||||||||||||||||
8.84 | 497,140 | 0.70 | 4.47 | 0.77 | 4.40 | 39 | |||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 89
Table of Contents
Notes to Financial Statements (unaudited as of December 31, 2006), all dollars and shares are rounded to thousands (000)
1 > | Organization |
The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2006, FAIF offered 39 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF’s articles of incorporation permit the board of directors to create additional funds in the future. The Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund are each diversified open-end management investment companies. The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers. | |
The funds offer Class A and Class Y shares. The Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund also offer Class C shares. Class A shares of Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund are sold with a maximum front-end sales charge of 4.25%. Class A shares of California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund are sold with a maximum front-end sales charge of 2.25%. Class C shares may be subject to a contingent deferred sales charge of 1.00% for 12 months. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. | |
The funds’ prospectuses provide a description 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’ servicing or distribution arrangements. | |
On February 23, 2006, the funds’ board of directors approved a change in the funds’ fiscal year-end from September 30 to June 30, effective with the nine-month fiscal period ended June 30, 2006. |
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows: | |
SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. At December 31, 2006, the funds held no fair-valued securities. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date. | |
SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or |
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sale. 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 fair value and the underlying cost of the security on the transaction date. Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash. | |
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at the net asset value on the last business day of each month. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually. | |
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required. | |
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to book and tax differences for straddle loss deferrals and classification of dividends paid by the funds. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise. | |
The character of distributions made during the six-month period 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 in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2006 (estimated), the nine-month fiscal period ended June 30, 2006, and the year ended September 30, 2005, were as follows: |
December 31, 2006 | ||||||||||||||||
Tax Exempt | Ordinary | Long Term | ||||||||||||||
Fund | Income | Income | Gain | Total | ||||||||||||
Arizona Tax Free Fund | $ | 561 | $ | — | $ | 143 | $ | 704 | ||||||||
California Intermediate Tax Free Fund | 1,111 | — | 301 | 1,412 | ||||||||||||
California Tax Free Fund | 764 | — | 119 | 883 | ||||||||||||
Colorado Intermediate Tax Free Fund | 878 | — | 329 | 1,207 | ||||||||||||
Colorado Tax Free Fund | 501 | — | 176 | 677 | ||||||||||||
Intermediate Tax Free Fund | 12,805 | — | 840 | 13,645 | ||||||||||||
Minnesota Intermediate Tax Free Fund | 3,968 | — | 1,016 | 4,984 | ||||||||||||
Minnesota Tax Free Fund | 3,398 | — | 454 | 3,852 | ||||||||||||
Missouri Tax Free Fund | 3,148 | — | 1,173 | 4,321 | ||||||||||||
Nebraska Tax Free Fund | 814 | — | 182 | 996 | ||||||||||||
Ohio Tax Free Fund | 811 | — | 86 | 897 | ||||||||||||
Oregon Intermediate Tax Free Fund | 2,280 | — | 514 | 2,794 | ||||||||||||
Short Tax Free Fund | 3,323 | — | — | 3,323 | ||||||||||||
Tax Free Fund | 11,392 | — | 4,300 | 15,692 | ||||||||||||
June 30, 2006 | ||||||||||||||||
Tax Exempt | Ordinary | Long Term | ||||||||||||||
Fund | Income | Income | Gain | Total | ||||||||||||
Arizona Tax Free Fund | $ | 807 | $ | 3 | $ | 210 | $ | 1,020 | ||||||||
California Intermediate Tax Free Fund | 1,622 | 85 | 91 | 1,798 | ||||||||||||
California Tax Free Fund | 1,067 | 12 | 53 | 1,132 | ||||||||||||
Colorado Intermediate Tax Free Fund | 1,396 | 22 | 266 | 1,684 | ||||||||||||
Colorado Tax Free Fund | 667 | 54 | 541 | 1,262 | ||||||||||||
Intermediate Tax Free Fund | 20,212 | 93 | 1,785 | 22,090 | ||||||||||||
Minnesota Intermediate Tax Free Fund | 6,508 | 27 | 1,372 | 7,907 | ||||||||||||
Minnesota Tax Free Fund | 5,235 | 29 | 381 | 5,645 | ||||||||||||
Missouri Tax Free Fund | 5,218 | 2 | 1,297 | 6,517 | ||||||||||||
Nebraska Tax Free Fund | 1,236 | — | 63 | 1,299 | ||||||||||||
Ohio Tax Free Fund | 1,207 | — | 41 | 1,248 | ||||||||||||
Oregon Intermediate Tax Free Fund | 3,646 | 20 | 556 | 4,222 | ||||||||||||
Short Tax Free Fund | 6,134 | — | — | 6,134 | ||||||||||||
Tax Free Fund | 16,637 | 262 | 1,396 | 18,295 | ||||||||||||
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Notes to Financial Statements continued
September 30, 2005 | ||||||||||||||||
Tax Exempt | Ordinary | Long Term | ||||||||||||||
Fund | Income | Income | Gain | Total | ||||||||||||
Arizona Tax Free Fund | $ | 984 | $ | 3 | $ | 235 | $ | 1,222 | ||||||||
California Intermediate Tax Free Fund | 2,002 | 27 | 329 | 2,358 | ||||||||||||
California Tax Free Fund | 1,203 | 53 | 199 | 1,455 | ||||||||||||
Colorado Intermediate Tax Free Fund | 2,077 | — | 169 | 2,246 | ||||||||||||
Colorado Tax Free Fund | 992 | — | 177 | 1,169 | ||||||||||||
Intermediate Tax Free Fund | 28,143 | — | 3,679 | 31,822 | ||||||||||||
Minnesota Intermediate Tax Free Fund | 9,305 | — | 797 | 10,102 | ||||||||||||
Minnesota Tax Free Fund | 6,755 | — | 811 | 7,566 | ||||||||||||
Missouri Tax Free Fund | 7,004 | — | 924 | 7,928 | ||||||||||||
Nebraska Tax Free Fund | 1,581 | — | — | 1,581 | ||||||||||||
Ohio Tax Free Fund | 1,564 | — | 133 | 1,697 | ||||||||||||
Oregon Intermediate Tax Free Fund | 5,290 | — | 511 | 5,801 | ||||||||||||
Short Tax Free Fund | 10,220 | — | — | 10,220 | ||||||||||||
Tax Free Fund | 20,510 | — | 4,409 | 24,919 | ||||||||||||
As of June 30, 2006, the funds’ most recently completed nine-month fiscal period-end, the components of accumulated earnings (deficit) on a tax basis were as follows: |
Accumulated | Total | |||||||||||||||||||||||||||
Undistributed | Undistributed | Undistributed | Capital and | Unrealized | Other | Accumulated | ||||||||||||||||||||||
Ordinary | Tax Exempt | Long Term | Post-October | Appreciation | Accumulated | Earnings | ||||||||||||||||||||||
Fund | Income | Income | Capital Gains | Losses | (Depreciation) | Losses | (Deficit) | |||||||||||||||||||||
Arizona Tax Free Fund | $ | — | $ | 7 | $ | 108 | $ | — | $ | 624 | $ | (4 | ) | $ | 735 | |||||||||||||
California Intermediate Tax Free Fund | 16 | 15 | 192 | — | 910 | — | 1,133 | |||||||||||||||||||||
California Tax Free Fund | — | 17 | 53 | — | 823 | — | 893 | |||||||||||||||||||||
Colorado Intermediate Tax Free Fund | 6 | 32 | 289 | — | 1,279 | — | 1,606 | |||||||||||||||||||||
Colorado Tax Free Fund | 3 | 36 | 183 | — | 860 | (7 | ) | 1,075 | ||||||||||||||||||||
Intermediate Tax Free Fund | — | — | 1 | — | 17,986 | — | 17,987 | |||||||||||||||||||||
Minnesota Intermediate Tax Free Fund | 5 | 60 | 861 | — | 4,048 | — | 4,974 | |||||||||||||||||||||
Minnesota Tax Free Fund | 26 | 55 | 419 | — | 5,815 | (11 | ) | 6,304 | ||||||||||||||||||||
Missouri Tax Free Fund | — | 31 | 582 | — | 2,910 | — | 3,523 | |||||||||||||||||||||
Nebraska Tax Free Fund | — | 19 | 187 | — | 427 | (6 | ) | 627 | ||||||||||||||||||||
Ohio Tax Free Fund | 2 | 16 | 57 | — | 280 | (14 | ) | 341 | ||||||||||||||||||||
Oregon Intermediate Tax Free Fund | 5 | 62 | 255 | — | 1,584 | — | 1,906 | |||||||||||||||||||||
Short Tax Free Fund | — | 119 | — | (1,236 | ) | (2,830 | ) | — | (3,947 | ) | ||||||||||||||||||
Tax Free Fund | 74 | 66 | 2,093 | — | 18,600 | — | 20,833 | |||||||||||||||||||||
The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses deferred due to straddles. | |
As of June 30, 2006, Short Tax Free Fund had a capital loss carryforward of $788, of which $238 will expire in 2013 and $550 will expire in 2014 if not offset by subsequent capital gains. | |
The Short Tax Free Fund incurred a loss of $448 for tax purposes for the period from November 1, 2005 to June 30, 2006. As permitted by tax regulations, the fund intends to elect to defer and treat those losses as arising in the fiscal year ending June 30, 2007. | |
FUTURES TRANSACTIONS – In order to 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 |
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of the year will be recognized as capital gains (losses) for federal income tax purposes. At December 31, 2006, Ohio Tax Free Fund had outstanding futures contracts as disclosed in its Schedule of Investments. | |
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At December 31, 2006, the following funds had outstanding commitments to purchase securities on a when-issued or forward-commitment basis: |
Fund | Cost | |||
Intermediate Tax Free Fund | $ | 1,055 | ||
Minnesota Intermediate Tax Free Fund | 1,656 | |||
Missouri Tax Free Fund | 1,728 | |||
Nebraska Tax Free Fund | 197 | |||
Tax Free Fund | 6,203 | |||
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 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, and may have contractual restrictions on resale. 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 December 31, 2006, no fund had investments in illiquid securities. | |
INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market values of such securities will generally be more volatile than those of fixed-rate, tax-exempt securities. To the extent the funds invest in inverse floaters, the net asset value of the funds’ shares may be more volatile than if the funds did not invest in such securities. At December 31, 2006, no fund had investments in inverse floaters. | |
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including evenly across all funds, allocated based on relative net assets of all funds within the First American Family of Funds, or a combination of both methods. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class. | |
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the Securities and Exchange Commission, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended December 31, 2006. | |
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 the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan. | |
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of net assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates. |
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Notes to Financial Statements continued
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors, Inc. (“FAF Advisors”) manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee equal, on an annual basis, to 0.50% of the fund’s average daily net assets. FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2007, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts: |
Share Class | ||||||||||||||
Fund | A | C | Y | |||||||||||
Arizona Tax Free Fund | 0.75 | % | 1.15 | % | 0.50 | % | ||||||||
California Intermediate Tax Free Fund | 0.85 | NA | 0.70 | |||||||||||
California Tax Free Fund | 0.75 | 1.15 | 0.50 | |||||||||||
Colorado Intermediate Tax Free Fund | 0.85 | NA | 0.70 | |||||||||||
Colorado Tax Free Fund | 0.75 | 1.15 | 0.50 | |||||||||||
Intermediate Tax Free Fund | 0.85 | NA | 0.70 | |||||||||||
Minnesota Intermediate Tax Free Fund | 0.85 | NA | 0.70 | |||||||||||
Minnesota Tax Free Fund | 0.95 | 1.35 | 0.70 | |||||||||||
Missouri Tax Free Fund | 0.95 | 1.35 | 0.70 | |||||||||||
Nebraska Tax Free Fund | 0.75 | 1.15 | 0.50 | |||||||||||
Ohio Tax Free Fund | 0.75 | 1.15 | 0.50 | |||||||||||
Oregon Intermediate Tax Free Fund | 0.85 | NA | 0.70 | |||||||||||
Short Tax Free Fund | 0.75 | NA | 0.60 | |||||||||||
Tax Free Fund | 0.95 | 1.35 | 0.70 | |||||||||||
NA = 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. For financial statement purposes, these reimbursements are recorded as investment income. | |
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. | |
For the six-month period ended December 31, 2006, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Arizona Tax Free Fund | $ | 30 | ||
California Intermediate Tax Free Fund | 64 | |||
California Tax Free Fund | 41 | |||
Colorado Intermediate Tax Free Fund | 46 | |||
Colorado Tax Free Fund | 25 | |||
Intermediate Tax Free Fund | 699 | |||
Minnesota Intermediate Tax Free Fund | 221 | |||
Minnesota Tax Free Fund | 183 | |||
Missouri Tax Free Fund | 177 | |||
Nebraska Tax Free Fund | 44 | |||
Ohio Tax Free Fund | 46 | |||
Oregon Intermediate Tax Free Fund | 134 | |||
Short Tax Free Fund | 244 | |||
Tax Free Fund | 565 | |||
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. | |
For the six-month period ended December 31, 2006, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Arizona Tax Free Fund | $ | 37 | ||
California Intermediate Tax Free Fund | 27 | |||
California Tax Free Fund | 36 | |||
Colorado Intermediate Tax Free Fund | 27 | |||
Colorado Tax Free Fund | 37 | |||
Intermediate Tax Free Fund | 27 | |||
Minnesota Intermediate Tax Free Fund | 28 | |||
Minnesota Tax Free Fund | 41 | |||
Missouri Tax Free Fund | 36 | |||
Nebraska Tax Free Fund | 36 | |||
Ohio Tax Free Fund | 36 | |||
Oregon Intermediate Tax Free Fund | 27 | |||
Short Tax Free Fund | 27 | |||
Tax Free Fund | 38 | |||
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CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly. | |
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses. | |
For the six-month period ended December 31, 2006, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows: |
Fund | Increased | Decreased | ||||||
Arizona Tax Free Fund | $ | — | * | $ | — | * | ||
California Intermediate Tax Free Fund | — | * | — | * | ||||
California Tax Free Fund | — | * | — | * | ||||
Colorado Intermediate Tax Free Fund | — | * | — | * | ||||
Colorado Tax Free Fund | — | * | — | * | ||||
Intermediate Tax Free Fund | — | * | — | * | ||||
Minnesota Intermediate Tax Free Fund | — | * | — | * | ||||
Minnesota Tax Free Fund | — | * | — | * | ||||
Missouri Tax Free Fund | — | * | — | * | ||||
Nebraska Tax Free Fund | — | * | — | * | ||||
Ohio Tax Free Fund | — | * | — | |||||
Oregon Intermediate Tax Free Fund | — | * | — | |||||
Short Tax Free Fund | 1 | 1 | ||||||
Tax Free Fund | — | * | 2 | |||||
* Rounds to zero. |
DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 0.65% of each fund’s average daily net assets of Class A and Class C shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. | |
Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund. | |
Prior to October 1, 2006, each of the funds paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 1.00% of each fund’s average daily net assets of Class C shares. Quasar waived a portion of its 12b-1 fees for Class C shares, limiting its fees to 0.65% of average daily net assets for Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund. | |
For the six-month period ended December 31, 2006, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Arizona Tax Free Fund | $ | 1 | ||
California Intermediate Tax Free Fund | 2 | |||
California Tax Free Fund | 2 | |||
Colorado Intermediate Tax Free Fund | 4 | |||
Colorado Tax Free Fund | 3 | |||
Intermediate Tax Free Fund | 16 | |||
Minnesota Intermediate Tax Free Fund | 13 | |||
Minnesota Tax Free Fund | 10 | |||
Missouri Tax Free Fund | — | * | ||
Nebraska Tax Free Fund | 1 | |||
Ohio Tax Free Fund | — | * | ||
Oregon Intermediate Tax Free Fund | 5 | |||
Short Tax Free Fund | 4 | |||
Tax Free Fund | 2 | |||
* Rounds to zero. |
Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2006: |
Fund | Amount | |||
Arizona Tax Free Fund | $ | 1 | ||
California Intermediate Tax Free Fund | 2 | |||
California Tax Free Fund | 14 | |||
Colorado Intermediate Tax Free Fund | 5 | |||
Colorado Tax Free Fund | 6 | |||
Intermediate Tax Free Fund | 16 | |||
Minnesota Intermediate Tax Free Fund | 10 | |||
Minnesota Tax Free Fund | 29 | |||
Missouri Tax Free Fund | 29 | |||
Nebraska Tax Free Fund | 3 | |||
Ohio Tax Free Fund | 1 | |||
Oregon Intermediate Tax Free Fund | 5 | |||
Short Tax Free Fund | 2 | |||
Tax Free Fund | 18 | |||
OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2006, legal fees and expenses of $24 were paid to a law firm of which an Assistant Secretary of the funds is a partner. |
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Notes to Financial Statements continued
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less. | |
For the six-month period ended December 31, 2006, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows: |
Fund | Amount | |||
Arizona Tax Free Fund | $ | 5 | ||
California Intermediate Tax Free Fund | 9 | |||
California Tax Free Fund | 28 | |||
Colorado Intermediate Tax Free Fund | — | * | ||
Colorado Tax Free Fund | 1 | |||
Intermediate Tax Free Fund | — | * | ||
Minnesota Intermediate Tax Free Fund | 2 | |||
Minnesota Tax Free Fund | 127 | |||
Missouri Tax Free Fund | 25 | |||
Nebraska Tax Free Fund | 1 | |||
Ohio Tax Free Fund | — | * | ||
Oregon Intermediate Tax Free Fund | — | * | ||
Short Tax Free Fund | — | * | ||
Tax Free Fund | 9 | |||
* Rounds to zero. |
4 > | Capital Share Transactions |
FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows: |
California | ||||||||||||||||||||||||||||||||||||||||
Arizona | Intermediate | California | ||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||||||||||||
Period | Fiscal Period | Year | Period | Fiscal Period | Year | Period | Fiscal Period | Year | ||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | ||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 20 | 92 | 189 | 257 | 94 | 131 | 82 | 154 | 373 | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 7 | 27 | 37 | 6 | 8 | 11 | 12 | 23 | 33 | |||||||||||||||||||||||||||||||
Shares redeemed | (87 | ) | (139 | ) | (162 | ) | (19 | ) | (143 | ) | (81 | ) | (131 | ) | (250 | ) | (184 | ) | ||||||||||||||||||||||
Total Class A transactions | (60 | ) | (20 | ) | 64 | 244 | (41 | ) | 61 | (37 | ) | (73 | ) | 222 | ||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 7 | 11 | 18 | — | — | — | 34 | 102 | 163 | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 4 | 6 | — | — | — | 3 | 5 | 6 | |||||||||||||||||||||||||||||||
Shares redeemed | (3 | ) | (36 | ) | (17 | ) | — | — | — | (175 | ) | (53 | ) | (9 | ) | |||||||||||||||||||||||||
Total Class C transactions | 6 | (21 | ) | 7 | — | — | — | (138 | ) | 54 | 160 | |||||||||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 275 | 525 | 459 | 336 | 894 | 609 | 348 | 705 | 536 | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 8 | 10 | 6 | 5 | 5 | 8 | 3 | 3 | 3 | |||||||||||||||||||||||||||||||
Shares redeemed | (113 | ) | (351 | ) | (44 | ) | (167 | ) | (544 | ) | (307 | ) | (102 | ) | (462 | ) | (207 | ) | ||||||||||||||||||||||
Total Class Y transactions | 170 | 184 | 421 | 174 | 355 | 310 | 249 | 246 | 332 | |||||||||||||||||||||||||||||||
Net increase in capital shares | 116 | 143 | 492 | 418 | 314 | 371 | 74 | 227 | 714 | |||||||||||||||||||||||||||||||
96 First American Funds Semiannual Report 2006
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Colorado | ||||||||||||||||||||||||||||||||||||||||
Intermediate | Colorado | Intermediate | ||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||||||||||||
Period | Fiscal Period | Year | Period | Fiscal Period | Year | Period | Fiscal Period | Year | ||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | ||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 19 | 8 | 392 | 77 | 146 | 26 | 217 | 337 | 714 | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 15 | 26 | 39 | 21 | 42 | 37 | 44 | 76 | 114 | |||||||||||||||||||||||||||||||
Shares redeemed | (251 | ) | (363 | ) | (454 | ) | (45 | ) | (135 | ) | (243 | ) | (464 | ) | (528 | ) | (809 | ) | ||||||||||||||||||||||
Total Class A transactions | (217 | ) | (329 | ) | (23 | ) | 53 | 53 | (180 | ) | (203 | ) | (115 | ) | 19 | |||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | — | — | — | 6 | 12 | 42 | — | — | — | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | 7 | 16 | 15 | — | — | — | |||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | (9 | ) | (51 | ) | (83 | ) | — | — | — | ||||||||||||||||||||||||||||
Total Class C transactions | — | — | — | 4 | (23 | ) | (26 | ) | — | — | — | |||||||||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 388 | 444 | 583 | 150 | 432 | 122 | 5,048 | 7,885 | 10,127 | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 6 | 5 | 5 | 3 | 3 | 1 | 121 | 216 | 321 | |||||||||||||||||||||||||||||||
Shares redeemed | (243 | ) | (526 | ) | (810 | ) | (89 | ) | (227 | ) | (202 | ) | (5,703 | ) | (10,731 | ) | (8,735 | ) | ||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||
Total Class Y transactions | 151 | (77 | ) | (222 | ) | 64 | 208 | (79 | ) | (534 | ) | (2,630 | ) | 1,713 | ||||||||||||||||||||||||||
Net increase (decrease) in capital shares | (66 | ) | (406 | ) | (245 | ) | 121 | 238 | (285 | ) | (737 | ) | (2,745 | ) | 1,732 | |||||||||||||||||||||||||
Minnesota | |||||||||||||||||||||||||||||||||||||||||
Intermediate | Minnesota | Missouri | |||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | ||||||||||||||||||||||||||||||||||||
Period | Fiscal Period | Year | Period | Fiscal Period | Year | Period | Fiscal Period | Year | |||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | |||||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||||||||
Shares issued | 24 | 298 | 553 | 932 | 1,143 | 716 | 94 | 67 | 374 | ||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 37 | 74 | 100 | 134 | 262 | 356 | 28 | 44 | 51 | ||||||||||||||||||||||||||||||||
Shares redeemed | (277 | ) | (869 | ) | (859 | ) | (653 | ) | (1,711 | ) | (1,782 | ) | (168 | ) | (303 | ) | (140 | ) | |||||||||||||||||||||||
Total Class A transactions | (216 | ) | (497 | ) | (206 | ) | 413 | (306 | ) | (710 | ) | (46 | ) | (192 | ) | 285 | |||||||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||||||||
Shares issued | — | — | — | 211 | 181 | 83 | 7 | 2 | — | ||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | 14 | 26 | 34 | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | (84 | ) | (140 | ) | (164 | ) | — | — | (3 | ) | ||||||||||||||||||||||||||||
Total Class C transactions | — | — | — | 141 | 67 | (47 | ) | 8 | 2 | (2 | ) | ||||||||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||||||||
Shares issued | 954 | 1,745 | 1,581 | 637 | 1,004 | 779 | 566 | 1,228 | 1,808 | ||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 21 | �� | 35 | 33 | 10 | 14 | 19 | 19 | 23 | 23 | |||||||||||||||||||||||||||||||
Shares redeemed | (1,174 | ) | (3,437 | ) | (3,175 | ) | (451 | ) | (718 | ) | (471 | ) | (1,405 | ) | (1,975 | ) | (1,732 | ) | |||||||||||||||||||||||
Total Class Y transactions | (199 | ) | (1,657 | ) | (1,561 | ) | 196 | 300 | 327 | (820 | ) | (724 | ) | 99 | |||||||||||||||||||||||||||
Net increase (decrease) in capital shares | (415 | ) | (2,154 | ) | (1,767 | ) | 750 | 61 | (430 | ) | (858 | ) | (914 | ) | 382 | ||||||||||||||||||||||||||
Oregon | ||||||||||||||||||||||||||||||||||||||||
Nebraska | Ohio | Intermediate | ||||||||||||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | Tax Free Fund | ||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||||||||||||
Period | Fiscal Period | Year | Period | Fiscal Period | Year | Period | Fiscal Period | Year | ||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | ||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 27 | 74 | 295 | 12 | 15 | 24 | 7 | 281 | 202 | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 9 | 11 | 11 | 1 | 1 | 2 | 12 | 19 | 22 | |||||||||||||||||||||||||||||||
Shares redeemed | (42 | ) | (91 | ) | (93 | ) | (8 | ) | (28 | ) | (45 | ) | (112 | ) | (263 | ) | (139 | ) | ||||||||||||||||||||||
Total Class A transactions | (6 | ) | (6 | ) | 213 | 5 | (12 | ) | (19 | ) | (93 | ) | 37 | 85 | ||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 9 | 15 | 39 | — | 8 | 10 | — | — | — | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 3 | 4 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Shares redeemed | (22 | ) | (22 | ) | (70 | ) | (3 | ) | (4 | ) | (5 | ) | — | — | — | |||||||||||||||||||||||||
Total Class C transactions | (11 | ) | (4 | ) | (27 | ) | (3 | ) | 4 | 5 | — | — | — | |||||||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||||||||||||||
Shares issued | 189 | 398 | 669 | 282 | 473 | 779 | 676 | 938 | 1,909 | |||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 6 | 7 | 9 | 14 | 18 | 22 | 30 | 35 | 39 | |||||||||||||||||||||||||||||||
Shares redeemed | (317 | ) | (433 | ) | (403 | ) | (365 | ) | (436 | ) | (590 | ) | (425 | ) | (2,855 | ) | (2,067 | ) | ||||||||||||||||||||||
Total Class Y transactions | (122 | ) | (28 | ) | 275 | (69 | ) | 55 | 211 | 281 | (1,882 | ) | (119 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in capital shares | (139 | ) | (38 | ) | 461 | (67 | ) | 47 | 197 | 188 | (1,845 | ) | (34 | ) | ||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 97
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Notes to Financial Statements continued
Short | ||||||||||||||||||||||||||||
Tax Free Fund | Tax Free Fund | |||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | |||||||||||||||||||||||||
Period | Fiscal Period | Year | Period | Fiscal Period | Year | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | |||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||
Shares issued | 9 | 121 | �� | 213 | 334 | 383 | 382 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 4 | 7 | 11 | 71 | 96 | 150 | ||||||||||||||||||||||
Shares redeemed | (33 | ) | (204 | ) | (440 | ) | (307 | ) | (559 | ) | (682 | ) | ||||||||||||||||
Total Class A transactions | (20 | ) | (76 | ) | (216 | ) | 98 | (80 | ) | (150 | ) | |||||||||||||||||
Class C: | ||||||||||||||||||||||||||||
Shares issued | — | — | — | 7 | 3 | 25 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | 4 | 7 | 11 | ||||||||||||||||||||||
Shares redeemed | — | — | — | (13 | ) | (51 | ) | (32 | ) | |||||||||||||||||||
Total Class C transactions | — | — | — | (2 | ) | (41 | ) | 4 | ||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||
Shares issued | 1,348 | 3,350 | 6,860 | 5,886 | 7,282 | 6,235 | ||||||||||||||||||||||
Shares issued in lieu of cash distributions | 26 | 45 | 69 | 107 | 82 | 97 | ||||||||||||||||||||||
Shares redeemed | (5,502 | ) | (12,753 | ) | (15,310 | ) | (3,022 | ) | (4,706 | ) | (4,293 | ) | ||||||||||||||||
Total Class Y transactions | (4,128 | ) | (9,358 | ) | (8,381 | ) | 2,971 | 2,658 | 2,039 | |||||||||||||||||||
Net increase (decrease) in capital shares | (4,148 | ) | (9,434 | ) | (8,597 | ) | 3,067 | 2,537 | 1,893 | |||||||||||||||||||
5 > | Investment Security Transactions |
During the six-month period ended December 31, 2006, purchases of securities and proceeds from sales of securities, other than government securities and temporary investments in short-term securities, were as follows: |
Fund | Purchases | Sales | ||||||
Arizona Tax Free Fund | $ | 3,931 | $ | 2,744 | ||||
California Intermediate Tax Free Fund | 11,987 | 5,351 | ||||||
California Tax Free Fund | 7,618 | 6,860 | ||||||
Colorado Intermediate Tax Free Fund | 7,501 | 8,609 | ||||||
Colorado Tax Free Fund | 4,339 | 3,573 | ||||||
Intermediate Tax Free Fund | 86,742 | 87,738 | ||||||
Minnesota Intermediate Tax Free Fund | 24,633 | 27,788 | ||||||
Minnesota Tax Free Fund | 21,341 | 13,302 | ||||||
Missouri Tax Free Fund | 19,200 | 28,400 | ||||||
Nebraska Tax Free Fund | 4,808 | 6,198 | ||||||
Ohio Tax Free Fund | 4,131 | 5,199 | ||||||
Oregon Intermediate Tax Free Fund | 22,378 | 22,202 | ||||||
Short Tax Free Fund | 83,891 | 100,197 | ||||||
Tax Free Fund | 110,307 | 79,161 | ||||||
The aggregate gross unrealized appreciation and depreciation for securities held by the funds and the total cost of securities for federal income tax purposes at December 31, 2006, were as follows: |
Aggregate | Aggregate | Federal | ||||||||||||||
Gross | Gross | Income | ||||||||||||||
Fund | Appreciation | Depreciation | Net | Tax Cost | ||||||||||||
Arizona Tax Free Fund | $ | 1,168 | $ | (22 | ) | $ | 1,146 | $ | 26,237 | |||||||
California Intermediate Tax Free Fund | 1,942 | (28 | ) | 1,914 | 57,849 | |||||||||||
California Tax Free Fund | 1,693 | (28 | ) | 1,665 | 35,260 | |||||||||||
Colorado Intermediate Tax Free Fund | 1,929 | (31 | ) | 1,898 | 40,032 | |||||||||||
Colorado Tax Free Fund | 1,286 | (21 | ) | 1,265 | 21,903 | |||||||||||
Intermediate Tax Free Fund | 28,347 | (253 | ) | 28,094 | 606,198 | |||||||||||
Minnesota Intermediate Tax Free Fund | 7,432 | (97 | ) | 7,335 | 192,999 | |||||||||||
Minnesota Tax Free Fund | 9,295 | (99 | ) | 9,196 | 161,138 | |||||||||||
Missouri Tax Free Fund | 6,022 | (61 | ) | 5,961 | 152,083 | |||||||||||
Nebraska Tax Free Fund | 1,272 | (27 | ) | 1,245 | 37,619 | |||||||||||
Ohio Tax Free Fund | 1,314 | (29 | ) | 1,285 | 40,407 | |||||||||||
Oregon Intermediate Tax Free Fund | 3,383 | (64 | ) | 3,319 | 120,413 | |||||||||||
Short Tax Free Fund | 376 | (930 | ) | (554 | ) | 201,576 | ||||||||||
Tax Free Fund | 27,205 | (316 | ) | 26,889 | 509,077 | |||||||||||
6 > | Concentration of Credit Risk |
The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund invest in debt instruments of municipal issuers in specific states. Although these funds monitor investment concentration, the issuers’ ability to meet their obligations may be affected by economic developments in the specific state or region. Additionally, each state has various guidelines relating to the tax treatment of the income distributed from each fund. |
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 > | New Accounting Pronouncements |
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to |
98 First American Funds Semiannual Report 2006
Table of Contents
be applied to all open tax years as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the funds’ last net asset value calculation in the first required financial statement reporting period. As a result, the funds will incorporate FIN 48 in their semiannual report on December 31, 2007. | |
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of December 31, 2006, the funds do not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the Statement of Operations for a fiscal period. |
First American Funds Semiannual Report 2006 99
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NOTICE TO SHAREHOLDERS December 31, 2006 (unaudited)
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. |
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330. |
QUARTERLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 days of the calendar quarter-end. |
100 First American Funds Semiannual Report 2006
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Board of Directors First American Investment Funds, Inc.
Virginia Stringer | |
Chairperson of First American Investment Funds, Inc. | |
Governance Consultant; 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; former Managing Director of Zurich Scudder Investments | |
John Kayser | |
Director of First American Investment Funds, Inc. | |
Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC | |
Leonard Kedrowski | |
Director of First American Investment Funds, Inc. | |
Owner and President of Executive and Management Consulting, Inc. | |
Richard Riederer | |
Director of First American Investment Funds, Inc. | |
Owner and Chief Executive Officer of RKR Consultants, Inc. | |
Joseph Strauss | |
Director of First American Investment Funds, Inc. | |
Owner and President of Strauss Management Company | |
James Wade | |
Director of First American Investment Funds, Inc. | |
Owner and President of Jim Wade Homes | |
First American Investment Funds’ Board of Directors is comprised entirely of | |
independent directors. |
Table of Contents
Direct fund correspondence to:
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. | |
This report is for the information of shareholders of the First American 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. |
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 |
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
0042-07 2/2007 SAR-TAXFREEINCOME
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15 | ||||
44 | ||||
48 | ||||
50 | ||||
54 | ||||
66 | ||||
78 |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
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First American Funds Online |
@ firstamericanfunds.com | ||
Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets. |
Online features and functionality include: |
- | The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds |
- | The ability to educate yourself through market and investment strategy commentaries |
We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds Semiannual Report 2006 1
Table of Contents
Core Bond fund
Expense Example
As a shareholder of the Core Bond Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,046.50 | $ | 4.90 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | $ | 4.84 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,040.90 | $ | 8.75 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.64 | $ | 8.64 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,041.70 | $ | 8.75 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.64 | $ | 8.64 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,045.20 | $ | 6.19 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.16 | $ | 6.11 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,046.90 | $ | 3.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.65%, 4.09%, 4.17%, 4.52%, and 4.69% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
2 First American Funds Semiannual Report 2006
Table of Contents
Core Bond fund continued
Portfolio Allocation as of December 31, 20061 (% of net assets)
U.S. Government Agency Mortgage-Backed Securities | 34.5% | |||
Asset-Backed Securities | 21.2 | |||
U.S. Government & Agency Securities | 14.6 | |||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 14.3 | |||
Corporate Bonds | 11.7 | |||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 3.3 | |||
Short-Term Investments | 3.5 | |||
Other Assets and Liabilities, Net2 | (3.1) | |||
100.0% |
Credit Quality Distribution as of December 31, 20063 (% of market value) |
AAA | 86.0% | |||
AA | 3.2 | |||
A | 2.7 | |||
BBB | 8.1 | |||
100.0% |
1 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
3 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
First American Funds Semiannual Report 2006 3
Table of Contents
High Income Bond fund
Expense Example
As a shareholder of the High Income Bond Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,083.30 | $ | 5.78 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.66 | $ | 5.60 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,079.60 | $ | 9.70 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.88 | $ | 9.40 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,079.50 | $ | 9.70 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.88 | $ | 9.40 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,081.80 | $ | 7.08 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | $ | 6.87 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,084.60 | $ | 4.47 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 8.33%, 7.96%, 7.95%, 8.18%, and 8.46% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
4 First American Funds Semiannual Report 2006
Table of Contents
High Income Bond fund continued
Portfolio Allocation as of December 31, 20061 (% of net assets)
High Yield Corporate Bonds | 87.6% | |||
Closed-End Funds | 2.4 | |||
Preferred Stocks | 2.2 | |||
High Grade Corporate Bonds | 2.0 | |||
Convertible Securities | 1.9 | |||
Common Stocks | 1.1 | |||
Short-Term Investments | 1.5 | |||
Other Assets and Liabilities, Net2 | 1.3 | |||
100.0% |
Credit Quality Distribution as of December 31, 20063 (% of market value)
AAA | 1.6% | |||
BBB | 2.5 | |||
BB | 28.7 | |||
B | 46.7 | |||
CCC | 13.3 | |||
C | 0.1 | |||
D | 0.9 | |||
Non-Rated | 6.2 | |||
100.0% |
1 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
3 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
First American Funds Semiannual Report 2006 5
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Inflation Protected Securities fund
Expense Example
As a shareholder of the Inflation Protected Securities Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,016.00 | $ | 4.32 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,011.10 | $ | 8.11 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.14 | $ | 8.13 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,014.10 | $ | 5.58 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.66 | $ | 5.60 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,016.20 | $ | 3.05 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | $ | 3.06 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 1.60%, 1.11%, 1.41%, and 1.62% for Class A, Class C, Class R, and Class Y, respectively. |
6 First American Funds Semiannual Report 2006
Table of Contents
Inflation Protected Securities fund continued
Portfolio Allocation as of December 31, 20061 (% of net assets)
U.S. Government & Agency Securities | 86.4% | |||
Asset-Backed Securities | 5.8 | |||
Corporate Bonds | 5.7 | |||
Common Stocks | 0.5 | |||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 0.3 | |||
Municipal Bond | 0.3 | |||
Convertible Security | 0.1 | |||
Short-Term Investment | 0.2 | |||
Other Assets and Liabilities, Net2 | 0.7 | |||
100.0% |
Credit Quality Distribution as of December 31, 20063 (% of market value)
AAA | 93.5% | |||
AA | 3.2 | |||
A | 1.1 | |||
BBB | 0.6 | |||
BB | 1.0 | |||
B | 0.1 | |||
Non-Rated | 0.5 | |||
100.0% |
1 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
3 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
First American Funds Semiannual Report 2006 7
Table of Contents
Intermediate Government Bond fund
Expense Example
As a shareholder of the Intermediate Government Bond Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,035.70 | $ | 3.85 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,036.50 | $ | 3.08 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | $ | 3.06 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
U.S. Government & Agency Securities | 99.4% | |||
Short-Term Investment | 1.0 | |||
Other Assets and Liabilities, Net4 | (0.4) | |||
100.0% |
Credit Quality Distribution as of December 31, 20065 (% of market value)
AAA | 97.5% | |||
AA | 2.5 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/ 365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.57% and 3.65% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
5 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
8 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Term Bond fund
Expense Example
As a shareholder of the Intermediate Term Bond Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,038.80 | $ | 4.37 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.92 | $ | 4.33 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,038.70 | $ | 3.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
U.S. Government & Agency Securities | 34.1% | |||
Asset-Backed Securities | 23.9 | |||
Corporate Bonds | 21.1 | |||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 11.3 | |||
U.S. Government Agency Mortgage-Backed Securities | 5.8 | |||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 2.9 | |||
Municipal Bond | 0.3 | |||
Other Assets and Liabilities, Net4 | 0.6 | |||
100.0% |
Credit Quality Distribution as of December 31, 20065 (% of market value)
AAA | 76.1% | |||
AA | 3.3 | |||
A | 6.5 | |||
BBB | 14.1 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.88% and 3.87% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
5 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
First American Funds Semiannual Report 2006 9
Table of Contents
Short Term Bond fund
Expense Example
As a shareholder of the Short Term Bond Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,026.50 | $ | 3.83 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,028.30 | $ | 3.07 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.18 | $ | 3.06 |
Portfolio Allocation as of December 31, 20063 (% of net assets)
Asset-Backed Securities | 37.2% | |||
U.S. Government Agency Mortgage-Backed Securities | 17.4 | |||
Corporate Bonds | 14.2 | |||
U.S. Government & Agency Securities | 13.9 | |||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 11.3 | |||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 6.0 | |||
100.0% |
Credit Quality Distribution as of December 31, 20064 (% of market value)
AAA | 82.5% | |||
AA | 4.8 | |||
A | 5.2 | |||
BBB | 6.6 | |||
BB | 0.4 | |||
B | 0.5 | |||
100.0% |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 2.65% and 2.83% for Class A and Class Y, respectively. |
3 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
4 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
10 First American Funds Semiannual Report 2006
Table of Contents
Total Return Bond fund
Expense Example
As a shareholder of the Total Return Bond Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,039.20 | $ | 5.14 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.16 | $ | 5.09 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,035.40 | $ | 8.98 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,035.50 | $ | 8.98 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.38 | $ | 8.89 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,039.00 | $ | 6.42 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,040.60 | $ | 3.86 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | $ | 3.82 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.00%, 1.75%, 1.75%, 1.25%, and 0.75% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 3.92%, 3.54%, 3.55%, 3.90%, and 4.06% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds Semiannual Report 2006 11
Table of Contents
Total Return Bond fund continued
Portfolio Allocation as of December 31, 20061 (% of net assets)
U.S. Government Agency Mortgage-Backed Securities | 27.4% | |||
Corporate Bonds | 17.6 | |||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 17.3 | |||
Asset-Backed Securities | 17.0 | |||
U.S. Government & Agency Securities | 13.6 | |||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 4.6 | |||
Common Stocks | 0.5 | |||
Municipal Bond | 0.3 | |||
Convertible Security | 0.1 | |||
Short-Term Investments | 13.0 | |||
Other Assets and Liabilities, Net2 | (11.4) | |||
100.0% |
Credit Quality Distribution as of December 31, 20063 (% of market value)
AAA | 83.8% | |||
AA | 2.7 | |||
A | 1.3 | |||
BBB | 7.1 | |||
BB | 3.7 | |||
B | 0.9 | |||
CCC | 0.1 | |||
Non-Rated | 0.4 | |||
100.0% |
1 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
3 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
12 First American Funds Semiannual Report 2006
Table of Contents
U.S. Government Mortgage fund
Expense Example
As a shareholder of the U.S. Government Mortgage Fund (the “fund”), 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2006, to December 31, 2006.
Actual Expenses
For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, 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” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the 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 example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table 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 table for each class 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.
Expense Examples
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (7/01/06 to | ||||||||||
Value (7/01/06) | Value (12/31/06) | 12/31/06) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,047.20 | $ | 4.90 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | $ | 4.84 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,043.10 | $ | 8.75 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.64 | $ | 8.64 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,042.30 | $ | 8.75 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.64 | $ | 8.64 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,046.00 | $ | 6.19 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.16 | $ | 6.11 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,047.50 | $ | 3.61 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.68 | $ | 3.57 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended December 31, 2006 of 4.72%, 4.31%, 4.23%, 4.60%, and 4.75% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds Semiannual Report 2006 13
Table of Contents
U.S. Government Mortgage fund continued
Portfolio Allocation as of December 31, 20061 (% of net assets)
U.S. Government Agency Mortgage-Backed Securities | 92.7% | |||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | 19.3 | |||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | 4.1 | |||
Asset-Backed Securities | 3.6 | |||
Short-Term Investments | 2.2 | |||
Other Assets and Liabilities, Net2 | (21.9) | |||
100.0% |
Credit Quality Distribution as of December 31, 20063 (% of market value)
AAA | 95.7% | |||
AA | 4.3 | |||
100.0% |
1 | Portfolio allocations are subject to change and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
3 | Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. In the case of split ratings, the middle rating is used. If ratings are provided by only two rating agencies, the lower rating is used. If only one rating agency provides a rating, that rating is used. |
14 First American Funds Semiannual Report 2006
Table of Contents
Schedule of Investments December 31, 2006 (unaudited), all dollars are rounded to thousands (000)
Core Bond Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
U.S. Government Agency Mortgage-Backed Securities – 34.5% | |||||||||
Adjustable Rate (a) – 4.3% | |||||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
6.602%, 05/01/2025, #846757 | $ | 308 | $ | 314 | |||||
6.596%, 04/01/2029, #847190 | 2,242 | 2,291 | |||||||
6.681%, 03/01/2030, #847180 (b) | 3,228 | 3,293 | |||||||
6.507%, 07/01/2030, #847240 | 3,507 | 3,579 | |||||||
6.657%, 06/01/2031, #846984 (b) | 1,272 | 1,292 | |||||||
5.790%, 07/01/2036, #1K1238 (b) | 13,324 | 13,430 | |||||||
Federal National Mortgage Association Pool | |||||||||
6.959%, 08/01/2030, #555843 (b) | 8,178 | 8,441 | |||||||
6.998%, 03/01/2031, #545359 | 940 | 952 | |||||||
6.822%, 09/01/2033, #725553 | 2,786 | 2,851 | |||||||
5.281%, 11/01/2034, #735054 (b) | 12,403 | 12,269 | |||||||
4.863%, 09/01/2035, #745168 (b) | 12,681 | 12,538 | |||||||
5.731%, 09/01/2036, #884778 (b) | 13,573 | 13,660 | |||||||
74,910 | |||||||||
Fixed Rate – 30.2% | |||||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
4.000%, 04/01/2008, #M90808 (b) | 7,076 | 6,986 | |||||||
4.000%, 10/01/2010, #M80855 (b) | 11,013 | 10,706 | |||||||
4.500%, 03/01/2018, #P10023 (b) | 2,844 | 2,796 | |||||||
4.500%, 05/01/2018, #P10032 (b) | 5,960 | 5,858 | |||||||
5.000%, 05/01/2018, #E96700 | 10,577 | 10,415 | |||||||
6.500%, 01/01/2028, #G00876 | 1,274 | 1,305 | |||||||
6.500%, 11/01/2028, #C00676 | 2,556 | 2,622 | |||||||
6.500%, 12/01/2028, #C00689 | 1,773 | 1,819 | |||||||
6.500%, 04/01/2029, #C00742 | 1,064 | 1,091 | |||||||
6.500%, 07/01/2031, #A17212 (b) | 5,107 | 5,227 | |||||||
6.000%, 11/01/2033, #A15521 | 4,225 | 4,263 | |||||||
Federal National Mortgage Association Pool | |||||||||
7.750%, 06/01/2008, #001464 | 3 | 3 | |||||||
3.790%, 07/01/2013, #386314 (b) | 24,908 | 23,133 | |||||||
5.500%, 02/01/2014, #440780 (b) | 2,457 | 2,468 | |||||||
7.000%, 02/01/2015, #535206 | 652 | 671 | |||||||
7.000%, 08/01/2016, #591038 (b) | 1,215 | 1,249 | |||||||
5.500%, 12/01/2017, #673010 (b) | 4,740 | 4,751 | |||||||
5.000%, 06/01/2018, #555545 (b) | 7,394 | 7,285 | |||||||
5.000%, 11/01/2018, #750989 | 17,797 | 17,536 | |||||||
4.500%, 01/01/2019, #755666 (b) | 4,314 | 4,172 | |||||||
5.000%, 11/01/2019, #725934 | 3,564 | 3,508 | |||||||
5.500%, 01/01/2020, #735386 | 8,453 | 8,469 | |||||||
5.500%, 06/01/2020, #735792 | 7,143 | 7,157 | |||||||
5.000%, 02/01/2021, #745279 (b) | 23,955 | 23,551 | |||||||
6.000%, 10/01/2022, #254513 (b) | 4,634 | 4,695 | |||||||
5.500%, 10/01/2024, #255456 | 12,394 | 12,328 | |||||||
5.500%, 01/01/2025, #255575 | 10,569 | 10,513 | |||||||
5.500%, 02/01/2025, #255628 | 15,045 | 14,965 | |||||||
7.000%, 04/01/2026, #340798 | 539 | 557 | |||||||
7.000%, 05/01/2026, #250551 | 538 | 556 | |||||||
6.000%, 01/01/2029 (c) | 18,045 | 18,163 | |||||||
6.500%, 02/01/2029, #252255 | 2,128 | 2,184 | |||||||
6.500%, 12/01/2031, #254169 | 6,314 | 6,432 | |||||||
6.000%, 04/01/2032, #745101 | 11,899 | 12,123 | |||||||
7.000%, 07/01/2032, #254379 | 3,033 | 3,120 | |||||||
7.000%, 07/01/2032, #545813 (b) | 1,356 | 1,396 | |||||||
7.000%, 07/01/2032, #545815 (b) | 841 | 865 | |||||||
6.000%, 09/01/2032, #254447 (b) | 5,281 | 5,329 | |||||||
6.000%, 03/01/2033, #688330 (b) | 7,995 | 8,068 | |||||||
5.500%, 04/01/2033, #694605 (b) | 10,159 | 10,056 | |||||||
6.500%, 05/01/2033, #555798 (b) | 6,852 | 7,014 | |||||||
5.500%, 06/01/2033, #843435 (b) | 7,306 | 7,233 | |||||||
5.500%, 07/01/2033, #709446 (b) | 12,084 | 11,961 | |||||||
5.500%, 07/01/2033, #728667 | 4,572 | 4,525 | |||||||
5.500%, 08/01/2033, #733380 (b) | 11,603 | 11,484 | |||||||
5.000%, 10/01/2033, #741897 | 12,687 | 12,272 | |||||||
5.500%, 10/01/2033, #555800 (b) | 17,368 | 17,191 | |||||||
6.000%, 11/01/2033, #772130 | 1,004 | 1,013 | |||||||
6.000%, 11/01/2033, #772256 | 1,154 | 1,163 | |||||||
5.500%, 12/01/2033, #756202 (b) | 8,643 | 8,555 | |||||||
6.000%, 12/01/2033, #756200 | 4,096 | 4,131 | |||||||
5.500%, 01/01/2034 (c) | 36,095 | 35,666 | |||||||
5.000%, 03/01/2034, #725205 (b) | 8,121 | 7,856 | |||||||
5.000%, 03/01/2034, #725248 (b) | 4,036 | 3,904 | |||||||
5.000%, 03/01/2034, #725250 | 7,262 | 7,024 | |||||||
5.500%, 04/01/2034, #725424 (b) | 10,610 | 10,502 | |||||||
5.500%, 05/01/2034, #357571 | 13,460 | 13,316 | |||||||
5.000%, 06/01/2034, #782909 | 5,909 | 5,712 | |||||||
6.500%, 06/01/2034, #735273 (b) | 10,415 | 10,654 | |||||||
5.500%, 08/01/2034, #745563 | 13,349 | 13,213 | |||||||
5.500%, 10/01/2034, #255411 | 2,418 | 2,392 | |||||||
6.000%, 10/01/2034, #781776 | 2,143 | 2,159 | |||||||
6.500%, 04/01/2036, #831377 | 6,572 | 6,696 | |||||||
6.500%, 04/01/2036, #852909 (b) | 6,685 | 6,811 | |||||||
6.500%, 07/01/2036, #831683 | 9,263 | 9,438 | |||||||
6.000%, 08/01/2036, #885536 | 7,618 | 7,669 | |||||||
6.500%, 08/01/2036, #893318 | 8,528 | 8,689 | |||||||
6.000%, 09/01/2036, #900555 (b) | 15,740 | 15,886 | |||||||
Government National Mortgage Association Pool | |||||||||
5.750%, 08/20/2023, #008259 | 2 | 2 | |||||||
7.500%, 11/15/2030, #537699 (b) | 685 | 715 | |||||||
523,237 | |||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $605,016) | 598,147 | ||||||||
Asset-Backed Securities – 21.2% | |||||||||
Automotive – 3.5% | |||||||||
FTN Financial Auto Securitization Trust Series 2004-A, Class A | |||||||||
2.050%, 06/15/2010 (d) | 9,075 | 9,056 | |||||||
Harley-Davidson Motorcycle Trust Series 2005-4, Class A2 | |||||||||
4.850%, 06/15/2012 | 7,325 | 7,285 | |||||||
Hertz Vehicle Financing Series 2005-2A, Class A6 | |||||||||
5.080%, 11/25/2011 (d) | 14,690 | 14,597 | |||||||
Triad Auto Receivables Owner Trust Series 2006-A, Class A3 | |||||||||
4.770%, 01/12/2011 | 11,140 | 11,074 | |||||||
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4 | |||||||||
4.860%, 04/20/2012 | 18,400 | 18,291 | |||||||
60,303 | |||||||||
Commercial – 13.4% | |||||||||
Bank of America Commercial Mortgage Series 2004-5, Class A3 | |||||||||
4.561%, 11/10/2041 | 14,830 | 14,403 | |||||||
Series 2006-2, Class A4 | |||||||||
5.741%, 05/10/2045 | 4,085 | 4,224 | |||||||
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4 | |||||||||
5.405%, 12/11/2040 (b) | 10,185 | 10,234 |
First American Funds Semiannual Report 2006 15
Table of Contents
Schedule of Investments continued
Core Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX | |||||||||
5.449%, 02/05/2019 (d) | $ | 9,225 | $ | 9,284 | |||||
Series 2005-LP5, Class A2 | |||||||||
4.630%, 05/10/2043 | 14,130 | 13,884 | |||||||
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 | |||||||||
6.538%, 06/15/2031 | 4,819 | 4,851 | |||||||
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2 | |||||||||
4.853%, 07/10/2045 | 11,590 | 11,453 | |||||||
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1 | |||||||||
3.896%, 08/10/2038 | 7,566 | 7,414 | |||||||
Series 2005-C1, Class A2 | |||||||||
4.471%, 05/10/2043 | 19,200 | 18,780 | |||||||
Greenwich Capital Commercial Funding Series 2003-C1, Class A2 | |||||||||
3.285%, 07/05/2035 | 14,170 | 13,553 | |||||||
GS Mortgage Securities II Series 2006-GG8, Class A4 | |||||||||
5.560%, 11/10/2039 | 17,960 | 18,242 | |||||||
Series 2006-RR2, Class A1 | |||||||||
5.689%, 06/23/2046 (d) | 14,735 | 14,888 | |||||||
Series 2006-RR3, Class A1S | |||||||||
5.659%, 07/18/2056 (d) | 17,390 | 17,662 | |||||||
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4 | |||||||||
5.179%, 12/15/2044 (a) | 8,635 | 8,603 | |||||||
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2 | |||||||||
3.086%, 05/15/2027 | 19,520 | 18,953 | |||||||
Series 2005-C7, Class A2 | |||||||||
5.103%, 11/15/2030 | 12,790 | 12,743 | |||||||
Nomura Asset Securities Series 1998-D6, Class A1B | |||||||||
6.590%, 03/15/2030 | 12,359 | 12,508 | |||||||
Wachovia Bank Commercial Mortgage Trust Series 2005-C19, Class A5 | |||||||||
4.661%, 05/15/2044 | 21,390 | 20,720 | |||||||
232,399 | |||||||||
Credit Cards – 1.5% | |||||||||
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4 | |||||||||
5.450%, 05/10/2013 | 11,485 | 11,641 | |||||||
MBNA Credit Card Master Note Trust Series 2005-A1, Class A1 | |||||||||
4.200%, 09/15/2010 | 14,285 | 14,110 | |||||||
25,751 | |||||||||
Home Equity – 0.1% | |||||||||
Amresco Residential Security Mortgage Series 1997-3, Class A9 | |||||||||
6.960%, 03/25/2027 | 137 | 136 | |||||||
Countrywide Asset-Backed Certificates Series 2003-SC1, Class M2 | |||||||||
6.850%, 09/25/2023 (a) | 1,112 | 1,116 | |||||||
Saxon Asset Securities Trust Series 2004-1, Class A | |||||||||
5.620%, 03/25/2035 (a) | 431 | 431 | |||||||
1,683 | |||||||||
Other – 2.7% | |||||||||
Global Signal Trust Series 2004-2A, Class A | |||||||||
4.232%, 12/15/2014 (d) | 11,480 | 11,174 | |||||||
Series 2006-1, Class C | |||||||||
5.707%, 02/15/2036 (d) | 8,093 | 8,144 | |||||||
GRP/ AG Real Estate Asset Trust Series 2004-2, Class A | |||||||||
4.210%, 07/25/2034 (d) | 75 | 74 | |||||||
Series 2005-1, Class A | |||||||||
4.850%, 01/25/2035 (d) | 1,009 | 1,001 | |||||||
Small Business Administration Series 2005-P10B, Class 1 | |||||||||
4.940%, 08/10/2015 | 10,625 | 10,505 | |||||||
Series 2006-P10B, Class 1 | |||||||||
5.681%, 08/10/2016 | 16,972 | 17,211 | |||||||
48,109 | |||||||||
Total Asset-Backed Securities (Cost $372,020) | 368,245 | ||||||||
U.S. Government & Agency Securities – 14.6% | |||||||||
U.S. Agency Debentures – 4.2% | |||||||||
Federal National Mortgage Association | |||||||||
3.875%, 02/15/2010 (b) | 19,000 | 18,416 | |||||||
5.125%, 04/15/2011 (b) | 17,350 | 17,474 | |||||||
6.125%, 03/15/2012 (b) | 9,200 | 9,687 | |||||||
5.250%, 08/01/2012 (b) | 28,285 | 28,422 | |||||||
73,999 | |||||||||
U.S. Treasuries – 10.4% | |||||||||
U.S. Treasury Bonds | |||||||||
9.000%, 11/15/2018 (b) | 10,855 | 14,926 | |||||||
8.750%, 08/15/2020 (b) | 6,300 | 8,710 | |||||||
6.250%, 08/15/2023 (b) | 18,500 | 21,294 | |||||||
7.625%, 02/15/2025 (b) | 6,055 | 8,014 | |||||||
5.500%, 08/15/2028 (b) | 8,950 | 9,669 | |||||||
4.500%, 02/15/2036 (b) | 15,105 | 14,364 | |||||||
U.S. Treasury Notes | |||||||||
4.625%, 11/15/2009 (b) | 12,225 | 12,187 | |||||||
2.375%, 04/15/2011 (b) | 16,646 | 16,580 | |||||||
4.625%, 08/31/2011 (b) | 19,695 | 19,632 | |||||||
2.500%, 07/15/2016 (b) | 34,275 | 34,535 | |||||||
4.625%, 11/15/2016 | 20,250 | 20,117 | |||||||
180,028 | |||||||||
Total U.S. Government & Agency Securities (Cost $256,925) | 254,027 | ||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 14.3% | |||||||||
Adjustable Rate (a) – 6.9% | |||||||||
Bank of America Mortgage Securities Series 2004-G, Class 2A3 | |||||||||
4.232%, 08/25/2034 | 1,367 | 1,362 | |||||||
Citigroup Mortgage Loan Trust Series 2005-7, Class 2A1A | |||||||||
4.861%, 09/25/2035 | 11,908 | 11,744 | |||||||
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1 | |||||||||
4.733%, 12/19/2033 | 12,080 | 11,757 | |||||||
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1 | |||||||||
5.879%, 08/25/2036 | 12,927 | 12,893 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds Semiannual Report 2006
Table of Contents
Core Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Sequoia Mortgage Trust Series 2004-4, Class X1 | |||||||||
0.765%, 05/20/2034 (e) | $ | 86,565 | $ | 432 | |||||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-11, Class A | |||||||||
7.268%, 08/25/2034 | 1,096 | 1,100 | |||||||
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1 | |||||||||
4.957%, 10/20/2035 | 9,274 | 9,270 | |||||||
Washington Mutual Series 2004-AR7, Class A6 | |||||||||
3.943%, 07/25/2034 | 12,035 | 11,689 | |||||||
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1 | |||||||||
4.802%, 02/25/2033 | 4,831 | 4,860 | |||||||
Series 2003-O, Class 5A1 | |||||||||
4.806%, 01/25/2034 | 12,771 | 12,475 | |||||||
Series 2004-C, Class A1 | |||||||||
4.937%, 04/25/2034 | 17,515 | 17,039 | |||||||
Series 2004-N, Class A3 | |||||||||
4.099%, 08/25/2034 | 12,801 | 12,668 | |||||||
Series 2006-AR1, Class 2A2 | |||||||||
5.561%, 03/25/2036 | 13,213 | 13,073 | |||||||
120,362 | |||||||||
Fixed Rate – 7.4% | |||||||||
ABN AMRO Mortgage Series 2003-7, Class A1 | |||||||||
4.750%, 07/25/2018 | 18,445 | 17,921 | |||||||
Bank of America Mortgage Securities Series 2003-6, Class 1A30 | |||||||||
4.750%, 08/25/2033 | 7,350 | 7,223 | |||||||
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1 | |||||||||
5.000%, 07/25/2019 | 7,337 | 7,177 | |||||||
Series 2004-2CB, Class 1A1 | |||||||||
4.250%, 03/25/2034 | 5,056 | 4,956 | |||||||
Series 2004-24CB, Class 1A1 | |||||||||
6.000%, 11/25/2034 | 5,812 | 5,814 | |||||||
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1 | |||||||||
5.500%, 07/25/2020 | 8,095 | 8,076 | |||||||
Series 2003-8, Class DB1 | |||||||||
6.245%, 04/25/2033 | 5,217 | 5,244 | |||||||
First Horizon Mortgage Pass-Through Trust Series 2004-4, Class 2A1 | |||||||||
4.500%, 07/25/2019 | 3,681 | 3,645 | |||||||
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7 | |||||||||
6.500%, 01/25/2035 | 8,677 | 8,777 | |||||||
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 | |||||||||
5.500%, 08/25/2019 | 6,930 | 6,915 | |||||||
Master Alternative Loans Trust Series 2005-2, Class 1A3 | |||||||||
6.500%, 03/25/2035 | 3,921 | 3,960 | |||||||
Master Asset Securitization Trust Series 2003-6, Class 3A1 | |||||||||
5.000%, 07/25/2018 | 8,958 | 8,852 | |||||||
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A | |||||||||
6.192%, 11/25/2034 | 6,878 | 6,923 | |||||||
Residential Asset Mortgage Products Series 2003-SL1, Class M1 | |||||||||
7.317%, 04/25/2031 | 8,382 | 8,676 | |||||||
Series 2004-SL4, Class A3 | |||||||||
6.500%, 07/25/2032 | 3,985 | 4,050 | |||||||
Washington Mutual Series 2004-CB1, Class 1A | |||||||||
5.250%, 06/25/2019 | 11,011 | 10,907 | |||||||
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1 | |||||||||
4.750%, 12/25/2018 | 8,901 | 8,615 | |||||||
Westam Mortgage Financial Series 11, Class A | |||||||||
6.360%, 08/26/2020 | 71 | 71 | |||||||
127,802 | |||||||||
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $250,212) | 248,164 | ||||||||
Corporate Bonds – 11.7% | |||||||||
Banking – 1.0% | |||||||||
First National Bank of Chicago | |||||||||
8.080%, 01/05/2018 | 1,388 | 1,563 | |||||||
J.P. Morgan Chase | |||||||||
5.150%, 10/01/2015 | 5,660 | 5,554 | |||||||
J.P. Morgan Chase Capital XX Series T | |||||||||
6.550%, 09/29/2036 (b) | 2,850 | 2,943 | |||||||
Lloyds | |||||||||
6.267%, 12/31/2049 (a) (d) | 5,000 | 5,000 | |||||||
Wells Fargo Capital X | |||||||||
5.950%, 12/15/2036 | 2,760 | 2,705 | |||||||
17,765 | |||||||||
Basic Industry – 0.9% | |||||||||
Celulosa Arauco y Constitucion | |||||||||
5.625%, 04/20/2015 (b) | 3,000 | 2,948 | |||||||
Falconbridge | |||||||||
7.350%, 06/05/2012 | 5,135 | 5,549 | |||||||
Southern Copper | |||||||||
7.500%, 07/27/2035 | 2,640 | 2,862 | |||||||
Teck Cominco Limited | |||||||||
6.125%, 10/01/2035 | 2,785 | 2,676 | |||||||
Vale Overseas | |||||||||
6.250%, 01/11/2016 | 2,380 | 2,403 | |||||||
16,438 | |||||||||
Brokerage – 1.2% | |||||||||
Bear Stearns | |||||||||
5.550%, 01/22/2017 | 3,425 | 3,422 | |||||||
Merrill Lynch | |||||||||
6.050%, 05/16/2016 (b) | 9,170 | 9,491 | |||||||
Morgan Stanley | |||||||||
5.375%, 10/15/2015 | 8,270 | 8,196 | |||||||
21,109 | |||||||||
Capital Goods – 0.3% | |||||||||
C10 Capital | |||||||||
6.722%, 12/29/2049 (a) (d) | 2,000 | 1,994 | |||||||
Siemens Financiering | |||||||||
6.125%, 08/17/2026 (d) | 3,070 | 3,137 | |||||||
5,131 | |||||||||
First American Funds Semiannual Report 2006 17
Table of Contents
Schedule of Investments continued
Core Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Communications – 2.4% | |||||||||
Comcast | |||||||||
7.050%, 03/15/2033 (b) | $ | 6,900 | $ | 7,378 | |||||
Embarq | |||||||||
7.995%, 06/01/2036 | 3,020 | 3,143 | |||||||
News America Holdings | |||||||||
7.700%, 10/30/2025 | 4,015 | 4,515 | |||||||
Sprint Capital | |||||||||
6.900%, 05/01/2019 | 6,270 | 6,465 | |||||||
Telecom Italia Capital | |||||||||
4.000%, 11/15/2008 | 5,765 | 5,614 | |||||||
7.200%, 07/18/2036 (b) | 2,855 | 2,983 | |||||||
Time Warner Entertainment | |||||||||
8.375%, 07/15/2033 | 4,690 | 5,668 | |||||||
Verizon Global Funding | |||||||||
7.750%, 12/01/2030 | 4,275 | 5,015 | |||||||
40,781 | |||||||||
Consumer Cyclical – 0.2% | |||||||||
DaimlerChrysler | |||||||||
4.875%, 06/15/2010 | 3,735 | 3,641 | |||||||
Duty Free International (f) (g) | |||||||||
7.000%, 01/15/2004 | 2,191 | 438 | |||||||
4,079 | |||||||||
Electric – 1.6% | |||||||||
Florida Power & Light | |||||||||
5.650%, 02/01/2037 | 4,160 | 4,104 | |||||||
MidAmerican Energy Holdings | |||||||||
5.875%, 10/01/2012 | 8,845 | 9,004 | |||||||
Ohio Power Series K | |||||||||
6.000%, 06/01/2016 | 4,100 | 4,210 | |||||||
Oncor Electric Delivery | |||||||||
7.000%, 05/01/2032 | 5,115 | 5,595 | |||||||
Pacific Gas & Electric | |||||||||
6.050%, 03/01/2034 (b) | 4,650 | 4,690 | |||||||
27,603 | |||||||||
Energy – 1.3% | |||||||||
Gazprom International | |||||||||
7.201%, 02/01/2020 (d) | 5,170 | 5,467 | |||||||
Nexen | |||||||||
5.875%, 03/10/2035 | 4,140 | 3,876 | |||||||
Petro-Canada | |||||||||
5.350%, 07/15/2033 | 3,155 | 2,766 | |||||||
Tengizcheveroil Finance | |||||||||
6.124%, 11/15/2014 (d) | 4,655 | 4,643 | |||||||
XTO Energy | |||||||||
6.100%, 04/01/2036 | 5,430 | 5,299 | |||||||
22,051 | |||||||||
Finance – 0.7% | |||||||||
American General Finance | |||||||||
3.875%, 10/01/2009 | 7,545 | 7,261 | |||||||
Capital One Capital III | |||||||||
7.686%, 08/15/2036 (b) | 4,350 | 4,927 | |||||||
12,188 | |||||||||
Insurance – 1.1% | |||||||||
Liberty Mutual Group | |||||||||
6.500%, 03/15/2035 (d) | 4,805 | 4,683 | |||||||
Marsh & McLennan | |||||||||
5.750%, 09/15/2015 | 7,660 | 7,536 | |||||||
ZFS Finance USA Trust II | |||||||||
6.450%, 12/15/2065 (a) (d) | 6,385 | 6,512 | |||||||
18,731 | |||||||||
Real Estate – 0.7% | |||||||||
Health Care Properties – REIT Series MTN | |||||||||
6.300%, 09/15/2016 | 4,540 | 4,612 | |||||||
Prologis 2006 – REIT | |||||||||
5.750%, 04/01/2016 | 6,835 | 6,877 | |||||||
11,489 | |||||||||
Sovereign – 0.2% | |||||||||
United Mexican States | |||||||||
5.625%, 01/15/2017 (b) | 3,835 | 3,839 | |||||||
Technology – 0.1% | |||||||||
Chartered Semiconductor | |||||||||
6.375%, 08/03/2015 | 1,715 | 1,720 | |||||||
Total Corporate Bonds (Cost $202,946) | 202,924 | ||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 3.3% | |||||||||
Fixed Rate – 3.2% | |||||||||
Federal Home Loan Mortgage Corporation Series 2763, Class TA | |||||||||
4.000%, 03/15/2011 (b) | 9,498 | 9,304 | |||||||
Series 6, Class C | |||||||||
9.050%, 06/15/2019 | 31 | 31 | |||||||
Series 1022, Class J | |||||||||
6.000%, 12/15/2020 | 44 | 43 | |||||||
Series 162, Class F | |||||||||
7.000%, 05/15/2021 | 128 | 127 | |||||||
Series 188, Class H | |||||||||
7.000%, 09/15/2021 | 308 | 307 | |||||||
Series 1790, Class A | |||||||||
7.000%, 04/15/2022 | 100 | 102 | |||||||
Series 2901, Class UB | |||||||||
5.000%, 03/15/2033 (b) | 5,000 | 4,795 | |||||||
Federal National Mortgage Association Series 1998-M1, Class A2 | |||||||||
6.250%, 01/25/2008 | 1,102 | 1,104 | |||||||
Series 1988-24, Class G | |||||||||
7.000%, 10/25/2018 | 65 | 67 | |||||||
Series 1989-24, Class H | |||||||||
9.000%, 07/25/2019 | 59 | 64 | |||||||
Series 1989-90, Class E | |||||||||
8.700%, 12/25/2019 | 9 | 9 | |||||||
Series 1990-30, Class E | |||||||||
6.500%, 03/25/2020 | 38 | 39 | |||||||
Series 1990-61, Class H | |||||||||
7.000%, 06/25/2020 | 43 | 44 | |||||||
Series 1990-72, Class B | |||||||||
9.000%, 07/25/2020 | 35 | 37 | |||||||
Series 1990-102, Class J | |||||||||
6.500%, 08/25/2020 | 43 | 44 | |||||||
Series 1990-105, Class J | |||||||||
6.500%, 09/25/2020 | 443 | 455 | |||||||
Series 1991-56, Class M | |||||||||
6.750%, 06/25/2021 | 168 | 171 | |||||||
Series 1992-120, Class C | |||||||||
6.500%, 07/25/2022 | 66 | 68 | |||||||
Series 2005-44, Class PC | |||||||||
5.000%, 11/25/2027 | 13,520 | 13,321 |
The accompanying notes are an integral part of the financial statements.
18 First American Funds Semiannual Report 2006
Table of Contents
Core Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR/SHARES | VALUE | ||||||||
Series 2003-92, Class KH | ||||||||||
5.000%, 03/25/2032 | $ | 12,770 | $ | 12,350 | ||||||
Series 2005-62, Class JE | ||||||||||
5.000%, 06/25/2035 | 13,148 | 12,951 | ||||||||
55,433 | ||||||||||
Z-Bonds (h) – 0.1% | ||||||||||
Federal Home Loan Mortgage Corporation Series 1118, Class Z | ||||||||||
8.250%, 07/15/2021 | 64 | 67 | ||||||||
Federal National Mortgage Association Series 1991-134, Class Z | ||||||||||
7.000%, 10/25/2021 | 307 | 317 | ||||||||
Series 1996-35, Class Z | ||||||||||
7.000%, 07/25/2026 | 1,391 | 1,421 | ||||||||
1,805 | ||||||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $57,809) | 57,238 | |||||||||
Short-Term Investments – 3.5% | ||||||||||
Money Market Fund – 3.4% | ||||||||||
First American Prime Obligations Fund, Class Z (i) | 60,128,917 | 60,129 | ||||||||
U.S. Treasury Obligations – 0.1% | ||||||||||
U.S. Treasury Bills | ||||||||||
4.681%, 03/01/2007 (j) | $ | 325 | 323 | |||||||
4.783%, 04/05/2007 (j) | 630 | 622 | ||||||||
945 | ||||||||||
Total Short-Term Investments (Cost $61,074) | 61,074 | |||||||||
Investments Purchased with Proceeds from Securities Lending (k) – 34.6% | ||||||||||
(Cost $599,586) | 599,586 | |||||||||
Total Investments – 137.7% (Cost $2,405,588) | 2,389,405 | |||||||||
Other Assets and Liabilities, Net – (37.7)% | (653,875 | ) | ||||||||
Total Net Assets – 100.0% | $ | 1,735,530 | ||||||||
(a) | Variable Rate Security – The rate shown is the rate in effect at December 31, 2006. |
(b) | This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $582,947 at December 31, 2006. See note 2 in Notes to Financial Statements. |
(c) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $54,028 or 3.1% of total net assets. See note 2 in Notes to Financial Statements. |
(d) | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $117,316 or 6.8% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of December 31, 2006. |
(f) | Security is fair valued and illiquid. As of December 31, 2006, the value of this investment was $438 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(g) | Security is in default at December 31, 2006. |
(h) | Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows. |
(i) | Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements. |
(j) | Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements. |
(k) | The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements. |
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | 1,296 | $ | 264,425 | March 2007 | $ | (884 | ) | |||||||
U.S. Treasury 5 Year Note Futures | 751 | 78,902 | March 2007 | (668 | ) | |||||||||
U.S. Treasury 10 Year Note Futures | (1,463 | ) | (157,227 | ) | March 2007 | 1,799 | ||||||||
U.S. Treasury Long Bond Futures | 448 | 49,924 | March 2007 | (860 | ) | |||||||||
$ | (613 | ) | ||||||||||||
Credit Default Swap Agreements
Pay/ | ||||||||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Unrealized | |||||||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | Depreciation | ||||||||||||||||
J.P. Morgan | ABX-HE-BBB | Sell | 2.420% | 05/25/2046 | $ | 5,900 | $ | (234 | ) | |||||||||||||
J.P. Morgan | The Kroger Company | Buy | 0.350% | 12/20/2011 | 4,800 | (6 | ) | |||||||||||||||
J.P. Morgan | Safeway, Inc. | Buy | 0.410% | 12/20/2011 | 4,800 | (12 | ) | |||||||||||||||
$ | (252 | ) | ||||||||||||||||||||
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Citigroup | 3-Month LIBOR | Receive | 5.303% | 10/26/2008 | $ | 239,000 | $ | (423 | ) | |||||||||||||
Citigroup | 3-Month LIBOR | Pay | 5.360% | 10/26/2016 | 58,000 | 799 | ||||||||||||||||
UBS | 3-Month LIBOR | Receive | 5.050% | 09/27/2008 | 48,000 | 129 | ||||||||||||||||
$ | 505 | |||||||||||||||||||||
First American Funds Semiannual Report 2006 19
Table of Contents
Schedule of Investments continued
High Income Bond Fund | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
High Yield Corporate Bonds – 87.6% | ||||||||||
Basic Industry – 13.7% | ||||||||||
AK Steel | ||||||||||
7.750%, 06/15/2012 | $ | 1,000 | $ | 1,007 | ||||||
Allegheny Technologies | ||||||||||
8.375%, 12/15/2011 | 1,000 | 1,070 | ||||||||
Basell AF SCAl | ||||||||||
8.375%, 08/15/2015 (a) (b) (c) | 1,250 | 1,284 | ||||||||
Crystal U.S. Holdings Series B, 0.000% through 10/01/2009 thereafter 10.500% | ||||||||||
0.000%, 10/01/2014 | 1,000 | 860 | ||||||||
Domtar | ||||||||||
7.125%, 08/15/2015 (a) | 1,500 | 1,470 | ||||||||
Equistar Chemicals | ||||||||||
10.625%, 05/01/2011 | 2,000 | 2,130 | ||||||||
Evraz Group | ||||||||||
8.250%, 11/10/2015 (a) (b) | 1,000 | 1,029 | ||||||||
FMG Finance | ||||||||||
10.000%, 09/01/2013 (a) (b) | 1,500 | 1,541 | ||||||||
Griffin Coal Mining | ||||||||||
9.500%, 12/01/2016 (a) (b) (c) | 800 | 824 | ||||||||
Hexion | ||||||||||
9.750%, 11/15/2014 (b) (c) | 1,750 | 1,774 | ||||||||
Ineos Group Holdings | ||||||||||
8.500%, 02/15/2016 (a) (b) (c) | 1,000 | 955 | ||||||||
James River Coal | ||||||||||
9.375%, 06/01/2012 (c) | 1,000 | 900 | ||||||||
LPG International | ||||||||||
7.250%, 12/20/2015 (a) | 1,000 | 1,005 | ||||||||
Lyondell Chemical | ||||||||||
8.000%, 09/15/2014 | 1,250 | 1,297 | ||||||||
Massey Energy | ||||||||||
6.875%, 12/15/2013 | 1,000 | 940 | ||||||||
Mercer International | ||||||||||
9.250%, 02/15/2013 (a) (c) | 1,500 | 1,466 | ||||||||
Metals USA Holding | ||||||||||
11.365%, 01/15/2012 (b) (d) | 1,000 | 960 | ||||||||
Millar Western Forest | ||||||||||
7.750%, 11/15/2013 (a) | 1,000 | 897 | ||||||||
Momentive Performance | ||||||||||
10.125%, 12/01/2014 (b) | 1,000 | 1,005 | ||||||||
Neenah | ||||||||||
9.500%, 01/01/2017 (b) | 1,500 | 1,507 | ||||||||
Neenah Paper | ||||||||||
7.375%, 11/15/2014 | 1,500 | 1,433 | ||||||||
Newark Group | ||||||||||
9.750%, 03/15/2014 | 1,300 | 1,303 | ||||||||
Noble Group Limited | ||||||||||
6.625%, 03/17/2015 (a) (b) | 750 | 681 | ||||||||
Peabody Energy Series B | ||||||||||
6.875%, 03/15/2013 | 1,000 | 1,025 | ||||||||
PNA Group | ||||||||||
10.750%, 09/01/2016 (b) | 500 | 517 | ||||||||
Rock-Tenn | ||||||||||
8.200%, 08/15/2011 | 750 | 791 | ||||||||
Sappi Papier Holding | ||||||||||
7.500%, 06/15/2032 (a) (b) | 750 | 701 | ||||||||
Sino Forest | ||||||||||
9.125%, 08/17/2011 (a) (b) | 1,000 | 1,081 | ||||||||
Stone Container | ||||||||||
8.375%, 07/01/2012 | 2,000 | 1,960 | ||||||||
Tembec Industries | ||||||||||
8.625%, 06/30/2009 (a) (c) | 500 | 343 | ||||||||
Vedanta Resources | ||||||||||
6.625%, 02/22/2010 (a) (b) | 1,000 | 988 | ||||||||
Verso Paper Holdings | ||||||||||
9.125%, 08/01/2014 (b) (c) | 1,000 | 1,043 | ||||||||
Witco | ||||||||||
6.875%, 02/01/2026 | 900 | 788 | ||||||||
36,575 | ||||||||||
Capital Goods – 5.2% | ||||||||||
Allied Waste North America | ||||||||||
6.125%, 02/15/2014 | 1,000 | 950 | ||||||||
Series B | ||||||||||
5.750%, 02/15/2011 | 1,000 | 967 | ||||||||
Case New Holland | ||||||||||
9.250%, 08/01/2011 | 1,000 | 1,059 | ||||||||
7.250%, 01/15/2016 | 1,000 | 1,012 | ||||||||
Chart Industries | ||||||||||
9.125%, 10/15/2015 (b) | 1,850 | 1,952 | ||||||||
Crown Cork & Seal | ||||||||||
7.375%, 12/15/2026 | 1,000 | 935 | ||||||||
DRS Technologies | ||||||||||
7.625%, 02/01/2018 | 1,000 | 1,030 | ||||||||
Esco | ||||||||||
8.625%, 12/15/2013 (b) | 500 | 514 | ||||||||
Mid America Waste Systems | ||||||||||
12.250%, 02/15/2020 (e) (f) (g) (h) | 250 | — | ||||||||
Nortek | ||||||||||
8.500%, 09/01/2014 | 500 | 490 | ||||||||
Owens-Brockway Glass Container | ||||||||||
8.875%, 02/15/2009 | 1,000 | 1,023 | ||||||||
Ply Gem Industries | ||||||||||
9.000%, 02/15/2012 | 1,000 | 850 | ||||||||
RBS Global & Rexnord | ||||||||||
9.500%, 08/01/2014 (b) | 1,000 | 1,040 | ||||||||
Sequa | ||||||||||
9.000%, 08/01/2009 | 1,000 | 1,070 | ||||||||
TFS Acquisition | ||||||||||
12.871%, 08/01/2014 (b) (d) | 1,000 | 1,020 | ||||||||
13,912 | ||||||||||
Communications – 13.7% | ||||||||||
Adelphia Communications | ||||||||||
7.875%, 05/01/2009 (e) (f) | 1,500 | 1,353 | ||||||||
C & M Finance | ||||||||||
8.100%, 02/01/2016 (a) (b) (c) | 1,000 | 1,028 | ||||||||
CCH I | ||||||||||
11.000%, 10/01/2015 | 750 | 770 | ||||||||
CCO Holdings | ||||||||||
9.485%, 12/15/2010 (d) | 1,000 | 1,020 | ||||||||
Charter Communications Holdings | ||||||||||
8.000%, 04/30/2012 (b) | 2,000 | 2,078 | ||||||||
Citizens Communications | ||||||||||
9.000%, 08/15/2031 | 1,000 | 1,085 | ||||||||
Cricket Communications | ||||||||||
9.375%, 11/01/2014 (b) | 1,250 | 1,319 | ||||||||
CSC Holdings | ||||||||||
7.875%, 02/15/2018 | 500 | 499 | ||||||||
Series B | ||||||||||
7.625%, 04/01/2011 (c) | 1,000 | 1,019 | ||||||||
Echostar | ||||||||||
6.625%, 10/01/2014 | 2,000 | 1,949 | ||||||||
7.000%, 10/01/2013 | 800 | 799 | ||||||||
Excelcomindo Finance | ||||||||||
7.125%, 01/18/2013 (a) (b) | 1,000 | 1,005 | ||||||||
Horizon PCS | ||||||||||
11.375%, 07/15/2012 | 900 | 1,003 |
The accompanying notes are an integral part of the financial statements.
20 First American Funds Semiannual Report 2006
Table of Contents
High Income Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Idearc | |||||||||
8.000%, 11/15/2016 (b) | $ | 2,000 | $ | 2,030 | |||||
Intelsat Bermuda | |||||||||
10.484%, 01/15/2012 (a) (d) | 1,000 | 1,009 | |||||||
Level 3 Communications | |||||||||
11.500%, 03/01/2010 (c) | 1,000 | 1,060 | |||||||
Level 3 Financing | |||||||||
12.250%, 03/15/2013 | 1,250 | 1,416 | |||||||
Metropcs Wireless | |||||||||
9.250%, 11/01/2014 (b) | 1,250 | 1,306 | |||||||
Nextel Partners | |||||||||
8.125%, 07/01/2011 | 1,000 | 1,041 | |||||||
Panamsat | |||||||||
9.000%, 08/15/2014 | 649 | 686 | |||||||
9.000%, 06/15/2016 (b) | 2,000 | 2,117 | |||||||
Quebecor Media | |||||||||
7.750%, 03/15/2016 (a) | 1,000 | 1,021 | |||||||
Qwest | |||||||||
8.875%, 03/15/2012 | 2,000 | 2,227 | |||||||
7.500%, 06/15/2023 (c) | 1,000 | 1,008 | |||||||
Qwest Capital Funding | |||||||||
7.000%, 08/03/2009 | 2,000 | 2,035 | |||||||
R.H. Donnelley Series A-3 | |||||||||
8.875%, 01/15/2016 | 1,500 | 1,575 | |||||||
Sirius Satellite Radio | |||||||||
9.625%, 08/01/2013 (c) | 500 | 492 | |||||||
Time Warner Telecommunications Holdings | |||||||||
9.250%, 02/15/2014 | 1,000 | 1,069 | |||||||
Vimpelcom | |||||||||
8.250%, 05/23/2016 (a) (b) | 1,500 | 1,575 | |||||||
36,594 | |||||||||
Consumer Cyclical – 17.9% | |||||||||
Affiliated Computer Services | |||||||||
4.700%, 06/01/2010 | 1,500 | 1,431 | |||||||
AMC Entertainment | |||||||||
8.000%, 03/01/2014 | 1,000 | 992 | |||||||
Arvinmeritor | |||||||||
8.750%, 03/01/2012 (c) | 1,000 | 1,027 | |||||||
Autonation | |||||||||
7.000%, 04/15/2014 | 1,500 | 1,511 | |||||||
Bally Total Fitness | |||||||||
10.500%, 07/15/2011 (c) | 1,000 | 977 | |||||||
Beazer Homes USA | |||||||||
8.375%, 04/15/2012 | 1,000 | 1,027 | |||||||
Blockbuster | |||||||||
9.000%, 09/01/2012 (c) | 1,000 | 967 | |||||||
Bon-Ton Department Stores | |||||||||
10.250%, 03/15/2014 (c) | 500 | 511 | |||||||
Buffalo Thunder Development Authority | |||||||||
9.375%, 12/15/2014 (b) | 1,000 | 1,015 | |||||||
Buffets | |||||||||
12.500%, 11/01/2014 (b) | 500 | 504 | |||||||
Burlington Coat Factory | |||||||||
11.125%, 04/15/2014 (b) | 500 | 487 | |||||||
Chaoda Modern Agriculture | |||||||||
7.750%, 02/08/2010 (a) (b) (c) | 1,000 | 1,000 | |||||||
Ford Motor | |||||||||
7.450%, 07/16/2031 (c) | 1,500 | 1,177 | |||||||
Ford Motor Credit | |||||||||
5.800%, 01/12/2009 | 2,000 | 1,964 | |||||||
9.875%, 08/10/2011 | 1,000 | 1,070 | |||||||
7.000%, 10/01/2013 (c) | 1,000 | 955 | |||||||
8.000%, 12/15/2016 | 500 | 494 | |||||||
Galaxy Entertainment | |||||||||
9.875%, 12/15/2012 (a) (b) (c) | 500 | 535 | |||||||
General Motors | |||||||||
6.375%, 05/01/2008 (c) | 1,000 | 995 | |||||||
8.250%, 07/15/2023 | 2,500 | 2,325 | |||||||
General Motors Acceptance | |||||||||
8.000%, 11/01/2031 (c) | 1,000 | 1,148 | |||||||
Glenoit | |||||||||
11.000%, 04/15/2007 (e) (f) (g) (h) | 100 | — | |||||||
Goodyear Tire & Rubber | |||||||||
7.857%, 08/15/2011 (c) | 500 | 503 | |||||||
9.140%, 12/01/2009 (b) (d) | 500 | 502 | |||||||
Hanesbrands | |||||||||
8.734%, 12/15/2014 (b) (d) | 1,000 | 1,017 | |||||||
Harrah’s Operating Company | |||||||||
5.625%, 06/01/2015 (c) | 1,250 | 1,072 | |||||||
K Hovnanian Enterprises | |||||||||
6.250%, 01/15/2016 (c) | 1,250 | 1,181 | |||||||
7.500%, 05/15/2016 | 500 | 503 | |||||||
Lear | |||||||||
8.500%, 12/01/2013(b) | 1,000 | 970 | |||||||
Levi Strauss & Co. | |||||||||
9.750%, 01/15/2015 | 750 | 808 | |||||||
Libbey Glass | |||||||||
12.436%, 06/01/2011 (b) (d) | 800 | 860 | |||||||
Linens ’N Things | |||||||||
11.132%, 01/15/2014 (c) (d) | 1,000 | 970 | |||||||
Lippo Karwaci Finance | |||||||||
8.875%, 03/09/2011 (a) | 1,000 | 960 | |||||||
Majestic Star | |||||||||
9.750%, 01/15/2011 | 500 | 495 | |||||||
MGM Mirage | |||||||||
8.375%, 02/01/2011 (c) | 2,000 | 2,075 | |||||||
6.875%, 04/01/2016 | 1,000 | 960 | |||||||
Neiman Marcus Group | |||||||||
10.375%, 10/15/2015 (c) | 1,000 | 1,113 | |||||||
NPC International | |||||||||
9.500%, 05/01/2014 | 750 | 769 | |||||||
Oxford Industries | |||||||||
8.875%, 06/01/2011 | 1,055 | 1,089 | |||||||
Rite Aid | |||||||||
9.500%, 02/15/2011 | 1,500 | 1,569 | |||||||
Sally Holdings | |||||||||
10.500%, 11/15/2016 (b) (c) | 750 | 765 | |||||||
Service Corporation International | |||||||||
7.375%, 10/01/2014 | 750 | 784 | |||||||
Six Flags | |||||||||
9.750%, 04/15/2013 (c) | 1,000 | 939 | |||||||
Standard Pacific | |||||||||
7.000%, 08/15/2015 (c) | 500 | 481 | |||||||
Swift & Co. | |||||||||
12.500%, 01/01/2010 (c) | 500 | 511 | |||||||
Tenneco Automotive | |||||||||
8.625%, 11/15/2014 (c) | 1,000 | 1,020 | |||||||
The Restaurant Company | |||||||||
10.000%, 10/01/2013 | 500 | 471 | |||||||
Vicorp Restaurants | |||||||||
10.500%, 04/15/2011 | 475 | 456 | |||||||
Visteon | |||||||||
7.000%, 03/10/2014 | 500 | 438 | |||||||
Warnaco | |||||||||
8.875%, 06/15/2013 | 1,150 | 1,222 | |||||||
Wynn Las Vegas | |||||||||
6.625%, 12/01/2014 (c) | 1,000 | 994 | |||||||
47,609 | |||||||||
First American Funds Semiannual Report 2006 21
Table of Contents
Schedule of Investments continued
High Income Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Consumer Non Cyclical – 6.6% | |||||||||
Albertson’s | |||||||||
8.700%, 05/01/2030 | $ | 1,000 | $ | 1,044 | |||||
7.250%, 05/01/2013 | 1,000 | 1,017 | |||||||
CDRV Investors | |||||||||
9.870%, 12/01/2011 (b) (d) | 1,000 | 975 | |||||||
Delhaize America | |||||||||
9.000%, 04/15/2031 | 1,000 | 1,187 | |||||||
HCA | |||||||||
6.750%, 07/15/2013 (c) | 2,250 | 2,019 | |||||||
9.625%, 11/15/2016 (b) | 1,000 | 1,075 | |||||||
National Mentor Holdings | |||||||||
11.250%, 07/01/2014 (b) | 1,000 | 1,063 | |||||||
Omnicare | |||||||||
6.125%, 06/01/2013 | 1,250 | 1,197 | |||||||
Reynolds American | |||||||||
6.500%, 07/15/2010 | 1,000 | 1,014 | |||||||
7.625%, 06/01/2016 | 1,000 | 1,060 | |||||||
Stater Brothers Holdings | |||||||||
8.125%, 06/15/2012 (c) | 1,000 | 1,015 | |||||||
Supervalu | |||||||||
7.500%, 05/15/2012 | 1,000 | 1,031 | |||||||
7.500%, 11/15/2014 | 250 | 261 | |||||||
Tenet Healthcare | |||||||||
9.250%, 02/01/2015 (c) | 3,500 | 3,500 | |||||||
17,458 | |||||||||
Electric – 8.7% | |||||||||
AES | |||||||||
9.500%, 06/01/2009 | 2,000 | 2,140 | |||||||
AES Red Oak Series B | |||||||||
9.200%, 11/30/2029 | 1,000 | 1,128 | |||||||
Allegheny Energy Supply | |||||||||
7.800%, 03/15/2011 | 1,155 | 1,239 | |||||||
Aquila | |||||||||
14.875%, 07/01/2012 | 1,000 | 1,305 | |||||||
Ava Capital Trust III | |||||||||
6.500%, 04/01/2034 | 2,685 | 2,671 | |||||||
CMS Energy | |||||||||
8.500%, 04/15/2011 | 2,000 | 2,175 | |||||||
Dynegy Holdings | |||||||||
8.375%, 05/01/2016 | 500 | 525 | |||||||
Dynegy-Roseton Danskamme Series B | |||||||||
7.670%, 11/08/2016 | 2,000 | 2,073 | |||||||
Edison Mission Energy | |||||||||
7.500%, 06/15/2013 | 1,000 | 1,045 | |||||||
Mirant Americas Generation | |||||||||
9.125%, 05/01/2031 (c) | 1,000 | 1,060 | |||||||
Mission Energy Holdings | |||||||||
13.500%, 07/15/2008 | 2,750 | 3,032 | |||||||
NRG Energy | |||||||||
7.375%, 02/01/2016 | 2,000 | 2,010 | |||||||
Reliant Energy | |||||||||
9.500%, 07/15/2013 | 750 | 804 | |||||||
TXU | |||||||||
4.800%, 11/15/2009 | 1,000 | 976 | |||||||
Utilicorp Canada Finance | |||||||||
7.750%, 06/15/2011 (a) (c) | 1,000 | 1,055 | |||||||
23,238 | |||||||||
Energy – 5.4% | |||||||||
Allis-Chalmers Energy | |||||||||
9.000%, 01/15/2014 (b) | 500 | 502 | |||||||
Baytex Energy | |||||||||
9.625%, 07/15/2010 (a) | 1,250 | 1,303 | |||||||
Bluewater Finance | |||||||||
10.250%, 02/15/2012 (a) | 1,000 | 1,047 | |||||||
Chesapeake Energy | |||||||||
7.500%, 06/15/2014 (c) | 2,000 | 2,078 | |||||||
7.000%, 08/15/2014 | 1,000 | 1,016 | |||||||
Encore Acquisition | |||||||||
6.250%, 04/15/2014 | 1,000 | 938 | |||||||
Ocean Rig ASA | |||||||||
9.370%, 04/04/2011 (d) | 1,000 | 1,000 | |||||||
Range Resources | |||||||||
7.375%, 07/15/2013 | 1,000 | 1,025 | |||||||
Tesoro | |||||||||
6.625%, 11/01/2015 | 2,000 | 1,985 | |||||||
Verasun Energy | |||||||||
9.875%, 12/15/2012 | 1,500 | 1,590 | |||||||
Whiting Petroleum | |||||||||
7.250%, 05/01/2013 | 950 | 952 | |||||||
7.000%, 02/01/2014 | 1,000 | 998 | |||||||
14,434 | |||||||||
Finance – 1.0% | |||||||||
Finova Group | |||||||||
7.500%, 11/15/2009 (f) | 500 | 145 | |||||||
Gazprombank | |||||||||
6.500%, 09/23/2015 | 1,500 | 1,499 | |||||||
NCO Group | |||||||||
11.875%, 11/15/2014 (b) | 1,000 | 1,013 | |||||||
2,657 | |||||||||
Insurance – 0.6% | |||||||||
Unumprovident Finance | |||||||||
6.850%, 11/15/2015 (a) (b) (c) | 1,500 | 1,560 | |||||||
Natural Gas – 5.8% | |||||||||
El Paso | |||||||||
6.375%, 02/01/2009 | 1,000 | 1,010 | |||||||
Enterprise Products | |||||||||
8.375%, 08/01/2066 (d) | 1,800 | 1,950 | |||||||
Semgroup | |||||||||
8.750%, 11/15/2015 (b) | 1,500 | 1,507 | |||||||
Sonat | |||||||||
7.000%, 02/01/2018 | 1,500 | 1,530 | |||||||
Southern Union | |||||||||
7.200%, 11/01/2066 (d) | 1,800 | 1,775 | |||||||
Targa Resources | |||||||||
8.500%, 11/01/2013 (b) | 1,000 | 1,008 | |||||||
Tennessee Gas Pipeline | |||||||||
7.500%, 04/01/2017 | 1,500 | 1,637 | |||||||
Transportadora Gas Norte | |||||||||
6.500%, 12/31/2012 (a) (b) | 850 | 803 | |||||||
Williams | |||||||||
6.375%, 10/01/2010 (b) | 1,000 | 1,006 | |||||||
Williams Partners | |||||||||
7.500%, 06/15/2011 (b) | 2,000 | 2,085 | |||||||
7.250%, 02/01/2017 (b) | 1,000 | 1,020 | |||||||
15,331 | |||||||||
The accompanying notes are an integral part of the financial statements.
22 First American Funds Semiannual Report 2006
Table of Contents
High Income Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR/SHARES | VALUE | ||||||||
Real Estate – 0.8% | ||||||||||
Greentown China Holdings | ||||||||||
9.000%, 11/08/2013 (a) (b) | $ | 750 | $ | 772 | ||||||
Senior Housing Trust – REIT | ||||||||||
8.625%, 01/15/2012 | 1,350 | 1,465 | ||||||||
2,237 | ||||||||||
Sovereigns (a) – 0.6% | ||||||||||
Federal Republic of Brazil | ||||||||||
6.000%, 01/17/2017 | 500 | 492 | ||||||||
Republic of Venezuela | ||||||||||
9.250%, 09/15/2027 (c) | 800 | 1,020 | ||||||||
1,512 | ||||||||||
Technology – 4.0% | ||||||||||
Avnet | ||||||||||
6.000%, 09/01/2015 | 1,500 | 1,479 | ||||||||
Compucom Systems | ||||||||||
12.000%, 11/01/2014 (b) | 500 | 515 | ||||||||
Freescale Semiconductor | ||||||||||
9.125%, 12/15/2014 (b) | 1,000 | 994 | ||||||||
10.125%, 12/15/2016 (b) | 1,900 | 1,902 | ||||||||
Magnachip Semiconductor | ||||||||||
8.000%, 12/15/2014 (a) (c) | 1,000 | 670 | ||||||||
NXP BV/ NXP Funding | ||||||||||
7.875%, 10/15/2014 (a) (b) (c) | 1,000 | 1,034 | ||||||||
9.500%, 10/15/2015 (a) (b) | 1,750 | 1,794 | ||||||||
Seagate Technology | ||||||||||
6.800%, 10/01/2016 (a) | 1,750 | 1,759 | ||||||||
Spansion | ||||||||||
11.250%, 01/15/2016 (b) | 500 | 525 | ||||||||
10,672 | ||||||||||
Transportation – 3.6% | ||||||||||
American Airlines Series 2001-1 | ||||||||||
7.379%, 11/23/2017 | 978 | 949 | ||||||||
Britannia Bulk PLC | ||||||||||
11.000%, 12/01/2011 (a) (b) | 500 | 469 | ||||||||
Continental Airlines Series 2001-1, Class B | ||||||||||
7.033%, 12/15/2012 | 285 | 283 | ||||||||
Series 99-2 | ||||||||||
7.566%, 09/15/2021 | 1,711 | 1,728 | ||||||||
Delta Air Lines | ||||||||||
7.900%, 12/15/2009 (c) (e) (f) | 1,000 | 670 | ||||||||
Hertz | ||||||||||
8.875%, 01/01/2014 (b) | 1,750 | 1,833 | ||||||||
Navios Maritime Holdings | ||||||||||
9.500%, 12/15/2014 (b) | 1,000 | 1,005 | ||||||||
Quality Distribution | ||||||||||
9.000%, 11/15/2010 | 500 | 488 | ||||||||
United Airlines Series 2000-2 | ||||||||||
7.811%, 04/01/2011 (e) (f) | 1,964 | 2,170 | ||||||||
9,595 | ||||||||||
Total High Yield Corporate Bonds (Cost $228,998) | 233,384 | |||||||||
Closed-End Funds – 2.4% | ||||||||||
Aberdeen Asia-Pacific Income Fund (c) | 205,000 | 1,273 | ||||||||
Calamos Global Total Return | 14,200 | 242 | ||||||||
Eaton Vance Floating-Rate Income Trust | 90,000 | 1,661 | ||||||||
Evergreen Managed Income Fund | 70,000 | 1,197 | ||||||||
Pioneer Floating Rate Trust | 87,500 | $ | 1,689 | |||||||
Van Kampen Senior Income Trust (c) | 30,000 | 264 | ||||||||
Total Closed-End Funds (Cost $6,105) | 6,326 | |||||||||
Preferred Stocks – 2.2% | ||||||||||
Basic Industry – 0.2% | ||||||||||
Freeport-McMoran Copper & Gold | ||||||||||
5.500%, 12/31/2049 | 500 | 652 | ||||||||
Communications – 0.2% | ||||||||||
Pegasus Communications, Fractional Shares (e) (g) (h) | 0.15 | — | ||||||||
Rural Cellular Series B (PIK) | 500 | 625 | ||||||||
625 | ||||||||||
Consumer Cyclical – 0.3% | ||||||||||
General Motors Series B | 40,000 | 847 | ||||||||
Energy – 0.3% | ||||||||||
NRG Energy | 2,500 | 674 | ||||||||
Finance – 0.2% | ||||||||||
E*Trade Financial | 15,000 | 437 | ||||||||
Real Estate – 1.0% | ||||||||||
Homebanc – REIT Series A | 15,000 | 369 | ||||||||
iStar Financial – REIT Series G | 20,000 | 510 | ||||||||
National Retail Properties – REIT | 16,000 | 407 | ||||||||
NorthStar Realty Finance – REIT Series A | 24,000 | 636 | ||||||||
Thornburg Mortgage – REIT Series D (c) (e) | 25,000 | 612 | ||||||||
2,534 | ||||||||||
Total Preferred Stocks (Cost $5,594) | 5,769 | |||||||||
High Grade Corporate Bonds – 2.0% | ||||||||||
Basic Industry – 1.0% | ||||||||||
Southern Copper | ||||||||||
7.500%, 07/27/2035 (a) | $ | 1,000 | 1,084 | |||||||
Vale Overseas | ||||||||||
6.875%, 11/21/2036 (a) | 1,250 | 1,282 | ||||||||
Westvaco | ||||||||||
7.950%, 02/15/2031 | 500 | 547 | ||||||||
2,913 | ||||||||||
Energy – 0.3% | ||||||||||
Gaz Capital | ||||||||||
6.212%, 11/22/2016 (b) | 800 | 806 | ||||||||
Communications – 0.3% | ||||||||||
Alamosa Delaware | ||||||||||
11.000%, 07/31/2010 | 650 | 702 | ||||||||
Insurance – 0.4% | ||||||||||
Ohio Casualty | ||||||||||
7.300%, 06/15/2014 | 1,000 | 1,068 | ||||||||
Total High Grade Corporate Bonds (Cost $5,278) | 5,489 | |||||||||
Convertible Securities – 1.9% | ||||||||||
Basic Industry – 0.3% | ||||||||||
Coeur d’Alene Mines | ||||||||||
1.250%, 01/15/2024 | 750 | 709 | ||||||||
First American Funds Semiannual Report 2006 23
Table of Contents
Schedule of Investments continued
High Income Bond Fund (continued) | |||||||||
DESCRIPTION | PAR/SHARES | VALUE | |||||||
Energy – 0.1% | |||||||||
Entergy | $ | 4,400 | $ | 262 | |||||
Technology – 0.7% | |||||||||
Gateway | |||||||||
1.500%, 12/31/2009 | 1,000 | 861 | |||||||
Nortel Networks | |||||||||
4.250%, 09/01/2008 (a) | 1,000 | 967 | |||||||
1,828 | |||||||||
Transportation – 0.8% | |||||||||
Airtran Holdings | |||||||||
7.000%, 07/01/2023 | 500 | 664 | |||||||
Delta Air Lines | |||||||||
2.875%, 02/18/2024 (b) (f) | 2,500 | 1,619 | |||||||
2,283 | |||||||||
Total Convertible Securities (Cost $4,332) | 5,082 | ||||||||
Common Stocks – 1.1% | |||||||||
Communications – 0.0% | |||||||||
Sullivan Broadcast Holdings, Escrow Shares (e) (f) (g) (h) | 400 | — | |||||||
Energy – 0.7% | |||||||||
ARC Energy Trust (i) | 15,000 | 287 | |||||||
Canadian Oil Sands Trust | 12,500 | 349 | |||||||
Canetic Resources Trust (c) | 29,000 | 403 | |||||||
Harvest Energy Trust (c) | 17,000 | 382 | |||||||
NAL Oil & Gas Trust (i) | 20,000 | 211 | |||||||
Peyto Energy Trust (c) (i) | 15,000 | 228 | |||||||
1,860 | |||||||||
Real Estate – 0.4% | |||||||||
iStar Financial – REIT (c) | 10,000 | 478 | |||||||
NorthStar Realty Finance – REIT | 35,000 | 580 | |||||||
1,058 | |||||||||
Total Common Stocks (Cost $3,009) | 2,918 | ||||||||
Asset-Backed Security – 0.0% | |||||||||
Manufactured Housing – 0.0% | |||||||||
Green Tree Financial Series 1998-1, Class A4 | |||||||||
6.040%, 11/01/2029 (g) (Cost $10) | $ | 10 | 10 | ||||||
Short-Term Investments – 1.5% | |||||||||
Money Market Fund – 1.5% | |||||||||
First American Prime Obligations Fund, Class Z (j) | 3,993,850 | 3,994 | |||||||
U.S. Treasury Obligation – 0.0% | |||||||||
U.S. Treasury Bill | |||||||||
4.783%, 04/05/2007 (k) | $ | 100 | 99 | ||||||
Total Short-Term Investments (Cost $4,093) | 4,093 | ||||||||
Investments Purchased with Proceeds from Securities Lending (l) – 17.5% | |||||||||
(Cost $46,593) | 46,593 | ||||||||
Total Investments – 116.2% (Cost $304,012) | 309,664 | ||||||||
Other Assets and Liabilities, Net – (16.2)% | (43,282 | ) | |||||||
Total Net Assets – 100.0% | $ | 266,382 | |||||||
(a) | Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2006, the value of these investments was $37,785 which represented 14.2% of total net assets. |
(b) | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $67,414 or 25.3% of total net assets. See note 2 in Notes to Financial Statements. |
(c) | This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $45,283 at December 31, 2006. See note 2 in Notes to Financial Statements. |
(d) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
(e) | Non-income producing security. |
(f) | Security in default at December 31, 2006. |
(g) | Security considered illiquid. As of December 31, 2006, the value of these investments was $10 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(h) | Security is fair valued. As of December 31, 2006, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(i) | Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. |
(j) | 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. |
(k) | Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements. |
(l) | The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements. |
PIK – | Payment-in-kind interest is generally paid by issuing additional shares or par of the security rather than paying cash. |
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | (129 | ) | $ | (26,320 | ) | March 2007 | $ | 86 | ||||||
U.S. Treasury 5 Year Note Futures | 268 | 28,157 | March 2007 | (199 | ) | |||||||||
U.S. Treasury 10 Year Note Futures | (203 | ) | (21,816 | ) | March 2007 | 250 | ||||||||
U.S. Treasury Long Bond Futures | 28 | 3,120 | March 2007 | (53 | ) | |||||||||
$ | 84 | |||||||||||||
The accompanying notes are an integral part of the financial statements.
24 First American Funds Semiannual Report 2006
Table of Contents
Inflation Protected Securities Fund | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
U.S. Government & Agency Securities – 86.4% | ||||||||||
Inflation Protected U.S. Treasuries (a) – 86.4% | ||||||||||
U.S. Treasury Bonds | ||||||||||
2.375%, 01/15/2025 (b) | $ | 33,033 | $ | 32,887 | ||||||
2.000%, 01/15/2026 | 23,974 | 22,547 | ||||||||
3.625%, 04/15/2028 (b) | 20,154 | 24,333 | ||||||||
3.875%, 04/15/2029 (b) | 15,500 | 19,520 | ||||||||
U.S. Treasury Notes | ||||||||||
3.625%, 01/15/2008 | 10,494 | 10,606 | ||||||||
3.875%, 01/15/2009 (b) | 15,015 | 15,427 | ||||||||
4.250%, 01/15/2010 (b) | 11,937 | 12,563 | ||||||||
0.875%, 04/15/2010 (b) | 36,117 | 34,241 | ||||||||
3.500%, 01/15/2011 | 5,537 | 5,765 | ||||||||
2.375%, 04/15/2011 (b) | 18,914 | 18,838 | ||||||||
3.000%, 07/15/2012 | 6,062 | 6,238 | ||||||||
1.875%, 07/15/2013 | 4,094 | 3,955 | ||||||||
2.000%, 01/15/2014 | 3,031 | 2,945 | ||||||||
2.000%, 07/15/2014 | 3,400 | 3,300 | ||||||||
1.625%, 01/15/2015 (b) | 19,687 | 18,531 | ||||||||
1.875%, 07/15/2015 | 16,447 | 15,761 | ||||||||
2.000%, 01/15/2016 | 21,304 | 20,570 | ||||||||
2.500%, 07/15/2016 | 19,838 | 19,989 | ||||||||
Total U.S. Government & Agency Securities (Cost $295,248) | 288,016 | |||||||||
Asset-Backed Securities – 5.8% | ||||||||||
Commercial – 5.4% | ||||||||||
Banc of America Commercial Mortgage Series 2006-2, Class A4 | ||||||||||
5.741%, 05/10/2045 (c) | 4,590 | 4,746 | ||||||||
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 | ||||||||||
6.538%, 06/15/2031 | 237 | 238 | ||||||||
GMAC Commercial Mortgage Securities Series 2003-C3, Class A2 | ||||||||||
4.223%, 04/10/2040 | 2,000 | 1,952 | ||||||||
GS Mortgage Securities II Series 2006-GG8, Class A4 | ||||||||||
5.560%, 11/10/2039 | 10,000 | 10,157 | ||||||||
Series 2003-C1, Class A2A | ||||||||||
3.590%, 01/10/2040 | 500 | 491 | ||||||||
Nomura Asset Securities Series 1998-D6, Class A1B | ||||||||||
6.590%, 03/15/2030 | 496 | 502 | ||||||||
18,086 | ||||||||||
Other – 0.4% | ||||||||||
Global Signal Trust Series 2006-1, Class C | ||||||||||
5.707%, 02/15/2036 (d) | 1,330 | 1,338 | ||||||||
GRP/ AG Real Estate Asset Trust Series 2005-1, Class A | ||||||||||
4.850%, 01/25/2035 (d) | 125 | 124 | ||||||||
1,462 | ||||||||||
Total Asset-Backed Securities (Cost $19,614) | 19,548 | |||||||||
Corporate Bonds – 5.7% | ||||||||||
Banking – 1.5% | ||||||||||
HSBC Finance | ||||||||||
2.550%, 02/10/2010 (c) | 950 | 900 | ||||||||
3.290%, 06/10/2011 (c) | 1,900 | 1,760 | ||||||||
SLM Series MTN, Class A | ||||||||||
3.342%, 02/01/2010 (c) | 2,400 | 2,277 | ||||||||
4,937 | ||||||||||
Basic Industry – 0.7% | ||||||||||
Evraz Group | ||||||||||
8.250%, 11/10/2015 (d) | 500 | 514 | ||||||||
FMG Finance | ||||||||||
10.000%, 09/01/2013 (d) | 500 | 514 | ||||||||
Griffin Coal Mining | ||||||||||
9.500%, 12/01/2016 (d) | 500 | 515 | ||||||||
Southern Copper | ||||||||||
7.500%, 07/27/2035 | 950 | 1,030 | ||||||||
2,573 | ||||||||||
Brokerage – 0.4% | ||||||||||
Merrill Lynch | ||||||||||
3.222%, 03/02/2009 (c) | 1,550 | 1,477 | ||||||||
Foreign Agency – 0.6% | ||||||||||
KFW Series MTN | ||||||||||
3.910%, 03/03/2008 (c) | 1,900 | 1,884 | ||||||||
Insurance – 1.9% | ||||||||||
Jackson National Life Fund, Series MTN | ||||||||||
4.380%, 05/01/2014 (c) (d) | 3,900 | 3,714 | ||||||||
Principal Life | ||||||||||
3.460%, 03/01/2012 | 900 | 808 | ||||||||
Protective Life Secured Trust | ||||||||||
2.820%, 09/10/2011 (c) | 900 | 820 | ||||||||
3.240%, 07/10/2012 (c) | 1,000 | 915 | ||||||||
6,257 | ||||||||||
Sovereigns (e) – 0.6% | ||||||||||
Federal Republic of Brazil | ||||||||||
11.000%, 08/17/2040 (b) | 600 | 795 | ||||||||
Republic of Venezuela | ||||||||||
9.250%, 09/15/2027 (b) | 835 | 1,065 | ||||||||
1,860 | ||||||||||
Total Corporate Bonds (Cost $19,079) | 18,988 | |||||||||
Common Stocks – 0.5% | ||||||||||
Energy – 0.5% | ||||||||||
ARC Energy Trust (f) | 11,000 | 210 | ||||||||
Baytex Energy Trust | 4,289 | 81 | ||||||||
Canadian Oil Sands Trust | 6,725 | 188 | ||||||||
Canetic Resources Trust (b) | 20,100 | 279 | ||||||||
Harvest Energy Trust (b) | 11,725 | 263 | ||||||||
NAL Oil & Gas Trust | 15,900 | 168 | ||||||||
Penn West Energy Trust | 2,439 | 75 | ||||||||
Peyto Energy Trust (b) (f) | 19,000 | 289 | ||||||||
Total Common Stocks (Cost $1,611) | 1,553 | |||||||||
First American Funds Semiannual Report 2006 25
Table of Contents
Schedule of Investments continued
Inflation Protected Securities Fund (continued) | |||||||||
DESCRIPTION | PAR/CONTRACTS | VALUE | |||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 0.3% | |||||||||
Fixed Rate – 0.3% | |||||||||
Federal Home Loan Mortgage Corporation Series 2763, Class TA | |||||||||
4.000%, 03/15/2011 | $ | 331 | $ | 324 | |||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
4.000%, 10/01/2010, #M80855 (b) | 707 | 687 | |||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $1,038) | 1,011 | ||||||||
Municipal Bond – 0.3% | |||||||||
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B | |||||||||
6.950%, 09/01/2016 (Cost $1,000) | 1,000 | 1,022 | |||||||
Convertible Security – 0.1% | |||||||||
Basic Industry – 0.1% | |||||||||
Coeur d’Alene Mines 1.250%, 01/15/2024 | |||||||||
(Cost $346) | 350 | 331 | |||||||
Options Purchased – 0.0% | |||||||||
Call Options Purchased – 0.0% | |||||||||
Euro Currency Futures, March 2007 Futures Call Expires 03/19/2007 Exercise Price $1.35 | 35 | 1 | |||||||
Japanese Yen Currency Futures, March 2007 Futures Call Expires 03/19/2007 Exercise Price $89.00 | 65 | 1 | |||||||
Japanese Yen Currency Futures, March 2007 Futures Call Expires 03/19/2007 Exercise Price $89.50 | 35 | — | |||||||
Total Options Purchased (Cost $68) | 2 | ||||||||
Short-Term Investment – 0.2% | |||||||||
U.S. Treasury Obligation – 0.2% | |||||||||
U.S. Treasury Bill | |||||||||
4.783%, 04/05/2007 (g) | |||||||||
(Cost $568) | $ | 575 | 568 | ||||||
Investments Purchased with Proceeds from Securities Lending (h) – 51.8% | |||||||||
(Cost $172,705) | 172,705 | ||||||||
Total Investments – 151.1% | |||||||||
(Cost $511,277) | 503,744 | ||||||||
Other Assets and Liabilities, Net – (51.1)% | (170,397 | ) | |||||||
Total Net Assets – 100.0% | $ | 333,347 | |||||||
(a) | U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. |
(b) | This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $168,716 at December 31, 2006. |
(c) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
[(d)] | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $6,719 or 2.0% of total net assets. |
(e) | Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2006, the value of these investments was $1,860 which represents 0.6% of total net assets. |
[(f)] | Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. |
(g) | Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements. |
(h) | The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements. |
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased/ | Contract | Settlement | Appreciation/ | |||||||||||
(Sold) | Value | Month | (Depreciation) | |||||||||||
Description | ||||||||||||||
British Pound Currency Futures | 43 | $ | 5,260 | March 2007 | $ | (21 | ) | |||||||
Euro Bund Futures | 31 | 4,748 | March 2007 | (107 | ) | |||||||||
Euro Currency Futures | 20 | 3,309 | March 2007 | (4 | ) | |||||||||
Japanese 10 Year Bond Futures | (11 | ) | (12,391 | ) | March 2007 | 4 | ||||||||
Japanese Yen Currency Futures | 35 | 3,712 | March 2007 | (57 | ) | |||||||||
Long Gilt Futures | 24 | 5,081 | March 2007 | (72 | ) | |||||||||
U.S. Treasury 2 Year Note Futures | (387 | ) | (78,960 | ) | March 2007 | 262 | ||||||||
U.S. Treasury 5 Year Note Futures | 229 | 24,059 | March 2007 | (177 | ) | |||||||||
U.S. Treasury 10 Year Note Futures | (94 | ) | (10,102 | ) | March 2007 | 125 | ||||||||
U.S. Treasury Long Bond Futures | 28 | 3,120 | March 2007 | (56 | ) | |||||||||
$ | (103 | ) | ||||||||||||
Credit Default Swap Agreements
Pay/ | Unrealized | |||||||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Appreciation/ | |||||||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Credit Suisse | ABX-HE-BBB | Sell | 2.420% | 5/25/2046 | $ | 1,300 | $ | (51 | ) | |||||||||||||
J.P. Morgan | Dow Jones CDX HY6 Index | Sell | 3.450% | 6/20/2011 | 4,950 | 193 | ||||||||||||||||
J.P. Morgan | Dow Jones CDX HY7 Index | Sell | 3.250% | 12/20/2011 | 7,000 | 116 | ||||||||||||||||
UBS | Dow Jones CDX HY7 Index | Sell | 3.250% | 12/20/2011 | 7,500 | (10 | ) | |||||||||||||||
$ | 248 | |||||||||||||||||||||
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation/ | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Citigroup | 3-Month LIBOR | Receive | 5.303% | 10/26/2008 | $ | 48,000 | $ | (85 | ) | |||||||||||||
Citigroup | 3-Month LIBOR | Pay | 5.360% | 10/26/2016 | 12,000 | 165 | ||||||||||||||||
UBS | 3-Month LIBOR | Receive | 5.050% | 9/27/2008 | 9,000 | 24 | ||||||||||||||||
$ | 104 | |||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
26 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Government Bond Fund | |||||||||
DESCRIPTION | PAR/SHARES | VALUE | |||||||
U.S. Government & Agency Securities – 99.4% | |||||||||
U.S. Agency Debentures – 59.9% | |||||||||
Federal Farm Credit Bank | |||||||||
3.250%, 06/15/2007 | $ | 500 | $ | 496 | |||||
2.625%, 09/17/2007 | 390 | 383 | |||||||
3.000%, 12/17/2007 | 1,805 | 1,770 | |||||||
4.125%, 07/17/2009 | 1,100 | 1,077 | |||||||
5.750%, 01/18/2011 | 1,800 | 1,853 | |||||||
4.875%, 02/18/2011 | 1,600 | 1,594 | |||||||
Federal Home Loan Bank | |||||||||
4.625%, 01/18/2008 | 1,315 | 1,307 | |||||||
4.250%, 05/16/2008 | 1,600 | 1,582 | |||||||
4.100%, 06/13/2008 | 650 | 641 | |||||||
4.375%, 09/17/2010 | 890 | 874 | |||||||
6.000%, 06/29/2011 | 875 | 878 | |||||||
5.375%, 08/19/2011 | 1,000 | 1,017 | |||||||
5.625%, 06/13/2016 | 900 | 926 | |||||||
Tennessee Valley Authority | |||||||||
5.375%, 11/13/2008 | 2,455 | 2,470 | |||||||
5.625%, 01/18/2011 | 2,000 | 2,046 | |||||||
6.790%, 05/23/2012 | 3,175 | 3,444 | |||||||
22,358 | |||||||||
U.S. Treasuries – 39.5% | |||||||||
U.S. Treasury Bonds | |||||||||
11.750%, 11/15/2014 | 1,575 | 1,867 | |||||||
7.250%, 05/15/2016 | 305 | 363 | |||||||
9.125%, 05/15/2018 | 785 | 1,080 | |||||||
9.000%, 11/15/2018 | 1,075 | 1,478 | |||||||
8.125%, 08/15/2019 | 780 | 1,019 | |||||||
U.S. Treasury Notes | |||||||||
4.375%, 05/15/2007 | 1,235 | 1,232 | |||||||
4.625%, 11/30/2008 | 1,395 | 1,390 | |||||||
3.875%, 05/15/2010 | 265 | 258 | |||||||
3.625%, 06/15/2010 | 1,425 | 1,376 | |||||||
3.875%, 09/15/2010 | 270 | 262 | |||||||
4.375%, 12/15/2010 | 895 | 885 | |||||||
2.375%, 04/15/2011 | 391 | 390 | |||||||
5.125%, 06/30/2011 | 1,285 | 1,307 | |||||||
4.625%, 08/31/2011 | 595 | 593 | |||||||
2.500%, 07/15/2016 | 815 | 821 | |||||||
4.875%, 08/15/2016 | 395 | 400 | |||||||
14,721 | |||||||||
Total U.S. Government & Agency Securities | |||||||||
(Cost $37,598) | 37,079 | ||||||||
Short-Term Investment – 1.0% | |||||||||
First American U.S. Treasury Money Market Fund, Class Z (a) | |||||||||
(Cost $355) | 355,480 | 355 | |||||||
Total Investments – 100.4% | |||||||||
(Cost $37,953) | 37,434 | ||||||||
Other Assets and Liabilities, Net – (0.4)% | (151 | ) | |||||||
Total Net Assets – 100.0% | $ | 37,283 | |||||||
(a) | 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. |
Intermediate Term Bond Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
U.S. Government & Agency Securities – 34.1% | |||||||||
U.S. Agency Debentures – 13.0% | |||||||||
Federal Agricultural Mortgage Corporation | |||||||||
5.500%, 07/15/2011 (a) | $ | 13,900 | $ | 14,155 | |||||
Federal Home Loan Mortgage Corporation | |||||||||
4.500%, 08/04/2008 (b) | 11,420 | 11,322 | |||||||
5.750%, 05/11/2011 (b) | 17,600 | 17,617 | |||||||
Federal National Mortgage Association | |||||||||
7.250%, 01/15/2010 (b) | 11,170 | 11,884 | |||||||
4.500%, 02/15/2011 (b) | 12,345 | 12,161 | |||||||
5.125%, 04/15/2011 (b) | 20,600 | 20,747 | |||||||
6.125%, 03/15/2012 (b) | 7,020 | 7,392 | |||||||
5.250%, 08/01/2012 (b) | 15,225 | 15,299 | |||||||
110,577 | |||||||||
U.S. Treasuries – 21.1% | |||||||||
U.S. Treasury Bonds | |||||||||
9.125%, 05/15/2018 (b) | 18,175 | 24,998 | |||||||
9.000%, 11/15/2018 (b) | 7,240 | 9,956 | |||||||
8.750%, 05/15/2020 (b) | 7,630 | 10,522 | |||||||
U.S. Treasury Notes | |||||||||
4.875%, 08/15/2009 (b) | 41,995 | 42,121 | |||||||
2.375%, 04/15/2011 (b) | 8,674 | 8,639 | |||||||
5.125%, 06/30/2011 (b) | 28,455 | 28,935 | |||||||
4.625%, 08/31/2011 (b) | 28,895 | 28,804 | |||||||
2.500%, 07/15/2016 (b) | 17,580 | 17,713 | |||||||
4.625%, 11/15/2016 | 8,520 | 8,464 | |||||||
180,152 | |||||||||
Total U.S. Government & Agency Securities (Cost $291,615) | 290,729 | ||||||||
Asset-Backed Securities – 23.9% | |||||||||
Automotive – 6.0% | |||||||||
Harley Davidson Motorcycle Trust Series 2005-4, Class A2 | |||||||||
4.850%, 06/15/2012 | 4,240 | 4,217 | |||||||
Hertz Vehicle Financing Series 2005-2A, Class A6 | |||||||||
5.080%, 11/25/2011 (a) | 8,425 | 8,372 | |||||||
Honda Auto Receivables Owner Trust Series 2005-5, Class A4 | |||||||||
4.690%, 02/15/2011 | 9,895 | 9,812 | |||||||
Series 2005-6, Class A4 | |||||||||
4.930%, 03/18/2011 | 7,400 | 7,369 | |||||||
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4 | |||||||||
4.860%, 04/20/2012 | 10,940 | 10,875 | |||||||
Wachovia Auto Owner Trust Series 2005-B, Class A4 | |||||||||
4.840%, 04/20/2011 | 10,960 | 10,898 | |||||||
51,543 | |||||||||
Commercial – 11.2% | |||||||||
Banc of America Commercial Mortgage Series 2006-2, Class A4 | |||||||||
5.741%, 05/10/2045 | 5,085 | 5,258 | |||||||
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX | |||||||||
5.449%, 02/05/2019 (a) | 5,040 | 5,072 | |||||||
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 | |||||||||
6.538%, 06/15/2031 | 3,341 | 3,363 |
First American Funds Semiannual Report 2006 27
Table of Contents
Schedule of Investments continued
Intermediate Term Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1 | |||||||||
3.896%, 08/10/2038 | $ | 5,231 | $ | 5,126 | |||||
Greenwich Capital Commercial Funding Series 2003-C1, Class A2 | |||||||||
3.285%, 07/05/2035 | 5,000 | 4,782 | |||||||
GS Mortgage Securities II Series 2006-GG8, Class A2 | |||||||||
5.479%, 11/10/2039 | 20,495 | 20,678 | |||||||
Series 2006-GG8, Class A4 | |||||||||
5.560%, 11/10/2039 | 17,515 | 17,790 | |||||||
Series 2003-C1, Class A2A | |||||||||
3.590%, 01/10/2040 | 13,840 | 13,587 | |||||||
Series 2006-RR2, Class A1 | |||||||||
5.689%, 06/23/2046 (a) | 7,525 | 7,603 | |||||||
Nomura Asset Securities Series 1998-D6, Class A1B | |||||||||
6.590%, 03/15/2030 | 11,769 | 11,911 | |||||||
95,170 | |||||||||
Credit Cards – 1.8% | |||||||||
Citibank Credit Card Issuance Trust Series 2004-A4, Class A4 | |||||||||
3.200%, 08/24/2009 | 3,000 | 2,960 | |||||||
MBNA Credit Card Master Note Trust Series 2003-A1, Class A1 | |||||||||
3.300%, 07/15/2010 | 12,560 | 12,296 | |||||||
15,256 | |||||||||
Home Equity – 0.5% | |||||||||
Amresco Residential Security Mortgage Series 1997-3, Class A9 | |||||||||
6.960%, 03/25/2027 | 93 | 93 | |||||||
Contimortgage Home Equity Loan Trust Series 1997-2, Class A9 | |||||||||
7.090%, 04/15/2028 | 185 | 184 | |||||||
Countrywide Asset-Backed Certificates Series 2003-5, Class AF5 | |||||||||
5.739%, 02/25/2034 | 3,760 | 3,761 | |||||||
Saxon Asset Securities Trust Series 2004-1, Class A | |||||||||
5.620%, 03/25/2035 (c) | 343 | 342 | |||||||
4,380 | |||||||||
Manufactured Housing – 1.2% | |||||||||
Green Tree Financial Series 1996-9, Class A5 | |||||||||
7.200%, 01/15/2028 | 195 | 201 | |||||||
Origen Manufactured Housing Series 2005-A, Class A2 | |||||||||
4.490%, 05/15/2018 | 10,095 | 9,954 | |||||||
10,155 | |||||||||
Other – 3.2% | |||||||||
Global Signal Trust Series 2004-2A, Class A | |||||||||
4.232%, 12/15/2014 (a) | 7,390 | 7,193 | |||||||
Series 2006-1, Class C | |||||||||
5.707%, 02/15/2036 (a) | 4,420 | 4,448 | |||||||
GRP/ AG Real Estate Asset Trust Series 2004-2, Class A | |||||||||
4.210%, 07/25/2034 (a) | 37 | 37 | |||||||
Series 2005-1, Class A | |||||||||
4.850%, 01/25/2035 (a) | 629 | 624 | |||||||
Small Business Administration Series 2005-P10B, Class 1 | |||||||||
4.940%, 08/10/2015 | 6,337 | 6,265 | |||||||
Series 2006-P10B, Class 1 | |||||||||
5.681%, 08/10/2016 | 8,446 | 8,565 | |||||||
27,132 | |||||||||
Total Asset-Backed Securities (Cost $206,068) | 203,636 | ||||||||
Corporate Bonds – 21.1% | |||||||||
Banking – 1.1% | |||||||||
Credit Suisse First Boston | |||||||||
3.875%, 01/15/2009 (b) | 6,270 | 6,112 | |||||||
J.P. Morgan Chase | |||||||||
5.150%, 10/01/2015 | 3,290 | 3,229 | |||||||
9,341 | |||||||||
Basic Industry – 1.2% | |||||||||
Celulosa Arauco Constitucion | |||||||||
5.625%, 04/20/2015 | 2,000 | 1,966 | |||||||
Falconbridge | |||||||||
7.350%, 06/05/2012 | 3,385 | 3,657 | |||||||
Teck Cominco | |||||||||
5.375%, 10/01/2015 | 2,810 | 2,722 | |||||||
Vale Overseas | |||||||||
6.250%, 01/11/2016 | 1,525 | 1,540 | |||||||
9,885 | |||||||||
Brokerage – 1.5% | |||||||||
Bear Stearns | |||||||||
5.550%, 01/22/2017 | 1,655 | 1,654 | |||||||
Merrill Lynch | |||||||||
6.050%, 05/16/2016 (b) | 4,695 | 4,859 | |||||||
Morgan Stanley | |||||||||
5.375%, 10/15/2015 | 6,550 | 6,491 | |||||||
13,004 | |||||||||
Capital Goods – 0.4% | |||||||||
C5 Capital | |||||||||
6.196%, 12/31/2049 (a) (c) | 3,000 | 2,991 | |||||||
Communications – 3.5% | |||||||||
Comcast Cable Communications | |||||||||
7.125%, 06/15/2013 | 6,220 | 6,703 | |||||||
Deutsche Telecom | |||||||||
8.500%, 06/15/2010 | 3,690 | 3,996 | |||||||
Embarq | |||||||||
7.082%, 06/01/2016 | 2,520 | 2,565 | |||||||
Sprint Capital | |||||||||
8.375%, 03/15/2012 | 7,370 | 8,191 | |||||||
Telecom Italia Capital | |||||||||
6.200%, 07/18/2011 (b) | 3,520 | 3,572 | |||||||
5.250%, 10/01/2015 (b) | 2,710 | 2,532 | |||||||
Verizon Communications | |||||||||
5.550%, 02/15/2016 (b) | 2,260 | 2,252 | |||||||
29,811 | |||||||||
Consumer Cyclical – 2.4% | |||||||||
AOL Time Warner | |||||||||
6.750%, 04/15/2011 | 6,805 | 7,124 | |||||||
CBS | |||||||||
5.625%, 08/15/2012 | 3,320 | 3,275 | |||||||
DaimlerChrysler | |||||||||
6.500%, 11/15/2013 | 2,230 | 2,289 |
The accompanying notes are an integral part of the financial statements.
28 First American Funds Semiannual Report 2006
Table of Contents
Intermediate Term Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Mohawk Industries | |||||||||
5.750%, 01/15/2011 | $ | 3,935 | $ | 3,938 | |||||
Quest Diagnostic | |||||||||
5.125%, 11/01/2010 | 3,490 | 3,437 | |||||||
20,063 | |||||||||
Consumer Non Cyclical – 0.5% | |||||||||
Schering-Plough | |||||||||
5.550%, 12/01/2013 | 4,595 | 4,608 | |||||||
Electric – 2.9% | |||||||||
DTE Energy | |||||||||
7.050%, 06/01/2011 | 4,600 | 4,875 | |||||||
MidAmerican Energy Holdings | |||||||||
3.500%, 05/15/2008 | 4,600 | 4,485 | |||||||
National Rural Utilities | |||||||||
5.750%, 08/28/2009 (b) | 3,850 | 3,898 | |||||||
Ohio Power Series K | |||||||||
6.000%, 06/01/2016 (b) | 2,100 | 2,156 | |||||||
Oncor Electric Delivery | |||||||||
6.375%, 01/15/2015 | 3,140 | 3,237 | |||||||
Pacific Gas & Electric | |||||||||
4.200%, 03/01/2011 | 5,935 | 5,682 | |||||||
24,333 | |||||||||
Energy – 1.3% | |||||||||
Gazprom International | |||||||||
7.201%, 02/01/2020 (a) | 3,500 | 3,701 | |||||||
Tengizcheveroil Finance | |||||||||
6.124%, 11/15/2014 (a) | 3,095 | 3,087 | |||||||
XTO Energy | |||||||||
7.500%, 04/15/2012 | 4,070 | 4,422 | |||||||
11,210 | |||||||||
Finance – 0.7% | |||||||||
American General Finance | |||||||||
3.875%, 10/01/2009 | 4,345 | 4,181 | |||||||
Capital One Financial | |||||||||
6.150%, 09/01/2016 | 1,775 | 1,836 | |||||||
6,017 | |||||||||
Industrial Other – 0.5% | |||||||||
Johnson Controls | |||||||||
5.250%, 01/15/2011 | 4,720 | 4,683 | |||||||
Insurance – 0.9% | |||||||||
Liberty Mutual Group | |||||||||
5.750%, 03/15/2014 (a) (b) | 4,340 | 4,324 | |||||||
Marsh & McLennan | |||||||||
5.750%, 09/15/2015 | 3,720 | 3,660 | |||||||
7,984 | |||||||||
Miscellaneous – 1.4% | |||||||||
Core Investment Grade Trust | |||||||||
4.642%, 11/30/2007 | 12,367 | 12,255 | |||||||
Real Estate – 1.9% | |||||||||
Health Care – REIT | |||||||||
5.875%, 05/15/2015 | 3,775 | 3,728 | |||||||
Istar Financial – REIT | |||||||||
5.650%, 09/15/2011 | 4,225 | 4,216 | |||||||
Mack-Cali Realty – REIT | |||||||||
7.250%, 03/15/2009 | 4,500 | 4,647 | |||||||
Prologis 2006 – REIT | |||||||||
5.750%, 04/01/2016 | 3,525 | 3,546 | |||||||
16,137 | |||||||||
Sovereign – 0.2% | |||||||||
United Mexican States | |||||||||
5.625%, 01/15/2017 (b) | 1,400 | 1,401 | |||||||
Technology – 0.7% | |||||||||
Chartered Semiconductor | |||||||||
5.750%, 08/03/2010 | 1,500 | 1,499 | |||||||
Motorola | |||||||||
8.000%, 11/01/2011 | 3,900 | 4,316 | |||||||
5,815 | |||||||||
Total Corporate Bonds (Cost $178,961) | 179,538 | ||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 11.3% | |||||||||
Adjustable Rate (c) – 8.0% | |||||||||
CS First Boston Mortgage Securities Series 2003-AR24, Class 2A4 | |||||||||
4.029%, 10/25/2033 | 13,390 | 13,129 | |||||||
Sequoia Mortgage Trust Series 2004-4, Class X1 | |||||||||
0.765%, 05/20/2034 (d) | 48,741 | 243 | |||||||
Structured Mortgage Loan Trust Series 2004-11, Class A | |||||||||
7.268%, 08/25/2034 | 757 | 760 | |||||||
Washington Mutual Series 2003-AR10, Class A6 | |||||||||
4.062%, 10/25/2033 | 16,305 | 15,994 | |||||||
Wells Fargo Mortgage Backed Securities Trust Series 2003-J, Class 2A5 | |||||||||
4.450%, 10/25/2033 | 11,500 | 10,999 | |||||||
Series 2003-O, Class 5A1 | |||||||||
4.806%, 01/25/2034 | 9,259 | 9,044 | |||||||
Series 2004-E, Class A5 | |||||||||
3.662%, 05/25/2034 | 9,010 | 8,816 | |||||||
Series 2004-N, Class A3 | |||||||||
4.099%, 08/25/2034 | 8,862 | 8,771 | |||||||
67,756 | |||||||||
Fixed Rate – 3.3% | |||||||||
Banc of America Mortgage Securities Series 2005-5, Class 1A21 | |||||||||
5.000%, 06/25/2035 | 7,898 | 7,829 | |||||||
Bank of America Mortgage Securities Series 2003-6, Class 1A29 | |||||||||
4.250%, 08/25/2033 | 9,000 | 8,875 | |||||||
Countrywide Alternative Loan Trust Series 2004-2CB, Class 1A1 | |||||||||
4.250%, 03/25/2034 | 3,432 | 3,364 | |||||||
Salomon Brothers Mortgage Securities Series 1986-1, Class A | |||||||||
6.000%, 12/25/2011 | 87 | 86 | |||||||
Structured Asset Securities Corporation Series 2005-6, Class 5A6 | |||||||||
5.000%, 05/25/2035 | 8,396 | 8,313 | |||||||
Westam Mortgage Financial Series 11, Class A | |||||||||
6.360%, 08/26/2020 | 39 | 39 | |||||||
28,506 | |||||||||
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $97,746) | 96,262 | ||||||||
First American Funds Semiannual Report 2006 29
Table of Contents
Schedule of Investments continued
Intermediate Term Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
U.S. Government Agency Mortgage-Backed Securities – 5.8% | |||||||||
Adjustable Rate (c) – 1.8% | |||||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
7.168%, 01/01/2028, #786281 | $ | 1,371 | $ | 1,401 | |||||
6.596%, 04/01/2029, #847190 | 2,149 | 2,197 | |||||||
6.773%, 10/01/2030, #847209 | 3,995 | 4,097 | |||||||
6.601%, 05/01/2031, #847161 (b) | 1,367 | 1,403 | |||||||
6.595%, 09/01/2033, #847210 (b) | 3,706 | 3,795 | |||||||
Federal National Mortgage Association Pool | |||||||||
6.966%, 09/01/2033, #725111 | 2,633 | 2,675 | |||||||
15,568 | |||||||||
Fixed Rate – 4.0% | |||||||||
Federal Home Loan Mortgage Corporation Series K001, Class A3 | |||||||||
6.003%, 01/25/2012 | 8,333 | 8,373 | |||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
4.000%, 10/01/2010, #M80855 (b) | 6,016 | 5,849 | |||||||
Federal National Mortgage Association Pool | |||||||||
3.900%, 06/01/2010, #461013 (b) | 10,958 | 10,527 | |||||||
3.790%, 07/01/2013, #386314 (b) | 9,571 | 8,889 | |||||||
33,638 | |||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $50,041) | 49,206 | ||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.9% | |||||||||
Fixed Rate – 2.9% | |||||||||
Federal Home Loan Mortgage Corporation Series 2763, Class TA | |||||||||
4.000%, 03/15/2011 (b) | 6,430 | 6,299 | |||||||
Series 2718, Class MD | |||||||||
4.500%, 06/15/2017 (b) | 8,635 | 8,339 | |||||||
Series 1167, Class E | |||||||||
7.500%, 11/15/2021 | 27 | 27 | |||||||
Series 1286, Class A | |||||||||
6.000%, 05/15/2022 | 91 | 91 | |||||||
Federal National Mortgage Association Series 1990-89, Class K | |||||||||
6.500%, 07/25/2020 | 20 | 20 | |||||||
Series 2004-76, Class CE | |||||||||
4.500%, 02/25/2021 (b) | 9,815 | 9,580 | |||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $24,652) | 24,356 | ||||||||
Municipal Bond – 0.3% | |||||||||
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B | |||||||||
6.950%, 09/01/2016 (Cost $2,130) | 2,130 | 2,176 | |||||||
Short-Term Investment – 0.0% | |||||||||
U.S. Treasury Obligation – 0.0% | |||||||||
U.S. Treasury Bill | |||||||||
4.783%, 04/05/2007 (e) (Cost $163) | 165 | 163 | |||||||
Investments Purchased with Proceeds from Securities Lending (f) – 41.7% | |||||||||
(Cost $354,757) | 354,757 | ||||||||
Total Investments – 141.1% | |||||||||
(Cost $1,206,133) | 1,200,823 | ||||||||
Other Assets and Liabilities, Net – (41.1)% | (349,584 | ) | |||||||
Total Net Assets – 100.0% | $ | 851,239 | |||||||
(a) | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $61,607 or 7.2% of total net assets. |
(b) | This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $345,504 at December 31, 2006. See note 2 in Notes to Financial Statements. |
(c) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
(d) | Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of December 31, 2006. |
(e) | Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements. |
(f) | The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, fixed income securities, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements. |
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | 475 | $ | 96,915 | March 2007 | $ | (328 | ) | |||||||
U.S. Treasury 5 Year Note Futures | 243 | 25,530 | March 2007 | (239 | ) | |||||||||
U.S. Treasury 10 Year Note Futures | (148 | ) | (15,905 | ) | March 2007 | 167 | ||||||||
U.S. Treasury Long Bond Futures | (163 | ) | (18,164 | ) | March 2007 | 308 | ||||||||
$ | (92 | ) | ||||||||||||
Credit Default Swap Agreements
Pay/ | ||||||||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Unrealized | |||||||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | Depreciation | ||||||||||||||||
J.P. Morgan | ABX-HE-BBB | Sell | 2.420% | 05/25/2046 | $ | 3,000 | $ | (119 | ) | |||||||||||||
J.P. Morgan | The Kroger Company | Buy | 0.350% | 12/20/2011 | 2,400 | (3 | ) | |||||||||||||||
J.P. Morgan | Safeway, Inc. | Buy | 0.410% | 12/20/2011 | 2,400 | (6 | ) | |||||||||||||||
$ | (128 | ) | ||||||||||||||||||||
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Citigroup | 3-Month LIBOR | Receive | 5.303% | 10/26/2008 | $ | 117,000 | $ | (207 | ) | |||||||||||||
Citigroup | 3-Month LIBOR | Pay | 5.360% | 10/26/2016 | 29,000 | 399 | ||||||||||||||||
UBS | 3-Month LIBOR | Receive | 5.050% | 09/27/2008 | 24,000 | 65 | ||||||||||||||||
$ | 257 | |||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
30 First American Funds Semiannual Report 2006
Table of Contents
Short Term Bond Fund | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
Asset-Backed Securities – 37.2% | ||||||||||
Automotive – 8.5% | ||||||||||
Auto Bond Receivables Trust Series 1993-I, Class A | ||||||||||
6.125%, 11/15/2021 (a) (b) (c) | $ | 106 | $ | — | ||||||
Capital One Auto Finance Trust Series 2003-A, Class A4A | ||||||||||
2.470%, 01/15/2010 | 3,593 | 3,573 | ||||||||
Ford Credit Auto Owner Trust Series 2005-B, Class A3 | ||||||||||
4.170%, 01/15/2009 | 6,982 | 6,944 | ||||||||
FTN Financial Auto Securitization Trust Series 2004-A, Class B | ||||||||||
2.500%, 06/15/2010 (d) | 721 | 719 | ||||||||
Harley-Davidson Motorcycle Trust Series 2003-2, Class A2 | ||||||||||
2.070%, 02/15/2011 | 3,716 | 3,634 | ||||||||
Hertz Vehicle Financing Series 2005-2A, Class A2 | ||||||||||
4.930%, 02/25/2010 (d) | 5,460 | 5,428 | ||||||||
M&I Auto Loan Trust Series 2005-1, Class A2 | ||||||||||
4.750%, 06/20/2008 | 2,255 | 2,253 | ||||||||
Nissan Auto Receivables Owner Trust Series 2006-B, Class A3 | ||||||||||
5.160%, 02/15/2010 | 6,000 | 5,992 | ||||||||
Toyota Auto Receivables Owner Trust Series 2003-B, Class A4 | ||||||||||
2.790%, 01/15/2010 | 1,396 | 1,394 | ||||||||
Series 2003-A, Class A4 | ||||||||||
2.200%, 03/15/2010 | 1,608 | 1,606 | ||||||||
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4 | ||||||||||
4.860%, 04/20/2012 | 7,000 | 6,958 | ||||||||
WFS Financial Owner Trust Series 2004-3, Class A3 | ||||||||||
3.300%, 03/17/2009 | 1,013 | 1,010 | ||||||||
39,511 | ||||||||||
Commercial – 18.3% | ||||||||||
Banc of America Commercial Mortgage Series 2004-2, Class A1 | ||||||||||
2.764%, 11/10/2038 | 3,940 | 3,825 | ||||||||
Series 2004-4, Class A2 | ||||||||||
4.041%, 07/10/2042 | 7,169 | 7,023 | ||||||||
Bear Stearns Commercial Mortgage Securities Series 2002-TOP6, Class A1 | ||||||||||
5.920%, 10/15/2036 | 2,605 | 2,636 | ||||||||
Series 2004-T14, Class A1 | ||||||||||
3.570%, 01/12/2041 | 2,595 | 2,537 | ||||||||
Commercial Mortgage | ||||||||||
Series 2004-LB3A, Class A1 | ||||||||||
3.765%, 07/10/2037 | 3,939 | 3,885 | ||||||||
GE Capital Commercial Mortgage Corporation Series 2001-2, Class A2 | ||||||||||
5.850%, 08/11/2033 | 9,582 | 9,631 | ||||||||
GMAC Commercial Mortgage Securities Series 1999-C1, Class A2 | ||||||||||
6.175%, 05/15/2033 | 5,667 | 5,736 | ||||||||
Series 2004-C1, Class A2 | ||||||||||
4.100%, 03/10/2038 | 4,000 | 3,890 | ||||||||
Greenwich Capital Commercial Funding Series 2004-GG1, Class A2 | ||||||||||
3.835%, 06/10/2036 | 1,220 | 1,210 | ||||||||
Series 2005-GG5, Class A2 | ||||||||||
5.117%, 04/10/2037 | 12,305 | 12,261 | ||||||||
GS Mortgage Securities Series 2004-C1, Class A1 | ||||||||||
3.659%, 10/10/2028 | 5,825 | 5,672 | ||||||||
GS Mortgage Securities II Series 2003-C1, Class A2A | ||||||||||
3.590%, 01/10/2040 | 11,015 | 10,813 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Series 2001-CIB3, Class A2 | ||||||||||
6.044%, 11/15/2035 | 4,378 | 4,451 | ||||||||
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2 | ||||||||||
3.086%, 05/15/2027 | 6,200 | 6,020 | ||||||||
Series 2004-C2, Class A1 | ||||||||||
2.946%, 03/15/2029 | 6,263 | 6,018 | ||||||||
85,608 | ||||||||||
Credit Cards – 3.9% | ||||||||||
Citibank Credit Card Issuance Trust Series 2004-A1, Class A1 | ||||||||||
2.550%, 01/20/2009 | 800 | 799 | ||||||||
Household Credit Card Master Note Trust I Series 2006-1, Class A | ||||||||||
5.100%, 06/15/2012 | 4,950 | 4,952 | ||||||||
MBNA Credit Card Master Note Trust Series 2005-A1, Class A1 | ||||||||||
4.200%, 09/15/2010 | 10,000 | 9,878 | ||||||||
Providian Gateway Master Trust Series 2004-DA, Class A | ||||||||||
3.350%, 09/15/2011 (d) | 2,625 | 2,592 | ||||||||
18,221 | ||||||||||
Equipment Leases – 0.6% | ||||||||||
CIT Equipment Collateral Series 2004-VT1, Class A3 | ||||||||||
2.200%, 03/20/2008 | 799 | 796 | ||||||||
CNH Equipment Trust Series 2004-A, Class A3B | ||||||||||
2.940%, 10/15/2008 | 1,878 | 1,864 | ||||||||
2,660 | ||||||||||
Home Equity – 1.1% | ||||||||||
Countrywide Asset-Backed Certificates Series 2003-5, Class AF5 | ||||||||||
5.739%, 02/25/2034 | 2,133 | 2,133 | ||||||||
Equivantage Home Equity Loan Trust Series 1996-1, Class A | ||||||||||
6.550%, 10/25/2025 | 99 | 98 | ||||||||
Series 1996-4, Class A | ||||||||||
7.250%, 01/25/2028 | 466 | 465 | ||||||||
IMC Home Equity Loan Trust Series 1998-3, Class A7 | ||||||||||
6.720%, 08/20/2029 | 2,091 | 2,087 | ||||||||
New Century Home Equity Loan Trust Series 1997-NC6, Class A7 | ||||||||||
7.690%, 01/25/2029 (e) | 415 | 414 | ||||||||
5,197 | ||||||||||
First American Funds Semiannual Report 2006 31
Table of Contents
Schedule of Investments continued
Short Term Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
Manufactured Housing – 0.7% | ||||||||||
Origen Manufactured Housing Series 2005-B, Class A2 | ||||||||||
5.247%, 12/15/2018 | $ | 3,230 | $ | 3,212 | ||||||
Other – 2.0% | ||||||||||
Global Signal Trust Series 2004-2A, Class A | ||||||||||
4.232%, 12/15/2014 (d) | 6,380 | 6,210 | ||||||||
Series 2006-1, Class C | ||||||||||
5.707%, 02/15/2036 (d) | 2,750 | 2,768 | ||||||||
GRP/ AG Real Estate Asset Trust Series 2004-2, Class A | ||||||||||
4.210%, 07/25/2034 (d) | 37 | 37 | ||||||||
Series 2005-1, Class A | ||||||||||
4.850%, 01/25/2035 (d) | 452 | 448 | ||||||||
9,463 | ||||||||||
Utilities – 2.1% | ||||||||||
Detroit Edison Securitization Funding Series 2001-1, Class A3 | ||||||||||
5.875%, 03/01/2010 | 2,660 | 2,669 | ||||||||
Massachusetts RRB Special Purpose Trust Series 1999-1, Class A4 | ||||||||||
6.910%, 09/15/2009 | 2,085 | 2,098 | ||||||||
Peco Energy Transition Trust Series 1999-A, Class A6 | ||||||||||
6.050%, 03/01/2009 | 2,984 | 2,988 | ||||||||
Public Service New Hampshire Funding Series 2001-1, Class A2 | ||||||||||
5.730%, 11/01/2010 | 2,007 | 2,017 | ||||||||
9,772 | ||||||||||
Total Asset-Backed Securities (Cost $175,553) | 173,644 | |||||||||
U.S. Government Agency Mortgage-Backed Securities – 17.4% | ||||||||||
Adjustable Rate (e) – 7.5% | ||||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||||
6.992%, 12/01/2026, #756591 | 1,109 | 1,134 | ||||||||
6.681%, 01/01/2029, #846946 (f) | 759 | 780 | ||||||||
7.045%, 10/01/2029, #786853 | 532 | 538 | ||||||||
6.931%, 04/01/2030, #972055 (f) | 515 | 529 | ||||||||
6.014%, 05/01/2030, #847014 (f) | 715 | 726 | ||||||||
6.216%, 06/01/2031, #847367 | 359 | 367 | ||||||||
6.598%, 08/01/2032, #847331 (f) | 5,420 | 5,544 | ||||||||
6.842%, 09/01/2032, #847652 | 2,351 | 2,412 | ||||||||
6.550%, 10/01/2032, #847063 (f) | 537 | 551 | ||||||||
4.223%, 05/01/2033, #780456 | 2,007 | 1,988 | ||||||||
Federal National Mortgage Association Pool | ||||||||||
6.586%, 11/01/2025, #433988 (f) | 940 | 943 | ||||||||
6.250%, 02/01/2028, #415285 | 59 | 60 | ||||||||
6.579%, 10/01/2030, #847241 (f) | 3,012 | 3,092 | ||||||||
6.045%, 06/01/2031, #625338 (f) | 619 | 627 | ||||||||
6.766%, 12/01/2031, #535363 | 1,858 | 1,882 | ||||||||
6.902%, 03/01/2032, #545791 | 177 | 179 | ||||||||
6.671%, 05/01/2032, #545717 | 1,203 | 1,223 | ||||||||
7.021%, 05/01/2032, #634948 (f) | 344 | 351 | ||||||||
4.493%, 10/01/2032, #661645 (f) | 1,010 | 1,010 | ||||||||
4.702%, 12/01/2032, #671884 | 1,783 | 1,787 | ||||||||
7.254%, 04/01/2034, #775389 | 400 | 405 | ||||||||
4.264%, 07/01/2034, #795242 (f) | 4,295 | 4,222 | ||||||||
5.937%, 08/01/2036, #555369 (f) | 876 | 890 | ||||||||
Government National Mortgage Association Pool | ||||||||||
5.750%, 08/20/2021, #8824 | 248 | 251 | ||||||||
5.750%, 07/20/2022, #8006 (f) | 298 | 301 | ||||||||
5.750%, 09/20/2025, #8699 | 165 | 168 | ||||||||
5.375%, 04/20/2026, #8847 | 160 | 161 | ||||||||
5.750%, 08/20/2027, #80106 | 50 | 51 | ||||||||
5.375%, 01/20/2028, #80154 | 85 | 86 | ||||||||
5.375%, 05/20/2029, #80283 (f) | 366 | 369 | ||||||||
5.375%, 06/20/2029, #80291 (f) | 660 | 666 | ||||||||
4.875%, 11/20/2030, #80469 (f) | 412 | 412 | ||||||||
5.375%, 04/20/2031, #80507 (f) | 209 | 211 | ||||||||
5.500%, 08/20/2031, #80535 (f) | 748 | 748 | ||||||||
5.500%, 02/20/2032, #80580 (f) | 195 | 196 | ||||||||
34,860 | ||||||||||
Fixed Rate – 9.9% | ||||||||||
Federal Home Loan Mortgage Corporation Series K001, Class A3, | ||||||||||
6.003%, 01/25/2012 | 4,629 | 4,652 | ||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||||
7.750%, 07/01/2009, #184513 | 6 | 6 | ||||||||
Federal National Mortgage Association Pool | ||||||||||
6.195%, 06/01/2007, #410601 (f) | 4,826 | 4,813 | ||||||||
4.250%, 09/15/2007 (f) | 15,000 | 14,897 | ||||||||
6.625%, 09/15/2009 (f) | 6,355 | 6,617 | ||||||||
3.900%, 06/01/2010, #461013 (f) | 6,710 | 6,446 | ||||||||
5.500%, 05/01/2012, #254340 (f) | 1,199 | 1,200 | ||||||||
4.000%, 12/01/2013, #255039 (f) | 4,755 | 4,594 | ||||||||
4.000%, 07/01/2014, #255322 (f) | 3,294 | 3,176 | ||||||||
46,401 | ||||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $81,831) | 81,261 | |||||||||
Corporate Bonds – 14.2% | ||||||||||
Banking – 1.8% | ||||||||||
HSBC Finance | ||||||||||
6.750%, 05/15/2011 | 3,500 | 3,704 | ||||||||
Popular North America | ||||||||||
3.875%, 10/01/2008 | 4,925 | 4,798 | ||||||||
8,502 | ||||||||||
Brokerage – 1.4% | ||||||||||
Goldman Sachs Group | ||||||||||
7.350%, 10/01/2009 (f) | 2,500 | 2,637 | ||||||||
Morgan Stanley | ||||||||||
4.000%, 01/15/2010 | 4,000 | 3,871 | ||||||||
6,508 | ||||||||||
Communications – 1.1% | ||||||||||
Comcast Cable Communications | ||||||||||
6.875%, 06/15/2009 | 2,305 | 2,385 | ||||||||
Vodafone Airtouch | ||||||||||
7.750%, 02/15/2010 | 2,500 | 2,664 | ||||||||
5,049 | ||||||||||
Consumer Cyclical – 2.4% | ||||||||||
Federated Department Stores | ||||||||||
6.300%, 04/01/2009 | 3,000 | 3,050 | ||||||||
Ford Motor Credit | ||||||||||
6.625%, 06/16/2008 | 2,500 | 2,498 | ||||||||
Harrah’s Operating Company | ||||||||||
5.500%, 07/01/2010 | 2,000 | 1,960 | ||||||||
Quest Diagnostic | ||||||||||
5.125%, 11/01/2010 | 1,990 | 1,960 | ||||||||
Time Warner | ||||||||||
5.500%, 11/15/2011 | 2,000 | 1,995 | ||||||||
11,463 | ||||||||||
The accompanying notes are an integral part of the financial statements.
32 First American Funds Semiannual Report 2006
Table of Contents
Short Term Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
Consumer Non Cyclical – 0.5% | ||||||||||
Baxter International | ||||||||||
5.196%, 02/16/2008 | $ | 2,500 | $ | 2,494 | ||||||
Electric – 1.9% | ||||||||||
MidAmerican Energy Holdings | ||||||||||
3.500%, 05/15/2008 | 5,900 | 5,752 | ||||||||
Oncor Electric Delivery | ||||||||||
5.000%, 09/01/2007 | 3,000 | 2,988 | ||||||||
8,740 | ||||||||||
Energy – 0.9% | ||||||||||
PEMEX Project Funding Master Trust | ||||||||||
6.125%, 08/15/2008 | 4,000 | 4,032 | ||||||||
Finance – 1.3% | ||||||||||
American Express Travel | ||||||||||
5.250%, 11/21/2011 (d) | 2,450 | 2,448 | ||||||||
Ameriprise Financial | ||||||||||
5.350%, 11/15/2010 | 1,000 | 1,002 | ||||||||
International Lease Finance | ||||||||||
5.000%, 04/15/2010 | 2,525 | 2,497 | ||||||||
5,947 | ||||||||||
Natural Gas – 0.5% | ||||||||||
Oneok | ||||||||||
5.510%, 02/16/2008 | 2,500 | 2,498 | ||||||||
Real Estate – 1.1% | ||||||||||
Istar Financial – REIT | ||||||||||
6.000%, 12/15/2010 | 2,500 | 2,532 | ||||||||
Simon Property Group – REIT | ||||||||||
6.375%, 11/15/2007 | 2,500 | 2,519 | ||||||||
5,051 | ||||||||||
Technology – 0.9% | ||||||||||
Chartered Semiconductor | ||||||||||
5.750%, 08/03/2010 | 1,500 | 1,499 | ||||||||
Motorola | ||||||||||
8.000%, 11/01/2011 | 2,450 | 2,711 | ||||||||
4,210 | ||||||||||
Transportation – 0.4% | ||||||||||
FedEx | ||||||||||
5.500%, 08/15/2009 | 2,000 | 2,008 | ||||||||
Total Corporate Bonds (Cost $66,730) | 66,502 | |||||||||
U.S. Government & Agency Securities – 13.9% | ||||||||||
U.S. Agency Debentures – 8.1% | ||||||||||
Federal Home Loan Mortgage Corporation | ||||||||||
3.875%, 06/15/2008 (f) | 15,000 | 14,747 | ||||||||
Federal National Mortgage Association | ||||||||||
5.400%, 02/01/2008 (f) | 6,000 | 6,012 | ||||||||
4.000%, 09/02/2008 (f) | 10,000 | 9,813 | ||||||||
4.250%, 05/15/2009 (f) | 7,500 | 7,380 | ||||||||
37,952 | ||||||||||
U.S. Treasuries – 5.8% | ||||||||||
U.S. Treasury Notes | ||||||||||
4.375%, 12/31/2007 (f) | 2,000 | 1,988 | ||||||||
4.875%, 08/31/2008 (f) | 6,105 | 6,104 | ||||||||
2.375%, 04/15/2011 (f) | 14,267 | 14,210 | ||||||||
4.625%, 08/31/2011 (f) | 4,775 | 4,760 | ||||||||
27,062 | ||||||||||
Total U.S. Government & Agency Securities (Cost $65,573) | 65,014 | |||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 11.3% | ||||||||||
Adjustable Rate (e) – 9.6% | ||||||||||
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 | ||||||||||
4.727%, 01/25/2036 | 3,909 | 3,877 | ||||||||
Citigroup Mortgage Loan Trust Series 2005-7, Class 2A1A | ||||||||||
4.861%, 09/25/2035 | 4,018 | 3,962 | ||||||||
GSR Mortgage Loan Trust Series 2005-AR1, Class B1 | ||||||||||
4.880%, 01/25/2035 | 2,183 | 2,150 | ||||||||
JP Morgan Mortgage Trust Series 2004-A1, Class 3A1 | ||||||||||
4.974%, 02/25/2034 | 1,992 | 1,946 | ||||||||
Structured Mortgage Loan Trust Series 2004-11, Class A | ||||||||||
7.268%, 08/25/2034 | 597 | 600 | ||||||||
Washington Mutual Series 2003-AR3, Class A5 | ||||||||||
3.927%, 04/25/2033 | 5,843 | 5,761 | ||||||||
Series 2003-AR10, Class A6 | ||||||||||
4.062%, 10/25/2033 | 7,000 | 6,866 | ||||||||
Series 2004-AR7, Class A6 | ||||||||||
3.943%, 07/25/2034 | 5,000 | 4,856 | ||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2004-E, Class A5 | ||||||||||
3.662%, 05/25/2034 | 5,868 | 5,741 | ||||||||
Series 2004-N, Class A3 | ||||||||||
4.099%, 08/25/2034 | 5,585 | 5,527 | ||||||||
Series 2005-AR10, Class 2A5 | ||||||||||
4.109%, 06/25/2035 | 3,462 | 3,403 | ||||||||
44,689 | ||||||||||
Fixed Rate – 1.7% | ||||||||||
Citigroup Mortgage Loan Trust Series 2005-WF1, Class A2 | ||||||||||
4.490%, 02/25/2035 | 6,650 | 6,577 | ||||||||
First Horizon Mortgage Pass-Through Trust Series 2004-4, Class 2A1 | ||||||||||
4.500%, 07/25/2019 | 1,037 | 1,027 | ||||||||
Residential Accredited Loans Series 2003-QS17, Class CB7 | ||||||||||
5.500%, 09/25/2033 | 576 | 574 | ||||||||
8,178 | ||||||||||
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $53,357) | 52,867 | |||||||||
First American Funds Semiannual Report 2006 33
Table of Contents
Schedule of Investments continued
Short Term Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 6.0% | ||||||||||
Fixed Rate – 6.0% | ||||||||||
Federal Home Loan Mortgage Corporation Series 2822, Class VM | ||||||||||
5.000%, 04/15/2010 | $ | 3,056 | $ | 3,028 | ||||||
Series 2763, Class TA | ||||||||||
4.000%, 03/15/2011 (f) | 4,624 | 4,530 | ||||||||
Series 1022, Class J | ||||||||||
6.000%, 12/15/2020 | 43 | 43 | ||||||||
Series 2738, Class UA | ||||||||||
3.570%, 12/15/2023 (f) | 3,498 | 3,423 | ||||||||
Series 2589, Class GK | ||||||||||
4.000%, 03/15/2026 (f) | 2,207 | 2,177 | ||||||||
Series 2731, Class PV | ||||||||||
4.500%, 05/15/2026 (f) | 5,000 | 4,894 | ||||||||
Federal National Mortgage Association Series 2004-76, Class CE | ||||||||||
4.500%, 02/25/2021 (f) | 6,000 | 5,856 | ||||||||
Series 1992-150, Class MA | ||||||||||
5.500%, 09/25/2022 | 118 | 118 | ||||||||
Series 2004-90, Class GA | ||||||||||
4.350%, 03/25/2034 (f) | 4,119 | 3,986 | ||||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $28,679) | 28,055 | |||||||||
Short-Term Investment – 0.0% | ||||||||||
U.S. Treasury Obligation – 0.0% | ||||||||||
U.S. Treasury Bill | ||||||||||
4.783%, 04/05/2007 (g) | ||||||||||
(Cost $99) | 100 | 99 | ||||||||
Investments Purchased with Proceeds from Securities Lending (h) – 34.7% | ||||||||||
(Cost $162,322) | 162,322 | |||||||||
Total Investments – 134.7% (Cost $634,144) | 629,764 | |||||||||
Other Assets and Liabilities, Net – (34.7)% | (162,357 | ) | ||||||||
Total Net Assets – 100.0% | $ | 467,407 | ||||||||
(a) | Security is fair valued and illiquid. As of December 31, 2006, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(b) | Security in default at December 31, 2006. |
(c) | Non-income producing security. |
(d) | Security purchased within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $20,650 or 4.4% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
(f) | This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $157,506 at December 31, 2006. See note 2 in Notes to Financial Statements. |
(g) | Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements. |
(h) | The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements. |
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
U.S. Treasury 2 Year Note Futures | 647 | $ | 132,008 | March 2007 | $ | (400 | ) | |||||||
U.S. Treasury 5 Year Note Futures | (431 | ) | (45,282 | ) | March 2007 | 265 | ||||||||
U.S. Treasury 10 Year Note Futures | (77 | ) | (8,275 | ) | March 2007 | 95 | ||||||||
$ | (40 | ) | ||||||||||||
Credit Default Swap Agreements
Pay/ | ||||||||||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Unrealized | |||||||||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | Depreciation | ||||||||||||||||||
J.P. Morgan | ABX-HE-BBB | Sell | 2.420% | 05/25/2046 | $ | 1,650 | $ | (66 | ) | |||||||||||||||
J.P. Morgan | Dow Jones CDX IG7 Index | Sell | 0.250% | 12/20/2009 | 25,000 | (107 | ) | |||||||||||||||||
J.P. Morgan | The Kroger Company | Buy | 0.350% | 12/20/2011 | 1,300 | (2 | ) | |||||||||||||||||
J.P. Morgan | Safeway, Inc. | Buy | 0.410% | 12/20/2011 | 1,300 | (3 | ) | |||||||||||||||||
$ | (178 | ) | ||||||||||||||||||||||
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||||
Floating | Receive | |||||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Unrealized | |||||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | Appreciation | ||||||||||||||||||
UBS | 3-Month LIBOR | Receive | 4.773% | 01/17/2011 | $ | 12,000 | $ | 142 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
34 First American Funds Semiannual Report 2006
Table of Contents
Total Return Bond Fund | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
U.S. Government Agency Mortgage-Backed Securities – 27.4% | |||||||||
Adjustable Rate (a) – 4.0% | |||||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
7.341%, 10/01/2029, #1L0117 | $ | 1,353 | $ | 1,381 | |||||
6.507%, 07/01/2030, #847240 | 1,487 | 1,517 | |||||||
6.455%, 05/01/2033, #847411 | 961 | 980 | |||||||
5.790%, 07/01/2036, #1K1238 (b) | 3,530 | 3,558 | |||||||
Federal National Mortgage Association Pool | |||||||||
6.822%, 09/01/2033, #725553 | 582 | 596 | |||||||
5.281%, 11/01/2034, #735054 (b) | 1,847 | 1,827 | |||||||
6.340%, 01/01/2035, #745548 | 1,628 | 1,654 | |||||||
4.863%, 09/01/2035, #745168 (b) | 2,500 | 2,472 | |||||||
5.310%, 12/01/2035, #850865 (b) | 6,725 | 6,718 | |||||||
5.731%, 09/01/2036, #884778 (b) | 3,413 | 3,435 | |||||||
24,138 | |||||||||
Fixed Rate – 23.4% | |||||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
4.000%, 04/01/2008, #M90808 (b) | 1,753 | 1,731 | |||||||
5.000%, 09/01/2018, #E99575 | 1,166 | 1,148 | |||||||
5.500%, 12/01/2020, #G11810 (b) | 3,332 | 3,330 | |||||||
6.500%, 07/01/2031, #A17212 (b) | 3,455 | 3,536 | |||||||
Federal National Mortgage Association Pool | |||||||||
3.900%, 06/01/2010, #461013 (b) | 5,000 | 4,803 | |||||||
5.500%, 12/01/2018, #735575 (b) | 1,879 | 1,884 | |||||||
5.000%, 01/01/2019 (c) | 6,000 | 5,897 | |||||||
5.500%, 01/01/2020, #735386 | 1,430 | 1,433 | |||||||
5.500%, 06/01/2020, #735792 | 1,209 | 1,211 | |||||||
5.000%, 02/01/2021, #745279 (b) | 1,994 | 1,960 | |||||||
5.500%, 02/01/2025, #255628 | 3,025 | 3,009 | |||||||
6.000%, 01/01/2029 (c) | 10,900 | 10,972 | |||||||
6.000%, 04/01/2032, #745101 | 1,131 | 1,153 | |||||||
5.500%, 06/01/2033, #843435 (b) | 1,236 | 1,224 | |||||||
5.000%, 10/01/2033, #741897 | 1,418 | 1,371 | |||||||
5.500%, 10/01/2033, #555800 | 3,719 | 3,681 | |||||||
5.500%, 11/01/2033, #555967 (b) | 6,901 | 6,831 | |||||||
5.500%, 01/01/2034 (c) | 18,060 | 17,846 | |||||||
5.000%, 03/01/2034, #725205 (b) | 1,313 | 1,270 | |||||||
5.000%, 03/01/2034, #725250 | 1,174 | 1,136 | |||||||
5.500%, 04/01/2034, #725424 (b) | 3,261 | 3,228 | |||||||
5.000%, 05/01/2034, #725456 | 1,160 | 1,122 | |||||||
5.000%, 06/01/2034, #782909 | 904 | 874 | |||||||
5.500%, 08/01/2034, #745563 | 2,239 | 2,217 | |||||||
5.500%, 09/01/2034, #725773 (b) | 2,109 | 2,086 | |||||||
6.000%, 04/01/2035, #735503 | 3,662 | 3,693 | |||||||
5.500%, 08/01/2035, #829679 (b) | 4,886 | 4,830 | |||||||
5.500%, 09/01/2035, #842230 | 2,678 | 2,648 | |||||||
5.500%, 10/01/2035, #735899 (b) | 3,077 | 3,044 | |||||||
6.000%, 01/01/2036, #831215 | 3,329 | 3,352 | |||||||
6.000%, 01/01/2036, #852347 | 3,335 | 3,358 | |||||||
6.500%, 04/01/2036, #831377 | 1,491 | 1,519 | |||||||
6.500%, 04/01/2036, #852909 (b) | 1,008 | 1,027 | |||||||
6.500%, 07/01/2036, #831683 | 2,272 | 2,315 | |||||||
6.500%, 08/01/2036, #893318 | 2,185 | 2,226 | |||||||
6.500%, 09/01/2036, #897129 | 16,979 | 17,299 | |||||||
6.000%, 11/01/2036, #902786 | 5,994 | 6,034 | |||||||
5.500%, 01/01/2037, #906059 | 6,000 | 5,929 | |||||||
142,227 | |||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $167,183) | 166,365 | ||||||||
Corporate Bonds – 17.6% | |||||||||
Banking – 0.8% | |||||||||
J.P. Morgan Chase | |||||||||
5.150%, 10/01/2015 | 1,495 | 1,467 | |||||||
J.P. Morgan Chase Capital XX, Series T | |||||||||
6.550%, 09/29/2036 (b) | 860 | 888 | |||||||
SOC General Real Estate | |||||||||
7.640%, 12/29/2049 (a) (d) | 1,465 | 1,488 | |||||||
Wells Fargo Capital X | |||||||||
5.950%, 12/15/2036 | 945 | 926 | |||||||
4,769 | |||||||||
Basic Industry – 2.0% | |||||||||
Celulosa Arauco Y Constitucion | |||||||||
8.625%, 08/15/2010 | 1,500 | 1,647 | |||||||
Evraz Group | |||||||||
8.250%, 11/10/2015 (d) (e) | 700 | 720 | |||||||
Falconbridge | |||||||||
7.350%, 06/05/2012 | 1,500 | 1,621 | |||||||
FMG Finance | |||||||||
10.000%, 09/01/2013 (d) (e) | 685 | 704 | |||||||
Griffin Coal Mining | |||||||||
9.500%, 12/01/2016 (b) (d) | 880 | 906 | |||||||
Ineos Group Holdings | |||||||||
8.500%, 02/15/2016 (b) (d) (e) | 655 | 626 | |||||||
LPG International | |||||||||
7.250%, 12/20/2015 (e) | 805 | 809 | |||||||
Noble Group Limited | |||||||||
6.625%, 03/17/2015 (d) (e) | 770 | 699 | |||||||
Sino Forest | |||||||||
9.125%, 08/17/2011 (d) (e) | 1,170 | 1,265 | |||||||
Southern Copper | |||||||||
7.500%, 07/27/2035 | 915 | 992 | |||||||
Teck Cominco Limited | |||||||||
6.125%, 10/01/2035 | 1,175 | 1,129 | |||||||
Vale Overseas | |||||||||
6.250%, 01/11/2016 | 640 | 646 | |||||||
Vedanta Resources | |||||||||
6.625%, 02/22/2010 (d) (e) | 575 | 568 | |||||||
12,332 | |||||||||
Brokerage – 0.9% | |||||||||
Bear Stearns | |||||||||
5.550%, 01/22/2017 | 1,110 | 1,109 | |||||||
Merrill Lynch | |||||||||
6.050%, 05/16/2016 (b) | 2,365 | 2,448 | |||||||
Morgan Stanley | |||||||||
5.375%, 10/15/2015 | 1,995 | 1,977 | |||||||
5,534 | |||||||||
Capital Goods – 0.5% | |||||||||
Case New Holland | |||||||||
7.125%, 03/01/2014 | 820 | 833 | |||||||
Chart Industries | |||||||||
9.125%, 10/15/2015 (d) | 585 | 617 | |||||||
Owens-Illinois | |||||||||
8.100%, 05/15/2007 (b) | 500 | 501 | |||||||
Siemens Financiering | |||||||||
6.125%, 08/17/2026 (d) | 960 | 981 | |||||||
2,932 | |||||||||
First American Funds Semiannual Report 2006 35
Table of Contents
Schedule of Investments continued
Total Return Bond Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Communications – 2.2% | |||||||||
C & M Finance | |||||||||
8.100%, 02/01/2016 (d) (e) | $ | 565 | $ | 581 | |||||
Comcast | |||||||||
7.050%, 03/15/2033 (b) | 2,335 | 2,497 | |||||||
Echostar | |||||||||
7.000%, 10/01/2013 | 800 | 799 | |||||||
Embarq | |||||||||
7.995%, 06/01/2036 | 960 | 999 | |||||||
News America Holdings | |||||||||
7.750%, 01/20/2024 | 680 | 759 | |||||||
Sprint Capital | |||||||||
6.900%, 05/01/2019 | 1,785 | 1,840 | |||||||
8.750%, 03/15/2032 (b) | 300 | 361 | |||||||
Telecom Italia Capital | |||||||||
4.000%, 11/15/2008 | 1,170 | 1,139 | |||||||
7.200%, 07/18/2036 (b) | 925 | 966 | |||||||
Time Warner Entertainment | |||||||||
8.375%, 07/15/2033 | 1,340 | 1,619 | |||||||
Verizon Communications | |||||||||
7.750%, 12/01/2030 | 980 | 1,150 | |||||||
Vimpelcom | |||||||||
8.250%, 05/23/2016 (d) (e) | 700 | 735 | |||||||
13,445 | |||||||||
Consumer Cyclical – 0.9% | |||||||||
Autonation | |||||||||
7.000%, 04/15/2014 | 935 | 942 | |||||||
DaimlerChrysler | |||||||||
4.875%, 06/15/2010 | 1,315 | 1,282 | |||||||
Galaxy Entertainment | |||||||||
9.875%, 12/15/2012 (d) (e) | 575 | 616 | |||||||
General Motors | |||||||||
8.250%, 07/15/2023 | 1,060 | 986 | |||||||
Lippo Karwaci Finance | |||||||||
8.875%, 03/09/2011 (e) | 575 | 552 | |||||||
MGM Mirage | |||||||||
6.625%, 07/15/2015 | 1,125 | 1,071 | |||||||
5,449 | |||||||||
Consumer Non Cyclical – 0.3% | |||||||||
Fisher Scientific International | |||||||||
6.750%, 08/15/2014 | 785 | 800 | |||||||
Omnicare | |||||||||
6.125%, 06/01/2013 | 905 | 867 | |||||||
1,667 | |||||||||
Electric – 1.3% | |||||||||
Edison Mission Energy | |||||||||
7.500%, 06/15/2013 | 530 | 554 | |||||||
Florida Power & Light | |||||||||
5.650%, 02/01/2037 | 985 | 971 | |||||||
MidAmerican Energy Holdings | |||||||||
5.875%, 10/01/2012 | 1,185 | 1,206 | |||||||
NRG Energy | |||||||||
7.250%, 02/01/2014 | 1,285 | 1,295 | |||||||
Ohio Power Series K | |||||||||
6.000%, 06/01/2016 | 1,045 | 1,073 | |||||||
Oncor Electric Delivery | |||||||||
7.000%, 05/01/2032 | 1,455 | 1,592 | |||||||
Pacific Gas & Electric | |||||||||
6.050%, 03/01/2034 (b) | 1,590 | 1,604 | |||||||
8,295 | |||||||||
Energy – 1.3% | |||||||||
Gaz Capital | |||||||||
6.212%, 11/22/2016 (d) | 1,100 | 1,108 | |||||||
Gazprom International | |||||||||
7.201%, 02/01/2020 (d) | 705 | 746 | |||||||
Nexen | |||||||||
5.875%, 03/10/2035 | 1,000 | 936 | |||||||
Petro-Canada | |||||||||
5.350%, 07/15/2033 | 955 | 837 | |||||||
Tengizcheveroil Finance | |||||||||
6.124%, 11/15/2014 (d) | 1,250 | 1,247 | |||||||
Tesoro | |||||||||
6.625%, 11/01/2015 | 1,315 | 1,305 | |||||||
XTO Energy | |||||||||
6.100%, 04/01/2036 | 1,905 | 1,859 | |||||||
8,038 | |||||||||
Finance – 0.4% | |||||||||
Capital One Capital III | |||||||||
7.686%, 08/15/2036 (b) | 1,535 | 1,739 | |||||||
Gazprombank | |||||||||
6.500%, 09/23/2015 | 720 | 720 | |||||||
2,459 | |||||||||
Insurance – 1.1% | |||||||||
Liberty Mutual Group | |||||||||
6.500%, 03/15/2035 (a) (d) | 1,195 | 1,165 | |||||||
Marsh & McLennan | |||||||||
5.750%, 09/15/2015 | 2,250 | 2,213 | |||||||
Unumprovident | |||||||||
5.997%, 05/15/2008 | 1,040 | 1,044 | |||||||
ZFS Finance USA Trust II | |||||||||
6.450%, 12/15/2065 (d) | 2,045 | 2,086 | |||||||
6,508 | |||||||||
Natural Gas – 0.3% | |||||||||
Enterprise Products | |||||||||
8.375%, 08/01/2066 | 860 | 931 | |||||||
Southern Union | |||||||||
7.200%, 11/01/2066 | 715 | 705 | |||||||
1,636 | |||||||||
Real Estate – 0.8% | |||||||||
Greentown China Holdings | |||||||||
9.000%, 11/08/2013 (d) (e) | 1,185 | 1,221 | |||||||
Health Care Properties – REIT Series MTN | |||||||||
6.300%, 09/15/2016 | 1,355 | 1,376 | |||||||
Prologis 2006 – REIT | |||||||||
5.750%, 04/01/2016 | 2,275 | 2,289 | |||||||
4,886 | |||||||||
Sovereigns – 3.8% | |||||||||
Bundersrepublic Deutschland | |||||||||
3.250%, 07/04/2015 (f) EUR | 5,100 | 6,399 | |||||||
Federal Republic of Brazil | |||||||||
6.000%, 01/17/2017 (e) | $ | 3,055 | 3,009 | ||||||
Republic of Venezuela | |||||||||
9.250%, 09/15/2027 (b) (e) | 1,940 | 2,474 | |||||||
Russian Federation 5.000% through 03/31/2007 thereafter 7.500% | |||||||||
5.000%, 03/31/2030 (d) | 1,070 | 1,210 |
The accompanying notes are an integral part of the financial statements.
36 First American Funds Semiannual Report 2006
Table of Contents
Total Return Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
United Kingdom Gilt Treasury | ||||||||||
4.750%, 03/07/2020 (f) GBP | 4,400 | $ | 8,704 | |||||||
United Mexican States | ||||||||||
5.625%, 01/15/2017 (b) | $ | 1,095 | 1,096 | |||||||
22,892 | ||||||||||
Technology – 0.9% | ||||||||||
Avnet | ||||||||||
6.000%, 09/01/2015 | 1,145 | 1,129 | ||||||||
Chartered Semiconductor | ||||||||||
6.375%, 08/03/2015 | 590 | 593 | ||||||||
Freescale Semiconductor | ||||||||||
9.125%, 12/15/2014 (d) | 560 | 556 | ||||||||
LG Electronics | ||||||||||
5.000%, 06/17/2010 (d) | 785 | 769 | ||||||||
NXP BV/ NXP Funding | ||||||||||
7.875%, 10/15/2014 (b) (d) (e) | 775 | 801 | ||||||||
Seagate Technology | ||||||||||
6.375%, 10/01/2011 (e) | 1,320 | 1,320 | ||||||||
5,168 | ||||||||||
Transportation – 0.1% | ||||||||||
Hertz | ||||||||||
8.875%, 01/01/2014 (d) | 500 | 524 | ||||||||
Total Corporate Bonds (Cost $105,801) | 106,534 | |||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 17.3% | ||||||||||
Adjustable Rate (a) – 7.3% | ||||||||||
Citigroup Mortgage Loan Trust Series 2005-7, Class 2A1A | ||||||||||
4.861%, 09/25/2035 | 2,061 | 2,033 | ||||||||
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1 | ||||||||||
4.733%, 12/19/2033 | 2,568 | 2,499 | ||||||||
GSR Mortgage Loan Trust Series 2005-AR1, Class B1 | ||||||||||
4.880%, 01/25/2035 | 2,233 | 2,199 | ||||||||
J.P. Morgan Trust Series 2004-A1, Class 3A1 | ||||||||||
4.974%, 02/25/2034 | 4,769 | 4,658 | ||||||||
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1 | ||||||||||
5.879%, 08/25/2036 | 3,089 | 3,081 | ||||||||
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1 | ||||||||||
4.957%, 10/20/2035 | 1,510 | 1,509 | ||||||||
Washington Mutual Series 2003-AR1, Class A5 | ||||||||||
3.970%, 03/25/2033 | 1,327 | 1,307 | ||||||||
Series 2003-AR10, Class A6 | ||||||||||
4.062%, 10/25/2033 | 5,082 | 4,985 | ||||||||
Series 2004-AR7, Class A6 | ||||||||||
3.943%, 07/25/2034 | 2,630 | 2,554 | ||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2003-O, Class 5A1 | ||||||||||
4.806%, 01/25/2034 | 6,629 | 6,476 | ||||||||
Series 2004-C, Class A1 | ||||||||||
4.937%, 04/25/2034 | 4,557 | 4,433 | ||||||||
Series 2005-AR10, Class 2A5 | ||||||||||
4.109%, 06/25/2035 | 4,214 | 4,142 | ||||||||
Series 2006-AR1, Class 2A2 | ||||||||||
5.561%, 03/25/2036 | 4,614 | 4,564 | ||||||||
44,440 | ||||||||||
Fixed Rate – 10.0% | ||||||||||
ABN AMRO Mortgage Series 2003-7, Class A1 | ||||||||||
4.750%, 07/25/2018 | 2,962 | 2,878 | ||||||||
Chase Mortgage Finance Series 2003-S12, Class 1A1 | ||||||||||
4.750%, 12/25/2018 | 2,830 | 2,760 | ||||||||
Series 2003-S11, Class 1A1 | ||||||||||
5.000%, 10/25/2033 | 2,961 | 2,835 | ||||||||
Series 2003-S13, Class A16 | ||||||||||
5.000%, 11/25/2033 | 7,605 | 7,345 | ||||||||
Chaseflex Trust Series 2005-2, Class 4A1 | ||||||||||
5.000%, 05/25/2020 | 3,187 | 3,110 | ||||||||
Citigroup Mortgage Loan Trust Series 2005-WF1, Class A2 | ||||||||||
4.490%, 02/25/2035 | 2,000 | 1,978 | ||||||||
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1 | ||||||||||
5.000%, 07/25/2019 | 1,537 | 1,504 | ||||||||
Series 2004-24CB, Class 2A1 | ||||||||||
5.000%, 11/25/2019 | 2,007 | 1,959 | ||||||||
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1 | ||||||||||
5.500%, 07/25/2020 | 2,220 | 2,215 | ||||||||
First Horizon Mortgage Pass-Through Trust Series 2004-4, Class 2A1 | ||||||||||
4.500%, 07/25/2019 | 983 | 974 | ||||||||
GSMPS Mortgage Loan Trust Series 2003-1, Class B1 | ||||||||||
6.937%, 03/25/2043 | 3,114 | 3,185 | ||||||||
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 | ||||||||||
5.500%, 08/25/2019 | 1,039 | 1,036 | ||||||||
Series 2005-4F, Class B1 | ||||||||||
5.727%, 05/25/2035 | 2,402 | 2,362 | ||||||||
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A | ||||||||||
6.192%, 11/25/2034 | 3,331 | 3,353 | ||||||||
Residential Accredit Loans Series 2005-QS12, Class A7 | ||||||||||
5.500%, 08/25/2035 | 4,038 | 4,034 | ||||||||
Residential Funding Mortgage Securities I Series 2004-S9, Class 2A1 | ||||||||||
4.750%, 12/25/2019 | 1,508 | 1,468 | ||||||||
Washington Mutual Series 2002-S8, Class 2A7 | ||||||||||
5.250%, 01/25/2018 | 7,067 | 6,965 | ||||||||
Series 2004-CB1, Class 1A | ||||||||||
5.250%, 06/25/2019 | 2,186 | 2,166 | ||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2004-7, Class 2A2 | ||||||||||
5.000%, 07/25/2019 | 5,555 | 5,437 | ||||||||
Series 2004-8, Class A1 | ||||||||||
5.000%, 08/25/2019 | 3,308 | 3,231 | ||||||||
60,795 | ||||||||||
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $105,063) | 105,235 | |||||||||
First American Funds Semiannual Report 2006 37
Table of Contents
Schedule of Investments continued
Total Return Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
Asset-Backed Securities – 17.0% | ||||||||||
Automotive – 2.1% | ||||||||||
FTN Financial Auto Securitization Trust Series 2004-A, Class A | ||||||||||
2.050%, 06/15/2010 (d) | $ | 2,171 | $ | 2,167 | ||||||
Harley Davidson Motorcycle Trust Series 2005-4, Class A2 | ||||||||||
4.850%, 06/15/2012 | 1,190 | 1,183 | ||||||||
Hertz Vehicle Financing Series 2005-2A, Class A6 | ||||||||||
5.080%, 11/25/2011 (d) | 2,690 | 2,673 | ||||||||
Triad Auto Receivables Owner Trust Series 2006-A, Class A3 | ||||||||||
4.770%, 01/12/2011 | 2,195 | 2,182 | ||||||||
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4 | ||||||||||
4.860%, 04/20/2012 | 4,255 | 4,230 | ||||||||
12,435 | ||||||||||
Commercial – 12.8% | ||||||||||
Banc of America Commercial Mortgage Series 2006-2, Class A4 | ||||||||||
5.741%, 05/10/2045 | 785 | 812 | ||||||||
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4 | ||||||||||
5.405%, 12/11/2040 (b) | 1,750 | 1,758 | ||||||||
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX | ||||||||||
5.449%, 02/05/2019 (d) | 1,805 | 1,816 | ||||||||
Series 2005-LP5, Class A2 | ||||||||||
4.630%, 05/10/2043 | 5,750 | 5,650 | ||||||||
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 | ||||||||||
6.538%, 06/15/2031 | 2,157 | 2,172 | ||||||||
GE Capital Commercial Mortgage Corporation | ||||||||||
Series 2005-C3, Class A2 | ||||||||||
4.853%, 07/10/2045 | 7,405 | 7,318 | ||||||||
GMAC Commercial Mortgage Securities Series 2005-C1, Class A2 | ||||||||||
4.471%, 05/10/2043 | 3,750 | 3,668 | ||||||||
Greenwich Capital Commercial Funding Series 2003-C1, Class A2 | ||||||||||
3.285%, 07/05/2035 | 1,500 | 1,435 | ||||||||
Series 2005-GG5, Class A2 | ||||||||||
5.117%, 04/10/2037 | 6,625 | 6,601 | ||||||||
Series 2005-GG5, Class A5 | ||||||||||
5.224%, 04/10/2037 | 7,159 | 7,108 | ||||||||
GS Mortgage Securities II Series 2006-GG8, Class A2 | ||||||||||
5.479%, 11/10/2039 | 12,540 | 12,652 | ||||||||
Series 2006-GG8, Class A4 | ||||||||||
5.560%, 11/10/2039 | 12,600 | 12,798 | ||||||||
Series 2006-RR2, Class A1 | ||||||||||
5.689%, 06/23/2046 (d) | 3,230 | 3,263 | ||||||||
Series 2006-RR3, Class A1S | ||||||||||
5.659%, 07/18/2056 (d) | 4,310 | 4,377 | ||||||||
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4 | ||||||||||
5.179%, 12/15/2044 | 1,510 | 1,504 | ||||||||
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A2 | ||||||||||
5.103%, 11/15/2030 | 2,500 | 2,491 | ||||||||
Nomura Asset Securities Series 1998-D6, Class A1B | ||||||||||
6.590%, 03/15/2030 | 2,305 | 2,333 | ||||||||
77,756 | ||||||||||
Credit Cards – 0.6% | ||||||||||
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4 | ||||||||||
5.450%, 05/10/2013 | 1,860 | 1,885 | ||||||||
MBNA Credit Card Master Note Trust Series 2003-A1, Class A1 | ||||||||||
3.300%, 07/15/2010 | 405 | 397 | ||||||||
Series 2005-A1, Class A1 | ||||||||||
4.200%, 09/15/2010 | 825 | 815 | ||||||||
Providian Gateway Master Trust Series 2004-DA, Class A | ||||||||||
3.350%, 09/15/2011 (d) | 620 | 612 | ||||||||
3,709 | ||||||||||
Equipment Leases – 0.1% | ||||||||||
Caterpillar Financial Asset Trust Series 2004-A, Class A3 | ||||||||||
3.130%, 01/26/2009 | 586 | 581 | ||||||||
Home Equity – 0.0% | ||||||||||
GRMT Mortgage Loan Trust Series 2001-1A, Class M1 | ||||||||||
7.772%, 07/20/2031 (d) | 218 | 218 | ||||||||
Manufactured Housing – 0.5% | ||||||||||
Green Tree Financial Series 1996-8, Class A7 | ||||||||||
8.050%, 10/15/2027 | 404 | 421 | ||||||||
Origen Manufactured Housing Series 2005-A, Class A2 | ||||||||||
4.490%, 05/15/2018 | 2,355 | 2,322 | ||||||||
2,743 | ||||||||||
Other – 0.7% | ||||||||||
GRP/AG Real Estate Asset Trust Series 2005-1, Class A | ||||||||||
4.850%, 01/25/2035 (d) | 148 | 146 | ||||||||
Small Business Administration Series 2006-P10B, Class 1 | ||||||||||
5.681%, 08/10/2016 | 4,116 | 4,174 | ||||||||
4,320 | ||||||||||
Recreational Vehicles – 0.2% | ||||||||||
J.P. Morgan RV Marine Trust Series 2004-1A, Class A1 | ||||||||||
3.120%, 04/15/2011 (d) | 1,301 | 1,287 | ||||||||
Total Asset-Backed Securities (Cost $103,225) | 103,049 | |||||||||
U.S. Government & Agency Securities – 13.6% | ||||||||||
U.S. Agency Debentures – 0.9% | ||||||||||
Federal National Mortgage Association | ||||||||||
5.250%, 08/01/2012 (b) | 5,590 | 5,617 | ||||||||
U.S. Treasuries – 12.7% | ||||||||||
U.S. Treasury Bonds | ||||||||||
6.250%, 08/15/2023 (b) | 2,570 | 2,958 | ||||||||
6.875%, 08/15/2025 (b) | 6,940 | 8,592 | ||||||||
4.500%, 02/15/2036 (b) | 11,945 | 11,359 |
The accompanying notes are an integral part of the financial statements.
38 First American Funds Semiannual Report 2006
Table of Contents
Total Return Bond Fund (continued) | ||||||||||
DESCRIPTION | PAR/SHARES | VALUE | ||||||||
U.S. Treasury Notes | ||||||||||
4.875%, 08/31/2008 (b) | $ | 5,455 | $ | 5,455 | ||||||
4.875%, 10/31/2008 | 18,000 | 18,008 | ||||||||
2.375%, 04/15/2011 (b) | 4,825 | 4,806 | ||||||||
4.625%, 08/31/2011 (b) | 8,725 | 8,697 | ||||||||
4.500%, 11/30/2011 (b) | 210 | 208 | ||||||||
2.500%, 07/15/2016 (b) | 11,353 | 11,439 | ||||||||
4.625%, 11/15/2016 | 5,485 | 5,449 | ||||||||
76,971 | ||||||||||
Total U.S. Government & Agency Securities (Cost $83,030) | 82,588 | |||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 4.6% | ||||||||||
Fixed Rate – 4.6% | ||||||||||
Federal Home Loan Mortgage Corporation Series 2937, Class JD | ||||||||||
5.000%, 03/15/2028 (b) | 4,000 | 3,946 | ||||||||
Series 2690, Class OE | ||||||||||
5.000%, 11/15/2028 (b) | 4,000 | 3,934 | ||||||||
Series 2901, Class UB | ||||||||||
5.000%, 03/15/2033 (b) | 5,000 | 4,795 | ||||||||
Federal National Mortgage Association Series 2005-44, Class PC | ||||||||||
5.000%, 11/25/2027 | 7,750 | 7,636 | ||||||||
Series 2003-81, Class MB | ||||||||||
5.000%, 05/25/2029 (b) | 3,375 | 3,328 | ||||||||
Series 2003-92, Class KH | ||||||||||
5.000%, 03/25/2032 | 1,810 | 1,750 | ||||||||
Series 2005-62, Class JE | ||||||||||
5.000%, 06/25/2035 | 2,774 | 2,733 | ||||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $28,129) | 28,122 | |||||||||
Common Stocks – 0.5% | ||||||||||
Energy – 0.5% | ||||||||||
ARC Energy Trust (b) (f) | 20,800 | 398 | ||||||||
Baytex Energy Trust | 15,459 | 293 | ||||||||
Canadian Oil Sands Trust, ADR | 15,050 | 421 | ||||||||
Canetic Resources Trust (b) | 33,550 | 466 | ||||||||
Harvest Energy Trust (b) | 18,575 | 417 | ||||||||
NAL Oil & Gas Trust (f) | 21,219 | 224 | ||||||||
NAL Oil & Gas Trust | 5,600 | 59 | ||||||||
Penn West Energy Trust (b) | 8,795 | 269 | ||||||||
Peyto Energy Trust (b) (f) | 23,000 | 349 | ||||||||
Total Common Stocks (Cost $2,987) | 2,896 | |||||||||
Municipal Bond – 0.3% | ||||||||||
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B | ||||||||||
6.950%, 09/01/2016 | ||||||||||
(Cost $2,000) | $ | 2,000 | 2,043 | |||||||
Convertible Security – 0.1% | ||||||||||
Basic Industry – 0.1% | ||||||||||
Coeur d’Alene Mines | ||||||||||
1.250%, 01/15/2024 | ||||||||||
(Cost $876) | 900 | 851 | ||||||||
Total Return Bond Fund (continued) | ||||||||||
DESCRIPTION | CONTRACTS/SHARES/PAR | VALUE | ||||||||
Options Purchased – 0.0% | ||||||||||
Call Options Purchased – 0.0% | ||||||||||
Euro FX Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $1.35 | 48 | $ | 2 | |||||||
Euro FX Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $1.36 | 72 | 1 | ||||||||
Japanese Yen Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $89.00 | 176 | 1 | ||||||||
Japanese Yen Currency Futures, January 2007 Futures Call Expires 01/05/2007 Exercise Price $89.50 | 48 | — | ||||||||
4 | ||||||||||
Put Options Purchased – 0.0% | ||||||||||
Euro FX Currency Futures, January 2007 Futures Put Expires 01/05/2007 Exercise Price $1.31 | 72 | 9 | ||||||||
Total Options Purchased (Cost $200) | 13 | |||||||||
Short-Term Investments – 13.0% | ||||||||||
Money Market Fund – 12.8% | ||||||||||
First American Prime Obligations Fund, Class Z (g) | 77,895,474 | 77,895 | ||||||||
U.S. Treasury Obligation – 0.2% | ||||||||||
U.S. Treasury Bill | ||||||||||
4.783%, 04/05/2007 (h) | $ | 1,055 | 1,042 | |||||||
Total Short-Term Investments (Cost $78,937) | 78,937 | |||||||||
Investments Purchased with Proceeds from Securities Lending (i) – 25.3% | ||||||||||
(Cost $153,483) | 153,483 | |||||||||
Total Investments – 136.7% (Cost $830,914) | 830,116 | |||||||||
Other Assets and Liabilities, Net – (36.7)% | (222,746 | ) | ||||||||
Total Net Assets – 100.0% | $ | 607,370 | ||||||||
(a) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
(b) | This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a market value of $149,722 at December 31, 2006. See note 2 in Notes to Financial Statements. |
(c) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $34,870 or 5.7% of total net assets. See note 2 in Notes to Financial Statements. |
(d) | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been determined to be liquid under the guidelines established by the fund’s board of directors. As of December 31, 2006, the value of these investments was $38,498 or 6.3% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2006, the value of these investments was $16,700, which represents 2.7% of total net assets. |
First American Funds Semiannual Report 2006 39
Table of Contents
Schedule of Investments continued
Total Return Bond Fund (continued)
(f) | Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. |
(g) | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements. |
(h) | Security has been deposited as initial margin on open futures contracts and swap agreements. Rate shown is the rate in effect at December 31, 2006. See note 2 in Notes to Financial Statements. |
(i) | The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in various short-term, fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
British Pounds Currency Futures | 48 | $ | 5,872 | March 2007 | $ | (28 | ) | |||||||
Canadian Currency Futures | 71 | 6,107 | March 2007 | (101 | ) | |||||||||
Euro Currency Futures | 79 | 13,071 | March 2007 | 10 | ||||||||||
Euro Bund Futures | 10 | 1,532 | March 2007 | (12 | ) | |||||||||
Eurodollar 90 Day Futures | (183 | ) | (173,940 | ) | December 2007 | 91 | ||||||||
Japanese Yen Currency Futures | 84 | 8,908 | March 2007 | (112 | ) | |||||||||
Japanese 10 Year Bond Futures | (29 | ) | (32,666 | ) | March 2007 | 35 | ||||||||
U.S. Treasury 2 Year Note Futures | 249 | 50,804 | March 2007 | (183 | ) | |||||||||
U.S. Treasury 5 Year Note Futures | (12 | ) | (1,261 | ) | March 2007 | 6 | ||||||||
U.S. Treasury Long Bond Futures | 135 | 15,044 | March 2007 | (241 | ) | |||||||||
$ | (535 | ) | ||||||||||||
Credit Default Swap Agreements
Pay/ | Unrealized | |||||||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | (Depreciation) | ||||||||||||||||
J.P. Morgan | ABX-HE-BBB | Sell | 2.420% | 5/25/2046 | $ | 6,450 | $ | (116 | ) | |||||||||||||
Dow Jones CDX | ||||||||||||||||||||||
J.P. Morgan | HY6 Index | Sell | 3.450% | 6/20/2011 | 5,940 | 243 | ||||||||||||||||
Dow Jones CDX | ||||||||||||||||||||||
J.P. Morgan | HY7 Index | Sell | 3.250% | 12/20/2011 | 18,000 | (3 | ) | |||||||||||||||
J.P. Morgan | The Kroger Company | Buy | 0.350% | 12/20/2011 | 1,300 | (2 | ) | |||||||||||||||
J.P. Morgan | Safeway, Inc. | Buy | 0.410% | 12/20/2011 | 1,300 | (3 | ) | |||||||||||||||
Turkey Government | ||||||||||||||||||||||
J.P. Morgan | International Bond | Buy | 1.870% | 12/20/2011 | 4,300 | (48 | ) | |||||||||||||||
Dow Jones CDX | ||||||||||||||||||||||
UBS | HY7 Index | Sell | 3.250% | 12/20/2011 | 15,000 | (11 | ) | |||||||||||||||
$ | 60 | |||||||||||||||||||||
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Citigroup | 3-Month LIBOR | Receive | 5.303% | 10/26/2008 | $ | 64,000 | $ | (113 | ) | |||||||||||||
Citigroup | 3-Month LIBOR | Pay | 5.360% | 10/26/2016 | 16,000 | 221 | ||||||||||||||||
UBS | 3-Month LIBOR | Receive | 5.050% | 9/27/2008 | 12,000 | 32 | ||||||||||||||||
$ | 140 | |||||||||||||||||||||
Schedule of Open Written Call Options
Number | ||||||||||||||||||||
Exercise | Premium | Expiration | of | |||||||||||||||||
Option | Price | Received | Date | Contracts | Value | |||||||||||||||
Euro-Bond Futures – March 2007 | $120.00 | $24 | 3/8/2007 | 109 | $ | (2 | ) | |||||||||||||
Schedule of Open Written Put Options
Number | ||||||||||||||||||||
Exercise | Premium | Expiration | of | |||||||||||||||||
Option | Price | Received | Date | Contracts | Value | |||||||||||||||
Euro-Bond Futures – March 2007 | $116.00 | $33 | 3/8/2007 | 145 | $ | (132 | ) | |||||||||||||
The accompanying notes are an integral part of the financial statements.
40 First American Funds Semiannual Report 2006
Table of Contents
U.S. Government Mortgage Fund | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
U.S. Government Agency Mortgage-Backed Securities – 92.7% | ||||||||||
Adjustable Rate (a) – 2.9% | ||||||||||
Federal National Mortgage Association Pool | ||||||||||
4.863%, 09/01/2035, #745168 (b) | $ | 4,946 | $ | 4,891 | ||||||
Fixed Rate – 89.8% | ||||||||||
Federal Home Loan Mortgage Corporation Pool | ||||||||||
7.500%, 04/01/2008, #E45929 | 8 | 8 | ||||||||
7.000%, 07/01/2011, #E20252 | 28 | 29 | ||||||||
7.000%, 11/01/2011, #E65619 | 2 | 2 | ||||||||
7.500%, 09/01/2012, #G10735 | 136 | 141 | ||||||||
6.000%, 10/01/2013, #E72802 | 241 | 245 | ||||||||
5.500%, 01/01/2014, #E00617 | 908 | 911 | ||||||||
7.000%, 09/01/2014, #E00746 | 154 | 158 | ||||||||
5.000%, 04/01/2020, #B18125 | 3,224 | 3,168 | ||||||||
6.000%, 09/01/2022, #C90580 | 665 | 675 | ||||||||
6.500%, 01/01/2028, #G00876 | 405 | 415 | ||||||||
6.500%, 11/01/2028, #C00676 | 904 | 928 | ||||||||
7.500%, 01/01/2030, #C35768 | 64 | 67 | ||||||||
6.500%, 03/01/2031, #G01244 | 681 | 699 | ||||||||
5.000%, 09/01/2033, #C01622 | 2,108 | 2,038 | ||||||||
6.000%, 08/01/2036, #A51416 | 1,226 | 1,235 | ||||||||
Federal National Mortgage Association Pool | ||||||||||
7.000%, 11/01/2011, #250738 | 13 | 14 | ||||||||
7.000%, 11/01/2011, #349630 | 13 | 14 | ||||||||
7.000%, 11/01/2011, #351122 | 19 | 19 | ||||||||
6.000%, 04/01/2013, #425550 | 160 | 162 | ||||||||
6.500%, 08/01/2013, #251901 | 136 | 139 | ||||||||
6.000%, 11/01/2013, #556195 | 221 | 225 | ||||||||
7.000%, 10/01/2014, #252799 | 102 | 105 | ||||||||
5.500%, 04/01/2016, #580516 | 787 | 790 | ||||||||
6.500%, 07/01/2017 #254373 | 919 | 942 | ||||||||
7.000%, 07/01/2017, #254414 | 872 | 896 | ||||||||
5.500%, 12/01/2017, #673010 (b) | 664 | 665 | ||||||||
5.500%, 04/01/2018, #695765 | 857 | 859 | ||||||||
4.500%, 05/01/2018, #254720 (b) | 4,062 | 3,928 | ||||||||
5.000%, 07/01/2018, #555621 (b) | 1,383 | 1,363 | ||||||||
5.000%, 11/01/2018, #750989 | 2,948 | 2,904 | ||||||||
5.500%, 09/01/2019, #725793 | 3,684 | 3,691 | ||||||||
6.000%, 12/01/2021, #254138 | 617 | 626 | ||||||||
6.000%, 01/01/2022, #254179 | 731 | 741 | ||||||||
6.500%, 06/01/2022, #254344 | 686 | 703 | ||||||||
6.000%, 10/01/2022, #254513 (b) | 802 | 813 | ||||||||
5.500%, 10/01/2024, #255456 | 2,109 | 2,098 | ||||||||
5.500%, 02/01/2025, #255628 | 1,512 | 1,504 | ||||||||
7.000%, 12/01/2027, #313941 | 474 | 490 | ||||||||
6.000%, 01/01/2029 (c) | 10,795 | 10,866 | ||||||||
7.000%, 09/01/2031, #596680 | 1,174 | 1,204 | ||||||||
6.500%, 12/01/2031, #254169 | 1,263 | 1,286 | ||||||||
6.000%, 04/01/2032, #745101 | 3,714 | 3,784 | ||||||||
6.500%, 06/01/2032, #596712 | 3,145 | 3,205 | ||||||||
6.500%, 07/01/2032, #545759 | 1,427 | 1,460 | ||||||||
7.000%, 07/01/2032, #545815 (b) | 294 | 303 | ||||||||
6.000%, 08/01/2032, #656269 (b) | 1,020 | 1,038 | ||||||||
5.500%, 03/01/2033, #689109 | 2,663 | 2,636 | ||||||||
5.500%, 04/01/2033, #703392 (b) | 3,020 | 2,989 | ||||||||
5.500%, 05/01/2033, #704523 | 2,209 | 2,187 | ||||||||
5.500%, 06/01/2033, #843435 (b) | 3,689 | 3,652 | ||||||||
5.500%, 07/01/2033, #726520 (b) | 2,991 | 2,960 | ||||||||
5.500%, 07/01/2033, #728667 | 1,748 | 1,730 | ||||||||
4.500%, 08/01/2033, #555680 (b) | 2,119 | 1,991 | ||||||||
5.000%, 08/01/2033, #736158 (b) | 2,773 | 2,682 | ||||||||
5.500%, 08/01/2033, #728855 | 1,642 | 1,625 | ||||||||
5.500%, 08/01/2033, #733380 (b) | 2,321 | 2,297 | ||||||||
5.000%, 09/01/2033, #734566 | 3,074 | 2,974 | ||||||||
5.000%, 10/01/2033, #747533 (b) | 2,972 | 2,875 | ||||||||
5.500%, 11/01/2033, #555967 (b) | 3,312 | 3,278 | ||||||||
5.500%, 12/01/2033, #756202 (b) | 1,949 | 1,929 | ||||||||
5.000%, 01/01/2034 (c) | 7,500 | 7,240 | ||||||||
5.500%, 01/01/2034 (c) | 18,000 | 17,786 | ||||||||
6.000%, 01/01/2034, #763687 | 2,562 | 2,581 | ||||||||
5.500%, 04/01/2034, #774999 | 1,131 | 1,119 | ||||||||
5.000%, 05/01/2034, #780889 (b) | 5,276 | 5,101 | ||||||||
6.500%, 06/01/2034, #735273 (b) | 1,974 | 2,019 | ||||||||
4.500%, 09/01/2034, #725866 | 1,270 | 1,192 | ||||||||
5.000%, 09/01/2034, #725772 (b) | 4,907 | 4,744 | ||||||||
5.500%, 03/01/2035, #815979 | 1,433 | 1,417 | ||||||||
6.500%, 08/01/2036, #893318 | 4,901 | 4,994 | ||||||||
5.000%, 12/01/2036, #904147 | 3,000 | 2,896 | ||||||||
Government National Mortgage Association Pool | ||||||||||
9.000%, 11/15/2009, #359559 | 18 | 19 | ||||||||
8.000%, 10/15/2010, #414750 | 64 | 66 | ||||||||
7.500%, 12/15/2022, #347332 | 106 | 110 | ||||||||
7.000%, 09/15/2027, #455304 | 20 | 20 | ||||||||
6.500%, 07/15/2028, #780825 | 725 | 746 | ||||||||
6.500%, 08/20/2031, #003120 | 299 | 307 | ||||||||
7.500%, 12/15/2031, #570134 | 157 | 164 | ||||||||
6.000%, 09/15/2034, #633605 (b) | 2,153 | 2,185 | ||||||||
148,067 | ||||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $154,818) | 152,958 | |||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 19.3% | ||||||||||
Adjustable Rate (a) – 2.0% | ||||||||||
Sequoia Mortgage Trust | ||||||||||
Series 2004-5, Class X1 | ||||||||||
0.800%, 06/20/2034 (d) | 34,453 | 196 | ||||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||||
Series 2003-D, Class A1 | ||||||||||
4.802%, 03/25/2033 | 793 | 797 | ||||||||
Series 2006-AR1, Class 2A2 | ||||||||||
5.561%, 03/25/2036 | 2,431 | 2,405 | ||||||||
3,398 | ||||||||||
Fixed Rate – 17.3% | ||||||||||
Chase Mortgage Finance Corporation Series 2003-S10, Class A1 | ||||||||||
4.750%, 11/25/2018 | 2,904 | 2,810 | ||||||||
Countrywide Alternative Loan Trust Series 2004-24CB, Class 1A1 | ||||||||||
6.000%, 11/25/2034 | 1,562 | 1,562 | ||||||||
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7 | ||||||||||
6.500%, 01/25/2035 | 1,865 | 1,887 | ||||||||
GSMPS Mortgage Loan Trust Series 2003-1, Class B1 | ||||||||||
6.937%, 03/25/2043 | 1,024 | 1,047 | ||||||||
GSR Mortgage Loan Trust Series 2005-4F, Class B1 | ||||||||||
5.727%, 05/25/2035 | 1,441 | 1,417 | ||||||||
Master Alternative Loans Trust Series 2005-2, Class 1A3 | ||||||||||
6.500%, 03/25/2035 | 939 | 948 | ||||||||
Master Asset Securitization Trust Series 2003-6, Class 3A1 | ||||||||||
5.000%, 07/25/2018 | 990 | 979 |
First American Funds Semiannual Report 2006 41
Table of Contents
Schedule of Investments continued
U.S. Government Mortgage Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A | ||||||||||
6.192%, 11/25/2034 | $ | 2,367 | $ | 2,383 | ||||||
Residential Accredit Loans Series 2003-QS12, Class M1 | ||||||||||
5.000%, 06/25/2018 | 950 | 927 | ||||||||
Residential Asset Mortgage Products Series 2003-SL1, Class M1 | ||||||||||
7.317%, 04/25/2031 | 2,741 | 2,837 | ||||||||
Series 2004-SL4, Class A3 | ||||||||||
6.500%, 07/25/2032 | 2,080 | 2,114 | ||||||||
Residential Funding Mortgage Securitization Trust Series 2003-S8, Class A1 | ||||||||||
5.000%, 05/25/2018 | 2,579 | 2,525 | ||||||||
Washington Mutual Series 2003-S13, Class 21A1 | ||||||||||
4.500%, 12/25/2018 | 2,093 | 2,012 | ||||||||
Washington Mutual MSC Mortgage Series 2003-MS9, Class CB1 | ||||||||||
7.453%, 04/25/2033 | 1,593 | 1,650 | ||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1 | ||||||||||
4.750%, 12/25/2018 | 3,532 | 3,418 | ||||||||
28,516 | ||||||||||
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $32,528) | 31,914 | |||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 4.1% | ||||||||||
Fixed Rate – 4.1% | ||||||||||
Federal Home Loan Mortgage Corporation Series 2382, Class DA | ||||||||||
5.500%, 10/15/2030 | 318 | 319 | ||||||||
Federal National Mortgage Association Series 2004-29, Class WG | ||||||||||
4.500%, 05/25/2019 | 2,000 | 1,868 | ||||||||
Series 2003-92, Class KH | ||||||||||
5.000%, 03/25/2032 | 3,645 | 3,525 | ||||||||
Series 2002-W1, Class 2A | ||||||||||
7.500%, 02/25/2042 | 999 | 1,036 | ||||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | ||||||||||
(Cost $6,814) | 6,748 | |||||||||
Asset-Backed Securities – 3.6% | ||||||||||
Commercial – 3.1% | ||||||||||
GS Mortgage Securities II Series 2006-GG8, Class A2 | ||||||||||
5.479%, 11/10/2039 | 5,000 | 5,045 | ||||||||
Home Equity – 0.0% | ||||||||||
GRMT Mortgage Loan Trust Series 2001-1A, Class M1 | ||||||||||
7.772%, 07/20/2031 (e) | 73 | 72 | ||||||||
Manufactured Housing – 0.5% | ||||||||||
Origen Manufactured Housing Series 2005-B, Class M1 | ||||||||||
5.990%, 01/15/2037 | 750 | 743 | ||||||||
Total Asset-Backed Securities (Cost $5,915) | 5,860 | |||||||||
Short-Term Investments – 2.2% | ||||||||||
Money Market Fund – 2.1% | ||||||||||
First American Government Obligations Fund, Class Z (f) | 3,520,444 | $ | 3,520 | |||||||
U.S. Treasury Obligation – 0.1% | ||||||||||
U.S. Treasury Bill | ||||||||||
4.783%, 04/05/2007 (g) | $ | 105 | 104 | |||||||
Total Short-Term Investments (Cost $3,624) | 3,624 | |||||||||
Investments Purchased with Proceeds from Securities Lending (h) – 32.5% | ||||||||||
(Cost $53,641) | 53,641 | |||||||||
Total Investments – 154.4% (Cost $257,340) | 254,745 | |||||||||
Other Assets and Liabilities, Net – (54.4)% | (89,810 | ) | ||||||||
Total Net Assets – 100.0% | $ | 164,935 | ||||||||
(a) | Variable Rate Security – The rate shown is the rate in effect as of December 31, 2006. |
(b) | This security or a portion of this security is out on loan at December 31, 2006. Total loaned securities had a value of $51,703 at December 31, 2006. See note 2 in Notes to Financial Statements. |
(c) | Security purchased on a when-issued basis. On December 31, 2006, the total cost of investments purchased on a when-issued basis was $36,076 or 21.9% of total net assets. See note 2 in Notes to Financial Statements. |
(d) | Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of December 31, 2006. |
(e) | Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” This security has been determined to be liquid under guidelines established by the fund’s board of directors. As of December 31, 2006, the value of this investment was $72 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(f) | 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. |
(g) | Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is the effective yield as of December 31, 2006. See note 2 in Notes to Financial Statements. |
(h) | The fund may loan securities in return for collateral in the form of cash, U.S. government securities, or other high grade debt obligations. The cash collateral is invested in money market funds and various short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
42 First American Funds Semiannual Report 2006
Table of Contents
U.S. Government Mortgage Fund (concluded)
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
(Sold) | Value | Month | (Depreciation) | |||||||||||
Description | ||||||||||||||
U.S. Treasury 2 Year Note Futures | 74 | $ | 15,098 | March 2007 | $ | (51 | ) | |||||||
U.S. Treasury 5 Year Note Futures | (138 | ) | (14,499 | ) | March 2007 | 115 | ||||||||
U.S. Treasury 10 Year Note Futures | (89 | ) | (9,565 | ) | March 2007 | 116 | ||||||||
$ | 180 | |||||||||||||
Credit Default Swap Agreements
Pay/ | ||||||||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Unrealized | |||||||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | Depreciation | ||||||||||||||||
J.P. Morgan | ABX-HE-BBB | Sell | 2.420% | 05/25/2046 | $ | 600 | $ | (24 | ) | |||||||||||||
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | Unrealized | ||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Citigroup | 3-Month LIBOR | Receive | 5.303% | 10/26/2008 | $ | 22,000 | $ | (39 | ) | |||||||||||||
Citigroup | 3-Month LIBOR | Pay | 5.360% | 10/26/2016 | 5,000 | 69 | ||||||||||||||||
UBS | 3-Month LIBOR | Receive | 5.050% | 09/27/2008 | 4,000 | 11 | ||||||||||||||||
$ | 41 | |||||||||||||||||||||
First American Funds Semiannual Report 2006 43
Table of Contents
Statements of Assets and Liabilities December 31, 2006 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data
Inflation | |||||||||||||||||
Core | High Income | Protected | |||||||||||||||
Bond Fund | Bond Fund | Securities Fund | |||||||||||||||
Investments in unaffiliated securities, at cost | $ | 1,745,873 | $ | 253,425 | $ | 338,572 | |||||||||||
Investments in affiliated money market fund, at cost | 60,129 | 3,994 | — | ||||||||||||||
Investments purchased with proceeds from securities lending, at cost (note 2) | 599,586 | 46,593 | 172,705 | ||||||||||||||
Premiums received on options written, at cost (note 6) | — | — | — | ||||||||||||||
Cash denominated in foreign currencies, at cost | — | — | 438 | ||||||||||||||
ASSETS: | |||||||||||||||||
Investments in unaffiliated securities, at value* (note 2) | $ | 1,729,690 | $ | 259,077 | $ | 331,039 | |||||||||||
Investments in affiliated money market fund, at value (note 2) | 60,129 | 3,994 | — | ||||||||||||||
Investments purchased with proceeds from securities lending, at value (note 2) | 599,586 | 46,593 | 172,705 | ||||||||||||||
Cash | 3,908 | 185 | 891 | ||||||||||||||
Receivable for dividends and interest | 11,925 | 5,120 | 2,912 | ||||||||||||||
Receivable for investment securities sold | 279 | — | — | ||||||||||||||
Receivable for capital shares sold | 1,956 | 304 | 299 | ||||||||||||||
Receivable for swap agreements | 191 | — | 558 | ||||||||||||||
Receivable for variation margin | 2 | 16 | 40 | ||||||||||||||
Receivable from advisor | — | — | — | ||||||||||||||
Prepaid expenses and other assets | 39 | 37 | 34 | ||||||||||||||
Total assets | 2,407,705 | 315,326 | 508,478 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Cash denominated in foreign currencies, at value | — | — | 435 | ||||||||||||||
Liabilities for options written, at value | — | — | — | ||||||||||||||
Bank overdraft | — | — | — | ||||||||||||||
Dividends payable | 4,766 | 1,492 | 557 | ||||||||||||||
Payable upon return of securities loaned (note 2) | 599,586 | 46,593 | 172,705 | ||||||||||||||
Payable for investment securities purchased | 3,481 | 502 | — | ||||||||||||||
Payable for investment securities purchased on a when-issued basis | 54,028 | — | — | ||||||||||||||
Payable for capital shares redeemed | 9,191 | 123 | 1,222 | ||||||||||||||
Payable for variation margin | — | — | — | ||||||||||||||
Payable for swap agreements | — | — | — | ||||||||||||||
Payable to affiliates (note 3) | 1,061 | 184 | 176 | ||||||||||||||
Payable for distribution and shareholder servicing fees | 33 | 20 | 2 | ||||||||||||||
Accrued expenses and other liabilities | 29 | 30 | 34 | ||||||||||||||
Total liabilities | 672,175 | 48,944 | 175,131 | ||||||||||||||
Net assets | $ | 1,735,530 | $ | 266,382 | $ | 333,347 | |||||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||||
Portfolio capital | $ | 1,777,260 | $ | 266,359 | $ | 355,955 | |||||||||||
Undistributed (distributions in excess of) net investment income | 187 | (39 | ) | (4,831 | ) | ||||||||||||
Accumulated net realized loss on investments (note 2) | (25,374 | ) | (5,679 | ) | (10,496 | ) | |||||||||||
Net unrealized appreciation (depreciation) of investments | (16,183 | ) | 5,657 | (7,533 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on futures contracts | (613 | ) | 84 | (103 | ) | ||||||||||||
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | — | 3 | ||||||||||||||
Net unrealized depreciation on options written | — | — | — | ||||||||||||||
Net unrealized appreciation (depreciation) on swap agreements | 253 | — | 352 | ||||||||||||||
Net assets | $ | 1,735,530 | $ | 266,382 | $ | 333,347 | |||||||||||
* Including securities loaned, at value | $ | 582,947 | $ | 45,283 | $ | 168,716 | |||||||||||
(1) | 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.
44 First American Funds Semiannual Report 2006
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Intermediate | |||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | |||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | |||||||||||||||||||||||
$ | 37,598 | $ | 851,376 | $ | 471,822 | $ | 599,536 | $ | 200,179 | ||||||||||||||||||
355 | — | — | 77,895 | 3,520 | |||||||||||||||||||||||
— | 354,757 | 162,322 | 153,483 | 53,641 | |||||||||||||||||||||||
— | — | — | 57 | — | |||||||||||||||||||||||
— | — | — | 238 | — | |||||||||||||||||||||||
$ | 37,079 | $ | 846,066 | $ | 467,442 | $ | 598,738 | $ | 197,584 | ||||||||||||||||||
355 | — | — | 77,895 | 3,520 | |||||||||||||||||||||||
— | 354,757 | 162,322 | 153,483 | 53,641 | |||||||||||||||||||||||
— | — | 739 | — | — | |||||||||||||||||||||||
424 | 8,386 | 2,989 | 4,753 | 748 | |||||||||||||||||||||||
— | 180 | 175 | 17,888 | — | |||||||||||||||||||||||
59 | 7,325 | 207 | 3,921 | 97 | |||||||||||||||||||||||
— | 98 | — | 744 | 10 | |||||||||||||||||||||||
— | — | — | — | 15 | |||||||||||||||||||||||
5 | — | — | — | — | |||||||||||||||||||||||
22 | 22 | 23 | 39 | 36 | |||||||||||||||||||||||
37,944 | 1,216,834 | 633,897 | 857,461 | 255,651 | |||||||||||||||||||||||
— | — | — | 232 | — | |||||||||||||||||||||||
— | — | — | 134 | — | |||||||||||||||||||||||
— | 1,242 | — | 1,533 | 119 | |||||||||||||||||||||||
303 | 1,966 | 1,287 | 1,717 | 463 | |||||||||||||||||||||||
— | 354,757 | 162,322 | 153,483 | 53,641 | |||||||||||||||||||||||
— | — | — | 55,828 | — | |||||||||||||||||||||||
— | — | — | 34,870 | 36,076 | |||||||||||||||||||||||
304 | 7,059 | 2,588 | 1,907 | 282 | |||||||||||||||||||||||
— | 15 | 7 | 15 | — | |||||||||||||||||||||||
— | — | 8 | — | — | |||||||||||||||||||||||
22 | 514 | 234 | 331 | 90 | |||||||||||||||||||||||
— | (1) | 5 | 9 | 8 | 12 | ||||||||||||||||||||||
32 | 37 | 35 | 33 | 33 | |||||||||||||||||||||||
661 | 365,595 | 166,490 | 250,091 | 90,716 | |||||||||||||||||||||||
$ | 37,283 | $ | 851,239 | $ | 467,407 | $ | 607,370 | $ | 164,935 | ||||||||||||||||||
$ | 39,781 | $ | 878,723 | $ | 490,819 | $ | 627,004 | $ | 173,732 | ||||||||||||||||||
(324 | ) | 7 | (423 | ) | (16 | ) | (26 | ) | |||||||||||||||||||
(1,655 | ) | (22,218 | ) | (18,533 | ) | (18,417 | ) | (6,373 | ) | ||||||||||||||||||
(519 | ) | (5,310 | ) | (4,380 | ) | (798 | ) | (2,595 | ) | ||||||||||||||||||
— | (92 | ) | (40 | ) | (535 | ) | 180 | ||||||||||||||||||||
— | — | — | 9 | — | |||||||||||||||||||||||
— | — | — | (77 | ) | — | ||||||||||||||||||||||
— | 129 | (36 | ) | 200 | 17 | ||||||||||||||||||||||
$ | 37,283 | $ | 851,239 | $ | 467,407 | $ | 607,370 | $ | 164,935 | ||||||||||||||||||
— | $ | 345,504 | $ | 157,506 | $ | 149,722 | $ | 51,703 | |||||||||||||||||||
First American Funds Semiannual Report 2006 45
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Statements of Assets and Liabilities continued
Inflation | |||||||||||||||||
Core | High Income | Protected | |||||||||||||||
Bond Fund | Bond Fund | Securities Fund | |||||||||||||||
Class A: | |||||||||||||||||
Net assets | $ | 116,421 | $ | 34,655 | $ | 4,566 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 10,626 | 3,591 | 485 | ||||||||||||||
Net asset value and redemption price per share | $ | 10.96 | $ | 9.65 | $ | 9.42 | |||||||||||
Maximum offering price per share (1) | $ | 11.45 | $ | 10.08 | $ | 9.84 | |||||||||||
Class B: | |||||||||||||||||
Net assets | $ | 12,496 | $ | 5,995 | — | ||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 1,149 | 624 | — | ||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 10.87 | $ | 9.61 | — | ||||||||||||
Class C: | |||||||||||||||||
Net assets | $ | 4,481 | $ | 8,536 | $ | 382 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 410 | 888 | 41 | ||||||||||||||
Net asset value per share (2) | $ | 10.92 | $ | 9.62 | $ | 9.40 | |||||||||||
Class R: | |||||||||||||||||
Net assets | $ | 47 | $ | 78 | $ | 892 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 4 | 8 | 95 | ||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 10.98 | $ | 9.79 | $ | 9.42 | |||||||||||
Class Y: | |||||||||||||||||
Net assets | $ | 1,602,085 | $ | 217,118 | $ | 327,507 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 146,268 | 22,483 | 34,751 | ||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 10.95 | $ | 9.66 | $ | 9.42 | |||||||||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges, see note 1 in Notes to Financial Statements. | |
(2) | Class B and C have a contingent deferred sales charge. For a description of this sales charges, see notes 1 and 3 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
46 First American Funds Semiannual Report 2006
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Intermediate | |||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | |||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | |||||||||||||||||||||||
$ | 1,653 | $ | 33,788 | $ | 73,296 | $ | 13,766 | $ | 15,528 | ||||||||||||||||||
206 | 3,432 | 7,395 | 1,376 | 1,489 | |||||||||||||||||||||||
$ | 8.05 | $ | 9.85 | $ | 9.91 | $ | 10.01 | $ | 10.43 | ||||||||||||||||||
$ | 8.24 | $ | 10.08 | $ | 10.14 | $ | 10.45 | $ | 10.89 | ||||||||||||||||||
— | — | — | $ | 3,288 | $ | 5,664 | |||||||||||||||||||||
— | — | — | 330 | 542 | |||||||||||||||||||||||
— | — | — | $ | 9.97 | $ | 10.45 | |||||||||||||||||||||
— | — | — | $ | 2,245 | $ | 4,138 | |||||||||||||||||||||
— | — | — | 225 | 398 | |||||||||||||||||||||||
— | — | — | $ | 9.95 | $ | 10.39 | |||||||||||||||||||||
— | — | — | $ | 193 | $ | 9 | |||||||||||||||||||||
— | — | — | 19 | 1 | |||||||||||||||||||||||
— | — | — | $ | 10.06 | $ | 10.42 | |||||||||||||||||||||
$ | 35,630 | $ | 817,451 | $ | 394,111 | $ | 587,878 | $ | 139,596 | ||||||||||||||||||
4,427 | 83,305 | 39,747 | 58,771 | 13,380 | |||||||||||||||||||||||
$ | 8.05 | $ | 9.81 | $ | 9.92 | $ | 10.00 | $ | 10.43 | ||||||||||||||||||
First American Funds Semiannual Report 2006 47
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Statements of Operations For the six-month period ended December 31, 2006 (unaudited), all dollars are rounded to thousands (000)
Inflation | |||||||||||||||||
Core | High Income | Protected | |||||||||||||||
Bond Fund | Bond Fund | Securities Fund | |||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||
Interest income from unaffiliated securities | $ | 45,816 | $ | 9,771 | $ | 5,270 | |||||||||||
Dividends from affiliated money market fund | 881 | 135 | 94 | ||||||||||||||
Dividends from unaffiliated securities | — | 452 | 26 | ||||||||||||||
Less: Foreign taxes withheld | — | (16 | ) | (4 | ) | ||||||||||||
Securities lending income | 340 | 48 | 76 | ||||||||||||||
Other income | — | — | — | ||||||||||||||
Total investment income | 47,037 | 10,390 | 5,462 | ||||||||||||||
EXPENSES (note 3): | |||||||||||||||||
Investment advisory fees | 4,594 | 923 | 887 | ||||||||||||||
Administration fees | 2,062 | 314 | 401 | ||||||||||||||
Transfer agent fees | 116 | 59 | 49 | ||||||||||||||
Custodian fees | 49 | 7 | 9 | ||||||||||||||
Professional fees | 33 | 24 | 25 | ||||||||||||||
Registration fees | 27 | 28 | 23 | ||||||||||||||
Postage and printing fees | 34 | 5 | 6 | ||||||||||||||
Directors’ fees | 19 | 9 | 10 | ||||||||||||||
Other expenses | 12 | 10 | 10 | ||||||||||||||
Distribution and shareholder servicing fees – Class A | 159 | 43 | 6 | ||||||||||||||
Distribution and shareholder servicing fees – Class B | 67 | 30 | — | ||||||||||||||
Distribution and shareholder servicing fees – Class C | 24 | 46 | 2 | ||||||||||||||
Distribution and shareholder servicing fees – Class R | — | (1) | — | (1) | 1 | ||||||||||||
Total expenses | 7,196 | 1,498 | 1,429 | ||||||||||||||
Less: Fee waivers (note 3) | (489 | ) | (254 | ) | (351 | ) | |||||||||||
Less: Indirect payments from custodian (note 3) | (15 | ) | (3 | ) | (2 | ) | |||||||||||
Total net expenses | 6,692 | 1,241 | 1,076 | ||||||||||||||
Investment income – net | 40,345 | 9,149 | 4,386 | ||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5): | |||||||||||||||||
Net realized gain (loss) on investments | 1,551 | 1,069 | (4,271 | ) | |||||||||||||
Net realized loss on futures contracts | (2,603 | ) | (236 | ) | (1,891 | ) | |||||||||||
Net realized gain on options written | — | — | — | ||||||||||||||
Net realized gain (loss) on swap agreements | 1,576 | 220 | 177 | ||||||||||||||
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | — | (8 | ) | |||||||||||||
Net change in unrealized appreciation or depreciation of investments | 44,068 | 11,019 | 6,792 | ||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | (1,434 | ) | 46 | (539 | ) | ||||||||||||
Net change in unrealized appreciation or depreciation of options written | — | — | — | ||||||||||||||
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | — | 10 | ||||||||||||||
Net change in unrealized appreciation or depreciation of swap agreements | 734 | 8 | 871 | ||||||||||||||
Net gain on investments, futures contracts, options written, foreign currency transactions, and swap agreements | 43,892 | 12,126 | 1,141 | ||||||||||||||
Net increase in net assets resulting from operations | $ | 84,237 | $ | 21,275 | $ | 5,527 | |||||||||||
(1) | 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.
48 First American Funds Semiannual Report 2006
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Intermediate | |||||||||||||||||||||||||||
Government | Intermediate Term | Short Term | Total Return | U.S. Government | |||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Mortgage Fund | |||||||||||||||||||||||
$ | 904 | $ | 21,440 | $ | 10,165 | $ | 12,157 | $ | 4,311 | ||||||||||||||||||
16 | 187 | 242 | 656 | 92 | |||||||||||||||||||||||
— | — | — | 41 | — | |||||||||||||||||||||||
— | — | — | (6 | ) | — | ||||||||||||||||||||||
— | 151 | 62 | 75 | 19 | |||||||||||||||||||||||
— | — | 1 | 10 | — | |||||||||||||||||||||||
920 | 21,778 | 10,470 | 12,933 | 4,422 | |||||||||||||||||||||||
105 | 2,251 | 1,281 | 1,400 | 418 | |||||||||||||||||||||||
61 | 1,030 | 586 | 544 | 199 | |||||||||||||||||||||||
29 | 32 | 54 | 58 | 58 | |||||||||||||||||||||||
1 | 23 | 13 | 13 | 4 | |||||||||||||||||||||||
23 | 27 | 26 | 25 | 24 | |||||||||||||||||||||||
13 | 13 | 13 | 28 | 25 | |||||||||||||||||||||||
1 | 16 | 9 | 8 | 3 | |||||||||||||||||||||||
8 | 13 | 11 | 10 | 8 | |||||||||||||||||||||||
9 | 10 | 10 | 10 | 10 | |||||||||||||||||||||||
2 | 47 | 97 | 19 | 20 | |||||||||||||||||||||||
— | — | — | 17 | 31 | |||||||||||||||||||||||
— | — | — | 12 | 23 | |||||||||||||||||||||||
— | — | — | 1 | — | (1) | ||||||||||||||||||||||
252 | 3,462 | 2,100 | 2,145 | 823 | |||||||||||||||||||||||
(123 | ) | (271 | ) | (494 | ) | (332 | ) | (163 | ) | ||||||||||||||||||
(1 | ) | (9 | ) | (7 | ) | (7 | ) | (1 | ) | ||||||||||||||||||
128 | 3,182 | 1,599 | 1,806 | 659 | |||||||||||||||||||||||
792 | 18,596 | 8,871 | 11,127 | 3,763 | |||||||||||||||||||||||
(50 | ) | (4,214 | ) | (214 | ) | 803 | 526 | ||||||||||||||||||||
— | (2,205 | ) | (847 | ) | (4,622 | ) | (487 | ) | |||||||||||||||||||
— | — | — | 17 | — | |||||||||||||||||||||||
— | 799 | (1,701 | ) | 510 | 50 | ||||||||||||||||||||||
— | — | — | (6 | ) | — | ||||||||||||||||||||||
777 | 21,775 | 5,993 | 9,637 | 3,734 | |||||||||||||||||||||||
— | (426 | ) | (307 | ) | (1,025 | ) | 110 | ||||||||||||||||||||
— | — | — | (77 | ) | — | ||||||||||||||||||||||
— | — | — | 14 | — | |||||||||||||||||||||||
— | 761 | 2,261 | 766 | 98 | |||||||||||||||||||||||
727 | 16,490 | 5,185 | 6,017 | 4,031 | |||||||||||||||||||||||
$ | 1,519 | $ | 35,086 | $ | 14,056 | $ | 17,144 | $ | 7,794 | ||||||||||||||||||
First American Funds Semiannual Report 2006 49
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Statements of Changes in Net Assets all dollars are rounded to thousands (000)
Core | ||||||||||||||||
Bond Fund | ||||||||||||||||
Six-Month | Nine-Month | |||||||||||||||
Period Ended | Fiscal | |||||||||||||||
12/31/06 | Period Ended | Year Ended | ||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | ||||||||||||||
OPERATIONS: | ||||||||||||||||
Investment income – net | $ | 40,345 | $ | 59,008 | $ | 71,560 | ||||||||||
Net realized gain (loss) on investments | 1,551 | (20,529 | ) | 13,556 | ||||||||||||
Net realized gain (loss) on futures contracts | (2,603 | ) | 1,242 | (4,532 | ) | |||||||||||
Net realized gain on options written | — | — | 1,881 | |||||||||||||
Net realized gain (loss) on swap agreements | 1,576 | (564 | ) | 727 | ||||||||||||
Net realized gain (loss) on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | — | — | |||||||||||||
Net change in unrealized appreciation or depreciation of investments | 44,068 | (43,955 | ) | (28,161 | ) | |||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | (1,434 | ) | 719 | 1,442 | ||||||||||||
Net change in unrealized appreciation or depreciation of options written | — | — | — | |||||||||||||
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | — | — | |||||||||||||
Net change in unrealized appreciation or depreciation of swap agreements | 734 | (432 | ) | (49 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 84,237 | (4,511 | ) | 56,424 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Investment income – net: | ||||||||||||||||
Class A | (2,698 | ) | (4,573 | ) | (6,383 | ) | ||||||||||
Class B | (239 | ) | (390 | ) | (572 | ) | ||||||||||
Class C | (85 | ) | (154 | ) | (240 | ) | ||||||||||
Class R | (1 | ) | (1 | ) | — | |||||||||||
Class Y | (38,658 | ) | (55,592 | ) | (68,228 | ) | ||||||||||
Net realized gain on investments: | ||||||||||||||||
Class A | — | (961 | ) | (120 | ) | |||||||||||
Class B | — | (99 | ) | (14 | ) | |||||||||||
Class C | — | (39 | ) | (6 | ) | |||||||||||
Class R | — | — | — | |||||||||||||
Class Y | — | (10,418 | ) | (1,148 | ) | |||||||||||
Return of capital: | ||||||||||||||||
Class A | — | — | — | |||||||||||||
Class B | — | — | — | |||||||||||||
Class C | — | — | — | |||||||||||||
Class R | — | — | — | |||||||||||||
Class Y | — | — | — | |||||||||||||
Total distributions | (41,681 | ) | (72,227 | ) | (76,711 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||
Class A: | ||||||||||||||||
Proceeds from sales | 6,282 | 13,680 | 23,283 | |||||||||||||
Reinvestment of distributions | 1,890 | 4,002 | 5,127 | |||||||||||||
Payments for redemptions | (29,676 | ) | (38,200 | ) | (50,134 | ) | ||||||||||
Increase (decrease) in net assets from Class A transactions | (21,504 | ) | (20,518 | ) | (21,724 | ) | ||||||||||
Class B: | ||||||||||||||||
Proceeds from sales | 217 | 392 | 1,003 | |||||||||||||
Reinvestment of distributions | 215 | 443 | 514 | |||||||||||||
Payments for redemptions | (2,072 | ) | (3,458 | ) | (5,294 | ) | ||||||||||
Decrease in net assets from Class B transactions | (1,640 | ) | (2,623 | ) | (3,777 | ) | ||||||||||
Class C: | ||||||||||||||||
Proceeds from sales | 211 | 499 | 884 | |||||||||||||
Reinvestment of distributions | 78 | 187 | 239 | |||||||||||||
Payments for redemptions | (1,105 | ) | (2,513 | ) | (2,913 | ) | ||||||||||
Increase (decrease) in net assets from Class C transactions | (816 | ) | (1,827 | ) | (1,790 | ) | ||||||||||
Class R: | ||||||||||||||||
Proceeds from sales | 11 | 21 | 15 | |||||||||||||
Reinvestment of distributions | 1 | 1 | — | |||||||||||||
Payments for redemptions | (1 | ) | (2 | ) | — | |||||||||||
Increase in net assets from Class R transactions | 11 | 20 | 15 | |||||||||||||
Class Y: | ||||||||||||||||
Proceeds from sales | 253,351 | 371,109 | 403,595 | |||||||||||||
Reinvestment of distributions | 12,196 | 21,911 | 22,339 | |||||||||||||
Payments for redemptions | (382,610 | ) | (368,968 | ) | (422,205 | ) | ||||||||||
Increase (decrease) in net assets from Class Y transactions | (117,063 | ) | 24,052 | 3,729 | ||||||||||||
Increase (decrease) in net assets from capital share transactions | (141,012 | ) | (896 | ) | (23,547 | ) | ||||||||||
Total increase (decrease) in net assets | (98,456 | ) | (77,634 | ) | (43,834 | ) | ||||||||||
Net assets at beginning of period | 1,833,986 | 1,911,620 | 1,955,454 | |||||||||||||
Net assets at end of period | $ | 1,735,530 | $ | 1,833,986 | $ | 1,911,620 | ||||||||||
Undistributed (distributions in excess of) net investment income | $ | 187 | $ | 1,523 | $ | 868 | ||||||||||
(1) | 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 Semiannual Report 2006
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Inflation | Intermediate | ||||||||||||||||||||||||||||||||||||||||
High Income | Protected | Government | |||||||||||||||||||||||||||||||||||||||
Bond Fund | Securities Fund | Bond Fund | |||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | ||||||||||||||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | Period Ended | Fiscal | ||||||||||||||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | |||||||||||||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | |||||||||||||||||||||||||||||||||
$ | 9,144 | $ | 13,743 | $ | 19,572 | $ | 4,386 | $ | 12,924 | $ | 8,605 | $ | 792 | $ | 1,573 | $ | 3,080 | ||||||||||||||||||||||||
1,069 | 2,412 | 7,856 | (4,271 | ) | (4,813 | ) | (139 | ) | (50 | ) | (1,404 | ) | 54 | ||||||||||||||||||||||||||||
(236 | ) | 382 | 573 | (1,891 | ) | 427 | 11 | — | — | 64 | |||||||||||||||||||||||||||||||
— | — | — | — | — | 94 | — | — | 63 | |||||||||||||||||||||||||||||||||
220 | 257 | 272 | 177 | 7 | 133 | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | (8 | ) | 3 | — | — | — | — | ||||||||||||||||||||||||||||||||
11,024 | (8,241 | ) | (9,575 | ) | 6,792 | (12,920 | ) | (1,405 | ) | 777 | (4 | ) | (2,006 | ) | |||||||||||||||||||||||||||
46 | (34 | ) | 27 | (539 | ) | 500 | (64 | ) | — | — | 53 | ||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | 10 | (7 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
8 | (98 | ) | 90 | 871 | (609 | ) | 90 | — | — | — | |||||||||||||||||||||||||||||||
21,275 | 8,421 | 18,815 | 5,527 | (4,488 | ) | 7,325 | 1,519 | 165 | 1,308 | ||||||||||||||||||||||||||||||||
(1,186 | ) | (1,758 | ) | (2,729 | ) | (141 | ) | (272 | ) | (138 | ) | (46 | ) | (46 | ) | (64 | ) | ||||||||||||||||||||||||
(186 | ) | (306 | ) | (494 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
(282 | ) | (515 | ) | (929 | ) | (12 | ) | (29 | ) | (17 | ) | — | — | — | |||||||||||||||||||||||||||
(2 | ) | (2 | ) | (1 | ) | (12 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
(7,707 | ) | (10,947 | ) | (15,519 | ) | (10,452 | ) | (12,527 | ) | (7,166 | ) | (1,104 | ) | (1,570 | ) | (3,114 | ) | ||||||||||||||||||||||||
— | — | — | — | (5 | ) | — | — | (11 | ) | (84 | ) | ||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | (194 | ) | (6 | ) | — | (393 | ) | (4,844 | ) | |||||||||||||||||||||||||||||
— | — | (3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | (1) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | (15 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
(9,363 | ) | (13,528 | ) | (19,692 | ) | (10,617 | ) | (13,028 | ) | (7,327 | ) | (1,150 | ) | (2,020 | ) | (8,106 | ) | ||||||||||||||||||||||||
8,768 | 7,253 | 6,693 | 555 | 869 | 7,676 | 7 | 305 | 1,284 | |||||||||||||||||||||||||||||||||
679 | 1,219 | 2,001 | 115 | 202 | 100 | 37 | 45 | 134 | |||||||||||||||||||||||||||||||||
(5,927 | ) | (12,438 | ) | (18,399 | ) | (1,088 | ) | (2,558 | ) | (869 | ) | (92 | ) | (576 | ) | (1,194 | ) | ||||||||||||||||||||||||
3,520 | (3,966 | ) | (9,705 | ) | (418 | ) | (1,487 | ) | 6,907 | (48 | ) | (226 | ) | 224 | |||||||||||||||||||||||||||
249 | 481 | 760 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
97 | 182 | 310 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
(611 | ) | (1,738 | ) | (2,383 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
(265 | ) | (1,075 | ) | (1,313 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
515 | 623 | 521 | 85 | 159 | 886 | — | — | — | |||||||||||||||||||||||||||||||||
166 | 451 | 828 | 11 | 29 | 17 | — | — | — | |||||||||||||||||||||||||||||||||
(2,430 | ) | (4,393 | ) | (5,303 | ) | (262 | ) | (440 | ) | (44 | ) | — | — | — | |||||||||||||||||||||||||||
(1,749 | ) | (3,319 | ) | (3,954 | ) | (166 | ) | (252 | ) | 859 | — | — | — | ||||||||||||||||||||||||||||
4 | 74 | 45 | 943 | 1 | 1 | — | — | — | |||||||||||||||||||||||||||||||||
1 | 1 | 1 | 12 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
(4 | ) | (4 | ) | (43 | ) | (39 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||
1 | 71 | 3 | 916 | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||
31,838 | 47,522 | 75,166 | 96,685 | 103,440 | 294,003 | 4,381 | 7,101 | 14,803 | |||||||||||||||||||||||||||||||||
1,112 | 1,446 | 1,986 | 2,804 | 3,541 | 2,104 | 368 | 664 | 4,328 | |||||||||||||||||||||||||||||||||
(30,876 | ) | (47,035 | ) | (103,437 | ) | (84,956 | ) | (41,339 | ) | (26,687 | ) | (12,257 | ) | (32,533 | ) | (72,879 | ) | ||||||||||||||||||||||||
2,074 | 1,933 | (26,285 | ) | 14,533 | 65,642 | 269,420 | (7,508 | ) | (24,768 | ) | (53,748 | ) | |||||||||||||||||||||||||||||
3,581 | (6,356 | ) | (41,254 | ) | 14,865 | 63,903 | 277,187 | (7,556 | ) | (24,994 | ) | (53,524 | ) | ||||||||||||||||||||||||||||
15,493 | (11,463 | ) | (42,131 | ) | 9,775 | 46,387 | 277,185 | (7,187 | ) | (26,849 | ) | (60,322 | ) | ||||||||||||||||||||||||||||
250,889 | 262,352 | 304,483 | 323,572 | 277,185 | — | 44,470 | 71,319 | 131,641 | |||||||||||||||||||||||||||||||||
$ | 266,382 | $ | 250,889 | $ | 262,352 | $ | 333,347 | $ | 323,572 | $ | 277,185 | $ | 37,283 | $ | 44,470 | $ | 71,319 | ||||||||||||||||||||||||
$ | (39 | ) | $ | 180 | $ | 19 | $ | (4,831 | ) | $ | 1,400 | $ | 1,292 | $ | (324 | ) | $ | 34 | $ | 77 | |||||||||||||||||||||
First American Funds Semiannual Report 2006 51
Table of Contents
Statements of Changes in Net Assets continued
Intermediate Term | ||||||||||||||||
Bond Fund | ||||||||||||||||
Six-Month | Nine-Month | |||||||||||||||
Period Ended | Fiscal | |||||||||||||||
12/31/06 | Period Ended | Year Ended | ||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | ||||||||||||||
OPERATIONS: | ||||||||||||||||
Investment income – net | $ | 18,596 | $ | 30,772 | $ | 42,144 | ||||||||||
Net realized gain (loss) on investments | (4,214 | ) | (12,420 | ) | (2,596 | ) | ||||||||||
Net realized gain (loss) on futures contracts | (2,205 | ) | 1,169 | (730 | ) | |||||||||||
Net realized gain (loss) on options written | — | — | 1,217 | |||||||||||||
Net realized gain (loss) on swap agreements | 799 | (320 | ) | 639 | ||||||||||||
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | — | — | |||||||||||||
Net change in unrealized appreciation or depreciation of investments | 21,775 | (15,431 | ) | (18,673 | ) | |||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | (426 | ) | 227 | 624 | ||||||||||||
Net change in unrealized appreciation or depreciation of options written | — | — | — | |||||||||||||
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | — | — | |||||||||||||
Net change in unrealized appreciation or depreciation of swap agreements | 761 | (605 | ) | (27 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 35,086 | 3,392 | 22,598 | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Investment income – net: | ||||||||||||||||
Class A | (785 | ) | (1,298 | ) | (1,797 | ) | ||||||||||
Class B | — | — | — | |||||||||||||
Class C | — | — | — | |||||||||||||
Class R | — | — | — | |||||||||||||
Class Y | (18,591 | ) | (30,598 | ) | (40,236 | ) | ||||||||||
Net realized gain on investments: | ||||||||||||||||
Class A | — | (166 | ) | (561 | ) | |||||||||||
Class B | — | — | — | |||||||||||||
Class C | — | — | — | |||||||||||||
Class R | — | — | — | |||||||||||||
Class Y | — | (3,712 | ) | (11,243 | ) | |||||||||||
Return of capital: | ||||||||||||||||
Class A | — | — | — | |||||||||||||
Class B | — | — | — | |||||||||||||
Class C | — | — | — | |||||||||||||
Class R | — | — | — | |||||||||||||
Class Y | — | — | — | |||||||||||||
Total distributions | (19,376 | ) | (35,774 | ) | (53,837 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||||||
Class A: | ||||||||||||||||
Proceeds from sales | 1,989 | 5,185 | 8,671 | |||||||||||||
Reinvestment of distributions | 665 | 1,300 | 2,041 | |||||||||||||
Payments for redemptions | (7,815 | ) | (15,250 | ) | (24,078 | ) | ||||||||||
Decrease in net assets from Class A transactions | (5,161 | ) | (8,765 | ) | (13,366 | ) | ||||||||||
Class B: | ||||||||||||||||
Proceeds from sales | — | — | — | |||||||||||||
Reinvestment of distributions | — | — | — | |||||||||||||
Payments for redemptions | — | — | — | |||||||||||||
Decrease in net assets from Class B transactions | — | — | — | |||||||||||||
Class C: | ||||||||||||||||
Proceeds from sales | — | — | — | |||||||||||||
Reinvestment of distributions | — | — | — | |||||||||||||
Payments for redemptions | — | — | — | |||||||||||||
Decrease in net assets from Class C transactions | — | — | — | |||||||||||||
Class R: | ||||||||||||||||
Proceeds from sales | — | — | — | |||||||||||||
Reinvestment of distributions | — | — | — | |||||||||||||
Payments for redemptions | — | — | — | |||||||||||||
Increase in net assets from Class R transactions | — | — | — | |||||||||||||
Class Y: | ||||||||||||||||
Proceeds from sales | 82,237 | 143,333 | 245,371 | |||||||||||||
Reinvestment of distributions | 6,903 | 13,089 | 20,576 | |||||||||||||
Payments for redemptions | (185,921 | ) | (300,854 | ) | (381,218 | ) | ||||||||||
Increase (decrease) in net assets from Class Y transactions | (96,781 | ) | (144,432 | ) | (115,271 | ) | ||||||||||
Increase (decrease) in net assets from capital share transactions | (101,942 | ) | (153,197 | ) | (128,637 | ) | ||||||||||
Total increase (decrease) in net assets | (86,232 | ) | (185,579 | ) | (159,876 | ) | ||||||||||
Net assets at beginning of period | 937,471 | 1,123,050 | 1,282,926 | |||||||||||||
Net assets at end of period | $ | 851,239 | $ | 937,471 | $ | 1,123,050 | ||||||||||
Undistributed (distributions in excess of) net investment income | $ | 7 | $ | 787 | $ | 1,447 | ||||||||||
(1) | 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.
52 First American Funds Semiannual Report 2006
Table of Contents
Short Term | Total Return | U.S. Government | |||||||||||||||||||||||||||||||||||||||
Bond Fund | Bond Fund | Mortgage Fund | |||||||||||||||||||||||||||||||||||||||
Six-Month | Nine-Month | Six-Month | Nine-Month | Six-Month | Nine-Month | ||||||||||||||||||||||||||||||||||||
Period Ended | Fiscal | Period Ended | Fiscal | Period Ended | Fiscal | ||||||||||||||||||||||||||||||||||||
12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | 12/31/06 | Period Ended | Year Ended | |||||||||||||||||||||||||||||||||
(unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | (unaudited) | 6/30/06 | 9/30/05 | |||||||||||||||||||||||||||||||||
$ | 8,871 | $ | 15,272 | $ | 25,989 | $ | 11,127 | $ | 11,839 | $ | 12,422 | $ | 3,763 | $ | 6,048 | $ | 8,223 | ||||||||||||||||||||||||
(214 | ) | (4,403 | ) | (6,244 | ) | 803 | (4,994 | ) | 5,824 | 526 | (1,518 | ) | 696 | ||||||||||||||||||||||||||||
(847 | ) | 2,746 | (2,529 | ) | (4,622 | ) | 1,189 | (465 | ) | (487 | ) | 502 | 43 | ||||||||||||||||||||||||||||
— | — | 142 | 17 | 8 | 157 | — | — | (102 | ) | ||||||||||||||||||||||||||||||||
(1,701 | ) | (825 | ) | 783 | 510 | (51 | ) | 857 | 50 | (24 | ) | — | |||||||||||||||||||||||||||||
— | — | — | (6 | ) | (12 | ) | (6 | ) | — | — | — | ||||||||||||||||||||||||||||||
5,993 | (445 | ) | (7,121 | ) | 9,637 | (8,227 | ) | (8,750 | ) | 3,734 | (4,359 | ) | (3,451 | ) | |||||||||||||||||||||||||||
(307 | ) | (703 | ) | 1,494 | (1,025 | ) | 588 | 165 | 110 | (36 | ) | 112 | |||||||||||||||||||||||||||||
— | — | — | (77 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | 14 | (3 | ) | (2 | ) | — | — | — | |||||||||||||||||||||||||||||||
2,261 | (148 | ) | (2,149 | ) | 766 | (559 | ) | (7 | ) | 98 | (81 | ) | — | ||||||||||||||||||||||||||||
14,056 | 11,494 | 10,365 | 17,144 | (222 | ) | 10,195 | 7,794 | 532 | 5,521 | ||||||||||||||||||||||||||||||||
(1,395 | ) | (2,415 | ) | (3,144 | ) | (348 | ) | (520 | ) | (841 | ) | (354 | ) | (702 | ) | (1,230 | ) | ||||||||||||||||||||||||
— | — | — | (68 | ) | (98 | ) | (167 | ) | (110 | ) | (211 | ) | (312 | ) | |||||||||||||||||||||||||||
— | — | — | (47 | ) | (67 | ) | (118 | ) | (82 | ) | (168 | ) | (300 | ) | |||||||||||||||||||||||||||
— | — | — | (4 | ) | — | — | — | (1) | — | — | |||||||||||||||||||||||||||||||
(8,155 | ) | (15,530 | ) | (23,671 | ) | (11,222 | ) | (10,831 | ) | (11,336 | ) | (3,265 | ) | (5,464 | ) | (7,495 | ) | ||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | (43 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | (1) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | (1) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | (1) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | (328 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
(9,550 | ) | (17,945 | ) | (27,186 | ) | (11,689 | ) | (11,516 | ) | (12,462 | ) | (3,811 | ) | (6,545 | ) | (9,337 | ) | ||||||||||||||||||||||||
528 | 2,067 | 6,342 | 586 | 2,182 | 2,495 | 1,210 | 1,271 | 5,292 | |||||||||||||||||||||||||||||||||
1,045 | 1,915 | 2,512 | 285 | 429 | 686 | 293 | 599 | 1,097 | |||||||||||||||||||||||||||||||||
(7,712 | ) | (22,185 | ) | (39,475 | ) | (2,869 | ) | (5,664 | ) | (4,969 | ) | (2,417 | ) | (9,687 | ) | (14,192 | ) | ||||||||||||||||||||||||
(6,139 | ) | (18,203 | ) | (30,621 | ) | (1,998 | ) | (3,053 | ) | (1,788 | ) | (914 | ) | (7,817 | ) | (7,803 | ) | ||||||||||||||||||||||||
— | — | — | 54 | 106 | 240 | 16 | 326 | 742 | |||||||||||||||||||||||||||||||||
— | — | — | 52 | 76 | 125 | 95 | 186 | 275 | |||||||||||||||||||||||||||||||||
— | — | — | (530 | ) | (792 | ) | (1,417 | ) | (1,197 | ) | (1,607 | ) | (2,090 | ) | |||||||||||||||||||||||||||
— | — | — | (424 | ) | (610 | ) | (1,052 | ) | (1,086 | ) | (1,095 | ) | (1,073 | ) | |||||||||||||||||||||||||||
— | — | — | 174 | 127 | 90 | 100 | 65 | 309 | |||||||||||||||||||||||||||||||||
— | — | — | 21 | 58 | 105 | 66 | 157 | 284 | |||||||||||||||||||||||||||||||||
— | — | — | (489 | ) | (456 | ) | (1,107 | ) | (1,271 | ) | (1,491 | ) | (4,390 | ) | |||||||||||||||||||||||||||
— | — | — | (294 | ) | (271 | ) | (912 | ) | (1,105 | ) | (1,269 | ) | (3,797 | ) | |||||||||||||||||||||||||||
— | — | — | 179 | 13 | 2 | 3 | 6 | 1 | |||||||||||||||||||||||||||||||||
— | — | — | 4 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | (8 | ) | (1 | ) | — | — | (2 | ) | — | ||||||||||||||||||||||||||||||
— | — | — | 175 | 12 | 2 | 3 | 4 | 1 | |||||||||||||||||||||||||||||||||
56,550 | 72,120 | 149,034 | 309,107 | 214,597 | 94,268 | 16,220 | 19,923 | 35,129 | |||||||||||||||||||||||||||||||||
2,789 | 5,642 | 7,911 | 2,030 | 1,706 | 1,633 | 590 | 876 | 960 | |||||||||||||||||||||||||||||||||
(123,735 | ) | (242,927 | ) | (459,960 | ) | (106,713 | ) | (105,757 | ) | (58,054 | ) | (20,951 | ) | (33,662 | ) | (45,987 | ) | ||||||||||||||||||||||||
(64,396 | ) | (165,165 | ) | (303,015 | ) | 204,424 | 110,546 | 37,847 | (4,141 | ) | (12,863 | ) | (9,898 | ) | |||||||||||||||||||||||||||
(70,535 | ) | (183,368 | ) | (333,636 | ) | 201,883 | 106,624 | 34,097 | (7,243 | ) | (23,040 | ) | (22,570 | ) | |||||||||||||||||||||||||||
(66,029 | ) | (189,819 | ) | (350,457 | ) | 207,338 | 94,886 | 31,830 | (3,260 | ) | (29,053 | ) | (26,386 | ) | |||||||||||||||||||||||||||
533,436 | 723,255 | 1,073,712 | 400,032 | 305,146 | 273,316 | 168,195 | 197,248 | 223,634 | |||||||||||||||||||||||||||||||||
$ | 467,407 | $ | 533,436 | $ | 723,255 | $ | 607,370 | $ | 400,032 | $ | 305,146 | $ | 164,935 | $ | 168,195 | $ | 197,248 | ||||||||||||||||||||||||
$ | (423 | ) | $ | 256 | $ | 2,148 | $ | (16 | ) | $ | 546 | $ | 117 | $ | (26 | ) | $ | 22 | $ | 132 | |||||||||||||||||||||
First American Funds Semiannual Report 2006 53
Table of Contents
Financial Highlights For a share outstanding throughout the indicated period.
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Core Bond Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.71 | $ | 0.23 | $ | 0.30 | $ | (0.28 | ) | $ | — | $ | 10.96 | ||||||||||||||||||||
2006 (2) (3) | 11.15 | 0.33 | (0.37 | ) | (0.33 | ) | (0.07 | ) | 10.71 | ||||||||||||||||||||||||
2005 (2) (4) | 11.27 | 0.40 | (0.09 | ) | (0.42 | ) | (0.01 | ) | 11.15 | ||||||||||||||||||||||||
2004 (2) (4) | 11.56 | 0.38 | (0.09 | ) | (0.41 | ) | (0.17 | ) | 11.27 | ||||||||||||||||||||||||
2003 (4) | 11.45 | 0.42 | 0.15 | (0.46 | ) | — | 11.56 | ||||||||||||||||||||||||||
2002 (4) | 11.37 | 0.55 | 0.08 | (0.55 | ) | — | 11.45 | ||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.63 | $ | 0.19 | $ | 0.25 | $ | (0.20 | ) | $ | — | $ | 10.87 | ||||||||||||||||||||
2006 (2) (3) | 11.07 | 0.26 | (0.36 | ) | (0.27 | ) | (0.07 | ) | 10.63 | ||||||||||||||||||||||||
2005 (2) (4) | 11.19 | 0.31 | (0.09 | ) | (0.33 | ) | (0.01 | ) | 11.07 | ||||||||||||||||||||||||
2004 (2) (4) | 11.48 | 0.29 | (0.09 | ) | (0.32 | ) | (0.17 | ) | 11.19 | ||||||||||||||||||||||||
2003 (4) | 11.38 | 0.35 | 0.12 | (0.37 | ) | — | 11.48 | ||||||||||||||||||||||||||
2002 (4) | 11.29 | 0.47 | 0.09 | (0.47 | ) | — | 11.38 | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.67 | $ | 0.19 | $ | 0.26 | $ | (0.20 | ) | $ | — | $ | 10.92 | ||||||||||||||||||||
2006 (2) (3) | 11.12 | 0.26 | (0.37 | ) | (0.27 | ) | (0.07 | ) | 10.67 | ||||||||||||||||||||||||
2005 (2) (4) | 11.24 | 0.31 | (0.09 | ) | (0.33 | ) | (0.01 | ) | 11.12 | ||||||||||||||||||||||||
2004 (2) (4) | 11.53 | 0.29 | (0.09 | ) | (0.32 | ) | (0.17 | ) | 11.24 | ||||||||||||||||||||||||
2003 (4) | 11.42 | 0.34 | 0.14 | (0.37 | ) | — | 11.53 | ||||||||||||||||||||||||||
2002 (4) | 11.34 | 0.47 | 0.08 | (0.47 | ) | — | 11.42 | ||||||||||||||||||||||||||
Class R (5) | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.73 | $ | 0.22 | $ | 0.25 | $ | (0.22 | ) | $ | — | $ | 10.98 | ||||||||||||||||||||
2006 (2) (3) | 11.17 | 0.31 | (0.36 | ) | (0.32 | ) | (0.07 | ) | 10.73 | ||||||||||||||||||||||||
2005 (2) (4) | 11.30 | 0.38 | (0.10 | ) | (0.40 | ) | (0.01 | ) | 11.17 | ||||||||||||||||||||||||
2004 (2) (4) | 11.56 | 0.38 | (0.10 | ) | (0.37 | ) | (0.17 | ) | 11.30 | ||||||||||||||||||||||||
2003 (4) | 11.45 | 0.42 | 0.15 | (0.46 | ) | — | 11.56 | ||||||||||||||||||||||||||
2002 (4) | 11.37 | 0.55 | 0.08 | (0.55 | ) | — | 11.45 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.70 | $ | 0.24 | $ | 0.26 | $ | (0.25 | ) | $ | — | $ | 10.95 | ||||||||||||||||||||
2006 (2) (3) | 11.15 | 0.35 | (0.38 | ) | (0.35 | ) | (0.07 | ) | 10.70 | ||||||||||||||||||||||||
2005 (2) (4) | 11.27 | 0.42 | (0.08 | ) | (0.45 | ) | (0.01 | ) | 11.15 | ||||||||||||||||||||||||
2004 (2) (4) | 11.56 | 0.40 | (0.08 | ) | (0.44 | ) | (0.17 | ) | 11.27 | ||||||||||||||||||||||||
2003 (4) | 11.45 | 0.45 | 0.15 | (0.49 | ) | — | 11.56 | ||||||||||||||||||||||||||
2002 (4) | 11.37 | 0.58 | 0.08 | (0.58 | ) | — | 11.45 | ||||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(2) | Per share data calculated using average shares outstanding method. | |
(3) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(4) | For the period October 1 to September 30 in the year indicated. | |
(5) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(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.
54 First American Funds Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (6) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
4.65 | % | $ | 116,421 | 0.95 | % | 4.18 | % | 1.01 | % | 4.12 | % | 65 | % | ||||||||||||||||||||||||
(0.34 | ) | 134,845 | 0.95 | 3.98 | 1.03 | 3.90 | 139 | ||||||||||||||||||||||||||||||
2.75 | 161,410 | 0.95 | 3.51 | 1.05 | 3.41 | 208 | |||||||||||||||||||||||||||||||
2.60 | 184,805 | 0.95 | 3.30 | 1.05 | 3.20 | 182 | |||||||||||||||||||||||||||||||
5.08 | 191,754 | 0.95 | 3.58 | 1.05 | 3.48 | 196 | |||||||||||||||||||||||||||||||
5.77 | 122,354 | 0.95 | 4.93 | 1.03 | 4.85 | 115 | |||||||||||||||||||||||||||||||
4.09 | % | $ | 12,496 | 1.70 | % | 3.43 | % | 1.76 | % | 3.37 | % | 65 | % | ||||||||||||||||||||||||
(0.91 | ) | 13,819 | 1.70 | 3.23 | 1.78 | 3.15 | 139 | ||||||||||||||||||||||||||||||
2.00 | 17,078 | 1.70 | 2.76 | 1.80 | 2.66 | 208 | |||||||||||||||||||||||||||||||
1.83 | 21,046 | 1.70 | 2.58 | 1.80 | 2.48 | 182 | |||||||||||||||||||||||||||||||
4.23 | 28,096 | 1.70 | 2.83 | 1.80 | 2.73 | 196 | |||||||||||||||||||||||||||||||
5.12 | 16,741 | 1.70 | 4.17 | 1.78 | 4.09 | 115 | |||||||||||||||||||||||||||||||
4.17 | % | $ | 4,481 | 1.70 | % | 3.43 | % | 1.76 | % | 3.37 | % | 65 | % | ||||||||||||||||||||||||
(1.01 | ) | 5,183 | 1.70 | 3.22 | 1.78 | 3.14 | 139 | ||||||||||||||||||||||||||||||
1.99 | 7,266 | 1.70 | 2.76 | 1.80 | 2.66 | 208 | |||||||||||||||||||||||||||||||
1.81 | 9,132 | 1.70 | 2.58 | 1.80 | 2.48 | 182 | |||||||||||||||||||||||||||||||
4.30 | 13,424 | 1.70 | 2.85 | 1.80 | 2.75 | 196 | |||||||||||||||||||||||||||||||
5.02 | 9,672 | 1.70 | 4.18 | 1.78 | 4.10 | 115 | |||||||||||||||||||||||||||||||
4.52 | % | $ | 47 | 1.20 | % | 3.91 | % | 1.32 | % | 3.79 | % | 65 | % | ||||||||||||||||||||||||
(0.51 | ) | 34 | 1.20 | 3.77 | 1.43 | 3.54 | 139 | ||||||||||||||||||||||||||||||
2.51 | 16 | 1.20 | 3.37 | 1.45 | 3.12 | 208 | |||||||||||||||||||||||||||||||
2.53 | 1 | 0.95 | 3.37 | 1.05 | 3.27 | 182 | |||||||||||||||||||||||||||||||
5.08 | 39,236 | 0.95 | 3.58 | 1.05 | 3.48 | 196 | |||||||||||||||||||||||||||||||
5.77 | 33,270 | 0.95 | 4.93 | 1.03 | 4.85 | 115 | |||||||||||||||||||||||||||||||
4.69 | % | $ | 1,602,085 | 0.70 | % | 4.42 | % | 0.76 | % | 4.36 | % | 65 | % | ||||||||||||||||||||||||
(0.24 | ) | 1,680,105 | 0.70 | 4.24 | 0.78 | 4.16 | 139 | ||||||||||||||||||||||||||||||
3.01 | 1,725,850 | 0.70 | 3.77 | 0.80 | 3.67 | 208 | |||||||||||||||||||||||||||||||
2.87 | 1,740,470 | 0.70 | 3.58 | 0.80 | 3.48 | 182 | |||||||||||||||||||||||||||||||
5.34 | 1,955,909 | 0.70 | 3.83 | 0.80 | 3.73 | 196 | |||||||||||||||||||||||||||||||
6.04 | 1,204,555 | 0.70 | 5.18 | 0.78 | 5.10 | 115 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 55
Table of Contents
Financial Highlights continued
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Return of | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Capital | Period | ||||||||||||||||||||||||||||
High Income Bond Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (2) (3) | $ | 9.22 | $ | 0.32 | $ | 0.44 | $ | (0.33 | ) | $ | — | $ | 9.65 | ||||||||||||||||||||
2006 (3) (4) | 9.41 | 0.49 | (0.20 | ) | (0.48 | ) | — | 9.22 | |||||||||||||||||||||||||
2005 (3) (5) | 9.45 | 0.66 | (0.04 | ) | (0.66 | ) | — | (7) | 9.41 | ||||||||||||||||||||||||
2004 (3) (5) | 9.13 | 0.68 | 0.32 | (0.68 | ) | — | 9.45 | ||||||||||||||||||||||||||
2003 (3) (5) | 7.90 | 0.68 | 1.24 | (0.69 | ) | — | 9.13 | ||||||||||||||||||||||||||
2002 (5) | 9.23 | 0.65 | (1.21 | ) | (0.70 | ) | (0.07 | ) | 7.90 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2006 (2) (3) | $ | 9.18 | $ | 0.29 | $ | 0.43 | $ | (0.29 | ) | $ | — | $ | 9.61 | ||||||||||||||||||||
2006 (3) (4) | 9.37 | 0.43 | (0.19 | ) | (0.43 | ) | — | 9.18 | |||||||||||||||||||||||||
2005 (3) (5) | 9.41 | 0.58 | (0.03 | ) | (0.59 | ) | — | (7) | 9.37 | ||||||||||||||||||||||||
2004 (3) (5) | 9.09 | 0.61 | 0.32 | (0.61 | ) | — | 9.41 | ||||||||||||||||||||||||||
2003 (3) (5) | 7.87 | 0.61 | 1.24 | (0.63 | ) | — | 9.09 | ||||||||||||||||||||||||||
2002 (5) | 9.19 | 0.69 | (1.31 | ) | (0.63 | ) | (0.07 | ) | 7.87 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (2) (3) | $ | 9.19 | $ | 0.29 | $ | 0.43 | $ | (0.29 | ) | $ | — | $ | 9.62 | ||||||||||||||||||||
2006 (3) (4) | 9.38 | 0.43 | (0.19 | ) | (0.43 | ) | — | 9.19 | |||||||||||||||||||||||||
2005 (3) (5) | 9.42 | 0.58 | (0.03 | ) | (0.59 | ) | — | (7) | 9.38 | ||||||||||||||||||||||||
2004 (3) (5) | 9.10 | 0.61 | 0.32 | (0.61 | ) | — | 9.42 | ||||||||||||||||||||||||||
2003 (3) (5) | 7.89 | 0.61 | 1.23 | (0.63 | ) | — | 9.10 | ||||||||||||||||||||||||||
2002 (5) | 9.21 | 0.64 | (1.27 | ) | (0.62 | ) | (0.07 | ) | 7.89 | ||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2006 (2) (3) | $ | 9.35 | $ | 0.31 | $ | 0.45 | $ | (0.32 | ) | $ | — | $ | 9.79 | ||||||||||||||||||||
2006 (3) (4) | 9.53 | 0.49 | (0.20 | ) | (0.47 | ) | — | 9.35 | |||||||||||||||||||||||||
2005 (3) (5) | 9.60 | 0.62 | (0.04 | ) | (0.65 | ) | — | (7) | 9.53 | ||||||||||||||||||||||||
2004 (3) (5) | 9.21 | 0.69 | 0.32 | (0.62 | ) | — | 9.60 | ||||||||||||||||||||||||||
2003 (3) (5) | 7.98 | 0.71 | 1.22 | (0.70 | ) | — | 9.21 | ||||||||||||||||||||||||||
2002 (5) | 9.32 | 0.73 | (1.30 | ) | (0.70 | ) | (0.07 | ) | 7.98 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (2) (3) | $ | 9.23 | $ | 0.33 | $ | 0.44 | $ | (0.34 | ) | $ | — | $ | 9.66 | ||||||||||||||||||||
2006 (3) (4) | 9.42 | 0.51 | (0.20 | ) | (0.50 | ) | — | 9.23 | |||||||||||||||||||||||||
2005 (3) (5) | 9.46 | 0.68 | (0.03 | ) | (0.69 | ) | — | (7) | 9.42 | ||||||||||||||||||||||||
2004 (3) (5) | 9.13 | 0.70 | 0.34 | (0.71 | ) | — | 9.46 | ||||||||||||||||||||||||||
2003 (3) (5) | 7.92 | 0.69 | 1.24 | (0.72 | ) | — | 9.13 | ||||||||||||||||||||||||||
2002 (5) | 9.24 | 0.74 | (1.28 | ) | (0.71 | ) | (0.07 | ) | 7.92 | ||||||||||||||||||||||||
(1) | The financial highlights for the High Income Bond Fund as set forth herein include the historical financial highlights of the First American High Yield Bond Fund Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares. The assets of the First American High Yield Bond Fund were acquired by High Income Bond Fund on March 14, 2003. In connection with such acquisition, Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of the First American High Yield Bond Fund were exchanged for Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of High Income Bond Fund, respectively. Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of the High Income Bond Fund and the First American High Yield Bond Fund. | |
(2) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | Per share data calculated using average shares outstanding method. | |
(4) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(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) | Includes a tax return of capital of less than $0.01. | |
(8) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
56 First American Funds Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (8) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
8.33 | % | $ | 34,655 | 1.10 | % | 6.78 | % | 1.29 | % | 6.59 | % | 41 | % | ||||||||||||||||||||||||
3.14 | 29,573 | 1.10 | 6.94 | 1.29 | 6.75 | 68 | |||||||||||||||||||||||||||||||
6.74 | 34,144 | 1.02 | 6.88 | 1.27 | 6.63 | 77 | |||||||||||||||||||||||||||||||
11.30 | 43,842 | 1.00 | 7.25 | 1.26 | 6.99 | 80 | |||||||||||||||||||||||||||||||
25.30 | 42,013 | 1.06 | 7.72 | 1.24 | 7.54 | 122 | |||||||||||||||||||||||||||||||
(6.66 | ) | 23,900 | 1.10 | 7.64 | 1.47 | 7.27 | 86 | ||||||||||||||||||||||||||||||
7.96 | % | $ | 5,995 | 1.85 | % | 6.03 | % | 2.04 | % | 5.84 | % | 41 | % | ||||||||||||||||||||||||
2.57 | 5,988 | 1.85 | 6.19 | 2.04 | 6.00 | 68 | |||||||||||||||||||||||||||||||
5.97 | 7,191 | 1.77 | 6.13 | 2.02 | 5.88 | 77 | |||||||||||||||||||||||||||||||
10.52 | 8,521 | 1.75 | 6.50 | 2.01 | 6.24 | 80 | |||||||||||||||||||||||||||||||
24.33 | 8,939 | 1.81 | 7.00 | 1.99 | 6.82 | 122 | |||||||||||||||||||||||||||||||
(7.26 | ) | 774 | 1.80 | 7.49 | 2.28 | 7.01 | 86 | ||||||||||||||||||||||||||||||
7.95 | % | $ | 8,536 | 1.85 | % | 6.03 | % | 2.04 | % | 5.84 | % | 41 | % | ||||||||||||||||||||||||
2.56 | 9,873 | 1.85 | 6.19 | 2.04 | 6.00 | 68 | |||||||||||||||||||||||||||||||
5.96 | 13,403 | 1.77 | 6.13 | 2.02 | 5.88 | 77 | |||||||||||||||||||||||||||||||
10.51 | 17,349 | 1.75 | 6.50 | 2.01 | 6.24 | 80 | |||||||||||||||||||||||||||||||
24.14 | 19,685 | 1.80 | 7.01 | 1.98 | 6.83 | 122 | |||||||||||||||||||||||||||||||
(7.34 | ) | 7,213 | 1.83 | 7.08 | 2.26 | 6.65 | 86 | ||||||||||||||||||||||||||||||
8.18 | % | $ | 78 | 1.35 | % | 6.54 | % | 1.62 | % | 6.27 | % | 41 | % | ||||||||||||||||||||||||
3.09 | 73 | 1.35 | 6.82 | 1.69 | 6.48 | 68 | |||||||||||||||||||||||||||||||
6.23 | 4 | 1.33 | 6.31 | 1.73 | 5.91 | 77 | |||||||||||||||||||||||||||||||
11.29 | 1 | 1.00 | 7.33 | 1.26 | 7.07 | 80 | |||||||||||||||||||||||||||||||
25.11 | 777 | 1.00 | 7.86 | 1.18 | 7.68 | 122 | |||||||||||||||||||||||||||||||
(6.66 | ) | 87 | 1.01 | 8.46 | 1.57 | 7.90 | 86 | ||||||||||||||||||||||||||||||
8.46 | % | $ | 217,118 | 0.85 | % | 7.03 | % | 1.04 | % | 6.84 | % | 41 | % | ||||||||||||||||||||||||
3.34 | 205,382 | 0.85 | 7.19 | 1.04 | 7.00 | 68 | |||||||||||||||||||||||||||||||
7.01 | 207,610 | 0.77 | 7.13 | 1.02 | 6.88 | 77 | |||||||||||||||||||||||||||||||
11.69 | 234,770 | 0.75 | 7.49 | 1.01 | 7.23 | 80 | |||||||||||||||||||||||||||||||
25.29 | 179,416 | 0.83 | 7.97 | 1.01 | 7.79 | 122 | |||||||||||||||||||||||||||||||
(6.33 | ) | 21,157 | 0.82 | 8.19 | 1.27 | 7.74 | 86 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 57
Table of Contents
Financial Highlights continued
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Inflation Protected Securities Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (2) | $ | 9.54 | $ | 0.12 | $ | 0.04 | $ | (0.28 | ) | $ | — | $ | 9.42 | ||||||||||||||||||||
2006 (3) | 10.12 | 0.38 | (0.55 | ) | (0.40 | ) | (0.01 | ) | 9.54 | ||||||||||||||||||||||||
2005 (4) | 10.00 | 0.51 | (0.02 | ) | (0.37 | ) | — | 10.12 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (2) | $ | 9.53 | $ | 0.10 | $ | 0.01 | $ | (0.24 | ) | $ | — | $ | 9.40 | ||||||||||||||||||||
2006 (3) | 10.11 | 0.31 | (0.53 | ) | (0.35 | ) | (0.01 | ) | 9.53 | ||||||||||||||||||||||||
2005 (4) | 10.00 | 0.40 | 0.02 | (0.31 | ) | — | 10.11 | ||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||
2006 (2) | $ | 9.55 | $ | (0.06 | ) | $ | 0.20 | $ | (0.27 | ) | $ | — | $ | 9.42 | |||||||||||||||||||
2006 (3) | 10.13 | 0.38 | (0.56 | ) | (0.39 | ) | (0.01 | ) | 9.55 | ||||||||||||||||||||||||
2005 (4) | 10.00 | 0.43 | 0.05 | (0.35 | ) | — | 10.13 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (2) | $ | 9.55 | $ | 0.12 | $ | 0.04 | $ | (0.29 | ) | $ | — | $ | 9.42 | ||||||||||||||||||||
2006 (3) | 10.13 | 0.42 | (0.57 | ) | (0.42 | ) | (0.01 | ) | 9.55 | ||||||||||||||||||||||||
2005 (4) | 10.00 | 0.51 | 0.01 | (0.39 | ) | — | 10.13 | ||||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(4) | Commenced operations on October 1, 2004. All ratios for the period 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.
58 First American Funds Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (5) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
1.60 | % | $ 4,566 | 0.85 | % | 2.48 | % | 1.05 | % | 2.28 | % | 49 | % | |||||||||||||||||||||||||
(1.69 | ) | 5,042 | 0.85 | 5.20 | 1.08 | 4.97 | 85 | ||||||||||||||||||||||||||||||
4.93 | 6,917 | 0.85 | 5.04 | 1.09 | 4.80 | 23 | |||||||||||||||||||||||||||||||
1.11 | % | $ 382 | 1.60 | % | 2.02 | % | 1.80 | % | 1.82 | % | 49 | % | |||||||||||||||||||||||||
(2.26 | ) | 552 | 1.60 | 4.29 | 1.83 | 4.06 | 85 | ||||||||||||||||||||||||||||||
4.18 | 855 | 1.60 | 3.98 | 1.84 | 3.74 | 23 | |||||||||||||||||||||||||||||||
1.41 | % | $ 892 | 1.10 | % | (1.17 | )% | 1.30 | % | (1.37 | )% | 49 | % | |||||||||||||||||||||||||
(1.80 | ) | 1 | 1.10 | 5.17 | 1.48 | 4.79 | 85 | ||||||||||||||||||||||||||||||
4.81 | 1 | 1.10 | 4.22 | 1.49 | 3.83 | 23 | |||||||||||||||||||||||||||||||
1.62 | % | $327,507 | 0.60 | % | 2.48 | % | 0.80 | % | 2.28 | % | 49 | % | |||||||||||||||||||||||||
(1.50 | ) | 317,977 | 0.60 | 5.73 | 0.83 | 5.50 | 85 | ||||||||||||||||||||||||||||||
5.24 | 269,412 | 0.60 | 5.05 | 0.84 | 4.81 | 23 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 59
Table of Contents
Financial Highlights continued
Realized and | ||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Dividends | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | from | Value | ||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | Return of | End of | ||||||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Capital | Period | ||||||||||||||||||||||||||||||||
Intermediate Government Bond Fund | ||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 7.99 | $ | 0.15 | $ | 0.14 | $ | (0.23 | ) | $ | — | $ | — | $ | 8.05 | |||||||||||||||||||||||
2006 (2) (3) | 8.26 | 0.22 | (0.22 | ) | (0.22 | ) | (0.05 | ) | — | 7.99 | ||||||||||||||||||||||||||||
2005 (2) (4) | 8.82 | 0.27 | (0.15 | ) | (0.28 | ) | (0.40 | ) | — | 8.26 | ||||||||||||||||||||||||||||
2004 (2) (4) | 10.01 | 0.24 | (0.16 | ) | (0.24 | ) | (1.03 | ) | — | 8.82 | ||||||||||||||||||||||||||||
2003 (5) | 10.00 | 0.32 | 0.02 | (0.33 | ) | — | — | 10.01 | ||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 7.99 | $ | 0.15 | $ | 0.14 | $ | (0.23 | ) | $ | — | $ | — | $ | 8.05 | |||||||||||||||||||||||
2006 (2) (3) | 8.25 | 0.22 | (0.20 | ) | (0.23 | ) | (0.05 | ) | — | 7.99 | ||||||||||||||||||||||||||||
2005 (2) (4) | 8.82 | 0.28 | (0.16 | ) | (0.29 | ) | (0.40 | ) | — | 8.25 | ||||||||||||||||||||||||||||
2004 (2) (4) | 10.01 | 0.26 | (0.17 | ) | (0.25 | ) | (1.03 | ) | — | 8.82 | ||||||||||||||||||||||||||||
2003 (5) | 10.00 | 0.34 | 0.01 | (0.34 | ) | — | — | 10.01 | ||||||||||||||||||||||||||||||
Intermediate Term Bond Fund | ||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.68 | $ | 0.20 | $ | 0.18 | $ | (0.21 | ) | $ | — | $ | — | $ | 9.85 | |||||||||||||||||||||||
2006 (2) (3) | 9.99 | 0.29 | (0.27 | ) | (0.30 | ) | (0.03 | ) | — | 9.68 | ||||||||||||||||||||||||||||
2005 (2) (4) | 10.25 | 0.34 | (0.17 | ) | (0.33 | ) | (0.10 | ) | — | 9.99 | ||||||||||||||||||||||||||||
2004 (2) (4) | 10.46 | 0.31 | (0.10 | ) | (0.31 | ) | (0.11 | ) | — | 10.25 | ||||||||||||||||||||||||||||
2003 (4) | 10.35 | 0.39 | 0.12 | (0.40 | ) | — | — | 10.46 | ||||||||||||||||||||||||||||||
2002 (4) | 10.26 | 0.50 | 0.10 | (0.50 | ) | — | (0.01 | ) | 10.35 | |||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.65 | $ | 0.20 | $ | 0.18 | $ | (0.22 | ) | $ | — | $ | — | $ | 9.81 | |||||||||||||||||||||||
2006 (2) (3) | 9.96 | 0.30 | (0.27 | ) | (0.31 | ) | (0.03 | ) | — | 9.65 | ||||||||||||||||||||||||||||
2005 (2) (4) | 10.22 | 0.36 | (0.17 | ) | (0.35 | ) | (0.10 | ) | — | 9.96 | ||||||||||||||||||||||||||||
2004 (2) (4) | 10.43 | 0.33 | (0.11 | ) | (0.32 | ) | (0.11 | ) | — | 10.22 | ||||||||||||||||||||||||||||
2003 (4) | 10.32 | 0.41 | 0.12 | (0.42 | ) | — | — | 10.43 | ||||||||||||||||||||||||||||||
2002 (4) | 10.23 | 0.52 | 0.10 | (0.52 | ) | — | (0.01 | ) | 10.32 | |||||||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(2) | Per share data calculated using average shares outstanding method. | |
(3) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(4) | For the period October 1 to September 30 in the year indicated. | |
(5) | Commenced operations on October 25, 2002. All ratios for the period ended September 30, 2003, 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 Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (6) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
3.57 | % | $ | 1,653 | 0.75 | % | 3.62 | % | 1.44 | % | 2.93 | % | 40 | % | ||||||||||||||||||||||||
0.06 | 1,689 | 0.75 | 3.56 | 1.26 | 3.05 | 70 | |||||||||||||||||||||||||||||||
1.40 | 1,970 | 0.75 | 3.21 | 1.09 | 2.87 | 161 | |||||||||||||||||||||||||||||||
0.98 | 1,872 | 0.75 | 2.69 | 1.03 | 2.41 | 53 | |||||||||||||||||||||||||||||||
3.53 | 2,502 | 0.75 | 3.22 | 1.05 | 2.92 | 74 | |||||||||||||||||||||||||||||||
3.65 | % | $ | 35,630 | 0.60 | % | 3.77 | % | 1.19 | % | 3.18 | % | 40 | % | ||||||||||||||||||||||||
0.30 | 42,781 | 0.60 | 3.70 | 1.01 | 3.29 | 70 | |||||||||||||||||||||||||||||||
1.43 | 69,349 | 0.60 | 3.34 | 0.84 | 3.10 | 161 | |||||||||||||||||||||||||||||||
1.14 | 129,769 | 0.60 | 2.84 | 0.78 | 2.66 | 53 | |||||||||||||||||||||||||||||||
3.64 | 334,869 | 0.60 | 3.68 | 0.80 | 3.48 | 74 | |||||||||||||||||||||||||||||||
3.88 | % | $ | 33,788 | 0.85 | % | 3.99 | % | 1.01 | % | 3.83 | % | 57 | % | ||||||||||||||||||||||||
0.23 | 38,296 | 0.75 | 3.88 | 1.03 | 3.60 | 113 | |||||||||||||||||||||||||||||||
1.69 | 48,426 | 0.75 | 3.39 | 1.05 | 3.09 | 118 | |||||||||||||||||||||||||||||||
2.06 | 63,219 | 0.75 | 2.97 | 1.04 | 2.68 | 169 | |||||||||||||||||||||||||||||||
5.09 | 78,682 | 0.75 | 3.89 | 1.05 | 3.59 | 133 | |||||||||||||||||||||||||||||||
6.11 | 65,291 | 0.75 | 4.96 | 1.02 | 4.69 | 40 | |||||||||||||||||||||||||||||||
3.87 | % | $ | 817,451 | 0.70 | % | 4.14 | % | 0.76 | % | 4.08 | % | 57 | % | ||||||||||||||||||||||||
0.34 | 899,175 | 0.60 | 4.03 | 0.78 | 3.85 | 113 | |||||||||||||||||||||||||||||||
1.85 | 1,074,624 | 0.60 | 3.55 | 0.80 | 3.35 | 118 | |||||||||||||||||||||||||||||||
2.22 | 1,219,707 | 0.60 | 3.12 | 0.79 | 2.93 | 169 | |||||||||||||||||||||||||||||||
5.25 | 1,296,529 | 0.60 | 4.05 | 0.80 | 3.85 | 133 | |||||||||||||||||||||||||||||||
6.29 | 978,406 | 0.60 | 5.11 | 0.77 | 4.94 | 40 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 61
Table of Contents
Financial Highlights continued
Realized and | ||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Dividends | Distributions | Distributions | Net Asset | |||||||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | from | Value | ||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | Return of | End of | ||||||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Capital | Period | ||||||||||||||||||||||||||||||||
Short Term Bond Fund | ||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.83 | $ | 0.13 | $ | 0.13 | $ | (0.18 | ) | $ | — | $ | — | $ | 9.91 | |||||||||||||||||||||||
2006 (2) (3) | 9.93 | 0.23 | (0.06 | ) | (0.27 | ) | — | — | 9.83 | |||||||||||||||||||||||||||||
2005 (2) (4) | 10.11 | 0.27 | (0.16 | ) | (0.29 | ) | — | — | (6) | 9.93 | ||||||||||||||||||||||||||||
2004 (2) (4) | 10.26 | 0.23 | (0.15 | ) | (0.23 | ) | — | — | 10.11 | |||||||||||||||||||||||||||||
2003 (4) | 10.29 | 0.28 | (0.01 | ) | (0.30 | ) | — | — | 10.26 | |||||||||||||||||||||||||||||
2002 (4) | 10.27 | 0.42 | 0.04 | (0.43 | ) | — | (0.01 | ) | 10.29 | |||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.83 | $ | 0.14 | $ | 0.14 | $ | (0.19 | ) | $ | — | $ | — | $ | 9.92 | |||||||||||||||||||||||
2006 (2) (3) | 9.93 | 0.24 | (0.06 | ) | (0.28 | ) | — | — | 9.83 | |||||||||||||||||||||||||||||
2005 (2) (4) | 10.11 | 0.28 | (0.16 | ) | (0.29 | ) | — | (0.01 | ) | 9.93 | ||||||||||||||||||||||||||||
2004 (2) (4) | 10.26 | 0.25 | (0.16 | ) | (0.24 | ) | — | — | 10.11 | |||||||||||||||||||||||||||||
2003 (4) | 10.30 | 0.30 | (0.02 | ) | (0.32 | ) | — | — | 10.26 | |||||||||||||||||||||||||||||
2002 (4) | 10.27 | 0.43 | 0.05 | (0.44 | ) | — | (0.01 | ) | 10.30 | |||||||||||||||||||||||||||||
Total Return Bond Fund | ||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.86 | $ | 0.23 | $ | 0.16 | $ | (0.24 | ) | $ | — | $ | — | $ | 10.01 | |||||||||||||||||||||||
2006 (2) (3) | 10.18 | 0.31 | (0.33 | ) | (0.30 | ) | — | — | 9.86 | |||||||||||||||||||||||||||||
2005 (2) (4) | 10.25 | 0.43 | (0.07 | ) | (0.43 | ) | — | — | 10.18 | |||||||||||||||||||||||||||||
2004 (2) (4) | 10.23 | 0.46 | 0.03 | (0.47 | ) | — | — | (6) | 10.25 | |||||||||||||||||||||||||||||
2003 (4) | 9.60 | 0.51 | 0.63 | (0.51 | ) | — | — | 10.23 | ||||||||||||||||||||||||||||||
2002 (4) | 10.01 | 0.57 | (0.39 | ) | (0.58 | ) | (0.01 | ) | — | 9.60 | ||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.82 | $ | 0.19 | $ | 0.16 | $ | (0.20 | ) | $ | — | $ | — | $ | 9.97 | |||||||||||||||||||||||
2006 (2) (3) | 10.14 | 0.25 | (0.32 | ) | (0.25 | ) | — | — | 9.82 | |||||||||||||||||||||||||||||
2005 (2) (4) | 10.21 | 0.35 | (0.07 | ) | (0.35 | ) | — | — | 10.14 | |||||||||||||||||||||||||||||
2004 (2) (4) | 10.20 | 0.39 | 0.01 | (0.39 | ) | — | — | (6) | 10.21 | |||||||||||||||||||||||||||||
2003 (4) | 9.57 | 0.44 | 0.63 | (0.44 | ) | — | — | 10.20 | ||||||||||||||||||||||||||||||
2002 (4) | 9.98 | 0.49 | (0.38 | ) | (0.51 | ) | (0.01 | ) | — | 9.57 | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.80 | $ | 0.19 | $ | 0.16 | $ | (0.20 | ) | $ | — | $ | — | $ | 9.95 | |||||||||||||||||||||||
2006 (2) (3) | 10.12 | 0.25 | (0.32 | ) | (0.25 | ) | — | — | 9.80 | |||||||||||||||||||||||||||||
2005 (2) (4) | 10.20 | 0.35 | (0.07 | ) | (0.36 | ) | — | — | 10.12 | |||||||||||||||||||||||||||||
2004 (2) (4) | 10.18 | 0.39 | 0.02 | (0.39 | ) | — | — | (6) | 10.20 | |||||||||||||||||||||||||||||
2003 (4) | 9.55 | 0.44 | 0.63 | (0.44 | ) | — | — | 10.18 | ||||||||||||||||||||||||||||||
2002 (4) | 9.97 | 0.49 | (0.40 | ) | (0.50 | ) | (0.01 | ) | — | 9.55 | ||||||||||||||||||||||||||||
Class R (5) | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.90 | $ | 0.22 | $ | 0.17 | $ | (0.23 | ) | $ | — | $ | — | $ | 10.06 | |||||||||||||||||||||||
2006 (2) (3) | 10.23 | 0.30 | (0.34 | ) | (0.29 | ) | — | — | 9.90 | |||||||||||||||||||||||||||||
2005 (2) (4) | 10.29 | 0.41 | (0.07 | ) | (0.40 | ) | — | — | 10.23 | |||||||||||||||||||||||||||||
2004 (2) (4) | 10.23 | 0.48 | — | (0.42 | ) | — | — | (6) | 10.29 | |||||||||||||||||||||||||||||
2003 (4) | 9.60 | 0.51 | 0.63 | (0.51 | ) | — | — | 10.23 | ||||||||||||||||||||||||||||||
2002 (4) | 10.01 | 0.56 | (0.38 | ) | (0.58 | ) | (0.01 | ) | — | 9.60 | ||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 9.85 | $ | 0.24 | $ | 0.16 | $ | (0.25 | ) | $ | — | $ | — | $ | 10.00 | |||||||||||||||||||||||
2006 (2) (3) | 10.17 | 0.33 | (0.33 | ) | (0.32 | ) | — | — | 9.85 | |||||||||||||||||||||||||||||
2005 (2) (4) | 10.24 | 0.46 | (0.07 | ) | (0.46 | ) | — | — | 10.17 | |||||||||||||||||||||||||||||
2004 (2) (4) | 10.23 | 0.49 | 0.01 | (0.49 | ) | — | — | (6) | 10.24 | |||||||||||||||||||||||||||||
2003 (4) | 9.59 | 0.54 | 0.64 | (0.54 | ) | — | — | 10.23 | ||||||||||||||||||||||||||||||
2002 (4) | 10.00 | 0.59 | (0.39 | ) | (0.60 | ) | (0.01 | ) | — | 9.59 | ||||||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(2) | Per share data calculated using average shares outstanding method. | |
(3) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(4) | For the period October 1 to September 30 in the year indicated. | |
(5) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(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.
62 First American Funds Semiannual Report 2006
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses | Income | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | to Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | to Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
2.65 | % | $ | 73,296 | 0.75 | % | 3.34 | % | 1.03 | % | 3.06 | % | 31 | % | ||||||||||||||||||||||||
1.75 | 78,771 | 0.75 | 3.11 | 1.04 | 2.82 | 60 | |||||||||||||||||||||||||||||||
1.08 | 97,863 | 0.75 | 2.68 | 1.05 | 2.38 | 64 | |||||||||||||||||||||||||||||||
0.76 | 130,531 | 0.75 | 2.28 | 1.05 | 1.98 | 89 | |||||||||||||||||||||||||||||||
2.71 | 159,451 | 0.75 | 2.75 | 1.05 | 2.45 | 60 | |||||||||||||||||||||||||||||||
4.59 | 163,358 | 0.75 | 4.06 | 1.04 | 3.77 | 59 | |||||||||||||||||||||||||||||||
2.83 | % | $ | 394,111 | 0.60 | % | 3.48 | % | 0.78 | % | 3.30 | % | 31 | % | ||||||||||||||||||||||||
1.87 | 454,665 | 0.60 | 3.26 | 0.79 | 3.07 | 60 | |||||||||||||||||||||||||||||||
1.23 | 625,392 | 0.60 | 2.83 | 0.80 | 2.63 | 64 | |||||||||||||||||||||||||||||||
0.91 | 943,181 | 0.60 | 2.43 | 0.80 | 2.23 | 89 | |||||||||||||||||||||||||||||||
2.76 | 832,266 | 0.60 | 2.84 | 0.80 | 2.64 | 60 | |||||||||||||||||||||||||||||||
4.85 | 484,583 | 0.60 | 4.18 | 0.79 | 3.99 | 59 | |||||||||||||||||||||||||||||||
3.92 | % | $ | 13,766 | 1.00 | % | 4.52 | % | 1.14 | % | 4.38 | % | 83 | % | ||||||||||||||||||||||||
(0.17 | ) | 15,522 | 1.00 | 4.14 | 1.17 | 3.97 | 166 | ||||||||||||||||||||||||||||||
3.57 | 19,113 | 1.00 | 4.20 | 1.25 | 3.95 | 285 | |||||||||||||||||||||||||||||||
4.89 | 21,034 | 1.00 | 4.54 | 1.25 | 4.29 | 132 | |||||||||||||||||||||||||||||||
12.26 | 13,522 | 1.00 | 5.15 | 1.26 | 4.89 | 91 | |||||||||||||||||||||||||||||||
1.83 | 8,663 | 1.00 | 5.77 | 1.27 | 5.50 | 117 | |||||||||||||||||||||||||||||||
3.54 | % | $ | 3,288 | 1.75 | % | 3.77 | % | 1.89 | % | 3.63 | % | 83 | % | ||||||||||||||||||||||||
(0.74 | ) | 3,657 | 1.75 | 3.40 | 1.92 | 3.23 | 166 | ||||||||||||||||||||||||||||||
2.81 | 4,395 | 1.75 | 3.45 | 2.00 | 3.20 | 285 | |||||||||||||||||||||||||||||||
3.97 | 5,474 | 1.75 | 3.83 | 2.00 | 3.58 | 132 | |||||||||||||||||||||||||||||||
11.46 | 13,576 | 1.75 | 4.46 | 2.01 | 4.20 | 91 | |||||||||||||||||||||||||||||||
1.07 | 18,728 | 1.75 | 5.02 | 2.02 | 4.75 | 117 | |||||||||||||||||||||||||||||||
3.55 | % | $ | 2,245 | 1.75 | % | 3.78 | % | 1.89 | % | 3.64 | % | 83 | % | ||||||||||||||||||||||||
(0.74 | ) | 2,501 | 1.75 | 3.40 | 1.92 | 3.23 | 166 | ||||||||||||||||||||||||||||||
2.71 | 2,858 | 1.75 | 3.46 | 2.00 | 3.21 | 285 | |||||||||||||||||||||||||||||||
4.11 | 3,789 | 1.75 | 3.81 | 2.00 | 3.56 | 132 | |||||||||||||||||||||||||||||||
11.50 | 5,752 | 1.75 | 4.43 | 2.01 | 4.17 | 91 | |||||||||||||||||||||||||||||||
0.98 | 5,283 | 1.75 | 5.02 | 2.02 | 4.75 | 117 | |||||||||||||||||||||||||||||||
3.90 | % | $ | 193 | 1.25 | % | 4.26 | % | 1.46 | % | 4.05 | % | 83 | % | ||||||||||||||||||||||||
(0.44 | ) | 14 | 1.25 | 4.05 | 1.57 | 3.58 | 166 | ||||||||||||||||||||||||||||||
3.40 | 3 | 1.25 | 3.98 | 1.65 | 3.58 | 285 | |||||||||||||||||||||||||||||||
4.83 | 1 | 1.00 | 4.64 | 1.25 | 4.39 | 132 | |||||||||||||||||||||||||||||||
12.25 | 2,668 | 1.00 | 5.21 | 1.26 | 4.95 | 91 | |||||||||||||||||||||||||||||||
1.84 | 3,557 | 1.00 | 5.77 | 1.27 | 5.50 | 117 | |||||||||||||||||||||||||||||||
4.06 | % | $ | 587,878 | 0.75 | % | 4.77 | % | 0.89 | % | 4.63 | % | 83 | % | ||||||||||||||||||||||||
0.02 | 378,338 | 0.75 | 4.43 | 0.92 | 4.26 | 166 | |||||||||||||||||||||||||||||||
3.83 | 278,777 | 0.75 | 4.43 | 1.00 | 4.18 | 285 | |||||||||||||||||||||||||||||||
5.05 | 243,018 | 0.75 | 4.80 | 1.00 | 4.55 | 132 | |||||||||||||||||||||||||||||||
12.65 | 245,877 | 0.75 | 5.42 | 1.01 | 5.16 | 91 | |||||||||||||||||||||||||||||||
2.08 | 204,801 | 0.75 | 6.03 | 1.02 | 5.76 | 117 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 63
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Financial Highlights continued
Realized and | |||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Dividends | Distributions | Net Asset | |||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | End of | ||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
U.S. Government Mortgage Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.18 | $ | 0.18 | $ | 0.30 | $ | (0.23 | ) | $ | — | $ | 10.43 | ||||||||||||||||||||
2006 (2) (3) | 10.53 | 0.33 | (0.32 | ) | (0.36 | ) | — | 10.18 | |||||||||||||||||||||||||
2005 (2) (4) | 10.72 | 0.41 | (0.14 | ) | (0.46 | ) | — | 10.53 | |||||||||||||||||||||||||
2004 (2) (4) | 10.89 | 0.38 | (0.09 | ) | (0.46 | ) | — | 10.72 | |||||||||||||||||||||||||
2003 (4) | 11.16 | 0.35 | (0.05 | ) | (0.45 | ) | (0.12 | ) | 10.89 | ||||||||||||||||||||||||
2002 (4) | 11.01 | 0.50 | 0.20 | (0.55 | ) | — | 11.16 | ||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.20 | $ | 0.10 | $ | 0.34 | $ | (0.19 | ) | $ | — | $ | 10.45 | ||||||||||||||||||||
2006 (2) (3) | 10.54 | 0.27 | (0.31 | ) | (0.30 | ) | — | 10.20 | |||||||||||||||||||||||||
2005 (2) (4) | 10.74 | 0.33 | (0.15 | ) | (0.38 | ) | — | 10.54 | |||||||||||||||||||||||||
2004 (2) (4) | 10.90 | 0.30 | (0.08 | ) | (0.38 | ) | — | 10.74 | |||||||||||||||||||||||||
2003 (4) | 11.18 | 0.28 | (0.06 | ) | (0.38 | ) | (0.12 | ) | 10.90 | ||||||||||||||||||||||||
2002 (4) | 11.03 | 0.42 | 0.20 | (0.47 | ) | — | 11.18 | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.15 | $ | 0.10 | $ | 0.33 | $ | (0.19 | ) | $ | — | $ | 10.39 | ||||||||||||||||||||
2006 (2) (3) | 10.49 | 0.27 | (0.31 | ) | (0.30 | ) | — | 10.15 | |||||||||||||||||||||||||
2005 (2) (4) | 10.68 | 0.33 | (0.14 | ) | (0.38 | ) | — | 10.49 | |||||||||||||||||||||||||
2004 (2) (4) | 10.84 | 0.30 | (0.09 | ) | (0.37 | ) | — | 10.68 | |||||||||||||||||||||||||
2003 (4) | 11.13 | 0.29 | (0.08 | ) | (0.38 | ) | (0.12 | ) | 10.84 | ||||||||||||||||||||||||
2002 (4) | 11.00 | 0.46 | 0.15 | (0.48 | ) | — | 11.13 | ||||||||||||||||||||||||||
Class R (5) | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.17 | $ | 0.15 | $ | 0.32 | $ | (0.22 | ) | $ | — | $ | 10.42 | ||||||||||||||||||||
2006 (2) (3) | 10.51 | 0.31 | (0.31 | ) | (0.34 | ) | — | 10.17 | |||||||||||||||||||||||||
2005 (2) (4) | 10.72 | 0.37 | (0.14 | ) | (0.44 | ) | — | 10.51 | |||||||||||||||||||||||||
2004 (2) (4) | 10.85 | 0.39 | (0.10 | ) | (0.42 | ) | — | 10.72 | |||||||||||||||||||||||||
2003 (4) | 11.12 | 0.30 | — | (0.45 | ) | (0.12 | ) | 10.85 | |||||||||||||||||||||||||
2002 (4) | 10.97 | 0.49 | 0.20 | (0.54 | ) | — | 11.12 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2006 (1) (2) | $ | 10.19 | $ | 0.20 | $ | 0.29 | $ | (0.25 | ) | $ | — | $ | 10.43 | ||||||||||||||||||||
2006 (2) (3) | 10.53 | 0.35 | (0.31 | ) | (0.38 | ) | — | 10.19 | |||||||||||||||||||||||||
2005 (2) (4) | 10.73 | 0.43 | (0.14 | ) | (0.49 | ) | — | 10.53 | |||||||||||||||||||||||||
2004 (2) (4) | 10.89 | 0.41 | (0.08 | ) | (0.49 | ) | — | 10.73 | |||||||||||||||||||||||||
2003 (4) | 11.16 | 0.37 | (0.04 | ) | (0.48 | ) | (0.12 | ) | 10.89 | ||||||||||||||||||||||||
2002 (4) | 11.01 | 0.53 | 0.19 | (0.57 | ) | — | 11.16 | ||||||||||||||||||||||||||
(1) | For the six-month period ended December 31, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(2) | Per share data calculated using average shares outstanding method. | |
(3) | For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(4) | For the period October 1 to September 30 in the year indicated. | |
(5) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(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.
64 First American Funds Semiannual Report 2006
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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 | |||||||||||||||||||||||||||||||
Return (6) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
4.72 | % | $ | 15,528 | 0.95 | % | 4.34 | % | 1.15 | % | 4.14 | % | 154 | % | ||||||||||||||||||||||||
0.09 | 16,059 | 0.95 | 4.27 | 1.11 | 4.11 | 220 | |||||||||||||||||||||||||||||||
2.59 | 24,504 | 0.95 | 3.80 | 1.08 | 3.67 | 251 | |||||||||||||||||||||||||||||||
2.74 | 32,815 | 0.95 | 3.53 | 1.05 | 3.43 | 127 | |||||||||||||||||||||||||||||||
2.79 | 24,667 | 0.95 | 2.98 | 1.06 | 2.87 | 175 | |||||||||||||||||||||||||||||||
6.53 | 16,985 | 0.95 | 4.61 | 1.08 | 4.48 | 197 | |||||||||||||||||||||||||||||||
4.31 | % | $ | 5,664 | 1.70 | % | 3.60 | % | 1.90 | % | 3.40 | % | 154 | % | ||||||||||||||||||||||||
(0.38 | ) | 6,595 | 1.70 | 3.52 | 1.86 | 3.36 | 220 | ||||||||||||||||||||||||||||||
1.72 | 7,926 | 1.70 | 3.05 | 1.83 | 2.92 | 251 | |||||||||||||||||||||||||||||||
2.02 | 9,155 | 1.70 | 2.79 | 1.80 | 2.69 | 127 | |||||||||||||||||||||||||||||||
1.96 | 11,397 | 1.70 | 2.22 | 1.81 | 2.11 | 175 | |||||||||||||||||||||||||||||||
5.79 | 6,235 | 1.70 | 3.85 | 1.83 | 3.72 | 197 | |||||||||||||||||||||||||||||||
4.23 | % | $ | 4,138 | 1.70 | % | 3.60 | % | 1.90 | % | 3.40 | % | 154 | % | ||||||||||||||||||||||||
(0.38 | ) | 5,127 | 1.70 | 3.52 | 1.86 | 3.36 | 220 | ||||||||||||||||||||||||||||||
1.82 | 6,585 | 1.70 | 3.05 | 1.83 | 2.92 | 251 | |||||||||||||||||||||||||||||||
2.02 | 10,520 | 1.70 | 2.79 | 1.80 | 2.69 | 127 | |||||||||||||||||||||||||||||||
1.91 | 18,801 | 1.70 | 2.19 | 1.81 | 2.08 | 175 | |||||||||||||||||||||||||||||||
5.78 | 5,834 | 1.70 | 3.92 | 1.83 | 3.79 | 197 | |||||||||||||||||||||||||||||||
4.60 | % | $ | 9 | 1.20 | % | 4.08 | % | 1.46 | % | 3.82 | % | 154 | % | ||||||||||||||||||||||||
0.04 | 7 | 1.20 | 4.04 | 1.51 | 3.73 | 220 | |||||||||||||||||||||||||||||||
2.18 | 3 | 1.20 | 3.42 | 1.48 | 3.14 | 251 | |||||||||||||||||||||||||||||||
2.74 | 1 | 0.95 | 3.58 | 1.05 | 3.48 | 127 | |||||||||||||||||||||||||||||||
2.79 | 17,296 | 0.95 | 3.04 | 1.06 | 2.93 | 175 | |||||||||||||||||||||||||||||||
6.55 | 21,355 | 0.95 | 4.59 | 1.08 | 4.46 | 197 | |||||||||||||||||||||||||||||||
4.75 | % | $ | 139,596 | 0.70 | % | 4.59 | % | 0.90 | % | 4.39 | % | 154 | % | ||||||||||||||||||||||||
0.38 | 140,407 | 0.70 | 4.52 | 0.86 | 4.36 | 220 | |||||||||||||||||||||||||||||||
2.75 | 158,230 | 0.70 | 4.05 | 0.83 | 3.92 | 251 | |||||||||||||||||||||||||||||||
3.09 | 171,143 | 0.70 | 3.79 | 0.80 | 3.69 | 127 | |||||||||||||||||||||||||||||||
3.03 | 214,531 | 0.70 | 3.27 | 0.81 | 3.16 | 175 | |||||||||||||||||||||||||||||||
6.79 | 181,046 | 0.70 | 4.84 | 0.83 | 4.71 | 197 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2006 65
Table of Contents
Notes to Financial Statements (unaudited as of December 31, 2006), all dollars and shares are rounded to thousands (000)
1 > | Organization |
The Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2006, FAIF offered 39 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Each fund is a diversified open-end management investment company. | |
FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class B, Class C, and Class R shares are not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, or Short Term Bond Fund. Class B shares are not offered by Inflation Protected Securities Fund. | |
The funds’ prospectus provides descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares in a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’ servicing or distribution arrangements. | |
On February 23, 2006, the funds’ board of directors approved a change in the funds’ fiscal year-end from September 30 to June 30, effective with the nine-month fiscal period ended June 30, 2006. |
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows: | |
SECURITY VALUATIONS – Security valuations for the funds’ investments are furnished by an independent pricing service that has been approved by the funds’ board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask price will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. 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. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition (trading in similar securities of the same issuer or comparable companies); information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of December 31, 2006, Core |
66 First American Funds Semiannual Report 2006
Table of Contents
Bond Fund, High Income Bond Fund, and Short Term Bond Fund held fair value securities with a value of $438, $0, and $0, respectively, or 0.0%, 0.0% and 0.0%, respectively, of total net assets. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchanges on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date. | |
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 fair value and the underlying cost of the security on the transaction date. Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash. | |
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the last business day of each month. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually. | |
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required. | |
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to deferred wash sale and straddle losses, paydowns on pass through obligations, expiration of capital loss carryforwards, and tax mark-to-market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise. | |
The tax character of distributions made during the six-month period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2006 (estimated), nine-month fiscal period ended June 30, 2006, and the year ended September 30, 2005, were as follows: |
December 31, 2006 | ||||||||||||||||
Ordinary | Long Term | Return of | ||||||||||||||
Fund | Income | Gain | Capital | Total | ||||||||||||
Core Bond Fund | $ | 41,681 | $ | — | $ | — | $ | 41,681 | ||||||||
High Income Bond Fund | 9,363 | — | — | 9,363 | ||||||||||||
Inflation Protected Securities Fund | 10,617 | — | — | 10,617 | ||||||||||||
Intermediate Government Bond Fund | 1,150 | — | — | 1,150 | ||||||||||||
Intermediate Term Bond Fund | 19,376 | — | — | 19,376 | ||||||||||||
Short Term Bond Fund | 9,550 | — | — | 9,550 | ||||||||||||
Total Return Bond Fund | 11,689 | — | — | 11,689 | ||||||||||||
U.S. Government Mortgage Fund | 3,811 | — | — | 3,811 | ||||||||||||
June 30, 2006 | ||||||||||||||||
Ordinary | Long Term | Return of | ||||||||||||||
Fund | Income | Gain | Capital | Total | ||||||||||||
Core Bond Fund | $ | 72,227 | $ | — | $ | — | $ | 72,227 | ||||||||
High Income Bond Fund | 13,528 | — | — | 13,528 | ||||||||||||
Inflation Protected Securities Fund | 13,028 | — | — | 13,028 | ||||||||||||
Intermediate Government Bond Fund | 1,834 | 186 | — | 2,020 | ||||||||||||
Intermediate Term Bond Fund | 35,774 | — | — | 35,774 | ||||||||||||
Short Term Bond Fund | 17,945 | — | — | 17,945 | ||||||||||||
Total Return Bond Fund | 11,516 | — | — | 11,516 | ||||||||||||
U.S. Government Mortgage Fund | 6,545 | — | — | 6,545 | ||||||||||||
First American Funds Semiannual Report 2006 67
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Notes to Financial Statements continued
September 30, 2005 | ||||||||||||||||
Ordinary | Long Term | Return of | ||||||||||||||
Fund | Income | Gain | Capital | Total | ||||||||||||
Core Bond Fund | $ | 75,437 | $ | 1,274 | $ | — | $ | 76,711 | ||||||||
High Income Bond Fund | 19,672 | — | 20 | 19,692 | ||||||||||||
Inflation Protected Securities Fund | 7,327 | — | — | 7,327 | ||||||||||||
Intermediate Government Bond Fund | 3,179 | 4,927 | — | 8,106 | ||||||||||||
Intermediate Term Bond Fund | 42,052 | 11,785 | — | 53,837 | ||||||||||||
Short Term Bond Fund | 26,815 | — | 371 | 27,186 | ||||||||||||
Total Return Bond Fund | 12,462 | — | — | 12,462 | ||||||||||||
U.S. Government Mortgage Fund | 9,337 | — | — | 9,337 | ||||||||||||
As of June 30, 2006, the funds’ most recently completed nine-month fiscal period-end, the components of accumulated earnings (deficit) on a tax basis were as follows: |
Accumulated | ||||||||||||||||||||
Undistributed | Capital and | Other | Total | |||||||||||||||||
Ordinary | Post-October | Unrealized | Accumulated | Accumulated | ||||||||||||||||
Fund | Income | Losses | Depreciation | Gains (Losses) | Deficit | |||||||||||||||
Core Bond Fund | $ | 1,898 | $ | (24,544 | ) | $ | (61,629 | ) | $ | (11 | ) | $ | (84,286 | ) | ||||||
High Income Bond Fund | 172 | (6,600 | ) | (5,460 | ) | (1 | ) | (11,889 | ) | |||||||||||
Inflation Protected Securities Fund | 1,368 | (2,416 | ) | (16,404 | ) | (66 | ) | (17,518 | ) | |||||||||||
Intermediate Government Bond Fund | 34 | (1,541 | ) | (1,360 | ) | — | (2,867 | ) | ||||||||||||
Intermediate Term Bond Fund | 973 | (16,237 | ) | (27,915 | ) | (15 | ) | (43,194 | ) | |||||||||||
Short Term Bond Fund | 256 | (15,295 | ) | (12,685 | ) | (194 | ) | (27,918 | ) | |||||||||||
Total Return Bond Fund | 597 | (14,563 | ) | (11,117 | ) | (6 | ) | (25,089 | ) | |||||||||||
U.S. Government Mortgage Fund | 22 | (6,367 | ) | (6,435 | ) | — | (12,780 | ) | ||||||||||||
The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and straddles, tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark-to-market adjustments made under Section 311(e) of the Taxpayer Relief Act of 1997. | |
As of June 30, 2006, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows: |
Expiration Year | ||||||||||||||||||||||||||||||||||||
Fund | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | Total | |||||||||||||||||||||||||||
Core Bond Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,584 | $ | 3,584 | ||||||||||||||||||
High Income Bond Fund | — | — | — | — | 6,600 | — | — | — | 6,600 | |||||||||||||||||||||||||||
Inflation Protected Securities Fund | — | — | — | — | — | — | — | 256 | 256 | |||||||||||||||||||||||||||
Intermediate Government Bond Fund | — | — | — | — | — | — | — | 134 | 134 | |||||||||||||||||||||||||||
Intermediate Term Bond Fund | — | — | — | — | — | — | — | 6,285 | 6,285 | |||||||||||||||||||||||||||
Short Term Bond Fund | 135 | 642 | — | — | 4 | — | 2,223 | 8,101 | 11,105 | |||||||||||||||||||||||||||
Total Return Bond Fund | 7,439 | — | — | — | 3,708 | — | — | 472 | 11,619 | |||||||||||||||||||||||||||
U.S. Government Mortgage Fund | — | — | — | — | — | 3,145 | 1,293 | 555 | 4,993 | |||||||||||||||||||||||||||
In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryforwards is limited on an annual basis for Total Return Bond Fund to $7,439 for the current tax year. For the nine-month fiscal period ended June 30, 2006, Short Term Bond Fund and Total Return Bond Fund, had capital loss carryforwards of $604 and $8,799, respectively, that expired unused. | |
Certain funds incurred a loss for tax purposes for the period from November 1, 2005 to June 30, 2006. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending June 30, 2007. The following funds had deferred losses: |
Fund | Amount | |||
Core Bond Fund | $ | 20,960 | ||
Inflation Protected Securities Fund | 2,160 | |||
Intermediate Government Bond Fund | 1,407 | |||
Intermediate Term Bond Fund | 9,952 | |||
Short Term Bond Fund | 4,190 | |||
Total Return Bond Fund | 2,944 | |||
U.S. Government Mortgage Fund | 1,373 | |||
FUTURES TRANSACTIONS – 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 |
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pledge U.S. government securities. The margin required for a futures contract is set by the exchange on which the contract is traded. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund’s basis in the contract. | |
Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes. | |
As of December 31, 2006, the following funds had outstanding futures contracts as disclosed in their Schedule of Investments: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund. | |
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 an option written expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of December 31, 2006, Total Return Bond Fund held options written as disclosed in its Schedule of Investments. | |
Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of December 31, 2006, the Inflation Protected Securities Fund and Total Return Bond Fund held options purchased as disclosed in their Schedule of Investments. | |
INFLATION-INDEXED BONDS – The funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity. | |
FOREIGN CURRENCY TRANSLATION – The books and records of the Inflation Protected Securities Fund and the Total Return Bond Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis: |
• | market value of investment securities, assets, and liabilities are translated at the current rate of exchange; and | |
• | purchases and sales of investment securities, income, and expenses are translated at the relevant rates of exchange prevailing on the respective dates of such transactions. |
The funds do not isolate the portion of gains and losses on investments in debt securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. The funds do isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations pursuant to the federal income tax regulations. Such amounts are categorized as foreign currency gain(loss) for both financial reporting and income tax reporting purposes. | |
The funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. |
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Notes to Financial Statements continued
For the six-month period ended December 31, 2006, Inflation Protected Securities Fund and Total Return Bond Fund had non-U.S. dollar denominated investments with a total value of $499 and $16,074, respectively, or 0.1% and 2.6%, respectively, of total net assets. | |
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At December 31, 2006, Core Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund had when-issued or forward-commitment securities outstanding with a total cost of $54,028, $34,870, and $36,076, respectively. | |
In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to “rollover” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the six-month period ended December 31, 2006, the funds had no outstanding dollar roll transactions. | |
ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its 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 December 31, 2006, Core Bond Fund, High Income Bond Fund, and Short Term Bond Fund had investments in illiquid securities with a total value of $438, $10, and $0, respectively, or 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: |
Core Bond Fund | Par | Dates Acquired | Cost Basis | |||||||||
Duty Free International | $ | 2,191 | 1/99-7/99 | $ | 2,187 | |||||||
High Income Bond Fund | Shares/Par | Dates Acquired | Cost Basis | |||||||||
Glenoit | $ | 100 | 3/97-8/97 | $ | 100 | |||||||
Green Tree Financial | 10 | 5/99 | 10 | |||||||||
Mid America Waste Systems | 250 | 3/03 | — | |||||||||
Pegasus Communications, Fractional Shares | 0.15 | 10/97 | — | |||||||||
Sullivan Broadcast Holdings, Escrow Shares | 400 | 3/03 | — | |||||||||
Short Term Bond Fund | Par | Dates Acquired | Cost Basis | |||||||||
Auto Bond Receivables Trust | $ | 106 | 11/98-11/00 | $ | 106 | |||||||
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 maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then marked-to-market daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. During the six-month period ended December 31, 2006, cash collateral was invested in short-term, high quality U.S. dollar-denominated securities that would have been eligible for investment by a money market fund under Investment Company Act Rule 2a-7. |
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As of December 31, 2006, cash collateral was invested as follows: |
Other | ||||||||||||||||||||||||
Commercial | Corporate | Repurchase | Money Market | Short-Term | ||||||||||||||||||||
Fund | Paper | Obligations | Agreements | Funds | Securities | Total | ||||||||||||||||||
Core Bond Fund | $ | 170,658 | $ | 195,055 | $ | 221,955 | $ | 6,509 | $ | 5,409 | $ | 599,586 | ||||||||||||
High Income Bond Fund | 13,261 | 15,158 | 17,248 | 420 | 506 | 46,593 | ||||||||||||||||||
Inflation Protected Securities Fund | 49,156 | 56,184 | 63,932 | 1,875 | 1,558 | 172,705 | ||||||||||||||||||
Intermediate Term Bond Fund | 100,973 | 115,408 | 131,324 | 3,851 | 3,201 | 354,757 | ||||||||||||||||||
Short Term Bond Fund | 46,201 | 52,806 | 60,089 | 1,464 | 1,762 | 162,322 | ||||||||||||||||||
Total Return Bond Fund | 43,685 | 49,930 | 56,817 | 1,666 | 1,385 | 153,483 | ||||||||||||||||||
U.S. Government Mortgage Fund | 15,268 | 17,450 | 19,857 | 484 | 582 | 53,641 | ||||||||||||||||||
FAF Advisors, Inc. (“FAF Advisors”), serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. FAF Advisors 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”). FAF Advisors receives fees as a percentage of each fund’s net income from securities lending transactions. In addition, beginning February 1, 2007, 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. Fees paid to FAF Advisors by the funds for the six-month period ended December 31, 2006, were as follows: |
Fund | Amount | |||
Core Bond Fund | $ | 209 | ||
High Income Bond Fund | 32 | |||
Inflation Protected Securities Fund | 48 | |||
Intermediate Term Bond Fund | 87 | |||
Short Term Bond Fund | 37 | |||
Total Return Bond Fund | 51 | |||
U.S. Government Mortgage Fund | 12 | |||
Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to FAF Advisors. | |
SWAP AGREEMENTS – The funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The funds may enter into interest rate and credit default swap agreements to manage exposure to interest rates and credit risk. | |
Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal). As of December 31, 2006, the following funds had outstanding interest rate swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund. | |
In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a specified issuer on its obligation (typically corporate issues or sovereign issues of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As of December 31, 2006, the following funds had outstanding credit default swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund. | |
Swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap agreement is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the fund are included as part of miscellaneous income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. | |
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 |
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Notes to Financial Statements continued
and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class. | |
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended December 31, 2006. | |
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 the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan. | |
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported 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. |
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for each fund is as follows: |
Fund | ||||||
Core Bond Fund | 0.50 | % | ||||
High Income Bond Fund | 0.70 | |||||
Inflation Protected Securities Fund | 0.50 | |||||
Intermediate Government Bond Fund | 0.50 | |||||
Intermediate Term Bond Fund | 0.50 | |||||
Short Term Bond Fund | 0.50 | |||||
Total Return Bond Fund | 0.60 | |||||
U.S. Government Mortgage Fund | 0.50 | |||||
FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2007, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts: |
Share Class | ||||||||||||||||||||||
Fund | A | B | C | R | Y | |||||||||||||||||
Core Bond Fund | 0.95 | % | 1.70 | % | 1.70 | % | 1.20 | % | 0.70 | % | ||||||||||||
High Income Bond Fund | 1.10 | 1.85 | 1.85 | 1.35 | 0.85 | |||||||||||||||||
Inflation Protected Securities Fund | 0.85 | NA | 1.60 | 1.10 | 0.60 | |||||||||||||||||
Intermediate Government Bond Fund | 0.75 | NA | NA | NA | 0.60 | |||||||||||||||||
Intermediate Term Bond Fund | 0.85 | NA | NA | NA | 0.70 | |||||||||||||||||
Short Term Bond Fund | 0.75 | NA | NA | NA | 0.60 | |||||||||||||||||
Total Return Bond Fund | 1.00 | 1.75 | 1.75 | 1.25 | 0.75 | |||||||||||||||||
U.S. Government Mortgage Fund | 0.95 | 1.70 | 1.70 | 1.20 | 0.70 | |||||||||||||||||
NA = Not Applicable |
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. For financial statement purposes, these reimbursements are recorded as investment income. | |
ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. |
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For the six-month period ended December 31, 2006, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Core Bond Fund | $ | 1,993 | ||
High Income Bond Fund | 286 | |||
Inflation Protected Securities Fund | 385 | |||
Intermediate Government Bond Fund | 46 | |||
Intermediate Term Bond Fund | 977 | |||
Short Term Bond Fund | 556 | |||
Total Return Bond Fund | 510 | |||
U.S. Government Mortgage Fund | 181 | |||
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. | |
For the six-month period ended December 31, 2006, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Core Bond Fund | $ | 124 | ||
High Income Bond Fund | 61 | |||
Inflation Protected Securities Fund | 45 | |||
Intermediate Government Bond Fund | 27 | |||
Intermediate Term Bond Fund | 28 | |||
Short Term Bond Fund | 58 | |||
Total Return Bond Fund | 55 | |||
U.S. Government Mortgage Fund | 56 | |||
CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly. | |
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses. | |
For the six-month period ended December 31, 2006, custodian fees were increased as a result of overdrafts, and decreased as a result of interest earned as follows: |
Fund | Increased | Decreased | ||||||
Core Bond Fund | $ | 3 | $ | 15 | ||||
High Income Bond Fund | — | * | 3 | |||||
Inflation Protected Securities Fund | — | * | 2 | |||||
Intermediate Government Bond Fund | — | 1 | ||||||
Intermediate Term Bond Fund | — | * | 9 | |||||
Short Term Bond Fund | — | 7 | ||||||
Total Return Bond Fund | 1 | 7 | ||||||
U.S. Government Mortgage Fund | — | * | 1 | |||||
* Rounds to zero. |
DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00%, and 0.50% of each fund’s average daily net assets of the Class A shares, Class B shares, Class C shares, and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. | |
Quasar is currently waiving fees equal to an annual rate of 0.10% of average daily net assets for Class A shares of the Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund. | |
For the six-month period ended December 31, 2006, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Intermediate Government Bond Fund | $ | 1 | ||
Intermediate Term Bond Fund | 19 | |||
Short Term Bond Fund | 39 | |||
During the period, FAF Advisors also provided shareholder services pursuant to a shareholder servicing plan and agreement with FAIF with respect to the Class R shares of the Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund. Under the shareholder servicing plan and agreement, each fund was required to pay FAF Advisors a monthly shareholder servicing fee equal to an annual rate of 0.15% of each fund’s average daily net assets attributable to Class R shares. FAF Advisors waived all fees under this plan and agreement. This agreement was terminated in September 2006. |
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Notes to Financial Statements continued
Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2006: |
Fund | Amount | |||
Core Bond Fund | $ | 125 | ||
High Income Bond Fund | 21 | |||
Inflation Protected Securities Fund | 7 | |||
Intermediate Government Bond Fund | 1 | |||
Intermediate Term Bond Fund | 19 | |||
Short Term Bond Fund | 32 | |||
Total Return Bond Fund | 21 | |||
U.S. Government Mortgage Fund | 29 | |||
OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2006, legal fees and expenses of $17 were paid to a law firm of which an Assistant Secretary of the funds is a partner. | |
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) is imposed on redemptions made in the Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years. |
CDSC as a Percentage | ||||||
of Dollar Amount | ||||||
Year Since Purchase | Subject to Charge | |||||
First | 5.00 | % | ||||
Second | 5.00 | |||||
Third | 4.00 | |||||
Fourth | 3.00 | |||||
Fifth | 2.00 | |||||
Sixth | 1.00 | |||||
Seventh | — | |||||
Eighth | — | |||||
A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first 12 months. | |
The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less. | |
For the six-month period ended December 31, 2006, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows: |
Fund | Amount | |||
Core Bond Fund | $ | 46 | ||
High Income Bond Fund | 18 | |||
Inflation Protected Securities Fund | 2 | |||
Intermediate Government Bond Fund | — | * | ||
Intermediate Term Bond Fund | 4 | |||
Short Term Bond Fund | 3 | |||
Total Return Bond Fund | 11 | |||
U.S. Government Mortgage Fund | 28 | |||
* Rounds to zero. |
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4 > | Capital Share Transactions |
FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows: |
Core | High Income | Inflation Protected | ||||||||||||||||||||||||||||||||||||||||
Bond Fund | Bond Fund | Securities Fund | ||||||||||||||||||||||||||||||||||||||||
Nine-Month | Nine-Month | Nine-Month | ||||||||||||||||||||||||||||||||||||||||
Six-Month | Fiscal | Six-Month | Fiscal | Six-Month | Fiscal | |||||||||||||||||||||||||||||||||||||
Period | Period | Year | Period | Period | Year | Period | Period | Year | ||||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | ||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | 576 | 1,251 | 2,069 | 939 | 777 | 702 | 58 | 89 | 759 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 173 | 366 | 456 | 72 | 131 | 210 | 12 | 21 | 10 | |||||||||||||||||||||||||||||||||
Shares redeemed | (2,719 | ) | (3,497 | ) | (4,450 | ) | (627 | ) | (1,329 | ) | (1,924 | ) | (113 | ) | (265 | ) | (86 | ) | ||||||||||||||||||||||||
Total Class A transactions | (1,970 | ) | (1,880 | ) | (1,925 | ) | 384 | (421 | ) | (1,012 | ) | (43 | ) | (155 | ) | 683 | ||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | 20 | 36 | 90 | 27 | 52 | 80 | — | — | — | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 20 | 41 | 46 | 10 | 19 | 32 | — | — | — | |||||||||||||||||||||||||||||||||
Shares redeemed | (191 | ) | (320 | ) | (474 | ) | (65 | ) | (186 | ) | (250 | ) | — | — | — | |||||||||||||||||||||||||||
Total Class B transactions | (151 | ) | (243 | ) | (338 | ) | (28 | ) | (115 | ) | (138 | ) | — | — | — | |||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | 19 | 46 | 79 | 55 | 67 | 55 | 9 | 16 | 87 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 7 | 17 | 21 | 17 | 49 | 87 | 1 | 3 | 2 | |||||||||||||||||||||||||||||||||
Shares redeemed | (102 | ) | (231 | ) | (259 | ) | (259 | ) | (470 | ) | (555 | ) | (27 | ) | (46 | ) | (4 | ) | ||||||||||||||||||||||||
Total Class C transactions | (76 | ) | (168 | ) | (159 | ) | (187 | ) | (354 | ) | (413 | ) | (17 | ) | (27 | ) | 85 | |||||||||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | 1 | 2 | 1 | — | 8 | 4 | 98 | — | — | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | 1 | — | — | |||||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | — | — | (5 | ) | (4 | ) | — | — | |||||||||||||||||||||||||||||||
Total Class R transactions | 1 | 2 | 1 | — | 8 | (1 | ) | 95 | — | — | ||||||||||||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | 23,208 | 33,967 | 35,837 | 3,357 | 5,066 | 7,861 | 10,007 | 10,606 | 29,019 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 1,117 | 2,008 | 1,987 | 118 | 155 | 209 | 291 | 362 | 207 | |||||||||||||||||||||||||||||||||
Shares redeemed | (35,034 | ) | (33,812 | ) | (37,508 | ) | (3,252 | ) | (5,008 | ) | (10,853 | ) | (8,848 | ) | (4,262 | ) | (2,631 | ) | ||||||||||||||||||||||||
Total Class Y transactions | (10,709 | ) | 2,163 | 316 | 223 | 213 | (2,783 | ) | 1,450 | 6,706 | 26,595 | |||||||||||||||||||||||||||||||
Net increase (decrease) in capital shares | (12,905 | ) | (126 | ) | (2,105 | ) | 392 | (669 | ) | (4,347 | ) | 1,485 | 6,524 | 27,363 | ||||||||||||||||||||||||||||
Intermediate Government | Intermediate Term | Short Term | ||||||||||||||||||||||||||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Nine-Month | Nine-Month | Nine-Month | ||||||||||||||||||||||||||||||||||||||||
Six-Month | Fiscal | Six-Month | Fiscal | Six-Month | Fiscal | |||||||||||||||||||||||||||||||||||||
Period | Period | Year | Period | Period | Year | Period | Period | Year | ||||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | ||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | 1 | 38 | 154 | 202 | 526 | 856 | 53 | 209 | 632 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 5 | 5 | 16 | 68 | 132 | 202 | 106 | 194 | 251 | |||||||||||||||||||||||||||||||||
Shares redeemed | (11 | ) | (71 | ) | (143 | ) | (794 | ) | (1,549 | ) | (2,379 | ) | (778 | ) | (2,246 | ) | (3,940 | ) | ||||||||||||||||||||||||
Total Class A transactions | (5 | ) | (28 | ) | 27 | (524 | ) | (891 | ) | (1,321 | ) | (619 | ) | (1,843 | ) | (3,057 | ) | |||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total Class B transactions | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total Class C transactions | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total Class R transactions | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||||||||||||||||
Shares issued | 541 | 873 | 1,733 | 8,390 | 14,632 | 24,296 | 5,700 | 7,298 | 14,851 | |||||||||||||||||||||||||||||||||
Shares issued in lieu of cash distributions | 45 | 82 | 514 | 704 | 1,336 | 2,038 | 281 | 572 | 791 | |||||||||||||||||||||||||||||||||
Shares redeemed | (1,511 | ) | (4,004 | ) | (8,559 | ) | (18,991 | ) | (30,661 | ) | (37,799 | ) | (12,474 | ) | (24,595 | ) | (45,948 | ) | ||||||||||||||||||||||||
Total Class Y transactions | (925 | ) | (3,049 | ) | (6,312 | ) | (9,897 | ) | (14,693 | ) | (11,465 | ) | (6,493 | ) | (16,725 | ) | (30,306 | ) | ||||||||||||||||||||||||
Net decrease in capital shares | (930 | ) | (3,077 | ) | (6,285 | ) | (10,421 | ) | (15,584 | ) | (12,786 | ) | (7,112 | ) | (18,568 | ) | (33,363 | ) | ||||||||||||||||||||||||
First American Funds Semiannual Report 2006 75
Table of Contents
Notes to Financial Statements continued
Total Return | U.S. Government | ||||||||||||||||||||||||||
Bond Fund | Mortgage Fund | ||||||||||||||||||||||||||
Nine-Month | Nine-Month | ||||||||||||||||||||||||||
Six-Month | Fiscal | Six-Month | Fiscal | ||||||||||||||||||||||||
Period | Period | Year | Period | Period | Year | ||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||
12/31/06 | 6/30/06 | 9/30/05 | 12/31/06 | 6/30/06 | 9/30/05 | ||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||
Shares issued | 58 | 217 | 243 | 117 | 123 | 496 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 29 | 43 | 67 | 28 | 58 | 103 | |||||||||||||||||||||
Shares redeemed | (286 | ) | (563 | ) | (484 | ) | (233 | ) | (932 | ) | (1,331 | ) | |||||||||||||||
Total Class A transactions | (199 | ) | (303 | ) | (174 | ) | (88 | ) | (751 | ) | (732 | ) | |||||||||||||||
Class B: | |||||||||||||||||||||||||||
Shares issued | 5 | 10 | 24 | 2 | 31 | 69 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 5 | 8 | 12 | 9 | 18 | 26 | |||||||||||||||||||||
Shares redeemed | (53 | ) | (79 | ) | (138 | ) | (115 | ) | (155 | ) | (196 | ) | |||||||||||||||
Total Class B transactions | (43 | ) | (61 | ) | (102 | ) | (104 | ) | (106 | ) | (101 | ) | |||||||||||||||
Class C: | |||||||||||||||||||||||||||
Shares issued | 17 | 12 | 9 | 10 | 6 | 29 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 6 | 10 | 6 | 15 | 27 | |||||||||||||||||||||
Shares redeemed | (49 | ) | (46 | ) | (108 | ) | (123 | ) | (144 | ) | (413 | ) | |||||||||||||||
Total Class C transactions | (30 | ) | (28 | ) | (89 | ) | (107 | ) | (123 | ) | (357 | ) | |||||||||||||||
Class R: | |||||||||||||||||||||||||||
Shares issued | 18 | 1 | — | — | 1 | — | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 1 | — | — | — | — | — | |||||||||||||||||||||
Shares redeemed | (1 | ) | — | — | — | — | — | ||||||||||||||||||||
Total Class R transactions | 18 | 1 | — | — | 1 | — | |||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||
Shares issued | 30,819 | 21,351 | 9,193 | 1,558 | 1,917 | 3,291 | |||||||||||||||||||||
Shares issued in lieu of cash distributions | 202 | 171 | 159 | 57 | 85 | 91 | |||||||||||||||||||||
Shares redeemed | (10,656 | ) | (10,524 | ) | (5,666 | ) | (2,018 | ) | (3,248 | ) | (4,309 | ) | |||||||||||||||
Total Class Y transactions | 20,365 | 10,998 | 3,686 | (403 | ) | (1,246 | ) | (927 | ) | ||||||||||||||||||
Net increase (decrease) in capital shares | 20,111 | 10,607 | 3,321 | (702 | ) | (2,225 | ) | (2,117 | ) | ||||||||||||||||||
Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended December 31, 2006, the nine-month fiscal period ended June 30, 2006, and the fiscal year ended September 30, 2005, were as follows: |
Six-Month | Nine-Month | |||||||||||
Period | Fiscal Period | Year | ||||||||||
Ended | Ended | Ended | ||||||||||
Fund | 12/31/06 | 6/30/06 | 9/30/05 | |||||||||
Core Bond Fund | 81 | 88 | 134 | |||||||||
High Income Bond Fund | 4 | 14 | 16 | |||||||||
Total Return Bond Fund | 23 | 35 | 52 | |||||||||
U.S. Government Mortgage Fund | 17 | 23 | 42 | |||||||||
5 > | Investment Security Transactions |
During the six-month period ended December 31, 2006, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows: |
U.S. Government | Other Investment | |||||||||||||||
Securities | Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Core Bond Fund | $ | 976,155 | $ | 1,134,115 | $ | 200,610 | $ | 220,269 | ||||||||
High Income Bond Fund | 654 | 654 | 108,146 | 103,684 | ||||||||||||
Inflation Protected Securities Fund | 139,067 | 157,303 | 32,316 | 11,548 | ||||||||||||
Intermediate Government Bond Fund | 15,874 | 24,898 | — | — | ||||||||||||
Intermediate Term Bond Fund | 356,293 | 353,907 | 144,885 | 247,812 | ||||||||||||
Short Term Bond Fund | 85,724 | 114,855 | 69,713 | 101,700 | ||||||||||||
Total Return Bond Fund | 379,608 | 284,553 | 213,583 | 105,171 | ||||||||||||
U.S. Government Mortgage Fund | 282,276 | 301,843 | 11,738 | 14,818 | ||||||||||||
The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at December 31, 2006, were as follows: |
Aggregate | Aggregate | Federal | ||||||||||||||
Gross | Gross | Income | ||||||||||||||
Fund | Appreciation | Depreciation | Net | Tax Cost | ||||||||||||
Core Bond Fund | $ | 7,839 | $ | (24,022 | ) | $ | (16,183 | ) | $ | 2,405,588 | ||||||
High Income Bond Fund | 8,122 | (2,470 | ) | 5,652 | 304,012 | |||||||||||
Inflation Protected Securities Fund | 643 | (8,176 | ) | (7,533 | ) | 511,277 | ||||||||||
Intermediate Government Bond Fund | 117 | (636 | ) | (519 | ) | 37,953 | ||||||||||
Intermediate Term Bond Fund | 3,814 | (9,124 | ) | (5,310 | ) | 1,206,133 | ||||||||||
Short Term Bond Fund | 446 | (4,826 | ) | (4,380 | ) | 634,144 | ||||||||||
Total Return Bond Fund | 3,038 | (3,836 | ) | (798 | ) | 830,914 | ||||||||||
U.S. Government Mortgage Fund | 264 | (2,859 | ) | (2,595 | ) | 257,340 | ||||||||||
6 > | Options Written |
Transactions in options written for the six-month period ended December 31, 2006, were as follows: |
Put Options Written | Call Options Written | |||||||||||||||
Number of | Premium | Number of | Premium | |||||||||||||
Total Return Bond Fund | Contracts | Amount | Contracts | Amount | ||||||||||||
Balance at June 30, 2006 | — | $ | — | — | $ | — | ||||||||||
Opened | 168 | 44 | 194 | 41 | ||||||||||||
Expired | — | — | (85 | ) | (17 | ) | ||||||||||
Closed | (23 | ) | (11 | ) | — | — | ||||||||||
Balance at December 31, 2006 | 145 | $ | 33 | 109 | $ | 24 | ||||||||||
7 > | Concentration of Risks |
High Income Bond Fund, Inflation Protected Securities Fund, and Total Return Bond Fund invest in lower-rated |
76 First American Funds Semiannual Report 2006
Table of Contents
(e.g., rated Ba or lower by Moody’s or BB or lower by Standard & Poor’s or Fitch) corporate and foreign debt obligations, which are commonly referred to as “junk bonds.” Lower-rated securities will usually offer higher yields than higher-rated securities. However, there is more risk associated with these investments. These lower-rated bonds may be more susceptible to real or perceived adverse economic conditions than investment grade bonds. Lower-rated securities tend to have more price volatility and carry more risk to principal than higher-rated securities. |
8 > | Indemnifications |
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. |
9 > | New Accounting Pronouncement |
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. Recent Securities and Exchange Commission guidance allows implementing FIN 48 in fund net asset value calculations as late as the fund’s last net asset value calculation in the first required financial statement reporting period. As a result, the funds will incorporate FIN 48 in their semiannual report on December 31, 2007. | |
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of December 31, 2006, the funds do not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the Statement of Operations for a fiscal period. |
First American Funds Semiannual Report 2006 77
Table of Contents
NOTICE TO SHAREHOLDERS December 31, 2006 (unaudited)
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. |
FORM N-Q HOLDINGS INFORMATION
Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds’ Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commission’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the Commission’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330. |
QUARTERLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 days of the calendar quarter-end. |
78 First American Funds Semiannual Report 2006
Table of Contents
Board of Directors First American Investment Funds, Inc.
Virginia Stringer | |
Chairperson of First American Investment Funds, Inc. | |
Governance Consultant; 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; former Managing Director of Zurich Scudder Investments | |
John Kayser | |
Director of First American Investment Funds, Inc. | |
Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC | |
Leonard Kedrowski | |
Director of First American Investment Funds, Inc. | |
Owner and President of Executive and Management Consulting, Inc. | |
Richard Riederer | |
Director of First American Investment Funds, Inc. | |
Owner and Chief Executive Officer of RKR Consultants, Inc. | |
Joseph Strauss | |
Director of First American Investment Funds, Inc. | |
Owner and President of Strauss Management Company | |
James Wade | |
Director of First American Investment Funds, Inc. | |
Owner and President of Jim Wade Homes | |
First American Investment Funds’ Board of Directors is comprised entirely of | |
independent directors. |
Table of Contents
Direct fund correspondence to:
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. | |
This report is for the information of shareholders of the First American 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. |
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 |
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
0042-07 2/2007 SAR-INCOME
Table of Contents
Item 2—Code of Ethics
Not applicable to semi-annual report.
Item 3—Audit Committee Financial Expert
Not applicable to semi-annual report.
Item 4—Principal Accountant Fees and Services
Not applicable to semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6—Schedule of Investments
This schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this Item.
Item 11—Controls and Procedures
(a) | The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely. | ||
(b) | There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12—Exhibits
(a)(1) Not applicable.
(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.
(a)(3) Not applicable.
(b) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act are filed as exhibits hereto.
Table of Contents
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
First American Investment Funds, Inc.
By: | ||
/s/ Thomas S. Schreier, Jr. President | ||
Date: March 9, 2007 |
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. President | ||
Date: March 9, 2007 | ||
By: | ||
/s/ Charles D. Gariboldi, Jr. Treasurer | ||
Date: March 9, 2007 |