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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
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: October 31
Date of reporting period: April 30, 2007
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
Table of Contents
Item 1. Report to Shareholders
Table of Contents
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1 | ||||||||
2 | ||||||||
Expense Examples | 3 | |||||||
5 | ||||||||
30 | ||||||||
31 | ||||||||
32 | ||||||||
34 | ||||||||
40 | ||||||||
47 | ||||||||
Certifications | ||||||||
Certifications |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
Table of Contents
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 2007 1
Table of Contents
Holdings Summaries
Equity Index Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
Exxon Mobil | 3.4 | % | ||
General Electric | 2.9 | |||
Citigroup | 2.0 | |||
Microsoft | 1.9 | |||
AT&T | 1.8 | |||
Bank of America | 1.8 | |||
Procter & Gamble | 1.5 | |||
Pfizer | 1.4 | |||
Johnson & Johnson | 1.4 | |||
JP Morgan Chase | 1.4 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 21.1 | % | ||
Information Technology | 14.9 | |||
Healthcare | 12.1 | |||
Industrials | 10.9 | |||
Consumer Discretionary | 10.2 | |||
Energy | 10.1 | |||
Consumer Staples | 9.3 | |||
Utilities | 3.6 | |||
Telecommunication Services | 3.5 | |||
Materials | 3.0 | |||
Short-Term Investments | 1.3 | |||
100.0 | % |
Mid Cap Index Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
First American Prime Obligations Fund, Class Z | 1.3 | % | ||
Precision Castparts | 1.2 | |||
Noble Energy | 0.9 | |||
MEMC Electronic Materials | 0.8 | |||
Expeditors International of Washington | 0.7 | |||
Microchip Technology | 0.7 | |||
Lam Research | 0.6 | |||
Cameron International | 0.6 | |||
Southwestern Energy | 0.6 | |||
Manpower | 0.6 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 16.4 | % | ||
Industrials | 16.2 | |||
Information Technology | 15.4 | |||
Consumer Discretionary | 14.2 | |||
Healthcare | 10.9 | |||
Energy | 8.2 | |||
Utilities | 7.9 | |||
Materials | 6.1 | |||
Consumer Staples | 2.5 | |||
Telecommunication Services | 0.7 | |||
Short-Term Investments | 1.6 | |||
Other Assets and Liabilities, Net2 | (0.1 | ) | ||
100.0 | % |
Small Cap Index Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
First American Prime Obligations Fund, Class Z | 2.0% | |||
U.S. Treasury Bill, 4.790%, 08/09/2007 | 0.3 | |||
Varian Semiconductor Equipment Associates | 0.3 | |||
Brocade Communications Systems | 0.3 | |||
Big Lots | 0.3 | |||
AK Steel Holding | 0.2 | |||
Sotheby’s Holdings, Class A | 0.2 | |||
Chaparral Steel Company | 0.2 | |||
Phillips Van-Heusen | 0.2 | |||
Hologic | 0.2 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 20.3 | % | ||
Information Technology | 18.5 | |||
Consumer Discretionary | 15.3 | |||
Industrials | 14.7 | |||
Healthcare | 11.4 | |||
Materials | 5.3 | |||
Energy | 4.9 | |||
Consumer Staples | 3.2 | |||
Utilities | 2.8 | |||
Short-Term Investments | 2.3 | |||
Telecommunication Services | 1.3 | |||
100.0 | % |
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | Investments 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 2007
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Expense Examples
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from November 1, 2006 to April 30, 2007.
Actual Expenses
For each class of each fund, two lines are presented in the table below — the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Equity Index
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,082.50 | $ | 3.20 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.72 | $ | 3.11 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,078.30 | $ | 7.06 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,078.70 | $ | 7.06 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.00 | $ | 6.85 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,081.40 | $ | 4.49 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.48 | $ | 4.36 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,083.90 | $ | 1.91 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.96 | $ | 1.86 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.62%, 1.37%, 1.37%, 0.87%, and 0.37% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 8.25%, 7.83%, 7.87%, 8.14%, and 8.39% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds Semiannual Report 2007 3
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Expense Examples continued
Mid Cap Index
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,116.40 | $ | 3.94 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.08 | $ | 3.76 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,112.00 | $ | 7.85 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,112.00 | $ | 7.85 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.36 | $ | 7.50 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,114.50 | $ | 5.24 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.84 | $ | 5.01 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,116.90 | $ | 2.62 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.32 | $ | 2.51 | ||||||
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.50%, 1.50%, 1.00%, and 0.50% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 11.64%, 11.20%, 11.20%, 11.45%, and 11.69% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Small Cap Index Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,064.60 | $ | 4.25 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.68 | $ | 4.16 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,060.90 | $ | 8.07 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.96 | $ | 7.90 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,060.40 | $ | 8.07 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.96 | $ | 7.90 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,063.80 | $ | 5.53 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.44 | $ | 5.41 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,066.00 | $ | 2.97 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.92 | $ | 2.91 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.83%, 1.58%, 1.58%, 1.08%, and 0.58% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2007 of 6.46%, 6.09%, 6.04%, 6.38%, and 6.60% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
4 First American Funds Semiannual Report 2007
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Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 98.7% | ||||||||
Consumer Discretionary – 10.2% | ||||||||
Abercrombie & Fitch, Class A (a) | 3,467 | $ | 283 | |||||
Amazon.com (a) (b) | 47,358 | 2,904 | ||||||
Apollo Group, Class A (a) (b) | 22,317 | 1,056 | ||||||
Autonation (a) (b) | 25,661 | 524 | ||||||
Autozone (a) (b) | 8,469 | 1,127 | ||||||
Bed Bath & Beyond (a) (b) | 45,638 | 1,859 | ||||||
Best Buy (a) | 63,580 | 2,966 | ||||||
Big Lots (a) (b) | 17,547 | 565 | ||||||
Black & Decker (a) | 12,055 | 1,094 | ||||||
Brunswick (a) | 14,302 | 468 | ||||||
Carnival (a) | 66,091 | 3,231 | ||||||
CBS, Class B | 118,592 | 3,768 | ||||||
Centex (a) | 19,628 | 879 | ||||||
Circuit City Stores | 31,528 | 550 | ||||||
Clear Channel Communications | 72,375 | 2,564 | ||||||
Coach (b) | 58,031 | 2,834 | ||||||
Comcast, Class A (a) (b) | 486,351 | 12,966 | ||||||
D.R. Horton | 41,586 | 922 | ||||||
Darden Restaurants | 20,738 | 860 | ||||||
Dillard’s, Class A | 9,415 | 326 | ||||||
DIRECTV Group (b) | 96,540 | 2,301 | ||||||
Dollar General (a) | 45,902 | 980 | ||||||
Dow Jones & Company | 8,961 | 326 | ||||||
Eastman Kodak (a) | 43,578 | 1,085 | ||||||
Family Dollar Stores (a) | 23,732 | 756 | ||||||
Federated Department Stores (a) | 82,376 | 3,618 | ||||||
Ford Motor (a) | 288,881 | 2,323 | ||||||
Fortune Brands | 22,038 | 1,765 | ||||||
Gannett (a) | 36,695 | 2,094 | ||||||
Gap | 88,053 | 1,581 | ||||||
General Motors (a) | 88,555 | 2,766 | ||||||
Genuine Parts | 26,532 | 1,311 | ||||||
Goodyear Tire & Rubber (a) (b) | 27,247 | 906 | ||||||
Harley-Davidson (a) | 40,274 | 2,550 | ||||||
Harman International Industries (a) | 9,587 | 1,169 | ||||||
Harrah’s Entertainment | 25,045 | 2,136 | ||||||
Hasbro | 24,228 | 766 | ||||||
Hilton Hotels (a) | 59,951 | 2,038 | ||||||
Home Depot | 321,731 | 12,184 | ||||||
H&R Block (a) | 55,698 | 1,259 | ||||||
IAC/ InterActiveCorp (a) (b) | 25,623 | 977 | ||||||
International Game Technology (a) | 51,451 | 1,962 | ||||||
Interpublic Group of Companies (a) (b) | 64,632 | 820 | ||||||
J.C. Penney | 36,461 | 2,884 | ||||||
Johnson Controls (a) | 28,733 | 2,940 | ||||||
Jones Apparel Group | 17,927 | 599 | ||||||
KB HOME | 11,974 | 528 | ||||||
Kohl’s (a) (b) | 47,420 | 3,511 | ||||||
Leggett & Platt (a) | 28,142 | 662 | ||||||
Lennar | 21,462 | 917 | ||||||
Limited (a) | 53,275 | 1,469 | ||||||
Liz Claiborne (a) | 16,348 | 731 | ||||||
Lowe’s (a) | 237,003 | 7,243 | ||||||
Marriott International, Class A | 50,262 | 2,272 | ||||||
Mattel (a) | 61,936 | 1,753 | ||||||
McDonald’s | 192,917 | 9,314 | ||||||
McGraw-Hill (a) | 58,694 | 3,846 | ||||||
New York Times, Class A (a) | 22,172 | 519 | ||||||
Newell Rubbermaid | 41,705 | 1,279 | ||||||
News | 374,949 | 8,395 | ||||||
Nike, Class B (a) | 58,096 | 3,129 | ||||||
Nordstrom (a) | 34,440 | 1,891 | ||||||
Office Depot (b) | 48,599 | 1,634 | ||||||
Officemax (a) | 10,772 | 530 | ||||||
Omnicom Group (a) | 27,670 | 2,897 | ||||||
Polo Ralph Lauren (a) | 4,613 | 425 | ||||||
Pulte Homes (a) | 32,991 | 887 | ||||||
RadioShack (a) | 20,585 | 598 | ||||||
Sears (a) (b) | 13,824 | 2,639 | ||||||
Sherwin-Williams | 18,718 | 1,194 | ||||||
Snap-On | 8,965 | 489 | ||||||
Stanley Works (a) | 12,437 | 725 | ||||||
Staples | 111,839 | 2,774 | ||||||
Starbucks (a) (b) | 117,543 | 3,646 | ||||||
Starwood Hotels & Resorts Worldwide | 32,598 | 2,185 | ||||||
Target (a) | 134,542 | 7,988 | ||||||
Tiffany & Company (a) | 22,646 | 1,080 | ||||||
Time Warner (a) | 640,576 | 13,215 | ||||||
TJX | 66,944 | 1,867 | ||||||
Tribune | 47,193 | 1,548 | ||||||
V.F. (a) | 13,446 | 1,181 | ||||||
Viacom, Class B (a) (b) | 115,633 | 4,770 | ||||||
Walt Disney (a) | 306,407 | 10,718 | ||||||
Wendy’s International | 17,351 | 654 | ||||||
Whirlpool (a) | 12,013 | 1,274 | ||||||
Wyndham Worldwide (b) | 31,442 | 1,088 | ||||||
Yum! Brands | 41,876 | 2,590 | ||||||
211,897 | ||||||||
Consumer Staples – 9.3% | ||||||||
Altria Group | 318,320 | 21,939 | ||||||
Anheuser-Busch | 118,685 | 5,838 | ||||||
Archer-Daniels-Midland | 100,683 | 3,896 | ||||||
Avon Products | 72,781 | 2,897 | ||||||
Brown-Forman, Class B | 8,505 | 544 | ||||||
Campbell Soup | 28,149 | 1,101 | ||||||
Clorox | 23,022 | 1,544 | ||||||
Coca-Cola Enterprises | 35,052 | 769 | ||||||
Coca-Cola | 320,400 | 16,722 | ||||||
Colgate-Palmolive | 79,191 | 5,364 | ||||||
ConAgra Foods | 81,098 | 1,993 | ||||||
Constellation Brands, Class A (a) (b) | 28,056 | 629 | ||||||
Costco Wholesale (a) | 72,219 | 3,869 | ||||||
CVS | 236,801 | 8,582 | ||||||
Dean Foods | 5,175 | 188 | ||||||
Estee Lauder, Class A | 7,896 | 406 | ||||||
General Mills | 50,220 | 3,008 | ||||||
H.J. Heinz | 51,182 | 2,411 | ||||||
Hershey Foods (a) | 27,739 | 1,525 | ||||||
Kellogg (a) | 39,364 | 2,083 | ||||||
Kimberly-Clark | 71,504 | 5,089 | ||||||
Kraft Foods, Class A | 241,812 | 8,093 | ||||||
Kroger | 110,684 | 3,266 | ||||||
McCormick | 20,498 | 761 | ||||||
Molson Coors Brewing (a) | 9,767 | 921 | ||||||
Pepsi Bottling | 21,110 | 693 | ||||||
PepsiCo | 256,847 | 16,975 | ||||||
Procter & Gamble | 500,054 | 32,158 | ||||||
Reynolds American (a) | 26,596 | 1,709 | ||||||
Safeway (a) | 68,576 | 2,489 | ||||||
Sara Lee (a) | 116,134 | 1,906 | ||||||
SUPERVALU (a) | 30,856 | 1,416 | ||||||
Sysco (a) | 101,195 | 3,313 | ||||||
Tyson Foods, Class A (a) | 38,675 | 811 | ||||||
UST (a) | 25,016 | 1,418 | ||||||
Walgreen | 154,662 | 6,790 | ||||||
Wal-Mart Stores | 380,707 | 18,243 |
First American Funds Semiannual Report 2007 5
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Whole Foods Market (a) | 19,768 | $ | 925 | |||||
Wrigley, William Jr. (a) | 31,604 | 1,861 | ||||||
194,145 | ||||||||
Energy – 10.1% | ||||||||
Anadarko Petroleum | 73,714 | 3,439 | ||||||
Apache | 51,163 | 3,709 | ||||||
Baker Hughes | 52,368 | 4,210 | ||||||
BJ Services (a) | 46,014 | 1,319 | ||||||
Chesapeake Energy (a) | 58,384 | 1,970 | ||||||
Chevron (a) | 341,940 | 26,600 | ||||||
ConocoPhillips | 254,773 | 17,669 | ||||||
Consol Energy | 27,291 | 1,143 | ||||||
Devon Energy (a) | 70,650 | 5,148 | ||||||
El Paso | 99,793 | 1,497 | ||||||
ENSCO International (a) | 20,658 | 1,165 | ||||||
EOG Resources (a) | 37,374 | 2,745 | ||||||
Exxon Mobil | 902,703 | 71,657 | ||||||
Halliburton (a) | 146,086 | 4,641 | ||||||
Hess | 37,020 | 2,101 | ||||||
Kinder Morgan | 12,903 | 1,375 | ||||||
Marathon Oil | 54,273 | 5,511 | ||||||
Murphy Oil | 23,768 | 1,318 | ||||||
Nabors Industries (a) (b) | 45,205 | 1,452 | ||||||
National-Oilwell Varco (a) (b) | 26,770 | 2,271 | ||||||
Noble | 21,187 | 1,784 | ||||||
Occidental Petroleum (a) | 125,423 | 6,359 | ||||||
Peabody Energy | 39,988 | 1,919 | ||||||
Rowan (a) | 16,969 | 622 | ||||||
Schlumberger (a) | 179,945 | 13,285 | ||||||
Smith International (a) | 29,599 | 1,552 | ||||||
Spectra Energy | 92,047 | 2,402 | ||||||
Sunoco | 20,900 | 1,579 | ||||||
Transocean (b) | 50,049 | 4,314 | ||||||
Valero Energy | 94,263 | 6,620 | ||||||
Weatherford International (a) (b) | 52,530 | 2,757 | ||||||
Williams (a) | 91,476 | 2,699 | ||||||
XTO Energy (a) | 57,075 | 3,097 | ||||||
209,929 | ||||||||
Financials – 21.1% | ||||||||
ACE | 45,193 | 2,687 | ||||||
AFLAC (a) | 76,509 | 3,928 | ||||||
Allstate | 108,259 | 6,747 | ||||||
Ambac Financial Group (a) | 16,662 | 1,530 | ||||||
American Express | 189,344 | 11,488 | ||||||
American International Group | 400,104 | 27,971 | ||||||
Ameriprise Financial | 35,864 | 2,133 | ||||||
AON | 49,658 | 1,924 | ||||||
Apartment Investment & Management – REIT | 15,116 | 836 | ||||||
Archstone-Smith Trust – REIT (a) | 33,337 | 1,737 | ||||||
Assurant (a) | 7,009 | 403 | ||||||
Avalonbay Communities – REIT (a) | 11,891 | 1,454 | ||||||
Bank of America | 723,267 | 36,814 | ||||||
Bank of New York | 117,741 | 4,766 | ||||||
BB&T (a) | 82,890 | 3,450 | ||||||
Bear Stearns | 16,375 | 2,550 | ||||||
Boston Properties – REIT (a) | 17,105 | 2,011 | ||||||
Capital One Financial | 64,646 | 4,801 | ||||||
CB Richard Ellis Group (a) (b) | 23,923 | 810 | ||||||
Charles Schwab | 155,415 | 2,972 | ||||||
Chicago Mercantile Exchange (a) | 5,360 | 2,770 | ||||||
Chubb | 56,213 | 3,026 | ||||||
Cincinnati Financial | 23,960 | 1,084 | ||||||
CIT Group (a) | 30,869 | 1,841 | ||||||
Citigroup | 778,914 | 41,765 | ||||||
Comerica (a) | 25,315 | 1,567 | ||||||
Commerce Bancorp (a) | 28,315 | 947 | ||||||
Compass Bancshares (a) | 13,893 | 947 | ||||||
Countrywide Financial | 91,760 | 3,402 | ||||||
Developers Diversified Realty – REIT (a) | 12,275 | 799 | ||||||
E*TRADE Financial (a) (b) | 65,964 | 1,456 | ||||||
Equity Residential Properties Trust – REIT (a) | 44,033 | 2,044 | ||||||
Fannie Mae | 147,872 | 8,713 | ||||||
Federated Investors, Class B | 12,900 | 492 | ||||||
Fifth Third Bancorp (a) | 84,740 | 3,440 | ||||||
First Horizon National (a) | 19,183 | 752 | ||||||
Franklin Resources | 22,623 | 2,971 | ||||||
Freddie Mac | 105,243 | 6,818 | ||||||
Genworth Financial, Class A (a) | 51,718 | 1,887 | ||||||
Goldman Sachs Group (a) | 66,899 | 14,625 | ||||||
Hartford Financial Services Group (a) | 44,278 | 4,481 | ||||||
Host Hotels & Resorts – REIT (a) | 80,781 | 2,071 | ||||||
Hudson City Bancorp | 37,188 | 495 | ||||||
Huntington Bancshares (a) | 32,375 | 718 | ||||||
J.P. Morgan Chase (a) | 541,391 | 28,206 | ||||||
Janus Capital Group (a) | 37,212 | 931 | ||||||
KeyCorp (a) | 62,386 | 2,226 | ||||||
Kimco Realty – REIT (a) | 33,361 | 1,604 | ||||||
Legg Mason (a) | 19,207 | 1,905 | ||||||
Lehman Brothers Holdings (a) | 82,617 | 6,219 | ||||||
Lincoln National (a) | 46,162 | 3,284 | ||||||
Loew’s | 61,785 | 2,924 | ||||||
M&T Bank | 12,214 | 1,360 | ||||||
Marsh & McLennan | 80,625 | 2,561 | ||||||
Marshall & Ilsley (a) | 31,518 | 1,513 | ||||||
MBIA (a) | 20,587 | 1,432 | ||||||
Mellon Financial | 65,969 | 2,832 | ||||||
Merrill Lynch (a) | 140,631 | 12,689 | ||||||
Metlife (a) | 116,668 | 7,665 | ||||||
MGIC Investment (a) | 15,404 | 949 | ||||||
Moody’s | 38,046 | 2,516 | ||||||
Morgan Stanley (a) | 165,584 | 13,911 | ||||||
National City (a) | 73,530 | 2,688 | ||||||
Northern Trust | 28,319 | 1,783 | ||||||
Plum Creek Timber – REIT (a) | 28,382 | 1,127 | ||||||
PNC Financial Services | 42,063 | 3,117 | ||||||
Principal Financial Group | 50,455 | 3,203 | ||||||
Progressive (a) | 122,896 | 2,835 | ||||||
Prologis – REIT (a) | 33,043 | 2,141 | ||||||
Prudential Financial | 79,158 | 7,520 | ||||||
Public Storage – REIT (a) | 14,540 | 1,357 | ||||||
Regions Financial (a) | 112,500 | 3,948 | ||||||
SAFECO (a) | 19,228 | 1,283 | ||||||
Simon Property Group – REIT (a) | 30,929 | 3,565 | ||||||
SLM | 63,671 | 3,427 | ||||||
Sovereign Bancorp | 57,822 | 1,403 | ||||||
State Street (a) | 54,885 | 3,780 | ||||||
SunTrust Banks (a) | 52,298 | 4,415 | ||||||
Synovus Financial (a) | 45,400 | 1,433 | ||||||
T. Rowe Price Group (a) | 38,296 | 1,903 | ||||||
Torchmark | 15,904 | 1,086 | ||||||
Travelers | 104,770 | 5,668 | ||||||
U.S. Bancorp (a) (c) | 278,022 | 9,550 | ||||||
UnumProvident | 52,696 | 1,311 | ||||||
Vornado Realty Trust – REIT | 20,001 | 2,373 | ||||||
Wachovia | 277,067 | 15,388 | ||||||
Washington Mutual | 151,299 | 6,352 | ||||||
Wells Fargo | 510,626 | 18,326 |
The accompanying notes are an integral part of the financial statements.
6 First American Funds Semiannual Report 2007
Table of Contents
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
XL Capital Limited, Class A (a) | 24,942 | $ | 1,945 | |||||
Zions Bancorporation | 13,276 | 1,086 | ||||||
438,863 | ||||||||
Healthcare – 12.1% | ||||||||
Abbott Laboratories (a) | 239,308 | 13,550 | ||||||
Aetna | 89,752 | 4,208 | ||||||
Allergan (a) | 19,527 | 2,367 | ||||||
AmerisourceBergen (a) | 32,434 | 1,621 | ||||||
Amgen (a) (b) | 188,171 | 12,069 | ||||||
Applied Biosystems Group – Applera (a) | 30,322 | 947 | ||||||
Barr Pharmaceuticals (b) | 12,664 | 612 | ||||||
Bausch & Lomb | 8,429 | 496 | ||||||
Baxter International | 94,640 | 5,359 | ||||||
Becton, Dickinson & Company | 38,707 | 3,046 | ||||||
Biogen IDEC (b) | 51,784 | 2,445 | ||||||
Biomet (a) | 38,099 | 1,646 | ||||||
Boston Scientific (b) | 187,116 | 2,889 | ||||||
Bristol-Myers Squibb (a) | 296,693 | 8,563 | ||||||
C.R. Bard | 15,952 | 1,326 | ||||||
Cardinal Health | 66,513 | 4,653 | ||||||
Celgene (a) (b) | 53,133 | 3,250 | ||||||
CIGNA | 18,923 | 2,944 | ||||||
Coventry Health Care (a) (b) | 25,315 | 1,464 | ||||||
Eli Lilly (a) | 155,802 | 9,213 | ||||||
Express Scripts (a) (b) | 22,465 | 2,147 | ||||||
Forest Laboratories, Class A (a) (b) | 51,854 | 2,759 | ||||||
Genzyme (b) | 37,880 | 2,474 | ||||||
Gilead Sciences (b) | 66,955 | 5,472 | ||||||
Hospira (b) | 25,240 | 1,023 | ||||||
Humana (b) | 25,320 | 1,601 | ||||||
IMS Health | 36,008 | 1,056 | ||||||
Johnson & Johnson | 455,640 | 29,261 | ||||||
King Pharmaceuticals (a) (b) | 37,869 | 774 | ||||||
Laboratory Corporation of America (a) (b) | 20,552 | 1,622 | ||||||
Manor Care | 12,194 | 791 | ||||||
McKesson HBOC (a) | 46,528 | 2,737 | ||||||
Medco Health Solutions (a) (b) | 47,094 | 3,674 | ||||||
Medimmune (a) (b) | 38,159 | 2,163 | ||||||
Medtronic (a) | 183,061 | 9,689 | ||||||
Merck (a) | 335,560 | 17,261 | ||||||
Millipore (a) (b) | 7,569 | 559 | ||||||
Mylan Laboratories | 33,291 | 730 | ||||||
Patterson Companies (a) (b) | 21,251 | 766 | ||||||
PerkinElmer | 20,554 | 497 | ||||||
Pfizer | 1,123,925 | 29,739 | ||||||
Quest Diagnostics (a) | 25,521 | 1,248 | ||||||
Schering-Plough | 224,997 | 7,139 | ||||||
St. Jude Medical (a) (b) | 56,339 | 2,411 | ||||||
Stryker (a) | 44,750 | 2,906 | ||||||
Tenet Healthcare (a) (b) | 72,248 | 536 | ||||||
Thermo Fisher Scientific (a) (b) | 62,658 | 3,262 | ||||||
UnitedHealth Group (a) | 200,607 | 10,644 | ||||||
Varian Medical Systems (a) (b) | 10,199 | 431 | ||||||
Watson Pharmaceuticals (a) (b) | 16,832 | 460 | ||||||
Wellpoint (b) | 95,676 | 7,556 | ||||||
Wyeth Pharmaceuticals | 204,027 | 11,323 | ||||||
Zimmer Holdings (b) | 38,038 | 3,442 | ||||||
250,821 | ||||||||
Industrials – 10.9% | ||||||||
3M | 121,229 | 10,034 | ||||||
Allied Waste Industries (a) (b) | 32,673 | 437 | ||||||
American Standard | 27,382 | 1,508 | ||||||
Avery Dennison | 16,469 | 1,024 | ||||||
Boeing | 126,417 | 11,757 | ||||||
Burlington Northern Santa Fe | 57,180 | 5,006 | ||||||
C.H. Robinson Worldwide | 25,175 | 1,346 | ||||||
Caterpillar | 102,276 | 7,427 | ||||||
Cintas (a) | 21,118 | 791 | ||||||
Cooper Industries, Class A | 28,514 | 1,419 | ||||||
CSX (a) | 67,793 | 2,927 | ||||||
Cummins (a) | 12,390 | 1,142 | ||||||
Danaher (a) | 36,243 | 2,580 | ||||||
Deere & Company | 36,990 | 4,047 | ||||||
Dover | 25,743 | 1,239 | ||||||
Eaton | 22,600 | 2,016 | ||||||
Emerson Electric | 127,043 | 5,970 | ||||||
Equifax (a) | 19,991 | 796 | ||||||
FedEx (a) | 45,579 | 4,806 | ||||||
Fluor | 12,275 | 1,174 | ||||||
General Dynamics | 59,771 | 4,692 | ||||||
General Electric | 1,613,187 | 59,462 | ||||||
Goodrich | 18,217 | 1,035 | ||||||
Honeywell International | 131,722 | 7,137 | ||||||
Illinois Tool Works (a) | 62,495 | 3,207 | ||||||
Ingersoll-Rand, Class A (a) | 50,690 | 2,263 | ||||||
ITT Industries | 28,123 | 1,795 | ||||||
L-3 Communications Holdings | 15,448 | 1,389 | ||||||
Lockheed Martin (a) | 54,470 | 5,237 | ||||||
Masco (a) | 65,110 | 1,772 | ||||||
Monster Worldwide (a) (b) | 19,748 | 830 | ||||||
Norfolk Southern | 63,227 | 3,366 | ||||||
Northrop Grumman | 54,400 | 4,006 | ||||||
Paccar (a) | 38,856 | 3,263 | ||||||
Pall (a) | 19,272 | 808 | ||||||
Parker Hannifin | 17,930 | 1,652 | ||||||
Pitney Bowes (a) | 27,368 | 1,314 | ||||||
R.R. Donnelley & Sons | 33,218 | 1,335 | ||||||
Raytheon (a) | 67,847 | 3,633 | ||||||
Robert Half International (a) | 26,304 | 876 | ||||||
Rockwell Automation | 26,155 | 1,557 | ||||||
Rockwell Collins | 27,187 | 1,785 | ||||||
Ryder System (a) | 9,657 | 508 | ||||||
Southwest Airlines (a) | 123,218 | 1,768 | ||||||
Terex (b) | 14,329 | 1,116 | ||||||
Textron (a) | 20,395 | 2,074 | ||||||
Tyco International | 307,555 | 10,036 | ||||||
Union Pacific | 38,848 | 4,438 | ||||||
United Parcel Service, Class B (a) | 165,178 | 11,633 | ||||||
United Technologies (a) | 156,655 | 10,516 | ||||||
W.W. Grainger | 13,136 | 1,085 | ||||||
Waste Management (a) | 83,919 | 3,139 | ||||||
226,173 | ||||||||
Information Technology – 14.9% | ||||||||
ADC Telecommunications (a) (b) | 17,997 | 331 | ||||||
Adobe Systems (a) (b) | 92,189 | 3,831 | ||||||
Advanced Micro Devices (a) (b) | 83,622 | 1,156 | ||||||
Affiliated Computer Services, Class A (b) | 20,390 | 1,222 | ||||||
Agilent Technologies (a) (b) | 65,655 | 2,257 | ||||||
Altera (b) | 55,438 | 1,250 | ||||||
Analog Devices (a) | 56,223 | 2,171 | ||||||
Apple Computer (a) (b) | 129,221 | 12,896 | ||||||
Applied Materials | 231,451 | 4,449 | ||||||
Autodesk (b) | 35,249 | 1,455 | ||||||
Automatic Data Processing | 89,462 | 4,004 | ||||||
Avaya (b) | 70,817 | 915 | ||||||
BMC Software (a) (b) | 33,171 | 1,074 | ||||||
Broadcom, Class A (a) (b) | 69,471 | 2,261 | ||||||
CA (a) | 63,861 | 1,741 | ||||||
Ciena (a) (b) | 13,076 | 381 |
First American Funds Semiannual Report 2007 7
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Equity Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Cisco Systems (a) (b) | 939,082 | $ | 25,111 | |||||
Citrix Systems (a) (b) | 28,020 | 913 | ||||||
Cognizant Technology Solutions, Class A (a) (b) | 18,504 | 1,654 | ||||||
Computer Sciences (b) | 26,205 | 1,455 | ||||||
Compuware (b) | 61,323 | 605 | ||||||
Convergys (b) | 21,554 | 545 | ||||||
Corning (a) (b) | 239,586 | 5,683 | ||||||
Dell (b) | 360,440 | 9,087 | ||||||
eBay (a) (b) | 179,484 | 6,092 | ||||||
Electronic Arts (a) (b) | 45,823 | 2,310 | ||||||
Electronic Data Systems (a) | 74,449 | 2,177 | ||||||
EMC (a) (b) | 363,165 | 5,513 | ||||||
Fidelity National Information Services | 10,333 | 522 | ||||||
First Data | 120,988 | 3,920 | ||||||
Fiserv (a) (b) | 28,464 | 1,513 | ||||||
Google, Class A (a) (b) | 32,582 | 15,359 | ||||||
Hewlett-Packard | 431,462 | 18,182 | ||||||
IBM | 241,969 | 24,732 | ||||||
Intel | 903,620 | 19,428 | ||||||
Intuit (b) | 54,187 | 1,542 | ||||||
Jabil Circuit (a) | 27,908 | 650 | ||||||
JDS Uniphase (a) (b) | 32,578 | 537 | ||||||
Juniper Networks (a) (b) | 87,226 | 1,950 | ||||||
KLA-Tencor (a) | 29,523 | 1,640 | ||||||
Lexmark International Group, Class A (a) (b) | 18,036 | 983 | ||||||
Linear Technology (a) | 46,602 | 1,744 | ||||||
LSI Logic (a) (b) | 119,313 | 1,014 | ||||||
Maxim Integrated Products | 50,158 | 1,591 | ||||||
Micron Technology (a) (b) | 91,302 | 1,047 | ||||||
Microsoft | 1,317,956 | 39,460 | ||||||
Molex (a) | 22,069 | 659 | ||||||
Motorola (a) | 376,467 | 6,524 | ||||||
National Semiconductor (a) | 55,170 | 1,451 | ||||||
NCR (b) | 28,087 | 1,416 | ||||||
Network Appliance (b) | 57,041 | 2,123 | ||||||
Novell (a) (b) | 58,749 | 429 | ||||||
Novellus Systems (a) (b) | 20,463 | 662 | ||||||
NVIDIA (b) | 53,023 | 1,744 | ||||||
Oracle (a) (b) | 614,898 | 11,560 | ||||||
Paychex | 51,199 | 1,900 | ||||||
PMC-Sierra (a) (b) | 32,214 | 249 | ||||||
QLogic (b) | 24,727 | 442 | ||||||
QUALCOMM (a) | 250,960 | 10,992 | ||||||
SanDisk (a) (b) | 34,786 | 1,511 | ||||||
Sanmina – SCI (a) (b) | 82,376 | 284 | ||||||
Seagate Technology, Escrow Shares (b) (d) | 44,886 | — | ||||||
Solectron (a) (b) | 141,326 | 473 | ||||||
Sun Microsystems (a) (b) | 537,597 | 2,806 | ||||||
Symantec (a) (b) | 165,054 | 2,905 | ||||||
Tektronix (a) | 12,876 | 378 | ||||||
Tellabs (a) (b) | 70,212 | 746 | ||||||
Teradyne (a) (b) | 29,710 | 518 | ||||||
Texas Instruments | 231,060 | 7,942 | ||||||
Unisys (a) (b) | 50,524 | 396 | ||||||
VeriSign (a) (b) | 37,850 | 1,035 | ||||||
Waters (b) | 17,033 | 1,012 | ||||||
Western Union (a) | 120,339 | 2,533 | ||||||
Xerox (b) | 146,632 | 2,713 | ||||||
Xilinx | 53,061 | 1,564 | ||||||
Yahoo! (a) (b) | 190,764 | 5,349 | ||||||
310,669 | ||||||||
Materials – 3.0% | ||||||||
Air Products and Chemicals | 34,731 | 2,657 | ||||||
Alcoa | 133,501 | 4,738 | ||||||
Allegheny Technologies (a) | 15,604 | 1,710 | ||||||
Ashland | 11,019 | 661 | ||||||
Ball | 10,539 | 534 | ||||||
Bemis | 16,184 | 538 | ||||||
Dow Chemical (a) | 149,984 | 6,691 | ||||||
E.I. Du Pont de Nemours (a) | 141,205 | 6,943 | ||||||
Eastman Chemical (a) | 11,432 | 774 | ||||||
Ecolab (a) | 28,227 | 1,214 | ||||||
Freeport-McMoRan Copper & Gold (a) | 57,907 | 3,889 | ||||||
Hercules (b) | 16,792 | 316 | ||||||
International Flavors & Fragrances | 10,817 | 526 | ||||||
International Paper (a) | 69,359 | 2,616 | ||||||
MeadWestvaco (a) | 27,878 | 930 | ||||||
Monsanto | 83,307 | 4,914 | ||||||
Newmont Mining (a) | 69,948 | 2,917 | ||||||
NuCor (a) | 50,315 | 3,193 | ||||||
Pactiv (a) (b) | 23,004 | 796 | ||||||
PPG Industries | 25,875 | 1,904 | ||||||
Praxair (a) | 50,418 | 3,255 | ||||||
Rohm & Haas (a) | 22,123 | 1,132 | ||||||
Sealed Air | 25,106 | 826 | ||||||
Sigma-Aldrich | 20,564 | 865 | ||||||
Temple-Inland (a) | 17,974 | 1,065 | ||||||
United States Steel (a) | 17,758 | 1,803 | ||||||
Vulcan Materials (a) | 15,618 | 1,931 | ||||||
Weyerhaeuser | 34,604 | 2,741 | ||||||
62,079 | ||||||||
Telecommunication Services – 3.5% | ||||||||
ALLTEL | 55,129 | 3,456 | ||||||
AT&T | 967,654 | 37,468 | ||||||
CenturyTel (a) | 20,275 | 934 | ||||||
Citizens Communications (a) | 48,840 | 760 | ||||||
Embarq (a) | 23,350 | 1,402 | ||||||
Qwest Communications International (a) (b) | 244,288 | 2,169 | ||||||
Sprint (a) | 456,222 | 9,138 | ||||||
Verizon Communications (a) | 434,236 | 16,579 | ||||||
Windstream (a) | 73,885 | 1,080 | ||||||
72,986 | ||||||||
Utilities – 3.6% | ||||||||
AES (b) | 102,693 | 2,258 | ||||||
Allegheny Energy (b) | 24,896 | 1,331 | ||||||
Ameren (a) | 29,420 | 1,547 | ||||||
American Electric Power | 60,176 | 3,022 | ||||||
Centerpoint Energy (a) | 46,461 | 875 | ||||||
CMS Energy | 34,220 | 634 | ||||||
Consolidated Edison (a) | 35,670 | 1,828 | ||||||
Constellation Energy | 25,763 | 2,296 | ||||||
Dominion Resources (a) | 52,955 | 4,830 | ||||||
DTE Energy (a) | 25,328 | 1,281 | ||||||
Duke Energy | 194,147 | 3,984 | ||||||
Dynegy, Class A (b) | 59,699 | 562 | ||||||
Edison International | 49,589 | 2,596 | ||||||
Entergy | 35,329 | 3,997 | ||||||
Exelon | 104,448 | 7,876 | ||||||
FirstEnergy | 50,243 | 3,439 | ||||||
FPL Group | 60,378 | 3,887 | ||||||
Integrys Energy Group | 4,748 | 266 | ||||||
KeySpan | 27,315 | 1,131 | ||||||
Nicor (a) | 6,932 | 355 | ||||||
NiSource | 39,709 | 977 | ||||||
PG&E (a) | 59,167 | 2,994 | ||||||
Pinnacle West Capital | 15,472 | 747 | ||||||
PPL (a) | 55,383 | 2,415 | ||||||
Progress Energy (a) | 37,334 | 1,887 |
The accompanying notes are an integral part of the financial statements.
8 First American Funds Semiannual Report 2007
Table of Contents
Equity Index Fund (concluded) | |||||||||
DESCRIPTION | SHARES/PAR | VALUE | |||||||
Public Service Enterprises (a) | 36,283 | $ | 3,137 | ||||||
Questar (a) | 10,217 | 992 | |||||||
Sempra Energy (a) | 39,794 | 2,526 | |||||||
Southern | 113,239 | 4,279 | |||||||
TECO Energy (a) | 30,211 | 542 | |||||||
TXU (a) | 78,949 | 5,179 | |||||||
Xcel Energy (a) | 62,906 | 1,515 | |||||||
75,185 | |||||||||
Total Common Stocks (Cost $1,208,368) | 2,052,747 | ||||||||
Short-Term Investments – 1.3% | |||||||||
Money Market Fund – 1.2% | |||||||||
First American Prime Obligations Fund, Class Z (c) | 24,231,485 | 24,231 | |||||||
U.S. Treasury Obligation – 0.1% | |||||||||
U.S. Treasury Bill | |||||||||
4.790%, 08/09/2007 (e) | $ | 2,700 | 2,664 | ||||||
Total Short-Term Investments (Cost $26,895) | 26,895 | ||||||||
Investment Purchased with Proceeds from Securities Lending – 23.7% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (c) (f) | |||||||||
(Cost $493,368) | 493,368,096 | 493,368 | |||||||
Total Investments – 123.7.0% (Cost $1,728,631) | 2,573,010 | ||||||||
Other Assets and Liabilities, Net – (23.7)% | (492,769 | ) | |||||||
Total Net Assets – 100.0% | $ | 2,080,241 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a value of $472,926 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | Investment in affiliated security. As of April 30, 2007, the market value of these investments was $527,149 or 25.3% of total net assets. See notes 3 and 4 in Notes to Financial Statements. |
(d) | Security is fair valued and illiquid. As of April 30, 2007, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements. |
(f) | In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||||
Contracts | Contract | Settlement | Unrealized | |||||||||||
Description | Purchased | Value | Month | Appreciation | ||||||||||
S&P 500 Futures | 72 | $ | 26,791 | June 2007 | $ | 831 | ||||||||
Mid Cap Index Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 98.5% | ||||||||
Consumer Discretionary – 14.2% | ||||||||
99 Cents Only Stores (a) | 15,920 | $ | 228 | |||||
Advanced Auto Parts | 31,640 | 1,304 | ||||||
Aeropostale (a) | 16,509 | 679 | ||||||
American Eagle Outfitters (b) | 60,556 | 1,785 | ||||||
American Greetings, Class A (b) | 17,531 | 446 | ||||||
AnnTaylor Stores (a) | 21,893 | 842 | ||||||
Applebee’s International (b) | 23,439 | 637 | ||||||
ArvinMeritor (b) | 21,579 | 446 | ||||||
Bandag (b) | 3,601 | 182 | ||||||
Barnes & Noble (b) | 16,180 | 640 | ||||||
Beazer Homes USA (b) | 13,000 | 434 | ||||||
Belo, Class A (b) | 26,439 | 509 | ||||||
BLYTH (b) | 8,304 | 217 | ||||||
Bob Evans Farms | 11,163 | 410 | ||||||
Borders Group (b) | 18,706 | 395 | ||||||
BorgWarner (b) | 17,268 | 1,345 | ||||||
Boyd Gaming | 12,735 | 579 | ||||||
Brinker International | 37,374 | 1,162 | ||||||
Callaway Golf (b) | 20,224 | 363 | ||||||
CarMax (a) | 64,220 | 1,600 | ||||||
Catalina Marketing, Class C | 11,016 | 349 | ||||||
CBRL Group (b) | 8,147 | 363 | ||||||
Charming Shoppes (a) (b) | 36,190 | 452 | ||||||
Cheesecake Factory (a) (b) | 24,115 | 666 | ||||||
Chico’s FAS (a) (b) | 52,858 | 1,393 | ||||||
Claire’s Stores | 28,684 | 934 | ||||||
Coldwater Creek (a) (b) | 18,400 | 381 | ||||||
Corinthian Colleges (a) (b) | 26,319 | 364 | ||||||
DeVry | 17,966 | 593 | ||||||
Dick’s Sporting Goods (a) (b) | 11,240 | 630 | ||||||
Dollar Tree Stores (a) | 30,695 | 1,207 | ||||||
Entercom Communications (b) | 8,377 | 232 | ||||||
Foot Locker | 46,839 | 1,114 | ||||||
Furniture Brands International (b) | 14,977 | 241 | ||||||
Gamestop, Class A (a) | 44,483 | 1,476 | ||||||
Gentex (b) | 44,247 | 788 | ||||||
Hanesbrands (a) (b) | 28,316 | 753 | ||||||
Harte-Hanks | 15,009 | 392 | ||||||
Hovnanian Enterprises, Class A (a) (b) | 10,987 | 264 | ||||||
International Speedway, Class A | 10,795 | 533 | ||||||
John Wiley & Sons, Class A | 12,594 | 472 | ||||||
Laureate Education (a) | 15,262 | 901 | ||||||
Lear (a) | 22,199 | 815 | ||||||
Lee Enterprises (b) | 13,960 | 365 | ||||||
M.D.C. Holdings (b) | 10,333 | 530 | ||||||
Matthews International, Class A | 5,091 | 215 | ||||||
Media General, Class A (b) | 7,384 | 271 | ||||||
Modine Manufacturing | 10,284 | 238 | ||||||
Mohawk Industries (a) (b) | 16,220 | 1,462 | ||||||
Netflix (a) (b) | 18,275 | 405 | ||||||
NVR (a) | 1,404 | 1,157 | ||||||
O’Reilly Automotive (a) (b) | 33,659 | 1,198 | ||||||
OSI Restaurant Partners | 21,681 | 863 | ||||||
Pacific Sunwear of California (a) | 20,871 | 437 | ||||||
Payless ShoeSource (a) | 19,782 | 631 | ||||||
PetSmart (b) | 41,561 | 1,379 | ||||||
Phillips Van-Heusen (b) | 16,737 | 936 | ||||||
Regis | 13,903 | 532 | ||||||
Rent-A-Center (a) | 21,274 | 592 | ||||||
Ross Stores (b) | 42,496 | 1,409 | ||||||
Ruby Tuesday | 18,583 | 497 | ||||||
Ryland Group (b) | 13,158 | 583 | ||||||
Saks | 41,698 | 873 |
First American Funds Semiannual Report 2007 9
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Scholastic (a) | 7,700 | $ | 238 | |||||
Scientific Games, Class A (a) (b) | 19,782 | 659 | ||||||
Strayer Education | 3,549 | 441 | ||||||
Thor Industries (b) | 10,675 | 425 | ||||||
Timberland, Class A (a) | 15,679 | 405 | ||||||
Toll Brothers (a) (b) | 36,235 | 1,079 | ||||||
Travelcenters, Fractional Shares (a) (c) | .70 | — | ||||||
Tupperware (b) | 16,322 | 459 | ||||||
Urban Outfitters (a) | 33,834 | 872 | ||||||
Valassis Communications (a) (b) | 14,609 | 280 | ||||||
Washington Post, Class B | 1,675 | 1,246 | ||||||
Westwood One (b) | 19,507 | 133 | ||||||
Williams-Sonoma (b) | 34,175 | 1,204 | ||||||
51,530 | ||||||||
Consumer Staples – 2.5% | ||||||||
Alberto-Culver | 24,115 | 586 | ||||||
BJ’s Wholesale Club (a) | 19,545 | 675 | ||||||
Church & Dwight (b) | 19,233 | 976 | ||||||
Energizer Holdings (a) | 17,680 | 1,718 | ||||||
Hansen Natural (a) (b) | 18,186 | 695 | ||||||
Hormel Foods | 21,902 | 834 | ||||||
JM Smucker | 17,660 | 986 | ||||||
Lancaster Colony | 7,091 | 299 | ||||||
PepsiAmericas (b) | 18,225 | 440 | ||||||
Ruddick (b) | 10,303 | 309 | ||||||
Smithfield Foods (a) (b) | 28,943 | 885 | ||||||
Tootsie Roll Industries (b) | 8,188 | 237 | ||||||
Universal (b) | 7,110 | 446 | ||||||
9,086 | ||||||||
Energy – 8.2% | ||||||||
Arch Coal | 43,466 | 1,568 | ||||||
Cameron International (a) (b) | 33,586 | 2,169 | ||||||
Cimarex Energy | 23,059 | 908 | ||||||
Denbury Resources (a) (b) | 36,372 | 1,203 | ||||||
Encore Acquisition (a) | 10,823 | 289 | ||||||
FMC Technologies (a) (b) | 21,155 | 1,499 | ||||||
Forest Oil (a) (b) | 16,778 | 591 | ||||||
Frontier Oil | 30,369 | 1,073 | ||||||
Grant Prideco (a) (b) | 39,327 | 2,027 | ||||||
Hanover Compressor (a) (b) | 31,045 | 671 | ||||||
Helmerich & Payne | 31,691 | 1,023 | ||||||
Newfield Exploration (a) | 39,035 | 1,708 | ||||||
Noble Energy | 53,233 | 3,131 | ||||||
Overseas Shipholding Group | 8,929 | 632 | ||||||
Patterson-UTI Energy (b) | 48,288 | 1,178 | ||||||
Pioneer Natural Resources (b) | 37,562 | 1,886 | ||||||
Plains Exploration & Production (a) | 23,403 | 1,100 | ||||||
Pogo Producing (b) | 17,466 | 843 | ||||||
Pride International (a) (b) | 49,268 | 1,616 | ||||||
Quicksilver Resources (a) (b) | 16,619 | 696 | ||||||
Southwestern Energy (a) | 51,398 | 2,159 | ||||||
Superior Energy Services (a) (b) | 22,428 | 815 | ||||||
Tidewater (b) | 17,576 | 1,111 | ||||||
29,896 | ||||||||
Financials – 16.4% | ||||||||
A.G. Edwards (b) | 24,069 | 1,744 | ||||||
AMB Property – REIT | 26,575 | 1,619 | ||||||
American Financial Group (b) | 20,941 | 739 | ||||||
AmeriCredit (a) | 35,572 | 897 | ||||||
Arthur J. Gallagher (b) | 29,364 | 821 | ||||||
Associated Banc-Corp | 39,822 | 1,289 | ||||||
Astoria Financial | 27,161 | 721 | ||||||
Bank of Hawaii | 15,773 | 834 | ||||||
Brown & Brown (b) | 34,098 | 878 | ||||||
Cathay General Bancorp (b) | 12,581 | 413 | ||||||
City National (b) | 12,778 | 936 | ||||||
Colonial BancGroup (b) | 46,052 | 1,108 | ||||||
Commerce Group | 5,077 | 166 | ||||||
Cousins Properties (b) | 13,136 | 441 | ||||||
Cullen/ Frost Bankers | 15,714 | 804 | ||||||
Eaton Vance (b) | 38,255 | 1,462 | ||||||
Everest Re Group | 19,726 | 1,985 | ||||||
Fidelity National Title Group | 66,344 | 1,691 | ||||||
First American (b) | 28,340 | 1,459 | ||||||
First Niagara Financial Group | 25,799 | 351 | ||||||
FirstMerit (b) | 25,552 | 534 | ||||||
GATX (b) | 15,660 | 767 | ||||||
Greater Bay Bancorp (b) | 16,505 | 426 | ||||||
Hanover Insurance Group | 15,336 | 705 | ||||||
HCC Insurance Holdings | 34,349 | 1,053 | ||||||
Highwoods Properties – REIT (b) | 17,048 | 695 | ||||||
Horace Mann Educators (b) | 13,496 | 284 | ||||||
Hospitality Properties Trust – REIT (b) | 26,081 | 1,187 | ||||||
IndyMac Bancorp (b) | 19,791 | 598 | ||||||
Investors Financial Services | 19,943 | 1,234 | ||||||
Jefferies Group (b) | 30,353 | 962 | ||||||
Leucadia National (b) | 49,026 | 1,478 | ||||||
Liberty Property Trust – REIT | 27,064 | 1,310 | ||||||
Macerich – REIT (b) | 21,305 | 2,027 | ||||||
Mack-Cali Realty – REIT | 17,871 | 875 | ||||||
Mercury General (b) | 10,762 | 583 | ||||||
MoneyGram International (b) | 26,169 | 744 | ||||||
New York Community Bancorp (b) | 78,016 | 1,362 | ||||||
Nuveen Investments, Class A (b) | 23,758 | 1,266 | ||||||
Ohio Casualty (b) | 18,512 | 586 | ||||||
Old Republic International | 69,239 | 1,473 | ||||||
PMI Group (b) | 26,037 | 1,262 | ||||||
Potlatch – REIT | 11,653 | 506 | ||||||
Protective Life | 21,048 | 987 | ||||||
Radian Group (b) | 24,203 | 1,406 | ||||||
Raymond James Financial | 27,345 | 839 | ||||||
Rayonier – REIT (b) | 23,698 | 1,028 | ||||||
Regency Centers – REIT (b) | 20,161 | 1,661 | ||||||
SEI Investments | 18,974 | 1,158 | ||||||
StanCorp Financial Group | 16,377 | 780 | ||||||
SVB Financial (a) (b) | 11,733 | 601 | ||||||
TCF Financial (b) | 33,441 | 906 | ||||||
UDR – REIT (b) | 40,522 | 1,217 | ||||||
Unitrin | 12,312 | 580 | ||||||
W.R. Berkley | 51,630 | 1,677 | ||||||
Waddell & Reed Financial, Class A | 25,521 | 618 | ||||||
Washington Federal | 27,581 | 654 | ||||||
Webster Financial (b) | 17,082 | 759 | ||||||
Weingarten Realty Investors – REIT (b) | 24,732 | 1,184 | ||||||
Westamerica Bancorporation | 9,879 | 463 | ||||||
Wilmington Trust | 20,587 | 833 | ||||||
59,626 | ||||||||
Healthcare – 10.9% | ||||||||
Advanced Medical Optics (a) (b) | 17,685 | 715 | ||||||
Affymetrix (a) (b) | 20,362 | 535 | ||||||
Apria Healthcare Group (a) (b) | 13,200 | 419 | ||||||
Beckman Coulter (b) | 18,677 | 1,173 | ||||||
Cephalon (a) (b) | 18,510 | 1,474 | ||||||
Cerner (a) (b) | 18,104 | 964 | ||||||
Charles River Laboratories International (a) (b) | 20,580 | 975 | ||||||
Community Health Systems (a) | 27,891 | 1,026 | ||||||
Covance (a) (b) | 19,756 | 1,195 | ||||||
Cytyc (a) | 33,850 | 1,192 |
The accompanying notes are an integral part of the financial statements.
10 First American Funds Semiannual Report 2007
Table of Contents
Mid Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
DENTSPLY International | 46,329 | $ | 1,548 | |||||
Edwards Lifesciences (a) | 17,588 | 862 | ||||||
Gen-Probe (a) (b) | 15,590 | 797 | ||||||
Health Management Associates, Class A | 71,024 | 759 | ||||||
Health Net (a) (b) | 33,728 | 1,823 | ||||||
Henry Schein (a) (b) | 26,548 | 1,384 | ||||||
Hillenbrand Industries | 18,472 | 1,130 | ||||||
Intuitive Surgical (a) | 11,168 | 1,448 | ||||||
Invitrogen (a) (b) | 15,124 | 990 | ||||||
Lifepoint Hospitals (a) | 17,527 | 640 | ||||||
Lincare Holdings (a) | 28,266 | 1,115 | ||||||
Martek Biosciences (a) (b) | 9,731 | 210 | ||||||
Medicis Pharmaceutical, Class A (b) | 15,698 | 477 | ||||||
Millennium Pharmaceuticals (a) (b) | 95,246 | 1,055 | ||||||
Mine Safety Appliances (b) | 8,035 | 339 | ||||||
Omnicare (b) | 37,021 | 1,228 | ||||||
Par Pharmaceutical Companies (a) | 10,828 | 292 | ||||||
PDL BioPharma (a) (b) | 34,618 | 874 | ||||||
Perrigo (b) | 23,418 | 445 | ||||||
Pharmaceutical Product Development (b) | 29,296 | 1,057 | ||||||
Psychiatric Solutions (a) (b) | 15,988 | 561 | ||||||
Resmed (a) (b) | 22,939 | 969 | ||||||
Sepracor (a) (b) | 32,947 | 1,769 | ||||||
STERIS | 19,518 | 499 | ||||||
Techne (a) (b) | 11,459 | 676 | ||||||
Triad Hospitals (a) | 26,423 | 1,404 | ||||||
Universal Health Services | 17,324 | 1,052 | ||||||
Valeant Pharmaceuticals International (b) | 28,426 | 512 | ||||||
Varian (a) | 9,567 | 554 | ||||||
VCA Antech (a) (b) | 24,808 | 978 | ||||||
Ventana Medical Systems (a) | 9,843 | 478 | ||||||
Vertex Pharmaceuticals (a) (b) | 38,169 | 1,173 | ||||||
WellCare Group (a) | 10,042 | 809 | ||||||
39,575 | ||||||||
Industrials – 16.2% | ||||||||
AGCO (a) (b) | 27,778 | 1,159 | ||||||
AirTran Holdings (a) (b) | 27,389 | 302 | ||||||
Alaska Air Group (a) (b) | 12,002 | 355 | ||||||
Alexander & Baldwin (b) | 12,968 | 693 | ||||||
Alliant Techsystems (a) (b) | 10,300 | 959 | ||||||
AMETEK (b) | 32,320 | 1,173 | ||||||
Avis Budget Group (a) | 30,169 | 849 | ||||||
Brinks | 13,646 | 866 | ||||||
Career Education (a) (b) | 28,508 | 842 | ||||||
Carlisle Companies | 17,989 | 741 | ||||||
ChoicePoint (a) (b) | 23,232 | 882 | ||||||
Con-way | 14,453 | 790 | ||||||
Copart (a) | 22,673 | 657 | ||||||
Corporate Executive Board (b) | 12,146 | 773 | ||||||
Crane (b) | 15,304 | 651 | ||||||
Deluxe | 15,558 | 589 | ||||||
Donaldson | 20,949 | 752 | ||||||
DRS Technologies | 11,960 | 602 | ||||||
Dun & Bradstreet | 18,942 | 1,710 | ||||||
Dycom Industries (a) (b) | 12,672 | 328 | ||||||
Expeditors International of Washington (b) | 64,070 | 2,678 | ||||||
Fastenal (b) | 38,019 | 1,563 | ||||||
Federal Signal | 14,752 | 233 | ||||||
Flowserve (b) | 16,954 | 1,034 | ||||||
Graco (b) | 21,063 | 832 | ||||||
Granite Construction | 10,357 | 624 | ||||||
Harsco | 25,123 | 1,281 | ||||||
Herman Miller (b) | 19,438 | 669 | ||||||
HNI | 15,104 | 630 | ||||||
Hubbell, Class B (b) | 18,052 | 933 | ||||||
ITT Educational Services (a) | 9,951 | 967 | ||||||
J.B. Hunt Transport Services | 31,977 | 865 | ||||||
Jacobs Engineering Group (a) | 35,704 | 1,801 | ||||||
JetBlue Airways (a) (b) | 53,635 | 532 | ||||||
Joy Global (b) | 33,937 | 1,718 | ||||||
KBR (a) | 50,327 | 1,040 | ||||||
Kelly Services, Class A | 6,163 | 177 | ||||||
Kennametal | 11,835 | 835 | ||||||
Korn/ Ferry International (a) (b) | 12,709 | 300 | ||||||
Lincoln Electric Holdings | 13,053 | 832 | ||||||
Manpower (b) | 26,311 | 2,111 | ||||||
MSC Industrial Direct, Class A (b) | 16,459 | 802 | ||||||
Navigant Consulting (a) | 15,681 | 301 | ||||||
Nordson | 10,219 | 468 | ||||||
Oshkosh Truck (b) | 22,165 | 1,240 | ||||||
Pentair (b) | 30,106 | 968 | ||||||
Precision Castparts | 40,755 | 4,243 | ||||||
Quanta Services (a) (b) | 37,635 | 1,035 | ||||||
Republic Services | 51,810 | 1,447 | ||||||
Rollins (b) | 9,283 | 214 | ||||||
Roper Industries (b) | 26,369 | 1,478 | ||||||
Sequa, Class A (a) | 2,027 | 238 | ||||||
Sotheby’s Holdings, Class A (b) | 16,718 | 863 | ||||||
SPX (b) | 17,396 | 1,233 | ||||||
Stericycle (a) (b) | 13,272 | 1,157 | ||||||
Swift Transportation (a) (b) | 16,574 | 518 | ||||||
Teleflex (b) | 12,318 | 885 | ||||||
Thomas & Betts (a) | 16,281 | 887 | ||||||
Timken (b) | 28,408 | 937 | ||||||
Trinity Industries (b) | 24,229 | 1,124 | ||||||
United Rentals (a) (b) | 20,080 | 673 | ||||||
Werner Enterprises (b) | 15,865 | 300 | ||||||
YRC Worldwide (a) (b) | 17,840 | 710 | ||||||
59,049 | ||||||||
Information Technology – 15.4% | ||||||||
3Com (a) | 118,705 | 478 | ||||||
Activision (a) (b) | 75,406 | 1,508 | ||||||
Acxiom | 20,461 | 462 | ||||||
ADTRAN (b) | 19,528 | 497 | ||||||
Advent Software (a) | 6,103 | 205 | ||||||
Alliance Data Systems (a) (b) | 20,022 | 1,275 | ||||||
Amphenol, Class A (b) | 53,817 | 1,890 | ||||||
Andrew (a) (b) | 46,258 | 505 | ||||||
Arrow Electronics (a) (b) | 36,672 | 1,449 | ||||||
Atmel (a) | 128,968 | 686 | ||||||
Avnet (a) (b) | 38,774 | 1,586 | ||||||
Avocent (a) (b) | 15,309 | 429 | ||||||
BISYS Group (a) | 37,090 | 429 | ||||||
Broadridge Financial Solutions (a) | 41,288 | 827 | ||||||
Cadence Design Systems (a) (b) | 84,499 | 1,876 | ||||||
CDW (b) | 18,058 | 1,300 | ||||||
Ceridian (a) | 41,821 | 1,412 | ||||||
CheckFree (a) (b) | 26,901 | 905 | ||||||
CommScope (a) (b) | 17,694 | 825 | ||||||
Cree (a) (b) | 23,670 | 483 | ||||||
CSG Systems International (a) (b) | 14,962 | 401 | ||||||
Cypress Semiconductor (a) (b) | 53,372 | 1,218 | ||||||
Diebold | 19,965 | 952 | ||||||
DST Systems (a) (b) | 17,857 | 1,394 | ||||||
F5 Networks (a) | 12,113 | 930 | ||||||
Fair Isaac | 18,992 | 678 | ||||||
Fairchild Semiconductor International, Class A (a) | 36,843 | 648 | ||||||
Gartner, Class A (a) | 18,336 | 463 | ||||||
Global Payments (b) | 18,000 | 684 |
First American Funds Semiannual Report 2007 11
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Index Fund (continued) | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Harris | 40,297 | $ | 2,069 | ||||||
Imation | 9,750 | 360 | |||||||
Ingram Micro (a) | 41,815 | 820 | |||||||
Integrated Device Technology (a) | 60,130 | 901 | |||||||
International Rectifier (a) (b) | 21,717 | 766 | |||||||
Intersil, Class A | 42,324 | 1,261 | |||||||
Jack Henry & Associates | 22,950 | 545 | |||||||
KEMET (a) (b) | 26,648 | 226 | |||||||
Lam Research (a) (b) | 42,876 | 2,306 | |||||||
Lattice Semiconductor (a) | 34,415 | 188 | |||||||
Macrovision (a) | 16,007 | 389 | |||||||
McAfee (a) | 48,755 | 1,584 | |||||||
MEMC Electronic Materials (a) | 50,445 | 2,768 | |||||||
Mentor Graphics (a) | 24,509 | 397 | |||||||
Micrel (a) | 17,856 | 224 | |||||||
Microchip Technology (b) | 65,250 | 2,632 | |||||||
MPS Group (a) | 31,562 | 432 | |||||||
National Instruments | 16,989 | 473 | |||||||
Palm (a) (b) | 31,173 | 526 | |||||||
Parametric Technology (a) (b) | 30,852 | 548 | |||||||
Plantronics | 14,545 | 365 | |||||||
Polycom (a) | 26,991 | 899 | |||||||
Powerwave Technologies (a) (b) | 38,560 | 240 | |||||||
RF Micro Devices (a) (b) | 59,161 | 370 | |||||||
Semtech (a) | 22,370 | 323 | |||||||
Silicon Laboratories (a) (b) | 16,870 | 554 | |||||||
SRA International, Class A (a) (b) | 11,294 | 276 | |||||||
Sybase (a) | 27,448 | 664 | |||||||
Synopsys (a) | 42,432 | 1,174 | |||||||
Tech Data (a) | 17,358 | 617 | |||||||
Transaction Systems Architects (a) (b) | 11,147 | 354 | |||||||
TriQuint Semiconductor (a) (b) | 44,367 | 229 | |||||||
UTStarcom (a) (b) | 32,899 | 235 | |||||||
ValueClick (a) (b) | 29,541 | 845 | |||||||
Vishay Intertechnology (a) | 56,533 | 941 | |||||||
Western Digital (a) (b) | 66,179 | 1,170 | |||||||
Wind River Systems (a) | 22,943 | 226 | |||||||
Zebra Technology, Class A (a) (b) | 21,622 | 860 | |||||||
56,152 | |||||||||
Materials – 6.1% | |||||||||
Airgas | 23,506 | 1,047 | |||||||
Albemarle | 23,441 | 995 | |||||||
Bowater (b) | 17,942 | 393 | |||||||
Cabot Microelectronics | 19,016 | 861 | |||||||
Chemtura (b) | 74,589 | 823 | |||||||
Commercial Metals (b) | 36,746 | 1,232 | |||||||
Cytec Industries | 12,154 | 667 | |||||||
Ferro | 12,857 | 268 | |||||||
Florida Rock Industries (b) | 14,259 | 986 | |||||||
FMC | 11,811 | 909 | |||||||
Glatfelter (b) | 10,783 | 161 | |||||||
Louisiana Pacific (b) | 31,702 | 625 | |||||||
Lubrizol | 20,865 | 1,251 | |||||||
Lyondell Chemical (b) | 63,635 | 1,980 | |||||||
Martin Marietta Materials | 14,250 | 2,078 | |||||||
Minerals Technologies | 6,183 | 393 | |||||||
Olin (b) | 21,509 | 369 | |||||||
Packaging Corporation of America | 23,998 | 594 | |||||||
Reliance Steel & Aluminum | 19,345 | 1,149 | |||||||
RPM (b) | 36,020 | 766 | |||||||
Scotts | 13,715 | 617 | |||||||
Sensient Technologies | 13,955 | 365 | |||||||
Sonoco Products | 30,512 | 1,301 | |||||||
Steel Dynamics | 26,721 | 1,184 | |||||||
Valspar | 31,085 | 841 | |||||||
Worthington Industries (b) | 21,951 | 488 | |||||||
22,343 | |||||||||
Telecommunication Services – 0.7% | |||||||||
Cincinnati Bell (a) (b) | 76,029 | 385 | |||||||
NeuStar, Class A (a) (b) | 15,853 | 456 | |||||||
Telephone & Data Systems | 31,461 | 1,792 | |||||||
2,633 | |||||||||
Utilities – 7.9% | |||||||||
AGL Resources | 24,981 | 1,088 | |||||||
Alliant Energy (b) | 37,247 | 1,631 | |||||||
Aqua America (b) | 39,548 | 874 | |||||||
Aquila (a) | 112,615 | 465 | |||||||
Black Hills (b) | 10,286 | 410 | |||||||
DPL | 35,425 | 1,111 | |||||||
Duquesne Light Holdings | 23,837 | 475 | |||||||
Energy East | 47,180 | 1,143 | |||||||
Equitable Resources (b) | 36,462 | 1,896 | |||||||
Great Plains Energy (b) | 22,815 | 745 | |||||||
Hawaiian Electric Industries (b) | 24,846 | 654 | |||||||
IDACORP | 12,977 | 447 | |||||||
MDU Resources Group (b) | 55,185 | 1,672 | |||||||
National Fuel Gas (b) | 24,156 | 1,136 | |||||||
Northeast Utilities (b) | 46,381 | 1,492 | |||||||
NSTAR (b) | 32,791 | 1,177 | |||||||
OGE Energy | 26,164 | 1,006 | |||||||
ONEOK | 33,075 | 1,601 | |||||||
Pepco Holdings (b) | 59,999 | 1,771 | |||||||
PNM Resources (b) | 21,037 | 685 | |||||||
Puget Energy | 31,922 | 824 | |||||||
SCANA | 35,133 | 1,529 | |||||||
Sierra Pacific Resources (a) | 61,515 | 1,123 | |||||||
Vectren (b) | 23,362 | 679 | |||||||
Westar Energy (b) | 26,629 | 725 | |||||||
WGL Holdings (b) | 14,749 | 499 | |||||||
Wisconsin Energy | 35,925 | 1,753 | |||||||
28,611 | |||||||||
Total Common Stocks (Cost $252,432) | 358,501 | ||||||||
Short-Term Investments – 1.6% | |||||||||
Money Market Fund – 1.3% | |||||||||
First American Prime Obligations Fund, Class Z (d) | 4,920,846 | 4,921 | |||||||
U.S. Treasury Obligation – 0.3% | |||||||||
U.S. Treasury Bill (e) | |||||||||
4.790%, 08/09/2007 | $ | 1,000 | 987 | ||||||
Total Short-Term Investments (Cost $5,908) | 5,908 | ||||||||
Investment Purchased with Proceeds from Securities Lending – 41.9% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (d) (f) | |||||||||
(Cost $152,650) | 152,650,414 | 152,650 | |||||||
Total Investments – 142.0% (Cost $410,990) | 517,059 | ||||||||
Other Assets and Liabilities, Net – (42.0)% | (153,055 | ) | |||||||
Total Net Assets – 100.0% | $ | 364,004 | |||||||
The accompanying notes are an integral part of the financial statements.
12 First American Funds Semiannual Report 2007
Table of Contents
Mid Cap Index Fund (concluded)
(a) | Non-income producing security. |
(b) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $145,147 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(c) | Security is fair valued and illiquid. As of April 30, 2007, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(d) | Investment in affiliated security. As of April 30, 2007, the market value of these investments was $157,571 or 43.3% of total net assets. See note 3 in Notes to Financial Statements. |
(e) | Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements. |
(f) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
REIT – Real Estate Investment Trust
Schedule of Open Futures Contracts
Number of | ||||||||||||||||
Contracts | Notional | |||||||||||||||
Purchased | Contract | Settlement | Unrealized | |||||||||||||
Description | (Sold) | Value | Month | Appreciation | ||||||||||||
S&P MidCap 400 Futures | 12 | $ | 5,269 | June 2007 | $ | 293 | ||||||||||
Small Cap Index Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 97.7% | ||||||||
Consumer Discretionary – 15.3% | ||||||||
1-800 Flowers (a) | 2,466 | $ | 20 | |||||
99 Cents Only Stores (a) | 4,711 | 67 | ||||||
A.C. Moore Arts & Crafts (a) | 1,672 | 34 | ||||||
Aaron Rents (b) | 4,243 | 120 | ||||||
Aeropostale (a) | 5,363 | 221 | ||||||
AFC Enterprises (a) | 2,602 | 49 | ||||||
Aftermarket Technology (a) | 2,246 | 62 | ||||||
Ambassadors Group | 1,957 | 66 | ||||||
Ambassadors International | 739 | 30 | ||||||
American Axle & Manufacturing Holdings (b) | 4,842 | 135 | ||||||
American Greetings, Class A (b) | 5,513 | 140 | ||||||
America’s Car-Mart (a) | 977 | 13 | ||||||
Ameristar Casinos | 2,537 | 77 | ||||||
Andersons (b) | 1,472 | 68 | ||||||
Applebee’s International (b) | 7,040 | 191 | ||||||
Arbitron | 2,961 | 146 | ||||||
Arctic Cat | 1,451 | 26 | ||||||
ArvinMeritor (b) | 6,931 | 143 | ||||||
Asbury Automotive Group (b) | 1,378 | 40 | ||||||
Audible (a) (b) | 2,783 | 27 | ||||||
Avatar Holdings (a) (b) | 571 | 43 | ||||||
Bally Technologies (a) (b) | 5,406 | 126 | ||||||
Bally Total Fitness Holding (a) | 3,805 | 3 | ||||||
Bandag (b) | 906 | 46 | ||||||
Bebe Stores | 2,442 | 43 | ||||||
Belo, Class A (b) | 8,551 | 165 | ||||||
Big 5 Sporting Goods (b) | 2,245 | 57 | ||||||
Big Lots (a) (b) | 11,108 | 358 | ||||||
BJs Restaurants (a) | 1,504 | 31 | ||||||
Blockbuster, Class A (a) (b) | 18,754 | 116 | ||||||
Blount International (a) (b) | 3,920 | 53 | ||||||
Blue Nile (a) (b) | 1,375 | 65 | ||||||
Bluegreen (a) | 2,437 | 27 | ||||||
BLYTH | 2,683 | 70 | ||||||
Bob Evans Farms | 3,875 | 142 | ||||||
Bon-Ton Stores | 473 | 23 | ||||||
Books-A-Million | 1,464 | 24 | ||||||
Borders Group | 5,828 | 123 | ||||||
Brookfield Homes (b) | 1,212 | 41 | ||||||
Brown Shoe | 4,135 | 112 | ||||||
Buckle | 1,238 | 44 | ||||||
Buffalo Wild Wings (a) (b) | 810 | 53 | ||||||
Build-A-Bear Workshop (a) (b) | 1,521 | 42 | ||||||
Building Materials Holding (b) | 2,847 | 41 | ||||||
Cabelas (a) | 2,984 | 71 | ||||||
Cache (a) | 1,342 | 23 | ||||||
California Coastal Communities | 836 | 15 | ||||||
California Pizza Kitchen (a) (b) | 2,271 | 76 | ||||||
Callaway Golf (b) | 7,445 | 134 | ||||||
Carmike Cinemas | 1,203 | 30 | ||||||
Carters (a) (b) | 4,567 | 120 | ||||||
Casual Male Retail Group (a) (b) | 2,913 | 34 | ||||||
Catalina Marketing, Class C | 4,541 | 144 | ||||||
Cato, Class A | 2,967 | 64 | ||||||
Cavco Industries (a) | 443 | 17 | ||||||
CBRL Group (b) | 2,417 | 108 | ||||||
CEC Entertainment (a) | 3,316 | 138 | ||||||
Century Casinos (a) | 2,099 | 18 | ||||||
Champion Enterprise (a) | 7,500 | 77 | ||||||
Charlotte Russe Holding (a) | 1,616 | 44 | ||||||
Charming Shoppes (a) (b) | 12,037 | 150 | ||||||
Charter Communications, Class A (a) (b) | 37,736 | 114 | ||||||
Cherokee | 764 | 35 |
First American Funds Semiannual Report 2007 13
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Children’s Place Retail Stores (a) (b) | 2,215 | $ | 117 | |||||
Chipotle Mexican Grill (a) (b) | 2,100 | 126 | ||||||
Christopher & Banks | 3,897 | 67 | ||||||
Churchill Downs | 783 | 37 | ||||||
Citadel Broadcasting | 3,629 | 33 | ||||||
Citi Trends (a) | 652 | 26 | ||||||
CKE Restaurants (b) | 6,486 | 132 | ||||||
CKX (a) | 5,256 | 55 | ||||||
Coinmach Service | 2,558 | 27 | ||||||
Columbia Sportswear | 1,074 | 67 | ||||||
Conn’s (a) (b) | 806 | 21 | ||||||
Cooper Tire & Rubber (b) | 5,290 | 102 | ||||||
Core Mark Holding (a) | 801 | 28 | ||||||
Corinthian Colleges (a) (b) | 8,473 | 117 | ||||||
Cosi (a) (b) | 3,550 | 18 | ||||||
Cost Plus (a) (b) | 2,447 | 24 | ||||||
Courier | 1,043 | 41 | ||||||
Cox Radio (a) | 3,810 | 54 | ||||||
Crocs (a) (b) | 1,024 | 57 | ||||||
Crown Media Holdings, Class A (a) (b) | 2,148 | 12 | ||||||
CSK Auto (a) | 4,308 | 72 | ||||||
CSS Industries | 712 | 28 | ||||||
Cumulus Media, Class A (a) | 3,361 | 32 | ||||||
Deb Shops | 188 | 5 | ||||||
Deckers Outdoor (a) (b) | 1,126 | 85 | ||||||
Delias (a) | 1,996 | 17 | ||||||
Denny’s (a) | 10,082 | 47 | ||||||
DeVry | 5,921 | 195 | ||||||
Directed Electronics (a) (b) | 967 | 10 | ||||||
Domino’s Pizza | 3,729 | 120 | ||||||
Dover Downs Gaming & Entertainment | 1,280 | 17 | ||||||
Dover Motorsports | 2,081 | 12 | ||||||
Dress Barn (a) (b) | 4,467 | 89 | ||||||
Drew Industries (a) (b) | 1,723 | 50 | ||||||
Drugstore.com (a) | 7,802 | 21 | ||||||
DSW (a) (b) | 1,437 | 56 | ||||||
Emmis Communications, Class A | 3,380 | 34 | ||||||
Entercom Communications (b) | 3,128 | 87 | ||||||
Entravision Communications (a) | 6,791 | 67 | ||||||
Ethan Allen Interiors (b) | 3,251 | 115 | ||||||
Finish Line, Class A | 4,456 | 59 | ||||||
Fisher Communications (a) | 548 | 27 | ||||||
Fleetwood Enterprises (a) (b) | 6,326 | 53 | ||||||
Fossil (a) | 4,262 | 120 | ||||||
Fred’s | 3,925 | 57 | ||||||
Fuel Systems Solutions (a) | 1,155 | 20 | ||||||
Furniture Brands International | 4,846 | 78 | ||||||
Gaiam (a) | 1,680 | 26 | ||||||
Gaylord Entertainment (a) (b) | 3,960 | 217 | ||||||
Gemstar-TV Guide International (a) | 26,073 | 116 | ||||||
Genesco (a) | 2,464 | 125 | ||||||
GenTek (a) | 1,055 | 35 | ||||||
Gray Television | 4,585 | 49 | ||||||
Great Wolf Resorts (a) | 2,676 | 34 | ||||||
Group 1 Automotive | 2,444 | 100 | ||||||
GSI Commerce (a) (b) | 3,851 | 85 | ||||||
Guess ? | 4,327 | 170 | ||||||
Guitar Center (a) (b) | 2,804 | 130 | ||||||
Gymboree (a) | 3,437 | 131 | ||||||
Harris Interactive (a) | 6,171 | 37 | ||||||
Hartmarx (a) | 3,238 | 21 | ||||||
Haverty Furniture (b) | 2,038 | 26 | ||||||
Heelys (a) (b) | 625 | 21 | ||||||
Hibbett Sports (a) | 3,151 | 92 | ||||||
Home Solutions of America (a) (b) | 4,808 | 23 | ||||||
Hooker Furniture | 926 | 20 | ||||||
Hot Topic (a) | 4,343 | 49 | ||||||
Hovnanian Enterprises, Class A (a) (b) | 4,928 | 118 | ||||||
Iconix Brand Group (a) | 4,117 | 83 | ||||||
IHOP (b) | 1,807 | 106 | ||||||
Insight Enterprises (a) | 4,747 | 94 | ||||||
Interactive Data (b) | 3,166 | 91 | ||||||
Interface, Class A | 4,775 | 80 | ||||||
INVESTools (a) | 6,356 | 87 | ||||||
iRobot (a) (b) | 905 | 14 | ||||||
Isle of Capri Casinos (a) (b) | 1,485 | 36 | ||||||
J. Crew Group (a) (b) | 1,843 | 75 | ||||||
Jack in the Box (a) | 3,058 | 204 | ||||||
JAKKS Pacific (a) | 2,730 | 66 | ||||||
Jo-Ann Stores (a) | 2,365 | 71 | ||||||
Jos. A. Bank Clothiers (a) (b) | 1,776 | 69 | ||||||
Journal Communications, Class A | 3,905 | 53 | ||||||
Journal Register | 2,639 | 15 | ||||||
K2 (a) | 4,609 | 70 | ||||||
Kellwood | 2,570 | 72 | ||||||
Kenneth Cole Productions | 902 | 23 | ||||||
Keystone Automotive Industries (a) (b) | 1,745 | 58 | ||||||
Kimball International | 1,916 | 34 | ||||||
Krispy Kreme Doughnuts (a) (b) | 5,859 | 57 | ||||||
K-Swiss, Class A | 2,742 | 79 | ||||||
Lakes Entertainment (a) | 2,171 | 27 | ||||||
Landry’s Restaurants | 1,610 | 48 | ||||||
La-Z-Boy (b) | 5,087 | 59 | ||||||
LeapFrog Enterprises (a) | 3,420 | 37 | ||||||
Lear (a) | 7,417 | 272 | ||||||
Lee Enterprises (b) | 4,726 | 124 | ||||||
Levitt, Class A (b) | 1,903 | 16 | ||||||
Life Time Fitness (a) (b) | 2,955 | 152 | ||||||
Lifetime Brands (b) | 1,164 | 25 | ||||||
Lin TV, Class A (a) | 2,832 | 45 | ||||||
Lithia Motors (b) | 1,630 | 44 | ||||||
Live Nation (a) | 6,163 | 125 | ||||||
LKQ (a) (b) | 4,619 | 104 | ||||||
LodgeNet Entertainment (a) | 1,632 | 56 | ||||||
Lodgian (a) | 2,011 | 28 | ||||||
Luby’s (a) | 2,106 | 21 | ||||||
M/ I Homes | 1,319 | 39 | ||||||
Maidenform Brands (a) | 1,502 | 31 | ||||||
Marcus | 2,206 | 48 | ||||||
Marine Products | 1,449 | 13 | ||||||
MarineMax (a) (b) | 1,435 | 28 | ||||||
Martha Stewart Living (b) | 2,462 | 47 | ||||||
Marvel Entertainment (a) (b) | 4,866 | 144 | ||||||
McCormick & Schmick’s Seafood Restaurants (a) | 1,002 | 27 | ||||||
Media General, Class A (b) | 2,145 | 79 | ||||||
Mediacom Communications (a) | 5,449 | 47 | ||||||
Men’s Wearhouse | 4,625 | 200 | ||||||
Meritage Homes (a) | 2,276 | 79 | ||||||
Midas (a) (b) | 1,699 | 37 | ||||||
Modine Manufacturing | 3,278 | 76 | ||||||
Monaco Coach | 2,895 | 44 | ||||||
Monarch Casino & Resort (a) | 1,117 | 30 | ||||||
Monro Muffler Brake | 1,100 | 38 | ||||||
Morgans Hotel Group (a) | 1,859 | 41 | ||||||
Morningstar (a) | 1,453 | 76 | ||||||
Mortons Restaurant Group (a) | 387 | 7 | ||||||
Movado Group | 1,947 | 64 | ||||||
MTR Gaming Group (a) | 2,477 | 40 | ||||||
Multimedia Games (a) | 2,908 | 33 | ||||||
National Cinemedia (a) | 2,917 | 77 |
The accompanying notes are an integral part of the financial statements.
14 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
National Presto Industries | 428 | $ | 25 | |||||
Nautilus | 3,227 | 45 | ||||||
Netflix (a) (b) | 4,281 | 95 | ||||||
New York & Company (a) | 2,209 | 31 | ||||||
Noble International | 1,129 | 18 | ||||||
Oakley | 2,345 | 57 | ||||||
O’Charleys (a) | 2,439 | 51 | ||||||
Orleans Homebuilders (b) | 309 | 3 | ||||||
Outdoor Channel Holdings (a) | 852 | 9 | ||||||
Overstock.com (a) | 1,193 | 21 | ||||||
Oxford Industries (b) | 1,516 | 70 | ||||||
P.F. Chang’s China Bistro (a) (b) | 2,608 | 100 | ||||||
Pacific Sunwear of California (a) | 7,161 | 150 | ||||||
Palm Harbor Homes (a) (b) | 1,060 | 16 | ||||||
Papa John’s International (a) | 2,565 | 79 | ||||||
Payless ShoeSource (a) | 6,546 | 209 | ||||||
Pep Boys – Manny, Moe & Jack (b) | 5,334 | 99 | ||||||
Perry Ellis International (a) | 1,055 | 35 | ||||||
PetMed Express (a) | 1,938 | 21 | ||||||
Phillips Van-Heusen (b) | 5,434 | 304 | ||||||
Pier 1 Imports (b) | 8,565 | 65 | ||||||
Pinnacle Entertainment (a) | 5,794 | 163 | ||||||
Playboy Enterprises, Class B (a) | 2,269 | 22 | ||||||
Polaris Industries (b) | 3,442 | 174 | ||||||
Prestige Brand Holdings (a) | 3,069 | 40 | ||||||
Priceline.com (a) (b) | 2,295 | 128 | ||||||
PRIMEDIA (a) | 20,511 | 51 | ||||||
Private Media Group (a) (b) | 2,603 | 6 | ||||||
Progressive Gaming International (a) (b) | 3,595 | 16 | ||||||
Quantum Fuel Systems Technologies Worldwide (a) (b) | 5,918 | 8 | ||||||
Quiksilver (a) (b) | 11,900 | 158 | ||||||
Radio One (a) | 7,428 | 52 | ||||||
RARE Hospitality International (a) | 3,798 | 111 | ||||||
Raser Technologies (a) (b) | 2,097 | 12 | ||||||
RC2 (a) (b) | 2,152 | 86 | ||||||
RCN (a) | 2,496 | 67 | ||||||
Red Robin Gourmet Burgers (a) (b) | 1,683 | 67 | ||||||
Regis | 4,491 | 172 | ||||||
Rent-A-Center (a) | 6,742 | 188 | ||||||
Restoration Hardware (a) | 2,908 | 18 | ||||||
Retail Ventures (a) (b) | 1,828 | 37 | ||||||
Riviera Holdings (a) | 965 | 29 | ||||||
Ruby Tuesday | 6,291 | 168 | ||||||
Russ Berrie and Company (a) | 241 | 4 | ||||||
Ruth’s Chris Steak House (a) | 1,802 | 36 | ||||||
Salem Communications | 1,382 | 16 | ||||||
Sauer-Danfoss | 1,100 | 33 | ||||||
Scholastic (a) | 3,343 | 103 | ||||||
Sealy (b) | 1,525 | 26 | ||||||
Select Comfort (a) (b) | 5,327 | 99 | ||||||
Shiloh Industries | 498 | 5 | ||||||
Shoe Carnival (a) | 870 | 27 | ||||||
Shuffle Master (a) (b) | 3,420 | 58 | ||||||
Sinclair Broadcast Group, Class A | 4,585 | 75 | ||||||
Six Flags (a) | 6,995 | 42 | ||||||
Skechers USA (a) | 1,047 | 33 | ||||||
Skyline | 671 | 22 | ||||||
Smith & Wesson (a) (b) | 3,013 | 41 | ||||||
Sonic Automotive, Class A (b) | 2,964 | 85 | ||||||
Sonic (a) | 5,804 | 130 | ||||||
Source Interlink Companies (a) (b) | 3,515 | 23 | ||||||
Spanish Broadcasting System (a) | 4,547 | 15 | ||||||
Speedway Motorsports | 1,485 | 58 | ||||||
Stage Stores | 4,230 | 93 | ||||||
Stamps.com (a) | 1,915 | 27 | ||||||
Stanley Furniture | 1,095 | 24 | ||||||
Steak ’N Shake (a) | 3,103 | 50 | ||||||
Stein Mart | 2,713 | 44 | ||||||
Steinway Musical Instruments | 851 | 27 | ||||||
Steven Madden | 2,047 | 61 | ||||||
Strayer Education | 1,411 | 175 | ||||||
Stride Rite | 3,611 | 51 | ||||||
Sun-Times Media Group | 7,811 | 48 | ||||||
Superior Industries International | 1,550 | 35 | ||||||
Systemax (b) | 949 | 16 | ||||||
Talbots (b) | 2,349 | 55 | ||||||
Tarragon Realty Investors (a) | 1,203 | 12 | ||||||
Technical Olympic USA (b) | 1,567 | 7 | ||||||
Tempur-Pedic International | 4,666 | 121 | ||||||
Tenneco Automotive (a) (b) | 4,607 | 138 | ||||||
Texas Roadhouse, Class A (a) (b) | 5,257 | 77 | ||||||
Timberland, Class A (a) (b) | 4,817 | 124 | ||||||
TiVo (a) (b) | 7,852 | 50 | ||||||
Triarc, Class B (b) | 5,425 | 88 | ||||||
True Religion Apparel (a) (b) | 1,361 | 20 | ||||||
Trump Entertainment Resorts (a) (b) | 3,004 | 49 | ||||||
Tuesday Morning (b) | 2,842 | 40 | ||||||
Tupperware (b) | 5,563 | 156 | ||||||
Tween Brands (a) (b) | 3,305 | 129 | ||||||
Under Armour (a) (b) | 2,148 | 108 | ||||||
UniFirst | 1,031 | 43 | ||||||
Universal Electronics (a) | 1,566 | 44 | ||||||
Vail Resorts (a) | 2,977 | 170 | ||||||
Valassis Communications (a) (b) | 4,700 | 90 | ||||||
ValueVision Media (a) | 2,437 | 28 | ||||||
Visteon (a) (b) | 12,589 | 115 | ||||||
Volcom (a) | 1,355 | 57 | ||||||
Warnaco Group, Class A (a) | 4,625 | 131 | ||||||
WCI Communities (a) | 3,434 | 75 | ||||||
West Marine (a) (b) | 1,439 | 21 | ||||||
Westwood One | 6,384 | 43 | ||||||
Wet Seal, Class A (a) | 6,119 | 37 | ||||||
Weyco Group | 236 | 6 | ||||||
Winnebago Industries (b) | 3,202 | 103 | ||||||
WMS Industries (a) (b) | 2,452 | 98 | ||||||
Wolverine World Wide | 5,742 | 164 | ||||||
World Wrestling Entertainment | 2,097 | 36 | ||||||
Xerium Technologies | 1,754 | 14 | ||||||
Zale (a) | 4,711 | 131 | ||||||
Zumiez (a) (b) | 1,489 | 59 | ||||||
20,856 | ||||||||
Consumer Staples – 3.2% | ||||||||
Alico (b) | 514 | 30 | ||||||
Alliance One International (a) | 9,526 | 93 | ||||||
American Oriental Bioengineering (a) (b) | 4,614 | 46 | ||||||
Arden Group, Class A | 128 | 17 | ||||||
Boston Beer, Class A (a) | 565 | 18 | ||||||
Casey’s General Stores | 4,890 | 123 | ||||||
Central European Distribution (a) (b) | 2,968 | 88 | ||||||
Central Garden & Pet, Class A (a) (b) | 4,275 | 61 | ||||||
Chattem (a) (b) | 1,715 | 98 | ||||||
Chiquita Brands International (b) | 4,140 | 61 | ||||||
Coca-Cola Bottling | 491 | 27 | ||||||
Darling International (a) | 6,972 | 54 | ||||||
Delta & Pine Land | 3,500 | 144 | ||||||
Diamond Foods | 1,230 | 20 | ||||||
Elizabeth Arden (a) | 2,778 | 63 | ||||||
Farmer Brothers | 747 | 16 | ||||||
Flowers Foods (b) | 5,020 | 157 |
First American Funds Semiannual Report 2007 15
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Great Atlantic & Pacific Tea (a) | 1,927 | $ | 62 | |||||
Green Mountain Coffee Roasters (a) (b) | 571 | 35 | ||||||
Hain Celestial Group (a) | 3,015 | 91 | ||||||
Imperial Sugar (b) | 1,167 | 35 | ||||||
Ingles Markets, Class A | 1,157 | 42 | ||||||
Inter Parfums | 546 | 13 | ||||||
J&J Snack Foods | 1,380 | 54 | ||||||
Jones Soda (a) (b) | 2,259 | 56 | ||||||
Lancaster Colony | 2,003 | 85 | ||||||
Lance (b) | 3,274 | 72 | ||||||
Longs Drug Stores | 3,131 | 171 | ||||||
M & F Worldwide (a) | 1,078 | 69 | ||||||
Mannatech (b) | 1,753 | 27 | ||||||
Maui Land & Pineapple (a) | 476 | 16 | ||||||
Medifast (a) | 1,200 | 9 | ||||||
MGP Ingredients | 986 | 20 | ||||||
Nash-Finch (b) | 1,417 | 55 | ||||||
National Beverage (a) | 1,153 | 18 | ||||||
NBTY (a) | 5,356 | 265 | ||||||
Nu Skin Enterprises, Class A | 5,735 | 99 | ||||||
Pantry (a) | 2,201 | 99 | ||||||
Parlux Fragrances (a) (b) | 1,384 | 6 | ||||||
Pathmark Stores (a) | 5,014 | 63 | ||||||
Peets Coffee & Tea (a) | 1,360 | 35 | ||||||
Performance Food Group (a) | 3,400 | 106 | ||||||
Pilgrim’s Pride (b) | 3,890 | 142 | ||||||
Playtex Products (a) | 5,770 | 88 | ||||||
Premium Standard Farms | 892 | 19 | ||||||
PriceSmart | 822 | 14 | ||||||
Ralcorp Holdings (a) | 2,605 | 171 | ||||||
Reddy Ice Holdings | 1,277 | 37 | ||||||
Revlon (a) (b) | 21,633 | 28 | ||||||
Ruddick (b) | 3,526 | 106 | ||||||
Sanderson Farms (b) | 1,800 | 71 | ||||||
Seaboard (b) | 35 | 87 | ||||||
Smart & Final (a) | 1,387 | 30 | ||||||
Spartan Stores | 2,257 | 58 | ||||||
Spectrum Brands (a) (b) | 3,562 | 25 | ||||||
Tiens Biotech Group USA (a) (b) | 625 | 3 | ||||||
Tootsie Roll Industries (b) | 3,248 | 94 | ||||||
Topps | 4,116 | 41 | ||||||
Treehouse Foods (a) | 2,854 | 86 | ||||||
United Natural Foods (a) (b) | 4,151 | 129 | ||||||
Universal (b) | 2,395 | 150 | ||||||
USANA Health Sciences (a) (b) | 951 | 38 | ||||||
Vector Group (b) | 4,156 | 76 | ||||||
Village Super Market | 340 | 15 | ||||||
WD-40 Company | 1,712 | 59 | ||||||
Weis Markets | 834 | 36 | ||||||
Wild Oats Markets (a) | 3,416 | 62 | ||||||
4,384 | ||||||||
Energy – 4.9% | ||||||||
Allis Chalmers Energy (a) | 2,316 | 45 | ||||||
Alon USA Energy (b) | 958 | 36 | ||||||
Arena Resources (a) (b) | 1,103 | 52 | ||||||
Atlas America (a) | 1,708 | 102 | ||||||
ATP Oil & Gas (a) (b) | 1,974 | 86 | ||||||
Atwood Oceanics (a) (b) | 2,800 | 176 | ||||||
Aurora Oil & Gas (a) (b) | 8,156 | 21 | ||||||
Aventine Renewable Energy (a) | 2,748 | 53 | ||||||
Basic Energy Services (a) | 1,278 | 33 | ||||||
Berry Petroleum, Class A | 3,472 | 118 | ||||||
Bill Barrett (a) (b) | 2,941 | 108 | ||||||
Bois D’ Arc Energy (a) | 1,447 | 22 | ||||||
Brigham Exploration (a) | 4,699 | 28 | ||||||
Bristow Group (a) | 2,298 | 86 | ||||||
Bronco Drilling (a) (b) | 1,404 | 25 | ||||||
Callon Petroleum (a) | 2,099 | 29 | ||||||
Carbo Ceramics (b) | 2,253 | 98 | ||||||
Carrizo Oil & Gas (a) | 2,168 | 80 | ||||||
Clayton Williams Energy (a) | 521 | 14 | ||||||
Complete Production Services (a) (b) | 2,129 | 51 | ||||||
Comstock Resources (a) (b) | 4,227 | 120 | ||||||
Crosstex Energy (b) | 2,405 | 72 | ||||||
Dawson Geophysical (a) | 777 | 40 | ||||||
Delek US Holdings | 513 | 10 | ||||||
Delta Petroleum (a) (b) | 5,177 | 112 | ||||||
Dril-Quip (a) | 2,287 | 115 | ||||||
Edge Petroleum (a) (b) | 1,734 | 24 | ||||||
Encore Acquisition (a) (b) | 4,943 | 132 | ||||||
Energy Partners (a) | 3,030 | 51 | ||||||
Evergreen Energy (a) (b) | 6,949 | 42 | ||||||
EXCO Resources (a) | 5,372 | 90 | ||||||
Exploration Company of Delaware (a) | 3,013 | 31 | ||||||
Gasco Energy (a) (b) | 8,349 | 15 | ||||||
GeoGlobal Resources (a) (b) | 3,096 | 18 | ||||||
Giant Industries (a) | 1,422 | 107 | ||||||
GMX Resources (a) (b) | 818 | 27 | ||||||
Goodrich Petroleum (a) (b) | 1,299 | 46 | ||||||
Grey Wolf (a) | 21,201 | 152 | ||||||
Gulf Island Fabrication (b) | 665 | 20 | ||||||
GulfMark Offshore (a) | 1,630 | 78 | ||||||
Gulfport Energy (a) | 1,322 | 20 | ||||||
Hanover Compressor (a) (b) | 10,085 | 218 | ||||||
Harvest Natural Resources (a) | 3,642 | 37 | ||||||
Hercules Offshore (a) (b) | 2,094 | 66 | ||||||
Hornbeck Offshore Services (a) (b) | 2,222 | 70 | ||||||
Houston Exploration (a) | 2,819 | 156 | ||||||
Hydril (a) (b) | 1,656 | 160 | ||||||
Input/ Output (a) (b) | 6,932 | 97 | ||||||
International Coal Group (a) (b) | 10,899 | 61 | ||||||
James River Coal (a) (b) | 1,618 | 15 | ||||||
Lone Star Technologies (a) | 3,027 | 201 | ||||||
Lufkin Industries | 1,456 | 91 | ||||||
Mariner Energy (a) (b) | 7,134 | 161 | ||||||
MarkWest Hydrocarbon | 615 | 37 | ||||||
Matrix Service (a) | 2,126 | 52 | ||||||
McMoRan Exploration (a) | 2,402 | 31 | ||||||
Meridian Resource (a) | 8,478 | 22 | ||||||
Metretek Technologies (a) | 1,622 | 20 | ||||||
Natco Group (a) | 1,510 | 58 | ||||||
Newpark Resources (a) | 9,283 | 76 | ||||||
NGP Capital Resources | 1,712 | 27 | ||||||
NTR Acquisition (a) | 2,385 | 22 | ||||||
Oil States International (a) (b) | 4,799 | 163 | ||||||
Pacific Ethanol (a) (b) | 2,601 | 38 | ||||||
Parallel Petroleum (a) (b) | 3,708 | 86 | ||||||
Parker Drilling (a) | 10,452 | 113 | ||||||
Penn Virginia (b) | 1,834 | 147 | ||||||
Petrocorp, Escrow Shares (a) (c) | 2,040 | — | ||||||
Petrohawk Energy (a) (b) | 13,990 | 202 | ||||||
Petroleum Development (a) (b) | 1,420 | 74 | ||||||
PetroQuest Energy (a) (b) | 4,472 | 51 | ||||||
PHI (a) | 1,448 | 39 | ||||||
Pioneer Drilling (a) | 4,273 | 59 | ||||||
PrimeEnergy (a) | 77 | 4 | ||||||
Quest Resource (a) (b) | 2,020 | 19 | ||||||
RAM Energy Resources (a) (b) | 2,117 | 10 | ||||||
Rentech (a) (b) | 14,276 | 34 | ||||||
Resource America, Class A | 1,773 | 39 |
The accompanying notes are an integral part of the financial statements.
16 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Rosetta Resources (a) (b) | 5,185 | $ | 112 | |||||
RPC | 3,146 | 52 | ||||||
Stone Energy (a) | 2,584 | 77 | ||||||
SulphCo (a) (b) | 3,593 | 17 | ||||||
Superior Well Services (a) | 1,080 | 27 | ||||||
Swift Energy (a) (b) | 2,866 | 116 | ||||||
Syntroleum (a) | 4,341 | 14 | ||||||
Toreador Resources (a) | 1,189 | 19 | ||||||
Transmeridian Exploration (a) (b) | 7,095 | 19 | ||||||
Trico Marine Service (a) | 874 | 34 | ||||||
Union Drilling (a) | 893 | 14 | ||||||
Universal Compression Holdings (a) | 2,881 | 192 | ||||||
US BioEnergy (a) | 501 | 7 | ||||||
Vaalco Energy (a) | 5,952 | 32 | ||||||
VeraSun Energy (a) (b) | 1,314 | 26 | ||||||
Warren Resources (a) (b) | 5,510 | 73 | ||||||
Western Refining | 2,295 | 91 | ||||||
Westmoreland Coal (a) | 691 | 16 | ||||||
W-H Energy Services (a) | 3,176 | 172 | ||||||
Whiting Petroleum (a) | 3,558 | 157 | ||||||
World Fuel Services | 2,706 | 125 | ||||||
6,733 | ||||||||
Financials – 20.3% | ||||||||
1st Source | 1,367 | 34 | ||||||
21st Century Insurance Group | 3,034 | 63 | ||||||
Acadia Realty Trust – REIT | 2,973 | 80 | ||||||
Accredited Home Lenders Holdings (a) (b) | 2,189 | 26 | ||||||
Advance America Cash Advance Centers (b) | 6,642 | 114 | ||||||
Advanta, Class B | 1,901 | 87 | ||||||
Affirmative Insurance | 953 | 15 | ||||||
Affordable Residential Communities – REIT (a) | 4,528 | 53 | ||||||
Agree Realty – REIT | 368 | 12 | ||||||
Alabama National BanCorporation (b) | 1,469 | 92 | ||||||
Alexander’s – REIT (a) | 232 | 89 | ||||||
Alexandria Real Estate Equities – REIT (b) | 2,329 | 247 | ||||||
Alfa | 3,445 | 62 | ||||||
AMCORE Financial | 2,238 | 64 | ||||||
American Campus Communities – REIT (b) | 1,617 | 50 | ||||||
American Equity Investment Life Holding (b) | 5,711 | 78 | ||||||
American Financial Realty Trust – REIT (b) | 12,287 | 130 | ||||||
American Home Mortgage Investment – REIT (b) | 4,324 | 107 | ||||||
American Physicians Capital (a) | 1,118 | 44 | ||||||
American West Bancorp | 1,111 | 22 | ||||||
Ameris Bancorp | 1,239 | 28 | ||||||
Amtrust Financial Services (b) | 1,212 | 15 | ||||||
Anchor Bancorp | 1,921 | 52 | ||||||
Anthracite Capital – REIT | 6,106 | 71 | ||||||
Anworth Mortgage Asset – REIT (b) | 5,669 | 54 | ||||||
Apollo Investment (b) | 7,623 | 167 | ||||||
Arbor Realty Trust – REIT | 918 | 28 | ||||||
Ares Capital | 3,796 | 68 | ||||||
Argonaut Group (a) (b) | 3,211 | 108 | ||||||
Arrow Financial | 1,361 | 30 | ||||||
Ashford Hospitality Trust – REIT (b) | 5,860 | 70 | ||||||
Asta Funding | 1,139 | 50 | ||||||
Baldwin & Lyons, Class B | 905 | 22 | ||||||
BancFirst | 922 | 39 | ||||||
Bancorp Bank (a) | 1,104 | 27 | ||||||
BancTrust Financial Group | 1,240 | 25 | ||||||
Bank Mutual | 6,591 | 78 | ||||||
Bank of Granite | 1,581 | 26 | ||||||
Bank of the Ozarks | 1,551 | 46 | ||||||
BankAtlantic Bancorp, Class A | 4,612 | 44 | ||||||
BankFinancial (b) | 1,730 | 28 | ||||||
BankUnited Financial, Class A (b) | 2,794 | 60 | ||||||
Banner | 1,220 | 46 | ||||||
Berkshire Hills Bancorp | 726 | 23 | ||||||
BFC Financial (a) | 956 | 3 | ||||||
BioMed Realty Trust – REIT (b) | 6,215 | 178 | ||||||
Boston Private Financial (b) | 3,392 | 94 | ||||||
Bristol West Holdings | 1,847 | 41 | ||||||
Brookline Bancorp (b) | 6,861 | 82 | ||||||
Cadence Financial | 272 | 5 | ||||||
Calamos Asset Management | 2,561 | 60 | ||||||
Camden National | 651 | 26 | ||||||
Capital City Bank Group | 1,449 | 43 | ||||||
Capital Corporation of the West | 1,032 | 25 | ||||||
Capital Lease Funding – REIT | 3,230 | 36 | ||||||
Capital Southwest (b) | 304 | 47 | ||||||
Capital Trust – REIT | 1,497 | 71 | ||||||
Capitol Bancorp | 1,428 | 43 | ||||||
Cardinal Financial | 2,518 | 24 | ||||||
Cascade Bancorp (b) | 2,280 | 49 | ||||||
Cash America International (b) | 2,912 | 126 | ||||||
Cathay General Bancorp (b) | 4,770 | 156 | ||||||
CBRE Realty Finance – REIT | 1,015 | 13 | ||||||
Cedar Shopping Centers – REIT | 4,180 | 67 | ||||||
Centennial Bank Holdings (a) | 4,998 | 44 | ||||||
Center Financial | 1,375 | 22 | ||||||
Centerline Holdings | 5,382 | 97 | ||||||
Centerstate Banks of Florida (b) | 311 | 5 | ||||||
Central Pacific Financial | 2,998 | 103 | ||||||
Chemical Financial (b) | 2,466 | 66 | ||||||
Chittenden (b) | 4,913 | 143 | ||||||
Citizens Banking (b) | 7,314 | 146 | ||||||
Citizens First Bancorp | 542 | 11 | ||||||
City Bank | 1,284 | 40 | ||||||
City Holdings | 1,907 | 72 | ||||||
Clayton Holdings (a) | 890 | 16 | ||||||
Clifton Savings Bancorp | 2,036 | 24 | ||||||
CNA Surety (a) | 1,651 | 34 | ||||||
Coastal Financial | 1,960 | 31 | ||||||
CoBiz (b) | 1,846 | 34 | ||||||
Cohen & Steers (b) | 1,571 | 81 | ||||||
Columbia Bancorp Oregon | 565 | 12 | ||||||
Columbia Banking System | 1,656 | 50 | ||||||
Commerce Group (b) | 5,058 | 165 | ||||||
Community Bancorp – Nevada (a) | 218 | 7 | ||||||
Community Bank System | 3,220 | 66 | ||||||
Community Banks | 2,387 | 56 | ||||||
Community Trust Bancorp | 1,651 | 55 | ||||||
Compass Diversified Trust | 1,354 | 21 | ||||||
CompuCredit (a) (b) | 2,028 | 73 | ||||||
Consolidated-Tomoka Land | 558 | 42 | ||||||
Corporate Office Properties Trust – REIT (b) | 3,730 | 176 | ||||||
Corus Bankshares (b) | 4,098 | 69 | ||||||
Cousins Properties – REIT (b) | 3,768 | 126 | ||||||
Crawford & Company | 1,640 | 11 | ||||||
Credit Acceptance (a) | 687 | 18 | ||||||
Crescent Real Estate Equities – REIT (b) | 7,213 | 148 | ||||||
Crystal River Capital – REIT | 198 | 5 | ||||||
CVB Financial (b) | 7,179 | 85 | ||||||
DCT Industrial Trust – REIT (b) | 13,119 | 147 | ||||||
Deerfield Triarc Capital – REIT (b) | 4,236 | 69 | ||||||
Delphi Financial Group, Class A | 4,090 | 175 | ||||||
DiamondRock Hospitality – REIT | 7,386 | 135 | ||||||
Digital Realty Trust – REIT | 3,093 | 125 | ||||||
Dime Community Bancshares | 3,192 | 42 | ||||||
Dollar Financial (a) | 971 | 28 | ||||||
Donegal Group, Class A | 1,616 | 25 |
First American Funds Semiannual Report 2007 17
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Doral Financial (a) (b) | 9,094 | $ | 13 | |||||
Downey Financial (b) | 1,684 | 113 | ||||||
EastGroup Properties – REIT (b) | 2,757 | 138 | ||||||
Education Realty Trust – REIT (b) | 2,645 | 38 | ||||||
eHealth (a) | 558 | 12 | ||||||
EMC Insurance Group | 583 | 15 | ||||||
Employers Holdings (a) | 3,225 | 64 | ||||||
Enterprise Financial Services (b) | 999 | 24 | ||||||
Entertainment Properties Trust – REIT (b) | 2,833 | 171 | ||||||
Equity Inns – REIT (b) | 5,996 | 103 | ||||||
Equity Lifestyle Properties – REIT (b) | 2,487 | 135 | ||||||
Equity One – REIT (b) | 4,053 | 113 | ||||||
eSpeed, Class A (a) | 2,505 | 23 | ||||||
Extra Space Storage – REIT (b) | 5,489 | 103 | ||||||
Ezcorp (a) | 3,664 | 56 | ||||||
F.N.B. (b) | 6,144 | 103 | ||||||
F.N.B. – Virginia | 772 | 26 | ||||||
Farmers Capital Bank | 874 | 25 | ||||||
FBL Financial Group, Class A | 922 | 36 | ||||||
Federal Agricultural Mortgage, Class C | 1,189 | 33 | ||||||
FelCor Lodging Trust – REIT | 5,480 | 140 | ||||||
Fieldstone Investment – REIT | 5,433 | 20 | ||||||
Financial Federal (b) | 2,761 | 73 | ||||||
First Acceptance (a) | 1,941 | 20 | ||||||
First Bancorp – North Carolina | 1,267 | 26 | ||||||
First Bancorp of Puerto Rico (b) | 7,238 | 91 | ||||||
First Busey | 1,472 | 30 | ||||||
First Cash Financial Services (a) | 2,759 | 63 | ||||||
First Charter | 3,188 | 70 | ||||||
First Commonwealth Financial – Pennsylvania | 7,402 | 82 | ||||||
First Community Bancorp | 1,945 | 107 | ||||||
First Community Bancshares – Nevada | 982 | 32 | ||||||
First Financial – Indiana | 1,432 | 41 | ||||||
First Financial Bancorp – Ohio | 3,385 | 50 | ||||||
First Financial Bankshares (b) | 2,027 | 78 | ||||||
First Financial Holdings | 1,377 | 47 | ||||||
First Indiana | 1,607 | 31 | ||||||
First Industrial Realty Trust – REIT (b) | 4,765 | 209 | ||||||
First Merchants | 2,063 | 45 | ||||||
First Midwest Bancorp (b) | 4,781 | 172 | ||||||
First Niagara Financial Group | 10,931 | 149 | ||||||
First Place Financial | 1,642 | 33 | ||||||
First Potomac Realty Trust – REIT (b) | 2,080 | 54 | ||||||
First Regional Bancorp (a) | 929 | 23 | ||||||
First Republic Bank – California | 2,377 | 129 | ||||||
First South Bancorp (b) | 406 | 11 | ||||||
First State Bancorp – New Mexico | 1,648 | 34 | ||||||
FirstBank Fractional Shares (a) (c) | 0.29 | — | ||||||
FirstFed Financial (a) (b) | 1,804 | 111 | ||||||
FirstMerit (b) | 7,382 | 154 | ||||||
Flagstar Bancorp (b) | 3,955 | 47 | ||||||
Flushing Financial (b) | 2,439 | 38 | ||||||
FPIC Insurance Group (a) | 1,136 | 52 | ||||||
Franklin Bank (a) | 1,304 | 20 | ||||||
Franklin Street Properties – REIT (b) | 5,302 | 96 | ||||||
Freedom Acquisition Holdings (a) | 5,127 | 48 | ||||||
Fremont General (b) | 6,473 | 49 | ||||||
Friedman Billings Ramsey Group – REIT (b) | 14,406 | 80 | ||||||
Frontier Financial (b) | 4,076 | 101 | ||||||
GAMCO Investors (b) | 484 | 22 | ||||||
GB&T Bancshares | 1,446 | 24 | ||||||
Getty Realty – REIT | 2,175 | 62 | ||||||
GFI Group (a) (b) | 1,232 | 85 | ||||||
Glacier Bancorp | 4,919 | 106 | ||||||
Gladstone Capital (b) | 1,349 | 32 | ||||||
Gladstone Investment | 1,290 | 18 | ||||||
Glimcher Realty Trust – REIT (b) | 3,604 | 97 | ||||||
GMH Communities Trust – REIT | 4,009 | 40 | ||||||
Gramercy Capital – REIT | 1,222 | 40 | ||||||
Great American Financial Resources | 1,023 | 25 | ||||||
Great Southern Bancorp | 1,161 | 32 | ||||||
Greater Bay Bancorp (b) | 4,953 | 128 | ||||||
Greene County Bancshares | 401 | 13 | ||||||
Greenhill & Company (b) | 1,821 | 115 | ||||||
Hancock Holding (b) | 2,657 | 104 | ||||||
Hanmi Financial | 4,137 | 68 | ||||||
Harleysville Group | 1,584 | 48 | ||||||
Harleysville National | 3,066 | 52 | ||||||
Harris & Harris Group (a) (b) | 2,167 | 29 | ||||||
Healthcare Realty Trust – REIT (b) | 4,443 | 151 | ||||||
Heartland Financial USA | 1,422 | 36 | ||||||
Heritage Commerce | 1,553 | 34 | ||||||
Hersha Hospitality Trust – REIT | 3,950 | 47 | ||||||
HFF (a) | 1,466 | 23 | ||||||
Highland Distressed Opportunities (a) | 1,683 | 25 | ||||||
Highland Hospitality – REIT (b) | 6,093 | 116 | ||||||
Highwoods Properties – REIT (b) | 5,317 | 217 | ||||||
Hilb, Rogal & Hobbs (b) | 3,363 | 146 | ||||||
Home Properties – REIT (b) | 3,314 | 185 | ||||||
HomeBanc – REIT | 5,572 | 16 | ||||||
Horace Mann Educators (b) | 4,768 | 100 | ||||||
Horizon Financial | 1,409 | 30 | ||||||
IBERIABANK | 1,097 | 58 | ||||||
IMPAC Mortgage Holdings – REIT (b) | 7,487 | 42 | ||||||
Independence Holdings | 669 | 14 | ||||||
Independent Bank (b) | 1,482 | 44 | ||||||
Independent Bank – Michigan | 2,546 | 42 | ||||||
Infinity Property & Casualty | 2,311 | 107 | ||||||
Inland Real Estate – REIT (b) | 6,788 | 123 | ||||||
Innkeepers USA Trust – REIT (b) | 4,228 | 74 | ||||||
Integra Bank | 1,815 | 41 | ||||||
International Bancshares | 4,035 | 116 | ||||||
International Securities Exchange (b) | 3,931 | 262 | ||||||
Intervest Bancshares (a) | 498 | 13 | ||||||
Investors Bancorp (a) (b) | 3,982 | 57 | ||||||
Investors Real Estate Trust – REIT | 4,580 | 48 | ||||||
Irwin Financial | 2,184 | 35 | ||||||
ITLA Capital | 645 | 33 | ||||||
James River Group | 943 | 29 | ||||||
JER Investment Trust – REIT | 1,874 | 33 | ||||||
Kansas City Life Insurance | 60 | 3 | ||||||
KBW (a) | 333 | 11 | ||||||
Kearny Financial | 2,850 | 40 | ||||||
Kite Realty Group Trust – REIT | 2,652 | 53 | ||||||
KKR Financial (b) | 7,577 | 202 | ||||||
KNBT Bancorp | 2,849 | 43 | ||||||
Knight Capital Group, Class A (a) (b) | 10,268 | 166 | ||||||
Kohlberg Capital | 1,312 | 24 | ||||||
LaBranche (a) (b) | 5,215 | 42 | ||||||
Lakeland Bancorp (b) | 2,135 | 28 | ||||||
Lakeland Financial | 1,186 | 26 | ||||||
LandAmerica Financial Group (b) | 1,752 | 141 | ||||||
LaSalle Hotel Properties – REIT (b) | 3,818 | 177 | ||||||
Lexington Corporate Properties Trust – REIT (b) | 7,332 | 153 | ||||||
LTC Properties – REIT | 1,977 | 50 | ||||||
Luminent Mortgage Capital – REIT | 4,710 | 39 | ||||||
Macatawa Bank | 1,915 | 31 | ||||||
MAF Bancorp (b) | 3,284 | 132 | ||||||
Maguire Properties – REIT | 4,090 | 147 | ||||||
MainSource Financial Group (b) | 1,403 | 23 |
The accompanying notes are an integral part of the financial statements.
18 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
MarketAxess Holdings (a) | 2,918 | $ | 48 | |||||
Marlin Business Services (a) | 820 | 19 | ||||||
MB Financial (b) | 2,797 | 94 | ||||||
MBT Financial | 1,709 | 21 | ||||||
MCG Capital | 4,745 | 84 | ||||||
Meadowbrook Insurance Group (a) | 2,599 | 29 | ||||||
Medallion Financial | 1,190 | 14 | ||||||
Medical Properties Trust – REIT (b) | 3,089 | 44 | ||||||
Mercantile Bank | 915 | 25 | ||||||
Meruelo Maddux Properties (a) | 3,510 | 28 | ||||||
MetroCorp Bancshares | 211 | 4 | ||||||
MFA Mortgage Investments – REIT | 9,190 | 67 | ||||||
Mid-America Apartment Communities – REIT | 2,068 | 112 | ||||||
Midland | 1,131 | 50 | ||||||
Mid-State Bancshares | 2,194 | 81 | ||||||
Midwest Banc Holdings (b) | 1,484 | 25 | ||||||
Move (a) | 9,856 | 46 | ||||||
MVC Capital (b) | 1,730 | 30 | ||||||
Nara Bancorp | 2,094 | 35 | ||||||
NASB Financial | 441 | 14 | ||||||
National Financial Partners (b) | 3,826 | 176 | ||||||
National Health Investors – REIT | 2,609 | 89 | ||||||
National Interstate | 1,637 | 39 | ||||||
National Penn Bancshares (b) | 4,908 | 91 | ||||||
National Penn Bancshares, Fractional Shares (a) (c) | 0.50 | — | ||||||
National Retail Properties – REIT (b) | 5,971 | 143 | ||||||
National Western Life Insurance, Class A | 248 | 66 | ||||||
Nationwide Health Properties – REIT (b) | 7,550 | 242 | ||||||
Navigators Group (a) | 1,185 | 61 | ||||||
NBT Bancorp | 3,404 | 75 | ||||||
NetBank | 5,462 | 11 | ||||||
NewAlliance Bancshares (b) | 10,799 | 169 | ||||||
Newcastle Investment – REIT (b) | 4,864 | 142 | ||||||
NorthStar Realty Finance – REIT | 5,745 | 85 | ||||||
Northwest Bancorp | 2,045 | 56 | ||||||
NovaStar Financial – REIT (b) | 3,591 | 26 | ||||||
NYMAGIC | 432 | 18 | ||||||
OceanFirst Financial | 1,320 | 22 | ||||||
Ocwen Financial (a) | 3,645 | 52 | ||||||
Odyssey RE Holdings | 765 | 32 | ||||||
Ohio Casualty (b) | 5,877 | 186 | ||||||
Old National Bancorp | 6,602 | 118 | ||||||
Old Second Bancorp | 1,607 | 47 | ||||||
Omega Financial | 1,482 | 42 | ||||||
OMEGA Healthcare Investors – REIT (b) | 5,774 | 97 | ||||||
optionsXpress Holdings (b) | 2,379 | 59 | ||||||
Oriental Financial Group | 2,365 | 27 | ||||||
Pacific Capital Bancorp | 4,849 | 131 | ||||||
Park National (b) | 1,169 | 104 | ||||||
Parkway Properties – REIT | 1,595 | 85 | ||||||
Partners Trust Financial Group | 4,182 | 46 | ||||||
Pennsylvania – REIT (b) | 4,001 | 186 | ||||||
Penson Worldwide (a) | 771 | 21 | ||||||
Peoples Bancorp – Ohio | 1,222 | 31 | ||||||
PFF Bancorp | 2,018 | 57 | ||||||
Phoenix Companies | 10,884 | 162 | ||||||
Pinnacle Financial Partners (a) (b) | 1,134 | 33 | ||||||
Piper Jaffray (a) | 1,828 | 117 | ||||||
Placer Sierra Bancshares | 792 | 22 | ||||||
PMA Capital (a) | 3,171 | 30 | ||||||
Post Properties – REIT | 4,395 | 206 | ||||||
Potlatch – REIT | 3,800 | 165 | ||||||
Premierwest Bancorp | 1,782 | 23 | ||||||
Presidential Life | 2,267 | 43 | ||||||
PrivateBancorp (b) | 1,744 | 57 | ||||||
ProAssurance (a) (b) | 2,895 | 156 | ||||||
Prosperity Bancshares (b) | 2,869 | 100 | ||||||
Provident Bankshares (b) | 3,241 | 104 | ||||||
Provident Financial Services | 6,041 | 104 | ||||||
Provident New York Bancorp | 4,049 | 55 | ||||||
PS Business Parks – REIT | 1,570 | 108 | ||||||
QC Holdings | 687 | 9 | ||||||
Quadra Realty Trust (a) | 1,618 | 23 | ||||||
RAIT Investment Trust – REIT | 5,476 | 154 | ||||||
Ramco-Gershenson Properties Trust – REIT | 2,078 | 77 | ||||||
Realty Income – REIT (b) | 7,848 | 219 | ||||||
Redwood Trust – REIT | 2,159 | 108 | ||||||
Renasant | 1,526 | 36 | ||||||
Republic Bancorp – Kentucky, Class A | 979 | 18 | ||||||
Republic Property Trust – REIT | 2,677 | 30 | ||||||
Rewards Network (a) | 2,738 | 11 | ||||||
RLI | 2,209 | 123 | ||||||
Rockville Financial | 1,178 | 17 | ||||||
S&T Bancorp (b) | 2,557 | 83 | ||||||
Safety Insurance Group | 1,413 | 57 | ||||||
Sanders Morris Harris Group | 1,728 | 20 | ||||||
Sandy Spring Bancorp | 1,544 | 50 | ||||||
Santander Bancorp | 633 | 11 | ||||||
Saul Centers – REIT (b) | 1,077 | 56 | ||||||
SCBT Financial | 936 | 34 | ||||||
SCPIE Holdings (a) | 1,039 | 23 | ||||||
SeaBright Insurance Holdings (a) | 1,643 | 31 | ||||||
Seacoast Banking (b) | 1,666 | 38 | ||||||
Security Bank | 1,289 | 25 | ||||||
Selective Insurance Group | 5,664 | 148 | ||||||
Senior Housing Properties Trust – REIT (b) | 6,521 | 149 | ||||||
Shore Bancshares | 416 | 10 | ||||||
Sierra Bancorp | 444 | 12 | ||||||
Signature Bank (a) | 2,581 | 81 | ||||||
Simmons First National, Class A | 1,597 | 42 | ||||||
Smithtown Bancorp | 884 | 20 | ||||||
Southside Bancshares | 1,125 | 25 | ||||||
Southwest Bancorp – Oklahoma | 1,500 | 37 | ||||||
Sovran Self Storage – REIT (b) | 2,117 | 117 | ||||||
Spirit Finance – REIT | 7,771 | 112 | ||||||
State Auto Financial | 1,613 | 48 | ||||||
Sterling Bancorp | 2,045 | 35 | ||||||
Sterling Bancshares | 7,546 | 86 | ||||||
Sterling Financial – Pennsylvania | 2,845 | 47 | ||||||
Sterling Financial – Washington | 4,540 | 134 | ||||||
Stewart Information Services | 1,899 | 76 | ||||||
Stifel Financial (a) (b) | 1,447 | 65 | ||||||
Strategic Hotels & Resorts – REIT | 6,914 | 150 | ||||||
Suffolk Bancorp | 1,014 | 32 | ||||||
Sun Bancorp – New Jersey (a) | 1,516 | 29 | ||||||
Sun Communities – REIT | 2,100 | 63 | ||||||
Sunstone Hotel Investors – REIT (b) | 5,487 | 156 | ||||||
Superior Bancorp (a) | 1,590 | 16 | ||||||
Susquehanna Bancshares (b) | 4,900 | 109 | ||||||
SVB Financial (a) (b) | 3,728 | 191 | ||||||
SWS Group | 2,330 | 61 | ||||||
SY Bancorp | 1,341 | 32 | ||||||
Tanger Factory Outlet Centers – REIT (b) | 3,573 | 145 | ||||||
Taylor Capital Group | 549 | 16 | ||||||
Technology Investment Capital | 1,541 | 26 | ||||||
Tejon Ranch (a) | 1,076 | 54 | ||||||
Texas Capital Bancshares (a) | 2,482 | 50 | ||||||
Thomas Weisel Partners Group (a) | 701 | 14 | ||||||
TierOne | 2,245 | 55 |
First American Funds Semiannual Report 2007 19
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Tompkins Trustco | 895 | $ | 35 | |||||
Tower Group | 2,054 | 63 | ||||||
Tradestation Group (a) | 2,652 | 32 | ||||||
Triad Guaranty (a) | 920 | 41 | ||||||
TriCo Bancshares | 1,619 | 35 | ||||||
TrustCo Bank Corporation of New York (b) | 7,974 | 73 | ||||||
Trustmark | 4,997 | 133 | ||||||
UCBH Holdings (b) | 9,640 | 173 | ||||||
UMB Financial (b) | 2,331 | 91 | ||||||
Umpqua Holdings (b) | 5,516 | 138 | ||||||
Union Bankshares | 1,570 | 37 | ||||||
United Bankshares | 3,655 | 122 | ||||||
United Community Banks | 3,309 | 98 | ||||||
United Community Financial | 3,229 | 33 | ||||||
United Fire & Casualty | 1,773 | 65 | ||||||
United PanAm Financial (a) | 773 | 11 | ||||||
United Security Bancshares (b) | 762 | 14 | ||||||
Universal American Financial (a) | 3,909 | 73 | ||||||
Universal Health Realty Income Trust – REIT | 1,463 | 52 | ||||||
Univest Corporation of Pennsylvania | 1,367 | 31 | ||||||
Urstadt Biddle Properties, Class A – REIT | 2,727 | 49 | ||||||
USB Holding | 1,331 | 27 | ||||||
USB Holding, Fractional Shares (a) (c) | 0.10 | — | ||||||
USI Holdings (a) | 4,540 | 77 | ||||||
U-Store-It Trust – REIT (b) | 4,202 | 77 | ||||||
Vineyard National Bancorp | 1,011 | 23 | ||||||
Virginia Commerce Bancorp (a) (b) | 2,039 | 38 | ||||||
Virginia Financial Group | 1,139 | 25 | ||||||
W Holding Company (b) | 10,711 | 52 | ||||||
Waddell & Reed Financial, Class A | 8,315 | 201 | ||||||
Washington Real Estate Investment Trust – REIT | 4,655 | 176 | ||||||
Washington Trust Bancorp | 1,508 | 39 | ||||||
WesBanco | 2,412 | 71 | ||||||
West Bancorp (b) | 1,953 | 30 | ||||||
West Coast Bancorp – Oregon | 1,756 | 55 | ||||||
Westamerica Bancorporation | 3,092 | 145 | ||||||
Western Alliance Bancorp (a) (b) | 901 | 29 | ||||||
Westfield Financial | 1,508 | 15 | ||||||
Willow Grove Bancorp | 851 | 10 | ||||||
Wilshire Bancorp | 2,018 | 28 | ||||||
Winston Hotels – REIT | 3,322 | 49 | ||||||
Winthrop Realty Trust – REIT | 3,976 | 26 | ||||||
Wintrust Financial (b) | 2,542 | 109 | ||||||
World Acceptance (a) | 1,804 | 77 | ||||||
WSFS Financial (b) | 629 | 41 | ||||||
Yardville National Bancorp | 997 | 34 | ||||||
Zenith National Insurance (b) | 3,816 | 176 | ||||||
27,643 | ||||||||
Healthcare – 11.4% | ||||||||
Abaxis (a) | 2,198 | 50 | ||||||
ABIOMED (a) | 2,081 | 27 | ||||||
ACADIA Pharmaceuticals (a) | 2,501 | 34 | ||||||
Accuray (a) | 498 | 12 | ||||||
Adams Respiratory Therapeutics (a) (b) | 2,966 | 111 | ||||||
Adolor (a) (b) | 4,498 | 16 | ||||||
Advanced Magnetics (a) (b) | 942 | 62 | ||||||
ADVENTRX Pharmaceuticals (a) | 6,864 | 19 | ||||||
Affymax (a) | 137 | 5 | ||||||
Affymetrix (a) (b) | 6,636 | 174 | ||||||
Air Methods (a) | 1,072 | 30 | ||||||
Akorn (a) (b) | 4,542 | 33 | ||||||
Albany Molecular Research (a) | 2,503 | 24 | ||||||
Alexion Pharmaceuticals (a) | 3,214 | 135 | ||||||
Align Technology (a) | 5,486 | 124 | ||||||
Alkermes (a) (b) | 9,518 | 156 | ||||||
Alliance Imaging (a) | 1,826 | 16 | ||||||
Allscripts Healthcare Solutions (a) (b) | 4,294 | 114 | ||||||
Alnylam Pharmaceuticals (a) (b) | 3,621 | 68 | ||||||
Alpharma, Class A | 4,176 | 101 | ||||||
Altus Pharmaceuticals (a) | 547 | 8 | ||||||
Amedisys (a) (b) | 2,432 | 76 | ||||||
American Medical Systems (a) (b) | 6,867 | 122 | ||||||
AMERIGROUP (a) | 5,094 | 143 | ||||||
AMN Healthcare Services (a) | 3,338 | 81 | ||||||
Amsurg, Class A (a) | 2,929 | 67 | ||||||
Anadys Pharmaceuticals (a) | 2,941 | 12 | ||||||
Analogic | 1,362 | 83 | ||||||
AngioDynamics (a) | 1,627 | 27 | ||||||
Applera (a) | 7,255 | 102 | ||||||
Apria Healthcare Group (a) (b) | 4,171 | 132 | ||||||
Arena Pharmaceuticals (a) (b) | 5,397 | 70 | ||||||
Ariad Pharmaceuticals (a) | 6,456 | 30 | ||||||
Array Biopharma (a) | 3,685 | 51 | ||||||
Arrow International (b) | 1,926 | 61 | ||||||
ArthroCare (a) (b) | 2,643 | 109 | ||||||
Aspect Medical Systems (a) (b) | 1,734 | 27 | ||||||
AtheroGenics (a) (b) | 4,178 | 14 | ||||||
Auxilium Pharmaceuticals (a) (b) | 2,205 | 33 | ||||||
AVANIR Pharmaceuticals (a) (b) | 3,364 | 12 | ||||||
AVI BioPharma (a) (b) | 5,190 | 14 | ||||||
Bentley Pharmaceuticals (a) | 2,078 | 20 | ||||||
BioCryst Pharmaceuticals (a) (b) | 2,373 | 20 | ||||||
Bioenvision (a) (b) | 4,327 | 14 | ||||||
BioMarin Pharmaceutical (a) (b) | 8,769 | 142 | ||||||
Bio-Rad Laboratories, Class A (a) | 1,855 | 131 | ||||||
Bio-Reference Labs (a) | 1,193 | 32 | ||||||
Biosite (a) | 1,579 | 146 | ||||||
Bradley Pharmaceuticals (a) | 1,503 | 30 | ||||||
Bruker BioSciences (a) | 3,402 | 39 | ||||||
Cadence Pharmaceuticals (a) | 235 | 4 | ||||||
Candela (a) | 2,505 | 29 | ||||||
Capital Senior Living (a) (b) | 2,246 | 26 | ||||||
Caraco Pharmaceutical Laboratories (a) | 1,326 | 19 | ||||||
Cell Genesys (a) (b) | 6,033 | 26 | ||||||
Centene (a) (b) | 4,420 | 92 | ||||||
Cepheid (a) | 5,636 | 64 | ||||||
Cerus (a) | 2,836 | 21 | ||||||
Chemed | 2,573 | 129 | ||||||
Coley Pharmaceutical Group (a) (b) | 1,851 | 18 | ||||||
CombinatoRx (a) | 2,513 | 15 | ||||||
Computer Programs & Systems | 820 | 26 | ||||||
Conceptus (a) (b) | 2,354 | 49 | ||||||
CONMED (a) (b) | 2,763 | 84 | ||||||
Corvel (a) | 778 | 21 | ||||||
Cross Country Healthcare (a) | 3,205 | 63 | ||||||
Cubist Pharmaceuticals (a) (b) | 5,631 | 121 | ||||||
CV Therapeutics (a) | 5,648 | 48 | ||||||
Cyberonics (a) (b) | 2,119 | 46 | ||||||
Cypress Bioscience (a) | 3,358 | 31 | ||||||
Cytokinetics (a) | 3,196 | 21 | ||||||
Datascope | 1,291 | 48 | ||||||
deCODE Genetics (a) (b) | 6,250 | 23 | ||||||
Dendreon (a) (b) | 8,003 | 120 | ||||||
Dendrite International (a) | 3,668 | 58 | ||||||
DepoMed (a) | 2,712 | 9 | ||||||
Dexcom (a) (b) | 1,738 | 14 | ||||||
Digene (a) (b) | 1,717 | 79 | ||||||
Diversa (a) (b) | 2,633 | 19 | ||||||
DJ Orthopedics (a) | 2,240 | 88 | ||||||
Durect (a) (b) | 5,687 | 25 |
The accompanying notes are an integral part of the financial statements.
20 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Eclipsys (a) (b) | 4,671 | $ | 88 | |||||
Emageon (a) | 2,164 | 25 | ||||||
Emeritus (a) | 511 | 17 | ||||||
Emisphere Technologies (a) | 2,460 | 8 | ||||||
Encysive Pharmaceuticals (a) (b) | 5,796 | 19 | ||||||
Enzo Biochem (a) | 2,661 | 45 | ||||||
Enzon (a) (b) | 4,305 | 37 | ||||||
eResearch Technology (a) | 5,630 | 49 | ||||||
ev3 (a) (b) | 1,298 | 23 | ||||||
Exelixis (a) (b) | 8,703 | 93 | ||||||
Five Star Quality Care (a) (b) | 3,261 | 36 | ||||||
FoxHollow Technologies (a) | 2,035 | 45 | ||||||
Genesis HealthCare (a) | 1,925 | 123 | ||||||
Genitope (a) (b) | 2,591 | 10 | ||||||
Genomic Health (a) | 1,285 | 21 | ||||||
Genta (a) | 13,402 | 5 | ||||||
Gentiva Health Services (a) | 2,639 | 49 | ||||||
Geron (a) (b) | 6,732 | 48 | ||||||
Greatbatch (a) | 2,145 | 62 | ||||||
GTx (a) | 1,265 | 25 | ||||||
Haemonetics (a) (b) | 2,582 | 124 | ||||||
Hana Biosciences (a) | 2,966 | 5 | ||||||
HealthExtras (a) (b) | 2,638 | 82 | ||||||
HealthSpring (a) | 1,311 | 31 | ||||||
HealthTronics (a) | 3,575 | 17 | ||||||
Healthways (a) (b) | 3,395 | 144 | ||||||
Hi-Tech Pharmaceutical (a) | 871 | 12 | ||||||
Hologic (a) (b) | 5,283 | 304 | ||||||
Horizon Health (a) | 1,124 | 22 | ||||||
Human Genome Sciences (a) (b) | 12,927 | 139 | ||||||
Hythiam (a) (b) | 2,682 | 19 | ||||||
ICU Medical (a) (b) | 1,493 | 62 | ||||||
Idenix Pharmaceuticals (a) (b) | 2,550 | 18 | ||||||
I-Flow (a) (b) | 2,189 | 34 | ||||||
Illumina (a) (b) | 5,356 | 175 | ||||||
Immucor (a) (b) | 6,671 | 218 | ||||||
Incyte (a) (b) | 8,227 | 63 | ||||||
Indevus Pharmaceuticals (a) | 5,346 | 39 | ||||||
Integra LifeSciences (a) (b) | 1,872 | 85 | ||||||
InterMune (a) (b) | 2,641 | 76 | ||||||
Invacare (b) | 3,052 | 57 | ||||||
inVentiv Health (a) (b) | 2,789 | 106 | ||||||
Inverness Medical Innovations (a) | 3,194 | 128 | ||||||
IRIS International (a) | 1,906 | 26 | ||||||
Isis Pharmaceuticals (a) (b) | 8,009 | 82 | ||||||
Kendle International (a) | 1,268 | 43 | ||||||
Kensey Nash (a) | 1,063 | 27 | ||||||
Keryx Biopharmaceuticals (a) (b) | 4,454 | 45 | ||||||
Kindred Healthcare (a) | 2,772 | 97 | ||||||
K-V Pharmaceutical, Class A (a) (b) | 3,781 | 98 | ||||||
Kyphon (a) (b) | 4,350 | 203 | ||||||
LCA-Vision (b) | 2,134 | 90 | ||||||
Lexicon Genetics (a) | 6,966 | 24 | ||||||
LHC Group (a) | 927 | 24 | ||||||
LifeCell (a) (b) | 3,296 | 97 | ||||||
Luminex (a) (b) | 3,303 | 46 | ||||||
Magellan Health Services (a) | 3,588 | 154 | ||||||
MannKind (a) (b) | 2,585 | 38 | ||||||
Martek Biosciences (a) (b) | 3,323 | 72 | ||||||
Matria Healthcare (a) (b) | 2,157 | 63 | ||||||
Matthews International, Class A | 3,101 | 131 | ||||||
Maxygen (a) | 2,809 | 30 | ||||||
Medarex (a) (b) | 12,018 | 165 | ||||||
MedCath (a) (b) | 851 | 25 | ||||||
Medical Action Industries (a) | 1,423 | 32 | ||||||
Medicines (a) | 4,929 | 112 | ||||||
Medicis Pharmaceutical, Class A (b) | 5,355 | 163 | ||||||
Mentor | 3,573 | 139 | ||||||
Merge Technologies (a) | 1,826 | 9 | ||||||
Meridian Bioscience | 1,935 | 58 | ||||||
Merit Medical Systems (a) | 2,956 | 34 | ||||||
Metabasis Therapeutics (a) | 2,123 | 16 | ||||||
Metabolix (a) | 316 | 8 | ||||||
MGI Pharma (a) (b) | 7,683 | 169 | ||||||
Mine Safety Appliances (b) | 3,040 | 128 | ||||||
Molina Healthcare (a) | 1,273 | 38 | ||||||
Momenta Pharmaceuticals (a) (b) | 2,429 | 38 | ||||||
Monogram Biosciences (a) | 13,396 | 25 | ||||||
MWI Veterinary Supply (a) | 342 | 13 | ||||||
Myriad Genetics (a) (b) | 3,730 | 136 | ||||||
NABI Biopharmaceuticals (a) | 5,902 | 31 | ||||||
Nastech Pharmaceutical (a) (b) | 2,252 | 30 | ||||||
National Healthcare | 635 | 33 | ||||||
Natus Medical (a) | 1,901 | 34 | ||||||
Nektar Therapeutics (a) (b) | 8,930 | 110 | ||||||
Neurocrine Biosciences (a) | 3,873 | 49 | ||||||
NeuroMetrix (a) (b) | 1,288 | 13 | ||||||
Nighthawk Radiology Holdings (a) (b) | 650 | 13 | ||||||
Northfield Laboratories (a) (b) | 2,596 | 12 | ||||||
Northstar Neuroscience (a) | 1,109 | 15 | ||||||
Novavax (a) | 6,345 | 19 | ||||||
Noven Pharmaceuticals (a) | 2,329 | 55 | ||||||
NPS Pharmaceuticals (a) | 4,385 | 17 | ||||||
NuVasive (a) (b) | 3,421 | 88 | ||||||
Nuvelo (a) | 5,271 | 20 | ||||||
NxStage Medical (a) (b) | 1,241 | 16 | ||||||
Odyssey Healthcare (a) | 3,400 | 45 | ||||||
Omnicell (a) | 2,792 | 64 | ||||||
Onyx Pharmaceuticals (a) (b) | 4,523 | 121 | ||||||
Option Care | 2,374 | 32 | ||||||
OraSure Technologies (a) | 4,725 | 35 | ||||||
OSI Pharmaceuticals (a) (b) | 5,597 | 194 | ||||||
Osiris Therapeutics (a) (b) | 358 | 5 | ||||||
Owens & Minor | 3,937 | 139 | ||||||
Pain Therapeutics (a) (b) | 3,266 | 25 | ||||||
Palomar Medical Technologies (a) (b) | 1,713 | 70 | ||||||
Panacos Pharmaceuticals (a) | 5,181 | 25 | ||||||
Par Pharmaceutical Companies (a) (b) | 3,426 | 92 | ||||||
PAREXEL International (a) (b) | 2,757 | 108 | ||||||
Penwest Pharmaceuticals (a) (b) | 2,509 | 30 | ||||||
Peregrine Pharmaceuticals (a) | 18,002 | 18 | ||||||
Perrigo (b) | 7,541 | 143 | ||||||
PharmaNet Development Group (a) (b) | 1,966 | 54 | ||||||
Pharmion (a) | 2,376 | 72 | ||||||
PolyMedica | 2,221 | 90 | ||||||
POZEN (a) | 2,521 | 37 | ||||||
PRA International (a) | 1,414 | 32 | ||||||
Progenics Pharmaceutical (a) | 2,302 | 56 | ||||||
PSS World Medical (a) (b) | 6,824 | 137 | ||||||
Psychiatric Solutions (a) (b) | 5,206 | 183 | ||||||
Quidel (a) | 3,105 | 43 | ||||||
Radiation Therapy Services (a) (b) | 1,269 | 37 | ||||||
Regeneron Pharmaceutical (a) (b) | 4,923 | 134 | ||||||
RehabCare Group (a) | 1,533 | 25 | ||||||
Renovis (a) | 2,452 | 10 | ||||||
Res-Care (a) | 2,235 | 40 | ||||||
Rigel Pharmaceuticals (a) | 2,250 | 24 | ||||||
Salix Pharmaceuticals (a) (b) | 4,807 | 63 | ||||||
Sangamo BioSciences (a) (b) | 2,681 | 20 | ||||||
Santarus (a) (b) | 4,712 | 36 |
First American Funds Semiannual Report 2007 21
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Savient Pharmaceuticals (a) (b) | 5,125 | $ | 59 | |||||
Sciele Pharma (a) (b) | 2,915 | 72 | ||||||
Senomyx (a) (b) | 3,080 | 41 | ||||||
Sirona Dental Systems (b) | 1,720 | 57 | ||||||
Somaxon Pharmaceuticals (a) | 366 | 7 | ||||||
SonoSite (a) (b) | 1,681 | 49 | ||||||
Spectranetics (a) | 3,160 | 33 | ||||||
Stereotaxis (a) | 2,403 | 25 | ||||||
STERIS | 5,950 | 152 | ||||||
Stewart Enterprises, Class A (b) | 9,121 | 69 | ||||||
Sun Healthcare Group (a) | 2,675 | 34 | ||||||
Sunrise Senior Living (a) (b) | 4,242 | 162 | ||||||
SuperGen (a) | 4,864 | 31 | ||||||
SurModics (a) (b) | 1,594 | 65 | ||||||
Symbion (a) | 1,444 | 32 | ||||||
Symmetry Medical (a) (b) | 3,604 | 61 | ||||||
Tanox (a) (b) | 2,393 | 45 | ||||||
Telik (a) (b) | 5,139 | 31 | ||||||
Thoratec (a) | 5,046 | 99 | ||||||
Trimeris (a) | 1,739 | 13 | ||||||
TriZetto Group (a) (b) | 4,401 | 86 | ||||||
Trubion Pharmaceuticals (a) | 472 | 8 | ||||||
United Therapeutics (a) (b) | 2,313 | 129 | ||||||
Valeant Pharmaceuticals International (b) | 9,152 | 165 | ||||||
Varian (a) | 2,999 | 174 | ||||||
Ventana Medical Systems (a) | 2,836 | 138 | ||||||
Viasys Healthcare (a) | 3,294 | 105 | ||||||
ViroPharma (a) (b) | 6,747 | 102 | ||||||
Visicu (a) | 713 | 7 | ||||||
VistaCare, Class A (a) | 1,288 | 12 | ||||||
Vital Images (a) (b) | 1,300 | 40 | ||||||
Vital Signs | 572 | 33 | ||||||
Volcano (a) | 360 | 7 | ||||||
West Pharmaceutical Services | 3,140 | 156 | ||||||
Wright Medical Group (a) | 3,189 | �� | 75 | |||||
XenoPort (a) | 1,966 | 84 | ||||||
Young Innovations | 530 | 14 | ||||||
Zoll Medical (a) | 1,894 | 46 | ||||||
ZymoGenetics (a) (b) | 3,875 | 58 | ||||||
15,451 | ||||||||
Industrials – 14.7% | ||||||||
3D Systems (a) (b) | 1,395 | 27 | ||||||
A.O. Smith | 1,839 | 70 | ||||||
AAON | 973 | 24 | ||||||
AAR (a) (b) | 3,495 | 107 | ||||||
ABM Industries | 4,148 | 117 | ||||||
ABX Air (a) | 6,261 | 41 | ||||||
ACCO Brands (a) | 4,266 | 101 | ||||||
Accuride (a) | 2,339 | 34 | ||||||
Actuant, Class A | 2,831 | 150 | ||||||
Acuity Brands | 4,417 | 261 | ||||||
Administaff | 2,359 | 78 | ||||||
Advisory Board (a) (b) | 1,875 | 89 | ||||||
AirTran Holdings (a) | 8,928 | 98 | ||||||
Alaska Air Group (a) (b) | 3,878 | 115 | ||||||
Albany International, Class A (b) | 2,628 | 101 | ||||||
Allegiant Travel (a) | 88 | 3 | ||||||
Amerco (a) | 1,009 | 71 | ||||||
American Commercial Lines (a) | 6,039 | 178 | ||||||
American Ecology | 1,610 | 36 | ||||||
American Railcar Industries | 933 | 30 | ||||||
American Reprographics (a) (b) | 2,697 | 90 | ||||||
American Science & Engineering (a) (b) | 954 | 45 | ||||||
American Superconductor (a) (b) | 3,504 | 51 | ||||||
American Woodmark (b) | 1,194 | 41 | ||||||
Ameron International | 859 | 59 | ||||||
Ampco-Pittsburgh | 742 | 27 | ||||||
Amrep (b) | 173 | 10 | ||||||
Apogee Enterprises | 3,087 | 74 | ||||||
Applied Industrial Technology | 4,397 | 118 | ||||||
ARGON ST (a) | 1,320 | 35 | ||||||
Arkansas Best | 2,485 | 98 | ||||||
Asset Acceptance Capital (a) | 1,733 | 32 | ||||||
Astec Industries (a) (b) | 1,734 | 71 | ||||||
ASV (a) (b) | 2,158 | 33 | ||||||
Atlas Air Worldwide Holdings (a) (b) | 1,888 | 109 | ||||||
Badger Meter | 1,228 | 29 | ||||||
Baldor Electric | 2,919 | 115 | ||||||
Barnes Group (b) | 3,655 | 89 | ||||||
Barrett Business Services | 720 | 16 | ||||||
Basin Water (a) (b) | 616 | 4 | ||||||
BE Aerospace (a) (b) | 7,617 | 279 | ||||||
Beacon Roofing Supply (a) (b) | 4,523 | 71 | ||||||
BlueLinx Holdings | 751 | 9 | ||||||
Bowne & Company | 2,952 | 49 | ||||||
Brady, Class A | 4,337 | 142 | ||||||
Briggs & Stratton (b) | 5,030 | 149 | ||||||
Bright Horizons Family Solutions (a) (b) | 2,565 | 99 | ||||||
Bucyrus International | 3,103 | 195 | ||||||
Builders FirstSource (a) | 1,121 | 18 | ||||||
Capstone Turbine (a) (b) | 14,054 | 14 | ||||||
Cascade | 1,286 | 80 | ||||||
Casella Waste Systems (a) | 2,133 | 20 | ||||||
CBIZ (a) | 5,386 | 37 | ||||||
CDI | 885 | 26 | ||||||
Celadon Group (a) | 1,999 | 33 | ||||||
Central Parking | 984 | 22 | ||||||
Cenveo (a) | 5,576 | 143 | ||||||
Ceradyne (a) (b) | 2,680 | 158 | ||||||
Chart Industries (a) | 804 | 15 | ||||||
China BAK Battery (a) (b) | 2,797 | 10 | ||||||
Circor International | 1,735 | 63 | ||||||
CLARCOR | 4,753 | 150 | ||||||
Clean Harbors (a) (b) | 1,543 | 72 | ||||||
Coinstar (a) | 2,654 | 82 | ||||||
Color Kinetics (a) (b) | 1,356 | 27 | ||||||
Columbus McKinnon (a) | 1,890 | 47 | ||||||
Comfort Systems USA | 4,171 | 52 | ||||||
Commercial Vehicle Group (a) | 2,177 | 43 | ||||||
COMSYS IT Partners (a) | 1,572 | 36 | ||||||
Consolidated Graphics (a) | 1,260 | 95 | ||||||
Cornell (a) | 645 | 15 | ||||||
CoStar Group (a) | 1,651 | 81 | ||||||
CRA International (a) | 1,098 | 57 | ||||||
Cubic | 1,393 | 28 | ||||||
Curtiss-Wright (b) | 4,186 | 180 | ||||||
Deluxe | 5,300 | 201 | ||||||
Diamond Management & Technology Consultation | 2,928 | 33 | ||||||
Dollar Thrifty Automotive (a) | 2,424 | 114 | ||||||
DXP Enterprises (a) | 179 | 9 | ||||||
Dycom Industries (a) | 3,966 | 103 | ||||||
Dynamex (a) | 1,396 | 37 | ||||||
Dynamic Materials (a) | 1,218 | 40 | ||||||
DynCorp International (a) | 2,585 | 39 | ||||||
EDO | 1,649 | 45 | ||||||
Educate (a) | 2,192 | 17 | ||||||
EGL (a) | 3,095 | 123 | ||||||
Electro Rent (a) | 1,986 | 26 | ||||||
EMCOR Group (a) | 3,094 | 194 | ||||||
Encore Wire (b) | 2,403 | 67 |
The accompanying notes are an integral part of the financial statements.
22 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Energy Conversion Devices (a) (b) | 3,840 | $ | 136 | |||||
EnerSys (a) | 4,461 | 73 | ||||||
ENGlobal (a) (b) | 1,665 | 11 | ||||||
Ennis Business Forms | 2,693 | 66 | ||||||
EnPro Industries (a) | 2,074 | 78 | ||||||
ESCO Technologies (a) (b) | 2,537 | 116 | ||||||
Esterline Technologies (a) | 2,390 | 100 | ||||||
Evergreen Solar (a) (b) | 6,902 | 67 | ||||||
Exponent (a) | 1,685 | 36 | ||||||
ExpressJet Holdings (a) | 4,746 | 28 | ||||||
Federal Signal | 4,174 | 66 | ||||||
First Advantage (a) | 357 | 8 | ||||||
First Consulting Group (a) | 2,215 | 22 | ||||||
First Solar (a) (b) | 2,004 | 120 | ||||||
Flanders (a) | 1,525 | 10 | ||||||
Florida East Coast Industries (b) | 3,341 | 236 | ||||||
Forward Air | 3,096 | 94 | ||||||
Franklin Electric (b) | 2,197 | 94 | ||||||
FreightCar America | 1,299 | 65 | ||||||
Frontier Airlines Holdings (a) (b) | 3,560 | 21 | ||||||
FTD Group | 1,647 | 29 | ||||||
FTI Consulting (a) (b) | 3,913 | 144 | ||||||
FuelCell Energy (a) (b) | 5,032 | 35 | ||||||
G&K Services, Class A | 2,065 | 72 | ||||||
Gehl Company (a) | 690 | 20 | ||||||
GenCorp (a) (b) | 5,686 | 76 | ||||||
General Cable (a) (b) | 5,010 | 288 | ||||||
Genesee & Wyoming, Class A (a) | 3,556 | 97 | ||||||
Genlyte Group (a) (b) | 2,529 | 197 | ||||||
Geo Group (a) | 2,382 | 122 | ||||||
Geo Group, Fractional Shares (a) (c) | 0.50 | — | ||||||
GEVITY HR | 2,594 | 48 | ||||||
Global Cash Access Holdings (a) (b) | 3,440 | 54 | ||||||
Goodman Global (a) | 2,434 | 45 | ||||||
Gorman-Rupp | 1,272 | 41 | ||||||
Granite Construction | 3,407 | 205 | ||||||
Greenbrier Companies (b) | 1,332 | 31 | ||||||
Griffon (a) | 2,927 | 70 | ||||||
H & E Equipment Services (a) | 1,183 | 28 | ||||||
Healthcare Services Group (b) | 2,602 | 73 | ||||||
Heartland Express (b) | 5,955 | 103 | ||||||
HEICO (b) | 2,025 | 73 | ||||||
Heidrick & Struggles International (a) (b) | 1,804 | 85 | ||||||
Herley Industries (a) | 1,263 | 19 | ||||||
Herman Miller (b) | 6,387 | 220 | ||||||
Hexcel (a) (b) | 9,180 | 199 | ||||||
Horizon Lines, Class A | 1,138 | 39 | ||||||
Houston Wire & Cable (a) | 515 | 15 | ||||||
Hub Group (a) (b) | 3,936 | 142 | ||||||
Hudson Highland Group (a) | 2,666 | 43 | ||||||
Huron Consulting Group (a) (b) | 1,790 | 108 | ||||||
ICT Group (a) | 700 | 13 | ||||||
IHS, Class A (a) | 2,290 | 95 | ||||||
II-VI (a) (b) | 2,311 | 63 | ||||||
IKON Office Solutions (b) | 10,547 | 158 | ||||||
Infrasource Services (a) | 2,364 | 79 | ||||||
InnerWorkings (a) (b) | 476 | 6 | ||||||
Innovative Solutions & Support (a) | 1,489 | 40 | ||||||
Insituform Technologies, Class A (a) (b) | 2,674 | 55 | ||||||
Insteel Industries | 1,440 | 24 | ||||||
Integrated Electrical Services (a) | 1,584 | 38 | ||||||
Interline Brands (a) | 2,801 | 61 | ||||||
Interpool | 911 | 24 | ||||||
Ionatron (a) (b) | 2,726 | 17 | ||||||
Jackson Hewitt Tax Service | 3,489 | 96 | ||||||
JetBlue Airways (a) (b) | 17,086 | �� | 169 | |||||
John H. Harland | 2,640 | 139 | ||||||
K&F Industries Holdings (a) | 1,937 | 52 | ||||||
Kadant (a) | 1,548 | 42 | ||||||
Kaman | 2,444 | 61 | ||||||
Kaydon (b) | 2,774 | 132 | ||||||
Kelly Services, Class A | 1,918 | 55 | ||||||
Kenexa (a) (b) | 1,591 | 49 | ||||||
Kforce (a) | 2,861 | 39 | ||||||
Knight Transportation (b) | 5,631 | 110 | ||||||
Knoll (b) | 2,906 | 67 | ||||||
Korn/ Ferry International (a) (b) | 4,083 | 96 | ||||||
Labor Ready (a) | 5,154 | 112 | ||||||
Ladish (a) (b) | 1,448 | 59 | ||||||
Lawson Products | 438 | 16 | ||||||
Layne Christensen (a) | 1,088 | 41 | ||||||
LB Foster (a) | 1,054 | 24 | ||||||
LECG (a) | 2,007 | 29 | ||||||
Lindsay Manufacturing | 1,134 | 35 | ||||||
LSI Industries | 2,083 | 33 | ||||||
Marten Transport (a) (b) | 1,647 | 30 | ||||||
MasTec (a) | 3,725 | 43 | ||||||
McGrath Rentcorp | 2,280 | 69 | ||||||
Medis Technologies (a) (b) | 2,114 | 32 | ||||||
Mercury Computer Systems (a) | 2,324 | 32 | ||||||
Mesa Air Group (a) | 3,514 | 24 | ||||||
Middleby (a) | 689 | 95 | ||||||
Miller Industries (a) | 987 | 23 | ||||||
Mobile Mini (a) | 3,423 | 103 | ||||||
Moog, Class A (a) | 3,567 | 152 | ||||||
MTC Technologies (a) | 998 | 21 | ||||||
Mueller Industries (b) | 3,463 | 114 | ||||||
Mueller Water Products, Class A (b) | 9,352 | 135 | ||||||
NACCO Industries, Class A | 516 | 82 | ||||||
Navigant Consulting (a) (b) | 4,182 | 80 | ||||||
NCI Building Systems (a) (b) | 2,012 | 101 | ||||||
Nordson | 2,895 | 133 | ||||||
NuCo2 (a) | 1,122 | 28 | ||||||
Old Dominion Freight Lines (a) (b) | 2,986 | 88 | ||||||
On Assignment (a) | 2,631 | 29 | ||||||
Orbital Sciences (a) (b) | 5,852 | 122 | ||||||
Pacer International (b) | 3,864 | 99 | ||||||
Patriot Transportation Holdings (a) | 60 | 5 | ||||||
PeopleSupport (a) (b) | 1,871 | 23 | ||||||
Perini (a) | 1,882 | 80 | ||||||
PGT (a) | 599 | 6 | ||||||
PHH (a) | 5,240 | 160 | ||||||
Pico Holdings (a) | 919 | 41 | ||||||
Pike Electric (a) | 1,214 | 25 | ||||||
Plug Power (a) (b) | 7,471 | 24 | ||||||
Portfolio Recovery Associates (a) (b) | 1,592 | 89 | ||||||
Powell Industries (a) | 741 | 23 | ||||||
Power-One (a) (b) | 6,881 | 29 | ||||||
Pre-Paid Legal Services (a) | 1,146 | 65 | ||||||
PW Eagle (b) | 1,086 | 35 | ||||||
Quality Distribution (a) | 796 | 7 | ||||||
Raven Industries | 1,711 | 49 | ||||||
RBC Bearings (a) | 2,113 | 80 | ||||||
Regal-Beloit (b) | 3,024 | 139 | ||||||
Republic Airways Holdings (a) | 3,358 | 71 | ||||||
Resources Connection (a) (b) | 4,735 | 143 | ||||||
Robbins & Myers | 1,370 | 53 | ||||||
Rollins (b) | 2,871 | 66 | ||||||
Rush Enterprises (a) | 2,421 | 50 | ||||||
Saia (a) (b) | 1,442 | 40 |
First American Funds Semiannual Report 2007 23
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
SAIC (a) | 7,392 | $ | 135 | |||||
Schawk | 1,597 | 29 | ||||||
School Specialty (a) | 1,961 | 65 | ||||||
Sequa, Class A (a) | 651 | 76 | ||||||
SI International (a) | 1,057 | 28 | ||||||
Simpson Manufacturing (b) | 3,640 | 117 | ||||||
SIRVA (a) | 5,122 | 13 | ||||||
SkyWest (b) | 6,134 | 167 | ||||||
Sotheby’s Holdings, Class A (b) | 6,219 | 321 | ||||||
Spherion (a) | 5,655 | 48 | ||||||
Standard Parking (a) | 527 | 18 | ||||||
Standard Register | 1,611 | 20 | ||||||
Standex International (b) | 1,216 | 33 | ||||||
Star Maritime Acquisition (a) (b) | 1,950 | 21 | ||||||
Sterling Construction (a) | 897 | 19 | ||||||
TAL International Group | 1,310 | 33 | ||||||
Taleo (a) | 1,400 | 21 | ||||||
Team (a) (b) | 656 | 23 | ||||||
Tecumseh Products, Class A (a) | 1,728 | 18 | ||||||
Teledyne Technologies (a) | 3,324 | 147 | ||||||
Teletech Holdings (a) | 3,212 | 121 | ||||||
Tennant | 1,453 | 46 | ||||||
Tetra Tech (a) | 5,717 | 119 | ||||||
The Lamson & Sessions Company (a) (b) | 1,434 | 36 | ||||||
The Provident Service (a) (b) | 996 | 24 | ||||||
Titan International | 2,172 | 61 | ||||||
TransDigm Group (a) (b) | 839 | 32 | ||||||
Tredegar (b) | 2,993 | 70 | ||||||
Trex (a) (b) | 1,219 | 25 | ||||||
Triumph Group | 1,565 | 95 | ||||||
TurboChef Technologies (a) (b) | 1,329 | 18 | ||||||
U.S. Xpress Enterprises (a) | 775 | 11 | ||||||
UAP Holding (b) | 5,259 | 145 | ||||||
United Industrial (b) | 927 | 45 | ||||||
United Stationers (a) | 2,882 | 172 | ||||||
Universal Forest Products | 1,681 | 78 | ||||||
Universal Technical Institute (a) | 2,199 | 55 | ||||||
Universal Truckload Services (a) | 355 | 8 | ||||||
USA Truck (a) | 619 | 10 | ||||||
Valmont Industries | 1,816 | 114 | ||||||
Vertrue (a) | 698 | 33 | ||||||
Viad | 2,192 | 89 | ||||||
Vicor | 2,131 | 23 | ||||||
Volt Information Sciences (a) (b) | 1,408 | 36 | ||||||
Wabash National | 3,253 | 51 | ||||||
Washington Group International (a) | 2,712 | 181 | ||||||
Waste Connections (a) | 6,048 | 188 | ||||||
Waste Industries USA | 769 | 20 | ||||||
Waste Services (a) | 2,649 | 26 | ||||||
Watsco (b) | 2,724 | 145 | ||||||
Watson Wyatt & Company Holdings (b) | 4,001 | 189 | ||||||
Watts Water Technologies, Class A | 2,749 | 111 | ||||||
Werner Enterprises (b) | 5,441 | 103 | ||||||
Westinghouse Air Brake Technologies | 4,662 | 173 | ||||||
Williams Scotsman International (a) | 3,074 | 68 | ||||||
Woodward Governor (b) | 3,123 | 154 | ||||||
19,984 | ||||||||
Information Technology – 18.5% | ||||||||
24/7 Real Media (a) | 5,005 | 50 | ||||||
3Com (a) | 38,499 | 155 | ||||||
Acacia Research – Acacia Technology (a) | 2,877 | 43 | ||||||
Access Integrated Technology, Class A (a) (b) | 1,380 | 9 | ||||||
Acme Packet (a) (b) | 879 | 12 | ||||||
Actel (a) | 2,542 | 37 | ||||||
Actuate (a) | 5,823 | 33 | ||||||
Adaptec (a) | 11,801 | 46 | ||||||
ADTRAN (b) | 6,391 | 163 | ||||||
Advanced Analogic Technologies (a) (b) | 3,062 | 25 | ||||||
Advanced Energy Industries (a) (b) | 3,083 | 76 | ||||||
Advent Software (a) | 1,963 | 66 | ||||||
Aeroflex (a) (b) | 7,396 | 104 | ||||||
Agile Software (a) | 5,780 | 42 | ||||||
Agilysys | 3,222 | 68 | ||||||
AMIS Holdings (a) | 4,359 | 51 | ||||||
Amkor Technology (a) | 10,062 | 141 | ||||||
ANADIGICS (a) (b) | 4,852 | 52 | ||||||
Anaren (a) | 1,928 | 36 | ||||||
Andrew (a) (b) | 15,583 | 170 | ||||||
Anixter International (a) (b) | 3,022 | 216 | ||||||
Ansoft (a) | 1,494 | 48 | ||||||
ANSYS (a) | 3,241 | 166 | ||||||
Applied Micro Circuits (a) | 29,060 | 82 | ||||||
aQuantive (a) (b) | 7,489 | 229 | ||||||
Ariba (a) | 7,244 | 64 | ||||||
Arris Group (a) | 10,517 | 156 | ||||||
Art Technology Group (a) | 11,382 | 28 | ||||||
Aspen Technology (a) | 8,519 | 116 | ||||||
Asyst Technologies (a) | 4,766 | 34 | ||||||
Atheros Communications (a) | 5,305 | 142 | ||||||
ATMI (a) (b) | 3,244 | 100 | ||||||
Audiovox (a) | 1,704 | 25 | ||||||
Authorize Net Holdings (a) | 2,811 | 50 | ||||||
Avanex (a) (b) | 16,984 | 30 | ||||||
Avid Technology (a) (b) | 4,101 | 136 | ||||||
Avocent (a) (b) | 4,742 | 133 | ||||||
Axcelis Technologies (a) (b) | 10,609 | 81 | ||||||
Bankrate (a) (b) | 1,044 | 42 | ||||||
BearingPoint (a) (b) | 18,317 | 134 | ||||||
Bel Fuse | 1,053 | 37 | ||||||
Belden CDT (b) | 4,184 | 234 | ||||||
Benchmark Electronics (a) (b) | 6,271 | 133 | ||||||
BISYS Group (a) | 11,764 | 136 | ||||||
Black Box | 1,696 | 62 | ||||||
Blackbaud | 4,333 | 96 | ||||||
Blackboard (a) (b) | 2,864 | 98 | ||||||
Blue Coat Systems (a) (b) | 1,495 | 52 | ||||||
Bookham (a) (b) | 5,895 | 13 | ||||||
Borland Software (a) | 7,693 | 43 | ||||||
Bottomline Technologies (a) (b) | 1,567 | 19 | ||||||
Brightpoint (a) | 5,237 | 70 | ||||||
Brocade Communications Systems (a) | 38,181 | 373 | ||||||
Brooks Automation (a) | 7,341 | 128 | ||||||
Cabot Microelectronics (a) | 2,470 | 79 | ||||||
CACI International (a) | 2,974 | 136 | ||||||
CAlAmp (a) | 2,402 | 20 | ||||||
Carrier Access (a) | 2,148 | 10 | ||||||
Cass Information Systems | 600 | 20 | ||||||
C-COR.net (a) | 4,721 | 58 | ||||||
Checkpoint Systems (a) | 3,803 | 84 | ||||||
Chordiant Software (a) | 3,276 | 43 | ||||||
CIBER (a) | 5,624 | 46 | ||||||
Cirrus Logic (a) | 8,602 | 71 | ||||||
CMGI (a) | 45,449 | 95 | ||||||
CNET Networks (a) | 14,745 | 124 | ||||||
Cogent (a) | 4,468 | 63 | ||||||
Cognex | 4,347 | 94 | ||||||
Coherent (a) | 2,884 | 91 | ||||||
Cohu | 2,285 | 47 | ||||||
CommScope (a) (b) | 5,727 | 267 | ||||||
Commvault Systems (a) | 856 | 15 |
The accompanying notes are an integral part of the financial statements.
24 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Comtech Group (a) | 1,510 | $ | 27 | |||||
Comtech Telecommunications (a) (b) | 2,212 | 84 | ||||||
Concur Technologies (a) (b) | 3,176 | 56 | ||||||
Conexant Systems (a) (b) | 47,275 | 73 | ||||||
Convera (a) | 2,904 | 9 | ||||||
Covansys (a) | 3,021 | 101 | ||||||
CPI International (a) | 730 | 14 | ||||||
Credence Systems (a) | 9,840 | 37 | ||||||
CSG Systems International (a) (b) | 4,693 | 126 | ||||||
CTS | 3,530 | 46 | ||||||
CyberSource (a) | 2,806 | 36 | ||||||
Cymer (a) (b) | 3,652 | 148 | ||||||
Daktronics (b) | 3,815 | 87 | ||||||
DealerTrack Holdings (a) | 1,091 | 36 | ||||||
Digi International (a) | 2,412 | 31 | ||||||
Digital River (a) (b) | 3,887 | 227 | ||||||
Diodes (a) | 1,828 | 67 | ||||||
Dionex (a) (b) | 1,941 | 134 | ||||||
Ditech Networks (a) | 3,555 | 31 | ||||||
Divx (a) | 694 | 14 | ||||||
DSP Group (a) (b) | 2,764 | 51 | ||||||
DTS (a) (b) | 1,918 | 43 | ||||||
Eagle Test Systems (a) | 270 | 5 | ||||||
EarthLink (a) (b) | 11,272 | 86 | ||||||
Echelon (a) | 3,118 | 40 | ||||||
eCollege.com (a) | 1,870 | 35 | ||||||
eFunds (a) | 4,515 | 126 | ||||||
Electro Scientific Industries (a) | 2,787 | 57 | ||||||
Electronics for Imaging (a) | 5,623 | 150 | ||||||
EMCORE (a) | 4,093 | 20 | ||||||
Emulex (a) | 8,189 | 172 | ||||||
Entegris (a) (b) | 13,081 | 153 | ||||||
Epicor Software (a) (b) | 5,861 | 85 | ||||||
EPIQ Systems (a) (b) | 1,433 | 34 | ||||||
Equinix (a) | 2,814 | 235 | ||||||
Euronet Worldwide (a) (b) | 3,624 | 101 | ||||||
Exar (a) | 2,240 | 30 | ||||||
Excel Technologies (a) | 1,237 | 33 | ||||||
Extreme Networks (a) | 11,724 | 48 | ||||||
FalconStor Software (a) | 3,824 | 44 | ||||||
FEI (a) | 2,343 | 87 | ||||||
Finisar (a) (b) | 23,084 | 84 | ||||||
Flir Systems (a) (b) | 6,446 | 261 | ||||||
FormFactor (a) (b) | 4,502 | 186 | ||||||
Forrester Research (a) | 1,591 | 41 | ||||||
Foundry Networks (a) (b) | 14,145 | 214 | ||||||
Gartner, Class A (a) | 5,073 | 128 | ||||||
Gateway (a) (b) | 27,129 | 59 | ||||||
Genesis Microchip (a) | 3,490 | 30 | ||||||
Gerber Scientific (a) | 2,332 | 23 | ||||||
Global Imaging Systems (a) | 4,652 | 134 | ||||||
Harmonic (a) (b) | 7,256 | 60 | ||||||
Harris Stratex Networks, Class A (a) | 2,482 | 49 | ||||||
Heartland Payment Systems (b) | 1,095 | 27 | ||||||
Hittite Microwave (a) | 1,101 | 50 | ||||||
HouseValues (a) (b) | 1,491 | 7 | ||||||
Hutchinson Technology (a) (b) | 2,491 | 47 | ||||||
Hypercom (a) | 5,816 | 34 | ||||||
i2 Technologies (a) (b) | 1,463 | 37 | ||||||
ID Systems (a) (b) | 1,144 | 14 | ||||||
iGATE (a) | 2,232 | 15 | ||||||
Ikanos Communications (a) | 1,708 | 13 | ||||||
Imation | 3,111 | 115 | ||||||
Infocrossing (a) (b) | 2,236 | 36 | ||||||
Informatica (a) | 8,474 | 125 | ||||||
Information Services Group (a) | 3,140 | 24 | ||||||
InfoSpace (a) | 3,069 | 79 | ||||||
infoUSA | 3,457 | 32 | ||||||
Integral Systems | 1,154 | 27 | ||||||
InterDigital Communications (a) (b) | 5,088 | 167 | ||||||
Intermec (a) (b) | 4,640 | 104 | ||||||
InterNAP Network Services (a) | 4,153 | 64 | ||||||
Internet Capital Group (a) (b) | 3,853 | 46 | ||||||
Inter-Tel | 2,072 | 52 | ||||||
InterVoice (a) | 4,204 | 27 | ||||||
Interwoven (a) | 4,200 | 64 | ||||||
Intevac (a) | 2,153 | 52 | ||||||
iPass (a) (b) | 5,804 | 31 | ||||||
Isilon Systems (a) | 259 | 3 | ||||||
Itron (a) (b) | 2,494 | 168 | ||||||
Ixia (a) (b) | 4,429 | 38 | ||||||
IXYS (a) | 2,622 | 24 | ||||||
J2 Global Communications (a) | 5,009 | 144 | ||||||
Jack Henry & Associates | 7,630 | 181 | ||||||
JDA Software (a) | 3,080 | 55 | ||||||
Jupitermedia (a) (b) | 2,238 | 16 | ||||||
Keane (a) | 4,249 | 60 | ||||||
KEMET (a) (b) | 8,535 | 72 | ||||||
Komag (a) (b) | 2,984 | 82 | ||||||
Kopin (a) | 7,033 | 24 | ||||||
Kronos (a) | 3,153 | 172 | ||||||
Kulicke & Soffa (a) | 5,953 | 59 | ||||||
L-1 Identity Solutions (a) (b) | 6,756 | 130 | ||||||
Landauer | 915 | 43 | ||||||
Lattice Semiconductor (a) | 11,225 | 61 | ||||||
Lawson Software (a) (b) | 12,236 | 109 | ||||||
Lionbridge Technologies (a) | 6,167 | 31 | ||||||
Liquidity Services (a) | 801 | 17 | ||||||
Littelfuse (a) (b) | 2,195 | 88 | ||||||
Lo-Jack (a) | 1,856 | 34 | ||||||
Loral Space & Communications (a) | 869 | 42 | ||||||
LTX (a) | 6,070 | 36 | ||||||
Macrovision (a) (b) | 5,086 | 123 | ||||||
Magma Design Automation (a) | 3,414 | 47 | ||||||
Magna Entertainment (a) | 4,576 | 14 | ||||||
Manhattan Associates (a) (b) | 2,701 | 78 | ||||||
ManTech International (a) | 1,698 | 52 | ||||||
Marchex | 2,162 | 28 | ||||||
Mattson Technology (a) | 4,796 | 48 | ||||||
Maximus | 2,012 | 70 | ||||||
Maxwell Technologies (a) (b) | 1,483 | 18 | ||||||
Measurement Specialties (a) | 1,441 | 29 | ||||||
Mentor Graphics (a) | 7,859 | 127 | ||||||
Methode Electronics, Class A | 3,423 | 52 | ||||||
Micrel (a) | 6,769 | 85 | ||||||
Micros Systems (a) (b) | 3,774 | 207 | ||||||
Microsemi (a) (b) | 6,865 | 159 | ||||||
MicroStrategy (a) | 936 | 106 | ||||||
Microtune (a) | 5,204 | 22 | ||||||
Midway Games (a) (b) | 3,691 | 25 | ||||||
Mindspeed Technologies (a) | 11,380 | 26 | ||||||
MIPS Technologies, Class A (a) | 4,714 | 40 | ||||||
MKS Instruments (a) | 3,427 | 92 | ||||||
Mobility Electronics (a) (b) | 3,091 | 9 | ||||||
Monolithic Power Systems (a) | 2,018 | 28 | ||||||
MoSys (a) (b) | 2,329 | 20 | ||||||
MPS Group (a) | 10,149 | 139 | ||||||
MRV Communications (a) | 12,910 | 45 | ||||||
MTS Systems | 1,795 | 76 | ||||||
Multi-Fineline Electronix (a) (b) | 833 | 13 |
First American Funds Semiannual Report 2007 25
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Neoware Systems (a) (b) | 2,046 | $ | 24 | |||||
Ness Technologies (a) | 2,071 | 28 | ||||||
Net 1 UEPS Technologies (a) (b) | 4,940 | 124 | ||||||
NETGEAR (a) | 3,361 | 113 | ||||||
Netlogic Microsystems (a) | 1,646 | 51 | ||||||
NetRatings (a) | 1,309 | 27 | ||||||
NetScout Systems (a) | 2,735 | 23 | ||||||
Newport (a) (b) | 3,873 | 61 | ||||||
Nextest Systems (a) | 622 | 8 | ||||||
NIC | 3,511 | 20 | ||||||
Novatel Wireless (a) | 3,224 | 59 | ||||||
Nuance Communications (a) (b) | 12,350 | 190 | ||||||
Omniture (a) | 1,229 | 23 | ||||||
OmniVision Technologies (a) (b) | 5,235 | 71 | ||||||
ON Semiconductor (a) | 14,238 | 152 | ||||||
Online Resources (a) | 2,314 | 26 | ||||||
Openwave Systems (a) | 9,434 | 69 | ||||||
Oplink Communications (a) | 1,616 | 27 | ||||||
OPNET Technologies (a) | 1,333 | 15 | ||||||
Opnext (a) | 509 | 7 | ||||||
Opsware (a) (b) | 8,109 | 65 | ||||||
Orbcomm (a) (b) | 407 | 5 | ||||||
OSI Systems (a) | 1,596 | 42 | ||||||
OYO Geospace (a) | 407 | 30 | ||||||
Packeteer (a) | 3,415 | 32 | ||||||
Palm (a) (b) | 9,015 | 152 | ||||||
Parametric Technology (a) (b) | 10,957 | 195 | ||||||
Park Electrochemical (b) | 1,982 | 55 | ||||||
ParkerVision (a) (b) | 1,945 | 21 | ||||||
Paxar (a) | 3,851 | 116 | ||||||
PDF Solutions (a) | 2,049 | 23 | ||||||
Pegasystems | 1,612 | 15 | ||||||
Perficient (a) | 1,808 | 38 | ||||||
Pericom Semiconductor (a) | 2,709 | 27 | ||||||
Perot Systems, Class A (a) | 8,390 | 150 | ||||||
Phase Forward (a) | 3,505 | 56 | ||||||
Photon Dynamics (a) | 1,829 | 22 | ||||||
Photronics (a) (b) | 4,101 | 62 | ||||||
Plantronics | 4,625 | 116 | ||||||
Plexus (a) | 4,575 | 96 | ||||||
PLX Technology (a) | 2,582 | 27 | ||||||
Polycom (a) | 8,470 | 282 | ||||||
Powerwave Technologies (a) (b) | 11,402 | 71 | ||||||
Presstek (a) | 3,246 | 20 | ||||||
Progress Software (a) | 3,814 | 115 | ||||||
QAD | 1,425 | 14 | ||||||
Quality Systems (b) | 1,670 | 68 | ||||||
Quantum (a) (b) | 19,343 | 53 | ||||||
Quest Software (a) | 6,506 | 111 | ||||||
Rackable Systems (a) (b) | 2,859 | 34 | ||||||
Radiant Systems (a) (b) | 2,518 | 34 | ||||||
RadiSys (a) | 2,060 | 31 | ||||||
Radyne Comstream (a) | 1,858 | 16 | ||||||
RAE Systems (a) | 3,981 | 11 | ||||||
RealNetworks (a) | 10,517 | 79 | ||||||
Renaissance Learning | 986 | 12 | ||||||
RF Micro Devices (a) (b) | 18,824 | 118 | ||||||
RightNow Technologies (a) | 1,551 | 23 | ||||||
Rofin-Sinar Technologies (a) | 1,657 | 110 | ||||||
Rogers (a) | 1,691 | 77 | ||||||
Rudolph Technologies (a) | 2,405 | 42 | ||||||
S1 (a) | 6,311 | 41 | ||||||
Safeguard Scientifics (a) | 12,414 | 37 | ||||||
Sapient (a) (b) | 8,018 | 58 | ||||||
SAVVIS (a) | 3,175 | 164 | ||||||
ScanSource (a) (b) | 2,491 | 72 | ||||||
Secure Computing (a) (b) | 5,145 | 42 | ||||||
Semitool (a) | 1,777 | 18 | ||||||
Semtech (a) | 6,099 | 88 | ||||||
Sigma Designs (a) | 2,351 | 55 | ||||||
Silicon Image (a) | 7,972 | 70 | ||||||
Silicon Storage Technology (a) (b) | 8,899 | 37 | ||||||
Sirenza Microdevices (a) (b) | 2,539 | 23 | ||||||
SiRF Technology Holdings (a) (b) | 5,050 | 123 | ||||||
Skyworks Solutions (a) | 15,777 | 109 | ||||||
Smith Micro Software (a) (b) | 2,044 | 32 | ||||||
Sohu.com (a) | 2,752 | 70 | ||||||
Sonic Solutions (a) | 2,642 | 34 | ||||||
SonicWALL (a) | 5,855 | 48 | ||||||
Sonus Networks (a) | 24,838 | 192 | ||||||
SPSS (a) | 1,985 | 73 | ||||||
SRA International, Class A (a) (b) | 3,588 | 88 | ||||||
Staktek Holdings (a) | 1,232 | 3 | ||||||
Standard Microsystems (a) | 2,277 | 73 | ||||||
StarTek | 1,169 | 11 | ||||||
Stratasys (a) (b) | 996 | 47 | ||||||
SunPower (a) (b) | 1,048 | 64 | ||||||
Superior Essex (a) | 1,861 | 66 | ||||||
Supertex (a) | 1,143 | 37 | ||||||
Sybase (a) | 8,756 | 212 | ||||||
Sycamore Networks (a) | 18,408 | 68 | ||||||
Sykes Enterprises (a) | 2,700 | 50 | ||||||
Symmetricom (a) | 4,888 | 40 | ||||||
Synaptics (a) | 2,422 | 73 | ||||||
SYNNEX (a) | 890 | 17 | ||||||
Syntel | 825 | 29 | ||||||
Take-Two Interactive Software (a) (b) | 7,036 | 135 | ||||||
TALX | 2,994 | 103 | ||||||
TASER International (a) (b) | 6,466 | 56 | ||||||
Technitrol | 3,989 | 107 | ||||||
Tekelec (a) | 5,682 | 81 | ||||||
Terremark Worldwide (a) | 3,499 | 29 | ||||||
Tessera Technologies (a) (b) | 4,540 | 194 | ||||||
The Knot (a) (b) | 1,675 | 36 | ||||||
ThermoGenesis (a) | 5,554 | 19 | ||||||
TheStreet.com | 1,897 | 19 | ||||||
THQ (a) (b) | 6,279 | 210 | ||||||
TIBCO Software (a) | 20,706 | 189 | ||||||
TNS | 2,489 | 30 | ||||||
Transaction Systems Architects (a) | 3,678 | 117 | ||||||
Transmeta (a) | 20,202 | 10 | ||||||
TranSwitch (a) (b) | 13,165 | 19 | ||||||
Travelzoo (a) | 280 | 8 | ||||||
Trident Microsystems (a) | 5,720 | 121 | ||||||
TriQuint Semiconductor (a) (b) | 13,739 | 71 | ||||||
TTM Technologies (a) | 4,367 | 40 | ||||||
Tyler Technologies (a) | 4,005 | 48 | ||||||
Ultimate Software Group (a) | 2,240 | 62 | ||||||
Ultratech (a) (b) | 2,618 | 36 | ||||||
United Online (b) | 5,483 | 79 | ||||||
Universal Display (a) (b) | 2,606 | 41 | ||||||
UTStarcom (a) (b) | 11,773 | 84 | ||||||
VA Software (a) (b) | 6,416 | 23 | ||||||
ValueClick (a) | 9,430 | 270 | ||||||
Varian Semiconductor Equipment Associates (a) (b) | 5,630 | 374 | ||||||
Vasco Data Security International (a) | 2,802 | 60 | ||||||
Veeco Instruments (a) | 2,900 | 53 | ||||||
ViaSat (a) (b) | 2,273 | 78 | ||||||
Vignette (a) | 2,927 | 54 |
The accompanying notes are an integral part of the financial statements.
26 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Index Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Virage Logic (a) | 1,765 | $ | 13 | |||||
Volterra Semiconductor (a) | 1,934 | 31 | ||||||
WebEx Communications (a) | 4,095 | 232 | ||||||
webMethods (a) | 5,344 | 49 | ||||||
Websense (a) (b) | 4,396 | 109 | ||||||
WebSideStory (a) (b) | 1,807 | 20 | ||||||
Wind River Systems (a) | 7,476 | 73 | ||||||
Witness Systems (a) | 3,461 | 94 | ||||||
Wright Express (a) (b) | 3,964 | 125 | ||||||
X-Rite | 2,384 | 30 | ||||||
Zhone Technologies (a) | 9,779 | 14 | ||||||
Zoran (a) | 4,821 | 96 | ||||||
Zygo (a) | 1,865 | 30 | ||||||
25,112 | ||||||||
Materials – 5.3% | ||||||||
A. Schulman | 2,361 | 55 | ||||||
A.M. Castle & Company | 980 | 33 | ||||||
AEP Industries (a) | 745 | 32 | ||||||
AK Steel Holding (a) (b) | 10,822 | 330 | ||||||
Alpha Natural Resources (a) (b) | 5,260 | 91 | ||||||
AMCOL International (b) | 2,286 | 55 | ||||||
American Vanguard (b) | 1,915 | 28 | ||||||
AptarGroup | 3,296 | 241 | ||||||
Arch Chemicals | 2,356 | 71 | ||||||
Balchem | 1,712 | 31 | ||||||
Bowater (b) | 4,940 | 108 | ||||||
Brush Engineered Metals (a) (b) | 1,909 | 92 | ||||||
Buckeye Technologies (a) | 3,161 | 40 | ||||||
Calgon Carbon (a) (b) | 3,862 | 31 | ||||||
Cambrex | 2,782 | 67 | ||||||
Caraustar Industries (a) | 3,045 | 22 | ||||||
Century Aluminum (a) (b) | 2,274 | 108 | ||||||
CF Industries Holdings | 5,150 | 204 | ||||||
Chaparral Steel Company (b) | 4,529 | 319 | ||||||
Chesapeake | 1,950 | 29 | ||||||
Claymont Steel Holdings (a) | 528 | 12 | ||||||
Cleveland-Cliffs (b) | 4,098 | 284 | ||||||
Coeur D’Alene Mines (a) (b) | 27,340 | 112 | ||||||
Compass Minerals International | 2,775 | 95 | ||||||
Deltic Timber | 1,002 | 50 | ||||||
Ferro | 4,656 | 97 | ||||||
Georgia Gulf (b) | 3,613 | 58 | ||||||
Gibraltar Industries | 2,166 | 48 | ||||||
Glatfelter (b) | 3,870 | 58 | ||||||
GrafTech International (a) | 10,282 | 103 | ||||||
Graphic Packaging (a) | 8,155 | 42 | ||||||
Greif, Class A | 3,250 | 181 | ||||||
H.B. Fuller | 5,785 | 148 | ||||||
Headwaters (a) (b) | 4,159 | 90 | ||||||
Hecla Mining (a) | 11,723 | 103 | ||||||
Hercules (a) | 11,032 | 208 | ||||||
Innospec | 1,322 | 71 | ||||||
Koppers Holdings | 1,030 | 30 | ||||||
Mercer International (a) | 2,654 | 33 | ||||||
Metal Management | 2,529 | 122 | ||||||
Minerals Technologies | 1,976 | 126 | ||||||
Myers Industries | 3,041 | 68 | ||||||
Neenah Paper | 1,153 | 44 | ||||||
NewMarket Group | 1,694 | 80 | ||||||
NL Industries | 909 | 11 | ||||||
NN | 1,952 | 23 | ||||||
Olin (b) | 7,112 | 122 | ||||||
Olympic Steel | 865 | 29 | ||||||
OM Group (a) | 2,884 | 151 | ||||||
Omnova Solutions (a) | 4,280 | 22 | ||||||
Pioneer Companies (a) | 1,473 | 43 | ||||||
PolyOne (a) | 9,726 | 64 | ||||||
Quanex | 3,714 | 160 | ||||||
Rock-Tenn, Class A | 3,087 | 118 | ||||||
Rockwood Holdings (a) | 3,128 | 96 | ||||||
Royal Gold (b) | 1,904 | 56 | ||||||
RTI International Metals (a) | 2,240 | 211 | ||||||
Ryerson Tull (b) | 2,562 | 105 | ||||||
Schnitzer Steel Industries, Class A (b) | 2,312 | 120 | ||||||
Schweitzer-Mauduit International | 1,684 | 46 | ||||||
Sensient Technologies | 4,500 | 118 | ||||||
Silgan Holdings (b) | 2,353 | 135 | ||||||
Spartech | 3,567 | 100 | ||||||
Steel Technologies | 1,238 | 37 | ||||||
Stepan | 370 | 11 | ||||||
Stillwater Mining (a) (b) | 4,062 | 63 | ||||||
Symyx Technologies (a) | 3,446 | 40 | ||||||
Terra Industries (a) | 9,520 | 168 | ||||||
Texas Industries (b) | 2,399 | 183 | ||||||
Tronox | 4,269 | 59 | ||||||
US Concrete (a) | 3,452 | 29 | ||||||
USEC (a) (b) | 8,463 | 171 | ||||||
W.R. Grace & Company (a) | 6,674 | 177 | ||||||
Wausau-Mosinee Paper | 4,483 | 60 | ||||||
Wheeling-Pittsburgh (a) | 912 | 22 | ||||||
Worthington Industries (b) | 7,111 | 158 | ||||||
Zoltek Companies (a) (b) | 1,675 | 51 | ||||||
7,209 | ||||||||
Telecommunication Services – 1.3% | ||||||||
Alaska Communications Systems Group | 4,335 | 69 | ||||||
Atlantic Tele-Network | 544 | 14 | ||||||
Cbeyond (a) (b) | 1,599 | 56 | ||||||
Centennial Communications, Class A (a) | 2,215 | 18 | ||||||
Cincinnati Bell (a) (b) | 24,288 | 123 | ||||||
Cogent Communications Group (a) | 2,167 | 55 | ||||||
Consolidated Communications Holdings | 1,433 | 28 | ||||||
Covad Communications Group (a) | 30,251 | 28 | ||||||
CT Communications | 1,867 | 46 | ||||||
Dobson Communications, Class A (a) (b) | 14,510 | 132 | ||||||
EMS Technologies (a) | 1,566 | 29 | ||||||
Eschelon Telecom (a) | 966 | 28 | ||||||
FairPoint Communications | 2,705 | 51 | ||||||
Fibertower (a) (b) | 11,671 | 53 | ||||||
General Communication, Class A (a) | 5,258 | 75 | ||||||
GlobalStar (a) (b) | 1,207 | 12 | ||||||
Golden Telecom | 2,146 | 126 | ||||||
IDT (b) | 4,603 | 51 | ||||||
InPhonic (a) | 1,930 | 18 | ||||||
Iowa Telecommunication Services | 3,081 | 63 | ||||||
iPCS (a) | 1,539 | 77 | ||||||
North Pittsburgh | 1,530 | 32 | ||||||
NTELOS Holdings (a) | 1,463 | 29 | ||||||
Paetec Holding (a) | 5,450 | 57 | ||||||
Premiere Global Services (a) | 7,187 | 87 | ||||||
Shenandoah Telecommunications | 740 | 33 | ||||||
SureWest Communications | 1,545 | 39 | ||||||
Syniverse Holdings (a) (b) | 2,334 | 24 | ||||||
Time Warner Telecom, Class A (a) (b) | 14,078 | 289 | ||||||
USA Mobility | 2,654 | 57 | ||||||
Vonage Holdings (a) (b) | 3,234 | 10 | ||||||
Wireless Facilities (a) (b) | 6,811 | 8 | ||||||
1,817 | ||||||||
First American Funds Semiannual Report 2007 27
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Index Fund (continued) | |||||||||
DESCRIPTION | SHARES/PAR | VALUE | |||||||
Utilities – 2.8% | |||||||||
Allete (b) | 2,470 | $ | 120 | ||||||
American States Water | 1,868 | 67 | |||||||
Aquila (a) | 36,772 | 152 | |||||||
Avista | 5,110 | 121 | |||||||
Black Hills (b) | 3,270 | 130 | |||||||
California Water Service | 1,881 | 73 | |||||||
Cascade Natural Gas | 968 | 25 | |||||||
CH Energy Group | 1,730 | 83 | |||||||
CLECO | 5,422 | 152 | |||||||
Duquesne Light Holdings | 8,016 | 160 | |||||||
El Paso Electric (a) | 4,797 | 127 | |||||||
Empire District Electric (b) | 2,984 | 74 | |||||||
EnergySouth | 721 | 28 | |||||||
IDACORP | 4,209 | 145 | |||||||
ITC Holdings | 1,444 | 61 | |||||||
Laclede Group | 2,348 | 74 | |||||||
MGE Energy | 2,273 | 82 | |||||||
New Jersey Resources (b) | 2,945 | 158 | |||||||
Nicor (b) | 4,480 | 230 | |||||||
Northwest Natural Gas (b) | 2,315 | 118 | |||||||
NorthWestern | 3,492 | 123 | |||||||
Ormat Technologies (b) | 751 | 27 | |||||||
Otter Tail (b) | 2,898 | 99 | |||||||
Piedmont Natural Gas (b) | 6,722 | 177 | |||||||
PNM Resources (b) | 6,569 | 214 | |||||||
Portland General Electric | 2,776 | 80 | |||||||
SJW | 1,623 | 56 | |||||||
South Jersey Industries | 3,095 | 122 | |||||||
Southwest Gas (b) | 3,863 | 146 | |||||||
Southwest Water | 2,261 | 31 | |||||||
UIL Holdings | 2,504 | 85 | |||||||
UniSource Energy Holding | 3,632 | 139 | |||||||
Westar Energy (b) | 8,284 | 225 | |||||||
WGL Holdings (b) | 4,200 | 142 | |||||||
3,846 | |||||||||
Total Common Stocks (Cost $90,597) | 133,035 | ||||||||
Warrants – 0.0% | |||||||||
Pegasus Wireless Warrants (b) (d) (Cost $0) | 604 | — | |||||||
Short-Term Investments – 2.3% | |||||||||
Money Market Fund – 2.0% | |||||||||
First American Prime Obligations Fund, Class Z (e) | 2,779,863 | 2,780 | |||||||
U.S. Treasury Obligation – 0.3% | |||||||||
U.S. Treasury Bill (f) | |||||||||
4.790%, 08/09/2007 | $ | 400 | 395 | ||||||
Total Short-Term Investments (Cost $3,175) | 3,175 | ||||||||
Investment Purchased with Proceeds from Securities Lending – 41.2% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (e) (g) | |||||||||
(Cost $56,066) | 56,066,195 | 56,066 | |||||||
Total Investments – 141.2% (Cost $149,838) | 192,276 | ||||||||
�� | |||||||||
Other Assets and Liabilities, Net – (41.2)% | (56,137 | ) | |||||||
Total Net Assets – 100.0% | $ | 136,139 | |||||||
(a) | Non-income producing security. |
(b) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $52,755 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(c) | Security is fair valued and illiquid. As of April 30, 2007, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(d) | Security is considered illiquid and or restricted. As of April 30, 2007, the value of this investment was $0 or 0% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | Investment in affiliated security. As of April 30, 2007, the market value of these investments was $58,846 or 43.2% of total net assets. See note 3 in Notes to Financial Statements. |
(f) | Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements. |
(g) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
REIT – | Real Estate Investment Trust |
Schedule of Open Futures Contracts
Number of | ||||||||||||||||
Contracts | Notional | |||||||||||||||
Purchased | Contract | Settlement | Unrealized | |||||||||||||
Description | (Sold) | Value | Month | Appreciation | ||||||||||||
Russell 2000 Futures | 7 | $ | 2,866 | June 2007 | $ | 73 | ||||||||||
The accompanying notes are an integral part of the financial statements.
28 First American Funds Semiannual Report 2007
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Table of Contents
Statements of Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data
Equity | Mid Cap | Small Cap | ||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||
Investments in unaffiliated securities, at cost | $ | 1,204,619 | $ | 253,419 | $ | 90,992 | ||||||||||
Investments in affiliated securities, at cost | 30,644 | 4,921 | 2,780 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 493,368 | 152,650 | 56,066 | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in unaffiliated securities, at value* (note 2) | $ | 2,045,861 | $ | 359,488 | $ | 133,430 | ||||||||||
Investments in affiliated securities, at value (note 2) | 33,781 | 4,921 | 2,780 | |||||||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 493,368 | 152,650 | 56,066 | |||||||||||||
Cash | 1,100 | — | — | |||||||||||||
Receivable for dividends and interest | 1,864 | 236 | 110 | |||||||||||||
Receivable for investment securities sold | — | 28 | 181 | |||||||||||||
Receivable for capital shares sold | 672 | 129 | 49 | |||||||||||||
Prepaid expenses and other assets | 34 | 40 | 32 | |||||||||||||
Total assets | 2,576,680 | 517,492 | 192,648 | |||||||||||||
LIABILITIES: | ||||||||||||||||
Bank overdraft | — | 28 | — | |||||||||||||
Payable upon return of securities loaned (note 2) | 493,368 | 152,650 | 56,066 | |||||||||||||
Payable for investment securities purchased | — | 218 | — | |||||||||||||
Payable for capital shares redeemed | 2,054 | 335 | 280 | |||||||||||||
Payable for variation margin | 245 | 78 | 56 | |||||||||||||
Payable to affiliates (note 3) | 629 | 154 | 80 | |||||||||||||
Payable for distribution and shareholder servicing fees | 92 | 11 | 6 | |||||||||||||
Accrued expenses and other liabilities | 51 | 14 | 21 | |||||||||||||
Total liabilities | 496,439 | 153,488 | 56,509 | |||||||||||||
Net assets | $ | 2,080,241 | $ | 364,004 | $ | 136,139 | ||||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||||||
Portfolio capital | $ | 1,127,688 | $ | 240,876 | $ | 87,015 | ||||||||||
Undistributed (distributions in excess of) net investment income | (148 | ) | 78 | 25 | ||||||||||||
Accumulated net realized gain on investments and futures contracts | 107,491 | 16,688 | 6,588 | |||||||||||||
Net unrealized appreciation of investments | 844,379 | 106,069 | 42,438 | |||||||||||||
Net unrealized appreciation of futures contracts | 831 | 293 | 73 | |||||||||||||
Net assets | $ | 2,080,241 | $ | 364,004 | $ | 136,139 | ||||||||||
* Including securities loaned, at value | $ | 472,926 | $ | 145,147 | $ | 52,755 | ||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 215,953 | $ | 17,119 | $ | 10,832 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 7,875 | 1,134 | 715 | |||||||||||||
Net asset value, and redemption price per share | $ | 27.42 | $ | 15.10 | $ | 15.15 | ||||||||||
Maximum offering price per share(1) | $ | 29.02 | $ | 15.98 | $ | 16.03 | ||||||||||
Class B: | ||||||||||||||||
Net assets | $ | 36,164 | $ | 2,374 | $ | 1,340 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 1,337 | 160 | 91 | |||||||||||||
Net asset value, offering price, and redemption price per share(2) | $ | 27.05 | $ | 14.80 | $ | 14.65 | ||||||||||
Class C: | ||||||||||||||||
Net assets | $ | 20,211 | $ | 4,855 | $ | 2,897 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 743 | 327 | 196 | |||||||||||||
Net asset value, offering price, and redemption price per share(2) | $ | 27.22 | $ | 14.85 | $ | 14.80 | ||||||||||
Class R: | ||||||||||||||||
Net assets | $ | 5,075 | $ | 5,069 | $ | 458 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 185 | 338 | 31 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 27.39 | $ | 15.01 | $ | 14.95 | ||||||||||
Class Y: | ||||||||||||||||
Net assets | $ | 1,802,838 | $ | 334,587 | $ | 120,612 | ||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 65,763 | 22,140 | 7,961 | |||||||||||||
Net asset value, offering price, and redemption price per share | $ | 27.41 | $ | 15.11 | $ | 15.15 | ||||||||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
(2) | Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
30 First American Funds Semiannual Report 2007
Table of Contents
Statements of Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Equity | Mid Cap | Small Cap | ||||||||||||||||
Index Fund | Index Fund | Index Fund | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||
Dividends from unaffiliated securities | $ | 19,359 | $ | 3,177 | $ | 841 | ||||||||||||
Dividends from affiliated securities | 894 | 390 | 124 | |||||||||||||||
Interest from unaffiliated securities | 66 | 25 | 10 | |||||||||||||||
Securities lending income | 268 | 99 | 115 | |||||||||||||||
Total investment income | 20,587 | 3,691 | 1,090 | |||||||||||||||
EXPENSES (note 3): | ||||||||||||||||||
Investment advisory fees | 2,548 | 463 | 298 | |||||||||||||||
Administration fees | 2,273 | 416 | 202 | |||||||||||||||
Transfer agent fees | 203 | 59 | 58 | |||||||||||||||
Custodian fees | 51 | 10 | 4 | |||||||||||||||
Professional fees | 21 | 21 | 21 | |||||||||||||||
Registration fees | 30 | 26 | 26 | |||||||||||||||
Postage and printing fees | 41 | 7 | 3 | |||||||||||||||
Directors’ fees | 8 | 11 | 11 | |||||||||||||||
Other expenses | 23 | 16 | 18 | |||||||||||||||
Distribution and shareholder servicing fees – Class A | 274 | 20 | 13 | |||||||||||||||
Distribution and shareholder servicing fees – Class B | 199 | 13 | 7 | |||||||||||||||
Distribution and shareholder servicing fees – Class C | 100 | 23 | 14 | |||||||||||||||
Distribution and shareholder servicing fees – Class R | 10 | 11 | 1 | |||||||||||||||
Total expenses | 5,781 | 1,096 | 676 | |||||||||||||||
Less: Fee waivers (note 3) | (1,414 | ) | (95 | ) | (206 | ) | ||||||||||||
Less: Indirect payments from custodian (note 3) | (2 | ) | (1 | ) | (1 | ) | ||||||||||||
Total net expenses | 4,365 | 1,000 | 469 | |||||||||||||||
Investment income – net | 16,222 | 2,691 | 621 | |||||||||||||||
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6): | ||||||||||||||||||
Net realized gain on unaffiliated investments | 361 | 16,676 | 6,980 | |||||||||||||||
Net realized gain on affiliated investments | 93 | — | — | |||||||||||||||
Net realized gain on in-kind distribution (note 8) | 121,979 | — | — | |||||||||||||||
Net realized gain on futures contracts | 2,497 | 1,470 | 420 | |||||||||||||||
Net change in unrealized appreciation or depreciation of unaffiliated investments | 23,315 | 20,824 | 2,017 | |||||||||||||||
Net change in unrealized appreciation or depreciation of affiliated investments | (526 | ) | — | — | ||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 239 | (29 | ) | (25 | ) | |||||||||||||
Net gain on investments and futures contracts | 147,958 | 38,941 | 9,392 | |||||||||||||||
Net increase in net assets resulting from operations | $ | 164,180 | $ | 41,632 | $ | 10,013 | ||||||||||||
First American Funds Semiannual Report 2007 31
Table of Contents
Statements of Changes in Net Assets all dollars are rounded to thousands (000)
Equity | Mid Cap | Small Cap | |||||||||||||||||||||||||||
Index Fund | Index Fund | Index Fund | |||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||||
4/30/07 | Year Ended | 4/30/07 | Year Ended | 4/30/07 | Year Ended | ||||||||||||||||||||||||
(unaudited) | 10/31/06 | (unaudited) | 10/31/06 | (unaudited) | 10/31/06 | ||||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||||
Investment income – net | $ | 16,222 | $ | 33,848 | $ | 2,691 | $ | 3,641 | $ | 621 | $ | 1,084 | |||||||||||||||||
Net realized gain on unaffiliated investments | 361 | 47,833 | 16,676 | 16,650 | 6,980 | 19,061 | |||||||||||||||||||||||
Net realized gain on affiliated investments | 93 | 394 | — | — | — | — | |||||||||||||||||||||||
Net realized gain on in-kind distribution | 121,979 | — | — | — | — | — | |||||||||||||||||||||||
Net realized gain (loss) on futures contracts | 2,497 | 1,901 | 1,470 | (149 | ) | 420 | 115 | ||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of unaffiliated investments | 23,315 | 241,470 | 20,824 | 24,440 | 2,017 | 8,715 | |||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of affiliated investments | (526 | ) | 1,034 | — | — | — | — | ||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 239 | 29 | (29 | ) | 333 | (25 | ) | 91 | |||||||||||||||||||||
Net increase in net assets resulting from operations | 164,180 | 326,509 | 41,632 | 44,915 | 10,013 | 29,066 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||||
Class A | (1,518 | ) | (3,188 | ) | (96 | ) | (118 | ) | (31 | ) | (65 | ) | |||||||||||||||||
Class B | (149 | ) | (338 | ) | (5 | ) | (3 | ) | — | (1) | — | (1) | |||||||||||||||||
Class C | (74 | ) | (153 | ) | (11 | ) | (5 | ) | (1 | ) | (1 | ) | |||||||||||||||||
Class R | (24 | ) | (26 | ) | (27 | ) | (3 | ) | (1 | ) | (1 | ) | |||||||||||||||||
Class Y | (14,605 | ) | (30,181 | ) | (2,474 | ) | (3,558 | ) | (563 | ) | (1,226 | ) | |||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||
Class A | (2,670 | ) | — | (684 | ) | (865 | ) | (1,272 | ) | (306 | ) | ||||||||||||||||||
Class B | (488 | ) | — | (118 | ) | (215 | ) | (166 | ) | (45 | ) | ||||||||||||||||||
Class C | (235 | ) | — | (207 | ) | (203 | ) | (336 | ) | (71 | ) | ||||||||||||||||||
Class R | (42 | ) | — | (197 | ) | (7 | ) | (37 | ) | (5 | ) | ||||||||||||||||||
Class Y | (20,073 | ) | — | (15,634 | ) | (20,352 | ) | (17,014 | ) | (4,372 | ) | ||||||||||||||||||
Total distributions | (39,878 | ) | (33,886 | ) | (19,453 | ) | (25,329 | ) | (19,421 | ) | (6,092 | ) | |||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 5): | |||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||
Proceeds from sales | 26,968 | 41,039 | 3,627 | 4,721 | 1,067 | 2,728 | |||||||||||||||||||||||
Reinvestment of distributions | 3,728 | 2,685 | 735 | 948 | 1,226 | 366 | |||||||||||||||||||||||
Payments for redemptions | (57,602 | ) | (80,483 | ) | (3,006 | ) | (6,088 | ) | (1,476 | ) | (4,016 | ) | |||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (26,906 | ) | (36,759 | ) | 1,356 | (419 | ) | 817 | (922 | ) | |||||||||||||||||||
Class B: | |||||||||||||||||||||||||||||
Proceeds from sales | 775 | 1,830 | 77 | 226 | 202 | 267 | |||||||||||||||||||||||
Reinvestment of distributions | 611 | 327 | 120 | 210 | 161 | 42 | |||||||||||||||||||||||
Payments for redemptions (note 3) | (10,879 | ) | (21,365 | ) | (635 | ) | (1,406 | ) | (271 | ) | (668 | ) | |||||||||||||||||
Increase (decrease) in net assets from Class B transactions | (9,493 | ) | (19,208 | ) | (438 | ) | (970 | ) | 92 | (359 | ) | ||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||
Proceeds from sales | 1,016 | 1,467 | 419 | 1,893 | 273 | 1,234 | |||||||||||||||||||||||
Reinvestment of distributions | 283 | 145 | 197 | 190 | 297 | 68 | |||||||||||||||||||||||
Payments for redemptions (note 3) | (3,017 | ) | (8,052 | ) | (360 | ) | (1,365 | ) | (160 | ) | (1,040 | ) | |||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (1,718 | ) | (6,440 | ) | 256 | 718 | 410 | 262 | |||||||||||||||||||||
Class R: | |||||||||||||||||||||||||||||
Proceeds from sales | 1,920 | 2,111 | 1,063 | 3,997 | 167 | 264 | |||||||||||||||||||||||
Reinvestment of distributions | 66 | 26 | 224 | 9 | 38 | 6 | |||||||||||||||||||||||
Payments for redemptions | (606 | ) | (753 | ) | (522 | ) | (130 | ) | (12 | ) | (38 | ) | |||||||||||||||||
Increase in net assets from Class R transactions | 1,380 | 1,384 | 765 | 3,876 | 193 | 232 | |||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||
Proceeds from sales | 172,510 | 279,571 | 33,410 | 46,865 | 15,088 | 25,574 | |||||||||||||||||||||||
Reinvestment of distributions | 21,959 | 18,320 | 9,712 | 13,587 | 8,900 | 3,038 | |||||||||||||||||||||||
Payments for redemptions | (434,094 | ) | (496,343 | ) | (62,624 | ) | (87,249 | ) | (30,669 | ) | (67,311 | ) | |||||||||||||||||
Decrease in net assets from Class Y transactions | (239,625 | ) | (198,452 | ) | (19,502 | ) | (26,797 | ) | (6,681 | ) | (38,699 | ) | |||||||||||||||||
Decrease in net assets from capital share transactions | (276,362 | ) | (259,475 | ) | (17,563 | ) | (23,592 | ) | (5,169 | ) | (39,486 | ) | |||||||||||||||||
Total increase (decrease) in net assets | (152,060 | ) | 33,148 | 4,616 | (4,006 | ) | (14,577 | ) | (16,512 | ) | |||||||||||||||||||
Net assets at beginning of period | 2,232,301 | 2,199,153 | 359,388 | 363,394 | 150,716 | 167,228 | |||||||||||||||||||||||
Net assets at end of period | $ | 2,080,241 | $ | 2,232,301 | $ | 364,004 | $ | 359,388 | $ | 136,139 | $ | 150,716 | |||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (148 | ) | $ | — | $ | 78 | $ | — | $ | 25 | $ | — | ||||||||||||||||
(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.
32 First American Funds Semiannual Report 2007
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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 | Distributions | Value | ||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | from Return | End of | ||||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | of Capital | Period | ||||||||||||||||||||||||||||||
Equity Index Fund (1) | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 25.80 | $ | 0.18 | $ | 1.93 | $ | (0.19 | ) | $ | (0.30 | ) | $ | — | $ | 27.42 | ||||||||||||||||||||
2006 (3) | 22.59 | 0.33 | 3.21 | (0.33 | ) | — | — | 25.80 | ||||||||||||||||||||||||||||
2005 (4) | 23.00 | 0.01 | (0.40 | ) | (0.02 | ) | — | — | (7) | 22.59 | ||||||||||||||||||||||||||
2005 (5) | 20.91 | 0.34 | 2.09 | (0.34 | ) | — | — | (7) | 23.00 | |||||||||||||||||||||||||||
2004 (5) | 18.70 | 0.23 | 2.22 | (0.24 | ) | — | — | (7) | 20.91 | |||||||||||||||||||||||||||
2003 (5) | 15.31 | 0.21 | 3.38 | (0.20 | ) | — | — | 18.70 | ||||||||||||||||||||||||||||
2002 (5) | 19.50 | 0.18 | (4.19 | ) | (0.18 | ) | — | — | 15.31 | |||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 25.47 | $ | 0.09 | $ | 1.89 | $ | (0.10 | ) | $ | (0.30 | ) | $ | — | $ | 27.05 | ||||||||||||||||||||
2006 (3) | 22.31 | 0.15 | 3.17 | (0.16 | ) | — | — | 25.47 | ||||||||||||||||||||||||||||
2005 (4) | 22.72 | — | (0.40 | ) | (0.01 | ) | — | — | (7) | 22.31 | ||||||||||||||||||||||||||
2005 (5) | 20.66 | 0.18 | 2.06 | (0.18 | ) | — | — | (7) | 22.72 | |||||||||||||||||||||||||||
2004 (5) | 18.48 | 0.08 | 2.19 | (0.09 | ) | — | — | (7) | 20.66 | |||||||||||||||||||||||||||
2003 (5) | 15.13 | 0.08 | 3.35 | (0.08 | ) | — | — | 18.48 | ||||||||||||||||||||||||||||
2002 (5) | 19.29 | 0.03 | (4.15 | ) | (0.04 | ) | — | — | 15.13 | |||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 25.62 | $ | 0.08 | $ | 1.92 | $ | (0.10 | ) | $ | (0.30 | ) | $ | — | $ | 27.22 | ||||||||||||||||||||
2006 (3) | 22.44 | 0.15 | 3.19 | (0.16 | ) | — | — | 25.62 | ||||||||||||||||||||||||||||
2005 (4) | 22.85 | — | (0.40 | ) | (0.01 | ) | — | — | (7) | 22.44 | ||||||||||||||||||||||||||
2005 (5) | 20.78 | 0.18 | 2.07 | (0.18 | ) | — | — | (7) | 22.85 | |||||||||||||||||||||||||||
2004 (5) | 18.59 | 0.08 | 2.20 | (0.09 | ) | — | — | (7) | 20.78 | |||||||||||||||||||||||||||
2003 (5) | 15.23 | 0.08 | 3.36 | (0.08 | ) | — | — | 18.59 | ||||||||||||||||||||||||||||
2002 (5) | 19.41 | 0.03 | (4.17 | ) | (0.04 | ) | — | — | 15.23 | |||||||||||||||||||||||||||
Class R (6) | ||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 25.77 | $ | 0.15 | $ | 1.93 | $ | (0.16 | ) | $ | (0.30 | ) | $ | — | $ | 27.39 | ||||||||||||||||||||
2006 (3) | 22.57 | 0.26 | 3.21 | (0.27 | ) | — | — | 25.77 | ||||||||||||||||||||||||||||
2005 (4) | 22.98 | 0.01 | (0.40 | ) | (0.02 | ) | — | — | (7) | 22.57 | ||||||||||||||||||||||||||
2005 (5) | 20.91 | 0.26 | 2.11 | (0.30 | ) | — | — | (7) | 22.98 | |||||||||||||||||||||||||||
2004 (5) | 18.70 | 0.23 | 2.20 | (0.22 | ) | — | — | (7) | 20.91 | |||||||||||||||||||||||||||
2003 (5) | 15.30 | 0.21 | 3.39 | (0.20 | ) | — | — | 18.70 | ||||||||||||||||||||||||||||
2002 (5) | 19.50 | 0.18 | (4.20 | ) | (0.18 | ) | — | — | 15.30 | |||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 25.79 | $ | 0.22 | $ | 1.92 | $ | (0.22 | ) | $ | (0.30 | ) | $ | — | $ | 27.41 | ||||||||||||||||||||
2006 (3) | 22.58 | 0.39 | 3.21 | (0.39 | ) | — | — | 25.79 | ||||||||||||||||||||||||||||
2005 (4) | 22.99 | 0.02 | (0.41 | ) | (0.02 | ) | — | — | (7) | 22.58 | ||||||||||||||||||||||||||
2005 (5) | 20.91 | 0.40 | 2.08 | (0.40 | ) | — | — | (7) | 22.99 | |||||||||||||||||||||||||||
2004 (5) | 18.69 | 0.29 | 2.22 | (0.29 | ) | — | — | (7) | 20.91 | |||||||||||||||||||||||||||
2003 (5) | 15.30 | 0.25 | 3.38 | (0.24 | ) | — | — | 18.69 | ||||||||||||||||||||||||||||
2002 (5) | 19.49 | 0.23 | (4.19 | ) | (0.23 | ) | — | — | 15.30 | |||||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | 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.
34 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Investment | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Income | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | (Loss) to | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (8) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
8.25 | % | $ | 215,953 | 0.62 | % | 1.40 | % | 0.76 | % | 1.26 | % | 1 | % | ||||||||||||||||||||||||
15.76 | 229,185 | 0.62 | 1.36 | 0.77 | 1.21 | 3 | |||||||||||||||||||||||||||||||
(1.70 | ) | 234,629 | 0.62 | 0.69 | 0.79 | 0.52 | — | ||||||||||||||||||||||||||||||
11.69 | 238,379 | 0.62 | 1.53 | 0.79 | 1.36 | 4 | |||||||||||||||||||||||||||||||
13.12 | 234,349 | 0.62 | 1.13 | 0.79 | 0.96 | 1 | |||||||||||||||||||||||||||||||
23.58 | 158,324 | 0.62 | 1.22 | 0.80 | 1.04 | 1 | |||||||||||||||||||||||||||||||
(20.75 | ) | 139,007 | 0.62 | 0.91 | 0.80 | 0.73 | 8 | ||||||||||||||||||||||||||||||
7.83 | % | $ | 36,164 | 1.37 | % | 0.67 | % | 1.51 | % | 0.53 | % | 1 | % | ||||||||||||||||||||||||
14.94 | 43,369 | 1.37 | 0.63 | 1.52 | 0.48 | 3 | |||||||||||||||||||||||||||||||
(1.78 | ) | 56,097 | 1.37 | (0.06 | ) | 1.54 | (0.23 | ) | — | ||||||||||||||||||||||||||||
10.86 | 58,857 | 1.37 | 0.79 | 1.54 | 0.62 | 4 | |||||||||||||||||||||||||||||||
12.31 | 69,828 | 1.37 | 0.38 | 1.54 | 0.21 | 1 | |||||||||||||||||||||||||||||||
22.72 | 71,624 | 1.37 | 0.47 | 1.55 | 0.29 | 1 | |||||||||||||||||||||||||||||||
(21.40 | ) | 66,835 | 1.37 | 0.16 | 1.55 | (0.02 | ) | 8 | |||||||||||||||||||||||||||||
7.87 | % | $ | 20,211 | 1.37 | % | 0.65 | % | 1.51 | % | 0.51 | % | 1 | % | ||||||||||||||||||||||||
14.93 | 20,714 | 1.37 | 0.62 | 1.52 | 0.47 | 3 | |||||||||||||||||||||||||||||||
(1.78 | ) | 24,195 | 1.37 | (0.05 | ) | 1.54 | (0.22 | ) | — | ||||||||||||||||||||||||||||
10.84 | 26,258 | 1.37 | 0.79 | 1.54 | 0.62 | 4 | |||||||||||||||||||||||||||||||
12.28 | 30,111 | 1.37 | 0.38 | 1.54 | 0.21 | 1 | |||||||||||||||||||||||||||||||
22.65 | 31,330 | 1.37 | 0.47 | 1.55 | 0.29 | 1 | |||||||||||||||||||||||||||||||
(21.38 | ) | 21,637 | 1.37 | 0.16 | 1.55 | (0.02 | ) | 8 | |||||||||||||||||||||||||||||
8.14 | % | $ | 5,075 | 0.87 | % | 1.11 | % | 1.01 | % | 0.97 | % | 1 | % | ||||||||||||||||||||||||
15.47 | 3,419 | 0.87 | 1.08 | 1.15 | 0.80 | 3 | |||||||||||||||||||||||||||||||
(1.72 | ) | 1,715 | 0.87 | 0.44 | 1.19 | 0.12 | — | ||||||||||||||||||||||||||||||
11.38 | 1,663 | 0.87 | 1.14 | 1.19 | 0.82 | 4 | |||||||||||||||||||||||||||||||
13.00 | 333 | 0.62 | 1.13 | 0.79 | 0.96 | 1 | |||||||||||||||||||||||||||||||
23.66 | 52,925 | 0.62 | 1.22 | 0.80 | 1.04 | 1 | |||||||||||||||||||||||||||||||
(20.79 | ) | 42,964 | 0.62 | 0.93 | 0.80 | 0.75 | 8 | ||||||||||||||||||||||||||||||
8.39 | % | $ | 1,802,838 | 0.37 | % | 1.65 | % | 0.51 | % | 1.51 | % | 1 | % | ||||||||||||||||||||||||
16.07 | 1,935,614 | 0.37 | 1.61 | 0.52 | 1.46 | 3 | |||||||||||||||||||||||||||||||
(1.69 | ) | 1,882,517 | 0.37 | 0.94 | 0.54 | 0.77 | — | ||||||||||||||||||||||||||||||
11.92 | 1,940,567 | 0.37 | 1.78 | 0.54 | 1.61 | 4 | |||||||||||||||||||||||||||||||
13.45 | 1,979,198 | 0.37 | 1.38 | 0.54 | 1.21 | 1 | |||||||||||||||||||||||||||||||
23.89 | 1,771,795 | 0.37 | 1.46 | 0.55 | 1.28 | 1 | |||||||||||||||||||||||||||||||
(20.56 | ) | 1,135,653 | 0.37 | 1.16 | 0.55 | 0.98 | 8 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 35
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 (Loss) | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Mid Cap Index Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.25 | $ | 0.09 | $ | 1.51 | $ | (0.09 | ) | $ | (0.66 | ) | $ | 15.10 | |||||||||||||||||||
2006 (3) | 13.52 | 0.11 | 1.55 | (0.11 | ) | (0.82 | ) | 14.25 | |||||||||||||||||||||||||
2005 (4) | 13.82 | — | (0.30 | ) | — | — | 13.52 | ||||||||||||||||||||||||||
2005 (5) | 11.84 | 0.09 | 2.40 | (0.09 | ) | (0.42 | ) | 13.82 | |||||||||||||||||||||||||
2004 (5) | 10.36 | 0.05 | 1.67 | (0.05 | ) | (0.19 | ) | 11.84 | |||||||||||||||||||||||||
2003 (5) | 8.51 | 0.04 | 2.08 | (0.04 | ) | (0.23 | ) | 10.36 | |||||||||||||||||||||||||
2002 (5) | 9.38 | 0.04 | (0.49 | ) | (0.04 | ) | (0.38 | ) | 8.51 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 13.98 | $ | 0.04 | $ | 1.47 | $ | (0.03 | ) | $ | (0.66 | ) | $ | 14.80 | |||||||||||||||||||
2006 (3) | 13.28 | — | 1.53 | (0.01 | ) | (0.82 | ) | 13.98 | |||||||||||||||||||||||||
2005 (4) | 13.59 | (0.01 | ) | (0.30 | ) | — | — | 13.28 | |||||||||||||||||||||||||
2005 (5) | 11.67 | (0.01 | ) | 2.37 | (0.02 | ) | (0.42 | ) | 13.59 | ||||||||||||||||||||||||
2004 (5) | 10.25 | (0.03 | ) | 1.64 | — | (0.19 | ) | 11.67 | |||||||||||||||||||||||||
2003 (5) | 8.44 | (0.03 | ) | 2.07 | — | (0.23 | ) | 10.25 | |||||||||||||||||||||||||
2002 (5) | 9.33 | (0.03 | ) | (0.48 | ) | — | (0.38 | ) | 8.44 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.03 | $ | 0.03 | $ | 1.48 | $ | (0.03 | ) | $ | (0.66 | ) | $ | 14.85 | |||||||||||||||||||
2006 (3) | 13.32 | — | 1.55 | (0.02 | ) | (0.82 | ) | 14.03 | |||||||||||||||||||||||||
2005 (4) | 13.63 | (0.01 | ) | (0.30 | ) | — | — | 13.32 | |||||||||||||||||||||||||
2005 (5) | 11.70 | (0.01 | ) | 2.38 | (0.02 | ) | (0.42 | ) | 13.63 | ||||||||||||||||||||||||
2004 (5) | 10.28 | (0.03 | ) | 1.64 | — | (0.19 | ) | 11.70 | |||||||||||||||||||||||||
2003 (5) | 8.47 | (0.03 | ) | 2.07 | — | (0.23 | ) | 10.28 | |||||||||||||||||||||||||
2002 (5) | 9.38 | (0.02 | ) | (0.51 | ) | — | (0.38 | ) | 8.47 | ||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.19 | $ | 0.07 | $ | 1.49 | $ | (0.08 | ) | $ | (0.66 | ) | $ | 15.01 | |||||||||||||||||||
2006 (3) | 13.48 | 0.07 | 1.55 | (0.09 | ) | (0.82 | ) | 14.19 | |||||||||||||||||||||||||
2005 (4) | 13.78 | — | (0.30 | ) | — | — | 13.48 | ||||||||||||||||||||||||||
2005 (5) | 11.83 | 0.04 | 2.41 | (0.08 | ) | (0.42 | ) | 13.78 | |||||||||||||||||||||||||
2004 (5) | 10.36 | 0.06 | 1.65 | (0.05 | ) | (0.19 | ) | 11.83 | |||||||||||||||||||||||||
2003 (5) | 8.50 | 0.04 | 2.09 | (0.04 | ) | (0.23 | ) | 10.36 | |||||||||||||||||||||||||
2002 (5) | 9.38 | 0.04 | (0.50 | ) | (0.04 | ) | (0.38 | ) | 8.50 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.27 | $ | 0.11 | $ | 1.49 | $ | (0.10 | ) | $ | (0.66 | ) | $ | 15.11 | |||||||||||||||||||
2006 (3) | 13.53 | 0.15 | 1.56 | (0.15 | ) | (0.82 | ) | 14.27 | |||||||||||||||||||||||||
2005 (4) | 13.83 | 0.01 | (0.31 | ) | — | — | 13.53 | ||||||||||||||||||||||||||
2005 (5) | 11.84 | 0.12 | 2.41 | (0.12 | ) | (0.42 | ) | 13.83 | |||||||||||||||||||||||||
2004 (5) | 10.37 | 0.08 | 1.66 | (0.08 | ) | (0.19 | ) | 11.84 | |||||||||||||||||||||||||
2003 (5) | 8.51 | 0.06 | 2.09 | (0.06 | ) | (0.23 | ) | 10.37 | |||||||||||||||||||||||||
2002 (5) | 9.38 | 0.06 | (0.49 | ) | (0.06 | ) | (0.38 | ) | 8.51 | ||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six months ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
36 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||
11.64 | % | $ | 17,119 | 0.75 | % | 1.21 | % | 0.80 | % | 1.16 | % | 6 | % | ||||||||||||||||||||||
12.70 | 14,722 | 0.75 | 0.77 | 0.81 | 0.71 | 7 | |||||||||||||||||||||||||||||
(2.17 | ) | 14,318 | 0.75 | 0.26 | 0.80 | 0.21 | 1 | ||||||||||||||||||||||||||||
21.43 | 14,827 | 0.75 | 0.68 | 0.82 | 0.61 | 15 | |||||||||||||||||||||||||||||
16.80 | 11,987 | 0.75 | 0.47 | 0.80 | 0.42 | 14 | |||||||||||||||||||||||||||||
25.45 | 5,332 | 0.75 | 0.45 | 0.84 | 0.36 | 23 | |||||||||||||||||||||||||||||
(5.45 | ) | 3,581 | 0.75 | 0.37 | 0.83 | 0.29 | 19 | ||||||||||||||||||||||||||||
11.20 | % | $ | 2,374 | 1.50 | % | 0.49 | % | 1.55 | % | 0.44 | % | 6 | % | ||||||||||||||||||||||
11.87 | 2,678 | 1.50 | 0.03 | 1.56 | (0.03 | ) | 7 | ||||||||||||||||||||||||||||
(2.28 | ) | 3,485 | 1.50 | (0.49 | ) | 1.55 | (0.54 | ) | 1 | ||||||||||||||||||||||||||
20.57 | 3,546 | 1.50 | (0.08 | ) | 1.57 | (0.15 | ) | 15 | |||||||||||||||||||||||||||
15.88 | 3,133 | 1.50 | (0.27 | ) | 1.55 | (0.32 | ) | 14 | |||||||||||||||||||||||||||
24.63 | 2,419 | 1.50 | (0.30 | ) | 1.59 | (0.39 | ) | 23 | |||||||||||||||||||||||||||
(6.07 | ) | 1,475 | 1.50 | (0.37 | ) | 1.58 | (0.45 | ) | 19 | ||||||||||||||||||||||||||
11.20 | % | $ | 4,855 | 1.50 | % | 0.47 | % | 1.55 | % | 0.42 | % | 6 | % | ||||||||||||||||||||||
11.96 | 4,320 | 1.50 | 0.02 | 1.56 | (0.04 | ) | 7 | ||||||||||||||||||||||||||||
(2.27 | ) | 3,388 | 1.50 | (0.49 | ) | 1.55 | (0.54 | ) | 1 | ||||||||||||||||||||||||||
20.60 | 3,533 | 1.50 | (0.08 | ) | 1.57 | (0.15 | ) | 15 | |||||||||||||||||||||||||||
15.83 | 2,653 | 1.50 | (0.27 | ) | 1.55 | (0.32 | ) | 14 | |||||||||||||||||||||||||||
24.55 | 1,756 | 1.50 | (0.30 | ) | 1.59 | (0.39 | ) | 23 | |||||||||||||||||||||||||||
(6.22 | ) | 795 | 1.50 | (0.37 | ) | 1.58 | (0.45 | ) | 19 | ||||||||||||||||||||||||||
11.45 | % | $ | 5,069 | 1.00 | % | 0.97 | % | 1.05 | % | 0.92 | % | 6 | % | ||||||||||||||||||||||
12.40 | 4,032 | 1.00 | 0.47 | 1.17 | 0.30 | 7 | |||||||||||||||||||||||||||||
(2.18 | ) | 131 | 1.00 | 0.01 | 1.20 | (0.19 | ) | 1 | |||||||||||||||||||||||||||
21.09 | 122 | 1.00 | 0.28 | 1.22 | 0.06 | 15 | |||||||||||||||||||||||||||||
16.62 | 1 | 0.75 | 0.49 | 0.80 | 0.44 | 14 | |||||||||||||||||||||||||||||
25.60 | 4,134 | 0.75 | 0.46 | 0.84 | 0.37 | 23 | |||||||||||||||||||||||||||||
(5.56 | ) | 3,393 | 0.75 | 0.37 | 0.83 | 0.29 | 19 | ||||||||||||||||||||||||||||
11.69 | % | $ | 334,587 | 0.50 | % | 1.47 | % | 0.55 | % | 1.42 | % | 6 | % | ||||||||||||||||||||||
13.05 | 333,636 | 0.50 | 1.03 | 0.56 | 0.97 | 7 | |||||||||||||||||||||||||||||
(2.17 | ) | 342,072 | 0.50 | 0.51 | 0.55 | 0.46 | 1 | ||||||||||||||||||||||||||||
21.82 | 353,354 | 0.50 | 0.92 | 0.57 | 0.85 | 15 | |||||||||||||||||||||||||||||
16.97 | 313,403 | 0.50 | 0.73 | 0.55 | 0.68 | 14 | |||||||||||||||||||||||||||||
25.86 | 239,174 | 0.50 | 0.71 | 0.59 | 0.62 | 23 | |||||||||||||||||||||||||||||
(5.23 | ) | 198,545 | 0.50 | 0.63 | 0.58 | 0.55 | 19 | ||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 37
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 (Loss) | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Small Cap Index Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 16.23 | $ | 0.05 | $ | 0.92 | $ | (0.04 | ) | $ | (2.01 | ) | $ | 15.15 | |||||||||||||||||||
2006 (3) | 14.12 | 0.07 | 2.56 | (0.10 | ) | (0.42 | ) | 16.23 | |||||||||||||||||||||||||
2005 (4) | 14.57 | — | (0.45 | ) | — | — | 14.12 | ||||||||||||||||||||||||||
2005 (5) | 13.38 | 0.07 | 2.17 | (0.06 | ) | (0.99 | ) | 14.57 | |||||||||||||||||||||||||
2004 (5) | 11.47 | 0.04 | 1.98 | (0.03 | ) | (0.08 | ) | 13.38 | |||||||||||||||||||||||||
2003 (5) | 8.55 | 0.04 | 2.92 | (0.04 | ) | — | 11.47 | ||||||||||||||||||||||||||
2002 (5) | 9.68 | 0.05 | (1.13 | ) | (0.05 | ) | — | 8.55 | |||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.77 | $ | (0.01 | ) | $ | 0.90 | $ | — | $ | (2.01 | ) | $ | 14.65 | |||||||||||||||||||
2006 (3) | 13.76 | (0.04 | ) | 2.48 | (0.01 | ) | (0.42 | ) | 15.77 | ||||||||||||||||||||||||
2005 (4) | 14.21 | (0.01 | ) | (0.44 | ) | — | — | 13.76 | |||||||||||||||||||||||||
2005 (5) | 13.15 | (0.03 | ) | 2.08 | — | (0.99 | ) | 14.21 | |||||||||||||||||||||||||
2004 (5) | 11.33 | (0.06 | ) | 1.96 | — | (0.08 | ) | 13.15 | |||||||||||||||||||||||||
2003 (5) | 8.47 | (0.03 | ) | 2.90 | (0.01 | ) | — | 11.33 | |||||||||||||||||||||||||
2002 (5) | 9.63 | (0.03 | ) | (1.13 | ) | — | — | 8.47 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.92 | $ | (0.01 | ) | $ | 0.90 | $ | — | $ | (2.01 | ) | $ | 14.80 | |||||||||||||||||||
2006 (3) | 13.88 | (0.04 | ) | 2.51 | (0.01 | ) | (0.42 | ) | 15.92 | ||||||||||||||||||||||||
2005 (4) | 14.34 | (0.01 | ) | (0.45 | ) | — | — | 13.88 | |||||||||||||||||||||||||
2005 (5) | 13.26 | (0.03 | ) | 2.10 | — | (0.99 | ) | 14.34 | |||||||||||||||||||||||||
2004 (5) | 11.43 | (0.06 | ) | 1.97 | — | (0.08 | ) | 13.26 | |||||||||||||||||||||||||
2003 (5) | 8.54 | (0.03 | ) | 2.93 | (0.01 | ) | — | 11.43 | |||||||||||||||||||||||||
2002 (5) | 9.68 | (0.03 | ) | (1.11 | ) | — | — | 8.54 | |||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 16.04 | $ | 0.03 | $ | 0.92 | $ | (0.03 | ) | $ | (2.01 | ) | $ | 14.95 | |||||||||||||||||||
2006 (3) | 13.97 | 0.03 | 2.53 | (0.07 | ) | (0.42 | ) | 16.04 | |||||||||||||||||||||||||
2005 (4) | 14.43 | — | (0.46 | ) | — | — | 13.97 | ||||||||||||||||||||||||||
2005 (5) | 13.31 | 0.04 | 2.11 | (0.04 | ) | (0.99 | ) | 14.43 | |||||||||||||||||||||||||
2004 (5) | 11.41 | 0.03 | 1.97 | (0.02 | ) | (0.08 | ) | 13.31 | |||||||||||||||||||||||||
2003 (5) | 8.52 | 0.05 | 2.88 | (0.04 | ) | — | 11.41 | ||||||||||||||||||||||||||
2002 (5) | 9.64 | 0.05 | (1.12 | ) | (0.05 | ) | — | 8.52 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 16.23 | $ | 0.07 | $ | 0.92 | $ | (0.06 | ) | $ | (2.01 | ) | $ | 15.15 | |||||||||||||||||||
2006 (3) | 14.12 | 0.11 | 2.55 | (0.13 | ) | (0.42 | ) | 16.23 | |||||||||||||||||||||||||
2005 (4) | 14.57 | 0.01 | (0.46 | ) | — | — | 14.12 | ||||||||||||||||||||||||||
2005 (5) | 13.43 | 0.11 | 2.12 | (0.10 | ) | (0.99 | ) | 14.57 | |||||||||||||||||||||||||
2004 (5) | 11.51 | 0.07 | 1.99 | (0.06 | ) | (0.08 | ) | 13.43 | |||||||||||||||||||||||||
2003 (5) | 8.57 | 0.07 | 2.94 | (0.07 | ) | — | 11.51 | ||||||||||||||||||||||||||
2002 (5) | 9.70 | 0.07 | (1.13 | ) | (0.07 | ) | — | 8.57 | |||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except per share data. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
38 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of | Investment | |||||||||||||||||||||||||||||||||||
Investment | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Income | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | (Loss) to | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
6.46 | % | $ | 10,832 | 0.83 | % | 0.62 | % | 1.11 | % | 0.34 | % | 2 | % | ||||||||||||||||||||||||
19.02 | 10,639 | 0.83 | 0.47 | 1.08 | 0.22 | 17 | |||||||||||||||||||||||||||||||
(3.09 | ) | 10,067 | 0.83 | 0.27 | 1.01 | 0.09 | — | ||||||||||||||||||||||||||||||
17.08 | 10,323 | 0.90 | 0.53 | 1.03 | 0.40 | 23 | |||||||||||||||||||||||||||||||
17.71 | 8,749 | 0.93 | 0.30 | 1.02 | 0.21 | 25 | |||||||||||||||||||||||||||||||
34.77 | 3,480 | 0.93 | 0.42 | 1.05 | 0.30 | 41 | |||||||||||||||||||||||||||||||
(11.28 | ) | 1,908 | 0.93 | 0.46 | 1.09 | 0.30 | 49 | ||||||||||||||||||||||||||||||
6.09 | % | $ | 1,340 | 1.58 | % | (0.12 | )% | 1.86 | % | (0.40 | )% | 2 | % | ||||||||||||||||||||||||
18.07 | 1,333 | 1.58 | (0.28 | ) | 1.83 | (0.53 | ) | 17 | |||||||||||||||||||||||||||||
(3.17 | ) | 1,498 | 1.58 | (0.48 | ) | 1.76 | (0.66 | ) | — | ||||||||||||||||||||||||||||
15.82 | 1,555 | 1.65 | (0.23 | ) | 1.78 | (0.36 | ) | 23 | |||||||||||||||||||||||||||||
16.83 | 1,494 | 1.68 | (0.46 | ) | 1.77 | (0.55 | ) | 25 | |||||||||||||||||||||||||||||
33.87 | 993 | 1.68 | (0.33 | ) | 1.80 | (0.45 | ) | 41 | |||||||||||||||||||||||||||||
(12.03 | ) | 424 | 1.68 | (0.29 | ) | 1.84 | (0.45 | ) | 49 | ||||||||||||||||||||||||||||
6.04 | % | $ | 2,897 | 1.58 | % | (0.13 | )% | 1.86 | % | (0.41 | )% | 2 | % | ||||||||||||||||||||||||
18.15 | 2,662 | 1.58 | (0.28 | ) | 1.83 | (0.53 | ) | 17 | |||||||||||||||||||||||||||||
(3.21 | ) | 2,068 | 1.58 | (0.48 | ) | 1.76 | (0.66 | ) | — | ||||||||||||||||||||||||||||
15.84 | 2,256 | 1.65 | (0.23 | ) | 1.78 | (0.36 | ) | 23 | |||||||||||||||||||||||||||||
16.77 | 1,939 | 1.68 | (0.46 | ) | 1.77 | (0.55 | ) | 25 | |||||||||||||||||||||||||||||
33.94 | 1,268 | 1.68 | (0.33 | ) | 1.80 | (0.45 | ) | 41 | |||||||||||||||||||||||||||||
(11.72 | ) | 447 | 1.68 | (0.26 | ) | 1.84 | (0.42 | ) | 49 | ||||||||||||||||||||||||||||
6.38 | % | $ | 458 | 1.08 | % | 0.36 | % | 1.36 | % | 0.08 | % | 2 | % | ||||||||||||||||||||||||
18.75 | 280 | 1.08 | 0.23 | 1.47 | (0.16 | ) | 17 | ||||||||||||||||||||||||||||||
(3.19 | ) | 23 | 1.08 | 0.02 | 1.41 | (0.31 | ) | — | |||||||||||||||||||||||||||||
16.45 | 11 | 1.15 | 0.30 | 1.43 | 0.02 | 23 | |||||||||||||||||||||||||||||||
17.65 | 1 | 0.93 | 0.24 | 0.99 | 0.18 | 25 | |||||||||||||||||||||||||||||||
34.54 | 3,210 | 0.93 | 0.52 | 1.05 | 0.40 | 41 | |||||||||||||||||||||||||||||||
(11.26 | ) | 13,576 | 0.93 | 0.42 | 1.09 | 0.26 | 49 | ||||||||||||||||||||||||||||||
6.60 | % | $ | 120,612 | 0.58 | % | 0.88 | % | 0.86 | % | 0.60 | % | 2 | % | ||||||||||||||||||||||||
19.32 | 135,802 | 0.58 | 0.72 | 0.83 | 0.47 | 17 | |||||||||||||||||||||||||||||||
(3.09 | ) | 153,572 | 0.58 | 0.52 | 0.76 | 0.34 | — | ||||||||||||||||||||||||||||||
16.93 | 164,156 | 0.65 | 0.78 | 0.78 | 0.65 | 23 | |||||||||||||||||||||||||||||||
18.02 | 156,411 | 0.68 | 0.54 | 0.77 | 0.45 | 25 | |||||||||||||||||||||||||||||||
35.23 | 119,102 | 0.68 | 0.68 | 0.80 | 0.56 | 41 | |||||||||||||||||||||||||||||||
(11.09 | ) | 94,749 | 0.68 | 0.68 | 0.84 | 0.52 | 49 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 39
Table of Contents
Notes to Financial Statements (unaudited as of April 30, 2007), all dollars and shares are rounded to thousands (000)
1 > | Organization |
The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”) which is a member of the First American Family of Funds. As of April 30, 2007, 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. The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund are each diversified open-end management investment companies. | |
FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. 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. | |
The funds’ prospectus provides descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’s servicing or distribution arrangements. |
2 > | Summary of Significant Accounting Policies |
The significant accounting policies followed by the funds are as follows: | |
SECURITY VALUATIONS – 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 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. As of April 30, 2007, the Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had fair valued securities with a total market value of $0, $0, and $0 or 0.0%, 0.0%, and 0.0%, respectively, of total net assets for the fund. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at their respective net asset values 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. | |
DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid quarterly for Mid Cap Index Fund and Small Cap Index Fund and monthly for Equity Index Fund. Distributions are payable in cash or reinvested in additional shares of the fund. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually. |
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FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required. | |
Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. These differences are primarily due to losses deferred from wash sales, the tax recognition of mark to market gains (losses) on open futures contracts, proceeds from securities litigation, and the sale of real estate investment trust securities (“REITs”). To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which 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 or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) are recorded by the fund. The distributions paid during the six-month period ended April 30, 2007 (estimated) and the fiscal year ended October 31, 2006, were as follows: |
April 30, 2007 | ||||||||||||
Ordinary | Long Term | |||||||||||
Fund | Income | Gain | Total | |||||||||
Equity Index Fund | $ | 16,370 | $ | 23,508 | $ | 39,878 | ||||||
Mid Cap Index Fund | 2,613 | 16,840 | 19,453 | |||||||||
Small Cap Index Fund | 596 | 18,825 | 19,421 | |||||||||
October 31, 2006 | ||||||||||||
Ordinary | Long Term | |||||||||||
Fund | Income | Gain | Total | |||||||||
Equity Index Fund | $ | 33,446 | $ | 440 | $ | 33,886 | ||||||
Mid Cap Index Fund | 4,985 | 20,344 | 25,329 | |||||||||
Small Cap Index Fund | 1,293 | 4,799 | 6,092 | |||||||||
As of October 31, 2006, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows: |
Undistributed | Undistributed | Total | ||||||||||||||
Ordinary | Long Term | Unrealized | Accumulated | |||||||||||||
Fund | Income | Capital Gains | Appreciation | Earnings | ||||||||||||
Equity Index Fund | $ | — | $ | 23,507 | $ | 804,744 | $ | 828,251 | ||||||||
Mid Cap Index Fund | 424 | 16,416 | 84,109 | 100,949 | ||||||||||||
Small Cap Index Fund | 765 | 18,059 | 39,708 | 58,532 | ||||||||||||
The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts. | |
FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, the funds may enter into S&P and Russell Index futures contracts and other stock index 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. | |
The funds’ investment in stock index futures contracts is designed to maintain sufficient liquidity to meet redemption requests and to increase the level of fund assets devoted to replicating the composition of the S&P and Russell Indices while reducing transaction costs. Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s statement of assets and liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes. | |
The funds’ outstanding futures contracts as of April 30, 2007, are disclosed in the Schedule of Investments. | |
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 |
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Notes to Financial Statements continued
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 April 30, 2007, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund had investments in illiquid securities with a total value of $0, $0, and $0 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: |
Equity Index Fund | Shares | Dates Acquired | Cost Basis | |||||||||
Seagate Technology, Escrow Shares | 45 | 11/00 to 11/02 | $ | — | ||||||||
Mid Cap Index Fund | Shares | Date Acquired | Cost Basis | |||||||||
Travelcenters, Fractional Share | — | * | 10/01 | $ | — | * | ||||||
Small Cap Index Fund | Shares | Dates Acquired | Cost Basis | |||||||||
FirstBank, Fractional Share | — | * | 8/05 | $ | — | |||||||
Geo Group, Fractional Share | — | * | 10/06 | — | * | |||||||
National Penn, Fractional Share | — | * | 10/05 | — | * | |||||||
Pegasus Wireless, Warrants | 604 | 8/06 | — | |||||||||
Petrocorp, Escrow Shares | 2 | 6/03 to 8/05 | — | |||||||||
USB Holding Company, Fractional Share | — | * | 8/05 | — | ||||||||
* | Due to the presentation of the financial statements in thousands, the number rounds to zero. |
SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. 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. Effective January 23, 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. Securities lending fees paid to FAF Advisors by the funds for the six-month period ended April 30, 2007, were as follows: |
Fund | Amount | |||
Equity Index Fund | $ | 121 | ||
Mid Cap Index Fund | 46 | |||
Small Cap Index Fund | 53 | |||
Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to FAF Advisors. | |
SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the six-month period ended April 30, 2007, Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund recorded $38, $16, and $24, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolios. | |
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including evenly across all funds, allocated based on relative net assets of all funds within the First American Family of Funds, or a combination of both methods. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class. | |
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended April 30, 2007. | |
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 |
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compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, preselected by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan. | |
USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates. |
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses through February 29, 2008, 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 | |||||||||||||||||
Equity Index Fund | 0.62 | % | 1.37 | % | 1.37 | % | 0.87 | % | 0.37 | % | ||||||||||||
Mid Cap Index Fund | 0.75 | 1.50 | 1.50 | 1.00 | 0.50 | |||||||||||||||||
Small Cap Index Fund | 0.83 | 1.58 | 1.58 | 1.08 | 0.58 | |||||||||||||||||
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, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. | |
For the six-month period ended April 30, 2007, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Equity Index Fund | $ | 2,270 | ||
Mid Cap Index Fund | 413 | |||
Small Cap Index Fund | 166 | |||
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 April 30, 2007, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows: |
Fund | Amount | |||
Equity Index Fund | $ | 188 | ||
Mid Cap Index Fund | 54 | |||
Small Cap Index Fund | 54 | |||
CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly. | |
Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from the custodian” in the Statement of Operations. Conversely, the custodian |
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charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the six-month period ended April 30, 2007, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were increased by $0, $0*, and $0* as a result of overdrafts and decreased by $2, $1, and $1 as a result of interest earned, respectively. | |
* Rounds to zero. | |
DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each fund’s average daily net assets attributable to Class A shares, Class B shares, Class C shares and Class R shares, respectively. Class Y shares pay no distribution or shareholder servicing fees. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. | |
Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2007: |
Fund | Amount | |||
Equity Index Fund | $ | 238 | ||
Mid Cap Index Fund | 28 | |||
Small Cap Index Fund | 17 | |||
OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2007, legal fees and expenses of $9 were paid to a law firm of which an Assistant Secretary of the funds is a partner. | |
CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge (“CDSC”) is imposed on redemptions made in Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years. |
CDSC as a Percentage | ||||||
of Dollar Amount | ||||||
Year Since Purchase | Subject to Charge | |||||
First | 5.00 | % | ||||
Second | 5.00 | |||||
Third | 4.00 | |||||
Fourth | 3.00 | |||||
Fifth | 2.00 | |||||
Sixth | 1.00 | |||||
Seventh | — | |||||
Eighth | — | |||||
A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first twelve months. | |
The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less. | |
For the six-month period ended April 30, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows: |
Fund | Amount | |||
Equity Index Fund | $ | 97 | ||
Mid Cap Index Fund | 13 | |||
Small Cap Index Fund | 6 | |||
4 > | Investment in Common Stock of Affiliate |
As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the six-month period ended April 30, 2007, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $668 and $228 of dividend income from U.S. Bancorp common stock. At April 30, 2007, Equity Index Fund had an unrealized gain of $3,137 with respect to its investment in U.S. Bancorp common stock. |
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5 > | 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: |
�� | |||||||||||||||||||||||||||||
Equity | Mid Cap | Small Cap | |||||||||||||||||||||||||||
Index Fund | Index Fund | Index Fund | |||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | ||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||
4/30/07 | 10/31/06 | 4/30/07 | 10/31/06 | 4/30/07 | 10/31/06 | ||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||
Shares issued | 1,020 | 1,707 | 255 | 338 | 70 | 177 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 141 | 111 | 52 | 70 | 84 | 25 | |||||||||||||||||||||||
Shares redeemed | (2,168 | ) | (3,323 | ) | (206 | ) | (434 | ) | (95 | ) | (259 | ) | |||||||||||||||||
Total Class A transactions | (1,007 | ) | (1,505 | ) | 101 | (26 | ) | 59 | (57 | ) | |||||||||||||||||||
Class B: | |||||||||||||||||||||||||||||
Shares issued | 30 | 78 | 5 | 16 | 13 | 18 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 23 | 14 | 9 | 16 | 11 | 3 | |||||||||||||||||||||||
Shares redeemed | (419 | ) | (903 | ) | (45 | ) | (103 | ) | (18 | ) | (45 | ) | |||||||||||||||||
Total Class B transactions | (366 | ) | (811 | ) | (31 | ) | (71 | ) | 6 | (24 | ) | ||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||
Shares issued | 38 | 62 | 30 | 139 | 19 | 84 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 11 | 6 | 14 | 14 | 21 | 5 | |||||||||||||||||||||||
Shares redeemed | (115 | ) | (337 | ) | (25 | ) | (99 | ) | (11 | ) | (71 | ) | |||||||||||||||||
Total Class C transactions | (66 | ) | (269 | ) | 19 | 54 | 29 | 18 | |||||||||||||||||||||
Class R: | |||||||||||||||||||||||||||||
Shares issued | 73 | 87 | 74 | 283 | 12 | 18 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 2 | 1 | 16 | — | 3 | — | |||||||||||||||||||||||
Shares redeemed | (23 | ) | (31 | ) | (36 | ) | (9 | ) | (1 | ) | (3 | ) | |||||||||||||||||
Total Class R transactions | 52 | 57 | 54 | 274 | 14 | 15 | |||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||
Shares issued | 6,510 | 11,626 | 2,288 | 3,363 | 979 | 1,699 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 830 | 762 | 689 | 998 | 608 | 208 | |||||||||||||||||||||||
Shares redeemed | (16,617 | ) | (20,707 | ) | (4,223 | ) | (6,256 | ) | (1,994 | ) | (4,415 | ) | |||||||||||||||||
Total Class Y transactions | (9,277 | ) | (8,319 | ) | (1,246 | ) | (1,895 | ) | (407 | ) | (2,508 | ) | |||||||||||||||||
Net decrease in capital shares | (10,664 | ) | (10,847 | ) | (1,103 | ) | (1,664 | ) | (299 | ) | (2,556 | ) | |||||||||||||||||
Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2007 and the fiscal year ended October 31, 2006, as follows: |
Six-Month | ||||||||
Period Ended | Year Ended | |||||||
Fund | 4/30/07 | 10/31/06 | ||||||
Equity Index Fund | 251 | 373 | ||||||
Mid Cap Index Fund | 30 | 42 | ||||||
Small Cap Index Fund | 2 | 2 | ||||||
6 > | Investment Security Transactions |
During the six-month period ended April 30, 2007, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows: |
Fund | Purchases | Sales | ||||||
Equity Index Fund | $ | 25,657 | $ | 336,701 | ||||
Mid Cap Index Fund | 21,094 | 46,694 | ||||||
Small Cap Index Fund | 2,268 | 25,827 | ||||||
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 April 30, 2007, were as follows: |
Aggregate | Aggregate | Federal | ||||||||||||||
Gross | Gross | Income | ||||||||||||||
Fund | Appreciation | Depreciation | Net | Tax Cost | ||||||||||||
Equity Index Fund | $ | 943,858 | $ | (99,479 | ) | $ | 844,379 | $ | 1,728,631 | |||||||
Mid Cap Index Fund | 128,832 | (22,763 | ) | 106,069 | 410,990 | |||||||||||
Small Cap Index Fund | 49,928 | (7,490 | ) | 42,438 | 149,838 | |||||||||||
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 > | Redemption-in-Kind Transaction |
On November 1, 2006, the U.S. Bancorp Pension Plan redeemed $205,549 from the First American Equity Index Fund as a redemption-in-kind transaction. In this transaction, the fund distributed a proportionate amount of securities in the fund’s portfolio to the U.S. Bancorp Pension Plan. Remaining shareholders in the fund did not recognize any additional capital gains from the transactions. |
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Notes to Financial Statements continued
9 > | 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 a more-likely-than-not threshold would be recorded as a tax 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 that 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 state reporting period. As a result, the funds will incorporate FIN 48 in its semiannual report on April 30, 2008. | |
In September 2006, FASB issued Statement on 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 disclosures 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 April 30, 2007, the fund does 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 measurements reported in the Statement of Operations for a fiscal period. |
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NOTICE TO SHAREHOLDERS April 30, 2007 (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. |
First American Funds Semiannual Report 2007 47
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 CEO 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
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 6/2007 SAR-INDEX
Table of Contents
Table of Contents
First American Funds Online | 1 | ||||
Holdings Summaries | 2 | ||||
Expense Examples | 8 | ||||
Real Estate Securities Fund | |||||
16 | |||||
18 | |||||
19 | |||||
20 | |||||
22 | |||||
International Funds | |||||
24 | |||||
29 | |||||
30 | |||||
31 | |||||
32 | |||||
Small Cap Funds | |||||
36 | |||||
43 | |||||
44 | |||||
45 | |||||
46 | |||||
Mid Cap Funds | |||||
54 | |||||
57 | |||||
58 | |||||
59 | |||||
60 | |||||
Large Cap Funds | |||||
64 | |||||
67 | |||||
68 | |||||
69 | |||||
70 | |||||
Growth & Income Funds | |||||
76 | |||||
84 | |||||
85 | |||||
86 | |||||
88 | |||||
92 | |||||
106 |
Mutual fund investing involves risk; principal loss is possible.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE |
Table of Contents
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 2007 1
Table of Contents
Holdings Summaries
Real Estate Securities Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
Simon Property Group | 7.5 | % | ||
Vornado Realty Trust | 5.4 | |||
Prologis | 4.5 | |||
Archstone-Smith Trust | 4.2 | |||
Host Marriott | 4.2 | |||
Boston Properties | 4.0 | |||
General Growth Properties | 3.7 | |||
Public Storage | 3.7 | |||
Avalonbay Communities | 3.6 | |||
SL Green Realty | 3.1 |
Sector Allocation as of April 30, 20071 (% of net assets)
Apartments | 17.4 | % | ||
Office | 16.3 | |||
Malls | 14.8 | |||
Hotels | 11.1 | |||
Community Centers | 10.4 | |||
Industrials | 9.9 | |||
Healthcare | 6.8 | |||
Diversified | 6.2 | |||
Self Storage | 4.3 | |||
Net Lease | 1.5 | |||
Real Estate Service Provider | 1.0 | |||
Manufactured Homes | 0.5 | |||
Short-Term Investment | 0.1 | |||
Other Assets & Liabilities, Net2 | (0.3 | ) | ||
100.0 | % |
International Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
Total | 4.0 | % | ||
HSBC | 3.3 | |||
Eni | 2.9 | |||
UBS | 2.7 | |||
Tesco | 2.3 | |||
Vodafone | 2.3 | |||
GlaxoSmithKline | 2.2 | |||
Nestle | 2.1 | |||
Roche | 2.0 | |||
Axa | 1.9 |
Country Allocation as of April 30, 20071 (% of net assets)
Great Britain | 21.1 | % | ||
Japan | 19.0 | |||
France | 15.9 | |||
Switzerland | 12.9 | |||
Italy | 5.6 | |||
Germany | 4.7 | |||
Hong Kong | 4.6 | |||
Netherlands | 4.1 | |||
Brazil | 2.7 | |||
Spain | 2.4 | |||
Belgium | 2.0 | |||
Finland | 1.6 | |||
Australia | 1.5 | |||
Sweden | 1.4 | |||
Ireland | 0.8 | |||
South Korea | 0.7 | |||
Mexico | 0.4 | |||
Other Assets & Liabilities, Net2 | (1.4 | ) | ||
100.0 | % |
1 | Fund holdings and sector or country allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
2 First American Funds Semiannual Report 2007
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International Select Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
State Street GA Prime Fund | 17.5% | |||
Samsung Electronics, ADR | 1.4 | |||
Nestle | 1.3 | |||
Unicredito Italiano | 1.1 | |||
Kookmin Bank, ADR | 1.0 | |||
Novartis | 1.0 | |||
Allianz | 0.9 | |||
WPP Group | 0.9 | |||
Vodafone Group, ADR | 0.9 | |||
Diageo | 0.9 |
Country Allocation as of April 30, 20071 (% of net assets)
Great Britain | 13.0% | |||
Japan | 11.4 | |||
Switzerland | 6.1 | |||
France | 5.6 | |||
Italy | 4.9 | |||
Germany | 4.9 | |||
South Korea | 4.5 | |||
Brazil | 4.4 | |||
Netherlands | 2.8 | |||
Taiwan | 2.2 | |||
Canada | 1.8 | |||
India | 1.8 | |||
Spain | 1.8 | |||
South Africa | 1.8 | |||
Sweden | 1.6 | |||
China | 1.5 | |||
Australia | 1.5 | |||
Mexico | 1.4 | |||
Israel | 1.2 | |||
Hong Kong | 1.1 | |||
Indonesia | 0.9 | |||
Egypt | 0.9 | |||
Finland | 0.8 | |||
Denmark | 0.8 | |||
Austria | 0.7 | |||
Singapore | 0.7 | |||
Luxembourg | 0.7 | |||
Turkey | 0.7 | |||
Ireland | 0.5 | |||
Greece | 0.5 | |||
Russia | 0.5 | |||
Thailand | 0.5 | |||
Norway | 0.4 | |||
Hungary | 0.4 | |||
Philippines | 0.4 | |||
Portugal | 0.3 | |||
Bahrain | 0.1 | |||
Short-Term Investments | 17.9 | |||
Other Assets & Liabilities, Net2 | (3.0) | |||
100.0% |
1 | Fund holdings and country allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid. |
First American Funds Semiannual Report 2007 3
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Holdings Summaries continued
Small Cap Growth Opportunities Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
First American Prime Obligations Fund, Class Z | 4.0% | |||
Emulex | 3.0 | |||
Conn’s | 2.4 | |||
American Medical Systems | 2.0 | |||
PMC-Sierra | 1.9 | |||
Quest Software | 1.9 | |||
Integra LifeSciences | 1.9 | |||
Avocent | 1.7 | |||
Texas Roadhouse, Class A | 1.6 | |||
New York & Company | 1.6 |
Sector Allocation as of April 30, 20071 (% of net assets)
Information Technology | 26.0% | |||
Healthcare | 19.1 | |||
Industrials | 18.8 | |||
Consumer Discretionary | 16.1 | |||
Financials | 8.2 | |||
Energy | 6.4 | |||
Consumer Staples | 2.4 | |||
Short-Term Investment | 4.0 | |||
Other Assets & Liabilities, Net2 | (1.0) | |||
100.0% |
Small Cap Select Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
First American Prime Obligations Fund, Class Z | 4.0% | |||
Pediatrix Medical Group | 2.0 | |||
Nautilus | 1.8 | |||
Emulex | 1.7 | |||
East West Bancorp | 1.7 | |||
Entegris | 1.7 | |||
AirTran Holdings | 1.7 | |||
AMETEK | 1.6 | |||
WESCO International | 1.6 | |||
SonoSite | 1.5 |
Sector Allocation as of April 30, 20071 (% of net assets)
Information Technology | 19.6% | |||
Financials | 17.5 | |||
Industrials | 16.7 | |||
Healthcare | 14.8 | |||
Consumer Discretionary | 14.4 | |||
Energy | 6.0 | |||
Materials | 3.5 | |||
Consumer Staples | 2.8 | |||
Investment Company | 0.7 | |||
Telecommunication Services | 0.7 | |||
Utilities | 0.4 | |||
Short-Term Investment | 4.0 | |||
Other Assets & Liabilities, Net2 | (1.1) | |||
100.0% |
Small Cap Value Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
First American Prime Obligations Fund, Class Z | 2.9% | |||
Emulex | 1.5 | |||
El Paso Electric | 1.5 | |||
BISYS Group | 1.4 | |||
Commercial Metals | 1.4 | |||
Men’s Wearhouse | 1.4 | |||
AMETEK | 1.4 | |||
Sciele Pharma | 1.4 | |||
Regal-Beloit | 1.3 | |||
Newcastle Investment | 1.3 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 29.6% | |||
Consumer Discretionary | 14.4 | |||
Information Technology | 13.7 | |||
Industrials | 13.1 | |||
Healthcare | 8.1 | |||
Materials | 6.6 | |||
Utilities | 5.3 | |||
Energy | 4.4 | |||
Consumer Staples | 3.0 | |||
Short-Term Investment | 2.9 | |||
Other Assets & Liabilities, Net2 | (1.1) | |||
100.0% |
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | Investments 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 2007
Table of Contents
Small-Mid Cap Core Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
PMI Group | 3.0% | |||
Emulex | 2.8 | |||
Intersil, Class A | 2.7 | |||
Albemarle | 2.6 | |||
NutriSystem | 2.5 | |||
Republic Services | 2.3 | |||
AMETEK | 2.2 | |||
WESCO International | 2.2 | |||
ESCO Technologies | 2.2 | |||
Ambac Financial Group | 2.0 |
Sector Allocation as of April 30, 20071 (% of net assets)
Industrials | 21.5% | |||
Financials | 18.5 | |||
Information Technology | 16.4 | |||
Consumer Discretionary | 14.4 | |||
Healthcare | 9.8 | |||
Energy | 6.1 | |||
Materials | 4.4 | |||
Utilities | 3.6 | |||
Consumer Staples | 3.1 | |||
Short-Term Investment | 0.7 | |||
Other Assets & Liabilities, Net2 | 1.5 | |||
100.0% |
Mid Cap Growth Opportunities Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
Thermo Fisher Scientific | 3.4% | |||
American Tower, Class A | 2.8 | |||
Precision Castparts | 2.5 | |||
Autodesk | 2.3 | |||
Scientific Games, Class A | 2.1 | |||
Abercrombie & Fitch, Class A | 2.1 | |||
NII Holdings, Class B | 2.1 | |||
NVIDIA | 2.0 | |||
Nordstrom | 1.9 | |||
Paychex | 1.8 |
Sector Allocation as of April 30, 20071 (% of net assets)
Information Technology | 22.7% | |||
Consumer Discretionary | 18.2 | |||
Industrials | 16.9 | |||
Healthcare | 14.7 | |||
Financials | 10.1 | |||
Energy | 7.7 | |||
Telecommunication Services | 5.9 | |||
Consumer Staples | 1.9 | |||
Materials | 1.0 | |||
Short-Term Investment | 0.8 | |||
Other Assets & Liabilities, Net2 | 0.1 | |||
100.0% |
Mid Cap Value Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
First American Prime Obligations Fund, Class Z | 2.6% | |||
CIT Group | 2.4 | |||
Electronic Data Systems | 2.3 | |||
Supervalu | 2.2 | |||
Owens-Illinois | 2.2 | |||
Corn Products International | 2.1 | |||
Freeport-McMoRan Copper & Gold, Class B | 2.1 | |||
Ambac Financial Group | 2.1 | |||
Entergy | 2.0 | |||
Marshall & Ilsley | 2.0 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 23.8% | |||
Consumer Discretionary | 14.1 | |||
Industrials | 10.7 | |||
Utilities | 9.9 | |||
Materials | 9.8 | |||
Consumer Staples | 9.6 | |||
Information Technology | 9.5 | |||
Energy | 6.1 | |||
Healthcare | 3.0 | |||
Telecommunication Services | 1.2 | |||
Short-Term Investment | 2.6 | |||
Other Assets & Liabilities, Net2 | (0.3) | |||
100.0% |
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
2 | Investments 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 2007 5
Table of Contents
Holdings Summaries continued
Large Cap Growth Opportunities Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
Microsoft | 4.1 | % | ||
Cisco Systems | 3.7 | |||
Goldman Sachs Group | 3.0 | |||
Intel | 2.8 | |||
Target | 2.7 | |||
First American Prime Obligation Fund, Class Z | 2.3 | |||
Google, Class A | 2.3 | |||
Boeing | 2.2 | |||
Hewlett-Packard | 2.2 | |||
United Technologies | 2.2 |
Sector Allocation as of April 30, 20071 (% of net assets)
Information Technology | 30.6% | |||
Industrials | 16.2 | |||
Consumer Discretionary | 12.9 | |||
Healthcare | 12.7 | |||
Financials | 10.8 | |||
Consumer Staples | 7.3 | |||
Energy | 4.9 | |||
Telecommunication Services | 2.2 | |||
Materials | 1.4 | |||
Short-Term Investment | 2.3 | |||
Other Assets & Liabilities, Net2 | (1.3) | |||
100.0% |
Large Cap Select Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
American International Group | 4.5 | % | ||
Microsoft | 3.8 | |||
Citigroup | 3.6 | |||
Morgan Stanley | 3.3 | |||
Cisco Systems | 3.0 | |||
Wyeth Pharmaceuticals | 2.7 | |||
PMI Group | 2.7 | |||
Comcast, Class A | 2.6 | |||
IBM | 2.5 | |||
Oracle | 2.5 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 22.4% | |||
Information Technology | 22.3 | |||
Energy | 10.9 | |||
Healthcare | 9.5 | |||
Consumer Discretionary | 8.8 | |||
Consumer Staples | 8.8 | |||
Industrials | 8.2 | |||
Materials | 3.2 | |||
Telecommunication Services | 3.0 | |||
Investment Company | 2.4 | |||
Other Assets & Liabilities, Net2 | 0.5 | |||
100.0% |
Large Cap Value Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
Exxon Mobil | 4.6 | % | ||
J.P. Morgan Chase | 3.6 | |||
Pfizer | 3.6 | |||
AT&T | 3.5 | |||
Texas Instruments | 3.1 | |||
Alcoa | 2.7 | |||
Wachovia | 2.5 | |||
Occidental Petroleum | 2.5 | |||
Morgan Stanley | 2.4 | |||
Wal-Mart Stores | 2.4 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 28.2% | |||
Energy | 13.7 | |||
Information Technology | 10.4 | |||
Consumer Staples | 9.5 | |||
Materials | 7.9 | |||
Healthcare | 7.5 | |||
Consumer Discretionary | 7.2 | |||
Industrials | 6.1 | |||
Telecommunication Services | 5.3 | |||
Utilities | 3.4 | |||
Short-Term Investment | 1.0 | |||
Other Assets & Liabilities, Net2 | (0.2) | |||
100.0% |
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
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. |
6 First American Funds Semiannual Report 2007
Table of Contents
Balanced Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
U.S. Treasury Note, 2.625%, 05/15/2008 | 3.0 | % | ||
iShares MSCI EAFE Index Fund | 3.0 | |||
American International Group | 2.2 | |||
Microsoft | 1.9 | |||
Citigroup | 1.8 | |||
Morgan Stanley | 1.7 | |||
Cisco Systems | 1.5 | |||
Wyeth Pharmaceuticals | 1.4 | |||
PMI Group | 1.3 | |||
Comcast, Class A | 1.3 |
Portfolio Allocation as of April 30, 20071 (% of net assets)
Stocks | 53.6 | % | ||
Bonds | 39.7 | |||
Investment Companies | 4.5 | |||
Short-Term Investments | 1.2 | |||
Other Assets & and Liabilities, Net2 | 1.0 | |||
100.0 | % |
Equity Income Fund
Top 10 Holdings as of April 30, 20071 (% of net assets)
Exxon Mobil | 3.7 | % | ||
General Electric | 3.6 | |||
Bank of America | 3.4 | |||
AT&T | 3.3 | |||
Wyeth Pharmaceuticals | 3.2 | |||
American International Group | 3.1 | |||
First American Prime Obligations Fund, Class Z | 3.1 | |||
Citigroup | 3.0 | |||
BP, ADR | 2.9 | |||
Intel | 2.8 |
Sector Allocation as of April 30, 20071 (% of net assets)
Financials | 21.4 | % | ||
Energy | 12.1 | |||
Industrials | 11.6 | |||
Healthcare | 10.5 | |||
Information Technology | 10.3 | |||
Consumer Staples | 8.2 | |||
Telecommunication Services | 8.1 | |||
Consumer Discretionary | 7.3 | |||
Materials | 3.7 | |||
Utilities | 3.3 | |||
Convertible Corporate Bonds | 0.6 | |||
Short-Term Investment | 3.1 | |||
Other Assets & Liabilities, Net2 | (0.2) | |||
100.0 | % |
1 | Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. |
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. |
First American Funds Semiannual Report 2007 7
Table of Contents
Expense Examples
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2006, to April 30, 2007.
Actual Expenses
For each class of each fund, two lines are presented in the table below – the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value in the fund and class divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Real Estate Securities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,062.30 | $ | 6.19 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.79 | $ | 6.06 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,058.50 | $ | 10.00 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,058.60 | $ | 10.00 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.08 | $ | 9.79 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,060.90 | $ | 7.46 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,063.70 | $ | 4.91 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.03 | $ | 4.81 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.21%, 1.96%, 1.96%, 1.46%, and 0.96% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/ 365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 6.23%, 5.85%, 5.86%, 6.09%, and 6.37% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
8 First American Funds Semiannual Report 2007
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International Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,102.60 | $ | 7.77 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.41 | $ | 7.45 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,098.90 | $ | 11.66 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.69 | $ | 11.18 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,098.60 | $ | 11.66 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.69 | $ | 11.18 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,101.60 | $ | 9.07 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.17 | $ | 8.70 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,103.80 | $ | 6.47 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.65 | $ | 6.21 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 10.26%, 9.89%, 9.86%, 10.16%, and 10.38% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
International Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (12/22/06 to | ||||||||||
Value (12/22/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,083.70 | $ | 5.53 | ||||||
Class A Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,012.50 | $ | 5.34 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,081.50 | $ | 8.30 | ||||||
Class B Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,009.83 | $ | 8.02 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,080.50 | $ | 8.30 | ||||||
Class C Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,009.83 | $ | 8.02 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,082.60 | $ | 6.45 | ||||||
Class R Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,011.61 | $ | 6.23 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,084.70 | $ | 4.60 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,013.39 | $ | 4.45 |
3 | Expenses are equal to the fund’s annualized expense ratio for the period December 22, 2006 through April 30, 2007 of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days since inception/365 (to reflect the period since inception). |
4 | Based on the actual returns for the period December 22, 2006 through April 30, 2007 of 8.37%, 8.15%, 8.05%, 8.26%, and 8.47% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds Semiannual Report 2007 9
Table of Contents
Expense Examples (continued)
Small Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,075.50 | $ | 7.56 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.50 | $ | 7.35 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,071.60 | $ | 11.40 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.79 | $ | 11.08 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,071.30 | $ | 11.40 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,013.79 | $ | 11.08 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,074.30 | $ | 8.85 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,016.27 | $ | 8.60 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,077.00 | $ | 6.28 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 7.55%, 7.16%, 7.13%, 7.43%, and 7.70% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Small Cap Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,058.30 | $ | 6.28 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.70 | $ | 6.16 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,054.00 | $ | 10.08 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.98 | $ | 9.89 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,053.30 | $ | 10.08 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.98 | $ | 9.89 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,056.00 | $ | 7.54 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.46 | $ | 7.40 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,058.70 | $ | 5.00 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.93 | $ | 4.91 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.48%, and 0.98% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2007 of 5.83%, 5.40%, 5.33%, 5.60%, and 5.87% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
10 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | $1,000.00 | $ | 1,046.50 | $ | 6.39 | ||||||
Class A Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,018.55 | $ | 6.31 | ||||||
Class B Actual2 | $ | $1,000.00 | $ | 1,042.80 | $ | 10.18 | ||||||
Class B Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,014.83 | $ | 10.04 | ||||||
Class C Actual2 | $ | $1,000.00 | $ | 1,042.70 | $ | 10.18 | ||||||
Class C Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,014.83 | $ | 10.04 | ||||||
Class R Actual2 | $ | $1,000.00 | $ | 1,045.90 | $ | 7.66 | ||||||
Class R Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,017.31 | $ | 7.55 | ||||||
Class Y Actual2 | $ | $1,000.00 | $ | 1,048.30 | $ | 5.13 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | 1,019.79 | $ | 5.06 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.26%, 2.01%, 2.01%, 1.51%, and 1.01% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 4.65%, 4.28%, 4.27%, 4.59%, and 4.83% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Small-Mid Cap Core Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,087.80 | $ | 7.30 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.80 | $ | 7.05 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,083.90 | $ | 11.16 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.08 | $ | 10.79 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,084.70 | $ | 11.16 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,014.08 | $ | 10.79 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,090.00 | $ | 6.01 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.04 | $ | 5.81 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.41%, 2.16%, 2.16%, and 1.16% for Class A, Class B, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2007 of 8.78%, 8.39%, 8.47%, and 9.00% for Class A, Class B, Class C, and Class Y, respectively. |
First American Funds Semiannual Report 2007 11
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Expense Examples (continued)
Mid Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,117.90 | $ | 6.41 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,114.10 | $ | 10.33 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,113.80 | $ | 10.32 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,116.70 | $ | 7.71 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.50 | $ | 7.35 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,119.40 | $ | 5.10 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.98 | $ | 4.86 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 11.79%, 11.41%, 11.38%, 11.67%, and 11.94% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Mid Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,103.50 | $ | 6.36 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.74 | $ | 6.11 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,099.60 | $ | 10.26 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,099.70 | $ | 10.26 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.03 | $ | 9.84 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,102.30 | $ | 7.66 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.50 | $ | 7.35 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,105.40 | $ | 5.06 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.98 | $ | 4.86 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2007 of 10.35%, 9.96%, 9.97%, 10.23%, and 10.54% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
12 First American Funds Semiannual Report 2007
Table of Contents
Large Cap Growth Opportunities Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,081.40 | $ | 6.14 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,077.80 | $ | 9.99 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.17 | $ | 9.69 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,077.30 | $ | 9.99 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.17 | $ | 9.69 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,080.20 | $ | 7.43 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.20 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,082.80 | $ | 4.85 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.13 | $ | 4.71 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 8.14%, 7.78%, 7.73%, 8.02%, and 8.28% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Large Cap Select Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,070.60 | $ | 6.11 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.89 | $ | 5.96 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,066.50 | $ | 9.94 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.17 | $ | 9.69 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,065.80 | $ | 9.94 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.17 | $ | 9.69 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,069.00 | $ | 7.39 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.65 | $ | 7.20 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,071.70 | $ | 4.83 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.13 | $ | 4.71 |
3 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.44%, and 0.94% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
4 | Based on the actual returns for the six-month period ended April 30, 2007 of 7.06%, 6.65%, 6.58%, 6.90%, and 7.17% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds Semiannual Report 2007 13
Table of Contents
Expense Examples (continued)
Large Cap Value Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | $1,000.00 | $ | $1,075.10 | $ | $6.02 | ||||||
Class A Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | $1,018.99 | $ | $5.86 | ||||||
Class B Actual2 | $ | $1,000.00 | $ | $1,070.80 | $ | $9.86 | ||||||
Class B Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | $1,015.27 | $ | $9.59 | ||||||
Class C Actual2 | $ | $1,000.00 | $ | $1,070.80 | $ | $9.86 | ||||||
Class C Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | $1,015.27 | $ | $9.59 | ||||||
Class R Actual2 | $ | $1,000.00 | $ | $1,073.60 | $ | $7.30 | ||||||
Class R Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | $1,017.75 | $ | $7.10 | ||||||
Class Y Actual2 | $ | $1,000.00 | $ | $1,076.20 | $ | $4.74 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | $1,000.00 | $ | $1,020.23 | $ | $4.61 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.17%, 1.92%, 1.92%, 1.42%, and 0.92% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 7.51%, 7.08%, 7.08%, 7.36%, and 7.62% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
Balanced Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period3 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual4 | $ | 1,000.00 | $ | 1,057.20 | $ | 5.61 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,019.34 | $ | 5.51 | ||||||
Class B Actual4 | $ | 1,000.00 | $ | 1,052.60 | $ | 9.42 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.62 | $ | 9.25 | ||||||
Class C Actual4 | $ | 1,000.00 | $ | 1,053.20 | $ | 9.42 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.62 | $ | 9.25 | ||||||
Class R Actual4 | $ | 1,000.00 | $ | 1,057.30 | $ | 6.89 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.10 | $ | 6.76 | ||||||
Class Y Actual4 | $ | 1,000.00 | $ | 1,058.40 | $ | 4.34 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 |
3 | 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). |
4 | Based on the actual returns for the six-month period ended April 30, 2007 of 5.72%, 5.26%, 5.32%, 5.73%, and 5.84% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
14 First American Funds Semiannual Report 2007
Table of Contents
Equity Income Fund
Expenses Paid During | ||||||||||||
Beginning Account | Ending Account | Period1 (11/01/06 to | ||||||||||
Value (11/01/06) | Value (4/30/07) | 4/30/07) | ||||||||||
Class A Actual2 | $ | 1,000.00 | $ | 1,079.20 | $ | 6.03 | ||||||
Class A Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,018.99 | $ | 5.86 | ||||||
Class B Actual2 | $ | 1,000.00 | $ | 1,075.80 | $ | 9.88 | ||||||
Class B Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.27 | $ | 9.59 | ||||||
Class C Actual2 | $ | 1,000.00 | $ | 1,075.60 | $ | 9.88 | ||||||
Class C Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,015.27 | $ | 9.59 | ||||||
Class R Actual2 | $ | 1,000.00 | $ | 1,078.00 | $ | 7.32 | ||||||
Class R Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,017.75 | $ | 7.10 | ||||||
Class Y Actual2 | $ | 1,000.00 | $ | 1,081.20 | $ | 4.75 | ||||||
Class Y Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,020.23 | $ | 4.61 |
1 | Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.17%, 1.92%, 1.92%, 1.42%, and 0.92% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period). |
2 | Based on the actual returns for the six-month period ended April 30, 2007 of 7.92%, 7.58%, 7.56%, 7.80%, and 8.12% for Class A, Class B, Class C, Class R, and Class Y, respectively. |
First American Funds Semiannual Report 2007 15
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Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Real Estate Securities Fund | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Real Estate Common Stock (a) – 100.2% | |||||||||
Apartments – 17.4% | |||||||||
American Campus Communities (b) (c) | 81,721 | $ | 2,502 | ||||||
Apartment Investment & Management (b) (c) | 152,165 | 8,415 | |||||||
Archstone-Smith Trust (b) (c) | 856,221 | 44,618 | |||||||
Avalonbay Communities (b) (c) | 310,450 | 37,956 | |||||||
BRE Properties (b) (c) | 260,423 | 15,636 | |||||||
Camden Property Trust (b) (c) | 218,913 | 15,247 | |||||||
Equity Residential Properties Trust (b) (c) | 676,809 | 31,424 | |||||||
Essex Property Trust (b) (c) | 138,759 | 17,880 | |||||||
Home Properties (b) (c) | 69,584 | 3,876 | |||||||
Mid-America Apartment Communities (b) | 122,619 | 6,615 | |||||||
184,169 | |||||||||
Community Centers – 10.4% | |||||||||
Acadia Realty Trust (b) | 77,345 | 2,079 | |||||||
Developers Diversified Realty (b) (c) | 192,456 | 12,529 | |||||||
Equity One (b) (c) | 127,113 | 3,550 | |||||||
Federal Realty Investment Trust (b) (c) | 201,847 | 18,201 | |||||||
Kimco Realty (b) (c) | 644,028 | 30,958 | |||||||
Kite Realty Group Trust (b) | 121,856 | 2,437 | |||||||
Regency Centers (b) | 337,094 | 27,777 | |||||||
Saul Centers (b) (c) | 141,041 | 7,323 | |||||||
Weingarten Realty Investors (b) (c) | 112,850 | 5,401 | |||||||
110,255 | |||||||||
Diversified – 6.2% | |||||||||
Cousins Properties (b) (c) | 119,464 | 4,010 | |||||||
Florida East Coast Industries (c) | 1,560 | 110 | |||||||
Forest City Enterprises, Class A | 1,835 | 123 | |||||||
Vornado Realty Trust (b) (c) | 478,761 | 56,795 | |||||||
Washington Real Estate Investment Trust (b) | 126,178 | 4,777 | |||||||
65,815 | |||||||||
Healthcare – 6.8% | |||||||||
Brookdale Senior Living (c) | 188,880 | 8,577 | |||||||
Capital Senior Living (c) | 353,707 | 4,107 | |||||||
Cogdell Spencer (b) | 498,897 | 10,322 | |||||||
Five Star Quality Care | 355,420 | 3,913 | |||||||
Health Care Property Investors (b) (c) | 543,210 | 19,224 | |||||||
Health Care REIT (b) (c) | 54,922 | 2,485 | |||||||
Healthcare Realty Trust (b) (c) | 9,420 | 321 | |||||||
Nationwide Health Properties (b) (c) | 122,730 | 3,935 | |||||||
Universal Health Realty Income Trust (b) | 27,440 | 966 | |||||||
Ventas (b) (c) | 422,136 | 17,797 | |||||||
71,647 | |||||||||
Hotels – 11.1% | |||||||||
Ashford Hospitality Trust (b) | 972,122 | 11,665 | |||||||
DiamondRock Hospitality (b) (c) | 283,517 | 5,186 | |||||||
Gaylord Entertainment (c) | 26,854 | 1,472 | |||||||
Highland Hospitality (b) (c) | 201,681 | 3,842 | |||||||
Hilton Hotels (c) | 213,862 | 7,271 | |||||||
Host Marriott (b) (c) | 1,736,407 | 44,521 | |||||||
LaSalle Hotel Properties (b) (c) | 141,906 | 6,589 | |||||||
Marriott International, Class A | 633,974 | 28,662 | |||||||
Starwood Hotels & Resorts Worldwide | 102,215 | 6,850 | |||||||
Strategic Hotels & Resorts (b) | 57,507 | 1,245 | |||||||
Sunstone Hotel Investors (b) (c) | 11,209 | 320 | |||||||
117,623 | |||||||||
Industrials – 9.9% | |||||||||
AMB Property (b) | 266,111 | 16,209 | |||||||
DCT Industrial Trust (b) (c) | 140,211 | 1,575 | |||||||
EastGroup Properties (b) (c) | 487,645 | 24,436 | |||||||
First Potomac Realty Trust (b) (c) | 323,971 | 8,362 | |||||||
Prologis (b) (c) | 738,616 | 47,862 | |||||||
PS Business Parks (b) | 92,851 | 6,397 | |||||||
104,841 | |||||||||
Malls – 14.8% | |||||||||
CBL & Associates Properties (b) (c) | 22,971 | 1,044 | |||||||
General Growth Properties (b) (c) | 617,419 | 39,422 | |||||||
Macerich (b) (c) | 319,357 | 30,377 | |||||||
Simon Property Group (b) (c) | 693,111 | 79,902 | |||||||
Taubman Centers (b) | 99,755 | 5,592 | |||||||
156,337 | |||||||||
Manufactured Homes – 0.5% | |||||||||
American Land Lease (b) | 34,792 | 896 | |||||||
Equity Lifestyle Properties (b) (c) | 84,340 | 4,577 | |||||||
5,473 | |||||||||
Net Lease – 1.5% | |||||||||
National Retail Properties (b) (c) | 317,690 | 7,608 | |||||||
Realty Income (b) (c) | 285,836 | 7,975 | |||||||
15,583 | |||||||||
Office – 16.3% | |||||||||
Alexandria Real Estate Equities (b) (c) | 32,211 | 3,410 | |||||||
BioMed Realty Trust (b) (c) | 223,538 | 6,418 | |||||||
Boston Properties (b) (c) | 363,012 | 42,676 | |||||||
Brookfield Properties (c) | 515,957 | 21,190 | |||||||
Corporate Office Properties Trust (b) (c) | 255,392 | 12,032 | |||||||
Digital Realty Trust (b) | 178,495 | 7,220 | |||||||
Douglas Emmett (b) | 240,017 | 6,252 | |||||||
Duke Realty (b) (c) | 61,331 | 2,644 | |||||||
Highwoods Properties (b) (c) | 81,623 | 3,329 | |||||||
Kilroy Realty (b) (c) | 213,254 | 16,192 | |||||||
Liberty Property Trust (b) (c) | 394,466 | 19,088 | |||||||
SL Green Realty (b) (c) | 231,477 | 32,615 | |||||||
173,066 | |||||||||
Real Estate Service Provider – 1.0% | |||||||||
HFF, Inc. (d) | 662,934 | 10,594 | |||||||
Self Storage – 4.3% | |||||||||
Extra Space Storage (b) (c) | 162,230 | 3,035 | |||||||
Public Storage (b) (c) | 415,079 | 38,735 | |||||||
Sovran Self Storage (b) (c) | 28,874 | 1,596 | |||||||
U-Store-It Trust (b) (c) | 144,252 | 2,656 | |||||||
46,022 | |||||||||
Total Real Estate Common Stock (Cost $827,782) | 1,061,425 | ||||||||
Private Real Estate Companies – 0.0% | |||||||||
Beacon Capital (d) (e) (f) | 33,750 | 34 | |||||||
Newcastle Investment Holdings (d) (e) (f) | 35,000 | 266 | |||||||
Total Private Real Estate Companies (Cost $588) | 300 | ||||||||
Short-Term Investment – 0.1% | |||||||||
First American Prime Obligations Fund, Class Z (g) | |||||||||
(Cost $975) | 975,471 | 975 | |||||||
The accompanying notes are an integral part of the financial statements.
16 First American Funds Semiannual Report 2007
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Real Estate Securities Fund (concluded) | |||||||||
DESCRIPTION | VALUE | ||||||||
Investment Purchased with Proceeds from Securities Lending – 41.4% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (h) | |||||||||
(Cost $438,666) | $ | 438,666 | |||||||
Total Investments – 141.7% (Cost $1,268,011) | 1,501,366 | ||||||||
Other Assets and Liabilities, Net – (41.7)% | (442,278 | ) | |||||||
Total Net Assets – 100.0% | $ | 1,059,088 | |||||||
(a) | The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 6 in Notes to Financial Statements. |
(b) | Real Estate Investment Trust. As of April 30, 2007, the market value of these investments was $968,556, or 91.5% of total net assets. |
(c) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $418,505 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(d) | Non-income producing security. |
(e) | Security is considered illiquid or restricted. As of April 30, 2007, the value of these investments was $300 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(f) | Security is fair valued. As of April 30, 2007, the value of these investments was $300 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(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) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
REIT – | Real Estate Investment Trust |
First American Funds Semiannual Report 2007 17
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Statement of Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data
Real Estate | |||||||
Securities Fund | |||||||
Investments in unaffiliated securities, at cost | $ | 828,370 | |||||
Investment in affiliated money market fund, at cost | 975 | ||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 438,666 | ||||||
ASSETS: | |||||||
Investments in unaffiliated securities, at value* (note 2) | $ | 1,061,725 | |||||
Investment in affiliated money market fund, at value (note 2) | 975 | ||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 438,666 | ||||||
Receivable for dividends and interest | 964 | ||||||
Receivable for investment securities sold | 20,428 | ||||||
Receivable for capital shares sold | 2,599 | ||||||
Prepaid expenses and other assets | 47 | ||||||
Total assets | 1,525,404 | ||||||
LIABILITIES: | |||||||
Bank overdraft | 800 | ||||||
Payable for investment securities purchased | 23,297 | ||||||
Payable upon return of securities loaned (note 2) | 438,666 | ||||||
Payable for capital shares redeemed | 2,600 | ||||||
Payable to affiliates (note 3) | 842 | ||||||
Payable for distribution and shareholder servicing fees | 89 | ||||||
Accrued expenses and other liabilities | 22 | ||||||
Total liabilities | 466,316 | ||||||
Net assets | $ | 1,059,088 | |||||
COMPOSITION OF NET ASSETS: | |||||||
Portfolio capital | $ | 739,551 | |||||
Distributions in excess of net investment income | (202 | ) | |||||
Accumulated net realized gain on investments | 86,384 | ||||||
Net unrealized appreciation of investments | 233,355 | ||||||
Net assets | $ | 1,059,088 | |||||
* Including securities loaned, at value | $ | 418,505 | |||||
Class A: | |||||||
Net assets | $ | 259,181 | |||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 10,149 | ||||||
Net asset value and redemption price per share | $ | 25.54 | |||||
Maximum offering price per share (1) | $ | 27.03 | |||||
Class B: | |||||||
Net assets | $ | 9,177 | |||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 366 | ||||||
Net asset value, offering price, and redemption price per share (2) | $ | 25.06 | |||||
Class C: | |||||||
Net assets | $ | 23,325 | |||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 927 | ||||||
Net asset value, offering price, and redemption price per share (2) | $ | 25.15 | |||||
Class R: | |||||||
Net assets | $ | 18,745 | |||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 728 | ||||||
Net asset value, offering price, and redemption price per share | $ | 25.76 | |||||
Class Y: | |||||||
Net assets | $ | 748,660 | |||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 29,076 | ||||||
Net asset value, offering price, and redemption price per share | $ | 25.75 | |||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
(2) | Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
18 First American Funds Semiannual Report 2007
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Statement of Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Real Estate | |||||||
Securities Fund | |||||||
INVESTMENT INCOME: | |||||||
Dividends from affiliated money market fund | $ | 343 | |||||
Dividends from unaffiliated securities | 10,898 | ||||||
Less: Foreign taxes withheld | (32 | ) | |||||
Securities lending income | 233 | ||||||
Total investment income | 11,442 | ||||||
EXPENSES (note 3): | |||||||
Investment advisory fees | 3,722 | ||||||
Administration fees | 1,191 | ||||||
Transfer agent fees | 84 | ||||||
Custodian fees | 28 | ||||||
Professional fees | 21 | ||||||
Registration fees | 35 | ||||||
Postage and printing fees | 27 | ||||||
Directors’ fees | 10 | ||||||
Other expenses | 10 | ||||||
Distribution and shareholder servicing fees – Class A | 320 | ||||||
Distribution and shareholder servicing fees – Class B | 43 | ||||||
Distribution and shareholder servicing fees – Class C | 90 | ||||||
Distribution and shareholder servicing fees – Class R | 36 | ||||||
Total expenses | 5,617 | ||||||
Less: Indirect payments from custodian (note 3) | (2 | ) | |||||
Total net expenses | 5,615 | ||||||
Investment income – net | 5,827 | ||||||
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5): | |||||||
Net realized gain on investments | 87,451 | ||||||
Net change in unrealized appreciation or depreciation of investments | (32,248 | ) | |||||
Net gain on investments | 55,203 | ||||||
Net increase in net assets resulting from operations | $ | 61,030 | |||||
First American Funds Semiannual Report 2007 19
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Statement of Changes in Net Assets all dollars are rounded to thousands (000)
Real Estate | ||||||||||||
Securities Fund | ||||||||||||
Six-Month | ||||||||||||
Period Ended | ||||||||||||
4/30/07 | Year Ended | |||||||||||
(unaudited) | 10/31/06 | |||||||||||
OPERATIONS: | ||||||||||||
Investment income – net | $ | 5,827 | $ | 17,379 | ||||||||
Net realized gain on affiliated investments | — | 755 | ||||||||||
Net realized gain on unaffiliated investments | 87,451 | 98,123 | ||||||||||
Net change in unrealized appreciation or depreciation of investments | (32,248 | ) | 169,252 | |||||||||
Net increase in net assets resulting from operations | 61,030 | 285,509 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||
Investment income – net: | ||||||||||||
Class A | (1,403 | ) | (4,468 | ) | ||||||||
Class B | (31 | ) | (98 | ) | ||||||||
Class C | (81 | ) | (122 | ) | ||||||||
Class R | (86 | ) | (80 | ) | ||||||||
Class Y | (4,428 | ) | (16,193 | ) | ||||||||
Net realized gain on investments: | ||||||||||||
Class A | (21,330 | ) | (16,449 | ) | ||||||||
Class B | (722 | ) | (526 | ) | ||||||||
Class C | (1,281 | ) | (558 | ) | ||||||||
Class R | (931 | ) | (24 | ) | ||||||||
Class Y | (65,821 | ) | (59,801 | ) | ||||||||
Total distributions | (96,114 | ) | (98,319 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | ||||||||||||
Class A: | ||||||||||||
Proceeds from sales | 75,426 | 96,251 | ||||||||||
Reinvestment of distributions | 20,701 | 20,510 | ||||||||||
Payments for redemptions | (55,918 | ) | (64,650 | ) | ||||||||
Increase in net assets from Class A transactions | 40,209 | 52,111 | ||||||||||
Class B: | ||||||||||||
Proceeds from sales | 2,537 | 2,324 | ||||||||||
Reinvestment of distributions | 691 | 550 | ||||||||||
Payments for redemptions (note 3) | (1,006 | ) | (1,261 | ) | ||||||||
Increase in net assets from Class B transactions | 2,222 | 1,613 | ||||||||||
Class C: | ||||||||||||
Proceeds from sales | 13,021 | 6,990 | ||||||||||
Reinvestment of distributions | 1,108 | 634 | ||||||||||
Payments for redemptions (note 3) | (2,276 | ) | (1,722 | ) | ||||||||
Increase in net assets from Class C transactions | 11,853 | 5,902 | ||||||||||
Class R: | ||||||||||||
Proceeds from sales | 13,682 | 9,837 | ||||||||||
Reinvestment of distributions | 1,010 | 104 | ||||||||||
Payments for redemptions | (4,731 | ) | (1,736 | ) | ||||||||
Increase in net assets from Class R transactions | 9,961 | 8,205 | ||||||||||
Class Y: | ||||||||||||
Proceeds from sales | 112,133 | 184,391 | ||||||||||
Reinvestment of distributions | 39,503 | 40,096 | ||||||||||
Payments for redemptions | (135,755 | ) | (112,601 | ) | ||||||||
Increase in net assets from Class Y transactions | 15,881 | 111,886 | ||||||||||
Increase in net assets from capital share transactions | 80,126 | 179,717 | ||||||||||
Total increase in net assets | 45,042 | 366,907 | ||||||||||
Net assets at beginning of period | 1,014,046 | 647,139 | ||||||||||
Net assets at end of period | $ | 1,059,088 | $ | 1,014,046 | ||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (202 | ) | $ | — | |||||||
The accompanying notes are an integral part of the financial statements.
20 First American Funds Semiannual Report 2007
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Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Distributions | ||||||||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | from | Net Asset | ||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | Return of | Value | ||||||||||||||||||||||||||||||||
of Period | Income | Investments | Income | Gains | Capital | End of Period | ||||||||||||||||||||||||||||||||
Real Estate Securities Fund (1) | ||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.49 | $ | 0.12 | $ | 1.43 | $ | (0.13 | ) | $ | (2.37 | ) | $ | — | $ | 25.54 | ||||||||||||||||||||||
2006 (3) | 21.42 | 0.47 | 7.77 | (0.58 | ) | (2.59 | ) | — | 26.49 | |||||||||||||||||||||||||||||
2005 (4) | 21.81 | 0.03 | (0.42 | ) | — | — | — | 21.42 | ||||||||||||||||||||||||||||||
2005 (5) | 18.62 | 0.69 | 4.47 | (0.55 | ) | (1.42 | ) | — | 21.81 | |||||||||||||||||||||||||||||
2004 (5) | 16.00 | 0.63 | 3.21 | (0.62 | ) | (0.60 | ) | — | 18.62 | |||||||||||||||||||||||||||||
2003 (5) | 13.68 | 0.69 | 2.65 | (0.69 | ) | (0.33 | ) | — | 16.00 | |||||||||||||||||||||||||||||
2002 (5) | 13.12 | 0.71 | 0.61 | (0.69 | ) | — | (0.07 | ) | 13.68 | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.08 | $ | 0.02 | $ | 1.42 | $ | (0.09 | ) | $ | (2.37 | ) | $ | — | $ | 25.06 | ||||||||||||||||||||||
2006 (3) | 21.14 | 0.29 | 7.66 | (0.42 | ) | (2.59 | ) | — | 26.08 | |||||||||||||||||||||||||||||
2005 (4) | 21.53 | 0.01 | (0.40 | ) | — | — | — | 21.14 | ||||||||||||||||||||||||||||||
2005 (5) | 18.41 | 0.54 | 4.40 | (0.40 | ) | (1.42 | ) | — | 21.53 | |||||||||||||||||||||||||||||
2004 (5) | 15.85 | 0.50 | 3.17 | (0.51 | ) | (0.60 | ) | �� | — | 18.41 | ||||||||||||||||||||||||||||
2003 (5) | 13.55 | 0.57 | 2.64 | (0.58 | ) | (0.33 | ) | — | 15.85 | |||||||||||||||||||||||||||||
2002 (5) | 13.02 | 0.59 | 0.61 | (0.60 | ) | — | (0.07 | ) | 13.55 | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.17 | $ | 0.01 | $ | 1.43 | $ | (0.09 | ) | $ | (2.37 | ) | $ | — | $ | 25.15 | ||||||||||||||||||||||
2006 (3) | 21.21 | 0.28 | 7.70 | (0.43 | ) | (2.59 | ) | — | 26.17 | |||||||||||||||||||||||||||||
2005 (4) | 21.61 | 0.01 | (0.41 | ) | — | — | — | 21.21 | ||||||||||||||||||||||||||||||
2005 (5) | 18.47 | 0.54 | 4.42 | (0.40 | ) | (1.42 | ) | — | 21.61 | |||||||||||||||||||||||||||||
2004 (5) | 15.89 | 0.50 | 3.19 | (0.51 | ) | (0.60 | ) | — | 18.47 | |||||||||||||||||||||||||||||
2003 (5) | 13.62 | 0.59 | 2.62 | (0.61 | ) | (0.33 | ) | — | 15.89 | |||||||||||||||||||||||||||||
2002 (5) | 13.08 | 0.62 | 0.59 | (0.60 | ) | — | (0.07 | ) | 13.62 | |||||||||||||||||||||||||||||
Class R(6) | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.72 | $ | 0.07 | $ | 1.46 | $ | (0.12 | ) | $ | (2.37 | ) | $ | — | $ | 25.76 | ||||||||||||||||||||||
2006 (3) | 21.61 | 0.35 | 7.90 | (0.55 | ) | (2.59 | ) | — | 26.72 | |||||||||||||||||||||||||||||
2005 (4) | 22.00 | 0.02 | (0.41 | ) | — | — | — | 21.61 | ||||||||||||||||||||||||||||||
2005 (5) | 18.80 | 0.72 | 4.43 | (0.53 | ) | (1.42 | ) | — | 22.00 | |||||||||||||||||||||||||||||
2004 (5) | 16.00 | 0.61 | 3.24 | (0.45 | ) | (0.60 | ) | — | 18.80 | |||||||||||||||||||||||||||||
2003 (5) | 13.69 | 0.69 | 2.64 | (0.69 | ) | (0.33 | ) | — | 16.00 | |||||||||||||||||||||||||||||
2002 (5) | 13.12 | 0.70 | 0.62 | (0.68 | ) | — | (0.07 | ) | 13.69 | |||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.67 | $ | 0.16 | $ | 1.44 | $ | (0.15 | ) | $ | (2.37 | ) | $ | — | $ | 25.75 | ||||||||||||||||||||||
2006 (3) | 21.54 | 0.53 | 7.82 | (0.63 | ) | (2.59 | ) | — | 26.67 | |||||||||||||||||||||||||||||
2005 (4) | 21.92 | 0.03 | (0.41 | ) | — | — | — | 21.54 | ||||||||||||||||||||||||||||||
2005 (5) | 18.71 | 0.74 | 4.49 | (0.60 | ) | (1.42 | ) | — | 21.92 | |||||||||||||||||||||||||||||
2004 (5) | 16.06 | 0.69 | 3.22 | (0.66 | ) | (0.60 | ) | — | 18.71 | |||||||||||||||||||||||||||||
2003 (5) | 13.73 | 0.73 | 2.66 | (0.73 | ) | (0.33 | ) | — | 16.06 | |||||||||||||||||||||||||||||
2002 (5) | 13.15 | 0.73 | 0.63 | (0.71 | ) | — | (0.07 | ) | 13.73 | |||||||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
22 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income to | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
6.23 | % | $ | 259,181 | 1.21 | % | 0.94 | % | 1.21 | % | 0.94 | % | 116 | % | ||||||||||||||||||||||||
43.25 | 228,186 | 1.23 | 2.06 | 1.23 | 2.06 | 161 | |||||||||||||||||||||||||||||||
(1.79 | ) | 133,339 | 1.23 | 1.48 | 1.23 | 1.48 | 11 | ||||||||||||||||||||||||||||||
28.99 | 135,745 | 1.23 | 3.43 | 1.25 | 3.41 | 118 | |||||||||||||||||||||||||||||||
24.98 | 86,996 | 1.23 | 3.63 | 1.26 | 3.60 | 127 | |||||||||||||||||||||||||||||||
25.92 | 35,754 | 1.23 | 4.82 | 1.28 | 4.77 | 69 | |||||||||||||||||||||||||||||||
10.07 | 15,422 | 1.23 | 5.06 | 1.32 | 4.97 | 99 | |||||||||||||||||||||||||||||||
5.85 | % | $ | 9,177 | 1.96 | % | 0.19 | % | 1.96 | % | 0.19 | % | 116 | % | ||||||||||||||||||||||||
42.17 | 7,288 | 1.98 | 1.30 | 1.98 | 1.30 | 161 | |||||||||||||||||||||||||||||||
(1.81 | ) | 4,419 | 1.98 | 0.74 | 1.98 | 0.74 | 11 | ||||||||||||||||||||||||||||||
27.98 | 4,700 | 1.98 | 2.69 | 2.00 | 2.67 | 118 | |||||||||||||||||||||||||||||||
24.06 | 4,412 | 1.98 | 2.91 | 2.01 | 2.88 | 127 | |||||||||||||||||||||||||||||||
25.03 | 3,559 | 1.98 | 4.10 | 2.03 | 4.05 | 69 | |||||||||||||||||||||||||||||||
9.21 | 2,577 | 1.98 | 4.27 | 2.07 | 4.18 | 99 | |||||||||||||||||||||||||||||||
5.86 | % | $ | 23,325 | 1.96 | % | 0.11 | % | 1.96 | % | 0.11 | % | 116 | % | ||||||||||||||||||||||||
42.16 | 12,281 | 1.98 | 1.25 | 1.98 | 1.25 | 161 | |||||||||||||||||||||||||||||||
(1.85 | ) | 4,669 | 1.98 | 0.75 | 1.98 | 0.75 | 11 | ||||||||||||||||||||||||||||||
28.00 | 4,954 | 1.98 | 2.68 | 2.00 | 2.66 | 118 | |||||||||||||||||||||||||||||||
24.12 | 4,247 | 1.98 | 2.92 | 2.01 | 2.89 | 127 | |||||||||||||||||||||||||||||||
24.88 | 3,229 | 1.98 | 4.12 | 2.03 | 4.07 | 69 | |||||||||||||||||||||||||||||||
9.27 | 986 | 1.98 | 4.43 | 2.07 | 4.34 | 99 | |||||||||||||||||||||||||||||||
6.09 | % | $ | 18,745 | 1.46 | % | 0.53 | % | 1.46 | % | 0.53 | % | 116 | % | ||||||||||||||||||||||||
42.87 | 9,423 | 1.48 | 1.50 | 1.60 | 1.38 | 161 | |||||||||||||||||||||||||||||||
(1.77 | ) | 57 | 1.48 | 1.23 | 1.63 | 1.08 | 11 | ||||||||||||||||||||||||||||||
28.60 | 36 | 1.48 | 3.37 | 1.65 | 3.20 | 118 | |||||||||||||||||||||||||||||||
24.94 | 1 | 1.23 | 3.57 | 1.26 | 3.54 | 127 | |||||||||||||||||||||||||||||||
25.80 | 2,524 | 1.23 | 4.87 | 1.28 | 4.82 | 69 | |||||||||||||||||||||||||||||||
10.13 | 1,224 | 1.23 | 5.00 | 1.32 | 4.91 | 99 | |||||||||||||||||||||||||||||||
6.37 | % | $ | 748,660 | 0.96 | % | 1.19 | % | 0.96 | % | 1.19 | % | 116 | % | ||||||||||||||||||||||||
43.58 | 756,868 | 0.98 | 2.31 | 0.98 | 2.31 | 161 | |||||||||||||||||||||||||||||||
(1.73 | ) | 504,655 | 0.98 | 1.74 | 0.98 | 1.74 | 11 | ||||||||||||||||||||||||||||||
29.25 | 525,196 | 0.98 | 3.66 | 1.00 | 3.64 | 118 | |||||||||||||||||||||||||||||||
25.33 | 414,544 | 0.98 | 3.95 | 1.01 | 3.92 | 127 | |||||||||||||||||||||||||||||||
26.19 | 194,933 | 0.98 | 5.13 | 1.03 | 5.08 | 69 | |||||||||||||||||||||||||||||||
10.40 | 120,091 | 0.98 | 5.27 | 1.07 | 5.18 | 99 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 23
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
International Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 101.4% | ||||||||
Australia – 1.5% | ||||||||
BHP Billiton | 1,052,000 | $ | 25,684 | |||||
Belgium – 2.0% | ||||||||
Dexia (a) | 570,000 | 18,591 | ||||||
Fortis | 340,800 | 15,318 | ||||||
33,909 | ||||||||
Brazil – 2.7% | ||||||||
Companhia Vale do Rio Doce – ADR | 691,062 | 28,064 | ||||||
Petroleo Brasileiro – ADR | 178,125 | 18,032 | ||||||
46,096 | ||||||||
Finland – 1.6% | ||||||||
Nokia Oyj | 1,104,770 | 27,869 | ||||||
France – 15.9% | ||||||||
Accor | 182,000 | 17,143 | ||||||
Axa (a) | 735,632 | 33,776 | ||||||
BNP Paribas (a) | 272,089 | 31,565 | ||||||
Compagnie de Saint-Gobain (a) | 307,000 | 32,781 | ||||||
Imerys (a) (b) | 189,400 | 18,114 | ||||||
Lafarge (a) | 166,700 | 27,063 | ||||||
Pernod-Ricard (a) | 87,700 | 18,675 | ||||||
Sanofi-Aventis | 304,700 | 27,891 | ||||||
Total (a) (b) | 940,260 | 69,314 | ||||||
276,322 | ||||||||
Germany – 4.7% | ||||||||
BASF (a) | 92,100 | 10,992 | ||||||
Deutsche Post | 600,000 | 20,631 | ||||||
Linde | 76,442 | 8,563 | ||||||
SAP (a) | 269,000 | 12,923 | ||||||
Siemens | 230,400 | 27,812 | ||||||
80,921 | ||||||||
Great Britain – 21.1% | ||||||||
Barclays | 2,245,000 | 32,410 | ||||||
BG Group | 1,284,965 | 18,516 | ||||||
British Land | 430,000 | 12,560 | ||||||
Burberry Group | 984,600 | 13,527 | ||||||
Centrica (b) | 1,630,542 | 12,564 | ||||||
GlaxoSmithKline | 1,325,000 | 38,217 | ||||||
ICAP | 1,192,695 | 12,003 | ||||||
Kingfisher | 3,210,521 | 17,384 | ||||||
Man Group (b) | 1,141,700 | 12,784 | ||||||
Morrison Supermarket | 2,947,700 | 17,980 | ||||||
Smith & Nephew | 1,505,163 | 18,781 | ||||||
Standard Chartered | 967,000 | 29,888 | ||||||
Tesco | 4,358,800 | 40,082 | ||||||
Vodafone (b) | 13,750,325 | 39,119 | ||||||
Wolseley | 1,150,000 | 27,667 | ||||||
WPP Group (b) | 1,485,503 | 21,995 | ||||||
365,477 | ||||||||
Hong Kong – 4.6% | ||||||||
Esprit Holdings | 1,875,500 | 22,731 | ||||||
HSBC (a) | 3,145,600 | 57,752 | ||||||
80,483 | ||||||||
Ireland – 0.8% | ||||||||
Bank of Ireland | 650,000 | 13,951 | ||||||
Italy – 5.6% | ||||||||
Banca Intesa (a) | 2,208,600 | 18,506 | ||||||
Eni (a) | 1,530,800 | 50,767 | ||||||
Unicredito Italiano (a) | 2,803,900 | 28,808 | ||||||
98,081 | ||||||||
Japan – 19.0% | ||||||||
Astellas Pharma | 446,700 | 19,541 | ||||||
The Bank of Yokohama | 1,783,000 | 13,053 | ||||||
Canon | 393,300 | 22,066 | ||||||
Daikin Industries (a) | 430,000 | 14,532 | ||||||
Hirose Electric (a) | 78,000 | 9,477 | ||||||
Honda Motor | 253,900 | 8,721 | ||||||
Mitsubishi UFJ Financial Group | 2,651 | 27,576 | ||||||
Mitsubishi | 1,083,500 | 23,096 | ||||||
Mitsui Fudosan | 754,000 | 22,009 | ||||||
Mizuho Financial Group | 1,627 | 9,791 | ||||||
Nidec (a) | 248,000 | 15,646 | ||||||
Nippon Oil | 925 | 7 | ||||||
Nissan Motor (a) | 738,500 | 7,428 | ||||||
Nitto Denko (a) | 290,200 | 12,808 | ||||||
Nomura Holdings | 512,800 | 9,800 | ||||||
Seven & I Holdings (b) | 545,600 | 15,733 | ||||||
Shin-Etsu Chemical | 253,000 | 16,329 | ||||||
SMC | 110,400 | 14,113 | ||||||
Sony | 442,500 | 23,531 | ||||||
Sumitomo Mitsui Financial Group (a) | 2,552 | 22,295 | ||||||
Sumitomo | 1,297,200 | 22,217 | ||||||
329,769 | ||||||||
Mexico – 0.4% | ||||||||
Fomento Economico Mexicano – ADR | 63,400 | 6,828 | ||||||
Netherlands – 4.1% | ||||||||
ING Group (a) | 569,500 | 25,940 | ||||||
Philips Electronics (a) | 447,000 | 18,357 | ||||||
Reed Elsevier (a) | 762,124 | 14,325 | ||||||
Wolters Kluwer (a) | 449,700 | 13,320 | ||||||
71,942 | ||||||||
South Korea – 0.7% | ||||||||
Samsung Electronics | 20,830 | 12,739 | ||||||
Spain – 2.4% | ||||||||
Altadis (a) | 270,000 | 17,629 | ||||||
Banco Bilbano Vizcaya Argentaria (a) | 1,031,100 | 24,654 | ||||||
42,283 | ||||||||
Sweden – 1.4% | ||||||||
Ericsson (a) | 6,546,500 | 25,015 | ||||||
Switzerland – 12.9% | ||||||||
ABB | 791,700 | 15,820 | ||||||
Adecco (a) | 247,600 | 17,025 | ||||||
Holcim (a) | 190,000 | 20,353 | ||||||
Nestle (a) | 90,560 | 35,850 | ||||||
Novartis | 550,100 | 31,958 | ||||||
Roche | 183,600 | 34,573 | ||||||
UBS (a) (b) | 721,700 | 46,903 | ||||||
Zurich Financial Services (a) | 71,800 | 20,834 | ||||||
223,316 | ||||||||
Total Common Stocks (Cost $1,216,502) | 1,760,685 | |||||||
The accompanying notes are an integral part of the financial statements.
24 First American Funds Semiannual Report 2007
Table of Contents
International Fund (concluded) | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Investment Purchased with Proceeds from Securities Lending (c) – 22.4% | |||||||||
State Street Navigator Prime Fund | |||||||||
(Cost $388,462) | 388,462,139 | $ | 388,462 | ||||||
Total Investments – 123.8% (Cost $1,604,964) | 2,149,147 | ||||||||
Other Assets and Liabilities, Net – (23.8)% | (413,323 | ) | |||||||
Total Net Assets – 100.0% | $ | 1,735,824 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $371,467 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested as noted in the schedule above. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
At April 30, 2007, sector diversification of the fund was as follows:
% of | ||||||||
Net Assets | Value | |||||||
Financials* | 31.2 | % | $ | 540,767 | ||||
Industrials | 16.4 | 285,008 | ||||||
Consumer Discretionary | 9.9 | 172,200 | ||||||
Healthcare | 9.8 | 170,961 | ||||||
Materials | 9.6 | 167,970 | ||||||
Consumer Staples | 7.9 | 137,044 | ||||||
Information Technology | 7.2 | 125,735 | ||||||
Energy | 5.8 | 99,886 | ||||||
Telecommunication Services | 2.3 | 39,119 | ||||||
Utilities | 1.3 | 21,995 | ||||||
Total Foreign Common Stock | 101.4 | 1,760,685 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 22.4 | 388,462 | ||||||
Total Investments | 123.8 | 2,149,147 | ||||||
Other Assets and Liabilities, Net | (23.8 | ) | (413,323 | ) | ||||
Net Assets | 100.0 | % | $ | 1,735,824 | ||||
* | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. |
First American Funds Semiannual Report 2007 25
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
International Select Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 85.1% | ||||||||
Australia – 1.5% | ||||||||
National Australia Bank | 15,460 | $ | 549 | |||||
Rio Tinto | 18,157 | 1,240 | ||||||
Woodside Petroleum | 30,536 | 993 | ||||||
2,782 | ||||||||
Austria – 0.7% | ||||||||
Erste Bank der Oesterreichischen Sparkassen | 17,870 | 1,431 | ||||||
Bahrain – 0.1% | ||||||||
Investcorp Bank, ADR (a) | 8,200 | 203 | ||||||
Brazil – 4.4% | ||||||||
AES Tiete | 10,078,600 | 346 | ||||||
Banco Itau Holding Financeira, ADR | 19,355 | 747 | ||||||
Bradespar (a) | 9,151 | 306 | ||||||
Brasil Telecom, ADR | 10,400 | 552 | ||||||
Cia Vale do Rio Doce | 34,400 | 1,191 | ||||||
Companhia de Bebidas das Americas, ADR | 13,908 | 795 | ||||||
CPFL Energia (a) | 14,200 | 220 | ||||||
Iochpe Maxion (a) | 20,600 | 226 | ||||||
JHSF Participacoes (a) | 15,900 | 65 | ||||||
Klabin | 143,400 | 442 | ||||||
Petroleo Brasileiro, ADR | 15,532 | 1,572 | ||||||
Souza Cruz | 19,199 | 424 | ||||||
Tam, ADR | 13,500 | 347 | ||||||
Tele Norte Leste, ADR | 26,040 | 426 | ||||||
Telemar Norte Lest (a) | 16,400 | 385 | ||||||
Ultrapar, ADR | 7,500 | 232 | ||||||
8,276 | ||||||||
Canada – 1.8% | ||||||||
Cameco | 24,700 | 1,152 | ||||||
Manulife Financial | 32,219 | 1,164 | ||||||
Patheon (a) | 84,800 | 375 | ||||||
Suncor Energy | 9,868 | 794 | ||||||
3,485 | ||||||||
China – 1.5% | ||||||||
China Petroleum & Chemical | 880,000 | 767 | ||||||
CNOOC, ADR | 4,600 | 393 | ||||||
Focus Media Holdings, ADR (a) | 20,050 | 742 | ||||||
Foxconn International Holdings (a) | 298,000 | 893 | ||||||
2,795 | ||||||||
Denmark – 0.8% | ||||||||
Vestas Wind System (a) | 22,252 | 1,439 | ||||||
Egypt – 0.9% | ||||||||
Eastern Tobacco | 5,511 | 404 | ||||||
Orascom Construction Industries (a) | 13,172 | 761 | ||||||
Orascom Telecom Holdings (a) | 36,100 | 494 | ||||||
1,659 | ||||||||
Finland – 0.8% | ||||||||
Nokia Oyj | 36,250 | 914 | ||||||
Stora Enso, ADR | 35,330 | 646 | ||||||
1,560 | ||||||||
France – 5.6% | ||||||||
Alcatel-Lucent, ADR | 55,870 | 740 | ||||||
BNP Paribas | 6,560 | 761 | ||||||
Carrefour | 5,250 | 404 | ||||||
Electricite de France (a) | 9,397 | 817 | ||||||
Iliad | 9,237 | 935 | ||||||
L’oreal | 9,020 | 1,079 | ||||||
LVMH Moet Hennessy Louis Vuitton | 6,576 | 766 | ||||||
Sanofi-Aventis | 9,850 | 902 | ||||||
Thales | 13,450 | 817 | ||||||
Total (a) | 18,300 | 1,349 | ||||||
Total, ADR | 10,316 | 760 | ||||||
Vivendi Universal | 31,000 | 1,279 | ||||||
10,609 | ||||||||
Germany – 4.9% | ||||||||
Adidas | 13,772 | 819 | ||||||
Allianz | 7,900 | 1,798 | ||||||
BASF | 3,450 | 412 | ||||||
Deutsche Telekom | 32,700 | 599 | ||||||
Eurocastle Investment (a) | 7,430 | 392 | ||||||
Henkel KGAA | 4,940 | 777 | ||||||
Metro | 20,160 | 1,554 | ||||||
RWE | 6,786 | 717 | ||||||
SAP, ADR | 15,531 | 746 | ||||||
Siemens | 6,240 | 753 | ||||||
Wachker Chemie (a) | 3,898 | 709 | ||||||
9,276 | ||||||||
Great Britain – 13.0% | ||||||||
Arm Holdings | 363,253 | 966 | ||||||
Autonomy (a) | 60,475 | 902 | ||||||
BAE Systems | 60,960 | 552 | ||||||
Barclays | 80,664 | 1,164 | ||||||
BP, ADR | 16,030 | 1,079 | ||||||
British Sky Broadcasting Group | 69,392 | 795 | ||||||
Cadbury Schweppes | 114,800 | 1,518 | ||||||
Carnival | 15,212 | 766 | ||||||
Dawnay Day Treveria (a) | 303,450 | 590 | ||||||
Diageo | 79,490 | 1,676 | ||||||
GlaxoSmithKline | 54,740 | 1,579 | ||||||
Kingfisher | 257,280 | 1,393 | ||||||
Michael Page International | 99,294 | 1,137 | ||||||
Northern Rock | 33,425 | 715 | ||||||
Prudential | 98,049 | 1,457 | ||||||
Reckitt Benckiser | 13,793 | 755 | ||||||
Royal Bank of Scotland | 31,625 | 1,211 | ||||||
Scottish & Southern Energy | 17,690 | 529 | ||||||
Smith & Nephew | 70,515 | 880 | ||||||
Standard Chartered | 21,510 | 665 | ||||||
Tesco | 89,705 | 825 | ||||||
Vodafone Group, ADR | 60,050 | 1,725 | ||||||
WPP Group (a) | 118,500 | 1,754 | ||||||
24,633 | ||||||||
Greece – 0.5% | ||||||||
National Bank of Greece, ADR | 86,043 | 983 | ||||||
Hong Kong – 1.1% | ||||||||
Cheung Kong Holdings | 37,590 | 487 | ||||||
China Netcom Group (a) | 107,000 | 263 | ||||||
Esprit Holdings | 113,100 | 1,371 | ||||||
2,121 | ||||||||
Hungary – 0.4% | ||||||||
Gedeon Richter | 1,350 | 277 | ||||||
Mol Hungarian Oil | 4,479 | 545 | ||||||
822 | ||||||||
India – 1.8% | ||||||||
Grasim Industries, ADR (a) | 4,300 | 256 | ||||||
HDFC Bank, ADR | 11,358 | 825 | ||||||
Infosys Technologies, ADR | 18,893 | 989 | ||||||
Satyam Computer Services, ADR | 21,100 | 525 | ||||||
State Bank of India, ADR | 12,780 | 868 | ||||||
3,463 | ||||||||
The accompanying notes are an integral part of the financial statements.
26 First American Funds Semiannual Report 2007
Table of Contents
International Select Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Indonesia – 0.9% | ||||||||
Astra International | 296,500 | $ | 466 | |||||
Bank Mandiri Persero | 1,882,000 | 628 | ||||||
Telekomunikasi Indonesia, ADR | 7,900 | 363 | ||||||
United Tractors | 384,500 | 330 | ||||||
1,787 | ||||||||
Ireland – 0.5% | ||||||||
Anglo Irish Bank (a) | 46,170 | 1,038 | ||||||
Israel – 1.2% | ||||||||
Bank Hapoalim B.M. | 134,300 | 701 | ||||||
Icl-israel Chem | 70,596 | 539 | ||||||
Teva Pharmaceutical Industries, ADR | 26,058 | 998 | ||||||
2,238 | ||||||||
Italy – 4.9% | ||||||||
Alleanza Assicurazioni | 62,000 | 871 | ||||||
Ansaldo STS (a) | 59,310 | 818 | ||||||
Arnoldo Mondadori Editore | 70,000 | 771 | ||||||
Banco Popolare di Verona e Novara | 15,010 | 501 | ||||||
Eni | 29,550 | 980 | ||||||
Mediaset | 96,350 | 1,089 | ||||||
Saipem | 38,567 | 1,207 | ||||||
Telecom Italia | 353,760 | 864 | ||||||
Unicredito Italiano | 211,850 | 2,177 | ||||||
9,278 | ||||||||
Japan – 11.4% | ||||||||
Astellas Pharma | 3,501 | 153 | ||||||
Daiwa House Industry | 18,557 | 291 | ||||||
Daiwa Securities Group | 46,030 | 513 | ||||||
Fuji Television Network | 355 | 832 | ||||||
The Joyo Bank | 160,804 | 986 | ||||||
Kose | 31,484 | 877 | ||||||
Mid REIT (a) | 76 | 424 | ||||||
Mitsui-Soko | 72,881 | 523 | ||||||
New City Residence Investment (a) | 62 | 352 | ||||||
NGK Insulators | 63,000 | 1,375 | ||||||
Nidec | 10,000 | 631 | ||||||
Nippon Commercial Investment (a) | 77 | 391 | ||||||
Nippon Residential | 65 | 418 | ||||||
Nipponkoa Insurance | 152,390 | 1,268 | ||||||
Nitto Denko | 19,000 | 839 | ||||||
Nomura Holdings | 14,228 | 272 | ||||||
ORIX | 3,860 | 1,029 | ||||||
Seven & I Holdings (a) | 39,822 | 1,148 | ||||||
Sharp | 37,000 | 679 | ||||||
SMC | 8,500 | 1,087 | ||||||
Sugi Pharmacy | 21,720 | 430 | ||||||
Sumitomo Bakelite | 101,711 | 720 | ||||||
Sumitomo Forestry | 39,475 | 408 | ||||||
Sumitomo Mitsui Financial Group | 97 | 847 | ||||||
Sumitomo Trust & Banking | 109,540 | 1,070 | ||||||
Suzuki Motor | 22,732 | 646 | ||||||
Takeda Pharmaceutical | 13,100 | 849 | ||||||
Toyota Motor | 19,000 | 1,154 | ||||||
West Japan Railway | 133 | 602 | ||||||
Yamada Denki | 7,700 | 711 | ||||||
21,525 | ||||||||
Luxembourg – 0.7% | ||||||||
Millicom International Cellular, ADR (a) | 15,762 | 1,281 | ||||||
Mexico – 1.4% | ||||||||
Cemex, ADR (a) | 21,800 | 709 | ||||||
Desarrolladora Homex, ADR (a) | 6,100 | 354 | ||||||
Fomento Economico Mexicano, ADR | 2,100 | 226 | ||||||
Grupo Televisa, ADR | 14,300 | 401 | ||||||
Kimberly-Clark de Mexico | 56,800 | 251 | ||||||
Wal Mart de Mexico, ADR | 17,743 | 698 | ||||||
2,639 | ||||||||
Netherlands – 2.8% | ||||||||
Corporate Express | 56,283 | 756 | ||||||
Heineken | 18,570 | 994 | ||||||
ING Group | 26,720 | 1,217 | ||||||
Koninklijke Philips Electronics, ADR | 21,584 | 886 | ||||||
Philips Electronics | 15,460 | 635 | ||||||
Unilever NV CVA (a) | 25,920 | 791 | ||||||
5,279 | ||||||||
Norway – 0.4% | ||||||||
Renewable Energy (a) | 30,134 | 862 | ||||||
Philippines – 0.4% | ||||||||
Philippine Long Distance Telephone, ADR | 13,600 | 726 | ||||||
Portugal – 0.3% | ||||||||
Energias de Portugal, ADR | 9,920 | 555 | ||||||
Russia – 0.5% | ||||||||
Evraz Group (a) | 7,200 | 254 | ||||||
Mobile Telesystems, ADR (a) | 12,800 | 705 | ||||||
959 | ||||||||
Singapore – 0.7% | ||||||||
DBS Group Holdings | 27,120 | 376 | ||||||
Keppel | 70,000 | 979 | ||||||
1,355 | ||||||||
South Africa – 1.8% | ||||||||
Aquarius Platinum | 12,100 | 359 | ||||||
Imperial Holdings (a) | 30,648 | 689 | ||||||
Kumba Iron Ore (a) | 27,000 | 585 | ||||||
Murray & Roberts Holdings (a) | 39,300 | 337 | ||||||
Naspers | 10,400 | 261 | ||||||
Sanlam (a) | 73,100 | 245 | ||||||
Steinhoff International Holdings | 140,500 | 495 | ||||||
Truworths International | 67,300 | 372 | ||||||
3,343 | ||||||||
South Korea – 4.5% | ||||||||
AmorePacific (a) | 46 | 30 | ||||||
Hite Brewery | 4,110 | 578 | ||||||
Hyundai Motor, GDR | 45,213 | 1,205 | ||||||
Kangwon Land | 22,810 | 471 | ||||||
Kookmin Bank, ADR (a) | 21,150 | 1,900 | ||||||
KT, ADR (a) | 9,500 | 215 | ||||||
Lotte Shopping, GDR (a)(b) | 22,600 | 425 | ||||||
Samsung Electronics, GDR (a) | 8,372 | 2,575 | ||||||
Shinhan Financial Group, ADR (a) | 8,800 | 987 | ||||||
Woongjin Coway | 3,380 | 113 | ||||||
8,499 | ||||||||
Spain – 1.8% | ||||||||
Banco Bilbano Vizcaya Argentaria | 53,544 | 1,280 | ||||||
Banco Santander Central Hispano | 53,274 | 959 | ||||||
Telefonica | 52,704 | 1,184 | ||||||
3,423 | ||||||||
Sweden – 1.6% | ||||||||
Ericsson | 338,620 | 1,294 | ||||||
Nordea Bank | 48,850 | 845 | ||||||
Oriflame Cosmetics (a) | 17,500 | 918 | ||||||
3,057 | ||||||||
First American Funds Semiannual Report 2007 27
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
International Select Fund (continued) | |||||||||
DESCRIPTION | SHARES/PAR | VALUE | |||||||
Switzerland – 6.1% | |||||||||
ABB | 56,198 | $ | 1,123 | ||||||
Clariant | 37,490 | 620 | |||||||
Holcim | 9,307 | 997 | |||||||
Nestle | 6,409 | 2,537 | |||||||
Novartis | 32,252 | 1,874 | |||||||
Roche | 7,212 | 1,358 | |||||||
Syngenta | 4,749 | 943 | |||||||
Synthes (a) | 5,345 | 698 | |||||||
UBS (a) | 21,522 | 1,399 | |||||||
11,549 | |||||||||
Taiwan – 2.2% | |||||||||
Advantech | 88,000 | 259 | |||||||
Chinatrust Financial Holdings | 764,000 | 599 | |||||||
Fubon Financial | 517,000 | 449 | |||||||
Hon Hai Precision Industry | 92,000 | 607 | |||||||
Novatek Microelectronics | 79,000 | 388 | |||||||
Taiwan Semiconductor Manufacturing, ADR | 306,565 | 1,266 | |||||||
United Microelectronics, ADR | 175,690 | 576 | |||||||
4,144 | |||||||||
Thailand – 0.5% | |||||||||
Bangkok Bank | 115,006 | 370 | |||||||
Kasikornbank | 268,400 | 542 | |||||||
Thai Union Frozen Products | 41,200 | 26 | |||||||
938 | |||||||||
Turkey – 0.7% | |||||||||
Ford Otomotiv Sanayi (a) | 1,500 | 13 | |||||||
Turkcell Iletisim Hizmet, ADR | 70,400 | 995 | |||||||
Turkiye Is Bankasi (a) | 50,500 | 239 | |||||||
1,247 | |||||||||
Total Common Stocks | |||||||||
(Cost $153,227) | 161,259 | ||||||||
Short-Term Investments – 17.9% | |||||||||
Money Market Fund – 17.5% | |||||||||
State Street GA Prime Fund | 33,008,591 | 33,009 | |||||||
U.S. Treasury Obligation – 0.4% | |||||||||
U.S. Treasury Bill | |||||||||
4.790%, 08/09/2007 (c) | $ | 800 | 789 | ||||||
Total Short-Term Investments | |||||||||
(Cost $33,798) | 33,798 | ||||||||
Total Investments – 103.0% | |||||||||
(Cost $187,025) | 195,057 | ||||||||
Other Assets and Liabilities, Net – (3.0)% | (5,611 | ) | |||||||
Total Net Assets – 100.0% | $ | 189,446 | |||||||
(a) | Non-income producing security |
(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.” This security has been determined to be liquid under the guidelines established by the fund’s board of directors. As of April 30, 2007, the value of this investment was $425 or 0.2% of total net assets. See note 2 in Notes to Financial Statements. |
(c) | Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
GDR – | Global Depository Receipt |
Schedule of Open Futures Contracts
Number of | Notional | |||||||||||||
Contracts | Contract | Settlement | Unrealized | |||||||||||
Description | Purchased | Value | Month | Appreciation | ||||||||||
E-Mini MSCI EAFE Futures | 242 | $ | 26,954 | June 2007 | $ | 531 |
At April 30, 2007, sector diversification of the fund was as follows:
% of | ||||||||
Net Assets | Value | |||||||
Foreign Common Stock | ||||||||
Financials | 21.4 | % | $ | 40,609 | ||||
Consumer Discretionary | 11.8 | 22,363 | ||||||
Consumer Staples | 10.4 | 19,715 | ||||||
Industrials | 8.1 | 15,316 | ||||||
Information Technology | 8.0 | 15,133 | ||||||
Energy | 6.2 | 11,823 | ||||||
Materials | 6.2 | 11,721 | ||||||
Telecommunication Services | 6.2 | 11,712 | ||||||
Healthcare | 5.1 | 9,683 | ||||||
Utilities | 1.7 | 3,184 | ||||||
Total Foreign Common Stock | 85.1 | 161,259 | ||||||
Total Short-Term Investments | 17.9 | 33,798 | ||||||
Total Investments | 103.0 | 195,057 | ||||||
Other Assets and Liabilities, Net | (3.0 | ) | (5,611 | ) | ||||
Net Assets | 100.0 | % | $ | 189,446 | ||||
The accompanying notes are an integral part of the financial statements.
28 First American Funds Semiannual Report 2007
Table of Contents
Statements of Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data
International | ||||||||||||
International | Select | |||||||||||
Fund | Fund | |||||||||||
Investments in securities, at cost | $ | 1,216,502 | $ | 187,025 | ||||||||
Investment purchased with proceeds from securities lending, at cost (note 2) | 388,462 | — | ||||||||||
Cash denominated in foreign currencies, at cost | — | 487 | ||||||||||
ASSETS: | ||||||||||||
Investments in securities, at value* (note 2) | $ | 1,760,685 | $ | 195,057 | ||||||||
Investment purchased with proceeds from securities lending, at value (note 2) | 388,462 | — | ||||||||||
Cash denominated in foreign currencies, at value (note 2) | — | 486 | ||||||||||
Cash | — | 12,072 | ||||||||||
Receivable for dividends and interest | 7,059 | 510 | ||||||||||
Receivable for investment securities sold | 2,328 | 1,514 | ||||||||||
Receivable for capital shares sold | 504 | 484 | ||||||||||
Receivable for foreign withholding tax reclaim | 592 | 30 | ||||||||||
Prepaid expenses and other assets | 35 | 82 | ||||||||||
Total assets | 2,159,665 | 210,235 | ||||||||||
LIABILITIES: | ||||||||||||
Bank overdraft | 20,683 | — | ||||||||||
Payable for investment securities purchased | — | 20,240 | ||||||||||
Payable for capital shares redeemed | 12,827 | 75 | ||||||||||
Payable upon return of securities loaned (note 2) | 388,462 | — | ||||||||||
Payable for variation margin | — | 174 | ||||||||||
Payable to affiliates (note 3) | 1,794 | 133 | ||||||||||
Payable to custodian | — | 156 | ||||||||||
Payable for distribution and shareholder servicing fees | 24 | — | (3) | |||||||||
Accrued expenses and other liabilities | 51 | 11 | ||||||||||
Total liabilities | 423,841 | 20,789 | ||||||||||
Net assets | $ | 1,735,824 | $ | 189,446 | ||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||
Portfolio capital | $ | 1,114,991 | $ | 179,384 | ||||||||
Undistributed net investment income | 5,455 | 768 | ||||||||||
Accumulated net realized gain on investments, futures contracts, and foreign currency transactions | 71,167 | 732 | ||||||||||
Net unrealized appreciation of investments | 544,183 | 8,032 | ||||||||||
Net unrealized appreciation of futures contracts | — | 531 | ||||||||||
Net unrealized appreciation (depreciation) of foreign currency, and translation of other assets and liabilities in foreign currency (note 2) | 28 | (1 | ) | |||||||||
Net assets | $ | 1,735,824 | $ | 189,446 | ||||||||
* Including securities loaned, at value | $ | 371,467 | $ | — | ||||||||
Class A: | ||||||||||||
Net assets | $ | 56,162 | $ | 988 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 3,533 | 91 | ||||||||||
Net asset value and redemption price per share | $ | 15.90 | $ | 10.83 | ||||||||
Maximum offering price per share (1) | $ | 16.83 | $ | 11.46 | ||||||||
Class B: | ||||||||||||
Net assets | $ | 7,131 | $ | 86 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 485 | 8 | ||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 14.69 | $ | 10.81 | ||||||||
Class C: | ||||||||||||
Net assets | $ | 7,624 | $ | 71 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 501 | 7 | ||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 15.22 | $ | 10.80 | ||||||||
Class R: | ||||||||||||
Net assets | $ | 1 | $ | 11 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | — | (3) | 1 | |||||||||
Net asset value, offering price, and redemption price per share | $ | 15.94 | $ | 10.82 | ||||||||
Class Y: | ||||||||||||
Net assets | $ | 1,664,906 | $ | 188,290 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 103,472 | 17,369 | ||||||||||
Net asset value, offering price, and redemption price per share | $ | 16.09 | $ | 10.84 | ||||||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
(2) | Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. | |
(3) | Due to the presentation of the financial statements in thousands, the number rounds to zero. |
First American Funds Semiannual Report 2007 29
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Statements of Operations all dollars are rounded to thousands (000)
International | International | |||||||||||
Fund | Select Fund | |||||||||||
Six-Month | ||||||||||||
Period Ended | 12/22/06 (1) | |||||||||||
4/30/07 | to 4/30/07 | |||||||||||
(unaudited) | (unaudited) | |||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest | $ | 230 | $ | 281 | ||||||||
Dividends | 19,288 | 1,162 | ||||||||||
Less: Foreign taxes withheld | (1,435 | ) | (105 | ) | ||||||||
Securities lending income | 419 | — | ||||||||||
Other income | 5 | — | ||||||||||
Total investment income | 18,507 | 1,338 | ||||||||||
EXPENSES (note 3): | ||||||||||||
Investment advisory fees | 8,807 | 418 | ||||||||||
Administration fees | 1,974 | 103 | ||||||||||
Transfer agent fees | 97 | 41 | ||||||||||
Custodian fees | 305 | 171 | ||||||||||
Professional fees | 21 | 20 | ||||||||||
Registration fees | 25 | 27 | ||||||||||
Postage and printing fees | 38 | 5 | ||||||||||
Directors’ fees | 9 | 9 | ||||||||||
Other expenses | 10 | 9 | ||||||||||
Distribution and shareholder servicing fees – Class A | 68 | — | (2) | |||||||||
Distribution and shareholder servicing fees – Class B | 36 | — | (2) | |||||||||
Distribution and shareholder servicing fees – Class C | 39 | — | (2) | |||||||||
Distribution and shareholder servicing fees – Class R | — | (2) | — | (2) | ||||||||
Total expenses | 11,429 | 803 | ||||||||||
Less: Fee waivers (note 3) | (108 | ) | (267 | ) | ||||||||
Less: Indirect payments from custodian (note 3) | (257 | ) | (15 | ) | ||||||||
Total net expenses | 11,064 | 521 | ||||||||||
Investment income – net | 7,443 | 817 | ||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5): | ||||||||||||
Net realized gain on investments | 80,516 | 595 | ||||||||||
Net realized gain on futures contracts | — | 231 | ||||||||||
Net realized loss on foreign currency transactions | (548 | ) | (94 | ) | ||||||||
Net change in unrealized appreciation or depreciation of investments | 88,581 | 8,032 | ||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | — | 531 | ||||||||||
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (12 | ) | (1 | ) | ||||||||
Net gain on investments, futures contracts, and foreign currency transactions | 168,537 | 9,294 | ||||||||||
Net increase in net assets resulting from operations | $ | 175,980 | $ | 10,111 | ||||||||
(1) | Commencement of operations. | |
(2) | 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.
30 First American Funds Semiannual Report 2007
Table of Contents
Statements of Changes in Net Assets all dollars are rounded to thousands (000)
International | International | ||||||||||||||||
Fund | Select Fund | ||||||||||||||||
Six-Month | 12/22/06(1) | ||||||||||||||||
Period Ended | Year | to | |||||||||||||||
4/30/07 | Ended | 4/30/07 | |||||||||||||||
(unaudited) | 10/31/06 | (unaudited) | |||||||||||||||
OPERATIONS: | |||||||||||||||||
Investment income – net | $ | 7,443 | $ | 19,673 | $ | 817 | |||||||||||
Net realized gain on investments | 80,516 | 90,776 | 595 | ||||||||||||||
Net realized gain on futures contracts | — | — | 231 | ||||||||||||||
Net realized loss on foreign currency transactions | (548 | ) | (677 | ) | (94 | ) | |||||||||||
Net change in unrealized appreciation or depreciation of investments | 88,581 | 265,816 | 8,032 | ||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | — | — | 531 | ||||||||||||||
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | (12 | ) | 103 | (1 | ) | ||||||||||||
Net increase in net assets resulting from operations | 175,980 | 375,691 | 10,111 | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||
Investment income – net: | |||||||||||||||||
Class A | (468 | ) | (525 | ) | — | (2) | |||||||||||
Class B | (15 | ) | (23 | ) | — | (2) | |||||||||||
Class C | (13 | ) | (22 | ) | — | (2) | |||||||||||
Class R | — | (2) | — | — | (2) | ||||||||||||
Class Y | (18,658 | ) | (19,388 | ) | (49 | ) | |||||||||||
Net realized gain on investments: | |||||||||||||||||
Class A | (947 | ) | — | — | |||||||||||||
Class B | (136 | ) | — | — | |||||||||||||
Class C | (148 | ) | — | — | |||||||||||||
Class R | — | (2) | — | — | |||||||||||||
Class Y | (29,781 | ) | — | — | |||||||||||||
Total distributions | (50,166 | ) | (19,958 | ) | (49 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | |||||||||||||||||
Class A: | |||||||||||||||||
Proceeds from sales | 7,341 | 12,874 | 950 | ||||||||||||||
Reinvestment of distributions | 1,276 | 475 | — | (2) | |||||||||||||
Payments for redemptions | (8,823 | ) | (19,829 | ) | (9 | ) | |||||||||||
Increase (decrease) in net assets from Class A transactions | (206 | ) | (6,480 | ) | 941 | ||||||||||||
Class B: | |||||||||||||||||
Proceeds from sales | 341 | 1,144 | 82 | ||||||||||||||
Reinvestment of distributions | 143 | 23 | — | (2) | |||||||||||||
Payments for redemptions (note 3) | (1,045 | ) | (2,076 | ) | — | ||||||||||||
Increase (decrease) in net assets from Class B transactions | (561 | ) | (909 | ) | 82 | ||||||||||||
Class C: | |||||||||||||||||
Proceeds from sales | 641 | 902 | 69 | ||||||||||||||
Reinvestment of distributions | 142 | 21 | — | (2) | |||||||||||||
Payments for redemptions (note 3) | (1,789 | ) | (2,057 | ) | — | ||||||||||||
Increase (decrease) in net assets from Class C transactions | (1,006 | ) | (1,134 | ) | 69 | ||||||||||||
Class R: | |||||||||||||||||
Proceeds from sales | 1 | 1 | 10 | ||||||||||||||
Reinvestment of distributions | — | (2) | — | — | (2) | ||||||||||||
Payments for redemptions | — | (2) | (2 | ) | — | ||||||||||||
Increase (decrease) in net assets from Class R transactions | 1 | (1 | ) | 10 | |||||||||||||
Class Y: | |||||||||||||||||
Proceeds from sales | 83,374 | 230,406 | 188,250 | ||||||||||||||
Reinvestment of distributions | 29,171 | 11,130 | 48 | ||||||||||||||
Payments for redemptions | (306,728 | ) | (361,882 | ) | (10,016 | ) | |||||||||||
Increase (decrease) in net assets from Class Y transactions | (194,183 | ) | (120,346 | ) | 178,282 | ||||||||||||
Increase (decrease) in net assets from capital share transactions | (195,955 | ) | (128,870 | ) | 179,384 | ||||||||||||
Total increase (decrease) in net assets | (70,141 | ) | 226,863 | 189,446 | |||||||||||||
Net assets at beginning of period | 1,805,965 | 1,579,102 | — | ||||||||||||||
Net assets at end of period | $ | 1,735,824 | $ | 1,805,965 | $ | 189,446 | |||||||||||
Undistributed net investment income at end of period | $ | 5,455 | $ | 17,166 | $ | 768 | |||||||||||
(1) | Commencement of operations. | |
(2) | Due to the presentation of the financial statements in thousands, the number rounds to zero. |
First American Funds Semiannual Report 2007 31
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 (Loss) | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
International Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.80 | $ | 0.05 | $ | 1.44 | $ | (0.13 | ) | $ | (0.26 | ) | $ | 15.90 | |||||||||||||||||||
2006 (3) | 12.01 | 0.12 | 2.80 | (0.13 | ) | — | 14.80 | ||||||||||||||||||||||||||
2005 (4) | 12.24 | 0.01 | (0.24 | ) | — | — | 12.01 | ||||||||||||||||||||||||||
2005 (5) | 10.19 | 0.09 | 2.02 | (0.06 | ) | — | 12.24 | ||||||||||||||||||||||||||
2004 (5) | 8.99 | 0.03 | 1.22 | (0.05 | ) | — | 10.19 | ||||||||||||||||||||||||||
2003 (5) | 7.33 | 0.06 | 1.60 | — | — | 8.99 | |||||||||||||||||||||||||||
2002 (5) | 8.96 | — | (1.63 | ) | — | — | 7.33 | ||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 13.65 | $ | (0.01 | ) | $ | 1.34 | $ | (0.03 | ) | $ | (0.26 | ) | $ | 14.69 | ||||||||||||||||||
2006 (3) | 11.09 | 0.02 | 2.58 | (0.04 | ) | — | 13.65 | ||||||||||||||||||||||||||
2005 (4) | 11.31 | — | (0.22 | ) | — | — | 11.09 | ||||||||||||||||||||||||||
2005 (5) | 9.43 | — | 1.88 | — | — | 11.31 | |||||||||||||||||||||||||||
2004 (5) | 8.34 | (0.05 | ) | 1.14 | — | — | 9.43 | ||||||||||||||||||||||||||
2003 (5) | 6.85 | — | 1.49 | — | — | 8.34 | |||||||||||||||||||||||||||
2002 (5) | 8.45 | (0.06 | ) | (1.54 | ) | — | — | 6.85 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.13 | $ | (0.01 | ) | $ | 1.38 | $ | (0.02 | ) | $ | (0.26 | ) | $ | 15.22 | ||||||||||||||||||
2006 (3) | 11.47 | 0.02 | 2.67 | (0.03 | ) | — | 14.13 | ||||||||||||||||||||||||||
2005 (4) | 11.70 | — | (0.23 | ) | — | — | 11.47 | ||||||||||||||||||||||||||
2005 (5) | 9.76 | — | 1.94 | — | — | 11.70 | |||||||||||||||||||||||||||
2004 (5) | 8.63 | �� | (0.05 | ) | 1.18 | — | — | 9.76 | |||||||||||||||||||||||||
2003 (5) | 7.09 | — | 1.54 | — | — | 8.63 | |||||||||||||||||||||||||||
2002 (5) | 8.75 | (0.06 | ) | (1.60 | ) | — | — | 7.09 | |||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.81 | $ | 0.05 | $ | 1.43 | $ | (0.09 | ) | $ | (0.26 | ) | $ | 15.94 | |||||||||||||||||||
2006 (3) | 11.94 | 0.05 | 2.82 | — | — | 14.81 | |||||||||||||||||||||||||||
2005 (4) | 12.17 | (0.02 | ) | (0.21 | ) | — | — | 11.94 | |||||||||||||||||||||||||
2005 (5) | 10.11 | 0.09 | 1.97 | — | — | 12.17 | |||||||||||||||||||||||||||
2004 (5) | 8.98 | (0.01 | ) | 1.19 | (0.05 | ) | — | 10.11 | |||||||||||||||||||||||||
2003 (5) | 7.31 | 0.04 | 1.63 | — | — | 8.98 | |||||||||||||||||||||||||||
2002 (5) | 8.96 | 0.01 | (1.66 | ) | — | — | 7.31 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.99 | $ | 0.07 | $ | 1.45 | $ | (0.16 | ) | $ | (0.26 | ) | $ | 16.09 | |||||||||||||||||||
2006 (3) | 12.16 | 0.16 | 2.83 | (0.16 | ) | — | 14.99 | ||||||||||||||||||||||||||
2005 (4) | 12.39 | 0.01 | (0.24 | ) | — | — | 12.16 | ||||||||||||||||||||||||||
2005 (5) | 10.31 | 0.12 | 2.05 | (0.09 | ) | — | 12.39 | ||||||||||||||||||||||||||
2004 (5) | 9.10 | 0.06 | 1.23 | (0.08 | ) | — | 10.31 | ||||||||||||||||||||||||||
2003 (5) | 7.40 | 0.09 | 1.61 | — | — | 9.10 | |||||||||||||||||||||||||||
2002 (5) | 9.03 | 0.03 | (1.66 | ) | — | — | 7.40 | ||||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six months ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. | |
(8) | In 2003, 0.14% of Class R share’s and 0.13% of Class Y share’s total return was a result of the reimbursement by the advisor related to foreign currency principal trades between the International Fund and U.S. Bank. Excluding the reimbursement, total return for Class R and Class Y shares would have been 22.71% and 22.84%, respectively. |
The accompanying notes are an integral part of the financial statements.
32 First American Funds Semiannual Report 2007
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Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
10.26 | % | $ | 56,162 | 1.49 | % | 0.63 | % | 1.53 | % | 0.59 | % | 7 | % | ||||||||||||||||||||||||
24.50 | 52,489 | 1.51 | 0.89 | 1.54 | 0.86 | 17 | |||||||||||||||||||||||||||||||
(1.88 | ) | 48,439 | 1.51 | 0.58 | 1.55 | 0.54 | — | ||||||||||||||||||||||||||||||
20.80 | 48,851 | 1.56 | 0.77 | 1.61 | 0.72 | 74 | |||||||||||||||||||||||||||||||
13.91 | 44,851 | 1.60 | 0.31 | 1.64 | 0.27 | 77 | |||||||||||||||||||||||||||||||
22.65 | 39,251 | 1.60 | 0.77 | 1.65 | 0.72 | 82 | |||||||||||||||||||||||||||||||
(18.19 | ) | 37,232 | 1.60 | 0.04 | 1.66 | (0.02 | ) | 72 | |||||||||||||||||||||||||||||
9.89 | % | $ | 7,131 | 2.24 | % | (0.14 | )% | 2.28 | % | (0.18 | )% | 7 | % | ||||||||||||||||||||||||
23.50 | 7,172 | 2.26 | 0.15 | 2.29 | 0.12 | 17 | |||||||||||||||||||||||||||||||
(1.95 | ) | 6,632 | 2.26 | (0.17 | ) | 2.30 | (0.21 | ) | — | ||||||||||||||||||||||||||||
19.94 | 6,819 | 2.31 | — | 2.36 | (0.05 | ) | 74 | ||||||||||||||||||||||||||||||
13.12 | 7,371 | 2.35 | (0.48 | ) | 2.39 | (0.52 | ) | 77 | |||||||||||||||||||||||||||||
21.75 | 7,936 | 2.35 | 0.02 | 2.40 | (0.03 | ) | 82 | ||||||||||||||||||||||||||||||
(18.94 | ) | 7,459 | 2.35 | (0.68 | ) | 2.41 | (0.74 | ) | 72 | ||||||||||||||||||||||||||||
9.86 | % | $ | 7,624 | 2.24 | % | (0.16 | )% | 2.28 | % | (0.20 | )% | 7 | % | ||||||||||||||||||||||||
23.53 | 8,049 | 2.26 | 0.16 | 2.29 | 0.13 | 17 | |||||||||||||||||||||||||||||||
(1.97 | ) | 7,520 | 2.26 | (0.17 | ) | 2.30 | (0.21 | ) | — | ||||||||||||||||||||||||||||
19.88 | 7,915 | 2.31 | (0.01 | ) | 2.36 | (0.06 | ) | 74 | |||||||||||||||||||||||||||||
13.14 | 8,542 | 2.35 | (0.52 | ) | 2.39 | (0.56 | ) | 77 | |||||||||||||||||||||||||||||
21.72 | 10,439 | 2.35 | (0.01 | ) | 2.40 | (0.06 | ) | 82 | |||||||||||||||||||||||||||||
(18.97 | ) | 11,027 | 2.35 | (0.71 | ) | 2.41 | (0.77 | ) | 72 | ||||||||||||||||||||||||||||
10.16 | % | $ | 1 | 1.74 | % | 0.60 | % | 1.82 | % | 0.52 | % | 7 | % | ||||||||||||||||||||||||
24.04 | 1 | 1.76 | 0.39 | 1.91 | 0.24 | 17 | |||||||||||||||||||||||||||||||
(1.89 | ) | 1 | 1.76 | 0.33 | 1.95 | 0.14 | — | ||||||||||||||||||||||||||||||
20.38 | 163 | 1.81 | 0.77 | 2.01 | 0.57 | 74 | |||||||||||||||||||||||||||||||
13.16 | 1 | 1.60 | (0.11 | ) | 1.64 | (0.15 | ) | 77 | |||||||||||||||||||||||||||||
22.85 | % (8) | 8,533 | 1.60 | 0.57 | 1.65 | 0.52 | 82 | ||||||||||||||||||||||||||||||
(18.42 | ) | 10,817 | 1.60 | 0.16 | 1.66 | 0.10 | 72 | ||||||||||||||||||||||||||||||
10.38 | % | $ | 1,664,906 | 1.24 | % | 0.86 | % | 1.28 | % | 0.82 | % | 7 | % | ||||||||||||||||||||||||
24.81 | 1,738,254 | 1.26 | 1.16 | 1.29 | 1.13 | 17 | |||||||||||||||||||||||||||||||
(1.86 | ) | 1,516,510 | 1.26 | 0.83 | 1.30 | 0.79 | — | ||||||||||||||||||||||||||||||
21.12 | 1,523,057 | 1.31 | 1.07 | 1.36 | 1.02 | 74 | |||||||||||||||||||||||||||||||
14.13 | 1,145,409 | 1.35 | 0.59 | 1.39 | 0.55 | 77 | |||||||||||||||||||||||||||||||
22.97 | % (8) | 991,027 | 1.35 | 1.08 | 1.40 | 1.03 | 82 | ||||||||||||||||||||||||||||||
(18.05 | ) | 540,495 | 1.35 | 0.36 | 1.41 | 0.30 | 72 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 33
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods
Realized and | ||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Net | Gains | from Net | Value | ||||||||||||||||||||||||
Beginning | Investment | on | Investment | End of | ||||||||||||||||||||||||
of Period | Income | Investments | Income | Period | ||||||||||||||||||||||||
International Select Fund (1)(2) | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
2007 | $ | 10.00 | $ | 0.09 | $ | 0.75 | $ | (0.01 | ) | $ | 10.83 | |||||||||||||||||
Class B | ||||||||||||||||||||||||||||
2007 | $ | 10.00 | $ | 0.07 | $ | 0.74 | $ | — | $ | 10.81 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
2007 | $ | 10.00 | $ | 0.06 | $ | 0.74 | $ | — | $ | 10.80 | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
2007 | $ | 10.00 | $ | 0.04 | $ | 0.79 | $ | (0.01 | ) | $ | 10.82 | |||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
2007 | $ | 10.00 | $ | 0.07 | $ | 0.78 | $ | (0.01 | ) | $ | 10.84 | |||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | Commenced operations on December 22, 2006. All ratios for the period ended April 30, 2007 (unaudited) have been annualized, except total return and portfolio turnover. | |
(3) | 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.
34 First American Funds Semiannual Report 2007
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 (3) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
8.37 | % | $ | 988 | 1.49 | % | 2.32 | % | 2.16 | % | 1.65 | % | 22 | % | ||||||||||||||||||||||||
8.15 | % | $ | 86 | 2.24 | % | 1.86 | % | 2.91 | % | 1.19 | % | 22 | % | ||||||||||||||||||||||||
8.05 | % | $ | 71 | 2.24 | % | 1.54 | % | 2.91 | % | 0.87 | % | 22 | % | ||||||||||||||||||||||||
8.26 | % | $ | 11 | 1.74 | % | 1.14 | % | 2.41 | % | 0.47 | % | 22 | % | ||||||||||||||||||||||||
8.47 | % | $ | 188,290 | 1.24 | % | 1.94 | % | 1.91 | % | 1.27 | % | 22 | % | ||||||||||||||||||||||||
First American Funds Semiannual Report 2007 35
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 97.0% | ||||||||
Consumer Discretionary – 16.1% | ||||||||
Carrols Restaurant Group (a) (b) | 307,725 | $ | 4,622 | |||||
Children’s Place Retail Stores (b) | 95,252 | 5,036 | ||||||
Christopher & Banks (a) | 243,312 | 4,212 | ||||||
Citi Trends (a) (b) | 76,953 | 3,050 | ||||||
Conn’s (a) (b) | 293,035 | 7,604 | ||||||
Cosi (a) (b) | 702,229 | 3,644 | ||||||
Dress Barn (a) (b) | 227,676 | 4,533 | ||||||
New York & Company (a) (b) | 367,239 | 5,130 | ||||||
Ruth’s Chris Steak House (b) | 237,770 | 4,720 | ||||||
Scientific Games, Class A (a) (b) | 113,789 | 3,788 | ||||||
Texas Roadhouse, Class A (a) (b) | 360,167 | 5,266 | ||||||
51,605 | ||||||||
Consumer Staples – 2.4% | ||||||||
Central Garden & Pet, Class A (a) (b) | 141,216 | 2,022 | ||||||
Central Garden & Pet (a) (b) | 66,565 | 986 | ||||||
Pantry (b) | 100,851 | 4,537 | ||||||
7,545 | ||||||||
Energy – 6.4% | ||||||||
Arena Resources (a) (b) | 69,210 | 3,249 | ||||||
Atwood Oceanics (a) (b) | 40,369 | 2,539 | ||||||
Ember Resources (b) (c) | 1,500,283 | 3,717 | ||||||
Goodrich Petroleum (a) (b) | 75,200 | 2,642 | ||||||
Oceaneering International (a) (b) | 56,867 | 2,704 | ||||||
Parallel Petroleum (a) (b) | 157,947 | 3,650 | ||||||
Superior Energy Services (a) (b) | 56,938 | 2,069 | ||||||
20,570 | ||||||||
Financials – 8.2% | ||||||||
Corporate Office Properties Trust – REIT (a) | 52,360 | 2,467 | ||||||
First Mercury Financial (b) | 113,944 | 2,359 | ||||||
First Potomac Realty Trust – REIT (a) | 121,534 | 3,137 | ||||||
PennantPark Investment (b) | 221,937 | 3,324 | ||||||
Prosperity Bancshares (a) | 92,258 | 3,200 | ||||||
Sunstone Hotel Investors – REIT (a) | 120,817 | 3,446 | ||||||
SVB Financial (a) (b) | 85,928 | 4,401 | ||||||
Waddell & Reed Financial, Class A | 154,889 | 3,751 | ||||||
26,085 | ||||||||
Healthcare – 19.1% | ||||||||
Amedisys (b) | 51,367 | 1,610 | ||||||
American Medical Systems (a) (b) | 354,713 | 6,289 | ||||||
AngioDynamics (b) | 172,456 | 2,870 | ||||||
ArthroCare (a) (b) | 98,904 | 4,081 | ||||||
BioMarin Pharmaceutical (a) (b) | 253,338 | 4,094 | ||||||
Durect (a) (b) | 585,996 | 2,619 | ||||||
Human Genome Sciences (a) (b) | 279,179 | 3,007 | ||||||
Illumina (a) (b) | 124,808 | 4,072 | ||||||
Integra LifeSciences (a) (b) | 130,288 | 5,937 | ||||||
Keryx Biopharmaceuticals (a) (b) | 215,176 | 2,195 | ||||||
Kyphon (a) (b) | 67,792 | 3,160 | ||||||
Medicis Pharmaceutical, Class A (a) | 105,097 | 3,195 | ||||||
Myriad Genetics (a) (b) | 89,837 | 3,284 | ||||||
Pediatrix Medical Group (a) (b) | 69,727 | 3,978 | ||||||
Salix Pharmaceuticals (a) (b) | 289,336 | 3,767 | ||||||
Techne (a) (b) | 40,327 | 2,378 | ||||||
TriZetto Group (a) (b) | 234,885 | 4,576 | ||||||
61,112 | ||||||||
Industrials – 18.8% | ||||||||
Administaff | 120,512 | 4,000 | ||||||
Advisory Board (a) (b) | 65,957 | 3,132 | ||||||
AMETEK (a) | 100,329 | 3,640 | ||||||
BE Aerospace (a) (b) | 133,119 | 4,879 | ||||||
DRS Technologies (a) | 95,143 | 4,787 | ||||||
ESCO Technologies (a) (b) | 90,731 | 4,134 | ||||||
Forward Air (a) | 103,131 | 3,146 | ||||||
Genlyte Group (a) (b) | 33,101 | 2,582 | ||||||
McGrath Rentcorp | 134,461 | 4,054 | ||||||
Mobile Mini (a) (b) | 112,132 | 3,361 | ||||||
Mueller Water Products, Class A (a) | 251,547 | 3,622 | ||||||
Navigant Consulting (a) (b) | 159,248 | 3,054 | ||||||
PGT (a) (b) | 302,964 | 3,120 | ||||||
RBC Bearings (b) | 131,934 | 5,015 | ||||||
Resources Connection (a) (b) | 106,306 | 3,207 | ||||||
WESCO International (a) (b) | 69,382 | 4,383 | ||||||
60,116 | ||||||||
Information Technology (d) – 26.0% | ||||||||
aQuantive (a) (b) | 112,100 | 3,431 | ||||||
ATMI (a) (b) | 106,832 | 3,304 | ||||||
Avocent (a) (b) | 190,454 | 5,335 | ||||||
Cirrus Logic (b) | 400,911 | 3,320 | ||||||
Emulex (b) | 452,145 | 9,486 | ||||||
Forrester Research (b) | 99,602 | 2,568 | ||||||
Ixia (a) (b) | 527,525 | 4,526 | ||||||
Lawson Software (a) (b) | 515,028 | 4,584 | ||||||
Micrel (b) | 388,394 | 4,874 | ||||||
Microsemi (a) (b) | 218,342 | 5,046 | ||||||
Orbotech (b) | 192,512 | 4,414 | ||||||
PMC-Sierra (a) (b) | 778,068 | 6,014 | ||||||
Quest Software (a) (b) | 352,986 | 6,004 | ||||||
RADVision (b) | 217,782 | 4,815 | ||||||
Semtech (a) (b) | 335,525 | 4,838 | ||||||
Silicon Motion Technology – ADR (b) | 124,474 | 3,020 | ||||||
Sirenza Microdevices (a) (b) | 438,624 | 3,996 | ||||||
Tridium, Class B, Escrow Shares (b) (c) (e) | 278,500 | 23 | ||||||
Varian Semiconductor Equipment Associates (a) (b) | 55,136 | 3,659 | ||||||
VideoPropulsion (b) (c) (e) | 784,710 | — | ||||||
83,257 | ||||||||
Total Common Stocks (Cost $283,083) | 310,290 | |||||||
Warrants – 0.0% | ||||||||
Hollis-Eden Pharmaceuticals, Warrants (c) (e) | 70,545 | 5 | ||||||
Kuhlman Company, Warrants (c) (e) | 281,680 | — | ||||||
Total Warrants (Cost $434) | 5 | |||||||
Short-Term Investment – 4.0% | ||||||||
First American Prime Obligations Fund, Class Z (f) (Cost $12,909) | 12,909,319 | 12,909 | ||||||
Investment Purchased with Proceeds from Securities Lending – 47.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (g) (Cost $151,481) | 151,480,568 | 151,481 | ||||||
Total Investments – 148.4% (Cost $447,907) | 474,685 | |||||||
Other Assets and Liabilities, Net – (48.4)% | (154,822 | ) | ||||||
Total Net Assets – 100.0% | $ | 319,863 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $142,661 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
The accompanying notes are an integral part of the financial statements.
36 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Growth Opportunities Fund (concluded)
(c) | Security considered illiquid or restricted. As of April 30, 2007, the market value of these investments was $3,745 or 1.2% of total net assets. See Note 2 in Notes to Financial Statements. |
(d) | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. |
(e) | Security is fair valued. As of April 30, 2007, the value of these investments was $28 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 to this fund. See note 3 in Notes to Financial Statements. |
(g) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
REIT – | Real Estate Investment Trust |
First American Funds Semiannual Report 2007 37
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Select Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 96.4% | ||||||||
Consumer Discretionary – 14.4% | ||||||||
Cato, Class A | 306,356 | $ | 6,620 | |||||
Children’s Place Retail Stores (a) (b) | 246,651 | 13,040 | ||||||
Christopher & Banks (b) | 626,492 | 10,844 | ||||||
Cosi (a) (b) (c) | 2,673,156 | 13,874 | ||||||
GSI Commerce (a) (b) | 252,311 | 5,576 | ||||||
Hibbett Sports (a) (b) | 331,721 | 9,670 | ||||||
Interface, Class A | 516,971 | 8,711 | ||||||
Journal Communications, Class A | 981,300 | 13,238 | ||||||
McCormick & Schmick’s Seafood Restaurants (a) (b) | 210,679 | 5,640 | ||||||
Nautilus (b) | 1,503,157 | 20,759 | ||||||
P.F. Chang’s China Bistro (a) (b) | 281,367 | 10,762 | ||||||
Ruth’s Chris Steak House (a) | 354,443 | 7,036 | ||||||
Scientific Games, Class A (a) (b) | 435,981 | 14,514 | ||||||
Texas Roadhouse, Class A (a) (b) | 644,946 | 9,429 | ||||||
Tween Brands (a) (b) | 219,379 | 8,591 | ||||||
WMS Industries (a) (b) | 125,083 | 4,986 | ||||||
163,290 | ||||||||
Consumer Staples – 2.8% | ||||||||
Central Garden & Pet (a) (b) | 234,566 | 3,474 | ||||||
Central Garden & Pet, Class A (a) (b) | 469,133 | 6,718 | ||||||
Pantry (a) | 105,008 | 4,724 | ||||||
Reliv International (b) (d) | 571,379 | 6,085 | ||||||
USANA Health Sciences (a) (b) | 281,193 | 11,203 | ||||||
32,204 | ||||||||
Energy – 6.0% | ||||||||
Arena Resources (a) (b) | 152,511 | 7,160 | ||||||
Atwood Oceanics (a) (b) | 49,710 | 3,127 | ||||||
Brigham Exploration (a) | 1,099,753 | 6,665 | ||||||
Comstock Resources (a) (b) | 427,819 | 12,129 | ||||||
Edge Petroleum (a) (b) | 875,457 | 12,020 | ||||||
Helix Energy Solutions Group (a) (b) | 447,054 | 17,104 | ||||||
St. Mary Land & Exploration (b) | 289,238 | 10,592 | ||||||
68,797 | ||||||||
Financials – 17.5% | ||||||||
Affiliated Managers Group (a) (b) | 98,129 | 11,543 | ||||||
BioMed Realty Trust – REIT (b) | 549,322 | 15,771 | ||||||
Columbia Banking System (b) | 214,547 | 6,512 | ||||||
Cullen/ Frost Bankers | 327,963 | 16,782 | ||||||
Dime Community Bancshares (b) | 496,885 | 6,614 | ||||||
East West Bancorp (b) | 483,291 | 19,264 | ||||||
First Financial Bankshares (b) | 88,206 | 3,414 | ||||||
First Potomac Realty Trust – REIT (b) | 482,625 | 12,457 | ||||||
Independent Bank (b) | 197,183 | 5,856 | ||||||
Investors Financial Services | 179,085 | 11,082 | ||||||
Kite Realty Group Trust – REIT (b) | 461,468 | 9,229 | ||||||
Knight Capital Group, Class A (a) (b) | 693,283 | 11,231 | ||||||
LaSalle Hotel Properties – REIT (b) | 157,024 | 7,291 | ||||||
Nara Bancorp (b) | 304,569 | 5,028 | ||||||
Nelnet, Class A (b) | 415,340 | 11,168 | ||||||
Newcastle Investment – REIT (b) | 111,609 | 3,260 | ||||||
Platinum Underwriters Holdings | 494,270 | 16,914 | ||||||
South Financial Group (b) | 290,028 | 6,563 | ||||||
Thomas Weisel Partners Group (a) (b) | 599,668 | 11,849 | ||||||
Umpqua Holdings (b) | 270,905 | 6,756 | ||||||
198,584 | ||||||||
Healthcare – 14.8% | ||||||||
AngioDynamics (a) | 576,178 | 9,587 | ||||||
Caliper Life Sciences (a) | 336,859 | 1,907 | ||||||
Conceptus (a) (b) | 38,199 | 790 | ||||||
Curis (a) | 1,297,908 | 2,687 | ||||||
Dexcom (a) (b) | 695,045 | 5,540 | ||||||
DJO (a) (b) | 295,820 | 11,555 | ||||||
Exelixis (a) (b) | 577,957 | 6,207 | ||||||
Healthways (a) (b) | 154,621 | 6,559 | ||||||
Human Genome Sciences (a) (b) | 423,591 | 4,562 | ||||||
ICU Medical (a) (b) | 329,046 | 13,738 | ||||||
ImmunoGen (a) | 749,671 | 4,063 | ||||||
K-V Pharmaceutical, Class A (a) (b) | 446,024 | 11,601 | ||||||
LCA-Vision (b) | 182,688 | 7,667 | ||||||
Magellan Health Services (a) (b) | 268,925 | 11,537 | ||||||
Medarex (a) (b) | 386,566 | 5,292 | ||||||
Merge Technologies (a) (b) | 550,199 | 2,756 | ||||||
Pediatrix Medical Group (a) (b) | 391,994 | 22,363 | ||||||
Salix Pharmaceuticals (a) (b) | 716,884 | 9,334 | ||||||
Senomyx (a) (b) | 542,624 | 7,309 | ||||||
SonoSite (a) (b) | 603,897 | 17,501 | ||||||
SurModics (a) (b) | 149,157 | 6,060 | ||||||
168,615 | ||||||||
Industrials – 16.7% | ||||||||
AirTran Holdings (a) (b) | 1,715,586 | 18,888 | ||||||
AMETEK (b) | 493,181 | 17,893 | ||||||
BE Aerospace (a) (b) | 206,591 | 7,571 | ||||||
Columbus McKinnon (a) | 183,991 | 4,556 | ||||||
CRA International (a) (b) | 106,147 | 5,474 | ||||||
Energy Conversion Devices (a) (b) | 158,716 | 5,620 | ||||||
ESCO Technologies (a) (b) | 285,946 | 13,028 | ||||||
Forward Air (b) | 451,644 | 13,780 | ||||||
Genlyte Group (a) (b) | 79,531 | 6,204 | ||||||
Lennox International (b) | 314,115 | 10,620 | ||||||
NCI Building Systems (a) (b) | 239,900 | 11,988 | ||||||
NutriSystem (a) (b) | 233,111 | 14,453 | ||||||
PeopleSupport (a) (b) | 955,518 | 12,011 | ||||||
Power-One (a) (b) | 1,639,314 | 6,983 | ||||||
Steelcase, Class A | 319,006 | 6,227 | ||||||
Timken (b) | 500,875 | 16,519 | ||||||
WESCO International (a) (b) | 282,045 | 17,817 | ||||||
189,632 | ||||||||
Information Technology – 19.6% | ||||||||
ADC Telecommunications (a) (b) | 820,646 | 15,100 | ||||||
Advanced Analogic Technologies (a) (b) | 1,193,277 | 9,678 | ||||||
aQuantive (a) (b) | 344,023 | 10,531 | ||||||
BISYS Group (a) | 934,540 | 10,813 | ||||||
Digital River (a) (b) | 80,633 | 4,719 | ||||||
Emulex (a) (b) | 939,508 | 19,711 | ||||||
Entegris (a) (b) | 1,631,655 | 19,123 | ||||||
F5 Networks (a) | 144,428 | 11,089 | ||||||
Harris Stratex Networks, Class A (a) (b) | 511,449 | 10,198 | ||||||
Hutchinson Technology (a) (b) | 247,993 | 4,712 | ||||||
Ixia (a) | 185,188 | 1,589 | ||||||
Photronics (a) (b) | 826,840 | 12,444 | ||||||
Plexus (a) (b) | 648,440 | 13,591 | ||||||
PMC-Sierra (a) (b) | 1,885,671 | 14,576 | ||||||
Progress Software (a) | 441,080 | 13,290 | ||||||
Rudolph Technologies (a) | 442,795 | 7,647 | ||||||
Silicon Laboratories (a) (b) | 296,719 | 9,735 | ||||||
Stratasys (a) (b) | 80,494 | 3,826 | ||||||
Tessera Technologies (a) (b) | 225,081 | 9,631 | ||||||
TIBCO Software (a) (b) | 895,320 | 8,165 | ||||||
Trident Microsystems (a) | 573,002 | 12,165 | ||||||
222,333 | ||||||||
The accompanying notes are an integral part of the financial statements.
38 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Select Fund (concluded) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Materials – 3.5% | ||||||||
Albemarle | 170,820 | $ | 7,251 | |||||
Century Aluminum (a) (b) | 142,698 | 6,751 | ||||||
Headwaters (a) (b) | 139,349 | 3,020 | ||||||
Schnitzer Steel Industries, Class A (b) | 217,148 | 11,272 | ||||||
Terra Industries (a) | 408,428 | 7,205 | ||||||
Texas Industries (b) | 49,837 | 3,796 | ||||||
39,295 | ||||||||
Telecommunication Services – 0.7% | ||||||||
General Communication, Class A (a) (b) | 536,366 | 7,633 | ||||||
Utilities – 0.4% | ||||||||
NSTAR (b) | 134,009 | 4,811 | ||||||
Total Common Stocks (Cost $1,003,301) | 1,095,194 | |||||||
Investment Company – 0.7% | ||||||||
iShares Nasdaq Biotechnology Index Fund (a) (b) (Cost $8,057) | 99,750 | 8,171 | ||||||
Short-Term Investment – 4.0% | ||||||||
First American Prime Obligations Fund, Class Z (e) (Cost $45,595) | 45,595,155 | 45,595 | ||||||
Investment Purchased with Proceeds from Securities Lending – 47.5% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (f) (Cost $539,646) | 539,646,086 | 539,646 | ||||||
Total Investments – 148.6% (Cost $1,596,599) | 1,688,606 | |||||||
Other Assets and Liabilities, Net – (48.6)% | (552,563 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,136,043 | ||||||
(a) | Non-income producing security. |
(b) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $506,031 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(c) | A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings of that company represents 5% or more of the outstanding voting securities of the company. Transactions with companies that are or were affiliates during the six-month period ended April 30, 2007 are as follows: |
Beginning | Purchase | Sales | Ending | Dividend | ||||||||||||||||||||
Issuer | Cost | Cost | Cost | Cost | Income | Value | ||||||||||||||||||
Cosi | $ | 6,496 | $ | 7,040 | $ | — | $ | 13,536 | $ | — | $ | 13,874 |
(d) | Security considered illiquid or restricted. As of April 30, 2007, the market value of this investment was $6,085 or 0.5% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | 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. |
(f) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
REIT – | Real Estate Investment Trust |
First American Funds Semiannual Report 2007 39
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap Value Fund | ||||||||||
DESCRIPTION | SHARES | VALUE | ||||||||
Common Stocks – 98.2% | ||||||||||
Consumer Discretionary 14.4% | ||||||||||
Aaron Rents (a) | 194,294 | $ | 5,512 | |||||||
Aeropostale (a) (b) | 99,608 | 4,099 | ||||||||
Ameristar Casinos | 116,337 | 3,532 | ||||||||
Belo, Class A (a) | 231,446 | 4,460 | ||||||||
CBRL Group (a) | 104,726 | 4,669 | ||||||||
Charming Shoppes (a) (b) | 205,854 | 2,573 | ||||||||
Domino’s Pizza | 171,046 | 5,516 | ||||||||
Ethan Allen Interiors (a) | 115,652 | 4,083 | ||||||||
Interface, Class A | 275,834 | 4,648 | ||||||||
Jos. A. Bank Clothiers (a) (b) | 140,824 | 5,441 | ||||||||
Men’s Wearhouse (a) | 134,644 | 5,826 | ||||||||
Nautilus (a) | 373,669 | 5,160 | ||||||||
Wolverine World Wide (a) | 190,064 | 5,432 | ||||||||
60,951 | ||||||||||
Consumer Staples – 3.0% | ||||||||||
Elizabeth Arden (b) | 207,260 | 4,665 | ||||||||
Nu Skin Enterprises, Class A | 232,724 | 4,033 | ||||||||
Pantry (b) | 88,528 | 3,983 | ||||||||
12,681 | ||||||||||
Energy – 4.4% | ||||||||||
Brigham Exploration (b) | 503,537 | 3,052 | ||||||||
Cimarex Energy (a) | 126,318 | 4,977 | ||||||||
Global Industries (b) | 208,738 | 4,333 | ||||||||
Penn Virginia (a) | 28,754 | 2,302 | ||||||||
Swift Energy (a) (b) | 96,381 | 3,918 | ||||||||
18,582 | ||||||||||
Financials (c) – 29.6% | ||||||||||
Alabama National BanCorporation (a) | 83,585 | 5,234 | ||||||||
American Equity Investment Life Holding (a) | 258,288 | 3,526 | ||||||||
Apollo Investment | 58,989 | 1,296 | ||||||||
BioMed Realty Trust – REIT (a) | 136,245 | 3,912 | ||||||||
Capitol Bancorp (a) | 105,580 | 3,183 | ||||||||
Cathay General Bancorp (a) | 123,757 | 4,058 | ||||||||
CBL & Associates Properties – REIT (a) | 31,363 | 1,425 | ||||||||
Cowen Group (b) | 185,593 | 3,116 | ||||||||
Crescent Real Estate Equities – REIT (a) | 112,862 | 2,315 | ||||||||
Delphi Financial Group, Class A (a) | 120,845 | 5,160 | ||||||||
First Midwest Bancorp (a) | 145,969 | 5,246 | ||||||||
First Niagara Financial Group (a) | 76,426 | 1,039 | ||||||||
First Potomac Realty Trust – REIT (a) | 173,236 | 4,471 | ||||||||
FPIC Insurance Group (b) | 106,683 | 4,914 | ||||||||
Frontier Financial (a) | 175,884 | 4,371 | ||||||||
Independent Bank | 129,132 | 3,835 | ||||||||
Knight Capital Group, Class A (b) | 195,558 | 3,168 | ||||||||
LaSalle Hotel Properties – REIT (a) | 71,993 | 3,343 | ||||||||
Mercantile Bank | 130,920 | 3,530 | ||||||||
Mid-America Apartment Communities – REIT (a) | 80,245 | 4,329 | ||||||||
National Retail Properties – REIT (a) | 180,375 | 4,320 | ||||||||
Newcastle Investment – REIT | 191,562 | 5,596 | ||||||||
Ohio Casualty (a) | 154,354 | 4,884 | ||||||||
PFF Bancorp | 133,473 | 3,756 | ||||||||
Piper Jaffray (b) | 52,069 | 3,322 | ||||||||
Provident Bankshares (a) | 154,101 | 4,937 | ||||||||
PS Business Parks – REIT | 58,661 | 4,042 | ||||||||
Redwood Trust – REIT (a) | 94,540 | 4,747 | ||||||||
Selective Insurance Group (a) | 202,084 | 5,270 | ||||||||
Sterling Bancshares (a) | 377,016 | 4,309 | ||||||||
Triad Guaranty (a) (b) | 66,423 | 2,937 | ||||||||
Waddell & Reed Financial, Class A (a) | 209,958 | 5,085 | ||||||||
124,676 | ||||||||||
Healthcare – 8.1% | ||||||||||
Horizon Health (a) (b) | 134,244 | 2,601 | ||||||||
Pediatrix Medical Group (b) | 79,540 | 4,538 | ||||||||
Perrigo (a) | 250,621 | 4,762 | ||||||||
Res-Care (b) | 195,595 | 3,501 | ||||||||
Sciele Pharma (a) (b) | 231,924 | 5,733 | ||||||||
Sierra Health Services (b) | 62,109 | 2,572 | ||||||||
STERIS (a) | 166,990 | 4,268 | ||||||||
Varian (a) (b) | 68,408 | 3,965 | ||||||||
Vital Signs | 37,156 | 2,120 | ||||||||
34,060 | ||||||||||
Industrials – 13.1% | ||||||||||
AMETEK (a) | 158,311 | 5,744 | ||||||||
Armor Holdings (a) (b) | 60,607 | 4,333 | ||||||||
Brady, Class A (a) | 101,350 | 3,330 | ||||||||
Crane (a) | 105,351 | 4,479 | ||||||||
Esterline Technologies (a) (b) | 112,996 | 4,715 | ||||||||
Forward Air | 67,620 | 2,063 | ||||||||
Kforce (a) (b) | 160,037 | 2,197 | ||||||||
Moog, Class A (a) (b) | 83,924 | 3,568 | ||||||||
NCI Building Systems (a) (b) | 22,204 | 1,110 | ||||||||
Nordson | 88,591 | 4,060 | ||||||||
Regal-Beloit (a) | 122,518 | 5,651 | ||||||||
SkyWest (a) | 81,236 | 2,210 | ||||||||
Trinity Industries (a) | 74,145 | 3,440 | ||||||||
URS (b) | 100,240 | 4,381 | ||||||||
WESCO International (a) (b) | 61,287 | 3,872 | ||||||||
55,153 | ||||||||||
Information Technology – 13.7% | ||||||||||
AMIS Holdings (b) | 398,698 | 4,625 | ||||||||
Andrew (a) (b) | 354,172 | 3,867 | ||||||||
BISYS Group (b) | 525,892 | 6,085 | ||||||||
Emulex (b) | 302,959 | 6,356 | ||||||||
Entegris (a) (b) | 299,546 | 3,511 | ||||||||
Hutchinson Technology (a) (b) | 145,363 | 2,762 | ||||||||
Inter-Tel (a) | 168,252 | 4,243 | ||||||||
Komag (a) (b) | 80,261 | 2,208 | ||||||||
Palm (a) (b) | 115,366 | 1,947 | ||||||||
Plantronics | 155,554 | 3,906 | ||||||||
Progress Software (b) | 173,595 | 5,230 | ||||||||
Rudolph Technologies (a) (b) | 144,878 | 2,502 | ||||||||
Silicon Image (b) | 305,781 | 2,679 | ||||||||
TIBCO Software (a) (b) | 432,691 | 3,946 | ||||||||
United Online (a) | 268,515 | 3,875 | ||||||||
57,742 | ||||||||||
Materials – 6.6% | ||||||||||
Albemarle | 75,831 | 3,219 | ||||||||
AptarGroup | 35,703 | 2,615 | ||||||||
Arch Chemicals (a) | 141,117 | 4,265 | ||||||||
Commercial Metals (a) | 176,678 | 5,924 | ||||||||
Headwaters (a) (b) | 118,524 | 2,569 |
The accompanying notes are an integral part of the financial statements.
40 First American Funds Semiannual Report 2007
Table of Contents
Small Cap Value Fund (concluded) | |||||||||||
DESCRIPTION | SHARES | VALUE | |||||||||
Innophos Holdings (a) | 198,147 | $ | 3,271 | ||||||||
Terra Industries (b) | 129,709 | 2,288 | |||||||||
Texas Industries (a) | 46,544 | 3,545 | |||||||||
27,696 | |||||||||||
Utilities – 5.3% | |||||||||||
Black Hills (a) | 79,202 | 3,153 | |||||||||
El Paso Electric (b) | 234,154 | 6,182 | |||||||||
Northwest Natural Gas (a) | 56,625 | 2,877 | |||||||||
PNM Resources (a) | 82,284 | 2,678 | |||||||||
South Jersey Industries (a) | 68,968 | 2,709 | |||||||||
Westar Energy (a) | 169,288 | 4,608 | |||||||||
22,207 | |||||||||||
Total Common Stocks (Cost $365,199) | 413,748 | ||||||||||
Short-Term Investment – 2.9% | |||||||||||
First American Prime Obligations Fund, Class Z (d) | |||||||||||
(Cost $12,111) | 12,110,867 | 12,111 | |||||||||
Investment Purchased with Proceeds from Securities Lending – 43.1% | |||||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | |||||||||||
(Cost $181,526) | 181,526,328 | 181,526 | |||||||||
Total Investments – 144.2% (Cost $558,836) | 607,385 | ||||||||||
Other Assets and Liabilities, Net – (44.2)% | (186,058 | ) | |||||||||
Total Net Assets – 100.0% | $ | 421,327 | |||||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $171,928 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. |
(d) | 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. |
(e) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
REIT – | Real Estate Investment Trust |
First American Funds Semiannual Report 2007 41
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small-Mid Cap Core Fund | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Common Stocks – 97.8% | |||||||||
Consumer Discretionary – 14.4% | |||||||||
Abercrombie & Fitch, Class A (a) | 16,025 | $ | 1,309 | ||||||
Belo, Class A (a) | 59,118 | 1,139 | |||||||
BorgWarner (a) | 15,441 | 1,203 | |||||||
Children’s Place Retail Stores (a) (b) | 17,181 | 908 | |||||||
Interface, Class A | 107,301 | 1,808 | |||||||
Men’s Wearhouse (a) | 40,981 | 1,773 | |||||||
Nautilus (a) | 90,507 | 1,250 | |||||||
Newell Rubbermaid | 31,044 | 952 | |||||||
NutriSystem (a) (b) | 50,471 | 3,129 | |||||||
Polo Ralph Lauren | 13,710 | 1,263 | |||||||
Stanley Works (a) | 22,193 | 1,294 | |||||||
WMS Industries (a) (b) | 44,654 | 1,780 | |||||||
17,808 | |||||||||
Consumer Staples – 3.1% | |||||||||
Corn Products International | 55,245 | 2,200 | |||||||
Pantry (b) | 36,205 | 1,629 | |||||||
3,829 | |||||||||
Energy – 6.1% | |||||||||
Cameron International (b) | 34,095 | 2,202 | |||||||
Cimarex Energy (a) | 60,260 | 2,374 | |||||||
St. Mary Land & Exploration | 23,641 | 866 | |||||||
Sunoco (a) | 27,750 | 2,096 | |||||||
7,538 | |||||||||
Financials – 18.5% | |||||||||
Affiliated Managers Group (a) (b) | 18,909 | 2,224 | |||||||
Ambac Financial Group (a) | 27,275 | 2,504 | |||||||
Camden Property Trust – REIT | 15,459 | 1,077 | |||||||
CIT Group | 31,203 | 1,861 | |||||||
City National (a) | 30,996 | 2,269 | |||||||
Cullen/ Frost Bankers (a) | 21,378 | 1,094 | |||||||
IndyMac Bancorp (a) | 25,275 | 764 | |||||||
Knight Capital Group, Class A (b) | 59,857 | 970 | |||||||
LaSalle Hotel Properties – REIT (a) | 44,230 | 2,054 | |||||||
PMI Group (a) | 75,812 | 3,675 | |||||||
Triad Guaranty (a) (b) | 24,080 | 1,065 | |||||||
Ventas (a) | 30,133 | 1,270 | |||||||
W.R. Berkley | 59,646 | 1,938 | |||||||
22,765 | |||||||||
Healthcare – 9.8% | |||||||||
Coventry Health Care (b) | 28,991 | 1,677 | |||||||
DENTSPLY International | 60,686 | 2,027 | |||||||
Human Genome Sciences (a) (b) | 89,406 | 963 | |||||||
King Pharmaceuticals (b) | 55,341 | 1,132 | |||||||
LCA-Vision (a) | 42,829 | 1,797 | |||||||
Pediatrix Medical Group (a) (b) | 41,106 | 2,345 | |||||||
Sciele Pharma (a) (b) | 88,596 | 2,190 | |||||||
12,131 | |||||||||
Industrials – 21.5% | |||||||||
AMETEK (a) | 75,817 | 2,751 | |||||||
Armor Holdings (a) (b) | 30,390 | 2,173 | |||||||
Con-way | 35,002 | 1,912 | |||||||
Dun & Bradstreet | 22,580 | 2,039 | |||||||
ESCO Technologies (a) (b) | 58,231 | 2,653 | |||||||
Forward Air (a) | 41,992 | 1,281 | |||||||
Joy Global (a) | 28,540 | 1,445 | |||||||
L-3 Communications Holdings | 12,944 | 1,164 | |||||||
Landstar System | 31,424 | 1,518 | |||||||
Lennox International | 30,839 | 1,043 | |||||||
Navigant Consulting (a) (b) | 49,580 | 951 | |||||||
Republic Services | 102,539 | 2,864 | |||||||
Steelcase, Class A | 52,126 | 1,017 | |||||||
UAL (b) | 27,822 | 929 | |||||||
WESCO International (a) (b) | 43,437 | 2,744 | |||||||
26,484 | |||||||||
Information Technology – 16.4% | |||||||||
Autodesk (b) | 59,757 | 2,466 | |||||||
BISYS Group (b) | 70,967 | 821 | |||||||
Emulex (b) | 165,212 | 3,466 | |||||||
F5 Networks (b) | 14,687 | 1,128 | |||||||
Harris (a) | 35,442 | 1,820 | |||||||
Intersil, Class A | 110,361 | 3,288 | |||||||
MEMC Electronic Materials (a) (b) | 29,185 | 1,602 | |||||||
Plexus (b) | 84,613 | 1,773 | |||||||
TIBCO Software (a) (b) | 199,165 | 1,816 | |||||||
Trident Microsystems (b) | 94,112 | 1,998 | |||||||
20,178 | |||||||||
Materials – 4.4% | |||||||||
Albemarle | 74,944 | 3,181 | |||||||
Headwaters (a) (b) | 49,227 | 1,067 | |||||||
Steel Dynamics (a) | 27,066 | 1,199 | |||||||
�� | 5,447 | ||||||||
Utilities – 3.6% | |||||||||
NSTAR (a) | 25,286 | 908 | |||||||
PNM Resources (a) | 31,221 | 1,016 | |||||||
Westar Energy (a) | 47,900 | 1,304 | |||||||
Wisconsin Energy | 25,425 | 1,240 | |||||||
4,468 | |||||||||
Total Common Stocks (Cost $110,371) | 120,648 | ||||||||
Short-Term Investment – 0.7% | |||||||||
First American Prime Obligations Fund, Class Z (c) | |||||||||
(Cost $825) | 825,081 | 825 | |||||||
Investment Purchased with Proceeds from Securities Lending – 38.9% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (d) | |||||||||
(Cost $47,939) | 47,938,976 | 47,939 | |||||||
Total Investments – 137.4% (Cost $159,135) | 169,412 | ||||||||
Other Assets and Liabilities, Net – (37.4)% | (46,086 | ) | |||||||
Total Net Assets – 100.0% | $ | 123,326 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $45,624 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | 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. |
(d) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
REIT – | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
42 First American Funds Semiannual Report 2007
Table of Contents
Statements of Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data
Small Cap | |||||||||||||||||||||||
Growth | |||||||||||||||||||||||
Opportunities | Small Cap | Small Cap | Small-Mid Cap | ||||||||||||||||||||
Fund | Select Fund | Value Fund | Core Fund | ||||||||||||||||||||
Investments in unaffiliated securities, at cost | $ | 283,517 | $ | 997,822 | $ | 365,199 | $ | 110,371 | |||||||||||||||
Investments in affiliated securities, at cost | 12,909 | 59,131 | 12,111 | 825 | |||||||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 151,481 | 539,646 | 181,526 | 47,939 | |||||||||||||||||||
ASSETS: | |||||||||||||||||||||||
Investments in unaffiliated securities, at value* (note 2) | $ | 310,295 | $ | 1,089,491 | $ | 413,748 | $ | 120,648 | |||||||||||||||
Investments in affiliated securities, at value (note 2) | 12,909 | 59,469 | 12,111 | 825 | |||||||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 151,481 | 539,646 | 181,526 | 47,939 | |||||||||||||||||||
Receivable for dividends and interest | 151 | 738 | 386 | 47 | |||||||||||||||||||
Receivable for investment securities sold | 9,780 | 13,790 | 165 | 2,260 | |||||||||||||||||||
Receivable for capital shares sold | 448 | 1,814 | 130 | 582 | |||||||||||||||||||
Prepaid expenses and other assets | 38 | 46 | 34 | 25 | |||||||||||||||||||
Total assets | 485,102 | 1,704,994 | 608,100 | 172,326 | |||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||
Bank overdraft | — | 554 | — | — | |||||||||||||||||||
Payable for capital shares redeemed | 388 | 11,619 | 563 | 144 | |||||||||||||||||||
Payable upon return of securities loaned (note 2) | 151,481 | 539,646 | 181,526 | 47,939 | |||||||||||||||||||
Payable for investment securities purchased | 13,007 | 16,127 | 4,297 | 779 | |||||||||||||||||||
Payable to affiliates (note 3) | 318 | 897 | 346 | 110 | |||||||||||||||||||
Payable for distribution and shareholder servicing fees | 39 | 102 | 23 | 16 | |||||||||||||||||||
Accrued expenses and other liabilities | 6 | 6 | 18 | 12 | |||||||||||||||||||
Total liabilities | 165,239 | 568,951 | 186,773 | 49,000 | |||||||||||||||||||
Net assets | $ | 319,863 | $ | 1,136,043 | $ | 421,327 | $ | 123,326 | |||||||||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||||||||||
Portfolio capital | $ | 283,680 | $ | 1,009,864 | $ | 344,178 | $ | 556,718 | |||||||||||||||
Distributions in excess of net investment income | (1,348 | ) | (752 | ) | (193 | ) | (17 | ) | |||||||||||||||
Accumulated net realized gain (loss) on investments | 10,753 | 34,924 | 28,793 | (443,652 | ) | ||||||||||||||||||
Net unrealized appreciation of investments | 26,778 | 92,007 | 48,549 | 10,277 | |||||||||||||||||||
Net assets | $ | 319,863 | $ | 1,136,043 | $ | 421,327 | $ | 123,326 | |||||||||||||||
* Including securities loaned, at value | $ | 142,661 | $ | 506,031 | $ | 171,928 | $ | 45,624 | |||||||||||||||
Class A: | |||||||||||||||||||||||
Net assets | $ | 151,610 | $ | 283,088 | $ | 59,633 | $ | 24,041 | |||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 7,346 | 20,431 | 4,390 | 2,308 | |||||||||||||||||||
Net asset value and redemption price per share | $ | 20.64 | $ | 13.86 | $ | 13.58 | $ | 10.41 | |||||||||||||||
Maximum offering price per share (1) | $ | 21.84 | $ | 14.67 | $ | 14.37 | $ | 11.02 | |||||||||||||||
Class B: | |||||||||||||||||||||||
Net assets | $ | 5,826 | $ | 14,911 | $ | 7,139 | $ | 7,855 | |||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 311 | 1,304 | 593 | 869 | |||||||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 18.71 | $ | 11.44 | $ | 12.04 | $ | 9.04 | |||||||||||||||
Class C: | |||||||||||||||||||||||
Net assets | $ | 2,534 | $ | 27,761 | $ | 4,285 | $ | 5,409 | |||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 130 | 2,137 | 348 | 549 | |||||||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 19.53 | $ | 12.99 | $ | 12.29 | $ | 9.86 | |||||||||||||||
Class R (3): | |||||||||||||||||||||||
Net assets | $ | 1,285 | $ | 21,242 | $ | 3,159 | $ | — | |||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 63 | 1,553 | 235 | — | |||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 20.51 | $ | 13.68 | $ | 13.43 | $ | — | |||||||||||||||
Class Y: | |||||||||||||||||||||||
Net assets | $ | 158,608 | $ | 789,041 | $ | 347,111 | $ | 86,021 | |||||||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 7,234 | 53,087 | 24,932 | 7,941 | |||||||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 21.93 | $ | 14.86 | $ | 13.92 | $ | 10.83 | |||||||||||||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
(2) | Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. | |
(3) | Class R is not offered by the Small-Mid Cap Core Fund. |
First American Funds Semiannual Report 2007 43
Table of Contents
Statements of Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Small Cap | ||||||||||||||||||||||
Growth | ||||||||||||||||||||||
Opportunities | Small Cap | Small Cap | Small-Mid Cap | |||||||||||||||||||
Fund | Select Fund | Value Fund | Core Fund | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||
Dividends from affiliated securities | $ | 227 | $ | 920 | $ | 196 | $ | 35 | ||||||||||||||
Dividends from unaffiliated securities | 353 | 3,174 | 3,114 | 681 | ||||||||||||||||||
Less: Foreign taxes withheld | — | 1 | — | — | ||||||||||||||||||
Securities lending income | 246 | 890 | 159 | 55 | ||||||||||||||||||
Total investment income | 826 | 4,985 | 3,469 | 771 | ||||||||||||||||||
EXPENSES (note 3): | ||||||||||||||||||||||
Investment advisory fees | 1,593 | 3,728 | 1,475 | 406 | ||||||||||||||||||
Administration fees | 354 | 1,191 | 473 | 126 | ||||||||||||||||||
Transfer agent fees | 80 | 156 | 84 | 114 | ||||||||||||||||||
Custodian fees | 8 | 27 | 11 | 3 | ||||||||||||||||||
Professional fees | 21 | 21 | 21 | 21 | ||||||||||||||||||
Registration fees | 30 | 33 | 28 | 22 | ||||||||||||||||||
Postage and printing fees | 9 | 26 | 11 | 3 | ||||||||||||||||||
Directors’ fees | 11 | 10 | 11 | 11 | ||||||||||||||||||
Other expenses | 10 | 10 | 10 | 10 | ||||||||||||||||||
Distribution and shareholder servicing fees – Class A | 179 | 331 | 73 | 31 | ||||||||||||||||||
Distribution and shareholder servicing fees – Class B | 30 | 75 | 37 | 41 | ||||||||||||||||||
Distribution and shareholder servicing fees – Class C | 13 | 112 | 22 | 26 | ||||||||||||||||||
Distribution and shareholder servicing fees – Class R (1) | 3 | 22 | 6 | — | ||||||||||||||||||
Total expenses | 2,341 | 5,742 | 2,262 | 814 | ||||||||||||||||||
Less: Fee waivers (note 3) | (163 | ) | — | — | (42 | ) | ||||||||||||||||
Less: Indirect payments from custodian (note 3) | (4 | ) | (5 | ) | (3 | ) | — | (2) | ||||||||||||||
Total net expenses | 2,174 | 5,737 | 2,259 | 772 | ||||||||||||||||||
Investment income (loss) – net | (1,348 | ) | (752 | ) | 1,210 | (1 | ) | |||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5): | ||||||||||||||||||||||
Net realized gain on investments | 16,491 | 70,461 | 30,400 | 7,375 | ||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 8,367 | (9,675 | ) | (11,553 | ) | 2,523 | ||||||||||||||||
Net gain on investments | 24,858 | 60,786 | 18,847 | 9,898 | ||||||||||||||||||
Net increase in net assets resulting from operations | $ | 23,510 | $ | 60,034 | $ | 20,057 | $ | 9,897 | ||||||||||||||
(1) | Class R is not offered by the Small-Mid Cap Core Fund. | |
(2) | 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 2007
Table of Contents
Statements of Changes in Net Assets all dollars are rounded to thousands (000)
Small Cap Growth | Small Cap | Small Cap | Small-Mid Cap | ||||||||||||||||||||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | Core Fund | ||||||||||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||||||||||||||||
4/30/07 | Year Ended | 4/30/07 | Year Ended | 4/30/07 | Year Ended | 4/30/07 | Year Ended | ||||||||||||||||||||||||||||||||
(unaudited) | 10/31/06 | (unaudited) | 10/31/06 | (unaudited) | 10/31/06 | (unaudited) | 10/31/06 | ||||||||||||||||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||||||||||||||||||||
Investment income (loss) – net | $ | (1,348 | ) | $ | (2,332 | ) | $ | (752 | ) | $ | (1,912 | ) | $ | 1,210 | $ | 1,680 | $ | (1 | ) | $ | 149 | ||||||||||||||||||
Net realized gain (loss) on affiliated investments | — | (2,847 | ) | — | 684 | — | — | — | — | ||||||||||||||||||||||||||||||
Net realized gain on unaffiliated investments | 16,491 | 20,657 | 70,461 | 152,452 | 30,400 | 77,955 | 7,375 | 4,374 | |||||||||||||||||||||||||||||||
Net realized loss on in-kind redemption | — | (247 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 8,367 | 16,707 | (9,675 | ) | 23,065 | (11,553 | ) | (534 | ) | 2,523 | 10,366 | ||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | 23,510 | 31,938 | 60,034 | 174,289 | 20,057 | 79,101 | 9,897 | 14,889 | |||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | (94 | ) | (145 | ) | — | — | |||||||||||||||||||||||||||||
Class B | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Class R | — | — | — | — | (3 | ) | (2 | ) | — | — | |||||||||||||||||||||||||||||
Class Y | — | — | — | — | (1,306 | ) | (1,819 | ) | (109 | ) | — | ||||||||||||||||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||||||||||||||||||||
Class A | (8,975 | ) | (15,190 | ) | (33,807 | ) | (21,746 | ) | (9,082 | ) | (10,660 | ) | — | — | |||||||||||||||||||||||||
Class B | (443 | ) | (1,681 | ) | (2,398 | ) | (3,108 | ) | (1,323 | ) | (2,162 | ) | — | — | |||||||||||||||||||||||||
Class C | (178 | ) | (580 | ) | (2,921 | ) | (2,833 | ) | (764 | ) | (1,094 | ) | — | — | |||||||||||||||||||||||||
Class R | (81 | ) | (1 | ) | (578 | ) | (130,679 | ) | (320 | ) | (75,707 | ) | — | — | |||||||||||||||||||||||||
Class Y | (10,242 | ) | (38,069 | ) | (94,474 | ) | (82 | ) | (52,686 | ) | (19 | ) | — | — | |||||||||||||||||||||||||
Total distributions | (19,919 | ) | (55,521 | ) | (134,178 | ) | (158,448 | ) | (65,578 | ) | (91,608 | ) | (109 | ) | — | ||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | |||||||||||||||||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales | 20,692 | 80,056 | 105,445 | 133,764 | 5,825 | 12,626 | 3,649 | 11,715 | |||||||||||||||||||||||||||||||
Reinvestment of distributions | 8,788 | 14,824 | 24,845 | 21,190 | 8,932 | 10,483 | — | — | |||||||||||||||||||||||||||||||
Payments for redemptions | (18,185 | ) | (32,674 | ) | (49,981 | ) | (40,923 | ) | (6,557 | ) | (10,454 | ) | (7,928 | ) | (11,925 | ) | |||||||||||||||||||||||
Increase (decrease) in net assets from Class A transactions | 11,295 | 62,206 | 80,309 | 114,031 | 8,200 | 12,655 | (4,279 | ) | (210 | ) | |||||||||||||||||||||||||||||
Class B: | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales | 138 | 523 | 1,365 | 2,081 | 126 | 422 | 191 | 416 | |||||||||||||||||||||||||||||||
Reinvestment of distributions | 412 | 1,555 | 2,264 | 2,956 | 1,220 | 2,072 | — | — | |||||||||||||||||||||||||||||||
Payments for redemptions (note 3) | (1,236 | ) | (2,849 | ) | (2,169 | ) | (3,022 | ) | (1,059 | ) | (2,975 | ) | (1,689 | ) | (3,430 | ) | |||||||||||||||||||||||
Increase (decrease) in net assets from Class B transactions | (686 | ) | (771 | ) | 1,460 | 2,015 | 287 | (481 | ) | (1,498 | ) | (3,014 | ) | ||||||||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales | 418 | 999 | 10,698 | 7,783 | 731 | 825 | 936 | 2,029 | |||||||||||||||||||||||||||||||
Reinvestment of distributions | 151 | 576 | 2,706 | 2,746 | 736 | 1,069 | — | — | |||||||||||||||||||||||||||||||
Payments for redemptions (note 3) | (700 | ) | (1,520 | ) | (2,655 | ) | (5,254 | ) | (1,015 | ) | (1,809 | ) | (937 | ) | (2,015 | ) | |||||||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (131 | ) | 55 | 10,749 | 5,275 | 452 | 85 | (1 | ) | 14 | |||||||||||||||||||||||||||||
Class R (1): | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales | 326 | 1,386 | 19,079 | 2,537 | 1,472 | 1,900 | — | — | |||||||||||||||||||||||||||||||
Reinvestment of distributions | 81 | 1 | 578 | 82 | 323 | 22 | — | — | |||||||||||||||||||||||||||||||
Payments for redemptions | (453 | ) | (76 | ) | (1,015 | ) | (352 | ) | (261 | ) | (196 | ) | — | — | |||||||||||||||||||||||||
Increase (decrease) in net assets from Class R transactions | (46 | ) | 1,311 | 18,642 | 2,267 | 1,534 | 1,726 | — | — | ||||||||||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales | 8,143 | 40,576 | 128,102 | 129,554 | 29,085 | 50,760 | 19,759 | 49,629 | |||||||||||||||||||||||||||||||
Reinvestment of distributions | 7,633 | 29,517 | 71,615 | 103,456 | 46,881 | 66,461 | 38 | — | |||||||||||||||||||||||||||||||
Payments for redemptions | (41,678 | ) | (77,933 | ) | (91,803 | ) | (195,174 | ) | (46,770 | ) | (99,660 | ) | (7,783 | ) | (22,033 | ) | |||||||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (25,902 | ) | (7,840 | ) | 107,914 | 37,836 | 29,196 | 17,561 | 12,014 | 27,596 | |||||||||||||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (15,470 | ) | 54,961 | 219,074 | 161,424 | 39,669 | 31,546 | 6,236 | 24,386 | ||||||||||||||||||||||||||||||
Total increase (decrease) in net assets | (11,879 | ) | 31,378 | 144,930 | 177,265 | (5,852 | ) | 19,039 | 16,024 | 39,275 | |||||||||||||||||||||||||||||
Net assets at beginning of period | 331,742 | 300,364 | 991,113 | 813,848 | 427,179 | 408,140 | 107,302 | 68,027 | |||||||||||||||||||||||||||||||
Net assets at end of period | $ | 319,863 | $ | 331,742 | $ | 1,136,043 | $ | 991,113 | $ | 421,327 | $ | 427,179 | $ | 123,326 | $ | 107,302 | |||||||||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (1,348 | ) | $ | — | $ | (752 | ) | $ | — | $ | (193 | ) | $ | — | $ | (17 | ) | $ | 93 | |||||||||||||||||||
(1) | Class R is not offered by the Small-Mid Cap Core Fund. |
First American Funds Semiannual Report 2007 45
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 | Value | ||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Realized | Return of | End of | ||||||||||||||||||||||||||||
of Period | Loss | Investments | Gains | Capital | Period | ||||||||||||||||||||||||||||
Small Cap Growth Opportunities Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 20.49 | $ | (0.10 | ) | $ | 1.57 | $ | (1.32 | ) | $ | — | $ | 20.64 | |||||||||||||||||||
2006 (2)(3) | 22.79 | (0.18 | ) | 2.37 | (4.49 | ) | — | 20.49 | |||||||||||||||||||||||||
2005 (2)(4) | 23.75 | (0.02 | ) | (0.94 | ) | — | — | 22.79 | |||||||||||||||||||||||||
2005 (2)(5) | 21.74 | (0.32 | ) | 5.28 | (2.95 | ) | — | 23.75 | |||||||||||||||||||||||||
2004 (2)(5) | 21.95 | (0.35 | ) | 0.27 | (0.13 | ) | — | 21.74 | |||||||||||||||||||||||||
2003 (2)(5) | 13.86 | (0.28 | ) | 8.37 | — | — | 21.95 | ||||||||||||||||||||||||||
2002 (5) | 16.89 | (0.26 | ) | (2.74 | ) | — | (0.03 | ) | 13.86 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 18.76 | $ | (0.16 | ) | $ | 1.43 | $ | (1.32 | ) | $ | — | $ | 18.71 | |||||||||||||||||||
2006 (2)(3) | 21.36 | (0.31 | ) | 2.20 | (4.49 | ) | — | 18.76 | |||||||||||||||||||||||||
2005 (2)(4) | 22.27 | (0.03 | ) | (0.88 | ) | — | — | 21.36 | |||||||||||||||||||||||||
2005 (2)(5) | 20.69 | (0.45 | ) | 4.98 | (2.95 | ) | — | 22.27 | |||||||||||||||||||||||||
2004 (2)(5) | 21.05 | (0.50 | ) | 0.27 | (0.13 | ) | — | 20.69 | |||||||||||||||||||||||||
2003 (2)(5) | 13.39 | (0.40 | ) | 8.06 | — | — | 21.05 | ||||||||||||||||||||||||||
2002 (5) | 16.44 | (0.39 | ) | (2.63 | ) | — | (0.03 | ) | 13.39 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 19.53 | $ | (0.16 | ) | $ | 1.48 | $ | (1.32 | ) | $ | — | $ | 19.53 | |||||||||||||||||||
2006 (2)(3) | 22.05 | (0.32 | ) | 2.29 | (4.49 | ) | — | 19.53 | |||||||||||||||||||||||||
2005 (2)(4) | 23.00 | (0.04 | ) | (0.91 | ) | — | — | 22.05 | |||||||||||||||||||||||||
2005 (2)(5) | 21.28 | (0.48 | ) | 5.15 | (2.95 | ) | — | 23.00 | |||||||||||||||||||||||||
2004 (2)(5) | 21.65 | (0.49 | ) | 0.25 | (0.13 | ) | — | 21.28 | |||||||||||||||||||||||||
2003 (2)(5) | 13.77 | (0.43 | ) | 8.31 | — | — | 21.65 | ||||||||||||||||||||||||||
2002 (5) | 16.90 | (0.19 | ) | (2.91 | ) | — | (0.03 | ) | 13.77 | ||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 20.39 | $ | (0.12 | ) | $ | 1.56 | $ | (1.32 | ) | $ | — | $ | 20.51 | |||||||||||||||||||
2006 (2)(3) | 22.75 | (0.23 | ) | 2.36 | (4.49 | ) | — | 20.39 | |||||||||||||||||||||||||
2005 (2)(4) | 23.72 | (0.03 | ) | (0.94 | ) | — | — | 22.75 | |||||||||||||||||||||||||
2005 (2)(5) | 21.74 | (0.48 | ) | 5.41 | (2.95 | ) | — | 23.72 | |||||||||||||||||||||||||
2004 (2)(5) | 21.95 | (0.42 | ) | 0.34 | (0.13 | ) | — | 21.74 | |||||||||||||||||||||||||
2003 (2)(5) | 13.86 | (0.28 | ) | 8.37 | — | — | 21.95 | ||||||||||||||||||||||||||
2002 (5) | 16.89 | (0.26 | ) | (2.74 | ) | — | (0.03 | ) | 13.86 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 21.66 | $ | (0.08 | ) | $ | 1.67 | $ | (1.32 | ) | $ | — | $ | 21.93 | |||||||||||||||||||
2006 (2)(3) | 23.81 | (0.13 | ) | 2.47 | (4.49 | ) | — | 21.66 | |||||||||||||||||||||||||
2005 (2)(4) | 24.81 | (0.02 | ) | (0.98 | ) | — | — | 23.81 | |||||||||||||||||||||||||
2005 (2)(5) | 22.55 | (0.27 | ) | 5.48 | (2.95 | ) | — | 24.81 | |||||||||||||||||||||||||
2004 (2)(5) | 22.70 | (0.32 | ) | 0.30 | (0.13 | ) | — | 22.55 | |||||||||||||||||||||||||
2003 (2)(5) | 14.30 | (0.25 | ) | 8.65 | — | — | 22.70 | ||||||||||||||||||||||||||
2002 (5) | 17.38 | (0.25 | ) | (2.80 | ) | — | (0.03 | ) | 14.30 | ||||||||||||||||||||||||
(1) | For the six-month period ended April 30, 2007 (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 November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
46 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Loss to | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average Net | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Loss to | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
7.55 | % | $ | 151,610 | 1.47 | % | (0.95 | )% | 1.58 | % | (1.06 | )% | 50 | % | ||||||||||||||||||||||||
9.91 | 138,786 | 1.47 | (0.88 | ) | 1.58 | (0.99 | ) | 209 | |||||||||||||||||||||||||||||
(4.04 | ) | 78,357 | 1.47 | (1.17 | ) | 1.56 | (1.26 | ) | 14 | ||||||||||||||||||||||||||||
24.21 | 84,567 | 1.82 | (1.42 | ) | 1.87 | (1.47 | ) | 190 | |||||||||||||||||||||||||||||
(0.39 | ) | 101,031 | 1.93 | (1.42 | ) | 1.96 | (1.45 | ) | 178 | ||||||||||||||||||||||||||||
58.37 | 81,999 | 1.93 | (1.63 | ) | 1.97 | (1.67 | ) | 137 | |||||||||||||||||||||||||||||
(17.84 | ) | 44,834 | 1.93 | (1.53 | ) | 1.97 | (1.57 | ) | 123 | ||||||||||||||||||||||||||||
7.16 | % | $ | 5,826 | 2.22 | % | (1.71 | )% | 2.33 | % | (1.82 | )% | 50 | % | ||||||||||||||||||||||||
9.03 | 6,540 | 2.22 | (1.62 | ) | 2.33 | (1.73 | ) | 209 | |||||||||||||||||||||||||||||
(4.09 | ) | 8,271 | 2.22 | (1.93 | ) | 2.31 | (2.02 | ) | 14 | ||||||||||||||||||||||||||||
23.27 | 8,760 | 2.57 | (2.16 | ) | 2.62 | (2.21 | ) | 190 | |||||||||||||||||||||||||||||
(1.13 | ) | 9,063 | 2.68 | (2.16 | ) | 2.71 | (2.19 | ) | 178 | ||||||||||||||||||||||||||||
57.21 | 6,441 | 2.68 | (2.38 | ) | 2.72 | (2.42 | ) | 137 | |||||||||||||||||||||||||||||
(18.45 | ) | 3,779 | 2.68 | (2.28 | ) | 2.72 | (2.32 | ) | 123 | ||||||||||||||||||||||||||||
7.13 | % | $ | 2,534 | 2.22 | % | (1.70 | )% | 2.33 | % | (1.81 | )% | 50 | % | ||||||||||||||||||||||||
9.11 | 2,664 | 2.22 | (1.63 | ) | 2.33 | (1.74 | ) | 209 | |||||||||||||||||||||||||||||
(4.13 | ) | 2,962 | 2.22 | (1.93 | ) | 2.31 | (2.02 | ) | 14 | ||||||||||||||||||||||||||||
23.28 | 3,152 | 2.57 | (2.20 | ) | 2.62 | (2.25 | ) | 190 | |||||||||||||||||||||||||||||
(1.14 | ) | 4,669 | 2.68 | (2.07 | ) | 2.71 | (2.10 | ) | 178 | ||||||||||||||||||||||||||||
57.23 | 1,529 | 2.68 | (2.38 | ) | 2.72 | (2.42 | ) | 137 | |||||||||||||||||||||||||||||
(18.42 | ) | 260 | 2.68 | (2.31 | ) | 2.72 | (2.35 | ) | 123 | ||||||||||||||||||||||||||||
7.43 | % | $ | 1,285 | 1.72 | % | (1.21 | )% | 1.83 | % | (1.32 | )% | 50 | % | ||||||||||||||||||||||||
9.62 | 1,323 | 1.72 | (1.16 | ) | 1.95 | (1.39 | ) | 209 | |||||||||||||||||||||||||||||
(4.09 | ) | 5 | 1.72 | (1.43 | ) | 1.96 | (1.67 | ) | 14 | ||||||||||||||||||||||||||||
24.06 | 5 | 2.07 | (2.14 | ) | 2.27 | (2.34 | ) | 190 | |||||||||||||||||||||||||||||
(0.39 | ) | 1 | 1.93 | (1.67 | ) | 1.96 | (1.70 | ) | 178 | ||||||||||||||||||||||||||||
58.37 | 3,694 | 1.93 | (1.62 | ) | 1.97 | (1.66 | ) | 137 | |||||||||||||||||||||||||||||
(17.84 | ) | 2,027 | 1.93 | (1.53 | ) | 1.97 | (1.57 | ) | 123 | ||||||||||||||||||||||||||||
7.70 | % | $ | 158,608 | 1.22 | % | (0.71 | )% | 1.33 | % | (0.82 | )% | 50 | % | ||||||||||||||||||||||||
10.16 | 182,429 | 1.22 | (0.63 | ) | 1.33 | (0.74 | ) | 209 | |||||||||||||||||||||||||||||
(4.03 | ) | 210,769 | 1.22 | (0.92 | ) | 1.31 | (1.01 | ) | 14 | ||||||||||||||||||||||||||||
24.47 | 220,772 | 1.57 | (1.15 | ) | 1.62 | (1.20 | ) | 190 | |||||||||||||||||||||||||||||
(0.11 | ) | 224,432 | 1.68 | (1.25 | ) | 1.71 | (1.28 | ) | 178 | ||||||||||||||||||||||||||||
58.74 | 382,389 | 1.68 | (1.38 | ) | 1.72 | (1.42 | ) | 137 | |||||||||||||||||||||||||||||
(17.62 | ) | 208,439 | 1.68 | (1.28 | ) | 1.72 | (1.32 | ) | 123 | ||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 47
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Net | Gains | from Net | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Realized | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Gains | Period | ||||||||||||||||||||||||
Small Cap Select Fund (1) | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
2007 (2) | $ | 15.12 | $ | (0.02 | ) | $ | 0.84 | $ | (2.08 | ) | $ | 13.86 | ||||||||||||||||
2006 (3) | 15.33 | (0.05 | ) | 3.05 | (3.21 | ) | 15.12 | |||||||||||||||||||||
2005 (4) | 15.82 | (0.01 | ) | (0.48 | ) | — | 15.33 | |||||||||||||||||||||
2005 (5) | 15.95 | (0.08 | ) | 3.10 | (3.15 | ) | 15.82 | |||||||||||||||||||||
2004 (5) | 14.52 | (0.12 | ) | 2.60 | (1.05 | ) | 15.95 | |||||||||||||||||||||
2003 (5) | 10.68 | (0.09 | ) | 3.93 | — | 14.52 | ||||||||||||||||||||||
2002 (5) | 11.97 | (0.10 | ) | (0.30 | ) | (0.89 | ) | 10.68 | ||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
2007 (2) | $ | 12.88 | $ | (0.06 | ) | $ | 0.70 | $ | (2.08 | ) | $ | 11.44 | ||||||||||||||||
2006 (3) | 13.58 | (0.13 | ) | 2.64 | (3.21 | ) | 12.88 | |||||||||||||||||||||
2005 (4) | 14.02 | (0.02 | ) | (0.42 | ) | — | 13.58 | |||||||||||||||||||||
2005 (5) | 14.56 | (0.17 | ) | 2.78 | (3.15 | ) | 14.02 | |||||||||||||||||||||
2004 (5) | 13.42 | (0.22 | ) | 2.41 | (1.05 | ) | 14.56 | |||||||||||||||||||||
2003 (5) | 9.95 | (0.17 | ) | 3.64 | — | 13.42 | ||||||||||||||||||||||
2002 (5) | 11.28 | (0.19 | ) | (0.25 | ) | (0.89 | ) | 9.95 | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
2007 (2) | $ | 14.36 | $ | (0.07 | ) | $ | 0.78 | $ | (2.08 | ) | $ | 12.99 | ||||||||||||||||
2006 (3) | 14.79 | (0.16 | ) | 2.94 | (3.21 | ) | 14.36 | |||||||||||||||||||||
2005 (4) | 15.28 | (0.02 | ) | (0.47 | ) | — | 14.79 | |||||||||||||||||||||
2005 (5) | 15.60 | (0.19 | ) | 3.02 | (3.15 | ) | 15.28 | |||||||||||||||||||||
2004 (5) | 14.32 | (0.24 | ) | 2.57 | (1.05 | ) | 15.60 | |||||||||||||||||||||
2003 (5) | 10.62 | (0.18 | ) | 3.88 | — | 14.32 | ||||||||||||||||||||||
2002 (5) | 11.97 | (0.20 | ) | (0.26 | ) | (0.89 | ) | 10.62 | ||||||||||||||||||||
Class R (6) | ||||||||||||||||||||||||||||
2007 (2) | $ | 14.98 | $ | (0.04 | ) | $ | 0.82 | $ | (2.08 | ) | $ | 13.68 | ||||||||||||||||
2006 (3) | 15.24 | (0.09 | ) | 3.04 | (3.21 | ) | 14.98 | |||||||||||||||||||||
2005 (4) | 15.73 | (0.01 | ) | (0.48 | ) | — | 15.24 | |||||||||||||||||||||
2005 (5) | 15.91 | (0.08 | ) | 3.05 | (3.15 | ) | 15.73 | |||||||||||||||||||||
2004 (5) | 14.49 | (0.13 | ) | 2.60 | (1.05 | ) | 15.91 | |||||||||||||||||||||
2003 (5) | 10.66 | (0.09 | ) | 3.92 | — | 14.49 | ||||||||||||||||||||||
2002 (5) | 11.94 | (0.10 | ) | (0.29 | ) | (0.89 | ) | 10.66 | ||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
2007 (2) | $ | 16.06 | $ | — | $ | 0.88 | $ | (2.08 | ) | $ | 14.86 | |||||||||||||||||
2006 (3) | 16.06 | (0.01 | ) | 3.22 | (3.21 | ) | 16.06 | |||||||||||||||||||||
2005 (4) | 16.57 | (0.01 | ) | (0.50 | ) | — | 16.06 | |||||||||||||||||||||
2005 (5) | 16.54 | (0.04 | ) | 3.22 | (3.15 | ) | 16.57 | |||||||||||||||||||||
2004 (5) | 14.98 | (0.09 | ) | 2.70 | (1.05 | ) | 16.54 | |||||||||||||||||||||
2003 (5) | 11.00 | (0.06 | ) | 4.04 | — | 14.98 | ||||||||||||||||||||||
2002 (5) | 12.26 | (0.07 | ) | (0.30 | ) | (0.89 | ) | 11.00 | ||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the fiscal year ended October 31, 2006. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
48 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of | Income | |||||||||||||||||||||||||||||||||||
Investment | Expenses to | (Loss) to | |||||||||||||||||||||||||||||||||||
Ratio of | Income | Average | Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | (Loss) to | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
5.83 | % | $ | 283,088 | 1.23 | % | (0.29 | )% | 1.23 | % | (0.29 | )% | 44 | % | ||||||||||||||||||||||||
22.46 | 222,293 | 1.24 | (0.38 | ) | 1.24 | (0.38 | ) | 111 | |||||||||||||||||||||||||||||
(3.10 | ) | 104,568 | 1.25 | (0.92 | ) | 1.25 | (0.92 | ) | 14 | ||||||||||||||||||||||||||||
20.46 | 107,270 | 1.22 | (0.53 | ) | 1.25 | (0.56 | ) | 122 | |||||||||||||||||||||||||||||
17.64 | 97,775 | 1.21 | (0.76 | ) | 1.24 | (0.79 | ) | 116 | |||||||||||||||||||||||||||||
35.96 | 73,445 | 1.21 | (0.73 | ) | 1.25 | (0.77 | ) | 145 | |||||||||||||||||||||||||||||
(4.56 | ) | 33,586 | 1.21 | (0.81 | ) | 1.25 | (0.85 | ) | 171 | ||||||||||||||||||||||||||||
5.40 | % | $ | 14,911 | 1.98 | % | (1.04 | )% | 1.98 | % | (1.04 | )% | 44 | % | ||||||||||||||||||||||||
21.59 | 15,077 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | |||||||||||||||||||||||||||||
(3.14 | ) | 13,406 | 2.00 | (1.67 | ) | 2.00 | (1.67 | ) | 14 | ||||||||||||||||||||||||||||
19.45 | 14,023 | 1.97 | (1.28 | ) | 2.00 | (1.31 | ) | 122 | |||||||||||||||||||||||||||||
16.88 | 13,050 | 1.96 | (1.51 | ) | 1.99 | (1.54 | ) | 116 | |||||||||||||||||||||||||||||
34.88 | 11,541 | 1.96 | (1.48 | ) | 2.00 | (1.52 | ) | 145 | |||||||||||||||||||||||||||||
(5.23 | ) | 4,613 | 1.96 | (1.56 | ) | 2.00 | (1.60 | ) | 171 | ||||||||||||||||||||||||||||
5.33 | % | $ | 27,761 | 1.98 | % | (1.04 | )% | 1.98 | % | (1.04 | )% | 44 | % | ||||||||||||||||||||||||
21.64 | 18,794 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | |||||||||||||||||||||||||||||
(3.21 | ) | 13,453 | 2.00 | (1.67 | ) | 2.00 | (1.67 | ) | 14 | ||||||||||||||||||||||||||||
19.58 | 14,418 | 1.97 | (1.28 | ) | 2.00 | (1.31 | ) | 122 | |||||||||||||||||||||||||||||
16.79 | 13,841 | 1.96 | (1.50 | ) | 1.99 | (1.53 | ) | 116 | |||||||||||||||||||||||||||||
34.84 | 11,128 | 1.96 | (1.47 | ) | 2.00 | (1.51 | ) | 145 | |||||||||||||||||||||||||||||
(5.09 | ) | 3,096 | 1.96 | (1.61 | ) | 2.02 | (1.67 | ) | 171 | ||||||||||||||||||||||||||||
5.60 | % | $ | 21,242 | 1.48 | % | (0.55 | )% | 1.48 | % | (0.55 | )% | 44 | % | ||||||||||||||||||||||||
22.23 | 2,697 | 1.49 | (0.59 | ) | 1.62 | (0.72 | ) | 111 | |||||||||||||||||||||||||||||
(3.11 | ) | 333 | 1.50 | (1.14 | ) | 1.65 | (1.29 | ) | 14 | ||||||||||||||||||||||||||||
20.16 | 312 | 1.47 | (0.53 | ) | 1.65 | (0.71 | ) | 122 | |||||||||||||||||||||||||||||
17.60 | 19 | 1.21 | (0.81 | ) | 1.24 | (0.84 | ) | 116 | |||||||||||||||||||||||||||||
35.93 | 11,627 | 1.21 | (0.75 | ) | 1.25 | (0.79 | ) | 145 | |||||||||||||||||||||||||||||
(4.48 | ) | 7,640 | 1.21 | (0.80 | ) | 1.25 | (0.84 | ) | 171 | ||||||||||||||||||||||||||||
5.87 | % | $ | 789,041 | 0.98 | % | 0.04 | % | 0.98 | % | 0.04 | % | 44 | % | ||||||||||||||||||||||||
22.81 | 732,252 | 0.99 | (0.15 | ) | 0.99 | (0.15 | ) | 111 | |||||||||||||||||||||||||||||
(3.08 | ) | 682,088 | 1.00 | (0.67 | ) | 1.00 | (0.67 | ) | 14 | ||||||||||||||||||||||||||||
20.73 | 715,496 | 0.97 | (0.28 | ) | 1.00 | (0.31 | ) | 122 | |||||||||||||||||||||||||||||
17.98 | 770,981 | 0.96 | (0.52 | ) | 0.99 | (0.55 | ) | 116 | |||||||||||||||||||||||||||||
36.18 | 1,024,146 | 0.96 | (0.48 | ) | 1.00 | (0.52 | ) | 145 | |||||||||||||||||||||||||||||
(4.19 | ) | 403,027 | 0.96 | (0.55 | ) | 1.00 | (0.59 | ) | 171 | ||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 49
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 (Loss) | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Small Cap Value Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.38 | $ | 0.03 | $ | 0.63 | $ | (0.02 | ) | $ | (2.44 | ) | $ | 13.58 | |||||||||||||||||||
2006 (3) | 16.34 | 0.03 | 2.86 | (0.04 | ) | (3.81 | ) | 15.38 | |||||||||||||||||||||||||
2005 (4) | 16.78 | 0.01 | (0.45 | ) | — | — | 16.34 | ||||||||||||||||||||||||||
2005 (5) | 16.84 | 0.03 | 2.63 | (0.06 | ) | (2.66 | ) | 16.78 | |||||||||||||||||||||||||
2004 (5) | 14.28 | 0.03 | 3.13 | (0.04 | ) | (0.56 | ) | 16.84 | |||||||||||||||||||||||||
2003 (5) | 11.26 | — | 3.02 | — | — | 14.28 | |||||||||||||||||||||||||||
2002 (5) | 13.40 | (0.02 | ) | (0.13 | ) | — | (1.99 | ) | 11.26 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 13.93 | $ | (0.02 | ) | $ | 0.57 | $ | — | $ | (2.44 | ) | $ | 12.04 | |||||||||||||||||||
2006 (3) | 15.19 | (0.07 | ) | 2.62 | — | (3.81 | ) | 13.93 | |||||||||||||||||||||||||
2005 (4) | 15.61 | — | (0.42 | ) | — | — | 15.19 | ||||||||||||||||||||||||||
2005 (5) | 15.92 | (0.09 | ) | 2.47 | (0.03 | ) | (2.66 | ) | 15.61 | ||||||||||||||||||||||||
2004 (5) | 13.60 | (0.08 | ) | 2.96 | — | (0.56 | ) | 15.92 | |||||||||||||||||||||||||
2003 (5) | 10.80 | (0.08 | ) | 2.88 | — | — | 13.60 | ||||||||||||||||||||||||||
2002 (5) | 13.01 | (0.11 | ) | (0.11 | ) | — | (1.99 | ) | 10.80 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.17 | $ | (0.02 | ) | $ | 0.58 | $ | — | $ | (2.44 | ) | $ | 12.29 | |||||||||||||||||||
2006 (3) | 15.39 | (0.07 | ) | 2.66 | — | (3.81 | ) | 14.17 | |||||||||||||||||||||||||
2005 (4) | 15.82 | — | (0.43 | ) | — | — | 15.39 | ||||||||||||||||||||||||||
2005 (5) | 16.10 | (0.09 | ) | 2.50 | (0.03 | ) | (2.66 | ) | 15.82 | ||||||||||||||||||||||||
2004 (5) | 13.74 | (0.08 | ) | 3.00 | — | (0.56 | ) | 16.10 | |||||||||||||||||||||||||
2003 (5) | 10.91 | (0.09 | ) | 2.92 | — | — | 13.74 | ||||||||||||||||||||||||||
2002 (5) | 13.13 | (0.11 | ) | (0.12 | ) | — | (1.99 | ) | 10.91 | ||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.24 | $ | 0.01 | $ | 0.64 | $ | (0.02 | ) | $ | (2.44 | ) | $ | 13.43 | |||||||||||||||||||
2006 (3) | 16.29 | (0.01 | ) | 2.84 | (0.07 | ) | (3.81 | ) | 15.24 | ||||||||||||||||||||||||
2005 (4) | 16.74 | 0.01 | (0.46 | ) | — | — | 16.29 | ||||||||||||||||||||||||||
2005 (5) | 16.83 | (0.01 | ) | 2.64 | (0.06 | ) | (2.66 | ) | 16.74 | ||||||||||||||||||||||||
2004 (5) | 14.27 | 0.03 | 3.12 | (0.03 | ) | (0.56 | ) | 16.83 | |||||||||||||||||||||||||
2003 (5) | 11.26 | 0.01 | 3.01 | (0.01 | ) | — | 14.27 | ||||||||||||||||||||||||||
2002 (5) | 13.40 | (0.01 | ) | (0.14 | ) | — | (1.99 | ) | 11.26 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.71 | $ | 0.05 | $ | 0.65 | $ | (0.05 | ) | $ | (2.44 | ) | $ | 13.92 | |||||||||||||||||||
2006 (3) | 16.62 | 0.07 | 2.90 | (0.07 | ) | (3.81 | ) | 15.71 | |||||||||||||||||||||||||
2005 (4) | 17.06 | 0.01 | (0.45 | ) | — | — | 16.62 | ||||||||||||||||||||||||||
2005 (5) | 17.05 | 0.07 | 2.67 | (0.07 | ) | (2.66 | ) | 17.06 | |||||||||||||||||||||||||
2004 (5) | 14.44 | 0.08 | 3.16 | (0.07 | ) | (0.56 | ) | 17.05 | |||||||||||||||||||||||||
2003 (5) | 11.38 | 0.03 | 3.05 | (0.02 | ) | — | 14.44 | ||||||||||||||||||||||||||
2002 (5) | 13.48 | 0.02 | (0.12 | ) | (0.01 | ) | (1.99 | ) | 11.38 | ||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
50 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
4.65 | % | $ | 59,633 | 1.26 | % | 0.39 | % | 1.26 | % | 0.39 | % | 33 | % | ||||||||||||||||||||||||
20.78 | 57,922 | 1.26 | 0.21 | 1.26 | 0.21 | 96 | |||||||||||||||||||||||||||||||
(2.62 | ) | 46,467 | 1.25 | 0.78 | 1.25 | 0.78 | 15 | ||||||||||||||||||||||||||||||
16.78 | 48,128 | 1.24 | 0.19 | 1.26 | 0.17 | 72 | |||||||||||||||||||||||||||||||
22.70 | 43,192 | 1.23 | 0.21 | 1.25 | 0.19 | 34 | |||||||||||||||||||||||||||||||
26.86 | 32,416 | 1.23 | 0.02 | 1.25 | — | 49 | |||||||||||||||||||||||||||||||
(2.19 | ) | 27,205 | 1.23 | (0.12 | ) | 1.26 | (0.15 | ) | 37 | ||||||||||||||||||||||||||||
4.28 | % | $ | 7,139 | 2.01 | % | (0.36 | )% | 2.01 | % | (0.36 | )% | 33 | % | ||||||||||||||||||||||||
19.88 | 7,855 | 2.01 | (0.53 | ) | 2.01 | (0.53 | ) | 96 | |||||||||||||||||||||||||||||
(2.69 | ) | 8,913 | 2.00 | 0.03 | 2.00 | 0.03 | 15 | ||||||||||||||||||||||||||||||
15.90 | 9,325 | 1.99 | (0.56 | ) | 2.01 | (0.58 | ) | 72 | |||||||||||||||||||||||||||||
21.76 | 9,901 | 1.98 | (0.51 | ) | 2.00 | (0.53 | ) | 34 | |||||||||||||||||||||||||||||
25.93 | 12,560 | 1.98 | (0.73 | ) | 2.00 | (0.75 | ) | 49 | |||||||||||||||||||||||||||||
(2.91 | ) | 12,008 | 1.98 | (0.87 | ) | 2.01 | (0.90 | ) | 37 | ||||||||||||||||||||||||||||
4.27 | % | $ | 4,285 | 2.01 | % | (0.36 | )% | 2.01 | % | (0.36 | )% | 33 | % | ||||||||||||||||||||||||
19.89 | 4,405 | 2.01 | (0.53 | ) | 2.01 | (0.53 | ) | 96 | |||||||||||||||||||||||||||||
(2.72 | ) | 4,590 | 2.00 | 0.03 | 2.00 | 0.03 | 15 | ||||||||||||||||||||||||||||||
15.92 | 4,808 | 1.99 | (0.56 | ) | 2.01 | (0.58 | ) | 72 | |||||||||||||||||||||||||||||
21.83 | 4,609 | 1.98 | (0.52 | ) | 2.00 | (0.54 | ) | 34 | |||||||||||||||||||||||||||||
25.94 | 4,354 | 1.98 | (0.74 | ) | 2.00 | (0.76 | ) | 49 | |||||||||||||||||||||||||||||
(2.96 | ) | 4,873 | 1.98 | (0.87 | ) | 2.01 | (0.90 | ) | 37 | ||||||||||||||||||||||||||||
4.59 | % | $ | 3,159 | 1.51 | % | 0.12 | % | 1.51 | % | 0.12 | % | 33 | % | ||||||||||||||||||||||||
20.44 | 1,849 | 1.51 | (0.09 | ) | 1.63 | (0.21 | ) | 96 | |||||||||||||||||||||||||||||
(2.69 | ) | 4 | 1.50 | 0.59 | 1.65 | 0.44 | 15 | ||||||||||||||||||||||||||||||
16.60 | 4 | 1.49 | (0.04 | ) | 1.66 | (0.21 | ) | 72 | |||||||||||||||||||||||||||||
22.69 | 1 | 1.23 | 0.22 | 1.25 | 0.20 | 34 | |||||||||||||||||||||||||||||||
26.79 | 1,351 | 1.23 | 0.04 | 1.25 | 0.02 | 49 | |||||||||||||||||||||||||||||||
(2.19 | ) | 424 | 1.24 | (0.11 | ) | 1.27 | (0.14 | ) | 37 | ||||||||||||||||||||||||||||
4.83 | % | $ | 347,111 | 1.01 | % | 0.64 | % | 1.01 | % | 0.64 | % | 33 | % | ||||||||||||||||||||||||
21.01 | 355,148 | 1.01 | 0.47 | 1.01 | 0.47 | 96 | |||||||||||||||||||||||||||||||
(2.58 | ) | 348,166 | 1.00 | 1.03 | 1.00 | 1.03 | 15 | ||||||||||||||||||||||||||||||
17.08 | 363,261 | 0.99 | 0.44 | 1.01 | 0.42 | 72 | |||||||||||||||||||||||||||||||
23.02 | 367,774 | 0.98 | 0.50 | 1.00 | 0.48 | 34 | |||||||||||||||||||||||||||||||
27.10 | 428,846 | 0.98 | 0.27 | 1.00 | 0.25 | 49 | |||||||||||||||||||||||||||||||
(1.83 | ) | 368,092 | 0.98 | 0.13 | 1.01 | 0.10 | 37 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 51
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Net | Gains | from Net | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | End of | ||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Period | ||||||||||||||||||||||||
Small-Mid Cap Core Fund (1)(2) | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
2007 (3) | $ | 9.57 | $ | — | $ | 0.84 | $ | — | $ | 10.41 | ||||||||||||||||||
2006 (4) | 8.03 | 0.01 | 1.53 | — | 9.57 | |||||||||||||||||||||||
2005 (5) | 8.31 | (0.01 | ) | (0.27 | ) | — | 8.03 | |||||||||||||||||||||
2005 (6) | 7.40 | (0.07 | ) | 0.98 | — | 8.31 | ||||||||||||||||||||||
2004 (6) | 7.05 | (0.07 | ) | 0.42 | — | 7.40 | ||||||||||||||||||||||
2003 (6) | 4.29 | (0.03 | ) | 2.79 | — | 7.05 | ||||||||||||||||||||||
2002 (6) | 6.36 | (0.07 | ) | (2.00 | ) | — | 4.29 | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
2007 (3) | $ | 8.34 | $ | (0.03 | ) | $ | 0.73 | $ | — | $ | 9.04 | |||||||||||||||||
2006 (4) | 7.06 | (0.04 | ) | 1.32 | — | 8.34 | ||||||||||||||||||||||
2005 (5) | 7.31 | (0.01 | ) | (0.24 | ) | — | 7.06 | |||||||||||||||||||||
2005 (6) | 6.55 | (0.11 | ) | 0.87 | — | 7.31 | ||||||||||||||||||||||
2004 (6) | 6.29 | (0.11 | ) | 0.37 | — | 6.55 | ||||||||||||||||||||||
2003 (6) | 3.86 | (0.07 | ) | 2.50 | — | 6.29 | ||||||||||||||||||||||
2002 (6) | 5.77 | (0.11 | ) | (1.80 | ) | — | 3.86 | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
2007 (3) | $ | 9.09 | $ | (0.04 | ) | $ | 0.81 | $ | — | $ | 9.86 | |||||||||||||||||
2006 (4) | 7.69 | (0.05 | ) | 1.45 | — | 9.09 | ||||||||||||||||||||||
2005 (5) | 7.97 | (0.01 | ) | (0.27 | ) | — | 7.69 | |||||||||||||||||||||
2005 (6) | 7.14 | (0.12 | ) | 0.95 | — | 7.97 | ||||||||||||||||||||||
2004 (6) | 6.86 | (0.12 | ) | 0.40 | — | 7.14 | ||||||||||||||||||||||
2003 (6) | 4.20 | (0.07 | ) | 2.73 | — | 6.86 | ||||||||||||||||||||||
2002 (6) | 6.28 | (0.12 | ) | (1.96 | ) | — | 4.20 | |||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
2007 (3) | $ | 9.95 | $ | 0.01 | $ | 0.88 | $ | (0.01 | ) | $ | 10.83 | |||||||||||||||||
2006 (4) | 8.34 | 0.04 | 1.57 | — | 9.95 | |||||||||||||||||||||||
2005 (5) | 8.63 | — | (0.29 | ) | — | 8.34 | ||||||||||||||||||||||
2005 (6) | 7.66 | (0.05 | ) | 1.02 | — | 8.63 | ||||||||||||||||||||||
2004 (6) | 7.28 | (0.05 | ) | 0.43 | — | 7.66 | ||||||||||||||||||||||
2003 (6) | 4.42 | (0.01 | ) | 2.87 | — | 7.28 | ||||||||||||||||||||||
2002 (6) | 6.53 | (0.05 | ) | (2.06 | ) | — | 4.42 | |||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | The financial highlights for Small-Mid Cap Core Fund as set forth herein include the historical financial highlights of the First American Technology Fund. Effective October 3, 2005, the fund’s name and strategy changed. | |
(3) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(4) | For the period November 1 to October 31 in the year indicated. | |
(5) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(6) | For the period October 1 to September 30 in the year indicated. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
52 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
8.78 | % | $ | 24,041 | 1.41 | % | (0.06 | )% | 1.48 | % | (0.13 | )% | 70 | % | ||||||||||||||||||||||||
19.18 | 26,190 | 1.39 | 0.12 | 1.46 | 0.05 | 110 | |||||||||||||||||||||||||||||||
(3.37 | ) | 22,339 | 1.34 | (0.86 | ) | 1.34 | (0.86 | ) | 80 | ||||||||||||||||||||||||||||
12.30 | 23,016 | 1.42 | (0.83 | ) | 1.50 | (0.91 | ) | 197 | |||||||||||||||||||||||||||||
4.96 | 27,356 | 1.23 | (0.86 | ) | 1.28 | (0.91 | ) | 51 | |||||||||||||||||||||||||||||
64.34 | 27,936 | 1.23 | (0.52 | ) | 1.29 | (0.58 | ) | 110 | |||||||||||||||||||||||||||||
(32.55 | ) | 18,267 | 1.23 | (0.89 | ) | 1.70 | (1.36 | ) | 288 | ||||||||||||||||||||||||||||
8.39 | % | $ | 7,855 | 2.16 | % | (0.81 | )% | 2.23 | % | (0.88 | )% | 70 | % | ||||||||||||||||||||||||
18.13 | 8,689 | 2.14 | (0.58 | ) | 2.21 | (0.65 | ) | 110 | |||||||||||||||||||||||||||||
(3.42 | ) | 10,054 | 2.09 | (1.61 | ) | 2.09 | (1.61 | ) | 80 | ||||||||||||||||||||||||||||
11.60 | 10,685 | 2.17 | (1.59 | ) | 2.25 | (1.67 | ) | 197 | |||||||||||||||||||||||||||||
4.13 | 13,445 | 1.98 | (1.60 | ) | 2.03 | (1.65 | ) | 51 | |||||||||||||||||||||||||||||
62.95 | 16,016 | 1.98 | (1.26 | ) | 2.04 | (1.32 | ) | 110 | |||||||||||||||||||||||||||||
(33.10 | ) | 11,190 | 1.98 | (1.64 | ) | 2.45 | (2.11 | ) | 288 | ||||||||||||||||||||||||||||
8.47 | % | $ | 5,409 | 2.16 | % | (0.83 | )% | 2.23 | % | (0.90 | )% | 70 | % | ||||||||||||||||||||||||
18.21 | 4,986 | 2.14 | (0.64 | ) | 2.21 | (0.71 | ) | 110 | |||||||||||||||||||||||||||||
(3.51 | ) | 4,253 | 2.09 | (1.61 | ) | 2.09 | (1.61 | ) | 80 | ||||||||||||||||||||||||||||
11.62 | 4,485 | 2.17 | (1.59 | ) | 2.25 | (1.67 | ) | 197 | |||||||||||||||||||||||||||||
4.08 | 6,000 | 1.98 | (1.60 | ) | 2.03 | (1.65 | ) | 51 | |||||||||||||||||||||||||||||
63.33 | 7,056 | 1.98 | (1.25 | ) | 2.04 | (1.31 | ) | 110 | |||||||||||||||||||||||||||||
(33.12 | ) | 5,064 | 1.98 | (1.64 | ) | 2.45 | (2.11 | ) | 288 | ||||||||||||||||||||||||||||
9.00 | % | $ | 86,021 | 1.16 | % | 0.16 | % | 1.23 | % | 0.09 | % | 70 | % | ||||||||||||||||||||||||
19.30 | 67,437 | 1.14 | 0.35 | 1.21 | 0.28 | 110 | |||||||||||||||||||||||||||||||
(3.36 | ) | 31,381 | 1.09 | (0.61 | ) | 1.09 | (0.61 | ) | 80 | ||||||||||||||||||||||||||||
12.66 | 33,537 | 1.17 | (0.58 | ) | 1.25 | (0.66 | ) | 197 | |||||||||||||||||||||||||||||
5.22 | 43,758 | 0.98 | (0.60 | ) | 1.03 | (0.65 | ) | 51 | |||||||||||||||||||||||||||||
64.71 | 59,817 | 0.98 | (0.24 | ) | 1.04 | (0.30 | ) | 110 | |||||||||||||||||||||||||||||
(32.31 | ) | 44,134 | 0.98 | (0.64 | ) | 1.45 | (1.11 | ) | 288 | ||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 53
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Growth Opportunities Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 99.1% | ||||||||
Consumer Discretionary – 18.2% | ||||||||
Abercrombie & Fitch, Class A (a) | 448,726 | $ | 36,643 | |||||
Chico’s FAS (a) (b) | 612,503 | 16,146 | ||||||
Chipolte Mexican Grill, Class A (a) (b) | 141,900 | 9,256 | ||||||
Chipolte Mexican Grill, Class B (a) (b) | 71,996 | 4,314 | ||||||
Dick’s Sporting Goods (a) (b) | 403,078 | 22,609 | ||||||
International Game Technology (a) | 376,006 | 14,341 | ||||||
Newell Rubbermaid | 568,635 | 17,440 | ||||||
Nordstrom (a) | 598,934 | 32,893 | ||||||
NutriSystem (a) (b) | 274,091 | 16,994 | ||||||
Office Depot (b) | 870,569 | 29,269 | ||||||
Omnicom Group (a) | 250,078 | 26,186 | ||||||
Polo Ralph Lauren (a) | 337,851 | 31,119 | ||||||
Scientific Games, Class A (a) (b) | 1,123,054 | 37,386 | ||||||
Texas Roadhouse, Class A (a) (b) | 934,239 | 13,659 | ||||||
WMS Industries (a) (b) | 310,743 | 12,386 | ||||||
320,641 | ||||||||
Consumer Staples – 1.9% | ||||||||
Bare Escentuals (b) | 332,588 | 13,446 | ||||||
Estee Lauder, Class A | 398,303 | 20,481 | ||||||
33,927 | ||||||||
Energy – 7.7% | ||||||||
Cameron International (a) (b) | 392,368 | 25,335 | ||||||
Chesapeake Energy (a) | 284,392 | 9,598 | ||||||
Hess (a) | 256,609 | 14,562 | ||||||
Smith International (a) | 443,304 | 23,247 | ||||||
Weatherford International (a) (b) | 427,410 | 22,435 | ||||||
Williams | 485,851 | 14,333 | ||||||
XTO Energy (a) | 501,328 | 27,207 | ||||||
136,717 | ||||||||
Financials – 10.1% | ||||||||
Affiliated Managers Group (a) (b) | 130,017 | 15,294 | ||||||
AllianceBernstein Holding | 173,113 | 15,746 | ||||||
Ambac Financial Group (a) | 251,572 | 23,094 | ||||||
Bear Stearns (a) | 102,046 | 15,889 | ||||||
CIT Group | 285,220 | 17,013 | ||||||
ICICI Bank – ADR (a) | 563,025 | 23,039 | ||||||
Northern Trust | 333,608 | 21,001 | ||||||
PMI Group (a) | 623,527 | 30,222 | ||||||
W.R. Berkley | 514,308 | 16,710 | ||||||
178,008 | ||||||||
Healthcare – 14.7% | ||||||||
Applied Biosystems Group – Applera | 760,383 | 23,754 | ||||||
Celgene (a) (b) | 420,752 | 25,733 | ||||||
Coventry Health Care (b) | 495,068 | 28,630 | ||||||
DENTSPLY International (a) | 620,014 | 20,715 | ||||||
Healthways (a) (b) | 591,675 | 25,099 | ||||||
Henry Schein (a) (b) | 397,024 | 20,697 | ||||||
Humana (b) | 313,372 | 19,818 | ||||||
Medco Health Solutions (b) | 301,185 | 23,498 | ||||||
Pediatrix Medical Group (a) (b) | 206,487 | 11,780 | ||||||
Thermo Fisher Scientific (a) (b) | 1,158,629 | 60,318 | ||||||
260,042 | ||||||||
Industrials – 16.9% | ||||||||
American Reprographics (a) (b) | 410,383 | 13,625 | ||||||
C.H. Robinson Worldwide (a) | 183,408 | 9,805 | ||||||
Cooper Industries, Class A | 368,313 | 18,327 | ||||||
Cummins | 332,874 | 30,678 | ||||||
Dun & Bradstreet (a) | 232,322 | 20,979 | ||||||
L-3 Communications Holdings | 261,128 | 23,483 | ||||||
Landstar | 441,687 | 21,338 | ||||||
Monster Worldwide (a) (b) | 492,422 | 20,706 | ||||||
MSC Industrial Direct, Class A (a) | 467,292 | 22,776 | ||||||
Precision Castparts (a) | 424,146 | 44,158 | ||||||
Republic Services | 1,017,022 | 28,405 | ||||||
Rockwell Collins (a) | 318,205 | 20,896 | ||||||
Roper Industries (a) | 410,859 | 23,033 | ||||||
298,209 | ||||||||
Information Technology – 22.7% | ||||||||
Alliance Data Systems (a) (b) | 381,748 | 24,302 | ||||||
Amphenol, Class A (a) | 505,652 | 17,753 | ||||||
Autodesk (b) | 975,839 | 40,273 | ||||||
Cognizant Technology Solutions, Class A (a) (b) | 205,355 | 18,359 | ||||||
Cognos (a) (b) | 417,394 | 17,994 | ||||||
F5 Networks (b) | 300,964 | 23,108 | ||||||
Fairchild Semiconductor International, Class A (a) (b) | 1,143,109 | 20,119 | ||||||
Intersil, Class A (a) | 1,072,944 | 31,963 | ||||||
Juniper Networks (a) (b) | 1,189,678 | 26,601 | ||||||
Lam Research (a) (b) | 254,870 | 13,707 | ||||||
Maxim Integrated Products | 768,771 | 24,385 | ||||||
MEMC Electronic Materials (b) | 463,951 | 25,462 | ||||||
Network Appliance (b) | 710,990 | 26,456 | ||||||
NVIDIA (b) | 1,053,037 | 34,634 | ||||||
Paychex (a) | 871,422 | 32,330 | ||||||
SiRF Technology Holdings (a) (b) | 460,423 | 11,170 | ||||||
Trident Microsystems (a) (b) | 541,967 | 11,506 | ||||||
400,122 | ||||||||
Materials – 1.0% | ||||||||
Freeport-McMoRan Copper & Gold, Class B (a) | 263,581 | 17,702 | ||||||
Telecommunication Services – 5.9% | ||||||||
American Tower, Class A (b) | 1,315,745 | 49,998 | ||||||
NeuStar, Class A (a) (b) | 615,185 | 17,693 | ||||||
NII Holdings, Class B (a) (b) | 474,088 | 36,386 | ||||||
104,077 | ||||||||
Total Common Stocks (Cost $1,406,816) | 1,749,445 | |||||||
Short-Term Investment – 0.8% | ||||||||
First American Prime Obligations Fund, Class Z (c) (Cost $13,913) | 13,912,885 | 13,913 | ||||||
Investment Purchased with Proceeds from Securities Lending – 38.4% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (d) (Cost $677,628) | 677,627,682 | 677,628 | ||||||
Total Investments – 138.3% (Cost $2,098,357) | 2,440,986 | |||||||
Other Assets and Liabilities, Net – (38.3)% | (676,554 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,764,432 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $644,445 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 2 in Notes to Financial Statements. |
(d) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
The accompanying notes are an integral part of the financial statements.
54 First American Funds Semiannual Report 2007
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Mid Cap Value Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 97.7% | ||||||||
Consumer Discretionary – 14.1% | ||||||||
BorgWarner (a) | 139,819 | $ | 10,893 | |||||
Ford Motor (a) | 1,409,275 | 11,331 | ||||||
Fortune Brands (a) | 138,687 | 11,109 | ||||||
Gannett (a) | 356,997 | 20,370 | ||||||
Gap | 825,537 | 14,818 | ||||||
Hovnanian Enterprises, Class A (a) (b) | 328,253 | 7,875 | ||||||
Newell Rubbermaid | 369,271 | 11,326 | ||||||
Pulte Homes (a) | 201,685 | 5,425 | ||||||
R.H. Donnelley (a) (b) | 213,703 | 16,688 | ||||||
Sherwin-Williams | 122,530 | 7,814 | ||||||
Standard-Pacific (a) | 416,070 | 8,675 | ||||||
Stanley Works (a) | 195,858 | 11,415 | ||||||
Talbots (a) | 575,460 | 13,523 | ||||||
WMS Industries (a) (b) | 200,344 | 7,986 | ||||||
159,248 | ||||||||
Consumer Staples – 9.6% | ||||||||
ConAgra Foods | 478,057 | 11,751 | ||||||
Corn Products International | 601,272 | 23,943 | ||||||
Pantry (a) (b) | 351,755 | 15,825 | ||||||
Pepsi Bottling | 477,002 | 15,650 | ||||||
Pilgrim’s Pride (a) | 261,515 | 9,548 | ||||||
Supervalu (a) | 546,059 | 25,064 | ||||||
Tyson Foods, Class A (a) | 318,358 | 6,673 | ||||||
108,454 | ||||||||
Energy – 6.1% | ||||||||
GlobalSantaFe | 270,705 | 17,306 | ||||||
Hess (a) | 114,508 | 6,498 | ||||||
National-Oilwell Varco (b) | 99,585 | 8,450 | ||||||
Noble Energy | 225,715 | 13,274 | ||||||
Peabody Energy (a) | 233,548 | 11,206 | ||||||
Sunoco (a) | 161,287 | 12,182 | ||||||
68,916 | ||||||||
Financials – 23.8% | ||||||||
Ambac Financial Group (a) | 254,894 | 23,399 | ||||||
AmeriCredit (b) | 225,676 | 5,694 | ||||||
Amvescap – ADR | 244,435 | 5,796 | ||||||
AON (a) | 215,842 | 8,364 | ||||||
Boston Properties – REIT (a) | 104,430 | 12,277 | ||||||
Brookfield Properties (a) | 119,767 | 4,919 | ||||||
Camden Property Trust – REIT (a) | 114,990 | 8,009 | ||||||
CIT Group | 449,434 | 26,809 | ||||||
City National (a) | 172,011 | 12,595 | ||||||
Comerica (a) | 118,821 | 7,356 | ||||||
Developers Diversified Realty – REIT (a) | 125,111 | 8,145 | ||||||
Health Care Property Investors – REIT (a) | 128,923 | 4,563 | ||||||
IndyMac Bancorp (a) | 279,644 | 8,456 | ||||||
KeyCorp (a) | 417,407 | 14,893 | ||||||
Marshall & Ilsley (a) | 464,001 | 22,281 | ||||||
Northern Trust | 349,006 | 21,970 | ||||||
PMI Group (a) | 401,773 | 19,474 | ||||||
Prologis – REIT (a) | 146,873 | 9,517 | ||||||
StanCorp Financial Group | 150,109 | 7,145 | ||||||
TD Ameritrade (a) (b) | 643,992 | 10,980 | ||||||
Ventas (a) | 112,766 | 4,754 | ||||||
W.R. Berkley | 482,761 | 15,685 | ||||||
Weingarten Realty Investors – REIT (a) | 106,426 | 5,093 | ||||||
268,174 | ||||||||
Healthcare – 3.0% | ||||||||
AmerisourceBergen (a) | 106,526 | 5,325 | ||||||
CIGNA | 37,808 | 5,883 | ||||||
Community Health Systems (b) | 298,957 | 11,002 | ||||||
King Pharmaceuticals (a) (b) | 567,638 | 11,608 | ||||||
33,818 | ||||||||
Industrials – 10.7% | ||||||||
AirTran Holdings (a) (b) | 1,445,282 | 15,913 | ||||||
American Standard | 284,899 | 15,686 | ||||||
Con-way | 161,565 | 8,826 | ||||||
Crane (a) | 299,262 | 12,722 | ||||||
Ingersoll-Rand, Class A | 345,783 | 15,439 | ||||||
J.B. Hunt Transport Services | 222,275 | 6,015 | ||||||
Joy Global (a) | 250,564 | 12,686 | ||||||
Republic Services | 656,905 | 18,347 | ||||||
Werner Enterprises (a) | 759,529 | 14,363 | ||||||
119,997 | ||||||||
Information Technology – 9.5% | ||||||||
Avnet (a) (b) | 170,870 | 6,989 | ||||||
Electronic Data Systems (a) | 890,849 | 26,048 | ||||||
Fairchild Semiconductor International, Class A (a)(b) | 851,172 | 14,981 | ||||||
Harris (a) | 399,929 | 20,536 | ||||||
Intersil, Class A | 547,383 | 16,307 | ||||||
Juniper Networks (b) | 278,441 | 6,226 | ||||||
Sybase (b) | 425,458 | 10,292 | ||||||
Xerox (b) | 309,918 | 5,733 | ||||||
107,112 | ||||||||
Materials – 9.8% | ||||||||
Airgas | 397,032 | 17,688 | ||||||
Bemis | 416,042 | 13,821 | ||||||
Freeport-McMoRan Copper & Gold, Class B | 354,345 | 23,798 | ||||||
Owens-Illinois (b) | 821,712 | 24,725 | ||||||
PPG Industries (a) | 129,517 | 9,530 | ||||||
Rohm & Haas | 399,783 | 20,457 | ||||||
110,019 | ||||||||
Telecommunication Services – 1.2% | ||||||||
Qwest Communications International (a) (b) | 642,459 | 5,705 | ||||||
Time Warner Telecom, Class A (a) (b) | 374,948 | 7,686 | ||||||
13,391 | ||||||||
Utilities – 9.9% | ||||||||
Constellation Energy (a) | 199,076 | 17,742 | ||||||
Edison International | 332,603 | 17,412 | ||||||
Entergy (a) | 201,784 | 22,830 | ||||||
PPL (a) | 488,273 | 21,293 | ||||||
Sempra Energy | 329,909 | 20,942 | ||||||
TECO Energy (a) | 612,418 | 10,993 | ||||||
111,212 | ||||||||
Total Common Stocks (Cost $938,366) | 1,100,341 | |||||||
Short-Term Investment – 2.6% | ||||||||
First American Prime Obligations Fund, Class Z (c) (Cost $29,377) | 29,376,914 | 29,377 | ||||||
First American Funds Semiannual Report 2007 55
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Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Mid Cap Value Fund (concluded) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Investment Purchased with Proceeds from Securities Lending – 33.3% | ||||||||
Mount Vernon Securities Lending Prime Portfolio (d) (Cost $374,614) | 374,614,403 | $ | 374,614 | |||||
Total Investments – 133.6% (Cost $1,342,357) | 1,504,332 | |||||||
Other Assets and Liabilities, Net – (33.6)% | (378,049 | ) | ||||||
Total Net Assets – 100.0% | $ | 1,126,283 | ||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $355,310 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | 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. |
(d) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
REIT – | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
56 First American Funds Semiannual Report 2007
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Statements of Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data
Mid Cap | ||||||||||||
Growth | ||||||||||||
Opportunities | Mid Cap | |||||||||||
Fund | Value Fund | |||||||||||
Investments in unaffiliated securities, at cost | $ | 1,406,816 | $ | 938,366 | ||||||||
Investment in affiliated money market fund, at cost | 13,913 | 29,377 | ||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 677,628 | 374,614 | ||||||||||
ASSETS: | ||||||||||||
Investments in unaffiliated securities, at value* (note 2) | $ | 1,749,445 | $ | 1,100,341 | ||||||||
Investment in affiliated money market fund, at value (note 2) | 13,913 | 29,377 | ||||||||||
Affiliated investments purchased with proceeds from securities lending, at value (note 2) | 677,628 | 374,614 | ||||||||||
Receivable for dividends and interest | 450 | 529 | ||||||||||
Receivable for investment securities sold | 23,297 | — | ||||||||||
Receivable for capital shares sold | 947 | 1,244 | ||||||||||
Prepaid expenses and other assets | 39 | 49 | ||||||||||
Total assets | 2,465,719 | 1,506,154 | ||||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | 19,448 | 3,441 | ||||||||||
Payable upon return of securities loaned (note 2) | 677,628 | 374,614 | ||||||||||
Payable for capital shares redeemed | 2,690 | 827 | ||||||||||
Payable to affiliates (note 3) | 1,372 | 872 | ||||||||||
Payable for distribution and shareholder servicing fees | 118 | 92 | ||||||||||
Accrued expenses and other liabilities | 31 | 25 | ||||||||||
Total liabilities | 701,287 | 379,871 | ||||||||||
Net assets | $ | 1,764,432 | $ | 1,126,283 | ||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||
Portfolio capital | 1,319,506 | 888,765 | ||||||||||
Distributions in excess of net investment income | (3,273 | ) | (1,444 | ) | ||||||||
Accumulated net realized gain on investments | 105,570 | 76,987 | ||||||||||
Net unrealized appreciation of investments | 342,629 | 161,975 | ||||||||||
Net assets | $ | 1,764,432 | $ | 1,126,283 | ||||||||
*Including securities loaned, at value | $ | 644,445 | $ | 355,310 | ||||||||
Class A: | ||||||||||||
Net assets | $ | 382,557 | $ | 258,263 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 9,065 | 9,356 | ||||||||||
Net asset value and redemption price per share | $ | 42.20 | $ | 27.60 | ||||||||
Maximum offering price per share (1) | $ | 44.66 | $ | 29.21 | ||||||||
Class B: | ||||||||||||
Net assets | $ | 15,425 | $ | 8,807 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 402 | 335 | ||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 38.40 | $ | 26.31 | ||||||||
Class C: | ||||||||||||
Net assets | $ | 23,212 | $ | 24,713 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 579 | 919 | ||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 40.06 | $ | 26.88 | ||||||||
Class R: | ||||||||||||
Net assets | $ | 21,728 | $ | 32,178 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 519 | 1,170 | ||||||||||
Net asset value, offering price, and redemption price per share | $ | 41.84 | $ | 27.50 | ||||||||
Class Y: | ||||||||||||
Net assets | $ | 1,321,510 | $ | 802,322 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 29,555 | 28,917 | ||||||||||
Net asset value, offering price, and redemption price per share | $ | 44.71 | $ | 27.75 | ||||||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
(2) | Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
First American Funds Semiannual Report 2007 57
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Statements of Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Mid Cap | ||||||||||||
Growth | ||||||||||||
Opportunities | Mid Cap | |||||||||||
Fund | Value Fund | |||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends from affiliated money market fund | $ | 622 | $ | 766 | ||||||||
Dividends from unaffiliated securities | 4,218 | 8,355 | ||||||||||
Less: Foreign taxes withheld | — | (10 | ) | |||||||||
Securities lending income | 567 | 200 | ||||||||||
Total investment income | 5,407 | 9,311 | ||||||||||
EXPENSES (note 3): | ||||||||||||
Investment advisory fees | 5,807 | 3,627 | ||||||||||
Administration fees | 1,852 | 1,158 | ||||||||||
Transfer agent fees | 205 | 130 | ||||||||||
Custodian fees | 41 | 26 | ||||||||||
Professional fees | 21 | 20 | ||||||||||
Registration fees | 31 | 30 | ||||||||||
Postage and printing fees | 44 | 24 | ||||||||||
Directors’ fees | 9 | 10 | ||||||||||
Other expenses | 10 | 10 | ||||||||||
Distribution and shareholder servicing fees – Class A | 438 | 290 | ||||||||||
Distribution and shareholder servicing fees – Class B | 77 | 43 | ||||||||||
Distribution and shareholder servicing fees – Class C | 104 | 106 | ||||||||||
Distribution and shareholder servicing fees – Class R | 47 | 62 | ||||||||||
Total expenses | 8,686 | 5,536 | ||||||||||
Less: Indirect payments from custodian (note 3) | (6 | ) | (7 | ) | ||||||||
Total net expenses | 8,680 | 5,529 | ||||||||||
Investment income (loss) – net | (3,273 | ) | 3,782 | |||||||||
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5): | ||||||||||||
Net realized gain on investments | 138,661 | 78,209 | ||||||||||
Net change in unrealized appreciation or depreciation of investments | 53,368 | 21,972 | ||||||||||
Net gain on investments | 192,029 | 100,181 | ||||||||||
Net increase in net assets resulting from operations | $ | 188,756 | $ | 103,963 | ||||||||
The accompanying notes are an integral part of the financial statements.
58 First American Funds Semiannual Report 2007
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Statements of Changes in Net Assets all dollars are rounded to thousands (000)
Mid Cap Growth | Mid Cap | ||||||||||||||||||||
Opportunities Fund | Value Fund | ||||||||||||||||||||
Six-Month | Six-Month | ||||||||||||||||||||
Period Ended | Year | Period Ended | Year | ||||||||||||||||||
4/30/07 | Ended | 4/30/07 | Ended | ||||||||||||||||||
(unaudited) | 10/31/06 | (unaudited) | 10/31/06 | ||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Investment income (loss) – net | $ | (3,273 | ) | $ | (1,535 | ) | $ | 3,782 | $ | 5,929 | |||||||||||
Net realized gain on investments | 138,661 | 161,244 | 78,209 | 62,972 | |||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 53,368 | 34,383 | 21,972 | 56,622 | |||||||||||||||||
Net increase in net assets resulting from operations | 188,756 | 194,092 | 103,963 | 125,523 | |||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||
Class A | — | — | (1,072 | ) | (693 | ) | |||||||||||||||
Class B | — | — | (14 | ) | (14 | ) | |||||||||||||||
Class C | — | — | (40 | ) | (21 | ) | |||||||||||||||
Class R | — | — | (91 | ) | (33 | ) | |||||||||||||||
Class Y | — | — | (4,009 | ) | (5,752 | ) | |||||||||||||||
Net realized gain on investments: | |||||||||||||||||||||
Class A | (30,495 | ) | (31,106 | ) | (12,946 | ) | (3,267 | ) | |||||||||||||
Class B | (1,524 | ) | (1,639 | ) | (528 | ) | (485 | ) | |||||||||||||
Class C | (1,884 | ) | (1,741 | ) | (1,174 | ) | (427 | ) | |||||||||||||
Class R | (1,645 | ) | (1,068 | ) | (1,102 | ) | (81 | ) | |||||||||||||
Class Y | (106,455 | ) | (121,918 | ) | (42,784 | ) | (31,352 | ) | |||||||||||||
Total distributions | (142,003 | ) | (157,472 | ) | (63,760 | ) | (42,125 | ) | |||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | |||||||||||||||||||||
Class A: | |||||||||||||||||||||
Proceeds from sales | 62,027 | 138,564 | 118,562 | 109,279 | |||||||||||||||||
Reinvestment of distributions | 29,160 | 30,411 | 13,622 | 3,794 | |||||||||||||||||
Payments for redemptions | (40,089 | ) | (166,778 | ) | (38,961 | ) | (23,533 | ) | |||||||||||||
Increase in net assets from Class A transactions | 51,098 | 2,197 | 93,223 | 89,540 | |||||||||||||||||
Class B: | |||||||||||||||||||||
Proceeds from sales | 668 | 2,403 | 725 | 1,757 | |||||||||||||||||
Reinvestment of distributions | 1,419 | 1,544 | 513 | 483 | |||||||||||||||||
Payments for redemptions (note 3) | (2,395 | ) | (2,973 | ) | (1,304 | ) | (3,785 | ) | |||||||||||||
Increase (decrease) in net assets from Class B transactions | (308 | ) | 974 | (66 | ) | (1,545 | ) | ||||||||||||||
Class C: | |||||||||||||||||||||
Proceeds from sales | 4,546 | 9,430 | 6,346 | 11,403 | |||||||||||||||||
Reinvestment of distributions | 1,765 | 1,697 | 1,083 | 424 | |||||||||||||||||
Payments for redemptions (note 3) | (3,037 | ) | (7,181 | ) | (1,713 | ) | (2,366 | ) | |||||||||||||
Increase in net assets from Class C transactions | 3,274 | 3,946 | 5,716 | 9,461 | |||||||||||||||||
Class R: | |||||||||||||||||||||
Proceeds from sales | 5,515 | 13,794 | 14,982 | 17,551 | |||||||||||||||||
Reinvestment of distributions | 1,645 | 1,068 | 1,184 | 108 | |||||||||||||||||
Payments for redemptions | (3,761 | ) | (2,657 | ) | (3,023 | ) | (1,395 | ) | |||||||||||||
Increase in net assets from Class R transactions | 3,399 | 12,205 | 13,143 | 16,264 | |||||||||||||||||
Class Y: | |||||||||||||||||||||
Proceeds from sales | 76,823 | 175,964 | 66,779 | 123,981 | |||||||||||||||||
Reinvestment of distributions | 78,118 | 98,347 | 33,077 | 27,701 | |||||||||||||||||
Payments for redemptions | (113,884 | ) | (300,042 | ) | (54,858 | ) | (91,763 | ) | |||||||||||||
Increase (decrease) in net assets from Class Y transactions | 41,057 | (25,731 | ) | 44,998 | 59,919 | ||||||||||||||||
Increase (decrease) in net assets from capital share transactions | 98,520 | (6,409 | ) | 157,014 | 173,639 | ||||||||||||||||
Total increase in net assets | 145,273 | 30,211 | 197,217 | 257,037 | |||||||||||||||||
Net assets at beginning of period | 1,619,159 | 1,588,948 | 929,066 | 672,029 | |||||||||||||||||
Net assets at end of period | $ | 1,764,432 | $ | 1,619,159 | $ | 1,126,283 | $ | 929,066 | |||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (3,273 | ) | $ | — | $ | (1,444 | ) | $ | — | |||||||||||
First American Funds Semiannual Report 2007 59
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Financial Highlights For a share outstanding throughout the indicated period.
Realized and | ||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Net Asset | |||||||||||||||||||||||||
Value | Net | Gains | from Net | Value | ||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Realized | End of | ||||||||||||||||||||||||
of Period | Loss | Investments | Gains | Period | ||||||||||||||||||||||||
Mid Cap Growth Opportunities Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
2007 (1)(2) | $ | 41.43 | $ | (0.12 | ) | $ | 4.70 | $ | (3.81 | ) | $ | 42.20 | ||||||||||||||||
2006 (2)(3) | 40.77 | (0.11 | ) | 5.04 | (4.27 | ) | 41.43 | |||||||||||||||||||||
2005 (2)(4) | 41.55 | (0.02 | ) | (0.76 | ) | — | 40.77 | |||||||||||||||||||||
2005 (2)(5) | 38.19 | (0.24 | ) | 9.65 | (6.05 | ) | 41.55 | |||||||||||||||||||||
2004 (2)(5) | 33.68 | (0.30 | ) | 5.88 | (1.07 | ) | 38.19 | |||||||||||||||||||||
2003 (2)(5) | 26.45 | (0.18 | ) | 7.41 | — | 33.68 | ||||||||||||||||||||||
2002 (5) | 28.33 | (0.11 | ) | (1.77 | ) | — | 26.45 | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
2007 (1)(2) | $ | 38.15 | $ | (0.25 | ) | $ | 4.31 | $ | (3.81 | ) | $ | 38.40 | ||||||||||||||||
2006 (2)(3) | 38.12 | (0.38 | ) | 4.68 | (4.27 | ) | 38.15 | |||||||||||||||||||||
2005 (2)(4) | 38.87 | (0.05 | ) | (0.70 | ) | — | 38.12 | |||||||||||||||||||||
2005 (2)(5) | 36.31 | (0.51 | ) | 9.12 | (6.05 | ) | 38.87 | |||||||||||||||||||||
2004 (2)(5) | 32.30 | (0.55 | ) | 5.63 | (1.07 | ) | 36.31 | |||||||||||||||||||||
2003 (2)(5) | 25.56 | (0.39 | ) | 7.13 | — | 32.30 | ||||||||||||||||||||||
2002 (5) | 27.59 | (0.18 | ) | (1.85 | ) | — | 25.56 | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
2007 (1)(2) | $ | 39.65 | $ | (0.26 | ) | $ | 4.48 | $ | (3.81 | ) | $ | 40.06 | ||||||||||||||||
2006 (2)(3) | 39.46 | (0.40 | ) | 4.86 | (4.27 | ) | 39.65 | |||||||||||||||||||||
2005 (2)(4) | 40.23 | (0.05 | ) | (0.72 | ) | — | 39.46 | |||||||||||||||||||||
2005 (2)(5) | 37.40 | (0.53 | ) | 9.41 | (6.05 | ) | 40.23 | |||||||||||||||||||||
2004 (2)(5) | 33.24 | (0.57 | ) | 5.80 | (1.07 | ) | 37.40 | |||||||||||||||||||||
2003 (2)(5) | 26.29 | (0.40 | ) | 7.35 | — | 33.24 | ||||||||||||||||||||||
2002 (5) | 28.33 | (0.10 | ) | (1.94 | ) | — | 26.29 | |||||||||||||||||||||
Class R (6) | ||||||||||||||||||||||||||||
2007 (1)(2) | $ | 41.15 | $ | (0.17 | ) | $ | 4.67 | $ | (3.81 | ) | $ | 41.84 | ||||||||||||||||
2006 (2)(3) | 40.61 | (0.23 | ) | 5.04 | (4.27 | ) | 41.15 | |||||||||||||||||||||
2005 (2)(4) | 41.40 | (0.03 | ) | (0.76 | ) | — | 40.61 | |||||||||||||||||||||
2005 (2)(5) | 38.15 | (0.31 | ) | 9.61 | (6.05 | ) | 41.40 | |||||||||||||||||||||
2004 (2)(5) | 33.66 | (0.30 | ) | 5.86 | (1.07 | ) | 38.15 | |||||||||||||||||||||
2003 (2)(5) | 26.43 | (0.17 | ) | 7.40 | — | 33.66 | ||||||||||||||||||||||
2002 (5) | 28.29 | (0.07 | ) | (1.79 | ) | — | 26.43 | |||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||
2007 (1)(2) | $ | 43.62 | $ | (0.07 | ) | $ | 4.97 | $ | (3.81 | ) | $ | 44.71 | ||||||||||||||||
2006 (2)(3) | 42.61 | (0.01 | ) | 5.29 | (4.27 | ) | 43.62 | |||||||||||||||||||||
2005 (2)(4) | 43.42 | (0.02 | ) | (0.79 | ) | — | 42.61 | |||||||||||||||||||||
2005 (2)(5) | 39.58 | (0.16 | ) | 10.05 | (6.05 | ) | 43.42 | |||||||||||||||||||||
2004 (2)(5) | 34.78 | (0.21 | ) | 6.08 | (1.07 | ) | 39.58 | |||||||||||||||||||||
2003 (2)(5) | 27.25 | (0.09 | ) | 7.62 | — | 34.78 | ||||||||||||||||||||||
2002 (5) | 29.11 | (0.05 | ) | (1.81 | ) | — | 27.25 | |||||||||||||||||||||
(1) | For the six-month period ended April 30, 2007 (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 November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not include sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
60 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Loss to | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | Average Net | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Loss | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
11.79 | % | $ | 382,557 | 1.22 | % | (0.57 | )% | 1.22 | % | (0.57 | )% | 48 | % | ||||||||||||||||||||||||
12.69 | 322,385 | 1.23 | (0.26 | ) | 1.23 | (0.26 | ) | 75 | |||||||||||||||||||||||||||||
(1.88 | ) | 314,830 | 1.23 | (0.72 | ) | 1.23 | (0.72 | ) | 9 | ||||||||||||||||||||||||||||
26.25 | 317,906 | 1.21 | (0.62 | ) | 1.24 | (0.65 | ) | 107 | |||||||||||||||||||||||||||||
16.88 | 173,436 | 1.20 | (0.79 | ) | 1.24 | (0.83 | ) | 135 | |||||||||||||||||||||||||||||
27.33 | 154,499 | 1.20 | (0.58 | ) | 1.25 | (0.63 | ) | 145 | |||||||||||||||||||||||||||||
(6.64 | ) | 75,002 | 1.20 | (0.34 | ) | 1.26 | (0.40 | ) | 162 | ||||||||||||||||||||||||||||
11.41 | % | $ | 15,425 | 1.97 | % | (1.31 | )% | 1.97 | % | (1.31 | )% | 48 | % | ||||||||||||||||||||||||
11.83 | 15,605 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | |||||||||||||||||||||||||||||
(1.93 | ) | 14,586 | 1.98 | (1.47 | ) | 1.98 | (1.47 | ) | 9 | ||||||||||||||||||||||||||||
25.29 | 14,922 | 1.96 | (1.40 | ) | 1.99 | (1.43 | ) | 107 | |||||||||||||||||||||||||||||
16.03 | 10,974 | 1.95 | (1.54 | ) | 1.99 | (1.58 | ) | 135 | |||||||||||||||||||||||||||||
26.37 | 9,055 | 1.95 | (1.33 | ) | 2.00 | (1.38 | ) | 145 | |||||||||||||||||||||||||||||
(7.36 | ) | 4,227 | 1.95 | (1.08 | ) | 2.01 | (1.14 | ) | 162 | ||||||||||||||||||||||||||||
11.38 | % | $ | 23,212 | 1.97 | % | (1.31 | )% | 1.97 | % | (1.31 | )% | 48 | % | ||||||||||||||||||||||||
11.84 | 19,540 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | |||||||||||||||||||||||||||||
(1.91 | ) | 15,435 | 1.98 | (1.47 | ) | 1.98 | (1.47 | ) | 9 | ||||||||||||||||||||||||||||
25.27 | 17,079 | 1.96 | (1.40 | ) | 1.99 | (1.43 | ) | 107 | |||||||||||||||||||||||||||||
16.03 | 12,356 | 1.95 | (1.54 | ) | 1.99 | (1.58 | ) | 135 | |||||||||||||||||||||||||||||
26.43 | 12,649 | 1.95 | (1.33 | ) | 2.00 | (1.38 | ) | 145 | |||||||||||||||||||||||||||||
(7.20 | ) | 1,136 | 1.95 | (1.07 | ) | 2.01 | (1.13 | ) | 162 | ||||||||||||||||||||||||||||
11.67 | % | $ | 21,728 | 1.47 | % | (0.82 | )% | 1.47 | % | (0.82 | )% | 48 | % | ||||||||||||||||||||||||
12.41 | 17,853 | 1.48 | (0.57 | ) | 1.61 | (0.70 | ) | 75 | |||||||||||||||||||||||||||||
(1.91 | ) | 5,502 | 1.48 | (0.97 | ) | 1.63 | (1.12 | ) | 9 | ||||||||||||||||||||||||||||
25.95 | 5,501 | 1.46 | (0.77 | ) | 1.64 | (0.95 | ) | 107 | |||||||||||||||||||||||||||||
16.83 | 1 | 1.20 | (0.81 | ) | 1.24 | (0.85 | ) | 135 | |||||||||||||||||||||||||||||
27.36 | 10,284 | 1.20 | (0.56 | ) | 1.25 | (0.61 | ) | 145 | |||||||||||||||||||||||||||||
(6.58 | ) | 5,869 | 1.20 | (0.33 | ) | 1.26 | (0.39 | ) | 162 | ||||||||||||||||||||||||||||
11.94 | % | $ | 1,321,510 | 0.97 | % | (0.31 | )% | 0.97 | % | (0.31 | )% | 48 | % | ||||||||||||||||||||||||
12.98 | 1,243,776 | 0.98 | (0.02 | ) | 0.98 | (0.02 | ) | 75 | |||||||||||||||||||||||||||||
(1.86 | ) | 1,238,595 | 0.98 | (0.47 | ) | 0.98 | (0.47 | ) | 9 | ||||||||||||||||||||||||||||
26.57 | 1,273,320 | 0.96 | (0.40 | ) | 0.99 | (0.43 | ) | 107 | |||||||||||||||||||||||||||||
17.18 | 1,168,220 | 0.95 | (0.54 | ) | 0.99 | (0.58 | ) | 135 | |||||||||||||||||||||||||||||
27.68 | 1,153,657 | 0.95 | (0.30 | ) | 1.00 | (0.35 | ) | 145 | |||||||||||||||||||||||||||||
(6.39 | ) | 477,210 | 0.95 | (0.08 | ) | 1.01 | (0.14 | ) | 162 | ||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 61
Table of Contents
Financial Highlights For a share outstanding throughout the indicated periods.
Realized and | ||||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Distributions | Distributions | Net Asset | ||||||||||||||||||||||||||||||||||
Value | Net | Gains | from Net | from Net | Distributions | Value | ||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | from Return | End of | ||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Gains | of Capital | Period | ||||||||||||||||||||||||||||||||
Mid Cap Value Fund (1) | ||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.65 | $ | 0.07 | $ | 2.57 | $ | (0.11 | ) | $ | (1.58 | ) | $ | — | $ | 27.60 | ||||||||||||||||||||||
2006 (3) | 24.04 | 0.14 | 3.89 | (0.16 | ) | (1.26 | ) | — | 26.65 | |||||||||||||||||||||||||||||
2005 (4) | 24.88 | (0.01 | ) | (0.83 | ) | — | — | — | 24.04 | |||||||||||||||||||||||||||||
2005 (5) | 20.09 | 0.13 | 4.76 | (0.10 | ) | — | — | 24.88 | ||||||||||||||||||||||||||||||
2004 (5) | 16.30 | 0.08 | 3.77 | (0.06 | ) | — | — | (7) | 20.09 | |||||||||||||||||||||||||||||
2003 (5) | 13.29 | 0.18 | 2.96 | (0.12 | ) | — | (0.01 | ) | 16.30 | |||||||||||||||||||||||||||||
2002 (5) | 13.74 | 0.13 | (0.44 | ) | (0.10 | ) | — | (0.04 | ) | 13.29 | ||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 25.50 | $ | (0.02 | ) | $ | 2.45 | $ | (0.04 | ) | $ | (1.58 | ) | $ | — | $ | 26.31 | |||||||||||||||||||||
2006 (3) | 23.12 | (0.03 | ) | 3.71 | (0.04 | ) | (1.26 | ) | — | 25.50 | ||||||||||||||||||||||||||||
2005 (4) | 23.94 | (0.02 | ) | (0.80 | ) | — | — | — | 23.12 | |||||||||||||||||||||||||||||
2005 (5) | 19.39 | (0.05 | ) | 4.60 | — | — | — | 23.94 | ||||||||||||||||||||||||||||||
2004 (5) | 15.81 | (0.06 | ) | 3.65 | (0.01 | ) | — | — | (7) | 19.39 | ||||||||||||||||||||||||||||
2003 (5) | 12.92 | 0.07 | 2.87 | (0.04 | ) | — | (0.01 | ) | 15.81 | |||||||||||||||||||||||||||||
2002 (5) | 13.37 | 0.01 | (0.41 | ) | (0.01 | ) | — | (0.04 | ) | 12.92 | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.02 | $ | (0.03 | ) | $ | 2.52 | $ | (0.05 | ) | $ | (1.58 | ) | $ | — | $ | 26.88 | |||||||||||||||||||||
2006 (3) | 23.57 | (0.04 | ) | 3.80 | (0.05 | ) | (1.26 | ) | — | 26.02 | ||||||||||||||||||||||||||||
2005 (4) | 24.40 | (0.02 | ) | (0.81 | ) | — | — | — | 23.57 | |||||||||||||||||||||||||||||
2005 (5) | 19.77 | (0.03 | ) | 4.66 | — | — | — | 24.40 | ||||||||||||||||||||||||||||||
2004 (5) | 16.12 | (0.06 | ) | 3.72 | (0.01 | ) | — | — | (7) | 19.77 | ||||||||||||||||||||||||||||
2003 (5) | 13.17 | 0.07 | 2.93 | (0.04 | ) | — | (0.01 | ) | 16.12 | |||||||||||||||||||||||||||||
2002 (5) | 13.63 | 0.01 | (0.43 | ) | — | — | (0.04 | ) | 13.17 | |||||||||||||||||||||||||||||
Class R (6) | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.56 | $ | 0.03 | $ | 2.57 | $ | (0.08 | ) | $ | (1.58 | ) | $ | — | $ | 27.50 | ||||||||||||||||||||||
2006 (3) | 24.00 | 0.05 | 3.91 | (0.14 | ) | (1.26 | ) | — | 26.56 | |||||||||||||||||||||||||||||
2005 (4) | 24.83 | (0.01 | ) | (0.82 | ) | — | — | — | 24.00 | |||||||||||||||||||||||||||||
2005 (5) | 20.09 | 0.12 | 4.70 | (0.08 | ) | — | — | 24.83 | ||||||||||||||||||||||||||||||
2004 (5) | 16.31 | 0.07 | 3.76 | (0.05 | ) | — | — | (7) | 20.09 | |||||||||||||||||||||||||||||
2003 (5) | 13.29 | 0.16 | 2.99 | (0.12 | ) | — | (0.01 | ) | 16.31 | |||||||||||||||||||||||||||||
2002 (5) | 13.74 | 0.13 | (0.44 | ) | (0.10 | ) | — | (0.04 | ) | 13.29 | ||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 26.77 | $ | 0.11 | $ | 2.59 | $ | (0.14 | ) | $ | (1.58 | ) | $ | — | $ | 27.75 | ||||||||||||||||||||||
2006 (3) | 24.14 | 0.22 | 3.89 | (0.22 | ) | (1.26 | ) | — | 26.77 | |||||||||||||||||||||||||||||
2005 (4) | 24.98 | — | (0.84 | ) | — | — | — | 24.14 | ||||||||||||||||||||||||||||||
2005 (5) | 20.17 | 0.18 | 4.78 | (0.15 | ) | — | — | 24.98 | ||||||||||||||||||||||||||||||
2004 (5) | 16.36 | 0.12 | 3.79 | (0.10 | ) | — | — | (7) | 20.17 | |||||||||||||||||||||||||||||
2003 (5) | 13.33 | 0.21 | 2.98 | (0.15 | ) | — | (0.01 | ) | 16.36 | |||||||||||||||||||||||||||||
2002 (5) | 13.77 | 0.17 | (0.44 | ) | (0.13 | ) | — | (0.04 | ) | 13.33 | ||||||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six months ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Includes a tax return of capital less than $0.01. | |
(8) | Total return does not include sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
62 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (8) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
10.35 | % | $ | 258,263 | 1.22 | % | 0.54 | % | 1.22 | % | 0.54 | % | 50 | % | ||||||||||||||||||||||||
17.36 | 156,576 | 1.24 | 0.50 | 1.24 | 0.50 | 70 | |||||||||||||||||||||||||||||||
(3.38 | ) | 56,125 | 1.23 | (0.48 | ) | 1.23 | (0.48 | ) | 10 | ||||||||||||||||||||||||||||
24.38 | 54,360 | 1.21 | 0.59 | 1.25 | 0.55 | 101 | |||||||||||||||||||||||||||||||
23.65 | 28,561 | 1.20 | 0.41 | 1.25 | 0.36 | 83 | |||||||||||||||||||||||||||||||
23.71 | 16,598 | 1.20 | 1.21 | 1.25 | 1.16 | 102 | |||||||||||||||||||||||||||||||
(2.41 | ) | 13,083 | 1.20 | 0.83 | 1.26 | 0.77 | 90 | ||||||||||||||||||||||||||||||
9.96 | % | $ | 8,807 | 1.97 | % | (0.14 | )% | 1.97 | % | (0.14 | )% | 50 | % | ||||||||||||||||||||||||
16.45 | 8,590 | 1.99 | (0.17 | ) | 1.99 | (0.17 | ) | 70 | |||||||||||||||||||||||||||||
(3.43 | ) | 9,252 | 1.98 | (1.25 | ) | 1.98 | (1.25 | ) | 10 | ||||||||||||||||||||||||||||
23.47 | 10,157 | 1.96 | (0.21 | ) | 2.00 | (0.25 | ) | 101 | |||||||||||||||||||||||||||||
22.69 | 9,928 | 1.95 | (0.35 | ) | 2.00 | (0.40 | ) | 83 | |||||||||||||||||||||||||||||
22.84 | 10,154 | 1.95 | 0.50 | 2.00 | 0.45 | 102 | |||||||||||||||||||||||||||||||
(3.07 | ) | 10,410 | 1.95 | 0.08 | 2.01 | 0.02 | 90 | ||||||||||||||||||||||||||||||
9.97 | % | $ | 24,713 | 1.97 | % | (0.20 | )% | 1.97 | % | (0.20 | )% | 50 | % | ||||||||||||||||||||||||
16.47 | 18,162 | 1.99 | (0.24 | ) | 1.99 | (0.24 | ) | 70 | |||||||||||||||||||||||||||||
(3.40 | ) | 7,439 | 1.98 | (1.24 | ) | 1.98 | (1.24 | ) | 10 | ||||||||||||||||||||||||||||
23.43 | 7,426 | 1.96 | (0.15 | ) | 2.00 | (0.19 | ) | 101 | |||||||||||||||||||||||||||||
22.69 | 3,342 | 1.95 | (0.33 | ) | 2.00 | (0.38 | ) | 83 | |||||||||||||||||||||||||||||
22.84 | 2,916 | 1.95 | 0.51 | 2.00 | 0.46 | 102 | |||||||||||||||||||||||||||||||
(3.09 | ) | 3,207 | 1.95 | 0.08 | 2.01 | 0.02 | 90 | ||||||||||||||||||||||||||||||
10.23 | % | $ | 32,178 | 1.47 | % | 0.21 | % | 1.47 | % | 0.21 | % | 50 | % | ||||||||||||||||||||||||
17.06 | 17,724 | 1.49 | 0.15 | 1.61 | 0.03 | 70 | |||||||||||||||||||||||||||||||
(3.34 | ) | 785 | 1.47 | (0.69 | ) | 1.62 | (0.84 | ) | 10 | ||||||||||||||||||||||||||||
24.04 | 380 | 1.46 | 0.52 | 1.65 | 0.33 | 101 | |||||||||||||||||||||||||||||||
23.51 | 1 | 1.20 | 0.37 | 1.25 | 0.32 | 83 | |||||||||||||||||||||||||||||||
23.80 | 966 | 1.20 | 1.07 | 1.25 | 1.02 | 102 | |||||||||||||||||||||||||||||||
(2.40 | ) | 158 | 1.20 | 0.87 | 1.26 | 0.81 | 90 | ||||||||||||||||||||||||||||||
10.54 | % | $ | 802,322 | 0.97 | % | 0.84 | % | 0.97 | % | 0.84 | % | 50 | % | ||||||||||||||||||||||||
17.63 | 728,014 | 0.99 | 0.81 | 0.99 | 0.81 | 70 | |||||||||||||||||||||||||||||||
(3.36 | ) | 598,428 | 0.98 | (0.24 | ) | 0.98 | (0.24 | ) | 10 | ||||||||||||||||||||||||||||
24.68 | 621,172 | 0.96 | 0.80 | 1.00 | 0.76 | 101 | |||||||||||||||||||||||||||||||
23.95 | 433,879 | 0.95 | 0.66 | 1.00 | 0.61 | 83 | |||||||||||||||||||||||||||||||
24.06 | 332,243 | 0.95 | 1.45 | 1.00 | 1.40 | 102 | |||||||||||||||||||||||||||||||
(2.12 | ) | 259,990 | 0.95 | 1.08 | 1.01 | 1.02 | 90 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 63
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Large Cap Growth Opportunities Fund | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Common Stocks – 99.0% | |||||||||
Consumer Discretionary – 12.9% | |||||||||
Best Buy (a) | 212,738 | $ | 9,924 | ||||||
International Game Technology (a) | 201,438 | 7,683 | |||||||
Kohl’s (a) (b) | 117,472 | 8,698 | |||||||
Lowe’s (a) | 408,641 | 12,488 | |||||||
McGraw-Hill (a) | 172,949 | 11,333 | |||||||
Nordstrom (a) | 184,075 | 10,109 | |||||||
Omnicom Group (a) | 94,552 | 9,900 | |||||||
Polo Ralph Lauren (a) | 60,440 | 5,567 | |||||||
Starbucks (a) (b) | 204,274 | 6,337 | |||||||
Target (a) | 365,516 | 21,701 | |||||||
103,740 | |||||||||
Consumer Staples – 7.3% | |||||||||
Costco Wholesale (a) | 147,614 | 7,908 | |||||||
CVS | 381,585 | 13,828 | |||||||
PepsiCo | 229,260 | 15,152 | |||||||
Procter & Gamble | 116,836 | 7,514 | |||||||
Walgreen (a) | 329,642 | 14,471 | |||||||
58,873 | |||||||||
Energy – 4.9% | |||||||||
Exxon Mobil | 134,937 | 10,711 | |||||||
Schlumberger (a) | 173,275 | 12,793 | |||||||
Weatherford International (a)(b) | 144,663 | 7,593 | |||||||
XTO Energy (a) | 156,768 | 8,508 | |||||||
39,605 | |||||||||
Financials – 10.8% | |||||||||
Ambac Financial Group (a) | 73,228 | 6,722 | |||||||
American Express | 176,263 | 10,694 | |||||||
American International Group | 112,098 | 7,837 | |||||||
Charles Schwab (a) | 529,107 | 10,116 | |||||||
CIT Group | 101,818 | 6,073 | |||||||
Goldman Sachs Group (a) | 111,687 | 24,416 | |||||||
ICICI Bank, ADR (a) | 145,152 | 5,940 | |||||||
Morgan Stanley | 108,777 | 9,138 | |||||||
PMI Group (a) | 123,758 | 5,999 | |||||||
86,935 | |||||||||
Healthcare – 12.7% | |||||||||
Abbott Laboratories | 241,549 | 13,676 | |||||||
Alcon (a) | 48,644 | 6,564 | |||||||
Baxter International | 186,018 | 10,534 | |||||||
Genentech (b) | 92,841 | 7,426 | |||||||
McKesson (a) | 161,996 | 9,530 | |||||||
Medco Health Solutions (a)(b) | 154,558 | 12,059 | |||||||
Thermo Fisher Scientific (a)(b) | 270,224 | 14,068 | |||||||
UnitedHealth Group (a) | 305,176 | 16,193 | |||||||
Wellpoint (b) | 150,420 | 11,879 | |||||||
101,929 | |||||||||
Industrials – 16.2% | |||||||||
Boeing | 193,523 | 17,998 | |||||||
C.H. Robinson Worldwide (a) | 142,104 | 7,597 | |||||||
Caterpillar | 191,067 | 13,875 | |||||||
Cooper Industries, Class A | 170,559 | 8,487 | |||||||
Cummins | 60,652 | 5,590 | |||||||
Danaher (a) | 118,422 | 8,430 | |||||||
Dun & Bradstreet (a) | 72,687 | 6,564 | |||||||
Fastenal (a) | 206,410 | 8,488 | |||||||
FedEx (a) | 99,500 | 10,491 | |||||||
Precision Castparts (a) | 91,836 | 9,561 | |||||||
Republic Services | 250,600 | 6,999 | |||||||
Rockwell Collins (a) | 122,592 | 8,051 | |||||||
United Technologies (a) | 265,164 | 17,800 | |||||||
129,931 | |||||||||
Information Technology (c) – 30.6% | |||||||||
Amphenol, Class A (a) | 186,806 | 6,559 | |||||||
Apple Computer (b) | 86,565 | 8,639 | |||||||
Autodesk (b) | 309,460 | 12,771 | |||||||
Cisco Systems (b) | 1,117,628 | 29,885 | |||||||
Cognizant Technology Solutions, Class A (a) (b) | 79,853 | 7,139 | |||||||
Corning (a)(b) | 503,635 | 11,946 | |||||||
Google, Class A (a) (b) | 38,519 | 18,157 | |||||||
Hewlett-Packard (a) | 422,409 | 17,800 | |||||||
Intel (a) | 1,035,099 | 22,255 | |||||||
MEMC Electronic Materials (a)(b) | 111,946 | 6,144 | |||||||
Microsoft | 1,093,169 | 32,730 | |||||||
Network Appliance (b) | 251,676 | 9,365 | |||||||
NVIDIA (b) | 180,869 | 5,949 | |||||||
Oracle (a)(b) | 801,900 | 15,076 | |||||||
Paychex (a) | 373,267 | 13,848 | |||||||
QUALCOMM | 301,992 | 13,227 | |||||||
Texas Instruments | 430,466 | 14,795 | |||||||
246,285 | |||||||||
Materials – 1.4% | |||||||||
Rio Tinto PLC, ADR (a) | 45,807 | 11,177 | |||||||
Telecommunication Services – 2.2% | |||||||||
America Movil, Series L, ADR (a) | 189,856 | 9,973 | |||||||
American Tower, Class A (b) | 195,513 | 7,430 | |||||||
17,403 | |||||||||
Total Common Stocks (Cost $669,936) | 795,878 | ||||||||
Short-Term Investment – 2.3% | |||||||||
First American Prime Obligations Fund, Class Z (d) | |||||||||
(Cost $18,336) | 18,335,804 | 18,336 | |||||||
Investment Purchased with Proceeds from Securities Lending – 36.7% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | |||||||||
(Cost $295,248) | 295,248,259 | 295,248 | |||||||
Total Investments – 138.0% (Cost $983,520) | 1,109,462 | ||||||||
Other Assets and Liabilities, Net – (38.0)% | (305,319 | ) | |||||||
Total Net Assets – 100.0% | $ | 804,143 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $281,954 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. |
(d) | 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. |
(e) | In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – American Depository Receipt
The accompanying notes are an integral part of the financial statements.
64 First American Funds Semiannual Report 2007
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Large Cap Select Fund | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Common Stocks – 97.1% | |||||||||
Consumer Discretionary – 8.8% | |||||||||
Abercrombie & Fitch, Class A (a) | 69,458 | $ | 5,672 | ||||||
Comcast, Class A (a) (b) | 477,658 | 12,734 | |||||||
Federated Department Stores (a) | 143,870 | 6,319 | |||||||
Gap | 292,689 | 5,254 | |||||||
Omnicom Group (a) | 69,225 | 7,249 | |||||||
Starbucks (a) (b) | 174,734 | 5,420 | |||||||
42,648 | |||||||||
Consumer Staples – 8.8% | |||||||||
Altria Group | 160,611 | 11,069 | |||||||
Estee Lauder, Class A | 184,923 | 9,509 | |||||||
Walgreen (a) | 269,441 | 11,829 | |||||||
Wal-Mart Stores | 210,296 | 10,077 | |||||||
42,484 | |||||||||
Energy – 10.9% | |||||||||
Apache | 91,985 | 6,669 | |||||||
Exxon Mobil | 148,449 | 11,784 | |||||||
Hess (a) | 120,967 | 6,865 | |||||||
National-Oilwell Varco (b) | 30,853 | 2,618 | |||||||
Occidental Petroleum | 213,094 | 10,804 | |||||||
Tesoro (a) | 46,758 | 5,667 | |||||||
Williams | 288,050 | 8,497 | |||||||
52,904 | |||||||||
Financials – 22.4% | |||||||||
Affiliated Managers Group (a) (b) | 40,510 | 4,765 | |||||||
AllianceBernstein Holding | 82,982 | 7,548 | |||||||
Ambac Financial Group (a) | 69,167 | 6,349 | |||||||
American International Group | 308,449 | 21,564 | |||||||
CIT Group | 90,211 | 5,381 | |||||||
Citigroup | 324,529 | 17,401 | |||||||
Countrywide Financial (a) | 214,874 | 7,967 | |||||||
Goldman Sachs Group | 40,505 | 8,855 | |||||||
Morgan Stanley | 191,009 | 16,047 | |||||||
PMI Group (a) | 264,754 | 12,833 | |||||||
108,710 | |||||||||
Healthcare – 9.5% | |||||||||
Coventry Health Care (a) (b) | 105,886 | 6,123 | |||||||
Novartis AG, ADR | 166,113 | 9,650 | |||||||
Pfizer (a) | 256,327 | 6,782 | |||||||
UnitedHealth Group (a) | 190,208 | 10,092 | |||||||
Wyeth Pharmaceuticals | 239,476 | 13,291 | |||||||
45,938 | |||||||||
Industrials – 8.2% | |||||||||
American Standard | 143,280 | 7,889 | |||||||
Boeing | 108,243 | 10,067 | |||||||
General Electric | 245,856 | 9,062 | |||||||
L-3 Communications Holdings | 74,489 | 6,699 | |||||||
UAL (a) (b) | 179,053 | 5,980 | |||||||
39,697 | |||||||||
Information Technology – 22.3% | |||||||||
Cisco Systems (b) | 543,296 | 14,528 | |||||||
Corning (a) (b) | 280,079 | 6,644 | |||||||
Dell (b) | 206,282 | 5,200 | |||||||
EMC (a) (b) | 431,539 | 6,551 | |||||||
IBM | 119,287 | 12,192 | |||||||
Intel | 509,015 | 10,944 | |||||||
MEMC Electronic Materials (a) (b) | 40,400 | 2,217 | |||||||
Microsoft | 606,492 | 18,158 | |||||||
NVIDIA (b) | 78,467 | 2,581 | |||||||
Oracle (a) (b) | 636,366 | 11,964 | |||||||
QUALCOMM | 173,427 | 7,596 | |||||||
Texas Instruments | 268,965 | 9,244 | |||||||
107,819 | |||||||||
Materials – 3.2% | |||||||||
Freeport-McMoRan Copper & Gold, Class B (a) | 136,152 | 9,144 | |||||||
Owens-Illinois (b) | 207,869 | 6,255 | |||||||
15,399 | |||||||||
Telecommunication Services – 3.0% | |||||||||
ALLTEL | 87,690 | 5,497 | |||||||
American Tower, Class A (b) | 242,565 | 9,218 | |||||||
14,715 | |||||||||
Total Common Stocks (Cost $421,870) | 470,314 | ||||||||
Investment Company – 2.4% | |||||||||
iShares Nasdaq Biotechnology Index Fund (a) (b) | |||||||||
(Cost $10,957) | 139,651 | 11,440 | |||||||
Investment Purchased with Proceeds from Securities Lending – 25.9% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (c) | |||||||||
(Cost $125,442) | 125,442,407 | 125,442 | |||||||
Total Investments – 125.4% (Cost $558,269) | 607,196 | ||||||||
Other Assets and Liabilities, Net – (25.4)% | (123,103 | ) | |||||||
Total Net Assets – 100.0% | $ | 484,093 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $120,228 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
First American Funds Semiannual Report 2007 65
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Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Large Cap Value Fund | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Common Stocks – 99.2% | |||||||||
Consumer Discretionary – 7.2% | |||||||||
Best Buy | 190,982 | $ | 8,909 | ||||||
Ford Motor (a) | 1,071,946 | 8,619 | |||||||
Gannett | 187,370 | 10,691 | |||||||
Gap | 696,692 | 12,506 | |||||||
Pulte Homes (a) | 213,382 | 5,740 | |||||||
Time Warner (a) | 608,065 | 12,544 | |||||||
Yum! Brands | 84,955 | 5,255 | |||||||
64,264 | |||||||||
Consumer Staples – 9.5% | |||||||||
Altria Group | 154,055 | 10,617 | |||||||
Archer-Daniels-Midland | 389,869 | 15,088 | |||||||
General Mills | 197,008 | 11,801 | |||||||
Kraft Foods, Class A | 146,912 | 4,917 | |||||||
Procter & Gamble | 210,149 | 13,515 | |||||||
Tyson Foods, Class A (a) | 382,056 | 8,008 | |||||||
Wal-Mart Stores | 456,975 | 21,898 | |||||||
85,844 | |||||||||
Energy – 13.7% | |||||||||
Devon Energy | 147,037 | 10,715 | |||||||
Exxon Mobil | 519,440 | 41,233 | |||||||
GlobalSantaFe | 174,805 | 11,175 | |||||||
Marathon Oil (a) | 180,072 | 18,287 | |||||||
National-Oilwell Varco (a) (b) | 79,544 | 6,749 | |||||||
Occidental Petroleum (a) | 437,339 | 22,173 | |||||||
XTO Energy | 237,094 | 12,867 | |||||||
123,199 | |||||||||
Financials (c) – 28.2% | |||||||||
ACE | 320,916 | 19,082 | |||||||
Ambac Financial Group (a) | 210,650 | 19,338 | |||||||
American International Group | 302,566 | 21,152 | |||||||
Bank of America | 327,776 | 16,684 | |||||||
CIT Group | 253,965 | 15,149 | |||||||
Citigroup | 340,406 | 18,253 | |||||||
Countrywide Financial (a) | 332,707 | 12,337 | |||||||
Goldman Sachs Group (a) | 34,966 | 7,644 | |||||||
J.P. Morgan Chase | 620,064 | 32,305 | |||||||
Marshall & Ilsley (a) | 182,647 | 8,771 | |||||||
Morgan Stanley | 261,296 | 21,951 | |||||||
Northern Trust | 270,414 | 17,022 | |||||||
Wachovia | 402,801 | 22,371 | |||||||
Wells Fargo (a) | 594,063 | 21,321 | |||||||
253,380 | |||||||||
Healthcare – 7.5% | |||||||||
Merck (a) | 274,570 | 14,124 | |||||||
Novartis AG, ADR | 157,143 | 9,128 | |||||||
Pfizer (a) | 1,219,947 | 32,280 | |||||||
Wyeth Pharmaceuticals | 220,767 | 12,253 | |||||||
67,785 | |||||||||
Industrials – 6.1% | |||||||||
American Standard | 212,641 | 11,708 | |||||||
Caterpillar | 188,947 | 13,721 | |||||||
General Electric | 142,867 | 5,266 | |||||||
Ingersoll-Rand, Class A (a) | 244,271 | 10,907 | |||||||
United Technologies | 200,096 | 13,433 | |||||||
55,035 | |||||||||
Information Technology – 10.4% | |||||||||
Corning (a) (b) | 593,049 | 14,067 | |||||||
Electronic Data Systems (a) | 623,338 | 18,227 | |||||||
Hewlett-Packard | 197,699 | 8,331 | |||||||
Intel | 792,222 | 17,033 | |||||||
Juniper Networks (a) (b) | 352,645 | 7,885 | |||||||
Texas Instruments (a) | 804,170 | 27,639 | |||||||
93,182 | |||||||||
Materials – 7.9% | |||||||||
Alcoa | 673,116 | 23,889 | |||||||
Freeport-McMoRan Copper & Gold, Class B (a) | 287,041 | 19,278 | |||||||
Owens-Illinois (b) | 401,971 | 12,095 | |||||||
Rohm & Haas (a) | 314,211 | 16,078 | |||||||
71,340 | |||||||||
Telecommunication Services – 5.3% | |||||||||
AT&T | 821,421 | 31,805 | |||||||
Verizon Communications (a) | 415,673 | 15,870 | |||||||
47,675 | |||||||||
Utilities – 3.4% | |||||||||
Edison International | 173,727 | 9,095 | |||||||
Exelon | 125,283 | 9,448 | |||||||
FirstEnergy (a) | 168,911 | 11,560 | |||||||
30,103 | |||||||||
Total Common Stocks (Cost $753,979) | 891,807 | ||||||||
Short-Term Investment – 1.0% | |||||||||
First American Prime Obligations Fund, Class Z (d) | |||||||||
(Cost $8,893) | 8,892,906 | 8,893 | |||||||
Investment Purchased with Proceeds from Securities Lending – 20.7% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (e) | |||||||||
(Cost $186,447) | 186,446,584 | 186,447 | |||||||
Total Investments – 120.9% (Cost $949,319) | 1,087,147 | ||||||||
Other Assets and Liabilities, Net – (20.9)% | (187,739 | ) | |||||||
Total Net Assets – 100.0% | $ | 899,408 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a market value of $177,458 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-income producing security. |
(c) | The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements. |
(d) | 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. |
(e) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
The accompanying notes are an integral part of the financial statements.
66 First American Funds Semiannual Report 2007
Table of Contents
Statements of Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data
Large Cap Growth | Large Cap | Large Cap | |||||||||||||||
Opportunities Fund | Select Fund | Value Fund | |||||||||||||||
Investments in unaffiliated securities, at cost | $ | 669,936 | $ | 432,827 | $ | 753,979 | |||||||||||
Investment in affiliated money market fund, at cost | 18,336 | — | 8,893 | ||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 295,248 | 125,442 | 186,447 | ||||||||||||||
ASSETS: | |||||||||||||||||
Investments in unaffiliated securities, at value* (note 2) | $ | 795,878 | $ | 481,754 | $ | 891,807 | |||||||||||
Investment in affiliated money market fund, at value (note 2) | 18,336 | — | 8,893 | ||||||||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 295,248 | 125,442 | 186,447 | ||||||||||||||
Receivable for dividends and interest | 490 | 132 | 951 | ||||||||||||||
Receivable for investment securities sold | 7,418 | 19,045 | 9,533 | ||||||||||||||
Receivable for capital shares sold | 183 | 59 | 96 | ||||||||||||||
Prepaid expenses and other assets | 33 | 34 | 33 | ||||||||||||||
Total assets | 1,117,586 | 626,466 | 1,097,760 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Bank overdraft | — | 2,174 | — | ||||||||||||||
Payable for investment securities purchased | 16,015 | 13,511 | 9,216 | ||||||||||||||
Payable upon return of securities loaned (note 2) | 295,248 | 125,442 | 186,447 | ||||||||||||||
Payable for capital shares redeemed | 1,489 | 849 | 1,936 | ||||||||||||||
Payable to affiliates (note 3) | 626 | 371 | 692 | ||||||||||||||
Payable for distribution and shareholder servicing fees | 35 | 2 | 35 | ||||||||||||||
Accrued expenses and other liabilities | 30 | 24 | 26 | ||||||||||||||
Total liabilities | 313,443 | 142,373 | 198,352 | ||||||||||||||
Net assets | $ | 804,143 | $ | 484,093 | $ | 899,408 | |||||||||||
COMPOSITION OF NET ASSETS: | |||||||||||||||||
Portfolio capital | $ | 700,684 | $ | 399,413 | $ | 662,381 | |||||||||||
Undistributed (distributions in excess of) net investment income | 217 | (186 | ) | (1,220 | ) | ||||||||||||
Accumulated net realized gain (loss) on investments | (22,700 | ) | 35,939 | 100,419 | |||||||||||||
Net unrealized appreciation of investments | 125,942 | 48,927 | 137,828 | ||||||||||||||
Net assets | $ | 804,143 | $ | 484,093 | $ | 899,408 | |||||||||||
* Including securities loaned, at value | $ | 281,954 | $ | 120,228 | $ | 177,458 | |||||||||||
Class A: | |||||||||||||||||
Net assets | $ | 88,915 | $ | 7,584 | $ | 117,406 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 2,811 | 475 | 5,372 | ||||||||||||||
Net asset value and redemption price per share | $ | 31.63 | $ | 15.97 | $ | 21.86 | |||||||||||
Maximum offering price per share (1) | $ | 33.47 | $ | 16.90 | $ | 23.13 | |||||||||||
Class B: | |||||||||||||||||
Net assets | $ | 11,912 | $ | 686 | $ | 8,929 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 399 | 44 | 421 | ||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 29.83 | $ | 15.68 | $ | 21.20 | |||||||||||
Class C: | |||||||||||||||||
Net assets | $ | 7,476 | $ | 303 | $ | 4,780 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 246 | 19 | 223 | ||||||||||||||
Net asset value, offering price, and redemption price per share (2) | $ | 30.43 | $ | 15.68 | $ | 21.49 | |||||||||||
Class R: | |||||||||||||||||
Net assets | $ | 658 | $ | 32 | $ | 176 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 21 | 2 | 8 | ||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 31.41 | $ | 15.90 | $ | 21.83 | |||||||||||
Class Y: | |||||||||||||||||
Net assets | $ | 695,182 | $ | 475,488 | $ | 768,117 | |||||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 21,330 | 29,699 | 35,011 | ||||||||||||||
Net asset value, offering price, and redemption price per share | $ | 32.59 | $ | 16.01 | $ | 21.94 | |||||||||||
(1) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
(2) | Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
First American Funds Semiannual Report 2007 67
Table of Contents
Statements of Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Large Cap Growth | Large Cap | Large Cap | |||||||||||||||
Opportunities Fund | Select Fund | Value Fund | |||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||
Dividends from affiliated money market fund | $ | 182 | $ | 93 | $ | 382 | |||||||||||
Dividends from unaffiliated securities | 4,117 | 3,317 | 10,276 | ||||||||||||||
Less: Foreign taxes withheld | (26 | ) | (28 | ) | (27 | ) | |||||||||||
Securities lending income | 161 | 58 | 90 | ||||||||||||||
Total investment income | 4,434 | 3,440 | 10,721 | ||||||||||||||
EXPENSES (note 3): | |||||||||||||||||
Investment advisory fees | 2,762 | 1,574 | 3,015 | ||||||||||||||
Administration fees | 949 | 542 | 1,037 | ||||||||||||||
Transfer agent fees | 161 | 60 | 127 | ||||||||||||||
Custodian fees | 42 | 16 | 24 | ||||||||||||||
Professional fees | 21 | 21 | 21 | ||||||||||||||
Registration fees | 27 | 27 | 25 | ||||||||||||||
Postage and printing fees | 21 | 12 | 23 | ||||||||||||||
Directors’ fees | 10 | 11 | 10 | ||||||||||||||
Other expenses | 10 | 10 | 10 | ||||||||||||||
Distribution and shareholder servicing fees – Class A | 112 | 9 | 145 | ||||||||||||||
Distribution and shareholder servicing fees – Class B | 64 | 3 | 46 | ||||||||||||||
Distribution and shareholder servicing fees – Class C | 38 | 1 | 25 | ||||||||||||||
Distribution and shareholder servicing fees – Class R | 2 | — | (1) | — | (1) | ||||||||||||
Total expenses | 4,219 | 2,286 | 4,508 | ||||||||||||||
Less: Indirect payments from custodian (note 3) | (1 | ) | (1 | ) | (2 | ) | |||||||||||
Total net expenses | 4,218 | 2,285 | 4,506 | ||||||||||||||
Investment income – net | 216 | 1,155 | 6,215 | ||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5): | |||||||||||||||||
Net realized gain on investments | 50,119 | 36,630 | 101,031 | ||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 17,723 | (4,017 | ) | (37,927 | ) | ||||||||||||
Net gain on investments | 67,842 | 32,613 | 63,104 | ||||||||||||||
Net increase in net assets resulting from operations | $ | 68,058 | $ | 33,768 | $ | 69,319 | |||||||||||
(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.
68 First American Funds Semiannual Report 2007
Table of Contents
Statements of Changes in Net Assets all dollars are rounded to thousands (000)
Large Cap Growth | Large Cap | Large Cap | ||||||||||||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | ||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||||||||
Period Ended | Year | Period Ended | Year | Period Ended | Year | |||||||||||||||||||||||||
4/30/07 | Ended | 4/30/07 | Ended | 4/30/07 | Ended | |||||||||||||||||||||||||
(unaudited) | 10/31/06 | (unaudited) | 10/31/06 | (unaudited) | 10/31/06 | |||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||
Investment income – net | $ | 216 | $ | 1,286 | $ | 1,155 | $ | 2,823 | $ | 6,215 | $ | 11,200 | ||||||||||||||||||
Net realized gain on investments | 50,119 | 49,878 | 36,630 | 8,397 | 101,031 | 79,006 | ||||||||||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | 17,723 | 5,492 | (4,017 | ) | 34,939 | (37,927 | ) | 61,680 | ||||||||||||||||||||||
Net increase in net assets resulting from operations | 68,058 | 56,656 | 33,768 | 46,159 | 69,319 | 151,886 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||
Investment income – net: | ||||||||||||||||||||||||||||||
Class A | — | — | (13 | ) | (29 | ) | (852 | ) | (1,231 | ) | ||||||||||||||||||||
Class B | — | — | — | — | (1) | (49 | ) | (77 | ) | |||||||||||||||||||||
Class C | — | — | — | — | (1) | (26 | ) | (32 | ) | |||||||||||||||||||||
Class R | — | — | — | (1) | — | (1) | (1 | ) | — | (1) | ||||||||||||||||||||
Class Y | (1,284 | ) | — | (1,406 | ) | (2,872 | ) | (6,507 | ) | (9,972 | ) | |||||||||||||||||||
Net realized gain on investments: | ||||||||||||||||||||||||||||||
Class A | (1,036 | ) | — | (116 | ) | (250 | ) | (8,884 | ) | (3,787 | ) | |||||||||||||||||||
Class B | (160 | ) | — | (11 | ) | (26 | ) | (738 | ) | (419 | ) | |||||||||||||||||||
Class C | (93 | ) | — | (4 | ) | (8 | ) | (404 | ) | (170 | ) | |||||||||||||||||||
Class R | (6 | ) | — | (2 | ) | (1 | ) | (13 | ) | — | (1) | |||||||||||||||||||
Class Y | (8,372 | ) | — | (7,569 | ) | (14,936 | ) | (62,201 | ) | (23,452 | ) | |||||||||||||||||||
Total distributions | (10,951 | ) | — | (9,121 | ) | (18,122 | ) | (79,675 | ) | (39,140 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS (Note 4): | ||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||
Proceeds from sales | 6,661 | 13,213 | 864 | 4,957 | 5,940 | 10,688 | ||||||||||||||||||||||||
Reinvestment of distributions | 985 | — | 109 | 143 | 9,016 | 4,696 | ||||||||||||||||||||||||
Payments for redemptions | (15,031 | ) | (33,886 | ) | (914 | ) | (4,049 | ) | (11,658 | ) | (32,648 | ) | ||||||||||||||||||
Increase (decrease) in net assets from Class A transactions | (7,385 | ) | (20,673 | ) | 59 | 1,051 | 3,298 | (17,264 | ) | |||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||
Proceeds from sales | 342 | 736 | 46 | 193 | 245 | 627 | ||||||||||||||||||||||||
Reinvestment of distributions | 158 | — | 10 | 23 | 765 | 486 | ||||||||||||||||||||||||
Payments for redemptions (note 3) | (3,358 | ) | (7,250 | ) | (44 | ) | (180 | ) | (1,734 | ) | (6,446 | ) | ||||||||||||||||||
Increase (decrease) in net assets from Class B transactions | (2,858 | ) | (6,514 | ) | 12 | 36 | (724 | ) | (5,333 | ) | ||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||
Proceeds from sales | 580 | 538 | 53 | 73 | 352 | 540 | ||||||||||||||||||||||||
Reinvestment of distributions | 90 | — | 4 | 8 | 386 | 198 | ||||||||||||||||||||||||
Payments for redemptions (note 3) | (2,107 | ) | (3,347 | ) | (15 | ) | (28 | ) | (1,041 | ) | (1,582 | ) | ||||||||||||||||||
Increase (decrease) in net assets from Class C transactions | (1,437 | ) | (2,809 | ) | 42 | 53 | (303 | ) | (844 | ) | ||||||||||||||||||||
Class R: | ||||||||||||||||||||||||||||||
Proceeds from sales | 65 | 261 | 17 | 133 | 27 | 146 | ||||||||||||||||||||||||
Reinvestment of distributions | 6 | — | 2 | 1 | 14 | 1 | ||||||||||||||||||||||||
Payments for redemptions | (12 | ) | (14 | ) | (110 | ) | (30 | ) | (26 | ) | (2 | ) | ||||||||||||||||||
Increase (decrease) in net assets from Class R transactions | 59 | 247 | (91 | ) | 104 | 15 | 145 | |||||||||||||||||||||||
Class Y: | ||||||||||||||||||||||||||||||
Proceeds from sales | 31,702 | 132,441 | 34,841 | 173,185 | 34,317 | 95,353 | ||||||||||||||||||||||||
Reinvestment of distributions | 4,913 | — | 3,437 | 7,404 | 43,739 | 21,057 | ||||||||||||||||||||||||
Payments for redemptions | (185,068 | ) | (237,022 | ) | (63,169 | ) | (73,053 | ) | (126,802 | ) | (127,822 | ) | ||||||||||||||||||
Increase (decrease) in net assets from Class Y transactions | (148,453 | ) | (104,581 | ) | (24,891 | ) | 107,536 | (48,746 | ) | (11,412 | ) | |||||||||||||||||||
Increase (decrease) in net assets from capital share transactions | (160,074 | ) | (134,330 | ) | (24,869 | ) | 108,780 | (46,460 | ) | (34,708 | ) | |||||||||||||||||||
Total increase (decrease) in net assets | (102,967 | ) | (77,674 | ) | (222 | ) | 136,817 | (56,816 | ) | 78,038 | ||||||||||||||||||||
Net assets at beginning of period | 907,110 | 984,784 | 484,315 | 347,498 | 956,224 | 878,186 | ||||||||||||||||||||||||
Net assets at end of period | $ | 804,143 | $ | 907,110 | $ | 484,093 | $ | 484,315 | $ | 899,408 | $ | 956,224 | ||||||||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 217 | $ | 1,285 | $ | (186 | ) | $ | 78 | $ | (1,220 | ) | $ | — | ||||||||||||||||
(1) | Due to the presentation of the financial statements in thousands, the number rounds to zero. |
First American Funds Semiannual Report 2007 69
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 | Distributions | Value | ||||||||||||||||||||||||||||||||
Beginning | Investment | (Losses) on | Investment | Realized | from Return | End of | ||||||||||||||||||||||||||||||||
of Period | Income (Loss) | Investments | Income | Gains | of Capital | Period | ||||||||||||||||||||||||||||||||
Large Cap Growth Opportunities Fund (1) | ||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 29.58 | $ | (0.02 | ) | $ | 2.41 | $ | — | $ | (0.34 | ) | $ | — | $ | 31.63 | ||||||||||||||||||||||
2006 (3) | 27.86 | (0.02 | ) | 1.74 | — | — | — | 29.58 | ||||||||||||||||||||||||||||||
2005 (4) | 28.02 | (0.01 | ) | (0.15 | ) | — | — | — | 27.86 | |||||||||||||||||||||||||||||
2005 (5) | 25.00 | (0.01 | ) | 3.08 | (0.04 | ) | — | (0.01 | ) | 28.02 | ||||||||||||||||||||||||||||
2004 (5) | 22.84 | (0.03 | ) | 2.20 | (0.01 | ) | — | — | (7) | 25.00 | ||||||||||||||||||||||||||||
2003 (5) | 19.16 | — | 3.73 | (0.05 | ) | — | — | 22.84 | ||||||||||||||||||||||||||||||
2002 (5) | 24.44 | — | (5.23 | ) | (0.05 | ) | — | — | 19.16 | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 28.01 | $ | (0.13 | ) | $ | 2.29 | $ | — | $ | (0.34 | ) | $ | — | $ | 29.83 | ||||||||||||||||||||||
2006 (3) | 26.58 | (0.22 | ) | 1.65 | — | — | — | 28.01 | ||||||||||||||||||||||||||||||
2005 (4) | 26.75 | (0.03 | ) | (0.14 | ) | — | — | — | 26.58 | |||||||||||||||||||||||||||||
2005 (5) | 24.02 | (0.20 | ) | 2.96 | (0.02 | ) | — | (0.01 | ) | 26.75 | ||||||||||||||||||||||||||||
2004 (5) | 22.10 | (0.21 | ) | 2.13 | — | — | — | (7) | 24.02 | |||||||||||||||||||||||||||||
2003 (5) | 18.64 | (0.18 | ) | 3.64 | — | — | — | 22.10 | ||||||||||||||||||||||||||||||
2002 (5) | 23.94 | (0.18 | ) | (5.09 | ) | (0.03 | ) | — | — | 18.64 | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 28.58 | $ | (0.13 | ) | $ | 2.32 | $ | — | $ | (0.34 | ) | $ | — | $ | 30.43 | ||||||||||||||||||||||
2006 (3) | 27.12 | (0.23 | ) | 1.69 | — | — | — | 28.58 | ||||||||||||||||||||||||||||||
2005 (4) | 27.29 | (0.03 | ) | (0.14 | ) | — | — | — | 27.12 | |||||||||||||||||||||||||||||
2005 (5) | 24.51 | (0.20 | ) | 3.00 | (0.01 | ) | — | (0.01 | ) | 27.29 | ||||||||||||||||||||||||||||
2004 (5) | 22.55 | (0.21 | ) | 2.17 | — | — | — | (7) | 24.51 | |||||||||||||||||||||||||||||
2003 (5) | 19.03 | (0.18 | ) | 3.72 | (0.02 | ) | — | — | 22.55 | |||||||||||||||||||||||||||||
2002 (5) | 24.44 | (0.18 | ) | (5.19 | ) | (0.04 | ) | — | — | 19.03 | ||||||||||||||||||||||||||||
Class R (6) | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 29.41 | $ | (0.06 | ) | $ | 2.40 | $ | — | $ | (0.34 | ) | $ | — | $ | 31.41 | ||||||||||||||||||||||
2006 (3) | 27.78 | (0.09 | ) | 1.72 | — | — | — | 29.41 | ||||||||||||||||||||||||||||||
2005 (4) | 27.94 | (0.02 | ) | (0.14 | ) | — | — | — | (7) | 27.78 | ||||||||||||||||||||||||||||
2005 (5) | 24.98 | (0.16 | ) | 3.17 | (0.05 | ) | — | — | (7) | 27.94 | ||||||||||||||||||||||||||||
2004 (5) | 22.85 | (0.02 | ) | 2.16 | (0.01 | ) | — | — | 24.98 | |||||||||||||||||||||||||||||
2003 (5) | 19.17 | — | 3.73 | (0.05 | ) | — | — | 22.85 | ||||||||||||||||||||||||||||||
2002 (5) | 24.45 | — | (5.23 | ) | (0.05 | ) | — | — | 19.17 | |||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2007 (2) | $ | 30.48 | $ | 0.02 | $ | 2.48 | $ | (0.05 | ) | $ | (0.34 | ) | $ | — | $ | 32.59 | ||||||||||||||||||||||
2006 (3) | 28.64 | 0.05 | 1.79 | — | — | — | 30.48 | |||||||||||||||||||||||||||||||
2005 (4) | 28.79 | (0.01 | ) | (0.14 | ) | — | — | — | 28.64 | |||||||||||||||||||||||||||||
2005 (5) | 25.63 | 0.07 | 3.15 | (0.04 | ) | — | (0.02 | ) | 28.79 | |||||||||||||||||||||||||||||
2004 (5) | 23.38 | 0.03 | 2.25 | (0.02 | ) | — | (0.01 | ) | 25.63 | |||||||||||||||||||||||||||||
2003 (5) | 19.59 | 0.07 | 3.80 | (0.08 | ) | — | — | 23.38 | ||||||||||||||||||||||||||||||
2002 (5) | 24.93 | 0.06 | (5.33 | ) | (0.07 | ) | — | — | 19.59 | |||||||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except per share data. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | 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.
70 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (8) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
8.14 | % | $ | 88,915 | 1.19 | % | (0.15 | )% | 1.19 | % | (0.15 | )% | 51 | % | ||||||||||||||||||||||||
6.17 | 90,285 | 1.19 | (0.07 | ) | 1.19 | (0.07 | ) | 94 | |||||||||||||||||||||||||||||
(0.57 | ) | 104,960 | 1.21 | (0.47 | ) | 1.21 | (0.47 | ) | 6 | ||||||||||||||||||||||||||||
12.30 | 107,079 | 1.17 | (0.03 | ) | 1.20 | (0.06 | ) | 103 | |||||||||||||||||||||||||||||
9.52 | 112,379 | 1.15 | (0.13 | ) | 1.19 | (0.17 | ) | 113 | |||||||||||||||||||||||||||||
19.50 | 93,331 | 1.15 | (0.02 | ) | 1.19 | (0.06 | ) | 83 | |||||||||||||||||||||||||||||
(21.46 | ) | 24,647 | 1.15 | (0.02 | ) | 1.22 | (0.09 | ) | 43 | ||||||||||||||||||||||||||||
7.78 | % | $ | 11,912 | 1.94 | % | (0.90 | )% | 1.94 | % | (0.90 | )% | 51 | % | ||||||||||||||||||||||||
5.38 | 13,990 | 1.94 | (0.82 | ) | 1.94 | (0.82 | ) | 94 | |||||||||||||||||||||||||||||
(0.64 | ) | 19,601 | 1.96 | (1.22 | ) | 1.96 | (1.22 | ) | 6 | ||||||||||||||||||||||||||||
11.47 | 20,239 | 1.92 | (0.77 | ) | 1.95 | (0.80 | ) | 103 | |||||||||||||||||||||||||||||
8.69 | 25,633 | 1.90 | (0.87 | ) | 1.94 | (0.91 | ) | 113 | |||||||||||||||||||||||||||||
18.58 | 37,853 | 1.90 | (0.84 | ) | 1.94 | (0.88 | ) | 83 | |||||||||||||||||||||||||||||
(22.06 | ) | 2,928 | 1.90 | (0.75 | ) | 1.97 | (0.82 | ) | 43 | ||||||||||||||||||||||||||||
7.73 | % | $ | 7,476 | 1.94 | % | (0.90 | )% | 1.94 | % | (0.90 | )% | 51 | % | ||||||||||||||||||||||||
5.38 | 8,424 | 1.94 | (0.82 | ) | 1.94 | (0.82 | ) | 94 | |||||||||||||||||||||||||||||
(0.62 | ) | 10,739 | 1.96 | (1.22 | ) | 1.96 | (1.22 | ) | 6 | ||||||||||||||||||||||||||||
11.44 | 11,147 | 1.92 | (0.78 | ) | 1.95 | (0.81 | ) | 103 | |||||||||||||||||||||||||||||
8.69 | 12,811 | 1.90 | (0.87 | ) | 1.94 | (0.91 | ) | 113 | |||||||||||||||||||||||||||||
18.60 | 15,365 | 1.90 | (0.81 | ) | 1.94 | (0.85 | ) | 83 | |||||||||||||||||||||||||||||
(22.03 | ) | 476 | 1.90 | (0.73 | ) | 1.97 | (0.80 | ) | 43 | ||||||||||||||||||||||||||||
8.02 | % | $ | 658 | 1.44 | % | (0.40 | )% | 1.44 | % | (0.40 | )% | 51 | % | ||||||||||||||||||||||||
5.87 | 558 | 1.44 | (0.32 | ) | 1.57 | (0.45 | ) | 94 | |||||||||||||||||||||||||||||
(0.57 | ) | 290 | 1.46 | (0.72 | ) | 1.61 | (0.87 | ) | 6 | ||||||||||||||||||||||||||||
12.04 | 290 | 1.42 | (0.57 | ) | 1.60 | (0.75 | ) | 103 | |||||||||||||||||||||||||||||
9.38 | 1 | 1.15 | (0.08 | ) | 1.19 | (0.12 | ) | 113 | |||||||||||||||||||||||||||||
19.51 | 15,890 | 1.15 | (0.01 | ) | 1.19 | (0.05 | ) | 83 | |||||||||||||||||||||||||||||
(21.45 | ) | 2,376 | 1.15 | — | 1.22 | (0.07 | ) | 43 | |||||||||||||||||||||||||||||
8.28 | % | $ | 695,182 | 0.94 | % | 0.10 | % | 0.94 | % | 0.10 | % | 51 | % | ||||||||||||||||||||||||
6.42 | 793,853 | 0.94 | 0.18 | 0.94 | 0.18 | 94 | |||||||||||||||||||||||||||||||
(0.52 | ) | 849,194 | 0.96 | (0.22 | ) | 0.96 | (0.22 | ) | 6 | ||||||||||||||||||||||||||||
12.58 | 849,382 | 0.92 | 0.26 | 0.95 | 0.23 | 103 | |||||||||||||||||||||||||||||||
9.76 | 1,188,261 | 0.90 | 0.13 | 0.94 | 0.09 | 113 | |||||||||||||||||||||||||||||||
19.78 | 1,072,174 | 0.90 | 0.31 | 0.94 | 0.27 | 83 | |||||||||||||||||||||||||||||||
(21.23 | ) | 255,311 | 0.90 | 0.24 | 0.97 | 0.17 | 43 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 71
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 (Loss) | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Large Cap Select Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.18 | $ | 0.02 | $ | 1.04 | $ | (0.02 | ) | $ | (0.25 | ) | $ | 15.97 | |||||||||||||||||||
2006 (3) | 14.30 | 0.06 | 1.48 | (0.06 | ) | (0.60 | ) | 15.18 | |||||||||||||||||||||||||
2005 (4) | 14.47 | — | (0.17 | ) | — | — | 14.30 | ||||||||||||||||||||||||||
2005 (5) | 12.52 | 0.06 | 2.15 | (0.06 | ) | (0.20 | ) | 14.47 | |||||||||||||||||||||||||
2004 (5) | 11.45 | 0.04 | 1.19 | (0.05 | ) | (0.11 | ) | 12.52 | |||||||||||||||||||||||||
2003 (7) | 10.00 | 0.03 | 1.46 | (0.04 | ) | — | 11.45 | ||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.94 | $ | (0.04 | ) | $ | 1.03 | $ | — | $ | (0.25 | ) | $ | 15.68 | |||||||||||||||||||
2006 (3) | 14.12 | (0.05 | ) | 1.48 | (0.01 | ) | (0.60 | ) | 14.94 | ||||||||||||||||||||||||
2005 (4) | 14.30 | (0.01 | ) | (0.17 | ) | — | — | 14.12 | |||||||||||||||||||||||||
2005 (5) | 12.41 | (0.05 | ) | 2.15 | (0.01 | ) | (0.20 | ) | 14.30 | ||||||||||||||||||||||||
2004 (5) | 11.41 | (0.06 | ) | 1.18 | (0.01 | ) | (0.11 | ) | 12.41 | ||||||||||||||||||||||||
2003 (7) | 10.00 | (0.03 | ) | 1.45 | (0.01 | ) | — | 11.41 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 14.95 | $ | (0.04 | ) | $ | 1.02 | $ | — | $ | (0.25 | ) | $ | 15.68 | |||||||||||||||||||
2006 (3) | 14.13 | (0.05 | ) | 1.48 | (0.01 | ) | (0.60 | ) | 14.95 | ||||||||||||||||||||||||
2005 (4) | 14.31 | (0.01 | ) | (0.17 | ) | — | — | 14.13 | |||||||||||||||||||||||||
2005 (5) | 12.43 | (0.05 | ) | 2.14 | (0.01 | ) | (0.20 | ) | 14.31 | ||||||||||||||||||||||||
2004 (5) | 11.42 | (0.06 | ) | 1.19 | (0.01 | ) | (0.11 | ) | 12.43 | ||||||||||||||||||||||||
2003 (7) | 10.00 | (0.02 | ) | 1.45 | (0.01 | ) | — | 11.42 | |||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.12 | $ | 0.01 | $ | 1.03 | $ | (0.01 | ) | $ | (0.25 | ) | $ | 15.90 | |||||||||||||||||||
2006 (3) | 14.26 | 0.01 | 1.49 | (0.04 | ) | (0.60 | ) | 15.12 | |||||||||||||||||||||||||
2005 (4) | 14.43 | (0.01 | ) | (0.16 | ) | — | — | 14.26 | |||||||||||||||||||||||||
2005 (5) | 12.49 | 0.02 | 2.15 | (0.03 | ) | (0.20 | ) | 14.43 | |||||||||||||||||||||||||
2004 (5) | 11.44 | 0.02 | 1.18 | (0.04 | ) | (0.11 | ) | 12.49 | |||||||||||||||||||||||||
2003 (7) | 10.00 | 0.03 | 1.44 | (0.03 | ) | — | 11.44 | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.22 | $ | 0.04 | $ | 1.04 | $ | (0.04 | ) | $ | (0.25 | ) | $ | 16.01 | |||||||||||||||||||
2006 (3) | 14.33 | 0.10 | 1.49 | (0.10 | ) | (0.60 | ) | 15.22 | |||||||||||||||||||||||||
2005 (4) | 14.49 | — | (0.16 | ) | — | — | 14.33 | ||||||||||||||||||||||||||
2005 (5) | 12.53 | 0.09 | 2.16 | (0.09 | ) | (0.20 | ) | 14.49 | |||||||||||||||||||||||||
2004 (5) | 11.45 | 0.07 | 1.19 | (0.07 | ) | (0.11 | ) | 12.53 | |||||||||||||||||||||||||
2003 (7) | 10.00 | 0.05 | 1.45 | (0.05 | ) | — | 11.45 | ||||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | For the period from January 31, 2003, 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. | |
(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.
72 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return(8) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
7.06 | % | $ | 7,584 | 1.19 | % | 0.23 | % | 1.19 | % | 0.23 | % | 64 | % | ||||||||||||||||||||||||
11.07 | 7,152 | 1.20 | 0.41 | 1.20 | 0.41 | 112 | |||||||||||||||||||||||||||||||
(1.17 | ) | 5,682 | 1.19 | (0.20 | ) | 1.19 | (0.20 | ) | 8 | ||||||||||||||||||||||||||||
17.83 | 5,299 | 1.17 | 0.41 | 1.22 | 0.36 | 176 | |||||||||||||||||||||||||||||||
10.82 | 714 | 1.15 | 0.30 | 1.21 | 0.24 | 67 | |||||||||||||||||||||||||||||||
14.91 | 215 | 1.15 | 0.42 | 1.24 | 0.33 | 65 | |||||||||||||||||||||||||||||||
6.65 | % | $ | 686 | 1.94 | % | (0.52 | )% | 1.94 | % | (0.52 | )% | 64 | % | ||||||||||||||||||||||||
10.32 | 643 | 1.95 | (0.34 | ) | 1.95 | (0.34 | ) | 112 | |||||||||||||||||||||||||||||
(1.26 | ) | 573 | 1.94 | (0.95 | ) | 1.94 | (0.95 | ) | 8 | ||||||||||||||||||||||||||||
17.02 | 567 | 1.92 | (0.36 | ) | 1.97 | (0.41 | ) | 176 | |||||||||||||||||||||||||||||
9.89 | 270 | 1.90 | (0.44 | ) | 1.96 | (0.50 | ) | 67 | |||||||||||||||||||||||||||||
14.18 | 113 | 1.90 | (0.35 | ) | 1.99 | (0.44 | ) | 65 | |||||||||||||||||||||||||||||
6.58 | % | $ | 303 | 1.94 | % | (0.54 | )% | 1.94 | % | (0.54 | )% | 64 | % | ||||||||||||||||||||||||
10.36 | 248 | 1.95 | (0.35 | ) | 1.95 | (0.35 | ) | 112 | |||||||||||||||||||||||||||||
(1.26 | ) | 180 | 1.94 | (0.95 | ) | 1.94 | (0.95 | ) | 8 | ||||||||||||||||||||||||||||
16.91 | 182 | 1.92 | (0.35 | ) | 1.97 | (0.40 | ) | 176 | |||||||||||||||||||||||||||||
9.98 | 59 | 1.90 | (0.45 | ) | 1.96 | (0.51 | ) | 67 | |||||||||||||||||||||||||||||
14.27 | 26 | 1.90 | (0.32 | ) | 1.99 | (0.41 | ) | 65 | |||||||||||||||||||||||||||||
6.90 | % | $ | 32 | 1.44 | % | 0.07 | % | 1.44 | % | 0.07 | % | 64 | % | ||||||||||||||||||||||||
10.79 | 118 | 1.45 | 0.08 | 1.57 | (0.04 | ) | 112 | ||||||||||||||||||||||||||||||
(1.18 | ) | 2 | 1.44 | (0.45 | ) | 1.59 | (0.60 | ) | 8 | ||||||||||||||||||||||||||||
17.54 | 2 | 1.42 | 0.14 | 1.62 | (0.06 | ) | 176 | ||||||||||||||||||||||||||||||
10.60 | 1 | 1.32 | 0.18 | 1.38 | 0.12 | 67 | |||||||||||||||||||||||||||||||
14.76 | 1 | 1.15 | 0.39 | 1.24 | 0.30 | 65 | |||||||||||||||||||||||||||||||
7.17 | % | $ | 475,488 | 0.94 | % | 0.48 | % | 0.94 | % | 0.48 | % | 64 | % | ||||||||||||||||||||||||
11.37 | 476,154 | 0.95 | 0.66 | 0.95 | 0.66 | 112 | |||||||||||||||||||||||||||||||
(1.10 | ) | 341,061 | 0.94 | 0.05 | 0.94 | 0.05 | 8 | ||||||||||||||||||||||||||||||
18.14 | 329,656 | 0.92 | 0.67 | 0.97 | 0.62 | 176 | |||||||||||||||||||||||||||||||
11.10 | 291,807 | 0.90 | 0.57 | 0.96 | 0.51 | 67 | |||||||||||||||||||||||||||||||
15.02 | 126,391 | 0.90 | 0.71 | 0.99 | 0.62 | 65 | |||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 73
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 (Loss) | Investments | Income | Gains | Period | ||||||||||||||||||||||||||||
Large Cap Value Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 22.12 | $ | 0.12 | $ | 1.47 | $ | (0.16 | ) | $ | (1.69 | ) | $ | 21.86 | |||||||||||||||||||
2006 (3) | 19.56 | 0.21 | 3.19 | (0.21 | ) | (0.63 | ) | 22.12 | |||||||||||||||||||||||||
2005 (4) | 20.06 | — | (0.50 | ) | — | — | 19.56 | ||||||||||||||||||||||||||
2005 (5) | 17.21 | 0.17 | 2.85 | (0.17 | ) | — | 20.06 | ||||||||||||||||||||||||||
2004 (5) | 14.97 | 0.15 | 2.24 | (0.15 | ) | — | 17.21 | ||||||||||||||||||||||||||
2003 (5) | 12.77 | 0.18 | 2.20 | (0.18 | ) | — | 14.97 | ||||||||||||||||||||||||||
2002 (5) | 15.98 | 0.14 | (3.21 | ) | (0.14 | ) | — | 12.77 | |||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 21.54 | $ | 0.04 | $ | 1.42 | $ | (0.11 | ) | $ | (1.69 | ) | $ | 21.20 | |||||||||||||||||||
2006 (3) | 19.12 | 0.06 | 3.11 | (0.12 | ) | (0.63 | ) | 21.54 | |||||||||||||||||||||||||
2005 (4) | 19.62 | (0.01 | ) | (0.49 | ) | — | — | 19.12 | |||||||||||||||||||||||||
2005 (5) | 16.87 | 0.03 | 2.78 | (0.06 | ) | — | 19.62 | ||||||||||||||||||||||||||
2004 (5) | 14.70 | 0.03 | 2.20 | (0.06 | ) | — | 16.87 | ||||||||||||||||||||||||||
2003 (5) | 12.55 | 0.08 | 2.15 | (0.08 | ) | — | 14.70 | ||||||||||||||||||||||||||
2002 (5) | 15.71 | 0.02 | (3.15 | ) | (0.03 | ) | — | 12.55 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 21.81 | $ | 0.04 | $ | 1.44 | $ | (0.11 | ) | $ | (1.69 | ) | $ | 21.49 | |||||||||||||||||||
2006 (3) | 19.35 | 0.06 | 3.15 | (0.12 | ) | (0.63 | ) | 21.81 | |||||||||||||||||||||||||
2005 (4) | 19.85 | (0.01 | ) | (0.49 | ) | — | — | 19.35 | |||||||||||||||||||||||||
2005 (5) | 17.07 | 0.03 | 2.81 | (0.06 | ) | — | 19.85 | ||||||||||||||||||||||||||
2004 (5) | 14.87 | 0.03 | 2.23 | (0.06 | ) | — | 17.07 | ||||||||||||||||||||||||||
2003 (5) | 12.70 | 0.08 | 2.17 | (0.08 | ) | — | 14.87 | ||||||||||||||||||||||||||
2002 (5) | 15.90 | 0.02 | (3.19 | ) | (0.03 | ) | — | 12.70 | |||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 22.10 | $ | 0.09 | $ | 1.46 | $ | (0.13 | ) | $ | (1.69 | ) | $ | 21.83 | |||||||||||||||||||
2006 (3) | 19.55 | 0.12 | 3.23 | (0.17 | ) | (0.63 | ) | 22.10 | |||||||||||||||||||||||||
2005 (4) | 20.06 | (0.01 | ) | (0.50 | ) | — | — | 19.55 | |||||||||||||||||||||||||
2005 (5) | 17.22 | 0.12 | 2.85 | (0.13 | ) | — | 20.06 | ||||||||||||||||||||||||||
2004 (5) | 14.96 | 0.17 | 2.23 | (0.14 | ) | — | 17.22 | ||||||||||||||||||||||||||
2003 (5) | 12.77 | 0.18 | 2.19 | (0.18 | ) | — | 14.96 | ||||||||||||||||||||||||||
2002 (5) | 15.97 | 0.13 | (3.18 | ) | (0.15 | ) | — | 12.77 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 22.19 | $ | 0.15 | $ | 1.46 | $ | (0.17 | ) | $ | (1.69 | ) | $ | 21.94 | |||||||||||||||||||
2006 (3) | 19.62 | 0.26 | 3.21 | (0.27 | ) | (0.63 | ) | 22.19 | |||||||||||||||||||||||||
2005 (4) | 20.12 | — | (0.50 | ) | — | — | 19.62 | ||||||||||||||||||||||||||
2005 (5) | 17.26 | 0.22 | 2.86 | (0.22 | ) | — | 20.12 | ||||||||||||||||||||||||||
2004 (5) | 15.01 | 0.20 | 2.24 | (0.19 | ) | — | 17.26 | ||||||||||||||||||||||||||
2003 (5) | 12.80 | 0.22 | 2.20 | (0.21 | ) | — | 15.01 | ||||||||||||||||||||||||||
2002 (5) | 16.02 | 0.18 | (3.22 | ) | (0.18 | ) | — | 12.80 | |||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund’s fiscal year-end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
74 First American Funds Semiannual Report 2007
Table of Contents
Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Net Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
7.51 | % | $ | 117,406 | 1.17 | % | 1.13 | % | 1.17 | % | 1.13 | % | 45 | % | ||||||||||||||||||||||||
17.93 | 115,438 | 1.19 | 1.05 | 1.19 | 1.05 | 55 | |||||||||||||||||||||||||||||||
(2.48 | ) | 118,443 | 1.21 | (0.17 | ) | 1.21 | (0.17 | ) | 2 | ||||||||||||||||||||||||||||
17.62 | 121,809 | 1.17 | 0.90 | 1.20 | 0.87 | 61 | |||||||||||||||||||||||||||||||
16.01 | 113,683 | 1.15 | 0.91 | 1.19 | 0.87 | 104 | |||||||||||||||||||||||||||||||
18.71 | 88,024 | 1.15 | 1.30 | 1.20 | 1.25 | 94 | |||||||||||||||||||||||||||||||
(19.37 | ) | 85,182 | 1.15 | 0.86 | 1.20 | 0.81 | 82 | ||||||||||||||||||||||||||||||
7.08 | % | $ | 8,929 | 1.92 | % | 0.40 | % | 1.92 | % | 0.40 | % | 45 | % | ||||||||||||||||||||||||
17.04 | 9,815 | 1.94 | 0.32 | 1.94 | 0.32 | 55 | |||||||||||||||||||||||||||||||
(2.55 | ) | 13,826 | 1.96 | (0.92 | ) | 1.96 | (0.92 | ) | 2 | ||||||||||||||||||||||||||||
16.70 | 14,876 | 1.92 | 0.15 | 1.95 | 0.12 | 61 | |||||||||||||||||||||||||||||||
15.19 | 21,829 | 1.90 | 0.19 | 1.94 | 0.15 | 104 | |||||||||||||||||||||||||||||||
17.83 | 30,987 | 1.90 | 0.56 | 1.95 | 0.51 | 94 | |||||||||||||||||||||||||||||||
(19.96 | ) | 33,720 | 1.90 | 0.11 | 1.95 | 0.06 | 82 | ||||||||||||||||||||||||||||||
7.08 | % | $ | 4,780 | 1.92 | % | 0.39 | % | 1.92 | % | 0.39 | % | 45 | % | ||||||||||||||||||||||||
17.05 | 5,174 | 1.94 | 0.30 | 1.94 | 0.30 | 55 | |||||||||||||||||||||||||||||||
(2.52 | ) | 5,399 | 1.96 | (0.92 | ) | 1.96 | (0.92 | ) | 2 | ||||||||||||||||||||||||||||
16.75 | 5,710 | 1.92 | 0.15 | 1.95 | 0.12 | 61 | |||||||||||||||||||||||||||||||
15.21 | 6,344 | 1.90 | 0.18 | 1.94 | 0.14 | 104 | |||||||||||||||||||||||||||||||
17.76 | 6,844 | 1.90 | 0.56 | 1.95 | 0.51 | 94 | |||||||||||||||||||||||||||||||
(19.97 | ) | 7,524 | 1.90 | 0.11 | 1.95 | 0.06 | 82 | ||||||||||||||||||||||||||||||
7.36 | % | $ | 176 | 1.42 | % | 0.86 | % | 1.42 | % | 0.86 | % | 45 | % | ||||||||||||||||||||||||
17.63 | 164 | 1.44 | 0.58 | 1.55 | 0.47 | 55 | |||||||||||||||||||||||||||||||
(2.54 | ) | 7 | 1.46 | (0.42 | ) | 1.61 | (0.57 | ) | 2 | ||||||||||||||||||||||||||||
17.34 | 7 | 1.42 | 0.61 | 1.60 | 0.43 | 61 | |||||||||||||||||||||||||||||||
16.05 | 1 | 1.15 | 1.00 | 1.19 | 0.96 | 104 | |||||||||||||||||||||||||||||||
18.63 | 23,845 | 1.15 | 1.30 | 1.20 | 1.25 | 94 | |||||||||||||||||||||||||||||||
(19.36 | ) | 24,129 | 1.15 | 0.90 | 1.20 | 0.85 | 82 | ||||||||||||||||||||||||||||||
7.62 | % | $ | 768,117 | 0.92 | % | 1.39 | % | 0.92 | % | 1.39 | % | 45 | % | ||||||||||||||||||||||||
18.23 | 825,633 | 0.94 | 1.29 | 0.94 | 1.29 | 55 | |||||||||||||||||||||||||||||||
(2.47 | ) | 740,511 | 0.96 | 0.08 | 0.96 | 0.08 | 2 | ||||||||||||||||||||||||||||||
17.92 | 764,679 | 0.92 | 1.17 | 0.95 | 1.14 | 61 | |||||||||||||||||||||||||||||||
16.31 | 1,021,197 | 0.90 | 1.17 | 0.94 | 1.13 | 104 | |||||||||||||||||||||||||||||||
19.04 | 874,267 | 0.90 | 1.55 | 0.95 | 1.50 | 94 | |||||||||||||||||||||||||||||||
(19.22 | ) | 825,179 | 0.90 | 1.11 | 0.95 | 1.06 | 82 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 75
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Balanced Fund | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Common Stocks – 53.6% | ||||||||
Consumer Discretionary – 5.2% | ||||||||
Abercrombie & Fitch, Class A (a) | 25,525 | $ | 2,084 | |||||
Cato, Class A | 4,907 | 106 | ||||||
Children’s Place Retail Stores (a) (b) | 3,917 | 207 | ||||||
Christopher & Banks (a) | 10,041 | 174 | ||||||
Comcast, Class A (a) (b) | 175,536 | 4,680 | ||||||
Cosi (a) (b) | 42,849 | 222 | ||||||
Federated Department Stores | 52,871 | 2,322 | ||||||
Gap | 107,561 | 1,931 | ||||||
GSI Commerce (a) (b) | 4,443 | 98 | ||||||
Hibbett Sports (a) (b) | 5,256 | 153 | ||||||
Interface, Class A | 3,415 | 58 | ||||||
Journal Communications, Class A | 15,466 | 209 | ||||||
McCormick & Schmick’s Seafood Restaurants (a) (b) | 3,378 | 90 | ||||||
Nautilus (a) | 23,737 | 328 | ||||||
NutriSystem (a) (b) | 3,688 | 229 | ||||||
Omnicom Group | 25,440 | 2,664 | ||||||
P.F. Chang’s China Bistro (a) (b) | 4,402 | 168 | ||||||
Ruth’s Chris Steak House (b) | 5,749 | 114 | ||||||
Scientific Games, Class A (a) (b) | 6,905 | 230 | ||||||
Starbucks (a) (b) | 64,213 | 1,992 | ||||||
Texas Roadhouse, Class A (a) (b) | 10,182 | 149 | ||||||
Tween Brands (a) (b) | 3,563 | 139 | ||||||
WMS Industries (a) (b) | 1,496 | 60 | ||||||
18,407 | ||||||||
Consumer Staples – 4.5% | ||||||||
Altria Group | 59,023 | 4,068 | ||||||
Central Garden & Pet, Class A (a) (b) | 7,797 | 111 | ||||||
Central Garden & Pet (a) (b) | 3,898 | 58 | ||||||
Estee Lauder, Class A | 67,958 | 3,494 | ||||||
Pantry (b) | 1,705 | 77 | ||||||
Reliv International (a) | 9,571 | 102 | ||||||
USANA Health Sciences (a) (b) | 4,387 | 175 | ||||||
Walgreen (a) | 99,017 | 4,347 | ||||||
Wal-Mart Stores | 77,282 | 3,703 | ||||||
16,135 | ||||||||
Energy – 5.9% | ||||||||
Apache | 33,804 | 2,451 | ||||||
Arena Resources (a) (b) | 2,407 | 113 | ||||||
Atwood Oceanics (a) (b) | 769 | 48 | ||||||
Baytex Energy Trust | 3,220 | 61 | ||||||
Brigham Exploration (b) | 18,178 | 110 | ||||||
Canadian Oil Sands Trust | 3,500 | 95 | ||||||
Canetic Resources Trust | 6,500 | 87 | ||||||
Comstock Resources (a) (b) | 7,130 | 202 | ||||||
Edge Petroleum (a) (b) | 14,096 | 194 | ||||||
Exxon Mobil | 54,554 | 4,331 | ||||||
Harvest Energy Trust | 4,000 | 111 | ||||||
Helix Energy Solutions Group (a) (b) | 6,464 | 247 | ||||||
Hess | 44,454 | 2,523 | ||||||
NAL Oil & Gas Trust (b) | 8,000 | 89 | ||||||
National-Oilwell Varco (b) | 11,339 | 962 | ||||||
Occidental Petroleum | 78,310 | 3,970 | ||||||
Penn West Energy Trust | 2,065 | 62 | ||||||
St. Mary Land & Exploration | 4,809 | 176 | ||||||
Tesoro (a) | 17,183 | 2,083 | ||||||
Williams | 105,856 | 3,123 | ||||||
21,038 | ||||||||
Financials – 12.1% | ||||||||
Affiliated Managers Group (a) (b) | 16,528 | 1,944 | ||||||
AllianceBernstein Holding | 30,495 | 2,774 | ||||||
Ambac Financial Group (a) | 25,418 | 2,333 | ||||||
American International Group | 113,353 | 7,924 | ||||||
BioMed Realty Trust – REIT | 8,694 | 250 | ||||||
CIT Group | 33,152 | 1,978 | ||||||
Citigroup | 119,262 | 6,395 | ||||||
Columbia Banking System | 3,519 | 107 | ||||||
Countrywide Financial | 78,965 | 2,928 | ||||||
Cullen/ Frost Bankers (a) | 5,099 | 261 | ||||||
Dime Community Bancshares | 8,364 | 111 | ||||||
East West Bancorp | 7,514 | 299 | ||||||
First Financial Bankshares (a) | 1,422 | 55 | ||||||
First Potomac Realty Trust – REIT | 8,122 | 210 | ||||||
Goldman Sachs Group | 14,885 | 3,254 | ||||||
Independent Bank (a) | 3,312 | 98 | ||||||
Investors Financial Services | 3,031 | 188 | ||||||
Kite Realty Group Trust – REIT | 7,705 | 154 | ||||||
Knight Capital Group, Class A (a) (b) | 10,780 | 175 | ||||||
LaSalle Hotel Properties – REIT | 2,533 | 118 | ||||||
Morgan Stanley | 70,194 | 5,897 | ||||||
Nara Bancorp | 4,947 | 82 | ||||||
Nelnet, Class A (a) | 6,692 | 180 | ||||||
Newcastle Investment – REIT (a) | 1,890 | 55 | ||||||
Platinum Underwriters Holdings (a) | 8,330 | 285 | ||||||
PMI Group (a) | 97,295 | 4,716 | ||||||
South Financial Group (a) | 4,748 | 107 | ||||||
Thomas Weisel Partners Group (a) (b) | 9,729 | 192 | ||||||
Umpqua Holdings (a) | 4,445 | 111 | ||||||
43,181 | ||||||||
Healthcare – 5.5% | ||||||||
AngioDynamics (b) | 9,111 | 152 | ||||||
Caliper Life Sciences (b) | 5,983 | 34 | ||||||
Conceptus (a) (b) | 604 | 12 | ||||||
Coventry Health Care (a) (b) | 38,912 | 2,250 | ||||||
Curis (b) | 21,324 | 44 | ||||||
Dexcom (a) (b) | 11,286 | 90 | ||||||
DJ Orthopedics (b) | 5,617 | 219 | ||||||
Exelixis (a) (b) | 9,369 | 101 | ||||||
Healthways (a) (b) | 2,582 | 110 | ||||||
Human Genome Sciences (a) (b) | 6,946 | 75 | ||||||
ICU Medical (a) (b) | 5,186 | 217 | ||||||
ImmunoGen (b) | 12,562 | 68 | ||||||
K-V Pharmaceutical, Class A (a) (b) | 5,173 | 135 | ||||||
LCA-Vision (a) | 3,021 | 127 | ||||||
Magellan Health Services (a) (b) | 3,903 | 167 | ||||||
Medarex (a) (b) | 6,495 | 89 | ||||||
Merge Technologies (a) (b) | 6,550 | 33 | ||||||
Novartis AG, ADR | 61,045 | 3,546 | ||||||
Pediatrix Medical Group (a) (b) | 6,318 | 360 | ||||||
Pfizer | 94,198 | 2,492 | ||||||
Salix Pharmaceuticals (a) (b) | 11,870 | 155 | ||||||
Senomyx (a) (b) | 9,092 | 122 | ||||||
SonoSite (a) (b) | 9,808 | 284 | ||||||
SurModics (a) (b) | 2,456 | 100 | ||||||
UnitedHealth Group (a) | 69,900 | 3,709 | ||||||
Wyeth Pharmaceuticals | 88,006 | 4,884 | ||||||
19,575 | ||||||||
Industrials – 4.9% | ||||||||
AirTran Holdings (a) (b) | 28,863 | 318 | ||||||
American Standard | 52,654 | 2,899 | ||||||
AMETEK (a) | 8,270 | 300 | ||||||
BE Aerospace (a) (b) | 3,323 | 122 | ||||||
Boeing | 39,778 | 3,699 | ||||||
Columbus McKinnon (b) | 2,946 | 73 | ||||||
CRA International (a) (b) | 1,747 | 90 |
The accompanying notes are an integral part of the financial statements.
76 First American Funds Semiannual Report 2007
Table of Contents
Balanced Fund (continued) | ||||||||
DESCRIPTION | SHARES | VALUE | ||||||
Energy Conversion Devices (a) (b) | 2,603 | $ | 92 | |||||
ESCO Technologies (a) (b) | 4,513 | 206 | ||||||
Forward Air (a) | 7,704 | 235 | ||||||
General Electric | 90,350 | 3,330 | ||||||
Genlyte Group (a) (b) | 1,276 | 99 | ||||||
L-3 Communications Holdings | 27,374 | 2,462 | ||||||
Lennox International (a) | 5,358 | 181 | ||||||
NCI Building Systems (a) (b) | 3,959 | 198 | ||||||
PeopleSupport (a) (b) | 15,509 | 195 | ||||||
Power-One (a) (b) | 28,937 | 123 | ||||||
Steelcase, Class A | 5,317 | 104 | ||||||
Timken (a) | 8,190 | 270 | ||||||
UAL (a) (b) | 65,801 | 2,198 | ||||||
WESCO International (a) (b) | 4,625 | 292 | ||||||
17,486 | ||||||||
Information Technology – 12.1% | ||||||||
ADC Telecommunications (a) (b) | 13,043 | 240 | ||||||
Advanced Analogic Technologies (a) (b) | 19,532 | 158 | ||||||
aQuantive (a) (b) | 5,422 | 166 | ||||||
BISYS Group (b) | 15,737 | 182 | ||||||
Cisco Systems (b) | 199,657 | 5,339 | ||||||
Corning (a) (b) | 102,927 | 2,441 | ||||||
Dell (b) | 75,807 | 1,911 | ||||||
Digital River (a) (b) | 1,269 | 74 | ||||||
EMC (b) | 158,587 | 2,407 | ||||||
Emulex (a) (b) | 14,751 | 310 | ||||||
Entegris (a) (b) | 28,089 | 329 | ||||||
F5 Networks (b) | 2,387 | 183 | ||||||
Harris Stratex Networks, Class A (a) (b) | 8,530 | 170 | ||||||
Hutchinson Technology (a) (b) | 4,276 | 81 | ||||||
IBM | 43,837 | 4,481 | ||||||
Intel | 187,059 | 4,022 | ||||||
Ixia (b) | 2,956 | 25 | ||||||
MEMC Electronic Materials (b) | 14,847 | 815 | ||||||
Microsoft | 222,881 | 6,673 | ||||||
NVIDIA (b) | 28,836 | 948 | ||||||
Oracle (b) | 233,860 | 4,397 | ||||||
Photronics (a) (b) | 13,307 | 200 | ||||||
Plexus (a) (b) | 10,236 | 215 | ||||||
PMC-Sierra (a) (b) | 29,792 | 230 | ||||||
Progress Software (b) | 7,261 | 219 | ||||||
QUALCOMM | 63,733 | 2,792 | ||||||
Rudolph Technologies (b) | 7,018 | 121 | ||||||
Silicon Laboratories (a) (b) | 4,755 | 156 | ||||||
Stratasys (b) | 1,230 | 59 | ||||||
Tessera Technologies (a) (b) | 3,790 | 162 | ||||||
Texas Instruments | 98,843 | 3,397 | ||||||
TIBCO Software (a) (b) | 15,094 | 138 | ||||||
Trident Microsystems (b) | 8,657 | 184 | ||||||
43,225 | ||||||||
Materials – 1.8% | ||||||||
Albemarle | 2,784 | 118 | ||||||
Century Aluminum (a) (b) | 2,398 | 114 | ||||||
Freeport-McMoRan Copper & Gold, Class B | 50,035 | 3,360 | ||||||
Headwaters (a) (b) | 2,203 | 48 | ||||||
Owens-Illinois (b) | 76,390 | 2,299 | ||||||
Schnitzer Steel Industries, Class A | 3,626 | 188 | ||||||
Terra Industries (b) | 6,540 | 115 | ||||||
Texas Industries | 824 | 63 | ||||||
6,305 | ||||||||
Telecommunication Services – 1.6% | ||||||||
ALLTEL | 32,225 | 2,020 | ||||||
American Tower, Class A (b) | 89,141 | 3,387 | ||||||
General Communication, Class A (a) (b) | 8,975 | 128 | ||||||
5,535 | ||||||||
Utilities – 0.0% | ||||||||
NSTAR (a) | 2,157 | 78 | ||||||
Total Common Stocks (Cost $167,851) | 190,965 | |||||||
Investment Companies – 4.5% | ||||||||
iShares MSCI EAFE Index Fund | 133,900 | 10,599 | ||||||
iShares MSCI Emerging Markets Index Fund (a) | 9,600 | 1,160 | ||||||
iShares Nasdaq Biotechnology Index Fund (a) (b) | 52,938 | 4,337 | ||||||
Total Investment Companies (Cost $12,253) | 16,096 | |||||||
U.S. Government Agency Mortgage-Backed Securities – 11.2% | |||||||||
Adjustable Rate (c) – 0.8% | |||||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
7.168%, 01/01/2028, #786281 | $ | 174 | 176 | ||||||
5.784%, 07/01/2036, #1K1238 (a) | 1,016 | 1,023 | |||||||
Federal National Mortgage Association Pool | |||||||||
6.676%, 04/01/2018, #070009 | 40 | 40 | |||||||
7.003%, 09/01/2033, #725553 (a) | 656 | 668 | |||||||
5.276%, 11/01/2034, #735054 (a) | 804 | 795 | |||||||
2,702 | |||||||||
Fixed Rate – 10.4% | |||||||||
Federal Home Loan Mortgage Corporation Pool | |||||||||
4.000%, 04/01/2008, #M90808 | 507 | 502 | |||||||
6.500%, 04/01/2008, #E00225 | 5 | 5 | |||||||
7.000%, 04/01/2008, #E46044 | 1 | 1 | |||||||
4.000%, 10/01/2010, #M80855 | 792 | 771 | |||||||
5.500%, 03/01/2013, #E00546 | 99 | 100 | |||||||
4.500%, 05/01/2018, #P10032 (a) | 396 | 390 | |||||||
6.500%, 11/01/2028, #C00676 | 462 | 477 | |||||||
7.000%, 12/01/2029, #G01091 | 86 | 89 | |||||||
6.500%, 07/01/2031, #A17212 (a) | 314 | 324 | |||||||
6.000%, 05/01/2032, #C01361 | 109 | 111 | |||||||
Federal National Mortgage Association Pool | |||||||||
3.790%, 07/01/2013, #386314 (a) | 1,315 | 1,237 | |||||||
6.000%, 09/01/2017, #653368 | 218 | 222 | |||||||
5.000%, 07/01/2018, #555621 (a) | 1,088 | 1,076 | |||||||
5.000%, 12/01/2018, #725012 | 898 | 888 | |||||||
4.500%, 06/01/2019, #045181 | 326 | 316 | |||||||
5.000%, 11/01/2019, #725934 | 265 | 262 | |||||||
5.500%, 01/01/2020, #735386 (a) | 486 | 488 | |||||||
5.500%, 06/01/2020, #735792 | 417 | 418 | |||||||
5.000%, 02/01/2021, #745279 | 587 | 579 | |||||||
5.000%, 02/01/2022, #912554 (a) | 1,592 | 1,569 | |||||||
6.000%, 10/01/2022, #254513 (a) | 425 | 433 | |||||||
5.500%, 10/01/2024, #255456 (a) | 885 | 882 | |||||||
5.500%, 12/01/2024, #357662 | 797 | 794 | |||||||
5.500%, 02/01/2025, #255628 (a) | 878 | 875 | |||||||
5.500%, 10/01/2025, #255956 (a) | 1,412 | 1,405 | |||||||
7.000%, 04/01/2029, #323681 | 86 | 90 | |||||||
6.500%, 12/01/2031, #254169 (a) | 327 | 333 | |||||||
6.000%, 04/01/2032, #745101 | 900 | 921 | |||||||
6.500%, 05/01/2032, #640032 | 695 | 716 | |||||||
7.000%, 07/01/2032, #545815 (a) | 173 | 180 | |||||||
6.000%, 09/01/2032, #254447 | 349 | 353 | |||||||
6.000%, 01/01/2033, #676647 | 592 | 600 |
First American Funds Semiannual Report 2007 77
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Balanced Fund (continued) | ||||||||||
DESCRIPTION | PAR | VALUE | ||||||||
5.500%, 04/01/2033, #694605 (a) | $ | 977 | $ | 968 | ||||||
5.500%, 06/01/2033, #843435 (a) | 459 | 455 | ||||||||
5.500%, 07/01/2033, #728667 (a) | 491 | 487 | ||||||||
5.500%, 08/01/2033, #733380 (a) | 1,110 | 1,101 | ||||||||
5.000%, 10/01/2033, #741897 (a) | 779 | 755 | ||||||||
5.500%, 10/01/2033, #555800 (a) | 1,136 | 1,127 | ||||||||
6.000%, 11/01/2033, #772130 | 179 | 181 | ||||||||
6.000%, 11/01/2033, #772256 | 203 | 206 | ||||||||
5.500%, 12/01/2033, #756202 | 690 | 685 | ||||||||
5.000%, 03/01/2034, #725205 (a) | 869 | 842 | ||||||||
5.000%, 03/01/2034, #725250 (a) | 780 | 756 | ||||||||
5.500%, 04/01/2034, #725424 (a) | 411 | 407 | ||||||||
5.500%, 05/01/2034 (d) | 3,000 | 2,966 | ||||||||
5.500%, 05/01/2034, #357571 | 753 | 746 | ||||||||
5.000%, 06/01/2034, #782909 (a) | 377 | 365 | ||||||||
6.500%, 06/01/2034, #735273 (a) | 727 | 749 | ||||||||
5.500%, 03/01/2036, #745354 (a) | 1,265 | 1,253 | ||||||||
6.500%, 04/01/2036, #852909 (a) | 680 | 694 | ||||||||
6.500%, 07/01/2036, #831683 (a) | 641 | 655 | ||||||||
6.000%, 08/01/2036, #885536 (a) | 1,540 | 1,552 | ||||||||
6.500%, 08/01/2036, #893318 | 545 | 557 | ||||||||
6.000%, 11/01/2036, #902786 | 1,151 | 1,160 | ||||||||
5.500%, 01/01/2037, #906059 (a) | 993 | 982 | ||||||||
Government National Mortgage Association Pool | ||||||||||
6.500%, 10/20/2010, #002108 | 9 | 9 | ||||||||
7.500%, 06/15/2027, #447728 | 9 | 9 | ||||||||
7.500%, 09/15/2027, #455516 | 9 | 9 | ||||||||
7.000%, 04/15/2029, #506639 | 165 | 173 | ||||||||
37,256 | ||||||||||
Total U.S. Government Agency Mortgage-Backed Securities | ||||||||||
(Cost $40,274) | 39,958 | |||||||||
U.S. Government & Agency Securities – 8.8% | ||||||||||
U.S. Agency Debentures – 0.5% | ||||||||||
Federal National Mortgage Association | ||||||||||
5.250%, 08/01/2012 (a) | 1,745 | 1,767 | ||||||||
U.S. Treasuries – 8.3% | ||||||||||
U.S. Treasury Bond (STRIPS) | ||||||||||
0.000%, 02/15/2023 (a) (e) | 1,795 | 826 | ||||||||
U.S. Treasury Bonds | ||||||||||
8.125%, 08/15/2021 (a) | 385 | 514 | ||||||||
7.625%, 02/15/2025 (a) | 400 | 529 | ||||||||
6.875%, 08/15/2025 (a) | 1,600 | 1,981 | ||||||||
4.500%, 02/15/2036 (a) | 1,205 | 1,143 | ||||||||
4.750%, 02/15/2037 (a) | 100 | 99 | ||||||||
U.S. Treasury Notes | ||||||||||
2.625%, 05/15/2008 | 11,000 | 10,750 | ||||||||
4.750%, 02/15/2010 (a) | 4,075 | 4,098 | ||||||||
4.625%, 12/31/2011 (a) | 60 | 60 | ||||||||
4.750%, 01/31/2012 (a) | 1,935 | 1,954 | ||||||||
2.000%, 04/15/2012 (f) | 1,218 | 1,215 | ||||||||
3.000%, 07/15/2012 (a) (f) | 1,216 | 1,276 | ||||||||
2.500%, 07/15/2016 (a) (f) | 2,317 | 2,379 | ||||||||
4.625%, 11/15/2016 (a) | 1,005 | 1,004 | ||||||||
4.625%, 02/15/2017 (a) | 1,705 | 1,704 | ||||||||
29,532 | ||||||||||
Total U.S. Government & Agency Securities | ||||||||||
(Cost $31,245) | 31,299 | |||||||||
Asset-Backed Securities – 7.4% | ||||||||||
Automotive – 0.7% | ||||||||||
Harley-Davidson Motorcycle Trust Series 2005-4, Class A2 | ||||||||||
4.850%, 06/15/2012 | $ | 470 | 468 | |||||||
Hertz Vehicle Financing Series 2005-2A, Class A6 | ||||||||||
5.080%, 11/25/2011 (g) | 935 | 934 | ||||||||
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4 | ||||||||||
4.860%, 04/20/2012 | 1,170 | 1,166 | ||||||||
2,568 | ||||||||||
Commercial – 6.0% | ||||||||||
Bank of America Commercial Mortgage Series 2004-5, Class A3 | ||||||||||
4.561%, 11/10/2041 | 710 | 693 | ||||||||
Series 2006-2, Class A4 | ||||||||||
5.930%, 05/10/2045 | 340 | 351 | ||||||||
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4 | ||||||||||
5.405%, 12/11/2040 (a) | 635 | 638 | ||||||||
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX | ||||||||||
5.449%, 02/05/2019 (g) | 585 | 590 | ||||||||
Series 2004-RS1, Class A | ||||||||||
4.018%, 03/03/2041 (g) | 664 | 655 | ||||||||
Series 2005-LP5, Class A2 | ||||||||||
4.630%, 05/10/2043 | 925 | 913 | ||||||||
Series 2006-C8, Class A2B | ||||||||||
5.248%, 12/10/2046 | 2,535 | 2,538 | ||||||||
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 | ||||||||||
6.538%, 06/15/2031 | 232 | 233 | ||||||||
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2 | ||||||||||
4.853%, 07/10/2045 | 725 | 719 | ||||||||
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1 | ||||||||||
3.896%, 08/10/2038 | 457 | 449 | ||||||||
Series 2005-C1, Class A2 | ||||||||||
4.471%, 05/10/2043 | 1,195 | 1,174 | ||||||||
Greenwich Capital Commercial Funding Series 2003-C1, Class A2 | ||||||||||
3.285%, 07/05/2035 | 1,761 | 1,699 | ||||||||
Series 2005-GG5, Class A2 | ||||||||||
5.117%, 04/10/2037 | 1,600 | 1,599 | ||||||||
Series 2005-GG5, Class A5 | ||||||||||
5.224%, 04/10/2037 | 750 | 745 | ||||||||
GS Mortgage Securities II Series 2006-GG8, Class A2 | ||||||||||
5.479%, 11/10/2039 | 3,500 | 3,536 | ||||||||
Series 2006-RR2, Class A1 | ||||||||||
5.812%, 06/23/2046 (c) (g) | 985 | 1,002 | ||||||||
Series 2006-RR3, Class A1S | ||||||||||
5.760%, 07/18/2056 (g) | 1,065 | 1,075 | ||||||||
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4 | ||||||||||
5.354%, 12/15/2044 (c) | 540 | 538 |
The accompanying notes are an integral part of the financial statements.
78 First American Funds Semiannual Report 2007
Table of Contents
Balanced Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2 | |||||||||
3.086%, 05/15/2027 | $ | 1,280 | $ | 1,251 | |||||
Series 2005-C7, Class A2 | |||||||||
5.103%, 11/15/2030 | 800 | 799 | |||||||
21,197 | |||||||||
Credit Cards – 0.2% | |||||||||
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4 | |||||||||
5.450%, 05/10/2013 | 805 | 819 | |||||||
Home Equity – 0.0% | |||||||||
Saxon Asset Securities Trust Series 2004-1, Class A | |||||||||
5.590%, 03/25/2035 (c) | 4 | 4 | |||||||
Other – 0.5% | |||||||||
Global Signal Trust Series 2004-2A, Class A | |||||||||
4.232%, 12/15/2014 (g) | 750 | 730 | |||||||
GRP/ AG Real Estate Asset Trust Series 2005-1, Class A | |||||||||
4.850%, 01/25/2035 (g) | 42 | 42 | |||||||
Small Business Administration Series 2006-P10B, Class 1 | |||||||||
5.681%, 08/10/2016 | 1,141 | 1,155 | |||||||
1,927 | |||||||||
Total Asset-Backed Securities | |||||||||
(Cost $26,459) | 26,515 | ||||||||
Corporate Bonds – 5.8% | |||||||||
Banking – 0.2% | |||||||||
J.P. Morgan Chase | |||||||||
5.150%, 10/01/2015 | 550 | 541 | |||||||
Wells Fargo Capital X | |||||||||
5.950%, 12/15/2036 | 230 | 225 | |||||||
766 | |||||||||
Basic Industry – 1.1% | |||||||||
Celulosa Arauco y Constitucion | |||||||||
5.625%, 04/20/2015 | 345 | 341 | |||||||
Evraz Group | |||||||||
8.250%, 11/10/2015 (g) | 190 | 197 | |||||||
Falconbridge | |||||||||
7.350%, 06/05/2012 | 435 | 477 | |||||||
FMG Finance | |||||||||
10.000%, 09/01/2013 (g) | 195 | 213 | |||||||
Freeport-McMoRan Copper & Gold | |||||||||
8.375%, 04/01/2017 (a) | 350 | 383 | |||||||
Griffin Coal Mining | |||||||||
9.500%, 12/01/2016 (g) | 200 | 214 | |||||||
Ineos Group Holdings | |||||||||
8.500%, 02/15/2016 (a) (g) | 410 | 397 | |||||||
LPG International | |||||||||
7.250%, 12/20/2015 | 290 | 301 | |||||||
Noble Group Limited | |||||||||
6.625%, 03/17/2015 (g) | 255 | 244 | |||||||
Sino Forest | |||||||||
9.125%, 08/17/2011 (g) | 195 | 212 | |||||||
Southern Copper | |||||||||
7.500%, 07/27/2035 | 190 | 210 | |||||||
Teck Cominco Limited | |||||||||
6.125%, 10/01/2035 | 280 | 273 | |||||||
Vale Overseas | |||||||||
6.250%, 01/11/2016 | $ | 175 | 179 | ||||||
6.875%, 11/21/2036 | 380 | 403 | |||||||
4,044 | |||||||||
Brokerage – 0.5% | |||||||||
Goldman Sachs Group | |||||||||
5.625%, 01/15/2017 | 395 | 393 | |||||||
Merrill Lynch | |||||||||
6.050%, 05/16/2016 (a) | 790 | 814 | |||||||
Morgan Stanley | |||||||||
5.375%, 10/15/2015 | 440 | 435 | |||||||
1,642 | |||||||||
Capital Goods – 0.2% | |||||||||
Chart Industries | |||||||||
9.125%, 10/15/2015 | 195 | 207 | |||||||
Owens-Illinois | |||||||||
8.100%, 05/15/2007 (a) | 325 | 325 | |||||||
Siemens Financiering | |||||||||
6.125%, 08/17/2026 (g) | 225 | 229 | |||||||
761 | |||||||||
Communications – 0.2% | |||||||||
C & M Finance | |||||||||
8.100%, 02/01/2016 (a) (g) | 180 | 191 | |||||||
Telecom Italia Capital | |||||||||
7.200%, 07/18/2036 (a) | 320 | 342 | |||||||
Vimpelcom | |||||||||
8.250%, 05/23/2016 (g) | 230 | 247 | |||||||
780 | |||||||||
Consumer Cyclical – 0.6% | |||||||||
DaimlerChrysler | |||||||||
6.500%, 11/15/2013 | 385 | 405 | |||||||
Duty Free International | |||||||||
7.000%, 01/15/2004 (h) (i) | 588 | 118 | |||||||
Galaxy Entertainment | |||||||||
9.875%, 12/15/2012 (a) (g) | 175 | 192 | |||||||
Home Depot | |||||||||
5.875%, 12/16/2036 | 590 | 572 | |||||||
Lippo Karwaci Finance | |||||||||
8.875%, 03/09/2011 | 175 | 175 | |||||||
MGM Mirage | |||||||||
6.625%, 07/15/2015 | 290 | 281 | |||||||
Shimao Property Holdings | |||||||||
8.000%, 12/01/2016 (g) | 205 | 212 | |||||||
1,955 | |||||||||
Consumer Non Cyclical – 0.1% | |||||||||
Fisher Scientific International | |||||||||
6.750%, 08/15/2014 | 220 | 228 | |||||||
JBS | |||||||||
10.500%, 08/04/2016 (g) | 140 | 160 | |||||||
388 | |||||||||
Electric – 0.6% | |||||||||
Edison Mission Energy | |||||||||
7.500%, 06/15/2013 | 175 | 182 | |||||||
Florida Power & Light | |||||||||
5.650%, 02/01/2037 | 415 | 409 | |||||||
ISA Capital Brasil | |||||||||
8.800%, 01/30/2017 (a) (g) | 180 | 194 | |||||||
MidAmerican Energy Holdings | |||||||||
6.125%, 04/01/2036 | 465 | 473 | |||||||
Ohio Power, Series K | |||||||||
6.000%, 06/01/2016 | 275 | 285 |
First American Funds Semiannual Report 2007 79
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Balanced Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Oncor Electric Delivery | |||||||||
7.000%, 05/01/2032 | $ | 225 | $ | 247 | |||||
Pacific Gas & Electric | |||||||||
6.050%, 03/01/2034 | 230 | 235 | |||||||
2,025 | |||||||||
Energy – 0.6% | |||||||||
Bluewater Finance | |||||||||
10.250%, 02/15/2012 | 300 | 313 | |||||||
Gaz Capital | |||||||||
6.212%, 11/22/2016 (g) | 320 | 324 | |||||||
Gazprom International | |||||||||
7.201%, 02/01/2020 (g) | 215 | 227 | |||||||
Petro-Canada | |||||||||
5.350%, 07/15/2033 | 190 | 168 | |||||||
Tengizcheveroil Finance | |||||||||
6.124%, 11/15/2014 (g) | 370 | 369 | |||||||
Tesoro | |||||||||
6.625%, 11/01/2015 (a) | 375 | 383 | |||||||
TNK-BP Finance | |||||||||
6.625%, 03/20/2017 (a) (g) | 150 | 149 | |||||||
XTO Energy | |||||||||
6.100%, 04/01/2036 | 345 | 339 | |||||||
2,272 | |||||||||
Finance – 0.5% | |||||||||
Capital One Financial | |||||||||
6.150%, 09/01/2016 | 400 | 406 | |||||||
Gazprombank | |||||||||
6.500%, 09/23/2015 | 240 | 241 | |||||||
SLM, Series MTN | |||||||||
5.400%, 10/25/2011 | 350 | 336 | |||||||
Transcapit | |||||||||
5.670%, 03/05/2014 (g) | 640 | 632 | |||||||
1,615 | |||||||||
Insurance – 0.2% | |||||||||
Allied World Assurance | |||||||||
7.500%, 08/01/2016 | 410 | 443 | |||||||
Unumprovident | |||||||||
5.997%, 05/15/2008 | 335 | 336 | |||||||
779 | |||||||||
Natural Gas – 0.1% | |||||||||
Enterprise Products | |||||||||
8.375%, 08/01/2066 | 180 | 199 | |||||||
Southern Union | |||||||||
7.200%, 11/01/2066 (c) | 155 | 158 | |||||||
357 | |||||||||
Real Estate – 0.3% | |||||||||
China Properties Group | |||||||||
9.125%, 05/04/2014 (g) | 145 | 145 | |||||||
Health Care Properties Series MTN | |||||||||
6.300%, 09/15/2016 | 460 | 472 | |||||||
Prologis 2006 | |||||||||
5.750%, 04/01/2016 | 600 | 611 | |||||||
1,228 | |||||||||
Sovereigns – 0.1% | |||||||||
United Mexican States | |||||||||
5.625%, 01/15/2017 (a) | 305 | 310 | |||||||
Technology – 0.5% | |||||||||
Chartered Semiconductor | |||||||||
6.375%, 08/03/2015 (a) | $ | 250 | 258 | ||||||
Ciena | |||||||||
3.750%, 02/01/2008 | 120 | 118 | |||||||
Jabil Circuit | |||||||||
5.875%, 07/15/2010 | 680 | 677 | |||||||
LG Electronics | |||||||||
5.000%, 06/17/2010 (g) | 340 | 336 | |||||||
Seagate Technology | |||||||||
6.375%, 10/01/2011 | 450 | 448 | |||||||
1,837 | |||||||||
Total Corporate Bonds | |||||||||
(Cost $20,947) | 20,759 | ||||||||
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 5.4% | |||||||||
Adjustable Rate (c) – 2.6% | |||||||||
Citigroup Mortgage Loan Trust Series 2004-HYB4, Class HAII | |||||||||
5.342%, 10/25/2034 | 2,238 | 2,245 | |||||||
Series 2005-7, Class 2A1A | |||||||||
4.861%, 09/25/2035 | 729 | 723 | |||||||
GMAC Mortgage Corporation Loan Trust Series 2003-AR2, Class 4A1 | |||||||||
4.733%, 12/19/2033 | 764 | 747 | |||||||
J.P. Morgan Trust Series 2004-A1, Class 3A1 | |||||||||
4.973%, 02/25/2034 | 1,309 | 1,293 | |||||||
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1 | |||||||||
5.873%, 08/25/2036 | 991 | 991 | |||||||
Structured Mortgage Loan Trust Series 2004-11, Class A | |||||||||
7.371%, 08/25/2034 | 60 | 61 | |||||||
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1 | |||||||||
4.963%, 10/20/2035 | 544 | 548 | |||||||
Washington Mutual Series 2004-AR7, Class A6 | |||||||||
3.942%, 07/25/2034 | 775 | 757 | |||||||
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1 | |||||||||
4.788%, 02/25/2033 | 361 | 365 | |||||||
Series 2004-N, Class A3 | |||||||||
4.099%, 08/25/2034 | 636 | 631 | |||||||
Series 2006-AR1, Class 2A2 | |||||||||
5.556%, 03/25/2036 | 1,024 | 1,015 | |||||||
9,376 | |||||||||
Fixed Rate – 2.8% | |||||||||
ABN AMRO Mortgage Series 2003-7, Class A1 | |||||||||
4.750%, 07/25/2018 | 790 | 771 | |||||||
Bank of America Mortgage Securities Series 2003-6, Class 1A30 | |||||||||
4.750%, 08/25/2033 | 585 | 577 | |||||||
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1 | |||||||||
5.000%, 07/25/2019 | 441 | 433 | |||||||
Series 2004-2CB, Class 1A1 | |||||||||
4.250%, 03/25/2034 | 347 | 341 | |||||||
Series 2004-24CB, Class 1A1 | |||||||||
6.000%, 11/25/2034 | 342 | 342 |
The accompanying notes are an integral part of the financial statements.
80 First American Funds Semiannual Report 2007
Table of Contents
Balanced Fund (continued) | |||||||||
DESCRIPTION | PAR | VALUE | |||||||
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1 | |||||||||
5.500%, 07/25/2020 | $ | 574 | $ | 576 | |||||
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7 | |||||||||
6.500%, 01/25/2035 | 532 | 540 | |||||||
GSMPS Mortgage Loan Trust Series 2003-1, Class B1 | |||||||||
6.954%, 03/25/2043 | 867 | 897 | |||||||
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 | |||||||||
5.500%, 08/25/2019 | 411 | 414 | |||||||
Master Alternative Loans Trust Series 2005-2, Class 1A3 | |||||||||
6.500%, 03/25/2035 | 299 | 303 | |||||||
Master Asset Securitization Trust Series 2003-6, Class 3A1 | |||||||||
5.000%, 07/25/2018 | 667 | 662 | |||||||
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A | |||||||||
6.158%, 11/25/2034 | 374 | 377 | |||||||
Residential Asset Mortgage Products Series 2004-SL4, Class A3 | |||||||||
6.500%, 07/25/2032 | 295 | 301 | |||||||
Residential Funding Mortgage Securities I Series 2004-S9, Class 2A1 | |||||||||
4.750%, 12/25/2019 | 856 | 836 | |||||||
Washington Mutual Series 2004-CB1, Class 1A | |||||||||
5.250%, 06/25/2019 | 674 | 673 | |||||||
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1 | |||||||||
4.750%, 12/25/2018 | 549 | 533 | |||||||
Series 2004-7, Class 2A2 | |||||||||
5.000%, 07/25/2019 | 1,465 | 1,439 | |||||||
Westam Mortgage Financial Series 11, Class A | |||||||||
6.360%, 08/26/2020 | 1 | 1 | |||||||
10,016 | |||||||||
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities | |||||||||
(Cost $19,401) | 19,392 | ||||||||
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.1% | |||||||||
Fixed Rate – 1.1% | |||||||||
Federal Home Loan Mortgage Corporation Series 2763, Class TA | |||||||||
4.000%, 03/15/2011 (a) | 571 | 562 | |||||||
Series 85, Class C | |||||||||
8.600%, 01/15/2021 | 83 | 87 | |||||||
Series 1136, Class H | |||||||||
6.000%, 09/15/2021 | 57 | 57 | |||||||
Federal National Mortgage Association Series 1989-2, Class D | |||||||||
8.800%, 01/25/2019 | 5 | 6 | |||||||
Series 1989-37, Class G | |||||||||
8.000%, 07/25/2019 | 79 | 85 | |||||||
Series 1990-30, Class E | |||||||||
6.500%, 03/25/2020 | 34 | 35 | |||||||
Series 1990-63, Class H | |||||||||
9.500%, 06/25/2020 | 17 | 18 | |||||||
Series 1990-89, Class K | |||||||||
6.500%, 07/25/2020 | 4 | 4 | |||||||
Series 1990-105, Class J | |||||||||
6.500%, 09/25/2020 | $ | 55 | 56 | ||||||
Series 2005-44, Class PC | |||||||||
5.000%, 11/25/2027 (a) | 1,139 | 1,129 | |||||||
Series 2003-81, Class MB | |||||||||
5.000%, 05/25/2029 (a) | 960 | 953 | |||||||
Series 2005-62, Class JE | |||||||||
5.000%, 06/25/2035 (a) | 806 | 798 | |||||||
Government National Mortgage Association Series 3, Class F | |||||||||
6.500%, 06/17/2020 | 7 | 7 | |||||||
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities | |||||||||
(Cost $3,795) | 3,797 | ||||||||
Options Purchased – 0.0% | |||||||||
Call Options Purchased – 0.0% | |||||||||
U.S. Treasury 10 Year Note Futures, May 2007 | |||||||||
Futures Call Expires 05/25/2007 Exercise Price: $109.00 | 55 | 10 | |||||||
Total Options Purchased | |||||||||
(Cost $12) | |||||||||
Short-Term Investments – 1.2% | |||||||||
Money Market Fund – 1.0% | |||||||||
First American Prime Obligations Fund, Class Z (j) | 3,694,345 | 3,694 | |||||||
U.S. Treasury Obligations – 0.2% | |||||||||
U.S. Treasury Bills | |||||||||
4.847%, 06/28/2007 (k) | $ | 360 | 357 | ||||||
4.789%, 08/09/2007 (k) | 250 | 247 | |||||||
604 | |||||||||
Total Short-Term Investments | |||||||||
(Cost $4,298) | 4,298 | ||||||||
Investment Purchased with Proceeds from Securities Lending – 26.9% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (l) | |||||||||
(Cost $95,849) | 95,848,718 | 95,849 | |||||||
Total Investments – 125.9% | |||||||||
(Cost $422,384) | 448,938 | ||||||||
Other Assets and Liabilities, Net – (25.9)% | (92,489 | ) | |||||||
Total Net Assets – 100.0% | $ | 356,449 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a value of $92,975 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | Non-Income Producing security. |
(c) | Variable Rate Security – The rate shown is the rate in effect at April 30, 2007. |
(d) | Security purchased on a when-issued basis. On April 30, 2007, the total cost of investments purchased on a when-issued basis was $2,962 or 0.8% of total net assets. See note 2 in Notes to Financial Statements. |
(e) | Principal Only. |
(f) | 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. |
(g) | 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 |
First American Funds Semiannual Report 2007 81
Table of Contents
Schedule of Investments April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Balanced Fund (continued) |
the guidelines established by the fund’s board of directors. As of April 30, 2007, the value of these investments was $10,112 or 2.8% of total net assets. See note 2 in Notes to Financial Statements.
(h) | Security is fair valued and illiquid. As of April 30, 2007, the value of this investment was $118 or 0.0% of total net assets. See note 2 in Notes to Financial Statements. |
(i) | Security is in default at April 30, 2007. |
(j) | 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. |
(k) | Security has been deposited as initial margin on open futures contracts and swap agreements. Yield shown is effective yield as of April 30, 2007. See note 2 in Notes to Financial Statements. |
(l) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – American Depository Receipt
REIT – Real Estate Investment Trust
STRIPS – Separate Trading of Registered Interest and Principal Securities
Schedule of Open Futures Contracts
Number of | ||||||||||||||
Contracts | Notional | Unrealized | ||||||||||||
Purchased | Contract | Settlement | Appreciation | |||||||||||
Description | (Sold) | Value | Month | (Depreciation) | ||||||||||
British Pounds Currency Futures | 11 | $ | 1,374 | June 2007 | $ | (3 | ) | |||||||
Euro Bund Futures | 13 | 2,025 | June 2007 | (1 | ) | |||||||||
Euro Currency Futures | 15 | 2,564 | June 2007 | 58 | ||||||||||
Eurodollar 90 Day Futures | 52 | 49,496 | March 2008 | (14 | ) | |||||||||
Japanese Yen Currency Futures | 23 | 2,420 | June 2007 | (25 | ) | |||||||||
Swiss Franc Currency Futures | 9 | 935 | June 2007 | 3 | ||||||||||
S&P 500 Futures | 9 | 3,349 | June 2007 | 217 | ||||||||||
U.S. Treasury 2 Year Note Futures | (22 | ) | (4,504 | ) | June 2007 | (6 | ) | |||||||
U.S. Treasury 5 Year Note Futures | 259 | 27,409 | June 2007 | 34 | ||||||||||
U.S. Treasury 10 Year Note Futures | (157 | ) | (17,008 | ) | June 2007 | 41 | ||||||||
U.S. Treasury Long Bond Futures | 15 | 1,676 | June 2007 | 5 | ||||||||||
$ | 309 | |||||||||||||
Credit Default Swap Agreements
Pay/ | Unrealized | |||||||||||||||||||||
Reference | Buy/Sell | Receive | Expiration | Notional | Appreciation | |||||||||||||||||
Counterparty | Entity | Protection | Fixed Rate | Date | Amount | (Depreciation) | ||||||||||||||||
Citigroup | Constellation Energy Group, Inc. | Buy | 0.240% | 06/20/2012 | $ | 375 | $ | (1 | ) | |||||||||||||
Deutsche Bank | Countrywide Home Loan | Buy | 0.700% | 03/20/2017 | 300 | 4 | ||||||||||||||||
Deutsche Bank | Dow Jones CDX HVOL8 Index | Buy | 0.750% | 06/20/2012 | 1,300 | (2 | ) | |||||||||||||||
J.P. Morgan | Bear Stearns Companies, Inc. | Buy | 0.300% | 03/20/2012 | 480 | — | ||||||||||||||||
J.P. Morgan | Dow Jones CDX HVOL7 Index | Buy | 0.750% | 12/20/2011 | 650 | 3 | ||||||||||||||||
J.P. Morgan | Dow Jones CDX HVOL8 Index | Buy | 0.750% | 06/20/2012 | 1,500 | 1 | ||||||||||||||||
J.P. Morgan | Dow Jones CDX HY7 Index | Buy | 3.250% | 12/20/2011 | 3,000 | (56 | ) | |||||||||||||||
UBS | AmerisourceBergen Corp. | Buy | 0.470% | 06/20/2012 | 500 | 1 | ||||||||||||||||
UBS | Cardinal Health, Inc. | Buy | 0.270% | 06/20/2012 | 500 | 1 | ||||||||||||||||
UBS | Constellation Energy Group, Inc. | Buy | 0.230% | 06/20/2012 | 375 | — | ||||||||||||||||
UBS | Home Depot | Buy | 0.250% | 6/20/2012 | 1,500 | (3 | ) | |||||||||||||||
UBS | McKesson Corp. | Buy | 0.350% | 6/20/2012 | 500 | — | ||||||||||||||||
UBS | Dow Jones CDX EM6 Index | Buy | 1.400% | 12/20/2011 | 2,000 | (9 | ) | |||||||||||||||
UBS | Dow Jones CDX HVOL7 Index | Buy | 0.750% | 12/20/2011 | 750 | 2 | ||||||||||||||||
$ | (59 | ) | ||||||||||||||||||||
Interest Rate Swap Agreements
Pay/ | ||||||||||||||||||||||
Floating | Receive | |||||||||||||||||||||
Rate | Floating | Fixed | Expiration | Notional | Unrealized | |||||||||||||||||
Counterparty | Index | Rate | Rate | Date | Amount | Appreciation | ||||||||||||||||
Citigroup | 3-Month LIBOR | Pay | 5.360% | 10/26/2016 | $ | 4,000 | $ | 63 | ||||||||||||||
Schedule of Open Written Put Options
Exercise | Premium | Expiration | Number of | Market | ||||||||||||||
Options | Price | Received | Date | Contracts | Value | |||||||||||||
Euro Bund Futures – May 2007 | $113.00 | $ | 6 | 05/24/2007 | 32 | $ | 3 | |||||||||||
Euro Bund Futures – May 2007 | 114.00 | 18 | 05/24/2007 | 29 | 14 | |||||||||||||
U.S. Treasury 10 Year Note Futures – May 2007 | 107.00 | 18 | 05/25/2007 | 100 | �� | 8 | ||||||||||||
U.S. Treasury 10 Year Note Futures – May 2007 | 108.00 | 22 | 05/25/2007 | 39 | 12 | |||||||||||||
$ | 64 | $ | 37 | |||||||||||||||
The accompanying notes are an integral part of the financial statements.
82 First American Funds Semiannual Report 2007
Table of Contents
Equity Income Fund | |||||||||
DESCRIPTION | SHARES | VALUE | |||||||
Common Stocks – 96.5% | |||||||||
Consumer Discretionary – 7.3% | |||||||||
Brunswick (a) | 191,173 | $ | 6,263 | ||||||
Domino’s Pizza | 342,096 | 11,033 | |||||||
Gap | 743,214 | 13,341 | |||||||
Harrah’s Entertainment | 124,576 | 10,626 | |||||||
McDonald’s | 360,427 | 17,401 | |||||||
Talbots (a) | 354,532 | 8,332 | |||||||
Time Warner (a) | 786,059 | 16,216 | |||||||
Yum! Brands | 215,446 | 13,327 | |||||||
96,539 | |||||||||
Consumer Staples – 8.2% | |||||||||
Altria Group | 336,922 | 23,221 | |||||||
Avon Products | 222,726 | 8,865 | |||||||
Coca-Cola | 287,969 | 15,029 | |||||||
General Mills (a) | 300,087 | 17,975 | |||||||
Kraft Foods, Class A | 233,158 | 7,804 | |||||||
PepsiCo | 208,125 | 13,755 | |||||||
Wal-Mart Stores | 447,313 | 21,435 | |||||||
108,084 | |||||||||
Energy – 12.1% | |||||||||
Atlas Energy Resources | 17,274 | 502 | |||||||
BP, ADR | 567,791 | 38,224 | |||||||
Chevron (a) | 357,297 | 27,794 | |||||||
ConocoPhillips | 455,915 | 31,618 | |||||||
Enterra Energy Trust | 448,218 | 2,326 | |||||||
Exxon Mobil | 615,232 | 48,837 | |||||||
Halliburton (a) | 322,919 | 10,259 | |||||||
159,560 | |||||||||
Financials – 21.4% | |||||||||
AllianceBernstein Holding | 379,959 | 34,561 | |||||||
American International Group | 580,286 | 40,568 | |||||||
Apartment Investment & Management – REIT (a) | 313,525 | 17,338 | |||||||
Bank of America | 867,969 | 44,179 | |||||||
Citigroup | 732,432 | 39,273 | |||||||
Duke Realty – REIT (a) | 176,842 | 7,624 | |||||||
Goldman Sachs Group (a) | 82,795 | 18,100 | |||||||
ICICI Bank, ADR (a) | 333,383 | 13,642 | |||||||
Merrill Lynch | 201,121 | 18,147 | |||||||
Northern Trust | 156,946 | 9,880 | |||||||
Wachovia (a) | 575,411 | 31,958 | |||||||
Wells Fargo | 181,442 | 6,512 | |||||||
281,782 | |||||||||
Healthcare – 10.5% | |||||||||
Abbott Laboratories (a) | 552,851 | 31,302 | |||||||
Eli Lilly (a) | 243,354 | 14,390 | |||||||
Johnson & Johnson | 443,382 | 28,474 | |||||||
Pfizer | 832,567 | 22,030 | |||||||
Wyeth Pharmaceuticals | 759,702 | 42,163 | |||||||
138,359 | |||||||||
Industrials – 11.6% | |||||||||
3M (a) | 165,929 | 13,734 | |||||||
Avery Dennison | 150,912 | 9,387 | |||||||
Emerson Electric (a) | 456,801 | 21,465 | |||||||
General Dynamics (a) | 182,224 | 14,304 | |||||||
General Electric | 1,286,917 | 47,436 | |||||||
Honeywell International (a) | 514,110 | 27,854 | |||||||
United Parcel Service, Class B (a) | 265,637 | 18,709 | |||||||
152,889 | |||||||||
Information Technology – 10.3% | |||||||||
Hewlett-Packard (a) | 716,972 | 30,213 | |||||||
Intel | 1,686,111 | 36,251 | |||||||
Microsoft | 783,334 | 23,453 | |||||||
Motorola (a) | 768,401 | 13,317 | |||||||
QUALCOMM (a) | 331,326 | 14,512 | |||||||
Texas Instruments | 523,297 | 17,986 | |||||||
135,732 | |||||||||
Materials – 3.7% | |||||||||
Dow Chemical (a) | 208,450 | 9,299 | |||||||
E.I. Du Pont de Nemours (a) | 466,652 | 22,945 | |||||||
Praxair (a) | 260,064 | 16,787 | |||||||
49,031 | |||||||||
Telecommunication Services – 8.1% | |||||||||
ALLTEL (a) | 192,991 | 12,099 | |||||||
AT&T | 1,139,761 | 44,131 | |||||||
FairPoint Communications | 332,194 | 6,232 | |||||||
Verizon Communications (a) | 652,847 | 24,926 | |||||||
Vodafone Group, ADR (a) | 499,120 | 14,340 | |||||||
Windstream (a) | 361,216 | 5,281 | |||||||
107,009 | |||||||||
Utilities – 3.3% | |||||||||
Duke Energy | 531,490 | 10,906 | |||||||
TECO Energy (a) | 1,082,434 | 19,430 | |||||||
Xcel Energy (a) | 518,402 | 12,488 | |||||||
42,824 | |||||||||
Total Common Stocks (Cost $882,480) | 1,271,809 | ||||||||
Convertible Corporate Bonds – 0.6% | |||||||||
Invitrogen | |||||||||
2.000%, 08/01/2023 | $ | 3,095 | 3,389 | ||||||
Medarex | |||||||||
2.250%, 05/15/2011 | 3,934 | 4,839 | |||||||
Total Convertible Bonds (Cost $6,966) | 8,228 | ||||||||
Short-Term Investment – 3.1% | |||||||||
First American Prime Obligations Fund, Class Z (b) | |||||||||
(Cost $40,310) | 40,309,689 | 40,310 | |||||||
Investment Purchased with Proceeds from Securities Lending – 17.9% | |||||||||
Mount Vernon Securities Lending Prime Portfolio (c) | |||||||||
(Cost $235,716) | 235,716,459 | 235,716 | |||||||
Total Investments – 118.1% (Cost $1,165,472) | 1,556,063 | ||||||||
Other Assets and Liabilities, Net – (18.1)% | (238,619 | ) | |||||||
Total Net Assets – 100.0% | $ | 1,317,444 | |||||||
(a) | This security or a portion of this security is out on loan at April 30, 2007. Total loaned securities had a value of $225,233 at April 30, 2007. See note 2 in Notes to Financial Statements. |
(b) | 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. |
(c) | The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements. |
ADR – | American Depository Receipt |
REIT – | Real Estate Investment Trust |
First American Funds Semiannual Report 2007 83
Table of Contents
Statements of Assets and Liabilities April 30, 2007 (unaudited), all dollars and shares are rounded to thousands (000), except per share data
Balanced | Equity | |||||||||||
Fund | Income Fund | |||||||||||
Investments in unaffiliated securities, at cost | $ | 322,841 | $ | 889,446 | ||||||||
Investment in affiliated money market fund, at cost | 3,694 | 40,310 | ||||||||||
Affiliated investment purchased with proceeds from securities lending, at cost (note 2) | 95,849 | 235,716 | ||||||||||
Premiums received on options written, at cost (note 6) | 64 | — | ||||||||||
Cash denominated in foreign currencies, at cost | 13 | — | ||||||||||
ASSETS: | ||||||||||||
Investments in unaffiliated securities, at value* (note 2) | $ | 349,395 | $ | 1,280,037 | ||||||||
Investment in affiliated money market fund, at value (note 2 ) | 3,694 | 40,310 | ||||||||||
Affiliated investment purchased with proceeds from securities lending, at value (note 2) | 95,849 | 235,716 | ||||||||||
Cash denominated in foreign currencies, at value | 13 | — | ||||||||||
Cash | 69 | — | ||||||||||
Receivable for dividends and interest | 1,178 | 1,390 | ||||||||||
Receivable for investment securities sold | 28,934 | — | ||||||||||
Receivable for capital shares sold | 216 | 306 | ||||||||||
Receivable for variation margin | 44 | — | ||||||||||
Prepaid expenses and other assets | 33 | 34 | ||||||||||
Total assets | 479,425 | 1,557,793 | ||||||||||
LIABILITIES: | ||||||||||||
Liabilities for options written, at value | 37 | — | ||||||||||
Bank overdraft | — | 1,100 | ||||||||||
Payable for investment securities purchased | 21,763 | 1,156 | ||||||||||
Payable for investment securities purchased on a when-issued basis | 2,962 | — | ||||||||||
Payable upon return of securities loaned (note 2) | 95,849 | 235,716 | ||||||||||
Payable for capital shares redeemed | 1,976 | 1,310 | ||||||||||
Payable for swap agreements | 87 | — | ||||||||||
Payable to affiliates (note 3) | 249 | 971 | ||||||||||
Payable for distribution and shareholder servicing fees | 33 | 59 | ||||||||||
Accrued expenses and other liabilities | 20 | 37 | ||||||||||
Total liabilities | 122,976 | 240,349 | ||||||||||
Net assets | $ | 356,449 | $ | 1,317,444 | ||||||||
COMPOSITION OF NET ASSETS: | ||||||||||||
Portfolio capital | $ | 305,142 | $ | 869,254 | ||||||||
Undistributed (distributions in excess of) net investment income | 419 | (1,080 | ) | |||||||||
Accumulated net realized gain on investments, futures contracts, and swap agreements | 23,994 | 58,679 | ||||||||||
Net unrealized appreciation of investments | 26,554 | 390,591 | ||||||||||
Net unrealized appreciation of futures contracts | 309 | — | ||||||||||
Net unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | (1) | — | |||||||||
Net unrealized appreciation on options written | 27 | — | ||||||||||
Net unrealized appreciation of swap agreements | 4 | — | ||||||||||
Net assets | $ | 356,449 | $ | 1,317,444 | ||||||||
* Including securities loaned, at value | $ | 92,975 | $ | 225,233 | ||||||||
Class A: | ||||||||||||
Net assets | $ | 105,619 | $ | 175,800 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 8,839 | 11,303 | ||||||||||
Net asset value and redemption price per share | $ | 11.95 | $ | 15.55 | ||||||||
Maximum offering price per share (2) | $ | 12.65 | $ | 16.46 | ||||||||
Class B: | ||||||||||||
Net assets | $ | 10,545 | $ | 18,411 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 890 | 1,197 | ||||||||||
Net asset value, offering price, and redemption price per share (3) | $ | 11.85 | $ | 15.38 | ||||||||
Class C: | ||||||||||||
Net assets | $ | 2,690 | $ | 9,728 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 225 | 631 | ||||||||||
Net asset value, offering price, and redemption price per share (3) | $ | 11.93 | $ | 15.41 | ||||||||
Class R: | ||||||||||||
Net assets | $ | 24 | $ | 492 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 2 | 32 | ||||||||||
Net asset value, offering price, and redemption price per share | $ | 12.05 | $ | 15.53 | ||||||||
Class Y: | ||||||||||||
Net assets | $ | 237,571 | $ | 1,113,013 | ||||||||
Shares issued and outstanding ($0.0001 par value – 2 billion authorized) | 19,825 | 71,025 | ||||||||||
Net asset value, offering price, and redemption price per share | $ | 11.98 | $ | 15.67 | ||||||||
(1) | Due to the presentation of the financial statements in thousands, the number rounds to zero. | |
(2) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. | |
(3) | Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
84 First American Funds Semiannual Report 2007
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Statements of Operations For the six-month period ended April 30, 2007 (unaudited), all dollars are rounded to thousands (000)
Balanced | Equity | |||||||||||
Fund | Income Fund | |||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest from unaffiliated securities | $ | 3,498 | $ | 91 | ||||||||
Dividends from affiliated money market fund | 4 | 388 | ||||||||||
Dividends from unaffiliated securities | 1,680 | 16,193 | ||||||||||
Less: Foreign taxes withheld | (15 | ) | (12 | ) | ||||||||
Securities lending income | 76 | 112 | ||||||||||
Total investment income | 5,243 | 16,772 | ||||||||||
EXPENSES (note 3): | ||||||||||||
Investment advisory fees | 1,172 | 4,224 | ||||||||||
Administration fees | 416 | 1,451 | ||||||||||
Transfer agent fees | 106 | 145 | ||||||||||
Custodian fees | 9 | 34 | ||||||||||
Professional fees | 22 | 21 | ||||||||||
Registration fees | 25 | 25 | ||||||||||
Postage and printing fees | 9 | 33 | ||||||||||
Directors’ fees | 11 | 9 | ||||||||||
Other expenses | 10 | 10 | ||||||||||
Distribution and shareholder servicing fees – Class A | 131 | 213 | ||||||||||
Distribution and shareholder servicing fees – Class B | 60 | 96 | ||||||||||
Distribution and shareholder servicing fees – Class C | 14 | 52 | ||||||||||
Distribution and shareholder servicing fees – Class R | — | (1) | 1 | |||||||||
Total expenses | 1,985 | 6,314 | ||||||||||
Less: Fee waivers (note 3) | (242 | ) | — | |||||||||
Less: Indirect payments from custodian (note 3) | (1 | ) | — | (1) | ||||||||
Total net expenses | 1,742 | 6,314 | ||||||||||
Investment income – net | 3,501 | 10,458 | ||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, FOREIGN CURRENCY TRANSACTIONS, AND SWAP AGREEMENTS – NET (note 5): | ||||||||||||
Net realized gain on investments | 24,993 | 59,553 | ||||||||||
Net realized loss on futures contracts | (264 | ) | — | |||||||||
Net realized loss on swap agreements | (271 | ) | — | |||||||||
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | (1) | — | |||||||||
Net change in unrealized appreciation or depreciation of investments | (7,846 | ) | 32,593 | |||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 244 | — | ||||||||||
Net change in unrealized appreciation or depreciation of options written | 27 | — | ||||||||||
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 | — | (1) | — | |||||||||
Net change in unrealized appreciation or depreciation of swap agreements | — | (1) | — | |||||||||
Net gain on investments, futures contracts, options written, foreign currency transactions, and swap agreements | 16,883 | 92,146 | ||||||||||
Net increase in net assets resulting from operations | $ | 20,384 | $ | 102,604 | ||||||||
(1) | Due to the presentation of the financial statements in thousands, the number rounds to zero. |
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Statements of Changes in Net Assets all dollars are rounded to thousands (000)
Balanced | Equity | ||||||||||||||||||||
Fund | Income Fund | ||||||||||||||||||||
Six-Month | Six-Month | ||||||||||||||||||||
Period Ended | Period Ended | ||||||||||||||||||||
4/30/07 | Year Ended | 4/30/07 | Year Ended | ||||||||||||||||||
(unaudited) | 10/31/06 | (unaudited) | 10/31/06 | ||||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Investment income – net | $ | 3,501 | $ | 6,826 | $ | 10,458 | $ | 21,407 | |||||||||||||
Net realized gain on investments | 24,993 | 26,905 | 59,553 | 141,083 | |||||||||||||||||
Net realized gain (loss) on futures contracts | (264 | ) | 115 | — | — | ||||||||||||||||
Net realized gain (loss) on swap agreements | (271 | ) | 128 | — | — | ||||||||||||||||
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency | — | (1) | — | — | — | ||||||||||||||||
Net change in unrealized appreciation or depreciation of investments | (7,846 | ) | 5,427 | 32,593 | 68,753 | ||||||||||||||||
Net change in unrealized appreciation or depreciation of futures contracts | 244 | (32 | ) | — | — | ||||||||||||||||
Net change in unrealized appreciation or depreciation of options written | 27 | — | — | — | |||||||||||||||||
Net change in unrealized appreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2) | — | (1) | — | — | — | ||||||||||||||||
Net change in unrealized appreciation or depreciation of swap agreements | — | (1) | 43 | — | — | ||||||||||||||||
Net increase in net assets resulting from operations | 20,384 | 39,412 | 102,604 | 231,243 | |||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||||||||||||
Investment income – net: | |||||||||||||||||||||
Class A | (1,022 | ) | (1,852 | ) | (1,345 | ) | (2,470 | ) | |||||||||||||
Class B | (67 | ) | (146 | ) | (104 | ) | (183 | ) | |||||||||||||
Class C | (16 | ) | (23 | ) | (56 | ) | (119 | ) | |||||||||||||
Class R | — | (1) | — | (1) | (3 | ) | (6 | ) | |||||||||||||
Class Y | (2,657 | ) | (4,891 | ) | (10,030 | ) | (19,051 | ) | |||||||||||||
Net realized gain on investments: | |||||||||||||||||||||
Class A | (7,413 | ) | — | (15,113 | ) | (975 | ) | ||||||||||||||
Class B | (926 | ) | — | (1,748 | ) | (119 | ) | ||||||||||||||
Class C | (207 | ) | — | (982 | ) | (83 | ) | ||||||||||||||
Class R | (2 | ) | — | (47 | ) | (2 | ) | ||||||||||||||
Class Y | (17,359 | ) | — | (99,232 | ) | (6,504 | ) | ||||||||||||||
Total distributions | (29,669 | ) | (6,912 | ) | (128,660 | ) | (29,512 | ) | |||||||||||||
CAPITAL SHARE TRANSACTIONS (note 4): | |||||||||||||||||||||
Class A: | |||||||||||||||||||||
Proceeds from sales | 4,503 | 10,315 | 8,357 | 12,754 | |||||||||||||||||
Reinvestment of distributions | 8,175 | 1,798 | 15,312 | 3,190 | |||||||||||||||||
Payments for redemptions | (11,082 | ) | (27,468 | ) | (16,502 | ) | (41,866 | ) | |||||||||||||
Increase (decrease) in net assets from Class A transactions | 1,596 | (15,355 | ) | 7,167 | (25,922 | ) | |||||||||||||||
Class B: | |||||||||||||||||||||
Proceeds from sales | 162 | 406 | 644 | 971 | |||||||||||||||||
Reinvestment of distributions | 956 | 138 | 1,750 | 285 | |||||||||||||||||
Payments for redemptions (note 3) | (3,990 | ) | (7,579 | ) | (3,349 | ) | (5,425 | ) | |||||||||||||
Decrease in net assets from Class B transactions | (2,872 | ) | (7,035 | ) | (955 | ) | (4,169 | ) | |||||||||||||
Class C: | |||||||||||||||||||||
Proceeds from sales | 221 | 518 | 370 | 918 | |||||||||||||||||
Reinvestment of distributions | 213 | 23 | 961 | 199 | |||||||||||||||||
Payments for redemptions (note 3) | (695 | ) | (2,678 | ) | (2,547 | ) | (7,112 | ) | |||||||||||||
Decrease in net assets from Class C transactions | (261 | ) | (2,137 | ) | (1,216 | ) | (5,995 | ) | |||||||||||||
Class R: | |||||||||||||||||||||
Proceeds from sales | 19 | 31 | 43 | 113 | |||||||||||||||||
Reinvestment of distributions | 2 | — | (1) | 50 | 8 | ||||||||||||||||
Payments for redemptions | (18 | ) | (11 | ) | (101 | ) | (100 | ) | |||||||||||||
Increase (decrease) in net assets from Class R transactions | 3 | 20 | (8 | ) | 21 | ||||||||||||||||
Class Y: | |||||||||||||||||||||
Proceeds from sales | 14,030 | 39,369 | 55,573 | 79,417 | |||||||||||||||||
Reinvestment of distributions | 19,019 | 4,616 | 53,452 | 9,238 | |||||||||||||||||
Payments for redemptions | (36,573 | ) | (72,474 | ) | (103,879 | ) | (298,954 | ) | |||||||||||||
Increase (decrease) in net assets from Class Y transactions | (3,524 | ) | (28,489 | ) | 5,146 | (210,299 | ) | ||||||||||||||
Increase (decrease) in net assets from capital share transactions | (5,058 | ) | (52,996 | ) | 10,134 | (246,364 | ) | ||||||||||||||
Total decrease in net assets | (14,343 | ) | (20,496 | ) | (15,922 | ) | (44,633 | ) | |||||||||||||
Net assets at beginning of period | 370,792 | 391,288 | 1,333,366 | 1,377,999 | |||||||||||||||||
Net assets at end of period | $ | 356,449 | $ | 370,792 | $ | 1,317,444 | $ | 1,333,366 | |||||||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | 419 | $ | 680 | $ | (1,080 | ) | $ | — | ||||||||||||
(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.
86 First American Funds Semiannual Report 2007
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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 | ||||||||||||||||||||||||||||
Balanced Fund | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 12.27 | $ | 0.11 | $ | 0.56 | $ | (0.11 | ) | $ | (0.88 | ) | $ | 11.95 | |||||||||||||||||||
2006 (2)(3) | 11.27 | 0.20 | 1.00 | (0.20 | ) | — | 12.27 | ||||||||||||||||||||||||||
2005 (2)(4) | 11.43 | 0.01 | (0.17 | ) | — | — | 11.27 | ||||||||||||||||||||||||||
2005 (2)(5) | 10.12 | 0.15 | 1.31 | (0.15 | ) | — | 11.43 | ||||||||||||||||||||||||||
2004 (2)(5) | 9.47 | 0.13 | 0.66 | (0.14 | ) | — | 10.12 | ||||||||||||||||||||||||||
2003 (5) | 8.38 | 0.17 | 1.08 | (0.16 | ) | — | 9.47 | ||||||||||||||||||||||||||
2002 (2)(5) | 9.50 | 0.20 | (1.12 | ) | (0.20 | ) | — | 8.38 | |||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 12.18 | $ | 0.06 | $ | 0.55 | $ | (0.06 | ) | $ | (0.88 | ) | $ | 11.85 | |||||||||||||||||||
2006 (2)(3) | 11.18 | 0.11 | 1.00 | (0.11 | ) | — | 12.18 | ||||||||||||||||||||||||||
2005 (2)(4) | 11.34 | — | (0.16 | ) | — | — | 11.18 | ||||||||||||||||||||||||||
2005 (2)(5) | 10.04 | 0.07 | 1.30 | (0.07 | ) | — | 11.34 | ||||||||||||||||||||||||||
2004 (2)(5) | 9.41 | 0.05 | 0.65 | (0.07 | ) | — | 10.04 | ||||||||||||||||||||||||||
2003 (5) | 8.32 | 0.10 | 1.08 | (0.09 | ) | — | 9.41 | ||||||||||||||||||||||||||
2002 (2)(5) | 9.44 | 0.13 | (1.12 | ) | (0.13 | ) | — | 8.32 | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 12.25 | $ | 0.06 | $ | 0.56 | $ | (0.06 | ) | $ | (0.88 | ) | $ | 11.93 | |||||||||||||||||||
2006 (2)(3) | 11.22 | 0.11 | 0.99 | (0.07 | ) | — | 12.25 | ||||||||||||||||||||||||||
2005 (2)(4) | 11.38 | — | (0.16 | ) | — | — | 11.22 | ||||||||||||||||||||||||||
2005 (2)(5) | 10.08 | 0.07 | 1.30 | (0.07 | ) | — | 11.38 | ||||||||||||||||||||||||||
2004 (2)(5) | 9.44 | 0.05 | 0.66 | (0.07 | ) | — | 10.08 | ||||||||||||||||||||||||||
2003 (5) | 8.35 | 0.09 | 1.10 | (0.10 | ) | — | 9.44 | ||||||||||||||||||||||||||
2002 (2)(5) | 9.49 | 0.13 | (1.14 | ) | (0.13 | ) | — | 8.35 | |||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 12.35 | $ | 0.09 | $ | 0.59 | $ | (0.10 | ) | $ | (0.88 | ) | $ | 12.05 | |||||||||||||||||||
2006 (2)(3) | 11.29 | 0.17 | 1.01 | (0.12 | ) | — | 12.35 | ||||||||||||||||||||||||||
2005 (2)(4) | 11.45 | 0.01 | (0.17 | ) | — | — | 11.29 | ||||||||||||||||||||||||||
2005 (2)(5) | 10.14 | 0.11 | 1.32 | (0.12 | ) | — | 11.45 | ||||||||||||||||||||||||||
2004 (2)(5) | 9.49 | 0.14 | 0.64 | (0.13 | ) | — | 10.14 | ||||||||||||||||||||||||||
2003 (5) | 8.39 | 0.15 | 1.10 | (0.15 | ) | — | 9.49 | ||||||||||||||||||||||||||
2002 (2)(5) | 9.50 | 0.20 | (1.12 | ) | (0.19 | ) | — | 8.39 | |||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (1)(2) | $ | 12.30 | $ | 0.12 | $ | 0.57 | $ | (0.13 | ) | $ | (0.88 | ) | $ | 11.98 | |||||||||||||||||||
2006 (2)(3) | 11.31 | 0.23 | 0.99 | (0.23 | ) | — | 12.30 | ||||||||||||||||||||||||||
2005 (2)(4) | 11.46 | 0.01 | (0.16 | ) | — | — | 11.31 | ||||||||||||||||||||||||||
2005 (2)(5) | 10.15 | 0.17 | 1.32 | (0.18 | ) | — | 11.46 | ||||||||||||||||||||||||||
2004 (2)(5) | 9.50 | 0.16 | 0.66 | (0.17 | ) | — | 10.15 | ||||||||||||||||||||||||||
2003 (5) | 8.40 | 0.19 | 1.09 | (0.18 | ) | — | 9.50 | ||||||||||||||||||||||||||
2002 (2)(5) | 9.53 | 0.23 | (1.13 | ) | (0.23 | ) | — | 8.40 | |||||||||||||||||||||||||
(1) | For the six-month period ended April 30, 2007 (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 November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not include sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
88 First American Funds Semiannual Report 2007
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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 (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
5.72 | % | $ | 105,619 | 1.10 | % | 1.80 | % | 1.24 | % | 1.66 | % | 72 | % | ||||||||||||||||||||||||
10.73 | 106,565 | 1.10 | 1.67 | 1.23 | 1.54 | 143 | |||||||||||||||||||||||||||||||
(1.40 | ) | 112,557 | 1.10 | 0.90 | 1.21 | 0.79 | 12 | ||||||||||||||||||||||||||||||
14.51 | 114,388 | 1.06 | 1.35 | 1.21 | 1.20 | 147 | |||||||||||||||||||||||||||||||
8.39 | 119,292 | 1.05 | 1.27 | 1.19 | 1.13 | 110 | |||||||||||||||||||||||||||||||
14.98 | 98,016 | 1.05 | 1.75 | 1.23 | 1.57 | 156 | |||||||||||||||||||||||||||||||
(9.90 | ) | 98,557 | 1.05 | 2.07 | 1.23 | 1.89 | 79 | ||||||||||||||||||||||||||||||
5.26 | % | $ | 10,545 | 1.85 | % | 1.07 | % | 1.99 | % | 0.93 | % | 72 | % | ||||||||||||||||||||||||
9.93 | 13,809 | 1.85 | 0.92 | 1.98 | 0.79 | 143 | |||||||||||||||||||||||||||||||
(1.41 | ) | 19,409 | 1.85 | 0.15 | 1.96 | 0.04 | 12 | ||||||||||||||||||||||||||||||
13.64 | 20,657 | 1.81 | 0.60 | 1.96 | 0.45 | 147 | |||||||||||||||||||||||||||||||
7.46 | 28,101 | 1.80 | 0.54 | 1.94 | 0.40 | 110 | |||||||||||||||||||||||||||||||
14.25 | 33,015 | 1.80 | 1.00 | 1.98 | 0.82 | 156 | |||||||||||||||||||||||||||||||
(10.64 | ) | 35,641 | 1.80 | 1.32 | 1.98 | 1.14 | 79 | ||||||||||||||||||||||||||||||
5.32 | % | $ | 2,690 | 1.85 | % | 1.06 | % | 1.99 | % | 0.92 | % | 72 | % | ||||||||||||||||||||||||
9.86 | 3,030 | 1.85 | 0.92 | 1.98 | 0.79 | 143 | |||||||||||||||||||||||||||||||
(1.41 | ) | 4,787 | 1.85 | 0.15 | 1.96 | 0.04 | 12 | ||||||||||||||||||||||||||||||
13.61 | 5,528 | 1.81 | 0.60 | 1.96 | 0.45 | 147 | |||||||||||||||||||||||||||||||
7.53 | 5,890 | 1.80 | 0.55 | 1.94 | 0.41 | 110 | |||||||||||||||||||||||||||||||
14.24 | 7,089 | 1.80 | 0.99 | 1.98 | 0.81 | 156 | |||||||||||||||||||||||||||||||
(10.77 | ) | 2,233 | 1.80 | 1.32 | 1.98 | 1.14 | 79 | ||||||||||||||||||||||||||||||
5.73 | % | $ | 24 | 1.35 | % | 1.57 | % | 1.49 | % | 1.43 | % | 72 | % | ||||||||||||||||||||||||
10.49 | 23 | 1.35 | 1.38 | 1.61 | 1.12 | 143 | |||||||||||||||||||||||||||||||
(1.40 | ) | 1 | 1.35 | 0.65 | 1.61 | 0.39 | 12 | ||||||||||||||||||||||||||||||
14.16 | 1 | 1.31 | 1.06 | 1.61 | 0.76 | 147 | |||||||||||||||||||||||||||||||
8.22 | 1 | 1.05 | 1.39 | 1.19 | 1.25 | 110 | |||||||||||||||||||||||||||||||
15.08 | 23,844 | 1.05 | 1.76 | 1.23 | 1.58 | 156 | |||||||||||||||||||||||||||||||
(9.90 | ) | 36,194 | 1.05 | 2.07 | 1.23 | 1.89 | 79 | ||||||||||||||||||||||||||||||
5.84 | % | $ | 237,571 | 0.85 | % | 2.06 | % | 0.99 | % | 1.92 | % | 72 | % | ||||||||||||||||||||||||
10.92 | 247,365 | 0.85 | 1.92 | 0.98 | 1.79 | 143 | |||||||||||||||||||||||||||||||
(1.31 | ) | 254,534 | 0.85 | 1.15 | 0.96 | 1.04 | 12 | ||||||||||||||||||||||||||||||
14.76 | 262,557 | 0.81 | 1.60 | 0.96 | 1.45 | 147 | |||||||||||||||||||||||||||||||
8.62 | 283,005 | 0.80 | 1.55 | 0.94 | 1.41 | 110 | |||||||||||||||||||||||||||||||
15.35 | 363,157 | 0.80 | 2.00 | 0.98 | 1.82 | 156 | |||||||||||||||||||||||||||||||
(9.74 | ) | 290,288 | 0.80 | 2.32 | 0.98 | 2.14 | 79 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 89
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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 | ||||||||||||||||||||||||||||
Equity Income Fund (1) | |||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.90 | $ | 0.11 | $ | 1.09 | $ | (0.12 | ) | $ | (1.43 | ) | $ | 15.55 | |||||||||||||||||||
2006 (3) | 13.67 | 0.20 | 2.32 | (0.21 | ) | (0.08 | ) | 15.90 | |||||||||||||||||||||||||
2005 (4) | 13.89 | 0.01 | (0.22 | ) | (0.01 | ) | — | 13.67 | |||||||||||||||||||||||||
2005 (5) | 12.77 | 0.20 | 1.15 | (0.22 | ) | (0.01 | ) | 13.89 | |||||||||||||||||||||||||
2004 (5) | 11.56 | 0.18 | 1.23 | (0.20 | ) | — | 12.77 | ||||||||||||||||||||||||||
2003 (5) | 9.58 | 0.18 | 1.99 | (0.19 | ) | — | 11.56 | ||||||||||||||||||||||||||
2002 (5) | 12.13 | 0.16 | (2.48 | ) | (0.19 | ) | (0.04 | ) | 9.58 | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.75 | $ | 0.05 | $ | 1.09 | $ | (0.08 | ) | $ | (1.43 | ) | $ | 15.38 | |||||||||||||||||||
2006 (3) | 13.57 | 0.09 | 2.30 | (0.13 | ) | (0.08 | ) | 15.75 | |||||||||||||||||||||||||
2005 (4) | 13.79 | — | (0.22 | ) | — | — | 13.57 | ||||||||||||||||||||||||||
2005 (5) | 12.68 | 0.10 | 1.14 | (0.12 | ) | (0.01 | ) | 13.79 | |||||||||||||||||||||||||
2004 (5) | 11.49 | 0.08 | 1.22 | (0.11 | ) | — | 12.68 | ||||||||||||||||||||||||||
2003 (5) | 9.52 | 0.10 | 1.98 | (0.11 | ) | — | 11.49 | ||||||||||||||||||||||||||
2002 (5) | 12.07 | 0.09 | (2.49 | ) | (0.11 | ) | (0.04 | ) | 9.52 | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.78 | $ | 0.05 | $ | 1.09 | $ | (0.08 | ) | $ | (1.43 | ) | $ | 15.41 | |||||||||||||||||||
2006 (3) | 13.59 | 0.10 | 2.30 | (0.13 | ) | (0.08 | ) | 15.78 | |||||||||||||||||||||||||
2005 (4) | 13.81 | — | (0.22 | ) | — | — | 13.59 | ||||||||||||||||||||||||||
2005 (5) | 12.70 | 0.11 | 1.13 | (0.12 | ) | (0.01 | ) | 13.81 | |||||||||||||||||||||||||
2004 (5) | 11.51 | 0.08 | 1.22 | (0.11 | ) | — | 12.70 | ||||||||||||||||||||||||||
2003 (5) | 9.54 | 0.10 | 1.98 | (0.11 | ) | — | 11.51 | ||||||||||||||||||||||||||
2002 (5) | 12.09 | 0.10 | (2.50 | ) | (0.11 | ) | (0.04 | ) | 9.54 | ||||||||||||||||||||||||
Class R (6) | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 15.88 | $ | 0.09 | $ | 1.09 | $ | (0.10 | ) | $ | (1.43 | ) | $ | 15.53 | |||||||||||||||||||
2006 (3) | 13.66 | 0.17 | 2.31 | (0.18 | ) | (0.08 | ) | 15.88 | |||||||||||||||||||||||||
2005 (4) | 13.88 | 0.01 | (0.23 | ) | — | — | 13.66 | ||||||||||||||||||||||||||
2005 (5) | 12.78 | 0.11 | 1.20 | (0.20 | ) | (0.01 | ) | 13.88 | |||||||||||||||||||||||||
2004 (5) | 11.56 | 0.19 | 1.22 | (0.19 | ) | — | 12.78 | ||||||||||||||||||||||||||
2003 (5) | 9.57 | 0.19 | 1.99 | (0.19 | ) | — | 11.56 | ||||||||||||||||||||||||||
2002 (5) | 12.12 | 0.15 | (2.47 | ) | (0.19 | ) | (0.04 | ) | 9.57 | ||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||
2007 (2) | $ | 16.00 | $ | 0.13 | $ | 1.11 | $ | (0.14 | ) | $ | (1.43 | ) | $ | 15.67 | |||||||||||||||||||
2006 (3) | 13.76 | 0.24 | 2.33 | (0.25 | ) | (0.08 | ) | 16.00 | |||||||||||||||||||||||||
2005 (4) | 13.98 | 0.01 | (0.21 | ) | (0.01 | ) | (0.01 | ) | 13.76 | ||||||||||||||||||||||||
2005 (5) | 12.85 | 0.24 | 1.15 | (0.25 | ) | (0.01 | ) | 13.98 | |||||||||||||||||||||||||
2004 (5) | 11.63 | 0.21 | 1.24 | (0.23 | ) | — | 12.85 | ||||||||||||||||||||||||||
2003 (5) | 9.63 | 0.21 | 2.00 | (0.21 | ) | — | 11.63 | ||||||||||||||||||||||||||
2002 (5) | 12.20 | 0.21 | (2.52 | ) | (0.22 | ) | (0.04 | ) | 9.63 | ||||||||||||||||||||||||
(1) | Per share data calculated using average shares outstanding method. | |
(2) | For the six-month period ended April 30, 2007 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover. | |
(3) | For the period November 1 to October 31 in the year indicated. | |
(4) | For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover. | |
(5) | For the period October 1 to September 30 in the year indicated. | |
(6) | Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses. | |
(7) | Total return does not include sales charges. Total return would have been lower had certain expenses not been waived. |
The accompanying notes are an integral part of the financial statements.
90 First American Funds Semiannual Report 2007
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Ratio of Net | |||||||||||||||||||||||||||||||||||||
Ratio of | Investment | ||||||||||||||||||||||||||||||||||||
Ratio of Net | Expenses to | Income (Loss) | |||||||||||||||||||||||||||||||||||
Ratio of | Investment | Average | to Average Net | ||||||||||||||||||||||||||||||||||
Net Assets | Expenses to | Income (Loss) | Net Assets | Assets | Portfolio | ||||||||||||||||||||||||||||||||
Total | End of | Average | to Average | (Excluding | (Excluding | Turnover | |||||||||||||||||||||||||||||||
Return (7) | Period (000) | Net Assets | Net Assets | Waivers) | Waivers) | Rate | |||||||||||||||||||||||||||||||
7.92 | % | $ | 175,800 | 1.17 | % | 1.40 | % | 1.17 | % | 1.40 | % | 9 | % | ||||||||||||||||||||||||
18.66 | 171,814 | 1.18 | 1.40 | 1.18 | 1.40 | 23 | |||||||||||||||||||||||||||||||
(1.53 | ) | 171,998 | 1.20 | 0.70 | 1.20 | 0.70 | — | ||||||||||||||||||||||||||||||
10.65 | 176,878 | 1.16 | 1.51 | 1.19 | 1.48 | 27 | |||||||||||||||||||||||||||||||
12.26 | 184,381 | 1.15 | 1.39 | 1.19 | 1.35 | 12 | |||||||||||||||||||||||||||||||
22.81 | 144,282 | 1.15 | 1.70 | 1.20 | 1.65 | 43 | |||||||||||||||||||||||||||||||
(19.51 | ) | 128,142 | 1.15 | 1.43 | 1.20 | 1.38 | 38 | ||||||||||||||||||||||||||||||
7.58 | % | $ | 18,411 | 1.92 | % | 0.68 | % | 1.92 | % | 0.68 | % | 9 | % | ||||||||||||||||||||||||
17.76 | 19,845 | 1.93 | 0.65 | 1.93 | 0.65 | 23 | |||||||||||||||||||||||||||||||
(1.60 | ) | 21,003 | 1.95 | (0.05 | ) | 1.95 | (0.05 | ) | — | ||||||||||||||||||||||||||||
9.86 | 21,639 | 1.91 | 0.78 | 1.94 | 0.75 | 27 | |||||||||||||||||||||||||||||||
11.37 | 23,869 | 1.90 | 0.65 | 1.94 | 0.61 | 12 | |||||||||||||||||||||||||||||||
21.97 | 22,156 | 1.90 | 0.95 | 1.95 | 0.90 | 43 | |||||||||||||||||||||||||||||||
(20.10 | ) | 18,699 | 1.90 | 0.80 | 1.95 | 0.75 | 38 | ||||||||||||||||||||||||||||||
7.56 | % | $ | 9,728 | 1.92 | % | 0.69 | % | 1.92 | % | 0.69 | % | 9 | % | ||||||||||||||||||||||||
17.80 | 11,225 | 1.93 | 0.68 | 1.93 | 0.68 | 23 | |||||||||||||||||||||||||||||||
(1.59 | ) | 15,313 | 1.95 | (0.05 | ) | 1.95 | (0.05 | ) | — | ||||||||||||||||||||||||||||
9.84 | 16,128 | 1.91 | 0.79 | 1.94 | 0.76 | 27 | |||||||||||||||||||||||||||||||
11.34 | 19,300 | 1.90 | 0.66 | 1.94 | 0.62 | 12 | |||||||||||||||||||||||||||||||
21.95 | 19,386 | 1.90 | 0.95 | 1.95 | 0.90 | 43 | |||||||||||||||||||||||||||||||
(20.08 | ) | 11,171 | 1.90 | 0.86 | 1.95 | 0.81 | 38 | ||||||||||||||||||||||||||||||
7.80 | % | $ | 492 | 1.42 | % | 1.16 | % | 1.42 | % | 1.16 | % | 9 | % | ||||||||||||||||||||||||
18.33 | 511 | 1.43 | 1.14 | 1.57 | 1.00 | 23 | |||||||||||||||||||||||||||||||
(1.55 | ) | 418 | 1.45 | 0.45 | 1.60 | 0.30 | — | ||||||||||||||||||||||||||||||
10.33 | 415 | 1.41 | 0.83 | 1.59 | 0.65 | 27 | |||||||||||||||||||||||||||||||
12.18 | 1 | 1.15 | 1.52 | 1.19 | 1.48 | 12 | |||||||||||||||||||||||||||||||
22.91 | 17,170 | 1.15 | 1.80 | 1.20 | 1.75 | 43 | |||||||||||||||||||||||||||||||
(19.47 | ) | 36,522 | 1.15 | 1.34 | 1.20 | 1.29 | 38 | ||||||||||||||||||||||||||||||
8.12 | % | $ | 1,113,013 | 0.92 | % | 1.67 | % | 0.92 | % | 1.67 | % | 9 | % | ||||||||||||||||||||||||
18.89 | 1,129,971 | 0.93 | 1.65 | 0.93 | 1.65 | 23 | |||||||||||||||||||||||||||||||
(1.50 | ) | 1,169,267 | 0.95 | 0.95 | 0.95 | 0.95 | — | ||||||||||||||||||||||||||||||
10.94 | 1,206,483 | 0.91 | 1.80 | 0.94 | 1.77 | 27 | |||||||||||||||||||||||||||||||
12.54 | 1,404,431 | 0.90 | 1.65 | 0.94 | 1.61 | 12 | |||||||||||||||||||||||||||||||
23.20 | 1,278,470 | 0.90 | 1.95 | 0.95 | 1.90 | 43 | |||||||||||||||||||||||||||||||
(19.30 | ) | 678,352 | 0.90 | 1.80 | 0.95 | 1.75 | 38 | ||||||||||||||||||||||||||||||
First American Funds Semiannual Report 2007 91
Table of Contents
Notes to Financial Statements (unaudited as of April 30, 2007), all dollars and shares are rounded to thousands (000)
1 > | Organization |
The Real Estate Securities Fund, International Fund, International Select Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of April 30, 2007, 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 other than Real Estate Securities Fund is a diversified open-end management investment company. The Real Estate Securities Fund is a non-diversified, open-end management investment company. Prior to October 3, 2005, Small-Mid Cap Core Fund had different investment strategies, was named Technology Fund, and also was non-diversified. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers. | |
FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. 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 R shares are not offered by the Small-Mid Cap Core Fund. | |
The funds’ prospectus provides descriptions of each fund’s investment objective, principal investment strategies, and principal risks. All classes of shares of a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees 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. |
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 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. As of April 30, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a total value of $300, $28, and $118, respectively, or 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of securities held by International Fund and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American Depository Receipts, and currency exchange rates that occur between the close of the local market and the close of the New York Stock Exchange. The use of daily fair value pricing by the International Fund and International Select Fund may cause the net asset value of |
92 First American Funds Semiannual Report 2007
Table of Contents
their shares to differ significantly from the net asset value that would be determined without fair value pricing. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at their respective net asset values 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. | |
DISTRIBUTIONS TO SHAREHOLDERS – The Equity Income Fund and Large Cap Value Fund declare and pay income dividends monthly. The Balanced Fund, Large Cap Select Fund, Mid Cap Value Fund, and Real Estate Securities Fund declare and pay income dividends quarterly. The Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, International Fund, and International Select Fund declare and pay income dividends annually. Distributions are payable in cash or reinvested in additional shares of the funds. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually. | |
The Real Estate Securities Fund receives substantial distributions from holdings in real estate investment trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital. | |
FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Subchapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required. | |
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, foreign currency gains and losses, investments in limited partnerships and REITs, and the “mark-to-market” of certain passive foreign investment companies (“PFICs”) for tax purposes. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise. |
First American Funds Semiannual Report 2007 93
Table of Contents
Notes to Financial Statements continued
The 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 April 30, 2007 (estimated), and the year ended October 31, 2006, were as follows: |
April 30, 2007 | ||||||||||||
Ordinary | Long Term | |||||||||||
Fund | Income | Gain | Total | |||||||||
Real Estate Securities Fund | $ | 6,029 | $ | 90,085 | $ | 96,114 | ||||||
International Fund | 19,154 | 31,012 | 50,166 | |||||||||
International Select Fund | 49 | — | 49 | |||||||||
Small Cap Growth Opportunities Fund | — | 19,919 | 19,919 | |||||||||
Small Cap Select Fund | — | 134,178 | 134,178 | |||||||||
Small Cap Value Fund | 1,403 | 64,175 | 65,578 | |||||||||
Small-Mid Cap Core Fund | 109 | — | 109 | |||||||||
Mid Cap Growth Opportunities Fund | — | 142,003 | 142,003 | |||||||||
Mid Cap Value Fund | 5,226 | 58,534 | 63,760 | |||||||||
Large Cap Growth Opportunities Fund | 1,284 | 9,667 | 10,951 | |||||||||
Large Cap Select Fund | 1,419 | 7,702 | 9,121 | |||||||||
Large Cap Value Fund | 7,435 | 72,240 | 79,675 | |||||||||
Balanced Fund | 3,762 | 25,907 | 29,669 | |||||||||
Equity Income Fund | 11,538 | 117,122 | 128,660 | |||||||||
October 31, 2006 | ||||||||||||
Ordinary | Long Term | |||||||||||
Fund | Income | Gain | Total | |||||||||
Real Estate Securities Fund | $ | 46,095 | $ | 52,224 | $ | 98,319 | ||||||
International Fund | 19,958 | — | 19,958 | |||||||||
Small Cap Growth Opportunities Fund | 47,284 | 8,237 | 55,521 | |||||||||
Small Cap Select Fund | 50,757 | 107,691 | 158,448 | |||||||||
Small Cap Value Fund | 11,597 | 80,011 | 91,608 | |||||||||
Mid Cap Growth Opportunities Fund | 52,862 | 104,610 | 157,472 | |||||||||
Mid Cap Value Fund | 6,572 | 35,553 | 42,125 | |||||||||
Large Cap Select Fund | 10,875 | 7,247 | 18,122 | |||||||||
Large Cap Value Fund | 12,164 | 26,976 | 39,140 | |||||||||
Balanced Fund | 6,912 | — | 6,912 | |||||||||
Equity Income Fund | 21,829 | 7,683 | 29,512 | |||||||||
As of October 31, 2006, the funds’ most recently completed year-end, components of accumulated earnings (deficit) on a tax-basis were as follows: |
Accumulated | Total | |||||||||||||||||||||||||
Undistributed | Undistributed | Capital and | Unrealized | Other | Accumulated | |||||||||||||||||||||
Ordinary | Long Term | Post-October | Appreciation | Accumulated | Earnings | |||||||||||||||||||||
Fund | Income | Capital Gains | Losses | (Depreciation) | Losses | (Deficit) | ||||||||||||||||||||
Real Estate Securities Fund | $ | 58,865 | $ | 31,220 | $ | — | $ | 264,536 | $ | — | $ | 354,621 | ||||||||||||||
International Fund | 17,437 | 31,015 | (6,331 | ) | 452,898 | — | 495,019 | |||||||||||||||||||
Small Cap Growth Opportunities Fund | 17,478 | 2,440 | — | 12,757 | (83 | ) | 32,592 | |||||||||||||||||||
Small Cap Select Fund | 58,724 | 75,288 | (29,163 | ) | 95,718 | (244 | ) | 200,323 | ||||||||||||||||||
Small Cap Value Fund | 20,581 | 43,594 | — | 58,495 | — | 122,670 | ||||||||||||||||||||
Small-Mid Cap Core Fund | 93 | — | (451,025 | ) | 7,752 | — | (443,180 | ) | ||||||||||||||||||
Mid Cap Growth Opportunities Fund | — | 142,003 | (30,252 | ) | 286,422 | — | 398,173 | |||||||||||||||||||
Mid Cap Value Fund | 20,199 | 38,335 | — | 139,018 | (237 | ) | 197,315 | |||||||||||||||||||
Large Cap Growth Opportunities Fund | 1,285 | 9,668 | (70,958 | ) | 106,357 | — | 46,352 | |||||||||||||||||||
Large Cap Select Fund | 78 | 7,702 | — | 52,253 | — | 60,033 | ||||||||||||||||||||
Large Cap Value Fund | 18,830 | 53,409 | — | 175,144 | — | 247,383 | ||||||||||||||||||||
Balanced Fund | 2,871 | 23,715 | — | 34,091 | (85 | ) | 60,592 | |||||||||||||||||||
Equity Income Fund | 3,900 | 113,225 | — | 357,121 | — | 474,246 | ||||||||||||||||||||
The differences between book-basis and tax-basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and investments in limited partnerships, the amount of gain (loss) recognized for tax |
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purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market for certain PFICs for tax purposes. | |
As of October 31, 2006, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the funds’ fiscal year-ends as follows: |
Expiration Year | ||||||||||||||||||||||||||||||||
Fund | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | Total | ||||||||||||||||||||||||
International Fund | $ | 1,762 | $ | — | $ | 4,569 | $ | — | $ | — | $ | — | $ | — | $ | 6,331 | ||||||||||||||||
Small Cap Select Fund | — | — | 29,163 | — | — | — | — | 29,163 | ||||||||||||||||||||||||
Small-Mid Cap Core Fund | — | 5,595 | 339,005 | 102,106 | 4,320 | — | — | 451,025 | ||||||||||||||||||||||||
Mid Cap Growth Opportunities Fund | — | — | 30,252 | — | — | — | — | 30,252 | ||||||||||||||||||||||||
Large Cap Growth Opportunities Fund | — | — | 70,958 | — | — | — | — | 70,958 | ||||||||||||||||||||||||
In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for International Fund, Small Cap Select Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, and Large Cap Growth Opportunities Fund to $4,046, $9,721, $1,524, $10,084, and $23,652, respectively. | |
FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, certain funds may enter into S&P stock index futures contracts and other stock index futures contracts. The Balanced Fund may also enter into interest rate index 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, 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. | |
At April 30, 2007, International Select Fund and Balanced Fund had outstanding futures contracts as disclosed in their Schedules of Investments. | |
OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of April 30, 2007, the Balanced Fund held written options as disclosed in its Schedule of Investments. | |
Purchased options are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If a purchased option 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 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 call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of April 30, 2007, the Balanced Fund held options purchased as disclosed in its Schedule of Investments. | |
SWAP AGREEMENTS – The Balanced Fund may invest in swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The fund may enter into interest rate and credit default swap agreements to manage its exposure to interest rates and credit risk. |
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Notes to Financial Statements continued
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 a notional amount of principal). As of April 30, 2007, Balanced Fund had outstanding interest rate swaps as disclosed in its Schedule of Investments. | |
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 reference entity on its obligation (typically a corporate issue or sovereign issue of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of particular issuers (i.e., to reduce risk where the fund owns an issuance of or otherwise has exposure to the issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As of April 30, 2007, Balanced Fund had outstanding credit default swaps as disclosed in its Schedule of Investments. | |
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 on 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 on 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 an agreement may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement, and that there may be unfavorable changes in interest rates. | |
FOREIGN CURRENCY TRANSLATION – The books and records of International Fund and International Select Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following bases: |
• | 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 International Fund and International Select Fund do not isolate the portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. | |
The International Fund and International Select Fund 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. At April 30, 2007, International Fund did not have foreign currency holdings. The International Select Fund had foreign currency holdings consisting of multiple denominations. | |
FORWARD FOREIGN CURRENCY CONTRACTS – The International Fund and International Select Fund may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the contracts are not recorded because the funds intend to settle the contracts prior to delivery. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The funds realize gains or losses at the time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. | |
The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. At April 30, 2007, the funds had no outstanding forward currency contracts. | |
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. At April 30, 2007, Balanced Fund had when- |
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issued or forward-commitment securities outstanding with a total cost of $2,962. |
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 “roll over” 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 April 30, 2007, the funds had no dollar rolls. | |
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 April 30, 2007, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Balanced Fund had investments in illiquid securities with a total value of $300, $3,745, $6,085, and $118, respectively, or 0.0%, 1.2%, 0.5%, and 0.0%, respectively, of total net assets. | |
Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows: |
Dates | ||||||||||||||
Real Estate Securities Fund | Shares | Acquired | Cost Basis | |||||||||||
Beacon Capital | 34 | 3/98 | $ | 435 | ||||||||||
Newcastle Investment Holdings | 35 | 6/98 | 153 | |||||||||||
Dates | ||||||||||||||
Small Cap Growth Opportunities Fund | Shares | Acquired | Cost Basis | |||||||||||
Ember Resources | 1,500 | 1/06-3/07 | $ | 8,287 | ||||||||||
Hollis-Eden Pharmaceuticals Warrants | 71 | 2/06 | 161 | |||||||||||
Kuhlman Company Warrants | 282 | 1/06 | 273 | |||||||||||
Tridium, Class B, Escrow Shares | 279 | 1/06 | — | * | ||||||||||
VideoPropulsion | 785 | 12/99 | — | * | ||||||||||
* Rounds to zero. |
Dates | ||||||||||||||
Small Cap Select Fund | Shares | Acquired | Cost Basis | |||||||||||
Reliv International | 571 | 4/06-2/07 | $ | 5,940 | ||||||||||
Dates | ||||||||||||||
Balanced Fund | Par | Acquired | Cost Basis | |||||||||||
Duty Free International | $ | 588 | 1/99-11/02 | $ | 588 | |||||||||
SECURITIES LENDING – In order to generate additional income, a fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. | |
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. With respect to International Fund and International Select Fund, a portion of this amount is paid to State Street Bank and Trust for acting as sub-lending agent. Effective January 23, 2007, for each fund other than International Fund and International Select Fund, collateral for securities on loan is invested in a money market fund administered by FAF Advisors, and FAF Advisors will receive an administration fee equal to 0.02% of such fund’s average daily net assets. For International Fund and International Select Fund, State Street Bank and Trust will continue to act as sub-lending agent and will receive a portion of FAF Advisors’ fee. Securities lending fees |
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Notes to Financial Statements continued
paid to FAF Advisors by the funds during the six-month period ended April 30, 2007, were as follows: |
Fund | ||||
Real Estate Securities Fund | $ | 138 | ||
Small Cap Growth Opportunities Fund | 113 | |||
Small Cap Select Fund | 509 | |||
Small Cap Value Fund | 96 | |||
Small-Mid Cap Core Fund | 26 | |||
Mid Cap Growth Opportunities Fund | 246 | |||
Mid Cap Value Fund | 108 | |||
Large Cap Growth Opportunities Fund | 60 | |||
Large Cap Select Fund | 28 | |||
Large Cap Value Fund | 40 | |||
Balanced Fund | 31 | |||
Equity Income Fund | 45 | |||
Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to FAF Advisors. | |
SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the six-month period ended April 30, 2007, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund received settlement proceeds of $158, $314, $0 (due to rounding), $92, $161, $10, $250, $40, $629, and $371, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolio. | |
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including evenly across all funds, allocated based on relative net assets of all funds within the First American Family of Funds, or a combination of both methods. Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class. | |
INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended April 30, 2007. | |
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, preselected by each Director. All amounts in the Plan are 100% vested, and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan. | |
USE OF ESTIMATES IN 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 net assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates. |
3 > | Fees and Expenses |
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for each fund is as follows: |
Advisory Fee | ||||||
as a % of Average | ||||||
Fund | Daily Net Assets | |||||
Real Estate Securities Fund | 0.70 | % | ||||
International Fund | 1.00 | |||||
International Select Fund | 1.00 | |||||
Small Cap Growth Opportunities Fund | 1.00 | |||||
Small Cap Select Fund | 0.70 | |||||
Small Cap Value Fund | 0.70 | |||||
Small-Mid Cap Core Fund | 0.70 | |||||
Mid Cap Growth Opportunities Fund | 0.70 | |||||
Mid Cap Value Fund | 0.70 | |||||
Large Cap Growth Opportunities Fund* | 0.65 | |||||
Large Cap Select Fund* | 0.65 | |||||
Large Cap Value Fund* | 0.65 | |||||
Balanced Fund* | 0.65 | |||||
Equity Income Fund* | 0.65 | |||||
* | The advisory fees for Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund are equal to an annual rate of 0.65% of the average daily net assets up to $3 billion, 0.625% of the average daily net assets on the next $2 billion, and 0.60% of the average daily net assets in excess of $5 billion. |
FAF Advisors has agreed to waive fees and reimburse other fund expenses for the following funds at least through February 29, 2008 (June 30, 2008 for Balanced Fund), so that total fund operating expenses, as a |
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percentage of average daily net assets, do not exceed the following amounts: |
Share Class | ||||||||||||||||||||||
Fund | A | B | C | R | Y | |||||||||||||||||
International Fund | 1.49 | % | 2.24 | % | 2.24 | % | 1.74 | % | 1.24 | % | ||||||||||||
International Select Fund | 1.49 | 2.24 | 2.24 | 1.74 | 1.24 | |||||||||||||||||
Small Cap Growth Opportunities Fund | 1.47 | 2.22 | 2.22 | 1.72 | 1.22 | |||||||||||||||||
Small-Mid Cap Core Fund | 1.41 | 2.16 | 2.16 | N/A | 1.16 | |||||||||||||||||
Balanced Fund | 1.10 | 1.85 | 1.85 | 1.35 | 0.85 | |||||||||||||||||
N/A = Not Applicable |
The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisor’s investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. 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 provides, or engages 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 April 30, 2007, administration fees paid to FAF Advisors by the funds included in this report were as follows: |
Fund | ||||
Real Estate Securities Fund | $ | 1,184 | ||
International Fund | 1,961 | |||
International Select Fund | 93 | |||
Small Cap Growth Opportunities Fund | 355 | |||
Small Cap Select Fund | 1,186 | |||
Small Cap Value Fund | 469 | |||
Small-Mid Cap Core Fund | 129 | |||
Mid Cap Growth Opportunities Fund | 1,848 | |||
Mid Cap Value Fund | 1,154 | |||
Large Cap Growth Opportunities Fund | 946 | |||
Large Cap Select Fund | 539 | |||
Large Cap Value Fund | 1,033 | |||
Balanced Fund | 402 | |||
Equity Income Fund | 1,447 | |||
SUB-ADVISORY FEES – J.P. Morgan Investment Management Inc. (“JPMorgan”) serves as investment sub-advisor to the International Fund pursuant to a sub-advisory agreement with FAF Advisors. For the services under its sub-advisory agreement with FAF Advisors, JPMorgan is paid a monthly fee by FAF Advisors equal, on an annual basis, to 0.34% of the first $100 million of the fund’s average daily net assets, 0.30% of the next $250 million of the fund’s average daily net assets, 0.24% of the next $1.25 billion of the fund’s average daily net assets, and 0.22% of the fund’s average daily net assets in excess of $1.60 billion. | |
Altrinsic Global Advisors, LLC (“Altrinsic”), Hansberger Global Investors, Inc. (“HGI”), and Lazard Asset Management LLC (“Lazard”) each serve as investment sub-advisor to the International Select Fund pursuant to separate sub-advisory agreements with FAF Advisors. Each sub-advisor has discretion to select portfolio securities for its portion of the fund. For the services provided under their respective sub-advisory agreements with FAF Advisors, Altrinsic, HGI, and Lazard are paid monthly fees by FAF Advisors. | |
TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The funds are charged transfer agent fees based on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each fund based on the number of accounts within that fund. In addition to these fees, the funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. |
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Notes to Financial Statements continued
For the six-month period ended April 30, 2007, transfer agent fees paid to USBFS by the funds included in this report were as follows: |
Fund | ||||
Real Estate Securities Fund | $ | 81 | ||
International Fund | 85 | |||
International Select Fund | 36 | |||
Small Cap Growth Opportunities Fund | 75 | |||
Small Cap Select Fund | 155 | |||
Small Cap Value Fund | 79 | |||
Small-Mid Cap Core Fund | 108 | |||
Mid Cap Growth Opportunities Fund | 195 | |||
Mid Cap Value Fund | 126 | |||
Large Cap Growth Opportunities Fund | 151 | |||
Large Cap Select Fund | 54 | |||
Large Cap Value Fund | 118 | |||
Balanced Fund | 100 | |||
Equity Income Fund | 135 | |||
CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund other than International Fund and International Select Fund pursuant to a custodian agreement with FAIF. The fee for each fund (except International Fund and International Select Fund) is equal to an annual rate of 0.005% of average daily net assets. State Street Bank (“SSB”) serves as the custodian for International Fund and International Select Fund pursuant to a custodian agreement with FAIF. The International Fund and International Select Fund pay SSB various asset-based fees and transaction charges based on the issuer’s country. All fees are computed daily and paid monthly. | |
Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. The International Fund and International Select Fund have also entered into agreements with SSB to receive certain credits to reduce the amount of custody fees incurred. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses. | |
For the six-month period ended April 30, 2007, custodian fees were increased as a result of overdrafts, and decreased as a result of interest earned (and, for International Fund and International Select Fund, as a result of other custodian credits) as follows: |
Fund | Increased | Decreased | ||||||||
Real Estate Securities Fund | $ | 2 | $ | 2 | ||||||
International Fund | — | 257 | ||||||||
International Select Fund | — | 15 | ||||||||
Small Cap Growth Opportunities Fund | — | 4 | ||||||||
Small Cap Select Fund | — | 5 | ||||||||
Small Cap Value Fund | 1 | 3 | ||||||||
Small-Mid Cap Core Fund | — | * | — | * | ||||||
Mid Cap Growth Opportunities Fund | — | 6 | ||||||||
Mid Cap Value Fund | — | * | 7 | |||||||
Large Cap Growth Opportunities Fund | 21 | 1 | ||||||||
Large Cap Select Fund | 4 | 1 | ||||||||
Large Cap Value Fund | 1 | 2 | ||||||||
Balanced Fund | — | * | 1 | |||||||
Equity Income 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 attributable to 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. | |
Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended April 30, 2007: |
Fund | ||||||
Real Estate Securities Fund | $ | 182 | ||||
International Fund | 45 | |||||
International Select Fund | — | * | ||||
Small Cap Growth Opportunities Fund | 61 | |||||
Small Cap Select Fund | 178 | |||||
Small Cap Value Fund | 53 | |||||
Small-Mid Cap Core Fund | 29 | |||||
Mid Cap Growth Opportunities Fund | 258 | |||||
Mid Cap Value Fund | 125 | |||||
Large Cap Growth Opportunities Fund | 96 | |||||
Large Cap Select Fund | 7 | |||||
Large Cap Value Fund | 103 | |||||
Balanced Fund | 128 | |||||
Equity Income Fund | 212 | |||||
* | Rounds to zero |
OTHER FEES AND EXPENSES – In addition to investment advisory fees, custodian fees, distribution and shareholder servicing fees, transfer agent fees, and administration fees, each fund is responsible for paying other operating |
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expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2007, legal fees and expenses of $42 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 April 30, 2007, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows: |
Fund | ||||
Real Estate Securities Fund | $ | 264 | ||
International Fund | 54 | |||
International Select Fund | 6 | |||
Small Cap Growth Opportunities Fund | 20 | |||
Small Cap Select Fund | 188 | |||
Small Cap Value Fund | 29 | |||
Small-Mid Cap Core Fund | 17 | |||
Mid Cap Growth Opportunities Fund | 110 | |||
Mid Cap Value Fund | 105 | |||
Large Cap Growth Opportunities Fund | 38 | |||
Large Cap Select Fund | 11 | |||
Large Cap Value Fund | 43 | |||
Balanced Fund | 40 | |||
Equity Income Fund | 106 | |||
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: |
Real Estate | International | International | |||||||||||||||||||||||
Securities Fund | Fund | Select Fund | |||||||||||||||||||||||
Six-Month | Year | Six-Month | Year | 12/22/2006* | |||||||||||||||||||||
Period Ended | Ended | Period Ended | Ended | to | |||||||||||||||||||||
4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | 4/30/2007 | |||||||||||||||||||||
Class A: | |||||||||||||||||||||||||
Shares issued | 2,864 | 4,130 | 481 | 944 | 92 | ||||||||||||||||||||
Shares issued in lieu of cash distributions | 837 | 997 | 85 | 37 | — | ||||||||||||||||||||
Shares redeemed | (2,167 | ) | (2,737 | ) | (580 | ) | (1,467 | ) | (1 | ) | |||||||||||||||
Total Class A transactions | 1,534 | 2,390 | (14 | ) | (486 | ) | 91 | ||||||||||||||||||
Class B: | |||||||||||||||||||||||||
Shares issued | 97 | 100 | 24 | 90 | 8 | ||||||||||||||||||||
Shares issued in lieu of cash distributions | 29 | 27 | 10 | 2 | — | ||||||||||||||||||||
Shares redeemed | (39 | ) | (57 | ) | (74 | ) | (165 | ) | — | ||||||||||||||||
Total Class B transactions | 87 | 70 | (40 | ) | (73 | ) | 8 | ||||||||||||||||||
Class C: | |||||||||||||||||||||||||
Shares issued | 501 | 295 | 44 | 69 | 7 | ||||||||||||||||||||
Shares issued in lieu of cash distributions | 45 | 31 | 11 | 2 | — | ||||||||||||||||||||
Shares redeemed | (88 | ) | (77 | ) | (123 | ) | (157 | ) | — | ||||||||||||||||
Total Class C transactions | 458 | 249 | (68 | ) | (86 | ) | 7 | ||||||||||||||||||
Class R: | |||||||||||||||||||||||||
Shares issued | 517 | 421 | — | — | 1 | ||||||||||||||||||||
Shares issued in lieu of cash distributions | 40 | 5 | — | — | �� | — | |||||||||||||||||||
Shares redeemed | (182 | ) | (76 | ) | — | — | — | ||||||||||||||||||
Total Class R transactions | 375 | 350 | — | — | 1 | ||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||
Shares issued | 4,256 | 7,940 | 5,427 | 16,815 | 18,329 | ||||||||||||||||||||
Shares issued in lieu of cash distributions | 1,584 | 1,946 | 1,920 | 865 | 5 | ||||||||||||||||||||
Shares redeemed | (5,141 | ) | (4,939 | ) | (19,855 | ) | (26,402 | ) | (965 | ) | |||||||||||||||
Total Class Y transactions | 699 | 4,947 | (12,508 | ) | (8,722 | ) | 17,369 | ||||||||||||||||||
Net increase (decrease) in capital shares | 3,153 | 8,006 | (12,630 | ) | (9,367 | ) | 17,476 | ||||||||||||||||||
* | Commencement of operations. |
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Notes to Financial Statements continued
Small Cap Growth | Small Cap | Small Cap | |||||||||||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | |||||||||||||||||||||||||||
Six-Month | Year | Six-Month | Year | Six-Month | Year | ||||||||||||||||||||||||
Period Ended | Ended | Period Ended | Ended | Period Ended | Ended | ||||||||||||||||||||||||
4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | ||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||
Shares issued | 1,020 | 4,199 | 7,474 | 9,110 | 418 | 865 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 449 | 735 | 1,842 | 1,595 | 671 | 769 | |||||||||||||||||||||||
Shares redeemed | (897 | ) | (1,598 | ) | (3,584 | ) | (2,829 | ) | (466 | ) | (711 | ) | |||||||||||||||||
Total Class A transactions | 572 | 3,336 | 5,732 | 7,876 | 623 | 923 | |||||||||||||||||||||||
Class B: | |||||||||||||||||||||||||||||
Shares issued | 7 | 27 | 117 | 169 | 10 | 32 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 23 | 84 | 203 | 260 | 103 | 167 | |||||||||||||||||||||||
Shares redeemed | (68 | ) | (149 | ) | (187 | ) | (245 | ) | (84 | ) | (222 | ) | |||||||||||||||||
Total Class B transactions | (38 | ) | (38 | ) | 133 | 184 | 29 | (23 | ) | ||||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||
Shares issued | 22 | 50 | 814 | 568 | 57 | 61 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 8 | 30 | 213 | 217 | 61 | 85 | |||||||||||||||||||||||
Shares redeemed | (36 | ) | (78 | ) | (199 | ) | (385 | ) | (81 | ) | (133 | ) | |||||||||||||||||
Total Class C transactions | (6 | ) | 2 | 828 | 400 | 37 | 13 | ||||||||||||||||||||||
Class R: | |||||||||||||||||||||||||||||
Shares issued | 16 | 68 | 1,405 | 176 | 109 | 133 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 4 | — | 43 | 6 | 24 | 1 | |||||||||||||||||||||||
Shares redeemed | (22 | ) | (3 | ) | (75 | ) | (24 | ) | (19 | ) | (13 | ) | |||||||||||||||||
Total Class R transactions | (2 | ) | 65 | 1,373 | 158 | 114 | 121 | ||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||
Shares issued | 379 | 1,850 | 8,622 | 8,486 | 2,082 | 3,416 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 368 | 1,388 | 4,956 | 7,353 | 3,430 | 4,769 | |||||||||||||||||||||||
Shares redeemed | (1,935 | ) | (3,669 | ) | (6,090 | ) | (12,717 | ) | (3,182 | ) | (6,538 | ) | |||||||||||||||||
Total Class Y transactions | (1,188 | ) | (431 | ) | 7,488 | 3,122 | 2,330 | 1,647 | |||||||||||||||||||||
Net increase (decrease) in capital shares | (662 | ) | 2,934 | 15,554 | 11,740 | 3,133 | 2,681 | ||||||||||||||||||||||
Small-Mid Cap | Mid Cap Growth | Mid Cap | |||||||||||||||||||||||||||
Core Fund | Opportunities Fund | Value Fund | |||||||||||||||||||||||||||
Six-Month | Year | Six-Month | Year | Six-Month | Year | ||||||||||||||||||||||||
Period Ended | Ended | Period Ended | Ended | Period Ended | Ended | ||||||||||||||||||||||||
4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | ||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||
Shares issued | 367 | 1,273 | 1,522 | 3,381 | 4,423 | 4,315 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 747 | 775 | 525 | 155 | |||||||||||||||||||||||
Shares redeemed | (797 | ) | (1,315 | ) | (986 | ) | (4,096 | ) | (1,467 | ) | (929 | ) | |||||||||||||||||
Total Class A transactions | (430 | ) | (42 | ) | 1,283 | 60 | 3,481 | 3,541 | |||||||||||||||||||||
Class B: | |||||||||||||||||||||||||||||
Shares issued | 22 | 52 | 18 | 63 | 29 | 73 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 40 | 42 | 21 | 21 | |||||||||||||||||||||||
Shares redeemed | (195 | ) | (435 | ) | (65 | ) | (79 | ) | (52 | ) | (157 | ) | |||||||||||||||||
Total Class B transactions | (173 | ) | (383 | ) | (7 | ) | 26 | (2 | ) | (63 | ) | ||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||
Shares issued | 99 | 231 | 118 | 240 | 244 | 460 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 47 | 45 | 43 | 17 | |||||||||||||||||||||||
Shares redeemed | (99 | ) | (235 | ) | (79 | ) | (183 | ) | (66 | ) | (95 | ) | |||||||||||||||||
Total Class C transactions | — | (4 | ) | 86 | 102 | 221 | 382 | ||||||||||||||||||||||
Class R:(1) | |||||||||||||||||||||||||||||
Shares issued | — | — | 137 | 338 | 571 | 685 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 42 | 27 | 46 | 4 | |||||||||||||||||||||||
Shares redeemed | — | — | (94 | ) | (66 | ) | (114 | ) | (55 | ) | |||||||||||||||||||
Total Class R transactions | — | — | 85 | 299 | 503 | 634 | |||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||
Shares issued | 1,911 | 5,352 | 1,791 | 4,107 | 2,507 | 4,891 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 4 | — | 1,890 | 2,385 | 1,268 | 1,130 | |||||||||||||||||||||||
Shares redeemed | (750 | ) | (2,340 | ) | (2,638 | ) | (7,045 | ) | (2,050 | ) | (3,614 | ) | |||||||||||||||||
Total Class Y transactions | 1,165 | 3,012 | 1,043 | (553 | ) | 1,725 | 2,407 | ||||||||||||||||||||||
Net increase (decrease) in capital shares | 562 | 2,583 | 2,490 | (66 | ) | 5,928 | 6,901 | ||||||||||||||||||||||
(1) | Class R is not offered by the Small-Mid Cap Core Fund. |
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Large Cap Growth | Large Cap | Large Cap | |||||||||||||||||||||||||||
Opportunities Fund | Select Fund | Value Fund | |||||||||||||||||||||||||||
Six-Month | Year | Six-Month | Year | Six-Month | Year | ||||||||||||||||||||||||
Period Ended | Ended | Period Ended | Ended | Period Ended | Ended | ||||||||||||||||||||||||
4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | ||||||||||||||||||||||||
Class A: | |||||||||||||||||||||||||||||
Shares issued | 220 | 459 | 56 | 345 | 273 | 522 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 33 | — | 7 | 10 | 426 | 237 | |||||||||||||||||||||||
Shares redeemed | (494 | ) | (1,174 | ) | (59 | ) | (281 | ) | (545 | ) | (1,595 | ) | |||||||||||||||||
Total Class A transactions | (241 | ) | (715 | ) | 4 | 74 | 154 | (836 | ) | ||||||||||||||||||||
Class B: | |||||||||||||||||||||||||||||
Shares issued | 12 | 27 | 3 | 14 | 12 | 31 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 5 | — | 1 | 1 | 37 | 25 | |||||||||||||||||||||||
Shares redeemed | (117 | ) | (265 | ) | (3 | ) | (13 | ) | (84 | ) | (323 | ) | |||||||||||||||||
Total Class B transactions | (100 | ) | (238 | ) | 1 | 2 | (35 | ) | (267 | ) | |||||||||||||||||||
Class C: | |||||||||||||||||||||||||||||
Shares issued | 20 | 19 | 3 | 5 | 16 | 26 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 3 | — | — | 1 | 19 | 10 | |||||||||||||||||||||||
Shares redeemed | (72 | ) | (120 | ) | (1 | ) | (2 | ) | (49 | ) | (78 | ) | |||||||||||||||||
Total Class C transactions | (49 | ) | (101 | ) | 2 | 4 | (14 | ) | (42 | ) | |||||||||||||||||||
Class R: | |||||||||||||||||||||||||||||
Shares issued | 2 | 9 | 1 | 10 | 1 | 7 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | — | — | — | — | 1 | — | |||||||||||||||||||||||
Shares redeemed | — | (1 | ) | (7 | ) | (2 | ) | (1 | ) | — | |||||||||||||||||||
Total Class R transactions | 2 | 8 | (6 | ) | 8 | 1 | 7 | ||||||||||||||||||||||
Class Y: | |||||||||||||||||||||||||||||
Shares issued | 1,012 | 4,473 | 2,253 | 12,008 | 1,605 | 4,621 | |||||||||||||||||||||||
Shares issued in lieu of cash distributions | 159 | — | 222 | 515 | 2,058 | 1,056 | |||||||||||||||||||||||
Shares redeemed | (5,885 | ) | (8,081 | ) | (4,056 | ) | (5,046 | ) | (5,859 | ) | (6,211 | ) | |||||||||||||||||
Total Class Y transactions | (4,714 | ) | (3,608 | ) | (1,581 | ) | 7,477 | (2,196 | ) | (534 | ) | ||||||||||||||||||
Net increase (decrease) in capital shares | (5,102 | ) | (4,654 | ) | (1,580 | ) | 7,565 | (2,090 | ) | (1,672 | ) | ||||||||||||||||||
Balanced | Equity | ||||||||||||||||||||
Fund | Income Fund | ||||||||||||||||||||
Six-Month | Year | Six-Month | Year | ||||||||||||||||||
Period Ended | Ended | Period Ended | Ended | ||||||||||||||||||
4/30/2007 | 10/31/2006 | 4/30/2007 | 10/31/2006 | ||||||||||||||||||
Class A: | |||||||||||||||||||||
Shares issued | 382 | 877 | 548 | 876 | |||||||||||||||||
Shares issued in lieu of cash distributions | 700 | 154 | 1,015 | 220 | |||||||||||||||||
Shares redeemed | (927 | ) | (2,330 | ) | (1,068 | ) | (2,869 | ) | |||||||||||||
Total Class A transactions | 155 | (1,299 | ) | 495 | (1,773 | ) | |||||||||||||||
Class B: | |||||||||||||||||||||
Shares issued | 14 | 34 | 42 | 67 | |||||||||||||||||
Shares issued in lieu of cash distributions | 83 | 12 | 117 | 20 | |||||||||||||||||
Shares redeemed | (341 | ) | (648 | ) | (222 | ) | (375 | ) | |||||||||||||
Total Class B transactions | (244 | ) | (602 | ) | (63 | ) | (288 | ) | |||||||||||||
Class C: | |||||||||||||||||||||
Shares issued | 19 | 44 | 24 | 63 | |||||||||||||||||
Shares issued in lieu of cash distributions | 18 | 2 | 64 | 14 | |||||||||||||||||
Shares redeemed | (59 | ) | (226 | ) | (168 | ) | (492 | ) | |||||||||||||
Total Class C transactions | (22 | ) | (180 | ) | (80 | ) | (415 | ) | |||||||||||||
Class R: | |||||||||||||||||||||
Shares issued | 2 | 3 | 3 | 8 | |||||||||||||||||
Shares issued in lieu of cash distributions | — | — | 4 | — | |||||||||||||||||
Shares redeemed | (2 | ) | (1 | ) | (7 | ) | (7 | ) | |||||||||||||
Total Class R transactions | — | 2 | — | 1 | |||||||||||||||||
Class Y: | |||||||||||||||||||||
Shares issued | 1,179 | 3,312 | 3,590 | 5,379 | |||||||||||||||||
Shares issued in lieu of cash distributions | 1,624 | 393 | 3,520 | 637 | |||||||||||||||||
Shares redeemed | (3,082 | ) | (6,111 | ) | (6,688 | ) | (20,386 | ) | |||||||||||||
Total Class Y transactions | (279 | ) | (2,406 | ) | 422 | (14,370 | ) | ||||||||||||||
Net increase (decrease) in capital shares | (390 | ) | (4,485 | ) | 774 | (16,845 | ) | ||||||||||||||
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Notes to Financial Statements continued
Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2007, and the fiscal year ended October 31, 2006, were as follows: |
Six-Month | ||||||||
Period | Year | |||||||
Ended | Ended | |||||||
Fund | 4/30/07 | 10/31/06 | ||||||
Real Estate Securities Fund | 7 | 13 | ||||||
International Fund | 29 | 41 | ||||||
International Select Fund | — | — | ||||||
Small Cap Growth Opportunities Fund | 43 | 43 | ||||||
Small Cap Select Fund | 86 | 66 | ||||||
Small Cap Value Fund | 24 | 88 | ||||||
Small-Mid Cap Core Fund | 64 | 143 | ||||||
Mid Cap Growth Opportunities Fund | 42 | 19 | ||||||
Mid Cap Value Fund | 24 | 78 | ||||||
Large Cap Growth Opportunities Fund | 70 | 125 | ||||||
Large Cap Select Fund | — | * | 1 | |||||
Large Cap Value Fund | 46 | 185 | ||||||
Balanced Fund | 274 | 331 | ||||||
Equity Income Fund | 150 | 110 | ||||||
* | The number rounds to zero. |
5 > | Investment Security Transactions |
During the six-month period ended April 30, 2007, 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 | ||||||||||||
Real Estate Securities Fund | $ | — | $ | — | $ | 1,247,896 | $ | 1,228,834 | ||||||||
International Fund | — | — | 117,587 | 313,269 | ||||||||||||
International Select Fund | 223,301 | 19,470 | ||||||||||||||
Small Cap Growth Opportunities Fund | — | — | 155,799 | 194,138 | ||||||||||||
Small Cap Select Fund | — | — | 546,919 | 458,377 | ||||||||||||
Small Cap Value Fund | — | — | 136,191 | 155,098 | ||||||||||||
Small-Mid Cap Core Fund | — | — | 84,554 | 80,470 | ||||||||||||
Mid Cap Growth Opportunities Fund | — | — | 785,989 | 835,113 | ||||||||||||
Mid Cap Value Fund | — | — | 600,579 | 507,494 | ||||||||||||
Large Cap Growth Opportunities Fund | — | — | 433,767 | 611,341 | ||||||||||||
Large Cap Select Fund | — | — | 309,466 | 342,477 | ||||||||||||
Large Cap Value Fund | — | — | 412,623 | 515,649 | ||||||||||||
Balanced Fund | 97,467 | 86,509 | 161,257 | 209,878 | ||||||||||||
Equity Income Fund | — | — | 114,582 | 246,000 | ||||||||||||
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 tax purposes at April 30, 2007, were as follows: |
Federal | ||||||||||||||||
Aggregate | Aggregate | Income | ||||||||||||||
Gross | Gross | Tax | ||||||||||||||
Fund | Appreciation | Depreciation | Net | Cost | ||||||||||||
Real Estate Securities Fund | $ | 247,642 | $ | (14,287 | ) | $ | 233,355 | $ | 1,268,011 | |||||||
International Fund | 565,045 | (20,862 | ) | 544,183 | 1,604,964 | |||||||||||
International Select Fund | 10,449 | (2,417 | ) | 8,032 | 187,025 | |||||||||||
Small Cap Growth Opportunities Fund | 38,294 | (11,516 | ) | 26,778 | 447,907 | |||||||||||
Small Cap Select Fund | 136,633 | (44,626 | ) | 92,007 | 1,596,599 | |||||||||||
Small Cap Value Fund | 58,822 | (10,273 | ) | 48,549 | 558,836 | |||||||||||
Small-Mid Cap Core Fund | 12,717 | (2,440 | ) | 10,277 | 159,135 | |||||||||||
Mid Cap Growth Opportunities Fund | 363,645 | (21,016 | ) | 342,629 | 2,098,357 | |||||||||||
Mid Cap Value Fund | 178,128 | (16,153 | ) | 161,975 | 1,342,357 | |||||||||||
Large Cap Growth Opportunities Fund | 131,359 | (5,417 | ) | 125,942 | 983,520 | |||||||||||
Large Cap Select Fund | 51,659 | (2,732 | ) | 48,927 | 558,269 | |||||||||||
Large Cap Value Fund | 144,268 | (6,440 | ) | 137,828 | 949,319 | |||||||||||
Balanced Fund | 29,541 | (2,987 | ) | 26,554 | 422,384 | |||||||||||
Equity Income Fund | 393,939 | (3,348 | ) | 390,591 | 1,165,472 | |||||||||||
The difference between cost for financial statement purposes and federal tax purposes is primarily due to losses deferred from wash sales, investments in limited partnerships and REITs, the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market of certain PFICs for tax purposes. |
6 > | Sector Risk |
Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional, and national basis in the past and that may continue in the future. As of April 30, 2007, Small Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, International Fund, Small Cap Value Fund, and Large Cap Value Fund had significant portions of their assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending. |
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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 of 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 be applied to all open tax years as of that 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 April 30, 2008. | |
In September 2006, the FASB issued Statement on 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 disclosures 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 April 30, 2007, 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 measurements reported in the Statement of Operations for a fiscal period. |
9 > | Subsequent Event – Results of the Special Meeting |
A special meeting of the shareholders of International Select Fund was held on May 17, 2007, for shareholders of record as of April 4, 2007. The shareholders of the fund voted on whether to approve a new investment sub-advisory agreement between HGI and FAF Advisors. Shareholders also voted on whether to approve a proposal to authorize a “manager-of-managers” structure for the fund. The results of the vote at the shareholder meeting held May 17, 2007, were as follows: | |
To approve an investment sub-advisory agreement between FAF Advisors and HGI with respect to the fund (not rounded): |
For | Against | Abstain | ||||||||
12,275,877 | 6,255 | 6,978 |
To authorize a “manager-of-managers” structure for the fund, whereby FAF Advisors, under certain circumstances, will be able to hire and replace sub-advisors to the fund without obtaining shareholder approval (not rounded): |
For | Against | Abstain | ||||||||
12,144,738 | 131,259 | 13,113 |
First American Funds Semiannual Report 2007 105
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NOTICE TO SHAREHOLDERS April 30, 2007 (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 www.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 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. |
106 First American Funds Semiannual Report 2007
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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. |
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Direct fund correspondence to:
First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. | |
This report is for the information of shareholders of the First American 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 |
CUSTODIANS
U.S. Bank National Association | ||
60 Livingston Avenue | ||
St. Paul, Minnesota 55101 | ||
State Street Bank and Trust Company | ||
2 Avenue de Lafayette | ||
Boston, Massachusetts 02111 |
DISTRIBUTOR
Quasar Distributors, LLC | ||
615 East Michigan Street | ||
Milwaukee, Wisconsin 53202 |
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
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 www.firstamericanfunds.com
0042-07 6/2007 SAR-EQUITY
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Item 2—Code of Ethics
Not applicable to the semi-annual report.
Item 3—Audit Committee Financial Expert
Not applicable to the semi-annual report.
Item 4—Principal Accountant Fees and Services
Not applicable to the semi-annual report.
Item 5—Audit Committee of Listed Registrants
Not applicable.
Item 6—Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8—Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10—Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), 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. |
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
First American Investment Funds, Inc. | ||||
By: | /s/ Thomas S. Schreier, Jr. | |||
Thomas S. Schreier, Jr. | ||||
President | ||||
Date: June 29, 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. | |||
Thomas S. Schreier, Jr. | ||||
President | ||||
Date: June 29, 2007
By: | /s/ Charles D. Gariboldi, Jr. | |||
Charles D. Gariboldi, Jr. | ||||
Treasurer | ||||
Date: June 29, 2007